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ISSUE HIGHLIGHTS Volume 37, Issue 5 May 2025

PGIM Real Estate provides financing through its core lending platform Newmark secures $125M refinance for Rosewood’s self-storage portfolio

The multi-state portfolio encompasses 13 properties in Pennsylvania, three properties in Maryland, and one property each in New Jersey, Indiana and Kentucky. Collectively, the portfolio includes more than 9,970 units, across 1.2 million rentable s/f and has demon- strated a strong NOI growth, with an average occupancy of 91% over the past 10 years. “This refinancing highlights the market’s continued appetite for well-performing alternative real estate sectors such as self- storage,” said Roeschlaub. “We are pleased to have provided this financing to Rose- wood through our core lending strategy,” said Paul Geyer , managing director at PGIM Real Estate who arranged the financing on the firm’s behalf. “We continue to maintain a strong presence in the self- storage sector through both our core and core-plus lending strategies.” MAREJ the north and south, Silver Spring is just five miles from I-76 and ten miles from I-83 at its southbound ramp. The site is 21 miles from Harrisburg International Airport, 86 miles from the Port of Baltimore, 120 miles from both the Phila- delphia International Airport and the Port of Philadelphia and 150 miles from the Port of Newark-Elizabeth. “Due to continued demand for industrial space in the region, we will develop the 803,520 s/f building and 318,060 s/f building immedi- ately. These buildings will be completed by Spring 2026,” said Jacqueline Schwartz , associate for Rockefeller Group’s North Central re- gion. “The third building, an 892,620 s/f distribution center, will follow thereafter.” The architect is Margulies Hoelzli Architecture, PLLC (MHA) , the civil engineer is Alpha Consulting and the general contractor is Penntex Construction . MAREJ

IDWEST TO MID- ATLANTIC — Rose- wood Property

SPO TLIGHTS

Company closed on a $125 million fixed-rate refinance for a 19-property self-storage port- folio that includes assets across the Midwest, Northeast and the Mid-Atlantic regions. PGIM Real Estate , the real estate investment and financing arm of Prudential Financial , pro- vided the financing through its core lending strategy. Newmark co-presidents of Global Debt & Structured Fi- nance Jonathan Firestone and Jordan Roeschlaub, vice chairmen Nick Scribani and Clint Frease and direc- tor John Caraviello secured the financing in collaboration with vice chairman of Self- Storage Capital Markets Aaron Swerdlin and executive man- aging director of Strategic Ad- visory and Liquidity Solutions Andrew Warin . “This portfolio represents a SILVER SPRING TOWN- SHIP, PA — A joint venture of Rockefeller Group , a leading real estate devel- oper, owner and operator, and MBK Real Estate LLC , a subsidiary of Mitsui & Co. Ltd , has closed on a 182-acre property in Silver Spring Twp. The joint venture will immediately commence con- struction on a two million s/f industrial distribution center. Silver Spring Logistics Park

Real Estate Slowdown In Hospitality

Tyler Foresta 3

Joe Latina

Newmark arranges refinance for Rosewood Property Company’s 19-Property Self-Storage Portfolio. Photo Credit: Courtesy of Newmark

INSURANCE/TITLE 18-19

critical mass of stabilized self- storage facilities in markets with strong demographics and underlying fundamentals. Rosewood has owned the prop- erties for 10 years, and this re- finance allows us to repatriate significant equity, which will be redeployed into the sector

as we continue to grow our self-storage holdings,” said Brandon Cooke , senior vice president at Rosewood Prop- erty Company. “We’re thank- ful for Newmark’s efforts in securing compelling debt financing despite challenging market conditions.”

HEALTHCARE 20-27

Rockefeller Group and MBK Real Estate to develop 2 million s/f logistics park in Central PA

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Silver Spring Logistics Park

New Jersey featuring Central NJ.................................. 4-9 Pennsylvania featuring Central PA........................... 10-13 CIRC Organization........................................................ 14 Financial Featuring Insurance/Title......................... 15-19 Healthcare . ............................................................. 20-27 Retail Development................................................ 28-32 Owners, Developers & Managers............................ 33-42 CRE Organization’s Events Calendar.............................. 43 People on the Move..................................................... 44 www.marej.com

is located off the Carlisle Pike (US Rte. 11) and three miles from I-81. The property was sold by HSS Investors, LLC and was part of the for- mer 451-acre Hempt Farm. CBRE National Partners’ Brad Ruppel represented the seller. “Following our success throughout the greater region, we are pleased to be entering the Central PA industrial

market. This market is one of the top performing markets within the United States,” said Heath Abramsohn , vice president/regional director for Rockefeller Group’s North Cen- tral region. “We have already received interest from several prospective tenants, further providing support for our ex- pansion into Central PA.” Along with the site’s proxim- ity to I-81 providing access to

Inside Cover — May 2025 — M id A tlantic Real Estate Journal

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Dan Spiegel, SIOR

Coldwell Banker: C-Stores are CRE Hotspots

REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Phone: 781-740-2900 www.marej.com

M ADISON, NJ — Coldwell Banker Commercial re- leased its latest Trend Report examining how convenience stores (C-stores) have shifted from quick stops for snacks and fuel to popular food desti- nations. This shift has made C-stores an attractive asset class for commercial real es- tate (CRE) investors, espe- cially in the net-lease market. “The convenience store in- dustry is evolving to meet changing consumer needs,” said Dan Spiegel, SIOR , se- nior VP and managing director of Coldwell Banker Commer- cial. “With smaller households, more urban locations, and evolving food preferences, the sector is undergoing significant transformation. Given their frequent visits, convenience stores must stay closely con- nected to shifting consumer lifestyles to remain competi- tive in the retail market.”

