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DTZ markets One Grosset Drive, Kirkwood, NY for sale Equilibrium Equities, Inc. announces acquisition of 514,000 s/f distribution center
ISSUE HIGHLIGHTS Volume 27 Issue 10 May 29 - June 11, 2015 SPOTLIGHT Industrial Distribution Centers Section C Conifer presents at History & Historic Preservation Conf.
IRKWOOD, NY — An affiliate of Equilibrium Equities Inc. of Blue Bell, PA has acquired a distri- bution center of 514,000 s/f on 51 acres, located at One Grosset Dr. in the Town of Kirkwood from Penguin Random House LLC for an undisclosed sum. The property is in the Greater Binghamton area, 5 miles from the Pennsylvania border Equilibriumwill immediately rebrand One Grosset Dr. as a multi-tenant distribution facility called the “Triumph Business Center.” The project is comprised of an original sec- tion of 368,000 s/f constructed in 1977 with a 28’ ceiling clear height, 84,000 s/f added in 1994 with a 29’ clear height and a rack supported section of K VERONA, NY — FORTNA Auctioneers and Marketing Group to Auction prime real estate next to Turning Stone Casino and Resort. The Turn- ing Stone Resort and Casino is one of New York’s largest casinos, located in Verona, NY. The Turning Stone Ca- sino announces $100 million luxury retail outlet, enter- tainment complex (ground to break spring of 2015 according to sources). It has been a main attraction site for years and continues to bring in big name
and signage upgrades, minor building system repairs and improved truck loading. Pre- leasing activities on Triumph Business Center have already commenced. Penguin Random House, one of the world’s largest trade book publishing group, along with its predecessor and parent com- panies utilized the property to distribute books from its original construction through early 2015. In February 2014, Penguin Random House announced its intentions to consolidate the U.S. distribution for all its book titles from four operations centers, into two of its facilities in Maryland and Indiana. One Grosset Dr. was marketed for sale by DTZ , a global commer- cial real estate services firm. n commercial building, then this is an opportunity you don’t want to miss! This property has been previously listed at $6 million dollars, and the opening bid starts at $1 mil- lion dollars. The Town of Verona will be widening Willow Place to support future development and use of the road. A new access road will be constructed off of Route 365 beside the La Quinta Inn, giving access to Willow Place in a second loca- tion, already approved by the town of Verona. Located at 5305 Willow Place, this is the last large parcel actively for sale in this zone. With limited land avail- ability, a high traffic count of millions of people per year visiting the Turning Stone Resort and Casino across the street permits easy access and visibility from the New York State Thruway. The subject property has high value as a potential commercial proper- ty. National hotel and restau- rant companies typically pay $200,000 to $300,000 per acre for land development in such high trafficked commercial zones in the central NY area. n
One Grosset Drive
62,000 s/f added in 1999 with a full automated “storage and retrieval system” (ASRS) with an 82’ ceiling height. Addition- ally, the facility is fully racked
and includes a large amount of personal property and equip- ment. Planned renovations will include improved exterior aes- thetics of the property, lighting
Real estate next to Turning Stone Casino and Resort in Verona, NY FORTNA Auctioneers and Marketing Group to auction 30.66+/- acres of development land
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5305 Willow Place
Upcoming Spotlight June 12, 2015 CREATIVE FINANCING
events and attractions. Fortna Auctioneers is con- ducting an auction on the second floor of the Turning Stone Casino & Resort on Saturday, June 27, 2015 at 11AM. The Land that is be- ing sold is across the street
from the resort. The auction consists of 30.66+/- acres of prime development land. If you’re looking to build indoor/ outdoor entertainment, a hotel or motel, shopping center, a restaurant, or even something just for retail or a mixed use
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WHAT WE DEVELOP,WE BUILD - WHAT WE BUILD,WE OWN - WHAT WE OWN,WE MANAGE FULL SERVICE APPROACH
WE OFFER COMMUNITIES BUILT ON STRONG FOUNDATIONS
Conifer is a nationally ranked, full-service real estate company that develops, constructs, owns and manages high-quality, affordable housing communities. Since its inception, Conifer has developed and/or acquired over 220 properties and over 19,000 units. Currently, we own and manage over 14,000 apartment units throughout New York, New Jersey, Pennsylvania, Maryland and Ohio.
