R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news
ISSUE HIGHLIGHTS Volume 24 Issue 10 May 25 - June 7, 2012 Bayshore: The green solution
Financing from AXA Equitable to build Gallery of Bethesda Donohoe closes on $55 million in construction financing
B
ethesda, MD — The Donohoe Companies, Inc. announced the closing
of a $55 million construction loan to build “The Gallery of Bethesda,” a luxury high-rise apartment building located at 4800 Auburn Ave. The project is a partnership between The Donohoe Compa- nies and MPM Investments. The $55 million in construc- tion financing is funded by AXA Equitable. The Gallery of Bethesda will be a 250,000 s/f, 17-story residential tower containing 234 units, a ¼ acre public plaza and 4,600 s/f of retail. Amenities will include a rooftop pool, sundeck and club- room, a resident lounge, fitness room and coffee bar. The Gal-
21A
The Gallery of Bethesda
lery of Bethesda is the first of three buildings that Donohoe is developing in Bethesda. The three are collectively known as Woodmont Central, and consist of the Gallery of Bethesda; a second residential building to be known as 4850 Rugby; and
a six-story office building, cur- rently pre-leasing, called 8280 Wisconsin Avenue. At comple- tion, the project will measure 580,000 s/f Demolition has been com- pleted on site, and Donohoe Construction Company has
commenced work as general contractor. Miller and Long Concrete Construction will be the concrete contractor. Van- tage Management, an affiliate of Mid-City Corporation, will be the management and leasing agent. n
Industrial RE & Distribution Centers
51 Haddonfield Road in Cherry Hill, New Jersey Time Equities in partnership with Bergman RE Group purchases 100,000 s/f office building
Cherry Hill, NJ — Time Equities, Inc. (TEI) in
these types of transactions.” 51 Haddonfield Road offers office space ranging from 1,200 s/f to 22,000 s/f avail- able for immediate lease. Many of the 1,200 s/f to 3,000 s/f spaces are pre-built and move in ready for tenants. The brokerage team of Grubb & Ellis senior vice president Anne Klein and associate vice president Brian Sherlock will oversee leasing for the property. “We are excited to form this relationship with Time Equi- ties, which is well regarded in the commercial real estate industry and has a proven track record of creating value for turnaround properties such as 51 Haddonfield,” said Michael Bergman, president and CEO for Bergman Real Estate Group. “Our partner- ship is well capitalized and has the experience needed to successfully reposition the property through enhance- ments and an aggressive leas- ing campaign.” n
a joint ven- t u r e w i t h B e r g m a n R e a l E s - tate Group r e c e n t l y pur chased 51 Haddon- field Road, a 100,000 s/f
Section B
Michael Bergman
Directory
Auction News/Directory................. 4-5A Shopping Centers..........................7-17A Green Buildings...........................19-24A Owners, Developers & Managers....25-38A Calendar of Events. ..............................40A Industrial Distribution Centers. ......Section B
51 Haddonfield Road
office building for $3.4 mil- lion. “Through purchase of a non-performing note, we were able to restructure the deal alongside Bergman Real Estate Group, and enter at a basis that we feel will allow us to aggressively price lease rates. While Cherry Hill has suffered from the same mal- aise as the broader economy,
our long term approach to ownership gave us comfort in investing in a market that others were exiting,” said Aaron Medeiros, director of acquisitions at Time Equi- ties. “We hope to find other opportunities to recapitalize groups who have the ability to restructure their capital stack, but lack the necessary liquidity that is required for
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Inside Cover A — May 25 - June 7, 2012 — Mid Atlantic Real Estate Journal
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555 Route One South, Iselin, NJ 2,338 sq.ft.
960 Holmdel Road, Holmdel, NJ SQFT s sq.ft.
1 Kalisa Way, Paramus, NJ SQFT
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510 Thornall Street, Edison, NJ SQ FT s SQFT SQFT s SQFT
155 Passaic Avenue, Fairfield, NJ SQ FT s SQ FT SQ FT s SQ FT s SQ FT
299 Market Street, Saddle Brook, NJ SQFT s SQFT SQFT s SQ FT s SQFT
100-110 So. Jefferson Road, Whippany, NJ SQFT s SQFT SQFT s SQFT s SQ FT
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333 Meadowlands Parkway, Secaucus, NJ SQFT s SQFT s SQFT SQFT s SQFT s SQFT
51 Haddonfield Rd., Cherry Hill, NJ sq.ft.
25 A & B Vreeland Road, Florham Park, NJ SQFT s SQFT s SQFT s SQFT SQFT s SQFT s SQFT s SQ FT
45 Eisenhower Drive, Paramus, NJ SQFT s SQFT s SQFT SQFT s SQFT s sq.ft. s sq.ft.
For Leasing Information Please Contact: John G. Osborne, Executive Director, Leasing, 732-855-8600 x 115 Kelly Ziegenfuss, Assistant Director, Leasing & Marketing, 732-855-8600 x 109
A — May 25 - June 7, 2012 — Mid Atlantic Real Estate Journal
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Mid Atlantic R eal E state J ournal Publisher ............................................................................Linda Christman Co-Publisher .........................................................................Joe Christman Section Publisher ..............................................................Michael Campisi Section Publisher ................................................................Elaine Fanning Senior Editor/Graphic Artist ................................................ Karen Vachon Production Assistant ......................................................... Rachel Rugman Office Manager ....................................................................Joanne Gavaza Editorial Consultant .............................................................. Ben Summers Guest Columnist .................................................Lee David Medinets, Esq. Mid Atlantic R eal E state J ournal ~ Published Semi-Monthly P.O. Box 26 Accord, MA 02018 (Mail) 312 Market Street, Rockland, MA 02370 (Overnight) Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, P.O. Box 26, Accord, MA 02018 USPS #22-358 | Vol. 24 Issue 10 Subscription rates: $99 - one year, $198 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Toll-Free: (800) 584-1062 | MA: (781) 871-5298 | Fax: (781) 871-5299 www.marejournal.com
Mid Atlantic Real Estate Journal
DEBT | EQUITY INVESTMENT SALES Capital Markets
Lee David Medinets, Esq. Residential Property and §1031 Exchanges
Innovative solutions and deep expertise for all of your commercial real estate financing needs.
