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Real Estate Journal — Shopping Centers — Section C
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ew Canaan, CT — Dev Morris and Andrew Stewart Fully-occupied, 9,431 s/f mixed-use CronheimMortgage arranges $4.1m for retail/office building N
Gorman & Shover represent seller Marcus & Millichap brokers $1.8m sale
have arranged $4.1 million in financing for a retail and office building located in the heart of downtown, New Ca- naan. The loan was placed at a fixed rate of 4.00%, and was structured with a 7 year term and 18 year amortization for the borrower, Campana 109, LLC. The subject is a fully-oc- cupied, 9,431 s/f mixed-use building located on Elm St. The ground floor space is
Frankstown Rd.
able to strike a deal with the successful buyer pre-construc- tion and prior to the tenant’s rent commencement, partly due to the level of offer activity we were able to generate for this property.” This property is located at Frankstown Rd. and Amelia Ave. At this location Sheetz executed a new 20 year cor- porately guaranteed absolute- net ground lease with rental increases in the option periods. The site sits at the entrance to Logan Town Center, a 700,000 s/f power center. This property a net-new store, is located less than two miles from Sheetz’s corporate headquarters and represents their newest and largest prototype to date. n to the tenant mix.” The space was previously a popcorn store that left behind beautiful hard- wood floors. “They are going to make their dream salon,” Cohen said. The Hills at Bedminster landlord BIT Holdings was represented by Levin Man- agement , while Goldstein Group represented landlord LTC Retail Owner c/o Onyx Equities at Livingston Town Center. When both locations open in early 2015, the salons will offer a variety of services for men, including haircuts, face treatments, scalp treatments, waxing, massages and more. Cohen is continuing to work with the brand to seek sites throughout New Jersey, in- cluding potential sites in Ber- gen County. n
ALTOONA, PA — Marcus & Millichap announced the sale of Sheetz, a 6,902 s/f net- leased property located in Al- toona, Pennsylvania according to Bryn Merrey, regional man- ager of the firm’s Philadelphia office. The asset sold for $1.8 million. Matthew Gorman and Mi- chael Shover , investment spe- cialists inMarcus &Millichap’s Philadelphia office, had the listing to market the property on behalf of the seller, and also secured and represented the buyer. “We brought this property to market as soon as the ground lease was completed and the tenant’s termination rights ex- pired.” said Gorman “We were
Sept. 26 - Oct. 9, 2014
Elm St.
leased to Ralph Lauren and Nails Hollywood, while the upper level features six of-
Ann Taylor, and Vineyard Vines, among others. The Subject, built in 1927, has had
HI-LIGHTS Post ICSC Highlights
fice tenants, including a c h i r op r a c - tor and law offices, and one r e t a i l tenant, Im- age Design Group. The surrounding
recent capi- tal improve- ments with- in the past f ew years , including a new roof and skylights, a r e n o v a t e d l obby , up -
Retail Services
SPOTLIGHT
Dev Morris Andrew Stewart
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area features similar high- end retailers such as J. Crew,
graded electrical systems, and new fire safety systems. n
Cohen of Winick Realty Group NJ leases 3,800 s/f for 18|8 Fine Men’s Salons first two NJ locations
Myers of LMS Comm’l. sells 7+ acres & leases 23,180 s/f in Lancaster
NEW JERSEY — Fine Men's Salons, the popular men’s grooming concept with locations in six states, has leased its first New Jersey locations in Somerset and Es- sex Counties. Winick Realty Group NJ broker Alison Co- hen , the broker for 18|8 Fine Men's Salons in New Jersey, represented the salon in both transactions. The salon is set to occupy 2,300 s/f of retail space at The Hills at Bedminster, a heavily- trafficked shopping center that features the upscale co-tenants and customers the brand had been seeking. The only avail- ability in the center, this space had previously housed a UPS store and 18|8 is currently reconstructing the space to accommodate a salon with pri- vate stations and sinks. “They
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Livingston Town Center
really like to offer a personal touch,” said Cohen. 18|8 also signed a lease for 1,500 s/f at Livingston Town Center, where the salon will join such co-tenants as Omaha
Steaks and Nicole Miller. “Liv- ingston Town Center is a really nice, upscale, community out- door mall that is going through a resurgence,” said Cohen, “and we feel that 18|8 will add
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