S hopping C enters
Real Estate Journal — Shopping Centers — October 25 - November 7, 2019 — 7A
www.marej.com
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-
Pete Nicholson
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
John Ciaramaglia
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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