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AYONNE. LINDEN AND RARITAN, NJ — Meridian Capital B Madison Realty Capital finances Accurate Builders NJ development portfolio Meridian’s Ackerman & Sonnenschein negotiate $258millionfinancing package
ISSUE HIGHLIGHTS Volume 30, Issue 20 Oct. 26 - Nov. 8, 2018 RIPCO REPS. RELATED COS. IN SECURING 80,000 S/F RETAIL Gateway Center at Bronx Terminal Market Bronx, NY
Group ar - ranged $258 million in ac- quisition and construction financing for three mul - tifamily de- velopments in Bayonne. Linden and Raritan, NJ on behalf of Jack Klug- mann and A c c u r a t e Builders & Developers . The $258 mi l l i on f i -
81,300 SF Available forLease
Harbor Station South
Accurate team as they expand into these exciting New Jersey markets by constructing fully- amenitized multifamily rental products that will set the stan- dard for other developments in the area,” said Ackerman. Harbor Station South, lo- cated at the intersection of Goldsborough Dr. and Port Terminal Blvd. in Bayonne, NJ, will consist of 651 studio to two-bedroom units spread across two buildings. The property will feature amenities such as a concierge service and rooftop pool with unobstructed views of the NYC skyline and the Bayonne Golf Course. The property is situated just steps from the New Jersey Transit’s 34th Street Station and the new ferry, offering quick access
“Ultimately, we advised the client to move forward with Madison as they were able to provide a very attractive staged funding, and the flexibility required during construction, which is incredibly important with three properties under development at once. This is a testament to Madison’s ex- perience both as a lender and developer,” added Ackerman. “As we expand deeper into New Jersey, it was important to find a lender who truly un- derstands our growth goals and could fully support these developments,” said Jack Klug- mann. “Meridian did an excel- lent job of sourcing a variety of financing options and then facilitating a smooth closing with the team at Madison.”
to Manhattan. The Crossroads at Raritan, situated on a block bordered by First Ave., Third St., Sec- ond Ave., and the New Jersey Transit railroad tracks in Raritan, NJ, will feature 276 units, including 20 affordable apartments, ranging from studios to two-bedrooms. The Crossroads at Raritan is lo- cated near the Raritan Train Station and is in close prox- imity to local businesses in- cluding Johnson & Johnson’s corporate headquarters. The third property is located in Linden, NJ and will feature amenities such as a rooftop deck and pool and will be lo- cated near the Linden Train Station and near the Linden Airport.
Comments • 900,000 sfRegionalShoppingCenter • Directaccess fromExit4,5and6 from the MajorDeeganExpressway. It is inwalking distance to3different subway stops • Thenearbybridges toUpperManhattanare TollFree • ThisCenter is located½mile fromYankee Stadium • 2,600parking spaces ina6-levelparking structure, flankedby two retailbuilding structures 6A
Shaya Ackerman
Demographics 2017Estimates
SizeAvailable 81,300SF Co-Tenants BJ’sWholesaleClub,TheHomeDepot,Target, Bed,Bath&Beyond,BestBuy,Marshalls, Raymour&Flanigan,BurlingtonCoatFactory, Michaels,ChuckE.Cheese’s,GameStop, GNC,Applebee’s
1Mile
2Miles 3Miles
Population
208,416 748,325 1,247,070
Households
81,765
272,854 462,592
Median Household Income
$38,578 $38,833 $46,396
SPOTLIGHTS Daytime Population 52,526
198,478 340,726
Contactourexclusiveagents:
BrianSchuster bschuster@ripcony.com 516.933.8880
PeterRipka pripka@ripcony.com 212.750.6565
GREEN BUILDINGS & ENVIRONMENTAL
Shaya Sonnenschein
9-14B
nancing package, provided by Madison Realty Capital , was negotiated by Merid- ian senior managing direc- tor, Shaya Ackerman , and senior vice president, Shaya Sonnenschein , who are both based in the company’s NYC headquarters. “We are excited and proud to work with the
EXECUTIVE WOMEN IN BUSINESS Section C
Saltzman of Lee &Associates NJ signs 526,400 s/f industrial lease at South Brunswick dist. center
MAREJ EVENTS November 29 New Jersey Medical Properties Conference For speaking and sponsorship information, please contact: Lea at 781-740-2900 or lea@marejournal.com
state Blvd., South Brunswick. The tenant, XPO Logistics, is a multi-national contract logis-
SOUTH BRUNSWICK, NJ — Lee &Associates New Jersey announced that part- ner Dave Saltzman arranged the largest industrial lease transaction of the year for the firm with the signing of a 526,400 s/f lease at 115 Inter-
tics compa- ny, providing o u t - s o u r c e servi ces to ma j o r c o r - p o r a t i o n s around the world. 115 Inter- state Blvd. is
Directory
Dave Saltzman
Shopping Centers.............................................5-14A Retail Professional Directory...............................14A Business Card/Billboard Directory.......................15A Owners, Developers & Managers............... Section B Executive Women in Businesss................... Section C
a “big box” industrial ware- house, located in the NJ Turn- pike – “Exit 8A” Submarket, that is within close proximity to the New Jersey Turnpike. The building previously served as the Tory Burch Distribu- tion Center and prior to that was the distribution center for Children’s Place. “Our client was looking for space that would allow them to serve the northeast & mid- Atlantic regional markets,
115 Interstate Boulevard
have easy access to the NJ Turnpike corridor, and close proximity to Port Newark/ Elizabeth. Demand for “state- of-the-art” industrial space in North and Central New Jersey is high right now, but we were able to find a desirable loca- tion that fit our client’s needs” said Saltzman. “This wasn’t a straight lease transaction, so some extra steps were needed.
