3-18-22

ISSUE HIGHLIGHTS Volume 34, Issue 3 March 18 - April 21, 2022

Cushman & Wakefield and Natixis Bank partner in transaction Domenico of Progress Capital secures $197 Million acquisition loan

ERSEY CITY, NJ — Brad Domenico , part- ner at Progress Capi-

tal secured $196.9 Mil- l ion in ac- q u i s i t i o n f i n a n c i n g o n b e h a l f o f a par t - nership be- tween Fred A r e n a , CEO of Vi-

SPOTLIGHTS

Brad Domenico

70 Hudson St.

sion Properties and Hana Financial , to purchase a 432,000 s/f, state-of-the-art office building located at 70 Hudson St. in Jersey City. The property is a stunning 12-story class A waterfront building that has benefited from over $21 Million in upgrades and improvements over the past few years. The multi-tenant building con- tains 226 covered parking spaces and is leased to credit

boom in recent years, the Jer- sey City Waterfront has been transformed into a vibrant 24-hour Live / Work / Play environment. Thousands of residential units and numer- ous lifestyle amenities such as bars, restaurants, boutique shops and grocery options are all within steps of the property and have been attracting both tenants and young profession- als alike. MAREJ

tenants such as CVS (ground floor retail), TD Ameritrade, Gucci, Federal Home Loan Bank of NY and Fidessa. “The debt capital markets continue to show strong in- terest in core office buildings along Jersey City’s water- front, for top-tier sponsors. This building certainly fits that box with a best-in-class partnership of Vision Prop- erties and Hana Financial.”

said Domenico. “We are proud to have represented this dynamic partnership.” A collaborative effort from Brad Domenico of Progress Capital (debt placement), Da- vid Bernhaut of Cushman and Wakefield (investment sales) and Jared Zimmel of Natixis Bank (lender) led to a successful transaction. Due in large part to the big- gest residential development

Section D

1031 EXCHANGE

4-6A

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Prestige Group sells Constitution Health Plaza for $77M

9th Annual NJ CRE Leadership Webinar April 6, 2022 5th Annual PA CRE Forecast Conference For speaking & sponsorship info., please contact: Lea at 781-740-2900 or lea@marejournal.com

PHILADELPHIA, PA — Richard Natow , president of Devon, PA based, Prestige Group, Inc. announced t h a t t h e P r e s t i g e Group was responsible for the sale of Constitu- tion Health P l a z a , a 295,000+/- s/f medical office Richard Natow

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while keeping the property from being exposed for sale to the public. The property was formerly St. Agnes Continuing Care Center and sits on 3.4+/- acres. The campus consists of a 5-story building that is approximately 295,000+/-s/f and a 5-level parking garage for 425 vehicles. The seller purchased the property in 2012 and reposi- tioned it to it’s current use as a diverse medical and medi- cally related office building. With a 95% occupancy rate Constitution Health Plaza

building strategically located at 1930 S. Broad St. in south Philadelphia. The property closed in De- cember 2021 for $77 million. Prestige Group, Inc.’s capi- tal asset teamwas directed by the seller to quietly market the property as an off-market asset. The seller directed Prestige Group to quietly market the property. Confidentiality, subtlety, discernment, and tact played crucial roles in our ability to secure the interest of the specific buyer in the property

at the time of settlement, tenants included: City of Philadelphia, Penn Medicine, Mercy Health Sys- tems, Kidney Center of South Philadelphia, Malvern Behav- ioral Health Through the rela- tionships of Prestige Group’s capital asset team, we were able to identify the buyer while fulfilling the seller’s de - sire for discretion. The team at Prestige Group successfully negotiated the complicated sale of the property to BG Capital a local real estate investment company. MAREJ

Inside Cover A — March 18 - April 21, 2022 — M id A tlantic Real Estate Journal

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M id A tlantic Real Estate Journal — March 18 - April 21, 2022 — 1A

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2A —March 18 - April 21, 2022 — M id A tlantic Real Estate Journal

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M id A tlantic Real Estate Journal

M id A tlantic R eal E state J ournal Publisher, Conference Producer . .............Linda Christman AVP, Conference Producer ...........................Lea Christman Publisher ........................................................Joe Christman Conference Producer ............................... Jordaan Van Oort Editor/Graphic Artist ......................................Karen Vachon Contributing Columnist .....Mason Capitani, SIOR, CORFAC Mid Atlantic R eal E state J ournal ~ Published Monthly Periodicals postage paid at Hingham, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal 117 HMS Halsted Dr., Hingham, MA 02043 USPS #22-358 | Vol. 34, Issue 3 Subscription rates: 1 year $99.00, 2 years $148.50, 3 years $247.50 & $4.00 single issue - plus postage REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Phone: 781-740-2900 www.marej.com

We see deals from your perspective.

