Real Estate Journal — Shopping Centers — ICSC Mid-Atlantic Conference & Deal Making — February 26 - March 10, 2016 — 5A
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Hill Management Services unveils plans for new SC
Including five assets, known as Restaurant Row Marcus &Millichap ink sale of retail portfolio in Pennsylvania
HILADELPHIA, PA — Marcus & Millichap has arranged the sale of a portfolio of retail assets that includes nine buildings in the Philadelphia metropolitan area. The portfolio features the Quarry Crossings shopping center in Downingtown, and five other assets, known as “Restaurant Row,” located in Trevose. The properties were offered separately and as a portfolio to provide flexibil- ity in the marketing process, which focused on private and institutional buyers. The pur- chaser acquired the assets in a single transaction that closed in late January 2016. “In two weeks we produced more than 10 offers for the portfolio and even more for the individual assets,” said Derrick Dougherty , senior associate in Marcus & Mil- lichap’s Philadelphia office. “Ultimately, our tactical mar- keting plan and broad market reach produced a winning bid that realized the seller’s desire for the assets to trade as a portfolio and achieve top-of- the-market value.” Dougherty, along with Dean Zang and Mark Taylor , both senior vice presidents invest- ments in the firm’s Washing- ton, D.C. and Philadelphia of- fices, respectively, represented the seller, an entity related to Penguin Real Estate Investors. The team of senior agents also procured the buyer, Para- mount Realty of Lakewood, N.J., which has been active in the Pennsylvania market. Brenton Baskin , regional manager of Marcus & Mil- lichap’s Philadelphia office, is the firm’s broker of record in Pennsylvania. The terms of the sale were not released, how- ever, the asking price for the enitre portfolio was in excess of $33 million. Quarry Crossings, anchored by LA Fitness, consists of mul- tiple tenants, including Buffalo Wild Wings, Olive Garden, AAA Mid-Atlantic, and an undeveloped retail pad. “The undeveloped pad pro- vided a value-add opportu- nity,” notes Zang. “Through our collaborative, nationwide platform, we were able to use this opportunity to attract local, regional, and national buyers.” Restaurant Row is a group of properties that serves as an outparcel to the area’s Walmart Supercenter, Lowe’s and part of the greater prop- P
Maggiano’s Little Italy
continues to occur at Metro Centre at Owings Mills and The View at Mill Run apart- ments, which are both located in the immediate vicinity. Ow- ings Mills New Town is also less than two miles away,” said Danielle Beyrodt , VP of Hill Management Services. “This site is also benefitted by its position at the intersection of Dolfield Boulevard.” n
OwingsMills, MD— Hill Management Services, Inc. has unveiled plans for Red Run Station, a new 10,368 s/f retail center positioned on 11050 Red Run Blvd. in the Owings Mills section of Baltimore County. “Our research shows this section of Baltimore County as an emerging retail corri- dor, especially considering the strong residential activity that
Quarry Crossings
erty initially developed by O’Neill Properties called Ho- rizon Corporate Center. The portfolio includes Cracker Barrel, Wendy’s, Red Robin,
Bertucci’s and Wells Fargo. “It’s rare that we find a tenant mix this strong in a core market trade,” concludes Dougherty. n
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