W Rodio and Appel of HFF represent the sellers in the transaction Keystone Property Group sells Devon Square Office Complex for $33.5 million AYNE, PA — A j o int venture o f Keystone Prop- restaurants and retail options within walking distance.
ISSUE HIGHLIGHTS Volume 29, Issue 11 May 26 - June 8, 2017
surrounding areas. Primary businesses include Destina- tion Maternity, 7-Eleven, Anthony’s Coal Fired Pizza, Wells Fargo, Fit 36, Restore Cold Press Juices, X-Tend Barre and 19 others. Ame- nities include a park like setting, fountain and sitting area, prime downtown loca- tion, ample parking including indoor parking garage, and 114 attached upscale town- homes. The Livingston Town Center is 94% occupied. Spaces of 1,456, 1,562 and 1,566 s/f are still available for lease. The Azarian Group, L.L.C. is a privately-owned full ser- vice property management/ development organization engaged in the acquisition, development, redevelopment, management, leasing, insur- ing, construction and finan- cial management of retail, commercial and investment properties for its own portfolio as well as third parties. The Azarian Group man- ages and leases properties for its own portfolio as well as for the private investor, partnerships, limited liabil- ity companies and lending institutions. n “After completing large-scale renovations at Devon Square, we were successful at leasing it up to nearly full occupancy, which made it a particularly attractive investment oppor- tunity,” said Jessica Jacobs , asset manager at Keystone Property Group. “Overall, this transaction reflects Keystone’s ability to successfully execute our value-add business plan, which enables us to consis- tently deliver excellent returns to our investors.” Situated on Rte. 30, the property is located in a highly desirable location and pro- vides its tenants with easy access to roadways and mass transit. n
Livingston, NJ — John Azarian , CEO of The Azar- ian Group, L.L.C. of Midland Park, is pleased to announce his company’s acquisition of the Livingston Town Center, Livingston from an affiliate of Onyx Equities for $21.25 million. The Livingston Town Center is located at the intersections of E. Mt. Pleasant Ave. and N. Livingston Ave. and boasts 65,000 s/f of prime downtown retail, restaurants and ser- vices catering to the affluent community of Livingston and erty Group , a developer and investor of mixed-use and office properties, and Argosy Real Estate Partners , a low- er middle market investment firm, announced the $33.5 million sale of Devon Square, a two-building, 140,000 s/f of- fice complex located at 724-744 W. Lancaster Ave. in Wayne. Doug Rodio and Ben Appel of HFF represented the sellers in the transaction. After acquiring the property in 2005, Keystone conducted a significant capital improve- ment campaign, updating the buildings’ interiors and exte- riors, and remodeling common areas to promote collaboration
Section B INDUSTRY Leaders
industrial Distribution Centers
and provide the property with a modern feel. The office buildings are 95% occupied with a tenant base that includes Merrill Lynch, Penn Liberty Bank, Keller
Williams, Main Line Surgery Center and other leading firms. The complex also boast several neighborhood ameni- ties, with an adjacent Marriott Courtyard hotel and several
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Shopping Centers.............................................5-14A Owners, Developers & Managers............... Section B Industrial/Distribution Centers................... Section C
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Livingston Town Center
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Remco Realty Group 370 Campus Drive, Suite 128 Somerset, NJ 08873 T: 732-253-0888
For Sale: Woodbridge, NJ
Retail Uses include: Produce, liquor, appliances, kitchen & bath, pools & patio, flooring & tile, beauty supplies, HVAC, plumbing & electrical suppliers, furniture, pets, sporting goods, dollar store, grocery, cigars-tobacco, party rental, lighting showroom, automotive parts, fitness, exterminators, hardware, music, surgical supplies, home improvements, apparel, business equipment, hobby shops, luggage, seafood store, variety store, uniform sales & rentals. Non-Retail Uses include: Radiology, mental health & dermatology, vision, daycare, dental, physical therapy, medical practice, veterinary hospital, private schools, OBGYN, urgent care, prosthetics, child play centers, delivery services, dialysis. 10,000 SF located ¼mile from the 1.6 Million sf. Woodbridge Center Mall
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M id A tlantic R eal E state J ournal Publisher, Conference Producer . .............Linda Christman AVP, Conference Producer ...........................Lea Christman Associate Publisher ......................................... Steve Kelley Associate Publisher ........................................... Kim Brunet Senior Editor/Graphic Artist ..........................Karen Vachon Office Manager ............................................. Miriam Buttrick Sales Intern .................................................Kevin Minassian Contributing Columnists .............................. David Goldfisher Mid Atlantic R eal E state J ournal ~ Published Semi-Monthly Periodicals postage paid at Rockland, 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. 29 Issue 11 Subscription rates: $99 - one year, $198 - two 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
