14C — April 25 - May 15, 2014 — Shopping Centers — M id A tlantic
Real Estate Journal
www.marejournal.com
S hopping C enters
Dollar General with locations in PA, OH, NY & West VA Marcus & Millichap arranges $4,548,960 sale of retail portfolio
Haas, Hearn & Dannenfelser negotiate Colliers brokers sale of $4.3mEmmortonVillage
P Pottstown, PA — LMS Commercial Real Estate , a privately owned real estate company based in Lancaster, has recently arranged the following lease transactions: Patient First has recent- ly leased 6,400 s/f at West Pottstown Shopping Plaza, 125-131 Shoemaker Rd., Pott- stown, PA. The shopping cen- ter features other well-known tenants like Just Cabinets and Ollie’s Bargain Outlet. The landlord was represented by Joseph Deerin of LMS Commercial Real Estate and the tenant was represented by RyanMyers of LMS Com- mercial Real Estate. FloorMax at Derry St. Prop- erties had recently leased 2,100 SF, at 7400-8000 Derry St., Harrisburg, PA. Thel- andlord was represented by Wilay Boensch of LMS Com- mercial Real Estate. Biggs BBQ and Burrito at Village Commons leased 1,500 s/f ,located at 2005 Miller Rd, East Petersburg, PA. Village Commons is cur- rently under re-development Services announced the sale of a seven property Dollar Gen- eral portfolio, with locations in Pennsylvania, Ohio, New York and West Virginia. The portfolio sold for $4,548,960 or a 9.15% capitalization rate. Michael Shover and Mat- thew Gorman , investment specialists in Marcus & Mil- lichap’s Philadelphia office, represented both the seller and buyer. Michael Glass , broker in Ohio, JD Parker , Bro- ker in New York and Ralph Nash , broker inWest Virginia, each assisted in closing this portfolio sale. “This was an off market transaction. Both parties are successful, private developers that we’ve known for a while,” says Shover. “We A, OH, NY, WV — Mar- cus & Millichap Real Estate Investment
Emmorton Village
Abingdon, MD — Col- liers International in Balti- more, a full-service commer- cial real estate firm, brokered the sale of Emmorton Village, a 95-percent-leased, three- building property offering 30,800 s/f of retail and of- fice space in Abingdon, MD. Colliers represented Multi- Properties Inc., which sold the property to Max Realty LLC for $4.3 million. “Colliers brought a depth of market knowledge and strong reputation that at- tracted multiple offers from well-known buyers in our market. They had their choice of buyer,” said Matt Haas , managing director and prin- cipal of Colliers | Baltimore. Haas brokered the deal with Colliers CEO and principal Tim Hearn and managing HAMPTON, VA — Sun- Trust Bank signed a lease extension for 3,000 s/f on .537 acres in Willow Oaks Village Square Shopping Center, lo- cated at 75 Willow Oaks Blvd. The lease negotiations were handled on behalf of the land- lord, Willow Oaks Associates, LLC, by Eric Bucklew of Divaris Real Estate (DRE) . Kumon Math and Read- ing Center signed a lease for 2,400 s/f of retail space in the Divaris-leased and managed Brenneman Farm Shopping Center located at 4512 Prin- cess Anne Rd., in Virginia Beach. The lease was han- dled on behalf of the landlord, Brenneman Farm Retail Asso- ciates, by Levi Thomson and Melinda Pezzella of Divaris.
director and principal Dave Dannenfelser. Emmorton Village includes 3101 Emmorton Road, a shop- ping center covering 11,200 rentables/f fully occupied by local retailers; 3103 Emmor- ton Road, a single-story build- ing offering 9,600 rentables/f of office and retail space; and 3105 Emmorton Road, a 10,000 s/f building fully leased by professional and medical office tenants. “The buyers are fortunate because they purchased Em- morton Village at the right time with newly developed property nearby. It’s very good real estate that sits in a well-populated area near Bel Air,” Haas said. “Beyond this, the sale dem- onstrates that the market has gotten healthy again.” n Heather’s Hair Designs signed a lease for 1,750 s/f of retail space in Foxfire Square at 2401 Seaboard Rd. in Virginia Beach. Pezzella and Krista Costa of DRE represented the tenant in this lease. Duck & Goose Frozen Yogurt signed a lease for 1,600 s/f of retail space in Greenbrier Town Center, 725 Eden Way North in Chesapeake. Pezzella represented the tenant in this transaction as well. Rita’s Pizza signed a lease for 1,200 s/f in the Divaris- leased and managed Academy Crossing SC, located at 3224 Academy Ave. in Portsmouth, VA. The lease was handled on behalf of the landlord, Midlan- tic Builders VA, LLC, by David Bickford of DRE. n
committed to the transaction and it closed pretty quickly,” said Shover. The Dollar General loca- tions include: Elysburg, PA; Linesville, PA; Cambridge Springs, PA; Defiance, OH;
knew the seller had interest in selling and there was a good match given the buyer’s in- vestment criteria. There were a lot of moving parts given the different locations and lease terms, but both parties were
LMS Commercial Real Estate completes 6,400 s/f lease at West Pottstown Shopping Plaza
Divaris’ Virginia Beach office finalizes leases totaling 10,000 s/f
Pottstown Shopping Plaza
with two new retail buildings to capitalize on this prime location. The landlord was represented by. Deerin and Boensch. Three leases have been recently made for 750 s/f, 1,500 s/f, and 1,000 s/f leases to Radiance Nails, Backyard Birding, and Costello Builders respectively at Village Com- mons, 2005 Miller Rd., East Petersburg, PA. The landlord was represented by Deerin and Boensch. International Grocery re- cently leased 645 s/f at Re-
gency Square recently leased 645 SF, 101 Rohrerstown Rd., Lancaster, PA The landlord was represented by Ellen Smoll of LMS Commercial Real Estate. Belco Credit Union recent- ly purchased 1.20 acre at Gateway Hanover Shopping Center, 1301 Carlisle Pike, Hanover, PA. . The seller was represented by David Nicholson and Ryan Myers of LMS Commercial Real Estate. The buyer was repre- sented by Bill Twigg of Jack Gaughen Realtor. n enhance Kohl’s Plaza’s regional draw, while Advantage Health will provide a specialized fit- ness and wellness facility for the Holmdel community,” said Greg Oshins , VP of Invest- ments at NRDC. n
Holmdel, NJ — Nation- al Realty & Development Corp. (NRDC) announced that Flynn & O’Hara Uniforms and Advantage Health will be joining the 184,575 s/f Kohl’s Plaza in Holmdel. Kohl’s Plaza National Realty & Development Corporation adds new tenants To Kohl’s Plaza in Holmdel, NJ is located at 2145 Highway 35 at the intersection of Union Ave. “Flynn & O’Hara Uniforms, a well-known specialty re- tailer with about 30 locations throughout the east coast, will
Turnersville, PA — Equity Retail Brokers agents Rob Samtmann, Brian Wherty and Rich Zeller represented Star- bucks in leasing a 2,370 s/f building with a drive-thru located on the heavily trav- Equity Retail Brokers closes 2,370 s/f lease eled Route 42 in Turners- ville, PA. The surrounding retail includes Wendy’s, Chic-fil- A, Denny’s and McDonalds. Starbucks opened its doors at the Turnersville location in March, 2014. n
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