SSEX/BERGENCOUN- TIES, NJ — Gebroe- Hammer Associates E Transaction marks one of the largest in New Jersey this year Gebroe-Hammer brokers $300M+ North Jersey Metro multi-family portfolio sale

ISSUE HIGHLIGHTS Volume 31, Issue 17 September 13 - 26, 2019

approximately 40% of the units are centrally located in the affluent Bergen County sub- market, just a few miles from the metro’s epicenter of employ- ment – Midtown Manhattan,” said Brecher. “Each also offers walkable proximity to transit as well as a short distance to upscale retail, dining and cul- tural attractions extending from Upper Montclair to Hackensack and Englewood Cliffs.” Collectively, the portfolio properties feature market- unique floorplans, ranging from studios to two-bedroom du- plexes. Each apartment-home includes newly finished hard- wood floors, decorative window coverings, full-sized kitchens with modern appliances, abun- dant closet space and baths with ceramic-tile flooring and ceramic tubs and sinks. The garden-style complexes also feature beautifully landscaped, park-like grounds. All are close to schools, shopping, dining,

transit and adjacent parks with trails, tennis, ballfields and other recreational ameni- ties. Garden State Pkwy. and I-95/New Jersey Tpke. access points are nearby. With a focus on suburban garden-apartment and urban mid- and high-rise properties, Gebroe-Hammer’s geographic areas of concentration are centered in New Jersey and extend to southeast Penn- sylvania and southern New York State. The firm is widely recognized for its consistent sales performance and is a 15- time CoStar Power Broker as well as the only Northeast firm named a Multi-Family Influencer for 2018. Other achievements include arrang- ing the largest Mid-Atlantic regionmulti-family sale (2018); one of the nation’s top-25 single multi-family asset sales (2017); and being named among the nation’s top-25 multi-family brokers (2017). 

Pomerantz and sales rep- resentative Tim Blashford . The firm exclusively repre- sented the unnamed seller, a long-time Gebroe-Hammer cli- ent, and identified the buyer. “This sale marked an un- precedented concentration of well-maintained apartment homes to come online in the state’s highest-barrier-to- entry multi-family investment markets,” Uranowitz said. “Once in a generation, if ever, does a portfolio of this magni- tude come to market in such desirable locations offering value-add appreciation oppor- tunities through unit renova- tions and capital-improvement implementations on a grand scale.” “While the highest concentra- tion of the North Jersey Metro Portfolio’s historically stabi- lized and well-occupied multi- family properties span two of Northeast Essex’s most-popular out-commuter neighborhoods,


has brokered t h e $ 3 0 0 + million sale o f a mul t i - property port- folio with over 1,800 units spanning the high-barrier- to-entry sub-


Ken Uranowitz

markets of Northeast Essex and Bergen counties in North- ern New Jersey. The 1.12 mil- lion s/f, 134 building portfolio is predominantly comprised of distinct and spacious one- and two-bedroom layouts, some of which include duplex-style options at select communities. Ken Uranowitz , presi- dent, and Joseph Brecher , executive managing director, engineered the sale along with team members executive vice president Greg Pine , senior vice president Debbie


UPCOMING CONFERENCES September 24, 2019 6 th Annual NJ Apartment & Multifamily Conference October 22, 2019 6 th Annual Healthcare & Medical Conference November 1, 2019 5 th Annual NJ CRE Leadership Conference For speaking and sponsorship information, please contact: Lea at 781-740-2900 or lea@marejournal.com

Funded by Apollo Global Management through Athene Annuity & Life Assurance Co. Rosenthal & Somaiya of CBRE secure $150M loan on behalf of Mack-Cali Realty

HOBOKEN, NJ — CBRE Capital Markets’ Debt & Structured Finance team announced that it has secured a $150 million 10-year fixed rate loan to refinance 111 Riv- er St., a 13-story, class A high- rise office tower situated on the Hudson River waterfront

in Hoboken. The non-recourse loan was funded by Apol- lo Global Management

t h r o u g h A t h e n e Annuity & Life Assur- ance Com- pany . C B R E ’ s S h a w n Rosenthal and Sunny

Directory DelMarVa.......................................................... 3-7A Organization Events. ...........................................16A Business Card Directory & Billboard Directory.....19A New Jersey................................................. Section B Northern New Jersey. ......................................6-13B Pennsylvania.............................................. Section C 40 Under 40............................................... Section D www.marej.com

Shawn Rosenthal

Somaiya in the Debt and Structured Finance group, secured the loan on behalf of Mack-Cali Realty Cor- poration , a publicly-traded REIT and owner, manager, and developer of premier of- fice and luxury multifamily properties in select waterfront and transit-oriented markets throughout New Jersey. “The financing markets embraced this trophy asset situated on the waterfront promenade in Hoboken with

111 River St.

unobstructed, breathtaking views of the Manhattan sky- line and located steps from numerous transportation op- tions into Manhattan. The quality of the asset, strength of sponsorship, and core loca- tion led to incredible lender demand for this loan,” said Mr. Rosenthal. 111 River St. is leased to

a diverse roster of credit- oriented tenants including John Wiley, Sumitomo Mitsui Trust Bank and Crunch Fit- ness. The property is located within steps of the Hoboken Terminal, which offers PATH, NJ Transit, water ferry, light rail and bus transportation providing convenient access to Manhattan withinminutes. 

Inside Cover A — September 13 - 26, 2019 — M id A tlantic

Real Estate Journal



With a broad array of lending products, we’re ready to create a custom solution that fits your multifamily financing needs

• Top 10 Agency lender • Flexible in tailoring solutions • Bridge/Mezz financing

CALL NOW FOR MORE INFORMATION Anthony Cristi | 212.896.9122 | anthony.cristi@greyco.com www.greyco.com

Copyright ©2019 Greystone & Co., Inc. All rights reserved. Loan products are offered through Greystone Funding Company LLC, Greystone Servicing Company LLC, and/or other Greystone affiliated companies.

Real Estate Journal — September 13 - 26, 2019 — 1A


M id A tlantic

Creating greater wealth for our clients by achieving better results.


Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States specializing in the sale of single tenant net-lease assets and retail shopping centers. We have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. We have a dedicated buy side desk that provides real time inventory and market data to each individual client placing capital or fulfilling a 1031 exchange requirement. The firm is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.

www . Ho r v a t hT r emb l a y . com

Main: 781-776-4000 | Fax: 781-823-0245 | info@horvathtremblay.com

2A — September 13 - 26, 2019 — M id A tlantic

Real Estate Journal



Mid Atlantic Real Estate Journal

Mid Atlantic R eal E state J ournal Publisher, Conference Producer . .............Linda Christman AVP, Conference Producer ...........................Lea Christman Publisher ........................................................Joe Christman Section Publisher ............................................. Steve Kelley Section Publisher ............................................... Kim Brunet Editor/Graphic Artist ......................................Karen Vachon Office Manager ............................................... Kerrin Devine Contributing Columnist ............................Bendix Anderson Mid Atlantic R eal E state J ournal — Published Semi-Monthly Periodicals postage paid at Hingham, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, 350 Lincoln St., Suite 1105 Hingham, MA 02043 USPS #22-358 | Vol. 31, Issue 16 Subscription rates: $99 - one year, $148 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion 781-740-2900 | Fax: 781-740-2929 www.marej.com The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal

ROP (FRONT SECTION) ..............................................BFM DEL/MAR/VA/DC .............................................. MARYLAND NEW JERSEY ............................................ SOUTHERN NJ PENNSYLVANIA .............................. SOUTHEASTERN PA SPOTLIGHT ........................................ INSURANCE/TITLE OCTOBER 25 ...................................DEADLINE: OCT. 11 ROP (FRONT SECTION) ................................................... SHOPPING CENTERS ........................... RETAIL DESIGN ODM ...............................................SUB CONTRACTORS SPOTLIGHT ...........EXECUTIVE WOMEN IN BUSINESS OCTOBER 11 ...................................DEADLINE: SEPT. 27 Special Advertising Rates to All Participating Firms! Contact Joe Christman or your Account Rep Jchristman@marejournal.com EXECUTIVE WOMEN IN BUSINESS 781.740.2900

Apartment Occupancy Rate Hits a New High D Bendix Anderson espite more than a de- cade of strong growth under its belt, the apartment sector occupancy rate continues to hit new highs. "Terrific absorption has pushed occupancy upward to highs for this economic cycle," said Greg Willett, chief econo- mist for RealPage Inc., a pro- vider of property management software and services. That might seem strange. The occupancy rate in the U.S. has already been high for a very long time. Economists and apartment experts have been expecting more apart- ment units to become vacant for years, as more develop- ers open new buildings . But demand from renters remain strong, despite growing wor- ries that the U.S. economy may be weakening. “You would think that the market would be mature… We’ve had 10 years now of really strong multifamily de- mand,” said Jeanette Rice,

Americas head of multifam- ily research with real estate services firm CBRE. “It’s still positive as it has been for many years; in some ways, it is more positive.” Property managers fill apartments while they can The average apartment oc- cupancy rate in the U.S. rose to 96.2% in July, up 40 basis points from the year before, according to RealPage. That’s the highest the occupancy rate has been since 2000. Average rents are also grow- ing faster than inflation. “An- nual rent growth for new resident leases is solid at 3.1%,” said Willett. But the high demand could be push- ing rents higher more quickly,

he notes. “Price growth isn’t pushing upward the same way that occupancy is.” That’s because many prop- erty managers are worried that the good times in the U.S. economy can’t last forever. “Apartment owners and op- erators generally are pushing for high occupancy right now , even if that means leaving a few dollars on the table in rent growth results,” said Willett. “They are concerned about a possible slowdown in economic growth and housing demand that could come at the same time apartment deliveries remain sky high.” Demand grows despite economic worries continued on page 18A


We are inviting a select group of top Insurance Experts to write about the current state of the insurance market. Suggested Topics:

Contact: DANIEL M. DIXON • 910 Harvest Drive, Blue Bell, PA 19422 • 610-941-2484 • www.kaplaw.com Other Offices: • Cherry Hill, NJ 856-675-1550 • Philadelphia, PA 215-567-3120 Kaplin Stewart A t t o r n e y s a t L aw Business and Corporate Law - To the point! Experience Counts. Count On Us.

Title Property Workman;s Compensation

Professional Liability Bond And More

Special Advertising Rates to all Participating Firms! Contact Joe Christman or your Account Rep


Deadline Date: September 27th Publication Date: October 11th Jchristman@marejournal.com

KS Ad 8X8.5 D Dixon Pencil.indd 1

7/18/19 11:41 AM

Real Estate Journal — September 13 - 26, 2019 — 3A


M id A tlantic

Richmond office negotiates construction loan of $16M for student housing property NorthMarq arranges $34.15 million refinance of River’s Edge at Manchester in Richmond, VA


window coverings, high speed internet access, washer/dry- er, air conditioning, ceiling fans and cable ready. - Community amenities: Fitness center, pool, pack- age service, controlled ac- cess, maintenance on-site, 24-hour availability, guest apartment, pet play area, clubhouse, lounge, storage space and pet friendly policy. Mike Lowry of NorthMarq’s Richmond-based regional of- fice, finalized a $16 million construction loan for Park 37 Apartments. The 75-unit (215 beds) student housing property is located at 1222 Patrick Henry Dr. in Blacksburg, Virginia and is located near the campus of Virginia Tech. Financing Details: • Construction loan • 3-year term with 3-years interest-only

• NorthMarq arranged financing for the borrower through its relationship with a regional bank. “We are pleased to have assisted our Blacksburg, VA based developer client in obtaining a construction loan for their 75 unit, 215 bed student housing develop- ment.” - Mike Lowry Property Information: - Groundbreaking for Park 37 was in April 2019 and completion is for July 2020, coinciding with Virginia Tech’s 2020-21 school year. - Park 37 will offer mul- tiple amenities including: clubhouse with lounge, fit- ness center, pool, fire pit, covered bike storage and a new Blacksburg transit stop at the site. Direct access to one of Blacksburg’s walking/ biking trails will also be on- site. 

