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R Estimated market value is $175m and totals 750,000 s/f office & 1.3 million s/f industrial NKF’sTri-StateCapitalMarkets teambrings seven properties to market in 1st 90 Days utherford, NJ — Newmark Knight Frank (NKF) an-
ISSUE HIGHLIGHTS Volume 29, Issue 20 Oct. 27 - Nov. 9, 2017 SPO TLIGHTS Executive Women
nounced that the NKF Tri- State Capital Markets Team has procured seven office and industrial assignments in their first 90 days with the firm. “We are delighted with the team’s momentum in its early days at NKF and have high expectations that the tri-state team is becoming a market leader,” said vice chairman & COO of NKF New Jersey, David Simson . The estimated market value for these assignments is approxi- mately $175 million and totals 750,000 s/f of office and 1.3 million s/f of industrial space. The properties include: • Morris Corporate Center IV, Parsippany, NJ – Unmatched value-add opportunity to ac- quire a market-leading office property with two, five-story trophy office buildings totaling 359,671 s/f • Ramsey Office Centre, 500 N Franklin Tpke., Ramsey, NJ – 138,386 s/f class A office building. • 600 & 700 Horizon Center Dr., Hamilton, NJ – Two- building, 100% net leased office portfolio in Hamilton,
Section C
Morris Corporate Center IV, Parsippany, NJ
Ramsey Office Centre
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160 Corporate Court, Meriden, CT
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NJ comprising a 95,000 s/f single story office building (600 Horizon), and a 120,000 s/f institutional-quality office building (700 Horizon) • Tulfra Industrial Portfolio, Northern NJ – Four-building, 100% net leased industrial portfolio totaling 254,000 s/f. • NY Life Industrial Portfolio, 550 Research Pkwy. & 160 Corporate Court, Meriden, CT – Two industrial buildings totaling 579,426 s/f. • 611-617 West Johnson Ave.,
Cheshire, CT– Four-building, 208,640 s/f industrial complex strategically located at the crossroads of I-84 and I-691 • Pfister Land Site, Ridgefield, NJ – 18.73-acre “construction ready” industrial development site that can accommodate 275,000± s/f of warehouse/ distribution space, strategi- cally located on Rte. 46 in the Meadowlands on what is Ber- gen County’s largest remain- ing parcel of developable land “The collaboration between
company,” said E. Thomas Harvey, III , president, HHA. “We are confident our vision for this site will create thou- sands of jobs during construc- tion and thousands more well- paying permanent jobs.” From its successful rede- velopment of Twin Spans Business Park in New Castle HHA brings a wealth of ex- perience with projects of this nature. Similar in scale to the GM Boxwood facility, Twin Spans Business Park is a 135 acre and 2 million s/f class A commercial warehouse, dis- tribution and office campus. Formerly an obsolete manu- facturing facility operated by Chicago Bridge & Iron, the Twin Spans campus is today 100% leased and employs over 1,000 people. n our various offices is a large part of what makes NKF a true leader in the industry,” said executive vice president Michael Cottle , manager of the Connecticut and West- chester County, NY Region. “The success of our expanded, regional Capital Markets group and its strong activity in their first 90 days with the firm reflects this notion. We are particularly excited about the industrial-segment activi- ty in the past three months.” n
Upcoming Conferences Nov. 9, 2017 New Jersey Capital Markets Summit Nov. 10, 2017 Philadelphia Office & Industrial Real Estate Summit For speaking and sponsorship information, please contact: Lea at 781-740-2900 or lea.christman@marejournal.com
HHA affiliate to acquire Former General Motors Automobile Assembly Plant 142 acre site inWilmington
Wilmington, DE — Harvey, Hanna & Associ- ates, Inc. (HHA) formally announced the pending acqui- sition of the former General
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Motors Automobile Assembly plant located at 801 Boxwood Rd., Wilmington. Boxwood Indus t r i a l Park, LLC , an affiliate com- pany of HHA will acquire the 142 acre site from Wanxiang America Inc., which includes
in excess of 3 million s/f of former automobile manufac- turing space. Built in 1946, the site most notably served as the former General Motors Automobile Assembly plant. “This is an exciting time for our community and for our
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Philadelphia's Rapidly Changing Skyline: What's Next? An Interactive Forum for Area Real Estate Leaders
Tuesday, Nov. 14, 2017 | 8:00 - 10:30 am | Center City, Philadelphia
Friedman LLP is proud to present a dynamic forum for real estate developers and owners. Stay on the pulse of economic, development and governmental factors transforming the Philadelphia region in 2018. A panel of eminent real estate leaders will explore how changes to the residential, commercial and retail market could impact your business next year.
