11-18-22

ISSUE HIGHLIGHTS Volume 34, Issue 11 Nov. 18 - Dec. 22, 2022

Firm records YTD 79 deals with 6,539 units Q3 multifamily transactions bring Gebroe- Hammer Associates 2022 sales to $1.35+B

named buyer for the third prop- erty at 157 Elmwood Avenue in Irvington. “While there may be a shift in the economy on certain fronts, there is one thing that is cer- tain: the multifamily sector continues to see more stability than other real estate sectors,” said Ken Uranowitz , presi- dent. “The stars remain aligned for multifamily. The hybrid work schedule now seems to be a more permanent form of employment, interest rates and inflation are contributing to a more precarious environment for would-be first-time home - buyers and the trend is stronger than ever where people want to live in more population-dense areas that provide immediate- neighborhood indoor and out- door conveniences.” In fact, according to Moody’s Q3 2022 Preliminary Trend Announcement, the national vacancy rate for multifamily properties hit a new five-year low at 4.4% at the end of the

submarkets that have been the focus of years-long master-plan redevelopment initiatives. As a result, market fundamen- tals are being enhanced and – in turn – spurring continued heavy demand for product. “In many of New Jersey’s urban cities, revitalization is in full swing while in others it continues to take shape,” said executive managing director David Oropeza . “All signs are pointing toward future growth and demand, yielding great optimism for what the future holds for each of these submarkets – the majority of which are leveraging their excellent transit connectivity and highway infrastructure to reinvent themselves.” Other New Jersey markets in which Gebroe-Hammer’s Q3 multifamily sales have been concentrated include Bergen, Essex, Ocean and Mercer counties. Among these were three separate classic garden- continued on page 22A indicative of Fort Lee’s re- surgence coming out of the pandemic,” said CBRE’s Stu - art MacKenzie. “We expect this trend to continue given Fort Lee’s proximity to New York City while also provid- ing convenient accessibility to the greater region.” Dunne added, “Skylight and PCCP will bring Hud- son Lights to the next level with expanded and upgraded amenities plus the addition of small upgrades in the units.” Located at the entrance of the George Washington Bridge along New Jersey’s Gold Coast, Hudson Lights offers seamless access to Midtown Manhattan in un- der 20 minutes as well as the greater Metro New York area. Fort Lee has emerged as a preferred destination for young professionals and families seeking affordability with top-rated public schools while still being proximate to New York City. MAREJ

quarter. “This is proof-positive that the sector is a bright spot in the overall commercial real estate landscape, with vacancy rates in many New Jersey and Philadelphia MSA submarkets being even lower,” added Uranowitz. “Gebroe- Hammer’s closed deals and pipeline of activity along the New Jersey-Greater Phila- delphia MSA-New York State corridor support this level of positivity for multifamily.” In the third quarter, North- ern and Central New Jersey deals offered evidence of the re- gion’s continued stability as an active investment market. Ac- cording to the brokerage profes- sionals at Gebroe-Hammer, it also speaks to the revitalization efforts in core urban transit- oriented locations as well as the desirability of Bergen, Hudson, Ocean and Mercer counties. Throughout the state, the firm is seeing a wave of gut-ren - ovated, new-construction and repositioned asset deliveries to

IVINGSTON, NJ — Gebroe-Hammer As- sociates continues to see

SPOTLIGHTS

success – and sales – in its primary mar- kets across Northern and Central New Jersey and the Greater Phila- delphia MSA. To date, in

THRIVING OVER 50

7-18A

CENTRAL NEW JERSEY

Ken Uranowitz

2022, the firm reports $1.35+B in sales spanning 79 deals and 6,539 units. The firm’s third-quarter deals were punctuated by the sale of a 119-unit three-prop - erty portfolio for $16.55M in Essex County. Executive VP David Jarvis exclusively rep- resented the unnamed seller of the portfolio and procured the undisclosed buyers for two of the properties at 66 Olympic Terrace/32 Elmwood Terrace in Irvington and 810 Broadway in Newark. Stephen Tragash , executive VP, secured the un-

5-6B

THE LENDER’S DIRECTORY

8-11D

UPCOMING CONFERENCES & WEBINAR December 8, 2022 Annual Lenders & Developers CRE Conference December 14, 2022 PA Apartment & Multifamily Conference For speaking & sponsorship info., please contact: Lea at 781-740-2900 or lea@marejournal.com

CBRE announces $116.5M sale of Hudson Lights, a 276-unit class A apartment community in Fort Lee, NJ

FORT LEE, NJ — CBRE announced today the $116.5 million sale of Hudson Lights, a 276-unit class A apartment community located in Fort Lee. The CBRE team, led by Jeff Dunne, Stuart MacKenzie, Eric Apfel, Zach McHale, Fahri Ozturk, Richard Gatto , and Travis Langer , represented

Directory ROP (Front Section) ........................................... Section A DelMarVa.................................................................. 3-6A Retail Development Reimagined...........................19-21A Billboards & Business Card Directory..........................23A CRE Organization’s Events Calendar ............................ 24A New Jersey................................................................1-8B Pennsylvania..........................................................9-BC-B Owners, Developers & Managers....................... Section C Lenders Directory.............................................. Section D www.marej.com

Hudson Lights

the seller while also procuring the buyer, a joint venture be- tween Skylight Real Estate Partners and PCCP LLC . Hudson Lights features a 91-walk score benefiting from its prime location in Fort Lee’s pedestrian-friendly downtown where residents have immedi- ate access to numerous dining,

shopping and entertainment options. Completed in 2016, the property features an out- door pool with cabanas, a fit - ness center with yoga room, resident lounge with billiards and catering kitchen, and a children’s playroom. “The property’s exceptional performance this year is

Inside Cover A — November 18 - December 22, 2022 — M id A tlantic Real Estate Journal

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47 Years and Still Going Strong

Q1-Q3 2022 SALES

79 DEALS 6,539 UNITS $ 1.35 + BILLION

Specializing in multifamily-focused investment sales while representing private equity funds & institutional investors as well as generations of family offices & private individuals since 1975. Additional focus on marketing mixed-use & freestanding office & retail properties.

