18A — October 26 - November 8, 2012 — Mid Atlantic Real Estate Journal
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O utside T he R egion
From Collett & Associates Chase Properties acquires 144,000 s/f Valley Corners
American RE Ptrs. sells Keystone Park Cassidy Turley brokers $48.4 million portfolio
H
ickory, NC — Chase Properties Ltd. announced the
acquisition of Valley Corners from Collett & Associates . Valley Corners is a 144,000 s/f shopping center anchored by Michaels, Ross, Ashley Furni- ture, and PETCO. Other ten- ants in the center include Rack Room Shoes, Dressbarn, Cato, McDonald’s, Olive Garden, and Chili’s. DavidWebb with Berke- ley Capital Advisors brokered the sale. The city of Hickory is lo- cated approximately 60 miles north of Charlotte, and 70 miles south of Winston-Salem, NC. The shopping center is located directly on Highway 70, Hickory’s primary retail corridor, which serves a wide trade area of western North BROOKLYN, NY — I ndus- try City , the 40 acre industrial center of Bush Terminal along Brooklyn’s Sunset Park wa- terfront, has announced that thanks to new tenant Blue Marble Ice Cream, the complex is home to the only certified organic ice cream production facility in New York City. “Our new space has allowed qualified environmental con- sultants called Licensed Site Remediation Professionals, or LSRPs, carry out site re- mediation work under strict standards established by the NJ DEP. According to the DEP, the program was established in an effort to overhaul the state’s site remediation system, which had proven to be cumbersome and inefficient. By shifting the responsibility for routine cleanups to LSRP Program, the program allows the DEP to focus its resources on the remediation of sites with the highest potential risk to public health and the environment. As the nation’s oldest indus- trialized state -- the hydraulic power provided by Paterson’s Great Falls launched the In- dustrial Revolution in America -- New Jersey has inherited a legacy of contaminated indus- trial sites. According to the DEP, New Jersey has nearly 15,000 con- taminated sites that need to be cleaned up, about 9,000 of
Valley Corners
Carolina. Neighboring tenants include Super Walmart, Sam’s Club, Lowes and the Valley Hills Mall, a nearly one mil- lion square foot mall anchored by Belk, Dillard’s, JCPenney, and Sears. Valley Corners is Chase Prop- erties’ fourth acquisition over the past year and marks their us to make a sizeable portion of our product locally, giving us more flexibility to serve our wholesale clients while also creating more artisanal flavors right here in Brooklyn,” said Alexis Miesen, co-founder of Blue Marble Ice Cream. “Thanks in large part to our expansion at Industry City, we’re expecting our wholesale which are eligible for the LSRP program. The remaining sites include residential underground heating oil tank cases that are exempted under the act, cases that require long-term moni- toring, federally led cleanups and DEP publicly funded cases. About 1,200 cases have been closed since the start of the program. As a side note, New Jersey has 112 sites on the Superfund National Priorities List, the most of any state. Although most Superfund sites do not qualify for the LSRP program, the number gives an idea of the extent of environmental contamination here. New Jersey’s hazardous site remediation program, which is one of the oldest and most respected in the country, has become a national model for reversing the effects of indus- trial, commercial and household waste mismanagement result- ing in the discharge of hazard- ous substances into the environ- ment. But the state’s program was ill equipped to deal with the
first acquisition in North Caro- lina. According to Andy Kline , Chase Properties’ principal and managing director, “Valley Corners is a terrific addition to our portfolio of well-located, high-quality properties. We are pleased to add a North Carolina shopping Center to our growing portfolio.” n revenues to double in 2012.” Blue Marble Ice Cream was founded as a scoop shop in BoerumHill, Brooklyn in 2007 by Miesen and her business partner Jennie Dundas. In addition to its Industry City headquarters, the company currently operates two retail locations in Cobble Hill and Prospect Heights, with a third sheer volume of cases. Hence the LSRP program, which thus far has licensed about 585 LSRPs. Although the program is still a work in progress -- new LSRP are still being licensed and new sites are still being enrolled in the sys- tem -- River Drive’s experience shows that contaminated sites can be cleaned up much faster and more cheaply than before. The program also conserves on tight state resources in an era of budget cuts. New Jersey is one of only three states -- the others are Massachusetts and Connecti- cut -- with programs calling for private companies to oversee en- vironmental remediation. Some other states, such as Ohio, have voluntary program that use private environmental cleanup professionals who are overseen by state officials. While there is no comprehen- sive list of how many contami- nated sites exist nationwide, Joseph Langan is presi- dent of River Drive Con- struction. n
Keystone Park
Durham, NC — Cassidy Turley arranged the sale of Keystone Park, a 285,874 s/f, three building portfolio in Durham, NC to an affiliate of Investcorp for $48.4 million. The seller, American Real Estate Partners , was repre- sented by Paul Collins, Bill Collins, Drew Flood, Jud Ryan, James Cassidy and David Finger . Keystone Park is located just west of the I-40/540 in- tersection, fronting on Davis Drive and is adjacent to the NEW YORK, NY — ABS Partners Real Estate, LLC has completed two retail lease transactions in Brooklyn just two blocks from the Barclays Center at 533 and 539 Atlantic Ave. totaling 2,600 s/f. Stub Hub, a ticket market- place, has leased and opened a 1,700 s/f retail store at 539 Atlantic Ave. Mark Tergesen , managing director of retail leasing forABS, and Dean Val- entino , director, represented the landlord, while CBRE’s Noel Caban , vice president, represented the tenant. A craft beer retail store and tasting room, has signed a lease to occupy 900 s/f for- CHINA — Harvest Fund Management (“ HFM ”) and Grosvenor Fund Manage- ment ( “GFM” ) have joined forces to launch a dedicated real estate fund management business investing in Greater China to be led by Rong Ren .
Research Triangle Park cam- pus. Additionally, the recently completed Triangle Express- way runs north to south along the west side of Keystone Park. The portfolio, which includes 23 tenants in the healthcare, research, technology and fi- nancial services industries. Built between 1998 and 2001, these classAbuildings feature lobbies with granite and stone finishes, and extensive land- scaping. n merly occupied by a café at 533 Atlantic Ave. Tergesen, and Valentino represented the ownership, while Lawrence Goldschlager of Prudential Douglass Elliman’s repre- sented the tenant. “Both deals reaffirm that leasing velocity for retail space near the Barclays Center has increased tremendously now that the arena has opened,” said Tergesen. “The diversity of the two Tenants is also further evidence of the traffic created by the Center, as well as the convenience the site offers be- ing so close to Brooklyn’s main transportation hub at Atlantic Terminal.” n The business, named Har- vest Real Estate Invest- ments (“ HREI ”), will manage Greater China real estate strategies for investors glob- ally, through the creation of both U.S. dollar denominated and Renminbi denominated funds. n
Blue Marble Ice Cream launches organic ice cream production facility in New York
ABS Partners completes two retail transactions in NY
continued from page 2A LSRP: Helping to expedite environmental cleanups . . .
Harvest and Grosvenor Fund Management form joint venture
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