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Including a 417,000 s/f property owned by Whitesell in Florence G.S. Wilcox & Co. closes $170 million with Thrivent Financial
ISSUE HIGHLIGHTS Volume 31, Issue 2 Jan. 25 - Feb. 7, 2019 SPOTLIGHTS ECONOMIC DEVELOPEMENT Section C
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flex property located in Wall Township. “Thrivent Financial, located in Minneapolis, Minnesota, has a commercial mortgage loan portfolio of $8 billion. We have enjoyed working with their dedicated team for over two decades. Their flexibility and aggressive terms put them in front of the competition on an ongoing basis,” said president Gretchen Wilcox in a pre- pared statement. Founded in 1994 by Gretchen Wilcox, G.S. Wilcox & Co. is a leader in the commercial real estate investment banking in- dustry. They provide debt and equity solutions to developers, real estate private equity firms, institutional investors, and other owners of commercial real estate. The company is based in Morristown, New Jersey and will be celebrating its 25th year in business in 2019. tenant relations, leasing and construction. Gensler was selected as project architect, led by Dana Nalbantian . Rebranding and marketing assistance will be provided by Real Estate Arts , led by Michael Goodgold . “We are excited to be part of this incredible teamwhose focus is to create a unique and inviting experience for tenants and visitors at the Gateway Center and bring the Gateway Center back to prominence in Newark.” added Blake Goodman , executive vice president at JLL . JLL’s capital markets group led by managing di- rectors Thomas Walsh and Joseph Garibaldi served as investment sale broker in the transaction. “Well-capi- talized and united ownership will provide the key ingredi- ents in the Gateway Complex reclaiming its reputation as one of the best transit-ori- ented office portfolios in the Northeast.” said Walsh.
EW JERSEY — G.S. Wilcox & Co. recently closed $170 million of
apartment and warehouse loans through their exclusive cor- respondent, Thrivent Finan- cial . Two apartment transac- tions totaled $100 million. One was for a 280 unit apartment complex called Vermella West, a Russo development located in Kearny, and the other was for The Winston, a Petrucci/Man- delbaum apartment project with 218 units located in Lynd- hurst. Both of these loans were take outs of construction loans and priced very aggressively. Another roughly $80 million was placed on five warehouse properties located throughout New Jersey. The properties were a 417,000 s/f property owned by Whitesell in Flor- ence; three buildings total- ing approximately 400,000 s/f owned by Adler Develop- NEWARK, NJ —The joint venture between Garrison Investment Group, Axo- nic Capital LLC, Taconic Capital Advisors and Onyx Equities, LLC is proud to announce its acquisition of One, Two and Four Gateway Center in Newark. Pruden- tial Financial, who has held its global headquarters in Newark since its founding more than 140 years ago,
FORECAST Section D
Vermella West
2019 MAREJ EVENTS
Whitesell Warehouse, Florence, NJ
Parks; a 61,000 s/f warehouse owned by Hartz Mountain Industries ; and a 128,000 s/f
ment ; a 340,900 s/f building located in South Brunswick owned by Forsgate Industrial
February 7, 2019 5th Annual New Jersey Industrial Conference March 26 2019 5th Annual Philadelphia Industrial Conference March 27, 2019 Delaware Real Estate Forecast Conference For speaking and sponsorship information, please contact: Lea at 781-740-2900 or lea@marejournal.com
Garrison Investment Group, Axonic Capital, Taconic Capital Advisors and Onyx Equities acquire 1.6M s/f
traverse the 1,400 linear foot Concourse each week, includ- ing PATH, NJ Transit and Amtrak commuters, Gate- way employees, neighboring employees, visiting clientele, Prudential Center specta- tors, as well as students from New Jersey Institute of Tech- nology, Rutgers University Newark and Seton Hall. New ownership believes the improvement plan will reinvent the Concourse as a destination, and spur signifi- cant demand from retailers and corporate office users who prioritize access to tran- sit and a talented, diverse workforce. “We echo Onyx’s excite- ment regarding the Gateway Center acquisition” added Eric Rosenthal , manag- ing director of Garrison In- vestment Group. “We look forward to contributing to Newark’s positive momen- tum while repositioning the iconic campus.” Onyx Equities will serve as the operating arm, overseeing asset and property management,
Directory Shopping Centers.............................................5-14A Business Card/Billboard Directory.......................15A Organization Events Calendar..............................16A Owners, Developers & Managers............... Section B Economic Development. ............................ Section C Forecast..................................................... Section D www.marejournal.com
will participate as a co-in- vestment partner. This 1.6 million s/f transaction rep- resents New Jersey’s largest office deal of 2018. The partnership has ag- gregated the first majority interest in Gateway Center’s recent history. New owner- ship intends to execute a multi-million dollar modern- ization plan, predicated on creating a more vibrant retail concourse. 60,000 people One, Two & Four Gateway Center
Inside Cover A — January 25 - February 7, 2019 — M id A tlantic
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Self Storage A new face for vacant
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Contact Ignarri Lummis Architects for all of your architectural needs.
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Retail • Commercial • Self Storage • Automotive Medical • Dental • Industrial • Multi-Family
Real Estate Journal — January 25 - February 7, 2019 — 1A
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Creating greater wealth for our clients by achieving better results.
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Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States specializing in the sale of single tenant net-lease assets and retail shopping centers. We have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. We have a dedicated buy side desk that provides real time inventory and market data to each individual client placing capital or fulfilling a 1031 exchange requirement. The firm is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.
