Rampulla, Levy and Wellschlanger of JLL broker transaction Finmarc Management acquires 15 ind. properties comprisingmore than 750,000 s/f

ISSUE HIGHLIGHTS Volume 29, Issue 7 March 24 - April 13, 2017


The SoMa Redevelopment Project encompasses over 15 million s/f of development ca- pacity within a 23-acre area southwest of Market St. The SoMa Master Plan developed by renowned architect Rich- ard Meier and Ron Beit strives to create a place in downtown Newark that brings a mix of daytime and night- time users to the urban core by encouraging rehabilitation, and new residential and retail development in the center of the city. Specifically, it calls for the emergence of distinct new neighborhoods consisting of thousands of residential units, hotels, retail districts, diverse uses connected via vibrant, walkable and active streets, and development that lever- ages mass transit. The project is in close prox- imity to University Heights, Rutgers University-Newark, Rutgers University Medical School, NJIT, and Essex Coun- ty College. Positioned between Interstates I-78 and I-280, SoMa is easily accessible to commuters. n critical mass of this portfolio, coupled with our long-term optimism of the industrial and warehouse sector given the recent explosion of the e-com- merce industry and accompa- nying expansion of same-day or next-day delivery models,” explained Marc Solomon , a principal of Finmarc. “There continues to be an enormous appetite among companies to maintain large distribution centers near major population centers to achieve its logistics objectives. This acquisition was completed below replace- ment cost.” According to John De- tleff , senior vice president at JLL Mid Atlantic who will be managing leasing activities, “Featherstone Industrial Park has enjoyed historically high occupancy due to its ceiling heights, truck radius and heavy industrial zoning. n

IRGINIA — Finmarc Management, Inc. , a Bethesda, Maryland-


Newark, NJ — The Sing- er & Bassuk Organization LLC (SBO) , a boutique real estate finance intermediary has arranged a total of $27.5 million in financing for af- filiates of RBH Group LLC in Newark. The loans include a $25 million first mortgage land loan from an affiliate of Knighthead Funding LLC covering several future devel- opment parcels in the area south of Market St. (SoMa) in based commercial real estate firm, has announced the ac- quisition of a fifteen-building portfolio comprised of more than 750,000 s/f of industrial and warehouse space situ- ated along the I-95 corridor in Northern Virginia from Stewart Investment Company for $58 million. The portfolio, contained primarily within the Featherstone Industrial Park in Woodbridge, and also including a property in Fred- ericksburg, features more than twenty-five tenants and is presently 91% leased. Marc Rampulla, Mark Levy and Jay Wellschlanger of JLL were the brokers of record in this transaction. With this acquisition, Fin- marc currently owns and man- ages more than 90 office,

2017 Walter R. Cohn, Esq. Memorial EXPO 7-20A

I-95 Corridor In Virginia

flex, industrial and retail properties as well as sev- eral residential projects in the Mid-Atlantic area, totaling 6.6 million s/f of space. Known as the Mid-Atlantic I-95 Corridor portfolio, the site encompasses fifty-eight acres and is considered among the

largest industrial parks in the Northern Virginia region. Featherstone Industrial Park accounts for 40% of all ware- house and distribution space in the Prince William East submarket which is cumula- tively 94% leased. “We were attracted to the


Upcoming Conferences April 26 New Jersey Office Summit April 27 Philadelphia Capital Markets Summit May 10 Pittsburgh Capital Markets Summit For more information, please contact: Linda at 781-740-2900 or lchristman@marejournal.com

The Singer & Bassuk Organization arranges $27.5m in financing for RBHGroup in Newark

South of Market St. (SoMa) aerial


downtown Newark, as well as a simultaneously-funded $2.5 million second mortgage from Prudential Impact Investments Mortgage Loans, LLC covering the 909 Broad St. development in Newark. The Singer & Bassuk Orga- nization LLC serves as global Real Estate Finance Advisor to RBH Group. Scott Singer , president, and Jeffrey Mo- roch , managing director led SBO’s efforts in the transaction. Laurie Grasso of Hunton & Williams LLP and Leah Sandbank of McManimon,

Scotland & Baumann, LLC served as lead borrower coun- sel. RBH Group is chaired by president and CEO Ron Beit , and the lead financial investors within RBH Group’s SoMA Newark Development Project are Goldman Sachs Urban Investment Group, Nicolas Berggruen , the founder and president of Berggruen Hold- ings and the Berggruen In- stitute, Frederick Iseman, CI Capital Partners, and Warren Lichtenstein, Steel Partners.

Shopping Centers.............................................5-13A Owners, Developers & Managers............... Section B Best of 2016............................................... Section C

Upcoming Spotlights APPRAISAL SOUTHERN NJ SOUTHEASTERN PA www.marejournal.com

Inside Cover A — March 24 - April 13, 2017 — M id A tlantic

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Our goal is to provide our investors with comprehensive care for their investments, including outstanding property management, accounting tenant matters, leasing and most importantly maximizing cash flow. Our mission is to meet our goals while providing our tenants with exceptional care, security and a pleasant environment for their families.

