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R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news
ISSUE HIGHLIGHTS Volume 26 Issue 24 Dec. 26, 2014 - Jan. 15, 2015
Baumstein of Cushman & Wakefield serves as leasing agent Rugby Realty acquires 579,000 s/f office tower, plans to invest $20 million
Annual Review Section C
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to purchase an iconic building in Newark,” said Maurice Ades , Rugby Realty’s prin- cipal and managing director. “The tower also offers tenants New York City skyline views, signage at the top of the build- ing, and the benefit of state tax incentives that can cut rent expenses in half.” Newark uniquely qualifies as an Urban Transit Hub Munici- pality in the Grow NJ assis- tance program, which provides grants and other incentives for job creation and retention. The building is adjoined via skyway to Newark Penn Station, which connects to neighboring New York Penn Station in 10 min- utes, as well as towns across the state of New Jersey and cit- ies along the eastern seaboard via Amtrak. Rugby Realty will be invest- ing $20 million in the building, including the construction of a new lobby, café, elevators and common areas. The top 10 floors are avail- able, offering 360,000 s/f of
contiguous space, including a penthouse floor with a 20-foot- high ceiling. Main tenant Prudential is moving some of its operations to its new downtown Newark headquar- ters, and will continue to oc- cupy approximately 40% of the building on a long-term lease. Cushman & Wakefield ’s Richard Baumstein is leasing agent for the property. The purchase marks Rugby Realty’s third office acquisi- tion in New Jersey in 12 months and is part of an ongoing effort to grow its portfolio in the New York region. In July, it acquired 300 Lightning Way, a seven- story, 303,000 s/f class A office building in Secaucus. In Janu- ary, it purchased City View Corporate Center, a 135,418 s/f class A office property in Lyndhurst. It also owns a 300,000 s/f distribution center in nearby Teterboro. “I couldn’t be happier with our decision to invest in north- ern New Jersey. I believe the
future is very bright there, and for Newark in particular,” Ades said. “I have been work- ing full-time in New Jersey for the last 12 months and have found it to be a high- level place to transact with a real estate community that is extremely professional.” Ades and his partners have been on a transaction spree over the last 36 months ac- quiring 33 buildings in New York, Connecticut, Georgia, Florida, Pennsylvania and New Jersey. At the same time, Rugby Realty has signed large leases with major cor- porations such as Amazon, United Health Care and Pru- dential Insurance Company of America. “The real estate market right now is catering exactly to what we do well, which is providing us with opportu- nites to acquire high quality yet non-stabilized buildings. With the right investment to improve infrastrucure, we can lease up very quickly.” n
EWARK, NJ — Rug- by Realty Co., Inc. announced it has ac-
quired Three G a t e w a y C e n t e r i n Newark from Tahl Propp E q u i t i e s . F i n a n c i a l terms were n o t d i s - closed.
Contributing Columnist
Maurice Ades
The 579,000 s/f, 19 story office tower is part of the four-tower Gateway indoor complex that features such amenities as an in-building, 15,000 s/f full service café, a New York Sports Club fitness center, Hilton Hotel, Star- bucks, daycare facility, confer- ence centers, plus private ex- ecutive and covered parking. It is nearby to the Prudential Center, the New Jersey Per- forming Arts Center, a new Dinosaur BBQ restaurant and a soon-to-be-built Whole Foods supermarket. “This was a rare opportunity
Mark Scott
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SEBCO Laundry Systems celebrates 44 years of service
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For speaking and sponsorship information, please contact: Linda Christman at 781-871-3456 or lchristman@marejour nal.com Upcoming Conference Thurs., Feb. 12, 2015 NJ Industrial Real Estate / Development Summit
Lombardi of Marcus & Millichap handles $11.5 million Ocean County NJ shopping center sale
WHITING, NJ — Marcus & Millichap announced the sale of Whiting Town Center, an approximately 113,000 s/f grocery-anchored town center. The $11.5 million sales price equates to $101 psf. Whiting Town Center includes pad
Directory
Shopping Centers........................ 3-13A Owners, Developers &Managers.Section B Green Buildings......................... 13-18A
Upcoming Spotlight January 16, 2015 2015 FORECAST
Whiting Town Center
sites, in-line retail space and medical office tenants. The center is anchored by Sav-a- Lot, Wells Fargo and Dollar General. Michael Lombardi, vice pres- ident investments, represented
the seller, a New York City- based owner. The acquisition completes a 1031 exchange for the buyer, a Staten Island- based owner. “More than 30 percent of the center is leased to credit-rated
tenants and many of the other tenants have been established in this location for more than 10 years, including some medi- cal office tenants with well- established practices,” said Lombardi. n
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Investor Aquisition Opportunity Income Producing Condominium Portfolio Builder/Developer Closeout 218 Units Built / 24 Remaining
