3-27-20

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L Hodson, Goldstein & Cochrane lead transaction of Leesburg, VAmultifamily M&T Realty Capital Corp. lends $23.5M for near-stabilization financing apt. property

ISSUE HIGHLIGHTS Volume 32, Issue 6 March 27 - April 9, 2020

EESBURG, VA — M&T Realty Capi- tal Corporation has closed a $23.5 million Fannie Mae Near-Stabilization loan for the permanent financing of Jefferson Somerset Park Apartments, a 150-unit class A multifamily property lo- cated in Leesburg on behalf of Jefferson Apartment Group . Jefferson Somerset Park Apartments offers one-, two-, and three-bedroom apart- ments, as well as, two- and three-bedroom townhomes for rent. Unit amenities include stainless steel appliances, built-in pantries, private bal- conies or patios, and full-size in-unit washers and dryers. The 7-year, fixed-rate loan is structured with five years of interest-only payments, fol- lowed by a 30-year amortiza- tion. The transaction was led by managing directors Mat- thew Hodson and Debra NEWARK, NJ — Alpha Realty announced the sale of a 255-unit multifamily portfolio located in Newark. The portfolio consisted of 8 buildings totaling 251,000 s/f. The properties 624, 729, 737, 747, 773, 777, 784 Martin Luther King Jr Blvd. & 92 Quitman St. sold as a pack- age for $22.2 million yielding

SPOTLIGHTS

RETAIL DEVELOPMENT REIMAGINED

5-11A

Section C

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Doug Cochrane of M&T Bank’sWashington, DC office. “Fannie Mae’s Near-Stabi- lization program is ideal for recently constructed projects, as it offers borrowers the Jefferson Somerset Park Apartments

ability to take advantage of the current low interest-rate environment with occupancy rates lower than those typi- cally required at rate lock,” adds Hodson. 

Goldstein of M&T Realty Capital Corporation’s Falls Church, VA and Washington, DC offices, respectively, in collaboration with commercial senior relationship manager

Alpha Realty’s Mavashev brokers 8-building package for $22M located in Center City, Phila.

Directory Retail Development Reimagined. .....................5-11A Organization Events Calendar ..............................16A Owners, Developers & Managers............... Section B Best of 2019 ............................................... Section C

255-unit multifamily portfolio located in Newark

deal. “With the such a favorable cap rate and price per door, this was a very attractive deal for the buyer, especially given the size and location” said Mavashev. In light of the slumping market conditions in New York City, Alpha Realty has

a 7.7% cap rate. The buyer is a New Jersey based owner/ operator of multifamily build- ings specializing in affordable housing, while the seller is a Brooklyn-based landlord liq- uidating his holdings in NJ. Lev Mavashev brokered the off-market transaction and represent both sides of the

broadened its market partici- pation horizons, completing numerous deals this year out- side the NYC market, includ- ing deals in NJ and Florida. Alpha Realty’s Private Capital Group , spearheaded by Alex Onishchenko , ar- ranged a bridge loan of $18.5M to finance the transaction. 

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98 Years of Continuous Architectural Excellence Across the Nation

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M id A tlantic R eal E state J ournal Publisher, Conference Producer . .............Linda Christman AVP, Conference Producer ...........................Lea Christman Publisher ........................................................Joe Christman Section Publisher ............................................. Steve Kelley Section Publisher ............................................... Kim Brunet Editor/Graphic Artist..... .................................Karen Vachon Office Manager . ..............................................Kerrin Devine Contributing Columnist ................................ Andrew Sobel 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. 32, Issue 6 Subscription rates: 1 year $99.00, 2 years $148.50, 3 years $247.50 & $4.00 single issue - plus postage REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Phone: 781-740-2900 | Fax: 781-740-2929 www.marej.com

Andrew Sobel

How to Make the Shift from "Expert" to "Advisor" (and Watch Your Career Explode) Y ou're great at what you do. And people clearly value your expertise and domain knowledge. That's as it should be: Knowing your stuff is your ticket to entry in a competitive business market. But if you want to build lasting client relationships, don't get too hung up on your "expert" status, said relationship au- thority Andrew Sobel. Clients don't want experts who talk at them all day. They want trusted advisors. "Experts focus on the trans- action," said Sobel, creator of the eLearning masterclass Building Your Clients For Life and the international best-sell- ing author whose latest book, It Starts With Clients: Your 100-Day Plan to Build Lifelong Relationships and Revenue will be available in April. "Advisors take a broader outlook, giving clients an expansive outlook on their problems and the poten- tial solutions, and emphasizing the long-term relationship— even when there are no fees coming in." Here are a few reasons the "expert" mindset often fails. • It's "me" focused. An ex- pert mindset focuses on your experience instead of your clients. You may run the risk of overwhelming clients with breathless serenades about your products, services, meth- odologies, and the details of your résumé. • It causes tunnel vision. In 1980, when the old AT&T commissioned a top consulting firm to estimate the market for cell phones in the year 2000, they forecast that there would be only 900,000 cell phones. The "experts" were off by 108 million because they lacked the imagination to see the potential for mobile phones...and AT&T missed a huge opportunity to get an early start in the market. • It vastly narrows your scope. Harry Truman once quipped, "An expert is a fellow who's afraid to learn anything new, because then he wouldn't be an expert anymore." As an expert, you may en- thusiastically pitch your solu- tions, whereas with the advisor mindset, you ask thought- provoking questions and listen deeply. As an expert, you accept

