S hopping C enters
Real Estate Journal — Shopping Centers — September 30 - October 13, 2016 — 5A
www.marejournal.com
M id A tlantic
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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