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S ponsors : Sitex Group | LANGAN | IOREBA | Prologis | Meridian Capital Cushman & Wakefield NJ | Marcus & Millichap S peakers : Bo Farkas, Senior Vice President, Sitex Group George Jacobs, Jacobs Enterprises Sanford Herrick, Managing Principal, Case Real Estate Capital Harold Nafash, Federal Realty H. Gabriel, Executive VP Capital Markets, Cushman & Wakefield of NJ
Marta Person Villa, Vice President, CBRE Richard Burrow, Senior Principal, LANGAN Peter Crovo, Senior Vice President, Prologis, Inc. Michael Lombardi, Marcus & Millichap Israel Schubert, Meridian Capital Jose Cruz, HFF John Clinton, Clarion Partners
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A Greener NJ, LLC. ................................................14C ABDM Property Management................................14A Adler Development................................................ IC-C AJM Contractors, Inc................................................4B American Architectural Window & Door.................1B Arrow Steel..............................................................13B BENNETT WILLIAMS REALTY, INC....................8A BH Security. ..............................................................8B Capitol Aerials.........................................................12B CBRE|Griffinland.....................................................6C CCC Promotions......................................................11A CenterPoint Properties. ..........................................15C Colliers International................................................5C Colliers International..............................................12A Conifer LLC........................................................... IC-A CORFAC International.......................................IBC-C Crystal Window & Door Systems, Ltd. ....................4B Delcollo Security Technologies. ..............................10B Diversified Rack & Shelving, Inc..............................7C Earth Engineering...................................................10A Elias B. Cohen...........................................................5B Elliott-Lewis. ...........................................................15B Fortna Auctioneers & Marketing Group..................3A Fowler Companies...................................................20B Garden State Sealing................................................2C Griffin Alexander P.C........................................... .IC-B Hawley Realty, Inc..................................................19C Heller Industrial Parks.............................................4C Hollenbach Construction, Inc...................................3B Hollister Construction Services..............................20C Hutchinson Mechanical...........................................12B Integrated Business Systems. ..................................3B Investors Real Estate Agency.................................19A IREM.................................................................. 18-19B Jeffrey Realty...........................................................12A Jewel Electric Supply Co.........................................12B Kay Realty. ..............................................................14A KEAST & HOOD Structural Engineers...................3A Landmark Commercial Realty. ..............................18C Marcus & Millichap.................................................19A Marcus & Millichap.............................................. BC-C MEDFAS....................................................................8C Meridian Capital. ................................................. BC-A Murray Construction Co., Inc.................................13C NAI Dileo-Bram & Co.. ...........................................11C NAI Mertz................................................................10C NAI Summit................................................. 19A & 12C New Jersey Realty Advisory Group, LLC................4A NJAA........................................................................20B NorthMarq Capital....................................................3A P. Cooper Roofing. ...............................................IBC-B Pacific Coast Investment.........................................11A Poskanzer Skott Architects.......................................2B Premier Compaction Systems.................................14B RD Management.................................................... 6-7A Specialty Building Systems. ................................ BC-B SUBWAY....................................................................8C Total Cleaning Associates Ltd..................................2B USGBC.....................................................................16B Whitesell....................................................................3C WithumSmith + Brown.............................................9B MAREJ A dvertisers D irectory
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M id A tlantic R eal E state J ournal Publisher .................................................................Linda Christman Publisher ....................................................................Joe Christman Section Publisher .........................................................Steve Kelley Senior Editor/Graphic Artist ..................................... Karen Vachon Production Assistant ........................................................ Julie King Associate Publisher ................................................. Alissa Aronson Associate Publisher .............................................. Barbara Holyoke Office Manager .........................................................Joanne Gavaza Guest Columnists ............... Brian Whitmer, Cushman & Wakefield; Scott C. Butler, Kaplin Stewart 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, 312 Market St. Rockand, MA 02370 USPS #22-358 | Vol. 27 Issue 10 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 Toll-Free: (800) 584-1062 | MA: (781) 871-5298 | Fax: (781) 871-5299 www.marejournal.com
Multifamily Market Momentum Continues in Northern New Jersey Brian Whitmer
M
omentum in Northern New Jersey’s multi- family market contin-