We had to work closely with Prologis, the property owner, to unravel a sublease of a sub- lease, in order to complete this long term transaction. As part of the deal, there were also a substantial amount of building improvements and amenities that XPO inherited, including an extensive conveyor system and heavy duty narrow aisle racking.”
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AUCTION Prime Real Estate 350' x 1,400' - 10 Acres
Thursday November 8, 2018 Location: At the intersection of Route 611 and Tabor Road Nockamixon Township, PA 18942
Auctioneers Note
This is a great location for developer/ strip center. Being sold by financial party
For more information visit associatedauctioneers.com or call 215-739-1021
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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 Senior Editor/Graphic Artist ..........................Karen Vachon Office Manager ...............................................Kerrin Devine Contributing Columnists: ........ Daniel J. Caldwell, Stout & Caldwell, LLC; Lisa R Cassidy, ecoImagine; Matthew Mauer, American Insurance Administrators 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 21 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 The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
M id A tlantic Real Estate Journal
Join the KW Commercial real estate team, where we focus on developing your business and career.
Matthew Mauer
I Can BuildMy Building but I Can’t Make the Bank Payments P rotecting an asset from physical damage is usu- ally at the forefront of what type of insurance to purchase, but have you ever asked yourself what you might be missing? Is the successful repair or rebuilding of an as- set really the biggest and only concern? The answer to this question is no. Most sellers of insurance don’t look at the whole asset appropriately. Historically, agents are not very good at fully explaining the options that are available to protect a bank’s repossession or a failed investment venture. Agents sell the minimum level of cov- erage that banks are looking for. Typically, a buyer doesn’t want to consider more cover- age than the bank requires. When it comes to determining an appropriate level of cover- age, the authority on what the insurance needs are should lie with the agent as opposed to the lender.
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Consider this scenario: A large investment property is damaged by an extensive fire that requires significant repair to the building. Reconstruction requires township/city/munici- pality approval before putting the reconstruction out to bid, all while the insurance com- pany has 60 days to analyze your sworn proof of loss. Re- alistically, construction starts 4-5 months after the damage occurs. With delays between insurance carriers and local government, it is expected to be completed in 12 more months, pending any further delays. The leases you have in force with tenants all have an
option to abate if significant damage to the building has occurred, and most tenants have exercised this right in their lease. While you are dealing with this issue, what happens if the rental checks of tenants in your building stop? This scenario is one of many seen in commercial insurance programs across industries, but is particularly important for real estate. A properly structured and well-thought- out insurance considers the timeline to rebuild a structure after a devastating loss, and what your needs would be to continued on page 7A
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M id A tlantic R eal E state J ournal DE Complex reflects commitment to the environment, the community & future residents Leon N. Weiner &Associates' Emblemapartment meets the National Green Building Standards
"A
grand slam after 18 years at the plate” – a metaphor that Leon
a local commercial developer which led to a favorable Dela- ware Supreme Court decision in LNWA’s favor. Kelly, with pride, uses another baseball metaphor – “That makes us 4-0 in cases before the Su- preme Court”. We are dogged and undaunted in protecting and defending our rights! LNWA constructed Emblem at Christiana, a 245-luxury apartment community lo- cated on old Route 7/Stanton Road, directly across from the Christiana Mall. According to Sean Kelly , vice president of development, the complex was
designed to address the needs and preferences of today’s discerning renters, Emblem features large one to three bed- room apartments. Some of the exceptional amenities include walk-in closets, 9’ ceilings, oversized windows, stain- less steel appliances, granite countertops, sleek cabinetry, in-unit washer/dryer, carpet and solid surface flooring, and premium finishes. A focal point of the community is the large contemporary clubhouse with a state of the art exercise facility, resident lounge, gam- ing area and great room, along
with an adjacent resort-style pool and grilling area. Addi- tionally, covered and garage parking is offered on a limited basis. Emblem at Christiana is also a pet friendly community offering a dog park and bath- ing facility for our resident’s four legged companions. With a commitment to sus- tainability and energy effi- ciency, LNWA demanded that every aspect of the project’s design, construction and op- eration meet the National Green Building Standards (NGBS) . “NGBS has proven to be the most rigorous and
scientifically validated energy and sustainability standard in residential construction”, according to Debra Finoc- chiaro, vice president and director of construction. All phases of construction were reviewed by a certified third- party inspector to ensure com- pliance with NGBS. “Using the National Green Building Standard reflects our com- mitment to the environment, the community and our future residents. We offer the finest apartment homes in the state” said Glenn Brooks , president of LNWA.
