Master plan was developed in conjunction with Snyder Secary & Associates MRP Industrial breaks ground on 1.9 million s/f industrial park
ISSUE HIGHLIGHTS Volume 29, Issue 24 Dec. 22 - Jan. 11, 2018
spective, tenants will benefit from the involvement of two highly experienced, high-profile real estate organizations with deep roots in New Jersey’s suburban markets,” Chomik added. Vision Real Estate Part- ners is recognized for accom- modating the needs of major corporate space users in the Garden State. The Columbia Rd. campus will serve as a benchmark for custom, state-of-the-art work- places focused on promoting collaboration and sustainabil- ity. “This is not just a develop- ment opportunity – it is the development opportunity,” said Vision Real Estate Partners’ Sam Morreale , founder and managing partner. “Fortune 500 companies looking to build the type of experiential work- places that attracts today’s Millennial and Generation Z professionals need look no further.” n to create over 1,500 full time jobs in Berks County. “Hamburg Logistics Park’s lo- cation is another example of the continued growth of the Lehigh Valley Industrial Market. This unique location provides access to Reading’s dense workforce population with public trans- portation along Rte. 61”, said Jeff Lockard , VP with JLL who represents the project on behalf of MRP Industrial and Hillwood. “In addition to its proximity to a valuable labor pool, the park will provide con- venient access to the region’s major third party parcel ship- ping hubs, responding to steady demand for both traditional distribution requirements and direct to consumer fulfillment operations.” The master plan was de- veloped in conjunction with Snyder Secary &Associates, Inc. , the civil engineering firm based in Harrisburg. Ware Malcomb will serve as the architect for the project. The Conlan Co. will serve as the general contractor. n
AMBURG, PA — MRP Industrial , in a joint venture with
illwood , has recently ac- quired and begun construction onHamburg Logistics Park. The 165-acre project is approved for three buildings of 1,900,000 s/f in Hamburg, Berks Cty. along the I-78 corridor in the Lehigh Valley West submarket. “MRP Industrial is excited to announce the groundbreaking of Hamburg Logistics Park,” said D. Reid Townsend , prin- cipal of MRP Industrial. “Lo- cated just eight miles north of Reading, Hamburg Logistics Park is master planned to accommodate a wide range of distribution requirements within a 30-minute Dr. time to the workforce of both Reading and Allentown, the two largest cities in the Lehigh Valley.” The campus-style setting will include over 92 acres of land- scaped area with about 2 mil- lion s/f of buildable area. Residing on the former Perry Golf Course, Hamburg Logis- tics Park is located three miles
Section B INDUSTRY LEADERS
Hamburg Logistics Park
south of I-78, Exit 29 along a four-lane divided highway (Rte. 61). The highway system provides convenient andmultidirectional access to cities such as New York, Philadelphia, Baltimore and Washington DC. Due to its centralized location in Eastern Pennsylvania, future tenants will be able to reach 40% of the United States’ population within a day’s drive. Phase 1 of construction in the park includes the speculative development of 101 Logistics
Dr. and 201 Logistics Dr. 101 Logistics is a 336,000 s/f, class A single loaded distribution center scheduled for delivery in 3Q 2018. 201 Logistics is a 1,240,000 s/f, class A cross dock distribution center with expect- ed delivery in 4Q 2018. When completed, 201 Logistics Dr. be the largest speculative building ever developed in Eastern PA. Phase 2 of construction will include the development of 301 Logistics Dr., a 324,000 s/f class A facility. When fully devel- oped, the project is anticipated
INTERACTIVE XFINITY STORES HIGHLIGHT
COMCAST’S COMMITMENT TO CUSTOMER EXPERIENCE
Vision Real Estate Partners JV acquires Morris County, New Jersey 715,000 s/f development site
UPCOMING 2018 CONFERENCES For more info. on speaking, sponsorship & attendance please contact: Lea at 781-740-2900 or email@example.com
MORRIS TWP., NJ — In a strategic play that will in- troduce up to 715,000 s/f of premier, build-to-suit corporate headquarters opportunities, Vision Real Estate Part- ners and a partner firm have acquired a key Morris County
Shopping Centers.............................................. 5-9A PA/NJ/DE Chapter CCIM. ....................................11A Business Card/Billboard Directory..................... IBCA Owners, Developers & Managers............... Section B
Morris County development site aerial
everything today’s corporate tenants want: access to vibrant downtown amenities; richmass transit infrastructure; and a deep, highly educated labor pool of experienced profes- sionals in tech, pharma and other key growth industries,” said Vision Real Estate Part- ners’ Ross Chomik , managing partner. “From a development per-
development site. The firms this fall purchased 64 acres of the former Honeywell head- quarters campus on Columbia Rd. in Morris Twp. Approved for office, research and laboratory development, the Columbia Rd. property offers proximity to downtown Morristown, and major re- gional thoroughfares. “In terms of location, this site offers
Upcoming Spotlights SOUTHERN NJ NORTHEASTERN PA 2018 FORECAST www.marejournal.com
Inside Cover A — December 22 - January 12, 2018 — M id A tlantic
Real Estate Journal
Thank you to our Speakers & sponsors !!
