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Real Estate Journal — Shopping Centers — 7A


M id A tlantic

Colliers’ Allentown team of Zerfass and Horner facilitate 15-year lease to The Tilted Kilt Pub Chesler of Colliers International arranges $12.9 million sale of 30,000 s/f retail strip E AST HANOVER, NJ — Colliers Interna- tional has arranged

the $12.9 million sale of a 30,000 s/f retail strip at 346 Route 10 in East Hanover. The multi-tenanted, one- story building – occupied by Party City, VerizonWireless, and Jersey Mike’s Subs – was purchased by The Klein Group from JEMB Realty , who had repositioned the property two years ago with upgrades to the facade, park- ing, HVAC systems, and roof. “Through creative mar-

346 Route 10 in East Hanover, NJ

FEB. 27 - MAR. 12, 2015

keting using multiple tradi- tional and digital channels, including Auction.com, we were able to achieve a strong price for this value-add prop- erty, which has good, in-place cash flow from its current tenants,” said Jacklene Chesler , managing director at Colliers International, who represented the seller and procured the buyer in SEWELL, NJ — Marcus & Millichap announced the sale of Cherry Tree Crossing, a 36,560 s/f property located in Sewell according to Brian Hosey , regional manager of the firm’s NJ office. The asset sold for $2.835 million. Michael Lombardi , a VP investments together with Robert Angus, associate in Marcus & Millichap’s NJ of- fice, had the listing to market the property on behalf of the seller. Lombardi and Angus also represented the buyer in this transaction. HOLMDEL, NJ — Marcus & Millichap announced the sale of Sun National Bank (ground lease), a 2,200 s/f net-leased property located in Holmdel. The asset sold for $1.225 million. Lombardi had the listing to market the property on behalf of the seller. Lombardi also rep- resented the buyer, executing a 1031 exchange. n

the transaction. “Trading at $430 psf, with 75 percent oc- cupancy is not only indicative of the lively retail market, it also signals health of the overall commercial invest- ment market.” Chesler added that the re- maining 25 percent of unoc- cupied space can be leased as one unit or divided into two, which presents significant

The Tilted Kilt Pub

upside for the new owner. EASTON, PA — The Col- liers’ Allentown team of Derek Zerfass and Scott Horner , facilitated a 15- year lease to The Tilted Kilt Pub and Eatery at 80 Kunkle Dr. in Easton. Colliers represented the landlord and Jay Miller,

from Fameco/CBRE , rep- resented the tenant. The site was a former Don Pablo’s restaurant which was sold for $1.05 million to an investment group in 2013. The Zerfass/Horner team fa- cilitated that sale as well and was retained by the owner to secure an optimal tenant. n





Lombardi & Angus of Marcus & Millichap’s NJ office completes 36,560 s/f sale totaling $2.835m

Eastern Union arranges $8.5m in refinancing


Remco Realty reps. parties in $900,000 sale

Cherry Tree Crossing


ALSO 2014 Sales and Leases.........14-16A Retail Brokerage Directory ......... 21A www.marejournal.com

Sun National Bank

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