CORFAC Members Begin 2022 With Optimism

urvey says: 2021 mo- mentumwill keep rolling through 2022. CORFAC’s independent real estate profes- sional members were asked in a member survey at the end of last year to evaluate their mar- kets and expectations for the six months ahead. Resound- ingly, members have a bright outlook, and despite some continued uncertainty in the marketplace, are tapping into new opportunities and network referrals to keep deals closing. “We’re thrilled to see positive momentum across our mem- bership and plenty of opportu- nities yet to come in a capital- rich environment,” said Mason Capitani, SIOR, principal of L. Mason Capitani/CORFAC International in Detroit, MI, and 2022 president of CORFAC International. “We’re espe- cially focused on continuing to strengthen the connections between our firms that led to the increase in cross-network deals and referrals in 2021.” S

Our global network of 75 commercial real estate offices is the clear choice.

continued on page 16A However, with more flexible policies towards remote work sticking around, companies may find that they still need inland opportunities. Marketplace Defined by Change Thanks to 18 months of mas- sive pandemic-driven changes in the workforce, the majority of CORFAC members (56%) selected office as the CRE sector they thought would change the most in 2022. Many CORFACmembers expect that companies will bring backmore professional workers as COVID infections decrease in number and severity.

Signs Pointing Up for Deal Activity

Upcoming MAREJ Conferences

When asked about deal activ- ity at the end of 2021, one in three CORFAC members say their transaction activity had increased significantly over midyear. Another 35% said it increased slightly. New business is coming from a strong mix of sources, includ- ing new customers entering the market (70%); current custom- ers that are expanding (63%); business won froma competitor (33%); and referrals from other CORFAC members (20%) . Multiple CORFAC brokers also mentioned an exodus of compa- nies leaving coastal regions for

Firmly Rooted in the Law and in the Community We are well grounded in every facet of real estate law, from acquisition to construction. We are committed to serving the needs of our clients and our communities.

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F inancial D igest featuring 1031 E xchange

M id A tlantic Real Estate Journal —March 18 - April 21, 2022 — 3A

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STRO lands $39M to refi. 8 NJ assets with Signature Bank

Debt/equity team secures acquisition financing Northmarq completes $51M sale of Cottage Grove Apts.

EWPORT NEWS, VA — Wink Ewing , managing director,

Mike Marshall , managing director, Matt Straughan , associate and Jared Alcorn , senior analyst on Northmarq’s Richmond investment sales team collaborated to arrange the $51 million sale of Cot- tage Grove Apartments. The class C+ multifamily property (contains 112 buildings/552 units ($92,400 PPU) and is located at 614 Peninsula Dr. in Newport News. Northmarq represented both the buyer, Featherstone Partners and the seller, Beachwold Residential. Featherstone intends to reposition the asset with en- hanced amenities and opera- tional improvements through new management, selecting Drucker & Falk for property management. The company commented on the acquisition, “the employers in Newport News play a major economic role in not only the Hampton Roads region but also on the national defense stage. We are proud to have an asset that the surrounding workforce will call home “This opportunity presented a blank canvas with tremen- dous upside for the buyer as the property was built with great bones and has a neigh- borhood feel that nearby com- petitors lack,” said Ewing. “At the time of closing, new leases were seeing 20%+ trade-outs and occupancy was at an all- time high.” Hunter Wood , vice presi- dent of Northmarq’s Richmond debt/equity team secured ac- quisition financing of $42.72 million for the property via a bridge loan. Northmarq arranged financing for Feath - erstone Partners through its relationship with a bridge/ mezzanine lender. “Northmarq had an established relation- ship with the borrower, which helped move the deal through closing on an expeditated time- line,” said Wood. The property benefits from a “Goldilocks” location—it is in one of the more afford- able housing markets in

500 West Main Street in Wyckoff NJ

with Signature Bank,” said Jack Shulman , STRO’s direc - tor of acquisitions and capital markets. “Zachary Bermudez and his team were a pleasure to work with and we look forward to doing more busi- ness with them in the future.” “Industrial building demand continues to grow throughout New Jersey. STRO has built a solid foundation of these as- sets, resulting in its leadership position. Signature Bank , through our experienced CRE Group, has maintained its commitment to serve borrow- ers like STRO within this im - portant arena,” said Zachary Bermudez , group director – senior vice president, Signa- ture Bank’s Commercial Real Estate Lending Group. MAREJ

NORTHERN NJ — The STRO Companies (STRO) , a real estate services pro-

vider for The M i l l s t e i n Family Of- fice , has refi - nanced eight buildings in Woodbridge, Moonachie, C l i f t o n , W o o d l a n d

Jack Shulman

Park, Wyckoff and Roselle, NJ with Signature Bank totaling $39 million. The eight properties com- prise of over 395,000 s/f of in- dustrial, last mile and logistics facilities in the Northern New Jersey Industrial Corridor. “We are pleased to continue and to grow our relationship

Cottage Grove Apartments

the Newport News metro area, adjacent to Newport News Shipbuilding, while only being two miles west of Downtown Hampton. Resi- dents have just a short drive to Peninsula Town Center/ Hampton Coliseum, a top retail/shopping destination. Cottage Grove Apartments is situated within three in- stitutions of higher learning: Christopher Newport Uni- versity (6.3 miles), Thomas Nelson Community College (6.5 miles) and Hampton University (7.4 miles). Other nearby points of interest in- clude: Buildbird Gap Farm (4.2 miles), Noland Trail at Mariner’s Museum Park (5.1 miles), Mariner’s Museum (6 miles), Virginia Living Museum (6.1 miles) and Fort Monroe National Monument. Apartment amenities in- clude: High-speed internet ac- cess, in-unit washer/dryer, air conditioning, heating, ceiling fans, smoke free, cable ready, tub/shower, oven, range, refrig- erator and freezer. Community amenities include: Laundry facilities, maintenance on site, property manager on site, renters insurance program, online services, planned social activities, health club dis- count, business center, pool, playground and courtyard.

