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ISSUE HIGHLIGHTS Volume 32, Issue 19 Oct. 30 - Nov. 12, 2020
Equity commitments will be invested in the $230Mmixed-use office project BPG secures critical equity capital commitments for FNB Financial Center
ITTSBURGH, PA — The largest mixed-use, multi-tenant office proj - ect in the city of Pittsburgh has completed its financing re - quirements to advance toward construction, with an infusion of equity from minority-owned Clay Cove Capital, LLC . The Buccini/Pollin Group (BPG) secured Clay Cove’s critical equity capital commitments for the FNB Financial Center, join - ing BPG, the Pittsburgh Pen - guins and F.N.B. Corporation as equity investors in the $230 million, 26-story iconic tower that will rise in the Lower Hill neighborhood. The project will be the most highly visible addi - tion to the Pittsburgh skyline and a critical catalyst for over $1 billion of economic expan - sion, job creation and neighbor - hood reinvestment. P
and managing partner of Clay Cove Capital, said: “Clay Cove is happy to invest in Pittsburgh once again, adding to its nation-wide portfolio. FNB Financial Center is a once in a lifetime opportunity for the highest level of urban placemaking in a project that has the most ambitious equi - table development and wealth building program that we have seen across the country. The mixed-use project aligns well with our investment portfolio by creating high value for both the community and its inves - tors. Clay Cove, its partners, and its investors are extremely excited to be a part of the Hill District community for a long time to come and hope to add new chapters of reinvestment to the Lower Hill’s incredible story.” MAREJ apartments.” Located in the heart of re - vitalized downtown Rahway across from the city train sta - tion, near major highways, many major employers and an abundance of commercial offerings, the property is lo - cated 23 miles southwest of lower Manhattan and only a 30-minute train ride to mid - town Manhattan. The sale included 45 one-bed - room units, 102 two-bedroom units and 13 penthouses. The individual units include full luxury amenities. The property includes concierge services, a rooftop terrace, a fitness center and secure covered parking. At the time of closing, the units were fully leased. The purchaser’s financing was pro - vided by M&T Bank. Squires joined Kislak in 2007 and specializes in the sale of multifamily and other invest - ment properties throughout northern New Jersey. Waisbrod joined Kislak in 2001 and is also consistently among the firm’s leading sales - people. He specializes in the sale of investment properties in and around New Jersey. MAREJ
SPOTLIGHT
Section C WOMEN IN BUSINESS RETAIL DEVELOPMENT REIMAGINED Section 7-11A BARONE, R.A., LEED AP AND LIA, PE, LEED AP JOIN PARTNER ENGINEERING & SCIENCE
FNB Financial Center. Image courtesy of Gensler
Despite the challenges of a very difficult economy, BPG now has all debt and equity arrangements necessary to advance the construction of the tower that will become the future headquarters of F.N.B. Corporation. The partners anticipate a Q2 2021 ground breaking. Clay Cove Capital, a minority-
owned investment firm led by partners Amachie Ackah and Brian Eng , is pleased to com - mit funds that will far exceed the vision for such equitable investment under the ambi - tious neighborhood reinvest - ment agreement known as the Community Collaboration and Implementation Plan (CCIP). Amachie Ackah, co-founder in the central and northern New Jersey condo markets,” said Barry Waisbrod, senior vice president. “Skyview was particularly attractive to them given the property’s location, proximity to the train, design and excellent condition.” Constructed in 2005 as a best-in-class luxury full-ame - nity building, the property was originally known as Skyview at Carriage City Plaza and also includes 20,000 square feet of commercial space and a hotel, which were not a part of the sale. Leading up to the Great Recession, some of the condominiums were sold indi - vidually but given the changing market conditions in the late 2000’s, the property went into foreclosure and the original de - veloper lost the property to the lender who had been managing it since then. “The seller was a New York City-based pension fund that originated the construction financing more than ten years ago,” added Squires. “After acquiring the foreclosed prop - erty, the lender halted condo - minium sales and rented the remaining unsold 160 units as
Squires and Waisbrod of Kislak complete sale of 160 Condos In Rahway, NJ for $26.5M
RobertW. Barone
RAHWAY, NJ — The Kis- lakCompany, Inc. announced the recent $26.5 million sale of 160 condominium units at Skyview Rahway located at 80 Jeff Squires Barry Waisbrod
Skyview Rahway
12-13A Justin Lia
East Milton Ave. in Rahway, Union County. Kislak marketed the condo - miniums on an exclusive basis with senior vice president Jeff Squires handling the assign- ment. Senior vice president BarryWaisbrod procured the purchaser. “There was fierce demand from our clients who were looking to acquire a sizable rental property in the heart of Rahway,” said Squires. “With a bustling downtown, arts dis - trict, and increasingly strong rental market, Rahway has become one of the most sought- after cities in the state among investors.” “The purchaser who is based in New York believes strongly
Directory ROP (Front Section) .................................... Section A Contributing Columnists ....... John Campbell, FCA; Denise Thompson, FCA; Ann Hoffman, FCA; and Alex Wysocki, FCA Sustainable Buildings Create Healthier Communities ... 2A Auctions ...................................................... 3, 6, 15A Retail Development Reimagined . ..................... 7-11A People on the Move....................................... 12-14A Organization Events Calendar .............................. 16A CCIM................................................................ IBC-A Owners, Developers & Managers ............... Section B Women in Business .................................... Section C www.marej.com
Inside Cover A — October 30 - November 12, 2020 — M id A tlantic Real Estate Journal
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PISCATAWAY LOGISTICS CENTER
330 S RANDOLPHVILLE RD, PISCATAWAY, NJ
± 298,313 SF Two Buildings
Under Construction - Delivering Q2 2021 Located at Exit 7 of I-287
*marketing rendering subject to change
gn is based upon a preliminary review of entitlement requirements d possibly incomplete site and/or building information, and is ssist in exploring how the project might be developed.
