From Almanac Realty Investors Merritt Properties secures additional capital investment up to $40 million
ISSUE HIGHLIGHTS Volume 30, Issue 2 Jan. 26 - Feb. 8, 2018 SPO TLIGHTS ECONOMIC DEVELOPENT
working relationship with the Merritt Properties team over the past 20 years. We very much look forward to our continued association with this talented organization.” “We are thrilled to work with Almanac as we enter our next phase of expansion, building upon our partner- ship’s history and success,” said Scott Dorsey , CEO of Merritt Companies. “We have a company that’s been around for 50 years, and we want to position it to be around for another 50 years. This is not only about our company’s growth, but the growth of our customers, employees and future partners, which adds to our sense of optimism and desire to be opportunistic.” Merritt Properties owns and manages nearly 16 million s/f maintains ownership of 16 commercial office properties totaling over 4 million s/f, as well as five major development projects, in Washington, DC, Maryland, and Virginia. Upon completion, these projects will add an additional 2.4 million s/f of trophy-quality office space to the company’s portfolio. Carr Properties has been a long-time client of Stroock. This transaction, which had unique tax and REIT aspects to it, necessitated the involve- ment of numerous disciplines, including corporate, real es- tate, tax, ERISA and environ- mental. Stroock’s 85-member na- tional real estate group helps clients structure, negotiate and close some of the country’s largest commercial real estate transactions including: the development and recapital- ization of 10 Hudson Yards in NYC; the redevelopment of the former Washington Post site in the heart of Washing- ton, DC; the sale of 1285 Av- enue of the Americas located
of central business district (CBD) and suburban class A and single-story office, flex and industrial warehouse, manufacturing and distribu- tion facilities, high-tech data centers, mixed-use develop- ments and retail locations. This portfolio, which is 94% occupied, includes approxi- mately 1,200 customers rang- ing from local, owner-occupied spaces to national and inter- national Fortune 500 com- panies. “Expanding our relation- ship with Almanac through this deal will fuel continued growth for our company,” said Merritt. “Most importantly, we have a lot of talented employees whom we consider family, and we want to provide them with opportunities for years to come.” n in Rockefeller Center; the sale of the Southeast Financial Center, an iconic office build- ing in downtown Miami; the recapitalization of the Cen- tury Plaza Towers, the most recognizable trophy office com- plex in the Century City area of Los Angeles; the disposition of Two Independence Square serving as the headquarters for NASA in Washington DC; the 1.9 million s/f mega-proj- ect of Essex Crossing on the Lower East Side of NYC; the acquisition of the Department of Veterans Affairs Hospital in Loma Linda, CA and the redevelopment of the World Trade Center site in Lower Manhattan. Stroock provides strategic transactional, regulatory and litigation advice to advance the business objectives of lead- ing financial institutions, mul- tinational corporations and entrepreneurial businesses in the U.S. and globally. With a rich history dating back 140 years, the firm has offices in New York, Los Angeles, Mi- ami and Washington, DC. n
ship with Almanac dates back to 1997 when we entered into an eight-year partnership with a $75 million commitment,” said Robb Merritt , president of Merritt Companies. “Twenty years later, we are continuing that initial partnership with the same individuals and same company—that’s a rarity.” Based in New York, Alma- nac is a leading provider of growth capital to private and public real estate companies. Founded in 1981, originally under the name Rothschild Realty, the group has com- mitted over $4.8 billion to 39 companies pursuing a wide array of real estate opportu- nities. D. Pike Aloian , a partner at Almanac added, “Almanac has enjoyed both excellent in- vestment results and a great Hetz Properties and Invest- ments Ltd. and institutional investors advised by JPM- organ Asset Management are the lead investors in Carr Properties. According to the terms of the deal, Clal Insurance funded a $300 million convertible debt note to Carr Properties. The debt will convert into Carr Properties’ equity by August 2018. Stroock corporate partner Bradley Kulman led the deal team, which consisted of law- yers from the firm’s New York, Washington, D.C., and Miami offices, and also included part- ners Jeff Keitelman and Ste- ven Moskowitz (real estate), and Mayer Greenberg and Micah Bloomfield (tax), as well as associates Deborah Bernstein , Daniel Marti- nez, Jonathan Konig and Kelly Booker , and law school graduates Lauren Swanson and Natalie Lin . Carr Properties is a private- ly held real estate investment trust in the greater Washing- ton D.C. area. The company
ALTIMORE, MD — Merritt Proper- ties has entered into
a n a g r e e - ment wi th an inves t - ment fund m a n a g e d b y A lma - nac Realty Inves tors (Almanac) , under which
the fund has committed up to $400 million of capital. It is expected that the investment will allow Merritt Properties to grow its portfolio by 20 to 30% through the acquisition, development and redevelop- ment of primarily industrial properties in the Baltimore- Washington corridor and other target markets. “Our long-standing relation-
THE AZARIAN GROUP ENTERS INTO 17 NEW LEASES
Corporate partner Bradley Kulman leads deal team Stroock reps. Carr Properties inConvertible Debt Investment by Clal Insurance Ent.
