R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news
ISSUE HIGHLIGHTS Volume 26 Issue 24 Dec. 26, 2014 - Jan. 15, 2015
Baumstein of Cushman & Wakefield serves as leasing agent Rugby Realty acquires 579,000 s/f office tower, plans to invest $20 million
Annual Review Section C
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to purchase an iconic building in Newark,” said Maurice Ades , Rugby Realty’s prin- cipal and managing director. “The tower also offers tenants New York City skyline views, signage at the top of the build- ing, and the benefit of state tax incentives that can cut rent expenses in half.” Newark uniquely qualifies as an Urban Transit Hub Munici- pality in the Grow NJ assis- tance program, which provides grants and other incentives for job creation and retention. The building is adjoined via skyway to Newark Penn Station, which connects to neighboring New York Penn Station in 10 min- utes, as well as towns across the state of New Jersey and cit- ies along the eastern seaboard via Amtrak. Rugby Realty will be invest- ing $20 million in the building, including the construction of a new lobby, café, elevators and common areas. The top 10 floors are avail- able, offering 360,000 s/f of
contiguous space, including a penthouse floor with a 20-foot- high ceiling. Main tenant Prudential is moving some of its operations to its new downtown Newark headquar- ters, and will continue to oc- cupy approximately 40% of the building on a long-term lease. Cushman & Wakefield ’s Richard Baumstein is leasing agent for the property. The purchase marks Rugby Realty’s third office acquisi- tion in New Jersey in 12 months and is part of an ongoing effort to grow its portfolio in the New York region. In July, it acquired 300 Lightning Way, a seven- story, 303,000 s/f class A office building in Secaucus. In Janu- ary, it purchased City View Corporate Center, a 135,418 s/f class A office property in Lyndhurst. It also owns a 300,000 s/f distribution center in nearby Teterboro. “I couldn’t be happier with our decision to invest in north- ern New Jersey. I believe the
future is very bright there, and for Newark in particular,” Ades said. “I have been work- ing full-time in New Jersey for the last 12 months and have found it to be a high- level place to transact with a real estate community that is extremely professional.” Ades and his partners have been on a transaction spree over the last 36 months ac- quiring 33 buildings in New York, Connecticut, Georgia, Florida, Pennsylvania and New Jersey. At the same time, Rugby Realty has signed large leases with major cor- porations such as Amazon, United Health Care and Pru- dential Insurance Company of America. “The real estate market right now is catering exactly to what we do well, which is providing us with opportu- nites to acquire high quality yet non-stabilized buildings. With the right investment to improve infrastrucure, we can lease up very quickly.” n
EWARK, NJ — Rug- by Realty Co., Inc. announced it has ac-
quired Three G a t e w a y C e n t e r i n Newark from Tahl Propp E q u i t i e s . F i n a n c i a l terms were n o t d i s - closed.
Contributing Columnist
Maurice Ades
The 579,000 s/f, 19 story office tower is part of the four-tower Gateway indoor complex that features such amenities as an in-building, 15,000 s/f full service café, a New York Sports Club fitness center, Hilton Hotel, Star- bucks, daycare facility, confer- ence centers, plus private ex- ecutive and covered parking. It is nearby to the Prudential Center, the New Jersey Per- forming Arts Center, a new Dinosaur BBQ restaurant and a soon-to-be-built Whole Foods supermarket. “This was a rare opportunity
Mark Scott
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SEBCO Laundry Systems celebrates 44 years of service
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For speaking and sponsorship information, please contact: Linda Christman at 781-871-3456 or lchristman@marejour nal.com Upcoming Conference Thurs., Feb. 12, 2015 NJ Industrial Real Estate / Development Summit
Lombardi of Marcus & Millichap handles $11.5 million Ocean County NJ shopping center sale
WHITING, NJ — Marcus & Millichap announced the sale of Whiting Town Center, an approximately 113,000 s/f grocery-anchored town center. The $11.5 million sales price equates to $101 psf. Whiting Town Center includes pad
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sites, in-line retail space and medical office tenants. The center is anchored by Sav-a- Lot, Wells Fargo and Dollar General. Michael Lombardi, vice pres- ident investments, represented
the seller, a New York City- based owner. The acquisition completes a 1031 exchange for the buyer, a Staten Island- based owner. “More than 30 percent of the center is leased to credit-rated
tenants and many of the other tenants have been established in this location for more than 10 years, including some medi- cal office tenants with well- established practices,” said Lombardi. n
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Southeastern Virginia
Investor Aquisition Opportunity Income Producing Condominium Portfolio Builder/Developer Closeout 218 Units Built / 24 Remaining
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MAREJ A dvertisers D irectory Arrow Steel. ......................................................................2B BELFOR............................................................................9B Bennett Williams..............................................................5A Bergman Real Estate Group............................................1C BL Companies....................................................... 7A & 15C Capitol Aerials................................................................14B Commercial Mortgage Capital.........................................5C Cooper-Horowitz, Inc......................................................23C Crude Royalties. .......................................................... BC-A Crystal Window & Door Systems. ...................................7B Cushman & Wakefield...................................................IC-C Earth Engineering................................................ 8A & 27C Elias B. Cohen & Associates............................................8B Elliott-Lewis....................................................................17B Entech Digital Controls..................................................14B Exchange Solutions........................................................14C Fowler..............................................................................19B Gebroe-Hammer. ............................................................20C Gerber Somma....................................................... 15A, 12C Greater Reading Economic Partnership. ............. 15A, 10C GWS Contractors..............................................................2B Harvey, Hanna & Associates, Inc..................................17C Heidenberg Properties Group..........................................2C Heller Industrial Park......................................................9C IBS.....................................................................................4B Investors Real Estate Agency........................................15A Landmark Science & Engineering.................................18C Legends Properties...........................................................6C LEW Corporation............................................................14B LMS Commercial Real Estate..........................................4A Manko | Gold | Katcher | Fox LLP................................6A Marcus & Millichap..............................................15A,BC-C Meridian Capital Group.................................................16C Metro Commercial Real Estate, Inc.. ..............................1C NAI Emory Hill.................................................................7C NAI Summit....................................................................15A Orndee Omnimedia Inc....................................................8C P. Cooper Roofing......................................................... BC-B PCS..................................................................................15B PennCap Properties ................................................... IBC-C Poskanzer Skott Architects..............................................6B