16C — November 27 - December 10, 2015 — Shopping Centers — M id A tlantic
Real Estate Journal
www.marejournal.com
S hopping C enters
The Hampshire Companies acquires 94,027 s/f center
ASH I NGTON , DC — Trammell Crow Company Shops at Dakota Crossing over 87 percent occupied TCC announces 85,500 s/f in leases at 430,000 s/f center W
ing with 394 spots as well as ShopRite amenities including ShopRite from Home, free nu- trition programming, catering services and a pharmacy and liquor store. “This acquisition is in line with the recent core deals that Hampshire has pursued,” said Robert Schmitt , fund man- ager at The Hampshire Com- panies. “ShopRite will occupy or manage the entire center, ensuring long-term cash flows from the property. The sale of the property and lease-back is also a trend we have seen increasing since the recovery of the commercial real estate sector, and our experience and reputation as a landlord is a driving force behind our abili- ties to execute these types of deals.” n Stempel, who represented the property owner. Cory Zelnik , president of Zelnik & Com- pany, LLC , represented the tenant. Privately owned Panda Ex- press, a “fast casual” restau- rant chain offering Chinese cuisine-inspired dishes, cur- rently owns and operates over 1,800 locations around the world. The chain is headquar- tered in Rosemead, California, and run by Andrew and Peggy Cherng. The newMidtown lo- cation represents the continu- ation of plans for expansion in New York City. n in need of decent housing. The organization plans to use the space for a Habitat for Humanity ReStore, providing for the sale and display of con- struction materials, furniture, and household furnishings to the local community. Revenue fromHabitat ReStore provides a source of sustainable fund- ing for the construction and repair of homes throughout the county. The Habitat Bucks Home- ownership Program provides an opportunity for low-income families to increase their in- dependence and economic well-being through home own- ership and educational oppor- tunities. Since their founding in 1990, Habitat Bucks has built 100 affordable homes in Bucks County. Through their A Brush With Kind- ness program, Habitat Bucks makes repairs to the exterior of homes. n
WALLINGTON, NJ — The Hampshire Companies , a full service, private real estate investment firm, announced the acquisition and subse- quent lease agreement of a 94,027 s/f retail center in Wal- lington, which is anchored by ShopRite. The seller, Inserra Supermarkets, also signed a 25-year sublease agree- ment to operate the 66,065 s/f ShopRite as well as to manage the leasing of the remaining 27,962 s/f of the complex. Located at 375 Paterson Ave., a main artery roadway, the property offers high vis- ibility and superior traffic flow and will serve the more than 93,000 residents who live within a two mile radius of the store. The Wallington ShopRite has ample park- NEW YORK , NY — CityVest Realty Corp. president Mark Stempel announced the recent lease transaction, effective October 20, 2015, with Panda Express, a premier restaurant chain, at 835 Third Ave. at the corner of 51st St. The expansive space is 4,000 s/f occupying the ground & lower levels. “As Panda Express makes its vision for New York City expansion a reality, we are thrilled to help them stake out territory in highly-trafficked Midtown Manhattan with this sprawling space,” said LEVITTOWN, PA — Rod- dy Inc. , the Bensalem, PA industrial and commercial real estate brokerage firm, recently announced that it represented Habitat for Humanity of Bucks County in leasing 18,674 s/f within the Langhorne Square Shopping Center located on E. Lincoln Highway, Levittown, Bucks County. Habitat for Humanity of Bucks’ mission is to build af- fordable homes, better lives, stronger families, and safer re- vitalized communities through partnerships with people and organizations throughout Bucks County. Habitat for Humanity of Bucks County has an open-door policy: All who believe that everyone needs a decent, affordable place to live are welcome to help with the work and they accept volunteers and sup- porters from all backgrounds who are willing to serve people
(TCC) , Fort Lincoln New Town Corporation and CSG Urban Partners an- nounced that three addi- tional national retailers have joined the tenant roster at Shops at Dakota Crossing, a 430,000 s/f, class A retail center currently anchored by Costco and Lowe’s. DICK’s Sporting Goods, PetSmart, Inc. and a third national retailer signed long-term leases to occupy a combined 85,500 s/f. In a continuing trend started by Costco and Lowe’s, the new DICK’s Sporting Goods will be the retailer’s first store in the District of Columbia. Con- struction on the final phase of the project has started and will be complete in 4Q 2016. With these transactions, Shops at Dakota Crossing is over 87% occupied. Located on 44 acres of land along the northeastern edge of the District of Columbia, the site of this world-class retail center is passed by
Shops at Dakota Crossing
more than 100,000 commut- ers, tourists and other drivers on a daily basis. A part of the Fort Lincoln neighborhood, the stores and restaurants of the Shops at Dakota Crossing are within walking distance to one of the most vibrant and successful residential com- munities in Ward 5. The remaining retail space will be occupied by a variety of tenants including small shops and restaurants and will incorporate a mixture of neighborhood retailers and national chains. The Shops
at Dakota Crossing retail center includes many neigh- borhood-friendly design fea- tures, including a central, walkable “Main Street” of small shops and restaurants, pedestrian-friendly connec- tions to the surrounding residential developments and several public plazas and open spaces with outdoor seating. CBRE ’s Lisa Stoddard and Kristen Braun are re- sponsible for the retail leas- ing at the Shops at Dakota Crossing. n
CityVest Realty Corp. secures deal with Panda Express
Feil signs 37,500 s/f in leases at Concourse Plaza NEW YORK, NY —Mod- ell’s, Kidstown, American Stenographic, and Rainbow Stores have recently leased space at Concourse Plaza as part of the rejuvenation of the 25-year-old Bronx mixed-use landmark, announced The Feil Organization , the com- plex’s owner and manager. Mode l l ’ s now occupi es 15,000 s/f of retail, and Kid- stown now occupies 13,111 s/f of retail. American Steno- graphic has leased 1,800 s/f of office space and Rainbow Stores has leased 7,585 s/f of retail space at the project, located at 200 East 161st St., just off the Grand Con- course, the major north-south thoroughfare connecting the Bronx with Manhattan. Feil recently completed an $18mil- lion renovation of Concourse Plaza, which included a new façade, an overall update, and the renovation of the Food Bazaar supermarket anchor. The center is also anchored by a 10-plex National Amuse- ments theater. Burger King and Popeye’s are also coming to Concourse Plaza, as previ- ously announced. president of leasing for The Feil Organization. “The entire Grand Concourse area is being gentrified, so this was an op- portune time for us to reinvest in Concourse Plaza. And that clearly is paying off as we add new retailers and services.” Serving a population of over 1.2 million consumers within a 3-mile radius, the 311,650 s/f Concourse Plaza is within walking distance of Yankee Stadium and adjacent to a 1,883-unit residential housing community, the Bronx County Courthouse, and Bronx Mu- nicipal Building. The center also is accessible from Interstates 87, 278 and 95, the 4, B and D subway lines and the Bx6, Bx1, Bx2, BxM4 and Bx32 bus lines. Surface parking accommodates more than 1,200 cars. Three retail spaces, two of 2,600 s/f each and one of 10,000 s/f remain available, as does a 2,800 s/f office space. Randall Briskin and Nicholas Forelli , also of Feil, represented Feil in the transactions. No outside brokers were used. Feil was advised by in-house counsel BrianPalumbo and Michele Frankel . n Concourse Plaza “This center is part of the exciting Bronx revitalization,” said Randall Briskin , vice
Sean Durkin of Roddy Inc. leases 18,674 s/f within Langhorne Square SC
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