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contract) and hold the asset for 36 months (governed by the PSA specifically) in REO. Con- trol holder status often took far too long to migrate up the capital stack under CMBS 1.o. Special Servicer and the controlling class holders could avoid taking a "real-time" appraisal reduction even on severely over leveraged as- sets ensuring that the special servicer and CCR stay in tact. The results, at times, were resolutions that were dictated by an "out of the money" spe- cial servicer or CCR. CMBS 2.0 takes a proactive approach to resolving the con- flict of interest issues created when a servicer goes from "into" to "out of" the money in a CMBS transaction. Focus on your niche and let us focus on ours. The prin- cipals at The Henley Group have been working with Spe- cial Servicers, CCR's and Bondholders since 1997. We specialize in proven solutions that Lenders and Bondholders accept. David Goldfisher is prin- cipal and founder at The Henley Group. n firm. Driven by a visionary team, WCRE quickly took its place among the market lead- ers. “We’re happy to add WCRE to the CORFAC family,” said Ray Lyons , CORFAC Inter- national president and broker with Thomas Johnson Re- alty/CORFAC International in Toronto, Ontario. “Their insights and expertise in the Philadelphia region will bring even stronger service to all of our clients.” “It is an honor to have WCRE join the CORFAC family as our newest member firm,” said Jonathan Salk , executive dir. of CORFAC International. n
Subordination Entitlement Reduction) to be taken on more of a spot basis forcing Lenders to mark to market their loans. "In the Money" In a typical CMBS transac- tion, the majority holder of the junior most bonds is desig- nated as the controlling class representative and as such appoints the special servicer for the underlying loan pool. This arrangement works well in the early stages of the REMIC investment where Property values are generally stable and market fluctuations are minimal. The controlling class representative is perceived by the investors to have "skin in the game" and interests are generally aligned in maximiz- ing trust asset recoveries. The CCR is "in the money" so to speak. "Out of the Money" CMBS mechanics do not always react quickly to a changing landscape such as the precipitous market decline and property devaluations ex- perienced after 2007-2008. A special servicer could stall the appraisal valuation process for up to six months (allowed by the Philadelphia region. It pro- vides a complete range of real estate services to commercial landlords, tenants, investors, developers, banks, commercial loan servicers and companies. “CORFAC International provides a global network of resources and knowledge that will greatly benefit our clients,” said Jason Wolf , managing principal of WCRE. “We’ll be able to add those resources to our tradition of individualized service and cutting-edge mar- keting techniques.” Wolf founded WCRE in early 2012 after 17 years of steady growth and success at a top national commercial real estate
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M id A tlantic R eal E state J ournal
analapan, NJ — NAI DiLeo Bram & Co. reports high Shein, Miller and Kirczow of NAI DiLeo Bram & Co. secure five new leases Century Office Park turnaround gaining momentum M new ownership’s improvement plan.
and can accommodate a wide array of tenant sizes from 800 s/f to over 11,900 s/f. Metroplex Corporate Cen- ter Nearing 100% Occupancy It is expected that by the end of May, Metroplex Corporate Center in Edison will be 100% leased. The 256,000 s/f office complex is located adjacent to the Edison Twp. Train Station. “Metroplex is in high de- mand. It is a great property, with experienced ownership in a desirable location.” said Robert Dinner , exclusive vice president of NAI DiLeo-Bram
& Co. who leads the leasing and marketing effort for the owner, Atlantic Realty De- velopment Corporation . The increase in occupancy has been from a combination of new tenants as well as existing ten- ants renewing and expanding. Dinner added, “ Atlantic Realty has taken an aggres- sive approach to accommodate tenant build-out needs at below market rent”, and, “ tenants want to bring the urban feel to the suburbs by locating near train stations to expand its em- ployee base and service clients from NYC to Philadelphia”. n
“We collaborated with owner- ship and property management to create a plan to update the property. The new owners have been aggressive in their approach and that is being noted by existing tenants and prospective tenants alike.” commented Kirczow. Century Office Park is a 78,000 s/f office campus set- ting at 100, 200 & 300 Craig Rd. The park is close to major retail and has immediate ac- cess to Rte. 9. The tenant mix is primarily office and medical
