Brook’s Edge Plaza, a 70,274-square-foot shopping center located in Marlboro, has sold for $15.9 million, according to a Monday announcement from JLL Capital Markets.
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.
Located at 71-91 S. Main St. in the heart of Monmouth County, Brook’s Edge Plaza is situated prominently along Route 79, a major local thoroughfare, and is within minutes of major highways, such as Route 18 and Route 9.
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,” Bruno stated.
