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228-acre land parcel in Piscataway, New Jersey Rockefeller Group announces plans to develop 2.2 million s/f Logistics Center
ISSUE HIGHLIGHTS Volume 29, Issue 14 July 28 - Aug. 10, 2017
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The Cushman & Wakefield team of Jules Nissim, Stan Danzig and Marc Petrella will manage the assignment. “We’re thrilled to move forward with the Rockefeller Group Logistics Center on one of the largest remaining developable sites in New Jer- sey at a time when demand for well-located and well- designed industrial product in the state is so strong,” said Clark Machemer , senior vice president and regional development officer for Rock- efeller Group’s New Jersey/ Pennsylvania operations. “When complete, the complex will offer prospective users a level of flexibility that’s unparalleled in New Jersey.” Rockefeller Group acquired
the site from the partnership of Lincoln Equities Group and Real Capital Solu- tions , in a transaction bro- kered by the aforementioned Cushman &Wakefield team, along with DavidBernhaut, Andy Merin, Gary Gabriel and Kyle Schmidt of Cush- man & Wakefield’s Capital Markets Investment team. “This property closes at an important time for the state’s I-287 corridor, which is now seeing significant interest from industrial developers due to its proximity to New- ark’s airport, port and rail stations,” said Joel Berg- stein , president, Lincoln Eq- uities Group. “We purchased the site at 171 River Road three years ago when most
developers were focusing on the I-95 corridor, and we’re fortunate to anticipate where the state’s next wave of de- velopment would take place.” Rockefeller Group’s plans for the development are pro- pelled by the vigorous de- mand for modern, top-quality warehouse space in New Jer- sey, specifically within the I-287 industrial corridor. The Rockefeller Group Logistics Center will feature properties ranging in size from 200,000 to more than 800,000 s/f, accommodating users with a wide variety of size and infrastructure requirements. Flexible transaction options will allow for future users to lease or own industrial space. n
ISCATAWAY, NJ — Rockefeller Group has acquired a 228-
SPO TLIGHTS
a c r e l a n d p a r c e l i n Piscataway, whe r e the global real estate own- er, developer and investor will develop
Brokerage Directory
Section C
Clark Machemer
Bethel Township, PA — Dermody Proper- ties , a national real estate investment, development and management company spe- cializing in acquisitions and development of industrial real estate across the U.S., recently broke ground on Lo- gistiCenter SM at Midway. At completion, the building will offer 1,081,200 s/f of space ideally suited for warehouse, distribution or e-commerce business. Dermody Prop- erties expects to complete construction in the spring of 2018. “Dermody Properties has been investing in the Central Pennsylvania market for over 20 years,” said Douglas Kiersey , the 2.2 million s/f, state-of- the-art Rockefeller Group Logistics Center. Rockefeller Group has se- lected Cushman & Wake- field as the marketing agent for the Logistics Center, which will comprise six build- ings, representing a com- bination of speculative and build-to-suit opportunities.
Architecture & Engineering
7-21B
Dermody Properties breaks ground on 1,081,200 s/f building known as LogistiCenter at Midway
Upcoming Conferences July 27, 2017 CPA Industrial RE &
tion. Nearby multi-national companies include Sam- sung, Dollar General, and PetSmart. The build-
Development Summit September 13, 2017 4 th Annual New Jersey Apartment/Multifamily Conference
i ng ar ch i - tect is Ware Ma l c omb and the gen- eral contrac- tor is Blue Rock Con-
Douglas Kiersey
struction. Upon completion, Logisti- Center at Midway will offer 36 ft. of clear height, 60-ft. loading bays, 207 car parking stalls (expandable to 309), 368 trailer stalls (expandable to 438), 212 dock doors, four drive-in doors and a generous truck court at 185 ft. deep. n
LogistiCenter at Midway
president, Dermody Properties. “Our customers are attracted to the market by access to a high percentage of the United States and Canada populations, as well as the presence of a high- quality labor pool.” LogistiCenter at Midway
is located at 270 Midway Rd. on a 136-acre site with direct access to I-78. This transpor- tation-advantaged location puts it within a one-day truck drive of 36 percent of the US population and 60 percent of the Canadian popula-
For speaking and sponsorship
information, please contact: Linda at 781-740-2900 or lchristman@marejournal.com