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MAREJ A dvertisers D irectory Arrow Steel. ......................................................................2B BELFOR............................................................................9B Bennett Williams..............................................................5A Bergman Real Estate Group............................................1C BL Companies....................................................... 7A & 15C Capitol Aerials................................................................14B Commercial Mortgage Capital.........................................5C Cooper-Horowitz, Inc......................................................23C Crude Royalties. .......................................................... BC-A Crystal Window & Door Systems. ...................................7B Cushman & Wakefield...................................................IC-C Earth Engineering................................................ 8A & 27C Elias B. Cohen & Associates............................................8B Elliott-Lewis....................................................................17B Entech Digital Controls..................................................14B Exchange Solutions........................................................14C Fowler..............................................................................19B Gebroe-Hammer. ............................................................20C Gerber Somma....................................................... 15A, 12C Greater Reading Economic Partnership. ............. 15A, 10C GWS Contractors..............................................................2B Harvey, Hanna & Associates, Inc..................................17C Heidenberg Properties Group..........................................2C Heller Industrial Park......................................................9C IBS.....................................................................................4B Investors Real Estate Agency........................................15A Landmark Science & Engineering.................................18C Legends Properties...........................................................6C LEW Corporation............................................................14B LMS Commercial Real Estate..........................................4A Manko | Gold | Katcher | Fox LLP................................6A Marcus & Millichap..............................................15A,BC-C Meridian Capital Group.................................................16C Metro Commercial Real Estate, Inc.. ..............................1C NAI Emory Hill.................................................................7C NAI Summit....................................................................15A Orndee Omnimedia Inc....................................................8C P. Cooper Roofing......................................................... BC-B PCS..................................................................................15B PennCap Properties ................................................... IBC-C Poskanzer Skott Architects..............................................6B Progress Capital. ............................................................21C PWC...................................................................................4B RD Mgmt....................................................................10-11A Rhino Realty. ....................................................................4C Rittenhouse Realty Advisors............................................3C ROCK Commercial...........................................................7A SABLE Commercial Realty............................................15A SEBCO Laundry Systems..............................................12B Specialty Building Systems............................................ICB SUBWAY...........................................................................6A Target Building Construction........................................31C The Kislak Co..................................................................11C Unison Realty Partners....................................................8A USGBC NJ .....................................................................18B Value Companies............................................................11B Weiss Realty......................................................................9A Welco Realty. ....................................................................4A
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Mid Atlantic R eal E state J ournal Publisher .............................................................................. Linda Christman Publisher ................................................................................. Joe Christman Section Publisher ...................................................................... Steve Kelley Senior Editor/Graphic Artist ...................................................Karen Vachon Production Assistant . ....................................................................Julie King Associate Publisher ...............................................................Alissa Aronson Office Manager ...................................................................... Joanne Gavaza Guest Columnists .............................................................. Mark Scott, CMC Mid Atlantic R eal E state J ournal ~ Published Semi-Monthly Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, 312 Market St. Rockand, MA 02370 USPS #22-358 | Vol. 26 Issue 24 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 Toll-Free: (800) 584-1062 | MA: (781) 871-5298 | Fax: (781) 871-5299 www.marejournal.com
Brokers speak the truth Mark Scott
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anke r s Bewar e : When the broker says he has a better deal