C-Store Product Mix Drives Growth The report highlights how C-stores have adapted from being fuel and snack retailers into quick-service food and grocery alternatives. Sales of prepared food have risen 12.2% year-over-year, and 56% of consumers now consider C- stores viable substitutes for fast-food chains. This growth, fueled by demand for conve- nient, affordable, and healthier food options, has added to the sector’s stability, even though profit margins remain narrow (around 5% to 7%). However, the high turnover of products and steady consumer visits compensate for the tight mar- gins, making C-stores a reliable source of income for investors.

The shift in consumer be- havior–especially as inflation raises grocery prices–has posi- tioned C-stores as an attractive alternative for those seeking fresh food at affordable prices. Changing Real Estate Needs As C-stores add more food service offerings, real estate needs are expanding. Chains like QuikTrip, Casey’s Gen- eral Stores, RaceTrac, and Wawa are investing in larger store formats to accommodate food preparation areas. Many operators are returning to urban centers and explor- ing non-traditional spaces, such as college campuses and downtown locations, which provide new opportunities for real estate investors. continued on page 8

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By Tyler Foresta & Joe Latina, SIOR, LMT Commercial Realty, LLC/CORFAC International Real estate slowdown in hospitality: A perspective on travel declines and investment hesitancy

acroeconomic and geopolitical shifts have a direct im-

We are seeing this translate into longer listing periods, increased demand for conces-

citing political uncertainty, tighter visa regimes, and now, softening demand metrics. The Retail Leasing Dilemma Leasing retail space, espe- cially in hospitality-adjacent corridors, has become increas- ingly challenging and com- plex. Many retailers that once thrived on international tour- ism and business travel have shifted strategies or paused expansion altogether. Urban retailers that traditionally counted on hotel guests for foot traffic are now struggling with high costs and underwhelming sales metrics.

Moreover, prospective re- tail tenants are being much more selective and cautious. Many retail tenants are now requiring shorter lease terms, flexible exit clauses, and sub - stantial tenant improvement allowances (TIA). National credit tenants appear to be downsizing footprints or fo- cusing on drive-to suburban markets with more predictable customer flows. Local opera - tors, on the other hand, face their own set of hurdles; tight labor markets, inflationary input costs, and supply chain volatility—all of which make

committing to a multi-year lease in a softening urban core an unattractive proposition. From the landlord’s side, expectations haven’t always realigned with market reali- ties. Some are slow to adjust asking rents or are unwilling to accommodate the newer, more defensive lease structures that tenants are demanding. This mismatch often leads to longer vacancy periods and friction during negotiations, requiring brokers to step in as educators and mediators to bridge the gap between perception and continued on page 8

pact on com- mercial real estate, often materializing in the form of vacant prop- erties, stalled leases, and overly cau- tious, risk-

sions, aggres- sive repric- ing and much longer due diligence pe- riods, espe- cially for as- sets directly reliant on in- ternational

Tyler Foresta

Joe Latina

averse investors. The recent downturn in international travel to the U.S., as high- lighted by the U.S. Travel As- sociation’s latest data, presents a sobering reality for those of us working to place tenants and buyers in hospitality and travel-related business and real estate opportunities. Travel Contraction and the Real Estate Ripple Effect In March of this year, in- ternational arrivals to the U.S. experienced a 14% year- over-year decrease; this is not merely a tourism statistic—it’s a flashing red signal for the hospitality real estate sector. The sharp decline in travel from traditionally reliable feeder markets such as Canada (down 26%), Western Europe (down 17%), and Asia (down 25%) translate into fewer “heads in beds” and less foot traffic for urban core retail. The lack of robust travel de- mand to backstop income pro- jections has made hospitality investors’ appetites very tepid; this has many hotel operators pausing expansion, with many even considering disposition. This uncertainty has signifi - cantly affected the desirability, and in many cases, the value of such assets. When buyers are facing reduced revenue per available room (RevPAR) trends or when forward book- ings are down, as flagged by Hyatt and Host Hotels, many of these investors are taking a wait-and-see approach. Buyers Are Hesitant, Tenants Are Selective The current travel slowdown comes at a time when many institutional and private in- vestors are already reeling from higher interest rates and tighter lending and under- writing standards. With the hospitality sector now facing a projected $21 billion loss in travel-related exports and the U.S. now running an uncharac- teristic $50 billion travel trade deficit, confidence in the near- term outlook is shaky at best.

tourism, convention travel, or gateway city footfall. Inter- national investors, once stal- warts in U.S. hospitality deals, have also begun to pull back,

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4 — May 2025 — Central New Jersey — M id A tlantic Real Estate Journal

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C entral N ew J ersey New CoStar Research Report highlights BRC’s industrial market dominance Bussel Realty Corp. leads Central NJ Industrial Sales Market

DISON, NJ — Bussel Realty Corp. (BRC) , announced they are the leader in representing more in- dustrial real estate properties for sale in Central New Jersey, according to a April 2025 re- search report by Costar, Inc. , an industry-leading commer- cial real estate information, analytics and news platform. In the first quarter of 2025, BRC also led the way with over 25 transactions ranging in sizes from 1,500 to 150,000 s/f. According to Costar, BRC is the exclusive brokerage E

representative for more in- dustrial properties in the size range of 15,000 to 200,000 s/f in Middlesex and Union County. Currently, the company repre- sents 10 industrial properties that are for sale in these sub- markets, which include: • 300 Cox St., Roselle, totaling 16,000 s/f • 169-197 East Highland Pkwy., Roselle, totaling 32,000 s/f • 2 Corporate Place, Piscataway, totaling 44,362 s/f • 1453 Jersey Ave., North Brunswick, totaling 49,000 s/f