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Leo Addimando Alterra Property Group
Anne Fadullon City of Philadelphia
Joseph Pasquarella Newmark Knight Frank
Allan Domb Allan Domb Real Estate & Philadelphia Councilman At-Large
Richard S. Gottlieb Keystone Property
Kevin Gillen, PhD Lindy Institute for Urban Development
To request an invitation to this exciting forum, contact: hleese@friedmanllp.com • p. 267.886.1775 • Space is limited
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3159 Route 46 • Parsippany, NJ Available for Lease
M id A tlantic Real Estate Journal
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 Senior Editor/Graphic Artist ..........................Karen Vachon Office Manager ............................................. Miriam Buttrick Contributing Columnists ..................................Derek 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 350 Lincoln St, Suite 1105, Hingham, MA 02043 USPS #22-358 | Vol. 29 Issue 20 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
Development coming in 2018 across the street!
SITE
Derek Stewart
An Interview with Derek Stewart, Head of Real Estate- Indeed T alent and real estate are attached at the hip. You need real estate to house your talent, keeping em- ployees productive and happy to operate a business. You need talent to make real estate a worthy investment. Both must be aligned. Indeed is incredibly success- ful at meeting their mission— to bring talent to companies around the world. While they offer users the ability to post jobs for free, they also aggre- gate existing jobs from com- pany websites and job boards. Their clients on both sides of the aisle are happy. Although Indeed had a slower start, it has scaled incredibly over time. Stewart explains, “We can get a lot more jobs on our site with a lot few people than anyone else.” Due to its great success, In- deed’s employee numbers are growing rapidly, which means that real estate is becoming more important. Stewart ex- plains, “As we keep growing, we have folks joining us around the world throughout the year.
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The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
On a basic level, my goal is to get enough space globally to support these hiring targets.” Stewart is no stranger to growth, as he started his ca- reer in CFO/COO positions, running finance and opera- tions teams at high-growth startups. Most small startups do not have standalone depart- ments for finance, insurance, legal, real estate, accounting and office operations, so those responsibilities usually fall on the shoulders of the CFOs or COOS. Stewart had exposure to each of these functions. After working on real estate deals to support the company’s opera- tions, he discovered that he re- ally enjoyed real estate. When he discovered the opportunity to work at Indeed and focus exclusively on real estate, he
was all in. Stewart used his financial perspective to constantly as- sess how real estate impacted Indeed’s profitability. Over the last two years, he and his team have improved forecast- ing their growth and have cre- ated better quality office space more consistently. Indeed is expanding rapidly, so Stewart and his team are preparing to turn up the volume, bringing new spaces onboard faster and on a much larger scale. Luckily, after all this growth, Indeed is well-known, and Stewart is trusted as a tenant when they enter a new market. Stewart explains that (as most commercial real estate professionals know), location strategy significantly impacts continued on page 14A
Explore opportuni ties at the Haines Center
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Real Estate Journal — October 27 - November 9, 2017 — 3A
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JUST LISTED - FOR SALE Single Tenant NNN Office Building Call for Offers – November 30, 2017
Feinberg Real Estate Advisers, LLC is pleased to offer for sale the fee simple interest in 3801 Paxton Street, Harrisburg, PA, a single-tenant NNN two-story 61,198 square foot professional office building on 9.22 acres. First class investment property NOI $578,250.00 The property is 100% leased with a single tenant NNN lease expiring on December 31, 2027 Located in Swatara Township, Dauphin County, this landmark building anchors the vibrant commercial development known as TecPort Excellent visibility and access from Interstate 83 Credit tenant This building was updated in 2017 and is fitted with high end first quality office furniture and finishes 620 parking spots; 11:1000 ratio Broker/Agent has percentage ownership of the property
For additional information and a full investment package, please contact: Cindy McDonnell Feinberg at 610-709-6231 or Gregg Feinberg at 610-709-6233.
