T Walker & Dunlop served as strategic advisors for Tysons LPC, LLC Senior housing development receives $300 Million in construction financ ing

ISSUE HIGHLIGHTS Volume 33, Issue 10 Nov. 19 - Dec. 23, 2021

tional pre-sales velocity and is well ahead of projections. The property is very well located and caters to the ever-growing Washington, DC metro area.” He added, “We were pleased to be able to provide strategic sup- port to Mather and Westmin - ster Capital, both experienced and well-respected leaders in the Life Plan Community space.” Situated at the corner of Westpark and Westbranch Drs., The Mather is just 15 miles from the Nation’s Capi- tal and is conveniently located within half a mile of the Ty- sons Corner Metro Station and the Tysons Galleria Shopping Mall. The Mather will be Ty - sons’ preeminent Life Plan Community; a residential hub that was carefully designed for transit convenience, a walkable lifestyle, and environmental sustainability. MAREJ

YSONS, VA — Walker & Dunlop, Inc. an- nounced i ts role in $300,000,000 in construction financing for The Mather, a new luxury Life Plan Community located in Tysons. The transit- oriented project will comprise two buildings with 300 indepen - dent living apartment homes, 16 assisted living apartments, 20 memory support suites, and 42 private nursing suites that will be built in two phases, with the first phase projected to open in early 2024. Walker & Dunlop’s Jona- than Schwartz, Aaron Ap- pel, Ari Hirt, Sean Bastian, and Taylor Geiger served as strategic advisors for Tysons LPC, LLC, a 50/50 equity part- nership between Mather and Westminster Capital . The complex capital stack included the syndicated transaction led by The Huntington National JESSUP, PA — The North- east Metro Business Unit of Trammell Crow Company (TCC) , one of the nation’s largest commercial real estate developers and investors, and its JV partner, Diamond Realty Investments, Inc. (Diamond), announce the sale of Valley View Trade Center in Jessup, Penn. to Preylock Hold- ings, a Los-Angeles based real estate acquisition and manage-




The Mather

senior housing market during the COVID-19 pandemic, The Mather has experienced excep -


Bank . Schwartz said, “Despite some uncertainty surrounding the

Trammell CrowCompany andDiamondRealty sell 1,027,660 s/f Valley View Trade Center




Section D

Directory ROP (Front Section) ........................................... Section A DelMarVa.................................................................. 5-8A Business Card Directory. ............................................ 11A Retail Development Reimagined. .......................... 13-16A Thriving Over 50 Spotlight..................................... 17-27A People on the Move................................................... 28A Billboard Directory................................................... IBC-A New Jersey.............................................................. 1-13B Pennsylvania........................................................14-BC-B Owners, Developers & Managers....................... Section C Lenders Directory.............................................. Section D www.marej.com

Valley View Trade Center

height, 190’ deep truck courts with opposing trailer stor- age, ESFR fire protection, 311 trailer parking spots, 277 car parking spots, and 159 dock positions. “Valley View Trade Center is a tremendous asset, and we are pleased to have partnered with Diamond to deliver this suc- cessful project,” said Andrew Mele , managing director with Trammell CrowCompany’s NE

Metro Business Unit. “We are excited for an ownership group as strong as Preylock to take over an equally impressive tenant roster for this project.” The CBRE National Part- ners Northeast team com- prised of Michael Hines, Brian Fiumara, Brad Rup- pel, Joe Hill, and Lauren Dawicki represented TCC and Diamond in the transac- tion. MAREJ

ment company with over $4 billion of assets under manage- ment. The class A industrial building, which is 100% leased, includes 1,027,660 s/f and is lo- cated at 45 Valley View Circle, 20 minutes from Scranton. TCC and Diamond broke ground on Valley View Trade Center in November 2018. The speculative distribution facil- ity was completed in August 2020 and features 40’ clear

Inside Cover A — August 20 - September 16, 2021 — M id A tlantic Real Estate Journal


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M id A tlantic Real Estate Journal —November 19 - December 23, 2021 — 1A



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Outback Steakhouse & M&T Bank Clifton Park, NY $2,734,977 Bank of Am rica Woodbridge, VA 4, 07 450

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2A —November 19 - December 23, 2021 — M id A tlantic Real Estate Journal


M id A tlantic Real Estate Journal

M id A tlantic R eal E state J ournal Publisher, Conference Producer . .............Linda Christman AVP, Conference Producer ...........................Lea Christman Publisher ........................................................Joe Christman Editor/Graphic Artist ......................................Karen Vachon Social Media . ....................................................Halle Morton Contributing Columnist .Matthew Trubenbach-Byrne, CPA, CCIFP 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 9 Subscription rates: 1 year $99.00, 2 years $148.50, 3 years $247.50 & $4.00 single issue - plus postage REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Phone: 781-740-2900 www.marej.com

