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-
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