NEW YORK , NY — Stroock represented private real estate investment trust
Carr Prop- erties in a $300 million convertible debt invest- ment by Clal I n s u r a n c e Enterprises H o l d i n g s Ltd. Alony
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COLLABORATIVE CULTURE RELATIONSHIP FOCUSED DEFINED EXPERTISE
Wendy’s Monaca, PA $1,700,000
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M id A tlantic R eal E state J ournal Publisher, Conference Producer . .............Linda Christman AVP, Conference Producer ...........................Lea Christman Associate Publisher ......................................... Steve Kelley Associate Publisher ........................................... Kim Brunet Associate Publisher ..................................... Miriam Buttrick Senior Editor/Graphic Artist ..........................Karen Vachon Contributing Columnists: Frank Brockerhoff, Brockerhoff Environmental Services LLC; Lisa Cassidy, ecoImagine; Ron- ald Diskin, Ronald Diskin Associates Corp.; Steve Hovland, HomeUnion; Caroline Shelly, LEED-AP+BD-C, HF Planners; J. Stroh, Esq.; Withum; Mike West, CPA, Withum Mid Atlantic R eal E state J ournal ~ Published Semi-Monthly Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal 350 Lincoln St, Suite 1105, Hingham, MA 02043 USPS #22-358 | Vol. 30, Issue 2 Subscription rates: $99 - one year, $198 - two years, $4 - single copy 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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American Workforce Not Yet Feeling Impact of Tax Reform E mployers added 2.1 million jobs in 2017, slightly below the 2.2 million added in 2016 and relatively on par with annual growth through most of this long recovery. We expect job growth to register in the low 2-million range again in 2018 as low unemployment prevents corporations from hiring at a more rapid pace. The unem- ployment rate ended last year at 4.1 percent, well below the full-employment threshold. Barring a surge in employ- ment during the first quarter, December’s job report and last year’s full-year performance will keep the Fed’s interest rate trajectory stable. We still anticipate three additional rate hikes this year. Although interest rates will climb this year, investment real estate may get a boost from the new tax legislation. Real estate investors looking for tax breaks that are no longer available from mortgage deductions can
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acquire single-family rentals and still write off mortgage interest. Furthermore, there is a high likelihood that home prices in some of the high-cost coastal markets will retreat due to higher taxes, encouraging residents that have been saving for a down payment to continue to rent while employing that capital in remote investments that act as tax shelters. Several major corporations have announced plans to raise wages or pay one-time bonuses to employees after the major tax overhaul was finalized in December. Nonetheless, the number of companies utilizing the significant cost savings to
lift wages only represents a fraction of American workers. In the first few months of the year, the impact of lower costs should become more evident in wage and employment num- bers. Many companies may lift wages without leveraging the act as a public relations op- portunity. Still, new consumer demand will be the lynchpin for employment growth in 2018 since unemployment is already so low. Tax cuts will need to generate significant demand for new consumer goods to see an acceleration in the job market. Wage growth expanded by 2.5 percent in 2017, modestly continued next page
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M id A tlantic R eal E state J ournal Cushman & Wakefield team of Nissim, Danzig and Petrella represent owner Best Buy leases 725,000 s/f building at Rockefeller Group Logistics Center
P ISCATAWAY, NJ — Rockefeller Group has signed a lease with Best Buy at its 228-acre site in Pis- cataway. The global real estate owner, developer and investor is developing the 2.2-million s/f, state-of-the-art Rockefeller Group Logistics Center. Best Buy – now the first of- ficial tenant of the Logistics Center will fully occupy a 725,000 s/f building currently under construction. Through the opening of its new logis- tics facility, the omnichannel consumer electronics retailer anticipates that it will move more than 300 Best Buy and third-party jobs to Piscataway. Best Buy plans to open the distribution center before the 2018 holiday shopping season. The facility will deliver major appliances and large-screen televisions to more than 90 Best Buy stores and directly to customers throughout NJ and parts of NY, CT, PA and DE. “Signing a lease with a high- caliber company like Best Buy at the Rockefeller Group Logistics Center validates our vision for the master-planned development as one of NJ’s largest and most sought-after distribution hubs,” said Clark Machemer, senior VP and regional development officer for Rockefeller Group's NJ/PA operations. above the inflation rate and lower than the Fed would like. Going forward, we think wage growth will be lackluster as mature recoveries typically add low-paying secondary jobs rather than core positions like professional and business ser- vices. The caveat to this is lower corporate taxes, which could lead to a rebirth in industries that had been dying on the vine for the past several years. Manufacturing, for example, added 10 percent of the jobs created last year. Changes to NAFTA could push even more auto manufacturing jobs north of the border, and lower corporate taxes could encour- age some companies to retain or bring back jobs that have been outsourced. Regardless, we do not think this activity will be sufficient to generate GDP growth above 3 percent for 2018. Steve Hovland is director of research and Communi- cations at HomeUnion. n continued from page 2A American Work- force Not Yet . . .
The Cushman & Wakefield team of Jules Nissim, Stan Danzig and Marc Petrella serves as the marketing and leasing agent for the develop- ment and represented Rock- efeller Group in the transac- tion. The master-planned Rock- efeller Group Logistics Center will comprise six buildings upon its completion, rang- ing in size from 200,000 to more than 800,000 s/f. Rep- resenting a combination of speculative and build-to-suit opportunities, the properties can accommodate users with a wide variety of size and infrastructure requirements.
