S HOPPING C ENTERS
Mid Atlantic Real Estate Journal — Shopping Centers — Section B
www.marejournal.com
OMS RIVER, NJ — Dev Morris and Andrew Stewart of 123,608 s/f ShopRite anchored retail center Morris and Stewart of Cronheim Mortgage arranges $15 million for Crossroads Center T
financed and services two other local area shopping centers for this developer, one anchored by a BJ’s Wholesale Club with AIG and the other by Target and Lowes for Aviva Investors. Crossroads Center, which was previously known as the Dover Mall, has been recently redeveloped to encompass a total of 3 buildings and 123,608 s/f which are 94% occupied. According to Andrew Stew- art, “Saker ShopRite has built a 75,000± s/f ‘World class’ store
on this site, much of it at their own expense. For those who have never seen the inside of this store, it is an extraordinary example of how ShopRite has evolved from a local grocer to a polished retail powerhouse. The store has a tremendous variety of prepared foods in addition to their usual offerings.” The developer has approv- als to construct an additional 105,038 s/f; negotiations are well underway with users so that construction on the balance of the space will commence. ■
David Cronheim Mort- gage Corporation have secured financing of $15 mil- lion for Crossroads Center, a ShopRite anchored retail cen- ter located at the intersection of Rtes. 166 and 37 in Ocean County. The 10 year loan, fixed at 3.6% and sized at a 9% debt cap, will amortize over a 30 year schedule for the borrower, Dan-D , a local real estate developer, owner, and manager. Cronheim has HI-LIGHTS MARCH 29 - APRIL 11, 2013 Nathanson of Marcus & Millichap secures buyer in $1.7m sale
Crossroads Center
Purchases 129,600 s/f Thruway Plaza Vastgood/Southern Realty venture enters agreement
NAI Hanson announces sale of $400k retail site in Bergenfield
BERGENFIELD, NJ — NAI James E. Hanson , a leading New Jersey-based commercial real estate firm, today announced that it repre- sented all parties in the sale of 19 SouthWashingtonAve. The 3,619 s/f retail property traded for $400,000. NAI Hanson vice president Anthony Cassano completed the sale on behalf of owner, NBSC Holdings of Oak Ridge, and the buyer, Thek Family UC Realty Group. “The buyer was attracted to the site due to its prime loca- tion on a main road in Bergen County with exceptional vis- ibility and good parking,” Cassano said. “The plan is to establish an urgent care medi- cal facility on the property.”
Hannaford Supermarket
WALDEN, NY — V astgood Properties, LLC announced that a newly-organized ven- ture of Vastgood Properties, LLC, and Southern Realty & Development LLC completed the purchase of Thruway Shop- ping Center Plaza, a 129,600 s/f. (plus three pad sites) super- market-anchored multi-tenant strip shopping center on 17.1 acres. The Vastgood/Southern Re- alty venture has entered into an agreement with Hannaford Supermarkets for a new 35,900 s/f. full service supermarket and pharmacy with a 20-year initial lease term, and six re- newal options. The new Hannaford Super- market, to be built to LEED energy and environmental de- sign standards, will replace the existing Thruway Super Food- town and Thruway Pharmacy. A temporary Hannaford Phar- macy will operate in a separate building at the Plaza to provide continuous service to existing Thruway Pharmacy customers during construction. Acquisition and construction financing for the project is be-
ing provided by Orange County Trust Co. The venture expects to com- plete certain site work improve- ments to the center and to deliver the Hannaford site in December of this year; the Han- naford store in turn is expected to open, and all other tenant and capital improvements are expected to be completed, by the second quarter of 2014.
19 South Washington Ave.
A former bank branch, the building was renovated and updated recently. It has 42 feet of frontage with 12 parking spaces in the rear of the build- ing, street parking, in addition to nearby municipal parking. The site has convenient access to numerous roadways includ- ing Rtes. 4, 80, 46 and 17, and the Garden State Pkwy. ■
Frantzmanof Levin inks 24,000 s/f at mixed-use development 2B
Strip Center for Sale
3B
140 North Franklin Turnpike Waldwick, Bergen County, NJ
SPOTLIGHT
Retail Experts 5-12B ALSO
Hamilton Square Shopping Center Size: 25,681 Sq. Ft. NOI: $523,252 Cap Rate: 6% Asking Price: $9,000,000
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Enn Kunnapas 235 Moore Street
Hackensack, NJ 07601 +1 201 488 5800 x140 naihanson.com
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