High-demand, grocery-anchored retail center in New Jersey sells for $15.9M

MORRISTOWN, Feb. 12, 2024 – JLL Capital Markets announced today that it has arranged the $15.9 million sale for Brook’s Edge Plaza, a 70,274-square-foot shopping center located in Marlboro, New Jersey.

JLL represented the seller, First Montgomery Group, and also procured the buyer.

Brook’s Edge Plaza, built in 2003, is 98.1% leased to a diverse range of essential retailers in high demand sectors including grocery, food and beverage and fitness. The center is anchored by ethnic grocer, Asian Food Market, and Jersey Strong Gym, both long-term tenants with multiple locations throughout New Jersey. In addition, the property features a restaurant pad leased by the upscale restaurant, Osteria Rustica Cuisine. The remaining tenant roster includes four in-line food and beverage tenants, as well as a nail salon, dry cleaner, and barber shop. The property features a weighted average tenure of 10.1 years and a WALT of 4.7 years.

Located at 71-91 S. Main St. in the heart of Monmouth County, Brook’s Edge Plaza is situated prominently along NJ Route 79, a major local thoroughfare, and is within minutes of major highways, such as State Route 18 and U.S. Route 9. The surrounding area offers compelling local demographics with over 98,000 residents within a five-mile radius, boasting an average household income that exceeds $196,000 annually. In addition, the Marlboro/Manalapan Routes 9/18/79 is home to several other marquee shopping centers, including Marlboro Plaza, Marlboro Commons and Manalapan EpiCentre.

The JLL Retail Capital Markets team was led by J.B. Bruno, Kevin O’Hearn, Jose Cruz and Shaelyn Nuckel.

“Brook’s Edge Plaza was a strategic acquisition for our buyer given its prominent Monmouth County location and strong tenancy. Looking ahead, we expect to see strong investor interest in grocery anchored retail within the New York Area markets,” stated Bruno.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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