September 2023

ISSUE HIGHLIGHTS Volume 35, Issue 9 September 2023

Balanoff, Hay and Severino orchestrate transaction Colliers facilitates 47-acre land sale in Somerset, New Jersey for Prologis

OMERSET, NJ — Col- liers announced it has arranged a new 47 acre land sale to Prologis , one of the global leaders in lo- gistics real estate. Prologis will develop a new industrial space expected at 436,900 s/f. A Colliers team led by vice chair Noah Balanoff , vice president Mark Hay and associate vice president Jacquelyn Severino ar- ranged the transaction on behalf of Prologis. The team has also been tapped as the exclusive leasing agents for the upcoming property. The new sustainable devel- opment, owned and operated by Prologis, is expected to be complete in the second half of 2024. The modern facility will offer best-in class features and amenities, including a S

newest projects in New Jersey.” Prologis develops modern, high-quality properties that set the standard for innovative building design and sustain- ability. The new development is strategically located along the NJ Turnpike Corridor. Demand for well-located, modern spaces in this region remains strong, as evidenced by recent leases signed by DMI Inc, CODA Logistics and Distribution and Vanguard Logistics, according to Colliers New Jersey Q1 in- dustrial market report. Despite barriers to new supply, developers continue to remain active throughout the New Jersey industrial market with Central New Jersey having 40 develop- ments totaling 9.9 million s/f under construction in just the first quarter. MAREJ

SPOTLIGHTS

1031 EXCHANGE / APPRAISAL

7-9A

COMING SOON

BC-A

Rendering of 436,900 s/f industrial space

40-foot clear height, 190-foot truck court depth and ample parking spaces. “187 Davidson Avenue is an extremely exciting development opportunity along a primary industrial corridor in central New Jersey,” said Balanoff.

“The new development comes at a time where there is a strong demand for industrial space in New Jersey and with its best- in-class features, we know it will be desirable for any tenant and we’re delighted to be repre- senting Prologis on one of their

ROOFING / WATERPROOFING

3-5C

FALL PREVIEW

Section D

The Blau & Berg Company announces sale of ±116,000 s/f industrial facility in Linden, NJ

UPCOMING CONFERENCES & WEBINARS

is planning many capital improvements to this prop- erty which will make it even more attractive for tenants seeking leasing opportuni- ties in this high-demand specialized market.” In a separate transaction, The Blau & Berg Company has brokered the lease of a new retail location for The Enterprise Center of New Jersey at 60 Park Place in Newark. The lease was brokered by Christian Benedetto , director of business develop- ment for The Blau & Berg Company. This is the 5th brick-and-mortar location for The Enterprise Cen- ter, which is a non-profit founded in 1988 focused on providing consulting ser- vices, business management education, and funding for minority entrepreneurs. The Enterprise Center operates under the US Department of Commerce Minority Busi- ness Development Agency (MBDA) Business Centers in both Pennsylvania and New Jersey. MAREJ

9th NJ Annual Capital Markets Conference Thursday, October 19, at Newark Liberty Int’l. Airport Marriott Webinar Series with Professor Ronald Shapiro February 6, 2024 For speaking & sponsorship info., please contact: Lea at 781-740-2900 or lea@marejournal.com

SHORT HILLS, NJ — The Blau & Berg Company has brokered the sale of ±116,000 s/f at 525 West Linden Ave., Linden. Christian Walsifer, CCIM, SIOR , senior executive director, and David Thomas, SIOR , executive director with The Blau & Berg Company represented both the seller and the buyer, Bridge In- dustrial . The site is a truck dealership and service facility

Directory ROP (Front Section)........................................... Section A Financial/1031 Exchange & Appraisal Spotlight......... 5-9A CIRC Delaware...........................................................12A DelMarVa................................................................... 13A CRE Organization’s Events Calendar............................15A People on the Move...................................................16A Business Card Directory...........................................IBC A New Jersey.............................................................. FC-8B Pennsylvania..........................................................9-BC B Owners, Developers & Managers.......................Section C Fall Preview Spotlight........................................ Section D www.marej.com

525 West Linden Ave.

situated on 9.2 acres. It offers abundant parking and outdoor storage and excellent access to Newark Airport, Seaports, and NYC. The building is a fully equipped truck service facility featuring an oil water separa- tor, spray booth, wash bay, and numerous overhead doors. “The property at 525 West Linden Ave. in Linden is a pre- mier Industrial Service Facility (ISF) in the Port Submarket”, said Blau & Berg’s Christian

Walsifer. “Bridge Industrial was aggressive when we pre- sented this rare acquisition opportunity and immediately recognized the value of this location. There are often strin- gent zoning restrictions and municipal pushbacks when developing low-building cover- age sites with a large outdoor storage component. So, when a site with these specifications becomes available, the inter- est is overwhelming. Bridge

Inside Cover A — August 2023 — M id A tlantic Real Estate Journal

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2A — September 2023 — M id A tlantic Real Estate Journal

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M id A tlantic Real Estate Journal

