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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
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DurhamPlaza
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
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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
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M id A tlantic R eal E state J ournal Publisher .................................................................Linda Christman Publisher ....................................................................Joe Christman Section Publisher .........................................................Steve Kelley Senior Editor/Graphic Artist ..................................... Karen Vachon Production Assistant ........................................................ Julie King Associate Publisher ................................................. Alissa Aronson Associate Publisher .............................................. Barbara Holyoke Office Manager .........................................................Joanne Gavaza Contributing Columnist . ......................................... Glenn Ebersole 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. 27 Issue 18 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
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I 10 Deadly Succession Planning Mistakes To Avoid! Glenn Ebersole t is strongly recommends that all business owners (especially small business owners) develop succession plans. And to develop them NOW, rather than later. Suc- cession planning is very impor- tant to the long-term success of any company. Leadership transitions in business affect the entire organization's con- tinuity, employee retention, client retention and returns on investment. It is essential to create and implement a process that creates visibility, account- ability and greater integration of all facets of the business. The rapidly changing de- mographics in the workplace prove that there is a real chal- lenge to find talent for leader- ship roles. Companies that are able to respond proactively with strategically developed and implemented effective leadership succession plans are in a superior position in the marketplace and global economies. Here is a list of ten (10) deadly succession planning mistakes that small businesses make and that you should avoid. The ten (10) deadly mistakes are: #1: Develop a succession plan without any strategic plans. A succession plan will define a company's business heirs, but that is only part of what is really needed. The other question beyond "WHO?" is the question of "WHAT?" will they inherit? The absence of a strategic plan will mean there are no vision, no mission, no set of core values and goals and no strategic action plan. It is criti- cal for current business owners to spend time planning for the future. Every business needs strategic plans to increase its viability and its market value. #2: Fail to develop clearly focused and defined goals. If businesses do not have clearly defined andmeasur- able goals, then they are un- likely to achieve successful succession planning. A ma- jor goal of succession planning should be to address issues relating to when is it time to sell or transfer power, what will the current owners do after the transfer, what percentage of the purchase price can be
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financed, what would define a great buyer for the future of the business, and what tax implications need to be consid- ered. All these issues remind us of why so many business owners become overwhelmed and scared to think about suc- cession planning when these key issues have not been ad- dressed. #3: Delay the initiation of work on the succession planning. There are a variety of reasons firms procrastinate about developing succession plans: they will say there are too many pressing matters at hand; they get depressed thinking the subject of succes- sion planning; there is plenty of time; and the current owners will be around for a long time. It does amaze me that most small and medium-sized busi- nesses fail to appreciate that accidents can and do happen to business owners and that is when the succession plans really pay dividends. #4: Fail to strategically develop a market for the business. Too many small and medium-sized business owners operate under the myth that when it comes time to exit their business, they will simply sell the business, and retire with a bundle of cash. Unfortunately that is more of a myth than a reality. It is a reality that thou- sands of business are listed for sale each year, and there are no buyers for those businesses. Why? Basically because there is no demand and therefore current business owners need to market their businesses and "create demand" for owning the business. Otherwise, they prob- ably will not have any choice in selecting successors or a new management team. #5: Fail to obtain a profes- sional independent valu-
