R.J. BRUNELLI BROKERED $41.6 MILLION IN RETAIL REAL ESTATE
OLD BRIDGE, N.J. (5/18/04)-R.J. Brunelli & Co., Inc. today reported that it brokered $41.6 million in retail real estate transactions during the first quarter of 2004. Activity for the three months ended March 31 included 14 lease transactions and two property sales. Properties covered by the transactions were located throughout New Jersey, and in New York State.
Activity in the first quarter was highlighted by the sale of Cardiff Circle, a 336,000-square-foot shopping center on Black Horse Pike in Egg Harbor Township, to Pagano Real Estate.
In another ‘big-box’ transaction, sales associate Carl Minue brokered a lease for 30,000 square feet on behalf of Work Out World at the Seaview Square power center in Asbury Park. Work Out World is represented by Brunelli on an exclusive basis throughout New Jersey.
In other noteworthy tenant representative transactions in New Jersey, sales associate Danielle Brunelli represented the Tuesday Morning chain in leasing a 7,600-square-foot location at ITC Center in Mt. Olive; executive vice president Nick Romagnoli closed a 9,500-square-foot lease for Kindercare in Marlboro Township’s Maple Tree Plaza; and sales associate Hung Lam closed a deal for 1,500 square feet for Fantastic Sam’s in Mocci Plaza, located on Port Reading Road in Port Reading. Brunelli is the preferred broker for Tuesday Morning in Northern and Central New Jersey, the preferred broker for Kindercare in six New Jersey counties, and exclusive broker for Fantastic Sam’s in five New Jersey counties.
On Long Island, senior vice president Greg Williams brokered a deal on behalf of Elizabeth Arden for 7,090 square feet on the first floor of a newly renovated office complex owned by Steel Equities, located at 1399 Franklin Avenue in Garden City.
Elsewhere, sales associate Martin Yaged closed on a 13,000-square-foot lease that brings Farmers Market to Freehold Mall on Route 9 North in Freehold. Brunelli is exclusive leasing agent for the community shopping center, which is anchored by Burlington Coat Factory.
The firm was also active in its capacity as exclusive broker for the soon-to-be-constructed Gordon’s Corner Shopping Center in Manalapan, where three transactions were completed during the quarter. Brunelli vice president Steve Albert brought Subway to the neighborhood shopping center with a 1,600-square-foot lease; Ms. Brunelli brokered a 3,200-square-foot lease for the Attillio Palumbo regional chain of Italian restaurants; and Mr. Minue brokered a 3,200-square-foot lease for Dunkin Donuts.
In another transaction, Ms. Brunelli closed a lease for 3,928 square feet in Summerfield Center on Route 522 in South Brunswick for Pizza Villagio
Among the land deals executed during the first quarter, Ms. Brunelli brokered two leases for gas stations operated by Dikker Management. One is in Weehawken at 800 Willow Avenue at 19th Street, and the second is at the intersection of Routes 9 and 70 in Lakewood. In other land deals, Mr. Yaged brokered the sale of 2.75 acres on Route 34 in Aberdeen to Parks Favorito & Green, which plans to develop the property as a 16,000-square-foot neighborhood shopping center.
R.J. Brunelli & Co. currently serves as exclusive leasing representative for 16 existing centers and four under construction with a combined gross leasable area (GLA) of over 1.3 million square feet, along with 13 projects in the approvals stage with more than 1.7 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, New York and Pennsylvania counties for 21 retail, restaurant and service chains. In addition to the previously mentioned chains, the firm represents such major companies as Borders, L.L. Bean Factory Store, Houlihan’s, Staples.
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.