Transaction is company’s largest-ever portfolio acquisition BNL announces acquisition of 23 ind. & office/flex assets totaling $735.7M

ISSUE HIGHLIGHTS Volume 31, Issue 18 Sept. 27 - Oct. 10, 2019

OCHE S T ER , N Y — Broadstone Net Lease, Inc. (BNL) has announced the acquisition of a portfolio of 23 industrial and office/flex assets that are fully leased and include 6.9 million rentable s/f of operational space for an aggregate purchase price of $735.7 million, exclud- ing capitalized acquisition expenses. The portfolio has a weighted average remaining lease term of 11.5 years and weighted average annual rent increases of 2.2%. “We are excited to announce this transformational transac- tion for Broadstone Net Lease and its shareholders,” said Chris Czarnecki, BNL’s CEO. “This portfolio benefits from at- tractive real estate and tenant fundamentals and represents a diverse and accretive addition to our net lease real estate port- folio. Although this transaction results in a short-term increase R COLORADO, WASHING- TON AND IOWA — Loja Real Estate announced the acquisition over the past eight months of three shopping cen- ters in Colorado, Washington and Iowa. Water Tower Place, a commu- nity shopping center anchored by Whole Foods and Best Buy, among other leading retailers, is located in Des Moines, IA.






TX portfolio


basis post-transaction, BNL will own a diversified portfolio of 668 individual net leased commercial properties compris- ing 27.2 million rentable s/f of operational space with no single tenant accounting for more than 2.8% of contractual rental revenue over the next 12 months. In addition, industrial assets will now comprise 41% of our portfolio on an NTM rent basis, with 27% and 18% of retail and healthcare assets, respectively, making up the majority of the remainder of

the REIT. The acquisition of the port- folio was funded through a combination of proceeds from our ongoing private offering of shares of our common stock, drawing the remaining $150 million commitment avail- able under BNL’s $450 million seven-year unsecured term loan that matures in February 2026, $300 million from a new term loan, and the balance funded from proceeds from a senior unsecured revolving credit facility. 

in leverage, consistent with our growth priorities and com- mitment to maintaining our investment grade credit rating, we remain highly focused on continuing to actively manage our leverage profile and overall liquidity position.” The portfolio is well diversi- fied with 19 different tenants, properties located in 14 states and British Columbia, Canada, and comprises a mix of ware- house, distribution, manufac- turing, cold storage, and office/ flex assets. On a pro forma



Colleen McElhearn


Loja Real Estate acquires three shopping centers for a combined $86.4 million

Conferences October 22, 2019 6 th Annual Healthcare & Medical Conference November 1, 2019 5 th Annual NJ CRE Leadership Conference For speaking and sponsorship information, please contact: Lea at 781-740-2900 or lea@marejournal.com

Village West

Water Tower Place

Directory CCIM PA/NJ/DE Chapter......................................14A Shopping Centers.............................................5-12A BillBoard Directory..............................................15A Business Card Directory. .................................. IBC-A Organization Events Calendar..............................16A Owners, Developers & Managers............... Section B Engineers Spotlight............................................5-7B Environmental/Green Buildings. ......................9-10B www.marej.com

Woodgate Center

Village West was purchased for $19.4 million in a trans- action that closed December 20th, 2018. Palmer Capital represented the seller in the transaction. Woodgate Center was pur- chased for $15.0 million in a

transaction that closed May 1st, 2019. Capital Pacific represented the seller in the transaction. Water Tower Place was pur- chased for $52.0 million in a transaction that closed on May 30th, 2019. Pegasus Invest-

ments represented the seller in the transaction. "All three acquisitions meet our investment goal of target- ing well located assets in sup- ply constrained markets," said Scott Kyman , Loja's senior VP of acquisitions. 

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M id A tlantic R eal E state J ournal Publisher, Conference Producer . .............Linda Christman AVP, Conference Producer ...........................Lea Christman Publisher ........................................................Joe Christman Section Publisher ............................................. Steve Kelley Section Publisher ............................................... Kim Brunet Associate Publisher ....................................Craig Theberge Editor/Graphic Artist..... .................................Karen Vachon Office Manager ...............................................Kerrin Devine Contributing Columnist ............................ Colleen McElhearn Mid Atlantic R eal E state J ournal ~ Published Semi-Monthly Periodicals postage paid at Hingham, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal 350 Lincoln St, Suite 1105, Hingham, MA 02043 USPS #22-358 | Vol. 31, Issue 18 Subscription rates: 1 year $99.00, 2 years $148.50, 3 years $247.50 & $4.00 single issue - plus postage REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Phone: 781-740-2900 | Fax: 781-740-2929 www.marej.com The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal

M id A tlantic Real Estate Journal

The Missing Piece.

