Real Estate Journal — Shopping Centers — ICSC PA/NJ/DE Conference & Deal Making — August 28 - September 10, 2015 — 13C
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KLNB Retail markets 135,000 s/f Dover Towne Center in Dover, DE KLNB Retail brokers sale of 75,527 s/f Ballenger Creek Plaza for $9.5 million
REDERICK, MD — KLNB Retail has bro- kered the sale of Bal- lenger Creek Plaza, a 75,527 s/f shopping center located at 5830 Ballenger Creek Plaza in Frederick, MD for $9.5 mil- lion to UC Parcel P-1, LLC. The KLNB Retail investment sales team, consisting of Andy Stape , Mat Adler and Vito Lupo represented the seller, Cohen Equities in this trans- action. Cohen Equities, upon pur- chase of Ballenger Creek Plaza in 2013, selected KLNB Retail to oversee all marketing and leasing activities for the proj- ect which was approximately 29% occupied at the time. Paragon Commercial Prop- erty Management, the prop- erty management division of KLNB, LLC , was also chosen to handle all asset and prop- erty management functions. Over the course of two years, Phil Ruxton and Ryan Min- nehan of KLNB Retail bro- kered three deals representing nearly 54,000 s/f of space and more than 71% of the center, were completed at Ballenger Creek Plaza. This included the signing of Wolf Furniture Outlet as an anchor tenant, (40,484 s/f), Dollar General, (8,450 s/f) and Anytime Fit- ness, (4,933 s/f). Ballenger Creek Plaza is situated near the intersection of Ballenger Creek Pike (MD Rte. 180) and Crestwood Blvd. and is within close proxim- ity to I-270 in the southern portion of Frederick. Nearly 60,000 people reside within a three-mile radius of the center, with an average household income approaching $80,000. DOVER, DE —Work is un- derway on the transformation of the former 135,000 Wal- Mart retail building, situated at the intersection of USRte.13 (North Dupont Highway) and KW Blvd. in Dover, Delaware, into the multi-tenanted Dover Towne Center. The project is being undertaken by The Onix Group, headquartered in Kenneth Square, Pennsylva- nia and Birchwood Capital Partners , based in Baltimore, MD. KLNBRetail is handling all marketing and leasing activities. The development and prop- erty improvement strategy calls for the demolition of ap- proximately one-third of the existing structure, the retro-fit F
of the remaining facade to add new store fronts, the division of the building into separate store areas and the addi- tion of an expanded parking field. All construction work is expected to be completed in early 2016 with the new tenant roster starting to open in the spring. Five tenants, representing nearly 100,000 s/f of space (75% of the available space) have signed leases at Dover Towne Center. Approximate- ly 25,000 s/f of retail space is still available for lease in the main section.
“This area remains among the most highly-desirable retail sections of the Dover, Delaware sub-market, as evidenced by the nearby Do- ver Mall, power centers and major big-box retailers,” said Kevin Barrett , principal of KLNB Retail. “National retailers are attracted to the strong daytime demographic population, the existence of a major highway network and the presence of the Do- ver International Speedway, which significantly elevates consumer opportunities dur- ing event dates.” n
Ballenger Creek Plaza
Available Office Space
FOR LEASE! Suites available ranging from 3,000 sf up to 26,000 sf in a totally renovated Class A office bldg in office park location, ample parking, less than 1 mile from Rt 22 with easy access to Rt 309 & PA Turnpike 476 1550 Pond Road, Allentown
5250FreemansburgAve,Bethlehem 2040 Avenue C, Bethlehem
FOR LEASE! 15,000-32,000 sf suites in a single story Class A office/flex bldg; Ample parking and flexible floor plans; Centrally located in the Lehigh Valley; Easy access to Routes 22, I-78, 33, 512 and 145 ! f i av ilable in Class A office/fl x bldg, ample arking and flexibl floor plans, centrally located in the i ll , e
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FOR LEASE! Entire 7th flr available, 3,976 sf in 10 story Class B office bldg in the heart of downtown, neighbors to the new hockey arena, Lehigh County Government Center & various amenities nearby, $8.50/sf + electric 638 Hamilton Street, Allentown
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FOR LEASE! FULLY BUILT OUT MEDICAL SUITES! Sizes ranging from 1,979-3,140 sf, ample parking, handicap accessibility, adjacent to Luther Crest Retirement Village, easy access to I-78/309 & PA Turnpike 476 798 Hausman Road, Allentown
FOR LEASE! 3,500 up to 7,000 sf subdividable space available in a two story, multiple tenant Class A office building, ample parking, three lane drive thru, excellent visibility, directly on busy Rt 512 with over 24,000 VPD 4510BathPike (Rt 512), Bethlehem
FOR SALE OR LEASE! 2,910 sf two story medical office building with waiting room, reception area, kitchen and multiple private rooms, excellent demographics, right off Freemansburg Ave, minutes to Route 33 3844 Linden St, Bethlehem
FOR LEASE! AGGRESSIVE RATES! High visibility from Route 512 with easy access to Routes 512, 22, 33 and 378, close to LV International Airport, area amenities include restaurants, retail and more 95 Highland Avenue, Bethlehem
CONTACT NAI SUMMIT | 610.264.0200 | 3435 WINCHESTER RD., SUITE 300, ALLENTOWN, PA 18104 | WWW.NAISUMMIT.COM RETAIL • OFFICE • MEDICAL • INDUSTRIAL • MIXED USE • LAND • INVESTMENT
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