8A — September 27 - October 10, 2019 — Shopping Centers — M id A tlantic
Real Estate Journal
S hopping C enters
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.
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
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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