S hopping C enters
Real Estate Journal — Shopping Centers — December 28, 2018 - January 10, 2019 — 5A
M id A tlantic
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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