R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news
N Margolis, Dolan, Segal, Dangello & Elliman represent Equus Capital Partners NGKF Capital Markets reps owner in $15.55m sale of two-property portfolio E W A R K , D E — NGKF Capital Mar- kets has successfully
ISSUE HIGHLIGHTS Volume 28 Issue 18 Sept. 30 - Oct.13, 2016
deep-rooted vendor of DuPont, the location provides KBR easy access to DuPont’s many Delaware locations. The open floor plates are also well-suit- ed to their engineering use.” Equus Capital Partners has taken great care to ensure minimal capital expendi- tures will be needed in the coming years due to recent renovations that include: new ceilings and lighting through- out, updated lobbies and restrooms, a new roof, HVAC upgrades, a new fire panel as well as new elevators. The Portfolio benefits sig- nificantly from its location which is less than a mile from the full Interstate 95 Interchange with Rte. 273. Additionally, it is within one mile of two large shopping centers (University Plaza and Christiana Town Center) and just two miles from the Chris- tiana Mall. n
SPOTLIGHTS
DAUPHIN COUNTY, PA — Colliers Internation- al has arranged the sale of the Pennsylvania Lottery’s 136,000 s/f building to Boyd Middletown DGS LLC – a Chicago-based real estate in- vestment firm. The building - located at 1200 Fulling Mill Rd. in Dauphin County, PA - sold for $14.9 million. The building sits on 12.5 completed the sale of 242 and 248 Chapman Rd. (the “Portfolio”) in Newark, DE. The NGKF Capital Mar- kets team comprising Mike Margolis , Dave Dolan and Brett Segal , along with area experts, Neal Dangello and Wills Elliman , represented Equus Capital Partners in the $15.55 million sale to Chapman Business Associ- ates, LLC. The two-building portfolio consists of 242 Chapman Rd., a three-story, 65,967 s/f office building and 248 Chapman Rd., a two-story, 77,974 s/f office building. Both buildings are 100% occupied by two long-term tenants. KBR, the anchor tenant, has occupied 82% of the rent- able square footage since 1991. The tenant’s long-term
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Zimmel Assoc. celebrates 30 year anniversary
242 Chapman Rd.
commitment to the Portfolio is driven, in part, by the firm’s local clients. Approximately half of KBR’s staff services DuPont Corporation, head- quartered inWilmington. The Portfolio’s second tenant, HP
Enterprises, has also been a long-term tenant since 2000, and is under lease until 2021. “The Portfolio benefits from the long-term tenancy of KBR, an international engineering firm,” Margolis said. “As a
ZIMMEL ASSOCIATES CORPORATE REAL ESTATE SERVICES 1090 King Georges Post Road, Suite 808, Edison, NJ 08837 (732) 661-9200 • Fax: (732) 661-9617 • www.zimmel.com
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Colliers concludes sale of PA Lottery HQ building for $14.9million inDauphinCounty, PA
For speaking and sponsorship information, please contact: Linda at 781-871-3456 or lchristman@marejournal.com LeadershipSummit October 17, 2016 NJ Retail, Restaurant, Hotel and Mixed-Use Summit UPCOMING CONFERENCES October 7, 2016 NJ Commercial Real Estate
Pennsylvania Lottery building ( Photo credit: CoStar)
acres with 40,000 s/f of ware- house space and over 97,000 s/f of office space. The Pennsylvania Lottery has a lease through 2022 with a five-year renewal option. Scientific Games is a subten- ant in the building. Colliers International’s Lar- ry Kostelac , WilliamAiello , George Lulos with Colliers’ Investment Services Group and Bob Cottle and Darrin Kennedy with Colliers’ Gov- ernment Solutions national practice group represented the buyer. PHILADELPHIA, PA – Colliers International in Philadelphia represented Car- penter Technology Corpora- tion in securing 22,000 RSF of class “A” office space at the
BNY Mellon building at 1735 Market St., Philadelphia CBD West of Broad St. Carpenter will relocate its corporate headquarters here in the fall of 2016. Its primary manufacturing plant in Read- ing, PA will remain in Berks County, along with 2,300 jobs. The Reading, PA plant is part of the company’s Specialty Al- loys Operations segment. The new Philadelphia loca- tion will bring approximately 100 positions to the city over time. The move provides bet- ter access to transportation, customer markets, world-class universities, and increased vis- ibility with broad talent pools. James Scott and JimScott, Jr. of Colliers International represented Carpenter in this
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Shopping Centers.............................................5-11A Owners, Developers & Managers............... Section B Fall Preview. .............................................. Section C
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transaction. The Landlord is Equity Commonwealth. n 1735 Market St.