ation of the business. It will be hard to attract good buyers or successors unless there is agreement on a real- istic value of the business. Too many times business owners are shocked that the business they have developed and the capital they have acquired is valued much less in the mar- ket than they personally value it. Another important thing to remember is that the value of the business may also depend on external factors beyond the control of the current owners, and contingency business val- uations also may be required. #6: Don't tell the staff about your succession plans. Keep your succes- sion plans a secret. When the staff is left in "the dark" as to who will be the succes- sor in running the business, it creates the impression that there is no succession plan and there is real concern about how the business will continue past the current owners. And another nega- tive result could be that the new owners will be treated with suspicion. A significant missed opportunity could re- sult from keeping the succes- sion plans secret since it will hinder existing managers and employees from identifying themselves as possible suc- cessors. And without a firm commitment or expectation about the future, key person- nel could decide to leave the business. #7: Commit to sell the business to an insider who does not have the needed funding to purchase the business. For sentimental reasons, many business owners prefer to sell their business to a trusted employee who has been with the firm for years. But, in continued on page 18A
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Bayonne, NJ — Pen- wood Real Estate Invest- ment Management, LLC (Penwood) , through its third value-added investment ve- hicle, Penwood Select In- dustrial Partners III, L.P. , announced the acquisition of a 35-acre site in Bayonne. Existing improvements in- clude an 167,000 s/f indus- trial building and the site can support additional develop- ment of 175,000 s/f. The site is situated along the Newark Bay, adjacent to the Bayonne Bridge and Rte. 440 north and south, within 3.5 miles of the Global Container Terminal and Port Jersey City and 4.0 miles from the New Jersey Tpke. Extension. “This investment offers a compel- ling combination of functional existing improvements as well as excess land well suited for construction of additional in- dustrial space,” said Howard Freeman , managing director responsible for East Coast acquisitions at Penwood. The site was formerly owned and operated by Unilever/Best Foods. Penwood plans a sig- Frank (NGKF) represented international law firm, Ropes & Gray LLP, in relocating its DC office to 2099 Pennsylvania Ave. NW. Ropes & Gray will occupy over 60,000 s/f of premier office space in its new location. The firm has signed a 15 year lease with Paramount Group, Inc., which owns the 12-story office building. The multi-practice firm is moving from 700 12th St., where it had been located for 12 years. NGKF executive managing director Larry Bank , who rep- resented the tenant along with executive managing director Bill Zonghetti , said, “2099 Penn of- fers our client the opportunity to be located on one of the most recognizable streets in the US. n
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Penwood Select Industrial Partners III acquires 35-acre site in Bayonne, NJ
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Rendering of 35-acre site in Bayonne
nificant rehabilitation of the rail-served site to include raz- ing many of the antiquated/ ancillary structures on the site and upgrading the HVAC, sprinkler, electrical and light- ing systems within the ex- isting 167,000 s/f building. Freeman notes that, “upon completion, the property will offer among the best combina- tion of features and location among its peer group.” The existing building is be- ing marketed for lease and/ or sale with availability pro- jected for the spring of 2016,
while the excess land is being marketed for build-to-suit opportunities. Karen Nista , managing director and head of asset management at Penwood notes, “the infill location and building functionality have already attracted significant interest from potential users.” Richard Chase , managing di- rector and head of acquisitions at Penwood, adds, “Penwood is pleased to expand its foot- print with such an attractive investment opportunity and is actively seeking additional investments in New Jersey.” n
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M id A tlantic R eal E state J ournal Also sells Triplex in Woodstown for record price Warner Real Estate &Auction sells 3 SNJ service stations M onroe Twp., NJ — Warner Real Estate & Auction
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The Mid-Atlantic Real Estate Journal has been a well received and properly positioned mar- keting tool for over a decade for LEW Corp. Working with Steve Kelley has always been a pleasure and he has consistently provided LEW Corp. with exceptional marketing and advertising suggestions and opportunities. We look forward to our continued relationship.
