IRGINIA BEACH, VA — Blackfin Real Estate Investors, V Transaction involved assumption of agency debt originated by NKF Blackfin & GMF Capital LLC acquire 600 unit apartment community in VA

ISSUE HIGHLIGHTS Volume 31, Issue 6 March 29 - April 11, 2019


LLC and GMF Capi tal LLC closed on the purchase of Baker Crossing, a 600- unit apartment community in Virginia Beach. Built in 1970 and spread across 75 buildings, Baker Crossing occupies an ideal transit- oriented location in Virginia Beach's Central submarket, proximate to Hampton Roads' main transportation arteries which provide access to all of the region's primary employ- ment centers. The transac- tion involved the assumption of agency debt originated by Newmark Knight Frank . This is the first transaction consummated by New York- side Blackfin, an Arlington based multifamily operator. “Our firm has closely tracked Blackfin’s growth since its inception several years ago,” noted GMF’s chief investment NEW YORK, NY — Blue- ground announced its latest funding round totals $20 mil- lion and includes the participa- tion of prominent NYC-based entrepreneur Kevin Ryan , who will also join the company’s Board of Directors. Blueground has raised a total of $28 million to date and counts well-estab- lished venture capital funds VentureFriends, Endeavor Catalyst and Jabbar Internet Group among its investors.

Section C

2019 Expo



Virginia Beach market and create a welcoming community for our residents by addressing deferred maintenance issues and enhancing amenity and unit finishes.”  successful ventures together.” Leslie Furst , Blackfin’s COO added, “The acquisition of Baker Crossing by Blackfin and GMF offers us the op- portunity to enter the vibrant Baker Crossing Blueground tops $28m in funding to expand network officer, Jeff Selinger . “We are thrilled to be partnering with a first class team so well posi- tioned to successfully execute our business plan. We expect this to be the first of many

Jay Haines, NAI Summit


growth potential. After meet- ing Alex and the team, I am convinced of the potential of Blueground and excited to be an investor and a member of the Board.” In the US, Blueground leases from property owners and management companies. The company typically leases nu- merous apartments before they hit the market, with a goal of holding them for many years, ensuring landlords steady cash flow and value-added financ- ing solutions that maximize a property’s annual yield. The company then offers the proper- ties with premium furnishings, high-speedWiFi, luxury linens, high-end gadgets and beautiful designs, to vetted renters for 30 days or longer. Once the online reservation is made, guests have access to ongoing support and information through the Blueground app, where they can arrange housekeeping, request maintenance, or even modify their stay by moving to another apartment in a new neighborhood or city under the same service agreement. 

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Blueground seeks to be an optimal choice for individual and business guests moving or traveling to a new city for a month, a year or even longer. “Renting an apartment can be a tedious and time-consuming process. You need to deal with a number of frustrating activi- ties, from filling out paperwork to furnishing the apartment. With Blueground the renting experience becomes efficient, streamlined and seamless. And for business guests, we’re pro- viding a more spacious, lower cost alternative to a hotel,” said Alex Chatzieleftheriou , CEO

and co-founder of Blueground. “This capital will move us closer to our goal of leasing 50,000 apartments globally within the next five years. It will also allow us to elevate the seam- less experience we’re providing landlords and guests, while cultivating a work environ- ment that attracts the best and brightest talent.” Ryan added: “Blueground provides a product that speaks to a human need in an increas- ingly mobile business world. The team has a clear vision of where they want to go, in a market with significant

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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 Account Executive ........................................... Steve Kelley Account Executive ............................................. Kim Brunet Senior Editor/Graphic Artist ..........................Karen Vachon Office Manager ...............................................Kerrin Devine Contributing Columnist ......... Jay Haines, NAI Summit; Bill Stevenson, Target Building Construction Mid Atlantic R eal E state J ournal ~ Published Semi-Monthly Periodicals postage paid at Hingham, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal 350 Lincoln St, Suite 1105, Hingham, MA 02043 USPS #22-358 | Vol. 31, Issue 6 Subscription rates: $99 - one year, $148 - 3 years, $4 - single copy 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.marejournal.com

M id A tlantic Real Estate Journal

The Missing Piece.

Jay Haines, NAI Summit

Market Trends and Future Impacts C losing the book on 2018 and moving into 2019 and beyond the zeit- geist generated in the past year seems to have fueled an air of continued economic expan- sion and real estate optimism. Above average corporate per- formance, strong consumer de- mand, and a business friendly tax policy have propelled the U.S. economy through another solid year. Multifamily investment and development remained king up 8% from the previous year. Considering that earlier pre- dictions had single family homebuilding outpacing multi- unit development. Multifam- ily was followed by industrial transactions continuing to be driven by e-commerce’s un- quenched thirst for distribu- tion/warehouse locations. 2018 saw a net improvement in this sector of 26%. U.S. metroplex markets, especially Seattle, San Francisco and Chicago are seeing an acceleration of multi- story warehouse construction. Rising construction costs and less available land are the driv- ers of this new trend; though for Europe and Asia this is nothing new. Investor optimism has been further spurred on by the U.S. Treasury Department and In- ternal Revenue Service’s roll out of the national Opportunity Zone program touting the po- tential of more than $6 trillion in unrealized capital gains be- ing eligible to be deployed into zones nationwide. The focus of the program is to bring private sector investment to under-

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The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal

served areas in exchange for generous tax cuts. If the initial interest and investment prior to launch are any indicator the results should track positive. Upward market trends can’t be discussed without the pro- verbial ‘elephant in the room’ being mentioned. That being the tech sector, data centers and the scurrilous demand for more data capability. Usurping even location in the market- place access to connectivity and data storage are paramount. Regional leaders, such as, Northern Virginia, North Caro- lina and parts of the Midwest will continue to see significant expansion. However, these ex- pansions may still fall woefully short of demand. And, just for sake of a mention add to that mix Amazon’s HQ2 nationwide search competition to flush out every trend possible. As for the remaining market sectors of office and retail the past year’s trends seem to be continuing. On the office side it is “steady as she goes” with lease rates and absorption remaining stable at current levels. The retail market might best be summarized by, “retail isn’t shrinking, but growing painfully in a new direction.”

