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Region’s largest retail transaction in five years Wheeler Real Estate Investment Trust purchases JANAF Shopping Yard for $85.65M
ISSUE HIGHLIGHTS Volume 30, Issue 3 February 9 - 22, 2018 LIRO DESIGNS HQ FOR THE LIRO GROUP
ORFOLK, VA — Wheeler Real Es- tate Investment Trust, Inc. , a self-managed commercial real estate in- vestment company with a primary focus on grocery- anchored centers, announced that WHLR-JANAF, LLC , a wholly-owned subsidiary, has purchased JANAF Shopping Yard, an 887,917 s/f shopping destination in Norfolk for $85.65 million. JANAF is the largest open- air shopping center in the region, and this transaction is the largest non-mall retail sale in the past five years, ac- cording to broker Ryan Sci- ullo with CBRE who along with Bill Kent handled the sale. JANAF Shopping Yard was one of the first large sub- urban shopping centers in the United States when it opened to the public in 1959. The property’s original investment group was composed of retired and active-duty military per- sonnel who aptly named the N
ton Roads. It is located at the intersection of Military Highway and Virginia Beach Blvd., which is one of the most traveled intersections with high traffic counts, and it is easily accessible to both In- terstates 64 and 264. JANAF draws customers from a 25- mile radius. “The area surrounding JANAF Shopping Yard is going through an economic boomwith the recent opening of the Norfolk PremiumOut- lets and with IKEA’s second store in Virginia, making this area the premier retail destination in the region capable of drawing shoppers from a 75-mile radius,” said Chuck Rigney , director of Economic Development. “In addition, transportation in- frastructure improvements on Military Highway as well as on I-264 are underway, accommodating our region’s resident and tourists with more modern accessibility and direct access.” n
JANAF Shopping Yard
center JANAF an acronym for Joint Army Navy Air Force. “JANAF Shopping Yard is a key shopping district serving Southside Hampton Roads and this growing area is at- tracting robust investment,” said Mayor Kenneth Cooper Alexander. “The City’s vision for this area is building on various assets and will play an important role in defining our future. We appreciate that Wheeler is increasing its corporate portfolio to include one of Norfolk’s commercial destinations. And, we are proud to have local ownership
of this valuable asset.” Jon Wheeler , chairman and chief executive officer of Wheeler, stated, “JANAF is an iconic property located nine miles from our corpo- rate headquarters. This asset aligns perfectly with our busi- ness strategy of owning the dominant center in secondary and tertiary markets. We ex- pect JANAF to be a long-term play for WHLR as we believe there is tremendous value in the underlying real estate. ” The location of JANAF Shopping Yardmakes it one of the most desirable in Hamp-
3A
CBRE arranges sale and secures financing for 14 building totaling $76.9M in King Of Prussia, PA
MAREJ Events For speaking and sponsorship information, please contact: Lea at 781-740-2900 or [email protected] Section D
KING OF PRUSSIA, PA — CBRE has arranged for the sale and acquisition financing of a 14 building, 641,325 s/f office complex located within Renaissance Park in King of Prussia. The portfolio was acquired by MLP Ventures of Radnor for a total sale price
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Steven Doherty of the Debt & Structured Finance team procured the financing on be- half of the buyer. The Portfolio consists of 14, single-story office and flex properties and is currently 87 percent occupied by a diverse and extensive mix of quality tenants. Major tenants include Marsh & McLennan Com- 2525 Renaissance Park
of $76.9 million. Robert Fahey, Jerry Kranzel, Erin Hannan, and Jack Corcoran of CBRE Capital Markets’ Insti- tutional Properties team represented the seller, Mal- vern-based developer Liberty Property Trust , in the mar- keting and sales negotiations. CBRE’s Nick Harris and
panies, Ikea, BB&T, RELX Group and MedRisk, among others. “We are pleased to once again have the opportunity to work with the fine team at Liberty Property Trust and assist them in achieving their corporate objectives,” said Fa- hey, executive vice president, CBRE. n
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Inside Cover A — February 9 - 22, 2018 — M id A tlantic
Real Estate Journal
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$105,000,000
111 WEST JACKSON BOULEVARD CHICAGO, ILLINOIS A 567,000 square foot office building. The undersigned arranged the above permanent financing.
622 Third Avenue New York, NY 10017 (212) 986-8400 | Fax: (212) 983-0512 www.cooper-horowitz.com
Real Estate Journal — February 9 - 22, 2018 — 1A
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Collaborative culture of experienced Investment Real Estate Professionals
COLLABORATIVE CULTURE + RELATIONSHIP FOCUSED + DEFINED EXPERTISE
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States specializing in the sale of single tenant net-lease assets and retail shopping centers. We have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. We have a dedicated buy side desk that provides real time inventory and market >Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52 Page 53 Page 54 Page 55 Page 56 Page 57 Page 58 Page 59 Page 60 Page 61 Page 62 Page 63 Page 64 Page 65 Page 66 Page 67 Page 68 Page 69 Page 70 Page 71 Page 72 Page 73 Page 74 Page 75 Page 76
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