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Occupying 700,000 s/f of the 1,015,000 s/f facility in Pedricktown, NJ Five Below and NFI open South Jersey Distribution center
ISSUE HIGHLIGHTS Volume 27 Issue 12 June 26 - July 16, 2015
EDRICKTOWN, NJ — Five Below, the trend right, extreme value retailer catering to pre-teens, teens and beyond, and sup- ply-chain company NFI , are pleased to announce the grand opening of an over one million s/f distribution center in New Jersey. Five Below will initially occu- py 700,000 s/f of the 1,015,000 s/f facility in Pedricktown. Five Below and NFI broke ground on this real estate de- velopment project in September of 2014. The companies worked close- ly together throughout the short nine-month construction period to ensure all aspects of P CONEY ISLAND, NY — Progress Capital Advisors was tasked with arranging an $11 million construction to permanent loan in order to renovate a decaying Sandy damaged 52,000 s/f mixed use building in Coney Island. The renovation provides a clean and renewed welcom- ing space for HRA (Human Resources Administration – City of NY) offering much needed support for area resi- dents. The building was also expanded and now includes a 9,400 s/f Dollar Tree and
offers fresh economic growth to the area, bringing an estimated 100 jobs to the township over the next few years. The new warehouse will house three miles of conveyor equipment and 2,500 tons of steel racking to support year-round operational need. “NFI is excited to continue to work with Five Below to lever- age supply chain efficiencies,” said Jeff Brown , NFI presi- dent and vice chairman. “The opening of this distribution center, on such a tight time-frame, is a testament to the partnership we have with Five Below and the support we have received from the community in Oldmans Township.” n building on Neptune Ave. • ARC Electric has filed plans for an 86 unit MF building on Mermaid and 15th St. • Thor Equities brings Coney Art Walls from street artists to his Bowery St. site adjacent to the Coney Island Boardwalk • Smorgasburg (with loca- tions in Williamsburg and Brooklyn Bridge Park) is coming to Coney Island. Smorgasburg is a playground for food vendors creating new and interesting eats • Mark Wahlberg is open- ing up a new 6,800 s/f outpost in Coney Island The renovation loan was a LIBOR floating rate loan which recently converted to a permanent at 4.25% for 10 years on a 25 year amortiza- tion. “It was a complicated loan structure that involved three separate credit facili- ties that were consolidated at the permanent,” said Kathy Anderson. “Without Kathy Anderson working with me throughout the entire three year process, I might not have reached the finish line,” said Steve Samuels, owner. n
SPOTLIGHT
Mid-Year Review
Section C
Roseland hosts ribbon cutting for RiverParc at Port Imperial
Five Below aerial
the building would be ready for operations this summer. This will function as Five Below’s core eastern U.S. dis-
tribution center, servicing over 300 retail store locations in the region, with room for growth. This new distribution center
To renovate a Sandy-damaged, 52,000 s/f mixed use building in Coney Island, NY Progress Capital Advisors arranges $11m construction to permanent loan for reno
6B
For speaking and sponsorship information, please contact: Linda Christman at 781-871-3456 or lchristman@marejournal.com NJ COMMERCIAL RE FORECAST SUMMIT SEPTEMBER 15, 2015 NJ APT./ MULTIFAMILY SUMMIT UPCOMING CONFERENCES 2015 SCHEDULE: JUNE 30, 2015
Directory
Shopping Centers................................. 3-14A Business Cards/Billboards....................... 19A Owners, Developers & Managers ..... Section B Green Buildings .............................. 17-22B
Coney Island
Upcoming Spotlight July 17, 2015 FACILITY MANAGEMENT
a 15,000 s/f Blink Fitness, improving the overall neigh- borhood. Build it and they will come… • 4.7 million subway riders visit Coney Island each year
and 13 million people visit the beach each season • NY Aquarium is undergo- ing a $150 million renovation and expansion • Rubin Schron is planning a massive 40 Story mixed-use
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Allentown, PA
Bronx, NY
$41,000,000 Senior and Mezzanine Debt for Acquisition and Leasing
$30,400,000 Acquisition Senior Debt
Bridge Financing for a 176,000 SF Commercial Loft Building
A Class A, 563,000 SF office complex located in the heart of PA’s Lehigh Valley
Mission Capital Advisors, LLC is a leading national, diversified real estate capital markets solutions firm that delivers value to its clients through an integrated platform of advisory and transaction management services across commercial and residential loan sales; debt, mezzanine and JV eq- uity placement; and loan portfolio valuation.