CONCEPTUAL RENDERING - PERSPECTIVE
TRANSWESTERN PISCATAWAY PISCATAWAY, NJ | AS121 | 2020-10-01
± 298,313 SF (Two Buildings) ± 146,505 SF Building A ± 151,708 SF Building B 36’ clear ceiling ± 16 acres Two Building Logistics Park
NJ Turnpike (Exit 10) 8 miles Port (Newark / Elizabeth) 24 miles Newark Airport 25 miles Port Jersey 31 miles NYC 33 miles Philadelphia 55 miles Travel Distance
Building A 18 dock doors 1 drive in door Building B 22 dock doors (up to 32) 2 drive in doors Loading
Piscataway-Logistics.com
For more information, please contact:
Owner:
Leasing Agent:
Timothy J. Cadigan Senior Vice President
Grant Otto Associate
Matthew C. Turse, CCIM Senior Vice President
D 973 753 1104 C 732 320 5210 timothy.cadigan@avisonyoung.com
D 973 898 6360 C 908 399 0924 grant.otto@avisonyoung.com
D 973 898 6370 C 973 670 3247 matthew.turse@avisonyoung.com
M id A tlantic Real Estate Journal — October 30 - November 12, 2020 — 1A
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& HORVATH TREMBLAY
SINGLE TENANT NET LEASE | MULTI-TENANT RETAIL | 1031 EXCHANGE
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Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States specializing in the sale of single tenant net-lease assets and retail shopping centers. We have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. We have a dedicated buy side desk that provides real time inventory and market data to each individual client placing capital or fulfilling a 1031 exchange requirement. The firm is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.
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M id A tlantic R eal E state J ournal Publisher, Conference Producer . .............Linda Christman AVP, Conference Producer ...........................Lea Christman Publisher ........................................................Joe Christman Editor/Graphic Artist ..................................... Karen Vachon Contributing Columnist ..............................John Campbell, FCA; Denise Thompson, FCA; Ann Hoffman, FCA; and Alex Wysocki, FCA 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 19 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
2020 CONFERENCE SCHEDULE Mid Atlantic Real Estate Journal's
Denise Thompson
John Campbell
Alex Wysocki
Ann Hoffman
Sustainable Buildings Create Healthier Communities f the current pandemic has taught us anything, it is that we are all con- nected and part of a global community. Just as our natu- ral environment is an intricate balance of an ecosystem; build- ings exist on a much smaller, but equally important scale, as touchpoints of their com- munities and neighborhoods. At FCA, LEED and WELL standards are the ‘active in- gredients’ of our firm’s core values. In fact, creating the right environment aligns with three out of four of our guiding principles: Place, Planet, Peo- ple and Process. As architects and designers, we have always felt a fundamental responsibil- ity to create a compelling and responsive sense of place that integrates the needs of the I
client with the needs of the larger community surround- ing each project. In recent months, COVID-19 has accelerated the conversa- tion around sustainability and wellness for the AEC industry and its clients. In fact, it is eas- ier to promote sustainability in projects and within companies and wellness than most people assume. Architects and de- signers can all start small and keep moving toward improv- ing, because ultimately these seemingly small shifts posi- tively impact the individual as well as a company’s bottom line. In design, sustainability The Impact of a Global Pandemic
and wellness make people’s lives better through providing them with safe, comfortable, and responsible environments that affect broader communi- ties. Our job as designers is to recognize opportunities for small, non-invasive nudges that can be built into a space to promote wellness. Other, more deliberate and legible features include technology solutions in lieu of paper, healthy food vending, meditation or respite rooms, and relaxed posture lounges. Challenges and Solutions for Sustainable Projects Unfortunately, the current building construction model continued on page 14A
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This material does not constitute an offer to sell nor a solicitation of an offer to buy any security. Such offers can be made only by the confidential Private Placement Memorandum (the "Memorandum"). Please read the entire Memorandum paying special attention to the risk section prior investing. IRC Section1031, IRC Section1033 and IRC Section 721 are complex tax codes therefore you should consult your tax and legal professional for details regarding your situation. This material is not intended as tax or legal advice. There are material risks associated with investing in real estate, Delaware Statutory Trust (DSD properties and real estate securities including illiquidity, tenant vacancies, general market conditions and competition, lack of operating history, interest rate risks, the risk of new supply coming to market and softening rental rates, general risks of owning/operating commercial and multifamily properties, short term leases associated with multi-family properties, financing risks, potential adverse tax consequences, general economic risks, development risks and long hold periods. There is a risk of loss of the entire investment principal. Past performance is not a guarantee of future results. Potential cash flow, potential returns and potential appreciation are not guaranteed. Securities offered through G rowth Capital Services member FINR A , SIPC O ffice of Supervisory J urisdiction located at 58 2 Market Street, Suite 300, San Francisco, C A 94 10 4 . Preferred return is not guaranteed, and subject to available cash flow. LEARN MORE AT @www.kpi1031.com or \.1.855.899.4597
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M id A tlantic R eal E state J ournal Wainco Realty to refi. existingmortgage onmultifamily Progress Capital’s Domenico and Cali secure a $10M loan G OSHEN NY — Brad Domenico and Gab- by Cali of Progress