closed escrow on three South Jersey service stations for $1.9 million dollars. The Shell branded sites included 2944 Fries Mill Rd., Monroe Twp., 3-5 South Main St., Wood- stown, and 135 East Main St., Penns Grove. The buyer of the sites, Harvinder's Gas, LLC will continue operating two of the three sites under the Shell brand. Richard Warner was the listing and selling agent for the sale. In a separate transaction,
Shell Gas Station
Warner Real Estate & Auction closed escrow on 212-218 S. Main St. inWoodstown, NJ for a record price of $216,837.00. The seller of the triplex uti- lized a 1031 tax deferred ex- change and purchased 28 +/- acres on Centerton Rd.,
Lee Wasserman LEW Corporation September 2015
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Pittsgrove Twp. for $200,000. The land parcel was 100% tillable, R-2 zoning and had preliminary subdivision ap- proved for 16 single family homes. Richard Warner was the listing and selling agent for the sale. n Milbank advises Cushman & Wakefield in merger with DTZ NEW YORK, NY — Mil- bank, Tweed, Hadley & McCloy LLP has advised Cushman & Wakefield in the successful completion of its merger with DTZ , a real estate concern backed by pri- vate equity firm TPGCapital , forming one of the largest com- mercial real estate services firms in the world. The merger creates a global real estate powerhouse with combined revenues of $5 bil- lion, 43,000 employees, more than 4.3 billion s/f under management and $191 billion in transaction value. Alexander Kaye , practice group leader of Milbank’s Global Corporate Practice, and senior corporate partner David Zeltner led the deal team on behalf of Cushman & Wakefield, a legendary 98-year-old name in New York real estate that provides property brokerage, manage- ment and investment services worldwide. Other attorneys working on the transaction included part- ner Mike Shah , who handled employment, compensation and benefits, banking partner Mark Hanrahan, and associ- ates Dean Sattler, Monica Arduini, Kelly Bartley and Joanne Luckey. n
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S hopping C enters P ost ICSC PA/NJ/DE C onference & D eal M aking E dition Zang, senior VP investments had the listing to market Stonybrooke SC in York, PA on behalf of the seller Burnham and Pealer of Marcus & Millichap arrange 97,308 s/f retail shopping center sale C www.marejournal.com M id A tlantic Real Estate Journal — Shopping Centers — 5A OCKEYSV I LLE , MD — Marcus & Millichap announced
the sale of Church Lane Shop- ping Center and GJK Plaza, a 97,308 s/f shopping center located in Cockeysville, ac- cording to Bryn Merrey , regional manager of the firm’s Washington, DC office. The two assets sold for $195.26 psf. Chris Burnham and Na- than Pealer , both in Mar- cus & Millichap’s National Retail Group, had the listing to market the property on behalf of the seller, a family partnership that had owned the shopping center for over 35 years. The buyer was pro- cured by Burnham and Pealer. The investor is planning for a long-term hold with eventual redevelopment of the shopping center to better suit the ever- growing York Rd. corridor and Baltimore County submarket of Cockeysville. Church Lane Shopping Cen- ter is located at 9946 York Rd. and combined with GJK Plaza,
Church Lane Shopping Center
Stonybrooke Shopping Center
consists of 24 occupied total retail units. “The pent-up demand for multi-tenant retail within the Baltimore County submarket allowed us to generate signifi- cant interest for Church Lane Shopping Center,” said Burn- ham. “In a rare opportunity to purchase a large parcel in the highly sought after York Rd. corridor, the competition was serious and ultimately allowed us to push value for our clients.” The interest in this site is
highlighted by the 10 offers the Church Lane Shopping Center received while on the market. York Rd. is a major re- tail destination for the dense, stable, and growing population of this section of Baltimore County. “The seller is thrilled with the process we ran and the resulting outcome, and the buyer is well-positioned to cre- ate revenue growth over the long-term,” said Pealer. YORK, PA — Marcus & Millichap announced the sale
of Stonybrooke Shopping Cen- ter, a 63,955 s/f shopping cen- ter located in York. The asset sold for $3.675 million, 97% of asking price. Chris Burnham , associate, Derrick Dougherty , senior associate, and Dean Zang , senior VP investments had the listing to market the property on behalf of the seller. The property received five offers from investors and was under contract 50 days after list. “It’s rare that you can buy a grocery anchored shopping VIRGINIA BEACH, VA — Divaris Real Estate, Inc. (DRE) completed the following transactions: Spirit Halloween Superstores signed a lease for 35,000 s/f of retail space at Newport Mar- ketplace in Newport News, VA. The lease was handled on behalf of the landlord, 353 Chatham Dr. Holdings, by Da- vid Bickford and Aeri Jai of DRE’s Virginia Beach office. Elegant Occasions by Krista signed a lease for 5,420 s/f of retail space at 9605 Granby St. in the Ocean View area of Nor- folk. The lease was handled on behalf of the landlord, Blue Sky I, Inc., by Missy Martinovich of DRE’s Newport News office. Anytime Fitness signed a lease for 4,000 s/f of retail space at the Divaris-leased Land- stown Commons, located on the southeast corner of Dam Neck Rd. and Princess Ann Rd. in Virginia Beach. The lease was handled on behalf of the
center at this price point with a true value add component. We had hard money at the execution of the Purchase and Sale Agreement which speaks to the interest in the market” said Dougherty. Stonybrooke Shopping Cen- ter, situated on 10.42 acres, is located at 3609 E. Market St. The Food Lion-anchored shopping plaza includes three buildings, two of which are out-parcels. Food Lion re- cently invested $2 million into renovations. n LMS Med i ca l Supp l i es signed a lease extension for 3,000 s/f of retail space at the Divaris-leased Academy Cross- ing Shopping Center in Ports- mouth, VA. The lease extension was handled on behalf of the landlord, Midlantic Builders VA, LLC, by David Bickford of DRE’s Virginia Beach office. Biker’s Depot signed a lease for 1,950 s/f of retail space at the Kemps Corner Shoppes on Kemps River Dr. in Virginia Beach. The lease was handled on behalf of the landlord, RT Virginia Holdings, LLC, by Eric Bucklew of DRE’s Vir- ginia Beach office. Westview Financial Services signed a lease for 1,830 s/f of retail space at Kiln Creek Shop- ping Center in Yorktown, VA. The lease was handled on behalf of the tenant by Chris Bendit of DRE’s Newport News office. n landlord by Melinda Pezzella and Levi Thomson of DRE’s Virginia Beach office.