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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 ........................Rona Zucker Kaplan Postmaster send address change to: Mid Atlantic Real Estate Journal 350 Lincoln St, Suite 1105, Hingham, MA 02043 USPS #22-358 | Vol. 29 Issue 14 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 Mid Atlantic R eal E state J ournal ~ Published Semi-Monthly Periodicals postage paid at Rockland, Massachusetts and additional mailing offices
Peter Gallicchio Broker/President pgallicchio@remcorealty.net 732-253-0888 ext. 102 370 Campus Dr., Suite #128 Licensed Real Estate Broker
Rona Zucker Kaplan
Realtors: Protect Yourself from Being Sued Under the Consumer Fraud Act I f you’re a professional seller of real estate, you regularly advertise your properties. Make sure your marketing materials don’t land you in court. The law is de- signed to protect the buyer. In this case, the Consumer Fraud Act (CFA) protects buyers from false promises. Realtors can be sued under the CFA for misrepresenting their properties — even acci- dentally. Here’s how it works. The lawsuit must allege the realtor engaged in unlawful conduct, the party sustained a loss and there was a causal relationship between the real- tor’s unlawful conduct and the party’s loss. There are three categories of unlawful conduct: 1. When realtors affirma- tively make material misrep- resentations; 2. When realtors omit mate- rial information; and 3. When there is a violation of an administrative regulation. This article will address the first two: material misrepre- sentations and omissions of material information. Material Misrepresenta- tions – Bending the Truth The difference between a misrepresentation and an omis- sion is that the latter requires proof that the realtor intended to mislead; the former does not. Said another way – realtors who innocently provide misin- formation can be sued under the CFA even if they believed they were providing accurate information. According to the CFA, “An as- sertion of fact about a property, not puffery, is a violation if the facts are false and material to the transaction. Proof that the false statements were made EAST PENNSBORO TWP., PA — A Utah-based investor recently purchased the Fresenius Kidney Dialysis Center at 390 East Penn Dr. in East Pennsboro Twp. for $1.9 million in a transaction han- dled by RSR, REALTORS ® . Fresenius, which opened the center in 2016, has a long-term
Somerset, NJ 08873 Cell: 732-713-0227 Fax: 732-253-0887
www.RemcoRealty.net
The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
with knowledge of the falsity of the misrepresentation, neg- ligence, or the intent to deceive is not required.” That means you’d better check — and re- check — anything you put in writing that’s used to market the home. Examples of lawsuits against realtors for providing inac- curate information include (1) misinformation that appeared in Multiple Listing Service ad- vertisements, such as “Ready to build now,” when no permits had been obtained; “property suitable for a two-family dwell- ing,” when no approvals or permits had been obtained; a representation that a property was not in a flood zone – when it was; (2) a representation that the leased area was greater than the actual square footage; and (3) a representation that a dam was not on the property purchased – when it was. Omissions of Material Misrepresentations – Did You Leave That Out on Purpose? Examples of lawsuits against relators for omitting to provide information to a buyer include failing to tell buyers that the property purchased was se- verely constrained by wetlands and failing to tell buyers there were access easements. You might think you can rely on provisions in an Agreement of Sale for protection. That’s not always the case. If you fail to disclose a mate- lease in the 5,100 s/f build- ing and will continue serving patients at the site. RSR part- ners Bill Rothman and Sam Reed represented the seller, 150 Associates, and the buyer, RNP 4, LLC of Salt Lake City. The 5,100 s/f center opened in 2016 and will continue to serve patients. It’s Difficult to Avoid Liability
rial fact, such as an encroach- ment, you might try invoking contract provisions which shift the burden to the buyer. For example, there might be a clause that says a sale is subject to easements that could have been discovered on a survey. This still may not protect you from liability. You also may not avoid liabil- ity for your intentional omis- sion by relying on the buyer’s failure to discover it. Accord- ing to the CFA, “(A) party to an agreement cannot, simply by means of a provision in the written instrument, create an absolute defense … in an action based on fraud in the induce- ment to contract.” Similarly, a “no representations” clause does not preclude introduction of earlier explicit misrepre- sentations, if the facts were peculiarly within that party’s knowledge and were, in fact, intentionally misrepresented. Nor can a realtor necessarily rely on the fact that a party is sophisticated. “A party’s status as a sophisticated party does not immunize a realtor’s inten- tional or negligent facilitation of a fraudulent scheme,” accord- ing to the CFA. The moral to the story: trust your source before making rep- resentations. That’s your best chance at avoiding a lawsuit under the CFA. Rona Zucker Kaplan is a partner at Cooper Levenson Attorneys at Law, based in the firm’s Atlantic City office. n
