S hopping C enters
Real Estate Journal — Shopping Centers — 5A
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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-
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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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