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MARLBORO TOWNSHIP, NJ-R.J. Brunelli & Co. has brokered the sale of a 17-acre site at the intersection of Routes 9 and 520 here to Pagano Development Co., which will start construction this month on the Marlboro Commons shopping center.
The planned 100,000-square-foot retail center is 60% pre-leased, according to R. J. Brunelli, also the exclusive leasing agent for the property. A 40,000-square-foot Whole Foods supermarket will anchor the development. A freestanding 14,700-square-foot Walgreens drugstore and a 2,800-square-foot Verizon store are signed as tenants, according to the Old Bridge-based retail brokerage. An existing freestanding PNC Bank will remain as part of Marlboro Commons.
“We expect to begin delivering spaces to tenants by early 2013, with initial store openings beginning next spring,” says Richard J. Brunelli, president of the brokerage.
“We’re looking to round out the mix with upscale tenants that are complementary to the type of clientele that Whole Foods will draw to the center,” says Brunelli. “Between its easily accessible, high-traffic location and the anchor presence of the first Whole Foods in western Monmouth County, we anticipate that Marlboro Commons will be considered an ‘A’ location by most national chains.”
Brunelli says there are 190,000 residents with an average household income of more than $124,000 within a seven-mile radius of the Monmouth County site. More than 62,000 cars will pass the shopping center daily on Route 9, a commuter and retail corridor, and another 12,000 cars will pass along on Route 520, he said. Stores already located at the intersection include a Lowe’s, Starbucks, Kohl’s, Staples and T.J. Maxx.
Pagano Development, based in Bergen County, bought the site from The Marlboro Partnership, based in Piscataway. Cronheim Mortgage Co. arranged the financing on the sale.
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