Rosenberg, Silbersher &Frankel of DeerwoodCapital arranges financing Natixis lends $115 million to Lincoln Equities Group for New Allergan U.S. HQ

ISSUE HIGHLIGHTS Volume 29, Issue 9 April 28 - May 11, 2017


nity, with average occupancy rates in the mid to high 90 percent range. It is situated in a scenic hillside location atop Baltusrol Mountain with walk- ing paths, tree-lined streets, an outdoor pool and a tennis court. As part of the property upgrades, the KRE/Avenue partnership plans to build a brand new clubhouse and state- of-the-art fitness center. KRE has a number of ad- ditional upgrades planned for its recent garden apartment acquisitions, some of which are well underway. The company will renovate unit interiors, including the addition of new kitchen and bathroom finishes and washer/dryers. It is also initiating major capital im- provements such as new roofs, parking and sidewalk repairs, and landscaping upgrades. “Since beginning this stra- tegic initiative, we have de- ployed more than $222 million in acquisition capital and we continue to actively seek out new opportunities,” said Jona- than Kushner, President of The KRE Group. “As the New Jersey rental market continues to evolve, we believe this is a component of the market that is poised for incredible growth.” n Natixis is an active lender in New Jersey, financing many deals across the state in 2016 including $209 million for the Novo Nordisk Headquarters (office) in Princeton, $27 mil- lion for 45 Waterview Boule- vard (office) in Parsippany, $27 million for Mendham Shopping Center (anchored re- tail) inMendham, and $91 mil- lion for the Regents Portfolio (medical office) with properties in various locations including Jersey City, Fair Lawn, and Hackensack. n 1,000 jobs in the state and to add 300 more. Over $100 million will be invested in the office renovation. Renovations are under way and Allergan plans to take occupancy in August 2017.

adison, NJ — Natixis provided $ 1 1 5 mi l l i o n o f


Springfield, NJ — The KRE Group has acquired Summit Hill, a 228-unit rental community in Springfield for $70 million, in partnership with Avenue Realty Capital , a real estate investment firm focused on multifamily and mixed-used properties in the New York metropolitan area. Summit Hill, located at 100 Stone Hill Rd., is a garden style apartment community tucked away in a wooded setting near the nexus of Routes 78 and 24 in western Union County. It is the latest of three garden 10-year, fixed-rate CMBS fi- nancing to Lincoln Equities Group on the new Allergan U.S. headquarters located at 5 Giralda Farms in Madison. Natixis anticipates securitiz- ing a senior mortgage loan and syndicating the remaining sub- ordinated debt. Proceeds were used to refinance existing debt and to fund reserves to finance tenant improvements, leasing commissions, capital improve- ments, and the construction of a new parking facility. The financing was arranged by David Rosenberg, Mark Sil- bersher , and Rafi Frankel at Deerwood Capital . The property is located on

ICSC RECon Las Vegas


5 Giralda Farms

a 310-acre gated campus and consists of three buildings: a 431,495 s/f class A office building; a 12,985 s/f daycare center; and a 9,200 s/f carriage

house that will be used as event space. Allergan won $58 million in tax incentives from the State of New Jersey for the project by pledging to keep

TheKREGroup&AvenueRealtyCapital acquire $70 million rental property in Springfield, NJ


Spring Preview Section C

Upcoming Conferences May 10 Pittsburgh Multifamily Summit For more information, please contact: Lea at 781-740-2900 or lea.christman@marejournal.com

Summit Hill

apartment acquisitions total- ing over $222 million that KRE has completed in 15 months, comprising over 1,065 apart- ment units. The Summit Hill acquisition is part of a strategic initiative KRE has launched to substan- tially grow its “value-add” multifamily business. The com- pany purchased Deer Creek, a 288-unit rental community in Plainsboro for $45.5 million in February, 2016, and Royal Gar- dens, a 550-unit rental property in Piscataway, NJ, for $107.25 million in November, 2015. Like Deer Creek and Royal Gardens, KRE sees its acqui- sition of Summit Hill as an opportunity to enhance tenant quality of life and increase the

property’s value through capi- tal improvements. “The common thread in all three of these assets is they are well-located properties in high- demand, supply-constrained markets, and they all offer the opportunity to create value through investments in capital improvements, unit renova- tions and improved property management,” said Darin Rai- ken , director of acquisitions for The KRE Group. “We have already had considerable suc- cess implementing this strategy at Deer Creek and Royal Gar- dens, and we identified Summit Hill as a property with similar potential.” Summit Hill has historically been a well-occupied commu-


Upcoming Spotlights Financial Digest Central NJ PA’s Projects & Building Services Shopping Centers.............................................5-13A Owners, Developers & Managers............... Section B Spring Preview........................................... Section C


Inside Cover A — April 28 - May 11, 2017 — M id A tlantic

Real Estate Journal



ICSC RECON Monday, May 22 –Wednesday, May 24 North Hall Booth N2043U Las Vegas Convention Center

ICSC Recon 2017 – MAREJ Special Issue – 4-21-17.indd 1

4/21/17 3:07 PM

Real Estate Journal — April 28 - May 11, 2017 — 1A


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2A — April 28 - May 11, 2017 — M id A tlantic

