Civic Plaza Space to be Put Up For Rent
Real estate broker hired
The township council gave its stamp of approval this week to hire a real estate broker to rent out space at Civic Plaza.
Civic Plaza is a former strip mall located on Chambers Bridge Road that is now owned by the township. It had been put up for sale by the township in January but negotiations with a potential buyer fell through, and officials made the decision over the summer to retain the property.
Bids from real estate brokers were hired over the summer, and the township received just one bid, said Business Administrator Scott Pezarras.
A contract to that bidder, DeGeorge Realty in Long Branch, was approved Tuesday.
The contract calls for DeGeorge to be paid a 5 percent commission on leases signed by tenants to rent space in the plaza.
Mayor Stephen C. Acropolis has, in the past, said the building could generate about $400,000 in leasing revenue per year.