National Realty and Development Corp. acquired the property in 2001 Cronheim secures $92.5MM for 807,000 s/f Orange Plaza in Middletown, NY M IDDLETOWN, NY — Andrew Stew- art and Dev Morris
ISSUE HIGHLIGHTS Volume 28 Issue 9 May 13 - 26, 2016 NJAA Conference & Expo
have secured $92.5 million in financing for a power center located inMiddletown, Orange County. The loan was struc- tured with a 10 year term and 30 year amortization and was funded by American General Life Insurance Company, The United States Life Insurance Company in the City of New York, National Union Fire Insurance Company of Pitts- burgh, PA, and American Home Assurance Company, whom Cronheim represents as correspondent and servic- ing agent. The interest rate was locked 11 months prior to closing. Orange Plaza is an 807,000 s/f power center situated at the southeast corner of Rte. 211 and Dunning Rd. in Middle- town. Purchase, NY-based National Realty and De- velopment Corp. (NRDC) acquired the property in 2001 and subsequently began a four year repositioning of the subject which included the demolition of approximately 600,000 s/f of enclosed mall space and creation of a unique stacked layout, as well as the NEWCASTLE, DE — The Emory Hill Companies have announced that they recently completed phase two of the sale of the White Clay Corporate Center office
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construction of numerous outparcels. Currently, the subject is occupied by over 40 tenants including its anchors Walmart, Kohl’s, Burling- ton Coat Factory, and Home Depot. A variety of national, regional, and local retailers round out the tenant roster including Bed Bath & Beyond, Marshall’s, Ulta Cosmetics, Casual Male XL, Party City, Famous Footwear, Modell’s, and David’s Bridal, among many others. According to Andrew Stew- art, “this property has been
the dominant retail destina- tion in its submarket since it was redeveloped. NRDC exceeded all expectations here that need to be seen to be ap- preciated.”
JCPenney. Other well-known retailers in the trade area in- clude Petco, Lowe’s, TJ Maxx, Home Goods, Petsmart, Hobby Lobby, Big Lots, and Toys and Babies “R” Us.
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The subject is proximate to Rte. 17 which experiences traffic counts of 46,000 vehicles per day. Located just east of Or- ange Plaza across Rte. 17 is The Galleria at Crystal Run, one of the largest enclosed malls in the region and one of the pri- mary retail centers in the local area. Tenants include Target, H&M, DSW, Macy’s, Sears, and Emory Hill sells White Clay Corporate Center Orange Plaza is managed by National Realty & Develop- ment Corp., a retail develop- ment and management firm in the Northeast. NRDC’s portfolio is comprised of 78 projects in 14 states, consisting of retail power centers, grocery- anchored community shopping centers, and corporate/indus- trial business parks. n
complex. Shelbourne Global Solu- tions, LLC, a privately h e l d f i r m h e a d q u a r - tered in New York Ci ty , pu r c h a s e d
spaces available in the 100 and 400 buildings. NAI Emory Hill director of brokerage and principal Neil Kilian, CCIM, SIOR , is the broker representing the landlord. “With its proximity to the University of Delaware and its new STAR (Science, Technology and Research) campus, the White Clay Cen- ter in Newark is a highly sought after office campus,” Kilian said. “We are seeing that Newark is becoming a rapidly growing city full of un- limited potential for economic development, and we are glad to be part of that expansion.” John Carpenter , of Cassidy Turley , represented White Clay Associates in the sale. Since early 2013, Shel- bourne has acquired more than 4 million s/f of class A office space. n
four of the seven buildings in the complex in 2015, and re- cently purchased the remain- ing three buildings to com- plete the acquisition. White Clay Center, an office and industrial campus, is located on White Clay Dr. just off Rt. 273 near downtown Newark. The square footage of all seven buildings totals 493,581 s/f. This marks Shelbourne’s second major investment in the area, having closed on University Office Plaza in mid-2015.
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One of Newark’s premier class “A” office parks, the properties’ major tenants include JP Morgan Chase, Citi Bank, Walgreens and First Data. NAI Emory Hill continues to handle the man- agement and leasing of the property; there are several White Clay Corporate Center
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