Bob Batley Vice President, Business Development & Marketing Bancroft Construction
Brian S. Kern, ESQ. Counsel Frier & Levitt, LLC
John Perez Vice President Cumming
Joe Bolano VP of Facilities and Capital Projects The LiRo Group
Deborah Nappi, CPA, MST Senior Healthcare Manager Sax LLP
Chad Buchanan Chief Investment Officer Tryko Partners
Darren M. Lizzack, MSRE Associate VP NAI James E. Hanson
Cory A. Atkins Vice President &
Michael Zulawski VP, Relationship Manager TD Bank’s NJ Healthcare
William Van Horn Director, Healthcare Project Management MACRO Consultants
Kelli Racca Project Executive Bancroft Construction
Dean Molz VP of Business Development COFCO
Director of Acquisitions The Atkins Companies
For future speaking and sponsorship opportunities, contact Lea Christman firstname.lastname@example.org | 781-740-2900
Real Estate Journal — December 22, 2017 - January 11, 2018 — 1A
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COLLABORATIVE CULTURE RELATIONSHIP FOCUSED DEFINED EXPERTISE
Dollar General and Aaron’s Nashua, NH $1,795,000
Citizens Bank Smithfield, RI $4,294,737
TD Bank Lexington, MA $7,159,091
Walgreens West Milford, NJ $10,655,238
Wendy’s Jamestown, NY $1,886,640
Zaxby’s Peachtree City, GA $2,000,000
CVS Lakeland, FL $2,950,000
Walgreens Plaza West Warwick, RI $6,650,000
Wendy’s Fort Wayne, IN $1,361,845
Closed $3,100,000,000 in Recent Transactions
Transactions 760 in 28 States
Ranked #1 Industry Leading Team
www. Ho r v a t hT r emb l a y . com Main: 781-776-4000 | Fax: 781-823-0245 | email@example.com
2A — December 22, 2017 - January 11, 2018 — Shopping Centers — M id A tlantic
Real Estate Journal
M id A tlantic Real Estate Journal
M id A tlantic R eal E state J ournal Publisher, Conference Producer . .............Linda Christman AVP, Conference Producer ...........................Lea Christman Associate Publisher ......................................... Steve Kelley Associate Publisher ........................................... Kim Brunet Senior Editor/Graphic Artist ..........................Karen Vachon Office Manager ............................................. Miriam Buttrick Contributing Columnists: ........... Matthew Gaudet-Walters, Walters Homes Postmaster send address change to: Mid Atlantic Real Estate Journal 350 Lincoln St, Suite 1105, Hingham, MA 02043 USPS #22-358 | Vol. 29 Issue 24 Subscription rates: $99 - one year, $198 - two 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 Mid Atlantic R eal E state J ournal ~ Published Semi-Monthly Periodicals postage paid at Rockland, Massachusetts and additional mailing offices
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T he immense property damage resulting from this year’s Atlantic hur- ricane season has been a wake- up call for vulnerable commu- nities, especially along coastal areas. Every year, hurricanes pummel the coastline with tor- rential downpours, high winds and storm surges. In New Jersey, peak hurricane season begins in mid-August and runs through the end of October. After Hurricane Sandy, home- owners knew that rebuilding efforts had to make resiliency and sustainability a priority. The fear of the next hurricane making landfall weighs heav- ily as waterfront communities continue to rebuild. Although hurricane season is nearly over, it’s never too early to start preparing for the 2018 season, especially when building a new home. Walters Homes, a Barnegat- based customhome builder, has designed and rebuilt roughly 350 homes that were destroyed by Hurricane Sandy. The cus- tom single-family homes are located in coastal locations ranging fromLittle Egg Harbor Township toManasquan. In the following interview, Matthew Gaudet-Walters, rebuilding expert for Walters Homes, discusses the new building requirements and ways to minimize future flood and wind damage for new construction. Q: How have builders changed the way they build homes at the Jersey Shore? “Since Sandy, New Jersey has beefed-up its building codes with new construction regula- tions following federal stan- dards. Homes built to stricter standards will fare better in storms. Certain features are required such elevating houses above the floodplain. Base flood elevation levels serve as a guide for new construction and they vary by community. It’s one way to prepare and protect property, lower flood insurance
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rates and have peace of mind.” Q: What can be done to reduce vulnerability from future storms? “When it comes to flooding and windstorm damage, older homes tend to be more vulner- able than newer ones, espe- cially if they’re built on slabs and are below the flood plain. Just raising an older home will leave you with the same old shell and old interior layout with all its inherent shortcom- ings. Renovating and raising an older home and getting it up to current standards can cost as much as tearing down and rebuilding a brand new home. The best option is rebuilding from the ground up, which cre- ates an opportunity to design the home that best suits your current lifestyle and needs. In the long run, a new home will be worth more than a raised and repaired home.” Q: How have rebuilding efforts impacted neigh- borhoods along the Jersey Shore? “Sandy kick-started the surge in new development we’re see- ing. The character of many neighborhoods has changed as small bungalows are being replaced with bigger and bet- ter built homes. There’s a lot of positive factors driving that development such as beach re- plenishment and the upswing in the real estate market. Even residents whose homes weren’t damaged by Sandy are opting to rebuild to improve their quality of life here at the beach. Before Sandy, people thought building a luxury custom home was out of their price range, but now they’re seeing their friends
and neighbors rebuilding and they’ve become educated about the process and the cost.” Q: Do you have any tips for buyers building a coast- al home? “It’s important to work with a reputable builder whose rec- ommendations you can trust. From the start, a builder should be upfront about pricing so that the buyer has a detailed list of costs before construction even begins. They should also be knowledgeable about the process for reconstructing a waterfront home and making it FEMA flood compliant. The most common is to elevate a new home above the base flood elevation to reduce the risk of damage in a storm. Elevation requirements vary, but many customers choose to raise their homes 9 feet, which is the mini- mum height to accommodate garage doors under a house.” Q: What are the benefits to working with a firm like Walters Homes “Walters has been building homes at the Jersey Shore for more than 30 years and we’re committed to building homes a better way. In addition to ex- ceeding current building stan- dards, our homes are equipped with Energy Star® features that significantly increase en- ergy efficiency such as include 2 x 6 exterior walls, high perfor- mance windows and upgraded insulation. Our homes come with a 10-year warranty on all structural issues, five-year warranty on all HVAC systems, and one-year warranty on ev- erything else. We can also help coordinate financing options with various lenders.” n