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ABDM Management............................................IBC-A ABDM Property Management................................17A Advantage Engineers................................................2B American Fire Solutions. ........................................11C ARD Appraisal Co.. .................................................13C Arrow Steel, Inc.......................................................12B Assest Preservation...................................................4C Barley Snyder............................................................3C Bennett Williams.....................................................10A Capitol Aerials.........................................................18B Colliers International..............................................14A Crystal Window & Door Systems...........................16B E.B. Cohen.................................................................4B Earth Engineering.....................................................8A Elliot-Lewis..............................................................11B EPGP..........................................................................9B Exchange Solutions............................................... IC-C Fowler. .....................................................................23B Friedman LLP. ..........................................................9C Gebroe-Hammer Associates......................................7C Hillcrest................................................................IBC-A Hollenbach Construction.........................................10B Hollister Construction.............................................15C Hutchinson Mechanical Services............................18B Integrated Business Solutions..................................2B Investors Real Estate..........................................IBC-A IREM................................................................24-IBCB Jeffrey Realty...........................................................14A Jewel Electric Supply..............................................18B Kaplin | Stewart.....................................................10C Kay Realty. ..........................................................IBC-A Keast & Hood...........................................................16A Keystruct Construction...........................................14B M. Miller & Son.........................................................5B Marcus & Millichap.............................................. BC-C Marcus & Millichap.............................................IBC-A Max Spann...............................................................16A Meridian Capital. ....................................................11A Mission Capital..........................................................1A NAI Summit.........................................................IBC-A NJ Clean Energy Program......................................13B NJECA.......................................................................8B NorthMarq Capital....................................................5C P. Cooper Roofing. .....................................................7B Pacific Coast Investment.........................................12A Poskanzer Skott Architects.......................................3B Premier Compaction Systems.................................20B Progress Capital Advisors.........................................8C Provident Bank..................................................... BC-A RD Management.................................................... 6-7A Redwood Realty Advisory. ........................................2C RRA........................................................................ IC-C Sesi.......................................................................IBC-A Silbert Realty...........................................................14A Specialty Building Systems. ...................................15B SUBWAY..................................................................12A The Berger Organization. .......................................14C Total Cleaning Associates.........................................4B USGBC.....................................................................22B Warner Auction. ......................................................12C Weiss Realty. .............................................................9A Whitesell....................................................................3B MAREJ A dvertisers D irectory
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M id A tlantic R eal E state J ournal Publisher .................................................................Linda Christman Publisher ....................................................................Joe Christman Section Publisher .........................................................Steve Kelley Senior Editor/Graphic Artist ..................................... Karen Vachon Production Assistant ........................................................ Julie King Associate Publisher ................................................. Alissa Aronson Associate Publisher .............................................. Barbara Holyoke Office Manager .........................................................Joanne Gavaza Guest Columnists .............................................Matthew K. Harding Mid Atlantic R eal E state J ournal ~ Published Semi-Monthly Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, 312 Market St. Rockand, MA 02370 USPS #22-358 | Vol. 27 Issue 12 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 Toll-Free: (800) 584-1062 | MA: (781) 871-5298 | Fax: (781) 871-5299 www.marejournal.com
he Northeast retail real estate market is robust heading into the heart of 2015. As a result of asser- tive leasing by tenants looking to establish or expand their footprint here, much of the available prime retail space has been absorbed – and what remains is commanding higher pricing. As a result, an emerging sup- ply/demand imbalance for class A space is beginning to create some barriers to entry for retailers in our market while also spurring an increased construction pipeline. Nota- bly, we are seeing stepped-up expansion of existing shopping center properties. For new projects, flight to quality is a common theme, and developers are focused on opportunities in established retail corridors and those that involve the strength and stability of a grocery an- chor. Several examples of the ex- pansion trend can be found within Levin’s own leasing and management portfolio. We recently broke ground on an expansion of St. Georges Cross- ing, a fully leased, 317,000 s/f property in Woodbridge, NJ After arranging a long-term lease with T.J.Maxx, we are constructing a 23,000 s/f build- ing for the fashion retailer on a newly acquired adjacent parcel of land there. Similarly, at Mid- Town Plaza in Middletown, Pa., we orchestrated the pur- chase of an adjacent parcel to accommodate the construction of a 7,380 s/f AutoZone. T Robust Northeast Retail Real Estate Market Spurs Increased Construction Matthew K. Harding
