R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news
ISSUE HIGHLIGHTS Volume 28 Issue 24 Dec. 23, 2016 - Jan. 12, 2017
N Project architect is TheMartin Architectural Group, JDavis serves as interior designer HighConstruction awarded $40mcontract to build apartments at Ellis Preserve EWTOWN SQUARE, PA — High Con- struction Co. an-
SPO TLIGHT
nounced that it was awarded a $40 million contract by BPG Development Co. to build an apartment community at Ellis Preserve at Newtown Square, located in Newtown Square. The project, which will be managed by Madison Apart- ment Group , includes the construction of three four-story buildings totaling 339,000 s/f. Slated for completion in 2018, the apartment community, Madison Ellis Preserve, will offer 251 one- and two-bedroom layouts with state-of-the-art amenities. First apartments should be available for move in as early as fall of 2017. The project architect is The Martin Architectural Group , Philadelphia, PA. The interior designer and landscape architect is JDavis, Philadel- phia. JDavis also provided the project renderings. n
ANNUAL REVIEW
Section C
UPCOMING CONFERENCES February 2, 2017 Philadelphia Multifamily Summit February 3, 2017 3 rd Annual NJ Industrial Real Estate / Development Summit For speaking and sponsorship information, please contact: Linda at 781-871-3456 or lchristman@marejournal.com
Ellis Preserve at Newtown Square renderings are courtesy of JDavis
Equity Retail Brokers’ McEvoy & Ginn broker sale of three shopping centers
PLYMOUTH MEETING, PA — Ken McEvoy and Ed- ward Ginn of Equity Retail Brokers’ investment sales division brokered the sale of three grocery-anchored shop- ping centers in the Philadelphia suburbs. The shopping centers include the Giant Marketplace, an 88,000 s/f center anchored by Giant Food Stores in Bensalem,
napolis, IN. In a separate transaction, Equity Retail Brokers agents Brian Wherty and Rob Sam- tmann recently represented Verizon Wireless (Corporate) in leasing a 5,000 s/f pad site in front of Lowe’s in Egg Harbor Township, NJ. Now Open, Rob Samtmann and Brian Wherty secured the location on Black Horse Pike across from English Creek Shopping Center in Egg Harbor Township, Atlantic County, New Jersey. Verizon Wireless joins area retailers including Lowe’s, Home Depot, Shop Rite, A.C. Moore, and many more. n Ken McEvoy and Edward Ginn
Directory
Shopping Centers.............................................5-12A Owners, Developers & Managers............... Section B Annual Review........................................... Section C
Giant Marketplace in Bensalem, PA
Upcoming Spotlights January 13 th
Acme Markets is a subsid- iary of Albertsons Companies. Shooster Development was the seller. The buyer, ECHO Realty Partners, is a privately held developer, owner, and op- erator of commercial real estate with offices in Pittsburgh, PA, Washington, DC and India-
Bucks County; Media Shop- ping Center, a 75,000 s/f center anchored by Acme Markets in Media, Delaware County, and the Shoppes at Lionville Station, a 79,000 s/f center in Exton, Chester County. Giant Food Stores is a sub- sidiary of Ahold Delhaize, and
2017 FORECAST SOUTHERN NJ
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Thank You to all who participated!
Bronze Sponsor
Corporate Sponsor
SpeakerS InCLuDe:
Richard Conley Senior Vp, agency Originations Dir. The Community preservation Corp.
David Koch executive Vice president CBre
Mark Popovich Senior Managing Dir. HFF LLC
Rick O’Brien executive Vp Jones Lang LaSalle
Daniel P. Puntil Senior Vp Grandbridge real estate Capital
John Bilyak SIOR, CCIM principal Colliers International
Shawn Fox president rDC
Jim Scalo president Burns & Scalo real estate Services
Louis V. Oliva, CCIM SIOR exe. Managing Dir. newmark Grubb knight Frank
Cynthia Kamin, CCIM Senior Vp Investment properties Group CBre | Capital Markets
Jeffrey Deitrick, SIOR executive Vp Broker of record Oxford realty Services
Tyler Noland Chief Operating Officer penTrust real estate advisory Services Inc.
