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IVINGSTON, NJ — The apartment market revealed its impressive L Firmarranges 65 deals to date on behalf of institutional investors & private individuals Gebroe-Hammer tops competitors with 5,675 units sold for $820+M inQ1 &Q2 2019
ISSUE HIGHLIGHTS Volume 31, Issue 14 July 26 - August 8, 2019
cash for a down payment on a single-family home purchase,” he added. “This leaves no other housing alternative other than apartment rentals. And, we can add into this tenant pipeline an aging Baby Boomer and empty-nester population that no longer wants the burden of shoveling snow, paying high real estate taxes, or incurring other related housing costs that are otherwise eliminated in an apartment-rental lifestyle.” Occupancy & Rent Appreciation Outlooks Highly Favorable According to Reis, the de- livery of new construction product is expected to diminish significantly in 2020 and 2021, during which time apartment occupancies and rent-growth will accelerate. “Historically, whenever new-product deliver- ies slow down tenant demand trends up and vacancies drop,” added Uranowitz, who has been with Gebroe-Hammer since its inception 44 years ago. Based on these projections,
to southeast Pennsylvania and southern New York State. In addition, Gebroe-Hammer markets mixed-use and free- standing office and retail prop- erties and represents client interests nationwide. “These benchmarks indicate a Gebroe-Hammer transac- tion increase of approximately 6 percentage points over the same time period last year – signaling that the investor confidence index remains very high as brand new apartment- property deliveries top off this year and apartment-funda- mental pressure eases,” said Ken Uranowitz , president of Gebroe-Hammer. “In turn, these conditions will only feed rent growth and property ap- preciation over the next five to 10 years and beyond, based on forecasted demographic patterns. “Furthermore, affordability issues remain for the foresee- able future in the millennial population saddled with college debt and/or a lack of expendable
Uranowitz points to extremely healthy demand within the Class-A luxury to value-add property space, where the in- vestment attraction is rooted in implementation of minimal-to- extensive capital improvements to realize significant property repositioning. “Investors are targeting the full spectrum of apartment buildings, regard- less of vintage, tenant demo- graphic or locale, from transit- rich cities to commuter-friendly suburban-bedroom communi- ties,” he said. “With the recent passing of onerous rent control legisla- tion in New York, we expect to see an onslaught of investor demand in New Jersey shifting fromacross the Hudson River to out-commuter-dense submar- kets. In turn, this will create an even wider delta where there is an already constrained de- mand/supply imbalance, which will intensify pricing pressure and deepen cap-rate compres- sion,” said Uranowitz. continued on page 3A The building, located on 51.49 acres, was originally built in 1998 with a ware- house expansion added in 2003. The building features 28 trailer parking positions, 413 car parking stalls, 41 dock doors, two drive-in doors and a 36-foot clear height in the warehouse addition, making it well-suited for ecommerce operations. “This new acquisition fits well with Dermody Properties’ strategy to procure logistics real estate in key markets across the nation,” said Doug- las Kiersey, Jr. , president of Dermody Properties. “The asset provides an opportunity for our customers to grow their logistics network in one of the tightest submarkets in the country.” Mindy Lissner and Steven Beyda of CBRE are the ex- clusive listing agents for this property.
SPOTLIGHTS
buoyancy in the first half of 2019, dur- i n g wh i c h time nation- ally ranked investment b r o k e r a g e firm Gebroe- Hammer As-
Section C BROKERAGE DIRECTORY
Ken Uranowitz
7-18B
sociates is reporting $820+M in multi-family sales encompass- ing 5,675 units year-to-date at the close of Q2. As it did in 2018, the Livingston-based firm is outpacing its competi- tive set nationally and region- ally with 65 deals arranged on behalf of a diverse client base of private individuals, private equity firms and institutional investors. While focusing on suburban garden-apartment and urban mid- and high-rise properties, Gebroe-Hammer’s geographic areas of concentration are cen- tered in New Jersey and extend
UPCOMING CONFERENCES September 24, 2019 6 th Annual NJ Apartment & Multifamily Conference September 25, 2019 Pennsylvania Apartment & Multifamily Conference November 1, 2019 5 th Annual NJ CRE Leadership Conference For speaking and sponsorship information, please contact: Lea at 781-740-2900 or lea@marejournal.com
Dermody Properties acquires prime logistics real estate in East Windsor, New Jersey
EAST WINDSOR, NJ — Dermody Properties , a national private equity real estate investment, develop- ment and management com- pany focused exclusively on the logistics real estate sec- tor, has acquired a logistics building at 150 Milford Rd.
Directory Shopping Centers.............................................. 5-9A Healthcare/Medical Properties. .....................10-11A Business Card Directory. .....................................15A Billboard Directory..............................................15A Organization Events Calendar..............................14A Owners, Developers & Managers............... Section B Brokerage Directory................................... Section C www.marej.com
150 Milford Rd.
in East Windsor. The project has 615,000 square feet cur- rently available for lease that will be ready for occupancy by 2020 after Dermody Properties completes building upgrades. The building is less than a mile away from the New Jersey Tpke. and Rte. 33 and boasts an abundant nearby labor pool. It is centrally lo- cated and within 45 miles of
Newark Liberty International Airport, Port Newark and Port Elizabeth. “This location provides di- rect access to Exit 8 of the New Jersey Tpke.,” said Eugene Preston , East Region Partner for Dermody Properties. “The building represents one of the largest blocks of available space in the Central New Jer- sey industrial market.”
