S hopping C enters

Real Estate Journal — Shopping Centers — April 29 - May 12, 2016 — 5A


M id A tlantic

Maryland-based Greenberg Gibbons purchases Reisterstown Shopping Center Institutional Property Advisors sells 167,210 s/f Baltimore County shopping center for $34.5m R

Super Market, a Baltimore area-based privately owned and operated grocery chain. Established in 1946, Mars is family owned and managed and currently has 15 loca- tions throughout Baltimore, Harford and Howard counties. “The strength of tenant sales within this property also built confidence among poten- tial investors,” said Burnham. “Ten of the 14 total tenants reported sales, which speaks volumes to the stability of the tenant base and popularity of the center.” At the time of the sale, the Reisterstown Shopping Center was 95% occupied by a strong mix of creditworthy national tenants including Wells Fargo, Bank of America, Rite Aid, Big Lots, Advance Auto Parts, and Dollar Tree. n

E I S TERS TOWN , MD — Institutional Property Advisors (IPA) , a division of Marcus & Millichap specializing in serving institutional and ma- jor private real estate inves- tors, is pleased to announce the sale of Reisterstown Shop- ping Center, a 167,210 s/f grocery-anchored community shopping center located in Reisterstown, MD. The $34.5 million sales price equates to $206 psf. Dean Zang , along with Mark Taylor , both IPA se- nior directors, and Chris- topher Burnham of IPA, represented the seller, a local partnership, and procured the buyer, Maryland-based Greenberg Gibbons . The offering had numerous unique elements that were framed EAST STROUDSBURG, PA — Winick Real ty Group ’s Investment Sales T e am a n - nounced the suc c es s f u l sale of The C r o s s i n g s a t M a r - shall's Creek i n E a s t S t r o u d s - bu r g , PA . The 106,616 s/f, grocery- a n c h o r e d retail center sits on 12.5 acres at the i n t e r s e c - tion of State Route 209 and Oak Grove Drive (State Route 402). Michael Cleeman and Dovid Kaufman repre- sented both the seller, CBL & Associates Properties, Inc. , and the buyer, Bluejay Management of NYC, in the $23.65 million off-market transaction. “The seller developed the Michael Cleeman Dovid Kaufman

Reisterstown Shopping Center the region and outside the area,” said Zang. “The ability to sell off leased pad sites is a popular strategy today. Our ability to substantiate aggres- sive resale cap rates for these pad sites enabled us to drive a substantial premium for our

as “value-add” opportunities, which led to more than 10 bids. “Our marketing campaign, conducted through IPA’s unique platform for creating maximum exposure, stimu- lated buyer interest from various buyer types, within

client.” Reisterstown Shopping Cen- ter is located on 20.5 acres along almost 1,000 feet of frontage on Reisterstown Rd. near the I-795 connec- tor. The shopping center is anchored by a 34,960 s/f Mars SUMMIT, NJ — Regal Bank has announced the opening of a new full-ser- vice branch at the corner of Springfield Ave. and Beech- wood Rd. in Summit. The new facility is part of the bank’s planned expansion of its com- munity bank network. Regal Bank now has a total num- ber of nine branches serving northern New Jersey. The grand opening took place on the morning of Sat- urday, April 9, 2016 and offered food, refreshments and entertainment for the community. Entertainment included The Lizard Guys, a juggler, a photo booth and giveaways of cash-filled Regal Bank piggy banks and NJ Lottery tickets. Thomas Lupo , president and chief executive officer of Regal Bank said, “We are thrilled to be part of the Sum- mit community. This new branch will enable us to sup- port businesses and families in the area with convenient banking solutions tailored to their needs. Relationships are very important to us and we believe that our new neigh- bors in Summit will appreci- ate the superior service that

Regal Bank branch arrives at 360 Springfield Ave. in Summit

Michael Cleeman & Dovid Kaufman represent both parties Winick Realty inks $23.65 million shopping center sale

we provide.” “All of us at Regal Branch want to thank everyone who came out and joined us for our Grand Opening,” said branch manager William Johnson . “Fun was had by all and we look forward to continuing to get to know our new neigh- bors and provide them with a great banking experience.” Well situated near the NJ Transit station and adjoining municipal lot, the new Sum- mit location at 360 Spring- field Ave. offers a wide range of customizable banking so- lutions including passbook savings, personal savings, business and personal check- ing, consumer and business loans, mobile banking, online banking, online bill pay and remote deposit. n 360 Springfield Ave.

The Crossings at Marshall’s Creek

property in 2013 and was looking to divest and relo- cate their capital into other opportunities,” said Clee- man, senior vice president of investment sales. “The buyer was attracted to the property’s retail dominance along the Pennsylvania - New Jersey border. Having a newly-built grocer anchor with a healthy rent to sales

ratio, as well as the upside potential in leasing up the vacant space, made this property desirable.” At the time of the closing, The Crossings at Marshall's Creek was 94% occupied. The center is anchored by a 24-hour Price Chopper, Rite Aid, STS Tire and Family Dollar, and several regional shops. n

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