Price: $8,625,000.00 Offers Due by 5:00 PM, Thursday, November 30, 2017 Property Tours - call to register
November 1 st at 9am November 7 th at 1pm November 16 th at 3pm Cindy McDonnell Feinberg, CCIM – 610-360-9733 or cfeinberg@feinbergrea.com Gregg M. Feinberg, Esq. – 484-201-6645 or gfeinberg@feinbergrea.com www.feinbergrea.com
1390 Ridgeview Drive, Suite 301, Allentown, PA 18104 610-709-6233
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M id A tlantic R eal E state J ournal Burdette of Stan Johnson Company represents the seller CenterPoint acquires distribution center in Northern New Jersey
W
ayne, NJ — Cen- terPoint Proper- ties announced the
acquire a premier building in one of the most important e-commerce markets in the country.” The state-of-the-art distribu- tion center is fully leased on a long-term basis to one of the largest delivery companies in North America. Located on 14 acres, this modern, class A facility was built in 2016 and has immediate access to major highways, including I-80 and US 46. Additionally, the ware- house is within 30 miles of 13.5 Million people. The building is strategically located 20 miles from the George Washington
Bridge, 24 miles from the New- ark Airport, 26 miles from Port Newark and 32 miles from the Port of New York and New Jer- sey. Property features include 90 trailer parking spots, 219 car parking spots, 44 dock high doors and 28’ clear heights. “This is our second acquisi- tion in Northern NJ this year, bringing our NJ/NY portfolio to more than 4.5 Million s/f,” said Charlton. “In the last three years, CenterPoint has invested over $1.8 Billion in acquisitions and development across the United States, and we will continue to aggressively seek out additional acquisition opportunities - particularly in the port markets of Northern New Jersey, Los Angeles, San Francisco Bay Area, South Florida and Seattle.” n CASA names Barley Snyder “Heroes in the Lives of Children” Lancaster, Pa — The Court Appointed Special Ad- vocates for Children (CASA) of Lancaster County has named Barley Snyder the recipient of one of its biggest annual awards, “Heroes in the Lives of Children.” The award is handed out each year to an organization that has made an exceptional effort to effect positive change in the life of a child. Barley Snyder provides pro bono legal guidance to CASA of Lancaster County and has made financial contributions to the nonprofit organization. CASA also uses Barley Sny- der’s office on East King St. in downtown Lancaster for meetings, training, and even to film a CASA movie. Barley Snyder partner Scott Landis has been on the board at CASA of Lancaster County for the last six years, and has been board president for the last three. “Since it started in this area in the mid-2000s, CASA has filled a very necessary void in the region,” Landis said. “No child should ever go home- less, and our at-risk children are most vulnerable. CASA has been successful in helping many of those children find homes, and I’m proud to be a part of an organization doing such tremendous work. As a firm, we’re proud to aid CASA in its mission, one we strongly support.” n
acquisition of a new, 163,253 s/f distribution center located at 95 Demarest Dr. in Wayne. Britton Burdette of Stan Johnson Company repre- sented the seller. “This facility is a strategic, last-mile asset, located in the underserved Northern New Jersey industrial market,” said PJ Charlton , senior vice president of investments at CenterPoint. “Given its prox- imity to New York City’s dense population, we are excited to
95 Demarest Dr.
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Real Estate Journal — October 27 - November 9, 2017 — 5A
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Features a conference facility, fitness centers and cafes SJP Properties recapitalizes Somerset Corporate Center in Bridgewater, NJ with P3RE
RIDGEWATER, NJ — SJP Properties announced that P3RE has made an equity invest- ment to become a partner in three of the five class A office buildings comprising Somerset Corporate Center in Bridgewater. The partnership aligns P3RE, a Jackson based real estate company that has quickly positioned itself as a significant player in the New Jersey commercial real estate B Long & Fo s t e r names Glass manager of the commercial division VIENNA, VA — Ron Glass has been named branch man- ager for Long & Foster Real Estate’s Commercial Divi- sion office in Vienna. Glass has been a top-producing commercial real estate agent with Long & Foster for many years and brings a wealth of experience to his new position. Glass has been a licensed real estate broker in Virginia since 1978, and also holds real estate licenses in Maryland, Washing- ton, DC, and North Carolina. He has extensive experience in retail and office leasing and sales, cash flow, bottom-line analysis and investor opportu- nities. Glass is a member of The Commercial Network , also known as TCN Worldwide, and he is also a member of Virginia Realtors and the Greater Washington Commercial As- sociation of Realtors . “I’m thrilled to officially begin this new role with the Commer- cial Division of Long & Foster,” Glass said. “Having worked alongside the fantastic agents in this office for many years, I know they are a talented, driven group of individuals who are passionate about their work. I look forward to working with more agents as they grow their careers.” “We’re excited that Ron is taking on this leadership role with our commercial division office and we know his experi- ence and knowledge will be very beneficial to our sales as- sociates,” said Larry “Boom- er” Foster , president of Long & Foster Real Estate. “His love of real estate, commitment to the industry and high level of expertise will serve himwell in helping Long & Foster’s Com- mercial Division continue to grow throughout the region.” n
the superior business envi- ronment offered by Somerset Corporate Center, and the re- sulting success we’ve achieved attracting a world-class roster of tenants.” “While the recapitalization of Somerset Corporate Cam- pus was a great economic opportunity, the ability to learn from and work closely with such an exceptional or- ganization that Steve Pozycki has built, is invaluable,” said Rosenblatt. “I look forward to further developing our rela- tionship with SJP Properties for many years to come.” n
continue to manage and lease the assets – Somerset Corpo- rate Center I, II and V – as the operating partner. “Having fully leased all of Somerset Corporate Center earlier this year, we were strongly positioned to recapi- talize, and are pleased to have found a partner in P3RE that brings a creative approach to marketing to help maintain this property’s position as the business destination of choice in New Jersey,” said Steven Pozycki , founder and CEO of SJP Properties. “This equity investment is a testament to
Somerset Corporate Center
market, with the established market leadership of SJP
Properties. Under the part- nership agreement, SJP will
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Lewin and Evans sell 21,600 s/f at 765 River St. in Paterson, NJ Team Resources leases 57,843 s/f at 45 Mayhill St. in Saddle Brook, NJ to Team Logistics S Display Corp. in this long term transaction.
