2-22-19

www.marejournal.com

EWARK, NJ — JLL has successfully sold the former Ballantine N Turnbridge Equities & J.P. Morgan buymulti-tenant industrial property JLL’s Walsh, Garibaldi & Borovsky secure sale of 1.1 s/f Ballantine Brewery

ISSUE HIGHLIGHTS Volume 31, Issue 4 Feb. 22 - March 14, 2019

SPOTLIGHTS

Brewery at 424 East Ferry St. in Newark, for RARDevelop- ment Associates . A joint ven- ture of Turnbridge Equities and institutional investors ad- vised by J.P. Morgan Asset Management acquired the historic 1.1 million s/f property for $61 million. Thomas Walsh and Jo- seph Garibald i, managing directors, and Katelyn Boro- vsky , vice president, led the JLL Capital Markets team that represented both the seller and the buyer. “The Ballantine Brewery is the largest offering of exist- ing real estate in the Port submarket, New Jersey’s most vital industrial and manufac- turing market,” said Walsh. “This was a terrific value-add opportunity for Turnbridge and JPMorgan to thoroughly renovate and reposition the property for use by multiple tenants. There are not many opportunities remaining in the

ENVIRONMENTAL/ GREEN BUILDINGS Section B 30/30 Section C MID-ATLANT I C CONFERENCE & DEAL MAKING 5-20A

Ballantine Brewery

Port submarket for small to midsize industrial tenants to find well-located and modern industrial space.” The five-building, 1.1 mil- lion s/f Ballantine Brewery, 424 East Ferry St., is located on 22 acres in the Ironbound section of Newark. The prop-

erty was originally owned and operated by P. Ballantine & Sons. The complex closed in 1972 and was ultimately repositioned as a functional multi-tenanted industrial as- set with additional land for the development of warehouse/ distribution buildings.

The campus is bifurcated by Ferry St. and includes five buildings that range in size from 25,000 to 726,601 s/f. The Property is 85 percent leased to 30 tenants ranging in size from 2,500 to 159,287 s/f, with an average tenant size of ap- proximately 28,000 s/f. 

UPCOMING CONFERENCES March 20, 2019 Philadelphia Office & Industrial Conference

Chadwick and Mooradian of Marcus & Millichap broker $33.2 Million sale of multifamily portfolio

March 21, 2019 Delaware Real Estate Forecast Conference For speaking and sponsorship information, please contact: Lea at 781-740-2900 or lea@marejournal.com

and procured the buyer, a privately owned investment and management entity based in Philadelphia. Bryn Mer- rey , senior vice president and division manager is Marcus & Millichap’s broker of record in Virginia. Plant One is a 134-unit mar- ket-rate property located just south of Shockoe Slip along the James River on an entire city block in the Manchester District. All apartments have condo-quality finishes such as artisan-stained concrete and high-end amenities such as a community rooftop deck and free cable and internet. The Lofts on Franklin is a 67-unit property located at 1806, 1812, 1816-1818 and 1815-1817 East Franklin St. in Richmond’s Shockoe Bottom neighborhood. The unit mix is 54 one- bedroom units and 13 two-bedroom apartments. 

RICHMOND, VA — Mar- cus & Millichap announced the sale of The Lofts on Franklin and Plant 1, a two- property, 201-unit multifam- ily portfolio in Richmond. The properties sold for $33.2 million.

Directory Shopping Centers.............................................5-20A Business Card/Billboard Directory.......................21A Organization Events Calendar..............................24A Owners, Developers & Managers............... Section B 30/30......................................................... Section C

The Lofts on Franklin

Franklin and Plant 1 attract millennials and young profes- sionals who want to live in condo-grade apartments close to restaurants and night life in neighborhoods that reflect the city’s rich history.” Chadwick and Mart in Mooradian , associate, rep- resented the seller, a privately owned development company

“Richmond has seen im- pressive average rental rate growth, especially in the up- per-mid-range asset class, and approximately 95 percent year-over-year occupancy since 2012,” said Christo- pher Chadwick , first vice president investments inMar- cus &Millichap’s Washington, D.C. office. “The Lofts on

www.marejournal.com

Inside Cover A — February 22 - March 14, 2019 — M id A tlantic

Real Estate Journal

www.marejournal.com

GO WEST TO NEPA MOVE TO PA’S I-81 CORRIDOR AND SAVE $ MILLIONS!

UP TO 1,023,000 SF 200 TECHNOLOGY DR. I JENKINS TWP., PA • One (1) Mile from I-81, I-476 • 10-Yr., 100%R.E. Tax Abatement on Imp. • Cross-dock loading with 198 doors • 36’ to 45’ ceilings, 7” reinforced floor • 50’ x 50’ column spacing; 60’ at speed bays

UP TO 702,000 SF 460-480 RESEARCH DR. I PITTSTON TWP., PA • One (1) mile from I-81, I-476 • 10-Yr., 100%R.E. Tax Abatement on Imp. • Cross-dock loading with 69 doors • 35’8” to 41’6” ceilings, 7” reinforced floor • 50’ x 50’ column spacing; 60’ at speed bays • Clerestory windows • ESFR fire protection • 4000 AMP service; LED lighting • Parking for up to 236 trailers, 486 cars • $4.25 SF, NNN

UP TO 527,000 SF 100-170 PATRIOT DR. I PITTSTON TWP., PA • One (1) mile from I-81, I-476 • 10-Yr., 100%R.E. Tax Abatement on Imp. • Single-sided loading with 52 doors • 38’2” to 40’0” ceilings • 7” reinforced floor • 50’ x 50’ column spacing; 60’ at speed bays • ESFR fire protection • 800 AMP service (expandable); LED lighting • Parking for up to 135 trailers, 525 cars • $4.50 SF, NNN