Progress Capital. ............................................................21C PWC...................................................................................4B RD Mgmt....................................................................10-11A Rhino Realty. ....................................................................4C Rittenhouse Realty Advisors............................................3C ROCK Commercial...........................................................7A SABLE Commercial Realty............................................15A SEBCO Laundry Systems..............................................12B Specialty Building Systems............................................ICB SUBWAY...........................................................................6A Target Building Construction........................................31C The Kislak Co..................................................................11C Unison Realty Partners....................................................8A USGBC NJ .....................................................................18B Value Companies............................................................11B Weiss Realty......................................................................9A Welco Realty. ....................................................................4A
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Mid Atlantic R eal E state J ournal Publisher .............................................................................. Linda Christman Publisher ................................................................................. Joe Christman Section Publisher ...................................................................... Steve Kelley Senior Editor/Graphic Artist ...................................................Karen Vachon Production Assistant . ....................................................................Julie King Associate Publisher ...............................................................Alissa Aronson Office Manager ...................................................................... Joanne Gavaza Guest Columnists .............................................................. Mark Scott, CMC 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. 26 Issue 24 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
Brokers speak the truth Mark Scott
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anke r s Bewar e : When the broker says he has a better deal
than the one you quoted, is- sued an application or even committed on, take heed. The market is moving very fast as competition intensifies. The loan caveat, accommoda- tion or extra dollars another lender may have said no to last week, can now become at- tainable. Borrowers are walk- ing from deals they agreed to just weeks before when they thought they had the “best quote possible,” and “squeezed the last bit of accommodation out of a lender.” Two, three weeks later, another lender will be bettering the deal you just agreed to. It’s crazy, and will become even more com- petitive in the New Year as lenders seek to fill their 2015 allocations. Today is a bor- rowers market. The market has quickly shifted as CMBS 2.0 has expanded greatly in 2014. CMBS volumes are on par with 2013 levels, with over $77 billion in production through October. The differ- ence, however, is that the economy is somewhat better, but the real driver is that there are now over 40 CMBC conduits versus less than 25 last year. More investment bankers are fighting for a similar level of product, which equals a borrowers market. As we move into the latter part of the year, we’ve seen a very competitive market- place with a great deal of bidding. In recent months, loan spreads have widened but new, lower Treasury lev- els have brought down rates. While certain lenders have hit their budget, a number have yet to do so. Govern- ment Sponsored Enterprises Fannie Mae and Freddie Mac have not hit their targets and are aggressively putting out money, in addition to some life companies. As a result of the heated markets, lenders should listen to a seasoned mortgage professional in or-
The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
der to get the best execution. In the distance however in 2016 0 2017, A impediment on this torrid CMBS growth is on the horizon. The FDIC’s risk retention rules, which may slow the continued recovery in the CMBS market, and may slow or reduce risk and com- petitive lending by conduits. This when CMBS 1.0 product is mushrooming in maturities. In late October, six federal agencies approved a final rule requiring sponsors of securiti- zation transactions to retain risk in those transactions. The final rule implements the risk retention requirements in the Dodd-Frank Wall Street Re- form and Consumer Protection Act (Dodd-Frank Act). The final rule is being issued jointly by the Board of Gover- nors of the Federal Reserve System, the Department of Housing and Urban Develop- ment, the Federal Deposit In- surance Corporation, the Fed- eral Housing Finance Agency, the Office of the Comptroller of the Currency, and the Securi- ties and Exchange Commis- sion. As provided under the Dodd-Frank Act, the Secretary of the Treasury, as Chairper- son of the Financial Stability Oversight Council, played a coordinating role in the joint agency rulemaking. The final rule largely retains the risk retention framework contained in the proposal issued by the agencies in August 2013 and generally requires sponsors of asset- backed securities (ABS) to re- tain not less than five percent of the credit risk of the assets collateralizing the ABS issu-
ance. The rule also sets forth prohibitions on transferring or hedging the credit risk that the sponsor is required to retain. As required by the Dodd- Frank Act, the final rule defines a "qualified residen- tial mortgage" (QRM) and exempts securitizations of QRMs from the risk reten- tion requirement. The final rule aligns the QRM defini- tion with that of a qualified mortgage as defined by the Consumer Financial Protec- tion Bureau and also requires the agencies to review the definition of QRM no later than four years after the ef- fective date of the rule with respect to the securitization of residential mortgages and every five years thereafter, and allows each agency to request a review of the defini- tion at any time. In addition, the rule does not require any retention for securitizations of commercial loans, commer- cial mortgages, or automobile loans if they meet specific standards for high quality underwriting. The final rule will be effec- tive one year after publication in the Federal Register for residential mortgage-backed securitizations and two years after publication for all other securitization. It is still a Borrowers mar- ket. Lock in those loans. Mark Scott is principal of Commercial Mortgage Capital, based in Livings- ton, NJ. He can be reached at mscott@newcommer- cialmortgage.com or 973- 716-0006. n
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Porter of NGKF Capital Markets represents HLC Equity in 27,699 s/f property sale HLC Equity purchases Rite-Aid in Lansdale, PA totaling $4.063 million L www.marejournal.com M id A tlantic Real Estate Journal — Shopping Centers — 3A ANSDALE, PA — HLC Equity has pur- chased an 11,180 s/f
the building has traded hands in 30 years; HLC Equity pur- chased the property in the late 1970s as a core investment asset. Because of its versatility and location, one block from the Bronxville Metro North station, 12-14 Cedar Street is considered one of Westchester County’s trophy properties. Lawrence “Chip” Por- ter , managing director of NGKF Capital Markets , represented HLC Equities in this transaction. Canonsburg, PA — HLC Equity announced the purchase of 601 West Pike St., Canonsburg. The tenant Rite Aid occupies the 13,825 s/f retail space on the terms of a triple-net-lease. Dean Zang , First VP of Investments at Marcus & Mil- lichap brokered the sale of the store. n
property, located on a 1.2-acre pad at 10 W. Main St. in Lans- dale. The tenant, Rite-Aid, currently occupies the building under a long-term triple-net- lease. More than 14,000 people reside within a single-mile radius of the Rite-Aid store, This provides a large and long-standing customer base, and due to the town’s growth, its government is in the pro- cess of building a new, multi-