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M id A tlantic R eal E state J ournal Publisher, Conference Producer . .............Linda Christman AVP, Conference Producer ...........................Lea Christman Publisher ........................................................Joe Christman Section Publisher ............................................. Steve Kelley Section Publisher ............................................... Kim Brunet Editor/Graphic Artist..... .................................Karen Vachon Office Manager ...............................................Kerrin Devine Contributing Columnist .....................................Ashley Kettler Mid Atlantic R eal E state J ournal ~ Published Semi-Monthly Periodicals postage paid at Hingham, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal 350 Lincoln St, Suite 1105, Hingham, MA 02043 USPS #22-358 | Vol. 31, Issue 14 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 | Fax: 781-740-2929 www.marej.com The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
M id A tlantic Real Estate Journal
Ashley Kettler
REITs – Services and Impermissible Tenant Service Income B y nature, a Real Estate Investment Trust, or REIT, is meant to hold a passive investment in real estate and receive rental income. In an age of rapidly expanding non-traditional REITs and increasing com- petition among traditional REITs, services begin to play a bigger role in attracting tenants and creating new revenue streams. Without careful planning, however, the income generated from these services can cause un- intended tax consequences for the REIT. In order for an entity to maintain REIT status, it is subject to a series of quarterly and yearly tests, including two income tests: a 75% test and a 95% test. If the REIT has too much non-qualifying income it is at risk of failing these tests. It would then be in jeopardy of losing its status as a REIT and its dividends paid deduction – its most valuable tax attribute. One aspect of income test- ing is the 1% de minimis test, which examines how much impermissible tenant service income (ITSI) there is in rela- tion to gross income. If a REIT has as little as 1% or more of this “bad” income, then all of the REIT’s income becomes tainted as non-qualifying income, which will cause the REIT to fail the yearly income test. If ITSI is under 1% of total gross income, then only the ITSI is considered non- qualifying – the remaining qualifying income remains untainted. What about ser- vices where the REIT derives no income, but still bears the cost of providing a service? The REIT is required to gross up 150% of the costs incurred in providing that service as gross income. This is then included as income subject to the 1% test. A TRS is a C corporation that makes an election to become a taxable REIT sub- sidiary. One great feature of a TRS is that it “washes” the tainted service income for the REIT. A TRS will run the services of the property What is ITSI and How to Avoid It
Eastern Pennsylvania (717) 695-3840
Northern & Central New Jersey (973) 337-1144 Maryland, Washington D.C. & Northern Virginia (410) 712-0888
for the REIT, receive income from those services (and bear the expenses), and pay tax on that income (21% tax rate for 2018 and later). If the TRS pays a dividend to the REIT, then that income is considered qualifying divi- dend income for purposes of the 95% income test. The REIT no longer has tainted income and is still able to provide competitive services to its tenants. The services can also be run through a 3rd party independent contractor in order to avoid ITSI. There are two questions to consider when determining whether a service falls under ITSI – both of which are facts and circumstances driven. Is the service customary in the geographic region? Is the service primarily for the convenience of the tenant? The first question is a two part question that depends on what is considered a cus- tomary service and what is considered the geographic region. What might be con- sidered a customary service in Los Angeles might not be considered customary in Chi- cago. A customary service for an office building might not be considered a customary ser- vice in a residential setting. Additionally, the geographic region in New York City may be a few blocks versus a geographic region in Texas of a few square miles. After making these determinations, if the service is not custom- ary in the geographic region, the service must be provided through a 3rd party indepen- dent contractor or TRS. If the service is customary in the geographic region, move on to the second question. The second question is aimed at determining if the service is so specialized that it is outside the scope of basic
services that need to be pro- vided as part of an operational building. Of course, each building needs to provide ba- sic services to its tenants such as electricity, water, HVAC, telecom, trash collection, etc. If the service is primarily for the convenience of the tenant (for example, maid services or picking up dry cleaning) then the service should be run through a 3rd party indepen- dent contractor or a TRS. If the service is not primarily for the convenience of the tenant, then the income generated from that service is not ITSI and can be provided directly by the REIT. Best Practices Even though the income test is a yearly test, a best practice is to perform the income test on a quarterly basis. This way the REIT has a better under- standing of the type of income being generated and can plan a cure by year-end so there is enough qualifying income to pass the income tests. Addi- tionally, when performing due diligence on a property that will later be put into a REIT, current services provided by the property and ITSI are care- fully scrutinized so measures can be taken once the REIT is set up to avoid failing the income tests. Incorporating a TRS into the structure during the planning stages should be a priority when setting up a REIT to alleviate any potential threats of ITSI. The benefit is, as the REIT increases its service offerings to tenants, a TRS is already in place to run through the income from those services. With careful planning and structuring, any type of REIT can ensure from the get- go that the income generated will be qualifying income. Ashley Kettler, CPA, Real Estate Services Group team member at Withum.
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M id A tlantic R eal E state J ournal
HILADELPHIA, PA JLL Capital Markets secured permanent fi- Orcutt obtains financing on behalf of Alliance Partners HSP JLL Capital Markets secures financing for 186,000 s/f Philadelphia redevelopment P
Old City submarket. JLLman- aging director Chad Orcutt secured the financing on behalf of Alliance Partners HSP (Alliance) . The loan was provided by Tristate Capital Bank . The fully-redeveloped project is 100% leased to three tenants with a weighted average lease term of 14 years. Yards Brew- ing Company leases 70,000 s/f for its brewery and taproom, the City of Philadelphia’s Archives Department leases 68,000 s/f for office space and document storage and Target leases the remaining 48,000
s/f for an “urban format” retail store. “We are pleased to work with our client, Alliance Part- ners, on the refinancing of their SoNo development. The combination of an exceptional redevelopment, high-quality tenancy and strong sponsor- ship allowed for easy execution of this financing assignment. TriState Capital Bank was great to work with on closing the loan, having the sophis- tication to understand and finance a leasehold interest on a long-term ground lease,” said Orcutt.