The facilities also boast an advanced-functionality design that allows for future growth. Nissimof Cushman&Wake- field said: “Location absolutely remains key in NJ’s industrial market, and the Rockefeller Group Logistics Center pro- vides Best Buy with a prime transportation-oriented loca- tion with access to the region’s major thoroughfares and ro- bust labor pool. However, user requirements today go well beyond location. Best Buy was in search of a next-generation building that could support its continued growth, and that is exactly what the company committed to in Piscataway.” n
Rockefeller Group Logistics Center
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M id A tlantic R eal E state J ournal
By Ronald Diskin, Ronald Diskin Associates Corp. Ordinance or Law/Building Ordinance
the building necessitated by the enforcement of building, zoning or land use ordinance or law. (C) Increased Cost of Con- struction Pays for any increased ex- penses incurred to replace the building with one conforming to building laws or ordinances, or to repair the damaged building so that it meets the specifica- tions of current building laws or ordinances. Operation of Building Laws Most communities have building or zoning laws to regulate the standards for type of construction, fire protection,
electrical wiring, and plumb- ing, and to regulate the type of occupancy allowed in the city and certain other areas. Under “grandfather’’ provisions usually included in these laws, buildings that do not meet the standards generally are permit- ted to remain only because they were erected before the laws in question were passed. Most laws, however, provide that if a nonconforming build- ing is damaged or destroyed, it must be brought up to code before it can be reoccupied. Many laws also provide that if a building is damaged beyond
a certain proportion of its value --50% is a common measure --it may not be repaired, but must be demolished and, if replaced, replaced by a structure that meets the building or zoning requirement. Although there are almost countless situations where the operation of such laws is applicable, some common ex- amples are high-rise buildings that must be equipped with automatic sprinkler systems, buildings with electrical wiring meeting less than minimum code, and frame buildings in congested areas zoned for brick
or fireproof construction. The effect of the operation of build- ing laws is to almost always result in more costly repair than repair without such re- quirements. In virtually all property in- surance policies, a building owner’s exposure to loss result- ing from the enforcement of building or zoning laws is ef- fectively excluded by language identical or nearly identical to that found in the Standard Fire Policy. The Standard Fire Policy specifies that recovery shall be “without allowance for any increased cost of repair or reconstruction by reason of any ordinance or law regulating construction or repair.” The effect of this exclusion is to leave the following basic exposures uninsured: • The actual expense of tear- ing down the undamaged por- tion of a building if a law or ordinance dictates demolition and disposal of the resulting debris. • The loss of the value of the undamaged portion of a building. • The difference between the value of the building as it stands --the insurable value of the building --and its value if rebuilt to code. Even when in- surance is written on a replace- ment cost basis (i.e., without deduction for depreciation), this exposure exists because the replacement cost referred to in the insurance is that required to restore the original building, not an improved and more ex- pensive version of the original building. • An extended loss of busi- ness income, extra expense, or additional living expense. Ronald Diskin is presi- dent & CEO of Ronald Dis- kin Associates Corp. n NorthMarq hires Abboud as new VP RICHMOND, VA — North- Marq Capital announced that Reina Abboud has joined its Richmond office serving as VP. In her new role, Abboud will be responsible for the origina- tion, underwriting, marketing and closing of commercial real estate loans. These commercial real estate transactions involve both debt and equity solutions for clients, sourced through a variety of lending sources including life insurance com- panies, conduit lenders, agency lenders, commercial banks and credit unions. n
Coverage for Loss to theUndamaged Port ion of the
Bu i l d i n g . Pays for the loss of value of an undam- aged portion of the exist- ing building which must b e d emo l - ished and/or removed to conform with mu- nicipal ordinance, code, etc. (B) Demolition Cost Pays for the cost of demolition of the undamaged portions of Ronald Diskin
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S hopping C enters
Real Estate Journal — Shopping Centers — January 26 - February 8, 2018 — 5A
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Gil Neuman represents seller at 3811 Evergreen Parkway Neuman Commercial Group arranges the sale of 104,000 s/f Shoppes At Bowie Town Center for $21M B
OWIE,MD — Neuman Commercial Group, LLC has arranged the sale of The Shoppes at Bowie Town Center outside of Wash- ington, DC for $21 million. Located at 3811 Evergreen Parkway near the US Rte. 301 and 50 interchange in Bowie. The Shoppes is a 104,000 s/f specialty retail extension of 578,000 s/f Bowie Town Cen- ter, the area’s leading open- air lifestyle shopping center. Developed in 2004 on 10.5 acres, the center is 98% leased to 12 national and regional tenants including Five Below, Party City, Goodwill, Bank of America, A.C. Moore, Music & Arts, David’s Bridal, Sprint, and California Tortilla. Neigh- boring Town Center tenants in- clude Safeway, Macy’s, Sears, Best Buy, Barnes & Noble, Off Broadway Shoes, L.A. Fitness, Chipotle and Starbucks. Neu- man Commercial Group, led
by principal, Gil Neuman , represented the seller, Shoppes at Bowie Town Center LLC, a private Maryland developer, and procured the buyer, J.A.R. New York RLT. “We congratulate the sell- ers on successfully harvesting their original development after further diligent value creation, and the buyers for acquiring a modern stabilized center in a dense and growing high-income demographic,” said Gil Neuman , principal of Neuman Commercial Group, LLC. The property draws from a wide trade area throughout Prince George’s and Anne Arundel Counties. 49,000 resi- dents with $129,000 average household income live within a three-mile radius. Area land- marks include Six Flags Amer- ica amusement theme park and Andrews Air Force Base. n the largest and oldest physi- cian owned multi-specialty practice in the state of New Jersey and Lab Corp a national blood and diagnostic lab, have leased space in the Fair Lawn Medical Arts Building lo- cated in Fair Lawn, NJ, which is located on Fair Lawn Ave., right off Rte. 208, with under- ground private parking for ten- ants and staff, and full time, on site janitorial services. There is only one remaining suite in this strategically located, class A medical / professional building. The total renovation of the Pine Brook Plaza , Rte. 46 West in Pine Brook, NJ is now complete. There are spaces available from 900 s/f to over 2,100 s/f. The Azarian Group is also pleased to announce new staff members including: Douglas Norkett , assistant property manager and leasing agent; Patille Kupelian , property management administrative assistant; Melanie Kelly , receptionist; Alba Gil , Ad- ministrative assistant; Dipal Upadhya , bookkeeper; and Cara Diaz , paralegal. n
