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Training/parts distribution center to open at CenterPoint Commerce & Trade Park East Isuzu leases entire 134,442 s/f building recently developed by Mericle Comm’l
ISSUE HIGHLIGHTS Volume 28 Issue 6 Mar. 25 - April 14, 2016
J ENKINS, PA — Isuzu Commercial Truck of America, Inc. will open a training and parts dis- tribution center early this summer in CenterPoint Com- merce & Trade Park East, Jenkins Township, Luzerne County, Pennsylvania. The lease is for the entire 134,442 s/f building, which was recently developed on speculation by Mericle Com- mercial Real Estate Ser- vices . The project marks the first time Isuzu has combined a training center, to be named “Isuzu Truck University,” and a modern parts distribution center under one roof. Inside, about 97,000 s/f will be used for parts distribution and 30,000 s/f will be used for technical training. The remainder will be used as of- fice space. This training facility will complement Isuzu’s existing training center in Garden Grove, California. “We have long had a need for a training center in the eastern half of the country,”
nificant economic spinoff from Isuzu’s move to our area”. The real estate transaction was coordinated by Mericle vice president Bill Jones and Travis Boyd of CBRE ’s Newport Beach, California of- fice and Bill Wolf of CBRE ’s Allentown, Pennsylvania office. Mericle president and CEO RobMericle thanked Isuzu’s executives for choosing Cen- terPoint. “Tens of thousands of people pass by the building every day on Interstate 81,” he said. “We think seeing a name as prominent as Isuzu on the front of the building will help validate CenterPoint as a great place to do business.” Mericle Commercial Real Estate Services developed CenterPoint Commerce & Trade Park starting in 2006. With the addition of Isuzu Commercial Truck of Ameri- ca, the park is home to 38 ten- ants which together employ approximately 4,500 people. There are 27 buildings in the park that total 6.75 million s/f. n
SPOTLIGHTS
For speaking and sponsorship information, please contact: Linda at 781-871-3456 or lchristman@marejournal.com UPCOMING CONFERENCES April 13, 2016 Philadelphia Real Estate Capital Markets Summit April 29, 2016 New Jersey Office Summit May 20, 2016 Delaware Forecast Summit THE BEST OF 2015 Section C POA Multifamily Expo 7-23B
Isuzu building at CenterPoint Commerce & Trade Park East
restaurants when they visit for training.” Gerard Champi , president of the Greater Pittston Chamber of Commerce , congratulated Isuzu on its decision to open a first of its kind facility in CenterPoint and said he is optimistic that many chamber members and other local businesses will benefit from the project. “We expect the technicians who travel to our area for training will stay in our hotels, eat in our restaurants and shop at a variety of local retailers,” he said. “We envision a sig-
a proposed res ident ial , retail and office develop- ment located in Jersey City. Santander provided the loan. Executive vice president Keith Kurland and manag- ing director Aaron Appel led the JLL team on the transaction. “This project sits in the heart of significant, on-go- ing revitalization in Jersey City’s Journal Square,” said Kurland. “Backed by the sponsors’ broad expertise, the lending community was eager to play a role in the future of Journal Square.” One Journal Square will consist of 1,634 luxury mul- tifamily units, 121,640 s/f of retail space and 117,840 s/f of office space. The proposed development is located near the Journal Square Trans- portation Center and in close proximity to Manhattan. n said Brian Tabel , execu- tive director of marketing for Isuzu Commercial Truck of America. “The CenterPoint property is a flex building, so it’s perfect for our needs now, and it’s large enough to accommodate future growth. And it helps that it’s in a lo- cation that’s both convenient and beautiful.” “We’re also proud to be creating about 50 new jobs in the community,” Tabel added, “not to mention contribut- ing to the economy when our technicians stay in the area’s hotels and dine in its
JLL secures $25m in pre-development financing for mixed-use One Journal Square in Jersey City
JERSEY CITY, NJ — On behalf of Kushner Com- panies and KABR Group , JLL ’s Capital Markets ex- perts announced the firm has secured $24.5 million in pre-development financ- ing for One Journal Square,
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SAVE THE DATE 7:15 am Registration 7:30 am Breakfast 7:55 am - 12:00 pm Program
7:55 AMWelcome & Introduction
8:00 AM Retail Update: Opportunities and Trends – State of the Market • What type of Leasing Activity is occurring • Recap on the market from the past 12 months – Large Deals, New tenants & Trends • Mixed-use projects: Is it still the future or a thing of the past • How are retailers doing in today’s economy: who is still expanding in Delaware and why • What’s in store for development in 2016/2017 • Future Trends and Leasing predictions and what’s on tap for future Development 8:55 AM Opportunities in the Industrial Real Estate Market & Outlook for 2016/2017 • Industrial Market Update – State of the Industry and recap from the past 12 months • What types of industrial projects are in the pipeline • How much space will we need to add in the next 5 years: how much land will it take
• Urban vs. rural: where is the industrial development going • Future Forecast & Trends for Industrial Real Estate in Delaware
9:50 AM Break
10:00 AM Evaluation of the Office Market & What Tenants require today • Vacancy Rates: Delaware office market update - State of the Industry • Leasing trends: what projects are leasing up and why • What are the factors driving demand in the Office Market • How has the needs of tenants affected what brokers need to know • What are the requirements of the tenants and what do terms look like today • Predictions on where the office market will be in the next two years
11:00 AM Delaware Apartment Market/Multifamily Overview: • Apartment and Multifamily Market State of the Industry
• With vacancies at record lows how does Delaware stack up compared to the rest of the U.S. • What are the outside influences that are creating momentum in the Apartment Market • Investment Sales Update - How are apartment brokers getting deals done today • The changing fundamentals of Apartments and Multi Family • New Development vs. Existing: Where are the opportunities and why
