Old Bridge-based R.J. Brunelli & Co. announced a number of recently completed deals on Nov. 22, including a pair of 1031 Like-Kind Exchange property sales and several retail leases.
Mario Brunelli, vice president of investment sales and principal of the brokerage, handled the property sales: one in East Brunswick and the other in East Orange.
In East Brunswick, he represented WOW Plaza III LLC, the property owner, in selling a 25,000-square-foot freestanding building to KHC Development Inc. of New York for $4.93 million at a 7.6% cap rate.
Jersey Strong fitness center has occupied the space for more than 10 years, according to Mario Brunelli, who also represented the tenant on its new long-term lease to remain at the site at 762 Route 18.
R.J. Brunelli is the exclusive leasing representative for Jersey Strong in the state.
In Essex County, Mario Brunelli represented East Orange Retail Holdings LLC in its $2.9 million sale, at a 7.4% cap rate, of a 12,682-square-foot Dollar Tree Building. Real estate investor Arie Wilensky acquired the property.
Dollar Tree has been a tenant at 325 Central Ave. for six years, the firm said, and will continue to operate at the site.
“Both sales were executed as 1031 Like-Kind Exchanges, under which the sellers immediately use the proceeds to acquire other properties,” Mario Brunelli said in a statement. “These tax-advantaged transactions have fueled the tremendous upsurge we’ve been seeing in commercial property sales.”
Also in East Brunswick, Senior Sales Associate John Lenaz leased a 1,460-square-foot space near Route 18 to a nationwide staffing company. He represented both the tenant and the landlord.
With clients including Williams Sonoma, Simos Insourcing Solutions joins a 13,500-square-foot strip at 85 Main St. that also features a 7-Eleven, among other local tenants.
R.J. Brunelli is the exclusive leasing agent for the site.
Sales Associate Peter Miller also recorded a new lease, which will see Performance Strength Academy expand its footprint to 13,852 square feet in the Yardville section of Hamilton.
Under an earlier deal brokered by Miller, the fitness facility opened at the Dover Park Plaza property at 3 Sunnybrae Blvd. in an 10,490-square-foot inline space. It’s addition of an adjoining 3,362-square-foot space at the plaza – where R.J. Brunelli serves as exclusive broker – is anticipated to open in the second quarter of 2022.
In Morris and Somerset counties, firm President and Principal Danielle Brunelli completed leases for Rita’s Ice and a European Wax Center franchisee.
She represented the landlord in the 1,973-square-foot lease for Rita’s, which will bring the chilly treat to an inline spot at the ITC Crossing South Shopping Center in Flanders, where R.J. Brunelli is the exclusive leasing agent, for an expected first quarter 2022 opening.
Located near the intersection of Routes 46 and 80, the 514,903-square-foot center is anchored by Lowe’s, TJ Maxx, Michael’s and Bed, Bath & Beyond.
Meanwhile, European Wax Center signed for a 1,419-square-foot space at Riverwalk Village in Basking Ridge.
Brian Silvert of Silert Realty represented the landlord in the transaction, which expects to see the store open at the 50,000-square-foot lifestyle center at 665 Martinsville Road in the first quarter of 2022.
According to the firm, R.J. Brunelli serves as exclusive broker for 31 retail properties with a combined gross leasable area in excess of 2 million square feet, with five properties for sale. It also serves as exclusive or preferred tenant representative for 22 retail, restaurant and service chains including Dollar Tree, Raising Cane’s Chicken Fingers, My CBD Organics, Asian Food Markets and New Jersey Spine and Wellness.
1 of 1 article
0 articles remaining
Advance your business edge with news from NJBiz. Register now for more article access.