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ISSUE HIGHLIGHTS Volume 28 Issue 20 Oct. 28 - Nov. 10, 2016
P Financing for eight properties was provided by KeyBank Real Estate Capital AMA Financial arranges $192.5 million financing for student housing portfolio HILADELPHIA, PA — AMA Financial (AMA) , a commercial •West 22 at Kennesaw State University (Kennesaw, GA)
SPO TLIGHT
•Hawks Ridge at Iowa State University (Iowa City, IA) •University Crossing at Kansas State University (Manhattan, KS) •The District on Luther at Texas A&M (College Station, TX) •Campus Quarters at Tex- as A&M (Corpus Christi, TX) •Islander Village at Texas A&M (Corpus Christi, TX) “We have partnered with Gregg since 2009 and this deal is truly representative of his aid in making Vesper a leader in the space. AMA has assisted us with financings of more than 13,000 beds repre- sentative of approximately $1 billion,” said Isaac Sitt , co- founder and co-CEO, Vesper Holdings LLC. n initially, and they took a lead role in hammering out a very advantageous deal for our client in the closing phase.” Spruce Law’s boutique firm efficiency and financing ex- perience were leveraged to close this deal in less than 30 days from loan commitment. Atwater consists of 232 apartment units, 549 resi- dential building lots, and up to 120,000 s/f of mixed-use commercial development. The project commenced in 2014 and has been incred- ibly successful, with over 100 homes sold in a little over a year of full-scale marketing. It is the fifth major devel- opment by the sponsor, RLD Land & Development since 2011, all of which have been highly successful ven- tures in which RLD has partnered with some of the nation’s leading homebuild- ers. This momentum has vaulted RLD to the position of the leading residential land development firm in the Philadelphia region. n
mortgage-brokerage firm, announced a financial ar- rangement totaling $192.5 million on behalf of Vesper Holdings (Vesper) in its ac- quisition of a sizable student housing portfolio. Financing was provided by KeyBank Real Estate Capital (Key- Bank) and consisted of eight loans, including: six fixed-rate Freddie Mac loans amount- ing to $168 million; and two bridge loans amounting to $24.5 million. “As the student housing market continues to flour- ish, we rely on Gregg and AMA Financial for projects that require serious financial strategy,” said Todd Gou- let , senior vice president, KeyBank Real Estate Capi- tal. Added John Manginelli,
17-25A EXECUTIVE WOMEN IN BUSINESS
Governments and developers need to cooperate to achieve smart development
Hawks Ridge at Iowa State University
Northeast regional executive at KeyBank, “AMA has been a reliable correspondent to KeyBank for more than 10 years, allowing us to truly expand across several regions via student housing.” The eight-property portfo- lio includes more than 4,900
beds and spans Alabama, Georgia, Iowa, Kansas and Texas, including: •Crimson Student Living at the University of Alabama (Tuscaloosa, AL) •Legacy at Georgia South- ern University (Statesboro, GA)
UPCOMING CONFERENCES November 10th, 2016 NJ Real Estate Capital Markets Summit December 9th, 2016 4A By Glenn Ebersole, High Construction
Real Property Capital originates $53.78m in land development financing in Malvern, PA
MALVERN, PA — Real Property Capital (RPC) has originated a $53,781,504 first mortgage for the re- finance of the remaining undeveloped residential lots and common areas of The Village at Atwater, located immediately adjacent to the new Malvern/PA-29 Inter- change of the Pennsylvania Turnpike. This loan carries
For speaking and sponsorship information, please contact: Linda at 781-871-3456 or lchristman@marejournal.com NJ Commercial HealthCare & Medical Properties Summit
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The Village at Atwater
an interest rate of 1,150 basis points over 30-day LIBOR and was structured as a thirty-month interest only loan. The loan is non- recourse with a completion only guarantee to the spon- sor and provisions for a partial return of capital to the sponsor group with the ability to reduce the project’s cost of capital by accelerating
investor distributions. Yet again Spruce Law and RPC worked in tandem to affect another successful transaction for a common client. Brenner Green , president of RPC, said “The team at Spruce Law, led by Kate Sibel and Jason Si- eminski , was instrumental in assisting us in putting this transaction together
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M id A tlantic R eal E state J ournal Publisher .................................................................Linda Christman Publisher ....................................................................Joe Christman Senior Editor/Graphic Artist ..................................... Karen Vachon Production Assistant/Graphic Artist ............................... Julie King Associate Publisher ....................................................... Kim Brunet Associate Publisher .............................................. Barbara Holyoke Associate Publisher .....................................................Steve Kelley Office Manager .........................................................Joanne Gavaza Contributing Columnist . ................................. Jessica T. Zolotorofe Mid Atlantic R eal E state J ournal ~ Published Semi-Monthly Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, 312 Market St. Rockand, MA 02370 USPS #22-358 | Vol. 28 Issue 20 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 The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
Jessica T. Zolotorofe, Esq.