The sale and financing of Cottage Grove Apartments follows on the heels of mul- tifamily markets rebounding from the pandemic, according to Northmarq’s recent Na- tional Multifamily Outlook. Investors were attracted to the sector’s explosive rent growth, tight vacancies, spik- ing absorption and strong migration trends. Investors like Featherstone Partners are recognizing attractive yields in multifamily that may be difficult to achieve elsewhere. Read more about the demand- supply imbalance fueling stag- gering rent growth, tight va- cancies and robust investment opportunities in Northmarq’s Multifamily Outlook. About Northmarq Northmarq offers commercial real estate investors access to experts in debt, equity, invest- ment sales and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long and short-term investment goals. Our culture of integrity and innovation is evident in our 60- year history, annual transac- tion volume of $30 billion, loan servicing portfolio of more than $70 billion and the multi-year tenure of our more than 700 people. MAREJ

SCOPE secures $17.7M construction debt for Phila. mixed-use development

PHILADELPHIA, PA — SCOPE Capital Group, LLC has arranged $17.7 million in construction financing for Box Factory Lofts, a mixed-use development in the Fishtown neighborhood of Philadelphia. SCOPE Capital Group’s se - nior director Edward Brown negotiated the financing with the collaboration from SCOPE’s investment sales group on be- half of the borrower. The loan was committed and closed at 80% loan to cost and featured a 24-month initial term. Located in Fishtown at the intersection of East Colum- bia Avenue and North Front Street, the project includes the ground up construction of 63 luxury residential units over 1,100 square feet of commercial space with 12 parking spaces. The proposed plans, created by SITIO Architecture + Urban - ism, join the new build with

500 West Main St. in Wyckoff NJ the existing 20 units at 21 E. Columbia Avenue by a com- mon, landscaped courtyard and will be served by a new fitness center and bike storage ame- nity. The residential component will include studios, one and two-bedroom units. Construction is scheduled to be completed mid 2023. “Located at 31 E. Columbia Ave., Box Factory Lofts occupies a prominent corner along the expanding Front Street corridor of Fishtown,” adds Brown. “We look forward to seeing our cli- ent execute on this project and add to the flourishing Fishtown community.” MAREJ

4A —March 18 - April 21, 2022 — Financial Digest — M id A tlantic Real Estate Journal

www.marej.com

1031 E xchange

By Louis J. Rogers, Capital Square Section 1031 Tax- Deferred Exchanges

t r e a tme n t under Sec- tion 1031 of the Internal R e v e n u e Code? Any rea l p r o p e r t y held for in- vestment or W

hat kind of proper- ties qualify for tax- deferred exchange

shopping center, and un- developed property, such as land, a farm or ranch. Effective January 1, 2018, personal property does not qualify for exchange treat- ment under Section 1031. What kind of properties do not qualify for tax deferral under Section 1031? Your principal residence and personal use property do not qualify for Section 1031 treatment. There is a special tax provision under Section 121 that provides forgiveness (exclusion) of gain on sale of your principal residence but the amount of gain forgiven

is limited to $250,000 for a single taxpayer and $500,000 for a joint return. In highly appreciated areas, this may not be sufficient. What documents are need- ed to convert a taxable sale into a Section 1031 exchange? An Exchange Agreement with an accommodator or qualified intermediary (QI) should be signed before clos- ing. The taxpayer has right up to the moment of closing the transfer to convert a “sale” into an exchange. Do I need a qualified inter - mediary or accommodator to hold the sales proceeds?

Yes; this is required to qualify for a safe harbor un- der the regulations. Taxpay- ers should use the safe harbor for qualified intermediaries to avoid technical defaults in structuring an exchange. Is it expensive to set up an exchange with a QI? No; inexpensive – the basic fee is only approximately $1,000 for a simple exchange. Who is the proper party to sign the exchange agreement with the taxpayer? The “owner” for tax pur- poses signs the exchange agreement. Typically, the person or entity “on title” is

the taxpayer who should sign the exchange agreement. Be careful with LLCs and partnerships that have a tax identification number (TIN) and file a partnership tax re - turn; in that case, the entity (LLC or partnership) is the taxpayer who should sign and not the members of the LLC or partners. The sole exception is a single member limited li- ability company or SMLLC; that is a disregarded entity for tax purposes. In the case of a SMLLC, either the entity or the sole (100%) owner of the entity can be the tax- payer who signs the exchange agreement for the taxpayer. In a Section 1031 exchange, is my gain deferred or for- given? For how long? Section 1031 defers the gain that otherwise would be recognized; Section 1031 does not forgive the gain. But you may exchange over and over and over again, creat- ing almost perpetual deferral during your lifetime. Many taxpayers use Sec- tion 1031 to build family wealth in real estate dur- ing their lifetime. When the taxpayer dies, the heirs get a “step up” in tax basis to fair market value. That means the heirs should be able to sell without have taxable gain. So, while Section 1031 de- fers the taxable gain, the gain can be deferred for a lifetime and may be forgiven on death. This is whimsically called “swap until you drop” Loui s J . Rogers i s founder and chief ex- ecutive officer of Capital Square , where he oversees the firm’s Delaware statu - tory trust (DST) programs for investors seeking quali- fying replacement property for Section 1031 tax-deferred exchanges and regular (non- exchange) investors. Rogers also provides invest- ment banking services for owners. He is a nationally recognized authority in struc- turing securities offerings for real estate investments and serves as a consultant and expert witness on Regula- tion D private placements, non-traded REITs, Section 1031 exchanges, DST and TIC programs, real estate funds, and issues related to broker-dealers and registered investment advisors. MAREJ