Jason Cannon Vice president CBre pittsburgh
David Glickman Director newmark Grubb knight Frank
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The Pittsburgh office of HFF would like to thank Burns & Scalo Real Estate Services for assisting with the financing of these projects:
The Dakota Former GSK Building
Acquisition financing of this 200,000 SF, Class A, office building located in the Parkway West submarket of Pittsburgh, PA
Larry Lefever Photography
Beacon I
Don Pearse Photography
Don Pearse Photography
Construction financing for this 80,000 SF office building located within Abele Business Park in Bridgeville, PA
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www.burnsscalorealestate.com
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American Architectural Window & Door.................1B ARD Appraisal.........................................................34C AW Meyer. ...........................................................IBC-A Barley Snyder............................................................2C Bergman Real Estate Group...................................20C Bernardon................................................................18C Bussel Realty Corp..................................................35C Capitol Aerials...........................................................2B Capstan......................................................................3A CenterPoint..............................................................17C Commercial Mortgage Capital................................11C Cooper Horowitz......................................................10C Crystal Window & Door Systems...........................10B Cushman & Wakefield. ...........................................33C Delcollo Security Technologies. ................................7B DesignPoint..............................................................11B E.B. Cohen...............................................................17B Earth Engineering Inc.. ..........................................14B ECSI.....................................................................IBC-A Elliott-Lewis. ...........................................................16B Emory Hill Companies..............................................4C Environmental Systems......................................IBC-A EPGP..........................................................................8B Equity Retail Brokers. ............................................14C Exchange Solutions.................................................12C Foliage Design Systems. ...........................................6B Fowler Cos.. .............................................................27B Gebroe-Hammer......................................................36C Greater Reading Economic Partnership..................6C Green Partners........................................................22B GREP....................................................................IBC-A Harvey Hanna & Associates...................................21C Heller Industrial......................................................27C HFF NJ......................................................................1C High Construction Co..............................................18B Hutchinson.................................................................8C Integrated Business Systems. ..................................5B Investors RE Agency...........................................IBC-A IREM....................................................................IBC-B Jewel Electric.............................................................3B Justin M Moss. ....................................................IBC-A Kaplin Stewart. .......................................................26C Kay Commercial Realty. .....................................IBC-A Kislak.......................................................................19C Lee & Associates NJ..................................................3C Lew Corp....................................................................4B M. Miller & Son.......................................................13B Marcus & Millichap NJ......................................... IC-C Marcus & Millichap PA........................................ BC-C Meridian Capital Group...........................BC-A, IBC-C NAI Summit...............................................................9C NFSA..........................................................................3A P. Cooper Roofing. ................................................ BC-B Penn’s Northeast.....................................................15C Poskanzer Skott Architects.....................................12B Premier Compaction Systems.................................23B Quality 1st Contracting. .........................................25C RD Management.................................................... 6-7A Regal Bank...............................................................16C Rittenhouse Capital Advisors.................................31C Rittenhouse Realty Advisors. ...................................5C Sitar Auctions............................................................4A SITAR.........................................................................4A Smart Sub Energy...................................................13C Specialty Business Systems.................................. IC-B Stout & Caldwell Engineers, LLC ..........................9B SUBWAY..................................................................10A Total Cleaning Associates Ltd..................................2B Whitesell....................................................................4A Withum. ...................................................................15B Wohlsen Construction.............................................30C MA REJ 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 .............................................. Barbara Holyoke Associate Publisher .....................................................Steve Kelley Associate Publisher ..................................................Lea Christman Office Manager .........................................................Joanne Gavaza Contributing Columnists. .. Robert Charron; Jonathan Curry-Edwards 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 24 Subscription rates: $99 - one year, $198 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Toll-Free: (800) 584-1062 | MA: (781) 871-5298 | Fax: (781) 871-5299 www.marejournal.com The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
Robert H. Charron
Jonathan Curry-Edwards