973.994.4500 • WWW.GEBROEHAMMER.COM • 2 W NORTHFIELD ROAD, LIVINGSTON, NJ 07039

M id A tlantic Real Estate Journal — November 18 - December 22, 2022 — 1A

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& HORVATH TREMBLAY SINGLE TENANT | MULTI-TENANT | 1031 EXCHANGE INVESTMENT REAL ESTATE BROKERAGE

Dollar General Gloucester, VA $1,750,642

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Mission BBQ & Sport Clips Marlton, NJ $3,830,810 7-Eleven Baltimore, MD $1,818,181

Fresenius Fairhaven, MA $4,365,016

CVS Plaza Manville, NJ $4,750,000

IHOP Grove City, OH $1,948,479 Dollar General Albrightsville, PA $1,460,000

Shoppes of Southland Orlando, FL $3,775,000 Webster Plaza Webster, NY $18,593,750

7-Eleven Coppell, TX $4,400,582 Wawa Seaford, DE $5,494,595

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2,000+ TRANSACTIONS IN 44 STATES

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SADDLE BROOK, NJ | WASHINGTON, DC

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2A —November 18 - December 22, 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 Conference Producer .........................................Matt Wolpe Editor/Graphic Artist ......................................Karen Vachon Contributing Columnist .. .Rosetta Taylor, BBG Zoning Services; Timothy Naski & Michael Doyle, AIA of ECS Mid-Atlantic, LLC 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 11 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

Rosetta Taylor

Why Zoning Due Diligence is the

Beginning and End of Real Estate Transactions oning laws are a fact of life in practically every part of the United States. They create an orderly develop- ment of property that benefits communities economically, socially, and environmentally. Zoning constantly evolves keeping pace with real estate trends, such as the prolifera- tion of all types of uses such as multi-family housing, retail, office, self-storage, warehouse/ distribution facilities, and the changing needs of communities. As a result, commercial and residential real estate projects can sometimes face zoning issues which may cause time- consuming and costly delays in a financial transaction, or pos - sibly prevent the development of new construction. To help alleviate this prob- lem, property owners, lend- ers, investors or borrowers typically obtain assessments or due diligence reports on their projects. From a zoning perspective, parties Z

should order a zoning as- sessment report which pro- vides the history, existing conditions and a breakdown of the use, structure(s) and improvement compliancy. The zoning report is a prod- uct that includes confirmation of the property jurisdiction, zone district, use permissions, developmental guidelines, in- formation and documentation on zoning, building, fire vio - lations, planning approvals, and certificates of occupancy. In addition, to determine the improvements and structure legality, the report compares client-provided due diligence such as an ALTA survey, ap-

praisal or property condition reports to the zoning require- ments in order to determine the compliance of the property in question. Zoning assessments are also beneficial to the telecom - munications industry. A zon- ing report can help answer a variety of questions, such as: Is the cell tower in compli- ance with the current zoning laws? Can a cell tower be placed on a particular parcel without knowing if it’s al- lowed by the municipality? If this cell tower was destroyed by natural disaster, can we rebuild it? continued on page 21A

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.

Contact: NEIL A. STEIN • nstein@kaplaw.com 910 Harvest Drive, Blue Bell, PA 19422-0765 • 610-941-2469 • kaplaw.com Other Offices: • Cherry Hill, NJ 856-675-1550 • Philadelphia, PA 215-567-3120 Kaplin Stewart Attorneys at Law

M id A tlantic Real Estate Journal —November 18 - December 22, 2022 — 3A

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Leading the Way to 5 Million s/f of Warehouse to Support the Port of Virginia Suffolk City Council approves rezoning of Matan Companies’ Port 460 Logistics Center project

UFFOLK, VA — Suf- folk City Council mem- bers voted to approve the rezoning of Matan Com- panies’ Port 460 Logistics Center project from general commercial and agriculture use to M-2 industrial. The 540- acre site, located at the inter- section of US-460 and US-58, will deliver up to five million s/f of warehouse, distribution, truck terminals, and industrial outdoor storage. “We are eager to kick Port 460 into the development stage in an effort to support the Port of Virginia and create an employment hub that will stimulate economic growth, both locally and regionally,” said Karl Morris , director of development for Matan. “And we are excited about being a part of the Suffolk community.” The initial phase, consisting of two 350,000 s/f buildings and one single million s/f building, will commence construction on a speculative basis in the S

