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AINESPORT, NJ — Lee & Associates of Eastern Pennsylva- H Eastern PA’s Capital Markets Teamorchestrates 35 acre sale of industrial site Lee & Associates arranges acquisition of 45 acre ind. assemblage in Hainesport, NJ service large consumer bases continues to rapidly acceler- ate,” said Yoshimura.
ISSUE HIGHLIGHTS Volume 33, Issue 3 March 19 - April 15, 2021
ern, well located distribution facilities is fueling continued development in this sector. Ex- pectations are for significant demand to continue as e-com- merce and last mile facilities require space for expansion,” added Joe Hill. The sale of 1517 Rte. 38 represents the third major in- dustrial land transaction that the Yoshimura/Hill Capital Markets team has completed within the last 12 months in Burlington County. In Decem- ber 2020, the Capital Markets group arranged the sale of a 116.8-acre site located at 1900 River Rd. in Burlington Twp., NJ for $110.5 million. In March 2020, the Capital Mar- kets group orchestrated the sale of a 30.8-acre site located at 839 Railroad Avenue in Florence Twp., NJ for $14.75 million. MAREJ is equipped with state-of-the- art mechanical and building systems. “The addition of this highly- anticipated tower is a piv- otal moment for both Phila- delphia and University City, bringing Schuylkill Yards one step closer to realizing Drexel and Brandywine’s vision of a world-class setting for work and living, learning and in- novation, socializing and mak- ing meaningful community connections,” said John Fry , president of Drexel University. The residential component is being developed in conjunction with the Gotham Organiza- tion , a fifth generation New York City-centric developer of luxury residential buildings, mixed-use developments and affordable housing. The 326 residences will re- flect today’s evolving live/ work lifestyle with flexible unit layouts and multiplicity of collaborative space on the amenity floor. Unobstructed views and high-end finishes are perfectly complemented by an array of amenities that cater to both passive and active entertainment. MAREJ
SPOTLIGHTS
30th Street Station, and within the innovation neighborhood that serves as the central con- nection point between Center City’s economic district and University City’s eds & meds epicenter. Designed by the Practice for Architecture and Ur- banism (PAU) , along with HDR as the executive architect and a team of nationally rec- ognized engineering firms, the tower design incorporates cur- rent and future demand driv- ers, such as health & wellness, technology acceleration and in- tegrated work/life experiences through light-infused spaces, flexible 29,000 s/f floorplates, and expansive, unobstructed views. The building’s heart lies in its 29,000 s/f Lifestyle Club on the 9th floor, which features fluid indoor and outdoor experi - ences including lounge, confer- ence and co-working spaces, an upscale fitness center, a terrace with a lap and recreation pool, cabanas, grilling stations, and more. Designed to market- leading standards of design excellence, the West Tower is optimized for fresh air intake, filtration, and circulation, and The site offers convenient accessibility to the New Jer- sey Turnpike and I-295. This excellent location within the Southern New Jersey indus- trial market provides last mile delivery capabilities throughout the Northeast Corridor. Burlington County has historically been consid- ered the strongest industrial submarket within Southern New Jersey, consisting of over 32.7 million s/f of inventory as of year-end 2020. Net ab- sorption for class A industrial product in Burlington County increased 29% year-over-year, increasing from 2.1 million s/f in 2019 to 2.7 million s/f in 2020, showcasing the submar- ket’s increasing desirability. “Historic demand for mod-
nia’s Capital Markets team or- chestrated the sale of a 35-acre industrial site located at 1517 Rte. 38 in Hainesport, Burl- ington County. Black Creek Group purchased the site from Atlantic Wood Industries. Lee & Associates of Eastern Pennsylvania’s Capital Mar- kets team consisting of Bob Yoshimura, Joe Hill, Eric Mattson and Joe Hill, Jr. represented Atlantic Wood Industries in the sale. Addi- tionally, the Capital Markets team advised Black Creek Group on a simultaneous pur- chase of an adjacent 10-acre parcel located at 1499 Rte. 38 in Hainesport, NJ. “The site’s exceptional, infill location combined with its de- velopment potential attracted PHILADELPHIA, PA — Brandywine Realty Trust announced a partnership with a global institutional investor for its Schuylkill Yards West mixed-use tower at 3025 JFK Blvd. 3025 JFK is planned to be the first vertical develop - ment within the 14-acre, $3.5 billion Schuylkill Yards inno- vation neighborhood Brandy- wine is master developing in University City, Philadelphia, in partnership with Drexel University . The 570,000 s/f project will cost approximately
INDUSTRY EXPERTS
Bob Yoshimura
Joe Hill
Drew Romanic The Martin Architectural Group
Eric Mattson
Joe Hill, Jr.