Bennett and Barr of Lee & Associates team sell Rite-Aid for $5 million
DRE leases 51,200 s/f of retail space across Hampton Roads
Rite-Aid
boston, MA — Carpe Diem Management, LLC has purchased a single tenant building, occupied by Rite-Aid Pharmacy for $5 million. The building sale, located at 1329 Hyde Park Ave. in Boston, had 13 years remaining on its original 20-year absolute triple net (NNN) lease with Rite-Aid at the time of the sale. “The seller, Hyde Park
Realty Trust, chose to sell their property now in order to take advantage of the cur- rent seller’s market and to capitalize on the compressing cap rates for Rite Aid invest- ments today,” said Ryan Bennett of the Net Leased Investment Team with Lee & Associates – North San Diego County. Bennett along with business partner, Ryan Barr , represented the seller
in the transaction. Barr added, “The property, which sold at a market low cap rate for a Rite Aid of 5.48%, was a well-located urban infill location adjacent to the Hyde Park commuter rail station. Barr & Bennett Net Leased Investment Group, of Lee & Associates-North San Diego County, specialize in the ac- quisition and disposition of net leased assets nationwide. n
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Located on Rehoboth Gateway, JLAM’s new $20 million retail center in Rehoboth Beach, DE Jack Lingo Asset Mgmt. enters into leases with Bed Bath & Beyond, The Fresh Market & Wawa R EHOBOTH BEACH, DE — Jack Lingo Asset Management
after retail destinations for national retailers and res- taurants looking to serve the growing year-round popula- tion and seasonal visitors. n completed a deal with Audi in 13,500 s/f/ 3/4 acres at 764 Route 1 in Edison, NJ. Audi purchased the property as a detailing center to their adja- cent dealership. n Broadway Mall on Long Island begins renovation Hicksville, NY — Pa- cific Retail Capital Part- ners announced that renova- tions for Broadway Mall have officially begun and four new tenant leases signed. Opening soon at the popular Long Is- land retail and entertainment destination will be Noodles & Company, Blaze Pizza, Chick- fil-A and Blink Fitness. Sev- eral existing stores, including H&M, are also remodeling in conjunction with the larger renovation. “Broadway Mall appreci- ates the long-time community support we’ve received and our leadership team is eager to reward loyal patrons with an enhanced shopping and dining experience,” explains John Rossi, general manager of Broadway Mall. “These reno- vations and new tenants pro- vide a refreshed atmosphere, additional culinary choices and enhanced street visibility.” Renovations and Remodels Mall renovations focus on updating the main exterior entrance by stripping the exist- ing pillars and reworking the facade to provide a grander, more recognizable entrance. Additional renovations include modernizing the walkways with new flooring and improv- ing outdoor hardscapes and landscapes with new benches, seating, foliage and flowers. The entire renovation will make the mall more family friendly – inviting shoppers to linger and savor their shopping experience instead of rushing in and out. “Investing in Broadway Mall is an investment into the strong community of Hicksville,” said Gary Karl , executive VP of Pacific Retail Capital Partners. “The renovations and added amenities will provide an im- proved experience.” n
Realty and David Orkin of CBRE/RAS Brokerage , while JLAM was represented by its affiliate Jack Lingo REALTOR . The Fresh Market, a spe- cialty-grocer focused on offer- ing a mix of high quality per- ishables, distinctive foods and a high level of custom service, was represented by Charlie Phelps of Paraclete Realty , while JLAM was represented by Lingo. The newRehoboth Beach lo- cation will be The Fresh Mar- ket’s first store in Delaware. Wawa, which is privately
