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E-commerce tenant expands while Axion Logistics leases 105,600 s/f Dermody completes 429,350 s/f of leasing at LogistiCenter ® at Carneys Point
ISSUE HIGHLIGHTS Volume 38, Issue 7 July 2026
ARNEYS POINT, NJ — Dermody an- nounced two lease transactions at LogistiCenter ® at Carneys Point, increasing occupancy at the two-building campus through a custom- er expansion and additional leased space. A direct-to-con- sumer e-commerce brand has expanded its lease to occupy the full 323,750 s/f Building 1. Meanwhile, Axion Logis- tics, a specialized third-party logistics provider, has signed a 105,600 s/f lease at Building 2. Together, the transactions represent 429,350 s/f of leas- ing activity at the 587,750 s/f campus at 24 and 30 North Game Creek Rd. in Carneys Point Twp. Full Building Expansion at Building 1 Represented by Andrew Stypa of Lee & Associates , an e-commerce customer ini- tially leased 105,000 s/f of the property in mid-2025. Dermody included an expansion option in the original lease that gave C
during this transaction. Strategic Location and Labor Access LogistiCenter at Carneys Point is in Southern NJ, span- ning Gloucester and Salem coun- ties near the midpoint of the New York-Washington corridor. The property is 1 mile from Exit 4 of I-295 and 4.2 miles from Exit 1 of the NJ Tpke., with access to the Delaware Memorial Bridge and Commodore Barry Bridge for tri-state connectivity. The facility is also within a 45-minute drive of a labor force of more than 1.5 million workers, including about 83,000 transportation and warehouse employees. LogistiCenter at Carneys Point is a two-building cam- pus totaling 587,750 s/f, with 158,400 s/f currently available for lease at 30 North Game Creek Rd. The project is rep- resented by JLL brokers Dean Torosian , executive managing director; Nate Demetsky , Vice chairman; Larry Maister , vice chairman; and Matt Kemery , managing director. MAREJ townhomes built by Wormald and NVR, Inc. Additionally, the destination will feature seven acres of dedicated park space. Construction is expected to begin this summer and will proceed in two phases. The first phase will include 100,000 s/f of retail, 332 apartments, and 320 for-sale townhomes, and is expected to be completed in late 2028. The second phase will include up to 350 apartments. Frederick Brickworks will generate significant economic benefits for the Frederick com - munity and greater Maryland region. The project is antici- pated to support approximately 5,600 jobs—including 1,300 permanent positions and 4,300 construction jobs—and gener- ate an estimated $181 million in annual business sales, $7.6 million in annual tax revenues, and $52 million in annual em- ployee compensation. MAREJ
SPOTLIGHTS
TAX ISSUES/ACCOUNTING 3-11 BROKERAGE DIRECTORY
12-15
LogistiCenter® at Carneys Point
Harvey Hanna & Associates
the customer the opportunity to take the remaining space as its operational needs grew. The customer exercised that option within its first year of occupancy, reflecting the rapid growth of its national returns processing operations. The LogistiCenter at Carneys Point facility features 36-foot clear height, 54 dock doors and ESFR fire suppression, provid - ing the scale and throughput needed to support high-volume e-commerce operations. Axion Logistics Anchors Building 2 In March, Axion Logistics
signed a lease for 105,600 s/f at 30 North Game Creek Rd. (Building 2. Pasadena, TX- based Axion is a specialized third-party logistics provider with more than 23 years serv- ing the petrochemical, indus- trial engineering, procure- ment and construction (EPC) and power generation sectors. At LogistiCenter at Carneys Point, Axion’s operations will support receiving, storage and distribution of packaging ma- terials—including plastic con- tainers, steel drums, and corru- gated boxes. Matt Kemery of JLL represented the customer
announces executive leadership transition
John Harvey
Thomas Harvey
Plans construction start on new $450+ million mixed-use destination in Maryland Greenberg Gibbons closes on Frederick Brickworks 65-acre development property
Will Harvey
Thom Harvey
17
BALTIMORE, MD — Greenberg Gibbons , one of the East Coast’s premier devel- opers, investors, and operators, announced today it has closed on the Frederick Brickworks property and will begin con- struction in July on the $450+ million, 65-acre mixed-use
UPCOMING CONFERENCES For speaking & sponsorship info., please contact: Lea at 781-740-2900 or lea@marejournal.com
Directory
Brokerage Directory.................................................. 3-11 Financial featuring Tax Issues/Accounting . .............. 12-15 DelMarVa featuring Virginia.................................... 16-19 CIRC Delaware Chapter................................................ 18 New Jersey featuring Southern NJ........................... 20-29 Appraisal Institute Southern NJ Chapter .................. 24-25 Pennsylvania featuring Southeastern PA.................30-37 Owners, Developers & Managers............................ 38-45 CRE Organizations’ Events Calendar . ............................ 47 People on the Move.....................................................48 www.marej.com
Frederick Brickworks
destination in Frederick, on the former brick manufactur- ing site that is the project’s namesake. Located along the thriving I-270 technology cor- ridor, Frederick Brickworks will pay tribute to the site’s history and create an attractive gateway into Frederick’s his- toric downtown district, which attracts more than two million visitors annually.
Frederick Brickworks will include up to 100,000 s/f of retail space anchored by a premier organic grocer and a new-to-market fitness studio. The retail portion of the mixed- use destination is already 50% leased and will feature a mix of leading retail stores and fast- casual restaurants. It will also include up to 700 contemporary apartments and 320 for-sale
MAREJ 10.25x13.25
Inside Cover — July 2026 — M id A tlantic Real Estate Journal
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M id A tlantic Real Estate Journal — July 2026 — 1
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and with it, control of an irreplaceable Hudson River waterfront asset, with an advanced path to ownership.
