26B — November 28 - December 11, 2014 — Shopping Centers — M id A tlantic
Real Estate Journal
www.marejournal.com
S hopping C enters
Marcus & Millichap arranges the $4.056m sale of a PNC bank
S Franklin Shopping Center & a center in Springfield, NJ Cronheim secures $4m in financing for two retail ctrs. P R I N G F I E L D / FRANKLIN, NJ — An- drew Stewart and Dev
LANCASTER, PA — LMS Commercial Real Estate , has recently arranged the fol- lowing transactions A 638 s/f sale was recently arranged with Tomato Pie Café for premises at 7 West 28th Division Highway, Lititz, PA. The seller was repre- sented by Marisa Benjamin of LMS Commercial. Anytime Fitness, has re- cently leased 4,500 s/f at Vil- lage Commons, a shopping center at 2005 Miller Rd., East Petersburg, PA. The landlord was represented by Morris of Cronheim Mort- gage arranged $4.0 million in financing for Franklin Shop- ping Center, a 56,100 s/f retail center located along the Rte. 23 retail corridor in Franklin, Sussex County. The subject property features a mix of national and regional tenants. Andrew Stewart and Dev Morris also arranged financ- ing for a retail center located in Springfield, Union County. The 10 year self-liquidating loan was structured with a fixed-rate and flexible prepay- ment schedule for the borrow- er, an affiliate of Wainwright Robin Abrams and Alan Victor of The Lansco Cor- poration/CORFAC Interna- tional representedBrora in the lease of a 1,000 s/f retail location at 1200 Madison Ave. in NY. Alan Bass of Providence Commercial Real Estate Services/CORFAC Interna- tional represented a Verizon Wireless franchisee in eight leases, for a total of 13,523 s/f. in Texas. Kit Graski and George Okinaka of Voit Real Estate Services/CORFAC Inter- national represented ULTA Beauty Salon Cosmetics & Fragrance in a 10,970 s/f lease with landlordLakeMeadCross- ing, LLC. ULTA leased space in the 379,982 s/f Lake Mead
SOMERVILLE, NJ —Wolf- gang’s Steakhouse by Wolfgang Zwiener announced that it will be opening its first “grill” con- cept restaurant at Somerville Town Center this winter, a beautiful mixed-use develop- ment by Edgewood Proper- ties in Somerville. Jack Morris of Edgewood Properties and Brian Silbert of Silbert Realty & Man- agement Co. are honored to welcome Wolfgang’s to its new home at Somerville Town Cen- ter. “There couldn’t be a better location than Somerville Town Center in downtown Somerville for this opportunity. We have very high expectations for the revitalization of downtown Somerville and this proves that we can and will continue to attract both national and international businesses such as Starbucks, among many others.” In addition. . . M a p l e wo o d / F A N - WOOD, NJ —David Mar- coni , vice president- property panagement of Silbert Realty announced the commitment by Elite Properties , Warren New Jersey in awarding the firm the management of two just completed 4 story apartment WEST CHESTER, PA — Marcus & Millichap an- nounced the sale of PNC Bank, a 4,020 s/f net-leased property located in West Chester, PA, according to Brenton Baskin , regional manager of the firm’s Philadelphia office. The asset sold for $4,056,603. Matthew Gorman vice president investments, Mi- chael Shover associate vice president investments, Dean Zang first vice president in- vestments, and Mark Taylor first vice president invest- ments, inMarcus &Millichap’s Philadelphia office, had the listing to market the property on behalf of the seller. The buyer was also represented by Gorman, Shover, Zang and Taylor. “We truly excel on this type of net-leased asset and through national exposure we were able
to source numerous offers from both institutional and private equity buyers,” said Gorman. “We marketed and struck a deal on this property prior to the building construction and tenant rent commence- ment giving our sellers a clear exit strategy,” added Shover. “Having a solid track record of successful transactions with both buyer and seller fostered a level of trust in the process which helped us clear any deal related hurdles that came our way.” said Zang. “The level of cooperation within the Marcus & Millichap platform clearly benefitted both the seller and buyer,” said Taylor. PNC Bank is located at 1599 West Chester Pike in West Chester, PA. This is a new construction PNC Bank which is on a brand new 20 year NNN ground lease. n
Franklin Shopping Center
ing agent. The subject property is a 49,000 s/f, single-story retail center, currently occupied by Barnes & Noble and a Rite Aid pharmacy. n
Realty Co . Limited Partner- ship. The loan was placed with Southern Farm Bureau Life Insurance Company, whom Cronheim represents as correspondent and servic-
LMS Commercial Real Estate leases & sells 7,001 s/f in three transactions
Silbert & Edgewood Properties welcome steakhouse to NJ
Village Commons
Wilay Boensch of LMS Com- mercial and the tenant was represented by Jim Runyon of Franchise Real Estate . Primo Hoagies has recently leased 1,863 s/f for premises at Overlook Town Center, 2091
Fruitville Pike, Lancaster, PA. The landlordwas representedby Dave Nicholson & Jeremiah Hamilton of LMS Commercial Real Estate and the tenant was represented by Bennett Wil- liams Realty, Inc . n
CORFAC International Announces Top Retail Transactions FALLS CHURCH, VA — CORFAC International 2014 president Robert Tillsley, SIOR , announced recent retail transactions from U.S. affili- ates. Crossing at the corner of Lake Mead Parkway NW and Water Street in Henderson, NV. in a sale-leaseback investment opportunity.
Hilary Linnenberg of Henkle Schueler & Associ- ates/CORFAC International represented Enterprise Rent- A-Car in a new 10-year lease at a former bank branch in Cincinnati, OH. Located at 5550 Ridge Rd., the 3,200 s/f retail property is on a 1.3-acre lot. Henkle Schueler is also representing Enterprise in se- curing locations in Southwest Ohio’s Kenwood, West Chester and Miamisburg markets and is working on a potential new regional headquarters location for Enterprise. RyanWarner of Meacham/ Oppenheimer CORFAC In- ternational represented Tan- go Holdings LLC in the sale of an 8,103 s/f retail building located at 1673-1675 W. San Carlos St. in San Jose, CA See’sCandy occupies the store. The buyer was JSR Karp 9. n
Tyson Breinholt , Trent Rustan and Josh Gosnell of Commercial Properties, Inc./CORFAC International represented the seller of an 11,424 s/f office/retail building located on the northwest corner of Greenfield Rd. and Presidio St. in Hewson Dover Business Park in Mesa, AZ. A doctor purchased the building from Fisher Holding Company LLC for a little more than $1 million withplans to renovate for use as a medical practice. Joe Latina of Patterson- Woods Commercial Proper- ties/CORFAC International represented both the buyer and seller in the $1.35 million sale of a 3,400 s/f restaurant and bar at 115 East Main St. in Wilmington, DE. Mainline Enterprises, LLC purchased the property from LGLB, Inc.
Fanwood Crossing
building complex comprising of 128 units located at 92-94 Bur- nett Ave. within the Borough of Maplewood, Essex County. The firm was also appointed as managing and leasing agent for Fanwood Crossing, a three building four story retail and apartment development. Upon completion and full build out, this Transit Village will com- prise of 70 luxury apartments and approximately 8,500 s/f of ground level retail space. Building I is completed. Phase II of the project will consist of an additional 40 luxury apart- ments with 11,100 s/f of ground level retail. Phase II projected completion Q1 2015. Fanwood Crossing is located at 250-256 South Ave. in Fanwood, Union County. n
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