Peter Gallicchio Broker/President firstname.lastname@example.org 732-253-0888 ext. 102 370 Campus Dr., Suite #128 Licensed Real Estate Broker
Somerset, NJ 08873 Cell: 732-713-0227 Fax: 732-253-0887
SIGN UP NOW Economic Development This issue will print as a pull-out section WE INVITE YOU TO SEND IN EDITORIAL PERTAINING TO: • COUNTY/REGIONAL DEMOGRAPHICS • MAYOR’S PICTURE AND MESSAGE • SPECIAL INCENTIVE PROGRAMS • OPPORTUNITIES FOR BUSINESS TO RELOCATE TO YOUR AREA • COMMERCIAL PROPERTY AND PARKS AVAILABLE FOR LEASE OR FOR SALE IN YOUR AREA Deadline: January 12, 2018
We are accepting byline articles focusing on Commercial Lending 1-781-740-2900 Kim Brunet email:email@example.com
Real Estate Journal — December 22, 2017 - January 11, 2018 — 3A
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M id A tlantic R eal E state J ournal Complex is uniquely located along NJ/PA Route 22 Corridor
Warren County, NJ’s Ravenscroft Apartments sells for $7.6M in trade arranged by Gebroe-Hammer
P HILLIPSBURG, NJ — In Warren County’s southwestern town of historic Phillipsburg, Gebroe- Hammer Associates has ar- ranged the $7.6 million sale of 76 units at Ravenscroft Apart- ments, located at 26 Fairview Ave., just off Route 22. Senior vice president Stephen Tra- gash represented the seller, Ravenscroft Assoc. LLC, and procured the buyer, a private investor, in the transaction. “Phillipsburg is the heart and soul of Warren County and a geographic extension of the Easton/Bethlehem/ Allentown-PA economic cor- ridor, rendering this vibrant town a great place to invest, live as a tenant, work nearby and relax,” said Tragash, who is a North Jersey market spe- cialist. “This family-friendly community offers the best of all worlds, from quiet subur- ban living and access to nearby local, regional and national retailers, to city-center prox- imity where there are limitless employment, entertainment and cultural opportunities.” Located in the Hillcrest neighborhood, Ravenscroft Apartments is comprised of a mix of spacious one- and two-bedroom layouts. Each apartment home features air conditioning; a modern galley kitchen; abundant closets, including one walk in; new wall-to-wall carpeting and oversized windows; and sec- ond- and third-floor balconies. In addition, there are laundry facilities in each building and off-street paved-surface parking. Situated just off Route 22 via the Memorial Parkway exten- sion, Ravenscroft Apartments is three miles from the Phil- lipsburg Mall and two-and-a- half miles fromEaston, PA, lo- cated just across the Delaware River and a hub for world-class dining. The garden-apartment complex also is just minutes from top-rated schools and the town’s quaint New England- like downtown shops, dining establishments and riverfront. According to Apartments. com, as of December 2017, the average apartment rents in Phillipsburg, N.J. are $625 for a studio, $990 for one bed- room, $1,211 for two bedrooms and $1,513 for three bed- rooms. “The town’s apartment stock, which is dominated by pre-1970s era buildings, is continuing its historically sta- bilized run, recording a rent
appreciation rate of 5 percent in the past year,” noted Tra- gash. “This is expected to inch upward in the coming year.” Gebroe-Hammer is the lead- ing and most trusted multi- family investment sales bro- kerage firm in the New Jer- sey/Pennsylvania/ New York State tri-state region. The firm specializes in suburban and urban high-rise and garden- apartment properties and also markets mixed-use and free-standing office and retail properties. Widely recognized for its consistent sales perfor- mance, the firm is a 14-time CoStar Power Broker. n
wishes to all a Happy Holiday & Happy Healthy New Year
Owner & President
MAILING ADDRESS P.O. BOX 8357 REDBANK, NJ 07701
4A — December 22, 2017 - January 11, 2018 — M id A tlantic
Real Estate Journal
M id A tlantic R eal E state J ournal
ucern Capital Partners, a real estate private equity firm headquar- New owner takes advantage of a continually maturing Irvington housing market Lucern Capital Partners acquires two property portfolio in Irvington, NJ L market by updating and repo- sitioning the asset after years of mismanagement and signifi- cant deferred maintenance.
growth in the submarket. While Irvington does not have the train access that East Orange does, it has the second largest bus terminal in New Jersey servicing over 12,000 riders daily, and excellent access to Newark Airport and Down- town Newark, both strong workforce employment bases. While quality opportunities have become scarcer as more capital has moved into this submarket, and capitalization rates have continued compress- ing across desirable MSAs, we will continue to acquire assets that have long-term structural
upside, higher cash yields, and are geographically proximate to transit and workforce employ- ment hubs. A confluence of fac- tors has pushed capitalization rates downward from histori- cal levels – especially in what used to be no-go zones in Essex County, but we feel strongly that it will be near impossible to find quality market rate investment product in Essex County for under $100,000 per unit in the next cycle,” said Frank Forte, who co-founded the firm earlier this year with two other real estate veterans. The firm, which focuses on
value-add multifamily acquisi- tions and, specifically, natural- ly occurring affordable housing, will close out 2017 with ten acquisitions in five submarkets across New Jersey, Pennsylva- nia, and North Carolina. “We are extremely excited for 2018 and what it will hold for the growth of our company. While we have a sizeable war chest, we will continue to hold the line for prudent acquisitions that fit our business model, and avoid the pack mentality that has historically overbought yield,” said Mr. Forte. n LugTrack wi ns $50,000 award to support growth in NJ TRENTON, NJ — One de- serving Garden State entre- preneur was presented with a $50,000 prize at the New Jersey Economic Develop- ment Authority’s (EDA) New Jersey Founders and Funders All-Stars event. Through a “pitch” competition featur- ing five previous New Jersey Founders and Funders partici- pants, LugTrack, represented by CFO Denise Brouder, was selected to receive funding to support her company’s contin- ued growth in NJ. LugTrack offers a patented system for tracking personal assets, such as luggage. The NJ Founde r s and Funders programwas launched in June 2014 to directly connect entrepreneurs with multiple investors in a speed-dating environment. NJ Founders and Funders enables early-stage New Jersey businesses to meet with investors in 10-minute, one-on-one sessions to discuss strategy, business models and funding opportunities. These discussions help early-stage companies gain critical insight on how best to position their startups within the Garden State’s vibrant technology eco- system. The event, which was held at the 32,600 s/f Biotechnology De- velopment Center on the Tech- nology Centre of NJ campus in North Brunswick, marked the first time that past New Jersey Founders and Funders participants were offered the opportunity to reconnect with and update investors on their progress, while competing for the award of up to $50,000 approved by the EDA’s Board for one selected, registered, presenting life sciences or bio- technology company. n