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ZIMMEL ASSOCIATES CORPORATE REAL ESTATE SERVICES 1090 King Georges Post Road, Suite 808, Edison, NJ 08837 (732) 661-9200 • Fax: (732) 661-9617 • www.zimmel.com
Zimmel Associates Marks 30 Years of Real Estate Excellence
New Heights As Zimmel Associates, the Edison, NJ based cor- porate real estate services firm marks its 30th year in business, David Zimmel, president and CEO says, “The past three decades have flown by like lighten- ing. It is amazing how much our industry and company have evolved over the years.” Zimmel’s firm, located in Raritan Center, spe- cializes in the leasing, sale and management of industrial, office and investment properties and represents more than five million sq. ft. of exclu- sive space in Union, Middlesex, Monmouth and Somerset counties and surrounding areas. Consistently named a Power Broker by CoStar, Zimmel Associates had its highest grossing year to date in 2015. The firm recently gained the attention of the national commercial real estate community when it was ranked 12th in the na- tion for first half office sales by Real Estate Alert, which tracks sales of U.S. properties over $25 million. Zimmel’s father and business partner for 27 years, Bernard Zimmel (1928-2014), would have David Zimmel
The Zimmel Associates team, left to right: Joel Natter, executive vice president; Jordan Zimmel, vice president; David Zimmel, president; Jaime Zimmel, vice president; and Jason B. Zimmel, sales associate.
appreciated the firm’s latest milestones, the CEO says. Bernard Zimmel, who worked well into his mid eighties, was
the first of three generations of Zim- mels who have chosen careers in NY/ NJ metro area commercial real estate.
Early Days Father and son team Bernard and David Zimmel formed Zim- mel Associates in the summer of 1986. In the mid 1980’s both were working for the same New Jersey real estate brokerage firm when they were invited to join a new firm and have a partnership interest in it. It was an exciting offer. David Zimmel asked an important cli- ent whose opinion he respected what he thought about it. The client was Jack Denholtz, founder of Denholtz Associates. The prominent developer said, “Why not start your own company? We would work with you wherever you go.” “That advice inspired us to establish our own firm and we were a great team for many years,” says Zimmel. “ Some people find it hard to believe, but we never had a serious argument in all of our years of working together. If we disagreed, we always talked it out.” When queried about the most important things he learned from his father, Zimmel says, “My father was a hard worker and believed in being straight up all the time. He always told it like it was. Clients respected him for that. Integrity is the most important part of our firm’s culture. “He was a creative thinker too. He originated the concept of flex space for the industrial market and shared that idea with Jack Denholtz in 1969. It had major impact on the marketplace. “Denholtz developed quite a few flex buildings and named us exclusive broker for a number of them. It gave us a lot of visibility in the industrial market that continues to this day.”
From left: Bernard Zimmel (1928-2014) and David Zimmel founded Zimmel Associates in 1986 as a dynamic father and son team, a tradition that continues at the firm .
continued on next page
Real Estate Journal — September 30 - October 13, 2016 — 1A
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ZIMMEL ASSOCIATES CORPORATE REAL ESTATE SERVICES 1090 King Georges Post Road, Suite 808, Edison, NJ 08837 (732) 661-9200 • Fax: (732) 661-9617 • www.zimmel.com
Zimmel Associates Marks 30 Years of Real Estate Excellence
New Generation Zimmel Associates’ standing in the commercial real estate industry and tradition of father and son teamwork are stronger than ever. Three of David Zimmel’s sons work at the firm. The third generation at Zimmel Associates are: Jordan Zimmel, vice president, and Jaime Zimmel, vice president, who have been with the firm for 10 and seven years respectively; and Jason B. Zimmel, sales associate, a recent college graduate who joined the firm just as it reached its 30 year anniversary. They, and Joel Natter, executive vice president at Zimmel Associates and a 20-year veteran with the firm, are a dynamic team committed to their clients. “Not too many people can say that they had the opportunity to work with both their father and grandfather. I am so grateful for the opportunities and real-life education they provided.” ~ Jordan Zimmel Jordan Zimmel says, “Not too many people can say that they had the opportunity to work with both their father and grand- father. I considered working for another firm first to get experi- ence outside of the family business, but with the reputation and success that my father and grandfather achieved, I wanted to learn the industry first hand from them. “I am so grateful for the opportunities and real-life education they provided,” he adds. “I’m comfortable saying that my brothers would echo those sentiments. As a group, we strive to achieve, not rest on past successes.” Zimmel’s eldest son Jared Zimmel chose a real estate career as well. A graduate of George Washington University who studied finance, he serves as a Vice President at Natixis Global Asset Management in New York, NY, where he specializes in securi- tized lending for commercial real estate projects. “As much as I want to direct my sons, I think it is important
The Zimmel team has deep regard for the years when three generations served at the firm. Left to right are David Zimmel, Jaime Zimmel and Bernard Zimmel.
for them to have the freedom to make their own decisions,” says David Zimmel. “I am following my father’s example with me, so they can succeed in their own right. “We are lucky to have Joel Natter on-board for twenty years, says Zimmel. “He joined our firm as a seasoned professional and is extremely knowledgeable about the industry and our market, excellent at generating new business, and adds balance to our firm dynamic.”
Keys to Success Zimmel explains that over the years, the firm has built a solid roster of long-term re- lationships with tenants, owners, developers and investors, and industry professionals such as attorneys, bankers, builders, and more. “Long term relationships are vital to our
‘not’ give someone a reason to replace us.” They say if you want to be successful find something to do that you are passionate about. When Zimmel talks about what he does for a living, it is easy to understand why Zimmel Associates is a force in the New Jersey commercial real estate industry
“Know the marketplace like the back of your hand and be the best educated broker around.” ~ David Zimmel
success,” he says. “We have clients that we’ve represented for more than 30 years and have maintained those relationships even with generational changes or changes in ownership.” Zimmel says the key to maintaining those relationships is by always doing the right thing, being accountable and available at the drop of a hat, and producing very sharp results. “Know the marketplace like the back of your hand and be the best educated broker around,” says Zimmel. “Thorough marketplace ex- pertise and attentive service is what sets us apart. We work hard to
and why his sons have chosen careers in real estate as well. “When I wake up in the morning, I can’t wait to go to work because I love what I do,” says Zimmel. “I love the excitement of working with a new prospect. It is like putting a new puzzle together. I enjoy the negotiation aspect of it. I love taking deals from the beginning to a successful conclusion.” With that kind of enthusiasm and a young team ready to move forward, the next 30 years at Zimmel Associates should prove exciting indeed.
