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E CBRE National Partners team experiences exceptionally active year CBRE arranges $83Msale of 570,000 s/f ware- house and distribution center in Edison, NJ

ISSUE HIGHLIGHTS Volume 30, Issue 24 Dec. 28, 2018 - Jan. 10, 2019

properties in Northern NJ. The 10-buidling portfolio consists of light industrial properties total- ing 639,681 s/f. The portfolio is strategically located along the I-95 and I-80 corridors, in four industrial submarkets which provide convenient access to NYC and the surrounding area. The team was also respon- sible for arranging the $43 million sale of the I-78 Logistics Park from Opus Investments/ KTV to Bridge Develop- ment Partners . The 365-acre, master-planned development that will yield over 3.5 million sq. ft. of Class A logistics space is located along the Interstate 78/81 corridor in Lopatcong and Phillipsburg, New Jersey. National Partners also rep- resented the seller in the sale of 355-375 Davidson Mill Rd., a 735,632 s/f distribution center in Jamesburg, New Jersey which traded for $99.5 million.  sibility to multiple highways have prepared these facilities to be an essential part of that process, which is evident in its current tenant base.” “Given the properties’ loca- tions within minutes from center city Philadelphia as well as their proximity to last mile delivery locations in Pennsylvania and New Jersey, collectively the assets serve as strong addition to our growing portfolio,” said David Elkouby , president, American Equity Partners. The featured property within the portfolio is a 164-door, 95,000 s/f truck terminal lo- cated on 14+/- acres at 3820 N. 2nd St., which also includes 8,000 s/f of office space. The ad- ditional properties are located near The Port of Philadelphia and its airport. The portfolio offers easy access to last mile delivery locations not only to Pennsylvania, but to South- ern NJ via U.S. Route 1, I-76 and I-95. Its current tenants include H&M, Fresh Direct, Amazon among others. 

DISON, NJ — CBRE announced the $83 mil- lion sale of Middlesex Logistics Center in Edison. A joint venture of ASB Real Es- tate Investments and Cohen Asset Management acquired the fully leased, class A prop- erty located at 549 Mill Rd., from JP Morgan Asset Man- agement . CBRE National Partners Brian Fiumara, Mike Hines and Brad Ruppel , along with TomMonahan , negotiated the sale on behalf of JPMorgan As- set Management. “This sale is yet another indication of how active the in- dustrial market is in New Jer- sey,” said Fiumara, executive vice president. “We are seeing product trading at record highs throughout the state and there seems to be very little indica- tion that this will subside in the near term.” Completed in 2014, the SHORT HILLS, NJ — The Blau & Berg Company , a prominent commercial real es- tate brokerage firm in the New Jersey and Tri-State area since 1932, recently brokered the sale of a 195,205 s/f portfolio of six industrial properties on a total of 29.7 acres in lower Northeast Philadelphia for $17.5 million to American Equity Partners , a real estate investment and development

SPOTLIGHTS

ANNUAL REVIEW Section C

HEIDENBERG PROPERTIES GROUP CONTINUES 2018 GROWTH TRAJECTORY THROUGH DEVELOPMENT & ACQUISITION

Middlesex Logistics Center

building features 36-foot clear heights, 101 loading docks and parking for 190 cars and 135 trailers. The property is in close proximity to NewYork City and the Port of Newark-Elizabeth. Led by Fiumara, CBRE Na- tional Partners has had a very active year in the State of New Jersey, arranging the sales of 12 properties in 2018

totaling $561 million in total consideration. The 12 sales transactions combined for more than 7.5 million s/f. sold. In 2017, the team successfully completed 16 transactions to- taling 7 million sq. ft. with an aggregate value of $1 billion. Major transactions include representing Sitex Group in its disposition of a portfolio of

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The Blau & Berg Company handles sale of 195,205 s/f industrial portfolio on 29.7 acres in Philadelphia

February 7, 2019 5th Annual New Jersey Industrial Conference For speaking and sponsorship information, please contact: Lea at 781-740-2900 or lea@marejournal.com

195,205 s/f portfolio of six industrial properties on a total of 29.7 acres in lower Northeast Philadelphia

Directory

company based in Edison, NJ. Alex Conte, CCIM, SIOR , Jason Crimmins, CCIM, SIOR and Kenneth Crim- mins, CCIM, SIOR and Peter Murano, SIOR of The Blau & Berg Company were the pro- curing brokers representing both the buyer and seller in the transaction. “Situated off the Betsy Ross Bridge, this unique portfolio served as an exceptional ad- dition to AEP’s portfolio who was looking for a value-add investment in which to rein- vest their capital via a 1031

Exchange”, said Jason Crim- mins, president, The Blau & Berg Company. “As more and more consumers turn to on- line shopping, fast ecommerce fulfillment expectations are a priority. The ‘last mile’ of delivery from the warehouse to the customer’s doorstep is the final step within the sup- ply chain process. It is also the most vital, expensive and time- consuming part to same-day delivery. Located within Phila- delphia’s 1.56M demographic region, the amount of docks, fenced-in parking and its acces-

Shopping Centers.............................................5-15A Organization Events Calendar..............................16A Business Card/Billboard Directory.......................17A Owners, Developers & Managers............... Section B Annual Review........................................... Section C

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NEW TO MARKET - FOR SALE Centrally Located in Allentown’s NIZ & Opportunity Zone Call for Offers – January 16, 2019

Feinberg Real Estate Advisors, LLC is pleased to offer for sale 546-548 Hamilton Street, Allentown, Lehigh County, PA. This stately five-story property is in the heart of Allentown's revitalized core. This is a great opportunity to participate in the revitalization of the City of Allentown. · Located in Allentown’s Neighborhood Improvement Zone · Located in the newly created Qualified Opportunity Zone · Adjacent to a parking deck and new residential properties · Located one block from the federal & county courthouses · Restaurants & retail shopping within steps of the property · One-of-a-kind tax advantages · One block to PPL Center, a sports & entertainment complex · One of a few of the county’s dual tax advantage zones · The property offers an excellent redevelopment opportunity

For additional information please contact: Cindy McDonnell Feinberg at 610-709-6231 or Gregg Feinberg at 610-709-6233.