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Main: 781-776-4000 | Fax: 781-823-0245 | info@horvathtremblay.com
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M id A tlantic R eal E state J ournal Publisher, Conference Producer . .............Linda Christman AVP, Conference Producer ...........................Lea Christman Account Executive ........................................Joe Christman Account Executive ........................................... Steve Kelley Account Executive ............................................. Kim Brunet Account Executive ........................................ Marisol Chase Account Executive .........................................Alyson Parker Senior Editor/Graphic Artist ..........................Karen Vachon Office Manager ...............................................Kerrin Devine Mid Atlantic R eal E state J ournal ~ Published Semi-Monthly Periodicals postage paid at Hingham, 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. 31, Issue 2 Subscription rates: $99 - one year, $148 - 3 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
M id A tlantic Real Estate Journal
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Peter Gallicchio
B RANCHBURG, NJ — Peter Gallicchio presi- dent of Somerset, NJ based Remco Realty Group has announced that the firm recently sold a single tenant net leased Industrial property located at 335 Chambers Brook Rd. to a New Jersey based investment group. The sale involved a six year old 19,890 s/f industrial building that sits on 1.5 acres and features 26’clear ceilings, 2 loading docks, one drive-in door and 6,500 s/f of two story office space. This marks the sixth industrial building that Remco has sold in Branchburg over the past four years! The property is located in the Branchburg Business Park, mid- way between the Lehigh Valley Industrial Hub in Pennsylvania and Ports Newark and Elizabeth in New Jersey. Branchburg is home to such well known companies as; Amne- al Pharmaceuticals, Agfa Corp., Acorn Display, Biosearch Medi- cal, Beumer Corp., Bio-Connexx, Century Labs, Chubb Insurance, DA Marketing, Falcon Safety, FedEx, GE Power Systems, Hage- lin & Co, Hydromer Inc, Imclone Systems, Intermex of America,
781.740.2900
lea@marejournal.com
real estate auctions
New Jersey Vacant Bank Buildings Auctions Tuesday February 19
335 Chambers Brook Rd.
BURLINGTON, NJ • 322 High St & 323 Wood St 4,600+/- sf three-story building on 1.535+/- ac with frontage on High Street and parking in rear. Close to US-130 and NJ-413. Additionally, there is an off-site brick single story drive-through bank building with approximate 500+/- sf. This building includes two ATM/drive-through lanes on north & south sides of building. Auctions: 10am, Tue Feb 19 on site 4,400+/ sf two-story downtown commercial building with highway NJ-50 frontage and convenient proximity to US 40. Includes vault, open office, private office space, conference rooms, break room, ATM room and bathroom. Also included are two covered drive-thru teller lanes and one walk-up ATM location. Auctions: 1pm, Tue Feb 19 on site 8,500+/- sf two-story downtown building, convenient to the New Jersey Turnpike, I-295 & Hwy 322. Corner building with great curb appeal for retail or business service use. Includes open office space, conference room, small meeting rooms, and safety deposit vault. Auctions: 3:30pm, Tue Feb 19 SWEDESBORO, NJ • 1427 Kings Hwy MAYS LANDING, NJ • 115 Route 50
Kinedyne Corp., Kinetics Sys- tems, Life Cell Corp., Merck & Co, Power Integrations, Phar- max Group, Symrise Inc, Shuutz Container, Tekni-Plex Films,
Trimline Medical, Viva Optique, Voltaix, and Zeus Scientific just to name a few. Remco represented the 1031 ex- change buyer in this transaction.
Remco Realty Group 370 Campus Drive, Suite 128 Somerset, NJ 08873 T: 732-253-0888
322 High St & 323 Wood St, Burlington
For Sale: SomerSet, NJ Remco Realty Group’s President, Peter Gallicchio is pleased to announce the firm’s recent appointment as exclusive marketing agent for this free-standing 25,000 SF commercial building located next to a 6 month old Super Wawa Gas/Convenience Center. The property, which is being offered for sale, features 125’ of Route 27 frontage, highway signage, and 2.7 acres of land for future expansion. The immediate trade area, which located just minutes from downtown New Brunswick, is going through various phases of re-development, with several multi-family projects being completed, as well as large scale downtown medical and commercial projects in the planning stage. The site benefits from its immediate access to Rtes. 1, 9, 18, 130, I-287, NJ Tpke. and the Garden State Pkwy. Trade area demographics include a population of over 265,000 within a 5 mile radius earning over $98,000 of median household income. The property is zoned (GB) general business which allows for most retail, medical and professional uses. Ideal Uses include: Appliances, kitchen & bath, pools & patio, flooring & tile, HVAC, plumbing, building & electrical suppliers, furniture, sporting goods, equipment rental, lighting showroom, fitness, hardware, surgical supplies, home improvements & furnishings, printing & publishing, offices, education, etc.
115 Route 50, Mays Landing
1427 Kings Hwy, Swedesboro
Open Public Inspections: 11-2pm Fri Feb 1 & 15 All Sell Without Reserve
NJ PETER COSTANZO AUCTIONEERS, INC. PETER COSTANZO, BROKER (732) 776-7222 BUYER’S PREMIUM (BUYER’S FEE IN WI) MAY APPLY. 800.801.8003 • williams auction .com/Surplus
Mid Atlantic Real Estate Journal 4 x 8.25
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M id A tlantic R eal E state J ournal
6 Real Estate Advisors (B6) launched last July with a unique foun- Company expanding New Jersey team in 2019! Why B6 Real Estate Advisors is distinct from other commercial brokerage companies B that our professionals are positioned to offer strategic real estate solutions. spend a brief amount of time at B6 and they will experi- ence it firsthand.
making process. We only represent owners so there is never a conflict of interest. Our objectives are always aligned with the entities we represent. This is a fundamental guideline that differentiates us from our competitors, as well. We want our professionals to provide the best resources to our clients, so we support them through our team of data engineers who have de- veloped proprietary software which compiles unique and third-party data and delivers it through a fully customized
and integrated platform that makes it easy for our profes- sionals to review, analyze and communicate. We have created portals, dashboards and reports to keep our cli- ents aware of market trends, relevant statistical informa- tion and informed regarding the status of their property, at all times. The transpar- ency of this information and speed to which it can be delivered has been received exceptionally well by our clients. The overall market is very fragmented and our technology platform ensures
dation based on our com- bined years of knowledge and diverse experience in the industry. We are look- ing forward to the chal-
We know that achieving great results requires hav- ing a vision and the deter- mination and commitment to seeing the vision through to the end. We are off to a phenomenal start and are looking forward to 2019 and beyond! David A. Simon is B6 Real Estate Advisors’ executive managing di- rector of New Jersey op- erations and a partner of the firm.
