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Real Estate Journal — Shopping Centers — January 25 - February 7, 2019 — 5A
M id A tlantic
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,
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
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.”
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