R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news
ISSUE HIGHLIGHTS Volume 29, Issue 2 Jan. 27 - Feb. 9, 2017
BioMed Realty sells the GSK Global Vaccine Centre in Rockville, MD HFF closes $337.5million sale/ arranges financing for 635,058 s/f research facility
R OCKVILLE, MD — Holliday Fenoglio Fowler, LP (HFF) announced that it has closed the $337.5 million sale of and arranged financing for the GSK Global Vaccine Cen- tre, a three-building, vaccine research and development facility totaling 635,058 s/f in Rockville. HFF marketed the prop- erty on behalf of the seller, BioMed Realty (which is owned by affiliates of Black- stone Real Estate Partners VIII ), and procured the buyer. Additionally, HFF worked on behalf of the new owner to secure an acquisition loan through Goldman Sachs . The GSK Global Vaccine Centre is fully leased to a whol- ly-owned subsidiary of Glaxo- SmithKline. Originally built in 2003, the three-building facility is situated on a 28.09- acre site at 14200 Shady Grove Rd. in the heart of the I-270
SPO TLIGHTS
ECONOMIC DEVELOPMENT 11-17A
Section C 2017 FORECAST
UPCOMING CONFERENCES February 2, 2017 Philadelphia Multifamily Summit February 3, 2017 3 rd Annual NJ Industrial Real Estate / Development Summit March 9, 2017 3rd Annual NJ Land Development Summit For speaking and sponsorship information, please contact: Linda at 781-871-3456 or lchristman@marejournal.com
GSK Global Vaccine Centre University of Maryland Shady Grove Life Sciences Center and Johns Hopkins University Belward Campus. The HFF investment sales team representing the sell- er was led by Jim Meisel ,
corridor, commonly known as “DNA Alley.” This location is within close proximity to the National Institutes of Health, the National Cancer Institute Headquarters, the U.S. Food and Drug Administration, the
Dek Potts , Andrew Weir , Stephen Conley and Matt Nicholson . HFF’s debt placement team representing the borrower was led by KevinMacKenzie , Cary Abod and Lee Redmond . n
Kislak’s Gralla arranges commercial sales totaling $41+m in Northern & Central NJ
sented the seller and Gralla represented the purchaser. - $1.321 million sale of two 7-unit apartment buildings on South Harrison St. and Elmwood Ave. in East Orange. Sweetwood and Gralla repre- sented the seller and Gralla represented the purchaser. - $1.17 million sale of a half- acre of land on which to build 19 units on Hillside Ave. in Metuchen. Gralla represented both parties. - $1,041,458 sale of a 14,878 s/f New Jersey Motor Vehicle Commission inspection station on South Second St. in Plain- field. Gralla and vice president Jeff Squires represented the seller and Gralla represented the purchaser. - $705,000 sale of 12 apart- ments on Verona Ave. in New- ark. Gralla represented both parties. In 2012, Gralla won the Kis- lak’s Rookie of the Year award and since then has completed transactions valued at more than $65 million. n
and worked i n c o n c e r t w i t h s e v - eral Kislak c o l l e a g u e s to complete them. “Julie had an extraordi- nary year,”
WOODBRIDGE, NJ — The Kislak Company, Inc. announced the recent sale of seven commercial properties in northern New Jersey with a to- tal of 152 residential units, four retail spaces, a half-acre of land and a Motor Vehicle Commis- sion inspection station. Sales associate Julie Gralla was in- strumental in each transaction
Julie Gralla
The Gateway
said Robert Holland , presi- dent. “The demand for multi- family and other investment properties is as strong as ever throughout New Jersey, and Julie did an amazing job get- ting properties for sale and procuring the right buyers for many of them.” The separate transactions include the: - $32.775 million sale of The Gateway, a new luxury apart- ment building with 57 units and 9,000 s/f of class A retail space in South Orange. Senior vice president Joni Sweet- wood represented the seller and Gralla and Sweetwood represented the purchaser. With a per unit price well
over $500,000, the sale of The Gateway exceeded the previ- ous record for the highest sale price per unit for an apartment building in all of Essex County by more than $100,000 per unit according to data available from CoStar. - $2.45 million sale of 28 units and one retail space at on Verona Ave. in Newark. Sweetwood and Gralla rep- resented the seller and sales associate Michael Salomon represented the purchaser. The per-unit sale of nearly $85,000 was among the highest among recent sales in north Newark. - $1.9 million sale of a 41- unit property on Lincoln Ave. in Orange. Sweetwood repre-
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Upcoming Spotlights HEALTHCARE/MEDICAL PROPERTIES Owners, Developers & Managers Featuring Property Management. ............................................ Section B 2017 Forecast............................................. Section C
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The PA/NJ/DE CCIM Chapter Invites You To Our February Chapter Lunch and Learn Series Seminar 1031 Exchanges & Tax Strategies Friday, February 10th; 11:30am-1:30pm • El Serrano Restaurant, Lancaster
2017 PA/NJ/DE CCIM CHAPTER OFFICERS Jeffrey Hoffman, CCIM President JPH Realty Advisors Philip R. Earley, CCIM* Vice President Lieberman, Earley & Company Charles Swope, Jr., CCIM Secretary Swope Lees Commercial Real Estate Tom Skeans, CCIM* Treasurer Sperry Van Ness | Imperial Realty Eric Gorman, CCIM* Past President Cushman & Wakefield 2017 PA/NJ/DE CCIM CHAPTER DIRECTORS Christopher Baj, CCIM Chair, Lehigh Valley Sperry Van Ness | Imperial Realty John Birkeland, CCIM Rock Commercial Real Estate Gregg Broujos Chair, Pittsburgh Colliers International David Church, CCIM Chair, Membership U.S. Capital Realty, LLC Michele Countis, CCIM Chair, Designations Jackson Cross Partners Jonathan Epstein, CCIM* Berger-Epstein Associates, Inc. Craig Fernsler, CCIM* , GRI, SRES KW Commercial / KPG Cindy Feinberg, CCIM Feinberg Real Estate Advisors Neil Kilian, CCIM Chair, Delaware NAI Emory Hill Laura Martin, CCIM Chair, Central PA
Margo McDonnell, CES—1031 Corp Will discuss several case studies and how 1031 exchanges help investors and business owners to increase cash flow, plan for retirement and solve problems.