10 W. Main St.
Dec. 26, 2014 - Jan. 15, 2015
million-dollar municipal center one block from the Rite Aid property. BRONXVILLE, NY —HLC Equity announced the sale of 12-14 Cedar St. in Bronxville,
which currently houses long- time tenant A&P under the terms of a triple-net lease. The only supermarket in the idyllic southern Westchester village, which ranks as one of
the 20 wealthiest municipali- ties in the U.S., the 27,699 s/f building sits on a .73-acre lot that is frequented by residents in the area. This marks the first time
HI-LIGHTS Rhino Realty Group recent deals include Petco & Kirklands
Steven Gartner joins the company as an executive VP for retail services CBRE’s Stevens, McClernon, and Tourtellotte broker sale of the Peirs Shops at Caesars
Philadelphia, PA — CBRE, Inc. has brokered the sale of The Piers Shops
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Discount Dance Supply expands in Mericle building
at Caesars in Atlantic City to Tower In- vestments. The sale of the luxury s h o p p i n g destination, connected to Caesars Ho-
Steven Gartner
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tel and Casino, continues the story of the ongoing dynamic shifts in Atlantic City, and represents a positive devel- opment for the city. Peter Stevens, KevinMcClernon, and William Tourtellotte from CBRE represented the seller. “This is a tremendously unique and complex property,” said Stevens, executive vice president in CBRE’s Wayne, PA office. “The mall was widely marketed to qualified retail investors and there was significant competitive inter- est by potential buyers looking
Ripco sells former Electronics Expo in Paramus, New Jersey
The Piers Shops at Caesars in Atlantic City
to take on the challenges of repositioning the property.” Constructed in 2006, the 290,210 s/f luxury shopping hub is uniquely situated at 1 Atlantic Ocean and was built on a pier that extends 900 feet from the New Jersey shore-
line overlooking the Atlantic Ocean. In other CBRE news, Ste- ven Gartner will join the company as an executive VP for retail services. Gartner is a leader in the retail real estate industry, and has received na-
tional recognition during his previous 10 years as president of Metro Commercial Real Es- tate in Philadelphia, including three years as the state direc- tor of the International Coun- cil of Shopping Centers (ICSC) for the PA/NJ/DE region. n
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ALSO Retail Brokerage Directory ......... 13B www.marejournal.com
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S hopping C enters Upgrades include pylon signage, facades and landscaping Onyx Equities begins 218,000 s/f renovation at Plainsboro Plaza
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lainsboro, NJ — Onyx Equities, LLC has begun a $2 million renovation project at Plains- boro Plaza. The firm purchased the 218,000 s/f shopping center in 2013. Onyx plans to invest $2 mil- lion in capital improvements that will increase brand vis- ibility and improve traffic flow. Renovations include modern facades with larger signs, new landscaping, a new 58-foot landmark tower, new direc- tional signage, a new pylon sign at the intersection of Schalks Crossing Rd. & Scudders Mill Rd., three new pylons at the plaza’s entrances, and a recon- figuration of the parking field. P PHILADELPHIA, PA — A joint venture partnership of Keystone Property Group, Mack-Cali Realty Corpora- tion and Parkway Corpo- ration announced that La Colombe has signed a lease for 1,700 s/f of ground-floor retail space at 100 IndependenceMall West in Philadelphia. n
Plainsboro Plaza
“We are making every ef- fort to maximize tenant and shopper experience,” said Joel Dicker , senior VP of retail leasing and development, Onyx Equities. “We are espe- cially thrilled about the new
20,000 s/f of leasing activity since the start of the renova- tions. We have re-infused vitality into Plainsboro Plaza and look forward to announc- ing more store openings in the near term.” n
Promote Your Company and its services • New Developments • Market your Available Retail Space • Submit Expert Articles on your area of expertise • Promote New Developments and Special Projects • Market Study Reports There is nothing like the Journal The Journal reaches thousands of decision makers who finance the building, build the building, buy the building and tenant the building. Loyal advertisers of the Journal have enjoyed for years: • Brand Recognition • Target Audience of Decision Makers • Building and Maintaining Image • Consistent Visibility Equals Staying Power We Encourage You To Submit • News releases • Calendar of events • Photos • Expert articles • Transactions • Personal Profiles To Subscribe or Advertise call Elaine Fanning 800-584-1062/ 781-871-5298 or efanning@marejournal.com www.marejournal.com Shopping Centers Connecting you to the greatest resources has never been as easy as the Journal!!!!!! To Subscribe or Advertise cont ct: Alissa Ara son Aaronson@marejournal.com
Keystone, Mack-Cali & Parkway Corp. announce retail lease with La Colombe at 100 Independence Mall West in Phila.
100 Independence Mall West
NOWOPEN! THE MALL AT BAY PLAZA – BRONX, NY JoinMacy’s, JCPenney,OldNavy,Forever21,NY&Co,H&M,
Victoria’sSecret,XSportFitness,Kay Jewelers,Express,OliveGarden, Joe’s CrabShack,Ulta,Aldo, Swarovski,Zales,Pandora,Gap& Aeropostale.
Cedar Knolls – Hanover Crossroads. Prime intersection of Ridgedale Avenue & East Hanover Avenue. Up to 120,000 s.f. available. New shopping center to be anchored by major big box tenant. Great on site parking. Projected opening third quarter 2015.