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Rothman, who has handled the sale of numerous invest- ment properties throughout the area, said buyers are looking for buildings with long-term tenants with triple- net leases, where the lease is responsible for expenses as- sociated with the property in addition to rent and utilities. n RSR, REALTORS rep. seller in $1.9 million sale
Steve Kelley, Section Publisher Mid Atlantic Real Estate Journal skelley@marejournal.com
781-740-2900 ext.205 www.marejournal.com
M id A tlantic Real Estate Journal — July 28 - August 10, 2017 — 3A
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M id A tlantic R eal E state J ournal Woflson of NAI Geis Realty represents Gym Jam in over 4000 s/f lease TDK Commercial Advisors announces over $4.95 million in new transactions
hiladelphia, PA — Thomas Kram- er , president of TDK C o mm e r - cial Advi- sor s (TD- KCA) , an- nounces a se- ries of newly c omp l e t e d office leases on behalf of several cli- ents in Penn- sylvania. TDKCA represented Roch P Thomas Kramer The Fallon Co. acquires 301 South McDowell Street Charlotte, NC — The Fallon Company announced its acquisition of 301 South McDowell St. in Charlotte. The 13-story, 184,144 s/f, multi-ten- ant office building will serve as The Fallon Company’s South- east regional headquarters, broadening the company’s pres- ence in the region and Char- lotte market. “Given Charlotte’s strong eco- nomic forecast, commercial and residential urban remigration, and central regional location, we plan to continue making significant investments in this market,” said Michael Fallon , chief investment officer of The Fallon Company. 301 South McDowell St. sits at the nexus of Uptown and Midtown, offering convenient access to a highly sought-after amenity base surrounding The Metropolitan, inclusive of a diverse array of restaurants, re- tailers, parks, newly construct- ed luxury apartments, and the Little Sugar Creek Greenway. The building also benefits from a wealth of economic activity stemming from its proximity to Uptown, the neighboring Meck- lenburg County Courthouse, and key hospitality assets in the Sheraton and Le Meridien. From both Uptown and I-277, 301 South McDowell St. is a highly visible, prominent as- set in Charlotte’s fast-growing urban landscape. The building is ideally located in Uptown Charlotte’s re-surging Second Ward, a thriving urban enclave poised to enhance Midtown’s connectivity to Uptown and promote a walkable “live, work, play” ecosystem. Terms of the deal, which was negotiated by Holliday Feno- glio Fowler, L.P. (HFF) , were not disclosed. n
Capital at the King of Prussia Business Center in leasing more than 11,000 s/f to the In- ternational Ministries at 1003 West 9th Ave. The non-profit organization will occupy the space before year end, for ad- ministrative offices. The lease had a value of over $2.4 mil- lion. Also at the King of Prus- sia Business Center, TDKCA represented the ownership in leasing over 4,000 s/f to Gym Jam, a state of the art learning center serving children with autism and other related spe- cial needs and their families in the Greater Philadelphia
area. TDKCA completed a third lease with CNNH, a regional organization that works with children suffer- ing from autism. Both leases have a combined value of over $600,000. Kramer remarked that “The King of Prussia Business Center continues to attract quality tenants as King of Prussia itself is becoming an even hotter market in which to relocate. Added infrastructure and amenities in the area and affordable rental rates com- bine to make King of Prussia a tremendous value for office space.” The International
Ministries was represented by Patrick Nowlan of New- mark Grubb Knight Frank ; CNNH was represented by Scott Williams of Avison and Young ; Gym Jam was represented by Paul Woflson of NAI Geis Realty . At 1 Chelsea Parkway, Boothwyn, TDKCA repre- sented SJS Realty in leasing 10,000 s/f to Amerisans, who will relocate their corporate headquarters to the site. Am- erisans executed a long term lease valued at over $700,000. TDKCA acted as sole broker in the transaction.