Call for Offers Offers Due 5:00 PM, Wednesday, January 16, 2019 To schedule a tour please call Cindy at 610-709-6233

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COLLABORATIVE CULTURE RELATIONSHIP FOCUSED DEFINED EXPERTISE

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M id A tlantic R eal E state J ournal Publisher, Conference Producer . .............Linda Christman AVP, Conference Producer ...........................Lea Christman Account Executive ........................................... Steve Kelley Account Executive ............................................. Kim Brunet Account Executive ........................................ Marisol Chase Account Executive .........................................Alyson Parker Senior Editor/Graphic Artist ..........................Karen Vachon Office Manager ...............................................Kerrin Devine Contributing Columnists: ............Beth Azor, Azor Advisory Services; Brian A. Haskel, Sills Cummis & Gross P.C. Mid Atlantic R eal E state J ournal ~ Published Semi-Monthly Periodicals postage paid at Hingham, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal 350 Lincoln St, Suite 1105, Hingham, MA 02043 USPS #22-358 | Vol. 30, Issue 24 Subscription rates: $99 - one year, $148 - 3 years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Phone: 781-740-2900 | Fax: 781-740-2929 www.marejournal.com The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal

M id A tlantic Real Estate Journal

Brian A. Haskel

Cannabis – Real estate and related legal concerns A majority of states in the United States permit the regulated sale of cannabis products. The federal government does not, with the exception of Epidiolex, which the FDA recently approved for the treatment of two rare and severe forms of epilepsy. In fact, at the federal level cannabis is in the same class with drugs like heroin and LSD, as drugs with no currently accepted medical use and a high poten- tial for abuse. The penalties for violations of federal law with respect to cannabis may in- clude lengthy prison sentences, significant fines and property forfeiture. Accordingly, man- aging the legal challenges pre- sented by the conflict between state and federal law raises a number of issues for those en- gaging directly or indirectly in the business of manufacturing and selling cannabis products, including leasing, banking, fi- nancing, insurance, tax deduc- tions, and restructurings. Under the Obama admin- istration, Deputy Attorney General James Cole provided guidance to federal prosecu- tors to prioritize the prosecu- tion of activities that posed a serious threat to public safety (the “Cole Memo”). Subse- quently the Financial Crimes Enforcement Network issued a memorandum in February 2014 clarifying what services financial institutions are per- mitted to provide to canna- bis-related businesses while remaining compliant with the Bank Secrecy Act. Whatever comfort cannabis-related busi- nesses gained was diminished on January 4, 2018, when then U.S. Attorney Jeff Sessions rescinded the Cole Memo. In addition, the Rohrabacher-Farr Amendment, which bars the DOJ from funding the prosecu- tion of conduct that is in strict compliance with applicable state medical cannabis laws, was due to expire December 7, 2018 but was extended for a short period. It remains to be seen whether it will be extend- ed when the current spending bill expires on December 21st. The law in this area continues to evolve; Kentucky Senator Mitch McConnell included provisions in the proposed 2018

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Farm Bill, which, if approved, would fully legalize indus- trial hemp, a common source of CBD. Despite being nonpsy- choactive, CBD is currently illegal as a cannabis extract. While at the state level many states are seeking to provide guidance and legal protections for cannabis-related businesses that operate legally, absent definitive federal regulation or law, the uncertainty, doubt and limitations presented by the inherent conflict between state and federal law still exist. Under the applicable federal law, not only is the property of an owner who engages in the manufacturing or distribution of cannabis products subject to forfeiture, but so is the property of an owner who knowingly leases property for the purpose of manufacturing or distribut- ing cannabis products. Accord- ingly, landlords typically seek significantly higher rents to compensate for the additional risk. Furthermore, the leas- ing of mortgaged property to a cannabis-related business may be a violation of the law or the terms of the underlying financ- ing agreements. A Landlords' counsel need to incorporate appropriate protections into the relevant agreements to ensure that the lessee complies with state and federal laws, regulations and guidelines, as well as local zoning and other agreements that are relevant to contemplated use of the property. Moreover, due to the continued illegality of cannabis at the federal level, purchasers of real estate will have a dif- ficult time obtaining mortgage financing or title insurance from traditional sources where they intend to use the property for a cannabis-related business. Cannabis businesses legally operating at the state level are also unable to obtain tra- ditional sources of financing as banks and credit card com-

panies in the United States adhere to federal policies that disallow service to cannabis businesses. In April 2018, the Small Business Administration published guidelines that make clear that cannabis-related businesses are not eligible for SBA loans. In addition, cannabis businesses legally operating at the state level face challenges obtaining insurance because of the conflict between federal and state laws. Even if there is a valid insurance policy in place, insurers may seek to challenge the scope of loss coverage or rely upon spe- cific exclusions that are often set forth in insurance policies based on the business’ under- lying violation of federal law. In addition to the foregoing challenges, cannabis-related businesses may not be able to take advantage of tax deduc- tions for expenses incurred in connection with the sale of cannabis-related products. Moreover, in the event that a cannabis-related business fails, it may not avail itself of the protections of the United States Bankruptcy Code if its activities are illegal activities under federal law. The law in this area is com- plex and evolving, and those engaging or investing in busi- nesses in the cannabis indus- try should consult with quali- fied counsel. Brian A. Haskel is aMem- ber of Sills Cummis &Gross P.C. in New York City, where he practices in the firm’s corporate group. He has represented individu- als, businesses and funds involved in the cannabis sector in connection with offerings, financings and other transactions.  The views and opinions expressed in this article are those of the author and do not necessarily reflect those of Sills Cummis &Gross P.C.