While certain retailers have and will face choppy waters ahead; others are expanding and using new concepts to fos- ter consumer confidence. The simple fact is the paradigm of buying has changed never to return to its’ former state. The existing retail bricks and mortar is and will continue to see new and creative adaptive reuse. Despite of all the kudos of the past year it was not without its own set of outlier issues. A few worth noting that may cre- ate consequences are national infrastructure needs being a possible black swan event slow- ing expansion and development projects nationwide. Another outlier are interest rate hikes. Three modest hikes occurred in 2018; and Federal Reserve Chair, Jerome Powell seemed to adopt a mantra of the medi- cal profession, “do no harm.” Outwardly, it appears most companies had prepared in advance for this eventually. A final lingering item throughout the calendar year has been the unresolved tariff’s question. When and how this critical topic plays out could have sig- nificant impacts on multiple continued on page 3A


Real Estate Journal — March 29 - April 11, 2019 — 3A


M id A tlantic

M id A tlantic R eal E state J ournal

EW YORK CITY , NY — The Commu- nity Preservation Company builds team of experts in Freddie Mac, Fannie Mae, FHA Financing CPC launches CPC Mortgage Company LLC, a one-stop-shop specializing in agency lending N

technical assistance and deal execution. While offering prod- ucts for a broad range of capital needs including flexible bridge loans, with strong ties to the parent company and its mis- sion, CPC Mortgage Company LLC has unique institutional expertise in affordable, stabi- lized housing and small build- ings/small balance loans. “It was important to us that CPC Mortgage Company not just be successful, but that it helps to further the nonprofit mission of CPC and that it’s true to our core values,” said Rafael Cestero , president & CEO of CPC. “Having products that target affordable housing

in 2015, and soon added both Fannie Mae and FHA licenses. “The launch of CPC Mort- gage Company LLC, brings our trademark dedication and ability to execute to borrowers looking for the opportunities that Agency products offer,” said Sadie McKeown , EVP and chief operating officer at CPC. “It’s not just about originating – we’re here to build relationships and put our bor- rowers in the best position to be successful for the long-term.” By offering its trademark hands-on technical assistance, CPC found success early and built a robust Agency platform with products that compliment-

ed the company’s mission and decades of history of financing small buildings and affordable housing. Leadership at CPC created the foundation of its new team from inside the com- pany, and recruited profession- als with years of experience in Agency originations, analysis, underwriting, and asset man- agement. For the last two fiscal years, the Agency team operated un- der the CPC umbrella, but with originations in Fiscal Year 2018 at nearly $500 million over a portfolio of 154 loans, it was time to officially launch CPC Mortgage Company LLC as a stand-alone subsidiary. 

and small buildings is a perfect fit. Those are areas where our decades of experience put us in a position to provide un- matched value to our customers and communities.” CPC has been a leader in the multifamily finance industry since its founding in 1974, focusing on the needs of un- derserved communities and the unique capital challenges faced by owners and managers. CPC started its relationship with Freddie Mac in 1994 as a con- ventional lender. To help meet the needs of its core constitu- ency of small building owners, the company became a Small Balance Loan seller/servicer

C o r p o r a - tion (CPC) , a nonprofit a f f o r d a b l e housing and c ommun i t y r e v i t a l i z a - tion finance company, an- nounced the

Rafael Cestero

launch of CPC Mortgage Company LLC , a subsidiary created solely to focus on the company’s rapidly growing Agency lending business. CPC Mortgage Company LLC was officially introduced at a recep- tion on February 11th during the Mortgage Bankers As- sociation’s Commercial Real Estate Finance/Multifamily Housing Convention & Expo 2019 (CREF19) in San Diego, CA. CPC Mortgage Company LLC offers a suite of Freddie Mac, FannieMae , and Feder- al Housing Administration (FHA) products for acquisition, refinance, rehabilitation and construction for multifamily properties. This new one-stop shop provides borrowers with a team of experts with deep experience in all aspects of the Agency business to ensure that borrowers receive unmatched economic fronts. The Focus of 2018 economic and market trends going for- ward might best be summa- rized by 19th Century, Amer- ican essayist Henry David Thoreau’s quote, and “Success usually comes to those who are too busy to be looking for it.” The historic decade plus of steady economic growth seems to mirror Thoreau’s words of yore. This begs the question as to when the next downturn occurs. Historically, the U.S. business cycle downturns occur within one or two years of the economy reaching full employ- ment. Generally coupling with another imbalance, such as, inflation, high interest rates, trade wars or other anomalies. No obvious imbalances cur- rently appear postured to trig- ger such an event; settling the current trends into a continued period of stable noninflationary growth. Time will tell. Jay Haines is a Vice Presi- dent at NAI Summit.  continued from page 2A Market Trends and Future . . .