Many companies empha- size the importance of culture and clearly people are driven to work at firms where they feel there is comradery and support. We work as a team and go out of our way to help each other succeed. There is a true sense within our firm of doing things for the greater good. I always invite people to stop into our office at any time, without notice. Rather than talk about being collab- orative, all they need to do is
David A. Simon
lenges and opportunities that lie ahead for our firm this year. Through our team of pro- fessionals, we will confidently provide guidance and direc- tion to our clients enabling them to meet and exceed their real estate objectives. As a newly formed com- mercial real estate company, people often ask me – how is B6 different from its compet- itors? There are several key elements that distinguish us from other firms. Everything we have done to build our company is based around one core principle – helping our clients succeed. By put- ting the right people and systems in place to achieve this goal, everything else will follow. We are currently in the process of growing our New Jersey team. Our model is distinct because we incor- porate a methodical and systematic approach. We have found that integrating the proper amount of struc- ture allows entrepreneurial individuals, within in our industry, to thrive. It’s a bal- ance that, when perfected, creates exceptional results and has proven successful in the past. In New Jersey, we are initially concentrating on a geographic footprint that consists of six counties in- cluding; Middlesex, Union, Essex, Hudson, Bergen and Passaic. The professionals we hire will offer investment sales and capital advisory services to owners through- out this area. The cornerstone of our model is that we utilize a “Territory Network” strat- egy. This means that our investment sales and capital advisory professionals spe- cialize in a specific market or territory. This focus enables our professionals to provide unparalleled local market knowledge and benefits our clients in their decision-
4A — January 25 - February 7, 2019 — M id A tlantic
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M id A tlantic R eal E state J ournal Only 18 properties worldwide and the only U.S. REIT owned and developed LEED for Neighborhood Development Gold Certification granted to Federal Realty's Pike &Rose
ORTH BETHESDA, MD — Federal Real- ty Investment Trust recently announced that its 24- acre mixed-use development in North Bethesda, Pike & Rose, has achieved LEED for Neigh- borhood Development (LEED ND) v2009 Stage 3 Gold certi- fication under the U.S. Green Building Council's LEED rating system. LEED ND was engineered to inspire and help create better, more sustain- able, well-connected neighbor- hoods. The certification looks beyond the scale of buildings to consider entire communities. Pike &Rose is the only LEED ND Stage 3 certified project owned and developed by a U.S. REIT and one of only 10 LEED ND Stage 3-certified projects in the U.S. as well as only 18 worldwide. Pike &Rose is a transit-oriented develop- ment located 6 miles north of Washington, D.C. The project comprises 379,000 s/f of retail, 765 apartment units, 99 con- dos atop a 177-key hotel, and 80,000 s/f class A office building with an additional 212,000 s/f of office under development. N
and the environment, which are all critical components to long-term success." Further evidence of Federal Realty's commitment to sus- tainability initiatives include: Federal Realty completed its annual sustainability re- porting through the Global Real Estate Sustainability Benchmark (GRESB) and was awarded a Green Star recog- nition with 4 out of 5 stars. The Trust ranked first among its peers in the Health and Wellness category. In addi- tion, Federal Realty reduced energy consumption by 11.4% year-over-year which is enough energy to power 643 homes for a year. The Trust also reduced water consumption by 3% year- over-year which equates to 7.7 million gallons of water. Federal Realty was recog- nized as a Green Lease Leader Gold by the Institute for Market Transformation and the U.S. Department of Energy (DOE)'s Better Buildings Alliance for high-performance leasing prac- tices which drive shared energy savings and sustainability ben- efits in buildings.
Pike & Rose
The neighborhood is also home to one of the Mid-Atlantic's largest rooftop farms, a 17,000 s/f green space above a residen- tial building which produces fruits and vegetables that are sold directly to tenants on site, local farmers markets, and neighboring restaurants on the
property. "Earning this important certification demonstrates Federal Realty's commitment to improving performance and creating a more resilient and sustainable future by minimiz- ing our environmental foot- print through energy and re-
source-efficient buildings," said Ronald Becker, CRX, CSM , director, National Property Operations & Sustainability. "As leaders in the industry, we believe we have a responsibil- ity and an opportunity to posi- tively impact our communities, employees, investors, tenants
.
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Early Bird Rate $109 Regular Rate $129 Walk - In Rate $159
Registration 7:30 AM Program 8:00 – Noon 120 S Wood Ave, Iselin, NJ 08830
Some of our confirmed speakers
The Real Estate professionals at Sax understand what it takes to achieve profitability, growth and long-term success. We leverage our industry expertise to advise real estate owners, developers, investors and family-owned businesses on the best ways to face industry challenges, stay compliant, seize new opportunities and reach their financial goals. Lean on the strength and knowledge of Sax’s Real Estate industry advisors to exceed even your own expectations. LEARN MORE AT SAXLLP.COM.
Mayor John E. McCormac Town Of Woodbridge
Ann Strauss Director Freight Planning North Jersey Transportation Planning Authority
Alan Lambiase Director of Sales and Leasing River Terminal Development Co.
Robert Sobol Manager Client Services Brinkerhoff Environmental Services, Inc.