Bruce Johnson, MBA, CEM—Capstan Tax Strategies Will discuss positioning commercial real estate under PATH (Protecting Americans From Tax Hikes) Act of 2015 along with ideas for leveraging your assets.
Registration (includes lunch): www.panjdeccim.com or call 610-560-1266 PA/NJ/DE CCIM Members $25; Non–Members $30
Mark Your Calendars! 2017 CCIM Education Schedule May 8th—May 11th Temple University, Philadelphia CI101: Financial Analysis for Commercial Investment Real Estate September 26th—September 29th Brandywine Realty Trust, Radnor CI101: Financial Analysis for Commercial Investment Real Estate October 23rd—October 26th Brandywine Realty Trust, Radnor CI 103: User Decision Analysis for Commercial Investment Real Estate
PA/NJ/DE CCIM Dealmakers Drew Bobincheck of Landmark Commercial Real Estate in Lemoyne has closed on the sale of Blue Course Commons, a 276 unit student housing investment property in State College, PA. Penn State, Main Campus is a large barrier to entry market. Drew represented both parties in an off market transaction. Sale price was $13,250,000.00. The property was 100% occupied at time of sale.
Questions? Contact PA/NJ/DE CCIM Chapter Director Kristin Tornetta at 610-560-1266 or kristin@panjdeccim.com
Register: Call (800) 621-7027 Option #2
Stay Connected. 2017 CCIM Membership Renewal Now Live! Now is the time to renew your 2017 membership both at the national and local level. Take a moment today to renew your membership with the PA/NJ/DE CCIM Chapter by calling 312-321-44600. As you know, we provide our members with the best in designation promotion, candidacy guidance and educational opportunities.
Latus Commercial Realty Kathy Sweeny-Pogwist Brandywine Realty Trust * Past PA/NJ/DE CCIM Chapter President
The PA/NJ/DE CCIM Chapter Proudly Acknowledges and Thanks the Following Sponsors:
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M id A tlantic Real Estate Journal
M id A tlantic R eal E state J ournal Publisher .................................................................Linda Christman Publisher ....................................................................Joe Christman Senior Editor/Graphic Artist ..................................... Karen Vachon Production Assistant/Graphic Artist ............................... Julie King Associate Publisher ....................................................... Kim Brunet Associate Publisher .............................................. Barbara Holyoke Associate Publisher .....................................................Steve Kelley Associate Publisher ..................................................Lea Christman Office Manager .........................................................Joanne Gavaza 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. 29 Issue 2 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
Prime Properties in Southern New Jersey Available For Lease
Brian Banaszynski
Heller Industrial Parks completes +/- 5m s/f of leases in 2016 e l l e r I ndu s t r i a l Parks , one of the na- tion’s largest privately- held distribution center owner/ manager, announced that it completed 52 transactions involving +/- 5 million s/f in 2016. “Heller’s portfolio, while maintaining a 100% occupancy rate, experienced a high-level of activity in 2016, even after a record year in 2015,” said Brian Banaszynski, president of Heller. “While we renewed a large majority of expiring leas- es, Heller’s quality buildings at very competitive rents attracted over 1.25 million s/f of new leases and expansions prior to any space being vacated, as ten- ants sought to secure space in very tight market conditions.” Heller’s in-house leasing team of David Paster and Fred Kurtz worked closely with the following brokers in 2016: • JLL : David Knee , Joel Lubin • C&W : Chuck Fern , Ja- son Barton , Jason Gold- man , Frank Caccavo , Ste- phen Elman , Larry Casey , Robin Ritter-Ceriello • CBRE : TimVogds , Steve Beyda • Lee & Associates : Rick Marchisio , Crista Bartolo- meo , David Saltzman • NAI Dileo Bram : Rich Galuppo • Weichert Commercial : Tony Baseil • Team Resources : Greg Sholom • Lance BramCommercial : Joe D’Agostino , Lance Shalit H
Whitesell Properties >> Industrial >> 1050 Thomas Busch Memorial Highway, Pennsauken, NJ
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• Exceptional 47,591 SF Single-tenant Warehouse / Manufacturing Building • 24’+ Clear height, 1200 Amp Electric, T-5 Lighting, and Skylights • 6 Tailgates, 2 Drive-ins, and 94 parking stalls. • Prime Logistics Opportunity minutes from Downtown Philadelphia, I-95, I-295, NJ Routes 38, 70, US Route 130, and NJ Turnpike Exit 4
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The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
Alston Construction..................................................................................11B American Architectural Window & Door..................................................1B Arco...........................................................................................................21A AW Meyer.................................................................................................21A Azarian Realty Co.. ..................................................................................10A Bernardon...................................................................................................9C BlueGate Partners....................................................................................21A Capitol Aerials............................................................................................2B Capstan Tax Strategies............................................................................11C Carl Berger Associates.............................................................................12A CCIM PA/NJ/DE.........................................................................................1A Cervelli Real Estate & property Management.......................................14B Coldwell Banker Commercial..................................................................21A Commercial Mortgage Capital.................................................................15C Crystal Window & Door Systems............................................................10B Cushman & Wakefield.............................................................................17C DesignPoint.................................................................................................8B E.B. Cohen................................................................................................17B Elliott-Lewis...............................................................................................7B Environmental Systems...........................................................................21A Foliage Design Systems...........................................................................12B Fowler. ......................................................................................................18B Gacek Design Group.................................................................................10C Gebroe-Hammer Associates.....................................................................21C Green Partners.........................................................................................21B GREP.........................................................................................................13A Greystone..................................................................................................13B High Construction Co.................................................................................6B Hillcrest Paving & Excavating................................................................21A Institute of Real Estate Management............................................24-IBC-B Integrated Business Systems. .................................................................16B Investors Real Estate Agency..................................................................21A Kaplin Stewart...........................................................................................3C Kay Commercial Realty...........................................................................21A Kent County, MD. ....................................................................................14A Landolph Development............................................................................21A LEW Corporation. ....................................................................................20B Lucern Capital Partners....................................................................... 