UP TO 173,200 SF 287 CENTERPOINT BLVD. I JENKINS TWP., PA • One (1) mile from I-81, I-476 • Single-sided loading with 20 doors • 33’4” to 36’8” ceilings • ESFR fire protection, T-bay lighting • 800 AMP service (expandable) • Parking for up to 38 trailers, 138 cars • 4,786 SFmain office, 493 SF shipping office, • 200 SF receiving office • Special Features: 4,124 SF fenced aerosol room, 7,551 SF flammable liquids room • $4.65 SF, NNN

• Clerestory windows • ESFR fire protection

• Up to (4) 4000 AMP services; LED lighting • Parking for up to 950 trailers, 833 cars • $3.99 SF, NNN

½ MONTH OF FREE RENT FOR EVERY ONE (1) YEAR OF COMMITTED TERM, PLUS DISCOUNTED TENANT IMPROVEMENT INCENTIVES!

NEW JERSEY

LONG ISLAND BASE RENT ANNUAL TAXES $9.50 Sq. Ft. NNN $3.65 Sq. Ft. $13.15 Sq. Ft. Annual NEPA Savings Per 100,000 Sq. Ft. = $860,000

NEPA

$6.75 Sq. Ft. NNN $1.50 Sq. Ft. $8.25 Sq. Ft.

$4.50 Sq. Ft. NNN $0.07 Sq. Ft. $4.57 Sq. Ft.

BASE RENT ANNUAL TAXES

BASE RENT *ANNUAL TAXES

Annual NEPA Savings Per 100,000 Sq. Ft. = $370,000

*Assumes building is located in a LERTA (tax abatement) zone.

HOUSING COST COMPARISON MODERN, FOUR-BEDROOM, 2,500 SQ. FT. HOME

AVERAGE ANNUAL WAGES

$262,500 $537,000 $550,000 $625,000 $627,500 $4,675 $12,500 $12,100 $16,280 $13,900 Est. Purchase Price Est. R.E. Taxes

$36,620 $41,650 $56,800 $59,400 $70,000 $34,750 $41,610 $45,200 $58,200 $46,000 Manuf. Trans/Whse

Northeastern PA Suffolk County, NY Middlesex County, NJ Nassau County, NY Bergen County, NJ

Northeastern PA Long Island, NY Middlesex County, NJ Essex County, NJ Mercer County, NJ

mericlereadytogo.com/newjersey mericlereadytogo.com/longisland

Call Bob Besecker, Jim Hilsher, or Bill Jones at 570.823.1100 today to receive your free, customized proposal!

Mericle, a Butler Builder®, is proud to be part of a network of building professionals dedicated to providing you the best construction for your needs.

Real Estate Journal — February 22 - March 14, 2019 — 1A

www.marejournal.com

M id A tlantic

COLLABORATIVE CULTURE RELATIONSHIP FOCUSED DEFINED EXPERTISE

BB&T Bank Fredericksburg, VA $5,290,000

Wendy’s Levittown, PA $2,620,000

Cracker Barrel Hampton, VA $3,150,000

Chase Bank Littleton, CO $1,550,000

Zaxby’s Port St. Lucie, FL $2,450,000

Wendy’s Geneva, NY $2,123,480

GROUND LEASE

Irving Oil Attleboro, MA $2,200,000

Stop & Shop Ground Lease Nantucket, MA $11,000,000 Transactions 1,000+ in 36 States

KFC Benton Harbor, MI $1,060,000

Closed $4,000,000,000 in Recent Transactions

Ranked #1 Industry Leading Firm

R Stanley Stein, JDS Real Estate Serivces, Inc., VA Broker of Record, License 2260026959 | David Dworkin, LLD Enterprises LLC, NY Broker of Record, License 10991214807 David B Zacharia, DZ Net Lease Realty LLC, CO Broker of Record, License 100048698, MN Broker of Record, License 40459837

www. Ho r v a t hT r emb l a y . com Main: 781-776-4000 | Fax: 781-823-0245 | info@horvathtremblay.com

2A — February 22 - March 14, 2019 — M id A tlantic

Real Estate Journal

www.marejournal.com

M id A tlantic R eal E state J ournal Publisher, Conference Producer . .............Linda Christman AVP, Conference Producer ...........................Lea Christman Account Executive ........................................Joe Christman Account Executive ........................................... Steve Kelley Account Executive ............................................. Kim Brunet Account Executive ........................................ Marisol Chase Account Executive .........................................Alyson Parker Senior Editor/Graphic Artist ..........................Karen Vachon Office Manager ...............................................Kerrin Devine Contributing Columnist .......................................Iris Tsidon Mid Atlantic R eal E state J ournal ~ Published Semi-Monthly Periodicals postage paid at Hingham, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal 350 Lincoln St, Suite 1105, Hingham, MA 02043 USPS #22-358 | Vol. 31, Issue 4 Subscription rates: $99 - one year, $148 - 3 years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Phone: 781-740-2900 | Fax: 781-740-2929 www.marejournal.com The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal

M id A tlantic Real Estate Journal

Iris Tsidon

3 Ways to Maximize Tenant Satisfaction Using AI I n an era of digital trans- formation, PropTech is rapidly becoming a sig- nificant driver of customer satisfaction, and AI is being introduced into the property management industry as part of the 4IR (The Fourth Industrial Revolution). As customer satisfaction proves to be one of the most significant challenges in property management today, inadequately responding to requests or problems, from routine maintenance to ma- jor malfunctions, can result in disgruntled tenants, who wish to terminate their lease – effective immediately. This is exactly where AI comes in, driving operational intelligence by knowing what your customers want before they even know they want it. Here’s how: 1) Expedite operational teams’ response to cur- rent issues Improving the tools and techniques at your facility management team’s disposal is critical to the swift resolu- tion of issues as they arise. Facility management ap- plications, communication tools, and tracking software are among the methods cited as having the greatest impact on improving facilities’ sup- port/maintenance services, thanks to their ability to per- form root cause analysis and push anomaly notifications – to the right maintenance personnel. What’s more, AI automates maintenance monitoring, limiting human error and system downtime, while enabling better priori- tization of required tasks and superior asset cost control. Combining AI technology with your existing IT and OT infrastructure, along with IoT devices such as sensors and cameras, can not only enhance these methods, but also enable personalized notifications to be sent to the right team member for faster problem resolution and steadier levels of tenant satisfaction from the way their facility is being man- aged. As opposed to the common misconception, this is true

even if you don’t have an IoT infrastructure, making out the AI solution practical and deployable as soon as tomorrow. 2) Anticipate future sat- isfaction issues before they occur Think of artificial intel- ligence as the flu shot of the smart real estate industry. Without it, satisfaction is- sues may or may not arise on your property, but with it, any potentially arising issues are anticipated ahead of time and can, therefore, be treated swiftly, seamlessly and effortlessly, with limited backlash. Unlike with Business In- telligence, AI increases your visibility into all your sys- tems, from a single dash- board, enabling predictive analytics to keep your team ahead of potential future issues. Instead of putting out satisfaction fires in the heat of the moment, you can know exactly what obstacles may present, and provide swift solutions before your tenants even sense a nega- tive change. For example, if you are made aware of the fact that your HVAC system tends to overheat when all air conditioning units are used simultaneously in Au- gust, you can send a techni- cian to preemptively cool the system before your tenants start complaining of the summertime sweats – and looking for alternative living/ working spaces. The ability to gather data, analyze it using AI software and leverage it for action- able preventative decision- making is therefore key to keeping customer satisfac- tion levels at a steady high. 3) Make an attractive “selling point” for new tenants

These days, tenants are looking for more than a space to call home (or work). They’re looking for a full- service facility, one that meets their needs and expec- tations for clean, maintained and smart living, including those needs and expectations they have not yet discovered themselves. As a result, maintaining high tenant satisfaction is believed to be the most important priority for 97% of facility and real estate managers. For landlords, that means investing in PropTech to ob- tain actionable data on their facilities, or risking the loss of tenants to facilities that focus on digital consumer- ism and end-user experience – key 21st-century competi- tive differentiators, such as rent tracking, maintenance processes optimization, col- laborative consumption op- timization and more. Only AI can place valu- able data with real insights on tenant satisfaction in the hands of facility managers and operational teams. From incoming service requests, work orders analysis and tenants’ leasing patterns, to response and completion times –AI provides the in- formation facility managers and operational teams need to keep tenants happy. Implementing PropTech that integrates AI software is what will enable the achieve- ment of operational excel- lence. AI algorithms and ap- plications meet these needs head-on and therefore serve as prime “selling points” for new tenants and a driver of retention for tenants satis- fied with their facility’s digi- tal management and future- forward lifestyle. Iris Tsidon is co-founder & CEO of Okapi. 

Wherever or whatever, we make it happen. Your commercial real estate transaction demands innovative expertise and principal involvement. Our network of 70 global offices is exceptionally experienced and intentionally independent. And the Mars site? We’re working on it. Let’s talk today.

corfac.com

Celebrating 30 Years

FEATURE YOUR REAL ESTATE TRANSACTION IN NEXT MONTH'S ISSUE Shopping Centers The Mid Atlantic Real Estate Journal welcomes all editorial and expert articles dealing with the retail real estate industry

BE SEEN

►DIGITAL EDITION ►SOCIAL MEDIA ►BLOG ►DIRECT LINK TO YOUR ARTICLE

e-mail: kbrunet@marejournal.com or call 781-740-2900 x203

Real Estate Journal — February 22 - March 14, 2019 — 3A

www.marejournal.com

M id A tlantic

M id A tlantic R eal E state J ournal

Second Phase of CDS Housing Azalea Village Comm. $21.6M affordable housing development opens for seniors N

To VP and Head of Agency Production Community Preservation Corp. promotes Deegan

NEW YORK, NY — CPC Mortgage Company LLC’s Timothy Deegan has been

CPC Mortgage Company LLC is a subsidiary of The Community Preservation Corporation (CPC), a leading nonprofit multifamily finance company. Prior to joining CPC in January 2018 as VP of FHA Lending & Originations, Deegan was the senior direc- tor of Operations and Capi- tal Markets at Cosmopolitan Capital Funding LLC where he oversaw the company’s NYC operations and specialized in structuring and analyzing complex capital transactions of all asset classes. Deegan also served as director of Capital Markets at Llenrock Group LLC. 

nity who need it and deserve it most. Our vision and inte- grated stewardship at CDS Housing will provide some of the most vulnerable com- munity members in Webster with the life opportunities and self-empowerment to live more fulfilling and independent lives. Residents of this new commu- nity will have the independence they seek, and the support, access and peace of mind they deserve." CPC mortgage officer Miriam Zinter said, "Our senior citizen population is one of the fastest growing, but

also one of the most vulner- able. For low-income seniors living on fixed incomes, the ever-increasing cost of rent and other costs of living, can create real hardships. Azalea Village Apartments will provide our community's seniors with safe, affordable housing where they will have access to the services that will allow them to live with dignity. My thanks to CDS Monarch for their partnership and good work, to Commission- er Visnauskas and her team at HCR, and to Comptroller Di- Napoli and the New York State Common Retirement Fund." 