Five Tax Planning Tips to Consider Before the New Year ax planning is a year- round endeavor, but several year-end strat- egies might reduce your 2016 tax bill. It is important to note that these tax planning tips are based on existing law – with president-elect Donald Trump taking office in Janu- ary substantial changes may be coming. Here are five to consider: 1. Defer income, acceler- ate deductions. You may be able to lower your 2016 income taxes by deferring in- come to 2017 or accelerating deductions into 2016. To defer income, for example, ask your employer to pay your year-end bonus in early 2017. To accel- erate deductions, prepay your property taxes, state income taxes or January mortgage payment in December. Cau- tion! Certain deductions are included in the Alternative Minimum Tax (AMT) calcula- tion. Consult your tax advisor to determine how much, if any, provide a tax benefit. The tax plan proposed by Trump would repeal the AMT. The most effective way to accelerate deductions is to make contributions to an IRA or other retirement plan, provided you haven’t already reached the 2016 limit. De- pending on the type of plan, your contributions may be due by December 31, whereas for others you may be able to make 2016 contributions as late as your filing deadline, with extensions. For tradi- tional IRAs, the filing deadline is the due date of the return without extension. Deferring income and accel- erating deductions isn’t right for everyone. So, if you expect to be in a higher tax bracket next year, you may be better off accelerating income into 2016, when your marginal tax rate is lower, and defer- ring deductions to 2017, when T
they’ll do more good. Certain deductions are more valuable if you bunch them together in a single year. Medical expens- es, for example, are deductible only to the extent they exceed 10% of your adjusted gross income (AGI) (7.5% if you or your spouse is 65 or older). If you won’t reach that level this year, consider putting off op- tional medical care until next year, when you stand a better chance of exceeding the AGI threshold. Most tax practitio- ners believe that taxes will be lower next year for the majori- ty, but not all, of taxpayers. In addition, the Trump tax plan would cap itemized deductions at $200,000 for joint filers ($100,000 for single filers). 2. “Harvest” investment losses. This year, long-term capital gains are taxed at rates as high as 20% at the federal level — 23.8% if you’re subject to the net investment income tax (NIIT). If you recognized capital gains this year you may be able to reduce your capital gains tax and the NIIT by selling poor-performing investments at a loss. You can use those losses to offset capi- tal gains, and up to $3,000 in ordinary income. Any losses in excess of the $3,000 allowable amount are “carried forward” for you to use in subsequent years. Be careful of the wash sale rules which disallow the loss from the sale of a security if you acquire it within 30 days before or after the sale. In ad- dition, Trump’s proposed tax plan would repeal the NIIT. 3. Avoid estimated tax penalties. If you’re behind on estimated tax payments, you may be able to catch up and avoid penalties on your 2016 return by increasing withhold- ings on your remaining wages and retirement distributions — or, if you file jointly, on your spouse’s remaining wages — for the year. Unlike estimated
tax payments, taxes withheld from wages are treated as if they were paid throughout the year, regardless of when they’re actually withheld. 4. Donate to charity. Mak- ing charitable donations before year end can reduce your 2016 tax bill. An effective strategy is to donate appreciated stock or other securities that you plan to sell anyway. That way, you’ll enjoy a charitable tax deduction for the security’s full market value (subject to certain limitations), while avoiding capital gains tax and the NIIT on its appreciation in value. Or, if you’re consider- ing donating securities that have lost value, you’re better off selling them and donating the cash to charity. Otherwise, you’ll miss out on the chance to deduct the capital loss. 4a. Qualified charitable distribution. If you need to take Required Minimum Dis- tributions (RMD) from your IRA before year-end, consider making a qualified charitable distribution (QCD). A QCD is a distribution directly from your IRA custodian to a quali- fied charity and counts to- wards satisfying your RMD up to $100,000. Unlike RMD withdrawals, QCDs are not included in your taxable in- come which helps maximize deductions that are subject to income thresholds. 5. Watch out for deduc- tion limitations. Note that deduction limitations for high- income taxpayers may reduce the effectiveness of certain strategies. Many itemized deductions are phased out, for example, once your AGI reach- es a certain threshold. In 2016, the threshold is $259,400 for single filers and $311,300 for joint filers. If you might be subject to the alternative minimum tax (AMT) this year or next, consider the potential continued on page 14A
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M id A tlantic R eal E state J ournal 232 units sell for $ 237,000 + per unit Gebroe-Hammer Associates records $55m trade of apts. N EW PROVIDENCE, NJ — In one of the na- tion’s wealthiest bor-
oughs that also happens to be one of New Jersey’s best-kept secrets, Gebroe-Hammer As- sociates has arranged the $55 million sale of 232 multi-family units at New Providence Apart- ments and Gardens, located at 4 Gales Dr., in New Providence. The brokerage team of Greg Pine , executive vice president, and Gehane Triarsi , sales representative, represented the seller, NP Gardens LLC, while Nicholas Nicolaou , senior vice president, procured the buyer, Madison Hill Proper- ties LLC. Located in northwest Union County, this quaint suburban borough connects Summit to Berkeley Heights. For the past 20 years, New Providence has been undergoing a population boom that has resulted in a tight supply of housing options and six successive quarters of asking-rent gains. “New Providence has become an enclave for urban sophisti- cates – highly educated indi- viduals who gravitate toward the arts, hold executive-level employment positions and are SHORT HILLS, NJ — The Blau & Berg Co. brokered a 343,485 s/f industrial lease on behalf of a global logistics firm. A logistics provider of supply chain management solutions will occupy the space located at Middlesex Center Blvd. at I-8A. Marc Petrella of Cushman & Wakefield represented the landlord, GLP, and Charles
New Providence Apartments and Gardens
Promote Your Company
well traveled,” said Pine. “De- mand for apartment-rentals has escalated in this post- single-family-housing-crisis era, particularly in a borough like New Providence, which benefits from its scenic location within theWatchungMountain region, 15-mile proximity to Newark and 30 miles to Mid- town Manhattan.” “While New Providence has a clandestine identity, it is well known among prospec- tive multi-family tenants and investors for its ease of access to highways, local and regional Kavanagh , executive VP of The Blau & Berg Co., was the procuring broker for the tenant in the transaction. “E-commerce is driving de- mand for premium facilities particularly along the NJ Tpke. corridors that provide good ac- cessibility and access to its cus- tomers and densely populated areas. The industrial vacancy