activity as the leasing agent and property management firm for Century Office Park in Manalapan. The leasing team of Marc Shein, Faith Miller and TomKirczow has secured five new leases so far in 2017. The NAI Dileo-Bram team was brought in by the new own- ership group in the fall of 2016 to reposition and stabilize the property after it was purchased out of foreclosure. Ownership and NAI Dileo-Bram & Co. de- veloped a capital improvement plan including new carpeting, ceiling and lighting in all lob- bies and common areas. The procurement of new tenants and the increase in existing tenant retention is a direct result of newmanagement and Bergen County Bar Association names Edelberg president HACKENSACK, NJ — Cul- len and Dykman LLP part- ner David Edelberg has been named the 119th president of the Bergen County Bar As- sociation. Throughout his 34-year ca- reer, Edelberg has proven him- self an expert on bankruptcy law, authoring multiple articles on Bankruptcy Code and lec- turing on behalf of the New Jersey Institute of Continuing Legal Education, the Seton Hall Business School, Bergen Community College and the National Business Institute concerning bankruptcy law. At Cullen and Dykman, Edel- berg focuses primarily in the fields of Bankruptcy Law, Cred- itor’s Rights and Commercial Litigation. He is the recipient of the prestigious American Jurisprudence Award in Bank- ruptcy and was appointed by the Supreme Court of the State of New Jersey to multiple terms of service on the District Ethics Committee, District II-B. In addition, he has been selected to the Super Lawyers list (2012-2017) by Thomson Reuters and to the Bergen County best lawyers list by 201 Magazine (2012-2014). Before joining Cullen and Dykman, Edelberg was an eq- uity partner at Nowell Amoroso Klein Bierman, P.A. where he was chair of the bankruptcy department. n
Marc Shein Faith Miller
Tom Kirczow Robert Dinner
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Century Office Park, Craig Road, Manalapan, NJ • Three, 2 story office buildings totaling 77,922 sf • Newly renovated lobbies • Medical uses permitted • Units available, ranging from 784 sf to 11,905 sf • Located minutes from Freehold Raceway Mall, Monmouth County Courthouse and CentraState Medical Center
21 Gordon Road, Piscataway, NJ • 26,500 sf flex/distribution building for sale or lease • 21,220 sf warehouse; 5,280 sf office space • Ideal for production/fabrication/lab or light manufacturing • Four tailboards and one drive-in door • Easy access to I-287, the NJ Turnpike and Garden State Parkway, and adjacent to Rutgers University Campus
5000 Hadley Road, South Plainfield, NJ • 226,000 SF - 2 story office building • Large floor plate – Ideal for high density users. • Parking + 8/1,000 SF • 150,000 SF available – will divide • Located at I-287 Exits 4 (Durham Ave) and 5 (Stelton Rd) • Surrounded by shopping, restaurants and banking
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4A — May 26 - June 8, 2017 — M id A tlantic
Real Estate Journal
M id A tlantic R eal E state J ournal
15,000 s/f in Newtown Square & 12,000 s/f in Havertown, PA Capital Commercial Real Estate Group’s Yangello announced the sale of two office buildings
ewtown Square, PA — Chris Yang- ello represented both
the seller & t h e b u y e r making for a very quick and smooth transaction. This 15,000 s/f brick of- f i c e bu i l d - ing is fully leased located
500 E Twp. Line Rd.
Pizzeria, CVS, and the Newly Developed Ellis Preserve Shop- ping Center. Closed transaction on April 27, 2017 for $3 million. In Havertown, Yangello
facilitated the transaction between seller & buyer on the purchase of 500 E Twp. Line Rd. in Havertown. This is a 12,000 s/f building fully leased to three long term tenants. The property sold for $3.675 million on April 7, 2017. n The Solomon Org. provides growth opportunities for new and seasoned team members SUMMIT, NJ — The Solo- mon Organization , owner and manager of more than 13,000 apartment units in NY, NJ, CT, PA, VA, NC and MI, has announced numerous staff additions and promotions throughout its portfolio. In Albany, NY, Ryan Hen- derson has been promoted to regional manager of our 3,000-unit Great Albany-area portfolio. He was previously the community manager at Somerset Park Apartments in Troy, MI. Additionally, Tanya Newman has been promoted from administrative assistant to the Community Manager at the 312-unit London Square community, and Cara Fran- co-House will remain the bookkeeper while taking on additional responsibilities as administrative assistant for the Albany Corporate Office. In Chapel Hill, NC, Hannah Elliott joined the team as the new manager for the 260-unit SunStone. At The Solomon Organization’s 336-unit Shado- wood Community, Layonna Nettles joined the leasing team as a leasing manager. In Greensboro, NC, Stephen Brown was promoted to prop- erty manager at the 284-unit, Lake Brandt community and Trina Price joined the team as its assistant property manager. In Blacksburg, VA, Sandra Stevers joined The Solomon Organization as the new man- ager for the 300-unit Windsor Hills apartment community. n
at 3748 West Chester Pike in Newtown Square. Across the road are neighbors, Mainline Health, SAP, Vanguard, UNO
3748 West Chester Pike
ONLINE ONLY BANK FORECLOSURE AUCTION BID MAY 25 th THRU MAY 31 ST 1.25 Story, 5,211± SF, 3-Unit Office Complex Property Location: 101 E. Wildwood Avenue WILDWOOD, NJ 08260
• 3 blocks from the beach & boardwalk • T-E Zoning District (Tourist/ Entertainment) • Appraised September 2016 $400,000
101 E. Wildwood Avenue Wildwood, NJ 08260
Sells at $199,500 or Above!