Jose Cruz Senior Managing Director HFF
Some of last years attendees
SPECIALIZED SERVICES INCLUDE:
Alliant Insurance Services Inc Alston Construction Altus Group Apex Companies LLC Atlantic Real Estate Services Avison Young BB&T Bentall Kennedy Bergman Real Estate Group BND Holdings Bowman Consulting Bridge Development Partners Brinkerhoff Environmental Services Caldwell Banker Commercial Capodagli Property Company Caryl Communications CBRE, Inc. CenterPoint Properies CFO Consulting Partners LLC Choose New Jersey, Inc Coldwell Banker Commercial NRT Colliers International Columbia Bank Cooney Bovasso Realty Advisors, Inc.
CRC New York Crump Insurance Brokers Cushman & Wakefield Duke Realty EAI, Inc EDiS Building Systems EisnerAmper Elberon Development Endurance Real Estate Group LLC Equity Environmental Engineering LLC EWMA Excel Environmental Resources, Inc. Fidelity National Title Group First American Title Insurance Company Fortune Groupææ Four Springs Capital Trust Frazier Industrial G William Group LLC Geographic Services, Inc. Geo-Technology Associates Gerard Construction Corp GM Realty Advisors Inc GMH Capital Partner Greenbaum, Rowe, Smith & Davis LLP
Meridian Capital Group Mid Atlantic Real Estate Journal Miller Remick, LLC NAI James E. Hanson New Jersey’s Clean Energy Program Newark CEDC Newmark Associates NKGF North Jersey Transportation NYNJ Port Authority Office of Clean Energy PARS Environmental Inc. Pennoni Port Dept at Port Authority of NY & NJ Premier Energy Group Principal Bridge Development Partners Procida Funding and Advisors Prologis Public Sewer Service Quality 1st Contracting, Inc. R&J Strategic Communications ReadyCap Lending Riker Danzig Scherer Hyland & Perretti LLP River Terminal Development Co.
Gruskin Group GZA GeoEnvironmental, Inc. HAKS Headzup Inc Helix Investments Helix Real Estate, LLC Heller Industrial Park HFF Hydrotechnology Consultants, Inc.
› Tax Structuring and Compliance › Cost Segregation › 1031 Tax-Free Exchange Planning › Estate Planning & Wealth Transfer › Feasibility Studies › Loan and Mortgage Restructuring
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Impact Environmental J.G. Petrucci Co. Inc. Jarmel Kizel Architects and Engineers JLL JPH Realty Advisors, LLC Langan Engineering and Environmental Services Lee & Associates Levine Capital Management, LLC Liberty Property Trust M&T Bank March Associates Construction Inc.. Master form Mayor of Woodbridge
Clifton , NJ 973.472.6250 › Pennington , NJ 609.737.6600 New York , NY 212.661.8640 › saxllp.com
McGowan Corporate RE Advisors meadowlands appraisal compnay
Register today at www.marejournal.com or e-mail lchristman@marejournal.com
S hopping C enters
Real Estate Journal — Shopping Centers — January 25 - February 7, 2019 — 5A
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INSTON-SALEM, NC — The Bedrin Organization con- 82,617 s/f center closes for $7 million New Jersey's Bedrin Organization adds to its real estate portfolio in Piedmont Triad W
“This new strategic partner- ship with Bedrin is significant because it will open up capital for Bedrin and allow us to target opportunities in the greater Piedmont Triad area,” said Karim Demirdache , who leads KVRC’s invest- ment team. “Collectively, the partnership will now have the ability to underwrite both debt and equity deals including turnarounds and repositioning opportunities and we want to hear from brokers and prop- erty owners who are interested in doing business with us.” Club Haven is anchored by an Ollie’s Bargain Out- let and includes Tru Tae- kwando, A Cleaner World, Burn Bootcamp, China Wok, Kiro Restaurant, Dancer’s Edge, Ten Little Monkeys, Edward Jones, 2Fierce Dance- wear, Champney, TJ’s Deli, TJ’s Deli, TJ’s Ice Cream, C.Cravens & Co., Harmony Day Spa, and Play It Again Sports. In addition, T.J.’s is planning to expand into a va- cant space next door.
tinues to invest in the Pied- mont Triad, with the purchase of Club Haven, a retail and service center at the inter- section of Country Club and Peace Haven roads, from Club Haven Investments Co. LLC, which is controlled by Hal Mc- Coy of Pinehurst-based HBM Management . The sale of the 82,617 s/f center closed Thursday, Jan. 10. The property, which sold for $7 million, has 21 retail spaces and two vacancies. Berkeley Capital was the selling broker, the leasing broker is Meridian Realty , with property management by Meridian and the Bedrin Organization . The purchase brings to ten the number of properties that the Glen Rock,NJ-based and family owned commercial real estate company has acquired in the Piedmont Triad. As with the purchases of Gate City Shopping Center last June and PARAMUS, NJ — Cush- man & Wakefield arranged the December sale of Paramus Junction, a fully leased, gro- cery-anchored shopping center in the heart of New Jersey’s iconic Bergen County retail corridor. Deka Immobilien GmBH, advised by Madison Marquette , purchased the 75,000 s/f asset from a joint venture of Invesco Real Estate , a global real estate investment manager, and Advance Realty . Cushman & Wakefield’s New Jersey capital markets team represented the seller and procured the buyer, led by investment sales specialists Andrew Merin, David Ber- nhaut, Gary Gabriel, Brian Whitmer and Kubby Tischler. Paramus Junction is fully occupied by the Asian grocer H Mart, DSW and PetSmart. It is shadow anchored by a BJ’s Wholesale Club. Located at 60 North Route 17 in Paramus,
Club Haven
Hunt Village at Sedgefield last August, both of which are in Greensboro near residential areas and adjacent to high traffic corridors, the appeal of Club Haven is in its location. Garret Bedrin , who over- sees acquisitions, leasing and investor relations for his fam- ily’s company, said that Club Haven benefits by its prox- imity to Brookberry Farms, high traffic counts on Country
Club Road and its tenant mix, which offers consumers a va- riety of goods and services in one destination. “This acquisition is a further sign of our commitment to the Piedmont Triad community,” said Bedrin. “We plan to con- tinue searching out properties inWinston-Salem, Greensboro and High Point and the sur- rounding areas that represent solid investments for our com-
pany, while at the same time, providing places for local busi- nesses to thrive and grow.” The purchase marks the first time that the Bedrin Organization has partnered for investment purposes with Kohlberg Ventures Re- alty Capital LLC (KVRC) , a New York-based privately held real estate investment management company with discretionary capital.