Insurance Lease Provisions
W
hen drafting insur- ance lease provi- sions, consistency
with loan documents, other leases at the property, any easement agreements, and the insurance that the landlord maintains must all be carefully considered to avoid potential gaps in coverage. Commercial landlords and their counsel should also take the following into account: (1) Business Interruption/ Rental Insurance After a casualty, a tenant may be unable to conduct business at the property until restoration is complete. Be- cause lack of business income may result in the tenant’s in- ability to make monthly rent payments, landlords should re- quire tenants to purchase busi- ness interruption insurance or rental insurance. Many lenders require 18 to 24 months-worth of coverage, but because of as- sociated costs, tenants often try to negotiate that time frame down. If there is an existing mortgage on the property, or future financing that requires coverage for a longer time frame, the landlord must keep in mind that it will have to purchase an additional policy, at its expense, to insure the gap and satisfy loan conditions. Thus, the more coverage a landlord can require its tenants to maintain, the better. It is also important to note that most rental insurance policies require that the lease actually provide for rent abate- ment in the event of casualty, not that the landlord has the option to allow for abatement. Similarly, if the lease is silent, the landlord cannot voluntarily abate rent and then collect pro- ceeds of a rental policy. (2) Tenant’s Personal Property Each tenant should be re- quired to maintain insurance coverage for the full replace- ment cost of its leasehold im- provements and other personal property. To fully protect a landlord, leases should ex- pressly provide that the land- lord is not liable for any loss or damage to tenants’ personal property, and that each ten- ant must replace the damaged property to the same condition
as existed prior to the loss, re- gardless of whether insurance proceeds are sufficient to cover those costs. (3) Primary Policies and Waiver of Subrogation A landlord should require that each tenant’s insurance be “primary”, so that even if the landlord carries similar or overlapping coverage, the ten- ant cannot look to landlord’s insurer for payment. A waiver of subrogation is also favorable, which prohibits a tenant’s in- surer from attempting to seek reimbursement from landlord or its insurer after a claim is paid under the tenant’s policy. (4) Self Insurance Depending on the size and value of the property being leased, a tenant that wishes to self-insure should be required to maintain a minimum net worth, which should be tested at least annually. Landlords should also have the right in each lease to require a self- insuring tenant to purchase standard insurance if its net worth, at any time during the term, drops below the estab- lished threshold. (5) Other Types of Coverage to Consider In addition to standard li- ability and property insurance policies, lenders today are more frequently requiring terrorism coverage, which landlords will want to pass through to their tenants. Also, additional insur- ance may be necessary or desir- able depending on the nature of a tenant’s business at the prop- erty. For example, a landlord may want a gas station tenant or dry cleaner to carry environ- mental or pollution coverage, or a tenant operating a bar to purchase dram shop coverage. (6) Rights of Tenants Subject or Subordinate to Lender’s Rights. Even if a lease is in place before a landlord seeks financ- ing, often lenders will demand
insurance provisions in their loan documents that contradict the provisions in the existing leases, especially as they per- tain to use of proceeds after a loss. In order to avoid conflict- ing provisions, or having to go back to the tenant to negotiate a lease amendment in order to satisfy loan requirements, landlords should try to include in their leases that the rights and remedies of the tenants in connection with casualty, con- demnation and insurance are subject and subordinate to the rights of any present or future mortgagee. (7) Rebuilding Especially if the tenant will not agree to have its rights subject to mortgagees’ rights, it is essential to set forth in the lease that so long as land- lord maintains commercially reasonable insurance coverage, the landlord’s obligation to re- build or restore the premises is only triggered upon its actual receipt of insurance proceeds. This way, if a mortgagee elects to retain and apply insurance proceeds from the casualty to the outstanding debt, the land- lord will not nonetheless have a costly obligation to rebuild. Landlords will also want to have the option, but not the obligation to rebuild a dam- aged property when there is only a short period of time left in the lease term. In such case, landlords should have the right to terminate the lease so that insurance proceeds can be used to fit out a space for a new ten- ant, not for the current tenant that would be vacating shortly thereafter anyway. Finally, leases should re- quire that tenants maintain “full replacement coverage”, not “actual cash value cover- age”, as the former insures the actual sum that will be needed to repair, replace or restore the insured property. Actual cash continued on page 3A
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M id A tlantic R eal E state J ournal Located at 5450 Wissahickon Ave., Philadelphia, PA RRA sells 500-unit Charter Court Apartments for $56m P
Trading one investment property for another?
