1,296,494 s/f located in Central PA’s I-81 Distribution Corridor Cushman &Wakefield IAG’s Blinebury &Gabriel broker $76.1m ind. asset sale
ISSUE HIGHLIGHTS Volume 29, Issue 12 June 23 - July 13, 2017 SPO TLIGHTS Mid Year Review Contractors/ subcontractors R.J. Brunelli & Co. reps buyers in 72,160 s/f SC purchase 9-16B Section C
M
paper since 1950, the property covers two city blocks within the vibrant Mount Vernon neighborhood surrounded by major Baltimore institutions including Mercy Medical Cen- ter, The Peabody Institute of the Johns Hopkins University, Center Stage theater, and an expanding residential base. The asset offers large efficient floor plans for office tenants and is well located for alterna- tive uses, given its visibility from the JFX, including retail, hospitality and residential. The Baltimore Sun is a ten- ant in the building and has a lease in place through June 2018 with an option to renew. Atapco will manage the asset from its headquarters office in Baltimore. Atapco extends its appre- ciation to CBRE for their representation of the seller, Tribune Media Company and to Ballard Spahr for their legal representation of the purchaser. n Ideally positioned in the fast-growing and densely populated “Golden Triangle” region of the Central PA sub- market in Dauphin County, Capital Logistics Center offers employers accessibility to an expansive and diverse labor pool. Tenants also benefit from the County’s strong demo- graphics, including population growth of 8.1% from 2000 to 2016. n s/f remains available for de- velopment. “This transaction represents a multitude of asset classes including stabilized core prod- uct, vacant value-add product and additional land develop- ment,” said Blinebury. “In ad- dition to the highly desirable location, extensive renovations completed by Woodmont/AEW leave the assets well-posi- tioned for the user community, as evidenced by a major food distributor’s recent decision to occupy 400,000 s/f of class A space.”
I D D L E T O W N , PA — Cushman & Wakefield’s Nation-
a l I ndu s - trial Advi- sory Group ( IAG) ha s orchestrated t h e $ 7 6 . 1 million sale of Capital Lo- gistics Cen- ter in Mid- dletown. The five-building i n d u s t r i a l portfolio was acquired by an affiliated entity of Der- mody Prop- erties from a joint venture
Gerry Blinebury
Gary Gabriel
partnership of Woodmont Industrial Partners and AEW Capital Management , on behalf of one of its closed- end funds. Cushman &Wakefield’s IAG Northeast Region leads Gerry
Capital Logistics Center
was represented in-house. Capital Logistics Center’s five adjacent buildings total 1,296,494 s/f and are 74% oc- cupied. An additional 133,800
Blinebury , executive direc- tor, in Harrisburg, and Gary Gabriel , executive vice presi- dent, in East Rutherford, rep- resented the seller. The buyer
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ATAPCO Properties purchases The Baltimore Sun HQ, three-building office & garage complex
Upcoming Conferences July 27, 2017 CPA Industrial RE & Development Summit For speaking and sponsorship information, please contact: Linda at 781-740-2900 or lchristman@marejournal.com
Baltimore, MD — Ata- pco Properties (Atapco) announced the acquisition of 401, 501 & 601 North Cal- vert St., in Baltimore, MD. The three-building office and garage complex encompasses over 435,000 gross s/f of build- ing area and a six-story park- ing structure on 5.50 acres.
Directory
Shopping Centers.............................................5-10A Owners, Developers & Managers............... Section B
Upcoming Spotlights DelMarVa Attorneys Southern New Jersey Northeastern Pennsylvania Student Housing
401, 501 & 601 North Calvert St.
“This is a tremendous, icon- ic Baltimore asset that is at- tractive to us given the scale afforded by the existing office building and parking garage as well as significant addi-
tional development capacity,” said Brian Conklin , direc- tor of acquisitions for Atapco Properties. The headquarters location of The Baltimore Sun news-
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Thank You to our Moderators , Speakers & Sponsors
joel Bergstein President Lincoln Equities Group
jose Cruz Senior Managing Director HFF
jack Fersko Co-Chair, Real Estate Dept. Greenbaum, Rowe, Smith & Davis LLP
jeff Hale Vice President-Leasing The Sudler Companies
Chris Hanenberg associate Director Savills Studley
james Rhatican Director of Land Use and Development
Karly Iacono Sales associate
Darin Raiken Director of acquisitions
Kristine Hurlbut Sr. Vice-President, Leasing Denholtz associates
George P. Molloy, SIOR President, Broker of Record GM Realty advisors Inc.
