6-22-18

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R 100% Leased 419,653 s/f class A office park sold in the Richmond, VA market Cushman & Wakefield|Thalhimer and Cushman&Wakefield's DC office ink $62.4M sale

ISSUE HIGHLIGHTS Volume 30, Issue 12 June 22 - July 12, 2018 SAXUM REAL ESTATE ACQUIRES RED BANK ASSET

bilized asset, secondary market investment strategy. This is the second investment in the firm’s partnership with a multi-family office investor. They have retained Cushman & Wakefield | Thalhimer to lease and manage the property. The sale was completed by Eric Robison , a senior vice president in Cushman &Wake- field | Thalhimer’s Capital Markets Group, along with Eric Berkman executive man- aging director, and William Collins , executive vice chair- man of Cushman & Wakefield in Washington, D.C. Robison noted, “The asset was highly sought after not only due to the quality of the property and tenancy but also because the fundamentals of the Richmond market, particu- larly the Innsbrook submarket, are so strong.” 

ICHMOND, VA —An- other collaborative ef- fort from Cushman & Wakefield | Thalhimer’s Capital Markets Group and their partners in Washing- ton, D.C. has resulted in a significant transaction in the Richmond market. The team represented Bridge Investment Group in the $62.4 million sale of SunTrust Center One and Two, a two-building, class A office park located at 11011 and 11013 West Broad St. in the Innsbrook submarket of Richmond. Exceptionally well-located, the two buildings total 419,653 s/f and are situated on 32.3 acres. SunTrust Center One, comprised of 214,273 s/f, is 100% leased to SunTrust for ten years. The building recently underwent an extensive reno- vation with over $30 million

11011 and 11013 West Broad St.

invested, transforming the as- set into a modern, collaborative workspace that includes a new lobby, fitness center, cafeteria, new glass store front, and all new high efficiency HVAC equipment. SunTrust Center Two, comprised of 205,380 s/f, is also 100% leased to five tenants, Magellan Health,

SunTrust Bank, RetailData, Home Care Delivered, and EMC Corporation. FD Stonewater of Washing- ton, D.C. acquired the asset on May 24, 2018 marking their first investment in the Richmond, Virginia market. The buildings were purchased within FD Stonewater’s sta-

SPOTLIGHTS MID YEAR

REVIEW Section C

Keystone Property Group’s SORA West site will include 125 room hotel Binswanger negotiates 400,000 s/f office lease for AmerisourceBergen in Conshohocken, PA

CONTRACTORS/ SUBCONTRACTORS

10-15B

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CONSHOHOCKEN, PA — Binswanger announced its representation of Ameri-

sourceBer- gen in the selection of t h e i r n ew consolidated he adqua r - ters in Con- shoho cken at Keystone Pr op e r t y

David Binswanger

Directory

Shopping Centers.............................................5-16A Business Card/Billboard Directory.......................19A Owners, Developers & Managers............... Section B Mid Year Review........................................ Section C

SORAWest

site. The company, which is ranked #12 on the Fortune 500 and has over 21,000 associates worldwide, pro- vides pharmaceutical prod- ucts, value-driving services and business solutions that improve access to care. It serves as a partner in the pharmaceutical supply chain for thousands of healthcare providers, veterinary prac- tices, livestock producers and global manufacturers. 

Group’s SORA West site. The project will include a 400,000 s/f office building, 125 room hotel, 1,500 space parking garage, public spaces and restaurants. This will allow AmerisourceBergen to consolidate and expand its current operations in Con- shohocken and Chesterbrook. “It is extremely exciting that Pennsylvania’s larg- est company by revenue is making a long-term commit-

ment to the region in a way that will optimize operations and collaboration within the company. In addition, Conshohocken gets a new landmark that will be a catalyst in its contin- ued growth as a semi-urban environment” said David Binswanger , president and CEO of Binswanger. AmerisourceBergen plans to house approximately 1,500 employees at the

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Investment Sales | Commercial Sales and Leasing

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CUSTOM WOOD PLAQUES SHOWCASE YOUR BUSINESS ACCOLADES & PUBLICITY

M id A tlantic R eal E state J ournal Publisher, Conference Producer . .............Linda Christman AVP, Conference Producer ...........................Lea Christman Associate Publisher ......................................... Steve Kelley Associate Publisher ........................................... Kim Brunet Associate Publisher ...................................... Marisol Chase Senior Editor/Graphic Artist ..........................Karen Vachon Office Manager ...............................................Kerrin Devine Contributing Columnists: ...........................Steve Edelstein Mid Atlantic R eal E state J ournal ~ Published Semi-Monthly Periodicals postage paid at Hingham, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal 350 Lincoln St, Suite 1105, Hingham, MA 02043 USPS #22-358 | Vol. 30, Issue 12 Subscription rates: $99 - one year, $148 - 3 years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Phone: 781-740-2900 | Fax: 781-740-2929 www.marejournal.com The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal

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Steve Edelstein

Why Certificate Management is Crucial for Risk Transfer

C ertificates of Insur- ance are information- al snapshots issued by or, more commonly, on be- half of, insurance companies. These certificates are used to provide the ‘Certificate Holder’ with courtesy summa- ries that verify the existence of insurance, including the Insured’s coverage and limits. When an organization con- tracts with a vendor for ma- terials, equipment, supplies or services, that vendor's activities and goods provided create inherent liabilities for the organization. The goal of a certificate program is to pro- tect your organization from exposures to loss resulting from any negligence on the part of an under/un-insured vendor. Through obtaining the correct certificates of insurance and maintaining current certificates on file for each vendor furnishing ser- vices, you have evidence that insurance has been secured to finance the risks/negligence created by them.

Lea@marejournal.com

Use these five tips when reviewing your Certificates of Insurance with vendors or tenants: 1. Modify policies already in place to comply with require- ments made in a contract 2. Develop criteria that is achievable for vendors (i.e. coverage available in the marketplace, language under- stood and customarily used in the insurance industry) 3. Ensure certificates re- ceived are compliant with insurance requirements 4. Align contract insurance requirements with coverage being requested 5. Address and shift notice of cancellation requirements to the vendor

Based on the (hazardous) activities vendors are per- forming on behalf of an orga- nization, as well as the size of contract involved, different minimum insurance stan- dards may apply. Most often we find setting criteria for low, medium and high hazard activities to be effective in gauging requirements. You’ll want to be sure you under- stand that not all liabilities assigned to the vendor in a contract are insurable. Steve Edelstein is an in- surance producer with As- suredPartners and focuses on risk management and insurance consulting for commercial and residen- tial real estate clientele. 

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3A — June 22 - July 12, 2018 — M id A tlantic

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M id A tlantic R eal E state J ournal

Three-story, 27,033 s/f office and retail property rebrands as “Front & Broad” Saxum Real Estate acquires downtown Red Bank Asset

erty that sits on the premier corner in downtown Red Bank. The property is anchored by Urban Outfitters which occupies 10,400 s/f on the ground floor. The upper floors feature Deloitte and Elevation LLC as tenants. Saxum plans to implement a capital improvement program to renovate the remaining ~12,700 s/f of vacant office into premier boutique office suites that fea- ture exposed brick, glass offices and common tenant space. The upper floor offers views of the majestic Navesink River while the rear terrace provides outdoor amenity space for tenants.

“We are thrilled to close on this new acquisition as it allows us to further invest into one of New Jersey’s most vibrant downtowns. This acquisition provides us with a unique op- portunity to transform another iconic Red Bank building into best-in-class product that fur- ther benefits the residents and overall community.” Anthony Rinaldi , managing principal. The property offers the rare opportunity to locate to the heart of downtown Red Bank where tenants can benefit from the vi- brant mix of restaurants, shops and cultural destinations. 

ED BANK, NJ — Sax- um Real Estate has added to its growing

portfolio in d o w n t o w n R e d B a n k with the ac- quisition of 2 - 10 Broad St., which it is re-branding as “Front & Broad.” The

Anthony Rinaldi

acquisition adds to its grow- ing portfolio in downtown Red Bank which also includes “The Vault” located at 55 Broad St. and 176 Riverside Ave., which sits at the gateway to down- town Red Bank. Located at 2-10 Broad St., Front & Broad is a three-story, 27,033 s/f office and retail prop- Beacon CRE brokers 19,693 s/f lease at The Rodin Place, Philadelphia

Front & Broad virtual vision

real estate auctions

The Rodin Place

Successful Industrial Portfolio Auction! 25 Properties in 8 States - April 2018

PHILADELPHIA, PA — Beacon Commercial Real Estate LLC completed a lease transactions for Biblical Theological Seminary at 2000 Hamilton St., The Rodin Place, Philadelphia. Biblical Theological Semi- nary, an accredited non- denominational seminary, signed a 19,693 rentable s/f lease agreement for over a decade. Gene McHale and Colin McHale of Beacon Commer- cial Real Estate, LLC were the brokers in the transactions representing Biblical Theolog- ical Seminary. Keith Kiner and Michael Anderson of PernaFrederick Commer- cial Real Estate was the bro- ker representing the Landlord RMPKEY, LLC.  Gene McHale Colin McHale

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4A — June 22 - July 12, 2018 — M id A tlantic

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M id A tlantic R eal E state J ournal