TDKCA represented AMC Delancey in leasing 5,800 s/f to Women In Transition, a non-profit organization based in center city Philadelphia. The group will relocate to the 4th floor in September 2017, and completed a long term lease valued at more than $1.2 million. Kramer further commented that “TDKCA continues to provide regional and national landlords with expert con- sulting services, and strate- gies, which yield strong leas- ing activity throughout our portfolio.” n
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4A — July 28 - August 10, 2017 — M id A tlantic Real Estate Journal
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M id A tlantic R eal E state J ournal
With South Korean Investors NJ’s Hampshire Cos. acquire six Louisiana Walmart neighborhoodmarkets in joint venture
orristown, NJ — The Hampshire Companies , a full service, private real estate investment firm, announces the acquisition of a six store Walmart Neighborhood Mar- kets portfolio totaling 255,968 s/f in southern Louisiana from SkilkenGold Real Estate De- velopment. The properties were acquired in a joint ven- ture with Hanna Asset Man- agement Company from Seoul, South Korea, and several of their institutional and retail investors. The portfolio consists of M
six, newly constructed free- standing retail stores located throughout southern Loui- siana in Houma, Meraux, New Iberia, Opelousas, Prai- rieville and Thibodaux. Part of Walmart’s Neighborhood Market concept, the portfolio features smaller stores, aver- aging around 42,000 s/f with a focus on offering a full suite of groceries, pharmacy, health and beauty aids, and a limited selection of general merchan- dise. The Walmart Neighbor- hood Market concept is a pure grocery store business model that is separate and distinct
from Walmart’s Supercenter strategy, which is comprised of large megastores that mer- chandise a wide array of recre- ational items, household goods and apparel at low prices in addition to grocery products. With a market share of 40% in Louisiana, Walmart is the number one grocer in the state. The fully-leased, single-tenant buildings were attractive to The Hampshire Companies and their foreign investor partners since the portfolio provides stable, core assets that are well-positioned for continued strong performance. “We continue to see foreign investors looking to utilize capital to purchase core invest- ments with well-known, strong tenants in mature and estab- lishedmarkets across the coun- try,” said Robert Schmitt , a principal of The Hampshire Companies. “Our knowledge of the U.S. real estate market, global economy, and proven, cycle-tested investment strate- gies made us an ideal partner for this investment with our South Korean partners. We look forward to continuing to work with them to target as- set classes that align with our investment strategy and their long-term goals.” Walmart NeighborhoodMar- kets present Walmart with the opportunity to target growth in more mature, urban and suburban markets, and are the largest potential growth format for the company in the United States. Walmart currently operates 699 Neigh- borhood Markets in 31 states and Puerto Rico. Walmart’s NeighborhoodMarket strategy has been a significant contribu- tor to the retailer’s turnaround and showcases Walmart’s com- mitment to sustainable and strategic growth. “Our decision to acquire this portfolio of assets in southern Louisiana was motivated by Walmart’s focus on long-term sustainable growth and our strategy of acquiring stable, core assets in strong mar- ketplaces,” said John Gold- smith , a portfolio manager for The Hampshire Companies. “Walmart’s Neighborhood Market concept was developed with the current and future needs of consumers in mind and will allow these six stores to serve their local markets well into the future and offer us stable income generating assets.” n
Walmart
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M id A tlantic Real Estate Journal — Shopping Centers — July 28 - August 10, 2017 — 5A
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arsippany, NJ — RDManagement LLC , one of the nation’s larg- Along with JMF Properties, and Ripco Real Estate Corp. RD Management breaks ground at Waterview Marketplace in Parsippany, New Jersey P Marketplace and reflect our vi- sion to create the most vibrant retail environment in Morris County.”