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Advantage Engineers................................................8B American Architectural Window & Door.................1B Arcara Realty Advisors...........................................15A AW Meyer. ...............................................................15A Barley Snyder............................................................4C Behr Building Services............................................11B Bennett Williams.......................................................6A Bernardon................................................................12C Capitol Aerials...........................................................2B Capstan....................................................................21C Caryl Communications............................................15A CCIM....................................................................IBC-A CenterPoint............................................................ IC-C Cottonwood Commercial...........................................8C Cowley Real Estate Auctions....................................9A Crystal Window & Door Systems DDP........................................................................ IC-B Delcollo Security Technologies. ..............................14B Earth Engineering.....................................................6A EB Cohen...................................................................4B Elliot-Lewis................................................................5B Emory Hill Companies..............................................2C Environmental Systems..........................................15A Evolution Energy Partners.......................................9C EWMA......................................................................13B Exchange Solutions.................................................17C Foliage Design Systems. .........................................16B FOWLER.................................................................. 23b Gebroe-Hammer Associates....................................11C Greater Reading Economic Partnership................16C Green Partners........................................................20B HFF..........................................................................15C High Construction Co..............................................12B Hillcrest Paving & Excavating...............................15A IBS..............................................................................6B inPLACE Design........................................................6C Investors Real Estate Agency.................................15A IREM........................................................................25B Kay Commercial Realty. .........................................15A Keen Summit Capital Partners................................3A M&T Realty Capital Corp.........................................8A M. Miller & Son.........................................................7B Marcus & Millichap......................................15A, BC-C Meridian Capital Group....................................... BC-A NAI Summit.............................................................15A NorthMarq Capital....................................................1C P. Cooper Roofing. ................................................ BC-B PCS...........................................................................21B Poskanzer Skott Architects.......................................3B Progress Capital Advisors.......................................13C RD Management................................................ 10-11A Real Property Capital................................................3C Regal Bank...............................................................20C Rittenhouse Appraisals...........................................14C Rittenhouse Realty Advisors. ...................................7C Rosedale Roofing Co................................................18B Somma Associates.....................................................5C Stout & Caldwell. ....................................................17B Subway.......................................................................7A The Henley Group...................................................18C Total Cleaning, Ltd. ..................................................2B Weichert Commercial Brokerage............................15A Whitesell....................................................................3A Zimmel Associates.........................................IC-1A, 4A MAREJ A dvertisers D irectory
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M id A tlantic R eal E state J ournal Publisher .................................................................Linda Christman Publisher ....................................................................Joe Christman Senior Editor/Graphic Artist ..................................... Karen Vachon Production Assistant/Graphic Artist ............................... Julie King Associate Publisher ....................................................... Kim Brunet Associate Publisher ................................................. Alissa Aronson Associate Publisher .............................................. Barbara Holyoke Associate Publisher .....................................................Steve Kelley Office Manager .........................................................Joanne Gavaza Mid Atlantic R eal E state J ournal ~ Published Semi-Monthly Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, 312 Market St. Rockand, MA 02370 USPS #22-358 | Vol. 28 Issue 18 Subscription rates: $99 - one year, $198 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Toll-Free: (800) 584-1062 | MA: (781) 871-5298 | Fax: (781) 871-5299 www.marejournal.com
New Technology, Automation Stand to Reshape Modern Supply Chains David Egan Scott Marshall apidly emerging ad- vancements in technol- ogy such as autono- mous trucks, 3D printing and warehouse automation will foster dramatic changes in how shippers, retailers and manufacturers configure their supply chains and distribu- tion strategies, spurring a need for different formats and locations for industrial real estate, according to a new re- port from CBRE Group, Inc. Taken together, these ad- vancements will encourage industrial users to modernize their networks to adapt to the fast-evolving market rather than inherently requiring them to add more or fewer warehouses and distribu- tion centers. Each of these technology categories are on track to reach widespread use by 2025. “Autonomous vehicles, 3D printing and warehouse au- tomation stand to reshape supply chains on an unprec- edented scale, but real estate won’t be innovated out of that equation,” said David Egan , CBRE’s Head of In- dustrial & Logistics Research in the Americas. “While use of autonomous vehicles in shipping likely will allow for a greater emphasis on a few massive distribution centers in far-flung, less expensive locations, 3D printing mean- while will result in many us- ers needing more industrial space closer to customers to R