• Gas, Electric, Public Water & Sewer • Assessed Value: $431,000; Taxes: $10,023.41 • Located on corner of New Jersey Ave. & Wildwood Ave.
PROPERTY INSPECTION: Wednesday, May 24th, 12:00 - 1:00 PM
ALL bidding will be ONLINE ONLY
856-769-4111 WarnerRealtors.com ONLINE ONLY AUCTION AT WARNERREALTORS.COM
e Mid Atlantic RE Journal 1/4 pg Vertical,
M id A tlantic S hopping C enters 156,530 s/f of new retail and entertainment space in New Jersey NRDC signs first anchor tenants at The Shoppes at Middletown
Real Estate Journal — Shopping Centers — May 26 - June 8, 2017 — 5A
seating area will complement the center’s overall outdoor dining concept. “This is not your ordinary shopping center. The Shoppes at Middletown will greatly en- hance the retail environment along this part of the Rte. 35 in keeping with the charm of the community,” said John Or- rico , president at NRDC. “We are completely reimagining the shopping, dining and entertain- ment experience by providing a lively walk-able space with wide sidewalks for outdoor dining and comfortable seating areas. The center’s design will incorporate green technology such as vehicle charging sta- tions, energy efficient lighting and drought tolerant plants throughout its landscape. We are excited to welcome our first tenants to this truly unique town destination.” n Parkway. The development will feature direct right-in and right-out access on Rte. 17 South, and accessibility from Rte. 17 North via a convenient turn-around at Midland Av- enue. Advance and Invesco Real Estate have tapped Jamie Sackeim and Vicki Ezra of The Dartmouth Company to serve as leasing agents for Paramus Crossroads. “Paramus Crossroads’ prime location, in the heart of one of the most prominent shopping destinations in the country, of- fers tenants excellent visibility along a thoroughfare that’s uti- lized daily by residents, commut- ers, and shoppers alike, given the borough’s prime access to four major malls and several ma- jor arteries to New York City,” Sackeim said. “Tenants also benefit from the fact that nearly a million people live in Bergen County, which boasts one of the highest average household in- come levels in the United States at $112,745 – good for 16th in the entire nation.” n
iddletown, NJ — National Realty & Development
Corp., (NRDC) , recently an- nounced it has signed its first anchor tenants at their new- est development, The Shoppes at Middletown, in Middle- town. Wegmans Food Markets (130,000 s/f) and CMX, The VIP Cinema Experience (26,530 s/f) will join the 340,000 s/f town center. The Shoppes at Middletown will offer a blend of national, regional and local specialty retailers and restau- rants with open café space. The project will be located on Rte. 35 at the intersection of Kings Highway East in eastern Mon- mouth County. The new Wegmans stores feature a European open air café concept that include dis- plays of fresh produce, meats, fresh-caught seafood, deli prod- PARAMUS, NJ — The part- nership of Advance Realty and Invesco Real Estate , a global real estate investment manager, has received approval from the Borough of Paramus to move forward with its plan to redevelop a portion of Ber- gen County’s Rte. 17 retail corridor with the creation of a dynamic shopping and dining destination known as Paramus Crossroads. Advance will demolish an antiquated office building at 289-315 Rte. 17 South, making way for the development of a new 40,000 s/f, modern retail facility featuring spaces rang- ing from 1,500 s/f to as large as 20,000 s/f. The new building will complement the site’s two existing buildings—occupied by PGA Tour Superstore and P.C. Richard & Son, respectively — to create a retail environ- ment conducive to the modern shopper. The partnership will fill the new building with a diverse mix of dining options and specialty retailers not cur- rently found in the immediate
The Shoppes at Middletown Year in a Row Fortune Names Wegmans as “Fortune’s 100 Best Companies to Work For,” with a #2 ranking in 2017. CMX, The VIP Cinema Ex- perience will feature 6 screens
with oversized reclining seats, in-seat as well as Grab & Go gourmet dining options and an exceptional assortment of wines and handcrafted cock- tails. The theater’s outdoor
ucts, international foods, plus all the grocery and household items usually found in a super- market. Currently, Wegmans operates only seven other loca- tions in NJ and for the 20th
Advance Realty & Invesco Real Estate receive approval to develop Paramus Crossroads, NJ’s newest retail destination
area. Restaurants will be able to take advantage of outdoor seat- ing, creating an enjoyable and inviting atmosphere for diners. Located at the highly-traf- ficked intersection of Rte. 17 and the Garden State Parkway, Paramus Crossroads is in the heart of one of the most promi- nent shopping destinations in the United States. Demolition will begin summer 2017 with delivery scheduled for summer 2018. “Since acquiring 289-315 Rte. 17 South, which is situated in one of the most desirable
retail corridors in the United States, Advance and Invesco Real Estate have had a shared vision for howwe could enhance the shopping experience,” said Peter Cocoziello, Advance Realty’s founder and chief ex- ecutive officer. “We’re extremely excited to receive the approvals from the Borough of Paramus, and we look forward to bringing exciting new shopping and din- ing options to an area.” Paramus Crossroads pro- vides retailers with excellent visibility at the center of a densely-populated market, with