ues unabated, with investors aggressively pursuing opportu- nities, and developers actively launching projects along the Hudson River Gold Coast and west along transit lines. Head- ing into the heart of 2015, we are seeing demand drive up sales volume and values, and push down cap rates to histori- cally low levels. Current investment velocity follows a strong 2014 capital markets performance. Last year, $1.3 billion in multifam- ily sales (including transac- tions of $10 million or more) marked the highest volume since 2007, and compares to $900 million annually in both 2012 and 2013. For context, the market saw only $169 million in annual trades during the depth of the recession in 2009. The “buy” side today is domi- nated by institutional advi- sors, particularly for class A apartment communities. Additionally, we are seeing privately held firms and raised funds making big splashes with value-add and class B product. Northern New Jersey’s active sellers include developers and private owners looking to take advantage of valuations that have appreciated to historically high levels, as well as institu- tions that are cycling assets at the end of their traditionally long-term investment horizons. It is worth noting that six multifamily sale transactions exceeding $100 million closed in 2014, compared to two in 2013 and none in 2012. This indicates that investors are not concerned about making larger commitments in North- ern New Jersey, and that there is depth of liquidity for that value range. Illustrating the diversity of location and asset class of these investments, Ra- chel Gardens, a suburban class B community in Pine Brook, sold to a private investor for $136 million. In Edgewater, St. Moritz, a Gold Coast class A high rise, traded to a joint venture of an operator backed by a pension fund advisor for $120 million. Additionally, multifamily cap rates have dropped consis-
The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
tently in Northern New Jersey. In 2009, cap rates averaged 7.27% – the highest average we have recorded going back to 1998. That number quickly reduced (to 5.77 and 5.09% in 2012 and 2013, respectively) as equity returned to the mar- ket and most investors began focusing exclusively on this sector. In 2014, the average dropped to 4.98%, which was supported by multiple class A sales posting cap rates in the low 4% range, as well as class B sales occurring in the high 4% range Rent growth and stable va- cancy rates continue to fuel this sector’s appeal as an invest- ment target. In fact, according to REIS, the average rent for Northern New Jersey reached $1,618 per month at year end 2014 – the highest in recorded history, up 2.9% from year-end 2013. This climb of slightly below 1% per quarter occurred in the face of relatively signifi- cant construction deliveries, totaling around 650 units per quarter. And while vacancies logically saw a slight uptick with the volume of new sup- ply, from 3.6% at year-end 2013 to 4.1% at year-end 2014, the ongoing increase in rents indicates that there is ample demand to support both exist- ing and new product. NEW SUPPLY: GOLD COAST AND TRANSIT LINES New multifamily product in Northern New Jersey is all about the Gold Coast and train stations. Jersey City is by far the most activity for construc- tion, withmultiple communities gearing up for 2015 launch. Ad- ditionally, construction can be found at almost every NJ Tran- sit rail stop within a 45-minute commute to Manhattan.
We are paying close atten- tion to the area that generally falls between the Garden State Parkway and the Hudson Riv- er, from Bergen County south to Rahway. That stretch of land contains the most activity involving construction starts and site preparation. Much of this ties to downtowns that are gentrifying or traditional industrial neighborhoods that are being repurposed. Towns like Woodbridge, Rahway, Bloomfield, Lyndhurst and Hackensack – markets that have not seen new development for decades – are on the cusp of this emerging dynamic. Fort Lee stands out as a Northern New Jersey town in transition. Four major proj- ects are in various stages of construction, lease-up, and stabilization. Combined, once all phases are complete, they will add 1,700 rental units to this single community. BNE Real Estate Group, SJP Prop- erties and Chetrit Group have completed or are finishing multifamily developments. Each is within walking dis- tance of Tucker Development’s mixed-use Hudson Lights proj- ect. Nearing completion, that transformational development is to include 477 rental units, 175,000 s/f of retail and a 175- room hotel. Developers of recently opened communities are encouraged by their leasing velocity and rents. This trickles down to how intensely they have been bidding on their next develop- ment site. It seems that each successive multifamily invest- ment transaction in our region is more aggressive in terms than the one preceding it. This trend has become most evident as our team has been orches- trating a growing number of continued on page 14A
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M id A tlantic R eal E state J ournal Showcases four repurposed historic school buildings Conifer presents at History& Historic Preservation Conf.
Our Capital Connections Deliver the Right Results
ANOTHER SUCCESSFUL TRANSACTION $16,500,000 New Jersey Health Care Center SIZE: 94,556 SF CITY: ORADELL, NJ LENDER: LIFE COMPANY
M
t. Laurel, NJ — On June 4, 2015 Conifer LLC will
present a panel discussion at the 2015 History and His- toric Preservation Conference which will be held at The Hotel ML, 915 Rte. 73 Mount Laurel, NJ 08054. Conifer and their partners will showcase four public/private partnerships where they renovated historic school buildings and repur- posed them into affordable senior housing, keeping with the theme of this year’s Con- ference: “New Perspectives on the Past”. Since 2013, Conifer’s New Jersey office rehabilitated four different historic school build- ings: the Gregory School in Long Branch, the Springside School in Burlington Twp., the Lawnside Meadows Apart- ments in Lawnside and most recently completing the Duffy School in Florence, NJ. According to Sam Leone , vice president of development for Conifer, LLC, “Each proj- ect is unique and has its own set of challenges but, when we are finished we have success- fully saved another historic
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construction jobs, and provide the opportunity for Seniors to remain in their community and continue to support the local business community. During the 3 – 4:25 pm panel discussion titled: Stu- dents to Seniors: Adapting New Jersey's Historic School Buildings, Leone will be join with members of each proj- ect’s team to explain how they collaborated their efforts to secure funding, incorporate continued on page 14A
structure that is significant to the community.” Leone adds, “The redevelop- ment of these schools in this manners allows these historic properties to continue to add value to the community. Their historic significance is pre- served, while providing a high quality living environment for our Seniors. The economic benefit goes beyond saving the structure and adding it to the tax rolls; these projects create hundreds of temporary
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ABSOLUTE AUCTION 30.66± ACRES Prime Development Land!!