EW YORK, NY — Governor Andrew M. Cuomo announced the completion of the new 96-apart- ment Azalea Village Phase Two, a $21.6 million afford- able housing development for seniors in the Town of Webster. All tenants in the CDS Hous- ing Azalea Village develop- ment can take advantage of services at the adjacent Wolf Life Transitions Center, which provides recreation, training, employment and volunteer opportunities, and an indoor therapy pool. "Quality and affordable hous- ing is critical to the health and well-being of every New Yorker, especially our seniors," Governor Cuomo said. "This new development will not only provide a vibrant and sup- portive community for older adults, it will also serve as a smart investment in the area that moves the local economy and the Finger Lakes forward." "Investing in affordable hous- ing is an essential part of our plan to strengthen the social safety net across New York," said Lieutenant Governor Kathy Hochul. "Thanks to an unprecedented commitment of resources, more seniors in the Finger Lakes Region will have access to high-quality housing options." The 96 new apartments are split between two identical two-story elevator buildings. Eligible tenants are seniors 55 years or older, and 16 of the apartments are set aside for frail elderly people. In addition to the programs offered by the multi-use Wolf Life Transitions Center, project amenities in- clude Energy Star central AC, dishwashers, a computer lab, and outdoor garden space. HCR Commissioner Ruth- Anne Visnauskas said, "Azalea Village Phase Two delivers high-quality homes near the town center in tandem with great recreational, volunteer, and employment training op- portunities. The entire Azalea Village development, and the people who call it home, is contributing new energy to the Webster community and help- ing propel the Finger Lakes economy forward." Sankar Sewnauth , presi- dent and CEO of CDS Life Transitions , CDS Housing's parent company said, "Azalea Village is more than housing, it's a home and an opportunity for the people of this commu-

promoted to vice president a n d h e a d o f a g e n c y production. In his new role, Deegan will oversee p r oduc t i on a c r o s s t h e

Timothy Deegan

company’s FHA, Freddie Mac, and Fannie Mae lend- ing platforms, and will work with originations staff and borrowers to provide techni- cal assistance and ensure deal execution.

UNMATCHED SERVICE AND EXECUTION Fannie Mae • FHA • Freddie Mac Multifamily Capital Solutions

Construction Refinance Acquisition Conventional Financing

Affordable Housing Small Balance Loans Flexible Bridge Financing

CUSTOMIZE YOUR CAPITAL SOLUTION TODAY Mortgagecompany@communityp.com 855.363.4646

4A — February 22 - March 14, 2019 — M id A tlantic

Real Estate Journal

www.marejournal.com

2019 PA/NJ/DE CCIM CHAPTER OFFICERS John Birkeland, CCIM President ROCK Commercial Realty Stacy Martin, CCIM

2019 Education

Vice President Hankin Group

Jeff Kurtz, CCIM Secretary/Treasurer High Associates, Ltd.

Jeffrey Hoffman, CCIM Immediate Past President JPH Realty Advisors 2019 PA/NJ/DE CCIM CHAPTER DIRECTORS John Berenato, CCIM Past President Healthcare Realty Solutions Michele Countis, CCIM Chair, Designation Jackson Cross Partners Dragan Dodik, CCIM Regional Chair, Central PA Pennian Bank Philip Earley, CCIM Chair, Nominating Lieberman Earley & Company Jonathan Epstein, CCIM Chair, Public Relations Macada Properties Cindy Feinberg, CCIM Regional Chair, Lehigh Valley Feinberg Real Estate Advisors Craig Fernsler, CCIM Chair, Legislative KW Commercial, Blue Bell Eric Gorman, CCIM Past President Cushman & Wakefield Neil Kilian, CCIM, SIOR Regional Chair, Delaware NAI Emory Hill Laura Martin, CCIM, CPM, WBE Chair, Membership SVN Latus Commercial Realty Group Melissa Meyer, CCIM Chair, Education

PHILADELPHIA Foundations for Success in Commercial Real Estate March 28-29 $375 CI-101 Financial Analysis for Commercial Investment Real Estate October 7-10 $1,735 (non-member)/$1,200 (member) $1,460 (Realtor®) HARRISBURG CI-101 Financial Analysis for Commercial Investment Real Estate May 6-9 $1,735 (non-member) / $1,200 (member) $1,460 (Realtor®) PITTSBURGH Commercial Real Estate Negotiations August 12 $325 CI-103 User Decision Analysis for Commercial Investment Real Estate August 13-16 $1,735 (non-member) / $1,435 (member)

Brandywine Realty Trust Andrew Miller, CCIM Regional Chair, Pittsburgh CBRE

Tom Skeans, CCIM Chair, Scholarships SVN Kathy Sweeney-Pogwist Regional Chair, Philadelphia Metro

To register, visit www.ccim.com

Brandywine Realty Trust Matthew Wolf, CCIM Regional Chair, New Jersey The Kislak Company, Inc.

S hopping C enters

F eaturing

M id -A tlantic C onference & D eal M aking

Real Estate Journal — Shopping Centers — February 22 - March 14, 2019 — 5A

www.marejournal.com

M id A tlantic

EW JERSEY — Gary Krauss of P i e r s on Com- Greenman of Silbert Realty and Management Co. reps. landlord in 1,823 s/f lease Krauss of Pierson Commercial Real Estate brokers retail transactions totaling 52,561 s/f N November 12, 2018. Cotenants include Starbucks, Chipotle, and Jersey Mike’s Subs. Pro- jected opening Q2 2019. Realty and Management Company, Inc.