nancing for t h e l e a s e - hold interest in the SoNo commercial building, a 186,000 s/f, m i x e d - u s e property lo- cated at 456
Chad Orcutt
N. Fifth St. (SoNo). The build- ing occupies an entire city block between Philadelphia’s rising Northern Liberties sub- market and the established Gebroe-Hammer tops competitors . . . “The anticipated lowering of in- terest rates by the Fed this year just adds more fuel to this fire.” Among Gebroe-Hammer’s notable sales highlights in New Jersey during Q1 and Q2 is the $75 million North Jersey Metro portfolio sale of 487 units spanning the state’s most densely populated coun- ties of Hudson and Bergen. The seller was Madison Hill Properties and the buyer was a private investor. As follow up, Gebroe-Hammer also arranged the $58.5 million sale in May of New Providence Gardens, a 232-unit garden-apartment community located within one of the most affluent corners of the state. Other key Garden State trades include the $17.87 mil- lion sale of 168 units and $16.59 million sale of 134 units at 100 Swartzwood Rd., and 2 Center St., in Newton and Sus- sex, N.J., respectively. The firm also has closed over $78 million in urban-core sales spanning Bayonne, East Orange/Orange, Elizabeth, Irvington, Jersey City, Newark, Plainfield and Union City. The Greater Philadelphia/ Northeast Pennsylvania met- ro has been another hotbed of activity for Gebroe-Hammer’s market specialists. Since Jan- uary, the firm has arranged over 16 trades encompassing 2,070+ units valued in excess of more than $210 million. The garden-style and mid- rise/high-rise properties in- volved in these transactions are located in Philadelphia, Bucks and Chester counties as well as South Jersey’s Atlan- tic, Burlington, Camden and Gloucester counties. continued fromFront Cover
456 N. Fifth St.
Dev Land Near DC & Amazon HQ2 FREDERICKSBURG, VA • 68 Oakenwold Lane 31+/- acres. Currently there are 5 billboards on the property with leases. Leases and income will transfer to new Buyer. Due diligence materials available upon request. Located approx 45 minutes south of Arlington via I-95. Arlington is the location of the new Amazon HQ2. Located along I-95 with 5 interstate interchanges. 25 miles South of Washington Capital Beltway. 50 miles north of Richmond, VA
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Mid Atlantic Real Estate Journal 8 x 8.25
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Real Estate Journal
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Presents
2019 MENTORING PROGRAM After almost two years of fantastic events such as tenant presentations, property tours, time management sessions and winery tours, the Pipeline worked to add another element to the networking platform: mentoring.
In September 2016, in the midst of an ICSC SIG dedicated to women in commercial real estate, the Pipeline was born. Founders Cortney Rickle and Julie Fox set out to establish a networking group for women within all aspects of the commercial retail real estate field. The networking group which includes as its hallmarks, diversity and inclusion for educational and fun networking events, now comprises over 200 women.
In mid-2018, one of our earliest members, Nancy Mozzachio, began to work on the creation of a mentor-mentee program for the Pipeline. Recognizing the importance of pairing experienced women in retail CRE with women attending a real estate- centered program in college, Mozzachio set out to mirror one of the many programs she participated in throughout her career as a mentee as well as a mentor.
The Temple-Fox Pipeline mentor/mentee program will continue until October 2019 with the expectation of continuing the program for many years to come. The mentorship program fits perfectly into the Pipeline’s goal of using the wealth of information, contacts, expertise and skills of its members to build the next generation of CRE professionals. If you know of anyone who may be interested in the Pipeline mentor program, please contact: Nancy H. Mozzachio nmozzachio@sqnreadvisors.com or Julie T. Fox jfox@rjbrunelli.com
Our Mission : We plan monthly events that are fun and educational.
About The Pipeline : The Pipeline is comprised of female professionals in retail real estate. The group was formed in September 2016 after the Women's SIG at the ICSC PA, NJ,DE Conference. Our vision is to provide opportunities for women to network and support one another. We believe in building a pipeline for the women within the industry and the next generation of women to come.
Group Photo from the Mentoring Meeting
OVER 200+WOMEN IN OUR GROUP TO DATE!
S hopping C enters
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By Kelley Milloy, KLNB Consumer trends are changing how retailers procure new spaces
R
e ta i l i s chang ing . Over the past year, the commercial real
retailers are looking at how they can downsize and mod- ernize their store layout. A great example of this is Roll by Goodyear, Goodyear’s new retail experience showroom concept which just opened a location in Rockville, MD, a submarket of Washington, DC. Customers enter a clean, modern space where they can view different products and make their selection. Custom- ers then place their orders on site and set up a time to have their new tires installed at the store, at their home, or place of work. Not only does this play to the convenience demands of today’s consumer, but it is also shaving off a significant amount of money in leasing for retailers. In the restaurant industry, owners are looking for a more efficient use of space as rents
continue to rise, resulting in a smaller commercial real estate footprint that can serve more customers at a rapid pace. In many cases, restaurants are cutting nearly half of their square footage. For example, Lebanese Taverna, a 40-year- old, traditional full-service restaurant brand with 12 loca- tions around the Washington, DC metro area, has seen suc- cess in their newly developed fast-casual concept LEBTAV. They’ve taken the greatest hits of their traditional menu, utilizing smaller retail space paired with a fresh design to adapt to their evolving con- sumer. They have four LEB- TAV locations open today with more on the way. In the DC market, new res- taurants open every weekend. Consumers have money to spend and expect a quality
experience. And they do their research, looking at consumer reviews before making a deci- sion. Experience is a large part of a review. To stake their claim in this competitive landscape, restaurants must not only have exceptional food, but the experience must be top notch. Maydan, a two-year-old res- taurant in the Cardozo neigh- borhood of Washington, DC, was intent on developing a one-of-a-kind experience for their audience – starting first, with the real estate. From creating a sense of discovery with the alleyway entry at the revitalized Manhattan Laundry building, to design, layout of the space and live fire hearth centerpiece, Maydan created an escape for diners that has gained them national notoriety in publications like
Bon Appetit, Esquire, GQ and Food & Wine. Consumers and market trends are changing the way retailers and restaurateurs look at real estate and as a result brokers need to adapt. Sometimes finding a perfect space for a tenant means en- gaging with a property owner who wasn’t on your radar, or a landlord who wants to turn an unused B/C class office space into a sought-after amenity. Clients are looking for their brokers to do more than close deals, they want them to get creative, find more efficient uses of space, and help execute on their vision. What will set you apart is taking the time to help your client foster the experiences consumers are hungry for. Kelley Milloy is a retail specialist with KLNB.
