2C — December 22, 2017 - January 11, 2018 — The Year in Review 2017 — M id A tlantic
Real Estate Journal
www.marejournal.com
Oliver Tyrone Pulver Corporation plans new office tower in NYC Bridge Development sells 263,415 s/f industrial building in Union, NJ for $46.5 million Binswagner’s Panczykowski brokers sale of 435,000 s/f industrial building in NY Treitel of Meridian Capital Group arranges $28.8 million in financing for apartment acquisition A10 Capital funds $27 million bridge loan on retail/multifamily property Colliers Int’l.’s Capital Markets Team led by Banas &Wood complete $12MM in financing Carroll of Grandbridge Real Estate Capital finances Virginia multi-tenant office property Feinberg Real Estate Advisors represents 3801 Paxton Equities, LLC in $6.7 million purchase Philly’s population growth & citywide employment gains lay groundwork for greater multi-family demand Hinerfeld Comm’l. Real Estate brokers the sale of Historic Samter Building in downtown Scranton American Real Estate Partners has repositioned four- building corporate park in just 18 months Colliers International facilitates $4.2 million sale of 114,000 s/f former Hill-Rom facility JANUARY 13 - 26, 2017
Year in Review 2017
By Richard Birdoff, RD Management Adapting to changes in retail: Looking backon 2017 highlights
T
he idea of a “retail apoc- alypse” took off this year, and while many
Retail is changing, and with many brick-and-mortar retail store closings, especially in
hospitality, self-storage, senior/ student housing, industrial, and government asset classes.
ag r e e t ha t the demi se of retail is exaggerated, there is no denying that e-commerce is continuing t o d i s r up t physical store
As retail continues to evolve each year, it is our job to adapt to the changes and see them as opportunities to expand upon our assets.
secondary markets, it is criti- cal that shopping center own- ers rethink their asset class structure. In recent years we have further diversified our once- retail heavy portfolio to include mixed-use, office, residential,
We have also completed three dispositions with the sales proceeds being reinvested into property types beyond retail in more densely-populated areas. RD Management has moved forward on three major de- velopments in the non-retail space in the Northeast region. In Bridgewater, NJ, we de- veloped a 133-room Hampton Inn & Suites in partnership with XSS Hotels. We acquired a 280,000 s/f, class A office property in Tarrytown, NY alongside GHP Office Realty and other private investors. Lastly, we signed Virtua Medi- cal Group and announced the addition of 338 luxury rental apartments to The Shoppes and Residences at Renaissance Square, a mixed-use center in Marlton, NJ. Another project in the works for RD Management and Ekstein Development Group, a partner of ours on several residential and mixed-use properties throughout New York and New Jersey, is a 200,000 s/f developable build- ing for residential dorms in Long Island City, NY. The $80 million development will offer 250 dormitory units to be leased to local universities, with construction starting in mid-2018. As retail continues to evolve each year, it is our job to adapt to the changes and see them as opportunities to expand upon our assets. Though we will continue to operate our core retail properties in major markets throughout the coun- try, we will also take a critical look at those in secondary and tertiary cities that may not be performing as expected. We see value in strategically diversifying, and look forward to growing and strengthening our portfolio as a result. RD Management owns 62 retail, mixed-use, vacant land, office, hospitality, and storage properties in the Northeast and has more than 150 prop- erties in its national portfolio. Richard Birdoff is prin- cipal and president of RD Management. n
Richard Birdoff
sales. According to the ICSC Research Team and PNC Real Estate Research, almost 20,000 cumulative store closings oc- curred in 2017 compared to a little over 15,000 openings.
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