38 — September 2024 — Retail Development — M id A tlantic Real Estate Journal
www.marej.com
R etail D evelopment
Recent deals include Wawa, DMV & Sleep Number Horvath & Tremblay closes $14M in retail prop. transactions
New liquor store to open at CVS Center Montvale Liquors leases 4,700 s/f at Levin property
N EWTON, NJ — Hor- vath & Tremblay has announced the
completion of multiple high-profile retail prop - erty transac - tions, collec - tively valued at over $14 million. Michael Lombardi of Horvath & Tremblay has completed the sale of a new construction Panera Bread and Sleep Number lo - cation in Burlington, NJ. Horvath & Tremblay represented the seller and procured the buyer to complete the transaction at a sale price of $4,980,834. The new construction two-tenant building, lo - cated at 2501 Mount Holly Rd. (Lot 1A) in Burling - ton, is a pad site within The Shops at the Cross -
CVS Center on South Kinderkamack Road
this location is a great place to do business,” said Sid- ney Singer, LMC’s vice- president of leasing. “Local residents have appreciated the presence of a liquor store at the property, and this new shop will offer a larger and more robust selection of products.” In North Brunswick, a lease commitment by national fast- casual restaurant brand Trop - ical Smoothie Cafe will bring a fresh new dining option to Brunswick Shopping Center in North Brunswick. LMC serves as leasing and manag - ing agent for the 288,000 s/f property, located off Route 1 on Milltown Rd. LMC’s Jennifer Harrison , senior leasing representative, and Fred Younkin , leasing representative, negotiated the 1,700 s/f transaction on behalf of property owner - ship; Sean Pyle and Dina Santarelli of SABRE rep - resented the tenant. MAREJ
MONTVALE, NJ — Mont- vale Liquors will open a 4,700 s/f store at CVS Center on South Kinderkamack Rd. in Montvale. Commercial real estate services firm Levin Management Corporation (LMC) secured the commit - ment as leasing and managing agent for the 32,000s/f, Bergen County shopping center. As a boutique liquor store, Montvale Liquors will offer friendly service along with world-class wine, spirits and craft beer at competitive pric - ing. Bipin Patel and Heerak Amin are the owner/opera - tor team behind this new venture; Patel has more than 20 years of experience in the liquor industry. The CVS-anchored property, which also includes an Italian restaurant, has long included a liquor store component. Mont - vale Liquors will be about dou - ble the size of its predecessor. “From a standpoint of vis - ibility and demographics,
Michael Lombardi
Wawa in Georgetown, DE
Kyle Danielson
DMV in Harrisonburg, VA
and Towne Crossing Shopping Center, a 400,000+ s/f regional center anchored by HomeDe - pot, Target, Kohl’s, and Dick’s Sporting Goods. Kyle Danielson and Aus - tin Smith of Horvath & Tremblay have completed the sale of a new construc - tion Wawa in Georgetown, DE. Horvath & Tremblay represented the seller and procured the buyer to com - plete the transaction at a sale price of $4,900,000. Wawa is located at 20938 Dupont Blvd. in Georgetown. The new construction stand-alone con - venience store and gas station was completed in 2023. Wawa has 19 years remaining on an Absolute NNN Ground Lease with six, 5-year Options. The lease features attractive 10% rent increases every 5-years throughout the primary lease term and at the start of each of the six renewal option pe - riods. The newly constructed Wawa is well positioned along Dupont Blvd., the area’s pri - mary commercial and com - muter corridor which sees more than 22,800 vehicles per day. Wawa enjoys outstand - ing visibility and frontage and has two points of entry and egress along two roads, allowing for excellent accessibility. Hill Kanellos and Daniel - son of Horvath & Tremblay have completed the sale of a Department of Motor Vehicles (DMV) in Harrisonburg, Vir - ginia. Horvath & Tremblay represented the seller and
procured the buyer to complete the transaction at a sale price of $2,000,000. The Department of Motor Vehicles (DMV) is located at 3281 Peoples Dr. in Harrisonburg. The property consists of a well-constructed and meticulously maintained office/professional building on 2.22 acres of land. The free - standing, 8,528 s/f building is 100% leased by the Common - wealth of Virginia, Department of General Services and serves as a location for the DMV. They recently signed a brand-new, 10-year lease that is followed by ongoing, automatic 1-year renewal options. The lease features 2.00% annual rent increases throughout the base term and renewals. The DMV is operating under a modified gross lease, wherein they are responsible for Utilities, Com - mon Area Maintenance, and Snow Removal. The property is well located on Peoples Drive, 1,000 feet off US Rte. 11, one of the primary commercial corridors running through Har - risonburg. Rte. 11 also serves as the primary auto corridor in the area, with many dealer - ships, rental agencies,repair centers and auto parts stores, offering excellent synergy with the Department of Mo - tor Vehicles. The DMV is also in proximity to a number of area schools, including James Madison University, which is just three miles from the prop - erty and has over 22,000 un - dergraduate and postgraduate students. MAREJ
Hill Kanellos
Vantage Commercial facilitates of Plaza 73 in Marlton, New Jersey
Austin Smith
ings, an under construction 40-acre mixed-use development that, once completed, will con - sist of single tenant retailers and restaurants, multi-tenant retail buildings, large anchor tenants and a national hotel chain. The property is located on lot 1A and consists of a 6,700 s/f building. Both Panera Bread and Sleep Number have new 10 year leases with two, 5-year renewal options. Both leases call for attractive 10% rent increases in year six of the primary lease term and at the start of each renewal option. The Shops at the Crossings is well located along Mount Holly Rd., the area’s primary com - mercial and commuter corridor. The property is adjacent to The Crossings, a large indus - trial development anchored by Amazon that will feature three industrial/warehouse buildings and will contain 1.9 million s/f,
Plaza 73
MARLTON, NJ — Leor Hemo , president and CEO of Vantage Real Estate Ser- vices - Vantage Commer- cial , facilitated the off-market sale of Plaza 73, a neighbor - hood shopping center located on Rte. 73 in Marlton. Hemo added, “We are pleased to have facilitated the off-market sale of Plaza 73, ensuring that both the seller’s investment goals were met, and that the buyer has secured a long-term investment prop -
erty that aligns perfectly with them. Plaza 73 is a significant asset, and we are excited to continue our involvement in the property.” Vantage Commercial will retain the leasing responsibili - ties for Plaza 73, and Vantage Property Managers will con - tinue to handle property man - agement. The shopping center hosts notable tenants, includ - ing the Marine Corp Recruiting Center, several restaurants, and Scrub Pro Shop. MAREJ
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