tered in New Jersey, has acqu i red a two property portfolio in I r v i n g t o n , New Jersey. This marks t h e t h i r d and f our th
“We continue to see an in- flux to Irvington of higher quality tenants that are being priced out of rapidly gentrifying East Orange and Orange sub- markets. This movement has generated demand for higher quality finishes and product, driving dramatic rent growth. Increased rental demand com- bined with declining crime -- now at its lowest level in 40 years – mean there is tremen- dous possibility for continued
acquisition(s) for the principals in the Irvington submarket in 2017. The new owner plans to take advantage of a continually maturing Irvington housing
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Real Estate Journal — Shopping Centers — December 22, 2017 - January 11, 2018 — 5A
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Demolition begins at former Ledgewood Mall Site in Roxbury, NJ AdvanceRealty&DeBartoloDevelopment commence development of The Shops at Ledgewood Commons R
OXBURY TWP., NJ — A partnership be- tween Advance Re- alty and DeBartolo Devel- opment announced it has commenced the development of The Shops at Ledgewood Commons, a 450,000 s/f, power center on Rte. 10 in Roxbury. The partnership recently began demolition at the site – the first step in the de- malling of the existing Ledge- wood Mall – and will soon start construction, imple- menting an extensive capital improvement program aimed at attracting a diverse mix of shopping and dining that will appeal to residents of Ledgewood and the surround- ing area. A modern, open-air shop- ping center, The Shops at Ledgewood Commons will offer a mix of anchor, junior anchor and pad site oppor- tunities. Construction is ex- pected to be complete in 2019. GLENARDEN, MD — Petrie Richardson Ven- tures (PRV) and Pruden- tial Real Estate Investors , the owner-developers of the 140-acre, 700,000 s/f mixed- use development Woodmore Towne Centre, announced that Starbucks has signed a long-term lease and Sprint, Smoothie King, Last Stop and Pivot Physical Therapy are now open. “It’s great timing to have these strong retailers open at Woodmore Towne Centre in the holidays,” said Terry Richardson , president of PRV. “In a season that has a heavy emphasis on shop- ping and spending time with loved ones, we have made Woodmore Towne Centre a place where you can do both. Whether you’re looking for technology, clothing, wellness or food and beverage, we have something for everyone.” Starbucks Coffee Company is the premier roaster and retailer of specialty coffee in
“The demolition of this an- tiquated mall is an important first step in our plan to trans- form this prime commercial property into a place where locals can eat, shop and gath- er,” Advance Realty founder and CEO Peter Cocoziello said. “We’re grateful and ex- cited that Roxbury Township supports our vision for the property, and we look forward to taking the next steps in
delivering a world-class shop- ping and dining destination to the community.” Key to the vision for The Shops at Ledgewood Com- mons is the center’s prime geographic location amid a thriving trade area. The prop- erty is conveniently located in Morris County on Rte. 10, a quarter of a mile from Rte. 46 and two miles from I-80. More than 100,000 people reside
within a five-mile radius, with an average household income in excess of $125,000. The Partnership of Advance Realty and Debartolo Devel- opment acquired the former Ledgewood Mall property in 2015. “We could not be more ex- cited to begin work building The Shops at Ledgewood Commons,” said Edward Kobel , DeBartolo’s president gineering and deploying inno- vative technologies, including the first wireless 4G service from a national carrier in the United States. Smoothie King was founded in 1973 by Steve Kuhnau, with a mission of helping oth- ers achieve better health in a tasty way. Last Stop is a chain of re- tail stores selling the hottest men’s and women’s apparel, shoes, and accessories, includ- ing the latest styles from some of the country’s most recogniz- able brands. Pivot Physical Therapy is the premier provider of physi- cal therapy, occupational therapy, aquatic therapy and sports medicine services. Opened in 2010, Woodmore Towne Centre is anchored by Wegmans, Costco, JC Penney, Best Buy and Petco. PRV announced that Chil- dren’s National Health Sys- tem has signed a lease for a 60,000 s/f pediatric outpatient and specialty care center at
and Chief Operating Officer. “Retail properties around the country are undergoing a rapid evolution, and our plan for this formerly aging property will ensure it re- mains a vibrant destination for decades to come.” Mike Testa, Bill Farkas and ShaneWierks of Jeffrey Realty are serving as eleas- ing agents for the shopping center. n Woodmore Towne Centre. “Children’s National has long been committed to the health and well-being of chil- dren and families in Prince George’s County,” said Kurt Newman, MD, president and CEO. “The County’s kids comprise a significant portion of our patients, and we’ve con- tinued to expand our physical presence there, allowing fami- lies to access our top-ranked pediatric care services in their own communities.” The new facility allows Children’s National to expand the health care services it provides in Prince George’s County, as well as serve as the anchor for its established network of specialized pedi- atric care in the community. The new center will provide a broad range of specialty medical care—including car- diology, neurology, genetics, allergy, sports medicine and orthopedics—along with out- patient surgery, MRI, and rehabilitative medicine. n
Woodmore Towne Centre signs lease with Starbucks; Opens Sprint, Smoothie King, Last Stop, & Pivot Physical Therapy
Woodmore Towne Centre
the world. Their Woodmore Towne Centre location is slated to open mid-2018. Sprint creates more and better ways to connect its
customers to the things they care about most. Sprint served 54 million connections as of Sept. 30, 2017, and is widely recognized for developing, en-
6A — December 22, 2017 - January 11, 2018 — Shopping Centers — M id A tlantic
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Part of Comcast’s commitment to the customer experience Interactive Xfinity Stores Highlight Comcast’s Commitment to the Customer Experience A
s part of Comcast’s commitment to the customer experience, the company has continued to grow its retail footprint with the opening of Xfinity Stores across the Mid-Atlantic. These stores offer customers the op- portunity to learn about and interact directly with the latest Xfinity products and services, including X1, Xfinity Mobile, Xfinity Home and Comcast’s suite of mobile applications. To date, the company has opened more than 50 Xfinity Stores across the Mid Atlantic, including:
The Arlington, VA Xfinity Store held its grand opening event in March 2017.