Dana Nalbantian assoc. aIa, Principal, Studio Director Gensler
Iacono Retail Group Marcus & Millichap
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assistant General Counsel Hartz Mountain Industries
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Michael allen Seeve President Mountain Development
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Director - Ny/Nj/CT/Pa Mill Creek Residential
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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 Sales Intern .................................................Kevin Minassian Senior Editor/Graphic Artist ..........................Karen Vachon Production Intern .......................................... Erin Shepherd Office Manager ............................................. Miriam Buttrick Contributing Columnists ............................................ Sanford Herrick, Ian Anderson, Michael Jacobs, Jennifer L. Alexander, Esq., and Jessica Zolotorofe 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 350 Lincoln St, Suite 1105, Hingham, MA 02043 USPS #22-358 | Vol. 29 Issue 12 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 The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
Prime Properties in Southern New Jersey Available For Lease
Sanford Herrick
Whitesell Properties >> Industrial >> 1050 Thomas Busch Memorial Highway, Pennsauken, NJ
The Current Lending Climate
PRIME PROPERTY FOR LEASE 1050 THOMAS BUSCH MEMORIAL HIGHWAY
• Exceptional 47,591 SF Single-tenant Warehouse / Manufacturing Building • 24’+ Clear height, 1200 Amp Electric, T-5 Lighting, and Skylights • 6 Tailgates, 2 Drive-ins, and 94 parking stalls. • Prime Logistics Opportunity minutes from Downtown Philadelphia, I-95, I-295, NJ Routes 38, 70, US Route 130, and NJ Turnpike Exit 4
I t’s a cautiously optimistic time for commercial real estate investors, who are finding attractive opportunities despite some concerns about market stability. The deals in the New York tri-state area as well as South Florida remain plentiful, and private lenders continue to provide an infusion of turnaround capital in order to take advantage of this en- vironment. But will this trend last, and how will the new ad- ministration impact the future of commercial real estate? In the following Q&A, indus- try veteran Sanford Herrick, who is the founder and manag- ing principal of commercial real estate investment company Case Real Estate Capital, LLC, discusses the current lending climate and how Case is lever- aging opportunities. Q: How would you de- scribe the commercial real estate market today now that there’s a new adminis- tration at the White House? A: “The markets are still unsettled, but there’s been more optimism since President Trump was elected with his support of deregulation.” Q: What geographic mar- kets are the best for value- add opportunities right now? A: “Our firm is very active in the Northeast and Mid- Atlantic, as well as in South Florida. Right now we’re seeing more activity in Florida where there is a lot of demand for money. Whether the demand is reasoned is questionable, but many developers feel if there’s money available, let’s do some- thing with it.” Q: The amount of newly- raised capital targeting real estate is at near record levels. Do you expect the velocity of deals to remain
856-764-2600 | www.whitesellco.com | Commercial Office & Industrial Real Estate Proudly Serving Southern New Jersey for Over 50 Years
finding that there are fewer of those deals around compared to a year and a half ago.” Q. Do you see opportuni- ties in the retail sector? A. “For the past couple of years, the constant chirp of discussion on e-commerce has continued and grown louder. Most people are taking their business to the internet versus the brick-and-mortar stores, and I think that trend will continue.” Q: What are the benefits of working with Case? A: “We can get to a yes very quickly, and we can deploy funds in the $10 million to $30 million range within a month. For example, we did a first mortgage bridge loan on a site in Woodridge, NJ for over $15 million and it took only 33 days from the day it came in to the day it funded. Similarly, our turnaround time was 30 days from origination to closing for a first mortgage loan inMontauk, NY for over $17 million.” Q: What is the company’s goal for the remainder of 2017? A: “We are planning an ex- pansion of personnel with plans to hire an acquisition officer and an asset/manager ana- lyst within the next couple of months. Also, as we keep get- ting more money committed to us from our financial partners, we plan to continue to ramp up investment activities, and respond to the middle market’s need for smart situational capital.” n Volpi , VP and Alex Rosen- berg , sales associate. The 5,700 s/f unit is located at 67 East Willow Street in Mill- burn. Ken Rubin represented Bleeker Fidelco Associates , the landlord in this transac- tion. Team Resources repre- sented Advanced Comprehen- sive Laboratory, the tenant. n
strong? A: “There’s a steady stream of money coming into the market with a number of new and sea- soned participants managing that money. As a result, deals are more competitive, which in turn, is driving down yields in an environment where there is concern about stability. We’ve had a seven year run of increase in value and there’s some ques- tion about how long that can last. We’ve already seen cracks in high-end markets like NYC. The great concern now is how long this money can be reason- ably deployed.” Q: Traditional lenders have become cautious with tighter lending standards. What do you attribute that to? A: “The banks have lots of issues and are dealing with increased regulations as the regulators want them to have less exposure to real estate. Traditional lenders are step- ping back, leaving the market up to private lenders to a great degree.” Q: Competition to place capital has been strong. How does Case source new opportunities? A: “We’ve ramped up our in- vestment activities and we proj- ect a rise in financing volume. As an originated mortgage lender and a buyer of loans, we pick through the market to find situations that can get us the yields with the safety and timing components that we want. Unfortunately, we’re
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Lodi, NJ — Team Re- sources (Team) announces recent transactions: Glenn Evans , senior VP leased a portion of 63-35 Rte. 46 in Lodi to Happy USA Inc. Evans represented both the landlord, Garden State Tire, and Happy USA in the 12,325 s/f 10 year transaction. “Happy Team Resources closes two deals in New Jersey USA had been seeking a retail property with high visibility, sufficient customer parking and a heavy volume of traf- fic for their high-end produce market,” said Evans “They were very “Happy”to find this!” Advanced Comprehensive Laboratory has signed a new five year lease through Jeffrey
This issue will print as a pull out section listing Commercial Real Estate Brokerage Firms that are active in the Mid Atlantic area.
This exculsive brokerage opportunity is an excellent way to reach 30,000 Commercial Brokerage Real Estate Professionals, Owners, Developers, and Tenants.