N. Weiner & Assoc i - ates , Inc . ( L N W A ) m a n a g - ing princi - pal, Kevin Kelly , often uses to refer to the nearly
Kevin Kelly
2-decade struggle to develop Emblem Apartments. That included battles with a County Executive, former governor, DelDot, and a legal battle with 10,000 Friends of PA welcomes Reidenbaugh as president & CEO HARRISBURG, PA — The Commonwealth’s leading voice for smart growth, 10,000 Friends of Pennsylvania , has named Stacie Reiden- baugh of Lancaster as its new president and CEO. Re- idenbaugh was appointed last month by the BOD following an exhaustive search process that began in April 2018. Reiden- baugh succeedes Interim CEO DanWofford , who will remain associated with 10,000 Friends as a senior consultant. “The Board of Directors has enthusiastically selected Re- idenbaugh to be our next presi- dent,” said Caroline Boyce , Chair of the Board. “We are fortunate to have someone of Stacie’s caliber and experience step up to lead 10,000 Friends of Pennsylvania. I’m enor- mously excited about this next chapter for the organization under Stacie’s leadership.” A native of Lancaster County, Reidenbaugh brings more than 20 years of experience in non- profit leadership, public policy, planning, and community de- velopment to 10,000 Friends. She most recently served as executive director of Lancaster Lebanon Habitat for Humanity, stepping down in January after 15 years. Reidenbaugh is the Board Chair and co-founder of Habitat for Humanity PA and serves on the boards of Housing Alliance of PA and Moravian Manor. “I’ve admired and respected the mission and policy work of 10,000 Friends for years, so I’m humbled to be chosen to lead the organization into the future,” said Reidenbaugh.
4A — October 26 - November 8, 2018 — M id A tlantic
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S hopping C enters F eaturing R etail D esign
Real Estate Journal — Shopping Centers — October 26 - November 8, 2018 — 5A
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Antonicello of Grid Real Estate reps. landlord in 6,100 s/f 10-year lease in Jersey City Chesler of Colliers leads brokerage team in the sale of The Shoppes at Foxmoor in Robbinsville
R
OBBINSVILLE, NJ — Colliers Interna- tional Group Inc. has
arranged the sale of The Shoppe s a t Foxmoor, lo- cated at 1095 Washington Blvd. in Rob- binsville. The Colliers NJ i nv e s t -
Jacklene Chesler
ment sales team represented the seller and procured the buy- er of the 125,295 s/f retail asset. The team was led by Jacklene Chesler and included Patrick Norris, Matthew Brown and Angelo Vitale , all based in the global commercial real es- tate services firm’s Parsippany office. Colliers marketed the property in conjunction with Ten-X , an online transaction platform for commercial real estate, also leveraging Colliers’ proprietary investor database. This hybrid approach resulted in 12 qualified, active bidders, NORFOLK, VA — Down- town Norfolk Council an- nounced that Selden Market has selected three new in- cubator storefront tenants. Slide Thru #FAM and KOR Vintage have celebrated their grand openings the weekend of October 12th and 13th. Pure Lagos has transitioned from a pop-up and is already open for business. Selden Market serves as Downtown Norfolk’s first retail incubator for new and emerging businesses. Selden creates a constantly changing environ- ment with diverse storefront tenants and pop-up businesses that operate on daily-to-yearly lease schedules. The goal of the market is to stimulate street- level activity with low rent, short-term leases, business education and mentorship to help businesses shape their model, learn from each other and build community in a low- risk environment. Slide Thru #FAM: A fast casual eatery serving mod- ern handhelds with Filipino
