C Fritz and O’Donnell represent Armada Hoffler Properties in transaction Colliers Int’l. announces sale of shopping center in Chesapeake, VA totaling $90M

ISSUE HIGHLIGHTS Volume 32, Issue 12 June 26 - July 16, 2020

HESAPEAKE, VA — The Colliers In- ternational Retail Investment Team announced the sale of Gainsborough Square in Chesapeake from Armada Hoffler Properties to Slate Asset Management . Gainsborough Square is one of seven retail centers in a $90 million grocery-anchored port- folio sale by Armada Hoffler Properties. The neighborhood shopping center, built in 1999, comprises 88,862 s/f. It is anchored by a 44,874 s/f Food Lion, the market leading supermarket with 42.3% of 2019 sales in the Hampton Roads region. Other major tenants include Rite Aid, Super Cuts, UPS Store, Mc- Cormick Paints and Subway. The center was 93.8% occupied at the time of the sale. Gainsborough Square is located on N. Battlefield Blvd. The Greenbrier/Battlefield submarket is the number one mixed-use business district in the region and is surrounded by 19 million s/f of commercial space and more than 51,000 employees.


Section C 30 UNDER 30




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Gainsborough Square

Colliers International’s leas- ing team includes Natalie Hucke , senior vice president, and Kevin O’Keefe , senior vice president. MAREJ

Other Virginia properties in the portfolio included Bermuda Crossroads in Chester and In- dian Lakes in Virginia Beach. Jeff Fritz, CCIM, CPM ,

vi ce pres ident , and Jay O’Donnell , vice president, with Colliers International’s Norfolk and Charlottesville offices represented the seller.

Lee&Associates’ GordonandKelly secure770,000 s/f inMD&NJ; Driving totalmanagement +6Million s/f

foundation of a dynamic team with an exceptional ability to deliver personal- ized and tailored services to each of their clients,” said Brian Knowles , principal at Lee & Associates. “Their hard work and dedication is evident in the success they have had with our firm to date,” he concluded. Prior to joining Lee, Gor- don and Kelly most recently partnered in the manage- ment of assets throughout the Mid-Atlantic states of Pennsylvania, New Jer- sey, Delaware, and Mary- land. They specialize in industrial and office asset management services, and together have managed over 48 million s/f of properties throughout their over 40 years of combined manage- ment experience. MAREJ

has secured assignments increasing its total man- agement portfolio to over

management of a 245,000 s/f. property in New Jersey. Since joining the firm in Sep - tember of 2019, the team of principals, Bruce Gordon and Michael Kelly , have been focused on driving the growth of asset services for the company’s Pennsylvania offices. “Our service area is quickly expanding throughout the Mid-Atlantic, and we’re en- joying the growth opportuni- ties here at Lee,” said Gordon. “The platform of services we offer at Lee allows our team to provide best in class market knowledge for our institu- tional clients to make well- educated business decisions. We look forward to continuing to meet their real estate goals and those of new clients going forward.” he added. “Bruce and Mike are the

PENNSYLVANIA — Lee & Associates , a national full-service commercial real estate firm, recently an- nounced its Eastern Penn- sylvania Asset Services team

6 million s/f throughout Pennsylva- n i a , N e w Jersey, Del- aware, and Mary l and . O v e r t h e last thirty days, and in partnership with Lee & Assoc iates Chesapeake R e g i o n ’ s p r o p e r t y m a n a g e - ment team, LAEP was

Directory ROP (Front Section) .................................... Section A Contributing Columnist . Paul Fetscher CCIM CRX CLS, American Brokerage Inc. Creative Financing: The Key to Securing Deals .......... 2A Retail Development Reimagined . ..................... 5-13A People on the Move............................................ 14A Owners, Developers & Managers ............... Section B 30 UNDER 30.............................................. Section C www.marej.com

Bruce Gordon

Michael Kelly

awarded the management of three Maryland proper- ties totaling 525,000 s/f. In addition, the team secured

Inside Cover A — June 26 - July 16, 2020 — M id A tlantic Real Estate Journal




Designees on Staff


After all, you are a discerning customer TRUST THE PROFESSIONALS


516-771-2400 FREEPORT, NY 11520 Members of the Federation of Exchange Accommodators. Bonded and Insured EXCHANGE SOLUTIONS www.exchange-solutions.com Kim Rincones Sr. Exchange Coordinator Diane Schaefer, CES President Kim Rincones Sr. Exchange Coordinator Kim Rincones Sr. Exchange Coordinator 516-771-2400 1975 Hempstead Tpke., Ste. 201, East Meadow, NY 11554 Members of the Federation of Exchange Accommodators. Bonded and Insured Melissa Beck Exch nge Coordinator

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M id A tlantic Real Estate Journal — June 26 - July 16, 2020 — 1A