2 — July 2026 — M id A tlantic Real Estate Journal
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Unrivaled Hudson River Waterfront Address with Direct PATH Access to Lower Manhattan
Repositioning Opportunity with a Path to Ownership as Final Judgement Has Been Entered
M id A tlantic Real Estate Journal
M id A tlantic R eal E state J ournal Publisher, Conference Producer ..............Linda Christman VP, Conference Producer .............................Lea Christman Editor/Graphic Artist ......................................Karen Vachon Contributing Columnist .......................Nirvan L. Ramoutar, Emazzanti Technologies 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. 38, Issue 7 Subscription rates: 1 year $99.00, 2 years $148.50, 3 years $247.50 & $4.00 single issue - plus postage
Rare, Large-Format Contiguous Availability for Corporate Repositioning
Rapidly Changing Surrounding Landscape with Growing Multifamily Environment
Can Small Businesses Protect Themselves from AI-Powered Cyber Attacks? ybercriminals are no longer working alone in dark basements. Today they have a powerful as- sistant: artificial intelligence. AI has made it cheaper, faster, and easier than ever to launch sophisticated attacks, and small businesses are squarely in the crosshairs. C Over 60% of SMBs have expe- rienced at least one cyber inci- dent in the past 12 months, and AI-driven attacks are accelerat- ing that trend. At eMazzanti Technologies, we work with hundreds of small and mid-sized businesses across the New York and New Jersey metro area every day. Here is what we are seeing on the front lines, and what you can do about it. What Exactly Is an AI- Powered Cyber Attack? An AI-powered cyber attack uses machine learning to au- tomate targeting, personaliza- tion, and payload delivery at a scale and speed no human
REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Phone: 781-740-2900 www.marej.com
attacker could match. It turns what used to take days of skilled work into a task that takes minutes. The most common AI-driven threats hitting small busi- nesses right now include: • Hyper-personalized phishing emails that reference your real vendors, invoices, and employees by name • Deepfake audio and video used to impersonate execu- tives and trick staff into wiring money or sharing credentials • AI-generated malware that rewrites its own code to evade antivirus software • Automated credential stuff - ing that cycles through millions of username and password combinations at machine speed • Conversational AI bots that
engage employees in real-time to extract sensitive information These are not theoretical sce- narios. They are happening to businesses like yours right now. Why Are Small Businesses a Top Target? Small businesses are pre- ferred targets because they typically have weaker defenses, less IT staff, and data that con- nects to larger partners and cli- ents. AI makes it economically practical to attack thousands of them simultaneously, so size is no longer protection. Think of it this way: if a hacker can compromise a small accounting firm, they may gain access to the financial records of dozens of larger companies that firm serves. continued on page 46
Property Details
Property Address 90 Hudson Street Jersey City, New Jersey 07602
The Property At-A-Glance Jones Lang LaSalle Americas, Inc. (“JLL”) , a licensed real estate broker, has been retained on an exclusive basis to solicit offers for the purchase of a $130.0 million non-performing loan (the “Loan” or “Note”) secured by a first-lien mortgage on 90 Hudson Street (the “Property”) , a 12-story, 432,284 square foot, Class A office building with premier location on the Hudson River waterfront in Jersey City, New Jersey. Situated directly adjacent to the Exchange Place PATH station, the most direct transit connections in the New York metropolitan area — 90 Hudson provides access to Lower Manhattan while delivering a waterfront experience unmatched in the region. The Property features sweeping Hudson River views and has served as the New Jersey headquarters for leading institutional tenants since its construction. A Final Judgment of Foreclosure was entered in March 2026, with a court-appointed receiver from Colliers International managing the Property and collecting rents since November 2025. This unique investment offers investors the opportunity to acquire the Loan — and with it, control of an irreplaceable Hudson River waterfront asset, with an advanced path to ownership. Size 432,284 SF Lot Size 1.29 Acres Year Built/Renovated 1990 / 2018 Stories 12 Stories % Leased 37.6% WALT 5.4 Years Parking 297 Spaces LEED Certified Silver Loan Overview
Firmly Rooted in the Law and in the Community We are well grounded in every facet of real estate law, from acquisition to construction. We are committed to serving the needs of our clients and our communities.
Unrivaled Hudson River Waterfront Address with Direct PATH Access to Lower Manhattan
Repositioning Opportunity with a Path to Ownership as Final Judgement Has Been Entered
Rare, Large-Format Contiguous Availability for Corporate Repositioning
Rapidly Changing Surrounding Landscape with Growing Multifamily Environment
Contact: NEIL A. STEIN • nstein@kaplaw.com 910 Harvest Drive, Blue Bell, PA 19422-0765 • 610-941-2469 • kaplaw.com Other Offices: • Cherry Hill, NJ 856-675-1550 • Philadelphia, PA 215-567-3120 Kaplin Stewart Attorneys at Law
Marketing Team
Jose Cruz Senior Managing Director T: 201-240-7546 j.cruz@jll.com
Property Details Jeremy Neuer Senior Managing Director T: 732-539-3047 jeremy.neuer@jll.com
Michael Kavaler Director T: 917-923-4242 michael.kavaler@jll.com
Property Address 90 Hudson Street Jersey City, New Jersey 07602 Analytics: Cody Johnson | Senior Analyst | T: 832-334-6107 | cody.johnson@jll.com
Size
% Leased
M id A tlantic Real Estate Journal — Commercial Brokerage Directory — July 2026 — 3
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Commercial Brokerage Directory
Industrial demand, rising transaction activity and investment sales fuel member optimism CORFAC members report positive transaction activity at mid-year
continued on page 46 Retail also shows pockets of strength, particularly tied to development and experiential uses. One respondent reported recently completing a “25-acre Industrial and logistics- related sectors continue to dominate transaction activ- ity across the network so far this year. Manufacturing and warehouse/distribution are the top two subsectors driving business activity. Office con - tinues to fuel select markets, and investment sales are see- ing a network-wide uptick as well. Meanwhile, retail trans- action activity has slowed for the majority of respondents. Members project industrial will continue to fuel business across the network for the remainder of the year. One member noted, “Small-bay industrial is driving growth in this underserved sector,” while another pointed to “advanced manufacturing users continu- ing to drive industrial demand.” The survey also revealed growing diversification of activ - ity. Land transactions, particu- larly tied to multifamily devel- opment, are gaining traction. One respondent reported hav- ing “over $200 million under contract in land deals driven by multifamily development to combat the affordable housing crisis,” signaling a shift toward development-driven opportuni- ties in select markets. Office and Retail Are Evolving While office remains a small - er share of expected growth, it is far from stagnant. Re - spondents highlighted a con- tinued shift toward smaller, more efficient spaces. As one member explained, companies maintaining hybrid schedules are “looking to downsize and leasing smaller spaces with more buildouts.” he commercial real es- tate sector as a whole and transaction activ- ity within specific sectors are seeing positive growth this year, according to CORFAC’s 2026 Spring Market Survey. The good news: more than half of surveyed members experi- enced increased transaction activity. Thanks to this trend, respondents from across the global network are expressing optimism about the market’s performance and the prospects for their businesses this year. Industrial Continues to Power Growth T