ZONING: C-1 Commercial District: Entertain- ment & Tourism Zone 3 PERMITTED USES: Indoor/Outdoor Entertain- ment, Hotel, Motel, Retail Use, Shopping Center, Restaurant, Mixed Use Commercial LOCATION: Immediate vicinity of NYS Thruway (I-90) and NYS Thruway Exit 33 Interchange & The Turning Stone Resort & Casino Opening Bid: $1,000,000 (Previously Listed at $6,000,000) Saturday, June 27 @ 11am PROPERTY LOCATION: 5305 Willow Place, Verona, NY AUCTION LOCATION: Turning Stone Casino (Cedar Room)
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Mid-Atlantic Real Estate Journal, 1/4 page, May 29 & June 12
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M id A tlantic R eal E state J ournal By Scott C. Butler, Kaplin Stewart Is there a such thing as a “Simple Sublease”?
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O
ccupants of commercial buildings often believe that drafting and nego-
be reviewed to identify whether the master landlord’s consent is required for the sublease and whether the master landlord has the right to terminate the master lease in response to a request for a sublease. In ad- dition, the master lease might provide that the master land- lord has the right to receive some or all of the sublease rents and the right to be re- imbursed for its costs related to reviewing any proposed sublease transaction. Subleases often include a general provision that the sub- tenant is to comply with all of the terms and conditions of the master lease as such provisions
relate to the subleased premis- es. This type of provision should be thoroughly evaluated since the master lease might include provisions that are specific to the sublandlord (such as spe- cific use restrictions) that are not applicable to the subtenant. Another issue when drafting and negotiating a sublease is whether the master landlord will grant “non-disturbance” to the subtenant in the event the master lease is terminated due to a default by the sub- landlord. From the subtenant’s perspective, if the subtenant is complying with the terms and conditions of the sublease, the subtenant should have the full right to use and occupy the subleased premises. From the master landlord’s perspective, if the sublandlord has defaulted under the master lease, the master landlord should have the right to exercise all of its rights under the master lease, including the right to terminate the master lease and all rights of occupancy thereunder (in- cluding the rights of occupancy under the sublease). As a compromise to this non- disturbance issue, the master landlord might allow the sub- tenant to cure the defaults of the sublandlord and, in the event of such cure, the rights of the subtenant under the sublease will be recognized. There are two major issues with this compromise. The first is that the subrent in the sublease may be less than the rent in the master lease and, therefore, the subtenant will be obligated to pay more than it bargained to have its sublease rights protected. The second is that the sublease space may be less than the space being leased under the master lease. As with the first issue, the subtenant will then have to pay rent for the entire space being leased under the master lease in order to cure the default and, as a result, the subtenant will again be paying more than it bargained in order to have its sublease rights protected. Due to the complex issues raised by a sublease, there is no such thing as a “simple sublease” and it is important to have the cooperation of the master landlord in order to fully protect the subtenant’s rights. Scott C. Butler is a principal of Kaplin Stewart and a mem- ber of the Real Estate Trans- actions and Corporate & Business LawDepartments. n
tiating a sub- lease with an existing ten- ant is a sim- ple process that is easier than drafting and negotiat- ing a direct lease with a
Scott C. Butler
Albert F. Chanese, SCGREAMAI | Jennifer Barany, SCGREA | Michael Nwose, SCRREA
landlord. A sublease, however, has many hidden traps that often complicate this process. Prior to drafting a sublease, the sublandlord’s lease with the master landlord (often called the “master lease”) must
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1/29/15 11:42 AM
S hopping C enters
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CBRE/FAMECO represents tenant in the long-term lease at 471 Prospect. Ave. Prism secures $10 million construction loan for 48,000 s/f LA Fitness through People’s United W EST ORANGE, NJ — P r i sm Capi tal Par t - resented LA Fitness in the long-term lease at 471 Pros- pect. Ave.