Real Estate . Leased 1,200 s/f of space for Bubbakoo’s Burritos in Jona- than Square Shopping Plaza, Toms River. The landlord was GT Medical FLP . Krauss represents tenant in the following leases: Leased 2,500 s/f of space for Blaze Pizza in Manalapan Commons, Manalapan. The landlord was Manalapan UE, LLC . Leased 2,560 s/f of space for Mamoun’s Falafel in Wall Promenade Shopping Center, Wall. The landlord was Rt 35 Wall Promenade, LLC represented by Marta Villa, of JLL . Leased 2,094 s/f in Ruth- erford Commons Shopping Center, 150 Rte. 17 North, East Rutherford. The landlord is Urban Edge Properties , represented by The Goldstein Group . Lease was executed

for Jersey Mike’s Subs in Mansfield Commons Shop- ping Center, Hackettstown. The landlord was National Realty and Development Corp. , represented by Dovid Spector . Leased 1,200 s/f of space for Jersey Mike’s Subs in Mill Creek Annex, Secaucus. The landlord was Paramount Realty Services , represent- ed by Lee Zakaria . Leased 1,500 s/f of space for Jersey Mike’s Subs in Orchards at Dover Shopping Center, Toms River. The landlord was The Orchards at Dover LLC, represented by Karen Dolan , of Florham Realty Management, LLC . Leased 1,382 s/f of space for Jersey Mike’s Subs in North Village at Sparta. The land- lord was NV Retail Hold- ings, LLC , represented by David Greenman of Silbert

Leased 1,554 s/f of space for Jersey Mike’s Subs in Eagle Rock Commons Shopping Center, Roseland. The land- lord was Klein Roseland, LLC and Sterling Rose- land, LLC , represented by Sabre Real Estate Group, LLC . Krauss represented the tenant in the following Bub- bakoo’s Burritos' leases: Leased 1,950 s/f of space for Bubbakoo’s Burritos in Vil- lage Green Shopping Center, Mt. Olive. The landlord was SDK Village Green, LLC , represented by Mona Holz- berg , of Ripco Real Estate . Leased 2,500 s/f of space for Bubbakoo’s Burritos in Cop- per Tree Shopping Center, Oakland. The landlord was Shanvi LLC , represented by Alison Cohen , of Ripco

m e r c i a l Real Estate r ep r e s en t s t e n a n t i n the following leases: L e a s e d 1,402 s/f of s p a c e f o r JerseyMike’s

Leased 1,823 at the Lowe’s Retail Center at 67 Rte. 9, Marlboro. The landlord was JMP Marlboro Retail Unit 2, LLC , represented by David Greenman of Silbert Realty. Krauss represents landlord in the following leases: Leased 2.9 acres of space for Landmark Plaza Man- agement, LLC in Landmark Plaza, Howell. The tenant was Aldi, represented by Tom Hornstein, of Horn Compa- nies, LLC . Aldi’s building was 18,553 s/f. Leased 10,920 s/f of space for Navesink Center, LLC in Navesink Shopping Center. The tenant was Dollar Tree, represented by Danielle Brunelli, of RJ Brunelli & Co.  properties totaling 7 million s/f. The deal were completed as all-cash transaction,” said Gorjian. “We have acquired 27 properties across the United States in the last 12 months and are currently pursuing additional opportunities in the Cleveland area as well as throughout the Midwest, Southwest, Southeast, and Northeast,” he added. Discount retailer Roses Ex- press occupies the 25,520 s/f, single-tenant property at 1450 Hayden Ave. The building pro- vides 535 feet of street front- age and sits on a 2.28-acre lot. Roses and Roses Express brands are owned by Vari- ety Wholesalers, Inc., which operates nearly 400 stores, primarily in the Southeast and Midwest. Roses Express sells apparel, shoes, acces- sories, home furnishings and décor, toys, health and beauty products, and other household products. 1450 Hayden Ave. is the only major retail property within its residential neigh- borhood and alongside the busy Hayden Ave. corridor. 

Gary Krauss

Subs in Washington Bridge Plaza, Fort Lee. The landlord was AAC Fort Lee Plaza LLC , represented by Jason Gerbsman , of Hudson RE, LLC . Leased 1,423 s/f of space

HI-LIGHTS

SPOTLIGHT

Joel J. Gorjian of Gorjian Acquisitions buys Lee Wayne Plaza Office and Retail Center in Sterling, IL

GREAT NECK, NY — Joel J. Gorjian , a national real es- tate investor and president &

MID-ATLANTIC CONFERENCE & DEAL MAKING

CEO of Great Neck, New York-based Gorjian Ac- quisitions , h a s p u r - chased the Lee Wayne Plaza office/ retail center in Sterling, IL.