W
hen investment prop- erty is sold, capital gains taxes must
generally be paid on any gain realized. With a §1031 Ex- change, however, investors are allowed by the IRS to postpone paying these taxes. This sub- section of the Tax Code states that “no gain or loss shall be recognized on the exchange of property held for productive use in a trade or business, or for investment.” In addition to maintaining greater net profits for reinvestment, investors can use a §1031 Exchange to shift an investment from one geo- graphic region to another, trade older properties for newer ones to avoid deferred maintenance expenses and diversify a real estate portfolio. The IRS stipulates a number of requirements for a valid §1031 Exchange. Property own- ers must trade one or more relinquished properties for one or more replacement properties of “like-kind.” The replacement property cannot have been acquired for immediate resale, nor can it be the taxpayer’s per- sonal residence. However, it is the facts and circumstances of each transaction that determine whether a property is held for investment, rather than for personal use. Many have rec- ommended that – to be on the safe side – taxpayers should hold the replacement property for at least two years before converting it to personal use, and should make significant efforts during that time to use it for investment purposes. In the recent case of Reesink vs. C.I.R., T.C. Memo 2012-118, No. 2475-10 (April 23, 2012), the U.S. Tax Court has taken steps to better distinguish the holding purpose for residential property. In this case, the Court considered whether a single- family house was acquired by the taxpayers as a personal residence or as an investment. In 2005, Mr. and Mrs. Re- esink sold a 50 percent TIC interest in a San Francisco apartment building for the gross sales price of $700,000. They used the net proceeds a little over one month later to ac- quire a single-family house and a vacant lot in Guerneville, CA. Their mortgage loan application
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indicated that the property was purchased as an investment. “For Rent” signs were posted on the property. Flyers were distributed throughout Guern- eville advertising the property for rent. Two prospective ten- ants examined the property to consider leasing it, but each decided that they could not af- ford the asking price of $3,000 per month. The taxpayers never lowered their asking price, and the property was never advertised for rent in any local newspaper. The court did not say if the property was ever listed for rent with a real estate broker, although the taxpayers consulted with one. After failing to rent the Guerneville property for some time, Mr. Reesink wanted to sell the couple’s home in San Fran- cisco because they could not afford the carrying costs of all the real estate that they owned. Mrs. Reesink resisted this idea because she liked living in San Francisco and because she did not want to take their son out of his current high school. Nev- ertheless, the couple listed their home in San Francisco inApril, 2006, about six months after they acquired the Guerneville property. At that time, they con- sidered either moving to Guern- eville or moving in with Mr. Reesink’s sister. Two months later, when their San Francisco home was sold, they elected to move to Guerneville. That was almost eight months after they acquired the Guerneville property. Until they moved in, they had never stayed in the Guerneville property or used it for any personal purpose. On these facts, the court found that the Reesinks’ prin- cipal intention in acquiring the Guerneville property was for in- vestment, not personal use. The court stated that perhaps the
strongest evidence of the Re- esinks’ investment intent came from Mr. Reesink’s estranged brother, a witness for the IRS, who testified that Mr. Reesink told him on several occasions that they planned to move to the Guerneville property af- ter their son graduated from high school. That would have been significantly more than two years after they acquired the Guerneville property. This testimony gave weight to the position of the taxpayers that they had changed their minds because of financial difficulties when they decided to move to Guerneville in 2006. In concluding that the tax- payers had satisfied their burden of proving that they purchased the Guerneville property principally for invest- ment, the court distinguished this case from Goolsby v. Com- missioner, T.C. Memo. 2010- 64. In Goolsby, the Tax Court found that the taxpayers did not have a bona fide investment intention when they acquired the replacement property. In Reesink, the court pointed out that in Goolsby (a) the taxpay- ers made the purchase of the re- placement property contingent on the sale of their home; (b) they sought advice concerning when they could move into the replacement property; (c) their rental efforts consisted solely of placing one advertisement in a local newspaper; (d) they began refinishing the basement of the replacement property within two weeks of acquiring it; and (e) they moved into the replacement property within two months of acquiring it. Goolsby and Reesink help to define the burden of proof that taxpayers will be expected to meet if they move into a replacement property before continued on page 3A
IREM.................................37A Landmark Commercial Realty.............6B Lundt Combustion Sys.....30A M. Miller & Son..................3A MGKF, LLP.......................10A Marcus & Millichap Taylor Zang.......................10A Max Spann RE Auction......8B Meridian Capital Group.....3A NAI Keystone Commercial & Industrial..16B NAI Summit......................13B NAIOP...............................12B NJ SmartStart Buildings.......................IBC-B NJCCT. .............................38A NorthMarq..........................2A PennCap Properties. ..........9B Poskanzer Skott Architects..........................35A Ray Angelini, Inc..............20A RCX Building Diagnostics...22A SHAH Electric & Builder 28A Sheldon Gross Realty.........3B Target Building Construction. .................... 11A THESING..........................34A Transportation Resource Grp. 15A Tranzon Auction..................4A Tri-County...................... BC-A Vanguard Energy Partners............................11B Vantage. ......................28, 35A Wastewater Management. 10B Whitesell...........................26A Whitestone Associates......15A
ABC DE & EPA.................33A Aldo Design Group. ..........34A All-Rite Construction Co.. 15A Auction Advisors.................3A Bayshore Recycling. .........21A Bergman RE Group............1A Brahney.............................26A Brasler Properties..............1B Bussle Realty Corp.............4B Capitol Aerials..................20A CBC Bennett Williams.....12A CBC Pennco Real Estate....9B CBRE.................................15B CGT...................................34A Cooper Roofing..................27A Crystal Window & Door Systems, LTD.......23A Cushman & Wakefield......17B Dermody Properties........ IC-B Earth Engineering Inc.. ...13A Expert Publishers, Inc........1A FOWLER...........................31A Franchise World. .............. 11A Friedman RE Group...........9B GAI Consultants...............13A Gilbeaux Associates, P.C.. 20A Griffin Land........................2B Haftek CWS......................28A Heller Industrial Parks......5B High Associates...................7B Hillcrest Paving and Excavating...................9B Hollister Construction Svcs.............12A Hurley Auctions..................4A Hutchinson Mechanical Svcs.. .............21A IES Engineers...................10A
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M id A tlantic R eal E state J ournal Of HUD, income- and age-restricted properties Gebroe-Hammer offers expertise in disposition and acquisition L executive VP, who noted numer- ous properties have expiring rental contracts that are not be- unit age-restricted complex in Southern NJ. Jarvis, along with executive VP Joseph Brecher, arranged the transaction on behalf of the seller. IVINGSTON, NJ — As hundreds of New Jersey’s HUD, income- and age-re-
They wrote the policy.