widespread interest from a di- verse group of highly qualified investors. Burlington County is experiencing unparalleled demand from the institutional development community as the need for modern distribu- tion space that can efficiently
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Brandywine announces joint venture with a Drexel University for its planned 570,000 GSFmixed-use tower
Section C
OWNERS, DEVELOPES & MANAGERS
$287 million and will deliver 326 ultra-luxury rental resi- dences, 200,000 s/f of Life Sci- ence/Innovative Office space, 29,000 s/f of indoor/outdoor amenity space and 9,000 s/f of retail to the neighborhood. Construction anticipated proj- ect completion date of October 2023. “As true believers in the promise of Philadelphia, we are pleased to continue partnering with one of the world’s top real estate investors who sees the same tremendous opportunity we do. This announcement fur- thers our expansive portfolio of outstanding joint venture relationships and signifies our deep-seated commitment to the vision we are bringing to life at Schuylkill Yards. With this partnership, we are poised to deliver a market-leading mixed-use tower within a city that is gaining significant momentum as a world-class life science hub,” said Jerry Sweeney , president & CEO of Brandywine Realty Trust. The tower at 3025 JFK Boulevard, dubbed The West Tower at Schuylkill Yards, is situated adjacent to Amtrak’s
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Directory ROP (Front Section) .................................... Section A Contributing Columnist ................Steven Kratchman, Steven Kratchman Architect, PC Architectural “Heart Transplants” Breathe New Life Into Outdated Buildings . ... 2A Owners, Developers & Managers .........................................................3-16A Financial Digest ..............................................17-21A DELMARVA. ...................................................23-25A Retail Development Reimagined . ...................29-33A Business Card/Billboard Directory .................... IBC-A New Jersey.......................................................1-10B Pennsylvania................................................ 11-BC-B Best of 2020............................................... Section C www.marej.com
Inside Cover A — March 19 - April 15, 2021 — M id A tlantic Real Estate Journal
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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 Editor/Graphic Artist ......................................Karen Vachon Contributing Columnist ............Steven Kratchman, Steven Kratchman Architect, PC 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. 33, Issue 3 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
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Architectural “Heart Transplants” Breathe New Life Into Outdated Buildings hanging the use of a building is akin to un- dergoing a heart trans- plant. Just as it takes a sur- geon with special skills to successfully complete complex operations, the same is true of an architect when a property needs to undergo intricate renovations that transform the building’s “heart.” C As the heart surgeon essen- tially re-wires the cardiovas- cular systemwhen transplant- ing a new heart, architectur- ally changing a building’s use requires navigating knotty building design challenges that may involve: • Multiple building codes and zoning resolutions •Marrying new and existing engineering • Creatively incorporating historic preservation require- ments • Scaling size restrictions that might call for micro- designing down to the square inch or up to multiple lots and acres
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Construction begins this spring on a 154-acre park in Woolwich Twp., Gloucester County, NJ Dermody Properties to develop a three-building logistics park in New Jersey
HI-LIGHTS March 19 - April 15, 2021 erties will begin construction this spring on a 154-acre park for a planned, three-building development in Woolwich Twp., Gloucester County. The project will be marketed as LogistiCenter at Woolwich. Once complete, the three buildings will offer 262,200 s/f, 552,585 s/f and 336,700 s/f available for lease. The class A, state-of-the-art facilities will each feature a 36 to 40- ft. clear height, build-to-suit W O O L W I C H TOWNSHIP, NJ — Dermody Prop- REDCOM celebrates groundbreaking ceremony
for many customers looking to be along I-95, and the location offers tremendous access to New York City, Philadelphia, Baltimore and Washington DC, all within a two-hour drive via major arterials,” said Gene Preston , East Region partner at Dermody Proper- ties. “The market continues to attract top-tier companies looking for class A warehouse space that has become too rare to find or too expensive in Central and Northern NJ.” A recent labor study done by CBRE, in conjunction with Dermody Properties, shows that there is a good balance of residents with manufactur- ing or distribution experience, recent high school graduates looking for entry-level roles, and college graduates looking for advanced or leadership roles, all within a 30-minute drive of this property’s location. The same study also shows
that, compared to other nearby industrial areas, Woolwich Township has less immediate competition, so the ability to retain local talent is relatively higher. LogistiCenter at Woolwich is located less than two miles from-295 and less than three miles from I-95. Because of its proximity to Philadelphia and Wilmington, DE, this direct highway access will al- low customers to reach 33% of the U.S. population in a single day’s drive and three million people within a 40-minute drive. “Dermody Properties is very familiar with acquisition and development in Southern New Jersey, and we’re extremely pleased that our past success in the region has afforded us this opportunity,” said Timothy Walsh , partner and Chief Investment Officer at Dermody Properties. MAREJ
LogistiCenter at Woolwich Master siteplan
office space, ESFR fire protec - tion systems, 50 to 110 dock high doors, drive-in doors and ample trailer and car parking. LogistiCenter at Woolwich is located at the intersection of Rte. 322 and Locke Ave. in
Woolwich Twp. Dermody Prop- erties will make significant improvements to the intersec- tion in conjunction with the development of the park. “Southern New Jersey re- mains a valuable alternative
Patterson-Woods Commercial Props./CORFAC International facilitates sale of multi-family Building in Wilmington, DE
in a position where they had excess housing during the CO- VID-19 crisis, and the buyers wanted to expand their Wilm- ington investment portfolio. Be- cause of the cooperative nature of both parties, we were able to complete the transaction in a smooth and timely manner,” said Moore. The new owners plan to renovate the building in 2021. The unique 1917/1919 exterior façade will be preserved while the 42 apartments undergo renovations. Additionally, updates will be made to the King Street lobby and common areas. The apartments will feature one-bedroom and two- bedroom units, many of which are two level. Some will have access to a courtyard. Since its establishment in 2014, Yada Properties has ex- panded its portfolio with care- fully selected strategic acquisi- tions and a hands-on manage- ment approach. The company owns and operates rental apart- ments in more than a dozen apartment buildings. MAREJ
