A S H I N G T O N , DC — Hoffman- Madison Water- W The Goldman Sachs Group, Inc., led the nonrecourse transaction Hoffman-Madison Waterfront close on construction loan for $847 million
ISSUE HIGHLIGHTS Volume 31, Issue 20 Oct. 25 - Nov. 7, 2019
& Connolly signed a 15-year lease in December of 2018 and will occupy nearly 300,000 s/f of the two trophy, mixed-use office towers, signaling the con- tinued success of The Wharf. “We’re thrilled to be part of a project that is significant to Washington DC’s transfor- mation,” said Ted Borter , co-head of Goldman Sachs’ Americas real estate financing group. The record-breaking transac- tion was brokered by Eastdil Secured, LLC , one of the country’s premier private real estate investment banking companies. “Due to the quality of spon- sorship and unparalleled value of The Wharf, this was one of the nation’s most competitive construction loans with signifi- cant interest from several fi- nancial institutions interested in fully underwriting the loan,” said N icholas Seidenberg , managing director at Eastdil Secured. “Liberty Towers’ irreplace- able location, top-tier amenity package and unique views grant the property with in- herent pricing power, while the ability to upgrade units will increase rental revenue as ownership can mark rents to market,” the brokers wrote in their offering materials. “Liberty Towers is a rare op- portunity to acquire a Jersey City trophy asset in an irre- placeable Hudson waterfront location with the ability to capture significant rental premiums through unit reno- vations.” The property’s amenities were upgraded in 2015 but offered the potential to unlock additional value by renovating individual apartments, the brokers wrote. With views of Lower Manhattan and the Statue of Liberty, the towers also have 23,569 s/f of occu- pied retail space and six floors of garage parking, the offering said.
front (HMW) , a joint venture of Hoffman & Associates (formerly PN Hoffman) and Madison Marquette , the co-developers of The Wharf, along with joint venture part- ner, Public Sector Pension Investment Board (PSP Investments) , closed on one of the largest private construc- tion loan in the city’s history in the amount of $847 million. The Go l dman Sachs Group, Inc. , led the nonre- course transaction, along with syndicate members Starwood Capital Group, Mack Real Estate Group and Pentagon Federal Credit Union . “We are excited to welcome Goldman Sachs to the second phase of this vibrant water- front community,” said Monty Hoffman , founder and CEO of Hoffman & Associates. “It’s been nearly two years since the delivery of Phase 1 of The
outstanding facilities – from trophy and boutique office environments to luxury living enhanced by engaging retail and dining experiences,” said Amer Hammour , founder and chairman of Madison Marquette. The Wharf, a $2.5 billion and more than 3.2-million s/f, waterfront neighborhood, began construction on the sec- ond phase of the development in March, and has already secured Williams & Connolly LLP, one of the nation’s pre- mier law firms as an anchor tenant for Phase 2. Williams after Mack-Cali acquired Soho Lofts, a 377-unit rental com- munity in Jersey City’s emerg- ing Soho West neighborhood, for $264 million. The REIT, through its Roseland Resi- dential Trust subsidiary, has worked in recent years to ex- pand its multifamily portfolio along the Hudson waterfront through both acquisition and construction. Marshall Tycher , Rose- land’s chairman, said during Mack-Cali’s second-quarter earnings call in August that the company had also ac- quired a development site at 107 Morgan St. in Jersey City. He said at the time that the REIT was finalizing ap- provals for a roughly 800-unit development. In marketing Liberty Tow- ers earlier this year, the bro- kerage team hailed the of- fering as a chance to buy a well-known property within Jersey City, but one that has additional upside.
