ISSUE HIGHLIGHTS Volume 35, Issue 1 January 2023
L Majority of sales fall into workforce-housing value-add category Gebroe-Hammer Associates reports $1.47+B in multifamily Sales for 2022
the year with a 150+ garden- apartment trade and the sale of a 200+ unit Philadelphia MSA suburban apartment complex. According to Gebroe-Ham- mer’s market specialists, mul- tifamily product will continue on its course for sustained investment demand, espe- cially for existing properties in the value-add Class B and C sector, which are the most favored during economic cycles. Long-considered the “bread- and-butter” of multifamily, particularly within the land- constrained building-dense Northeast corridor, non-Class A product traditionally en- compasses workforce housing primed for renovation associ- ated with their post-World War II era vintage. In fact, during 2022 a sig- nificant percentage of Gebroe- Hammer’s sales involved these asset classes across New Jer- sey’s northern and central counties as well as the Greater Philadelphia MSA. The latter spanned Philadelphia and its property in Somerset County, New Jersey in 2022 according to data available from CoStar. Sweetwood commented, “This was an excellent opportunity in a desirable transit-oriented location and the transaction proceeded relatively smoothly given the motivation of the par- ties. The seller completed the development with the intention of selling it and the purchaser needed an exchange.” Squires added, “ The demand for new multifamily properties remains extremely strong. In this case, we were able to suc- cessfully complete an exchange of a 1960s garden apartment complex into this brand-new class A building. New build- ings require much less main- tenance and are generally less management intensive.” The property is a newly constructed ve-story elevator building with 63 market-rate units and one retail space locat- ed steps from the Bound Brook train station, restaurants and shopping. It includes a 15-year
peripheral Bucks, Montgom- ery, Chester, Delaware and Le- high counties as well as South Jersey’s Burlington, Camden, Gloucester and Salem counties. Multi-generationally owned by the original developer, Class B and C multifamily product is often primed for modest-to- upscale capital enhancements. These range from updated kitchens and baths on turnover to the addition of community amenities, such as exercise rooms, outdoor BBQ areas and dog parks. “Our typical sellers fall into two categories: the first being second- and third-generation owners who recognize the time is right to dispose of their mul- tifamily assets and the second being a private equity group or institutional investor nearing the end of their hold period with a significant number of units already renovated and the potential for continuation of in-place renovations as well as market-rent maturation continued on page 12A PILOT program. Bound Brook is a borough in Somerset County, New Jer- sey located along the Raritan River approximately 35 miles southwest of lower Manhattan. Somerset County is located in the north-central part of New Jersey and consistently ranks highly among the wealthiest counties in the US. Sweetwood joined Kislak in 1996 and is one of the firm’s all-time leading salespeople. She has won numerous awards, including the Sima Kislak Jelin Salesperson of the Year award in 2010 and the company’s pro- duction award in 2010, 2011, 2012 2013, and 2018. Squires joined Kislak in 2003 and specializes in the sale of multifamily and other investment properties through- out New Jersey. Consistently among the firm’s leading pro - ducers, he received Kislak’s 2017 and 2016 Sima Kislak Jelin Salesperson of the Year award and its 2017 Producer of the Year award. MAREJ
IVINGSTON, NJ — With many schools of thought on the cur- rent and future state of the economy swirling, one thing remains clear for 2023: mul- tifamily assets have been and will continue to demonstrate stability during this period of normalization, according to the multifamily-focused invest- ment brokerage firm Gebroe- Hammer Associates . The firm, which recorded calendar 2022 multifamily-focused sales of $1.47+B spanning 84 deals involving 7,149 units, is looking ahead to the coming months with optimism for healthy mul- tifamily investment growth. “Historically able to with- stand the test of any economic cycle – even severe recession- ary periods – multifamily is continuing to demonstrate a level of stability steeped in its most-favored CRE investment vehicle status versus other real estate sectors,” said Ken Uranowitz , president, who has spent his entire 48-year BOUND BROOK, NJ — The Kislak Company, Inc. announced the recent sale of Mosaic on Main, a new luxury multifamily property with 63 units and one retail space at 7-15 West Main Street in Bound Brook, Somerset County for $22,000,000. Kislak marketed the prop- erty on an exclusive basis with
SPOTLIGHTS
ECONOMIC DEVELOPMENT
5-9A
brokerage career with Gebroe- Hammer. “While there is most certainly a ‘normalization reset’ in multifamily values and rents following a pandemic-fueled surge of both, occupancies along the New Jersey-Greater Phila- delphia MSA and New York State corridor are among the strongest in the nation.” With a focus on this corridor, Gebroe-Hammer’s market spe- cialists’ 2022 sales were concen- trated in North Jersey (46 deals / 1,937 units / $432,064,070), Central Jersey (13 deals / 1,283 units / $307,600,000) and the Greater Philadelphia MSA ( 25 deals / 3,929 units / $732,792,860) metros. Gebroe- Hammer punctuated the end of
SOUTHERN NEW JERSEY
7-9B
2023 FORECAST
Section D
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Kislak sells Mosaic On Main for $22 Million
Mosaic on Main
executive vice president Joni Sweetwood handling the assignment on behalf of the seller, West Main St. Urban Renewal, LLC, an affiliate of Reynolds Asset Manage- ment , which is a longtime client. Senior vice president Robert Squires procured the purchaser, K&A Associates, LLC , another longtime client that completed an I.R.C. Sec- tion 1031 like-kind exchange with the purchase. Financing was arranged by M. Tuck Capital Associates . The record sale price rep- resents the highest price achieved for a multifamily
Directory ROP (Front Section) ........................................... Section A Retail Development Reimagined ............................... 3-4A Economic Development . ........................................... 5-9A CRE Organization’s Events Calendar ............................ 10A Financial Digest .......................................................... 11A New Jersey..............................................................1-10B Pennsylvania ........................................................11-BC-B Owners, Developers & Managers ....................... Section C 2023 Forecast.................................................... Section D www.marej.com
Inside Cover A — January 2023 — M id A tlantic Real Estate Journal
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48 Years in the Making
END OF YEAR 2022 SALES 84 DEALS 7,149 UNITS $ 1.47 + BILLION
Specializing in multifamily-focused investment sales while representing private equity funds & institutional investors as well as generations of family offices & private individuals since 1975. Additional focus on marketing mixed-use & freestanding office & retail properties.
