H Cushman &Wakefield handles 403,622 s/f transaction on behalf of owner FCP announces sale of 1 Dulles inHerndon, VA for $226.0Million erndon, VA — FCPSM announced the sale of One Dulles

ISSUE HIGHLIGHTS Volume 30, Issue 6 March 30 - April 12, 2018


invest and, with fund capital available to us, we will con- tinue to seek opportunities like this one in the Dulles Corridor and other strong submarkets throughout the Washington, DC region and the East Coast.” One Dulles Tower is located within the upscale Woodland Park master planned devel- opment, with extraordinary 360-degree views, convenient access to more than 140,000 s/f of retail, a hotel and 5-acre park and is one half mile from both the future Herndon and Innovation Center Silver Line Metro Stations. FCP extends its appreciation to Bill Collins, Paul Collins, Drew Flood, Eric Berkman , and Shaun Weinberg of Cushman & Wakefield for their representation of FCP in the sale of the building. n the United States. Shippers can reach 100 million consum- ers within a day’s departure. CBRE teams led by Mindy Lissner, Jeffrey Babiki- an, William Waxman , and Thomas Sullivan represent- ed the sellers in the transac- tion. Camber Real Estate Partners and Cushman & Wakefield served in an ad- visory capacity to the buyer group. “New Jersey has one of the largest concentrated crit- ical masses of warehouse and distribution space in the U.S. due to its vast logistical infrastructure network of highways, deep-water cargo ports, air freight capabili- ties and rail servicing the entire region,” Mindy Lissner said. “Advance and Greek can look forward to strong interest from the increasing number of food, consumer product, household goods, and e-commerce tenants actively exploring and expanding into the market.” n

Tower to affiliates of Harbor Group International, LLC for $226.0 million. FCP pur- chased the 403,622 s/f class A office building prominently located on the Dulles Toll Road in Herndon, VA in Oc- tober 2015 and completed an extensive renovation following the planned move out of the prior single tenant occupant. In early 2017, FCP signed a lease for a full-building tenant. FCP sr. vice president, Erik Weinberg , said, “FCP is thrilled with the exceptional results of the repositioning of this trophy Dulles Corridor tower.” He continued, “One Dulles is an excellent example of the type of commercial office property in which we like to


Section C

One Dulles Tower

Upcoming 2018 Conferences April 26, 2018 New Jersey Office Conference April 27, 2018 Philadelphia Capital Markets Conference For speaking and sponsorship information, please contact: Lea at 781-740-2900 or lea.christman@marejournal.com

CBRE’s Lissner, Babikian, Waxman & Sullivan represent sellers Advance Realty &Greek Development acquire 350-acre development parcel in Linden, NJ

LINDEN, NJ — The part- nership of Advance Realty and Greek Development announced the acquisition of a 350-acre tract of land in Linden, NJ.

With limited opportunities in high-barrier to entry mar- kets such as Northern New Jersey, the developers expect to satisfy the requirements of modern distribution ten-

Mindy Lissner Jeffrey Babikian WilliamWaxman Thomas Sullivan

the best designed logistics centers in New Jersey. As the state’s industrial market con- tinues to thrive, we anticipate significant interest in the rare opportunity we are planning to create in Linden.” Located off Tremley Point Road, the development tract comprises several contigu- ous parcels in a location that provides exceptional access to one of the world’s most concentrated and affluent cus- tomer bases. Additionally, the property is situated within the Port submarket, just 10 miles from the Port of New York and New Jersey, the largest port on the East Coast and the third-largest port in

ants and e-commerce users in search of class A warehouse space. “The City of Linden has fostered a unique opportunity at Tremley Point,” Advance Realty CEO Peter Cocozi- ello said. “We look forward to working with Greek Develop- ment and City of Linden offi- cials to improve the site with a world class development in the heart of one of the world’s most vibrant industrial mar- kets.” Added Frank Greek , prin- cipal and CEO of Greek De- velopment: “We are extremely excited to partner with Ad- vance on what will be among


Shopping Centers.............................................3-13A Business Card/Billboard Directory.......................15A Owners, Developers & Managers............... Section B The Best of 2017. ....................................... Section C

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Inside Cover A — March 30 - April 12, 2018 — M id A tlantic

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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 Associate Publisher ..................................... Miriam Buttrick Senior Editor/Graphic Artist ..........................Karen Vachon Contributing Columnists: Tim Malloy,Barley Snyder; Wally Merkas, WITHUM; Michael Mullin, Integrated Business Systems Postmaster send address change to: Mid Atlantic Real Estate Journal 350 Lincoln St, Suite 1105, Hingham, MA 02043 USPS #22-358 | Vol. 30, Issue 6 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 Mid Atlantic R eal E state J ournal ~ Published Semi-Monthly Periodicals postage paid at Rockland, Massachusetts and additional mailing offices