Wharf and its success has led to continued confidence as we develop Phase 2.” “With Goldman Sachs, we’re setting a new high bar for proj- ect financing in Washington,” said Kristopher Wojtecki , managing director, real es- tate investments, PSP Invest- ments. “We are now in an even stronger position to realize the full potential of Washington, D.C.’s waterfront.” “The second phase of The Wharf is already exceeding the first phase’s performance with great office preleasing, world-class architecture, and
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Mack-Cali Realty Corp. completes $409 million acquisition of Jersey City two-tower rental complex
JERSEY CITY, NJ — Mack-Cali Realty Corp. has closed on the latest addition to its Jersey City residential portfolio, acquiring a two- tower, 648-unit apartment complex for $409 million. The real estate investment trust, which is based in the city, announced in early August that
it had agreed to acquire the Lib- erty Towers property at 33 Hud- son St. It has now completed the acquisition of the twin 37-story buildings, which were built in 2003 and were among the first luxury apartment properties to usher in Jersey City’s water- front residential boom. A brokerage team including Jose Cruz, Kevin O’Hearn, Michael Oliver, Stephen Simonelli, Mark Mahasky and Andrew Scandalios — formerly of HFF but now of JLL — marketed Liberty Towers on behalf of JP Mor- gan Asset Management. The deal comes five months
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Inside Cover A — October 25 - November 7, 2019 — M id A tlantic
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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 ............................ Philip P. Crowley 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 20 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
M id A tlantic Real Estate Journal
Philip P. Crowley
5 Keys to Work, Success, &Happiness
O ver the years, I have had the opportunity to observe many success- ful people, and I have found that there are five factors that seem common to them all—and missing in those who are not. 1. Find something you LOVE to do that HELPS other peo- ple. if you love to do it, you’ll have an inexhaustible supply of energy for it. And if it helps others, there will always be a demand for it. 2. Pursue it with PASSION and INTEGRITY. Passion will help you learn to do it well, and Integrity will attract oth- ers with integrity (and repel those who don’t). 3. Set HIGH GOALS and decide to have SELF-CONFI- DENCE. People who set high STAMFORD, CT — Cush- man & Wakefield has an- nounced the sale of Soundview Plaza, a landmark, seven-story office property located at Exit 9 off I-95 in Stamford. An affiliate of TL Holdings purchased the 179,000 s/f, class A asset from Barings , on behalf of institu- tional investors. “The buyer identified an op- portunity to acquire an institu- tionally owned asset that has been historically well-occupied,” said Gary Gabriel , a member of Cushman & Wakefield’s New Jersey capital markets team, who represented the seller and procured the buyer with Da- vid Bernhaut, Andy Merin, Brian Whitmer and Frank
goals achieve much more than those with no or short-sighted goals; Self-confidence is a gift we give ourselves and is a deci- sion that we make. 4. ENJOY THE RIDE. The pleasure comes from the jour- ney, not necessarily the ulti- mate destination. 5. Be GRATEFUL. Recog- nize and celebrate the help others have given to you and pay it forward. Gratitude is an important value to embrace
and share with those special people who had a successful hand in lifting you up. Philip P. Crowley, is a dedi- cated attorney who has been handling legal matters for pharmaceutical, biomedical, medical devices, information technology and other technol- ogy companies for over 30 years. Philip P. Crowley is man- aging partner of LawOffice of Philip P. Crowley LLC.
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years,” DiTommaso said. “It has great visibility and a very promi- nent presence immediately off I-95. New ownership will benefit from in-place cash flow while it implements a renovation and capital improvement program.”
DiTommaso II , as well as Al Mirin, Matt Torrance and Kate Schwartz . “1266 E. Main is certainly a well-known building within the local Stamford market, having served as home to WWE for many
UPCOMING features SPOTLIGHTS
781.740.2900 Special Advertising Rates to All Participating Firms! Contact Joe Christman or your Account Rep Jchristman@marejournal.com NOVEMBER 22 ........................................DEADLINE: NOV. 8 ROP (FRONT SECTION) ........................................................... SHOPPING CENTERS....................... NY ICSC DEAL MAKING ODM.................................... CONST. MGMT & DESIGN BUILD SPOTLIGHT... COMMERCIAL OFFICE PROPERTIES NOVEMBER 8 ..........................................DEADLINE: OCT. 30 ROP (FRONT SECTION) ........................................................... DEL/MAR/VA .............................................................. VIRGINIA NEW JERSEY....................................................... CENTRAL NJ PENNSYLVANIA ........................... CENTRAL & WESTERN PA SPOTLIGHT ........................... LENDERS DIRECTORY
3A — October 25 - November 7, 2019 — M id A tlantic
Real Estate Journal
M id A tlantic R eal E state J ournal
Colliers arranges $31.1M sale for FlorhamPark Corporate Center
Williamsburg, VA project receives construction financing AMA's Wallace & Metcap Advisors secure $93 million
munity event space. Current plans for the student housing portion consist of four, 5-story buildings featuring 240 units (624 beds) ranging in size from one to four bedrooms, as well as over 56,000 s/f of retail and 6,500 s/f of office. Additionally, the residents will benefit from amenities such as a fitness center, pool, study rooms, lounge, a game room and a leasing office. “It was a pleasure working with MetCap’s Structured Finance team, including Cliff Mendel- son and Albert Missirlian,” said Wallace.
AMA’s Gregg Wallace , along with MetCap’s Struc- tured Finance team, led by Cliff Mendelson and Albert Missirlian , sourced $93 mil- lion in debt and equity for the project. Serving the college of Wil- liam & Mary, Midtown Row is a curated retail experience and residential district located at “Main and Main” in the heart of Williamsburg, Virginia. The project includes restaurants, shops, apartments, entertain- ment, office space, as well as a village green featuring out- door programming and com-
ILLIAMSBURG, VA — AMA Finan- cial, LLC , in con-
junction with Metropolis Capital Ad- visors LLC a r r a n g e d the heavily s t ruc tur ed 90% financ- ing for the construction
25 Vreeland Rd.
FLORHAM PARK, NJ , — Colliers International Group Inc. has arranged the sale of Florham Park Corporate Cen- ter, a set of twin class A office buildings located at 25 Vree- land Rd. in Florham Park for $31.1 million. The 230,000 s/f complex offers a wide variety of best-in-class amenities in the burgeoning Florham Park submarket. Colliers represented both the buyer, ACG , and seller,
a joint venture of Bergman Real Estate Group and Ri- alto Capital Management, LLC , in the transaction. The Colliers Capital Mar- kets & Investment Sales team led by executive managing director Jacklene Chesler , managing director Matthew Brown and senior financial analyst Frank Summers developed and executed the marketing strategy for the sale of the property.
