OLD BRIDGE, N.J. (11/25/03)—R.J. Brunelli & Co., Inc. today announced that it brokered $16.7 million in retail real estate transactions during the third quarter of 2003. Activity for the three months ended September 30 included 16 lease transactions with an aggregate rental of $11.2 million and three property sales with a total value of $5.5 million.

For the first nine months of 2003, the retail real estate firm completed 51 transactions with a total value of $56.5 million. The transactions covered properties throughout all areas of New Jersey, as well as locations in Pennsylvania and New York City.

The third-quarter activity was distinguished by a pair of transactions at the Brick 70 Plaza on Route 70 in Brick Township, N.J. In one, a 14,000-square-foot lease for a Bassett Furniture gallery Bassett Furniture Direct was brokered by Brunelli executive vice president Greg Williams. In the second, sales associate Jeff Elgart brokered a sale of two acres of land to La-Z-Boy for construction of a new store.

In other land deals, Brunelli sales associate Martin Yaged brokered the sale of seven acres on Gordon’s Corner Road in Manalapan, N.J. to Karlen Management for a planned assisted living center, and sales associate Carl Minue completed the sale of four acres along Route 130 in Washington, N.J. to Work Out World for the construction of a health club.

Deals completed during the quarter through the firm’s tenant representation services included two transactions for Sally Beauty: a lease for 1,387 square feet in Newport Plaza, located at 14th St and Luis Munoz Marin Blvd. in Jersey City; and for 2,000 square feet in Belleville Center, located at Joralemon & Main Streets in Belleville. Both leases were brokered by sales associate Danielle Brunelli. Sally Beauty is represented by Brunelli on an exclusive basis in New Jersey from Monmouth County northward to Bergen County.

In other tenant representation activity, the firm completed a 1,200-square-foot lease on behalf of United Check Cashing at Franklin Plaza on Route 46 in Rockaway, N.J. on behalf of Lumiere Candles & Beyond. Brunelli represents United Check Cashing throughout New Jersey, and Lumiere throughout the New York-New Jersey-Pennsylvania Tri-State area.

Also during the third quarter, Brunelli vice president Steve Albert brokered two leases on behalf of Quiznos: one for 2,240 square feet in Laurel Square on Route 70 in Brick, and a second for 1,600 square feet in Broad Street Plaza on Route 34 in Matawan, a new center anchored by Walgreen.

Brunelli was also active in Hartford Corners, a power center now under development in Burlington County, N.J., where four additional leases were completed during the quarter. Executive vice president Nick Romagnoli closed deals for a 5,500-square-foot Blockbuster, a 1,700-square-foot Bagel Café, a 6,850-square-foot Lucille Roberts, and a 2,088-square-foot H&R Block. Brunelli serves as exclusive leasing agent for the 400,000-square-foot center—anchored by Lowe’s Home Improvements and Super Shop-Rite—that is being developed along Route on Route 130 in Philadelphia’s New Jersey suburb of Delran. Lowe’s opened at the property in November and Shop-Rite is scheduled to follow in early December.

Mr. Elgart was responsible for Brunswick (Meat & Fish) Farms’ lease of 4,500 square feet at Livingston Plaza on Livingston Avenue in North Brunswick, N.J. Mr. Minue completed an agreement with Lady America for 1,250 square feet in Romeo Plaza, on Prospect Road in Jackson Township, N.J.; and Mr. Yaged brokered a 1,740-square-foot lease on behalf of Subway in The Shoppes at Commerce on Route 1 in North Brunswick.
Elsewhere, Mr. Minue brokered a 1,200-square-foot lease for Great Clips on Main Street in Metuchen, N.J.

R.J. Brunelli & Co. currently serves as exclusive leasing representative for 15 existing centers and two under construction with a combined gross leasable area (GLA) of over 1.5 million square feet, along with 15 projects in the approvals stage with more than 1.75 million square feet of GLA. The properties are located throughout northern, central and southern New Jersey. The firm also serves as exclusive tenant representative in various New Jersey counties for 17 retail, restaurant and service chains. In addition to the previously mentioned chains, the firm represents such major companies as Elizabeth Arden, Borders, Kindercare, L.L. Bean Factory Store, Staples and Tuesday Morning. The firm also represents Pathmark Supermarkets and The Home Depot on an exclusive basis in select New Jersey markets for excess property dispositions.


Press contacts: At R.J. Brunelli & Co., Inc., Richard J. Brunelli, president, (732) 721-5800; at Parness & Associates Public Relations, Bill Parness (732) 290-0121.