Real Estate Journal


M id A tlantic Real Estate Journal

M id A tlantic R eal E state J ournal Publisher .....................................................Linda Christman Associate Publisher ......................................... Steve Kelley Associate Publisher ........................................... Kim Brunet Associate Publisher ......................................Lea Christman Senior Editor/Graphic Artist ..........................Karen Vachon Office Manager ............................................Joanne Gavaza Sales Intern .................................................Kevin Minassian Contributing Columnists ... Eric Nelson, Woloshin Investment Management; Gregg Newell, Nave Newell Mid Atlantic R eal E state J ournal ~ Published Semi-Monthly Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal 350 Lincoln St, Suite 1105, Hingham, MA 02043 USPS #22-358 | Vol. 29 Issue 9 Subscription rates: $99 - one year, $198 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Phone: 781-740-2900 | Fax: 781-740-2929 www.marejournal.com The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal

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1 year — $99.00 2 years — $148.50

The Mid Atlantic Real Estate Journal is a monthly publication highlighting real estate transactions throughout the Mid Atlantic including : • New developments, ground breakings and reconstruction in the ODM (Owners, Managers & Contractors ) section • Mortgage and banking in our Financial Digest • Retail and new developments in Shopping Centers • Annual spotlights.

Eric Nelson

Subscribe at marejournal.com

Why You Can’t Get Your Prospect To List That Property W hy can’t you con- vince your prospect to list their prop- erty with you? The highly appreciated property they’ve owned for years. You’ve told them about the great resourc- es you have to market that property and secure the best price for them, and that now is the time to sell. Everything points to selling, yet they won’t do it. Why? Well, the problem may very well be that they actually want to sell but are concerned about capital gains taxes draining their sales proceeds and depleting their wealth. The simple solution is a 1031 Exchange. But the very reason they may want to sell is their current ability to secure what they perceive to be an attractive price in an appreciated market. But, a 1031 exchange transaction will require that prospect to reinvest in replacement real estate in a very short period of time. In fact, they must identify their replacement real estate within a strictly enforced time period of 45 days from the date of closing or lose the opportunity for tax deferral under Section 1031. Reinvesting in real estate under these conditions could be counterintuitive to your prospect’s goals and, therefore, even a 1031 Exchange may not be attractive or useful. Well, a better solution for them may

Linda Christman, CEO/Publisher Mid Atlantic Real Estate Journal 350 Lincoln Street, Suite 1105 Hingham, MA 02043 P: 781-740-2900 | F: 781-740-2929

• Region specific news and spotlights in our Pennsylvania and New Jersey sections

result is that the taxpayer’s capital gain taxes are deferred under the installment sale rules and the relinquished property is sold from the trust, leaving the pre-tax proceeds to be invested within the trust in a manner that will secure the note principal. These invest- ments can include a variety of investment vehicles including stocks, bonds, mutual funds, etc. The proceeds can even be invested in conventional real estate down the road. There is a good deal of flex- ibility in the way that a DST can be structured. The client can structure the note for income, growth, or both, and with additional planning can often be used to resolve estate tax exposure as well. Regard- less of the goals of the indi- vidual taxpayer, though, it is crucial that the DST structure be implemented in advance of the closing on the sale of the asset that the taxpayer wishes to defer capital gains taxes on, and preferably in advance of a firm sales agreement. Eric Nelson is a financial advisor for Woloshin In- vestment Management. n “We are excited to have Staples as a tenant at the Delaware River Industrial Park and proud to be a part of their expansion,” said Thomas Hanna , COO / managing director, HHA. Colliers International served as Staples tenant representative for this lease transaction. This is the second new ten- ant to the Delaware River Industrial Park in 2017. American Training Driver Academy recently leased 4,685 s/f of office and 1.5 acres of training space at 618 Lambson Lane. n

be The Deferred Sales Trust™. The Deferred Sales Trust™ has become a popular strategy for deferring capital gains taxes upon the sale of real estate and other highly appre- ciated assets. Like a 1031 Ex- change, the DST can be used to defer capital gains taxes on real estate but, unlike a 1031 Exchange, it does not require that the taxpayer reinvest in like-kind property, thereby providing the opportunity for diversification of assets. Moreover, the DST can be used to defer capital gains taxes on other high value assets such as a taxpayer’s business, including goodwill, which is typically not appropriate for 1031 Exchange treatment. Here’s a simplified explana- tion of how the DST works: The client sells their asset to a third party trust in a seller- financed transaction (in whole or in part) under IRC Section 453. In return, the taxpayer receives an installment note with a specified rate of return. The trust then sells the asset at the new basis (established under the sale to the trust) to the third party buyer. The ness customers a broad as- sortment of products and expanded services in its stores, on Staples.com or through Staples Business Advantage, its business-to- business division that caters to mid-market, commercial and enterprise-sized custom- ers. The company opened its first store in Brighton, Massachusetts in May of 1986. Staples, Inc. currently has seven retail locations in Delaware. The new location at 6 Dock- view drive will serve as a fulfillment center for Staples business customers through- out the region.

There’s more than one way to SELL apprEciatEd aSSEtS

if you’re thinking of selling a business, second home or commercial real estate investment with a large amount of gain, you’ve got four choices: pay the capital gains tax and 1245 depreciation recapture taxes. Ouch! 1031 Exchange. But what if you can’t find a suitable property and close by the deadline? deferred Sales trust’ ... defers capital gains, reduces estate taxes, creates liquidity. don’t Sell. But what if the asset is losing value and you want to cash out? the deferred Sales trust tM offers clear advantages. This tax code compliant strategy reduces capital gains tax impact while creating the potential to earn investment income on money you would have paid to the IRS. Benefits include tax deferral, with additional planning reduced estate taxes, conversion of an illiquid asset into estate liquidity, potential provision of retirement income, elimination of risk and possible reduction of some probate fees. 1 2 3 4

there is a Better Way Out! call Eric today!