than the one you quoted, is- sued an application or even committed on, take heed. The market is moving very fast as competition intensifies. The loan caveat, accommoda- tion or extra dollars another lender may have said no to last week, can now become at- tainable. Borrowers are walk- ing from deals they agreed to just weeks before when they thought they had the “best quote possible,” and “squeezed the last bit of accommodation out of a lender.” Two, three weeks later, another lender will be bettering the deal you just agreed to. It’s crazy, and will become even more com- petitive in the New Year as lenders seek to fill their 2015 allocations. Today is a bor- rowers market. The market has quickly shifted as CMBS 2.0 has expanded greatly in 2014. CMBS volumes are on par with 2013 levels, with over $77 billion in production through October. The differ- ence, however, is that the economy is somewhat better, but the real driver is that there are now over 40 CMBC conduits versus less than 25 last year. More investment bankers are fighting for a similar level of product, which equals a borrowers market. As we move into the latter part of the year, we’ve seen a very competitive market- place with a great deal of bidding. In recent months, loan spreads have widened but new, lower Treasury lev- els have brought down rates. While certain lenders have hit their budget, a number have yet to do so. Govern- ment Sponsored Enterprises Fannie Mae and Freddie Mac have not hit their targets and are aggressively putting out money, in addition to some life companies. As a result of the heated markets, lenders should listen to a seasoned mortgage professional in or-
The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
der to get the best execution. In the distance however in 2016 0 2017, A impediment on this torrid CMBS growth is on the horizon. The FDIC’s risk retention rules, which may slow the continued recovery in the CMBS market, and may slow or reduce risk and com- petitive lending by conduits. This when CMBS 1.0 product is mushrooming in maturities. In late October, six federal agencies approved a final rule requiring sponsors of securiti- zation transactions to retain risk in those transactions. The final rule implements the risk retention requirements in the Dodd-Frank Wall Street Re- form and Consumer Protection Act (Dodd-Frank Act). The final rule is being issued jointly by the Board of Gover- nors of the Federal Reserve System, the Department of Housing and Urban Develop- ment, the Federal Deposit In- surance Corporation, the Fed- eral Housing Finance Agency, the Office of the Comptroller of the Currency, and the Securi- ties and Exchange Commis- sion. As provided under the Dodd-Frank Act, the Secretary of the Treasury, as Chairper- son of the Financial Stability Oversight Council, played a coordinating role in the joint agency rulemaking. The final rule largely retains the risk retention framework contained in the proposal issued by the agencies in August 2013 and generally requires sponsors of asset- backed securities (ABS) to re- tain not less than five percent of the credit risk of the assets collateralizing the ABS issu-
ance. The rule also sets forth prohibitions on transferring or hedging the credit risk that the sponsor is required to retain. As required by the Dodd- Frank Act, the final rule defines a "qualified residen- tial mortgage" (QRM) and exempts securitizations of QRMs from the risk reten- tion requirement. The final rule aligns the QRM defini- tion with that of a qualified mortgage as defined by the Consumer Financial Protec- tion Bureau and also requires the agencies to review the definition of QRM no later than four years after the ef- fective date of the rule with respect to the securitization of residential mortgages and every five years thereafter, and allows each agency to request a review of the defini- tion at any time. In addition, the rule does not require any retention for securitizations of commercial loans, commer- cial mortgages, or automobile loans if they meet specific standards for high quality underwriting. The final rule will be effec- tive one year after publication in the Federal Register for residential mortgage-backed securitizations and two years after publication for all other securitization. It is still a Borrowers mar- ket. Lock in those loans. Mark Scott is principal of Commercial Mortgage Capital, based in Livings- ton, NJ. He can be reached at mscott@newcommer- cialmortgage.com or 973- 716-0006. n
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Porter of NGKF Capital Markets represents HLC Equity in 27,699 s/f property sale HLC Equity purchases Rite-Aid in Lansdale, PA totaling $4.063 million L www.marejournal.com M id A tlantic Real Estate Journal — Shopping Centers — 3A ANSDALE, PA — HLC Equity has pur- chased an 11,180 s/f
the building has traded hands in 30 years; HLC Equity pur- chased the property in the late 1970s as a core investment asset. Because of its versatility and location, one block from the Bronxville Metro North station, 12-14 Cedar Street is considered one of Westchester County’s trophy properties. Lawrence “Chip” Por- ter , managing director of NGKF Capital Markets , represented HLC Equities in this transaction. Canonsburg, PA — HLC Equity announced the purchase of 601 West Pike St., Canonsburg. The tenant Rite Aid occupies the 13,825 s/f retail space on the terms of a triple-net-lease. Dean Zang , First VP of Investments at Marcus & Mil- lichap brokered the sale of the store. n
property, located on a 1.2-acre pad at 10 W. Main St. in Lans- dale. The tenant, Rite-Aid, currently occupies the building under a long-term triple-net- lease. More than 14,000 people reside within a single-mile radius of the Rite-Aid store, This provides a large and long-standing customer base, and due to the town’s growth, its government is in the pro- cess of building a new, multi-