owned, has more than 650 stores nationwide, and offers its signature fresh hoagies, gas, and elements such as snacks and sodas. This will be Wawa’s fourth location in the Rehoboth / Lewes area. JLAM was represented by Lingo in this transaction. Prominently located on Coastal Highway at the en- trance to downtown Rehoboth Beach, Rehoboth Gateway will bring high quality shopping and dining opportunities to the millions of visitors to the Delaware beaches. Totaling more than 60,000 s/f across
two anchors and 4 pad sites, the project is expected to be completed in the summer of 2016. Rehoboth Beach re- mains among the most sought
(JLAM) announced that it has entered into leases with national retailer Bed Bath & Beyond, specialty grocer The FreshMarket and convenience store Wawa which will be lo- cated on Rehoboth Gateway, JLAM’s new $20 million retail center in Rehoboth Beach, Delaware. Bed Bath & Beyond, the country’s leading retailer of domestics merchandise and home furnishings, was rep- resented by Les Sax of Sax
North Bergen & Edi- son, NJ — Bill Farkas , retail leasing specialist at Jef- fery Realty, Inc. completed a deal with Modell’s in 10,000 s/f at Columbia Park Shopping Center in North Bergen, NJ. Shane Wierks and Au- gie Caruso , retail leasing specialist s at Jeffery Realty Jeffery Realty inks 23,500 s/f
COMPLETED PROJECTS:
Crossroads
Howell Commons
Eatontown, NJ
Howell, NJ
Restaurant Depot Linden Commons Linde , NJ Neptune, NJ
TJ Maxx Woodbridge, NJ
Ethan Allen Marlboro, NJ
Linden Commons Linden, NJ Xscap Theatre Howell, NJ
AutoZone Staten Island, NY, Garwood NJ, Little Ferry, NJ
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ew York, NY — Shaw Industries has signed a long-term Weld and Affronti of CBRE represented Shaw Industries Shaw Industries to open 7,963 s/f showroom at The Feil Organization’s 853 Broadway in NY N
and nearly 250,000 consumers visit the nearby Union Square Greenmarket weekly. The Union Square subway station is the fourth busiest in New York City, with more than 34 million riders yearly. Fisher represented The Feil Organization in the nego- tiations. Nicholas Weld and Michael Affronti of CBRE represented Shaw Industries. Legal counsel was provided to Feil by in-house attor- neys Brian Palumbo and Michelle Frankel . Kevin Walsh represented Shaw. n
perfect location for Shaw,” said Robert Fisher , director of Commercial Leasing at Feil. “This is the first of what we know will be many leases at the building since the renova- tion. It is proof positive that our investment in the prop- erty has, and will continue, to pay dividends in the long term,” Fisher said. “We wel- come Shaw Industries to 853 Broadway and look forward to the opening of their state-of- the-art showroom.” In addition to the recent fa- çade renovation at the 21-floor
office building, a full lobby renovation has also been com- pleted. Other building tenants include Capital One Bank, Bond New York, LCM Com- modities, TubeMogul, and MAC Cosmetics. Only two full floors remain available for lease. Located at the southwest corner of Broadway and 14th St., the 212,000 s/f 853 Broad- way is in the heart of the rapidly growing retail dis- trict in and around Union Square. Pedestrian traffic totals 350,000 people daily
lease to occupy 7,963 s/f at 853 Broadway in Union Square, announced The Feil Organi- zation , the building’s owner and manager. The Berkshire Hathaway division will take occupancy of the entire third floor at the end of this year to use as a showroom. The third level is the first of three floors that recently were renovated with a glass curtain wall. “The striking visibility, combined with an exceptional view of Union Square as well as the building’s easy access to public transportation, made it the Trader Joe’s as anchor tenant BROOKLYN, NY — Co- developers of one of Brooklyn’s largest mixed-use develop- ments City Point, Acadia Realty Trust (Acadia) and Washington Square Part- ners (Washington Square) announced that Trader Joe’s, a neighborhood grocery store known for their extensive array of domestic and im- ported foods, has selected City Point as its first Downtown Brooklyn outpost and signed a lease. Trader Joe’s will be the 1.9 million s/f development’s designated grocery anchor tenant. “Trader Joe’s has