ICHMOND, VA — Mike Lowry and Reina Abboud of

TOWSON,MD — KLNB an- nounced the sale of two proper- ties in Towson, MD. 1641 East Joppa Rd. sold for $1,500,000, and 803 Gleneagles Court sold for $4.4 million. Brad Berzins and Jesse Schwartzman of KLNB represented the seller in both instances: Howard Bank for 1641 East Joppa Rd. and a private partnership for 803 Gleneagles Court. Both of these sales represent and reinforce the demand from users for well-situated assets in Baltimore County and Tow- son. Said Berzins: “At both Gleneagles Court and 1641 E. Joppa Rd., the interest and demand from end-users was extremely high. Both of our clients achieved high-water mark pricing of $147 psf at 803 Gleneagles Court and $323 psf at 1641 E. Joppa Rd.” Situated in Baltimore Coun- ty at the intersection of East Joppa Rd. and Loch Raven Blvd., 1641 East Joppa Rd. is easily accessible from the I-695 Baltimore Beltway and is caddy corner to a newly developed drive-through Star- NorthMarq’s Richmond- based regional office, secured the $34.15 million refinance of River’s Edge at Manchester. The 212-unit multifamily property is located at 505 Por- ter Street in Richmond. Financing Details: • Refinance • 10-year termwith 5-years interest-only followed by a 30- year amortization schedule • Permanent fixed rate loan • NorthMarq arranged financing for the borrower through its in-house Fannie Mae team “We are pleased to have assisted our clients in se- curing long-term, fixed rate financing using Fannie Mae’s pre-stabilization program.” - Mike Lowry

505 Porter Street

Property Information: - River’s Edge is an eight story, podium apartment complex situated on a 201 space, two-story garage, and was completed in July - Sep- tember of 2018. - This property represents the top of the Richmond mul-

tifamily market as confirmed with 95%+ leasing being achieved by April 2019. - Apartment amenities: Dishwasher, disposal, gran- ite countertops, stainless steel appliances, microwave, range, refrigerator, hard- wood floors, walk-in closets,

Berzins & Schwartzman of KLNB rep seller in sale of 1641 East Joppa Rd. for $1.5M and 803 Gleneagles Court for $4.4M

1641 East Joppa Rd.

803 Gleneagles Court.

bucks. The half-acre site offers ideal visibility on a main thor- oughfare in the busy Towson area with traffic counts of nearly 50,000 ADT. Henry De- Ford of MacKenzie Commer- cial Real Estate represented the Newton, Mass.-based

buyer M and S Limited Part- nership. The site was previ- ously utilized as bank branch/ office building, most recently as a Howard Bank branch. The buyer plans to turn the site into a quick-service oil change facility.

Said Schwartzman: “803 Gleneagles Court represented a very rare opportunity to ac- quire a 30,000 s/f stand-alone flex/office building at a key Baltimore County intersec- tion – Loch Raven Blvd. and Cromwell Bridge Rd. Situated

on 4.9 acres, the site is ideal for a single-building user that could capitalize on the park- ing ratio and access to the Baltimore Beltway and Tow- son”. Michael Mull of KLNB represented the buyer – who is undisclosed. 

4A — September 13 - 26, 2019 — M id A tlantic

Real Estate Journal


D el M ar V a Thomas, McMahon, Collins & McDonough rep owner EAB renews lease at 2445 M Street in Washington, DC


companies such as EAB.” Beacon recently began ex- tensive capital improvements to the property. The renovated building will offer tenants a two-level 6,000 s/f fitness center, a fully renovated lobby and courtyard, secured bike storage, and a two-level 6,500 s/f roof deck and indoor lounge space. In addition, the building features a 9,500 s/f state-of-the- art multifunction conference center including an 80-seat auditorium. The repositioning plan also involves enclosing the retail arcade to support on-site food service retail for the building tenants and the neighboring community. Technology upgrades to the property have earned it Gold WiredScore certification. The asset is also LEED-EB Gold Certified and has earned the addition to assuming this new role, Guthrie will remain a key member of the FirstService Residential Virginia executive leadership team. “We continue to be impressed with Bernie’s commitment to excellence paired with her knowledge and ability to live the culture of FirstService Resi-

Energy Star for its operating efficiency. “The building’s planned transformation and the loca- tion are ideal, offering our business and employees the convenience and efficient con- nectivity we need.” said Mi- chael Kirshbaum , EAB’s CFO. Cushman & Wakefield serves as the on-site property manager. Vice chairmen Phil- lip Thomas and Laurie Mc- Mahon along with managing director James Collins and associate Sam McDonough , also from Cushman & Wake- field, represented the building owners in the lease negotiation. EAB was represented by Savills vice chairman Scott Hoffman and corporate managing director Tyler Bensten .  dential,” said Michael Men- dillo , president, FirstService Residential. “Her passion lies in the specialty area of large-scale communities and this position will enable her to pursue this desire.” Guthrie brings over 17 years of experience in community as- sociation management. 

ASHINGTON, DC — Beacon Capi- tal Partners an-

nounced that EAB has entered into a new 149,666 s/f long-term lease at 2445 M St. in Wash- ington, DC, recommitting to the building and the West End submarket of Washington, DC. Located in the West End at the intersection of Foggy Bot- tom, Dupont Circle and George- town, 2445 M St. is steps from the city’s urban oasis, Rock Creek Park. “We are pleased to have EAB share our vision for 2445 M St. and renew its commitment to the building,” said Jeffrey Ko- vach , senior managing director at Beacon Capital Partners. “We are excited about our plans for the building’s transforma- tion into a distinctive work- place that attracts premier MONTCLAIR, VA — First- Service Residential an- nounced a change in leadership in its Virginia market. Bernie Guthrie, MBA, CMCA, AMS, PCAM , will assume the posi- tion of general manager of the Montclair Property Owners Association , a 3,800-home community in Montclair. In

FirstService Residential announces top-level reorganization





Real Estate Journal — DelMarVa — September 13 - 26, 2019 — 5A


M id A tlantic

D el M ar V a

6A — September 13 - 26, 2019 — DelMarVa — M id A tlantic

Real Estate Journal


D el M ar V a

Greenberg Gibbons names Parker exec. VP & COO

ALISBURY, MD — Amy Miller and Brent Miller , managing directors of Represents both tenants and landlords in the office sector SVN Miller welcomes Evans as director of brokerage S

