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P Arts + Crafts Holdings buys five-property portfolio in Philadelphia Colliers International concludes investment sale for $36 million HILADELPHIA, PA — Colliers Interna- tional | Philadel-
ISSUE HIGHLIGHTS Volume 30, Issue 4 Feb. 23 - March 15, 2018 SPO TLIGHTS COMMERCIAL OFFICE ENVIRONMENTAL GREEN BUILDINGS STATUE OF LIBERTYMUSEUM TOPS OFF ON LIBERTY ISLAND CONSTRUCTION Section C
phia concluded the sale of a five-property portfolio to Arts & Crafts Holdings for $36.0 million in the East Callowhill section of Philadelphia, which is on track for a rebirth. Lo- cated north of the Center City Business District, and nestled between a major roadway and two cross city arterial routes, it is one of the last remaining swaths of raw developable land in the City. The five properties are part of the Willow Management Corporation’s family-owned portfolio of industrial and of- fice buildings stretching from Second St. to the east, Ninth St. to the west, Callowhill St. to the south, and Spring
million s/f of what it has cal- culated to be a 2 million s/f office submarket. Arts & Crafts Holdings is an active investor and the leading developer on the northern edge of Center City Philadelphia. Affiliates of Arts & Crafts Holdings currently own in excess of 1,200,000 s/f of commercial, residential & mixed use real estate. Arts & Crafts is fo- East Callowhill section of Philadelphia
Garden St. to the north. The sale encompasses over 195,000 s/f of commercial real estate properties/parcels. 1. 444 N 3rd & 309-15 Cal- lowhill St. 2. 437-461 N 3rd St. 3. 827 Spring Garden St. 4. 854-56 North 3rd St. + 302-308 Poplar St. 5. 600 Spring Garden St. The real estate company now controls in excess of 1.2
cused on establishing Phila- delphia’s authentic creative class commercial district at the northern edge of Center City Philadelphia. We seek to reimagine historic build- ings and the urban spaces between them creating a vibrant canvas for the new economy's entrepreneurs & makers. A neighborhood is more than the sum of its parts. n
5-16B
Sgambati and Loverde of Marcus and Millichap represent seller CenterPoint acquires 223,977 s/f facility at 27 DistributionWay in South Brunswick, NJ
PROFILES
SOUTHBRUNSWICK, NJ — CenterPoint announced the acquisition of a 223,977 s/f facility located at 27 Distribu- tion Way in South Brunswick. Ben Sgambati and Elsa Loverde of Marcus and Mil- lichap represented the seller. “This was an opportunity to acquire a fully leased build- ing in a very tight, Exit 8A submarket that has seen sig- nificant rental rate growth in
14A
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27 Distribution Way
the last 24-36 months,” said Evan Lippow , vice president of investments at CenterPoint. “This building benefits from above standard trailer parking and rail service – both features that attracted us to the invest- ment opportunity.” Located on 16 acres, the site is rail-served and has 28 load- ing positions. Additionally, the
site features a 220’ truck court and has 52 trailer parking spots, which exceeds market standards. With access to I-95, Route 130 and U.S. Hwy. 1, the site accommodates one to two daily trips to the Port of New York and New Jersey. “This is CenterPoint’s third acquisition in New Jersey in the last 12 months, and our
East Coast portfolio now con- sists of more than 12.5 million s/f located in the port related submarkets,” said PJ Charl- ton , senior vice president of investments at CenterPoint. “We have invested more than $2 Billion into the industrial sector in the last three years and look forward to continuing our growth in 2018.” n
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M id A tlantic R eal E state J ournal Publisher, Conference Producer . .............Linda Christman AVP, Conference Producer ...........................Lea Christman Associate Publisher ......................................... Steve Kelley Associate Publisher ........................................... Kim Brunet Associate Publisher ..................................... Miriam Buttrick Senior Editor/Graphic Artist ..........................Karen Vachon Contributing Columnists: ..............................Lisa Cassidy, ecoImagine; Amy Lopez, Brockerhoff Environmental Services LLC; Joshua Zinder AIA, NCARB, LEED AP, JZA+D Postmaster send address change to: Mid Atlantic Real Estate Journal 350 Lincoln St, Suite 1105, Hingham, MA 02043 USPS #22-358 | Vol. 30, Issue 4 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 Phone: 781-740-2900 | Fax: 781-740-2929 www.marejournal.com The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal Mid Atlantic R eal E state J ournal ~ Published Semi-Monthly Periodicals postage paid at Rockland, Massachusetts and additional mailing offices
