Mainardi Mangement signs 40,000 s/f lease for Whole Foods at the Allaire Plaza

The Mainardi Management Co. arranged the following lease signing at the Allaire Plaza, managed by the firm. The company signed a lease with Whole Foods. Whole Foods will operate a store of 40,000 s/f in a shopping center of 11 5,000 s/f. Lowes Express also operates a store at the shopping center. Andrew Mainardi, III negotiated on behalf of the landlord and Ken Bleznak of Atlantic Real Estate Group represented Whole Foods. The store is expected to open in late 2015 or early 2016. At the Nine Mall Plaza in Poughkeepsie, New York, Destination XL (NASDAQ-DXLG) executed a lease for 8,750 sq. ft. DXL, formerly known as Casual Male, is the premiere supplier of clothing to men with waist size of38 and larger. Shannon Older and Alison Burnside of the Dartmouth Companies represented the landlord in the transaction. At the Greentree Square Shopping Center on Route 73 in Marlton, New Jersey, the company extended the lease of a high volume TGI Friday's. Richard Mainardi, Jr. represented the landlord in the transaction. Whole Foods and Pet Supplies Plus also operate stores in the property. Union Fresh Start, a drug and alcohol rehabilitation faci lity leased approximately 16,000 sq. ft. at Union Medical Park in Union, New Jersey. Other tenants at Union Medical Park are Overlook Hospital, YMCA and Union Surgical Center. The new tenant hopes to be open during the summer. The company also negotiated two new mot1gages covering the properties which it manages. For the Nine Mall Plaza, in Poughkeepsie, New York, the company secured a ten-year fixed rate mortgage of $7.7 million from Sussex Bank, headquat1ered in Rockaway, New Jersey. Proceeds from the loan were used to pay off an existing mortgage and to renovate the property to accommodate new tenants. At the Berkeley Plaza, in the Bayville section of Berkeley Township, New Jersey, the company negotiated an $8.25 million loan with Kearny Federal Savings Bank headquartered in Fairfield, New Jersey. Proceeds of the loan were used to pay off an existing mortgage and to fund a future expansion of the property. This was the company's fom1h mortgage with Kearny Federal.