We make sure they write the check.
strictedmulti- family proper- ties continue to operate in the f ace o f e s c a l a t i n g non-perform- ing debt and exponentially accumulating
ing renewed, leaving the government a s we l l a s the landlords unprepared. “These own- ers are con- t i n u i n g t o operate their
“Privately owned income- and age-restricted multi-family properties are rather ‘hot’ right now since they are characteris- tically well-occupied and well- maintained,” said Brecher, who noted the seller had marketed the property intermittently during the past several years. “Of course, strong relationships and a good reputation among lenders, government agencies and prospective buyers are all critical to facilitating a sale.” “As the availability of for-sale market-rate apartment build- ings continues to fall short of heightened demand throughout New Jersey, investors of all types – from individuals to insti- tutional entities – are seeking to add income- and age-restricted properties to their portfolios,” said Ken Uranowitz, managing director. n
M. MILLER & SON Public Adjusters Since 1960
David Jarvis
Joseph Brecher
1211 Liberty Ave., Hillside, NJ 07205 � Tel: 908-355-4800 adjuster@mmillerson.com � www.mmillerson.com
interest, penalties and other fees, the brokerage specialists at Gebroe-Hammer Associates are negotiating trades of these over-leveraged properties to the satisfaction of all involved par- ties. From the sellers, buyers and tenants, to the lending in- stitutions and state and federal government agencies, the firm is gaining sales approvals and accolades at the same time. “There are hundreds of HUD properties in New Jersey. Many cannot or won’t be able to secure refinancing in the wake of grow- ing debt,” said David Jarvis,
properties, negating their bot- tom line even further, without being foreclosed upon, which would prove highly disruptive to the tenants.” According to the 18-year multi-family brokerage veteran, it is critical to identify a buyer who sees the long-term perfor- mance potential in HUD prop- erties and is willing to assume the debt. In some cases, Jarvis also has been able to negotiate specific components of the sale, including a transfer-tax waiver. Such was the case in the recent trade of a fully occupied 200+-
Recent Financings Arranged By Meridian Capital Group
continued from page 2A Residential Property and §1031 Exchanges . . .
a bright line test, but at least they clarify some of the distinc- tions regarding the use of §1031 Exchanges for residential prop-
erties. Lee David Medinets, Esq. is senior counsel for Madi- son §1031. n
the end of the recommended two-year holding period. The two cases do not yet suggest
Hunters Glen 1,124 Units $49,000,000 Delran, NJ
Steward’s Crossing 241 Units $27,200,000 Princeton, NJ
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A — May 25 - June 7, 2012 — Mid Atlantic Real Estate Journal www.marejournal.com M id A tlantic R eal E state J ournal A uctions 5 acres of land with riparian rights Max Spann to auction major waterfront property with redevelopment opportunities in Baltimore
B
ALTIMORE, MD — A major waterfront de- velopment opportunity
owner to create and develop a combination of retail, office, hotel, commercial, industrial, residential, recreation spaces, with an added possibility for a marina. The property in- cludes about 5 acres of ripar- ian rights. The zoning calls for a Planned Unit Development (PUD), which allows for a grouping of varied and compat- ible land uses in one contained development. The property is located just off I-95 directly on the Harbor and is minutes from downtown Baltimore, Port Covington Shopping Center, and all of Baltimore’s desired attractions. Port Covington was once called Fort Covington and was used to defend Baltimore from 1813 to 1869. The port has been in operational use for more than 150 years. Max Spann has scheduled two property previews from noon to 2 p.m. on Thursday, May 24 and Thursday, May 31. n
in Baltimore’s emerging Port Covington neighborhood will become available through an auction scheduled for June. Max Spann Real Estate & Auction Co. has scheduled the trustee-ordered auction of the approximately 5.21-acre property located at 301 East Cromwell Street for June 14, 2012 at 1 p.m. The auc- tion will be held at Miles & Stockbridge PC, 10 Light St., Baltimore. “This waterfront property presents a rare opportunity for major development within the Baltimore-Washington metropolitan area,” said Max Spann, president and chief executive officer of the auction house. “The possibilities with this developmental area are endless, there are so many directions that a developer can go in.” The existing zoning of the property will allow the new
5.21-acre property located at 301 East Cromwell Street
REAL ESTATE AUCTION 13+-ACRES of PRIME COMMERCIAL LAND FRIDAY JUNE 22, 2012 - 1PM 11354 Anthony Hwy, Waynesboro, PA 17268
5 Bank Owned Properties PA, NJ & NY
AL60612A Spring Valley, NY June 6, 12:00 pm ET Freestanding Commercial Bldg on .32± Acre
AL60612B East Orange, NJ June 6, 3:00 pm ET 2,300± sf Office Building on Corner Lot
AL60712A Mount Ephraim, NJ June 7, 1:00 pm ET
Former Restaurant on .14± Acre Corner Lot
Directions: From W-boro square go N on Rt.997. Property on right approx. 1 mile. 13+- ACRES of PRIME COMMERCIAL LAND! Outstanding opportunity w/ endless possibilities. Over 750ft of frontage on HIGH TRAFFIC PA Rt.997 and frontage on Stottlemyer Rd. Less than 1 mile from the square of Waynesboro. REP ONSITE: Fri-June 8: 1-2PM & Auction Day:12-1PM Terms: 10,000-down in cash or certified funds. Balance due in 45 days 5% Buyer’s Premium. Announcements day of sale take precedence over all printed material. Phone: 717-597-9100 or 301-733-3330 or Toll Free 866-424-3337 ABSENTEE BIDDING AVAILABLE