Bowie Town Center
MIDLAND PARK, NJ — John Azarian , CEO of The Azarian Group L.L.C. , an- nounced that his company’s oc- cupancy rate is at historic lev- els. During the last 12 months, The Azarian Group has entered into 17 new leases. The Azarian Group was founded in 1970 and its portfolio includes 19 proper- ties with more than 350 ten- ants throughout NY and NJ. Over 9,400 s/f has been leased at The Shoppes at North Brunswick . 3,200 s/f has been leased to Honor Yoga. 2,942 s/f has been leased to Orange Theory Fitness. 2,250 s/f has been leased to Red Brick Pizza Kitchen Café. This will be Red Brick’s first New Jersey Loca- tion. 1,107 s/f has been leased to European Wax Center, a major national franchise of hair removal salons. Frutta Bowls, a health food revolution designed for weight loss and health has entered into a lease for 1,800 s/f of space. The combination of a beautiful appearance with its highly prominent location along Rte. 1, just minutes from Rutgers University, makes The Shoppes at North Brunswick a The Azarian Group enters into 17 new leases premium lifestyle center with 43 national stores, services, and eateries one of the top Shopping Center destinations in the area. The Allendale Town Pla- za , Allendale has only two re- maining spaces available. Over 4,900 s/f has been leased at the Allendale Town Center. 3,200 s/f has been leased to Define Body and Mind, a contempo- rary body mind franchise focus- ing on Barre, Cycling, Yoga, and fitness classes. 1,702 s/f has been leased to Danson Jew- elers, a high-end Jeweler with over 30 years of experience providing world class products and service. The Allendale Town Center is the only area shopping Center and services the high-end communities of Saddle River, Upper Saddle River, Ramsey, and Allendale. Over 1,500 s/f has been leased at the Town Plaza II , in Orangeburg, NY to C & E Island Flavor, a Caribbean restaurant. Town Plaza has 12 tenant spaces with 103 parking spaces, two nearby Colleges with a large resident dorm population, and an annual HH income of $85,000. There are only two spaces remaining for lease. 18,502 s/f has been leased to K & G Fashion Superstore at Lenox Plaza . Lenox Plaza is a high traffic Rte. 46 location with a daily vehicle count of 130,000 cars a day. Now fully leased, the 218,000 s/f Neptune Plaza entered into a lease with Cricket Wire- less and Sonny’s Hot Dogs. Cricket Wireless is a nation- wide cell phone franchise and Sonny’s Hot Dogs is a hot dog and burger joint. It is no sur- prise that this center is fully occupied, the combination of Neptune Plaza’s prime loca- tion, with over 112,000 people in a 3-mile radius, with major nationwide stores such as Shop Rite, Marshalls, Home Goods, and other strong tenants, this is the go to shopping center in the Neptune Township area. Walgreens Shopping Cen- ter on Rte. 46 W in Fairfield, NJ is now the home to a Chick- en and Ribs restaurant and Taqueria los Gueros a regional Mexican restaurant chain. The Walgreens Shopping Center is located on Rte. 46 with close access to Rtes. 80, and 23, with major nationwide and franchise tenants, over 146,000 vehicles passing each day, and just 1 mile away from the Wil- low Brook Mall. Fair Lawn Medical Group, The Shoppes at North Brunswick
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OMERSET, NJ — Pe- ter Gallicchio presi- dent of Somerset based Served as agent of the seller and also secured the buyer in 3000 s/f transaction Gallicchio of Remco Realty Group brokers sale of former Tara Electronics in Somerset, NJ S
business. The existing 3,000 s/f build- ing features 0.62 acres of land with over 100’of highway front- age and pylon signage at the corner of Rte. 202 and Van Dyke Rd. The site benefits from area demographics that include a population of over 95,000 within a 5 mile radius, earn- ing over $128,000 of median household income. The property is surrounded by such retailers as: Wegman’s, Home Depot, Ruby Tuesday, Carrino’s, Wawa, CVS, Bank of America, Rainbow Acad-
emy, Exxon, Magyar Bank, Homewood Suites, McDon- ald’s, Dunkin Donuts, Marriott Towne Place, and Subway just to name a few. Gallicchio, served as the agent of the seller and also secured the buyer in this trans- action. Remco Realty Group is a comprehensive Commercial Real Estate Brokerage and Property Management Firm, specializing in commercial and retail properties. n Bennett Williams Commercial inks 5,402 s/f retail lease YORK, PA — Bennett Wil- liams Commercial has ar- ranged the sale/lease of the following transactions: 1,167 s/f retail space at Her- shey Towne Square, 151 W. Chocolate Ave., Derry Twp. Freshido, Inc. leased the property from Hershey DTC, LP. Chad Stine and Brad Rohrbaugh of Bennett Wil- liams Commercial represented the landlord in the transaction. 800 s/f retail space at Man- chester Plaza, 4316 N. George St. Ext., East Manchester Twp. AJ’s Brush Strokes leased the property from Dun Manage- ment, LLC . Brian Parrish of Bennett Williams Commercial represented the tenant and Brian Parrish , Stine, and Rohrbaugh of Bennett Wil- liams Commercial represented the landlord in the transaction. 5,402 s/f retail space at Her- shey Towne Sq., 169 W. Choco- late Ave., Derry Twp. Primanti Corp. leased the property from Hershey DTC, LP. Dave Nich- olson and Joe Spagnola of Ben- nett Williams Commercial rep- resented the tenant and Stine and Rohrbaugh represented the landlord in the transaction. 1,167 s/f retail space at Her- shey Towne Square, 151 W. Chocolate Ave., Derry Twp. Freshido, Inc. leased the prop- erty from Hershey DTC, LP. Stine and Rohrbaugh rep- resented the landlord in the transaction. 1,500 s/f retail space at 1285 ManheimPike, Lancaster City. Lucky Jackpot, LLC leased the property from P&D partners, LP. Blake Shaffer of Ben- nett Williams Commercial represented the tenant and Stine and Rohrbaugh of Ben- nett Williams Commercial represented the landlord in the transaction. n
R e m c o R e a l t y Group has announced t h a t t h e firm recent- ly sold the former Tara Electronics building lo-
cated at 985 Rte. 202 (North) to a Delta Gasoline operator who will be constructing a new convenience store on the site to support their gasoline retail
985 Rte. 202 (North)
Commercial • Multifamily • Retail • Industrial 267–314–8635 www.rhappraisals.com PA-NJ-DE
Real Estate Journal — Shopping Centers — January 26 - February 8, 2018 — 7A
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8A — January 26 - February 8, 2018 — Shopping Centers — M id A tlantic
Real Estate Journal
S hopping C enters RETAIL PORTFOLIO
GLA/ Acreage Anchor Tenants
Property Name Northeast
306,876 Kmart, Burlington, Market Basket
Boston Rd. & Tower Farm Rd. Plain St. & Lowell Connector Medway St. & Beaver St.