the client's definition of their challenge. As an advisor, you reframe the challenge in order to define the total problem and the total solution. The result is greater impact and more value. Sobel said you can make the shift from expert to advisor as you build out a proven, 14- week plan for conquering your toughest challenges, growing your client base (in both up and down markets), and transform- ing your client relationships. His book—along with his 100- Day Client Growth Challenge is designed to be a blueprint to help you. Here are a few behaviors to embrace as you seek to become a trusted advisor: Prepare smartly for pros- pect meetings. Don't spend hours and hours researching the company. Much of that will be a waste of time. Like- wise, don't spend most of your preparation time rehearsing your "message." You'll get too fixated on it and build in rigid - ity. Skim background mate- rial looking specifically for two things: facts about the company that stimulate an idea or "hook" you might use to engage the client, and things you want to ask questions about. Focus as much on the individual as the company: What is the back- ground and career history of the person you're meeting with? What can you learn about their personal style? The more you understand about them, the faster you will be able to build rapport when you meet. Find commonalities and similarities. Engage with clients around common inter- ests and experiences, mutual acquaintances, life's concerns and challenges, family, and so on. Search for what you have in common, not how you are differ- ent. This accelerates likability and trust. Be curious about your client as a person. Curiosity

drives a thirst to learn about knowledge and other people. It motivates you to ask thought- ful questions, empathize, and build a rapport with your client. You might ask questions like, So what do you think about... (a current event, trend, some breaking news, etc.)? How would you compare the culture here with the culture at your old employer? What has been the most important leadership development experience in your career so far? What are you working on that you're most excited about? Set the agenda: Why are you there? This is a crucial part of establishing a collabora- tive peer relationship with the other person. It demonstrates confidence. For example, you might say, "I understand we've got one hour scheduled for this discussion—is that right? (pause) I wanted to share with youmy approach to building cli- ents for life and describe a cou- ple examples of how I've helped other firms improve both their new client acquisition and their ability to grow and retain exist- ing relationships. Then I'd love to hear about your efforts to grow your client base and what your most important priorities are right now. Is there anything that you'd like to make sure we cover?" Walk in confidently as a peer (without being arro- gant). Treat your client like a colleague or friend, not as a su- perior. Be polite and courteous, but not deferential or fawning. "The first sale is always your - self," said Sobel. "If you don't believe you have something valuable to share with others, they won't believe it either. If it's a new prospective client, you might even say up front, 'I'm sure that at the end of our discussion, we'll both know if it makes sense to continue the dialogue...'" continued on page 14A

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2020 PA/NJ/DE CCIM CHAPTER OFFICERS Stacy Martin, CCIM President Hankin Group Jeff Kurtz, CCIM Vice President High Associates, Ltd. Dominic Janidas, CCIM Secretary/Treasurer Hanna Langholz Wilson Ellis John Birkeland, CCIM Immediate Past President ROCK Commercial Realty Eric Gorman, CCIM District 10 1st RVP Avir Realty Group 2020 DIRECTORS Dan Berger, Jr., CCIM Chair, Scholarships U.S. Commercial Realty Michele Countis, CCIM Chair, Designation Jackson Cross Partners Dragan Dodik, CCIM Regional Chair, Central PA Pennian Bank Philip Earley, CCIM Chair, Nominating Lieberman Earley & Company Jonathan Epstein, CCIM Chair, Public Relations Berger-Epstein Associates, Inc. Cindy Feinberg, CCIM Regional Chair, Lehigh Valley Feinberg Real Estate Advisors Craig Fernsler, CCIM Chair, Legislative KW Commercial, Blue Bell Robert Fuller, CCIM Regional Chair, New Jersey CBRE Jeffrey Hoffman, CCIM Chair, Education JPH Realty Advisors

Neil Kilian, CCIM, SIOR Regional Chair, Delaware NAI Emory Hill Laura Martin, CCIM, CPM, WBE Chair, Membership SVN | Latus Commercial Realty Group Andrew Miller, CCIM Regional Chair, Pittsburgh CBRE Kathy Sweeney-Pogwist Regional Chair, Philadelphia Metro Brandywine Realty Trust

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M id A tlantic R eal E state J ournal Experience includes ambulatory care facilities Mahady, P.E., LEEDAP joins AKF's healthcare practice

B

mechanical systems for the world’s foremost healthcare facilities, Mahady has built an impressive portfolio span- ning North America, Europe, Asia, and Australia. Mahady’s healthcare engi - neering experience includes large-scale cr i t i cal and ambulatory care facilities, campus-wide infrastructure upgrades, and multiple pro- ton therapy projects. Before joining AKF, Mahady was a member of the design team for Brooklyn, New York’s biggest ambulatory care cen- ter, NewYork-Presbyterian Brooklyn Methodist Hospi-