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Our global network of 75 commercial real estate offices is the clear choice. Local CORFAC affiliates: Wolf Commercial Real Estate - NJ, PA, NY
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LMT Commercial Realty, LLC - DE Blue & Obrecht Realty, LLC - MD
corfac.com
4 — July 2026 — M id A tlantic Real Estate Journal www.marej.com D elaware • M aryland B rokerage D irectory MARYLAND Blue & Obrecht Realty, LLC/CORFAC Int’l. 9475 Deereco Rd. • Ste. 200 Timonium, MD 21093 P: 410-561-5568 DELAWARE Colliers - Wilmington 1407 Foulk Rd. • Ste. 205 Wilmington, DE 19803 P: 302-425-4000 • www.colliers.com
Emory Hill Companies REHOBOTH BEACH, DE OFFICE 20245 Bay Vista Rd. • Ste. 205 Rehoboth Beach, DE 19975 P:302-827-4940 C: 215-292-6100 F: 302-322-9518
Cushman & Wakefield The Baynard Building 3411 Silverside Rd. • Ste. 226 Wilmington, DE 19810 P: 302-803-5070 DSM Commercial 3304 Old Capitol Trail • Ste. 100 Wilmington, DE 19808 P: 302-283-1800 DSM Commercial REHOBOTH BEACH OFFICE 18949 Coastal Hwy. • Ste. 304 Rehoboth Beach, DE 19971 P: 302-227-0768
Calvert Commercial Real Estate 26 S. Solomons Island Rd. Prince Frederick, MD 20678 P: 410-535-0022
www.NAIEmoryHill.com Ann Bailey, CCIM, ICSC Rodney Smith
Colliers – Columbia 7001 Columbia Gateway Dr. • Ste. 220 Columbia, MD 21046 P: 410-319-2411 • colliers.com
DONOHOE 7101 Wisconsin Ave. • Ste. 700 Bethesda, MD 20814 P: 202-333-0880 Greysteel Company 100 International Dr. • 23 rd Fl. Baltimore, MD 21202 P: 410-505-4550
Newmark Delaware 1521 Concord Pike Suite 301 Wilmington, DE 19803 t 302-655-0600 Lauren Gilchrist EVP, Market Leader Neal Dangello Brett DiClemente
F: 202-355-0306
Marcus & Millichap 7200 Wisconsin Ave. • Ste. 1101 Bethesda, MD 20814 P: 202-536-3700 www.marcusmillichap.com Brian Hosey, Senior Managing Director Market Leader
Wills Elliman Tighe Watson
nmrk.com
7600 Wisconsin Ave. • Ste. 650 Bethesda, MD 20814 P: 301-654-2400 gmcglynn@northmarq.com Gary McGlynn • Kenneth Gentzel Daniel Siesser • Jason Smith Christopher Doerr • Ross Bender
Patterson-Woods Commercial Properties 3801 Kennett Pike • D-100 Wilmington, DE 19807 P: 302-622-3500 F: 302-622-3535 www.pattersonwoods.com
Emory Hill Companies NEW CASTLE, DE OFFICE 10 Corporate Circle • Ste. 100 New Castle, DE 19720 P: 302-322-9500 F: 302-322-9518 www.NAIEmoryHill.com Carmen J. Facciolo, Jr., SIOR
Neil Kilian, CCIM, SIOR Dave Morrison, CCIM Jim O’Hara Jr., ICSC Lorraine Sheldon Timothy Plemmons Rich Dudek, SIOR Kyle McLaughlin Jenny Sabol, CCIM
2330 W. Joppa Rd. • Ste. 200 Lutherville, MD 21093 P: 410-296-6565 jtburke@northmarq.com Joseph Burke • William Libercci Brett Bowman • Ari Azarbarzin Anthony Pino
M id A tlantic Real Estate Journal — 5
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Davis Commercial 2288 Summerhill Rd. • East Brunswick NJ 08816 P: 732-254-1600
NEW JERSEY
Borrus Associates Investment Real Estate 340 Rte. 35 So. • P.O. Box 8357 Red Bank, NJ 07701 P: 908-839-0052 F: 732-345-7207 M: 908-839-0052 borruscommre@aol.com Julius Borrus • Jeff Borrus Specializing in Investments Brokerage in NJ, NY, CT, & PA Bruce Associates NJ & PA Certified General Appraiser 62 Berlin Rd. • Stratford, NJ 08084 P: 856-784-6000 • www.brucerealty.com
The Arlington Group, LLC Rick Heilmann, SIOR rick@arlingtongrouprealestate.com 331 Newman Springs Rd. Bldg 1. • Ste. 143 • Red Bank, NJ 07701 P: 732-735-7284 Avison Young 99 Wood Ave. South • Third Fl. • Ste. 310 Iselin, NJ 08830 Avison Young 1120 Headquarters Plaza • North Twr. • 8th Fl. Morristown, NJ 07960 Azarian Realty Co. 6 Prospect St. • Ste. 2A • Midland Park, NJ 07432 P: 201-444-9888 Berkadia 17 Headquarters Plaza • West Tower • 8th Fl. Morristown, NJ 07960 P: 862-309-5612
Deluccia Commercial Group Berkshire Hathaway Fox & Roach, Realtors Commercial Division 1996 Washington Valley Rd. • P.O. Box 305 Martinsville, NJ 08836 P: 732-907-2901 F: 732-518-7979 tim@delucciacommercialgroup.com Timothy P. Deluccia Broker Associate Eagle Commercial Real Estate 26 S. Maple Ave. • Ste. 103 • Marlton, NJ 08053 P: 856-985-8565 F: 856-985-8563 www.eaglecommercialre.com Equity 3 Real Estate LLC 40 Eisenhower Dr. • Ste. 206 • Paramus, NJ 07652 P: 201-261-4300 F: 201-261-8672 www. Equity3re.com Equity CRE 531 West Germantown Pike • Ste. 103 Plymouth Meeting, PA 19462 P: 610-645-7700 F: 610-645-5454 Fennelly Associates 200A Whitehead Rd. • Ste. 222 Hamilton, NJ 08619 P: 609-520-0061 • www.fennelly.com Fidella Insurance Agency 15 America Ave. • Ste. 202 • Lakewood, NJ 08701 P: 732-222-4500 F: 732-222-4500 Foresite Commercial Realty 2408 New Road • Northfield, NJ 08225 T: 609-646-1919 F: 609-646-3771 www.foresitecr.com Garden State Realty 204 Passaic Ave. • Ste. 1 • Fairfield, NJ 07004 P: 973-846-0300 F: 973-729-6011 www.Gardenstaterealty.net
Bussel Realty Corporation 2 Ethel Rd. • Ste. 202A • Edison, NJ 08817 P: 732-287-3777 • bussel.com Steve Bussel, SIOR • Gregory Irving, SIOR
CenterPoint Properties 250 Pehle Ave. • Park 80 West • Plaza II Ste. 704 • Saddle Brook, NJ 07663 P: 201.221.1900
Bergman Real Estate Group 555 US Hwy. 1 South • Ste. 210 Iselin, NJ 08830 P: 732-855-8600 www.bergmanrealty.com Michael Bergman • John Osborne Isabel Freire
Cervelli Real Estate & Property Management 1 Marine Plaza • Ste. 304 North Bergen, NJ 07047 P: 201-868-6300 F: 201-868-6055 Charity Realty International, LLC 23 Kulick Road • Fairfield, NJ 07004 P: 973-714-1110 Coldwell Banker Commercial 10 Nassau St. • Princeton, NJ 08542 C: 609-213-5029 F: 862-345-2222 Commercial Property Agents, LLC 226 Washington St. • 1st Fl. • Boonton, NJ 07005 P: 973-794-6591 www.compropnj.com Colliers – Parsippany 20 Waterview Blvd. • Ste. 310 Parsippany, NJ 07054 P: 973-299-3000 Cushman & Wakefield One Meadowlands Plaza •7th Fl. East Rutherford, NJ 07073 www.cushmanwakefield.com 99 Wood Ave. South • 8th Fl. • Iselin, NJ 08830 www.cushmanwakefield.com 1150 Headquarters Plaza • West Tower • 3rd Fl. Morristown, NJ 07960 www.cushmanwakefield.com
The Blau & Berg Company 830 Morris Tpke. • Ste. 201 Short Hills, NJ 07078 P: 973-379-6644 F: 973-379-1616 www.blauberg.com Jason M. Crimmins, CCIM, SIOR, CEO/Broker of Record Kenneth F. Crimmins, CCIM, SIOR, Chairman of the Board Alessandro (Alex) Conte, CCIM, SIOR, President Sheryl L. Crimmins, CCIM, CPA, Controller Charles T. Kavanagh, J.D., SIOR, Executive Vice President Christian Walsifer, CCIM, SIOR, Senior Executive Director Blue Ocean Realty 4701 New Jersey Ave. • Wildwood, NJ 08260 P: 609-522-4400 blueoceanfreddy@aol.com
Hudson Atlantic Realty 111 Littleton Rd. • Ste. 111 Parsippany, NJ 07054 P: 201-825-2229 hudsonatlantic.com Adam Zweibel, President P: 201-953-9532 adam@hudsonatlantic.com
6 — July 2026 — M id A tlantic Real Estate Journal
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N ew J ersey B rokerage D irectory
Jackson Cross Partners, LLC PO Box 699 • Swedesboro, NJ 08085 P: 856-467-8055 F: 610-265-7370 Jeffery Realty 116 Rte. 22 • North Plainfield NJ 07060 P: 908-668-9600 F: 908-668-5225 www.jefferyrealty.com JLL 220 Lake Dr. East • Ste. 102 • Cherry Hill, NJ 08002 P: 1-856-324-5300 67 East Park Place • 4 th Fl. • Morristown, NJ 07960 P:1- 973-549-2000 Joseph R. Ridolfi & Associates Whitehorse Executive Center 1245 Whitehorse-Mercerville Rd. • Bldg. A Ste. 402 • Hamilton, NJ 08619 P: 609-581-4848 F: 609-581-5511
Levin Management Corporation 975 US Hwy. 22 West North Plainfield, NJ 07061 P: 800-488-0768 levinmgt.com 75 years of commercial real estate expertise.