employment centers and overall charm,” added Pine. “In short, the borough offers something for everyone, from millennials and senior-level executives with families to active retirees.” According to recent U.S. Cen- sus estimates, the municipality has a population of 12,000 resi- dents with an estimatedmedian household income of $123,078. NewProvidence’s housing stock is comprised of owner-occupied single-family dwellings as well as garden apartments like New Providence Apartments and Gardens. n
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rate for Northern and Central NJ markets is currently at a his- torically low level of 5.4% for the 3Q16,” said Jason Crimmins , president, The Blau & Berg Co.. “With 24/7 delivery becoming the norm for many retailers, package delivery companies are expanding their presence in NJ markets to satisfy growing fulfillment needs.” n The Blau & Berg Co’s Kavanagh procures 343,485 s/f
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M id A tlantic R eal E state J ournal C PartneredwithMorford &Dodd Realty to rep. landlord Garibaldi orchestrates165,000 s/f NJ biotech campus sale
Prime Properties in Southern New Jersey Available For Lease
HATHAM, NJ — The Gar ibaldi Group / CORFAC Interna- tional announced their efforts in orchestrating the sale of a biotech pharmaceutical facil- ity in New Jersey to QuVa Pharma, Inc., a recently formed national platform for sterile compounding pharmacy. The Garibaldi Group represented both the buyer as well as the seller in the transaction, an in- ternational Fortune 500 Phar- maceutical Company. Financial terms of the private transaction were not disclosed. QuVa Pharma currently op- erates two Texas-based 503B
Whitesell Properties >> Industrial >> 1050 Thomas Busch Memorial Highway, Pennsauken, NJ
PRIME PROPERTY FOR LEASE 1050 THOMAS BUSCH MEMORIAL HIGHWAY
• Exceptional 47,591 SF Single-tenant Warehouse / Manufacturing Building • 24’+ Clear height, 1200 Amp Electric, T-5 Lighting, and Skylights • 6 Tailgates, 2 Drive-ins, and 94 parking stalls. • Prime Logistics Opportunity minutes from Downtown Philadelphia, I-95, I-295, NJ Routes 38, 70, US Route 130, and NJ Turnpike Exit 4
QuVa Pharma NJ Campus
registered manufacturing fa- cilities. In August 2015, the company received a majority equity commitment from Bain Capital Private Equity to sup- port creation and expansion plans. The 165,000 s/f biotech cam- pus will be converted to enable PUBLIC COMMERCIAL REAL ESTATE AUCTION
QuVa Pharma to significantly extend its production capabil- ity and capacity to deliver high-quality, ready-to-use com- pounded sterile drug prepara- tions to hospitals in key mar- kets in the eastern half of the US. QuVa Pharma anticipates the state-of-the-art 503Bmanu- facturing campus will com- mence operations in mid-2017. The buildings will be modified to meet or exceed the FDA’s requirements for sterile manu- facturing in the 503B setting. The site will include complete in-house product and environ- mental testing capabilities, both of which support a major industry quality initiative that QuVa Pharma is leading. “It’s great in this industry when you can say that you helped deliver a win-win sce- nario, and I believe that’s what we were able to do with this transaction,” said Jeff Garib- aldi , president of The Garib- aldi Group. “This deal helps establish a sterile compound- ing company with a strategic location to serve their logistic and supply chain needs, in ad- dition to creating high paying jobs for the local and regional economy.” The Garibaldi Group team of Jeff Garibaldi, Charlie Dai and Scott Garibaldi repre- sented Quva Pharma, Inc. in the purchase, while the team of Jerry Moore and Chuck Bower of The Garibaldi Group partnered with Bob Morford of Morford & Dodd Realty, Inc. to represent the landlord. n JLL Inks 83,497 s/f lease for Ogilvy CommonHealth Worldwide PARSIPPANY, NJ — JLL has completed a renewal trans- action the institutional owner- ship of Morris Corporate Cen- ter III, 400 Interpace Pkwy., in Parsippany, with Ogilvy CommonHealth Worldwide. The healthcare marketing ser- vices firm signed for 83,497 s/f within Building C at the class A office property. n
856-764-2600 | www.whitesellco.com | Commercial Office & Industrial Real Estate Proudly Serving Southern New Jersey for Over 50 Years
PUBLIC COMMERCIAL REAL ESTATE AUCTION
17,231 Sq. Ft. Commercial Building, & 1,300 Sq. Ft. Office Building, on 1.082 Acres JANUARY 11TH , 2016 @11:00 A.M. (Snow Date: January 18th@11:00 A.M.) Formally: Transatlantic Foods, Inc. 100 Hudson Ave. & Clam House Rd., (Off Keyser Ave.), Scranton, PA 18504 PUBLIC COMMERCIAL REAL ESTATE AUCTION
17,231 Sq. Ft. Commercial Building, & 1,300 Sq. Ft. Office Building, on 1.082 Acres, 315’ Road Frontage on Hudson Ave. January 11 , 2017 at 11:00 A.M. (Snow Date: January 18 th @11:00 A.M.) Formally: Transatlantic Foods, Inc. 100 Hudson Ave. & Clam House Rd., (Off Keyser Ave.), Scranton, PA 18504 INSPECTION: BY APPOINTMENT! Details: Col. Steve Sitar (Sitar Auctions) Ph:(570) 586-1397. Cell:570-954-7001 Pa.Lic.AU:2124-L www.sitarauctions.com www.auctionzip.com ID#4989 (4), Power Rooms, Two Large Hot Water Heaters and More! Loading Docks, (5) Drive in Area, Pallet Racking Office Building: 1,300 SF Public Utilities” Water, Sewer, 3 Phase Power Parking Spaces Available-24 Assessment 2016: Land: $5,340, Improvements: $44,660, Total: $50,000. Taxes: $12,559.35
ReAl eSTATe FACTS: PIN No. 132003000101 Deed Book PGe/Ref No. 2013-22146 Zone: Other Commercial Acreage: 1.082 Acres.
Main Building: 17,231 SF, Ceiling Heights 9’-16’ , Rooms: Consisting of Refrigerated, Freezer, Smoking, Processing, Dry Storage, Lockers & Restrooms
Sq. Ft. Commercial Building, & 1,300 Sq. Ft. Office Building, on 1.082 Acres, 315’ Road Frontage on Hudson Ave. January 11 , 2017 at 11:00 A.M. (Snow Date: January 18 th @11:00 A.M.) lly: Transatlantic Foods, Inc. 100 Hudson Ave. & Clam House Rd., (Off Keyser Ave.), Scranton, PA 18504 INSPECTION: BY APPOINTMENT Terms of Sale: A Non-Refundable deposit of Twenty Five Thousand ($25,000) by the successful and highest Bidder at the time of sale. Balance to be paid upon closing, Closing to be within Forty Five (45) days. Time being of the Essence. This Sale not contingent upon financing. Sale Subject to Approval of a motivated seller! For more Information & Photo’s, check our Web Site! Hire the Commercial, Industrial & Real Estate Auctioneers! Col. Steve Sitar (Sitar Auctions) Ph:(570) 586-1397 Cell:570-954-7001 Pa.Lic.AU:2124-L www.sitarauctions.com www.auctionzip.com ID#4989 INSPECTION: BY APPOINTMENT! Details: Col. Steve Sitar (Sitar Auctions) Ph:(570) 586-1397. Cell:570-954-7001
S hopping C enters
Real Estate Journal — Shopping Centers — December 23 - January 12, 2017 — 5A
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IRGINIA BEACH, VA — Gerald Di- varis , chairman and Virginia Beach office of DRE leases 22,520 s/f of retail space in Hampton Roads Gerald Divaris negotiates 92,000 s/f sale on be- half of Armada Hoffler Properties & Capitol Ind. V
