R.J. Brunelli & Co. LLC recently completed several leases for retail sites and a pair of 1031 like-kind exchange property sales in northern and central New Jersey.
Performance Strength Academy will expand its footprint at Dover Park Plaza in the Yardville section of Hamilton Township from 10,490 square feet to 13,852 square feet. Sales Associate Peter Miller represented both the landlord and tenant.
Elsewhere, President and Principal Danielle Brunelli represented the landlord on a 1,973-square-foot lease for Rita’s Ice at ITC Crossing South Shopping Center in Flanders. In Somerset County, she completed her latest lease for European Wax Center franchisees, signing the chain for a 1,419-square-foot space at Riverwalk Village, a 50,000-square-foot lifestyle center located at 665 Martinsville Rd. in Basking Ridge. Brian Silbert of Silbert Realty represented the landlord on the transaction.
In East Brunswick, Senior Sales Associate John Lenaz signed Simos Insourcing Solutions to a 1,460-square-foot space at 85 Main St., near Rte.18. The nationwide staffing company’s clients include Williams Sonoma. Lenaz represented both the tenant and landlord on the lease.
Representing property owner WOW Plaza III, LLC, the retail real estate brokerage sold a 25,000-square-foot freestanding building in East Brunswick housing a Jersey Strong health club to KHC Development, Inc. of New York for $4.93 million. The site, which is located at 762 Rte. 18, near the Brunswick Square Mall, sold at a 7.6% cap rate, according to Mario Brunelli, vice president of investment sales of the Old Bridge-based brokerage. The buyer was represented by Ellen Quentzel of Jordan Baris Inc. Realtors of West Orange.
Mario Brunelli also represented East Orange Retail Holdings, LLC on its sale of a 12,682-square-foot Dollar Tree building at 325 Central Ave. in East Orange for $2.9 million to real estate investor Arie Wilensky.
“Both sales were executed as 1031 Like-Kind Exchanges, under which the sellers immediately use the proceeds to acquire other properties,” Mario Brunelli noted. “These tax-advantaged transactions have fueled the tremendous upsurge we’ve been seeing in commercial property sales.”