tal’s Center for Community Health, as well as the largest LEED for Healthcare project in the USA at the time of its certification, Stamford Hospital in Connecticut. Her résumé also includes projects with esteemed organizations such as Montefiore Medical Center, Northwell Health, and Massachusetts General Hospital. “Successful healthcare con- struction projects have the potential to impact the lives of patients and their families. The environments we design influence care teams, the patient experience, and, ulti- mately, the healing process. We have the opportunity to make a meaningful differ- ence. When we view our mission from the patient and the medical professional’s perspective, we do our best work,” said Mahady. Mahady continued, “It’s no coincidence that I’ve joined AKF. AKF’s approach to healthcare engineering starts with supporting the indi- viduals involved in enhanc- ing health and wellness—it’s a big part of the reputation they’ve built and the respect they’ve earned within the healthcare design and con- struction community.” AKF CEO, Dino DeFeo, P.E. , welcomed Mahady to the firm, saying that she ex - emplifies the characteristics that AKF values. “Thanks to our clients across the globe, AKF’s healthcare practice is growing at a phenomenal pace. We are focused on add- ing to our team of the most tal- ented and dynamic healthcare engineering, commissioning, and technology professionals in the industry,” DeFeo said. “Our healthcare group rep- resents the very best in their respective disciplines. Above all, their technical expertise in healthcare real estate is matched by a drive to deliver outstanding service to our cli- ents. They understand their actions directly influence those at the center of heal- ing and wellness—from the clinical and administrative staff to patients and their families,” DeFeo continued. “It’s evident to anyone who meets Christina that her knowledge of healthcare en- gineering is exceptional, as is her dedication to designing spaces that promote better patient experiences.” 

ALTIMORE, MD — AKF , one of the global leaders in engineering,

technology, d e s i g n , consulting, and c om- missioning, announced that lead- ing health- c a r e e n - g i ne e r i ng

MEP/FP Design & Consultation, Architectural Code Consulting, Building Controls, Commissioning, Critical Systems, Energy + Performance, Fire & Life Safety, Infrastructure, IT / AV / Security, Lightcraft Lighting Design, Smart Building Consulting, Special Inspections, and Vibration Analysis & Testing

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expert, Christina Mahady, P.E., LEED AP , has joined the firm’s nationally-ranked healthcare practice. With ex- tensive experience designing complex and sophisticated

akfgroup.com

R etail D evelopment R eimagined

M id A tlantic Real Estate Journal — Retail Development Reimagined — March 27 - April 9, 2020 — 5A

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ENSALEM, PA — On behalf of client Kin Properties , the Col- Dark box brightens with proposed redevelopment plan Sussman and Kieserman of Colliers retail finalizes sale of former Macy’s Neshaminy Mall B

liers retail t e a m o f Todd Suss- man and Jon Kieser- man , have r e c e n t l y sold the for- mer Macy’s at the Ne- s h a m i n y M a l l , a 211,000 sf dark anchor with a bright plan for the future. The C o l l i e r s t e am h a s

Todd Sussman

Conceptual Marketing Rendering (Photo Credit: Colliers)

Former Macy’s at the Neshaminy Mall

The new owner has recon- ceived the vacant box as a mix of large floor plate opportunities, new exterior facing small retail and/or restaurant tenants along with several new outparcels offering the potential to court statement restaurant operators to the mall complex. Flexible zoning allows for multiple uses that would encourage, fitness, entertainment, office and more with Colliers marketing the building and pad sites either for purchase, ground lease or build to suit. “We are excited to be an integral part of the redevelop-

ment of this parcel. The 16 acres and the former Macy’s box will certainly be the key to transforming one of the most strategically placed malls in the Tri-state area” said Todd Suss- man, senior managing director with Colliers Retail. Neshaminy Mall has long been considered a standout location of the region not only for the strong population demo- graphics of Bucks County that retailers desire but as an ex- tremely accessible regional des- tination. Located just minutes from downtown Philadelphia at one of the busiest intersections

this year. “As a Chesapeake native, I am excited about the prog- ress thus far and am espe- cially pleased to report that Summit Pointe’s Phase Two is on schedule to open this summer,” said Williams. “At Dollar Tree, we are proud to welcome businesses from across the world every day to our Store Support Center and introduce them to Coastal Vir- ginia’s newest metropolitan center.” Phase One and Two repre- sent an investment of more than $330 million. Phase Two features Helix, Summit Pointe’s first residential com - munity, and 555 Belaire, an office tower. Helix, located at 1501 Sum- mit Pointe Dr., is six-stories with 133 apartment homes above street-level retail and restaurants. Helix residents will enjoy a concierge lifestyle with unparalleled amenities and luxury finishes in one-, on the PA Turnpike (I-276), this retail property is easily acces- sible from Interstate 95 and highly trafficked PA Route 1. This year saw a new Turnpike interchange completed that directly enhances the site’s regional connectivity to New Jersey. Notably, Neshaminy is served by both SEPTA regional rail and Amtrak. Current Neshaminy Mall retailers Boscov's and AMC anchor a mix of specialty shops that include Barnes & Noble, Hollister Co., H&M, and Vic- toria’s Secret. The Neshaminy Mall Boscov’s is the number one

two-, and three-bedroom op- tions. Helix has already gener- ated tremendous interest, and the first residents will move in this summer. 555 Belaire is a six-story, 150,000 s/f office tower with creative architectural spaces nestled between Volvo Park- way and Belaire Avenue. The building has five levels of office space with a distinc - tive multi-story lobby and street-level retail and restau- rant spaces.Outdoor parks and plazas will enhance the Phase Two development to encourage active community involvement. Completion and occupancy of 555 Belaire are also expected in summer 2020. “As we move into the sum- mer, we invite you to visit and experience Summit Pointe,” added Williams. “This project will not only create a new and modern regional destination, but will also enhance the Dol- lar Tree campus for the benefit of our associates.”  In a unique arrangement the anchor and mall ownership have been separate. Brook- field , one of the world’s larg - est investors in real estate, purchased the entirety of the mall, independent of Macy’s, in 2018. They are also rumored to have Neshaminy Mall in its queue for imminent redevelop- ment and substantial improve- ments.  store of their 50-store chain. Similarly, AMC Neshaminy 24 is one of the largest cinemas in the area, ranking as one of the top 30 theaters in North America for the chain.

