Ray Rap Realty Brokers Major Retail Lease for Ashley Furniture in Eatontown New Jersey

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As a sign that the commercial real estate market is improving, Ray Rap Realty has placed a major national furniture concern directly across from the Monmouth Mall at the Eatontown NJ Route 35 and 36 Circle. Ashley will occupy the former 50,000 s.f. Levitz building and this transaction represents one of the largest retail leases in this market for 2011.

Raymond Rapcavage, President and CEO of Ray Rap Realty has announced that a major commercial lease has been consummated between a preferred licensee for Ashley Furniture Homestores and the ownership of #175 Route 35 North at the Eatontown Circle. This lease perhaps signifies that consumer - based retail tenancies in a high profile market such as the Monmouth Mall are resiliant even in a challenged commercial real estate market. This is one of the largest lease transactions in Monmouth County NJ in the past twelve (12) months and certainly one of the high profile leased by a national retailer.

The 50,000 s.f. building lay dormant for well over two years and was formerly tenanted by Huffman Koos and Levitz Furniture. Rapcavage represented represented Ashley Furniture Homestores and reviewed several locations in the NY and NJ area before focusing on the Eatontown site. The Goldstein Group represented the ownership of the building , a private family trust.

Ashley has completed an extensive renovation of the building and the grand opening was met with great local fanfare. The store design includes dozens of furniture "vignettes" to showcase their many style options. In addition most Ashley stores provide the shopper with a child play area to allow parents a stress free shopping experience.

Ashley Furniture Industries Inc. was founded in 1945 and has over 400 stores in the United States. The company is privately owned and is based in Arcadia Wisconsin. All stores are independently owned and operated under the banner of "Ashley Furniture Homestore" and its main competitors are Raymour and Flannagan and Bobs Discount Furniture.

There are twelve (12) Ashley Furniture Homestores in New Jersey with the addition of this unit.

About Ray Rap Realty:
Ray Rap Realty is a NYC based commercial real estate firm that has successfully brokered,managed and developed over one billion dollars of commercial properties since 1987, The company has successfully represented national, regional, local landlords and tenants by using a full spectrum of marketing insights and tools. The company has recently expanded into the auction platform as an accelerated marketing solution for motivated buyers and sellers of investment and commercial property. To learn more visit http://www.RAYRAPREALTY.com.

Suzanne Babeuf
Media Department
Ray Rap Realty
(e) rayraprealty(at)comcast(dot)net

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Raymond Rapcavage

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