• 1100 Milik St., Carteret, totaling 50,000 s/f • 50-60 Parkway Place, Edison, totaling 50,422 s/f • 500 Metuchen Rd., South Plainfield, totaling 53,000 s/f • 7-10 Cragwood Rd., Avenel, totaling 60,000 s/f • 4 American Way, Spotswood, totaling 79,500 s/f • 100 Middlesex Avenue, Carteret, totaling 110,000 s/f “Costar’s report is a testa- ment to the professionalism of BRC in representing our cli- ent’s real estate requirements, whether it is a for sale or lease assignment or locating the op- timal location and property for their business or investment,” said Gregory Irving, SIOR , executive vice president and partner at BRC. “For over 45 years, our clients have trusted us to procure the ideal buyer or property to purchase or lease,” added Steve Bussel, SIOR , president of BRC. BRC announced its brokered the sale of 400 Cottontail Lane in Somerset, a 55,000 s/f indus- trial property, to Mack Boring & Parts for $13.865 million. Irving, and Steve Jaynes , industrial specialist, of BRC represented the seller, Hsu Property Holdings, in the transaction. The buyer, Mack Boring & Parts, was repre- sented by CBRE . “We are thrilled to an- nounce the sale of 400 Cot- tontail Lane in Somerset, a well-located industrial prop- erty near I-287,” said Irving. “The property has expansion capabilities ideal for Mack’s customer base representing approximately 300 authorized dealers across 26 states.” 400 Cottontail Lane, con- sists of 55,000 s/f of industrial space, with three tailboards, one drive-in door, 25’6” ceil- ings, heavy power, wet sprin- klers and ample parking. BRC leased 25,000 s/f of industrial space, Units 6 through 10 at 72 Veronica Ave. in Somerset, a 50,000 s/f industrial building, to Infinity Fragrances LLC. The transac- tion brings the property to 100 percent occupancy. Irving and Anthony Mirco- vich , vice president, of BRC represented the landlord, Ve- ronica Development As- sociation , in the transaction. Infinity Fragrances LLC was represented by Antonio De- Cicco of ReMax Instyle Realty . MAREJ

2 Corporate Place, Piscataway

M id A tlantic Real Estate Journal — Central New Jersey — May 2025 — 5

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C entral N ew J ersey “WE’VE GOT NEW JERSEY COVERED”

1,500 – 3,000 SF | So. Plainfield 225 SF Ofc, 24’ Clgs, 1 DI Per Unit Ample Parking

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5,300 & 12,300 SF | Carteret 350 & 429 SF Ofc, 15’ Clgs, 3 TB, 1 DI Available Immediately

27,500 – 37,000 SF | Linden 27,500 SF | Heavy Power, 5 TB, 37,000 SF | Heavy Power, 3 TB, 1 DI 138,000 SF | Total Building Size

15,996 SF | Roselle 11,000 SF Temp Controlled, 14 ’ Clgs 2 TB, 1 DI | Sale or Lease

25,000 SF | Somerset 3,500 SF Ofc, 22’ Clgs, 5 TB Available Immediately

44,981 SF Avenel 5,000 SF Ofc 18’ Clgs 7 TB, 1 DI

50,000 SF Carteret 5,000 SF Ofc, 24’ Clgs, 7 TB Cooler/Freezer

53,000 SF | South Plainfield 3,000 SF Ofc, 14’ & 20’ Clgs, 4 TB, 1 DI 5 Acres, Heavy Power, Fully Racked Sale or Lease

36,000 SF | Piscataway 9,500 SF Ofc (Build-to-Suit), 5 Acres 21’ Clgs, 3 TB, New Solar Roof | Lease

60,000 SF | Avenel 7,500 SF Ofc, 20 ’ Clgs, 7 TB, 1 DI 3.14 Acres, Heavy Power Sale or Lease

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BUSSEL REALTY CORP. Licensed Real Estate Broker 2 Ethel Road, Suite 202A, Edison, NJ 08817 | 732.287.3777 | bussel.com The information herein has been obtained from sources considered to be reliable, but no guarantee is made by the Company. Subject to error, omission or withdrawal without notice .

6 — May 2025 — Central New Jersey — M id A tlantic Real Estate Journal

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C entral N ew J ersey

TFE Properties acquires The Shops at Brick in PA

Redevelopment of 30.6 acre I-287 site in progress Woodmont & an insurance co. recap. & acquire 30-acre site

RANKLIN TOWNSHIP, NJ — Woodmont Indus- trial Partners (Wood-

mont) and a major US- based insur- ance company have formed a strategic joint venture part- nership to recapitalize and acquire

The Shops at Brick

Anthony Amadeo

roadways while being within walking distance for many people will be important fac- tors for future tenants.” This is TFE Properties’ fifth property they have added to their expansive portfolio in Brick. “There’s a reason we keep coming back to Brick,” Tajfel said. “It’s a town that is continuously growing and evolving. It’s exciting to be a part of.” Other Brick developments include Starbucks, Fortunoff Plaza, Boulevard at Brick apartment community, all along Brick Boulevard, and a medical/professional office building off along Chambers Bridge Rd. The Shops at Brick is located 3.5 miles from Exit 88 off the Garden State Parkway, and it offers easy access from Rte. 70 (40,000 VPD) and Van Zile Rd. (23,000 VPD). Kevin O’Hearn and Jo- seph Lopresti of JLL Capi- tal Markets represented the seller and buyer, an affiliate of TFE Properties. MAREJ

