Concordia Shopping Center at 1600 Perrineville Road in Monroe — Courtesy: JLL
By Joshua Burd
The owners of a grocery-anchored shopping center in Middlesex County have selected R.J. Brunelli & Co. as the property’s leasing agent.
The retail brokerage on Monday announced the assignment at the Concordia Shopping Center, a 135,090-square-foot property at the intersection of Perrineville and Prospect Plains roads in Monroe. The firm is working on behalf of Katz Properties Retail, which recently acquired the center with DRA Advisors.
“In tandem with KPR’s plans to make aesthetic improvements to the property, we will be working to round out the mix to better meet the needs of the community, including the addition of more regional and national tenants,” said Danielle Brunelli, principal and president of R.J. Brunelli. “We’re already talking to a variety of prospective tenants and are excited about the activity that’s been created.”
Anchored by a Super Stop & Shop, the Concordia Shopping Center was built in 1995 and renovated in 2004, according to a news release. The complex is 95 percent occupied and sits on 14.4 acres in the fast-growing Middlesex County community.
Peter Miller, a sales associate at the Old Bridge-based brokerage firm, noted that the nearest supermarkets are roughly 5.5 miles away in South Brunswick and East Windsor, making Concordia the dominant community retail center for more than 35,000 residents.
R.J. Brunelli also cited new developments currently under construction, including Lennar’s Monroe Parke, which will bring 272 all-ages townhome and loft units, as well as 72 senior apartments, and the final phase of Toll Bros.’ Regency adult community. Both are within five miles of the shopping center.
“While Monroe is best known for its large concentration of active-adult communities — including two within walking distance of this property — its excellent school system and abundant recreational and cultural offerings have also made the community a magnet for affluent young families, many purchasing homes priced in the high six-figures,” Miller said.
Other tenants at the shopping center include Wells Fargo and Northfield banks on pad sites, as well as an Ocean First bank that adjoins Stop & Shop, Monroe Wine & Spirits, Verizon Wireless, The UPS Store and Mrs. Kumar’s Homestyle Indian Cuisine. The balance of the mix includes local retail, restaurant, personal service and professional tenants, with the latter group including physician groups clustered in a freestanding, two-story medical building.
JLL: Monroe grocery-anchored retail center sells for $32 million