Cushman & Wakefield’s Alascio, Vankayala, and Carpenter III act as advisor to Vision PCCP, LLC joint venture with Vision Real Estate Partners acquires 66-acre Corporate Campus

best use is to demolish the ex- isting structure and redevelop the site. The corporate campus is situ- ated within walking distance of the Morris Plains Train Station and 10 minutes from the intersection of I-287 and I-80, with immediate access to Routes 202 and 10. In addition, the property is very close to two New Jersey transit rail lines – the Morristown line with direct connection to NYC and the Montclair/Boonton line with access to Newark and Hoboken. “Our joint venture viewed this as an opportunity to ac- quire a vacant high-quality asset in 185 Tabor Rd. at an attractive basis well below replacement cost,” said Ryan Dodge , vice president with PCCP. “We also see further up- side through a redevelopment/ rezoning opportunity in 201 Tabor Rd., which, once reposi- tioned, we believe that we will see strong interest from local market occupiers.” The Tabor Rd. campus sits immediately adjacent to Honey- well’s new global headquarters. Its lasting pedigree has been affirmed over time, as Warner Lambert and Pfizer also have been historical owners of the property. The immediate area houses numerous headquar- ters, locations and campuses and diverse corporate users in the financial services, insur- ance, pharmaceuticals, biotech, telecommunications, electron- ics and transportation sectors. The Morris County market area is one of the most afflu- ent and prestigious regions in the state, exemplified by the county’s ranking as the 11th wealthiest in the U.S., with an estimated median household income of $139,262. The prop- erty is located within Northern New Jersey, the 14th largest office market in the country that consists of five counties between New York City and Philadelphia: Bergen, Essex, Hudson, Morris, and Passaic. “Vision Real Estate Partners continues to redefine the land- scape of redeveloping large obsolete office campus parks in the Tri-State region,” said John Alascio , executive man- aging director for Cushman & Wakefield. “PCCP was able to build on this investment the- sis and foundation in a newly formed joint venture and will bring capital expertise and resources to execute on the business plan.” 

ORRIS PLAINS, NJ — PCCP, LLC an- nounced its joint ven-

ture with Vision Real Estate Partners , a New Jersey-based, full-service real estate invest- ment, development and asset management company, has ac- quired 185 and 201 Tabor Rd. in Morris Plains. The acquisition is of a 66-acre corporate campus composed of two properties, one a class A office building and the other a series of class B and C office buildings slated for rede- velopment. The seller was the previous occupant, Johnson & Johnson. A Cushman & Wakefield

s/f 185 Tabor Rd. is one of the newest and highest quality of- fice buildings inMorris County, featuring institutional quality finishes and amenities, modern base building systems, open floor plan capability, enhanced mechanical systems, and adja- 201 Tabor Rd. in Morris Plains

Equity, Debt & Structured Finance team of John Alas- cio, Sridhar Vankayala , and Noble Carpenter III acted as advisor to Vision Real Estate Partners in arranging joint ven- ture equity for the acquisition. Built in 2006, the 240,000

cent structured parking with 892 spaces. Constructed in phases from the 1950s to the 1990s, 201 Tabor Rd. is a se- ries of class B and C connected buildings totaling 644,000 s/f on 45 acres. Given its age, the buyers believe the highest and

S hopping C enters

Real Estate Journal — Shopping Centers — June 22 - July 12, 2018 — 5A

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Representing team includes Munley, DiCosimo, and Cruz HFF announces the $55.25 million sale and financing of Lehigh Valley power center P

top-tier shopping center and location within the Lehigh Valley,” Munley added. “The offering generated significant interest from private and in- stitutional buyers proving out the value proposition for this property.” HFF announces $41.5 million sale of grocery-anchored retail center in Wall Township, New Jersey In New Jersey, HFF an- nounced the $41.5 million sale of Wall Twp. The HFF team marketed the property on behalf of the seller, AEWCapital Manage- ment, L.P. on behalf of one of its separate account clients. DWS purchased the property free and clear of any mortgage financing. Wall Towne Center is an- chored by ShopRite, the domi- nant grocery chain in New Jersey, and home to 12 other diverse tenants, including Great Clips, AT&T, GNC, All- state Insurance, Cherry Blow Dry Bar, OceanFirst Bank, Lu- brano’s Trattoria and PetValu. Completed in 1997, the center most recently underwent reno- Filley, who specializes in the sale of office and industrial assets. The properties were initially offered for sale in July of 2016. The portfolio consisted of six buildings, of which five were sold to an entity from Freder- ick, Maryland, including 1401 South Main St. and 206-210 East Ridgeville Blvd. The 1311 South Main St. property was sold to a separate purchaser, represented by a cooperating broker, and closed two weeks prior to the balance of the portfolio. “With ownership engaging Marcus & Millichap’s local retail and office teams to work collaboratively on this assign- ment, it allowed us to access a vast buyer pool, and tap numerous brokerage relation- ships inside and outside of Marcus & Millichap” added