HILADELPHIA, PA — Rittenhouse Realty Advisors announced the sale of The Charter Court Apart- ments in the East Falls neigh- borhood of Philadelphia. The iconic property, located at 5450 Wissahickon Ave., contains 500 units in two connected, eleven story towers. Existing amenities include a pool, parking garage, club room, theater, yoga studio, and fitness center. Ken Wellar , managing part- ner of RRA, said: “The seller renovated roughly half of the apartments and was getting close to $100 more in rent per upgraded unit at the time of sale. The new owner plans to enhance the amenities package, as well as finish upgrading the rest of the units.” Charter Court is close to Philadelphia University, Drexel University College of Medi- cine and some of the top high schools in the city, Germantown Friends School and William Penn Charter School. It is also walking distance to the Queen value coverage only pays the insured for the market value of the property at the time of the loss, including a deduction for depreciation, so rebuilding or replacing could cost substan- tially more than the tenant will
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Lane stop on SEPTA regional rail, providing an easy commute to Center City, Philadelphia. “Given the buyer’s back- ground and success with similar value-add deals throughout the country, I am sure Charter Court will be a huge success for both them and the surround- ing community,” said Corey receive from an actual cash value insurance policy. Overlooking the importance of insurance provisions in a lease can be quite a costly mistake. While no one likes to imagine significant damage to their property, in the event
Lonberger , managing partner at RRA. Mark Duszak , director at RRA, added: “This is the second significant high-rise apartment sale within a 4% cap rate range in the last 12 months that our team has closed, which indi- cates the strength of the Phila- delphia market.” n that a casualty does occur, careful lease drafting will ease the burden of a loss and make the process thereafter much smoother for landlords. Jessica T. Zolotorofe, Esq. is an associate at Ansell Grimm & Aaron, PC. n
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Insurance Lease Provisions. . . continued from page 2A
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By Glenn Ebersole, High Concrete Group, LLC Governments and developers need to cooperate to achieve smart development
T
it appears progress is made, new and more onerous regula- tions are adopted. The basic questions: Why is the commercial de- velopment paradigm so hard to change in Pennsylvania? What are the most signifi- cant barriers to a better com- mercial development process? Here are some of the major roadblocks: Local regulations often im- pede smart, strategic com- mercial growth. Many times, zoning and subdivision regu- lations are very rigid and do not allow for flexibility that would encourage commercial development.
Time is money in commer- cial development. Innovative developers who propose proj- ects that include businesses with well-paying jobs, provide a good real estate tax base with minor effects on schools and municipalities and pro- vide sustainable and environ- mentally friendly planning and buildings often are sty- mied by inflexible regulations. When the cost and delay are too great, the rigid by-the-book approach often prevails over innovation, resulting in proj- ects being abandoned. Some projects span two or more municipalities. This creates many chal-
lenges, including multiple pro- cesses that may be in conflict with the jurisdictions; lack of cooperation among the juris- dictions; redundant fees and costs because of different and conflicting reviews; and the additional time to go through the land-development process in each municipality. The best and most success- ful commercial developers are committed to smart, strategic commercial development. Un- fortunately, there are many outdated assumptions and perceptions that prevent de- velopers from building projects planned to meet the needs and wants of the demographics of
the multigenerational popula- tion and a diverse economy. There is a tendency to look at commercial developers and make an assumption that “they always do it that way,” rather than realizing that times are changing. Municipal fees and costs for commercial development con- tinue to rise, increasing land and construction costs. One of the major oversights in setting fees and costs is the failure to consider the benefits of smart, strategic development. There also is a shortage of suitable infill sites, making smart, strategic growth more expensive and complicated. Local and state governments need to provide incentives for the reuse of historic struc- tures, brownfield develop- ment, downtown revitaliza- tion and other infill projects. Unfortunately, many state and local laws make smart commercial growth prohibi- tively expensive. Likewise, well-intended but overly rigid building codes deter infill de- velopment. Christopher Leinberger of Brookings Institute said there are only 12 kinds of real es- tate projects that can readily receive bank financing. And each of the 12 kinds is a con- ventional, single-use project (e.g., strip shopping center, mini-storage units, and apart- ment buildings). Leinberger also asserted that mixed-use projects are outside the financial main- stream. Innovative commer- cial developers often have trouble getting financing be- cause of a lack of compara- bles, the secondary financing market and bank procedures that favor so-called low-risk investments. The perception is that bank- ers fund projects with a for- mula which results in only standard developments, with predictable outcomes, receiv- ing funding. The willingness of govern- ments to enter into public private partnerships has been missing for a long time. Recently, significant prog- ress has been achieved, and there needs to be more of these public private partnerships for smart, strategic commercial development. This will result in the revi- talization of existing commu- nities and will facilitate new commercial development on continued on page 6A
here continues to be a great deal of frustra- tion for professionals in
commercial development in Pennsyl- vania. This frustration results from a myriad of barriers to gaining ap- proval for projects.