The LA Fitness build-to- suit marks the final phase of redevelopment for a site that formerly housed the headquarters campus of pre- scription drug manufacturer Organon USA. Prism pur- chased the property in 2005, and subsequently razed two functionally obsolete build- ings and converted a third structure for medical office use. People’s United Bank also provided construction financing for that initiative. The medical office building has since been leased up and sold to a physician whose practice occupies a portion of the space; Prism continues to serve as property manager. n for many years to come.” The project’s developers also cited the leadership and unwavering support of state Senator Pat Browne and state Representative Ryan Mack- enzie as a critical factor in moving the project forward, as well and the participation of several key Commonwealth agencies, including the De- partment of Community and Economic Development, Com- monwealth Finance Agency, PennDOT and the Pennsylva- nia Infrastructure Bank. Fi- nancing for Hamilton Cross- ings was provided by lead bank M&T Bank , as well as Susquehanna Bank, National Penn Bank and Beneficial Bank. “This project really repre- sents an amazing achieve- ment for everyone involved, both private and public,” said Jeremy Fogel , principal with The Goldenberg Group. “We truly value all the rela- tionships we’ve forged and now look forward to executing on our commitments so that Lower Macungie Twp. and Lehigh County ultimately view this project as the tre- mendous asset for the region that we all envisioned.” n
ners, LLC has secured a build-to-suit l e a s e a n d construction financing for a 48,000 s/f LA Fitness health club, wh i c h t h e
Prism secured a $10 million construction loan for the proj- ect through People’s United Bank. With an accelerated de- velopment schedule, the firm anticipates a November 2015 completion. “LA Fitness is a perfect fit for this land parcel, which sits adjacent to the Es- sex Green Shopping Center,” said Edwin Cohen , a princi- pal partner with Prism. “The company actively pursued our location, which will position it with excellent access and visibility in an area that until now has been underserved in the health club category.”
Edwin Cohen
firm is currently developing at 471 Prospect Ave. in West Orange. Prism broke ground in March and anticipates
completing the building be- fore the end of the year. The West Orange facility will include a full range of
equipment and amenities including an indoor pool, basketball court and kids’ club. CBRE/FAMECO rep-
MAY 29 - JUNE 11, 2015
RETAIL ARCHITECTURE/ ENGINEERING HI-LIGHTS
Financing for Hamilton Crossings was provided by lead bank M&T Bank The Goldenberg Group and TCH Development announce construction begins on 565,000 s/f
LOWER MACUNGIE TWP., PA— TheGoldenbergGroup and TCH Development are pleased to announce the com- mencement of construction of the Hamilton Crossings Shop- ping Center in Lower Macun- gie Twp., Lehigh County. The 565,000 s/f project, one of the largest open air shopping cen- ter developments in the country in recent years will be anchored by Target, Costco Wholesale Club and Whole Foods, and will be complemented by first- class retailers including Dick’s Sporting Goods, Nordstrom Rack, Old Navy, Rally House, Five Below, Designer Shoe Warehouse (DSW), Pier 1 Im- ports and Ulta Cosmetics. The Hamilton Crossings Shopping Center is scheduled to open in July of 2016. The project comprises ap- proximately 70 acres of com- mercial property between Hamilton Boulevard and the Route 222 Bypass at Krocks Road, with direct access to the shopping center from Route 222. Hamilton Cross- ings will showcase the first Costco and first Whole Foods in the Lehigh Valley. The project includes a number of public improvements, in-
SPOTLIGHT
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Behler of Bennett Williams Realty inks 36,000 s/f sale
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to fruition. "The project reflects years of teamwork and collabora- tion among Twp. planning, engineering and legal staff, the Commissioners, the Plan- ning Commissioners, many different representatives of the Commonwealth of Penn- sylvania, as well as countless constituent groups, neighbors and other stakeholders,” said Tim Harrison, owner of TCH Development. “Hamilton Crossings is truly a shared vision that will become a uniquely positive asset for the Twp. and for Lehigh County
cluding significant regional roadway improvements, new technology in the form of adaptive traffic control sig- nals and a regional storm water detention facility that will help address flooding conditions. The project will also include amenities such as bike and walking paths, public gathering areas and a connection to the historical log cabin site on the adjacent Wescosville Park. Tim Harrison credited the concerted effort across all parties for bringing the Hamilton Crossings project
Testa of Jeffery Realty brokers 58,995 s/f
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S hopping C enters Stine and Rohrbaugh broker 9,535 s/f sale Behler of Bennett Williams Realty inks 36,000 s/f sale
ORK, PA — Ben- nett Williams Re- alty, Inc. , one of the largest third-party, com- mercial real estate firms in Central Pennsylvania has arranged the sale/lease of the following transactions: 850 s/f retail space at Rossville Center, 7498 Car- lisle Rd., Warrington Twp. Rose Beyer & James Wi- ley leased the property from Barbara Burkey. Bob Behler of Bennett Wil- liams Realty represented both the tenant and the landlord in the transaction. Y
Chad Stine and Brad Rohrbaugh of Bennett Williams Realty represent- ed the landlord in the trans- action. 1,980 s/f retail space at Hartzdale Plaza, 3300 Hartzdale Dr., Lower Allen Twp., Cumberland Coun- ty. Enterprise Rent-a-Car leased the property from KosKap Partners. Stine and Rohrbaugh of Bennett Wil- liams Realty represented the landlord in the transac- tion. 3,700 s/f retail space at 3605 E. Market St., Sprin- gettsbury Twp. Bailee’s Homebrew & Wine Supply, LLC leased the property fromDRS Irrevocable Trust II. Karen Neiderer of Bennett Williams Realty represented the tenant and Bob Behler of Bennett Wil- liams Realty represented the landlord in the transac- tion. 1,300 s/f retail space at 1111 S. State St., City of Ephrata, Lancaster County, PA. Little Caesar’s leased the property from 1111 State Street, LP. Stine and Rohrbaugh represented both the tenant and the landlord in the transaction. 2,009 s/f retail space at Firehouse Shoppes, 3013 E. Market St., Springetts- bury Twp. AT&T leased the property from 3013 East Market St., LLC. Stine and Rohrbaugh represented both the tenant and the landlord in the transaction. 36,000 s/f retail building sold at 4585 W. Market St., West Manchester Twp. FF York, LLC purchased the property from Ronald Ket- ner. Behler represented the buyer in the transaction. 2.23 acre of land sold at Stoney Pointe Center, Route 64, Walker Twp., Centre County, PA. Dol- lar General purchased the property from Zion Associ- ates, LP. Stine, Rohrbaugh and Adam Hagerman of Bennett Williams Realty represented the buyer in the transaction. 9,535 s/f retail building sold at 2915 Whiteford Rd., Springettsbury Twp. Whit- eford Road Properties, LLC purchased the property from BL Herr, Inc. Stine and Rohrbaugh represented both the buyer and the seller in the transaction. n