vations in 2017 when ShopRite expanded its space. Situated on 11.81 acres at 2433-2445 Rte. 34, Wall Towne Center is the only grocery-anchored retail option on Rte. 34. The center’s location is accessible to the neighboring munici- palities of Manasquan, Point Pleasant, Bric and Brielle via the Rte. 35/70/34 intersection, which is less than one half mile southeast of the property. More than 53,671 residents earning an average annual household income of $136,760 live within a three-mile radius of the property. The HFF investment advi- sory team representing the seller included senior manag- ing director Jose Cruz, manag- ing directors Kevin O’Hearn and Chris Munley and senior directors Michael Oliver and Stephen Simonelli. “The investment market responded very favorably to Wall Towne Center given the ShopRite sales, location and surrounding demographics,” Cruz said. “We continue to see demand for high quality retail throughout New Jersey.”  Zang. “We feel this two-front approach ultimately enabled us to complete this sizable and challenging sale in the current turbulent sale environment” concluded Zang. In Pennsylvaina, Marcus & Millichap announced the sale of Paxton St. Commons, a 10,664 s/f retail strip in Har- risburg. The five-tenant, 100 percent occupied retail asset sold for $4.225 million. The New York-based buyer was secured and represented by Craig Dunkle , an invest- ment specialist in Marcus & Millichap’s Philadelphia office. “This class A, multi-tenant shopping strip fit all of the investors acquisition crite- ria,” said Dunkle. “The client was specifically seeking a Starbucks with a drive-thru in a highly trafficked retail corridor.” 

HILADELPHIA, PA — Holliday Fenoglio Fowler, L.P. (HFF) an- nounced the $55.25 million sale of and the $50.4 million acqui- sition financing for MacArthur Commons, a 371,886 s/f, fully leased, grocery-anchored power center in the Lehigh Valley of Pennsylvania. The HFF team marketed the property on behalf of the seller. An affiliate of Abrams Realty & Development pur- chased the asset free and clear of existing debt. Additionally, working on behalf of the new owner, the HFF team secured a floating-rate acquisition loan. The buyer was able to obtain long-term lease extensions with the anchor tenants and gained approval to develop several out- parcels, thus creating a highly competitive marketing process for the financing. MacArthur Commons is fully leased to GIANT Food Stores along with multiple national anchors, including Burlington, Dick’s Sporting Goods, Big Lots and T.J.Maxx. Housed on 47 acres at 2631 MacArthur Rd., the center is situated in MOUNT AIRY, MD — Mar- cus & Millichap announced the sale of the Mount Airy Port- folio, which was sold in two sep- arate transactions consisting of more than 100,000 s/f of mixed- use properties located inMount Airy. The portfolio, totaling more than $16.8 million, was represented by Robert Filley , first vice president investments and Dean Zang , senior manag- ing director investments. Addi- tional team members included Christopher Burnham , se- nior associate and Christian Beck , associate in Marcus & Millichap’s Baltimore office. “We are pleased to complete this assignment for our clients. This was a complicated trans- action with the addition of the bankruptcy proceedings in late 2017. Our collective execution created a great solution for both the sellers and buyers,” stated

MacArthur Commons

The HFF debt placement team representing the borrower included managing director James Conley . “Thanks to the HFF team of Chris Munley and James Conley for helping us to un- derstand this fabulous value- add play and in facilitating a great working relationship with both the seller and the lender,” said Peter Abrams , founder of Abrams Realty & Develop- ment. “This redevelopment play is state of the art in the ever-evolving retail market in which we find ourselves.” “MacArthur Commons is a

the “go to” retail destination in the region and is accessible via Rte. 20 with more than 44,000 vehicles passing per day. The center’s Lehigh Valley loca- tion places it 65 miles north of Philadelphia and less than five miles north of Allentown. More than 93,478 residents earning an average annual household income of $60,731 live within a three-mile radius of the center. The HFF team representing the seller included managing director Chris Munley, direc- tor Michael DiCosimo and senior managing director Jose Cruz .

Retail and office teams at Marcus &Millichap collaborate to broker $16.8 million mixed use sale in Mount Airy, MD

Mount Airy Portfolio

6A — June 22 - July 12, 2018 — Shopping Centers — M id A tlantic

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S hopping C enters

Dedicated Nursing Associates leases 1,470 s/f retail space from Kinsley Construction Bennett Williams Commercial brokers 42,931 s/f of retail leases in Pennsylvania

ORK, PA — Bennett Williams Commer- cial , one of the larg- est third-party, commercial real estate firms in Central Pennsylvania—has arranged the sale/lease of the following transactions: 1,600 s/f retail space at Gate- way Center, 494 Gateway Ave., Guilford Twp., Franklin County. Event 29, LLC dba LifeSmoke Vapors leased the space from 400 Gateway Asso- ciates, LLC. Blake Shaffer of Bennett Williams Commercial represented the tenant and Brad Rohrbaugh and Chad Y

