6A — February 2025 — Retail Development — M id A tlantic Real Estate Journal
www.marej.com
R etail D evelopment
CBRE closes three retail properties in suburban Philadelphia totaling $14.7M
Waldorf Park retail center in MD fetches $6.28 Million Horvath & Tremblay sells 3 retail properties for +$15M
RADNOR, PA — CBRE an- nounced the sale of three retail properties located in suburban Philadelphia totaling $14.7 million. The sales included a stand-alone property occupied in a long-term lease by Wawa at 801 Hill Ave. in Wyomissing which sold for $7.37 million and two retail strip centers at Cedar Hill Shopping Center at 156 Rte. 73 in Voorhees that sold for a combined $7.35 mil - lion. In both cases this was the second time CBRE listed, sold, and closed on these properties. The CBRE investment sales team of Matthew Gorman, Michael Shover, Thomas Finnegan, Robert Thomson and Nick Holtz spearheaded the marketing campaign for each asset, representing a pri- vate buyer and seller clients for both sides of the Wawa sale, and private seller and institutional buyer for Cedar Hill in NJ. “There’s nothing more com- plimentary than being hired by the buyer that you sold the as- set to when they’ve decided it’s time to divest,” said Gorman. “We’re known for our proven national marketing process, designed to maximize expo- sure, engage all buyer pools and deliver the best pricing possible for our clients.” 801 Hill Ave. is a 5,051 s/f retail property NNN leased to a Wawa convenience store and gas station. The NNN ground lease structure ensures zero landlord responsibilities, mak- ing it an ideal option for 1031 exchanges and passive owner- ship. Strategically located at the intersection of Penn Ave. and Park Rd. Located at 156 Rte. 73 in Voorhees, NJ units three and four are within the Cedar Hill Shopping Center, a 19.2-acre shopping center with parking
V
IRGINIA & MARY - LAND — Kyle Dan- ielson and Matt
Wawa at 801 Hill Avenue
Nadler of Horvath & Trem - blay have successfully com- pleted the sale of a Starbucks in Stuarts Draft, Virginia. Horvath & Tremblay exclu- sively represented the seller to complete the transaction at a sale price of $2,578,125. Star - bucks is located at 2600 Stu - arts Draft Highway in Stuarts Draft, VA. Starbucks recently signed a brand-new, 10-year lease that runs through Feb- ruary 2034, and is followed by six, 5-year renewal options. The lease features attractive 10% rent increases every five years throughout the primary lease term and at the start of each renewal option. Star- bucks is situated on a pad site to the Windmill Square Shop- ping Center, anchored by a Food Lion that serves as the primary grocer for the area. The Property benefits from excellent visibility, prominent signage, frontage, and two points of access along Stu- arts Draft Highway. Stuarts Draft Highway is the primary commercial corridor in the immediate area, with trade centered around the signalized intersection of Stuarts Draft Highway with Draft Avenue and Tinkling Spring Rd., down the street from the property. The property was recently redeveloped for Starbucks, featuring their latest modern design specifications and best- in-class drive-thru. Kyle Danielson and Austin Smith of Horvath & Tremblay have successfully completed the sale of a Sheetz in Chan- tilly, VA. Horvath & Trem- blay exclusively represented the buyer to complete the transaction at a sale price of $6,275,000. The new construc - tion Sheetz is located at 25626 Gum Springs Rd. in Chantilly, VA. Sheetz is operating under a brand-new, Absolute NNN Ground Lease that runs to De - cember 2043, and is followed commercial financing is of little help in acquiring non-real estate assets and the SBA fund- ing process is cumbersome and time consuming so often we will look to the owner to assist in financing these types of acquisi - tions. Although some sellers are reluctant, the rewards can be
Kyle Danielson Matt Nadler
Austin Smith Justin Spillane
