10C — November 18 - December 22, 2022 — Owners, Developers & Managers — M id A tlantic Real Estate Journal
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O wners , D evelopers & M anagers
Investment is Diversified Props. 1 st use of CRE crowdfunding Contruction begins on Irondale at Wharton in NJ
Feldman Ruel facilitates sale of mixed-use prop.
W
HARTON, NJ — Diversified Prop - erties has begun
construction on Irondale at Wharton, a 60-unit luxury multifamily community located at 47 Kossuth St. in Wharton. The project is scheduled to be completed in the 4Q of 2023. Just a short walk from down - town Wharton on the site of a former restaurant, Irondale at Wharton will bring an un - matched luxury living experi - ence to the underserved Morris County residential market. Each of the community’s 60 studio, one-bedroom and two- bedroom residences will fea - ture modern open floorplans, in-unit washers and dryers and fully equipped kitchens with stainless steel appliances and quartz countertops. The community will also feature underground parking and a community gym. The beginning of construc - tion for Irondale at Wharton marks Diversified Properties’ first use of real estate crowd - funding. Harnessing the power of RealtyMogul, a real estate
901-905 King St.
market the property on behalf of the seller, A & H LLC which previously occupied a portion of the building and sold the asset as part of a larger retire- ment strategy as they wind down operations. Old Town Alexandria’s of - fice market has been in steady decline for the past few years, with negative net absorp - tion and rising vacancy rates leading to multiple office-to- residential conversions in the submarket. In keeping with this trend, the buyer, Wind - mill Hill Homes, acquired the property with the intention of converting the vacant office space into fourteen high-end residential units while leav - ing the retail space as-is. This conversion will provide new life into a trophy property that has been largely vacant for years. MAREJ
WASHINGTON, DC — Feldman Ruel Urban Prop- erty Advisors , one of the leaders in the sale of sub- institutional commercial in- vestment properties in the DC metropolitan area, announced the sale of 901-905 King St., a four-level trophy mixed-use property located in Old Town Alexandria, VA. At the time of sale, the property was deliv - ered almost entirely vacant. 901-905 King St. features a street-level retail unit occu- pied by national credit tenant, White House Black Market. The remainder of the building consists of four levels of above- grade vacant office space and a vacant finished sublevel. The asset sold for $5 million or $237 psf. Tanner Scales, Josh Feld- man, and Ian Ruel of Feld- man Ruel had the listing to
Irondale at Wharton
crowdfunding service, and its membership of over 220,000 investors, Diversified Proper - ties attracted a wide range of investors looking to diversify their investment portfolio by tapping into the growing de - mand for multifamily housing in high-barrier-to-entry mar - kets like Morris County. “Despite the demand for housing, limited developable land and a lengthy entitle - ment process continue to cre- ate a challenging multifamily development landscape across Morris County. Our hands-on construction and development
expertise and our ability to embrace and deploy the lat - est technologies and services enable us to bring visionary projects to life in even the most complex markets,” said Nicholas Minoia , founder and managing principal of Di- versified Properties. “We are proud to continue this tradition through our use of crowdfund - ing paired with our ability to see an investment opportunity that went overlooked by many. We are excited to celebrate this milestone and look forward to welcoming residents later next year.” MAREJ
Levin Mgmt. Corp. arranges 15,800 s/f grocery lease
SOUTH PLAINFIELD, NJ — Tropical Supermarket is coming to Clinton Corners
Arden Group & Wafra launch venture to acquire ISF properties
in South Plainfield, announced Levin Man- agement Corpora- tion (LMC) . The grocer, which has a Hispanic flair and an estab - lished pres -
with Arden’s best-in-class man - agement team.” “We’re excited to create this strategic partnership with Wafra as our funds continue to scale in niche industrial strate - gies in core U.S. markets,” said Craig Spencer , chairman and CEO of Arden Group. “Demand for ISF space remains histori - cally strong and this new joint venture will allow both organiza - tions to capitalize on the numer - ous investment opportunities available in the sector.” The ISF market exceeds $130 Billion or 13% of the broader U.S. industrial real estate sec- tor, as estimated by CBRE , pre- senting a sizable investing op - portunity in a highly fragmented and emerging asset class. Cleary Gottlieb served as Wafra’s legal counsel and Cozen O’Connor served as Arden Group’s legal counsel. CBRE served as Arden Group’s finan - cial advisor in connection with the transaction and provided advisory services to the venture on financing. MAREJ
NEW YORK AND PHILA- DELPHIA, PA — Wafra Inc., and Arden Group have an - nounced a venture to acquire ISF properties located in in-fill sites across major markets in the U.S. As part of this venture, the firms have closed on a port - folio of ISF properties, building an immediate presence in key growth markets. “Through this venture, Wafra continues its strategy of launch - ing and scaling platforms in attractive niche real estate strategies where we create value through our operational expertise, global reach and deep industry networks,” said Pratik Patel , managing direc- tor at Wafra. “We recognize the importance of forming partner- ships with industry leaders like Arden and ensuring meaning- ful alignment as the basis of shared success. This venture will allow us to build a sizeable market share within a highly fragmented sector by combining Wafra’s long-standing expertise in niche real estate strategies
Vanessa Fernandez -Kelty
ence in New Jersey, will take over space at Clinton Corners that formerly housed a Bravo supermarket – maintaining the property’s full occupancy. LMC serves as exclusive leasing and managing agent for Clinton Corners, a popular neighborhood retail center. Senior leasing representative Vanessa Fernandez-Kelty arranged the 15,800 s/f lease. The transaction highlights LMC’s long history as a gro - cery-anchored retail special - ist and represents its second with Tropical Supermarket, which has operated at the LMC leased and managed Hamil- ton Street Center in Franklin Township for 12 years. “As an essential retail cat-
Clinton Corners
egory and one that has proven to be Internet-resistant, gro - cery is a significant element for any shopping center,” said Fernandez-Kelty. “The South Plainfield community has long benefitted from the con - venience of a supermarket anchor at Clinton Corners, and it is welcome news – both for local residents and the center’s in-place tenants – that Tropi - cal Supermarket has chosen to locate here.” Located at 1225 West 7th St., less than three miles from heavily traveled Rte. 22, Clinton Corners is home to a Burger King and T&J Fish Market, along with a mix of local favorites including a Chi -
nese restaurant, beauty supply store, pharmacy, nail salon and laundromat. The 30,300 s/f center serves a growing residential population of more than 136,000 people with an average household income of $101,000 within a three-mile radius. For seven decades, North Plainfield, N.J.-based LMC has served as a trusted single- source commercial real estate services provider for institu- tional and private owners. Its diversified, retail-focused leas - ing and management portfolio includes 125 properties total- ing almost 16 million s/f in the Northeast and Mid-Atlantic states. MAREJ
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