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4A — March 29 - April 11, 2019 — M id A tlantic

Real Estate Journal


M id A tlantic R eal E state J ournal

onventional wisdom has generally been that cost segregation By Bruce Johnson, MBA, CEM, Capstan Tax Strategies Good things come in small packages: Tax reform increases the utility of cost segregation on smaller properties C the TCJA-effect, which almost triples the additional first year cash flow: might make excellent candi- dates for a study in the post- TCJA era. on your investment. For example, consider two three-family rental homes

(TCJA) is changing the rules, and it’s time to reevaluate con- ventional wisdom. Under the PATHAct, Bonus depreciation was fixed at 50%, and only new assets were eligible for Bonus. The TCJA has boosted Bonus depreciation to 100% for four full years. Furthermore, under the TCJA acquisitions are also eligible for Bonus treatment. Qualifying assets no longer have to be new to be Bonus- eligible; they just have to be “new to you,” and as such it’s worth taking a closer look at smaller basis properties. Properties that wouldn’t have warranted a study in the past

studies are only worth performing on proper - ties with a m i n i m u m depreciable basis of $1M. Most people figured that the savings

More and more taxpayers are commissioning studies on acquired properties, smaller properties, and 1031 exchange properties with relatively small step-ups in basis. It’s well worth reassessing the fitness of these properties in light of the TCJA, especially considering that the price of the study itself is com- mensurate with the size and complexity of the property. Smaller properties generally have lower study costs, mak- ing for an even better return



Additional 1st Year Cash Flow $17,679

$49,512 $35,643

10-Year NPV


on the same block. The total basis for both properties is $750K. Engineers were able to move 13% of qualified assets to 5-year class life and 5% to 15-year land improvements. With a basis of $750K, a proj- ect like this probably wouldn’t have been considered a viable candidate for cost segregation in the past. But take a look at

If you or your client owns smaller-basis real estate, it might be time to consider cost segregation as a viable tax strategy. Keep in mind that the value of cost segregation extends well past accelerated depreciation. Cost segregation provides the meticulous data required to support a myriad of tax strategies that confer benefits throughout the real estate life cycle. There’s never been a better time to perform a cost segregation study, and it’s well worth consulting with a trusted professional to make the most of your real estate – whatever size it might be. Bruce Johnson, MBA, CEM is a co-founder and partner at Capstan Tax Strategies. Johnson works closely with commercial real estate owners and ac- counting firms to provide practical, creative, and customized engineering- based tax solutions.  Transwestern Commercial Svcs. names Ford pres., East Region HOUSTON, TX — Tran- swestern announced Bruce Ford has been named presi- sumes oversight of operational excellence, client service deliv- ery, and business development initiatives for the commercial real estate services business in offices throughout Florida, Georgia, Tennessee, Virginia, Maryland, the District of Co- lumbia, Massachusetts, New Jersey and New York. This new position is part of the company’s transformation to a broader, three-region approach to commercial services, which is designed to inspire high performance, capitalize on synergies and enhance client connectivity.  Bruce Ford dent of Tran- s w e s t e r n Commercial Services’ East Region. Ford, who pr ev i - ously served as president of the South- east, now as-

Bruce Johnson

accrued on a smaller study wouldn’t even cover the cost of the study itself. Hard pass. Not so fast. The passing of the Tax Cuts and Jobs Act

S hopping C enters

Real Estate Journal — Shopping Centers — March 29 - April 11, 2019 — 5A


M id A tlantic

HIPPANY, NJ — Costco Wholesale, the highly-antici- Wholesale club is anchor tenant of major mixed-use development at Military Ocean Terminal JMF Properties and RDManagement announce opening of Costco At Harbor ViewMarketplace W residents to this fast growing section of Bayonne.”

more consumers to the region, but it will simplify shopping for area residents and travelers in need of anything from grocery to furniture items or even a quick stop to fill up their car at the 18-pump Costco Gasoline gas station. This wholesale retailer is the perfect anchor for Harbor View Marketplace, and we wish nothing but suc- cess for Costco and the future development of the center into a complete live-work-play com- munity.” The residential portion of the project will deliver 651 luxury rental residences to a 14-acre site with views of Bayonne Golf Club across an inlet of New York Harbor. The rental residences will be housed in two five-story buildings which include an 820-space enclosed parking garage. 

The opening of Costco is a milestone moment in the re- development of Military Ocean Terminal, a 103-acre peninsula that juts out into New York Harbor. Formerly a base for both the Army and the Navy, Military Ocean Terminal is now being transformed into a mixed-use waterfront destina- tion comprising residential, retail, restaurants, commercial space and recreation. “Bayonne is a great place for shoppers who want to break away from Jersey City, Staten Island, or even Manhattan, to get their shopping done,” said Richard Birdoff , principal and president of RD Manage- ment. “This is the first Costco in the Jersey City-Bayonne area; not only will it attract

pated anchor t e n a n t o f JMF Prop- erties’ and RD Manage- ment’s ma- jor mixed-use development at Bayonne’s M i l i t a r y Ocean Terminal, is now open for business. Costco recently opened a 150,000 s/f store at Harbor View Marketplace, the retail component of the JMF/RD development. It also opened Richard Birdoff