The Shoppes at Foxmoor in Robbinsville
2800 Kennedy Blvd.
more than 20 property tours, and the execution of more than 200 confidentiality agreements. “The Shoppes at Foxmoor is a well-located, neighborhood retail asset,” said Chesler. “The property was 36% occu- pied at the time of sale with tenants that are e-commerce resistant, including medical, restaurants, lifestyle, finan- cial, and health and beauty.” The Shoppes at Foxmoor is favorably sited within minutes
of major travel routes includ- ing Rte. 130 and I-195 and 295, as well as concentrated industrial and office campuses. The property is also within walking distance to Town Cen- ter, a mixed-use development with over 900 residential units and 220,000 s/f of retail and office space. Over the past de- cade, the municipality has at- tracted Fortune 500 companies including Amazon and its 1,800 local employees, Mercedes-
Benz, Falken Tire, and La-Z- Boy. Additionally, nearly 12 million s/f of warehouse space provides easily accessible sup- ply chains for retailers. Journal Square Health & Fitness, the gym that’s home to CrossFit Accomplished, has signed a 6,100 s/f 10-year lease for the entire building at 2800 Kennedy Blvd. in the Journal Square business district. Build- ing renovations are underway with the new fitness facility KOR Vintage is a reseller of vintage and transformed ap- parel, accessories and home decor inspired from retro styles and designs of the 70’s, 80’s and 90’s. Founded in 2013 by Keo Ramirez, KOR Vintage’s collection features rare finds and stylish, one-of-a-kind, time- less classics. Inspired by urban street fashion, art and music, KOR Vintage specializes in pairing unique vintages pieces with high fashion, iconic trends to create bold, unforgettable statements. Pure Lagos: A Curated boutique of indigenous Afri- can, handmade and artisan treasures Pure Lagos is an African art gallery and boutique that offers a curated selection of origi- nal art, fashion and artifacts from Nigeria, Ghana, Senegal, Kenya and more. Owner Sia Alexander attended Stanford University andHoward Univer- sity, graduating Magna Cum KOR Vintage: AVintage, retro fashion and home decor
expected to open in early 2019. Colliers served as tenant rep- resentative for CrossFit Accom- plished. Bobby Antonicello of Grid Real Estate represented the landlord. Architectural and interior design is being handled by G3 Architects . The Colliers team of executive managing director Nancy Er- ickson and associate Jennifer Flores , both based in the firm’s Parsippany office, represented CrossFit Accomplished. Laude with a degree in human psychology. After working as a therapist, Alexander pursued a career in fashion and developed an all-natural and homemade skin and body care line using indigenous African herbs and plants called SiaNatural. "Being a part of the Selden Market small business com- munity has been a wonderful blessing to me as a woman entrepreneur,” said Alexander. “I have worked internationally for many years, but my experi- ence as a local boutique owner at SeldenMarket has shownme that there's no place like home." "These businesses work tire- lessly to execute their visions in only a few weeks, and it's incredibly rewarding to help them polish their brands, busi- ness models, products and de- signs for their audience,” said Selden Market Retail Director CareyannWeinberg. “While the new tenants prepare to bring fresh options to the downtown market, we also get to see previous tenants adapt their businesses, learn and grow."
Selden Market in Norfolk VA announces new fall storefront tenants
Selden Market
mind,” said Jackson. “My fam- ily and my refined culinary skills began here so I'm abso- lutely ecstatic to bring even more diversity to the market and reach another level on all fronts." "The amount of support and guidance that they provide entrepreneurs is one of the many reasons we're excited to be a part of Selden Market,” added Garcia. “We can't think of a better way to grow our business and share our culture than this."
and American flavors Adding a savory food option to the market, Slide Thru #FAM is the result of a decade-long friendship of co-owners Chef Eric Jackson and Rina Parrilla Garcia. The two met working in a corporate restaurant and immediately connected on their shared love of food and music. The pair will feature signature sliders like the Mango-Dobo or the Dinuguan-Mi. "The vibrancy of downtown Norfolk has always held a special place in my heart and
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S hopping C enters
R E T A I L
Features retail facilities management & key trends PRSM Assoc. releases 2019 Retail Facilities Trends report
RETAIL BROKERAGE. REDEFINED .
ASSET & PROPERTY MANAGEMENT Bennett Williams provides unparalleled commercial property and asset management service in the Central Pennsylvania region with two Certified Property Managers and an accounting and administrative staff with a combined experience of over 90 years. We have a proven track record of reducing expenses, adding value, maximizing profits, increasing tenant satisfaction and retention.
T
he Professional Retail Store Maintenance As- sociation (PRSM), the
new strategies and tactics to succeed. “The retail industry is evolv- ing rapidly, and it is impor- tant retail facility executives understand the trends driv- ing this evolution,” said Bill Yanek , PRSM CEO. “These trends provide great opportunities for today’s retail facilities management profes- sionals to demonstrate their expertise and help their com- panies and the industry ex- ceed customer expectations.” A breakdown of the major trends includes: Mixed-use and Experiential: A silent renaissance is occur- ring with experiential stores and mixed-use developments leading the way. Physical stores must provide experi- ences to attract shoppers and shopping centers must become the center of the community. The Rise of Restaurant Re- tail: Retailers are turning to food to provide something extra, and they are creating
cross-promotional partner- ships to provide culinary ex- periences. There’s a New Doc-in-the- Big-Box: Doctor’s offices, medical centers, pharmacies and other healthcare busi- nesses are opening in shop- ping centers and in retail stores. Eighty-nine percent of enclosed malls now offer some type of healthcare service. Retail Batteries – Now In- cluded: Today, retailers can employ chemical, and refrig- erated battery storage to cut energy costs, achieve sustain- ability goals and generate revenue. In retail energy management today – batteries are included. Blockchain in Retail Facili- ties Management: Technology is a driving force in retail fa- cilities management and block- chain has the power to revolu- tionize contract management, work order processing and tracking, payment processing and facility transparency.
