R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news
Bradley Gillis represents the seller and Chris Davis represents the buyer Davis & Gillis of SVN-Miller sell $22m of medical office space in 4Q 2015
ISSUE HIGHLIGHTS Volume 28 Issue 2 Jan. 29 - Feb. 11, 2016
ALISBURY , MD — Chris Davis and Brad- ley Gillis, CCIM , both senior advisors with SVN – Miller Commercial Real Es- tate in Salisbury, MD settled four medical office deals in the fourth quarter of 2015, total- ing over $22 million in value. The medical spaces are located throughout Maryland and Delaware. In all four transac- tions, Gillis represented the seller and Davis represented the buyer. The properties are as fol- lows: 29,000 s/f located at the Delmarva Health Pavilion in Millsboro, DE, a 22,000 s/f medical building located within Woodbrooke Medical Park in Salisbury, MD, 9,900 s/f in the Bridgeville Medical Center in Bridgeville, DE, and 9,850 s/f of medical space within the Georgetown Medi- S WASHINGTON, DC — Rubenstein Partners, LP , in partnership with an entity of Trammell Crow Company , announced the closing of a $15 million senior secured loan commitment for Maryland Trade Center III, a 192,000 s/f class A office property. F irst Niagara Bank, N.A. is providing the new loan facility. Maryland Trade Center III is located at the intersection of the Capital Beltway and MD 295, within the Greenbelt
SPOTLIGHT Economic Development 9-14A
Landmark Comm’l Realty reps. buyer in $15.2m sale of 173-unit complex
Cambridge Village
SVN-Miller medical office portfolio ter and Bridgeville Medical Center are income-producing properties, occupied by either
cal Center in Georgetown, DE. Delmarva Health Pavilion, Georgetown Medical Cen-
Peninsula Regional Medical Center or Nanticoke Memorial Hospital. n
15A
Rubenstein Partners & Trammell Crow announce $15m financing for Maryland Trade Center III
For speaking and sponsorship information, please contact: Linda at 781-871-3456 or lchristman@marejournal.com Multifamily Conference FEBRUARY 11, 2016 NJ Industrial Real Estate and Development Summit MARCH 18, 2016 NJ Land Development Summit UPCOMING CONFERENCES FEBRUARY 5, 2016 PA Apartment &
submarket of Washington, DC. The Rubenstein / Trammell Crow partnership is leas- ing the office space following a significant modernization project. Recent building reno- vations include modernization of the lobby and upgrades to restrooms & building systems. The ownership previously extended a lease with PNC for a 2,675 s/f bank branch on site and transformed it into a separate condominium, which was sold to a net lease investor in 2015. The new loan commitment, which has a term of up to five years, provides for future funding associated with con- tinued leaseup. A CBRE debt placement team led by David Webb and Erik Binkowski represented the Rubenstein / Trammell Crow partnership in securing the loan. “In partnership with Tram- mell Crowwe are continuing to execute our plan to add value to Maryland Trade Center III and we are pleased to grow our relationship with First Niaga- ra through this transaction,” said Scott Whittle , director of finance for Rubenstein. n
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Shopping Centers.............................................. 5-8A Owners, Developers & Managers...................15-40A Green Buildings............................................ 35 - 39A
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Maryland Trade Center III
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2016 CONFERENCE SCHEDULE
Philadelphia Apartment Summit
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Linda Christman, Publisher/CEO Mid Atlantic Real Estate Journal 312 Market St, Rockland, MA 02370
781-871-5298 800-584-1062 lchristman@marejournal.com www.marejournal.com
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American Architectural ............................ 16A Arrow Steel................................................ 38A Capitol Aerials........................................... 36A Capstan.................................................. IFC-A Crystal Window & Door Systems. ............ 18A E.B. Cohen................................................. 24A Elliott-Lewis. ............................................. 20A Environmental Systems........................ IBC-A Equipment Marketers............................... 17A Fowler Companies..................................... 31A Greater Reading Economic Partnership. . 10A Hillcrest Paving & Excavating............. IBC-A Integrated Business Systems. .................. 25A Integrity Graphics....................................... 3A Investors Real Estate Agency............... IBC-A IREM.....................................................32-33A Jewel Electric Supply................................ 30A Kaplin Stewart. ......................................... 11A Kay Commercial Realty. ....................... IBC-A LEW Corp.. ................................................ 36A M. Miller & Son......................................... 19A Marcus & Millichap.................................BC-A Meridian Capital Group............................ 23A NAI Mertz.................................................... 4A NAI Summit........................................... IBC-A NJAA.......................................................... 31A NJIFMA..................................................... 29A P. Cooper Roofing. ..................................... 22A PCS............................................................. 28A POA...............................................................34 Poskanzer Skott Architects....................... 21A PREC.......................................................... 41A R&J Control Inc......................................... 37A RD Management.......................................6-7A Sheldon Gross Realty................................ 27A Specialty Building Systems. ..................... 26A Subway......................................................... 5A The Kislak Company................................... 3A Total Cleaning Associates......................... 17A USGBC....................................................... 39A MAREJ A dvertisers D irectory
M id A tlantic Real Estate Journal
M id A tlantic R eal E state J ournal Publisher .................................................................Linda Christman Publisher ....................................................................Joe Christman Senior Editor/Graphic Artist ..................................... Karen Vachon Production Assistant/Graphic Artist ............................... Julie King Associate Publisher ................................................. Alissa Aronson Associate Publisher .............................................. Barbara Holyoke Associate Publisher .....................................................Steve Kelley Office Manager .........................................................Joanne Gavaza Contributing Columnist . ........................................... Michael Mullin 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, 312 Market St. Rockand, MA 02370 USPS #22-358 | Vol. 28 Issue 2 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 Toll-Free: (800) 584-1062 | MA: (781) 871-5298 | Fax: (781) 871-5299 www.marejournal.com The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
Michael Mullin