and new development. “As we celebrate our 50th anniver- sary and prepare for a new phase of significant growth and diversification, Gene’s superior industry knowledge and leadership skills will be a great asset to our firm,” said Brian Gibbons. Prior to joining Greenberg Gibbons, Parker spent 26 years at Continental Realty Corporation (CRC), including the last 10 years as president. CRC owns and operates a $2 Billion portfolio of shopping centers and multifamily prop- erties throughout the Mid- Atlantic and Southeast. Parker also serves on the board of directors for Royco Properties, the Chevy Chase Land Company and Rosso Commercial Real Estate Ser- vices and teaches graduate level real estate courses at Johns Hopkins and George- town Universities. A former U.S. Marine, Parker has a B.A. from Towson University, an M.S. in Real Estate from Johns Hopkins University, and an M.B.A. from Loyola University Maryland. “Brian and his team have built a tremendous track re- cord of creating innovative projects that deliver strong returns and are destinations that community members love,” Parker said. “I’m excited to help further shape and exe- cute the company’s bold vision and grow our footprint along the East Coast.”  The Ezra Co. announces sale and an end of an era WASHINGTON, DC — The Ezra Company has completed an asset sale to a major na- tional brokerage firm. Founded in 1980, The Ezra Co. was one of the oldest and largest remaining commercial real estate advisory services firms in the nation dedicated solely to the representation of tenants. The Ezra Co. was founded by Fred Ezra. Fred’s career began in 1969 at Julien J Studley (now Savills), where he was the top national producer. Fred’s 50-year career helped shape the tenant representation business and touched so many people in the industry including brokers and owners throughout the Washington, DC region and the nation. Over the decades, The Ezra Co. shaped the industry with its innovation and undying dedication to representing the interests of tenants. 

O WINGS MILLS, MD — Brian Gibbons , Chairman and CEO of Greenberg Gib-

bons , a de- veloper and manager of r e t a i l and m i x e d - u s e p r o p e r t i e s in the Mid- Atlantic, an- nounced that Gene Park-

poultry industry, most re- cently as president of Perdue Foods. He will be responsible for building excitement, en- gagement and enthusiasm, growing the brokerage division through aggressive recruit- ing, on-boarding, training and development, and building the firm through growth into new markets, mergers and acquisi- tions. Kevin Maggiacomo , CEO of SVN International said that “the brand is undoubtedly stronger with Steve on board, the sky’s the limit for SVN Miller’s growth. Big win for all of us”.

Evans and his wife Liza have been part of the East- ern Shore community since moving to Salisbury in 1985. Steve brings expertise and has knowledge in general manage- ment, operations, finance and human resources with a focus in Marketing and Sales. Steve embraces a philosophy of “Can Do” and believes that great products and service, along with commitments to custom- ers leads to greater success. He believes that “achieving customer and employee sat- isfaction is a must in today’s business environment”. 

SVN Miller Commercial Real Estate announce d the addition of Steven A. Evans to the SVN|Miller Commercial Real Estate

Gene Parker

er has been named Execu- tive Vice President & chief operating officer, and will join the firm’s Board of Directors. Parker will oversee strategic operations, leasing and asset management activities for Greenberg Gibbons’ portfolio of 5.5 million s/f of existing

Steven A. Evans

leadership team as director of brokerage. Evans has exten- sive leadership and organiza- tional development experience having spent 39 years in the


Experienced, knowledgeable and focused, SIORs represent the absolute best in commercial real estate. Your next big win is just four letters away.


Real Estate Journal — DelMarVa — September 13 - 26, 2019 — 7A


M id A tlantic

D el M ar V a

JOIN THE WINNING TEAM We are looking for entrepreneurial people like you. We specialize in the brokerage, leasing and management of commercial real estate. To learn more about the SVN Difference and to find out how to join our team visit: www.SVNmiller.com 410.543.2440 206 East Main Street | Salisbury, MD 21801 brent.miller@svn.com Retail Office Industrial Medical Multifamily



8A — September 13 - 26, 2019 — M id A tlantic

Real Estate Journal


M id A tlantic R eal E state J ournal

t’s in every article, in ev- ery conversation, and on everybody’s mind – tax By Bruce A. Johnson, CRE, Capstan Tax Strategies Passing the BAR: Exploring Decision-Making Under the TPRs I capitalized. not be overlooked in the com- motion currently surrounding the TCJA.

avail yourself of the Routine Maintenance Safe Harbor, DeMinimus Safe Harbor, or Small Taxpayer Safe Harbor, you may be able to expense your asset completely. What if your expenditures don’t meet any of the above exceptions to capitalization? Then it’s off to STEP TWO, referred to as the BAR Test. The purpose of the BAR Test is to determine whether the cost represents an improvement in the form of a Betterment, Adaptation, or Restoration. If the expenditure is deter- mined to be an improvement,

it must be capitalized. This seems straightforward, but in fact there are many nu- ances. Let’s look more closely at what makes a “B,” an “A,” and an “R,” and discuss some pertinent examples of costs that may or may not “pass the BAR.” B is for Betterment The first type of betterment is one that corrects a pre- existing material condition or defect. If a taxpayer purchased land and then discovered the soil was tainted, costs to remediate the soil would be a betterment and must be

The other types of better- ment are improvements that, well, make a property better. Assets that will increase the physical space or capacity of a property, or will increase the efficiency, strength, pro- ductivity or quality of the property are all considered betterments. Expanding the seating area at your successful family res- taurant? That’s a material addition to increase size, and is therefore a betterment that must be capitalized. Sprayed insulation through- out your property, resulting in a tremendous decrease in energy costs? That’s a mate- rial increase to the property’s efficiency, and is therefore a betterment that must be capitalized. Replaced your worn-out roof membrane? Hold on, because this could go either way… Imagine you purchased the property with a functioning roof membrane in good operat- ing condition and over time, due to normal wear and tear, the membrane began to wear out. If you replace the old membrane with a new compa- rable membrane, returning it to its initial condition but not making it any better, this is not considered a betterment. According to the regulations, in this situation the newmem- brane could be expensed. However, imagine that you decide to replace the worn membrane with a more ener- gy-efficient one, resulting in increased efficiency. In this situation, the new membrane would be considered a better- ment, and would have to be capitalized and depreciated. A is for Adaptation An improvement is consid- ered an adaptation if it adapts the Unit of Property to a use other than the original use of the UoP at the time the build- ing was placed-in-service. The classic example of an adaptation highlighted in the regulations considers a taxpayer who opens a manu- facturing facility, which func- tions for several years manu- facturing some type of item. The taxpayer decides to take a portion of the manufactur- ing space and convert it into to sales showroom space. The costs required to modify the building would be considered adaptations, since they are continued on page 18A

The Tangible Property Reg- ulations (TPRs) remain very much in play, and in fact aug- ment the utility of the TCJA. When applied correctly, the TPR guidelines determine precisely which costs require capitalization, and which may be expensed, complimenting the tax savings opportunities available through the TCJA. The FIRST STEP to suc- cess when using the TPRs is checking out the three Safe Harbors elections – if you can

reform. The T a x C u t s a n d J o b s Act (TCJA) is a historic piece of leg- islation and it’s really no surprise that t h e TC J A

Bruce Johnson

has gotten lots of attention. However, it’s important to remember that other tax strat- egies are still alive and well, and these opportunities should

For more information Contact Lea Christman, 781-740-2900 lea@marejournal.com

Real Estate Journal — Appraisal — September 13 - 26, 2019 — 9A


M id A tlantic

A ppraisal

Commercial Real Estate Appraisers


JB Real Estate Valuation & Advisory is a full-sERVicE AppRAisAl fiRm offering cliEnt-focusEd VAluAtion suppoRt for Commercial & Residential Properties in PA, NJ & DE.

