14C — August 28 - September 10, 2015 — ICSC PA/NJ/DE Conference & Deal Making — Shopping Centers — M id A tlantic
Real Estate Journal www.marejournal.com
S hopping C enters
UMONT, NJ — The Kislak Company, Inc. announced the Provident Bank handles financing for 24,645 s/f Kislak’s Bortz completes $5.025m retail center sale D
10,737 s/f store to be built in Teaneck, NJ Win Development to begin construction of Walgreens
Rd. in Linden, NJ. This tenant will join the 700,000 s/f power center. Shane Wierks and Joe Hydro completed a deal with Honor Yoga (1,500 s/f), Max Fitness (1,500 s/f), and DaVita (7,500 s/f) at New Center Vil- lage on Triangle Rd. in Hills- borough, NJ. The completion of these deals leaves only 1,100 s/f available in this revital- ized center. n According to Rich Good- man , Target Building Con- struction president, these projects represent a healthy environment for the retail and healthcare sectors alike. “Retail operations and health- care delivery are evolving. As healthcare has become more consumer-oriented, location, access, visibility and customer service are paramount to serv- ing today’s active families.” William Stevenson is the director of business devel- opment at Target Building Construction. n the design team of Ewing Cole , and the facilities staff of The Children’s Hospital of Philadelphia. The Specialty & Surgery Care Center, Brandy- wine Valley, provides access to new services including Ambulatory Surgery, Gen- eral Surgery, Ophthalmology, Orthopedics, Otolaryngology (ENT), Radiology, Urology and Urgent Care. Plans were drawn to ad- dress safety concerns for the thousands of pedestrians that visit the area. Weiss contin- ues, “The ingress and egress from the site will minimize traffic impacts and main- tain the safety and walk- ability of Cedar Lane, an important consideration as Teaneck’s central business district continues to recover its vibrancy.” n Alma Terr., at the rear of the property. “Weiss Realty saw this as a great opportunity for Wal- greens to reenter the Te- aneck’s Cedar Lane,” said Jaime Weiss , president of Weiss Realty Co. Inc. , the broker who arranged the transaction on behalf of Win Development. “Walgreens adds an important asset to Teaneck’s central business district, and it introduces a new use on a site that has been underutilized for many years.”
NEW JERSEY — Notable deals for Jeffery Realty in July 2015 include: Bill Farkas completed a deal with Scrubs & Beyond in 3,035 s/f at Abill Plaza in Totowa, NJ. This was a relo- cation from the Willowbrook Mall. Shane Wierks and Augie Caruso completed a deal with Menchie’s (frozen yogurt) in 1,800 s/f at 601 - 901 W Edgar Children’s Hospital Of Philadelphia — The Spe- cialty & Surgery Care Cen- ter, Brandywine Valley: Im- mediately adjacent to two major retail centers in Glen Mills, this 44,000 s/f facility launches a new practice for The Children’s Hospital of Philadelphia. Target Build- ing Construction provided construction management services in coordination with TEANECK, NJ — Win Development, LL C has sub- mitted construction and engi- neering plans to the City of Teaneck and Bergen County for final building plan ap- proval for a new Walgreens. All governmental approv- als are expected the begin- ning of September with Win Development closing on the purchase of the property by mid- September. Demolition of the existing structures and construction of the new Wal- greens will begin immediately upon purchase of the property. The developer assembled the three properties formerly occupied by a gas station at 520 Cedar Lane and several defunct stores and restau- rants including Louie’s Char- coal Pit on lots adjacent to the station, to make room for the 10,737 s/f drug store and pharmacy. It is expected to open summer 2016 featuring onsite parking spaces with exits on both Cedar Lane and Health System is underway. Pep Boys Superstore, King of Prussia, PA: In assisting the growth of a Pep Boys in its home market, Sargenti Architects and Target Build- ing Construction completed ground-up construction for a new automotive Superstore nearby to the King of Prussia Mall. Completed in a 20-week schedule, the 14,500 s/f build- ing combines retail operations with six automotive service bays.
recent sale of Presidents' Square Mall l ocat ed at 125 Wash- ington Ave., Dumont for $5.025 mil- l i o n . T h e retail cen- ter includes
Janet Bortz
24,645 s/f in Bergen County. Vice president Janet Bortz represented both parties in the transaction. The two-story all brick build- ing includes high ceilings, an elevator and both retail and office spaces. It is situated on a heavily traveled corner of Washington andMadison Ave. and offers on-site parking. The seller engaged Kis- lak on an exclusive basis to market and sell the property. The buyer was interested in acquiring a retail property to diversify his portfolio of pri- marily multifamily and office properties. Since the buyer was also doing a Section 1031 like-kind exchange, careful planning went into the identi- fication of possible properties. PHILADELPHIA, PA — Metro Commercial , the region’s leading full-service retail real estate firm, an- nounced that it has brokered a 7,000 s/f lease for iconic Ruth’s Chris steakhouse. Lars Kerstein and Philip Azarik of Metro Commercial represented Ruth’s Chris in the transaction. After 28 years on South Broad St., Ruth’s Chris will be closing their doors and reopening with a brand new address, image and vibe in the Sonesta Hotel at 18th and Market. The 50 year-old brand originating in New Or- leans, is keeping up with the changing restaurant climate and creating a more modern atmosphere while maintaining some original elements that make Ruth’s Chris one of the most suc- cessful steakhouses in the country. The new space at the Sonesta will allowRuth’s Chris to take advantage of the vibrant Market Street corridor and close proximity
125 Washington Ave.
"Bergen County is a very de- sirable retail market with pop- ulation density and upscale demographics. Having strong tenants such as Hackensack Hospital, Kessler, Allstate, and Dunkin’ Donuts with long-term leases and strong rents made the property at- tractive. This stable and well managed property was a good fit for the exchange buyer," said Bortz. The property was 97% occu- pied at closing. Financing was handled through Provident Bank. Bortz joined Kislak in 2002
and specializes in the sale of investment properties in- cluding multifamily, retail, office and industrial assets throughout the Hudson Valley and northern New Jersey. Her understanding of investment real estate transactions, im- portant local market trends, employment, demographics, regulations and area com- petition has earned her a reputation as a valued and relied-upon resource. Bortz’s recent sales total more than $50 million and include over 500 multifamily units in New York and New Jersey. n
continued from page 6C Growth in a changing retail. . .
Metro Commercial brokers historic relocation for Ruth’s Chris Steakhouse restaurant
Ruth’s Chris stock photo
Jeffery Realty announces transactions
18th and Market
to Rittenhouse Square, as well as al fresco dining on 18th St. Ch e f / own e r , Ma r s ha Brown, said, “Our relocation to the Sonesta at 18th and Market is the clear direction to the future. We will WOW
our guests with the design and menu, taking them to new heights of pleasure in the sizzling steak house experience. Ruth’s Chris is excited about this opportu- nity, and we look forward to opening early Spring.” n
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