Cybercrime: The Importance of Knowledge, Preparation &Vigilance yber-safety, a common term used to describe a set of practices, mea- sures and/or actions that pro- tect technology and informa- tion from attacks, is a hot topic in business these days. Every company – whether large or small – is a target for cyber- crime, and being prepared and vigilant has become an absolute necessity. Understanding security threats is a good place to start. Today’s most common issues span five basic categories: •Viruses, which infect com- puters through email attach- ments and file sharing, can delete files, attack other com- puters and make systems run slowly. •Hackers are people who “trespass” into computers from remote locations. They can then cause the breached machine to malfunction, or use it to host a website, send spam or spread viruses. •Identity thieves obtain un- authorized access to personal information, such as social security and financial account numbers. They can then use this information to commit crimes such as fraud or theft. •Spyware, which is software that piggybacks on programs that are downloaded, gathers information about a user’s online habits and transmits personal information without their knowledge. •Ransomware is a more recent – and rapidly grow- ing – threat. Perpetrators restrict access to software programs and files, most of- ten by encrypting them, and then demand that the users pay a ransom to remove the restriction. These issues are serious, and they are becoming more prevalent. Symantec, a cyber- security tool provider, re- ported that security breaches increased by 23 percent in 2014. More than 317 million new pieces of malware were created, averaging to nearly 1 million new threats each day. For businesses, the reality of a security breach can be devastating and costly. An IBM study found the “aver- age consolidated total cost of a data breach” in 2014 was C
$3.8 million, and that the cost for each stolen or lost record containing sensitive informa- tion was $154. Additionally, consider the costs associated with downtime resulting in lost access to the computing network, or the implications of the exposure of confidential customer data, company finan- cial information and business intelligence. How, then, can a company minimize its exposure? First, all devices connected to the business’ computing network should meet certain security standards. Second, and equal- ly important, management should provide staff with the services and training needed to meet these cyber-safety standards. In a recently published Em- ployee Hack Guide, IBS out- lines seven actions that help protect computers and data. In most cases, the implementa- tion of these security measures takes only a few minutes. 1.Install OS/software up- dates. Updates, sometimes called patches, fix problems with an operating system (OS) (e.g., Windows XP, Windows Vista, Mac OS X) and software programs (e.g., Microsoft Of- fice applications). Most new operating systems are set to download updates by default. After updates are downloaded, users are asked to install them. Click yes! 2. Run anti-virus software. To avoid computer problems caused by viruses, install and run an anti-virus program like Vipre, a product from Threat- Track. Periodically, check to see if the anti-virus is up to date by opening the anti-virus programand checking the date of the last update. 3.Prevent identity theft. Never give out financial ac-
count numbers, Social Secu- rity numbers, driver’s license numbers or other personal identity information unless the recipient is known. Never send personal or confidential information via email or in- stant messages, as these can be easily intercepted. Beware of phishing scams – a form of fraud that uses email mes- sages that appear to be from a reputable business (often a financial institution) in an attempt to gain personal or account information. 4.Turn on personal firewalls. Check computer security set- tings for built-in personal firewalls – and turn them on. Firewalls act as protective bar- riers between computers and the internet. Hackers search the Internet by sending out pings (calls) to random com- puters and wait for responses. Firewalls prevent computers from responding. 5.Avoid spyware/adware. Spyware and adware take up memory, and can slow down computers and cause other problems. Use Spybot and Ad- Aware to remove spyware/ad- ware. Both of these programs are available online for free. 6. Protect passwords. Never share passwords. Establish a company “safe word” that a support technician requesting your work system login must know. Do not use one of these common passwords or any variation of them: qwerty1, abc123, letmein, password1, iloveyou1, (yourname)1, base- ball1. Change your password periodically. When choosing a password, mix upper and lower case letters and use a minimum of eight characters. 7. Back up important files. Reduce the risk of losing im- portant files to a virus, com- continued on page 3A
To advertise, call 1-800-584-1062
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Printing and Promotional Products IntegrityGraphics
M id A tlantic R eal E state J ournal NAI DiLeo-Bram represents All Season Sports, LLC Bussel Realty leases 36,000 s/f in South Plainfield, NJ S
Integrity Graphics is a full service provider of printed and promotional products. With our extensive network of manufacturers we can satisfy the printing needs of many businesses and industries. Whether you are looking for a specific item or just browsing for ideas, our site is your one-stop source. . . Your One-Stop Source Integrity Graphics/ Printing and Promotional Products Account Executive: Alan Aronson Office: 339-987-5533 ext.126 | Cell: 508-612-2438 Aaronson@i-graphics.net Visit our website at: i-graphics.net
OUTH PLAINFIELD, NJ — Bussel Realty Corp. (BRC) , a leading corporate and industrial real estate services firm in New Jersey, announced All Season Sports, LLC has fully-leased 2700 Hamilton Blvd. in South Plainfield, a 36,000 s/f indus- trial property. BRC senior vce presidents Robert Sager and David Blitt and vice president Peter Anderson sold the property to the present owner, The Richards &Robbins Group , and represented them in the lease transaction. NAI DiLeo- Bram represented the tenant. ALLENTOWN, PA — Markward Group an - nounced the lease of 7,800 s/f of office/flex space in the Green Hills Commerce Center, 5925 Tilghman St., Allentown. Associate broker Ann Kline represented both parties in puter crash, theft or disaster by creating back-up copies. Store back-up media in a secure place away from your computer, in case of fire or theft. Test your back up media periodically to make sure the files are accessible and read- able. Additionally, employees should work with their com-
2700 Hamilton Boulevard
pany’s in-house or third-party technical support coordinator before implementing any new cyber-safety measures. They should report any cyber-safety policy violations and security flaws/weaknesses they discov- er, as well as report any suspi- cious activity by unauthorized individuals in their work area. Finally, staff members should never install unnecessary this transaction. The complex is owned by WeinsteinRealty . New tenant, Multi-Dimen- sional Integration (MDI), is a controls systems integration firm that specializes in factory Automation. MDI opened their doors for business on Decem- “All Seasons Sports will utilize the property as a “state- of-the-art” recreational facility providing much needed recre- ational and training facilities for local sports enthusiasts, townships and clubs,” said Blitt.
