10C — March 29 - April 11, 2019 — The Best of 2018 — M id A tlantic
Real Estate Journal
www.marejournal.com
The BEST RETAIL SALE of 2018
HFF-PA & NJ MacArthur Commons Lehigh Valley, PA
The Kislak Company Inc. Quail Creek Shopping Center Howell, NJ
NAI Summit Taylor Commons Scranton, PA
NAI Summit agent Sarah Finney-Miller recently represented the owner, Fifth Third Bank, in the sale of a newly devel- oped 60,000 s/f retail strip center anchored by a 176,348 s/f
© John Majoris
Walmart Super-Center. The retail strip, known as Taylor Commons, is located in Taylor Borough, Lackawanna County. The site included an additional 15+ acres of outparcels surrounding the center re- served for future development. With ex- cellent frontage on a busy road and close by to downtown Scranton. Taylor Commons went into receivership in December of 2015 where NAI Sum- mit was retained to manage and lease the property on behalf of the Lender. At the
Size: 371,886 SF Brokers: Chris Munley, Michael DiCosimo and Jose Cruz HFF closed the sale of this fully leased, grocer-anchored power center to an affiliate of Abrams Realty & Develop- ment, after a marketing campaign that generated significant interest from private and institutional buyers. MacArthur Commons is home to GIANT Food Stores along with mul- tiple national anchors, including Burlington, Dick’s Sporting Goods, Big Lots and T.J.Maxx. Housed on 47 acres at 2631 MacArthur Road, the center is situated in the “go to” retail destination in the region and is accessible via Route 20 with more than 44,000 vehicles passing per day. The center’s Le- high Valley location places it approximately 65 miles north of Philadelphia and less than five miles north of Allentown. More than 93,478 residents earning an average annual house- hold income of $60,731 live within a three-mile radius of the center.
S ize: 52,000 SF Brokers: Justin Lupo and Matt Weilheimer
Sarah Finney- Miller
The property is a 44,000 ± s/f original center and 7,800 ± s/f adjacent addition with on-site parking. The property has a state-of-the-art HVAC system and 9’ ceilings. The building is a fully sprinklered building with two elevators and an atrium leading to 2nd floor. Quail Creek is located in Monmouth County less than one mile from Exit 91 of the Garden State Parkway and within 1/2 mile of Exit 31A off Rte. 195.
time the center suffered high vacancy and operating costs, which NAI Summit was successful in reducing as well as renegotiating and extending the lease terms of current ten- ants. Over time, NAI Summit managed to stabilize the asset as well as attract new tenants to the center, which eventually brought on the sale of Taylor Commons. The center was sold to a local investor and retained NAI Summit for its services.
The MOST SIGNIFICANT MIXED USED PROJECT of 2018 Colliers International-PA Callow East Portfolio Philadelphia, PA Marcus & Millichap-PA 1217 Spring Garden St. Philadelphia, PA Marcus & Millichap-NJ Park Ave Apartments Paterson, NJ
Type of Property: Industrial Flex, Office and Retail Properties) Size: 7 properties/338,000 SF/7.75Acres Brokers: Michael Barmash and Michael Kahan “Callow East” is the collective name for an assemblage of seven properties in the Callowhill section of Philadelphia that Colliers’ brokers Michael Barmash and Michael Kahan marketed and ultimately sold within 2018. Importantly, the proximity of five of the properties offered potential pur- chasers/developers the opportunity “to build a whole new neighborhood” in one of the last broad swaths of land for development within Philadelphia. Two of the sites also of- fered exceptional proximity to future Rail Park develop- ment. The total portfolio sales (one sale for five properties in February 2018 and another for two properties in June of 2018) have now reached $53 million and purchaser Arts & Crafts now controls in excess of 1.3 MSF of a 2 MSF submarket.
Jon Massaro
Fahd Malik
Phil Sharrow
Daniel Aviles
Greg Babaian
Type of mixed-use: Apartments and medical office/retail Size: 75,500 SF Brokers: Jon Massaro, Fahd Malik, Phil Sharrow 1217 Spring Garden, a mixed-use 74-unit apartment build- ing with two retail spaces is located at 12th Street and Spring Garden Street in Philadelphia, situated in the middle of what some developers are now considering, Spring Arts. This neighborhood is seeing a major transition into a progressive urban landscape with shared work space, microbreweries, concert venues, and more.
Type of mixed-use: Multifamily and Retail Size: 12,632sF/ 0.29 Acres Brokers: Daniel Aviles and Greg Babaian
Park Ave Apartments consists of a healthy mix of 24 one bedroom, 12 two bedroom, and two commercial units. The building is located a quick, Five-minute walk to the Pa- terson Train station, which allows tenants access to NYC within 35 minutes. Additionally, tenants benefit from living close proximity to the main shopping mall and administra- tive buildings as well St. Joseph’s Hospital.
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