Louis J. Rogers

use in a trade or business. This means all types of real estate qualify, whether de- veloped property, such as a rental house, apartment building, office building, OR

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M id A tlantic Real Estate Journal — Financial Digest — 1031 Exchange — March 18 - April 21, 2022 — 5A 1031 E xchange

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6A —March 18 - April 21, 2022 — M id A tlantic Real Estate Journal

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M id A tlantic R eal E state J ournal By Michael H. Claisse, Senior VP/ Director of Commercial Real Estate Lending The current state of the financial market

the world economy, including the commercial real estate industry. The current war in Ukraine has created additional economic turmoil. At Spencer, we are adjusting to a new envi- ronment, one with the potential of becoming very volatile and uncertain. We never imagined that we would see empty office buildings, mass layoffs, reduced store hours, travel bans - an empty New York City. The retail industry, struggling pre- pandemic, was certainly not bolstered by the ecommerce surge of online spending. Gyms and restaurants closed down, some permanently. Strip malls, a staple for Spencer, saw in- creased vacancies as businesses shut down temporarily and/or went out of business. At Spen- cer, we remain cognizant of this but will not let it deter us. We remain very active in the lending arena, with a slightly modified approach. We have always practiced a conserva- tive underwriting style, a key to building a stable real estate portfolio. Spencer monitors market metrics, leaving room for potential issues, but we pride ourselves on the ability to adjust based on borrower financial or other pertinent

information. Analyzing the current economy and near future, retail will never fully go away because people want places to visit and things to touch. Strip centers are still of interest to us as their tenants are often times uniquely positioned against e-commerce, selling prod- ucts and services typically not sold online. These neighborhood retail stores continue to fill a need, and we continue to pursue those options selectively. In the e-commerce revolu- tion, the trend we are seeing now is strong interest in indus- trial warehouse and flex build - ings. Demand for flex industrial assets is very strong. However, there is still risk involved and while we recognize the need, Spencer will always keep our standards tight. Lending on general office buildings is generally outside of our appetite at this time, with rare exception. There is a reduction in occupier demand, but the home working trend acceleration has also revealed its limitations. Despite the weakened demand, there con- tinues to be a need for people to collaborate and meet in person, as well as mentor one another. continued on page 16A

t’s been a whirlwind two years for the commercial real estate industry, due

to the pan- demic. How- ever, despite much of the global econ- omy l o s i ng steam as Co- vid persisted and the in- dustry as a whole taking

Michael H. Claisse

a big hit, the last couple of years at Spencer have been some of the most robust. We saw not only opportunity, but felt we had a responsibil- ity to continue our lending platform throughout 2020 and 2021 taking into account this tumultuous time of uncertain- ty, and having record growth, with minimal delinquencies and no recorded losses. In fact, according to a recent 2021 NJ Bank Performance Report by the Financial Management Consulting Group, Spencer had the highest loan growth rate of all 56 banks in the survey. Even with tightening our underwrit- ing metrics, given the uncertain times, this is something of which we are very proud. The pandemic has changed

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R etail D evelopment R eimagined

M id A tlantic Real Estate Journal — Retail Development Reimagined —March 18 - April 21, 2022 — 7A

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JDA Group expands into Ocean County, NJ

EW YORK, NY — Hobby Lobby, Amer- i ca ’ s l arges t and N Brian Katz & Daniel DePasquale rep. Hobby Lobby Katz & Associates brokers 42,768 s/f lease in New York Hobby Lobby is slated to open in Staten Island in Q1 2023. “Katz & Associates has

Each store offers over 70,000 crafting and home decor prod- ucts including floral, fabric, needle art, custom framing, baskets, home accents, wear- able art, arts and crafts, jewelry making, scrapbooking, and pa- per crafting supplies. Katz & Associates began operations in January of 1996. The company currently main- tains offices in New York City, Charlotte, Boca Raton, Nash- ville, New Jersey, and Orlando. Katz & Associates’ primary focus is assisting retailers, restaurants and landlords in all capacities including strate- gic planning, market analysis, lease and sale negotiations, and dispositions. Our team of seasoned veterans has decades of experience and invaluable market knowledge. MAREJ

worked with Hobby Lobby since 2013, helping with their expan- sion through- out Florida a nd P e nn - sylvania, so it’s really ex-

mo s t c om - p l e t e ar t s - a n d - c r a f t s retailer, will be opening its first store in New York C i t y , a n d Katz &Asso - ciates’ Brian