authority on retail, multi- site facilities management released its annual re- view of the state of re- tail facilities management
York: 3528 Concord Rd. | York, PA 17402 Lancaster: 150 Farmington Lane, Suite 201 | Lancaster, PA 17601 Exton: 1 E. Uwchlan Ave., Suite 409 | Exton, PA 19341
717-843-5555 www.bennettwilliams.com
Bill Yanek
and key trends impacting the nation’s leading retailers and suppliers. The industry-leading re- port identifies five major trends driving the facili- ties management industry. They include the growth of mixed-use retail, batteries in energy management, the increased number of restau- rants and medical services in retail spaces, and blockchain technology. These trends are driving change across the industry and will require facilities executives adapt
RIPCO’s Ripka and Schuster represent Related Companies in securing 80,000 s/f RETAIL Gateway Center at Bronx Terminal Market Bronx, NY 81,300 SF Available for Lease
F O R L I S T I N G S , A D & E D I T O R I A L R E Q U I R E M E N T S P L E A S E C O N T A C T K B R U N E T@M A R E J O U R N A L . C O M O R Y O U R A C C O U N T R E P LENDERS DIRECTORY
NEWYORK, NY — RIPCO Real Estate (RIPCO) and Related Companies (Re-
lated) an- nounced that Food Bazaar Sup e rma r - ke t s i gned a n 8 0 , 0 0 0 s/f lease at Bronx Termi- nal Market. D e v e l o p e d by Re lated Compan i es i n 2 0 0 9 , Bronx Ter- minal Mar- ket is home to a variety of restaurant and r e t a i l tenants, and
Comments • 900,000 sf Regional Shopping Center • Direct access from Exit 4, 5 and 6 from the Major Deegan Expressway. It is in walking distance to 3 different subway stops • The nearby bridges to Upper Manhattan are Toll Free • This Center is located ½ mile from Yankee Stadium • 2,600 parking spaces in a 6-level parking structure, flanked by two retail building structures Bronx Terminal Market
Peter Ripka
a tenant roster that includes Marshalls, Target, Home De- pot, Bed Bath & Beyond, Mi- chaels, Best Buy, Burlington, and Chuck E. Cheese, among other national retailers. The family owned and operated supermarket is prominent in the Tri-State region, and is home to 16 locations across Brooklyn, Queens and the Bronx, not to mention nine other locations in New Jersey, Connecticut, Long Island, and Westchester. “There were a variety of reasons to locate at Bronx Terminal Market, including the fact that the complex is located in a densely populated trade area, features excellent parking and mass transporta- tion options, and presented us with the unique opportunity to have the largest supermarket in the Bronx,” said Spencer Size Available 81,300 SF Co-Tenants BJ’s Wholesale Club, The Home Depot, Target, Bed, Bath & Beyond, Best Buy, Marshalls, Raymour & Flanigan, Burlington Coat Factory, Michaels, Chuck E. Cheese’s, Game Stop, GNC, Applebee’s Brian Schuster bschuster@ripcony.com 516.933.8880 Peter Ripka pripka@ripcony.com 212.750.6565 Contact our exclusive agents:
An, president at Food Bazaar. “In today's day and age of retail, having your project service day to day needs of the local community will bring traffic to your development and that is exactly what Food Bazaar will do for Bronx Ter- minal Market,” said Avi Kol- lenscher , senior vice presi- dent at Related Companies. “Bronx Terminal Market has a diverse and powerful group of retailers, so with this space, we wanted to tar- get someone who would be additive to the existing mix. We knew a well-known and respected brand like Food Bazaar would align well with our current tenants and get the community excited,” said Brian Schuster RIPCO Real Estate, who along with Peter Ripka represented Related in the transaction. Demographics 2017 Estimates 1Mile 2Miles 3Miles Population 208,416 748,325 1,247,070 Households 81,765 272,854 462,592 Median Household Income $38,578 $38,833 $46,396 Daytime Population 52,526 198,478 340,726
Brian Schuster
Food Bazaar – which will be the largest supermarket in the borough when complete – will add a full-service supermarket to the complex when open in the spring of 2019. Boasting one million s/f of retail space, Bronx Terminal Market offers visitors and residents a convenient and thriving shopping destination. The complex is located at 601 Exterior St., off Exit 4/5 of the Major Deegan Expressway and just south of Yankee Sta- dium. Food Bazaar will join
Real Estate Journal — Shopping Centers — October 26 - November 8, 2018 — 7A
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S hopping C enters
For the recapitalization of The Shops at Dakota Crossing in Washington, DC Butler leads Walker & Dunlop Structured Finance team in the arrangement of $61M in financing
nounced that it structured $61 million in financing for the recapi- talization of The Sho p s a t Da k o t a Crossing, a 140,000 s/f W
ownership demographics, the surrounding neighborhood had few retail options prior to the delivery of The Shops at Dakota Crossing. As a result, the final phase of development was 98 percent pre-leased with a diverse mix of national and local tenants including the city’s first Costco, Lowe’s, Dick’s Sporting Goods, Mar- shalls, PetSmart, Chick-fil-A, and Starbucks. “The Shops at Dakota Cross- ing is a landmark retail project in Washington DC and this capitalization will allow the project to truly reach its maxi-
mum potential” said Butler. “Our client has been dedi- cated to this successful project for over 15 years and we are thrilled to play a role in the completion of their vision.” The development team is led by Trammell Crow Com- pany , a real estate developer and investor. Trammell Crow’s joint venture partners include Fort Lincoln New Town Corporation and CSGUrban Partners , both of which are experienced developers in DC and are principal catalysts for growth in the property’s sur- rounding neighborhoods.