NAI James E. Hanson TETERBORO OFFICE: 195 North St. • Ste. 100 Teterboro, NJ 07608 P: 201-488-5800 • naihanson.com Justin Allessio Jordan Avanzato, SIOR Michael Burns Anthony J. Cassano Joan Cenicola Jessica Curry, CCIM James Delmonte Jeffrey W. DeMagistris, SIOR Eric Demmers William Ericksen, SIOR, CCIM Dominic M. Fittizzi Ronald A. Fotiu Colin Goldstein Michael A. Hanson Peter O. Hanson William C. Hanson, SIOR Dick Hecker Gregory M. James Kimberly Kocur Jonathan Kristofich Lorenzo Lambiase, CCIM, MBA Patrick Lennon Kenneth D. Lundberg, SIOR Susan Mason
Madison Avenue Equities 1776 Avenue of the States • Ste. 203 Lakewood, NJ 08701 • P: 732-320-8200
Marcus & Millichap 250 Pehle Ave. • Ste. 501 Saddle Brook, NJ 07663 P: 201-742-6150 www.marcusmillichap.com Jim McGuckin, Managing Director Market Leader Markeim Chalmers Cherry Hill Plaza • Ste. 500 • 1415 Rte. 70 East Cherry Hill, NJ 08034 P: 856-354-9700 F: 856-354-1218
KAY Commercial Realty 1989 Jumping Brook Rd. Tinton Falls, NJ 07753 P: 732-918-1148
F: 732-981-1628
www.kaycommercialrealty.com
The Kislak Company, Inc. P: 732-750-3000 F: 732-750-3040 Kislak Commercial Real Estate Services, Inc. P: 908-360-8050 F: 973-695-2525 100 Woodbridge Center Drive • Suite 701 Korman Commercial Properties 8 Neshaminy Interplex Dr. • Ste. 400 Trevose, PA 19053 P: 215-244-5100 • www.kormancommercial.com LB Commercial Realty, LLC 10 McKinley St. • Ste. 10 • Closter, NJ 07624 P: 201-784-8822 Woodbridge, NJ 07095 www.kislakrealty.com Lee & Associates 110 Fieldcrest Ave. • Ste. 5 • Edison, NJ 08837 973-337-1144 wbe@lee-associates.com Lee & Associates 611 River Dr., 4th Fl. • Elmwood Park, NJ 07407 973-337-1144 wbe@lee-associates.com Lee & Associates 110 South Jefferson Rd. • Ste. 203 Whippany, NJ 07981 973-337-1144 wbe@lee-associates.com
Max Spann Real Estate & Auction Co. 1325 Rte. 31 South • Annandale, NJ 08801
P: 908-735-9191 Max Spann, Jr.
Licensed Real Estate Brokers & Auctioneer A National Leader in Auctioning Real Estate for over 50 years.
Ryan McAndrew Tracy McCauley Hal B. Messer, MSRE Steve Pastor Philip Park Ayush Patel Scott K. Perkins, SIOR, CCIM Giovanni Ramaci Cameron Silverstein Russell Smith Andrew Somple, SIOR Christopher D. Todd, SIOR David M. Ukleja Russell J. Verducci, SIOR Thomas A. Vetter, SIOR Michael G. Walters, SIOR Walter Wolf
McBride Corporate Real Estate 201 W Passaic St. • Ste. 302 Rochelle Park, NJ 07662 • P: 201-848-4000 Metro Commercial 307 Fellowship Rd. • Ste. 300 • Mt. Laurel, NJ 08054 P: 856-866-1900 F: 856-866-1611
NAI DiLeo-Bram 90 Woodbridge Center Dr. • Ste. 160 Woodbridge, NJ 07095 P: 732-985-3000 F: 732-985-3022 www.naidb.com Robert DiLeo • Eric B. Johnston, Principals Kelly Bayer • Christopher Chiusolo William Delayo • Dominic DiLeo Matthew DiLeo • Robert V. DiLeo Robert Dinner • Jack Feeney Richard Galuppo • Leo George Kyle Gerace • Catherine Goski Richard Goski • Sweemit Goswami Thomas Kirczow • Marc Shein David Simon, SIOR, COO Christopher Galiano, SIOR
Legend Properties, Inc. 811 Church Rd. • Ste. 112 • Cherry Hill, NJ 08002 P: 856-231-1010 • LPRE.com
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Newmark Southern New Jersey 40 Lake Center Executive Park 401 Route 73 North Suite 120 Marlton, NJ 08053 t 856-334-2100
Redwood Realty Advisors 500 Rte. • 17 South • Ste. 303 Hasbrouck Heights, NJ 07604 P: 201.383.4044 F: 201.383.4088 info@redwoodrealtyadvisors.com Thomas McConnell, CCIM • Kevin McCrann
NAI James E. Hanson PARSIPPANY OFFICE: 10 Lanidex Plaza West • Ste. 100 Parsippany, NJ 07054 P: 973-463-1011 • naihanson.com Sheneeza Ali Brian Cass Barry J. Cohorsky Christopher D’Andrea Nick DePaolera Jeffrey Garibaldi, Jr. Jeff Garibaldi, Sr. Brian Godau Andrew Kaminski Tara Keating Kim Kretowicz Charles Laginestra W. Joshua Levering, SIOR Jackie Madden
Lauren Gilchrist EVP, Market Leader Anne Klein Kurt Montagano Connor Montagano
Remco Realty Group LLC 1124 Rte. 202 • Ste. A-8 Raritan, NJ 08869 Peter Gallicchio, Owner/President P: 732-253-0888 • Peter@RemcoRealty.net www.RemcoRealty.net RIPCO Real Estate 611 River Dr. • Elmwood Park, NJ 07407 P: 201-777-2300 F: 201-777-2314 Rose Commercial Real Estate 651 Rte. 73 North • Ste. 111 • Marlton, NJ 08053 P: 856-985-9522 Segal LaBate Commercial Real Estate 247 East Front St. • Trenton, NJ 08611 P: 609-394-7557 www.segal-labate.com Sheldon Gross Realty, Inc. 80 Main St. • Ste. 550 • West Orange, NJ 07052 P: 973-325-6200 F: 973-325-9090 www.sheldongrossrealty.com Silbert Realty and Management Company, Inc. 152 Liberty Corner • Ste. 203 • Warren, NJ 07059 P: 908-604-6900 F: 908-604-2030 www.silbertrealestate.com Sitar Realty Company – TCN Worldwide 1481 Oak Tree Rd. • Iselin, NJ 08830 P: 732-283-9000 F: 732-283-3103 www.sitarcompany.com Sitar Realty Company – TCN Worldwide 503 Washington Blvd. • Sea Girt, NJ 08750 P: 732-449-2000 F: 732-449-2828 Somma Associates, LLC Specialists • Investment Real Estate 210 River St. • Hackensack, NJ 07601 P: 201-646-1234 F: 201-646-0301
nmrk.com
Newmark Associates CRE 7 E. Frederick Pl. • Ste. 500 Cedar Knolls, NJ 07927 P: 973-884-4444 • newmarkrealestate.com
Philip Mylod James Peko John J. Schilp
Sigmund E. Schorr Joseph F. Vindigni
NIA NATIONAL REALTY 66 Route 17 N. • Ste. 900 Paramus, NJ 07652 P: 201-845-6606 F: 201-845-3012 C: 201-615-2221 Roger Gross, Broker of Record rgross@nianationalrealty.com www.nianationalrealty.com
NAI Mertz 21 Roland Ave. Mount Laurel, NJ 08054 P: 856-234-9600 www.naimertz.com Scott Mertz, SIOR • Bobbi Jean Formosa Barry Mertz, SIOR • John Adderly Theresa Amato • Will Frank • Rick Gordon Roy Kardon, SIOR • Jonathan Klear Julie Kronfeld, SIOR • Fred Meyer, SIOR Jared Palek • Sandro Randazzo Joseph Riggs • Jeff Sloan Becky Ting, SIOR • Lori Titano