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7:55 am - 12:00 pm Program 7:55 AM Welcome & Introduction 8:00 AMMarket Update: An Evaluation of the Office Market & What Tenants require today • State of the Office Market in New Jersey • Vacancy Rates: Newark and Suburban office market update • Leasing trends: what projects are leasing up and why? • What are the factors driving demand and what areas of New Jersey are experiencing growth? • How have the needs of tenants affected what brokers need to know to lease property in today’s market? • What do tenants demand of brokers today and what do terms look like today? • Predictions on where the office market will be in the next year 9:00 AM Critical Capital Markets & New Jersey Office Investment Strategies • Where are interest rates at today and where are they heading? • Who is Buying What & Why? • Recap of recent major transactions and how the deals got done • What Investors are currently most active in the New Jersey Office market? • What is currently trading and what are the CAP rates? • How are appraiser valuations effecting sales? • Office investment predictions for the next year • Where is the CMBS market today & what other alternative financing is available for the Office Sector? 10:00 AM Break 10:10AMThe Value of Tenant Improvements in securing new leases and retaining tenants • The importance of design – how that correlates to leasing and developing a more profitable project • Construction Trends – How Tenant Improvements have changed • How quality Tenant Improvements can help spur leasing activity • Success Stories – How good design and planning can impact leasing activity • Future Trends in Tenant Improvements – Construction & Design 11:05 AMThe Future of Office Development: New Jersey Developer Titans Panel Register at MAREJournal.com
• Recap on successful Office projects completed in the last year • How to overcome challenges to get your Office project completed • What types of development are needed and where are the opportunities? • What is in store for downtown Newark development vs. Suburban development? • Construction trends and changes that will affect our industry • What are your predictions for the next 1 year? 12:00 p.m. Networking
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Advantage Engineers........................................................ 38C American Architecture Window & Door. ........................... 1B ARD Appraisals Co............................................................ 22B Arrow Steel, Inc................................................................. 14B Bayshore Recycling. ......................................................... IC-B Behr Building Services...................................................... 11B Bennett Williams Commercial............................................ 9A Berkadia........................................................................... BC-A Bernardon.......................................................................... 18C BH Security. ...................................................................... 19B Capitol Aerials..................................................................... 2B Case Real Estate Capital.................................................. 40C Castle Lanterra. ................................................................ 13C Colliers International........................................................ 10C Comly Auctions.................................................................... 4A Conifer................................................................................ 26C CREATE............................................................................. 23C Crystal Window & Door Systems, Ltd.. ........................... 12B Curini Appraisal Co.. ........................................................ 19A Cushman & Wakefield........................................................ 9C E.B. Cohen........................................................................... 6B Earth Engineering............................................................... 8A Eastern Union Funding.................................................... 29C Eliott-Lewis........................................................................ 18B Emory Hill Companies........................................................ 1C Environmental Systems.................................................... 19A EnviroSure......................................................................... 33C EPGP.................................................................................... 9B Jewel Electric Supply Co................................................... 10B Equipment Marketers....................................................... 15A Fowler. ............................................................................... 31B Gebroe-Hammer Associates.............................................. 15C Gerard Construction Corp.. .............................................. 20C Greater Reading Economic Partnership.......................... 11C Griffin Alexander............................................................... 23B HFF.................................................................................... 17C Hillcrest Paving & Excavating......................................... 19A Hollenbach Construction................................................... 36C Holt Construction ............................................................. 35C Hutchinson Mechanical Services...................................... 27B Institute of Real Estate Management............................IBCB Integrated Business Systems. ....................................5B, 41C Investors Real Estate Agency........................................... 19A JLL....................................................................................... 5C Kaplin Stewart. ................................................................... 3B Kay Commercial Realty.................................................... 19A Lee & Associates.................................................................. 8C Levin Management............................................................ 21C LEW Corporation. ............................................................... 2B M&E Engineers................................................................. 