The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
facilitate on-demand, custom manufacturing.” The CBRE report includes in-depth examinations of each of the three areas of techno- logical advancement and their likely impact on the industrial and logistics markets. •Autonomous trucking: Labor represents roughly 75% of the cost of shipping a full truckload across the U.S., and drivers are limited to 70 hours of driving a week, equating to 3,000 miles. The advent of autonomous vehicles will allow cargo to travel greater distances in less time, saving costs. This, in turn, will allow some users to operate more extensively from large dis- tribution centers in outlying locations, where land is less expensive. •3D Printing: The abil- ity to manufacture certain items on-demand will spur a horizontal shift in the supply chain. Whereas this advance- ment may lessen the need for centralized distribution space in some cases, it also
increases the requirement for bulk, raw materials to be stored at printing sites close to the consumer in last-mile distribution facilities. •Automation in industrial facilities: A greater use of robots and other automated technology stands to reduce labor costs and increase ef- ficiency. However, it also will stoke demand for modernized industrial buildings equipped to accommodate the design requirements and IT infra- structure of automation. “The combination of the burgeoning growth of e-com- merce and the mainstream emergence of these techno- logical advances has ushered in a far-reaching evolution of the physical supply chain,” said Scott Marshall , CBRE’s Executive Managing Direc- tor of Industrial & Logistics in the Americas. “Proactive industrial investors and users are adapting to these changes now to capitalize on this new era of modern site selection and supply-chain design.” n
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M id A tlantic R eal E state J ournal RockawayParkendureddamage fromHurricaneSandy Progress Capital arranges $10.5m loan for revitalization
Prime Properties in Southern New Jersey Available For Lease
Whitesell Properties >> Industrial >> 1050 Thomas Busch Memorial Highway, Pennsauken, NJ
PRIME PROPERTY FOR LEASE 1050 THOMAS BUSCH MEMORIAL HIGHWAY
• Exceptional 47,591 SF Single-tenant Warehouse / Manufacturing Building • 24’+ Clear height, 1200 Amp Electric, T-5 Lighting, and Skylights • 6 Tailgates, 2 Drive-ins, and 94 parking stalls. • Prime Logistics Opportunity minutes from Downtown Philadelphia, I-95, I-295, NJ Routes 38, 70, US Route 130, and NJ Turnpike Exit 4
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Rockaway Park after Hurricane Sandy
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OCKAWAY PARK, NY — Kathy Anderson of Progress Capital Ad- visors has arranged a $10.5 million construction-to-perma- nent loan for a Rockaway Park native, Dino Tomassetti, president and owner of La- quila Group, Inc. looking to revitalize the community after the catastrophic damage it en- dured from Hurricane Sandy. “This is my neighborhood. I have a vested interest in seeing the area improve and thrive so people can enjoy the beauti- ful beach community with so much untapped potential. The fact that I grew up here and am raising my family here, while not the only reason, is big part of why I chose the project,” said Tomassetti. Post Hurricane Sandy, Rock- away Park is experiencing a renaissance with the invest- ment from public agencies and private developers. The Rock- away Beach Boardwalk, which recently opened for the first time since 2012, is a short walk from the property Tomassetti is developing. The neighbor- hood has quickly become a hot spot, drawing people looking to enjoy the beach and activities. The new growth has encour- aged other commercial busi- nesses to invest in the area, bringing new restaurants and retail shops along and around the boardwalk. Kathy and Dino worked together to overcome several challenges, the least of which was the looming expiration of the 421a program. While Kathy sourced lending options, Dino and his team secured the DOB permits and was able to install footings right before the 421a deadline. “Without this, the project could not have been built,” said Tomassetti. n
FLEX INDUSTRIAL PROPERTY FOR SALE 75,000 + SF Facility – Monmouth County, NJ
n 24’ to 28’ ceiling heights n Great access to major hwys/rds including GSP 40 Christopher Way, Eatontown, NJ
Broker: Ray Smith, Stafford Smith Realty License # CO-8300337 (732) 747-1000 • SSRealty.com
Keen-Summit.com (646) 381-9222
KEEN-SUMMIT CAPITAL PARTNERS LLC
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M id A tlantic R eal E state J ournal David Thomas of Blau & Berg represents DiIonio F. Porchetta V.A. Nozza and Cascio of Bussel Realty broker $1.2m sale of 12 acres of land in Franklin Township, NJ F RANKLIN , NJ — Bussel Realty Corp. (BRC) , a leading in- purchased the property for $1.2 million. The seller, Di- Ionio F. Porchetta V.A., was which is several miles from the New Jersey Turnpike and the Outerbridge Crossing to Staten Island.” n
represented b y Da v i d T h o m a s o f Blau & Berg . “Our buy- er saw the commercial value of de- veloping the
dustrial real estate ser- vices firm in New Jersey, announc ed the purchase of 12 acres of land, located at 928 Eliz- abeth Ave. in Franklin Township, NJ. BRC senior vice presidents Stephen Nozza and John Cascio represented the buy- er, 928 Holdings LLC, which Stephen Nozza
NAI CIR announces recent transactions
John Cascio
land for industrial real estate purposes as it’s zoned light industrial and ideal for this use,” said Nozza. “The site is in close proximity to I-287
928 Elizabeth Avenue
3525 N. 6th St. in Harrisburg
ZIMMEL ASSOCIATES CORPORATE REAL ESTATE SERVICES 1090 King Georges Post Road, Suite 808, Edison, NJ 08837 (732) 661-9200 • Fax: (732) 661-9617 • www.zimmel.com
