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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