22C M. Miller & Son................................................................. 13B Marcum.............................................................................. 19A Marcus & Millichap................................................ 19A, BC-C Meridian Capital Group.................................................... 25C Mr. Landlord, Inc.. ............................................................ 21B NAI James E. Hanson......................................................... 3C NAI Summit...............................................................19A, 19C National Realty & Development Corp................................ 6A NJAA.................................................................................. 17A P. Cooper Roofing. ........................................................... BC-B Poskanzer Skott Architects................................................. 4B Premier Compaction Systems........................................... 26B Prism Capital Partners..................................................... 39C Progress Capital Advisors................................................. 16C RD Management...................................................12-13A, 37C Red Marketing Communications........................................ 6A Regal Bank......................................................................... 16B Rittenhouse Capital Advisors............................................. 4A Rittenhouse Realty Advisors. .......................................... IC-C ROCK Commercial Real Estate.......................................... 3A Sitar Auctions.................................................................... 16A Specialty Building Systems.............................................. 15B Subway................................................................................. 7A Sweetwater Construction Corp......................................... 34C The Garibaldi Group........................................................... 7C The Kislak Company...................................................17B, 4C The Prestige Group. ............................................................ 2A Total Cleaning Associates, Ltd........................................... 2B Traffic Planning & Design................................................ 10A WBG Commercial Lending............................................... 19A Whitesell.............................................................................. 3A MAREJ A dvertisers D irectory
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 ................................................. Alissa Aronson Associate Publisher ...................................................Eric Ballenger Associate Publisher .............................................. Barbara Holyoke Associate Publisher .....................................................Steve Kelley Office Manager .........................................................Joanne Gavaza Contributing Columnist . .............................................Robert Sobol 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. 28 Issue 6 Subscription rates: $99 - one year, $198 - two years, $4 - single copy
Robert Sobol
A New View on Old Sites
“ Contaminated” is no lon- ger a dirty word. Less than a decade ago commercial real estate developers would not even consider purchasing property that did not have a clean bill of health from the New Jersey Department of Environmental Protection (NJDEP). Brownfields or Su- perfund sites were not seen as viable locations for commercial development. Furthermore, banks would never approve loans to purchase property that did not fully comply with NJDEP cleanup standards. But what a difference a de- cade makes. Now, due to the scarcity of available land in prime loca- tions developers are seeing opportunities in areas once considered forbidden and for- gotten territory. Industrial zoned land in close proximity to the Ports of Newark and Elizabeth has become very desirable for development. According to the authors of The Port Support Zone Act of
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2015 “Upon the completion of the Panama Canal expan- sion project, there will be an increase in demand along the Eastern Seaboard for ports to accommodate Post-Panamax and Super Post-Panamax ships” thus making the area surrounding the ports even more desirable to developers of warehouse and distribution space. The problem with land sur- rounding the ports is that for decades it has been the dumping ground for all things toxic. Prior to the advent of the United States Environmental
Protection Agency (USEPA) there was little or no regula- tion and oversight for the disposal of toxic byproducts by heavy industrial manufac- turers. This lack of regulation enabled companies to dispose of hazardous material in the most economical and conve- nient ways possible. For many companies this meant burying toxic waste in the “backyard” or flushing it into the nearest stream as standard operating procedure. Although strict NJDEP laws have helped to ensure a continued on page 18A
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M id A tlantic R eal E state J ournal ROCK Commercial Real Estate market study Central Pennsylvania: A distribution hotspot T
Class A Office Building Available For Lease
he news of new distri- bution centers making their way into Central Pennsylvania is not new news. In fact, Central Penn- sylvania has been known as a strong area for distribution for quite some time. The ques- tion is, why? What makes this area so special and unique that large companies such as Amazon, Federal-Mogul, Target, Nordstrom and oth- ers would want to locate their distribution centers here? There are several factors actually, some that may be very obvious, and some that may surprise you. What is the key factor in picking a site for a distri- bution center? This is probably the most obvious answer - transporta- tion networks. Transporta- tion networks play a huge role in the location of distribution centers, especially in today’s day and age of fulfilling the consumer’s need of instant gratification. Distribution centers will want to be within a reasonable driving distance to major highways and in- terstates, rail, airports, and seaports. Strong transporta- tion networks that not only reach the farthest distances, but those that reach large amounts of businesses and population will help to drive down the cost of distributing the product. Most notably, Central Pennsylvania has a strong transportation network. The highway system especially, that is accessible in the area is in-part what makes Cen- tral Pennsylvania so attrac- tive for distribution centers. Major roadways such as I-83, I-81, the Pennsylvania Turn- ROCK welcomes Feiser as executive assistant YORK, PA — ROCK Com- mercial Real Estate wel- comed Sarah Feiser to the
