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EWBERRY, PA — Goodman Group has kicked off con- N Two-building logistics campus that will total over 1.8 million s/f Goodman breaks ground at its latest logistics center inNewberry, Central PA
ISSUE HIGHLIGHTS Volume 30, Issue 19 October 12 - 25, 2018 PROCIDA FUNDING’S 100 MILE FUND TOPS $500M IN LOAN ORIGINATIONS
struction works for a two- building logistics campus that will total over 1.8 million s/f – Goodman Logistics Center Newberry. The new site of- fers customers a unique op- portunity to build a modern logistics warehouse to suit their needs, in this premium location. Located adjacent to Exit 35 and fronting Interstate 83, Goodman's latest develop- ment provides strategic ac- cess to the Port of Baltimore, NewYork / New Jersey, Phila- delphia and Washington D.C. Anthony Rozic , CEO of Goodman North America said: "Newberry is located within one of the premier in- dustrial real estate markets in the US given its affordable cost of living, large labor pool, and high consumption of goods within its own bound- aries. In addition, Goodman
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Goodman Logistics Center Newberry is one of a number of projects in Goodman's cur- rent US$2.6 billion develop- ment pipeline, which will pro- vide 18.3 million s/f of Class A logistics space in the key lo- gistics and industrial markets of Inland Empire, Greater Los Angeles, Northern New Jersey, Lehigh Valley and Central Pennsylvania. Over the last twelvemonths, Goodman Logistics Center Newberry
ROCKFORD CAPITAL PTRS . ACQU I RES 100,632 S/F BUILDING
Logistics Center Newberry's location means that it offers strategic access to 40% of the nation's population while of- fering freeway frontage for customers." Construction for both on- site and off-site infrastructure has now commenced, and the site will be ready to start building by December 2018. With construction due to com- plete in Q3 2019.
Goodman has completed 5.5 million s/f of class A develop- ment product in these key logistics markets, with a fur- ther 1.9 million s/f currently under construction. This is consistent with Goodman's on- going commitment to servicing the needs of its national and global customer base through the development of modern, well-located properties for long-term ownership. more space) with drive-in loading and available park- ing, allowed us to fully lease the building in less than 9 months,” Myers commented on the velocity with which full occupancy was attained. Prospective tenants were attracted to the property in part because of the new construction, ample parking, and smaller square footages. The tenant base businesses include: inventory storage, electrical contracting, ma- chine shop, logistics, and distribution. Additionally, many of the tenants are lo- cal and wanted a location in close proximity to where they live. Located directly off Route 10, accessible from both east and west bound lanes, the property is near big box stores and less than 1.5 miles from a new retail center, The Corner at Liv- ingston Circle.
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MAREJ EVENTS October 17, 2018 Delaware CRE Forecast Conference
Myers & Ritschel of Newmark Associates manage leasing of 30 industrial flex units in Livingston, NJ
October 18, 2018 Philadelphia CRE Forecast Conference For speaking and sponsorship information, please contact: Lea at 781-740-2900 or lea@marejournal.com
LIVINGSTON, NJ — Newmark Associates an- nounced the recent comple- tion of fully leasing 30 indus- trial flex units at 7 Industrial Parkway in Livingston. Deborah Myers , manag- ing director/broker-associ- ate, and Charles Ritschel , senior sales associate, man-
Directory Financial Digest................................................. 5-8A DelMarVa.........................................................9-11A Insurance/ Title Spotlight...............................14-15A Business Card/Billboard Directory.......................19A Organization Events. ...........................................20A New Jersey................................................. Section B Southern New Jersey. ......................................5-11B Pennsylvania.............................................. Section C Southeastern PA. .............................................5-10B www.marejournal.com
7 Industrial Parkway in Livingston
aged the leasing of the build- ing on an exclusive basis for the building owner with whom Newmark Associates has had a successful, long- standing relationship for over 20 years. Myers represented the owner when he originally bought the property and has completed many other transactions with him. Ownership constructed the 41,250 s/f building from the
ground up on 5 acres of land in a modern and functional design. The building con- sists of 1375 s/f units, each including a small office area, bathroom, open warehouse space, and drive-in door loading. “With the Industrial/Flex market being a highly ‘in demand’ asset class, having newly constructed smaller units (with the ability to as- semble additional units for
Inside Cover A — October 12 - 25, 2018 — M id A tlantic er Sept. 28 - October 11, 2018 — M id A tlAntic I si e
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Real Estate Journal
JUST LISTED - FOR SALE The Village at Upstream Farm Investment Offering Ground Lease
Pinewoods Association, LLC is offering for sale approximately 26 acres of land together with a 99 year ground lease with 82 years remaining containing a 55+ community in Forks Township, Northampton County. The Lessee is The Village at Upstream Farm Condominium Association. The development is comprised of 124 one and two-bedroom condominium units with garages. The ground lease began in July of 2001 and terminates on August 31, 2100 at which time the lessee has an option to purchase the property for $1.00.
