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Real Estate Journal — Shopping Centers — September 27 - October 10, 2019 — 5A
www.marej.com
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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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