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OLD BRIDGE, NJ-In recent months, R.J. Brunelli & Co has arranged a series of leases for major retailers, restaurants, banks and other users of free-standing sites in New Jersey and Pennsylvania – and the company’s president says he also sees the investment market for “triple-net-lease” properties as exceedingly strong right now.

Speaking by phone from the ICSC ReCon12 convention in Las Vegas, Richard J. Brunelli tells GlobeSt.com, “This past year has been the strongest year in many years for sales of such properties, because of the spread between all-time-low interest rates and cap rates. That makes the acquisition of triple-net lease properties highly desirable.”

Brunelli says he was representing several interested triple-net buyers while at the retail real estate convention. With a triple-net agreement, the tenant is responsible for paying net real estate taxes on the property, net building insurance and net common area maintenance – in addition to rent.

Brunelli’s company is also the New Jersey representative for several triple-net tenants, including Dollar Tree, which is the nation’s largest single-price-point retailer. Dollar Tree recently opened in 11,000 square feet at Crosspointe Town Square, a large Woodbridge shopping center anchored by Wegmans, Lowes, Bobs Furniture and Home Goods. Danielle Brunelli-Albrecht of R.J. Brunelli was the broker.

This latest lease follows transactions the Old Bridge-based brokerage completed for Dollar Tree in Aberdeen, Clifton and Park Ridge, and for the company’s Deal$ stores in Bloomfield, Fairlawn and Paterson.

In Old Bridge, Bill Lenaz of R.J. Brunelli orchestrated the move of Walgreen drug store to a site that previously housed an Exxon gas station, at the intersection of Laurence Harbor Road and Matawan Road. In that deal, Walgreens plans to build a 12,705-square-foot freestanding store on the site, located just off the Garden State Parkway.

Also in Middlesex County, Mr. Lenaz represented Red Robin Gourmet Burgers in the lease of 7,500 square feet at Woodbridge Center Mall off Route 1. The national full-service family restaurant chain plans to open by fall in a former Charlie Brown’s location. R.J. Brunelli is Red Robin’s exclusive broker in central and northern New Jersey.

At Summerhill Square, the new outdoor retail center on Route 18 in East Brunswick, Lenaz brokered a deal to bring fast-casual restaurant Smash Burger to a 3,150-square-foot end cap space. Lenaz also handled deals for a Chipotle Mexican Grill and a Sarku Japan restaurant at the Pagano Realty development.

In Edison, John Lenaz brokered a lease for a 1,200-square-foot David K Kitchen Supply showroom at Edison Commons. R.J. Brunelli is exclusive broker for the new 16,000-square-foot center, which also houses 7 Eleven, Go Wireless, Geico and an Entenmann’s outlet. Located near Talmadge Road, the retail center was created through the conversion of a former Entenmann’s distribution facility.

Elsewhere, John Lenaz recently brokered a 3,000-square-foot lease for Qdoba Mexican Grill in Union. R.J. Brunelli is the exclusive broker for the 8,625-square-foot building anchored by AT&T. That restaurant is set to open in July on a center-island site on Route 22.

In other recent transactions:

* Brunelli-Albrecht represented women’s specialty retailer Dots on leases for stores at Bayonne Crossing in Bayonne and at a Vornado-owned power center in North Bergen.

* Ron Deluca represented Ulta Beauty in securing a location on Route 17 in Ramsey for construction of a new 10,000 square foot store.

* Lenaz completed a lease for Chase Bank at the Urban Farms Shopping Center in Franklin Lakes. Chase expects to open the 3,400 square-foot branch on a freestanding pad site in the spring of 2013.

* Lenaz completed the sale of a Bethlehem, PA site housing a newly-opened, freestanding TD Bank branch. He represented the buyer, Edessa Realty.

* Marty Yaged completed a lease by Harbor Freight Tools at Miracle Mall in East Brunswick. Harbor Freight opened earlier this year in a 15,900-square-foot space previously occupied by PetSmart.

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