Shops at Billerica
272,142 Target, Marshall’s, Best Fitness
Meadow Brook Center
158,620 Stop & Shop, HomeGoods, TJ Maxx
234,705 Future Development
Harbor Pointe Marketplace
Route 440 & Goldsborough Dr.
S Ac Ho Gr
19 AC BJ’s Wholesale Club (New Development) 126,367 Virtua Medical Group (Under Development)
Shoppes at Renaissance Square
Route 70 & N. Locust Ave. Hanover Ave. near Horsehill Rd.
Hanover, NJ Evesham, NJ
BJ’s Shopping Center
26,016 Royal Farms
State Hwy. 73 & Sunbird Dr.
Morris Township, NJ 104,594 Future Development
16.963 AC Across from Walmart, Sam’s, TJ Maxx
Adjacent to Foreign Trade Zone
Mount Olive, NJ
9.33 AC Across from Walmart Supercenter
Old Bridge, NJ
Route 18 & Foxborough Dr.
150,150 Whole Foods (Under Development)
Route 46 & Waterview Blvd. Springfield Ave. at Roselyn Pl.
Me Se Un Sh Th
0.199 AC Vacant Land
Vauxhall (Union), NJ 0.3239 AC Vacant Land
Springfield Ave. near I-78
S. Delsea Dr. (Rte. 47) & College Dr. Black Horse Pike & Main St.
94,452 Rockin’ Jump, Dollar General, CVS
Williamstown Shopping Center
26 AC Across from Walmart Supercenter
Route 13 & Bennie Rd.
182,875 Kohl’s, Super Stop & Shop
Saratoga Rd. & Glenridge Rd. Commack Rd. & Grand Blvd.
Deer Park, NY
Target Shopping Center
Glenville (Albany), NY 170,616 Target, Pet Supplies Plus, Mattress Firm Lake Ronkonkoma, NY 170,451 Stop & Shop, Regal Cinemas, Dollar Tree
Lake Shore Plaza II & III
Portion Rd. & Patchogue-Holbrook Rd.
Monroe/Woodbury, NY 711,816 Walmart, Target, Home Depot, BJ’s
Routes 17/6 & Route 32 Route 59 & Hutton Ave.
276,792 Home Depot, Raymour & Flanigan, Staples
Home Depot Shopping Center
78,659 Super Stop & Shop, Residence Inn
Route 303 & Palisades Pkwy. Montauk Hwy. & Station Rd.
21,212 US Post Office
Stony Ridge Plaza
Route 9W & Park Rd. 660 White Plains Rd.
Stony Point, NY
660 White Plains Road
Adjacent to Super Stop & Shop
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.
140,715 Home Depot, Chili’s
Montgomeryville, PA 133,124 BJ’s Wholesale Club, Lowe’s
Five Points Plaza
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
Downers Grove, IL
75th St. & Lemont Rd.
Evansville Shopping Center
162,394 Rural King, Buehler’s IGA, Dollar General
Morgan Ave. & Boeke Rd. Pendleton Pike & Shadeland Ave. U.S. Hwy. #30 & Water St.
P Rei Ar
134,797 Rose’s Department Store
The Market Place at Warsaw
183,900 Carson’s Dept. Store, Sears, Dunham’s
Muskegon Shopping Center
167,212 Jack Loeks Theatres
Henry St. & Norton Ave.
Thomas G. Mirandi | tel 212.265.6600 x239 | firstname.lastname@example.org
Real Estate Journal — Shopping Centers — January 26 - February 8, 2018 — 9A
M id A tlantic
S hopping C enters
S N A P S HO T
GLA/ Acreage Anchor Tenants
Port Huron Shopping Center
114,981 Big Lots, Save-A-Lot, Talecris Plasma
Howard St. & 24th St.
Port Huron, MI
9.37 AC Development Opportunity
Fort St. & Burns Ave.
Midway United Village
University Ave. & Snelling Ave.
Office Max, Family Dollar
St. Paul, MN
Home Depot Plaza
Rte. 20 & Orchard Rd.
148,466 Home Depot
Ashtabula, OH Columbus, OH
Great Western Commerce Center
N. Wilson Rd. & Valleyview Dr.
300,254 Great Western Academy, Restaurant Depot
South Academy Plaza
102,962 Academy Sports + Outdoors
Memorial Pkwy. SW&DrakeAve. SW
Fern Park Plaza
131,646 Ross, Beall’s Outlet, Aldi, Dollar Tree 312,498 Two blocks north of University of Florida
Fern Park, FL
Semoran Blvd. & Hwy. 17/921 NW 13th St. & University Ave. USHwy. 98N&LakelandParkCtr Dr.
Mixed Use Development
Wildwood Antique Mall, Chuck E. Cheese
325,705 Beall’s Outlet, AMC Theatres, JoAnn Fabrics
N. Fort Myers, FL
US Hwy. 41 & SR 78
259,871 Earth Fare, Burlington, Best Buy, Staples
Shady Oaks Shopping Center SW 27th Ave. & College Rd.
Seminole Centre University Mall
368,166 Walmart Supercenter, Ross, Aldi 1,332,205 Dillard’s, Burlington, Grand’s, Sears
S Orlando Dr. & Lake Mary Blvd. EFowler Ave. &BruceB. DownsBlvd.
Sanford, FL Tampa, FL
257,761 Lowe’s, Kroger, Dollar Tree
Route 23 & Diederich Blvd.
Long Meadow Shopping Center
164,293 Family Farm and Home, PA Dutch Market
Potomac Ave. & Northern Ave. Liberty Rd. & Brenbrook Dr.