Glenn Ebersole
There are efforts to change the development paradigm to make it more efficient and “user friendly.” However, this has been a monumental task, and just as
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M id A tlantic R eal E state J ournal
Markward Group welcomes Capobianco & Miers to team
Campus includes 11 buildings totaling 260,000 s/f Cushman & Wakefield sells 170-acre campus for $22.4m
plans, feasibility studies, sales strategies and project budgets for new buildings. “Mike is a
ALLENTOWN, PA —One of the most successful com- mercial real estate firms in the
Lehigh Val- ley has grown its team once again to in- clude Mike Capobian- co , SIOR , a n d C h i p Miers . The inclusion of
well-known rea l es tate professional and br i ngs with him a deep knowl- edge of the business and especially the
Mike Capobianco
Chip Miers
Eastern PA commercial real es- tate market. Mike has been in- volved in some of the market’s largest and most interesting deals over his career.” Mark- ward said. “With his depth of knowledge and his superior credentials, including his SIOR designation, he will help our company climb to new heights.” Chip Miers has over 15 years of commercial real estate ex- perience. He worked for Mark- ward Group from 2001 to 2005, and then joined two other com- mercial real estate companies. “Chip’s a seasoned veteran in sales and commercial real estate sales. It’s a coup for our company to have such a person- able, hard-working professional join our team.” Markward said. “We expect big things for our firm through Chip’s contacts and business acumen.” n “The success of our business is a result of our employee’s dedication and continued growth,” said Jason Crim- mins , president of The Blau & Berg Company. “These team members exemplify our com- pany’s highest standards of integrity. They are an impor- tant asset to the company and their promotions reflect our commitment to excellence.” n Another major factor in reducing the barriers is educa- tion. People and organizations involved in commercial devel- opment must work together to educate state and local of- ficials on better practices and be committed to be leaders in setting the example of what smart, strategic commercial development can be. Glenn Ebersole is the market development man- ager at High Concrete Group, LLC. n choices and are more respect- ful of community character and natural resources. Assistant director / retail specialist Brad P. Jacobs – Assistant director
their expertise and focus will help Markward Group con- tinue to deliver outstanding service to businesses and cli- ents within the Greater Lehigh Valley, as well as throughout Eastern Pennsylvania. Previously Mike Capobianco was senior vice president of brokerage for Colliers Inter- national and vice president of Real Estate Advisory Services with Grubb and Ellis (now NGKF ), both being global real estate services companies. Mike got his start in com- mercial real estate with Lib- erty Property Trust where he was a marketing specialist responsible for the leasing of industrial, flex, warehouse and office space. He worked with development specialists and construction managers to complete project marketing SHORT HILLS, NJ — The Blau&Berg Company , a leading commercial real estate brokerage firm in the New Jersey and Tri-State area, announced several re- cent promotions within the sales team. ChristianWalsifer, CCIM – senior director David A. Thomas – Senior director Brian DiPinto – Director Michael F. Schipper – Senior associate Laura L. Crimmins – vacant or underutilized land. Barriers must be overcome to attain a positive and more effi- cient commercial development process. The tearing down of barriers can only occur with regional cooperation, including by adjoining municipalities. That cooperation taking place on a community-by-com- munity and project-by-project basis will help elected officials, builders and bankers recognize there is a market for projects that make more efficient use of land, reduce infrastructure costs, increase transportation
St. John’s University’s Oakdale campus merly of Cushman & Wake- field, and members of the firm’s Metropolitan Area Capital Markets Group – An- drew Merin, David Bern- haut , Gary Gabriel , Brian Whitmer , Ryan Dowd and David Pennetta – headed the assignment. “St. John’s was pleased to sell this historic and spec- tacular property to another academic institution, and we are excited to welcome this new international university to the area,” BrianWhitmer said. “We are proud to have been able to assist St. John’s with another assignment and hap- py that the deal included that St. John’s will be able to continue on site as they explore relocation options,”