The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
Additionally, at the 80,000 s/f Clifton Plaza in Clifton, NJ, we leased and delivered a 15,000 s/f, newly constructed building for Blink Fitness. And in Flemington, NJ, we orches- trated a lease with HomeGoods at The Shoppes at Flemington and then oversaw approvals, contractor sourcing and con- struction of a 22,000 s/f, free- standing addition. Regarding the flight-to- quality play, Stafford Park, a thriving, 650,000 s/f shop- ping center in Manahawkin, NJ, is approved for another 195,000 s/f – including several prime pad sites. The retail por- tion of Stafford Park includes anchor tenants Costco and Target. Other tenants include PetSmart, Dick’s Sporting Goods, Best Buy, Ulta and Olive Garden. In Southern New Jersey's Burlington County, the Shop- Rite-anchored Bordentown Plaza provides a great ex- ample of a shopping center being redeveloped to retain competitive positioning in an established retail corridor. ShopRite is slated to undergo
a complete renovation and expansion, and the entire, 179,000 s/f center will be updated and repositioned. As the property's leasing agent, we are marketing more than 100,000 s/f of existing space as well as proposed pad sites. The success of recently com- pleted ground-up and renova- tion projects are bright spots in our region. And while we will continue to see quality inventory added to meet grow- ing demand, the maturity of the market, combined with lengthy approval and building processes, will keep things in check. In other words, we do not anticipate oversupply any- time in the near future. As such, we expect the mar- ket’s stability to increase – gradually, not rapidly – over the next couple of years. A continued low interest rate environment bodes well for the positive construction and investment activity we are seeing, and, as such, we will be keeping a close eye on that critical driver in the months ahead. continued on page 16A
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Ken Goldberg of Uniwest Realty represented the buyer in this transaction Finmarc Management, Inc. sells 40,000 s/f Shopping Center in Tysons Corner, VA for $31.1 million B www.marejournal.com M id A tlantic Real Estate Journal — Shopping Centers — 3A ETHESDA , MD — Finmarc Man- agement, Inc. , a
with an average household income exceeding $150,000. “This center is located in an area recognized nationally as among the healthiest and most highly-desired of any region in the country,” said Marc Solomon , principal of Finmarc. “The new owner acquired a fully-leased asset featuring a mix of strong national and regionally oper- ated tenants, with extremely loyal customer followings. The Tysons Corner sub-mar- ket continues to perform at an extremely high level, as- suring the long-term value of this center.” With the sale of this as- set, over the last 24 months, along with its partners, has acquired or disposed of $389 million worth of properties. n wholesalers as well as service- oriented businesses such as fitness centers and child care centers,” said Schwartz. Based in East Rutherford, New Jersey, Cushman & Wakefield's Metropolitan Area Capital Markets Group specializes exclusively in investment sales of office, industrial, multifamily and retail properties throughout New Jersey, New York, Fair- field County, Connecticut, Pennsylvania, and Delaware. The team has completed more than $20 billion worth of transactions since 2000. This acquisition is the third in Black Oak’s latest invest- ment funding vehicle, Black Oak IV, LP, and marks the eighth property acquired by Black Oak in four years. Black Oak Associates is a private development company that specializes in retail and mixed-use projects with a fo- cus on long-term performance and efficiency driven sustain- ability. The firm owns shop- ping centers located in the Mid-Atlantic and Southeast regions of the United States. n
Bethesda, Maryland-based commercial real estate firm, along with its partners has sold a 40,000 s/f neighbor- hood retail center located at 8459 Leesburg Pike, in the Tysons Corner section of Northern VA for $31.1 mil- lion to Retail Properties of America, Inc. (RPAI). Ken Goldberg of Uniwest Re- alty represented the buyer in this transaction. The retail center is pres-
JUNE 26 - JULY 16, 2015
8459 Leesburg Pike
ently 100% leased to tenants that include Golfsmith USA, Chick-Fil-A and Chipotle
More than 100,000 consum- ers reside within a three-mile radius of the shopping center
Mexican Grill, Roti Restau- rant, and Hamilton Soda & Leather Gallery.
HI-LIGHTS
Joint venture betweenBlackOakAssociates andBroadOakPartners acquires prop. Cushman & Wakefield brokers sale of 98,359 s/f mixed use property in Edison, New Jersey
Vision Real Estate Ptrs. acquires 119,000 s/f at 55-75 Mayhill St.
EWING, NJ — Cushman & Wakefield’s Metropoli- tan Area Capital Markets Group has orchestrated the sale of 1600 North Olden Ave.in Ewing. A joint venture between Black Oak Associ- ates and Broad Oak Part- ners acquired the 98,359 s/f mixed-use property, situated along the area’s most heavily traveled retail corridor. “The property’s mix of value-add retail, office and industrial/flex space and geo- graphic location align per- fectly with the assets Broad Oak Partners is looking for,” said Cushman & Wakefield’s David Bernhaut , who bro- kered the sale with Metro- politan Area Capital Markets Group team members An- drew Schwartz , Andrew Merin , Gary Gabriel and BrianWhitmer . The private investment group will focus on increasing long-term value and attracting new busi- nesses to the area. At the time of the sale, 1600 North Olden Ave. was 65% leased with a tenant mix that includes the established
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SPOTLIGHT RETAIL PROFILE
1600 North Olden Ave.
brands Family Dollar and Dunkin’ Donuts, as well as the State of New Jersey De- partment of Motor Vehicles. The existing tenants have long lease terms, a history of renewal or expansion and strong credit, a combination which generated robust inter- est from potential investors. “One of the things that attracted Broad Oak Part- ners to this property was the quality of the tenants,” said Schwartz. “Over 40% of the building has investment grade credit tenants based on the occupancy of State of New Jersey and Family Dollar.”
Another key selling point is the property’s location on North Olden Avenue, the area’s primary retail corri- dor. The proximity to major brands including CVS, Home Depot, Bank of America, GNC and Aldi Supermarket is expected to attract a broad range of retail tenants. In addition, the location is con- venient to businesses seeking office and warehouse space as it features an industrial/flex component with high ceilings, ample parking and accessibil- ity to North Olden Ave.. “The space offers options for a va- riety of enterprises, including
Jaime M. Weiss, Weiss Realty Co. Inc.