Call to reserve editorial space or expert article on the current commercial market (office, retail, industrial).
Linda Christman Phone:781-740-2900 Email: lchristman@marejournal.com
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M id A tlantic R eal E state J ournal
By Ian Anderson, CBRE The Eds & Meds cure for market volatility
O
ver the past 50 years, no major U.S. employ- ment sector has grown
Figure 1
Figure 2
as qu i ck l y ( 5 0 0% ) o r added more j o b s ( 1 8 . 8 m i l l i o n — mo r e than one out o f every five) t h a n t h e Education & Health Servic-
Ian Anderson
es industry (as defined by the U.S. Bureau of Labor Statis- tics industry sectors of Educa- tion Services and Health Care and Social Assistance). Figure 1 ranks the 25 larg- est U.S. metropolitan areas (in terms of total employment) by the Eds & Meds sector’s share of total local employ- ment. Philadelphia, Boston and Pittsburgh have been at the top of this ranking for decades, trading the lead in- frequently. The next three— New York, Baltimore and St. Louis—also show markedly higher concentrations. These six metros—the “Big 6”—con- tain many of the nation’s lead- ing hospitals and institutions of higher education, and the sector holds significant influ- ence in their local economies. Multifamily and retail are the major CRE sectors that most directly benefit from an Eds & Meds presence, due to the relatively broad de- mand from education & health services workers for rental apartments and consumer purchases. In addition to being a growing source of demand for these real estate sectors, our research has discovered a more notable contribution: by providing a consistent source of employment growth across business cycles, Eds & Meds lowers volatility in multifamily and retail rents and vacancy. We looked at how our 25 largest employment markets performed over the past two business cycles relative to their concentrations of Eds & Meds. To measure the volatili- ty of a metro’s multifamily and retail market, we calculated its peak-to-trough decline in average rent during the past two recessions (2001 and 2007- 2009), and then the number of quarters it took to re-achieve the peak. We show some of the results in Figure 2, illustrating the relationship between a metro’s Eds & Meds concentration
and the decline in its average multifamily and retail rents during and after the 2007-
2009 recession. A discernible relationship shows that metros continued on page 10A
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M id A tlantic R eal E state J ournal Harker’s Hollow Golf & Country Club Going on the Auction Block Max Spann Real Estate & Auction Co. to auction Nine Condos in Old FarmVillage at Panther Valley
A
Farm Rd.. The nine condominiums, which are being auctioned individually by order of the township, range from one- and two-bedroom homes. The township had acquired the units several years ago from a larger purchase of units from the original developer. While the auction units do not have any restrictions, the township purchase was part of their af- fordable housing plan. “This is a great investment opportunity as these homes are already leased so the buy- ers can start collecting rent
LLAMUCHY, NJ — Investors and first- time homebuyers will
have an opportunity to bid on nine condominiums in Old FarmVillage at Panther Valley that are going on the auction block in July. Max Spann Real Estate & Auction Co. has scheduled an auction for Tuesday, July 11 at 6 p.m. at the Allamuchy Twp. Municipal Bldg., 292 Alphano Rd., Allamuchy. Property previews have been scheduled for Wednesday, June 28 from 4 to 6 p.m. The condo- miniums are located on Old
Harker’s Hollow Golf & Country Club
Sr. masterpiece course with clubhouse, golf shop, locker room, four dining areas and bar for relaxing. HARMONY TWP., NJ — Harker’s Hollow Golf & Coun- try Club, one of the oldest country clubs in New Jersey, is going on the auction block in July. Max Spann has scheduled the auction for July 11, 2017 at 1 p.m. at the country club, located on 950 Uniontown Rd., Harmony Township. The 18-hole golf course is set on about 176.7 acres nestled in the hills of Scotts Mountain. Opened in 1929, the course features a classic layout de- signed by Robert White, the ¬ first president of the PGA of America. The country club features a banquet hall/restaurant, St. Andrews Pub and Tee Room for casual dining as well as a locker room, pro shop, administrative offices, grounds keeping build- ing, two tennis courts, a gated pool and a hot tub. A liquor license is included in the sale. Alternative uses include sub- dividing the clubhouse and associated buildings off from the land and repurposing their use. The land could then be sold off or used for agriculture or recreation. The country club is conve- niently located off Rte. s 57 & I-78 and close to Phillipsburg. “It’s not every day that an op- erating country club comes on the market,” said Dann. “This is a unique opportunity for in- vestors looking for a turn-key solution, or to repurpose the property or sell off acreage.” “The course is 6,551 yards from the back tees, but plays much longer and harder thanks to the undulating terrain,” NewJerseyGolf.com said. “The greens are small and fast with breaks ranging from subtle to dramatic. Lopatcong Creek runs the entire length of the golf course providing additional challenge on several holes. The par-3, ¬fifth hole is the club’s signature with magni¬ficent scenery and has served as the backdrop for many weddings.” n
immediately,” said Bob Dann , head auctioneer for Max Spann. “This is also a great opportunity for first-time homebuyers”. The community offers vari- ous membership options in the Panther Valley Golf and Coun- try Club, a Robert Trent Jones
125 & 225 Old Farm Dr.