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Miller & Son..........................................................................................5B Marcus & Millichap.............................................................. 21A, BC-A, 16C Meridian Capital Group..........................................................................IC-C Poskanzer Skott Architects........................................................................4B Premier Compaction Systems..................................................................23B Prestige Group............................................................................................6C Quality 1st Contracting. ..........................................................................15A RD Management......................................................................................8-9A Redwood Realty Advisors...........................................................................2C Remco Realty Group............................................................................. 4A,7A Riker Danzig Scherer Hyland Perretti......................................................5C Rittenhouse Realty Advisors. ....................................................................1C Sheldon Gross Realty...............................................................................15B Specialty Building Systems....................................................................IC-B Stout & Caldwell........................................................................................3B Subway........................................................................................................6A SVN Motleys...............................................................................................3A The Blau & Berg Company........................................................................7C The Kislak Company..................................................................................8C Total Cleaning Associates Ltd...................................................................2B Whitesell.....................................................................................................2A WithumSmith+Brown, PC.................................................................... 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in South Brunswick “The U.S. and New Jer- sey industrial markets both reached new highs in 2016. Demand continued to outpace supply, resulting in lower vacancy rates and higher rents,” said Banaszynski. “Limited land availability will make it even more chal- lenging for tenants seeking large modern distribution and warehouse facilities. Heller is carefully monitoring the ever- changing market conditions, assessing when to commence the next building at our ap- proved 2.6 million s/f project in South Brunswick (www. hellerparknorth.com), which is within the highly-desirable Exit 8A submarket.” n
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M id A tlantic R eal E state J ournal Robert Squires, Jeff Squires and David Briones honored Kislak announces 2016 sales awards
W
Orange for $19.6 million. Squires joined Kislak in 2003 and is also consistently among the firm’s leading salespeople. Kislak’s Rising Star award is presented to a newer salesper- son who recorded the greatest achievements during the past year. Briones joined Kislak in 2014 and specializes in the sale of multifamily and other invest- ment properties in Hudson County, New Jersey. In 2016, he completed 5 transactions total- ing more than $10 million in- cluding the $5.825 million sale of The Gateway in Bayonne, 20 newly constructed units with garage parking. n
Mall. The Sima Kislak Jelin Sales- person of the Year award is presented to the individual whose performance and profes- sionalism during the past year demonstrated the highest stan- dards of excellence for which Kislak is known. Robert Squires received this prestigious award following an extraordinary year, which was also his best. In 2016, Squires completed 15 transac- tions totaling more than $40 million including the Family Dollar Plaza Shopping Center in Bayonne for $9.64 million and a 222-unit portfolio in East
O O D B R I D G E , NJ — The Kislak Company, Inc. an-
nounced the recipients of its 2016 sales awards at the firm’s annual awards ceremony, which was held on January 9, 2017. Senior vice president Jeff Squires received the Producer of the Year award, vice presi- dent Robert Squires received the Sima Kislak Jelin Sales- person of the Year award, and sales associate Davis Briones received the Rising Star award. Kislak’s Producer of the Year award is presented to the indi- vidual who generated the high- est sales volume during the past year. This was Jeff Squires’ sec- ond such award having also won it in 2014. He joined Kislak in 2007 and is consistently among the firm’s leading salespeople. In 2016, Squires completed 15 transactions in New Jersey totaling more than $45 million. Among them was the $11.25 million sale of Colonial Square Motleys opens new office, hires Ross WASHINGTON, DC — Motleys Asset Disposition has expanded its reach in the Ross . Ross’ specialties include commercial real estate, indus- trial, and business asset dis- position services. His market focus includes Washington, DC, Virginia and Maryland. “Brad brings a wealth of ex- pertise to Motleys,” said Mark Motley , owner of Motleys Asset Disposition. “He knows the DC market extremely well and em- braces the opportunities it offers.” Ross hit the ground running in his new position by managing the recent auction of Flooring Solutions warehouse in Ster- ling, VA. The property and busi- ness assets sold for $5,276,250. Before joining Motleys, Ross’ experience included analyzing and implementing marketing strategies for start-up ventures within various market sectors, such as online marketing for the investment/financial sector, and identifying emerging mar- kets and trade opportunities between the U.S. and African nations. n Brad Ross metro Wash- i n g t o n r e - gion, includ- ing northern Virginia and M a r y l a n d , o p e n i n g a new office and hiring senior advisor Brad
Shown from left: Robert Squires, Jeff Squires, Davis Briones
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Site located at 122-124 South 11th St. in Midtown Village/Washington Square West Rittenhouse Realty Advisors sells Center City, Philadelphia development site for $3.85 million P
