S HOPPING C ENTERS
Section B of the Mid Atlantic Real Estate Journal
EBANON , PA — CBRE, Inc. (CBRE) announces the sale of Paramount Realty Services, Inc. acquires the 103,835 s/f shopping center Blunt & O’Connell of CBRE complete the $12,000,000 sale of Promenade at Lebanon East L Parts, Wine & Spirits (PLCB), Holiday Hair, Verizon Wire- less, Subway and Nationwide Insurance.
$12,000,000, or $116 psf. The Promenade at Lebanon East is a quality grocery- anchored shopping center containing 103,835 s/f and an excellent infill location. The Center is anchored by Gi- ant Food Stores (Ahold) and CVS/pharmacy. The Giant store is an excellent performer with consistent sales growth. As a result, Giant invested significant capital to remodel its store in 2010 and added gas pumps earlier this year. Other national and regional tenants include Advance Auto
the Promenade at Lebanon East, located in Lebanon. CBRE’s Philadelphia In- vestment Properties |In- stitutional Group repre- sented the seller, Lebanon East Venture, L.P. of Ber- wyn, PA. The transaction was led by Michael Blunt , se- nior vice president and Paul O’Connell , senior associate director. Paramount Realty Services, Inc. of Lakewood, NJ acquired the property for
“This sale provides yet anoth- er example of strong demand for grocery-anchored shopping centers in the market,” Blunt said. “In addition, tenant retention at the Property is outstanding as the two anchor tenants (Giant Food Stores and CVS/pharmacy) extended their leases three years prior to maturity; Advance Auto extended its lease two years prior to maturity.” ■
Promenade at Lebanon East
Berkeley Capital Advisors reps sellers of 10,205 s/f AAA Car Care Panayoti of The Goldstein Grp. reps buyer in retail sale for $3.2m
OCTOBER 26 - NOVEMBER 8, 2012
HI-LIGHTS
TOMS RIVER, NJ — Presi- dent Chuck Lanyard of The Goldstein Group announces the sale of 1199 Route 37 East in Toms River for $3.2 million. Berkeley Capital Advisors of North Carolina represented the seller, HNMToms River LLC , and Gregory Panayoti of The Goldstein Group represented the buyer, Diversified Equi- ties Corp . This 10,205 s/f building sits on 1.8 acres and is home to AAA Mid-Atlantic Car Care Cen- ter which offers AAA member services plus full service auto repairs. Formerly a Saturn of Toms River dealership, the property is located in the heart of the Route 37 retail corridor surrounded by national tenants
Marcus & Millichap complete $5.7m sale of CVS/Pharmacy
Marcus & Millichap Real Estate Investment Ser- vices has brokered the sale of a newly developed CVS/ Pharmacy in Harrisburg. The property sold for $5,700,000, which represents $431 psf. See page 3B Calkain Companies recently brokered the sale of a recently developed Chick-fil-A ground lease property. In Winchester, the property was developed as part of the premier shopping center Rutherford Crossing. See page 4B
AAA Car Care
Fernandez, Friant & Fallon of Calkain brokers $2.25m sale
and located at a traffic light intersection. “This was a complex transac- tion involving several legacy environmental issues that needed to be addressed which we worked through to a suc-
cessful closing,” said Lanyard. “This deal highlights the recent uptick in the market due to the availability of low interest loans and investors’ increasing appetite for NNN investment properties in prime areas.” ■
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