Colleen McElhearn

The Benefits of Hoteling in your Office Space O ften times when you hear the terms “ho- teling or hot desking” immediately there is a hesita- tion indicating there will be no longer a productive workspace, but this simply could not be any further from the truth. With major advancements in technology, hoteling and hot desking have become the pre- ferred methods of working in an office space. While hoteling refers to reserving a workspace in advance, hot desking also known as free address, efers to choosing an unassigned workstation onsite. Working in a free address environment actually provides an amazing transformative space of mobil- ity and innovations which can help improve productivity as well as helping the organiza- tion save money. There are many benefits for both employers and employ- ees to work in a free address

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environment (also known as activity-based workspace) such as better communication, col- laboration, and flexibility while reducing costs. One of the best benefits of having a free address work environment is that it pro- vides a unique dynamic open plan design to encourage your colleagues to communicate more effectively. Previously, if you wanted to talk with a colleague, you would have to circle around through endless rows of high panel cubes just to find them. Having a free ad-

dress plan allows you to meet with your coworkers instantly and sit anywhere, which also promotes team building. Many companies are encouraging team building as it is essential for colleagues to collectively work together on developing each other’s strengths and help improve their weaknesses which in return maximize productivity, innovation, and morale. Another benefit of hoteling is collaboration. This encour- ages colleagues to pair together continued on page 3A

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Real Estate Journal — September 27 - October 10, 2019 — 3A


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M id A tlantic R eal E state J ournal Banerjee and Simon complete transaction Greysteel arranges the sale of a 172-unit multifamily portfolio D AL LA S , T X — Greysteel , a nation- al commercial real

ROP (FRONT SECTION) ..............................................BFM DEL/MAR/VA/DC .............................................. MARYLAND NEW JERSEY ............................................ SOUTHERN NJ PENNSYLVANIA .............................. SOUTHEASTERN PA SPOTLIGHT .................................... INSURANCE/TITLE OCTOBER 25 ...................................DEADLINE: OCT. 11 ROP (FRONT SECTION) ................................................... SHOPPING CENTERS ........................... RETAIL DESIGN ODM ...............................................SUB CONTRACTORS SPOTLIGHT .... ...EXECUTIVE WOMEN IN BUSINESS OCTOBER 11 ...................................DEADLINE: OCT. 2ND Special Advertising Rates to All Participating Firms! Contact Joe Christman or your Account Rep Jchristman@marejournal.com 781.740.2900

at the spur of the moment to discuss the important details, issues, and ideas of a project as they are happening. Hoteling fosters collaboration by offer- ing various seating options in multifunctional areas such as nooks, lounge areas, and living labs. This allows colleagues to have private discussions, town hall meetings, hold train- ing sessions and networking events. If you are having trouble connecting your devices to the network, or need to locate a particular touchdown space for your team, a community manager would be there to as- sist. The community manager is there to support the free address environment and can help with any business needs. A flexible work environment is also a great benefit to both Built in 1966, Royal Lane Apartments is located at 2825 Royal Lane, in Dallas, Texas. The Property consists of 14, two-story buildings and consists of a mix of one- , two-, and three-bedroom units with an average square feet of 807. Extensive reno- vations and upgrades have estate investment services firm, has arranged the sale of Royal Lane, a 172-unit multifamily property, located in Dallas. Senior managing director, Doug Banerjee and senior investment associate, Scott Simon from the firm’s Dallas office, sold the property on behalf of the seller, and solely procured the buyer.

Royal Lane

employers and employees. There is no need to commit to sitting in the same cube when you can be absolutely mobile, work anywhere you choose (office, home, coffee, park etc.), and still be productive. Work- ing in a flexible environment also helps to reduce costs. Employers can issue a program which only requires employees to be on site 60% of their time and 40% off site thus giving the employee flexibility to work anywhere while employers can maximize the use of space more efficiently and effectively. Since most companies have their servers on a cloud, there is no longer a need to have huge computer rooms which also cut down on real estate costs. In conclusion, free address work environment allows ben- efits for both the employer and the employee alike by promot- Royal Lane is in an ideal location, less than four miles from Dallas Love Field Air- port (DAL), which houses operations for six airlines. “Royal Lane is a fantastic value-add opportunity for taken place over the last 24 months including new sub- floors, cabinet doors, water heaters, vinyl plank flooring, tub shower surrounds and light fixtures.

ing better communication, in- spiring team building, boosting collaboration, and developing flexibility while organically re- ducing costs. Change is always happening and when it comes to workspaces, there is no need to fear as free address will only enhance your productivity and your company’s bottom line. If you are interested in re- designing your office space into an innovative hoteling or hot desking work environ- ment, contact HF Planners today. We have highly skilled professional facility designers, planners, and managers who can help seamlessly transform your space into a dynamic free address work environment plus help your organization reduce costs. Colleen McElhearn is an interior designer with HF Planners.  the new buyers to continue the renovation completed by the previous owner. It sits in a tremendously visible high traffic area of Dallas near the intersection of Interstate 635 and 35E. The continued transformation of Royal Lane should have a decidedly posi- tive impact on the area,” said Simon. “We are grateful to represent the seller and help complete this transaction.” 


continued from page 2A The Benefits of Hoteling in your office . . .

