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

Medistar Corp. acquires 264,000 s/f at 3 Beaver Valley Rd. in Wilmington NGKF represents both parties in $61.8 million sale of DE office property W ilmington, DE — Medistar Corp. acquired a 264,000

ISSUE HIGHLIGHTS Volume 27 Issue 9 May 15 - 28, 2015 NAI Mertz’s Lashner & Licht negotiate sale of 4.45-acres

change, one of the insurers that make up Farmers In- surance Group, renewed its 211,000 s/f lease for 10 years in the fourth quarter of 2014, according to Mack, who, along with Dangello, served as leas- ing representatives for the building. The NGKF represen- tatives also helped arrange the 39,121 s/f headquarters lease with Solenis International during the first quarter of this year. Approximately 13,000 s/f remains available on the fifth floor. The New Castle City North submarket, where the office property is located, recorded the most absorption of any Wilmington submarket last year at 270,608 s/f, accord- ing to NGKF research. Class A asking rents were also the highest of all submarkets at $29.65 psf. n Michael Lombardi , vice president investments in Marcus & Millichap’s New Jersey office, had the listing to market the property on behalf of the seller, a private investor. Lombardi also rep- resented the buyer in this transaction, who completed their 1031 exchange with the all cash purchase. In a second transaction, Marcus & Millichap an- nounced the sale of Cranford Square, a 34,573 s/f retail property located in Cranford, NJ. The asset sold for $7.5 million. Lombardi, together with Robert Angus and Juli- enne Pape , associates, all in Marcus & Millichap’s New Jersey office had the listing to market the property on behalf of the seller. Lombardi and Angus also represented the buyer in this transaction. The listing teamgenerated sixteen offers in two weeks resulting in a full price offer and closed in less than 30 days from the contract signing. n

s/f office building at 3 Beaver Valley Rd. in Wilmington for $61.8 million, marking the first mid-Atlantic investment for the Houston-based devel- oper and investor. The class A building is 94% occupied with Farmers Insurance Exchange as the anchor tenant follow- ing significant recent lease-up efforts by Newmark Grubb Knight Frank (NGKF) . NGKF Capital Markets rep- resented both the buyer and seller, an entity controlled by KBS Realty Advisors , in the transaction. “It is no surprise that this office building attracted multi- ple offers from a number of ca- pable buyers across the coun- try, given its well-established anchor tenant and proximity

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3 Beaver Valley Rd.

NJ Company Feature Mast Construction

to many corporate headquar- ters,” said NGKF's David Dolan , a senior managing director in the Philadelphia office, who arranged the trans- action along with executive managing director Jeffrey

Mack and senior managing director Michael Margolis in Wayne, PA; senior manag- ing director Neal Dangello in Wilmington; and director Brett Segal in Philadelphia. Farmers Insurance Ex-

Lombardi, Angus & Pape complete sale of 34,573 s/f retail property totaling $7.5m Hosey and Lombardi of Marcus & Millichap arrange the sale of a 33,480 s/f strip center cap rate.

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COLONIA, NJ — Marcus & Millichap announced the sale of Inman Shopping Plaza, a 33,480 s/f strip center ten- anted by Walgreens, Dunkin Donuts and Santander Bank among other national retail- ers. The building is located in Colonia, NJ, according to Brian Hosey , regional man- ager of the firm’s New Jersey office. The asset sold for $9.95 million representing a 6.29%

Section C 26th Annual NJAA Conference & Expo

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Inman Shopping Plaza

DelMarVa.................................................................4-6A Pennsylvania..........................................................7-19A PA’s Projects/Building Services.............................12-15A Financial Digest....................................................20-23A New Jersey....................................................... Section B Central New Jersey.................................................7-14B

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South Avenue in Cranford, NJ

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