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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