New Jersey’s R.J. Brunelli & Co. represent buyers in 72,160 s/f shopping center purchase
OLD BRIDGE, NJ — R.J. Brunelli & Co., LLC announced the recent completion of a series of leases that will introduce national retailers, restaurants, and personal service providers to sites across New Jersey, Florida and Pennsylvania. The firm also helped facilitate the sale of a Florida shopping center.
In the largest of the transactions, the Old Bridge-based retail estate firm represented the buyers in the $17.25 million acquisition of Cortez Commons, a 72,160 s/f shopping center in Brooksville, FL. To facilitate the transaction, investment sales specialist Mario Brunelli helped assemble a group of 25 investors to buy the metro Tampa property, with the investors receiving a cash-on-cash return of 8.15%. Located at 12966 Cortez Blvd., Cortez Commons was built in 2015. Dick’s Sporting Goods anchors a mix that also includes such national chains as Five Below, Bob Evans, Mattress Firm, and The Vitamin Shoppe. The site is immediately adjoined by a freestanding Hobby Lobby store, as well as Bonefish Grille and Chili restaurants. Holiday Fenoglio Fowler, L.P. represented the sellers.
Back in New Jersey, in its capacity as Dollar Tree’s real estate representative statewide, R.J. Brunelli brokered five leases that will bring the nation’s largest single-price-point retailer to sites throughout the state. In Union County, a lease was signed for an 12,230 s/f inline space at Plainfield Plaza, a 50,000 s/f center anchored by Supremo Food Market. The center is located at 249 East Front St. in downtown Plainfield. R.J. Brunelli president/principal Danielle Brunelli-Albrecht brokered the deal for the store, which is expected to open in August.
Brunelli-Albrecht additionally brokered deals that brought Dollar Tree to a 10,200 s/f freestanding space on Rte. 37 in Toms River that opened in April; a 10,000 s/f end-cap unit at the new Bergen Point Retail Center in Bayonne; a 9,100 s/f newly constructed building in Bellmawr located at 42 North Blackhorse Pike; and to a 9,300 s/f inline space at Plaza 70, located at 85 Rte. 70 in Marlton. The Marlton store is expected to open in July, followed by Bayonne in December and Bellmawr in the first quarter of 2018.
Meanwhile, franchises of The Max Challenge signed leases for five more locations in New Jersey and two in Florida through deals brokered by R.J. Brunelli, which serves as the franchisor’s national leasing representative. In northern New Jersey, franchisees signed leases for a 2,775 s/f inline space at 35 Main St. in Madison; and a 2,300 s/f space at 700 Harmon Plaza in Secaucus. In the southern part of the state, leases were signed for a 2,800 s/f space at Kingsway Plaza, 300 South Lenola Rd. in Maple Shade; a 2,490 s/f space at 80-88 Hartford Rd. in Moorestown; and a 2,400 s/f space at 90 Hwy. 9 South in Bayville. The Madison, Maple Shade and Bayville locations recently opened, while Moorestown and Secaucus are expected to follow soon.
In southeast Florida, The Max Challenge recently opened in a 2,313 s/f space at Yamato Commons, located at 349 Yamato Rd. in Boca Raton, while a 2,295 s/f location at the Beachway Shopping Center, 824 North Federal Hwy. in Pompano Beach, is expected to debut soon. All of the deals were brokered by R.J. Brunelli senior sales associate Patti Fiore-AmecAngelo.
In its role with Verizon TCC R.J. Brunelli executed lease renewals for a 3,867 s/f end-cap unit at Downtown Plaza, 325 Jimmie Leeds Rd., in Galloway, NJ, and a kiosk at Cherry Hill Mall. Both deals were executed by CEO and principal Ron DeLuca. R.J. Brunelli serves as sub-broker for the chain in New Jersey for master national broker Sperry Van Ness.