Providing Professional Real Estate Appraisal Services to Lenders - Attorneys Government Agencies and Private Individuals For over 40 years

christopher K. Bourland, mAi is a Certified General Real Estate Appraiser in PA, NJ and DE. Chris has experience appraising a wide variety of property types, including shopping centers, hotels, residential sub- divisions, offices, industrial properties and multi-family properties. Chris has worked

Albert F. Chanese, MAI

Jennifer E. Barany, MAI, SRA Michael Nwosu, SRA 178 Main Street Woodbridge, New Jersey 07095 (732) 853-0271

on assignments with property value indications exceeding $300M and has appraised more than $10B in assets in his career. He also has experience providing consulting services to Accountants, lenders, investors and Attorneys on a wide variety of matters relating to real estate. www.jbvaluation.com

10A — September 13 - 26, 2019 — M id A tlantic

Real Estate Journal


A ppraisal

By Alexander D. Knight, MAI, AI-GRS, Delaware Chapter of the Appraisal Institute Considering the real estate appraisal profession


here may be more young professionals entering the real es-

the practitioners. The press release continues: “The number of individuals sitting for the first time for one of the three National Uniform Licensing and Certification Exams increased significantly, with the number of Millennial test takers experiencing the steepest rise among all age groups in 2018, according to data prepared exclusively for The Appraisal Foundation by PSI Services, LLC. “1,459 individuals sat for the first time for one of three appraisal exams— Certified General, Certified Residential

and Licensed Residential—in 2018, which was a 23 percent increase over the 1,172 first- time test takers who sat in 2017.” “The 2018 number is the highest since 2014 when 2,630 first-time test takers sat for the exam before more strin- gent qualification criteria took effect in 2015. This number was considered an inflated outlier because people were rushing to take the exam. “Equal in importance to the overall increase of first-time test takers was the spike among those who are 35 years

old and younger taking the test for the first time. In 2018, 588 Millennials sat for one of the three exams, which was a more than 200 percent increase over 2017 when 194 Millennials sat for the exam.” With all that being said, consider the real estate ap- praisal field, and all that the Appraisal Institute has to of- fer. The Appraisal Institute is a global professional associa- tion of real estate appraisers, with more than 18,000 profes- sionals in nearly 50 countries throughout the world. Its mission is to advance profes-

sionalism and ethics, global standards, methodologies, and practices through the profes- sional development of property economics worldwide. Orga- nized in 1932, the Appraisal Institute advocates equal opportunity and nondiscrimi- nation in the appraisal profes- sion and conducts its activities in accordance with applicable federal, state and local laws. Individuals of the Appraisal Institute benefit from an ar- ray of professional education and advocacy programs, and may hold the prestigious MAI, SRPA, SRA, AI-GRS and AI- RRS designations. A keystone on which the organization was founded – and by which it con- tinues to serve the public – is that every individual agrees to conduct his or her profes- sional activities in accordance with the Appraisal Institute’s Code of Professional Ethics and Standards of Professional Appraisal Practice. As further evidence of its commitment to ethics and standards, the Ap- praisal Institute has a highly refined peer review process through which it enforces these standards and Code of Ethics. Alexander D. Knight, MAI, AI-GRS is the pres- ident of the Delaware Chapter of the Appraisal Institute.  September 25, 2019 A Tour of the Beracah Home Facility &Discussion October 16, 2019 Panel Discussion, Commercial Appraisal Review, Report Presentation 2019 Chapter Officers and Directors Alexander D. Knight, MAI, AI-GRS, President Jay L. White, MAI, Past President R. Braxton Dees, MAI, Vice President Todd Harrison, MAI, Treasurer Geoffrey Anderson, Secretary Frank Selby, MAI, Director David Passero, MAI, Director Stephen Huston, SRA, Director 2019 DE Chapter Education Schedule

tate apprais- al field. The A p p r a i s a l Foundation t r umpe t ed “First-Time A p p r a i s a l Test Takers I n c r e a s e d 23 Percent

Alexander Knight

in 2018.” This is good news for a profession and profes- sional organization that has consistently been wringing its hands over the graying of

When it comes to getting deals done in today's fast-paced market, time is more important than ever. We think waiting 4-5 weeks for an appraisal is unconscionable

Real Estate Journal — Appraisal — September 13 - 26, 2019 — 11A


M id A tlantic

A ppraisal

Gessler Group - providing expert commercial appraisals in a timely and cost effective manner.

Serving Pennsylvania, Delaware, New Jersey and Maryland. Bob Gessler, Principal State Certified General Appraisal PA-NJ-MD-DE bob@gesslergroup.com | O-215.426.8050 | Fax-215.600.3803 www.gesslergroup.com

12A — September 13 - 26, 2019 — Southern NJ Chapter Appraisal Institute — M id A tlantic

Real Estate Journal


Southern New Jersey Chapter www.ai-snj.org Telephone 856-415-0281 • Fax 856-415-1952