2A — June 26 - July 16, 2020 — M id A tlantic Real Estate Journal


M id A tlantic Real Estate Journal

M id A tlantic R eal E state J ournal Publisher, Conference Producer . .............Linda Christman AVP, Conference Producer ...........................Lea Christman Publisher ........................................................Joe Christman Editor/Graphic Artist..... .................................Karen Vachon Contributing Columnist .....Paul Fetscher CCIM CRX CLS, American Brokerage Inc. 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 12 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



Paul G. W. Fetscher, CCIM CRX CLS

Creative Financing: The Key to SecuringDeals I n a well balanced market, traditional financing is the usual and conventional method of providing capital for transactions. However, we seldom find ourselves in a well balanced market. Trends and perceptions usually bring us to either a sellers market, or a buyers market. Prior to the savings & loan collapse of the 1980’s, interest rates had climbed to unsustain - able levels. Prime rate hit a high of 12% while investment properties were commanding a 10% capitalization rate. In that era of inflation and expected appreciation, banks were ready to accept development fees as financeable and issued 100% - 120% loan to value financing. And then it all came tumbling down. Over 1,000 of 3,200 sav - ing & loan associations failed. Then came the meltdown of the 2008 financial crisis. With precipitously falling real estate values, lenders again found themselves with overfinanced properties. One executive vice


Sept. 2, 2020-6th Annual New Jersey Leadership

president of a financial group would only write 60% LTV loans. If the market continued to slide another 20% in values, he would still have an 80% loan. That brought about a challeng - ing situation for developers. They would have to put up 40% real live equity in order to move forward with a project. The age of Covid-19 has thrown un unprecedented monkey wrench into the world of financing. Now, more than ever, is a time for creative financing. Just about every commercial real estate landlord has found his cash flow to be interrupted. Manufacturing operations have been halted, office space

has been hit harder, and retail has been hit worst of all. Now, more than ever we are in need of creative financing. Today, try calling your land - lord or you bank and telling them you can’t pay this month. We have all experienced how long it takes to obtain bank approval on financing. The process starts with a myriad of forms. Then the requests for additional information, and, of course, the “committee” who, like the spectators in the Roman Coliseum, issue either a Thumbs Up or Thumbs Down. Their decisions can be arbitrary, capricious, and absolutely final. continued on page 14A

Sept. 9, 2020-5th Annual Philadelphia Healthcare & Medical


October 1, 2020-6th Annual New Jersey Industrial Real Estate Development

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M id A tlantic Real Estate Journal — June 26 - July 16, 2020 — 3A


M id A tlantic R eal E state J ournal

The 4-Building office campus marks the firm’s move into the Princeton/Mercer Countymarket Strategic Funding Alternatives, LLC acquires Windsor Corporate Center in East Windsor, NJ

AST WINDSOR, NJ — Strategic Fund- ing Alternatives, LLC (SFA) , a privately held com- mercial real estate investment firm, announced its acquisi - tion of Windsor Corporate Center (WCC), a four-build - ing campus with a combined 291,550 s/f of class A office space in the heart of Mercer County. Located on more than 39 acres of land at 50 Mill- stone Rd. in East Windsor, the complex is approximately 65%-70% occupied with a mix of national and international companies. Its easy access to the New Jersey Tpke., I-295 and other major roadways plus the Princeton Junction Train E An c ho r He a l t h Properties acquires key IRF in target Mid-Atlantic market PAM Dover DOVER, DE — Anchor Health Properties (Anchor) has recently acquired a 42,140 s/f class A Inpatient Rehabili - tation Facility (IRF) located in Dover. Anchor acquired the as - set through a joint venture with an affiliate of Harrison Street Real Estate . Anchor’s co-man - aged discretionary equity fund, Chestnut Healthcare Fund I , also invested in the project. Anchor’s chief investment officer James Schmid stated, “We are very pleased to an- nounce this new acquisition, which marks our sixth thus far in 2020. We continue to be quite active across the Unit - ed States through uncertain times in the capital markets and are looking forward to expanding our presence in IRF sector. The firmhas significant experience acquiring and de - veloping IRFs across its prin - cipals. Maintaining a positive outlook and keeping active on the investment front right now is more critical than ever. We are seeing an increase in de- mand for medical services and we expect this strong demand to continue for the foreseeable future. The sector has proven to rebound quickly following state lockdowns as healthcare is a basic need for American consumers.” MAREJ