4585 W. Market St.
1,315 s/f retail space at Kingston Square, 2500 Eastern Blvd., Springetts- bury Twp. Phone Garage, LLC leased the property from Kingston Square As- sociates, LLC. Abe Khan of Bennett Williams Realty represented the tenant and
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Master planning and concept design, schematic design & design development services DDG provides design services for projects in Istanbul B ALTIMORE, MD — On the heels of its work on the iconic Akasya R etail A rchitecture /C onstruction & E ngineering
and design development phas- es of work. DDG will provide signage and graphics services, and oversee landscape design, signage and graphics work for the entire project. DDG will also provide com- prehensive design services starting with pre-design, con- cept design, schematic design, and design development for building architecture – for the Marmara Anatolium mixed- use development, also in the Kartal area of Istanbul. In addition, DDG will review the architect of record’s docu- ment design and handle site
visits during the construction phases of the project, which is expected to include a shop- ping center, offices, and a 25,000-square-meter (269,100 s/f) IKEA . Finally, DDG will create a new lifestyle center, including residential and retail areas for the 285,000-square-meter (3 million s/f) GOPAS mixed- use development. DDG’s work for GOPAS will encompass master planning, concept de- sign, schematic design, design development, and signage and graphics. GOPAS will be constructed in five phases. n
mi x e d - u s e d e v e l o p - me n t a n d the dynam- ic, 3.8 mil- lion s/f Mall of Istanbul, U.S. -based design, plan- ning, archi-
Ahsin Rasheed
Akasya
tecture, interiors, and graph- ics firm DDG has begun work on four newmixed-use projects in Istanbul, Turkey: Atmaca Bahcesehir; Ronesans; Mar- mara Anatolium; and GOPAS. “DDG is very excited to con- tinue our presence in Istanbul, and to be expanding both the scope of services we offer and our presence in the region,” said DDG Chairman and CEO Ahsin Rasheed . According to Rasheed, DDG will provide compre- hensive design services – in- cluding master planning and concept design, schematic design and design develop- ment services for building architecture, signage and graphics, branding and iden- tity, and landscape design for the Atmaca Bahcesehir mixed-use development. DDG will also perform docu- ment design review of archi- tect-of-record work and pro- vide frequent site visits during the construction phases of the project. Situated at an extremely strategic location in Istanbul, Atmaca Bahcse- hir will have a buildable area of 54,932.5 square meters (nearly 600,000 s/f), featuring retail and residential space and parking. DDG’s second project in the area, the Ronesans mixed-use urban commercial project in Maltepe in the Kartal area DMR Architects remodels whse. space into day- care center HASBROUCKHEIGHTS, NJ — DMR Architects has been named the architect to redesign a 12,000 s/f ware- house space into a daycare center on the Greater Bergen Community Action’s Garfield campus. The renovated facility will include classrooms and indoor and outdoor play areas, as well as offices, lounges and storage for the GBCA. n
of Istanbul will feature three levels of retail space and as- sociated office and residential towers. DDG’s scope of work will include the interior design
of the 20,500-square-meter (approximately 220,000 s/f) shopping center and adja- cent outdoor restaurant area through concept, schematic,
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10A — May 29 - June 11, 2015 — Shopping Centers — M id A tlantic
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Attention Retail Organizations & Professionals
And partners with Billy Procida of Procida Funding EBRealtyManagement hires Steinberg of CBRE as rep.