A Note from the Nat’l Meeting By Joshua D. Garretson, MAI, AI-GRS, AI-RRS

This year’s Appraisal Institute Annual Conference in Denver was a great time. Denver is a great city and the event was a great opportunity to network with other appraisers and vendors. I saw some old friends and I even won a drawing for a laptop bag! The educational offerings consisted of great breakout sessions and you get to pick which topics you want to attend. The breakout sessions consisted of a variety of topics and deciding what to take was not easy. Being in Denver, there were also a presentation about Marijuana and its impact on Real Estate. One of the highlights for me was a presentation about Transferred Value, presented by Ted Whitmer. It was about the gap between cost and value the day a building is built and how the value can transfer to something that may not be real estate (such as to a person, to a community, or to an intangible asset, etc.). Ted is an excellent presenter and I’d highly recommend coming to see him for our September Symposium on September 19! Joshua D. Garretson, MAI, AI-GRS, AI-RRS has been elected to the Appraisal Institute’s Board of Directors serving as a Third Director for the first year, beginning in 2020. The five-year commitment at the national level automatically rolls the elect into the position of region vice chair in years two and three, and then into regional chair in years four and five. Garretson, as part of this leadership team, will be instrumental in guiding various programs and projects throughout the next five years, including oversight of the organization’s objectives as well as monitoring the continuation of the Appraisal Institute’s educational programs, legislative affairs, public relations outreach, AI individual benefit services and international expansion. Joshua has worked as an appraiser specializing in agricultural real estate in Southern New Jersey for over 12 years. He graduated from Pennsylvania State University with a Bachelor of Science in Finance and a minor in Economics. He joined the Appraisal Institute when he began his appraisal career in 2007 with Farm Credit East, formerly First Pioneer Farm Credit. Now a Senior Appraiser at Farm Credit East, Joshua specializes in valuing land and agricultural properties throughout Southern New Jersey. He has also appraised various other specialized property types including cold storage, food processing facilities, apartments, and office buildings. In addition to valuing real estate, he is also responsible for the man- agement of all collateral in the branch portfolio, which includes a variety of vehicles, machinery, specialized equipment, and other chattel. He handles the ordering and reviewing of outside appraisals for the branch, and completes appraisal reviews in Farm Credit East’s offices throughout the northeast. In addition to the MAI, AI-GRS, and AI-RRS designations, Joshua also has an Accredited Rural Appraiser (ARA) designation with the American Society of Farm Managers and Rural Appraisers (ASFMRA). Joshua has served the Southern New Jersey Chapter of the Appraisal Institute as a Director, Vice President, President, and as Past President. He has previously served on the Appraisal Institute’s National Governance Structure Project Team and is currently serving on the National Admissions and Des- ignation Qualifications Committee. CONGRATULATIONS, JOSHUA D. GARRETSON, MAI, AI-GRS, AI-RRS!

LDAC Summary By Michael Descano, MAI

It was an honor and a privilege to participate for a second year at the Appraisal Institute’s Leadership Development and Advisory Council (LDAC). This is the most rewarding event the Appraisal Institute offers and I strongly encourage our chapter leadership to participate in upcoming years, if possible. Over 100 Appraisal Institute chapter leaders and members from across the country, including Puerto Rico, Hawaii and Alaska, participated in the 2019 lobbying and round table discussions event in Washington DC. We visited Capitol Hill to discuss appraisal regulatory modernization and housing finance reform. There were four primary concerns this year: 1. State-by-state portability/layering effect

2. Federal regulations 3. Federal agency rules 4. Uneven playing field We also participated in forums facilitated by discussion leaders on key issues including:

1. How do we set ourselves apart and message effectively to clients (the appraiser and the appraisal)? (Discussion Leader: Erik J. Hanson, MAI) 2. Increasing thresholds, alternative products, waivers: how can AI help appraisers adapt to the new environment and position our members to be at the front of the line? (Discussion leader: Lisa M. Meinczinger, SRA, AI-RRS) 3. Education: What is the best way to deliver it? How do we capture more? What are we doing well? What can we do better? (Discussion Leader: Robert L. Moorman, MAI, SRA, AI-GRS) 4. How can chapters maximize value to members? (Discussion Leader: Eric C. Schneider, MAI, SRA, AI-GRS) I believe it is our duty and responsibility to take an active role regarding pending legislation that may impact the health and longevity of our profession. Lobbying at a state level as well as on Capitol Hill is necessary. Failure to do so can negatively impact our profession with potentially long lasting consequences. Upcoming Events www.myappraisalinstitute.org/education/southernNewJersey September 19: September Symposium, Adelphia Restaurant, Deptford October 3: Solving Land Valuation Puzzles, NJ DOT, Ewing (7 hrs) October 8: NJ Regs, Jimmy’s American Grill, Bordentown (2 hrs) December 11: Topics for NJ: New Jersey Regs & Demographic/Economic Trends Affecting Real Estate Demand, NJ DOT, Ewing (7 hrs) SAVE THE DATE: November 14 --- Chapter Dinner Meeting & Seminar (2 CE hrs), Adelphia Restaurant Note: We will be offering USPAP in December (Date TBD)

Real Estate Journal — Southern NJ Chapter Appraisal Institute — September 13 - 26, 2019 — 13A


M id A tlantic

Southern New Jersey Chapter Of the Appraisal Institute www.ai-snj.org

As the leading organization for professional real estate appraisers, the Appraisal Institute represents nearly 19,000 members in nearly 90 chapters worldwide. The Southern New Jersey Chapter has nearly 175 members. They perform a variety of services ranging from single family valuation to feasibility studies for regional malls & hotel-casinos. Whether it’s assistance on a home purchase or providing expert testimony for litigation, our members are uniquely qualified to meet these needs. For more information regarding the Southern NJ Chapter of the Appraisal Institute visit: www.ai-snj.org, or call Executive Director Lisa Weiss at 856-415-0281. 2019 Designated Members of the Southern NJ Chapter of the Appraisal Institute

(732) 886-6695 (609) 221-7274 (215) 842-0649 (732) 928-1550 (732) 974-9333 (732) 505-4900 (609) 923-5879 (856) 722-0205 (856) 853-7622 (732) 682-9949 (732) 571-3660 (609) 292-2573 (856)-617-6427 (201)-794-4386 (215) 888-3560 (302) 575-0955 (856) 396-0000 (609) 914-4679 (856) 983-5500 267-256-1803 (856) 933-1272 (609) 927-5728 (609) 568-0432 (856) 468-0068 (856) 662-0027 (856) 546-4900 (856) 787-6290 (856) 218-2800 (609) 918-1000 (856) 234-2893 (732) 576-2037 (610) 331-9031 (609) 792-0684 (609) 391-0404 (856) 761-3012 (856) 784-7036 (856) 795-8700 (732) 605-0791 (609) 586-3500 (856) 914-4591

Lakewood Philadelphia Philadelphia Jackson Lavallette Point Pleasant Maple Shade Mt. Laurel Woodbury New Egypt Rumson Forked River Audubon Fair Lawn, NJ Philadelphia Wilmington, DE Medford Lumberton Marlton Philadelphia Absecon Wenonah Cherry Hill Haddon Heights Mt. Laurel Sewell Bellmawr Linwood