New York Commercial Rent Tax Matthew Trubenbach-Byrne, CPA, CCIFP s New York City and many countries around the world begin to re- sume some normalcy following the rise in vaccinations, busi- ness activities are anticipated to accelerate recovery back to pre-COVID levels. While business owners will surely welcome the increased income that should result, anticipated tax law changes will make this rebound bittersweet for many. While most will be taking strategies to mitigate their li- ability for income taxes paid, the same steps should be taken where available for the New York Commercial Rent Tax (“CRT”). For those renting space in Manhattan south of the center line of 96th Street, the CRT is not a new concern and has been around for nearly 60 years. The CRT is a tax charged on rent paid for space relating to any trade, business, profession, or commercial activity in this designated area. You heard that correct – a A

tax paid on an expense that usually reduces the tax bill. While there are exemptions from the tax such as minimum rent fees paid subject to tax, small business credits for those below a certain income thresh- old, and those within certain zones of the CRT area, this tax is unavoidable for most large businesses. Even though this may seem counter-intuitive, the solution to mitigate this tax is equally counter-intuitive – earn income on the space through subleasing. If there is one thing that has been proven through the COVID-19 pandemic, it is that a majority of companies were operating with excess office,

meeting, or common space and that there are many employees who can perform their tasks on a limited- or fully-remote schedule. This has left compa- nies paying rent and CRT on significantly more space than is required for the business to function. While income tax laws con- tain a plethora of options for deductions and other strate- gies to mitigate taxes owed, the major deduction available for the CRT is through subleasing income. Through a sublease, a Company is able to offset all or a portion of the expenses paid on a dollar-for-dollar basis by passing the expense along to continued on page 28

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M id A tlantic Real Estate Journal —November 19 - December 23, 2021 — 3A


Ewing, Marshall, Straughan and Alcorn collaborate to arrange multifamily property sale NorthMarq brokers $27.25 million sale of The Gallery Midtown in Richmond, Virginia

R ICHMOND, VA — NorthMarq’s Rich- mond investment sales team of Wink Ewing, man- aging director, Mike Mar- shall , managing director, Matt Straughan , associate, and Jared Alcorn , analyst, collaborated to arrange the $27.25 million sale of The Gallery Midtown. Richmond- based Levco Management acquired the property from Utah based Peak Capital Partners . The 157-unit/three-story class B+ multifamily property, located at 308 North Nanse- mond Street in Richmond, Virginia, was built in 1938 and was extensively renovated in by the previous seller, Spy Rock Real Estate Group. Peak Capital Partners, for whom NorthMarq arranged the sale, purchased the property in 2018. “The Gallery Midtown was a compelling opportunity for our company to acquire an DISTRICT HEIGHTS, MD — Marcus Partners , a real estate investment, manage- ment and development firm, today announced the strategic acquisition of D’Arcy Industrial Center in District Heights. Adding to its acquisition of two industrial buildings located in Beltsville completed in June, the firm continues to expand its industrial portfolio in the region. D’Arcy Industrial Center is comprised of two small-bay industrial buildings totaling over 182,000 s/f and includes an adjacent, fenced 1.5-acre parcel of land utilized for in- dustrial outside storage. At the time of acquisition, the buildings are 100% leased with near-term rollover. Lo- cated adjacent to the Capital Beltway, the property provides easy access to major popula- tion and employment demand centers including Washington, D.C., Northern Virginia, and

hicles over the next two years. The property benefits from a central downtown location in the Museum District within walking distance to Scotts Ad- dition, Carytown and The Fan. Other conveniently located and walkable attractions include numerous museums, banks, grocery stores, shopping, din- ing and entertainment options. Along with its unique walkabil- ity, the property provides easy access to I-195, U.S. 250 and the Downtown Expressway. The sale of The Gallery Midtown is part of a trend of transaction activity accelerat- ing through the first half of 2021. Second quarter proper- ties sold was more than double the pace established in the first quarter, and third quarter will strong as well. NorthMarq’s Q2 Richmond Market Report noted that developers are slat- ed to deliver approximately a dozen new apartment projects totaling more than 1,500 units by year end. MAREJ

other exterior, common area, and amenity upgrades tar- geted at improving the prop- erty’s curb appeal and overall experience for the residents,” said Jared Levin , managing partner of Levco Management. Levco’s acquisition of The The Gallery Midtown

incredibly well-located and unique asset right in our own backyard. Over the next two years, we will be executing a property-wide renovation plan that will enhance the finishes and efficiency of the apartment interiors in addition to several

Gallery Midtown comes off the recent closing on its value- add focused multifamily fund, Levco Multifamily Fund I, LP. Levco has plans for $300-400 million of multifamily acquisi- tions and renovations through its fund and co-investment ve-

MarcusPartnersDistrictHeights acquisitionexpands firm’s industrial portfolio to 3.5 Million Square Feet

D’Arcy Industrial Center

Maryland. “D’Arcy Industrial Center presents an opportunity to capture positive market mo- mentum by institutionalizing an infill industrial product

with desirable attributes,” said Andrew Dolinsky , principal at Marcus Partners. “This ac- quisition serves to continue our long-history of targeting value- add investments and furthers

our growth in the Washington D.C. Metropolitan area.” CBRE’ s Bo Cashman and Jonathan Beard led the acquisition/sale process. CBRE’s David Webb, Justin

Glasgow , and Curtiss Telf- er led the financing process. CBRE’s Michael Elardo, Jar- ed Ross , and Kevin O’Neil will lead leasing efforts at the property going forward. MAREJ

4A —November 19 - December 23, 2021 — DelMarVa — M id A tlantic Real Estate Journal