pike (I-76), Route 30, Route 15, Route 222, and Route 322 are all connection points that become gateways into some of the north eastern United States’s most populated plac- es. In a four hour drive-time from most points in Central Pennsylvania, you can reach areas such as Baltimore, Washington, DC, Richmond, Pittsburgh, Philadelphia, Delaware, New Jersey, and New York. Access to these markets, gains you access to a number of major airports and seaports. Where are the “distribu- tion hotspots” in Central
Pennsylvania? If you were asked to look at a map of the region and guess from which point along Central Pennsylvania high- ways you could reach the most population within a 1 hour drive-time, which would you choose? The correct answer is Shrewsbury, York County. Within a 1 hour drive-time of Shrewsbury, you can reach just under 3.5 million peo- ple and 138,000 businesses (that’s 83.5% more popula- tion than the average for this data set). Shrewsbury ranks so high because within the continued on page 18A
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e am a s o f March 8th, 2016. Sarah will serve as an executive assistant with ROCK’s Bro- kerage Advi- sory group. Sarah comes
to ROCK with 7 years of experi- ence. She worked for CBRE in both Illinois and Pennsylvania during this time period. n Sarah Feiser
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M id A tlantic R eal E state J ournal Property includes 432 units and 9,760 s/f office space Meridian Capital arranges $28.4m for MarineviewPlaza
AUCTION SALE By Order of Owner Industrial Property – 33.83+/- Acres Income Producing 876 & 900 N Lenola Road County of Burlington, New Jersey Teleconference Auction Sale: Wednesday, April 27 at 11:00 AM Broker Participation Invited! For More Info Visit: comly.com
OBOKEN, NJ — Meridian Capital Group arranged $28.4 million in permanent financ- ing for the refinance of Marin- eview Plaza, a mixed-use property located in Hoboken, NJ on behalf of Cammeby’s International. The seven-year loan, provid- ed by a regional balance sheet lender, features a competitive fixed-rate of 3.63% and a 30- year amortization schedule. This transaction was negoti- ated by Meridian senior man- aging director, Abe Hirsch , managing director, Zev Kar- pel , and vice president, Akiva H
Andrew J. Comly, N.J. Broker License #8230738
Marineview Plaza
Friend , who are all based in the company’s New York City headquarters. Marineview Plaza, located at 1 and 2 Marine View Plaza, is composed of two 25-story buildings with 432 units and 9,760 s/f of office space. The property is located one block from the Hudson River and has spectacular views of New York City as well as a roof- deck swimming pool. n Deerwood Real Estate Capital hires new president ENGLEWOOD CLIFFS, NJ — Deerwood Real Estate Capital named Jeffrey Lavine work with co-founders and man- aging partners Abe Katz and David Rosenberg in focusing on short and long term business strategies and implementation. “We are excited to have Jeff bring his many years of deep and diverse real estate and lending experience to the Deer- wood team as we look for ways to continue to grow our plat- form,” said Katz. A 25-year veteran of the com- mercial real estate industry, Lavine will also be responsible for running day-to-day opera- tions at Deerwood. Before join- ing Deerwood, Lavine had a successful career in banking at UBS and Bear Stearns. He most recently held the role of managing director/co-head of the Commercial Real Estate Group for the US, Europe and Japan of SNB StabFund. n Jeffrey Lavine as the first president of the commer- cial mortgage b r o k e r a g e and advisory firm located in Englewood Cliffs. Lavine will
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O wners , D evelopers & M anagers S hopping C enters For eight CVS properties totaling 85,000 s/f in New York, Connecticut and Massachusetts M&T Bank provides $13m financing for a Case Real Estate Capital sponsored venture purchase R www.marejournal.com M id A tlantic Real Estate Journal — Shopping Centers — March 25 - April 14, 2016 — 5A
efficiently.” Established in 2013, Case is active as purchaser of sub- and non-performing debt, equity investor and high-yield private lender, responding to the middle market’s need for smart situational capital. Case’s funds are often de- ployed to purchase notes and other financial assets, which assist banks and financial institutions in clearing their balance sheets. The princi- pals of Case evaluate each loan, property and real estate debt purchase based on its own merits, the borrower’s or seller’s situation and busi- ness plan, and whether local market conditions allow the firm to execute proven value creation strategies. n a safe, hazard-free site for this seminal Bass Pro Shop store.” When complete, The Pointe will be a vibrant live, work, and play mixed-use commu- nity covering 440 acres and spanning three miles of water- front along the Raritan River. The Pointe will bring to the area 2,000 upscale waterfront townhomes and luxury apart- ments; 32,000 s/f of class A office space; and 1,250 hotel rooms. The property will also include a 200-slip marina as well as over five miles of waterfront walkways and a park. For the community, The Pointe will construct a 45,000 s/f community and fitness cen- ter, a 9,700 s/f facility for fire and EMS services, a 10,000 s/f performing arts center, as well as a rooftop solar farm. 725,000 s/f of retail is cur- rently being pre-leased by Ripco Real Estate , the Tri- State area’s premier retail real estate brokerage firm. “The Pointe will become an iconic destination for consumers in the region and represents the perfect marriage of population density, access, and retail,” said Todd Cooper , co-founder of Ripco. n
sachusetts,” said Mark Zurlini , vice p r e s i d e n t and senior commercial real estate relationship manager for M&T Bank.