Bloomfield – 192 Bloomfield Avenue. Prime corner location. Join new Aldi supermarket. Up to 22,000 s.f. available.
Edison – Edison TownCenter.Rt.1& VineyardRoad. Major specialtyretailcenter. Up to600,000s.f. Specialty retailstores,restaurants &entertainment. New 86,000s.f.supermarket tobeannouncedshortly.
Paramus – ParamusTowneSquare.Rt.17.Upto 19,000s.f. available. JoinDick’sSportingGoods,Michael’s, ChefCentral,Bassett Furniture&RamseyOutdoor.
Other Featured Properties:
Kearny – Kearny Plaza Shopping Center. Passaic Avenue & Bergen Avenue. Up to 35,000 s.f. available. New BJ’s shopping center next to Kmart Shopping Center with easement to ShopRite center. Join Modell’s, Dress Barn & The Avenue. Paramus – 557 Route 17 South. Former Staples. 18,513 s.f. available plus 3,123 s.f. selling mezzanine. Good on site parking – 104 spaces. Paramus – 160Rte.17North. Upto30,000s.f.available.RedevelopmentofformerGolfGalaxyspace.Highvisibility,greataccess,excellentonsiteparking. JoinPMPediatrics. Ramsey – InterstateShoppingCenter. Varioussizesavailable–upto14,400s.f. JoinBed,Bath&Beyond,Border’s,Modell’s,Michael’s,ShopRite,T.J.MaxxandDSW.
Real Estate Journal — Shopping Centers — December 26, 2014 - January 15, 2015 — 5A
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Stine of Bennett Williams represents Five Guys Rhino Realty Group recent deals includePetco&Kirklands
Y
and Scott Muller of CBRE represented the tenant. Vineyard Vines opened a
Shrewsbury, PA is now open. Kevin Potter of Rhino Realty Group represented the owner/ landlord of the project. The following tenants will occupy spaces in the center: AT&T represented by Gary Leon of CBRE/Fameco , Great Clips represented by Steve Clipman of ROCK , Chipotle represented by Rick Shuck of CBRE/Fameco, Five Guys represented by Chad Stine of Bennett Williams, Clear Choice represented by Potter of Rhino Realty Group and People’s Bank represented by Bob Behler of Bennett Williams. n
ORK, PA — West Manchester Town Cen- ter in York redevelop-
flagship store on King St. in Charleston, SC. Trayn- ham of Rhino Realty Group represented the tenant. West Elm recently com-
ment is well un d e rwa y . Rh i n o Re - alty Group, Inc. is repre- senting the owner/land- lord and re- cent deals in- clude Petco,
Bobby Traynham Kevin Potter
pleted a deal at Rockvale Square Outlets in Lancaster, PA and will open in early 2015. Traynham of Rhino Realty Group represented the tenant. Mess ina Hi ghl ands in
Kirklands, Burlington, LOFT, Charming Charlie, AT&T, Buf- falo Wild Wings, DSW, GNC, Firehouse Subs, GameStop and Kay Jewelers. Walmart, Kohls and Regal Cinema re- main open during construc- tion. Container Store recently signed a deal at the Fashion Center at Christiana Mall in Newark, DE. Bobby Trayn- ham of Rhino Realty Group Kelly Berfield of Dietrick Group, LLC negotiates retail lease Allentown, PA — Kel- ly Berfield , broker and part- ner at Dietrick Group, LLC, Tattoo Removal, specializes in professional tattoo removal. They opened at their new loca- tions on December 1st. n Kurt Rumley joins Equity Retail Brokers investment sales team Conshohocken, PA , — Equity Retail Brokers announced that agent Kurt Rumley has joined our invest- ment sales team. Rumley has over 13 years’ experience selling shopping centers in the Tri-State area and is licensed in NJ and PA. Prior to joining Equity Re- tail Brokers, Kurt worked with Metro Commercial R.E., selling centers from 10,000 s/f to 200,000 s/f, class ‘A’ to “value add” deals with many of the investors/developers in the region. n Kelly Berfield represented t h e b u y e r and the ten- ant in the lease of suite 205 at 1013 B r o o k s i d e Road in Al- lentown. The tenant, Go!
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or more than twenty years, Manko, Gold, Katcher & Fox’s partners have been active members of ICSC, reflecting the firm’s experience and commitment to serving the environmental and energy law and litigation needs of the shopping center industry, including :
Environmental Aspects of Site Development and Brownfield Redevelopment Site Remediation Under Federal and State Cleanup Programs Real Estate Litigation and Land Use Hearings Environmental Permitting and Licensing
Environmental and Regulatory Audits
Indoor Air Quality/Vapor Intrusion Consulting and Litigation
Superfund and Cost Recovery Litigation
Photo © Tony Tremblay | istockphoto.com
Jonathan H. Spergel, Esquire 484-430-2309; jspergel@mankogold.com Suzanne Ilene Schiller, Esquire 484-430-2354; sschiller@mankogold.com
401 City Avenue, Suite 901 Bala Cynwyd, PA 19004 www.mankogold.com
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S hopping C enters From 79,685 s/f to 189,357 s/f in Luzerne County, PA Discount Dance Supply expands in Mericle building
Next publication date: February 24th GET YOUR NAME IN THE PAPER!!! NEWSRELEASES& PHOTOS WANTED The Mid atlantic Real estate Journal welcomes all editorial dealing with the commercial/industrial real estate industry • Brokered transactions • New services or products • Projects completed or underway • Expert articles
orty Fort, PA — One of the nation’s larg- est and fastest-growing suppliers of dancewear is ex- panding its distribution op- eration in Mericle Commer- cial Real Estate Services’ Cross ValleyWest Professional Building located at 180 Welles Street in Forty Fort, Luzerne County. Discount Dance Supply is expanding from 79,685 s/f to 189,357 s/f to accommodate the company’s growth on the east coast. The company employs 90 workers in the building and F
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Cross Valley West Professional Building
expects to hire an additional 20 employees due to the ex- pansion. Discount Dance Supply was formed in 1973 as Hill’s Ca- pezio Dance Shop to serve all the dancewear needs of Or- ange County, California. Ted and Linda Hill purchased a small store in Orange’s Town and Country shopping center, and their store prospered over the years to become one of the largest Capezio dealers in California. In 1992, after opening additional stores in Southern California, the com- pany opened its mail order division to provide dancewear nationwide under the name Discount Dance Supply. Mericle vice president Jim Hilsher coordinated the proj- ect. He said the Discount Dance Supply project is the latest example of the growth of E-Commerce fulfillment in NE PA. He said 20 of the top E-commerce companies have fulfillment centers in the region including Neiman Mar- cus, J.P. Boden, Amazon.com, American Eagle Outfitters, CVS Caremark, BabyAge.com, and Webgistix/Rakuten. “With the evolution of on- line retailing and the push for ever-shorter delivery windows, E-commerce companies are seeking areas where they can establish strategically located and cost-efficient fulfillment operations,“ Hilsher said. “NE PA fits that bill.” Hilsher said the region’s combination of immediate interstate access, close prox- imity to the east coast’s con- sumption zones, availability of overnight delivery companies, affordable business costs, a great workforce, and an ample supply of industrial space and sites, are combining to draw E-commerce companies. n
