R.J. BRUNELLI BROKERED $28.5 MILLION IN RETAIL REAL ESTATE TRANSACTIONS DURING SECOND QUARTER OF 2003
OLD BRIDGE, N.J. (8/11/03)–R.J. Brunelli & Co., Inc. today reported that it brokered $28.5 million in retail real estate transactions during the second quarter of 2003. Activity for the three months ended June 30 included 17 leases with an aggregate rental of $24.7 million and two property sales totaling $3.8 million.
This brought the retail real estate firm’s activity for the first half of 2003 to 32 transactions with a total value of $39.8 million. The transactions covered properties throughout all areas of New Jersey, as well as locations in Pennsylvania and New York City.
Activity for the second quarter was marked by a 100,030-square-foot lease for a King Sports Plaza bowling and recreational center at the former freestanding Home Depot location on Route 9 in Old Bridge. Brunelli was the exclusive leasing agent for the site, with the transaction handled by executive vice president Greg Williams. Home Depot previously relocated from the site, one of its first in New Jersey (which Brunelli brokered in 1988), to a larger building just across Route 9.
In another ‘big-box’ deal, Brunelli vice president Steve Albert brokered a lease that brought Borders Books to Chester with 15,000 square feet in Chester Commons on Route 206. Brunelli is the exclusive leasing agent for the book and music chain in central and northern New Jersey.
In other tenant representation activity during the quarter, Mr. Albert was responsible for haircolorexpress’ 2,200-square-foot lease in Aberdeen Town Square, on Route 34 in Aberdeen; and sales associate Jeff Elgart brokered a 1,000-square-foot lease on behalf of United Check Cashing at 1143 Main Ave. in Clifton. Brunelli represents haircolorexpress in Monmouth and Ocean counties, and United Check Cashing throughout New Jersey.
During the quarter, Mr. Albert also brokered two leases on behalf of Quiznos: one for 1,750 square feet in Wellington Square on Route 36 & Poole Ave in Hazlet, and another for 2,000 square feet in Colonial Plaza on Route 9 in Freehold. He was also brokered a 1,610-square-foot lease for e-Wireless at Wick Plaza on Route 27 in Edison.
At Hartford Corners, a power center now under development in Burlington County, Brunelli completed three additional leases during the second quarter. Executive vice president Nick Romagnoli closed deals for a 2,400-square-foot Quiznos, a 1,500-square-foot Sally Beauty, and a 1,700-square-foot Blue Ribbon Cleaners. Brunelli serves as exclusive leasing agent for the 400,000-square-foot center-anchored by Lowe’s Home Improvements and Super Shop-Rite-being developed along Route on Route 130 in Philadelphia’s New Jersey suburb of Delran.
Acting as exclusive broker for various other New Jersey properties, Brunelli’s second-quarter 2003 activity was marked by the completion of two additional leases at Commerce Center located on Route 1 in North Brunswick: a 10,000-square-foot Kiddie Academy child care center, and a 1,423-square-foot Mailboxes. Anchors at The Commons include Barnes & Noble, Best Buy, Linens ‘N Things and Modell’s.
The firm also brokered four leases at another of its exclusive listings, Livingston Plaza, on Livingston Ave. in North Brunswick. Newcomers to the convenience center will include Fantastic Sam’s, brokered by sales associate Danielle Brunelli, in 1,400 square feet; Livingston Dry Cleaner, in 1,000 square feet; Livingston Plaza Laundromat in 2,840 square feet; and Nails Spa in 1,400 square feet. Mr. Elgart handled the latter three transactions. Brunelli additionally represents Fantastic Sam’s on an exclusive basis in five counties throughout central and northern New Jersey.
In property sales completed during the quarter, Brunelli consummated the closing on Rue’s Transmissions’ acquisition of a 1,200-square-foot building at 204 Freehold Road in Manalapan, and Mr. Williams represented Extra Space Storage in its contract for the acquisition of a 2,200-square-foot building on Cropsey Ave. in Brooklyn, N.Y.
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 1.1 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, Fantastic Sam’s, Kindercare, and L.L. Bean Factory Store.
In the most recent addition to the tenant representation roster, the firm is now serving as preferred broker for the Tuesday Morning chain in northern and central New Jersey, seeking spaces in the 8,000- to 10,000-square-foot range.
For additional information on the firm’s tenant or landlord representation services, contact Richard Brunelli, president, or Greg Williams, senior vice president, R.J. Brunelli & Co., Inc., 400 Perrine Road, Suite 405, Old Bridge, N.J. 08857. Telephone is (732) 721-5800.
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.