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Robust Amenities Offerings Critical to Successful Repositioning O wners and develop- ers considering re- positioning efforts to address the suburban of- fice park properties in their portfolios may not be aware of many of the available, cost- effective solutions. Competing for Class A tenants is within reach, in spite of the challeng- es associated with commercial campuses located well outside of urban centers. JZA+D, an architecture and interiors firm based in Princeton, New Jersey, has led many reposi- tioning efforts of this kind, the results leading to ongoing col- laborative partnerships with our clients. It is critical for the owner- developer to understand why tenant companies are at- tracted to leasable offices in urban settings, where the rent is typically high, spaces are small, and parking op- tions few. The primary reason is that these companies need to recruit and retain talented employees, a growing number of whom (soon to be a majority of the workforce, according to multiple studies) are mil- lennials. The conventional wisdom surrounding this demographic is that they — and the post-millennial gen- eration to follow — prefer a metropolitan lifestyle. This is an oversimplification. When given the option, people of almost any generation will express a preference for the lower costs and ample room associated with the suburbs. This holds true for millennials and post-millennials as long as they perceive they would not sacrifice the highly integrated social atmosphere and density of social activity and amenities on offer in city centers. The key to successful repositioning of office park properties, there- fore, is to work with a design team that can guide a process aimed at replicating an urban lifestyle experience using cost- effective solutions. The primary focus of such efforts pertains to amenities. Living and working ‘down- town’ affords dining, retail, service, and entertainment options within close range. Redeveloping a property’s
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shared spaces with robust amenities offerings position the property to compete with office space in the city, and may provide secondary ben- efits as well. Some offerings are essential, such as a café with healthy, enticing food options, while other offerings represent likewise high-value additions to a property: ex- tended-hours food and retail kiosks, fitness equipment with lockers and showers, and even less common options like a drop-off laundry/dry clean- ing counter, or a golf simula- tor. Amenities like these help to position a property as an attractive alternative to city offices, and may simultane- ously create new revenue streams for the owner. This approach to reposition- ing also creates a win-win scenario for the owner and tenant firm: The availability of shared amenities on site re- lieves the tenant of providing certain amenities within their office footprint, allowing them to consider renting a smaller space, which in turn makes it possible for the owner to increase the per-square-foot rental rate, even as the ten- ant firm perceives they have saved substantially on facili- ties costs. Additionally, tenant firms often find that their em- ployees are more inclined to work longer hours, since they have options for food, fitness, and more just steps away. In addition to amenities, effort should be made to rep- licate the highly integrated social atmosphere of an urban center. One approach would be to provide lounge areas and break spaces with comfort- able furniture arranged for occupants to relax, work, or hold informal meetings as they choose. Making Wi-Fi avail- able promotes an atmosphere of connectedness associated
with urban locales, especially when supported with charging stations for devices through- out common areas, even in- tegrated into furnishings. To create a sense of place, community, and belonging, a water feature or sculptural installation can go a long way. Finally, successful repo- sitioning projects typically include significant aesthetic upgrades. Common areas of commercial office buildings designed decades ago are often dark and unwelcoming, but transforming them into bright, inviting spaces for col- laborating or eating and re- laxing is not only achievable, but can be a part of making the facility more sustainable. Many such projects combine light-colored interior finishes and elegant lighting solutions with added transparencies that increase the penetration of natural daylight. Designs that integrate these elements can reduce electrical con- sumption while creating that sense of place that building occupants will appreciate. Further integrating bespoke elements such as graphic art or custom furnishings can even contribute a sense of authenticity — the feeling that the space is organically, intrinsically meaningful — another attribute that mil- lennials and post-millennials gravitate toward. Joshua Zinder, AIA, is founding partner of Josh- ua Zinder Architecture + Design (JZA+D), an ar- chitecture and interiors practice headquartered in Princeton, New Jersey. The firm's international portfolio includes com- mercial, hospitality, re- tail, and residential proj- ects, as well as product, furniture and graphic designs. n
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M id A tlantic R eal E state J ournal Weiss Realty reports banner year of sales & acquisitions
M OONACHIE, NJ — Jaime Weiss , presi- dent of Weiss Real-
161,000 s/f at Commerce Park at the Midwestern Inland Port in Decatur, Illinois to Caterpil- lar. “Overall 2017 was very suc- cessful, Our firm is well-poised to continue that momentum into 2018” said Weiss who just celebrated his 50th An- niversary in the real estate industry where he began as a sales trainee in 1967 at Cross &Brown. JaimeWeiss has long been recognized as one of the premier industrial brokers in the country. Recognized for its expertise and total client commitment, svide comprehensive indus- trial, retail, leasing, sales and investment services to both owners and tenants. Weiss Realty’s current portfolio com- prises almost two million s/f of space. n