D el M ar V a

Munafo of St. John Props. reps. landlord in 50,400 s/f lease

ORTH BETHESDA, MD — Federal Real - ty Investment Trust Office continues to grow with new 276,000 s/f building Federal Realty’s Pike & Rose to HQ Choice Hotels Int’l. N

announced that Choice Hotels International, Inc. has signed a long-term lease to occupy 105,000 s/f in 915 Meeting St., a new 276,000 s/f trophy office building to be constructed at the award-winning mixed-use development of Pike & Rose in North Bethesda. “Pike & Rose has everything employers and employees are looking for in office space to - day – convenient location with excellent regional access and world-class amenities both inside and outside of the build- ing,” said Wendy Seher , the company’s president of the east coast region. “We are excited to add a company of the caliber of Choice Hotels to the growing list of leading firms that have chosen a Federal Realty of- fice environment to help them attract quality talent and en- hance their brands.” 915 Meeting St. will be a 16-story, state-of -the-art , LEED Gold-targeted building featuring 9,600 s/f of ground floor retail, approximately 25,000 s/f flexible floor plates and 700 dedicated parking spaces. The building, designed by Gensler , will incorporate a vibrant architectural design that includes numerous ameni- ties, such as a rooftop confer- ence center with collaborative MCLEAN, VA – KLNB an- nounced that C2 Education has completed the purchase of a four-story, 16,756 s/f office building at 1311A Dolley Madi- son Blvd., inMcLean for $5 mil- lion. KLNB retail specialist and senior vice president Veronica Kamara represented the buy- ers, Sang Mun Kim and Jinsil Kim, a C2 Education franchise owner and the associate. The need for tutoring ser- vices, both in-person and on- line, has skyrocketed in recent years, fueled by the ongoing pandemic and disruptions to public and private education. As a result, Jinsil’s two Virginia locations saw increasing traf- fic, creating a need for expan - sion. Already impressed with KLNB’s steady counsel and patience in securing a previous C2 lease, a process that took almost a year for Jinsil to se- cure an advantageous deal, she turned to Kamara and KLNB again, this time to find a larger retail space for the McLean location that would also allow

Annapolis Corporate Park

story commercial office build - ings comprising of more than 250,000 s/f of space. Located directly off Harry S Truman Pkwy. near the intersection of Riva Rd. and south of MD Rte. 50, the business community is less than five miles from down - town Annapolis. A number of retail amenities are with- in close proximity including BB&T, CVS, Squisito Pizza & Pasta, In Grano Bistro-Bakery, and Small Cakes Cupcakery. “Our ability to capture ad- ditional square footage at An- napolis Corporate Park, is a testament to the innovation, resourcefulness and problem- solving abilities of our entire team,” said Sean Doordan , senior vice president of leasing and acquisitions for St. John Properties. “We arrived at this creative solution after engag- ing every department within our company tapping into dif- ferent areas of expertise, and carefully considering all viable options.” MAREJ

BALTIMORE, MD — A tenant has signed a 50,400 s/f full-building lease with St. John Properties, Inc. for a new building that is currently under construction within Annapolis Corporate Park, a 29-acre mixed-use community in Anne Arundel County. St. John Properties has broken ground on the two-story build- ing and two-level parking garage at the business park located at the intersection of Riva Rd. and Harry S Truman Pkwy. The building at 189 Harry S Truman Parkway is expected to be delivered by mid-summer 2023. Angelo Munafo of St. John Properties represented the landlord in this lease transaction. St. John Properties reengi- neered a section of Annapolis Corporate Park to accommo- date the real estate require- ment. Annapolis Corporate Park presently consists of two multi-story and two single-

915 Meeting St.

common areas, WiredScore- targeted connectivity, a fitness center, and resource-efficient sustainable and wellness fea- tures. Located in the rapidly emerg- ing submarket of North Bethes- da, 915 Meeting St. will sit within the transit-oriented, LEED Gold-certified neigh- borhood of Pike & Rose and its more than 400,000 s/f of thoughtfully curated retail, services, dining, and enter- tainment offerings. The new construction comes following the success of Pike & Rose’s 300,000 s/f of existing office product, which includes ten- ants such as Bank of America, JLL, Industrious, OneDigital and Federal Realty’s corporate headquarters. 915 Meeting St. is expected to break ground later this year. The building is 40% pre-leased to Choice Hotels, who plans to relocate 400 corporate employ-

ees from its current headquar- ters beginning in December of 2023. Bernie McCarthy , executive managing director, and Danny Sheridan , manag- ing director at JLL represented Federal Realty, and Steve London , vice chairman at Sav- ills represented Choice Hotels. “It’s been gratifying to see Pike & Rose become an es- tablished neighborhood and the real estate of choice for multiple uses,” said Don Wood, chief executive officer for Fed - eral Realty. “The continued demand for office at our mixed- use developments, coming from world-class companies like Splunk and NetApp at Santana, Partners Healthcare and PUMA at Assembly, and now Choice at Pike & Rose, validates our track record of de- livering a high-quality product that capitalizes on the highly amenitized environments we have created.” MAREJ vide plenty of space for tutoring services. Then as we exam- ined the situation further, the chance for building ownership became a reality, solving her immediate and future needs. Jinsil and her C2 operations will occupy the third and fourth floors of the new building, while the bottom two floors, already 75% occupied with existing ten- ants, will be leased to outside businesses and provide addi- tional income. JInsil will also utilize the remaining vacant unit on the second floor for personal use. Initially, Jinsil was hesitant to pursue the building. Prior to the pandemic, she had pursued it with another brokerage once before, but walked away after being unable to secure a deal with the owner. It was only af- ter Kamara presented the idea of pursuing it again and laid out a detailed strategy to secure the space, did Jinsil realize the potential and that purchasing the property was the best move for her business. MAREJ

AvisonYoungbrokers sale of Three Premier MOB

KLNB represents buyer in 16,756 s/f office building sale

for future growth. But as the process evolved, it became apparent that Jin- sil’s needs required something more than just a bigger retail footprint. “As we began to examine re- tail inventory in McLean, I saw a possibility for Jinsil to instead capitalize on the circumstances of the region’s office market and explore a new opportunity to better meet her needs,” said Kamara. “Initially, we dis- cussed an office lease, allowing Jinsil to set up a headquarters for her franchise needs and pro- 1311A Dolley Madison Blvd.