HHAwelcomes Staples, Inc. to Delaware River Industrial Park

New Castle, DE — Harvey, Hanna & Associ- ates, Inc. (HHA) welcomed

Staples, Inc. to the Dela- ware River I ndus t r i a l Park in New Castle. S t a p l e s , Inc. recent- ly opened a new fulfill- ment center

Thomas Hanna

leasing 25,000 sf of ware- house and office space at 6 Dockview Dr. located in the Delaware River Industrial Park. Staples, Inc. provides busi-

For Additional Information please contact Eric Nelson Woloshin Investment Management 40 North Main Street, Medford, NJ 08055 Eric@WoloshinLLC.com | 856-294-7560

www.marejournal.com S hopping C enters F eaturing ICSC REC on L as V egas Properties span across 13 states, including eight in Pennsylvania and two in New Jersey Gorman & Shover sell 45 properties in first quarter, totaling more than $108 million P M id A tlantic Real Estate Journal — Shopping Centers — April 28 - May 11, 2017 — 3A

“Momentum from 2016 car- ried right into the 1st quarter of 2017,” said Shover. "Activity remains strong and we continue to see demand for Net Lease assets.” Gorman added, “Al- though the market may be in flux with changes coming in the future, we still have extremely low interest rates historically speaking and our activity il- lustrates the current appetite in the marketplace.” Matthew Gorman and Mi- chael Shover lead CBRE’s Net- Lease Property Group Mid- Atlantic Team along with Marc Mandel, a first vice president and Stephen Schrenk , an as- sociate. The team specializes in the marketing and sale of single and multi-tenant net-lease in- vestment real estate. In their twelve-year history, the team has sold well in excess of $2 billion in net lease properties nationwide. n anchored shopping center in Pompton Plains. The center is also home to national and regional tenants, including T.J. Maxx, HomeGoods, GNC, Moe’s Southwest Grill, Sally Beauty Supply and others. Smashburger will also be opening soon. The property has a potential pad develop- ment site on its 18.76 acres. Located at 500 Rte. 23 North near the full interchange of Interstate 287, Plaza 23 is situated along a major retail corridor within northern Mor- ris County, and the center is exposed to over 54,000 vehicles per day. More than 60,000 residents with an aver- age annual household income of more than $119,000 live within a three-mile radius of the property. The HFF investment sales team representing the seller was led by senior managing di- rectors Jose Cruz and Thomas Didio, managing director Kev- in O’Hearn, directors Stephen Simonelli and Michael Oliver and associate director Robert Borny. n

hiladelphia, PA — CBRE Group, Inc. (CBRE) announced to- day that the team of Matthew Gorman and Michael Shov- er , both senior vice presidents, Investment Properties at CBRE along with Marc Mandel , first vice president at CBRE, have arranged the sales of forty-five properties during the first quar- ter of 2017, totaling more than $108 million. The 45 properties, a majority of which are classified as “Net Lease,” were a combination of restaurants, auto part stores, convenience stores/gas sta- tions, drug stores and banks. The properties spanned across 13 different states, including 8 in Pennsylvania and 2 in New Jersey. One of the largest trans- actions during the first quarter was the sale of a 19 asset Monro Muffler portfolio in the Hamp- ton Roads VA sub market. PHILADELPHIA, PA — Holliday Fenoglio Fowler, L.P. (HFF) has closed the $52.4 million sale of Bakers Centre, a 236,719 s/f, grocery- anchored shopping center in Philadelphia. HFF marketed the property on behalf of the seller, Metro Development Company , Carlino Commercial De- velopment and US Realty Associates, Inc. The multi-building property was developed between 2011 and 2015 and is anchored by ShopRite, Ross Dress for Less and Planet Fitness. Situ- ated on 27.4 acres at 2800 Fox Street, Bakers Centre has become the go-to retail desti- nation for the local community of East Falls/Hunting Park. The center is surrounded by a consumer base of more than 400,000 residents within a three-mile radius. The HFF team representing the seller was led by manag- ing director Chris Munley , associate director Michael Di- Cosimo and senior managing director Jose Cruz. Gregory

Monro Muffler portfolio in the Hampton Roads VA sub market

Holliday Fenoglio Fowler, L.P. closes $52.4 million sale of grocery-anchored shopping center in Philadelphia

Bakers Centre

Bianchi , vice president with US Realty Associates, Inc. assisted with the acquisition as well. “The city of Philadelphia has a limited supply of grocery- anchored shopping centers of this size and quality, which made Bakers Centre a rare opportunity for investors,” Munley said. “Compounding the scarcity of the opportunity

with a premium anchor in ShopRite, Philadelphia’s No. 1 grocer by market share, and a location poised for future growth, the asset received wide institutional interest.” HFF closes $51 million sale of grocery-anchored retail center in Morris County, New Jersey FLORHAM PARK, NJ — HFF announced that it has

closed the $51 million sale of Plaza 23, a 161,000 s/f, gro- cery-anchored shopping center located in the Morris County community of Pompton Plains. HFF marketed the property on behalf of the seller. Phillips Edison Grocery Center REIT II, Inc. purchased the asset free and clear of existing debt. Anchored by Stop & Shop, Plaza 23 is the only grocery-