WILMINGTON, DE — Patterson-Woods Commer- cial Properties/CORFAC International , a full-service commercial real estate pro- vider serving the Mid-Atlantic market, announced the com- pletion of the sale of a com- mercial building located at 521 NKing St. inWilmington, DE. The building, which sits on 0.24 acres running from King St. to Market St. measures 42,048 s/f and is five stories high with 42 apartment units of various layouts. The property was sold by Delaware College of Art & Design (DCAD) to Yada Properties of New Jersey. CBRE represented DCAD in the transaction. Yada Proper- ties is a real estate investment and full-service property man- agement firm that operates throughout Delaware andNew Jersey with a primary focus in the multi-family sector. Chris Moore, CCIM , a principal at Patterson-Woods, represented the buyer in this transaction. According to Jean
Avison Young announces completion of $18M transformation 14A
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Heritage celebrates grand opening of 210 Main in Downtown Hackensack
521 N King St. in Wilmington, DE
Dahlgren , DCAD president, “Chris was not only instru- mental to helping us navigate the complexities of the due diligence process but was also a real pleasure to work with.” The building was formerly Mullins Men’s clothing store, which eventual ly became
Miller’s Furniture, before be- ing converted to apartments in 1986. These apartments, known as the Saville Apart- ments, were most recently used as student housing for DCAD, along with a student lounge. “The sellers found themselves
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O wners , D evelopers & M anagers Automotive Avenues project is located on Route 33/3 REDCOM celebrates groundbreaking ceremony
Mid Atlantic Real Estate Journal
2021 UPCOMING CONFERENCE
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ALL TOWNSHIP, NJ — REDCOM Des ign & Con-
struction LLC hosted a groundbreaking ceremony to celebrate its Automotive Av- enues project located on Route 33/34. Those in attendance in- cluded owners, Bill Solko and Bobby David, and members of the REDCOMDesign & Con- struction LLC team, including Mike Bernard , chief operating officer. Solko’s sons, N oah & Matthew Solko , and Automo- tive Avenues’ marketing man- ager, Lauren Mazzara , also attended the ceremony. Bernard kicked off the cer- emony with a speech welcoming all attendees to the celebra- tion. The speech was followed by photos with the ceremonial golden shovels. Each attendee received a goodie bag with a bunch of REDCOM swag, including beanies, pens, car magnets, and face masks. REDCOM is completing an 11,375 s/f addition to the ex- isting 12,305 s/f dealership. The team will also work on a renovation to the dealership’s façade, and they just recently completed a new satellite park- ing lot. In other news, The Church of the Little Flower in Berke- ley Heights, NJ celebrated its grand opening by holding
Shown from left: Daniel Ochoa-Diaz, on-site superintendent, Brian Dick, project architect, Matthew Solko, Noah Solko, Mike Bernard, COO at REDCOM, Bill Solko & Bobby David, owners of Automotive Avenues, Thomas Sorrentino, Assistant project manager, & Javier Costa, estimator.
a Dedication Mass for the Church and Altar. Those in attendance included Cardi- nal Tobin, Father Andy Pra- char, Father Matthew Dooley, Bridget Neigel, the Going Home project manager, the REDCOM team, members of the township, and parishioners. REDCOM was honored to work with the Church on their “Going Home” project! Attendance had to be limited to a certain capacity due to CO- VID-19, but the mass was able to be live-streamed on Facebook and YouTube, so parishioners could enjoy the ceremony from the comfort of their own homes. This is REDCOM’s f irst Church project. It included an
11,200 s/f addition, and a reno- vation of the existing facility, bringing the Church to the size of 17,900 s/f. Several of the reli- gious decorative elements were repurposed from the original Church, including the cupola, the framed stations of the cross, and the stained glass windows in the Narthex of the Church. Established in 1982, RED- COM is a multi-faceted design/ build construction company headquartered in Westfield, NJ. Single-source responsibil- ity, qualified in-house pro- fessionals, and experienced project managers have enabled REDCOM to design, receive ap- provals for, and construct many diversified facilities. MAREJ
781.740.2900 marej.com/conf
M id A tlantic Real Estate Journal — Owners, Developers & Managers — March 19 - April 15, 2021 — 7A
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he ability of President Joe Biden to pass sweeping economic reform hinges By Daniel P. Collins, Withum Biden Presidency: Implications of Proposed Tax Law Changes for the Real Estate Industry T
as much as $25,000 of rental losses as nonpassive losses. This means the individual can deduct up to $25,000 of rental losses from nonpassive income, such as sal- ary, dividends and interest, but this treatment completely phases out when the investor’s modified adjusted gross income reaches $150,000. To qualify for the special allow- ance, the investor must (a) actively participate in the operations of the rental property at all relevant times and (b) own at least 10% of the value of all interests in the activity throughout the year. If this special deduction were re- voked, it could reduce an investor’s available cash flow and therefore
increase; 3. Average holding periods would increase; 4. The velocity of investment in the economy will decrease; 5. Rents will rise; and 6. The economy will contract. Commercial and residential owners looking to dispose of a property in the near future should closely monitor President Biden’s tax policies. Without Section 1031 tax advantages, capital expendi- tures for the next property may be substantially less. If an individual is not a real estate professional, a special rule allows the investor to categorize $25,000 Passive Loss on Real Estate Rental
the ability to purchase additional real estate. The nondeductible losses would continue to accumu- late as passive loss carryforwards until the rental property produces income or is sold. Conclusion President Biden’s repeal of Section 1031 exchanges and the $25,000 passive loss allowance could be harmful to the real estate industry and conflicts with some of the stated goals of tax reform. These so called “loopholes” are the essential incentives that stimulate transactional activity for a healthy and strong real estate market. Daniel P. Collins, JD, LLM is a Real Estate Team Member at Withum.