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EXECUTIVE WOMEN IN BUSINESS Deadline Date: October 2nd Publication Date: October 11th

4A — September 27 - October 10, 2019 — M id A tlantic

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M id A tlantic R eal E state J ournal Saxum/Becker JV buys 42,000 s/f building from The Silverman Group Cushman & Wakefield arranges sale of boutique office building in Summit, NJ

UMMIT, NJ — A joint venture of Saxum Real Estate and The Becker Organization purchased a boutique office building in Summit from The Silverman Group , announced Cushman &Wakefield . The commercial real estate services firm’s New Jersey capital markets group orchestrated the trade of a fully leased, 42,000 s/f office building located at 180 River Rd. “The Si lverman Group has done an excellent job in bringing this property to full- occupancy over the course of its ownersh p period and S

continues to spin off certain assets as it expands its na- tional portfolio of industrial, residential and office proper- ties. This repeat joint venture partnership of Saxum and Becker maintains a focus on transit-oriented investments in select markets, and 180 River Rd. is well-aligned with that investment strategy,” said Cushman & Wakefield’s Gary Gabriel , who repre- sented the seller and procured the buyer with teammembers Frank DiTommaso, David Bernhaut, Andy Merin and BrianWhitmer . According to DiTommaso, “Both Saxumand

The Becker Organization saw the value in this opportunity and stepped up quickly to take the property off the market. Saxum has been particularly active in Summit and is also headquartered downtown.” Home to three long-time tenants, 180 River Rd. sits with excellent visibility on two acres along River Rd., immediately off Rte. 24 and JFK Parkway. It is less than five minutes from downtown Summit, an affluent, walkable village lined with shops and dining, and offering 35-minute direct rail service to New York Penn Station. The property is located less than one mile from the Mall at Short Hills, the Hilton Short Hills and Equinox Fitness, providing a wealth of built-in local ame- nities. According to DiTommaso, 180 River Rd. is unique in its size, as just one of five stand-alone office buildings in Summit greater than 40,000 s/f. “Summit is one of New Jersey’s most fundamentally sound and highest barrier-to- entry submarkets, with lim- ited opportunities to service tenants greater than 10,000 s/f,” he said. “Competitive properties maintain a 95% average occupancy rate and achieve some of the highest rental rates in suburban New Jersey.”  Sheldon Gross Realty Inc. hires newcorporate sales representative WEST ORANGE, NJ — Freehold resident Jonathan Minardi recently joined Shel- don Gross Realty Inc. as a corporate sales representative. His new role will enable him to focus exclusively on commercial real estate sales. Minardi previously worked for Neuhaus Realty as a sales associate, and was primarily engaged in residential prop- erty sales. “I’m really interested in commercial and corporate real estate, and my new position with Sheldon Gross Realty provides me the opportunity to move in that direction,” Minardi explains. “I was first introduced to real estate sales by my mother, who is also a sales agent. I’m looking forward to following in her footsteps – specifically in com- mercial sales.” 

80 River Rd.

Mid Atlantic HALF Page AD - FOR PRINT_8.29.pdf 1 8/29/19 7:11 PM









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Meridian executes $9.8million in financing

Assets are anchored bymarket-leading grocery chains JLL announces $485M sale of 5 retail assets in Northern VA&MD N

ORTHERN VA AND MARYLAND — JLL has closed the $485 mil- lion sale of a portfolio of five core, grocery-anchored retail properties totaling 797,984 s/f in Northern Virginia and Maryland. JLL marketed the property on behalf of the seller, Wash- REIT . First Washington Realty purchased the assets. The portfolio, which is 97.7% leased, comprises two Alexan- dria, VA, centers, and three Maryland centers. The Vir- ginina centers are Bradlee Shopping Center and Shoppes at Foxchase, and the Maryland centers are Gateway Overlook in Columbia, Olney Village Center in Olney and Whea- ton Park Shopping Center in Wheaton. The properties house a variety of grocery anchors, including Trader Joe's, Aldi, Harris Teeter, Giant, The Fresh Market and HMart, in addition to national retailers such as Mi- chaels, Walgreens, T.J.Maxx, Pier 1 Imports, HomeGoods, Gold's Gym and Best Buy. The properties all reside in afflu- ent suburbs within the metro Washington, D.C. region where annual household incomes within a three-mile radius av- erage $126,200 and the popula- tion within the same range is more than 156,325 residents. The JLL Capital Markets team that represented the seller included senior managing director and co-head of JLL's Capital Markets retail practice Daniel Finkle , executive man- aging director Stephen Con- ley , managing director John Owendoff , director Jordan Lex and senior associate Kim Flores along with JLL's M&A and corporate advisory team. “This portfolio is a collection of well-operated and success- ful retail centers in the D.C. Metro,” Finkle said. “The infill locations in affluent submar- kets coupled with the solid tenant rosters have been key components of the portfolio’s past performance and its future success.” Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage

Two Guys Commons

Company, and Old Country Buffet, which have been in place for an average of over 17 years. Crunch Fitness also opened at the shopping center in a 15,000 s/f space adjacent to Aldi in February of 2017. Two Guys Commons is ad- vantageously situated on U.S. Route 30 near the intersection of Interstate 83, which features a combined average of more than 144,000 vehicles per day. It also benefits from a popula- tion of approximately 143,000 people within a radius of five miles. The property represents an attractive addition to RW Capital Partners and Vast- good Properties’ combined 20-property portfolio consist- ing of primarily supermar- ket-anchored neighborhood convenience properties. Their most recent joint acquisition in September of 2018 was the Dillsburg Shopping Center, a 153,000 s/f property anchored by Giant in nearby Dillsburg, PA.  mont Properties, Washington Square Town Center will feature 30,000 s/f of retail spread across three 10,000 s/f standalone buildings. This retail component is part of the mixed-use community that also offers 330 residential apartments, 100 townhomes, an assisted living facility, and a 40,000 s/f fully leased medi- cal office building anchored by Rothman Orthopaedic In- stitute. Scheduled to open their doors within the next two months, PetCheck, an animal urgent care facility, and Strive Physical Therapy and Sports Rehabilitation, a South Jersey-based physical therapy company, will become Washington Square Town Center’s first retail tenants. 

