S hopping C enters
Real Estate Journal — Shopping Centers — June 22 - July 12, 2018 — 5A
www.marejournal.com
M id A tlantic
Representing team includes Munley, DiCosimo, and Cruz HFF announces the $55.25 million sale and financing of Lehigh Valley power center P
top-tier shopping center and location within the Lehigh Valley,” Munley added. “The offering generated significant interest from private and in- stitutional buyers proving out the value proposition for this property.” HFF announces $41.5 million sale of grocery-anchored retail center in Wall Township, New Jersey In New Jersey, HFF an- nounced the $41.5 million sale of Wall Twp. The HFF team marketed the property on behalf of the seller, AEWCapital Manage- ment, L.P. on behalf of one of its separate account clients. DWS purchased the property free and clear of any mortgage financing. Wall Towne Center is an- chored by ShopRite, the domi- nant grocery chain in New Jersey, and home to 12 other diverse tenants, including Great Clips, AT&T, GNC, All- state Insurance, Cherry Blow Dry Bar, OceanFirst Bank, Lu- brano’s Trattoria and PetValu. Completed in 1997, the center most recently underwent reno- Filley, who specializes in the sale of office and industrial assets. The properties were initially offered for sale in July of 2016. The portfolio consisted of six buildings, of which five were sold to an entity from Freder- ick, Maryland, including 1401 South Main St. and 206-210 East Ridgeville Blvd. The 1311 South Main St. property was sold to a separate purchaser, represented by a cooperating broker, and closed two weeks prior to the balance of the portfolio. “With ownership engaging Marcus & Millichap’s local retail and office teams to work collaboratively on this assign- ment, it allowed us to access a vast buyer pool, and tap numerous brokerage relation- ships inside and outside of Marcus & Millichap” added
vations in 2017 when ShopRite expanded its space. Situated on 11.81 acres at 2433-2445 Rte. 34, Wall Towne Center is the only grocery-anchored retail option on Rte. 34. The center’s location is accessible to the neighboring munici- palities of Manasquan, Point Pleasant, Bric and Brielle via the Rte. 35/70/34 intersection, which is less than one half mile southeast of the property. More than 53,671 residents earning an average annual household income of $136,760 live within a three-mile radius of the property. The HFF investment advi- sory team representing the seller included senior manag- ing director Jose Cruz, manag- ing directors Kevin O’Hearn and Chris Munley and senior directors Michael Oliver and Stephen Simonelli. “The investment market responded very favorably to Wall Towne Center given the ShopRite sales, location and surrounding demographics,” Cruz said. “We continue to see demand for high quality retail throughout New Jersey.” Zang. “We feel this two-front approach ultimately enabled us to complete this sizable and challenging sale in the current turbulent sale environment” concluded Zang. In Pennsylvaina, Marcus & Millichap announced the sale of Paxton St. Commons, a 10,664 s/f retail strip in Har- risburg. The five-tenant, 100 percent occupied retail asset sold for $4.225 million. The New York-based buyer was secured and represented by Craig Dunkle , an invest- ment specialist in Marcus & Millichap’s Philadelphia office. “This class A, multi-tenant shopping strip fit all of the investors acquisition crite- ria,” said Dunkle. “The client was specifically seeking a Starbucks with a drive-thru in a highly trafficked retail corridor.”
HILADELPHIA, PA — Holliday Fenoglio Fowler, L.P. (HFF) an- nounced the $55.25 million sale of and the $50.4 million acqui- sition financing for MacArthur Commons, a 371,886 s/f, fully leased, grocery-anchored power center in the Lehigh Valley of Pennsylvania. The HFF team marketed the property on behalf of the seller. An affiliate of Abrams Realty & Development pur- chased the asset free and clear of existing debt. Additionally, working on behalf of the new owner, the HFF team secured a floating-rate acquisition loan. The buyer was able to obtain long-term lease extensions with the anchor tenants and gained approval to develop several out- parcels, thus creating a highly competitive marketing process for the financing. MacArthur Commons is fully leased to GIANT Food Stores along with multiple national anchors, including Burlington, Dick’s Sporting Goods, Big Lots and T.J.Maxx. Housed on 47 acres at 2631 MacArthur Rd., the center is situated in MOUNT AIRY, MD — Mar- cus & Millichap announced the sale of the Mount Airy Port- folio, which was sold in two sep- arate transactions consisting of more than 100,000 s/f of mixed- use properties located inMount Airy. The portfolio, totaling more than $16.8 million, was represented by Robert Filley , first vice president investments and Dean Zang , senior manag- ing director investments. Addi- tional team members included Christopher Burnham , se- nior associate and Christian Beck , associate in Marcus & Millichap’s Baltimore office. “We are pleased to complete this assignment for our clients. This was a complicated trans- action with the addition of the bankruptcy proceedings in late 2017. Our collective execution created a great solution for both the sellers and buyers,” stated
MacArthur Commons
The HFF debt placement team representing the borrower included managing director James Conley . “Thanks to the HFF team of Chris Munley and James Conley for helping us to un- derstand this fabulous value- add play and in facilitating a great working relationship with both the seller and the lender,” said Peter Abrams , founder of Abrams Realty & Develop- ment. “This redevelopment play is state of the art in the ever-evolving retail market in which we find ourselves.” “MacArthur Commons is a
the “go to” retail destination in the region and is accessible via Rte. 20 with more than 44,000 vehicles passing per day. The center’s Lehigh Valley loca- tion places it 65 miles north of Philadelphia and less than five miles north of Allentown. More than 93,478 residents earning an average annual household income of $60,731 live within a three-mile radius of the center. The HFF team representing the seller included managing director Chris Munley, direc- tor Michael DiCosimo and senior managing director Jose Cruz .
Retail and office teams at Marcus &Millichap collaborate to broker $16.8 million mixed use sale in Mount Airy, MD
Mount Airy Portfolio
Made with FlippingBook - professional solution for displaying marketing and sales documents online