M id A tlantic R eal E state J ournal Publisher, Conference Producer ..............Linda Christman AVP, Conference Producer ...........................Lea Christman Editor/Graphic Artist ......................................Karen Vachon Contributing Columnists ..................Alexis Herr, P.E., ECS Mid-Atlantic, LLC; Akul Modi, Bregenzer Brothers Company Incorporated (BBCI); Lindsey Ottum, Withum; Bryan Seck, LeaseAccelerator Mid Atlantic R eal E state J ournal ~ Published Monthly Periodicals postage paid at Hingham, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal 117 HMS Halsted Dr., Hingham, MA 02043 USPS #22-358 | Vol. 35, Issue 9 Subscription rates: 1 year $99.00, 2 years $148.50, 3 years $247.50 & $4.00 single issue - plus postage REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Phone: 781-740-2900 www.marej.com

Bryan Seck

Real Estate and Lease Accounting – Consolidating for ROI

ost organizations are looking for ways to take cost out of their

business processes by reducing the number of software plat- forms they’re using. One com- mon opportunity for consolida- tion is leased asset accounting and lease administration. Real estate leases and equipment leases are often managed in separate systems, leading to inconsistent data, audit risks, and higher costs. Bringing the two solutions together can drive ROI and cost savings. Here is an introduction to that process and a few consider- ations to keep in mind. Real estate and lease ac- counting consolidation com- bines real estate administra- tion and the financial im- pacts and transactions of your property portfolio, combining accounting information from multiple properties/assets into an integrated solution. This helps by: • Allows real estate ad -

ministrators to enter finan - cial information and process invoices without having to make accounting-significant decisions. • Ensuring compliance with Generally Accepted Account - ing Principles (GAAP). • Providing transparency to stakeholders. • Enabling easy comparison of results across entities and property location/sites. • Improving efficiency in financial reporting for your real estate portfolio. Real estate lease adminis- tration automates many of the tasks associated with manag- ing your real estate portfolio. An integrated solution can also share accounting-significant information and transactions

continued on page 14A Most real estate leases have many different clauses and terms that are relevant for accounting. Some of the key that originate through real estate tasks and actions. This information can be used by the accounting team to generate journal entries, perform finan - cial consolidation, and report- ing. For example, real estate lease administration software can help you manage property costs and invoices, calculate important financial metrics (such as lease obligations and straight-line rent expense), generate reports on demand or on a schedule, get portfolio analytics, and provide dash- boards for easy visualization of results.

Firmly Rooted in the Law and in the Community We are well grounded in every facet of real estate law, from acquisition to construction. We are committed to serving the needs of our clients and our communities.

Contact: NEIL A. STEIN • nstein@kaplaw.com 910 Harvest Drive, Blue Bell, PA 19422-0765 • 610-941-2469 • kaplaw.com Other Offices: • Cherry Hill, NJ 856-675-1550 • Philadelphia, PA 215-567-3120 Kaplin Stewart Attorneys at Law

M id A tlantic Real Estate Journal — September 2023 — 3A

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M id A tlantic R eal E state J ournal Sweetwood represents both sides in transaction Kislak sells multifamily portfolio in Irvington, NJ

OODBRIDGE, NJ — The Kislak Company, Inc. an-

nounced the recent sale of a seven-prop- erty multi- family port- folio with 184 residential units and six retail spaces in Irvington, Essex Cty. The properties are located at the following addresses. • 26-28 Chester Ave. (11 units and 3 retail spaces) • 38-40 Chester Ave. (21 unit)s • 979-983 Clinton Ave. (31 units) • 51-57 Linden Ave. (29 units) • 780-786 Lyons Ave. (22 units and 3 retail spaces) • 494 Stuyvesant Ave. (37 units) • 2-10 Wagner Place (33 units) Terms of the sale were not disclosed. Kislak marketed the port- folio on an exclusive basis on behalf of the seller, a publicly traded Canadian company, Joni Sweetwood

494 Stuyvesant Ave.

with executive vice president Joni Sweetwood handling the assignment. Sweetwood also procured the purchaser, a longtime Kislak client for whom Sweetwood has handled many other sales. Sweetwood commented, “This is a well-maintained portfolio in a strong northern New Jersey rental market with easy access to New York City. These factors and the potential upside in rents ap- pealed to the purchaser. The sale is a testament to the con- tinued strength of the market for multifamily properties in

northern New Jersey, and although there were many complexities in the transac- tion, we knew we could get it closed together.” The portfolio consists of seven buildings located within close proximity of each other. The residential units include a mix of studios and one-, two-, three- and four-bedroom units, many of which had some level of renovation. Other portfolio highlights include new boilers and hot water heaters, many replaced pipes and risers, and security cameras with a key fob entry system. MAREJ

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4A — September 2023 — M id A tlantic Real Estate Journal

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C annabis I ndustry : R eshaping R eal E state M arkets Cookies Harrison LLC signs lease for 2,402 s/f of retail space located in Harrison AEBOV Real Estate Brokerage closes deals for two separate licensed cannabis operators in NJ