211 Blvd. of the Americas • Ste. 307 Lakewood, NJ 08701 P: 973.995.9250 dsinger@northmarq.com David Singer
48 Maple Ave. • Ste. 50-1W Morristown, NJ 07960 P: 973-538-2330 gcohen@northmarq.com Gary Cohen
Pierson Commercial Real Estate LLC 79 Rte. 520 • Ste. 202 Englishtown/Marlboro, NJ 07726 P: 732-707-6900 • www.piersonre.com
8 — July 2026 — M id A tlantic Real Estate Journal
www.marej.com
N ew J ersey • NY • NC • P ennsylvania B rokerage D irectory
SORCE Companies 1005 Whitehead Rd. Ext. • Ewing, NJ 08638 P: 201-488-4000 www.sorce.com Team Resources 1050 Wall St. W • Lyndhurst, NJ 07071 P: 201-438-1177 F: 201-438-1002 www.teamresourcesinc.com
Redwood Realty Advisors 44 Executive Blvd. • Ste. 206
WCRE Property Management www.wcrepropertymanagement.com Grace Vera • Brian Goren Jason Gardner • Alicia Lukens Jason McLaughlin
Elmsford, NY 10523 NY: P: 914.208.2200
F: 914.208.2201
info@redwoodrealtyadvisors.com Thomas McConnell, CCIM Michael Scrima • Thomas Gorman, Jr. RIPCO Real Estate 150 East 58th St. • 15th Fl. New York, NY 10155 P: 212.750.6565 NORTH CAROLINA Marcus & Millichap 201 S. Tryon St. • Ste. 1220 Charlotte, NC 28202 P: 843-952-2300 Charles Gallagher, Senior Managing Director Market Leader PENNSYLVANIA ALT Realty, LLC 559 Main St. • Bethlehem, PA 18018 P: 610-332-9900 F: 610-332- 3333 www.alt-realty.net
Zimmel Associates 1090 King Georges Post Rd. • Ste. 808
Edison, NJ 08837 P: 732-661-9200 www.zimmel.com
Vantage Real Estate Services LLC 1873 Rte. 70 East • Ste. 1C Cherry Hill, NJ 08003 NJ: 856-797-1919 • PA: 267-800-7899 info@vantageres.com Vita & Vita Realty Corp. 277 Fairfield Rd. • Fairfield, NJ 07004-1994 P: 973-227-5233 www.vitarealty.com Weichert Commercial 123 Lincoln Hwy. • 2nd Fl. • Edison, NJ 08820 P: 732-494-0778 F: 201-646-0301
F: 732-661-9617
NEW YORK
C6 Real Estate 160 Broadway • Ste. 700-EB New York, NY 10038 P: 646-866-7610 Colliers – New York 1114 Sixth Ave. • New York, NY 10036 P: 212-716-3500
The Community Preservation Corporation 54 State St. • Ste. 201 • Albany, New York 12207 P: 518-463-1776 contact@communityp.com The Community Preservation Corporation 500 Seneca St. • Ste. 140 • Buffalo, NY 14204 P: 716-853-0266 contact@communityp.com The Community Preservation Corporation 220 East 42 nd St. • 16th Fl. • New York, NY 10017 P: 212-869-5300 contact@communityp.com The Community Preservation Corporation 2 Church St. • Ste. 207 • Ossining, NY 10562 P: 914-747-2570 contact@communityp.com The Community Preservation Corporation 510 Clinton Sq. • Rochester, NY 14604 P: 585-939-7602 contact@communityp.com The Community Preservation Corporation 315 North Clinton St. • Syracuse, NY 13202 P: 315-476-3173 contact@communityp.com flagship Era 1177 Ave. of the Americas • Fifth Fl. New York, NY 10036 P: 212-540-0580 E: hb@flagshipEra.com
Weiss Realty Corporate Real Estate Services 250 Moonachie Rd. Moonachie, NJ 07074 P: 201-814-1800 F: 201-814-1811 www.jweissrealty.com Jaime Weiss • C: 201-615-0474 jweiss@jweissrealty.com Matthew B Weiss • C: 917-309-7861 mweiss@jweissrealty.com
Arlington Group Real Estate, LLC Rick Heilmann, SIOR rick@arlingtongrouprealestate.com 625 West Ridge Pike • Bldg. D • Ste. 104 Conshohocken, PA 19428 P: 484-684-4198
Ashley Development Corporation 559 Main St. • Third Fl. • Bethlehem, PA 18018 P: 610-332-3300 F: 610-332-3333
Wolf Commercial Real Estate, LLC/ CORFAC International One Holtec Dr. • Ste. G100 Marlton, NJ 08053 P: 856-857-6300 F: 856-283-3950 www.wolfcre.com Jason Wolf • Bethany Brown Ryan Barikian• Andrew Koller Tony Banks • Eric Flocco Gabrielle Leonetti• Erin Warwick Eric Grad • Joe Fox • Corey Hassman Andrew Ravitz • Jack Goldberg
Aptcor Commercial, Realtors 414 W. Main St. • P.O. Box 148 Lansdale, PA 19446 P: 215-855-9600
F: 215-855-3469
www.aptcor.com Arrow Real Estate Services 717 Limekiln Rd. • Doylestown, PA 18901 P: 610-400-3018 www.arrowrealestateservices.com Beacon Commercial Real Estate, LLC 290 King of Prussia Rd. • Bldg. 1 • Ste. 200 Radnor, PA 19087 P: 610-828-0100 F: 610-828-3873 www.beaconcre.com
Meridian Capital Group 1 Battery Park Plaza • 26th Fl. New York, NY 10004 sales@meridiancapital.com www.meridiancapital.com
M id A tlantic Real Estate Journal — 9
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P ennsylvania B rokerage D irectory
Benchmark Management Corporation 1223 N. Providence Rd. • Ste. #102 Media, PA 19063 P: 610-566-3738 F: 610-566-4365
Interland Real Estate Corporation 300 National Rd. • Ste. 300 Exton, PA 19341 P:610-594-2260 Charlene Tucker ctucker@interlandrealestate.com
Feinberg Real Estate Advisors, LLC 1390 Ridgeview Dr. • Ste. 301 Allentown, PA 18104 P: 610-709-6233 Cindy McDonnell Feinberg, CCIM cfeinberg@feinbergrea.com Casey Keller, CCIM Ckeller@feinbergrea.com Gregg M. Feinberg, Esq. gfeinberg@feinbergrea.com The Flynn Company 1621 Wood St Philadelphia, PA 19103 (215) 561- 6565 • flynnco.com Forged Real Estate 2250 Hickory Rd • Ste 020 Plymouth Meeting, PA 19462 P: 610-608-2621 www.forgedre.com Hanna Commercial Real Estate 3500 Winchester Rd. • Ste. 201 Allentown, PA 18104 P: 610-398-0411
TOLL FREE: 888-292-2620 fjboyle22@comcast.net