A S H I N G T O N , DC — Walker & Dunlop, Inc. an-
Jamie Butler
trophy retail center in Wash- ington, D.C. Led by managing director Jamie Butler , Walker &Dunlop’s Structured Finance team replaced the existing construction capital stack with a stretch senior bridge loan, which also provides for future funding based on additional leasing and capital costs. Positioned along New York Avenue, one of Washington, D.C.’s busiest thoroughfares, The Shops at Dakota Crossing enjoys a convenient location with high visibility both to commuters and area residents. Despite high income and home- Cosentino joins Wilder Cos. as VP of acquisitions BOSTON, MA — TheWild- er Companies announced that Brian Cosentino has developing retail real estate opportunities to expand the company’s portfolio of open- air centers and mixed-use developments throughout the East Coast. His focus will be on existing center acquisitions where Wilder can use its broad experience reinvigorating centers through redevelop- ment, remerchandising, and introduction of uses such as entertainment, residential, office, and hospitality. Prior to joining Wilder, Cosentino worked on the transactions team at UBS Realty Investors in Hartford, CT, closing over $1.5 billion in transactions across the commercial and residential spectrum. Prior to UBS, he worked in various acquisition capacities at the Boston office of CBRE Global Investors. Brian Cosentino j o i ne d t he company in t h e n ew l y created posi- tion of vice president of acquisitions. Cosentino wi l l be re- sponsible for
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Dougherty &Woodard of the Philadelphia office secure a +$3.592M sale of a Wawa in Paulsboro, NJ Marcus & Millichap NJ office completes retail property sales totaling $6,413,900 million
IVERVALE, NJ — Marcus & Millichap New Jersey office com- pleted the following transac- tions: A 14,900 s/f retail property, occupied by The RuddO'Connor Building, located in Rivervale sold for $4,838,900. Alan Cafiero, Ben Sgam- bati, DavidCafiero and John Moroz, investment specialists in Marcus & Millichap's New Jersey office had the listing to market the property on behalf of the seller, a private investor. The team also secured and rep- resented the buyer, a limited R
sold for $1.575 million. Alan Cafiero, Ben Sgambati, David Cafiero and Michael
DeVita , in- v e s t m e n t s p e c i a l i s t s in Marcus & Mi l l i chap ' s New Jersey o f f i c e , had the listing to market the property on behalf of the seller, a pri- vate investor. D o l l a r General is lo- cated at 397 Sp r i ngda l e Ave. in East Orange, two blocks away
e Journal — Commercial Office Properties — February 23 - March 15, 2018 — 1C
Derrick Dougherty
Rd. The shopping strip is 100 percent occupied and has an excellent tenant mix. The Rudd O'Connor Building
liability company. The Rudd O'Connor Build- ing is located at 184 Rivervale
A 6,960 s/f foot net-leased property, occupied by Dollar General, located in East Orange
Scott Woodard
I can build my . . . continued from page 2A pay your lending partner in your venture. In the end, these problems can be fixed for pennies on the dollar. The true cost of an insurance policy is not just the premium, but the premium plus the cost of uncovered claims. Working with a pro- fessional who can help you understand the policy you are purchasing is the most effec- tive way to protect an asset, not the bank requirements for insurance. This helps you know that you can adequately recover from a worst-case sce- nario, and continue to hold an asset that was successful prior to a loss. Matthew Mauer is a Cer- tified Insurance Counselor (CIC) and a senior account executive in the Proper- ty & Casualty Division of American Insurance Administrators, an Alera Group Company. The buyer, a limited lia- bility company, was secured and represented by Derrick Dougherty , first vice president investments, and Scott Wood- ard , associate, in Marcus & Millichap’s Philadelphia office. Wawa is located at 51 Berk- ley Road in Paulsboro, NJ. from the Garden State Park- way entrance ramp and one mile from I-280. Marcus & Millichap an- nounced the sale of Wawa, a 4,854 s/f net-leased property located in Paulsboro, NJ. The asset sold for $3,592,553 at a 4.69 percent capitalization rate.