Station is ideal for staff and clients. The corporate campus is also well-situated and in close proximity to many of the area’s large industrial parks. Existing building amenities include a full-service cafeteria, auditorium, fitness center and on-site storage with recent exterior and interior capital improvements. The deal closed on June 8, 2020. Says Jeffery Schneider, SFA managing principal, “It has certainly been a long few months but we are so excited to be entering the Princeton/ Mercer County market with

this new acquisition. WCC is a beautiful campus with plenty of space, abundant parking and flexible office con - figurations ~ perfect for those companies who may have dis - tribution facilities nearby but want class A corporate offices.” SFA already has plans for additional amenities and en- hancements as part of its core focus on optimizing under - valued properties. Schneider adds, “We see this property as a strong addition to our port - folio and will be aggressively leasing the available space to multiple prospects.” MAREJ

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4A — June 26 - July 16, 2020 — M id A tlantic Real Estate Journal


Questions? Contact: Harry Young | Executive Director 717.614.4271

harry@panjdeccim.com www.panjdeccim.com

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

R etail D evelopment R eimagined

M id A tlantic Real Estate Journal — Retail Development Reimagined — June 26 - July 16, 2020 — 5A


Morris County property anchored by Kings Food Market trades between private investors Cushman & Wakefield arranges sale of Dels Village Shopping Center, Boonton, NJ B footprint in 2015.”

OONTON , NJ — Cushman & Wake - field’s Capital Mar - kets team has arranged the sale of Dels Village Shopping Center, a 51,794 s/f grocery- anchored retail property in Boonton. Located at 115 Hawkins Place, the Kings Food Market- anchored center was sold by ROI Management to an undisclosed private buyer. The commercial real estate services firm represented the seller and procured the buyer in the $12.5 million trade orchestrated by East Ruther - ford-based investment sales specialists Seth Pollack, Andrew Merin, David Ber - nhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and OLD BRIDGE, NJ — R.J. Brunelli & Co., LLC an- nounced the recent completion of leases with Jersey Strong, Dollar Tree, Family Dollar, and local retailers, as well as sales of freestanding restau - rant and retail sites in various parts of New Jersey. The Old Bridge-based retail real estate brokerage’s activ - ity included the lease for a 25,067 s/f Jersey Strong fit - ness center that’s expected to open in the second quarter of 2020 at Dover Park Plaza in Yardville. Located at the intersection of Sunnybrae Blvd. and South Broad St., the 56,000 s/f Mercer County center is co-anchored by CVS. The township recently ap - proved the addition of a 3,000 s/f mezzanine within Jersey Strong that will be utilized for yoga and other fitness classes. Robert Kwiatkowski , R.J. Brunelli VP-tenant represen - tation, represented Jersey Strong in the firm’s capacity as exclusive tenant representa - tive for the chain throughout New Jersey. The firm also represented the landlord on the transaction in its role as exclusive leasing agent for the property, with president and principal Danielle Brunelli serving as listing agent and sales associate Peter Miller

Situated on a 4.4-acre parcel in northern New Jersey’s Mor - ris County, the center is one mile from I-287 and Rte. 202. Morris County consistently ranks in the top 10 wealthiest counties in the nation. “The property’s loyal, highly afflu - ent demographic base is a com - pelling attribute and will keep the center poised for future stability,” added Whitmer. Morris County’s economy is extremely diversified and in - cludes large employers in the pharmaceutical, healthcare services and financial services industries. Over 30 of the na - tion’s Fortune 500 companies are either headquartered or have major facilities in the county. MAREJ nese restaurant that is relocat - ing within the center. Dollar Tree expects to open during the third quarter of 2020 at the 93,251 s/f center, which is anchored by a recently opened Jersey Strong and Walgreens, which previously moved from an inline space to an outparcel with a drive-thru. Brunelli represented both the landlord and tenant on the Dollar Tree transaction. Meanwhile, Brunelli repre - sented the landlord on a lease that will bring a 20,696 s/f Market 516 grocery store to Walgreens’ former inline store and several adjoining spaces at the Rte. 516 center. Mike Horne of CBRE represented the tenant on that transaction. In Union County, the firm brokered an amendment for Family Dollar that extends the chain’s lease at 227 East Front St. in downtown Plain - field and enlarges its footprint from 6,000 s/f to 10,000 s/f. The retailer, which is expand - ing into an adjacent 4,000 s/f former furniture store, will also remodel its existing space. Opening of the expanded space is estimated for the second quarter of 2020. Brunelli and senior sales associate Pete Nicholson represented Fam - ily Dollar on the transaction. MAREJ

Dels Village

proven, durable investment op - portunity,” said Pollack. “Dels Village is currently 97 percent leased with a weighted average remaining lease term of nearly

eight years. Kings, which has anchored the center since 1999, signaled their success at this location by choosing to renovate and expand their

Max Helfman . “The high level of inves - tor demand stemmed from the center’s lengthy history of being well occupied; it’s a

