R etail D evelopment R eimagined
M id A tlantic Real Estate Journal — Retail Development Reimagined — January 31 - February 13, 2020 — 15A
www.marej.com
EST ELIZABETH, NJ — JLL has se- cured capital total- Proceeds will fund the development of 267 residential units, 37,000 s/f of retail and office space JLL Capital Markets team secures $77.75M in capital for mixed-use project in New Jersey W
anchored shopping centers in dominant trade areas with an excellent credit profile, strong demographics, and barriers to entry.” Developed in 2017 as one of only a handful of new grocery- anchored shopping centers delivered in the past few years in the greater Philadelphia suburbs, Centre Square Com- mons is optimally located on the corner of Route 202, and Route 73, at the heart of Blue Bell. Centre Square Com- mons’ tenant roster includes a 10,816 s/f Pennsylvania Fine Wine & Spirits Signature Premium Store, Starbucks, Zoe’s Kitchen, Anthony’s Coal Fired Pizza, Turning Point, Hand & Stone Massage, Lash Lounge, JerseyMike’s, Barre 3 Yoga, Verizon, and Vist Bank. Sean Beuche , is Marcus & Millichap’s broker of record in Pennsylvania. “Both banks quickly un- derstood the strength of the market, depth of the unit and community amenities that will be developed and the appeal of the site’s location steps from the train to Newark Liberty Airport, Newark Penn Station and the PATH to New York City,” Michael Klein added. “These factors will draw rent- ers to Vinty for years to come.” “Vinty will be a transforma- tive project and the market recognized this was a special development plan, curated over many years by MAS Develop- ment and LeCesse Develop- ment Corp,” Jeff Julien added. Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc. Development and MAS Devel- opment,” Steven Klein said. “Upon completion, this project and the future phases that the borrower has in its pipeline are going to transform the rental market at the Elizabeth Train Station.”
ing $77.75 million for the development of Vinty, a mixed- use project with 267 residen- tial units and 37,000 s/f of ground-floor retail and office in West Elizabeth. JLL worked on behalf of Le- Cesse Development Corp. and MAS Development Group to secure a $55 million construction loan through Cit- izens Bank and Lakeland Bank and preferred equity from Marble Capital, LP . Vinty will be situated on a 2.48-acre site at the corner of Union and W. Grand Sts. across the street from the Elizabeth NJ Transit Sta- tion. The project will consist of four stories of residential units with 25 studio, 175 one-bedroom and 67 two- bedroom floor plans above 37,000 s/f of retail and office space and a 274-space park- ing garage. The community’s amenity package will include a fitness center, yoga/cycling studio, virtual golf simulator,
Vinty
resort-style pool with hot tub and cabana seating, outdoor summer kitchen with grills, community lounge and en- tertainment room, dog park, resident greenhouse, outdoor theater and package concierge system. Home interiors will include high-end finishes such
as quartz countertops, stain- less steel appliances, modern cabinetry, undermount sinks, smart home features, in-unit washers and dryers, plank flooring and walk-in closets. The project is due for comple- tion in first quarter 2021. The JLL Capital Markets
team representing the de- veloper included managing directors Jeff Julien, Rob Hinckley, Michael Klein, Steven Klein and director Mark Mahasky . “JLL is pleased to have been able to secure construction financing on behalf of LeCesse
Nathanson of IPA represents seller, Kinsley Properties and identifies buyer in sale of Centre Square Commons totaling $40 Million
BLUE BELL, PA — Insti- tutional Property Advisors (IPA) , a division of Marcus
& M i l l i c - h a p , a n - nounced the sale of Cen- tre Square C ommo n s , a 88,598 s/f grocery-an- chored spe- cialty retail
Brad Nathanson
shopping center in Blue Bell. The sales price is approxi- mately $40 million. “The property is a best-of- class asset at the crossroads of one of the wealthiest sub- markets in the Philadelphia metro area,” said Brad Na- thanson , IPA senior manag- ing director. “At the time of the sale, the center was 96% occupied by a strong lineup of service-oriented tenants and restaurants, anchored by a
Markets’ Michael Helpern and Christopher Marks in Manhattan arranged the debt on behalf of the buyer. “The pride of ownership on a generational asset, the success of the lease-up, the fine aesthetics of first-class construction, and the internet- proof tenancy created strong Centre Square Commons
22,450 s/f Aldi Supermarket.” Nathanson represented the seller, Kinsley Properties and identified the buyer, Me- dipower Overseas Co. , a full-service commercial real estate company specializing in retail real estate across the Northeast and in Canada’s major markets. IPA Capital
demand from national inves- tors to own Centre Square Commons,” Nathanson said. Ron Stern , CEO for Medip- ower said: “We are excited to add another trophy asset to our portfolio. Center Square Commons fits perfectly with- in Medipower’s strategy of owning best-in-class grocery-
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