interior finishes in common areas and is a pet friendly community. Village Place at Goshen is surrounded by a superb choice for shopping, culture, recre- ation and dining in Orange County’s historic Village of Goshen. The property is just off of Rte. 17, at the quiet in- tersection of Clowes Ave.and West Main St and is situated within walking distance to the heart of the historic district of the area. Residents can conve- niently stroll through charm- ing streets, enjoy shopping, culture, recreation, dining at the various local restaurants,
or even venture over to the many local attractions in the area including the nationally recognized historic district fea- tures a horse racing track and the Harness Racing Hall of Fame and Museum. At Village Place, we set out to design a truly great home, one that creates a sense of well-be- ing, beauty and self-expression, one that reflects today’s infor - mal lifestyles and emphasizes quality over quantity … one that values distinction and attention to the details that create timeless appeal.” – said Stuart Wainberg , president of Wainco Realty. MAREJ
Newmark Knight Frank New Jersey Headquarters
Capital se- cured a $10 million loan for Wainco Re a l t y t o r e f i n a n c e the existing mortgage on amultifamily a p a r tme n t c ommun i t y located 100- 300 Canter Court & 295- 2 9 7 W e s t Ma i n S t . , Goshen, NY. Domenico
Architecture + Interiors + Workplace Strategy + Planning 973.740.9755 | rb-arch.com CELEBRATING YEARS 65
Brad Domenico
a n d C a l i worked with T D B a n k who provided the following terms: • $10,000,000 Loan • 2.25% Fixed for 10 Years • 30 Year Amortization The luxury resort-style apartment community, known as Village Place at Goshen, is a three-building apartment community which offers (48) high-end apartments with a unit mix of all oversized 2 bedroom/2-bathroom units comprised of 1,300-1,400 SF each. The subject also includes (1) single family rental house on the adjacent lot included in the collateral, which brings the unit count up to (49) total rentals at the property. Each apartment features spacious floor plans, ergonomi - cally refined gourmet kitchens and baths with granite coun- ters, cut-tile floors found in “resort-size” master bath show- ers, light-filled living spaces featuring high 9-foot ceilings, individually controlled heating and AC, full size in-unit wash- ers & dryers, and high-end, meticulously detailed finishes throughout the units from floor to ceiling, The (3) apartment buildings in Village Place at Goshen each include secure indoor parking garages, plus personal storage units for tenants located below grade. There are also elevators that provide direct service from the garage level up to all units on each of the floors above. The subject property offers various additional amenities including 24/7 security camera monitoring throughout the property, secure buildings with keyless entry, trash chutes on each floor, a lobby, luxury Gabby Cali
180 +/- ac Industrial Development Site 40 Minutes From Chicago LOCKPORT, IL • 301 West 2nd Street 180+/- ac in the Star Business Park, fully zoned industrial, with a fabrication shop and storage building. CN and BNSF railroads located adjacent to the east and west, respectively, tax increment financing established to help offset certain infrastructure costs, barge access, ripe for development. Auctions: 11am, Friday November 20 at Hampton Inn - 165 Remington Blvd, Bolingbrook, IL Also Auctioning in November: MacMurray College Campus - 52 +/- ac in 18 Tracts in Jacksonville, IL
800.801.8003 • williams auction .com/Star
Prefer Not to Wait for the Auction? Submit a Pre-Auction Offer!
IL DANIEL S. NELSON, MANAGING BROKER RE LIC 471.016793 AUCTIONEER: CODY LOWDERMAN AUC LIC 441.001255. BUYER’S PREMIUM MAY APPLY.
4A — October 30 - November 12, 2020 — M id A tlantic Real Estate Journal
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M id A tlantic R eal E state J ournal
ISCATAWAY, NJ — Transwestern De- velopment Compa- Two-building development slated for completion in 2021 Transwestern breaks ground on 300,000 s/f speculative industrial project in Piscataway, NJ P
ny (TDC) and its equi- ty partner, QuadReal Prope r t y Group , an- nounce the acquisition of a 16-acre site in an off-
Brian Banaszynski
market transaction at 330 S. Randolphville Rd. in Piscat- away, for the development of 300,000 s/f of industrial space in two buildings. The project has broken ground and is
330 S. Randolphville Rd. in Piscataway
330 S. Randolphville Rd. rendering
expected to deliver in 2021. “New Jersey’s industrial real estate market remains one of the healthiest in the country, driven by increased demand from e-commerce and traditional distribution users serving the greater New York metro,” said Brian Banaszynski , regional part- ner with TDC’s Logistics Group. “The current environ- ment will only intensify this trend, and we look forward to delivering a state-of-the-art project on a timely basis to re- lieve some of the pressure on modern distribution space.” The project, called Piscat- away Logistics Center, will feature high visibility and direct access to I-287 at a full four-way interchange in a highly desired location between the Rte. 287 West and I-95 Exit 10 submarkets. Combined, these submarkets contain 70.7 million s/f of industrial real estate with a 2.0% vacancy rate as of second quarter, according to Transwestern research. Located 40 miles fromNew York City, the site currently consists of a 146,000 s/f ware- house with a 9-acre parking lot. Transwestern will fully renovate the existing build- ing and construct a new class A warehouse totaling 151,748 s/f. Both rear-load warehouses will offer 36-foot clear heights, a combined 39 dock doors, ample car and trailer parking, and a shared truck court depth of 115 feet. At present, Transwestern has 40 industrial projects totaling 20 million square feet under construction or in pre-development plan- ning stages nationwide, including 5 million s/f in the Northeast. MAREJ
