10A — December 23 - January 12, 2017 — Shopping Centers — M id A tlantic

Real Estate Journal


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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