• Monthly rental income: Pure NNN • Ground Lease with no landlord responsibilities • Annual increases at CPI not to exceed 5% per year • Homeowners association pays all costs of maintenance and capital repairs to the property • Clubhouse is included as part of the fee simple sale • Condominium Association has capital reserves for property upgrades and repairs • Potential for future property management • Condominium Association has never missed a payment
For additional information and a full investment package, please contact: Cindy McDonnell Feinberg at 610-709-6231 Gregg M. Feinberg at 610-709-6233 1390 Ridgeview Dr., Suite 301 This unique investment opportunity is offered at $10,995,000.00
Allentown, PA 18104 www.feinbergrea.com
Real Estate Journal — October 12 - 25, 2018 — 1A
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COLLABORATIVE CULTURE RELATIONSHIP FOCUSED DEFINED EXPERTISE
CVS Middletown, NJ $11,776,500
Chase Bank Middletown, NJ $4,250,000
Downtown Mall Meadville, PA $7,564,743
CVS Cambridge, MA $21,127,560
CVS New Bedford, MA $1,439,541
Advance Auto Parts Chilhowie, VA $1,439,541
Panera Bread Clarksburg, WV $1,583,000
Applebee’s Sarasota, FL $5,072,176
Advance Auto Parts Brockton, MA $1,852,920
Closed $4,000,000,000 in Recent Transactions
Transactions 1,000+ in 36 States
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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 — October 12 - 25, 2018 — M id A tlantic
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Mid Atlantic Real Estate Journal
Mid Atlantic R eal E state J ournal Publisher, Conference Producer . .............Linda Christman AVP, Conference Producer ...........................Lea Christman Account Executive ........................................... Steve Kelley Account Executive ............................................. Kim Brunet Account Executive ........................................ Marisol Chase Senior Editor/Graphic Artist ..........................Karen Vachon Office Manager ...............................................Kerrin Devine Contributing Columnists ...................................Mike Harris 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. 30, Issue 19 Subscription rates: $99 - one year, $148 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion 781-740-2900 | Fax: 781-740-2929 www.marejournal.com
Recently Closed Loans
Showroom-Like Stores Could Overthrow The Ba- sis For Retail Rents, Writes Cremodels Executive I Mike Harris f present trends continue, retail rents might one day be based on traffic and customers rather than tradi- tional metrics such as sales per square foot or percentage rent, observes Mike Harris, Manag- ing Director of CREModels, in a new column for Forbes.com. “E-commerce is transforming retail real estate and yet the most drastic changes may still be ahead,” writes Harris, whose CREModels provides financial modeling, due diligence and technology consulting. In the Aug. 14 column for Forbes.com (“From Stores To Showrooms: Evolving The In- Store Experience And Un- derwriting Practices”), Har- ris notes that landlords like Macerich and CBL Properties are increasingly cultivating relationships with the types of digitally native retailers that tend to open showrooms—the likes of Casper, Warby Parker, thredUP, Adore Me, Everlane and UNTUCKit. They are also ramping up the customer and property data they collect and spearheading pilot programs to share this
$76,383,261 $2,788,000 $21,000,000 Residential Land Development Loan Medical Office Construction Loan Regional Shopping Mall Bridge Loan West Goshen Township, PA Lehi City, UT Everett, WA 36Months, I/O, 30 DayLIBOR + 1025 bps 12Months, I/O, 85% LTC,5.75% 36Months, I/O, 65% LTV, LIBOR + 500 bps, Non-Recourse
ONLINE ONLY SELLER ORDERED AUCTION 4,437± SF Commercial Building on 1.35± Acres Real Property Capital is a Philadelphia based full service commercial mortgage banking firm with a regional focus and national capabilities. Our business model emphasizes client satisfaction through a high-touch, analytical approach that distinguishes us from the competition. Learn more about our distinct approach and proven track record of success at www.realpropertycapital.com. FOR MORE INFORMATION: R. Brenner Green, President 303 Harry Street • Conshohocken, PA 19428 • 610-456-9644 • bgreen@realpropertycapital.com
The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
type of information with data- hungry tenants. Given enough time, Harris contends, tenants’ marketing departments could start to regard the highest- traffic malls and shopping districts as key influencers in their own right. “We may now be in the first stages of this evolution,” he writes. “Instead of thinking about real estate as ground zero for transactions, clicks-to-bricks operators are asking landlords for data on how physical stores can help them acquire customers.” Such shifts could lead to a different conception of the ba- sic business contract between landlords and certain tenants, Harris continues. Productivity- related stats such as sales per square foot or percentage rent could give way to calculations focused on traffic and custom- ers. To illustrate what this
might look like, Harris cites the Software-as-a-Service dis- tribution model, in which third- party providers host customer apps online. “In this world, marketers frequently pay a lot more for each new customer than they would have received from just a first sale alone,” he writes. “Applied to real estate, this type of pricing could upend the concept of a rent-to-sales ratio.” Instead of a retailer attempt- ing to keep rent far below its sales, an operator may be will- ing to pay substantially more than the initial transaction in recognition of the value of the customer connection, Harris explains. In the era of multichan- nel retailing, the difficulty in determining when and where continued at www.marejournal.com
Property Location: 1166 Route 40, Pilesgrove, NJ 08098
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e Mid Atlantic RE Journal 1/4 pg,, October 12
Real Estate Journal — Auctions — October 12 - 25, 2018 — 3A
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A uctions REAL ESTATE AUCTION Live & On Line By Saturday, October 27th @ 11:00 A.M. Commercial 10 Bay Garage, Horse Farm & Home Former: Bernie’s Auto Repair Address: 806 SR 92 S, Tunkhannock PA 18657 (House Rear of Property is: 14 Osterhout Rd.)