lease negotiations. Hair District Salon & Spa leased 1,250 s/f of retail space in the Divaris-leased Lark- spur Square located at 4720 Princess Anne Rd. in Virginia Beach. Hammond represented the landlord, Aegean Associ- ates , in the lease negotiations. CHARLOTTE,NC — Ger- ald Divaris announced the signing of three leases for a to- tal of new and renewed space in North Carolina and South Carolina. Lease negotiations were handled by agents of the Charlotte office of Divaris Real Estate. Safari Nation leased 16,294 s/f of retail space in South Park Shopping Center located at 3191 Peters Creek Pkwy. in Winston-Salem. DRE’s Jes- sica Peadon represented the tenant in the lease negotia- tions with the landlord, South Park Shopping Center, LLC. n Socastee Spirits, a liquor Pelham Bay Park, the larg- est park in New York City, is adjacent to property with two golf courses, a public beach and miles of trails winding throughout the park. Three hospitals are located within 1.25 miles of the property making it an in-demand loca- tion for medical tenants as well as retail clients. The location presents a su- perior opportunity for retail and residential expansion. The potential conversion of medical suites to retail spaces along the 418 feet of frontage on Westchester Ave. could po- sition the location as the finest retail location in the area. On a larger scale, the potential also exists to construct a mixed- use, transit oriented retail and residential property on this lot. Jeffrey Dunne, David P. Gavin and Travis Langer of CBRE Capital Markets represented Hampshire in the transaction. n
leased Crossways Shopping Center located at 1412 Green- brier Pkwy. in Chesapeake. Dave Redmond of Divaris Real Estate represented the landlord, JLP-Chesapeake, LLC, in the lease negotia- tions. Trainers on Call VA leased 4,680 s/f of retail space in the Divaris-leased Village Commons located at 620 Vil- lage Dr. in Virginia Beach. DRE’s George Fox handled the lease negotiations for the tenant while Eric Hammond of Divaris represented the landlord, Village Dr. Com- mons, LLC. The Cato Corp. renewed its lease for 4,640 s/f of retail space in the Divaris-leased Salem Crossing SC located at 2029 Lynnhaven Pkwy. in Virginia Beach. DRE’s Levi Thomson represented the landlord, Elias Properties Salem Crossing, LLC, in the feet of frontage on Bruckner Blvd. and 418 on Westchester Ave. along with 92 parking spaces. “The Bronx is third most densely populated county in the United States and the sur- rounding areas are also seeing continuous growth in recent years. PelhamBay Profession- al Center sits in the middle of a strong real estate market with excellent demographics and amenities. The property is poised for expanded mixed-use development and redevelop- ment,” said Derek Gardella , portfolio manager for The Hampshire Companies. The buildings’ visibility from Interstate 95, offers high traf- fic flow with over 130,000 cars passing by the property daily. It’s also highly accessible via public transportation with three bus stops nearby offering direct service to Manhattan and Co-Op City and the first and last stop of the number 6 subway line across the street.
CEO of Di- varis Real Estate, Inc. , announced the sale of the Colum- bus Village II shopping center, lo- cated in the
Gerald Divaris
southeast corner of Virginia Beach Blvd. and Constitution Dr. The twelve-acre site com- prises three existing retail buildings that total 92,000 s/f, accommodating Bed Bath and Beyond, Regal Columbus Movies 12, and Schlotzsky’s. The sale was negotiated by Gerald Divaris on behalf of both the buyer, Armada Hoffler Properties, and the seller, Capitol Industries . The property was acquired for two million shares of com- QUINCY, MA — The Hampshire Companies announced the acquisition of a 84,360 s/f BJ’s Wholesale Club at 200 Crown Colony Dr. in Quincy from Clarion Partners . “Our decision to acquire the Quincy BJ’s property is consistent with our strategy of acquiring high-perform- ing stable, assets in grow- ing markets,” said Robert Schmitt , a fund manager for The Hampshire Companies. “Its proximity to Boston and the surrounding areas, as well as the long-term viability of the current tenant and excit- ing possible future uses as a mixed-use residential develop- ment, provide Hampshire with a well-positioned holding that will ensure long-term cash flows.” Chris Angelone , Nat Heald and Bill Moylan of JLL represented the seller in the transaction. BRONX, NY — The Hamp-
Regal Columbus Movies 12
mon stock of Armada Hoffler Properties. “The acquisition of this property completes the as- semblage of the site bounded by Virginia Beach Blvd., Con- stitution Dr., Beasley Dr. and the former Norfolk Southern railway,” according to Gerald Divaris. Virginia Beach office of DRE completed the following
transactions: Boho 5 leased 6,600 s/f in the Divaris leased and man- aged Academy Crossing lo- cated at 3228 Academy Ave. in Portsmouth. DRE’s David Bickford represented the landlord, Midlantic Builders VA, in the lease negotiations. Kyoto Japanese Steak re- newed its lease for 5,350 s/f of retail space in the Divaris-
Also sells mixed-use property in Bronx’s Pelham Bay neighborhood The Hampshire Companies acquires 84,360 s/f BJ’s Wholesale anchored shopping center in Quincy, MA
200 Crown Colony Dr.
shire Companies announced the sale of the 76,529 s/f Pel- ham Bay Professional Center in Bronx to Rester USA, LP. The multi-tenant mixed use retail and medical office prop- erty is currently anchored by CVS Pharmacy as well as other national tenants includ- ing Dunkin Donuts/ Baskin
Robbins and Subway. The sale also provides Rester USA, LP with additional retail and potential residential devel- opment opportunities along Bruckner Blvd. The two-story property is situated on 1.77 acres at the corner of Bruckner Blvd. and Westchester Ave. boasting 300
6A — December 23 - January 12, 2017 — Shopping Centers — M id A tlantic
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S hopping C enters
18+ Million SF
Retail Properties by region
GLA/ Acreage Anchor Tenants
Property Name Northeast
Address
City/State
307,799 Kmart, Burlington Coat, Market Basket
Boston Rd. & Tower Farm Rd. Plain St. & Lowell Connector Medway St. & Beaver St. Route 70 & N. Locust Ave. Hanover Ave. near Horsehill Rd. State Hwy. 73 & Sunbird Dr. Adjacent to Foreign Trade Zone Route 18 & Foxborough Dr.
Shops at Billerica
Billerica, MA
271,377 Target, Marshall’s, Chuck E. Cheese
Meadow Brook Center
Lowell, MA
146,770 New Anchor Opportunities Available
Milford Crossing
Milford, MA
Evesham,
125,335 TBD + 338 Luxury Rental Homes
Shoppes at Renaissance Square
19 AC BJ’s (New Development)
Hanover, NJ Marlton, NJ
BJ’s Shopping Center
26,016 Royal Farms
Sunbird Plaza
16.963 AC Across from Walmart, Sam’s, TJ Maxx
Vacant Land
Mount Olive, NJ Old Bridge, NJ Parsippany, NJ
New Development
9.33 AC Across from Walmart Supercenter
Waterview Marketplace
157,410 Whole Foods
Route 46 & Waterview Blvd.