an 18-pump Costco Gasoline gas station. Additional retail space rising on the property will include well-known stores and restau- rants, as well as outdoor seat- ing. The residential component includes 651 luxury rental residences that are currently under construction. “We promised Bayonne-area residents and shoppers an RICHMOND, VA — Con- nie Jordan Nielsen with Cushman & Wakefield | Thalhimer has represent- ed the seller, Marchetti Properties , in the sale of a ±745,000 s/f five-property shopping center portfolio in the Richmond Metropolitan Area. Located in strong re- tail corridors, the shopping centers are discounter and grocery-anchored, include outparcels, and are on average over 95% leased. Stonehenge Village, locat- ed on Midlothian Tpke. at Walmart Way (12501-125601 Stone Village Way) in Ches- terfield Cty., is a 180,000 s/f power center anchored by Wegmans, as well as 71,300 s/f of inline space, and five outparcels. Staples Mill Marketplace is a ±156,476 s/f retail center anchored by Kroger Mar- ketplace, with multiple out- parcels including Panda Ex- press and Zaxby’s, located on Staples Mill Rd. (9000-9120 Staples Mill Rd.) near the in- tersection of Hungary Spring Rd. in Henrico Cty. Staples Mill Square, a

outstanding anchor tenant for Harbor ViewMarketplace, and we delivered on that promise, less than one year after break- ing ground on the project,” said Joe Forgione, the founder and principal of JMF Properties. “We welcome Costco to the community and look forward to continuing to develop a project that will no doubt attract many new shoppers, visitors and


Cushman &Wakefield | Thalhimer completes sale of SC portfolio on behalf of Marchetti Properties

6A Equity Retail Brokers announces Lidl planning to take part of vacant Acme in Lansdale, PA ROLLS OUT A NEW ‘FRESH NOW’ PROGRAM

Stonehenge Village

±96,488 s/f Target (separately owned), Aldi and Petco-an- chored center, with outpar- cels including Discount Tire, McDonald’s and Taco Bell, is located on Staples Mill Rd. at Old Staples Mill Rd. (9001 Staples Mill Rd.) in Henrico Cty. Parham Plaza, located on N. Parham Rd. at Quioccasin Rd. (1518-1532 N. Parham Rd.) in Henrico Cty., is a ±177,450

s/f power center anchored by Walmart, T.J. Maxx and Petco. Ridge Shopping Center, totaling ±101,163 s/f, is lo- cated across from Parham Plaza at 1500-1552 N. Parham Rd., and anchored by The Fresh Market, with in-line space including tenants such as Virginia ABC, Sherwin- Williams Co, Hallmark, and Sugar Shack and Chick-Fil-A outparcels.

The portfolio sold to Rosen- thal Properties on March 1, 2019 for $125 million. “It has been my pleasure to work with Marchetti Proper- ties on the leasing and sale of this well positioned and anchored portfolio” said Con- nie Jordan Nielsen, Senior Vice President at Cushman & Wakefield | Thalhimer, who represented Marchetti Prop- erties in the portfolio sale. 


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WalmartSupercenter, Stop&Shop,Regal

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Cinemas,Hobby Lobby,Marshalls, HomeGoods

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Northampton Crossings 3768EastonNazarethHighway Easton,PA 18045

WalmartSupercenter, Sam'sClub,Regal Cinemas,Kohl's, HobbyLobby

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Marketplace at Cinnaminson 2501Route 130South

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6A — March 29 - April 11, 2019 — Shopping Centers — M id A tlantic

Real Estate Journal


S hopping C enters Company to invest in local Lehigh Valley and Bucks County locations Subway Restaurants are rolling out a new ‘Fresh Now’ program

ehigh Valley and Bucks County PA—Something new is coming to local Subway ® restaurants. Subway is investing in local Lehigh Val- ley and Bucks County locations to rollout Fresh Now, a refresh package focused on spotlight- ing its food experience – and it starts this Month! This invest- ment is part of the brand’s $80 million investment to imple- ment Fresh Now in all U.S. Subway locations by 2019 and at no cost to Franchise Owners. Fresh Now offers new sauces and flavorings, new beverages, new uniforms for Sandwich L

Fruit Agua Fresca, Classic Lemonade, Green Tea and Un- sweetened Black Tea • Bold menu boards that are simple and easy to read and an enhanced personal- ization experience along the sandwich line • New Sandwich Artists uniforms inspired by the new menu offerings and designed to engage guests Subway and Franchise Owners began testing the Fresh Now concept in Decem- ber 2017 in Los Angeles and San Diego. Today, more than 500 Fresh Now locations are

operating across the U.S., in- cluding restaurants in Lehigh Valley and Bucks County. The Franchise Owners test- ing Fresh Now received over- whelmingly positive feedback and, in August 2018, Subway announced its investment to rollout Fresh Now to all U.S. restaurants, which are independently owned and operated. “We are very excited to pro- vide a new experience and new food to our guests. From the new refreshing beverages to the exciting sauces and freshly cracked spices in the Signature

Flavor Station we are deliver- ing something unexpected and signaling the many changes that are coming to our restau- rants,” said Tracy O’Toole a Local Franchise owner. Fresh Now is part of Sub- way’s ongoing commitment to deliver an enhanced, modern restaurant experience, includ- ing the ongoing rollout of the Fresh Forward restaurant design, menu innovation, and the Subway MyWay Rewards program, among others. About Subway Restaurants Subway offers a fresh alter- native to traditional fast food, serving 7 million made-to- order sandwiches a day. Guests choose from 4.9 billion com- binations of quality proteins, fresh vegetables, and bread baked daily. The world’s largest restaurant chain serves nutri- tious and delicious subs, soups, and salads at about 44,000 restaurants in more than 100 countries. The Subway experi- ence is also delivered online at www.Subway.com and through the Subway App, available in select markets at the Apple App Store and Google Play. Founded by then 17-year- old Fred DeLuca and family friend Dr. Peter Buck more than 52 years ago, Subway is still a family-owned business, working with more than 21,000 dedicated franchisees in com- munities around the world. Subway is a registered trade- mark of Subway IP Inc.  Welco's Welkis inks MadRag lease in Ozone Park, NY OZONE PARK, NY — Jer- ry Welkis , president of Welco Realty , represented both the owner and the tenant in a lease for 10,400 s/f space, the former Annie Sez space at 92- 10 Rockaway Blvd. The tenant, 618 Main Cloth- ing Corp., doing business as 10 Spot/MadRag stores is based in Secaucus, NJ. Welkis has represented the landlord and tenant for many years and was glad to put both parties together at this loca- tion. Al Polizzotto, landlord, said “He is thrilled to have a strong regional apparel retailer come in to replace the former Annie Sez premises to service the needs of the immediate com- munity, which would include Ozone Park, Howard Beach & surrounding neighborhoods.” 