Real Estate Includes: Commercial 10 Bay Garage, 4,752 Sq. Ft. with 2 nd Floor Storage above Office and Shop Area. Garage Doors: 16’w x 12’h, 12’w x 10’H (2), 12’W X 14’h Heat: Oil Forced Air; Building Cement Block; Metal Roof Water: Well; Sewer: Septic; Electric; Horse Corral Included. 392.7’ Road Frontage on State Route 92 (No mechanic tools or apparatus included in sale). House: Front Porch & Back Deck, Unique Pool with Water Fall; Main Floor 3 Br; Dr Kt; 2 ½ Baths; Full Basement 85% Finished; Living/Open Area; Bedroom/Guest Room; ½ Bathroom;
Laundry Room; Tiled Floor; Heat: Electric; Water: Well. Sewer: Septic (2 Septics, 1 Drain Field) House has Backup Heat, LP Gas and line to back deck for Gas BBQ Grill Horse Barn with 8 Stalls’and Horse Corral. (Electric Heat) Total acreage 4.5 Acres Wyoming County, PA. Deed Book 317, Page 244-248 Assessment: Bldgs 58,250, Land 7,155, Total: 65,405.
School District: Susquehanna 4 Miles from Tunkannock, PA Inspection: By Appointment
Terms of Sale: 10% Non-Refundable Down Payment, by successful Bidder. Balance due within 45 days. On-line Bidders are required to pay a Four Percent (4%) Adminis tration Fee on the deposit. Sale not contingent upon financing! Time, being of the essence! “Property Sold As Is!” Sale “Subject to Approval” of well motivated seller! DISCLAIMER: All information in this brochure was derived from reliable sources, believed to be correct but not guaranteed! Bidders shall rely entirely on their own information, judgment & inspection. Auctioneer is acting as an agent for the seller. All announcements from the Auction Block will take precedence over any previously printed material or any oral statements made! NO warranties expressed or implied. This brochure is only a guide.
Col. Steve Sitar & Co.
Cell: 570-954-7001
P.O. Box 779 Waverly, Pa 18471
Pa Lic. AU 2124-L
PH: (570) 586-1397
www.sitarauctions.com www.auctionzip.com
PUBLIC AUCTION-LIVE & ON-LINE! WOODHAVEN TOWN HOUSES & DEVELOPMENT SAT. NOV 3rd @ 11:00 A.M. West Woodhaven Drive, Luzerne County, White Haven, PA 18661 AUCTION SITE: To be determined!
Property consists of: Woodhaven Drive-Four Town Houses- (Rented); Plus 20 Lots Morgan Court-22 Lots Plus 2.74 Acres; William Court-19 Lots, Plus 3.84 Acres; Town Houses generate $4000.00 per month Terms of sale:Ten Percent (10%) Non-Refundable
Deposit By Successful & Highest Bidder. Balance to be paid upon closing within 45 days. Sale Subject to Approval of well-motivated sellers. On-Line Successfull bidder are required to pay a 4% administration fee on the deposit. Auction Site to be Determined!
Hire The Commercial, Industrial & Real Estate Auctioneers!
Col. Steve Sitar & Co.
Cell: 570-954-7001
P.O. Box 779 Waverly, Pa 18471
Pa Lic. AU 2124-L
PH: (570) 586-1397
www.sitarauctions.com www.auctionzip.com
4A — October 12 - 25, 2018 — M id A tlantic
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The Mid Atlantic Real Estate Journal is celebrating ExecutiveWomen in Business! Reserve a spot today! Requirements for participation include:
Half ($695) or full page ($995) ad with a Q&A and a headshot of the Executive
Deadline Oct 12th Pub Date Oct 26th Contact Marisol for more information marisol@marejournal.com 781-740-2900
F inancial D igest
Real Estate Journal — October 12 - 25, 2018 — 5A
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Provides bridge, construction and other value-add loans within 100 miles of NYC Procida Funding’s 100 Mile Fund tops $500 million in loan originations
E
of the Fund’s most recent investments that displays the asset class diversity of the 100 Mile Fund is the recent historic rehab/construction loan on the 1904 Philadelphia Metropolitan Opera House (which Bob Dylan will be the opening performer in Decem- ber 2018). The 100 Mile Fund has also lent on numerous office buildings, multifamily projects, and condo projects. “Since 2017, we’ve stayed away from luxury, large-scale projects, becoming defensive by financing “recession proof real estate” such as gas sta- tions, fuel truck repair facili- ties, factories … the uglier the better,” said Procida. The 100 Mile Fund has had an average dividend of over 12% annualized since incep- tion. The fund is an open- ended investment vehicle for accredited investors in $200,000 investment units.
meet every client, see every property, and continue to visit every property after we close at least once a month to make sure our investments are safe, until we are paid off.” Procida further states, “After seeing what happened in previous cycles, we believe in being extremely hands on. We have a policy which requires all our senior executives to visit the property and meet the bor- rower along with their team prior to giving approval to close. Then, once we are closed, our asset management team is on site with the borrower and their representative(s) a mini- mum of one time a month.” Unlike most funds, which target one or two asset classes, the 100 Mile Fund is “as- set class agnostic.” The 100 Mile Fund’s investments have ranged from chemical plants to gas stations to hotels to restaurants to colleges. One
NGLEWOODCLIFFS, NJ — Procida Fund- ing’s 100 Mile Fund
t o p s $ 5 0 0 mi l l i o n i n loan origina- tions with a recent $38 million loan c l o s e d o n a college in R o c k l a n d County. The
William Procida
100 Mile Fund was established by Procida Funding in October of 2011. The Fund provides bridge, construction and other value-add loans throughout the New York, New Jersey, Pennsylvania and Connecti- cut markets within 100 miles of New York City. The Fund originated 87 loans totaling $532 million; $362 million of which have been repaid. William “Billy” Procida , president & CEO of Procida Funding, refers to this fund as YARDLEY, PA — Cush- man & Wakefield’s Equity Debt & Structured Finance (EDSF) group has arranged $63 million in purchase financ- ing for the acquisition of Lower Makefield Corporate Center in Southern Bucks County. Affili- ates of Rubenstein Partners acquired the eight-building, 467,000 s/f Yardley office com- plex this month, with Rialto Capital Management pro- viding separate mortgages for the property’s two distinct campuses on Stony Hill and Township Line Roads. EDSF team members John Alascio, Alexander Her- nandez, Sridhar Vankayala and TJ Sullivan headed the assignment on behalf of Ru- benstein Partners, which pur- chased the asset from Ameri- can International Group . Lower Makefield Corporate Center offers a distinctive com- bination of high-quality office product at an attractive basis, strong sponsorship, and posi- tive leasing momentum – in a