center alongside our partners. Whole Foods are always highly anticipated by residents, and with their nearest location far away for many in Waterview’s trade area, this new store will pull shoppers from all over.” “We are thrilled that such a prominent and well-respected brand like Whole Foods Mar- ket has chosen Waterview Marketplace for its next loca- tion,” said Joe Forgione , the founder and principal of JMF Properties. “Whole Foods will be a wonderful new addition to the community and will have a positive impact on the quality of life for area residents and employees. They are the right tenant to anchor Waterview
est privately h e l d r e a l - estate devel- opment and management o r g a n i z a - tions, along w i t h JMF Properties, and Ripco
“Whole Foods Market is on point with where our society is today culturally, with the focus being placed on health, wellness, and high-quality food offerings. As a result of this focus, Whole Foods will bring in customers from a wide region as more people concen- trate on overall wellbeing for themselves and their families,” Todd Cooper , co-founder of Ripco Real Estate Corp. said. “We are looking forward to leas- ing the remainder of the project to excellent operators locally, regionally, and nationally.” n the best location in the mar- ket. The presence of Home Depot and superior perform- ing restaurants enhances the tenant mix and provides shop- pers additional reasons to visit this center. We believe that we are adding The Potomac Mar- ketplace to the portfolio at the right time, as the trade area is poised to take advantage of catalysts for housing growth.” The population in the trade area has expanded significant- ly since 2000, growing 35.6% to 31,700. Moreover, the ratio of household incomes (aver- age: $77,042) to home values (median: $222,000) provides a customer base with significant discretionary income. Demand for housing is being fueled both by commuters seeking more affordable housing options and by jobs being created in the im- mediate area. Notably, the U.S. Customs and Border Security Advanced Training Center in Charles Town is expanding and Proctor & Gamble is construct- ing a 1.2 million s/f manufac- turing facility in Martinsburg, which will reportedly hire 700 new employees by 2019. This acquisition marks the joint-venture partners’ sixth ac- quisition overall and the third since November 2016. n
Waterview Marketplace
Waterview Marketplace will be anchored by a new Whole Foods Market that will occupy 48,000 s/f of the 150,150 s/f center set to open in 2018. This Whole Foods Market store is set to become the third location in Morris County. “RD Management’s goal at Waterview Marketplace is to
create a destination that ap- peals to both residents and employees in the Parsippany area,” said Richard Birdoff , principal and president of RD Management. “Having Whole Foods Market as the anchor tenant sets the bar high for the caliber of businesses we will work to bring into the
Richard Birdoff
Real Estate Corp. have broken ground at Waterview Marketplace in Parsippany.
HI-LIGHTS July 28 - Aug. 10, 2017 Yanni & Ginn of Equity Retail Brokers sell AutoZone
HeidenbergPropertiesGroup&SREPacquires The Potomac Marketplace for $35.9 million
Ranson, WV — A joint venture partnership between Heidenberg Properties Group and Strategic Real Estate Partners (SREP) announces the $35.9 million acquisition of The Potomac Marketplace in Ranson. The newly acquired property is a 370,000 s/f shopping cen- ter anchored by a 61,000 s/f Weis Supermarket, a 122,000 s/f Home Depot, an 88,000 s/f Kohl’s, and a 15,000 s/f Petco. The center is 92% oc- cupied and has 51,000 s/f of inline store space and outlots, which offer an array of popular restaurants including Panera Bread, Dunkin’ Donuts, Glory Days Grill, California Tortilla, Roy Rogers, and John’s Café. Prominently located along Rte. 9 (17,600 VPD) with 2,250 feet of frontage, The Potomac Marketplace is by far the dominant retail presence in the Ranson and Charles Town trade area (which includes historic Harpers Ferry). Rte. 9 has become the major retail corridor in the region with the next closest hubs located over 15 and 20 miles away in Martinsburg, West Virginia and Winchester, Virginia respectively. Rte. 9 connects the eastern panhandle of
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KLNB brings first Massage Envy to Washington D.C.
The Potomac Marketplace aerial
West Virginia with Lees- burg, Virginia and the Dulles Technology Corridor just 40 miles southeast of the center. Regional access is provided just two miles south of the center by US Rte. 340, which connects Ranson to Freder- ick, Maryland, 28 miles to the east. Rtes. 9 and 340 also provide convenient access to