Contact Marisol Chase marisol@marejournal.com 781-740-2900 or your account executive

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M id A tlantic R eal E state J ournal

SESI Consulting Engineers Parking lot to residential community: Rejuvenating Metuchen’s Town Center R for years to come. Before After

eal estate success arises when a community’s needs and wants are fulfilled. Metuchen provided just the opportunity for a dis- cerning developer to create success. The town caters to a major commuter community, but was lacking downtown residential options and did not have adequate open spaces for the public to enjoy. Woodmont Properties has developed a beautiful solution: Pearl Street Plaza. By redeveloping an ex- isting ground-level parking lot, the group was able to build a transit-oriented town center adjacent to the train station. This new location offers 273 one- and two- bedroom luxury units, 12,000 square feet of retail and restaurant space, a half-acre of public plaza – to be used for famer’s markets, con- certs, etc—and a 750 parking space multi-level parking deck to be shared by the residents and commuters. Prior to Woodmont’s involve- ment, the property was under- utilized as a commuter park- ing lot. Woodmont’s proposed mixed-use development added value for all involved stake- holders. This enhancement required well-thought planning and engineering to create a benefit for the municipality and its residents. SESI’s engineer- ing design involved building and parking lot layout, grad- ing, drainage, and construction support services. The site has been designed to accommodate ADA access to all public spaces. Woodmont Properties looked beyond the site’s existing sur- face parking lot and recognized that the location was ideal for a multifaceted development. While it was a great location, the property was not immedi- ately suited for construction and SESI was brought on to help make the development a reality. SESI’s scope of work included environmental due diligence, geotechnical inves- tigation, and civil engineering design. SESI’s LSRP carried out Phase I and Phase II of the Environmental Site Assess- ment. SESI executed the site and foundation development, obtainedmunicipal, county and NJDOT permits, and oversaw construction. SESI is proud to have been part of this group of forward thinking professionals that redeveloped this property into a destination that will be uti- lized by the whole community

SESI Consulting Engi- neers specializes in geo- technical, environmen- tal, water resources, and land planning engineer- ing. Headquartered in NJ, our work extends beyond the Northeastern US and spans various industries including residential, commercial, in- dustrial, manufacturing, and institutional. The company is comprised of Professional Engineers, LSRPs, PhDs, field technicians, and office staff who are focused on delivering superior service and value to every client on each project. 

Pearl Street Plaza

Woodmont Metro, the rejuvenating force of Metuchen

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Thank you for a successful 2018!

S hopping C enters

Real Estate Journal — Shopping Centers — December 28, 2018 - January 10, 2019 — 5A

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Including East BeachMarketplace, a 184,269 s/f center Divaris adds five shopping centers, 300,000+ s/f to portfolio

Nanticoke Crossing trades at an 8.08% cap rate Marcus&Millichap's Ein, Zang and Crotts ink 60,891 s/f sale

IRGINIA BEACH, VA — Divaris Real Estate, Inc. (DRE) , announced the addition of five retail properties to its leasing andmanagement portfolio. The total of additional retail space is 303,694 s/f, located through- out the Hampton Roads metro- politan statistical area of Vir- ginia. This makes the total of all properties leased by Divaris Real Estate and managed by Divaris Property Manage- ment Corp. over 37 million s/f in the Mid-Atlantic and Southeastern United States. The portfolio properties in- clude: • East Beach Marketplace, a 184,269 s/f neighborhood center, anchored by Food Lion and Planet Fitness located at 4017-4261 East Little Creek Rd. in Norfolk. V

The Village Center at Belmont Greene

close by year end. Ein, Zang, Crotts and their seven-person team attribute their success to running a comprehensive and robust marketing campaign which generated over 150 confidentiality agreements and 12 offers. In Millsboro, DE, Marcus & Millichap announced the sale of Nanticoke Crossing, a 50,590 s/f retail property. The property traded at an 8.08 percent cap rate. Nanticoke Crossing consists of 50,590 s/f of retail space anchored by a high-performing WeisMarkets. The sale price of the property was confidential. The fully occupied neighbor- hood center was anchored by Food Lion for decades before it was acquired by Weis Markets as a result of the Ahold and Delhaize Group merger. Chris Burnham , vice presi- dent investments, in Marcus &Millichap’s Baltimore office, and Dean Zang had the list- ing to market the property on behalf of the seller, a local fam- ily, and represented the buyer, a Pennsylvania-based corpo- ration, who has requested to remain confidential. “Despite Weis’ short-term anchor lease, there was a tremendous amount of inter- est in Nanticoke Crossing,” Burnham said. The team successfully executed the sale within 95% of the asking price. “Regardless of lease-term, if the grocer has respectable sales, we are seeing strong buyer interest,” Zang added. Nanticoke Crossing was the 14th shopping center that Zang, Burnham and their seven-person team have com- pleted this year with two more slated to close by year end, including one on the Delmarva Peninsula. 