more than 120,000 residents in just a three-mile radius, and more than 1.4 million people within 10 miles. Paramus also lays claim to a daytime popula- tion of nearly 250,000 within just five miles of Paramus Crossroads, which is shadow- anchored by the Westfield Gar- den State Plaza — the third- largest mall in the New York Metropolitan Area. The center will boast pic- turesque landscaping, bold architecture with facades, and signage visible from both sides of Rte. 17 and the Garden State
6A — May 26 - June 8, 2017 — M id A tlantic
Real Estate Journal
S hopping C enters
120,000 s/f, $68 million retail development on 19 acres The Grossman Cos. partners with Summit Development
happaqua, NY — In one of the largest ground-up develop- ment projects in its 40-year commercial real estate history, The Grossman Companies, Inc. has partnered with Sum- mit Development to develop a high-end 120,000 s/f, $68 million retail development on 19 acres at 480 Bedford Rd., part of the long-time, former Readers Digest world headquarters. The entire site consists of 114 acres. The sale was consummated on April 14, 2017. The announcement was made by Grossman Compa- C
480 Bedford Rd. rendering
mid- 2018. Other tenants that have already signed leases include Pet Valu, Chase Bank, AT&T and Go Health Urgent Care. The remainder of the Readers Digest property will ultimately include: 91 high- end town homes; 500,000 s/f of medical and office space anchored by Northern West- chester Hospital; 66 affordable housing units; and various public amenities including a walking trail and performance center. CBRE’s National Retail Partners represented Gross- man and Summit, and ar- ranged both the debt and equity capital that includes the construction loan of $44 million from M & T Bank and a 90% institutional joint venture equity partner for the $24 million equity require- ment. The grocery-anchored shopping center in tony, high- barriers-to- entry Westchester County was hotly pursued by both equity and debt capital. Jake Grossman and Felix Charney of Summit said, “Everyone involved in reach- ing this milestone has been schooled in the true meaning of the word ‘perseverance.’ The permitting process was complex, starting in 2005. The Town of Chappaqua has been a fantastic partner in bringing this dream to a reality. We are excited to break ground and look forward to deliver a shop- ping center with a top-notch tenant roster that will enliven the community.” In the last four years, The Grossman Companies and Summit Development have partnered in the acquisition of 9 commercial properties in Connecticut, consisting of some 600,000 s/f including re- tail, office and industrial prop- erties as well as land. The duo is in the process of completing a small shopping center in Danbury, CT on the busy thor- oughfare of Newtown Rd. I all, across southern New England, Grossman owns a commercial real estate portfolio in excess of three million s/f. n
nies’ co-president Jake Gross- man and Felix Charney , principal of Summit. Chappaqua Crossing will be ready for its anchor tenants, Whole Foods and Life Time Fitness, each 40,000 s/f, in
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Real Estate Journal — May 26 - June 8, 2017 — 7A
M id A tlantic
Be Part Of Our Annual Mid-Year Review!
We are inviting a select group of top executives to write an expert article about the current state of their respective mar- ketplace and where they see it progressing in 2017/2018. These experts will enlighten our readers on their industry and give a general overview of their marketplace. This issue gives industry leaders the ability to inform our 25,000 readers (through print and online) on the cur- rent state of the market and business expectations for 2018 focusing on specific business verticals.
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Real Estate Journal
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All Real Estate Investments Contain Risk There Are No Guarantees For Cash Flow There Are No Guarantees For Appreciation Real Estate Investments Are Considered Illiquid Potential Loss of Investment Principal Is A Possibility Real Estate Investments May Go Down In Value Economic Conditions May Aect Real Estate Values Negatively
Disclosures: All properties are available to accredited investors only (generally defined as a net worth of greater than 1 million dollars and/or an entity owned entirely of accredited individuals or having gross assets of over 5 million dollars – please speak with your CPA and attorney to determine if you and your investing entity are considered accredited prior to considering an investment). All real estate contains risk. Please read the full private placement memorandum for a discussion of each properties business plan and risk factors. There are no guarantees for projected cash flow and/or appreciation. Please do not invest in real estate oerings if you cannot aord to lose your entire investment principal. Securities oered through registered representatives of Colorado Financial Service Corporation, Member FINRA/SIPC.