Newest Barley Snyder office now open LANCASTER, PA — Bar- ley Snyder officially has arrived in Schuylkill County, of Midtown Row’s retail and student housing project inWil- liamsburg.
wh e r e t h e firm opened its 10th of- f i c e t h i s we ek . The new, state- o f - t h e - a r t S c hu y l k i l l Haven office i s the far - thest north the law firm has reached with a physi- cal presence in its history. The office is located at 950 E. Main St., in the
$2.03 Billion 15,814 Units Connecticut • Kentucky • Michigan • New Jersey • New York North Carolina • Ohio • Pennsylvania • South Carolina • Virginia Recent transactions totaling more than
Miller Bros. Construction complex. The office is now fully staffed with partner David Rattigan , attorney Michael Fox and a full-time assistant. The Schuylkill County mar- ket is “primed for growth,” Barley Snyder managing part- ner Jeff Lobach said. He emphasized the move couldn’t have happened without Rat- tigan and Fox committed to expanding the office and in- troducing the Barley Snyder reputation in the county. “Schuylkill County is famil- iar territory for us. Many of our attorneys have worked successfully there already, and it’s similar to many of our other markets where we’ve been able to help businesses prosper,” Lobach said. “We’ve seen first-hand the business growth in Schuylkill County, and we want to help sustain that growth for the good of our clients and the entire com- munity.”
Principals: Marc S. Solomon • Mark S. Rosen Zach Solomon • Andrew Rosen 92 River Road, Summit, NJ 07901 Solomonorg.com 908.988.1000
4A — October 25 - November 7, 2019 — M id A tlantic
Real Estate Journal
M id A tlantic R eal E state J ournal
Favorable economic conditions expected to continue into 2020 WCREThirdQtr. 2019 Report: Solid fundamentals, but modest gains in SNJ & Philly CRE markets
was up in Camden County, and especially in Cherry Hill, but dipped for the region overall. Gross leasing absorption was positive but trending lower quarter over quarter. “We are in a continuing period of a strong economy with low unemployment. This has supported a long streak of slow, steady growth supported by strong fundamentals,” said Jason Wolf , founder and managing principal of WCRE. “Although a given indicator might fluctuate one quarter to the next, commercial real estate in this region remains strong, and there is reason to
stay optimistic.” There were approximately 266,867 s/f of new leases and renewals executed in the three counties surveyed (Burling- ton, Camden and Gloucester), which was a decrease of seven percent compared to the previ- ous quarter. The sales market increased, with about 1.67 million s/f on the market or under agreement. However, completed sales slowed to ap- proximately 329,769 s/f trad- ing hands, less than half the previous quarter, which had been notably active. New leasing activity ac- counted for approximately
36% of all deals for the three counties surveyed. Overall, gross leasing absorption for the third quarter was in the range 70,000 s/f, down from 150,000 in the second quarter. Other office market high- lights from the report: • Overall vacancy in the market is now approximately 11.50 percent, which is a slight uptick from the previous quar- ter. This is still near a 20-year low. • Average rents for class A & B product continue to show strong support in the range of $10.00-$15.00/s/f NNN or $20.00-$25.00/sf gross for the
deals completed during the quarter. These averages have hovered near this range for more than a year. • Vacancy in Camden Coun- ty dropped slightly to 11.1 percent for the quarter, back to where it stood in the first quarter. • Burlington County's va- cancy stood at 11.9%, increas- ing 40 basis points. Burling- ton's vacancy rate jumped ear- lier in the year due to several large blocks of space returning to the market. WCRE has expanded into southeastern Pennsylvania, and the firm's quarterly re- ports now include a section on transactions, rates, and news fromPhiladelphia and the sub- urbs. Highlights from the third quarter in PA include: • The vacancy rate in Phila- delphia’s office market dropped slightly to 8.6%, the second consecutive quarter to post a decrease of two tenths of a percent. The office vacancy rate is still near a 20-year low, and below that of comparable major cities. • The industrial sector in Philadelphia remains very strong. The third quarter saw vacancy rates virtually un- changed, at 5.0%, while net ab- sorption was constrained by a shrinking volume of available space. Rent growth of 6.0% has far exceeded long-termaverage of 1.7%. • Philadelphia retail is so far avoiding a major spike in vacancy due to the shift toward e-commerce. Rising wages and low unemployment are fuel- ing retail spending, buoying the CRE market. The vacancy rate inched up to 4.7%, while net absorption was negative 562,000 s/f over the last twelve months. WCRE also reports on the Southern New Jersey retail market. Highlights from the retail section of the report include: • Retail vacancy in Camden County jumped to 6.9% from 5.7% in Q2. While average rents increased in the range of $17.05/sf NNN. • Retail vacancy in Burl- ington County ticked up very slightly, to 7.6%, with average rents in the range of $12.68/ sf NNN. • Retail vacancy in Glouces- ter County dropped to 7.4%, with average rents in the range of $13.41/sf NNN. The full report is available upon request.