Interstates 81, 270, and 66. This network of highways has played an important role in the trade area’s recent and continuing growth. Robert Heidenberg , presi- dent and CEO of Heidenberg Properties, said, “In acquiring The Potomac Marketplace, we obtained yet another grocery- anchored shopping center in
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Shaffer reps. MellowMink Brewing in 3600 s/f transaction BennettWilliams Commercial brokers 29,717 s/f of leases
ORK, PA — Bennett Williams Commer- cial has arranged the sale/lease of the following transactions: 2,000 s/f at 2997 Cape Horn Rd., York Twp. The Nail Lounge leased the property from Nina Argento. Blake Shaffer of Bennett Williams Commercial represented the tenant and Abe Khan, Brad Rohrbaugh , and Chad Stine of Bennett Williams Commercial represented the landlord. 3,000 s/f at Summerdale Y
Plaza, 429 N. Enola Rd., East Pennsboro Twp. TitanMobile, LLC dba T-Mobile leased the property from Summer- dale Plaza Associates. Khan, Rohrbaugh, and Stine repre- sented the landlord. 1,983 s/f at Castle Com- mons, 200 S. Spring Garden St., Carlisle Borough. Cricket Wireless leased the property from Castles Land Compa- ny. Adam Hagerman and Justin Willits of Bennett Williams Commercial repre- sented the tenant. 1,753 s/f at 884 E. Main St.,
Ephrata Twp. T-Mobile leased the property from Premier R&G Properties. Hagerman, Rohrbaugh, and Stine repre- sented the landlord. 1,200 s/f at Meadowbrook Village, 2900 Whiteford Rd., Springettsbury Twp. Invisible Fence of Southern PA, LLC leased the property from LL Whiteford Road, LLC. Shaffer and Willits represented the landlord. 4 , 152 s / f at Kings t on Square, 2500 Eastern Blvd., Springettsbury Twp. Inno- vations Dance Center, LLC leased the property from Kingston Square Associates, LLC. Shaffer, Rohrbaugh, and Stine represented the tenant. 1,000 s/f at Windsor Park Shopping Center, 5232 Simp- son Ferry Rd., Lower Allen Twp. Boost Mobile leased the property from Windsor Park Shopping Center, LLP. Khan, Rohrbaugh, and Stine repre- sented the landlord. 1,600 s/f at Carlisle Mar- ketplace, 235 S. Spring Gar- den St., Carlisle Borough. Preferred T-Mobile leased the property from Clover- Carlisle, LLC. Cami Miller , Rohrbaugh, and Stine of Ben- nett Williams Commercial represented the landlord. 5,800 s/f at Willow Val- ley Crossroads, 2416 Willow Street Pike, West Lampeter Twp. Mick’s All American Pub leased the property from Willow Valley Associates, Inc. Hagerman, Rohrbaugh, and Stine represented the landlord. 1,629 s/f at Charlestown Village, Rt. 29 and General Warren Blvd., Charlestown Twp. Dunkin’ Donuts leased the property from GV Com- mons Lot One, LP. Bill Hess of Bennett Williams Commer- cial represented the landlord. 2,000 s/f at Hanover Cross- ings, 471 Eisenhower Blvd., Hanover Borough. Axiom Staffing leased the property from Ridge North Shopping Center Associates, LP. Shaf- fer represented the tenant and Rohrbaugh and Stine represented the landlord. 3 , 600 s / f at Hampden Centre, 4900 Carlisle Pike, Hampden Twp. Mellow Mink Brewing, Inc. leased the prop- erty from Hampden Center, Inc. Shaffer represented the tenant and Gary Russell , Rohrbaugh, and Stine of Ben- nett Williams Commercial represented the landlord. n
Building Quality, Value and Trust
Shop Rite Staten Island, NY
Ross Dress for Less Philadelphia, PA
TJ Maxx Woodbridge, NJ
Walgreens Woodbridge, NJ
Bed Bath and Beyond Manhawkin, NJ
Greenleaf Howell, NJ
4900 Route 33, Suite 101, Wall Township, NJ 07753 732.933.0707 www.gerardconstructioncorp.com
M id A tlantic Real Estate Journal — Shopping Centers — July 28 - August 10, 2017 — 7A
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DOWNTOWN URBAN LOCATIONS
OHIO · Canton Centre Canton, OH NORTH CAROLINA · Sycamore Square Fayetteville, NC · Durham Plaza Durham, NC SOUTH CAROLINA · Dutch Square Center Columbia, SC
NEW JERSEY · Botany Plaza Clifton, NJ · Ewing Towne Centre Ewing, NJ · Edgewater Park Plaza Edgewater Park, NJ TENNESSEE · Knoxville Commons Knoxville, TN
· 312 Leonard St. Williamsburg, NY · 10 West 46th St . New York, NY · Knickerbocker Av. Bushwick, BK
VISIT US AT THE PA/NJ/DE ICSC IN ATLANTIC CITY BOOTH #218 September 11 – 13, 2017
To schedule a meeting contact: Leasing@NassimiRealty.com Acquisitions@NassimiRealty.com
Nassimi Realty, LLC 370 Seventh Avenue Suite 1600 New York, NY 10001
www.NassimiRealty.com
8A — July 28 - August 10, 2017 — Shopping Centers — M id A tlantic Real Estate Journal
www.marejournal.com
S hopping C enters KAY PROPERTIES AND INVESTMENTS ANNOUNCES THE COMPLETION OF THE SHANNON OAKS DST
Los Angeles, CA and Cary, NC _ Press Release
Kay Properties and Investments has successfully completed 100% of the $8,500,000 - 506c equity raise for the Shannon Oaks DST property located in Cary NC.
