Benbrooke affiliate, Pretium Property Management, been appointed as Receiver of the Heights Plaza Shopping Center in Natrona Heights, Pennsylvania. Both Benbrooke and Pretium resources will be used in the complex asset and property management and redevelopment of Heights Plaza. Heights Plaza is the 380,000 square foot commercial center of Harrison Township. The center is anchored by Community Market, Planet Fitness, Big Lots, Allegheny Health, and UPMC. The assignment is led by Benbrooke Principal Rich Lubkin and Pretium Principal David Niven.
Benbrooke has acquired North Village, a 25,000 square foot strip center located near the entrance to Joint Base Charleston on Dorchester Road. The center is anchored by Wells Fargo Bank and Metro PCS and includes several other convenience and service tenants. Principal George Ackerman negotiated the acquisition, which was brokered by Drayton Calmes of The Norvell Group. Principal Rich Lubkin arranged the debt financing. This was the fourth property acquired by Benbrooke in partnership with Chestnut Real Estate of Chattanooga, Tennessee.
The company has executed a 12,000 square foot lease in its Dutton Mill Plaza with Kidz World, a children’s recreation facility specializing in birthdays and other events. The tenant is expected to open in the fall of 2018. The lease brings the center’s occupancy rate to 92%, nearly completing Benbrooke’s redevelopment of the property. Principal George Ackerman negotiated the lease for the landlord.
Fort Worth, Texas
Benbrooke has acquired Horne Street Crossing, a ten thousand square foot strip center located near the intersection of I30 and Camp Bowie Boulevard. The center is anchored by CareNow and Mint Dentistry. The acquisition was the final piece of a 1031 like-kind exchange stemming from the company's sale of Walnut Plaza in Garland, Texas. The acquisition was led by Benbrooke Principal George Ackerman and the mortgage financing was arranged by Principal Rich Lubkin.
Middletown, New Jersey
Benbrooke has signed a 14,000 square foot lease with Planet Fitness for its Union Square Shopping Center in Middletown, New Jersey. The project was managed, and the lease was negotiated by Benbrooke Principal Rich Lubkin.
The company has completed the first phase of its redevelopment of Evanston Plaza in North Charleston, South Carolina. The total project budget of approximately $1.8M included new façade and roof. New tenants in the center include Dollar Tree and Star Beauty Supply. The project was managed by Benbrooke Principal George Ackerman.
White Plains, New York
Benbrooke has successfully refinanced the mortgages on three significant assets in New Jersey and North Carolina. Permanent financing for Galleria at Manalapan in Manalapan, New Jersey; Cardiff Plaza in Egg Harbor Township, New Jersey; and Shops at Freedom in Charlotte, North Carolina was managed and negotiated by Benbrooke Principal Rich Lubkin.
Benbrooke has completed its renovation and re-tenanting of its Ridge Road Center in Rockwall, Texas. The project included new roofs, façade, and pylon signs. Upon completion of the project, the center is 98% leased with new tenants including Planet Fitness, Rockwall Gymnastics Academy, Racquet and Jog, and Get Healthy. The project was managed by Benbrooke Principal George Ackerman.
Benbrooke has announced the sale of its Franklin Marketplace in Northeast Philadelphia. The company acquired the 232 thousand square foot property in 2004 while it was substantially vacant. Benbrooke renovated and re-tenanted the center. The transaction was negotiated by Benbrooke Principals Rich Lubkin and George Ackerman.
Benbrooke has acquired Evanston Plaza, a 71 thousand square foot strip center located in North Charleston near the Charleston Airport. The company is planning extensive renovations and re-leasing activity. The acquisition was negotiated by Benbrooke Principal George Ackerman.
Benbrooke has signed a lease with Planet Fitness for 22 thousand square feet at its Ridge Road Center in Rockwall. The transaction was brokered by David English and was negotiated by Benbrooke Principal George Ackerman. The company also place new mortgage financing on the property including a construction funding facility which it plans to use for extensive renovation. The new loan was arranged by Benbrooke Principal Rich Lubkin.