Brian Katz

Daniel DePasquale

106 North Main St.

and building deeper relation- ships with retailers.” The Lacey Township prop- erty’s location – in an area that lacks retail banking resources and is home to a large senior citizen population – was a key consideration in the acquisi- tion, according to Timothy Connell , vice president of JDA. “Drive-through service has long been a desirable feature of highway retail, and over the past two years during the pandemic these establishments have proven their worth,” Connell noted. “Further, many older adults still prefer face-to-face interac- tions at branch locations, and Ocean County is underserved for retail banking locations.” The 106 North Main St. property is well-located along Rte. 9 and near the Garden State Parkway in the heart of Ocean County. The prop- erty represents the second retail real estate purchase outside of JDA’s home base in Hudson County in recent months. In late 2021, the firm acquired 2215 Rte. 4 East in Fort Lee; the nearly half-acre site features an 1,800 s/f retail building fully occupied by a Starbucks Coffee store and a free-standing Bank of America ATM kiosk. JDA Group is known for its results-oriented approach to real estate ownership, with a development andmanagement track record of successful, ground-up multifamily and commercial adaptive-reuse projects, and more than 100 office tenant buildouts over the past 20 years. One of its prominent build- ings is the Mission 50 office and coworking community in Hoboken, NJ. MAREJ

LACEY TOWNSHIP , NJ — Hoboken-based JDA Group LLC (JDA) is expand- ing into the Ocean County retail real estate market with the acquisition of 106 North Main St. in Lacey Township. The purchase aligns with the development firm’s strategic plan to expand its portfolio with income-producing as- sets – especially those that carry future development op- portunity – in the greater New York/New Jersey region. The two-acre site – situated at the corner of Lacey Rd. and Rte. 9 in the Forked River section of the township – is fully leased to TDBank, which maintains a 6,000 s/f retail bank facility with four drive- through lanes. The property has in-place approvals for up to 5,000 s/f of additional retail GLA. Anthony D’Ambrosia of Marcus & Millichap’s Man- hattan office represented the undisclosed seller in the $5.96 million, off-market transac- tion. JDA handled the deal directly. “We are growing from our traditional Northern New Jersey base with this acqui- sition, yet it represents a natural next step in our long- term growth plan,” said JDA CEO Gregory Dell’Aquila . “Single tenant, triple-net- lease properties are known for their stability and resilience regardless of market condi- tions. Aside from giving us the opportunity to acquire our first stand-alone retail property in Ocean County, this income-producing as- set aligns perfectly with our company’s strategic plan for expanding regionally, seeking redevelopment opportunities,

citing to help this top-notch retailer enter the New York City market with a new store on Staten Island,” said Brian Katz, CEO, Katz & Associates. “We are actively seeking loca- tions in all of the other bor- oughs and expect to have more exciting news soon. Hobby Lobby has more than 900 stores across the nation.

Katz and Daniel DePasquale helped secure the location along with Graeme Keith of The Keith Corp. The new 42,768 s/f store will be located in the former Babies“R” Us space at The Crossing on the Staten Island Mall Ring Road. Alex Varon of Brookfield Proper - ties represented the landlord in-house in the transaction. ORANGE, CT — Marcus & Millichap announced the sale of Planet Fitness - Five Guys - Work ‘N Gear (Home Depot Shadow Anchored), a 31,985 s/f retail property lo- cated in Orange, according to James McGuckin , regional manager of the firm’s New Jersey office. The assets sold for $6.275 million. Alan Cafiero and Matt Leszyk , investment special- ists in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller, a limited liability com- pany. Jerry Kray secured and represented the buyer, a limited liability company. Planet Fitness - Five Guys - Work ‘N Gear (Home Depot Shadow Anchored) is located at 420 Boston Post Rd. in Orange. “The property generated multiple offers due to is long term triple net leases and tre- mendous location. The prop- erty is shadow anchored by Home Depot sitting at a hard corner traffic light on Route 1 (Boston Post Road).” Marcus & Millichap an- nounced the sale of a 16,993 s/f retail property located in East Brunswick, NJ. The asset sold

Marcus & Millichap arranges the sale of a 31,985 s/f retail property in Orange, CT

Planet Fitness on Boston Post Road

393 NJ-18 in East Brunswick, NJ

for $4 million. Alan Cafiero and Brent Hyldahl , investment special- ists in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The duo also secured and represented the buyer, an individual/personal trust. The shopping strip is located at 393 NJ-18 in East Bruns-

wick, NJ. The subject property has long term tenants all with NNN leases with minimal landlord responsibility. “The property sold at full asking price. With solid ten- ants and 66,000 cars passing this location daily, we received a high level of local and re- gional investor interest. The center sits on a 1.8-acre lot with access to both NJ- 18 and 6th Street.” MAREJ

8A —March 18 - April 21, 2022 — Retail Development Reimagined — M id A tlantic Real Estate Journal

www.marej.com

R etail D evelopment R eimagined

Proceeds from the sale to be redeployed into opportunistic healthcare acquisitions Atkins Companies sells 6,750 s/f Cherry Hill, New Jersey restaurant

the property boasts a strategic location in the heart of the Rte. 70 Cherry Hill retail corridor that is among one of the most heavily traveled in the Phila- delphia area. Since acquiring the two- building property in 2009, Atkins Companies recognized that the restaurant component no longer fit the company’s evolving investment criteria and subsequently sought to ex- ecute a sale. With the proceeds from the sale, Atkins continues its current investment strat- egy by redeploying the capital into strategic healthcare real estate acquisitions across