100 Mile Fund invests in historic rehab/construction loan on the 1904 Philadelphia Metropolitan Opera House.
“the little engine that could.” He states, “I’ve got friends who have done 10 to 20 times more dollar volume than us. Due to the complexity of what we do, and the way we do it, it is just
not feasible to do $1 billion a year. We have a small SWAT team that does about $100 mil- lion per year. Unfortunately, I have a major flaw and I still feel the need to personally
Alascio, Vankayala and Sullivan arranges $44.875M in financing of Pennsylvania light industrial portfolio Cushman & Wakefield arranges purchase financing for Southern Bucks County, PA office asset totaling $63million
2010 Cabot Boulevard
and Trevose, Bucks County, PA. The Arden Group ac- quired the 607,890-square-foot portfolio from High Street Realty Company, LLC. Cushman & Wakefield’s Pennsylvania Capital Markets team consisting of Robert Yoshimura, Joseph B. Hill, Jr., Eric Mattson, Gerry Blinebury, Jonas Skovdal and Joseph R. Hill bro- kered the sale of the portfolio to The Arden Group. Alas- cio, Vankayala and Sullivan arranged financing for the buyer for acquisition, capital improvements and lease-up of
the portfolio. The portfolio is comprised of the following buildings: 180 Wheeler Court, 835 Wheeler Way, 2000 Cabot Blvd., 2005 Cabot Blvd., 2010Cabot Blvd., 2200 Cabot Blvd., 2260-2270 Cabot Blvd., and 3000 Cabot Blvd. in Langhorne, as well as 2512 and 2540 Metropolitan Dr. and 4667 Somerton Rd. in Trevose. The properties are currently 80% occupied by a variety of national, regional and local tenants, offering a diversified rent roll and the ability to add value via ad- ditional leasing.
Lower Makefield Corporate Center
market defined by consistently appreciating fundamentals. “These factors generated signif- icant interest from the financ- ing market,” said John Alascio, executive managing director of the EDSF team. “Rubenstein Partners has a reputation in the industry of creating signifi- cant value and upside within corporate campus environ- ments,” he noted. “As such, we were able to take advantage of
the increasingly competitive debt capital markets to secure an attractive financing pack- age for Lower Makefield in one of the region’s most attractive suburban markets.” In a separate transaction, Cushman & Wakefield’s in- vestment sales and financ- ing specialists orchestrated the $44.875 million sale of a 12-building light industrial portfolio located in Langhorne
6A — October 12 - 25, 2018 — Financial Digest — M id A tlantic
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F inancial D igest
EWBURGH , NY — Cronheim Mort- gage secured $27 Loan was placed with American General Life Insurance Co. and The US Life Insurance Co. Cronheim Mortgage secures $27m 15-year loan for 504,875 s/f leased C&S Facility N
1918 as an independent grocer supplier, they are now listed as #10 on Forbes America’s Largest Private Companies List. The building features ceiling heights of 40 feet, one drive-in dock, and 89 tailgate loading docks. It is situated on a 50.51-acre site and contains parking for 250 automobiles and 360 trailers. The property was originally constructed in 1990 and served as the main warehouse for the now defunct Caldor Corporation. The property is ideally lo- cated near the intersection of Interstate 84 and the New York Thruway (Interstate 87), and is situated 55 miles north of New York City, accessible via the New York Thruway. Less than 1/3 of a mile from the Subject is New York Stew- art International Airport, which served nearly 450,000 commercial airline passengers in 2017, and Stewart Air Na- tional Guard Base. Progress Capital negotiates $4.157m construction loan BROOKLYN, NY — Rep- resenting MADDD Equities, Brad Domenico , partner story mixed-use buildings located at 139-141 Alexander Ave. in the Mott Haven section of South Bronx. Each of the three buildings will include seven luxury residential units and one single ground level retail space. Domenico arranged the loan with an initial 18-month in- terest-only period during con- struction. After the interest- only period the loan converts to a seven-Year permanent mortgage based on a 30 year amortization. Progress Capital is a Com- mercial Mortgage Banking firm specializing in arranging debt for commercial real estate owners and residential devel- opers. Since 1990, Progress has successfully closed in ex- cess of $40 Billion in commer- cial loans and deployed over $150 Million through their direct lending platform. Brad Domenico at Progress Capital , ne- g o t i a t ed a $4 , 157 , 000 construction to permanent loan for the development of three at- tached four-
million in long-term financ- ing for a 504,875 s/f warehouse facility located in Newburgh, Orange County. The loan was structured on a 15/27 basis and was placed with American General Life Insurance Com- pany and The United States Life Insurance Company in the City of New York, whom Cronheim represents as cor- respondent and servicer. The borrower is an affiliate of Purchase, NY-based National Realty & Development Corp.,
504,875 s/f warehouse facility located in Newburgh, Orange County, NY
a CRE industry leader. The subject is fully leased to C&S Corporation, a U.S. based wholesale grocery sup-
ply company who has been the sole tenant for over 20 years. C&S is the NY metro area market leader in wholesale
grocery delivery, supplying over 850 area stores (over 14,000 in total) of various grocery brands. Founded in
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Real Estate Journal — Financial Digest — October 12 - 25, 2018 — 7A
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F inancial D igest
ACKENSACK, NJ — Commercial real es tat e bor rower s Hackensack NJ private lender closes 1st two loans in NYC under new loan program Silver Arch Capital Partners launches new 6 ¾% lower rate financing program H and speed borrowers could not obtain otherwise.”