M id A tlantic Real Estate Journal — October 30 - November 12, 2020 — 5A
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M id A tlantic R eal E state J ournal Matthew Hodson of the Falls Church, VA office leads transaction M&T Realty Capital Corporation provides financing for Augusta Court
B
ALTIMORE, MD — M&T Realty Capital Corporation has closed
a Fr edd i e Mac Optigo Convention- a l l oan f or f i n a n c i n g o f Augus t a Court, a 150- un i t g a t e d a p a r t m e n t c ommun i t y in The Gal -
Matthew Hodson
leria submarket of Houston, TX – on behalf of Bar Down Investments, LLC and US Real Estate Ventures, LLC. Augusta Court offers one- and two- bedroom units for rent. Each unit features a patio or balcony, gas fireplace, gran - ite countertops, stainless steel appliances, washers and dry- ers. Property amenities include a fitness center, 60-foot lap pool, outdoor gas grill, sauna, sundeck and storage space. The transaction was led by managing director Matthew Hodson of M&T Realty Capi- tal Corporation’s Falls Church, VA office. MAREJ National Integrity Title Agency named to the 2020 Soaring 76 List MARLTON, NJ – Nation- al Integrity Title Agency (NITA ) was named one of the 2020 Soaring 76 by the Phila- delphia Business Journal . The company joins 75 other public and privately held companies on the publication’s annual rank- ing of fastest growing companies in the region. The agency earned this position on the list as a result of its sustained revenue growth over the three-year pe- riod from 2017-2019. According to the Business Journal, the final ranking reflects an average percentage change in revenue from 2017-2018 and 2018-2019. “In a year that has been try- ing at best, this is a bright light and one we share with our entire team who are the true force behind our growth,” said co-owners George E. Duffield, Sr. a nd Fran Turchi in a joint statement. “We are truly in the people business and would not be where we are today without the dedication of our team.” Founded in 1992 as Integ- rity Title Agency, National Integrity Title Agency is a privately-owned title insur- ance agency serving the com- mercial and MAREJ
Augusta Court Houston
QUALITY COMMITMENT PERFORMANCE
Geotechnical Design & Analy
nvironmental Site Assessments and
www.earthengineering.com Corporate Headquarters: 610-277-0880 Lehigh Valley: 610-967-4540 Central PA: 717-697-5701 South Jersey: 856-768-1001
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M id A tlantic R eal E state J ournal
ELVILLE, NY — A&G Real Estate Partners announced Investor buys income-producing ind. RTV center in Jacksonville & downtown retail site inWVA A&G completes bankruptcy sale of Stage Stores’ distribution center and real estate assets M May 2020. The company has since liquidated all stores.
In the largest transaction, Bradenton, FL-based Bealls Inc. acquired the fee interest for Stage’s 435,196 s/f distri- bution center in Jacksonville, which sits on a 42.51-acre parcel that includes undevel- oped land for expansion. The facility was built in 1985 and has undergone multiple rounds of modernization to accom- modate brick-and-mortar and e-commerce fulfillment. Apart from the real estate, Bealls’ winning $7.0 million bid included the facility’s ma- chinery and equipment, and the company’s intellectual property. A&G also sold two other sites owned by Stage Stores: an income producing indus- trial RTV (return to vendor ) center in Jacksonville and a retail site in Logan, West VA. Both were acquired by Jetall Companies, Inc., a real estate investment and management firm out of Houston. Located on 6.45 acres, the 125,232 s/f RTV center is currently partially occupied by a single tenant. The 24,332 s/fretail property is a single-level former Peebles store on Stratton Street in downtown Logan. “Jetall purchased the two properties for a combined $360,000, which was $100,000 higher than the other bids presented to the court,” said Mike Matlat , senior managing director at A&G. A&G put the three proper- ties up for bid in early August. “We ran an accelerated sales process that delivered winning bids which were accepted by the court without any objec- tions from the creditors,” noted Matlat. “ Overall, we were especially pleased to see the Jacksonville distribution center transition on a turnkey basis to an expansion-minded retailer that will utilize this state-of- the-art facility to support its growth.” The family-owned Bealls Inc. currently operates more than 540 stores in 17 states under the Bealls, Bealls Outlet, Burkes Outlet, Home Centric and Bunulu names. The intellectual property ac- quired by Bealls Inc. from the court includes the trademarks and trade names for Stage Stores, Goody’s, Gordmans, Palais Royal, and Peebles, as well as the national rights for the Bealls name. MAREJ
that it has completed bank- ruptcy court-approved sales of Stage Stores, Inc.’s Jackson- ville, Texas distribution center and two other properties to two buyers. The Melville, NY based A&G has been serving as real estate advisor for the Houston- headquartered retailer, which operated 738 conventional de- partment stores and off-price stores under multiple brands at the time it filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in
Stage Stores’ distribution center
real estate auction
8.43 +/- Ac Development Land Auctions Nov 18 HAMILTON TOWNSHIP, NJ • 2144 East State Street 8.43+/- ac parcel located in an established industrial area directly adjacent and accessible to the Northeast Corridor Railroad. The site is accessed from E. State Street and currently has 5 curb cuts. Zoned “Industrial” allowing most distribution and manufacturing uses. Formerly used for aspirin production beginning in the 1940s and has been long vacant. Estimated to have approximately 84,000 buildable square feet. Auctions: 10am, Wednesday November 18 on site
Prefer Not to Wait for the Auction? Submit a Pre-Auction Offer!
800.801.8003 • williams auction .com/NJ
NJ PETER COSTANZO AUCTIONEERS, INC. PETER COSTANZO, BROKER (732) 776-7222. BUYER’S PREMIUM MAY APPLY.
