M id A tlantic Real Estate Journal — March 27 - April 9, 2020 — The Best of 2019 — Section C
s www.marej.com
THE
BEST
of 2019
C Inside Cover — March 27 - April 9, 2020 — The Best of 2019 — M id A tlantic Real Estate Journal
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www.marej.com M id A tlantic Real Estate Journal — March 27 - April 9, 2020 — The Best of 2019 — 1C C Inside Cover — February 28 - March 12, 2020 — Commercial Office Properties — M id A tlAntic Real Estate Journal www.marej.com
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A Bergman Real Estate Group/Time Equities Joint Venture
2C — March 27 - April 9, 2020 — The Best of 2019 — M id A tlantic Real Estate Journal www.marej.com The LARGEST MEDICAL OFFICE SALE of 2019 JLL One Diamond Hill Road Berkeley Heights, NJ The Kislak Company, Inc. Pondview Plaza Monroe, NJ Marcus & Millichap-NJ Allwood Medical Campus Clifton, NJ
Size : 8.74 Acres Brokers: Fahri Ozturk, Richard Gatto and Thomas Cleary All three buildings were built in 1985 and total 160,349 square feet. The property is currently 100% occupied with a mix of prestigious tenants including, Summit Medical Group, Sutherland Healthcare and Englewood Hospital. The property also just underwent renovations, including state-of- the-art climate control systems, newer roof, one new elevator and updated landscaping. Parking is plentiful with 628 total spaces, including 68 covered spots. The market continues to show strong rental growth, due to vacancy consistently de- clining over the past ten years. This is evident by the existing average rents of $23.98 and latest signed leases at $33 psf. Fahri Ozturk Richard Gatto Thomas Cleary
Size: 31,000 SF Broker: Stephen Gianis
Located on a 4.69 acre site, the medical office space is housed in three separate structures consisting of single story buildings built in 1997 with ample parking at a ratio of 5.00/1,000 SF, including handicap and wheelchair accessible spaces. Cur- rently at 96% occupancy, the buildings are located in a densely populated adult and residential area of Monroe Township, offering very favorable demographics for tenants. The freestanding buildings have appealing features inclusive of French windows allowing for abundant natural light, high ceilings, reception and common areas, laboratory, central heating and air conditioning, and a courtyard. Other amenities include Wi-Fi, a security system and 24 hour building access along with monument signage.
Jose Cruz
Ben Appel
Mark West
Size: 270,000 SF Brokers: JLL’s Jose Cruz, Ben Appel and Mark West JLL represented Summit Medical in the sale of their six- building medical office campus which totals 270,000 SF on 43 acres in Berkeley Heights, New Jersey.
THE NATION’S #1 INVESTMENT SALES BROKER Join the Leader, Contact us Jim McGuckin Regional Manager
250 Pehle Ave, Suite 501 Saddle Brook, NJ 07663 (201) 742-6150 Brian Hosey NJ Broker of Record (202) 536-3750
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The BEST of 2019
EXCLUSIVE PROPERTIES FOR SALE
Upper Darby, PA 10,338 Acres Matt Weilheimer ext 272
Darby, PA Redevelopment Property Matt Weilheimer ext 272
Evesham, NJ 4.697 AC for 160 Units Justin Lupo ext 225
Newark, NJ 10 Units + 6 Retail Julie Gralla ext 224
Newark, NJ 33 Units - 2 Buildings Michael Salomon ext 243
Red Bank, NJ Rtail, Residential, Office Daniel Lanni ext 248
The Kislak Company, Inc. | kislakrealty.com | 732 750 3000
4C — March 27 - April 9, 2020 — The Best of 2019 — M id A tlantic Real Estate Journal
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The BEST RETAIL PROJECT of 2019
Levin Management Corporation Twin City Shopping Center Jersey City, NJ
Interland Real Estate Corp. Former Kiss Honda Cycles Pottstown, PA
A.T. Construction Audubon Village Shopping Center Eagleville, PA
Size: 95,000 SF Several 2019 grand openings and new leases punctuated the transformation of Twin City Shopping Center. As exclusive managing and leasing agent, Levin Management Corpora- tion (LMC) orchestrated a series of renovations – includ- ing a new façade, pylon signage, stonework and sidewalk refurbishments – that significantly enhanced the property’s curb appeal. This work was instrumental in securing a wave of new leases at the center, including Taco Bell (prompting a ground-up expansion at the property), Kidz Village, Pop- eye’s Louisiana Kitchen, T-Mobile and 1HOURREPAIR. com – all of which opened in 2019 – and soon-to-open Hook & Reel Cajun Seafood and Bar, andApple Nail Salon.
