News release

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

JLL Capital Markets arranged the sale of the 70,274-square-foot Brook’s Edge Plaza in Marlboro, New Jersey

February 12, 2024

Jenna Sharp

Capital Markets PR
+1 214 438 6450

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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About JLL

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 105,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

About First Montgomery Group

First Montgomery Group, AMO© (FMG) is a family owned and operated diversified real estate organization established in 1986 by Founder, Richard Haydinger II. First Montgomery Group is a builder, developer, owner, and property manager of real estate holdings in Pennsylvania, New Jersey, and Delaware. These holdings include nine multi-family housing communities, multiple retail sites, and the privatized military housing community, United Communities on Joint Base McGuire-Dix-Lakehurst in Burlington County, NJ. The privately owned and operated firm is led by Michael Haydinger and Richard Haydinger III. Dedicated to providing premier customer service, First Montgomery Group does not aspire to be the biggest, just the best! For more information about First Montgomery Group, visit fmgnj.com