AKDALE, NY — Cushman & Wake- field announced it has sold St. John’s Univer- sity’s 170-acre Oakdale cam- pus to Amity University, a non-profit International Educational Organization for $22.4 million. The Cam- pus, located on Long Island’s Great South Bay in Suffolk County, includes 11 build- ings totaling 260,000 s/f. The deal enables St. John’s to continue offering its existing academic programs under a lease agreement through June 2017 as Amity Univer- sity assumes control of the property immediately. A capital markets team including Helen Hwang and Karen Wiedenmann , for- O SOUTH WHITEHALL, PA — Feinberg Real Estate Advisors, LLC represented the landlord, Ridgeview Lim- ited Partners in the lease of 1320 Hausman Rd., a 42,000 s/f office building located in South Whitehall Twp. Over a twelve month period, seven new tenants moved into the property resulting in 100% oc- cupancy of the property. The architect for the building is Silvia Hoffman from MKSD . The construction of all tenant spaces was managed by Ed Flowerdew of Boyle Con- struction . The property was built in 2007 and was partially oc- cupied by Computer Aid, Inc. One and one-half floors re- mained vacant until the land- lord invested in finishing the shell space. This investment allowed prospects to see a more finished view of the prop- erty and allowed construction of the tenant space to proceed
said Helen Hwang. Located directly on the Great South Bay at 500 Mon- tauk Hwy., the property has a rich history. It was origi- nally the waterfront estate for Frederick Bourne, presi- dent of the Singer Sewing Machine Company. It also previously served for many years as the site of LaSalle Military Academy, which ultimately became a kinder- garten-through-high school global learning community. St. John’s purchased the property in 1998 and invested more than $10 million in renovating classrooms, labo- ratories and other buildings there. The campus is high- lighted by the original Geor- gian mansion built in 1897. n Rego, Schippell & Associates, and CodeMaster Inspection Services were all represented by Feinberg Real Estate Advi- sors, LLC. “It was a pleasure working with Feinberg Real Estate Ad- visors.” said Tom Salvaggio , general partner for Ridgeview Limited Partners. “We are extremely pleased with their professionalism and how they filled our building with quality tenants.” “Tenants were attracted to the design of the property, the great natural light in the suites and the availability of green space for walks and leisurely activities.” said Cin- dy McDonnell Feinberg, CCIM , principal with Fein- berg Real Estate Advisors. The location on the western end of the Lehigh Valley with great access to Rte. 309, I-78 and the Pennsylvania Turn- pike was also a significant benefits to tenants. n
The Blau & Berg Company announces multiple employee promotions
Feinberg Real Estate Advisors, LLC represents Ridgeview Limited Partners in the lease of 1320 Hausman Road
1320 Hausman Rd.
quickly. Feinberg Real Estate Advi- sors negotiated leases for the following tenants over the past twelve months; Altek Business Systems, MAM Software, Inc., Integrity Personnel, Inova Technologies, Rego, Schip- pell & Associates, CodeMas- ter Inspection Services and Greenman-Pederson, Inc. MAM Software was rep- resented by Brad Spiegel with Skyline Commercial . Integrity Personnel was repre- sented by Tom Skeans with Sperry Van Ness Imperial Realty . Greenman-Pederson, Inc, was represented by Phil Schenkel with JLL . Altex,
continued from page 4A Governments and developers need. . .
www.marejournal.com S hopping C enters Largest acquisition in firm’s 25 year history brings DLC’s portfolio to 21.7 million s/f DLC Management Corp. announces acquisition of 16 shopping centers totaling 4.85 million s/f T Buffalo, NY, is a 145,707 s/f retail property positioned in the city of Buffalo’s largest retail trade area. M id A tlantic Real Estate Journal — Shopping Centers — October 28 - November 10, 2016 — 7A
College. • Tops Plaza, Lockport, NY, is a 296,527 s/f retail property. • Walmart Plaza, Olean, NY, is a 469,332 s/f retail property and the dominant shopping center in the Olean market. • Westgate Plaza, Gates, NY, is a 331,866 s/f retail property located near Greater Rochester International Air- port and the corporate head- quarters of Wegman’s. • Williamsville Place, Wil- liamsville, NY, is a 102,792 s/f retail property that serves the community of Williamsville, The center is situated near Center Point Business Park. “This transaction allows us to accelerate key portions of our company’s strategic plan,” Ifshin said. “Growth remains a core part of our ethos – in addition to growing our asset base, we will continue to in- vest in our development plat- form, third party services and our team. This is a watershed moment for our company and I am excited about our future success prospects.” n