J. Paul Bainbridge, MAI Steven Bartelt, MAI, SRA, AI-GRS

Cape May Ct. House Turnersville Haddon Heights Clayton

(609) 465-9978 (856) 582-5892 (856) 906-7890 (856) 307-6445 (267) 675-4907 (856) 795-4042 (856) 753-3030 (609) 438-9063 (609) 223-4911 (215) 280-4563 (856) 795-4042 (609) 714-7402 (215) 963-4061 (609) 922-4815 (609) 923-9097 (215) 493-5000 (215) 523-9104 (856) 764-6500 (212) 916-4614 (856) 375-2148 (973) 970-9333 (215) 231-9900 (856) 234-9252 (856) 429-8800 (215) 925-1212 (609) 884-1995 (856) 753-3030 (609) 599-3892 (856) 451-0933 (856) 691-7055 (609) 457-7297 (856) 453-8889 (609) 391-8862 (609) 463-4622 (732) 286-9250 (609) 736-0695 (609) 597-2211 (609) 915- 6404 (856) 287-3690

Samuel Levi, MAI Bonnie L. Longo, MAI, SRA Eileen Lynn, MAI, AI-GRS Peter A. Maher, SRA, AI-RRS Gerald R. Malanga, SRA Kathy J. Marmur, SRA Charles A. McCullough, MAI, AI-GRS Jerome J. McHale, MAI Edward Molinari, SRA, AI- RRS Leonard Molinari, SRA Donald Moliver, MAI Robert Parmley, SRA Meghan E. Payne, MAI Michael Pratico, Jr., AI-GRS Jacob Ramage, MAI Thomas C. Reynolds, SRPA Jeffrey D. Richwall, SRA Susan T. Roettger, MAI Lee L. Romm, MAI, SRA Taylor Santoro, MAI Michael Sapio, MAI William J. Sapio, MAI Dennis A. Scardilli, Esq, MAI Jack Sheehan, MAI, AI-GRS Timothy Sheehan, MAI, SRA Richard Sheldon, MAI, SRA Richard Shorter, SRA Thomas J. Sliwowski, SRA James Stuart, MAI, SRA, AI-GRS Robert Thompson, MAI, SRA Robert J. Tighue, MAI Deborah P. Tordella, MAI, SRA Errett Vielehr, MAI Benjamin R. Vukicevich, SRA John H. Walton, Jr, MAI, SRA Richard J. Ward, SRA John Weber, Jr., MAI, SRA Thomas Westerfield, SRA Peter E. Sockler, MAI Pasqual A Sorge, MAI

Craig A. Bickel, MAI A. Craig Black, SRA

Lawrence E. Bowne, MAI Pamela J. Brodowski, MAI Steven Brownell, MAI Richard J. Carabelli, Jr, MAI J. S. Carduner, MAI, AI-GRS Cynthia Carpenter, MAI, AI-GRS Harry Carroll, Jr., MAI, SRA Lana Chiappetta, MAI, AI-GRS John P. Corbett, MAI Albert Crosby, MAI David A. Curley, SRA Susanne Curran, MAI, AI-GRS Eugene P. Davey, SRA Thomas C. Davis, SRA Thomas A. DeMartin, MAI, SRA Michael A. Descano, MAI Russell V. DiLello, MAI, AI-GRS John E. Doyle, MAI Scott A. Eiffes, MAI, AI-GRS E. Guy Elzey, III, SRA Philip Fortuna, MAI, SRA Mary F. Fox, MAI David J. Frett, SRA John M. Gapszewicz, MAI Joshua Garretson, MAI, AI-GRS Ronald A. Hagel, MAI, SRA Mark J. Hanson, MAI, SRA, AI-GRS Donna Harris, SRA Joseph V. Heenan, MAI, SRA Michael D. Jones, MAI Tony F. Kamand, Jr, MAI Lee Ann Kamph, MAI Robert W. Kirwan, SRA H. Rick Kline, SRA, AI-RRS Bruce Leff, SRA

Burlington Eastampton West Berlin Hamilton Robbinsville Summit Cherry Hill Medford Philadelphia Sewell Mt. Laurel Yardley Philadelphia Delran New York, NY Cherry Hill Morris Plains Philadelphia Moorestown Haddonfield Philadelphia Cape May West Berlin Camden Bridgeton

Hightstown Mt. Laurel Colts Neck Ocean City Cherry Hill Ocean City Haddonfield

Vineland Audubon Shiloh Ocean City Cape May Court House

Stratford Medford Old Bridge Hamilton Square Mt. Laurel

Toms River Ocean City Manahawkin East Windsor Newark, DE

14A — September 13 - 26, 2019 — M id A tlantic

Real Estate Journal


A ppraisal

Wade Appraisal, LLC delivers value-added services to clients through diligent research, analysis and well-documented, unbiased opinions. Specializing in commercial, industrial, multi-family and special purpose properties and can handle all of your appraisal needs.

• Class A Medical Office Building in Monroe, NJ • 2 100,000 SFWarehouses along the NJTpke. Corridor • 150-unit Garden Apartment complex, Ocean County, NJ • Affordable Housing Subdivision, Hudson County, NJ • Several LargeTracts Of Land for a Public Utility

Gary M.Wade, MAI, principal ofWade Appraisal, LLC, gives his personal supervision to every client project. He has been appraising commercial real estate since 2004.


GARY M.WADE, MAI Principal ofWade Appraisal, LLC gwade@wadeappraisal.net

Call Today: 732-204-6445 | 908-477-7202 | 732-204-6445

Real Estate Journal — Appraisal — September 13 - 26, 2019 — 15A


M id A tlantic

A ppraisal

Over 50 Years Providing Real Estate Valuation Services!

Serving New Jersey, Pennsylvania, New York

www.ardappraisal.com RECENT PROJECTS

90,000 SF Historic Office Building Downtown Albany

Raintree Plaza – Freehold NJ Community Shopping Center

38-Unit Mix Use Co-Op Park Avenue New York, NY

175,000 SF Class A Office Building Parsippany, New Jersey

Patrick B. Ard, MAI Rodney Copeland, SCGREA Joseph Traks, MAI Joseph Wisniewski, MAI Cynthia Xu, MAI Northgate Village – Burlington, NJ 25 Bldg., 307 Unit Garden Apt.