estate indus- try has seen an evolution in the way c o n s ume r s are impact- ing our busi- ness. Trends in how con- sumers shop
Kelley Milloy
and eat are changing how retailers procure new spaces for their stores and restau- rants, and how they build, or in some cases renovate, those spaces. The name of the game is to create an experience for your customer. This trend is sweeping the nation and we’re seeing it trickle down into the Washington, DC market in big ways. Traditional, brand name
PA/NJ/DE Conference & Deal Making features our annual spotlight
Promote your company & its services All companies are welcome to submit articles Suggestions include: New Developments Retail Properties
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350-550 Words Photograph or Headshot Authors Bio (Author Name & Title, Co. Name & Address) Deadline: August 9th Publication Date: August 23rd Special Advertising Rates to All Participants Linda Christman 781.740.2900 lchristman@marejournal.com Joe Christman 781.740.2900 x.207 jchristman@marejournal.com Kim Brunet 781.740.2900 x.206 kbrunet@marejournal.com
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Rohrbaugh, Stine, and Spagnola arrange 1.01 AC land sale Bennett Williams brokers 27,801 s/f in retail transactions
ORK, PA — Ben- nett Williams Com- mercial arranged the sale/lease of the following transactions: 6,660 s/f retail space at Dau- phin Plaza, 3830 Union De- posit Rd., Susquehanna Twp. PJW Harrisburg, LLC dba P.J. Whelihan’s leased the space from Dauphin Plaza Owner, LLC. Abe Khan, Brad Rohrbaugh and Chad Stine of Bennett Williams Commer- cial represented the landlord in the transaction. 6,664 s/f retail space at 2701 E. Market St., Springettsbury Y
Dauphin Plaza
Twp. Mavis Tire Supply, LLC leased the space from 2700 East York, LLC. Adam Hagerman of Bennett Williams Commer- cial represented the tenant and Rohrbaugh, Stine and Joe
Spagnola of Bennett Williams Commercial represented the landlord in the transaction. 3,200 s/f retail building at 3315 Concord Rd., Springetts- bury Twp., York County. Burg- er King leased the space from Quattro York, LLC. Hager- man, Rohrbaugh, and Stine represented the tenant in the transaction. 1,115 s/f retail space at The Heights Plaza, 180 Leader Heights Rd., York Twp. Leaf and Arrow Tattoo, LLC leased space fromHeightsRealty, LLC. Karen Neiderer , Rohrbaugh, and Stine of Bennett Williams Commercial represented both the tenant and the landlord in the transaction. 2,600 s/f retail building at 120 Montemorenci Ave., Ridg- way Borough. Majid Syeed purchased the property from National Retail Properties . Khan, Rohrbaugh, and Stine represented both the buyer and the seller in the transaction. 1,962 s/f retail building at 1154 River Rd., East Donegal Twp., Lancaster County. Gi- useppe and Anna Conigliaro purchased the property from BB&T. Hagerman represented the buyer and Justin Wil- lits , Rohrbaugh, and Stine of Bennett Williams Commercial represented the seller in the transaction. 1.01 AC land at 2701 E. Mar- ket St., Springettsbury Twp., York County. 2700 East York, LLC purchased the property from S&T Bank. Rohrbaugh, Stine, and Spagnola represent- ed the buyer and Rohrbaugh and Stine represented the seller in the transaction. 5,600 s/f retail building at 460-472 Shrewsbury Commons Ave., Shrewsbury Twp., York County. Pacifica Companies, LLC purchased the property from Shrewsbury Proper- ties Group, LLC. Rohrbaugh, Stine, and Dave Nicholson of Bennett Williams Com- mercial represented the buyer and Rohrbaugh and Stine represented the seller in the transaction.
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S hopping C enters The Space Place Your Guide to Available Retail Space
Name of Center & Location Pohatcong Plaza 1250 US Highway 22 Phillipsburg, NJ 08865
Available Sq. Footage
Company Contact Information
Anchor Stores
Co-Tenants
National Realty & Development Corp.
Walmart Supercenter, Stop & Shop, Regal
Ulta, Old Navy, PetValu, Verizon Wireless, WaWa
4,000-30,496 SF Plus Pad Site
Cinemas, Hobby Lobby, Marshalls, HomeGoods
Harrison Lyss 914.272.8043 harrison.lyss@nrdc.com
National Realty & Development Corp.
Northampton Crossings 3768 Easton Nazareth Highway Easton, PA 18045
Walmart Supercenter, Sam's Club, Regal Cinemas, Kohl's, Hobby Lobby
Staples, Panera Bread, Petsmart
8,987 SF Plus Pad Site
Harrison Lyss 914.272.8043 harrison.lyss@nrdc.com
National Realty & Development Corp.
