6A — June 2024 — Retail Development Reimagined — M id A tlantic Real Estate Journal
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R etail D evelopment R eimagined
Danielson brokers sale of Heartland Dental in Fairfax, VA Horvath & Tremblay brokers the sale of Mid Atlantic props.
Vantage completes leases of 4 retail spaces at Blue Bell Corner
M ID ATLANTIC — Horvath & Trem- blay has completed the sale of three Mid-Atlantic retail properties for $5,711,111. Kyle Danielson of Horvath & Tremblay has successfully completed the sale of Heartland Dental in Fairfax, VA. Horvath & Tremblay represented the seller and procured the buyer to complete the transaction at a sale price of $2,650,000. Heartland Dental is located at 13045 Lee Jackson Memorial Hwy. in Fairfax, VA. Heartland Dental was constructed in 2002 and has 8 years remaining on their double net lease with four, 5-year renewal options. The Lease calls for 10% increases every five years throughout the primary term and at the start of each of their renewal options. The 2,638 s/f build- ing is situated on a 0.93-acre parcel and features an attrac- tive architectural design. The property is a pad site within the Greenbriar Town Center, anchored by Giant, CVS, and Marshalls. Located along Lee Jackson Memorial Hwy., the area’s primary commercial cor- ridor, the property is surround- ed by national retailers and restaurants that drive traffic to the area and is also convenient to several densely populated residential neighborhoods pro- viding a built-in customer base. Heartland Dental is 2.5-miles from I-66 and is minutes from a large office and industrial corridor positioned just north of Dulles International Airport. Austin Smith of Horvath & Tremblay has successfully
Blue Bell Corner
of these businesses brings something special to the cen- ter, enhancing the shopping experience for our community. With just one space left, we look forward to completing our vibrant mix of tenants.” In Mount Laurel, NJ, Van- tage Commercial announced the successful leasing of space in The Ellipse Shopping Center at 4201 Church Rd. The prime location, formerly occupied by “Good Foods to Go” has now found a new tenant in Boaggio’s Bread, thanks to the diligent efforts of John Doss , senior advisor, and Ken Richard- son , vice president at Vantage Commercial. Boaggio’s Bread, a renowned bakery known for its artisanal bread and pastries has signed a long-term lease to occupy the space, bringing its delectable offerings to the heart of Mount Laurel. The decision to lease at The Ellipse Shopping Center underscores Boaggio’s Bread’s commitment to providing quality baked goods to the community. “We are thrilled to have facilitated this long-term lease agreement between Boaggio’s Bread and The El- lipse Shopping Center,” said John Doss. “Boaggio’s Bread is a fantastic addition to the center and we are confident that their presence will fur- ther enhance the shopping and service experiences for residents and visitors alike.” Richardson added, “The nego- tiation process was smooth and we are delighted to have assist- ed both parties in reaching a mutually beneficial agreement. The addition of Boaggio’s Bread not only fills a vacancy but also brings a unique culinary offering to the community.” The Ellipse Shopping Center continues to be a vibrant hub for retail, dining and service experiences in Mount Laurel, offering a diverse range of businesses and services to meet the needs of the local popula- tion. Boaggio’s Bread’s arrival further solidifies the center’s reputation as a premier desti- nation for shopping and service experiences. MAREJ
AMBLER, PA — Vantage Commercial announced the successful leasing of four prime retail spaces at Blue Bell Cor- ner, located on W. Butler Pike in Ambler. This shopping cen- ter continues to thrive, now featuring a diverse range of tenants including a nail salon, a hair salon, Manhattan Bagel, and a women’s boutique. With only one vacancy remaining, Blue Bell Corner is quickly becoming a premier destination for shoppers in the area. Emily Stein , managing director, and Vince Ceroli, senior advisor at Vantage Commercial represented the landlord in all of the transac- tions, and acted in a dual role with the boutique and hair salon tenants. New Tenants Elevate Blue Bell Corner’s Appeal: 1. Nail Salon: Offering a full range of manicure and pedicure services, the new nail salon promises to provide a relaxing and luxurious experience, with an inviting atmosphere de- signed to attract both regulars and new visitors. 