Wednesday, July 31, 2013

Katz Properties acquires two shopping centers for $52.5 million

East Longmeadow, MA Katz Properties of New York has acquired Heritage Plaza in East Longmeadow and Golden Ring Plaza in Rosedale, Md. The single-day transaction, valued at $52.5 million, continues a consistent growth pattern for the company.

Heritage Plaza shopping center is a 116,840 s/f supermarket anchored shopping center, built in 1974, and is situated on 13.2 acres located at 470 North Main St. The shopping center is approximately 2.5 miles from I-91, adjacent to Springfield, and 30 miles from Hartford, Conn. Heritage was purchased for $28.45 million and is 98% occupied, primarily by a 55,573 s/f Stop & Shop supermarket, a 9,389 s/f Party City, a 7,900 s/f Dollar Tree and a 4,800 s/f Panera Bread.

Golden Ring Plaza, located in Rosedale, Md. at the intersection of Philadelphia Rd. (Rte. 7) and Rossville Blvd., is currently 98% occupied and is anchored by a 55,330 s/f Giant supermarket and a 25,195 s/f Marshalls. Golden Ring Plaza totals 159,000 s/f and was purchased for $24 million.

Daniel Katz, a principal of Katz Properties said, "One of our first grocery anchored deals ever was across the border from East Longmeadow in Enfield, Conn. and we've been looking for more opportunities in this market ever since. This center and Golden Ring Plaza in Maryland both have market-leading grocers and an excellent mix of other retailers."

Daniel Kaufthal, a principal of Katz Properties, said, "We are glad to be returning to two markets we know well and have had success in. We continue to look for opportunities to purchase grocery anchored retail and add to our growing portfolio"

Mortgage financing for both deals was arranged by Tim Breda of Goedecke & Co. Heritage Plaza was financed by Sentinel Investments of Dallas, Tx. on behalf of National Life of Vt. Financing for Golden Ring Plaza was provided by AIG Global of NYC.

For Heritage Plaza, Cushman and Wakefield's capital markets group, led by Geoff Millerd, Justin Smith and Rob Griffin represented both Katz Properties and the seller.
For Golden Ring Plaza, both buyer and seller were represented by the CBRE team of William Kent and Gary Lawrence.

Leasing and property management services for both shopping centers will be provided by Winslow Property Management.

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Tuesday, July 30, 2013

Summit Realty Partners Announces Two Lease Signings at Pinkerton Place Shopping Center, Derry, NH

DERRY NH: Summit Realty Partners announces two recent lease signings at the new retail development project “Pinkerton Place Shopping Center” in Derry, NH. Dr. Craig A. Rothenberg and Dr. Michael H. Moskowitz of Vanguard Dental Group and Go Wireless - a Verizon Wireless Premium Retailer have signed up to lease space in the final phase of this 49,000 +/- sf shopping center which is currently under construction. Pinkerton Place is well located at the major intersection of Manchester Road and Ashleigh Drive in front of Super Wal-Mart and is currently occupied by Panera Bread, Woof Meow Family Pet Center, and Goodwill.
Dr. Craig A. Rothenberg & Dr. Michael H. Moskowitz of Vanguard Dental Group are relocating their family and cosmetic dental practice to Pinkerton Place. The doctors and their excellent team are excited for this fantastic opportunity. This move will allow the doctors to better serve their patients, families and the community. This facility will be larger, more comfortable and will hold the most advanced technologies to assist in diagnosis, treatment and total patient care.  Cutting edge technology such as high definition digital X-rays, Galileos 3D imaging, CEREC Omnicam crowns in just one visit, and Microscope enhanced dentistry, along with a passionate commitment to continuing advanced education will allow for the highest level of patient care.  The doctors and team are looking forward to caring for their existing patients and new families at this wonderful and more convenient new location.
Steve Sher of Go Wireless – a Verizon Wireless Premium retailer has been operating in Derry for over 15 years and is relocating his store to Pinkerton Place. The move to Pinkerton Place will allow for Go Wireless to create a new build out concept with an open design. This will include interactive displays which allow customers to better experience new products and technologies. Go Wireless is excited to move to a larger space in a new shopping center which is well located. Go Wireless operates 11 stores throughout New Hampshire.
Summit Realty Partners is presently looking for one more business to lease the last remaining 2,016 +/- sf at the shopping center. For more information please contact Chris McMahon of Summit Realty Partners at (781) 862-9700 or by