973.994.4500 • WWW.GEBROEHAMMER.COM • 2 W NORTHFIELD ROAD, LIVINGSTON, NJ 07039
M id A tlantic Real Estate Journal — January 2023 — 1A
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& HORVATH TREMBLAY SINGLE TENANT | MULTI-TENANT | 1031 EXCHANGE INVESTMENT REAL ESTATE BROKERAGE
FedEx Office & Plant Compassion Voorhees, NJ $2,553,000
Outback Steakhouse & M&T Bank Clifton Park, NY $2,734,977 Southern States Midlothian, VA $5,000,000
Mission BBQ & Sport Clips Marlton, NJ $3,830,810 BJ’s Wholesale Club Gainesville, VA $20,500,000
DXL Deptford, NJ $2,300,000
CVS Richmond, VA $3,152,605
IHOP Grove City, OH $1,948,479 Pizza Hut Kittanning, PA $1,397,500
Shoppes of Southland Orlando, FL $3,775,000 Diary Queen & Downtown Retail Linden, NJ $1,700,000
7-Eleven Coppell, TX $4,400,582 500-504 Paterson Plank Road Union City, NJ $1,725,000
Bojangles La Follette, TN $1,951,220 Keystone Business Center Upper Marlboro, MD $3,000,000
Ethan Cole, VA Broker of Record, License 0225258175, NJ Broker of Record License 2082582, PA Broker of Record, License RMR003168
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M id A tlantic R eal E state J ournal Publisher, Conference Producer ..............Linda Christman AVP, Conference Producer ...........................Lea Christman Conference Producer .........................................Matt Wolpe Editor/Graphic Artist ......................................Karen Vachon Contributing Columnists ....................Stella Stein. Greystone; .................................................................Professor Ron Shaw Mid Atlantic R eal E state J ournal ~ Published Monthly Periodicals postage paid at Hingham, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal 117 HMS Halsted Dr., Hingham, MA 02043 USPS #22-358 | Vol. 35, Issue 1
2023 UPCOMING CONFERENCES
s we continue to ex- perience the on-going effects of COVID-19, capital expenditure projects have continued to increase as the demand for creating additional value in new and existing facilities has grown. Combined with delays from early in the pandemic, this growth in construction projects has put a strain on one of the most important aspects that keeps the healthcare real estate industry moving smoothly - the supply chain. Responsible for addressing supply chain challenges, such as price escalations and long lead times, while maintaining strong tenant relations and minimizing business operation interruptions, owners and man- agers of healthcare facilities are considering dynamic ways to respond efficiently and ef - fectively. Let’s look into several re- cent industry trends and ways healthcare real estate owners 3 Ways to Successfully Navigate Supply Chain Challenges Stella Stein A
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and managers can proactively plan ahead. Price Escalations Industry standard for health- care real estate used to follow a 5% - 10% contingency line item for a medical office building’s annual budget. Recent best practice shows the new normal as having a much healthier contingency of 20% - 30%. As prices escalate due to decreased availability of certain products and materials, this additional cushion and proactive planning can help keep a capital project moving forward should the price of a fire door or cooling tower, for example, drastically increase.
Another way to plan ahead for potential price escalations is to receive multiple bids from a network of local and regional vendors who source products domestically. When reviewing bids, it is important to carefully read through the proposal and de-scope each line item. Certain vendors are building in addi- tional cushion in anticipation of further price increases on products while others are not. It is also important to ask your vendors how long those bid numbers are locked in - is it 30 days, 90 days, etc.? Lengthy Lead Times With an increased demand continued on page 12A
February 15, 2023 2023 State of the Market
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R etail D evelopment R eimagined
M id A tlantic Real Estate Journal — Retail Development Reimagined —January 2023 — 3A
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Danielson and Woods brokers the sale of a BJ’s Wholesale Club in Gainesville, VA Horvath & Tremblay completes the sale of four Virginia retail properties for $34,147,200 V IRGINIA — Horvath
years throughout the primary term and renewal options. Danielson also facilitated the sale of the Southern States Co- operative in Richmond (Midlo- thian). Horvath & Tremblay represented the seller to com- plete the transaction at a sale price of $5,000,000. Southern States Cooperative is located at 1200 Alverser Dr. in Rich- mond. The property was a build-to-suit for Southern States Cooperative and is im- proved with a 25,000 s/f build- ing and a large outdoor garden center on 2.96 acres of land with outstanding visibility and more than 500 feet of frontage along Alverser Dr. Southern States Cooperative has been at this location since 1988 (more than 33 years) and has 5+ years remaining on their lease with one, 10-year renewal op- tion. The tenant’s rent includes 10% increases every five years throughout the primary term
and renewal option. Brendan Conway and Danielson of Horvath & Trem- blay have successfully com- pleted the sale of a Wawa in Seaford, DE. Horvath & Trem- blay represented the buyer to complete the transaction at a sale price of $5,494,595. Wawa is located at 22929 Sussex Highway in Seaford, DE. The stand-alone conve- nience store and gas station is was completed in 2021 and consists of a 5,512 s/f convenience store and a gas station on a 1.84-acre parcel. Wawa has 19 years remain- ing on a corporately backed, ground lease (Absolute NNN) with six, 5-Year Options. The lease features attractive 10% rent increases every 5-years throughout the primary lease term and at the start of each of the six renewal option periods. The newly constructed Wawa is well positioned along U.S.