Rates start at 6 ¾% plus 1 ½ points. Lending opportunities are limited to income-producing properties based in the United States. Silver Arch Capital Partners has closed the first two loans under the new program. The first closed loan was se- cured by a tenant-occupied con- dominium located on W. 22nd St. in Manhattan. The 21-story building in the Gramercy Park neighborhood boasts a full- time doorman and concierge, a state-of-the-art fitness center, cold storage, a playroom, plus a furnished rooftop deck and
lounge with an outdoor kitchen. The second closed loan was secured by a 8,600 s/f com- mercial property located on Southern Blvd. in the Bronx’s Longwood neighborhood. The four-story building is home to a cell phone company, which occupies a ground floor store- front. The owner is currently actively leasing the three floors of office space plus the remain- ing ground floor space. Upon completion, the property value will be $3.5 million. “Access to capital can be vital to a property’s continued operations, even when the prop-
erty is generating revenue,” Wolfer said. “That makes our new lending program ideal for apartment buildings, of- fices, retail locations, and other revenue-generating properties that need capital quickly, and at good rates.” According to Wolfer, timing is of the essence for many prop- erty owners, with conventional banks simply taking too long to greenlight the necessary funds. “Borrowers come to us be- cause they know that we can quickly meet their needs,” Wolf- er said. “As a private lender, we are afforded the flexibility
With decades of experience and more than $2 billion in closed loans, the principals of Silver Arch Capital Partners are known for their innovative approach to lending, closing loans for borrowers who may be turned away by a tradi- tional lender due to property type or issues with credit. In addition to their new special rate program, Silver Arch man- ages loan programs for multiple commercial property types, multifamily properties, and raw land.
searching for a fast injec- tion of capital at affordable rates can now take advan- tage of Silver Arch Capi- tal Partners’ new special loan program for income-pro- ducing properties. “Many borrowers are apply- ing for loans in a tight lending environment, so we set out to create a loan program with fa- vorable rates and terms which complements our other pro- grams,” said Jeffrey Wolfer, president and CEO of Silver Arch Capital Partners. “As a nationwide private lender, we step up when banks and other conventional lenders may not be willing or able, by creating a program to address the unique needs of this sector of the com- mercial real estate market. “If a property owner is looking to stabilize a property or help expedite lease-up, a loan from Silver Arch Capital can help.” According to Wolfer, the new lending program offers funding from $1 million to $12 million. Jeffrey Wolfer Investment Real Estate, LLC Hires Nicolson as Senior Financial Analyst YORK, PA —Locally owned and operated Investment Real Estate, LLC (IRE) an- nounced the hiring of John Nicolson as senior financial analyst. Nicolson is responsible for assisting the brokerage team by providing financial analy- ses and valuations on self stor- age properties; preparation of market/feasibility analysis; supporting the development of proposals and offering memo- randums; and the creation and maintenance of financial mod- els. He also conducts detailed underwriting of transactions for investors, owners, and lenders. This includes develop- ment planning, determination of growth projections, seven- year proforma forecasting, expense modeling, and return calculations. “The addition of John Nicol- son to our growing brokerage team is an exciting hire for our company,” said Kevin Bledsoe.
Sourcing the Best Financing for Your Real Estate Investments
Student Housing Philadelphia, PA $20M+ Refinance
Light Industrial/Office Delaware County, PA $2.89M Acquisition Funding
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Office Building Chester County, PA $54M+ Acquisition Funding
Development Site Philadelphia, PA $8.3M Construction Loan
RCA Places Financing for the Full Range of Commercial Real Estate Assets: Multi-Family, Retail, Office, Industrial, Healthcare, Hospitality, Development $1,000,000 to $100,000,000+
George Johnson President & CEO george@rittenhousecapital.com
Joe Hanuscin Sr. Client Manager joe@rittenhousecapital.com
Andrew Beauchemin Business Development andrew@rittenhousecapital.com
James Grande Business Development james@rittenhousecapital.com
For information visit www.RittenhouseCapital.com or call (215) 454-2852
8A — October 12 - 25, 2018 — Financial Digest — M id A tlantic
Real Estate Journal
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F inancial D igest
Your 1031 Exchange Resource We work with you to construct a customized replacement portfolio through the use of Delaware Statutory Trusts (DSTs) and/or actively managed properties.
Gregg J. Wallace President AMA Financial, LLC
AMA specializes in providing a broad scope of flexible and creative debt and equity financing options for all property types – all of your financing needs under one roof. 707 Montgomery Avenue, 2nd Floor Narberth, PA 19072 P: 610-784-0400 x11 | C: 609-472-9030 gwallace@amafinancial.com www.amafinancial.com
Edward Kasperavich, CFA, Deborah Stackpole, and Matthew Nielsen 45 N. Broad Street, Suite 401 Ridgewood, NJ 07450 201-258-4762 1031@stonecrestpartners.com www.stonecrestpartners.com Securities offered through Stonecrest Capital Markets, Inc., Member FINRA/SIPC
Tell us whats new in DelMarVa!
