16A — March 25 - April 14, 2016 — Shopping Centers — M id A tlantic

Real Estate Journal


S hopping C enters

For the acquisition of 38,729 s/f of retail property located at 501 Route 17 South NorthMarq Capital secures $11.35m refinance for Route 17 retail property in Paramus, NJ P

“NorthMarq Capital was able to secure an 8-month forward rate lock to secure a rate at the current favorable market conditions, but close at a later date to avoid a sub- stantial prepayment penalty,” said Riekstins. “We are eager to do more business with this borrower in the near future.” n Parkway Center expands tenant offerings

ARAMUS, NJ — Ed Riekstins , senior vice president of North- Marq Capital ’s Boston re- gional office negotiated the $11.35 million refinance for the acquisition of 38,729 s/f of retail property located at 501 Route 17 South in Paramus. The transaction was struc- tured with a 10-year term and 25-year amortization sched- ule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insur- ance company. Staples is the property’s major tenant.

ment for the tenants located at the 620,000 s/f office park, Market Street Real Estate Partners and JDI Realty , have collaborated with the ownership of Nakama, Pitts- burgh’s award-winning desti- nation for sushi and hibachi, to bring full-service dining to Parkway Center tenants and the surrounding community. Located in 7,000 s/f on the ground floor of Building Seven, the ownership of Nakama will open Corner Market & Ale to feature Smallman Street Deli; and Nakama Express, a pizzeria. The prime location has been converted to a mod- ern food plaza complete with indoor and outdoor seating; a liquor license and 32-person bar; and modern roll-up doors, capable of accommodating both lunch and after-hours crowds. “Market Street Real Estate Partners and JDI Realty have done a great job of making the necessary capital investment into the project to secure and retain a very valuable tenant roster,” said Sam McGill , exclusive leasing agent for Parkway Center Corporate Office Park. “If you combine the new additions with free parking and an A-plus loca- tion in such close proximity to Downtown, Parkway Center will continue to be a dynamic destination for tenants and corporate occupiers.” A brand new, exclusive ten- ant fitness center, updated lobby and common area fin- ishes, modern restrooms, and improved landscaping round out the most recent phase of completed renovations. Ownership has already seen a return on its investment by executing over 250,000 s/f of new leases at the park. The Cushman & Wakefield Grant Street Associates, Inc. (C&WGrant Street) team of McGill, Kimberly Batch- elor and Jesse Ainsman , who assumed leasing responsi- bility for the park inMay 2015, has transacted new leases to tenants: Alorica, Easter Seals of Western and Central Penn- sylvania, Bogdahn Group, K2 Corporate Mobility, LLC and Philadelphia Insurance. n

PITTSBURGH, PA —Ten- ants at Parkway Center Cor- porate Office Park in Green- tree are about to experience an entirely new offering of amenities including a brand new food court and state-of- the-art fitness center. In keeping with their com- mitment to create a new image and generate fresh excite-


PRIME! REAL ESTATE, RESTAURANT, BAR, KITCHEN, DELI EQUIPT & FURNISHINGS 5051 SF BUILDING ON 5.6 Acres! MON., APR. 25, @10:00 A.M. “ALEXANDER’S GERMAN RESTAURANT & DELI” 11 Deysher Rd, (Junction of 5 Rds) Fleetwood, (New Jerusleum) PA 19522 Real Estate Facts: * 5.56 Acres, Frontage on Deysher & Henry Roads * 200 year old Landmark, 1st Floor 5,O51 SF, 2nd 2,251 SF 3RD 2,251 SF * PIN 545104727339 * Deed Instrument 2465.0444, Date 19930930 * Commercial, Land Use 4241 * Parking for 75-100 cars * Heat, LP Gas, Oil & Wood/Coal

* Utilities: Electric 200-300Amp., Well, Septic * Utilities Available: Water, Sewage, Gas, Phone, Elec, Cable, Under & Above Ground ORDER OF SALE: FIRST TO OFFER THE PACKAGE, SECOND TO OFFER THE REAL ESTATE & LAST TO OFFER THE EQUIPMENT PIECE BY PIECE. Terms of Sale Real Estate & Package: Thirty Thousand Dollar ($30,000) Non-Refundable Deposit by successful Bidder, Sale Subject to Approval of well Motivated Seller! Balance Due upon closing within 45 Days. Time being of the essence. Sale not contingent upon financing.

Details: www.sitarauctions.com Col Steve Sitar | (570)586-1397…Pa.Lic.AU2124-L

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