10 W. Main St.
Dec. 26, 2014 - Jan. 15, 2015
million-dollar municipal center one block from the Rite Aid property. BRONXVILLE, NY —HLC Equity announced the sale of 12-14 Cedar St. in Bronxville,
which currently houses long- time tenant A&P under the terms of a triple-net lease. The only supermarket in the idyllic southern Westchester village, which ranks as one of
the 20 wealthiest municipali- ties in the U.S., the 27,699 s/f building sits on a .73-acre lot that is frequented by residents in the area. This marks the first time
HI-LIGHTS Rhino Realty Group recent deals include Petco & Kirklands
Steven Gartner joins the company as an executive VP for retail services CBRE’s Stevens, McClernon, and Tourtellotte broker sale of the Peirs Shops at Caesars
Philadelphia, PA — CBRE, Inc. has brokered the sale of The Piers Shops
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Discount Dance Supply expands in Mericle building
at Caesars in Atlantic City to Tower In- vestments. The sale of the luxury s h o p p i n g destination, connected to Caesars Ho-
Steven Gartner
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tel and Casino, continues the story of the ongoing dynamic shifts in Atlantic City, and represents a positive devel- opment for the city. Peter Stevens, KevinMcClernon, and William Tourtellotte from CBRE represented the seller. “This is a tremendously unique and complex property,” said Stevens, executive vice president in CBRE’s Wayne, PA office. “The mall was widely marketed to qualified retail investors and there was significant competitive inter- est by potential buyers looking
Ripco sells former Electronics Expo in Paramus, New Jersey
The Piers Shops at Caesars in Atlantic City
to take on the challenges of repositioning the property.” Constructed in 2006, the 290,210 s/f luxury shopping hub is uniquely situated at 1 Atlantic Ocean and was built on a pier that extends 900 feet from the New Jersey shore-
line overlooking the Atlantic Ocean. In other CBRE news, Ste- ven Gartner will join the company as an executive VP for retail services. Gartner is a leader in the retail real estate industry, and has received na-
tional recognition during his previous 10 years as president of Metro Commercial Real Es- tate in Philadelphia, including three years as the state direc- tor of the International Coun- cil of Shopping Centers (ICSC) for the PA/NJ/DE region. n
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ALSO Retail Brokerage Directory ......... 13B www.marejournal.com
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S hopping C enters Upgrades include pylon signage, facades and landscaping Onyx Equities begins 218,000 s/f renovation at Plainsboro Plaza
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lainsboro, NJ — Onyx Equities, LLC has begun a $2 million renovation project at Plains- boro Plaza. The firm purchased the 218,000 s/f shopping center in 2013. Onyx plans to invest $2 mil- lion in capital improvements that will increase brand vis- ibility and improve traffic flow. Renovations include modern facades with larger signs, new landscaping, a new 58-foot landmark tower, new direc- tional signage, a new pylon sign at the intersection of Schalks Crossing Rd. & Scudders Mill Rd., three new pylons at the plaza’s entrances, and a recon- figuration of the parking field. P PHILADELPHIA, PA — A joint venture partnership of Keystone Property Group, Mack-Cali Realty Corpora- tion and Parkway Corpo- ration announced that La Colombe has signed a lease for 1,700 s/f of ground-floor retail space at 100 IndependenceMall West in Philadelphia. n