OCHELLE PARK, NJ — M&T Bank has provided $13 million in financing for a Case Real Estate Capital (Case) spon- sored venture purchase of eight CVS properties. The assets are located in Long Island and upstate New York as well as in Connecticut and Massachusetts. A commercial real estate investment firm, Case originally bought the properties without financing in September of 2015. The high-credit, triple-net leased retail assets, total- ing approximately 85,000 s/f, are strategically located. Five of the CVS properties have prime sites on “hard corners” and the others are in highly-visible spots on SAYREVILLE, NJ — O’Neill Properties Group (OPG) announced that it has completed brownfield reme- diation at the notorious 40- acre lagoon at The Pointe, the anxiously awaited $2.2 bil- lion project in Sayreville. The Pointe is the largest mixed-use brownfield redevelopment ever undertaken in the Northeast. Vertical construction will com- mence in spring 2016 on anchor tenant Bass Pro Shops Out- door World, which will open a 200,000 s/f mega outdoor sporting goods store, the larg- est Bass Pro in the country outside of its original flagship operation. When the 440-acre site was purchased in 2008, OPG com- mitted to cleaning up the mas- sive brownfield contamination. One of the most noticeable areas where remediation work took place was at the location of the new Bass Pro Shops, where a 40-acre lagoon sat filled with titanium dioxide waste byproducts from the former on-site National Lead manufacturing facility. The lagoon, with its highly-acidic, yolk-like substance and chang- ing colors, was an infamous
Sandy Herrick
“We look forward to seeing Case achieve their investment goals for these CVS stores.” “M&T Bank was a pleasure to work with on this transac- tion, and their pricing and proceeds were very competi- tive,” said Sandy Herrick , founder and managing prin- cipal of Case. “The lending officers understood what we wanted to accomplish and helped us do so quickly and
CVS stock photo
busy thoroughfares. When purchasing the note last fall, Case simultaneously assumed ownership through a deed-in- lieu of foreclosure agreement. “We are pleased to offer
financing to Case Real Es- tate Capital and applaud their efforts to stabilize these real estate assets throughout Long Island, upstate New York, Connecticut and Mas-
Nine-year brownfield redevelopment removes toxins & construction starts at $2.2B retail project O’Neill Properties Group completes lagoon remediation of The Pointe at Sayreville &Bass Pro Shops building pad
of Portland cement powder to be imported, mixed, and then injected into the lagoon to stabilize the material over the course of a year. In addition to the mixing and injections, thousands of tons of toxic con- tamination were removed from the site and properly disposed of in accordance with US Envi- ronmental Protection Agency regulations. Once complete, the lagoon was then drained. OPG then constructed a mas- sive 205,000 s/f compacted pad made of recycled material dredged from the New York Harbor and under the Tappan Zee Bridge. The cost for the remediation project was $8 mil- lion, with the cost to construct the pad that is to be the base of Bass Pro Shops costing an additional $3 million. “The innovative use of in situ stabilization (ISS) saved millions of dollars,” said Dan Busch, PE, PP, CME , princi- pal at Maser Consulting. “Our geotechnical teamworked tire- lessly in challenging conditions and timeframes to verify the performance of the mixing, performing more than 4,500 tests to confirm the ISS met the design criteria and create
The Pointe park rendering
landmark in the region. Chal- lenged with a unique chemical composition, OPG enlisted the help of engineering firm Maser Consulting to undertake what quickly became the largest, and most intensive chemically contaminated site remediation project in the country. “After years of behind-the- scenes work and what was truly a remediation engineer- ing marvel, 2016 is going to see a flurry of leasing and con- struction activity to really kick off this monumental project,” said Brian O’Neill Jr. , COO of O’Neill Properties Group and
development manager for The Pointe. “The Pointe at Sayre- ville will redefine shopping, entertainment, and dining, transforming the local economy by creating nearly 10,000 new jobs and serving as an exciting new destination for the 12 mil- lion people in the New Jersey/ New York marketplace.” O’Neill’s general contractor, MLP Builders , worked with Maser Consulting to design an in situ stabilization, which improves and stabilizes soil content while also removing chemical contaminants. The process required 38,000 tons
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S hopping C enters
78 projects in 14 states Large retail power centers Grocery-anchored community shopping centers Corporate/Industrial business parks National Realty & Development Corp.