Twp. Dedicated Nursing As- sociates leased the space from Kinsley Construction . Jer- emiah Hamilton and Blake Gross of Bennett Williams Commercial represented the landlord in the transaction. 9,831 s/f retail building at 3243 Paxton St., Swatara Twp., Dauphin County. Dol- lar Tree leased the space from KFJ, Ltd. Gross represented the landlord in the transac- tion. 8,094 s/f retail space at Rock- vale Outlets, 35 S. Willowdale Dr., East Lampeter Twp., Lan- caster County. Generations

of Furniture leased the space from Rockvale Vehicles, LLC. Kathryn Dwyer of Bennett Williams Commercial repre- sented the tenant and Ham- ilton, Dwyer, Rohrbaugh, and Stine represented the landlord in the transaction. 1,212 s/f retail space at Charlestown Village, 12 Gen- eral Warren Blvd., EastWhite- land Twp., Chester County. VisualEyes Optique leased the space from GV Commons Lot One, LP. Bill Hess and Colin Sweeney of Bennett Williams Commercial represented the landlord in the transaction.

1,225 s/f retail space at 718 Poplar St., Lebanon City, Lebanon County. DiNunzio’s Authentic Italian Hoagie, Inc. leased the space from San-Pef, Inc. Shaffer, Rohrbaugh, and Stine represented the tenant and Keith Kahlbaugh of Bennett Williams Commercial represented the landlord in the transaction. 4,200 s/f retail space at Lime Spring Square, 205 Rohrer- stown Rd., East Hempfield Twp., Lancaster County. MW of Lancaster Rohrerstown, LLC dba Mattreess Ware- house leased the space from 206 Rohrerstown Road, LP. Abe Khan , Rohrbaugh, and Stine of Bennett Williams Commercial represented the landlord in the transaction. 1,296 s/f retail space at Fire- house Shoppes, 3013 E. Mar- ket St., Springettsbury Twp.. Milan Laser York, LLC leased the space from 3013 East Mar- ket Street, LLC. Rohrbaugh and Stine represented the landlord in the transaction. 4,068 s/f retail space at Cape Horn Square, 693 Lombard Rd., York Twp. York Mendez, LLC leased the space from Northville Green Associates, LLC. Dwyer represented the tenant andDwyer, Rohrbaugh, and Stine represented the landlord in the transaction. 2,050 s/f retail space at Shel- bourne Square, 5470 Perkio- men Ave., Exeter Twp., Berks County. Lucky Star, LLC leased the space from Shel- bourne Square Associates, LP. Shaffer represented the tenant and Shaffer, Gary Russell , Rohrbaugh, and Stine of Ben- nett Williams Commercial represented the landlord in the transaction. 3,000 s/f retail space at DJ Plaza, 2058 S. Queen St., York Twp. Fit Income Investments, LLC dba iLoveKickboxing leased the space from CJP Investments, LP. Shaffer, Justin Willits , Rohrbaugh, and Stine of Bennett Williams Commercial represented the tenant and Rohrbaugh and Stine represented the landlord in the transaction. 4,800 s/f retail space at Eaglepointe Village, 510 Simp- son Dr., Upper Uwchlan Twp., Chester County. EG Chester Springs Associates, Inc dba Epicurean Garage leased the space from Eagle Retail Asso- ciates, LP. Hess and Sweeney represented the landlord in the transaction. 

Stine of Bennett Williams Commercial represented the landlord in the transaction. 4,135 s/f retail space at Fruitville Pike Center, 1353 Fruitville Pike, Manheim Twp., Lancaster County. BA Athletics, Inc. leased the space from Mary A. Vasile Family LP & Michael E. Vasile, Sr. Residuary Trust. Tom Troc- coli of Bennett Williams Com- mercial represented both the tenant and the landlord in the transaction. 1,470 s/f retail space at Car- lisle Commerce Center, 2159 White St., West Manchester

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Real Estate Journal — Shopping Centers — June 22 - July 12, 2018 — 7A

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S hopping C enters Weichert & Ripco NJ handle 3000 s/f lease at the 93,000 s/f shopping center Mezza Mediterranean joins lifestyle tenant mix at Eastman-managed center in Livingston, NJ

IVINGSTON, NJ — Mezza Mediterra- nean recently hosted a ribbon-cutting to celebrate its official opening at The Shoppes at the Livingston Circle at 277 Eisenhower Parkway in Livingston. This marks the first expansion for the popular restaurant, which also has a location in Westwood. Mezza Livingston occu- pies approximately 3,000 s/f at the 93,000 s/f shop- ping center, which is man- aged and developed by East- man Companies . Jennifer Corrao and John Negri of Weichert Commercial Brokerage represented the tenant and Florian Suser- man of Ripco NJ , leasing agent for the property, rep- resented the landlord. “Livingston was ideal for us in terms of demographics, and although there is a lot of new business development in the area we didn’t see much in the way of competition,” said Vincent Leone, who, along with Yarden Levinson, is one of the owners behind Mezza Mediterranean’s suc- cess in Westwood. “We have worked well together as part- ners over the last five years and know what has and hasn’t worked in the past. We made sure to hit all of the key checkpoints before choosing this location.” Mezza’s ownership agreed that The Shoppes at the Liv- ingston Circle, situated at the intersection of Rte. 10 and Eisenhower Pkwy., was an ide- al choice business-wise. “This is an up-and-coming area and new businesses like The Container Store, Shake Shack and Starbucks are generating a lot of traffic on Eisenhower Parkway,” said Leone. “We also love the healthy lifestyle vibe that Eastman Compa- nies is creating with tenants like Hand & Stone Massage and Facial Spa, Club Pilates and CycleBar. Eastman is an excellent company and their team has been ready to lend a helping hand whenever we’ve needed it.” “Mezza Mediterranean’s ownership teamhad a proven concept and built a loyal fol- lowing in Westwood,” said Peter Schofel , Eastman Companies’ managing part- ner. “The Shoppes at the Livingston Circle provided the perfect opportunity to L