and Professional Office Park Colonial Village in Edison, NJ, Matthew Weiss, the centers leasing and managing agent, completed 19,856 s/f of office and retail store leases that included the grand opening of Edo Sushi and Fat Cup, a highly rated fast food restau- rant that serves Japanese and Korean cuisine. In Tenafly, Bergen County NJ the Weiss firm arranged a long term lease of the 2,500 s/f former Friendly’s restaurant located at 114 County Rd., Tenafly, NJ to I Fish, a unique Asian/Chinese fusion restau- rant. The successful grand opening was held in April. In addition Weiss Realty’s 2017 significant transactions extended beyond the state of New Jersey. This past year the Weiss Realty firm leased
ty , a leading New Jersey based full- service com- mercial real estate bro- kerage and investment company an- nounced that
1800-1836 West Lake Ave., Neptune, NJ
Jaime Weiss
his firm successfully completed 23,000 s/f of office and retail lease transactions and 16,025 s/f of medical office leases and property sales in excess of $35 million in 2017. “We are very proud of our accomplishments that demonstrate our exper- tise, commitment and unique professionalism which Weiss Realty brings to the market- place” said Weiss. Among Weiss Realty’s ma- jor sales transactions was the purchase of the 48,492 s/f 3-story office building located at 1800-1836 West Lake Ave., Neptune NJ for $8.6 million. The property is 98% occupied and tenants include Hack- ensack Meridian Health, the Department of Treasury for the State of NJ and West Lake Pharmacy. In June Weiss com- pleted the acquisition of the 11,726 s/f former La Furniture Warehouse retail store in New- ark, NJ located off Broadway and Bloomfield Ave. at 262-270 Broad St. In another key transaction, Weiss arranged the $6.35 mil- lion sale of the 130,180 s/f 2-story office building located at 34Maple Ave. in Pine Brook, NJ. Located in the Parsippany office submarket, the building is situated on 10.42 acres and prior to the sale Weiss acted as the exclusive property man- ager and leasing agent. “We recognized the properties flex- ible zoning, making the build- ing ideally suited for a variety of industrial and office uses and the buildings visibility on Rte. 80 created a good buying opportunity to the buyers, iStar Realty, LLC” said Weiss Realty’s Matthew Weiss . And just this December Weiss announced the signing of 16,025 s/f of medical office leases with an aggregate rent- al of $5,504,250 at Kennedy Medical Center, 3196 Kennedy Blvd. in Union City, NJ. Sanitas of New Jersey, LLC, an independent health care organization with specialized healthcare services and ur- gent care clinics, signed a 12 year lease for 14,375 s/f on the
262 Broad St., Newark, NJ
34 Maple Ave., Pine Brook, NJ rheumatology practices in New Jersey, leased 1,650 s/f on the second floor with a 5 year lease. At the 70,000 s/f Shoppes
main level of this iconic, former Sears art deco building. Rheu- matology Associates of North Jersey, one of NJ’s largest
Building sound relationships on a solid foundation. Weiss Realty represents a broad range of private investors, retailers, property owners, and corporate clients. As a respected client you are assured more than ever before a level of service and expertise that makes our company synonymous with significant real estate transactions. 250 Moonachie Road, Moonachie, NJ 07074 p: 201.814.1800 f: 201.814.1811 jweiss@jweissrealty.com
www.jweissrealty.com
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LUE BELL, PA — Kaplin Stewart Mel- off Reiter & Stein, And a member of the Estates, Admin. &Planning dept. Kaplin Stewart adds Begley, III, Esquire as a principal B
Maryland/District of Columbia Region Keller Williams names Menkiti new regional director
University Office Plaza announces leasing activity NEWARK, DE — In con- tinuing with their successful small space program, Shel- bourne University announces the following signed leases aimed at housing technology companies, healthcare and service providers, nonprofit organizations, and tenants seeking micro-offices at Uni- versity Office Plaza. Chiro- practic and Muscle Therapy and Extreme Scale Solutions both signed new leases bol- stering the healthcare and technology presence at the property. Shelbourne has also renewed and expanded leases with their long-stand- ing tenants, Thomson Re- uters and with the State of DE. The property continues to lease micro-offices through their small space program, newly built and all-inclusive turnkey suites ranging in size from 250 s/f to 20,000 s/f. n Kymber holds a GRI des- ignation in real estate and also earned two Masters De- grees in Social Work and Law and Social Policy from Bryn Mawr College. She is a found- ing member of the CPMG Foundation, is a member of the Board of Directors of the Washington, DC Association of Realtors (DCAR), and serves on the boards for several other local non-profit organizations. She previously served as the Greater Capital Area Associa- tion of REALTORS (GCAAR) Rookie Committee Chair, and as a member of the Keller Williams Capital Properties’ Agent Leadership Council. n tributes and more make her a perfect fit for this role,” said Mike Brodie , co-owner and operating partner, Keller Williams Maryland/DC re- gion. “We’re very pleased that Kymber has accepted this important position, and we know she’ll bring passion and great energy to expanding the Keller Williams presence in the region.” Prior to her appointment as regional director, Menkiti served as president of sales for The Menkiti Group and MG Residential, where she led the Washington, DC-based award- winning sales team in assist- ing more than 2,100 families in real estate transactions, and to more than $700 million in sales volume since 2007.