addleBrook, NJ — Joe Manganaro , COO and Jeffrey Volpi , vice president of TeamResources leased 57,843 s/f at 45 Mayhill St. in Saddle Brook to Team Logistics. Team Resources represented both the landlord and the tenant in this trans- action. “Team Logistics is expand- ing its operation currently lo- cated in Fair Lawn and was in need of additional warehouse space nearby. The building’s specs and its proximity to Fair Lawn made it an attractive choice,” said Volpi.
vice president, also of Team Resources, represented the buyer. The building was pur- chased to facilitate the ex- pansion of Sealy Mattress’s current facility in Paterson. Team Resources ’ Alan Frankel and Ron Schech- ter leased 11,000 s/f at 150 Commerce Rd. in Carlstadt to Sunrise Supply, a distributor and wholesaler of hangers & paper goods. Key Properties owns the 30,000 s/f building, which is now 100% leased. n Progress’ Cappello secures 98% LTV for NJ Beauty Com- pany to Double Corporate Facilities TOMS RIVER, NJ — When a young and rapidly growing NJ based beauty company decided they needed to expand their corporate of- fices and production facilities after just one year of operat- ing history, they approached David Cappello of Progress Capital Advisor s to discuss financing options and how to best leverage their assets for growth. The company has been oper- ating out of a 12,000 s/f leased facility that has reached pro- duction capacity. When a 27,467 s/f flex build- ing in Toms River went up for sale, the borrower knew it was a perfect opportunity for them to acquire the property and move their operations into the larger, more function- al space. In initial discussions with Cappello a requested $1.6 MM loan, representing an 80% LTV, was needed in order to acquire the facility. But, expansion meant not only securing the right size facility but also making sure the company had working capital to keep their opera- tions from slowing down dur- ing the transition. Cappello suggested using an SBA 7(a) loan to maximize the loan proceeds providing funds not only for acquiring the subject building, but also for working capital. Cappello secured $2 million for the company to acquire and fit-out the new corporate headquarters representing a 98% loan to cost ratio. Terms of the loan include a rate of prime +1.75% with declining pre-pay with a 20 year term and 25 year amortization. n
“All Merchandise Display Corp. is expanding its op- eration currently located in Red Hook, Brooklyn. The proximity to Brooklyn and the required power made 460 Hillside Ave a great fit,” said Lewin. Lewin and Glenn Evans , senior vice president at Team Resources sold 21,600 s/f at 765 River St. in Paterson to Sealy Mattress. Lewin and Evans represented the seller, D&D Company Properties, LLC while Jeffrey Fulton,