end restaurant to capture the business of the large workforce at the hospital,” said Ken Wellar , managing partner of RRA. The property was highly desirable because of the at- tractive CMX-5 zoning in this
popular Center City sub-mar- ket. Mark Duszak , director at RRA, added: “It attracted prospects from Washington, DC to New York City and our team was able to close the transaction in 10 days after a signed agreement of sale.” n and commercial real estate, focusing on sales, marketing, and research. I n 2 0 1 3 ,
H I LADELPH I A , PA — Rittenhouse Realty Advisors an- nounced the sale of a de- velopment site located at 122-124 South 11th St. in the Midtown Village/Washington Square West neighborhood of Center City, Philadelphia. The property is located di- rectly across from Jefferson University Hospital and was the site of the Midtown II Restaurant since 1974. “This is an amazing retail location across the street from Jefferson University Hospital. The new owner plans on putting in a high-
ROCK announces new brokerage advisor YORK, PA — ROCK Commercial Real Estate announced that Heather Kreiger has transitioned to a brokerage advisor. Kreiger started with ROCK in 2007 as the director of research. She came to ROCK with prior experience in both residential
her role tran- s i t i oned to the director of research & marketing whe r e s he was responsi- ble for man-
122-124 South 11th St
Heather Kreiger
aging ROCK’s proprietary da- tabase and conducting train- ing, creating and managing company processes through the utilization of the database, statistical reports and analy- sis, conducting specialized GIS projects, and overseeing all aspects of ROCK’s market- ing and branding initiatives. She will be using her vast background to serve our cli- ents in this transition. She will also begin pursuing her CCIM designation in 2017. Heather is a member of the Realtor’s Association of York and Adams Counties Board of Directors , serving as secretary in 2016 and 2017, among other committees and taskforces for the Association. She will be serving as a direc- tor for the Pennsylvania As- sociation of Realtors (PAR) in 2017 and she also currently participates on the Housing & Community Development Loan Committee for the York County Planning Commis- sion . Heather has volunteered with Junior Achievement of South Central Pennsylvania since 2009, was appointed to the National Association of Realtors (NAR) 2012 Com- mercial Real Estate Research Subcommittee, and served on the planning committee for the Eastern York Region Job Shadow Fair in 2013. ROCK focuses on broker- age advisory, management solutions, research & map- ping, and strategic consult- ing. They deliver commercial real estate services through a team of professionals who focus on getting results that create value, build confi- dence, and embrace personal relationships. n
O wners , D evelopers & M anagers S hopping C enters Andy Stape and Vito Lupo represent seller of 246,000 s/f retail center renovated in 2014 KLNB Retail Investment Sales Group brokers sale of Newberry Commons near Harrisburg, PA E direct visibility to the nearly 62,000 vehicles passing the site on a daily basis. www.marejournal.com M id A tlantic Real Estate Journal — Shopping Centers — January 27 - February 9, 2017 — 5A
work at Newberry Commons to manage divisions includ- ing information technology, human resources, payroll, and computer systems test- ing. “Newberry Commons has an extremely strong and stable group of tenants, led by the dominant area gro- cery store, Darrenkamp’s Market, and Rite Aid, both with long term leases,” said Lupo. “The daily presence of approximately 700 em- ployees working within the Rite Aid operations center provides a built-in consumer base for the other tenants in the center, and the project is surrounded by healthy and growing demographics. The new owner acquired a strategically-located asset with stable anchors and up- side potential in leasing the current vacancy which will provide long-term value.” n
TTERS, PA — The KLNB Retail Invest- ment Sales Group has brokered the sale of New- berry Commons, a 246,000 s/f grocery-anchored com- munity retail center located in Etters, near Harrisburg for $17 million. Andy Stape and Vito Lupo of KLNB Retail represented the seller, Newberry Commons, LLC and also procured the buyer, Vastgood Properties in this transaction. Located at 10 Newberry Commons, the asset was 95% leased at the time of the sale. The center, constructed in 1987, is presently anchored by Darrenkamp’s Market, a regional grocer with four locations, and Rite Aid opera- tional headquarters. These anchors are complimented by a variety of national, regional, and local tenants well suited to the commu- LANDENBERG, PA — Patterson-Woods Commer- cial Properties/CORFAC International , a full-service commercial real estate pro- vider serving the Mid-Atlan- tic market, announced the completion of the sale of an approximately 16,000 s/f retail shopping center on 5.3 acres located along New London Rd. (Rte. 896) in Landenberg (shown). The property was sold by Shops of London Britain, LLC, to a successful local investor in the Mid-Atlantic region dba London Britain, LLC. The pur- chase price was $2.9 million. Chris Moore of Patterson- Woods represented both the seller and procured the pur- chaser in this transaction. Moore specializes in commer- cial industrial and investment properties. The Shops of London Britain, constructed in 1999, is a 9-ten- ant retail center serving the community of London Britain Twp. in Chester County, PA. There is a mix of long-term,
The center was the recipi- ent of an extensive $2 mil- lion renovation package in 2014 which focused primarily on the improvement of the grocery store space. The pro- gram included the installa- tion of a covered entrance and extended to upgrades of the HVAC system and parking lot, as well as new exterior lighting. Approximately 130,000 s/f of the project is leased and occupied by Rite Aid Phar- macy, which maintains an operations center at New- berry Commons and has a long-term lease. The national retailer maintains two head- quarter locations in Pennsyl- vania, including one in Camp Hill which is approximately nine miles from the site. More than 700 Rite Aid employees
Newberry Commons
nity. Newberry Commons is positioned directly off I-83, the primary north-south com-
muter highway connecting Baltimore, MD with Harris- burg, PA, and the center has
Patterson-Woods/CORFAC Int’l inks $2.9m sale of 16,000 s/f retail center
R.J. Brunelli announces new 7-eleven tenant representation assignment
7 Eleven stock photo
Freestanding suburban loca- tions must have a 12,000 s/f minimum lot size with room for at least 10 parking spaces in front of the store. Suburban sites must be situated along roads with a minimum daily traffic count of 15,000 vehicles. Signalized intersections are preferred, along with the abil- ity to operate a 24-hour conve- nience store. Walk-up locations in busy, downtown urbanmarkets with high pedestrian counts and nearby mass transit will also be considered. n
OLD BRIDGE, NJ — Re- tail leasing specialists R.J. Brunelli & Co., LLC , an- nounced that it has been se- lected by 7-Eleven, Inc. as its preferred real estate broker for store sites in Monmouth, Ocean, Mercer, Middlesex and Union Counties inNew Jersey. 7-Eleven is seeking 2,800- to 3,000 s/f freestanding or end cap units with a 25-foot minimum width, notes R.J. Brunelli senior sales associate Patti Fiore AmecAngelo , who serves as the firm’s ac- count manager for 7-Eleven.
