2,400-Acre Mixed Use Development Lands Shop-Rite as Anchor Retail Tenant
- May 24, 2016
New York–The Brunetti Organization, a real estate developer in both Central New Jersey and South Florida, has announced that Shop-Rite has signed on as the anchor retail tenant at the firm’s upcoming 2,400-acre mixed-use town center development, The Oaks at Glenwood, in Old Bridge, N.J.
Construction on the 90,000-square-f00t grocery center is set to begin soon, with Brunetti having already completed a substantial amount of site work in preparation for the groundbreaking. Occupancy of Shop-Rite and other retail tenants is scheduled for summer 2017. The Shop-Rite lease is expected to advance lease negotiations with additional retail tenants. Brunetti reports that substantial interest has already risen from several nationally-known retailers and restaurant chains.
“We have been receiving a tremendous amount of interest from a wide rage of retailers in a variety of categories,” said John Brunetti, Jr., vice president of The Brunetti Organization. “Old Bridge is known as one of Central New Jersey’s premier communities, but it is currently underserved from a retail standpoint. Everything points to success for retailers who choose The Oaks at Glenwood.”
The Goldstein Group of Paramus NJ is the exclusive leasing agent for the retail portion of The Oaks at Glenwood. President Chuck Lanyard, Vice President Mark Handwerker and Principal Neil Goldstein are representing the property on behalf of The Brunetti Organization. Construction management and consulting services will be provided by John Potter and Hal Dodt of Equitas Management Group.
When finalized, The Oaks at Glenwood will feature 2,000 residential units and over 500,000 square feet of retail space. The property, located at the corner of Route 9 South and Schulmeister Road, will feature convenient access to both the NJ Turnpike and Garden State Parkway. With over 1,200 feet of highway frontage and easy access to the site, as well as a NJ Transit park-and-ride bus facility nearby, the town center is certain to attract both retailers and residents alike.
Images courtesy of The Goldstein Group.