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How the Tax Cuts and Jobs Act Will Affect the Real Estate Industry

Community Commitment

Tim Malloy

Strategic Alliances

C ongress enacted the Tax Cuts and Jobs Act in December to provide the most substantial overhaul of the United States tax code in decades. There has been plenty of publicity surrounding the personal income tax effects stemming from the enactment of this act, however, there are a number of other areas of the tax code which are significantly affected. There are a number of pro- visions in the act that will directly affect the real estate industry: Bonus depreciation. The act will now allow certain taxpay- ers to elect to treat qualifying property as a deductible ex- pense rather than as a capital expenditure. This will allow many business to immediately expense large expenditures made in connection with cer- tain real estate purchases. This particular provision will be phased out by 2023. Real property asset lives. The act now is intended to provide that qualified improvements to real estate will have a use- ful life of 15 years. A technical correction to the law will be

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necessary in order for this piece of the law to actually come into effect. Like-kind exchanges. Gener- ally, tax-free like-kind exchang- es have been eliminated. How- ever, the like-kind exchange of real estate has been preserved. The impact of this is that, upon each purchase of real estate, the buyer will need to consider what the tax effect is for the tangible personal property as- sociated with the purchase. Business income deduction. There is a new deduction for business in the amount of 20 percent of qualifying business income, however this deduction is limited to 50 percent of the W-2 wages paid by the business or the sum of 25 percent of the wages paid plus 2.5 percent of the unadjusted basis of certain property the business uses

to produce qualified business income. Changes for a tax-exempt in- vestors. The unrelated business taxable income rules have been modified significantly in that you can no longer offset the in- come from one unrelated trade or business with the loss from another. It is possible that the IRS will treat each real estate asset as a separate business, thus losses from one property may not be able to be used to offset income on another prop- erty. This can effect nonprofits across the board. Net operating losses. They can no longer be carried back but may only be carried for- ward indefinitely, and a net operating loss arising in a tax year may only reduce 80 percent of taxable income in a continued on page 11A

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Deploys regional and national team of experienced retail professionals CBRE teams with Brandywine Realty Trust for retail portion of $3.5B Schuylkill Yards development P

operations. The national and regional team of CBRE professionals involved in the effort include Steven Gartner, Jeffrey Co- hen, Lisa Stoddard, Mallory Scaccetti, Todd Caruso and Rija Beares . According to Steven Gart- ner, CBRE's managing direc- tor of retail services, "Brandy- wine’s Schuylkill Yards will be a world-class development, one of the most prominent and vis- ible in the country. Its location is situated among the finest higher education and medical institutions in the nation, and is adjacent to the region's major transportation hub. We look forward to advising Brandywine and other team members to create a lifestyle environment that is more than just brains and trains. Through thoughtful placemaking, design, and lively ground floor activity, Schuylkill Yards will be a groundbreaking, dynamic, 24-hour community." n Atlantic and Southeastern offices. “He will play a key role as we continue to expand our multi-tenant retail foot- print throughout the region.” Prior to joining Marcus & Millichap, Laycox was president of Urban Acre In- vestments, LLC, a boutique brokerage firm. During the course of his career, he has participated in over $350 million in transactions in Virginia, North Carolina and Washington D.C. He also served as director of investment services team at Colliers International, specializing in the sale of retail assets across the Mid- Atlantic. His educational back- ground - The Ohio State University. He is licensed in Maryland, Washington, D.C., Virginia, North Carolina, and South Carolina. He is an active member of the Inter- national Council of Shopping Center (“ICSC”). n

hiladelphia, PA — CBRE has been re- tained by Brandywine Realty Trust to provide retail advisory and transaction ser- vices for its Schuylkill Yards project in Philadelphia. The 14- acre, 6.9 million s/f innovation community is being developed in University City, adjacent to Amtrak's 30th Street Station and Drexel University, the site’s primary ground lessor. The first phase of the $3.5 bil- lion, multi-year project includes Drexel Square, a 1.3-acre com- munity park at the corner of 30th &Market Streets, opening later this year, and the reimag- ining of the former Bulletin Building. At full buildout, Schuylkill Yards will be one of the nation's leading large-scale innovation communities, con- sisting of office, retail, labora- tory, residential and hospitality spaces. CBRE is deploying a re- gional and national team

Schuylkill Yards rendering sure long-term success in creating Philadelphia's "Next Great Neighborhood." Using best practices gleaned from other developments world-

of experienced retail pro- fessionals and placemak- ers to strategically provide Schuylkill Yards the ground- floor vibrancy that will as-

wide, it will create an invit- ing, appealing environment designed to attract many first-in-the-market retail, dining and entertainment