Vineland Marketplace
TBD
Vineland, NJ
Future Development
S. Delsea Dr. (Rte. 47) & College Dr.
Williamstown, NJ
94,452 Dollar General, CVS, Rockin’ Jump
Williamstown Shopping Center
Black Horse Pike & Main St.
Kohl’s Plaza
182,875 Kohl’s, Super Stop & Shop
Saratoga Rd. & Glenridge Rd. Commack Rd. & Grand Blvd.
Deer Park, NY
Target Shopping Center
Glenville (Albany), NY 170,616 Target, Pet Supplies Plus, Panera Bread Lake Ronkonkoma, NY 170,451 Stop & Shop, Regal Cinemas, Dollar Tree
Lake Shore Plaza II & III
Portion Rd. & Patchogue-Holbrook Rd.
Redevelopment Opportunity
Latham (Colonie), NY 118,863 Vent Fitness
Route 7 & Swatling Rd.
Monroe/Woodbury, NY 711,816 Walmart, Target, Home Depot, BJ’s
Routes 17/6 & Route 32 Route 59 & Hutton Ave.
Harriman Commons
276,792 Home Depot, Raymour & Flanigan, Staples
Home Depot Shopping Center
Nanuet, NY
78,659 Super Stop & Shop, Residence Inn
Orangeburg Commons
Route 303 & Palisades Pkwy. Montauk Hwy. & Station Rd.
Orangetown, NY
29,314 SoulCycle
The Mill
Southampton, NY
21,212 US Post Office
Stony Ridge Plaza
Route 9W & Park Rd.
Stony Point, NY
134,271 Home Depot
Home Depot Shopping Center Home Depot Shopping Center
Lehigh St. & Route 78 Hanover St. (Rte. 34) & I-81 Cowpath/HorshamRd. @Rte. 309 Rte. 309 & Pumping Station Rd. Hamilton Blvd. & Grange Rd.
Allentown, PA
140,715 Home Depot, Chili’s
Carlisle, PA
Montgomeryville, PA 133,000 BJ’s, Lowe’s Home Improvement
Five Points Plaza
Richland Marketplace
444,531 Target, BJ’s, Best Buy, Petsmart, Staples
Trexlertown, PA Trexlertown, PA Quakertown, PA
Macungie Crossing Shopping Ctr.
±36,671 Near Walmart Supercenter
36,088 Walgreens, Panera Bread
6379 Hamilton Blvd.
Trexlertown Marketplace Midwest Marshall’s at The Grove
400,000 Marshall’s, Ultra Foods
Downers Grove, IL
75th St. & Lemont Rd.
Evansville Shopping Center
162,394 Rural King, Buehler’s IGA, Dollar General
Evansville, IN
Morgan Ave. & Boeke Rd. Pendleton Pike & Shadeland Ave. U.S. Hwy. #30 & Water St.
Pendleton Plaza
134,797 Rose’s Department Store
Indianapolis, IN
The Market Place at Warsaw
183,900 Carson’s Dept. Store, Sears, Dunham’s
Warsaw, IN
167,212 Jack Loeks Theatres
Port Huron Shopping Center Muskegon Shopping Center
Henry St. & Norton Ave. Howard St. & 24th St. Fort St. & Burns Ave.
Port Huron, MI Muskegon, MI
114,981 Big Lots, Save-A-Lot, Family Dollar
Vacant Land
9.37 AC Development Opportunity
Southgate, MI
Visit Our Booth at the New York ICSC Booth #1064
Thomas G. Mirandi tel 212.265.6600 x239 tmirandi@rdmanagement.com
810 Seventh Avenue, 10th Floor New York, NY 10019 • rdmanagement.com
Real Estate Journal — Shopping Centers — December 23 - January 12, 2017 — 7A
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M id A tlantic
S hopping C enters
200+ Properties
Retail Properties by region
GLA/ Acreage Anchor Tenants
Address
Property Name
City/State
Midwest Midway Shopping Center
University Ave. & Snelling Ave.
293,732 Rainbow Foods, Office Max, Walgreens
St. Paul, MN
Rte. 20 & Orchard Rd. N. Wilson Rd. & Valleyview Dr. Airport Hwy. & I-475
Home Depot Plaza
148,440 Home Depot
Ashtabula, OH Columbus, OH
Great Western Commerce Center
300,254 Great Western Academy, Restaurant Depot
Spring Meadows Place II
79,058 Dick’s Sporting Goods, Best Buy
Holland (Toledo), OH
South
Academy Plaza
98,943 Academy Sports + Outdoors
Memorial Pkwy. SW&DrakeAve. SW
Huntsville, AL
Fern Park Plaza
131,646 Ross, Beall’s Outlet, Aldi, Dollar Tree 312,498 Two blocks north of University of Florida
Fern Park, FL
Semoran Blvd. & Hwy. 17/921 NW 13th St. & University Ave. USHwy. 98N&LakelandParkCtr Dr.
Mixed Use Development
Gainesville, FL
The Groves
54,434
Wildwood Antique Mall, Chuck E. Cheese
Lakeland, FL
Merchants Crossing
323,061 Beall’s Outlet, AMC Theatres, JoAnn Fabrics
N. Fort Myers, FL
US Hwy. 41 & SR 78
265,049 Burlington, Best Buy, Staples, JoAnn Fabrics
Shady Oaks Shopping Center SW 27th Ave. & College Rd.