Real Estate Journal — Shopping Centers — Retail Architecture/Construction/Engineering — May 26 - June 8, 2017 — 9A
M id A tlantic
R etail A rchitecture /C onstruction /E ngineering Retail portion of Tucker Development’s mixed-use development is now 85% leased Transformation of Newark’s University Heights neighborhood continues as seven new retailers
neighborhood’s desirability. “When we identified this location for our development, we recognized that creating a vibrant, multi-faceted prop- erty could improve this part of Newark in a tangible way,” said Richard Tucker , CEO of Tucker Development, a nation- al leader in the development of retail centers and mixed- use properties. “With Ashley Stewart opening its doors, sev- eral other shops coming within weeks, and our apartments at 24 Jones approaching full oc- cupancy, it’s very gratifying to see our vision for Springfield
Avenue Marketplace coming to fruition.” University Heights provides residents with convenient ac- cess to Penn Station, NJ Tran- sit and the New Jersey Turn- pike. Further bolstering the location’s connectivity is the bus stop on Springfield Avenue and Jones St., which services lines 1, 99, 25, and GO25, pro- viding seamless accessibility for shoppers and residents. “One of the reasons we love this location is its convenient access to Rutgers University Hospital, Rutgers’ Newark campus, NJIT, Seton Hall
and other educational institu- tions,” Tucker said. “It gives us great pride to see the mix of longtime Newark residents, students and newcomers to the city moving into 24 Jones and using the shopping center daily. University Heights’ proximity to major job centers makes the area very attractive to young professionals, and there’s little doubt that the area’s star is rising quickly.” Tucker’s sentiments are echoed by the retailers that have opened their doors at Springfield Avenue Market- place over the past 18 months.
In addition to ShopRite, the development is home to Sarku Japan, Taco Bell and McDon- ald’s. “Springfield Avenue Market- place has brought something very special to this area of Newark, and we’re excited to be a part of it,” stated David Lee, senior marketing manager for Sarku Japan. “Since open- ing in December, we’ve drawn a steady stream of customers including local residents, stu- dents and hospital workers, and we’re proud to be a part of this transformative environ- ment.” n
EWARK, NJ — Tuck- er Development’s vision for creating a
vibrant and diverse shopping destination in Newark’s Uni- versity Heights neighborhood continued to take shape, as the company announced the addition of seven retailers to the growing mix of tenants at Springfield Avenue Market- place. The mixed-use development, which is anchored by a high- ly successful ShopRite that opened Fall 2015, has energized University Heights and the surrounding area by delivering 115,000 s/f of new retail space, and is serving the area’s need for high-quality housing op- tions with a 152-unit luxury apartment building known as 24 Jones. Retailers joining the mix include: • Plus-size clothier Ashley Stewart, which signed a 4,500 s/f lease, opens today • Popeyes Lousiana Kitchen, which signed a 1,800 s/f lease, will open this Spring • MetroPCS, which signed a 800 s/f lease, will open this Spring • Huddle House, a popular breakfast eatery, signed a 2,400 s/f lease, and will open this Summer • T-Mobile, which signed a 1,800 s/f lease, will open late Summer • Roberto’s Pizza signed a 2,100 s/f lease, will open late this Summer • Venus Beauty signed a 3,500 s/f lease, will open late this Summer “With a scarcity of retail availabilities within new gro- cery-anchored developments, Springfield Avenue Market- place presents a unique oppor- tunity for clothiers, restaura- teurs and other retailers,” said Jake Frantzman of Ripco Real Estate . “With grocery, fashion and dining already on- site, the development presents a perfect retail environment, so it’s no surprise the property is 85-percent leased after such a short period of time.” Since opening in September 2015, Springfield Avenue Mar- ketplace has played a major role in the ongoing transforma- tion of University Heights, at- tracting new residents – largely professionals and graduate students – while bringing the area an array of shopping op- tions that has increased the
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10A — May 26 - June 8, 2017 — Shopping Centers — M id A tlantic
Real Estate Journal
S hopping C enters
GLA/ Acreage Anchor Tenants
Property Name Northeast
307,799 Kmart, Burlington, Market Basket
Shops at Billerica
Boston Rd. & Tower Farm Rd. Plain St. & Lowell Connector Medway St. & Beaver St.
271,377 Target, Marshall’s, Best Fitness
Meadow Brook Center
158,242 Stop & Shop, Dollar Tree
194,221 Future Development
Harbor Pointe Marketplace
Route 440 & Goldsborough Dr.
126,367 Virtua Medical Group, TD Bank
Route 70 & N. Locust Ave. Hanover Ave. near Horsehill Rd. State Hwy. 73 & Sunbird Dr. Adjacent to Foreign Trade Zone Route 18 & Foxborough Dr. Route 46 & Waterview Blvd.