WASHINGTON, DC — Keller Williams Realty an- nounced that Kymber Lovett
Department at Capehart & Scatchard located in Mount Laurel, NJ. Begley brings a depth of experience to our firm as he is a Certified Elder Law Attorney and has fre- quently authored materials and lectured nationally on topics ranging from estate and tax planning, estate and trust administration, special needs and public benefits planning and estate litigation. He has earned the prestigious AV rating by Martindale Hubbell and is often cited as a top attorney in Super Lawyers and other
publications. His knowledge and compassion for others will make him a tremendous asset to our clients. Begley is an alumnus of the George- town University Law Center and Georgetown University College of Arts and Sciences. Begley resides in Moore- stown, NJ where he grew up and where he is currently ac- tive in his church community. When he has time, he enjoys playing guitar and reading. His primary passion is his family which includes his wife, Ana, their five children and one granddaughter. n
M e n k i t i h a s b e e n a p p o i n t e d regional di- r e c t o r f o r Keller Wil- liams Mary- land/District of Columbia region. “ Kymb e r
P . C . a n - nounced the addition of Thomas D. Begley, III, Esquire as a principal and a mem- ber of the Estates, Ad- ministration & Planning
Kymber Lovett Menkiti
Menkiti is known throughout the real estate industry as a highly successful entrepre- neur, a smart businesswoman, and leader of a nationally- ranked KW team - these at-
Thomas D. Begley, III
department. Prior to joining the firm, he was a Co-Chair of the Wills, Trusts & Estates
BANKRUPTCY SALE Portfolio of Properties Available Throughout Maryland OFFERED IN WHOLE OR PART Inquire for Bid Deadline & Auction Dates • 57 Acre Industrial Yard, Baltimore City. Established income-producing property with over 130 rentals. • Waterfront Residential Compound, Glen Burnie, MD. 3 Residential parcels with homes on 7.5+ acres. • Single Family Residential Homes & Lots along MD’s eastern shore in Westover, Marion Station & Crisfield.
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S hopping C enters
Real Estate Journal — Shopping Centers — February 23 - March 15, 2018 — 5A
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Holliday Fenoglio Fowler represents the seller, EDENS JCR Companies acquires Manassas, VA Shopping Center for $31 million
M
planned or under construc- tion within three miles of the Center. Completed in 2008 on a 14-acre parcel, the property features five sleek, modern buildings with 482 parking spaces. “We are more bullish than ever on necessity-based neigh- borhood retail,” said JCR principal Joe Reger . “In fact, we hope to acquire over $100 million of retail property in the Washington, DC metropolitan region in 2018.” Reger added that JCR likes the fundamentals and rapid growth rate of Manassas. Center at Innovation is JCR’s second shopping center acqui- sition in Manassas, and its ninth suburban retail center acquisition since 2012. n and analytics. Moblty chief executive officer R ajesh Saggi explained that clients have noticed that Moblty has led to “bigger basket size, higher dwell time, greater loyalty club sign-up, and better product navigation and cross-channel support.” Moblty’s clients include high- profile brands across such sectors as beauty, wine and spirits, hospitality, and airport duty-free shops. “In a short period of time, global companies that have adopted Moblty’s platform in- clude L’Oreal, PepsiCo, LVMH, Wyndham, Advance Auto Parts and many more,” Saggi said. “As retail continues to re-invent itself, for the purpose of sur- vival, modernization, and digi- tization, Moblty is the firm to which businesses are turning.” He credits the State’s Tech- nology Business Tax Certificate Transfer (NOL) Program with helping his business grow. Administered by the EDA and the New Jersey Department of Treasury’s Division of Taxa- tion, this competitive program enables eligible technology and biotechnology companies to sell New Jersey tax losses and/or research and development tax credits to raise cash to finance their growth and operations. n
ANASSAS, VA — The JCR Compa- nies has acquired
the Center at Innovation in Manassas for $31 million. The 101,990 s/f shopping center, shadow-anchored by a Super Target, is over 90% leased to a mix of national, regional, and local tenants including TJ Maxx, PetSmart, Chick- Fil-A, Tropical Smoothie Café, GameStop, Verizon Wireless, and Red Robin. Holliday Fenoglio Fowler represented the seller, EDENS. JCR plans to sell the three pad sites that are currently leased to Chick-Fil-A, Sun- Trust Bank, and Red Robin, and to fully lease the inline space. The new ownership al- ready has begun negotiations TRENTON, NJ — Growing up, Eli Mechlovitz developed an affinity for interior design and mosaics by spending time work- ing in his family’s tile store. In 2006, at the age of 22, Mechlo- vitz acted on that passion and founded Soho Studio in his parents’ basement to provide high-quality and cost-effective tile solutions to customers. As a direct importer and wholesaler, Soho Studio pro- vides its customers with a diverse collection of over one thousand tiles, which have a wide variety of uses, such as backsplashes or flooring in both commercial and residential settings. The business’s initial focus was offering mosaic and “water jet” tiles, for which a high-pressure stream of water is used to cut precise patterns. In recent years, Soho Studio ex- panded its offerings by import- ing and distributing hundreds of styles of porcelain tiles. As it grew from its humble beginnings in Brooklyn, Soho Studio moved first into an 18,000 s/f facility and then to a 50,000 s/f facility, both in New York. In 2016, to accommodate further expansion, Soho Studio purchased a 275,000 s/f ware- house in Delanco and moved most of its operations to New Jersey. Mechlovitz cited the
Center at Innovation
with potential buyers for the pad sites. The Center at Innovation is strategically located on Nokes-
ville Rd. (VA-28) just west of the interchange with Prince William Parkway (VA-234), an intersection considered the
“Main and Main” of Manassas. Over 1,000 residential units and one million square feet of commercial development are
EDA support helps build Soho Studio’s New Jersey presence
or lines of credit. Businesses can use this financing for fixed assets or term working capital, and EDA’s involvement in the transaction provides lenders with greater flexibility by re- ducing their overall exposure. “Resources like the Premier Lender Program are designed specifically for small businesses like Soho Studio, which are the heart and soul of New Jersey’s economy,” Lizura said. “We encourage small businesses to reach out to us to find out how EDA programs can help them grow.” LIVINGSTON, NJ — Un- derstanding the needs of re- tailers to keep pace in a digital age, Livingston-based Moblty has developed what is emerging as a leading shopper market- ing software platform, helping businesses digitize their foot- print and enhance customers’ shopping experiences. Through a unique suite of products and services, Moblty enables brands to offer custom- ers digital shopping inside the brick-and-mortar store experi- ence. Among other features, shoppers can use interactive in-store displays to swipe, click, and engage with video, social media and coupons. The platform also provides retailers with big shopper data
Shown from left: TD Bank Vice President of Commercial Lending Matt Verney, TD Bank President Robert Curley, EDApresident/chief operat- ing officer Tim Lizura, Soho Studio founder/president Eli Mechlovitz, and Soho Studio chief financial officer Craig Swimmer.