KLNB’s Maddux, Miller, Minnehan, and Copeland broker 5.5 acre sale

Edward Laycox joins Marcus & Millichap as vice president

Washington , DC — Marcus & Millichap announced that Edward

Laycox has joined the firm as vice p r e s i d e n t investments in Marcus & Millichap’s Wa s h i n g - ton, D.C. of- fice. In his new

Edward Laycox

Tom Maddux

Patrick Miller

Ryan Minnehan

Matt Copeland

role, Laycox will specialize in the sale of retail properties throughout the Mid-Atlantic with a focus on serving pri- vate clients. He brings more than 17 years of valuable retail and commercial real estate experience. “Ed is a highly skilled broker and his experience in navigating complex re- tail transactions will add tremendous value to our clients,” said Bryn Merrey , senior vice president/division manager of the firm’s Mid-

Royal Farms at Nottingham Ridge. Both retailers are un- der construction and plan to open later in 2018. The 17-acre Nottingham Ridge development is located on Philadelphia Road immedi- ately south of theWhite Marsh Boulevard interchange with I-95. Approximately 9 acres remain available. “White Marsh is one of Bal- timore County’s largest and fastest-growing business and residential communities. It is a dynamic retail location

that provides great value and growth to companies such as Sheehy,” said Maddux. “There are many significant employ- ers in the region — Stanley Black and Decker, Franklin Square Hospital, Comcast, and more — so the residential population will only get denser as these companies continue to expand. It is exciting to bring Sheehy Auto Stores, Royal Farms and other high-quality retailers to Nottingham Ridge and to this powerful and grow- ing community.” n

White Marsh, MD — KLNB , the full-service com- mercial real estate brokerage firm, announced today the sale of 5.5 acres to Sheehy Auto Stores in the new Nottingham Ridge development in White Marsh, MD. Tom Maddux, Patrick Miller and Ryan Minnehan of KLNB repre- sented the seller, Nottingham Ridge II Business Trust and Matt Copeland of KLNB represented the buyer, Sheehy Auto Stores. Sheehy Auto Stores joins

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ennett Square, PA — The Shoppes at Longwood Village, Lahn represents the landlord in Kennett Square, PA Waters Retail Group signs leases totaling 49,333 s/f at The Shoppes at Longwood Village K as Two Stones Pub, Hearth Kitchen, Capriotti’s, Red So- brero, and Wendy’s.

• Fine Wine & Good Spirits “Premium Collection,” which is operated by the Pennsylvania Liquor Control Board, will of- fer their customers a bRd.er selection of products and an enhanced space to shop. The new “PremiumCollection” store will also feature a warmer and friendlier décor with a new tasting bar. • Ulta Beauty, which is based in Bolingbrook, Illinois, is the largest beauty retailer in the United States and the premier beauty destination for cosmet- ics, fragrance, skin, hair care products and services. Ulta operates over 1,000 stores throughout the Country with its closest locations in Exton, PA and Wilmington, DE. • Carter’s/Osh Kosh, which is based in Atlanta, Georgia, is the leading brand of children’s clothing, gifts and accessories in America with over 1,000 stores in the USA, Canada and Mexico. Carter’s/OshKosh’s closest locations are in Exton, PA and Wilmington, DE. n Neuman Comm’l. Group arranges sale of a Joppa Center for $2.675M

• Ross Dress for Less, which is based in Dublin, California, is the second-largest off-price re- tailer behind TJX Companies, parent company of Marshall’s, TJ Maxx and HomeGoods. Ross has over 1,300 stores through- out the Country with its closest location in Exton, PA. Ross offers first-quality, in-season, name brand and designer ap- parel, accessories, footwear and home fashions for the entire family at savings of 20% to 60% off department and specialty store regular prices every day.

which opened in the Fall of 1992, is about to welcome four new retailers to the shopping center. Waters Retail Group , a Southeast Pennsylvania de- velopment, management, leas- ing, and brokerage firm, has signed leases with Ross Dress for Less (22,000 s/f), Fine Wine & Good Spirits “Premium Col- lection” store (12,000 s/f), Ulta Beauty (10,333 s/f), and Cart- er’s/OshKosh B’gosh (5,000 s/f). Construction will begin this Spring with the new stores opening in Spring and Fall,

The Shoppes at Longwood Village

2019. Kevin Lahn of Waters Retail Group represented the landlord in these transactions. The Shoppes at Longwood Village is located at the inter- section of East Baltimore Pike and Bayard Rd. in Kennett

Square, PA. The 141,940 s/f Shopping Center is anchored by TJ Maxx, Famous Footwear, Staples, Jos. A. Bank, Salon Secrets Spa + Boutique, Nor- man’s Hallmark and Starbucks and includes such restaurants


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Joppa Center

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last week for $2.675 million. It has been continuously 100% leased since construction to its two original tenants, Active Day|Senior Care, one of the nation’s largest adult day care providers with 90 locations, and leading early childhood Celebree Learning Center. Neuman Commercial Group, led by principal, Gil Neu- man represented the seller, Heritage Properties, Inc. and procured the buyer, a private investment group. n

