12A — October 28 - November 10, 2016 — Shopping Centers — M id A tlantic
Real Estate Journal
www.marejournal.com
S hopping C enters
SuperFresh occupies 49,200 s/f at Eastman-managed SC
Lombardi & Cunder market on behalf of seller Marcus & Millichap inks $3.5m sale of strip center
M
ARTINSVILLE, NJ — Marcus &Millic- hap , announced the
sale of a 15,103 s/f retail prop- erty located in Martinsville, for $3.495 million, according to Brian Hosey , regional manager of the firm’s New Jersey office. Michael Lombardi , vice president of investments, and Joseph Cunder in Marcus & Millichap’s New Jersey of- fice, had the listing to market the property on behalf of the seller, a private investor. The team also secured and repre- sented the buyer, a private investor. The strip center is located at the signalized corner of Wash- ington Valley Rd. in Martins-
SuperFresh in Irvington, NJ
Lyons Plaza is situated off of Rte. 78 and is in proximity to the Garden State Parkway. Lyons Plaza’s tenant roster includes a mix of national, regional and local retailers in- cluding KicksUSA, GameStop, Rent-a-Center, Golden Krust Caribbean Bakery & Grill, Macy Beauty Supply, Popeye’s Louisiana Chicken, Blimpies, and MetroPCS. “We are thrilled to welcome SuperFresh to Lyons Plaza,” said Peter Schofel , Eastman’s managing partner. “The store fills a void left by the closing of Pathmark, and in a very short period of time has generated considerable community ex- citement as well as increased consumer traffic to the center. This is a strong and successful grocery operator that knows how to accommodate the com- munities in which its stores are located. We are confident SuperFresh will contribute to the ongoing success of the cen- ter for years to come.” n
IRVINGTON, NJ — Key Food Stores recently celebrat- ed the grand opening of its newest SuperFresh location at Lyons Plaza in Irvington. Located in the space formerly occupied by Pathmark, the fully modernized 48,720 s/f store will provide consum- ers with one-stop shopping convenience, quality products and exceptional value. The 78,000 s/f neighborhood shop- ping center is a joint venture of Eastman Companies and Samuel Pepper of Metro- politanMortgage &Realty, Inc. and the Arlyn/Lysar Companies . Florian Suserman and Stephanie Harris of Ripco Real Estate Corp. repre- sented the landlord, and Da- vid Brecher and Robert Capatina of Space Realty Services Inc. represented the tenant. Located at the intersection of Lyons Ave. in Irvington and Fabyan Place in Newark,
15,103 s/f retail property located in Martinsville, NJ
ville. The asset commanded multiple bids in a short time frame as we are continu-
ing to see strong demand for suburban strip centers,” said Lombardi. n
Hampshire Companies sells freestanding retail property CLIFTON PARK, NY — The Hampshire Compa- nies , a full service, private real estate investment firm, announced the sale of a 22,670 s/f freestanding, single tenant retail building located at 1746 Rte.9 in Clifton Park. The sale was made to a private buyer. The building is fully leased to Tractor Supply Company, which has occupied the space since 2006. and steady annual returns,” said Igor Derbaremdiker , director of dispositions for The Hampshire Companies. “The sale of the property aligned with our investment strategy for this asset and enabled us to achieve superior returns on our committed capital and maximize our profit.”
praisal and liquidation firms report relatively strong net recoveries on cost for national chain stores in the sporting goods category—anywhere from 70 to 100%. In the case of Sports Author- ity, the appraised value given to the asset-based lenders held its value. As demonstrated by this sale, the changing landscape of retail does not necessarily affect liquidation values, which can continue to hold against timely appraisals. From the ABL perspective, then, sporting goods collateral inventories continue to have plenty of value. Increasingly, though, store productivity will hinge on location and conve- nience for the end-user, along with, as mentioned above, the strength of the customer expe- rience. In saturated markets with a lot of competition, it is important to know which chain ranks as the leader, because financial issues will continue to emerge among the also-rans. located along Rte. 9, and of- fers easy access to 1-87. It is located less than a mile from Clifton Park Center, the larg- est retail development in the area, resulting in increased traffic and exposure for the site. 1746 Route 9 is situated on 4.96 acres and offers ample parking for retail customers. “As a triple net lease retail location in a high traffic area with an accredited, long-term tenant in place this was an ideal acquisition for a buyer seeking stabilized cash flow
Note that we are speaking here of larger-format sporting goods chains: Specialty shops focused on cycling, skiing, ten- nis, etc., can and do thrive by maintaining superior custom- er service and strong offerings of niche merchandise. In my neighborhood, a small hard- ware store has continued to do well despite The Home Depot moving in next door. Walk into this place and the knowledge- able and personable staff will immediately offer to help you. Americans still value this level of service — especially when it comes to recreational activi- ties they strongly identify with as part of their lifestyles and “who they are.” But for the remaining mass- market sporting goods chains with a national or regional focus, count on continued pressure from Dick’s and the other winner on the proverbial podium—the Internet. Michael McGrail is chief operating officer at Tiger Capital Group . n Richard Harris of America East Real Estate, LLC and Howard Stotsky of Real Estate Investment Corp. rep- resented The Hampshire Com- panies in the transaction. n
Clifton Park is located ap- proximately 15 miles north of Albany. The property is
continued from page 11A In sporting goods retail, there can only be two. . .
PH Retail announces the sale of a Chick-Fil-A property in Whitehall, PA
of the merchandise? Brick-and-mortar chains, moreover, also need to spend a lot of money to stay competi- tive in the online marketplace. By all accounts, Dick’s is doing a great job on this front. Ac- cording to Internet Retailer, Dick’s aims to hit ecommerce revenues of $1.2 billion next year. “E-commerce accounted for 9.2% of overall sales in 2014 and 10.3% in 2015,” the magazine reported. Dick’s also is moving to bring its ecommerce business, which has thus far been handled by eBay, entirely in house. As noted in an analyst re- port by Susquehanna, Dick’s is now raking in the spoils of its victory in the category: The chain snapped up 30 Sports Authority locations, includ- ing five key stores in Florida and nine in California, along with Intellectual Property and customer data. The ABL Perspective Generally speaking, ap-
Chick-Fil-A in Whitehall, PA
into disrepair following the de- parture of a prior restaurant. Recognizing the site’s prime location nearby major thor- oughfares and retail centers, the company quickly secured Chick-Fil-A as its new tenant following the acquisition. PH Retail led the subsequent de- molition of the existing struc- ture, in addition to securing approvals for the development of the new freestanding Chick- Fil-A structure. The restaurant , whi ch opened in September, is situ- ated near Rte. 22, allowing easy access to I-78 and I-476. n
WHITEHALL, PA — PH Retail , an affiliate of real estate company Post Broth- ers , announced the sale 2610 MacArthur Rd., a 4,815 s/f retail property in Whitehall. The freestanding building, situated on an outparcel of MacArthur Towne Center — home to national retailers Walmart, Sam’s Club, Dick’s Sporting Goods and Lowe’s – is now occupied by food opera- tor Chick-Fil-A in a triple-net lease. PH Retail originally ac- quired the property in Febru- ary 2015 after it had fallen
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