R.J. Brunelli &Co. complete 82,136 s/f in NJ retail transactions

Coat Factory and Staples, soon to be followed by Auto Zone, LA Fitness and Lidl (in a former Acme space). In Ocean County, a free - standing Dollar Tree is ex - pected to open in the fourth quarter of 2020 in a new, ap - proximately 10,000 s/f build - ing at 84 Lacey Rd. inWhiting. Elcan and Associates , a Dol- lar Tree developer, purchased the site from The Kokes Or - ganization. “The contract be - tween Elcan and Kokes was signed in April of 2018, but the sale was not finalized until two years later, reflecting the time it took to receive approvals from all of the governmental entities,” said Brunelli, who represented Elcan on its acqui - sition of the property. Located near Lake Rd., the site is in close proximity to a Stop & Shop-anchored center and a freestanding Rite Aid. Dollar Tree additionally signed for a 10,056 s/f space at 2695 Rte. 516 in Old Bridge R.J. Brunelli, which also serves as exclusive leasing agent for the Middlesex County prop - erty (formerly known as the Browntown Shopping Center), worked with the landlord to create the Dollar Tree site by combining four spaces: a for - mer dollar store, pizzeria and vacant space, along with a Chi -

Dover Park Plaza

serving as project manager. In another transaction at Dover Park Plaza, Miller rep - resented the landlord and ten - ant on the lease for a 1,758 s/f Mama Dude’s restaurant. Ex - pected to open this summer, this will be the first brick-and- mortar location for the popu - lar food truck operator, which features build-your-own bowls with farm-fresh ingredients. The firm also brokered a total of five deals for Dollar Tree and sister retailer Fam - ily Dollar Stores in its role as exclusive leasing representa - tive for the two chains in New Jersey. In Gloucester County, Dol - lar Tree signed a lease for a 9,600 s/f space at Cross Keys Commons, located at 3501 Rte. 42 in Turnersville. The

chain will occupy the former Children's Place space and an adjacent vacancy at the 216,323 s/f center anchored by Walmart, Ross, ULTA, Five Below, and Famous Footwear. Brunelli brokered the lease for Dollar Tree, which plans a sec - ond-quarter 2020 opening at the Brixmor-owned property. Further north in Mercer County, Brunelli brokered Dol - lar Tree’s lease for an 11,015 s/f space formerly occupied by CVS at 2495 Brunswick Ave. in Lawrence Twp. The chain will be relocating from a free - standing building across the street to the recently acquired and renovated 367,267 s/f cen - ter. With an anticipated third quarter 2020 opening, Dollar Tree will join a tenant lineup currently led by Burlington

6A — June 26 - July 16, 2020 — Retail Development Reimagined — M id A tlantic Real Estate Journal


R etail D evelopment R eimagined

DRE’s Washington DC office completes five transactions totaling 11,740 s/f Neil and Teitsma of Divaris Real Estate’s Charlotte office completes retail lease for 27,600 s/f C $159,000. Robert Gray and Tony Thur represented the seller in the transaction.

HARLOTTE , NC — Divaris Real Es- tate, Inc. (DRE) , an- nounced the renewal of a lease for retail space in Durham. Office Depot renewed its lease for 27,600 s/f of retail space in the Divaris-leased and -managed South Square Shop - ping Center located at 4001 Chapel Hill Blvd. Charles Neil and Diana Teitsma represented the landlord in the lease negotiations. In other news, DRE an - nounced the completion of five transactions totaling 11,740 s/f of sold or leased retail and

Insignia Technology Ser - vices leased 5,800 s/f of office space in the Divaris-leased Cross Creek Commons lo - cated at 45150 Russell Branch Pkwy. in Ashburn, VA. Joe Farina and Amit Grover represented the landlord in the lease negotiations. Electric Unicorn leased 2,000 s/f of retail space in the Divaris-leased Church Rd. Plaza located at 4665 Church Rd. in Sterling, VA. Gray and Thur represented the landlord in lease negotiations. Nalu Boutique leased 1,000 s/f of retail space in the Di - varis-leased Gaitherstowne Plaza located at 206-300 North Frederick Ave. in Gaithers - burg, MD. Joseph Farina and Cassandra Maloney represented the landlord in the lease negotiations. Caliber Mortgage renewed its lease for 1,650 s/f of Diva - ris-leased office space located at 1325-1327 14th Street NW in Washington, DC. Gray rep - resented the landlord in the lease negotiations. MAREJ Bennett Williams brokers 15,380 s/f in retail leases YORK, PA — Bennett Wil - liams Commercial has ar - ranged the lease of the follow - ing transactions: 2,455 s/f retail space at Cloister Shopping Center, 95 N Reading Rd., Ephrata Bor - ough. Fulton Bank NA leased the space from Cloister As - sociates, LP. Ryan Myers of Bennett Williams Commercial represented the landlord in the transaction. 12,125 s/f retail space at Two Guys Commons, 905 Loucks Rd., York City. Oc - tapharma Plasma, Inc. leased the space from Two Guys Plaza, LLC. Abe Khan, Brad Rohrbaugh , and Chad Stine of Bennett Williams Commer - cial represented the landlord in the transaction. 800 s/f retail space at Man - chester Plaza, 4324 N George St. Extd., Manchester Twp.. Damon’s Cuts & Conversation Barber Shop leased the space from Debra and Elwood Mc - Manus. Karen Neiderer and Chris Seitz of Bennett Wil - liams Commercial represented both the tenant and the land - lord in the transaction. MAREJ