ASHBURN, VA — Marcus & Millichap , a leading com- mercial real estate invest- ment services firmwith offices throughout the United States and Canada, today announced the sale of The Village Center at Belmont Greene, a 60,891 s/f retail property located in Ashburn, VA, according to Matthew Drane , regional manager of the firm’s Wash- ington, D.C. office. The Prop- erty sold for $21,737,600. The Village Center at Bel- mont Greene, constructed in 2007, consists of a 60,891 s/f shopping center, a 38,003 s/f dark anchor box, and vari- ous developed and undevel- oped pad sites. The anchor space was initially occupied by Bloom, a Delhaize concept and former Food Lion brand. In February 2010, Delhaize announced it would close 65 locations including this store. Despite that closure, inline tenants have been resilient, and the shop space has re- mained consistently leased. Josh Ein , senior associate, Dean Zang , senior manag- ing director investments, and David Crotts , senior associ- ate and director in Marcus & Millichap’s Washington, D.C. office, had the exclusive list- ing to market the property on behalf of the seller and secured the buyer. “We are excited about the market response to Belmont Greene and are pleased with the execution here. Investors really like the Ashburn demo- graphics and we were able to articulate the long-term op- portunity,” Crotts said. The Village Center at Belmont Greene was the 12th shop- ping center that the team has completed this year and three more in the pipeline slated to

East Beach Marketplace

• Armory Plaza, a 71,985 s/f neighborhood center anchored by Franklin Bowling, located at 1311 Armory Dr. in Franklin. • Diamond Springs North, a 23,880 s/f strip center, an- chored by Dollar General, located at 1948 Diamond Springs Rd. in Virginia Beach.

• Granby Street Shoppes, a 15,110 s/f medical center anchored by Sentara, located at 7401 Granby St. in Norfolk. West Little Creek Shoppes, an 8,450 s/f strip center, anchored by SunTrust Bank, located at 129-143 West Little Creek Rd. in Norfolk. 

Lakeview Plaza Shopping Center aerial PUTNAM COUNTY, NY — Urstadt Biddle Properties Inc. has acquired, for $12 mil- lion, Lakeview Plaza Shopping Center, located in the Town of Southeast in Putnam County, NY (Lakeview). Lakeview is a 177,000 s/f shopping center anchored by a 54,000 s/f Acme Supermarket. The property consists of five buildings on a 23 acre site located on Rte. 22, just north of the intersections of Interstates 684 & 84. The location benefits greatly from the traffic traveling north and south on Rte. 22, which has an average daily traffic count of 30,500. Lakeview is currently 73% leased to a diverse mixture of local, regional and national tenants including Acme Super- market, Rite-Aid, JPMorgan Chase, Supercuts, Subway, M&T Bank, KeyBank and Burger King. The property was built between 1972 and 1981, and renovated in 1999. Park- ing is excellent with 908 spaces (5.13 cars / 1,000 s/f) serving the shopping center, and access to the property is also excellent, with two signalized points of ingress/egress along Rte. 22. The Town of Southeast has two Metro-North train sta- tions with regular service to Urstadt Biddle Properties Inc. acquires LakeviewPlaza Shopping Center Southeast, NY New York City’s Grand Central Station taking 75 minutes. The population of the Town of Southeast is 18,400, and other commercial development in Southeast is mainly situated on Rte. 22 within close proximity to the property. The nearest enclosed mall is the Danbury Fair Mall, located in Danbury, Connecticut, roughly 20 min- utes from Lakeview. Willing Biddle ,president of Urstadt Biddle Properties Inc. said, “We are pleased to have acquired another grocery- anchored shopping center lo- cated in our core marketplace. Lakeview Plaza is strategi- cally located on Rte. 22 near the confluence of I-684 and I-84. We were able to acquire this property at a deep discount to replacement value from a lender who had foreclosed its loan on the property, and we look forward to using our tal- ents to renovate and restore the property to the high-quality center it once was." James Aries , senior VP of acquisitions, added, “The acqui- sition of Lakeview Plaza, an- chored by the dominant grocer in Southeast, is consistent with our strategy to acquire only trade-area leading grocers. We know this property very well as it is located within ten miles of other UBP-owned shopping centers in Carmel and Somers, NY and in Danbury, CT." 

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Company hires Persinger and Bushey LMS Commercial Real Estate complete 180,128 s/f in PA retail transactions

ORK, PA — LMS Commercial Real Es tate announced the following transactions in Pennsylvania: • Krouse Travel, Inc. leased 2,000 s/f at Gabriel Brother’s Plaza in Springettsbury Twp. Arlene Gray and Kristi Boyer of LMS Commercial Real Estate represented the landlord in the transaction. • Followers of God Fellow- ship leased 1,000 s/f at Gabriel Brother’s Plaza. Gray and Boyer represented the land- lord in the transaction. • Altland & Friends Family Hair Salon leased 1,000 s/f Y

tion. • Victory Renewables, LLC leased 1,050 s/f at Village Commons in East Petersburg. Gray and Boyer represented the landlord in the transac- tion. • Mad Chef Brewing, Inc. leased 700 s/f at Village Com- mons in East Petersburg. Gray and Boyer landlord in the transaction. • EM Nail Spa leased 1,200 s/f at Twin Creeks Business Center in Jonestown. Gray and Boyer of LMS Commercial Real Estate represented the landlord in the transaction. • Select Security, Inc. leased