stable retail and restaurant tenants including K&T Auto- motive, NEO Salon, Princess of Nails, Abundance Academy of Dance, Daddy’s Kitchen, and 896 Pie, as well as an updated Sunoco gas station with car wash and convenience store. There is currently one remain- ing 1,255 s/f retail space avail- able for lease. "The recent construction and diligent maintenance by the previous owner added value and appeal to this property,”
said Moore. “Both the buyer and the seller are experienced investors, making this a very smooth transaction.” Patterson-Woods Commer- cial Properties/CORFAC In- ternational is a commercial real estate services firm spe- cializing in the Mid-Atlantic commercial property markets. They have been providing com- mercial real estate services to the communities of Delaware, Maryland and Pennsylvania for over 50 years. n
6A — January 27 - February 9, 2017 — Shopping Centers — M id A tlantic
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S hopping C enters
LMC is leasing and managing agent for the 94,000 s/f, grocery-anchored property Levin Management announces 2,000 s/f Popeyes lease at Twin City Shopping Center in Jersey City
ERSEY CITY, NJ — A Popeyes Louisiana Kitch- en franchisee has leased 2,000 s/f at Twin City Shopping Center in Jersey City, becoming the latest din- ing tenant to join the retail mix at this Hudson County shopping destination. Levin Management Corporation (LMC) , leasing and manag- ing agent for the 94,000 s/f, grocery-anchored property, or- chestrated the long-term lease. “Quick-service and fast- casual restaurants are increas- ingly popular with today’s con- sumers,” said E.J. Moawad , LMC’s leasing representative J
new Retro Fitness, Everything $.99, Wendy’s and Dunkin Donuts, along with a host of typical neighborhood conve- niences. LMC is marketing additional available space at Twin City Shopping Center. Twin City Shopping Center is well located at the Jersey City/Bayonne border on Gar- field Ave. and West 55th St., just off Exit 14A of the New Jersey Turnpike. It serves a growing residential population of more than 183,000 people within a three-mile radius. Approximately 35,000 vehicles pass the property each day, and nearby development –
including new Walgreens and TD Bank locations – is enhanc- ing the neighborhood’s retail profile. n Bennett Williams brokers 27,564 s/f YORK, PA — Bennett Williams Commercial has arranged the sale of the fol- lowing transactions: 6,800 s/f industrial building sold at 2890 W. College Ave., West Manchester Twp., York County for $365,000. Peoples- Bank purchased the property from Edward Wagner. Bob Behler of Bennett Williams represented the seller. 5,264 s/f office building sold at 720 Norman Dr., North Cornwall Twp., Lebanon County for $820,000. WaJassa Properties, LP purchased the property from LKTB Proper- ties, LP. Tom Troccoli of Bennett Williams represented the seller. 6,400 s/f retail building known as DJ Plaza, sold at 2058 S. Queen St., York Twp., York County for $1,803,492. CJP Investments, LLC pur- chased the property from Dun Management, LLC. Brian Parrish , Chad Stine and Brad Rohrbaugh represent- ed the seller in the transaction. 9,100 s/f retail building sold at 1055 Baltimore St., Penn Twp., York County for $750,000. Garey Enterprises III, LLC purchased the prop- erty from Northwest Savings Bank. Abe Khan , Stine and Rohrbaugh represented both parties. n PHILADELPHIA, PA — Breslin Realty announced the Grand Opening of Pet Valu at Whitman Plaza, located on Oregon Ave. and South 4th St., in Philadelphia. The new store opened its doors to the public on December 9th, 2016. Pet Valu is occupying 4,400 s/f of space in the shopping center. Pet Valu is a pet care store with stores across the north-eastern United States, and Canada. Additional Whitman Plaza retail also includes: a newly opened ShopRite, Burlington Coat Factory, Ross Dress For Less, Rainbow Shoppes, Pay- less Shoesource, PennDOT, Sneaker Villa, Flaming Grill & Supreme Buffet, GNC, Party City, and Citizen’s Bank n Breslin announces opening of Pet Valu
Twin City Shopping Center
for Twin City Shopping Center. “The addition of a nationally recognized brand like Popeyes adds an exciting new dining element to this property. Re- tailers are attracted to Twin City Shopping Center’s central
location, outstanding daytime and residential demographics, and excellent daily consumer traffic. We expect this tenant to enjoy great success here.” Popeyes joins a tenant mix that includes Aqui Market, a
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610-366-8120 x 24, Cheryl Green green_c@sdepa.com 410-752-6760 x1230, Rawley Shelton rshelton@sandumanagement.com
realestate.subway.com www.subway.com
facebook.com/SDEPA1
Real Estate Journal — Shopping Centers — January 27 - February 9, 2017 — 7A
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M id A tlantic
S hopping C enters
Peter Gallicchio represents Moe’s Southwestern in the transaction REMCO sells 3,000 s/f restaurant for $725,000 to Moe’s Southwestern Grill
H
area on it’s own. Hillsborough is home to such national retailers as: Shop Rite, Stop and Shop, Wendy’s, Burger King, McDonalds, Kohl’s, Lowe’s, Home Goods, Staples, Starbucks, Dunkin Donuts, 5 Guys, Pizza Hut, Dominos, Tractor Supply, Wawa, Quick Chek, Auto Zone, Hallmark, Pretzel Factory, TD Bank, BOA, Wells Fargo, Ful- ton Bank, Applebee’s, Planet Fitness, Retro Fitness, Dollar Tree, Weiss Markets and 7-11 just to name a few. Peter Gallicchio represented Moe’s Southwestern in this transaction. n
ILLSBOROUGH, NJ — Peter Gal- licchio president of
Somerset, NJ based Rem- co Real ty Group has announc ed that the firm recently sold the former S t e w a r t s Ro o t Be e r
Peter Gallicchio
restaurant located at 838 Rte. 206 to a Moe’s South- western Grill operator. The 3,000 s/f restaurant sits on 1.5 acres and sold for $725,000 or $242.00 per s/f. The Township of Hillsbor- ough at 55 square miles is the second largest municipality in Somerset County and is strategically located south of Bridgewater and north of Princeton, making it a trade CBRE arranges lease to relocate SWEAT Fitness
838 Rte. 206
Remco Realty Group 370 Campus Drive, Suite 128 Somerset, NJ 08873 T: 732-253-0888