AL61112B Lansdale, PA June 11, 4:00 pm ET Freestanding 2 Story Building on .15± Acre Corner Lot
AL61312A Portland, PA June 13, 1:00 pm ET Mixed-use Property - Grocery Store, House & 2 Retail/Commercial Rental Units
Matthew S. Hurley AU-003413-L E-mail info@hurleyauctions.com www.hurleyauctions.com
Tranzon Alderfer, AY-000115-L Len Walter, Auctioneer, NJ Broker License #9913359 Michael Foster, NY Broker #49F00966562 Broker Participation Offered Sale Subject to Terms & Conditions and Sale Prior to Auction 800-577-8845
TRANZON.COM
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Richard G. Warner, President NJ & PA Licensed Real Estate Broker Warner Real Estate & Auction Co., Inc. 109 East Grant Street, Suite B Woodstown, NJ 08098 Ph: (856) 769-4111 ext 710 Website: www.WarnerRealtors.com
NY-NJ-PA-MD-VA
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A — May 25 - June 7, 2012 — Mid Atlantic Real Estate Journal
www.marejournal.com M id A tlantic R eal E state J ournal Landmark’s Grace represents lessee in transaction Dermody Properties leases 12,000 s/f to Vetsource in PA
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H
arrisburg , PA — Dermody Properties, parent company of DP
Partners, announced that Vet- Source has leased 12,000 s/f of space in DP’s LogistiCourt at 7917 Derry St. The Dermody Properties team worked with VetSource throughout the transaction and included John Atwell, COO and director of develop- ment and, from DP’s East- ern Regional Office, Stephen Bailey, RLA, CCIM, partner; Matthew Marshall, associate partner; and James VMasca- ro, CCIM, LEED-AP, director
for more information
LogistiCourt at 7917 Derry St.
800-584-1062/781-871-5298
of development. “We looked at several sites, and Dermody Properties’ Lo-
gistiCourt at Derry Street best suited our needs,” said Kurt Green, president and CEO of VetSource. “The location al- lows us to quickly reach our East Coast customers, and Dermody Properties has been very accommodating to our needs. This relocation enables us to work with increased efficiency while being cost-ef- fective.” The representative for VetSource was Jason Grace, CCIM, SIOR, vice president of sales and leasing at Land- mark Commercial Realty’s Harrisburg office. Represent- ing Dermody Properties was Julie Trogner, vice president of industrial services at Jones Lang LaSalle’s Philadelphia office. n NorthMarq Capital arranges $4 million mortgage for CVS Washington, DC — NorthMarq’s New Jersey of- fice recently closed a $4 million loan for the acquisition of a CVS in Washington, DC. The borrower worked with Greg Nalbandian, managing director of NorthMarq’s NJ office, to finance this loan through a regional bank. “The borrower, a very expe- rienced national single-tenant investor, took advantage of its longstanding relationship with CVS and extended the lease during due diligence from 7 years to 25 years, with a corporate guarantee on the new lease and also increased CVS’s rent by $90,000. Recog- nizing this significant value creation, the Bank was will- ing to lend aggressive, non- recourse proceeds at 80% of purchase price and 65% loan to value along with a three- year interest-only period and aggressive fixed prepayment structure with the final two years open at par,” said Nal- bandian. n
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S HOPPING C ENTERS
Mid Atlantic Real Estate Journal — Shopping Centers — May 25 - June 7, 2012 — 7 A
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UTZTOWN, PA — Marcus & Millichap Real Estate Invest- Acquisition financing for the buyer arranged by Wood of M&M Nathanson of Marcus & Millichap reps the seller in $4.025 million sale of Village Square K
a New Jersey based shopping center operator. The buyer, a local Pennsylvania partnership, was secured and represented as well by Brad Nathanson. Village Square is located at 45 Constitution Boulevard, in close proximity to the prestigious campus of Kutztown University in Kutztown, Berks County. Nathanson said, “The prop- erty generated significant buyer interest due primarily to the property’s proximity to the college campus.” He added “There’s a limited supply of retail catering to the students as well as the local residents of Kutztown.” Acquisition financing for the buyer was arranged by Kris Wood of Marcus & Millichap Capital Corporation, also based in the firm’s Philadelphia office. At the time of sale, the property was 88% occupied. ■
ment Servic- es announced the sale of Vil- lage Square, a 39,612 s/f retail strip center located in Kutztown, a c c o r d i n g t o Spencer
Brad Nathanson
Yablon, regional manager of the firm’s Philadelphia office. The asset commanded a sale price of $4,025,000 or 98% of the asking price and was on the market for just 30 days before being sold to a private Pennsylvania limited partnership. Brad Nathanson, senior di- rector in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller,
Dougherty, Taylor & Zang secured the buyer Shover & Gorman of Marcus & Millichap complete $2.357m sale Village Square
Babaian of Marcus & Milichap’s NJ office closes $912,500 sale
REISTERSTOWN, MD, May 9, 2012 – Marcus & Millichap Real Estate Invest- ment Services announced the
sale of Sun- Trust Bank ( g r o u n d l e a s e ) , a 28 , 750 s / f net l eased property lo- cated in Re- isterstown, a c c o r d i ng to Spencer Yablon, re- gional man- ager of the firm’s Phila- delphia of- f i c e . T h e asset com- mand e d a sale price of $2,357,000.