ARRYTOWN, NY — DLC Management Corporation (DLC) , a national owner and op- erator of open-air shopping centers, announced the for- mation of a joint venture with DRA Advisors LLC for the acquisition of a shopping center portfolio of 16 proper- ties, consisting of 4.85 million s/f. The portfolio will grow DLC’s owned square footage to approximately 21.7 million s/f – an increase of 26%. The acquisition also increases the value of DLC’s portfolio by approximately 17% to more than $2.7 billion. “The acquisition of this portfolio represents an unpar- alleled growth opportunity for our firm,” said Adam Ifshin , president and CEO, DLC. “It will allow us to deepen our existing relationships and build new ones with national, regional and local retailers.” “We are excited to form this significant joint venture with DLC, a best-in-class retail owner and operator, with this value-add transaction,” WAYNE, NJ — President Chuck Lanyard of The Goldstein Group announced the firm has successfully con- summated the sale of the prop- erty occupied by Blooming- dales Furniture Outlet and Ethan Allen Furniture located at 469-491 Rte. 46 in Wayne. The purchaser was RKRE Investments and the seller was J&J Realty . Executive vice president, Lew Finkelstein , and vice president, CJ Huter , repre- sented both the seller and the buyer in the transaction. “With such strong national tenants, we received a huge amount of interest on this listing,” said Lanyard. “The property is a prime Route 46 retail site with excellent exposure and visibility that’s conveniently located at the intersection of Rte. 23 and Rte. 80. I commend the expertise of
• FreedomPlaza, Rome, NY, is a 182,059 s/f retail property located in Rome’s commercial and retail corridor. • McKinley Mall Outpar- cels, Hamburg, NY, is a 85,000 s/f retail property located near McKinley Mall. • McKi n l ey Mi l es t r i p Center, Hamburg, NY, is a 240,499 s/f retail property located near McKinley Mall. • Mohawk Commons, Nis- kayuna, NY, is a 530,190 s/f retail property in the Sche- nectady market. The center is located near Crossgate Mall and Colonie Center, as well as the corporate headquarters of GERenewable Energy Global. • Thurway Plaza, Cheek- towaga, NY, is a 522,616 s/f retail property. • Tops Plaza, Ithaca, NY, is a 230,817 s/f retail prop- erty located in the heart of Ithaca’s main retail corridor. The center is situated near Cornell University and Ithaca
641,222 s/f retail property located near Arnot Mall. • BJ’s Plaza, Hamburg, NY, is a 175,965 s/f retail property located near McKin- ley Mall. • Brook Highland Plaza, Birmingham, AL, is a 549,466 s/f plaza located in the heart of Birmingham. • Burlington Plaza, Am- herst, NY, is a 179,333 s/f retail property located in Amherst’s between Boulevard Consumer Square, a large power center, and Boulevard Mall, a regional enclosed mall. • Delaware Consumer Square, Buffalo, NY, is a 239,059 s/f retail property. • Elmwood Regal Center,
said Brett Gottlieb , direc- tor of acquisitions, DRA. “We look forward to growing our relationship with DLC in the future.” DLC has plans to re-develop several of the newly acquired centers, further enhancing the value of these assets and their overall portfolio. The company will also open a new satellite office in Buffalo, New York to help facilitate the management of these new properties and provide best in class service to local tenants. The newly obtained port- folio consists of dominant centers in key locations. •Bi g Fl a t s Consume r Square, Big Flats, NY, is a
The Goldstein Group sells two retail properties in Wayne, NJ
Nassimi Realty welcomes Dollar Tree at Airport Village in Coatesville, PA
Dollar Tree at Airport Village shopping center
operating at a one dollar price point. They have signed a lease for an 8,000 s/f space and will bring the center to 90% oc- cupancy. The store opened in mid-September. Daniel Nas- simi said: “We are pleased to have Dollar Tree at our center. Their store will create more options for customers to choose fromwhen shopping at Airport Village.” n
COATESVILLE, PA — Nassimi Realty announced the opening of Dollar Tree at Airport Village shopping cen- ter located in Coatesville, PA. Airport Village is a brand new redevelopment neighborhood center that has gone through a complete “make-over” with a desirable mix of new tenants joining the community. Dollar Tree is a variety store
469-491 Rte. 46
is in the heart of the Rte. 46 Totowa/Wayne New Jersey retail market. Area national retailers include Home Depot, Hobby Lobby, Home Goods, Babies R’ Us, Costco, Toys R’ Us and Marshall’s. Wayne, NJ is located in Passaic County, 20 miles from New York City. n
our fine sales team in bringing this sale to fruition.” The location consists of two freestanding buildings on 3.24 acres. Bloomingdale’s Furniture Outlet occupies 50,000 s/f and Ethan Allen Furniture has 18,000 s/f. It is located near WillowbrookMall and Wayne Town Center and
8A — October 28 - November 10, 2016 — M id A tlantic
Real Estate Journal
www.marejournal.com
18+ Million SF
Retail Properties by region
GLA/ Acreage Anchor Tenants
Property Name Northeast
Address
City/State
307,799 Kmart, Burlington Coat, Market Basket
Boston Rd. & Tower Farm Rd. Plain St. & Lowell Connector Medway St. & Beaver St. Route 70 & N. Locust Ave. Hanover Ave. near Horsehill Rd. State Hwy. 73 & Sunbird Dr. Adjacent to Foreign Trade Zone Route 18 & Foxborough Dr.