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ALSO Retail Brokerage Directory ......... 13A www.marejournal.com
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Bringing over 30 years of experience Ann Iseley joins BL Companies as Chief Financial Officer
M
financial strategy, executive leadership advising, design and implementation of fi- nancial and IT systems, and support management. Prior to joining BL Companies, Iseley was the CFO at JCJ Architecture and over her 30 year career has been involved in other industries such as real estate, insurance and investment management. “Ann brings extensive ex- perience and thoughtful lead- ership to BL,” said Carolyn Stanworth, president and CEO. “Her background com- plements both our operations and long-term growth objec-
tives. We are excited to have her join our senior leadership team and to help move our business forward.” Iseley received her MBA from The University of Vir- ginia Darden School of Busi- ness, an undergraduate de- gree from Brown University, and is a Certified Public Ac- countant. About BL Companies, Inc. Engineering News Record historically lists the 100% employee-owned BL Com- panies as one of the Top 500 Design Firms in the country. BL Companies currently has 250 employee-owners
in offices in Connecticut, Maryland, Massachusetts, New Jersey, New York, Ohio,
Pennsylvania and Texas. For more information, visit www. blcompanies.com. n
ERIDEN, CT —Ann Iseley has joined the company as Chief
Financial Of- ficer (CFO). As CFO ,
NAI Mertz inks lease for martial arts studio inMarlton, NewJersey
Iseley joins the s en i o r l eade r sh i p t e am a n d will oversee the compa- ny’s corpo- rate finances, IT infrastruc- ture and support services. Throughout her career, Iseley has been responsible for all aspects of corporate fi- nancial leadership including Ann Iseley
negotiated the transaction on behalf of ownership. “Marlton Square Shopping Center’s central location in the heart of the Route 70 retail corridor was the perfect fit for the martial arts studio,” said Klear. “Marlton is an extreme- ly popular retail sector that we expect to continue to flourish in 2015,” he added. Cherry Hill Martial Arts is relocating to Marlton Square Shopping Center from a near- by location. Located at 701 Route 70 at the intersection of Cropwell Road, Marlton Square Shop- ping Center is a 40,000 s/f multi-tenant retail plaza an- chored by Staples. Cherry Hill Martial Arts will be joining a barber shop and a gift shop in the plaza. The plaza is ad- jacent to a newly constructed Aldi’s, as well as a 7-11 and Valero gas station. The plaza is currently 79 percent leased. n CBRE b r o k e r s lease of Bynum Brothers Restau- rant On Nor th Broad St. Corridor PHILADELPHIA, PA — CBRE has brokered the lease of a new restaurant in the revitalized North Broad Street Corridor. Robert and Benjamin Bynum will create a modern take on southern cooking with a focus on fresh ingredients and elegant pre- sentations, occupying a 6,200 s/f restaurant space at 600 N. Broad St., the site formerly occupied by Route 6. CBRE’s Dominique Casimir repre- sented the tenant. The new restaurant’s name has not yet been decided. “The addition of a restau- rateur of the Bynums’ caliber is a significant win for this exciting redevelopment of this up-and-coming section of Philadelphia. Along with the numerous major develop- ment projects taken on by EB Realty Management, North Broad St. is entering into a new Golden Age,” said Casi- mir, first vice president with CBRE’s Philadelphia retail services team.” n
MARLTON, NJ — NAI Mertz , a full-service com- mercial real estate firm serv- ing southern New Jersey and greater Philadelphia, recently leased 3,600 s/f of retail space locatedwithinMarlton Square Shopping Center in Marlton, to Cherry Hill Martial Arts. Fred Meyer, SIOR , director of corporate services, and Jon- athan Klear, vice president,
DELIVERING VALUE TO CLIENTS IN THE BUILT ENVIRONMENT. For more than 29 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. | 4242 Carlisle Pike, Suite 260, Camp Hill, PA 800.301.3077 | www.blcompanies.com
Connecticut | Maryland | Massachusetts | New Jersey | New York | Ohio | Pennsylvania | Texas
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HFF closes sale of and arranges financing for A&P anchored retail center in NNJ Vision Real Estate Partners acquires 119,000 s/f at 55-75 Mayhill St.
ADDLE BROOK, NJ — Vision Real Es- tate Partners has ac- quired 55-75 Mayhill St. , a neighborhood shopping cen- ter comprised of two build- ings, totaling 119,000 s/f in Saddle Brook, announced Sam Morreale , founder and managing partner. The 12-acre site is anchored by a 62,000 s/f A&P supermarket and is approved for an ad- ditional 12,000 s/f of retail space. Additionally, the site has 45,000 s/f of near-term availability, which can be leased as a single unit or S
55-75 Mayhill St
divided into multiple units. Buyer Vision Real Estate Partners and the seller were represented in the transac- tion by Jose Cruz of Hol- liday Fenoglio Fowler (HFF) , FlorhamPark. HFF’s Jon Mikula worked on be- half of Vision Real Estate Partners to secure acquisi- tion financing through Ori- tani Bank . “We’re pleased to have been able to complete this transac- tion and add this well-located property to our portfolio,” said Morreale. “This is a core in-fill location in Ber- gen County’s dynamic retail market, with very strong demographics.” Constructed between 1998 and 2000, the site also offers almost 800 parking spaces. It is situated between I-80 and the Garden State Parkway, with visibility from busy Market St. in Saddle Brook, and is less than ten miles from the George Washington Bridge. The population with- in a three-mile radius totals more than 252,000 with an average household income of over $75,000. “The location and demo- graphics speak for them- selves,” said Morreale. n Stafford SmithRealty brokers $875k sale EAST ORANGE, NJ — Ray Smith , Broker of Stafford Smith Realty in Shrewsbury, announced the sale of the former Ace Hard- ware at 352 Central Ave, East Orange. For $875,000. The 12,682 s/f building is on about one acre in the very busy downtown area of East Orange. The buyer, Jonathan Vogel, intends to redevelop the property for retail use. n
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R etail P rofile
Jaime M. Weiss, Weiss Realty Co. Inc. Key to your success: Excellent mentors, pay attention to detail & understand the terms of each transaction
tenant management services. We have achieved a 98% occupancy by being careful
Moreover, stabilized rents have made this a great time for small business owners to open retail stores in neighborhood Shopping Centers. The Weiss firm is distin- guished by Jaime Weiss’ 48 years of experience and wide ranging knowledge of real es- tate markets and keen aware- ness of industry trends. Together with his son Mat- thew, also a principal, they are committed to the high- est standards of service and professionalism and serve the New Jersey and Metropolitan New York Region and in select markets across the country. n
FAVORITE MOVIE: Doctor Zhivago Weiss is cautiously optimistic
Jaime M. Weiss, Principal Weiss Realty Co. Inc. TYPE OF FIRM: Commercial Real Estate Brokerage & Owner / Property Management
The Weiss firm is distinguished by Jaime Weiss’ 48 years of experience and wide ranging knowledge of real estate markets and keen awareness of industry trends.