BRICK TOWNSHIP, NJ — TFE Properties announced the purchase of The Shops at Brick, a 103,832 s/f shopping center located in Brick. The plaza includes Bonefish Grill and McDonalds as anchor tenants with several spaces available for lease including anchor and junior anchor space opportunities. Located between Rte. 70 and Van Zile Rd., The Shops at Brick offer an abundance of on- site parking, excellent visibility and access, and is located with- in walking distance to 4,000 people. “We’re excited about this addition to our portfolio,” said Carey Tajfel , president of TFE Properties. “The Shops at Brick is in the heart of Brick Twp., a strong community with high income levels and great demographics. We also plan to renovate the façade to give it a fresh clean modern appear- ance to help the center reach its full potential and align with our high company stan- dards. That, combined with its prime location off two major

400 Atrium Dr., a prime 30.6- acre industrial asset in Franklin Twp. Located on a premium development tract along the New Jersey Tpke., this deal and subsequent redevelopment rep- resents the first collaboration for the partnership. The expansive complex at 400 Atrium Dr. will fea- ture over 370,000 s/f of class A warehouse space spread across two facilities in a highly desired industrial submarket. The site will feature ample surface parking spaces for cars and trailers. Building One will be 255,000 s/f and will offer a 40’ clear height, 44 loading docks and two drive-in doors. The second, a 115,000 s/f building, will feature a 36’ clear height, 34 loading docks and two drive-in doors. “Atrium Dr. illustrates Woodmont’s commitment to delivering high-quality indus- trial space in one of the North- east’s most sought after mar- kets,” said Anthony Amadeo , executive vice president of Woodmont. “With limited new supply expected through 2026, this strategic redevelopment is well-suited for long-term

Woodmont Industrial Partners ©

400 Atrium Dr.

success. We’re pleased to com- mence our new partnership with this redevelopment that will be in strong demand upon completion. We are confident that the site’s access and con- nectivity to key ports and dis- tribution networks, efficiency and modern facilities will lead to success.” Located in the I-287/Exit 10 submarket, which saw over 2.8 million s/f of leasing activity last year, 400 Atrium Dr. affords convenient access to I-287 and the New Jersey Tpke., as well as Newark Airport, the Port of Newark and the New York City met- ropolitan area. The property is neighbored by Amazon, Nissan North America, PIM Brands, Veritiv and CRST, among oth- ers, and marks the insurance company’s first establishment in this notable submarket. John Alascio and Chuck Kohaut of Cushman & Wakefield coordinated the debt with New York Life . Over the past year, Wood- mont has executed numerous

transactions, groundbreak- ings, completions and lease- ups in some of the country’s most active industrial growth markets. Most recently, Wood- mont completed the sale of a 30-acre industrial site and a proposed 353,830 s/f ware - house in Raritan, and fully leased a 30,046 s/f Meadow - lands warehouse and distribu- tion facility at 2 Terminal Rd. in Lyndhurst. Additionally, Woodmont is redeveloping a 224,000 s/f distribution center in Al- lentown, PA, to be delivered in Q2 2025. The company is also under construction of a 450,000 s/f warehouse facil- ity in Warren County, NJ, in partnership with Brookfield Properties, and an 84,000 s/f facility in Pompano, FL, with Butters Construction & Development . Throughout the US, Woodmont has ap- proximately 7.5 million s/fof industrial space in its active pipeline, available for occu- pancy, development and/or renovation. MAREJ warranties for completed proj- ects and oversees smaller-scale construction initiatives for new clients. As the primary point of contact for these clients, he ensures consistent communica- tion and delivers timely solu- tions when new developments arise. Joe also manages prop- erties for REDCOM’s owner, Greg J. Redington . Before joining REDCOM, Orsita spent 11 years as a facilities manager at Verizon and worked as a project manager at Installa- tion Concepts, Inc. Joe holds an MBA from Centenary Univer- sity and is certified in OSHA-10 and OSHA-30. Outside of work, he enjoys skiing, fishing, play - ing guitar, and participating in recreational sports like flag football and basketball. MAREJ

Metz Industrial Group of Bussel Realty Corp. leases IOS site

WESTFIELD, NJ — RED- COM announced that Joe Orsita , manager of special REDCOM design & construction manager appointed to BOD impact in the community aligns perfectly with the values we uphold at REDCOM. I’m confi - dent he will bring tremendous energy and valuable insight to the United Way’s mission.”

projects, has been selected to be on the Board of Di- rectors for United Way of Great- er Union Co un t y . Joe’s com-

Reflecting on the opportu- nity, Orsita shared, “I really resonate with United Way and the work they do for the com- munity. I didn’t have the easi- est upbringing and knowing there are people and programs dedicated to helping others locally means a lot to me. I’m excited to be a part of that. It’s also an honor to work alongside Julienne Cherry , the CEO, whose determination to effect meaningful change in our com- munity is truly inspiring.” Orsita plays a vital role at REDCOM, where he manages

Joe Orsita

1925 Fourth Str. in North Brunswick

mitment to service and his passion for community devel- opment make him an ideal rep- resentative for this initiative. “Joe’s leadership, dedication, and passion for giving back make him an excellent choice for this role,” said Ryan Teicher , CEO at REDCOM. “His com- mitment to making a positive

Jordan Metz , senior vice president, Benito Abbate , se- nior associate, and James Fri- el , sales associate, of the Metz Industrial Group of BRC rep- resented the landlord, Omni Group , in the transaction. The tenant was represented by Weichert Realtors . MAREJ

NORTH BRUNSWICK, NJ — The Metz Industrial Group (MIG) of Bussel Re- alty Corp. (BRC) , recently leased 0.8 acres of IOS space with a 1,600 s/f industrial building to Riverview Compa- nies of NJ at 1925 Fourth Str. in North Brunswick.