5-20A

R.J. BRUNELLI & CO. ANNOUNCES LEASES FOR DOLLAR TREE &GOODWILL

Joel J. Gorjian

Lee Wayne Plaza

Services; Comcast of Northern Illinois; Castor Home Nursing, Inc.; Back to Health Chiro- practic Care; and several other commercial tenants. There are also two rental warehouse and storage spaces. Nearby retail- ers include the Northland Mall, a Walmart Supercenter, Menards, ALDI, and Kohl’s, among other national retailers and restaurants. Gorjian Acquisitions, has purchased 25,250 s/f 1450 Hayden Ave., a single-tenant retail building in East Cleve- land, OH. “This latest acquisition brings our national owner- ship interest portfolio to 60

the most densely populated section of Sterling, a town 110 miles west of Chicago. The fully-leased property has a high visibility from Rte. 2, the primary commercial artery through the town, and services the Sauk Valley community with a population of approxi- mately 60,000, including more than 40,000 residents of Ster- ling, Rock Falls, and Dixon. Lee Wayne Plaza’s 13 tenants include two government enti- ties – the Bi-County Special Education Cooperative and the Illinois Department of Employment Security’s Unem- ployment Career Center – as well as McCormick Financial

“These latest acquisition brings our national ownership interest portfolio to 60 proper- ties totaling 7 million s/f. The four deals were completed as all-cash transactions,” said Gorjian. “We have acquired 27 properties across the United States in the last 12 months and are currently pursuing additional opportunities in the Midwest, Southwest, Southeast, and Northeast,” he added. Located at 2317-2323 East Lincolnway, the Lee Wayne Plaza is a 43,514 s/f, one-story office and retail strip center situated on a 2.08-acre lot in

The Space Place Your Guide to Available Retail Space

NameofCenter& Location Pohatcong Plaza 1250USHighway22 Phillipsburg,NJ08865

Available Sq. Footage

CompanyContact Information

9A Anchor Stores WalmartSupercenter, Stop&Shop,Regal Cinemas,Hobby Lobby,Marshalls, HomeGoods WalmartSupercenter, Sam'sClub,Regal Cinemas,Kohl's, HobbyLobby

Co-Tenants

NationalRealty&Development Corp.

Ulta,OldNavy, PetValu,Verizon Wireless,WaWa

4,000-30,496SF PlusPadSite

HarrisonLyss 914.272.8043 harrison.lyss@nrdc.com

www.marejournal.com

NationalRealty&Development Corp.

Northampton Crossings 3768EastonNazarethHighway Easton,PA 18045

Staples,Panera Bread,Petsmart

8,987SF PlusPadSite

HarrisonLyss 914.272.8043 harrison.lyss@nrdc.com

NationalRealty&Development Corp. NickHrvatin

Marketplace at Cinnaminson 2501Route 130South

WalmartSupercenter, Sam'sClub

Modell's

2,500-25,650SF

6A — February 22 - March 14, 2019 — M id A tlantic

Real Estate Journal

www.marejournal.com

M id A tlantic R eal E state J ournal By Brandon Anapol, Metro Commercial How retailers can overcome restrictive cove- nants in shopping centers: Part 2

n last month’s shop- ping center issue, I de- tailed one of the biggest

ample, ● If you’re a family enter- tainment tenant, show how moms like to shop for grocer- ies, clothes, and home decor before, during, or after they take the kids to the birthday party held at your venue. ● If you’re a fitness tenant seeking to lease at a grocery- anchored center, show how fitness enthusiasts like to pick up groceries or dinner after their workout. Fitness centers, urgent care facilities, family entertain- ment centers, and food halls are all in the active growth category. If you’re one of these or in another high-growth sector, provide data that dem- onstrates the potential for the shopping center and existing tenants by having you join the team. Be sure to provide data, trends, and reports from reliable sources. Arm the landlord with the information required to sell existing tenants At Metro Commercial, we recently encountered a situ- ation in which a national tenant was resisting signing

waivers to allow one of our cli- ents, a fitness center, to lease a space that had been vacant for several months. The ex- isting tenant had concerns regarding noise pollution and the potential for vibration to affect the use and enjoyment of their space. While the land- lord was frustrated, he was unsure how to proceed. He could see their point of view and so could we. These were legitimate issues for their brand and customer experi- ence. We knew, however, that we could provide information that could clarify and relieve their concerns. In a situation like this, the following package of informa- tion gave the landlord what he needed to inform the ten- ant, alleviate their concerns, and help them see the op- portunity. ● Develop a fact deck – The existing tenant’s primary concern was the po- tential noise level. To address the issue, we created a fact deck that included: ■ Results from noise level tests conducted at our client’s

existing locations. ■ A floor and site plan that indicated our client was pro- gramming the space with the quietest elements of the facil- ity along the demising wall. While the noise level tests proved that excessive sound levels would not be an issue, the floorplan and site plan provided an extra element of reassurance. ■ A customer profile that showed our client would be bringing in a more affluent customer base than was cur- rently coming to their center, enhancing their potential for incremental visitor traffic and spend-per-customer. ■ A traffic count indicat- ing that our client’s visitor traffic was higher than that of the former big-box tenant but would still allow for the existing parking allocation and distribution. In addition, we argued our client’s pres- ence would be beneficial in enhancing the perception of the center, which currently had a lot that was partially empty. ● Compile a press kit

– We provided a press kit that included the following: ■ A press release to be dis- tributed once the lease was signed, making sure it men- tioned the key tenants exist- ing at the shopping center. ■ Clippings of published stories featuring our client, its founders, commitment to the community, and mission. The landlord was surprised by the information we pro- vided and the opportunity for growth our client would bring to the center’s existing tenants. Using the informa- tion and data we provided, the landlord was able to suc- cessfully obtain waivers for our tenant to lease the space. In the midst of retail’s changes and challenges, there is also opportunity. Opportunities from which all parties--non-traditional businesses, landlords, and existing tenants--can benefit. The key is to show what’s in it for them. Brandon Anapol is se- nior vice president of bro- kerage services, Metro Commercial. 

cha l l enges e m e r g i n g a n d n o n - traditional r e t a i l e r s face in to- day’s retail l a n d s c a p e - restrictive covenants in

Brandon Anapol

shopping centers. Now that we identified the challenge, let’s take a more in-depth look at how retailers can create a solution. Inform the landlord on shifting trends that support your case Consumers are changing the way they shop. As more consumers go online for their needs, their expectations for convenience have increased. This means more combined trips and a desire for faster and closer shopping oppor- tunities. How will the shopping cen- ter and existing tenants be able to benefit from having you as a co-tenant? For ex-

Subscribe to the Mid Atlantic Real Estate Journal Today!

