R etail D evelopment R eimagined

M id A tlantic Real Estate Journal — Retail Development Reimagined —November 18 - December 22, 2022 — 19A


Nathanson represents seller and procures buyer of Colonial Commons Institutional Property Advisors brokers 410,432 s/f regional power center sale in Harrisburg PA H ARRISBURG, PA — Institutional Prop- erty Advisors (IPA) ,

pandemic and high demand for value retailers, includ- ing apparel and furniture, in rapid expansion over the past 12 to 18 months.” Nathanson represented the seller and pro- cured the buyer. Prasavi Inc. AEM Property Group was retained for property manage- ment and Bennett Williams for leasing. Built in 1989 and renovated in 2014, Colonial Commons is located on Rte. 22/Jonestown Rd., two miles east of the convergence of Interstates 81 and 83, two of the busiest interstates connecting the Washington, D.C./Baltimore area to New York City with av- erage traffic counts exceeding 200,000 cars per day. The retail plaza draws from a popula- tion of approximately 300,000 people with an average annual household income over $75,000 within a 10-mile radius. MAREJ two, 5-year renewal options remaining and 10% rental increases at the beginning of each option period. Addition- ally, Chase recently added a second ATM to the location. The Chase Bank Office Building is in an excellent location in downtown South Orange, surrounded by a mix of national and local retailers, businesses, and at- tractions drawing consumers to the area. The property is adjacent to a municipal park- ing lot and the quaint in-town Spiotta Park, a frequent cen- ter for town and community events. The property is situ- ated down the St. from the South Orange Train Station, with service to Penn Station in Midtown Manhattan. Horvath & Tremblay is one of the most active and successful investment real estate brokerage firms in the United States. Our ad- visors specialize in the sale of single tenant net-lease assets and retail shopping centers. MAREJ

a division of Marcus & Millichap , announced the sale of C o l o n i a l Commons, a 410,432 s/f retail shop- ping center in Harrisburg, Dauphin County.

Brad Nathanson

“One of the largest power centers serving the Eastern Shore of Harrisburg, Colo- nial Commons is anchored by industry-leading retailers including Hobby Lobby, Dick’s Sporting Goods, HomeGoods, Marshalls, Ross, Jo-Ann Fab- rics, Ulta, Old Navy, and slated for opening in 2023 – PetSmart,” said Brad Na- thanson , IPA senior manag-

Colonial Commons

ing director investments. “The synergistic co-tenancy among these retailers has contributed to its success in being one of the highest visited shop-

ping centers in all of Central Pennsylvania with over 3.3 million visits, according to Placer AI. At the time of the sale, occupancy was 98%,”

Nathanson added. “There has been tremendous power center investment velocity from investors given the retail sector’s resiliency through the

Lombardi and DiFranco of Horvath & Tremblay complete sale of three retail properties in New Jersey for $10.865M

of 13,692 s/f, which is significant - ly larger than the typical Advance Auto Parts footprint. As such,

Pkwy., Interstates 95 and 80 and NJ Rte. 4. Horvath & Tremblay’s Mi- chael Lombardi also facili- tated the sale of a Mr. Tire in Absecon. Horvath & Tremblay represented the seller to com- plete this transaction at a sale price of $1.225 million. Mr. Tire is located at 918 White Horse Pike. The proper- ty consists of a 5,100 s/f build- ing on a 0.80-acre parcel. Mr. Tire has 10+ years remaining on their lease with two, 5-year renewal options. The lease features a corporate guarantee from Monro Inc. and calls for attractive 10% rent increases in 2027 and at the start of each renewal option. Mr. Tire is well located along White Horse Pike (US Rte. 30), the primary commercial and. The property benefits from outstanding frontage, visibil- ity and two points of access along the heavily traveled Rd. The property is 0.8-miles from US Rte. 9 and 2.5-miles from the Garden State Pkwy. US Rte. 30 is one of two pri-

mary roadways leading into Atlantic City; the property is surrounded by national retail- ers and more than 15 hotels and motels within 3-miles of the property. Steven Schiavello, Pat- rick Gray and Lombardi of Horvath & Tremblay have successfully completed the sale of the Chase Bank Build- ing in South Orange. Horvath & Tremblay represented the seller and procured the buyer to complete the transaction at a sale price of $3.7 million. The Chase Bank Building is located at 18 South Orange Ave. in South Orange. The Chase Bank Office Building is a 100% occupied, mixed- use retail and office building of 10,000 s/f on a 0.09-acre parcel. Chase Bank is on the first floor and occupies 40% of the GLA, with Three Birds Yoga on the second floor, and Eventage Event Productions taking up the remainder of the second floor and the third floor. Chase has 2+ years remaining on their 20-year lease, with

NEW JERSEY — Michael Lombardi and Rob DiFranco of Horvath & Tremblay have

Advance Auto Parts subleas- es a portion of their space to Mavis Dis- count Tire. The Mavis space is per- fectly suited for the ten- ant and of-

successfully completed the sale of an Advance Auto Parts and Mavis in Bergenfield. Horvath & Tr emb l ay represented the seller to

Rob DiFranco

Michael Lombardi

fers six service bays, a small office, and a waiting area/show - room. Advance Auto Parts and Mavis are less than 1,000 feet from the signalized intersec- tion with S Washington St., the areas primary retail and commercial thoroughfare. The property enjoys out- standing visibility and access and is adjacent to a Lidl, and seconds from a Walgreens and the ALDI anchored Foster Village Shopping Center. The Property sees more than 26,900 vehicles per day and enjoys convenient access to the Pali- sades Pkwy., the Garden State

complete this transaction at a sale price of $5.94 million. Advance Auto Parts & Mavis Discount Tire are located at 52 New Bridge Rd. Advance Auto Parts has oc- cupied this location since 2003 and recently extended their lease demonstrating their com- mitment to both the site and the market. Advance Auto has 9+ years remaining on their double-net lease with three, 5-year renewal options. The lease features a 10% rent in- crease in 2026 and at the start of each of their renewal options. 52 New Bridge Rd. is comprised

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