undoubtedly increase tax revenue for federal and state governments initially, but it could also adversely affect the same in future years. There are a number of adverse consequences to a repeal of Sec- tion 1031 exchanges, including a decrease in reinvestment in com- mercial and residential real estate, greater use of leverage, downward pressure on employment (especial- ly in related sectors) and decreased benefits for local governments. A study by Ling & Petrova con- firms the negative trickle-down effects to multiple construction and real estate markets. Some key findings from the report: 1. Real estate values would drop; 2. The cost of capital would
on his ability to increase tax revenue. Pres- ident Biden has stated he will increase r e v e nu e b y c l o s i n g t a x loopholes for wealthy Amer- icans. Many of
Daniel P. Collins
the “loopholes” President Biden seeks to close could significantly affect the real estate industry. President Biden’s proposed tax plan considers ending two very im- portant and longstanding benefits to real estate investors: 1. Elimination of tax deferrals from a 1031 exchange of property 2. Elimination of the $25,000 exemption from the passive loss rules for rental real estate 1031 Exchanges Section 1031 of the Internal Rev- enue Code was first enacted as part of The Revenue Act of 1921 and, after adjustments in the 1950s and 1980s tax reforms, reached its final present day form via the Depart- ment of the Treasury rules and regulations effective July 2, 1990. The main advantages for own- ers/operators in commercial real estate markets are deferring tax li- abilities and increasing the invest- ment capital available to invest in similar or larger projects. In 2019, the Joint Committee on Taxation (JCT) estimated a $9.9 billion tax revenue loss because of commercial real estate like-kind exchanges. The JCT estimates this loss will accumulate to $51 billion during 2019 to 2023. President Biden seeks to repeal Section 1031 exchanges to reduce the estimated $9.9 billion loss. The deferral of tax liabilities into the unforeseen future places an extreme strain on revenue for federal and state governments already strapped for cash. COVID has only increased the deficit of state governments with reductions in sales tax revenue. The repeal of Section 1031 exchanges would Larken Associates debuts new office for growing in-house construction team BRANCHBURG, NJ — Larken Associates, a regional leader in commercial and resi- dential real estate building, de- velopment and management, announces the completion of a new 4,300 s/f office space for Core Enterprises, the com- pany’s in-house full-service construction team, located at its HQ at 1250 Rte. 28 in Branchburg. MAREJ
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Renovation at 1300 Eye Street NW include a three-story glass entrance and new lobby Avison Young announces completion of $18M transformation of Franklin Square building
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ASHINGTON, DC — Avison Young announced that the
the historic Franklin Square building and excited to rein- troduce it to the marketplace,” Stern said. “The renovations celebrate the original grand architecture of this iconic build- ing and incorporate the best in modern amenities. It could not have turned out better.” Washington-based archi- tecture firm Hickok Cole designed the spectacular reno- vation. Work on the building’s considerable transformation started last year, with many additions including a three- story glass entrance fronting
Franklin Square Park. New features to the three- story grand lobby include con- temporary lighting and glass, soft-seating collaboration ar- eas, new modern artwork, an in-lobby barista-operated café and lounge, additional modern security measures and new elevator cabs and elevator me- chanical systems. The renovations also feature a monumental stairway lead- ing from the expansive lobby to an imaginative concourse outfitted with a variety of hospitality-centric amenities. They include: • A 10,000 s/f conference fa - cility to accommodate groups of all sizes, six conference rooms of varying sizes with capacities ranging from 12 to 140 people and breakout areas to promote workday flexibility; • A catering kitchen that includes commercial grade re- frigeration and warming ovens for large-scale tenant events; • A 5,000 s/f state-of-the-art fitness facility that features a multi-purpose exercise studio with high-end equipment, in- cluding Peloton bikes and box- ing gear, and an on-site fitness trainer providing classes for building tenants; • A new market-leading secure bicycle room with bike maintenance stations, lockers, towel service and changing rooms to accommodate Wash- ington’s growing cycling com- munity. The building is LEED Gold rated and features some of the latest technologies to provide healthier, safer spaces, includ- ing advanced air filtration via the building’s VAV HVAC sys- tem using MERV 15 air filters. An events/hospitality man- ager will be on-site to oversee the new facilities and help coordinate tenant events. The building also features a new mobile app that allows tenants to receive important building announcements, convenient- ly reserve conference rooms, RSVP to building events, sub- mit forms and receive local pub- lic transit updates in real time. “Our goal was to stay true to the building’s rich history while equipping it withmodern, flexible and hospitality-infused amenities to create the ideal work environment,” Barnes said. “The renovations have created a true treasure in the heart of downtown DC, just steps away from five acres of inviting greenspace.” MAREJ