Marketplace at Cinnaminson 2501 Route 130 South Cinnaminson, NJ 0877
Walmart Supercenter, Sam's Club
Modell's
2,500-25,650 SF
Nick Hrvatin 914.272.8037 nick.hrvatin@nrdc.com
National Realty & Development Corp.
Washington Plaza 5901 Route 42 Turnersville, NJ 08012
Burlington, LA Fitness
Friday's
2,782-11,210 SF
Nick Hrvatin 914.272.8037 nick.hrvatin@nrdc.com
National Realty & Development Corp.
CooperTowne Center 711 Evesham Avenue Somerdale, NJ 08083
3,274-13,498 SF Plus Pad Site
Walmart Supercenter, Cinemark Theatres, LA Fitness
Applebee's, PetValu, Dollar Tree, Pizza Hut
Nick Hrvatin 914.272.8037 nick.hrvatin@nrdc.com
National Realty & Development Corp.
Fruitland Center 404 North Fruitland Blvd. Salisbury, MD 21801
12,100 SF Plus Pad Site
Big Lots, CitiTrends
Kool Smiles, Apple Discount Drug
Nick Hrvatin 914.272.8037 nick.hrvatin@nrdc.com
National Realty & Development Corp.
Waynesboro Plaza 2715 West Main Street Waynesboro, VA 22980
1,905 & 4,000 SF Plus Pad Sites
Big Lots, Harbor Freight Tools
Dollar Tree
Nick Hrvatin 914.272.8037 nick.hrvatin@nrdc.com
Kim Brunet Retail Publisher Space Place Listings 781.740.2900 kbrunet@marejournal.com
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MID-ATLANTIC RETAIL
GLA/ Acreage Anchor Tenants
Property Name
Address
City/State
Kmart, Burlington, Market Basket
Hanover Avenue NJ Route 35 & Main St. Route 70 & N. Locust Ave. Route 440 & Goldsborough Dr. Plain St. & Lowell Connector Medway St. & Beaver St. Adjacent to Foreign Trade Zone Route 18 & Foxborough Dr. Route 46 & Waterview Blvd. Springfield Ave. at Roselyn Pl. Springfield Ave. near I-78 State Hwy. 73 & Sunbird Dr. S. Delsea Dr. (Rte. 47) & College Dr. Black Horse Pike & Main St. Boston Rd. & Tower Farm Rd.
Shops at Billerica
Billerica, MA Lowell, MA
306,876
272,907 Target, Marshall’s, Best Fitness
Meadow Brook Center
Milford Crossing
158,806 Stop & Shop, HomeGoods, TJ Maxx
Milford, MA
Mount Olive, NJ Old Bridge, NJ Parsippany, NJ Hanover, NJ Evesham, NJ Eatontown, NJ Bayonne, NJ Marlton, NJ
Marketplace at Monmouth Harbor View Marketplace Shoppes at Renaissance Square
239,929
Costco Wholesale Club
243,800 Future Development
127,920 Virtua Medical Group, Children of America
Vacant Land Sunbird Plaza Cedar Village
123,593 Lowe’s
26,041 Future Development
19.9 AC Across from Walmart, Sam’s, TJ Maxx 9.33 AC Across from Walmart Supercenter 145,880 Whole Foods, Homesense, DSW, Ulta
Foxborough Plaza
Waterview Marketplace
Vacant Land Vacant Land
0.199 AC Vacant Land 0.3239 AC Vacant Land
Union, NJ
Vauxhall (Union), NJ
Vineland Marketplace
Vineland, NJ
TBD
Future Development
Williamstown, NJ
94,452 CVS, Dollar General
Williamstown Shopping Center
Thomas G. Mirandi | tel 212.265.6600 x239 | tmirandi@rdmanagement.com
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M id A tlantic
S hopping C enters
Milford Crossing | Milford, MA
Meadow Brook Center | Lowell, MA
OPPORTUNITIES
GLA/ Acreage
City/State
Property Name
Anchor Tenants
Address
Route 13 & Bennie Rd.
26 AC Across from Walmart Supercenter
Vacant Land Grand Plaza
Cortland, NY Deer Park, NY
Commack Rd. & Grand Blvd. Saratoga Rd. & Glenridge Rd.
189,125 Kohl’s, Stop & Shop, Pet Supplies Plus
Lake Shore Plaza II & III Target Shopping Center
170,616 Target, Pet Supplies Plus
Glenville (Albany), NY
Lake Ronkonkoma, NY 170,451 Stop & Shop, Regal Cinemas, Dollar Tree Portion Rd. & Patchogue-Holbrook Rd.
Routes 17/6 & Route 32 Route 59 & Hutton Ave.
Harriman Commons
Monroe/Woodbury, NY 711,816 Walmart, Target, Home Depot, BJ’s
Home Depot Shopping Center
Nanuet, NY
276,792 Home Depot, Raymour & Flanigan, Staples
Orangeburg Commons
Route 303 & Palisades Pkwy. Montauk Hwy. & Station Rd.
Orangetown, NY Southampton, NY Stony Point, NY
143,219 Stop & Shop, Residence Inn
The Mill
29,314 Provisions Natural FoodsMarket, SoulCycle
Stony Ridge Plaza
Route 9W & Park Rd. 660 White Plains Rd.
21,212 US Post Office
660 White Plains Road
Tarrytown, NY
279,254 Adjacent to Super Stop & Shop
Home Depot Shopping Center Home Depot Shopping Center
Lehigh St. & Route 78
Allentown, PA
134,271 Home Depot
Hanover St. (Rte. 34) & I-81
Carlisle, PA
140,715 Home Depot, Chili’s
Five Points Plaza
Montgomeryville, PA 133,124 BJ’s Wholesale Club, Lowe’s Cowpath/HorshamRd. @Rte. 309
Richland Marketplace
Rte. 309 & Pumping Station Rd. Hamilton Blvd. & Grange Rd.