The project is projected to be an integral part of creating more than 2,000 construction jobs and up to 9,000 long-term jobs. “We see Matan’s decision to develop the Port 460 Logistics Center as a vote of confidence in the future of The Port of Virginia,” said Stephen A. Edwards, CEO and Executive Director of the Virginia Port Authority. “It is a strategic move to capitalize on this port’s growth and the $1.4 billion we are investing to ensure we remain modern, competitive, and efficient. “When the private sector be- gins matching the investments we’re making in our facilities and capabilities, it supports our growth and sends a very clear signal to the industry that Vir- ginia is open for business. This project will drive job creation and economic investment and bring growing companies to the region. We’re ready to collaborate with Matan to support the success of the Port 460 project.” MAREJ tions. Once the property was selected, they also made an offer on the adjacent parcel,” said John McClellan . Jaime Castillo, president of Poultry Labor Solutions, said, “We were very pleased to have John helping us in the acquisition of our new Salisbury location. John’s ex- pertise was crucial while guid- ing us and facilitating a sale of a property that required a great deal of due diligence as well as various obstacles that needed to be overcome. John tackled each challenge with a creative solution and solved any issue encountered making our transaction successful. We truly appreciate John’s guid- ance and support throughout the entire transaction.” McClellan cooperated with Chris Davis of NAI Coastal who represented the seller, and William Smith and Brenda Lloyd at Mid-Atlan- tic Title & Escrow who com- pleted the settlement. MAREJ

second quarter of 2023 and is anticipated to deliver in the first quarter of 2024. “Business-ready commercial, industrial and warehouse sites and facilities are needed to support the Commonwealth’s efforts to identify economic development opportunities to

attract new business. Port 460 Logistics Center in Suffolk is such a site,” said Shep Miller, the Virginia director of trans- portation. Port 460 is the closest new development with direct access to the Port of Virginia – the fastest growing port in the U.S.

- and will provide exceptional access to over 75% of the U.S. population within a two-day drive via I-95, I-64, and I-264. In addition to providing much- needed industrial space in a market where demand has outpaced supply, Port 460 will also be a critical job creator.

The McClellan Team of SVN Miller collaborates with seller rep., NAI Coastal’s Davis in sale of Zion Rd. facility in Salisbury

SALISBURY, MD — The McClellan Team with SVN Miller Commercial has

settled on two proper- ties on the Northside of Salisbury. The two par- cels are lo- cated at 2433 N Zion Rd., and 2449 N. Zion Rd. The

John McClellan

latter property was the previ- ous site of Chesapeake Paving Company. Both properties were purchased by Alabama based Poultry Labor Solutions. Poultry Labor Solutions specializes in providing em- ployees for the poultry indus- try all over the region. They match trained employees with open positions and as- sist their employees with obtaining housing and other necessary means. Poultry Labor Services has been growing rapidly in their

2433 N and 2449 N. Zion Rd. most central location to fulfill the various contracts. They expect this location will serve their continuing growth in the region for many years to come. “A local friend introduced me to Maceo Agurcia (local

manager) and Jaime Castillo (company president) of Poultry Labor Solutions. I toured the Zion Rd. facility with PLS vari- ous times and we saw value in the various improvements on the property to their opera-

services to local poultry inte- grators. As demand for their services grew, they realized their smaller, leased facility was inadequate. In studying their service areas, they con- cluded Salisbury offered the

4A —November 18 - December 22, 2022 — Maryland — M id A tlantic Real Estate Journal

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M aryland

Combined with portfolio company McMurray Stern Valore Ventures and Grays Peak Capital acquire Spacesaver Interiors in Greater DC Region

ARYLAND — Va- lore Ventures and Grays Peak Capi-

tal announced the acquisition of Spacesaver Interiors Inc., a leading provider of commer- cial storage solutions in the Washington, DC metropolitan region, for an undisclosed amount. SpaceSaver Interiors will combine into McMurray Stern , a Southern California- based storage and automation solutions company owned by Valore Ventures and Grays Peak. This acquisition grows McMurray Stern’s presence in a multi-billion-dollar in- dustry, expanding capabili- ties in the government/mili - tary and enterprise sectors and scaling up its operations to meet surging demand for automation and storage at a time when speed and proxim- ity to consumers and employ- ees are paramount. “By combining Spacesaver Interiors with McMurray Stern, we expand our geo- graphical footprint, allowing us to offer even more guid- ance and optimal solutions for a wide variety of industries. We can meet them where they are coast to coast,” said Kenneth De Angelis , prin- cipal of Valore Ventures and president of McMurray Stern. “In today’s 24-7 logistics en- vironment, our solutions help clients work faster and more efficiently than ever when it comes to micro-fulfillment, warehouse automation and workplace storage.” McMurray Stern plans, de- signs and implements custom installations for commercial, government and military use, across diverse sectors includ- ing industrial, retail, office, healthcare, public safety, edu- cation and sports. In business for over 42 years, the com- pany has evolved from custom shelving, lockers and racking for state-of-the art workspaces to include automated systems and robotics for warehouse and distribution centers. Specialties include high- density mobile storage, auto- mated storage and retrieval systems, weapons storage, evidence lockers, library shelving, climate-controlled vaults, mobile shelving sys- tems and modular workroom furniture. McMurray Stern’s experienced design teams have produced a more effi - cient use of square footage,

McMurray Stern assists organizations in a multitude of industries to maximize space and save time for an improved workflow. The firm works directly with clients in designing and implementing custom shelving, lockers, racking systems and turn-key automated solutions.