We’re looking for sites in PA End Cap, In-line, Free Standing Flexible Space Requirements Retail Opportunities Needed Consistently Ranked #1 Franchise - 45+ Y ear T rack Record
Non-Traditional Venues - Hospitals/Colleges Universities/B&I/Stadiums/Casinos/Airports
Local Contacts:
Eastern PA — 610-366-8120 x 24, Cheryl Green green_c@sdepa.com Philadelphia PA — 610-768-8990, Rawley Shelton rawleyshelton@gmail.com
realestate.subway.com www.subway.com
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Investment Opportunity! - Grocery Anchored Shopping Center
Algatt, Zang and Taylor listed property Marcus & Millichap Phila. arranges 25,583 s/f urban SC
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ILKES BARRE, PA — Ma r c u s & Millichap an-
nounced the sale of Midtown Village, a 25,583 s/f urban shop- ping center located in down- town Wilkes Barre according to Brenton Baskin , regional manager of the firm’s Philadel- phia office. Jeff Algatt, Dean Zang and Mark Taylor , investment spe- cialists in Marcus &Millichap’s Philadelphia office, had the list- ing to market the property on behalf of the seller, an affiliate of Wilkes Barre-based Humford Equities. Algatt secured the Midtown Village buyer, a Wyo- ming Valley private investor ex- panding its commercial property portfolio in northeastern PA. “This is a terrific downtown location just a few steps from downtown’s Public Square,” Algatt said out. “The Property sits directly between the city’s business hub and neighboring Wilkes University, is adjacent to Boscov’s department store and NBC’s affiliate WBRE-TV station, and is positioned right across South Main St. from the Intermodal Transporta- tion Center, not to mention the city’s R/C Theatres 14-screen movie, retail and residential loft complex at South Main and Northampton Sts. known as City Centre.” Wilkes University announced in early March 2014 it is buy- ing the former Bartikowsky’s Jewelers at 141 South Main St. in Wilkes Barre as part of its “South Main Street Gateway” to the center of its adjoining campus. University officials expect the project, designed to be completed in two phases, to cost $4.5 million. First, Wilkes will renovate its University Center already located onMain St. into the new home of the Jay S. Sidhu School of Busi- ness and Leadership. Once this $3 million effort is com- pleted (anticipated by the end of this year), the University will commence the renovation of the Bartikowsky building for administrative offices and the financial aid office. Wilkes University is not the only downtown educational in- stitution making moves. Near- by King’s College is expand- ing its ever-widening campus footprint with the acquisition of the Ramada hotel on Wilkes- Barre’s Public Square for a $14 million conversion of the lodg- ing facility into an academic center mixed with other uses. n
• 245,800 SF Grocery-Anchored Shopping Center • Redeveloped in 2014 • 94% Occupancy • Located with signage and visibility on I-83 • Traffic counts exceed 61,000 VPD • Major Tenants include Darrenkamp’s (Opened April 2014) and Rite Aid Corporate
Midtown Village
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An Emplo)ee+Owne. Compan)
Celebrating over 20 years of Engineering Excellence
8A — December 19 - January 15, 2015 — Shopping Centers — M id A tlantic
Real Estate Journal
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S hopping C enters
Suserman represented both the seller and owner Ripco sells former Electronics Expo in Paramus, NewJersey
Celebrating over 20 years of Engineering Excellence!
QUALITY • COMMITMENT • PERFORMANCE
aramus, NJ — Flo- rian Suserman of Ripco Real Estate announced the sale of 166 North Route 17, the former Electronics Expo. Suserman represented both the seller and the buyer. The two-story freestanding retail building consists of 18,200 s/f on two floors. “We weren’t surprised to receive multiple offers on this prime Route 17 property,” said Suserman. “Paramus remains one of the top retail zip codes in the country. With approximately 150,000 cars passing the site daily and five P
Subsurface Investigations • Construction Inspection and Testing Geotechnical Design & Analysis • Environmental Site Assessments and Remediation • Clean Fill Testing • Carbonate Site Assessments Stormwater Infiltration Testing • Laboratory Soils Testing www.earthengineering.com Corporate Headquarters: 610-277-0880 • Lehigh Valley: 610-967-4540 Central PA: 717-697-5701 • South Jersey: 856-768-1001
166 North Route 17
major regional malls (Simon’s Riverside Square, Westfield’s Garden State Plaza, Vornado’s Bergen Town Center, GGP’s Paramus Park, and The Fash- ion Center) within three miles, this site offers true value to retailers.” Located in the heart of Para- mus’ retail epicenter, the prop- erty is conveniently located north of Route 4 between the Century Road and Midland Avenue turn-around area and just south of the Garden State Parkway. It has great access and exposure on the highway. n Sperry Van Ness – Miller Commercial Real Estate hires Allen Handy SAL I SBURY , MD — Brent Miller, CCIM, CPM , managing director and senior SVN-Miller team as an Advi- sor. Handy will be working out of the satellite Seaford, DE office with SVN-Miller senior advisor Tom Knopp . Handy has experience devel- oping properties in Delaware and will focus on land and commercial retail properties in Sussex and Kent Counties in Delaware. Senior advisor Tom Knopp said, “Allen’s experi- ence in commercial real estate development, in addition to his experience owning Lo-Mar Office Products in Seaford, DE for 27 years, will make him a valuable and welcome asset to the SVN-Miller team.” n Allen Handy advisor with Sperry Van Ness – Miller Commercial Real Estate in Salisbury announc ed that Al len Handy has j o i ned t he
Real Estate Journal — Shopping Centers — December 19 - January 15, 2015 — 9A
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Serving the New Jersey and NewYork Retail Marketplace We Pride Ourselves In The CompanyWe Keep*
Lingerie by Susan
At Weiss Realty we understand the site selection process, from identifying the “prime” retail site location to zoning analysis, architectural and engineering studies, due diligence reporting and lease negotiations.