Jon Kieserman

subsequently been named ex- clusive leasing agents for the project. Macy’s opened at Neshaminy Mall in 1968 (then Straw- bridge’s) and closed amidst 100 shutterings nationwide for the retailer that began in 2017 as it readjusted its business to grow- ing online competition. CHESAPEAKE, VA — Chris Williams , senior vice president of portfolio man- agement at Dollar Tree, Inc. presented a progress report on Summit Pointe’s construction and development at Chesa- peake State of the City 2020 event hosted by the Hampton Roads Chamber. The event, led by ChesapeakeMayor Rick West, acts as an annual forum for interaction among Chesa- peake's business, civic and community leaders to discuss development initiatives and municipal progress. Summit Pointe is Coastal Virginia’s newest metropoli - tan center and lifestyle com- munity. It is located on 69 acres in Virginia’s second most populous city and in the middle of Chesapeake’s thriving Central Business Dis- trict. When complete, Summit Pointe will include more than one million s/f of office space, up to 500,000 s/f of retail space, 250,000 s/f of hospi-

Summit Pointe’s Phase II is on track to open this summer

Summit Pointe

tality and conference space, and 1,400-plus residences. Development is underway in three Phases, with Phase One completed. Phase One includes Dollar Tree’s 12-story state-of-the- art office tower that comprises 510,000 s/f and is the tallest building in Chesapeake. Dol-

lar Tree is the region’s largest Fortune 135 company. The offices opened in 2018, adding more than 1,000 Dollar Tree employees to the area and bringing the total to 1,900. As part of the Dollar Tree Store Support Center campus, a new 1,500-car parking deck is scheduled for completion

6A — March 27 - April 9, 2020 — Retail Development Reimagined — M id A tlantic Real Estate Journal

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R etail D evelopment R eimagined

Robison and Spangler represents seller in 112,340 s/f retail center sale Cushman & Wakefield | Thalhimer’s Capital Markets Group completes sale of Bedford Plaza B

EDFORD , VA — Cushman & Wake- field | Thalhimer’s Capital Markets Group has represented Southgate III, LLC in the sale of Bedford Plaza, a Walmart shadow anchored shopping center, located at 1128 E. Lynchburg Salem Tpke in Bedford, VA. Bedford Plaza, a 112,649 s/f neighborhood center is an- chored by Tractor Supply and Dollar Tree. The center has a diverse mix of national, re- gional and local e-commerce resistant tenants including rest urants and service-ori-

1200 East Main St.

Bedford Plaza

quired the asset on February 13, 2020. The sale price was

$8.4 million and the property was 79% leased at the time of

ented retailers. Coastal Eq- uities of Weston , Florida ac-

the acquisition. The sale was completed by Eric Robison and Catharine Spangler . Cushman & Wakefield | Thalhimer’s Capital Markets Group has represented the seller in the sale of Pulaski Plaza located at 1200 East Main St. in Pulaski, VA. The 112,340 s/f retail center is anchored by Food Lion, Pee- bles and Badcock Furniture. Pulaski Center Associates, LLC acquired the asset on February 18, 2020. The sale price was $5.255 million and the property was 91% leased at the time of the acquisition. The sale was completed by Catharine Spangler in Thalhimer’s Richmond of - fice and assisted by Jessica Johnson in Thalhimer's Roa- noke office. Cushman & Wakefield | Thalhimer announced the sale of 2201 Lafayette Blvd. in the City of Fredericksburg, Virginia. WFDMB, LLC purchased the 7,525 s/f retail property from LB Degen, LLC for $825,000 and will occupy the premises. Mike Degen, Virgil G. Nel- son, CCIM and Adam Nel- son of Cushman &Wakefield | Thalhimer handled the sale negotiations on behalf of the seller. Retail Property Sells in Rich- mond for New Location for The Pit and The Peel Juice Bar Bistro Cushman & Wakefield | Thalhimer announced the sale of 1210 W. Main St. in the City of Richmond, VA. Pit & Peel Inc. and BroSki, LLC purchased the 2,400 s/f retail building fromNancy R. Anderson for $375,000 for a new location for The Pit and The Peel. Annie O'Connor of Cush- man & Wakefield | Thal- himer handled the sale ne- gotiations on behalf of the purchaser. 

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R etail D evelopment R eimagined Jeffery Gannett of Virtus Reality Advisors represented BPG in the lease transaction The Buccini/Pollin Group welcomes Marlette Funding as new anchor tenant to The Concord

