B For a development featuring 152,000 s/f of retail space & 570 apts. Cronheim Mortgage secures $117.5m in permanent &constructionfinancing ethlehem, PA — Cronheim Mort- gage secured $117.5
ISSUE HIGHLIGHTS Volume 29, Issue 18 Sept. 29 - Oct. 12, 2017
PLYMOUTH MEETING, PA — Wolfson Group, Inc. is revitalizing its Audubon Crossings Shopping Center with new retailers and a state- of-the-art fitness facility. Pre- paring for openings in fall 2017, Wolfson Group is pres- ently constructing an 25,000 s/f store for Ross Dress for Less and an 21,000 s/f store for Marshalls. A proposed 8,000 million in permanent and construction financing for Madison Farms, a multifac- eted mixed-use development featuring 152,000 s/f of retail space and 570 luxury mid- rise apartments in Bethle- hem. The loans were placed with American General Life Insurance Company , whom Cronheim represents as correspondent and ser- vicer. Madison Farms Retail encompasses 152,000 s/f, anchored by a 67,400 s/f ShopRite. The Subject’s nine buildings are leased to an impressive roster of national, regional, and local tenants, including Starbucks, Chipo- tle, Provident Bank, Pure Barre, Pet Valu, and Super- cuts, among many others.
The property also features a two-story, class A medical office building for the Lehigh Valley Health Network. Madison Farms Residential comprises of 570 luxury one- and two-bedroom apartments across fifteen three- and four- story elevator-serviced build- ings. Each apartment fea- tures hardwood and ceramic tile flooring, carpeted bed- rooms, energy efficient stain- less steel kitchen appliances,
solid surface countertops, and washer and dryer units. A 6,500 s/f clubhouse includes a billiards room, multi-media center, fitness center, golf simulator, business center, and an expansive outdoor pool and deck, complete with barbeques and fire pits. Bethlehemwas named one of the “100 Best Places to Live and Launch” by CNN Money, due to its business- and entrepreneur-friendly,
university-town environ- ment. The strong retail and multifamily tenant base and traffic at Madison Farms are also driven in part by its close proximity to the brand new St. Luke’s Hospital-Anderson Campus, located directly across Freemansburg Ave. The loans were originated and placed by Dev Mor- ris, Andrew Tsukamoto, Allison Villamagna , and Andrew Stewart . n
Upcoming Conferences Oct. 6, 2017 NJ Leadership Conference Nov. 9, 2017 New Jersey Capital Philadelphia Office & Industrial Real Estate Summit For speaking and sponsorship information, please contact: Lea at 781-740-2900 or email@example.com Markets Summit Nov. 10, 2017
Wolfson Group announces redevelopment of Audubon Crossings SC in Audubon, New Jersey
Small shop and outparcel spaces are still available at Audubon Crossings, where in addition to Walmart, strong retailers include Shoe Dept. Monster Pets, Kid City, Rain- bow, Rue 21, Chick-fil-A, Son- ic, and others. Tenants here benefit from excellent visibil- ity and signaled access on the Black Horse Pike (Hwy. 168) and Nicholson Rd., as well as additional traffic for Acme, Applebee’s, and more retailers located just across the inter- section at Audubon Commons, a community shopping center also managed and redeveloped by Wolfson Group. Audubon Crossings Shopping Center
s/f Five Below store planned next to Marshalls would open in the first quarter of 2018. Opening this fall, Evolve Fitness is a new strength and conditioning focused fitness facility that takes a lifetime approach to wellness. Fea- turing Life Fitness indoor cycling, Les Mills exercise classes, SoulBody Barre, high- intensity interval training, Pi- lates, boot camps and more in a gym that will occupy 20,388 s/f, Evolve Fitness will drive frequent destination traffic to the stores and eateries con- veniently located at Audubon Crossings.
When it opened in Octo- ber 2005, Audubon Cross- ings transformed the site of the former Black Horse Pike Shopping Center into a re- gional shopping destination, attracting consumers from South Jersey and even South Philadelphia, drawn by the center’s free parking and close proximity to the Walt Whit- man Bridge. The original $40 million makeover was enthu- siastically welcomed by Audu- bon Borough and the wider community for creating jobs and bringing quality retailers back to Camden County, New Jersey. n
Shopping Centers.............................................3-11A PA/NJ/DE Chapter CCIM. ....................................14A Owners, Developers & Managers............... Section B
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Inside Cover A — September 29 - October 12, 2017 — M id A tlantic
Real Estate Journal
Richard Brock Vice President, NIA National Realty, Inc.