Shops at Billerica
Billerica, MA
271,377 Target, Marshall’s, Chuck E. Cheese
Meadow Brook Center
Lowell, MA
146,770 New Anchor Opportunities Available
Milford Crossing
Milford, MA
Evesham,
125,335 TBD + 338 Luxury Rental Homes
Shoppes at Renaissance Square
19 AC BJ’s (New Development)
Hanover, NJ Marlton, NJ
BJ’s Shopping Center
26,016 Royal Farms
Sunbird Plaza
16.963 AC Across from Walmart, Sam’s, TJ Maxx
Vacant Land
Mount Olive, NJ
New Development
9.33 AC Across from Walmart Supercenter
Old Bridge, NJ
Vacant Land
Vauxhall (Union), NJ 0.3239 AC Future Development
Springfield Ave. near I-78
Vineland Marketplace
TBD
Vineland, NJ
Future Development
S. Delsea Dr. (Rte. 47) & College Dr.
Williamstown, NJ
94,452 Rockin’ Jump, Dollar General, CVS
Williamstown Shopping Center
Black Horse Pike & Main St.
26 AC Across from Walmart Supercenter
Route 13 & Bennie Rd.
Vacant Land Kohl’s Plaza
Cortland, NY Deer Park, NY
182,875 Kohl’s, Super Stop & Shop
Saratoga Rd. & Glenridge Rd. Commack Rd. & Grand Blvd.
Glenville (Albany), NY 170,616 Target, Pet Supplies Plus, Panera Bread Lake Ronkonkoma, NY 170,451 Stop & Shop, Regal Cinemas, Dollar Tree
Target Shopping Center
Lake Shore Plaza II & III
Portion Rd. & Patchogue-Holbrook Rd.
Redevelopment Opportunity
Latham (Colonie), NY 118,863 Vent Fitness
Route 7 & Swatling Rd.
Monroe/Woodbury, NY 711,816 Walmart, Target, Home Depot, BJ’s
Routes 17/6 & Route 32 Route 59 & Hutton Ave.
Harriman Commons
276,792 Home Depot, Raymour & Flanigan, Staples
Home Depot Shopping Center
Nanuet, NY
78,659 Super Stop & Shop, Residence Inn
Orangeburg Commons
Route 303 & Palisades Pkwy. Montauk Hwy. & Station Rd.
Orangetown, NY
29,314 SoulCycle
The Mill
Southampton, NY
21,212 US Post Office
Stony Ridge Plaza
Route 9W & Park Rd.
Stony Point, NY
134,271 Home Depot
Home Depot Shopping Center Home Depot Shopping Center
Lehigh St. & Route 78 Hanover St. (Rte. 34) & I-81 Cowpath/HorshamRd. @Rte. 309 Rte. 309 & Pumping Station Rd. Hamilton Blvd. & Grange Rd.
Allentown, PA
140,715 Home Depot, Chili’s
Carlisle, PA
Montgomeryville, PA 133,000 BJ’s, Lowe’s Home Improvement
Five Points Plaza
Richland Marketplace
444,531 Target, BJ’s, Best Buy, Petsmart, Staples
Quakertown, PA Trexlertown, PA
Macungie Crossing Shopping Ctr.
±36,671 Near Walmart Supercenter
Midwest Marshall’s at The Grove
400,000 Marshall’s
Downers Grove, IL
75th St. & Lemont Rd.
Evansville Shopping Center
162,394 Rural King, Buehler’s IGA, Dollar General
Evansville, IN
Morgan Ave. & Boeke Rd. Pendleton Pike & Shadeland Ave. U.S. Hwy. #30 & Water St.
Pendleton Plaza
134,797 Rose’s Department Store
Indianapolis, IN
The Market Place at Warsaw
183,900 Carson’s Dept. Store, Sears, Dunham’s
Warsaw, IN
167,212 Jack Loeks Theatres
Port Huron Shopping Center Muskegon Shopping Center
Henry St. & Norton Ave. Howard St. & 24th St. Fort St. & Burns Ave.
