THE COMMONS AT HOLMDEL NOW 100%-LEASED; R.J. BRUNELLI & CO. SIGNS SPRINT FOR LAST SPACE AT LIFESTYLE CENTER
HOLMDEL, N.J. (6/30/03) –With the recent signing of The Sprint Store, all spaces have now been leased at The Commons at Holmdel, a 235,000-square-footlifestyle shopping center that formally opened in fall 2002.
R.J. Brunelli & Co., Inc., which has served as exclusive leasing agent for developer Denholtz Associates since the project’s inception, reported that construction is under way on the 3,200-square-foot Sprint Store. The latest addition to the property will join a lineup that includes such national names as Barnes & Noble, Best Buy, Children’s Place, Houlihan’s, Lane Bryant, Linens ‘n Things, Michael’s, Modell’s, Old Navy and Pier One. In rounding out the property’s mix, the Old Bridge, N.J.-based retail real estate brokerage also introduced the first locations in Monmouth County for the Ulta, haircolorxpress and It’s Greek to Me chains, as well as the first non-mall location in the county for Salad Works. Tenants opened up in phases over the course of 2002, following the initial debut of Barnes & Noble in late-2001.
“As Monmouth County’s only lifestyle center north of the Navesink River, The Commons has thoroughly capitalized on the outstanding demographics of the immediate Holmdel-Middletown area to achieve the 100%-leased milestone in such a short timeframe,” said Richard J. Brunelli, president of the brokerage. “The success of this property has been underscored by the strong sales of its retail, restaurant and service tenants, with many reporting that their locations at The Commons are among the top-performing units in the district, region or even the nation.”
Steven Denholtz, CEO of Denholtz Associates, added: “The Brunelli organization created the tenant mix that has made The Commons at Holmdel a destination shopping center in Monmouth County. The quality of thought and attention to detail of the entire organization are a tribute to Rich Brunelli and the hallmark of their success.”
The center is the retail component of a mixed-used project being developed on the former Lily Tulip manufacturing site by Rahway, N.J.-based Denholtz Associates and joint venture partner, The Zaro Group of Ocean Township. Other elements of the mixed-use project include 70,000 square feet of Class A office space, 22,000 square feet of which Brunelli leased to Meridian Health Systems. In addition, Meridian is planning to build an assisted living facility and nursing home at the site.
From its location at the intersection of Route 35 and Laurel Avenue, the property serves a market within a 10-minute drive time with approximately 180,000 residents with an average household income in excess of $110,000.
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.