enter a thriving market in a desirable and accessible lo- cation. We are confident the restaurant will be an exciting addition to the local dining scene and continue to build its reputation for inventive food and exceptional service.” Situated in one of the re- gion’s busiest retail corridors, The Shoppes at the Livings- ton Circle serves a growing residential population of more than 158,000 people within a five-mile radius. The center’s diverse tenant lineup offers a combination of national and local retail

brands including Hand & Stone Massage and Facial Spa, Ike’s Bagel Café, Olive Garden, Choice Pet Supply, Wine Legend, M&TBank and Zen Japanese Restaurant. In addi t i on to Mezza Mediterranean, The Shop- pes’ newest tenants include Club Pilates, Goldfish Swim School and CycleBar. Aldi, the fast-growing supermar- ket chain, will open late summer or early fall in the space formerly occupied by The Fresh Market, and Fit- ness 1440 and Moxi Blowdry & Beauty are coming soon. 

Shown from left: Rafi Cohen, partner, Mezza Mediterranean; Yarden Levinson, owner, Mezza Mediterranean; Joseph Leone; Vincent Leone, owner, Mezza Mediterranean; Peter Schofel, Eastman Companies. Front Row L – R: Mahesh Lekkala, Wine Legend; Bea Chaiklin, Livingston Chamber; Ira Drucks, vice president/treasurer, Livingston Chamber; JoAnn Leone; Alfred M. Anthony, deputy mayor; Rufino Fernandez, council member; Punam Bhargava, Livingston Chamber.

8A — June 22 - July 12, 2018 — Shopping Centers — M id A tlantic

Real Estate Journal

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Bob Horvath, Todd Tremblay, Peter Butler, MatthewNadler, and Kyle Danielson ink transactions Horvath & Tremblay sells four retail properties for $13.59 million N pharmacy location, situated in front of a popular ShopRite grocery store, is set on a highly

J, PA AND MD — Horvath&Tremblay have successfully com- pleted the sale of four retail properties for $13,598,333. The properties include: Wal- greens in New Jersey, KFC and Pep Boys in Pennsylva- nia and Dunkin’ Donuts in Maryland. Bob Horva th , Todd Tremblay, and Peter But- ler have completed the sale of Walgreens in Ewing, NJ. Horvath & Tremblay repre- sented the seller to close the property for a sale price of $10,645,333 a 5.33% cap rate.

visible, high- ly trafficked, signaled in- t er sec t i on , along a busy r e t a i l c o r - r i do r t ha t serves Ew- i ng Town - ship and its 36,000 resi- dents. Matthew N a d l e r wo r k e d t o complete the sales of Pep Boys in Ir- win, PA and KFC in Erie, PA closing at sale prices of $1 , 360 , 000 and $750,000 respectively. Constructed as a build-to- suit for Pep Boys in 2015, the 5,546 s/f

Bob Horvath

Todd Tremblay

Walgreens fully occupies a brand new, 14,680 s/f build- ing located along North Olden Ave. Walgreens operates un- der a new 20-year corporately guaranteed, triple net (NNN) lease with 50, 1-year renewal options. The quintessential

Peter Butler

Walgreens in Ewing, NJ

Matthew Nadler

Kyle Danielson

building is located on an out- parcel at the Norwin Town Square shopping center. Pep Boy’s operates under a corpo- rate guaranteed, double net lease that has over 7 years remaining plus three, 5-year renewal options. KFC has over 3.5 years remaining on the triple net lease. KFC has been in occupancy and operat- ing at the premises since 1986 and has consistently exercised their options, demonstrat- ing their commitment to the location. Kyle Danielson and Bob Horvath represented the sell- er and procured the buyer of Dunkin’ Donuts in Baltimore, MD. The property closed at a sale price of $843,000, a 5.93% cap rate. The unique, stand- alone building is located in an irreplaceable, urban-infill, lo- cation on the edge of the Johns Hopkins Hospital and Medi- cal School Campus. Dunkin' Donuts recently completed a $250,000 renovation and mod- ernization of the stand-alone property and store, which opened in December 2017. The initial 10-year lease has 9+ years remaining plus two, 5-year tenant renewal options. Horvath & Tremblay is one of the most active and success- ful Investment Real Estate Brokerage firms in the United States. 