and improved last mile-de- livery and micro fulfillment, better situating companies for demand surges fed by seasonal or sudden demands. Spacesaver Interiors comple- ments McMurray Stern’s busi- ness by adding key regional relationships and product offerings within the mid Atlan- tic, and specifically the Wash - ington D.C. metro area. CEO Amy Hamilton transformed the company founded by her parents in 1973 into a leading solution provider for customers such as federal agencies, the

military, industrial owners, developers and manufactur- ers, healthcare organizations, museums, and public safety departments. The company is headquartered in Kensington, Maryland, with a distribution center in Silver Spring, MD. Both sites will remain open and operational. The acquisi- tion also enhances McMurray Stern’s capability to support e-commerce, data center, and food and beverage customers. “We are delighted to wel- come this established and respected East Coast market

leader to our portfolio,” said Scott Stevens , CEO of Grays Peak Capital. “The enhanced platform will broaden our customer reach, yield new product lines and accelerate our focus on tech innovation.” Valore Ventures and Grays Peak Capital pur- chased McMurray Stern in 2018 to capture the an- ticipated growth in space optimization, which has only accelerated in recent years as e-commerce saw faster-than-expected adop- tion. “Consumer behavior

has changed forever, forcing businesses to respond,” De Angelis said. “We help our clients with the mission-crit- ical infrastructure and tools to reach peak organization and efficiency that delivers results.” According to Stevens, Mc- Murray Stern anticipates future acquisition announce- ments. “This space has seemingly unlimited growth potential, so we continue to identify key regional oppor- tunities to expand the busi- ness and platform.” MAREJ

M id A tlantic Real Estate Journal — Maryland —November 18 - December 22, 2022 — 5A M aryland

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ASHINGTON, DC — Marcus & Millichap , a lead- Listing is represented by the Zupancic Group Marcus & Millichap tapped to sell Walter Reed Mansions in the Heart of Historic DC W

financing, research and ad - visory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide invest- ment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advi- sory services to clients. Mar- cus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. MAREJ

ing commercial real estate brokerage firm specializing in investment sales, financ - ing, research and advisory services, announced the list- ing of Walter Reed mansions located at the Parks at Walter Reed Development. This list- ing is represented by the Zu- pancic Group of Marcus & Millichap based in Bethesda, MD. The property is located at 1000 & 1010 Butternut St. NW, Washington, District of Columbia 20012. “This is an extremely unique and exciting marketing and brokerage assignment for our team. We have done a great deal of work within the Walter Reed and Brightwood submar- ket over the last two decades and are steadfast believers in the neighborhood’s upward trend in terms of real estate investment. Working with the Urban Atlantic, Hines, and Triden partners on this assign- ment has supplied an opportu- nity to add even more depth to our understanding of the neighborhood and its future,” said Marty Zupancic , senior vice president investments. This development includes retail, multifamily proper- ties, condominiums, office space, healthcare facilities, an international school, and a hotel. The great lawn will also serve as a recreational park for community events, an art plaza, a dog park, an outdoor pool, and more. Fur- ther, a 40,000 s/f Whole Foods Market will be the anchor tenant of the development’s market plaza, positioning the surrounding areas to increase in value and desirability. “Our team has significant experience selling assets that allow buyers to be creative. These two buildings are in a zone (WR-5) that permits various by-right uses in- cluding, but not limited to, residential, retail, and office, which is exciting because we get to market to a variety of buyer pools,” said Christian Barreiro , first vice presi- dent investments. Dennis Cravedi, John Slowinski , and Eric Jentoft-Herr are assisting Zupancic and Bar- reiro with the listing. Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales,

Walter Reed mansions

Upcoming Spotlights Publication: December 23rd Deadline: December 14th ROP...................................................................... Financial DEL/MAR/VA/DC.................................................. Virginia NEW JERSEY................................................. Northern NJ PENNSYLVANIA.................................... Northeastern PA RETAIL............................................... Mixed-Use Projects ODM....................................................... Industry Leaders SPOTLIGHTS.................... Year in Review & Commercial Real Estate Law

lea@marejournal.com | marej.com | 781.740.2900

6A — November 18 - December 22, 2022 — M id A tlantic Real Estate Journal

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

EVENTS SCHEDULE

—OFFICERS— 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: Daniel Wham DSM Commercial Real Estate *2022-2023* Board of Directors —DIRECTORS— Past President & Cont. Ed. Chair: Robert Stenta Chatham Financial Program Co-Chair: Lorraine Sheldon NAI Emory Hill

Dec. 14 (Wed., 11:30-1:30) Holiday Lunch Mixer Holiday Festivities & Charitable Giving (Food Bank of DE and Boys & Girls Clubs of DE). Raffle Prizes, 50-50, and Table Door Prizes sponsored by Delaware Lock . Location: University & Whist Club Register online: circdelaware.org goto Event page CONTINUING EDUCATION Classes Accredited: DE*PA*MD*NJ accredited real estate school/instructors: Frederick Academy of Real Estate Jan. 11, 2023 (Wednesday) – DuPont Country Club 8:30 a.m. – Legislative Updates DE - Module 5 Legislative Updates MD - 2019-22 MD & Federal Legislative Issues (A) 3.0 Required PA - Real Estate Hot Buttons and Issues - 3.5 elective NJ - Real Estate Hot Buttons and Issues - 3.0 elective 1:30 p.m. – Professional Standards DE - Module 2 Professional Standards MD - MD Code of Ethics - 3.0 Required PA - Ethics in Real Estate - 3.5 elective NJ - Ethics in Real Estate - 2.0 Hours Credit - CORE Complete 2023 (Jan-Apr) CE Schedule is Posted Online: circdelaware.org goto Education page