W

struction of the 3-story build- ing, which is expected to be completed in the 2nd quarter of 2021. Since BPG purchased the development in late 2003, over $100 million in renovations have been completed. “Marlette Funding has called Wilmington home since 2013 when our company started with just two employees and roughly 100 square feet. With this new space, we will have room for more than 400 em- ployees,” shared JeffreyMeiler, CEO of Marlette Funding. “As our company grows, we remain dedicated to bringing

new employment opportunities to the Wilmington community and investing in the area as a growing fintech hub.” “Marlette Funding is just the kind of company that we want to stay in Delaware,” said Governor John Carney. “They are innovative, growing, and adding jobs. Delaware has a world-class workforce, a cen- tral location, and a quality of life that is second to none. The fact remains that Delaware is a great place for Marlette and businesses of all sizes to put down roots, grow, and create good-paying jobs.” In 2016, BPG launched an extensive redevelopment proj- ect to transform the office park into a mixed-use community. Phase I of the redevelopment was completed in June 2019 and introduced 166 brand new luxury apartment homes and high-end retail to The Concord. Phase II will bring additional apartments, retail, and office space, includingMarlette’s new headquarters, to The Concord. “The Concord is the epitome of what The Buccini/Pollin Group has been trying to do in our home of NewCastle County over the past 25 years,” said Chris Buccini, Co-President of The Buccini/Pollin Group. “This redevelopment converted over 100,000 SF of underuti- lized office space into the thriv - ing mixed-use community here today. It is now equipped with the walkable amenities that can attract tenants looking to grow or relocate to our area, as proven by the Marlette’s com - mitment to call The Concord home.” Built in the late 1960s, Concord Plaza was the first complex of its type in Dela- ware before being duplicated throughout New Castle and Kent Counties. It remains one of the most desirable and larg- est commercial parks in the state at 45 acres. Marlette is among a number of new ten- ants who were drawn to the mixed-use redevelopment, including PayPal Holdings, The Mill Coworking Space, PlatinumDining Group restau- rants Taverna and El Camino Mexican Kitchen, Amstel Bar- bershop, Solidcore, and Legion Transformation Center. Blaise Fletcher of Jones Lang LaSalle (JLL) repre- sented the tenant and Jeffery Gannett of Virtus Reality Advisors represented BPG in the lease transaction. 

ILMINGTON, DE — Wi lmi n g t o n - based developer,

owner, and manager, The Buccini/Pollin Group, Inc. (BPG) welcomed Marlette Funding, LLC to The Concord at 3419 Silverside Rd. Mar- lette, developer and operator of the Best Egg consumer- lending platform has signed a long-term lease for 60,000 s/f of built-to-suit (BTS) class A office space in the redeveloped mixed-use community formerly known as Concord Plaza. The new office space will be leased entirely to Marlette,

The Concord

making the fintech company the newest anchor tenant in

the office park. BPGS Con- struction will manage the con-

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R etail D evelopment R eimagined

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R etail D evelopment R eimagined

Waterview Marketplace | Parsippany, NJ

Mid-Atlantic Retail Opportunities

306,876 GLA/ Acreage

Property Name

Address

City/State

Anchor Tenants

P

La Va G Ta

Shops at Billerica

Boston Rd. & Tower Farm Rd. Plain St. & Lowell Connector

Billerica, MA Lowell, MA

Burlington, Market Basket, Big Lots

272,947 Target, Marshall’s, Best Fitness

Meadow Brook Center

Long Meadow Shopping Center

Potomac Ave. & Northern Ave. Liberty Rd. & Brenbrook Dr.

Mount Olive, NJ Old Bridge, NJ Old Bridge, NJ Parsippany, NJ Evesham, NJ Marlton, NJ Bayonne, NJ Eatontown, NJ Hagerstown, MD Randallstown, MD Vauxhall (Union), NJ

164,897 Family Farm and Home, PA Dutch Market

Brenbrook Plaza

151,857 Home Depot

H H O

Harbor View Marketplace Marketplace at Monmouth

Route 440 & Goldsborough Dr.

240,780 Costco, Lidl, LA Fitness, CVS

NJ Route 35 & Main St.

243,800 Future Development

Th St 66

Adjacent to Foreign Trade Zone State Hwy. 73 & Sunbird Dr. Route 70 & N. Locust Ave. 3500 US Hwy. Rte. 9 South Route 18 & Foxborough Dr. Route 46 & Waterview Blvd. Springfield Ave. near I-78 S. Delsea Dr. (Rte. 47) & College Dr.

127,920 Virtua Medical Group, Children of America

Shoppes at Renaissance Square

Sunbird Plaza

26,041 Future Development

Vacant Land

19.9 AC Across from Walmart, Sam’s, TJ Maxx

Acme Shopping Center

77,360 Friendly’s, Mattress Firm

H Fi

Foxborough Plaza

9.33 AC Across from Walmart Supercenter 146,185 Whole Foods, Homesense, DSW, Ulta

Waterview Marketplace

Va

0.3239 AC Vacant Land

Vacant Land

R M

Vineland Marketplace Hanover Towne Center

Vineland, NJ Whippany, NJ

TBD

Future Development

94,452 CVS, Dollar General 107,248 Mixed Use Development

810 Route 10 East

Fo W

Black Horse Pike & Main St.

Williamstown, NJ

Williamstown Shopping Center

Thomas G. Mirandi | tel 212.265.6600 x239 | tmirandi@rdmanagement.com

M id A tlantic Real Estate Journal — Retail Development Reimagined — March 27 - April 9, 2020 — 11A

www.marej.com

R etail D evelopment R eimagined

Waterview Marketplace | Parsippany, NJ

Mid-Atlantic Retail Opportunities

GLA/ Acrea ge Anchor Tenants

Property Name

Address

City/State

Vacant Land Grand Plaza

Route 13 & Bennie Rd.

Cortland, NY Deer Park, NY

26 AC Across from Walmart Supercenter

Commack Rd. & Grand Blvd. Saratoga Rd. & Glenridge Rd.

182,125 Kohl’s, Stop & Shop, Pet Supplies Plus

Harriman Commons Lake Shore Plaza II & III Target Shopping Center

Glenville (Albany), NY 170,616 Target, Pet Supplies Plus

t

Lake Ronkonkoma, NY 96,582 Stop & Shop, Regal Cinemas, Planet Fitness Portion Rd. & Patchogue-Holbrook Rd.