161 Thomas Jefferson Drive

co-leaders of the firm’s US Healthcare Capital Markets practice; and Erik Foster , principal and Head of the firm’s Industrial Capital Mar - kets practice. “Competition for the prop- erty exceeded our expecta- tions,” Kornick said. “The quality of the buildings, the strength of the tenants and the attractive demographics of affluent, fast-growing Fred - erick appealed to every kind of investor — institutional and private.” MAREJ

FREDERICK, MD — Avi- son Young announced that it has negotiated the sale of the Aspen Ridge Medical Office Portfolio, three medical office buildings in the fast-growing, affluent Washington suburb of Frederick. BentallGreenOak pur- chased the 91,220 s/f portfolio for an undisclosed price from Ausherman Properties. Representing the seller was an Avison Young team led by Jim Kornick and Mike Wilson, principals and

M id A tlantic Real Estate Journal —November 19 - December 23, 2021 — 5A


Great CRE Events Cont. Ed…Speakers…Networking www.CircDelaware.org



— O F F I C E R S — President: Jay L. White , MAI, CRE® Apex Realty Advisory Vice President: Cindy Fleming Jones Lang LaSalle Treasurer: Barton L. Mackey, Jr. Patterson-Woods Associates Secretary: Bayard Snyder , Esq. Bayard & Associates 2021-2022 Board of Directors

Dec. 14 (Tues.11:30-1:30) Holdiay Lunch Mixer Location: University & Whist Club Socialize on the Indoor Terrace & Bar Lunch in the Ballroom

Bring non-perishable food items for donation to the Food Bank of Delaware; and purchase Cash Raffle tickets benefiting the Boys & Girls Clubs of Delaware. Register online: www.circdelaware.org @ Events CONTINUING EDUCATION Classes Accredited: DE*PA*MD*NJ Classes begin on Jan. 12, 2022 Non-CIRC Members are Welcome accredited real estate school/instructors: Frederick Academy of Real Estate Register Online: www.circdelaware.org @ Education Jan 12, 2022 (Wed.) — 8:30 a.m. – Agency (MD, NJ, PA) MD Reqd.-MREC-Agency-comm.; NJ Required; PA Elective 1:30 p.m. – Understanding Exch. & Opp. Zones DE Mod.6; MD, PA & NJ Elective Feb. 9, 2022 (Wed.) — 8:30 a.m. – Fair Housing*(New class for PA lic.) DE Mod. 2; MD 1.5 Required.+1.5 Elective; NJ Required;

— D I R E C T O R S — Past President & Cont. Ed. Chair:

Robert Stenta Pettinaro Management Program Chair: Lorraine Sheldon NAI Emory Hill

Membership Chair: James Manna BrightFields, Inc.

— E X - O F F I C I O — Business Manager Janet Pippert Landmark Science & Engineering Legislative Lobbyist C. Scott Kidner C. S. Kidner & Associates Legislative Affairs Chair William Lower Harvey Hanna & Associates 44 Business Capital Daniel Wham DSM Commercial Real Estate Neil Kilian, SIOR, CCIM NAI Emory Hill contact us (302) 633-1705 Janet@circdelaware.org www.circdelaware.org Donald Robitzer The Commonwealth Group Benjamin Berger , Esq. Berger Harris, LLC Carmen Facciolo NAI Emory Hill Ryan Kennedy Harvey Hanna & Associates Michael Hahn

Megan McGlinchey of the Riverfront Develop - ment Corporation of Delaware was the keynote speaker, following riviting introduction by Mayor Michael S. Purzycki, who previously held the same position for many years. Learn more about the commerical development opportunities at Riverfront East , the converging point of down- town Wilmington and the current Wilmington, Delaware, Riverfront—86 acres of mixed-use op- portunity to build a vibrant, bustling and sustain- able urban community. A place for businesses to thrive and lives to flourish. At the completion of Riverfront East, individuals and families will have the opportunity to live, work and play in a unique- ly Wilmington community that fits a diversity of lifestyles.

PA Required for 2022 license renewal 1:30 p.m. – Office Management DE Mod. 4; PA, MD & NJ Elective