Quakertown, PA Trexlertown, PA
444,531 Target, BJ’s, Best Buy, Petsmart, Staples
Macungie Crossing Shopping Ctr.
36,671 Near Walmart Supercenter
Thomas G. Mirandi | tel 212.265.6600 x239 | tmirandi@rdmanagement.com
rdmanagement.com
10A — July 26 - August 8, 2019 — Healthcare & Medical Properties — M id A tlantic
Real Estate Journal
www.marej.com
H ealthcare & M edical P roperties
South Jersey Medical Center totals 33,416 s/f Beyel, Gariano and Hinchman complete sale of medical office building in CherryHill, NJ for $4M C
HERRY HILL, NJ — Marcus & Millichap has announced the sale of South Jersey Medical Cen- ter, a 33,416 s/f medical office property located in Cherry Hill. The building sold for $4 million equating to $119 psf. David Beyel, and Law- rence Gariano , both se- nior associates, and Michael Hinchman , associate, inMar- cus &Millichap’s Philadelphia office, had the listing to mar- ket the property on behalf of the seller, a partnership. The buyer, a partnership, was also secured and represented by
David Beyel
Lawrence Gariano
Michael Hinchman
“We were able to generate a lot of interest from both in state and out of state buyers due to the property’s desirable location,” said Beyel. “The di- versified rent roll and upside in leasing of the existing va-
cant suites were a few of the main selling points.” South JerseyMedical Center is located at 1401Marlton Pike East in Cherry Hill. The medi- cal office has 14 suites and 425 feet of frontage along Rte. 70, with more than 53,000 cars passing daily. Located in one of Philadelphia’s most sought- after submarkets, Cherry Hill, the medical office has been a desirable location due to its proximity to the local patient base, ease of access, and avail- able parking. The firm’s broker of record in New Jersey is Brian Hosey . NEPA A l l i anc e presents loan funds to Revive Chiropractic, LLC PITTSTON, PA — Re- vive Chiropractic received a $55,000 loan through the NEPA Alliance Economic Development Administra- tion (EDA) loan fund as part of a total project costing $150,000 for the purchase of land, building and renova- tions. Other project funds con- sisted of $80,000 from M&T Bank and a $15,000 equity injection from the borrower. Revive Chi ropract i c i s owned by Dr. Brandon Aucker, who has managed the practice since 2014. Dr. Aucker was able to purchase a new loca- tion with the help of NEPA’s funds, which allowed the busi- ness to grow and gain expo- sure in the community. Dr. Aucker has been prac- ticing chiropractic in western Pennsylvania and Schuylkill County for over six years. His prior experience includes roles as an initial clinical reviewer, a clinical peer reviewer, an associate chiropractic, and various rotations at integra- tive health clinics/chiropractic offices. NEPA Alliance is a full service economic develop- ment lender offering 11 low interest loan programs for job creation and job retention in our region.
South Jersey Medical Center
the team. The Pennsylvania based buyer was in a 1031 ex-
change and plans to upgrade the facility and common areas.
CELEBRAT ING 30 YEARS OF ENGINEERING LEADERSHIP NGINEERING LEADERSHIP Uni ver s i t y of Mary land Medi cal Center – Labor & Del i very
AKFGROUP.COM
Real Estate Journal — Healthcare & Medical Properties— July 26 - August 8, 2019 — 11A
www.marej.com
M id A tlantic
H ealthcare & M edical P roperties By Cathy Dolan, Health Well Done New Delivery Practices That Are Impacting Projects
T
hey say that con- struction is slow to change. While that
the HWD3 approach. Diversity + Collaboration = Better Projects Having a diverse team that is working together for the same goal – creating a good experience for the patient – is how patient-centered spaces are created. There are so many building sys- tems and technologies avail- able for healthcare facilities that tying them together is a monumental task for just one person. But by working to- gether as a team and sharing ideas, the best solutions can be found. And when everyone feels their voice is heard and
that their contribution is val- ued, they are in the best place to deliver their best work. The Healthy Team principle is all about building strong connections and relationships that drive creative problem- solving. The Process Every construction project needs a process to guide it to completion. The Healthy Project principle is the back- bone of the project, a way to document all the informa- tion that’s been collected and manage the project from start to finish. A well-structured project gives the team a clear
roadmap on how the project is going to progress and help focus everyone’s efforts. This principle typically has five phases: initiation, planning, controls, implementation, and close out. Following this methodology will help keep projects on track when all the ideas of the team members start to converge. No Longer Business As Usual Expanded access to health- care is driving the evolution of healthcare services and systems. But to create health- care facilities effectively we need to rethink how clini- cal spaces can yield greater
benefits. Modernizing the construction project delivery process is the key to deliver- ing better projects, and ulti- mately, better outcomes for patients. To learnmore about my HWD3 approach, check out my book, Health Well Done: A Patient-Centered Management Approach to Building Healthcare Envi- ronments . It provides clear guidance on how to put these 3 principles in action on your next healthcare project, for an integrated and effective approach. CathyDolan is president of Health Well Done.
