S hopping C enters Marc Mandel, Matthew Gorman and Michael Shover represent the seller CBRE arranges sale of Citizens Bank in Horsham, PA for $7.5 million M id A tlantic
Real Estate Journal — Shopping Centers — November 25 - December 8, 2016 — Section C
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H ORSHAM, PA — CBRE Group, Inc. (CBRE) announced that it has arranged the sale of a Citizens Bank located at 822 Welsh Rd. in Hor- sham. The 3,500 s/f property traded hands for a price tag of $7,535,765. CBRE’s Marc Mandel , Matthew Gorman and Mi- chael Shover represented the seller during the transac- tion. “The supply is limited of long-term net leased premium properties in a regional trade
day spa services and a pool. The ground floor of themixed- use office building was planned for retail tenants which now include: Anthony’s Coal Fired Pizza, (3,250 s/f); Panera Bread, (4,300 s/f); and most recently, Verizon, (2,200 s/f) who will soon take occupancy. The marquee tenant, Fusion Academy, occupies 11,000 s/f on the second floor. In addi- tion, Nat Sherman Cigars (7,600 s/f) and Xogene Phar- maceuticals (3,000 s/f) reside on the third floor. The top floor houses Pathstone Financial Group (5,600 s/f) and SHG’s new headquarters (5,000 s/f). During phase one of the proj- ect, The Brownstone and Gym were constructed. Subsequent- ly, during the second phase, The Sheffield at Englewood South was completed. VIVIAN was recently erected as the third stage of the community’s development. ES4’s build-out marks the finalization of phase four in Englewood South. Situated in Bergen County’s core, along Route 4, ES4 is just five minutes from the George Washington Bridge near the junctions of I-80, the NJ Turnpike/I-95 and Routes 4 and 17. n aggressive CAP rate.” Built in 2011, the property is situated in a strong demo- graphic area, where average household incomes exceed $150,000 and includes more than 6,800 people within a one-mile radius. Citizens Bank currently has fifteen years remaining on its long-term ground lease. Matthew Gorman, Michael Shover, Marc Mandel and Steve Schrenk are part of CBRE’s net-lease team, which specializes in the marketing and sale of single and multi- tenant net-lease investment real estate. Collectively, the team has sold well in excess of $1 billion in net lease proper- ties nationwide. n
822 Welsh Rd.
NOVEMBER 25, 2016
dous deposit history ultimate- ly helped the seller achieve a strong purchase price and
area within a major Northeast market,” said Mandel, first vice president, CBRE. “The
fact that this property was leased to an investment grade National Bank with a tremen-
HI-LIGHTS ICSC NY National DealMaking Issue
S.Hekemian Group-developed ES4 within 40-acre Englewood South is 100% leased
ENGLEWOOD, NJ — The S.Hekemian Group (SHG) has completed leasing of ES4, a 46,000 s/f mixed-use office/ retail building, located in the burgeoning 40-acre Englewood South district. The property features upscale amenities, convenient accessibility to Manhattan and a unique, loft-like design. It is the fourth property constructed in SHG’s six-phase development of En- glewood South. Other SHG developments comprising Englewood South include the existing residen- cies of The Brownstones at Englewood South, which con- sist of five apartment build- ings and a fitness center called The Gym, The Sheffield at Englewood South, and the brand new VIVIAN. Future plans for phase five and six at Englewood South include a hotel and second professional office building which will both be developed by SHG. Silbert Realty & Man- agement Company is ES4’s retail leasing and managing agent. Tenants include top retailers and businesses that leased space even before the luxury office building’s con- struction was finished.
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ES4
“We were optimistic about this property, which is unique in Bergen County,” said senior managing partner Peter Hek- emian of SHG. “We thought outside the box when we were conceptualizing it and are proud of the innovative design and strong mixed-use feature.” SHG relocated its headquar- ters to ES4 moving from Para- mus. “We created on-going economic stability for ES4 by partnering with strong retail tenants, including restaurants that offer high-end cuisine and other stores offering goods
and services to our tenants and residential customer base throughout Englewood South and beyond.” Recent research has indi- cated that a higher percentage of people spend more time at work than at home. With this in mind, SHG focused on creating a professional work/play space offering comprehensive ameni- ties. ES4 incorporates concierge services; a high-end fitness center; an on-site car charging station; and a shuttle to NJ mass transit. Coupled with this, occupants have access to
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