Real Estate Journal — Mid-Atlantic Conference & Deal Making — February 22 - March 14, 2019 — 7A

www.marejournal.com

M id A tlantic

M id -A tlantic C onference & D eal M aking

Danielle Brunelli represented the landlord in a lease for 12,816 s/f in Monmouth County R.J. Brunelli & Co. announces leases for Dollar Tree, Goodwill and others in NJ & DE

Jersey, senior sales associate John Lenaz completed two leases for Main St. Shop- ping Center, a new 13,800 s/f property at Main St. and Old Stage Rd. in East Bruns- wick. March 2019 openings are planned for a Ten Dimes dollar store in 1,460 s/f and HairSpace, a full-service salon that will occupy 1,407 s/f. R.J. Brunelli serves as leasing representative for the Middlesex County property, which is anchored by 7-Elev- en. Lenaz also represented the tenants on both leases. In Delaware, Danielle

Brunelli represented Dela- ware Apothecary on a lease that recently brought the pharmacy specializing in dermatology products to a 1,650 s/f inline space at Cen- ter Pointe Plaza on Church- mans Rd. in Newark. The 252,000 s/f power center is anchored by Home Depot, T.J. Maxx and PetSmart. R.J. Brunelli & Co. is the preferred broker for Dela- ware Apothecary. This is the company’s first location in the state, with locations already established in New York and New Jersey. 

LD BRIDGE, NJ — R.J. Brunelli & Co., LLC announced

the recent completion of a series of leases that wi l l intro- duce nation- al and local r e t a i l e r s and service providers to sites in New Jersey and Delaware. In its role as Dollar Tree’s exclusive real estate rep- resentative statewide, R.J. Brunelli brokered two ad- ditional leases for sites in central New Jersey. In the central region, Dollar Tree opened in November in a 9,000 s/f endcap unit at The Marketplace, located in Ma- tawan. R.J. Brunelli also served as leasing broker for the owners of the 55,000 s/f property, which was one of NJ’s first off-price centers and today houses such other chains as Tuesday Morning, Dress Barn, Carter’s and Harmon’s. The firm also rep- resented The Marketplace on a lease for Action Uniform Co., which opened its fourth NJ store in a 3,000 s/f inline space in early October. In the other central NJ Dol- lar Tree deal, the chain ex- pects to open in March 2019 in a 13,717 s/f inline space at Tano Mall, located at Amboy and Pierson Avenues in Edi- son. Dollar Tree will occupy a space that previously housed a Rite Aid drugstore at the 115,000 s/f center. All of the Dollar Tree leases and the Action Uniform deal were brokered by Danielle Brunelli , president and principal of the Old Bridge- based brokerage. In Monmouth County, Danielle Brunelli represent- ed the landlord in a lease for 12,816 s/f Goodwill In- dustries store and donation center at Navesink Center on Route 36 in Middletown. Expected to open in February 2019, the store will occupy the balance of the property’s former A&P supermarket, adjoining the recently opened 10,920 s/f Dollar Tree signed by Danielle Brunelli earlier this year. R.J. Brunelli serves as broker for the 43,200 s/f center, which is also under- going a façade renovation. Elsewhere in central New Danielle Brunelli

Navesink Center on Route 36 in Middletown rendering

RE_ad_version1.qxp 11/2/2005 11:54 AM Page 1

Seeking Retail Opportunities Consistently Ranked #1 Franchise - 50+ Y ear T rack Record

Looking for sites in PA & S. NJ End Cap, In-line, Free Standing Flexible Space Requirements

Non-Traditional Venues - Hospitals/Colleges Universities/B&I/Stadiums/Casinos/Airports

Eastern PA — Local Contacts: Philadelphia PA & Southern NJ —

610-366-8120 x 24, Cheryl Green green_c@sdepa.com 410-752-6760, Evan Brodie evan@sandhumanagement.com

realestate.subway.com www.subway.com

facebook.com/SDEPA1

8A — February 22 - March 14, 2019 — Mid-Atlantic Conference & Deal Making — M id A tlantic

Real Estate Journal

www.marejournal.com

M id -A tlantic C onference & D eal M aking Parrish represents both parties in 62 acre sale Bennett Williams Commercial completes 43,464 s/f in transactions

Brad Rohrbaugh , and Chad Stine of Bennett Williams Commercial represented the both the buyer and the seller in the transaction. 0.13 AC land at 105 N. George St., York City. 105 North George, LLC purchased the land from First National Bank of Pennsylvania. Abe Khan , Rohrbaugh, and Stine of Bennett Williams Commercial represented the buyer in the transaction. 62 AC land in New Freedom Borough. Brian Parrish of Bennett Williams Commercial represented the buyer and the seller in the transaction.