ARLTON, NJ — Comme r c i a l r ea l es tat e brokerage
WCRE r e - p o r t e d i n its analysis of the third qua r t e r o f 2 0 1 9 t h a t the Southern New Jersey and South- e a s t e r n
Pennsylvania markets con- tinued to show modest gains, continued investments, and overall solid fundamentals. Sales volume and prospecting activity held steady, leasing
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Real Estate Journal — October 25 - November 7, 2019 — 5A
M id A tlantic
M id A tlantic R eal E state J ournal Lesh, Stange & Loughlin represents Whitestone Associates in 11,871 s/f lease inWarren, NJ
JLL brokers $69.75 million sale of 1120 G Street in Washington, DC
was acquired by Griffin Capi- tal in October 2013. The five- story office building, located near the intersection of Mar- tinsville Road and Indepen- dence Blvd., offers immediate access to Interstate 78 and is close to other major freeways including I-287 and I-95. Ownership has launched a multimillion capital improve- ment program designed by Studio1200 that includes a new prominent, branded entrance, exterior landscap- ing, expanded parking, a new lobby, and a grand staircase leading to a redeveloped ame- nity level.
A S H I NGTON , DC — JLL closed the $69.75 million
sale of 1120 G St., a 134,964 s/f, 10-story office building located in Washington, DC, to a Credit Suisse Asset Management Global Real Estate fund. 1120 G St. is situated on a prominent corner lot adjacent to Metro Center in the heart of the East End submarket, which is downtown Washing- ton, D.C.’s largest and stron- gest performing submarket. 1120 G St. offers 13,000 s/f floorplates and is 75% leased to 13 tenants. The JLL Capital Markets team representing the seller was led by Jim Meisel, Matt Nicholson, Andrew Weir, Stephen Conley and Dave Baker. Lacy, Ltd. advised the buyer. Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc. WARREN, NJ — JLL has completed a new transaction for Whitestone Associates Inc. at 30 Independence Blvd. in Warren, NJ, with build- ing owner Griffin Capital Essential Asset REIT II Inc. The environmental and geotechnical engineering and consulting firm leased 11,871 s/f at the class A, 207,252 s/f office building. Whitestone Associates was represented by Scott Lesh , managing director; Scott Stange , senior vice president; and Daniel Loughlin , vice chairman. Griffin Capital was represented by Timothy Greiner , executive managing director and head of agency leasing for JLL in New Jersey; Daniel Spero , managing director; and Dennis McCon- nell , executive vice president. “Whitestone is creating a workplace environment that will help promote collabora- tion and employee engage- ment,” said Lesh. “The envi- ronmental and geotechnical engineering and consulting firm found 30 Independence Blvd. to be a great fit because it can accommodate all of Whitestone’s specialized staff and operations under one roof.” “We’re thrilled to be able to maintain our corporate headquarters in Warren,” said Thomas Uzzo , president of Whitestone. “The newly
remodeled offices at 30 Inde- pendence Blvd. will allow us to better serve our expanding 1120 G St., Washington DC
Independence Blvd. in Warren, NJ
client base while offering em- ployees a much-improved work environment with exceptional
amenities.” The six-story 30 Indepen- dence Blvd. in Warren, N.J.,
6A — October 25 - November 7, 2019 — M id A tlantic
Real Estate Journal
M id A tlantic R eal E state J ournal Colonial Village Shopping Center and Office Park adds three new tenants Edison Chamber of Commerce honors Jaime Weiss as “Entrepreneur of the Year”
OONACHIE, NJ —On October 10th The Edison Cham- ber of Commerce hosted their 20th Annual Awards Reception and Dinner at Pines Manor which cele- brates Edison’s finest indi- viduals and organizations in business. Jaime Weiss , managing member of Colo- nial Village Associates, LLC and president of Weiss Realty , the center’s leasing and managing agency, was this year’s recipient of the “Entrepreneur of the Year” award, one of the events top honors. M
Shown from left: Matthew Weiss, Loucas Sofocli, Jordan Weiss, Jaime Weiss & Alex Charalambous.