programs on their work com- puters. Implementing these measures – and staying on top of them – can go a long way toward helping businesses fight common cyber-security threats and the resulting con- sequences. Michael Mullin is presi- dent of Integrated Busi- ness Systems of Totowa, NJ. n Markward Group is a full- service commercial, industrial and retail real estate broker- age firm focusing on providing expert business advice to cor- porations, local businesses, de- velopers, and investors alike. n Totaling 36,000 s/f on 6.33 acres, 2700 Hamilton Blvd. is located near I-287 and the New Jersey Turnpike. The property offers up to 28-foot ceiling heights, 4,200 s/f of- fices, tailboard loading and one drive-in, and ample parking. n
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Markward Group announces 7,800 s/f office/flex lease in PA ber 1st.
continued from page 2A Cybercrime: The Importance of Knowledge, Preparation...
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M id A tlantic R eal E state J ournal Jane Schiff represents owner of 33 East Minor St. in Emmaus
The Frederick Group announces Pennsylvania transactions, including a $2.95 million sale P ENNSYLVANIA — Gus Kartsotis of The Fred- erick Group listed 750
property located at 511 Pros- pect Ave., Bethlehem, PA, Ron Eichenberg along with Don Saylor of The Frederick Group, represented the sellers. Tom Demshock from Fishburn Real Estate represented the buyers in the sale of this 7,000 s/f, 8 unit apartment building. Wendy Karopoulos of The Frederick Group was the listing agent for the $750,000 sale of 754 Kidder St. in Wilkes-Barre, PA. The propertywas purchased by a national auto parts store. Jane Schiff of The Frederick Group represented the owners of a 58,000 s/f property located at 33 East Minor St. in Em-
North West End Blvd. (also known as Rte. 309) in Quak- ertown, PA previously owned by Dieic, LLC. Robert Tro- noski represented the buyers, PTRON, LLC in this $900,000 sale. Ted Van Wert of The Fred- erick Group listed and sold a property previously owned by Alburtis Apt, LLC, located at 108 Main St., Alburtis, PA. Bender Property Manage- ment bought the property for $900,000. In the $624,000 sale of the
33 East Minor St. in Emmaus, PA
maus, PA, previously owned by Rodale, Inc. Cindy Feinburg of Feinburg Real Estate Ad- visors represented the buyers, the Borough of Emmaus, in this $2.95 million sale. Karopoulos represented the tenant, Sonak Donuts, Inc, in the lease of 7721 Glenlivet Dr. in Fogelsville, PA. The lease value is $515,000. The property owner, CKSGlenlivet, LLC, was represented by Derek Zerfass of Colliers International . In the $905,000 sale of a 17,500 s/f industrial flex build- ing, Ron Eichenberg represent- ed the sellers, BR Holding Inc. The property located at 3971 Independence Dr. in Schnecks- ville, PA was sold to Westeros, LLC who were represented by Carl Billera of Better Homes and Gardens Real Estate Commercial . Schiff represented both the sellers and buyers in the $575,000 transaction of 6503 Lower Macungie Rd. in Ma- cungie, PA, previously owned by East Penn School District. Colebrook Property Man- agement, LLC were the pur- chasers of the 5.79 acres of land. Steve Cihylik of The Fred- erick Group represented the landlord, John Barto, in leasing a property located at 15 South Centre Ave. in Leesport, PA. GlennFritz of Weichert Com- mercial represented the ten- ant, Advance Stores Company, Incorporated in this $1,656,310 transaction over 15 years. Ron Eichenberg repre- sented the tenant, Pelican Bio Thermal, in leasing a 41,700 s/f light industrial warehouse located at 795 Roble Rd. , Al- lentown, PA. DeborahReimer from Reimer Real Estate represented the landlord, ABR Realty LLC in this $811,000 5-year lease. n
Real Estate Journal — Shopping Centers — January 29 - February 11, 2016 — 5A
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S hopping C enters
ASHI NGTON , DC — TF Cor- nerstone (TFC) Long-term lease for American brasserie keeps 117,968 s/f office property 100% leased The Smith restaurant to open first Washington, DC location at TF Cornerstone’s 901 F Street W and Lincoln Square neigh- borhoods with an additional restaurant opening in the NoMad district.