15-year NN, corporate-leased Buffalo Wild Wings Colliers Int’l concludes retail/ restaurant sale for $2.1million
For more information on our portfolio call 1.800.932.7368 or visit us online at nrdc.com
ANOVER, PA — Col- liers International ’s Investment Services Group in Harrisburg has ar- ranged the $2.1 million sale of a 15-year NN, corporate- leased Buffalo Wild Wings at 81 Wilson Ave., Hanover, PA. The closing date was February 22, 2016. The property con- sists of 5,437 s/f on 1.498 acres. Larry Kostelac , William Aiello , George Lulos of Colliers International , were the sole brokers in this transaction. n H WASHINGTON, DC — Marcus &Millichap , a lead- ing commercial real estate investment services firmwith offices throughout the Unit- ed States and Canada, an- nounced the sale of 4620-4632 14th St. NW, a 5,390 s/f retail property located in Washing- ton, DC, according to Bryn Merrey , district manager for the Mid-Atlantic region. The asset sold for $2.05 million. This closing price represents $380 psf, the current record for C-1 zoning in the 14th Street Corridor, per CoStar . “This transaction is a true testament of the strength of the market combined with our marketing platform,” associate Cameron Webb said. “By working with a local retail brokerage team within the firm, Stacey Milam and I were able achieve a closing price that pleased both the sellers and the investors.” Stacey Milam, first vice president investments, and Josh Feldman , associate vice president investments both in Marcus & Millichap’s
3 Manhattanville Road, Suite 202 Purchase, NY 10577
81 Wilson Ave.
2/1/16 12:57 PM Marcus & Millichap arranges the $2.05m sale of 16th Street heights strip center
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4620-4632 14th St. NW
“The planned developments indicate a promising future for the area.” The property, which con- sists of seven contiguous retail storefronts, is located approximately one mile from the Georgia Ave-Petworth Metro Station on the green line. “This transaction is evidence that investors are still being aggressive but are becoming very selective in the deals they go after,” Wilson concluded. “There has to be underlying value and a clear path to real- izing that value.” n The new +/- 1,500 s/f loca- tion for Jules Thin Crust is located next to Mamoun’s Falafel Restaurant. Metro Commercial helped secure their site in the heart of the retail corridor of Witherspoon St. with strong foot traf- fic, easy accessibility to the university and ample public parking. The new restaurant is set to open Summer 2016. n
Washington, DC office, had the listing to market the property on behalf of the seller, an out-of-market trust. BenjaminWilson , Cameron Webb, and Ian Ruel , associ- ates in the firm’s local office, also provided representation. The buyer, a partnership of private investors, was also secured by the team of local brokers. “The buyers for this prop- erty see the potential the 16th Street Heights neighborhood has for patient investors interested in value-add op- portunities,” Milam said.
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• Brokered Transactions • New Services/Products • Projects Completed or Underway • Expert Articles • Appointments, Promotions, & Honors • Events • Mergers & Acquisitions • Financing Deals The Mid Atlantic Real Estate Journal welcomes all editorial dealing with the commercial/industrial real estate industry. P.O. Box 26 • Accord, MA 02018 (mailing) 312 Market St. • Rockland, MA 02370 (overnight) e-mail: editor@midatlanticjournal.com www.midatlanticjournal.com 800-584-1062 781-871-5299 fax Mid Atlantic Real Estate Journal
Jules Thin Crust to open its 10th location in Princeton, NJ PRINCETON, NJ — Jules Thin Crust is excited to an- nounce their 10th location will be opening in Princeton, NJ (18 Witherspoon St.) with the help of Metro Commercial Real Estate . Mike Mur- ray and Amanda Walker of Metro Commercial repre- sented Jules Thin Crust in the transaction. more, PA; Jenkintown, PA; Wayne, PA; and Horsham/ Mont, PA; and Cherry Hill, NJ.