45 Mayhill St.
Eric Lewin , senior ex- ecutive vice president at Team Resources leased 27,000 s/f at 460 Hillside Ave. aka 7 West
Shelton Terrace in Hillside to All Merchandise Display Corp. Team Resources represented the tenant, All Merchandise
AUCTION SEALED BID REAL ESTATE Sealed Bids Due: Wednesday, November 8 th by 3:00 PM ET
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S hopping C enters
Real Estate Journal — Shopping Centers — October 27 - November 9, 2017 — 7A
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Developer sets sights on further transformation of brownfield into green field Key Props. attains preliminary approval for solar array at Hanover Crossroads in Cedar Knolls, NJ
EDAR KNOLLS, NJ — The site of a long- abandoned property in the Cedar Knolls section of Hanover Twp. houses afford- able housing and a new shop- ping center. Its master plan- ner, brownfield redevelopment specialist Key Properties now anticipates a portion will be home to a solar farm providing renewable energy to its retail tenants. Key Properties purchased the property located at the intersection of Ridgedale and East Hanover Aves. in 2004 and successfully applied for brownfield designation through the New Jersey Department of Environmental Protection. Key Properties and the former occupant, Berlex Laboratories (subsequently acquired by Bayer Pharmaceuticals), then performed in-depth site reme- diation to ready the campus for redevelopment. Working closely with Ha- nover officials, Key Properties subdivided the property, and in 2010 the municipality rezoned approximately 16 acres from office/industrial to multifamily affordable housing and 27 acres to retail. The township then C
Environmental Protection Agency and final site plan ap- proval from the municipality. Additionally, the solar array must be fully engineered and technical details finalized. As part of the Hanover Cross- roads project, Key Properties widened East Hanover Ave. – a county road – and installed an additional traffic light, in ac- cordance with Morris County’s East Hanover Ave. Corridor Traffic Study. This initiative enhanced overall vehicular flow and improved truck ingress/ egress for an adjacent Morris County DPW facility. The rezoning from office/ industrial to retail at the Ha- nover Crossroads site also has spurred a revitalization along this heavily trafficked corridor. Hanover Crossroads sits di- rectly across from theWalmart- anchored Cedar Knolls Plaza. Following the Hanover Cross- roads project launch, a new, highly successful ShopRite location was developed and opened nearby, BJ’s Wholesale Club was approved for an 18- acre site on East Hanover Ave., and Lidl also received approv- als for a new location adjacent to Hanover Crossroads. n for financing or inspections. A detailed property informa- tion package, terms of sale, title commitment, property description, photographs and more are available online at WarnerRealtors website . About Warner Real Estate and Auction Company- A fam- ily-owned business founded in 2006 and based in Wood- stown, NJ., Warner Real Es- tate and Auction is comprised of highly trained individuals with backgrounds in auction- eering, real estate, account- ing, construction, finance, banking, sales and market- ing. The firm is dedicated to a superior code of ethics with the highest degree of profes- sionalismwho reputation has and continues to be built on managing one successful sale and auction at a time. n
Cedar Knolls
approved the 16-acre parcel for 78 residential units; Key Properties sold the residential land to the Ingerman Group, which has since developed the affordable housing community. “This property sat fallow for 20 years,” said Key Properties’ David Schlussel , co-managing partner of the full-service real estate development, construc- tion and management firm. “To remediate a brownfield site and see it turned into affordable housing and a new shopping center is very exciting. Now we are setting our sights on adding green power to complete the site’s transformation.” Brownfield to Green Field
Earlier this year, Hanover Twp. provided preliminary approvals for Key Properties to install a solar farm on a low- occupancy-use parcel capped during the property’s envi- ronmental remediation. “We are optimistic about our plan to generate clean, renewable power,” said Marc Schlus- sel , co-managing partner. “Solar is the perfect solution to engage this regulated area in a productive use, and we are thrilled that Hanover Town- ship sees the same potential and benefit.” Hanover Township Mayor Ron Francioli shares this en- thusiasm. “Hanover applauds
the responsible actions of our corporate and industrial neighbors such as Key Prop- erties, as they seek to employ solar energy as a means to conserve resources and the environment,” he said. Looking to the future has been part of the Hanover Crossroads development from the start. As part of the in- frastructure improvements at Hanover Crossroads, Key Properties provided access for the future solar field. The Schlussels acknowledge there are many additional steps to take before the solar array can be erected, including get- ting sign-off from the U.S.
Warner Real Estate to sell Salem County, NJ retail complex
Salem, NJ – Warner Real Estate & Auction Company , a full service real
estate bro- kerage and auction mar- keting firm will be sell- ing a 2-unit, 13,879 +/- s/f retail com- plex for the County of Sa-
Rich Warner
lem. The property is located at 110 5th St. in Salem, NJ and has a gross annual income of $83,835.00. Family Dollar leases 7769 +/- s/f and 6000 +/- s/f is currently vacant. The building sits on 1.47± acres and has parking for 75 vehicles. According to Rich War- ner , president and founder of Warner Real Estate and
110 5th St.
