BERKELEY TWP., NJ-Perlmart Inc. has signed a long-term lease to operate a 60,800-sf Shop Rite supermarket at Berkeley Plaza in the Bayville section of this central coastal New Jersey township. The asset is owned by Quaker Malls LP, an affiliate of Mainardi Management Co. of Wayne, NJ.
The Shop Rite chain is actually a cooperative, with its various stores in the Northeast under separate ownership. Perlmart, based in Toms River, NJ, currently operates five Shop Rites in the region. In the lease transaction, Perlmart was represented by attorney Brian Lenker of Brach Eichler, et al, of Roseland, NJ. Quaker Malls was represented by attorney Stephen Mainardi of Mainardi & Mainardi, Wayne, NJ.
The new supermarket will replace a recently shuttered A&P, and Shop Rite's signing is part of an $8-million renovation, pending site plan approval, that will increase the size of Berkeley Plaza from its current 88,600 sf to just under 107,000 sf. The building previously occupied by A&P will be demolished, as will several other stores, to make room for the new anchor tenant.
Kenderian-Zilinski of Wall Twp., NJ is the project engineer and the Ives Group of Fair Lawn, NJ is the architect. Financing is being provided by the Trust Co. of New Jersey, based in Jersey City.
The reconfiguration of Berkeley Plaza will be subject of site plan hearings before the local planning board over the next 60 days. Construction is expected to start next spring, with completion slated for late next year or early 2004.
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