not to overestimate the value of the real estate market. We have always been fair with our tenants so that we can main- tain a reasonable level of rent increases over the term of the lease while continuing to pro- vide excellent on site property management.
about the current state of the retail real estate marketplace. Citing the Shoppes at Co- lonial Village on Rte. 27 and Parsonage Rd. in Edison which Weiss Realty is the exclusive leasing and managing Agent Weiss attributes his firm’s success to providing superior
C
Mathew & Jordan & Daughter Hayley HOBBIES: Collecting Sports Memorabilia & Fishing FAVORITE BOOK: Zeckendorf
OMPANY LOCA- TION: 250Moonachie Rd., Suite 302 Moon-
achie, NJ 07074 EDUCATION: B.S. Baruch College CUNY FIRST JOB IN RETAIL REAL ESTATE: Cross & Brown Company 1967 WHAT DO YOU DO NOW AND ARE PLANNING FOR THE FUTURE: Brokerage Ownership & Real Estate Management WHAT IS A HOT TOPIC FOR YOUR CLIENTS: The difficult task of acquiring prop- erty and obtaining final ap- provals to begin construction CURRENT OVERVIEWOF THE 2015 RETAIL MAR- KET: Strong investment sales will prevail BRIEF FORECAST OF 2015/2016 RETAIL MAR- KET IN YOUR REGION: Slow but steady growth & more real estate investment opportunities MOST NOTABLE DEALS/ SALES OR LEASE TRANS- ACTION OF 2014/2015: CVS Berkley Heights, Walgreens, Cedar Lane, Teaneck, Wal- greens, Union City, Super Cellars, Ridgewood, LouCas & Brooklyn Boys Pizza & Deli, Edison WHERE DO YOU SEE THE RETAIL MARKET IN 5 YEARS: Modest growth & Re- surgence of the Neighborhood Shopping Center PERSON YOU MOST AD- MIRE CURRENTLY: Too many to name but if I had to choose one it would be Benja- min Netanyahu KEY TO YOUR SUCCESS: Excellent mentors, pay atten- tion to detail and understand the terms of each transaction IF YOUWERE FORCED TO CHOOSEANOTHERVOCA- TION WHAT WOULD IT BE? Builder/Developer ORGANIZATION/AFFILI- ATES: NAIOP, ICSC, REBNY, IOREBA FAMILY: Wife Susan, Sons
Building sound relationships on a solid foundation. Weiss Realty represents a broad range of private investors, retailers, property owners, and corporate clients providing: • Office, Industrial, Retail Leasing and Sales
• Commercial Real Estate Developent • Consulting and Property Managment • Investment Property Services
250 Moonachie Road, Moonachie, NJ 07074 p: 201.814.1800 f: 201.814.1811 jweiss@jweissrealty.com www.jweissrealty.com
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And partners with Billy Procida of Procida Funding EB Realty Management hires Steinberg of CBRE as retail representatives
HILADELPHIA, PA — CBRE, Inc. (CBRE) has been hired by EB Realty Management (EB Realty) as the retail repre- sentative for a series of devel- opments along North Broad St. Larry Steinberg, senior vice president with CBRE, will seek tenants for over 35,000 s/f of retail space within rede- velopment projects at The Di- vine Lorraine, The Met Opera House, The Studebaker Build- ing, and the Mural Lofts. This is part of a long-term revival plan for North Broad, helped in part by a $15 million grant from Philadelphia Parks and P
Recreation. “This is an exciting oppor- tunity for the City of Philadel- phia,” said Steinberg. “North Broad is poised for a retail revi- talization, and the investment by the City and the positive response from developers is a great indication of the bright days ahead for this corridor of the city.” EB Realty, under the direc- tion of founder Eric Blumen- feld , has been the most active developer investing in North Broad, successfully delivering residential and commercial de- velopment projects such as the mixed-use conversion of 640 N.
Colliers facilitates 10-year retail lease SCHNECKSVILLE, PA — Colliers International’s Allentown division recently facilitated a 2,388 s/f lease to Spark Orthodontics. Spark signed a long term lease at the former M & T Bank pad site in Kings Plaza at Schnecksville Shopping Center located on Rte. 873. Derek Zerfass, Senior vice president-Colliers Retail divi- sion, was the sole broker in this transaction. n “We hired CBRE because they share our vision for North Broad,” said Blumenfeld. “We believe a second Golden Age is unfolding here, and Larry Steinberg and his team can deliver exciting retail tenants to our projects.” n Stafford Smith Realty handles sale totaling $875k EAST ORANGE, NJ — Ray Smith , broker of Stafford Smith Realty in Shrewsbury, NJ announced the sale of the former Ace Hardware at 352 Central Ave. For $875,000. The 12,682 s/f building is on about 1 acre in the very busy downtown area of East Orange. The buyer, Jonathan Vogel, intends to redevelop the property for retail use. n The Goldstein Grp. represents Columbia Bank in3200 s/f lease PARAMUS, NJ — The Goldstein Group repre- sented both Columbia Bank and the owner in the leasing of a 3,200 s/f space at 110 Rte. 4 in Paramus. Principal, Neil Goldstein , and sales associ- ate, Greg Panayoti , were responsible for the deal. transactions. Representing the owner, The Goldstein Group handled the leasing of 3,820 s/f at 120 Rte. 22 in Springfield, NJ. presi- dent, Chuck Lanyard was re- sponsible for the transaction. n Broad which includes Marc Ve- tri’s popular Osteria restaurant on the ground floor and high- end apartments above. For this next phase of redevelop- ment ventures, EB Realty has partnered with Billy Procida of Procida Funding who has committed over $50 million to North Broad’s revival.