Development site plans
Michael Shover
WOODBRIDGE, NJ — Marcus & Millichap Real Estate Investment Services
fice, had the exclusive listing to market the property on behalf of the seller, a private investor. He also secured and represented the buyer. This fully approved de- velopment site is located at 414 Rahway Avenue in Woodbridge, New Jersey. The approvals for this project con- sist of 12,528 s/f of retail. The site is delivered with a strong tenant, “The Learning Experi- ence” that will occupy the en- tire first floor of the building. This is a rare opportunity to acquire a fully approved development site in a great location that already has a lease on the retail space. ■
announc ed the sale of a 54,866 s/f parcel of land l o c a t e d i n Woodbridge, according to Mi chae l J . Fasano, vice pr es i dent /
Sun Trust Bank
with multiple offers above list price,” adds Shover. “The credit of the tenant along with the quality of the real estate is what drove the inter- est,” said Shover. The buyer, a private investor, was secured and represented by Der- rick Dougherty, Dean Zang, and Mark Taylor investment specialists in Marcus & Mil- lichap’s Philadelphia office. “The buyer was in a 1031 Exchange and specifically looking for this type of asset
to acquire,” adds Dougherty. David Feldman, Broker, as- sisted in closing this transac- tion. SunTrust Bank (ground lease) is located at 11704 Reis- terstown Road. The property had just over ten years re- maining on the lease with an- nual increases. It is a ground lease structurewhich required zero responsibilities from the landlord. The purchase price of $2,357,000 equates to a 6.15 capitalization rate. ■
Matthew Gorman
Michael Shover &Matthew Gorman, investment special- ists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a private investor. “The property generated a lot of interest from the market
Greg Babaian
regional manager of the firm’s New Jersey office. The asset commanded a sale price of $912,500. Greg Babaian, vice presi- dent investments in Marcus & Millichap’s New Jersey of-
8A — May 25 - June 7, 2012 — Shopping Centers — Mid Atlantic Real Estate Journal
www.marejournal.com
S HOPPING C ENTERS
18 + million square feet
MICHIGAN Grand Blanc Vacant Land Holly Rd. & I-75 22 Acres For Sale Muskegon Muskegon Shopping Center Henry St. & Norton Ave. 187,000 SF GLA Anchor Space Available Port Huron Port Huron Shopping Center Howard St. & 24th St. Big Lots, Save-A-Lot, Family Dollar 118,000 SF GLA Anchor Space & Outlot Available Redford Redford Plaza Plymouth Rd. & Inkster Rd.
ARIZONA Mesa Kohl’s McKellips Road & Recker Road 95,279 SF GLA Part of Falcon View Plaza w/ Fry’s Phoenix Freestanding Barnes & Noble 1035 N. Metro Pkwy. West & 28th Dr. Adjacent to Metro Center Mall 19,360 SF on 1.48 Acres Tolleson Freestanding Kmart West McDowell Road & North 86th Drive 86,479 SF GLA
FLORIDA Gainsville Mixed Use – Grocery Store & Student Housing NW 13th St & University Avenue 1.74 Acres Over 27,500 SF Ground Floor Retail in Proposed 171,000 SF 6-Story Residential Bldg Fern Park Lowe’s Shopping Center 6735 Hwy. 17-92 & Fernwood Blvd. near Hwy. 436 129,085 SF GLA Proposed Retail Strip: 9,000 SF ILLINOIS Downers Grove
CVS/114,865 SF GLA Anchor Space Available Saginaw Saginaw Square Tittabawasse Rd. & Bay Rd. Target, JoAnn Etc., Staples 94,891 SF GLA Anchor Space Available Sandusky Kmart Shopping Center
M-19 & Gates Rd. 176,248 SF GLA Anchor Space Available Southgate Fort St. & Burns Ave. 60,800 SF GLA Freestanding / Redevelopment Opportunity MINNESOTA St. Paul Midway Shopping Center University Ave. & Snelling Ave. Rainbow Foods, Office Max, Walgreens 280,353 SF GLA Anchor Space Available 40,262 SF NEVADA Las Vegas Kmart Plaza E. Sahara Ave. & McLeod Dr. 127,754 SF GLA 10,945 SF Outbldg. Available NEW JERSEY Marlton (Evesham) Tri-Towne Plaza Route 70 & Plymouth Dr. Superfresh/176,519 SF GLA Anchor Space Available/Redevelopment Opportunity