Routes 17/6 & Route 32 Route 59 & Hutton Ave.

Monroe/Woodbury, NY 706,230 Walmart, Target, Home Depot, BJ’s

Nanuet, NY

Home Depot Shopping Center

276,792 Home Depot, Raymour & Flanigan, Staples

Orangeburg Commons

Route 303 & Palisades Pkwy. Montauk Hwy. & Station Rd.

Orangetown, NY

153,219

Stop & Shop, Residence Inn

29,314 Provisions Natural FoodsMarket, SoulCycle

The Mill

Southampton, NY Stony Point, NY

a

Stony Ridge Plaza

Route 9W & Park Rd. 660 White Plains Rd.

21,212

US Post Office

660 White Plains Road

Tarrytown, NY

279,254 Adjacent to Super Stop & Shop

Home Depot Shopping Center

Hanover St. (Rte. 34) & I-81 Cowpath/HorshamRd. @Rte. 309 Horsham Rd. & N. Whales Rd. Rte. 309 & Pumping Station Rd. Hamilton Blvd. & Grange Rd.

Carlisle, PA

140,715 Home Depot, Chili’s

Five Points Plaza

Montgomeryville, PA Montgomeryville, PA

106,673 BJ’s Wholesale Club, Lowe’s

Vacant Land

6,400

Proposed Restaurant Pad

Richland Marketplace

Quakertown, PA Trexlertown, PA Richmond, VA Winchester, VA

444,531 Target, BJ’s, Best Buy, Petsmart, Staples

Macungie Crossing Shopping Ctr.

36,671 Near Walmart Supercenter

Food Lion Shopping Center

Rte. 1 & Chippenham Pkwy.

10.2 AC Food Lion, Fresenius Medical 91,087 Dick’s Sporting Goods, Planet Fitness

Winchester Plaza

S. Pleasant Valley Rd. & E. Jubal Early Dr.

rdmanagement.com

12A — March 27 - April 9, 2020 — M id A tlantic Real Estate Journal

www.marej.com

M id A tlantic R eal E state J ournal

Presents

2020 MENTORING PROGRAM In 2019, after almost two years of fantastic events such as tenant presentations, property tours, time management sessions and winery tours, the Pipeline worked to add another element to the networking platform: mentoring. In September 2016, in the midst of an ICSC SIG dedicated to women in

In mid-2018, one of our earliest members, Nancy Mozzachio, began to work on the creation of a mentor-mentee program for the Pipeline. Recognizing the importance of pairing experienced women in retail CRE with women attending a real estate- centered program in college, Mozzachio set out to mirror one of the many programs she participated in throughout

commercial real estate, the Pipeline was born. Founders Cortney Rickle and Julie Fox set out to establish a networking group for women within all aspects of the commercial retail real estate field. The networking group which includes as its hallmarks, diversity and inclusion for educational and fun networking events, now comprises over 200 women.

her career as a mentee as well as a mentor while an executive in CRE.

The Temple-Fox School of Business mentor/mentee program is continuing in 2020 with the Pipeline. The mentorship program fits perfectly into the Pipeline’s goal of using the wealth of information, contacts, expertise and skills of its members to build the next generation of CRE professionals.

If you know of anyone who may be interested in the Pipeline Mentor Program, please contact:

Nancy H. Mozzachio, Managing Principal, Sin Qua Non RE Advisors nmozzachio@sqnreadvisors.com

Our Mission : We plan monthly events that are fun and educational.

About The Pipeline : The Pipeline is comprised of female professionals in retail real estate.

The group was formed in September 2016 during the

Women's SIG at the ICSC PA/NJ/DE Conference. Our vision is to provide opportunities for women to network and support one another. We believe in building a pipeline for the women within the industry and the next generation of women to come.

Group Photo from the 2019 Mentoring Meeting

M id A tlantic Real Estate Journal — March 27 - April 9, 2020 — 13A

www.marej.com

M id A tlantic R eal E state J ournal

www.axisbuilds.com

tel.610.834.9080

fax.610.834.9109

14A — March 27 - April 9, 2020 — M id A tlantic Real Estate Journal

www.marej.com

M id A tlantic R eal E state J ournal

How to Make the Shift from "Expert" to . . .

Interest rates hit all-time low Marcus &Millichap presents Coronavirus Outbreak report

business or area of discussion) What do you want your busi- ness/this area to look like in two to three years? 2. What is the gap between the capabilities you have today and the ones you need to sup- port your aspirations? (What is getting in your way?) 3. What capabilities do you need now build to bridge this gap? Share what's working for others. "Come to meetings ready to share a few successful practices that other compa- nies in the same industry are using," said Sobel. "This is a great way to give added value and build your credibility with skeptical clients." Summarize your conver- sation and discuss next steps. During meetings, take five or ten minutes to summa - rize the discussion and then proactively suggest a next step. This could be another conversation to go deeper, or something else, like meeting other executives in the orga- nization. Sobel recommends offering something of value to encourage further dialogue. For example: "Would it be helpful if I put together a one- page outline of how I would approach this challenge? Then we could meet again next week to discuss it." Evoke their curiosity. This is your secret weapon. You can do this by mentioning new information and insights that you can subsequently share during your next meet- ing. Youmight suggest another client you'd like them to meet, or perhaps offer to interview other members of their team to in turn present a point of view on their challenge. If you don't make the shift from expert to advisor, you'll be a tradable commodity who is one of many solid "experts" or product salespeople clients can choose from. This will keep you thinking small, being reactive, and settling for a diet of what Sobel calls "little mice." "A lioness cannot live on mice alone—she simply can't catch enough of them each day to survive," he said. "Being an advisor allows you to make big catches: those longstanding, mutually prosperous client re- lationships that can keep you fed for years to come." AndrewSobel has written eight acclaimed, bestselling books on business relation- ships including Power Rela- tionships, Power Questions, All for One, and Clients for Life . 