AUCTIONS
July 11, 2017
Call For Property Information 950 Uniontown Rd, Harmony Twp, Warren Co, NJ Auction July 11 @ 1PM Old Farm Village at Panther Valley By Order of Allamuchy Twp. 9 Individual Condominiums • 1 and 2 Bedroom Units Available • Attention Investors or 1st Time Home Buyers • One of NJ’s Finest Communities • Minutes to Route 80 Harker’s Hollow Golf & Country Club • 18 Hole Golf Course designed by Robert White • Club house, Pool, Restaurant with Liquor License • 176± Acres – Operate as Golf Course or Repurpose Property into Catering Facility/Club, Sell Off Acreage
Property Previews: June 28 4-6PM Auction July 11 @ 6PM
888-299-1438 / MaxSpann.com
S hopping C enters
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oodbridge, Va — Eastern Union Funding arranged Apple Federal Credit Union loan in 30 business days Tropp of Eastern Union Funding arranges financing for Klein Enterprises’ $29.25m SC acquisition W
financing for Kl e in En- t erpr i ses ’ acquisition o f Ma r k e t a t O p i t z Crossing, a 157,724 s/f s h o p p i n g c e n t e r l o -
Marc Tropp
cated at 2141 Opitz Blvd. in Woodbridge. The Baltimore, MD based family business,
Market at Opitz Crossing
with four generations of in- vestment and management experience, purchased the property from the Sterling Or- ganization for $29.25 million. Eastern Union senior man-
anchored by a PriceRite super- market, and offers a variety of dining, shopping and other service-oriented facilities. Major national tenants in- clude Chipotle, Advance Auto
Parts, Dollar Tree, Checkers, Subway, BB&T, Taco Bell, Edible Arrangements, Papa Johns, Hair Cuttery, Mariner Finance, Quest Diagnostics and T-Mobile. n
aging director Marc Tropp advised Klein Enterprises, which closed on the Apple Federal Credit Union loan in 30 business days. Market at Opitz Crossing is
HI-LIGHTS June 23 - July 13, 2017
New Jersey’s R.J. Brunelli & Co. represent buyers in 72,160 s/f shopping center purchase
NAI Emory Hill sells 43,586 s/f retail center
the southern part of the state, leases were signed for a 2,800 s/f space at Kingsway Plaza, 300 South Lenola Rd. in Maple Shade; a 2,490 s/f space at 80- 88 Hartford Rd. inMoorestown; and a 2,400 s/f space at 90 Hwy. 9 South in Bayville. The Madi- son, Maple Shade and Bayville locations recently opened, while Moorestown and Secaucus are expected to follow soon. In southeast Florida, The Max Challenge recently opened in a 2,313 s/f space at Yama- to Commons, located at 349 Yamato Rd. in Boca Raton, while a 2,295 s/f location at the Beachway Shopping Center, 824 North Federal Hwy. in Pompano Beach, is expected to debut soon. All of the deals were brokered by R.J. Brunelli senior sales associate Patti Fiore-AmecAngelo . In its role with Verizon TCC R.J. Brunelli executed lease renewals for a 3,867 s/f end- cap unit at Downtown Plaza, 325 Jimmie Leeds Rd., in Galloway, NJ, and a kiosk at Cherry Hill Mall. Both deals were executed by CEO and principal Ron DeLuca . R.J. Brunelli serves as sub-broker for the chain in New Jersey for master national broker Sperry Van Ness . n
OLD BRIDGE, NJ — R.J. Brunelli & Co., LLC an- nounced the recent completion of a series of leases that will introduce national retailers, restaurants, and personal ser- vice providers to sites across New Jersey, Florida and Penn- sylvania. The firm also helped facilitate the sale of a Florida shopping center. In the largest of the transac- tions, the Old Bridge-based retail estate firm represented the buyers in the $17.25 million acquisition of Cortez Commons, a 72,160 s/f shopping center in Brooksville, FL. To facilitate the transaction, investment sales specialist Mario Brunel- li helped assemble a group of 25 investors to buy the metro Tampa property, with the in- vestors receiving a cash-on- cash return of 8.15%. Located at 12966 Cortez Blvd., Cortez Commons was built in 2015. Dick’s Sporting Goods anchors a mix that also includes such national chains as Five Below, Bob Evans, Mattress Firm, and The Vitamin Shoppe. The site is immediately adjoined by a freestanding Hobby Lobby store, as well as Bonefish Grille and Chili restaurants. Holiday Fenoglio Fowler, L.P. repre- sented the sellers.