146,586 Home Depot
Marketplace at Rivergate
Gallatin Pike & Conference Dr.
111,835 Oak Factory Outlet, Harbor Freight Tools
Shops at Tech Ridge
12901 I-35 South & Parmer Ln.
505,803 Floor & Decor, Fitness Connection, Ross
Food Lion Shopping Center
10.2 AC Food Lion, Fresenius Medical
Rte. 1 & Chippenham Pkwy.
Richmond, VA Winchester, VA
89,918 Dick’s, The Fresh Market, Planet Fitness
S. Pleasant ValleyRd. &E. Jubal EarlyDr.
263,323 Kroger, Goody’s Department Store
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. 8701W. McDowell Rd. &N. 86th Dr.
Phoenix, AZ Tolleson, AZ
86,479 Near Desert Sky Mall
East Sahara Plaza
127,754 Family Dollar
E. Sahara Ave. & McLeod Dr.
Las Vegas, NV
Available Anchor Space
119,766 Value Village
Mission St. SE & 25th St.
Freestanding Office Max
410 S. 900 E. & 400 S.
29,051 Office Max
Salt Lake City, UT
Arecibo Towne Center
±350,000 Future Development
Routes 2 & 22
Reinadel Sur; PonceTowneCenter II
±525,000 Walmart Supercenter, Home Depot
Routes 2 & 10 @ PR-52
Thomas G. Mirandi | tel 212.265.6600 x239 | email@example.com
10A — January 26 - February 8, 2018 — Shopping Centers — M id A tlantic
Real Estate Journal
S hopping C enters
Aldi leases 32,014 s/f at former Sports Authority store in Fairfax, VA H&R Retail Hoffman-Yurow team completes two major retail lease transactions in Mid-Atlantic F
AIRFAX, VA — H&R Retail , a Washington, DC/Baltimore-based retail real estate brokerage firm, announced that the team of Larry Hoffman and Scott Yurow completed two major retail lease transac- tions in the Mid-Atlantic re- gion. The leases include: Aldi leased 32,014 s/f at a former Sports Authority store at 13031 Fair Lakes Circle, Fairfax. The team represented the property owner, Toys “R” Us -- located adjacent to the new store -- in the transaction
13031 Fair Lakes Circle
RE_ad_version1.qxp 11/2/2005 11:54 AM Page 1
There are currently 39 Aldi stores in the Washington- Baltimore area. It is a leading global discount supermarket chain with over 10,000 stores in 18 countries. Dollar Tree leased 10,691 s/f at Martin Plaza in Baltimore fromMartin Financial Associ- ates. The team represented Dollar Tree in the transaction. With over 120 stores in the greater Washington-Balti- more region, Dollar Tree is a national chain of discount variety stores that sells items for $1 or less and is head- quartered in Chesapeake, Virginia. “We are pleased to have completed these transac- tions,” said Hoffman. “These stores will be significant ad- ditions for area shoppers.” n BPG holds Grand Opening for River- front Pets in DE WILMINGTON, DE — Wilmington-based developer, The Buccini/Pollin Group, Inc. (BPG) announced the Grand Opening and Ribbon Cutting Celebration for their latest retail tenant, Riverfront Pets, located at 311 Justison St. Riverfront Pets is a proud partner of the Delaware Hu- mane Association, Delaware’s premiere nonprofit no kill ani- mal care and adoption center. Speakers included Mayor Michael Purzycki, Hanifa Shabazz. D.H.L, City Council President, John Banks, Depu- ty District Director of the U.S. Small Business Administra- tion’s Delaware District Office and Clinton Gangloff, owner of Riverfront Pets. Following the ceremony, guests enjoyed the new retail shop. Hundreds of individuals joined in the fun with their furry family members in tow. n
Seeking Retail Opportunities Consistently Ranked #1 Franchise - 50+ Y ear T rack Record
Looking for sites in PA & S. NJ End Cap, In-line, Free Standing Flexible Space Requirements
Non-Traditional Venues - Hospitals/Colleges Universities/B&I/Stadiums/Casinos/Airports
Eastern PA — Local Contacts: Philadelphia PA & Southern NJ —
610-366-8120 x 24, Cheryl Green firstname.lastname@example.org 410-752-6760, Evan Brodie email@example.com
Real Estate Journal — January 26 - February 8, 2018 — 11A
M id A tlantic
C ommercial R eal E state O rganizations ’ E vents C alendar
FEBRUARY 2 - Pittsburgh AI Event: USPAP Update Cost: $175 Address: Holiday Inn Express/Suites Greentree 875 Greentree Rd., Pittsburgh, PA 15220 Time: 8:00 am E: firstname.lastname@example.org www.pghai.org
FEBRUARY 15 – AAGP Event: Legal Responsibilities in Property Management Time: 9:00 AM – 12:30 PM Location: PAA – East Address: One Bala Plaza, Suite 515 Bala Cynwyd, PA 19004 Cost: Member: $69 Non-Member: $97 www.paa-east.com/events FEBRUARY 21 – AAGP Event: Fair Housing and Beyond-2/21/18 Time: 10:00 AM – 3:00 PM Location: The Towers at Wyncote Address: 8440 Limekiln Pike Wyncote, PA 19095 Cost: $99-$129 www.paa-east.com/events FEBRUARY 22/23 – Metro NJ AI Event: Lender Requirements and Guidelines; Appraising for Regional and Community Banks Time: 11:45 AM Location: Spanish Tavern Address: 1239 US Highway 22 East Mountainside, NJ Cost: $55.00/AI, $65/Non-AI affiliation www.ai-newjersey.org FEBRUARY 22/23 – IREM NJ Event: 2018 Tri-State Conference & Expo Time: Feb 22 @8:00 AM – Feb 23 @1:00 PM Location: Borgata Hotel Casino & Spa Address: One Borgata Way Atlantic City, NJ 08401 Cost: $119 Special Room Rate www.irem1.org FEBRUARY 22/23 – IREM NJ Event: 2018 Tri-State Conference & Expo Time: Feb 22 @8:00 AM – Feb 23 @1:00 PM Location: Borgata Hotel Casino & Spa Address: One Borgata Way Atlantic City, NJ Cost: $119 Special Room Rate www.irem1.org FEBRUARY- AGC NY Event: Project Manager Development Program: Session 4-Contract Administration Time: 8:00 AM – 4:00 PM Location: AGC NYS Address/City: 10 Airline Drive, Suite 203, Albany NY Cost: Single session-$400 Members $550 Non-Members E:email@example.com www.agcnys.org/calendar FEBRUARY 28/31 – BOMA Event: Winter Business Meeting & National Issues Conference Location: Hyatt Regency Capitol Hill Washington, DC Cost: TBD www.boma.org/events