We would like to thank our Joint Dinner Sponsors

6A —November 19 - December 23, 2021 — M id A tlantic Real Estate Journal


Questions? Contact: Harry Young | Executive Director 717.614.4271

harry@panjdeccim.com www.panjdeccim.com

2021 PA/NJ/DE CCIM CHAPTER OFFICERS Jeff Kurtz, CCIM President High Associates, Ltd. Dominic Janidas, CCIM Associate Broker, Team Leader Berkshire Hathaway HomeServices Lisa Lord Edmonds Secretary/Treasurer SVN | Ahia Commercial Real Estate Stacy Martin, CCIM Immediate Past President Hankin Group Eric Gorman, CCIM Region 10 VP Avir Realty Group 2021 DIRECTORS Dan Berger, Jr., CCIM Chair, Scholarships U.S. Commercial Realty Michele Countis, CCIM Chair, Designation Jackson Cross Partners Dragan Dodik, CCIM Regional Chair, Central PA Pennian Bank Philip Earley, CCIM Chair, Nominating Lieberman Earley & Company Jonathan Epstein, CCIM Chair, Public Relations Berger-Epstein Associates, Inc. Cindy Feinberg, CCIM Regional Chair, Lehigh Valley Feinberg Real Estate Advisors Craig Fernsler, CCIM Chair, Legislative KW Commercial, Blue Bell Robert Fuller, CCIM Regional Chair, New Jersey CBRE Jeffrey Hoffman, CCIM Chair, Education JPH Realty Advisors Neil Kilian, CCIM, SIOR Regional Chair, Delaware NAI Emory Hill Cushman & Wakefield | Grant Street Associates Andrew Miller, CCIM Regional Chair, Pittsburgh CBRE Kathy Sweeney-Pogwist Regional Chair, Philadelphia Metro Brandywine Realty Trust Dana Grau, CCIM Chair, Membership

M id A tlantic Real Estate Journal —November 19 - December 23, 2021 — 7A


M id A tlantic R eal E state J ournal D Joe Latina announces winners during the Fall Summit CORFAC announces 2021member Excellence Award winners ES PLAINES, IL — CORFAC Interna - tional announced the

winners of the 2021 Member Excellence Awards, which recognize individuals who ex- emplify excellence, integrity, dedication, and participation in the CORFAC network. Winners were announced by CORFAC’s 2021 president Joe Latina ,principal of Pat- terson-Woods Commercial Properties/CORFAC Inter - national , during the organiza- tion’s Fall Summit in Chicago September 23-25. “These Member Excellence Awards were created to honor and recognize the members who have made CORFAC the very best global network for independent brokerage firms in commercial real estate,” Latina said. “Each of these individuals who are being recognized have made invaluable contributions to our organization.” Charlie King MVP Award Alan Joel, CCIM , principal of Joel and Granot Commer- cial Real Estate/CORFAC International in Atlanta, Georgia, received the Charlie King MVP Award. Selected each year by the CORFAC president, the award recipient is considered the president’s most valuable player dur-

Shown from left: Alan Joel, CCIM; Joe Latina, CORFAC 2021 President; Ed Del Beccaro and Joe Santaularia. Not pictured is Daniel Shindleman, CCIM, MRICS.)

ing the past 12 months. The award was created in honor of CORFAC co-founder Charlie King Jr., for his devoted and exceptional service to the or- ganization. “Charlie King, who is an icon in the Atlanta commercial real estate industry, sat me down for breakfast almost 20 years ago and told me about this great entrepreneurial real es- tate organization that he had started called CORFAC,” Joel said. “He asked our firm to share the Atlanta market with King Industrial as the office/invest - ment representative. It was such an honor to be asked by him and I told him I wouldn’t let him down. So Charlie, this

award named after you was bestowed to me because of you, and most importantly, was earned in your honor.” Joel has made substantial contributions to the growth and development of CORFAC. He has focused extensively on ex- panding business development opportunities among members, particularly during the early days of the COVID-19 pandem- ic. His past leadership roles within the organization include chairman of the Communica- tions Committee, member of the Executive Committee and Board of Directors, Secretary, Treasurer, Vice President, and most recently 2020 president. Olen Monsees Award continued on page 8A

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8A —November 19 - December 23, 2021 — M id A tlantic Real Estate Journal


M id A tlantic R eal E state J ournal

Greysteel promotes Wilson to senior managing director

ONTCLAIR, NJ — CRE leaders shared insights into the fu- Critical root building investments could pay off in 2022 NAIOP New Jersey holds industry insights event M

business and team throughout his years at Greysteel. His success is a testament to his leadership abilities, strong cli- ent focus, and market insight. We’re proud of Ben and this recognition is well-deserved.” – SVP, Mark Bittenbender Wilson received his B.S. in Business Administration with a focus on Finance and Ac- counting from American Uni- versity and holds a committee membership with the District of Columbia Building Industry Association. Ben actively sup- ports local and national chari- ties, including Dreams for Kids DC (DFKDC) and Greyhound Welfare where he serves on the Public Relations Committee. Greysteel is a commercial real estate and capital markets services firm with 15 offices located in New York, NY; Los Angeles, CA; Dallas, TX; Fort Worth, TX; Austin, TX; New- port Beach, CA; Metairie, LA; Washington, D.C.; Philadel- phia, PA; Phoenix, AZ; Den- ver, CO; Baltimore, MD and Norfolk, VA. Greysteel serves and advises private and institu- tional real estate investors and developers in the marketing, sale, and financing of private capital and middle-market real estate assets. MAREJ Yardley is another perfect location for a new Kumon Learning Center. They are joining a retail friendly and walkable neighborhood that has experienced tremendous growth over the years.” Located next to Princeton Univers i ty in downtown Princeton, 195 Nassau St. will have a private parking lot onsite. The acclaimed Nassau Street has many eateries and shops located a stone’s throw away. The Yardley location includes great signage and storefront frontage alongMain Street in Yardley. The easily accessible location is along Lake Afton with a multitude of restaurant, entertainment, and retail options. “Virtual teaching during COVID-19 greatly affected our youth and many students are still struggling to excel academically,” said Janoczkin. “Programs like Kumon will allow children the in-person foundation and academic stim- ulation they need to succeed. We are excited to watch Kumon thrive in both locations and help support young students globally.” MAREJ