261 Unit Luxury High Rise Asbury Park, NJ

11 Broadway, Suite 831 New York, NY 10004 (212) 509-0095

36 Brant Avenue Clark, NJ 07066 (732) 396- 1965

16A — September 13 - 26, 2019 — M id A tlantic

Real Estate Journal



October 24-ULI Philadelphia Event: ULI Philadelphia: Camp Hill Tour Time: 4:00PM-6:30PM Location: Little Black Dress Address: 1801 Market St. Camp Hill, PA Web: www.philadelphia.uli.org October 23-USGBC NJ Event: Tour of Saint-Gobain HQ Time: 8:00AM-5:00PM Location: Saint-Gobain HQ Address: 20 Moores Rd., Malvern, PA Web: www.usgbcnj.org October 23-IREM Delaware Valley Event: Breakfast Meeting Time: 9:00AM-11:30AM Location: PineCrest Country Club Address: 101 Country Club Drive Lansdale, PA Cost: $40-Members, $50-Non-Members Web: www.iremdelval.starchapter.com November 1-MAREJ Event: 5th Annual New Jersey Commercial Real Estate Leadership Conference Time: 7:30AM-Noon Location: Sheraton Edison Hotel Address: 125 Raritan Center Parkway, Edison, NJ Cost: $109-Early Bird, $129-Regular Rate, $159-Walk-In Web: www.marej.com/conf October 22-MAREJ Event: 6th Annual New Jersey Healthcare & Medical Properties Conference Time: 7:30AM-11:30AM Location: APA Hotel Woodbridge Address: 120 Wood Avenue South, Iselin, NJ C: Linda Christman E: lchristman@marejournal.com Web: www.marej.com/conf October 2-ABC Virginia Event: Fall Golf Classic Time: 8:00AM-6:00PM Location: Heron Ridge Golf Club Address: 2973 Heron Ridge Dr. Virginia Beach, VA Web: www.abcva.org October 1-CREW Pittsburgh Event: Volunteer Event at Satchels Of Caring Foundation Time: 5:30PM-8:30PM Location: Bank Tower Building Address: 307 Fourth Avenue, Suite 509 Pittsburgh, PA Web: www.crewpittsburgh.org

September 28-BOMA NJ Event: BOMA Plane Pull Time: 8:00AM-2:00PM Location: Newark Liberty International Airport Address: 1 Conrad Road Newark, NJ C: Jamie Kazazian P: 973 ‐ 445 ‐ 6667 E: jamie@publicsewerservice.com Web: www.bomanj.org Address: 380 US 22, Green Brook NJ Cost: $625-Member, $725-Wait-List Partners C: Caroline Conklin P: 973-696-2914 Web: www.bomanj.org September 26-CIANJ Event: A "Tailgating" Networking Event: Cheers for Charity Time: 5:00PM-9:30PM Location: Anheuser-Busch Brewery Address: 200 US Highway 1&9 Newark, NJ Cost: $85-Member, $500-Sponsorship C: Nicole Harenak E: nharenak@cianj.com Web: www.web.cianj.org September 24-MAREJ Event: 6th Annual New Jersey Aparment/Multifamily Conference Time: 8:00AM-Noon Location: Sheraton Edison Hotel Address: 125 Raritan Center Parkway Cost: $109-Early Bird, $129-Regular Rate, $159-Walk-In C: Linda Christman E: lchristman@marejournal.com Web: www.marej.com/conf September 26- BOMA NJ Event: Bowl for Charity: Strikeout Cancer Time: 5:00PM-9:00PM Location: Bowlmor Lanes September 23-IFMA Event: 2nd Annual Chili Cookoff/Bakeoff Time: 5:00PM-7:30PM Location: Steelcase Address: 1000 F St, NW 10th Floor Washington, DC Cost: $25-Professional Member, $50- Associate Member, $75-Non-Member Web: www.ifmacap.org September 24-CREW Philadelphia Event: Fall Fest Networking Event Time: 5:30PM-7:30PM Location: Wells Fargo Museum Address: 123 S. Broad Street, Philadelphia, PA Cost: $40-Members, $25-Non-Members Web: www.crewphiladelphia.org

September 17- IREM Delaware Valley Event: Mini Golf Outing & Election of Officers Time: 2:00PM-7:00PM Location: Riverwalk Mini Golf Address: 550 Justison St, Wilmington, DE Web: www.iremdelval.starchapter.com September 15-16-NAIOP No. VA Event: Fall Golf Classic Location: Robert Trent Jones Golf Club Address: One Turtle Point Drive Gainesville, VA Cost: $1250-Golfer w/ stay, $1050-Golfer only, $200-Reception only Web: www.naiopva.org September 17- USGBC NJ Event: 16th Annual Golf Outing Time: 11:30AM-7:00PM Location: Neshanic Valley Golf Course Address: 4119, 2301 S Branch Rd, Neshanic Station, NJ Web: www.usgbcnj.com September 17-18- IFMA Event: IFMA's Advocacy Day & Policy Forum Time: 5:00PM-TBA Location: Hyatt Regency Crystal City At Reagan National Airport Address: 2799 Richmond Hwy Arlington, VA Web: www.ifmacap.org September 19-CREW Philadelphia Event: Members Only Annual Meeting Time: 5:30PM - 8:00PM Location: The Racquet Club of Philadelphia Address: 215 S 16th St, Philadelphia, PA Web: www.crewphiladelphia.org September 19-PAA East Event: How to Develop a Leasing Sales Regroup Meeting Time: 2:00PM-3:00PM Location: Online Cost: $35-Early Bird Member, $49-Early Bird Non-Member Web: www.paa-east.com September 19-ABC Metro Washington Event: Women Building Washington: September Book Club Time: 4:00PM-5:30PM Location: 7101 Wisconsin Ave Address: 7101 Wisconsin Ave, Lobby Level Conference Room Bethesda, MD Cost: Free Web: www.abcmetrowashington.org

Please send your events to: editor@marejournal.com

Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52 Page 53 Page 54 Page 55 Page 56 Page 57 Page 58 Page 59 Page 60 Page 61 Page 62 Page 63 Page 64 Page 65 Page 66 Page 67 Page 68 Page 69 Page 70 Page 71 Page 72 Page 73 Page 74 Page 75 Page 76 Page 77 Page 78 Page 79 Page 80 Page 81 Page 82 Page 83 Page 84 Page 85 Page 86 Page 87 Page 88 Page 89 Page 90 Page 91 Page 92 Page 93 Page 94 Page 95 Page 96 Page 97 Page 98 Page 99 Page 100 Page 101 Page 102 Page 103 Page 104 Page 105 Page 106 Page 107 Page 108

Made with FlippingBook - professional solution for displaying marketing and sales documents online