Mid Atlantic Real Estate Journal — Shopping Centers — September 27 - October 10, 2013 — 13C S hopping C enters
www.marejournal.com
c e a n s i d e & Stony Brook, NY — DavidTurley, Structured with 15-year fixed rates Cronheim secures long-term financing for retail portfolio O
DC and NJ offices execute transactions Marcus & Millichap arranges three retail sales
Anna Westhoff and Janet Proscia completed a three- closing, $94.5 million trans- action by arranging long- term, permanent financing for a three-property, grocery and home improvement-an- chored retail portfolio in Long Island. The loans were placed with two of Cronheim’s life insurance company lenders and structured with 15-year fixed rates and 25-year amor- tization schedules. The loans were locked at an average rate of 3.68%. The properties - some 810,000 s/f in three centers - dominate the retail land- scape in the communities of Oceanside and Stony Brook, Long Island. Situated on Long Beach Road, Oceanside Plaza is a 292,000 s/f power center anchored by Waldbaum’s, Marshalls, Kohl’s, Michael’s and Bed Bath & Beyond. It is the dominant retail center between Rockville Centre and Long Beach, a trade area of nearly 300,000 residents. Brooktown I&II and Brook- town III are located adjacent to one another on Nesconset Highway across the street from the Smithtown Mall in central Suffolk County. An- chors include Lowes Home Improvement, Walbaum’s, Marshalls/HomeGoods, Mi- chaels, AMC Loews Cinemas and Staples. The properties’ 5-mile trade area is home to an estimated 220,000 resi- dents. “This transaction was a service-driven assignment with a long-term client,” said Turley. “We provided strate- gic input in addition to capi- tal sourcing with the aim of helping a family investment company secure assets for the next generation.” “The investment grade nature of the assets and the conservative leverage were a great fit for our correspondent lenders,” added Westhoff. “Our high-touch marketing efforts paid off with amazing financing terms secured for the client.” Founded in 1897, David Cronheim Mortgage Corpo- ration and its affiliate com- panies located in Chatham, NJ provide an array of real estate services including debt and equity for investment grade real estate. n
Columbia Bank
FREDERICK, MD — Mar- cus & Millichap Real Estate Investment Services has an- nounced the sale of Columbia Bank, a 3,600 s/fnet-leased property located in Frederick, MD, according to Bryn Mer- rey , regional manager of the firm’s Washington, D.C. office. The asset sold for $3.9 million. The buyer, a developer, was secured and represented by Joshua Ein and David Weber, investment specialists in Mar- cus & Millichap’s Washington, D.C. office. Columbia Bank is located at 5211 Presidents Court. In Avenel, NJ, Marcus & Millichap Real Estate Investment Services an- nounced the sale of Family Dollar & Mosaic Spa, a 13,082 s/f retail property, according
to Ryan Nee , regional man- ager of the firm’s New Jersey office. The asset sold for $2.9 million. Michael Lombardi , a se- nior associate in Marcus & Millichap’s New Jersey office, had the listing to market the property on behalf of the seller, a developer. Lombardi also rep- resented the buyer, a private investor. Family Dollar & Mosaic Spa is located at 1392 St. Georges Ave.. This retail investment was recently renovated in 2012, which consisted of a new roof and parking lot. The two es- tablished businesses occupying this property call for a stable investment for the following years to come due to the grow- ing population in the surround- ing area. n
McShea & Company facilitate 10,000 s/f retail center sale
1730 Massey Boulevard in Hagerstown, MD
Hagerstown , MD — McShea & Company, Inc.’s investment sales team is pleased to announce the sale of 1730 Massey Boulevard in Hagerstown for $4.9 million. Julian Etches and Joe Friedman represented the purchaser, 2013 Massey Blvd, LLC.
Matan Companies devel- oped and sold the new 10,000 s/f retail center and is 100% leased to Vitamin Shoppe, Inc., Mattress Discounters, and Aspen Dental. Brad Feller and Isaiah Harf of Stan Johnson Com- pany represented the Matan Companies on the sale. n
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