Shop-Rite to anchor retail component at The Oaks at Glenwood in Old Bridge, NJ
Old Bridge, NJ — The Brunetti Organization, a real estate developer in both Central New Jersey and South Florida, has announced that Shop-Rite has signed on as the anchor retail tenant at their soon-to-be-developed 2,400-acre mixed-use town center development, The Oaks at Glenwood, in Old Bridge, NJ. Construction on the 90,000 s/f grocery super center is set to begin almost immediately, with occupancy of the Shop-Rite and other retail tenants scheduled for the Summer of 2017. The announcement of the Shop-Rite lease is expected to spur finalization of lease negotiations with several additional well-known retail tenants.
When completed, the development will feature 2,000 residential units and over 500,000 s/f of retail space. A prime retail site located at the corner of Rte. 9 South and Schulmeister Rd., The Oaks at Glenwood features convenient access to both the NJ Turnpike and Garden State Parkway, and currently boasts a traffic count of over 68,000 cars daily. With over 1,200 feet of highway frontage and easy access to the site, as well as a NJ Transit park-and-ride bus facility nearby, the site is certain to be a winner with both retailers and the upscale, mobile demographic that will be attracted to the residential units. Having already completed a substantial amount of the site work and infrastructure improvements at the site, The Brunetti Organization is poised to commence construction upon completion of the connection of utilities. Brunetti is currently offering pad sites and junior anchor positions in addition to strip locations for lease at The Oaks at Glenwood, and the organization reports that substantial interest has already been generated from several nationally-known retailers and restaurant chains. Old Bridge township is located in Middlesex County, New Jersey. It is 35 miles southwest of New York City, directly off The Garden State Parkway, one of the region’s major arteries. The Township is highly accessible via I-287, Rtes. 34, 35, 18, and 1 & 9, and The New Jersey Turnpike. “We have been receiving a tremendous amount of interest from a wide rage if retailers in a variety of categories,” said John Brunetti, Jr., vice president of The Brunetti Organization. “Old Bridge is known as one of Central New Jersey’s premier communities, but it is currently underserved from a retail standpoint. Everything points to success for retailers who choose The Oaks at Glenwood.” “We are particularly pleased to make this announcement as the International Council of Shopping Centers (ICSC) RECon show is opening in Las Vegas,” said Brunetti. The Goldstein Group of Paramus, NJ is the leasing agent for the retail portion of The Oaks at Glenwood. President Chuck Lanyard, vice president Mark Handwerker, and principal Neil Goldstein, are representing the property on behalf of The Brunetti Organization. Construction management and consulting services are being provided by John Potter and Hal Dodt of Equitas Management Group.