2,085 s/f at Edgewood Execu- tive Park in Lancaster. Gray and Boyer of LMS Commercial Real Estate represented the landlord in the transaction. • Dollar Tree Stores, Inc. leased 10,500 s/f at Penn Towne Center in Manheim. Gray and Boyer represented the landlord in the transaction. Detailing World leased 3,200 s/f at Penn Towne Center in Manheim. Gray and Boyer represented the landlord in the transaction. • Smooth Vape, LLC leased 1,356 s/f at Penn Towne Center in Manheim. Gray and Boyer represented thelandlord in the transaction. • Penn Chiropractic Center leased 1,600 s/f at Penn Towne Center in Manheim. Gray and Boyer of LMS Commercial Real Estate represented the landlord in the transaction. • Shadai Home Health Ser- vices, LLC leased office space at Liberty Place in Lancaster. Boyer represented the tenant in the transaction. • Maid Brigade of Lancaster County leased office space at Liberty Place in Lancaster, PA. Boyer represented the tenant in the transaction. In other news, LMS Com- mercial Real Estate has added three new properties to our management portfolio: • 29 Keller Avenue - Lan- caster, Pennsylvania • Strasburg Square – Stras- burg, Pennsylvania • Moore Business Park – Lancaster, Pennsylvania LMS Commercial Real Estate has hired Brandon Persinger as a Portfolio Accountant. Persinger, of Mount Joy, is new to the commercial real estate industry. Most recently, he worked in Accounts Payable for Savencia Cheese USA, LLC in New Holland, Pennsylvania. Persinger is a graduate of Messiah College and holds a bachelor’s degree in accounting. LMS Commercial Real Estate has hired Taylor Bushey as a property manager. Bushey, of Harrisburg, has three years of experience in the commercial real estate industry. Most recently, she was property manager of vari- ous healthcare facilities and multi-purpose office buildings at NAI Geis Realty Group in the Greater Philadelphia area. Bushey is a graduate of Shippensburg University and holds a bachelor’s degree in marketing. 

Penn Towne Center

at Queensgate Towne Center in York. Gray and Boyer rep- resented the landlord in the transaction. • Prancing Pig Pottery and Gifts leased 950 s/f at Queens- gate Towne Center. Gray and Boyer represented the land- lord in the transaction. • Community Aid, Inc. leased 59,703 s/f at Queens- gate Towne Center. Gray and

Boyer represented the land- lord in the transaction. • Box It Fitness, Inc. leased 1,720 s/f at The Shoppes at Bloomfield Village in Lititz. Gray andoyer represented the landlord in the transaction. • Friendship Community leased 2,000 s/f at The Shoppes at Bloomfield Village in Lititz. Gray and Boyer represented the landlord in the transac-

Windsor Commons Shopping Center, Red Lion, PA

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S hopping C enters

Company to create enhanced shopping experiences in 2019 HeidenbergPropertiesGroupcontinues 2018growth trajectory through development & acquisition

fter acquiring over 600,000 s/f of grocery- anchored shopping

307,000 s/f Culpeper Colon- nade in Culpeper, VA from Re- gency Centers Corporation in October. Anchored by Martin’s Food Market, Dick’s Sporting Goods, and PetSmart, and shadow-anchored by Target, the center is supported by a variety of fast-casual dining options including Chick-fil-A, Panera Bread, Glory Days Grill, and Chipotle. Heiden- berg Properties’ development team will be begin replacing current junior anchor Staples withMichaels in 2019. Culpep- er Colonnade is representative of the acquisition strategy the group has executed over the past few years: a well-located,

dominant, grocery-anchored center, with both service and experience-oriented inline ten- ants and outlots. Finally, in November, as a conclusion to a 14-month redevelopment, Heidenberg Properties celebrated the grand opening of a brand new prototype 49,000 s/f Stop & Shop Supermarket at the Lake Plaza Shopping Center in Mahopac, NY. The new an- chor tenant replaced a former undersized 24,000 s/f grocer and was complimented by a new parking lot, redesigned façade, and energy-efficient lights as well as a brand new 3,800 s/f Pet Valu, marking

the third opening of Pet Valu within Heidenberg Properties’ portfolio. 2019 will bring even more growth opportunities for Heidenberg Properties. The 370,000 s/f Potomac Market- place in Ranson, WV, anchored by Home Depot, Kohl’s, and Weis, will be expanded for a new junior anchor. In addition, as a result of the Sears/Kmart bankruptcy filing, Heiden- berg Properties has exciting redevelopment plans for the 227,000 s/f Hershey Square Shopping Center in Hummel- stown, PA. According to COO Jason Lazar, “As it relates to the former Kmarts, we have

been planning the redevelop- ment of these centers with stronger tenants and desired uses. Although we aren’t pub- licly disclosing our plans yet, we are very excited for the value we will be creating and the enhanced shopping experi- ences that will unfold in 2019.” Ja s on La z a r j o i ned Heidenberg Properties Group in 2012 where he serves as its COO. In ad- dition to overseeing all of the company’s finance initiatives, he leads its ac- quisition efforts, including capital structuring, due diligence and integration into the portfolio. 

centers for over $50 mil- lion in 2017, it would have been under- standable if Heidenberg P r o p e r t i e s spent 2018 mere l y ab -