Dear Friends: I am deeply saddened to share that New Jersey has lost one of its finest commercial real estate brokers ever. Richard Brock fought an incredibly difficult battle against a cancer that ultimately took his life on September 13, 2017. Richard's honesty, integrity, work ethic, grace and class will be sorely missed by all of us that were privileged enough to have worked with this true gentleman. NIA National Realty, Inc. will continue to strive to demonstrate these same qualities in our work, which Richard held so deeply, to honor his memory. We ask our entire community to simply do the same, in an effort to continue to raise the level of professionalism in our industry, as Richard surely did. Very truly yours,
Roger Gross President 201-615-2221
Real Estate Journal — September 29 - October 12, 2017 — 1A
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2A — September 29 - October 12, 2017 — Shopping Centers — M id A tlantic
Real Estate Journal
M id A tlantic Real Estate Journal
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 Senior Editor/Graphic Artist ..........................Karen Vachon Office Manager ............................................. Miriam Buttrick Contributing Columnists . George Crawford, Glenn Ebersole, Postmaster send address change to: Mid Atlantic Real Estate Journal 350 Lincoln St, Suite 1105, Hingham, MA 02043 USPS #22-358 | Vol. 29 Issue 18 Subscription rates: $99 - one year, $198 - two 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 Mid Atlantic R eal E state J ournal ~ Published Semi-Monthly Periodicals postage paid at Rockland, Massachusetts and additional mailing offices
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Ou t l o o k Rema i n s Bright for Commercial Real Estate Despite Price Plateau W ASHINGTON , DC — Commercial real estate price growth in large markets is expected to flatten over the next year, but strong leasing demand and in- vestor appetite in smaller mar- kets should keep the sector on solid ground, according to the latest National Association of Realtors quarterly com- mercial real estate forecast. Backed by the ongoing stretch of outstanding job creation in recent years, na- tional office vacancy rates are forecast by Realtors to retreat 1.1% to 11.9% over the com- ing year. The vacancy rate for industrial space is expected to decline 1.1% to 7.8%, and re- tail availability is to decrease 0.4% to 11.4%. Even as new apartment completions bring more supply to many markets, the multifamily sector will still likely see a vacancy rate decline from 6.6% to 6.1%. Lawrence Yun, NAR chief economist, says the U.S. econ- omy is on stable footing and is chugging along at a decent but unspectacular pace. “A very healthy labor market and stronger confidence and spending from both consum-
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ers and businesses boosted economic expansion to a solid 3.0% last quarter,” he said. “There’s legs for more of the same growth to close out the year, which bodes well for sustained interest in all types of commercial space.” According to Yun, the appe- tite for commercial property is high, but investment activity does appear to be entering the maturation phase of the current cycle. The investor shift away from large markets to smaller ones is creating a divergence in sales activity. In the second quarter, large markets saw a 5% annual de- cline in sales, while Realtors reported a sales boost of 4% in small markets. “While inventory shortages are still driving prices higher inmost markets, shrinking cap rates and the higher interest
rate environment are expected to lead to a plateau in price growth over the next year, especially for class A assets in large markets,” said Yun. “As a result, investors will continue to look to small and tertiary markets for properties that have the best opportunity to provide stability and generate solid returns.” Led by the industrial and multifamily sectors, Real- tors continue to report that leasing fundamentals for the four major commercial sec- tors are strong. Last quarter, the considerable appetite for industrial space – primarily from ecommerce and trade – resulted in distribution ware- houses and logistic centers driving close to 70% of new construction leasing. Although 225.4 million s/f of additional continued on page A
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S hopping C enters
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CBRE represent EDENS and First Virginia Community Bank provide financing JCR acquires Front Royal, VA Shopping Center for $17.722 million
oyal, VA — The JCR Companies of Washington, DC has acquired Riverton Commons, a 69,496 s/f shopping center in Front Royal for $17.722 mil- lion. The seller, EDENS, was represented by CBRE; First Virginia Community Bank provided financing. Riverton Commons is lo- cated on about 13 acres at the highly traveled intersection of Interstate 66 and US Rte. 522. It is part of a 500,000 s/f regional shopping center anchored by a 201,000 s/f Walmart Supercenter and a 134,000 s/f Lowe’s Home Im- R NORFOLK, VA — Down- town Norfolk Council an- nounced that Selden Market has secured leases with 12 storefront tenants and will open to the public on October 4, 2017. Located in the his- toric Selden Arcade that sits between Main and Plume Sts. in Downtown, Selden Market will serve as Downtown Nor- folk’s first retail incubator for new and emerging businesses. Selden Arcade will serve as the connector between Slover Library and Hilton Norfolk The Main. Selden Market will be transformed into a vibrant space with multiple storefront small-business tenants and booths for rotating pop-up businesses. The goal of the market is to stimulate street- level activity with low rents and short-term leases to help businesses shape their model, learn from each other and build community in a low-risk environment. “We have had so much inter- est in SeldenMarket from new and existing business owners,” said DrewUngvarsky , chair- man of the Vibrant Spaces committee and CEO and exec- utive creative director of Grow. “We reviewed and selected the applicants with the goal to create a lively and energetic environment for Downtown Norfolk. We anticipate Selden
mons is leased to a diverse group of local, regional, and national tenants including Valley Health Systems Urgent Care, Great Clips, Mattress Warehouse, Sweet Frog, Any- time Fitness, Hibbett Sports, and Tropical Smoothie Café. JCR plans to lease up the ex- isting vacant space and either develop or sell the property’s five pad sites, two of which are vacant land. “With a strategic location on Rte. 66 and its location within Front Royal’s dominant retail center, River- ton is a perfect fit for JCR,” said Joe Reger, principal, The JCR Companies. “We are Gallery that aims to provide customers with a hand-cu- rated selection of unique and limited goods. • P.O.P. Enriching children’s lives through the Power of Play. • Velvet Witch A curated gift shop carrying products for healing of the mind, body and soul. • Vessel Craft Coffee A coffee bar featuring ethi- cally sourced coffee, cold brew, brew gear and world change. • Werther Leather Goods Quality leather bags and wallets, made locally. • Werrell Woodworks A modern decor store with products for your business and home to create a unique and memorable space. Selden Market will be oper- ated by the Downtown Norfolk Council. The market’s hours will be 11am to 8pm Monday through Saturday and 11am to 5pm on Sunday. Selden Market will hold a ribbon cutting on Wednesday, October 4 to kick off the open- ing week. A lively happy hour event will be held in Selden Market on Thursday, October 6 from 5 to 8pm, and a special public grand opening celebra- tion is being planned for Sat- urday, October 7 with live en- tertainment, workshops, food, drinks and more for all ages.