Auction Company , “This is a golden opportunity for an investor. This property has annual rental income of over $83,000 per year with rent growth potential with the second unit. There is minimal landscape and maintenance required and the tenants pay
utility providers directly for gas and electric usage. With a starting bid of only $100,000, pro forma NOI of $58,011 and rent increases built into the lease extensions this property is a great addition to an inves- tor’s real estate portfolio.” The Property may be ac-
cessed for inspection on Sun- day November 5th, 2017 from 12:00 – 2:00 PM. Online bid- ding will be available from November 2nd , 8:00 AM thru November 8th, 10:00 AM EST. The Property is being sold in “AS-IS” condi- tion with no contingencies
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E 359,673 s/f SC located at 229 West Lincoln Highway CBRE arranges sale of Whiteland Towne Center in Exton, PA
xton, PA — CBRE has arranged for the sale ofWhiteland Towne Center, a 359,673 s/f shopping center located at 229West Lin- coln Highway in Exton. CBRE’s Brad Nathanson, Bill Tourtellotte, KevinMc- Clernon and John Colussi represented the seller, an affiliate of Equus Capital Partners , and identified the buyer, a joint venture between G orman & Company and Abrams Realty & Develop- ment . Built in 1988, Whiteland Towne Center is positioned
Whiteland Towne Center
at one of the major retail intersections serving all of Chester County, Rte. 30 and Rte. 100. Whiteland Towne Center is shadow-anchored by Kohl’s Department Store and Hobby Lobby, which opened in November 2016 following the departure of Acme Markets in 2012. Nathanson said, “The re- cent leasing activity along with Whiteland Towne Cen- ter’s current occupancy of 79 percent provided investors a value-add opportunity to take advantage of the evolving retail market in Exton in an attractive demographic mar- ket with average household incomes exceeding $126,000. With very few sizable oppor- tunities to come to market with superior positioning and comparable demos as White- land, investors were attracted to the prospect to build upon the 26,000 s/f of recent leas- ing and continue to transform the asset in one of the best retail submarkets serving the suburbs of Philadelphia. A perfect marriage existed in the end with the selected pur- chaser. Abrams Realty and Development brings over 20 years of retail expertise in developing and operating over 2.5 million s/f within the MSA coupled with Gorman & Company, the original devel- opers of the largest office park within the Exton submarket, Oaklands Corporate Center, at over 2 million s/f.” “We are obviously bullish on Exton,” said Jim Gor- man , principal of Gorman & Company. “Whiteland Towne Center represents an opportu- nity to reposition an asset we know well, in a great township with an increasing demand for more services. Abrams is the perfect partner to help us execute this.” n
Attention: Construction Managers Design Build Professionals Promote your company, your projects and your expertise in MAREJ's annual Construction Management & Design Build Spotlight
November 24th Issue Deadline: November 10th Contact Steve Kelley 781-740-2929 skelley@marejournal.com
Real Estate Journal — Shopping Centers — October 27 - November 9, 2017 — 9A
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M id A tlantic
S hopping C enters Including 40,000 s/f Anthropologie that anchors Bedford Square Charter Realty completes multiple deals totaling 60,927 s/f in Westport, CT
W
space by the end of the year. Nearby, in the Compo II shopping Center, Charter Realty along with Brooks, Torrey &Scott Commercial Real Estate has leased 1,500 s/f to Patriot National Bank. Patriot Bank opened their doors in 1994, they currently have 10 locations in Fairfield County. Charter Realty also worked with Winzone Realty to place Indeego Spa in a 1,800 s/f the Compo II Center. This is their 2nd location inWestport. Indeego offers a variety of spa massage services including hand and foot reflexology.
