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S And commences redevelopment into a 456,000 SF warehouse Endurance acquires 485 St. Johns Church Rd. in Shiremanstown, PA hiremanstown, PA — An affiliate of En- durance Real Estate

ISSUE HIGHLIGHTS Volume 29, Issue 16 Aug. 25 - Sept. 14, 2017

SPO TLIGHTS Tax Issues & Accounting

Roxbury, NJ — A part- nership between Advance Realty and DeBartolo De- velopment announced it has received approval to re- develop The Shops at Ledge- wood Commons, a 450,000 s/f, power center on Rte. 10 in Roxbury. In an effort to attract a diverse mix of shopping and dining that will appeal to residents of Ledgewood and the surrounding area, the partnership will implement Group, LLC (Endurance) announced its recent off-mar- ket acquisition of 485 St. Johns Church Rd. in Shiremanstown. The 712,000 s/f former manu- facturing/distribution/office fa- cility is being redeveloped into over 456,000 s/f of class A bulk warehouse/distribution space. The property was owned and occupied by the Quaker Oats Company through the early 2000’s. Endurance has part- nered with CenterSquare Investment Management in a joint venture to acquire and redevelop the property. After closing, Endurance commenced demolition of 500,000 s/f of manufacturing, office and low-bay warehouse sections of the property. Sub-

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456,000 s/f of class A bulk warehouse/distribution space rendering

sequent phases will include the renovation and expansion of the existing 28’ clear East Warehouse section, and a slab-up re-construction of the West Warehouse with a new 32’ clear, class A facility. Upon completion, the property will offer 456,810 s/f of strategi- cally located bulk warehouse/ distribution space in an infill section of Harrisburg’s densely

populated West Shore area. The entire facility will be equipped with an ESFR sprin- kler system, high efficiency T-5 lighting, a 190’ truck court, 60’ truck dock apron, significant parking for cars and trailers, and an 1 per 6,000 s/f loading dock ratio. The property will efficiently demise, with an existing de- mising wall and multiple gas

and electrical service points facilitating division of the building down to 100,000 s/f or smaller suites. Demolition is actively un- derway at the property, with a targeted delivery of July 2018 for the new 210,675 s/f West Warehouse and an April 2018 delivery for the renovated and expanded 246,135 s/f East Warehouse. n

Section C

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Advance Realty & DeBartolo receive approval to develop The Shops at Ledgewood Commons

Realty founder and CEO Pe- ter Cocoziello said. “We’re grateful and excited that Roxbury Township supports our vision for the property, and we look forward to deliv- ering a world-class shopping destination.” Key to the vision for The Shops at Ledgewood Com- mons is the center’s prime geographic location amid a thriving trade area. The prop- erty is conveniently located in Morris County on Rte. 10, a quarter of a mile from Rte. 46 and two miles from I-80. More than 100,000 people re- side within a five-mile radius, The Shops at Ledgewood Commons

an extensive capital improve- ment program which will include the demalling of the existing Ledgewood Mall to create a modern open air shopping center with a mix of anchor, junior anchor and pad site opportunities. Demolition and construction of the new shopping center is expected to commence late summer, with an estimated completion date in 2019. “For the last two years, we’ve been carefully design- ing a plan to transform this prime commercial property into a place where locals can meet, eat and shop,” Advance

with an average household income in excess of $125,000. The Partnership of Advance Realty and Debartolo Devel- opment acquired the former Ledgewood Mall property in 2015. “We could not be more ex- cited to progress to the next phase of our partnership with Advance and begin work on The Shops at Ledgewood Com- mons,“ said Ed Kobel , DeBar- tolo’s president and COO. “We look forward to transforming this formerly aging property and adding new energy to this already vibrant corner of Mor- ris County.” n

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