M id A tlantic Real Estate Journal — Central New Jersey — May 2025 — 7

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C entral N ew J ersey

3PL commitment brings third tenant to Turnpike Exit 12 Campus Crow Holdings Development inks 146,000 s/f industrial lease in Carteret, New Jersey

nation’s most dynamic indus- trial corridors is a clear draw for this sector – and others.” Crow Holdings at Cart- eret sits on 126 acres just 13 miles from the Port Newark- Elizabeth Marine Terminal, offering convenience to New- ark Liberty International Airport, major thorough- fares and key NYC crossings. Ideally suited for a variety of uses, it benefits from a 30-year PILOT agreement, enabling long-term tax rate stability. The campus has received multiple industry honors since its introduction.

Crow Holdings Develop- ment’s Northeast regional presence is well established. In addition to Crow Hold- ings at Carteret, project highlights include Golden Triangle Logistics Center in Wallkill, NY, and Crow Holdings at 6A in Burling- ton, NJ, under development. The firm has introduced more than 4.2 million s/f of new industrial inventory since 2020 and currently has 1 million square feet of con- struction in progress across New Jersey, New York and Pennsylvania. MAREJ

ARTERET, NJ — YunExpress, a global third-party logistics provider, has signed a 146,000 s/f, long-term lease at Crow Holdings at Carteret. The com- mitment at 400 Salt Meadow Rd. marks a regional expan- sion for YunExpress, which will become the third occupant at Crow Holdings Develop- ment’s 1.2 million s/f indus- trial campus just off NJ Tpke. Exit 12. Savills Christopher Marx, Chris O’Connor, Steve Card, Chris Marx Jr., Taylor De- Risi and Peter Starr served as tenant representatives in the transaction. Cushman & Wakefield’s Jules Nissim, Stan Danzig and Kimberly Bach negotiated the lease as exclusive agents for Crow Holdings at Carteret. Founded in 2014, YunEx- press ranks among the top third-party logistics compa- nies in China, according to its website. The organiza- tion, which already main- tains a New Jersey presence in the Exit 8A submarket, is emerging as a leading provider in cross-border B2C business lines for e- commerce sellers. It also offers FBA (Fulfillment by Amazon) transfer, postal parcel and international express services. “Crow Holdings at Carteret’s unparalleled location and world-class, ready-for-occu- pancy distribution space hit all the marks for YunExpress,” said Clark Machemer , se- nior managing director, Crow Holdings Development. “We are pleased to welcome anoth- er tenant to this thoughtfully designed and executed cam- pus, which is a great source of pride for both our team and the Borough of Carteret.” YunExpress joins Weida Freight System, Inc. (WFS) and DSV Global Transport and Logistics at Crow Hold- ings at Carteret. Cushman & Wakefield is marketing the campus’ one remaining full-building opportunity of 480,000 s/f at 500 Salt Meadow Rd. “The market continues to see a surge in 3PL deals, including an influx of Asian logistics providers working to build out their network capacity close to sea, air and land infrastructure,” Nissim said. “Crow Holdings at Cart- eret’s location in one of the

400 Salt Meadow Rd.

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N ew J ersey

383 Route 46 trades for $3.6 Million in Fairfield, NJ Lee & Associates – WBE negotiates NJ office sale

BBAM, Bettina Equities & Echevarria Inds. launch $125M NJ multifamily JV

building featuring 80 residen - tial units, while the Gutten- berg site will follow, which will be a seven-story building with 50 residential units. Both buildings, scheduled to deliver in 2026 and 2028, respectively, will offer a wide range of amenities including rooftop terraces, solarium lounges, a state-of-the-art fitness center, indoor garage parking with EV charging stations, and a large com- munity center with grills and entertainment space. Cen- trally located near transit, shopping, and schools—with elevated views of the Man- hattan skyline and Meadow- lands sunsets—the buildings offer both modern living and exceptional connectivity. The JV is also on track to de- liver its latest project, 6810 Polk St., a 36-unit multifamily devel - opment located in Guttenberg. “Echevarria Industries has a proven track record of identify- ing and executing high-quality multifamily developments in markets like North Bergen, Guttenberg, and West New York,” BBAM senior managing director Bryan Manz said. “Partnering with experienced developers like Echevarria remains a cornerstone of our investment strategy as we con- tinue to expand in dynamic, high-growth areas.” Echevarria is forming plans for additional develop- ment sites in West New York and Guttenberg totaling $50 million located in opportu- nity zones where BBAM will invest equity as part of the new JV. MAREJ reliable, long-term returns. C-Stores in the Future of CRE As consumer preferences shift, C-stores are becoming a go-to destination for those look- ing for quick, fresh meals. This transformation, paired with economic trends like inflation and rising grocery costs, ensures that C-stores will remain a key asset class for investors in the net-lease real estate market. “With a new generation of consumers focused on health, value, speed and convenience, C-stores are perfectly posi- tioned to expand,” the report concludes, highlighting why investors continue to view this evolving retail category as an attractive addition to their portfolios. Coldwell Banker Commer- cial offers expert real estate services across office, retail, industrial, and multifamily properties. MAREJ