1640 Anderson Avenue, Fort Lee, NJ 07024 tel: 201.338.5160 www.sela-realty.com

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2A — March 24 - April 13, 2017 — M id A tlantic

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M id A tlantic Real Estate Journal

M id A tlantic R eal E state J ournal Publisher .....................................................Linda Christman Associate Publisher ......................................... Steve Kelley Associate Publisher .................................. Barbara Holyoke Associate Publisher ........................................... Kim Brunet Associate Publisher ......................................Lea Christman Senior Editor/Graphic Artist ..........................Karen Vachon Office Manager ............................................Joanne Gavaza Sales Intern .................................................Kevin Minassian Contributing Columnists ...................................Dwight Kay Mid Atlantic R eal E state J ournal ~ Published Semi-Monthly Periodicals postage paid at Rockland, Massachusetts and additional mailing offices

Prime Properties in Southern New Jersey Available For Lease

By Dwight Kay DST 1031 Exchange Case Studies

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Postmaster send address change to: Mid Atlantic Real Estate Journal 350 Lincoln St, Suite 1105, Hingham, MA 02043 USPS #22-358 | Vol. 29 Issue 7 Subscription rates: $99 - one year, $198 - two years, $4 - single copy


• Exceptional 47,591 SF Single-tenant Warehouse / Manufacturing Building • 24’+ Clear height, 1200 Amp Electric, T-5 Lighting, and Skylights • 6 Tailgates, 2 Drive-ins, and 94 parking stalls. • Prime Logistics Opportunity minutes from Downtown Philadelphia, I-95, I-295, NJ Routes 38, 70, US Route 130, and NJ Turnpike Exit 4

C hallenge: The client was looking for special- ized and focused help in evaluating DST 1031 proper- ties for her 1031 exchange. She had been introduced to a finan- cial advisor that not only did not fully understand how 1031 exchanges and investment real estate work, but also only had two DST properties available. The client was then intro- duced by a family friend to Kay Properties and Investments, LLC. She was relieved to find a group that truly specialized in DST 1031 properties, had answers to her specific real estate related questions, had access to a full menu of over 20 DST 1031 properties and lastly was able to construct a portfolio that met her needs and objec- tives as opposed to what met her financial advisor’s. Result: In the end, the client was grateful to Kay Properties

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.marejournal.com The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal

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for helping her to avoid the higher risk asset classes in the marketplace such as student housing, hotels, oil and gas and saltwater drilling. The client was able to successfully complete her 1031 exchange into a diversified portfolio of DSTs that did not expose her to additional risk factors entailed in the exotic asset classes just mentioned. Challenge: The client was a real estate investor that had paid off his rental properties completely over the years. When research-

ing DST properties, financial advisors pitched a handful of properties with large balloon mortgages that would ulti- mately come due in 5-10 years. What the “financial advisors” failed to mention was that when those properties were sold he would then not be able to purchase any property at any loan-to-value, but that he would then have to take on “equal or greater debt” per the 1031 exchange IRS guidelines. Result: The client was thrilled to have been introduced continued on page 16A

About the Mid Atlantic Real Estate Journal The Mid Atlantic R EAL E STATE J OURNAL encompasses all aspects of the commercial real estate industry. The Journal partners with professionals in commercial sales, construction, industrial, development and financial services to provide read- ers with valuable and current information that can strengthen and grow their business. The Journal is a great source to guide readers toward: • Issues effecting the industry today. • A source for commercial, industrial, construction, development, financial sales opportunities and services. • In-depth articles on issues facing commercial real estate in the Mid Atlantic area. • Reading about services and organizations to network with, to help better their business. There is nothing like the Journal The Journal reaches thousands of decision makers who finance the buildings, build the buildings, buy the buildings and tenant the buildings. Loyal advertisers of the Journal have enjoyed for years: • Brand recognition • Target audience of decision makers • Building and maintaining image • Consistent visibility equals staying power We Encourage You to Submit • News releases • Calendar of events • Photos • Expert articles • Transactions • Personal Profiles To Subscribe or Advertise call Linda Christman 781-740-2929 or email lchristman@marejournal.com www.marejournal.com

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Real Estate Journal — March 24 - April 13, 2017 — 3A


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M id A tlantic R eal E state J ournal

Zweibel &Tragash of Gebroe-Hammer rep. both parties SELA acquires a 106 unit complex for $24 million in NJ M ount Arling- ton, NJ — SELA Real ty Invest - Tragash of Gebroe-Ham- mer Associates represent- ed both the seller and buyer in the transaction.

Roddy Inc. represents lessee KrausUSA leases 85,000 s/f fromWhitesell Const.

ing, approx. 4,500 s/f of air- conditioned office space and parking for fifty-two (52) automobiles. The landlord, Whitesell Construction Co., Inc., is SouthernNew Jersey’s largest privately owned real estate development firm. The com- pany owns over 9.3 million s/f of commercial office, indus- trial, and retail space; serves 200 tenants, and has been in existence for close to 60 years. Frank Roddy , president of Roddy Inc. who repre- sented Kraus, advised that the long-term lease calls for an aggregate rental of $2.35 million. n

Delran, PA — Roddy Inc., the Bensalem, PA in- dustrial and commercial real estate brokerage firm, an- nounced that it represented Kraus USA, Inc. in leasing 85,000 s/f of the 217,700 s/f modern one story masonry and steel multi-tenant indus- trial facility situated on 10 acres located at 2703 Cindel Dr., Cindel Business Park, Delran, Burlington County. The leased space offers Kraus 30’+ clear ceiling heights, an ESFR sprinkler system, sixteen tailgate docks, one drive-in door, 40’x 60’ column spacing, T-5 lighting, natural gas heat-

ning to add some activities and amenities to the senior community in order to raise resident satisfaction and in- crease occupancy levels that had been down these past couple of years” Steinberg also said: “The elderly population in the United States will experi- ence a considerable growth in the next couple of years; this will lead to more de- mand for 55+communities and should help us raise occupancy levels and rent increase in the long run. AdamZweibel and Steve

ments , The F o r t L e e based Real Es tate In- v e s t m e n t andManage- ment Com- p a n y h a d announced i t s recent