The Harrisburg, PA Xfinity Store held its grand opening event in March 2017.
The King of Prussia, PA Xfinity Store held its grand opening event in May 2017.
• In Delaware, Xfinity Stores in Dover and Wilmington. • InMaryland, Xfinity Stores in Baltimore, Frederick, Jessup,
Largo, Owings Mills, Riverdale Park, Severna Park, Silver Spring and White Marsh. • In New Jersey, Xfinity Stores
in Cherry Hill, Lawrenceville, Mays Landing, Millville, Mt. Laurel, Rio Grande, Toms River, Turnersville, Union and
West Orange. • In Pennsylvania, Xfinity Stores in Dickson City, Ex- ton, Harrisburg, Havertown, Greensburg, King of Prussia, Lancaster, Langhorne, Phila- delphia (4), Pittsburgh (3), Washington, Willow Grove, Wyomissing and York. • In Virginia, Xfinity Stores in Alexandria, Arlington, Ash- burn, Charlottesville, Danville, Fredericksburg, Lynchburg, Midlothian, Richmond and Woodbridge. • And, in Washington, D.C., Xfinity Stores in the Brookland and Cleveland Park neighbor- hoods, as well as Studio Xfinity, the new nearly 9,000 s/f store. “Not only do we want to cre- ate a place for our customers to come and learn more about our services, but provide an environment that makes inter- acting with and experiencing our products simpler and more enjoyable,” said Patricia Ryan, VP of retail sales, Comcast’s Northeast Division. “We are ex- cited to continue to open Xfinity Stores across the Mid-Atlantic to provide our customers with a one-stop shop for all their en- tertainment needs and ensure every customer gets the most of our their Xfinity experience.” All Xfinity Stores are located in busy shopping corridors and feature a comfortable seat- ing area, experienced product experts and informational, interactive displays. These stores are designed to exceed customers’ expectations at ev- ery touchpoint. As part of this focus, Comcast also continues to invest in its network and products, to ensure customers have the speed, control and coverage they need. Through new Xfinity My Account app features such as RealTime Assist, customers can stay in the know on all aspects of their service, including techni- cian appointments, equipment updates, self-install kit ship- ments, network upgrades and planned outages. n
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Real Estate Journal — Shopping Centers — December 22, 2017 - January 11, 2018 — 7A
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GRAND OPENING! NEW CONSTRUCTION!
New 25 - Year Costco Wholesale NNN Ground Lease
Corner of Hampton Rd. & Daly Blvd. Oceanside, NY
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8A — December 22, 2017 - January 11, 2018 — Shopping Centers — M id A tlantic
Real Estate Journal
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GLA/ Acreage Anchor Tenants
Property Name Northeast
306,876 Kmart, Burlington, Market Basket
Boston Rd. & Tower Farm Rd. Plain St. & Lowell Connector Medway St. & Beaver St.
Shops at Billerica
272,142 Target, Marshall’s, Best Fitness
Meadow Brook Center
158,620 Stop & Shop, HomeGoods, TJ Maxx
234,705 Future Development
Harbor Pointe Marketplace
Route 440 & Goldsborough Dr.
S Ac Ho Gr
126,367 Virtua Medical Group, TD Bank
Route 70 & N. Locust Ave. Hanover Ave. near Horsehill Rd.
Shoppes at Renaissance Square
Hanover, NJ Evesham, NJ
19 AC BJ’s Wholesale Club (New Development)
BJ’s Shopping Center
26,016 Royal Farms
State Hwy. 73 & Sunbird Dr.
Morris Township, NJ 104,594 Future Development
16.963 AC Across from Walmart, Sam’s, TJ Maxx
Adjacent to Foreign Trade Zone
Mount Olive, NJ
9.33 AC Across from Walmart Supercenter
Old Bridge, NJ
Route 18 & Foxborough Dr.
150,150 Whole Foods (New Development)
Route 46 & Waterview Blvd. Springfield Ave. at Roselyn Pl.
Me Se Un Sh Th
0.199 AC Vacant Land
Vauxhall (Union), NJ 0.3239 AC Vacant Land
Springfield Ave. near I-78
S. Delsea Dr. (Rte. 47) & College Dr. Black Horse Pike & Main St.
94,452 Rockin’ Jump, Dollar General, CVS
Williamstown Shopping Center
26 AC Across from Walmart Supercenter
Route 13 & Bennie Rd.
182,875 Kohl’s, Super Stop & Shop
Saratoga Rd. & Glenridge Rd. Commack Rd. & Grand Blvd.
Deer Park, NY
Target Shopping Center
Glenville (Albany), NY 170,616 Target, Pet Supplies Plus, Mattress Firm Lake Ronkonkoma, NY 170,451 Stop & Shop, Regal Cinemas, Dollar Tree
Lake Shore Plaza II & III
Portion Rd. & Patchogue-Holbrook Rd.
Monroe/Woodbury, NY 711,816 Walmart, Target, Home Depot, BJ’s
Routes 17/6 & Route 32 Route 59 & Hutton Ave.
276,792 Home Depot, Raymour & Flanigan, Staples
Home Depot Shopping Center
78,659 Super Stop & Shop, Residence Inn
Route 303 & Palisades Pkwy. Montauk Hwy. & Station Rd.
21,212 US Post Office
Stony Ridge Plaza
Route 9W & Park Rd. 660 White Plains Rd.