NEW YORK, NY + HUD- SON COUNTY, NJ — Black Bear Asset Management (BBAM), Bettina Equities Management, and Echevar- ria Industries have formed a joint venture to invest up to $125 million in residential development projects through- out NJ with a primary focus in North Bergen, Guttenberg, and West New York, NJ. To date the venture has already acquired three projects with a total capitalization of $65 million, with the properties in various stages of development. The JV aims to acquire and aggregate urban infill land parcels for the development of multifamily properties within Hudson County. BBAM and Bettina Equities will contribute investment capi- tal, while Echevarria Industries will serve as the property devel- oper and manager and will also co-invest in the projects. “BBAM and Bettina Equi- ties are ‘best-in-class invest- ment partners,’” Echevar- ria Industries CEO Mario Echevarria said. “We have assembled a quality portfolio of projects together across Hudson County on an expedi- ated basis. BBAM is a valued partner and financial advisor having structured financing for a multitude of E Residenc- es projects prior to the recent JV partnership.” The JV recently acquired two new development sites: 6205–19 Madison St. in West New York and 416 69th St. in Guttenberg. The West New York project, already under de- velopment, will be a six-story Investment Opportunities for C-Stores Despite 60% of C-stores be- ing independently owned, the sector is seeing significant con - solidation. Major players like 7-Eleven plan to open 500 new stores in the US and Canada by 2027, while regional chains such as Wawa, Sheetz, and Buc-ee’s are expanding into new markets. This consolidation creates opportunities for inves- tors to acquire properties with stronger tenant profiles and more predictable cash flows. The sector’s strong position, driven by convenient loca- tions, long-term leases (up to 20 years), and low vacancy rates, makes C-stores a stable investment option in the net- lease market. These factors, combined with steady demand, make the sector appealing to net-lease investors seeking

AIRFIELD, NJ — Lee & Associates – WBE negotiated the $3.6 mil - lion sale of 383 Route 46, a 34,445 s/f office property in Fairfield. Peter Rasmusson , a partner with the commercial real estate services firm, rep - resented the seller, the Glass- man Family, and procured the buyer, Fairfield Real Estate LLC, in the transaction. Built in the mid-1970s, the three-story building at 383 Route 46 sits on 1.6 acres and has been owner-occupied since 1985. It serves as a lo - cal landmark, recognizable by its architecturally distinctive design with rounded corners and full-height glass curtain wall exterior. “383 Route 46 is a unique office asset with exceptional access and visibility in one of suburban Essex County’s most desirable places to do busi- ness,” said Rasmusson. “The F

383 Route 46

building’s features and ideal location were major draws for the buyer, which will continue the property’s tradition of owner occupancy. This offer- ing was met with significant interest from a diverse group, including both investors and private players.” Situated at the interchange

of Route 46 and Hollywood Av- enue, 383 Route 46 is strategi - cally located within minutes of major roadways including interstates 80, 287 and 280, and Rte. 23. Its proximity to public transportation, hotels, restaurants, shopping and Essex County Airport add to its appeal. MAREJ

Veris Residential consolidates majority stake in Urby JERSEY CITY, NJ — Veris Residential, Inc. , and Urby , a hospitality-driv- en multifamily development brand, announced that Veris Residential has acquired Iron- state Holdings’ (Ironstate) 15% stake in Jersey City Urby, a 762-unit, class A multifamily property located on the Jersey City Waterfront, for $38.5 million, excluding transaction costs but including consider- ation for the termination of Urby’s management contract and the annual tax credit. Upon the close of the trans- action on April 21, 2025, Veris Residential assumed manage- ment of the property, now known as Sable. “The consolidation of Veris Residential’s ownership of Sable represents an exciting milestone for our company as we continue to simplify our portfolio while accreting earn- ings through strategic capital allocation,” said Mahbod Nia , CEO of Veris Residential. “In addition to attracting strong demand given its expansive views, premium amenities and convenient Waterfront location facing Manhattan, the property fits seamlessly into our high-quality, class A man- aged multifamily portfolio.” Developed in 2017, the 69-story cantilevered high-rise at 200 Greene St. offers a mix of studios, one-bedroom and two-bedroom apartments with more space and more affordable prices than comparable alter- natives in NYC. The property is equipped with amenities that matter for a modern life. MAREJ Real estate slowdown in hospitality: A perspective on . . . continued from page 3

continued from page 2 Coldwell Banker: C-Stores are CRE . . .

tive reuse strategies, and educating both domestic and foreign investors on localized submarket resilience. The travel downturn can- not be entirely divorced from political dynamics. Whether it’s rhetoric, visa restrictions, or shifting global perceptions, the international community’s interest in visiting or investing in the U.S. has cooled in ways that affect our bottom line. The second Trump term, regardless of one’s political stance, has the potential to prolong or intensify those headwinds, especially if global perception continues to shift unfavorably. Hospitality Real Estate in a Holding Pattern For now, CRE professionals Political Overhang: The Trump Effect

in the hospitality sector are navigating a perfect storm of weakening demand, cautious capital, and geopolitical uncer- tainty. Sellers must be realistic, buyers must be strategic, and real estate professionals must be agile. The fundamentals of hospitality real estate are still strong in the long term, but in the current environment, patience and creativity are as important as price per key or cap rate and in retail leasing, adaptability is no longer a luxury—it’s a survival tactic. Tyler Foresta, sales & leasing, LMT Commercial Realty, LLC/CORFAC International. Joe Latina, SIOR, manag- ing principal, LMT Com- mercial Realty, LLC/COR- FAC International. MAREJ

market evidence. The Challenge with For- ward-Looking Deals With the uncertainty of fu- ture performance, determin- ing valuations of hospitality opportunities are becoming in- creasingly more difficult. Take Hyatt’s Q1 earnings, which on the surface look positive, but warns of a slowdown in for- ward bookings, sending a clear message to the market. Don’t count on the same momentum heading into the second half of the year. As the real estate profes- sional role has shifted from transactional to consultative, we’re helping sellers embrace creativity including restruc- turing deals to include seller financing, advising on adap -