YORK, PA — Meridian Capital Group , together with an affiliate of CBRE , arranged $9.8 million in acquisition financing for Two Guys Com- mons, an 110,000 s/f shopping center in York on behalf of RW Capital Partners, Inc. and Vastgood Properties, LLC . The 10-year CMBS loan fea- tures a rate of 3.89% and three years of interest-only pay- ments. This transaction was negotiated by Meridian vice president, Bryan Kallenberg , and associate, Meyer Ovadia , who are both based in the com- pany’s NYC headquarters. Located at 905 Loucks Road (U.S. Route 30) in York, PA, a major retail corridor, Two Guys Commons is an 110,000 s/f, five-tenant, grocery-anchored shopping center. Anchoring the center is a remodeled 21,000 s/f Aldi Supermarket, one of the world’s largest supermarket chains with more than 10,000 stores. The other four ten- ants include Ashley Furniture HomeStore, Tractor Supply WASHINGTON TOWN- SHIP, NJ — Atkins Com- panies and Woodmont Properties have inked three lease deals for their brand- new 10,000 s/f standalone retail building at Washing- ton Square Town Center. PetCheck Urgent Care has signed on for 2,600 s/f, Strive Physical Therapy and Sports Rehabilitation for 2,100 s/f, and Vivian’s Nails N’ Spa for 1,500 s/f at 253 Hurffville- Cross Keys Rd. in Washington Twp. Atkins and Woodmont were represented by Joe Ra- niszewski of MSC Retail in Philadelphia in the three transactions. Currently being developed by a partnership between Atkins Companies and Wood-

Portfolio of five core, grocery-anchored retail properties totaling 797,984 s/f

services provided by Jones Lang LaSalle Americas, Inc. JLL announced that it has closed the sale of two region- al retail properties totaling 522,100 s/f in the Washing- ton, D.C. suburb of Frederick, Maryland, and a regionally dominant power center in the northern Maryland community of Hagerstown. JLL marketed the property on behalf of the seller, Wash- REIT. DLC Management Corporation and Acadia Realty Trust purchased two assets, Frederick Crossing and Frederick County Square, and Baltimore-based Continental Realty Corporation (CRC) pur- chased Centre at Hagerstown. The Frederick, Maryland, portfolio comprises the 294,718 s/f Frederick Crossing and the 227,382 s/f Frederick County Square. The fully leased Fred- erick Crossing is a regional power center that is home to a variety of tenants, including Kohl’s, Best Buy, Ross Dress for Less, Off Broadway, Ulta Beauty, Chuck E. Cheese’s, Regency Furniture, Dress Barn and Dollar Tree. The property also is shadow anchored by the region’s only Walmart and ad- jacent to a 60,000 s/f office park.

Frederick County Square is 92.9% leased to major tenants such as Kmart, JoAnn Fabric & Craft and Advance Auto. Situ- ated on 17.63 acres at 1003 W. Patrick St., the center is sur- rounded by more than 78,600 residents earning an average annual household income of nearly $70,000 within a three- mile radius of the property. The 331,833 s/f Centre at Hagerstown was completed in 2000 and is 93% leased to a variety of tenants, including Books-A-Million, Marshalls, A.C. Moore, Office Depot, Bed Bath &Beyond, PetSmart, Ulta Beauty and Regency Furniture, and is shadow anchored by the region’s only Walmart and The Home Depot. Additionally, the center features 10 outparcel pads occupied by nationally rec- ognized restaurant and retail tenants such as Panera Bread, Wendy’s, IHOP, TGI Friday’s and Arby’s. Situated at 17850 Garland Groh Boulevard, Cen- tre at Hagerstown has excellent visibility from Interstate 81 (Maryland Veterans Memorial Highway). The JLL Retail Capital Mar- kets team that represented the seller included Finkle, Conley, Owendoff, Lex and Flores. 

Atkins Cos. &Woodmont Props. ink retail tenants at new South Jersey mixed-use

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APLE SHADE, NJ — Vantage Real Estate Services Shopping Center Fully Occupied With Versi Vino Wine lounge lease Vantage Real Estate Services secures long-term lease for Wine Lounge in Maple Shade, NJ M

easy to find in today’s business world. With Vantage being based in South Jersey we also leaned on them for some intro- ductions to other services we will need. Those individuals we were given have also shown to be very useful as we build out our new business,” stated the owners of Versi Vino. Located in the last available space in the shopping center, Versi Vino is a high-end wine- focused lounge, specializing in unique wines paired thought- fully with upscale cuisine. Ver- si Vino joins Dunkin Donuts, 38 Tobacco Mart, Detangled Hair Salon, and Blush Nail

