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Eastdil Secured served as the broker for the financing AEW provides $75.5m financing for acquisition/repositioning of 172,453 s/f
ISSUE HIGHLIGHTS Volume 28 Issue 12 June 24 - July 14, 2016
W
parking for 663 vehicles in a mix of surface and structured spaces. The HFF investment sales team representing the seller was led by Andrew Weir , Stephen Conl ey , Jim Meisel , Dek Potts and Matt Nicholson . “The arrival of the Silver Line has been transforma- tional for the Dulles Corridor, as tenants migrate to office properties surrounding ex- isting and future Silver Line stations, driving strong posi- tive absorption, decreasing vacancy rates and providing impressive rent growth,” said Weir, senior managing direc- tor at HFF. “Herndon Metro Plaza I and II are uniquely positioned to capitalize on this, with the asset’s rollover profile ideally concentrated in the time period surrounding the planned opening of Phase II of the Silver Line. The as- set will also be one of only 15 properties on the Toll Road with immediate walkability to a Silver Line Metrorail station.” n “AEW’s execution was seam- less and collaborative”, said Salem Tierce of Meridian. “They were able to provide a flexible structure that met our business plan and their process provided for the quick and efficient closing we needed to complete the transaction.” Eastdil Secured , led by Nick Seidenberg and Mi- chael Zelin , served as the broker for the financing. n ners like Meridian that are investing in strong underly- ing real estate.”, said Dan Jacobson of AEW, who led the financing alongside Mat- thew Klein . “We were able to craft a creative capital solu- tion that will allow Meridian to execute its business plan, and AEW was able to accom- modate Meridian’s acceler- ated time frame to provide funding concurrent with the acquisition.”
ASHINGTON, DC — AEW Capital Management, LP
SPOTLIGHTS
HERNDON, VA — Hol- liday Fenoglio Fowler, LP (HFF) announced that it has closed the $44.5 million sale of Herndon Metro Plaza I and II, a two-building, 201,272 s/f, class A office property situ- ated immediately adjacent to the future Herndon Metrorail Silver Line Station in Hern- don, a suburb of Washington, DC. HFFmarketed the property AEW provided the first mortgage plus mezzanine financing to an entity con- trolled by The Meridian Group of Bethesda, MD. The financing was structured as an initial funding of $52.5 mil- lion for the acquisition, with future funding for renovation capital and leasing costs of $23 million. Meridian plans to reposition the asset after the planned departure of the building’s largest tenant in 2018. The floating rate financ- ing provides for a five-year (AEW) announced that it has provided $75.5 million of whole loan financing for the acquisition, reposition- ing, and lease-up of 1400 L St., NW, a 12-story, 172,453 s/f office building located in Washington, DC.
Section C MID-YEAR REVIEW SHOPPING CENTERS 3-11A
OWNERS, DEVELOPERS & MANAGERS
1400 L St., NW
initial term with two, one- year extension options and no syndication requirement.
“As a real estate investment management firm we look to capitalize best-in-class part-
Section B
HFF closes $44.5 million sale of a 201,272 s/f transit-oriented office property in Herndon, VA
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Metro Plaza I and II
basis. This location also has outstanding regional connec- tivity by way of the Fairfax County Parkway, Rtes. 28 and 7, and the Washington Beltway (I-495), all of which are within close proximity. Additionally, Washington Dulles International Air- port is located approximately three miles from the property. The four-story properties are 91% leased overall and offer
on behalf of Brandywine Realty Trust and procured an institutional investor to purchase the asset. The as- set was sold free and clear of existing debt. Located at 196 and 198 Van Buren St., Herndon Metro Plaza I and II overlook the Dulles Toll Rd., providing ex- ceptional signage opportuni- ties for the 330,000 cars that pass the property on a daily
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Advantage Engineers................................................3C American Architectural Window & Door.................1B Arrow Steel..............................................................19B AW Meyer. ...............................................................17A BEHR Building Services...........................................5B Bennett Williams.....................................................11A Bergman Real Estate Group.....................................9C BL Companies............................................................9A Brubacher Excavating.............................................16B Capitol Aerials...........................................................2B Capstan Tax Strategies.............................................2A Colliers International..............................................15A Community Realty Management............................17A Crystal Window & Door Systems...........................10B Denholtz Associates.................................................15C Earth Engineering, Inc.. ...........................................8A EB Cohen.................................................................12B Elliott-Lewis. ...........................................................13B Environmental Systems..........................................17A Exchange Solutions, Inc........................................ IC-C Fowler Companies...................................................23B HFF..........................................................................14C High Construction Co..............................................14B Hillcrest Paving & Excavating...............................17A Hutchinson Mechanical Services............................18B Integrated Building Solutions. .................................6B Investors Real Estate Agency.................................17A IREM....................................................................IBC-B Jewel Electric Supply Co.........................................18B Kay Commercial Realty. .........................................17A Landmark Commercial Realty, Inc..........................4A Landmark Science & Engineering....................... BC-B M Miller & Son..........................................................3B M&T Realty Capital Corporation.............................8C Maas Companies. ....................................................13A Marcus & Millichap......................................17A, BC-C Meridian Capital Group....................................... BC-A Metropolitan Valuation Services............................11C MPN Realty. ............................................................12C NAI Emory Hill. ..................................................IBC-C NAI Mertz..................................................................5C NAI Summit...................................................... 