Shoppes at Renaissance Square
Hanover, NJ Evesham, NJ
19 AC BJ’s Wholesale Club (New Development)
BJ’s Shopping Center
26,016 Royal Farms
16.963 AC Across from Walmart, Sam’s, TJ Maxx 9.33 AC Across from Walmart Supercenter 148,708 Whole Foods (New Development)
Mount Olive, NJ Old Bridge, NJ Parsippany, NJ
Vauxhall (Union), NJ 0.3239 AC Future Development
Springfield Ave. near I-78
S. Delsea Dr. (Rte. 47) & College Dr.
94,452 Rockin’ Jump, Dollar General, CVS
Williamstown Shopping Center
Black Horse Pike & Main St.
26 AC Across from Walmart Supercenter
Route 13 & Bennie Rd.
Vacant Land Kohl’s Plaza
Cortland, NY Deer Park, NY
182,875 Kohl’s, Super Stop & Shop
Saratoga Rd. & Glenridge Rd. Commack Rd. & Grand Blvd.
Glenville (Albany), NY 170,616 Target, Pet Supplies Plus, Mattress Firm Lake Ronkonkoma, NY 170,451 Stop & Shop, Regal Cinemas, Dollar Tree
Target Shopping Center
Lake Shore Plaza II & III
Portion Rd. & Patchogue-Holbrook Rd.
Latham (Colonie), NY 118,863 Vent Fitness
Route 7 & Swatling Rd.
Monroe/Woodbury, NY 711,816 Walmart, Target, Home Depot, BJ’s
Routes 17/6 & Route 32 Route 59 & Hutton Ave.
276,792 Home Depot, Raymour & Flanigan, Staples
Home Depot Shopping Center
78,659 Super Stop & Shop, Residence Inn
Route 303 & Palisades Pkwy. Montauk Hwy. & Station Rd.
21,212 US Post Office
Stony Ridge Plaza
Route 9W & Park Rd. 660 White Plains Rd.
Stony Point, NY
660 White Plains Road
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.
140,715 Home Depot, Chili’s
Montgomeryville, PA 133,124 BJ’s Wholesale Club, Lowe’s
Five Points Plaza
444,531 Target, BJ’s, Best Buy, Petsmart, Staples
Quakertown, PA Trexlertown, PA
Macungie Crossing Shopping Ctr.
±36,671 Near Walmart Supercenter
Midwest Marshall’s at The Grove
Downers Grove, IL
75th St. & Lemont Rd.
Evansville Shopping Center
162,394 Rural King, Buehler’s IGA, Dollar General
Morgan Ave. & Boeke Rd. Pendleton Pike & Shadeland Ave. U.S. Hwy. #30 & Water St.
134,797 Rose’s Department Store
The Market Place at Warsaw
183,900 Carson’s Dept. Store, Sears, Dunham’s
Muskegon Shopping Center
167,212 Jack Loeks Theatres
Henry St. & Norton Ave.
Thomas G. Mirandi tel 212.265.6600 x239 email@example.com
810 Seventh Avenue, 10th Floor New York, NY 10019 • rdmanagement.com
Real Estate Journal — Shopping Centers — May 26 - June 8, 2017 — 11A
M id A tlantic
S hopping C enters
S N A P S HO T
GLA/ Acreage Anchor Tenants
Port Huron Shopping Center
114,981 Big Lots, Save-A-Lot, Talecris Plasma
Howard St. & 24th St.
Port Huron, MI
9.37 AC Development Opportunity
Fort St. & Burns Ave.
Midway Shopping Center
University Ave. & Snelling Ave.
293,732 Rainbow Foods, Office Max, Walgreens
St. Paul, MN
Home Depot Plaza
Rte. 20 & Orchard Rd.
148,440 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
99,688 Academy Sports + Outdoors
Memorial Pkwy. SW&DrakeAve. SW
Fern Park Plaza
131,646 Ross, Beall’s Outlet, Aldi, Dollar Tree 312,498 Two blocks north of University of Florida
Fern Park, FL
Semoran Blvd. & Hwy. 17/921 NW 13th St. & University Ave. USHwy. 98N&LakelandParkCtr Dr.
Mixed Use Development
Wildwood Antique Mall, Chuck E. Cheese
323,061 Beall’s Outlet, AMC Theatres, JoAnn Fabrics
N. Fort Myers, FL
US Hwy. 41 & SR 78
265,409 Earth Fare, Burlington, Best Buy, Staples
Shady Oaks Shopping Center SW 27th Ave. & College Rd.