“Adam and Steve did a great job bringing this deal to my attention and helping me along the way with all the issues we have had” says Mr. Steinberg The building offers ameni- ties such as elevators, Gym, Pool, Putting green, Pool table, In unit washer and dryer, club House, Personal storage units and more. The occupancy at the time of pur- chase was at 90%. n

Tal Steinberg

acquisition – a 106 unit complex for 55+ in Mount Arlington. Tal Steinberg , manag- ing member for SELA said: “We are pleased to add this beautiful building to our portfolio. It was built ap- prox 12 years ago, and the builder spared no expense with the level of quality and the amenities. The tenancy is really amazing and it was run smoothly by the previous owner however we are plan- Cast le Lanterra Props . rece i ves Real Estate Finance & Investment’s 2017 “Manager of the Year” Award NEW YORK, NY — Castle Lanterra Properties (CLP) , has been recognized as 2017 “Manager of the Year - Perfor- mance, Innovation and Strat- egy” by Real Estate Finance and Investment (REFI) . The award, which was presented at REFI’s annual luncheon, honored the privately-held New York-based real estate company and its founder and CEO, Elie Rieder , for its ex- ceptional performance and in- novative strategy for success. “I am honored to have been selected from such an es- teemed and well-respected group of nominees,” said Rie- der. “This award exemplifies the dedication of the entire Castle Lanterra team when it comes to implementing our strategy for acquiring and managing quality income-pro- ducing multifamily properties in strategic growth markets. Our focused attention on the twin goals of generating supe- rior rates of return for inves- tors and improving the quality of life of our residents has produced exceptional results over the past year for both our company and the communities we serve.” n

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M id A tlantic R eal E state J ournal Westminster Heights wins Best Redevelopment Award Community Investment Strategies garners Four Fame Awards

REEHOLD, NJ —C om- munity Investment Strategies (CIS), Inc., a full service real estate firm, received four Fabulous Achieve- ment in Marketing Excellence (FAME) awards from the Shore Builders Association of Cen- tral New Jersey (SBACNJ) . The 14th annual awards ban- quet, held at South Gate Manor, was attended by more than 200 members and associates of the building industry. “We’re honored to receive these awards which recognize the hard work and dedica- tion that our development, F

Heritage Village at Bloom- field, an affordable, 82 apart- ment-home community for active adults 55+ won two FAME awards - Best Architec- tural Design and Best Interior Merchandising of a Multifamily Community. Additionally, Heritage Vil- lage at Ocean won the FAME award for Best Landscaping of a Multifamily Community. The affordable, 96-apartment-home community for active adults 55+ is located in a park-like setting with a variety of trees, shrubs, and flowers throughout the property. Residents enjoy a maintenance-free lifestyle and are close to some of the best beaches in New Jersey. “The evening was superb,” said Samantha Hennessey , project coordinator at CIS. “We submit our affordable com- munities knowing we are up against market-rate properties. Winning these awards show our product is comparable to some of the best housing in the state and we are proud to compete against them.” n HHA names Rattay Broker of the Year New Castle, DE — Har- vey, Hanna & Associates, Inc. (HHA) announced that his position and a keen under- standing of his client’s needs, Rattay has now received this honor four times over the last five years. We salute this con- tinued commitment to excel- lence. In the midst of a slowly recov- ering, albeit uneven, commer- cial real estate market, Rattay contributed to HHA’s continued success in 2016. “Dan’s accomplishments are a significant part of our suc- cess, and further demonstrate his many attributes of grit, determination, innovation, and a commitment to excel- lence,” said Thomas Hanna , HHA vice president and chief operating officer. Our firm was fortunate to have leased almost 600,000 s/f of space in 2016, and Dan played a significant role in our success”. n Dan Rattay Dan Rattay of CB Rich- a r d E l l i s (CBRE) has been selected as its “2016 Broker of the Year.” Dem- onstrating a mas t e ry o f

construction and management staff show all year long,” said Christiana Foglio , founder/ owner and chief executive of- ficer of CIS. Westminster Heights re- ceived the first FAME award of the evening for Best Redevelop- ment of a Residential Project. The affordable, 84 apartment- home community in Elizabeth is the second phase of the major Oakwood Plaza Redevelop- ment. Winning in this category illustrates how CIS has raised the standards when it comes to rehabilitation projects for low income families.

CIS recieves four FAME Awards

Same address. New look. www.BergmanRealty.com

Bergman Real Estate Group is pleased to announce the launch of our new website! Our new site features all of our properties and is mobile friendly .

For more information, please call 732-855-8600

Bergman Real Estate Group is an entrepreneurial, family- owned real estate firm specializing in the acquisition, ownership, management, leasing and construction supervision of office buildings and commercial properties.