Ocala, FL
Seminole Centre University Mall
370,936 Walmart Supercenter, Ross, Aldi 1,332,205 Macy’s, Sears, Dillard’s, Burlington Coat
S Orlando Dr. & Lake Mary Blvd. EFowler Ave. &BruceB. DownsBlvd.
Sanford, FL Tampa, FL
Russell Centre
257,761 Lowe’s, Kroger, Dollar Tree
Route 23 & Diederich Blvd.
Ashland, KY
164,293 CVS, PA Dutch Market, Dollar General
Long Meadow Shopping Center
Potomac Ave. & Northern Ave. Liberty Rd. & Brenbrook Dr.
Hagerstown, MD
Brenbrook Plaza
146,586 Home Depot
Randallstown, MD
Marketplace at Rivergate
Gallatin Pike & Conference Dr.
111,463 Harbor Freight Tools, Oak Factory Outlet
Nashville, TN
Shops at Tech Ridge
12901 I-35 South & Parmer Ln.
17 AC Ross, Burkes Outlet, Petsmart
Austin, TX
Alton Rd. & Biddison St.
136,221 Albertson’s Market, Ace Hardware
Westcliff Shopping Center
Fort Worth, TX
Food Lion Shopping Center
10.2 AC Food Lion
Rte. 1 & Chippenham Pkwy.
Richmond, VA Winchester, VA
89,918 Dick’s, The Fresh Market, Planet Fitness
Winchester Plaza
S. Pleasant ValleyRd. &E. Jubal EarlyDr.
St. Albans Shopping Center
263,323 Kmart, Kroger, Goody’s Dept. Store, CVS
Rte. 60 & Boone St.
St. Albans, WV
West Freestanding Barnes & Noble
19,360 Barnes & Noble
1035 N. Metro Pkwy. W & 28th Dr.
Phoenix, AZ
Kmart Plaza
127,754 Kmart, Family Dollar
E. Sahara Ave. & McLeod Dr.
Las Vegas, NV
Kmart Shopping Center
119,705 Kmart, Value Village
Mission St. SE & 25th St.
Salem, OR
Freestanding Office Max
410 S. 900 E. & 400 S.
29,051 Office Max
Salt Lake City, UT
Puerto Rico
Arecibo Towne Center
±350,000 Future Development
Routes 2 & 22
Arecibo, PR
Reinadel Sur; PonceTowneCenter II
±525,000 Walmart Supercenter, Home Depot
Routes 2 & 10 @ PR-52
Ponce, PR
Visit Our Booth at the New York ICSC Booth #1064
Thomas G. Mirandi tel 212.265.6600 x239 tmirandi@rdmanagement.com
810 Seventh Avenue, 10th Floor New York, NY 10019 • rdmanagement.com
8A — December 23 - January 12, 2017 — M id A tlantic
Real Estate Journal
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Real Estate Journal — December 23 - January 12, 2017 — 9A
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M id A tlantic
M id A tlantic R eal E state J ournal
- DC
2017 Editorial CalEndar Editorial dEadlinEs arE 14 days prior to publiCation datE
JANUARY
APRIL
FEBRUARY JANUARY 13 ...................................... DEADLINE: JAN 2 ROP (FRONT SECTION) : ................................ FINANCIAL DIGEST DEL/MAR/VA/DC: ................................. FINANCIAL INSTITUTIONS NEW JERSEY: ......................................................... SOUTHERN NJ PENNSYLVANIA: .......................................... NORTHEASTERN PA SPOTLIGHT: .......................................................... 2017 FORECAST JANUARY 27 ....................................DEADLINE: JAN. 13 ROP (FRONT SECTION) GREEN BUILDINGS SHOPPING CENTERS: MID ATLANTIC ICSC CONFERENCE & D.M ODM: ................................................. PROPERTY MANAGEMENT SPOTLIGHT: ....................................... ECONOMIC DEVELOPMENT FEBRUARY 10 . . . . . . . . . . . . . . . DEADL INE: JAN . 27 ROP ( FRONT SECTION): ...................... FINANCIAL DIGEST DEL/MAR/VA/DC : ......................................................... DELAWARE NEW JERSEY: ............................................................ CENTRAL NJ PENNSYLVANIA: ....................................................... WESTERN PA SPOTLIGHT: ................. HEALTHCARE/MEDICAL PROPERTIES FEBRUARY 24 . . . . . . . . . . . . . . . DEADL INE: FEB. 10 ROP (FRONT SECTION) SHOPPING CENTERS: .......................... MIxED-USE PROJECTS ODM: ................................ ENVIRONMENTAL/GREEN BUILDINGS SPOTLIGHT: ........................ COMMERCIAL OFFICE PROPERTIES MARCH 10 . . . . . . . . . . . . . . . . . . . DEADL I NE : FEB . 24 ROP (FRONT SECTION): ................................ FINANCIAL DIGEST DEL/MAR/VA/DC : ............. CONTRACTORS/SUBCONTRACTORS NEW JERSEY: ......................................................... NORTHERN NJ PENNSYLVANIA: ........................................................ CENTRAL PA SPOTLIGHT: ......................................................... 1031 ExCHANGE MARCH 24 . . . . . . . . . . . . . . . DEADL I NE : MARCH 10 ROP (FRONT SECTION) GREEN BUILDINGS SHOPPING CENTERS: ................................ INDUSTRY ExPERTS ODM: ................................. MULTIFAMILY FEATURING POA ExPO SPOTLIGHT: .............................................................. BEST OF 2016 MARCH
JUNE APRI L 14 . . . . . . . . . . . . . . . . . . . . . DEADL INE: APR I L 3 ROP (FRONT SECTION): ................................. FINANCIAL DIGEST DEL/MAR/VA/DC: .......................................................... MARYLAND NEW JERSEY: .......................................................... SOUTHERN NJ PENNSYLVANIA: ........................................... SOUTHEASTERN PA SPOTLIGHT: .................................................................. APPRAISAL APRI L 28 . . . . . . . . . . . . . . . . . . . . DEADL INE: APRI L 14 ROP (FRONT SECTION) GREEN BUILDINGS SHOPPING CENTERS: LAS VEGAS RECON ICSC CONVENTION ODM: ............................................................................. GP-FM 2017 SPOTLIGHT: ....................................................... SPRING PREVIEW MAY 12 . . . . . . . . . . . . . . . . . . . . . . . . DEADL INE: APR I L 28 ROP (FRONT SECTION): ................................ FINANCIAL DIGEST DEL/MAR/VA/DC: .............................. MANAGEMENT COMPANIES NEW JERSEY: ............................................................ CENTRAL NJ PENNSYLVANIA: ............. PA'S PROJECTS/BUILDING SERVICES SPOTLIGHT: .................................... NJAA ExPO & CONFERENCE MAY 26 . . . . . . . . . . . . . . . . . . . . . . . . . . . DEADL INE: MAY 12 ROP (FRONT SECTION) GREEN BUILDINGS SHOPPING CENTERS: RETAIL ARCHITECTURE/CONSTRUCTION/ENGINEERING ODM: ............................................................ INDUSTRY LEADERS SPOTLIGHT: .................... INDUSTRIAL/DISTRIBUTION CENTERS JUNE 16 . . . . . . . . . . . . . . . . . . . . . . . . . . DEADL INE: June 2 ROP (FRONT SECTION): ................................ FINANCIAL DIGEST DEL/MAR/VA/DC: ............................................................... VIRGINIA NEW JERSEY: ......................................................... NORTHERN NJ PENNSYLVANIA: ........................................................ CENTRAL PA SPOTLIGHT: ................................................ CREATIVE FINANCING JUNE 23 . . . . . . . . . . . . . . . . . . . . . . . DEADL INE: JUNE 16 ROP (FRONT SECTION) GREEN BUILDINGS SHOPPING CENTERS: ........................... RETAIL/RESTAURANTS ODM: ................................. CONTRACTORS/SUBCONTRACTORS SPOTLIGHT: ...................................................... MID-YEAR REVIEW MAY
ROP — Run of the Paper is the first section in each issue. This covers news for all five states and offers prime advertising positioning. Editorial Requirements: Press Release 350-500 words with property photo and broker photos. Expert Articles: 550 words with author headshot and 25 word bio. Deadline: 14 days prior to publication date. We host industry specific conferences www.marejournal.com For DIGITAL ADVERTISING Please contact us for more information Linda Christman | Owner/Publisher | Conference Producer lchristman@marejournal.com | 781.871.5298 x203 Mid Atlantic Real Estate Journal | 312 Market St., Rockland, MA 02370 312 Market St. Rockland, MA 02370 (overnight) | Fax 781.871.5299
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10A — December 23 - January 12, 2017 — Shopping Centers — M id A tlantic
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S hopping C enters
AHOPAC, NY — Heidenberg Proper- ties Group has been At Mahopac, NY shopping center Heidenberg Properties receives final site plan approval For New 54,000 s/f Stop & Shop M
will be over 20,000 s/f larger than the two existing stores and expand Lake Plaza Shopping Center from 141,000 to nearly 165,000 s/f. In addition to the new supermarket, Heidenberg Properties will renovate the façade, repave the parking area and upgrade the site lighting. When completed, the shopping center will not only have a new anchor, but a more modern look with better traffic flow. As a result, Heidenberg Properties anticipates adding a variety of new inline tenants. According to vice president of operations Jason Lazar , “The redevelopment of a shopping
center around a strong anchor and the creation of a compelling tenant mix is core to creating value for our stakeholders. This was a complicated process involving multiple municipal agencies. Receiving final site plan approval is a testament to the hard work and dedication of our team. We are excited to deliver the new prototype for Stop & Shop and create a great shopping destination for consumers.” Stop & Shop currently oper- ates 419 stores throughout New York, New Jersey, Mas- sachusetts, Connecticut, and Rhode Island. It is one of 22 brands and 6,500 grocery and specialty stores operated by Ahold Delhaize. Heidenberg Properties an- ticipates starting construction in the spring with new and ex- panded tenants opening shortly thereafter. n Cronin of Q10 New York Realty Advisors arranges $8.9m loan WESTCHESTER CTY., NY — JeanneCronin of Q10 New York Realty Advisors has arranged an $8.917 mil- lion permanent loan secured by three properties located in Westchester Cty. including a small strip center located on White Plains Rd. in Eastches- ter, and two warehouse/in- dustrial buildings net leased to VERIZON and located in the Village of Tuckahoe and the Town of Greenburgh. The VERIZON buildings were built-to-suit in the 1950’s by the borrower’s father for the then tenant, New York Tele- phone Company. The proper- ties were encumbered by an existing CMBS loan that was maturing imminently. The new loan was placed with a community bank for a term of 5-years at a fixed rate of 4.2% and a 30-year amortization schedule. The loan provided for release provisions of in- dividual properties. Accord- ing to Cronin “we ran into numerous issues that could have derailed the transaction but the Lender stepped up to the plate and was able to structure a loan that met the borrower’s financing needs and timing concerns and pro- vide the bank with a blanket first mortgage on solid real estate located in desirable Westchester Cty.” n
granted final site plan approval by the planning board of the Town of Carmel for the renova- tion and expansion of the Lake Plaza Shopping Center. Central to the redevelop- ment is the construction of a new 54,000 s/f Stop & Shop. In order to deliver the latest proto- type for the Stop & Shop Super- market Company, Heidenberg Properties will demolish the existing 24,000 s/f Key Food supermarket and the 7,800 s/f CVS Pharmacy. The new building footprint
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Lake Plaza Shopping Center
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