801 E. Park Dr.
PENNSYLVANIA — NAI CIR announced the following transactions in Pennsylvania: Senate Plaza at 100 Senate Ave. in East Pennsboro Town- ship, the 230,647 s/f office building on 16 acres, was sold August 2016. Joe Bedard and Ryan Murray of NAI CIR represented the seller, a financial institution. Nilkanth USA, Inc., has leased a 9,000 s/f warehouse at 4455 Chambers Hill Rd. in Dauphin County. Ida Mc- Murray of NAI CIR handled the transaction for the Land- lord, Triple Crown Property Management Group. Roy Brenner of Landmark Com- mercial Realty represented the tenant. Ridgeline Executives, Inc. leased 1,225 s/f of office space from Shree Group LLC. The space is located at 3525 N. 6th St. in Harrisburg. The Bill Gladstone Group of NAI CIR handled the transaction. Medical Group of Pennsyl- vania leased 1,819 s/f of office space located at 801 E. Park Dr., Ste. 100 in Harrisburg. The Bill Gladstone Group represented the lessor, Patriot Investment Associates, LLC. Jeremy Shyk of CBRE rep- resented the lessee. 4349 Associates, LLC pur- chased the 6,400 s/f office at 4349 Carlisle Pike, Mechan- icsburg. Daniel Alderman of NAI CIR represented the buyer and Bedard represented the seller, OM-Shakti Proper- ties, LLP. n
18 Englehard Avenue Avenel, NJ
For Lease: 87,000 SF Warehouse
• Superb Free Standing Building • Exceptional Avenel, NJ Location: Exit 12 NJTPKE, Close to Rt. 1, Rt. 9, Rt. 287, Rt. 440 and Goethel Bridge • 8 Tailboard Loading Docks • 22 Ft. Clear Ceilings
• Gas Heat • 1200 Amps • Wet System Sprinkler • Abundant Parking • Includes 7,640 SF of Office • Situated on 4.9 Acre s
The Business Centre at Edison Raritan Center Office Space • Available Units: 2,200, 2,500 and 3,400 SF • Exceptional Location • Beautiful 125,000 SF Complex • 1 Story Office Buildings • Individual Entrances • Hotel, Fed X and UPS Close by • Quick Access to All Major NJ Hwys
S hopping C enters
Real Estate Journal — Shopping Centers — September 30 - October 13, 2016 — 5A
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VP Jeff Squires executes off-market sale of 62,666 s/f shopping center Kislak completes $11.25 million retail sale in Green Brook, NJ
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Perkins Restaurant & Bakery, H&R Block, OneMain Finan- cial and Arthur Murray Dance Center. In addition to the 62,666 s/f of retail space, the property includes an additional 61,848 s/f of basement office and warehouse space. At the time of closing, the property was fully occupied. “The demand for well-located and well-performing retail properties in northern New Jersey is very strong, especially for a property such as this that had never been available” said Robert Holland, president. “Jeff did an excellent job ex- ecuting this transaction. The ownership had received sev- eral unsolicited offers leading up to the sale, but Jeff clearly procured the best and strongest buyer and guided the transac- tion to a quick closing. He is a consummate professional.” n
REEN BROOK, NJ — The KislakCompany, Inc. announced the
recent $11.25 million sale of Colonial Square Mall, a 62,666 s/f shopping cen- ter located at 293-305 Rte. 22 East i n G r e e n
Jeff Squires
Brook, Somerset County, NJ. Vice president Jeff Squires represented both parties in the off-market transaction. “There is tremendous de- mand for well-located and stabilized income-producing shopping centers, especially a trophy retail property of this size,” said Squires. “We expeditiously procured a buyer to purchase the property and close quickly on an all-cash MARLTON, NJ — Mar- cus & Millichap , a leading commercial real estate invest- ment services firmwith offices throughout the United States and Canada, announced the sale of Wawa, a 6,387 s/f net-leased property located in Marlton, NJ, according to Bryn Merrey , regional man- ager of the firm’s Washington, DC office. The asset sold for $7.02 million. Josh Ein , senior associate, along with Dean Zang and Mark Taylor , both senior vice president investments in the firm’s Washington, DC and Philadelphia offices, had the listing to market the prop- erty on behalf of the preferred developer. Zang, Taylor, and Ein, specialize in the acquisi- tion and disposition of retail shopping centers in the Mid- Atlantic region and net-leased investments throughout the country. This closing repre- sents the team of agent’s 20th Wawa transaction. The buyer, a partnership, was secured and represented by Alan Cafiero and Ben Sgambati , both vice presi-
Colonial Square Mall
basis. All cash offers with the promise of a quick closing are becoming more prevalent, espe- cially in today’s highly competi- tive environment.” Family-built in 1980 and under the same ownership since, Colonial Square Mall is a predominant local neighbor-
hood destination. The well- maintained property is located with a generous 350 feet of frontage along U.S. Rte. 22, Green Brook’s primary com- mercial thoroughfare, sur- rounded by retailers and res- taurants. Situated on over 7 acres, the shopping center
includes parking for 312 cars. The New Jersey Department of Transportation reports the an- nual average daily traffic count near the property includes ap- proximately 44,500 cars. Tenants at Colonial Square Mall include national and lo- cal retailers such as Harmon,