17A, 4C NorthMarq Capital....................................................1C P. Cooper Roofing. ...................................................11B Poskanzer Skott Architects.......................................4B Premier Compaction Systems.................................20B Progress Capital Advisors.........................................6C R&J Control...............................................................7B RD Management.................................................... 6-7A Rittenhouse Appraisals...........................................13C Rittenhouse Realty Advisors. ...................................7C Rosedale Roofing Co. ................................................9B Russo Development.................................................12A Schmidt Construction Consulting............................8B SEBCO Laundry Systems.........................................2C Specialty Building Systems. ...................................15B Subway.......................................................................5A Sundance Real Estate Advisors..............................10C Total Cleaning Associates.........................................2B Withum. ................................................................. IC-B MAREJ A dvertisers D irectory
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M id A tlantic R eal E state J ournal Publisher .................................................................Linda Christman Publisher ....................................................................Joe Christman Senior Editor/Graphic Artist ..................................... Karen Vachon Production Assistant/Graphic Artist ............................... Julie King Associate Publisher ....................................................... Kim Brunet Associate Publisher ................................................. Alissa Aronson Associate Publisher ...................................................Eric Ballenger Associate Publisher .............................................. Barbara Holyoke Associate Publisher .....................................................Steve Kelley Office Manager .........................................................Joanne Gavaza Mid Atlantic R eal E state J ournal ~ Published Semi-Monthly Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, 312 Market St. Rockand, MA 02370 USPS #22-358 | Vol. 28 Issue 12 Subscription rates: $99 - one year, $198 - two years, $4 - single copy
Jeffrey Wolfer
Bridge lenders poised to bridge distressed properties funding gap
D
istressed properties are problematic, for reasons economic and
demographic. The economic rebound hasn’t been across- the-board, and the propensity for millennials and companies hiring them to gravitate to- ward urban areas has resulted in suburban landscapes with vacant office buildings. Conventional lenders con- tinue to demonstrate an aver- sion to financing distressed properties, paving the way for bridge lenders to provide the funding to get these properties functional, repurposed if nec- essary, and at full potential. The last recession had an impact difficult to overcome. One emerging problem was property owners, for finan- cial reasons, had difficulty maintaining their properties. Thus, the market saw more instances of investors acquir- ing sub-standard multifamily, office buildings, hotels, and retail assets. That was especially prob- lematic for hotel owners whose properties no longer complied with standards required by ho- tel chains. Needing financing to improve their properties, operators began approaching lenders for funding, if only for cosmetic improvements. It was also problematic for retail. Investors have been acquiring run-down centers, many suffering from closure of major tenants like Circuit City and Linens ‘n’ Things. And Internet retailing, or e- tailing, continues to damage brick-and-mortar retail. Generally, across all prop-
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erty sectors, investors have the opportunity to upgrade or reposition these assets. In reality, most banks stay away because such properties may have been acquired for a frac- tion of the value of the reposi- tioned property. To them, the borrower doesn’t have enough equity in the deal. A bridge lender will make that loan. Once the property is upgraded, that loan is replaced by conventional financing when the property meets tra- ditional lenders’ requirements. One key advantage bridge lenders offer is closing loans quickly. Another: Bridge lend- ers are more willing to look beyond the present to future values, providing the basis for required short-term financing so that loan can be taken out with a conduit lender or per- manent financing. In Allentown, PA, $5 mil- lion in financing was secured by two hotels, utilized for a discounted payoff of existing debt after the borrower was rejected by conventional lend- ers. Also, the properties are situated in a secondary mar- ket, and conventional lenders typically look to finance in
primary markets. Bridge lenders routinely assist borrowers with out-of- the-ordinary situational loans. Here, the properties are oper- ated by experienced owner/op- erators under the Holiday Inn banner. Continued hospitality growth in the market factored into a decision to provide fund- ing. Bottom line: If a borrower has a strong track record, the bridge lender will take the long view. Another example: Silver Arch provided $12.6 million for development of an 81-acre site in Mansfield, TX. The borrower was under contract to acquire the property, re- quiring funding to complete the acquisition. While the transactionmade sense, that it was speculative made it unat- tractive to traditional lenders. The potential fell into the focus of a bridge lender—providing bridge financing outside tra- ditional sources to visionary developer/owners. Conventional lenders do generally like multifamily, retail and office properties, but are turned off by “negatives.” Bridge lenders looking at the continued on page 14A
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S hopping C enters
Real Estate Journal — Shopping Centers — June 24 - July 14, 2016 — 3A
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Adds 70,000 s/f of prime commercial space to PH Retail’s portfolio PH Retail acquires two Philadelphia retail properties with a total project cost of $50m+ P and Club Monaco, and cur- rently has one availability of 2,848 s/f.