To learn more about Weiss Retail Real estate services contact: Jaime M. Weiss • (C) 201/615-0474 • jweiss@jweissrealty.com Matthew B. Weiss • (C) 917/309-7861 • mweiss@jweissrealty.com
*a partial list of Weiss Realty transactions
250 MOONACHIE ROAD, MOONACHIE, NJ 07074 • 201.814.1800 • WWW.JWEISSREALTY.COM
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10A — December 19 - January 15, 2015 — Shopping Centers — M id A tlantic
Real Estate Journal
www.marejournal.com
18 + million square feet ARIZONA
INDIANA Warsaw The Market Place U.S. Hwy. #30 & Water St. JC Penney, Sears, Elder-Beerman, Pier 1 180,000 SF GLA KENTUCKY Ashland Russell Centre Route 23 & Diederich Blvd. Lowe’s, Super Kroger 272,000 SF GLA / In-line Space & Pad MARYLAND Hagerstown Long Meadow Shopping Center Potomac Ave. (Route 60) & Northern Ave. CVS, PA Dutch Market 243,000 SF GLA Anchor Space/Pad Available Randallstown Brenbrook Plaza Liberty Rd. & Brenbrook Dr. Home Depot 139,000 SF GLA MASSACHUSETTS Billerica Shops at Billerica Boston Rd. (Rte. 3A) & Tower Farm Rd. Kmart, Burlington Coat, Market Basket 275,000 SF GLA / Anchor Space Available Milford Kmart Shopping Center Medway St. & Beaver St. @ I-495 Kmart, Dollar Tree 140,470 SF GLA Future Expansion Space Available MICHIGAN Flint Former Kmart Dort Hwy. (Rte. 54) & Atherton Hwy. 92,691 SF GLA Grand Blanc Holly Rd. & I-75 Vacant Land / 22 Acres For Sale Muskegon Muskegon Shopping Center Henry St. & Norton Ave. 187,000 SF GLA Anchor Space Available Port Huron Port Huron Shopping Center Howard St. & 24th St. Big Lots, Save-A-Lot, Family Dollar 118,000 SF GLA Anchor Space & Outlot Available
MICHIGAN Sandusky Kmart Shopping Center
Mesa Kohl’s McKellips Road & Recker Road 95,279 SF GLA Part of Falcon View Plaza w/ Fry’s Phoenix Freestanding Barnes & Noble 1035 N. Metro Pkwy. West & 28th Dr. Adjacent to Metro Center Mall 19,360 SF on 1.48 Acres Tolleson Freestanding Kmart West McDowell Road & North 86th Drive 86,479 SF GLA Semoran Blvd. (Hwy. 436) & Hwy. 17/92131,646 SF GLA Aldi, Deals Prime Corner/Junior Box Space Available Fern Park Future Shopping Center 26 Acre Jai Alai Redevelopment Site 6405 Hwy. 17/92 & Fernwood Blvd. near Hwy. 436 153,650 SF GLA Gainesville Mixed Use – Grocery Store & Student Housing NW 13th St & University Avenue 1.74 Acres FLORIDA Fern Park Fern Park Plaza
M-19 & Gates Rd. 176,248 SF GLA Anchor Space Available Southgate Fort St. & Burns Ave. 60,800 SF GLA Freestanding Redevelopment Opportunity MINNESOTA St. Paul Midway Shopping Center University Ave. & Snelling Ave. Rainbow Foods, Office Max, Walgreens 280,353 SF GLA 4.8 Acres Available for Development NEVADA Las Vegas Kmart Plaza E. Sahara Ave. & McLeod Dr. 127,754 SF GLA 10,945 SF Outbldg. Available Kmart at Sunset Plaza 3780 E. Sunset Rd. & S. Sandhill Rd. Kmart 86,479 SF NEW JERSEY Jersey City 235 Orient Ave. ± 15,000 SF on 0.40 Acres Freestanding Redevelopment Opportunity / For Sale Marlton (Evesham) Tri-Towne Plaza Route 70 & Plymouth Dr. 176,519 SF GLA Anchor Space Available Redevelopment Opportunity Mt. Olive Pad Sites Available Adjacent to Foreign Trade Zone Across from Walmart, Sam’s, TJ Maxx Old Bridge A & P Shopping Center Route 9 & Ferry Rd. 64,920 SF GLA 5,300 SF Pad Building Parsippany Whole Foods Shopping Center Route 46 (Bloomfield Ave.) & Cherry Hill Rd. Whole Foods Anchor, In-Line & Pads Available Vineland Vineland Marketplace S. Delsea Dr. (Route 47) & College Dr. New Development Anchor Space / Outlots Available NEW
26,000 SF Ground Floor Retail in Proposed 198,000 SF 8-Story Bldg ILLINOIS Downers Grove Marshall’s at The Grove 75th St. & Lemont Rd. 400,000 SF GLA Anchor Space Available 43,264 SF Niles Golf Glen Mart (Outparcel) Golf Rd. & Dee Rd. Up to 12,000 SF Outlot, B-T-S 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
NEW
RD Management LLC
Thomas G. Mirandi 212-265-6600 Ext. 239 Email: tmirandi@rdmanagement.com Fax: 212-459-9133
hopping enterS
Real Estate Journal — Shopping Centers — December 19 - January 15, 2015 — 11A
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M id A tlantic
200 + retail projects NEW JERSEY Vineland Kmart Plaza Expansion S. Delsea Dr. (Route 47) & Route 55 Kmart, TD Bank Two Parcels: 4.302 & 4.486 Acres Williamstown Williamstown Shopping Center Black Horse Pike (Route 42) & Main St. CVS, Dollar General 85,000 SF GLA Anchor Space Available NEW YORK Cortland Future Development Route 13 & Bennie Road 26 Acres across from Walmart Deer Park Kohl’s Plaza NEW YORK Stony Point Stony Ridge Plaza Route 9W & Park Rd. US Post Office 21,212 SF GLA Water Mill (Southampton) Water Mill Shoppes Montauk Hwy. (Rte. 27) & Station Rd. Muse Restaurant, Vitamin Shoppe, Subway OHIO Ashtabula Home Depot Plaza Route 20 (N. Ridge Rd.) & Orchard Rd. 148,440 SF GLA 18,440 SF Expansion & Pad Columbus Great Western Commerce Center NEW NEW NEW