Bar at 461 Rte. 38. Vantage RES secured all available spaces in this shopping center within 1 year of securing the listing. “Peter Abdallah and Monica Walsh were very professional and reachable. The Shopping Center which had 3 vacancies is now fully leased, thanks to their efforts and hard work. They worked alongside both the tenant and us in negoti- ating the lease, coordinating the process of retrofitting the space, as well as helping in the process of planning and zoning, even attending the meeting”, said Amin. “We are really thankful to Vantage RES and the team for helping us and doing the hard work for our company.”  The Feil Org. leases 9,000+ s/f to three restaurants at 7 Penn Plaza in NYC NEW YORK, NY — The Feil Organization recently leased 9,389 s/f of its retail store space to three restau- rants at its 7 Penn Plaza prop- erty, located at Seventh Ave. between 30th and 31st Sts. in NY. The eateries - Sticky's Finger Joint, Sweetgreen, and Naya Express are expected to have their grand openings in the coming months, according to The Feil Organization. Randall Briskin , The Feil Organization vice president of leasing, represented his firm in-house on all three transactions. Jacqueline Klinger (The Shopping Center Group) represent- ed Sweetgreen and Adam Langer (SRS Real Estate Partners) represented both Sticky's Finger Joint and Naya Express. The restaurants will join Starbucks and The Juice Shop at the 357,000 s/f build- ing's ground level. Located at 370 Seventh Ave., 7 Penn Plaza is adjacent to Madison Square Garden and The Paramount Theater. The 18-story building is also across from Pennsylvania Station, which offers immediate access to commuters from the Long Island Railroad, New Jersey Transit, Amtrak and numer- ous MTA Subway lines. The property also boasts 24/7 ac- cess, an attended lobby, on-site management as well as corpo- rate, retailer and service-type company tenants. 

announced that wine lounge Versi Vino signed a long-term lease in Maple Shade for 2600 s/f. Versi Vino’s new space is located within shopping plaza, 461 Rte. 38, Maple Shade, equidistant from both the Cherry Hill and Moorestown Malls. This recently fully oc- cupied, newly constructed shopping center has excellent visibility on a highly trafficked portion of this main thorough- fare.

461 Rte. 38, Maple Shade

ent services at Vantage RES worked closely with both the landlord, Piyush Amin of VP 38 Realty, LLC and the tenant, Versi Vino, to locate and secure a location that fit Versi Vino’s very specific

requirements. “Monica and Peter were re- ally a pleasure to work with during this process. The en- tire team provides a high level of personalization and profes- sionalism which is not always

RE_ad_version1.qxp 11/2/2005 11:54 AM Page 1 Monica Walsh and Peter Abdallah, directors of cli-

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Real Estate Journal — Shopping Centers — September 27 - October 10, 2019 — 7A


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S hopping C enters The Space Place Your Guide to Available Retail Space

Name of Center & Location Pohatcong Plaza 1250 US Highway 22 Phillipsburg, NJ 08865

Available Sq. Footage

Company Contact Information

Anchor Stores


National Realty & Development Corp.

Walmart Supercenter, Stop & Shop, Regal

Ulta, Old Navy, PetValu, Verizon Wireless, WaWa

11,436-30,496 SF Plus Pad Site

Cinemas, Hobby Lobby, Marshalls, HomeGoods

Harrison Lyss 914.272.8043 harrison.lyss@nrdc.com

National Realty & Development Corp.

Mansfield Commons 1885 Route 57 Hackettstown, NJ 07840

Walmart, Kohl's & Mashalls

Dunkin' Donuts & Jersey Mike's Subs

2,200-15,000 SF Plus Pad Site

Harrison Lyss 914.272.8043 harrison.lyss@nrdc.com

National Realty & Development Corp.

Marketplace at Cinnaminson 2501 Route 130 South Cinnaminson, NJ 0877

Walmart Supercenter, Sam's Club


2,500-25,650 SF

Nick Hrvatin 914.272.8037 nick.hrvatin@nrdc.com

National Realty & Development Corp.

Washington Plaza 5901 Route 42 Turnersville, NJ 08012

Burlington, LA Fitness


2,782-11,210 SF

Nick Hrvatin 914.272.8037 nick.hrvatin@nrdc.com

National Realty & Development Corp.

CooperTowne Center 711 Evesham Avenue Somerdale, NJ 08083

3,274-13,498 SF Plus Pad Site

Walmart Supercenter, Cinemark Theatres, LA Fitness

Applebee's, PetValu, Dollar Tree, Pizza Hut

Nick Hrvatin 914.272.8037 nick.hrvatin@nrdc.com

National Realty & Development Corp.

Fruitland Center 404 North Fruitland Blvd. Salisbury, MD 21801

12,100 SF Plus Pad Site

Big Lots, CitiTrends

Kool Smiles, Apple Discount Drug

Nick Hrvatin 914.272.8037 nick.hrvatin@nrdc.com

National Realty & Development Corp.

Waynesboro Plaza 2715 West Main Street Waynesboro, VA 22980

1,905 & 4,000 SF Plus Pad Sites

Big Lots, Harbor Freight Tools

Dollar Tree

Nick Hrvatin 914.272.8037 nick.hrvatin@nrdc.com

Kim Brunet Retail Publisher Space Place Listings 781.740.2900 kbrunet@marejournal.com

8A — September 27 - October 10, 2019 — Shopping Centers — M id A tlantic

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Property contains a 132,003 s/f Home Depot in Lodi, NJ CBRE'sNRPrepresent owner in $53M 1031 Exchange sale L