Route 13/Sussex Highway, the area’s primary commercial corridor which sees more than 24,029 vehicles per day. Wawa has several points of access along two roads, allowing for excellent accessibility. Seaford is a city located along the Nanticoke River just 30 miles from the eastern coastline of the Sussex County which is home to the states most popular beach destinations. Headlined by Lewes, Dewey Beach, Rehoboth Beach, and Bethany Beach the area sees an average of 10 million visi- tors each year and drives the tourism industry within the state. There has been a strong influx of new residents to this area due to a variety of rea- sons including, Delaware’s favorable tax structure, the historic beaches, and both re- tirees and new families seek- ing an active lifestyle. Zach Smith and Danielson
of Horvath & Tremblay have successfully completed the sale of a CVS in Richmond, Virginia. Horvath & Trem- blay represented the buyer to complete the transaction at a sale price of $3,152,605. CVS is located at 7590 Staples Mill Rd. in Richmond, VA. The stand-alone building consists of 10,188 s/f on a 1.30-acre corner parcel of land. CVS has occupied this location since its construction in 1999 and has 5+ years remaining on their Absolute NNN Lease with nine, 5-year renewal options. The property is extremely well located at the signalized inter- section of Bremmer Rd. and Staples Mill Rd. (US Route 33), the area’s primary commercial and commuter corridor. CVS benefits from outstanding frontage, visibility and access and is across the street from the Richmond Staples Mill Train Station. MAREJ
& Tremblay has com- pleted the sale of four Virginia retail properties for $34,147,200. Kyle Danielson and Jason Woods of Horvath & Trem- blay have completed the sale of a BJ’s Wholesale Club in Gainesville. Horvath & Trem- blay represented the buyer to complete the transaction at a sale price of $20,500,000. BJ’s Wholesale Club is located at 5100 Wellington Rd. in Gaines- ville. The property was a build- to-suit for BJ’s Wholesale Club and is improved with a 76,267 s/f building and an on-site gas station on 11.6-acres of land with outstanding visibility and frontage. BJ’s Wholesale Club has been at this location since 2012 and has 9+ years remain- ing on their lease with four, five-year renewal options. The tenant’s rent includes attrac- tive rent increases every five PHILADELPHIA, PA — Institutional Property Advisors (IPA) , a division of Marcus & Millichap an- nounced the sale of City Av- enue Center, a three-building, 20,220 s/f service-oriented retail asset located on highly traveled City Avenue in Phila- delphia. The property sold for $24.6 million, or $1,216 psf. “Shadow-anchored by the top Target location in the Philadelphia metro area, the center attracted an astound- ing 1.9 million visits in the trailing 12 months, according to Placer.ai,” said Brad Na- thanson , IPA senior manag- ing director in Philadelphia. “The trophy asset is 100% occupied by highly sought- after retail brands, Chipotle, Verizon, Sleep Number, and a PNC Bank outparcel. New to the shopping center with a slated year-end opening is one of Chick-Fil-A’s first in-line stores in the greater Philadelphia MSA with no drive-through, which was an additional attraction for
Institutional Property Advisors completes $24.6 Million Target shadow-anchored center sale in Philadelphia, PA
City Avenue Center
investors.” Nathanson, in col- laboration with Washington, DC-based David Crotts , IPA director, and Dean Zang , IPA executive managing director, represented the seller, the original developer of the prop- erty, and secured the buyer, a
Maryland-based family office. “High-credit service retail strip centers are in strong demand from private and institutional investors,” Na- thanson explained. “REITs have migrated capital into this investment class given
their strong rental growth and minimal re-leasing costs as compared to power centers. Many have traded over the last two years, and there’s a clear uptick in the depth of the buyer pool for service-oriented centers given the rebound of
customer traffic post-COVID.” “Even in today’s quickly changing market, we were able to source multiple competitive offers prior to public market- ing of this asset,” added Zang. “We are undoubtedly seeing a flight to quality.” MAREJ
4A —January 2023 — Retail Development Reimagined — M id A tlantic Real Estate Journal
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R etail D evelopment R eimagined
Tamara Blau & Brad Jacobs secure ±6,000 s/f retail sale
Construction begins Spring 2023 on Express Car wash concept Ziska of RDC brokers the sale of 2809-2811 Ocean Gateway
Bruce Jefferey, as well as the owner, the long-established Brothers Bakery directly, we
SHORT HILLS, NJ — The Blau & Berg Company , a prominent commercial real es-
were able to facilitate a smooth t r a n s a c - tion,” offered Jacobs and Blau. “This location will be fully reno- vated and
tate broker- age firm in the New Jer- sey and Tri- State area since 1932, is pleased to announce the sale of a ±6,000 s/f re-
AMBRIDGE MD — Brandon Ziska of RDC brokers the sale of 2809-2811 Ocean Gate- way Cambridge. In Ziska’s continued representation of the growing East Coast Ex- press Car wash concept, “Mod- Wash”, the team selected and acquired its fourth location on the Eastern Shore of MD and DE. Construction will begin in Spring 2023’ and the chain intends to open the location by summer/fall 2023. Ziska said “Multiple locations are in the pipeline for 2023 closings, C
Brad Jacobs
Tamara Blau
include 20 parking spaces which is a rarity in the current Kearny real estate market”. The transaction is the con- tinuation of a string of suc- cessful deals for the team of Jacobs and Blau, who have worked with buyers and sell- ers in multiple capacities in the Short Hills, Millburn, and surrounding towns. MAREJ St. John Props. attracts two fast- casual restaurant concepts to Northern Baltimore County
tail space on Kearny Avenue in Kearny, NJ. Tamara Blau and Brad Jacobs, Senior Di- rectors with The Blau & Berg Company, represented both the current owner, Brothers Bakery and the new owner on the transaction. “In working with the buyer,
Henry Hanna & Brandon Ziska
with actual store openings scattered throughout 2023 and 2024. The new modern and high- tech car wash concept offers
full-service quality, without having to ever leave your vehicle. And FREE cleaning products, towels and vacuums for clients to use onsite!” MAREJ
Yorkridge Center South
BALTIMORE, MD — St. John Properties, Inc. has signed leases with two new fast-casual restaurants in the northern Baltimore County corridor. Tacos Way Hunt Valley is scheduled to open within a 2,495 s/f space at Yorkridge Center North at 10540 York Rd. in December. Treva Ghattas of Murphy Commercial represented the client in this transaction. Quickway Japanese Hibachi intends to open early next year within Yorkridge Cen- ter South at 1830 York Rd. Leonard Pick of Renaud Consulting represented the client, Seikou Manage- ment Group, LLC and Bill Holzman , VP of retail leas- ing for St. John Properties represented the landlord in both leases. According to a representa- tive with Tacos Way Hunt Valley, the restaurant will be configured as a “taqueria” and serve a variety of que- sadillas, tacos, taco salads and other Mexican-food spe- cialties and will employ 10 employees. MAREJ
M id A tlantic Real Estate Journal — January 2023 — 5A
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Mid Atlantic R eal E state J ournal ’ s E conomic D evelopment D elaware N ew J ersey Greetings from the great state of Delaware.