AMDEN COUNTY, AND HUDSON COUNTY, NJ — AE- BOV LLC is a commercial C

batches of infused oil with no concentrates, blended oils, dyes, or fillers. The tenant was represented on the brokerage side by Dan- iel Tropp and David Gessler of AEBOV LLC. Gibbsboro has opted-in to cannabis use and stands to benefit from the industry’s growth; namely by adding to its already vibrant mix of existing businesses, increasing the tax rolls, and creating jobs. In a separate transaction, Cookies Harrison LLC has signed a lease for 2,402 s/f of retail space located at 300 Somerset St., also known as Harrison station, in Harrison. The tenant holds an annual license from the NJ Cannabis Regulatory Commission to op- erate an adult-use cannabis re- tail dispensary. The dispensary will be selling Cookies branded cannabis products in addition to other known local brands. The tenant was represented on the brokerage side by Tropp. Harrison is a vibrant en- clave that features several re- cently-constructed mixed-use developments. The retail space is within walking distance to the Element Hotel, Red Bull Arena, and other prominent retailers such as Five Guys, and more. MAREJ Jushi Holdings opens sixth Beyond Hello Dispensary in Woodbridge, VA WOODBRIDGE, VA — Jushi Holdings Inc. (Jushi) announced the opening of its sixth medical cannabis dis- pensary in Virginia. Beyond Hello Woodbridge began serv- ing Virginia medical cannabis patients and registered agents on August 23rd. Beyond Hello Woodbridge is located in Prince William Square Shopping Cen- ter at 14400 Smoketown Rd. “Located in Prince Wil- liam County in a suburban community just outside of Washington, DC and situat- ed along the Potomac River, Beyond Hello Woodbridge marks the opening of our sixth dispensary in Virginia,” said Jim Cacioppo , CEO, chairman and founder of Jushi Holdings Inc. Beyond Hello Woodbridge features ample parking spots to handle the growing volume of the Virginia Medical Can- nabis Program. MAREJ

at an undisclosed location in Gibbsboro, to manufacture can- nabis infused olive oil as well as other cannabis products. The ten-

real estate brokerage, li- censed in NY and NJ, that specializes in represent- ing cannabis operators in their search- es for viable real estate.

ant currently holds a condi- tional license from the New Jersey Can- nabis Regula- tory Commis- sion to oper- ate an adult- use cannabis

David Gessler

Daniel Tropp

manufacturing facility. The eponymous Freshley Greene specializes in producing small

Freshly Greene LLC has signed a five-year lease for 3,020 s/f of industrial space

300 Somerset St., Harrison

F inancial D igest F eaturing 1031 E xchange & A ppraisal

M id A tlantic Real Estate Journal — September 2023 — 5A

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ICHMOND, VA — Capital Square , one of the nation’s leading Walker & Dunlop arranges construction financing on behalf of the borrower Capital Square closes on construction loan for Seventh Opportunity Zone Fund Development R

2922 W. Marshall St., and 2925 W. Marshall St., the commu - nity will include three adjoining multifamily buildings above podium parking with over 5,350 s/f of ground-level retail space. Market-leading amenities will include lush courtyards, zero- edge pool, gym, clubhouse, dog park, sky lounge and more. Residents will be within walk- ing distance of arts, cultural and lifestyle amenities pro- vided by the Scott’s Addition neighborhood, which con- tains over 51 retail, dining and entertainment venues. Capital Square previously launched CSRA Opportunity Zone Fund I, LLC, CSRA Op - portunity Zone Fund II, LLC and CSRA Opportunity Zone Fund III, LLC, which raised capital from accredited inves- tors to develop Scott’s Collec - tion, a trio of single-structure, ground-up developments fea- turing five-story, class A mul - tifamily communities with on-

site parking and an expansive amenity package, all within the Scott’s Addition qualified opportunity zone. CSRA/GS Opportunity Zone Fund V, LLC raised capital from inves - tors to fund the development of The Otis, a joint venture with Greystar Real Estate Partners in Scott’s Addition. “Capital Square’s oppor - tunity zone developments in Richmond have been tremen- dously successful on multiple levels,” said Whitson Huff- man , co-chief executive of- ficer of Capital Square. “They have not only proven to be excellent investments for our company and the investors we serve, but they have also provided tremendous local economic and fiscal benefits to our hometown of Richmond and the Commonwealth of Virginia that will generate millions of dollars in tax and private economic revenue for many years to come.” MAREJ

sponsors of tax-advantaged real estate investments and an active developer of multifamily communities, announced that the firm has secured financing from United Bank to fund construction of a 352-unit, class A multifamily develop - ment in the Scott’s Addition qualified opportunity zone in Richmond. Walker & Dunlop arranged construction financ - ing on behalf of the borrower. Construction began in April 2023 and is expected to be completed by Summer 2025. CSRA Opportunity Zone Fund VII, LLC , a quali- fied opportunity zone fund launched by Capital Square in 2022, is currently raising $63.3 million in equity from accredited investors. CSRA Opportunity Zone Fund VII is the fifth opportunity zone fund launched by Capital Square SAYREVILLE, NJ — JLL Capital Markets announced that it arranged acquisition financing and joint venture eq - uity for the acquisition of 700 Jernee Mill Rd., a 10-acre site (6.5 usable acres) positioned for trailer parking and indus- trial outdoor storage (IOS) in Sayreville, Middlesex County. JLL worked on behalf of Ridgecut Road and their partner, Brennan Invest- ment Group , to secure the acquisition loan through a regional bank. The property is located in the heart of the Middlesex County submarket and of - fers unmatched access to Northern New Jersey’s trans- portation network located 35 minutes from the Port of Newark and having direct ac- cess to Rte. 9 and 18 as well as to I-95 and I-287. 700 Jernee Mill Rd. contains a 28,500 s/f warehouse fea - turing clear heights ranging from 24 to 28 feet, 14 drive-in doors, and 6.5 acres of truck

