8C — November 24 - December 7, 2017 — Shopping Centers — M id A tlantic

Real Estate Journal


S hopping C enters

Sale includes three levels of retail anchored by a CVS/pharmacy IPA sells 57,494 s/f retail space at the Watergate Complex


realize: there’s only one Wa- tergate.” Zang and Nathan Pealer , a director in Marcus & Mil- lichap’s National Retail Group and Josh Ein , senior associate, represented the seller, a joint venture between Penzance and Greenfield Partners, and procured the buyer, a private Northern Virginia-based in- vestor. Bryn Merrey , senior vice president, is Marcus & Millichap’s broker of record in the District of Colombia. The sale includes three lev- els of retail anchored by a CVS/pharmacy, a forthcoming

KinderCare childcare center, and a 135-space parking ga- rage. “We see robust demand for urban investments today,” adds Ein. “With cap rates still in the low single digits, urban retail seems to have moved its way to the top of investors’ wish lists.” n Hanna sells Dollar General inWorton, MD SALISBURY, MD — SVN - Miller Commercial Real Estate senior advisor Henry Hanna, CCIM, SIOR sold a Dollar General store located at 10838 Worton Rd. in Worton. Hanna listed the Dollar Gen- eral store for Pocomoke City based development company Oxford Chase. The property was purchased by a local inves- tor who saw the opportunity in a no-maintenance property with a strong 15 year tenant. According to a recent article published in the Delmarva Daily Times, there has been a boom in dollar stores on Del- marva. While big-box stores continue to shutter their doors, dollar stores are on the rise. Since 2009 the number of dollar stores in Wicomico, Worcester and Somerset counties has increased from 24 to 29. Na- tionwide, Dollar General plans to open 1,285 new stores this year. “Oxford Chase has devel- oped for a variety of retailers, but due to the demand we are now exclusively developing for Dollar General,” said Howard Crossan, president of Oxford Chase. n CronheimMortgage secures $6million for Village Walk Cherry Hill, NJ — CronheimMortgage secured $6.0 million in financing for Village Walk, a 60,000 s/f retail property located along the Rte. 70 retail corridor in Cherry Hill. The loan was structured with a 5 year term and was placed with a local NJ bank. The loan was originated and placed by Allison Vil- lamagna , Andrew Stewart , and Dev Morris . The Subject is currently 100% leased to 14 tenants including a yoga studio, Ital- ian restaurant, sneaker store, bridal boutique, fitness cen- ter, and hair salon, among others. n

ASHINGTON, DC — Institutional Property Advi-

sors (IPA) , a division of Mar- cus & Millichap announced the sale of 57,494 s/f of retail space and a multi-story park- ing garage in the Watergate complex in Washington, D.C. “This is a unique asset with numerous income streams beyond the obvious retail and parking elements,” said Dean Zang , IPA senior director. “Finding a purchaser willing to understand and embrace the inherent complexities of this property makes one

Watergate complex


Acquisition Contacts: James Aries Senior Vice President / Acquisitions jaries@ubproperties.com 203-863-8224 Zach Fox Vice President / Acquisitions zfox@ubproperties.com 203-863-8211 Leasing Contacts: Linda Lacey Senior Vice President / Leasing llacey@ubproperties.com 203-863-8202 Joseph Allegretti Vice President / Leasing jallegretti@ubproperties.com 203-863-8354

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High Ridge Portfolio | Stamford, CT

970 High Ridge Road | Stamford, CT

Newfield Green | Stamford, CT

Urstadt Biddle Properties Inc. | 321 Railroad Avenue, Greenwich, CT 06830 | www.ubproperties.com UBA UBP Listed

Acquisition Ad MAREJ 8-25-17.indd 1

8/18/17 3:22 PM

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