2. Hair Salon: This chic hair salon is set to become the go-to place for stylish haircuts, col- oring, and treatments. With a team of skilled professionals, the salon aims to meet the grooming needs of the com- munity while delivering top- notch service. 3. Manhattan Bagel: Known for its freshly baked bagels, delicious sandwiches, and cof- fee, Manhattan Bagel adds a flavorful dimension to Blue Bell Corner. It’s the perfect spot for breakfast, lunch, or a quick snack, attracting food lovers of all ages. 4. Women’s Boutique: The new women’s boutique will offer a curated selection of high-end fashion-forward clothing, acces- sories, and unique pieces. Ca- tering to the latest trends and timeless styles, the boutique is poised to become a favorite among local shoppers looking for quality and style. “We are thrilled to welcome these new tenants to Blue Bell Corner,” said Ceroli. “Each
Heartland Dental in Fairfax, VA
completed the sale of Dollar General in Wilmington, DE. Horvath & Tremblay repre- sented the seller to complete the transaction at a sale price of $1,950,000. Dollar General is located at 1900 N Market St. in Wilmington, DE. Dol- lar General commenced a 15-year Absolute Net Lease in 2015 that has 6+ years of term remaining followed by five, 5-year renewal options. The lease features 10% rent increases at the start of each renewal option. The property is positioned at the signalized intersection of E 19th St. and US Hwy. 13 BUS, one of the area’s primary commercial and commuter corridors tra- versing Wilmington. Dollar General benefits from excel - lent visibility and frontage in a densely populated neighbor- hood just northeast of the city center. The property is easily accessible from the area’s pri- mary roadways including I-95 and 495, US Hwy. 13, and DE Rtes. 3, 4, 9, and 202. More than half of all Fortune 500 companies call Wilmington their corporate home. Kyle Danielson and Jason Prior to joining LMC, Pa- checo was senior VP/control- ler at Russo Development. She previously held positions at Colgate Development, The Lightstone Group and Simon Property Group. She earned a bachelor’s degree in accounting from Northeastern University. “We welcome Lilian to Levin Management,” said Tavaglione. “Her extensive industry knowledge and strong leadership undoubt- edly will enhance our ability to serve clients in an accurate
Woods of Horvath & Tremblay have successfully completed the sale of an AutoZone in Nottingham, MD. Horvath & Tremblay represented the seller and procured the buyer to complete the transaction at a sale price of $1,111,111. Au- toZone is located at 8601 Belair Rd. in Nottingham, MD. The new construction AutoZone is positioned on a 0.90-acre par- cel and has 19+ years remain- ing on their Absolute NNN Ground Lease with four, 5-year renewal options. The Absolute NNN Ground Lease calls for an attractive 8% rent increase in years eight and sixteen of the primary lease term and at the start of each of the renewal options providing the investor with an attractive increase in revenue and a hedge against inflation. The new construc - tion AutoZone is located at the signalized intersection of Neckar Ave. and Belair Rd., the area’s primary commercial corridor. The property benefits from outstanding visibility and frontage and is surrounded by densely populated residential neighborhoods providing a built-in customer base. MAREJ For seven decades, LMC has served as a single-source provider for institutional, family office and high-net- worth investors/owners. The company’s diversified, retail- focused portfolio includes 125 properties totaling more than 16 million s/f in the Northeast and Mid-Atlantic states. Its full suite of ca- pabilities includes property management, leasing, finan - cial management and report- ing, construction manage- ment and development, lease administration, marketing services, and acquisition and disposition consulting services. MAREJ and timely manner during this exciting time of company and portfolio growth.”
NORTH PLAINFIELD, NJ — Levin Management Corporation (LMC) has an- Levin Management appoints Pacheco as controller ideas and technologies makes it an attractive place to work. I look forward to utilizing my skillset to contribute to Levin’s continued progress and success.”
nounced the appointment of Lilian Pacheco as controller. The Rah- way, resi- dent brings 20 years of diverse ex- perience to
Lilian Pacheco
her new position at the North Plainfield-based commercial real estate services firm. “Levin Management has an impressive reputation in the real estate industry,” said Pa- checo. “The company’s signifi - cant growth and a corporate culture that embraces new
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