Marshall’s at The Grove 75th St. & Lemont Rd. 400,000 SF GLA Anchor Space Available 43,264 SF Niles Golf Glen Mart (Outparcel) Golf Rd. & Dee Rd. Up to 12,000 SF Outlot, B-T-S INDIANA Evansville Evansville Shopping Center Morgan Ave. & Boeke Rd. Rural King, Dollar General 153,000 SF GLA Indianapolis Pendleton Plaza Pendleton Pike & Shadeland Ave. Kmart 134,797 SF GLA South Bend South Bend Shopping Center US Hwy. 20 & US Hwy. 31 112,900 SF GLA Anchor Space Available
RD
212-265-6600 Ext. 239
Thomas G. Mirandi Email: tmirandi@rdmanagement.com Fax: 212-459-9133
Management LLC
Mid Atlantic Real Estate Journal — Shopping Centers — May 25 - June 7, 2012 — 9A
www.marejournal.com
S HOPPING C ENTERS 200 + retail projects
NEW YORK Nanuet Home Depot Plaza Route 59 & Hutton Ave. Home Depot, Staples 250,000 SF GLA/Pad Available Orangetown Orangeburg Commons Route 303 & Palisades Parkway Future Retail Development Anchor Space, In-Line Space & Pads Available Adjacent to Lowe’s Staten Island Lowe’s West Shore Center Veterans Rd. West (I-440) & Arthur Kill Rd. Pad Building Available 7,000 SF New Retail Bldg. Available 166,600 SF GLA Stony Point Stony Ridge Plaza Route 9W & Park Rd. US Post Office, Curves For Women 21,212 SF GLA Williamsburg (Brooklyn) North Side Piers Retail 20 North 5th St. & Kent Ave. Tower I: 181 Condos, 113 Apts. & 17,167 SF Retail Tower II: 250 Condos & 5,178 SF Specialty Rest. OHIO Ashtabula Home Depot Plaza Route 20 (N. Ridge Rd.) & Orchard Rd. 130,000 SF GLA 18,440 SF Expansion & Pad Findlay
NEW JERSEY Mt. Olive Pad Sites Available Adjacent to Foreign Trade Zone Across from Wal-Mart, Sam’s, TJ Maxx Old Bridge A & P Shopping Center Route 9 & Ferry Rd. 64,920 SF GLA Up to 4,000 SF Outlot Vineland Vineland Marketplace Delsea Dr. (Route 47) & College Dr. New Development 273,657 ± SF GLA / Outlots Available Williamstown Williamstown Shopping Center Black Horse Pike (Route 42) & Main St. CVS, Fashion Bug, Dollar General 85,000 SF GLA Anchor Space Available NEW YORK Deer Park Kohl’s Plaza Proposed Pad 3,800 SF Glenville/Scotia (Albany) Freestanding Building Saratoga Rd. (Route 50) & Glenridge Rd. 128,485 SF GLA Anchor Space Available Holtsville Island 16 Cinemas Shopping Center Nicholls Rd. & Long Island Expwy. National Amusements Theater, Chili’s 117,342 SF GLA Pad Bldg. Available with Drive-thru Latham/Colonie (Albany) Commack Rd. & Grand Blvd. Kohl’s, Super Stop & Shop 182,875 SF GLA
PENNSYLVANIA Allentown Home Depot Plaza Lehigh St. & Route 78 220,000 SF GLA 9.82 Acres Available Carlisle Hanover Street (Route 34) & I-81 Home Depot, Chili’s 140,715 SF GLA 10,584 SF Future Expansion/Pad Trexlertown Trexlertown Marketplace Hamilton Blvd. (Route 222) & Mill Creek Rd. Walgreens, Panera Bread, Verizon 36,068 SF GLA TENNESSEE Hermitage (Nashville) Freestanding Bldg. adjacent to Jackson’s Courtyard Shopping Center 3445 Lebanon Pike 24,040 sf GLA 36,000 sf GLA Possible Redevelopment Texas Ft. Worth Westcliff Shopping Center Albertson’s Market, Dollar General Alton Rd. & Biddison St. 133,332 sf GLA
VIRGINIA Richmond Food Lion Plaza Route 1 (Jefferson Davis Hwy.) & Chippenham Pkwy. Outlots Available WEST VIRGINIA St. Albans St. Albans Center Route 60 & MacCorkle Ave. SW Kmart, Super Kroger, Peebles, CVS 230,000 SF GLA PUERTO RICO Arecibo Arecibo Towne Center Routes 2 & 22 Future Development Anchor Position & Outlots Available Ponce
Hobby Lobby Plaza Tiffin Ave. & Croy Dr. Hobby Lobby Anchor Space Available Oregon (Toledo)
Vacant Land – 4.645 Acres Dustin Rd. & Isaac Street Dr. 1 block south of Navarre Ave. (Rte. 2) & Kmart 116,805 SF GLA OREGON Salem Kmart Shopping Center Mission Street S. E. 116,866 SF GLA
Kmart Shopping Center Route 7 & Swatling Rd. 118,863 SF GLA Up to 10,000 SF Outlot Available
Monroe/Woodbury Harriman Commons Routes 17 / 6 & Route 32
Wal-Mart, Home Depot, BJ’s, Target, Home Goods, Best Buy 687,716SF GLA Anchor Space & Outlots Available Future Phase III Office Bldg.
