18C —August 24 - September 13, 2018 — ICSC PA/NJ/DE Conference & Deal Making — Shopping Centers — M id A tlantic
Real Estate Journal
ICSC PA/NJ/DE C onference & D eal M aking
The Azarian Group’s portfolio’s occupancy soars to historic levels per Saddle River, Ramsey, and Allendale.
Founded in 2004 by childhood friends, Flanagan & Johnson Hollister identifies&develops the next generation of leaders F
NORTH BRUNSWICK, NJ — John Azarian , CEO of The Azarian Group L.L.C. and Christopher Kaufman , director of leasing of Azar- ian Realty Co. , are pleased to announce that The Azarian Group’s portfolio’s occupancy has soared to historic levels. The Azarian Group has signed over 16 new leases in recent months. Over 9,400 s/f has been leased at The Shoppes at North Bruns- wick, Rtes. 1 and 130, North Brunswick. 4,109 s/f has been recently leased to Seafood Boil. Frutta Bowls has offi- cially opened. 1,200 s/f has been leased to Lash Lounge. Lastly, we have also leased a 2,000 s/f office space to American Realty Partners LLC. The Allendale Town Center, Allendale, has one remain- ing space available. 2,610 s/f has been leased to Goldberg’s Bagel. We are also pleased to announce our new lease of 2,000 s/f with CKO Boxing. The Allendale Town Center is the only area shopping center and services the high-end com- munities of Saddle River, Up- Paul Rubin , Algon’s man- aging director in the Phila- delphia region, said, “Algon focuses on economic outcomes instead of optics. Our concern is not how the solution looks, but rather the economic im- pact on our clients. We start our analysis at a strategic level that considers problems within the larger context of our client’s entire portfolio, focusing on debt and guar- antees, as well as a range of critical factors. For shopping center owners confronting current market challenges, our approach will ultimately consider many options, unlike the ‘one size fits all’ process commercial brokers use to sell a troubled property. Most brokers generally don’t have the time or financial expertise to navigate complex financial problems, or the stomach for what might be a very difficult, time consuming process.” Algon typically represents privately-held owners, devel- opers, and enterprises that have material portions of their personal net worth invested in continued from page 2C to provide sophisticated finan- cial advisory services. Algon, unlike many restructuring firms, brings an investment banking “deal” perspective to each assignment.
The Fair Lawn Medical Arts Building is proud to announce that 1,197 s/f has been leased to Slim Center. Rochelle Park Shopping Cen- ter is pleased to welcome our new tenant, Aladdin Glass and Vape. The Fieldstone Park has leased 840 s/f to Train DCR. Livingston Town Center has leased 1,562 s/f to Mixology. The Mountain Plaza Shop- ping Center, Rte. 46W, Rocka- wayhas leased 1,229 s/f to Beauty Lounge. The Azarian Building, Mid- land Park is pleased to welcome Amato Toscano & Co., which has leased 1,672 s/f. Plaza K Shopping Center has leased two spaces. 2,093 s/f is now occupied by Comcast. In addition, 3,153 s/f space has been leased to Pho1 Vietnam- ese Restaurant. The total renovation of the Pine Brook Plaza, Route 46 West in Pine Brook, NJ is now complete. There are spaces available from 900 s/f to over 2,100 s/f. “Our clients tend to be high net worth individuals or fami- lies, and institutions that are focused on the financial out- come, as opposed to the politi- cal, regulatory, or accounting impact. Unlike other advisory firms, Algon doesn’t rely on the lenders for our client pipeline,” said Taylor. That means Algon can approach negotiations with what he describes as a potent blend of conflict-free “Wall Street sophistication combined with street smarts.” “We are not afraid to become adversarial with other stake- holders, if that’s what it takes to secure the best outcome for our clients,” said Taylor. “Owners can benefit from a firm like Algon to get them through bad situations, be- cause we have the ability to develop and execute effective restructuring strategies, and our independence from lenders makes us a stronger advocate for our clients,” adds Taylor. “Everybody believes there is a magic bullet that will solve their problems, but you can’t weather the tsunami of store closings withmagical thinking.” To learn more visi t www.AlgonGroup.com their projects, and therefore have a deep financial stake in seeing problems resolved in the best possible way.