Berger-Epstein Associates, Inc. 3900 Hamilton Blvd. • Ste. 208 Allentown, PA 18103 P: 610-437-7070 • www.berger-epstein.com Binswanger Management Corp. Three Logan Sq. • Philadelphia, PA 19103 P: 215-448-6000 F: 215-448-6238 info@binswanger.com www.binswanger.com Campbell Commercial Real Estate, Inc. 525 N. 12th St. • Ste. 203 Lemoyne, PA 17043 P: 717-737-6161 CBRE Two Liberty Pl. • 50 S. 16th St. • Ste. 3000 Philadelphia, PA 19102 P: 215-561-8900 Colliers – Greater Philadelphia 2005 Market St. • Ste. 4010 Philadelphia, PA 19103 P: 215-925-4600 colliers.com/philadelphia Coldwell Banker Commercial www.cbcpennco.com Commercial Choice Realty, Inc P.O. Box One • 4395 Old William Penn Hwy. Murrysville, PA 15668 P: 724-327-3482 F: 941-296-7960 Commercial Realty Group, Inc. 1300 Market St. • Ste. 305 • Lemoyne, PA 17043 P: 717-761-8106 F: 717-761-4322 www.commercialrealtygroupinc.com Cushman & Wakefield 5100 Tilghman St. • Ste. 170 Allentown, PA 18104 www.cushmanwakefield.com Two Tower Bridge, Ste. 125 • One Fayette St. Conshohocken, PA 19428 Pennco Real Estate 480 Seven Bridge Rd. East Stroudsburg, PA 18301 P: 570-476-7711 F: 570-476-6130 www.cushmanwakefield.com 201 Lackawanna Ave. Ste. 308 Scranton, PA 18503 www.cushmanwakefield.com 1650 Market St. • 33RD Fl. Philadelphia, PA 19103 www.cushmanwakefield.com The Ellis Group, LLC 9000 Century Dr. Mechanicsburg, PA 17055 P: 717-796-7010 • info@ellisgroupcpa.com carter@ellisgroupcpa.com www.cushmanwakefield.com 4507 North Front St. • Ste. 203 Harrisburg, PA 17110
Jackson Cross Partners, LLC 151 S. Warner Rd. • Ste. 110 • Wayne, PA 19087 P: 610-265-7700 F: 610-265-7370 JLL 550 E Swedesford Rd. • Suite 260
Wayne, PA, 19087 P: 1-610-249-2255 1455 Valley Center Pkwy. • Ste. 100 Bethlehem, PA 18015 P: 1-484-635-3300 1700 Market St. • Ste. 3232 Philadelphia, PA 19103 P: 1-484-532-4200
260 Forbes Avenue • Ste. 1200 Pittsburgh, PA 15219 P: 1-412-208- 8382 4999 Louise Dr. • Ste. 202 Mechanicsburg, PA 17055 P: 1-717-791-2200
2505 Newburg Rd. Easton, PA 18045 P: 610-398-0411 1 Stanwix Street • Ste. 1024
KarMar Realty Group, Inc. 288 Oakland Rd. • West Chester, PA 19382 P: 610-459-8585 www.karmarrealty.com KW Commercial 1400 N Providence Rd. •Bldg. 2 • Ste. 1000 Media, PA 19063 P:1-484-468-1366 Lee & Associates Central Pennsylvania Office
Pittsburgh, PA 15222 www.hannacre.com
5053 Ritter Rd. • Ste. 200 Mechanicsburg, PA 17055 P: 717-695-3840
Hinerfeld Commercial Real Estate 769 Keystone Industrial Park Dunmore, PA 18512 570-207-4100 www.hinerfeldcommercial.com Commercial Brokerage, Property Management, and Real Estate Consulting Property types: Industrial, Retail, Office, Medical Office, Land, Special Use
Lee & Associates of Eastern Pennsylvania LLC SUBURBAN PHILADELPHIA 610 W. Germantown Pike • Suite 160 Plymouth Meeting, PA 19462 USA P: 610-400-0499 lee-associates.com/easternpa CENTRAL PENNSYLVANIA 5053 Ritter Road • Suite 200 Mechanicsburg, PA 17055 USA P: 717-695-3840 lee-associates.com/easternpa
Griff Keefer • Anthony Baldo Colin Keefer • Shannon Trivett Thomas Finley • Bryson Jones
M id A tlAntic Real Estate Journ
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www.marej.com P ennsylvania B rokerage D ire
10 — July 2026 — M id A tlantic Real Estate Journal
Massaro Properties, LLC 1000 Cliffmine Rd. • Ste. 220 • Pittsburgh, PA 15275 P ennsylvania B rokerage D irectory
Pen 2005 Doy P: 21 www Pen 559 P: 61 info www Pilla 535 P: 48
Lee & Associates of Western Pennsylvania LLC 11 Stanwix St. • Ste. 2250 Pittsburgh, PA 15222 P: 412-339-2424 lee-associates.com/westernpa
Mericle Commercial Real Estate Group, Inc.
NAI Summit 1620 Pond Rd. • Ste. 150 Allentown, PA 18104 P: 610-264-0200 F: 610-871-1700 NAI Mertz of PA — NORTHEASTERN PA 350 Laird St. • Ste. 110 Wilkes-Barre, PA 18702 P: 570-820-7700 www.naimertz.com Steve Cole, SIOR • Barry Mertz, SIOR Bobbi Jean Formosa David Weaver, SIOR Chris Matus, CCIM, SIOR, PMP Kyle Atchison • Tila Paris info@naisummit.com www.naisummit.com Mike Adams, SIOR Sarah Finney Miller Michael Bartolacci Jennifer Kennedy Matt Sprung Kelly Berfield Frank T. Smith, CCIM, CPM Mark Magasich
Robert L. Besecker, Jr. Broker of Record Albert A. Guari V.P. Brokerage
Legend Properties, Inc. 1000 Fayette St. Conshohocken, PA 19428 P: 610-941-4034 • LPRE.com
100 Baltimore Drive I Wilkes-Barre, PA 18702
570.823.1100
NAI Keystone Commercial & Industrial, LLC 875 Berkshire Blvd. • Ste. 102 Wyomissing, PA 19610 P: 610-779-1400 NAIKeystone.com NAI Keystone Commercial & Industrial, LLC 875 Berkshire Blvd. • Ste. 102 Wyomissing, PA 19610 P: 610-779-1400 • NAIKeystone.com NAI Mertz PHILADELPHIA, PA OFFICE Ten Penn Center Philadelphia PA 19103 P: 215-221-1100 F: 856-234-4957 www.naimertz.com Jeffrey Licht, SIOR Bobbi Jean Formosa • Scott Mertz, SIOR Ryan Brennan • Adam Lashner, SIOR Theresa Amato • Bobbi Jean Formosa Zena Charokopos • Rick Gordon Scott Mertz, SIOR • Jonathan Klear Sandro Randazzo Jonathan Klear • Jared Licht Rick Gordon • Avin Savani Jonathan Weinstock NAI MERTZ PHILLY METRO 210 E. Street Rd. • Ste. 3B Feasterville-Trevose, PA 19053 P: 215-396-2900 www.naimertz.com 1760 Market St. • Ste. 802 Philadelphia PA 19103 P: 215-221-1100 www.naimertz.com Jeffrey Licht, SIOR • Jared Licht NAI Mertz BUCKS COUNTY, PA OFFICE 210 E. Street Rd. • Ste. 3B Feasterville-Trevose, PA 19053 P: 215-396-2900 F: 215-396-9433 www.naimertz.com Jeffrey Licht, SIOR • Scott Mertz, SIOR Bobbi Jean Formosa • Jared Licht Zena Charokopos • Rick Gordon Avin Savani • Jonathan Weinstock
Long & Foster Real Estate, Inc. 709 East Gay St. • Ste. 1 West Chester, PA 19380-4567
C
3
6
Marcus & Millichap 2005 Market St. • Ste. 1510 King of Prussia/Philadelphia, PA 19103 P: 215-531-7050 www.marcusmillichap.com Timothy Stephenson, Managing Director Market Leader
ROC 221 313 P: 71 www
NAI Summit 1620 Pond Rd. • Ste. 150 Allentown, PA 18104 P: 610-264-0200 F: 610-871-1700
info@naisummit.com www.naisummit.com Michael Adams, SIOR Sarah Finney Miller Michael Bartolacci Jennifer Kennedy Kelly Berfield Frank T. Smith, CCIM, CPM Mark Magasich Collin Holben Madalyn Jukus
Markward Group 5925 Tilghman St. • Ste. 900 Allentown, PA 18104 P: 610-295-6600 MarkwardGroup.com
SCO 123 Phil P: 2 info www Sidn 8380 Elkin P: 61
Massaro Properties, LLC 1000 Cliffmine Rd. • Ste. 220 Pittsburgh, PA 15275
Every effort was made to make this year’s directory listing accurate.