Cortez Commons
Back in New Jersey, in its ca- pacity as Dollar Tree’s real es- tate representative statewide, R.J. Brunelli brokered five leases that will bring the na- tion’s largest single-price-point retailer to sites throughout the state. In Union County, a lease was signed for an 12,230 s/f inline space at Plainfield Plaza, a 50,000 s/f center anchored by Supremo Food Market. The center is located at 249 East Front St. in downtown Plain- field. R.J. Brunelli president/ principal Danielle Brunelli- Albrecht brokered the deal for the store, which is expected to open in August. Brunelli-Albrecht additional- ly brokered deals that brought Dollar Tree to a 10,200 s/f freestanding space on Rte. 37 in Toms River that opened in April; a 10,000 s/f end-cap unit
at the new Bergen Point Retail Center in Bayonne; a 9,100 s/f newly constructed building in Bellmawr located at 42 North Blackhorse Pike; and to a 9,300 s/f inline space at Plaza 70, lo- cated at 85 Rte. 70 in Marlton. The Marlton store is expected to open in July, followed by Bayonne in December and Bellmawr in the first quarter of 2018. Meanwhile, franchises of The Max Challenge signed leases for five more locations in New Jersey and two in Florida through deals brokered by R.J. Brunelli, which serves as the franchisor’s national leasing representative. In northern New Jersey, franchisees signed leases for a 2,775 s/f inline space at 35 Main St. in Madi- son; and a 2,300 s/f space at 700 Harmon Plaza in Secaucus. In
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Union Investment RE hires Kseniya Merritt
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Bailey represents landlord in Delaware medical marijuana dispensary lease NAI Emory Hill sells 43,586 s/f retail center, situated on 5.2 acres
nounced sev- eral major retai l sale and l e a s e transactions of note, in- cluding: Lewes, DE - NAI Emory Hill Lewes W
sionate Care, a new medical marijuana dispensary in Sus- sex County. The Vineyards, a mixed-use development on Rte. 9 in Lewes, has office and retail space and pad sites available. Kirkwood Square Shopping Center was recently sold by NAI Emory Hill's retail bro- kerage team of Jim O'Hara, Jr., Jim O'Hara III and Kevin O'Hara . The 43,586 s/f retail center, situated on 5.2 acres at 5810 Kirkwood Highway (Rte. 2) between Newark and Wilmington, is anchored by Retro Fitness
and Accent Music. Peruchos leased 3,200 s/f of retail space which was formerly a Grotto's Pizza restaurant building for its new location at 1200 Pulaski Highway in Bear, DE. The authentic Peruvian restau- rant is relocating from its former site on Kirkwood Highway. NAI Emory Hill agents Becky Harrington and Lorraine Sheldon rep- resented the landlord in the transaction. n Triumph Real- ty Group reps. Ma c k - Ca l i i n 40,000 s/f retail lease Hanover, NJ — Mack- Cali Realty Corporation announced it has signed a lease with 24 Hour Fitness at the company’s shopping center at the intersection of Sylvan Way and Ridgedale Ave. in Hanover. 24 Hour Fitness will join anchor ten- ant Wegmans and will occu- py approximately 40,000 s/f. Headquartered in San Ra- mon, Calif., 24 Hour Fitness is a leading fitness industry pioneer with nearly four million members in more than 400 clubs across the U.S. The new club will fea- ture personal training ser- vices, popular group exercise classes, and a variety of strength, cardio, and func- tional training equipment. Wegmans is currently un- der construction and is sched- uled to open their 134,000 s/f supermarket on July 23 of this year. “Mack-Cali is thrilled about bringing 24 Hour Fit- ness to the Parsippany/Ha- nover area. 24 Hour Fitness will join Wegmans as key amenities not only for our office tenants and residents in the area but also the entire community. Adding ameni- ties like 24 Hour Fitness and Wegmans are at the core of Mack-Cali’s commitment to its tenants and the markets in which we are a part of,” said Michael DeMarco , Mack-Cali CEO. Mark Needle of Tri- umph Realty Group rep- resented Mack-Cali in the 24 Hour Fitness transaction, as well as, the Wegmans deal. Pierson Commercial rep- resented 24 Hour Fitness. n
ilmington, DE —NAI Emory Hill recently an-
Ann Bailey
broker Ann Bailey, CCIM , represented the landlord in the lease of 4,122 s/f of space in the Vineyards of Nassau Valley to First State Compas-
Vineyards of Nassau Valley
Since 1988
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SHANE WIERKS Retail Leasing Specialist Office: 908-668-9600 x 223 Mobile: 908-581-7781 swierks@jefferyrealty.com www.jefferyrealty.com
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Bed Bath & Beyond renewed its lease for 36,470 s/f of retail space Joseph Farina and Gerald Divaris of DRE’s DC office negotiates renewal inManassas’ Parkridge
anassas, VA — Di- varis Real Estate, Inc . (DRE) , an - nounced the completion of the following retail leases: Bed Bath & Beyond renewed its lease for 36,470 s/f of retail space in the Divaris-leased and -managed Parkridge Shopping Center located at 11060 Bull- och Dr. in Manassas. DRE’s Joseph Farina and Gerald Divaris represented the land- lord in the lease negotiations. Other tenants in Park Ridge include: Regal Cinema, Kohl’s, Duluth Trading Co, Cacique/ Lane Bryant, Old Navy and M