Artists and a more personal- ized experience for guests, including: • Signature Flavor Stations, featuring new sauces and fla- vorings such as a signature Sub Spice blend, Mustard Seed Spread, Herbs & Lemon Sea- soning, Subway Signature Herb Garlic Oil, Provencal Herbs, and fresh cracked Sea Salt and Black Pepper • Fresh Pour Beverage Sta- tions, offering refreshing Wa- termelon Agua Fresca, Passion

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Real Estate Journal — Shopping Centers — March 29 - April 11, 2019 — 7A


M id A tlantic

S hopping C enters Giant's Heirloom Market to open more Philadelphia stores

Equity Retail Brokers' Goodman announces Lidl planning to take part of vacant Acme in Lansdale, PA

tail Brokers announced, L i d l p r e - sented plans t o T o w a - mencin Twp. last month to take over about half of the f ormer L

Lansdale Acme that closed last summer. Acme occupied about 60,000 s/f. "We're definitely looking at opening this year, this calen- dar year. That's the hope," said SamKachidza, real estate manager of acquisitions for Lidl U.S. The site is just two miles from two existing full-service supermarkets - Giant and ShopRite, and two miles from Ralph's Corner Shopping Cen- ter, where Aldi is under con- struction. In other news, Giant opened its first Heirloom Market in

the Graduate Hospital neigh- borhood of Philadelphia ac- cording to Goodman.. An HeirloomMarket store is scheduled to open this summer in University City, followed by stores in Northern Liberties and Queen Village. Giant's small, urban format features grab-and-go technol- ogy for payment, as well as online pickup and delivery options. The size of the Graduate Hospital store is approximate- ly 9,500 s/f, and it is expected that the new locations will be similar. 

ANSDALE, PA — Da- vid Goodman a prin- cipal with Equity Re-

David Goodman

WCRE appointed agent to market 3 Phila. former BB&T Bank locations PHILADELPHIA, PA — WCRE I CORFAC Inter- national has been appointed

Lansdale, PA former Acme

by Br anch Banking and T r u s t C o . as the sales agent to mar- k e t t h r e e s e p a r a t e BB&T bank locations in the Greater


Mitch Russell

Philadelphia. The locations include two locations in Pott- stown and one location in Bensalem. 1830 E High St. in Pottstown is a 5,742 s/f building with three drive-thru lanes and great visibility along the highly traveled East High St. The 1111 Ridge Rd. location in Pottstown is 2.997 s/f with three drive-thru lanes and ample parking spaces. The property at 2460 Bristol Rd. in Bensalem is a 3,889 s/f location equipped with three drive-thru lanes. All of the opportunities rep- resent great options for an in- vestor or potential owner user/ occupant. The locations present highly visible sites for retail or professional uses, as they are surrounded by various other retail attractions. "We are very excited about the opportunity to continue building our relationship with BB&T. We are looking for- ward to replicating our past success of unloading BB&T assets with these three great properties"said MitchRussell , associate of WCRE. "We are proud of our part- nership with BB&T and look forward to continuing our suc- cessful relationship with a lop- tier financial institution in the region,"said Jason Wolf man- aging principal of WCRE. 

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8A — March 29 - April 11, 2019 — Shopping Centers — M id A tlantic

Real Estate Journal


S hopping C enters By Bill Stevenson, Target Building Construction Target Building Construction: Knowledge and enthusiasm determine success


rom humble begin- nings in 1990, Target Building Construction

years in business helped prepare us for where we are today. Our current projects are more concentrated in the healthcare, commercial and higher education markets due to the changing environ- ment in retail and super- market construction. Wal- Mart and Amazon are two companies determining how consumers shop online and spend their money. Technol- ogy is ruling the roost and brick and mortar retail is suffering the consequences. On any given morning at all of our jobsites usually

around 6:30 AM, the final sips of coffee are tasted and work begins. Lasers are running, slabs being poured, walls are going up and utilities are installed. Having worked in the field in my 20s and 30s it’s easy to appreciate the expertise of our field staff as I walk through each and every jobsite. When you have Target boots on the ground you can be confident we will lead everyone through a suc- cessful project completion. Our superintendents and carpenters deliver skillsets of experienced supervision,

quality craftsmanship, jobsite etiquette and a safe working environment for all involved. Our field and project manage- ment staffs go through exten- sive planning along with our subcontractors to ultimately determine the success of our projects. The project manage- ment staff at Target brings their knowledge and dedica- tion to each job we work on. All of this ties into how much we value our relationships with our company, our clients and our partners. Working in conjunction with our subcon- tracting base has enabled us

