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220,000 s/f office condominium located at 1775 Grand Concourse Houlihan-Parnes Realtors arranges a $30 million first mortgage in Bronx, NY B RONX, NY — Houli- han-Parnes Realtors, LLC , represented by

ISSUE HIGHLIGHTS Volume 28 Issue 11 June 10 - 23, 2016 Financial Digest: Creative Financing

Bryan Houlihan and James J. Houlihan , announce the placement of a $30 million first mortgage on the 220,000 s/f office condominium at 1775 Grand Concourse in the Bronx, New York. The 7-year, non- recourse loan has a fixed rate of 4.00% with interest only for two years. The loan, closed with a local bank, is prepayable throughout the term on a de- clining scale and the borrower has an option to extend the loan for an additional 5 years. The mortgage covers a com- mercial condominium interest in the 300,000 s/f building that shares ownership with Verizon. Verizon owns 2 floors and has the central gear for switch- ing all telephone land lines in the Bronx on those floors. The remaining 6 floors have been converted to an ancillary indoor parking garage, retail and professional office space. Current tenants include Con Edison, Special Citizens Fu- tures Unlimited, Inovalon SME

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What lawyers should know about “Global Real Estate Sustainability Benchmark”

1775 Grand Concourse

Inc, Safe Horizon, The Bronx Lebanon Hospital Center, Pub- lic Health Solutions and Abbott House. The borrower was rep- resented in the transaction by Sarah Benji and Elizabeth Smith of Goldberg Weprin Finkel Goldstein, LLP . The property is owned by Sam Jemal of JJ Operating, Inc. and members of his family

together with James J. Houli- han and members of Houlihan- Parnes Realtors, LLC. The property was acquired in Feb- ruary 2012 from Verizon, and is the second large successful gut renovation engineered in the Bronx by the Houlihan and Jemal families. Their ini- tial project was the successful conversion of the vacant former

Alexander’s/Caldor’s depart- ment store on the N/W corner of Fordham Road and the Grand Concourse into a multi-tenant retail/office building in 2001- 2004. That project has been fully leased since its inception and has been a great success, re-anchoring the Fordham Road and Grand Concourse business area. n space at the north end of the property. There is approxi- mately 10,000 s/f of additional space available for lease. Clinton Plaza is positioned near the intersection of Mary- land Rte. 5 (Branch Ave.) and Maryland Rte. 223 (Woodyard Rd.). “The new owner has ac- quired a shopping center in an extremely strong loca- tion within the Washington DC metropolitan area that has a well-seasoned anchor and several restaurants that consistently achieve tremen- dous sales,” said Vito Lupo of KLNB Retail. “Additional leasing activity is expected to occur in the near future, and the ownership group intends to upgrade the overall tenancy of the center over time. All of these activities and market fundamentals will translate to a center that will create long- term value.” Lupo added. n

UPCOMING CONFERENCES June 16, 2016 By Tricia J. Sadd, Esq., Montgomery McCracken Walker & Rhoads LLP 8C

KLNB retail brokers $20m sale of 210,000 s/f Clinton Plaza shopping center in Clinton, MD

For speaking and sponsorship information, please contact: Linda Christman at 781-871-3456 or lchristman@marejournal.com Philadelphia Healthcare & Medical Properties Summit June 30, 2016 NJ Mid-Year Commercial Real Estate Forecast Summit July 22, 2016 Delaware Multifamily Summit

CLINTON, MD — KLNB Retail has brokered the sale of Clinton Plaza, a 210,000 s/f shopping center located at 8899 Woodyard Rd. in Clin- ton, MD for approximately $20 million. Consisting of Andy Stape and Vito Lupo ,

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Clinton Plaza

the KLNB Retail Investment Sales Team represented the seller, Columbia Regency Re- tail Partners, LLC, and also procured the buyer, Clinton Investors, LLC, in this trans- action. The shopping center is pri- marily anchored by Kmart which leases approximately 107,000 s/f of space. In ad- dition, there are ten in-line

tenants and several pad sites including two quick-service restaurants, Checkers and Popeyes Chicken, the latter ranking among the highest performing locations in the mid-Atlantic region. In ad- dition to the existing tenant base, the property offers a tremendous value-add compo- nent in leasing a currently va- cant 43,000 s/f junior anchor

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