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By Joel Groover 7-Eleven taps local brokers to ramp up its North American store count


fashioned pounding the pave- ment still works best for Fiore- AmecAngelo. “By the time a site is on the Internet, everybody knows about it,” she said. “I’m looking for gems that are not yet on the market.” In addition to lots of driving, the broker takes full advantage of one of the traditional cornerstones of the real estate business—per- sonal relationships. “Develop- ers in this region know me well and understand my role at 7-Eleven,” she said. “They have brought me probably 15 or 20 sites in the last month alone.” continued on page 6A

-Eleven has big plans for its 100th birthday in 2027 — opening 20,000 new

for new 7-Eleven locations, certain site criteria always catch her attention: If it’s a cor-

on half-acre parcels without gasoline forecourts. “That gives you more options for new sites,” she said. Fiore-AmecAngelo looks for sites with heavy vehicle counts as well as sufficient parking for on-the-go shoppers. “Having access to neighborhoods tends to be important to 7-Eleven,” she said. “The company wants people to be able to run to their neighborhood 7-Eleven in their pajamas.” Proximity to traffic- drivers such as schools and hospitals is also a plus. To meet the needs of those on- the-go shoppers, Kimmel adds,

7-Eleven is offering greater varieties of fresh and prepared foods in appealing store en- vironments that are a far cry from the c-stores of 40 years ago. “More people are working today, with two-family incomes now being the norm,” Kimmel notes. “Technology is also a big part of that lifestyle, which is why we’re so focused on apps that ramp up customer conve- nience. While Millennials are important for us, everybody these days is attached to that phone.” Technology is a bigger part of real estate as well, but old-

stores across the Uni t ed Stat es and Canada. To hit that targe t , the company is aggressively p u r s u i n g sites in sub-

ner site with a traffic light and access on both sides, for instance, the owners will likely get a call to gauge their willing- ness to sell, she said. In

Stuart Kimmel

Patti Fiore- AmecAngelo

urban neighborhoods, urban downtowns and just about everything in between, said Stuart Kimmel, real estate manager for 7-Eleven’s Penn Jersey zone, which encom- passes Delaware, New Jersey and Pennsylvania. “We don’t have a cookie-cutter design,” he notes. “We’ll do a suburban site with gas or a walk-up store downtown. Our only ‘must- have’ is the customer.” According to Kimmel, 7-Elev- en’s real estate teams are about halfway toward their 20,000-store target. (Globally, the company counts 65,000 stores in 18 countries.) As they launch new 7-Elevens in their respective zones, Kimmel and other real estate managers keep the pipeline stocked by relying on both in-house reps and local brokers. Working at such a massive scale, Kimmel explains, requires a multi- pronged approach. “You might look at six or seven locations and do only one deal,” he said. “You have to be persistent, re- sourceful and aggressive.” In the Penn Jersey zone, which already includes ap- proximately 600 stores, about 12 or 15 new 7-Eleven stores will be developed and opened in a given year, Kimmel said. Most of the company’s newest stores in the Penn Jersey zone are ground-up developments, says Patti Fiore-AmecAngelo, a National tenant rep and senior sales associate at R.J. Brunelli & Co., LLC, an Old Bridge, NJ-based retail real estate brokerage. For the past two years, Fiore-AmecAngelo has worked directly with Kim- mel’s team as the preferred broker for 7-Eleven in Eastern Pennsylvania and in six New Jersey counties. She has a total of nine deals underway, several of which are breaking ground this year. These include new Garden State stores as well as Pennsylvania locations that are undergoing local approvals. As Fiore-AmecAngelo drives around her territories scouting

New Jersey, 7-Eleven often works with gas suppliers on larger sites. The company is also open to developing stores

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Howard County, MD shopping center sells for $7 million Marcus & Millichap’s Burnham and Zang completes 46,302 s/f retail property sale L

centers” said Burnham. “The visibility of the center, along with tenant mix, drew maxi- mum interest from Buyers in the market which allowed us to push value for our client.” concludes Burnham. Cherry Tree Shopping Cen- ter is located at 11200 Scaggs- ville Road, Laurel, MD. The property has excellent visibil- ity directly off of U.S. Route 29, a popular commuter route paralleling Interstate 95, and is ideally located between both Baltimore and Washington, D.C. The shopping center is situated on 3.86 acres and includes two buildings; a free- standing building occupied by Verizon Wireless as well as a two-story strip that was occu- pied by a mix of national, large franchisee and local tenants. n Feldman Group of Marcus &Millichap sells Capitol Hill mixed-use property WASHINGTON, DC — The Feldman Group of Marcus & Millichap announced the sale of 653 Pennsylvania Ave. SE for $3.65 million in the Capitol Hill neighborhood of Washington, DC. The 6,155 s/f mixed-use property traded at $593.01 psf. Josh Feldman , First VP investments, and Ian Ruel , senior investment associate, of the Feldman Group brokered the transaction between the seller, The Goldstar Group , and the buyer, Douglas Devel- opment Corporation. n 7-Eleven taps local brokers to ramp . . . As Kimmel sees it, forging long-term relationships with local brokers is a smart way to uncover the best opportunities for 7-Eleven. “I like working with Patti because she is very aggressive and hardworking,” he said. “She understands our customers’ needs and uncov- ers sites for us based on that understanding. That’s the dif- ference between a ‘one-and- done’ broker and someone who collaborates with you over the long haul.” Joel Groover is an Atlan- ta-based freelance writer and a contributing editor of Shopping Centers Today, the monthly magazine of the International Council of Shopping Centers. n continued from page 5A

