44 — April 2026 — Retail Development — M id A tlantic Real Estate Journal
www.marej.com
R etail D evelopment
Danielson, Horvath, Tremblay, Smith, and Lombardi orchestrate Mid-Atlantic transactions Horvath & Tremblay sells five retail properties in the Mid-Atlantic for $12,456,208 V
IRGINIA/NORTH CAROLINA/NEW JERSEY — Horvath & Tremblay has completed the sale of five retail properties in the Mid-Atlantic for a combined total of $12,456,208. Kyle Danielson, Bob Hor- vath, and Todd Tremblay of Horvath & Tremblay repre- sented the seller in the sale of a Chipotle located at 2004 S Main St., Farmville, VA. The property is currently under construction with an anticipated rent commence- ment date of April 30, 2026. Chipotle executed a 15-year absolute NNN lease with four, five-year renewal options, featuring 10% rent increases every five years throughout the base term and renewals. Situated along S Main St., the site benefits from strong visibility along the area’s primary commercial and com- muter corridor. The property is surrounded by national and local retailers, restaurants, and branded hotels. Kyle Danielson and Aus- tin Smith of Horvath & Tremblay represented the seller and sourced the buyer in the sale of a freestanding Arby’s at 3200 W Mercury Boulevard, Hampton, VA.
Kyle Danielson
Bob Horvath
Todd Tremblay
Austin Smith
Michael Lombardi
Brownstone Mill, Midland Park, NJ 420 Cedar Ln., Teaneck, NJ
at a signalized intersection of US Hwy. 1/501 and NC Rte. 78, surrounded by a growing commercial corridor that in- cludes Walgreens, CVS, new QSR developments, and the Food Lion-anchored Tramway Crossing shopping center. Michael Lombardi of Hor- vath & Tremblay has complet- ed the sale of Brownstone Mill in Midland Park, NJ. Horvath & Tremblay represented the seller and sourced the buyer to complete the transaction at a sale price of $2,825,000. Brownstone Mill is located at 11 Paterson Ave. in Midland Park. The Brownstone Mill Shops consist of 13,772 s/f spread across four buildings on a large 7.15-acre corner parcel. The property has en - joyed outstanding historical occupancy and is currently 97.34% leased. Brownstone Mill Shops are home to 21 tenants and one vacant unit.
The property is situated in the center of Midland Park’s com - mercial district adjacent to the busy Goffle Rd. and Godwin Avenue commercial corridors. Lombardi also facilitated the sale of a retail building in Teaneck, NJ. Horvath & Trem - blay represented the seller and sourced the buyer to complete the transaction at a sale price of $418,000. The retail build - ing is located at 418-420 Cedar Ln. in Teaneck. The property is improved by a single-story building and is 100% leased to Different Breed Fitness Studio and Aquarius Health Foods. The building contains 2,088 s/f and is situated on a 0.04-acre parcel of land. The property benefits from a prominent loca - tion along Cedar Lane, a key commercial thoroughfare, and offers convenient connectiv- ity to Teaneck Rd. and Queen Anne Rd., both of which serve as major commuter routes. MAREJ
2004 S Main St., Farmville, VA. The 1,995 s/f building sits on a 0.57-acre corner parcel and features a recently ex- tended lease, demonstrating tenant commitment to the site. The lease includes more than six years remaining with one five-year renewal option and a 10% rent in- crease at the start of the option period. Located at the intersection of Pennwood Dr. and W Mercury Blvd. (US Rte. 258), the prop - erty benefits from strong vis - ibility and access within a dominant retail corridor near I-64 and I-664, the Peninsula Town Center, Sentara CarePlex
Hospital, Langley Air Force Base, and other major regional demand drivers. Horvath & Tremblay rep- resented the seller in the sale of a Sheetz located at 2304 Jefferson Davis Highway, Sanford, NC. The newly constructed gas station and convenience store opened in January 2025 and is encumbered by a 15-year absolute NNN ground lease with seven, five-year renewal options. The lease includes 10% rent increases every five years throughout the primary term and renewal periods. The property is positioned 2304 Jefferson Davis Highway, NC
Panera Bread joins ON3 campus retail tenant mix
Marcus & Millichap closes nearly $14M in retail sales across Maryland & New Jersey
CLIFTON, NJ — A Panera Bread with drive-thru service is coming to Prism Capital Partners’ ON3 in Clifton. The 3,500 s/f lease brings another quality national retailer to the award-winning mixed-use campus. The bakery-café joins Chipotle and Chase Bank, both currently under construction, andStarbucks, which opened at the property in late 2024. Panera Bread will occupy a pad site just off Rte. 3 – eas - ily accessible via new campus ingress/egress lanes, which are nearing completion. RIP- CO Real Estate represented Prism Capital Partners in the transaction; Newmark served as tenant broker. Prism Con - struction Services will oversee turnkey development for the stand-alone restaurant. Prism’s Edwin Cohen , principal partner, said, “The Panera Bread lease advances our goal to curate a well- balanced mix that serves the surrounding community an-
CAMP SPRINGS, MD & PENNINGTON, NJ — Marcus & Millichap has completed two retail investment transactions totaling nearly $14 million, with sales in Camp Springs, MD, and Pennington, NJ. The Andrews Park Retail as - signment, totaling $9,965,217, included the sale of a three-ten- ant retail strip center and a net- leased Wawa in Camp Springs. “Investor demand for un- anchored strip centers and high-credit pad leases appeals to distinctly different buyers, so we marketed these assets separately,” said Dean Zang , executive managing director investments, who led the trans- action for the team. Zang and David Crotts , in- vestment specialists in Marcus & Millichap’s Washington, DC, office, marketed the property on behalf of the seller, an affiliate of the ARCTRUST Group of Companies, and procured the private buyers. Built in 2021, the 13,417 s/f
Panera Bread at ON3 rendering dcomplements our campus’ live-work-play lifestyle. ON3’s retail component is well un- derway, and we look forward to finalizing more additions in the near-term.” Prism’s vision for ON3 – New Jersey’s largest contem- plated redevelopment – began in 2016 with the acquisition of the former Hoffmann-La Roche North American Head- quarters campus spanning Clifton and Nutley. The firm has focused on transforming the 116-acre complex into a world-class, multi-tenant life- style hub integrating office and R&D, educational, residential, recreational, retail, hospitality and wellness facilities. MAREJ
retail strip is situated on 1.22 acres and was fully occupied at the time of sale. Tenants include Advance Auto Parts, Domino’s Pizza and Beyond Dental. Separately, Marcus & Millichap completed the $3,925,000 sale of Corner- stone Court, an 18,284 s/f re - tail center in Pennington, NJ. Brent Hyldahl, Alan Cafiero and Seth Gold- berg of Marcus & Millichap’s Cafiero Team represented the seller. Hyldahl, Cafiero and Goldberg, along with David Cafiero and Damien Rance , procured the buyer. “The demand for well-lo- cated, value-add investments Andrews Park Retail development
Cornerstone Court
in New Jersey continues to remain strong,” said Seth Goldberg, associate director investments. “The property is anchored by two national tenants, Subway and Dunkin’, with a drive-thru. This was highly attractive to the in- vestment community, paired with upside potential, and the signalized corner of Route 31 contributed to a competitive process.” “By leveraging our network, we identified and introduced a qualified buyer whose in - vestment goals aligned with the property’s upside,” said Damien Rance, associate investments. MAREJ
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