to build numerous projects, therefore developing strong bonds with them as well. They say in life there are six degrees of separation, but in the construction industry there are only two degrees of separation. Everybody knows each other, which is one of the aspects that make it interesting. The real time changes in the current needs of the construction market have been good for our company because we have adapted with experienced staff to meet the challenges. Target is in the process of building significant projects right now in PA, NJ and DE. In Milford, DE for example we are building a 81,000 s/f Medical Office Building for Bayhealth with Anchor Health Properties. In NJ we are working with Capi- tal Health in Hopewell, NJ on the Advanced Surgical Center, Princeton Univer- sity E-Quad Lab, TJU/Ken- nedy ENT project, Virtua, Tatum Brown project and Bostic Manufacturing in Paulsboro, NJ. PA projects for the Children’s Hospi- tal of Philadelphia, Magee Rehabilitation, University of Pennsylvania, Temple University, Swarthmore College, Esperanza Health and Philabundance. Thankful for where we have been and enthusiastic about where we we’re going. Every Target employee is an ambassador for our compa- ny. Target has a connection between all five our depart- ments: Estimating, Project Management, Field Person- nel, Accounting and Mar- keting where long tenured employees who understand each other work in harmony. The Procore project man- agement software we now utilize connects Target to all clients and design teams with job progress, schedule adherence, correspondence, billing, photos and accurate updates, keeping everyone on the same page. Please let us share our knowledge and enthusiasm with you. We will continue to build relationships through the power of people. Bill Stevenson is the di- rector of business devel- opment at Target Build- ing Construction. 

( T a r g e t ) has worked diligently to develop our reputation a s a suc - cessful fam- ily business. Originally we concen- trated in the

Bill Stevenson

retail, supermarket and commercial markets for our annual volume. The experi- ence we gained in our early

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Bank joins two restaurants and a coffee shop Skanska signs lease with Wells Fargo at 99M in DC

Fargo wi l l open a 1,300 s/f Express Center, fill- ing the last available re- tail space at 99M on the ground floor. “Bringing W

ASHINGTON, DC — Skanska an- nounced that Wells

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Wells Fargo’s new Express Center to 99M successfully completes the retail map for the building,” said Mark Car- roll , executive vice president for Skanska’s development operations in the Greater Washington, D.C., area. “We are pleased with the dynamic mix of retail and look forward to the openings of CIRCA and Él Bebe this month.” Wells Fargo joins 99M’s other retail tenants coffee shop Bluestone Lane, neigh- borhood bistro CIRCA and casual Mexican restaurant Él Bebe, as well as office tenants PYXERA Global, the Retail Industry Leaders Association and Credit Union National


Association. The building still has top floors available offer- ing views of the Anacostia River. With 234,000 s/f, the class- A office LEED Gold certified 99M incorporates innovative techniques to reduce water and energy usage, and limits its impact on the natural en- vironment. Located at 99M St., SE on the corner of First and M Streets, SE, the 11-story 99M

is steps from both Navy Yard- Ballpark Metrorail entrances and seven blocks from the U.S. Capitol. It includes ap- proximately 220,000 s/f of of- fice space, with approximately 11,000 s/f of retail/restaurant space on the ground floor. The building also features a green roof and rooftop terrace, a tenant-only, state-of-the-art fitness facility, secure bicycle storage and four levels of un- derground parking. 

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10A — March 29 - April 11, 2019 — Shopping Centers — M id A tlantic

Real Estate Journal


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Real Estate Journal — Shopping Centers — March 29 - April 11, 2019 — 11A


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S hopping C enters The Space Place Your Guide to Available Retail Space

Name of Center & Location Pohatcong Plaza 1250 US Highway 22 Phillipsburg, NJ 08865

Available Sq. Footage

Company Contact Information

Anchor Stores


National Realty & Development Corp.

Walmart Supercenter, Stop & Shop, Regal

Ulta, Old Navy, PetValu, Verizon Wireless, WaWa

4,000-30,496 SF Plus Pad Site

Cinemas, Hobby Lobby, Marshalls, HomeGoods

Harrison Lyss 914.272.8043 harrison.lyss@nrdc.com

National Realty & Development Corp.

Northampton Crossings 3768 Easton Nazareth Highway Easton, PA 18045

Walmart Supercenter, Sam's Club, Regal Cinemas, Kohl's, Hobby Lobby

Staples, Panera Bread, Petsmart

8,987 SF Plus Pad Site

Harrison Lyss 914.272.8043 harrison.lyss@nrdc.com

National Realty & Development Corp.

Marketplace at Cinnaminson 2501 Route 130 South Cinnaminson, NJ 0877

Walmart Supercenter, Sam's Club


2,500-25,650 SF

Nick Hrvatin 914.272.8037 nick.hrvatin@nrdc.com

National Realty & Development Corp.

Washington Plaza 5901 Route 42 Turnersville, NJ 08012

Burlington, LA Fitness


2,782-11,210 SF

Nick Hrvatin 914.272.8037 nick.hrvatin@nrdc.com

National Realty & Development Corp.

CooperTowne Center 711 Evesham Avenue Somerdale, NJ 08083

3,274-13,498 SF Plus Pad Site

Walmart Supercenter, Cinemark Theatres, LA Fitness

Applebee's, PetValu, Dollar Tree, Pizza Hut

Nick Hrvatin 914.272.8037 nick.hrvatin@nrdc.com

National Realty & Development Corp.

Fruitland Center 404 North Fruitland Blvd. Salisbury, MD 21801

12,100 SF Plus Pad Site

Big Lots, CitiTrends

Kool Smiles, Apple Discount Drug

Nick Hrvatin 914.272.8037 nick.hrvatin@nrdc.com

National Realty & Development Corp.