MARCH 23 - AGC NY Event: Project Manager Development Program: Session 5-Risk Management Time: 8:00 AM – 4:00 PM Location: AGC NYS Address/City: 10AirlineDr., Suite 203,Albany NY Cost: Single session-$400 Members $550 Non-Members
E: firstname.lastname@example.org www.agcnys.org/calendar/ MARCH 24 – NJAA
FEBRUARY 5/7 – NAIOP Event: Chapter Leadership and Legislative Retreat 2018 Location: Washington, DC Address: TBD www.naiop.org/cllr18 FEBRUARY 5/9 – CCIMPA
Event:10th Annual Maintenance Mania Location: Collins Arena at Brookdale Community College 765 Newman Springs Rd., Lincroft, NJ
E: email@example.com MARCH 26/30 – DVGBC
Event: CI 102: Market Analysis for Commercial Investment Real Estate Time: Feb 5 @8:00 AM – Feb 9 @5:30 PM www.ccim.com/education FEBRUARY 6 – AAGP Event: RiskManagement for PropertyManagers Time: 9:00 AM – 5:00 PM Location: PAA – East Address: One Bala Plaza Room 513 Bala Cynwyd, PA 19004 Cost: $99-$154 www.paa-east.com/events FEBRUARY 6 – CREW Event: CREW Connect Breakfast: Baltimore Development Corporation Incentives Location: Miles and Stockbridge Address: 100 Light St., Baltimore, MD 21202 Time: 8:00 AM – 10:00 AM E: firstname.lastname@example.org Property to the Next Level Time: 1:00 PM – 3:00PM Location: One Bala Plaza Address: One Bala Plaza Room 513 Bala Cynwyd, PA 19004 Cost: Member: $75 Non-Member: $105 www.paa-east.com/events FEBRUARY 13 – AAGP Event: Basic Appliance Maintenance and Repair Feb. 13-14, 2018 Time: Feb 13 9:00 AM – Feb 14 4:00PM Location: PAA – East Address: One Bala Plaza, Suite 515 Bala Cynwyd, PA 19004 Cost: $200-$339 www.paa-east.com/events www.crewbaltimore.org FEBRUARY 7 – AAGP Event: Amenities: Taking Your
Event: Certified Passive House Designer/Consultant Training Time: March 26@9:00AM–March 30@5:00PM Location: DVGBC Address: 2401 Walnut Street, Suite 103, Philadelphia, PA 19103 Cost: $1,750 - $2,250 Members www.dvgbc.org/event
MAY 4 – DVGBC Event: 2018 Sustainability Symposium Time: 8:00 AM – 4:30 AM Location: Penn State at the Navy Yard Address: 4960 South 12th Street
Philadelphia, PA 19112 www.dvgbc.org/event
MAY 17 – DVSGA Event: PAST EVENT: Phillip Langdon, Author of “Within Walking Distance” Time: 5:00 PM – 7:30 PM Location: The Continental Midtown (rooftop lounge) Address: 1801 Chestnut Street, Philadelphia, PA 19103 www.delawarevalleysmartgrowth.org JUNE 4/7 – CCIMPA Event: CI 101: Financial Analysis for Commercial Real Estate Time: June 4 @8:30 AM – June 7 @5:00 PM
Location: TBD Address: TBD www.panjdeccim.com/event
JULY 9/13 – CCIMPA Event: CI 104: Investment Analysis for Commercial Investment Real Estate Time: July 9 @8:00 AM – July13 @ 5:30 PM www.panjdeccim.com/event
12A — January 26 - February 8, 2018 — M id A tlantic
Real Estate Journal
M id A tlantic R eal E state J ournal
Sheldon Gross Realty brokers deal on 32,000 s/f
ANAYUNK , PA — Beacon Com- mercial Real Es- 10,838 RSF lease at 10 Shurs Lane in Manayunk, PA DiBianca of Beacon Commercial RE reps. Neducsin Props. M
to the New Jersey Turnpike, and only a short drive from both the Garden State Park- way and Route 287. “This is an excellent ar- rangement, both for Bivona & Company and Linden Mo- tor Freight,” Glick said. “The warehouse’s excellent ceiling height, loading dock doors and close proximity to their exist- ing facility it an ideal fit.” Glick has represented Bivo- na & Company during mul- tiple commercial real estate transactions For more than 20 years. n Rheumatology Associates of North Jersey, one of the larg- est rheumatology practices in New Jersey, has leased 1,650 s/f on the second floor with a 5 year lease. “We are very pleased with the signing of these medical/ office tenants” said Matthew Weiss . “It further confirms Kennedy Medical Center’s status as the premier medi- cal office building in Hudson County.” These lease signings bring the class A medical of- fice building to nearly 100% occupancy. n ing at such prestigious firms as JP Morgan and Ernest & Young. Koggan will focus on understanding the market dynamics of the Northern/ Central NJ industrial market, in particular those submarkets in Union, Middlesex and Som- erset County. With over 24 years of sales and marketing experience, DiNorscio formerly served as a sales associate with Keller Williams in Maplewood. Prior to this position, he spent his career working at such firms as KCG Holdings and NASDAQ. Tom will focus on understand- ing the market dynamics of the Northern/Central New Jersey industrial market, in particu- lar those submarkets in Union, Essex and Hudson County and around the Ports. n