As we enter a new year, New Jersey is eager to convey one simple message to the Mid-Atlantic Real Estate Journal, and real estate professionals across the country: We are ready for your business. We have a “can’t miss” geographic location, un- matched infrastructure, and boundless opportuni- ties for development and redevelopment through- out our cities and towns. We also possess one of the largest commuter rail systems in the country,
The First State had a strong 2022, with robust expansion in the manufacturing, science, technology, and financial sectors. Working with local and regional commercial real estate partners, Delaware attracted several new companies to the state. Among these were leading water-quality testing instrumentation and reagent producer LaMotte and global protective case and rack manufacturer CP Cases, together bringing more than 100 new jobs to Delaware.
John Carney
Philip Murphy
which presents numerous transit oriented development opportunities. These factors make us uniquely primed for companies looking for a lo- cation that is easily accessible, offers a vast pool of premier talent, and a state government that is eager to work with them to create a home in our great state. We are also making every effort to improve the interaction between the state government and the private sector and make it easier to run your business. Permitting processes are being updated, more forms are being made available online, and we offer an Opportunity Zone tax incentive program. These are just a few of the numerous reasons why the Garden State is a can’t-miss location for the real estate industry. I encourage you to see how New Jersey can fit your plans for a prosperous and successful 2023.
We also supported the expansion of numerous companies already operating in locations across our state. These included a $52.6 million investment by DuPont Electronics & Industrial – a key player in the semiconductor industry – and a $35 million investment by water tech- nologies leader Solenis – the company’s second such expansion in just four years. Additional growth in Delaware’s manufacturing, science and technology sectors included expansions by specialty chemical company Royale; global life sciences, diagnostics and applied chemicals leader Agilent Technologies; green energy startup Versogen; and early-stage biopharmaceutical company Uvax Bio. Within the business and finan - cial services sector, expansions by Ally Financial and City National Bank are collectively creating almost 400 new jobs in our state. Representatives from these companies and others locating or grow- ing in Delaware continually reference the major benefits of doing busi - ness here. Among these are our central East Coast location between Washington, D.C., and New York; a favorable corporate tax structure; industry-leading corporate and legal services; low property taxes; no sales, inventory or value-added tax; an affordable cost of living; and a rich talent pool fed by more than 100 nearby colleges and universities. Recognized as a pro-business state where it’s easy to get things done, Delaware ranks well nationally with the 2nd lowest business costs (Forbes), 3rd lowest tax burden (WalletHub) and 6th overall business environment (U.S. News & World Report). Delaware also offers growing companies refundable R&D tax credits, Jobs Performance Grants, Capital Expenditure Grants, Transportation Infrastructure Investment Fund Grants and Graduated Lab Space Grants. For property owners looking to prepare future sites for industrial and office development, we offer the Site Readiness Grant program. Delaware looks forward to continuing our business success, embracing our commercial real estate partners and supporting business development across all sectors in 2023 and beyond. John Carney Governor, State of Delaware
Philip Murphy, Governor, State of New Jersey
Inside: Montgomery County, Pennsylvania.................................................................................................................6-7A Aaron Gantz, GRCA........................................................................................................................................8A Jamie Williams, CEcD, Kent County, Maryland...............................................................................................9A
6A — January 2023 — Economic Development Spotlight — M id A tlantic Real Estate Journal
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E conomic D evelopment The County and its partners continually work on new investments in infrastructure Montgomery County, Pennsylvania: A win for one of us is a win for all of us
ery few locations can offer the diversity of place that Montgomery County, Pennsylvania has to offer along with all the benefits that come with being located in one of America’s most livable counties. Located at the key- stone of the northeast corridor, Pennsylvania’s third largest county offers the road, rail, air, and sea connections that make it a globally accessible location with communities, schools, and cultural assets that rank amongst the best in the state & nation. The value proposition that comes from a dynamic mix of market enticements and tal- ent attractors means that busi- nesses can come to Montgomery County and plan for long term growth and prosperity. As the home to several For- tune 500 companies, the most manufacturing jobs in Pennsyl- vania, and the highest location quotient for bio-medical sector jobs in Greater Philadelphia, the county’s economy is poised for continued growth in sectors that will be the bellwethers of innovation in the decades ahead. From the exciting new investments in life sciences facilities in the King of Prus- sia area combined with its exemplary life, work, and play advantages, to the transfor- mational redevelopment of municipalities like Pottstown, Conshohocken, Ambler, and Lansdale that offer walkable communities with unique lo- cational opportunities for com- panies large and small, to the open spaces throughout the county that can give companies room to grow at their own pace, it all comes back to being able to find the right fit and the right connections all in one place. The County and its partners are continually working on new investments in infrastructure including the development of a rail connection between King of Prussia and Philadelphia as well as the restoration of pas- senger rail service from nearby Reading through several Mont- gomery County communities and onward to Philadelphia. Moreover, the county has over a half dozen interchanges with the Pennsylvania Turnpike sys- tem with more planned for con- struction in the coming years. Alongside hard infrastructure investments, the county contin- ues to commit to investments in its economic development infrastructure. This includes growing our MontcoForward V
Loan Program as well as being a leading county in Pennsylva- nia for the implementation of the Commercial Property As- sessed Clean Energy Program (C-PACE). These economic development financing tools are just some of the ways in which we can help businesses grow in addition to workforce development training funds, environmental remediation as- sistance, site search guidance, and connections to the Com- monwealth of Pennsylvania economic development tools as well. Creating an environment that attracts, retains, and develops talent is at the heart of our economic and workforce development strategies. With- in fifty miles there are over 100 institutions of higher learning. The county’s community col- lege continues to make his-
toric investments so it can be a strong partner with the pri- vate sector while training the workforce of today and tomor- row at its two campuses. The education system in the county also benefits from having four career and technical schools that are providing critical skill development and vocational learning as the entryway to critical career paths in our lead and emerging sectors. The quality of life is second to none in Montgomery County as well. Award winning county and re- gional trails, one of America’s largest destination malls, and a National Historic Park are just some of the opportunities that are available for your desired workforce to enjoy. Our economic development approach and the emphasis on quality of life benefits from having a close collaborative
relationship with the county’s nationally acclaimed destina- tion marketing organization, the Valley Forge Tourism and Convention Board, as our partner in raising the profile of the county to the advantage of visitors and residents. It takes a special partnership in a unique place to be able to boast achievements such as hosting international attractions that many cities with larger popula- tions could only dream about. When you come to Mont- gomery County, you’re not just coming to us alone, but to an entire region that is col- laborating like never before. We work closely with eco- nomic and workforce develop- ment leaders in our neighbor- ing counties and the City of Philadelphia to continually examine how we can all ally to support the investment
and growth needs of business; a win for one of us is a win for all of us. The cooperative spirit of the region means that companies looking to make the move here benefit from the expertise of not just the person they’re talking to, but the entire network of economic and workforce development leaders. Our Montgomery County leaders and Commerce De- partment want to share our passion for the county and are excited to talk more with any- one looking to come and grow here; you can learn more about everything our county has to offer at www.montcoforward. org and www.montcopa.org/ Commerce. Come to Montgom- ery County, Pennsylvania and move your business forward in 2023 in the place to live, work, learn, and invest. MAREJ
M id A tlantic Real Estate Journal — Economic Development Spotlight — January 2023 — 7A
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E conomic D evelopment
MONTCO IS THE PLACE TO CREATE YOUR FUTURE. Live.