The Joint Holiday Dinner was a big success, with over 130 attendees from six of the region's CRE organizations: Philadephia Chapter of SIOR, PA/ NJ/DE CCIM Chapter, Commercial Chapter of Tri-County Suburban REALTORS, Delaware Real Estate Women (DREW), Appraisal Institute and CIRC who hosted the event. Brian Cohen of Ensemble Real Estate Investments was joined by Leslie Smallwood-Lewis and Gregory Reaves of Mosaic Development Partners for the 2022 Navy Yard Plan presentation, a transformative roadmap for equitable growth that throughout the next 20 years will deliver 12,000 new jobs, 8.9M SF of new life science, commercial, residential, retail, and mixed-use development and $6B of new investment—of which, $4.8B will be generated by Ensemble/Mosaic’s development initiatives. Visit us on the web for more about this event and presentation on our Resources/Presentations page. (Rear, from left) Craig Fernsler, CCIM; Greg Reaves and Leslie Smallwood-Lewis, Mosaic; Brian Cohen, Ensemble; Jay White, CIRC President; and (front, from left) Janet Pippert, CIRC Manager; and Joy Barrist, Esq., DREW President.

Program Co-Chair: Ryan Kennedy Harvey Hanna & Associates

Membership Chair: James Manna BrightFields, Inc.

—EX-OFFICIO— Business Manager Janet Pippert Landmark Science & Engineering Legislative Lobbyist C. Scott Kidner C. S. Kidner & Associates Legislative Affairs Chair Brett Saddler Claymont Rennaissance Dev. Corp. 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 Michael Hahn 44 Business Capital Neil Kilian, SIOR, CCIM NAI Emory Hill Pamela Scott , Esq. Saul Ewing Arnstein & Lehr LLP

Frank Vassallo, Matthew Petruccelli, and Tim Pulte

(above) Pete Davisson, SIOR, CCIM, Joint Dinner Founder, with Youness Baftechi (left) Bob Havens, Drew Romanic, Kaitlyn Monahan and Joe Allen

(from left) Susan Miller and Dee Cairo

Ryan Kennedy, Jay White, and Mike Vanderslice

(from left) Susan Miller, Joy Barrist, Pam Scott and (from right) Denise Ross

Neil Kilian,CCIM,SIOR, Cindy Fleming

M id A tlantic Real Estate Journal —November 18 - December 22, 2022 — 7A

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Mid Atlantic R eal E state J ournal ’ s T hriving O ver 50

Jim Davis Marcus & Millichap

Janet Bortz The Kislak Co., Inc.

Howard M. Levy Marcus & Millichap

Robert Filley Marcus & Millichap

Neil Andrew Stein, Esq Kaplin, Stewart, Meloff, Reiter & Stein, P.C.

Marc L. Shein NAI DiLeo-Bram & Co.

Sam Rockaway REDCOM Design & Construction, LLC

Stacey Milam Marcus & Millichap

Laura Riso Withum

Matt Sprung NAI Summit

Joni Sweetwood The Kislak Co., Inc.

Alison Tulio Incenter Tax Solutions

Matt Weilheimer The Kislak Co., Inc.

Eric M. Weston Sheldon Gross Realty, Inc

8A — November 18 - December 22, 2022 — Thriving Over 50 Spotlight — M id A tlantic Real Estate Journal

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T hriving O ver 50

Alison Tulio, Esq.: A profile in gratitude and attitude

many appeals we win, the smiles on their faces when I give them the news never, ever get old. What were some of your early goals and did anything happen to change them? One of my goals was to build a company from the ground up. I was extremely fortunate to be able to build and grow my own business handling tax ap- peals locally in New Jersey and Pennsylvania. That goal hasn’t changed with Incenter Tax So- lutions. But now I get to do the same thing on a much bigger scale. It’s incredibly exciting.

hat is your most no- table project, deal or transaction?

on your career? In professional services, relationships mean every- thing. When I was a practic- ing real estate attorney and now in my role at Incenter, networking continues to be a critical component of our success. Social media makes it easier than ever to network and grow our community of clients and partners. Tell us how and when you began your career in the profession you are in, about your current posi- tion and why you chose the field/position you are

in today. I was admitted to the New Jersey and Pennsylvania bars in 2000. I started my career doing general litiga- tion and eventually got into real estate. I have a passion for real estate because it’s such an emotional invest- ment for people. I took this one step further by focus- ing on helping homeown- ers reduce their property taxes; often saving them thousands of dollars. As you can imagine, these are truly some of the happiest clients I have had in my 22 years of practice. No matter how