EDISON, NJ —A 32,000 s/f space at 21 Distribution Blvd. in Edison was recently leased by Bivona & Co. from owner Linden Motor Freight. The warehouse transaction was arranged by Jonathan Glick , executive vice president for Sheldon Gross Realty, who rep- resented Bivona & Company. A specialist in fine furnish- ings for nurseries, Bivona & Company will utilize the Distribution Blvd. location to supplement their main distri- bution facility in Edison. The facility is immediately adjacent UNION CITY, NJ — Weiss Realty , headquartered in Moonachie has announced the signing of two lease transac- tions for 16,025 s/f of medical offices with an aggregate rent- al of $5,504,250 at Kennedy Medical Center, 3196 Kennedy Blvd. in Union City. Sanitas of New Jersey, LLC, an independent health care organization with specialized healthcare services and urgent care clinics, has signed a 12 year lease comprising 14,375 s/f on the main level of this iconic 4-story art deco building. EDISON, NJ — Bussel Realty Corp. (BRC) , an in- dustrial real estate services firm in New Jersey, announced William Koggan and Thom- as DiNorscio have joined the company as sales associates. “As our market share con- tinues to grow in industrial brokerage services in New Jersey, we continue to add to our brokerage staff in order to meet the increasing require- ments of our clients,” said Steve Bussel , president of BRC. “The sales and market- ing experience of Bill and Tom will be beneficial in negotiating and closing deals as well as marketing our client’s proper- ties.” With over 25 years of sales and marketing experience, Koggan spent his career work- New York, NY — Blue- Gate Partners announced the recent addition of Marc Schulder as a managing di- rector on its Capital Markets team in their New York City office. Schulder will be re- sponsible for originating and executing debt and equity ad-
t a t e L LC ann o un c e d the lease ex- tension and expansion of Muhlenhaupt & Co. at 10 Shurs Lane in Manayunk . Muhlenhaupt
extended the term for 10 years and expanded their space from 4,081 RSF to 10,838 RSF with Neducsin Properties, LP . Muhlenhaupt is making this dramatic expansion as the company builds upon the suc- cess and growth enjoyed over the first five years in busi- ness. Although this is a near- ly a 300% increase in space, Muhlenhaupt will fuel the construction of MNYK Studios, a 3,000 s/f creative workspace for the audio and visual arts. NEWARK, NJ — New Jer- sey Insurance Underwriting Association (NJIUA) has leased 7,500 s/f of class A office space at 570 Broad St. in downtown Newark, which is owned by The Berger Organization . NJIUA, which had been at 744 Broad St. for over 30 years, signed a seven-year lease with options in the 15-story office building. Richard Charles from CBRE acted as broker, working with Brendan Berg- er of The Berger Organization, a privately owned diversified real estate company based in Newark. The Berger Organiza- tion owns and manages a port- folio of more than two million s/f of space in northern New Jersey and New York City. According to Brendan Berg- er, demolition is underway and the company is currently NEWARK, DE — Sun- dance Real Estate Advi- sors , in continuing with their successful small space pro- gram, Shelbourne Univer- sity announced the following leases aimed at housing tech- nology companies, nonprofit organizations, and tenants seeking micro offices at Uni- versity Office Plaza. Blue Collar Technologies, D&J Technologies, and Hong Teng
WeissRealtyarranges16,025 s/f medical office leases
10 Shurs Lane
This move demonstrates a ten- year commitment to growth and talent development in the Manayunk neighborhood, all in what Muhlenhaupt is call- ing “our pursuit of brilliance." Adam Muhlenhaupt, principal and COO, shares "It's a big expansion for us. We're being opportunistic and aggressive
with our growth in 2018 and beyond. Our idea is to continue to attract the top creative and strategic talent our city has to offer in our cozy neighborhood of Manayunk." Beacon Commercial Real Estate, LLC – Jim DiBianca (landlord) was the broker in the transaction. n business district. Full tenancy is expected at the beginning of the summer. The NJ Insurance Under- writing Association was cre- ated by the Legislature of New Jersey in 1968 to provide essential property insurance to any person unable to obtain insurance from a voluntary company. “NJIUA has been an estab- lished presence in the neigh- borhood for decades, and it was important to the team there to find space close by, that offered the flexibility they sought,” said Berger. “We are looking forward to working with Steven Mutterperl, president of the Association, and his team, to develop an exciting new space at 570 Broad. I think they will be very happy with the change.” n Sundance Real Estate Advi- sors has also signed Hand-In- Hand Counseling and Global Counseling as well as B&N Accounting, Winston Deleon, and Trius Trucking. Addition- ally, the property continues to lease micro offices through their small space program - newly built turnkey suites ranging in size from 250 s/f to 20,000 s/f. n
The Berger Organization leases 7,500 s/f at 570 Broad St. in Newark, New Jersey
William Koggan & Thomas DiNorscio join Bussel Realty
570 Broad St.
working with its architect on plans for NJIUA’s new space, which will occupy half a floor in the 200,000 s/f building located in the city’s central
Sundance Real Estate Advisors declares leasing activity at University Office Plaza in Newark, Delaware the property.
visory assignments, as well as investment sales transactions. Previously he had been at Ack- man Ziff since 2013 where he worked on more than $1 bil- lion of transaction volume of multifamily, hotel, industrial, and retail asset joint ventures, acquisitions, and refinances. n BlueGate hires Schulder as amanaging dir.
University Office Plaza
all signed new leases bolster- ing the technology presence atPage 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52 Page 53 Page 54 Page 55 Page 56 Page 57 Page 58 Page 59 Page 60
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