Stony Point, NY
660 White Plains Road
Adjacent to Super Stop & Shop
134,271 Home Depot
Home Depot Shopping Center Home Depot Shopping Center
Lehigh St. & Route 78 Hanover St. (Rte. 34) & I-81 Cowpath/HorshamRd. @Rte. 309 Rte. 309 & Pumping Station Rd. Hamilton Blvd. & Grange Rd.
140,715 Home Depot, Chili’s
Montgomeryville, PA 133,124 BJ’s Wholesale Club, Lowe’s
Five Points Plaza
444,531 Target, BJ’s, Best Buy, Petsmart, Staples
Quakertown, PA Trexlertown, PA
Macungie Crossing Shopping Ctr.
±36,671 Near Walmart Supercenter
Midwest Marshall’s at The Grove
Downers Grove, IL
75th St. & Lemont Rd.
P Rei Ar
Evansville Shopping Center
162,394 Rural King, Buehler’s IGA, Dollar General
Morgan Ave. & Boeke Rd. Pendleton Pike & Shadeland Ave. U.S. Hwy. #30 & Water St.
134,797 Rose’s Department Store
The Market Place at Warsaw
183,900 Carson’s Dept. Store, Sears, Dunham’s
Muskegon Shopping Center
167,212 Jack Loeks Theatres
Henry St. & Norton Ave.
Thomas G. Mirandi | tel 212.265.6600 x239 | firstname.lastname@example.org
Real Estate Journal — Shopping Centers — December 22, 2017 - January 11, 2018 — 9A
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S hopping C enters
S N A P S HO T
GLA/ Acreage Anchor Tenants
Port Huron Shopping Center
114,981 Big Lots, Save-A-Lot, Talecris Plasma
Howard St. & 24th St.
Port Huron, MI
9.37 AC Development Opportunity
Fort St. & Burns Ave.
Midway United Village
University Ave. & Snelling Ave.
Office Max, Family Dollar
St. Paul, MN
Home Depot Plaza
Rte. 20 & Orchard Rd.
148,466 Home Depot
Ashtabula, OH Columbus, OH
Great Western Commerce Center
N. Wilson Rd. & Valleyview Dr.
300,254 Great Western Academy, Restaurant Depot
South Academy Plaza
102,962 Academy Sports + Outdoors
Memorial Pkwy. SW&DrakeAve. SW
Fern Park Plaza
131,646 Ross, Beall’s Outlet, Aldi, Dollar Tree 312,498 Two blocks north of University of Florida
Fern Park, FL
Semoran Blvd. & Hwy. 17/921 NW 13th St. & University Ave. USHwy. 98N&LakelandParkCtr Dr.
Mixed Use Development
Wildwood Antique Mall, Chuck E. Cheese
325,705 Beall’s Outlet, AMC Theatres, JoAnn Fabrics
N. Fort Myers, FL
US Hwy. 41 & SR 78
265,409 Earth Fare, Burlington, Best Buy, Staples
Shady Oaks Shopping Center SW 27th Ave. & College Rd.
Seminole Centre University Mall
368,166 Walmart Supercenter, Ross, Aldi 1,332,205 Dillard’s, Burlington, Grand’s, Sears
S Orlando Dr. & Lake Mary Blvd. EFowler Ave. &BruceB. DownsBlvd.
Sanford, FL Tampa, FL
257,761 Lowe’s, Kroger, Dollar Tree
Route 23 & Diederich Blvd.
Long Meadow Shopping Center
164,293 Family Farm and Home, PA Dutch Market
Potomac Ave. & Northern Ave. Liberty Rd. & Brenbrook Dr.
146,586 Home Depot
Marketplace at Rivergate
Gallatin Pike & Conference Dr.
111,835 Oak Factory Outlet, Harbor Freight Tools
Shops at Tech Ridge
12901 I-35 South & Parmer Ln.
505,803 Floor & Decor, Fitness Connection, Ross
Food Lion Shopping Center
10.2 AC Food Lion, Fresenius Medical
Rte. 1 & Chippenham Pkwy.
Richmond, VA Winchester, VA
89,918 Dick’s, The Fresh Market, Planet Fitness
S. Pleasant ValleyRd. &E. Jubal EarlyDr.
263,323 Kmart, Kroger, Goody’s Dept. Store
St. Albans Shopping Center
Rte. 60 & Boone St.
St. Albans, WV
West Freestanding Barnes & Noble
19,360 Barnes & Noble
1035 N. Metro Pkwy. W & 28th Dr.
East Sahara Plaza
127,754 Family Dollar
E. Sahara Ave. & McLeod Dr.
Las Vegas, NV
Kmart Shopping Center
119,766 Kmart, Value Village
Mission St. SE & 25th St.