"Show" by using engaging client examples. These should be very brief and conversation- al. Don't tell your prospect all the details. Instead, focus on three things: the original prob- lem the client wanted to solve; the approach you took (which ideally illustrates the unique- ness of your solution); and the results or impact. Hint: Make sure you have permission to give the name of the company and the executive you worked with. This adds heft and believ- ability to the example. If you don't have permission, then disguise the example. Have a conversation and use a whiteboard or flip- chart if appropriate. Don't rely on a slide deck or brochure to make yourself credible. If you have frameworks or diagrams you want to show, draw them on a flipchart or whiteboard. It's called "pencil selling" and it's far more engaging than projecting a slide. Use slides only as a leave-behind. Ask credibility-building questions. These are questions that inherently demonstrate your knowledge and experi- ence. You make a statement and then flip it into a question. For example: "It sounds like gaining more collaboration to serve your clients across or- ganizational silos is an issue for you. In looking at my other clients, the three most common barriers to collaboration I see are... (then list them). But I'm curious, in your organization what particular obstacles are getting in the way?" Ask implication questions. "This is a powerful way to bet- ter understand your client's agenda," said Sobel. "I recently met with a prospective client whose new strategy was quite public. My opening questions with the CLO were, 'I'm fa- miliar with your new strategy aimed at repositioning your firm in the large corporate seg - ment. How is this impacting your priorities in learning and development? What new capa- bilities and skills do your peo- ple need to develop to facilitate this shift?' Similarly, you could ask implication questions about external trends or competitive changes." Ask about their aspira- tions and the gap between the present and future state. This simple paradigm can help you understand the scope and gravity of virtually any issue. It goes like this: 1. What are your aspira- tions and goals for X? (X=the continued from page 2A

U

ncertainty drives in- terest rates to record low. The spread of the

coronavirus spawned inves- tor uncertainty that sparked the flight to safety. Investor fears, fueled by the limited in- sights available from leading health organizations as the new virus spread, continue to weigh on the market. As clarity emerges and actions are taken to mitigate the risks from the virus, financial mar - kets will likely begin to sta- bilize. Past pandemic events such as the swine flu, the bird flu and SARS also generated short term market volatility that stabilized within 90-180 days on average. While the trajectory of the coronavirus could certainly be different from past pan- demics, pharmaceutical firms have engaged in collaborative efforts to move a vaccine to trials as soon as April, offer- ing the prospect of a resolu- tion. Sound fundamentals sup- port steady performance. Real estate supply and demand generally remain in balance, supporting stable occupancy levels and a steady outlook. Assuming a worst-case pan- demic scenario is avoided, the pace of job creation and economic growth will likely taper but remain positive. This will sustain real estate fundamentals over the course of the year, delivering a rela- tively solid outlook. Investment Trends Despite the barrage of headlines focused on the COVID-19 and the impact this has had on financial mar - kets, real estate investment activity remains positive. The steep decline of interest rates to unheard of levels will support refinance and acqui - sition activity. Though many lenders have widened their spreads over the risk-free rates, investors have been able to lock in debt in the 3% range depending on the bor- rower’s credit, asset quality, location, etc. The reduced cost of capital has not translated to higher property valuations or lower cap rates as many sellers hoped because the new coronavirus does create additional uncertainty for many buyers. Barring a major economic disruption, commercial real estate yields and investment activity should remain stable. Potential coronavirus-related disruptions to the econo- my and investment market

would likely stem from pub- lic policies discouraging or restricting travel and public events. In addition, a major sustained drop in business and consumer confidence in reaction to the wave of nega- tive headlines could poten- tially restrain spending and spark an economic slowdown. The other substantive risk factor stems from financial and stock market volatility, which, if severe enough, could undermine confidence lev- els. Despite these downside risks, baseline forecasts still point to slower but positive economic growth that will sustain the expansion cycle and the underlying demand for real estate. Apartments: The apart- ment market will continue to deliver favorable performance as housing demand outpaces new supply. The coronavirus will have little direct impact on the demand for housing over the short term. Vacancy rates ended 2019 at 4.2% and are expected to rise modestly in 2020 as the market digests the addition of 300,000 new class A units. Class B and C apartments, with vacancy rates near historic record-low levels, will continue to deliver strong results. Hospitality: Hotels will likely face the most direct impact from the new corona- virus outbreak as businesses and tourists reconsider travel plans and restrictions are placed onmobility. Properties with a significant Asian cus - tomer base will face softening demand, but venues catering to conferences and major events could also be impacted if businesses and organiza- tions cancel these gatherings. The average 2019 occupancy rate was 66.2%, near a record high, so while the virus will likely weigh on performance, the sector should remain above the 30-year average occupancy of 62.5%. Office: Demand for office space should see little direct impact from the coronavirus outbreak over the short term as sturdy office-using job creation and the tight labor market support demand. The pace of office construction remains nominal in most markets, and absorption is expected to maintain paradoy with deliveries in 2020, keep- ing the national vacancy av- erage rate stable at 13.0 %. 

