NEW JERSEY—Pagano Development Co. Inc. acquired a 17-acre site located at the intersection of Routes 9 and 520 in Marlboro Township from The Marlboro Partnership.
R.J. Brunelli & Co. Inc. brokered the transaction with Cronheim Mortgage Co. arranging for the financing on the property acquisition.
Pagano Development Co. has plans to commence construction on Marlboro Commons, a 100,000-sq.-ft. retail shopping center property. Slated to break ground this month, Marlboro Commons is 60 percent pre-leased.
R.J. Brunelli is also acting as exclusive leasing agent for the center and has executed leases for a 40,000-sq.-ft. Whole Foods supermarket, a freestanding 14,700-sq.-ft. Walgreens and a 2,800-sq.-ft. Verizon store.
Delivery is expected next spring.