Freestanding Office Max
410 S. 900 E. & 400 S.
29,051 Office Max
Salt Lake City, UT
Arecibo Towne Center
±350,000 Future Development
Routes 2 & 22
Reinadel Sur; PonceTowneCenter II
±525,000 Walmart Supercenter, Home Depot
Routes 2 & 10 @ PR-52
Thomas G. Mirandi | tel 212.265.6600 x239 | email@example.com
10A — December 22, 2017 - January 11, 2018 — M id A tlantic
Real Estate Journal
MID ATLANTIC Real Estate Journal Features Annual 2018 Forecast Spotlight
POTENTIAL TOPIC CHOICES:
Brokerage • RE Law • Finance • Energy • A/E/C
Green Practices• Development • Building Services
Management • Continuing Education • Taxes
Insurance • LEED • Brownfields • Retail
Renovation • Development . . .Just to name a few
DEADLINE: DECEMBER29 IssueDate 1/12/18
We are inviting a select group of top executives to forecast and or predict what they see for 2018 relating to their specific industry specialty. Highlighting future periods of economic activity in various related categories. Including but not limited to the overall economy, inflation, interest rates, future business growth, capital markets and other areas effected by commercial real estate. Kimberly Brunet, Publisher Mid Atlantic Real Estate Journal P: 781-740-2900 | firstname.lastname@example.org
Real Estate Journal — December 22, 2017 - January 11, 2018 — 11A
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Questions? Contact PA/NJ/DE CCIM Chapter Director Amanda Lane at 717-614-4271 or email Amanda@AimAnswers.com
2017 PA/NJ/DE CCIM CHAPTER OFFICERS Jeffrey Hoffman, CCIM President JPH Realty Advisors Philip R. Earley, CCIM* Vice President Lieberman, Earley & Company Charles Swope, Jr., CCIM Secretary Swope Lees Commercial Real Estate Tom Skeans, CCIM* Treasurer Sperry Van Ness | Imperial Realty Eric Gorman, CCIM* Past President Cushman & Wakefield 2017 PA/NJ/DE CCIM CHAPTER DIRECTORS Christopher Baj, CCIM Chair, Lehigh Valley Sperry Van Ness | Imperial Realty John Birkeland, CCIM Rock Commercial Real Estate Gregg Broujos Chair, Pittsburgh Colliers International David Church, CCIM Chair, Membership U.S. Capital Realty, LLC Michele Countis, CCIM Chair, Designations Jackson Cross Partners Jonathan Epstein, CCIM* Berger-Epstein Associates, Inc. Craig Fernsler, CCIM* , GRI, SRES KW Commercial / KPG Cindy Feinberg, CCIM Feinberg Real Estate Advisors Neil Kilian, CCIM Chair, Delaware NAI Emory Hill Laura Martin, CCIM Chair, Central PA
Registration Now Open! Annual TriState Joint Dinner Thursday, November 16th; 5:15pm-9:00pm Harry’s Savoy Grill Ballroom—Wilmington Delaware
Join the PA/NJ/DE CCIM Chapter on Thursday, November 16th (5:15pm-9:00pm) at Harry’s Savoy Grill Ballroom—Wilmington Delaware for the 24th Annual Joint Holiday Dinner. This year's event will once again feature a keynote speaker and a tremendous networking opportunity for members of the following organizations: PA/NJ/DE CCIM, SIOR, CIRC, Suburban West REALTORS® Association Commercial Chapter and the Appraisal Institute. REGISTRATION : Contact PANJDE CCIM Executive Director Amanda Lane by calling 717-614-4271
Commercial Real Estate Negotiations Course Coming to Triple Play Convention in Atlantic City! Monday, December 4th; 8:30am - 3:30pm Atlantic City Convention Center Learn and apply the CCIM Interest-based Negotiations Model to your most challenging transactions. Learn new, proven strategies to client acceptance that will get you out of the “high/low game” and other tactics that can derail a successful transaction. Course objectives include: Developing strategies for identifying/addressing challenges in a principled, transparent manner Maintain a collaborative approach to negotiations Effectively communicate the consequences of not reaching an agreement Satisfying the interests of parties involved in the negotiation (without sacrificing your)
REGISTRATION: Contact CCIM National by calling 800-621-7027 and press option #2
PA/NJ/DE CCIM Dealmakers Cindy McDonnell Feinberg, CCIM of Feinberg Real Estate Advisors, LLC (FREA) represented the buyer, IBEW Local No. 375, on the purchase of 101 S. 7th Street, Allentown, PA, Lehigh County, a 30,000 square foot office building located one block from the PPL Center in the heart of Allentown’s revitalized urban core. IBEW 375 plans to use the new facility for administrative offices, a union hall, and an apprenticeship training center. This will be their first new home since December of 1998.
Latus Commercial Realty Kathy Sweeny-Pogwist Brandywine Realty Trust * Past PA/NJ/DE CCIM Chapter President The PA/NJ/DE CCIM Chapter Proudly Acknowledges and Thanks the Following Sponsors:
12A — December 22, 2017 - January 11, 2018 — M id A tlantic
Real Estate Journal
CAN YOUR DO THIS ? BROKER 10 - YEAR TERM $52 , 500 , 000 SENIOR CMBS + MEZZANINE FULL-TERM INTEREST-ONLY 82.5% LOAN-TO-VALUE
The sponsor’s successful capital improvement program for 30% of the units allowed Meridian to demonstrate the upside potential to lenders and negotiate 82.5% loan-to-value permanent financing through a senior and mezzanine debt structure to provide funds for the renovation of the remaining units. ”
Riverview Landing at Valley Forge Eagleville, PA Luxury Multifamily Property 310 Units
Steven Halpert Senior Vice President
Meridian Capital Group 517 Route 1 South, Suite 4000 Iselin, NJ 08830 732.301.3200
MAREJ – CYBDT - $52.5MM – Riverview Landing – 12-8-17.indd 1
11/21/17 1:50 PM
Real Estate Journal — December 22, 2017 - January 11, 2018 — Inside back Cover A
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B usiness C ard S ervice D irectory
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D elaware S tatutory T rust
P aving & E xcavating
C apital M arket S olutions
Kenilworth Capital Advirsors, LLC 48 Wall Street, 12th Floor New York, NY 10005 www.knwcap.com
Commercial & Industrial Milling • Paving • Sitework Construction GERALD J. GIORDANO President
George Stergiopoulos, Principal email@example.com | P: 646-416-6403 Marshall D. Berman, Principal firstname.lastname@example.org|P: 646-416-6680 Robert Aydin, Orginator, Northern NJ email@example.com | P: 646-416-6688
675 Rahway Avenue Union, New Jersey 07083
Tel: (908) 687-4400 Fax: (908) 687-4401
P rofessional R eal E state S ervices Investors Real Estate Agency 322 Ambrust Rd. • 2nd Floor Youngwood, PA 15697 P: 724-925-0215 F: 724-925-0216 firstname.lastname@example.org Mark D. Allison, Broker of Record/Owner Investors Real Estate Agency
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R eal E state S ervices
Linda Christman (781) 740–2900 email@example.com
Leading the Real Estate Investment Market Contact us today to access the largest inventory of properties.
Contact Linda Christman.