Charter Realty is also pleased to announce that it has secured a lease for a 970 s/f Layla’s Falafel at 1529 Post Road. This restaurant offers authentic food of the Middle East and has location in Stam- ford and Fairfield. Peter Levine of Charter Realty has placed Restore Cryotherapy in 2,500 s/f at 877 Post Rd. East. Restore Cryotherapy offers full body as well as localized cold therapy treatment. They also offer IR Sauna, IV drip and hyperbaric treatments. n
estport, CT — Charter Realty & Development
Corp. has completed many leasing deals with various ten- ants over the past fewmonths. Some of these deals include the 40,000 s/f Anthropologie that anchors Bedford Square in downtown Westport. An- thropologie & Co. opened its first store in 1992 and now has over 200 stores nation- ally. The Bedford Square An- thropologie is one of their few stores with the new concept embracing clothing, furniture, home decor, cosmetics and even a wedding gown depart- ment. Urban Outfitters, their parent company, has opened Amis Trattoria next door to Anthropologie, which makes for the ultimate shopping and dining experience. Also within Bedford Square, Savannah Bee Company opened their 1,560 s/f store early this summer and has been selling the world’s finest honey and natural health & beauty products. Williams So- noma will be opening a 7,500 s/f store in the spring of 2018. M-EAT Organic Beef & Pro- visions, will be opening their 1,157 s/f butcher shop. Con- struction of a 1,492 s/f space is underway for Nick & Zoe, a women’s fashion, clothing and accessories store and should be complete by December 2018. The Higgins Group will be moving into a 2,448 s/f office Lev i n a r r ange s 3,500 s/f lease with McDonald’s in Middlesex, NJ MIDDLESEX, NJ —A new- ly constructed, 3,500 s/f McDon- ald’s restaurant has opened its doors at 125 Bound Brook Rd. in Middlesex. Commercial real estate services firm Levin Management Corporation (LMC) , as leasing and manag- ing agent, negotiated the lease on behalf of the property’s owner. The well-located retail site also is home to a 26,000 s/f ACME Supermarket. “From a standpoint of demographics, this location is a great place to do business,” said Matthew Harding , LMC’s president. “The population within three miles is more than 93,000 peo- ple, and the property is located on the corner of Warrenville Rd. and Rte. 28 – two of the bor- ough’s main thoroughfares.” n
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10A — Sept. 29 - Oct. 12, 2017 — Shopping Centers — M id A tlantic
Real Estate Journal
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S hopping C enters
Zang of Marcus & Millichap’s Washington, DC office represents seller Delaware grocery box changes hands for $10.2 million
M
these three transactions. Built in 2008, the Super Gi- ant grocery store is located in the center of an emerging re- tail hub along Delaware Route 24, the John J. Williams High- way, a busy local road that connects the town of Millsboro to Route One and the popular Rehoboth Beach area. Donald MacLaren Jr. , senior vice president invest- ments, is Marcus & Milli- chap’s broker of record in Delaware. Tim Giambrone , a se- nior director of marcus & millichap’s National Retail Group, has brokered the sale of French Quarter a 33,749 s/f unanchored Strip Center lo- cated in the heart of the presti- gious East Cobb neighborhood of Atlanta, GA for $3,711,250. The property closed at 95% of list price after receiving mul- tiple qualified offers. French Quarter is located on the heavily trafficked Lower Roswell Road, just off Johnson Ferry Rd. inMarietta, Georgia at 4961 Lower Roswell Rd., an affluent northern suburb of Atlanta. Built in 1985 and situated on 2.8 acres, the center is 93% leased by long term local ten- ants Bradley’s American Café, Women’s Premier Fitness and more. Giambrone represented the seller, a Georgia Limited Li- ability Company from Atlanta and Kodiak Ventures repre- sented the buyer, a private investor out of New York.. Marcus & Millichap an- nounced the sale of a 11,550 s/f net-leased property, occupied by Dollar General, located in Clifton, NJ, for $1.75 million according to Brian Hosey , regional manager of the firm’s New Jersey office. Ben Sgambati, Alan Cafie- ro and John Moroz , invest- ment specialists in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on be- half of the seller. The buyer, a developer, was secured and represented by Alan Cafiero, David Cafiero and Ben Sgam- bati, investment specialists in Marcus &Millichap’s NJ office. Dollar General is located at 449 Lakeview Ave. in Clifton, NJ. The subject property is located near Garden State Parkway. The surrounding area has a population surpass- ing 332,000 in a three-mile radius. n
ILLSBORO,DE — Marcus & Millichap announced the sale
of a freestanding, 51,994 s/f Super Giant grocery store and fueling station in Millsboro. The property sold for $10.24 million, which represents $200 psf. Dean Zang , senior man- aging director investments in Marcus & Millichap’s Washington, DC office, rep- resented the seller, a Del- aware-based development company. The buyer is a publicly traded real estate investment trust.
transaction by quarter-end, despite numerous complexi- ties,” noted Zang. Zang represented the same partnership on the sale of the Super Giant grocery store
“The attractive credit of Ahold, coupled with a long- term lease, helped generate multiple offers. The buyer was able to complete the
neighboring 31,000 s/f shopping center and McDonald’s pad site in a separate transaction in 2009. Combined, Zang handled approximately $20 million in
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HealthCare/Medical Properties
spotlight
Issue Date: November 24, 2017
This issue will publish as a special pull-out section... Featuring:
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12A — Sept. 29 - Oct. 12, 2017 — Shopping Centers — M id A tlantic
Real Estate Journal
www.marejournal.com
S hopping C enters RETAIL PORTFOLIO
by region
GLA/ Acreage Anchor Tenants
Property Name Northeast
Address
City/State
306,876 Kmart, Burlington, Market Basket
Boston Rd. & Tower Farm Rd. Plain St. & Lowell Connector Medway St. & Beaver St.