Jason Lazar

sorbing the approximate 25% increase to its portfolio. In- stead, the private development company continued to make deals through additional ac- quisitions and the strategic redevelopment of its portfolio. In early 2018, Heidenberg Properties completed Phase I of the redevelopment of Mt. Pocono Plaza in Mt. Pocono, PA. A former 86,000 s/f Kmart was replaced by Ollie’s Bargain Outlets and Planet Fitness bringing both treasure-hunt and healthy lifestyle tenancies to a market looking for unique experiences. Heidenberg Prop- erties is currently working on the remaining 40,000 s/f of well-located anchor space in Phase II. The developer also focused its attention on the Thompson Square Shopping Center in Monticello, NY acquired in January 2017. Anchored by ShopRite and Home Depot, the 240,000 s/f center benefited from prominent anchors but needed more dynamic uses for the inline stores. Ownership was able to relocate an exist- ing Subway to allow for a re- model and new prototype and in the process, created 8,413 s/f of contiguous space for the Middletown Medical Group. A new, well-trafficked location was key to Middletown Medi- cal’s decision to consolidate offices at Thompson Square. The Monticello trade area has recently experienced signifi- cant redevelopment including mega-casino Resorts World Catskills, the YO1 Wellness Center, and the impending Chatwal Lodge. Heidenberg Properties was also able to recapture a 13,000 s/f underutilized theater space and will announce plans for a highly desirable use in connec- tion with an expansion of the gross leasable area and other physical improvements to the shopping center in 2019. Heidenberg Properties con- tinued to grow its portfolio in the Mid-Atlantic, acquiring the

New Acquisition!

C U L P E P E R C O L O N N A D E 1 5 3 5 9 MONTANUS DR I VE , CULPEPER , VA 2 2 7 0 1 307 , 9 4 4 S F RETA I L CENTER

Purchased Fall 2018 from Regency Centers Corporation

Future

Limited Store Space Available!

For acquisition and leasing information, contact: Ken Simon x21 | VP of Real Estate | ksimon@heidenbergproperties.com 201-768-1300 234 Closter Dock Road | Closter, NJ 07624 | www.heidenbergproperties.com

Our dynamic shopping center and retail portfolio includes 3,000,000 square feet throughout New York, New Jersey, Pennsylvania, Vermont, Michigan, Virginia, and West Virginia.

HP05.N3 Culpeper New Acq MAREJ 12-28-18.indd 1

12/17/18 4:39 PM

8A — December 28, 2018 - January 10, 2019 — Shopping Centers — M id A tlantic

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S hopping C enters

By Faith Hope Consolo, Douglas Elliman Real Estate In-store experiences on the rise - Part 2

pop-up exhibition at 39 Wooster St. Eloquii, the plus-size online vertical retailer unveiled its first pop-up shop at 120 Wooster St. Outdoor apparel company Woolrich has announced plans to expand, doubling the size of its current location to its new spot at 121 Wooster St. Sony has taken over 201 Mulberry St. and turned it into an immersive tech and music pop-up space; the destination is also the home for live performances and will have a recording studio for people to create their own songs for free. American Giant, the e-commerce basics brand, has opened its first East Coast store, 119 Crosby St. U.K.-based Watches of Switzer- land is pushing into the U.S. market with a flagship loca- tion, a first for the brand, at 60 Greene St. In the Financial District, De Beers lab-grown diamond brand Lightbox has a pop-up at The Oculus, Westfield World Trade Center. There’s no better way to cel- ebrate than by a shopping ad- venture at the New York holi- day markets for unique items and artisanal gifts and crafts. Union Square Holiday Market, an open-air holiday market, houses more than 150 vendors lining winding aisles in the square's South Plaza, drawing thousands each year. Visitors will find an upgraded look with new sub-sections such as "Little Brooklyn" a lounge and warming station, a children's art studio with crafts and live musical guests throughout the season. Over on the Upper East Side, The Columbus Circle Holiday Market is legendary for its food offerings as well as gift shopping. New this season is its "Holiday Lounge" featur- ing phone charging stations, photo booths and hot beverage samples. The Grand Central Holiday Fair, located indoors in the grand historic train ter- minal, focuses on American- made and handmade products with locally-sourced materials. Bryant Park’s Winter Village is one of the prettiest and most centrally-located, surrounded by a skating rink in the middle of Bryant Park for the most enchanted atmosphere. Soak up the magic in the City that always has something new for all. Happy Holidays and Happy Shopping! Faith Hope Consolo is Chairman of The Retail Group Douglas Elliman Real Estate. 

his Redux Grunge Collection in tandem with the opening of his 655 Madison Ave. store. On the Upper East Side, IKEA's first urban-format U.S. Store will open at 999 Third Ave. across from Bloomingdale’s. In Herald Square, 34th St. gained a sweet asset with Lindt Chocolate Shop opening at num- ber 7 across from the Empire State Building. In SoHo, Brooklinen, a luxury bedding e-commerce retailer is popping up at 119 Spring St. Artemest, the online destination for contemporary Italian luxury handmade décor, recently cel- ebrated the opening of its first

eck the malls because ‘tis the shopping season that is set to be even

for athletics. The first floor, called the Nike Arena, is built like a soundstage. Customers will find a selection of customiz- able, exclusive product that will rotate every two weeks. Sneak- ers styles will be exclusive to this location and visitors will be able to personalize almost every as- pect of their purchase, from the dye to the laces to the swoosh. Recognized skincare expert Jo- anna Vargas debuted her cutting edge spa at 501 Fifth Ave. On 57th St., Chanel’s jaw drop- ping flagship store was revealed, spanning five floors, crowning it the largest Chanel store in the United States, 15 E. 57th St..