Cushman & Wakefield arranges 75k s/f sale of grocery-anchored Paramus Junction on behalf of Invesco Real Estate/Advance Realty
Paramus Junction
the center sits near the heavily traveled crossroads of routes 4 and 17, directly across from the Garden State Plaza – one of the country’s top perform- ing malls. “This property offers an ideal e-commerce resistant tenant mix in an irreplace- able location,” Whitmer said. “Paramus is the region’s best- performing retail submarket,
housing five regional malls and a ‘who’s who’ of national brands. Paramus Junction has a history of consistently remaining fully occupied since its completion in 1992, making it a prime investment target.” Gabriel noted that the Para- mus Junction offering drew significant attention. “With in- frequent institutional-quality transactions in this highly
sought after retail submarket, we saw interest from a large and diverse pool of buyers, in- cluding institutional, private, and international players,” he noted. “The center is a great example of a successful repo- sitioning by the seller, in turn making it the right fit for the investment profile of the buy- er. Both parties understand- ing the merits of the incredible
location and tenancy.” Peter Jun , Madison Mar- quette’s senior managing di- rector and head of global in- vestments, also commented, “We are delighted to have worked with Deka on this transaction, as we continue to seek more well-performing and strategically located prop- erties together as strategic partners.”
6A — January 25 - February 7, 2019 — Shopping Centers — M id A tlantic
Real Estate Journal
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S hopping C enters By Brandon Anapol, Metro Commercial How retailers can overcome restrictive covenants in shopping centers: Part 1
retail apoca- l y p s e i s a myth, there i s , in fac t , an evolution taking place. This evolu- tion extends beyond the headlines and W
e all know that the retail landscape is changing. While the
enants, are now finding them- selves located next to empty boxes but are often hesitant to grant waivers. Meanwhile, landlords, who are typically caught in the middle, are find- ing their bottom line taking a hit as their boxes remain va- cant while their largest tenants hold out. While the situation may seem complex, there is one way for prospective retail- ers to simplify it…demonstrate what’s in it for them. All roads lead back to, “What’s in it for me?” While it may seem that land- lords have the most to lose, the truth is, all parties will miss out on mutually beneficial opportunities. So, what is the solution? Surprisingly, it’s you, the prospective tenant, and your leasing representative who may be the key to getting the deal done. You know something that the other two parties don’t--what not having you as a tenant in their center may cost them. While you may not have exact revenue numbers, if the center’s target demographics align with yours, it’s likely a match and there will be op- portunities for cross-shopping, traffic growth, and greater stability. Don’t let your perfect site and growth opportunity be blocked. Make sure your leasing broker is taking the following proactive measures to secure your space. Educate the landlord on what you bring to the table ● Create a customer profile ─ Develop a detailed profile of your customers. Are your
customers soccer moms with an average of two kids or are they affluent professionals spending $180 a month in boutique fit- ness services? ─ Demonstrate how your customers are a match and can benefit the center and its anchor tenants. ● Dive into traffic numbers ─ Show how the incremen- tal traffic you will bring to the center could be a boost for them by providing projected numbers, flow, and patterns. For example, fitness centers should be sure to specify that their peak hours of operation don’t typically conflict with the busiest times for prototypi- cal retailers. In fact, in many cases, they bring off-peak, incremental traffic. ● Spell-out the opportunity ─ Identify potential for cross- shopping, incremental traffic, and revenue. While the oppor- tunity may be clear for you, it’s essential to show the landlord, the center, and the existing tenants the potential benefits -- what’s in it for them. ─ Demonstrate how your presence will benefit their bot- tom line, growth prospects, and stability. New challenges will continue to rise for retailers, but main- taining a physical presence is still key to thriving in today’s market. Check back in the February 22 issue for more on how you can help conquer restrictive covenants at shop- ping centers. Brandon Anapol is se- nior vice president of bro- kerage services, Metro Commercial.