WASHINGTON, DC — Greysteel announced the pro- motion of BenjaminWilson to

sr. managing director. Wil- son’s most re- cent title was managing di- rector. W i l s o n l e a d s t h e Mid-Atlantic Commercial

Dan i e l Sh i nd l eman , CCIM, MRICS , of Bridgemer Ltd./CORFAC International , in Wollerau, Switzerland was honored with the Steven H. Po- dolsky International Member of the Year Award. The award recognizes an outstanding international member outside of the U.S. who goes above and beyond in the service of COR- FACmembers and their clients. The award is named in honor of Steven H. Podolsky, SIOR, a founding member of CORFAC and a former chairman of the International Committee dur- ing a crucial re-building stage. “It is an immense honor to receive this award which rec- ognizes the greatest hallmark of CORFAC International, namely, superb entrepreneur- ial service,” said Shindleman. “We do it for our clients, for our colleagues globally, for CORFAC International. What a fantastic network of supremely talented folks to work with in so many markets to serve our clients around the world.” Shindleman has been an outstanding leader as chair of the International Committee, infusing new ideas and collab- orative opportunities for global members. He has used the CORFAC network to facilitate referral business across borders and leveraged the network for noteworthy global client assign- ments. He is a true asset to our organization. MAREJ Hub and Roam: The Work- place Model of the Future Schultz asked panelists to comment on the “hub and roam” workplace model and its impact on companies as they learn to operate differently. “Clients don’t want to come back to the same space or building, they want to come back to something better,” said Decillis. “Hybrid is here to stay but the office is alive and well. Technology has saved the day. If it wasn’t for VPNs and the ability to have low latency and speed, companies would have been paralyzed. The migration back to the office continues and hy - brid is working.” MAREJ leased 33,000 s/f of space at Hudson Waterfront Tower in Jersey City. “When you have that much growth, collabora- tion matters, and some things just can’t be done over Zoom,” Stracquatanio said.

beyond.” Thomas B. Hayes Jr. Award The Thomas B. Hayes Jr. Award was presented to Joe Santaularia , vice president of Bradford Commercial Real Estate Services/COR- FAC International in Dallas, Texas. The award honors the late Tom Hayes, a principal of Integrated Corporate Property Services/CORFAC Interna- tional, known for his innova- tive use of new technologies to continually improve client ser- vice. Recipients of this award have distinguished themselves by sharing innovative and creative ideas relevant to com- mercial real estate brokerage. “It is great to hear such positive affirmation from my peers that my recent efforts are making an impact,” San- taularia said. “CORFAC is a very special organization loaded with great people. Ev- ery conference I attend I grow as a person and as a broker through my interaction with these tenured and knowledge- able individuals.” Santaularia has taken a cre- ative and innovative approach to assisting with CORFAC’s affiliation development initia - tives and educational offerings and is an enthusiastic cham- pion of the network. Steven H. Podolsky International Member of the Year Award critical investments in a post- COVID world. Creating a Safe, Secure and Healthy Experience for Workers “It’s been an interesting year and a half. Landlords have been challenged with tenants working from home and most people are now migrating back,” said Decillis, who noted that roughly 40% of New Jer- sey’s workforce has returned to their pre-pandemic commute. Schultz noted that by fo- cusing on a hybrid model, upgraded technology and new amenities, landlords can cre- ate a safe, secure and healthy experience for workers going forward. He invited Strac- quatanio to comment on the role office space played in the growth of Apprentice.io, an intelligent software company for life science manufacturing, which grew six-fold during the pandemic. As a result, the firm

Ed Del Beccaro , executive vice president/San Francisco Bay Area regional manager with TRI Commercial/COR- FAC International was rec- ognized as this year’s Olen Monsees Award winner. Del Beccaro has been a leader in expanding CORFAC’s business development and deal-making opportunities as vice chair and chair of the Transactions and Business Development Com- mittee. The Olen Monsees Award, which recognizes members who have provided exceptional service to the organization, is named in honor of Olen Monsees, a former president of Karbank Real Estate Com- pany in Kansas City, Mis- souri. Olen was known for his integrity and ability to create win-win solutions, often going above and beyond the call of duty without being asked. “I am very honored by this award. CORFAC is an inter- national association of over 75 high-powered real estate service firms. The opportunity to work with that many can-do principals and other brokers to increase our regional and national business using win- win solutions attracted me at the very beginning,” Del Beccaro said. “Many of the people I met over the last three years during my involvement in CORFAC go well above and ture of hybrid work and the importance of technology to support seamless work con- nections during NAIOP New Jersey’s annual CEO Per- spective. The interactive dis- cussion, part of the commer- cial real estate development association’s Industry Insights series, took place at The MC Hotel in Montclair. Discussion leader Jona- than Schultz , managing principal of Onyx Equities , was joined by panel members Pari Bajpay , vice president business products with Ve- rizon Business; Brian De- cillis , managing director at Cushman & Wakefield ; and Angelo Stracquatanio , CEO and co-founder of Apprentice. io. The executives exchanged opinions on issues concerning the future of office usage and