4A — April 28 - May 11, 2017 — ICSC RECon Las Vegas — Shopping Centers — M id A tlantic

Real Estate Journal


ICSC REC on L as V egas

By Richard Birdoff, RD Management Bayonne: The last frontier on the Gold Coast

s suburban revitaliza- tion comes to the fore- front, young families and young professionals are continuing to populate sub- urbs throughout the nation. With this comes a need for innovative commercial real estate developments that can serve as activity hubs for its community members. In turn, suburban and “commuter towns” are now becoming al- ternative destinations to the hustle and bustle of city life. A perfect example of this scenario is Jersey City, New Jersey. Over the years, the A

streets, giving the community a fresh jolt of energy and per- sonality. Similar changes are now moving south and RD Management and JMF Prop- erties are among the many developers claiming the final frontier of development and investment along the Gold Coast -- the city of Bayonne. Bayonne , New Jersey, known for its parks, quality school district, and safe neigh- borhoods has always catered to families or renters looking to take a break from the city. Unlike its sister commuter towns, Bayonne has a much more suburban feel, with residents that have called it “home” for generations. Jutting into the Upper New York Bay lies Military Ocean Terminal -- an area of un- tapped potential with views of Manhattan, easy access to the Hudson-Bergen Light Rail, and the New Jersey Turnpike 14A interchange. With New Jersey Route 440 running alongside the terminal, and amid talks of installing a commuter ferry route to Man- hattan, young families and professionals that once turned to the traditional commuter cities such as Jersey City or Brooklyn are now turning to Bayonne. Along with commuters, national retailers have been eying Bayonne since Military Ocean Terminal’s shutdown in 1999. JMF Properties is the designated developer of a significant portion of the terminal, and plans to break ground in September on a mixed-use development con- sisting of for-sale townhomes, retail, and restaurants. A waterfront walkway is cur- rently being installed stretch- ing from New Jersey Route 440 out to the tip of the pier, where residents and visitors can enjoy views of lower Man- hattan. We are excited to be a part of the enormous change hap- pening in Bayonne, and look forward to working with JMF Properties to see this dynamic development come to comple- tion. RD Management owns 78 retail, mixed-use, vacant land, office, and storage properties in the Northeast and has more than 200 properties in its national portfolio. Richard Birdoff is the principal and president of RD Management. n

city of choice among young commuters. New apartment Military Ocean Terminal provided by JMF Properties

once gritty town across the Hudson River has become a

buildings, restaurants, prom- enades, and galleries line the

Ethan Allen Marlboro, NJ

Xscape Theater Howell, NJ

Greenleaf Howell, NJ

Howell Commons Howell, NJ

Walgreens Staten Island, NY

TJ Maxx Woodbridge, NJ

Building Quality, Value and Trust 4900 Route 33, Suite 101, Wall Township, NJ 07753 732.933.0707 www.gerardconstructioncorp.com

Real Estate Journal — Shopping Centers — ICSC RECon Las Vegas — April 28 - May 11, 2017 — 5A


M id A tlantic

ICSC REC on L as V egas

Rite Aid and Save-A-Lot anchor property Delfiner of Equity Retail Brokers leads investment team in the sale of 80,000 +/- s/f SC P

lymouth Meet- ing, PA — Bar t Delfiner of Equity Retail Brokers , leading an investment sales team, bro- kered the sale of a neighbor- hood shopping center at the corner of Knights Rd. and Woodhaven Blvd. in Northeast Philadelphia. The anchors are Rite Aid and Save-A-Lot. Other tenants include BB & T Bank, BP Gas with Dunkin Donuts and Empire Beauty School. The seller was a New York based privately-held investment and development company. The buyer is a local owner of commercial real es- tate from Huntingdon Valley, Pennsylvania. n Murphy rejoins R.J. Brunelli & Co. as senior sales associate OLD BRIDGE, NJ — Re- tail real estate industry vet- eran Michael Murphy has rejoined R.J. Brunelli & Co. , Inc. as a senior sales associate, ini- tially focused on represent- ing the firm’s f oodservi ce and grocery clients in eastern Pennsylvania markets. The New Hope resident re- turns to the Old Bridge, NJ based retail real estate bro- kerage following four years as director, retail services for Cushman & Wakefield, Phila- delphia. From 2006 to 2012, Murphy served as a senior sales associate at R. J. Brunelli., where he provided project man- agement, landlord and tenant representation services. Over the course of a career that spans five decades, Mur- phy has served in a variety of senior level positions at major shopping center and retail companies. He began his career in 1972 as a mall mar- keting director with Ernest W. Hahn, Inc., San Diego Calif. and went on to serve as mar- keting/operations manager, and subsequently general manager/leasing director for major malls in Utah, Virginia, Montana, and California. From 1980 to 1989, he was Senior Vice President, Direc- tor for Mrs. Fields’ Cookies, Park City, Utah. n Michael Murphy

Knights Road and Woodhaven Blvd in Northeast Philadelphia

Visit us at Las Vegas ICSC

RBN Booth | Central Hall C-111 Union Street May 21-24, 2017

Schedule a Meeting with Us!

