S HOPPING C ENTERS
Real Estate Journal — Shopping Centers — March 28 - April 10, 2014 — 5A
www.marejournal.com
M ID A TLANTIC
Newly built 60,000 s/f Anchor at Belleville Center in NJ Moravec & Stewart of Cronheim Mortgage arrange $8 million financing of ShopRite B
being built. Belleville Center is a 70,450 s/f shopping center, anchored by a newly built, 60,000 s/f ShopRite. The Subject was previously anchored by Path- mark, who vacated the center in 2010. The subject under- went extensive renovations and ShopRite recently opened their doors. This location is op- erated by Nutley Park Shop- Rite, Inc, who also operates the ShopRite in Nutley, NJ. The remaining space is 100% occupied by Pizza Hut, Kelly’s Liquors, and a local jeweler. According to Andrew Stewart , “the developer, who carried the property subse- quent to Pathmark vacating, was patient enough to negoti- ate a mutually beneficial lease with a premiere ShopRite operator and complete a sub- stantial renovation. This is now positioned as a fortress
asset for many years to come.” The Subject has excellent visibility, with 840 feet of frontage, and great acces- sibility, with three points of ingress and egress along the north side of Washing- ton Avenue. There is ample surface parking as well as an underground parking lot with capacity for over 140 vehicles. The underground lot is monitored by surveillance cameras and is serviced by a new shopping cart elevator which provides direct access to the interior of ShopRite. Shoppers took full advantage of the elevator this winter, justifying the additional in- vestment. The three mile trade area surrounding the subject prop- erty houses an estimated 230,000 residents with a median household income of $61,000. patients and families find the comforts of home while simul- taneously benefiting from a state-of-the-art hospice care center. “We are deeply honored that Greenberg Gibbons and Reli- able have generously invested in the future of our organiza- tion,” said Michael McHale, CEO of Hospice of the Chesa- peake.
ELLEVILLE, NJ — Allison Moravec and AndrewStewart have arranged $8.0 million in financing for a ShopRite anchored retail center located in Belleville. The loan, placed with Athene Asset Manage- ment, was structured with a 10 year term and 25 year amortization, with 5 years of interest only payments. The rate was locked 180 days prior to ShopRite opening, allowing the borrower, Belleville Cen- ter, LLC, to take advantage of rates while the ShopRite was
MARCH 28 - APRIL 10, 2014
SPOTLIGHT HIͳLIGHTS Retail Experts 7-15A
Belleville Center, before and after renovations
Hospice of the Chesapeake receives $1 million gift from Greenberg Gibbons and Reliable Contracting
PASADENA, MD — Hos- pice of the Chesapeake an- nounced today it has received a $1 million gift from Green- berg Gibbons Commercial and Reliable Contracting . This gift is an important first step towards funding a 14- bed, Inpatient Care Center in Pasadena, which the nonprofit organization will begin con- structing this year on its new 7-acre campus. Greenberg Gibbons is one of the Baltimore-Washington region’s premier developers of mixed-use, town center and retail properties and Reliable Contracting is Anne Arundel County’s largest site-work contractor. The companies partnered to develop Waugh Chapel Towne Centre, the new 1.2 million s/f, open-air lifestyle center in Gambrills. The proposed new Inpatient Care Center will provide an al- ternative to hospitalization for patients, and their families, who are encountering complex medical needs that cannot be managed at home. Situated in a quiet, peaceful environment,
Shown from left: Rev. Dr. James Kirk, Hospice of the Foundation board member; Brian Gibbons, president & CEO, Greenberg Gibbons; Elizabeth Liechty, chair, Hospice of the Chesapeake Foundation; Jay Baldwin, president, Reliable Contract- ing; Michael McHale, president & CEO, Hospice of the Chesapeake.
The James Balliet Commercial Group
“The Lehigh Valley’s Premier Full Service Commercial Real Estate Company”
• Shopping Center Sales & Leasing • Retail, Office, Medical & Industrial Properties • Distressed Property & Asset Management • Tenant Representation • Business Brokerage • Commercial Land Brokerage • Multi Unit Apartments
ALSO
610-435-4711
BçÝ®ÄÝÝ CÙ D®ÙãÊÙù ....... 16A R㮽 BÙʻ٦ D®ÙãÊÙù ..... 17A
www.lehighvalleycommercial.com
www.marejournal.com
KW Commercial | 40 S. Cedar Crest Blvd.| Allentown, PA 18104
Made with FlippingBook - professional solution for displaying marketing and sales documents online