Port Huron, MI Muskegon, MI
114,981 Big Lots, Save-A-Lot, Family Dollar
Vacant Land
9.37 AC Development Opportunity
Southgate, MI
Thomas G. Mirandi tel 212.265.6600 x239 tmirandi@rdmanagement.com
810 Seventh Avenue, 10th Floor New York, NY 10019 • rdmanagement.com
Real Estate Journal — October 28 - November 10, 2016 — 9A
www.marejournal.com
M id A tlantic
200+ Properties
Retail Properties by region
GLA/ Acreage Anchor Tenants
Address
Property Name
City/State
Midwest Midway Shopping Center
University Ave. & Snelling Ave.
293,732 Rainbow Foods, Office Max, Walgreens
St. Paul, MN
Rte. 20 & Orchard Rd. N. Wilson Rd. & Valleyview Dr. Airport Hwy. & I-475
Home Depot Plaza
148,440 Home Depot
Ashtabula, OH Columbus, OH
Great Western Commerce Center
300,254 Great Western Academy, Restaurant Depot
Spring Meadows Place II
Holland (Toledo), OH 79,058 Dick’s Sporting Goods, Best Buy
South
Academy Plaza
98,943 Academy Sports + Outdoors
Memorial Pkwy. SW&DrakeAve. SW
Huntsville, AL
Fern Park Plaza
131,646 Ross, Beall’s Outlet, Aldi, Dollar Tree 312,498 Two blocks north of University of Florida
Fern Park, FL
Semoran Blvd. & Hwy. 17/921 NW 13th St. & University Ave. USHwy. 98N&LakelandParkCtr Dr.
Mixed Use Development
Gainesville, FL
The Groves
54,434
Wildwood Antique Mall, Chuck E. Cheese
Lakeland, FL
Merchants Crossing
323,061 Beall’s Outlet, AMC Theatres, JoAnn Fabrics
N. Fort Myers, FL
US Hwy. 41 & SR 78
265,049 Burlington, Best Buy, Staples, JoAnn Fabrics
Shady Oaks Shopping Center SW 27th Ave. & College Rd.
Ocala, FL
Seminole Centre University Mall
370,936 Walmart Supercenter, Ross, Aldi 1,332,205 Macy’s, Sears, Dillard’s, Burlington Coat
S Orlando Dr. & Lake Mary Blvd. EFowler Ave. &BruceB. DownsBlvd.
Sanford, FL Tampa, FL
Russell Centre
257,761 Lowe’s, Kroger, Dollar Tree
Route 23 & Diederich Blvd.
Ashland, KY
164,293 CVS, PA Dutch Market, Dollar General
Long Meadow Shopping Center
Potomac Ave. & Northern Ave. Liberty Rd. & Brenbrook Dr.
Hagerstown, MD
Brenbrook Plaza
146,586 Home Depot
Randallstown, MD
Marketplace at Rivergate
Gallatin Pike & Conference Dr.
111,463 Oak Factory Outlet, Harbor Freight Tools
Nashville, TN
Shops at Tech Ridge
12901 I-35 South & Parmer Ln.
504,153 Ross, Conn’s HomePlus, Burkes Outlet
Austin, TX
Alton Rd. & Biddison St.
136,221 Albertson’s Market, Ace Hardware
Westcliff Shopping Center
Fort Worth, TX
Food Lion Shopping Center
10.2 AC Food Lion
Rte. 1 & Chippenham Pkwy.
Richmond, VA Winchester, VA
89,918 Dick’s, The Fresh Market, Planet Fitness
Winchester Plaza
S. Pleasant ValleyRd. &E. Jubal EarlyDr.
St. Albans Shopping Center
263,323 Kmart, Kroger, Goody’s Dept. Store, CVS
Rte. 60 & Boone St.
St. Albans, WV
West Freestanding Barnes & Noble
19,360 Barnes & Noble
1035 N. Metro Pkwy. W & 28th Dr.
Phoenix, AZ
Kmart Plaza
127,754 Kmart, Family Dollar
E. Sahara Ave. & McLeod Dr.
Las Vegas, NV
Kmart Shopping Center
119,705 Kmart, Value Village
Mission St. SE & 25th St.
Salem, OR
Freestanding Office Max
410 S. 900 E. & 400 S.
29,051 Office Max
Salt Lake City, UT
Puerto Rico
Arecibo Towne Center
±350,000 Future Development
Routes 2 & 22
Arecibo, PR
Reinadel Sur; PonceTowneCenter II
±525,000 Walmart Supercenter, Home Depot
Routes 2 & 10 @ PR-52
Ponce, PR
Thomas G. Mirandi tel 212.265.6600 x239 tmirandi@rdmanagement.com
810 Seventh Avenue, 10th Floor New York, NY 10019 • rdmanagement.com
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