26C — August 29 - September 11, 2014 — Shopping Centers — M id A tlantic
Real Estate Journal
S hopping C enters
16,250 s/f of retail space in Lockport and Tully, NY NorthMarq arranges $1m in financing for two DG stores
Located on the Rte. 202 in GlennMills, PA Karmar Realty sells 29.5 acre Wegmans site
GLENN MILLS, PA — KarMar Realty Group, Inc. announced the sale of 29.5± acres in Glen Mills to Chadds Ford Investors, LP. The prop- erty is located on the Rte. 202 and Rte. 1 loop road southwest of the intersection of Rtes. 1 and 202. The seller was D.O.H. Family, LP “Wegmans has leased a por- tion of the site from Chadds Ford Investors, LP for a 140,000 square foot retail store, scheduled to open in the fall of 2015,” said Marshall Soss , president of KarMar Realty Group, Inc., “Chadds Ford Investors, LP will also build an additional 40,000 s/f of retail space on the site. Chadds Ford Investors, LP will be constructing a new por-
tion of the loop road and bring all utilities to the site.” “When the new Wegmans is completed it will be 16 miles from the store in Malvern and is ideally placed to serve Delaware County, southern Chester County and northern Delaware,” said Justin Soss , executive vice president of KarMar Realty Group, Inc. “When the new extension of the loop road is completed the property will have easy ingress and egress from both Routes 1 and 202. “The 40,000 square feet of new retail space that Chadds Ford Investors, LP is planning should be highly sought after given the number of custom- ers that Wegmans will draw,” said Justin Soss. n Said Scott Pray , presi- dent of D.F. Pray, “Mike is a consummate professional, evidenced by his ability to integrate his personal knowl- edge and expertise into each of his projects and through his leadership. He has helped our company grow in ways we couldn’t have anticipated. For the last thirty years Michaels work ethic and constant evo- lution has helped make D.F. Pray an industry leader. It is with great pleasure that he now assumes the position of executive vice president, from where he will help to continue his guidance and grow the company in the future.” n listing agent insists it is not necessary, you can be cer- tain that move would only be in their best interest. You always want someone representing your best inter- ests during this complicated process – especially because there is no expense to you! Mike Kushner, CCIM has 28 years of experience in commercial real estate. He is the owner of Omni Realty Group, Central PA’s only exclusive ten- ant representation/buyer agency brokerage and real estate advisory firm. n largest clients nationwide. Some of Michael’s national clients include CVS, Titleist, Chic fil A, Atria, and Thermo Fisher Scientific.
OCKPORT/TULLY, NY — Scott DeVin- ney , vice president of NorthMarq Capital ’s Rochester based regional office negotiated financing for two nonrecourse loans with short term leases worth $1,000,000 for two Dollar General stores. The stores contain a combined 16,250 s/f of retail space and are located in Lockport and Tully. The transaction was structured with a 10-year term and 25- year amortization schedule and was arranged for the bor- rower through NorthMarq’s relationship with a regional L
Dollar General stock photo
bank. “The properties were built in 2004 for Dollar General,” said DeVinney. “NorthMarq
was able to provide a long- term fixed rate loan with relatively short lease terms remaining.” n
Metro Commercial inks two retail deals in Philadelphia totaling 12,424 s/f
D.F. Pray’s Michael Burke promoted to Executive VP
PHILADELPHIA, PA — Metro Commercial Real Estate , a full-service retail
SEEKONK, MA — D.F. Pray , a Massachusetts gen- eral contracting and construc-
real estate f i r m , h a s signed new retail deals i n C e n t e r City Phila- d e l p h i a , bringing two prominent, new-to-the- area national merchants. A t 1 7 0 9 Walnut St. in the heart o f R i t t e n - house Row, Timberland has leased 5,800 s/f for
tion manage- ment c om- p a n y , h a s announc ed M i c h a e l Burke ’s pro- motion from senior vice p r e s i d e n t to executive vice president.
A longtime employee of D.F. Pray, Burke brings to the table three decades of experi- ence in all facets of the firm from estimating, business development, and construc- tion operations with a focus on large projects. He has helped to grow D.F. Pray’s business and establish long-lasting relationships with the firm’s (bigger commission for them). The landlord/owner and leas- ing agent may not recom- mend hiring a broker for this reason along with knowing that an experienced tenant rep/buyer agent broker will make them “sharpen their pencils.” Now that you have a bet- ter understanding of what exactly an exclusive tenant representation and buyer agency firm offers, ask your- self why wouldn’t you want representation during your next real estate deal? If the
1911 Chestnut St.
its Philadelphia flagship store, which it plans to have open by the fall of this year. Metro Commercial’s Michael Gor- man and Steven Gartner represented the landlord. Timberland is represented by James Downey at Cushman &Wakefield . The multi-level building was most-recently Coordination with the Streets Department is required if your development proposes new curb cuts, curb realignment, new sidewalks, new ADA ramps, utility connections or any other modifications to the street right-of-way. All projects now need to submit a Checklist #1 application along with a plan identify- ing the proposed changes to
occupied by Alfa restaurant. 1911 Chestnut St. has been entirely leased by Banana Republic for its Factory Store concept. The 6,624 s/f building, formerly housing a Pennsylva- niaWine & Spirits Shop, is sit- uated directly across from the Gap Factory Outlet and the soon-to-be-open iPix Theater the street ROW, for Streets Department review and ap- proval. Depending on the magnitude of the proposed changes, a Checklist #2 sub- mission may be required. Overwhelmed? There are many steps to city approv- als, but having the right consultant on board to help you navigate the process makes all the difference! George C. Cressman,
in the former Boyd Theater building. Metro Commercial’s Steve Gartner negotiated the transaction between Banana Republic and the building owner, Pearl Properties. The entire building will undergo an extensive renovation prior to the retailer’s opening this winter. n Jr., PE, MS is a senior pro j ec t manager f or Boh l er Eng i neer i ng , and a Colonel in the US Army Reserves. George has over 24 years of ex- perience in both civil, geotechnical and envi- ronmental engineering, including stormwater management design and permitting within the city of Philadelphia. n
Four reasons why you need tenant. . . continued from page 10C
continued from page 4C Navigating the Philadelphia approval & permitting...
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