PENNSYLVANIA Trexlertown Macungie Crossing Shopping Center Hamilton Blvd. (Route 222) & Grange Rd. Future Strip and Pads TENNESSEE Hermitage (Nashville) Freestanding Bldg. adjacent to Jackson’s Courtyard Shopping Center 3445 Lebanon Pike 24,040 sf GLA Redevelopment Opportunity Nashville Marketplace at Rivergate Gallatin Pike (Hwy. 31-E) & Twin Hills Drive Trees N Trends, Ryan’s Buffet 111,460 SF GLA TEXAS Ft. Worth Westcliff Shopping Center Albertson’s Market, Dollar General Alton Rd. & Biddison St. 133,332 sf GLA UTAH Salt Lake City VIRGINIA Richmond Food Lion Plaza Rte. 1 (Jefferson Davis Hwy.) & Chippenham Pky. Outlots Available Winchester Freestanding Kmart S. Pleasant Valley Rd. & E. Jubal Early Dr. 410 S. 900 E. & 400 S. Freestanding Office Max New In-line Space & Pad Available
NEW
North Wilson Rd & Valleyview Dr. at Broad St. Great Western Academy, Restaurant Depot 300,254 SF GLA Mixed Use Commercial Space Holland (Toledo) Dick’s at Spring Meadows Place Airport Hwy. & I-475 Dick’s, Best Buy & Expansion Lima Westgate Shopping Center Allentown Rd. (Rte.81) and Cable Rd. Former Kmart GLA 157,326 SF Redevelopment Opportunity Oregon (Toledo) Vacant Land – 4.645 Acres Dustin Rd. & Isaac Street Dr. 1 block south of Navarre Ave. (Rte. 2) & Kmart OREGON Salem Kmart Shopping Center Mission Street S. E. & 25th St. 116,866 SF GLA PENNSYLVANIA Allentown Home Depot Plaza Lehigh St. & Route 78 220,000 SF GLA / 9.82 Acres Available Carlisle 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 79,200 SF GLA Anchor Space Available Future Expansion
Commack Rd. & Grand Blvd. Kohl’s, Super Stop & Shop 182,875 SF GLA Proposed Pad 3,800 SF Glenville/Scotia (Albany) Target Shopping Center Saratoga Rd. (Route 50) & Glenridge Rd. 174,000 SF GLA In-Line Space Available Portion Rd. (Co. Rd. 16) & Patchogue-Holbrook Rd. Regal Cinemas, Dollar Tree / 94,826 sf GLA Anchor Space Available Latham/Colonie (Albany) Lake Ronkonkoma Lake Shore Plaza II
NEW
Kmart Shopping Center Route 7 & Swatling Rd. 118,863 SF GLA Up to 10,000 SF Outlot Available Monroe/Woodbury Harriman Commons Routes 17 / 6 & Route 32 Wal-Mart, Home Depot, BJ’s, Target 687,716SF GLA Anchor Space & Outlots Available Future Phase III Office or Retail Nanuet Home Depot Plaza Route 59 & Hutton Ave. Home Depot, Staples 250,000 SF GLA/Pad Available Orangetown Orangeburg Commons Route 303 & Palisades Parkway Super Stop & Shop Pads Available
88,479 SF GLA WEST VIRGINIA St. Albans St. Albans Center Route 60 & MacCorkle Ave. SW Kmart, Super Kroger, Goody’s, CVS 230,000 SF GLA 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
RD Management LLC
Thomas G. Mirandi 212-265-6600 Ext. 239 Email: tmirandi@rdmanagement.com Fax: 212-459-9133
12A — December 19 - January 15, 2015 — Shopping Centers — M id A tlantic
Real Estate Journal
www.marejournal.com
S hopping C enters
Soloff Realty & Dev. represents tenant in 5,800 s/f lease Blink Fitness occupies 15,000 s/f at Levin-managed SC
Angus & Lombardi rep. buyer WinickRealty Group adds four new Jersey Mike’s
NEW JERSEY — Winick Realty Group announced that Gary Krauss , the broker for Jersey Mike’s in New Jer- sey, has negotiated five new leases on behalf of the popular sandwich chain. Jersey Mike’s leased 1,600 s/f at 346 Route 10, East Ha- nover. Landlord JEMB Realty was represented by Bill Lenaz of RJ Brunelli . The company’s first West Orange location is set to open at 235 Prospect Ave. in the Whole Foods Center. The 1,750 s/f store shares its space with Chipotle Mexican Grill, for which Winick Realty Group had also negotiated the lease. Vanguard and Levin Management , who co-own the property, were represent- ed in-house. Jersey Mike’s leased 1,200 s/f at the Pheasant Valley Shopping Center in Warren. Located at 177 Washington Valley Rd., the storefront sits in an A&P-anchored shop- ping center alongside co-ten- ants including Walgreens, Moe’s Southwestern Grill and Dunkin Donuts. Landlord Hampshire Properties was represented by Ray Ayers in a direct deal. In theWest Belt Plaza Shop-