Famous Footwear. Purify infrared sauna leased 1,673 s/f of retail space in the Divaris-leased GreenGate lo- cated at 12121 West Broad Dr. in Richmond. GreenGate is a 70-acre, mixed-use com- mercial development under construction with 100,000 s/f of retail anchored by a 36,000 s/f Lidl grocery store and a half dozen restaurants including: West Coast Provisions, The Daily Kitchen & Bar, Red Salt Chophouse & Sushi, Starbucks, MellowMushroom and retailers Carytown Bicycle Co, CycleBar, and Polished Nail Salon. DRE’s
Peter Vick and HarrisonHall represented the landlord in the lease negotiations. Petite Red Nails extended its lease for 1,021 s/f of retail space in Gold’s Gym Plaza lo- cated at 8906 West Broad Dr. in Richmond. Vick and Hall represented the landlord in the lease negotiations. Other tenants in the property include: Gold’s Gym, Regal Cinema, For Eyes and Gelati Celesti. n Union Investment RE reinforces its activities in the North American retail markets Hamburg/NYC — Union Investment Real Estate GmbH has reinforced its in- ment’s team based in New York City on May 1st. Ms. Merritt will be in charge of expanding Union Investment’s existing re- tail portfolio in the U.S. as well as investigating market entry opportunities in Canada. In her retail capacity, Ksenyia Merritt reports to Henrike Waldburg, who is heading the company’s retail investment department based in Hamburg/Germany. Union Investment currently holds some 80 retail properties in its portfolio. Already active in the US office markets for over 30 years, the company en- tered the U.S. retail sector last year by purchasing a 49% stake in four retail properties in NY, Philadelphia and San Francisco via a joint venture with TIAA Global Asset Management. Merritt brings twelve years of commercial real estate experi- ence with a speciality in retail. Kseniya joins the company from Brixmor Property Group, where she ran the capital re- cycling program for the South Region of the company consist- ing of 154 shopping centers. Prior to that, she spent ten years at a private equity firm, Lamar Companies, where she focused on retail and was re- sponsible for deal sourcing, due dilligence, and securing of equity and debt financing for the transactions. n Kseniya Merritt vestment ac- tivities in the North Ameri- c a n r e t a i l markets by hiring retail expert Kseni- ya Merritt . Merritt joined Union Invest-
Bed Bath & Beyond
Ethan Allen Marlboro, NJ
Xscape Theater Howell, NJ
Greenleaf Howell, NJ
Howell Commons Howell, NJ
Walgreens Staten Island, NY
TJ Maxx Woodbridge, NJ
Building Quality, Value and Trust 4900 Route 33, Suite 101, Wall Township, NJ 07753 732.933.0707 www.gerardconstructioncorp.com
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Nicholson &Hamilton represent Harbor Freight Tools USA in 18,401 s/f lease of retail space LMS Commercial RE’s Meyers leases 70,000 s/f of warehouse space at 8 Barnhart Dr., Hanover
uakertown, PA — LMS Commer- cial Real Estate an- nounced recent retail transac- tions: 8 Barnhart Dr, Hanover • Schindler Elevator Corpo- ration Sub-leased 70,000 s/f of warehouse space. RyanMyers of LMS Commercial Real Es- tate represented the landlord. Trainer’s Corner, Quakertown • Harbor Freight Tools USA, Inc. leased 14,990 s/f of retail space. Dave Nicholson and Jeremiah Hamilton of LMS Commercial Real Estate rep- resented the tenant. 2431 Butler St., Easton • Harbor Freight Tools USA, Inc. leased 18,401 s/f of retail space. Nicholson and Hamilton represented the tenant. Oxford Square, Oxford • The Cellular Connection, LLC a Verizon Wireless Pre- mium Retailer leased 2,713 s/f of inline retail space. Hamilton represented the tenant. Queensgate Towne Ctr., York • York 1 Subs LLC d/b/a Jersey Mike’s leased 1,624 s/f of inline retail space. Nich- olson, Hamilton represented the tenant and Arlene Gray and Wilay Boensch of LMS Commercial Real Estate rep- resented the landlord. 125 S Antrim Way, Greencastle • Allome, LLC sub-leased 2,250 s/f of office space. Myers represented the sub-landlord. Stoverdale Commons, Stoverdale •Monte Design Studio leased 1,600 s/f of inline retail space. Gray and Boensch represented the landlord. • Il Fornaio Italian Restau- rant leased 2,000 s/f of inline retail space. Gray and Boensch represented the landlord. The Shoppes at Bloomfield Village, Lititz • Central Penn Krav Maga, LLC d/b/a Central Penn Krav Maga leased 2,070 s/f of inline retail space. Gray and Boensch represented the landlord. Union Square Shopping Ctr. • Modi Clippers d/b/a Great Clips leased 1,200 s/f of inline retail space. Gray and Boensch represented the landlord. Columbia SC, Columbia • Wireless Nation leased 3,200 s/f of inline retail space. Gray and Boensch represented the landlord. • K&H Nails leased 1,600 s/f of inline retail space. Gray and Boensch represented the Q
landlord. 1201 Carlisle St, Hanover (New Construction) • Clipper Partnership, Inc. d/b/a Great Clips leased 1,200 s/f of inline retail space. Myers and Nicholson represented the landlord. • MOD Super Fast Pizza, LLC leased 2,800 s/f of inline retail space. Myers and Nich- olson represented the landlord. 1157 Eichelberger St., Suite 4, Hanover • Premier Ankle & Foot leased 1,129 s/f of office space. Myers represented the land- lord. n
and Hamilton represented the tenant. Leola Commons, Leola • Advance Stores Company, Incorporated d/b/a Advance Auto Parts leased 8,040 s/f of inline retail space. Hamilton represented the landlord. 199 Eisenhower Dr. Hanover • Denny’s Inc leased 5,083 s/f of retail space. Blake Gross of LMS Commercial Real repre- sented the landlord. Carlisle Commerce Park, York • Adecco USA, Inc. leased 1,865 s/f of retail space. Gross and Hamilton represented the
2431 Butler St., Easton, PA
landlord.
