20C — August 29 - September 11, 2014 — Shopping Centers — M id A tlantic
Real Estate Journal
www.marejournal.com
S hopping C enters
Sale breaks $400 PSF for Prince George’s Co. asset Marcus & Millichap closes $12.3m sale of retail center
48,500 s/f at NorthFayette shopping district C&W|Grant Street sells Pool CityPlaza for $3.05m
PITTSBURGH, PA — Pool City Plaza, a two-building, 48,500 s/f retail development located within the Pointe at North Fayette shopping district has been purchased for $3.05 million by Cohen Equities , a New York-based investor with a more than 5-million- s/f portfolio. J. R. Yocco and John Jackson of Cushman & Wakefield | Grant Street Associates, Inc. in conjunction with C-III Realty Services LLC based in Irving, Texas, worked to solidify a sale for the online auction.
specialists in Marcus & Milli- chap’s Philadelphia andWash- ington DC offices, had the list- ing to market the property on behalf of the seller, Baltimore based Multi-Properties Inc . The buyer, a joint venture lead by Rosenthal Properties, LLC , was also secured and represented by the agents. The Shoppes at Metro Sta- tion is located at the promi- nent intersection of East-West Highway and Belcrest Rd., immediately across from the Hyattsville Metro station. The asset was developed by Multi-Properties, a diversified owner and manager of assets in Maryland and Pennsylva- The Shoppes at Metro Station
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nia. CVS/Pharmacy repre- sented about one-third of the GLA along with other national tenants including Starbucks, T-Mobil, and Niebauer Dental. At the time of sale the property was 100% occupied. “Though the asset was only 30,000, the unique location of this asset and the ‘walkable’ nature of the site, so close to the metro- station, brought bidders from as far as New York City,” said Zang. “Long-term, this three acre site could be a mixed-use redevelopment. Yet at over $400 PSF, we do not believe the new ownership is plan- ning that anytime soon,” said Michael Shover. n
YATTSVILLE, MD — Marcus & Milli- chap , a commercial
drive-time. At the conclusion of the second quarter 2014, the submarket had a vacancy rate of only 2.9% and remains a top destination for big box tenants in the market. “The surrounding daytime population coupled with an availability of more than 25,000 contiguous square feet and new capitalized ownership will certainly get Pool City Plaza no- ticed bymidsize retailers emerg- ing in the Pittsburgh market,” said John Jackson, vice presi- dent of retail brokerage and leasing with C&W|GSA. “The Plaza’s proximity to major big box retailers like Target, Home Depot and Best Buy also adds to the project’s value.” n systems – which may be “out of sight, out of mind” until some- thing goes wrong – can be more complex and costly to remedy. It is critical for property own- ers to thoroughly evaluate the effectiveness and durability of post-construction stormwater management controls that have been installed at a property, as well as the quality of installa- tion and maintenance activi- ties that have been performed. Doing so may prevent costly surprises in the future. Jonathan Spergel, Esq. is a partner and Bridget Dorfman, Esq. is an asso- ciate with Manko, Gold, Katcher & Fox LLP in Bala Cynwyd, Pennsylvania, an environmental and energy law firm n
“The new ownership sees this as an exciting opportunity with tremendous upside and plans to invest significant capital into Plaza improvements,” said J.R. Yocco, vice president of retail brokerage and leasing at C&W|GSA. “Cohen Equi- ties has budgeted for the type of tenant improvement dollars that are necessary to bring new national and powerhouse regional tenants to Pool City Plaza.” Pool City Plaza is situated within Pittsburgh’s Parkway West-Airport corridor which has become one of the largest retail centers in the region, with more than 6.5 million s/f of retail within a five-minute Another concern raised by the advent of such BMPs is the potential for BMP failure and resulting property dam- age. Post-construction BMP failures can lead not only to subsidence and sinkhole is- sues in roads and parking lots, but to the potential for costly repair and construction work, regulatory enforcement and business interruption for af- fected tenant businesses, which ultimately can lead to expensive litigation. Green roof failures have received significant at- tention in the development community because of their visibility to property owners and tenants. In comparison, failures of stormwater infiltra- tion or underground detention continued from page 6C
real estate investment servic- es firm with offices through- out the United States and Canada, announced the sale of The Shoppes at Metro Sta- tion, a 30,089 s/f retail prop- erty located in Hyattsville, according to Bryn Merrey , regional manager of the firm’s Washington, DC office. The asset sold for $12,300,000. The capitalization rate was ap- proximately 7.0% on the pro- jected net operating income. Dean Zang , Mark Taylor , Michael Shover and Mat- thew Gorman , investment PHILLIPSBURG, NJ — National Realty & De- velopment Corp., (NRDC) announced that Hobby Lobby has opened its 56,000 s/f store at Pohatcong Plaza in Phillipsburg. Pohatcong Plaza is a 562,000 s/f power center located at the intersec- tion of Rte. 22 and Greenwich Rd., 1/2 of a mile northwest of Interstate-78 off of Exit 3. Hobby Lobby, a retailer of arts, crafts, and home décor held its grand opening at Pohatcong Plaza on July 7th. Other anchor tenants at the center include, Walmart Supercenter, Super Stop & Shop, Regal Cinemas, Toys “R” Us, and Babies “R” Us. Marshalls and Home Goods will also open stores at the center September 2014.
NRDC announces 56,000 s/f opening of Hobby Lobby at Pohatcong Plaza
Evaluating Site Stormwater Mgmt. . . .
“We continually strive to create retail centers that contain a great tenant mix of high-quality national and local tenants that will be the perfect fit for the communi- ties they serve,” said John Orrico , president of NRDC.
“Hobby Lobby and NRDC have a long-standing rela- tionship and we are pleased to be able to accommodate their expansion into New Jersey. We wish them great success at their new loca- tion.” n
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