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Brandon Anapol
is having a real impact on the ground. Multi-tenant property owners, national operators, and emerging non-traditional businesses are facing new challenges in their day-to-day operations. Big-box retailers are closing, leaving empty spaces behind. New consumer trends are taking shape, catching many off-guard. Live-work-play is a popular trend among con- sumers and spaces are shape- shifting to meet that demand. New non-traditional operators with high growth potential are emerging but are facing challenges in securing space within shopping centers. One of the biggest challenges many landlords are facing is the restrictive covenants present in retail centers that exclude “non-traditional” tenants such as fitness and family entertain- ment centers. These covenants are now restricting opportuni- ties for emerging non-tradition- al operators to occupy ”big-box” space left vacant by anchor and junior anchor retailers. This presents roadblocks in their quest to secure the right space. Many national opera- tors, accustomed to these cov-
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Real Estate Journal — January 25 - February 7, 2019 — 7A
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8A — January 25 - February 7, 2019 — Shopping Centers — M id A tlantic
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S hopping C enters Company promotes Burke, Feinberg, Tetreault, Quigley and Joyce
Wilder announces staff promotions
B
Wilder’s growing retail/mixed- use portfolio. Burke joined the company in 2006 as a Proj-
tor, retail leasing. Feinberg’s leasing focus is on specialty centers and mixed-use de- velopments throughout the Wilder portfolio. He joined the company in 2010 as an intern and rapidly developed a complete understanding of not only leasing strategies but how to complete a deal in today’s challenging retail environment. Feinberg is an active member of the ICSC. • Amy Tetreault to se- nior asset manager. Tetreault provides financial and opera- tional oversight for 1.3 million square feet of properties in- cluding retail, office and ga-
rage assets. She serves as the primary liaison to clients and owners regarding property op- erations and finances. Prior to joining the company in 2013, Tetreault spent nearly seven years at Samuels & Associates where she started as a Leasing Analyst and through several promotions became a regional general manager. • Paige Quigley to senior asset manager. Part of Wild- er’s property management team since 2007, Quigley over- sees financial and operational management for properties throughout a five-state area. She serves as the primary
liaison to clients and owners regarding property operations and finances. Prior to joining Wilder, Quigley worked for The Flatley Companies. In ad- dition to her shopping center experience she brings exten- sive knowledge and insight to her position as a former business owner and economic development director. • Matt Joyce to asset man- ager. Joyce joined Wilder in 2011 as a property manager, bringing several years of ex- perience in managing retail, office, industrial and mixed- use assets. His responsibilities for Wilder include managing centers from the Boston area to Connecticut. He joined the company from KeyPoint Partners and prior to that was an asset manager with KS Partners, LLC in Woburn, Massachusetts. Joyce is an active member of the ICSC and BOMA. “At Wilder we recognize our employees as our biggest asset. By promoting great tal- ent from within we are proud to continue building what we believe is one of the industry’s topmanagement, development and leasing teams," said Tom Wilder , principal. ROCK Commercial Real Estate inks $475k retail sale YORK, PA — ROCK Com- mercial Real Estate recently completed the following trans- actions: • Cleaning Solutions I pur- chased a commercial prop- erty at 109 East Main St. in Windsor from Jay W. & Lisa J. Zortman for $153,500. John Birkeland , of ROCK Commercial Real Estate, rep- resented the seller in the transaction. • ColeCo PA Holdings LLC purchased a retail property at 1169 Eichelberger St. in Ha- nover from Dennis J. & Karen L. Axline. for $475,000. David Bode and Heather Kreiger , of ROCK Commercial Real Estate, represented the seller in the transaction. • Margetas Legal, LLC pur- chased a commercial property at 1815 West Market St. in York from Darren A. & Stella F. Surdich for $110,000. Ted Turnbull, Jason Turnbull and Ben Bode, of ROCK Com- mercial Real Estate, brokered the transaction.
OSTON, MA — Wild- er, a national retail real estate develop-
ect Manager. With experi- ence in both pub l i c and private sec- tors as well as the service and c l i en t sides, Burke brings a vast
ment, man- agement and leasing firm announc ed that the fol- lowing em- ployees have recently been promoted: • K e l l i
Kelli Burke
Ryan Feinberg
amount of experience to Wild- er’s development department. Burke is a graduate of Worces- ter Polytechnic Institute with a degree in Civil Engineering. • Ryan Feinberg to direc-
Burke to senior vice presi- dent, development services. In this capacity Burke will continue to oversee the devel- opment, permitting, design and construction activities for
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Real Estate Journal — January 25 - February 7, 2019 — 9A
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M id A tlantic
Seeing people move in and use the spaces we’ve built - that makes everything worth it.
Kaitlin Project Manager
BUILDERS MASTER
kinsleyconstruction.com
10A — January 25 - February 7, 2019 — Shopping Centers — M id A tlantic
Real Estate Journal
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S hopping C enters
Coach’s Corner: Top 3 ways to elevate your CRE career in 2019
The Quarter features 30,600 s/f of commercial space Vocon completes design of Snavely Group mixed dev.
mercial real estate. The more you can connect the dots and understand how all the pieces fit together the more valuable you are and the better you can do your job. From salespeople, to lenders, to title folks, to engineers, to environmental experts there are a significant amount of sectors that touch commercial real estate. Once a month go to lunch with people in different disciplines to find out what is going on in their world. 3. Strengthen the non- technical skills. In many industries employ- ees focus on enhancing tech- nical skills in that discipline. Those are the primary skills that are part of the job descrip- tion. The differentiators are the soft skills. Public speak- ing, goal setting, or creative thinking are some soft skills that are non-specific to any one role, but typically help in every role. Christopher Ressa, CLS is Executive Vice President & Chief Operating Officer at DLC. Kislak sells and leases historic restaurant and tavern SOUTH ORANGE, NJ — The Kislak Company, Inc. announced the recent sale and lease of the former South Mountain Tavern, a historic restaurant and tavern space in downtown South Orange. The sale price for the proper- ty and a liquor license was $2.8 million. Terms of the related lease were not disclosed. Kislak marketed the 10,000 s/f property on an exclusive basis on behalf of the seller, 37 BBJN, LLC, with senior vice president Joni Sweetwood handling the assignment. Se- nior vice president Scott Da- vidovic represented the pur- chaser, B&D Holdings, LLC, a longtime Kislak client. In order to facilitate the sale of the property, Sweetwood also procured The Fox & Falcon as a tenant for the restaurant and tavern space. The Fox & Falcon is the latest project of renowned restaurateur and South Orange resident DavidMassoni, featur- ing elevated American cuisine, an inviting and open atmo- sphere and artisanal cocktails. The property is located in the heart of downtown South Orange across from the train station among many new and planned multifamily and mixed-used developments.