S hopping C enters F eaturing I ndustry E xperts

Real Estate Journal — Shopping Centers — March 24 - April 13, 2017 — 5A


M id A tlantic

Including the sale of Hazlet Pavilion in Hazlet, NJ Marcus & Millichap’s NJ office facilitates the sale of retail properties totaling $21.905 million H

investment specialists in Marcus & Millichap’s New Jersey office, had the listing to market the property on be- half of the seller, a developer. The 7-Eleven is located at 1478 South Ave. in Plainfield. • The sale of Galleria 27, located in Edison, for $2.45 million. Lombardi and Alex- ander Pildes , investment specialists in Marcus &Milli- chap’s New Jersey office, had the listing to market the prop- erty on behalf of the seller, a private investor. The team also secured and represented the buyer, a private investor. The asset generated eight offers and ultimately sold to an exchange buyer in an all- cash closing,” said Lombardi. “Due to the amount of activity and tight time-frame of the buyer, the transaction only took 25 days from contract to closing,” added Pildes. n

azlet, NJ — Mar- cus & Millichap’s NJ office comple- teed the following trans- actions: • Sale of Hazlet Pavilion, a 71,407 s/f strip center lo- cated on Rte. 36 in Hazlet, for $9.175 million. Michael Lombardi , first vice president and Steven Schiavello in Marcus & Millichap's New Jersey of- fice, had the listing to market the property on behalf of the seller. Schiavello and Lom- bardi also represented the purchaser, a 1031 exchange buyer. • The sale of a 16,510 s/f net-leased Walgreens located in Spring Hill, FL, for $7.78 million. The buyer, a private inves- tor, was secured and repre- sented by Lombardi and Dean Zang , senior manag- Springfield PA — Colliers International ar- ranged the sale of a multi- building, 5.5 acre retail parcel located at 5202 Baltimore Pike, Springfield, aka “The Golden Mile” for $7.425 mil- lion. The property, situated on a signalized corner at Balti- more Pike and Oak Avenue, was sold to BET Investments by Burlington Stores, Inc. The site will be redeveloped for retail uses. The Colliers retail team of Todd Sussman and Josh Goldfine represented Bur- lington Stores; and Colliers’ RichWeitzman represented BET Investments. n Newark, NJ — Ripco Real Estate announced the opening of Wok to Walk’s first New Jersey restaurant this Tuesday, February 28th at The Shoppes on Broad at 695 Broad St. in Newark. Wok to Walk is an Asian

Hazlet Pavilion


Walgreens located in Spring Hill, FL

Galleria 27 • The sale of 7-Eleven, a 2,800 s/f net-leased property located at the Fanwood Bor- der in Plainfield, for $2,5 million. Ben Sgambat i , Alan Cafiero , and David Cafiero

ing director, from Marcus & Millichap’s New Jersey & Washington, D.C. offices. Kirk Felici , broker, assisted in closing this transaction. The buyer was executing a 1031 exchange.

The Walgreens, newly de- veloped in 2016 had a 20 year NNN lease and was situated at a signalized corner next to a McDonald’s and across from a Publix anchored shopping center.

Colliers’ Sussman, Goldfine & Weitzman arrange retail re- development sale of 5.5 acre –multi-building parcel for $7.425m

5.5 acre retail parcel located at 5202 Baltimore Pike

themed fast casual restau- rant chain with more than 70 restaurants in Europe, Asia, Africa, South America, and New York. “In today’s fast-paced envi- ronment, we see Wok to Walk as a terrific solution for get- Ripco found Wok to Walk it’s second NJ location which is scheduled to open in May on Washington St. in Hoboken. Horbach of Ripco continues to represent Wok to Walk in its strategic site selection for its New Jersey expansion. n Horbach of Ripco Real Estate identifies Wok to Walk’s first NJ location ting tasty healthy food, cooked quickly and fresh to order, in a comfortable setting. NJ being the most densely populated state with very strong office markets should be an ideal place for them to expand,” said Alison Horbach of Ripco. “With Ripco’s strong land- lord relationships and market knowledge, we plan to rollout another dozen restaurants or more throughout NJ over the next thirty-six months,” said Elliott Ramos, president of Wok to Walk.

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S hopping C enters

quipment Marketers, a commercial laundry distributer doing busi- The only laundry trade show in the mid-Atlantic region bringing together owners & operators Equipment Marketers hosts 24th Annual Commercial Laundry Trade Show E hot water heaters, change machines, and soapmachines and detergents. There are laundry busi- There is opportunity to meet all the manufacturers’ repre- sentatives including those of leading brand name commer-

draws an unprecedented number of laundry owners and operators to this event looking to purchase or lease new commercial laundry equipment for their apart- ment complex, coin laundry store or on-premise laundry facility. This year’s theme “Learn, Engage, Succeed” was such a natural because the event successfully draws hundreds of laundry owners and op- erators together to network, learn all that is new in the laundry business, and suc- ceed in their businesses.

factory service representa- tives on hand to teach mini service seminars to owners and operators so they can learn to maintain and make minor repairs to their equip- ment. “The ‘introduction to the laundry industry’ semi- nar is great for anyone look- ing to get into the business,” according to Dick LaMaina, president of Equipment Mar- keters, “It is like a fran- chise without the franchise fees. Equipment Marketers can recommend equipment, store location and design, and facilitate financing.” The company has equipped thousands of laundries in the mid-Atlantic Area. The laundry business is one that is recession-resistant, a cash business with little labor, no inventory or receivables and typically, has a high rate of return. If an apartment owner is looking to make their resi- dents’ laundry facilities a premium amenity, this is the Trade Show to attend. Equip- ment Marketers specializes in using the latest technology to update laundry facilities from an unwelcoming environment into a first class amenity that will help owners to retain residents in their community. Equipment Marketers of- fers laundry monitoring and internet-enabled applications for payment, so that residents know when laundry equip- ment is available for use in the laundry room, can receive a text or email when the laun- dry cycle is complete, and can pay for laundry using their smartphone at the machine. Representatives of Equip- ment Marketers will be avail- able all day to speak with attendees about the many options available for purchas- ing or leasing new commercial laundry equipment. There is delicious food served all day, prizes and giveaways includ- ing free washing machines raffled off to some lucky coin laundry store owners. Reg- istration is suggested as the event fills quickly. If you are interested in re-equipping your apartment building cen- tral laundry, opening a laun- dromat or attending Equip- ment Marketers’ 2017 Trade Show “Learn, Engage, Suc- ceed” on Thursday, May 4th, call today (800) 223-1376 or go to www.LaundryTradeShow. com. n