SALE: HAMILTON, NJ
PRICE REDUCED
1 S. Broad St.
PHILADELPHIA, PA — CBRE announced that they have brokered a lease for a new two-story, SWEAT Fit- ness location at 1 S. Broad St. in Center City, Philadelphia. SWEAT Fitness is moving its facility at 1425 Arch St. to the new 20,000 s/f space. CBRE retail team members Larry Steinberg and Paige Jaffe represented both the land- lord, AION Partners, and the tenant during the transaction. “This brand new facility will serve the nearly 90,000 daytime employees and the more than 30,000 residents east of Broad St.,” said Jaffe, first vice president, CBRE. “In recent months, we have seen a tremendous amount of interest in retail opportuni- ties east of Broad Street and we expect that to continue through 2017.” SWEAT Fitness currently has six locations in Philadel- phia and eight throughout the region. The new location at 1 S. Broad St. is expected to open in the first quarter of 2017. n
4,860 SF Hamilton, NJ
Built in 2001, this 4,860 SF, free standing commercial building is located immediately off Exit # 63 of I-295 and features 1 drive-in door, two private offices, showroom, full kitchen and 25 car parking. The property is ADA compliant and located just 2.5 miles from the Robert Wood Johnson Hospital. Ideal Uses Include: Radiology, OBGYN, Mental Health & Dermatology Center, Phys- ical Therapy, Vision, Medical, or Dental Practices, Physical Fitness, Veterinarian, Real Estate, Urgent Care, Engineering, and Architectural Firms, Child or Adult Care Centers, Retail Uses, Restaurants, Pest Control, Sign & Plate Glass Companies, Convenience Store, Liquor Store, Home Improvements, Flooring & Tile, Kitchen & Bath, Printing. Marketing, Bakery, Funeral Home, etc.
8A — January 27 - February 9, 2017 — Shopping Centers — M id A tlantic
Real Estate Journal
www.marejournal.com
18+ Million SF
Retail Properties by region
GLA/ Acreage Anchor Tenants
Property Name Northeast
Address
City/State
307,799 Kmart, Burlington Coat, Market Basket
Shops at Billerica
Boston Rd. & Tower Farm Rd. Plain St. & Lowell Connector Medway St. & Beaver St.
Billerica, MA
271,377 Target, Marshall’s, Chuck E. Cheese
Meadow Brook Center
Lowell, MA
163,142 Stop & Shop, Dollar Tree
Milford Crossing
Milford, MA
194,221 Future Development
Harbor Pointe Marketplace
Route 440 & Goldsborough Dr.
Bayonne, NJ
125,335 TBD + 338 Luxury Rental Apartments
Route 70 & N. Locust Ave. Hanover Ave. near Horsehill Rd. State Hwy. 73 & Sunbird Dr. Adjacent to Foreign Trade Zone Route 18 & Foxborough Dr. Route 46 & Waterview Blvd.
Shoppes at Renaissance Square
Hanover, NJ Evesham, NJ
19 AC BJ’s (New Development)
BJ’s Shopping Center
26,016 Royal Farms
Sunbird Plaza
Marlton, NJ
16.963 AC Across from Walmart, Sam’s, TJ Maxx 9.33 AC Across from Walmart Supercenter 157,410 Whole Foods (New Development)
Vacant Land
Mount Olive, NJ Old Bridge, NJ Parsippany, NJ
New Development
Waterview Marketplace
Vacant Land
Vauxhall (Union), NJ 0.3239 AC Future Development
Springfield Ave. near I-78
Vineland Marketplace
TBD
Vineland, NJ
Future Development
S. Delsea Dr. (Rte. 47) & College Dr.
Williamstown, NJ
94,452 Rockin’ Jump, Dollar General, CVS
Williamstown Shopping Center
Black Horse Pike & Main St.
26 AC Across from Walmart Supercenter
Route 13 & Bennie Rd.
Vacant Land Kohl’s Plaza
Cortland, NY Deer Park, NY
182,875 Kohl’s, Super Stop & Shop
Saratoga Rd. & Glenridge Rd. Commack Rd. & Grand Blvd.
Glenville (Albany), NY 170,616 Target, Pet Supplies Plus, Panera Bread Lake Ronkonkoma, NY 170,451 Stop & Shop, Regal Cinemas, Dollar Tree
Target Shopping Center
Lake Shore Plaza II & III
Portion Rd. & Patchogue-Holbrook Rd.
Redevelopment Opportunity
Latham (Colonie), NY 118,863 Vent Fitness
Route 7 & Swatling Rd.