AUREL, MD — Mar- cus & Millichap an- nounced the sale of Cherry Tree Shopping Center, a 46,302 s/f retail property located in Laurel, MD. The asset sold for $7 million, which equates to $151 psf. Christopher Burnham , senior associate in Marcus & Millichap’s Baltimore office and Dean Zang , senior man- aging director of investments inMarcus &Millichap’s Wash- ington, D.C. office had the listing to market the property on behalf of the seller, a local private developer. The buyer, City Wide Properties, was also

Christopher Burnham

Dean Zang

secured and represented by Burnham and Zang. This is the second shopping center sale that Burnham, Zang and their team com- pleted in February, and the third year to date. “This sale demonstrates the constant demand for destination-ori- ented neighborhood shopping

Cherry Tree Shopping Center

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1026 BROAD STREET, SHREWSBURY, NJ Located at intersection of Route 35 & Shrewsbury Avenue. Highly visible units from 2,200 SF to 10,760 SF available for immediate occupancy. Join Saks OFF 5th, Marshalls, Home Goods and a new ShopRite coming late 2018. Contact National Realty & Development Corp. at 1.800.932.RENT or nationalrealty@nrdc.com


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Financing Available to Advance New Jersey Development Projects NJEDA’s Real Estate Impact Fund can provide financing to help advance small and mid-sized real estate development projects in targeted areas within New Jersey. Financing can be used for: • Property acquisition & assembly

Winners revealed May 10 at Awards Gala NAIOP announces Mixed-Use Deal of the Year Finalists N EW BRUNSWICK, NJ — The New Jersey Chapter of

• Demolition & site clearance • Environmental remediation • Pre-development costs • On-site infrastructure

NAIOP , the commercial real estate development associa- tion, has announced the fi- nalists for its highly coveted Deal of the Year Awards. Three winners, one each for Industrial Deal of the Year, Office Deal of the Year and Mixed-Use Deal of the Year, will be revealed at the 31st An- nual Commercial Real Estate Awards Gala, which will be held on Thursday, May 10 at The Palace at Somerset Park in Somerset, N.J. The Mixed-Use Deal of the Year finalists are: Cushman & Wakefield Site Assemblage at Valley Health System, Paramus : The Cushman & Wakefield team assembled a 20+ acre site for Valley Health System’s new $735 million hospital in Paramus. It involved the purchase of two sites compris- ing 500,000 s/f of office space and a one-acre car wash. As part of the transaction, an additional 200,000 s/f office building was constructed. In- volved in the deal: Cushman & Wakefield, Valley Health System, Cole Schotz P.C. and Welsh Chester Galiney Matone Inc. New Brunswick Cultural Center Redevelopment, New Brunswick: The $171.8 million, 450,000 s/f, 23-sto- ry New Brunswick Cultural Center Redevelopment ini- tiative represents a complex public-private partnership of 19 major partners. With world- class performance venues, 207 apartments, office space and a parking garage, it will trans- form the city’s cultural district. Involved in the deal: New Brunswick Development Corporation (DEVCO), Pen- nrose Properties, City of New Brunswick, County of Middlesex, Rutgers Uni- versity, New Brunswick Cultural Center, NJ EDA, New Brunswick Parking Authority (NBPA), AJD Construction, Elkus Ar- chitects, Investors Bank, AEGON, CITI and TDBank. The recipients of the 2018 Commerc ial Real Estate Awards will also be honored at the Gala. Jon F. Hanson of The Hampshire Com- panies will receive the Life- time Achievement Award. The Impact Award will be presented to Mack-Cali Re-

• General construction and/or rehabilitation • Associated soft development expenses Call 609-858-6767 or visit www.NJEDA.com/RealEstateImpactFund for more information.

Cushman & Wakefield Site Assemblage at Valley Health System, Paramus

Thank you NAIOP for recognizing the New Brunswick Cultural Center Redevelopment Project as a finalist for Deal of the Year .