Work. Montgomery County is Pennsylvania's third most populous county. Located in the southeastern corner of the state, our county is a short drive from the city of Philadelphia. Leading organizations from a variety of industries have chosen to put down roots here, including bio-medical, manufacturing financial services, research & development, healthcare, and education. Learn. Students of all age levels can further their education with help from an incredibly talented and dedicated group of educators and staff at our award-winning schools. Invest. Our region’s robust transportation infrastructure gives businesses access to a regional workforce of more than 2 million individuals. A variety of services & partners are ready to help organizations reach the next level.
Montgomery County, PA is known as the keystone of the northeast corridor. Our County has been voted: Best Counties to Live in PA (#1) Best Counties for Families in PA (#1) Best Counties for Young Professionals in PA (#2) Healthiest Counties in PA (#2) Best Counties for Outdoor Activities in PA (#3) Counties with the Best Public Schools in PA (#3)
Rankings courtesy of Niche.com
www.montcopa.org/commerce Learn more
8A — January 2023 — Economic Development Spotlight — M id A tlantic Real Estate Journal
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E conomic D evelopment By Aaron Gantz, GRCA Your Money Goes Further in Greater Reading
L
ocation drives where people want to live, work and grow a business. We
companies can continue to grow because its population is grow- ing. As of 2020, the City of Reading is the fourth largest city in Pennsylvania. It is also one of the youngest and most diverse cities in the state — the median age is 30 and the grow- ing Latino population accounts for nearly 70% of the popula- tion. The community at large continues to experience growth and population migration from the New York/New Jersey metro areas because the area offers a high quality of life, opportunity jobs and a lower cost of living. How do we know the cost
of living is lower in Greater Reading? The Greater Read- ing Chamber Alliance (GRCA) participates in collection of lo- cal data for the Cost of Living Index (COLI) compiled on a quarterly basis by the Council for Community and Economic Research (C2ER). C2ER uses more than 60 carefully select- ed goods and services across six weighted categories — each of which contribute to the composite index or the area’s cost of living number. 1. Groceries - 13.4% 2. Housing – 28.0% 3. Utilities – 10.3% 4. Transportation – 11.1% 5. Healthcare – 4.0% 6. Miscellaneous good and services – 32.8% The cost of housing is a sig- nificant portion of index calcu - lation, and while we are seeing price increases nationally, the Greater Reading median household price remains lower than neighboring metropoli- tan areas. Median Home Price • Reading, PA: $265,000 • Philadelphia, PA: $339,450 • Allentown, PA: $359,900 • Baltimore, MD: $352,495 • Washington, D.C.: 572,800 • New York, NY-NJ: $699,000 Source: Realtor.com All of this data adds up and as a result, Greater Reading has earned top spots in the U.S. News & World Report’s Best Places to Live 2022-23 rankings. • #1 Hottest Housing Market in Pennsylvania • Top 100 Best Places to Live in the United States • Top 8 Best Places to Live in Pennsylvania • Top 10 Best Places to Retire in the United States • Top 25 Safest Places to Live in the United States This data allows both people and businesses to make in- formed decisions about their next steps. We know the cost of living is critical for people making deci- sions on where to live and for businesses making decisions on where to grow and locate. These costs affect people’s quality of life and business’ bottom lines. Your money goes further in Greater Reading. Visit MeetGreaterReading. org to learn more about living and doing business in Greater Reading, Pennsylvania. Aaron Gantz is senior director of economic de- velopment at GRCA. MAREJ
Greater Reading is a community where diversity is one of our greatest assets — in industry, in people, in housing and in cultural amenities.
know Great- er Reading, PA has a great north- east U.S. lo- cation, but there is a bigger story to tell than a place on a
Energy storage, customized logistics solutions, world-re- nowned gourmet desserts and chocolates —what do they have in common? They are all made and headquartered in Greater Reading. This diverse base of growing companies provides sta- bility to the local economy. The continued stability of the area’s largest industry sector, manu-
facturing, is evidenced in the industry’s large contribution to the County’s GDP at over $3.9B. Key industries in Greater Reading: • Manufacturing • Healthcare • Agriculture • Hospitality • Construction Greater Reading’s diverse
Aaron Gantz
map. Greater Reading is a community where diversity is one of our greatest assets — in industry, in people, in housing and in cultural amenities.