Fort Worth, Texas
Benbrooke has acquired the Shops at Hulen, a 28 thousand square foot strip center which is shadow anchored by Wal-Mart in Southwest Fort Worth. The transaction was negotiated by Benbrooke Principal George Ackerman.
Cherry Hill, New Jersey
Benbrooke and its affiliate Pretium Property Management, LLC have announced that David Niven has been promoted to the roles of Chief Operating Officer and Partner of Pretium. Niven has been with Pretium since the company's inception in 2009. He has played a formative role in the company's success and growth. "I am honored to be Pretium's COO. From inception, Pretium has provided me with remarkable opportunity, fascinating career experiences, and rewarding professional development. I intend to create an environment where talented people thrive by facilitating growth and helping our clients accomplish their goals," said Mr. Niven. Benbrooke and Pretium Principal George Ackerman called Niven's promotion "an affirmation of Dave's importance to our organization and a distinction that was certainly due." The promotion and the partnership are both effective immediately.
Fort Worth, Texas
Benbrooke has signed a lease with Planet Fitness for 20 thousand square feet at its Wedgwood Village Shopping Center in southwest Fort Worth. The transaction was brokered by Fletcher Johnson and was negotiated by Benbrooke Principal George Ackerman.
Aston Township, Pennsylvania
An affiliate of Benbrooke acquired the Dutton Mill Shopping Village, located on Pennell Road in Aston Township, Delaware County, PA. The center lost its grocery anchor tenant in 2009 and eventually underwent foreclosure. Benbrooke plans a major renovation and re-tenanting effort. Principal George Ackerman led the negotiation while underwriting was spearheaded by David Niven of Benbrooke’s affiliate Pretium Property Management LLC.
Kannapolis, North Carolina
An affiliate of Benbrooke acquired the 219 thousand square foot Cloverleaf Plaza Shopping Village, located at the intersection of Interstate 85 and Cannon Boulevard (Highway 29), situated near the Kannapolis and Concord city line just north of Charlotte. Benbrooke plans substantive upgrades to the property’s façade, site lighting, parking fields and signage. Benbrooke Principal Richard Lubkin structured the acquisition. Property Management will be handled by Damon Campbell in the Charlotte office of Benbrooke’s affiliate, Pretium Property Management, LLC. Leasing has been assigned to Josh Beaver of The Nichols Company.
Benbrooke has signed leases with The Beer Outlet for 3,465 square feet and Slack's Hoagie Shack for 1,845 square feet at the Franklin Marketplace Shopping Center. The Beer Outlet is a distributor featuring craft beers as well as selling imported and domestic beer. Slack's Hoagie Shack is an award winning 15 unit regional chain featuring the best subs and sandwiches. Joseph Doughtery and Valerie Pettine of Metro Commercial represented the Landlord.
Main Street Gym has opened its new 25 thousand square foot facility at Midlothian Plaza. Main Street is a combined physical therapy and fitness center and was a tenant at Midlothian Plaza since 1996. In September 2013 they acquired the vacant 25 thousand square foot former grocery store building from Benbrooke. Benbrooke Principal George Ackerman negotiated the transaction and executed the subdivision process.
Fort Worth, Texas
Benbrooke is pleased to announce the openings of restaurants Little Red Wasp and Subway in its Oncor Building in downtown Fort Worth, reaching 100% occupancy on its retail redevelopment of the building’s ground floor. Little Red Wasp took 3,700 square feet on Main Street adjacent to The Capital Grille. Little Red Wasp is a casual concept conceived and operated by locally renowned restaurateur Adam Jones. Subway leased 1,700 square feet on Houston Street adjacent to PlainsCapital Bank. Benbrooke Principal Craig Gutow negotiated both leases.