stayed true to its roots by leveraging a sustainability-driven and honest approach to how people shop for high-quality food,” said Chris Conlon , execu- tive vice president and chief operating officer of Acadia. “Like Trader Joe’s, City Point has remained steadfast in its commitment to providing local residents and visitors with a destination that meets their needs. We’re confident that the grocer will become a staple of Downtown Brooklyn and its surrounding neighborhoods, serving the community for years to come.” Roy Roberts of Mile- stone Associates and David Rosenberg of Robert Fut- terman represented Trader Joe’s, while Peter Ripka and Jason Pennington of Ripco Real Estate Corp. brokered on behalf of City Point. n City Point announces
853 Broadway
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Plans to redevelop property to create a premier flagship location Thor Equities acquires first property in Washington, D.C.
W ashington, DC — Thor Equities has signed a con- tract to acquire its first prop- erty in Washington, DC, at 3000 M St. NW in Georgetown. Formerly the historic Latham Hotel, the 10-story, 125,000 s/f corner building features 280 feet of wraparound frontage on 30th St. and M St., the prime retail corridor in Washington, DC. Thor plans to redevelop the property including the retail space fronting M St. to create a premier flagship location. The company is also redeveloping
hotel and residential uses on the building’s upper floors. “3000 M St.’s location in the heart of Georgetown ben- efits from the large volume of tourists, students and other pedestrians who regularly visit the neighborhood to shop, eat and play,” said Joseph Sitt , CEO of Thor Equities. “We look forward to enhancing this property to maximize the area’s exciting growth opportunities.” Many of the world’s top retail brands are located along M St. and surrounding blocks, with Gant, Jonathan Adler, Bonobos and Billy Reid all recently leas-
ing space there. Other tenants in the area include Michael Kors, Tory Burch, Rag & Bone, Brooks Brothers, Madewell,
J.Crew, Lululemon, Coach, BCBG and Banana Republic. 3000 MSt. is also surrounded by popular restaurants and
bars, and close to Georgetown University and the main com- mercial intersection of Wiscon- sin Ave. and M St. n
R.J. Brunelli & Co. announces key executive changes
OLD BRIDGE, nj — R.J. Brunelli & Co., LLC an- nounced the appointments of founder Richard Brunelli as chairman of the board, Ron DeLuca as CEO, Dani- elle Brunelli-Albrecht as president, and Bill Lenaz as executive VP of business development. All four have been principals of the retail
real estate brokerage since the time it became an LLC in 2010. In the newly created role of CEO, DeLuca will work with Brunelli-Albrecht on strategic planning, while also directing R.J. Brunelli’s day-to-day operations, including review and approval of all represen- tation agreements, and other
legal documents; hiring of new staff; and oversight of all trade show activities. He
will also con- tinue to su- pervise the firm’s annu- al retail va- cancy study, as we l l as ensure that t h e s a l e s t e am c on - forms to the c ompany ’ s standards on landlord rep- resentation a c c o u n t s . Along with B r u n e l l i - A l b r e c h t , he will ad- d i t i o n a l l y c o n t i n u e to actively r e p r e s e n t t he f i rm’ s interests in nationwide broker net- work Realty Resources. In assum- ing the reins f r o m h e r f a t h e r a s p r e s i den t , Brunelli-Al- brecht will be respon- sible for the overall man-
Richard Brunelli
FANNIE MAE LOAN $152,965,000 10-year fixed, 2 years I/O 2,183-unit multifamily portfolio Mid-Atlantic region
FREDDIE MAC LOAN $39,204,000 10-year fixed, 4 years I/O 310-unit mid-rise apartments Falls Church, VA
FHA 232/223(F) LOAN $23,691,700
CONDUIT LOAN $28,400,000 10-year fixed, 2 years I/O 264-unit garden apartments Delmar, DE
35 years fixed-rate, non-recourse 180-bed skilled nursing facility Sayville, NY
Ron DeLuca
Danielle Brunelli- Albrecht
Building relationships is important.
