Wachovia Opens 4,000-square-foot Branch At Crossroads At Somerset

The Free-standing Bank Joins ShopRite at the Shopping Center as Construction Begins on the Next Phase
By: Caryl Communications, Inc.
 
May 27, 2010 - PRLog -- FRANKLIN TOWNSHIP, N.J., May 27, 2010 – Wachovia has opened a 4,000-square-foot free-standing branch bank at Crossroads at Somerset, a two-phased, 118,000-square-foot shopping center developed by Mahwah-based Crossroads Companies. The center, the focal point of western Franklin Township's designated retail overlay zone, is anchored by a 70,000-square-foot ShopRite supermarket that opened in 2007 as phase one of the center.

"Crossroads at Somerset is the product of a collaborative public/private partnership that has produced outstanding results," said Ken Fioretti, development and leasing associate for Crossroads, a leading regional developer of neighborhood and grocery-anchored shopping centers. "The center is bringing much-needed retail and services to a once-rural portion of the township that has emerged as a thriving residential neighborhood."

The Wachovia grand opening comes as construction is set to launch on the 43,000-square-foot second phase of Crossroads at Somerset. Two tenants, Frank's Pizza and a nail salon have already signed pre-construction leases.

"We are seeing a great deal of interest in the remaining available space, and we expect to have additional announcements in the near future," said Fioretti. "With the onset of construction, we will be able to deliver stores to tenants within the next six months."

The 15-acre Crossroads site in Somerset County is situated in the western portion of Franklin Township, which was designated approximately 10 years ago in the township master plan to accommodate rapid growth in this central part of New Jersey. Over the past three years, ShopRite, CVS, Rite Aid, Chase Bank, Wachovia Bank and several neighborhood shopping centers have opened nearby to accommodate the more than 4,000 market-rate housing units that were completed in the same time frame. This is one of the fastest growing segments of Central New Jersey, which has benefited from a  
healthy mix of upscale residential communities, retail, and distribution employment. The community also benefits from an excellent road network that provides convenient access to state, county and interstate highways.

The ShopRite shopping center is located at the heavily traveled intersection of Elizabeth Avenue and New Brunswick Road. Previously two separate parcels, the site was converted to a unified shopping environment with the cooperation of township officials, who agreed to vacate a portion of the road between the parcels to clear the way for drive aisles and access between the respective properties.

Crossroads Companies is a regional development company with a shopping center portfolio valued at approximately $150 million. Comprehensive services include development, project consulting, management, construction and leasing.
End
Source:Caryl Communications, Inc.
Email:***@caryl.com Email Verified
Zip:07652
Tags:Ken Fioretti, Shop-rite, Supermarket, Development, Leasing
Industry:Retail, Business, Grocery
Location:Paramus - New Jersey - United States
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