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
Made with FlippingBook flipbook maker