$18 million renovation at 1300 Eye St. NW has been com- pleted, transforming the dis- tinguished building known as Franklin Square. The 485,000 s/f building stands prominently across from one of the largest greenspaces in downtown Washington, Franklin Square Park, which is also undergoing a major renovation. The building is owned by Nu- veen and joint venture partner
1300 Eye St. NW
Eli Barnes, vice president Lauryn Harris and associate AlstonOffutt, has represented the building for over 15 years. “We’re proud to be a part of the stunning transformation of
Norges Bank Investment Management , two of Wash- ington’s most renowned insti- tutional landlords. The Avison Young leasing team, consisting of principals Will Stern and
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Mathies and Hultman broker transaction Greysteel facilitates sale of 53-unit Section 8 property in Petersburg, VA
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it was built. The complex na- ture of the affordable housing component required a buyer sophisticated enough to ma- neuver through the regulatory elements to remain compliant and continue to provide qual- ity housing for low-income households.” “The seller’s diligent stew- ardship of the property, and its well-maintained physical condition created a material tailwind during the market- ing process, which ultimately yielded several attractive of- fers,” said Mathies. Landmark is a community
originally developed in 1983 using the U.S. Dept. of Hous- ing and Urban Development’s (HUD) Project-Based Sec- tion 8 program for subsidized housing. The buyer, Mercer Street Partners, acquired the property subject to its existing contract with HUD, and will continue to operate the prop- erty as affordable housing. Landmark Apartments is Greysteel’s second multifamily affordable housing transaction in the Richmond area in the last year; in July 2020 Greysteel arranged the sale of McGuire Park Apartments. MAREJ
ETERSBURG, VA – Greysteel , a national commercial real estate
investment s e r v i c e s firm, has ar - ranged the sale of Land- mark Apart- ments, a 53- unit afford- able housing property in Petersburg, VA. Senior di- rector, Hen- ry Mathies and senior a s s o c i a t e , F l e t c h e r Hultman of Greysteel ’s
Henry Mathies
Landmark Apartments
Fletcher Hultman
East Coast Affordable Hous- ing group represented the seller and procured the buyer. The property sold for $2.867M. Hultman said, “The seller was the long-time owner of the property, and related to its original developer; they had successfully maintained and operated the property since Grant selected for Department of Defense contract at the Philadelphia Navy Yard PHILADELPHIA, PA — The Department of De- fense, Philadelphia Divi- sion of the Naval Surface Warfare Center (NSWC) again selected Grant Inte- grative FacilitiesManage- ment (Grant) to provide coronavirus mitigation and elimination services at sev- eral facilities in the Philadel- phia Navy Yard. Grant will provide compre- hensive temperature screen- ing and ancillary coronavirus disinfecting services for at least six NSWC buildings. “Earning the respect and trust of our clients is Prior- ity No. 1 and being selected for repeat assignments is the surest confirmation of that success,” said Jim Grant , owner and founder of Grant. “As the world continues fighting this pandemic, our firm takes great pride in pro - viding the best solutions to ensure the health and safety of the men and women enter- ing the facilities at the Navy Yard.” MAREJ
10A — March 19 - April 15, 2021 — Owners, Developers & Managers — M id A tlantic Real Estate Journal
www.marej.com
O wners , D evelopers & M anagers
First hotel in Conshohocken in 21 years set to open with 127 rooms Keystone Property Group & Concord Hospitality Enterprises break ground on boutique hotel
ONSHOHOCKEN, PA — Keystone Proper- ty Group has broken ground on the new Hotel West + Main, part of the Tapestry Collection by Hilton, a signifi - cant milestone in its 520,000 s/f SORA West development. This $325 million mixed-use project includes a new global headquarters for Fortune 10 pharmaceutical distribution company AmerisourceBergen, the reuse of a 146-year-old his- toric firehouse, and a 12-story public and private parking garage. Keystone has partnered with C
than 1,500 AmerisourceBergen employees will occupy the adja- cent 11-story office tower, and the former home of Washington Fire Company will be brought back to life as a gateway to the development featuring two restaurants. A first-floor dining experience with an outdoor terrace will physically connect the firehouse with the newly constructed hotel. The restaurant will be known as 1874 Social, honor- ing the year the fire company formed on the site, just three years after two downtown fires nearly destroyed the entire Conshohocken business dis- trict. The firehouse, which was added to the National Register of Historic Places in 1975, also inspired the second-floor gas - tropub experience, the Hook & Ladder Skybar. “This project is part of our evolution to a fully vertically integrated mixed-use develop- ment company,” said Keystone founder and CEO Bill Glazer . “We’ve connected one of the most important companies to one of the most important sites in a way that redefines Con - shohocken’s skyline and ush- ers in a new era of downtown vibrancy for one of