R etail D evelopment R eimagined

M id A tlantic Real Estate Journal — Retail Development Reimagined — September 25 - October 15, 2020 — 5A


Bob Horvath, Todd Tremblay &Matt Nadler represent seller in sale of Harrisburg, PA Panera Bread Horvath & Tremblay completes the sale of four retail properties for $11.58 million

EDGEWATER,NJ — Levin Management Corporation (LMC) has been named man- aging agent for Marketplace at Edgewater, a popular, 73,000 s/f shopping center located at 725 River Rd. in Edgewater. The assignment represents the expansion of LMC’s Bergen County shopping center portfo- lio and underscores the North Plainfield -based company’s expertise in grocery-anchored retail, according to Joseph Lowry , senior vice president of acquisitions and business development. Set on almost six acres, Mar- ketplace at Edgewater is strate- gically located in New Jersey’s affluent “Gold Coast” mar- ket along the Hudson River. The property’s tenant roster includes Trader Joe’s, Oran- getheory Fitness, Harmon Face Values, Pet Valu, among oth- ers, along with eight privately ARRISBURG, PA — Bob Horvath, Todd Tremblay and Matt Nadler have successfully completed the sale of a Panera Bread in Harrisburg. Horvath & Tremblay represented the seller to complete the transac- tion at a sale price of $2.025 million, a 6.0% Cap Rate. The Panera Bread is located at 4640 High Pointe Blvd. in Harrisburg. The stand-alone building consists of 4,495 s/f and sits on 0.43 acres of land. Panera Bread has 9+ years remaining on a corporately backed, Triple-Net Ground Lease with three, 5-Year Op- tions. The lease features 10% rent increases every five years throughout both the current term and the option periods. Panera Bread is an outparcel to High Pointe Commons, a regional shopping center anchored by Target. The prop- erty is adjacent to exit 2 on I-283, which sees more than 60,000 vehicles per day. Kyle Danielson and Jus- tin Spillane of Horvath & Tremblay have closed on a H

Bob Horvath

Todd Tremblay

Matt Nadler

Chick-Fil-A in Fredericks- burg, VA. Horvath & Trem- blay represented the buyer to complete the transaction at a sale price of $1.8 million, a 4.09% cap rate. Chick-Fil- A is located 4220 Plank Rd. in Fredericksburg, VA. The stand-alone building consists of 3,781 s/f, and sits on 1.09 acres of land. Chick-Fil-A has been at this location for 20 years and has 5-years remain- ing on an absolute triple-net ground lease with two, 5-year options, each with a 10% rent increase. Chick-Fil-A is well located in a dense retail cor- ridor and has excellent traffic counts along Plank Rd. and I-95, 70,000 and 149,000 ve- hicles per day respectively.

Additionally, there are more than 117,000 people within a five-mile radius. Horvath & Tremblay’s Dan- ielson represented the buyer in the sale of Dollar General inMechanicsville, VA at a sale price of $1.665 million, a 6.0% cap rate. Dollar General is lo- cated at 6698 Cold Harbor Rd. in Mechanicsville, VA. This is a new construction Dollar General, the 9,100 s/f stand- alone building was completed in 2020 and sits on a 1.5 acre parcel of land. Dollar General has 14+ years of term remain- ing on a corporate guaranteed Absolute Net lease followed by five, five-year renewal options. The lease calls for a 10% increase at the start of

Panera Bread, Harrisburg

all five option periods. Dollar General is well positioned in the bedroom community of Mechanicsville, just northeast of Richmond. Bob Horvath, Todd Trem- blay and Brad Canova of Horvath & Tremblay have successfully completed the sale of CVS Pharmacy in Orlando, Florida. Horvath & Tremblay exclusively rep- resented the seller in this transaction and procured the buyer at a sale price of $6.09 million, a 5.12% Cap Rate. CVS Pharmacy is located at

particularly rewarding because it represents our first assign - ment with Capstone Realty Group . We intend to apply our proven management standards to all aspects of the center’s operation, to further enhance the property’s operational effi - ciency and maximize its strong curb appeal. Capstone was par- ticularly looking for our exper- tise and guidance to optimally navigate through the current COVID-19 retail environment.” Rob Friedberg , managing partner of Capstone added, “Marketplace at Edgewater, which has 33 tenants, has been more than 98% leased for the past six years. We chose Levin to manage our property due to their extensive experience and expertise with properties like this. Additionally, we felt that Levin will make a great part- ner with our leasing agents at Ripco .” MAREJ 5190 South Conway Rd. in Orlando, FL. The stand-alone building was constructed in 2003 and contains 13,824 s/f, including a drive through. The corporate lease has 20 years remaining on an Abso- lute Triple-Net Lease with an additional four, five-year op - tions. This location has fixed rent increases at the start of each option period. The property is well located near the intersection of South Con- way Rd. and Hoffner Avenue and sees more than 67,000 vehicles per day. MAREJ

Levin Management Corporation named managing agent for Marketplace at Edgewater in Edgewater, New Jersey

Marketplace at Edgewater ented center with an Internet- resistant tenant mix – includ- ing one of the most desirable

owned restaurants. “Marketplace at Edgewater is a well-occupied, service-ori-

specialty grocers,” said Lowry. “In addition to its high-profile nature, this appointment is

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