S hopping C enters
Real Estate Journal — Shopping Centers — June 28 - July 11, 2019 — 5A
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M id A tlantic
Levin Management Corporation manages 257,593 s/f regional shopping center Cronheim Mortgage has arranged $30 million in permanent financing for Post Road Plaza P
now anchored by a 75,000 sf Fairway supermarket / liquor store and also features Dave & Buster's, 24 Hour Fitness, Modell's, HomeGoods, Lane Bryant, Panera Bread, Sally Beauty Supply, Smashburger, Visionworks, and Dress Barn, among others. Post Road Plaza is located directly at the junction of US 1, Pelham Pkwy. and Exit 7 of the Hutchinson River Park- way in Westchester County. The subject's convenient lo- cation at the intersection of major local and regional roads allows Post Road Plaza to cap- italize on a high-traffic area and great demographics. the long-term fundamentals of suburban retail product throughout Northern Virginia due to the expanding popula- tion and above-average house- hold income levels. This is the company’s second shopping center acquisition in 2019 and we continue to scour the Mid-Atlantic region to search for additional retail, office flex and industrial properties that supports our acquisi- tion criteria and operational fundamentals. Our goal is to purchase an additional $250 million worth of assets over the next twelve months.” Joseph Hoffman and Aaron Rosenfeld of Kelley Drye & Warren provided legal representation in this acquisition transaction on behalf of Finmarc Manage- ment. Cliff Mendelson and Al Missirlian of Metropolis Capital Advisors handled the financing arrangements for the buyer.
ELHAM MANOR, NY — Cronheim Mortgage has ar- ranged $30 million in perma- nent financing for Post Road Plaza, a 257,593 s/f regional shopping center located in the Village of PelhamManor. The 15-year loan amortizes over 30 years and was placed with Transamerica Financial Life Insurance Company , whom Cronheim represents as correspondent and servic- ing agent. The interest rate was locked 90 days prior to closing. Post Road Plaza has a two- story primary retail strip, a one-story secondary strip,
Post Road Plaza
and three outparcel build- ings. The shopping center was originally developed in the early 1960s and was com- pletely redesigned to modern standards by the property's
leasing and managing agent, LevinManagement Corpo- ration (LMC) , following de- mographic shifts and anchor tenant turnover. Originally, this property had E. J. Kor-
vette, a New York discount department store chain, as an anchor. Since then, the com- plex has undergone ambitious repositioning, renovation and re-tenanting. The center is
Finmarc Management, Inc. acquires 250,000 s/f Manaport Plaza Shopping Center In Northern Virginia for $29.78 million
MANASSAS, VA — Fin- marc Management, Inc. has announced the acqui-
s i t i o n o f Ma n a p o r t Plaza Shop- ping Center, a 250 , 000 s/f regional s h o p p i n g center locat- ed at 8345- 8443 Sudley
Sean Sullivan
Rd. in Manassas for $29.78 million. Anchored by Mar- shalls, Gabes, Ollies, Tues- day Morning, McKay Books, Advance Auto Parts, Dollar Tree and multiple additional retailers and restaurants, the asset was 90% leased at the time of the purchase and formerly owned by Combined Properties, Inc. “Thi s acqui s i t i on un- derscores our continuing research and analysis of Manassas, which demon- strates a sub-market with a consistently growing popula- tion and served by a tenant base perfectly suited for the surrounding neighborhood demographics,” said Sean Sullivan , vice president of Finmarc Management. “Manaport Plaza represents a long-term cash flowing asset that we were able to acquire at an extremely at- tractive going-in yield that is
iar with the Manassas sub- market based on our numer- Manaport Plaza Shopping Center
well below replacement cost. We intend to quickly lease the remaining few available spaces, stabilize the asset and position the center to achieve long-term value.” Positioned in Prince Wil- liamCounty, Manaport Plaza features roadside visibility from VA Rte. 234 (Sudley Rd.), on which more than 40,000 vehicles pass the site on a daily basis. “We are extremely famil-
ous flex office and industrial holding there and believe in
P H I L A - DELPHIA, PA — CBRE announ c e d that re ta i l specialist Ni- cole John- s o n h a s j o i n e d t h e son served as the VP of retail leasing at Paramount Realty Services, where she managed the leasing department for 30 portfolio properties totaling five million sq. ft., including power centers, lifestyle centers and neighborhood centers across five states in the Northeast. CBRE hires retail veteran Johnson to serve as senior VP Nicole Johnson company’s Philadelphia-area offices to serve as senior VP. In this role, Johnson will partner with Jeffrey Cohen and Nel- son Wax , where she will focus on landlord representation and project leasing for SCs and mixed-use developments. Prior to joining CBRE, John-
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