Waynesboro Plaza 2715 West Main Street Waynesboro, VA 22980

1,905 & 4,000 SF Plus Pad Sites

Big Lots, Harbor Freight Tools

Dollar Tree

Nick Hrvatin 914.272.8037 nick.hrvatin@nrdc.com

Kim Brunet Retail Publisher Space Place Listings 781.740.2900 kbrunet@marejournal.com

12A — March 29 - April 11, 2019 — Shopping Centers — M id A tlantic

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GLA/ Acreage Anchor Tenants

Property Name



Shops at Billerica

Boston Rd. & Tower Farm Rd. Plain St. & Lowell Connector Medway St. & Beaver St. Potomac Ave. & Northern Ave. Liberty Rd. & Brenbrook Dr. Route 70 & N. Locust Ave. Route 440 & Goldsborough Dr.

Billerica, MA Lowell, MA

306,876 Kmart, Burlington, Market Basket 272,142 Target, Marshall’s, Best Fitness 158,759 Stop & Shop, HomeGoods, TJ Maxx

Meadow Brook Center

Milford Crossing

Milford, MA

Long Meadow Shopping Center

Hagerstown, MD Randallstown, MD

164,293 Family Farm and Home, PA Dutch Market

Brenbrook Plaza

146,586 Home Depot

Harbor View Marketplace

Hanover, NJ Evesham, NJ Marlton, NJ Bayonne, NJ

239,929 Costco Wholesale Club

127,024 Virtua Medical Group, Children of America

Shoppes at Renaissance Square

Cedar Village Sunbird Plaza

123,593 Lowe’s

Hanover Avenue

State Hwy. 73 & Sunbird Dr.

26,041 Royal Farms

Morris Marketplace

Hanover Avenue

Morris Township, NJ

132,144 Future Development

Vacant Land

Adjacent to Foreign Trade Zone Route 18 & Foxborough Dr. Route 46 & Waterview Blvd. Springfield Ave. at Roselyn Pl. Springfield Ave. near I-78 S. Delsea Dr. (Rte. 47) & College Dr. Black Horse Pike & Main St.

Mount Olive, NJ Old Bridge, NJ Parsippany, NJ

19.9 AC Across from Walmart, Sam’s, TJ Maxx 9.33 AC Across from Walmart Supercenter 150,150 Whole Foods, Homesense, DSW, Ulta

Foxborough Plaza

Waterview Marketplace

0.199 AC Vacant Land 0.3239 AC Vacant Land

Vacant Land Vacant Land

Union, NJ

Vauxhall (Union), NJ

Vineland Marketplace

Vineland, NJ


Future Development

Williamstown, NJ

94,452 CVS, Dollar General

Williamstown Shopping Center

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

Real Estate Journal — Shopping Centers — March 29 - April 11, 2019 — 13A


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Milford Crossing | Milford, MA


GLA/ Acreage 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.

182,875 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 170,451 Stop & Shop, Regal Cinemas, Dollar Tree Portion Rd. & Patchogue-Holbrook Rd.

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

Monroe/Woodbury, NY 711,816 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 Southampton, NY Stony Point, NY

143,219 Stop & Shop, Residence Inn

29,314 SoulCycle

The Mill

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 Home Depot Shopping Center

Lehigh St. & Route 78

Allentown, PA


Home Depot

Hanover St. (Rte. 34) & I-81

Carlisle, PA

140,715 Home Depot, Chili’s

Five Points Plaza

Montgomeryville, PA 133,124 BJ’s Wholesale Club, Lowe’s Cowpath/HorshamRd. @Rte. 309

Richland Marketplace

Rte. 309 & Pumping Station Rd. Hamilton Blvd. & Grange Rd.

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 89,918 Dick’s Sporting Goods, Planet Fitness

Winchester Plaza

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


14A — March 29 - April 11, 2019 — M id A tlantic

Real Estate Journal


M id A tlantic R eal E state J ournal By John Buccinno, CCIM SIOR, NAI Keystone Commercial & Industrial, LLC What’s Happening in Wyomissing and West Reading?

he Boroughs of Wyomiss- ing and West Reading, PA are getting a positive jolt to their already vibrant main street Avenue scene as amassive redevelopment referred to as The Knitting Mills at Wyomiss- ing is happening at the former VF Outlet site. Equus Capital Partners, headquartered in Phil- adelphia, started looking closely at the site in tandem with NAI Keystone who, as the Tenant Representative of UGI Energy Services, identified the area as a potential opportunity for their new headquarter relocation as- signment. In a spectacular plan to preserve as much of the iconic look and feel of the original buildings, approximately half of the existing building area has been taken down to open up parking, green space and pedestrian circulation, with UGI occupying about 146,000 s/f of the former “Blue” building T The idea of simplicity in our interiors continues to resonate with the many of us and is ab- solutely reinforced in our living spaces - the way we live and function; what our environment looks like; and what pieces we surround ourselves with. From an interior design perspective, the increasingly popular mod- ern style addresses this idea of simplicity and highlights elements like streamlined fur- nishings, natural materials, and lack of clutter. Traditionally, architects com- municate modern design in a simple form. Clear views of structures with open spaces are developed with no decorative details. Concrete and struc- tural beams are left exposed. Elements like glass, wood, and steel show off the design while supporting the concept of form follows function , (the shape or attractiveness of a design element should come from the search for the function rather than the use of the decoration). So, what do we see today? Living spaces and home set- tings have become a retreat from the commotion both politi- cally and environmentally. The characteristics of the modern style are still prominently used, only now, the interior living environments are designed with materials that are organic and provide a casual, comfort- able aesthetic. Materials such