RANKS! Greater Reading • R anked No. 11 in Hottest Housing Markets in the U.S. and No. 1 in Pennsylvania by HomeArea.com.
• Ranked in the Top 100 Best Places to Live in the U.S. and #4 in Pennsylvania by U.S. News. • Ranked in the Top 25 Safest Places to Live in the U.S. by U.S. News. • R anked No. 10 Best Places to Retire in the U.S. by U.S. News.
• Ranked in the Top 20 Best Places to Be a Teacher by SmartAsset.com.
SCAN ME TO SIGN UP TO RECEIVE RELEVANT, ECONOMIC DEVELOPMENT NEWS MONTHLY ABOUT THE GREATER READING REGION, OR VISIT TINYURL.COM/EDNEWSLETTERS.
M id A tlantic Real Estate Journal — Economic Development Spotlight — January 2023 — 9A
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E conomic D evelopment
By Jamie Williams, CEcD, Kent County, Maryland Kent County, Maryland is Open for Business
K
ent County is a scenic peninsula on Mary- land’s Upper Eastern
continues to be below the na- tional average. County busi- nesses benefit from county corporate income tax exemp- tion, low personal income tax, and a variety of tax credits making it a profitable place to do business. Chestertown Business Campus The Chestertown Business Campus is one of the largest economic development proj- ects in the county’s history. Directly north of downtown Chestertown, the 80-acre site is home to Dixon Valve & Coupling’s new 188,000
s/f distribution facility, new 60,000 s/f corporate head- quarters, a new manufac- turing facility, and a new facility for the YMCA. The site has also been approved for six apartment buildings and commercial speculative space for other businesses to locate in Chestertown. The Chestertown Business Campus is environmentally friendly. With green construc- tion and energy saving strate- gies, electric vehicle chargers, and community gardens, the Business Campus establishes itself as a “green” community.
organizations in Kent County, particularly affordable, robust, and high-capacity internet ac- cess. Kent County is expanding the competitive capability of local businesses and organiza- tions and providing more jobs and opportunities for residents. This critical infrastructure in- vestment improves the ability to attract new residents and businesses to the County. If you could work from any- where… you would live here. Jamie Williams, CEcD is Director of Economic & Tourism Development for Kent County, MD. MAREJ
A Gigabit County Kent County has completed the backbone implementation of a 110-mile fiber optic back - bone throughout the county. The county has executed a public-private partnership with Kent Fiber Optic Systems to provide public institutions with high-speed reliable internet ac- cess. KentFOS’ open access net- work allows Internet Services Providers the ability to offer 1G service to businesses and residences. The primary goal is to enhance the infrastruc- ture needed to support new and existing businesses and
Shore of the Chesapeake Bay, ideally situated less than a two- hour drive from Phila- d e l ph i a , Washington D.C., Bal- timore, An-
Jamie Williams
napolis, Dover and Northern Virginia. It is home to two designated Main Streets, an Arts & Entertainment Dis- trict, several worldwide man- ufacturers, historic Washing- ton College, and one of the largest marina communities in Maryland. Kent County is Open for Business Kent County is actively pro- viding incentives and work- force development tools to help businesses grow. The County is developing broad- band infrastructure of a fiber optic broadband network for high-speed gigabit connectiv- ity. Portions of the County are located within Commerce Zones, an Opportunity Zone, a HUBZone, and multiple Enterprise Zones. The Depart- ment of Economic and Tour- ism Development works with businesses to identify the tax credits they are entitled to for locating to, and growing with- in, those designated zones. In addition, the County offers access to programs including the Maryland Commercial Property Assessed Clean En- ergy (MD-PACE) Program, the Maryland Manufacturing Extension Partnership (MD MEP), and the ExportMD Program. Business Overview Kent County is home to a wide variety of businesses in industries including manufac- turing, aquaculture, agricul- ture, health services, educa- tion, maritime, culinary and professional services. Several of the major employers are world-wide manufacturers and the county is home to several large business parks including the Kent County Business Park at Worton, the Radcliffe Creek Business & Professional Park, and the Interstate 301 Industrial Area. The region has access to a workforce close to 300,000 within a 30-minute drive and the unemployment rate
WE HAVE WHAT YOUR BUSINESS NEEDS TO SUCCEED
Tax Incentives Business Resources Fiber Connectivity Interstate Access Designated Growth Areas 19 Million People within 100 Miles
Business Associations Access to Higher Education 5 Sustainable Communities Educated & Trained Workforce Access to 3 International Airports & 3 Major Seaports
LEARN MORE AT KENTCOUNTY.COM/BUSINESS
10A — January 2023 — M id A tlantic Real Estate Journal
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Events Calendar COMMERCIAL REAL ESTATE ORGANIZATIONS'
Date: January 26, 2023 Event: NAIOP NJ Annual Meeting & CRE Outlook: Reuse, Rehabilitation & Redevelopment Success Stories Location: Hilton Short Hills, Short Hills, NJ Time: 5:00 p.m. - 7:45 a.m Website: naiopnj.org/EventsCalendar Date: January 25, 2023 Event: SIOR New Jersey 2023 Kickoff Breakfast Location: Highlawn Pavilion, 1 Crest Dr, West Orange, NJ Time: 7:30 a.m - 10:30 a.m. Website: siornj.com
Date: February 16, 2023 Event: Appraisal Institute Location: Zoom Time: 12:00 - 2:00 p.m. Website: aiphilametro.org/meetings-events/
Date: February 16, 2023 Event: 2023 IREM Tri-State Conference Location: Basking Ridge Country Club
Time: 8:00 a.m- 12:00 p.m. Website: iremdelval.org
Date: February 9, 2023 Event: CREW NJ Self Defense with Phierce Phemale Location: Phierce Phemale Time: 11:00 a.m. - 1:00 p.m. Website: crewnj.org/events/
Date: February 23, 2023 Event: BOMA Philadelphia Bowl for Charity Location: Bowlmor Lanes, 380 US 22, Green Brook NJ Time: 5:00 p.m. - 9:00 p.m. Website: bomaphila.com (Space is limited) Date: April 20, 2023 Event: Mid Atlantic Real Estate Journal & IOREBA 2023 Cannabis & Real Estate Conference Location: Newark Liberty International Airport Marriott Time: 8:00 a.m. - 12:00 p.m. Website: marej.com
Date: February 15, 2023 Event: Mid Atlantic Real Estate Journal & CREW NJ 2023 State Of The Market Location: Boat House at Mercer Lake Time: 11:00 a.m. - 2:00 p.m. Website: marej.com
If you would like your event to be published, reach out to us today!