experience. “These blocks of Walnut and Chestnut have some of the fastest-rising retail rents in the country, and we believe those numbers will continue to climb as demand for space outpaces supply,” Hope said. “As an increasing number of retailers eschew malls in favor of walkable, downtown locales, we are well positioned to acquire properties in Center City that are underutilized or not properly managed.” Situated on two of Philadel- phia’s most recognized streets, both 1501-1505 Walnut St. and 1520-22 Chestnut St. provide unparalleled access to the affluent residential base of Rittenhouse Square, the acclaimed Avenue of the Arts on South Broad St., Phila- delphia’s flourishing tourism base, and several employee- dense office corridors. Totaling 30,000 s/f of retail/ restaurant space, 1501-1505 Walnut St. is home to AT&T Mobility’s flagship location
HILADELPHIA, PA — In a strategic response to the rising demand for high street retail, PH Retail — an affiliate of real estate company Post Broth- ers — announced that it has acquired a controlling interest in two properties in Center City Philadelphia, with a total project cost in excess of $50 million. Located on two of Philadelphia’s most desir- able retail thoroughfares, the properties — 1501-05 Walnut St. and 1520-22 Chestnut St. —add 70,000 s/f of prime com- mercial space to PH Retail’s portfolio. “In recent years, we’ve wit- nessed an increasing number of retailers gravitate toward opening up locations on high streets,” said Randy Hope , co-founder and managing director of PH Retail. “With Millennials and Baby Boomers moving into urban neighbor- hoods at an unprecedented pace, retailers are migrating to heavily trafficked city streets,
Totaling more than 40,000 s/f, 1520-22 Chestnut St. fea- tures 27,000 s/f of above-grade space, and another 13,500 s/f below grade. Dollar Tree va- cated the property earlier this year, creating an availability that will be sought after by the large number of retailers that are intent on establishing a foothold in Philadelphia’s downtown. The seller of the properties was represented by James Galbally of JLL . “This part of Center City is truly a live-work-play urban core, and high-end retailers are clamoring to gain access,” said Hope. “While Walnut Street has long been a retail hotspot, the demand for space in this section of the city has led to high-quality retail op- tions along many of the neigh- boring corridors, with the most notable being Chestnut Street.” n
1520 Chestnut St.
where restaurants, cultural attractions and entertainment venues attract both affluent residents and tourists.” As an opportunistic investor, PH Retail identifies proper- ties that possess untapped potential, and optimizes their performance through capital
improvements and innova- tive leasing strategies. PH Retail delivers on its vision with a meticulous and keen attention to even the small- est details, from responsibly sourced building materials to efficiently designed buildings, which enhance the customer
Greysteel arranges the $3.6m sale of Glenside Terrace mixed-use property
Retail property traded by Marcus & Millichap in DC
G L E N S I D E , P A — Greysteel has arranged the sale of Glenside Terrace, a
m i x e d - u s e property in G l e n s i d e , PA, on behalf of Wexford P r o p e r t y M a n a g e - m e n t f o r $3.6 million. This trans- act ion was arranged by G r e y s t e e l p r e s i d e n t , Ari Firooz- abadi , and senior invest- ment associ- ate, Caleb Brown , who
Space Relief Center
1522 Rhode Island Ave.
personal trust who’s owned the property since the mid 1990’s. Wilson and Feldman also represented the buyer, a local private developer who purchased the property to eventually redevelop after the current leases expire. The property is located at 1522 Rhode Island Ave on an 8,092 s/f parcel in the Langdon neighborhood of Northeast Washington, DC Located less than one mile from the Rhode Island Ave and Brookland/ Catholic University metro sta- tions, 1522 Rhode Island Ave N.E. is zoned C-2-A and allows for 20,230 buildable s/f. n
WASHINGTON, DC — Marcus & Millichap an- nounced the sale of 1522 Rhode Island Ave., a 2,214 s/f retail property located in the Northeast quadrant of Wash- ington, DC, according to Bryn Merrey , district manager of the firm’s Mid-Atlantic offices. The asset sold for $1.45 mil- lion, approximately $655 psf. Benjamin Wilson , invest- ment specialist, and Josh Feldman , associate vice presi- dent investments, both in Marcus & Millichap’s Wash- ington, DC office, had the listing to market the prop- erty on behalf of the seller, a
Ari Firoozabadi
Glenside Terrace
space housing a Subway and Philly Pretzel Factory. Lo- cated at 501 Edge Hill Rd., the property is in close proximity to major employers, schools, and retail centers inMontgom- ery County and Philadelphia. The property is across the street from SEPTA’s Ardsley Regional Rail Station on the Warminster Line, providing
residents with easy access to Center City and University City. “Greysteel highlighted the value-add opportunity and excellent location of the prop- erty to make a market for the deal and procure an investor who recognized the upside potential of the asset,” said Brown." n
Caleb Brown
are based in the Company’s Washington, DC and Philadel- phia, PA offices. Glenside Terrace, built in 1966, totals 35 residential units and 2,800 s/f of retail
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S hopping C enters By Tatiana Swedek, Llenrock Group
Landmark Commercial Realty Inc. Central PA’s premier commercial real estate brokerage firm since 1988.
Llenrock reports: Why pop- up shops aren’t just a trend
I
t’s funny how the overall needs of urban communi- ties translate through-
o u t m o s t s e c t o r s o f commercial real estate. Just think of the current needs of peo- ple today! We place a high level of value
Choose Landmark Commercial Realty for your brokerage needs.