Rendering of 3class A multifamily development in the Scott’s Addition

to develop similar multifam- ily properties in Richmond’s Scott’s Addition neighborhood. “Capital Square has deliv - ered for opportunity zone in- vestors by building exceptional class A housing communities and delivering them on time and on budget, then leasing them up in record time, and

commanding the highest rents in the submarket,” said Louis Rogers , founder and co-chief executive officer of Capital Square. “This construction loan is the next critical step in the development process for CSRA Opportunity Zone Fund VII.” Located at 2929 W. Clay St.,

JLL works on behalf of Ridgecut Road & Brennan Investment Group to secure acquisition financing for a 10-acre site in Sayreville, NJ

Michael Klein

Matthew Pizzolato Benjamin Morgenthal

parking and IOS space. It is a highly coveted low cover- age industrial property that offers tenants scale, which is difficult to find in a supply diminishing market. The JLL Capital Markets Debt Advisory team was led by senior managing director Michael Klein , managing director Matthew Pizzo- lato and analyst Benjamin Morgenthal . “The Ridgecut Road team did a tremendous job sourcing this off-market transaction and negotiating an attractive sale-leaseback, which resulted in significant interest from

both equity investors and lenders,” said Pizzolato. In other JLL news, JLL Capital Markets announced that it arranged the sale of Courthouse Square, a 120,031 s/f office building located in historic Old Town Alexandria, Virginia. JLL represented the seller and procured the buyer, Mel- rose Solomon Enterprises. JLL also arranged acquisi - tion financing on behalf of the buyer. Located in the heart of Old Town Alexandria at 510 King St., the five-floor building boasts full-block frontage

Sayreville Aerial

along one of Washington D.C.’s premier retail corri - dors, providing tenants access to premier dining, shopping, and entertainment. It also has ideal proximity to the Alex - andria Waterfront, Metrorail and many parks and trails

along the Potomac River. The JLL Capital Markets In - vestment Sales team was led by Stephen Conley, Matt Nich- olson, Kevin Byrd, Andrew Weir, Jim Meisel and Dave Baker . The financing was led by Drake Greer . MAREJ

6A — September 2023 — Financial Digest — M id A tlantic Real Estate Journal

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F inancial D igest

East Windsor Medical Office Building meets 1031 Exchange requirement Fennelly Associates arranges $2.95 Million sale of 10,000 s/f property at 59 One Mile Road

AST WINDSOR, NJ — Fennelly Associates has negotiated the sale of a single-tenant, long-term leased 10,000 s/f medical of - fice building located at 59 One Mile Rd. in East Windsor for $2.95M. Fennelly Associates president Jerry Fennelly, SIOR , and corporate real es- tate specialist Patrick Din- trone, SIOR , represented the seller and Frank Gunsberg of Colliers International represented the buyer in the transaction. Located less than two miles from Exit 8 on the New Jer - E

sey Tpke., 59 One Mile Rd. is a two-story medical office building featuring 47 parking spaces. The building’s ideal location and favorable local demographics make it a perfect home for an office of Schweiger Dermatology, the largest der - matology practice in the region, with over 90 offices and more than 300 healthcare providers throughout New York, New Jersey, Pennsylvania and Con - necticut. Long-term leased to a credit-grade tenant, the buyer recognized 59 One Mile Rd. as a favorable long-term investment to satisfy a 1031 exchange re -

quirement and worked closely with Fennelly Associates to negotiate a purchase. “The opportunity to acquire a fully-leased medical office building in the heart of the dynamic Mercer County mar - ket is rare,” said Fennelly. “In such a competitive market, it’s critical for sellers to work with an experienced team who can seamlessly and efficiently bring a property to the market and secure the highest fair market value.” In a separate transaction, Dintrone, SIOR, represented the seller, Altenburg Piano House, in negotiating the sale of 1911 Brunswick Pike in Lawrenceville. The buyer, Imagine Design Center, was represented by Melanie Elliot of The Melanie Elliot Real Estate Group . 1911 Brunswick Pike is a one-story, 4,015 s/f retail build - ing with ten on-site parking spaces. The property is also easily accessible to Rtes. 1 and 206 as well as I- 295 and pro - vides superior visibility to the Lawrenceville community. The seller, who previously operated a piano showroom at the property, selected Fennelly Associates as the exclusive brokerage firm for the property. Fennelly Associates then uti - lized a strategic marketing plan to attract prospective tenants to the property. The buyer took an interest in the property’s adaptability and will utilize the space to operate its offices and a showroom for their home remodeling business. “Across all asset classes, it’s important that users secure space that fits their unique needs and puts them in a posi- tion to succeed,” said Dintrone. “In this case, the buyer appreci- ated the property’s showroom capabilities as well as its visibil- ity along a highly-traffic route in Lawrenceville. We’re thrilled to have brought together two parties who were interested in getting a deal done and helping them achieve their respective real estate goals.” In a separate transaction, Fennelly Associates has negoti - ated the sale of 1911 Brunswick Pike in Lawrenceville. Fennelly Associates’ Dintrone, SIOR, represented seller, Altenburg Piano House, in the transaction with the buyer, Imagine Design Center, who was represented by Melanie Elliott of The Melanie Elliott Real Estate Group . MAREJ

