A proposal by Regency Centers Corp. calls for bringing more than 355,000 square feet of new retail space to a site at Route 9 and Schulmeister Road in Old Bridge. — Rendering courtesy: The Goldstein Group
By Joshua Burd
The Brunetti Organization has sold more than 30 acres along Route 9 in Old Bridge, where plans call for building a new 355,000-square-foot retail center anchored by ShopRite and Target.
Regency Centers Corp., a real estate investment trust, purchased the property at Schulmeister Road for an undisclosed price, under a deal announced Monday by The Goldstein Group. The brokerage team said the Jacksonville, Florida-based buyer recently secured approvals for what will be known as Glenwood Greens, seeking to tap into the rich central New Jersey consumer base.
“It was a real pleasure being instrumental in bringing such a well-respected and successful developer, Regency Centers, to this long-awaited project site,” The Goldstein Group President Chuck Lanyard said. “Regency’s approved development plans are just what the Old Bridge market area has had a big demand for, meeting not just the needs of Old Bridge, but the surrounding communities as well. The most exciting part is this location will be an all-retail market trade area, situated between the existing major retail markets of Freehold and Woodbridge.”
A team led by Lanyard, Principal Neil Goldstein and Executive Vice President Mark Handwerker represented both parties in the deal, noting that Brunetti had owned the property for decades. In announcing the sale, they noted that Glenwood Greens will be anchored by a new 80,000-square-foot ShopRite supermarket as well as a Target store, while offering a mix of local and national shops, restaurants, fitness venues and a combined gas station and convenience store.
Plans also call for five different outparcel buildings to accommodate the demand for small to medium-sized tenants, along with upscale architecture, place-making amenities and a pedestrian-friendly design, according to a news release. What’s more, the site is adjacent to more than 1,200 new homes presently under construction.
The brokers added that Regency Centers is one of the largest operators of shopping centers with grocery stores as anchor tenants. The company owns 415 properties comprising 56 million square feet in more than 25 states nationwide.