and Hamilton represented the tenant. 1401 Kenneth Rd, York • York 2 Subs LLC d/b/a Jersey Mike’s leased 1,750 s/f of inline retail space. Nicholson
Shoppes at Belmont Lancaster • Lancaster 1 Subs LLC d/b/a Jersey Mike’s leased 1,425 s/f of inline retail space. Nicholson
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Delavale of Breslin Realty inks lease for Stewart’s Restaurant
Sackeim of The Dartmouth Co. of NJ reps. the tenant Ripco Real Estate represents Eastman Cos. in 3200 s/f lease L IVINGSTON, NJ — CycleBar has signed a lease for 3,200 s/f at
The Shoppes at the Livings- ton Circle in Livingston. The 93,000 s/f open-air shopping center, located at 277 Eisen- hower Parkway, is managed and developed by Livingston- based Eastman Companies . The transaction was negoti- ated by Florian Susserman and Stephanie Harris of Ripco Real Estate Corp. for Eastman Companies. Jamie Sackeim of The Dartmouth Company of NJ, LLC repre- sented the tenant. n
Stewart’s Restaurant
Wantagh, NY — Breslin Realty is proud to announce the recent Grand Opening of Stewart’s Restaurant at 1161 Wantagh Ave. in Wantagh, at Willow Wood Shoppes. Stewart’s Restaurant is
occupying 3,000 s/f of the shopping center, in the space formerly occupied by Spasso’s Pizzeria. Stewart’s Restaurants are classic 1950’s style fast-food restaurants with stores across the north-eastern United States. Their new Wantagh location will be their first on Long Island. The transaction was ar- ranged and negotiated for the landlord by Robert Delavale of the Breslin organization. Additional Willow Wood re- tail includes Petco, Starbucks, Piecraft Pizza Bar, Jani Res- taurant, Kidville, ProHealth Care Associates, Astoria Bank, Weight Watchers, NEFCU, Stand Up MRI, Ascent Audiol- ogy, Supercuts, Yogurt City, Peak Performance Physical Therapy, and Dina’s Nails. n continued from page 3A The Eds & Meds . . . with high concentrations of Eds & Meds may buffer their multifamily and retail markets from larger declines in rent and occupancy than metros with a lower Eds &Meds pres- ence may experience. Data for the 2001 recession revealed a similarly credible relationship for multifamily markets but were inconclusive for retail, as a majority of retail markets did not incur rent declines during that business cycle. Conclusion With remarkably stable long-term growth, the Eds & Meds industry continues to infiltrate the various sectors of commercial real estate. The credible relationship between the concentration of Eds & Meds in a metro’s local econo- my and the volatility its mul- tifamily and retail markets experience may be particularly valuable to commercial real estate stakeholders at this stage of the cycle. Ian Anderson is the direc- tor of Research and Analy- sis at CBRE for the Greater Philadelphia region. n
The Shoppes at the Livingston Circle
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Real Estate Journal — Shopping Centers — June 23 - July 13, 2017 — 11A
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Expert panel discusses impact of current trends on CRE industry NAIOP NJ Chapter meeting examines “The Rise of Experiential Retail”
EANECK,NJ —While the future of brick-and- mortar retailers is de- cidedly uncertain, undesirable locations are likely to suffer as the market transforms, while well-located properties that can attract “experiential” retailers will thrive. This was one of the key take- aways shared by industry ex- perts at NAIOP NJ’s June 6 chapter meeting, held at the TeaneckMarriott at Glenpointe. Led by Rockefeller Group’s Clark Machemer , the panel discussion focused on current retail trends, in particular the shift to “experiential retail” and its impact on commercial real estate development as well as opportunities for investors. “We are hearing a lot of talk about how traditional retail is dying,” said Machemer. “As developers and property owners struggle to determine the right mix of retailers, store sizes and formats, how can brick-and- mortar stores evolve to compete in today’s omnichannel world?” “We wouldn’t agree that re- tail is dying, but it’s definitely changing,” said Herbert Eil- berg , chief investment officer at Urban Edge Properties, whose company spent $500 million over the past six months buy- ing shopping center properties in northern New Jersey and the New York metro area. “The projects we’re interested in are necessity and value driven, and we’re looking at how we can complement them by adding to the experience. The word we like to use is engagement. Are we engaging the consumer?” Millennials Continue to Drive Decision Making Nancy Erickson , executive managing director with Col- liers International , cited the continued dominance of Millen- nials as the key decision-makers in terms of what’s next in retail. “We’re following their lead and focusing on tenants that offer something they can’t do on Ama- zon while they’re watching TV,” she said. “This includes restau- rants, discount fashion retail- ers and entertainment such as luxury dine-in movie theaters. Fitness and medical services, such as urgent care centers and medical spas, are also growing”. Erickson noted that food was “the number one discussion” at the recent International Coun- cil of Shopping Centers (ICSC) conference in Las Vegas. “We all want good food and we’re looking for something unique. Although T