20 Erford Road, Suite 215 Lemoyne, PA 17043 Call us: +(717)-731-1990 info@landmarkcr.com www.landmarkcr.com
Tatiana Swedek
on characteristics like walk- ability (urban) and want all of our experience to be unique, nontraditional, convenient and tech-savvy. We see this impacting sectors such as multifamily, hotel, office, and retail. When it comes to the re- tail sector, it seems like we’re overwhelmed with headlines like “Clicks Defeat Bricks.” Figures from Black Friday showing online shoppers total- ing 103 million people over the four-day weekend, compares to 102 million who ventured to brick and mortar stores, have stuck with people for months. You know what people aren’t talking about? How the sector is actually improving. After all, change isn’t always bad. Gravitating away from chains This past year, big main- stream retail companies like Target and Macy’s an- nounced that they’d be closing a number of stores due to low sales. The companies have blamed store closures on every- thing from the popularity of e-commerce to global warm- ing for causing a decrease in sales of winter apparel. But, maybe people (especially in more urban environments) just don’t want clothing that is mass-produced anymore. Enter: Pop-up Shops . Good for big AND small brands These temporary retail spac- es can sell everything from beer to yogurt to clothing. They essentially “pop up” in an unused space for a few days, weeks or months without
a long-term lease required. They’re the Airbnbs of Retail. Pop-ups are good for start- up designers and brands who have a strong online customer- base but are looking to expand into brick-and-mortar every so often. But it’s not only the small start-ups utilizing these spaces, big names like Walmart and Hermes have turned to this strategy to help better reach their customers. Think Global: Good for the community & economy We all know about financial crisis in Greece. What we may be less well-versed in is the alternative ways Athens is attempting to revitalize their economy. In a city crippled by debt and vacant shops, initiatives like nomadic bars and cinemas are traveling throughout the city to provide temporary entertainment and pop-up restaurants are provid- ing the community with low- cost food venues, according to The Guardian. In Oakland, companies like Popuphood are using pop-up shops to not only help busi- nesses profit but to help revi- talize a community. According to Be A localist, Popuphood is “a for-profit small busi- ness incubator that creates pop-up retail clusters to de- velop entrepreneurs, activate unused spaces, and stabilize the local economy by revital- izing neighborhoods block-by- block.” Pretty cool idea. Good for landlords, too! ground floor space above the 10-plex National Amuse- ments theatre, which is locat- ed on the center’s lower level. Terms were not disclosed for the 10-year lease. Feil expects the tenant to move into the space in July. “With the limited number of fast casual restaurants in the area, this space was
So, these shops are opening doors for smaller self-made brands and creating a need for space-finding organizations to take wasted urban spaces and turn them into something posi- tive for the community. But what about landlords? How does this help them? Withmany retail companies, like Circuit City and Borders, going out of business, pop-up shops are giving landlords an alternative to compensate for the rent lost between long- term tenants. A traveling market allows retailers to reach more con- sumers. Imagine how many more customers you can at- tract by opening shop for a couple of days in New York City then, three days later, being in business in Philadel- phia. It’s a guerrilla marketing tactic for a lot of online-based brands who want to make an impact beyond the screen at a feasible price. As the Hightower Blog says: “We live in a weird world. Major corporations want to seem like small businesses, and small businesses want to seem like major corporations.” Too true. When it comes to pop-ups, these temporary retail spaces are a concept that is here to stay. Tatiana Swedek is a com- munications associate at Llenrock Group. This article was originally published on the Llenrock Blog ( Llenrock.com/blog ) n perfect for the large lunch crowd coming from the Bronx County Court House as well as evening diners coming in to shop at Concourse Plaza and visit the movie theater,” said Nicholas Forelli , director of leasing for Feil. “There is nothing better than shopping, dinner and a movie right in the same complex.” n
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Hibachi Grill & Supreme Buffet joins Feil’s Concourse Plaza NEW YORK, NY — Hiba- chi Grill & Supreme Buffet has signed a lease for 10,000 s/f at Concourse Plaza in the Bronx, adding a much-needed dining option to one of the busiest areas in the borough, announced The Feil Orga- nization , the center’s owner and manager. The restaurant will occupy
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S hopping C enters Diverse mixed-use portfolio continues to fuel leasing demand and growth Olshan Properties announces retail highlights