new coronavirus (COVID-19) beyond the borders of China quickly disrupted the financial markets. Investors, focusing on the downside risk potential of the outbreak, drove sig- nificant capital to the safety of the bond market, pushing the 10-year Treasury rate to an all-time low while driving the S&P 500 down by 11.5% in the last week of February, the largest one-week stock mar- ket drop since the financial crisis. Given the nature of this fast-paced correction financial markets will likely remain ex- tremely fluid until confidence is reestablished. Sturdy economy withstands headwinds. While the corona- virus will weigh on the U.S. economy in the first quarter, growth should be sustained. Expectations of weaker ex- ports, reduced tourism and supply chain-related shortfalls will moderate the pace of eco- nomic growth, but low unem- ployment and comparatively strong consumption levels should off set the headwinds unless the outbreak amplifies significantly or confidence levels drop dramatically. Em- powered by low inflation, the Federal Reserve delivered a surprise rate cut onMarch 3 in an effort to reinforce the econ- omy. Although Wall Street already expected a 50-basis- point cut at the Fed’s March 17 meeting, the Fed adjustment sparked an additional decline in the 10-year Treasury rate. Stock market volati l ity showcases real estate stabil- ity and yields. While the stock market was particularly ro- bust last year, with the S&P 500 delivering total returns exceeding 25%, equities re- corded a major correction that erased a significant portion of the gains. In the ensuing flight to safety, long-term Treasury rates dropped to a record low, offering real estate investors an exceptionally low cost of capital and some of the high- est levered returns in 30 years. Strong capital market liquid- ity and sound underlying real estate space demand remain pillars of support for commer- cial real estate. CRE Outlook Window for investor ac- tion could change rapidly. Uncertainty surrounding the expanse and impact of the

M id A tlantic Real Estate Journal — March 27 - April 9, 2020 — 15A

www.marej.com

M id A tlantic R eal E state J ournal

After 26% growth during 2010s, rents still rising in majority of markets Transwestern reports U.S. industrial market sustains 3 billion s/f of occupancy growth over past decade

H

nationally, with the larg- est percentage of that total concentrated in Dallas-Fort Worth, California’s Inland Empire, Houston, Chicago, Atlanta and New Jersey. Currently, only the Inland Empire and New Jersey register vacancy below the national average of 5%. Looking ahead, rising con- struction prices, concerns around overbuilding, and the approaching presiden- tial election could begin to curb development in some markets, even as rental rates rise. “While trade war anxieties

have subsided, uncertainty during election years some- times causes deceleration in leasing velocity – although the industrial market ig- nored that tendency during 2016,” Dolly said. “It’s the nature of the industry for oc- cupiers to exhibit more cau- tion when it comes to making major business decisions.” Transwestern Commercial Services (TCS) is a privately held real estate firm of col- laborative entrepreneurs who deliver a higher level of per- sonalized service and innova- tive client solutions. Applying a consultative approach to

Agency Leasing, Asset Servic- es, Occupier Solutions, Capital Markets and Research, our fully integrated global orga- nization adds value for inves- tors, owners and occupiers of all commercial property types. We leverage market insight and operational expertise from across the Transwestern en- terprise, which includes firms specializing in development and real estate investment management. TCS has 34 U.S. offices and assists clients from more than 200 offices in 37 countries through strategic alliances with France-based BNP Paribas Real Estate and

Canada-based Devencore. Experience Extraordinary at transwestern.com and @ Transwestern. ABOUT TRANSWESTERN The Transwestern en- terprise comprises diversi- fied real estate services, investment management and development compa- nies. The privately held, fully integrated organiza- tion leverages competencies in office, industrial, retail, multifamily and healthcare to add value for investors, owners and occupiers of real estate. 

OUSTON, TX — Between the first quarter of 2010 and

the fourth quarter of 2019, the U . S . i n - d u s t r i a l market ex- perienced occupancy g a i n s o f more than

Matthew Dolly

3 billion s/f, according to Transwestern’s latest na - tional report on the sector. In the most recent quarter, 58.6 million s/f of absorption contributed to that total. Meanwhile, the U.S. av- erage asking rental rate climbed to $6.38 psf in the fourth quarter, peaking for the third straight year. Five markets, including Las Vegas, Philadelphia, Oklahoma City, Boston and Raleigh-Durham, all posted year-over-year rent growth over 10%. “Positive net absorption for 40 straight quarters is a remarkable trend,” said Matthew Dolly , research director. “U.S. job growth and strong consumer spend- ing continues to drive retail sales, and despite record new deliveries, the construc- tion pipeline remains full. We anticipate rental rates – which, on average, grew by more than 26% during the past decade – will continue to rise throughout the year.” Despite many positive in- fluences on industrial real estate, a shortage of labor has generated some head- winds for the logistics sector. National e-commerce sales logged the highest annual growth in its 20-year exis- tence during 2019, which included a record monthly increase of 6.5% for De- cember. At this pace, more workers will be required in order to keep supply chains moving efficiently. Construction is also an area to watch. New product deliveries in fourth quar- ter 2019 were at the high- est level in six quarters, contributing to a modest rise in average national vacancy. Developers con- tinue to surge ahead with projects that present more infill space constraints and contamination issues than in the past. 450 million s/f of new space is underway

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