may be true, new ways of m a n a g i n g and deliver- ing construc- tion projects a r e s t a r t - ing to filter through and make an im-
Cathy Dolan
pact on the way we design and build projects. After all, if you do what you’ve always done, you’ll get what you always get – construction projects that aren’t always fit for pur- pose, designed and built by overworked people who don’t understand the user’s needs. But this is changing. A People-Centered Management Approach People are at the heart of everything we do – whether it is designing a new space or using that space as a place to rest, recover, and heal. That’s why my Health Well Done approach (HWD3) uses the 3 people-centric principles of Healthy Patient, Healthy Team, and Healthy Project. Without keeping the people in mind, a construction project becomes a number-crunching exercise: delivering a set number of materials to an estimated schedule for a specified price. Managing and executing projects this way doesn’t deliver the spaces we need for better patient out- comes. But with this integrat- ed project delivery approach, we can transform healthcare from done to well done. Language Matters Every healthcare construc- tion project should be about the patient. Often, people are churning out numbers but they don’t mention the word “patient” or “people”, instead they use “FTEs” or “primary care person”. Howmany FTEs are needed to run the new facility? What price can we charge a primary care person for this treatment? But this keeps the focus only on today, and not on what’s best for the patient. If you start to think about who that person is and what their needs are while they are sick, it’s far easier to make the process more ef- ficient and save money in the long run, whether by using good design or incorporating new technology. This is the Healthy Patient principle of
12A — July 26 - August 8, 2019 — M id A tlantic
Real Estate Journal
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M id A tlantic R eal E state J ournal Hurley Auctions' Hartman finishes in top 25 Auctioneer competes in NAA Int'l. Auctioneer Championship
N
“I felt honored to be com- peting against the best in my profession.” Hartman said. “To hear my fellow auction- eers encourage and root me on was such a humbling and amazing experience.” Hartman has been in the auction industry for nearly 20 years. She has conducted, coordinated or participated in over 3,000 auctions at Hurley Auctions. Hurley’s specializes in Real Estate, Personal Property, and Busi- ness Liquidations. The National Auctioneers Association represents thou- sands of auctioneers from the U.S. and across the world. The mission of the NAA is to provide critical resources to auction professionals that will enhance their skills and successes. Founded in 1949, the NAA’s headquarters are in Overland Park, Kansas. “When presented with the opportunity to work with Bob and Dan, I jumped at the chance,” said the resident of Voorhees, NJ. “The firm is growing and has such a strong presence throughout New Jersey. They are highly respected and well known for great attention to detail in all areas of civil engineering. I look forward to helping further the company’s ability to meet client needs.” Adds Daniel J. Caldwell, firm principal and partner, “Sam is a tremen- dous asset to our team with a well-rounded background that aligns well with the diversity of our clients. He will be able to work on various jobs simulta- neously and manage projects from start to finish.” sional Planner and Certified Municipal Engineer. access to housing that fits their needs,” said Ned Huff- man , president of Bellwether Enterprise. Located at 102 Baylor St. in downtown Staunton on 11.7 acres of land, and positioned between Shenandoah National Park and the George Washing- ton and Jefferson National For- ests, Willow View Townhomes features 18 two-story town- homes and one-story garden- style residential buildings.
EW ORLEANS, LA — Hurley Auctions newest auctioneer,
Marjorie Hartman , took part in the 2019 Nation- al Auctioneers Association International Auctioneer Championship, competing in a field with some of the best auctioneers in the world. Auctioneer’s hailed from all over including Scotland, Brazil, Africa, England, as well as the continental US to show off their skills. Joining nearly 100 fellow auction professionals from across the world, Hartman finished in the top 25 after competing last Friday, July 12, 2019, in New Orleans. The competition was held at the 70th International Auc- tioneers Conference & Show while Hurricane Barry blew outside. One man and one woman earned the right to be CINNAMINSON, NJ – Stout & Caldwell Engi- neers & Surveyors , a lead- ing provider of professional and technical engineering and consulting services in the Greater Philadelphia area, welcomes Samuel J. Agresta a seasoned professional en- gineer with more than 10 years’ experience. In his role as professional engineer and project manager, Agresta will work with both private and municipal clients, provid- ing site layout, stormwater analysis, structural design, permitting and public hearing attendance. His responsibili- ties will include the hands on design of site plans, subdivi- sions and utility replacement including preparation of sur- veys, CAD drafting, concept plans, specification writing STAUNTON, VA — Bell- wether Enterprise Real Estate Capital LLC (Bell- wether Enterprise) , the commercial and multifamily mortgage banking subsidiary of Enterprise Community In- vestment Inc. (Enterprise) , announced the closing of $10.1 million in financing to enable LEDICRealty Co. to purchase and renovate Willow View Townhomes, an affordable mul- tifamily housing community
Marjorie Hartman
