OFFICE COMPLEX IN MONROE, NEW JERSEY
Applegarth Professional Center Brings in Esteemed Specialists, Retail
and Service Components to the Local Community
MONROE, NJ, AUGUST 22, 2005 - Edgewood Properties, one of the fastest growing real estate companies in New Jersey, has announced it has begun construction on a new 125,803-square-foot medical office/retail complex, Applegarth Professional Center, located at Cranbury Half-Acre Road and Applegarth in Monroe, New Jersey.
The medical arts phase of the project will consist of three (3) three-story buildings of approximately 30,000 square feet each, which will include high-speed elevators and striking architectural features in a park-like landscape with CentraState Health Care Systems leading the way with over 30,000 square feet of space committed. Edgewood Properties is also finalizing leases with several nationally known health care specialists and the project will be close to 50% leased prior to construction commencement, which is scheduled for early fall of this year.
In the retail phase, a 13,103-square-foot CVS Pharmacy, two available restaurant sites of 6,300 and 6,400 square feet, a 4,000-square-foot bank and approximately 10,000 square feet of supporting retail will also accompany the complex.
"We are excited to begin this landmark project," said Jack Morris, president of Edgewood Properties. "Applegarth Professional Center and its supporting retail component will be a wonderful addition to the Monroe community. The real winners here are the residents of Monroe, who will greatly benefit from the myriad of esteemed medical groups, family practices and specialists that will be joining the area. In addition, the community will be well-served by the center's retail and service and dining components that will be intermixed within this facility."
Edgewood Properties is one of the state's most active real estate development companies. Currently, the company is developing such world-class community-oriented mixed-use projects as: Garden State Park, a mixed-use community in Cherry Hill, New Jersey, being developed through a partnership with JMP Holdings Corp that includes more than 530,000 square feet of higher-end retailers including a 135,000-square-foot Wegman's supermarket and a home improvement superstore, a 230,000-square-foot Lifestyle Center, more than 1,000,000 square feet of Class A office space and more than 1,500 residential units; Brick 70 Center, a 300,000-square-foot power center development located on Route 70 in Brick, New Jersey that will be anchored by Costco and Dick's Sporting Goods; New Brunswick Town Center, a town center project consisting of an available supermarket position, Walgreens, YNB bank, 15,000 square feet of retail and approximately 250 residential units; and Somerville Town Center, a town center project that will include 130,000 square feet of upscale retail, 70,000 square feet of office and approximately 275 luxury apartments.
About Edgewood Properties
Founded in 1992, Edgewood Properties is one of New Jersey's leading diversified real estate development companies. The company is active in the for-sale and rental residential, retail and office sectors and currently is developing in excess of 65 projects throughout the state. Edgewood Properties is extremely active in the urban sector with several large-scale, mixed-use developments under way in New Brunswick, Somerville, Cherry Hill and Atlantic City. As a private, family-owned company, Edgewood is known for building quality developments that bring jobs, affordable housing, rateables and vitality to each local community.
For more information, please visit the company's Web site at: www.edgewoodproperties.com.