the country. “Healthcare real estate has been the backbone of our real estate portfolio for decades and has proven its resiliency throughout the last two years of the pandemic. We remain highly optimistic about its long- term future.” said Bob Atkins , managing principal at Atkins Companies. “We look forward to deploying the proceeds from the sale of this non-core asset to more aggressively pursue healthcare real estate acqui- sitions over the next several months and continue to grow our portfolio in this important asset class.” MAREJ Urstadt Biddle Properties announces acquisition of Shelton Square Shopping Center SHELTON, CT — Urstadt B iddle Properties Inc. (UBA and UBP) has acquired, for $33.6 million, Shelton Square Shopping Center, located in Shelton. Shelton Square is a 186,000 s/f community shop- ping center comprised of one building and three pad sites on a 20+-acre site and anchored by a 67,000 s/f Stop & Shop with a long-term lease. Stop & Shop also leases an ad- ditional 70,000 s/f at Shelton Square, which additional space formerly housed a Bradlees de- partment store. Stop & Shop is the former owner of Bradlees, and it has sublet the additional space to Edge Fitness, Hawley Lane Shoes and, previously, Bed, Bath & Beyond. The for- mer BBB space is now vacant and available. In total, Shelton Square is 96.5% leased to a diverse mixture of local, re- gional, and national tenants. Other tenants include People’s United Bank, St. Vincent’s/ Hartford Health, Burger King, Sports Clips, a local pizzeria, a local wine and spirits store, an optician, a salon, a jeweler, a Chinese restaurant and a brand-new physical therapist. Shelton Square is located on Bridgeport Avenue in Shel- ton, Connecticut. Bridgeport Avenue is a major commer- cial corridor in the northeast quadrant of Fairfield County that parallels Rte. 8. Compa- nies with offices in Shelton include Sikorsky/Lockheed Martin, Perkin Elmer and Pitney Bowes. MAREJ

HERRY HILL, NJ — Atkins Companies , one of the region’s most

s u c c e s s f u l multigenera- tional health- care real es- tate develop- ers, investors, and property ma n a g e r s , a n n o u n c e s the sale of a

Bob Atkins

6,750 s/f restaurant located at 104 Rte. 70 in Cherry Hill to a private buyer. Jay Miller of CBRE represented the buyer in the transaction. First constructed in 2007,

104 Rte. 70 in Cherry Hill

the property at 104 Route 70 is comprised of a restaurant building that is now home to a Crab Du Jour seafood

restaurant and a bank build- ing currently occupied by a Firstrust Bank. Located just five miles east of Philadelphia,

Relocation Opportunities Wanted

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PLEASE CONTACT: Abbie Muto muto_a@sdepa.com | Cheryl Green green_c@sdepa.com (610) 366-8120 • www.sdepa.com

M id A tlantic Real Estate Journal — Retail Development Reimagined —March 18 - April 21, 2022 — 9A M id A tlAntic Real Estate Journal — Retail Development Reimagined — arch 19 - April 15, 2021 — 33

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R etail D evelopment R eimagined D 700,000 s/f of transactions & new agency assignments among 2020 Levin Mgmt. ushers in 2021 with a look back on progress Includes former Pier I store & adjacent SamA h building NIA National Realty closes four highway retail prope tie

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ORTH P L A I N - FIELD, NJ — Amid the chal lenges of ARAMUS, NJ — NIA National Realty an- nounced that their fourth quarter 2021 closed with many transactions, in cluding the sale of four high- way retail properti s amount- ing to just u der $15M. T properties co sisted of the former “My Home” store on Rt . 4 West, 5,500 s/f. 2020, commercial real estate services firm LevinManage- ment Corporation (LMC) achieved tangible progress – a promising sign for the industry moving into a new year. Over the past 12months the North Plainfield based organization secured nearly 700,000 s/f of new leases and renewals, added new leasing and management assign- ments, solidified its staff with new hires/promotions, and garnered several industry recognitions. Highlights of LMC’s retail leasing activity included an anchor lease with off-price retailer Burlington Stores at Mill Creek at Harmon Meadow (Secaucus), a 24,000 s/f lease with Aqui Market at Twin City Shopping Center (Bayonne) and a 20,000 s/f lease with Planet Fitness at Mayfair Shopping Cen- ter (Commack, NY). LMC’s transactional activity also brought a host of renewals as well as new retailers and service providers to the region, punctuated by nearly one dozen leases with restaurant tenants – several of which have already launched opera- tions. Other openings involved N P On Rte. 4 Eastbound s les number tw a d thre were adjacent to each oth r. The for- mer Pier I store, of about 9,800 s/f and the adjacent 14,000 s/f Sam Ash building. O Rt . 17 Southbound, he former Goodwill property, also about 14,000 s/f old s well. With the first q arter of 2022 contr cts that are sched- uled to close totali g more than $20M in additional etail properties our marketplace is thriving. MAREJ

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Burlington Stores at Mill Creek at Harmon Meadow

high-profile anchors like Lidl (North Brunswick) and Burl- ington Stores (Raritan). Non-retail leasing highlights within LMC’s diversified port - folio included a 135,000 s/f renewal by Hall’s Warehouse Corp. at Rutgers Industrial Center (Piscataway). “Despite the economic un- certainty and business-related disruptions facing our indus- try since March, there has been progress – with certain key dynamics coming into sharpened focus,” said LMC’s Matthew Harding , chief ex- ecutive officer. “For example, positive landlord/tenant rela- tions have always been impor- tant. During 2020, as tenants worked to navigate an incred- ibly difficult environment, we approached everything on a very granular basis, review- ing the distinctive needs and nature of each business. Like - wise, we have done the same with our landlord clients and their individual properties to leasing and managing agent for Wall Towne Center. LMC leasing representative Ken- dal Hand-Freda arranged the 2,200 s/f Wall Eyecare Associates transaction; Kent Lorentzen of Coletta Com - mercial Realty represented the tenant. Wall Eyecare Associates is owned and operated by Dr.

