10-26-12

R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news

ISSUE HIGHLIGHTS Volume 24 Issue 20 Oct. 26 - Nov. 8, 2012 Retail Design Competition S HOPPING C ENTERS 5 TH A NNUAL R ETAIL D ESIGN C OMPETITION

Marcus & Millichap’s Nathanson assisted parties in arrangement Vastgood Properties acquires $104m retail portfolio in a joint venture

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er’s expanding textile busi- ness, the new owner plans to use the 141,000 s/f building for industrial purposes. “The building will be ex- tensively modernized and improved,” said Scott Belfer. “In today’s manufacturing industry, all the amenities offered in this building, such as the 30-to-40-foot-high ceilings and heavy power and rail capabilities, are nec- essary, making this building a desirable property for any business in that industry.” Originally built by the American National Can Company, the building was last sold in 2003 by Rexam PLC, a consumer packaging company. ■ and eastern Pennsylvania. They include the following: Aston Center, Aston; Ayr Town Center, McConnells- burg; Parkway Plaza, Me- chanicsburg; Pennsboro Com- mons, Pennsboro; Scott Town Center, Bloomsburg; Spring Meadow Shopping Center, Reading; Stonehedge Square, Carlisle. The properties reflect an oc- cupancy rate of greater than 95%; the supermarkets rep- resent approximately 80% of the total GLA for the portfolio and have average remaining lease terms of more than 10 years. VastgoodProperties through wholly-owned affiliates will provide management and re- porting services for the prop- erties to the joint venture. Vastgood is wholly-owned by Leo Ullman, founder and for- mer chairman and CEO of Ce- dar Shopping Centers (now Cedar Realty Trust ). ■

ORTWASHINGTON, NY — VastgoodProp- erties, LLC of Port

Washington announced that wholly-owned affiliates of a newly-organized joint venture between Vastgood Proper- ties, LLC and an affiliate of a fund managed by Pruden- tial Real Estate Investors have acquired a portfolio of seven supermarket-anchored shopping centers aggregating approximately 561,000 s/f of GLA previously owned by affiliates of Cedar Realty Trust Partnership, L.P. and Homburg Holdings Inc. The purchase price, exclu- sive of transaction and closing costs and adjustments, was approximately $104 million. Brad Nathanson , first vice president in Marcus & Mil- lichap’s Philadelphia office, assisted the parties in arrang- ing the joint venture. The properties, six of which are anchored by Giant Food

M OST U NIQUE /M IXED -U SE • M IXED -U SE /R E -D EVELOPMENT •

E • I NTERIOR D ESIGN

5-13B

Pennsboro Commons, Pennsboro, PA

Section C

Executive Women in Business

ExecutiveWomen in Business

Spring Meadow Shopping Center, Reading, PA

October 26 -November8, 2012

SectionD

Stores LLC, (a wholly-owned subsidiary of Ahold N.V.) and

one by a Nell’s Supermar- ket, are located in central

HeatherLynne The JamesBallietComm’l. Group-KWCommercial

IdaMcMurray, CCIM, SIOR, NAICIR

JoniSweetwood TheKislakCompany

KathyAnderson ProgressRealty Advisors,LLC

Catherine (Kate)Durso FitzpatrickLentz& Bubba,P.C.

Lubin of Jones Lang LaSalle represents buyer CBRE completes sale of 141,000 s/f, industrial manufacturing warehouse

JanetBortz TheKislakCompany

Trish Faidiga AdvantageBuilding& FacilityServices,LLC

DebbiePomerantz Gebroe-Hammer Associates

RebeccaMachinga,CPA WithumSmith+Brown,PC

KellyL.Berfield,Esq. TheDietrickGrp., LLC

JenniferR.Thesing- Sauder,CPA,The ThesingCompanies

Carol Shelby MeridianCapital Group,LLC

NicolettaM.Pagnotta MeridianCapitalGroup, LLC

DebraTantleff RoselandProperty

AmyL.Hawley, HawleyRealty, Inc.

SharonN.Humble LinebargerGoggan Blair& Sampson,LLP

LisaKeane,CPA EisnerAmperLLP

JacquelineBuhn AthenianRazakLLC

JanetKimbletonGrace AthenianRazakLLC

RachelYoka,LEED AP,BD+C,CPSM TimothyHaahs&Assoc., Inc.

SOUTH BRUNSWICK, NJ — CBRE , One of New Jersey’s largest commercial real estate brokerage firms,

KarenZinn,CRE KBZAdivsors

BernadetteM.Daniel, CPA,MT Asher&Company,Ltd.

KristinaHarshany,CES SEIPrivateWealth Management

Pamela J. Shupp,AICP,CEcD GreaterReadingEconomic Partnership

DebHeffner,EDP GreaterReadingEconomic Partnership

Section D

Directory

Auction Directory ......................... 4-5A Owners, Developers & Managers 7-17A Green Buildings ........................ 19-26A People on the Move ...................... 30A Calendar of Events......................... 32A Shopping Centers .................. Section B MABFM’12 ............................SectionC Executive Women in Business..Section D

925 Georges Road in South Brunswick, NJ

announced it has completed the sale of the former Ameri- can National Can building, an industrial manufacturing warehouse at 925 Georges Rd. in South Brunswick. CBRE’s Lou Belfer and Scott Belfer , both senior

vice presidents, represented the seller, Niki International Inc., a textile company. Man- aging director Joel Lubin of Jones Lang LaSalle repre- sented the buyer. Situated on 30 acres and previously used for the sell-

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