Contact Barbara to participate in the SC Spotlight P: 781-871-5298
HILADELPHIA, PA — CBRE, Inc. (CBRE) has been hired by EB Realty Management (EB Realty) as the retail repre- sentative for a series of devel- opments along North Broad St. Larry Steinberg, senior vice president with CBRE, will seek tenants for over 35,000 s/f of retail space within rede- velopment projects at The Di- vine Lorraine, The Met Opera House, The Studebaker Build- ing, and the Mural Lofts. This is part of a long-term revival plan for North Broad, helped in part by a $15 million grant from Philadelphia Parks and P
Featuring Profiles on Retail Professionals and Organizations
June 26th Issue DEADLINE: May 29
Submit artwork and editorial today! email bholyoke@marejournal.com
The Divine Lorraine
Recreation. “This is an exciting oppor- tunity for the City of Philadel- phia,” said Steinberg. “North Broad is poised for a retail revi- talization, and the investment by the City and the positive response from developers is a great indication of the bright days ahead for this corridor of the city.” EB Realty, under the direc- tion of founder Eric Blumen- feld , has been the most active developer investing in North Broad, successfully delivering residential and commercial de- velopment projects such as the mixed-use conversion of 640 N. Broad which includes Marc Ve- tri’s popular Osteria restaurant on the ground floor and high- end apartments above. For this next phase of redevelop- ment ventures, EB Realty has partnered with Billy Procida of Procida Funding who has committed over $50 million to North Broad’s revival. “We hired CBRE because they share our vision for North Broad,” said Blumenfeld. “We believe a second Golden Age is unfolding here, and Larry Steinberg and his team can deliver exciting retail tenants to our projects.” n Colliers facilitates 10-year retail lease SCHNECKSVILLE, PA — Colliers International’s Allentown division recently facilitated a 2,388 s/f lease to Spark Orthodontics. Spark signed a long term lease at the former M & T Bank pad site in Kings Plaza at Schnecksville Shopping Center located on Rte. 873. Derek Zerfass, Senior vice president-Colliers Retail divi- sion, was the sole broker in this transaction. n
Engineering Sight Line Analysis
Engineering Sight Line Analysis
L&H Companies 425 North 3rd Street Reading, PA 19601 1.800.360.SIGN LHSigns.com
Real Estate Journal — Shopping Centers — May 29 - June 11, 2015 — 11A
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W i t h o u t a d v e r t i s i n g a t e r r i b l e t h i n g h a p p e n s .
IRGINIA BEACH, VA — Gerald Divar- is , chairman and CEO Hoffler retains DRE to lease and manage the centers Divaris brokers acquisition of two MD shopping centers V
Nothing.
AdvERtiSE todAy! CAll 781-871-5298
of Divaris Real Estate, Inc. (DRE) , announced that Ar- mada Hoffler Properties has acquired two grocery-anchored shopping centers in Maryland, totaling 186,583 s/f. The prop- erties were acquired for an aggregate of $20.2 million in cash, net of $15.2 million in 1031 exchange proceeds, and 415,500 shares of Armada Hoffler common stock. The two acquired properties include Perry Hall Market- place, a 74,256 s/f, Safeway- anchored center in Perry Hall, and Stone House Square, a 112,327 s/f, Weis-anchored center in Hagerstown. The centers’ combined occupancy was approximately 90% at the time of purchase. DRE’s Alex Divaris, CCIM represented the purchaser, Ar- mada Hoffler Properties, in the two transactions. Both proper- ties were sold by subsidiaries of Oekos Management Corp., a private real estate investor based in the DC area. DRE has been retained by Armada Hoffler to lease andmanage the centers. n The Village at Livingston to be renamed ‘The Shoppes at the Livingston Circle’ LIVINGSTON, NJ — To better reflect its position as a dynamic regional shopping destination within the Essex- Morris county submarket, The Village at Livingston will be rebranded and renamed “The Shoppes at the Livingston Circle.” Anchored by The Fresh Market, the 93,000 s/f shopping center is owned and managed by Eastman Companies . The new name underscores the neighborhood shopping cen- ter’s exceptional location at the intersection of Route 10 and Eisenhower Parkway near the Livingston traffic circle, accord- ing to Peter Schofel , Eastman’s co-managing partner. “The name change aligns with our goals to reposition the center and elevate the shop- ping and dining experience for our customers. In the coming months, shoppers can expect to see changes such as an updated logo and new signage to rein- force the center’s new brand identity in the marketplace,” said Schofel. n
the source for commercial real estate news in the Mid Atlantic Area area. R eal e state J ouRnal
Mid Atlantic Real Estate Journal Barbara Holyoke, Publisher bholyoke@marejournal.com www.marejournal.com
— Call or fax today for a FREE SAMPlE CoPy! —
Perry Hall Marketplace Safeway
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12A — May 29 - June 11, 2015 — Shopping Centers — M id A tlantic
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Equity Retail Brokers arrange the sale of a net leased Wawa inv. prop.