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7A — June 26 - July 16, 2020 — M id A tlantic Real Estate Journal


M id A tlantic R eal E state J ournal

8A — June 26 - July 16, 2020 — Retail Development Reimagined — M id A tlantic Real Estate Journal


R etail D evelopment R eimagined

Commercial sales comprise of three separate properties in coveted Maryland towns Cheema of Coldwell Banker Commercial NRT negotiates portfolio net lease sale for $18 million P a 1031 exchange exemplifies how we guide clients to suc- cess.”

Commercial The buildings include: • Chase Bank, Kensington - 3,500 s/f for $6 million. • CVS, Chester - 11,970 s/f for $6.475 million. • Walgreens, Glen Burnie - 14,650 s/f for $6.475 million. “Faraz successfully man- aged the acquisition of this portfolio during the current health crisis and changing economic environment,” said Dan Spiegel , vice president and managing director of Coldwell Banker Commercial. “His dedicated commitment to excellent client service dur- ing the limited time frame of

OTOMAC , MD — Co ldwe l l Banker Commercial repre- sented the buyer in the acqui- sition of several fully leased commercial properties within the state of Maryland. The properties collectively sold for $18.95 million. “This portfolio is a unique find in today’s market where absolute triple net assets are highly coveted and becoming more sought after by investors due to low risk and minimal day-to-day oversight other investments require.” – Faraz Cheema , investment sales specialist, Coldwell Banker

Marcus &Millichap arranges the $2.9 million sale of Dollar General multi-state portfolio Cheema represented a pri- vate family trust, the buyer of all three properties. MAREJ

© Coldwell Banker Commercial

CVS in Chester, MD

Dollar General

P I N E B L U F F , A R , BURNSVILLE, MS, AB- BEVILLE, MS — Marcus & Millichap announced the sale of a Dollar General multi-state portfolio. Each location con- sists of a 9,026 s/f net-leased property located in Pine Bluff, AR, Burnsville, MS and Ab - beville, MS. These assets sold for a combine sale price of $2,947,680. Michael Lombardi, Pat- rick Gray and Steven Schia- vello , investment specialists in Marcus &Millichap’s NJ of - fice along with ElizabethWil- liams , broker in the AR office and William Davis , broker in the Mississippi office, had the listing to market the property on behalf of the seller, a limited liability company. An offer, 98% of the asking price, was made within two days of suc- cessful marketing by the team and accepted by the seller. The Pine Bluff Dollar Gen - eral is located at 9209 Sulphur Springs Road in Pine Bluff, AR. The Abbeville Dollar General is located at 1038 MS-7 in Abbev - ille, MS. And the final location in this portfolio, the Burnsville Dollar General is located at 284 US Hwy. 72 in Burnsville, MS. In a seperate transaction, Marcus &Millichap announced the sale of Cranbury Rowe, a 10,100 s/f retail property located in Cranbury, NJ. The asset sold for $2,175,000. Alexander Pildes and Lom- bardi, investment specialists in Marcus &Millichap’s NJ office, had the listing to market the property on behalf of the seller, a private investor. The buyer, a limited liability company, was also secured and represented by Pildes and Lombardi. MAREJ


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M id A tlantic Real Estate Journal — Retail Development Reimagined — June 26 - July 16, 2020 — 9A


R etail D evelopment R eimagined

10A — June 26 - July 16, 2020 — Retail Development Reimagined — M id A tlantic Real Estate Journal