and mixed-use projects.” Mark Pottschmidt , co- founder of Stanbery Devel- opment , agreed that food is replacing fashion as a key driver of foot traffic to the com- pany’s retail lifestyle centers and mixed-use projects. At Stanbery’s planned mixed-use project in Parsippany, he said, “We expect 30 to 40% of the tenants to be food operators ranging from fast casual to white table cloth. Amenities on the ground will drive demand for the apartments above.” Capital is Finding Quality Brian Whitmer , senior
director Metropolitan Area Capital Markets Group with Cushman & Wakefield, said investors have returned after a lull that resulted from un- certainty over interest rates and the new administration. “We’re seeing the capital and buyers come back into the market, and the interest is in quality retail properties with good tenant mixes,” saidWhit- mer. “Sellers are starting to become more active, and many of them have been looking at strategic dispositions of non- core, secondary and tertiary assets.” n
Shown from left: Herbert Eilberg (Urban Edge Properties), Nancy Erickson (Colliers International), Mark Pottschmidt (Stanbery Development), Brian Whitmer (Cushman & Wakefield) and Clark Machemer (Rockefeller Group)
national chains will do well, it’s the out-of-the-box restaurants
that are going to influence devel- opment both in shopping centers
Principals Michael J. Acquaro-Mignogna, MAI, AI-GRS Gary E. Heiland II, MAI, AI-GRS
Associates Julie E. Route, MAI Brian D. Conner, MAI Christopher K. Bourland, MAI Michael C. Jarrell Jenise B. Cox Lawrence B. O’Brien
David O. Rochkind Patrick W. Cullen Lydia J. Nagy Thomas S. McDonough
Providing Real Property Valuation and Consulting Services in Pennsylvania, New Jersey and Delaware
Recent Retail/Commercial Assignments
48,000 sf furniture store Allegheny County, PA
Four commercial condos Hudson County, NJ
7,000 sf drug store York County, PA
21,000 sf neighborhood center Lancaster County, PA
64,000 sf retail building Cumberland County, PA
127,000 sf big-box retail building Montgomery County, PA
26,000 sf automobile dealership Dauphin County, PA
5,500 sf restaurant Bucks County, PA
Office Locations York, PA (Central PA) ● Wayne, PA (Suburban Philadelphia) ● Pittsburgh, PA www.mvginc.com
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RETAIL PORTFOLIO
by region
GLA/ Acreage Anchor Tenants
Property Name Northeast
Address
City/State
307,799 Kmart, Burlington, Market Basket
Shops at Billerica
Boston Rd. & Tower Farm Rd. Plain St. & Lowell Connector Medway St. & Beaver St.
Billerica, MA
271,377 Target, Marshall’s, Best Fitness
Meadow Brook Center
Lowell, MA
158,242 Stop & Shop, Dollar Tree
Milford Crossing
Milford, MA
217,586 Future Development
Harbor Pointe Marketplace
Route 440 & Goldsborough Dr.
Bayonne, NJ
126,367 Virtua Medical Group, TD Bank
Route 70 & N. Locust Ave. Hanover Ave. near Horsehill Rd. State Hwy. 73 & Sunbird Dr. Adjacent to Foreign Trade Zone Route 18 & Foxborough Dr. Route 46 & Waterview Blvd.
Shoppes at Renaissance Square
Hanover, NJ Evesham, NJ
19 AC BJ’s Wholesale Club (New Development)
BJ’s Shopping Center
26,016 Royal Farms
Sunbird Plaza
Marlton, NJ
16.963 AC Across from Walmart, Sam’s, TJ Maxx 9.33 AC Across from Walmart Supercenter 148,708 Whole Foods (New Development)
Vacant Land
Mount Olive, NJ Old Bridge, NJ Parsippany, NJ
New Development
Waterview Marketplace
Vacant Land
Vauxhall (Union), NJ 0.3239 AC Future Development
Springfield Ave. near I-78
Vineland Marketplace
TBD
Vineland, NJ
Future Development
S. Delsea Dr. (Rte. 47) & College Dr.
Williamstown, NJ
94,452 Rockin’ Jump, Dollar General, CVS
Williamstown Shopping Center
Black Horse Pike & Main St.
26 AC Across from Walmart Supercenter
Route 13 & Bennie Rd.
Vacant Land Kohl’s Plaza
Cortland, NY Deer Park, NY
182,875 Kohl’s, Super Stop & Shop
Saratoga Rd. & Glenridge Rd. Commack Rd. & Grand Blvd.
Glenville (Albany), NY 170,616 Target, Pet Supplies Plus, Mattress Firm Lake Ronkonkoma, NY 170,451 Stop & Shop, Regal Cinemas, Dollar Tree
Target Shopping Center
Lake Shore Plaza II & III
Portion Rd. & Patchogue-Holbrook Rd.
Redevelopment Opportunity
Latham (Colonie), NY 118,863 Vent Fitness
Route 7 & Swatling 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
78,659 Super Stop & Shop, Residence Inn
Orangeburg Commons
Route 303 & Palisades Pkwy. Montauk Hwy. & Station Rd.
Orangetown, NY
29,314 SoulCycle
The Mill
Southampton, NY
21,212 US Post Office
Stony Ridge Plaza
Route 9W & Park Rd. 660 White Plains Rd.
Stony Point, NY
660 White Plains Road
279,254
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
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
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
810 Seventh Avenue, 10th Floor New York, NY 10019 • rdmanagement.com
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