R etail D evelopment R eimagined
M id A tlantic Real Estate Journal — Retail Development Reimagined — February 28 - March 12, 2020 — 7A
www.marej.com
Retail team led by Burnham, Zang and Crotts Institutional Property Advisors sells grocery- anchored shopping center in Baltimore City, MD B
altimore City, MD — Institutional Property Advisors (IPA) , a division of Marcus & Millichap announced that it has closed the sale of Mount Clare Junction, a 234,036 s/f grocery-anchored shopping center in the Mount Clare community of Baltimore City. IPA marketed and transact- ed the property on behalf of the seller, an unidentified global investment management firm based in New York to an affili- ate of Carlyle Development Group , a private real estate equity firm based in Purchase, NY. The IPA retail team rep- resenting the seller was led by director Christopher Burn- ham , senior managing direc- tor Dean Zang , and director, David Crotts . Mount Clare Junction is situated on a large 15.71-acre parcel and is located just over one mile from the Baltimore CBD and Inner Harbor. The site is in close proximity to the University of Maryland Baltimore Campus (UMB), East Rutherford, NJ — Reflecting the contin- ued strength of the dining sector, Cushman & Wake- field’s New Jersey retail team reported robust leasing activity involving restaurant tenants in New York and New Jersey in 2019. Spearheaded by David Townes and Alana Friedman in the firm’s East Rutherford office, along with Neil Seth in New York, the commercial real estate ser- vices firm’s retail practice inked 13 transactions totaling 36,926 s/f, including first- time operators and national brands.” “The dining sector remains one of the hottest retail cat- egories, both in our region and nationwide,” said Townes, whose team specializes in restaurant leasing. “As local and national brands seek to grow their businesses, the
Christopher Burnham Dean Zang
David Crotts
UMB Medical Campus and the growing UMB BioPark. La Cité Development’s Center/ West project, a 33 acre, 3.2 million square foot, $800 mil- lion mixed-use project is also nearby in the Poppleton neigh- borhood of Baltimore City. Although the area has had its fair share of challenges, there is a lot of positive momentum in this part of the City. Mount Clare Junction is po- sitioned between two rapidly developing neighborhoods, Pig Town and Hollins Market. With numerous new develop- ment and redevelopment proj- ects going on in this section of the City, the new owner hopes
to be a part of the positive change. “Mount Clare Junc- tion is a challenging asset but located in a fast gentrifying neighborhood of Baltimore City. We look forward to work- ing with all community leaders and stakeholders to participate in, and expedite, the redevelop- ment of this great neighbor- hood. We believe Mount Clare Junction could play a major pivotal role” said Abdi Ma- hamedi , president of Carlyle Development Group. Mount Clare Junction is 82% occupied and anchored by Price Rite, Family Dollar and Capital One. The property was offered to the market in early
Mount Clare Junction
ter Group represented the tenant in the transaction. Other recent New Jersey transactions included: • Bubbakoo Burritos, which took 1,700 s/f, and Dunkin Do- nuts, which leased 1,800 s/f, at 110 Market St., Saddle Brook. • Local favorite Pag’s reloca- tion and expansion to 6,300 s/f at 227 Franklin Ave., Nutley. • YaYa Tea Café’s 1,953 s/f lease at 250 Central Ave., Newark. • HLS Juice Bar leasing 2,230 s/f at 483 South Livings- ton Ave., Livingston. • Sterling Spice taking 3,362 s/f at 99 Ridgedale Ave., Cedar Knolls. • Dulce de Leche Bakery’s 5,300 s/f commitment at 55 West Palisade Ave., Engle- wood. In New York, Townes and Friedman brokered Shaking Crab’s 2,260 s/f lease at 100 November 2019, and a sale was executed after an expeditious process only 77 days after the marketing commencement. “Mount Clare Junction was a unique and challenging sale due to various moving pieces, overall location within the City and the significant of- fice component. Despite this, the offering generated local, regional and national interest and further proves that Bal- timore is on investors radar”,
East Rte. 59 in Nanuet, a 1,400 s/f commitment with Wingstop at 400 Rte. 211 East in Middletown and a 3,300 s/f lease with Rey de Pollo at 80 East Rte. 59 in Spring Valley. Leasing activity has re- mained strong through Janu- ary, with Hidden Grace Foods Corp. taking 11,282 s/f for its Golden Corral national buffet franchise at State Hwy. 33 & Mercerville Rd. inMercerville. Townes represented the ten- ant in a direct deal with own- ership, ParkWinMer SC, LLC. “Among Personal Services and Fitness, Food is expected to continue to be a coveted retailer category in 2020,” said Friedman. “Consum- ers are seeking both dining convenience and variety and we anticipate ongoing expan- sion, specifically in the quick service restaurant (QSR)/fast casual subcategory.” said Burnham. “We are grate- ful for teamwork in closing this sale so quickly. Our client, the buyer and DLC Man- agement Corporation , the management company, worked diligently to close the sale only eight days after execution of the purchase agreement,” Zang added. Mount Clare Junction was the third shopping center closed by the IPA team in January 2020.
Cushman & Wakefield’s New Jersey retail team complete thirteen restaurant transactions in 2019
Krispy Kreme and Shaking Crab
demand for second-generation restaurant space with existing kitchen infrastructure contin- ues to be at its highest.” Through both landlord and tenant representation, Cush- man &Wakefield inked leases throughout the Metropolitan area with some of the sector’s most desirable tenant types in 2019. Among the highlights is the highly-anticipated open- ing of Krispy Kreme in East Rutherford, which is slated for February 2020. Townes and Friedman represented the
tenant in a 3,200 s/f commit- ment at 91 Rte. 17 South, the popular doughnut concept’s first Bergen County location. Townes, Friedman and Seth also helped to secure the first New Jersey location for &pizza on the Jersey City waterfront. The team repre- sented 30 Montgomery Part- ners LLC, the owner of 30 Montgomery St., in leasing a 1,033 s/f space to the popu- lar fast-casual pizza chain. Jamie Sackeim and Vicki Ezra of The Shopping Cen-
Made with FlippingBook Online newsletter