1. Hit the road. Commercial real estate is a tangible asset class. While
techno l ogy has enabled us to do our jobs better there is no s ub s t i t u t e for being at properties in person. No matter your
LEVELAND, OH — Vocon provided archi- tectural and interior design services for The Quarter, a five-story, 270,400 s/f, mixed- use building in Cleveland’s Ohio City neighborhood. The Snavely Group , a Chagrin Falls-based construction and real estate group, completed construction of the mixed-use project in July 2018. The Quarter features 30,600 s/f of commercial space and 194 rental apartments. Located on the corner of Detroit Ave. and West 25th St., the property fea- tures sweeping views of down- town Cleveland, Ohio City and C
Chris Ressa
role in commercial real estate you learn more, have a greater understanding of markets, and most importantly are inspired with new ideas when you are in the field. 2. Connect with people outside of your discipline. There are vo luminous amounts of disciplines in com-
The Quarter
Lake Erie. The ground floor of the building houses several lo-
cal businesses, including a gro- cery store and a music school.
Real Estate Journal — January 25 - February 7, 2019 — 11A
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M id A tlantic
MARYLAND'S & VIRGINIA'S TOP POWER CENTER LIST
GROSS LEASABLE AREA BY S/F
YEAR OPENED
ADDRESS POWER CENTER name • address
PROFILE • stores • parking
ANCHORS
OWNER
DESC. S/L PG GENERAL MANAGER • name • phone
SELLER/ OWNER/ LESSOR
REP. OF SELLER/ LESSOR
BUYER/ TENANT/ LESSEE
REP. OF TENANT/ BUYER
PROPERTY
NAME
PRICE
SIZE
1 2 3 4 5
1,000,000
52 5200
1993
Fair Lakes Center Fair Lakes Pkwy. & Fair Lakes Cir. Fairfax, VA 22033 White Oak Village S. Labumum Ave. & Audubon Dr. Richmond, VA 23231 Milestone Center Crnr. Rte. 355 & Shakespeare Blvd. Germantown, MD 20876 Dulles Town Crossing Atlantic Blvd. & Nokes Blvd. Sterling, VA 20166 Dulles Landing Shopping Center Rte. 50 & Rte. 606 Dulles, VA 20166 Stafford Marketplace Rte. 610 @ I-95 Stafford, VA 22556 Towne Square Towne Sq. Blvd. & Airport Rd. Roanoke, VA 24012 Towson Place Putty Hill Rd. & Goucher Blvd. Towson, MD 21286 The Centre at Hagerstown NWC of I-81 & US Rte. 40 Hagerstown, MD 21740 Potomac Yard Retail Center US 1 & Braddock Rd. Alexandria, VA 22060 Fox Mill Centre W. Main St. &GeorgeWashington Memorial Hwy. Gloucester, VA 23061 Short Pump Village W. Broad St. & Pouncey Tract Rd. Glen Allen, VA 23060 First Colony MD Rte. 235 & MD Rte. 4 Woodbridge, VA 22192 Greenbrier MarketCenter NWCof Greenbrier & Volvo Pkwys. Chesapeake, VA 23220 Montrose Crossing SC Rockville Pike & Randolph Rd. Rockville, MD 20850 Potomac Run Plaza Cascades Pkwy. & Harry Byrd Hwy. Sterling, VA 20164 Centre At Golden Ring I-695 btwn. Rte. 40 & Rte. 7 Baltimore, MD 21237 Southdale Shopping Center Gov. Ritchie Hwy. & Mountain Rd. Glen Burnie, MD 21061 California, MD 20619 Harrisonburg Crossing I-81 & Reservoir St. Harrisonburg, VA 22801 Smoketown Station Prince William Pkwy. & Smoketown Rd.
The Peterson Companies
Betty Rose 703-227-0884 Alex Stanford 804-715-4507
Aldi, And That!, Best Buy, BJ's Wholesale Club, DSW Shoe Whse., HomeGoods, Michaels, PetSmart, Saks Fifth Avenue OFF 5 th , Target, Vacant, Vacant, Vacant 2, Walmart, World Market JCPenney, K&G Fashion Superstore, Lowe's, Michaels, OfficeMax, PetSmart, Publix, Sam's Club, Target, Vacant
62 N/A
Site Centers
955,538
2008
32 N/A
868,000
1998
The Peterson Companies
Heather Bretschger 301-203-4182
Aldi, Best Buy, Big Lots, Kohl's, Michaels, PetSmart, T.J.Maxx, Target, The Home Depot, Walmart
45 4085
808,442
2000
Kimco Realty Corporation
Debbie Keating 703-583-0071
Ashley Furniture, Bed Bath & Beyond, Best Buy, Cost Plus World Market, Ethan Allen, Lowe's, Nordstrom Rack, Sam's Club, T.J.Maxx, Value City, Walmart Bed Bath & Beyond, buybuy BABY, Dick's Sporting Goods, DSW Shoe Warehouse, Michaels, Ross Dress For Less, T.J.Maxx/ HomeGoods, Walmart Bed Bath & Beyond, Best Buy, Kohl's, Lowe's, Michaels, Party City, PetSmart, Ross Dress For Less, Shoppers Food & Pharmacy, T.J.Maxx, Target Babies R Us/Toys R Us, Bed Bath & Beyond, Burlington, DSW Shoe Warehouse, Haverty's Furniture, Marshalls, Michaels, PetSmart, T.J.Maxx, Target, Vacant, Walmart, Weis Markets 2nd & Charles, A.C. Moore, Bed Bath & Beyond, Dick's Sporting Goods, h.h. gregg, Marshalls, OfficeMax, PetSmart, The Home Depot, Walmart Supercenter Barnes & Noble, Best Buy, PetSmart, Regal Cinemas, Shoppers FoodWarehouse, Sports Authority, Staples, T.J.Maxx, Target Bed Bath & Beyond, Kroger, Lowe's, Marshalls, Michaels, OfficeMax, Petco, Ross Dress For Less, Sam's Club
56 N/A
Beatty Management Company, Inc.