Monroe/Woodbury, NY 711,816 Walmart, Target, Home Depot, BJ’s
Routes 17/6 & Route 32 Route 59 & Hutton Ave.
Harriman Commons
276,792 Home Depot, Raymour & Flanigan, Staples
Home Depot Shopping Center
Nanuet, NY
78,659 Super Stop & Shop, Residence Inn
Orangeburg Commons
Route 303 & Palisades Pkwy. Montauk Hwy. & Station Rd.
Orangetown, NY
29,314 SoulCycle
The Mill
Southampton, NY
21,212 US Post Office
Stony Ridge Plaza
Route 9W & Park Rd.
Stony Point, NY
134,271 Home Depot
Home Depot Shopping Center Home Depot Shopping Center
Lehigh St. & Route 78 Hanover St. (Rte. 34) & I-81 Cowpath/HorshamRd. @Rte. 309 Rte. 309 & Pumping Station Rd. Hamilton Blvd. & Grange Rd.
Allentown, PA
140,715 Home Depot, Chili’s
Carlisle, PA
Montgomeryville, PA 133,000 BJ’s, Lowe’s Home Improvement
Five Points Plaza
Richland Marketplace
444,531 Target, BJ’s, Best Buy, Petsmart, Staples
Quakertown, PA Trexlertown, PA
Macungie Crossing Shopping Ctr.
±36,671 Near Walmart Supercenter
Midwest Marshall’s at The Grove
400,000 Marshall’s
Downers Grove, IL
75th St. & Lemont Rd.
Evansville Shopping Center
162,394 Rural King, Buehler’s IGA, Dollar General
Evansville, IN
Morgan Ave. & Boeke Rd. Pendleton Pike & Shadeland Ave. U.S. Hwy. #30 & Water St.
Pendleton Plaza
134,797 Rose’s Department Store
Indianapolis, IN
The Market Place at Warsaw
183,900 Carson’s Dept. Store, Sears, Dunham’s
Warsaw, IN
Muskegon Shopping Center Port Huron Shopping Center
167,212 Jack Loeks Theatres
Muskegon, MI Port Huron, MI
Henry St. & Norton Ave.
114,981 Big Lots, Save-A-Lot, Family Dollar
Howard St. & 24th St.
Thomas G. Mirandi tel 212.265.6600 x239 tmirandi@rdmanagement.com
810 Seventh Avenue, 10th Floor New York, NY 10019 • rdmanagement.com
Real Estate Journal — Shopping Centers — January 27 - February 9, 2017 — 9A
www.marejournal.com
M id A tlantic
200+ Properties
Retail Properties by region
GLA/ Acreage Anchor Tenants
Address
Property Name
City/State
Midwest
9.37 AC Development Opportunity
Vacant Land
Fort St. & Burns Ave.
Southgate, MI
Midway Shopping Center
University Ave. & Snelling Ave.
293,732 Rainbow Foods, Office Max, Walgreens
St. Paul, MN
Home Depot Plaza
Rte. 20 & Orchard Rd.
148,440 Home Depot
Ashtabula, OH Columbus, OH
Great Western Commerce Center
N. Wilson Rd. & Valleyview Dr.
300,254 Great Western Academy, Restaurant Depot
Spring Meadows Place II
Airport Hwy. & I-475
Holland (Toledo), OH 79,058 Dick’s Sporting Goods, Best Buy
South Academy Plaza
98,943 Academy Sports + Outdoors
Memorial Pkwy. SW&DrakeAve. SW
Huntsville, AL
Fern Park Plaza
131,646 Ross, Beall’s Outlet, Aldi, Dollar Tree 312,498 Two blocks north of University of Florida
Semoran Blvd. & Hwy. 17/921 NW 13th St. & University Ave. USHwy. 98N&LakelandParkCtr Dr.
Fern Park, FL
Mixed Use Development
Gainesville, FL
54,434
Wildwood Antique Mall, Chuck E. Cheese
The Groves
Lakeland, FL
Merchants Crossing
323,061 Beall’s Outlet, AMC Theatres, JoAnn Fabrics
N. Fort Myers, FL
US Hwy. 41 & SR 78
265,049 Earth Fare, Burlington, Best Buy, Staples
Shady Oaks Shopping Center SW 27th Ave. & College Rd.
Ocala, FL
Seminole Centre University Mall
370,936 Walmart Supercenter, Ross, Aldi 1,332,205 Macy’s, Sears, Dillard’s, Burlington Coat
S Orlando Dr. & Lake Mary Blvd. EFowler Ave. &BruceB. DownsBlvd.
Sanford, FL Tampa, FL
257,761 Lowe’s, Kroger, Dollar Tree
Russell Centre
Route 23 & Diederich Blvd.
Ashland, KY
Long Meadow Shopping Center
164,293 CVS, PA Dutch Market, Dollar General
Potomac Ave. & Northern Ave. Liberty Rd. & Brenbrook Dr.
Hagerstown, MD
Brenbrook Plaza
146,586 Home Depot
Randallstown, MD
Marketplace at Rivergate
Gallatin Pike & Conference Dr.
111,463 Oak Factory Outlet, Harbor Freight Tools
Nashville, TN
Shops at Tech Ridge
12901 I-35 South & Parmer Ln.
504,153 Floor & Decor, Toys “R” Us, Ross
Austin, TX
Alton Rd. & Biddison St.
136,221 Albertson’s Market, Ace Hardware
Westcliff Shopping Center
Fort Worth, TX
Food Lion Shopping Center
10.2 AC Food Lion
Rte. 1 & Chippenham Pkwy.
Richmond, VA Winchester, VA
Winchester Plaza
89,918 Dick’s, The Fresh Market, Planet Fitness
S. Pleasant ValleyRd. &E. Jubal EarlyDr.
St. Albans Shopping Center
263,323 Kmart, Kroger, Goody’s Dept. Store, CVS
Rte. 60 & Boone St.