R etail D evelopment R eimagined
M id A tlantic Real Estate Journal — Retail Development Reimagined — October 30 - November 12, 2020 — 7A
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Gill represents Norfolk Economic Development Authority in transaction Colliers International completes sale of 200,000 s/f former JC Penney in Norfolk for $20 Million
N
ORFOLK, VA — Col- liers International represented the City
o f No r f o l k E c o n o m i c Development Authority in the sale of 824 N. Mili- tary Hi gh- way, Norfolk to MPB, Inc. for $20 mil- lion. Patrick
Patrick Gill
YORK, PA — Bennett Williams Commercial has arranged the sale/lease of the following transactions: 185,282 s/f retail building known as Greater Lewistown Plaza, 224 N. Logan Blvd., Burnham Borough, Mifflin County. Logan GL Holdings, LLC purchased the property from MCSI 2006-IQ11 Lo- gan Boulevard, LP. Brad Rohrbaugh, Chad Stine, and Justin Willits of Bennett Wil- liams Commercial represented the seller in the transaction. 55,039 s/f retail space at Loyal Plaza, 1875 E. Third St., Loyalsock Twp., Lycom- ing County. Hobby Lobby Stores, Inc. leased the space from Loyal Holdings DE, LLC. Blake Shaffer , Abe Khan , Rohrbaugh, and Stine of Bennett Williams Commer- cial represented the landlord in the transaction. 27,000 s/f retail space at 4075 E. Market St., Sprin- Gill , senior vice president with Colliers International, represented the seller. The class B office building comprises 200,000 s/f. The building is 100% leased and sits on 16 acres of land with 1,436 parking spaces. Origi- nally built as a JC Penney store in 1969, it was an anchor to Military Circle Mall for many years. The building was gutted, renovated and repur- posed as office multi-tenant office space for Movement Mortgage and Sentara Health Plans. MAREJ
824 N. Military Highwa
Brad Rohrbaugh, Chad Stine and Justin Willits Bennett Williams Commercial broker 185,282 s/f retail building sale
Brad Rohrbaugh
Chad Stine
Justin Willits
gettsbury Twp. No Pistons, LLC leased the space from The Henrik Klinge Retained Annuity Trust. Keith Kahl- baugh of Bennett Williams Commercial represented the landlord in the transaction. 8,140 s/f retail space at York Crossing Shopping Cen- ter, 2100 York Crossing Dr., West Manchester Twp. Plaza Azteca York, Inc. leased the space from Manchester Eq- uities, LP. Shaffer, Khan, Rohrbaugh, and Stine rep- resented the landlord in the transaction. 7,200 s/f retail space at
Shops at Foster Brook, 14 Foster Brook Blvd., Foster Twp., McKean County. Valor Healthcare, Inc. leased the space from Foster Brook Shops, LLC. Shaffer, Khan, Rohrbaugh, and Stine rep- resented the landlord in the transaction. 9,850 s/f retail space at South York Plaza, 205 Pau- line Dr., York Twp. Life Path Thrift Stores, LLC leased the space from York Plaza, LP. Shaffer represented the ten- ant and Khan, Rohrbaugh, and Stine represented the landlord in the transaction.
Greater Lewistown Plaza
6,210 s/f retail building at 21-23 N. Beaver St., York City. Bryn Mawr Collectibles, LLC purchased the property from Gary Runkle & Wil- liam Fabbri. Bob Behler of Bennett Williams Commer- cial represented the seller in the transaction. 5,208 s/f retail space at Hampden Centre, 4900 Car- lisle Pike, Hamden Twp., Cumberland County. Redds BBQ, LLC leased the space
from Hampden Center, Inc. Shaf fer , Gary Russel l , Rohrbaugh, and Stine of Ben- nett Williams Commercial represented the landlord in the transaction. 4,116 s/f retail space at York Marketplace, 2501 E. Market St., Springettsbury Twp. PalmBeach Tan leased the space from Shopcore Properties. Khan repre- sented the landlord in the transaction. MAREJ
8A — October 30 - November 12, 2020 — Retail Development Reimagined — M id A tlantic Real Estate Journal
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R etail D evelopment R eimagined
Vlamis, CNE and Perich, CCIM negotiate sale of Former Liztech Jewelry building KW Commercial, The Daniel Perich Group inks sale of landmark building in East Stroudsburg, PA E
Jewelry consists of 9,872 s/f on three stories. Building is situated along Crystal Street near Jimmy’s Ice Cream and surrounded by various retail, offices, and restaurants. The buyer, Jimmy Ferraro, who plans to renovate the building over the next few months to accommodate new retail and apartments says, “It’s been a pleasure working with Daniel Perich. I believe in the Poconos and I believe Crystal Street is becoming an awesome block. With the possibilities of a winery or brewery coming into the space, [it] will give people more of a reason to stay local.” KW Commercial, The Dan- iel Perich Group is one of the leading commercial real es- tate brokerages in northeast Pennsylvania representing clients and customers on their commercial and investment real estate needs. In addition, The Daniel Perich Group also offers consulting services, tenant procurement, property evaluations, and investment analysis. MAREJ Divaris completes retail transactions totaling 19,993 s/f MarlowHeights Shopping Center TEMPLE HILLS, MD — Divaris Real Estate, Inc. (DRE) , announced the comple- tion of two lease transactions totaling 18,845 s/f of retail space in Maryland. The CajunCrab leased 10,615 s/f of retail space in the Divaris- leased Marlow Heights Shop- ping Center located at 4255- 4256 Branch Ave. in Temple Hills, MD. Joe Farina and Chris Saa represented the landlords. DaVita Kidney Care leased 7,830 s/f of space in the Divaris- leased Riggs Plaza located at 5735-5815 Eastern Ave. in Hyattsville, MD. Farina repre- sented the landlord. Simply Panache Products leased 1,148 s/f of space in the Divaris-leased property located at 23 South Mallory St. in Hampton. Missy Mar- tinovich represented the landlord. MAREJ
A S T S T ROUD S - BURG, PA — KW Commerc ia l , The Daniel Perich Group an- nounced the sale of the for- mer Liztech Jewelry build- ing at 93 Crystal St. in East Stroudsburg. George Vlamis, CNE , managing partner of KW Commercial, The Daniel Perich Group represented the seller and Daniel M. Perich, CCIM , managing director of KW Commercial, The Daniel Perich Group represented the buyer. The landmark bui lding and former home of Liztech
93 Crystal Street
THE DAN I E L PER I CH GROUP LOCAL EXPERTISE. NATIONAL REACH.