1,600 s/f retail space at The Shops at Foster Brook, 50 Fos- ter Brook Blvd., Foster Town- ship. Zoom Tan, Inc. leased the space from Foster Brook Shops, LLC. Blake Shaffer , Khan, Rohrbaugh, and Stine of Bennett Williams Commercial represented the landlord in the transaction. 1,077 s/f office space at 211 Welsh Pool Rd., Uwchlan Town- ship. Careers USA, Inc. leased the space from 211 Welsh Pool Road Associates, LLC. Bill Hess of Bennett Williams Com- mercial represented the tenant in the transaction. 1,964 s/f retail space at South

York Plaza, 231 Pauline Dr., York Township. Vape City leased the space from York Plaza, LP. Shaffer and Walker Monteith of Bennett Williams Commercial represented the tenant and Khan, Rohrbaugh, and Stine represented the land- lord in the transaction. 1,500 s/f retail space at Vil- lage Square Shoppes, 35AA N. Main St., Jacobus Borough. Full Circle Studios, LLC leased the space from DADDS Corp. Shaf- fer, Monteith, Rohrbaugh, and Stine represented the landlord in the transaction. 3,323 s/f retail building at 1039 Carlisle St., Hanover Bor-

ough. The Nail Lounge leased the space from Keshav Krupa, LLC. Shaffer, Rohrbaugh, and Stine represented the tenant and KarenNeiderer and Den- ny Neiman of Bennett Wil- liams Commercial represented the landlord in the transaction. 1,200 s/f retail space at Queen Street Plaza, 314 N. Queen St., Littlestown Borough. Edward D. Jones & Co., LP leased the space from Littlestown Plaza, LLC. Khan, Shaffer, Rohrbaugh, and Stine rep- resented the landlord in the transaction. 2,000 s/f retail space at Or- chard Hills Shopping Center, 30 Baldwin Blvd., Shamokin Dam Borough. Family Health Council of Central Pennsyl- vania, Inc. leased the space from Orchard Hill Shopping Center, LLC. Gary Russell of Bennett Williams Commercial represented the tenant and Shaffer, Rohrbaugh, and Stine represented the landlord in the transaction. 7,680 s/f retail building at 26 S. 12th St., City of Allen- town. Clean Rite-26 S 12th, LLC leased the space from BHM Partnership. Theo No- taras and Greg Whedbee of Bennett Williams Commercial represented the tenant in the transaction. 5,500 s/f retail space at Dills- burg Shopping Center, 852 US 15, Dillsburg Borough. 13 Stripes Crossfit leased the space from Dillsburg Center, LLC. Shaffer and Willits rep- resented the tenant and Khan, Rohrbaugh, and Stine rep- resented the landlord in the transaction. 1,892 s/f retail space at Pa- vilion Shoppes at Gateway, 243 Walker Rd., Chambersburg Borough, Franklin County, PA. DC Moore, LLC dba Teriyaki Madness leased the space from Legacy Properties II, LLC. Shaffer, Rohrbaugh, and Stine represented the landlord in the transaction. 9,812 s/f retail building at 510 Herman O. West Dr., Uwchlan Township. West Pharmaceuti- cal Services, Inc. purchased the building from KQC Investors, LLC. Hess represented the seller in the transaction. 2,958 s/f retail building at 92 Doe Run Rd., Penn Twp. CDZ Properties, LLC purchased the property from Branch Banking and Trust Co. Willits, Rohrbaugh, and Stine repre- sented the both the buyer and the seller in the transaction. 

ENTRAL PA — Ben- nett Williams Com- mercial , one of the

largest third- party, com- mercial real estate firms i n Cen t r a l Pennsylvania has arranged the sale/lease of the follow- ing transac- tions:

Brian Parrish

2,958 s/f retail building at 92 Doe Run Rd., Penn Twp. CDZ Properties, LLC purchased the property from Branch Banking and Trust Co. Justin Willits,

RETAIL BROKERAGE. REDEFINED.

R E T A I L

A t B ennett W illiAms , Y our i nvestments A re A lWAYs in G ood H Ands . " " Our Retail Investment Sales Team provides top notch retail investment sales services for all categories of retail investments for both buyers and sellers, whether institutional or local, throughout the Central Pennsylvania landscape.  Strong Industry Relationships  Extensive Owner / Buyer Databases  Broker Email Campaigns For more than 60 years , our team of resourceful brokers have been building client confidence in all facets of commercial real estate and our investment sales team is no different. Bennett Williams Retail is a boutique retail real estate firm specializing in sales & leasing throughout all of Central PA. No pressure sales tactics, just sophisticated deal-making at market values or above.

INVESTMENT SERVICES

S ingle T enanT T ranSacTionS

Casual Dining Bank Auto Parts Big Box

Drug Store Convenience QSR Dollar Store

 National Trade Show Networking  Regional Trade Journal Advertising  Offering Memorandums & Sale Brochures  Asset Website with Document Vault  Online Transaction Platform  Professional Photography (Ground Level & Aerial)  Market Overview Aerials  Market / Demographic Analysis  Traffic Maps  County Reports / Data

M ulTi T enanT T ranSacTionS

Outlet Neighborhood Community

Regional Value Add Lifestyle

Power Anchored Unanchored

S ale l eaSeback T ranSacTionS 1031 e xchange T ranSacTionS

E xton: 1 E. Uwchlan Ave., Suite 409 | Exton, PA 19341 717-843-5555 | www.bennettwilliams.com

York: 3528 Concord Rd. | York, PA 17402 Lancaster: 150 Farmington Lane, Suite 201 | Lancaster, PA 17601

Real Estate Journal — Mid-Atlantic Conference & Deal Making — February 22 - March 14, 2019 — 9A

www.marejournal.com

M id A tlantic

M id -A tlantic C onference & D eal M aking The Space Place Your Guide to Available Retail Space

Name of Center & Location Pohatcong Plaza 1250 US Highway 22 Phillipsburg, NJ 08865

Available Sq. Footage

Company Contact Information

Anchor Stores

Co-Tenants