R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news

Totaling in excess of 410,000 s/f Nassimi Realty acquires shopping centers in Durham, NC and Lincoln Park, MI

ISSUE HIGHLIGHTS Volume 27 Issue 18 Sept. 25 - Oct. 15, 2015

URHAM, NC AND LINCOLN PARK, MI — Nassimi Re- alty announced the purchase of two shopping centers total- ing in excess of 410,000 s/f combined: Durham Plaza in NC and Lincoln Park Plaza in MI. Durham Plaza is a 235,000 s/f regional shopping center in Durham, NC located just off Interstate 85/US-70 (75,000 VPD) at the Avondale Dr. junction (17,000 VPD). The center is over 90% occupied by a diverse mix of national and regional tenants including Big Lots, Kimbrell’s Furni- ture, Compare Foods, Har- bor Freight Tools, Surplus Warehouse, along with local retailers catering to the com- munity. The Durham Area Transit Authority (DATA) bus line drops off and picks up at the D ALEXANDRIA, VA — Rubenstein Partners, L.P. (including its affiliates, Ru- benstein) announced the acquisition of 2461 Eisen- hower Ave., a mixed-use office and retail property totaling 360,000 s/f and 2425 Eisenhower Ave., a retail development pad that can accommodate 7,500 s/f. The properties are located across the street from the National

complimented by other na- tional tenants such as Dollar Tree, Check and Go, H&R Block and Hallmark Cards. The center has strong neigh- borhood demographics and strong traffic counts (34,000 VPD) which make it a steady and prosperous plaza. Additionally, the close prox- imity of Ford Motor Com- pany’s headquarters and other auto manufacturers are contributing to the city of Lincoln Park by providing a dense residential population and a strong customer base for commercial retailers. All of the surrounding homes make this plaza a “go to” spot as a neighborhood retailer. Nassimi Realty’s president, Mike Nassimi , said: “We are delighted to expand our portfolio with the acquisition of these two stable and suc- cessful centers.” n transaction was very attrac- tive to Rubenstein, as the in- vestment enables the team to implement its broad vertically integrated capabilities to con- struct, lease and otherwise reposition a large mixed-use project across from a Metro Station in a rapidly growing submarket experiencing supe- rior office, retail and residential demand. The Hoffman Family, the seller of the properties, se- lected Rubenstein based on the firm's ability to execute on the complicated transaction on an "all-cash" basis. "This was a complicated transaction that took time to ripen and come to fruition, but in the end, it is a transaction that we believe made sense for all parties involved," said Steve Evans , regional director of the Washington, DC market for Rubenstein. "We're excited to announce the closing and begin the implementation of our plan to complete the office and enhance the retail into a first class project with walkable amenities by a Metro." n


Fall Preview

Section C

POST PA/NJ/DE ICSC Conference &Deal Making



city bus stop located directly in the middle of the Plaza al- lowing a great traffic of people to come in/out of the center. Lincoln Park Plaza is a ±176,000 s/f shopping center located in Lincoln Park (met-

ropolitan Detroit), MI on the heavy trafficked M-85/Fort Street corridor which offers great access to the densely populated neighborhoods. The Plaza has Ace Hardware as its anchor tenant and is

For speaking and sponsorship infor- mation, please contact: Linda at 781-871-3456 or lchristman@marejournal.com NOVEMBER 13, 2015 Health care/Medical Conference DECEMBER 9, 2015 NJ Real Estate ConstructionDevelopment UPCOMING CONFERENCES OCTOBER 22, 2015 NJ CapitalMarkets Summit Governor’s Conference onHousing&Economic Development 7-24B

Rubenstein Partners close on 367,500 s/f mixed-use investment in Alexandria, VA


Business Cards/Billboards. .................................. IBC-A Owners, Developers &Managers - Featuring Governor’s Conference on Housing and Economic Development.................................................Section B Green Buildings..................................................23-26B Shopping Centers Featuring Post ICSC. .........Section C

2425 Eisenhower Avenue

Science Foundation's new 720,000 s/f headquarters and the Eisenhower Ave. Station Metro within the 56-acre Hoffman Town Center. 2461 Eisenhower Ave. is a 14-story 335,000 s/f office build- ing that also includes 25,000 s/f of single-story retail that "wraps" the office building and contains seven restaurants.The office building is currently "gut- ted" and in shell condition and

will plan to undergo a 15-month transformation into a class A of- fice building, which will include fitness and conference facili- ties, in addition to the existing retail. The 2425 Eisenhower Ave. retail pad consists of a land parcel zoned for 7,500 s/f of po- tential development, which will be planned for additional retail and/or restaurants to further amenitize the project. The privately negotiated

Upcoming Spotlight October 16, 2015 INSURANCE/TITLE www.marejournal.com

Made with FlippingBook flipbook maker