While demand for all types of retail product has been strong over the past few years, investors continue to have a strong appetite for Boston area grocery-anchored shopping centers in 2015 despite meaningful changes to the food distribution industry. The competitive landscape for traditional supermarkets is evolving as value-oriented grocers such as Market Basket, Walmart, Trader Joe’s, Aldi, and Save-A-Lot lure away price-conscious customers, while service-oriented formats such as Wegmans, Whole Foods and Roche Brothers are expanding and gaining market share with more affluent customers. These chains achieve success by targeting the low- and high-end niches of the market. According to IBISWorld, the online grocery sales industry is projected to increase approximately 9.5 percent annually to become a $9.4 billion industry by 2017. Companies such as Amazon and Walmart are increasing their capabilities for selling food and beverages online, and Ahold’s Peapod service continues to expand in an effort to maintain its position as the leading Internet grocer. The food distribution industry has been further saturated by big-box retailers and national pharmacy chains offering a growing selection of packaged goods and dairy products. These non-traditional grocers and e-commerce providers derive much of their profits from non-food items, allowing them to …
PLYMOUTH MEETING, PA. — Keystone Property Group has unveiled its plan to redevelop One Plymouth Meeting, a 180,000-square-foot office property located at 502 W. Germantown Pike in Plymouth Meeting. The nine-story building will be renovated to accommodate modern workplace demands, including the addition of amenities, interior and exterior upgrades, and to qualify for LEED certification. Overlooking Plymouth Meeting Mall, the office building has walkable access to various of restaurants and retail venues as well as an AMC movie theater.
NEW YORK CITY — Eastern Consolidated has arranged the sale of a block-front development site at 286-298 and 300-306 Wythe Ave. in the Williamsburg section of Brooklyn. Tri-Boro Shelving & Partition Corp. sold the site to Brooklyn-based North Development Group for $27 million. The site consists of two contiguous lots that together can support construction of up to approximately 51,200 buildable square feet of residential or commercial space with a community facility. Current zoning for the properties allows for residential and commercial development. Nicole Rabinowitsch and Gabriel Saffioti of Eastern Consolidated represented the seller and buyer in the transaction.
NEW YORK CITY — Alpha Realty has brokered the sale of a multifamily property located at 36-40 Linden St. in Brooklyn’s Bushwick section. A local private investor sold the property to Manhattan-based buyers for $10.5 million. The four-story building includes 38 apartments. Glenn Raff of Alpha Realty represented the buyers, while Lev Mavashev, also of Alpha Realty, represented the seller in the transaction.
HAMILTON TOWNSHIP, N.J. — Houlihan-Parnes Realtors has arranged an $8 million supplemental loan for Independence Plaza Shopping Center in Hamilton Township. The owners, which acquired the property earlier this year, are renovating the shopping center. Four new leases have been signed with Regal Cinemas, Sav-A-Lot Supermarket, Crunch Fitness and Ollie’s Bargain Outlet. The owners plan to fully restore the property to 100 percent occupancy after the renovations are complete. Elizabeth Smith of Goldberg Weprin Finkel Goldstein provided legal counsel for the owners. James Houlihan of Houlihan-Parnes Realtors secured the financing.
RAHWAY, N.J. — The Goldstein Group has arranged the sale of a 21,000-square-foot, freestanding retail building, located at 2161 Route 1 in Rahway. JRS Realty LLC sold the property to Kata Corp. for an undisclosed price. Chuck Lanyard of The Goldstein Group represented the seller in the transaction.
TRUMBULL, CONN. — Cronheim Mortgage has secured a $19 million loan for Hawley Lane Mall, a 215,000-square-foot shopping mall in Trumbull. The 15-year loan, which features a 30-year amortization schedule, was funded by the United States Life Insurance Co. and National Union Fire Insurance Co. In 2005, Purchase, N.Y.-based National Realty and Development Corp. redeveloped the property, which was built in 1971, into a two-level community shopping center. The center is anchored by Kohl’s, HomeGoods and Best Buy. Andrew Stewart and Dev Morris of Cronheim Mortgage arranged the financing for the borrower.
NEW YORK CITY — Construction manager Ensign Engineering and architect John Ciardullo Associates have completed the Aeronautical and Academic Library and Teaching and Learning Center at Vaughn College of Aeronautics and Technology, located at 86-01 23rd Ave. in Flushing. The $2.6 million library and learning center was the final phase of the $40 million expansion, renovation and sound mitigation construction program at the college’s main campus. The 11,000-square-foot library is designed to hold a collection of 26,300 items and features four enclosed classrooms with 70 computer stations, reading and studying rooms, and a flexible seating area with seven large tables that seat up to 42 patrons. The renovations were financed through grants, totaling $32 million, from the Federal Aviation Administration and The Port Authority of New York and New Jersey. Additionally, Vaughn invested $7 million from its own funds. The design and construction team included Ensign Engineering, John Ciardullo Associates, Library Interiors Inc., Langan Engineering and Environmental Services, DVL Consulting Engineers and Peter George Associates.
BRANCHBURG, N.J. — Marcus & Millichap has brokered the sale of Branchburg Plaza, a retail property located at 1010 U.S. Route 202 in Branchburg. A 1031 exchange buyer acquired the 8,250-square-foot strip center for $1.9 million. Robert Angus and Michael Lombardi of Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction.
MILFORD, CONN. — Angel Commercial LLC has arranged the sale of a retail investment property located at 773 Bridgeport Ave. in Milford. Private investors acquired the 4,800-square-foot building from H&S Olson LLC for $1 million. The current tenant, PPG Paints, will remain in the property. Jon Angel of Angel Commercial represented the seller in the transaction.