Tenant Representation Rob Samtmann | 484.417.2208 | rsamtmann@equityretailbrokers.com Leasing David Goodman | 484.417.2219 | dgoodman@equityretailbrokers.com Asset Management & Investment Sales Ken McEvoy | 484.417.2226 | kmcevoy@equityretailbrokers.com

6A — April 28 - May 11, 2017 — ICSC RECon Las Vegas — Shopping Centers — M id A tlantic

Real Estate Journal


ICSC REC on L as V egas By Gregory C. Newell, PE, Nave Newell, Inc. Utilize your consultant to land a top tenant


m always looking for better ways to do things. So when talking to a

the sooner you lock in your top tenant and generate rental income. This is especially im- portant for pad sites, where a greater return on investment can be realized. The sooner you identify what can go there and how much it will cost to develop, the better off you’ll be. You can also provide an estimated delivery date to your potential tenant. Here are some tips to keep in mind before starting your next project: Get Your Consultant Engaged Right Away During due diligence, you’ll

want to engage your engineer- ing and planning consultant. They should provide an accu- rate timeline of the approval process, a viable stormwater management program and a schematic site design - so you can confirm that the con- struction estimate matches your budget. You need your engineer to tell you how tough the local and state officials may be or how long it takes to get stormwater and grading permits. Identify the Unknown & Seek Early Support They should identify hidden risks (title encumbrances, en- vironmental issues and utility conflicts), as well as, offsite improvements needed for roadway or utility extensions. Armed with this information, you can meet with the review- ing agencies to go over the key design elements. If you can garner their support in the application phase, the submis- sion process will always go faster. In the end, eliminating one submission can make a big difference in the schedule. Understand Your Options Beyond the schedule, your consultant plays a key role to meet the requirements of retailers. They have two jobs during the sketch plan phase – maximize the building and pad site square footage and make sure these sites are viable. Sketch plans are only valuable if they’re buildable. This is especially true for the redevel- opment of existing shopping centers. Finding one extra pad site near the entrance makes a project go from good to great! Your consultant should con- sider: • Existing stormwater fa- cilities: Are they located in key leasing areas? Can you relocate them? • Parking: Can you shift the parking lot layout or relocate an entrance to create a new pad site? •Municipal Ordinances: Are there ways to get credits for shared parking to add more square footage? Your goal is to land a top tenant. With a little upfront investment, your consultant can help get you there. Gregory C. Newell, PE is president of Nave Newell, Inc. which is celebrating 25 years in business. Nave Newell is a land develop- ment consulting firm lo- cated in Wayne, PA. n

much sooner.” As a developer of retail proj- ects, I understand that means

we can gain during this phase to set a clear path to quickly move a project through the

friend, real estate devel- oper , Ni ck DeSanctis, I asked about his most re- c ent shop - ping center r e d e v e l o p - ment. Specif-

Your goal is to land a top tenant. With a little upfront investment, your consultant can help get you there.

Gregory Newell

ically, I asked what he would do differently. The first thing he said, “If I had the opportu- nity to do it all over again, I woul con ult a civil engineer

putting more money at risk during due diligence. As an engineer, I’m also aware that there’s valuable information

land development process. In this industry, we certain- ly know that time is money! The faster you deliver a site,

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Real Estate Journal — Shopping Centers — ICSC RECon Las Vegas — April 28 - May 11, 2017 — 7A


M id A tlantic

ICSC REC on L as V egas

Completing high caliber transactions & assignments throughout NJ Silbert Realty & Management Company is off to a busy Q1


ew Jersey — Sil- bert Realty & Man- agement Company,

Inc. (SRM) completed the fol- lowing transactions in the 1st quarter of 2017: New Assignment for Sale: 26-28 Sparta Avenue/CR181), Sparta Redevelopment opportunity on 0.42 acre (former Sparta Queen Ice Cream) Zoned re- tail/commercial. Level, highly visible Property is well suited for commercial redevelopment and affording excellent ingress/ egress. Offered for Sale: $730,000.00 Recently Sold: 2 Shunpike Rd. in Madison a two story 12,490 s/f multi- tenant professional office build- ing sold on behalf of the Simoff Family to an investment group led by Mike Choi for $1.6 mil- lion. Property Management Assignment: Sparta Business Campus 376-382 Lafayette Rd. (Hwy 15), Sparta. Sparta’s premier professional medical complex on 25 acres comprising twin buildings of 47,689 s/f. Sparta Business Campus recently acquired a New York investment firm and we are proud to continue be reappointed as managing agent. The property is slotted for renovation this year with approved future expansion. Shoppes at DePiero Farm, Montvale Bergen County’s premier gro- cery anchored life style develop- ment is well under construction and Wegmans is scheduled to open its first supermarket within Bergen County Septem- ber of this year! Limited retail available for lease from 1,200 s/f – 12,000 s/f seeking fashion and home furnishings with a delivery of Q3! Smashburger Opening April in Cedar Glen Shopping Center 40,852 s/f community shop- ping center anchored by a world class 67,000 s/f ShopRite Super- market. Accessible from both Routes 22 & 28/CR 614 Branch- burg Somerset County. n Sparta Business Campus

26-28 Sparta Avenue/CR181

2 Shunpike Road

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CONTACT US TO SCHEDULE A MEETING 908.604.6900 or info@silbertrealestate.com www.silbertrealestate.com


8A — April 28 - May 11, 2017 — Shopping Centers — M id A tlantic

Real Estate Journal


S hopping C enters

reece, NY — Col- liers International’s Harrisburg office rep- Zerfass of Colliers International’s Allentown office reps. BB&T in the sale of former bank branch Colliers concludes sale of 119,600 s/f BJ’s Wholesale Club in Greece, NY totaling $16.85m G sented the buyer (Professional Properties, LLC).

