4B — October 26 - November 8, 2012 — Shopping Centers — Mid Atlantic Real Estate Journal
www.marejournal.com
S HOPPING C ENTERS
INCHESTER, VA - Calkain Com- panies recently Dollar General net lease sells for $1.23m in Petersburg, VA Fernandez, Friant & Fallon of Calkain brokers $2.25m sale W
The joint venture purchased 765,000 s/f BIG USA & M&J Wilkow acquire interest in 1.4m s/f S/C
brokered the sale of a recently developed Chick-fil-A ground lease property. Located in Winchester, the property was developed as part of the premier shopping center des- tination known as Rutherford Crossing. Rutherford Cross- ing includes over 400,000+/- s/ f of retail, shop and restaurant space. The Chick-fil-A parcel is a 1.36 acre pad site located along the access road of the shopping center. The tenant is operating long-term triple net lease with structured rent increases and renewal options. Calkain’s Rick Fer- nandez , managing direc- tor, and Betty Friant , vice president, represented the developer-seller, providing marketing and transaction support services throughout the sale process. Calkain’s Andrew Fallon , assistant CLINTON, NJ — National Realty & Development Corp. (NRDC) recently an- nounced that its solar panel installation project is com- plete at Walmart Plaza in Clinton. The solar installation project encompasses 121,715 s/f of rooftop area of the upper level of the center, including TJ Maxx and ShopRite. The new system is a significant step toward reducing carbon dioxide emissions, lowering tenant operating costs and reducing the energy footprint of the center. “We are so proud to host this solar installation at the ShopRite of Clinton,” said Joseph Colalillo , president of ShopRite of Hunterdon County. “With the installation of this solar-electric system, Shoprite and NRDC have shown a sig- RANDALLSTOWN, MD — Brixmor PropertyGroup announces the widely an- ticipated grand opening of a 160,908 s/f Walmart Super- center at Liberty Plaza, lo- cated 1.0 mile west of I-695 on the northeast corner of Liberty Road (Route 26) and Bren- brook Drive, in Randallstown (a suburb of Baltimore), MD. Discussions with Walmart for the development of this
Chick-fil-A
vice president, represented a private buyer. The transac- tion represented a win-win scenario for both buyer and seller. The transaction oc- curred within the last thirty days and will be recorded in the public records. PETERSBURG, VA — Calkain Companies recently sold a Dollar General net lease investment property located in Petersburg. The transaction closed within
the past 30 days and illus- trated the compressing cap rates within the net lease segment of the market. The buyer was a privately held, fully integrated real estate investment company. The seller was a regional real estate developer. Calkain’s Andrew Fallon, assistant vice president, facilitated the transaction by providing exclusive representation to the seller. ■
Waterfront Town Center Aerial
area’s vibrant economy – and grow the size of our respec- tive retail portfolios,” explains Stanley L. McElroy, Jr. , president, BIG Shopping Cen- ters USA. “Although this is our first partnership, the syner- gies between our companies made this venture an obvious choice. We both seek to invest in properties with solid real estate fundamentals that drive return-on-investment levels to support a long-term hold strat- egy. The Waterfront meets all the above.” Located seven miles from downtown Pittsburgh and across the Homestead Greys Bridge from Squirrel Hill, Shadyside and Oakland, The Waterfront stretches across Homestead, West Homestead and Munhall boroughs. ■
PRINCETON, NJ —Market- fair announced that Seasons 52, Bahama Breeze,, Qdoba, Bobby Flay’s Burger Palace and West Elm have all signed leases and will be opening new stores over the next 2 years. Simultane- ously, Barnes & Noble will relo- cate into 27,950 s/f including the former Restoration Hardware location on the North end of the shopping center. Lenscrafters, United Artists, and Eastern Mountain Sports have recom- mitted, renewing their leases with the intent on relocating and expanding/improving their spaces. “On the heels of Banana Re- public’s opening of its new store here, the changes are yet another sign that Marketfair is the choice destination in the Princeton area for retailers and restaurateurs alike,” said John-david W. Franklin , SCLS, senior vice president of PITTSBURGH, PA – BIG Shopping Centers USA(BIG USA) and M&J Wilkow, Ltd. entered into a joint venture agreement to purchase a sig- nificant retail portion of The Waterfront, a 1.4 million s/f, open-air shopping center in suburban Pittsburgh. In a deal that closed October 1, the joint venture purchased 765,000 s/f at the region’s second largest shopping center situated on 265 acres along the Monon- gahela River, the former site of US Steel’s Homestead Steel Works, once the largest steel mill in the world. No additional terms were disclosed. “The Waterfront is a great opportunity for both BIG USA and M&J Wilkow to not only enter the Pittsburgh market, but also to add value to the
NRDC announces completion of solar panel installation encompassing 121,715 s/f of rooftop
Madison Marquette secures & renews 68,650 s/f in leases
Solar Panel Installation
nificant commitment to renew- able, emission-free power,” said Dan Drummond , chief executive officer at Solar Na- tion . “We are proud to have been selected to design and install the system knowing that the immediate and long- term savings the company will realize will help make it an even stronger business in New Jersey, while at the same time reducing emissions and help- Walmart Supercenter began as early as 2004. Marshalls has renewed its commitment to Liberty Plaza and has signed a long-term lease ex- tension as a result of the redevelopment. The develop- ment gives Brixmor and the community a new opportunity to welcome additional retail- ers and services to the center. Baltimore County and their economic development team
ing the environment.” “We are entering a new era for renewable power genera- tion and we are very pleased to be working alongside Solar Nation and ShopRite to create a model for clean and effective energy development”, said John Orrico , president at NRDC. “This is the first of a number of our shopping cen- ters where we are implement- ing solar electric systems.” n were instrumental in making this development possible. The county offered a full component of pro-business services to allow this develop- ment to happen in an efficient manner. Brixmor has invested over $16 million in developing the Walmart building and upgrading the entire physical plant of the property including adding a new facade, lighting, landscaping, and signage. n
Marketfair
Madison Marquette , which leases and manages the prop- erty on behalf of TIAA-CREF . “We are very pleased that so many of the industry’s leading retailers have renewed and that they have committed to making major improvements and even relocation.” The changes at Marketfair have been under negotiation for over a year and will be unveiled over the next few years. Construction began in April 2012 and runs through the end of 2014. ■
Brixmor announces grand opeing of Walmart Supercenter
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