Reina del Sur; Outlots at Ponce Towne Center II Rtes. #2 & Baramaya Ave. (Rte. 10) @ PR-52 Wal-Mart SuperCenter, Home Depot New Development & Pads 525,000 ± SF GLA
RD
212-265-6600 Ext. 239
Thomas G. Mirandi Email: tmirandi@rdmanagement.com Fax: 212-459-9133
Management LLC
10A — May 25 - June 7, 2012 — Shopping Centers — Mid Atlantic Real Estate Journal
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S HOPPING C ENTERS
ÿ
EnvironmentalÿRisks Disclosures Compliance DueÿDiligence Permitting W E C ANÿ P UT THEÿ P IECESÿ T OGETHER
URCHASE, NY — Na- tional Realty & Devel- opment Corp. (NRDC), YoGo Factory new addition to CooperTowne Center National Realty & Dev. Corp. leases 12,500 s/f to PetSmart P
ens Northampton Crossing’s position as the premier shop- ping destination in the mar- ket”, said DovidM. Spector, di- rector retail leasing at NRDC. The center is well positioned in a high-traffic area with daily traffic counts totaling 15,400 vehicles on Route 248 and 24,350 vehicles on Route 33”. “We are thrilled to open our newest bakery-cafe in such a dynamic community,” said Braden Klinger, Joint Venture Partner, Panera Bread. “We are happy to offer the many business professionals, fami- lies and students in the com- munity fresh and wholesome food choices. Additionally, we’re excited that this drive-thru loca- tion will provide the con- venient service their busy schedules demand. We look forward to sharing our signa- ture Panera warmth here in Nazareth.” In other news, National Realty & Development Corp. by Metro Commercial’s Perry GraBois. This location was previously occupied by a Home Made Pizza Co. store. “This area of Hoboken is expe- riencing tremendous growth,” said GraBois. “We are thrilled to bring a fast-growing retailer of this stature to the neighbor- hood.” RedMango opened its first U.S. store in July 2007 in Los Ange- les and has since celebrated more than 170 store openings in North America. It was named the number one smoothie chain by Zagat in 2011. ■
(NRDC) announced that YoGo Factory has opened at Cooper- Towne Center in April 2012. The 366,865 s/f CooperTowne Center is situated at the in- tersection of White Horse Pike (Route 30) and Evesham Ave- nue (Route 544) in Somerdale, New Jersey approximately 10-miles southeast of Phila- delphia, PA. The shopping center is anchored byWalmart Supercenter, Cinemark 16- screen theatre, and a 4,000 member LA Fitness. “YoGo Factory is the area’s largest frozen yogurt cafe and provides a unique experience for all ages”, said Brian Petru- zzi, owner of YoGo Factory. ■
r e c e n t l y announced the opening o f Pan e r a B r e a d a t Northamp- ton Crossing. P e t S m a r t w i l l a l s o open at the center in late
Our legalÿandÿtechnicalÿteamÿcanÿhelpÿnavigateÿtheÿcomplexÿlegalÿ andÿregulatoryÿchallenges andÿbringÿallÿtheÿpiecesÿtogetherÿfor yourÿdevelopmentÿprojects. www.mgkflaw.com
Dovid M. Spector
spring. Northampton Cross- ings is located at 3768 Easton Nazareth Parkway at the in- tersection of Routes 248 and 33 in Easton, Pennsylvania. Panera Bread occupies a 3,860 s/f drive-thru space and PetSmart leased 12,500 s/f. The new additions join anchor tenants Walmart Supercenter, Kohl’s, Sam’s Club and Regal Cinemas. Other recent trans- actions at the center include Staples and Shoe Show lease renewals. “The leasing of Panera Bread and PetSmart strength-
a section of the Mid Atlantic Real Estate Journal P.O. Box 26, Accord, MA 02018 781-871-5298 • 800-584-1062 fax 781-871-5299 www.marejournal.com Shopping Centers Real Estate Journal
;D=?D;;HI
• IES congratulates all companies involved in the Quarry Center Project and is proud to have been a part of this team. • IES is a professional services company committed to delivering environmental, health & safety, engineering, and construction projects. • IES environmental professionals have performed Environmental Site Assessments, Remediation, Pennsylvania Act 2 Assistance, and Permitting for a variety of clients and properties. If the property is being considered for acquisition, expansion, redevelopment, or change of land use, IES can assist you in understanding the liabilities of potential or existing environmental contamination. • IES’ Environmental Site Remediation Services include:
GraBois of Metro negotiates new lease for Red Mango
HOBOKEN, NJ —Metro Com- mercial Real Estate, Inc., ne- gotiated a 1,350 s/f lease in
the heart of Hoboken for Red Mango, one o f t he fastest grow- ing retailers of all-natural frozen yogurt and fresh fruit smoothies.
Associate Publisher Elaine Fanning efanning@marejournal.com
• Phase I/II Environmental Site Assessments • Pennsylvania Act 2 Regulatory Assistance • Site remediation • Tank management • Permitting
Perry GraBois
This urban storefront, located at 213 Washington Street, is scheduled to open this summer. The lease was negotiated on behalf of Home Made Pizza Co.
Section Editor Rachel Rugman editor@marejournal.com
• IES’ project managers, engineers, and professional geologists stand ready to assist you on environmental site remediation projects. • IES focuses on the success of its customers and employees by providing the highest value innovative solutions to our clients through exceptional knowledge and experience.
Mark Taylor
Dean Zang
Christopher Munley
Derrick Dougherty Peter Snell Shopping Center & Net Lease Sales Specialists
www.taylorzangmunley.com
Corporate Headquarters: 1720 Walton Road • Blue Bell, PA 19422 Phone: 610‐828‐3078 • Fax: 610‐828‐7842 info@iesengineers.com www.iesengineers.com
3KLODGHOSKLD3$2IÀFH 215.531.7000 :DVKLQJWRQ'&2IÀFH 202.536.3700 www.marcusmillichap.com
Mid Atlantic Real Estate Journal — Shopping Centers — May 25 - June 7, 2012 — 11A
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S HOPPING C ENTERS
Allentown, PA
West Deptford, NJ
ITTSBURGH, PA — To- tal Hockey, a privately held hockey equipment Piccione reps the landlord, Costa Land Co. Imperatore of CW-Grant Street reps 8,910 s/f lease P
Chester, PA
Exeter, PA
retailer, has entered the P i t t s bur gh market, sign- ing two long- term leases for retail lo- cations in the C r a n b e r r y and Park - wa y We s t
Building relationships through the power of people.