Real Estate Journal — October 12 - 25, 2018 — 9A
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M id A tlantic
VA Beach Economic Dev. welcomes 44,000 s/f beer garden
By Diana Creasy, DEWD Israeli companies find a home inBaltimoreCounty
addition, they are bringing new talent to the region and dou- bling the number of new jobs in Virginia Beach.” “We’re thrilled to open our doors in Virginia Beach,” said Carey Falcone, co-founder and CEO of New Realm Brewing Company. “The Hampton Roads region is known for a fun, active lifestyle, making it a great place to feature our exciting beers, one-of-a-kind restaurant and inviting event venue.” “Everyone we worked with at the City of Virginia Beach has been extremely helpful to make this a successful venture for NewRealmBrewing Company,” said Falcone. “We are investing heavily in our new Virginia Beach brewery and community by enhancing the quality lab, installing additional Krones Unitanks from Germany, as well as building an outdoor bar, a full kitchen and seating for more than 400 people. We anticipate hiring 105 people at current full capacity.”
VIRGINIA BEACH, VA — With its flagship location in At- lanta, GA, New Realm Brewing
Co. is branch- ing out to Vir- ginia Beach. Co - f ounded b y C a r e y Falcone, Bob Powers and Mitch Steele, the brewery f e a t u r e s a
ne company is revo- lutionizing security systems to improve emergency response. Another firm is making it easier to pay without cash. A third Israeli company is helping companies improve fleet management. These entrepreneurial Is- raeli firms have chosen Bal- timore County as the place to grow their business in the United States. The County’s economic development team, the icybercenter@bwtech, Maryland Israel Development Center (MDIC) and World Trade Center Institute offer resources for international firms to thrive here. The services offered by Bal- timore County are attractive to international firms, par- ticularly companies in the tech space. Located next to a leading university, UMBC, bwtech@UMBC offers assis- tance for start-up technology companies to help themmake valuable connections with customers, suppliers and academic institutions. The new icybercenter@bwtech incubator program creates a soft landing for small inter- national companies looking to set up a U.S. operation. MDIC promotes bi-lateral trade and investment and connects companies and en- trepreneurs from Maryland and Israel for sales, distribu- tion, investment, representa- tion and joint R&D. Nayax: Easier Cashless Payments With seven international offices, Nayax decided to make Baltimore County home for their eighth. A global leader in the engineering and manufacturing of cashless devices in several different industries, Nayax has been able to leverage resources in Baltimore County to continue to expand. “Our sales and support staff has grown 33 percent in just the past five months,” said Harry Kozlovsky, executive customer success manager for Nayax. “Our location in Baltimore County has allowed us to expand our employment O
Warren Harris
tasting room offering more than 15 different types of beers on tap, a 44,000 s/f outdoor beer garden with fire pits, adult game areas and newly added patio bar, and a large private event space. “New Realm Brewing Com- pany understands the many advantages and opportunities in locating in Virginia Beach,” said Virginia Beach Eco- nomic Development director WarrenHarris . “We presented a strong business case to New Realm to have confidence in making a substantial capital investment in the facility. In
Scenesfrom MDIC’s Start Up Nation series
opportunities, as well as be a convenient location to reach our North American custom- ers easily.” Jedvice: Proactive Secu- rity Eran Jedwab, Founder & CEO of Jedvice, has found the resources in Baltimore County very helpful to the company’s growth. “I’ve been able to meet with government and school officials to show off our product and how it can help the community,” said Jedwab. “There seems to be a lot of enthusiasm for our product and I’m hopeful for our future here.” Jedvice helps deliver the deployment and operation of security systems. Their main product, JedEye, is a mobile solution that provides contex- tual and situational aware- ness in emergencies such as active shooter incidents to help improve field responder’s responses. JedEye revolution- izes the use of cameras and sensors to facilitate proactive security and daily monitoring operations. ISR Corporation: Fleet Fleets A pioneer in the IoT fleet telematics industry, ISR Cor- poration has installed custom fleet management systems for numerous governmental and commercial clients around the world. Their newest product, ISR FleetTrack is a cloud- based browser application that enables real-time GPS tracking, event recording and a new array of safety features. This enables fleet managers
to better utilize resources to save time, fuel, money and overtime. ISR’s Maryland location is in Halethorpe. Resources for Business The County’s Department of Economic and Workforce De- velopment works to support businesses as they grow their markets through interna- tional trade and helps inter- national companies looking to invest or locate operations in Baltimore County. This includes helping companies find space, ensuring a skilled workforce is available, mak- ing valuable industry con- nections and partnering with organizations to ensure a smooth move across the globe. Shalom to Baltimore Coun- ty’s Israeli companies. And welcome to companies from around the world. To learn more about how Baltimore County can help your global business, visit: • Baltimore County Depart- ment of Economic and Work- force Development • World Trade Center In- stitute • Maryland Department of Commerce’s Office of Interna- tional Investment and Trade • Maryland Department of Agriculture • U.S. Export Assistance Center • bwtech@UMBC • Maryland/Israel Develop- ment Center Diana Creasy is Market- ing Specialist for Balti- more County Department of Economic & Workforce Development.