called NAA IAC Champion. IAC competitors are judged on their presentation, chant, voice timbre, body language and other performance ele- ments of effective auctioneer- ing. The revered competition is held in a single day, in front of live attendees, with tens of thousands of viewers on IAC Live! and drainage design. Prior to joining Stout & Caldwell, Agresta held similar positions with both Reming- ton & Vernick Engineers and Polistina & Associates where he managed projects in ex- cess of $5M annually and had specialized expertise in senior exercise, rehabilitation sites, sports fields and various rec- reation facilities. He has also served as a municipal consult- ing engineer for Bordentown City, Hillside Twp., City of Orange Twp. and other state municipalities. A graduate of Drexel University in Phila- delphia, PA, Agresta received his Bachelor of Science in Ar- chitectural Engineering and Construction Management in 2010. He holds licenses as a New Jersey Professional Engineer, New Jersey Profes- in Staunton, 33 miles north- west of Charlottesville. This deal underscores Bellwether Enterprise’s commitment to providing vital financing for high-quality affordable housing in the Mid-Atlantic. “The work of Bellwether’s affordable housing group is central to our organization’s dedication to providing flex- ible financing options so that individuals and families across the financial spectrum have
Stout & Caldwell Engineers & Surveyors welcomes Samuel J. Agresta, PE, PP, CME
Acrylic 1
Acrylic 2
Ebony
Mahogany
Bellwether Enterprise closes $10 million loan for Affordable Housing Community in Staunton, Virginia
www.marej.com Real Estate Journal — July 26 - August 8, 2019 — 13A H ard M oney L ending : F ix & F lip R ental L oans M id A tlantic
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14A — July 26 - August 8, 2019 — M id A tlantic
Real Estate Journal
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COMMERCIAL REAL ESTATE ORGANIZATIONS' EVENTS CALENDAR
September 4-AGC NY Event: AGC NY at Yankee Stadium Time: 6:30PM-TBA Location: Yankee Stadium Cost: $66.60- Field Level , $51.60-Main Level Web: www.agcnys.org September 11-12-MBA Event: Multifamily Property Inspection Workshop Location: Holiday Inn Capitol Address: 550 C Street SW Washington, DC Cost: $900-Member, $1,400-Non-Member Web: www.mba.org September 11-12-ICSC Event: PA/NJ/DE Conference & Deal Making Location: Pennsylvania Convention Center Address: 1101 Arch St, Philadelphia, PA 19107 Cost: $400-Member, $800-Non-Members C: Kelly Ice E: kice@icsc.org C: Jeanine Kelly E: jkelly@icsc.org Web: www.icsc.com September 15-16-NAIOP No. VA Event: Fall Golf Classic Location: Robert Trent Jones Golf Club Address: One Turtle Point Drive Gainesville, VA Cost: $1250-Golfer w/ stay, $1050-Golfer only, $200-Reception only Web: www.naiopva.org September 17- IREM Delaware Valley Event: Mini Golf Outing & Election of Officers Time: 2:00PM-7:00PM Location: Riverwalk Mini Golf Address: 550 Justison St, Wilmington, DE Web: www.iremdelval.starchapter.com September 19-PAA East Event: How to Develop a Leasing Sales Regroup Meeting Time: 2:00PM-3:00PM Location: Online Cost: $35-Early Bird Member, $49-Early Bird Non-Member Web: www.paa-east.com September 19-CREW Philadelphia Event: Members Only Annual Meeting Time: 5:30PM - 8:00PM Location: The Racquet Club of Philadelphia Address: 215 S 16th St, Philadelphia, PA Web: www.crewphiladelphia.org
August 12-CCIM PA/NJ/DE Event: Commercial Real Estate Negotiations Time: 8:00AM-5:00PM Location: Nova Place - Room Alloy 26 Address: 100 S Commons, Ste 102 Pittsburgh, PA Web: www.panjdeccim.com August 15-ABC Baltimore Event: 3rd Annual Bands By the Bay Time: 4:00PM-8:00PM Location: Conrad's Ruth Villa Address: 3301 Edwards Lane,Middle River, MD Cost: $100-$2,720 Web: www.abcbaltimore.org August 14-USGBC NJ Event: Annual Summer Social Time: 5:30PM-9:30PM Location: Martell's Tiki Bar Address: 308 Boardwalk, Point Pleasant Beach, NJ Cost: $45-Members, $55-Non-Members Web: www.usgbcnj.org Location: The Monarch Rooftop Lounge Address: 71 West 35th Street, 18th Floor New York, NY Web: www.crewnj.org August 13-CREW NJ Event: Connections Cocktails Time: 6:00PM - 8:00PM
July 26-NAIOP NJ Event: Community Action Volunteer Day Time: 9:30AM-3:00PM Location: Community FoodBank of NJ Hillside Address: 31 Evans Terminal, Hillside, NJ C: Barbara Morford Web: www.naiopnj.org August 1-ABC VA Event: Peninsula Beach Party with HRUHCA Time: 4:00PM-7:00PM Location: Paradise Ocean Beach Club Address: 490 Fenwick Road Fort Monroe, VA Cost: $50-Member, $60-Non-Member Web: www.abcva.org Location: Fiddlers Elbow Country Club Address: 811 Rattlesnake Bridge Rd, Bedminster, NJ Cost: $375-Member, $750-Non-Member Web: www.njbankers.com Location: Fiddlers Elbow County Club Address: 811 Rattlesnake Bridge Rd, Bedminster, NJ C: Pat Hanley E: Pat.Hanley@bomanj.org Web: www.bomanj.org August 7-ULI Event: Webinar: Extreme Heat Resilience and Real Estate Location: Online Time: Noon- 1:00PM Web: www.americas.uli.org August 7-ABC Metro Washington Event: Annual Lobster Bake Time: 5:00PM-8:00PM August 5-BOMA NJ Event: Annual Golf Outing Time: 11:00AM-8:30PM August 8-NJAA Event: Women in Business Brunch Location: McLoone's Boathouse Address: 9 Cherry Lane, W. Orange, NJ Web: www.njaa.com Location: Smokey Glen Farm Address: 16407 Riffle Ford Rd, Gaithersburg, MD Cost: $125-Before August 1st, $150-After August 1st Web: www.abcmetrowashington.org August 6-NJBankers Event: The Bankers Cup
August 15-ABC VA Event: Ladies' Night: Paint & Sip Time: 5:00PM-8:00PM
Location: ABC-VA Training Facility - Richmond Address: 1600 E. Parham Road Richmond, VA Cost: $60 Web: www.abcva.org
August 16- ABC NJ Event: Day at the Races Time: Noon-3:00PM Location: Monmouth Park C: Lynn Bradley P: 609.439.2211 Web: www.abcnjc.org
August 19-IREM Maryland Event: 28th Annual Charity Golf Tournament Time: 8:00AM-6:00PM Location: Hillendale Country Club Address: 13700 Blenheim Road North,
Phoenix, MD C: Lori Cook P: 410-413-1418 Web: www.irem16.org
Please send your events to: editor@marejournal.com
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