LIFTON, NJ — Blink Fitness recently cele- brated the grand open- ing of its newest New Jersey location at Clifton Plaza in Clifton. The fitness chain oc- cupies 15,000 s/f of newly constructed retail space at the 80,000 s/f shopping center, an- nounced Levin Management, the property’s managing and leasing agent. “Low-cost fitness chains are expanding rapidly across the country, underscoring the demand among consumers for affordable gym alternatives,” said David Reiner , Levin’s vice-president of leasing. “Blink Fitness is revolution- izing the way people exercise by offering a fast, convenient and cost-effective workout environment. We're excited to bring this wonderful amenity to Clifton Plaza.” ERIE, PA —Discount wom- en’s clothing retailer Simply Fashion has leased 5,800 s/f of space at Liberty Center I, re-joining the tenant mix at this key northwestern Penn- sylvania shopping destination. The announcement was made by LevinManagement, leasing and managing agent for the 227,000 s/f shopping center. Levin’s leasing representa- tive Jordan Korris nego- tiated the long-term lease. Richard Soloff of Soloff C Millersville, PA — LMS Commercial Real Es- tate has recently arranged the 1,600 s/f lease to Tina’s Nails at Millersville Commons, 371 Comet Dr., Millersville. The 18,800 s/f Millersville Com- mons is a new development near Millersville University and Penn Manor High School. The landlord and tenant were represented by Marisa Benjamin of LMS Commer- cial Real Estate. n Georgetown, DE — MSC announced the comple- tion of a lease transaction with Flex World Fitness in Georgetown at Georgetown Plaza. Flex World will join Dollar General, Rite Aid and La Tonalteca in Georgetown Plaza, occupying 9,560 s/f of space and is set to open in February of 2015.
Shown from left: Matt Catania, the operator of eight Jersey Mike’s locations, including the two new Wayne locations, and Winick Realty Group NJ’s Gary Krauss at the build-out in prog- ress at 1055 Hamburg Tpke. in Wayne, NJ ping Center, Jersey Mike’s leased 1,350 s/f at 57 Rte. 23, marking the first NNJ location for the franchise operators, who own six Jersey Mike’s locations in SNJ. Landlord Segal and Segal was represented by Neal Rich- ards of Vanguard. The same operators are also opening a store within the Wedgewood Plaza Shopping Center, locat- ed on the busy Hamburg Tpke. Krauss negotiated a lease for 1,700 s/f at 155 Hamburg Tpke. Landlord Wedgewood Properties LLC was repre- sented by Mills Retail Real Estate . n
Clifton Plaza
Liberty Center I
opening will continue to provide a wide selection of trend-driven women’s apparel and accesso- ries at an amazing price. Dots complements an impressive retail lineup at Liberty Center I and helps enhance the overall tenant mix at this neighbor- hood shopping destination.” n
Realty & Development Inc. represented the tenant in the transaction. “We are excited to welcome Dots, which is under new man- agement, back to Liberty Cen- ter I,” said Korris. “The store was extremely popular with local consumers, and upon re-
Jeffery Realty orchestrates 2,200 s/f in NJ retail deals
LMS Commercial Real Estate arranges 1,600 s/f lease to Tina’s Nails at Millersville Common
with The Joint in 1,200 s/f at Boulder Run Shopping Center in Wyckoff, NJ. Shane Wierks completed two deals with Sprint in 2,000 s/f at 1445 Route 1 in Edison, NJ. n
NEW JERSEY — J effery Realty recently completed the following deals: Bill Farkas completed a deal with Hardees on Route 27 in Franklin Township. Farkas completed a deal
Taylor Long Properties organizes 19,885 s/f in VA retail transactions represented the tenant.
VIRGINIA — Taylor Long Properties reports the following transactions: Bento Japan leases 2,000 s/f at Bermuda Crossroads Shop- ping Center, 12100-12256 Bermuda Crossroads Lane, Unit 11, Chester, VA. Ellen Long and Clint Greene rep- resented the landlord. The James House leases 3,800 s/f of space at 6610 Commons Drive, Suite C, Pr ince George . Janice Logue represented the ten- ant. Okie’s Men’s Clinic leases 2,404 s/f of space at 2002 Bremo Rd., Suite 200, Rich- mond. Heather Krauss
Affordable Dentures leases 4,483 s/f at Hungarybrook Shopping Center, 1268 Con- cord Ave., Suite 6, Richmond. Long, Krauss and Brian Bock represented the land- lord. Kent Cardwell repre- sented the tenant. Affordable Dentures leases 3,200 s/f at Rio Hill Center, 1820-1824 Rio Hill Center, Charlottesville. Long repre- sented the tenant. Fusion Fitness leases 4,000 s/f of space at Tappahannock Towne Center, 1308-1398 Tappahannock Blvd., Space #9, Tappahannock. Greene represented the landlord. n
Millersville Commons
Andrew Shpigel of MSC represented the landlord, Georgetown Plaza Associ- ates, in this transaction with Flex World. “Flex World will be a great addition to the Georgetown community. They are committed to pro- viding a high quality fitness experience with exceptional customer service,” said Shpi- gel. Flex World relocated to Georgetown Plaza for a larg- er space and this will be the new home of the fitness cen- ter. Flex World has been in the Georgetown area for five years, offering exceptional fitness equipment, exercise classes and personal training at their center. n Andrew Shpigel of MSC represents landlord in 9,560 s/f lease
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