N
Flywheel recently opened a 4,500 s/f studio; •At Siegen Lane Market- place in Baton Rouge, LA, bowling anchored entertain- ment chain Main Event En- tertainment signed a 49,810 s/f lease for its first Louisi- ana location with plans to open for business in 2017; •At Akers Mill Square, located in Atlanta, GA., two new tenants signed leases – Bonefish Grill and Sport Clips. As an owner and operator of four asset classes, includ- ing retail, office, hotel and
residential, Olshan Proper- ties has mastered the art of developing multifaceted destinations that appeal to tenants by luring cus- tomers and keeping them on-site. Olshan Properties’ decades-long record of suc- cess in creating true mixed- use destinations of various types and sizes spans ten states and 10 million s/f. In terms of square feet, Olshan Properties’ diverse retail holdings comprise the single largest component of their CRE portfolio. Among Olshan Properties’
diverse retail holdings are award-winning regional, power, and community cen- ters as well as prime urban retail locations. In recent years, Olshan Properties’ commercial portfolio has grown through strategic acquisitions, ground-up de- velopments, new partner- ships and re-development opportunities. To closely manage this portfolio, Ol- shan Properties’ leasing, marketing, operations, capi- tal markets and asset man- agement teams oversee the entire portfolio on a real-
time basis. “Our portfolio incorporates the strongest elements of each individual asset class into the properties that we own and operate, and, as a result, more than half of our retail properties are lo- cated in mixed-use environ- ments. It is abundantly clear that this strategy resonates with our consumers and our tenants, both of whom see mixed-use environments as holding far greater growth potential than any single- use development could of- fer,” said Andrea Olshan. n
EW YORK, NY — With the eyes of the retail world squarely
focused on ICSC ’s annu- al RECon event, Olshan Properties , one of the country’s private owners, developers and managers of mixed-use real estate, reported that leasing mo- mentum remained strong throughout its national com- mercial portfolio during the past six months. “Our core retail portfolio continues to exhibit resil- ience despite the increas- ingly uncertain economic outlook that characterized the start of the year,” said Andrea Olshan , CEO of Olshan Properties. “Com- pared to the first quarter of 2015, our total leasing vol- ume based on the number of retail transactions increased by approximately 24% dur- ing the first quarter of 2016 and much of that activity was generated by a flurry of late 2015 deals,” added Olshan. Highlights from Olshan Properties’ retail portfolio over the past six months include the following trans- actions: •At Bayshore Town Cen- ter in Glendale, Wisc., a new 17,000 s/f Old Navy store was constructed and offi- cially opened in late 2015; •At Kansas City’s Zona Rosa Town Center, Unite Private Networks (UPN), a provider of high-bandwidth, fiber-based communications networks and services, relo- cated its Kansas City head- quarters office to Zona Rosa. The center also announced two new retail tenants to in- clude Pure Barre and Google Fiber Store; •The Shoppes at Webb Gin, located near Atlanta, GA, welcomed several new tenants, including Cigar Bar, Fuzzy’s Taco Shop and Orangetheory Fitness; •The Greene Town Cen- ter, in Dayton, OH., an- nounced new tenants, Ulta Beauty, J. CrewMercantile, World of Beer, and Mattress Firm; in addition, Lulule- mon opened its doors for business in late 2015; •At Mercury Plaza Shop- ping Center in Hampton, VA a new, 22,000 s/f Marshall’s opened in late 2015; •In Midtown Manhat- tan’s Third Ave. at 60th St., cutting edge fitness chain
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S hopping C enters
18+ Million Square Feet
NEW YORK Glenville (Albany) Target Shopping Center Saratoga Rd. (Route 50) & Glenridge Rd. ±170,616 SF GLA In-Line Space Available
PENNSYLVANIA Quakertown at Richland Marketplace Rt. 309 & Pumping Station Road
northeast
MASSACHUSETTS Billerica Shops at Billerica
BJ’s Wholesale Club, Target, Best Buy 444,531 SF GLA / New Anchor Space Trexlertown Macungie Crossing Shopping Center Hamilton Blvd. (Route 222) & Grange Rd. Future Strip and Pads
Lake Ronkonkoma Lake Shore Plaza II Portion Rd. (CR 16) & Patchogue-Holbrook Rd. Regal Cinemas, Dollar Tree 96,290 SF GLA Latham (Colonie)