The Divine Lorraine
Real Estate Journal — Shopping Centers — June 26 - July 16, 2015 — 11A
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Silbert Realty & Management receives leasing assignment The S.Hekemian Group signs retail tenants for ES4 office building in Englewood, NJ E ground for ES4 on June 3 and has slated completion for first quarter 2016.
work-play environment,” said Hekemian. ES4 is the latest phase in the Engle- wood South neighborhood, a redevelopment of eight con- tiguous industrial properties, including a historic General Motors plant, the result of a collaboration between SHG and the City of Englewood. “One will be able to walk over, get your coffee, or crois- sant, or grab a sandwich or dinner or your pint of beer or glass of wine with co-workers or friends,” he said. “For a resident or office worker, other than having a grocery store, what better neighbor- hood amenity can you ask for?” Hekemian terms ES4 “the intersection of urban and sub- urban living, combining with nearby apartments to create more of an urban-type neigh- borhood with the conveniences of the suburbs, including di- rect highway access. ES4 will add energy to the street, with as many as 250 office workers on-site during the day and residents in the evening.” Leasing activity has also been brisk on the office com- ponent of ES4, the first new of- fice building to be constructed in Bergen County in more than five years. Of the 34,000 s/f of available office space, 17,000 s/f has been signed, with announcements to be made shortly, according to Hekemian. “We are also talk- ing to another potential high- end headquarter-type user for a 7,500 s/f space.” The leasing assignment for ES4, located at 10 Sterling Blvd., is being handled by Brian Silbert , president and CEO, and Wayne Kasbar , vice president, of Silbert Realty & Management of Millington, NJ. With tenant spaces featur- ing oversized ceiling heights and loft-like open-plan build- outs, “we are creating a high- end, boutique office building product that will address an unmet demand, or even create a demand that didn’t exist,” said Hekemian. “The high level of interest and pre- leasing of the property is a clear indication of that.” ES4 is situated less than five minutes from the George Washington Bridge and ac- cess to New York City, and is near the confluence of I-80, the NJ Turnpike/I-95, and Routes 4 and 17. n
NGLEWOOD, NJ — The S. Hekemian Group (SHG) has signed two leases for the re- tail component of the compa- ny’s under-construction ES4 office building in Englewood, announced senior managing director Peter Hekemian . Panera Bread and Anthony’s Coal Fired Pizza are set for ground-floor occupancy, ac- cording to Hekemian, and with another signing antici- pated shortly, the 46,000 s/f office building’s 10,000 s/f retail component will be fully leased. SHG officially broke
Both Panera Bread and An- thony’s Coal Fired Pizza will operate their prototype stores at ES4, with the latter offer- ing a full bar. “We obtained a liquor license for ES4, which we have transferred over to Anthony’s,” said Hekemian. “Panera and Anthony’s, as well as another soon-to- be-announced foodservice tenant, will have a positive impact on the neighborhood, and ES4, when complet- ed, will provide a full live-
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644-658 Godwin Ave. purchased by Accordia Realty Ventures of Fairfield, NJ Ripco Real Estate announces Godwin Plaza to undergo major renovation & repositioning
NAI Hanson secures tenant for 6,000 s/f flex space in Westwood, NJ WESTWOOD, NJ — NAI James E. Hanson announced the successful leasing of 6,000 s/f, at 701 Broadway in West- wood, to a franchisee of Pulse Fitness. Sales associate Jill Gordon, of NAI Hanson, marketed the space and managed the trans- action on behalf of the indus- trial property’s owner, Robert Risman. The space includes 12-foot ceilings, an interior in excellent condition, visible signage and 30 parking spots. Pulse will feature a juice bar, a full range of weights, state- of-the-art exercise equipment, private/ personal training and facilities for children’s fitness. The gym, which has strong lo- cal ties, will benefit from this central location in a corridor with almost no other national fitness brands. The site is located along Route 115 (Broadway) inWest- wood, between several Bergen County feeder roads, including Routes 502, 503 and 110. It is also situated in close proximity to the Garden State Parkway. “This is a location along a busy street in the middle of an area that has a huge customer base, but almost no national fitness brands,” Gordon said. “Pulse fills that void and the building is perfect for what it will offer.” n According to Jason Bogart , principal of Accordia, “Mid- land Park is a terrific com- munity. We see the demand for new retail space in the market. As such, we plan to make a major investment in the center and reposition it as The Shoppes at Godwin in order to best serve this need,” “We’ve hired Ripco to help us with our leasing because of M IDLAND PARK, NJ — Curtis Nas- sau of R ipco Real Estate , New Jersey’s leader in retail real estate announced that Godwin Plaza inMidland Park is to undergo a major renovation and repositioning beginning in the second half of this year. The center, located at 644-658 Godwin Ave., was purchased last year by Ac- cordia Realty Ventures of Fairfield, NJ with the inten- tion of transforming the aging center.
of the asset to contemporize the look and feel of it while keeping in mind the charm of the surrounding community to create The Shoppes at God- win,” said Bogart. Plans for the retail include a full façade renovation, including new storefronts, entryways, glass and signage. Space available ranges from approximately 800 to 7,000 s/f. Plans for the second floor include a similar, complete upgrade to the existing apartments. The parking lot will be resealed and restriped. Plans are to expand the parking from 100
to 120 spaces. Accordia will re-landscape the property and plans to add outdoor seating. Tenants will receive new “Va- nilla Box” spaces having, new HVAC, and electric. In effect, when complete, The Shoppes at Godwin will be an entirely new center. Along with Nassau, Alison Horbach andMike Rawlins are a part of the team spearhead- ing the assignment for Ripco. “The Shoppes at Godwin is well positioned to service the surrounding communities. There is a need for new retail space with good parking. n
644-658 Godwin Ave.
their deep market knowledge, breath of marketing resources and ability to reach retailers, said Sarah Loudon, director of marketing for Accordia.