restaurant’s new Washing- ton DC location, set to open in mid-2016, will be its first outside of New York City and will feature straightforward, seasonal American fare and an extensive craft cocktail program. The Smith, which works closely with local famers and purveyors to source its food, is known for serving familiar yet creative bistro dishes with all-natural and sustainable ingredients of the highest quality. The res- taurant currently maintains three locations in Manhat- tan’s East Village, Midtown,
ing, and we couldn’t be hap- pier with the warm welcome we have received thus far upon signing our new lease,” said Jeffrey Lefcourt, founder and partner of The Smith. The Smith’s 8,637 s/f space at The Gallup Building was previously occupied by Mc- Cormick & Schmick’s. TFC’s eight-story property – promi- nently situated on Ninth and F Streets, steps away from the expansive CityCenterDC mixed-use development – in- cludes the historic Masonic Temple, a site for inaugural balls, and other major social events. n
has announced the signing of an 8,637 s/f retail lease with The Smith, one of New York City’s top-rated American brasseries, at The Gallup Building (named for its an- chor tenant) located at 901 F St. in Washington, DC. With this transaction, the 117,968 s/f trophy office and retail property will maintain its 100% occupancy, which it has historically enjoyed during TFC’s 10+ years of ownership. The lively neighborhood MSC Retail completes three lease transactions with T-Mobile PENNSYLVANIA/NEW JERSEY — MSC Retail announced three lease transactions with T-Mobile in Philadelphia, PA; Audu- bon, NJ; and Glassboro, NJ; on the heels of the firm’s recent transaction with T- Mobile on the ground floor of the Philadelphia Marriott Downtown at 12th&Market Streets. In Philadelphia, T- Mobile will open a 3,000 s/f pad site in Bakers Centre, a new 220,000 s/f mixed-use retail development. The store is scheduled to open in the second quarter of 2016. Douglas Green and Casey Pollock of MSC Retail represented the ten- ant and serve as the leas- ing agents for T-Mobile throughout the Greater Delaware Valley region. “As the sole grocery-an- chored center within a 10- mile radius, Bakers Centre is a great amenity to the communities of Roxbor- ough, Hunting Park West, Nicetown-Tioga, South Ger- mantown, and Allegheny West,” said Pollock. T-Mobile will also join a large tenant roster, includ- ingWalmart, PepBoys, Shoe Dept, and Sonic, at Audubon Crossings in Audubon, NJ, with a 1,800 s/f store at the site. Additionally, the brand will occupy 2,100 s/f at Collegetown Shopping Center in Glassboro, NJ, joining Kmart, Sleepy’s and Staples, among other retail- ers. Both sites are scheduled to open in the first quarter of 2016. n
“We are thrilled to welcome The Smith to The Gallup Building,” said Ken Houle , vice president at TFC. “The Smith’s outstanding success in New York and community- centric philosophy will make it a strong addition to the neighborhood, which pro- vides arguably the best live/ work/play experience in our nation’s capital.” “We are so excited to open in Washington DC next year. The city is vibrant and excit-
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18+ Million Square Feet
NEW YORK Glenville (Albany) Target Shopping Center Saratoga Rd. (Route 50) & Glenridge Rd. ±170,616 SF GLA In-Line Space Available
PENNSYLVANIA Quakertown at Richland Marketplace Rt. 309 & Pumping Station Road
northeast
MASSACHUSETTS Billerica Shops at Billerica
BJ’s Wholesale Club, Target, Best Buy 444,531 SF GLA / New Anchor Space Trexlertown Macungie Crossing Shopping Center Hamilton Blvd. (Route 222) & Grange Rd. Future Strip and Pads
Lake Ronkonkoma Lake Shore Plaza II Portion Rd. (CR 16) & Patchogue-Holbrook Rd. Regal Cinemas, Dollar Tree 96,290 SF GLA Latham (Colonie)
Boston Rd. (Rte. 3A) & Tower Farm Rd. Kmart, Burlington Coat, Market Basket 298,411 SF GLA In-Line Space Available Lowell Meadow Brook Center Plain Street & Lowell Connector Target, Marshalls, Chuck E. Cheese 271,377 SF GLA / Pad Site Available Milford Milford Crossing Medway St. & Beaver St. @ I-495 New Anchor Opportunities 146,770 SF GLA Future Expansion Space Available NEW JERSEY Hanover Future Development Hanover Ave. near Horsehill Rd. Leasing Pads & In-Line Space Evesham (Marlton) Shoppes at Renaissance Square Route 70 & N. Locust Avenue 176,519 SF GLA Plus Luxury Rental Homes Major Redevelopment Underway Marlton Marlton Plaza State Highway 73 & Sunbird Drive New Development Coming Spring 2016 26,016 SF GLA Mount Olive Vacant Land - 16.963 Acres Adjacent to Foreign Trade Zone Across from Walmart, Sam’s, TJ Maxx Vineland Vineland Marketplace / Kmart Plaza S. Delsea Dr. (Route 47) & College Dr. Future Development Anchor Space / Outlots Available Williamstown Williamstown Shopping Center Black Horse Pike (Route 42) & Main St. CVS, Dollar General 95,802 SF GLA Anchor Space Available NEW YORK Cortland Future Development Route 13 & Bennie Road 26 Acres across from Walmart NEW NEW
midwest
ILLINOIS Downers Grove
Freestanding Building Route 7 & Swatling Rd. 118,863 SF GLA Anchor & Outlot Available Monroe/Woodbury Harriman Commons Routes 17 / 6 & Route 32 Walmart, Home Depot, BJ’s, Target 687,724 SF GLA Future Phase III Office or Retail Nanuet Home Depot Plaza Route 59 & Hutton Ave. Home Depot, Staples / 276,792 SF GLA In-Line Space Available Orangetown Orangeburg Commons Route 303 & Palisades Parkway Super Stop & Shop Future Strip, Pads Available Stony Point Stony Ridge Plaza Route 9W & Park Rd. US Post Office / 21,212 SF GLA Southampton The Mill Montauk Hwy. (Rte. 27) & Station Rd. Prime for Specialty Foods & Boutiques PENNSYLVANIA Allentown Home Depot Plaza Lehigh St. & Route 78 134,271 SF GLA 9.82 Acres Available Carlisle Home Depot Shopping Center Hanover Street (Route 34) & I-81 Home Depot, Chili’s / 140,715 SF GLA 10,584 SF Future Expansion/Pad Montgomeryville Five Points Plaza Cowpath / Horsham Rd. at Rte. 309 & Rte 202 BJ's, Lowe's / Anchor Space Available 133,000 SF GLA UPDATED NEW