MDC announces 3,880 s/f lease inBryant Park Studios

NEWYORK, NY —Danish bakery Ole & Steen recently celebrated the grand opening of its third United States loca- tion with a 3,880 s/f store at 80 West 40th St. in historic Bry- ant Park Studios. The turn- of-the-century 1901 building has been owned and managed by affiliates of Mountain Development Corp. (MDC ) since 1979. The location marks the ex- pansion of the Danish bakery in the United States following previous openings in Midtown Manhattan andUnion Square. The stores join more than 100 Ole & Steen bakeries cur- NEWARK, NJ — The Blau & Berg Company and Hud- son recently signed mul- tiple leases for three retail properties in Newark, NJ on behalf of RBH Group , a community-oriented develop- er headquartered in Newark and specializing in social im- pact developments. The deals were brokered by Christian Benedetto , director of busi- ness development, The Blau & Berg Company, and Greg Levine , SVP at Hudson, and founder of Synergy Realty Advisors . The mix of 14 retail tenants reflects 10 small busi- nesses, nine minority owned businesses and eight women- owned businesses. The first property, Teachers Village, is a mixed-use com- munity located on five blocks along Halsey St. in the heart of downtown Newark. Offer- ing first-class amenities, the project features 60,000 s/f of retail, 204 fully-occupied residential units, three char- ter schools and a daycare facility. New retail leases recently signed and totaling more than 20,000 s/f include Inspira Performing Arts & Cultural Center; Dressed Up; Mangia Organica; Brick City Strength; Divino Tasting Room, Eatery & Lounge; The Chen School and Brilliant Smiles Pediatric Dentistry. Rutgers University-New- ark’s Honors Living-Learn- ing Community (HLLC), a 320,000 s/f new development, is located on the block bound- ed by Washington, Halsey, New and Linden Sts. in down- town Newark. It includes a 400-bed Rutgers University student housing component and 25,000 s/f of retail. HLLC is a transformative college ac- cess and success program that fosters the academic, social

ODI, NJ — CBRE an- nounced that it has arranged for the $53 million sale of a property con- taining a 132,003 s/f Home Depot located at 99 Rte. 17 North in Lodi. Jeffrey Dunne, David Gavin, Jeremy Neuer and Travis Langer of CBRE’s National Retail Partners (NRP) represented the owner in the sale. The buyer acquired the property as part of a 1031 ex- change. 99 Rte. 17 North is a single- tenant retail building triple- net leased to The Home Depot through January 2029, provid- ing long-term, stable income. The property is situated on the highly trafficked intersection of Rte. 17 (104,000 cars per day) and Rte. 80 (186,000 cars per day) within the Paramus/Rte. 17 market, one of the primary retail corridors in the country with over five million s/f of retail within five miles of the property. The Home Depot, fol- lowing 20 years at this site, re- cently exercised its first 10-year renewal option, demonstrating

Danish bakery Ole & Steen

rently in operation through- out Denmark and the United Kingdom. 

Home Depot

RBH Group, The Blau & Berg Co. & Hudson, secure over 35,000 s/f of retail leases

its long-term commitment to the property. Dunne commented, “The property’s credit tenancy, sta- ble cash flow with attractive rent increases and additional development potential was a perfect fit for the purchaser’s 1031 exchange. The property provided a unique opportunity to purchase 12-acres fronting Rte. 17 in one of the densest and most renowned retail mar- kets in the country.” The sale of 99 Rte. 17 North country’s largest kosher su- permarket. Fifteen national and regional tenants include Family Dollar, International Food Market and Dunkin’ Donuts. The center was 82% occupied at the time of sale. Neuman Commercial Group, led by principal Gil Neuman , represented the seller, an affiliate of Fedder Manage- ment Corporation , and procured the buyer prior to marketing, an affiliate of MLS Properties LLC . “Family owned Colonial Village has served for de- cades as a central destination

follows on the heels of several other single-tenant net lease trades completed by CBRE’s Metro NY NRP team this year, including the $30 million sale of 99 Greenwich Avenue, a long-term CVS property in prestigious Greenwich, CT; 245 Littleton Road (Rte. 202), a Stop & Shop center in Mor- ris Plains, NJ that sold for $26.75 million; and a 20-year ShopRite center in Hudson, NY, which traded for $15.75 million.  to a dense and continuously growing surrounding com- munity,” said Neuman. He added: “The new owners plan to update and give new focus to this primary neighborhood commercial thoroughfare.” Colonial Village is located less than two miles from I-695 in a population that exceeds 150,000 within a 3-mile ra- dius. Just to the south real estate investment trust RPAI recently completed a multi- million-dollar renovation of its 740,000 s/f mixed-use Reister- stown Rd. Plaza with Giant, Home Depot, and Petco. 

and personal development of talented students from all walks of life with a desire to make a difference in their communities and beyond. The HLLC creates a residential learning community com- prised of students, faculty and community partners focused on tackling some of the na- tion’s most pressing social issues. Recent tenants to sign leases and take advantage of this prime location with ac- cess to the built-in student population and proximity to a large daytime workforce include Serena Space Yoga, Mangia Organica, Xi’an Taste, Shawafel House and Jersey Mike’s Subs. Columbia Bank recently opened its 50th community branch on the ground floor of 905 Broad St. below the Great Oaks Charter School, which occupies the balance of the building located across from City Hall. The branch is a rare retail and drive-thru location with close proximity to Rutgers University, Berke- ley College, NJIT and Seton Hall Law School. This full- service location taps into the local university community, commuters and area visitors to the nearby City Hall, Pru- dential Center and Marriott Courtyard. “ Christian Benedetto at The Blau & Berg Compa- ny working alongside Greg Levine and Hudson, have done a great job of bringing local, entrepreneurial retail- ers into our Teachers Village, 909 Broad Street and Rutgers University-Newark’s Honors Living-Learning Community projects,” said Ron Beit , CEO, RBH Group. “Together we are creating job opportunities and bringing a new vibrancy to downtown Newark.” 