KW Commercial, The Daniel Perich Group is a team of real estate professionals who specialize in commercial, industrial and investment real estate. With nearly a century of combined experience and hundreds of millions of dollars in transactions, The Daniel Perich Group has become the premier commercial real estate company in the Pocono Mountain and Lehigh Valley markets. Their alliance with KW Commercial gives them a national platform while their local roots connect them to the community as is evident by their dominance each year over the competition.
570.213.4900
744 Main Street, Second Floor Stroudsburg, PA 18360
COMMERCIAL | INDUSTRIAL | INVESTMENT REAL ESTATE
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M id A tlantic Real Estate Journal — Retail Development Reimagined — October 30 - November 12, 2020 — 9A
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R etail D evelopment R eimagined
ACKETTSTOWN (MOUNT OLIVE), NJ , PHILADEL- Lombardi and Schiavello orchestrate transaction Marcus &Millichap facilitates the sale of a 114,249 s/f retail shopping center in Hackettstown, NJ H
since 1959. “Little Caesars launched their new delivery service in January 2020 just in time to cater to the local submarket,” said Woodard. The property benefits from its established location in the North Philadelphia submar- ket, only 3 miles from Center City Philadelphia. “This was a rare oppor- tunity to acquire an asset in a dense infill Philadel- phia neighborhood with TD Bank Credit and an experi- enced Little Caesars operator for under $2,000,000,” said Dougherty. MAREJ
PHIA< PA — Marcus &Mil- lichap , a leading commercial real estate brokerage firm spe - cializing in investment sales, financing, research and advi - sory services, announced the sale of Mount Olive Parkade, a 114,249 s/f shopping center lo- cated in Hackettstown (Mount Olive), according to James McGuckin , regional manager of the firm’s New Jersey office. The asset sold for $6 million. Michael Lombardi and Ste- ven Schiavello , investment specialists in Marcus & Millic- hap’s New Jersey office, had the listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was also secured and represented by Lombardi and Schiavello. In Phi ladelphia, Sean Beuche , regional manager of the Philadelphia office of Mar - cus & Millichap announced the sale of TD Bank & Little Caesars Strip Center, a 3,573 s/f retail property. The asset sold for $1,611,594. Derrick Dougherty and Scott Woodard , investment specialists in Marcus & Mil- lichap’s Philadelphia office, had the listing to market the property on behalf of the seller. The buyer was secured and represented by Dougherty and Woodard. “It was a collective effort by all parties involved. Both the sellers and buyers should be commended and acknowl- edged for their professional- ism and patience through- out the transaction period during the COVID-19 era. This asset stood tall through some particularly challeng- ing times and both tenants remained open and paying rent throughout the duration of the last six months,” said Dougherty. TDBank&Little Caesars is located at 701W. Lehigh Ave. in Philadelphia. The center is anchored by TD Bank (S&P: AA-; Moody’s: A1), one of the 10 largest banks in the U.S., with over 27,000 employees and an operating history dat- ing back 150 years. “TD Bank is a relocation site with the highest deposits within the submarket.” The property is also co-anchored by Little Caesars, the 3rd largest pizza chain in the United States and has been in business
Mount Olive Parkade
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10A — October 30 - November 12, 2020 — Retail Development Reimagined — M id A tlantic Real Estate Journal
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R etail D evelopment R eimagined
DSM Commercial purchases 2308 Concord Pike in Wilmington, DE O’Hara of NAI Emory Hill completes 8,000 s/f lease at the Harmony Center
W
ILMINGTON, DE — NAI Emory Hill announced that Dol-
represented the landlord in this transaction and Solloff Realty represented the ten- ant. Harmony Center is a 78,000 s/f retail center anchored by Walgreens, ATI Physical Therapy, The UPS Store, Saladworks and McDonalds. Harmony Center is profes- sionally managed by Fusco Management and is located at the intersection of Rt. 4 and Harmony Road. In a separate transaction, NAI Emory Hill announced the sale of a 8,710 s/f shopping center located at 2308 Concord Pike in Wilmington, DE to The Wittig Family at DSM Commercial . Dave Morri- son and Jim O’Hara Jr. , of NAI Emory Hill, represented the purchaser and seller in this transaction. This retail center is an- chored by Mattress Firm, Green Drop and China Inn. The center is strategically located at the intersection of Sharpley Rd. and offers a great retail location along the busy Rte.202 corridor. MAREJ Namdar Realty Group reps. buyer in NY retail center purchase MORRISTOWN, NJ — JLL Capital Markets an- nounced that it has closed the sale of Tops Plaza, a 133,849 s/f retail center anchored by Tops grocery store in the Central Upstate community of Cortland, NY. JLL marketed the prop- erty on behalf of the seller, a CMBS trust. Namdar Re- alty Group purchased the asset. Tops Plaza is anchored by Tops, one of the region’s lead- ing grocers, and home to a di- verse mix of service-oriented, essential and traditional re- tail tenants. The 90% leased retail center was completed in 1994 and most recently renovated in 1999. Situated on 21.6 acres at 3918-3944 Rte. 281, the center is within the main commercial hub of Cortland, which is in the geographic center of the state and about 33 miles south of Syracuse. The property has more than 600 feet of frontage along 218, a state highway with annual average daily traffic counts of nearly 15,000. MAREJ
lar General has entered into a lease for 8,000 s/f at the Har- mony Center located along R t e . 4 , i n New Castle County. Dol-
Jim O’Hara
lar General operates over 12,000 stores in 46 states. They offer their customers val- ue and convenience. NAI Em- ory Hill broker Jim O’Hara
2308 Concord Pike in Wilmington, DE
