R etail D evelopment R eimagined

M id A tlantic Real Estate Journal — Retail Development Reimagined — July 22 - August 18, 2022 — 3A


Agrifolio, Lombardi and Talbert orchestrate retail transactions in the Mid Atlantic region Horvath & Tremblay completes the sale of three retail properties for $9,473,153


fueling stations, a propane filling station, and an on-site air station and vacuum. The property features a new 10-year Double Net lease with annual rent increases that commenced in September 2021. The lease calls for annual rent increases throughout the base term. The property is situated at the con- vergence of US Rte. 206 and US Rte. 130, two of the area’s primary commercial and com- muter roadways. These two heavily trafficked roadways directly connect to I-295 and I-95. The property lies less than 1-mile from downtown Bor- dentown and is surrounded by densely populated residential neighborhoods and enjoys con- venient access to area schools and retailers. The property enjoys good visibility, signage, and frontage along US Rtes. 130 & 206. Bordentown is an affluent bedroom community of Philadelphia, located 30-miles northeast of the city. Horvath & Tremblay’s Lom- bardi and Michael Talbert

have facilitated the sale of Dunkin’ in Marlboro, NJ. Hor- vath & Tremblay exclusively represented the seller in this transaction at a sale price of $1,499,153. Dunkin’ is located at 34 US Rte. 9 N in Marl- boro, NJ. Dunkin’ has been at this location since it was constructed in 2004 and has 2+ years remaining on their Absolute NNN Ground Lease with two, 5-year renewal op- tions. The ground lease fea- tures an attractive 12.9% rent increase at the start of the first renewal option and a 12.5% rent increase at the start of the second renewal option, providing the investor with an attractive hedge against inflation. The property is set along US Rte. 9 NJ, 1-mile from the interchange with NJ Rte. 18, the areas two primary commercial and commuter cor- ridors. The property benefits from outstanding visibility and frontage along US Rte. 9, and is surrounded by national re- tailers and restaurants. MAREJ

ID-ATLANTIC — Horvath & Trem- blay has completed

the sale of three Mid-Atlantic retail properties for $9,473,153. Michael Lombardi of Hor- vath & Tremblay has suc- cessfully completed the sale of a Wawa in Hereford, PA. Horvath & Tremblay repre- sented the seller and procured the buyer to complete the transaction at a sale price of $7,365,000. Wawa is located at 1182 Gravel Pike in Her- eford, PA. The new construc- tion stand-alone convenience store and gas station had a rent commencement in March of 2022. The property consists of a 5,585 s/f convenience store and a gas station on a large 4.12-acre parcel of land. Wawa has a new 20 year, cor- porately backed, ground lease (Absolute NNN) with six, 5-year options. The lease fea- tures 10% rent increases every five years beginning in year 11 of the lease and continuing throughout both the primary

BP Gas Station

term and the option periods providing the investor with an attractive increase in revenue and a hedge against inflation. Wawa is strategically posi- tioned at the signalized inter- section of Chestnut St. (PA Rte. 100) and Seisholtzville Rd. (PA Rte. 29), the area’s two primary commuter roads. The property enjoys outstand- ing visibility from both roads and will serve as the primary convenience store and gas station for area residents and passing commuters.

Michael Agrifolio and Mi- chael Lombardi of Horvath & Tremblay have successfully completed the sale of a BP Gas Station in Bordentown, New Jersey. Horvath & Tremblay represented the seller to com- plete the transaction at a sale price of $609,000. The BP Gas Station located at 231 US Rte. 206 in Bordentown, NJ. The property has been operating as a successful gas station and convenience store for many years. The property is improved with a convenience store, eight

Institutional Property Advisors completes the sale of 71,329 s/f, Montgomery County, MD shopping center

action and excited to help Milbrook Properties expand in the Mid- Atlantic with their first retail acquisition in Mary - land.” In a second retail transac- tion, IPA announced the sale of 227,333 s/f Eagle Plaza, a grocery-anchored shopping center in in Voorhees Twp., NJ. “Anchored by Albertsons’ subsidiary Acme Markets for over 40 years, Eagle Plaza is the area’s dominant grocery- anchored shopping center,” said Brad Nathanson , IPA senior managing director in- vestments. “Previous own- ership invested significant capital to improve the center’s curb appeal by delivering new modern village-looking facades that drove significant interest in the property. The availabil- ity nationally of grocery-an- chored shopping centers with a major value add opportunity within infill high income sub -

markets of a major city center are rare, contributing to the tremendous demand that was seen on Eagle Plaza.” Nathan- son represented the seller, Hutensky Capital Partners, and procured the buyer, First National Realty Partners. Constructed in 1977 and renovated over the past five years, Eagle Plaza is anchored by Acme Markets and Ross and is located at Voorhees Township’s main intersection, which is shared by a recently renovated Target, Chick-fil-A, Royal Farms, AMC Theatre, and Edge Fitness. Located 20 miles east of Philadel- phia, Voorhees Township is an affluent Southern New Jersey community adjacent to Cherry Hill and Marlton. There are over 80,000 people within three miles of Eagle Plaza and the average annual household income is more than $120,000. MAREJ

GAITHERSBURG, MD — Institutional Property Advisors (IPA) , a division of Marcus & Millichap an- nounced the sale of Gaither- stowne Plaza located in the highly affluent Montgomery County submarket of Gaith- ersburg, The property sold for $24.45 million. Gaitherstowne Plaza is a 71,329 s/f shopping center and is 100% leased. The aver- age tenure of tenants at the property is over 10 years and the roster includes national brands Gabe’s, AutoZone, Sherwin Williams and IHOP on an outparcel. “This is a generational acquisition as there are a limited number of transactions in esteemed Montgomery County, which is ranked as the nation’s fifth- wealthiest county by Bloom- berg,” said Dean Zang , IPA executive managing director. Zang and IPA’s David

Gaitherstowne Plaza

“Gaitherstowne Plaza’s lo- cation along the busy North Frederick Avenue corridor makes it a strong draw for ten- ants,” added Crotts. “Growing rents and strong demographics ensure the asset will continue to appreciate over time. We are appreciative of BIG USA entrusting us with this trans-

Crotts and Josh Ein rep- resented the seller, an entity related to BIG Shopping Centers USA , a subsidiary of the Israeli parent com- pany BIG Shopping Centers Ltd., and secured the buyer, Milbrook Properties , a Manhasset, New York-based investment group.

Made with FlippingBook - professional solution for displaying marketing and sales documents online