Plainsboro Plaza
“We are making every ef- fort to maximize tenant and shopper experience,” said Joel Dicker , senior VP of retail leasing and development, Onyx Equities. “We are espe- cially thrilled about the new
20,000 s/f of leasing activity since the start of the renova- tions. We have re-infused vitality into Plainsboro Plaza and look forward to announc- ing more store openings in the near term.” n
Promote Your Company and its services • New Developments • Market your Available Retail Space • Submit Expert Articles on your area of expertise • Promote New Developments and Special Projects • Market Study Reports There is nothing like the Journal The Journal reaches thousands of decision makers who finance the building, build the building, buy the building and tenant the building. Loyal advertisers of the Journal have enjoyed for years: • Brand Recognition • Target Audience of Decision Makers • Building and Maintaining Image • Consistent Visibility Equals Staying Power We Encourage You To Submit • News releases • Calendar of events • Photos • Expert articles • Transactions • Personal Profiles To Subscribe or Advertise call Elaine Fanning 800-584-1062/ 781-871-5298 or [email protected] www.marejournal.com Shopping Centers Connecting you to the greatest resources has never been as easy as the Journal!!!!!! To Subscribe or Advertise cont ct: Alissa Ara son [email protected]
Keystone, Mack-Cali & Parkway Corp. announce retail lease with La Colombe at 100 Independence Mall West in Phila.
100 Independence Mall West
NOWOPEN! THE MALL AT BAY PLAZA – BRONX, NY JoinMacy’s, JCPenney,OldNavy,Forever21,NY&Co,H&M,
Victoria’sSecret,XSportFitness,Kay Jewelers,Express,OliveGarden, Joe’s CrabShack,Ulta,Aldo, Swarovski,Zales,Pandora,Gap& Aeropostale.
Cedar Knolls – Hanover Crossroads. Prime intersection of Ridgedale Avenue & East Hanover Avenue. Up to 120,000 s.f. available. New shopping center to be anchored by major big box tenant. Great on site parking. Projected opening third quarter 2015.
Bloomfield – 192 Bloomfield Avenue. Prime corner location. Join new Aldi supermarket. Up to 22,000 s.f. available.
Edison – Edison TownCenter.Rt.1& VineyardRoad. Major specialtyretailcenter. Up to600,000s.f. Specialty retailstores,restaurants &entertainment. New 86,000s.f.supermarket tobeannouncedshortly.
Paramus – ParamusTowneSquare.Rt.17.Upto 19,000s.f. available. JoinDick’sSportingGoods,Michael’s, ChefCentral,Bassett Furniture&RamseyOutdoor.
Other Featured Properties:
Kearny – Kearny Plaza Shopping Center. Passaic Avenue & Bergen Avenue. Up to 35,000 s.f. available. New BJ’s shopping center next to Kmart Shopping Center with easement to ShopRite center. Join Modell’s, Dress Barn & The Avenue. Paramus – 557 Route 17 South. Former Staples. 18,513 s.f. available plus 3,123 s.f. selling mezzanine. Good on site parking – 104 spaces. Paramus – 160Rte.17North. Upto30,000s.f.available.RedevelopmentofformerGolfGalaxyspace.Highvisibility,greataccess,excellentonsiteparking. JoinPMPediatrics. Ramsey – InterstateShoppingCenter. Varioussizesavailable–upto14,400s.f. JoinBed,Bath&Beyond,Border’s,Modell’s,Michael’s,ShopRite,T.J.MaxxandDSW.