Marcus &millichap breaks new recordwith $7millionWawa sale
10 NewYork Realty Advisors arranges $2.5m permanent loan on retail strip
2825 Kennedy Blvd.
caters to a wide range of local, regional and national retailers. The subject property has con- sistently been at full occupancy. The subject location is in the center of the city within a short walk from the Journal Square PATH train station. With the Jersey City waterfront and downtown nearly built out, the area around the Journal Square PATH station has be- come a prime destination. The borrower consists of two families who own and manage extensive real estate portfo- lios, respectively. Elizabeth Smith, Esq. , Aubrey Ric- cardi, Esq. and Sarah Benji, Esq. of Goldberg Weprin, Finkel & Goldstein repre- sented the borrower. Title was provided by Jeff Mitzner , SVP with First American Title . n
JERSEY CITY, NJ — Jeanne Cronin of Q10 New York Realty Advisors , an affiliate of Houlihan-Parnes Realtors , has arranged a $2,500,000 permanent loan on a retail strip center located at 2825 Kennedy Blvd. in the Journal Square neighborhood of Jersey City, NJ. The non-recourse, PAR loan was provided by a major NY- based bank. The term of the loan was for 10-years with the rate fixed at 3.53% for the first 7-years, then floating and open to prepayment without penalty the last three years. The property contains 6 re- tail stores plus roof-mounted signage and a parking lot on an adjoining parcel that is leased to an operator. Kennedy Blvd is a main retail corridor that
250 Rte. 70 West
dents investments in the firm’s New Jersey office as one of a series of 1031-exchange purchases represented by the agents. The closing price of $7.02 million represents a capital- ization (cap) rate of 4.46%. Per CoStar, this percentage signifies the lowest cap rate for any Wawa across the na- tion. “Core locations leased by credited tenants are still
achieving astounding cap rates and in this case the low- est ever for aWawa,” Ein said. The Wawa is located at 250 Rte. 70 West within Camden County, the most populous county of southern New Jer- sey. This 70 West/Marlton Pike corridor is packed with other retail options and sees 42,118 vehicles per day. The property is in a new 20-year triple-net lease with 19 years remaining. n
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A 249,943 s/f regional shopping center Wolfson Group breaks ground onOak Tree Plaza E
GG HARBOR, PA — Wolfson Group, Inc ., developer of the new Oak Tree Plaza Shop- ping Center planned at a major crossroads in Egg Harbor Township, NJ, hosted a groundbreaking ceremony on Wednesday, September 7. The Ceremony officially launched construction of Oak Tree Plaza, a regional shop- ping center of 249,943 s/f, situated at the intersections of Black Horse Pike, Fire Rd. and Old Egg Harbor Rd. A Walmart Supercenter of ap- proximately 188,463 s/f will anchor the Center, as well as additional retail tenants and restaurants. Oak Tree Plaza is expected to open in summer 2017. Steven Wolfson , chair- man and CEO of Wolfson Group, participated in the traditional groundbreak- ing shovel ceremony that typically kicks off real estate development construction, accompanied by local legisla- tors and committee members. Demonstrating the breadth of Township support for the project, guests included Egg Harbor Mayor James “Sonny” McCullough, Deputy Mayor Paul Hodson, Township Ad-
Oak Tree Plaza Shopping Center groundbreaking
ministrator Peter Miller, and Township Committee Members Jos Cafero, Frank Finnerty, and Laura Pfrom- mer, plus Planning Board Members Paul Rosenberg, Dan Pittaro, Bob Levy, Frank Kearns, and Manny Apon- te. Additionally, Leo Schof- fer, Bill Elliott, Paul Chan, Cherie Burgan, and Joanne Dearden will represent the Township’s Economic Devel- opment Commission. Wolfson said, “We are grateful to Egg Harbor Town- ship’s leadership for recog-
nizing the many benefits that this regional develop- ment project will bring to residents in Egg Harbor and surrounding communities. Our development and leasing philosophy is always to offer consumers convenient access to retailers who provide qual- ity and value, in a clean and safe shopping environment. Oak Tree Plaza will create ‘Hundreds of Jobs’ in a thriv- ing shopping center that we expect will become a center of the community for Egg Har- bor Township and beyond.” n
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Real Estate Journal — Shopping Centers — September 30 - October 13, 2016 — 7A
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Transactions totaled 115,000 s/f of retail space at the 560,000 s/f shopping center CBRE|FAMECO negotiates nine retail leases at Hamilton Crossings in PA’s Lehigh Valley T
REXLERTOWN, PA — CBRE Group, Inc. (CBRE) has negoti- ated leases for Dick’s Sporting Goods, Nordstrom Rack, Naf Naf Grill, Ulta Cosmetics, Chipotle, Verizon Wireless, Univest Bank, Kay Jewelers and Core Life Eatery at the newHamilton Crossings shop- ping center in Trexlertown. CBRE|FAMECO retail teammembers Brian Bruzek , AdamKohler , Rich Schuch , Steve O’Malley , Brandon Famous , Matt Mandel , Da- vid Orkin , Marc Mandel , Gary Leone and Colin Behr represented the tenants during the transactions, which totaled 115,000 s/f of retail space. The 560,000 s/f shopping center is a joint venture between The Goldenberg Group and TCH Development, LLC . For a few of the retailers, such as Nordstrom Rack, the new location will mark their first presence in the Lehigh Valley. Nordstrom Rack held its grand opening on Friday, August 26. Dick’s Sporting Goods is currently open for business, and the balance of the shopping center is expected to open between now and October. According to Brian Bruzek, first vice president, CBRE, “The project will bring many new- to-market retailers to the Lehigh Valley and provide a first-class shopping experience for years to come.” The $140 million shopping center, located on Krocks Rd. between the Rte. 222 Bypass and Hamilton Blvd., is ben- efiting from significant growth in the immediate trade area and a substantial daytime population. n Breslin announces 1,800 s/f lease in NY BALDWIN, NY — Breslin Realty announced the sign- ing of a long term lease with Verizon Wireless at Baldwin Harbor Shopping Center in Baldwin, NY. Verizon Wireless will oc- cupy 1,800 s/f of the 82,000 s/f center, which is located on the north east corner of Atlantic Ave. & Grand Blvd. The transaction was ar- ranged and negotiated for the landlord by Robert Delavale of the Breslin organization. Other tenantsatBaldwinHar- bor include Stop & Shop, CVS, GameStop andChaseBank. Ace Hardware is opening soon. n