Godwin Plaza was built in 1960 as a 22,000 s/f mixed-use (retail/residential and office) project. “We plan to work within the existing framework
R etail B rokerage D irectory
Weiss Realty 250 Moonachie Rd. • Moonachie, NJ 07074 P: 201-814-1800 F: 201-814-1811 jweiss@jweissrealty.com Jaime M. Weiss • Matthew B. Weiss
Colliers Int’l. – Philadelphia, PA (HQ) Ten Penn Center 1801 Market Street, Suite 550 Philadelphia, PA 19103 P: 215-925-4600 F: 215-925-1040 www.colliers.com/philadelphia Michael Barmash • Despina Belsemes Josh Goldfine • Michael Kahan Todd Sussman Colliers Int’l. – Allentown, PA 7535 Windsor Dr., Ste. 208 Allentown, PA 18195 P: 610-770-3600 F: 610-770-3100 Derek Zerfass • Scott Horner Colliers Int’l.– Harrisburg, PA 300 N. Second St., Ste. 1203 Harrisburg, PA 17101 P: 717-730-3752 F: 717-238-3299 William Aiello • Larry Kostelac George Lulos Colliers Int’l. – Mount Laurel, NJ 1317 Route 73, Ste. 109 Mt. Laurel, NJ 08054 P: 856-234-9300 F: 856-222-1115 Colliers Int’l. – Wilmington, DE 300 Delaware Avenue, Suite 1014 Wilmington, DE 19801 P: 302-425-4000 F: 302-425-4700 Mark Undorf
Jeffery Realty 116 Rte. 22 • North Plainfield NJ 07060 P:908-668-9600 F:908-668-5225 www.jefferyrealty.com Bruce Jeffery • Brian Battista Steve Battista • Augie Caruso Patrick Delaney • Bill Farkas Joseph Hydro • Jeffrey Katz Adam Kushins • Anthony Nataline Mark Schmidt • Michael Testa • Alan Walker
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Silbert Realty & Management Company 85A Division Ave. • Millington, NJ 07946 P: 908-604-6900 F: 908-604-2030 info@silbertrealestate.com www.silbertrealestate.com Brian S. Silbert • Joel Tomlinson Wayne Kasbar • David A. Greenman William Ray • Louis Novick
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C ommercial R eal E state O rganizations ’ E vents C alendar JUNE 26 – CIANJ Event: Healthcare Roundtable Time: 9:00 AM – 11:00 AM Location: Holy Name Medical Center Address/City: 718 Teaneck Rd., Teaneck, NJ Cost: $55 Members $85 Nonmembers P: 201-368-2100 www.cianj.org JULY 11 – ALFRED SANZARI ENTERPRISES Event: Summer Open House at the Nottingham Manor Time: Noon – 6:00 PM Location: Nottingham Manor Address/City: 1-186 Nottingham Court, Montvale P: 201-741-2333 E: shadrinalockhart@sanzari.com www.sanzari.com
JULY 25 – ALFRED SANZARI ENTERPRISES Event: Summer Open House at the Nottingham Manor Time: Noon – 6:00 PM Location: Nottingham Manor Address/City: 1-186 Nottingham Court, Montvale P: 201-741-2333 E: shadrinalockhart@sanzari.com www.sanzari.com JULY 26 – ALFRED SANZARI ENTERPRISES Event: Summer Open House at the Ivanhoe Time: 11:00 AM – 6:00 PM Location: The Ivanhoe Address/City: 130 Overlook Ave, Hackensack P: 201-741-2333 E: shadrinalockhart@sanzari.com Event: EBC Roundtable Time: 8:00 AM – 9:30 AM Location: PSEG Training & Development Center Address/City: 234 Pierson Ave., Edison, NJ Cost: Members Free/$80 Nonmembers www.cianj.org JULY 30 – NJAA Event: Future Leaders Mixer Time: 6:00 PM – 8:00 PM Location: Shannon Rose Address/City: 855 St. Georges Ave, Avenel, NJ P: 732-992-0610 E: christine@njaa.com www.njaa.com JULY 31 – CREW LEHIGH VALLEY Event: 2015 CREW Fun Night at the Iron Pigs! Time: 6:05 PM Location: Coca Cola Park Address/City: 1050 Iron Pigs Way, Allentown, PA Cost: $40 Members Only www.crewlehighvalley.org AUGUST 8 – ALFRED SANZARI ENTERPRISES Event: Summer Open House at the Nottingham Manor Time: Noon – 6:00 PM Location: Nottingham Manor Address/City: 1-186 Nottingham Court, Montvale P: 201-741-2333 E: shadrinalockhart@sanzari.com www.sanzari.com AUGUST 9 – ALFRED SANZARI ENTERPRISES Event: Summer Open House at the Ivanhoe Time: 11:00 AM – 6:00 PM Location: The Ivanhoe Address/City: 130 Overlook Ave, Hackensack P: 201-741-2333 E: shadrinalockhart@sanzari.com www.sanzari.com AUGUST 20 – CREW PITTSBURGH Event: Connect With CREW Time: 5:00 PM – 7:00 PM Location: Six Penn Kitchen Address/City: 146 6th Street, Pittsburgh, PA P: 412-512-1330 E: jjarosz@century-realty.com www.crewpittsburgh.org AUGUST 22 – ALFRED SANZARI ENTERPRISES Event: Summer Open House at the Nottingham Manor Time: Noon – 6:00 PM Location: Nottingham Manor Address/City: 1-186 Nottingham Court, Montvale P: 201-741-2333 E: shadrinalockhart@sanzari.com www.sanzari.com www.sanzari.com JULY 29 – CIANJ