excited about putting our team to work adding value to this important asset.” Situated about 70 miles west of Washington, DC in the Shenandoah River Val- ley, Front Royal is a dynamic community with an average household income exceeding $81,500. Riverton Commons is JCR’s eighth shopping center acqui- sition since 2012. “We are con- tinuing our aggressive acqui- sition of urban and suburban retail properties nationwide, with a concentration in the Washington, DC metro area,” Reger added. n The Slover Library Maker Studio, an initiative of the Slover Library Foundation, will be located within Selden Arcade, with direct access between the library’s first floor and Selden Market. The studio will allow patrons to experiment with all kinds of new technologies and tools to create and invent. It will in- clude a sound recording studio, 3D printers, a laser cutter and sewing machines. The Selden Market concept is progressive but not un- charted. Downtown Norfolk Council has incorporated the best practices in retail incu- bation, markets, food halls and hybrid spaces across the country. Additional pop-up businesses will also be added to Selden Market that will al- low businesses to test concepts for a specified amount of time. Selden Market is the latest initiative in Downtown Nor- folk Council’s Vibrant Spaces program that started in 2015. The first phase attracted 86 applicants for six available spaces. Three businesses opened in Downtown: Prince Ink at 433 Granby, Lamia’s Crepes at 401 Granby Street and Muddy Paws Downtown at 400 Granby Street. Vibrant Spaces also awards vibrancy grants to established busi- nesses in Downtown Norfolk. n
provement Center. Directly across Rte. 522, a Target- anchored shopping center is
the site of planned mixed-use development. Built in 2007, Riverton Com-
Downtown Norfolk Council announce that Selden Market has secured leases with 12 storefront tenants
Market will continue to evolve as these businesses grow and get established.” “We are providing a low-cost entry point for new businesses in addition to mentors and re- sources to help them succeed,” added MaryMiller , president and CEO of Downtown Nor- folk Council. “The market has been approved by the City of Norfolk as an interim use for two to three years. We are very pleased with the level of interest and the beautiful de- sign created by Work Program Architects for this fresh take on a historic property.” Selden Market storefront tenants include: • Doughminion Doughnut shop with a mod- ern twist, featuring both clas- sic and one-of-a-kind flavors.
• Flutterby Soap Company Handcrafted vegan soaps, lotions, and other skincare products - using high quality essential oils and butters. • Food, Clothing & Shelter A curated retail experience where culture and community meet. • Hummingbird Chocolate & Tea Room Elevating your tea and choc- olate drinking experience. • LORAK Jewelry Modern jewelry store known for in-house designed and crafted jewelry collections and unique engagement rings. • Merchant’s Reserve Exceptionally sourced nut, chocolate and specialty food gifts - reserved just for you. • Thank You Gift Shop An extension of Thank You
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Publication Date: October 27, 2017
30,000 s/f in Prince George’s County, MD Nordstrom Rack opens at PRV’s Woodmore Towne Ctr.
LENARDEN, MD — Petrie Richardson Ventures (PRV) , the owner-developer of the 140- acre, 700,000 s/f mixed-use development Woodmore Towne Centre, announced the grand opening of Nordstrom Rack. The new 30,000 s/f store is the first in Prince George’s County. “Woodmore Towne Centre and the greater region has been eagerly awaiting the open- ing of Nordstrom Rack,” said Terry Richardson , president of PRV. “NordstromRack offers a unique level of quality and variety to shoppers, as well as convenient access to a wide array of brands and products. Their presence at Woodmore Towne Centre will ensure that all of our visitors are provided a well-rounded and diverse shop- ping experience.” “I want to sincerely thank the County Executive, Rushern Baker , and Councilmember Andrea Harrison , whose long-time support and assis- tance has been critically vi- tal in bringing this project to fruition,” said Walter H. Petrie, chairman of PRV. G
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Opened in 2010, Woodmore Towne Centre is anchored by Wegmans, Costco, JC Pen- ney, Best Buy and Petco. The Centre is minutes from FedEx Field and conveniently located at the interchange of I-495 and Landover Rd., Rte. 202 in Prince George’s County, with more than 1,000 feet of frontage on the Capital Beltway/I-495. The Centre also includes ten- ants Old Navy, Petco, Kay’s, Carters, PNC Bank, 24 Hour Fitness and Smoothie King. Current restaurant tenants include Chipotle, Noodles &Co. and Subway, among others. n
Deadline October 13, 2017
