R etail D evelopment R eimagined
M id A tlantic Real Estate Journal — Retail Development Reimagined — March 19 - April 15, 2021 — 29A
www.marej.com
Joe French and his team at Marcus and Millichap represented the seller Aspen Real Estate closes on the purchase of 138,000 s/f shopping center in Vineland
INELAND, NJ —ON the very last day of 2020, Aspen Real Estate in a joint venture with Devli Real Estate , closed on the $13.7 million purchase of the 138,000 s/f MainTree Shopping Center in Vineland, NJ. Aspen won the purchase contract on the Nov 20th TEN-X auction and had to scramble to close within 40 days. The time frame was very tight due to both Christmas and Thanksgiving holidays. This is Aspen and Devli’s fourth joint venture purchase and the second purchase off the TEN-X platform. Prior to this acquisition, the JV pur- chased two office complexes totaling over 320,000 s/f and the 220,000 s/f Freehold shop- ping center. The Maintree shopping V NEW JERSEY — Vantage Commercial has arranged the sale/lease of the following transactions: A retail lease was completed at the Allison Shopping Center located at 27 NorthMaple Ave. in Marlton, NJ. The brokerage represented both the landlord, Davis En- terprises, and the tenant, Maya Food Mart, LLC. The brokerage quickly identified a tenant enthusiastic to fill the one of only two vacancies remaining at the busy Maple Avenue retail center. The new convenience store, Maya Food Mart, will join a roster of diverse tenants already es- tablished in the center – mak- ing it a premier destination for Marlton and surrounding towns. Vantage Commercial’s Mon- ica Walsh , Director of Cli- ent Services, and Emily Stein , director of healthcare services, worked closely with ownership and also withMani- sha Gurung of Maya Food Mart, to facilitate a smooth transaction. Maya Food Mart will offer a range of everyday items such as coffee, groceries, snack foods, confectionery, soft drinks, tobacco products, over-
and we already have interest from new tenants to lease the 27,000 s/f of vacant stores. The property will provide im- mediate cash flow as well as the opportunity to increase value through leasing of va- cant space and adding 5th PAD”. Devli principal, Mark Devli , noted that select retail investments still provide reli- able cash flow. “Mid-sized, local shopping centers can have the perfect mix of tenants that do not compete against internet. While most investors are running away from retail in- vestments, this sector offers us the opportunity to achieve out sized returns”. Joe French and his team at Marcus and Millichap represented the seller in this transaction. MAREJ during the summer season. The ongoing Rio Grande Entrance Improvement Project allows for easier traffic flow to all busi - nesses along the thoroughfare. As well, the project boasts aes- thetic improvements to local businesses which will attract more visitors from neighboring shore towns. Corinne Giletto , senior advisor, at Vantage Commer- cial, worked closely with the landlord and tenant to sign a lease in what has become one of the industries most impacted by COVID-19. Giletto brought extensive restaurant industry knowledge to this transaction. Furxhiu was impressed with Giletto’s work ethic and stated that, “Corinne was always available to assist us and she did an excellent job!”. Santorini is set to open in April of 2021 and hopes to kick off its season with award win- ning reviews. Santorini will serve Mediterranean dishes with authentic Greek and Italian flair. The restaurant group has over 40 years of combined experience in the food industry and they are confident that their new loca - tion will be nothing less than spectacular. MAREJ
MainTree Shopping Center
at only $100 psf. The sales of the major tenants at the cen- ter have actually increased during the Covid restrictions
rising, it is very difficult to acquire a supermarket an- chored center, in great condi- tion, with 4 PADS included,
center is another Value Add investment for Aspen. Aspen principal, Philip Proetto said, “even with Covid cases
Vantage Commercial facilitates new retail leases in New Jersey
517 W. Rio Grande Ave.
Allison Shopping Center
the-counter drugs, toiletries, newspapers, and magazines. For her part, Gurung was exceptionally pleased with both Vantage and the prospect of bringing a new store to the center. “It was great to work with Vantage Commercial. Emily and Monica are very professional, easy to commu- nicate with, available anytime, and above all, they really know what professionals are looking for in a business. I would love to work with Vantage again,” Gurung stated. Ownership was equal ly pleased with the results.
Mitchell Davis, of Davis En- terprises, stated “It is always a pleasure working with Van- tage. We have had a remark- ably successful long-term relationship and I know I can depend on Vantage to fill vacancies, sell properties, and represent my buildings in a competent and skillful manner.” Vantage Commercial an- nounced that the former Back- fin Blues Bar and Grill located at 517 W. Rio Grande Ave. in Wildwood, NJ has been leased to a new operator. Backfin Blues Bar and Grill has been
closed since the beginning of this pandemic that has impacted numerous other restaurants and businesses. The brokerage assisted expe- rienced restauranteur, Florian Furxhiu, with his search for ideal space for his new res- taurant “Santorini”. Furxhiu plans to create a beautiful dining experience, complete with a rooftop bay view, at the former Backfin Blues Bar and Grill location. Rio Grande Ave. inWildwood, NJ is a strategic location for the new restaurant as +/- 30,000 cars drive the Avenue each day
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