Presenting to the judges on February 23 were Rustav Nazirbaev (Cushman & Wakefield), Christopher Caslin (Cole Schotz), Robin Goldfischer (Valley Health System), Robert Rudin and Jan Randall (Cushman & Wakefield).

Congratulations to the Partners New Brunswick Development Corporation · Pennrose · City of New Brunswick New Brunswick Parking Authority · County of Middlesex Rutgers, The State University of New Jersey New Jersey Economic Development Authority · New Brunswick Cultural Center Investors Bank · CitiGroup · AEGON

New Brunswick Cultural Center Redevelopment

Mid Atlantic Real Estate Journal would like to congratulate All The Finalists If you would like to feature your company, development or project call Kim Brunett: 781-740-2900 or email: kbrunet@marejournal.com

Chris Paladino, Merissa Buczny (DEVCO), and Timo- thy Henkel (Pennrose) presented the deal before the judges on February 23.

Caren S. Franzini Public Part- ner Award. The members-only Gala tick- et pre-sale is open now through March 17. Ticket sales will be open to the public on March 18. For complete details and updates, visit http://naiopnj. org/Gala31. n

alty Corporation’s Michael J. DeMarco and Jeffrey J. Milanaik of Bridge Develop- ment Partners . StanDanzig of Cushman & Wakefield will be recognized with the Industry Service Award and Woodbridge Mayor John E. McCormac will receive the

Real Estate Journal — Shopping Centers — March 30 - April 12, 2018 — 9A


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S hopping C enters MARE Journal Proudly Presents the ANNUAL SHOPPING CENTER SPOTLIGHT With EXTRA BONUS DISTRIBUTION at the ICSC 2018 Spring Convention at the Las Vegas Convention Center May 20 – 23, 2018

All companies are welcome to submit articles. Suggestions include: EXPERT ARTICLES NEW DEVELOPMENTS


- DC

Publication date: April 27, 2018 Deadline: April 13, 2018 Special advertising rates to all participating firms.

For more information please call: Kimberly Brunet New Jersey/ Shopping Center Financial Digest Publisher Mid Atlantic Real Estate Journal P: 781-740-2900, F: 781-740-2929 kbrunet@marejournal.com

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iFLY Indoor Skydiving appoints Caryl Communications Inc. as media correspondent New Jersey’s first Bodyflight Tunnel to open in mid-April in Paramus, NJ P iFLY is the world’s largest operator, designer and builder of vertical wind tunnels with facilities around the globe.

cushion of air in a vertical wind tunnel known as the flight chamber. The company, originally named SkyVenture, opened its first facility in 1999. Headquartered in Austin, Texas, iFLY is committed to performance, safety and reli- ability. Today, iFLY is the world’s largest operator, designer and builder of vertical wind tun- nels for this exciting action sport – indoor skydiving – with facilities across the United States, Canada, Europe and Asia. What to Expect at iFLY

Before entering the flight chamber with a certified in- structor, all flyers take part in a 30-minute training and practice session. Significance: A Growing New Genre of Action Sports – Bodyflight Bodyflight is one of the fastest-growing sports world- wide and its competitions are governed by the Interna- tional Bodyflight Association. iFLY’s invention of modern wind tunnels has given more individuals the opportunity to learn the sport. Skydivers now have a consistent way to

advance skills that ordinarily require jumping from planes. In addition, iFLY certified instructors design bodyflight training programs for sports enthusiasts to discover the sport and progress in their flying skills, participating in freestyle and formation flying competitions. Innovative Programming Includes STEM Field Trips and All Abilities Events iFLY seeks to educate and inspire through its range of innovative programming. As part of its commitment to STEM (Science, Technology, Engineering and Math) educa- tion, iFLY partners with local school systems to host field trips for elementary, middle and high school students. During each field trip, iFLY’s trained STEM educators guide students through an interac- tive presentation, wind tunnel demo and other grade-appro- priate lab activities. iFLY fa- cilities worldwide have hosted more than 60,000 students from 3,000+ schools. n Goldstein Group announces recent retail transactions PARAMUS, NJ — The Goldstein Group completed the following retail transac- tions: In Harrison, Metro PCS leased a 2,000 s/f space at 432 Bergen Street. This prime retail site is anchored by QuickChek and Rite Aid and is located at a signalized in- tersection. It’s close to a new Path station with convenient access to Rte. 280, Garden State Parkway and the NJ Turnpike. President, Chuck Lanyard , and sales associ- ate, Marc Palestina , handled the transaction for the owner, MCP Associate s, and the tenant. In Montclair, Vanillamore filled a 1,400 s/f space on Bloomfield Avenue. The loca- tion features affluent demo- graphics, a densely populated marketplace, 30,000+ daily car count and is in the heart of downtown Montclair and three miles from Montclair State University. Neighbor- ing tenants include Anthro- pologie, Urban Outfitters, Starbucks, CVS, theWellmont Theatre and Chase Bank. Lanyard, brokered the trans- action on behalf of the tenant and landlord, BL Yards . n