Boston Rd. (Rte. 3A) & Tower Farm Rd. Kmart, Burlington Coat, Market Basket 298,411 SF GLA In-Line Space Available Lowell Meadow Brook Center Plain Street & Lowell Connector Target, Marshalls, Chuck E. Cheese 271,377 SF GLA / Pad Site Available Milford Milford Crossing Medway St. & Beaver St. @ I-495 New Anchor Opportunities 146,770 SF GLA Future Expansion Space Available NEW JERSEY Hanover Future Development Hanover Ave. near Horsehill Rd. Leasing Pads & In-Line Space Evesham (Marlton) Shoppes at Renaissance Square Route 70 & N. Locust Avenue 176,519 SF GLA Plus Luxury Rental Homes Major Redevelopment Underway Marlton Marlton Plaza State Highway 73 & Sunbird Drive New Development Coming Spring 2016 26,016 SF GLA Mount Olive Vacant Land - 16.963 Acres Adjacent to Foreign Trade Zone Across from Walmart, Sam’s, TJ Maxx Vineland Vineland Marketplace / Kmart Plaza S. Delsea Dr. (Route 47) & College Dr. Future Development Anchor Space / Outlots Available Williamstown Williamstown Shopping Center Black Horse Pike (Route 42) & Main St. CVS, Dollar General 95,802 SF GLA Anchor Space Available NEW YORK Cortland Future Development Route 13 & Bennie Road 26 Acres across from Walmart NEW NEW
midwest
ILLINOIS Downers Grove
Freestanding Building Route 7 & Swatling Rd. 118,863 SF GLA Anchor & Outlot Available Monroe/Woodbury Harriman Commons Routes 17 / 6 & Route 32 Walmart, Home Depot, BJ’s, Target 687,724 SF GLA Future Phase III Office or Retail Nanuet Home Depot Plaza Route 59 & Hutton Ave. Home Depot, Staples / 276,792 SF GLA In-Line Space Available Orangetown Orangeburg Commons Route 303 & Palisades Parkway Super Stop & Shop Future Strip, Pads Available Stony Point Stony Ridge Plaza Route 9W & Park Rd. US Post Office / 21,212 SF GLA Southampton The Mill Montauk Hwy. (Rte. 27) & Station Rd. Prime for Specialty Foods & Boutiques PENNSYLVANIA Allentown Home Depot Plaza Lehigh St. & Route 78 134,271 SF GLA 9.82 Acres Available Carlisle Home Depot Shopping Center Hanover Street (Route 34) & I-81 Home Depot, Chili’s / 140,715 SF GLA 10,584 SF Future Expansion/Pad Montgomeryville Five Points Plaza Cowpath / Horsham Rd. at Rte. 309 & Rte 202 BJ's, Lowe's / Anchor Space Available 133,000 SF GLA UPDATED NEW
Marshall’s at The Grove 75th St. & Lemont Rd. 400,000 SF GLA Anchor Space Available 43,264 SF INDIANA Evansville
Evansville Shopping Center Morgan Ave. & Boeke Rd. Rural King, Dollar General / 153,000 SF GLA Indianapolis Pendleton Plaza Pendleton Pike & Shadeland Ave. Rose's Department Store / 134,797 SF GLA Anchor Space & Outlots Available Warsaw The Market Place at Warsaw U.S. Hwy. #30 & Water St. Carson's Dept. Store, Sears, Dunham's, Pier 1 180,000 SF GLA MICHIGAN Flint (Former) Kmart Shopping Center Dort Hwy. (Rte. 54) & Atherton Hwy. 92,691 SF GLA Livonia Office Depot Plaza Plymouth Rd. & Middlebelt Rd. Office Depot, Party City, Walgreens 108,820 SF GLA Muskegon Muskegon Shopping Center Henry St. & Norton Ave. 187,000 SF GLA Anchor Space Available Port Huron Howard St. & 24th St. Big Lots, Save-A-Lot, Family Dollar 118,000 SF GLA Redford Redford Plaza Plymouth Rd. & Inkster Rd. CVS, Planet Fitness 114,865 SF GLA / Anchor Opportunity
UPDATED
Thomas G. Mirandi 212.265.6600 x239 tmirandi@rdmanagement.com Fax: 212.459.9133
Real Estate Journal — Shopping Centers — June 24 - July 14, 2016 — 7A
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M id A tlantic
S hopping C enters
200+ Properties
MICHIGAN Southgate Fort St. & Burns Ave. Vacant Land – 9.37 Acres MINNESOTA St. Paul Midway Shopping Center University Ave. & Snelling Ave. Rainbow Foods, Office Max, Walgreens 293,732 SF GLA OHIO Ashtabula Home Depot Plaza Route 20 (N. Ridge Rd.) & Orchard Rd. 148,440 SF GLA In-Line, Future Expansion & Pad Columbus Great Western Commerce Center No. Wilson Rd. & Valleyview Dr. at Broad St. Great Western Academy, Restaurant Depot 300,254 SF GLA Mixed Use Commercial Space Holland (Toledo) Spring Meadows Place II Airport Hwy. & I-475 Dick’s, Best Buy & Expansion Space Oregon (Toledo) Vacant Land – 4.645 Acres Dustin Rd. & Isaac Street Dr. 1 block So. of Navarre Ave. (Rte. 2) & Kmart UPDATED ALABAMA Huntsville Redevelopment Opportunity South Memorial Parkway & Drake Ave. SW 104,000 SF on 8.03 Acres FLORIDA Fern Park Fern Park Plaza Semoran Blvd. (Hwy. 436) & Hwy. 17/921 Ross, Beall's Outlet, Aldi, Dollar Tree 131,646 SF GLA Fern Park Future Shopping Center 26 Acre Jai Alai Redevelopment Site 6405 Hwy. 17/92 & Fernwood Blvd. Gainesville Mixed Use Development NW 13th St & University Avenue 26,000 SF Ground Floor Retail 312,498 SF Mixed Use 6-Story Bldg. Lakeland The Groves US Hwy 98 N & Lakeland Park Center Drive Adjacent to Lakeland Square Mall 54,434 SF GLA plus 5.8 Acres for B-T-S NEW NEW NEW NEW south
FLORIDA N. Fort Myers, FL Merchants Crossing US Hwy 41 & SR 78
VIRGINIA Winchester Winchester Plaza
NEW
UPDATED
S. Pleasant Valley Rd. & E. Jubal Early Dr. Dick’s Sporting Goods, The Fresh Market, Planet Fitness / ±90,000 SF GLA WEST VIRGINIA St. Albans St. Albans Shopping Center Route 60 & MacCorkle Ave. SW Kmart, Super Kroger, Goody’s, CVS 263,323 SF GLA ARIZONA Phoenix Freestanding Barnes & Noble 1035 N. Metro Pkwy. West & 28th Dr. Adjacent to Metro Center Mall 19,360 SF on 1.48 Acres NEVADA Las Vegas Kmart Plaza E. Sahara Ave. & McLeod Dr. 127,754 SF GLA Anchor Space & Pad Available Las Vegas Kmart at Sunset Plaza 3780 E. Sunset Rd. & S. Sandhill Rd. Kmart / 86,479 SF GLA OREGON Salem Kmart Shopping Center Mission Street S. E. & 25th St. 116,866 SF GLA UTAH Salt Lake City west
Beall’s Outlet, AMC Theatres, JoAnn Fabrics, Dollar General 323,061 SF GLA Ocala