Benjamin Wilson

Investment Sales Practice, providing services to the firm’s clients throughout the Mid- Atlantic region. Wilson man- ages the DC based team and is responsible for arranging sales and financing for a range of infill and suburban prop- erty types: mixed-use, retail, office, industrial, self-storage, land, and redevelopment sites throughout DC, Maryland, and Virginia. Since joining Greysteel in mid-2017, Wilson has been instrumental in the growth of the Commercial Practice. In the last three years alone, his team has transacted an impres- sive $325 million in total sales volume. Additionally, Wilson is one of the most active brokers in several Washington, DC submarkets. “Ben has built a tremendous NEW JERSEY — Lee & Associates New Jersey an- nounced that the commercial real estate services firm has arranged two lease expansions for Kumon Learning Center in Princeton, NJ and Yardley, PA. The 1,110 s/f lease in Princeton is located at 195 Nassau St. The 924-square-foot location in Yardley is located at 40 South Main St. Lee & Associates New Jersey team led by associate, Kyle Janoczkin guided Kumon Learning Center in bringing both locations to fruition. The landlord of the Princeton loca- tion, Nassau 195 LLC , was represented by Lauri Names with Princeton Realty Man- agement Group . The landlord of the Yardley location, Brite Realty Services , was repre- sented in-house by Joanne Cuddahy . “Both locations will serve as excellent opportunities for Kumon’s expansion and growth,” said Janoczkin. “His- toric downtown Princeton will enable Kumon to establish a presence in one of the most premier and kid-friendly towns in the state. Additionally,

continued from page 7A CORFAC announces 2021 member . . .

Lee&AssociatesNewJerseyarranges lease expansions forKumonLearning Center inPrinceton,NJ&Yardley, PA

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R etail D evelopment R eimagined

M id A tlantic Real Estate Journal — Retail Development Reimagined —November 19 - December 23, 2021 — 11A


Colliers International’s Algatt, Horner and Zerfass represent both parties in transaction Larken Associates acquires 210,000 s/f shopping center in Lehighton, PA

EHIGHTON, PA — Larken Associates announces the acquisi- tion of Carbon Plaza, a 210,314 s/f shopping center located at 1241 Blakeslee Blvd. Dr. E in Lehighton. Colliers In- ternational’s Jeff Algatt, Scott Horner and Derek Zerfass represented the seller and Larken Associates in the transaction. Located in the heart of Car- bon County, the grocery-an- chored shopping center is situ- ated just outside of downtown Lehighton along the area’s heavily traveled Route 443 retail corridor with over 20,300 cars passing by per day. This prime location also features easy access to the area’s major highways including I-476 and Rte. 209. Boasting excellent visibility and an abundance of parking, Carbon Plaza is home to a diverse array of retail ten- ants including Big Lots, Giant Grocery, Lehigh Valley Health Network, Dollar Tree, and Rite Aid as well as FunTime Cin- L

deal maker and truly makes things happen,” Tunis stated. Vantage Commercial is proud to announce another successful retail lease, this time at Plaza 500 located at 507 Black Horse Pike in Had- don Heights, NJ. Plaza 500 is a centrally located shopping center with excellent visibility and signage. The new tenant, Irie Mon Jamaican Restaurant and Take-out, joins a diverse roster of co-tenants including Klassy Nails, Always Available Lock- smith, and Cutting RoomHair Care. This will be the fourth restaurant in the center, es- tablishing Plaza 500 as a pre- mier quick service restaurant destination for local residents. Monica Walsh, director of client services, and Mike Gries, sales associate at Van- tage Commercial , worked closely with ownership and the tenant to facilitate a smooth transaction. MAREJ Accompanying these new- comers are plans for a new generation of hospitality accom- modations, restaurants and en- tertainment options. The area’s demographic shifts not only highlight the rising popularity and quality of living in Carbon County, but underscore Carbon Plaza’s potential in terms of location and future growth in the coming years. MAREJ the sizeable population of pro- spective customers for Carbon Plaza’s 20-plus retail, food and entertainment options. Known for a combination of charming downtowns and a bustling industrial mar- ket surrounded by the Pocono Mountains, Carbon County is one of Pennsylvania’s most lively regions. Paired with the county’s convenient location to the region’s employment centers and readily available transportation options to cities such as Philadelphia and New York City, Carbon Country prides itself on the high quality of life it offers residents.

Carbon Plaza

Plaza marks a key addition to Larken Associates’ Pennsylva- nia retail portfolio. In the past twenty years, Carbon County’s ample developable land and well-connected infrastructure have seen its population grow at a rate over three times greater than Pennsylvania itself. Within this market, Carbon Plaza is in an ideally accessible location with over 11,000 people living within a three-mile radius. This number nearly doubles when brought to a five-mile radius, illustrating

emas, the region’s only movie theater. In addition, Carbon Plaza features several local and global food establishments including Chiu Kwan Kitchen and Pizza Como USA, as well as national brands such as Taco Bell, Arby’s, and McDonald’s. Coupled with its superb loca- tion, Carbon Plaza’s versatile retail options offer an undeni- ably ideal shopping experience to every one of its visitors. “The acquisition of Carbon Plaza presents our team with a unique opportunity to take

advantage of the exceptional market that is Carbon County and tap into what we believe will be a vibrant future for the area,” said Victor Kelly , executive vice president of Larken Associates. “We look forward to leveraging our re- tail property management and leasing experience to unlock the full potential of this property and attract even more exciting businesses for the people of Lehighton Borough and beyond to enjoy for years come.” The acquisition of Carbon

Giletto of Vantage Commercial reps. developer in the acquisition of +/-83,000 s/f Southwood Shopping Center in West Deptford, NJ

