S hopping C enters N ew J ersey S potlight S outhern
Real Estate Journal — New Jersey — October 16 - 29, 2015 — 15B
www.marejournal.com
M id A tlantic
Tryko Partners acquires Liberty Park Townhomes
I LL INGBORO , NJ — Holliday Fenoglio Fowler, 29,246 s/f Willingboro Town Center South HFF closes $7.8 million sale of southern NJ retail center W
LP (HFF) announced that it has closed the $7.8 million sale of Willingboro Town Cen- ter South, a 29,246 s/f retail shopping center near the New Jersey-Pennsylvania border in southern New Jersey. HFF marketed the property on behalf of the seller, Delco Development, LLC . Circle F Capital purchased the asset free and clear of existing debt. Willingboro Town Center South consists of one main multi-tenant building and two single-tenant pads. The 93.7%-leased center is home to Ruby Tuesday, Rita’s, Bagel Café, Credit Union of New Jer- sey, Verizon, GNC, Subway, Hardee’s, Panda Garden, Hair Cuttery, Nail Splash and The Laundry Experience. Situated on 4.01 acres at 4364 Route 130, Willingboro Town Center South is within a three-mile retail trade center in Willing- boro, a community 19 miles northeast of Philadelphia, Pennsylvania, and 22 miles southwest of Trenton, New Jersey. The center is located on Burlington Pike (Route MOUNT LAUREL, NJ — Two senior brokers in Colliers International ’s Southern New Jersey office recently concluded the sale of Larch- mont I, a 22,744-s/f, two-story medical office building located at 204 Ark Rd. in Mount Lau- rel. Evan Zweben , along with Marc Isdaner , represented the seller. The facility was pur- chased by an affiliate of IBIS Plaza out of Princeton, NJ. The new owner plans to renovate the common areas and two of the suites that have been vacated for its IBIS business. Since its construction in 1981, the building was owned by the six medical practices that fully occupied the space. “Besides doing a thorough job on the marketing side, Colliers worked with all fifteen partners to make sure every-
Liberty Park Townhomes
mitted to under the PILOT. “We see great potential for Liberty Park, and by mak- ing a significant investment we can provide a community that will be a source of pride for its residents and the City of Camden,” Kahanow said. “When the upgrades are com- pleted the property will have an entirely new look and feel.” Tryko Partners will re-side all buildings, replace win- dows (in phases), repair and repave parking areas and sidewalks as needed, install new signage, and update landscaping throughout the property. Planned infrastruc- ture improvements include the reparation of sanitary lines, and replacement of hot water systems and electric outlets. Additionally, the capital improvements will include the incorporation of an in- novative, high-tech security system where cameras lo- cated throughout the grounds provide feed linking directly to the police department. “The program will provide peace of mind for our tenants by enabling public safety pro- fessionals to successfully and easily monitor the neighbor- hood,” Kahanow explained. MMA Capital Management and Vesta Corp. selected Tryko from a pool of potential buyers based on the firm’s track record in Camden and reputation among affordable housing operators. Tryko Partners entered the Camden market when it purchased Crestbury Apart- ments in early 2013. The com- pany in late 2014 completed a $2.6 million transformation of that 392-unit affordable housing property. n
CAMDEN, NJ — Tryko Partners, LLC has acquired Liberty Park Townhomes in Camden from Vesta Corp . With a new PILOT agreement in place, the private equity real estate group will immedi- ately launch an approximately $1.5 million capital improve- ment program at the 184-unit affordable housing property on South 8th St. Tryko worked closely with the City of Camden to secure the PILOT awarded for Lib- erty Park Townhomes, with Steve Erie from Vesta Corp. and Earl Cole from MMA Capital Management LLC , Vesta Corp.’s financing part- ner, to identify a scope of work that will enhance aesthetics, infrastructure and quality of life at the property. “This transaction involved a great deal of positive coop- eration and persistence among many parties, with each of us eager to see this property suc- ceed,” said Tryko Partners’ Uri Kahanow , director of acquisitions. “It provides a great example of how public and private organizations can work together in the best interest of city residents and to improve neighborhoods.” According to Kahanow, Liberty Park had reached a crossroads requiring sig- nificant capital investment, which presented a logical time to transition ownership. “Vesta and MMA have done a great job managing Liberty Park over the years,” he said. “Tryko Partners – in partner- ship with The City of Camden – looks forward to building on their achievements.” Ultimately, Tryko decided to more than double the im- provement budget it com-
Willingboro Town Center South
130), a major north-south thoroughfare that runs 84 miles along New Jersey’s western boundary and serves approximately 40,822 vehicles per day. The HFF investment sales team was led by managing director Chris Munley and senior managing director Jose Cruz . “Willingboro Town Center South represented an oppor-
tunity to acquire a prominent retail center, securely leased to a majority of credit tenants in an infill market of south- ern New Jersey,” Munley said. “Greater Philadelphia has maintained strong fun- damentals, and continues to garner investment inter- est from new, out of market capital. This sale was no dif- ferent, and we anticipate the trend to continue.” n
Colliers International sells 22,744 s/f medical office building in Mount Laurel
204 Ark Rd.
one’s voice was heard,” said Dr. Joseph Termini , one of the partners in the former ownership group. “They were extremely patient and un- derstanding of the variables, which I think is the key reason this resulted in a successful conclusion.” 204 Ark Rd. is situated on 1.88 acres, located adjacent to Route 38. It is surrounded
by amenities located within both Cambridge Crossing and Centerton Square shopping centers, the Moorestown Mall, and is twenty minutes to Cen- ter City Philadelphia. For Zweben, this transaction caps off the end to a busy sum- mer in Mount Laurel, where he also completed office leases totaling of over 175,000 s/f in the Township. n
Made with FlippingBook HTML5