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www.marej.com M id A tlantic Real Estate Journal — Retail Development Reimagined — October 30 - November 12, 2020 — 11A R etail D evelopment R eimagined www.marejournal.com M id A tlAntic Real Estate Journal — Commercial Office Properties — February 23 - March 15, 2018 — 1C Giletto, Ploshansky and Gries facilitate sale along King’s Highway in Cherry Hill, NJ Vantage Commercial executes new retail lease in Haddon Heights, NJ
HERRY HILL, NJ — Vantage Commercial announced another suc- cessful retail lease, this time at Plaza 500 located at 507 Black Horse Pike, Haddon Heights. Plaza 500 is a well located shopping center with excellent visibility and signage on the heavily traveled Black Horse Pike. Pho Ha Bac joins a diverse roster of co-tenants including Klassy Nails, Always Available Locksmith, and Cut- ting Room Hair Care. This will be the fourth restaurant in the center, establishing Plaza 500 as a premier quick service restaurant destination for Had- don Heights and surrounding towns. The center is in close proximity to I-295 and Rtes. 76 and 30. Monica Walsh , director of client services, and Mike Gries , sales associate at Van- tage Commercial, worked close- ly with ownership and new tenants Quang and Thuy Ha to facilitate a smooth transaction. Gries was both professionally and personally thrilled with the new restaurant option. “I C
Plaza 500
1250 N. King’s Highway
can’t wait for the opening. I have lived in Haddon Heights for years and have been crav- ing more international options. This is a fantastic spot to have less than a mile from home,” he said. Thuy Ha was pleased with both Vantage and the prospect of bringing Vietnamese cuisine to the center. “Working with Vantage was a great experi- ence. Mike helped us identify a perfect location.” “Gries and Walsh did a great job finding a new tenant in a
challenging time. Their for- titude and follow-up is the hallmark of how Vantage Com- mercial has performed for us. Once again, our center is now fully leased!” stated ownership. In a separate transaction, Vantage Commerc ial an- nounced the sale of 1250 N. King’s Highway, Cherry Hill, NJ. The former Vitarelli ’s Restaurant and Catering Hall is a 5,000 s/f free-standing building. This site, set to be repurposed as a retail store, has excellent visibility and
signage, is situated among densely populated residential communities, and is located in very close proximity to Rtes. 70 and 38. Corinne Giletto , senior advisor, Aran Ploshansky , director of operations, and Mike Gries , sales associate at Vantage Commercial, worked together to help facilitate this transaction. “With the location along a busy stretch of King’s High- way with close proximity to Route 70 and the Ellisburg
Circle Shopping Center – we are confident the new owners are well-positioned for suc- cess,” Gries said. Ploshansky saw the sale as characteristic of Vantage Com- mercial’s recent successes. “Vantage’s headquarters is in Cherry Hill and we continue to strengthen our footprint in the region. We are thrilled to facilitate innovation and transformation in the region by bringing new uses to older spaces and we look forward to continuing to do so.” MAREJ
BORRUS ASSOCIATES Commercial Investment Real Estate NEED INVESTMENT PROPERTIES
antage commercial OVER 50 RETAIL DEALS CLOSED SINCE APRIL 1 ST WE DELIVER RESULTS
Julius Borrus Broker & President Borrus Associates 340 Rte 35 South Red Bank, NJ 0771 P: 908-839-0052
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1873 ROUTE 70 EAST, SUITE 1C, CHERRY HILL, NJ 08003 111 S. INDEPENDENCE MALL EAST, SUITE 500, PHILADELPHIA, PA 19106 CONTACT US - NJ: (856) 797-1919 PA: (267) 800-7899 E: INFO@VANTAGERES.COM www.VantageRES.com
12A — October 30 - November 12, 2020 — M id A tlantic Real Estate Journal
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P eople on the M ove
HITE PLAINS, NY — Partner Engi- neering and Sci- Veteran engineer Lia, PE, LEED AP joins company as managing director Industry pioneer Barone, R.A., LEED AP, joins Partner Engineering & Science W the establishment of sound due diligence and construction risk management practices for
Partner president, Frank S. Ro- meo, Jr. commented “Bob is one of the most prominent figures in our industry, well respected by peers and clients alike. He will be a tremendous tailwind to our successful Construction Services practice and a true as- set to our company as a whole.” Over his almost 40-year ca- reer in commercial real estate, Barone has made a significant mark on the due diligence in- dustry. As chair or co-chair for various ASTM International committees, he helped develop standards to shape how due diligence is performed for com-
mercial real estate, including the formation of the Standard Guide for Property Condition Assessments, and guidelines for the mold and moisture sur- vey process. Barone has also prepared and/or contributed to the preparation of the Prop- erty Condition Assessment and Construction Risk Management guidelines for various lending and investment institutions. During his tenure at IVI In- ternational (now CBRE Assess- ment &Consulting Services), he was instrumental in growing that firm from a 6-person con - sultancy to a staff of over 250
employees. With Barone at the helm, his former firm’s construc - tion group regularly managed more than 400 active construc- tion or renovation projects each month. Barone has personally facilitated thousands of real estate transactions and develop- ment projects throughout North America and Europe. Justin Lia, PE, LEED AP brings more than 20 years of diverse experience in construc- tion, engineering and com- mercial real estate brokerage, Lia is a significant addition to Partner’s institutional services practice, which he joins as a managing director. “Justin brings a uniquely well-rounded expertise, and a passion for solving the complex engineering issues real estate investors face,” said Frank Romeo, President of Partner. “We are thrilled to have a pro- fessional of Justin’s caliber and reputation joining our team.” Throughout his career, Lia has advised on over $100B of commercial real estate includ- ing every major asset type and class, both domestically and internationally. Most recently, Lia served