59 One Mile Rd

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8A — September 2023 — Appraisal — Financial Digest — M id A tlantic Real Estate Journal

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Southern New Jersey Chapter www.ai-snj.org Telephone 856-415-0281 • Fax 856-415-1952

2023 OFFICERS AND DIRECTORS

Seminars Brought Nationally Known Presenters to Atlantic City On September 13 & 14, the Southern NJ Chapter of the Appraisal Institute held its 17 th Annual Seminars at the Shore at the Golden Nugget in Atlantic City. The seminars featured Ted Whitmer, MAI, AI-GRS, who presented “Attacking and Defending an Appraisal in Litigation” on Wednesday. The following day, Randall Bell, PhD, MAI, and Michael Tachovsky, PhD, presented “Critical Thinking and Junk Science.”

President: Robert Klein, MAI, AI-GRS Rob.klein@cushwake.com VP: Sherrie Lisa Galderisi, SRA, AI-RRS Sherrielisa43@aol.com Treasurer: Maria Nucci, SRA, AI-RRS sjappraisalassociates@gmail.com Secretary: Meghan Payne, MAI Mpayne@capvalpartners.com Directors: Steve Bartelt, MAI, SRA, AI-GRS Joshua D. Garretson, MAI, AI-GRS, AI-RRS

In “Attacking & Defending an Appraisal in Litigation,” Mr. Whitmer provided a framework and considerations for attacking and defending an appraisal in litigation. Common mistakes made in appraising and testifying concerning an appraisal were stressed. Various standards and ethical rules that are frequently misapplied or misunderstood were highlighted and explained. In addition, common tricks and how to prepare for tricks on cross-examination were identified, as well as answering hypothetical questions at trial. A case study was used to apply the Attacking & Defending Model. The “Critical Thinking & Junk Science” seminar included both principles and case studies for the appraisal professional. The three approaches to value (cost, income and sales comparison), coupled with complex issues set forth in USPAP AO-9 (cost, use and risk effects) established a solid valuation framework. Un- derstanding these complexities helps develop a credible opinion of value. While many of these issues are addressed throughout USPAP, professional literature and coursework, this course focused on them in a single framework.

Ted Whitmer, MAI AI-GRS CRE CCIM AQB is a Certified USPAP Instructor, served on the TALCB, and was vice chairman of the Board. Ted is a Certi- fied General Appraiser, licensed as a lawyer with the State of Texas and as a Real Estate Broker. He passed the Texas bar in 1988. Previous experience includes teaching every required course in the Appraisal Institute towards the MAI designation, authoring and teaching the Comprehensive Appraisal Workshop as a review for the comprehensive examination for the MAI designation and previously teaching Standards & Ethics, including USPAP. In addition, Ted has authored and instructed many seminars for continuing education including Attacking & Defending an Appraisal in Litigation, which is given to appraisers, lawyers and government

employees associated with Boards and other state and federal agencies. In addition to teaching, Ted has extensive experience in consulting including advising in cases with appraiser board enforcement, criminal fraud and civil liability issues. Past experience in consulting, teaching, serving on the TALCB, and having extensive knowledge of appraisal issues, theory and USPAP make Ted uniquely qualified to represent appraisers. Dr. Randall Bell specializes in real estate damage economics and valuation. This includes environmental, geotechnical, construction defects, natural disasters, eminent domain, and other conditions involving a wide variety of property types. He is experienced in complex valuation and diminution in value studies and damage issues for government, major corporations, oil and utility companies, and property owners. He is licensed in various states and has testified as an expert in multiple courts. Dr. Bell was the retained expert in the World Trade Center, Flight 93, Bikini Atoll Nuclear Test Site, OJ Simpson, Jon Benet Ramsey, Hurricane Katrina, Hurricane Harvey, Flint Michigan and multiple wildfires. Dr. Michael Tachovsky specializes in real estate damage valuation and economics; this includes environmental contamination, natural disasters, eminent domain, crime scenes, construction defects, and other conditions involving a wide variety of property types. His professional experience includes complex valuation and diminution-in-value studies; including damage issues for the government, major corporations, oil and utility companies, developers, and property owners. His experience includes speaking engagements and published writing assignments on these topics. THANK YOU to our seminar sponsors! • Marven Gardens sponsor: M. Descano Real Estate Solutions, LLC • Marven Gardens sponsor: Garden State Valuation & Consulting Services • Atlantic Avenue sponsor: Cushman & Wakefield • Ventnor Avenue sponsor: Nick Nowak Team, EXP Realty • Reading Railroad breakfast sponsor: BHHR Fox & Roach Realtors, Pam Kotter The Southern NJ Chapter of the Appraisal Institute’s next seminar is “Advanced Land Valuation: Sound Solutions to Perplexing Problems.” This will be Thursday, November 16, on Zoom. It will be instructed by Stephen D. Roach, MAI, SRA, AI-GRS. By examining unusual and complex land valuation assignments, this seminar takes concepts covered in the Appraisal Institute curriculum to the next level. In addition to lecture, discussion, and Q&A, sample case studies will demonstrate, primarily in Excel, conceptual and practical applications that participants will be able to incorporate into their day-to-day work. The seminar will suggest strategies for performing these assignments. Visit www.ai-snj.org for registration information.