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1.5-acre parcel of land purchased from JC Penney in New Jersey Bennett Realty & Development and Eden Property Company Acquire Site at Rockaway
OCKAWAYTWP., NJ — Bennett Realty & Development and their partner Eden Property Company have recently pur- chased a 1.5-acre parcel of land from JC Penney. The parcel, currently a portion of JC Pen- ney’s parking lot at Rockaway Townsquare Mall has direct access to the ring road in front of the mall’s busiest entrance. The property is being leased to Miller’s Ale House who will be building a 7,000 s/f full service restaurant on the property. The new res- taurant will bring another R
Rockaway Townsquare Mall Photo Credit: Ian Bentley Photography
great dining option to the Rockaway area. Miller’s Ale House in tentatively sched-
uled to open in the Spring of 2019. The transaction illustrates
the changing retail environ- mental where many of the anchor tenants are trying to
dispose of untapped real es- tate for uses that help drive traffic. Starwood Retail Partners Names Blake VP of Dev. CHICAGO, IL — Rod Blake , a long-time specialist in mixed-use development,
ha s j o i ned S t a rwo o d Retail Part- ners as vice president of development the company announced. D r a w i n g upon on his
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nearly 30 years of develop- ment, leasing, sales and gov- ernment relations experi- ence in both the public and private sectors, Blake will be responsible for identifying and implementing mixed-use development opportunities for Starwood Retail, to create value for all stakeholders. He will report to senior vice presi- dent of development Vincent Corno . "Rod Blake's multifaceted background perfectly mirrors what we are exploring for each of our 30 enclosed malls and lifestyle centers," Corno said. "We are delighted that he is bringing his expertise, experience and relationships to Starwood Retail." Prior to joining Starwood Retail, Blake was a Principal at Winnsboro Forest Compa- nies, where he directed teams advising clients on the pro- cess of developing residential, retail, office and special-use projects. He also was senior director of real estate and de- velopment for Olympia Devel- opment of Michigan, serving as the senior in-house member of the development team for the $2 billion District Detroit and Little Caesars Arena.
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Real Estate Journal — Shopping Centers — October 26 - November 8, 2018 — 11A
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R etail P rofessional S ervice D irectory alittle@jblevyco.com www.jblevyco.com
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RETAIL PORTFOLIO
GLA/ Acreage Anchor Tenants
Property Name Northeast
Address
City/State
306,876 Kmart, Burlington, Market Basket
Boston Rd. & Tower Farm Rd. Plain St. & Lowell Connector Medway St. & Beaver St.
Shops at Billerica
Billerica, MA
P
272,142 Target, Marshall’s, Best Fitness
Meadow Brook Center
Lowell, MA
V
158,759 Stop & Shop, HomeGoods, TJ Maxx
Milford Crossing
Milford, MA
UNDER CONSTRUCTION
241,712 Costco Wholesale Club
Harbor View Marketplace
Route 440 & Goldsborough Dr.
Evesham, NJ Bayonne, NJ
127,024 Virtua Medical Group, Children of America
Shoppes at Renaissance Square
Route 70 & N. Locust Ave.
H G
26,016 Royal Farms
Sunbird Plaza
Marlton, NJ
State Hwy. 73 & Sunbird Dr.
Morris Township, NJ 132,144 Future Development
Morris Marketplace
Hanover Avenue
19.9 AC Across from Walmart, Sam’s, TJ Maxx 9.33 AC Across from Walmart Supercenter 150,150 Whole Foods, Homesense, DSW, Ulta
Adjacent to Foreign Trade Zone Route 18 & Foxborough Dr. Route 46 & Waterview Blvd. Springfield Ave. at Roselyn Pl.
Vacant Land
Mount Olive, NJ Old Bridge, NJ
Foxborough Plaza
NEW LEASES
A
Waterview Marketplace
Parsippany, NJ
O
Vacant Land
0.199 AC Vacant Land
Union, NJ
V
Vacant Land
Vauxhall (Union), NJ 0.3239 AC Vacant Land
Springfield Ave. near I-78
Vineland Marketplace
TBD
Vineland, NJ
Future Development
S. Delsea Dr. (Rte. 47) & College Dr. Black Horse Pike & Main St.
U S S
Williamstown, NJ
94,452 CVS, Rockin’ Jump, Dollar General
Williamstown Shopping Center
26 AC Across from Walmart Supercenter
Route 13 & Bennie Rd.
Vacant Land
Cortland, NY
182,875 Kohl’s, Super Stop & Shop
Grand Plaza
Saratoga Rd. & Glenridge Rd. Commack Rd. & Grand Blvd.
Deer Park, NY
R
Target Shopping Center
Glenville (Albany), NY 170,616 Target, Pet Supplies Plus, Mattress Firm Lake Ronkonkoma, NY 170,451 Stop & Shop, Regal Cinemas, Dollar Tree
Lake Shore Plaza II & III
L B
Portion Rd. & Patchogue-Holbrook 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
63,542 Super Stop & Shop, Residence Inn
Orangeburg Commons
Route 303 & Palisades Pkwy. Montauk Hwy. & Station Rd.
Orangetown, NY
S
29,314 SoulCycle
The Mill
Southampton, NY
21,212 US Post Office
Stony Ridge Plaza
Route 9W & Park Rd. 660 White Plains Rd.