Marshall’s at The Grove 75th St. & Lemont Rd. 400,000 SF GLA Anchor Space Available 43,264 SF INDIANA Evansville
Evansville Shopping Center Morgan Ave. & Boeke Rd. Rural King, Dollar General / 153,000 SF GLA Indianapolis Pendleton Plaza Pendleton Pike & Shadeland Ave. Rose's Department Store / 134,797 SF GLA Anchor Space & Outlots Available Warsaw The Market Place at Warsaw U.S. Hwy. #30 & Water St. Carson's Dept. Store, Sears, Dunham's, Pier 1 180,000 SF GLA MICHIGAN Flint (Former) Kmart Shopping Center Dort Hwy. (Rte. 54) & Atherton Hwy. 92,691 SF GLA Livonia Office Depot Plaza Plymouth Rd. & Middlebelt Rd. Office Depot, Party City, Walgreens 108,820 SF GLA Muskegon Muskegon Shopping Center Henry St. & Norton Ave. 187,000 SF GLA Anchor Space Available Port Huron Howard St. & 24th St. Big Lots, Save-A-Lot, Family Dollar 118,000 SF GLA Redford Redford Plaza Plymouth Rd. & Inkster Rd. CVS, Planet Fitness 114,865 SF GLA / Anchor Opportunity
UPDATED
Thomas G. Mirandi 212.265.6600 x239 tmirandi@rdmanagement.com Fax: 212.459.9133
Real Estate Journal — January 29 - February 11, 2016 — 7A
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200+ Properties
MICHIGAN Southgate Fort St. & Burns Ave. Vacant Land – 9.37 Acres MINNESOTA St. Paul Midway Shopping Center University Ave. & Snelling Ave. Rainbow Foods, Office Max, Walgreens 293,732 SF GLA OHIO Ashtabula Home Depot Plaza Route 20 (N. Ridge Rd.) & Orchard Rd. 148,440 SF GLA In-Line, Future Expansion & Pad Columbus Great Western Commerce Center No. Wilson Rd. & Valleyview Dr. at Broad St. Great Western Academy, Restaurant Depot 300,254 SF GLA Mixed Use Commercial Space Holland (Toledo) Spring Meadows Place II Airport Hwy. & I-475 Dick’s, Best Buy & Expansion Space Oregon (Toledo) Vacant Land – 4.645 Acres Dustin Rd. & Isaac Street Dr. 1 block So. of Navarre Ave. (Rte. 2) & Kmart UPDATED ALABAMA Huntsville Redevelopment Opportunity South Memorial Parkway & Drake Ave. SW 104,000 SF on 8.03 Acres FLORIDA Fern Park Fern Park Plaza Semoran Blvd. (Hwy. 436) & Hwy. 17/921 Ross, Beall's Outlet, Aldi, Dollar Tree 131,646 SF GLA Fern Park Future Shopping Center 26 Acre Jai Alai Redevelopment Site 6405 Hwy. 17/92 & Fernwood Blvd. Gainesville Mixed Use Development NW 13th St & University Avenue 26,000 SF Ground Floor Retail 312,498 SF Mixed Use 6-Story Bldg. Lakeland The Groves US Hwy 98 N & Lakeland Park Center Drive Adjacent to Lakeland Square Mall 54,434 SF GLA plus 5.8 Acres for B-T-S NEW NEW NEW NEW south
FLORIDA N. Fort Myers, FL Merchants Crossing US Hwy 41 & SR 78
VIRGINIA Winchester Winchester Plaza
NEW
UPDATED
S. Pleasant Valley Rd. & E. Jubal Early Dr. Dick’s Sporting Goods, The Fresh Market, Planet Fitness / ±90,000 SF GLA WEST VIRGINIA St. Albans St. Albans Shopping Center Route 60 & MacCorkle Ave. SW Kmart, Super Kroger, Goody’s, CVS 263,323 SF GLA ARIZONA Phoenix Freestanding Barnes & Noble 1035 N. Metro Pkwy. West & 28th Dr. Adjacent to Metro Center Mall 19,360 SF on 1.48 Acres NEVADA Las Vegas Kmart Plaza E. Sahara Ave. & McLeod Dr. 127,754 SF GLA Anchor Space & Pad Available Las Vegas Kmart at Sunset Plaza 3780 E. Sunset Rd. & S. Sandhill Rd. Kmart / 86,479 SF GLA OREGON Salem Kmart Shopping Center Mission Street S. E. & 25th St. 116,866 SF GLA UTAH Salt Lake City west
Beall’s Outlet, AMC Theatres, JoAnn Fabrics, Dollar General 323,061 SF GLA Ocala
NEW
Shady Oaks Shopping Center SW 27th Ave & College Rd Burlington Coat Factory, Best Buy, Staples, JoAnn Fabrics / 260,419 SF GLA Sanford Seminole Centre S Orlando Dr. (Hwy. 17/92) & Lake Mary Blvd. Walmart Supercenter, Ross, Aldi 370,936 SF GLA Tampa University Mall E. Fowler Ave. & Bruce B. Downs Blvd. / N. 30th St. Macy’s, Sears, Dillard’s, Burlington Coat Factory Anchor Space, Outlots & Redevelopment Opportunities / 675,294 SF GLA KENTUCKY Ashland Russell Centre Route 23 & Diederich Blvd. Lowe’s, Super Kroger 257,761 SF GLA / In-line Space & Outlot Potomac Ave. (Route 60) & Northern Ave. CVS, PA Dutch Market / 164,293 SF GLA Anchor Space & Pad Available Randallstown Brenbrook Plaza Liberty Rd. & Brenbrook Dr. Home Depot / 146,586 SF GLA TENNESSEE Nashville Marketplace at Rivergate Gallatin Pike (Hwy. 31-E) & Conference Dr. Harbor Freight Tools, The Avenue 111,463 SF GLA TEXAS Ft. Worth Westcliff Shopping Center Albertson’s Market, Dollar General Alton Rd. & Biddison St. / 136,221 SF GLA NEW NEW UPDATED MARYLAND Hagerstown Long Meadow Shopping Center
410 S. 900 E. & 400 S. Freestanding Office Max Future Redevelopment
puerto rico
PUERTO RICO Arecibo Arecibo Towne Center Routes 2 & 22 Future Development Anchor Position & Outlots Available Ponce Reina del Sur; Outlots at Ponce Towne Center II Rtes. #2 & Baramaya Ave. (Rte. 10) @ PR-52 Walmart Supercenter, Home Depot New Development & Pads ± 525,000 SF GLA
VIRGINIA Richmond Food Lion Plaza Rte. 1 (Jefferson Davis Hwy.) & Chippenham Pky. 4.97 Acres & 5.23 Acres Available
Thomas G. Mirandi 212.265.6600 x239 tmirandi@rdmanagement.com Fax: 212.459.9133
8A — January 29 - February 11, 2016 — Shopping Centers — M id A tlantic
Real Estate Journal
www.marejournal.com
S hopping C enters
Hollister Const. builds first Maggiano’s Little Italy in Garden City, NY
Lake Plaza Shopping Center to expand to over 166,000 s/f Heidenberg Properties plans Stop & Shop redevelopment
Stop & Shop at Lake Plaza Shopping Center rendering
M
Maggiano’s Little Italy
