S hopping C enters F eaturing R etail A rchitecture , C onstruction & E ngineering
Real Estate Journal — Shopping Centers — May 27 - June 9, 2016 — 3A Kennedy Pharmacy opens at the Colonial Village Shopping Center
www.marejournal.com
M id A tlantic
Joint venture to redevelop/reposition shopping center HFF arranges $21.7 million acquisition financing in PA D
EDISON, NJ — Jaime Weiss , managing member of Colonial Village Associates, LLC and president of Weiss Realty , the center’s leasing and managing agent, has announced that Kennedy Pharmacy has leased 1,025 s/f at Colonial Village Shopping Center located at 1 Lincoln Highway in Edison, NJ. The Grand Opening event took place on Wednesday, April 27th. Edison Mayor Tom Lankey was on hand to cut the ribbon in the store open- ing ceremony. With this lease, The Shops at Colonial Village are now 100% percent leased. “We are excited to celebrate the Grand Opening of this independently owned and communityminded pharmacy” said Matthew Weiss who brokered the transaction. “The new owners are excited to open their doors to the community.” Kennedy Pharmacy is con- veniently located to serve the many physicians and medical professionals with offices at Colonial Village and patients
Hardware, Anthony’s Res- taurant, PNC Bank, Drexel Hill Pediatrics Associates and Children’s Dental Health As- sociates. The mixed-use center is situated on 18.46 acres at 4990-5100 State Rd. at the signalized intersection of State Rd. and Rte. 1, which has an average daily vehicle count exceeding 35,000. Drexeline Shopping Center is located in Drexel Hill in the western part of Upper Darby Township nine miles west of Center City Philadelphia. The HFF debt placement team representing the bor- rower was led by senior manag- ing director Jon Mikula and director Michael Klein . “Drexeline Shopping Center is situated in an infill location with great demographics,” Klein said. “The partnership between MCB Real Estate and The Hampshire Companies has an excellent opportunity to re-
fresh, stabilize and reposition the center for the long-term benefit of the local community.” “Flushing Bank quickly un- derstood the shopping center’s potential and was eager to work with both MCB and The Hampshire Companies to help fulfill their vision for the prop- erty,” Mikula added. “Flushing Bank has been a leader in commercial real es- tate and multi-family lending in the New York Metropolitan area for many years,” said Ron Hartmann , executive vice president for commercial real estate lending at Flush- ing Bank. “We are excited to expand our lending expertise in support of larger commer- cial real estate transactions in similar metropolitan markets. Our customers also have the benefit of a robust complement of online banking services, in- cluding operating accounts and cash management services.” n
REXEL HILL, PA — Holliday Fenoglio Fowler, LP (HFF) an- nounced that it has arranged $21.7 million in acquisition financing for Drexeline Shop- ping Center, a 264,417 s/f, grocery-anchored, mixed-use retail center with office space in the Philadelphia suburb of Drexel Hill. HFF worked on behalf of the borrower, a partnership between The Hampshire Companies a nd MCB Real Estate , and with the lender, Flushing Bank , to provide permanent financing. Loan proceeds will be used for the acquisition and a secure line of credit for redevelopment and repositioning of the shopping center. Consisting of five buildings, Drexeline Shopping Center is home to more than 40 retail and office tenants, including grocery-anchor Shop Rite, Ace
1 Lincoln Highway
needing medical services at nearby JFK Medical Center and in Metuchen and Edison area. Colonial Village comprises 20,000 s/f of retail services, dining and shopping and 50,000 s/f of offices situated in five buildings on 6 landscaped acres with 400 car parking spaces. Located at the cross- roads of central New Jersey, it is easily accessible from the Garden State Parkway at Exit 132, the NJ Turnpike and Routes 1 & 9. n
Investment Real Estate inks $5.25 million sale in New Jersey
Centre Square Commons scheduled to open 1st quarter 2017 Madison Dev. & Kinsley Properties to develop 110,000 s/f shopping center
Space Relief Center
site rental office. Site improve- ments include standing seam metal roofs, asphalt driveways, exterior lighting with a keypad operated gate and keypad op- erated entrance and exit doors. Space Relief Center was 85% occupied at the time of sale. John Gilliland , president and CEO for Investment Real Estate, states, “This sale was finally consummated after numerous years of coopera- tive work between the seller and the broker to maximize the value of the property. The seller realized that prices are at all-time highs and he took the initiative to liquidate the asset. Congratulations on a market well timed.” n
SUSSEX COUNTY, NJ — Locally owned and operated Investment Real Estate, LLC announced the sale of Space Relief Center for $5.25 million to a private investment group. Space Relief Center is located on Rte. 206 between the towns of Newton and Branchville in Sussex County. Space Relief Center consists of 11 single story metal build- ings with over 500 storage units. The facility is located on over 17 acres of Qualified Farm zoned land with excel- lent visibility from Rte. 206, a major north-south arterial serving greater Newton. The entire property has been well cared for and has an on-
along the east coast. The shop- ping center co-tenants include Starbucks, Hallmark Cards, Zoe’s Kitchen, Verizon Wire- less, VIST Bank, Turning Point Restaurant, Anthony’s Coal Fired Pizza, Pet Valu, Hand & Stone and many other retailers and restaurants. The shopping center design includes decora- tive pavers and lighting with several large piazza’s and wide sidewalks for outdoor dining. Centre Square Commons rendering
“Kinsley Properties has over 40 years of experience develop- ing hospitality, residential, in- dustrial, office and retail prop- erties in Pennsylvania, New Jersey, Maryland and Virginia making them an ideal partner for us to jointly develop this premier site”, said McKenna. Ground breaking was March 28th and grand opening is scheduled for 1st quarter 2017. n
BLUE BELL, PA — John McKenna , president of Madi- son Development Group, Inc. and Tim Kinsley, prin- cipal of Kinsley Properties , have entered into a joint ven- ture to develop a 110,000 s/f shopping center at the inter- section of Rte. 202 & 73 in Blue Bell, PA. Centre Square Commons will be anchored by The Fresh Market, a specialty food market with 185 stores
Made with FlippingBook HTML5