What is your greatest pro- fessional accomplishment? We’re still new and a long, long way from any finish line, but I don’t doubt that my greatest professional ac- complishment will be Incen- ter Tax Solutions. Incenter President Bruno Pasceri offered me an opportunity I couldn’t refuse which was to establish, develop and take this business nationally. I am forever grateful to him for allowing me to build Incenter Tax Solutions and do what I love to do: help people save money. What unique qualities or personality do you feel make you most successful in your profession? I feel like I’m a great fit for this job because I follow the Incenter culture which is attitude is everything! I have tried to build a posi- tive culture at Incenter Tax Solutions by creating a team approach. Everyone’s opin- ions and ideas are important and are what have enabled us to be so successful. As a mother of two teenagers, I also understand we all have families and outside lives. I promote a strong work/life balance and believe in allow- ing people to work indepen- dently. Employees respect and appreciate that and in return are motivated to go the extra mile on behalf of the company and our clients. What challenges or ob- stacles do you feel you needed to overcome to become as successful as you are today? Honestly, my worst fear was public speaking. I have stepped out of my comfort zone as a result of having to sell my company and our services. By doing so, I have conquered this fear and now have a passion and en- thusiasm for sharing what Incenter Tax Solutions has to offer to professionals in the industry. Who do you feel was most influential in your life when choosing this profession? Me! I have an undergradu- ate degree in Health Admin- istration. I worked in that industry for four years and had reached the ceiling. I was bored and unchallenged. I wanted something better for myself and that’s when I de- cided to go to law school. MAREJ

No question it’s the one I’m doing now. Starting and building Incenter Tax Solu- tions is the most ambitious undertaking of my career. Who or what has been the strongest influence in your career? My parents. From very early on, they taught me that nothing in life is hand- ed to you. You have to set your goals and then work very hard to achieve them. What impact has social media/networking had

“I have a passion for real estate because it’s such an emotional investment for people.”

For more than 20 years, Alison has thrived on making homeowners happy. As President of Incenter Tax Solutions, she continues to bring big smiles to customers’ faces by saving them thousands in property taxes. If you’d like to learn about how offering free property tax reviews can help build customer loyalty at absolutely no cost to you, please contact Alison at alison.tulio@incenterms.com.

Alison Tulio, Esq. President O: 267.460.4730 C: 610.316.0751 alison.tulio@incenterms.com

incentertaxsolutions.com

M id A tlantic Real Estate Journal — Thriving Over 50 Spotlight — November 18 - December 22, 2022 — 9A T hriving O ver 50

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By Laura Riso, Audit Senior Manager at Withum ASC 842 Lease Accounting for Tenants and Landlords

he new lease account- ing standards under ASC 842 were effective

executed or not. Under the new standards, these costs will be expensed as incurred. One scenario that could have a significant effect on land- lords is accounting for ground leases, in which the landlord is actually a tenant who is leasing the land upon which the building they own is situ- ated. Accounting for ground leases will require the tenant to record the right-of-use asset and lease liability, which for ground leases could be a term as long as 99 years, resulting in a significant asset and li - ability recorded on the balance sheet. For most landlords, this

could be the only right-of-use asset and lease liability on their balance sheets. Another challenge that could affect both landlords and ten- ants is debt covenants. The significant increases in assets and liabilities from leases could result in lower liquidity and performance ratios and higher leverage ratios, which may result in failed debt cov- enants. Borrowers and lenders should begin conversations early to come to an agreement on how these metrics may im- pact their covenants. Real estate landlords and tenants should also consider

the effects of the lease ac- counting standards while negotiating their leases. The COVID-19 pandemic and remote work environment have already begun a push away from long-term leases. ASC 842 may be another push towards short-term leases. With an accounting policy election, lease terms of 12 months or less can be excluded from these lease accounting standards. The new lease accounting standards only apply to finan - cial statements reported under Generally Accepted Account- ing Principles (GAAP). Many

real estate companies report their financial statements on the income tax basis of ac- counting and, therefore, do not need to apply the new lease accounting standards. Laura Riso is an Audit Se- nior Manager in the Princ- eton, NJ office of Withum. She has over 12 years of experience providing au- dit and attest services to various types of clients, with a focus in the areas of real estate, employee benefit plans and financial services. She is a certified public accountant in the state of New Jersey. MAREJ

for private companies beginning January 1, 2022. These new stan- dards re- quire compa- nies to record substantially all leases on

Laura Riso

their balance sheets and will affect real estate leases for both tenants and landlords. There will be a significant change for tenants, who under ASC 840 had mostly recorded their leases off balance sheets. Landlords will not be as sig- nificantly affected by these standards, but there are in- tricacies of which they should be aware. Real estate leases have tra- ditionally been recorded as operating leases, under which tenants record their rent pay- ments as expenses and land- lords record their rent receipts as revenue on a straight-line basis on their income state- ments. Under the new stan- dards, tenants will record a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, on their bal- ance sheets. Tenants will then calculate interest on the lease liability and amortization of the right-of-use asset on their income statements to arrive at a straight-line lease expense. The accounting for landlords will not substantially change under the new standards, ex- cept for accounting for some of the costs associated with obtaining a lease. Under ASC 840, costs associated with obtaining a lease were capi- talized to the balance sheet and amortized over the life of the lease. Under ASC 842, the definition of initial direct costs changes. Initial direct costs are now defined as ex - penses that would not have been incurred if the lease had not been executed and will continue to be capitalized and amortized over the life of the lease (a commission to a broker, for instance). Initial indirect costs that are incurred whether the lease is executed or not are now just expensed as incurred. For example, legal fees incurred to negotiate a lease are going to be incurred whether the lease is ultimately

10A — November 18 - December 22, 2022 — Thriving Over 50 Spotlight — M id A tlantic Real Estate Journal