CBREarranges sale of DECourthouse Square & Rockwood Office Park
Rockwood Office Park
WILMINGTON, DE — CBRE announced that it has arranged for the sale of Court- house Square and Rockwood Office Park—two office proper- ties located in Wilmington to Real Capital Solutions for an undisclosed sale price. CBRE Capital Markets’ Insti- tutional teammembers Robert Fahey, Jerry Kranzel, Erin Hannan and Jack Corcoran represented the seller, Pine Street Real Estate Holdings Corp. & Rockwood Office Park Associates, L.P. , in the marketing and sales nego- tiations. CBRE’s John Kac- zowka, Brian Hopkins and Dan Reeder , who are based in the firm’s Wilmington office, also assisted with the sale. Joe Bowar and Scott McDonald of Real Capital Solutions
Courthouse Square
represented the buyer. “We are pleased to have sourced Real Capital Solutions first investments in the Wilm- ington market, and, in fact, in the entire Philadelphia region,” said Jerry Kranzel, Senior Vice President in CBRE’s Philadel- phia based Institution Office sales team.
10A — October 12 - 25, 2018 — M id A tlantic
Real Estate Journal
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D el M ar V a
Marks the 1st. acquisition for the Rockford Fund IV Rockford Capital Partners acquires 100,632 s/f building
H
AMPTON, VA — Rockford Capital Partners announced
the acquisition of 400 Butler Farm Rd., an institutionally owned office building located in Hampton. Rockford Capital acquired the property on be- half of its affiliated value-add investment vehicle, Rockford Real Estate Fund IV (Rockford Fund IV). This marks the first acquisition for the recently- launched Rockford Fund IV. The seller, an affiliate of Lex- ington Realty Trust , was represented by J. Scott Adams of CBRE Hampton Roads in the transaction. 400 Butler Farm Rd is a sin- gle-story, 100,632 s/f building that is currently 100% leased. The building is occupied by a di-
400 Butler Farm Rd.
vision of Wisconsin Physicians Service Insurance Corporation. “The Butler Farm Rd. trans- action provides Rockford Fund IV with excellent in-place yield coupled with long-term upside potential,” said Doug Motley , principal of Wilmington-based Rockford Capital. “This invest- ment is consistent with our approach of acquiring high- Realty negotiated the transac- tion on behalf of the tenant, and Ketch Secor of CBRE represented the landlord. Specializing in flexible auto- mation, Conveyor & Automa- tion Technologies engineers, manufactures and imple- ments customized, integrated production lines with state-of-
quality, well-located office as- sets in submarkets with limited supply and positive business activity.” The property is located in the master-planned Hamp- ton Roads Center submarket, which features numerous ame- nities, provides easy access to I-64, and sits in close proximity to Langley Air Force Base. the-art controls. “This new building gives us the room we need today as well as room for future expansion,” said Lilly Sari- kas, president of Conveyor & Automation Technologies. “As our customers’ needs grow, our ability to serve them will grow accordingly.”
SPARKS, MD — Blue & Obrecht Realty, LLC / CORFAC International has facilitated the lease of 47,000 s/f of flex space on behalf of Conveyor & Automation Technologies at 66 Loveton Circle in Sparks. Patrick Smith and Richard Blue, Jr., SIOR of Blue & Obrecht Blue & Obrecht Realty negotiates 47,000 s/f lease
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Department of Economic & Workforce Development To learn more, visit BaltimoreCountyMD.gov/Business or call 410-887-8000
NEWARK/REHOBOTH BEACH, DE
Baltimore County Executive Don Mohler and the Baltimore County Council
Real Estate Journal — DelMarVa — October 12 - 25, 2018 — 11A
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M id A tlantic
D el M ar V a
ICHMOND, VA — Cushman & Wake- field | Thalhimer Thalhimer Gives company initiative focuses on increasing community involvement DeRegibus of Cushman & Wakefield | Thalhimer handles 184,270 s/f industrial building sale in VA R said Lee Warfield, president &CEO of Thalhimer, who also sits on Sports Backers’ Board of Directors.
announced the sale of 1500 Commerce Rd. in the City of Richmond. RLN Company, LLC pur- chased the 184,270 s/f indus- trial building situated on 9.43 acres from Keck Realty for $2.1 million and will be uti- lized as the new Rental Works headquarters and will lease out remaining space to other tenants. Isaac DeRegibus of Cush- man &Wakefield | Thalhimer handled the sale negotiations on behalf of the seller. Cushman & Wakefield | Thalhimer partnered with Sports Backers for the months of July and August through their Thalhimer Gives com- pany initiative focused on increasing community involve- ment and charitable giving. Through Thalhimer Gives, associates have the oppor- tunity to actively engage in the community by donating financially, providing much- needed supplies, and giving generously of their time to
“Community support from organizations like Cushman &Wakefield | Thalhimer is so important to helping us work towards our mission of build- ing active communities,” said Jon Lugbill, Executive Direc- tor of Sports Backers. “We really appreciate their innova- tive efforts and look forward to continuing this partnership in the future.” About Sports Backers With a key message of Let’s Go, RVA, the mission of Sports Backers is to inspire people from all corners of our community to live actively. A non-profit organization, Sports Backers is dedicated to producing nationally rec- ognized quality sporting events and programs that motivate residents and visi- tors alike to be more active, supporting youth running and fitness programs, and advocating for safe and con- nected networks of bike and pedestrian infrastructure.