R etail D evelopment R eimagined

111-117 West Second Ave. contains a 7,690 s/f Shein and DiLeo of NAI DiLeo-Bram & Co. close sale of mixed-use property in Roselle, NJ R

to investors. We reached out to a wide list of buyers and brokers to expose the prop- erty fully. We then diligently contacted everyone on our list to secure the right buyer for this property at the best possible terms for our client,” he added. The property has the potential to convert the available office space into apartments which broadened its appeal to the buyer said DiLeo. Located just minutes from the Garden State Pkwy and Roselle Park NJ Transit Sta- tion, 111-117 West Second Ave. is convenient to New York City and offers residents a mix of urban and suburban living. Several restaurants, retail stores and parks are nearby. MAREJ SVNMiller's Insley settles on land in Berlin, MD for 7-Eleven BERLIN, MD — Tonney Insley, SVN Miller Com- mercial settled on 3.3 acres at real estate investment, devel- opment, property and asset management company based in Chicago, IL. They felt this market was worthy of their investment and when tasked with the project by 7-Eleven, they mobilized to acquire the land in a walk through the entitlement process. The site has been approved for development and Core Ac- quisitions will be constructing a 7-Eleven convenience store with a car wash. The project is slated to begin construction over the summer and local construction firm Delmarva Veteran Builders will oversee the build. In October of 2018, Insley also sold the SW corner of US Rte. 50 and Samuel Bowen Blvd. That property could see development in the future but is currently available for ground lease. The proposed gas station will be the last service center on US Rte. 50 until entering West Ocean City. MAREJ the SE corner of US Rte. 50 and Samuel Bowen Blvd. in Berlin. The land develop- ment group, Core Acqui- sitions , is a commer c i a l Tonney Insley

OSELLE, NJ — NAI DiLeo-Bram & Co. , the full-service com- mercial brokerage firm re- cently announced that Marc Shein , senior vice president along with Matthew DiLeo , associate, closed the sale of 111-117 West Second Ave., a 7,690 s/f mixed-use property located in Roselle. Shein and DiLeo served as the broker for the property and also se- cured the buyer in the sale. The property is comprised of 7,690 rentable s/f with three retail tenants occupying the first floor of the building, one office tenant located on the

second floor and some vacant office space on the third floor. “We are pleased to have served as the exclusive bro- ker for this unique property,” stated Shein. “The retail in- come, and the upside potential for additional office tenants, made this property attractive Marc Shein Matthew DiLeo

111-117 West Second Ave.

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M id A tlantic Real Estate Journal — Retail Development Reimagined — June 26 - July 16, 2020 — 11A


R etail D evelopment R eimagined


Julius Borrus Broker & President Borrus Associates 340 Rte 35 South Red Bank, NJ 0771 P: 908-839-0052

borruscommre@aol.com A Member Of The International Council Of Shopping Centers NY, NJ, CT, PA INVESTMENT REAL ESTATE

12A — June 26 - July 16, 2020 — Retail Development Reimagined — M id A tlantic Real Estate Journal


R etail D evelopment R eimagined

Mid-Atlantic Retail Opportunities

306,876 GLA/ Acreage

Property Name



Anchor Tenants


V 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 H F T S 6

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

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

Foxborough Plaza

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

Waterview Marketplace

R M F W Va

0.3239 AC Vacant Land

Vacant Land

Vineland Marketplace Hanover Towne Center

Vineland, NJ Whippany, NJ


Future Development

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

810 Route 10 East

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 — June 26 - July 16, 2020 — 13A


R etail D evelopment R eimagined

Waterview Marketplace | Parsippany, NJ

Waterview Marketplace | Parsippany, NJ

Mid-Atlantic Retail Opportunities

GLA/ Acrea ge Anchor Tenants

Property Name



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


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


Stop & Shop, Residence Inn

29,314 Provisions Natural FoodsMarket, SoulCycle

The Mill

Southampton, NY Stony Point, NY


Stony Ridge Plaza

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


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


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.


14A — June 26 - July 16, 2020 — M id A tlantic Real Estate Journal


P eople on the M ove

DeMarco of Mack-Cali joins NJ advisory council

New owners are Cole Banks and Barrows EXIT Realty Corp. announces new ownership in Virginia

mortgage will consist of five payments of $100,000 each, with each payment bearing its own interest. The payments will be due October 1st of each of the next five years. If the restaurant can fully operate by July 4th, 2020, the first payment will be due October 1, 2020. If the restaurant can- not be fully opened by July 4th of this year, then the first payment will be due October 1, 2021 with subsequent notes due on each of the next four years. By having each note bear its own interest, each payment will be greater than the previous year’s payment. Should the buyer choose, he can prepay all or part at any time without penalty. While retailers are ramping up their businesses during search for a ‘NewNormal” cre- ative financing can help in the sale of a business. A first year with an interest only structure can help a business regain footing before being saddled with principal payments. The ability to be creative is more necessary than ever before. The limits are only the limits of your imagination. Be creative! Paul Fetscher is presi- dent of Great American Brokerage Inc. a New York based commercial real estate firm special- izing in restaurants and retail as well as business brokerage. MAREJ esteemed group of New Jer- sey organizations from both the public and private sector. “I am honored to join the Restart & Recovery Advisory Council and take part in this important opportunity to serve the state of New Jersey in the fight against COVID-19,” said DeMarco. “The health and economic crisis caused by the virus continues to present numer- ous challenges for our great state. I applaud Governor Murphy and the council co- chairs for engaging experts and business leaders from diverse fields to help miti - gate the pandemic’s impact and strengthen our local economy.” The council will be co- chaired by NJ Secretary of Higher Education, Dr. Zakiya Smith Ellis, New Jersey Economic Devel- opment Authority CEO Tim Sullivan , and Choose New Jersey president and CEO Jose Lozano . MAREJ