NEW
Shady Oaks Shopping Center SW 27th Ave & College Rd Burlington Coat Factory, Best Buy, Staples, JoAnn Fabrics / 260,419 SF GLA Sanford Seminole Centre S Orlando Dr. (Hwy. 17/92) & Lake Mary Blvd. Walmart Supercenter, Ross, Aldi 370,936 SF GLA Tampa University Mall E. Fowler Ave. & Bruce B. Downs Blvd. / N. 30th St. Macy’s, Sears, Dillard’s, Burlington Coat Factory Anchor Space, Outlots & Redevelopment Opportunities / 675,294 SF GLA KENTUCKY Ashland Russell Centre Route 23 & Diederich Blvd. Lowe’s, Super Kroger 257,761 SF GLA / In-line Space & Outlot Potomac Ave. (Route 60) & Northern Ave. CVS, PA Dutch Market / 164,293 SF GLA Anchor Space & Pad Available Randallstown Brenbrook Plaza Liberty Rd. & Brenbrook Dr. Home Depot / 146,586 SF GLA TENNESSEE Nashville Marketplace at Rivergate Gallatin Pike (Hwy. 31-E) & Conference Dr. Harbor Freight Tools, The Avenue 111,463 SF GLA TEXAS Ft. Worth Westcliff Shopping Center Albertson’s Market, Dollar General Alton Rd. & Biddison St. / 136,221 SF GLA VIRGINIA Richmond Food Lion Plaza Rte. 1 (Jefferson Davis Hwy.) & Chippenham Pky. 4.97 Acres & 5.23 Acres Available NEW NEW UPDATED MARYLAND Hagerstown Long Meadow Shopping Center
410 S. 900 E. & 400 S. Freestanding Office Max Future Redevelopment
puerto rico
PUERTO RICO Arecibo Arecibo Towne Center Routes 2 & 22 Future Development Anchor Position & Outlots Available Ponce Reina del Sur; Outlots at Ponce Towne Center II Rtes. #2 & Baramaya Ave. (Rte. 10) @ PR-52 Walmart Supercenter, Home Depot New Development & Pads ± 525,000 SF GLA
Thomas G. Mirandi 212.265.6600 x239 tmirandi@rdmanagement.com Fax: 212.459.9133
8A — June 24 - July 14, 2016 — Shopping Centers — M id A tlantic
Real Estate Journal
www.marejournal.com
S hopping C enters
Moving into the popular Tanger Outlets mall on Long Island, NY Stalco Construction completes Liebeskind Berlin’s second store in U.S. R IVERHEAD, NY – General contractor Stalco Construction
flects Liebeskind’s signature industrial chic esthetic. De- signed by the brand’s in-house architectural team in Ger- many, with support from the architect of record L2 Studios, the store features exposed ceilings, a manufactured wood planks floor, and concrete-fin- ish and metal display fixtures manufactured in Germany,” said Stalco president Alan Nahmias . The store has its own street entrance and houses the sales floor, cash wrap counter, shelves along the perimeter, multiple merchandise dis- play islands, window display
shelves, racks for clothing and accessories, two fitting rooms, and back office facilities, in- cluding a stockroom, a security desk, manager’s office, and an employee break room. “The $340,000 project was delivered three days ahead of a very challenging schedule of four weeks, including demoli- tion,” said Stalco project man- ager Edward Dutton . “This required strictly enforcing construction schedule mile- stones with all subcontractors and early pre-purchasing of all long-lead items, such as display fixtures and lighting equipment,” he added. The construction team also designed and installed a new sprinkler system and engi- neered a track lighting system that incorporates MYLIGHT Lichtkonzepte 3100K LED linear lighting fixtures im- ported from Germany and Juno TRAC-MASTER tracks. The store’s lighting also in- cludes 3500K Conix II LED fixtures and 3500KReal6 LED downlight fixtures by Reality Commercial. n CBRE arranges lease for Wok Street Restaurant PHILADELPHIA, PA — CBRE Group, Inc. (CBRE) announced that it has bro- kered the lease of Wok Street’s first stand-alone store, a 2,600 s/f property located at 1518 Chestnut St. in Center City. Wok Street, which is owned by Hai Street Kitchen & Co., cel- ebrated its grand opening on Thursday, May 12th, with the first 300 customers receiving a free lunch. CBRE’s Jackie Balin represented the tenant during the transaction. “Wok Street launched today right in the heart of Center City,” said Patrick Hughes, di- rector of store development, Hai Street Kitchen. “Wok Street’s opening marks our second brand within two years and our largest location in Philadelphia. CBRE has been essential in lo- cating properties for our brands to help us grow to ten locations by the end of 2016.” The new restaurant will offer customers the choice between signature bowls com- posed of fresh vegetables and proteins, or the option to cre- ate their own, starting with rice or noodles then adding in their favorite vegetables, proteins, sauce and toppings. n
has completed the construc- tion of the new Liebeskind Berlin store in the Tanger Out- lets mall in Riverhead on Long Island. This is the second U.S. location of the trendy Ger- man leather accessories and fashion brand. Liebeskind’s American flagship store – and its first location – is in Man- hattan’s SoHo neighborhood. The new store is at 503 Tanger Mall Dr. Tanger Outlets is owned and operated by Tanger Factory Outlet Centers, Inc.. “The 2,000 s/f interior re-
Liebeskind Berlin interior, Riverhead, NY
CELEbRATInG 25 yEARS oF EnGInEERInG ExCELLEnCE!