Greater Philadelphia’s most prominent submarkets.” Hotel West + Main will be- come Conshohocken’s third ho- tel and first newly constructed hotel since 2001. Concord, an award-winning national hotel management and development company known for its innova- tion and technical excellence, has grown its footprint in Penn- sylvania to nearly two dozen properties. “The hotel is in a central location with ample built-in demand from businesses and neighboring towns,” said Glaz- er. “The hotel dining and lounge experience will bring vibrant activity to Conshohocken all week long, making SORAWest the town’s center.” The Hotel West +Main, along with the 429,122 s/f office tower and 1,500-plus space parking structure, will frame SORA West’s energetic public plaza, which will soon be activat- ed when AmerisourceBergen starts moving operations and employees from two separate sites into its new headquar- ters. On nights and weekends, the garage will be open to the public which will create op- portunities for all of the local businesses to prosper. MAREJ
Concord Hospitality Enter- prises to develop and operate the 127-room boutique hotel as part of the Tapestry Collection by Hilton . The Hotel West + Main will feature a rooftop bar and lounge overlooking the sweeping amphitheater and plaza for events and live music. The hotel will also of- fer meeting spaces equipped with state-of-the-art technol- ogy, providing an unparalleled catering experience to both business travelers and leisure guests. Hotel West + Main is expected to open in the second half of 2022. When it does, more
Hotel West + Main;Conshohocken
P o s k a n z e r S k o t t A r c h i t e c t s 550 North Maple Avenue, Ridgewood, NJ 07450 201.445.2322 www.poskanzerskott.com
M id A tlantic Real Estate Journal — Owners, Developers & Managers — March 19 - April 15, 2021 — 11A
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O wners , D evelopers & M anagers
ACKENSACK, NJ — Heritage Capital Management LLC Introducing 126 new residences, blending vintage Art Deco design with modern luxury Heritage Capital Management celebrates grand opening of 210 Main in Downtown Hackensack H
City with its walkable down- town, vibrant community and more attractive price point,” commented Jacqueline Urgo, president of The Marketing Directors, the exclusive mar- keting and leasing agent for the property. Residents of 210 Main enjoy a range of on-site amenities, including a lobby with con- cierge service; a 2,500 s/f fit - ness center with state-of-the- art equipment; and an outdoor courtyard with barbeques, dining spaces and lounges. The former bank lobby and atrium has been transformed
into an expansive media and game lounge, featuring cap- tivating, vaulted windows and soaring 25-foot ceilings, along with comfortable, styl- ish seating, TVs and a ping pong table. A bike room and a range of storage units of vari- ous sizes are available for rent. Residents also benefit from adjacent parking and valet ser- vices; the addition of electric car chargers is planned. Street-level retail at 210 Main includes three store- fronts, including one already leased by Hackensack Main Street Association. MAREJ
has announced the Grand Opening of 210 Main, intro- ducing 126 new luxury rent- als in downtown Hackensack. Blending vintage Art Deco design elements with high-end interiors, and supported by a wide range of modern ameni- ties, these homes are ready for immediate occupancy. The distinctive building centers on the adaptive reju- venation of an 11-story, nearly 100-year-old historic bank building – one of the city’s architectural landmarks. The transformation features 89 spacious residences, with a sec- ond, interconnected, four-story building boasting a boutique collection of 37 homes. Studio, one and two-bedroom layouts are available at 210 Main. In addition to the residences, 5,500 s/f of street-level retail enhances the community. “Leasing has been robust even while we were putting the finishing touches on this distinctive offering during late fall and early winter,” said Heritage’s Michael Behot , asset manager. “More than one third of the apartments are already leased, and new residents continue to move in every week.” Designed by Environetics , 210 Main showcases archi- tectural elements including a preserved façade, original brick accents and up to 10-foot ceilings. All homes feature up- scale interiors, including vinyl flooring and oversized win- dows that bring in abundant natural light. Designer kitch- ens incorporate stainless steel appliances, grey quartz coun- tertops, and high-gloss lacquer cabinets. Modern bathrooms boast mosaic tile backsplashes and porcelain-tiled floors; all homes have an in-residence washer and dryer. Select resi- dences feature island kitchens, walk-in closets, home office space and terraces. Located in Bergen County and less than 15 miles from midtown Manhattan, the City of Hackensack is undergoing a significant revitalization. Heritage’s 210 Main sits in the heart of its downtown and of- fers easy access to the local bus and transit stations, as well as major regional thoroughfares. “Hackensack provides renters with an appealing alterna- tive to Hoboken and Jersey
210 Main
A Full-Service Commercial Real Estate Firm Serving the Mid-Atlantic for Over 50 Years Comme r c i a l Rea l E s t a t e S a l e s & L ea s i ng Bu s i ne s s B r oke r age P r ope r t y Managemen t 1 03 1 E xchange App r a i s a l Se r v i c e s
www.pattersonwoods.com
302-622-3500
Locally Owned. Globally Connected.