for nearly 1,700 vehicles in a Major Business Zone district along Route 73. Cedar Hill is anchored by BJ’s Wholesale Club, Lowe’s Home Improve - ment and shadow-anchored by a brand-new ALDI. Unit three sold for $2.45 million and consists of a 6,205 s/f property that is 100% oc - cupied by a diverse mix of food & beverage, merchandise and service provider tenants including AT&T, Nails ‘R Us, Wayback Burgers, Great Clips and Mochinut. The NNN leases and fee simple/condo structure creates a passive ownership experience for the landlord as the condo associa- tion administers all the com- mon area maintenance/repairs and bills the condo unit owners on a pro-rata basis which is then passed along to the ten- ants for reimbursement. Unit four sold for $4.91 million and is a 10,686 s/f property housing a Starbucks, Livani Jewelry, The UPS Store, Or- angetheory Fitness and The Vitamin Shoppe. MAREJ Cedar Hill Shopping Center
Starbucks in Stuarts Draft, VA
by six, 5-year renewal options. The lease calls for attractive 10% rent increases every five years throughout the primary lease term and at the start of each renewal option. Sheetz is located in a highly sought after market area, sitting near the intersection of Gum Springs Rd. and Braddock Rd. within the newly developing Whitman Farm neighborhood shopping center, which includes other retailers such Lidl, Dunkin- Donuts, Baskin Robins, Vir- ginia Tire and Auto, and other retailers, in the Washington, DC suburbs. Loudoun County is a high growth and high- income market, with planned exclusivity. Sheetz is a family owned privately held business, established over 70 years ago and currently operating in six states with over 700 locations. Justin Spillane and Kyle Danielson of Horvath & Trem- blay have successfully com- pleted the sale of Waldorf Park in Waldorf, MD. Horvath & Tremblay exclusively repre- sented the buyer to complete the transaction at a sale price of $6,275,000. Waldorf Park is located at 3728 Robert S. Crain Highway in Waldorf, MD. Recently constructed in gratifying in the form of inter- est return and the possibility of deferred capital gains. Understanding these shift- ing dynamics is essential to making informed decisions. Whether it’s leveraging real estate assets, restructuring operations, or adjusting busi- ness models to accommodate
2022, the four-tenant strip center features an 8,485 s/f building with an impressive tenant lineup including Star- bucks, Aspen Dental, Jersey Mike’s and Crumbl Cook- ies. All four tenants signed brand-new, 10-year leases in 2022 with 7+ years of primary term remaining followed by multiple 5-year renewal op - tions. The leases all call for attractive rent increases every five years throughout the pri - mary term and option periods. Waldorf Park is strategically situated at the signalized, hard-corner intersection of Smallwood Drive and Crain Highway, featuring a com- bined 79,400 vehicles passing by daily. Crain Highway is a major retail thoroughfare and is home to numerous other national/credit tenants in- cluding Walmart, Sam’s Club, Target, Lowe’s Home Improve - ment, Aldi, and more. The Property is located adjacent to St. Charles Towne Center, a 1M+ s/f mall anchored by Macy’s and Kohl’s and synergy with the surrounding tenants increases consumer draw to the overall trade area and promotes crossover shopping to the site. MAREJ new consumer behaviors, navi- gating the current market requires strategic planning and adaptability. Joseph Latina, SIOR, and Christopher Moore, CCIM are managing principals at LMT Commercial Realty/ CORFAC International. MAREJ
Marcus & Millichap facilitates $8.34M sale of Quakerbridge Shoppes in NJ
HAMILTON TOWNSHIP, NJ — Marcus & Millichap announced the sale of Quak- erbridge Shoppes, a 42,912 s/f multi-tenant retail center located at 3800 Quakerbridge Rd. in Hamilton Township, for $8,336,000. “This center had small-foot- print stores and below-market rents, allowing the new owner to increase the value of the shopping center,” said Alan Cafiero , senior managing director investments. “In ad- dition, the center was well- positioned within the market at a hard-corner, traffic-light in - tersection with high visibility.” Cafiero and Brent Hyldahl ,
Quakerbridge Shoppes investment specialists in Mar- cus & Millichap’s New Jersey office, had the exclusive listing to market the property on be- half of the seller and procured the buyer. Located on 5.13 acres at a signalized intersection, Quakerbridge Shoppes fea- tures 18 tenants, including Northfield Bank and Villa Maria’s Restaurant. MAREJ
continued from page 5A Changing Trends in Restaurants: Challenges and . . .
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