In Whitehall, PA — Derek Zerfass of Colliers International’s Allentown of- fice represented BB&T in the sale of a 3,061 s/f free standing former bank branch building located at 2545 Mickley Ave. in Whitehall, PA for $1.15 million. The building will be demolished to make way for a new Wendy’s “fast casual” restaurant. The buyer was represented by Steve Clipman of ROCK Commercial Real Estate, LLC . As testament to the strength of the Lehigh Valley market, there was a substantial amount of interest in the property as soon as the branch closed. n Ripco Real Estate’s NJ Office Receives 4 CoStar Power Broker Awards Lyndhurst, NJ — Rip- co Real Estate , the leading retail brokerage firm in the

resented the buyer in the pur- chase of a free standing BJ’s Wholesale Club (w/gas) located at 300 Bellwood Dr. in Greece, NY for $16.85 million. The transaction is a triple net (NNN) lease structure with a CAP rate of 7.00%.The 119,600 SF building on 11.05 acres is in the Rochester submarket of New York. It has parking for 485 vehicles. The Colliers retail team of WilliamAiello, George Lulos and Larry Kostelac repre-

2545 Mickley Ave.

Ne w Y o r k Metro area, announ c ed t h a t f o u r members of its New Jer- s e y o f f i c e were honored to be recipi- ents of Co- Star’s 2016 Power Bro- ker Award. F l o r i a n Suserman, Curtis Nas- s a u , M i - chael Rawl- ins and Da- vid Townes were named to CoStar’s 2016 list of Top 20 Re- t a i l L e a s - ing Brokers in Northern New Jersey. The presti- gious CoStar Power Bro- ker Award is an annual in- dustry award that recog- nizes distin- guished pro- fessionals in commercial

Florian Suserman

Curtis Nassau

Michael Rawlins

David Townes

real estate brokerage for clos- ing the highest lease transac- tion volumes in their respec- tive markets. n

Real Estate Journal — Shopping Centers — ICSC RECon Las Vegas — April 28 - May 11, 2017 — 9A


M id A tlantic

ICSC REC on L as V egas

10A — April 28 - May 11, 2017 — ICSC RECon Las Vegas — Shopping Centers — M id A tlantic

Real Estate Journal


ICSC REC on L as V egas

By Brad Domenico, Progress Capital Advisors Three R’s of shopping malls – Redesign, Repurpose and Renew


alls have always held a special place in our hearts. It’s

below market value. Devel- opers are taking notice. The result is a variety of ingenious mixed-use projects. THE KUSHNER EFFECT Who better to convert the 1.5M S/F Monmouth Mall into something trendy? Kushner Companies plans to over- haul the mall that opened in 1960 into a 24/7 “live, work and entertainment” develop- ment which will include 700 residential units, retail and restaurant uses, biker and pe- destrian-friendly greenspaces and an outdoor plaza. Kushner cited the decline of the tradi- tional enclosed mall and con- sumer trends of the Millennial Generation as catalysts behind the redevelopment. LIVE AT THE MALL As the oldest indoor mall in America, the Arcade Mall in Rhode Island underwent mas- sive renovations in 2012. The existing three story structure

with a grand open central cor- ridor was redesigned, main- taining retail commercial space on its ground level and converting the top two floors to ‘Micro Lofts,’ ushering in a new type of mixed-use, afford- able urban living. GOOGLE IT! Finding the closed Mayfield Mall in California to be a per- fect location for their corpo- rate headquarters, Hewlett- Packard occupied the space for a decade until Google purchased it in 2013 to house its Google Glass offices. REDUCE, REUSE, RECYCLE…& EDUCATE! While not as exciting as mi- cro lofts and greenhouses, the mall in Illinois was converted into a high school whichmade a quick impact on the local economy, utilizing the space for a necessary expansion of the school system. In Tennes- see, the Hickory Hollow Mall

added a community center, a community college campus and an NHL practice rink. Today’s Malls incorporate modern features like art ex- hibits, interactive maps and digital tabletops in restau- rants. Many feature pop-up shops for food and seasonal/ local retailers, and some have even deconstructed food courts into higher-end restaurants with mid-market options. In some cases, empty spaces are used as warehouses for “click and collect” merchandise. Tomorrow’s Malls will include progressive elements like heated parking and side- walks, smart parking garages, and solar panels with other green elements. They will incorporate nanotechnology into exterior finishes, have in- creased walkability via transit hubs, and have “downtown” experiences incorporated. Many will feature increases

in co-working, living, and civic spaces. Malls of the Future could offer shopping personalization via in-store digital profiles, interactive fitting suites, mo- bile app checkout, and drone package delivery for hands- free convenience. Rooftops will include dining, entertainment and garden spaces, and food courts will resemble street fes- tivals. Inside, common areas will double as event and edu- cational spaces, and facilities will feature experiences like cooking classes, pop-up shops, and specialty food stores. While shopping on-line may offer a level of convenience in an otherwise busy lifestyle, the mall of the future will be based around consumer expe- riences that go well beyond traditional shopping. Brad Domenico is Man- aging Director at Progress Capital Advisors. n

where you spend a day with family, where teens find their in- dependence, and where seniors en- joy strolling and social-