“This project has been in the planning stages for quite some time and will be transforma- tive,” said Robert Heiden- berg , president and CEO of Heidenberg Properties. “We purchased this property as a redevelopment opportunity in June 2008 with the intent of adding value through compel- ling anchor tenants.” Stop & Shop currently operates 403 stores throughout New York, New Jersey, Massachusetts, Connecticut and Rhode Island, and is one of four regional divi- sions of Ahold USA. The Stop & Shop lease prompted ownership to further reinvest in the center. Located at the intersection of Route 6 and Baldwin Lane, Lake Plaza “We believe that the UWS (NW corner of 88th Street & Columbus Avenue) is one of the few areas of the city that has a dearth of fitness options. We are excited for Upper West Siders to experience SLT, which provides clients the full- body results they’ve always wanted through a trendy chal- lenging, core-intensive work- out,” said Freeman. “Unlike our competitors, we provide a semi-private experience on one machine that does it all in 50-minutes. Thanks to con- tinued and growing interest in the SLT fitness method, we are constantly on the lookout for new locations that will bring the workout to those who that has over 4,600 locations, and does over $13 billion in retail hardware sales annually. The new event of Stop & Shop taking over the former Waldbaums supermarket will add to the success of the re- development. The center also has a CVS pharmacy, Game- Stop, and Chase Bank. Breslin
Shopping Center is slated to undergo a total renovation which will include a new façade for the in-line tenants, modifi- cations to the shopping center’s pylon sign, and a complete resurfacing of the parking lot including additional parking spaces, new LED lighting, and landscaping. The renovation will have significant benefits to the town and is an overall improvement to the center. “Once construction is com- pleted, the tenants and cus- tomers of Lake Plaza Shopping Center will enjoy a first-class, modern retail environment,” stated Heidenberg. Shopping center tenants also include Kmart, KeyBank, and a num- ber of local businesses. n Freeman became obsessed with the workout and its transformative results while traveling regularly to Los An- geles for work. “New Yorkers have a limited amount of time and they want to see results quickly,” said Freeman. “This one-of-a-kind fitness program offers them the results they want – strengthening, length- ening and toning in an ef- ficient and fun way.” With a keen sense on what works in the fitness and wellness com- munity, as she co-founded the healthy living website Vital Juice, Amanda knew that this workout was destined for an NYC following. n can’t currently access a studio conveniently.”
AHOPAC, NY — The Stop & Shop Supermarket Com-
struction Services. Strategically located across from the new Neiman Marcus and adjacent to the Roosevelt Field Mall, the restaurant brand made its grand opening in December 2015, just in time for the holidays. “We invite our friends and new neighbors in the New York area into Maggiano’s to see what we’re all about,” said Joseph Peluso, General Manager of Maggiano’s Little Italy Roosevelt. “Our talented chefs are excited to put our scratch kitchens to work and whip up classic Italian- American dishes for guests.” The Hollister team leading this effort included Dominick Aquilina, project executive, John McKee , project man- ager, Frank Gomez , super- intendent, Tina Girardo , assistant project manager and Michelle Rogers , project co- ordinator. The project consul- tants included The Treeline Companies , a value-add asset developer and Gerdes Henrichson Architecture , a leading architecture/develop- ment service firm. n Fox, president of Fox The- atres, “While I’m not usually a big fan of 3D, since we’ve tested this screen with amaz- ing results I now can’t wait to see the new Star Wars film in FTX 3D!” Additionally, the Christie Digital Projector has been upgraded to 4K, four times the resolution, provid- ing a major increase in screen detail - creating dazzlingly bright, razor-sharp images in both 2D and 3D. Fox Theatres operates five theaters with thirty-two screens: FOX BERKSHIRE 8 and FOX EAST 4 in Read- ing, PA; SUN & SURF 8 and GOLD COAST 4 in Ocean City, MD; and ACADEMY 8 in Greenbelt, MD. n
GARDEN CITY, NY — Hollister Construction Ser- vices has constructed a new 8,900 s/f, 280-seat Maggiano’s Little Italy restaurant in Gar- den City, NY, the chain’s first restaurant in New York State. The Italian restaurant has an open floor plan layout, three dining areas, a bar with a dining area and a take-out area. The restaurant also fea- tures a 2,500 - 3,000 s/f state- of-the-art scratch kitchen equipped with top-of-the line equipment. Maggiano’s is owned by Brinker International, Inc. Brinker International pur- chased the restaurant in 1995, and has expanded the concept into 51 locations in 22 states and the District of Columbia. “Building Maggiano’s has been rewarding, not only is it the first one that Hollister has built, but it is also the first in New York State. We know how popular this restaurant has become and we are confi- dent that Maggiano’s will be a big hit in Garden City,” said Dominick Aquilina , project executive with Hollister Con- WYOMISSING, PA — Fox Theatres announced that FTX (Fox Theatres Extreme), its new large format screen ex- perience at Fox Berkshire, opened on November 5. Fox Berkshire’s FTX, in its renovated #1 auditorium, features a new floor-to-ceiling, wall-to-wall curved screen, twice the size of the original one, manufactured by MDI using RealD’s Precision White technology that combines 2D white screen performance with the ability to project 3D polarized images - delivering wider viewing angles and 5 times more brightness than a standard silver screen. “It takes the 3D experience to a whole new level,” said Don
pany, LLC has executed a lease to occupy 54,000 s/f at Lake Plaza Shopping Center in Mahopac, NY, announced Heidenberg Properties , a developer and owner of retail properties that specializes in the acquisition and redevelop- ment of shopping centers. The new Stop & Shop will be built from the ground up, replacing the existing 24,000 s/f Key Food and the 7,800 s/f CVS. This redevelopment will be more than 25,000 s/f larger than the two existing stores, expanding Lake Plaza Shop- ping Center from 141,000 to over 166,000 s/f.