The award marks the rec- ognition of Jaime’s signifi- cant contributions and posi- tive impact on the Edison community and his leader-
ship in leasing and managing the Colonial Village Retail Shoppes and Professional Office Park over the past 36 years. Weiss’s leadership of
Colonial Village Retail Shoppes and Professional Office Park
the Weiss Realty Company has earned the company a sterling reputation for ex- pertise, integrity, and busi- ness excellence. As a real estate professional, Weiss has worked with a pletho- ra of prominent companies and organizations includ- ing Sony, Firestone Tire, Hartz Mountain Industries, Caterpillar and The Mack Company. As manager of the Colonial Village Associates, Weiss has also maintained an outstanding relationship with Colonial Village ten- ant and Edison Chamber of Commerce’s Restaurant of the Year recipient, Loucas Sofocli of LouCas Italian restaurant . Both honorees have enjoyed tremendous business success working together and look forward to doing so in the future. Chamber president Joe Coyle remarked “this eve- ning is a great moment with the business community of Edison. Jaime Weiss was chosen Entrepreneur of the Year because of his commit- ment to going above and be- yond in everything he does. I think the event is something everyone looks forward to and wholeheartedly enjoys. I’m grateful for all those who attend and make the evening as special as it is.” Recent leasing transac- tions at Colonial Village Shopping Center and Office Park includes three new tenants - Frappe Joe Coffee, Twin Boro Physical Therapy and Ampcore Electric. Weiss Realty is the managing agent and broker for the 70,000 s/f retail and professional office park situated at the signal- ized corner of Parsonage Rd., Route 27 and Lincoln Highway.
Colonial Village So Convenient!
GREAT SHOPPING, AMENITIES, FINE DINING & IDEAL WORK SPACE
It’s never been so easy to do it all! Why spend time elsewhere when offers the finest boutique shopping, convenient services, great restaurants and professional work space. Meet friends for coffee at Frappe Joe and drop off your dry cleaning and shoe repair on the way to work. Take clients to lunch or have dinner at LouCas, then shop for women’s fashions and lingerie. Enjoy an afternoon at Lookin Good Day Spa and take your family out to dinner at one of our other highly rated restaurants including Meemah Chinese, Brooklyn Boys Pizza & Edo Fat Cup. All of this and more at t RESTAURANTS: LouCas • Frappe Joe Coffee • Brooklyn Boys Pizza & Deli • Edo Fat Cup Meemah Chinese/Malaysian Cuisine RETAILERS & SERVICES: Bernstein’s Fashions • Lingerie by Susan Vogue Nails • Lookin Good Day Spa • Lamp Dry Cleaners • Ace Shoe Repair Skin by Nicole • Kennedy Pharmacy • Twin Boro Physical Therapy Medical & Professional Office Tenants - we have the perfect space for you! Colonial Village . It’s All at Colonial Village Shopping Center & Office Park THE SHOPS & PROFESSIONAL OFFICE PARK AT Colonial Village 1-11 Route 27 Edison, NJ 08820 Intersection of Lincoln Hwy. & Parsonage Rd. Weiss Realty Co, Inc. Leasing and Managing Agents www.jweissrealty.com 201-814-1800 Colonial Village
S hopping C enters
Real Estate Journal — Shopping Centers — October 25 - November 7, 2019 — 7A
M id A tlantic
SC located in Lawrenceville, NJ Houlihan-Parnes places $21.3M mortgage & credit facility
Lincoln Property Co. affiliate purchases 44,000 s/f building Vornado Realty Trust sells DCNike store for $83.9million
ASHINGTON, DC — Vornado Realty Trust has sold 3040 M St. NW to an affiliate of Lin- coln Property Co. The 44,000 s/f building, which is anchored by a Nike store, traded for $83.9 million, or about $1,907 psf, according to a deed recorded with the District. The Lincoln affiliate paid about $49.15 million for the property. The selling entity was charged $33 million in additional taxes because it was not the recorded owner of the property but rather the surviving entity of a merger which had previously taken place but was not taxed at the time, per the Recorder of Deeds. W OLD BRIDGE, NJ — R.J. Brunelli serves as real estate representative for Dollar Tree s t a t ew i d e , a s s i s t i n g in the com- pany’s new store growth, as well as ex- pansions and relocations o f ex i s t ing s t o r e s f o r both the Dollar Tree and Fam- ily Dollar banners. In a notable northern NJ transaction, R.J. Brunelli bro- kered leases for a side-by-side Family Dollar and Dollar Tree at 514 Van Houten Ave. in Passaic, where the two chains will occupy a total of 20,194 s/f in the former Gala Foods space (originally a Pathmark supermarket). Dollar Tree leased 11,000 s/f, while Family Dollar took 9,194 s/f. Both are expected to open in the first quarter of 2020. Further north, Dollar Tree opened in July in an 11,847 s/f endcap location at Hampton Plaza on Hampton House Rd. in Newton. The chain took over the former Rite Aid space at the 130,000 s/f center, whose an- chors include Bed, Bath & Be- yond, Staples and A.C. Moore. Three southern NJ transac- tions brokered by the firm for Dollar Tree include the lease for a 9,576 s/f store that’s ex- Danielle Brunelli
2495 Brunswick Pike 2495 Brunswick Pike
236-244 Rte. 9W, Haverstraw, NY
James J. Houlihan and mem- bers of Houlihan Parnes. The property is one of many large successful renovation projects for the Houlihan and Jemal families, who have partnered together on various deals across the New York metropolitan area for three generations since the mid-1980s. In a separate transaction, Ed Graf of Houlihan-Parnes Realtors, LLC arranged a first mortgage loan for a strip center located at 236-244 Rte. 9W, Haverstraw, NY. The retail property is 13,400 s/f and con- sists of eight stores. The non- recourse loan, in the amount of $1.1 million, is fixed for seven years with a five-year option to extend. The par loan has right to prepay with a 5% penalty in year 1 declining 1% per year, with no penalty in the last three months of the term. retail and entertainment mar- kets,” said Timothy Hanifin , senior vice president. “We are excited to have John’s leader- ship, experience, technical ex- pertise and 25 years of in-depth local market knowledge—all of which will help to better posi- tion us for continued growth in this area of the country.” In his new role, Ciaramaglia will also work with Graycor’s local team to deliver operation- al excellence to our regional shopping center and entertain- ment clients. He is currently overseeing the company’s work on projects including Burling- ton Mall Redevelopment in Burlington, MA and ArcLight Cinemas in Boston, MA.
