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Whole Foods To Anchor Marlboro Commons Shopping Center In Jersey

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In a transaction brokered by R.J. Brunelli & Co. Inc., Pagano Development Co. Inc. has acquired a 17-acre site at the intersection of Routes 9 and 520 in Marlboro Township, N.J., paving the way for the construction of the Marlboro Commons shopping center—which will be anchored by a Whole Foods Market.

Construction is scheduled to commence this month on the 100,000-s.f.-plus retail property, which is already more than 60 percent pre-leased. In its capacity as exclusive leasing agent, the Old Bridge, N.J.-based R.J. Brunelli previously executed leases for a 40,000-s.f. Whole Foods, a freestanding 14,700-s.f. Walgreens drugstore, and a 2,800-s.f. Verizon store. The development also includes the site’s existing freestanding PNC Bank.

“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,” said Richard J. Brunelli, president of the retail real estate brokerage bearing his name. “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.”

From its location at the signalized intersection, Marlboro Commons will draw from a market within a seven-mile radius of approximately 190,000 residents with an average household income of more than $124,000. The site is situated on the “going home” side of Route 9, a major commuter and retail corridor in this New York City suburb. More than 62,000 cars pass the site daily on Route 9, with another 12,000 passing on Route 520.

“The new Whole Foods and Walgreens at Marlboro Commons will round out a retail mix on both sides of the intersection that already includes such draws as Lowe’s, Starbucks, Kohl’s, Staples and T.J. Maxx,” Brunelli said.

Bergen County, N.J.-based Pagano Development through an affiliate acquired

“We expect to begin delivering spaces to tenants by early 2013, with initial store openings beginning next spring,” he added.

 

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