Farkas completes a deal with Hand & Stone in Clifton Testa of Jeffery Realty brokers 58,995 s/f retail deal
D
EPTFORD, NJ — Recently completed deals done by Jeffery
Realty : Mike Testa completed a deal with Hobby Lobby in Deptford at The Court At Deptford in 58,995 s/f. Bill Farkas completed a deal with Hand & Stone in Clifton at Clifton Town Center in 2,400 s/f and in Pompton Lakes at Pompton Lakes Town Center in 2,400 s/f. Testa completed a deal with Mellow Mushroom on Rte. 37 in Toms River on a pad site ground lease. Testa completed a deal with
Wawa
a major community shopping center in a densely populated area. The transaction was part of a 1031 exchange for the buyer, a New York based owner. n CBRE promotes Famous to senior managing director LOS ANGELES, CA — CBRE Group, Inc. announced that Brandon Famous , a veteran executive with more
LOWER BUCKS COUN- TY, PA — Stuart Conston and Edward Ginn of Equity Retail Brokers recently rep- resented the seller of a net leased Wawa ground lease in Lower Bucks County. The 4,983 s/f building with gasoline pumps is highly visible, and located on a major commercial corridor directly across from
requested photo
Hobby Lobby stock photo
ping Plaza Rte. 35 in 3,500 s/f. n
Great Play in Middletown at the Kohl’s/Stop & Shop Shop-
than three decades o f exper i ence in retail and commercial real estate, has been ap- pointed se- nior manag- ing director
NAI Hanson inks automotive lease HACKENSACK, NJ — NAI James E. Hanson has leased out 7,500 s/f of special- ized auto repair space at 184 River Street - the 55 Midtown Bridge Approach - on behalf of client Globe Tire Service. NAI Hanson vice president Anthony Cassano managed the transaction between Globe and its new tenant, Pro Auto - a full-service automotive re- pair center that needed a new space to support its continued growth. “Our client was offering a state-of-the art automotive space, which was ideal for any growing automotive service center,” Cassano said. “Pro Auto was looking for a space with a unique combination of central location and outstand- ing features. It’s a great match, and we partnered closely with all parties to ensure this trans- action proceeded smoothly.” n and leader of the company’s Retail Occupier Advisory & Transaction Services practice in the Americas. Famous will be responsible for the prac- tice’s business operations, business development, finan- cial performance and recruit- ment in the U.S., Canada and Latin America. n Brandon Famous
Real Estate Journal — Shopping Centers — May 29 - June 11, 2015 — 13A
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R etail B rokerage D irectory
Weiss Realty 250 Moonachie Rd. • Moonachie, NJ 07074 P: 201-814-1800 F: 201-814-1811 jweiss@jweissrealty.com Jaime M. Weiss • Matthew B. Weiss
Colliers Int’l. – Philadelphia, PA (HQ) Ten Penn Center 1801 Market Street, Suite 550 Philadelphia, PA 19103 P: 215-925-4600 F: 215-925-1040 www.colliers.com/philadelphia Michael Barmash • Despina Belsemes Josh Goldfine • Michael Kahan Todd Sussman Colliers Int’l. – Allentown, PA 7535 Windsor Dr., Ste. 208 Allentown, PA 18195 P: 610-770-3600 F: 610-770-3100 Derek Zerfass • Scott Horner Colliers Int’l.– Harrisburg, PA 300 N. Second St., Ste. 1203 Harrisburg, PA 17101 P: 717-730-3752 F: 717-238-3299 William Aiello • Larry Kostelac George Lulos Colliers Int’l. – Mount Laurel, NJ 1317 Route 73, Ste. 109 Mt. Laurel, NJ 08054 P: 856-234-9300 F: 856-222-1115 Colliers Int’l. – Wilmington, DE 300 Delaware Avenue, Suite 1014 Wilmington, DE 19801 P: 302-425-4000 F: 302-425-4700 Mark Undorf
Jeffery Realty 116 Rte. 22 • North Plainfield NJ 07060 P:908-668-9600 F:908-668-5225 www.jefferyrealty.com Bruce Jeffery • Brian Battista Steve Battista • Augie Caruso Patrick Delaney • Bill Farkas Joseph Hydro • Jeffrey Katz Adam Kushins • Anthony Nataline Mark Schmidt • Michael Testa • Alan Walker
Step 2: Fax or E-mail us!
Rhino Realty Group 2645A Carnegie Road • York, PA 17402 P:717-650-6729 F:717-650-6923 www.rhinorealtygroup.com Bobby Traynham • Kevin Potter
If you would like to appear in the Retail Directory, - please fill out coupon and fax - or email to Barbara Holyoke
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