20B — August 31 - September 13, 2012 — Shopping Centers — Mid Atlantic Real Estate Journal



AST BRUNSWICK, NJ — Gary Cohen, senior vice president and se- Cohen & Nalbandian facilitates the transaction NorthMarq Capital arranges $7.4m mortgage for Loehmanns Plaza E

Plaza 15, a 117,086 s/f retail property Marcus & Millichap announces $3m sale

LEWISBURG, PA— Marcus & Millichap Real Estate Invest- ment Services has announced the sale of Plaza 15, a 117,086 s/ f retail property located at 7495 West Branch Highway, Lewis- burg, according to J.D. Parker, vice president and regional manager of the firm’s White Plains office. The asset sold for a sales price of $3,000,000.

the exclusive listing to market the property on behalf of the seller, a financial institution that is liquidating all of its as- sets. The buyer, a value-added developer, was secured and represented by Joseph French, after generating multiple of- fers.

nior director, and Greg Na- lbandian, senior vice presi- dent and managing director, of NorthMarq’s North New Jersey Regional office, arranged first mortgage refinancing of $7.4 million for Loehmanns Plaza, a 212,134 s/f community shop- ping center located in East Brunswick. Loehmanns is the major tenant at the center. Fi- nancing was based on a 5-year term and a 25-year amortiza- tion schedule and was arranged for the borrower by NorthMarq through its relationship with a correspondent life insurance company. BERGENFIELD, NJ — Mar- cus &Millichap Real Estate In- vestment Services announced the sale of 399-403 SouthWash- ingtonAvenue, a 3,534 s/f retail property located in Bergenfield, according to Michael J. Fasano, vice president/regiona lman- ager of the firm’s New Jersey office. Julienne Pape, an investment specialist in Marcus & Millic-

Joseph C. French, Jr., senior director of the National Retail Group, and Schuyler Boylan, an associate at Marcus & Milli- chap’s White Plains office, had Weisberg of Taylor Long Props. reps buyer in $690,000 sale French was able to identify the best buyer based on his under- standing of the property and his ability to close. Spencer Yablon, Broker of Record in the Phila- delphia office assisted in the closing of this transaction. n

Loehmanns Plaza

“The property was older with many leases maturing during the loan term. The lender was able to get comfortable based on the low loan to value and strength of the borrowing

entity,” said Cohen. “The bor- rower wanted to roll over the existing loan balance and the lender was able to provide an attractive quote with an ease of execution.” n a long term owner. The property is shadowed by Walgreens, Radio Shack and Foster Village Shopping Center, the building enjoys dual access from Washington Street and Sylvan Avenue with on-site parking. Purchased, the new inves- tor has the potential for sub- division creating local retail storefront. n between Hackensack University Medical Center & F&WPS, is being designed and constructed on Route 17 in Maywood. Scotch Plains- A 51,570 s/f fitness and wellness center is being designed in Scotch Plains through a joint partnership between Robert Wood John- son University Hospital and F&WPS. New Brunswick- A 65,000 s/f fitness and wellness center is currently under construction in New Brunswick through a joint partnership between Robert Wood Johnson University Hos- pital and F&WPS. “As the market changes, retail landlords are changing to meet the demands of an ever evolving tenant base that now includes medical practices,” noted Lan- yard. “I would expect the trend to continue as other medical users take advantage of market conditions to care for an ever ex- panding patient base as people are living longer and require more healthcare services and facilities.” n

MIDLOTHIAN, VA — Taylor Long Properties is pleased to announce the sale of a 3,400 s/f building located at 7605 W. Broad Street, Richmond, VA for $690,000. Mike Weisberg represented the buyer, Chan Family Investments, LLC, and the seller was First States In- vestors 3089, LLC. Taylor Long Properties an- nounces the following lease transactions: Urban Farmhouse leases approx. 2,191 s/f from at The Millworks, 13872 Coalfield Commons Place, Midlothian. Brian Bock reps the tenant. Firehouse Subs leases approx. 2,240 s/f at Southpark Square in Colonial Heights, VA. Janice Logue reps the tenant. Sweet Frog leases approx. 1,380 s/f at Short Pump Station, 11321 West Broad St., Glen Al- len, VA. Clint Greene reps the tenant.