Every category is available, from fine jewelry and ready-to-wear to leather goods and beauty products. For VIP customers, there's a special area with what the brand calls a "residential feel" tucked away on the fifth floor. A few doors down find the interactive seasonal pop-up Le Rouge Chanel at 5 E. 57th St. selling limited-edition gifts like No. 5 perfume in a red Baccarat- crystal bottle – a collector’s item as only fifty five were made. On Mad i son Ave . , Kat e Spade’s accessories brand Fran- ces Valentine, opened a holiday pop-up shop, number 793. Marc Jacobs celebrated the launch of

more spectac- ular than the last. As color- ful lights line the s t r ee t s and stores are crowded with s h o p p e r s , NYC is one of the world's best places to

Faith Hope Consolo

be during this time of the year. On Fifth Ave., Nike's newest location launched at 650 Fifth Ave.; Nike House of Innovation 000 and it is a retail revolution

Real Estate Journal — December 28, 2018 - January 10, 2019 — 9A

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MASTER BUILDERS

Our quality construction delivers mixed-use spaces to live, work and play. That’s just one way Kinsley delivers.

kinsleyconstruction.com

10A — December 28, 2018 - January 10, 2019 — Shopping Centers — M id A tlantic

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S hopping C enters

By Beth Azor, Azor Advisory Services Coaches Corner

sides the title of the book I just wrote)? This is the response I give to my s t u d e n t s when I ask them “Di d y o u t h i n k "D

on’t Say No For The Prospect”… What does that mean (be-

agent responds with “They won’t do that!” And that’s when I say (or yell) “Don’t Say No For The Prospect!” Yes, of course, there is a potential that they prospect could say no, but if you never ask them, isn’t that the same thing as them saying no? At least if you ask, you have a 50% shot they’ll say yes, vs a 0% shot if you never ask! Why do we do this? And I say “we” because I still do it too!! I believe it comes down to 3 things: a. Fear of rejection b. Lack of preparation

c. Potential embarrassment And all of these need to be overcome! 1. If you don’t ask, you are rejected anyway 2. Any agent with their salt should know they need excel- lent market knowledge and thorough intel on the retailers they are contacting 3. Who cares what people think of you? Get over it! On of the worse things for a leasing agent is to go to your market and drive by your competitor’s center and see a “Coming Soon” sign in the window of someone you

thought about calling but didn’t, because you “Said No For The Prospect”! Do me a favor right now… Stop what you’re doing, put down this paper, and call someone you’ve thought of call- ing for one of your vacancies but never got around to. DO IT RIGHT NOW! DIAL THE NUMBER! You never know… They might say yes! Then… let me know what they said! Beth Azor, a 32-year vet- eran of the commercial real estate industry, owns Azor Advisory Services,

which specializes in con- sulting services, training, sales/leadership coach- ing, acquisition due dili- gence, and market analy- sis. Beth owns and manages a $79,000,000 portfolio of com- mercial retail properties in southeast Florida. Her clients include Brixmor Properties, Urban Edge Properties, The Shopping Center Group, Phil- lips Edison, Kimco Realty, and DLC Management Group. A graduate of FSU, Ms. Azor is the past Chairman of the Board and Founder of the FSU Real Estate Foundation.  Welco Realty brokerWallingford, CT bowling alley WALLINGFORD, CT — A major operator of bowling centers now open in the former Wallingford Bowl on Route 5. Wallingford Bowl, 980 N. Colony Rd., closed its doors on May 30. Wallingford Bowl was formerly "T-Bowl." It is located near the Holiday Cinemas Sta- dium 14 theater and On Track. Jerry Welkis , president of Welco Realty along with Michael Boyarsky also with Welco Realty represented the landlord, Kings Highway Re- alty, LLC as the sole broker in this transaction.  Greenberg Gibbons welcomes two new retai l ers to The Shops at Kenilworth OWINGS MILLS, MD — Greenberg Gibbons an- nounced that two new retail- ers have joined The Shops at Kenilworth, the landmark shopping destination in Tow- son. Forward Moda and Urban Threads Home & Life are now open. Forward Moda is a boutique offering clothing, shoes and handbags. The retailer is a concept developed by Radcliffe Jewelers, Amuze.com and Jes- sica Smith. The owners created the shop with the goal of provid- ing women in the Baltimore area with the perfect designer outfit fresh off the runway, from head to toe. The 1,382 s/f store is located on the second level across from Radcliffe Jewelry. Urban Threads Home & Life is a specialty store with fashion-forward offerings, in- cluding bedding, window cover- ings, pillows, tablescapes and loungewear. 

Beth Azor

about calling Panera or Star- bucks down the street? Maybe they’ll relocate to our site and we can provide them with a drive-thru!” And the leasing

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NEW JERSEY'S TOP POWER CENTER LIST

ADDRESS POWER CENTER name • address

GROSS LEASABLE AREA BY S/F

PROFILE • stores • parking

YEAR OPENED

ANCHORS

OWNER

DESC. S/L PG GENERAL MANAGER • name • phone Christy Lios 732-935-0111 (ext. 22)

SELLER/ OWNER/ LESSOR

REP. OF SELLER/ LESSOR

BUYER/ TENANT/ LESSEE

REP. OF TENANT/ BUYER

PROPERTY

NAME

PRICE

SIZE

1 2 3 4 5

1,100,000

1977

31 5,185

Seaview Square Rtes. 35, 66 & 18 Ocean Township, NJ 07712 Hamilton Marketplace US Route 130 & I-195 Hamilton, NJ 08691

Wharton Realty Group,Inc.