Jules Thin Crust offers a va- riety of affordable and healthy pizzas, including gluten-free and vegan, made with the freshest ingredients available. Other locations include Ard-
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6,400 s/f Brick Anchor Brew-House to open in downtown Norfolk, VA
N ORFOLK, VA —Brick Anchor Brew-House will bring the largest selection of beers to Downtown Norfolk in mid-March. The restaurant and beer house will occupy the former Jack Quinn’s location at 241 Granby St. “We originally thought of bringing a franchise to the area,” said Phil Smith, owner. “We looked at several sites in the region and were very intrigued by the location on Granby Street. Its energy and great potential truly sold us. At the same time, we realized that a franchise model might not be the way to go to meet the needs and vibrancy of the area, so we decided to grow our own concept that would add a brick fabric to Granby. We think what we have to offer will be a great addition to the Downtown dining scene. We want the Brick to be considered Downtown’s kitchen.” The 6,400 s/f restaurant will offer lunch, dinner and week- end brunch. The restaurant will have 165 seats and accor- dion front doors that open to Granby St. for al fresco dining. The second floor will be avail- able for special events. And, special beer nights will involve local and regional breweries and farmers to showcase their selections. When Smith first contem- plated the food menu, they sent surveys out to all resi- PENNSYLVANIA —VMV Smart Solutions, LLC, a retail business, purchased a 15,000 s/f retail building at 321 N. Second St. in the city of Har- risburg. Nik Sgagias of NAI CIR represented the seller, Braam Hattingh. Bo Mang- um of Landmark Commer- cial Realty represented VMV Smart Solutions, LLC. J & J Hospitality Enter- prises, LLC purchased a 6,611 s/f retail building located on 4.75 acres of land at 2120 Colonial Rd., Lower Paxton Township. Nik Sgagias of NAI CIR handled the transaction. VMV Restaurant Group Inc, purchased a 13,750 s/f retail building at 310 N. Sec- ond St. in the city of Harris- burg. Nik Sgagias of NAI CIR represented the seller, 310 North Second Street, Inc. Bo Mangum of Landmark Com- mercial Realty represented VMV Restaurant Group Inc. n NAI CIR announces retail transactions
dents within a quarter mile. They received more than 300 responses that helped develop a menu and other features. “Engaging the Downtown com- munity and seeking their input is very important to us, noted Smith. “We are here to serve them, after all.” “We are so pleased Brick Anchor has made this $2.1 mil- lion investment in Downtown,” said Mary Miller , president and CEO of The Downtown Norfolk Council (DNC) . “The addition to Granby Street is significant since the location is so prominent. We also welcome 40 new jobs to the area.” n
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241 Granby St.
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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
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facebook.com/SDEPA1
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Y, NJ, CT — The Goldstein Group , a leading provider The Goldstein Group represents the landlord in 15,600 s/f lease Goldstein Group places medical tenants in retail space throughout New York, NJ & CT N
moving into various retail shopping centers over the past few years,” said Chuck Lanyard , president of the Goldstein Group. “Tenants such as Med Express, City MD, Doctor’s Express and PM Pediatrics are just a few of the many that have started and continued this trend with private practices following their lead.” In Bayonne, Riverside Pe- diatric Group filled a 2,500 s/f space at 544 Broadway. The landlord of the property is ALD Realty Co, Inc . Chuck Lanyard represented both
the landlord and tenant. In Ramsey, Ramsey Spine and Sports has taken a 5,000 s/f store front on Main St. Chuck Lanyard, and sales associate, Roy Paret , rep- resented both the landlord and tenant. In Flemington, Hunterdon Healthcare leased a 15,600 s/f location at 63 Church St. The Goldstein Group repre- sented the landlord, Rolto LLC, in the transaction. In Oakland, Dr. Butler Chiropractic Works leased an 8,000 s/f space at 340 Ramapo Valley Rd. Neighbor-
ing tenants at this location include Shop Rite, Staples, KFC, Walgreens and Colum- bia Bank. The landlord of the property is Robert Michael Shopping Center. Executive vice president, Lew Finkel- stein , and vice president, CJ Huter , represented both the landlord and tenant. In Yorktown, NY, Doc- tor’s Express leased a 5,119 s/f space at 3379 Crompond Rd. Neighboring tenants at this location include BJ’s Wholesale Club, Dunkin Donuts, Staples, and Chase Bank. The landlord of the