Bill Lenaz
agement of the firm’s team of sales associates; recruitment of new sales associates; en- suring that the sales team conforms to the company’s standards on tenant repre- sentation assignments; and oversight of all advertising and public relations activi- ties. As spokesperson for the firm, she will also continue to appear on various retail real estate industry panels. Lenaz, in the newly created position of Executive VP of business development, will focus his efforts on significant new retail development proj- ects, consult and mentor the firm’s sales staff in develop- ment areas, as well as uncover new areas for investment for consideration by the R.J. Brunelli Board. n
Understanding what’s important. At M&T, we know that growing and maintaining strong relationships with our customers truly matters. This is how our experienced origination, underwriting and asset management teams provide financing solutions that meet each borrower’s unique needs. And our customers like the way we do business. We’re proud that 75% of our new business comes from repeat borrowers. 1 Find out how you can become one of them.
Contact us at 1-800-737-2344. mandtrealtycapital.com
1Basedon internalcustomerdata. All loansandall terms referencedhereinaresubject to receiptofacompleteapplication,creditapprovalandotherconditions. ©2015 M&T Realty Capital Corporation. Equal Housing Lender.
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Weitzel and Grenko of Joans Lang Lasalle represents St. Mary Soloff Realty & Development, Inc. completes leasing and renovation of former supermarket L evittown, PA — Renovations have been completed on a 40,045
s/f former Giant supermarket located at 4595 New Falls Rd. in Levittown, Bucks County. The new shopping center is situated on 4.6 acres of land and is anchored by a 13,000 s/f Retro Fitness and a 12,000 s/f Dollar Tree. This fully leased site has a traffic-lit entrance with off-street parking for 197 cars, and offers large pylon signage directly on New Falls Road, which has an average daily traffic count of 23,700 cars.
Dollar Tree
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Recently St. Mary Medical Center signed a 10-year lease for 12,000 s/f of “endcap” space to complete the leasing of the facility. Located in Langhorne, PA, St. Mary Medical Center is a comprehensive medical center which offers state-of- the-art technologies and medi- cal care. This satellite location for St. Mary will offer medical care in physician and admin- istrative offices. Richard Soloff of Soloff Realty & Development, Inc. (SRD) represented the Landlord in this leasing trans- action, and Tom Weitzel and Patrick Grenko of Joans Lang Lasalle (JLL) repre- sented St. Mary. n Sperry Van Ness – Miller procures $1.53 million for sellers of retail center PRINCE FREDERICK, MD – Garry Jakoby , senior advisor with Sperry Van Ness – Miller Commercial Real Estate and manager of the satellite Annapolis SVN- Miller office listed Central Square Retail Center, located in Prince Frederick, in 2014. Jakoby leased the strip cen- ter to a natural health store, pawn shop, and formal wear store, keeping with a neighbor- hood feel. The new tenants and expansions brought the tenant capacity up to an attractive 75% including the anchored Outback Steak House. Fast forward to 2015 and Jakoby just sold the 1.89 acre neigh- borhood shopping center for $1.53 million. The 8,056 s/f property was sold to an investor and has two spaces available for lease. n
We’re looking for sites in PA End Cap, In-line, Free Standing Flexible Space Requirements Retail Opportunities Needed Consistently Ranked #1 Franchise - 45+ Y ear T rack Record
Non-Traditional Venues - Hospitals/Colleges Universities/B&I/Stadiums/Casinos/Airports
Local Contacts:
Eastern PA — 610-366-8120 x 24, Cheryl Green green_c@sdepa.com Philadelphia PA — 610-768-8990, Rawley Shelton rawleyshelton@gmail.com
realestate.subway.com www.subway.com
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