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T hriving O ver 50

Janet Bortz, Joni Sweetwood and Matt Weilheimer The Kislak Company, Inc. salutes leading executives in Commercial Real Estate Janet Bortz Senior VP Joni Sweetwood Executive VP Matt Weilheimer Executive VP

The Kislak Company, Inc. Years with company/firm: 22 Years in field: 24 Years in CRE industry: 24 Real estate organizations/

What is your greatest professional accomplishment? Selling the Pavilion a Mies van der Rohe building with 680 apartments plus 2 stores. I solely repre- sented both Seller and Buyer. How do you contribute to your company and / or the industry? I represent Sellers in a professional manner. My background is in business. I am a CPA with a Mas- ters in Finance. I bring this expertise to the table. Who or what has been the strongest influence in your career? Jay Kislak and Rob Holland have influenced me the most. They were great mentors. Jay taught how to work hard and not cut corners. Rob Holland taught the benefits of working hard/playing hard. Tell us how and when you began your career in the profession you are in, about your current position and why you choose the field/profession you are in today? I was working as a bank vice president managing REO. My job was moving and I wouldn’t so the then president of Kislak, Jeff Weiner, convinced me to come to Kislak. At first, I didn’t like the lack of structure but I soon began to love it. What challenges and or obstacles do you feel you needed to overcome to become as success- ful as you are today? When you start in this business, you are nobody. You have to prove you are somebody. What was the most defining moment for you? My consistent record every year as a top performer speaks for itself. What outside activities do you enjoy during your free time? I love working with people. I work hard and thor- oughly enjoy my clients. I play hard too. I’m lucky to have the best family and friends. What inspiring word of advice would you give to a young executive graduating from college today? If you like looking at buildings and enjoy people, this is a rewarding job that has both flexibility and high compensation; you just have to be persistent. MAREJ The Kislak Company, Inc. Years with company/firm: 26 Years in field: 26 Years in CRE industry: 26 Real estate organizations / affiliations: NJAA

The Kislak Company, Inc. Years with company/firm: 26

Years in CRE industry: 29 Real estate organizations / affiliations: NMHC, PAA, ICSC, NJAA

What is your greatest professional accomplishment? Maintained strong and consistent performance in my 20 plus years in investment real estate. Annually was a recipient of production awards for sales excellence in New York and New Jersey markets. What is your most notable project, deal or transaction? Sold over $100 million in closed multi family trans- actions in the Hudson Valley, NY. What impact has social media / networking had on your career? Excellent. The client reach is extensive and immedi- ate and facilitates all aspects of the transaction from listing to closing. The ability to use digital as well as conventional marketing serves my clients with a larger and qualified buyer pool Tell us how and when you began your career in the profession you are in, about your current position and why you choose the field/profession you are in today? 24 years ago I changed careers, moving from product marketing to real estate. After working two years in real estate development, I joined The Kislak Com- pany, Inc., a commercial real estate brokerage firm specializing in investment real estate. Investment brokerage allowed me greater independence and the ability for unlimited earning potential What were some of your early goals and did anything happen to change them? After receiving an MBA, my career objective was to work in product marketing with a national company. My entry began in sales and after a few years, I joined the Continental Group, working in marketing management. After ten years in the industry, I was looking for a more entrepreneurial career. Investment real estate was and remains a great fit for my skill set and personal objectives. What unique qualities and or personality do you feel makes you most successful in your profession? Organized, assertive, persistent, thorough and hard working. Enjoying people and having a sense of humor and a realistic and intuitive feel for what is required to make a deal. Time management is a must. What challenges and or obstacles do you feel you needed to overcome to become as successful as you are today? Learning to accept failure as part of growth and suc- cess. Need to persevere over adversity. Second is to welcome constructive criticism to facilitate personal and career growth. What inspiring word of advice would you give to a young executive graduating from college today? Whatever field you work in, remember your human relations skills and critical thinking are a founda- tion to success. Technical abilities can be easily reproduced but managing, delegating, negotiating, working well with others, communicating and LIS- TENING are not easily replaced. MAREJ affiliations: NJAA, NJ Professional Real Estate Women and EWGA (Executive Women Golf Association

What is your greatest professional accomplishment? To see my clients succeed greatly from real estate and be able to call them my friends, who have now grown to the 2nd or 3rd generation. What is your most notable project, deal, or transaction? Over the past 27 years there have been many memo- rable transactions, but the most memorable is always my first: 35 apartments in Bellmawr, NJ. How do you contribute to your company and / or the industry? I have mentored many of the top performing sales- people at Kislak over the past 25 years and continue to be a support to veteran and new salespeople. I have also sat on the Zoning board of Adjustment for the past 14 years in the municipality that I reside in. What impact has social media / networking had on your career? When I started there was no social media, it helps you to stay relevant, but there is no better way than to be successful than in person networking. Tell us how and when you began your career in the profession you are in, about your current position and why you choose the field/profes - sion you are in today? I was working on the accounting side for a national brokerage company commuting to NY and quickly realized that I wanted a life outside of work. An op- portunity at Kislak came my way and I am not sure if I chose the profession, or if it chose me. What were some of your early goals and did anything happen to change them? The ultimate goal was to be successful which means different things to different people. Having twins made me get laser focused much more quickly. What unique qualities and or personality do you feel makes you most successful in your profession? First, I always felt more like an engineer, the ability to think on my feet and outside the box. Secondly, the ability to put myself in another’s persons shoes and see their perspective. What challenges and or obstacles do you feel you needed to overcome to become as success- ful as you are today? Mental preparedness. To be able to game plan and anticipate the questions your clients will ask and provide them with the answers that will lead to their next set of questions and so on. Always try to be one step ahead. What was the most defining moment for you? When you realize that you have achieved your first financial goal. Who do you feel was most influential in your life when choosing this profession? When real estate became the profession of choice, without a doubt it would be my father. I was lucky enough to cross paths with many of his colleagues. He has been retired for many years now and there’s