Neuman Commercial Group facilitates sale of 48,000 s/f Colonial Village retail center in Pikesville, MD

PIKESVILLE, MD — Neuman Commerc i a l Group, LLC has arranged

the sale of C o l o n i a l V i l l ag e , a 48 , 000 s / f n e i g h b o r - hood retail c e n t e r i n Pikesvi l l e . The proper- ty fronts the

Gil Neuman

primary commercial corridor between signalized inter- sections at 7002-7014 Reis- terstown Rd., catty-corner from Seven Mile Market, the

NAI James E. Hanson's Vindigni negotiates sale of 6,000 s/f bldg.

LAKE HOPATCONG, NJ — NAI James E. Hanson negotiated the sale of a 6,000 s/f retail building at 802-808 Rte. 15 in Lake Hopatcong. NAI James E. Hanson’s Joe Vindigni represented the seller, BD Newhouse LLC in the transaction with the buyer, Gardners Shed. Conveniently located di- rectly off Rte. 15, the retail property offers proximity to Rte. 80 with access to a popu- lation of over 24,000 potential shoppers within a three-mile radius. Comprised of seven rentable units, 802-808 Rte.

802-808 Rte. 15

15 features ample parking and 50’ of lake access making it well-suited for a wide range of retail uses. The buyer, Gard- ners Shed, will be occupying a portion of the space while maintaining the balance as an income producing investment property. “Our team recognized early on that this property’s strate-

gic location and a wide range of tenants made it an ideal investment opportunity in this market,” said Vindigni. “Leveraging our decades of experience in northern New Jersey, we were able to effec- tively market the property to secure a buyer and negotiate a deal for fair market value on behalf of our client.” 

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GLA/ Acreage Anchor Tenants

Property Name



Kmart, Burlington, Market Basket

Hanover Avenue NJ Route 35 & Main St. Route 70 & N. Locust Ave. Route 440 & Goldsborough Dr. Plain St. & Lowell Connector Medway St. & Beaver St. Adjacent to Foreign Trade Zone Route 18 & Foxborough Dr. Route 46 & Waterview Blvd. Springfield Ave. at Roselyn Pl. Springfield Ave. near I-78 State Hwy. 73 & Sunbird Dr. S. Delsea Dr. (Rte. 47) & College Dr. Black Horse Pike & Main St. Boston Rd. & Tower Farm Rd.

Shops at Billerica

Billerica, MA Lowell, MA


272,907 Target, Marshall’s, Best Fitness

Meadow Brook Center

Milford Crossing

158,806 Stop & Shop, HomeGoods, TJ Maxx

Milford, MA

Mount Olive, NJ Old Bridge, NJ Parsippany, NJ Hanover, NJ Evesham, NJ Eatontown, NJ Bayonne, NJ Marlton, NJ

Marketplace at Monmouth Harbor View Marketplace Shoppes at Renaissance Square


Costco Wholesale Club

243,800 Future Development

127,920 Virtua Medical Group, Children of America

Vacant Land Sunbird Plaza Cedar Village

123,593 Lowe’s

26,041 Future Development

19.9 AC Across from Walmart, Sam’s, TJ Maxx 9.33 AC Across from Walmart Supercenter 145,880 Whole Foods, Homesense, DSW, Ulta

Foxborough Plaza

Waterview Marketplace

Vacant Land Vacant Land

0.199 AC Vacant Land 0.3239 AC Vacant Land

Union, NJ

Vauxhall (Union), NJ

Vineland Marketplace

Vineland, NJ


Future Development

Williamstown, NJ

94,452 CVS, Dollar General

Williamstown Shopping Center

Thomas G. Mirandi | tel 212.265.6600 x239 | tmirandi@rdmanagement.com

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Milford Crossing | Milford, MA

Meadow Brook Center | Lowell, MA


GLA/ Acreage

Property Name


Anchor Tenants


Route 13 & Bennie Rd.

26 AC Across from Walmart Supercenter

Vacant Land Grand Plaza

Cortland, NY Deer Park, NY

Commack Rd. & Grand Blvd. Saratoga Rd. & Glenridge Rd.

189,125 Kohl’s, Stop & Shop, Pet Supplies Plus

Lake Shore Plaza II & III Target Shopping Center

Glenville (Albany), NY 170,616 Target, Pet Supplies Plus

Lake Ronkonkoma, NY 170,451 Stop & Shop, Regal Cinemas, Dollar Tree Portion Rd. & Patchogue-Holbrook Rd.

Harriman Commons

Routes 17/6 & Route 32 Route 59 & Hutton Ave.

Monroe/Woodbury, NY 711,816 Walmart, Target, Home Depot, BJ’s

Home Depot Shopping Center

Nanuet, NY

276,792 Home Depot, Raymour & Flanigan, Staples

Orangeburg Commons

Route 303 & Palisades Pkwy. Montauk Hwy. & Station Rd.

Orangetown, NY Southampton, NY Stony Point, NY

143,219 Stop & Shop, Residence Inn

The Mill

29,314 Provisions Natural FoodsMarket, SoulCycle

Stony Ridge Plaza

Route 9W & Park Rd. 660 White Plains Rd.