Seminole Centre University Mall
368,166 Walmart Supercenter, Ross, Aldi 1,332,205 Dillard’s, Burlington, Sears
S Orlando Dr. & Lake Mary Blvd. EFowler Ave. &BruceB. DownsBlvd.
Sanford, FL Tampa, FL
257,761 Lowe’s, Kroger, Dollar Tree
Route 23 & Diederich Blvd.
Long Meadow Shopping Center
164,293 CVS, PA Dutch Market, Dollar General
Potomac Ave. & Northern Ave. Liberty Rd. & Brenbrook Dr.
146,586 Home Depot
Marketplace at Rivergate
Gallatin Pike & Conference Dr.
111,463 Oak Factory Outlet, Harbor Freight Tools
Shops at Tech Ridge
12901 I-35 South & Parmer Ln.
504,153 Floor & Decor, Fitness Connection, Ross
Food Lion Shopping Center
10.2 AC Food Lion, Fresenius Medical
Rte. 1 & Chippenham Pkwy.
Richmond, VA Winchester, VA
89,918 Dick’s, The Fresh Market, Planet Fitness
S. Pleasant ValleyRd. &E. Jubal EarlyDr.
263,323 Kmart, Kroger, Goody’s Dept. Store
St. Albans Shopping Center
Rte. 60 & Boone St.
St. Albans, WV
West Freestanding Barnes & Noble
19,360 Barnes & Noble
1035 N. Metro Pkwy. W & 28th Dr.
127,754 Kmart, Family Dollar
E. Sahara Ave. & McLeod Dr.
Las Vegas, NV
Kmart Shopping Center
119,705 Kmart, Value Village
Mission St. SE & 25th St.
Freestanding Office Max
410 S. 900 E. & 400 S.
29,051 Office Max
Salt Lake City, UT
Arecibo Towne Center
±350,000 Future Development
Routes 2 & 22
±525,000 Walmart Supercenter, Home Depot
Reinadel Sur; PonceTowneCenter II
Routes 2 & 10 @ PR-52
Thomas G. Mirandi tel 212.265.6600 x239 firstname.lastname@example.org
810 Seventh Avenue, 10th Floor New York, NY 10019 • rdmanagement.com
12A — May 26 - June 8, 2017 — Shopping Centers — M id A tlantic
Real Estate Journal
S hopping C enters By David Goodman, Equity Retail Brokers Sprouts Farmer’s Market coming to Philly, South Jersey
S prouts Farmers Market, an organic and natu- ral foods grocer with
in South Philadelphia, a mixed- use development that Kimco is involved in. The Moorestown store would inhabit part of the space in the Moorestown Mall that Macy’s recently vacated. Sprouts expansion to the northeast comes at a time when sales of organic food has been soaring in the U.S. Until recently, Whole Foods has owned most of the organic mar- ket in Greater Philadelphia. However, Mom’s Organic Mar- ket and bFresh have recently entered the market, and sev- eral traditional and discount
grocery stores - like Aldi and ShopRite - have been increas- ing their organic and natural foods offerings. Newcomer Lidl is expected to offer a significant variety of organics, as well. What this all leads to is “a price war of unprecedented proportions,” according to Burt Flickinger III, managing di- rector at Strategic Resource Group. Nationally, Sprouts had re- ported that they have 63 sites approved for new stores and 43 signed leases “for the coming years.” As reported previously, Al- bertsons (Acme) is exploring an acquisition of the Sprouts chain. n Durkin of Roddy brokers lease expansion at Langhorne Square SC Levittown, PA —R oddy Inc . announced that it repre- sented Habitat for Humanity of Bucks County in expanding their lease by an additional 7,715 s/f, bringing the total leased to 26,389 s/f within the Langhorne Square Shopping Center located on E. Lincoln Highway, Levittown. Habitat for Humanity of Bucks’ mission is to build af- fordable homes, better lives, stronger families, and safer re- vitalized communities through partnerships with people and organizations throughout Bucks County. Habitat for Humanity of Bucks County has an open-door policy: All who believe that everyone needs a decent, affordable place to live are welcome to help with the work and they accept volun- teers and supporters from all backgrounds who are willing to serve people in need of de- cent housing. The organization plans to use the space for a Habitat for Humanity ReStore, providing for the sale and dis- play of construction materi- als, furniture, and household furnishings to the local com- munity. Revenue from Habitat ReStore provides a source of sustainable funding for the con- struction and repair of homes throughout the county. The Habitat Bucks Home- ownership Program provides an opportunity for low-income fam- ilies to increase their indepen- dence and economic well-being through home ownership and educational opportunities. n
268 stores in 15 states, is r e p o r t e d l y planning on a new store in Philadel- phia, PA and Moorestown, N J . B o t h stores would
represent the first in each state. The Philadelphia store is planned for Lincoln Square at Broad St. and Washington Ave.
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