Executive Women are effecting change and taking leadership roles in a traditionally male dominated industry. Many have reached the top of the commercial real estate field, founding their own firms or establishing themselves in Key positions with the industry giants. The October 27, 2017 edition will feature these women! And their supporting Organizations. Be a part of this very special issue highlighting your area of expertise; tell us about your back- ground and your unique success stories and on how you made it to the top in your field. Four ways to participate: 1. Half Page (8”w x 8 1/4”h) - Q&A (10 easy questions) wraps around advertisement 2. Full Page (101/4” w x 13 1/4” h) - full page ad in a prime position. Q&A will run on a separate page 3. 2 Facing Fulls Company Profile - recommended to companies featuring more than one executive’s Q&A, full news page facing full page advertisement 4. Quarter page (5”w x 6”h) - 4 advertisements to a page facing. ( 4 Easy Questions ) Call, email or download to receive the Q&A If you are interested or know someone who would like to submit material for inclusion in this special issue, Please call Kim 781-740-2900 or if you prefer email: firstname.lastname@example.org www.marejournal.com
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Real Estate Journal — Shopping Centers — September 29 - October 12, 2017 — 5A
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S hopping C enters Seeking 1,200 to 1,500 s/f units Modern Acupuncture selects R.J. Brunelli & Co., LLC as broker for New Jersey
Georgia, Tennessee, Nevada, and South Carolina, with 150 franchised locations expected by 2020. I Love Kickboxing, a fran- chise-operated chain of kick- boxing studios and training fa- cilities, is looking for 2,700-to 3,200 s/f units with minimum 10-foot ceilings in anchored shopping centers. The central New Jersey franchisee, which opened its first location in Old Bridge (Middlesex County), is currently targeting East Brunswick in Middlesex, East Windsor in Mercer County, Freehold and Manalapan
in Monmouth County, and Jackson in Ocean County, said R.J. Brunelli executive vice president/principal Bill Lenaz . Preferred locations will have a median household income of $50,000 to $125,000, and a minimum population of 120,000 within five miles. The chain’s clientele is approxi- mately 85% female. Headquartered in Merrick, NY, I Love Kickboxing cur- rently has over 230 locations in 34 states (including 12 throughout New Jersey), plus six locations in Canada and one in Peru. n
LD BRIDGE, NJ — Retail leasing spe- cialists R.J. Brunelli
& Co., LLC announc ed that it has been select- ed by Modern Acupuncture as i ts real estate bro- ker for all of New Jersey, and by I Love
Kickboxing as broker for its central New Jersey franchisee. Modern Acupuncture, a franchise-operated chain of acupuncture clinics, is seeking 1,200 to 1,500 s/f units located primarily in grocery-anchored neighborhood centers, notes R.J. Brunelli president/prin- cipal Danielle Brunelli . Preferred locations will have a mix of grocery, coffee shops, service users and wellness- oriented users in areas with an average household income of at least $100,000. Headquartered in Scotts- dale, Ariz., Modern Acupunc- ture opened its initial location there in January 2017. Clinics are scheduled to open soon in Charlotte, NC; Colorado Springs, CO; and Houston and Austin TX. Along with itsmove into New Jersey, the company is also expanding into Califor- nia, Washington, Missouri, Kansas, Florida, Louisiana, Ripco Real Estate arranges 3,065 s/f lease inEast Hanover East Hanover, PA — Ripco Real Estate announced that Morristown’s restaurant Hibiscus is expanding with a new concept on Rte. 10 in East Hanover. The restaurant prom- ises to offer a unique combina- tion of a “fast-casual” take on their American & Caribbean cuisine with a quick service concept catering to the lunch and dinner crowds. “It is very exciting to bring our vision of creating a restau- rant where family can come and experience a home away from home, a Caribbean oasis in the middle of East Hanover” said Orville Brandon. David Townes and Jake Frantzman of Ripco Real Es- tate arranged the 3,065 s/f lease on behalf of owners of 136 Rte. 10, Woodmont Properties . Alison Horbach also of Ripco Real Estate represented the tenant. n
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6A — Sept. 29 - Oct. 12, 2017 — Shopping Centers — M id A tlantic
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S hopping C enters RETAIL PORTFOLIO
GLA/ Acreage Anchor Tenants
Property Name Northeast
307,799 Kmart, Burlington, Market Basket
Shops at Billerica
Boston Rd. & Tower Farm Rd. Plain St. & Lowell Connector Medway St. & Beaver St.
271,377 Target, Marshall’s, Best Fitness
Meadow Brook Center
157,921 Stop & Shop, Dollar Tree
234,705 Future Development
Harbor Pointe Marketplace
Route 440 & Goldsborough Dr.
126,367 Virtua Medical Group, TD Bank
Route 70 & N. Locust Ave. Hanover Ave. near Horsehill Rd. State Hwy. 73 & Sunbird Dr. Adjacent to Foreign Trade Zone Route 18 & Foxborough Dr. Route 46 & Waterview Blvd.
Shoppes at Renaissance Square
Hanover, NJ Evesham, NJ
19 AC BJ’s Wholesale Club (New Development)
BJ’s Shopping Center
26,016 Royal Farms
16.963 AC Across from Walmart, Sam’s, TJ Maxx 9.33 AC Across from Walmart Supercenter 148,708 Whole Foods (New Development)
Mount Olive, NJ Old Bridge, NJ Parsippany, NJ
Vauxhall (Union), NJ 0.3239 AC Future Development
Springfield Ave. near I-78
S. Delsea Dr. (Rte. 47) & College Dr.
94,452 Rockin’ Jump, Dollar General, CVS
Williamstown Shopping Center
Black Horse Pike & Main St.
26 AC Across from Walmart Supercenter
Route 13 & Bennie Rd.
Vacant Land Kohl’s Plaza
Cortland, NY Deer Park, NY
182,875 Kohl’s, Super Stop & Shop
Saratoga Rd. & Glenridge Rd. Commack Rd. & Grand Blvd.