Lee Ann Kampf, MAI Jerry McHale, MAI Kathy Turley Errett Vielehr, MAI

Past President: Joseph V. Heenan, MAI, SRA Executive Director: Lisa Weiss lisamayweiss@hotmail.com 856-415-0281 2018, 2020 & 2021 Appraisal Institute Chapter Newsletter Award recipient (medium-sized chapter)

www.ai-snj.org

M id A tlantic Real Estate Journal — September 2023 — 9A

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Southern New Jersey Chapter Of the Appraisal Institute www.ai-snj.org

The Appraisal Institute is a global professional association of real estate appraisers, with over 16,000 professionals in almost 50 countries throughout the world. The Southern New Jersey Chapter has nearly 150 members. They perform a variety of services ranging from single family valuation to feasibility studies for regional malls & hotel-casinos. Whether it’s assistance on a home purchase or providing expert testimony for litigation, our members are uniquely qualified to meet these needs. For more information regarding the Southern NJ Chapter of the Appraisal Institute visit: www.ai-snj.org, or call Executive Director Lisa Weiss at 856-415-0281. 2023 Designated Members of the Southern NJ Chapter of the Appraisal Institute

Bonnie L. Longo, MAI, SRA Eileen Lynn, MAI, AI-GRS Peter A. Maher, SRA, AI-RRS Kathy J. Marmur, SRA Charles A. McCullough, MAI, AI-GRS Jerome J. McHale, MAI Edward Molinari, SRA, AI- RRS Leonard Molinari, SRA Donald Moliver, MAI Christopher Murphy, MAI Maria Nucci, SRA, AI-RRS Robert Parmley, SRA Meghan E. Payne, MAI Richard A. Plock, MAI Michael Pratico, Jr., AI-GRS Jacob Ramage, MAI Jeffrey D. Richwall, SRA Susan T. Roettger, MAI Lee L. Romm, MAI, SRA Taylor Santoro, MAI

(609) 465-9978 (856) 582-5892

(609) 221-7274 (215) 842-0649 (732) 928-1550 (732) 406-6978 (609) 832-2102 (609) 914-4679 (856) 853-7622 (732) 682-9949 (732) 571-3660 (267) 675-4905 (609) 214-8418 (609) 292-2573 (267) 253-5926 (732) 389-3600 (201) 794-4386 (215) 888-3560 (856) 396-0000 (609) 914-4679 (856) 983-5500 (267)-256-1803 (856) 292-3021 (609) 432-0616 (856) 468-0068 (856) 662-0027 (856) 787-6290 (856) 218-2800 (609) 918-1000 (732) 576-2037 (609) 943-3492 (609) 391-0404 (856) 216-2388 (856) 761-3012 (856) 795-8700 (732) 605-0791 (609) 586-3500 (469) 228-4123

Cape May Ct. House Turnersville Marlboro Haddonfield

Philadelphia Philadelphia Jackson Point Pleasant Maple Shade Lumberton Woodbury New Egypt Rumson Burlington West Deptford Trenton Audubon Shrewsbury Fair Lawn, NJ Philadelphia Medford Cherry Hill Marlton Philadelphia Linwood Mt. Laurel Wenonah Cherry Hill Mt. Laurel Sewell Hightstown Colts Neck Trenton Ocean City Haddonfield Haddonfield Cherry Hill

J. Paul Bainbridge, MAI Steven Bartelt, MAI, SRA, AI-GRS Sergey Belov, MAI Craig A. Bickel, MAI Lawrence E. Bowne, MAI Pamela J. Brodowski, MAI Steven Brownell, MAI Richard J. Carabelli, Jr, MAI J. S. Carduner, MAI, AI-GRS Cynthia Carpenter, MAI, AI-GRS Lana Chiappetta, MAI, AI-GRS John P. Corbett, MAI Albert Crosby, MAI Susanne Curran, MAI, AI-GRS Eugene P. Davey, SRA Thomas C. Davis, SRA Thomas A. DeMartin, MAI, SRA Michael A. Descano, MAI Russell V. DiLello, MAI, AI-GRS John E. Doyle, MAI Scott A. Eiffes, MAI, AI-GRS Philip Fortuna, MAI, SRA Mary F. Fox, MAI Sherrie Lisa Galderisi, SRA, AI-RRS Joshua Garretson, MAI, AI-GRS AI-RRS Timothy P. Golden, Jr., MAI Ronald A. Hagel, MAI, SRA Mark J. Hanson, MAI, SRA, AI-GRS Donna Harris, SRA Joseph V. Heenan, MAI, SRA

(856) 906-7890 (267) 675-4907 (609) 261-4220 (856) 753-3030 (609) 438-9063 (609) 223-4911 (215) 280-4563 (609) 714-7402 (215) 587-6004 (215) 928-7526 (215) 493-5000 (215) 806-3268 (856) 764-6500 (212) 916-4614 (856) 375-2148 (973) 970-9333 (215) 231-9900 (856) 234-9250 (215) 925-1212 (609) 884-1995 (973) 283-2266 (856) 451-0933 (215) 561-8976 (856) 691-7055 (609) 457-7297 (856) 453-8889 (609) 391-8862 (609) 770-7146 (732) 286-9250 (609) 736-0695 (609) 597-2211 (215) 963-4047 (732) 886-6695

