S HOPPING C ENTERS
Mid Atlantic Real Estate Journal — Shopping Centers — September 28 - October 11, 2012 — 29A
www.marejournal.com
HILADELPHIA, PA — Marcus & Mil- lichap Real Estate Siegel, senior director of the National Retail Grp. in the firm’s Manhattan office, reps buyer Nathanson of Marcus & Millichap reps seller in $9.6m sale of County Line Plaza P
set commanded a sale price of $9,600,000 and was only on the market for 113 days before being sold to a large foreign-based private fund out of Canada. Brad Na- thanson , senior director of the National Retail Group in Marcus &Millichap’s Phil- adelphia office, represented the seller, a local shopping center operator, and Steve Siegel , senior director of the National Retail Group in the firm’s Manhattan office, rep- resented the buyer. The asset has two anchors,
A&P Food Markets smallest value concept, Food Basics, and Big Lots Department Store. At the time of sale, the property was 100% occu- pied. “The offering generated national interest due to the dense population in Phila- delphia and the high income levels of Bucks County,” noted Brad Nathanson. “Located at the key intersection of County Line Road and BustletonAve- nue, the property has tremen- dous residual value and the market has high barriers to entry,” Nathanson added. ■
Investment Services an- nounced the sale of Coun- ty Line Pla- za, a 75,640 s/f grocery a n c h o r e d s h o p p i n g c en t e r l o -
Brad Nathanson
cated in Philadelphia, ac- cording to Spencer Yablon , regional manager of the firm’s Philadelphia office. The as-
County Line Plaza
Stewart & Westhoff secure loan for 73,197 s/f shopping center Cronheim Mortgage arranges $4m in financing for Oyster Point Plaza
SEPTEMBER 28 - OCTOBER 11, 2012
HI-LIGHTS
NEWPORT NEWS, VA — Cronheim Mortgage, An- drew Stewart and Anna Westhoff has arranged financ- ing of $4,000,000 for Oyster Point Plaza shopping center located on a highly traveled retail corridor in Newport News, Virginia. Oyster Point Plaza is a Food Lion anchored shopping center located in the heart of Newport News, on Oyster Point Road. The $4,000,000 loan was se- cured by this 73,197 s/f shop- ping center and was structured with a ten year fixed-rate and 25 year amortization schedule. The borrower is a New York based group of investors. Oyster Point Plaza, which CHRISTIANA, DE — In a deal negotiated by Metro Commercial Real Estate, Inc., Books-A-Million has signed a lease for the 30,077 s/f former Borders located at 101 Geoffrey Drive in Chris- tiana, DE (Wilmington). Plans call for the building to contin- ue to be used as a bookstore by Books-A-Million which will be open before the end of 2012. Metro Commercial was se- lected by the landlord, Na- tional Retail Properties, Inc. as the exclusive listing rep for the 30,077 s/f location.
Market Square at Frederick signs 25,000 s/f retail lease
Two national retailers recently signed on to co-anchor Market Square at Frederick, the new, mixed-use, retail and residen- tial lifestyle development tak- ing shape in Frederick. See page 30A.
Charter Realty arranges 2 leases totaling 11,879 s/f
Oyster Point Plaza
is situated upon 7.24 acres of land, was originally con- structed in 1978 and renovated in 2000. Food Lion occupies 55% of the center, while the remaining units are tenanted by a mix of local and national
retailers including Weight Watchers, Sherwin Williams and Subway, among others. The plaza also includes two outparcel units which are cur- rently occupied by Exxon and KinderCare. ■
Charter Realty & Devel- opment has arranged a 10,890 s/f lease for Deals and a 989 s/f lease for Subway at the Pitkin Theatre Center located in Brooklyn, NY. See page 31A.
Dougherty of Metro Comm’l. secures 30,077 s/f lease
ALSO INSIDE:
R ETAIL S ERVICES & P OST ICSC H IGHLIGHTS .............33-38A
R ETAIL B ROKERAGE D IRECTORY ....................................... 39A
B USINESS C ARD D IRECTORY .............................................. 40A
Books-A-Million
www.marejournal.com
sented the landlord in the negotiations. ■
Metro Commercial agent, Joseph Dougherty, repre-
Made with FlippingBook flipbook maker