LAWRENCEVILLE, NJ — Bryan Houlihan, Christie Houlihan and James J. Hou- lihan of Houlihan Parnes Realtors, LLC , announced the placement of a mortgage and credit facility totaling $21.3 million on the shopping center located at 2495 Brunswick Pike in Lawrenceville. Houlihan-Parnes was able to negotiate a fixed rate loan for a term of five years with the option for ownership to extend for an additional five years. The borrower was represented by Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP . Title was insured by John Hughes of The Great American Title Agency, Inc. The property is owned by an entity whose members include Samuel Jemal of JJ Operat- ing, Inc. , and members of the Jemal family , together with
3040 M St. NW
The building also hosts an Amazon Books. Vornado ac-
quired the property for $36 million in 2006.
Danielle Brunelli, Pete Nicholson & Alan Gott of R.J. Brunelli & Co. announce recent NJ leases & sale
pected to open in the fourth quarter at 1010 Atlantic Ave. in Atlantic City’s Tanger Outlets
Dollar leases were handled by R.J. Brunelli president and principal Danielle Brunel- li, with senior sales associ- ate Pete Nicholson assist- ing on the Cherry Hill and Pennsauken transactions. The Newton lease was co-brokered with Lew Finkelstein of Goldstein Group , while Leor Hemo of Vantage Real Es- tate Services co-brokered the Pennsauken transaction. Meanwhile, in Union Coun- ty, senior sales associate Alan Gott brokered the sale of a 30,000 s/f building at 165 E. Front St. in downtown Plain- field to Paramount Assets of Newark. Located two blocks from the city’s New Jersey Transit train station, the va- cant three-story retail and commercial building includes 10,000 s/f of space on each floor, plus a basement. Gott represented both Paramount and seller Abeco Management on the transaction. In Mercer County, R.J. Brunelli brokered the lease that will bring Bright Vision optical to a 1,600 s/f space at Jersey Strong Plaza on Rte. 130 South in Robbinsville. The shop is expected to open inmid- October. With the transaction, the 65,500 s/f center is now 100%-leased. The firm serves as leasing agent for the prop- erty, with Gott representing the landlord on the lease.