A.C. Moore , Big Lots Burlington , Costco PetSmart , Sears (Closing) Sky Zone , Target, Wow Gym

Site Centers

58 N/A

Daniel Draucker 804-777-9944

959,903

2002

Barnes & Noble, Bed Bath & Beyond BJ's Wholesale Club, Kohl's Lowe's, Michaels Modell's Sporting Goods Old Navy, PetSmart Ross, ShopRite Staples, Walmart A.C. Moore, Bed Bath & Beyond Modell's Sporting Goods, Walmart Old Navy, Stein Mart Stop & Shop, T.J.Maxx Target, The Home Depot Bed Bath & Beyond Christmas Tree Shops , IKEA, Sports Authority (Closed)

32 3,709

820,000

2001

Amy Sikkerbol 973-966-2800

Watchung Square Associates, LLC

Watchung Square Rte. 22 & Gray St. Watchung, NJ 07069

719,226

1967

4 2,766

Urban Edge Properties

Paramus-IKEA Shopping Center Route 4 West & Route 17 North Paramus, NJ 07652 Aviation Plaza Routes 1 & 9 & South Stiles St. Linden, NJ 07036 Bridgewater Promenade I-287 & Rte. 28 Bridgewater, NJ 08807 Elizabeth Center 13A of the NJ Turnpike & IKEA Dr. Elizabeth, NJ 07201-2915

644,565

2002

34 3,857

Pascal Spagna 516-869-1240 (ext. 137)

Milbrook Properties, Ltd.

A.C. Moore, Marshalls Old Navy, ShopRite Staples, Target The Home Depot

6 7 8 9 10 11

14 2,262

Steve Gambino 516-869-2935

Kimco Realty Corporation

631,859

1988

Babies R Us (Closed), Bed Bath & Beyond Costco, Marshalls, Michaels Old Navy, Pepboys, PetSmart Target The Home Depot

15 N/A

600,000

1990

Babies R Us/Toys R Us (Closed), Big Lots, IKEA

544,459

30 2,757

Woolwich Commons Rte. 322 & Kings Way Woolwich, NJ 8085 Hadley Center Rt. 287 & Stelton Rd. South Plainfield , NJ 07080 Pohatcong Plaza

Wolfson Group, Inc.

2018

Jennifer Houghton 610-277-8899

Kohl's, Walmart

39 3,029

540,152

1985

Noel Mannion 914-272-8040

National Realty & Development Corp.

Dick's Sporting Goods Kohl's, Marshalls Mega Store Regal 18 Cinemas, Target

Noel Mannion 914-272-8040

537,410

Babies R Us/Toys R Us Hobby Lobby, HomeGoods Marshalls , Old Navy Regal Cinemas, Super Stop & Shop Walmart Supercenter Bed Bath & Beyond Best Buy, Christmas Tree Shops, Dick's Sporting Goods, The Home Depot, Wegmans

1997

25 3099

National Realty & Development Corp.

US Rte. 22 & Rte. 519 Phillipsburg, NJ 08865 Market Place at Garden State Park Haddonfield Rd. & Rte. 70 Cherry Hill, NJ 8034 Union Lake Crossing Rte. 47 (Delsea Drive) & Rte. 55 Millville, NJ 08332 ITC Crossing South International Dr. & Rte. 206 Flanders NJ, 07836 The Court at Deptford Deptford Center & Almonesson Rds. Deptford, NJ 08096 The Shops at Ledgewood Commons Rt. 10 & Mary Louise Ave. Ledgewood, NJ 07852 The Fashion Center Rte. 17 & Ridgewood Ave. Paramus, NJ 07652 Greenwich Center Route 22 Off I-78 Phillipsburg, NJ 08865 Westmount-Arlington Plaza Route 46 West & Crown Point Rd. Parsippany, NJ 07054

35 N/A

530,000

N/A

Edgewood Properties, Inc.

Jack Morris 732-985-1900

12 13 14 15 16 17 18 19 20

38 N/A

530,000

2007

215-885-8383

Goodman Properties

Dick's Sporting Goods, Kohl's, Ross Dress For Less, ShopRite, Staples, Target

30 N/A

521,000

2001

310-943-8171

National Asset Services

Babies R Us, Bed Bath & Beyond, Lowe's, Michaels, Old Navy, T.J.Maxx, Walmart

26 1,812

517,054

1991

Pat Kinsella 866-352-6468

DLC Management Corporation

Burlington, Hobby Lobby,Launch Trampoline Park Party City, Ross Dress For Less Value City Furniture Ashley Furniture , Marshalls, Sports Authority, Vacant, Vacant 2, Walmart Bed Bath & Beyond, Best Buy, buy- buy BABY, Cost Plus World Market, Fairway Market, Lord & Taylor, T.J.Maxx, Toys R Us Ashley Furniture, Best Buy, Lowe's, Michaels, Staples, Target

20 2,100

482,593

Rick Zack 908-719-3000

1975

Advance Realty

476,170

Richard Compagnone 201-444-9050

12 2,234

1967

Willner Realty & Development Co.

212-596-8200

470,583

18 1,413

Madison Properties

2000

Michael Gartenberg 973-467-5000 (ext. 123)

460,000

26 2,000

Garden Commercial Properties

1975

Bed Bath & Beyond, Kmart, Shop- Rite, Staples, The Home Depot

435,084

20 2216

Lanes Mill Marketplace US Rte. 9 @ Lanes Mill Rd Howell, NJ 07731 The Plaza at Cherry Hill Rte. 38/Church Rd. & Mall Dr. Cherry Hill, NJ 08002

Katz & Associates

2003

Jonathan Greenberg 845-735-2283

Lowe's, Super Stop & Shop, Target

437,557

21 1914

1970

Urban Edge Properties

John Romeo 201-571-3500

Aldi, LA Fitness, Raymour & Flanigan, Restoration Hardware, Total Wine & More

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