Ripco Real Estaes reps. landlord in lease for SLT Real Estate Corp .
MANHATTAN, NY — SLT (Strengthen Lengthen Tone) a cult favorite, has signed
a lease for its tenth studio location (fifth in Manhattan) at a f ormer Maison Clean- ers site. The new 1,300 s/f studio will be
Fox Theatres FTX opens at Fox Berkshire
Doug Kleiman
on the ground floor. This is the first ground level location for the brand in NYC. Clients can expect a stellar lineup of instructor favorites. The tenant (SLT) was rep- resented by Eric Fisher of Walker & Malloy and the landlord was represented by Doug Kleiman of Ripco
Breslin Realty announces 12,862 s/f Ace Hardware lease BALDWIN, NY — B reslin Realty announced the signing of a long term lease with Ace Hardware for 12,862 s/f of space in the Baldwin Harbor Shop- ping Center, located on Atlantic Ave., in Baldwin, NY. Realty was recently appointed the manager of the entire shop- ping center, and is planning an upgrade of the facility.
Bill de Seve of the Breslin organization arranged the transaction on behalf of the landlord, and Stu Kramer of First Development Corpora- tion represented the tenant. n
Ace Hardware is a paint, lawn and garden, tool, and gen- eral home improvement store
E conomic D evelopment
Real Estate Journal — January 29 - February 11, 2016 — 9A
www.marejournal.com
M id A tlantic
P ennsylvania Greetings: COMMONWEALTH OF PENNSYLVANIA OFFICE OF THE GOVERNOR It is my pleasure to extend my appreciation to the real estate professionals of the Mid-Atlantic Region for their dedication to a more prosperous future for Pennsylvania and our neighbors. The Mid-Atlantic Real Estate Journal plays a critical role in making Pennsylvania an attractive place for businesses to grow and succeed. Through the Support of new businesses and well-paying jobs, we can rebuild Pennsylvania’s middle class. I am confident that the commercial real estate professionals of our commonwealth share my pas- sion for creating economic growth and allowing our GREETINGS: It is my pleasure to extend my appreciati n to the real estate professional of th Mid-Atl ntic Region for their dedication to a more prosperous future for Pennsylvania and our neighbors. The Mid-Atlantic Real Estate Journal plays a critical role in making Pennsylvania an attractive place for businesses to grow and succeed. Through the support of new businesses and well-paying jobs, we can rebuild Pennsylvania’s middle class. I am confident that the commercial real estate professionals of our commonwealth share my passion for creating economic growth and allowing our communities to thrive and prosper. I thank you for your contributions to the vitality of the commonwealth as e work to build a tronger Pennsylvania. As Governor, and on behalf of all the citizens of the Commonwealth of Pennsylvania, I commend our local commercial real estate profes ionals for their commitment to the Commonwealth. Please accept my best wishes for continued success. Governor Wolf communities to thrive and prosper. I thank you for your contributions to the vitality of the commonwealth as we work to build a stronger Pennsylvania. As Governor, and on behalf of all the citizens of the Commonwealth of Pennsylvania, I commend our local comercial real estate profession- als for their commitment to the Commonwealth. Please accept my best wishes for continued success.