Burlington Eastampton West Berlin Hamilton Robbinsville Summit Medford Philadelphia Philadelphia Yardley Philadelphia Delran New York, NY Cherry Hill Morris Plains Philadelphia Moorestown Philadelphia Cape May Ocean View Bridgeton Philadelphia

Michael S. Sapio, MAI William J. Sapio, MAI

Jack Sheehan, MAI, AI-GRS Timothy Sheehan, MAI, SRA Richard Shorter, SRA Thomas J. Sliwowski, SRA Peter E. Sockler, MAI James Stuart, MAI, SRA, AI-GRS Robert J. Tighue, MAI Deborah P. Tordella, MAI, SRA Merilynn P. Verderame, SRA Errett Vielehr, MAI John H. Walton, Jr, MAI, SRA Richard J. Ward, SRA John Weber, Jr., MAI, SRA Thomas Westerfield, SRA

Vineland Audubon Shiloh Ocean City Cape May Ct. House

Michael D. Jones, MAI Tony F. Kamand, Jr, MAI

Toms River Ocean City Manahawkin Philadelphia Lakewood

Lee Ann Kamph, MAI Robert W. Kirwan, SRA Robert M. Klein, MAI, AI-GRS Samuel Levi, MAI

Monroe Township Hamilton Square Fort Wayne, IN

10A — September 2023 — M id A tlantic Real Estate Journal

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M id A tlantic R eal E state J ournal Richardson & Doss represent the seller in transaction Vantage Commercial closes challenging estate sale in NJ R IVERSIDE, NJ — Vantage Commercial announced the success-

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ful closure of a complex estate sale, led by Ken Richardson , vice president, and John Doss , advisor, who represented the seller in this transaction. The property in question was a 4-unit multifamily dwelling situated in Riverside. "The seller was pleased with the personal service he and the family were given," said Richardson. This testimonial speaks volumes about our com- mitment to building strong re- lationships with our clients and providing tailored solutions that meet their unique needs. Navigating the complexities of an estate sale can be a daunting task, but Vantage Commercial rose to the challenge. Through strategic planning, market analysis, and effective nego- tiations, the team showcased their unrivaled understanding of the real estate landscape in Riverside. By adopting a client- centric approach, Vantage Commercial prioritized the seller's interests, maximizing the property's value and secur- ing a favorable outcome for all parties involved.

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4-unit multifamily dwelling situated in Riverside

Richardson and Doss dem- onstrated their unwavering commitment to providing per- sonalized service, expert guid- ance, and unparalleled pro- fessionalism throughout the entire process. Their attention to detail and comprehensive knowledge of the local market played pivotal roles in facili- tating a smooth transaction. With this successful estate sale, Vantage Commercial fur- ther solidifies its position as a leading player in the Riverside real estate market, reaffirm - ing their commitment to excel- lence and client satisfaction. In Cherry Hill, Vantage Com- mercial represented Bruncha- holics, in securing a long-term lease at 1200 Haddonfield Rd. Brunchaholics has solidified

its unique identity through inventive brunch offerings and an inviting ambience. With a dedicated following and aspirations for expansion, Brunchaholics turned to Van- tage Commercial to pinpoint the ideal location for their new venture. Vantage Commer- cial's distinguished reputation for comprehending both the culinary and real estate land- scapes naturally positioned them as the preferred choice. The collaborative efforts of Corinne Giletto , director of client services; Monica Walsh , director of client ser- vices; and Andrew O’Brian, business development man- ager, synergistically steered the franchisor towards a new franchisee location. MAREJ

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ONLINE AUCTION

AUCTION OCTOBER 26 38-UNIT MULTIFAMILY DEVELOPMENT OPPORTUNITY CENTRAL TO THE BENNING ROAD REDEVELOPMENT CORRIDOR 836-840 18 TH STREET NE WASHINGTON, D.C.

BUILDING RENDERINGS

Pre-Auction Offers Encouraged • Fully permitted, entitled, shovel-ready site – all approved plans & permits conveyed upon closing • Planned 38-unit, 8-story building with penthouse level • Only 2 miles east of Capitol Hill in the NE redevelopment corridor/Trinidad submarket • Surrounded by new residential & retail projects

lea@marejournal.com marej.com | 780.740.2900

301.996.5190 HilcoRealEstate.com

Hilco Real Estate, LLC in cooperation with Lynne Zink, Washington, D.C. Auctioneer, Lic #69004285.

R etail D evelopment R eimagined

M id A tlantic Real Estate Journal — Retail Development Reimagined — September 2023 — 11A

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Shopping center offers abundant dining, shopping, and entertainment options U.S. Properties Group continues its forward progress at The Shoppes at Montage Mountain S © Google Inc.

