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Real Estate Journal — Shopping Centers — April 26 - May 9, 2019 — 5A
www.marejournal.com
M id A tlantic
AYNE&MANALA- PAN, NJ — Mar- cus & Millichap Cafiero, Sgambati and Hyldahl procure buyer for $11.75 million retail sale Marcus & Millichap completes sale of BP Lubricants USA Inc. HQ & Tennent 9 Shopping Center W
has announced two sales. BP Lubricants USA Inc. head- quarters, located in Wayne, sold for $19.2 million onMarch 15; and Tennent 9 Shopping Center, located at 700 Ten- nent Rd. in Manalapan, sold for $11.75 million. The BP Lubricants USA deal was brokered by Alan Cafiero and Ben Sgambati of Marcus & Millichap’s New Jersey office, who represented the seller, a private investor, and the buyer, who was also a private investor, utilized this transaction to fulfill a 1031 exchange. Brent Hyldahl , also of Marcus & Millichap’s New Jersey office, joined the duo in procuring the buyer for the Tennent 9 Shopping Cen- ter. Both parties are private investors. MONTCLAIR, NJ — The Hampshire Companies , to- gether with their joint venture partner, Pinnacle Compa- nies , have received approvals to proceed with their redevelop- ment plan for Montclair’s Lack- awanna Plaza. The 216,772 s/f mixed-use redevelopment plan will revitalize the once vibrant complex through the strategic development of a range of mod- ern retail, office and residential spaces while preserving histor- ical elements of the century-old station. Construction is slated to start later this year. Originally constructed in 1913, Lackawanna Plaza be- gan its life as an important stop on the Delaware, Lacka- wanna, and Western Railroad until the station’s closure in 1981. Following its use as a transit hub, the buildings comprising the Plaza housed a Pathmark and several other retail tenants up until their vacancies, including that of Pathmark, in 2015. Since that time, Montclair has been left without a centrally-located grocery store and the Plaza has
Alan Cafiero
Ben Sgambati
Brent Hyldahl
BP Lubricants USA Inc. headquarters boasts 100,000 s/f. The building sits on 10.52 acres of land and fully uti- lized by BP’s premium brand, Castrol Oil, as its corporate headquarters. At this location, BP Lubricants employs lab technicians, engineers, ana- lysts, upper management and corporate services as well as the Castrol Oil top sales team. The property is on Valley Rd. Tennent 9 Shopping Center is anchored by NetCost Super- makets. NetCost Supermar- kets occupies two-thirds of the
60,000 s/f retail neighborhood. The remaining ten units are rented to a mix of local and regional business, along with a Rite-Aid pharmacy. The property is located just off Rte. 9, with easy access to Rtes. 18 and 33. Marcus & Millichap an- nounced the sale of a 12,770 s/f retail property located in Denville for $1.8 million. Michael Lombardi , invest- ment specialists in Marcus & Millichap's New Jersey office, along with Scott Plasky , in- vestment specialists inMarcus
BP Lubricants USA Inc. headquarters
Tennent 9 Shopping Center
&Millichap's New York office, had the listing to market the property on behalf of the seller, a private investor. Lombardi secured and represented the
buyer, a private investor. The retail building is lo- cated at 424 West Main St. The building is 100 percent occupied.
The Hampshire Companies and Pinnacle receive approval on re-development plan for Montclair’s Lackawanna Plaza
building’s façade, integrating train platform canopies into the roof of Lidl, restoring the iconic horse trough, preserv- ing the historic waiting room and concourse, and creating a memory board and plaque at the entrance of the Plaza to highlight the history of the site. “It is rare for a developer to be given a chance to breathe a second life into a site that holds such a special place in a town’s history. We would like to thank Mayor Jackson and Montclair’s municipal leader- ship for their collaboration and consultation in helping us craft a plan that will truly respond to the needs of the surrounding community,” said Robert Schmitt , principal at The Hampshire Companies. “We look forward to executing our redevelopment plan for Lackawanna Plaza to bring valuable community ameni- ties and rateables to Montclair while preserving the aspects of the site that have made it so important to Montclair for over a century.”
Lackawanna Plaza Rendering by Marchetto Higgins Stieve Architects
sat mostly vacant. Hampshire and Pinnacle’s redevelopment plan seeks to reactivate the once-vibrant Plaza through the creation of much-desired retail, residen- tial and office spaces while preserving the unique his- tory of the existing buildings. The site will be anchored by a brand-new, 28,509 s/f, Lidl
grocery store on Bloomfield Ave. By bringing Lidl to Mont- clair, Hampshire and Pinnacle will return a grocery store to Montclair, filling the vacancy left by Pathmark in 2015. In addition to Lidl, the plan calls for 35,714 s/f of retail space and 21,032 s/f of office space. A 153-unit mixed-use residential building is also planned for
the east side of the site along Grove St. Reflecting the deep history of the Plaza, significant steps have been taken to preserve or replicate a significant portion of the station’s original 1913 Grecian Doric style. These steps include salvaging 21 ex- isting steel columns from the train platform for usage on the
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