J.D. Parker Manhattan (212) 430-5100 Sean Beuche Philadelphia (215) 531-7000
Brian Hosey New Jersey (201) 582-1000 Bryn Merrey Washington, D.C. (202) 536-3700
Offices Throughout the U.S. and Canada
Back Cover A — December 22, 2017 - January 11, 2018 — M id A tlantic
Real Estate Journal
Make your opportunities more valuable.
Capital One® is a top five Commercial Real Estate lender that looks hard to learn what sets your business apart. Then works tirelessly to anticipate how that can create unique value in your deal. We invite you to learn how much that’s worth.
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O wners , D evelopers & M anagers
Real Estate Journal — Section B
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50 carpenters from NRCC building the development’s concrete superstructure W/Element Hotel development project is one of the largest concrete pours in Philadelphia’s history P
phia hotel and 460 rooms in the Element Philadelphia hotel as well as an outdoor terrace, out- door pool, restaurant, banquet facilities, meeting rooms and retail space. “The building will be 52 sto- ries when it’s completed and is the result of one of the largest concrete pours in the City’s his- tory,” said Robert Naughton , Tri-State regional manager of the NRCC. “One of the major obstacles for this project is the location of the building, which is positioned on one of the busi- est intersections in the City.” Carney Construction , the project’s concrete subcontrac- tor, used approximately 600 trucks to deliver the concrete and installed 620 tons of rebar.
Additionally, 5,850 cubic yards (or a half-acre of eight-foot-deep concrete) were allocated for the building in May 2015. The gen- eral contractor on the project is Tutor Perini Corporation. About the NRCC The Northeast Regional Council of Carpenters (NRCC) represents nearly 40,000 hard- working men and women in Delaware and New Jersey and portions of Maryland, New York, and Pennsylvania. NRCC is one of the largest trade unions on the East Coast. The NRCC equips professional men and women carpenters with the skills, training and quality workmanship that are demanded in today's construc- tion industry. n pleted by year-end 2017 – is being constructed on the cor- ner of Charles St. and along Main St., providing current and future residents with a new in-town shopping expe- rience featuring restaurants and café-style concepts at The Shoppes at Edison Village. An interior plaza with a fountain will be open to the public dur- ing the day. “We have worked hard to design a project of incredible quality – one that celebrates the past while serving to anchor the future of this com- munity,” noted Prism’s Edwin Cohen, principal partner. “It is gratifying to see it coming to life.” Prism secured full approv- als this fall for the project’s Phase II, which will incorpo- rate 230 for-sale townhouses. During Phase II construction, poised to begin during Phase I leasing, the Township’s DPW building will be relocated, and Prism will extend Standish Ave. through the townhome site in order to improve traffic flow for the surrounding com- munity. Infrastructure im- provements will include new roads, sidewalks, St. lighting and landscaping. n
HI-LIGHTS D ec . 22 - J an . 11, 2018 HILADELPHIA, PA — The new dual-brand- ed W Philadelphia and Element Philadelphia Hotel development project, will be the latest luxury addition to the city when it is completed in Spring 2018. The project, which is estimated to cost $240 million, currently has approxi- mately 50 carpenters from the Northeast Regional Council of Carpenters (NRCC) build- ing the hotel development’s concrete superstructure. Once complete, there will be 295 rooms in the W Philadel-
W Philadelphia and Element rendering
Exterior restoration, retail component nearing completion at Prism’s Edison Village in NJ
WEST ORANGE, NJ — Exterior building restora- tion is nearing completion at Edison Village, Prism Capi- tal Partners’ industrial-to- residential redevelopment of the historic Thomas Edison Invention Factory and Com- merce Center inWest Orange. According to Eugene Diaz , principal partner, the project has progressed at a rapid pace. Edison Village, represent- ing the largest non-waterfront adaptive-reuse project in NJ, encompasses 21 acres onMain St., in the heart of West Or- ange Township’s Downtown Redevelopment Area. Phase I involves the total renova- tion and reconstruction of the 100-year-old factory complex, introducing 334 rental units, 18,400 s/f of retail with a supporting 630-space park- ing structure. “This project has been discussed in West Orange for many years,” said West Orange Mayor Robert Parisi. “We are thrilled by the speed that things are happen- ing. From the beginning it was the Township’s hope that this project would provide a much- needed facelift – aesthetically and economically – to that
Stalco Construction partners with ABC as authorized builder
Edison Village rendering
neighborhood and become an important economic driver to the entire downtown. As the real estate market continues to improve regionally, we be- lieve this project is poised to meet and exceed our expecta- tions and have a significant impact on the Township for years to come.” PrismCapital Partners was appointed designated redevel- oper for the property 10 years ago. “Following extended delays, driven by litigation and the Great Recession, we are pleased to be moving for- ward so quickly in completing what we first set out to do,” Diaz noted. “This project is a poster child for the benefits of
persistence and a disciplined approach.” The studio, one-, two- and three-bedroom, market-rate residences at Edison Village range from 590 to 1,500 s/f, with 20 penthouse duplex residences. The design, by Minno &Wasko Architects and Planners , takes advan- tage of existing architectural features to incorporate ceil- ing heights ranging from 14 to 16 feet and 10-foot replica replacement windows that will let in abundant natural light. A mid-2018 opening is anticipated, with leasing com- mencing in January. Edison Village’s retail com- ponent – expected to be com-
NJ’s Panepinto Props. signs MOU with Incheon Metropolitan City, Korea to develop 2,235 AC site
www.marejournal.com ALSO INSIDE Green Buildings........23-27B IREM........................ 28-IBC-BPage 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52 Page 53 Page 54 Page 55 Page 56 Page 57 Page 58 Page 59 Page 60 Page 61 Page 62 Page 63 Page 64 Page 65 Page 66 Page 67 Page 68 Page 69 Page 70 Page 71 Page 72 Page 73 Page 74 Page 75 Page 76 Page 77 Page 78 Page 79 Page 80 Page 81 Page 82 Page 83 Page 84
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