ness s ince 1945, will be hosting their 24th annual Commercial L a u n d r y Trade Show and Service Seminar – “Learn, En- gage , Suc -

If an apartment owner is looking to make their resi- dents’ laundry facilities a premium amenity, this is the Trade Show to attend.

cial laundry equipment like Maytag Commercial, Primus and Continental Girbau and also over 25 vendors of differ- ent products associated with laundries such as card sys- tems, energy-efficient light- ing, financing, on-demand laundry delivery software,

ness seminars held all day to join. This year will feature “What’s your Laundromat Worth”, “Be your own Boss… How to Open a Laundro- mat”, and “Negotiating a New or Current Lease for your Laundromat.” There will be commercial laundry

Dick LaMaina

ceed” - at the company’s headquarters in Cherry Hill, New Jersey on Thursday, May 4th, 2017. Each year

Invest in a laundromat today! Recession resistant High ROI

Cash business with little labor No inventory or receivables

Register for the new investor seminar to be held at Equipment Marketers A FRANCHISE without FRANCHISE FEES

Call 800.223.1376 or visit LaundryTradeShow.com

Thursday, May 4th 2017 • 9am to 4pm Over 25 laundry vendors Over $10k in prizes

Free food & live entertainment Educational & service seminars

Your leading commercial laundry distributor selling brand name laundry equipment for over 70 years! 100 Melrose Ave, Cherry Hill, NJ 08003

Real Estate Journal — Shopping Centers — March 24 - April 13, 2017 — 7A


M id A tlantic

S hopping C enters

arlton, NJ — RD Management LLC has entered into lease Former senior vice president Roger Hirschhorn promoted to Chief Operating Officer RD Management LLC enters into six new lease agreements at The Shoppes and Residences M

national portfolio of over 200 properties that span the retail, office, residential, mixed-use, hospitality, self-storage, and senior housing sectors. Hirschhorn has almost 30 years of experience in the shop- ping center industry. Through- out his career, he has worked for both shopping center owners and one of the country’s largest retailers. He’s had a hand in all aspects of the business in- cluding property management, accounting, leasing, develop- ment, acquisitions, dispositions, construction, and finance, mak- ing him an incredible asset to

the RD Management executive team. Hirschhorn attended the University of Vermont and holds a Bachelor of Science degree in Business Administration. “We have been fortunate to have Roger on our team for over 13 years now, as his breadth of knowledge in retail real estate is invaluable,” said Richard Birdoff, principal and president of RDManagement. “Roger has the expertise and vision to be a driving force in the continued measured growth, strength, and integrity of the company, and I wish him great success in his new role.” n

agreement s with Gaeta- no’s Pizzeria & C h e e s - esteaks (2,070 s/f), Pink Pet- al Mani Pedi ( 1 , 984 s / f ) , Dunkin’ Do- nuts (2,600 s/f), Hair Cut-

Roger Hirschhorn

tery (1,050 s/f), La Scala Italian Restaurant (7,125 s/f), and La Vez Mexican Restaurant (8,800 s/f) at The Shoppes and Resi- dences at Renaissance Square in Marlton. The six new tenants join current tenant TD Bank and anchor tenant Virtua Medi- cal Group, and will occupy a total of 23,629 s/f of the 126,367 s/f retail portion of the center, which is undergoing a $70 mil- lion redevelopment and expects to have its first occupants open by summer of 2017. Located at the highly-traf- ficked intersection of Rte. 70 and North Locust Ave., The Shoppes and Residences at Renaissance Square will be a mixed-use center that is situ- ated on the property formerly known as Tri-Towne Plaza. The redeveloped property will con- tain 583,858 s/f of residential luxury apartments (338 units), retail, restaurants, medical, office, and commercial space. The portion of the mixed-use facility that faces Rte. 70 will be converted into an open space park complete with new jogging paths, walkways, and a pond. “These six additions come at the heels of our announcement of VirtuaMedical Group joining the center, putting into action our vision of transforming The Shoppes and Residences into a truly mixed-use destina- tion,” said Richard Birdoff , principal and president of RD Management. “Adding salon and health services and of- fering diverse food concepts will give guests and residents quality options for pampering, personal care, and dining out with friends and family.” NEW YORK — RD Manage- ment LLC has promoted former senior VP Roger Hirschhorn to chief operating officer. As COO, Hirschhorn will have direct oversight in all aspects of the company, includ- ing day-to-day operations. He’ll continue to lend his expertise and contribute strategic direc- tion to RDManagement and its