Shops at Billerica
Billerica, MA
271,377 Target, Marshall’s, Best Fitness
Meadow Brook Center
Lowell, MA
158,020 Stop & Shop, HomeGoods, TJ Maxx
Milford Crossing
Milford, MA
234,705 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 148,562 Whole Foods (New Development)
Vacant Land
Mount Olive, NJ Old Bridge, NJ Parsippany, NJ
Foxborough Plaza
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
Real Estate Journal — Shopping Centers — October 27 - November 9, 2017 — 13A
www.marejournal.com
M id A tlantic
S hopping C enters
S N A P S HO T
by region
GLA/ Acreage Anchor Tenants
Address
Property Name
City/State
Midwest
Port Huron Shopping Center
114,981 Big Lots, Save-A-Lot, Talecris Plasma
Howard St. & 24th St.
Port Huron, MI
9.37 AC Development Opportunity
Vacant Land
Fort St. & Burns Ave.
Southgate, MI
Midway Shopping Center
University Ave. & Snelling Ave.
293,732 Office Max, Walgreens
St. Paul, MN
Home Depot Plaza
Rte. 20 & Orchard Rd.
148,440 Home Depot
Ashtabula, OH Columbus, OH
Great Western Commerce Center
N. Wilson Rd. & Valleyview Dr.
300,254 Great Western Academy, Restaurant Depot
South Academy Plaza
102,962 Academy Sports + Outdoors
Memorial Pkwy. SW&DrakeAve. SW
Huntsville, AL
Fern Park Plaza
131,646 Ross, Beall’s Outlet, Aldi, Dollar Tree 312,498 Two blocks north of University of Florida
Semoran Blvd. & Hwy. 17/921 NW 13th St. & University Ave. USHwy. 98N&LakelandParkCtr Dr.
Fern Park, FL
Mixed Use Development
Gainesville, FL
54,434
Wildwood Antique Mall, Chuck E. Cheese
The Groves
Lakeland, FL
Merchants Crossing
325,705 Beall’s Outlet, AMC Theatres, JoAnn Fabrics
N. Fort Myers, FL
US Hwy. 41 & SR 78
265,409 Earth Fare, Burlington, Best Buy, Staples
Shady Oaks Shopping Center SW 27th Ave. & College Rd.
Ocala, FL
Seminole Centre University Mall
368,166 Walmart Supercenter, Ross, Aldi 1,332,205 Dillard’s, Burlington, Grand’s, Sears
S Orlando Dr. & Lake Mary Blvd. EFowler Ave. &BruceB. DownsBlvd.
Sanford, FL Tampa, FL
Russell Centre
257,761 Lowe’s, Kroger, Dollar Tree
Route 23 & Diederich Blvd.
Ashland, KY
Long Meadow Shopping Center
164,293 CVS, PA Dutch Market, Dollar General
Potomac Ave. & Northern Ave. Liberty Rd. & Brenbrook Dr.
Hagerstown, MD
Brenbrook Plaza
146,586 Home Depot
Randallstown, MD
Marketplace at Rivergate
Gallatin Pike & Conference Dr.
111,463 Oak Factory Outlet, Harbor Freight Tools
Nashville, TN
Shops at Tech Ridge
12901 I-35 South & Parmer Ln.
505,803 Floor & Decor, Fitness Connection, Ross
Austin, TX
Food Lion Shopping Center
10.2 AC Food Lion, Fresenius Medical
Rte. 1 & Chippenham Pkwy.
Richmond, VA Winchester, VA
Winchester Plaza
89,918 Dick’s, The Fresh Market, Planet Fitness
S. Pleasant ValleyRd. &E. Jubal EarlyDr.
263,323 Kmart, Kroger, Goody’s Dept. Store
St. Albans Shopping Center
Rte. 60 & Boone St.
St. Albans, WV
West Freestanding Barnes & Noble
19,360 Barnes & Noble
1035 N. Metro Pkwy. W & 28th Dr.
Phoenix, AZ
East Sahara Plaza
127,754 Family Dollar
E. Sahara Ave. & McLeod Dr.
Las Vegas, NV
Kmart Shopping Center
119,705 Kmart, Value Village
Mission St. SE & 25th St.
Salem, OR
Freestanding Office Max
410 S. 900 E. & 400 S.
29,051 Office Max
Salt Lake City, UT
Puerto Rico
Arecibo Towne Center
±350,000 Future Development
Routes 2 & 22
Arecibo, PR
±525,000 Walmart Supercenter, Home Depot
Reinadel Sur; PonceTowneCenter II
Routes 2 & 10 @ PR-52
Ponce, PR
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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