The Shannon Oaks DST was structured as an ALL-CASH/DEBT-FREE DST in an effort to potentially protect investors from lender foreclosure, refinancing risk,
DEBT
Shannon Oaks is a 56,571 sq ft two-story class A office building well located in Cary, NC.
1031 debt replacement risk and other potential risks found in leveraged properties.
REFINANCING RISK
The property was exclusively available to clients of Kay Properties and Investments, LLC seeking to COMPLETE A 1031 EXCHANGE as well as make a DIRECT CASH INVESTMENT.
the founder and CEO of Kay Properties and Investments commented: DWIGHT KAY
minutes
“We believe Cary to be an ideal market to invest in due to its location just minutes from downtown Raleigh, the Research Triangle Park (RTP) and RDU International Airport.”
Mr. Kay continued: “With the overall vacancy rate for office product in Cary, NC at a low6.4% as of 4thquarter 2015we are extremely comfortable with owning an all-cash/debt-free DST property in this dynamic market for the long term. Past performance is not a guarantee of future results. All real estate and DST properties contain various risks, including but not limited to, potential loss of principal invested, that cash flows/appreciation/returns are not guaranteed and could be lower than anticipated and adverse tax consequences.
$
Along with multiple large and small 1031 exchange and direct cash investors purchasing an interest in the Shannon Oaks DST we are also proud to announce that multiple Kay Properties teammembers also personally invested in the property.”
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$
ABOUT KAY PROPERTIES AND INVESTMENTS, LLC
1031 EXCHANGE
Kay Properties and Investments, LLC was founded by Dwight Kay to offer solutions to 1031 Exchange clients throughout the country.
Kay Properties and Investments, LLC has multiple teammembers that are licensed to sell securities in all 50 states, Washington D.C. and the U.S. Virgin Islands
Offerin g DST Advisory Services to 1031 Exchange Clients and working with manymajor DST sponsor companies throughout the country
Better Business Bureau A+ Accredited Business
We have participated in over $7 Billion dollars worth of DST properties
Always Available to Help Our Clients- Weekends, Holidays and Whenever You Need Us
Offering client exclusive DST properties solely available to Kay Properties clients
Specialists in the Delaware Statutory Trust (DST) 1031 Exchange Marketplace
Headquartered in Los Angeles, CA with offices in NewYork, NY and Washington, DC
Jason Salmon - Senior Vice President and Managing Director of Real Estate Analytics Office: (855) 466-5927 Cell: (917)-837-1492 Email: Jason@kpi1031.com
Betty Friant, CCIM – Senior Vice President Office: (202)-552-6627 Cell: (540)-550-1784 Email: Betty@kpi1031.com
Chay Lapin - Vice President Office: (855) 466-5927 Cell: (562) 882-7617 Email: Chay@kpi1031.com
Dwight Kay - Founder Office: (855) 466-5927 Cell: (310) 404-7297 Email: Dwight@kpi1031.com
www.kpi1031.com
This material does not constitute an offer to sell nor a solicitation of an offer to buy any security. Such offers can be made only by the confidential Private Placement Memorandum (the "Memorandum"). Please be aware that this material cannot and does not replace the
M id A tlantic Real Estate Journal — July 28 - August 10, 2017 — 9A
www.marejournal.com
LARGE OR SMALL
WE KEEP CLOSING DEALS. Scale is relative, importance is not. Over 26 years, Meridian has navigated its share of cycles. No matter the climate, nor the size or type of your deal, one constant remains — Meridian closes for you.
Shouldn’t you be working with America’s most active dealmaker?
MAREJ - Large or Small– 5-25-17.indd 1
5/25/17 9:35 AM
10A — July 28 - August 10, 2017 — Shopping Centers — M id A tlantic Real Estate Journal
www.marejournal.com
S hopping C enters
M id A tlantic Real Estate Journal — Shopping Centers — July 28 - August 10, 2017 — 11A
www.marejournal.com
S hopping C enters Off-market transaction trades at an aggressive cap rate Yanni and Ginn of Equity Retail Brokers sell AutoZone P hiladelphia, PA – Ken Yanni and Ed Ginn of Equity Re-
Houlihan-Parnes places $1.3 million mortgage loan
tail Brokers were the sole brokers facilitating the sale of a new construction AutoZone in Philadelphia. The buyer was an out-of- state 1031 buyer. It was an off-market transaction that traded at an aggressive cap rate. The AutoZone is now under construction. n KLNB brings first Massage Envy to Washington D.C.
