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 C


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



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 lea.christman@marejournal.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 lea.christman@marejournal.com | 781-740-2900

Real Estate Journal — December 22, 2017 - January 11, 2018 — 1A


M id A tlantic


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 | info@horvathtremblay.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

Class A Office Building Available For Lease

Rebuilding Storm- Resilient HQ&A Matthew Gaudet-Walters

Whitesell Properties >> Office >> 750 Centerton Road, Mount Laurel, NJ


• 79,444 SF Technologically Advanced Single Tenant Bldg. • Award-Winning Corporate Office Park

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

• Maximum Visibility & Direct Access to I-295 • 20 min. to Philly and 90 min. to Manhattan

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

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 pgallicchio@remcorealty.net 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



We are accepting byline articles focusing on Commercial Lending 1-781-740-2900 Kim Brunet email:kbrunet@marejournal.com


Real Estate Journal — December 22, 2017 - January 11, 2018 — 3A


M id A tlantic

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

Ravenscroft Apartments

wishes to all a Happy Holiday & Happy Healthy New Year

Owner & President



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

Frank Forte

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


M id A tlantic

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

Ledgewood Commons

“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

Real Estate Journal


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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


M id A tlantic

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New 25 - Year Costco Wholesale NNN Ground Lease

Corner of Hampton Rd. & Daly Blvd. Oceanside, NY

Rare Trophy Asset on Long Island - Less Than 30 Miles from Midtown Manhattan

*Representative Photo



Alan Cafiero | Vice President Investments Direct: (201) 742.6118 | Mobile: (201) 240.7367 Alan.Cafiero@marcusmillichap.com

Ben Sgambati | Vice President Investments Direct: (201) 742.6113 | Mobile: (201) 819.5282 Ben.Sgambati@marcusmillichap.com

8A — December 22, 2017 - January 11, 2018 — Shopping Centers — M id A tlantic

Real Estate Journal


S hopping C enters RETAIL PORTFOLIO

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

Billerica, MA


272,142 Target, Marshall’s, Best Fitness

Meadow Brook Center

Lowell, MA

158,620 Stop & Shop, HomeGoods, TJ Maxx

Milford Crossing

Milford, MA


234,705 Future Development

Harbor Pointe Marketplace

Route 440 & Goldsborough Dr.

Bayonne, NJ

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

Sunbird Plaza

Marlton, NJ

State Hwy. 73 & Sunbird Dr.

Morris Township, NJ 104,594 Future Development

Morris Marketplace

Hanover Avenue

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

Adjacent to Foreign Trade Zone

Vacant Land

Mount Olive, NJ

Fe Mi

Foxborough Plaza

9.33 AC Across from Walmart Supercenter

Old Bridge, NJ

Route 18 & Foxborough Dr.

Waterview Marketplace

150,150 Whole Foods (New Development)

Route 46 & Waterview Blvd. Springfield Ave. at Roselyn Pl.

Parsippany, NJ

Me Se Un Sh Th

Vacant Land

0.199 AC Vacant Land

Union, NJ

Vauxhall (Union), NJ 0.3239 AC Vacant Land

Vacant Land

Springfield Ave. near I-78

Vineland Marketplace


Vineland, NJ

Future Development

S. Delsea Dr. (Rte. 47) & College Dr. Black Horse Pike & Main St.

Williamstown, NJ

94,452 Rockin’ Jump, Dollar General, CVS

Williamstown Shopping Center

26 AC Across from Walmart Supercenter

Route 13 & Bennie Rd.

Vacant Land

Cortland, NY


182,875 Kohl’s, Super Stop & Shop

Kohl’s Plaza

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

Lo Br

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.

Harriman Commons


276,792 Home Depot, Raymour & Flanigan, Staples

Home Depot Shopping Center

Nanuet, NY


78,659 Super Stop & Shop, Residence Inn

Orangeburg Commons

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

Orangetown, NY

29,314 SoulCycle

The Mill

Southampton, NY

Fo Wi

21,212 US Post Office

Stony Ridge Plaza

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

Stony Point, NY


660 White Plains Road

Tarrytown, NY

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.

Allentown, PA

140,715 Home Depot, Chili’s

Carlisle, PA

Montgomeryville, PA 133,124 BJ’s Wholesale Club, Lowe’s

Five Points Plaza


Richland Marketplace

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


400,000 Marshall’s

Downers Grove, IL

75th St. & Lemont Rd.

P Rei Ar

Evansville Shopping Center

162,394 Rural King, Buehler’s IGA, Dollar General

Evansville, IN

Morgan Ave. & Boeke Rd. Pendleton Pike & Shadeland Ave. U.S. Hwy. #30 & Water St.

Pendleton Plaza

134,797 Rose’s Department Store

Indianapolis, IN

The Market Place at Warsaw

183,900 Carson’s Dept. Store, Sears, Dunham’s

Warsaw, IN

Muskegon Shopping Center

167,212 Jack Loeks Theatres

Muskegon, MI

Henry St. & Norton Ave.

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



Real Estate Journal — Shopping Centers — December 22, 2017 - January 11, 2018 — 9A


M id A tlantic

S hopping C enters


by region

GLA/ Acreage Anchor Tenants


Property Name



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

Vacant Land

Fort St. & Burns Ave.

Southgate, MI

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

Huntsville, AL

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

Gainesville, FL

The Groves


Wildwood Antique Mall, Chuck E. Cheese

Lakeland, FL

Merchants Crossing

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.

Ocala, FL

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

Russell Centre

Route 23 & Diederich Blvd.

Ashland, KY

Long Meadow Shopping Center

164,293 Family Farm and Home, PA Dutch Market

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

Hagerstown, MD

Brenbrook Plaza

146,586 Home Depot

Randallstown, MD

Marketplace at Rivergate

Gallatin Pike & Conference Dr.

111,835 Oak Factory Outlet, Harbor Freight Tools

Nashville, TN

Shops at Tech Ridge

12901 I-35 South & Parmer Ln.

505,803 Floor & Decor, Fitness Connection, Ross

Austin, TX

Food Lion Shopping Center

10.2 AC Food Lion, Fresenius Medical

Rte. 1 & Chippenham Pkwy.

Richmond, VA Winchester, VA

Winchester Plaza

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.

Phoenix, AZ

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.

Salem, OR

Freestanding Office Max

410 S. 900 E. & 400 S.

29,051 Office Max

Salt Lake City, UT

Puerto Rico

Arecibo Towne Center

±350,000 Future Development

Routes 2 & 22

Arecibo, PR

Reinadel Sur; PonceTowneCenter II

±525,000 Walmart Supercenter, Home Depot

Routes 2 & 10 @ PR-52

Ponce, PR

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


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 | kbrunet@marejournal.com

Real Estate Journal — December 22, 2017 - January 11, 2018 — 11A


M id A tlantic

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




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


M id A tlantic

B usiness C ard S ervice D irectory

M id A tlantic

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 gs@knwcap.com | P: 646-416-6403 Marshall D. Berman, Principal mberman@knwcap.com|P: 646-416-6680 Robert Aydin, Orginator, Northern NJ raydin@knwcap.com | P: 646-416-6688

675 Rahway Avenue Union, New Jersey 07083

Tel: (908) 687-4400 Fax: (908) 687-4401

www.hillcrestpaving.com Estimating@hillcrestpaving.com

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 mallison5@aol.com 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 lchristman@marejournal.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.

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O wners , D evelopers & M anagers

Real Estate Journal — Section B


M id A tlantic

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

Industry Leaders

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-B

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