2A — June 26 - July 16, 2015 — M id A tlantic
Real Estate Journal
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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
M id A tlantic Real Estate Journal
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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