12C — January 31 - February 13, 2014 — Shopping Centers — Mid Atlantic Real Estate Journal
www.marejournal.com
M id A tlantic ICSC C onference & D eal M aking
Divaris & Metro Comm’l. rep PetSmart in 19,734 s/f lease
Two transactions in Virginia Commonwealth Commercial Partners brokers $9M
C
ommonwealth Com- mercial Partners, LLC , a full service
commercial real estate firm founded in 1996 announces the following selected 2013 sales and lease transac- tions. Selected Sales Commonwealth Commer- cial Retail Group brokered the following sales: Min- nieville Plaza - a 35,000 s/f Shopping Center in Wood- bridge, VAfor $5.9Mand 5805 GroveAve.- a 13,210 s/f retail property in the Libbie/Grove Avenue shopping district in Richmond, VA for $3.1M
PetSmart, 11736 West Broad St. Richmond, VA
space located at 6109 East Virginia Beach Blvd. in Nor- folk, VA. David Redmond of the Virginia Beach office of Divaris represented the land- lord, in the lease negotiations with the home furnishings and bedding retailer. SO Simple Salons leased 1,800 s/f in College-Parkway Crossing, located at 6546 Hampton Roads Parkway in Suffolk, VA. The lease was handled for the landlord, by Levi Thomson and Melinda Pezzella of the Virginia Beach office of Divaris. Pizza Hut renewed its lease for 1,500 s/f at Glenwood Shoppes located at 8401 Hampton Blvd in Norfolk, VA. Food Lion and Dollar General anchor Glenwood Shoppes, which is situated at the en- trance to the world’s largest naval base, Naval Station Norfolk. n
RICHMOND, VIRGINIA — Gerald S. Divaris , Chair- man/CEO of Divaris Real Estate, Inc ., announced the renewal lease of PetSmart in Richmond. PetSmart renewed its lease for 19,734 s/f of retail space in Parc Place at Short Pump, located at 11736 West Broad St. Debbie Wake , senior vice president of Divaris Real Estate’s Richmond office and TomLondres of Metro Com- mercial Real Estate, Inc. , represented the tenant. The landlord, was represented by Sara Goodall , associate in DRE’s Richmond office. In Virginia Beach, Virginia, DRE announced the signing of three leases totaling 9,400 s/f of retail space in the Hamp- ton Roads region of southeast Virginia. Furniture Liquidators, Inc. has leased 6,100 s/f of retail
5805 Grove Avenue, Richmond, VA
to-suit in Chester, VA and Bridgestone/Firestone Retail Operations leased 6,944 s/f at 11002 W. Broad Street in Richmond, VA. n
Selected Leases Commonwealth Commer- cial represented Landlords in the following transactions: Big Lots 30,000 s/f build-
Greysteel arranges sale of ground lease for $1,600,000 ROANOKE, VA — The Greysteel Company , a Washington, DC based real estate investment services firm, has arranged the sale of a ground lease Chick-fil-A located in Roanoke, Virginia. Greysteel’s net leased retail division served as exclusive advisor and agent to the seller in the successful disposition of a Chick-fil-A corporate guaranteed ground lease to a Washington, DC based private investor. The property is an outparcel to a Home Depot located off of Franklin Rd., SW and is surrounded by numerous national retailers including Starbucks, Lowes, Kohl’s, Taco Bell, Pizza Hut, and IHOP. “We orchestrated a non-con- tingent all-cash transaction that closed in less than three weeks in order to meet the buyer’s year-end deadline,” commented Henry Schuld- inger , who continued, “and the sale price reflects a sub 6% cap rate although it had just shy of ten years on the primary term of the lease and was the shortest lease term Chick-fil-A on the mar- ket. In the end the buyer felt extremely comfortable with the strength of the Chick-fil-A brand. A privately held com- pany, Chick-fil-A is a highly sought after investment with system-wide sales in 2012 reaching $4.6 billion and con- tinuing over 45 years of same store sales growth.” n Bennett Williams brokers 1.21 acres and 14,328 s/f of sales & leases
The Hampshire Companies sells 7,609 s/f freestanding retail building
YORK, PA — Bennett Wil- liams Realty, Inc .has ar- ranged the sale/lease of the following transaction: Sales: Samuel Lacks purchased a 4,498 s/f mixed-use build- ing at 50-54 Carlisle Ave. in York, PA. Chad Stine , Brad Rohrbaugh , and AbeKhan of Bennett Williams represented the seller in the transaction. Da, LLC purchased a 2,100 s/ f retail building at 846 Lancast- er Ave. in Columbia, PA. Chad Stine and Brad Rohrbaugh of Bennett Williams represented both the seller and the buyer in the transaction. MBC Development pur- chased 1.21 acres land at 2006-2028 SR 54 in Mont- gomery, PA. the property from Muncy Bank & Trust Co. for the development of a Dollar General location. Chad Stine, Brad Rohrbaugh, and Adam Hagerman of Bennett Wil- liams represented the buyer
7991 Compass Point Lane
and the city of Richmond. “The quality of the facility, its premier location, and the long-term lease agreement with a high caliber tenant pro- vided us with the opportunity to capitalize on this asset,” said Igor Derbaremdiker , senior investment manager for The Hampshire Compa- nies. “Scarce inventory of high-quality net leases in the Mid-Atlantic region made this deal even more attractive to the buyer.” Chris Bosworth , Will Pike and Briann Pfohl of CBRE represented The Hampshire Companies in the transaction. n
MECHANICSVILLE, VA — The Hampshire Com- panies have announced the sale of a 7,609 s/f retail build- ing located at 7991 Compass Point Lane in Mechanicsville. The freestanding building was sold to a private investor and is leased to Bridgestone Retail Operations, the world’s largest tire and rubber company. With more than 2.6 million s/f of retail in a three mile radius, the Bridgestone build- ing is located within the area’s preeminent retail corridors. Located at the intersection of Compass Point Lane and U.S. Route 360, the property offers easy access to Interstate 295
50 Carlisle Ave.
in the transaction. Leases:
the space from 3950 TecPort Drive, LP. Chad Stine and Brad Rohrbaugh of Bennett Wil- liams represented the landlord in the transaction. Volcano Japanese Restaurant leased 2,600 s/f retail space at 975WayneAve. at Wayne Plaza in Chambersburg, PA. Chad Stine and Brad Rohrbaugh of Bennett Williams represented the landlord, and Abe Khan , also of Bennett Williams, rep- resented the tenant in the transaction. n
Carlton W. Grady leased 2,400 s/f retail space at 300 Bai- ley Dr. at Bailey Springs Town Center in Stewartstown, PA. Chad Stine, Brad Rohrbaugh, and Heather Menchinger of Bennett Williams represented both the landlord and the ten- ant in the transaction. 2,730 s/f retail space at 3950 TecPort Dr. at Shops at TecPort in Harrisburg, PA. Oak-D, Inc. d.b.a. Image 360 leased
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