10A —December 24, 2021 - January 20, 2022 — Retail Development Reimagined — M id A tlantic Real Estate Journal www.marej.com
www.marej.com M id A tlAntic Real Estate Journ l — Retail De
R etail D evelopment R eimagined Algatt, Horner and Zerfass orchestrate transaction Colliers concludes investment sale of CarbonPlaza for $18M L D ORTH P L A I N - FIELD, NJ — Amid the chal lenges of 700,000 s/f f transactions & new agency assignme ts am g 2020 Lev n Mgmt. ushers in 2021 with a look back on progress
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EIGHTON AND AL- LENTOWN, PA — Collier s announced the team of Jeff Algatt and Scott Horner recently completed the investment sale of Carbon Plaza, a 210,000 s/f grocery- anchored shopping center at 1241 Blakeslee Blvd. Dr E, Lehighton as listing agents on behalf of their Delaware-based private capital seller. Colliers’ Derek Zerfass rep- resented the buyer, a private equity investor and developer based in central New Jersey. The Colliers leasing team led by Horner will continue as leasing agent for the buyer. The 34-acre property is 95% leased to a solid roster of national, regional and local tenants led by a 74,000 s/f Giant supermarket (Ahold Delhaize USA), McDonald’s, Rite Aid, Arby’s, Taco Bell, Big Lots, First Commonwealth Federal Credit Union, Lehigh Valley Health Network, and St. Luke’s University Health Network. Highlights of LMC’s retail leasing activity included an anchor lease with off-price retailer Burlington Stores at Mill Creek at Harmon Meadow (Secaucus), a 24,000 s/f lease with Aqui Market at Twin City Shopping Center (Bayonne) and a 20,000 s/f lease with Planet Fitness at Mayfair Shopping Cen- ter (Commack, NY). LMC’s transactional activity also brought a host of renewals as well as new retailers and service providers to the region, punctuated by nearly one dozen leases with restaurant tenants – several of which have already launched opera- tions. Other openings involved Algatt noted, “Our team and platform enabled us to quickly generate multiple buyers look- ing at this opportunity, and ultimately we selected a sea- soned investor offering an $18 million all cash, no financing purchase with an aggres- sive due diligence and closing schedule. This allowed us to 2020, commercial real estate services firm LevinManage- ment Corporation (LMC) achieved tangible progress – a promising sign for the industry moving into a new year. Over the past 12months the North Plainfield based organization secured nearly 700,000 s/f of new leases and renewals, added new leasing and management assign- ments, solidified its staff with new hires/promotions, and garnered several industry recognitions. N
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Burlington Stores at Mill Creek at Harmon Meadow Carbon Plaza
high-profile anchors like Lidl (North Brunswick) and Burl- ington Stores (Raritan). Non-retail leasing highlights within LMC’s diversified port - folio included a 135,000 s/f renewal by Hall’s Warehouse Corp. at Rutgers Industrial Center (Piscataway). “Despite the economic un- certainty and business-related disruptions facing our indus- try since March, there has been progress – with certain key dynamics coming into sharpened focus,” said LMC’s Matthew Harding , chief ex- ecutive officer. “For example, positive landlord/tenant rela- tions have always been impor- tant. During 2020, as tenants worked to navigate an incred- ibly difficult environment, we approached everything on a very granular basis, review- ing the distinctive needs and nature of each business. Like - wise, we have done the same with our landlord clients and their individual properties to Part ers Pe sonnel is a full- s rvice staffing firm focused on placements in a variety of industri s ranging from pro- duc ion, packaging, manufac- turing, logistics and distribu- tion as well as administrative and profession l services. The group operates in 17 st tes, has 70+ loc tions nationwi e and is growing rapidly. This is Partners Personnel first loc - tion in Pennsylvania. They will take 1,200 square feet of retail space at Plaza West with plans to open in December. meet our s ller’s bjectives of both a top of the market price and a closing before the end of 2021.” In Allentown, the PlazaWest shopping c nter, located at 1602-1616 W. Allen St., has re- cently chieved full occ pancy amongst a tumultuous two years for retail. The owner was r presented by Seth Lacey of Colliers. “We are delighted to start serving our clients and as-
help them best respond to ten- ant requests and operational needs. “This customized approach has always been central for our team; however, this year has intensified the practice to a new level that we will sustain moving forward,” Harding added. “This is an ad- vantage we can provide over some of our larger, nationally focused peers.” LMC also continued to ex - pand its leasing and manage- ment portfolio, which today totals 110 properties total- ing nearly 15.5 million s/f. The firm was appointed leas - ing and managing agent for Springfield Avenue Market - place, a 112,000 s/f supermar- ket-anchored property at 204- 234 Springfield Ave. in New - ark. In Bergen County, LMC was named managing agent for Marketplace at Edgewater, a 73,000 s/f shopping center located at 725 River Rd. in Edgewater. MAREJ “While downtown environ- ments struggled sever ly throughout the COVID crisis, w saw healthy demand at this l c tion, particularly in ffice storefront concepts wh could capitalize on the abund nt parking. Colliers was able to complete two new leases during this challenging time - Angels on Call in late 20 and Partners Person el this month.” said Lacey. The now fully leased center is also home to Quest Diagnos- tics, New Liberty Pharmacy, Bausch Eye Associates and Wis Financial Group. MAREJ sociate employ es from his location. Our com any pur - pose is to build value through partnership by h lping people and org nizations improve. We look forward to becoming a positive conributor to his c mmunity and striving to f llfill our purpose every single d y i Allentown.” shared a representative with Partners Personnel.
BORRUS ASSOCIATES Investment Real Estate
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Julius Borrus Broker & President Borrus Associates
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