help them best respond to ten- ant requests and operational needs. “This customized approach has always been central for our team; however, this year has intensified the practice to a new level that we will sustain moving forward,” Harding added. “This is an ad- vantage we can provide over some of our larger, nationally focused peers.” LMC also continued to ex - pand its leasing and manage- ment portfolio, which today totals 110 properties total- ing nearly 15.5 million s/f. The firm was appointed leas - ing and managing agent for Springfield Avenue Market - place, a 112,000 s/f supermar- ket-anchored property at 204- 234 Springfield Ave. in New - ark. In Bergen County, LMC was named managing agent for Marketplace at Edgewater, a 73,000 s/f shopping center located at 725 River Rd. in Edgewater. MAREJ Jennifer Ward. An established local optometrist, Dr. Ward was a Pearle Vision franchisee at another Wall location before opening her own practice at Wall Towne Center. Wall Eyecare As- sociates specializes in providing comprehensive eye exams, con- tact lens fittings, and the treat - ment and management of eye disease and eye infections. MAREJ

4,000 s/f Sam Ash building

Mid Atlantic Real Estate Journal

Former Goodwill pro erty

MANASQUAN, NJ — Opti- cal provider Wall Eyecare Asso- ciates is coming to Wall Towne Center in Manasquan, an- nounced Levin Management Corporation (LMC) . The 100,000 s/f, grocery-anchored retail property sits on Rte. 34, less than one quarter mile from the intersection of Rte. 35. LMC serves as exclusive Levi Mgmt. arrang s 2,200 s/f lease with optical provider

BORRUS ASSOCIATES Investment Real Estate

For more information call or email Lea Christman today! 781.740.2900 lea@marejournal.com

Julius Borrus Broker & President Borrus Associates

marej.com

P.O. BOX 8357, REDBANK, NJ 07701 P: 908-839-0052 | borruscommre@aol.com A Member Of The International Council Of Shopping Centers NY, NJ, CT, PA INVESTMENT REAL ESTATE

10A —March 18 - April 21, 2022 — Retail Development Reimagined — M id A tlantic Real Estate Journal

www.marej.com

R etail D evelopment R eimagined

M id A tlantic Real Estate Journal —March 18 - April 21, 2022 — 11A

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Property manager provides services to Carrollsburg, a DC condominium FirstService Residential welcomes Hathaway Tower to its Richmond, VA portfolio

long-time, self-managed asso- ciation was our team’s vast ex- perience inmanagement/bank- ing services. In addition, the community has an upcoming large exterior project and our ability to assist with financing was a feather in our cap,” said Trent Harrison , president, MidAtlantic, FirstService Residential . FirstService Residential has begun providing full-service property management services to Carrollsburg, A Condomini- um in Washington, DC. “We’re thrilled to announce our partnership with Car- rollsburg,” said Mendillo. “Our team’s experience and knowl- edge of the local market will ensure a successful partner- ship with this impressive prop- erty for years to come.” Carrollsburg is located in the heart of the Southwest Waterfront area in Wash- ington, DC. This eight-story, high-rise building was built in 1967 and houses 426 units, a pool and 24-hour front desk in loading doors with drive- though capability, and situ- ated on more than six acres of land, 1200 Chesapeake Avenue is located immediately outside the Fairfield Marine Terminal, is adjacent to the CSX rail line and is a two- minute drive from Interstate 895 and a seven-minute drive from Interstate 95. Dundalk Marine Terminal is approxi- mately seven miles from the site, BWI Airport is approxi- mately nine miles away and Washington, D.C. is less than 40 miles away. Headquartered in Philadel- phia, Alterra Property Group is a commercial real estate investment, development and management group which owns commercial office, resi - dential and mixed-use devel- opments as well as Industrial Outdoor Storage (IOS) sites. Its APG Living facility man- ages more than 2,000 upscale

ICHMOND, VA — FirstService Resi- dential , one of North

America’s property manage- ment leaders, has started providing full-service property management services to Hath- away Tower in Richmond, VA. “We’re thrilled to announce our partnership with Ha- thaway Tower,” said Michael Mendillo , president, FirstSer- vice Residential. “Our team’s experience and knowledge of the local market will ensure a successful partnership with this impressive property for years to come.” Hathaway Tower, a 13-story, high-rise building built in 1972, is home to 143 condo- minium units. The property features a swimming pool, sun deck, barbeque picnic area, club and fitness rooms, as well as 24-hour security. In addi- tion, its residents enjoy close proximity to many parks, the James River, and many shop- ping and dining options. “A big selling point for this LUTHERVILLE, MD — MacKenzie Commercial Real Estate Services, LLC has brokered the sale of 1200 Chesapeake Avenue, a single- story building consisting of ap- proximately 31,000 s/f of ser- vice/warehouse space for $4.2 million. Andrew Meeder , senior vice president & princi- pal and Daniel Hudak , senior vice president and principal for MacKenzie Commercial Real Estate Services repre- sented the seller, a private ownership group in Baltimore, as well as the buyer, Alterra Property Group, LLC in this sales transaction. The building was occupied at the time of the sale but the tenant is vacating Q3 2022. MacKenzie Com- mercial Real Estate Services has been selected by the new owner to handle all marketing and leasing activities. Equipped with 18 to 21-foot ceiling heights and 21 drive-