Brad Domenico

izing. Visitors may peruse a book, grab a coffee, try on clothes, check out new elec- tronics or see a movie. It is no secret that Amazon has disrupted the retail mar- ket. With 30 mega-shopping centers across the US cur- rently abandoned and an ad- ditional 30% forecast to have significant vacancy by 2022, creatively repurposing these structures could provide huge returns on investment consid- ering they are often sold well








Real Estate Journal — April 28 - May 11, 2017 — 11A


M id A tlantic


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12A — April 28 - May 11, 2017 — ICSC RECon Las Vegas — Shopping Centers — M id A tlantic

Real Estate Journal


ICSC REC on L as V egas


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Real Estate Journal — Shopping Centers — ICSC RECon Las Vegas — April 28 - May 11, 2017 — 13A


M id A tlantic

ICSC REC on L as V egas

14A — April 28 - May 11, 2017 — ICSC RECon Las Vegas — Shopping Centers — M id A tlantic

Real Estate Journal


ICSC REC on L as V egas

18+ Million SF

Retail Properties by region

GLA/ Acreage Anchor Tenants

Property Name Northeast



307,799 Kmart, Burlington, Market Basket

Shops at Billerica

Boston Rd. & Tower Farm Rd. Plain St. & Lowell Connector Medway St. & Beaver St.

Billerica, MA

271,377 Target, Marshall’s, Chuck E. Cheese

Meadow Brook Center

Lowell, MA

158,242 Stop & Shop, Dollar Tree

Milford Crossing

Milford, MA

194,221 Future Development

Harbor Pointe Marketplace

Route 440 & Goldsborough Dr.

Bayonne, NJ

126,367 Virtua Medical Group, TD Bank

Route 70 & N. Locust Ave. Hanover Ave. near Horsehill Rd. State Hwy. 73 & Sunbird Dr. Adjacent to Foreign Trade Zone Route 18 & Foxborough Dr. Route 46 & Waterview Blvd.

Shoppes at Renaissance Square

Hanover, NJ Evesham, NJ

19 AC BJ’s Wholesale Club (New Development)

BJ’s Shopping Center

26,016 Royal Farms

Sunbird Plaza

Marlton, NJ

16.963 AC Across from Walmart, Sam’s, TJ Maxx 9.33 AC Across from Walmart Supercenter 148,708 Whole Foods (New Development)

Vacant Land

Mount Olive, NJ Old Bridge, NJ Parsippany, NJ

New Development

Waterview Marketplace

Vacant Land

Vauxhall (Union), NJ 0.3239 AC Future Development

Springfield Ave. near I-78

Vineland Marketplace


Vineland, NJ

Future Development

S. Delsea Dr. (Rte. 47) & College Dr.

Williamstown, NJ

94,452 Rockin’ Jump, Dollar General, CVS

Williamstown Shopping Center

Black Horse Pike & Main St.

26 AC Across from Walmart Supercenter

Route 13 & Bennie Rd.

Vacant Land Kohl’s Plaza

Cortland, NY Deer Park, NY

182,875 Kohl’s, Super Stop & Shop

Saratoga Rd. & Glenridge Rd. Commack Rd. & Grand Blvd.

Glenville (Albany), NY 170,616 Target, Pet Supplies Plus, Panera Bread Lake Ronkonkoma, NY 170,451 Stop & Shop, Regal Cinemas, Dollar Tree

Target Shopping Center

Lake Shore Plaza II & III

Portion Rd. & Patchogue-Holbrook Rd.

Redevelopment Opportunity

Latham (Colonie), NY 118,863 Vent Fitness

Route 7 & Swatling Rd.

Monroe/Woodbury, NY 711,816 Walmart, Target, Home Depot, BJ’s

Routes 17/6 & Route 32 Route 59 & Hutton Ave.

Harriman Commons

276,792 Home Depot, Raymour & Flanigan, Staples

Home Depot Shopping Center

Nanuet, NY

78,659 Super Stop & Shop, Residence Inn

Orangeburg Commons

Route 303 & Palisades Pkwy. Montauk Hwy. & Station Rd.

Orangetown, NY

29,314 SoulCycle

The Mill

Southampton, NY

21,212 US Post Office

Stony Ridge Plaza

Route 9W & Park Rd. 660 White Plains Rd.

Stony Point, NY

660 White Plains Road


Tarrytown, NY

Adjacent to Super Stop & Shop

134,271 Home Depot

Home Depot Shopping Center Home Depot Shopping Center

Lehigh St. & Route 78 Hanover St. (Rte. 34) & I-81 Cowpath/HorshamRd. @Rte. 309 Rte. 309 & Pumping Station Rd. Hamilton Blvd. & Grange Rd.

Allentown, PA

140,715 Home Depot, Chili’s

Carlisle, PA

Montgomeryville, PA 133,000 BJ’s Wholesale Club, Lowe’s

Five Points Plaza

Richland Marketplace

444,531 Target, BJ’s, Best Buy, Petsmart, Staples

Quakertown, PA Trexlertown, PA

Macungie Crossing Shopping Ctr.

±36,671 Near Walmart Supercenter

Midwest Marshall’s at The Grove

400,000 Marshall’s

Downers Grove, IL

75th St. & Lemont Rd.

