S hopping C enters ICSC PA/NJ/DE C onference & D eal M aking E dition Four individual loans located in Jersey City, Brick, and Neptune, NJ, and Cobleskill, NY Cronheim secures $26.9 million on behalf of National Realty & Development Corp. J www.marejournal.com M id A tlantic Real Estate Journal — Shopping Centers — Section C ERSEY CITY, NJ — Andrew Stewart, Dev Morris , and Allison Moravec have secured
HI-LIGHTS AUGUST 28 - SEPT. 10, 2015 Gerard Construction announces a 68,000 s / f c on s t r u c t i on project in Howell, NJ The first loan was struc- tured for Old Colony Square shopping center in Jersey City, for the borrower, Grand $26.9 million in financing for four individual loans located in Jersey , Brick, and Nep- tune, NJ, and Cobleskill, NY. Each loan was structured on a 10/30 basis for affiliated en- tities of NY-based National Realty & Development Corp.
Old Colony Square
ROXBURY, NJ — A joint venture that includes Ad- vance Realty, DeBartolo Development and Invesco announced that it has ac- quired the Ledgewood Mall in Roxbury. “The Ledgewood Mall has been a valuable asset for our town since its construction more than 40 years ago,” said Roxbury Mayor Jim Rilee. “I’m excited by the prospects for the property under its new ownership, and look forward to working closely with this partnership.” Built in 1972, the Ledgewood Mall sits on approximately 46 acres and is comprised of three one-story buildings. The property consists of a 445,000 s/f enclosed mall set at the rear of the site, a 60,000 s/f outbuilding and a smaller 12,000 s/f outbuilding, totaling 517,000 s/f. Its location di- St. Realty, LLC. The subject is a 100,073 s/f retail property located along Grand St. in the historic Van Vorst Park neighborhood of Jersey City. It is anchored by Pathmark and features an array of ten- ants such as DaVita Dialysis, Jersey City Medical Center, Advance Auto Parts, Dunkin' Donuts, McDonald's, and JPMorgan Chase. The center is comprised of three primary retail buildings and three out- parcel buildings arranged in an "L-shaped" configuration. The second financing was arranged for Lions Head Of- fice Park in Brick, NJ. The
property consists of 13 in- dividual office buildings ar- ranged in a campus-style setting upon a 9.06-acre site. The improvements, which en- compass 64,500 s/f, were con- structed from 1985 to 1992 by the borrower, LHOP Holdings, L.P. The property is currently leased to over 20 office ten- ants, many of whom have been in occupancy for over 20 years. In Neptune, NJ, financ- ing was structured for two Walmart shadow-anchored pad sites currently ground leased to a 3,400 s/f Arby's and a 5,700 s/f Ruby Tuesday. The borrowing entity was Red
Baron Property Resources Limited Partnership. Situated west of the subject in the community of Tinton Falls, the Jersey Shore Pre- mium Outlets have been able to generate a large amount of traffic into the area since its opening in 2008. The Jersey Shore Premium Outlets are occupied by a unique mix of 120 retailers. The growth and evolution of the surround- ing area is shown through the emergence of new and innovative retail locations positioned near the subject property. The population within a five mile radius is
146,616. The final financing was ar- ranged for a Walmart shad- ow-anchored retail center which is owned by C.P. Plaza Limited Partnership and lo- cated in Cobleskill, NY. The subject property is a 24,500 s/f, freestanding in-line retail shopping center which is part of a greater community shop- ping center. The subject was construct- ed in 1995 and is located at the traffic lit intersection of State Rte. 7/SR-145 and Borst Noble Rd. in Cobleskill, NY. SR-7/145 has a traffic count of 13,300 vehicles per day. n the property and ensure its future.” Edward Kobel , president and COO of DeBartolo Devel- opment added: “Morris Coun- ty offers one of the Northeast- ern U.S.’s best retail profiles. The area’s demographic mix and infrastructure of well- maintained roadways make it an ideal corridor for retail ac- tivity. This represents a great opportunity to deliver a first- rate shopping experience for the people of Morris County and neighboring towns.” Managing director and principal of Advance Realty, Christopher Bellapianta , led the transaction on behalf of the joint venture. The team of Michael Testa , William Farkas and Shane Wierks of Jef- frey Realty has been re- tained as the leasing agent for the property. n
Testa, Farkas &Wierks of Jeffrey Realty has been retained as the leasing agent Advance Realty, DeBartolo Development & Invesco partnership acquires Ledgewood Mall
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Target Building Construction
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Ledgewood Mall site plan
rectly fronting Route 10 offers high visibility for retailers and convenient access to key New Jersey roadways. With 2,100 spaces, it also offers abundant parking. “The mall’s ideal location on a large parcel of land within the heart of Morris County
presented us with a compel- ling opportunity to acquire a property that is an important part of the area’s retail sec- tor,” said Peter Cocoziello , president of Advance Realty. “We look forward to working with our JV partners and the town of Roxbury to modernize
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