JUNE 26 – CREW PITTSBURGH & NAIOP Event: 7th Annual Sporting Clays Shoot Time: 11:00 AM Location: Seven Springs Mountain Resort Sporting Clays Complex Address/City: 777 Waterwheel Dr., Seven Springs, PA E: admin@crewpittsburgh.org www.crewpittsburgh.org JUNE 29 – CIRC DE Event: Annual Golf Outing Time: 11:00 AM – 7:00 PM Location: Hartefeld National Golf Course Address/City: One Hartefeld Dr., Avondale, PA P: 302-633-1705 E: janet@circdelaware.org www.circdelaware.org JUNE 30 – MIDATLANTIC REAL ESTATE JOURNAL Event: New Jersey Commercial Real Estate Fore- cast Summit Time: 7:30 AM – 12:00 PM Location: Sheraton Parsippany Hotel Address/City: 199 Smith Rd., Parsippany, NJ P: 781-871-3456 E: lchristman@marejournal.com www.marejournal.com JULY 1 – CREW PITTSBURGH Event: Lunch and Learn (Members Only) Time: 11:45 AM – 1:15 PM Location: Babst Calland Address/City: Two Gateway Center, Pittsburgh, PA E: admin@crewpittsburgh.org www.crewpittsburgh.org Location: Hyde Park Lot (under the bridge) Cost: $60 *includes Game, Pirates Cap, Food, Beverages, & Fun! P: 412-261-2328 www.bomapittsburgh.org JULY 8 – CREW LEHIGH VALLEY Event: Dine-A-Round Time: 6:00 PM – 8:00 PM Location: Limeport Inn Address/City: 1505 Limeport Pike, Limeport, PA Event: Special Town Meeting on TRID To Answer Your Critical Concerns As August 1st Approaches Time: 9:00 AM – 1:00 PM Location: Crowne Plaza Hotel Address/City: 390 Forsgate Drive, Jamesburg, NJ E: info@njamb.org www.njamb.org JULY 10 – NAWBO DE Event: First Friday: Tapping into the Power of Our Unique Value and Self-Worth Time: 9:00 AM – 10:30 AM Location: Delaware Center for Conscious Living Address/City: 1813 Marsh Rd., Wilmington, DE E: info@nawbodelaware.org www.nawbodelaware.org Cost: $30 Members Only www.crewlehighvalley.org JULY 9 – NJAMB JULY 8 – BOMA PITTSBURGH Event: Annual Pirates Tailgate!! Time: 4:30 PM
JULY 12 – ALFRED SANZARI ENTERPRISES Event: Summer Open House at the Ivanhoe Time: 11:00 AM – 6:00 PM Location: The Ivanhoe Address/City: 130 Overlook Ave, Hackensack P: 201-741-2333 E: shadrinalockhart@sanzari.com www.sanzari.com JULY 14 – IREM NJ Event: iyp Event - Laughs & Leadership Time: 6:00 PM – 9:00 PM Location: Stress Factory Comedy Club Address/City: 90 Church St., New Brunswick, NJ P: 856-303-0190 E: irem1@comcast.net www.irem1.org JULY 15 – CREW PHILADELPHIA & NAIOP Event: CREWPhiladelphia vs NAIOP Softball Game Time: 5:00 PM – 8:00 PM Location: Navy Yard Address/City: 4747 South Broad Street (@ Intrepid Avenue), Philadelphia Cost: Free www.crewphiladelphia.org JULY 16 – USGBC CENTRAL PA Event: Chapter Cookout & Canoe Trip Time: 12:00 PM – 5:00 PM Location: Fort Hunter Mansion and Park Address/City: 5300 North Front St., Harrisburg, PA www.usgbc-centralpa.org JULY 21 – CREW BALTIMORE Event: Happy Hour & Virtual Construction Tour in Columbia Time: 5:00 PM – 7:00 PM Location: The Metropolitan Downtown Columbia Address/City: 10000 Town Center Ave., Columbia, MD Cost: $30 Members $45 Nonmembers P: 785-832-1808 E: crewbaltimore@crewnetwork.org www.crewbaltimore.org JULY 21 – CREW NJ Event: Paint & Sip Summer Networking Event Time: 5:00 PM Location: Pinot’s Palette Address/City: 96 Summit Ave., Summit, NJ P: 609-585-6871 E: crewnj@crewnj.org www.crewnj.org JULY 21 – CREW PHILADELPHIA Event: Gals on the Green Golf Outing Time: 3:00 PM – 7:00 PM Location: Whitemarsh Country Club Address/City: 815 Thomas Rd., Lafayette Hill, PA Cost: $59 Members $79 Nonmembers www.crewphiladelphia.org JULY 22 – SIOR PHILADELPHIA Event: Annual Business Meeting Time: 4:30 PM Location: Creed’s Seafood & Steaks Address/City: 499 N. Gulph Rd., King of Prussia, PA P: 717-731-4527 www.siorphila.com
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