Real Estate Journal — The Year in Review 2017 — December 22, 2017 - January 11, 2018 — 5C
M id A tlantic
Global One Investments & Nelson Mgmt. Group launch fund targeting $450M Gebroe-Hammer closes two nine-digit North Jersey multi- family sales in one week Boston Properties and Rudin Development close on $250M construction financing for 675,000 s/f project Meridian Capital Group’s NJ o ffice announces seven recent loan closings totaling $40.3 million NorthMarq Capital negotiates $78.8M refinance of 768-unit Blair Mill Village East in Horsham, PA Breslin Realty announces a long term lease with Blink Fitness at Whitman Plaza KLNB Retail Investment Sales Group brokers $17M sale of Newberry Commons near Harrisburg London Life Reinsurance Co. signs lease to expand space at Keystone Property Group ’s VEVA 16 Novel Property Ventures purchase Nob Hill, in Roseland, NJ for $130 million Bussel, Sager and Blitt of Bussel Realty Corp. complete leases totaling 393,675 s/f of industrial space in Central NJ RosengartenRealty &Development finds buyer for property 24 hours after it’s listed for sale Remco Realty Group sells investment property for $850,000 Sax LLP marks 60 years of service to the New Jersey real estate industry FEBRUARY10 - 23, 2017
Year in Review 2017 By Sheldon Gross, Sheldon Gross Realty, Inc. Hot Trend for 2018: Mixed-use Villages
or several decades, ex- perts on societal and retail trends have pre-
for every facet of a developer’s plan. • In communities facing an affordable housing shortage – both for buyers and renters – a mixed-used village can be tremendously impactful. Given the huge footprint of shopping malls and their parking lots, new homes and apartments all can be erected. • Creating a mixed-use village is no one-size-fits-all affair. In some cases, the existing mall structure is utilized, while in other more ambitious devel- opment plans, the old mall is removed and building starts from scratch. • Because the vast parking lots
required by retail-only malls are far larger than what’s re- quired for a mixed-use villages, developers have the opportu- nity to create multiple green spaces, including parks, play- ing fields, and even walking trails. Certainly, this is a far more sustainable environment than the old shopping venue. • Redeveloped shopping malls frequently feature space for community events and mu- nicipal uses. One of the more popular such components is a concert or theater venue. • Particularly with larger mixed-use villages, corporate tenants may find themselves continued on page 12C
d i c t e d t h e d e m i s e o f the shopping mall. I reject this gloomy vision – in fact, I believe malls will be part of a very s i gn i f i c an t
commercial real estate trends during 2018. But, certainly not in the traditional way many people still envision shopping malls. Without a doubt, most of the sprawling retail palaces erected during the 1970s and 1980s are dying … many are already quite dead. Some projections indicate that 25 percent of those remaining will be gone within just five years. In their place, we’ll see acceleration of an already ongoing trend toward mixed-use villages, which feature combinations of residential, corporate, and en- tertainment space, along with some remaining retail, and often a hotel. They also provide entertainment space, which – combined with the afore- mentioned offerings – make them true local and regional destinations. This model for how the vast mall properties of the 20th century will be used as we approach the third decade of the 21st century actually repli- cates the most desirable – and often most pricey – or our ur- ban, downtown environments, which integrate places to live, work, shop, and recreate. It’s crucial to note that mixed-use village – sometimes referred to as urban villages – are not a vision of the future. On the contrary, successful examples exist throughout the country, and even more are currently in development. As we look ahead to more of these villages replacing dying malls, here are some things we’ve al- ready learned from the earliest examples: • In densely populated areas across the U.S., builders are often forced by space restraints to “build small” in terms both of structure size and unit num- bers. However, given the vast- ness of old shopping malls and their parking lots, this type of restriction is rarely an issue with mixed-use villages – and housing units can rise by the hundreds, not dozens. Gener- ally, there’s sufficient space
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