Preconstruction Construction Management General Contractors
Jared Imperatore
BRYN MAWR, PA — WP Re- alty is pleased to announce the sale of Shaw’s Plaza located in Plymouth, MA. Shaw’s Plaza is a 178,000 sf shopping center anchored by a 59,766 s/f Shaw’s Supermar- ket located approximately 40 miles south of Boston. WP Realty purchased Shaw’s Plaza in Plymouth as part of an eight property portfolio in May 2011. ■ WP Realty completes the sale of Shaw’s Plaza in Plymouth “Pittsburgh’s strong ties to professional hockey through the Penguins, its strong de- mographics and secure retail market immediately landed it on our radar for expansion op- portunities,” Benoit said. ■ submarkets. Jared Imperatore of Cushman &Wakefield- Grant Street Associates, Inc. repre- sents Total Hockey in Western Pennsylvania. Total Hockey has signed a 10-year lease to open its first store in the Pittsburgh region at Cranberry Square, next to Pier One Imports. The 8,025 s/f site formerly was occupied by Pet Supplies Plus, which moved to the Viola Building. Art DiDonato of Oxford Realty Co. represented the landlord in the transaction. The company’s second area location will be at the Plaza @ The Pointe in North Fayette, where Total Hockey will occupy the former Shoe Carnival space. Total Hockey executed a 10-year lease for 8,910 s/f after Shoe Carnival relocated to Settler’s Ridge. Sarah Piccione repre- sented the landlord, Costa Land Co. The new store will neighbor Old Navy, Ulta and Bed, Bath & Beyond in the plaza. Michael Benoit, CEO and President of Total Hockey, Inc., says Pittsburgh was a natural choice for the company’s expan- sion.
1124 Chester Pike • Crum Lynne, PA 19022 610.521.3300 • www.targetbuilding.com
Total Hockey
We’re looking for sites in PA End Cap, In-line, Free Standing Flexible Space Requirements Locations Wanted Consistently Ranked #1 Franchise - 45+ Y ear T rack Record
Non-Traditional Venues - Hospitals/Colleges Universities/B&I/Stadiums/Casinos/Airports
Local Contacts:
Eastern PA — 610-366-8120 x 24, Cheryl Green green_c@sdepa.com Philadelphia PA — 610-768-8990, Rawley Shelton rawleyshelton@gmail.com
realestate.subway.com
www.subway.com
12A — May 25 - June 7, 2012 — Shopping Centers — Mid Atlantic Real Estate Journal
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S HOPPING C ENTERS
HILADELPHIA, PA — Soloff Realty & De- velopment, Inc. (SRD), Richard Soloff represents the owner Soloff Realty executes a 3,506 s/f lease for Visionworks P
WE MAKE CONSTRUCTION MANAGEMENT LOOK LIKE CHILD’S PLAY!
announced a finalized 10- year, 3,506 s/f lease for Vi- sionworks of America, Inc. d/b/a Visionworks at the Citibank Plaza Shopping Center, located at 2118 Cott- man Avenue in Northeast Philadelphia. This will be Visionworks’ second store in Northeast Philadelphia who will be leas- ing a portion of the former Mattress Giant space, and scheduled to open late sum- mer 2012. Richard Soloff of SRD is
777 Terrace Avenue Hasbrouck Heights NJ 07604 | Phone: 201.393.7500 863 Route 109 West babylon 11704 NY | Phone: 212.531.8750 www.hollistercs.com
2118 Cottman Avenue
the exclusive leasing bro- ker representing the owner, Cottman Realty Associates of Westport, CT. Visionworks is exclusively represented by Michael Gorman of Metro Commercial Real Estate. EWING, NJ — Soloff Realty & Development, Inc. has recently finalized 2 new leases at the Glendale Village Shopping Center, located at N. Olden Avenue and Park- wayAvenue in Ewing, Mercer County. The first lease, New Soul Grill, which is owned and operated by Charles Man- ning, is scheduled to open later this month. The 1,260 s/f restaurant will offer home- style cooking, focusing on Manning’s locally famous fried chicken and seafood. Little Caesars also recently executed a new lease for 1,200 s/f and is scheduled to open Summer 2012. This is the operator’s first Little Caesars location. Owned and managed by WDG, LP, of Trenton, New Jersey, other tenants in the center include Family Dollar, Dunkin’ Donuts, UPS Store and a local dry cleaner. WYNNEWOOD, PA—Soloff Realty & Development, Inc. (SRD), announced the leas- ing of 1415 City Avenue, a free-standing 2,600 s/f build- ing to PhilaRx Pharmacy 5, Inc., a local retail pharmacy owner who operates 4 ad- ditional locations within the City of Philadelphia. It will be PhilaRx Pharmacy’s first suburban location. Richard L. Soloff of SRDwas the exclusive leasing broker representing both the owner, City Line Partners of St. Pe- ters, PA and the tenant. PhilaRx Pharmacy is sched- uled to open the new drug- store summer 2012. ■
Coldwell Banker Commercial Bennett Williams 110 N. George Street – 4 th floor York, PA 17401 717 - 843 - 5555 www.bennettwilliams.com Newberry Pointe Newberrytown, PA 17319 1,500-6,500 SF & PAD SITES AVAILABLE
Silver Spring Square Mechanicsburg, PA 17050 1,600-3,200 SF AVAILABLE FOR LEASE
Wayne Plaza Chambersburg, PA 17201 1,600-6,000 SF AVAILABLE FOR LEASE
3513 Gettysburg Rd. Camp Hill, PA 17011 23,875 SF AVAILABLE FOR LEASE
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