center. Tak- ing over the former Hanes space, Dollar Tree will join such promi- nent tenants as Bass Pro Shops, Gap, J.Crew, Adi-
das, Puma, Nike, and Famous Footwear.in the 490,000 s/f urban center. Elsewhere in the southern region, Dollar Tree is scheduled to debut in the fourth quarter in a 9,719 s/f inline space at the Cherry Hill Shopping Center on Church Rd. in Cherry Hill. Located across from the Cherry Hill Mall, the 178,000 s/f center is anchored by At Home and Big Lots. Dollar Tree is absorbing a combined space that previously housed K&G Menswear, Life Uniforms and a salon. Additionally, the chain ex- pects to open in early Novem- ber in a 9,765 s/f inline space in Airport Plaza, located at 7945-49 South Crescent Blvd. (Rte. 130) in Pennsauken. Dollar Tree will join Rent-A- Center and other retailers in the 34,725 s/f property, taking over a former Dollar Value space and two adjoining vacant units. All Dollar Tree and Family
Graycor expands footprint in the Northeast with Ciaramaglia hire
OAK BROOK TERRACE, IL — Graycor Construc- tion Company has hired
John Ciara- m a g l i a a s p r o j e c t e x e c u t i v e t o e x p a n d G r a y c o r ’ s presence in the North- east region. Based out of
Graycor’s Boston office, Ciara- maglia will work with our leadership team to achieve strategic growth in the North- east. “Graycor has expanded its footprint considerably in the Northeast, especially with our
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Real Estate Journal
S hopping C enters By Brandon Anapol, Metro Commercial Four predictions for how retail will fare in a down market
i mme d i a t e h o r i z o n , I would be ly- ing if I said it hasn’t crossed m y m i n d . Watching the news on any given day, we see familiar W
hile I am not sug- gesting that another recession is on the
expanding like they once were. If a recession were to hit in the next 12 to 24 months, here are my predictions for how the retail industry will be affected. Reimagining the retail space As the existing pool of big-box retailers narrows, the stock of vacancies is expanding which is forcing owners and businesses to get creative. So many big-box retailers have shuttered in the last few years and their spaces remain vacant for lack of suit- able replacements. I believe we will see more self-storage services retrofitting old Kmart,
Sears, and Toys ‘R’ Us boxes to meet their specific needs. Medi- cal and wellness facilities are another plausible option to fill these vast spaces. Even indus- trial uses such as fulfillment centers could take advantage of boxes situated near interstates and major highways. We have all witnessed the trend of retail power centers filling vacant anchor positions with enter- tainment concepts like Urban Air and Dave and Busters. However, once they land that category, there may be a larger looming need to redevelop the asset by reducing overall retail
square footage and incorpo- rating vertical multi-family, coworking/office space, and smaller pad users that provide food or services in lieu of the traditional 20,000-40,000 s/f users that once lined up two to three deep to backfill vacant an- chor and junior anchor spaces . The traditional mall set up is also seeing a transformation. As a result of the Great Reces- sion, malls have been turned inside out, no longer enclosed and incorporating office space and multifamily residences to create a new formula for suc- cess. Granite Run Mall, now
The Promenade at Granite Run, and Cheltenham Square Mall, now Greenleaf at Chel- tenham, are two local examples of malls that just weren’t work- ing anymore but have since adapted through tremendous successful revitalization. Not only is the mall format chang- ing with the times, but the tenants are also. When failing retailers create vacant spaces it paves the way for start-up entrepreneurs, digital brands, and disruptive new-to-market categories to get into the brick- and-mortar game. One retailer getting ahead of the game in this respect is Target, which has reduced its physical footprint, enabling it to conveniently serve more ur- ban areas and college campus- es. This will serve the company well should we see an economic downturn. Large-format fitness will flourish Large fitness facilities, such as The EDGE Fitness Clubs, will continue to thrive as con- sumers aren’t going to give up on their health and fitness goals over a $10-30 monthly spend. The vulnerability lies, however, in boutique studio memberships such as spin, yoga or pilates classes, which can total in the $100-200 per month range. In an economic downturn, consumers may part ways with smaller, specialized studios and make the switch to these more affordable large- format chains that offer similar group fitness classes at a much lower price point. Fast-casual vs. fast food Fast-casual restaurants may see a slow down in growth if discretionary spending slows. Consumers become mindful of unnecessary expenses such as buying lunch during the week and begin to cut back by prepar- ing meals in advance and bring- ing lunches from home. On the other hand, convenient options like Chick-Fil-A and Chipotle will continue to expand and perform well as inexpensive dining-out alternatives. Loyalists will boost iconic brands Discount retailers such as TJX brands and Dollar Tree will con- tinue to perform well in a down economy, as they are able to capitalize on people’s tendency to tighten the belt and “shop down”. However, loyalists will continue to support the iconic brands they know and love. Take continued on page 11A
patterns emerging, which is why we should always be pre- pared. Reminiscent of the 2008 recession many major catego- ries, such as apparel, are not
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10A — October 25 - November 7, 2019 — Shopping Centers — M id A tlantic
Real Estate Journal
S hopping C enters By Richard Birdoff, RD Management Creating unmatched shopping experiences in Northern New Jersey
ver the past few years, as the retail industry experienced a signifi-
destinations. Shopping center owners have come to realize that success lies in a diverse tenant mix that offers multiple draws such as grocery, fitness, health, and en- tertainment concepts. Centers with strong retailers, whether big-box or local, provide cus- tomers with greater flexibility, convenience, and ultimately, an unforgettable experience. However, curating the right tenant mix -- one that drives traffic and is resistant to e- commerce is not an easy feat. It requires significant research, market analysis, and a deep un-