Mountain has produced over 30,000 s/f of new tenants to benefit the continued growth in occupancy even through the pandemic issues. Dave & Buster’s has started construction on their big res- taurant concept of 19,336 s/f on - site at The Shoppes at Montage Mountain. Highly publicized as a leader in up-and-coming mar- kets, the area’s strong analytics drove them to the shopping center. Opening is slated by Spring of 2024. Gord Wiebe , managing di- rector of USPG states: “Moosic, PA continues its growth, and The Shoppes at Montage Moun- tain will continue to keep its one-of-a-kind destination a premier place to shop, dine and relax. We are partners and together are committed to the future success of this growing community. Nothing will ever replace the “brick and mortar” experience. Shoppers want the entertainment, the touch,

the feel, the excitement, and the personal assistance only a brick-and-mortar shop can bring. We at U.S. Properties Group are committed to the growth of our outdoor open-air centers as a first choice of loca - tion. We remain selective to keep the center stable and the retail mix vibrant. We want to fuel the local economy, while attracting guests to our center and the area.” Tim Todaro , senior leasing associate for USPG notes: “The leasing activity at The Shoppes at Montage Mountain continues to be successful. Lease renew - als and strong sales numbers exceeding pre-covid levels are generating plenty of activity and interest in the remaining spaces. We are working pro - actively to constantly attract lively retail offerings that make The Shoppes at Montage Moun- tain the place to shop, dine and entertain in the Moosic and surrounding area.” MAREJ

CRANTON, PA — The Shoppes at Montage Mountain continues its forward progress in economic development growth in the Wilkes-Barre/Scranton market. The U.S. Properties Group (USPG) mantra of “being pre- pared, ready and adaptable” will be again challenged with the unfortunate closing of the Christmas Tree Shops nationwide. The Christmas Tree Shops at The Shoppes at Montage Mountain was one of the best performing stores in the 80-store chain. This said, Christmas Tree Shops owner - ship had various operating issues and are now in process of a full liquidation of all its stores and this location will close. The team at USPG has been planning for this exit with a robust campaign of initiatives to find the best tenant to fill this void and make the center more vibrant with a large traf- fic generator. USPG has been

The Shoppes at Montage Mountain aerial

engaged in discussions with major national tenants who have expressed interest. The proper fit and consideration of all alternative formats to fill the space will be used to enhance the shopping area. USPG’s solid, keen insight, and their 20-year track record of filling sub-anchor spaces will add to its millions of square feet already leased. The Shoppes and the sur- rounding area boast ongoing

growth, exceeding pre-pandem- ic sales and lease revenues. The future growth and potential are unlimited. The expanding retail tenant mix increases offerings in the local community and keeps the tax dollars in Moosic. The shopping center continues to supply the area with a great assortment of restaurants, shopping, and entertainment venues that consumers find at - tractive. In the last two years alone, The Shoppes at Montage

Ideal Realty Group, Rock Creek Property Group, and The Sigmund Cos. acquire four regional shopping centers in Dale City, Virginia

DALE CITY, VA — A Joint Venture of Ideal Realty Group, Rock Creek Proper- ty Group, and The Sigmund Companies has acquired four regional shopping centers in Dale City. for $52.8 million. Af - filiates of Ideal Realty Group, Rock Creek Property Group, and The Sigmund Compa - nies purchased the centers from an affiliate of Interstate Management Incorporated. The portfolio includes Center Plaza, Mapledale Plaza, For- estdale Plaza, and Glendale Plaza with a combined 470,000 s/f on 70 acres. The properties are all lo- cated less than three miles apart along Dale Blvd. in the greater Woodbridge, VA area. They have been a highly traf- ficked staple of the community for decades since being built starting in the 1970’s by the original designers of Dale City. Each center features a wide range of well-known necessity retailers, including national brands and local businesses.

shoppers to relax and gather • Security improvements in - cluding enhanced lighting and pedestrian friendly pathways • Identity and tenant signage upgrades • Enhanced landscaping Once the work is completed, the shopping centers will at- tract a broad new audience of regional and national retail- ers to lease the few remaining spaces. These improvements, coupled with the nationwide trend embracing work-from- home employment policies – make it easier for people to frequent brick and mortar re- tailers and increases demand for neighborhood serving retail space. “The hybrid work environ- ment is here to stay, and neigh- borhood retail centers are a direct beneficiary of this mega trend. Our partnership is very fortunate to have found such a critical mass of well-located centers which should see in- creasing demand from both retailers and customers in the

future, said Gary Schlager , principal with Rock Creek.” KLNB , one of the Mid-At - lantic region’s largest privately held CRE brokerage firms, has been assigned all retail leas- ing for the four properties and The Shopping Center Group has been retained for property management. KLNB has al - ready begun to actively market the centers to potential tenants that are excited to enter the growing market. “These four properties are extremely well located and an essential part of the Dale City and greater Woodbridge, VA community,” said KLNB principal Veronica Kamara. “Prospective tenants will love their location that enjoys over 100 thousand vehicles per day combined, a residential popula- tion of more than 120 thousand people within a three-mile radius, and an average house- hold income of $150 thousand a year. And the fantastic im - provements will only make it more appealing.” MAREJ

Center Plaza

Current tenants include two Gi - ant grocery stores (Center and Mapledale), Truist Bank, CVS, Ace Hardware, Advance Auto Parts, Wells Fargo, and Dollar General. Combined, the shop - ping centers are 90% occupied. A planned multimillion-dol - lar renovation will transform the centers and create an even more compelling business lo- cation and experience for fu- ture tenants and consumers.

Scheduled to begin in Q1 2024, these improvements will touch virtually every exterior element and create a first-class shop - ping environment for the com- munity. Working with MV+A Architects , the renovations will include: • New paint and façade im - provements • Improved parking lots with sealcoating and restriping • Public congregation points for

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