Garden State’s proximity to NY and the availability of large warehouse space as crucial fac- tors in the company’s decision. In March 2017, Soho Studio took advantage of the New Jersey Economic Develop- ment Authority’s (EDA’s) Premier Lender Program to help improve its cash flow. The company closed on a $9 million TD Bank loan that included a 22.2% EDA participation. “We learned about the EDA from various financial institu- tions we spoke with and could not have been more pleased with the process,” Mechlovitz said. “The EDA offers good loan to value, the rates are competi- tive, and the process is quite seamless.”
EDA president and chief operating officer Tim Lizura visited Soho Studios today to raise awareness of the Premier Lender Program and the range of other low-cost financing solutions offered by the EDA to support the growth of small businesses in New Jersey. Li- zura was joined by TD Bank South Jersey president Robert Curley , TD Bank VP – com- mercial lending Matt Verney and TD Bank regional VP Joe Tredinnick . TD Bank is one of EDA’s two dozen Premier Lender partners. Through the Premier Lender Program, EDA partners with banks throughout New Jersey to guarantee or participate in a portion of commercial loans
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Friedman & Lawrence of MetCap Advisors handles sales transaction on behalf of buyer Finmarc Management, Inc. sells 80,000 s/f Gude Commerce Center in Rockville for $14.55 million B the parking lot; a new exterior façade and all new exterior and interior lighting.
County as evidenced by our acquisition last year of a four- building 130,000 s/f industrial complex on Southlawn Lane, as well as our other property holdings in this submarket. We maintain a tremendous amount of confidence in the long-term viability and health of this area,” Sullivan added. n Azarian Realty Co. hires Norkett MIDLAND PARK, NJ — John Azarian , owner of Azar- ianRealty Co. announced that leasing, property management, marketing and social media. Prior to joining Azarian Real- ty Co., he was a residential Re- altor with Weichert, Sotheby’s, and Terrie O’Connor’s. Douglas obtained his Real Estate Li- cense in 2016 and in just over one year was able to achieve many awards such as, Most Exclusive Listings, Top Sales in two consecutive months, Top Agent, and Most Million Dollar Listings. His top listings have been featured in the Wall Street Journal as well as Aspire Design and Home Magazine. He specialized in the luxury home market, investments, whole sales, and the conven- tional home market. Norkett’s prior experience in negotia- tions and the closing of deals throughout four different coun- ties in New Jersey makes him primed to be an excellent addi- tion to the Azarian team. n Douglas Norkett CBRE hires retail specialist Kerner SADDLE BROOK, NJ — CBRE has hired retail special- ist and industry veteran Ira Kerner as a first vice president in its Saddle Brook office. In his new role at CBRE, Kerner will service and advise retail clients on both the ten- ant and landlord sides, further enhancing the firm’s presence within the region’s retail sec- tor. Geographically, he will focus his efforts on Northern New Jersey, as well as on Rockland and Westchester Counties in New York. n he is adding to his rapidly e x p a n d i n g t e am w i t h t he h i r i ng of Douglas N o r k e t t . Norkett’s re- sponsibilities will include
ETHESDA, MD — Finmarc Manage- ment, Inc. has an- nounced the sale of the Gude Commerce Center, an 80,000 industrial/retail project build- ing located at 1011 E. Gude Dr. in the Rockville section of Mont- gomery County for $14.55 mil- lion. The buyer was California- based Berkeley Partners. Joe Friedman , managing director and Kelly Lawrence , senior associate of MetCap Advisors handled the sales transaction on behalf of Finmarc Manage- ment. After acquiring the com- pletely vacant asset in 2013,
Leasing was increased to 94% at the time of the sale, encom- passing nine tenants including the General Services Admin- istration, Mayorga Coffee and the Habitat for Humanity’s ReStore affiliate. “The new owner acquired a quality investment offering a stable tenant base, steady cash flow, low maintenance and his- torical rent appreciation,” stat- ed Sean Sullivan vice president of Finmarc Management. “Fin- marc remains extremely bullish on this section of Montgomery
Gude Commerce Center