Real Estate Journal — Shopping Centers — December 26, 2014 - January 15, 2015 — 5A
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Stine of Bennett Williams represents Five Guys Rhino Realty Group recent deals includePetco&Kirklands
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and Scott Muller of CBRE represented the tenant. Vineyard Vines opened a
Shrewsbury, PA is now open. Kevin Potter of Rhino Realty Group represented the owner/ landlord of the project. The following tenants will occupy spaces in the center: AT&T represented by Gary Leon of CBRE/Fameco , Great Clips represented by Steve Clipman of ROCK , Chipotle represented by Rick Shuck of CBRE/Fameco, Five Guys represented by Chad Stine of Bennett Williams, Clear Choice represented by Potter of Rhino Realty Group and People’s Bank represented by Bob Behler of Bennett Williams. n
ORK, PA — West Manchester Town Cen- ter in York redevelop-
flagship store on King St. in Charleston, SC. Trayn- ham of Rhino Realty Group represented the tenant. West Elm recently com-
ment is well un d e rwa y . Rh i n o Re - alty Group, Inc. is repre- senting the owner/land- lord and re- cent deals in- clude Petco,
Bobby Traynham Kevin Potter
pleted a deal at Rockvale Square Outlets in Lancaster, PA and will open in early 2015. Traynham of Rhino Realty Group represented the tenant. Mess ina Hi ghl ands in
Kirklands, Burlington, LOFT, Charming Charlie, AT&T, Buf- falo Wild Wings, DSW, GNC, Firehouse Subs, GameStop and Kay Jewelers. Walmart, Kohls and Regal Cinema re- main open during construc- tion. Container Store recently signed a deal at the Fashion Center at Christiana Mall in Newark, DE. Bobby Trayn- ham of Rhino Realty Group Kelly Berfield of Dietrick Group, LLC negotiates retail lease Allentown, PA — Kel- ly Berfield , broker and part- ner at Dietrick Group, LLC, Tattoo Removal, specializes in professional tattoo removal. They opened at their new loca- tions on December 1st. n Kurt Rumley joins Equity Retail Brokers investment sales team Conshohocken, PA , — Equity Retail Brokers announced that agent Kurt Rumley has joined our invest- ment sales team. Rumley has over 13 years’ experience selling shopping centers in the Tri-State area and is licensed in NJ and PA. Prior to joining Equity Re- tail Brokers, Kurt worked with Metro Commercial R.E., selling centers from 10,000 s/f to 200,000 s/f, class ‘A’ to “value add” deals with many of the investors/developers in the region. n Kelly Berfield represented t h e b u y e r and the ten- ant in the lease of suite 205 at 1013 B r o o k s i d e Road in Al- lentown. The tenant, Go!
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or more than twenty years, Manko, Gold, Katcher & Fox’s partners have been active members of ICSC, reflecting the firm’s experience and commitment to serving the environmental and energy law and litigation needs of the shopping center industry, including :
Environmental Aspects of Site Development and Brownfield Redevelopment Site Remediation Under Federal and State Cleanup Programs Real Estate Litigation and Land Use Hearings Environmental Permitting and Licensing
Environmental and Regulatory Audits
Indoor Air Quality/Vapor Intrusion Consulting and Litigation
Superfund and Cost Recovery Litigation
Photo © Tony Tremblay | istockphoto.com
Jonathan H. Spergel, Esquire 484-430-2309; [email protected] Suzanne Ilene Schiller, Esquire 484-430-2354; [email protected]
401 City Avenue, Suite 901 Bala Cynwyd, PA 19004 www.mankogold.com
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S hopping C enters From 79,685 s/f to 189,357 s/f in Luzerne County, PA Discount Dance Supply expands in Mericle building
Next publication date: February 24th GET YOUR NAME IN THE PAPER!!! NEWSRELEASES& PHOTOS WANTED The Mid atlantic Real estate Journal welcomes all editorial dealing with the commercial/industrial real estate industry • Brokered transactions • New services or products • Projects completed or underway • Expert articles
orty Fort, PA — One of the nation’s larg- est and fastest-growing suppliers of dancewear is ex- panding its distribution op- eration in Mericle Commer- cial Real Estate Services’ Cross ValleyWest Professional Building located at 180 Welles Street in Forty Fort, Luzerne County. Discount Dance Supply is expanding from 79,685 s/f to 189,357 s/f to accommodate the company’s growth on the east coast. The company employs 90 workers in the building and F
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Cross Valley West Professional Building