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NAI Mertz NORTHEASTERN PA OFFICE 350 Laird St. • Ste. 110 Wilkes-Barre, PA 18702 P: 570-820-7700 F: 570-820-8280 www.naimertz.com
Staf Com
Single Block — $100.00
Double Block — $200.00
630 Ray SSH 123
Company Name: _____________________________________________________________________________
Addre ss :______________________________________________________________________________________
Phila P: 21 www Stoc 1760 Phila P: 21
Barry Mertz, SIOR • Steve Cole, SIOR Bobbi Jean Formosa • Scott Mertz, SIOR David Weaver, SIOR Chris Matus, CCIM, SIOR, PMP Kyle Atchison
Telephone/Fax:_________________________________________________E-Mail:___________________________________
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e-mail: lea@marejournal.com or call 1-781-740-2900
M id A tlantic Real Estate Journal — 11
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PA• SC • VA• W ashington , DC B rokerage D irectory
SOUTH CAROLINA
Newmark Real Estate Philadelphia CBD One Commerce Square 2005 Market Street, Suite 900 Philadelphia, PA 19103
Roddy Inc. 3220 Tillman Dr. • #403 • Bensalem, PA 19020 P: 215-245-2600 Sean T. Durkin sean@roddyinc.com • www.roddyinc.com SCOPE Commercial Real Estate Services 1233 Hamilton St. • Ste. 1 • Philadelphia, PA 19123 P: 215-302-4400 info@scopecre.com • www.scopecre.com
Marcus & Millichap 1320 Main St. • Ste. 300 Columbia, SC 29201 P: 843-952-2300 Benjamin Yelm, Senior Managing Director Regional Manager VIRGINIA Cottonwood Commercial Realty 1958 Evelyn Byrd Ave. • Harrisonburg, VA 22801 P: 540-434-9922 • www.cottonwood.com John Lee & Associates, Inc. 5520 Greenwich Rd. • Ste. 207 Virginia Beach, VA 23462 P: 757-490-3311 F: 757-490-3121
t 215-561-8300 Lauren Gilchrist EVP, Market Leader
l Ben Appel l Jim Badolato l Neil Brazitis l Stephen Comly l Matt Cullison l Eric DeStefano l Dave Dolan l Mike Dolan l Kippy Donovan l Jim Egan l Carl Fiebig l Matt Guerrieri l Chris Koehler l Mike McKee l Erin Miller l Steve Milliken l Jim Mullarkey l Ron Ott l Adam Rudman l Kane Ritchie l Craig Scheuerle l Michael Silverman l Maura Spellman l Jeff Tertel l Eustace Wolfington Suburban Philadelphia 1000 Continental Drive Suite 200 King of Prussia, PA 19406 t 610-265-0600 Lauren Gilchrist EVP, Market Leader l Zac Ambielli l Jim Belcher l Justin Bell l Reid Blynn l Tim Brogan l Steve Cook l Sean Donnelly l Jim Dugan l Brett Grifo l Ryan Guittare l Duke Kennedy l Chris Lange l Jeff Mack l Charles McGrath l Patrick Nowlan l Mike O’Neill l Nick Pickard l Ellen Rohlfing l Mike Spaeder l Jim Wilson
Sidney E. Gable Associates 8380 Old York Rd. • Ste. 4200 Elkins Park, PA 19027 P: 610-272-6400
F: 610-272-6638
7204 Glen Forest Dr. • Ste. 202 Richmond, VA 23226 P: 804-716-9153 kwells@northmarq.com Keith Wells • Charlie Rimkus Dave Howard • Mike Lowry Win Martin • Matt Straughan
SSH Real Estate 123 South Broad St. • 8th Fl. Philadelphia, PA 19103 P: 215-893-3000 www.sshrealestate.com Stockton Real Estate Advisors, LLC 1760 Market St. • Ste. 900 Philadelphia, PA 19103 P: 215-636-4444 F: 844-309-8826 SVN I Latus 3920 Market St. • Ste. 351 • Camp Hill, PA 17011 P: 717-737-2422 F: 717-737-2433 www.svnlatus.com Swope Lees Commercial Real Estate 208 East Market St. • West Chester, PA 19382 P: 610-429-0200 F: 610-429-0700 www.swopelees.com T D K Commercial Advisors 2001 Market St. • Two Commerce Square Ste. 2570 • Philadelphia, PA 19103 P:215-292-5575 The Prestige Group 321 S. Valley Forge Rd. • Devon, PA 19333 P: 610-902-3900 • prestigegroup.com
Poe & Cronk Real Estate Group 10 S. Jefferson St. • Ste. 1200 Roanoke, VA 24011 P: 540-982-2444 F: 540-342-8549 Porter Realty Co. Inc./ CORFAC International 4801 Radford Ave. • PO Box 6482 Richmond, VA 23230 P: 804-353-7994 F: 804-355-7950 Savills 7900 Tysons One Place • Ste. 420
nmrk.com
Penn’s Grant Realty Corporation 2005 S. Easton Rd. • Ste. 306 Doylestown, PA 18901 P: 215-489-3800
Tysons, VA 22102 P: 703-442-9000
F: 703-847-9038 • savills.us
Sloan Street Advisors / ITRA Global 1750 Tysons Blvd. • Ste. 1500 McLean, VA 22102 P:703-758-7479 F: 703-636-2693 www.sloanstreetadvisors.com WASHINGTON, DC DONOHOE 5151 Wisconsin Ave NW • Ste. 400 Washington, DC 20016 P: 202-333-4977 Savills 1201 F Street, NW • Ste. 500 Washington, DC 20004 P: 202-628-6000 F: 202-624-8555 savills.us
www.pgreatly.com PennCap Properties 559 Main St. • 3rd Fl. • Bethlehem, PA 18018 P: 610-332-1100 F: 610-332-1111 info@penncapproperties.com www.penncapproperties.com Pillar Real Estate Advisors 535 N. Church St. • West Chester, PA 19380 P: 484-887-8202 ROCK Commercial Real Estate, LLC 221 W. Philadelphia St. • Ste. 19 • York, PA 17401 313 W. Liberty St. • Ste. 117 • Lancaster, PA 17603 P: 717-854-5357 F: 717-854-5387 www.rockrealestate.net
Vantage Real Estate Services LLC 901 Market Street • Suite 3020 Philadelphia, PA 19107 NJ: 856-797-1919 • PA: 267-800-7899 info@vantageres.com
12 — July 2026 — Tax Issues/Accounting — Financial — M id A tlantic Real Estate Journal
www.marej.com
T ax I ssues /A ccounting
ver the last three to four decades, many successful real estate By Dwight Kay, Kay Properties and the Kay Properties Team The Real Estate Developer’s Dilemma: Growing older, taxes, investors & the exit strategy conundrum O
requirements; and • Continue generating po - tential income for investors. Exploring the Options After extensive discussions with the Kay Properties team, along with the sponsor’s CFO and legal counsel, the group determined that selling the portfolio to a large institu- tional buyer and completing a 1031 exchange into a diver- sified portfolio of Delaware Statutory Trust (DST) invest - ments—with the Kay Proper - ties team advising them—of- fered a compelling solution. Following the sale, approxi - mately $65 million of 1031 exchange equity was exchanged into a portfolio of roughly 30 different DST investments sourced from multiple DST sponsor companies on the www. kpi1031.com marketplace. Rather than remaining concentrated in one asset class—hotels—the sponsor and investors were able to di- versify across multiple prop- erty sectors, including: • Multifamily apartments • Industrial properties • Medical real estate • Other institutional- quality commercial real estate assets The result was exposure to thousands of underlying units and properties across numer- ous markets and asset classes. Solving Multiple Problems with One Strategy The Kay Properties DST invest - ment strategy addressed several major concerns simultaneously. First, it significantly reduced concentration risk by moving from a portfolio concentrated entirely in hotels in a limited geographic area to a broadly diversified portfolio spanning multiple property sectors. Second, it allowed the spon- sor and investors to defer a very large amount of capital gains taxes and depreciation recapture through the 1031 exchange process. Third, it eliminated the bur- den of active property manage- ment that the developer had borne for many years. As pas- sive owners in DST structures, the developer no longer had responsibility for day-to-day op- erations, leasing, maintenance • Retail properties • Student housing