Hathaway Tower

with security. Carrollsburg residents enjoy the proxim- ity to public transportation and numerous shopping and dining options. In addition, they are located close to the

American landmark for the arts – the Arena Stage and Nationals Park. “FirstService Residential’s deep knowledge and experi- ence with large communities in

Washington D.C., specifically around complex building me- chanical systems, are just some of the reasons Carrollsburg selected FirstService Residen- tial,” said Harrison. MAREJ

Mackenzie Commercial Real Estate Services brokers sale of two buildings in Elkridge Section Of Howard County

1200 Chesapeake Avenue urban infill market and im - mediate availability of outside storage space,” said Meeder. According to data fromMacK- enzie Commercial Real Estate Services, the vacancy rate for

residential apartment units. “We expect tremendous leas- ing interest in this building based on its size, extremely low vacancy rate for this prod- uct type, position within an

warehouse/industrial product in the Baltimore Metropolitan region stood at 6.6 % at year- end 2021 and is expected to trend lower through at least the first half of 2022. MAREJ

12A — March 18 - April 21, 2022 — M id A tlantic Real Estate Journal

www.marej.com

Great CRE Events Cont. Ed…Speakers…Networking www.CircDelaware.org

EVENTS SCHEDULE

T H E F I R S T S TAT E H O T E L B O O M

— O F F I C E R S — President: Jay L. White , MAI, CRE® Apex Realty Advisory Vice President: Cindy Fleming Jones Lang LaSalle Treasurer: Barton L. Mackey, Jr. Patterson-Woods Associates Secretary: Bayard Snyder , Esq. Bayard & Associates 2021-2022 Board of Directors

March 23 Continuing Education 8:30 - Agency-MD-NJ-PA | 1:00 Exch. & Opp. Zones / Mod. 6 April 13 (Wed. 11:30-1:30) Membership Lunch Meeting Location: DuPont Country Club , 1001 Rockland Rd., Wilm. Topic: Economic Forecast April 13 Continuing Education 8:30 - Agency-DE / Mod. 7 | 1:30 Legislative Update / Mod. 5 May 11 (Wed. 11:30-1:30) Annual Meeting/Elections Location: DuPont Country Club , 1001 Rockland Rd., Wilm. June 27 (Mon., 11:00) Annual CIRC Member Golf Outing Location: Hartefeld National, Avondale, PA Lunch Meeting Cost: $45 member; $55 non-member Register: www.circdelaware.org / Events

Hotel & lodging industry experts (above, from left) : Robert Buccini: The Buccini/Pollin Group Jay White: Apex Realty Advisory (Moderator) Dinaker Mallya: HVS Drew DiFonzo: TKo Hospitality Bill Silva: PM Hotel Group / Del. Hotel & Lodging Assn. Bill Sullivan: Lerner Business & Economics / Courtyard by Marriott-Newark

— D I R E C T O R S — Past President & Cont. Ed. Chair:

Robert Stenta Pettinaro Management Program Chair: Lorraine Sheldon NAI Emory Hill

A comprehensive overview of the Delaware lodging market was discussed by our panel of industry experts, including the number of hotels and rooms by county, and the new hotels added from 2014 to the present. They shared performance statistics and details of the dramatic effect hotels expereinced as a result of the COVID-19 pandemic—and continue to experience — due to supply- chain issues and discussed what drove the industry rebound. Presentation slides and video can be found on the circdelaware.org website on the Resources/Presentations page.

Membership Chair: James Manna BrightFields, Inc.

— E X - O F F I C I O — Business Manager Janet Pippert Landmark Science & Engineering Legislative Lobbyist C. Scott Kidner C. S. Kidner & Associates Legislative Affairs Chair William Lower Harvey Hanna & Associates 44 Business Capital Daniel Wham DSM Commercial Real Estate Neil Kilian, SIOR, CCIM NAI Emory Hill contact us (302) 633-1705 Janet@circdelaware.org www.circdelaware.org Donald Robitzer The Commonwealth Group Benjamin Berger , Esq. Berger Harris, LLC Carmen Facciolo NAI Emory Hill Ryan Kennedy Harvey Hanna & Associates Michael Hahn

CONTINUING EDUCATION Classes Accredited: DE*PA*MD*NJ

accredited real estate school/instructors: Frederick Academy of Real Estate LAST FOUR CLASSES IN 2022 – REGISTER NOW! LICENSE RENEWAL DATES:

• Delaware - 4/30/22 • Pennsylvania - 5/31/22

• New Jersey - 4/30/23 for CE • Maryland - 2-year cycle

Mar. 23, 2022 (Wed.) 8:30 a.m. – Agency (MD, NJ, PA) MD Required-MREC-Agency-Commercial; NJ Required; PA Elective; (No DE) 1:30 p.m. – Exchanges & Opportunity Zones DE Mod.6; MD, PA & NJ Elective Apr 13, 2022 (Wed.) 8:30 a.m. – Agency (DE) DE Mod. 7; (No MD, PA, NJ) 1:30 p.m. – Legislative Updates DE Mod. 5; MD Required-MREC; PA & NJ Elective Register online for our Continuing Education classes at: www.circdelaware.org / Education

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