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Real Estate Journal — Shopping Centers — February 23 - March 15, 2018 — 5A
www.marejournal.com
M id A tlantic
Holliday Fenoglio Fowler represents the seller, EDENS JCR Companies acquires Manassas, VA Shopping Center for $31 million
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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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