Finmarc Management em- barked on a comprehensive renovation and improvement strategy, valued at more than $4 million, to transform the former Smith Litho printing building into a retail/flex proj- ect. The property is positioned
between Rockville Pike (MD Rte. 355) and Norbeck Rd. and is immediately adjacent to I-270 and the Intercounty Con- nector (MD Rte. 200). Capital improvements included all new electric, plumbing and HVAC systems; a new roof; repaving
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Nassimi Realty acquires new retail building inGreat Neck, NY
Developer to bring a new grocery store to downtown SVN-Miller Commercial Real Estate brokers 14,960 s/f sale S
forward to reviving this strip and bringing more activity to this already bustling area”. In a second transaction, Nassimi Realty welcomed Verizon Wireless to the Air- port Village shopping center located in Coatesville, PA. Verizon has signed a five- year lease which now brings the center to 100% occu- pancy. They are expected to open in mid-March. Daniel Nassimi stated: “We are very happy to add another strong national tenant to the cen- ter. We have worked hard to bring this center to where it is today and we are proud of our accomplishments. This addition will bring an influx of customers to the center.” n
GREAT NECK, NY — Nassimi Realty announced the acquisition of a retail
s t r i p c en- ter located on 25 Cut- termill Rd. i n G r e a t Neck. The p r o p e r t y features 11 retail spaces with seven
T. MICHAELS, MD — SVN-Miller Com- mercial Real Estate senior advisor Henry Hanna, CCIM, SIOR recently sold a 14,960 s/f building located at 114 S. Talbot St. in St. Michaels. The building was formerly occupied by Acme, which closed in October of 2017 after 30 years at this location. Hanna was retained by the seller, West Talbot Improve- ment Association, after Acme decided not to renew their lease. “We achieved the goal Landmark property sees rapid progress under Paramount Assets Ownership NEWARK, NJ — A recently signed lease with 7-Eleven and the opening of Blink Fitness at Ironbound Plaza mark the start of a new chapter for this Newark landmark property at 2 Ferry St. Paramount As- sets purchased the triangular- shaped, limestone-clad building vacant in early 2017; less than 12 months later it has been renovated and fully leased. Initially built as a bank build- ing in the city’s heyday and later converted for medical use, Ironbound Plaza sits on the cor- ner of Market St., adjacent to Newark Penn Station. Its new retail tenants will benefit from that facility’s 30,000-person average weekday passenger count. At the same time, the convenience store and the af- fordable fitness chain’s first Newark location are positioned to serve the city’s growing Ironbound district residential population, as well as CBD commercial occupants. “We recognized an excellent opportunity to reposition and repopulate a historically sig- nificant property with national tenants that truly will serve the surrounding community,” not- ed Richard Dunn , senior vice president of Paramount Assets. “This includes commuters look- ing to grab a cup of coffee on the way to the train, Newark-based professionals wanting to get in a workout after business hours, and local residents needing a quick grocery pickup – and ev- ery combination therein.” DavidDunkelman of Soloff Realty served as tenant broker in the Blink Fitness lease at Ironbound Plaza. Urszula Zoltek from Zoltek Realty represented 7-Eleven. n
Daniel Nassimi
of those spaces currently occupied. The property has 11,250 of retail s/f including a 4,160 s/f basement. Daniel Nassimi stated: “We are thrilled to announce the acquisition of another property in our hometown of Great Neck, NY. We look
114 S. Talbot St.
of a quick sale for the seller, while remaining sensitive to the concerns of the St. Mi- chaels community,” stated Hanna. “We found an expe- rienced developer willing to work to bring a new grocery
store to downtown and rede- velop the property in keeping with the atmosphere that St. Michaels treasures. We be- lieve the sellers, the buyer and the town will be pleased with the final results.” n
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Multi-anchored retail center located in Shrewsbury, New Jersey Shoprite will join National Realty & Development Corp’s Shrewsbury Plaza
S
HREWSBURY, NJ — National Realty & Development Corp.