781.740.2900 | www.marej.com | lea@marejournal.com Mid Atlantic Real Estate Journal
F inancial D igest
M id A tlantic Real Estate Journal —January 2023 — 11A
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Locks in competitive interest rate amid a volatile market Eastern Union secures $39.7 Million to refinance 369-unit apartment complex In Arlington, VA A RLINGTON, VA — Eastern Union , one of the country’s largest
deal wasn’t yet in a posi- tion to close,” said Merkin. “The large cash-out enabled the client to upgrade the ef- ficiency of their assets and also provided capital for ad- ditional multifamily acqui- sitions within the greater Washington region.” “I’m quite pleased by the added value that Eastern Union delivered here,” said Alvin L. Aubinoe, III , presi- dent and owner of Aubinoe Management. “They demon- strated an ideal combination of technical know-how and strategic sophistication.” Aubinoe Management is presently developing Mercury Apartments at Wildwood, a 72-unit senior housing project that will include 10,000 s/f of retail space. The development is expected to be completed in December 2025. Eastern Union’s Mid-Atlan- tic Group operates under the leadership of Marc Tropp and David Merkin. MAREJ convenient commuting option. The property is only 9.1 miles from the University of Mary Washington and Central Park while being within 4 miles of two additional shop- ping centers, Cosner’s Corner and Southpoint. Spotsylvania Regional Medical Center (2.9 Miles) is just down the road and recreational/outdoor op- portunities also abound with the nearby Green Springs (10.3 miles), and Fredericks- burg and Spotsylvania Nation- al Military Park (13.5 miles) Community amenities in- clude: Wifi at pool and club - house, property manager on site, pet play area, business center, fitness center, and pool. Apartment amenities include: In-unit washer/dryer, air conditioning, heating, ceiling fans, cable ready, tub/ shower, dishwasher, disposal, kitchen, oven, refrigerator, freezer, carpet, tile floors, walk-in closets, window cover- ings, and patio. MAREJ
commercial real estate finance com - panies, has arranged the $39,723,000 refinancing of Washington & Lee Apart- ments, a 369- unit multi-
David Merkin
family complex in Arlington. The Fannie Mae financing was secured by managing director David Merkin of Eastern Union’s Mid-Atlantic Group based in Bethesda, MD. Washington & Lee Apart- ments comprise 61 three-story, garden-style apartment build- ings representing 313,578 rentable s/f. Built in 1948, it is located at 2200 North 2nd St. The owner is Aubinoe Man- agement based in Rockville, MD. Founded in 1939, the company presently has 1,800 RICHMOND, VA — Northmarq’s Richmond multifamily investment sales team of Wink Ewing, Mike Marshall and Matt Straughan in collaboration with the Richmond debt & equity team of Keith Wells, Reina Abboud and Hunter Wood , brokered the $34.25 million sale and financing of Timber Ridge Townhomes. Northmarq represented the seller, CAPREIT , while origi- nating the debt for the buyer, Linden Property Group , through its relationship with a regional bank. “We had an overwhelming amount of interest in this property, due to its location in a bedroom community of D.C., and the affordability compo- nent. There was a waiting list for new leases and VHDA had recently raised the rent caps approximately 12 percent, so there was a lot of room to con- tinue to grow revenue. The as- set is in pristine condition and
year period of interest-only payments. The transaction was serviced through the as- sistance of a New York City- based financial institution. Eastern Union attributes the desirable loan terms to Washington & Lee Apartments
residential units, 300,000 s/f of retail space, and 100,000 s/f of office space under management. The ten-year loan carried an interest rate equal to the ten-year Treasury bond rate plus 1.85 points, with a three-
skillful market timing. “Eastern Union leveraged our strategic relationship with the Fannie Mae office to position ourselves to lock in a rate at the most oppor- tune time, even though the
Northmarq’s Richmond office arranges $34.25 Million sale and financing of Timber Ridge Townhomes in Fredericksburg, VA
ber Ridge Townhomes pro- vides a tranquil atmosphere in an ideal location in Fred- ericksburg. It is nestled away in a country-like setting but only minutes away to pre- mier shopping and dining. Timber Ridge Townhomes
the transaction was extremely smooth,” said Ewing. The 147-unit/21-building LIHTC/Affordable housing property (built in 1999) is located at 3500 Goldenfield Lane in Fredericksburg. Tim-
Residents enjoy easy access to I-95, meaning a shorter drive for those who work and play in Washington, DC. The property is also only minutes away from the Virginia Rail- way Express, offering another
12A — January 2023 — M id A tlantic Real Estate Journal
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M id A tlantic R eal E state J ournal
As head of Private Client Tax Group Michael Osherovitz, CPA joins FTI Consulting, Inc.