12A — March 19 - April 15, 2021 — Owners, Developers & Managers — M id A tlantic Real Estate Journal
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O wners , D evelopers & M anagers
M id A tlantic Real Estate Journal — Owners, Developers & Managers — March 19 - April 15, 2021 — 13A
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O wners , D evelopers & M anagers AWH serves as design-build partner on remodel CFC expands operations into New Jersey with renovation
ONTCLAIR, NJ — Cannabis Facil- ity Construction (CFC) , a national, full-service, cannabis design-build con- struction firm, is expanding its footprint into New Jersey with the completion of construction on a medical dispensary for AWH located at 395 Bloom- field Ave. in Montclair, NJ. “We’re thrilled to be working with AWH as their design- build partner on the remodel of their Montclair, NJ dispen- sary,” said Andy Poticha , principal at Cannabis Facility Construction. “We are working with them in multiple states and are pleased to provide design-build solutions and lend our cannabis industry M BALA CYNWYD, PA — FirstService Residential , recently contracted to provide full-service property manage- ment services to the Corinthian Condominiums in Bala Cyn- wyd. The Corinthian Condo- miniums is a six-story, mid-rise building comprised of 105 units. “We’re thrilled to announce our partnership with the Co- rinthian,” said Michael Men- dillo , president, FirstService Residential. “Our team’s ex-
ity, enhancing customer flow and alleviating lines and wait times. The interior renovation took only eight days to com- plete and was followed by an update to the exterior façade. “Cannabis Facility Construc- tion’s teamworked around the local municipal challenges and pushed all trade partners to achieve project completion. Their industry experience was utilized here to work around operations and keep our store clean and operating daily during the project.” said KC Downer , director of construc- tion at AWH. The recently acquired medi- cal dispensary in the New Jer- sey suburb is a key strategic location for the brand. MAREJ Located just off the Main Line, residents enjoy an easy commute – just minutes to Philadelphia by car or train – and proximity to Philadel- phia’s many restaurants and shopping. “Partnering with the Corin- thian expands our presence in the Suburban Philadel- phia market,” said Arthur Bartikofsky , senior VP, High-Rise, FirstService Resi- dential. MAREJ
395 Bloomfield Ave.
expertise to a new region.” The 1,400 s/f remodel start- ed in early-January; work was performed during evenings and weekends, allowing the dispensary to remain open without business interrup- tion. The renovation tripled the amount of point-of-service stations and opened up the floor to increase sales capac - perience and knowledge of the local market will ensure a suc- cessful partnership with this impressive property for years to come.” This luxury resident ial building features a full-service fitness center, game room, resident lounge with catering kitchen and conference room. Residents of the Corinthian also benefit from a 24/7 door - man/concierge service and valet parking.
APRIL 2021
BUILDING SERVICES SUPPLIERS
FirstService Residential welcomes the Corinthian Condos to its Suburban Philadelphia portfolio
MAY 2021
JANITORIAL FACILITY MANAGMENT
Special Advertising Rates To all Participating Firms!
Contact us today to save your spot! Lea Christman lea@marejournal.com 781.740.2900
14A — March 19 - April 15, 2021 — Owners, Developers & Managers — M id A tlantic Real Estate Journal
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P eople on the M ove
A Volence, PE, CEM & Bierwerth, PE names principals PrecisEngineeringpromotes new principals & managers
Exec. sets strategy for multiple facilities Crystal COOShashlo to streamline ops.
ever-changing local pandemic situations during the past year, plus our need to keep up with demand for new and existing products, Crystal adapted very quickly to shift production, deliveries, and materials between facilities,” said Shashlo. “We are incorpo- rating many of these adapta- tions going forward to better control costs, reduce lead times, speed deliveries, and maintain high quality.” Since joining Crystal in 2019, Shashlo has taken on responsibility for all pro- duction operations. He has extensive expertise and expe- rience in manufacturing and managing profitability for multiple facilities in several industries. MAREJ and Core Enterprises’ senior leadership team to ensure cost-effective planning and delivery of projects. Valdo will deliver a full range of estimat- ing services including resource and asset management, P&L and budget analysis, bid- ding, quotes and proposal assistance, procurement and cost reductions, and risk as- sessments. Throughout his career, Valdo’s organizational and communications skills have been trusted by notable construction firms such as Noble Construction Group, DPR Construction, Phelps Construction Group, Merritt Construction Services, and Turner Construction Com- pany. MAREJ nicians. He will also focus on building the company’s client base, managing construction projects, and mentoring team- mates for continued growth within the company. Harris joined Control Temp in May 2015 prior to its merger with C-KAir in 2018. He served as project manager for the past five years, overseeing a wide variety of BMS and HVAC con- struction projects that included servicing customer needs, es- tablishing project schedules, providing deliverables such as high security mission critical sites, developing project scopes/ objectives, and ensuring tech- nical feasibility for the flawless execution of projects. MAREJ
QUEENS, NY — Led by chief operating officer An- drew Shashlo , national