ounded in 2004 by child- hood friends, Kieran Fla- nagan and Christopher Johnson, the goal for Hollister Construction Services (Hollis- ter) has always been to identify and develop the next genera- tion of leaders. Leaders to build Hollister of the future and to continue growing our culture. Consistent with this goal, the executive team has worked ex- tremely hard on implementing the succession plan which will allow Hollister to continue to succeed well in to the future. An industry veteran, Chris also holds key roles in other leading businesses and phi- lanthropies. Chris made the decision to step away from the day-to-day management he’s been involved with since day one. He is passing the torch to the new generation of leader- ship—Brendan Murray, Matt Higgins and Joe Furey. BrendanMurray is now pres- ident, the 3rd president in the history of Hollister. Brendan has been leading the company for the past six months and will lead for years to come. Brendan will continue to grow the culture internally and externally—a culture that has been unique and huge differ- entiator. We are in hands of a HASBROUCK HEIGHTS, NJ — Redwood Realty Advi- sors has assisted its client in successfully completing a 1031 Exchange following the sale of a multifamily property in Brook- lyn, NY. The client reinvested proceeds in a multi-tenant retail center which includes a ground lease on a Dunkin’ Do- nuts in St. Petersburg, FL. The investor acquired the property for $3.625 million and a 6.4% capitalization rate. “The property boasts a prime downtown St. Petersburg loca- tion in the 4th St. North Cor- ridor, which has the highest retail traffic count in the city,” said Redwood Realty director Constantina Drogaris, Esq. Drogaris led the transaction team on behalf of the buyer. The Dunkin’ Donuts was built in 2012 and earned a Gold Level LEED certification – one of a few select Dunkin’ Donuts in the U.S. to be awarded this recognition. Other tenants at the center include a Little Greek Restaurant, Flippers Pizzeria and Salon Lofts.
great leader. Matt Higgins is now our first chief people officer. As chief people officer, Matt identifies teammates that live by our seven core values which speak to who we are as a whole—In- tegrity, ProblemSolver, Evolve/ Grow, Ownership, Team Play- er, Humility and Diligence. After all, our people is what makes Hollister. Matt has also been leading the business for a long time and has had a big role in creating, implementing, and coaching to the Hollister Way. He is a great leader and will be a great steward of our culture going forward. Joe Furey remains our chief financial officer. Joe has been leading the business with Matt and Brendan. Joe has made us a much better business since he joined the team in 2016. His leadership and commitment to the value system has been a huge part of our success. We are also excited to an- nounce the promotion of two additional teammates that have contributed to Hollister’s success and growth. Their new role will also allow Chris to step away from all the day-to-day decisions. Vincent Solano is now ex- ecutive vice president. Precon-
struction. The role is a new role which is the convergence of Business Development and Estimating. The technical sales role is one that Vin has been perfecting for years. Keith Lovas is now vice presi- dent, field operations. Keith has really impressed the team with his leadership in the field. We look forward to Keith’s guidance to make us the best in class. Hollister’s new leadership team will run the day to day of the business. Though not in- volved in all the daily decision making, Chris will continue to coach the executive team and some of our emerging leaders. He will be responsible for grow- ing customer relationships and coaching our sales team. As the largest shareholder, Chris will continue to oversee and approve strategic decisions impacting Hollister. He will work on setting strategy and coaching to the execution of the strategic plan. At the end of the day, our goal is to continue growing our busi- ness, our team—doing it all by living The Hollister Way. Hollister Construction Services is a full service commercial construction company.
Algon Group finds solutions for real estate owners . . .
DiversifyingwithDonuts: RedwoodRealty facilitates 1031 Exchange following the sale of a NYmultifamily property
Dunkin’ Donuts in St. Petersburg, FL
“Successfully completing a 1031 Exchange can be a criti- cal part of executing sales on behalf of our clients, and this is the second 1031 deal that Constantina has closed this year,” said Thomas McCon- nell, CCIM , managing partner at Redwood Realty. “These transactions really show her aptitude for not only closing multifamily sales, but also her ability to find solutions that meet the strategic objectives of our clients.”
Redwood Realty Advisors is a brokerage and advisory firm that focuses exclusively on multifamily assets. Our team is composed of experienced senior advisors who have proven re- sults in the multifamily invest- ment sector. We pride ourselves on providing our institutional and private clients with our extensive industry experi- ence, hands-on involvement with every transaction, market knowledge and market leading underwriting.
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