CHERRYHILL, NJ — Van- tage Commercial announced the successful off-market sale

of Southwood S h o p p i n g Center, a re- tail center lo- cated on Rte. 45 in West D e p t f o r d . Th e Sh o p - ping Center has prevailed

Corinne Giletto

as a neighborhood landmark under the ownership of one family for over 60 years. The +/- 83,000 s/f center was sold to a development group that plans to renovate the Southwood Shopping Center and revitalize this portion of Rte.45, a state highway that connects West- ville, Gloucester County to Salem, SalemCounty. It serves as a major regional corridor for West Deptford, Mantua, Mul- lica Hill, and Woodstown, NJ. Corinne Giletto , senior ad- visor at Vantage Commercial,

Southwood Shopping Center I live. I am invested in trans- forming this center and my team has already uncovered opportunities that were previ- ously missed.” In a separate transaction, Vantage Commercial an- nounced the off-market sale of the former Capital One Bank located at 245 Bellevue Ave. in Hammonton, NJ. National Credit Reporting Systems, Inc. purchased the property and will use it for their business.

worked on this project for over two years. The new owner’s goal is to attract new tenants, modi- fy the anchors, and reinvigorate the center in hopes of providing products and services to the sur- rounding communities. Vantage Commercial was retained by the new owners as the leasing broker for the center. Giletto has expressed, “This is a project close to my heart and the community in Gloucester County in which

Ken Richardson , executive director, and Aran Ploshan- sky , director at Vantage Com- mercial, worked with Jeff Tunis , the property owner, to position the building for lease. “Vantage Commercial was professional and responsive to my needs during the entire process. I really appreciated the updates and the avail- ability of the Vantage team to answer my calls and tour my building. Ken is a seasoned

12A —November 19 - December 23, 2021 — Retail Development Reimagined — M id A tlantic Real Estate Journal


R etail D evelopment R eimagined

Director of leasing brings 12 years of experience holding various responsibilities Retail leasing veteran Kevin Pelio joins Azarian Realty Co. team

IDLAND PARK, NJ — The Azar- ian Group, L.L.C. , a leading New Jersey based commercial real estate invest- ment, leasing and manage- ment firm, is pleased to an - nounce the addition of Kevin Pelio as director of leasing effective November 1, 2021. A graduate of the University of Miami Herbert Business School’s Entrepreneurship program, Pelio is rejoining The Azarian Group, having started his real estate leasing and property management career in 2009 with the company. M

Since his early career with The Azarian Group, Pelio spent eight years at Simon Property Group, a publicly traded REIT and Fortune 500 Company, where he was an integral part of the property management strategies and responsible for the execution of the inline and auxiliary leasing initiatives for assigned assets comprising of 18 million s/f of open-air outlet and regional shopping centers throughout the Northeast, Mid-Atlantic, Southeast, and Midwest. Most recently Pelio served as a senior acquisi- tions and real estate manager

for Lidl US, identifying and sourcing store expansion op- portunities for the leading German grocer. With twelve years of experi- ence holding various responsi- bilities encompassing leasing, property management, asset management, site selection and development in the com- mercial retail and office real estate industry, in the new role at The Azarian Group, Pelio will oversee and lead all aspects of portfolio leasing and strategy for the company. “The Azarian Group has had a half century track record

of extraordinary and steady growth and success. I embrace the challenge and am excited to rejoin the company with an opportunity to work alongside the entire team at The Azarian Group, as we strategically en- hance and evolve forward this dynamic and exciting portfolio for the next half century”. Pelio has a long track re- cord of leading teams through complex projects and will spearhead the implemen- tation of leasing strategies to enhance merchandising mixes, the execution of rigid lease management practices, procuring, maintaining and growing tenant relationships, and maximizing deal making opportunities. Founded in 1970, The Azar- ian Group, L.L.C. is a fully integrated property ownership and management company comprised of an 18-property portfolio, approximately 350 tenants and grossing more than 1,200,000 s/f of commer- cial real estate throughout New Jersey and New York. MAREJ Finkelstein and Huter of Goldstein Group broker 2,225 s/f lease at 787 Broad St.

Kevin Pelio

Relocation Opportunities Wanted

787 Broad St.

NEWARK, NJ — The Goldstein Group announced that T-Mobile has leased space located at 787 Broad St., Newark according to Chuck Lanyard , president of The Goldstein Group. The deal which consists of 2,225 s/f was brokered by Lew Finkelstein , executive vice president and CJ Huter , vice president for The Goldstein Group, representing the ten- ant. Marta Villa from JLL Brokerage represented the landlord, 787 Broad LLC c/o Janel Management . “The space T-Mobile chose is a highly visible location at the corner of Broad St. and Market St.”, said Lanyard. “Downtown Newark has seen a tremendous amount of development over the past decade with the Prudential Center, Performing Arts Center, Whole Foods project and several other developments. MAREJ

PENNSYLVANIA COUNTIES OF INTEREST INCLUDE: Bradford, Bucks, Carbon, Columbia, Lackawanna, Lehigh, Luzerne, Lycoming, Monroe, Northampton, Pike, Schuylkill, Sullivan, Susquehanna, Tioga, Wayne, Wyoming TYPES OF LOCATIONS WANTED: End Cap, In-Line, Drive-Thru, Free Standing

PLEASE CONTACT: Abbie Muto muto_a@sdepa.com | Cheryl Green green_c@sdepa.com (610) 366-8120 • www.sdepa.com

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