of Electrical and Electronics Engineers (IEEE) and its In- dustry Applications Society. He resides with his family in Malvern, PA. In additional promotions, Precis elevated Todd Rohn, PE, and Vince McGilloway, PE , to mechanical engineering managers. Rohn joined Precis in 2015 as a Senior Mechanical Engineer. He has 18+ years of professional experience and expertise in the design and application of complex HVAC systems for cGMP facilities and clean rooms. He is a member of ISPE, the American Society for Mechanical Engineers (ASME), and the Pennsylvania Soci- ety of Professional Engineers (PSPE) for which he previously served as Philadelphia Chapter board secretary. McGilloway joined Precis in 2012 as a Mechanical Engineer. He is a member of ASHRAE. Both hold B.S. in Mechanical Engi- neering degrees from Drexel University. As mechanical engineering managers, both Rohn andMcGil- loway will expand their efforts to the technical development, personnel management, project direction, and quality control of the firm’s Mechanical Engineer - ing Department. MAREJ
MBLER, PA | CARY, NC | SAN DIEGO, CA — Precis Engi- neering, Inc. , an MEP engi- neering firm headquartered in Ambler, PA, with offices in Cary, NC, and San Diego, CA, announces two additions to its leadership team. John Volence, PE, CEM , and Scott Bierwerth, PE , have been named principals. Volence retains his concurrent title of senior director, mechanical engineering; Bierwerth re- mains senior director, electri- cal engineering. In addition, Todd Rohn, PE , and Vince McGilloway, PE , have been promoted to mechanical engi- neering managers. John Volence, PE, CEM | principal and senior director, mechanical engineering Volence joined Precis in 2007 and has risen to lead the com- pany’s 35-person mechanical engineering department. He holds a B.S. inMechanical Engineering from the Penn- sylvania State University and membership in the Interna- tional Society of Pharmaceuti- cal Engineering (ISPE) and the American Society of Heating, Refrigerating, and Air-Condi- tioning Engineers (ASHRAE). He resides with his family in
manufactur- er Crystal Window & Door Sys- tems will be fine tuning produc t i on p r o c e s s e s in the com- ing year to
John Volence
Scott Bierwerth
Andrew Shashlo
streamline operations at its multiple facilities across the country. These broad changes will result in a more integrat- ed approach between plants to optimize materials, personnel, and scheduling. “In the past, Crystal tended to treat each plant indepen- dently, but in dealing with the
Vince McGilloway
Todd Rohn
Horsham, PA. Scott Bierwerth, PE | princi- pal and senior director, electri- cal engineering Bierwerth joined Precis in 2014 and has risen to lead the company’s 20-person electrical engineering department. He has spent 12+ years design- ing complex electrical power distribution systems for phar- maceutical, healthcare, data centers, higher education, and corporate projects. He holds a B.S. in Architectural and Electrical Engineering from the University of Kansas and membership in the Institute
LarkenAssociates hires Valdo as sr. estimator
BRANCHBURG, NJ — Larken Associates an- nounced the hiring of Emilio
V a l d o a s senior esti- mator. Valdo joins Core Enterpris- es , Larken Associates ’ i n - h o u s e , full-service construction
Becker Morgan Group announces 2021 promotions
Emilio Valdo
team, and will assist with the company’s rapidly growing de- velopment pipeline and third- party construction projects. Bringing nearly 25 years of construction estimating expe- rience to his role with Larken Associates, Valdo will work closely with Larken Associates
SALISBURY, MD — Beck- erMorganGroup announced the following employee promo- tions: Jonathan Richard, P.E. , was promoted to senior associ- ate. Richard is a civil engineer and has been with the firm for 16 years. He has completed numerous successful projects ranging across commercial, healthcare, and institutional sectors. Josh Bennett, P.E. is a structural engineer with Beck- er Morgan Group and was promoted to associate. Bennett joined the firm in 2013 and has stepped into a leadership role within the firm’s structural department. EmilyMcMullen, AIA , has been promoted to associate. Since joining the firm, McMul - len has taken an active role in the education and public safety sectors. Jonathon Street is a civil designer with Becker Morgan Group and was promoted to associate. Street joined the firm in 2011. He sits on the Parking and Safety Commit-
C-KControl Temp promotes Harris to director of HVAC building solutions
BRIDGEWATER, NJ — C-K Control Temp, Inc. (CKCT ), one of the leading
mechanical installation and service c omp a n i e s i n t he r e - gion and a di v i s i on o f B R A V O ! Group Ser- vi ces , has
tee and serves as chairman of the Economic Development Committee for the Downtown Dover Partnership. Kevin Utz, AIA , was pro- moted to associate. Utz started with Becker Morgan Group in 2015 and quickly found a niche within the firm’s healthcare studio. He is an active member of the American Institute of Architects (AIA), advocating for the profession. He cur- rently serves as Board Presi- dent for the AIA Chespapek Bay Chapter and sits on AIA Maryland board.
Chris Weeks , was promot- ed to associate. Weeks joined Becker Morgan Group in 2007 and leads the firm’s business development efforts across its four offices. Weeks serves on the Beebe Board of Directors and is actively involved in the Rehoboth Beach – Dewey Beach Chamber of Commerce. Daniel Wenzel, AIA has been with the firm since 2017 and has been promoted to as- sociate. Wenzel serves as a project manager in the firm’s educational studio with a focus on higher education. MAREJ
Drew Harris
promoted Andrew (Drew) Harris to director of HVAC building solutions. Harris will be responsible for overseeing and nurturing the growth of the BMS Division as well as facilitating BMS training and certifications for CKCT tech -
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