derstanding of the surrounding demographics. At Waterview Marketplace, a new lifestyle center along Rte. 46 in Parsippany, NJ, RD Management and its partners JMF Properties and Ripco Real Estate focused on structuring a tenant mix that could provide customers with a unique shop- ping experience in a convenient location. The dynamic roster of tenants at Waterview Mar- ketplace ranges from health and beauty to grocery and fast- casual restaurants, attracting a broad range of customers with varying needs. The anchor re-
tailer, a state-of-the-art Whole Foods Market, provides the cen- ter with a competitive edge as it is the only Whole Foods store within an 11-mile radius. Open- ing in November 2019, Whole Foods will undoubtedly become a staple within the community and drive traffic to neighbor- ing businesses. Other top-tier tenants that have opened their doors include Orangetheory Fitness, Shake Shack, DSW, The Paper Store, Homesense, Ulta Beauty, and B. Good. Traditional retail centers are also increasingly diversifying their offerings to become mixed
use. Successful mixed-use communities are generally cen- tered around robust retail with added real estate assets includ- ing office, multifamily, hotel, and medical offices. Mixed-use centers have become one of the most attractive development models within the real estate sector as they lower risk for investors and effectively utilize land in urban and suburban markets. These communities draw residents, tenants, and patrons, creating the ultimate live-work-play environment. RD Management currently has five mixed-use properties and over 2,000 multifamily units planned for growing mar- kets including Salt Lake City, Utah; Muskegon, Michigan; and Fort Myers, Florida. Our Harbor View Marketplace in Bayonne, New Jersey recently completed its first phase of con- struction and celebrated the opening of its anchor retailer Costco Wholesale with an 18- pump Costco Gasoline gas sta- tion. The groundbreaking for the second phase of construc- tion took place on October 24, 2019, and will include 100,000 s/f of retail space featuring a variety of notable tenants. The residential portion of the project will deliver 651 multi- family units accompanied by 25,000 s/f of lifestyle amenities including a rooftop-resort style swimming pool and sweeping views of the New York Har- bor and Bayonne Golf Club. Removed from the hustle and bustle of Manhattan, Harbor View Marketplace caters to families and renters looking for a break from the city. Looking ahead, traditional shopping centers andmixed-use developments will need to re- main flexible to adapt to evolv- ing customer expectations. It is up to owners and developers to curate diverse tenant mixes and incorporate a range of uses that bring value to the community. By striking the right balance, shopping centers andmixed-use developments can achieve long- term success. Richard Birdoff is prin- cipal and president of RD Management, one of the na- tion’s largest privately held real estate development and management organizations, with over 150 retail, mixed- use, vacant land, office, hospitality, and self-storage properties in its national portfolio.
cant transfor- mation, a new age of retail has emerged to meet con- sumers’ shift in shopping preferences. Retail bank- ruptcies and
closures have created new opportunities for shopping centers to reinvent themselves and combine different uses to become one-stop shopping
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Battista of Jeffrey Realty reps. Twin Boro Physical Therapy Weiss Realty negotiates 1,600 s/f lease at Colonial Village
Four predictions for how retail will fare in a down . . . continued from page 8A “Colonial Village offers an ideal location, strong area demographics and a great tenant mix for medical office site selection” said Matthew Weiss , managing member of Coloinal Village Associates. “Colonial Village delivers on all of these fronts and Twin Boro looks forward to serving the community.” The signing of this lease brings the Shop- pes at Colonial Village to full occupancy. Steve Battista of Jeffrey Realty represented Twin Boro Physical Therapy and Matthew Weiss of Weiss Realty represented the land- lord, Colonial Village Associ- ates LLC. Apple for example. Consum- ers won’t stop upgrading their phones and other tech gadgets when the latest model drops in any economy. Consumers also won’t stop drinking their four dollar lattes at Starbucks. Loyal customers will continue to keep these iconic brands afloat. Along the same lines, Nordstrom will outperform peers in a down economy due to their above-and- beyond customer service that shoppers have come to expect. While I’m not predicting that we are in the face of an imminent recession, I believe it’s important for retailers and owners to be prepared and stay mindful of their place in the re- tail landscape. Evolution is key and as the economy changes, the retail space has to adapt alongside it to stay afloat. Brandon Anapol is se- nior vice president of bro- kerage services at Metro Commercial. DISON, NJ — Jaime Weiss , managing mem- ber of Colonial Vil- lage Associates, LLC and president of Weiss Realty , the center’s leasing and managing agency, has announced that Twin Boro Physical Therapy, a leading provider of outpatient physical therapy services in New Jersey, has leased 1,600 s/f at Colonial Village Shopping Center located at Rte. 27 and Parsonage Rd. in Edison. Twin Boro Physical Therapy is a member of the American Physical Therapy Association and treats patients of all ages including children, teenagers, and the elderly. E
Twin Boro Physical Therapy
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GLA/ Acreage Anchor Tenants
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
H H O T S 6 V H F R V G T L
272,907 Target, Marshall’s, Best Fitness
Meadow Brook Center
158,806 Stop & Shop, HomeGoods, TJ Maxx
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
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
Vacant Land Vacant Land
0.199 AC Vacant Land 0.3239 AC Vacant Land
Vauxhall (Union), NJ
94,452 CVS, Dollar General
Williamstown Shopping Center
Thomas G. Mirandi | tel 212.265.6600 x239 | firstname.lastname@example.org
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