Glenville (Albany), NY 170,616 Target, Pet Supplies Plus, Mattress Firm Lake Ronkonkoma, NY 170,451 Stop & Shop, Regal Cinemas, Dollar Tree
Target Shopping Center
Lake Shore Plaza II & III
Portion Rd. & Patchogue-Holbrook Rd.
Latham (Colonie), NY 118,863 Vent Fitness
Route 7 & Swatling Rd.
Monroe/Woodbury, NY 711,816 Walmart, Target, Home Depot, BJ’s
Routes 17/6 & Route 32 Route 59 & Hutton Ave.
276,792 Home Depot, Raymour & Flanigan, Staples
Home Depot Shopping Center
78,659 Super Stop & Shop, Residence Inn
Route 303 & Palisades Pkwy. Montauk Hwy. & Station Rd.
21,212 US Post Office
Stony Ridge Plaza
Route 9W & Park Rd. 660 White Plains Rd.
Stony Point, NY
660 White Plains Road
Adjacent to Super Stop & Shop
134,271 Home Depot
Home Depot Shopping Center Home Depot Shopping Center
Lehigh St. & Route 78 Hanover St. (Rte. 34) & I-81 Cowpath/HorshamRd. @Rte. 309 Rte. 309 & Pumping Station Rd. Hamilton Blvd. & Grange Rd.
140,715 Home Depot, Chili’s
Montgomeryville, PA 133,124 BJ’s Wholesale Club, Lowe’s
Five Points Plaza
444,531 Target, BJ’s, Best Buy, Petsmart, Staples
Quakertown, PA Trexlertown, PA
Macungie Crossing Shopping Ctr.
±36,671 Near Walmart Supercenter
Midwest Marshall’s at The Grove
Downers Grove, IL
75th St. & Lemont Rd.
Evansville Shopping Center
162,394 Rural King, Buehler’s IGA, Dollar General
Morgan Ave. & Boeke Rd. Pendleton Pike & Shadeland Ave. U.S. Hwy. #30 & Water St.
134,797 Rose’s Department Store
The Market Place at Warsaw
183,900 Carson’s Dept. Store, Sears, Dunham’s
Muskegon Shopping Center
167,212 Jack Loeks Theatres
Henry St. & Norton Ave.
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Real Estate Journal — Shopping Centers — September 29 - October 12, 2017 — 7A
M id A tlantic
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S N A P S HO T
GLA/ Acreage Anchor Tenants
Port Huron Shopping Center
114,981 Big Lots, Save-A-Lot, Talecris Plasma
Howard St. & 24th St.
Port Huron, MI
9.37 AC Development Opportunity
Fort St. & Burns Ave.
Midway Shopping Center
University Ave. & Snelling Ave.
293,732 Rainbow Foods, Office Max, Walgreens
St. Paul, MN
Home Depot Plaza
Rte. 20 & Orchard Rd.
148,440 Home Depot
Ashtabula, OH Columbus, OH
Great Western Commerce Center
N. Wilson Rd. & Valleyview Dr.
300,254 Great Western Academy, Restaurant Depot
South Academy Plaza
102,962 Academy Sports + Outdoors
Memorial Pkwy. SW&DrakeAve. SW
Fern Park Plaza
131,646 Ross, Beall’s Outlet, Aldi, Dollar Tree 312,498 Two blocks north of University of Florida
Fern Park, FL
Semoran Blvd. & Hwy. 17/921 NW 13th St. & University Ave. USHwy. 98N&LakelandParkCtr Dr.
Mixed Use Development
Wildwood Antique Mall, Chuck E. Cheese
323,061 Beall’s Outlet, AMC Theatres, JoAnn Fabrics
N. Fort Myers, FL
US Hwy. 41 & SR 78
265,409 Earth Fare, Burlington, Best Buy, Staples
Shady Oaks Shopping Center SW 27th Ave. & College Rd.
Seminole Centre University Mall
368,166 Walmart Supercenter, Ross, Aldi 1,332,205 Dillard’s, Burlington, Grand’s, Sears
S Orlando Dr. & Lake Mary Blvd. EFowler Ave. &BruceB. DownsBlvd.
Sanford, FL Tampa, FL
257,761 Lowe’s, Kroger, Dollar Tree
Route 23 & Diederich Blvd.
Long Meadow Shopping Center
164,293 CVS, PA Dutch Market, Dollar General
Potomac Ave. & Northern Ave. Liberty Rd. & Brenbrook Dr.
146,586 Home Depot
Marketplace at Rivergate
Gallatin Pike & Conference Dr.
111,463 Oak Factory Outlet, Harbor Freight Tools
Shops at Tech Ridge
12901 I-35 South & Parmer Ln.
504,153 Floor & Decor, Fitness Connection, Ross
Food Lion Shopping Center
10.2 AC Food Lion, Fresenius Medical
Rte. 1 & Chippenham Pkwy.
Richmond, VA Winchester, VA
89,918 Dick’s, The Fresh Market, Planet Fitness
S. Pleasant ValleyRd. &E. Jubal EarlyDr.
263,323 Kmart, Kroger, Goody’s Dept. Store
St. Albans Shopping Center
Rte. 60 & Boone St.
St. Albans, WV
West Freestanding Barnes & Noble
19,360 Barnes & Noble
1035 N. Metro Pkwy. W & 28th Dr.
127,754 Kmart, Family Dollar
E. Sahara Ave. & McLeod Dr.
Las Vegas, NV
Kmart Shopping Center
119,705 Kmart, Value Village
Mission St. SE & 25th St.
