20A —May 2023 — Retail Development Reimagined — M id A tlantic Real Estate Journal
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R etail D evelopment R eimagined
Fred Younkin negotiates recent transactions LMC managed Bradford Plaza adds two new tenants
NJ developer secures two top retailers Heidenberg Properties rebrands retail property
porat ion (LMC) has announced two new tenant com- mi tment s at Bradford Plaza in West Chester. The latest addi- W
EST CHESTER, PA — Levin Man- agement Cor-
Five Below
Central Vermont Marketplace but also expanded into nearly 16,000 s/f of consecutive inline tenant spaces. In addition to the new ten- ants, Heidenberg Properties made enhancements to the Marketplace’s internal com- mon areas, parking lot and signage. The parking areas and drive aisles have way- finding banners, tenants are advertised on bold directo- ries, and there are communal tables for customers to enjoy while shopping. Heidenberg Properties al- ready has plans underway to add to the mix of uses at the Central Vermont Marketplace. In early 2022, the developer obtained local approval for two projects. The first is a partnership with Barre-based affordable housing develop- er Downstreet Housing & Community Development to add 30 additional residen- tial units at the property. The second is a stand-alone, drive- thru Starbucks to be located adjacent to Rte. 62. MAREJ
BERLIN, VT — Heiden- berg Properties Group has rebranded what was formerly the Berlin Mall as the Central Vermont Marketplace. The name change is a part of the property’s transition from a traditional mall into a mixed- use town center. This new era began in June 2022 with the opening of Chestnut Place, a 98-unit assisted and inde- pendent living senior facility, marking the first time that the property has been used for residential purposes. Now, the NJ-based devel- oper is proud to add two new top-tier retailers to the prop- erty, totaling almost 60,000 s/f and further creating a dynamic center where Central Vermont residents can shop, workout and live. In February 2023, variety store Five Below opened its doors at the Central Vermont Marketplace. In late April, Five Below was joined by Hobby Lobby, which not only took over the former JC Penney 34,000 s/f anchor,
Bradford Plaza
Fred Younkin
tions include outpatient physi- cal therapy provider NovaCare Rehabilitation (1,650 s/f) and family-owned ice cream shop Bert’s Homemade Ice Cream and Italian Ice (1,300 s/f). LMC serves as leasing and managing agent for the 161,000 s/f Bradford Plaza. Located at 700 Downingtown Pike, the popular retail desti- nation draws 2 million visits per year, according to real time traffic data from Placer.ai. Fred Younkin , LMC leasing representative, negotiated the recent transactions on behalf of the property’s ownership. Jason Blank of Jackson Cross Partners represented NovaCare Rehabilitation. NovaCare Rehabilitation is a provider of outpatient physi- cal therapy, hand therapy and rehabilitation services. Each location’s highly trained, specialized therapists help pa- tients of all ages recover from injury or manage chronic medi - cal conditions. “Healthcare concepts are great community resources and excellent traffic drivers for retail properties,” said Younkin, noting Bradford Plaza already is home to vision
care services provider Village Optical and a dental office. Bert’s Homemade Ice Cream and Italian Ice is a new busi- ness venture for siblings Jill Persico and Chris Anderson, who named the shop in honor of their late father, Albert. The walk-in shop will be open year-round and offer a selec- tion of homemade hard ice cream, custard and Italian ice. Bert’s also will feature an ever-changing selection of seasonal flavors. “Bradford Plaza is an acces- sible center with lots of park- ing and a great mix of in-place tenants,” said Persico. “The presence of both a toy store and martial arts studio near our space, and the synergy that creates, was very attractive to us. Bradford Plaza is a great place to do business. We look forward to being part of the center and serving customers from this location.” Bert’s Homemade Ice Cream and Italian Ice adds a new dining category to Bradford Plaza, noted Younkin. “We are pleased to bring this concept to the center’s shoppers –and the community – just in time
for summer,” he said. Anchored by Giant super- market, Bradford Plaza is also home to Walgreens, Dollar Tree, Petco, AT&T, Monkey Fish Toys, Orangetheory Fit- ness, State Farm Insurance, and PA Wine and Spirits, along with a host of other lo- cal restaurants and service providers. There is a growing population of 108,000 people with an average household income of $148,000 within a five-mile radius of the center. Bradford Plaza is proximate to West Chester University and more than one dozen public schools. In a separate transaction, MY SALON Suite is coming to Aldrich Plaza in Howell, NJ, expanding the salon suite franchise’s growing brick-and- mortar footprint and repre- senting a new retail tenant category for the Monmouth County shopping center. LMC leasing representative Kendal Hand-Freda and senior leasing representative E.J. Moawad arranged the 7,900 s/f lease; Frank Greco of Savills represented the tenant. MAREJ
CBRE arranges $6.25M sale of retail Strip in Teaneck, NJ
Pelio of Azarian Realty Co. represents landlord in 4,313 s/f lease in Town Plaza II
ORANGEBURG, NY — Az- arian Realty Co. announced that Overdrive Fitness has leased 4,313 s/f in Town Plaza II in Orangeburg, NY. Over- drive Fitness is a premium fitness center specializing in personal training. The fitness user will be relocating from its existing location in Orange- burg to Town Plaza II. Kevin Pelio of Azarian Re- alty Co. represented the land- lord and Jennifer Baisley of Keller Williams Valley Realty represented the tenant in this transaction. Town Plaza II, located on 500 Rte. 303 in Orangeburg, is a 25,000 s/f, 13-tenant strip
Town Plaza II
TEANECK, NJ — CBRE has arranged the sale of a re- tail strip located at 1374-1400 Queen Anne Rd. in Teaneck. Queen Anne Owner LLC ac- quired the 20,413 s/f property for $6.25 million. Karly Iacono , a senior VP in CBRE’s Capital Markets Group, negotiated on behalf of the seller, Astoria Realty Corp ., which has owned the property since the 1950s. “We were pleased to repre- sent the seller on this legacy
asset which has not traded since 1958. The location, cou- pled with our well-defined marketing process, created an extremely competitive bid process where we sourced many buyers offering above list price. This grocery anchored center is a cornerstone of the Teaneck community and will be an out- standing long-term hold for the new owners,” said Iacono. The property consists of eight retail units and is anchored by Glatt’s Express Supermarket. MAREJ
Town Plaza II
mall located at a busy signal- ized intersection. The property is near three colleges with large student populations, as well as single-family homes, assisted living, and office buildings. The property is eas- ily recognizable from the large
pylon sign located at the sig- nalized intersection of Route 303 and Mountainview Ave. Current leasing opportunities at Town Plaza II include an end cap space and a fully built- out 2nd generation restaurant and former pizzeria. MAREJ
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