21,212 US Post Office

660 White Plains Road

Tarrytown, NY

279,254 Adjacent to Super Stop & Shop

Home Depot Shopping Center

Hanover St. (Rte. 34) & I-81

Carlisle, PA

140,715 Home Depot, Chili’s

Five Points Plaza

Montgomeryville, PA 133,124 BJ’s Wholesale Club, Lowe’s Cowpath/HorshamRd. @Rte. 309

Vacant Land

Rte. 309 & Pumping Station Rd. Hamilton Blvd. & Grange Rd. Horsham Rd. & N. Whales Rd.

Montgomeryville, PA


Proposed Restaurant Pad

Richland Marketplace

Quakertown, PA Trexlertown, PA

444,531 Target, BJ’s, Best Buy, Petsmart, Staples

Macungie Crossing Shopping Ctr.

36,671 Near Walmart Supercenter

Thomas G. Mirandi | tel 212.265.6600 x239 | tmirandi@rdmanagement.com


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We Deliver RESULTS

Julius Borrus Broker & President Borrus Associates P.O. BOX 8357 REDBANK, NJ 07701 P: 908-839-0052

borruscommre@aol.com A Member Of The International Council Of Shopping Centers NY, NJ, CT, PA INVESTMENT REAL ESTATE

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EW YORK, NY — Hippodrome NYC unveiled ElevatedNY, Renovated & rebranded facility spans more than 100,000 s/f at 1120 Ave. of the Americas Hippodrome unveils premium co-working space ElevatedNY N

an upscale and amenity-rich shared office complex in Mid- town Manhattan’s Hippo- drome building, located at 1120 Avenue of the Americas. Tenants at ElevatedNY will find more than 100,000 s/f of newly remodeled, sophisti- cated business atmosphere complete with marble floors, stylish artwork, soundproof conference pods and upgraded bathroom facilities. The space includes 23 full office suites spanning as large as 5,100 s/f, 163 private office units for smaller tenants, updated conference rooms and stylish common areas and cafe/lounge spaces. “We are incredibly excited to announce the launch of ElevatedNY, premium offices at the Hippodrome building in Midtown. Today marks not only a new name for one of the longest-running shared office spaces in New York, but the beginning of a more upscale experience for all of our tenants,” said Jon Dario, Chief Operating Officer of Edison Properties, owner of Hippodrome NYC. “By adding these improvements to our un- matched customer service and comprehensive suite of ameni- ties, we can continue to ensure our tenants grow and succeed in this historic building.” ElevatedNY also comes com- plete with a comprehensive suite of services and modern amenities for tenants, includ- ing full reception and concierge services, a dedicated mothers’ room, event space, monthly networking events and ac- cess to complimentary cof- fee, tea, sparkling water and other beverages. An on-site management team can also provide tenants with access to a number of professional ser- vices including payroll, health benefits, parking, in-suite construction, hotel services, carsharing and storage. The facility, which includes space on the Hippodrome’s 4th, 15th and 18th floors, has operated as shared office space for more than 25 years. It was formerly known as ReadySet! Offices. “ElevatedNY is already home to a long and diverse list of exciting tenants, rang- ing from creative businesses and financial advisors to con- sultants, law firms and more,”

Hippodrome NYC rendering

said ElevatedNY general man- ager Georgia Gournas. “In today’s market, companies across nearly every industry are seeking a highly flexible, amenitized workplace, and

this newly reimagined space will give both our current and future tenants a truly first- class place that can help them propel their business to new heights.” 



THE MID ATLANTIC REAL ESTATE JOURNAL’S 6 th Annual New Jersey Apartment Multifamily Conference

Multifamily Agency Lending | |

website: communityp.com/mortgagecompany | phone: 855.363.4646

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2019 PA/NJ/DE CCIM CHAPTER OFFICERS John Birkeland, CCIM President ROCK Commercial Realty Stacy Martin, CCIM

Vice President Hankin Group

Jeff Kurtz, CCIM Secretary/Treasurer High Associates, Ltd.

Jeffrey Hoffman, CCIM Immediate Past President JPH Realty Advisors 2019 PA/NJ/DE CCIM CHAPTER DIRECTORS John Berenato, CCIM Past President Healthcare Realty Solutions Michele Countis, CCIM Chair, Designation Jackson Cross Partners Dragan Dodik, CCIM Regional Chair, Central PA Pennian Bank Philip Earley, CCIM Chair, Nominating Lieberman Earley & Company Jonathan Epstein, CCIM Chair, Public Relations Macada Properties Cindy Feinberg, CCIM Regional Chair, Lehigh Valley Feinberg Real Estate Advisors Craig Fernsler, CCIM Chair, Legislative KW Commercial, Blue Bell Eric Gorman, CCIM Past President Cushman & Wakefield Neil Kilian, CCIM, SIOR Regional Chair, Delaware NAI Emory Hill Laura Martin, CCIM, CPM, WBE Chair, Membership SVN Latus Commercial Realty Group Melissa Meyer, CCIM Chair, Education

Brandywine Realty Trust Andrew Miller, CCIM Regional Chair, Pittsburgh CBRE

Tom Skeans, CCIM Chair, Scholarships SVN Kathy Sweeney-Pogwist Regional Chair, Philadelphia Metro Brandywine Realty Trust

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