Stony Point, NY
F
279,254
660 White Plains Road
Tarrytown, NY
Adjacent to Super Stop & Shop
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
S
140,715 Home Depot, Chili’s
Carlisle, PA
Montgomeryville, PA 133,124 BJ’s Wholesale Club, Lowe’s
Five Points Plaza
Richland Marketplace
444,531 Target, BJ’s, Best Buy, Petsmart, Staples
Quakertown, PA Trexlertown, PA
F
Macungie Crossing Shopping Ctr.
±36,671 Near Walmart Supercenter
E
Midwest Anchor Opportunities at The Grove
A
400,000 Anchor space available
Downers Grove, IL
75th St. & Lemont Rd.
F
Evansville Shopping Center
162,394 Rural King, Buehler’s IGA, Dollar General
Evansville, IN
Morgan Ave. & Boeke Rd.
Pendleton Plaza
134,797 Rose’s Department Store
Indianapolis, IN
Pendleton Pike & Shadeland Ave.
The Market Place at Warsaw
183,900 Sears, Dunham’s
Warsaw, IN
U.S. Hwy. #30 & Water St.
R A
Thomas G. Mirandi | tel 212.265.6600 x239 | tmirandi@rdmanagement.com
T
rdmanagement.com
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S N A P S HO T
by region
GLA/ Acreage Anchor Tenants
Address
Property Name
City/State
Midwest
Muskegon Shopping Center
167,212 Near Walmart Supercenter
Muskegon, MI
Henry St. & Norton Ave.
Port Huron Shopping Center
114,981 Big Lots, Save-A-Lot, Talecris Plasma
Howard St. & 24th St.
Port Huron, MI
Vacant Land
9.37 AC Development Opportunity
Southgate, MI
Fort St. & Burns Ave.
Midway Shopping Center
University Ave. & Snelling Ave.
122,459 Office Max, Family Dollar
St. Paul, MN
Home Depot Plaza
Rte. 20 & Orchard Rd.
148,466 Home Depot
Ashtabula, OH Columbus, OH
Great Western Commerce Center
N. Wilson Rd. & Valleyview Dr.
300,254 Great Western Academy, Restaurant Depot
South Academy Plaza
NEW LEASE
102,962 Academy Sports + Outdoors, Aldi
Memorial Pkwy. SW&DrakeAve. SW
Huntsville, AL
S
Oxford Commons
135,504 Ross, Beall’s Outlet, Aldi, Dollar Tree
Semoran Blvd. & Hwy. 17/921 USHwy. 98N&LakelandParkCtr Dr.
Fern Park, FL Lakeland, FL
Vacant Land
5.8 AC
Redevelopment Opportunity
FACADE RENOVATIONS!
Merchants Crossing
1,332,205 Dillard’s, Burlington, Grand’s, Sears 368,166 Walmart Supercenter, Ross, Aldi 325,705 Beall’s Outlet, AMC Theatres, Planet Fitness 259,871 Earth Fare, Burlington, Best Buy, Staples
US Hwy. 41 & SR 78
N. Fort Myers, FL
S Orlando Dr. & Lake Mary Blvd. Shady Oaks Shopping Center SW 27th Ave. & College Rd.
Ocala, FL
University Mall Seminole Centre
Tampa, FL Sanford, FL
EFowler Ave. &BruceB. DownsBlvd.
Russell Centre
257,761 Lowe’s, Kroger, Dollar Tree
Route 23 & Diederich Blvd.
Ashland, KY
Long Meadow Shopping Center
164,293 Family Farm and Home, PA Dutch Market
Potomac Ave. & Northern Ave. Liberty Rd. & Brenbrook Dr.
Hagerstown, MD
Brenbrook Plaza
146,586 Home Depot
Randallstown, MD
Gallatin Pike & Conference Dr.
111,835 Oak Factory Outlet, Harbor Freight Tools
Marketplace at Rivergate
Nashville, TN
Shops at Tech Ridge
12901 I-35 North & Parmer Ln.
505,803 Floor & Decor, Fitness Connection, Ross
Austin, TX
Food Lion Shopping Center
10.2 AC Food Lion, Fresenius Medical
Rte. 1 & Chippenham Pkwy.
Richmond, VA Winchester, VA
Winchester Plaza
89,918 Dick’s Sporting Goods, Planet Fitness
S. Pleasant ValleyRd. &E. Jubal EarlyDr.
St. Albans Shopping Center
263,323 Kroger, Goody’s Department Store
Rte. 60 & Boone St.
St. Albans, WV
West Freestanding Barnes & Noble
s
19,360 Barnes & Noble
10235 N. Metro Pkwy. W& 28th Dr.
Phoenix, AZ
East Sahara Plaza
127,754 Family Dollar
E. Sahara Ave. & McLeod Dr.
Las Vegas, NV
Available Anchor Space
119,766 Value Village
Salem, OR
Mission St. SE & 25th St.
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
rdmanagement.com
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