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Marta Person Villa of CBRE serves as tenant’s broker in the transaction West Marine ’s 14,650 s/f lease brings Levin-managed center to full occupancy
W
transaction. “West Marine will be a won- derful resource for local resi- dents,” said Korris. “We are confident this newest addition to St. Georges Crossing will make a major contribution to the shopping center’s ongoing popularity.” With more than 260 stores in 38 states and Puerto Rico, West Marine is recognized as a leading waterlife outfitter for cruisers, sailors, anglers and paddle sports enthusiasts. Other recent additions to the tenant mix at St. Georges Crossing include off-price fashion retailer T.J.Maxx and
upscale American restaurant Blu Alehouse – both of which have enjoyed rapid, sustained success. Anchored by ShopRite and P.C. Richard & Son, St. Georges Crossing features a strong mix of retail, restau- rant and service tenants also including PetSmart, Pier 1 Imports, AutoZone, Bertucci’s restaurant, Verizon Wire- less, European Wax Center, Visionworks, Taco Bell and GameStop, among others. The center serves a resi- dential population of more than 352,400 people within a five-mile radius, and a day- time population of 160,000 in those same five miles. The daily traffic count exceeds 100,000 vehicles. The property includes one, 4,300 s/f pad site available for development. St. Georges Crossing is one of a number of properties within Levin’s shopping center portfolio to reach 100% occu- pancy in recent months, dem- onstrating renewed strength in both the economy and the northeast retail marketplace. n NAI Emory Hill announces sale of Back Bay Center MILLSBORO, DE — Back Bay Center is a general inline retail space in a grocery-an- chored neighborhood center. The center is located southeast of Bay Farm Rd. on RT. 24 Long Neck, DE. NAI Emory Hill agents JimO’Hara Jr. , JimO’Hara III and Kevin O’Hara man- aged the sale of the 10,000 s/f retail center with a padsite for future development on 2.12 acres. The purchaser was Back Bay Center, LLC and the seller was TBB long Neck, LLC. The center is in a prime lo- cation near Delaware’s beach- es and coastal towns which provide a strong year-round residential market and large summer market of Delaware beach vacationers. The Back Bay Addition is occupied by Subway, Liberty Tax and Loan till Payday. n Back Bay Center
OODBRIDGE, NJ —Boating goods re- tailer West Marine
has leased 14,650 s/f at St. Georges Crossing in Wood- bridge, bringing the 340,000 s/f shopping center to full occupancy. Located at the in- tersection of heavily traveled Rte. 1 & 9 and Rte. 35, the key Middlesex County shopping center is leased and managed by North Plainfield, NJ-based Levin Management . Levin leasing representa- tive Jordan Korris negotiat- ed the long-term lease. Marta PersonVilla of CBRE served as tenant’s broker in the
St. Georges Crossing
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Real Estate Journal — Shopping Centers — September 30 - October 13, 2016 — 9A
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By Richard Birdoff, RD Management Out with the old: The rejuvenation of South Jersey
A
ll eyes are on South Jer- sey as Camden County officials move forward
in the works throughout the Northeast, is part of a larger plan to transformneighborhood shopping centers into go-to destinations for community members and businesses alike, ultimately uplifting the areas in which we live, work, shop, and play. RD Management owns 73 retail, mixed-use, vacant land, office, and storage properties in the Northeast and has more than 200 properties in its na- tional portfolio. Richard Birdoff is Prin- cipal and President of RD Management, located in New York, NY. n
with the fi- nal phase of what is con- sidered to be the largest demo l i t i on project in the state’s his- tory. But the s i x - p h a s e ,
Richard Birdoff
$13.6 million project isn’t the only transformation we’re see- ing in the southern portion of The Garden State. Local lead- ers and real estate developers throughout the region are implementing fresh ideas to help rejuvenate the places and spaces that make South Jersey a convenient home to many. Let’s take a look at Sunbird Plaza, a soon-to-be constructed 26,016 s/f shopping center lo- cated at the intersection of Rte. 73 and Sunbird Dr. in Marlton, New Jersey. The new retail con- struction that’s slated to open in spring 2017 sits perfectly in a busy area of South Jersey, surrounded by complementary retail shops and centers. New tenants and Sunbird Plaza’s official opening date will be announced to the community in the coming months. Our team is working diligent- ly to spruce up areas through- out South Jersey by honing in on new construction and redevelopment opportunities. Sunbird Plaza, accompanied by several other projects that are WATER MILL, NY — RD Management LLC and Ripco Real Estate welcomed three new businesses to The Mill, a 29,314 s/f shopping center in Water Mill, NY, an affluent hamlet of the town of Southamp- ton. The Cool Zone Cryotherapy (1,088 s/f), Tight (829 s/f), and Erika Bloom Pilates (768 s/f) join local favorites SoulCycle and Southampton Wines. Erika Bloom Pilates opened June 14. The Mill is located at 760 Montauk Highway (Rte. 27A) and Station Rd. and consists of six freestanding buildings that span across a landscaped courtyard and excess parking. The neighborhood shopping center is uniquely situated to attract an upscale tenant mix of gourmet food stores, spas, health and fitness centers, specialty retail, and more. n Three tenants join The Mill SC in NY
Sunbird Plaza
Real Estate
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10A — September 30 - October 13, 2016 — M id A tlantic
Real Estate Journal
www.marejournal.com
18+ Million SF
Retail Properties by region
GLA/ Acreage Anchor Tenants
Property Name Northeast
Address
City/State
307,799 Kmart, Burlington Coat, Market Basket
Boston Rd. & Tower Farm Rd. Plain St. & Lowell Connector Medway St. & Beaver St. Route 70 & N. Locust Ave. Hanover Ave. near Horsehill Rd. State Hwy. 73 & Sunbird Dr. Adjacent to Foreign Trade Zone Route 18 & Foxborough Dr.