JERSEY CITY, NJ — Mack-Cali Realty Cor- porat ion (Mack-Cal i )

announced t h a t M i - chael De- M a r c o , chief execu- tive officer o f M a c k - C a l i , h a s been invited to serve on

ORTON, VA — Tami Bonnell , CEO of EXIT Realty Corp. Interna- tional announced a change of ownership of the subfranchisor rights for the state of Virginia. The new owners are long-time EXIT Realty franchisees from Maryland, Bernadette Cole and Koy Banks , and their business partner, Randy Bar- rows . Bernadette Cole is the bro- ker/owner EXIT Landmark Realty with two locations in Maryland, and a co-owner of EXIT Realty Associates in Lorton, VA. She holds a BS de- gree in Financial Services from Wright State University. She is a John Maxwell Certified Mentor, Coach and Speaker, a Brian Buffini Certified Mentor and holds GRI and CDRS Elite certification. Cole’s office has a proven track record of new agent suc- cess, producing the Rookie of the Year (highest producing new agent) for Charles County, Maryland for several years. In 2019, the office was recognized by REAL Trends America’s Best as one of the top 1% of brokerages in the nation. Koy Banks, is the broker/ owner of EXIT Community Re- alty inMaryland and a co-own- er of EXIT Realty Associates in Virginia. He has been in the real estate business for fifteen years and a broker for twelve. As a broker and franchisee, Banks is committed to provid- L

Michael DeMarco

Bernadette Cole

Koy Banks

Randy Barrows

Conversely, there is the world of private financing. When deals may not fit neatly into the bank’s lending parameters there can be other options to pursue. “Hard Money” comes with higher interest rates con- comitant with the perceived higher risk involved that what the bank would underwrite. Hard money is usually funded by private lenders. The cost is higher than a bank but less than having a partner. Privately help businesses are typically sold with the in- corporation of seller financing often referred to as a Purchase Money Mortgage. Inherent with this form of financing is generally the ability to be most flexible. In todays challenging cash flow environment, an ad - justment in financing is often just one phone call away. A call to your lender can lead to inter- est only for a period of time, or forbearance on all payments. A usual resolution would be for something along the lines of several months with no pay- ments. The resolution would provide for interest to accrue during that time. A loan can be extended to amortize any delayed payments or accrued interest. Modification agree- ments can usually be written up in a single page modification agreement. On a seasonal restaurant lo- cation, the seller is carrying a $500,000 first mortgage. The New Jersey’s Restart & Re- covery Advisory Council. The council was formed by New Jersey Governor Phil Murphy to advise state lead- ership on economic matters impacted by the COVID-19 pandemic. In addition to focusing on issues related to the restarting of businesses in New Jersey, the council will also work on a frame- work to facilitate the long- term growth of the state’s economy. DeMarco will serve on the Facilities and Construction Subcommittee, joining an

ing his agents with efficient systems, leadership, training, and fostering a high-energy motivational atmosphere. Banks is also a top-producing agent and team leader having sold more than 500 homes in his real estate career. He has achieved several sales awards with EXIT including induction into the company’s Sapphire Circle and his sales team has ranked among the top 10 in the company. Randy Barrows is a co-owner of EXIT Realty Associates in Virginia, and the Director of Operations for Cole’s EXIT Landmark Realty offices. Pri - or to joining EXIT, Barrows served in the United States Air Force, was co-owner of a real estate investment company and had a 20-year career with Verizon Communications. Barrows is a trusted and proven expert in operations and management. During his time with Verizon, he received top accolades for his leader- ship and expertise successfully resurrecting four multimillion- dollar contracts from can- cellation and returning two projects in multiple markets. Over this period of time, he has managed the investment of approximately $300 million in equity in nearly $1.0 billion of commercial assets while expanding the firm’s footprint and influence for commer- cial office product to markets including Atlanta, Central Florida, Nashville and Texas. Many transactions involved the identification of emerging operator talent and joint ven- tures structured to best lever- age FCP’s platform and capital the company’s MidAtlantic market, providing property management services in the metropolitanWashington, D.C and Virginia areas. “I consider this to be an- other advancement in our strategy to expand and serve community associations in the

underperforming program centers to profitable status in less than three months. He additionally held various se- nior management positions at Verizon in both the Customer Service Center and Network Operations Center. Virginia’s new ownership team accepted the baton from Nancy Shaver and Tom Shav- er, Regional Owners of EXIT Realty Virginia since 2004. While they have retired from their regional roles, the Shav- ers will continue their associa- tion with EXIT Realty. “This change of ownership is the perfect passing of the baton in Virginia,” said Bon- nell. “Nancy and Tom will still be with EXIT and able to spend more time with several grandchildren, while Berna- dette, Koy and Randy bring their success and skillset for the next chapter. My heart was warmed when during a transition meeting, Nancy told their brokers she loved them and believed that she and Tom were putting them in the right hands to go to the next level.” MAREJ

continued from page 2A Creative Financing: The Key to . . .