St. Albans, WV
West Freestanding Barnes & Noble
19,360 Barnes & Noble
1035 N. Metro Pkwy. W & 28th Dr.
Phoenix, AZ
Kmart Plaza
127,754 Kmart, Family Dollar
E. Sahara Ave. & McLeod Dr.
Las Vegas, NV
Kmart Shopping Center
119,705 Kmart, Value Village
Mission St. SE & 25th St.
Salem, OR
Freestanding Office Max
410 S. 900 E. & 400 S.
29,051 Office Max
Salt Lake City, UT
Puerto Rico
Arecibo Towne Center
±350,000 Future Development
Routes 2 & 22
Arecibo, PR
±525,000 Walmart Supercenter, Home Depot
Reinadel Sur; PonceTowneCenter II
Routes 2 & 10 @ PR-52
Ponce, PR
Thomas G. Mirandi tel 212.265.6600 x239 tmirandi@rdmanagement.com
810 Seventh Avenue, 10th Floor New York, NY 10019 • rdmanagement.com
10A — January 27 - February 9, 2017 — Shopping Centers — M id A tlantic
Real Estate Journal
www.marejournal.com
E conomic D evelopment
Real Estate Journal — January 27 - February 9, 2017 — 11A
www.marejournal.com
M id A tlantic
P ennsylvania Greetings:
D elaware
The economic landscape across the nation and our region is rapidly and radically changing. Delaware, well-known for its innovative entrepreneurial spirit, is a place where start-ups and small businesses thrive along with global corporations. As we begin a new administration here in the First State, we’re focused on not only bringing in new busi- nesses on the cutting edge of technology, while also growing and educating our workforce to accommodate those new and growing employers, but also develop-
It is a great honor to have this opportunity to extend my personal gratitude as Governor of Penn- sylvania, and on behalf of the commonwealth’s resi- dents, to the commercial real estate professionals of the Mid-Atlantic Region. Your efforts and steadfast dedication play an integral role in supporting the continued economic prosperity not only for the Keystone State. Your work, as well as that of The Mid-Atlantic Real Estate Journal, helps raise awareness of the many advantageous qualities that Pennsylvania’s boarders boast – a prime geographic location, ex-
John Carney
Governor Wolf
ing even stronger collaborations between our public and private sectors, revitalizing former industrial sites as well as bolstering support for those looking to start their own businesses. Delaware’s business-friendly environment, strategic location, access to local and global financial markets, as well as top-notch tourist destinations are just a few of the reasons our small state makes a big impact and is an ideal place for businesses to locate and expand their footprint. Professionals in commercial real estate in our region are key partners in the success of these enterprises, and I look forward to working with you to grow Delaware’s economy. Sincerely, John Carney, Governor
cellent transportation resources, an array of outstanding colleges and universities, a highly skilled and dedicated workforce, and incomparable natural beauty, just to name a few. You also understand that satisfac- tion comes through both quality of work and quality of life, and more importantly, you recognize that Pennsylvania delivers on both counts. Your skillful distribution of those messages and your overall promotion of the state attract new businesses that create well-paying jobs, which in turn contributes to our overall economic well-being. As such, your contributions to the vitality of the commonwealth as we work to rebuild the middle class and ensure that our communities thrive and prosper are to be commended. I wish you success in your endeavors and thank you for your service. Sincerely, Tom Wolf, Governor
N ew J ersey Dear Friends:
V irginia
Virginia was founded as a business venture more than 400 years ago. Since its founding, the Commonwealth of Virginia has stood for economic opportunity. In today’s global economy, Virginia successfully competes against 49 other U.S. states and countries around the world, preserv- ing a centuries-old legacy and expanding its standing as a leading state for business. Virginia’s leadership position can be attributed to a number of factors, including a pro-business environment that is underpinned by exceptional transportation and utility infrastructures, a strong education system, trained workforce, a research-based higher education network, and strategic East Coast location. These assets make Vir- ginia especially attractive to companies, because we are
On behalf of the State of New Jersey, I am pleased to extend greetings to all commercial real estate professionals throughout the Mid Atlantic States in this issue of the Mid Atlantic Real Estate Journal. Since 2010, our Administration has diligently worked to expand the Garden State’s broad-based appeal to established businesses as well as those looking to relocate and expand operations in New Jersey. We have made countless strides to promote
economic growth, foster job creation, and encourage investment, which has helped new and existing businesses alike thrive and contribute to our State’s vibrant economy. As a result of developing pro-growth policies and our top tier workforce, New Jersey has become a destination for all business sectors. This publication serves as an excellent opportunity to recognize all commercial real estate professionals for their impact on New Jersey, and as Governor, I commend all of you for your work in furthering the advancement of our State’s economic development. Best wishes for continued success. Governor Christie
Governor McAuliffe
connected to the global economy more than other states. Our competitive, stable operating costs, and a low, 6% corporate income tax—one of the lowest in the na- tion—also put Virginia ahead. The Commonwealth offers a variety of performance-based business incentives, in- cluding tax credits, exemptions and grants, which are designed to encourage business growth and target the needs of the company and the development plans of localities and the state. Virginia views incentives as an investment in its economic future. Virginia boasts technically advanced, online site selection tools to maximize your time searching for the right business location. VirginiaScan narrows your search by sorting through a database of more than 1,800 qualified sites and buildings across the Commonwealth. The How Virginia Compares tool allows users access to the data that show Virginia’s advantages. With low operating costs, a pro-business environment, access to global markets and a skilled and educated workforce, Virginia makes it easy for businesses to say “Yes” to more opportunities, more growth and more success. Sincerely, Terry McAuliffe, Governor
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