Shops at Billerica
Billerica, MA
271,377 Target, Marshall’s, Chuck E. Cheese
Meadow Brook Center
Lowell, MA
146,770 New Anchor Opportunities Available
Milford Crossing
Milford, MA
Evesham,
125,335 TBD + 338 Luxury Rental Homes
Shoppes at Renaissance Square
19 AC BJ’s (New Development)
Hanover, NJ Marlton, NJ
BJ’s Shopping Center
26,016 Royal Farms
Sunbird Plaza
16.963 AC Across from Walmart, Sam’s, TJ Maxx
Vacant Land
Mount Olive, NJ
New Development
9.33 AC Across from Walmart Supercenter
Old Bridge, NJ
Vacant Land
Vauxhall (Union), NJ 0.3239 AC Future Development
Springfield Ave. near I-78
Vineland Marketplace
TBD
Vineland, NJ
Future Development
S. Delsea Dr. (Rte. 47) & College Dr.
Williamstown, NJ
94,452 Rockin’ Jump, Dollar General, CVS
Williamstown Shopping Center
Black Horse Pike & Main St.
26 AC Across from Walmart Supercenter
Route 13 & Bennie Rd.
Vacant Land Kohl’s Plaza
Cortland, NY Deer Park, NY
182,875 Kohl’s, Super Stop & Shop
Saratoga Rd. & Glenridge Rd. Commack Rd. & Grand Blvd.
Glenville (Albany), NY 170,616 Target, Pet Supplies Plus, Panera Bread Lake Ronkonkoma, NY 170,451 Stop & Shop, Regal Cinemas, Dollar Tree
Target Shopping Center
Lake Shore Plaza II & III
Portion Rd. & Patchogue-Holbrook Rd.
Redevelopment Opportunity
Latham (Colonie), NY 118,863 Vent Fitness
Route 7 & Swatling Rd.
Monroe/Woodbury, NY 711,816 Walmart, Target, Home Depot, BJ’s
Routes 17/6 & Route 32 Route 59 & Hutton Ave.
Harriman Commons
276,792 Home Depot, Raymour & Flanigan, Staples
Home Depot Shopping Center
Nanuet, NY
78,659 Super Stop & Shop, Residence Inn
Orangeburg Commons
Route 303 & Palisades Pkwy. Montauk Hwy. & Station Rd.
Orangetown, NY
29,314 SoulCycle
The Mill
Southampton, NY
21,212 US Post Office
Stony Ridge Plaza
Route 9W & Park Rd.
Stony Point, NY
134,271 Home Depot
Home Depot Shopping Center Home Depot Shopping Center
Lehigh St. & Route 78 Hanover St. (Rte. 34) & I-81 Cowpath/HorshamRd. @Rte. 309 Rte. 309 & Pumping Station Rd. Hamilton Blvd. & Grange Rd.
Allentown, PA
140,715 Home Depot, Chili’s
Carlisle, PA
Montgomeryville, PA 133,000 BJ’s, Lowe’s Home Improvement
Five Points Plaza
Richland Marketplace
444,531 Target, BJ’s, Best Buy, Petsmart, Staples
Quakertown, PA Trexlertown, PA
Macungie Crossing Shopping Ctr.
±36,671 Near Walmart Supercenter
Midwest Marshall’s at The Grove
400,000 Marshall’s
Downers Grove, IL
75th St. & Lemont Rd.
Evansville Shopping Center
162,394 Rural King, Buehler’s IGA, Dollar General
Evansville, IN
Morgan Ave. & Boeke Rd. Pendleton Pike & Shadeland Ave. U.S. Hwy. #30 & Water St.
Pendleton Plaza
134,797 Rose’s Department Store
Indianapolis, IN
The Market Place at Warsaw
183,900 Carson’s Dept. Store, Sears, Dunham’s
Warsaw, IN
167,212 Jack Loeks Theatres
Port Huron Shopping Center Muskegon Shopping Center
Henry St. & Norton Ave. Howard St. & 24th St. Fort St. & Burns Ave.
Port Huron, MI Muskegon, MI
114,981 Big Lots, Save-A-Lot, Family Dollar
Vacant Land
9.37 AC Development Opportunity
Southgate, MI
Thomas G. Mirandi tel 212.265.6600 x239 tmirandi@rdmanagement.com
810 Seventh Avenue, 10th Floor New York, NY 10019 • rdmanagement.com
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