800,000
2015
Ed Peters 703-964-6796
Debbie Keating 703-583-0071
6 7 8 9 10 11
42 1613
2005
741,001
Kimco Realty Corporation
685,242
Kimco Realty Corporation
Brian Redman 410-427-4434
35 1761
1956
24 2978
Kimco Realty Corporation
679,843
Matt Kells 410-427-4435
1983
666,000
35 3127
2000
Washington REIT
Tim Garber 202-774-3200
589,893
29 3625
1997
Lionstone Group
Karen Orosch 703-548-9770
570,969
55 3915
Cushman & Wakefield/ Thalhimer
David Tunnicliffe 757-873-9368
2007
Aldi, T.J.Maxx, The Home Depot, Walmart Supercenter
12 13 14 15 16 17 18 19 20
25 N/A
Cushman & Wakefield/ Thalhimer
530,849
N/A 804-648-5881
1997
Lowe's, Walmart
530,000
15 N/A
2001
Blackstone Group
N/A 212-583-5000
BJ's Wholesale Club, Giant Food, Lowe's, Michaels, Staples, Target
Jessica Hudson 573-449-8323
503,426
26 N/A
N/A
The Kroenke Group
Barnes & Noble, Bed Bath & Beyond, Best Buy, Michaels, Petco, Ross Dress For Less, Staples, The Home Depot, Walmart Supercenter 2nd & Charles, Best Buy, Chuck E. Cheese's, Dick's Sporting Goods, Dollar Tree, Hobby Lobby, LA Fitness, PetSmart
Kimco Realty Corporation
497,616
68 1472
1993
Debbie Keating 703-583-0071
493,378
38 N/A
Jeff Fritz 757-228-1840
1996
CBRE|Hampton Roads
Babies R Us, Barnes & Noble, Bed Bath & Beyond, Best Buy, Harris Teeter, PetSmart, Stein Mart, Target
Norma Selman 301-998-8100
492,000
23 1686
1962
Federal Realty Investment Trust
A.C. Moore, Barnes & Noble, Bob's Discount Furniture, Giant Food, Golf Galaxy, Marshalls, OldNavy, Target, Vacant, ValueCity Furniture
486,254
30 1604
Debbie Keating 703-583-0071
1996
Kimco Realty Corporation
Advance Auto Parts, HomeGoods, Home- Sense, Jo-Ann Fabric & Craft, Michaels, PetSmart, Ross Dress For Less, Sierra Trading Post, Target, Total Beverage
30 2314
1974
Petrie Richardson Ventures
Lynne Snyder 240-381-3784
480,000
Sam's Club, The Home Depot, Walmart
1958
479,175
40 1956
Lennett O'Neal 301-986-6008
Saul Centers
Gallo Clothing, Marshalls, Michaels, Office Depot, PetSmart, The Home Depot, The Tile Shop, Value City Furniture
Information provided by Directory of Major Malls Inc. / ShoppingCenters.com, (800)-898-6255, shoppingcenters.com. © 2019. Current as of January 14, 2019.
12A — January 25 - February 7, 2019 — M id A tlantic
Real Estate Journal
www.marejournal.com
MID-ATLANTIC RETAIL
GLA/ Acreage Anchor Tenants
Property Name
Address
City/State
Boston Rd. & Tower Farm Rd. Plain St. & Lowell Connector Medway St. & Beaver St. Potomac Ave. & Northern Ave. Liberty Rd. & Brenbrook Dr. Route 70 & N. Locust Ave. Route 440 & Goldsborough Dr.
Shops at Billerica
Billerica, MA Lowell, MA
306,876 Kmart, Burlington, Market Basket 272,142 Target, Marshall’s, Best Fitness 158,759 Stop & Shop, HomeGoods, TJ Maxx
Meadow Brook Center
Milford Crossing
Milford, MA
Long Meadow Shopping Center
Hagerstown, MD Randallstown, MD
164,293 Family Farm and Home, PA Dutch Market
Brenbrook Plaza
146,586 Home Depot
Harbor View Marketplace
Hanover, NJ Evesham, NJ Marlton, NJ Bayonne, NJ
240,627 Costco Wholesale Club
127,024 Virtua Medical Group, Children of America
Shoppes at Renaissance Square
Cedar Village Sunbird Plaza
123,593 Lowe’s
Hanover Avenue
State Hwy. 73 & Sunbird Dr.
26,041 Royal Farms
Morris Marketplace
Hanover Avenue
Morris Township, NJ
132,144 Future Development
Vacant Land
Adjacent to Foreign Trade Zone Route 18 & Foxborough Dr. Route 46 & Waterview Blvd. Springfield Ave. at Roselyn Pl. Springfield Ave. near I-78 S. Delsea Dr. (Rte. 47) & College Dr. Black Horse Pike & Main St.
Mount Olive, NJ Old Bridge, NJ Parsippany, NJ
19.9 AC Across from Walmart, Sam’s, TJ Maxx 9.33 AC Across from Walmart Supercenter 150,150 Whole Foods, Homesense, DSW, Ulta
Foxborough Plaza
Waterview Marketplace
0.199 AC Vacant Land 0.3239 AC Vacant Land
Vacant Land Vacant Land
Union, NJ
Vauxhall (Union), NJ
Vineland Marketplace
Vineland, NJ
TBD
Future Development
Williamstown, NJ
94,452 CVS, Dollar General
Williamstown Shopping Center
Thomas G. Mirandi | tel 212.265.6600 x239 | tmirandi@rdmanagement.com
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