M id A tlantic Real Estate Journal — New Jersey — May 2025 — 9

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N ew J ersey

5.25

Cushman & Wakefield’s Tri-State Capital Markets closed in excess of $2.4 billion of office, industrial, retail, land and multifamily transactions in the past 12 months. RECENT SUCCESSES & NEW DEALS

MARKETING

840 NOTTINGHAM Trenton, NJ 189,000 SF

120 HALSTED East Orange NJ 42 Units

THE DEPO @ I-287 Wanaque, NJ 301,650 SF Dual-phase project including 1 approved 272Ksf cross-dock building on 31

100% leased industrial facility on 37.4 acres with excess parking and unmatched infrastructure including clear heights up to 60’,

100% market-rate units with high demand fueled by proximity to top-tier educational institutions, healthcare centers, and entertainment hubs.

acres + IOS component totaling 29,650sf on 55 acres.

rail access, cranes, and ample loading.

SOLD

TAG PORTFOLIO NNJ 519 Units

MIDDLEBROOK CROSSROADS Bridgewater, NJ 580,227 RSF 18-building industrial park on 38.63 acres. 95% occupied to 26 diverse tenants with a 2.6-year WALT. 42% mark-to-market opportunity.

201 MIDDLESEX CENTER BLVD Monroe Township, NJ 600,000 SF Cross-dock facility built 2008, 36’ clear on 34.64 acres. 66 dock doors, 176

High performing 11-property apartment portfolio in high barrier to entry markets throughout NNJ.

trailer parking spaces, ESFR, LED.

CAPITAL MARKETS GROUP

ANDREW MERIN andrew.merin@cushwake.com DAVID BERNHAUT david.bernhaut@cushwake.com GARY GABRIEL gary.gabriel@cushwake.com NIKO NICOLAOU niko.nicolaou@cushwake.com KYLE SCHMIDT kyle.schmidt@cushwake.com FRANK DITOMMASO frank.ditommaso@cushwake.com ANDREW SCHWARTZ andrew.schwartz@cushwake.com RYAN DOWD ryan.dowd@cushwake.com

RYAN LARKIN ryan.larkin@cushwake.com SETH ZUIDEMA seth.zuidema@cushwake.com BILL BAUNACH bill.baunach@cushwake.com MAX HELFMAN max.helfman@cushwake.com JORDAN SOBEL jordan.sobel@cushwake.com ANDRÉ BALTHAZARD andre.balthazard@cushwake.com PETER WELCH peter.welch@cushwake.com JEAN-PIERRE HOHL jeanpierre.hohl@cushwake.com

MAIA SIRABIAN maia.sirabian@cushwake.com MICHAEL GUERRA michael.guerra@cushwake.com DANIEL MASSRY daniel.massry@cushwake.com RYAN KELLY ryan.kelly1@cushwake.com DAN BOTTIGLIERI daniel.bottiglieri@cushwake.com

CUSHMAN & WAKEFIELD, INC. CAPITAL MARKETS GROUP One Meadowlands Plaza, 7th Floor East Rutherford, NJ 07073 T / +1 201 935 4000 E / investment.sales@cushwake.com

10 — May 2025 — Pennsylvania — M id A tlantic Real Estate Journal

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P ennsylvania

NAI Mertz announces sale of 60,000 s/f flex facility

Ensemble and Mosaic lead 295-acre redevelopment Philadelphia Navy Yard sets LEED-ND record

HILADELPHIA, PA — Ensemble Invest- ments (Ensemble) and Mosaic Development Part- ners (Mosaic) announced that a significant portion of the Philadelphia Navy Yard has become officially certified by the US Green Building Council (USGBC) as the largest LEED Neighborhood Development (ND) in the United States, achieving LEED-ND Gold Cer- tification. Philadelphia’s first LEED-ND spanning multiple buildings encompasses 295 acres of the Navy Yard contain- ing 39 existing buildings and 38 buildings-to-be developed. The LEED-ND area covers a major- ity of the Navy Yard land east of Broad St. and includes all of Ensemble’s existing buildings and the 110 acres that Ensem- ble and Mosaic, in partnership with the Philadelphia Indus- trial Development Corpora- tion (PIDC) , are developing as part of the transformation of the Philadelphia Navy Yard. The Navy Yard is a 1,200-acre business community where 150 companies occupy over 7.5 million s/f of office, industrial/ manufacturing, and research and development space. Politico has called the Navy Yard, “the coolest shipyard in America,” and many industry observers, including the Urban Land Institute , have recognized the community as a leading model for repurposing mili- tary and industrial assets to attract a diverse set of com- panies and institutions. In 2022, Ensemble, Mosaic, and PIDC unveiled an ambi- tious 20-year plan for the Navy Yard to leverage the Navy Yard’s past corporate successes and transform the property into Philadelphia’s newest neighborhood, includ- ing residential, office, research & development, advanced manufacturing, retail, and hospitality. Ensemble and Mosaic’s portion of the 2022 plan includes 8,000,000 s/f of LEED-certified buildings, 3 million s/f of which is ear - marked for the development of life science facilities, through a strategic partnership with Oxford Properties , a global real estate investor, developer, and manager. This year, the Navy Yard will welcome the first non- military residents in its his- tory with the introduction of AVE Navy Yard, a $285M P