Brewery. Approximately 24,000 s/f remain that are targeted for supportive retail, such as restaurants and a particularly high priority, a specialty grocer geared toward gourmet style prepared foods, fresh produce and desirable staples. As the delivery of modern office space occurs, profession- als, support staff and upper management employees will start to swell the day time population which in turn will provide patrons for local busi- nesses and spur the opening of additional local amenities. Discussions are already under way with restaurant operators, brew houses, café’s, general mer- chandise shops and health and wellness centers to locate their businesses within walkable dis- tance to the main Penn Ave. and N. Park Rd. intersection. The retail landscape of the area will continue to improve and add to In addition to an experiential, modern style, here are some ad- ditional Best of design features: - White kitchen cabinetry re- mains most popular; as well as the use of cabinetry with warm wood tones, or accent colors like blue and gray. - Mixing metal finishes are still prevalent; we now see a combination of finishes with different sheen and texture; we enjoy the combination of matte black, antique brushed gold, and honed stone. - Geometric patterns have moved from fabrics and art- work to tiles and wall covering. - Black is the new Black. Black accents are trending from painting a focal wall, (in a well-lit room), to appliances and hardware. Try matte black fixtures in kitchens and baths. - Don’t forget the fifth wall. Ceilings are painted and pa- pered. Also designed with ex- posed beams, ship lap and millwork patterns. - Greenery in color and plant form help us reconnect to na- ture. More use of Living walls and live plants is evident; we also see the use of green up- holstery, wall covering prints and fabrics. Gacek Design Group is a leading interior design and architectural consulting firm for those who value expertise and partnership in design. 

the already impressive features currently available along Penn Ave. in West Reading and fur- ther west at The Works, Bldg. 24, Brickstone’s Mighty Fine Food & Spirits, and Russo’s in Wyomissing. Along with the office and retail segment there’s additional excit- ing news for the immediate area. Currently over 250 higher end apartments are either proposed for construction or recently com- pleted within walking distance, some in West Reading and some in Wyomissing. The new supply of apartment units are coming from the re-purposing of two iconic buildings, the former Narrow Fabrics building in West Reading and the former Arrow International building in Wyomissing. The conversion of these buildings into high end, professionally managed apart- ment complexes will contribute to a true live, work, and play

opportunity. In today’s quest for talented employees, businesses have placed a high priority in providing a comprehensive living environment to attract and retain a modern work force that can meet the challenges of a rapidly changing world. As more millennials opt out of commuting, even driving at all, a greater emphasis is placed on public transportation and walkability to their jobs, shop- ping and entertainment centers. Berks has so much to offer in the form of recreation, comfortable living environments, and good proximity to major metro centers that adding good jobs in a work, live, play environment could be a game changer for the future of these communities. John Buccinno, CCIM SIOR is Senior VP Client Services at NAI Keystone Commercial & Industrial, LLC. 

The Knitting Mills redevelopment facing Penn Ave. as the stand alone “anchor” to the project. The other major tenants at this location include Tower Health administrative headquarters along with VF Corp that com- bined make up approximately 180,000 s/f of high-end office space. Four smaller “annex” buildings along Hill Ave are mostly committed to with local firms such as Orthopedic Asso- ciation of Reading and Sly Fox as raw woods, leathers, and natural fibers that are light in tone, coupled with a neutral earthly color palette to bring nature to the indoors. Reflective surfaces like chrome and glass are simple and clean. Simple linen or woven blinds, (or little to no window coverings), bring warmth and natural light into the space. Furniture with mini- mal detail, straight lines, and few curves; and a less is more approach to accessories like vases, collections, pillows, and blankets complete the look. Simplicity, harmony, and well- ness are integrated to create both residential and commer- cial designs that resonate. Commercial interiors have also taken a more prominent role in the development pro- cess. From retail stores with coffee shops and spas, to shared workspaces that look like liv- ing rooms, the lines between work and leisure are becoming increasingly blurred. Amenity and hospitality spaces are more elaborate, well thought out, and designed based on lifestyle pref- erences. Successful commercial interiors tell a story and offer an experience...this concept has been something that we at Gacek Design Group have been touting for a few years now. In 2018, we see this Experiential Design as a trend that supports a differentiated product in the marketplace.

Gacek Design Group: Best of 2018 in Interior Design

The Kislak Company, Inc. sells 37 units in Newark, NJ

32 Dayton St.

377 Clinton Place

rate of 7.1%. The Dayton Street property is a four-story brick apartment building of recently renovated apartments across from We- equachic Park. The property houses 19 one-bedroom and 2 two- bedroom apartments with onsite laundry. The former owner had made several capital improvements to the building including new kitchens, win- dows, electrical panels, boiler and roof. The Clinton Place property is a two-story brick apartment building with 12 one-bedroom, 3 two-bedroom, and 1 three- bedroom units, housed under a newly replaced roof. Both properties are ideally situated in a prime location in the Day- ton neighborhood of the South Ward section of Newark. 

NEWARK, NJ — The Kis- lak Company, Inc. announced the recent sale of two multifam- ily properties with a total of 37 residential units in Newark for $2.46 million. The sale included a 21-unit property at 32 Dayton St. and a 16-unit property at 377 Clinton Place. Kislak marketed the proper- ties on an basis with sales asso- ciate Michael Salomon han- dling the assignment. Salomon also procured the purchaser. The parties’ names were not disclosed. “This sale exemplifies the continued strength of the New- ark multifamily market,” said Salomon. “The city’s renais- sance continues and, as a re- sult, multifamily investments remain strong.” The properties sold at a cap

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