oversight or capital project management—those responsi- bilities now rested with the DST sponsor companies. Fourth, it addressed the looming capital expenditure requirements associated with the hotel portfolio’s Property Improvement Plans. Finally, the DST portfolio provided the potential for ongo- ing monthly cash flow distribu - tions from a diversified collec - tion of institutional-quality real estate assets. The Bigger Picture As the real estate industry continues to mature, more real estate developers are likely to face this same exit strategy co- nundrum. The Kay Properties team has helped many real es- tate developers and operators in this exact situation. The challenge is not sim- ply about selling assets. It is about balancing taxes, diversification, legacy plan - ning, investor relationships, operational responsibilities and lifestyle considerations. For many aging real estate developers and their investors, the question is no longer how to build wealth through real estate. The question becomes how to preserve that wealth, diversify it, simplify ownership and transition into the next chapter of life without unneces- sarily sacrificing a significant portion of their equity to taxes. While every situation is unique and requires careful legal and tax analysis, Dela - ware Statutory Trust invest- ments—and the Kay Proper - ties team and marketplace— have emerged as a truly viable solution that may help address these competing objectives for certain larger investors pursu- ing a 1031 exchange strategy. To view available DST invest - ments through Kay Properties and access due diligence materi- als on current DST properties, investors can register at www. kpi1031.com. The Kay Properties marketplace is unique in that there are typically 25 or more DST sponsor companies with between 25 and 50 different spe- cific DST investments posted on the platform at any given time. Dwight Kay is CEO & founder of Kay Properties . MAREJ
systems upgraded, interiors renovated and brand stan- dards maintained. For aging sponsors, writing large capital expenditure checks while simultaneously managing complex projects can become increasingly less appealing. The assets that once generated wealth may now require sub- stantial reinvestment simply to maintain competitiveness. A Real-World Case Study * *Past performance is no guarantee of future results. Kay Properties recently worked with a large real estate operator facing this exact situ- ation. Over several decades, this client had successfully developed and acquired a port- folio of approximately 20 ho- tels throughout the Midwest. The portfolio had been built using high-net-worth inves- tor capital and had generated significant wealth for both the sponsor and his investors. However, time had changed the equation. The sponsor was well advanced in age, and many of his investors were also nearing retirement or already retired. The portfolio had appreciated significantly, making an outright sale highly unattractive due to the sub- stantial capital gains and depreciation recapture taxes that would result. At the same time, another major issue was looming. The hotels were approaching the point where they would need to complete Property Improve - ment Plans (PIPs) to maintain their national hotel brands and flags. Depending on the property, these PIPs were estimated to cost between $1 million and $4 million per hotel. Across approximately 20 hotels, the required capital infusion represented an enor- mous financial commitment. The sponsor ultimately tasked his CFO with identify - ing a solution that would ad- dress the following challenges: • Avoid a substantial tax burden; • Reduce concentration risk; • Eliminate the need for active management; • Address aging ownership concerns; • Avoid massive upcom - ing capital expenditure
The Tax Trap The obvious solution may seem simple: sell the properties and diversify. Unfortunately, it is rarely that easy. Many of these assets have appreciated substantially over decades of ownership. In addition, years of depre- ciation deductions have cre- ated significant depreciation recapture liabilities. For many real estate devel - opers and their investors, an outright sale could trigger capi- tal gains taxes and deprecia- tion recapture taxes that—de- pending on their tax situation and state of residence—may consume 30% to 40% or more of their equity proceeds. Faced with that reality, many sponsors begin consid- ering a 1031 exchange. How- ever, a 1031 exchange often introduces another challenge. The Aging Real Estate Developer Problem When these properties were originally acquired, the spon- sor may have been in their 30s or 40s. Today, many of these same sponsors are in their 60s, 70s or beyond. The question becomes: do they really want to continue operating, managing and over- seeing large real estate portfo- lios for another decade or two? Many no longer desire the day-to-day responsibilities that come with active real estate ownership. Leasing, property management over- sight, lender negotiations, capital projects, tenant is- sues and operational chal- lenges can become increas- ingly burdensome. At the same time, simply selling and paying the taxes may not be an attractive option. As a result, many sponsors find themselves caught between two undesirable outcomes: • Continue owning and man - aging increasingly demanding assets; or • Sell and incur substantial tax liabilities. The Capital Expenditure Challenge Adding to the complexity, many long-held assets even- tually require significant capital expenditures—roofs must be replaced, parking lots resurfaced, mechanical
developers, sponsors, syndicators and opera- tors have built sub- stantial port- folios of com- mercial real
Dwight Kay
estate using high-net-worth investor capital. Through care- ful acquisitions, development expertise, market appreciation and operational oversight, these sponsors have amassed portfolios worth tens or even hundreds of millions of dollars. While this success story is one that many real estate en- trepreneurs aspire to achieve, it often creates an entirely new set of challenges later in life. Ironically, some of the industry’s most successful real estate developers, syndicators and operators eventually find themselves facing one of the most difficult decisions of their careers: how to transition out of highly appreciated real estate without creating significant tax consequences for themselves and their investors. The Hidden Challenge of Success For many sponsors, years of success have resulted in a sub- stantial portion of both their personal net worth and their investors’ net worth becoming concentrated in a relatively small number of assets. What began as a strategy for creat- ing wealth can eventually become a concentration risk. A real estate developer may find that the majority of their wealth is tied up in a handful of apartment communities, retail centers, industrial prop- erties, hotels or other commer- cial real estate assets. Like- wise, many of their investors may have significant portions of their investment portfolios tied to the same properties. This creates a dilemma. On one hand, the assets have performed extremely well and continue to generate income. On the other hand, the sponsor and investors may have be- come heavily concentrated in a single asset class, geographic region or investment strategy.
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