Freestanding Office Max
410 S. 900 E. & 400 S.
29,051 Office Max
Salt Lake City, UT
Arecibo Towne Center
±350,000 Future Development
Routes 2 & 22
±525,000 Walmart Supercenter, Home Depot
Reinadel Sur; PonceTowneCenter II
Routes 2 & 10 @ PR-52
Thomas G. Mirandi tel 212.265.6600 x239 firstname.lastname@example.org
810 Seventh Avenue, 10th Floor New York, NY 10019 • rdmanagement.com
8A — September 29 - October 12, 2017 — M id A tlantic
Real Estate Journal
Opportunity Centers in Pennsylvania and Southern New Jersey
ARAMINGO CROSSINGS Philadelphia, PA ANCHORS u Walmart u Lowes AVAILABLE E-1 | 7,300sf (can subdivide) AUDUBON COMMONS Audubon, NJ ANCHOR u Acme AVAILABLE C | 8,656sf D-3 | 4,900sf REDEVELOPMENT AUDUBON CROSSINGS Audubon, NJ ANCHORS u Walmart u Marshalls u Ross Dress for Less AVAILABLE C-2 | 4,050sf F-2 | 15,000sf C-5 | 4,050sf OP-4 | 10,336sf D-2 | 1,514sf NEW DEVELOPMENT CONCORD COMMONS Chadds Ford, PA AVAILABLE Two proposed pad sites
EDDYSTONE CROSSINGS Oxford, PA ANCHORS u Walmart u Shop Rite AVAILABLE D-1 | 2,135sf D-8 | 2,700sf HILLTOWN CROSSINGS Hatfield, PA ANCHORS u Walmart u Burlington AVAILABLE B-1 | 6,750sf C-3 | 6,300sf B-2 | 1,800sf OP-3 | 8,648sf C-1 | 5,850sf OP-4 | 4,800sf C-2 | 1,800sf Pad MAIN STREET AT EXTON Exton, PA ANCHORS u Walmart u Babies R Us u Old Navy u Movie Tavern u Bed Bath & Beyond u Barnes & Noble AVAILABLE L-3 | 5,592sf E-5 | 8,940sf H | 32,000sf (can subdivide)
MORGANTOWN CROSSINGS Elverson, NJ ANCHORS u Walmart
RICHLAND CROSSINGS Quakertown, PA ANCHORS u Walmart u Regal Cinema u TJ Maxx/Home Goods AVAILABLE B-2 | 3,600sf D-6 | 3,600sf D-3 | 1,500s f
B-1 | 4,050sf C-7 | 7,200sf C-9 | 5,040sf
C-11A | 1,350sf OP-E/F |14,600sf
OP-Q | 3,446sf C-9A | 2,160sf OP-R | 3,936sf
WEST SADSBURY COMMONS West Sadsbury, PA ANCHORS u Walmart u Home Depot AVAILABLE
OAK TREE PLAZA Egg Harbor, NJ ANCHORS u Walmart u Petco u Planet Fitness AVAILABLE 14,700sf of small shop opportunity OXFORD COMMONS Oxford, PA ANCHOR u Walmart AVAILABLE C-1 | 6,300sf New Development | 171,069sf
B | 20,043sf C-2 | 1,350sf C-3 | 2,340sf C-10 | 4,950sf D-7 | 2,430sf D-8 | 4,050sf (end-cap) Pad Opportunity | 5,760sf
FUTURE DEVELOPMENT WOOLWICH COMMONS Woolwich, NJ AVAILABLE New Development | 544,459sf
Jennifer Houghton, Director of Leasing Dallas Schurr, Leasing Representative Anne Muraglia, Leasing Representative
u Houghton@wolfsongroupinc.com u Schurr@wolfsongroupinc.com u Muraglia@wolfsongroupinc.com
Meetinghouse Business Center u 120 W. Germantown Pike u Suite 120 u Plymouth Meeting, PA 19462 u 610.277.8899
Real Estate Journal — September 29 - October 12, 2017 — 9A
M id A tlantic
HALF FULL OR HALF EMPTY
WE KEEP CLOSING DEALS. Outlooks vary, outcomes should not. Over 26 years, Meridian has navigated its share of cycles. No matter the climate, nor the size or type of your deal, one constant remains — Meridian closes for you.
Shouldn’t you be working with America’s most active dealmaker?