D elaware
Home of tax-free shopping, five-star beaches, and acres of preserved natural beauty, Delaware has proven time and again that we are the “right size, right place” for business— fromfinancial services, life sciences and aerospace to tech firms and agribusinesses — we work hard to help enterprises of all kinds develop and thrive. Located in the heart of the Northeast Corridor, Dela- ware offers one of the best tax climates and a highly educatedworkforce. Often referred to as the “Corporate Capital of the World,” we are dedicated to cultivating a business-friendly environment that encourages inge- nuity and innovation. In fact, Delaware’s largest city, Wilmington, was recently named one of the top five
Governor Markell
cities in the nation outside of Silicon Valley to launch a start-up by Datafox. The shifting business landscape demands that we be adaptive and flexible to remain competitive in a global market; keeping current with the latest technologies is essential. Just this past year, the Delaware Economic Devel- opment Office launched a new, user-friendly website and an interactive site locator that provides easy access to database of available properties, as well as information on our labor market, infrastructure, demographics and more. Please take a moment to visit www.dedo.delaware.gov and check out the site locator by clicking “Relocate/Expand Here” at the top of the page. Delaware is a place for businesses of all sizes to grow and build a future. Iwould like to extendmybestwishes to the commercial real estateprofessionals ofNewJersey, Pennsylvania, Virginia,MarylandandDelaware. I look forward to your continued success and to working with you to grow our nation’s economies. Sincerely, Jack A. Markell, Governor
TOM WOLF Governor 2016
N ew J ersey Dear Friends:
V irginia
225 Main Capitol Building | Harrisburg, PA 17120 | 717.787.2500 | Fax 717.772.8284 | www.pa.gov
Virginia: Open for Business The Commonwealth of Virginia was founded as a business venture more than 400 years ago, and that legacy continues today as Virginia remains the top state in which to do business, as rated by several independent industry publications. Virginia continues to earn accolades and attract businesses from around the county and around the world because of our pro-business environment that offers lower operating costs, a stable six percent cor- porate income tax that hasn’t increased since 1972, property tax exemptions, a highly skilled and avail- able workforce, strategic location at the heart of the
On behalf of the State of New Jersey, I am pleased to address commercial real estate professionals throughout the Mid Atlantic States in this issue of the Mid Atlantic Real Estate Journal. From the onset, our Administration has pursued an aggressive strategy to expand economic growth, foster job creation and encourage investment. This strategy focuses on creating a business-friendly environment that provides the business commu- nity and job creators with the policies and support neccessary to invest and grow throughout New Jersey. Our State has attracted new business and helped existing businesses thrive by focusing on relationaship building and person to person outreach, promoting the State’s incentives and resources, developing pro-growth policies and assisting businesses in navigating state government and programs. Our workforce is among the best educated and our diverse range of industries makes New Jersey a destination for all business sectors. This publication serves as an excel- lent opportunity to recognize all commercial real estate professionals for their impact on New Jersey, and I commend all of you for your work in furthering the advancement in our State’s economic development. Best wishes for continued success. Governor Christie
Governor McAuliffe
East Coast, and one of the lowest combined state/local/use taxes at 5%. Virginia also offers a variety of performance-based incentives that it uses to attract and retain business investments and to attract new jobs to the Commonwealth. From tax credits to tax exemptions, Virginia continues to demonstrate its willingness to invest in those who invest and reinvest in the Commonwealth. Virginia has one of the country’s most technically advanced, online site selection search tools—VirginiaScan. VirginiaScan allows companies to search a database of more than 1,800 qualified sites and buildings across the Commonwealth. In addition to site and building specifications, Virgi- niaScan enables companies to search for an ideal business location using Virginia workforce statistics, existing business data and a host of other information that is driving today’s business site-selection process. Sincerely, Terry McAuliffe, Governor
10A — January 29 - February 11, 2016 — Economic Development — M id A tlantic
Real Estate Journal
www.marejournal.com
E conomic D evelopment
ILKES-BARRE, PA — Penn State d e d i c a t e d t h e 5,000 s/f, cutting-edge technology workshop and multi-media center Invent Penn State dedicates Innovation Squared Project in Wilkes-Barre, PA W
Shown from left: Penn State Vice President for Commonwealth Cam- puses Madlyn Hanes; Pennsylvania state Sen. John Yudichak; Penn State President Eric Barron; eBay Enterprises CEO Michael Jones; Greater Wilkes-Barre Chamber of Commerce President and CEO Wico van Genderen; and Penn State Vice President for Research Neil Sharkey cut the ribbon to dedicate the Innovation Squared Project Wilkes-Barre, a component of the Invent Penn State initiative.
next phase of the Innovation Squared Project, an economic development project that will foster job creation, as well as develop and implement a dual entrepreneurial ecosystem and mentorship program for downtown Wilkes-Barre. Penn State President Eric Barron and Penn State Wil- kes-Barre Chancellor Charles Davis , in conjunction with the Greater Wilkes-Barre Chamber of Commerce , hosted a dedication and ribbon
inski, and the Commonwealth Finance Authority,” said Wico van Genderen , president and CEO of the Greater Wilkes- Barre Chamber of Commerce. “We expect the Technology Workshop and Wilkes-Barre Connect Initiative to be fully operational during the first quarter of 2016, in our contin- ued efforts to establishWilkes- Barre as an Innovation Center of Excellence.” Penn State provided a $50,000 grant to support Inno- vation Squared, that is aimed at creating jobs and develop- ing a mentorship program and what Barron called an entrepreneurial “ecosystem” in downtown Wilkes-Barre. The 5,000 s/f, cutting-edge technology workshop and multi-media center will provide local professionals, businesses, and colleges and universities access to shared workshops for research and development; private conference rooms for training, presentations and virtual meetings; and a multi- service center to be utilized for virtual board meetings, podcasts, lectures, technology competitions, and mentorship activities. The Wilkes-Barre Connect Initiative is the pro- gram that will run within the workshop and media center to provide mentoring, training, networking and technical as- sistances, as well as access to capital, facilities, and other resources, to startup and exist- ing businesses. “Today we begin a new chap- ter of inspiring innovation through collaboration in this region,” Barron said. “We’re glad we could provide a loca- tion where academics and en- trepreneurial leaders can meet and develop initiatives and programs, driving innovation in the Greater Wilkes-Barre area.” Michael Jones, CEO of eBay Enterprise, who has been in the Innovation Center for more than 10 years, said a technol- ogy workshop and multi-media center is needed in the down- town Wilkes-Barre building and marks the start to a jour- ney “toward creating a true world-class asset.” n
nology Workshop and Multi- Media Center, represents a true collaborative effort be- tween our ABC’s: the Aca- demia led by Penn State; the Businesses led by eBay; and the Community led by the city of Wilkes-Barre, Sen. John Yu- dichak, Rep. Eddie Day Pash-
cutting on Thursday, Dec. 17, at the site of the Innovation Center Technology Workshop andMulti-Media Center, home
to the Wilkes-Barre Connect Initiative . “The Innovation Squared Project, specifically the Tech-
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