R etail D evelopment R eimagined
M id A tlantic Real Estate Journal — Retail Development Reimagined —March 2023 — 9A
www.marej.com
Munley, Galbally & Behr rep. Federal Realty Investment Trust in sale of retail center JLL Capital Markets arranges sale of 124,262 s/f Town Center of New Britain in Philadelphia P HILADELPHIA, PA — JLL Capital Markets has closed the sale of the
Depot, Lowe’s, Weis Markets, ShopRite, Tractor Supply Co., Dollar Tree, Kohl’s, Marshalls, Walgreens, AutoZone, McDon- ald’s, Starbucks, Panera, and Burger King, that drive traffic to the area. The Property is po- sitioned in an affluent market within the New York City MSA; the average household income within 5-miles of the Property is more than $119,000 and the average household income within 10-miles of the Property is more than $124,000. Horvath & Tremblay’s Lom- bardi and Loccisano also suc- cessfully completed the sale of Kessler Physical Therapy in Toms River. Horvath & Tremblay represented the seller and procured the buyer to complete the transaction at a sale price of $875,000. Kes- sler Physical Therapy and Re- habilitation Center is located at 1186-1190 Fischer Blvd. in Toms River. Completely renovated for the tenant in 2002 with interior and exte- rior improvements over the last 3 years, the free-standing property has a gross leasable area of 3,030 s/f. MAREJ “This continues to highlight the attractiveness of the shop- ping center sector. With a best- in-class grocer in Giant, this asset drew a lot of attention from the market,” stated Behr. “Well-positioned retail shop- ping centers continue to be the one of the most liquid as- set classes within commercial real estate. We expect this trend to continue as investor demand remains exceptionally strong and retail fundamentals continue to outperform,” said Galbally. MAREJ “It was a pleasure to work on this assignment with first class organizations in Federal Realty and Milbrook Properties. The collaborative and professional nature of both teams allowed for an exceptionally well ex- ecuted transactional process,” said Munley.
EW JERSEY — Hor- vath & Tremblay has completed the sale of three New Jersey retail prop- erties for $11,930,000. Michael Lombardi, David McLaughlin and Robert DiFranco of Horvath & Trem- blay have successfully com- pleted the sale of a Taco Bell in Roselle, New Jersey. Horvath & Tremblay represented the seller and procured the buyer, to complete the transaction at a sale price of $3,855,000. Taco Bell is located at 133 Saint George Ave. in Roselle. The stand-alone building consists of 2,108 s/f and sits on a 1.25- acre lot with a drive-thru. Taco Bell has 18+ years remaining on their Absolute NNN lease with four, five-year renewal options. The lease calls for an attractive 10% rent increases every five years throughout the base term and at the start of each option period. The Prop- erty is extremely well located along E S. Georges Avenue (NJ Rte. 27), one of the area’s primary commercial and com- muter corridors. Taco Bell enjoys outstanding visibility, JLL represented the seller, Federal Realty Investment Trust , and Milbrook Prop- erties Ltd acquired the asset. Built in 1990 and renovated in 2022, the 91% occupied Town Center of New Britain is anchored by Giant, the domi- nant regional grocer in Bucks County. With nearly 20 years year of existing tenure already, Giant recently executed a 10- year extension in conjunction with a store expansion into an adjacent vacancy. Giant is com- plimented by strong co-tenancy including Rite Aid, Dollar Tree, Verizon Wireless, Auto Zone 124,626 s/f, grocery-anchored retail center located in New Britain, Bucks County within the Philadelphia MSA.
affluent location within the Philadelphia MSA, featuring 23 stores and 625 parking spaces. Within a five-mile radius of the property is a population of over 99,285. The JLL Retail Capital Mar- Town Center of New Britain
kets Investment Sales and Advisory team that repre- sented the seller was led by senior managing directors Christopher Munley and Jim Galbally and managing director Colin Behr .
and many other regional and national tenants. Situated at 426 Town Center at a signalized intersection along the highly trafficked Rte. 202, the property is set in an ideal suburban infill and
Lombardi, McLaughlin and DiFranco of Horvath & Tremblay complete the sale of three NJ retail properties for $11,930,000 N
Taco Bell in Roselle, New Jersey Tremblay represented the buy- er to complete the transaction at a sale price of $7,200,000. Wawa is located at 1 NJ Rte. 15 in Augusta, New Jersey. The stand-alone convenience store and gas station is under con- struction with an anticipated opening date in August of 2022. The Property will consist of a 5,585 s/f convenience store and a gas station. Wawa has a new 20 year, corporately backed, ground lease (Absolute NNN)
frontage, and access and is surrounded by national retail- ers, and densely populated residential neighborhoods. The property is within 1-mile of five area schools, and the Linden Train Station. The property is 3-miles from the junction of I-95 (New Jersey Turnpike) & Interstate 278 (Staten Island Expressway). Lombardi and Loccisano have facilitated the sale of a Wawa in Augusta. Horvath &
with six, 5-Year Options. The lease features scheduled rent increases in years 11 and 16 of the primary term and 10% rent increases at the start of each of the six renewal option periods. Wawa is strategically posi- tioned at the intersection of NJ Rte. 15 and US Rte. 206, two of the area’s primary commer- cial and commuter corridors. The two corridors are home to several national retailers including Walmart, The Home
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