The Shoppes and Residences at Renaissance Square




120 N. P OINTE B LVD ., S UITE 301 L ANCASTER , PA 17601


(717) 569-9373


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S hopping C enters Rosenzweig joins Philadelphia’s CBRE Retail Capital Markets team Gorman and Shover of CBRE Group, Inc. broker $7.2 million sale of Tollgate Commons L ansdale , PA — CBRE Group, Inc. (CBRE) has arranged the seller, a local developer based outside of Philadelphia and the buyer was represent-

nature of the investment,” said Gorman. “We’ve been much more active in this segment of the industry as we’ve experi- enced a strong market response to each opportunity we list for sale.” “A big challenge for investors in today’s market is finding a high-quality piece of real estate with a good return and little to no management,” said Shover. “In this case we are able to of- fer all of those characteristics to the buyer pool, generating numerous offers and ultimately closing at 98.5% of the list price.” Gorman and Shover, both senior vice presidents, lead CBRE’s Net-Lease Proper- ty Group Mid-Atlantic Team along with Marc Mandel , a first vice president and Ste- phen Schrenk , an associate. In other CBRE news, Adam Rosenzweig has joined the firm’s Conshohocken office as a first vice president of retail capital markets. Since Janu- ary, two others have joined the retail capital markets team in- cluding senior real estate ana- lyst Alan Jovinelly and senior transaction manager, Anne Williams . John Colussi was promoted to sales associate earlier this year. The CBRE Philadelphia re- tail capital markets team, led by executive vice president, Brad Nathanson , focuses on shopping center investment sales within the greater Phila- delphia region including New Jersey and Delaware. Nathanson said, “These three individuals are a tremendous addition for our team combin- ing over 60 years of shopping center operational and trans- actional experience from the ownership side. Together we feel that the ownership level ex- perience will assist our clients in navigating through all retail operational issues and allow us to represent them at the very highest level.” “CBRE is pleased to welcome Adam, Alan and Anne to our greater Philadelphia retail capital markets team,” said Robert Walters , executive managing director, CBRE. “This veteran group of profes- sionals has decades of knowl- edge and experience and we look forward to seeing what they can and will accomplish in 2017 and beyond.” Rosenzweig brings more than 17 years of commercial real estate experience to CBRE. n

ed by Keller W i l l i a m s Commercial out of the Le- high Valley. “ T o l l g a t e Commons is a low-manage- ment multi- tenant retail

the sa l e o f Tollgate Com- mons, a 100% o c c u p i e d , 21 , 293 s / f multi-tenant retail center l o c a t e d a t 1650 Sum- neytown Pike in Lansdale for a sale price of $7.2 million. CBRE’s Matthew Gorman and Michael Shover listed the property and represented Matthew Gorman

Michael Shover

property in a dominant location that offers more yield than a traditional net lease property, but appeals to a very similar buyer pool due to the passive

1650 Sumneytown Pike

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Real Estate Journal — Shopping Centers — March 24 - April 13, 2017 — 9A


M id A tlantic

S hopping C enters

Jaffe was engaged as marketing representative by the previous owner Sheldon Gross Realty brokers deal for 28,000 s/f Asbury Park facility

A SBURY PARK, NJ — A 28,369 s/f for- mer warehouse at 810

Gross Realty, Inc. vice presi- dent Glenn Jaffe was engaged as marketing representative by the previous owner, Flexcraft Company. After multiple inter- ested parties were considered, Asbury Park Brewery was se- lected to lease the location as a tenant. Then, with its business growing, Asbury Park Brewery optioned to purchase the build- ing during the lease term. “It’s always very satisfying when a successful lease leads to the property being purchased,” Jaffe said. “Whenever that hap- pens, it’s a favorable outcome

for all parties involved.” In addition to having once been a warehouse, the build- ing at 810 Sewall Ave. is also known for the Family Dollar Store location that occupies a portion of this property. “Identifying a property that ideally suits your client’s needs can be challenging,” Jaffe adds – and he speaks from experi- ence. He recently also sold Flexcraft its new location, a 120,000 s/f building on 10 acres in Neptune City, NJ. In other Sheldon Gross news, Sheldon Gross Realty, execu-

tive vice president Bob Nathin recently brokered the purchase of a 29,328 s/f building at 18-20 Industrial Rd. and the sale of a two-story, 16,000 s/f structure at 2 Industrial Rd. “There’s intense interest in Fairfield right now, to a degree that’s rather uncom- mon,” Nathin said. “Multiple factors are involved, including limited commercial inventory, and both Route 80 and Route 46 run right through the town. In addition, Fairfield is just a 40-minute drive or one-hour bus trip from midtown Man- hattan.”

The 18-20 Industrial Rd. property – which was occupied for the past decade by Glotel Inc. / Arete Development – was purchased by New Jersey- based Stro Companies, for $2,370,000 ($81 PSF). Eastern Services purchased 2 Industrial Rd., which is located just a short distance from the company’s previous location. Utilized by Sprint/Nextel for the past two decades, the build- ing’s first floor is 60 percent raised computer floor, while the second floor is entirely devoted to office space. The location sold for $810,000 ($50 PSF). n

Sewall Ave. in Asbury Park, NJ has been purchased by Asbury Park Brewery. The trans- action process began when S h e l d o n