ARAMUS, NJ — Ca- ryl Communications Inc. announced its ap- pointment as media corre- spondent for iFLY Indoor Skydiving, opening early April in Paramus, just 20 miles from midtown Manhattan. iFLY of- fers bodyflight, a fast-growing sport around the world for children and adults alike. The immersive, thrilling experi- ence, known for “delivering the dream of flight to everyone” in its patented vertical wind tunnel, is suitable for almost anyone of any age and any ability.

iFLY Indoor Skydiving (iFLY) will open its first New Jersey location in Paramus in early April 2018. Geared for all ages - from 3 to 103 - and abili- ties, iFLY makes the dream of flight a reality by giving customers “wings” to fly in the safety of a patented vertical wind tunnel. In 1998, under the direction of founder Alan Metni, iFLY developed the technology to create a stable, wall-to-wall

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ittle Ferry, NJ — NAI James E. Han- son completed the sale Sale will enable CVS to construct a 15,655 s/f store NAI Hanson’s Sauerborn negotiates 41,000s/f whse. sale L

Lee & Associates of NJ reps. landlord in bank lease

of a vacant 4 1 , 0 0 0 s / f wa r e h o u s e at 200 Lib- er ty St . in Little Ferry. The sale will enable CVS Pharmacy to construct a

301 South Livingston Avenue

L ivingston , NJ — Santander Bank has signed a long term extension of its lease at Crossroads at Livingston, 301 South Livingston Ave. The nearly 5,000 s/f bank branch offers a full range of financial products and banking services. Located in the heart of Liv- ingston, Crossroads at Livings-

ton offers all of the amenities of an in-town location with the easy access to local highways. Santander Bank was rep- resented by Cushman & Wakefield and the landlord was represented by Peter Rasmusson, CCIM and Rick Gelmetti of Lee & Associates. n

Gary Sauerborn

15,655 s/f store at the location. NAI Hanson’s Gary Sauer- born represented the seller, Liberty Street Realty in the transaction. The redevelopment site at 200 Liberty St. offered CVS the ideal combination of accessibil- ity, visibility, and population density that CVS looks for in redevelopment opportunities. “When marketing a property like this, it is important for the broker to think outside of the box in terms of future uses,” said Sauerborn. “Although the zoning and construction at this site made continued industrial tenancy seem like the most opportunistic usage, we rec- ognized that the location and accessibility made for a perfect opportunity for a retail opera- tor. This recognition enabled us to properly market the site and negotiate a deal a prime purchase price in line with fair market value for an asset of this type.” n carryforward year. This provi- sion will affect many business who have experienced gains in prior years and losses cur- rently. These taxpayers will no long be able to apply some of the losses to previous tax years. Personal real estate. There are two major provisions that are not necessarily specific real estate business but will affect significantly individuals who own a home. The first is the home mortgage interest deduction which is now limited to interest on $750,000. The second is that state tax deduc- tions will be limited to $10,000. While the increased standard deduction has been increased, many individuals paying more than $10,000 in real estate property taxes will no longer get a deduction for payment of such amounts. Tim Malloy is an attorney in Barley Snyder’s Tax Practice Group. n continued from page 2A How the Tax Cuts and Jobs Act . . .

CVS Pharmacy rendering


Geotechnical Design & AnalyƐŝƐͻnvironmental Site Assessments and

www.earthengineering.com Corporate Headquarters: 610-277-0880 ͻ Lehigh Valley: 610-967-4540 Central PA: 717-697-5701 ͻ South Jersey: 856-768-1001

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GLA/ Acreage Anchor Tenants


Property Name Northeast



306,876 Kmart, Burlington, Market Basket


Boston Rd. & Tower Farm Rd. Plain St. & Lowell Connector Medway St. & Beaver St.

Shops at Billerica

Billerica, MA


272,142 Target, Marshall’s, Best Fitness

Meadow Brook Center

Lowell, MA


158,693 Stop & Shop, HomeGoods, TJ Maxx

Milford Crossing

Milford, MA


234,705 Future Development

Harbor Pointe Marketplace

Route 440 & Goldsborough Dr.

Bayonne, NJ

S Ac H Gr Fe Mi Va

19 AC BJ’s Wholesale Club (New Development) 126,367 Virtua Medical Group (Under Development)

Shoppes at Renaissance Square

Route 70 & N. Locust Ave. Hanover Ave. near Horsehill Rd.

Hanover, NJ Evesham, NJ

BJ’s Shopping Center

26,016 Royal Farms

Sunbird Plaza

Marlton, NJ

State Hwy. 73 & Sunbird Dr.

