R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news

ISSUE HIGHLIGHTS Volume 25 Issue 6 March 29 - April 11, 2013

For the Air Rights Center in Bethesda, MD Cassidy Turley’s Campanella & Spellman secures $150m in acquisition financing


at the intersection of Wisconsin Ave. and Montgomery Avenue one block from the Bethesda Metro (Red Line) station en- trance. Air Rights Center is currently 93% leased to a high- quality and diverse tenant base with staggered lease rollover. “In the DC region, we con- tinue to see aggressive bank pricing for quality, well-lo- cated assets with strong spon- sorship,” Campanella said. “This portion of Bethesda has emerged as a truly urban, 24/7 live-work-play environment with numerous upscale ameni- ties all features that are highly attractive to lenders, investor, tenants and area residents.” ■

ETHESDA,MD — Cas- sidy Turley announces that it has secured fi-

nancing for the Air Rights Center in Bethesda. Cassidy Turley’s John Campanella , executive managing direc- tor, and Paul Spellman , vice president, represented the owner, a joint venture between MRP Realty and Rockpoint Group, L.L.C. , in securing the $150 million loan, which was provided by a commercial bank. The Air Rights Center office development includes three buildings totaling 688,717 s/f in the North, East and West Towers. The property is located PHILADELPHIA, PA — SpectrumPartners LLC , in a joint venture with NewYork based Katz Properties LLC is pleased to announce the acquisition of Red Lion Shop- ping Center in Philadelphia for $31.4 million. “Red Lion Shopping Center is an excellent addition to our growing portfolio of shopping centers. Given today’s real estate market, we are very happy to have purchased this high-quality asset on Roos- evelt Boulevard in a vibrant and densely populated area of Northeast Philadelphia,” said Neil Markus, principal

EXPO 2013 April 10, 2013 Wilshire Grand West Orange, NJ


Retail Experts

The Air Rights Center

JV of Katz Properties LLC & Spectrum Partners LLC acquires Red Lion Shopping Ctr. for $31.4m


BEST of 2012


SecƟon C


AucƟons ........................................... 3-4A Green Buildings .............................. 5-10A Owners, Developers & Managers.. 11-24A Shopping Centers .................. SecƟon B Retail Experts Spotlight .............. 5ͳ12B Best of 2012 .......................... SecƟon C

The 229,000 s/f retail center includes anchors Best Buy, Staples, Pep Boys andAmeri- can Signature Furniture, alongwith other retailers such as Planet Fitness, Sherwin- Williams, McDonalds, Taco Bell, Pizza Hut and Sleepy’s. Spectrum Partners and Katz Properties specialize in the acquisition and revitalization of grocery anchored shopping centers and underperforming Red Lion Shopping Center in Philadelphia, PA

assets while creating value for its investor clients. SpectrumPartners LLC and Katz Properties represented themselves in the transac- tion that closed on February 28, 2013. Other parties involved in- cluded, Jones Lang LaSalle, Kelley, Drye & Warren, LLP, Metropolis Capital Finance and RBS Citizens, N.A. Bank. ■

of Spectrum Partners LLC.,” “We also appreciate the abil- ity to partner with Katz Prop- erties on this transaction.” Markus added, “Our organi- zations continue to aggres- sively look for acquisitions in densely populated areas in the Northeast Corridor.” Red Lion Shopping Center is located at the intersection of Roosevelt Boulevard & Red Lion Road.

www.marejournal.com Upcoming Spotlight SPRING PREVIEW

Made with FlippingBook - Online Brochure Maker