Mid Atlantic Real Estate Journal — Shopping Centers — January 25 - February 7, 2013 — B


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otowa, NJ — Dev Morris and Andrew Stewart have ar- Financed by American National Insurance Company Cronheim Mortgage arranges $13.2m for Totowa Square SC T

• Project Management

• Development Due Diligence & Feasibility Studies

• Agency Permitting

• Land Development Design

ranged permanent financing in the amount of $13,200,000 for a Toys “R” Us, Con- way, Office Depot, and Bob’s Stores anchored shopping center in Totowa, NJ. The 7-year, fixed-rate loan was placed with American Na- tional Insurance Com- pany , whom Cronheim represents as correspondent and servicing agent. This is the second significant NJ shopping center financing recently done by American National, the other being a construction/permanent loan done onMarlboro Commons, aWhole Foods anchored cen- ter in Marlboro, NJ.

• Construction Phase Services

• Graphic Services

PHILADELPHIA METRO OFFICE: 8614 Montgomery Avenue Wyndmoor, PA 19038 215-836-2510 LANCASTER OFFICE: 1853 William Penn Way, P.O. Box 10368 Lancaster, PA 17605-0368 717-672-0614

PITTSBURGH OFFICE: 201 Penn Center Boulevard, Suite 400 Pittsburgh, PA 15235 412-253-6569

Totowa, NJ

  The subject property is a 261,451 s/f community shopping center located in Passaic County, NJ, ap- proximately 15.0± miles west of Manhattan. The center features a mix of lo- cal and national retailers including Applebee’s, Ci- tibank, Linwood Pizza, and Harmon Discount, among others. It is located along U.S. Route 46, one of the most heavily traveled retail EDGEWATER PARK, NJ — Marcus & Millichap Real Estate Investment Services , the nation’s Larg- est Real Estate Investment Services firm, has announced the sale of AutoZone, a 7,360 s/f net leased property lo- cated in Edgewater Park, NJ, according to Michael J. Fasano , vice president/re- gional manager of the firm’s New Jersey office. The asset commanded a sales price of $2,650,000 and 6.43% cap rate. The NNN AutoZone had 14 years remaining on its lease. Michael Lombardi , se- nior associate in Marcus & Millichap’s New Jersey of- fice, had the exclusive listing to market the property on behalf of the seller, a local private investor. The buyer was secured and represented by Mark Ruble, Jamie

corridors in northern New Jersey which houses more than 6.4 million square feet of space.   According to Dev Morris, “This center is among the most visible and accessible properties in its trade area and has occupied a domi- nant position since it was built in the early 1970’s, con- tinuing to attract a desirable mix of local and national retailers.” n

NEW JERSEY OFFICE: 100 Overlook Center, Suite 200 Princeton, NJ 08540 609-920-0268


Marcus & Millichap announces $2.65m sale of AutoZone in NJ

a section of the Mid Atlantic Real Estate Journal P.O. Box 26, Accord, MA 02018 781-871-5298 • 800-584-1062 fax 781-871-5299 www.marejournal.com Shopping Centers Real Estate Journal



Cheesequake Commons; is a 35,000 sf CVS an- chored neighborhood strip center.We currently have two vacancies; a 2,500 sf in-line suite and a 3,700 sf end-cap. Ciro Pizza Café recently leased a 4,755 sf end cap and is open for business. The strip center is located ¼ mile from the Matawan Train Station, and exit #120 of the Garden State Parkway. Ideal uses include; Fitness, medical, optical, dental, travel, elec- tronics, office supplies, home improvements, florist, computer store, etc.

Medress and Chris Lind investment specialists in Marcus & Millichap’s Phoe- nix office.  AutoZone is located on Route 130 South, benefiting from the high traffic counts and also surrounded by well- known retailers such as Firestone, Pep Boys, CVS, PetSmart and many more. Multiple buyers had bids on this asset, quite a few from out of state. Ultimately a 1031 buyer from California purchased the property says Lombardi. n

Section Publisher Elaine Fanning efanning@marejournal.com


Section Editor Rachel Rugman editor@marejournal.com

A free-standing 9,600 sf store formerly occupied by Rite Aid that features 1.38 acres, up to 69 car parking, a large pylon sign and located at the traffic light entrance to The Shoppes at Flemington lifestyle center. The site, which serves the communities of Flemington, Branch- burg, East Amwell and White House is surrounded by such well known retailers as: Burlington Coat, Kohl’s, Michaels Arts & Crafts, Bed Bath & Beyond, Marshalls, Drees Barn, Talbots, Jos.A.Bank, New York & Company, J.Jill, Laynebryant, The Childrens Place, CVS, Walgreens, Staples and Home Depot. Contact: Peter Gallicchio • pgallicchio@RemcoRealty.net

REMCO REALTY GROUP, LLC 1215 Livingston Ave., Suite #2 North Brunswick, NJ 08902 (732) 253-0888 x11 www.RemcoRealty.net

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