DELIVERING VALUE TO CLIENTS IN THE BUILT ENVIRONMENT. Visit BL at Booth #522 at the 2017 ICSC PA/NJ/DE Conference & Deal Making in Atlantic City! For 30 years, BL Companies has been an award-winning leader in delivering high-quality, integrated architecture, engineering, environmental, land surveying, planning and consulting services for land development, building design and infrastructure projects. At BL Companies, we seek to understand design challenges from our clients’ perspective and deliver solutions that result in vibrant, practical, and inspiring places for people to work, shop, visit, and socialize. With proven creativity, reliability, experience, and understanding of commercial development concerns, we have built a reputation in our industry for achieving our clients’ objectives while meeting their time and budgetary needs. Employee owned. Client driven.

BL Companies, Inc. | 1100 First Avenue, Suite 104, King of Prussia, PA 800.301.3077 | www.blcompanies.com

Real Estate Journal — June 22 - July 12, 2018 — 9A

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Financing Development

Construction Financing • Commercial Mortgages Recently Closed Transactions $17.25 Million Commercial real estate loan to refinance a 54,000 square foot automobile dealership property located in Bergen County, NJ. $18.0 Million Construction to permanent commercial real estate loan to finance development of an 80-unit multi-family property located in Bergen County, NJ. $4.9 Million Commercial real estate loan to refinance a 72-unit multi-family property located in Orange County, NY. $6.4 Million Commercial real estate loan to refinance an owner-occupied 100,000-square foot warehouse distribution building located in Middlesex County, NJ. $5.35 Million Commercial real estate loan to refinance a 27,000 square foot medical office building located in Middlesex County, NJ. $32.4 Million Construction to permanent mortgage loan for the development of a 134-unit multi-family property with 14,500 square feet of retail space located in Monmouth County, NJ. $5.0 Million Construction to permanent mortgage loan for development of a 22,000 square foot medical office building located in Somerset County, NJ. $2.4 Million Commercial real estate loan to refinance two mixed use properties with 19 residential rental units and one 2,200 square foot retail unit located in Philadelphia, PA.

19-01 Route 208 North • Fair Lawn, NJ 07410 ColumbiaBankOnline.com

Paul A. Heilmann Sr. Vice President / Commercial Real Estate pheilmann@columbiabankonline.com (201) 599-7076

Gordon Gorab Sr. Vice President / Commercial Lending Middle Market Manager ggorab@columbiabankonline.com (201) 794-5653

Deborah Scelzo Sr. Vice President / Commercial & Industrial Lending dscelzo@columbiabankonline.com (201) 599-7006

10A — June 22 - July 12, 2018 — Shopping Centers — M id A tlantic

Real Estate Journal

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Walsh & Abdallah rep. and advised both the tenant and the landlord in lease inMaple Shade Vantage RES fully leases Allison Shopping Center in Marlton, NJ

in 1962, is a local real estate holding company that owns and operates properties. Davis has also established a reputa- tion as a major developer in the region. The company is highly active in the community and supports a myriad of reputable philanthropic organizations throughout the region. Sculpt360 Owner, Stephanie Luongo, is excited to expand across the bridge from her busy location on Broad Street in Philadelphia’s Center City. The Sculpt360 workout com- bines strength training, cardio and Pilates into one 50-minute total body workout. “After looking at quite a few spaces throughout Southern New Jersey, Vantage RES introduced us to this perfect space in the Allison Shopping Center and we never looked back. We love the centralized Marlton location and the space will fit twelve of our custom fitness machines making it our largest location to date. Their assistance throughout the process was exceptional and we cannot wait to open in Marlton this summer.” Sculpt360 has indicated on their website that they are looking to hire instructors for the new space. Vantage RES announced that Walsh, and Peter Ab- dallah , vice president, repre- sented and advised both the tenant, Detangled Salon and Spa, and the landlord, Sudah Management , in executing a long-term lease at 461 Route 38 in Maple Shade. Together, Donna D’Andrea, owner of Detangled Salon and Spa, and Monica Walsh ana- lyzed and evaluated numer- ous high-end retail centers in Camden and Burlington Coun- ties in Southern New Jersey. Ultimately, D’Andrea selected a newly constructed retail space located at 461 Route 38 in Maple Shade, New Jersey, This move is a relocation from her former salon located at 5245 RT-70 W Pennsauken, NJ. The new site is situated on Route 38 in Maple Shade and strategically located between the Cherry Hill and Moore- stown Malls. Detangled Salon and Spa joins Dunkin Donuts and other high-profile tenants. Founded in 2013, Detangled Salon and Spa’s relaxed atmo- sphere and experienced team of stylists aim to provide cli- ents personalized care and ex- ceptional customer service. 

