Outside the Region: Mainardi Management completes five leases and closes two loans

Wall, NJ According to the Mainardi Management Co., it has completed several lease signings at properties managed by it and the closing of two loans by company affiliates. 

At the Allaire Plaza:

• TJX signed a 10-year lease for a 22,725 s/f store. The store will be operated as a TJ Maxx;  

• ULTA Beauty and Cosmetics likewise signed a 10-year lease, this store being 11,240 s/f; and

• A.C. Moore leased 14,710 s/f, also for 10 years. 

The three stores were created out of space that was previously occupied by Lowe’s Express. The Allaire Plaza is a 114,532 s/f shopping center located on Rte. 35. The center is anchored by a Whole Foods Supermarket. To facilitate the construction of the new stores at the shopping center, the company closed a $16.2 million loan with Kearny Bank.

At the Union Medical Park, 1000 Galloping Hill Rd. in Union, N.J., the company expanded and extended the lease for Overlook Hospital.  The Atlantic Health System subsidiary leased an additional 14,500 s/f and extended the lease for all its space in the building by 15 years.  At the same location, Union Fresh Start, doing business as Serenity, a detoxification facility, leased an additional 14,200 s/f and also extended their lease by 15 years. As a result of the new lease signings, the company was able to refinance its mortgage on the property, borrowing $12.55 million from Lakeland Bank.  

Mainardi Management Co. is a family owned and operated real estate investment and management company based in Wayne, New Jersey.  The company currently manages 11 commercial properties totaling 1.25 million s/f located in New Jersey and New York.