The signing of a lease between Cooks, L.P., and Rick Galster, dba Nationwide Insurance, for approx. 1,104 s/f at Huguenot Place, 1520Huguenot Rd., Suite 112, Midlothian, VA. Brian Bock reps the landlord. Spirit Halloween leases ap- prox. 8,000 s/f from GLL BVK Properties at Cosners Corner, 9771 Jefferson Davis Highway, Fredericksburg, VA. Ellen Long reps the landlord. Curves For Women leases approx. 2,500 s/f at Ashland Hanover Shopping Center, 101 N. Washington Highway, Space #13, Ashland, VA. Ellen Long and Brian Bock repd the land- lord. Quintessential Chiropractic, for approximately 900 square feet of space at 10301 Memory lane, Suite 101C, Chesterfield, VA 23832. Janice Logue rep- resented the Tenant in that transaction. n

Marcus & Millichap secures a 3,534 s/f sale

399-403 South Washington Ave. hap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller,

The Goldstein Grp. completes medical use transactions

PARAMUS, NJ—More medi- cal users are getting closer to their patients by setting-up

Dr. Dental – A 30 unit chain out of Massachusetts leased a 1,500 s/f store front in the River- front Shopping Center at 500 S. River Street, in Hackensack. Sportscare Institute- A chain of 33 locations opened a 3,000 s/f office located at 100 Park Avenue in Hillsdale. Bo Orthodontics- Opened a 2,000 s/f office located in North- vale Square at 271 Livingston Street in Northvale. Major medical institutions have also taken advantage of these retail locations in choos- ing strategically located sites for new facilities, such as: Plainsboro- A 50,000 s/f fit- ness and wellness center is being developed through a joint venture between Fitness and Wellness Professional Services (F&WPS) and the University Medical Center of Princeton. This project is expected to be completed in the fourth quarter of 2012. Maywood- A 115,000 s/f fit- ness and wellness center facil- ity, which is in partnership south of I-470 & I-70, on the southeast corner of Lafayette Avenue and 12th Street in Moundsville. Robert Gold of CB Richard Ellis, Inc., Pitts-

shop in local retail shop- ping centers. With retail l a n d l o r d s s e e k i ng t o lease vacant spaceand doc- tors wanting to make it eas-

Metro Comm’l. negotiates 2,055 s/f lease

Chuck Lanyard

ier for patients to reach them, shopping centers, have become an interesting alternative to a traditional medical building. Shopping centers provide both easy access and great exposure. Medical space has also become very expensive causing some practices to move closer to their patients in retail centers. Several examples of medical users leasing space in retail shopping centers in NJ include the following: Valley Health, division of Val- ley Hospital – Opened an office at Ramapo Plaza, 777 Hamburg Turnpike, in Wayne. MOUNDSVILLE, WV — Brixmor Property Group an- nounced a 1,900 s/f Sally Beau- ty Supply recently opened at Moundsville Plaza, located

English Creek Shopping Center

EGG HARBOR TOWNSHIP, NJ — Metro Commercial Real Estate, Inc. has negotiated re- tail lease agreements with two tenants for the English Creek Shopping Center in Egg Harbor Township, announced by Steven Gartner, president of Metro Commercial. The leases result in a total of 4,110 s/f of retail shopping in the center, located at 3003 English Creek Avenue. Metro Commercial serves as the exclusive leasing agent for the

250,000 s/f property, which is owned by English Creek, LLC. The leases include the fol- lowing: • A 2,055 s/f lease with Mira- cle Ear, an auditory clinic. • A 2,055 s/f lease with One Stop Uniform, a discount na- tional uniform store. Metro Commercial’s vice pres- ident Brent Barbehenn served as the leasing agent for English Creek Shopping Center in the negotiations. n

burgh, PA, represented Sally Beauty Supply. Brixmor is the owner of Moundsville Plaza and was represented by Jeff Lautenbach with Brixmor. n Brixmor Property Grp. announces opening of Sally Beauty Supply

Made with FlippingBook - Online catalogs