QUALITY • COMMITMENT • PERFORMANCE
Subsurface Investigations • Construction Inspection and Testing Geotechnical Design & Analysis • Environmental Site Assessments and Remediation • Clean Fill Testing • Carbonate Site Assessments Stormwater Infiltration Testing • Laboratory Soils Testing www.earthengineering.com Corporate Headquarters: 610-277-0880 • Lehigh Valley: 610-967-4540 Central PA: 717-697-5701 • South Jersey: 856-768-1001
Real Estate Journal — Shopping Centers — June 24 - July 14, 2016 — 9A
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Kevin Hixson, Michael O’Brien and Brett Stark BL Companies welcomes three new principals
C
worth , president and CEO. “This remarkable group of new principals embodies the leader- ship, performance and client service BL Companies is known for in the industry.” These three individuals join the ranks of the company’s thirty-six existing principals who support BL Companies’ growth across all of our key markets. The Principal Program is a program for people who have the proven ability - and the re- sponsibility - to have a broader impact on the success of the entire company for the benefit of all employee owners. n
AMP HILL, PA — BL Companies (BL), an employee-owned, multi- disciplinary architecture, en- gineering, environmental and land surveying firm recently named three employee own- ers to principal. The newly appointed principals at BL are employee owners, Kevin Hixson , Michael O’Brien and Brett Stark . Kevin Hixson, project manager - Meriden, CT : Kevin Hixson is a civil engineer with over 20 years of experience covering a broad range of proj- ects, including design, project management and inspections, in the public and private sec- tors. Michael O’Brien, project manager - Norwood, MA: Michael O’Brien is a mechani- cal engineer with 10 years of experience in the natural gas industry, specializing in the development and maintenance of both transmission and distri- bution infrastructures. Brett Stark, project man- ager - Hartford, CT: Brett Stark has over 15 years of ex- perience in the design and ad- ministration of transportation projects. As a consultant liaison engineer working on behalf of the Connecticut Department of Transportation, Stark has been involved in a wide range of both State and municipally admin- istered projects, from roadway and bridge improvements to major transportation corridors and public transit initiatives. “We are extremely delighted to welcome these talented individuals to the Principal Program,” said Carolyn Stan- RCS Real Estate Advisors retained by Brookstone NEW YORK, NY — New York-based RCS Real Estate Advisors has been retained by innovative and lifestyle prod- ucts retailer Brookstone, Inc. to operate as their outsourced real estate department. RCS Real Estate Advisors executive vice president Eileen Mitch- ell made the announcement. RCS Real Estate Advisors will work with Brookstone to man- age their entire retail real estate portfolio and to help them de- velop growth strategies for their holiday pop-up stores and outlet locations. RCS is responsible for all lease negotiations, site selec- tion and implementation of their growth plans. n
Shown from left: Kevin Hixson, Michael O’Brien, Brett Stark
DELIVERING VALUE TO CLIENTS IN THE BUILT ENVIRONMENT. For 30 years, BL Companies has been an award-winning leader in delivering high-quality, integrated architecture, engineering, environmental, land surveying, planning and consulting services for land development, building design and infrastructure projects. At BL Companies, we seek to understand design challenges from our clients’ perspective and deliver solutions that result in vibrant, practical, and inspiring places for people to work, shop, visit, and socialize. With proven creativity, reliability, experience, and understanding of commercial development concerns, we have built a reputation in our industry for achieving our clients’ objectives while meeting their time and budgetary needs. Employee owned. Client driven.
BL Companies, Inc. | 4242 Carlisle Pike, Suite 260, Camp Hill, PA 800.301.3077 | www.blcompanies.com
Connecticut | Maryland | Massachusetts | New Jersey | New York | Ohio | Pennsylvania | Texas
10A — June 24 - July 14, 2016 — Shopping Centers — M id A tlantic
Real Estate Journal
www.marejournal.com
S hopping C enters 2,400 acre mixed-use dev. will include 500,000 s/f retail and 2,000 residential units Shop-Rite to anchor retail component at The Oaks at Glenwood in Old Bridge, NJ O LD BRIDGE, NJ — The Brunetti Or- ganization , a real
announcement of the Shop- Rite lease is expected to spur finalization of lease negotia- tions with several additional well-known retail tenants. When completed, the de- velopment will feature 2,000 residential units and over 500,000 s/f of retail space. A prime retail site located at the corner of Rte. 9 South and Schulmeister Rd., The Oaks at Glenwood features convenient access to both the NJ Turnpike and Garden State Parkway, and currently boasts a traffic count of over 68,000 cars daily. With over 1,200 feet of highway front-
age and easy access to the site, as well as a NJ Transit park-and-ride bus facility nearby, the site is certain to be a winner with both retail- ers and the upscale, mobile demographic that will be attracted to the residential units. Having already completed a substantial amount of the site work and infrastructure improvements at the site, The Brunetti Organization is poised to commence con- struction upon completion of the connection of utilities. Brunetti is currently offering pad sites and junior anchor positions in addition to strip locations for lease at The Oaks at Glenwood, and the organization reports that sub- stantial interest has already been generated from several nationally-known retailers and restaurant chains. Old Bridge township is lo- cated in Middlesex County, New Jersey. It is 35 miles southwest of New York City, directly off The Garden State Parkway, one of the region’s major arteries. The Town- ship is highly accessible via I-287, Rtes. 34, 35, 18, and 1 & 9, and The New Jersey Turnpike. “We have been receiving a tremendous amount of interest from a wide rage if retailers in a variety of categories,” said John Bru- netti, Jr. , vice president of The Brunetti Organization. “Old Bridge is known as one of Central New Jersey’s pre- mier communities, but it is currently underserved from a retail standpoint. Everything points to success for retail- ers who choose The Oaks at Glenwood.” “We a r e par t i cu l ar l y pleased to make this an- nouncement as the Inter- national Council of Shop- ping Centers (ICSC) RE- Con show is opening in Las Vegas,” said Brunetti. The Goldstein Group of Paramus, NJ is the leasing agent for the retail portion of The Oaks at Glenwood. President Chuck Lanyard , vice president Mark Hand- werker , and principal Neil Goldstein , are representing the property on behalf of The Brunetti Organization. Con- struction management and consulting services are being provided by John Potter and Hal Dodt of Equitas Man- agement Group . n
estate developer in both Cen- tral New Jersey and South Florida, has announced that Shop-Rite has signed on as the anchor retail tenant at their soon-to-be-developed 2,400-acre mixed-use town center development, The Oaks at Glenwood, in Old Bridge, NJ. Construction on the 90,000 s/f grocery super center is set to begin almost immediately, with occupancy of the Shop-Rite and other retail tenants scheduled for the Summer of 2017. The
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