expects to hire an additional 20 employees due to the ex- pansion. Discount Dance Supply was formed in 1973 as Hill’s Ca- pezio Dance Shop to serve all the dancewear needs of Or- ange County, California. Ted and Linda Hill purchased a small store in Orange’s Town and Country shopping center, and their store prospered over the years to become one of the largest Capezio dealers in California. In 1992, after opening additional stores in Southern California, the com- pany opened its mail order division to provide dancewear nationwide under the name Discount Dance Supply. Mericle vice president Jim Hilsher coordinated the proj- ect. He said the Discount Dance Supply project is the latest example of the growth of E-Commerce fulfillment in NE PA. He said 20 of the top E-commerce companies have fulfillment centers in the region including Neiman Mar- cus, J.P. Boden, Amazon.com, American Eagle Outfitters, CVS Caremark, BabyAge.com, and Webgistix/Rakuten. “With the evolution of on- line retailing and the push for ever-shorter delivery windows, E-commerce companies are seeking areas where they can establish strategically located and cost-efficient fulfillment operations,“ Hilsher said. “NE PA fits that bill.” Hilsher said the region’s combination of immediate interstate access, close prox- imity to the east coast’s con- sumption zones, availability of overnight delivery companies, affordable business costs, a great workforce, and an ample supply of industrial space and sites, are combining to draw E-commerce companies. n
We’re looking for sites in PA End Cap, In-line, Free Standing Flexible Space Requirements Retail Opportunities Needed Consistently Ranked #1 Franchise - 45+ Y ear T rack Record
Non-Traditional Venues - Hospitals/Colleges Universities/B&I/Stadiums/Casinos/Airports
Local Contacts:
Eastern PA — 610-366-8120 x 24, Cheryl Green [email protected] Philadelphia PA — 610-768-8990, Rawley Shelton [email protected]
realestate.subway.com www.subway.com
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Real Estate Journal — Shopping Centers — December 26, 2014 - January 15, 2015 — 7A
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Investment Opportunity! - Grocery Anchored Shopping Center
Algatt, Zang and Taylor listed property Marcus & Millichap Phila. arranges 25,583 s/f urban SC
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ILKES BARRE, PA — Ma r c u s & Millichap an-
nounced the sale of Midtown Village, a 25,583 s/f urban shop- ping center located in down- town Wilkes Barre according to Brenton Baskin , regional manager of the firm’s Philadel- phia office. Jeff Algatt, Dean Zang and Mark Taylor , investment spe- cialists in Marcus &Millichap’s Philadelphia office, had the list- ing to market the property on behalf of the seller, an affiliate of Wilkes Barre-based Humford Equities. Algatt secured the Midtown Village buyer, a Wyo- ming Valley private investor ex- panding its commercial property portfolio in northeastern PA. “This is a terrific downtown location just a few steps from downtown’s Public Square,” Algatt said out. “The Property sits directly between the city’s business hub and neighboring Wilkes University, is adjacent to Boscov’s department store and NBC’s affiliate WBRE-TV station, and is positioned right across South Main St. from the Intermodal Transporta- tion Center, not to mention the city’s R/C Theatres 14-screen movie, retail and residential loft complex at South Main and Northampton Sts. known as City Centre.” Wilkes University announced in early March 2014 it is buy- ing the former Bartikowsky’s Jewelers at 141 South Main St. in Wilkes Barre as part of its “South Main Street Gateway” to the center of its adjoining campus. University officials expect the project, designed to be completed in two phases, to cost $4.5 million. First, Wilkes will renovate its University Center already located onMain St. into the new home of the Jay S. Sidhu School of Busi- ness and Leadership. Once this $3 million effort is com- pleted (anticipated by the end of this year), the University will commence the renovation of the Bartikowsky building for administrative offices and the financial aid office. Wilkes University is not the only downtown educational in- stitution making moves. Near- by King’s College is expand- ing its ever-widening campus footprint with the acquisition of the Ramada hotel on Wilkes- Barre’s Public Square for a $14 million conversion of the lodg- ing facility into an academic center mixed with other uses. n
• 245,800 SF Grocery-Anchored Shopping Center • Redeveloped in 2014 • 94% Occupancy • Located with signage and visibility on I-83 • Traffic counts exceed 61,000 VPD • Major Tenants include Darrenkamp’s (Opened April 2014) and Rite Aid Corporate
Midtown Village
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