411 Sinclair Rd.

Bristol, Lower Bucks County.” 411 Sinclair Rd. is a modern, predominately one story with

BRISTOL, PA — NAI Mertz announced that the NAI Mertz Licht Team, Jeff

partial office mezzanine, 60,000 s/f + flex/indus- trial facility situated on 4.75 acres. It is situated at the Bristol exit of I-95

and Jared Licht , has sold a 411 Sinclair Rd., a 60,000 s/f flex/industri - al facility lo- cated within the Keystone Industrial

Philadelphia Navy Yard

mixed-use development comprised of a two-building complex including 614 apart- ments and 25,000 sf of retail, which Ensemble and Mosaic are developing in partner- ship with Korman Com- munities . The LEED-ND certification clearly cements the Navy Yard as the most sustainable and forward- thinking neighborhood in the City of Philadelphia. The effort to achieve LEED- ND by Ensemble and Mosaic ensures that the Navy Yard development will reduce en- ergy and water consumption, provide safe sidewalks and accessible public transit op- tions, promote preservation and adaptive reuse, and focus on the health and wellness of the people who live, work, and visit the Navy Yard. A key element evidencing the commitment to providing a unique and exceptional experience for all is that all existing and planned build- ings are within a half-mile walking distance of a park or recreation area, giving the thousands of residents and employees at the Navy Yard access to green space. The LEED-ND Gold certifi - cation recognizes and certifies that the highest levels of re- sponsible and sustainable de- velopment, as well as the suc- cessful protection and enhance- ment of overall health, natural environment, and quality of life, have been reached. “Although Re:Vision has consulted to help many indi- vidual buildings at the Navy Yard achieve a high level of sustainability, the LEED Neighborhood Development work means the commitment to sustainable practices does not end at the building, but it extends to everything in

between,” said Scott Kelly , founding partner of the Sus- tainable Design Consultant firm of Re:Vision Architec- ture. “As more companies and people move to the Navy Yard, this certification pro - vides validation that we are located in a built environment that is healthy, responsible, and vibrant.” To achieve LEED-ND Gold certification, Ensemble, Mo - saic, and Re:Vision addressed requirements in three catego- ries: Green Infrastructure & Buildings: This credit category focuses on measures that can reduce the environmental con- sequences of the construction and operation of buildings and infrastructure. Sustainable building technologies mini- mize waste and use energy, water, and materials more efficiently than conventional building practices. Smart Location & Linkage: This credit category focuses on a selection of sites that minimize the adverse en- vironmental effects of new development and avoid con- tributing to sprawl and its consequences. To reduce the impact of sprawl and create more livable communities, preference is given to loca- tions close to existing town and city centers, sites with good transit access, infill sites, previously developed sites, and sites adjacent to existing developments. Neighborhood Pattern & Design: This credit category emphasizes the creation of compact, walkable, vibrant, mixed-use neighborhoods with good connections to nearby communities. These neighborhoods provide many essential advantages to resi- dents, employees, visitors, and the environment. MAREJ

Jeff Licht

Jared Licht

and within minutes of Route 13, 413 and the Pennsylvania Turnpike. The building can be leased in its entirety or de- mised in half to accommodate two 30,000 sf tenants. The space boasts 26’ ceiling height, 2500 amps of power, tailgate and drive-in loading. It has been home to Estee Lauder for thirty years. Faropoint is repositioning both buildings within the industrial complex. James Calamia , senior associate at Faropoint said, “Following the kick-off of construction at 150 Rittenhouse Circle, our Faropoint team is excited to announce our second reposi- tioning project has begun at 411 Sinclair Rd. This project aligns with our commitment to delivering modern, high-per- formance industrial spaces in key logistics corridors.” MAREJ

Park in Bristol, to Faropoint . This is the second facility that the Licht team has sold in the last three months within the Keystone Industrial Park in Bristol to Faropoint. The second facility was 150 Rit- tenhouse Circle, a 101,250 s/f flex/industrial facility. The Licht team has been retained as exclusive leasing/marketing agents for the two properties. Jeff Licht, executive VP and managing director, said “We are pleased to sell these two exceptional flex/warehouse facilities to Faropoint. We had fantastic interest in these two first class assets and Faropoint prevailed after differentiating itself with the seller in their purchase of 150 Rittenhouse. Faropoint can now offer 30,000 to 160,000 s/f of industrial/flex space to companies seeking first class institutional space in

Trophy CRE LLC debuts with a focus on Philly’s apartment & development market

Thom and Tashayyod have successfully closed over 2,000 apartment units and more than $167 million in transac- tion volume. After collaborat- ing on deals for years, the pair launched Trophy to align their values and build a client-first business from the ground up. Reflecting on their profes- sional journey, Tashayyod shared: Saam Tashayyod, co- founder and managing director: “Our partnership really grew organically over the years. After completing 11 deals to- gether and realizing we were often serving the same clients, it just made sense to formal- ize the collaboration and build something with intention. Tro- phy is the result of that shared vision.” MAREJ

PHILADELPHIA, PA — Trophy Commercial Real Estate LLC , a middle-market brokerage specializing in the sale of apartment buildings and development, announced its official launch. Headquar - tered in Philadelphia and serv- ing the broader Mid-Atlantic region, the firm provides in - vestment sales and advisory services focused on multifam- ily and mixed-use properties. Founded by seasoned indus- try professionals Craig Thom and Saam Tashayyod, Tro- phy Commercial Real Estate LLC is built on a commitment to deliver institutional-quality brokerage with the personal- ized attention of a boutique platform. With nearly two de- cades of combined experience,

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