1959 & 1979 Bruckner Blvd.
Bronx, NY — Michael O’Neill of Houlihan-Parnes, Realtors, LLC / Q10 l NY Re- alty Advisors announced the placement of a $1.3 million first mortgage on the 1,900 s/f Ken- tucky Fried Chicken building
and CleanCity laundry facility located at 1959 & 1979 Bruckner Blvd. The 7-year, non-recourse loan is fixed at 4.2% interest on a 30-year amortization schedule. The lender,also agreed to 3-year option to extend. n
AutoZone RE_ad_version1.qxp 11/2/2005 11:54 AM Page 1
Baltimore , MD — KLNB announced today that Massage Envy’s first fran- chised location in Washing- ton, D.C. is opening at 4926 Wisconsin Ave. NW in Ten- leytown. This 3,000 s/f lease marks the first membership massage franchise in D.C. proper and the first to receive a special exemption permit in the District. KLNB principal, Ben Becker , represented the independent owner and opera- tor of the D.C. Massage Envy in the deal and has brokered the deals for 53 other Mas- sage Envy franchised locations throughout the Mid-Atlantic. KLNB will continue handling leasing for future locations as Massage Envy franchisees expand throughout D.C. “KLNB has worked with Massage Envy throughout the Mid-Atlantic region for the past 10 years, and it wasn’t al- ways easy to secure leases for a standalone massage clinic,” said Becker. “We spent the first few years of our relation- ship educating landlords about the benefits of having a health and wellness tenant and the value that Massage Envy can provide as a synergistic, strong traffic driver. Over time, land- lords began to love the idea, and Massage Envy became a tenant in high demand.” n Shown from left: Tony Jacques, franchisee; Terri Jacques, franchi- see; Greg Nagel, area co-developer for Massage Envy; Ben Becker, principal at KLNB; Diane Kelley, franchisee; Joe Kelley, franchisee.
Seeking Retail Opportunities Consistently Ranked #1 Franchise - 50+ Y ear T rack Record
Looking for sites in PA & S. NJ End Cap, In-line, Free Standing Flexible Space Requirements
Non-Traditional Venues - Hospitals/Colleges Universities/B&I/Stadiums/Casinos/Airports
Eastern PA — Local Contacts: Philadelphia PA & Southern NJ —
610-366-8120 x 24, Cheryl Green green_c@sdepa.com 410-752-6760, Evan Brodie evan@sandhumanagement.com
realestate.subway.com www.subway.com
facebook.com/SDEPA1
12A — July 28 - August 10, 2017 — Shopping Centers — M id A tlantic Real Estate Journal
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RETAIL PORTFOLIO
by region
GLA/ Acreage Anchor Tenants
Property Name Northeast
Address
City/State
307,799 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
157,921 Stop & Shop, Dollar Tree
Milford Crossing
Milford, MA
234,705 Future Development
Route 440 & Goldsborough Dr.
Harbor Pointe Marketplace
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
S. Delsea Dr. (Rte. 47) & College Dr.
Vineland, NJ
Future Development
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
279,254
660 White Plains Road
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
M id A tlantic Real Estate Journal — Shopping Centers — July 28 - August 10, 2017 — 13A
www.marejournal.com
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
Vacant Land
9.37 AC Development Opportunity
Southgate, MI
Fort St. & Burns Ave.
Midway Shopping Center
University Ave. & Snelling Ave.
293,732 Rainbow Foods, 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
Fern Park, FL
Semoran Blvd. & Hwy. 17/921 NW 13th St. & University Ave. USHwy. 98N&LakelandParkCtr Dr.
Mixed Use Development
Gainesville, FL
54,434
Wildwood Antique Mall, Chuck E. Cheese
The Groves
Lakeland, FL
Merchants Crossing
323,061 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
257,761 Lowe’s, Kroger, Dollar Tree
Russell Centre
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.
504,153 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
Kmart Plaza
127,754 Kmart, 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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