Glenn Jaffe

Breslin Realty announces Shake Shack opening Lake Grove, NY — Breslin Realty and Colin Development announced the recent Grand Opening of Shake Shack at their Smith Haven Plaza shopping center on Nesconset Highway (Rte. 347) in Lake Grove, NY. Shake Shack is occupying one end of the pad building formerly occupied by John Harvard’s Brewery & Ale House. It will soon be joined by a brand new Chipotle Mexican Grill, and an AT&T store. Shake Shack is a fast casual restaurant, serving burgers, hot dogs, milkshakes, frozen custards, beer & wine. n The Garibaldi Group sells The Madison Movie Theater MADISON, NJ — After a year on the market, the historic building that houses Madison Cinema 4 has been sold, but the movies will still go on. Ed Flanagan , a vice presi- dent in the Chatham-based Garibaldi Group , confirmed that he along with Michael Witko, a partner at the firm, sold the building at 14 Lincoln Place to SaxumReal Estate . The price listing was not im- mediately available. The building’s new owner is a real estate investment and development company based in Parsippany. “Madison is home to one of New Jersey’s best Main Streets and we are excited for the op- portunity to further enhance this vibrant community,” said Anthony Rinaldi, managing principal with Saxum. “Bow Tie Cinemas is still leasing the first floor of the building for movies,” Flanagan confirmed. n


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10A — March 24 - April 13, 2017 — M id A tlantic

Real Estate Journal



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Commercial mortgage loan banking and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Investment sales/real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. In California, Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116, and Berkadia Real Estate Advisors Inc. under CA Real Estate Broker Lic. #01931050. For state licensing details for the above entities, visit: www.berkadia.com/legal/licensing.aspx. © 2017 Berkadia Commercial Mortgage LLC. Berkadia® is a registered trademark of Berkadia Proprietary Holding LLC.

Real Estate Journal — March 24 - April 13, 2017 — 11A


M id A tlantic







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12A — March 24 - April 13, 2017 — M id A tlantic

Real Estate Journal


200+ Properties

Retail Properties by region

GLA/ Acreage Anchor Tenants


Property Name



Vacant Land

9.37 AC Development Opportunity

Southgate, MI

Fort St. & Burns Ave.

Midway Shopping Center

University Ave. & Snelling Ave.

293,732 Rainbow Foods, Office Max, Walgreens

St. Paul, MN

Home Depot Plaza

Rte. 20 & Orchard Rd.

148,440 Home Depot

Ashtabula, OH Columbus, OH

Great Western Commerce Center

N. Wilson Rd. & Valleyview Dr.

300,254 Great Western Academy, Restaurant Depot

Spring Meadows Place II

Airport Hwy. & I-475

Holland (Toledo), OH 79,058 Dick’s Sporting Goods, Best Buy

South Academy Plaza

98,943 Academy Sports + Outdoors

Memorial Pkwy. SW&DrakeAve. SW

Huntsville, AL

Fern Park Plaza

131,646 Ross, Beall’s Outlet, Aldi, Dollar Tree 312,498 Two blocks north of University of Florida

Semoran Blvd. & Hwy. 17/921 NW 13th St. & University Ave. USHwy. 98N&LakelandParkCtr Dr.

Fern Park, FL

Mixed Use Development

Gainesville, FL


Wildwood Antique Mall, Chuck E. Cheese

The Groves

Lakeland, FL

Merchants Crossing

323,061 Beall’s Outlet, AMC Theatres, JoAnn Fabrics

N. Fort Myers, FL

US Hwy. 41 & SR 78

265,049 Earth Fare, Burlington, Best Buy, Staples

Shady Oaks Shopping Center SW 27th Ave. & College Rd.

Ocala, FL

Seminole Centre University Mall

370,936 Walmart Supercenter, Ross, Aldi 1,332,205 Macy’s, Sears, Dillard’s, Burlington Coat

S Orlando Dr. & Lake Mary Blvd. EFowler Ave. &BruceB. DownsBlvd.

Sanford, FL Tampa, FL

257,761 Lowe’s, Kroger, Dollar Tree

Russell Centre

Route 23 & Diederich Blvd.

Ashland, KY

Long Meadow Shopping Center

164,293 CVS, PA Dutch Market, Dollar General

Potomac Ave. & Northern Ave. Liberty Rd. & Brenbrook Dr.

Hagerstown, MD

Brenbrook Plaza

146,586 Home Depot

Randallstown, MD

Marketplace at Rivergate

Gallatin Pike & Conference Dr.

111,463 Oak Factory Outlet, Harbor Freight Tools

Nashville, TN

Shops at Tech Ridge

12901 I-35 South & Parmer Ln.

504,153 Floor & Decor, Fitness Connection, Ross

Austin, TX

Food Lion Shopping Center

10.2 AC Food Lion, Fresenius Medical

Rte. 1 & Chippenham Pkwy.

Richmond, VA Winchester, VA

Winchester Plaza

89,918 Dick’s, The Fresh Market, Planet Fitness

S. Pleasant ValleyRd. &E. Jubal EarlyDr.

263,323 Kmart, Kroger, Goody’s Dept. Store, CVS

St. Albans Shopping Center

Rte. 60 & Boone St.

St. Albans, WV

West Freestanding Barnes & Noble

19,360 Barnes & Noble

1035 N. Metro Pkwy. W & 28th Dr.

Phoenix, AZ

Kmart Plaza

127,754 Kmart, Family Dollar

E. Sahara Ave. & McLeod Dr.

Las Vegas, NV

Kmart Shopping Center

119,705 Kmart, Value Village

Mission St. SE & 25th St.