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M id A tlantic Real Estate Journal — Thriving Over 50 Spotlight — November 18 - December 22, 2022 — 11A T hriving O ver 50

www.marej.com

COMMERCIAL REAL ESTATE BROKERAGE

CONGRATULATIONS

Janet Bortz Senior Vice President

Joni Sweetwood Executive Vice President

Matt Weilheimer Executive Vice President

for recognition in the Thriving Over 50 Spotlight We celebrate their many accomplishments and honor their hard work, integrity, and client dedication.

12A — November 18 - December 22, 2022 — Thriving Over 50 Spotlight — M id A tlantic Real Estate Journal

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T hriving O ver 50

Spotlight on Howard M. Levy, Jim Davis, Robert Filley and Stacey Milam Marcus & Millichap honors leading executives in Commercial Real Estate

Howard M. Levy Senior Associate Marcus & Millichap Years with company/firm: 3 Years in field: 39 Years in real estate industry: 39 Real estate organizations / affiliations: ICSC

Jim Davis First VP Investments Marcus & Millichap Years with company/firm: 7 Years in field: 10 Years in real estate industry: 25 Real estate organizations / affiliations: CCIM

What is your greatest professional accomplishment? My greatest professional accomplishment was to have started working in 1983 and still be employed at the same company for 36 years. From 1994-2019, I was vice president and chief operating officer where I was able to successfully navigate the company within excess of 100 retail properties through several real estate cycles and developed significant strategic ability based on experi - ence with several types of commercial real estate projects. I was able to attract new tenants to revitalize older properties and my success with big box retailers created substantial value for ownership. How do you contribute to your company and / or the industry? In a time where there is substantial dislocation between prices, what sellers expect for their assets, and what buyers are willing to pay or can finance, I have successfully closed 15 transactions in 2022 with a cumulative purchase price exceeding $100,000,000. Given that I have seen a sizable number of issues and situations over my years, I teach and mentor the younger agents on my team as well as other agents within Marcus & Millichap. What inspiring word of advice would you give to a young executive graduating from college today? You must be focused to work diligently at your craft, yet at the same time, support a balanced life outside of the workplace.

What is your greatest professional accomplishment? Selling a 430-unit, three-property multifamily portfolio. We achieved record pricing while managing a complex deal that incorporated a short-term lease of the property, multiple bridge lenders, and staggered closing dates. Based on our performance, the buyer of the portfolio engaged us to represent them in the marketing and sale of two of their assets, with future opportunities forthcoming. How do you contribute to your company and / or the industry? I have worked in a variety of roles within the industry including finance, de - velopment, general brokerage, and principal. Given my background, I use my experience to mentor newer agents on our team so they can progress at a rapid rate and perform in line with the elevated expectations of our team. What inspiring word of advice would you give to a young executive graduating from college today? Investment real estate is a phenomenal business that changes at a very rapid pace. Immerse yourself in the business, find a mentor, network, and commit to continuous learning to hone your ability.

Robert Filley Senior VP Investments Marcus & Millichap Years with company/firm: 10 years Years in field: 20 years Years in real estate industry: 25 years

Stacey Milam Senior Managing Director Investments / Director National Multi Housing Group Marcus & Millichap Years with company/firm: 23 Years in field: 23 Years in real estate industry: 23

What is your greatest professional accomplishment? Building a team of highly professional colleagues that enjoy working together. Collaboration and teamwork are especially important to me as a leader and for the agents on my team. How do you contribute to your company and / or the industry? Marcus & Millichap is one of the best places for young people to start in the industry, we are constantly recruiting and building, and as a result, the programs to learn the business are well-defined and proven. To that, we add professional specialization, and our experience from hundreds of deals in mul - tiple cycles, to create an extraordinarily strong introduction into the business. At this point, we have helped launch over 20 careers in the industry, some have moved into acquisitions, others transitioned into fields they have been exposed to from working in the industry. We take immense pride in seeing the growth in professionals who start with us and remain with us. Real estate organizations / affiliations: Institutional Property Advisors (IPA) National Advisory Council - 15 Marcus agents and 15 investors who meet quarterly to supply feedback on market movements to inform our company and research division on the market.

What is your greatest professional accomplishment? My greatest professional accomplishment would be all the young profession - als I not only introduced to commercial real estate but was blessed to be able to nurture and train. Helping others create and generate wealth has been my primary focus. How do you contribute to your company and / or the industry? Over the last several months, I’ve been appointed the Northeast Director of DEI for the east coast, but I have always been committed to diversity and inclusion in an industry still lagging in representation of its communities. What inspiring word of advice would you give to a young executive graduating from college today? I recommend to everyone when creating a career, follow your passion by find - ing something you would do for free, this will make your heart sing and your pockets overflow.

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