1500 Commerce Rd.
Cushman &Wakefield | Thalhim- er partnered with Sports Backers. bike numbers and t-shirts at Sports Backers’ annual Vir- ginia Credit Union Moonlight Ride event. “In addition to marquee events like the Anthem Rich- mond Marathon, Ukrop’s Monument Avenue 10k, and Dominion Energy Riverrock that draw visitors to RVA, the Sports Backers organization is involved in many programs such as Fitness Warriors and Kids Run RVA that promote active living in all parts of our community. Our associates had a great time volunteer- ing for the Moonlight Ride and we are happy to support Sports Backers through our Thalhimer Gives initiative,”
local organizations. • Donating financially - Thalhimer associates raised $734 for Sports Back- ers through “Friday Jeans” and the company contributed a 100% match for a total do- nation of $1,468 to Sports Backers. “Friday Jeans” al- lows Thalhimer associates to wear jeans every Friday by making a $5 donation to the Thalhimer Gives partner organization. • Providing much-needed supplies - Thalhimer associates do- nated yoga mats for Sports Backers’ Fitness Warriors program, which trains area residents to be professional fitness instructors for Rich- mond’s communities with
the highest rates of chronic disease and offers free fitness classes throughout the region. Thalhimer associates also donated running shoes for elementary, middle and high school students participating in Kids Run RVA run clubs. Sports Backers has 70 Kids Run RVA run clubs in schools throughout the region, many of which are Title 1 schools. • Giving generously of their time - Thalhimer partnered with Sports Backers for two volun- teer opportunities and pro- vided associates paid time off to give back. - Virginia Credit UnionMoon- light Ride – August 24 & 25 • Thalhimer associates volunteered to distribute
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12A — October 12 - 25, 2018 — M id A tlantic
Real Estate Journal
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InMemoriam
Jay I. Kislak 1922 - 2018
Real Estate Journal — October 12 - 25, 2018 — 13A
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M id A tlantic
In Memoriam Jay I. Kislak 1922 - 2018 The Kislak Company, Inc.
Innovative businessman, philanthropist, aviator, collector, history enthusiast, and patron of education and ideas, Jay I. Kislak, 96, died peacefully at his Miami home on Wednesday, October 3, 2018. The son of Julius I. Kislak and Sophia Segal Kislak, Jay was born June 6, 1922, in Hoboken, New Jersey. Jay spent his life exploring unusual places, ideas and ventures, forging relationships and assembling extraordinary treasures, which he generously shared. His achievements encompassed many fields of endeavor – business, col- lecting, flying and philanthropy, to name just a few. Entrepreneurial and driven, Jay got his first real estate license while still a high school student at Newark Academy. He earned a degree in economics from the Wharton School of Finance at the University of Pennsylvania, graduat- ing early to serve as a Naval Aviator in WorldWar II. Upon returning home to New Jersey in 1945, Jay entered the family real estate business full time and made it his life’s work. Jay and his first wife, Beverly Braverman, had three children – Jonathan, Phil and Paula – and remained friends until her death in 2015. In the early 1950s, Jay moved his family to Miami, establishing what would become one of the country’s largest privately held mortgage banks, originating and servicing loans nationwide for more than 40 years. Until his death, Jay served as chairman of the Kislak Organization, which today focuses on real estate invest- ment and brokerage. Through a shared passion for art, Jay met Jean Ellis Hart and they married in Miami in 1985. They shared adven- tures that took them from the North Pole to the South Pole, and included every continent. While building a successful business enterprise, Jay has also created a cultural and historic legacy – unique col- lections of rare books, maps, manuscripts, paintings, prints and artifacts. With Jean, he established the nonprofit Jay I. Kislak Foundation for the conservation and study of materials related to the cultures and history of the early Americas. In 2004 Jay donated more than 4,000 items from the collection to the Library of Congress. This extraordinary gift to the American people, is now on permanent display and features one of Jay’s greatest acquisitions – the 1516 Carta Marina Navigatoria, the first printed navigational map of the world by the celebrated German mapmaker Martin Waldseemüller. Through a landmark gift in 2017, Jay and his family established two permanent South Florida homes for his in- ternationally significant collection – Kislak Centers at the University of Miami and Miami Dade College Freedom Tower. The Kislak Family Foundation also established Kislak Centers at the University of Pennsylvania, and at Monmouth University (N. J.), and supports programs at Florida State University Real Estate Center, the University of Florida Col- lege of Veterinary Medicine, and other institutions. Over the years Jay held leadership roles in a long list of local, state and national organizations, including the U.S. Department of State Cultural Property Advisory Committee; the St. Augustine 450th anniversary federal commis- sion, the boards of trustees of the National Park Foundation and Eisenhower Fellowships program, the Florida Council of 100, Florida Historical Society, Historical Association of Southern Florida, Mortgage Bankers Association of America, University of Miami, Miami-Dade County’s Art in Public Places Trust, Mount Sinai Medical Center, St. Francis Foundation, St. Leo University, Greater Miami Jewish Federation, Jewish Family Services, and UnitedWay, among others. His Majesty the King of Spain Juan Carlos I granted Jay the prestigious Encomienda of the Order of Merit Civil, and he was named a Miami Living Legend by Miami Today newspaper, a national Unsung Hero by Curtiss Mansion, and received the Lifetime Achievement Award from the Association of Fundraising Professionals on National Philan- thropy Day 2017. Jay never lost his genuine sense of curiosity, constantly asking questions, interested in learning more, and em- barking on new explorations. Into the final decade of his life, Jay’s energy, memory and physical bearing were re- markable.He was predeceased by his parents and sisters, Sima and Naomi, and his first wife, Beverly. In addition to Jean Kislak, his wife of 33 years, Jay is survived by his children, Jonathan (Tina) Kislak, Philip (Silvia Figueroa) Kislak, and Dr. Paula (Dr. Peter Mangravite) Kislak; step-daughter Jennifer (Noel) Rettig; grandchildren, Rebecca, Jason, Tamara, Libby and Jane; and great-grandchildren, Ezra, Simon, Kayla, Julia, Stokes and Aura. He is also survived by his brother, David, and many nieces and nephews.
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