MAREJ - Half Full or Half Empty– 5-25-17.indd 1
5/25/17 2:39 PM
10A — Sept. 29 - Oct. 12, 2017 — Shopping Centers — M id A tlantic
Real Estate Journal
S hopping C enters 18,502 s/f in Lenox Plaza
Azarian Realty Co. and The Azarian Group, L.L.C. lease former Goldsmith space inWoodland Park, NJ
City, Pizza Hut and Mattress Firm, plus five satellite stores. The Azarian Group, L.L.C. and Azarian Realty Co. own, manage and lease 18 income producing properties totaling over 1,200,000 s/f with more than 350 tenants throughout New Jersey and New York. n Campbell Comm’l. Real Estate inks sale in Susquehanna Township, PA
oodlandPark, NJ — Azarian Re- alty Co. and The
Azarian Group, L.L.C. have leased the former Goldsmith space of 18,502 s/f in Lenox Plaza, 1750 Route 46 West, Woodland Park, NJ 07424 to K&G Men's Company Inc. The K&G Men's Company Inc. will be relocating its Willow- brook Store to Lenox Plaza. K&G Men's Company Inc. an- ticipates a November 1, 201 7 grand opening. Lenox Plaza Shopping Center has an overall G.L.A. of 50,000 s/f and is anchored by Party
1750 Route 46 West
Susquehanna Twp., PA — Campbell Commercial Real Estate, Inc. announced the Gulf Station and Super 7 FoodMart
sale of the Gulf Station and Super 7 Food Mart at the corner of Crooked Hill Rd. and Lin- glestown Rd. in Susque- hanna Twp. The buyer, Z. Rana, LLC will continue t o ope ra t e the proper- ty as a gas station and convenience store. ArtCamp- bell and Jes-
sica Gasper of Campbell Commercial Real Estate, Inc. handled the sale on behalf of the seller. Spinning Harts Studio has leased space at 1993 Hummel Ave., Lemoyne from FB Prop- erties. This is a second location for the studio with opening slated for November 1st. Spinning Harts Studio offers lessons in pole, chair, twerk, burlesque, belly dance as well as various fitness classes. All instructors are fully licensed in pole instruction. Their mis- sion is to provide a welcoming atmosphere where all have the freedom to express themselves through dance and fitness, and to be surrounded by encour- agement and guided beyond their comfort zones. Spin your way to health and empower- ment. Gasper represented the ten- ant in this transaction. n
Real Estate Journal — September 29 - October 12, 2017 — 11A
M id A tlantic
New York Deal Making Spotlight
limited time only!
Place Advertisments in October 27th + November 24th Issues in Shopping Centers section
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This is a Great Opportunity for Owners, Developers, Retailers, Retail Brokers, and Others.
Advertise your COMPANY or AVAILABLE PROPERTIES in this Special Edition
Submit Expert Byline Articles Features include:
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Be a part of this exciting offer and join the Exhibitors/Attendees already participating in the Mid Atlantic Real Estate Journal Conference and Show Issue. BONUS - VISIBILITY IN THE DIGITAL EDITION | Direct Link to Your Website! Deadline - October 27 & November 10 Call Kim Brunet at 781-740-2900 email: email@example.com for details
12A — September 29 - October 12, 2017 — M id A tlantic
Real Estate Journal
M id A tlantic R eal E state J ournal
As a subsidiary of Emigrant Bank Emigrant Mortgage Corporation is a direct lender specializing in creative financing solutions
migrant Mortgage Com- pany, through Emigrant Funding Corporation, offers portfolio small bal- ance commercial / mixed use products for first mortgage financing for most types of commercial real estate, includ- ing: multifamily apartment houses, mixed-use buildings, retail strips and office proper- ties. As a subsidiary of Emi- grant Bank, a 167-year-old New York savings institution, Emigrant Funding is able to draw upon the vast resources of its parent to make sure bor- rowers get the funds they need E
in a timely fashion. Emigrant’s commercial port- folio guidelines include pur- chase, rate/term refinancing and cash-out transactions, full documentation loan programs and amortization Periods up to 30 Years. EFC's full suite of programs and products provide financing options for traditional borrowers, as well as foreign nationals, resident aliens and borrowers with low or no credit scores. Emigrant Bank is a participating SBA Lender offering SBA Advan- tage Loans 7(a) and SBA Grow Loans (504).
Emigrant’s Commercial Lending Area includes: NY Market* • 5 boroughs • Nassau/Suffolk • Westchester/Rockland • Orange & Putnam NJ/PA/CT Market • New Jersey* • Eastern PA including Phila- delphia • Fairfield County, CT* (Other counties may be considered) New England Market • Eastern Massachusetts in- cluding Boston Florida • Southeast Florida including
Miami • Southwest Florida including Tampa *EFC's Small Business Ad- ministration (SBA) lending area Emigrant maintains offices in New York (Manhattan, Long Island andWestchester), Massachusetts and Florida. In addition, Emigrant has Commercial Mortgage Special- ists in the field in Brooklyn, Queens, and New Jersey. Our Commercial Mortgage Special- ist along with our in-house team of underwriters, ap- praisers and closers, facilitate
prompt decision making and processing of all loan applica- tions. n Hinerfeld announces sale of The Historic OppenheimBuilding in Scranton
Scranton, PA — Hiner- feldCommercial Real Estate brokered the sale of the former Oppenheim Building located at Lackawanna and Wyoming Av- enues in downtown Scranton. The five story and eight story buildings were renovated in the late 1990s into premium class A office space. The property is listed on the National Register of Historic Places and is part of the Downtown Scranton Historic District. The 183,000 s/f Oppenheim building is one of two historic properties in Downtown Scran- ton recently sold. The 43,000 s/f Samter Building was sold by Hinerfeld Commercial Real Estate in December of 2016. Scranton caught the eye of the buyer/investors because of the beauty of Downtown Scranton’s historic architec- ture. The adaptive reuse of these buildings is part with the revitalization and urbanization movement fueled by millennial- movement. “Millennials want to live, work, and play in convenient and exciting environments within close proximity to one another”, said Elijah Miller , the Hinerfeld Commercial Real Estate associate who brokered the sale. “These are exciting times for the downtown area. Investors, local and those from out-of-town alike continue looking at Scranton for devel- opment opportunities as real estate prices in primary and secondary markets continue to rise. We am excited to see what flavor this group brings to the Oppenheim building. The fu- ture of the downtown continues to look brighter and the effects this project will have on the community seem destined to be positive” said Miller. n Former Oppenheim Building
A SUBSIDIARY OF EMIGRANT BANK
Loan Amounts up to $5M
Emigrant Bank is a Participating SBA Lender offering SBA Advantage Loans 7(a)and SBA Grow Loans (504).