(NRDC) an- nounced con- struction has begun on a new Shop - Rite coming to Shrews - bury Plaza, the 225,000 s/f shopping
John Orrico
center located in Shrewsbury. Shrewsbury Plaza is a multi- anchored retail center located at the intersection of Rte. 35 and Shrewsbury Ave. Home Goods, Marshalls, AC Moore
Shrewsbury Plaza elevation
and Saks OFF 5TH currently occupy the shopping center. ShopRite will be built at the site of the former Shrewsbury
Business Center on Shrews- bury Ave. and when complete the new 77,100 s/f free-stand- ing store will integrate with
Shrewsbury Plaza through new connector drive aisles. ShopRite will serve the Mon- mouth County communities of
Shrewsbury, Rumson, Little Silver, Tinton Falls and Eaton- town. The store is expected to be open in late 2019. “We are delighted to bring a tenant of Shoprite’s quality to Shrewsbury Plaza. The support and feedback from the commu- nity to bring Shoprite to this project has been tremendous,” said John Orrico , president at NRDC. “I’m certain that Richard Saker and his team at Saker Shoprite will deliver an extraordinary grocery experi- ence to the community. We look forward to having them as part of Shrewsbury Plaza.” n NRDC promotes Lyss to managing director of real estate operations PURCHASE, NY — Na- tional Realty & Develop- ment Corp. (NRDC) has his career with NRDC in 2016 as the assistant direc- tor of property operations. In his new position, he will be working with the office of the president on special projects that include leasing, creating property operating efficien- cies, construction project re- view and reporting, financing and tech initiatives. “Harrison has distinguished himself as a teamplayer aiding in all units of the company,” said John Orrico , president at NRDC. “His work ethic and industry insight will continue to play a valuable role at our firm. We congratulate him on this well-earned promotion.” Prior to joining NRDC, Lyss worked as a property manager for GHP. n Harrison Lyss announced t ha t Har - rison Lyss h a s b e e n promoted to m a n a g i n g di rector of real estate operations. Lyss began
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Real Estate Journal — Shopping Centers — February 23 - March 15, 2018 — 9A
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RETAIL SPACE AVAILABLE AT SHREWSBURY PLAZA
1026 BROAD STREET, SHREWSBURY, NJ Located at intersection of Route 35 & Shrewsbury Avenue. Highly visible units from 2,200 SF to 10,760 SF available for immediate occupancy. Join Saks OFF 5th, Marshalls, Home Goods and a new ShopRite coming late 2018. Contact National Realty & Development Corp. at 1.800.932.RENT or nationalrealty@nrdc.com
www.nrdc.com
10A — February 23 - March 15, 2018 — Shopping Centers — M id A tlantic
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RETAIL PORTFOLIO
GLA/ Acreage Anchor Tenants
P
Property Name Northeast
Address
City/State
306,876 Kmart, Burlington, Market Basket
Po
Boston Rd. & Tower Farm Rd. Plain St. & Lowell Connector Medway St. & Beaver St.
Shops at Billerica
Billerica, MA
Va
272,142 Target, Marshall’s, Best Fitness
Meadow Brook Center
Lowell, MA
NOW OPEN!
158,693 Stop & Shop, HomeGoods, TJ Maxx
Milford Crossing
Milford, MA
Mi
234,705 Future Development
Harbor Pointe Marketplace
Route 440 & Goldsborough Dr.
Bayonne, NJ
S Ac H Gr Fe Mi Va
19 AC BJ’s Wholesale Club (New Development) 126,367 Virtua Medical Group (Under Development)
Shoppes at Renaissance Square
Route 70 & N. Locust Ave. Hanover Ave. near Horsehill Rd.
Hanover, NJ Evesham, NJ
BJ’s Shopping Center
26,016 Royal Farms
Sunbird Plaza
Marlton, NJ
State Hwy. 73 & Sunbird Dr.
Morris Township, NJ 104,594 Future Development
Morris Marketplace
Hanover Avenue
16.963 AC Across from Walmart, Sam’s, TJ Maxx
Adjacent to Foreign Trade Zone
Vacant Land
Mount Olive, NJ
Foxborough Plaza
9.33 AC Across from Walmart Supercenter
Old Bridge, NJ
Route 18 & Foxborough Dr.
Waterview Marketplace
150,150 Whole Foods (Under Development)
Route 46 & Waterview Blvd. Springfield Ave. at Roselyn Pl.
Parsippany, NJ
Vacant Land
0.199 AC Vacant Land
Union, NJ
M
Vauxhall (Union), NJ 0.3239 AC Vacant Land
Vacant Land
Springfield Ave. near I-78
Se U Sh
Vineland Marketplace
TBD
Vineland, NJ
Future Development
S. Delsea Dr. (Rte. 47) & College Dr. Black Horse Pike & Main St.
Williamstown, NJ
94,452 CVS, Rockin’ Jump, Dollar General
Williamstown Shopping Center
26 AC Across from Walmart Supercenter
Route 13 & Bennie Rd.
Vacant Land
Cortland, NY
Ru
182,875 Kohl’s, Super Stop & Shop
Kohl’s Plaza
Saratoga Rd. & Glenridge Rd. Commack Rd. & Grand Blvd.
Deer Park, NY
Target Shopping Center
Glenville (Albany), NY 170,616 Target, Pet Supplies Plus, Mattress Firm Lake Ronkonkoma, NY 170,451 Stop & Shop, Regal Cinemas, Dollar Tree
Lo Br
Lake Shore Plaza II & III
Portion Rd. & Patchogue-Holbrook Rd.
Monroe/Woodbury, NY 711,816 Walmart, Target, Home Depot, BJ’s
Routes 17/6 & Route 32 Route 59 & Hutton Ave.
Harriman Commons
M
276,792 Home Depot, Raymour & Flanigan, Staples
Home Depot Shopping Center
Nanuet, NY
Sh
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
Fo Wi
21,212 US Post Office
Stony Ridge Plaza
Route 9W & Park Rd. 660 White Plains Rd.
Stony Point, NY
279,254
660 White Plains Road
Tarrytown, NY
Adjacent to Super Stop & Shop
St
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 133,124 BJ’s Wholesale Club, Lowe’s
Five Points Plaza
Fr Fr
Richland Marketplace
444,531 Target, BJ’s, Best Buy, Petsmart, Staples
Quakertown, PA Trexlertown, PA
Macungie Crossing Shopping Ctr.