as a broker advising private investors, large interna- tional companies and estates, and specializing in net lease, large institutional deals, and off-market and land develop- ment opportunities. Prior to this, Lia was the Equity Group Manager at Nova Consulting Group and a Managing Director of the Equity Services Platform at CBRE, Inc (Formerly IVI). At both companies, Lia oversaw due diligence services for acqui- sition and disposition, including property condition assessments, construction defect investiga- tions, pre/mid/post lease evalu- ations, sale/lease back, forensic evaluation, capital planning, development permitting due diligence, and construction loan monitoring. Over his career Lia has be- come known for establishing deep and lasting client rela- tionships based on trust and his ability to craft and execute custom client scopes. Lia’s client base has included pri- vate investors, private equity investment firms, Real Estate Investment Trusts (REITs), insurance companies, Fortune 500 companies, developers, banks, religious organizations, government/military, hospital/ healthcare, educational and unique end users. MAREJ
c omme r c i a l real estate . Barone’s deep expertise will substantially contribute to Partner’s suc- cessful Con- struction Ser- vices practice serving insti-
ence , Inc . is pleased to welcome in- dustry veter- ans Robert W. Barone, R.A., LEED AP as direc- tor, and Jus- tin Lia, PE, LEED AP to Partner’s White Plains, NY office. A highly respected figure, Barone was a key pioneer in RobertW. Barone
Justin Lia
tutional investors, lenders, and other stakeholders nationwide. On Barone choosing Partner as the next step in his career,
We are proud to welcome Bob and Justin to the Partner family. Despite a challenging year, we’re growing in the Mid-Atlantic region and across the country. We’re committed to hiring the best CRE due diligence professionals in the business so that, in good times or bad, we can be an even better PARTNER to you.
A partner ship between science, business, and you.
(800) 419-4923 | www.PARTNEResi.com Engineering | Environmental | Energy
M id A tlantic Real Estate Journal — October 30 - November 12, 2020 — 13A
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P eople on the M ove
S U B M I T T O M A R E J P E O P L E O N T H E M O V E
EDMINSTER, NJ — Sordoni Construc- tion Co. is ecstatic Smith brings +20 years in the construction industry Sordoni Construction Co. gains a senior VP B From project engineer to proj- ect director to managing ex- ecutive, his focus shifted from Business Administration De- gree from Rutgers University, his astute technical thinking,
to promote B r a d l e y Sm i t h t o senior vice p r e s i d e n t . S m i t h i s currently a m a n a g i n g e x e c u t i v e with 20 plus years in the
“It has been an amazing journey over the last 14 years since opening the office with Matt, Seth, and Mike Healy, growing the company to what Sordoni is today. I am even more excited about what Sordoni will deliver in the future.” — Bradley Smith
running individual projects, to overseeing multiple projects and clients at Sordoni. Smith’s wide range of project experience includes LEED certified construction, labora - tories, corporate office space, retail, entertainment, resi- dential, and site infrastruc- ture improvements. With his diverse project background in multiple building sectors, he is able to work in fast-paced, highly demanding environ- ments. “Over the last 14 years I have worked with Brad Smith navigating many challenges on the project level,” said Seth Levy , Sordoni’s COO and EVP. “Brad’s leadership and ability to navigate the construction flow of a project makes him a natural fit for this position. I look forward to the continuing success and running the opera- tions of the company with him.” Graduating with a Bach- elor of Science Degree in Civil Engineering and a Master of
industry knowledge, and ability to build strong client relation- ships has resulted in over $1 billion of managed projects. Throughout his outstanding career, Smith has proven to provide the best construction practices with sophisticated management techniques, and is driven to achieve the high- est level of success for all proj- ects he is involved with. This makes him the ideal candidate in becoming a senior vice president for Sordoni. “I am excited about my new position which will allow me greater opportunity to refine our daily operations and focus on our company’s greatest attribute, our people,” said Smith. “It has been an amazing journey over the last 14 years since opening the office with Matt, Seth, and Mike Healy, growing the com- pany to what Sordoni is today. I am even more excited about what Sordoni will deliver in the future.” MAREJ
Bradley Smith
construction industry. He successfully implements all aspects of construction such as preconstruction, design management, project manage- ment, procurement, schedul- ing, reporting, budget/change control, and business develop- ment. “Brad Smith is one of the cornerstones of Sordoni Construction,” said Matthew Lorenzo , Sordoni’s president and CEO. “His construction acumen and business integrity have helped us become the company we are today. After almost 20 years of working with Brad I am certain he will be overwhelmingly successful in this new role.” Smith’s capabilities and skill sets were acquired during a steady growth in the indus- try, resulting in the fulfillment of multiple management roles.
F E A T U R E : N E W L O C A T I O N S M I L E S T O N E S E V E N T S R E C E N T A W A R D S P R O M O T I O N S N E W H I R E S
SORDONI CONSTRUCTION COMPANY
We specialize in multiple building sectors: Multi-Family Residential Mixed-Use Retail Pharmaceuticals Corporate Headquarters Higher Education And more! Our Services Include: Construction Management Preconstruction Construction Consulting Influential, innovative, experiential, useable. Our clients bring us to their architectural visions and we manage the multilayered challenges of bringing them to life.
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Construction On a Higher Level
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