S hopping C enters
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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