±36,671 Near Walmart Supercenter
Ea
Midwest Marshall’s at The Grove
Av
400,000 Marshall’s
Downers Grove, IL
75th St. & Lemont Rd.
Fr
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
Re Ar
Muskegon Shopping Center
167,212 Jack Loeks Theatres
Muskegon, MI
Henry St. & Norton Ave.
Thomas G. Mirandi | tel 212.265.6600 x239 | tmirandi@rdmanagement.com
rdmanagement.com
Th
Real Estate Journal — Shopping Centers — February 23 - March 15, 2018 — 11A
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S N A P S HO T
by region
GLA/ Acreage Anchor Tenants
Address
Property Name
City/State
Midwest
NEW LEASE
Port Huron Shopping Center
114,981 Big Lots, Save-A-Lot, Talecris Plasma
Howard St. & 24th St.
Port Huron, MI
9.37 AC Development Opportunity
Vacant Land
Fort St. & Burns Ave.
Southgate, MI
W EN!
Midway United Village
University Ave. & Snelling Ave.
TBD
Office Max, Family Dollar
St. Paul, MN
Home Depot Plaza
Rte. 20 & Orchard Rd.
148,466 Home Depot
Ashtabula, OH Columbus, OH
) t)
Great Western Commerce Center
N. Wilson Rd. & Valleyview Dr.
300,254 Great Western Academy, Restaurant Depot
South Academy Plaza
102,962 Academy Sports + Outdoors
Memorial Pkwy. SW&DrakeAve. SW
Huntsville, AL
NOW OPEN!
Fern Park Plaza
131,646 Ross, Beall’s Outlet, Aldi, Dollar Tree 312,498 Two blocks north of University of Florida
Semoran Blvd. & Hwy. 17/921 NW 13th St. & University Ave. USHwy. 98N&LakelandParkCtr Dr.
Fern Park, FL
Mixed Use Development
Gainesville, FL
5.8 AC
Redevelopment Opportunity
Vacant Land
Lakeland, FL
Merchants Crossing
325,705 Beall’s Outlet, AMC Theatres, JoAnn Fabrics
N. Fort Myers, FL
US Hwy. 41 & SR 78
259,871 Earth Fare, Burlington, Best Buy, Staples
Shady Oaks Shopping Center SW 27th Ave. & College Rd.
Ocala, FL
Seminole Centre University Mall
368,166 Walmart Supercenter, Ross, Aldi 1,332,205 Dillard’s, Burlington, Grand’s, Sears
S Orlando Dr. & Lake Mary Blvd. EFowler Ave. &BruceB. DownsBlvd.
Sanford, FL Tampa, FL
257,761 Lowe’s, Kroger, Dollar Tree
Russell Centre
Route 23 & Diederich Blvd.
Ashland, KY
NEW LEASE
Long Meadow Shopping Center
164,293 Family Farm and Home, PA Dutch Market
Potomac Ave. & Northern Ave. Liberty Rd. & Brenbrook Dr.
Hagerstown, MD
Brenbrook Plaza
146,586 Home Depot
Randallstown, MD
Marketplace at Rivergate
Gallatin Pike & Conference Dr.
111,835 Oak Factory Outlet, Harbor Freight Tools
Nashville, TN
Shops at Tech Ridge
12901 I-35 South & Parmer Ln.
505,803 Floor & Decor, Fitness Connection, Ross
Austin, TX
NOW OPEN!
Food Lion Shopping Center
10.2 AC Food Lion, Fresenius Medical
NOW OPEN!
Rte. 1 & Chippenham Pkwy.
Richmond, VA Winchester, VA
Winchester Plaza
89,918 Dick’s, The Fresh Market, Planet Fitness
S. Pleasant ValleyRd. &E. Jubal EarlyDr.
263,323 Kroger, Goody’s Department Store
St. Albans Shopping Center
Rte. 60 & Boone St.
St. Albans, WV
West Freestanding Barnes & Noble
19,360 Barnes & Noble
1035 N. Metro Pkwy. W & 28th Dr. 8701W. McDowell Rd. &N. 86th Dr.
Phoenix, AZ Tolleson, AZ
s
NEWTO MARKET!
Freestanding Building
86,479 Near Desert Sky Mall
East Sahara Plaza
127,754 Family Dollar
E. Sahara Ave. & McLeod Dr.
Las Vegas, NV
Available Anchor Space
119,766 Value Village
Mission St. SE & 25th St.
Salem, OR
Freestanding Office Max
410 S. 900 E. & 400 S.
29,051 Office Max
Salt Lake City, UT
Puerto Rico
Arecibo Towne Center
±350,000 Future Development
Routes 2 & 22
Arecibo, PR
Reinadel Sur; PonceTowneCenter II
±525,000 Walmart Supercenter, Home Depot
Routes 2 & 10 @ PR-52
Ponce, PR
Thomas G. Mirandi | tel 212.265.6600 x239 | tmirandi@rdmanagement.com
rdmanagement.com
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