Morris Township, NJ 104,594 Future Development

Morris Marketplace

Hanover Avenue

16.963 AC Across from Walmart, Sam’s, TJ Maxx

Adjacent to Foreign Trade Zone

Vacant Land

Mount Olive, NJ

Foxborough Plaza

9.33 AC Across from Walmart Supercenter

Old Bridge, NJ

Route 18 & Foxborough Dr.

Waterview Marketplace

150,150 Whole Foods (Under Development)

Route 46 & Waterview Blvd. Springfield Ave. at Roselyn Pl.

Parsippany, NJ

Vacant Land

0.199 AC Vacant Land

Union, NJ


Vauxhall (Union), NJ 0.3239 AC Vacant Land

Vacant Land

Springfield Ave. near I-78

Se U Sh

Vineland Marketplace


Vineland, NJ

Future Development

S. Delsea Dr. (Rte. 47) & College Dr. Black Horse Pike & Main St.

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

Kohl’s Plaza

Saratoga Rd. & Glenridge Rd. Commack Rd. & Grand Blvd.

Deer Park, NY

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

Lo Br

Lake Shore Plaza II & III

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


61,823 Super Stop & Shop, Residence Inn

Orangeburg Commons

Route 303 & Palisades Pkwy. Montauk Hwy. & Station Rd.

Orangetown, NY

29,314 SoulCycle

The Mill

Southampton, NY

Fo Wi

21,212 US Post Office

Stony Ridge Plaza

Route 9W & Park Rd. 660 White Plains Rd.

Stony Point, NY


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

140,715 Home Depot, Chili’s

Carlisle, PA

Montgomeryville, PA 133,124 BJ’s Wholesale Club, Lowe’s

Five Points Plaza

Fr Fr

Richland Marketplace

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


400,000 Marshall’s

Downers Grove, IL

75th St. & Lemont Rd.


Evansville Shopping Center

162,394 Rural King, Buehler’s IGA, Dollar General

Evansville, IN

Morgan Ave. & Boeke Rd. Pendleton Pike & Shadeland Ave. U.S. Hwy. #30 & Water St.

Pendleton Plaza

134,797 Rose’s Department Store

Indianapolis, IN

The Market Place at Warsaw

183,900 Carson’s Dept. Store, Sears, Dunham’s

Warsaw, IN

Re Ar

Muskegon Shopping Center

167,212 Jack Loeks Theatres

Muskegon, MI

Henry St. & Norton Ave.

Thomas G. Mirandi | tel 212.265.6600 x239 | tmirandi@rdmanagement.com



Real Estate Journal — Shopping Centers — March 30 - April 12, 2018 — 13A


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by region

GLA/ Acreage Anchor Tenants


Property Name




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

Vacant Land

Fort St. & Burns Ave.

Southgate, MI


Midway United Village

University Ave. & Snelling Ave.


Office Max, Family Dollar

St. Paul, MN

Home Depot Plaza

Rte. 20 & Orchard Rd.

148,466 Home Depot

Ashtabula, OH Columbus, OH

) t)

Great Western Commerce Center

N. Wilson Rd. & Valleyview Dr.

300,254 Great Western Academy, Restaurant Depot

South Academy Plaza

102,962 Academy Sports + Outdoors

Memorial Pkwy. SW&DrakeAve. SW

Huntsville, AL


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

Gainesville, FL

5.8 AC

Redevelopment Opportunity

Vacant Land

Lakeland, FL

Merchants Crossing

325,705 Beall’s Outlet, AMC Theatres, JoAnn Fabrics

N. Fort Myers, FL

US Hwy. 41 & SR 78

259,871 Earth Fare, Burlington, Best Buy, Staples

Shady Oaks Shopping Center SW 27th Ave. & College Rd.

Ocala, FL

Seminole Centre University Mall

368,166 Walmart Supercenter, Ross, Aldi 1,332,205 Dillard’s, Burlington, Grand’s, Sears

S Orlando Dr. & Lake Mary Blvd. EFowler Ave. &BruceB. DownsBlvd.

Sanford, FL Tampa, FL

257,761 Lowe’s, Kroger, Dollar Tree

Russell Centre

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

Marketplace at Rivergate

Gallatin Pike & Conference Dr.

111,835 Oak Factory Outlet, Harbor Freight Tools

Nashville, TN

Shops at Tech Ridge

12901 I-35 South & 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, The Fresh Market, Planet Fitness

S. Pleasant ValleyRd. &E. Jubal EarlyDr.

263,323 Kroger, Goody’s Department 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. 8701W. McDowell Rd. &N. 86th Dr.

Phoenix, AZ Tolleson, AZ



Freestanding Building

86,479 Near Desert Sky Mall

East Sahara Plaza

127,754 Family Dollar

E. Sahara Ave. & McLeod Dr.

Las Vegas, NV

Available Anchor Space

119,766 Value Village

Mission St. SE & 25th St.

Salem, OR

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


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