Welcome to The Professor’s Comedy Corner. This is the first in a series of humorous stories and jokes written by Professor Ron Shaw exclusively for the Mid-Atlantic Real Estate Journal . Here’s our first comedy story. Enjoy. MAREJ introduces The Professor’s Comedy Corner
W
and estate planning for high- net-worth individuals, family offices, partnerships, trusts and private foundations. “Our Private Client Tax group works closely with high- net-worth individuals and real estate and private equity families that create or inherit substantial wealth and face challenges in managing their impact on current and future generations,” said Ingrid Noone , a senior managing director and co-leader of the real estate solutions practice at FTI Consulting. Osherovitz joins FTI Con- sulting from Oak Hill Advi - sors, LP, where he was Head of Family Office and established and managed the family office for the CEO of a $50 billion- plus fund. Prior to that, he was Greengate LLC, where she ad- vised on complex multi-source financings and performed financial, market, credit and probabilistic analysis, among other duties. “Kristy will strengthen the depth of JLL’s financial ad- visory capabilities in the re- newable and clean energy, infrastructure, advanced fossil and industrial sectors, where she has worked to close multi- billion-dollar projects domesti- cally and internationally,” said managing director Josephine Tucker , Head of Clean En - ergy and Infrastructure Ad - visory, JLL. “We are thrilled to welcome her onto the Clean Energy and Infrastructure Advisory team.” David, who is based in JLL’s Washington, DC office, earned her BA in economics from New York University and her mas- year as the “dust” begins to settle – barring any unforeseen geo-political events and/or a further deepening economic contraction, according to Ura- nowitz. “In a market where pandem- ic-induced supply-chain short- falls and municipality delays have heavily impacted new- construction multifamily de- liveries, value-add reposition- ing product tops the majority of investor lists,” added Joseph
the controller and tax director for Bolt Ventures, a family office, and has held positions that have included a principal at Withum, and a senior man- ager at CohnReznick. Commenting on his appoint- ment, Osherovitz said, “Family- owned entities involved in real estate lend themselves to be- coming multi-generational en- terprises. As a result, they have a unique opportunity to develop and manage their financial wealth with a long-term view. FTI Consulting’s Private Client Tax group is keenly focused on these needs and delivers deep real estate and private equity industry expertise to help cli- ents navigate the evolving tax and personal finance environ - ment, while planning for future generations.” MAREJ ter’s degree in international fi - nance and international energy policy from Johns Hopkins Uni - versity’s School of Advanced International Studies (SAIS). JLL’s Clean Energy and Infrastructure Advisory team works with clients to address aging infrastructure at a piv- otal time when improving infrastructure resiliency is a priority for both private and public sectors. “Kristy has advised on some of the largest and most com- plex project financings, dem - onstrating a knowledge of the challenges lenders and borrowers often face,” said Kevin Wayer , president, Government and Education JLL. “We look forward to her contributions in continuing to make JLL a recognized leader in clean energy and infrastruc- ture advisory.” MAREJ Brecher, executive managing director. “Thanks to Gebroe- Hammer’s decades-long client and investor relationships, and our market specialists’ in-depth knowledge of their respective submarkets, mul- tifamily assets – particularly those in desirable locations with a workforce-housing value-add component – are garnering significant inter- est among local experienced investors.” MAREJ
ASHINGTON, DC — FTI Consulting, Inc. announced the
appointment of Michael Osherovitz, CPA , as a managing director and head of the private cli- ent tax group within the firm’s Real Estate Solutions practice. Osherovitz, who is based in New York, brings an ex- tensive background in tax planning and compliance for family offices. He has played a leadership role in treasury, personal financial statement preparation, charitable giving, liquidity forecasting and trust Michael Osherovitz
A student approached me after class one day and complained that she felt unappreciated and underpaid at work. She said she’s making very little money and can barely support herself. She asked me what I thought she should do to earn more money. I told her, “Why not ask your boss for a raise?”
“What if my boss says no?” she replied. So I said, “Tell your boss that three different companies are after you.” The student says, “What if my boss asks me which ones?” I replied, “Tell your boss it’s the gas, electric and cable companies.” Professor Ron Shaw is a former corporate banker and university professor. He writes and performs comedy at corporate and university events such as conferences and seminars, training sessions, trade shows and industry programs, corporate retreats and outings, sales meetings and team building workshops. You can contact the Professor via email at: rms1023@ aol.com MAREJ
JLL adds David as senior VP to Clean Energy and Infrastructure practice
WASHINGTON, DC — JLL has hired Kristy David as a senior vice president for its Clean Energy and Infra-
continued from page 2A 3 Ways to Successfully Navigate . . .
out of operation for an extended period of time? Will the build- ing’s HVAC or electrical system be offline? How will this affect your tenants’ practice and abil- ity to see patients and what alternatives can be offered to maintain operations? Proactive emergency planning and pro- cedures should the unexpected occur in the supply chain aid in securing positive outcomes. Also, having a knowledgeable team of professionals on-site, such as a dedicated building engineer, to offer the technical expertise and familiarity of the specs of a product and how a particular system is installed in the building can provide viable, alternative solutions should a delay in supply chain occur. Navigating supply chain challenges, such as price esca- lations and lengthy lead times, is top of mind for many owners, and managers of healthcare real estate. Through proac- tive emergency and business operational planning, expand- ing your network of trusted local and regional vendors, and investing in a team of knowl- edgeable, highly technical pro- fessionals, you can position your facility and project to suc- cessfully weather unexpected challenges. Stella Stein is Vice Presi- dent at Greystone. MAREJ
structure Ad - visory team. In this capac- ity, she will play a key role in ad- vising public and private clients on achieving their clean
for local manufacturers and dis- tributors, lead times on product and material delivery have widely ranged from six weeks to as much as six months. Should an unexpected delivery delay occur on a project that is underway, it is best to be open and transparent with your ten- ants. By having this conversa- tion upfront and documenting adjusted delivery expectations, potential mis-communication and frustration can be managed and your tenants will appreci- ate this transparency. Additionally, sourcing alter - native solutions when there is a delivery delay can help owners and managers navigate this supply chain challenge. For example, is there a higher rated fire door than the local code requires that has less of a delivery lead time? Or can working on the capital work in a different order than planned assist in meeting your goal? Considering alternate, “out of the box” solutions can help keep your project on schedule. Business Operations Interruption When planning for a reno- vation or capital expenditure project, consider how this en- hancement may affect your facility’s visitors, tenants, and patients. Will the elevator be
Kristy David
energy sustainability goals with an emphasis on solar, wind, EV charging and energy storage. David brings with her a wealth of experience, including more than 15 years in project finance, commercial due dili - gence, and public-private part- nerships. Prior to joining JLL, she was a vice president with under new ownership,” said David Oropeza, executive man- aging director. While the Fed’s historic seven-time interest rate hike in 2022 pushed some deals to the sidelines as investors and borrowers employed a watchful-waiting approach – just as they had at the onset of the pandemic – multifamily will regain traction. A strong finish is expected later in the
continued from page FC-A Gebroe-Hammer Associates reports $1.47+B in multifamily. . .
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