M id A tlantic Real Estate Journal — The Best of 2020 — March 19 - April 15, 2021 — 13C
The MOST SIGNIFICANT UNIQUE RETAIL LEASE of 2020 Colliers International Boyds Suburban Square Ardmore, PA Denholtz Properties The Rail @ Red Bank Red Bank, NJ JMF Properties Harbor View Marketplace Bayonne, NJ
Size: 565 s/f Brokers: Gary Krauss, Pierson Commercial Real Es- tate Committed to jump-starting Red Bank’s West Side neigh- borhood, Denholtz Properties’ The Rail @ Red Bank, a mixed-use project bringing 57 luxury residential units, 6,500 s/f of retail space, and a wide range of public spaces to the area in 2021 will create a diverse live-work-play community. Denholtz Properties inked a lease with Mel- onhead, a juice, smoothie and acai bowl shop, marking the first retail lease at the project and bringing the company one step closer to realizing its vision for The Rail @ Red Bank as a economic catalyst for the up-and-coming neigh- borhood.
Developer: JMF Properties and RD Management Tenant: LA Fitness Size: 35,000 s/f Even as the pandemic shut down gyms around the country, LA Fitness saw potential for expansion into Bayonne that was too good to pass up. The national gym chain signed a lease with development partners JMF Properties and RD Management for a brand-new two-story facility at Har- bor View Marketplace on the Hudson River waterfront. Currently under construction, LA Fitness’ facility will be situated in an emerging mixed-use neighborhood on Bay- onne’s Military Ocean Terminal that the JMF/RD Partner- ship is developing.
Size: 10,000 s/f Brokers: Larry Steinberg
Larry Steinberg, leader of Colliers’ Ur- ban Retail and Main Line team success- fully leased a new outpost at Ardmore’s Suburban Square for Philadelphia’s most venerable clothier, Boyds. The 10,000 s/f space began as a pop-up to test the water on a suburban expansion for the venerable luxury clothier amidst the pandemic. The success of the loca- tion has made it now a new long-term home.
The MOST SIGNIFICANT UNIQUE RETAIL SALE of 2020 Cushman & Wakefield Del’s Village Shopping Center Boonton, NJ JLL NJ/PA Columbus Crossing Philadelphia, PA WCRE 1720 Route 70 Cherry Hill, NJ
Size: 140,418 s/f, 11.31 Acres Brokers: Chris Munley, Jim Galbally, Colin Behr 100 word description: Columbus crossing is a 140,418 SF open air shopping center that was 100% leased at time of sale, andAnchored by TJ Maxx, Home Goods & Planet Fit- ness and Shadow Anchored by Home Depot and Walmart. The asset offered an extremely rare opportunity to 11.31 acres of scarce Philadelphia City riverfront real estate along the destination shopping corridor of Columbus Blvd. The Property draws from some of the most affluent communi - ties in Philadelphia including Society Hill, Old City, Queen Village and Northern Liberties. Making the asset extremely unique is the immense intrinsic value of the underlying real estate due its current CMX-3 Zoning, which enable the ability for significant long-term redevelopment in a hyper active development corridor. CMX-3 Zoning offers a 500% Max FAR with up to 800% with special exceptions. The zoning allows for alternative uses such as Multi-Family, Medical and office, which combined with the retail com - ponents offer long term value add due to urbanization and improving fundamentals.
Size: 51,794 s/f Brokers: Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt, Seth Pollack The sale marked the closing of a shopping center in May 2020, following the onset of COVID-19. Dels Village had a history of being well occupied and at sale was 97 percent leased with a weighted average remaining lease term of near- ly eight years. Kings, which has anchored the center since 1999, signaled their success at this location by choosing to renovate and expand their footprint in 2015. Situated on a 4.4-acre parcel, the center is one mile from I-287 and Route 202.
Size: 31,000 s/f Broker: Jason Wolf
WCRE’s Jason Wolf represented both the seller and buyer, High Place Church, in this transaction. The sale closed in July 2020.
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