71-91 South Main St. in Marlboro — Courtesy: JLL
By Joshua Burd
First Montgomery Group has sold a grocery-anchored shopping center in Monmouth County for $15.9 million, brokers with JLL announced this week.
Known as Brook’s Edge Plaza, the property at 71-91 South Main St. in Marlboro spans 70,274 square feet and is 98.1 percent leased to a mix of essential retailers. They include its anchors, Asian Food Market and Jersey Strong Gym, plus food and beverage tenants as well as a nail salon, a dry cleaner and a barber shop.
A private investor purchased the complex, which was built in 2003.
“Brook’s Edge Plaza was a strategic acquisition for our buyer given its prominent Monmouth County location and strong tenancy,” JLL’s J.B. Bruno said. “Looking ahead, we expect to see strong investor interest in grocery-anchored retail within the New York area markets.”
Bruno joined the firm’s Kevin O’Hearn, Jose Cruz and Shaelyn Nuckel in representing the seller and procuring the buyer. In a news release, the team noted that the property has a weighted average tenure of 10.1 years and a weighted average lease term remaining of 4.7 years, thanks in part to its location along Route 79 and minutes from other major highways.
JLL added that there are more than 98,000 residents within a five-mile radius with an average household income that exceeds $196,000 annually. In addition, the region is home to several other major shopping centers, including Marlboro Plaza, Marlboro Commons and Manalapan EpiCentre.