Salem, OR

Freestanding Office Max

410 S. 900 E. & 400 S.

29,051 Office Max

Salt Lake City, UT

Puerto Rico

Arecibo Towne Center

±350,000 Future Development

Routes 2 & 22

Arecibo, PR

±525,000 Walmart Supercenter, Home Depot

Reinadel Sur; PonceTowneCenter II

Routes 2 & 10 @ PR-52

Ponce, PR

Thomas G. Mirandi tel 212.265.6600 x239 tmirandi@rdmanagement.com

810 Seventh Avenue, 10th Floor New York, NY 10019 • rdmanagement.com

Real Estate Journal — March 24 - April 13, 2017 — 13A


M id A tlantic

18+ Million SF

Retail Properties by region

GLA/ Acreage Anchor Tenants

Property Name Northeast



307,799 Kmart, Burlington, Market Basket

Shops at Billerica

Boston Rd. & Tower Farm Rd. Plain St. & Lowell Connector Medway St. & Beaver St.

Billerica, MA

271,377 Target, Marshall’s, Chuck E. Cheese

Meadow Brook Center

Lowell, MA

157,809 Stop & Shop, Dollar Tree

Milford Crossing

Milford, MA

194,221 Future Development

Harbor Pointe Marketplace

Route 440 & Goldsborough Dr.

Bayonne, NJ

19 AC BJ’s (New Development) 126,367 Virtua Medical Group, TD Bank

Route 70 & N. Locust Ave. Hanover Ave. near Horsehill Rd. State Hwy. 73 & Sunbird Dr. Adjacent to Foreign Trade Zone Route 18 & Foxborough Dr. Route 46 & Waterview Blvd.

Shoppes at Renaissance Square

Hanover, NJ Evesham, NJ

BJ’s Shopping Center

26,016 Royal Farms

Sunbird Plaza

Marlton, NJ

16.963 AC Across from Walmart, Sam’s, TJ Maxx 9.33 AC Across from Walmart Supercenter 150,150 Whole Foods (New Development)

Vacant Land

Mount Olive, NJ Old Bridge, NJ Parsippany, NJ

New Development

Waterview Marketplace

Vacant Land

Vauxhall (Union), NJ 0.3239 AC Future Development

Springfield Ave. near I-78

Vineland Marketplace


Vineland, NJ

Future Development

S. Delsea Dr. (Rte. 47) & College Dr.

Williamstown, NJ

94,452 Rockin’ Jump, Dollar General, CVS

Williamstown Shopping Center

Black Horse Pike & Main St.

26 AC Across from Walmart Supercenter

Route 13 & Bennie Rd.

Vacant Land Kohl’s Plaza

Cortland, NY Deer Park, NY

182,875 Kohl’s, Super Stop & Shop

Saratoga Rd. & Glenridge Rd. Commack Rd. & Grand Blvd.

Glenville (Albany), NY 170,616 Target, Pet Supplies Plus, Panera Bread Lake Ronkonkoma, NY 170,451 Stop & Shop, Regal Cinemas, Dollar Tree

Target Shopping Center

Lake Shore Plaza II & III

Portion Rd. & Patchogue-Holbrook Rd.

Redevelopment Opportunity

Latham (Colonie), NY 118,863 Vent Fitness

Route 7 & Swatling Rd.

Monroe/Woodbury, NY 711,816 Walmart, Target, Home Depot, BJ’s

Routes 17/6 & Route 32 Route 59 & Hutton Ave.

Harriman Commons

276,792 Home Depot, Raymour & Flanigan, Staples

Home Depot Shopping Center

Nanuet, NY

78,659 Super Stop & Shop, Residence Inn

Orangeburg Commons

Route 303 & Palisades Pkwy. Montauk Hwy. & Station Rd.

Orangetown, NY

29,314 SoulCycle

The Mill

Southampton, NY

21,212 US Post Office

Stony Ridge Plaza

Route 9W & Park Rd.

Stony Point, NY

134,271 Home Depot

Home Depot Shopping Center Home Depot Shopping Center

Lehigh St. & Route 78 Hanover St. (Rte. 34) & I-81 Cowpath/HorshamRd. @Rte. 309 Rte. 309 & Pumping Station Rd. Hamilton Blvd. & Grange Rd.

Allentown, PA

140,715 Home Depot, Chili’s

Carlisle, PA

Montgomeryville, PA 133,000 BJ’s, Lowe’s Home Improvement

Five Points Plaza

Richland Marketplace

444,531 Target, BJ’s, Best Buy, Petsmart, Staples

Quakertown, PA Trexlertown, PA

Macungie Crossing Shopping Ctr.

±36,671 Near Walmart Supercenter

Midwest Marshall’s at The Grove

400,000 Marshall’s

Downers Grove, IL

75th St. & Lemont Rd.

Evansville Shopping Center

162,394 Rural King, Buehler’s IGA, Dollar General

Evansville, IN

Morgan Ave. & Boeke Rd. Pendleton Pike & Shadeland Ave. U.S. Hwy. #30 & Water St.

Pendleton Plaza

134,797 Rose’s Department Store

Indianapolis, IN

The Market Place at Warsaw

183,900 Carson’s Dept. Store, Sears, Dunham’s

Warsaw, IN

Muskegon Shopping Center Port Huron Shopping Center

167,212 Jack Loeks Theatres

Muskegon, MI Port Huron, MI

Henry St. & Norton Ave.

114,981 Big Lots, Save-A-Lot, Family Dollar

Howard St. & 24th St.

Thomas G. Mirandi tel 212.265.6600 x239 tmirandi@rdmanagement.com

810 Seventh Avenue, 10th Floor New York, NY 10019 • rdmanagement.com

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