property is Urstadt Biddle Properties, Inc. Sales as- sociate Scott Milich was responsible for handling the transaction on behalf of the tenant. In Norwalk, CT, Doctor’s Express leased a 2,800 s/f store at 607 Main Ave. Neigh- boring tenants at this location include Starbucks, Verizon Wireless, Subway, Hilton Garden Inn, Bank of Amer- ica, and Panera Bread. The landlord of the property is MG Huntington, LLC. Scott Milich handled the transac- tion on behalf of the tenant. Other notable deals The Goldstein Group was re- sponsible for consummating throughout the state of New Jersey were Doctors Express inWest Orange, South Plain- field, and Lyndhurst and PM Pediatrics in Livingston. n R.J. Brunelli & Co. announces leases OLD BRIDGE, NJ — R.J. Brunelli & Co., LLC an- nounced the recent comple- tion of a series of leases. In its role as national leas- ing representative for AAM- CO, R.J. Brunelli brokered three deals that are bringing the world’s largest chain of transmission specialists and leader in total car care to sites in Virginia and Florida. The deals, brokered by sales associate Patti Fiore , in- clude a lease for the chain’s first location in Virginia, a 2,500 s/f building located at 3035 High St. in Portsmouth. Elsewhere, Fiore brokered deals for a 10,500 s/f location at 3821 U.S. 1 in Fort Pierce and a 2,548 s/f building at 601 N.W. 22nd Ave. inMiami. The Portsmouth, VA AAMCO cen- ter is projected to open in this year’s third quarter, while the Miami and Fort Pierce locations opened in January. In its capacity as Dollar Tree’s representative for all of New Jersey, the Old Bridge-based firm brokered a lease for a 9,333 s/f inline space at Sunken Branch Mall, 1071 Rte. 37 West in Toms River, expected to open this spring. This latest Dollar Tree lease—which followed deals completed earlier in 2015 that brought Dollar Tree stores to seven locations around New Jersey—was brokered by R.J. Brunelli president/principal Danielle Brunelli-Albrecht . n
o f r e t a i l real estate services in New Jersey, announced it has placed several med- ical tenants throughout New Jersey,
Chuck Lanyard
New York and Connecticut. “Numerous medical prac- tices, utilizing conveniently located store fronts, continue to expand their presence by
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Prestigious annual award presented by the Engineer’s Club of Philadelphia Kevin Johnson of Traffic Planning & Design wins 2016 Delaware Valley Engineer of the Year! A
s part of Delaware Val- ley Engineers Week, Feb. 19-27, the Engi- neers’ Club of Philadelphia an- nounced that Kevin Johnson, PE , president of Traffic Plan- ning and Design, Inc. (TPD) - an award-winning transporta- tion engineering firmwith eight offices serving the Mid-Atlantic Region - was elected as the 2016 Delaware Valley Engineer of the Year. Each year delegates from the region’s engineering- related technical societies and several past Engineers of the Year gather for the annual Engineer of the Year election. Engineer of the Year is a
prestigious annual award pre- sented by the Engineer’s Club of Philadelphia. The award recognizes an individual who has pursued a career of achieve- ment and leadership, is a per- son of stature and visibility, represents the engineering profession well and proudly acclaims its virtues. “The engineering profession in the Delaware Valley has ben- efited from Kevin’s contribu- tions both as an entrepreneur and a volunteer participant in various levels of public service. He has helped to mentor and shape the next generation of engineers through the hiring of
students and young engineers in his firm. In his position on the SEPTABoard, his engineer- ing knowledge and background have been of great value as SEPTA faces the challenges of modernizing its infrastructure with increased funding, which he helped to obtain through his work with elected officials. He continually shines good light on the engineering profession in our area,” said Susan Best, Chair, Delaware Valley Engi- neers Week Committee. Kevin Johnson’s support was overwhelming, as he was nominated by several indus- try organizations including: the American Society of Highway Engineers (ASHE) Delaware Valley Chapter, the American Society of Civil Engineers (ASCE) Philadel- phia Chapter, the Pennsylva- nia Society of Professional Engineers (PSPE) Delaware County Chapter, and Women in Transportation (WTS) Philadelphia Chapter. Upon learning of his selection, Kevin Johnson said “it is truly hum- bling to be so honored when reviewing the esteemed list of past Engineers of the Year.” During his 32-year career, Kevin Johnson, PE, has become a recognized leader in the transportation engineering in- dustry. As president of a trans- portation engineering firm in the Mid-Atlantic region and a member of boards and commit- tees across the state and region, Johnson is one of the faces of transportation in not only the Greater Philadelphia Region, but across Pennsylvania. His firm has worked on countless transportation engineering projects across the region which have contributed to the safety and efficiency of lives across the Delaware Valley. TPD is an engineering firm founded in 1989 and head- quartered in Pottstown, PA. Beginning with six employees in a converted farmhouse, the company has grown to over 110 employees located in eight offices. Johnson oversees the overall operations and busi- ness development of the firm. Throughout his career, Johnson has been responsible for the design of over 400 transporta- tion oriented projects and has also prepared and managed nearly 2,000 traffic impact and parking studies nationwide. He currently serves as a defense expert witness for cases in- volving highway accidents and fatalities in the region. n
We are currently seeking professionals in various disciplines and locations. Visit www.TrafficPD.com to view our openings.
Services: » Transportation Planning & Permitting » Complete Streets & Trail Design » Bridge Design & Inspection » Traffic Signal & System Design
» Environmental Services & Permitting » Construction Management & Inspection » Highway Design » Expert Witness Support for Crash Investigations
www.TrafficPD.com 610.326.3100
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