A R L T O N , N J — Vantage Real Estate Services

(Vantage RES) successfully represented both the landlord, Davis Enterprises and the tenant, Sculpt 360, in securing a lease at the Allison Shopping Center located at 27 N Maple Ave, Marlton. Paul Garraty , director of strategic partner- ships, and Monica Walsh , executive vice president, were instrumental in securing the tenancy in the last remaining vacancy in the center. Davis Enterprises, a pri- vately held company founded

Allison Shopping Center

461 Route 38 in Maple Shade

QUALITY ͻ COMMITMENT ͻ PERFORMANCE

Geotechnical Design & AnalyƐŝƐͻnvironmental Site Assessments and

www.earthengineering.com Corporate Headquarters: 610-277-0880 ͻ Lehigh Valley: 610-967-4540 Central PA: 717-697-5701 ͻ South Jersey: 856-768-1001

Real Estate Journal — Shopping Centers — June 22 - July 12, 2018 — 11A

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tate Journal — Commercial Office Properties — February 23 - March 15, 2018 — 1C

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G eneral C ontracting &C onstruction M anagement

NJ & PA F ull S ervice L aw F irm

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Tenant Ba kruptcy & Creditors’ Rights Zoning & Land Use Purchase & Sale Financing Lease Drafting & Negotiation Evictions Property Tax Appeals Eminent Domain Construction Litigation Insurance Coverage Environmental & Green Building Collection Enforcement Litigation

490 Route 33, Suite 101 Wall Township, NJ 07753

Tel: 732-933-0707 Fax: 732-933-0775

Contactus@gerardcnd.com www.gerardconstructioncorp.com

GerardConstructionCorp. of Wall, NJ is a full-service Commercial General Contracting & Construction Management Company serving Tri-State area. Unparalleled quality and customer service for Retail, Supermarkets, Education, Healthcare, Financial & Industrial productions.

www.Stark-Stark.com tonder@stark-stark.com • 609.219.7458 • 993 Lenox Dr., Lawrenceville, NJ 08648

A rchitectural F irm

G eneral C ontractors

At March Associates Construction, we manage world class commercial real estate development projects —and build great relationships along the way. March is a full service construction management company delivering quality buildings in complex environments, with 30+ years building in the tri-state area. Learn more about March at www.marchassociates.com

Multi-residential & Mixed Use Residential

Warehouse, Industrial, & Distribution Centers

Shopping Centers, Retail & Supermarkets

Ida McMurray, CCIM, SIOR REALTOR NAI CIR

Commercial & Mixed Use Office

Hotels / Hospitality

1015 Mumma Road Lemoyne, PA 17043

Movie Theaters & Entertainment

Gyms / Fitness Clubs

P: 717.761.5070 x151 | Cell: 717.443.5500 imcmurray@ naicir.com www.naicir.com

ENR’s TOP 400 CONTRACTORS

Contact

Construction Consulting, Construction Management, Design/Build, General Contracting, Pre-Construction, Project Feasibility, Project Management, Site Development, Value Engineering Our Services

Phone: (973)-904-0213 Email: marketing@marchassociates.com Website: www.MarchAssociates.com

MASTER BUILDERS We put quality first, deliver your project on time and produce results you’re proud of.

12A — June 22 - July 12, 2018 — Shopping Centers — M id A tlantic

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M edia

C onstruction M anagement &G eneral C ontracting

For Professional Directory Ad Placement Contact Kimberly Brunet 781-740-2900 kbrunet@marejournal.com

York, PA Reading, PA Baltimore, MD Hagerstown, MD Herndon, VA

KINSLEY HEADQUARTERS 2700 Water Street PO Box 2886 York, PA 17403 Phone: (717) 741-3841 Email: info@rkinsley.com www.kinsleyconstruction.com

BUILDING CONSTRUCTION – INDUSTRIAL SERVICES – MATERIALS STEEL FABRICATION & ERECTION – HIGHWAY & BRIDGE – SITE WORK

kinsleyconstruction. com

P roperty D evelopment We Build it Better

R etail A rchitects

The Martin Architectural Group was established in 1967 with a commitment to client service and design excellence. Our diverse portfolio includes mixed- use, multi-family residential, senior living communities, retail and office designs, transit-oriented developments, and sustainable projects. We are award- winning architects and planners committed to delivering the highest quality professional services to private sector real estate development. IT’S ALL ABOUT THE PLAN tm ARCHITECTS AND LAND PLANNERS

PRECONSTRUCTION • CONSTRUCTION • RENOVATION DEVELOPMENT • MANAGEMENT

Chris Donnelly Vice President of Business Development 973.672.1800 x142 cdonnelly@donnellyind.com

www.MartinAIA.com • 215.665.1080 • 240 N. 22nd Street, Philadelphia, PA

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