Jack Coll, Senior Vice President NMLS#13478 / 914.785.1245 CollJ@Emigrant.com
Charles Ruffin, Sales Manager NMLS#758978 / 646.423.8779 RuffinC@EmigrantMortgage.com
Copyright © 2017 Emigrant Mortgage Company, Incorporated - NMLS#1577 (Emigrant). All rights reserved. Emigrant is a subsidiary of Emigrant Bank, Member FDIC. Emigrant is an Equal Opportunity Lender and an Equal Opportunity Employer. The information, products and services contained in this advertisement are believed to be correct but may include inaccuracies, typographical errors and/or omissions. Emigrant does not guarantee the accuracy of the data contained herein. All loans are subject to submission of a complete application, underwriting review and credit and property approval by Emigrant. Not all products and/or programs are available in all states and/or localities and/or for all loan amounts. Other restrictions and limitations may apply. Emigrant’s commercial mortgage programs/products are offered through Emigrant Funding Corporation - NMLS#1597 (EFC) a Subsidiary of Emigrant Bank. EFC’s loan programs are limited to loans that do not meet the definition of residential under applicable state laws. New York Mortgage Banker License*, New York State Department of Financial Services, One State Street, New York, NY 10004, 212.709.3500. Emigrant is registered or licensed with the Banking Departments or Divisions in CT, MA, NJ, FL and PA. *Mortgage Banker activities authorized pending issuance. /// 05/08/2017.
13A — September 29 - October 12, 2017 — M id A tlantic
Real Estate Journal
M id A tlantic R eal E state J ournal David Zimmel represents both parties in 63,500 s/f Edison, NJ lease
Zimmel reports three NJ leases totaling 84,000 s/f
multiple tenants. When we learned that EOS was looking for new space in Edison and re- quired heavy power and ample parking, we knew 3920 Park Avenue was a great match.” In addition, Zimmel reports two leases at 60 Walnut Av- enue, Clark, a 46,000 s/f office building that the firm handles exclusively for owner TAK Realty and Investment, LLC. Outer Stuff Ltd., a designer, manufacturer and marketer of children’s sports apparel expanded from 10,000 s/f to 16,000 s/f in a ten-year lease; and Fink Rosner Ershow- Levenberg, LLC, Attorneys At
Law, have leased 4,500 s/f on a long-term basis. “With the two latest deals at 60 Walnut Ave., the building is 100 percent leased,” said Zimmel. “It is an attractive building with ample park- ing, and is located just off of exit 135 of the Garden State Parkway, close to restaurants, banks and shopping. It offers easy access to Manhattan and major New Jersey highways.” “We handle a number of buildings in the Clark, NJ, area,” adds Zimmel. “It is a healthy market that has strengthened quite a bit over the past few years.” n
DISON, NJ — Zimmel Associates , the Edison, NJ based corporate real
estate ser - vi ces f i rm, reports re- cent leases in Edison and Clark, NJ. In the first transaction, EOS Ener - gy Storage
3920 Park Ave.
United States Land Resources of Morristown. David Zim- mel , CEO, Zimmel Associates, represented both the tenant and landlord in the transac- tion.
“This building was once the corporate headquarters for Thales,” said Zimmel. “The owner gave us the exclusive to market it and did not want to divide the space between
signed a 10-year lease for 3920 Park Ave., a 63,500 s/f freestanding brick building located in Edison. EOS Energy Storage provides energy stor- age solutions for utilities and commercial and industrial facilities. The owner of the building is Withum expands NYC operations
CAEDC Leads theWay for Redevelopment
Rendering of new Domestic Castings site in Shippensburg, PA
N e w Y o r k , N Y — WithumSmith+Brown, PC (Withum) , a top-30 nationally ranked public accounting and advisory firm, has announced the expansion of its NYC op- erations with the addition of 25,000 s/f of class A office space at 1411 Broadway. The audit, tax and advisory firm now oc- cupies two floors and a total of 44,000 s/f at the Garment District office tower. “Withum’s long-term lease expansion at 1411 Broadway accommodates our firm’s con- tinuing growth in the NYC marketplace in terms of our client base, client service and employee talent,” said Michael Stallone , partner-in-charge of the firm’s Manhattan office. “It also allows for future expansion of our service lines and practice areas, which ultimately results in strength in client service at the highest levels.” n
Redevelopment of former industrial and underutilized properties is critical for maintaining a balanced economy. In some cases, sites have
severe limitations that require a combination of public and private funding strategies. Cumberland Area Economic Development Corporation (CAEDC) works with developers interested in redeveloping properties by:
• Forming co-developer partnerships • Creating a redevelopment strategy
• Identifying and administering funding solutions • Providing economic impact and feasibility analysis • Cultivating partnerships between public and private agencies
CumberlandBusiness.com/Redevelopment 717- 240 - 7183Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52 Page 53 Page 54 Page 55 Page 56 Page 57 Page 58 Page 59 Page 60 Page 61 Page 62 Page 63 Page 64 Page 65 Page 66 Page 67 Page 68 Page 69 Page 70 Page 71 Page 72 Page 73 Page 74 Page 75 Page 76 Page 77 Page 78 Page 79 Page 80
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