Evansville Shopping Center

162,394 Rural King, Buehler’s IGA, Dollar General

Evansville, IN

Morgan Ave. & Boeke Rd. Pendleton Pike & Shadeland Ave. U.S. Hwy. #30 & Water St.

Pendleton Plaza

134,797 Rose’s Department Store

Indianapolis, IN

The Market Place at Warsaw

183,900 Carson’s Dept. Store, Sears, Dunham’s

Warsaw, IN

Muskegon Shopping Center

167,212 Jack Loeks Theatres

Muskegon, MI

Henry St. & Norton Ave.

Visit RD at ICSC RECon | Booth #C1750L Central Hall at the corner of L Street & 17th Avenue

Thomas G. Mirandi tel 212.265.6600 x239 tmirandi@rdmanagement.com

810 Seventh Avenue, 10th Floor New York, NY 10019 • rdmanagement.com

Real Estate Journal — Shopping Centers — ICSC RECon Las Vegas — April 28 - May 11, 2017 — 15A


M id A tlantic

ICSC REC on L as V egas

200+ Properties

Retail Properties by region

GLA/ Acreage Anchor Tenants


Property Name



Port Huron Shopping Center

114,981 Big Lots, Save-A-Lot, Family Dollar

Port Huron, MI

Howard St. & 24th St.

9.37 AC Development Opportunity

Vacant Land

Fort St. & Burns Ave.

Southgate, MI

Midway Shopping Center

University Ave. & Snelling Ave.

293,732 Rainbow Foods, Office Max, Walgreens

St. Paul, MN

Home Depot Plaza

Rte. 20 & Orchard Rd.

148,440 Home Depot

Ashtabula, OH Columbus, OH

Great Western Commerce Center

N. Wilson Rd. & Valleyview Dr.

300,254 Great Western Academy, Restaurant Depot


South Academy Plaza

99,688 Academy Sports + Outdoors

Memorial Pkwy. SW&DrakeAve. SW

Huntsville, AL

Fern Park Plaza

131,646 Ross, Beall’s Outlet, Aldi, Dollar Tree 312,498 Two blocks north of University of Florida

Fern Park, FL

Semoran Blvd. & Hwy. 17/921 NW 13th St. & University Ave. USHwy. 98N&LakelandParkCtr Dr.

Mixed Use Development

Gainesville, FL


Wildwood Antique Mall, Chuck E. Cheese

The Groves

Lakeland, FL

Merchants Crossing

323,061 Beall’s Outlet, AMC Theatres, JoAnn Fabrics

N. Fort Myers, FL

US Hwy. 41 & SR 78

265,049 Earth Fare, Burlington, Best Buy, Staples

Shady Oaks Shopping Center SW 27th Ave. & College Rd.

Ocala, FL

Seminole Centre University Mall

370,936 Walmart Supercenter, Ross, Aldi 1,332,205 Dillard’s, Burlington, Sears

S Orlando Dr. & Lake Mary Blvd. EFowler Ave. &BruceB. DownsBlvd.

Sanford, FL Tampa, FL

257,761 Lowe’s, Kroger, Dollar Tree

Russell Centre

Route 23 & Diederich Blvd.

Ashland, KY

Long Meadow Shopping Center

164,293 CVS, PA Dutch Market, Dollar General

Potomac Ave. & Northern Ave. Liberty Rd. & Brenbrook Dr.

Hagerstown, MD

Brenbrook Plaza

146,586 Home Depot

Randallstown, MD

Marketplace at Rivergate

Gallatin Pike & Conference Dr.

111,463 Oak Factory Outlet, Harbor Freight Tools

Nashville, TN

Shops at Tech Ridge

12901 I-35 South & Parmer Ln.

504,153 Floor & Decor, Fitness Connection, Ross

Austin, TX

Food Lion Shopping Center

10.2 AC Food Lion, Fresenius Medical

Rte. 1 & Chippenham Pkwy.

Richmond, VA Winchester, VA

Winchester Plaza

89,918 Dick’s, The Fresh Market, Planet Fitness

S. Pleasant ValleyRd. &E. Jubal EarlyDr.

263,323 Kmart, Kroger, Goody’s Dept. Store, CVS

St. Albans Shopping Center

Rte. 60 & Boone St.

St. Albans, WV

West Freestanding Barnes & Noble

19,360 Barnes & Noble

1035 N. Metro Pkwy. W & 28th Dr.

Phoenix, AZ

Kmart Plaza

127,754 Kmart, Family Dollar

E. Sahara Ave. & McLeod Dr.

Las Vegas, NV

Kmart Shopping Center

119,705 Kmart, Value Village

Mission St. SE & 25th St.

Salem, OR

Freestanding Office Max

410 S. 900 E. & 400 S.

29,051 Office Max

Salt Lake City, UT

Puerto Rico

Arecibo Towne Center

±350,000 Future Development

Routes 2 & 22

Arecibo, PR

±525,000 Walmart Supercenter, Home Depot

Reinadel Sur; PonceTowneCenter II

Routes 2 & 10 @ PR-52

Ponce, PR

Visit RD at ICSC RECon | Booth #C1750L Central Hall at the corner of L Street & 17th Avenue


Thomas G. Mirandi tel 212.265.6600 x239 tmirandi@rdmanagement.com

810 Seventh Avenue, 10th Floor New York, NY 10019 • rdmanagement.com

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