CHEVY CHASE, MD — FCP congratulates Erik Weinberg on his promotion structure. Weinberg also grew FCP’s commercial division into a six-person team focused on 10 U.S. markets. In recent years, Weinberg led the company through a highly successful off-market purchase, reposi- tion, lease and sale of 1 Dulles Tower, a 400,000 s/f value-add office building in Herndon, VA. The resulting lease to Amazon Web Services was one of the largest private sector leases in Northern Virginia in the last 15 years. MAREJ FCP promotesWeinberg to principal of firm Erik Weinberg to principal. W e i n b e r g ha s , s i n c e joining the company in 2012, led the private eq- ui ty f i rm’ s commercial real estate FirstService Residential promotes Ken Martin

strategy and implementation, including the highly successful program for adaptive reuse BOSTON, MA — FirstSer- vice Residential announced a new business development role for its New England mar- ket and tapped top business development director – Ken Martin – for the role. Martin previously served as the busi- ness development director in

New England market,” said Michael Mendillo, president, FirstService Residential. “I’m confident Ken will bring his tenacity and expertise, as well as his deep understanding of our sales methodology and the needs of association boards to this new role.” MAREJ

M id A tlantic Real Estate Journal — June 26 - July 16, 2020 — 15A


16A — June 26 - July 16, 2020 — M id A tlantic Real Estate Journal


M id A tlantic R eal E state J ournal Colliers International Research & Forecast Report Northeastern Pennsylvania Spring Office 2020 Q1 Market Reviews


ey Market Trends The following re- sults were based on

the two-and-a-half month pe- riod prior to the pandemic shutdown. • The overall vacancy re - mained at 9.0%. class A va- cancy increased from 11.5% to 12.1% due to smaller space givebacks. The class B vacancy rate decreased from 7.3% to 7.0%. • The weighted average asking rent remained essen- tially flat for class A and class B space. • Leasing activity was very limited even before the state- wide business shutdown. Gen- eral uncertainty about the duration of this economic event and the assessment of longer term impacts are likely to im- pact business decisions for the next one to two quarters at the minimum. • No immediate, sharp in - crease in vacancy is anticipated and asking rental rates are projected to remain flat for the next quarter. However, there may be sig- nificant changes to future office space needs. Companies have had to adjust to having a re- mote workforce and are likely to have to provide flexibility for employees who want to con- tinue working from home. The office environment may also be adjusted to provide more room for employees, ending the trend of tightly grouped, collaborative workspaces. With these changes, it is expected that despite the economic un- certainty going forward, office space needs will remain con- stant, and the amount of space

needed per employee may actu- ally increase. Investment Activity: New to and on the Market An 8,470 s/f, two-story of- fice building on Layton Rd. in Clark’s Summit came on the market at $775,000 this past quarter, targeted to either an owner/user or investor. • The medical office building at 4437 N. Center St. in Potts- ville is a high vacancy asset that was brought to market just after the New Year. It is being marketed to an owner/ user for $795,000. • A 10,000 s/f professional office complex on Route 611 in Tannersville is available as an REO sale. • After seven months the Waterfront Professional Park at 670 – 672 S River St. in Plains is still on the market for sale unpriced. This two build- ing, 122,000 s/f complex is just off the Cross-Valley Express- way and minutes fromWilkes- Barre General Hospital. • A five-building portfolio of medical office buildings throughout PA anchored by Dental Care Associates and containing 39,000 square feet

is offered at $7,225,000 which is purported to yield a 7% cap rate on existing NOI. One of the assets is in Montoursville, and another is in Selinsgrove. The properties may be purchased individually. The offering first came to market in Oct. 2019. • The 417 Lackawanna Av - enue building in downtown Scranton remains on the mar- ket since 2016 despite its 75% occupancy with credit tenants. Offered at $3,850,000, this 31,420 s/f, class A office build - ing is being touted as soon to be 100% occupied. Footnote Regarding CO- VID-19 In the midst of the CO- VID-19 outbreak, information and data is emerging at a quick and uneven rate. The informa- tion contained herein has been obtained from sources deemed reliable at the time the report was written. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report. MAREJ

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