Renovation Size: 10,000 SF
Size: 20,108 SF Brokers: Interland Real Estate Corp. & Keller Williams Conshohocken Industrial Building located in Pottstown Borough. 2 story commercial building of brick/concrete/masonry construc- tion original constructed circa 1900. Building was occupied by the owner and used as a motorcycle retail/showroom re- pair facility formerly known as Kiss Honda Cycles. 10,028 SF 1st floor with a 14’x84’ loading dock area with 1-14’x26’ overhead door, interior access storage room, office, break room, 13’ wide drive in access area with 1-10’x12’ over- head door which provides direct access to a central show- room area and rear service shop/area. 10,080 SF 2nd floor has stairway an freight elevator access, 3 private office, front showroom, large rear showroom all purpose room, utility room and 4-1/2 bath power rooms.
Audubon Village Shopping Center is an older shopping center, comprised of multiple additions from the 1960s, 1970s, and 1990s to create one strip center and had a va- cant, anchor building from 1991 on the same site. The key to revitalizing this center and enticing an anchor tenant lay in creating a cohesive design that spanned the two build- ings. The client opted for a traditional look that matched the neighboring area, so the design includes new gables, subtle arches, stone pillars, and vertical siding. They used the same materials on the separate gabled building, which was filled by Redner’s Market.
M id A tlantic Real Estate Journal — March 27 - April 9, 2020 — The Best of 2019 — 5C
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The BEST of 2019 The LARGEST INDU RIAL LEASE of 2019
Duke Realty 315 Half Acre Road Cranbury, NJ
Colliers International-PA CarbonLite Berks 61, Muhlenberg Twp., PA
Crow Holdings Industrial Crow Holdings at Veronica Ave. Franklin, NJ
Size: 270,000 SF Lease, $80M new build to suit construction Brokers: Mark Chubb, Michael Zerbe and Summer Coul- ter In 2019 Colliers’ logistics team of Mark Chubb, Michael Zerbe and Summer Coulter assisted California-based manu- facturer Carbon Lite in its East Coast expansion with a new 270,000 SF lease with Landlord Endurance Real Estate Group. Build to suit construction of its new $80 million recycling plant at “Berks61” in Muhlenberg Township, Berks County is nearing completion, with tentative opening planned for February of 2020. The operation is expected to bring more than 130 jobs to the Reading area. CarbonLITE is the largest producer of food-grade Post-con- sumer Recycled PET in the world, its’ existing facilities pro- cess more than four billion plastic bottles annually. Pennsyl- vania’s plentiful blue-collar labor force was a deciding factor for CarbonLITE, putting the keystone state at the forefront of the green revolution - preserving resources and reducing the nation’s carbon footprint from PET bottle production.
Size: 925,000 SF Brokers: Cushman & Wakefield Vice Chairman Stan Danzig and Associate Kimberly Bach represented ownership, while C&W Executive Managing Director James Frank and Vice Chairman Jules J. Nissim rep- resented LG. Crow Holdings at Veronica Ave is a true trendsetter. With determination and creativity, Crow Holdings Industrial de- veloped a 925,000 SF warehouse property in a location that caters to industrial employees. LG was looking to consoli- date two NJ locations, but one of its lease agreements had several years remaining. To consummate the lease, Crow Holdings Industrial moved ahead with a creative lease agreement that assumed LG’s responsibility to its existing space, and enabled the global technology manufacturer to move all of its operations to a single location at Crow Hold- ings at Veronica Ave.
Size: 650,123 SF Renovated
Brokers: Tenant: Jules Nissim/Cushman & Wakefield Landlord: Mindy Lissner/CBRE, Steven Beyda/CBRE When Duke Realty acquired 315 Half Acre Road in 2013, it was fully leased to a home goods retailer. Upon finding out that the tenant would not be renewing its lease, Duke Realty immediately began a search for a new tenant to backfill the space. A lease was signed with Cooper Friedman Electric Supply for the entire 650,123 SF building, allowing Duke Realty to maintain full occupancy. With 315 Half Acre Road, Duke Realty was able to meet Cooper Friedman’s de- sire for a large block of space near I-95, giving it convenient access to its distribution network across the tri-state area.
The BEST INDUSTRIAL PROJECT of 2019 REDCOM Design & Construction LLC Straight Edge Striping Duke Realty Steel Run Logistics Center Perth Amboy, NJ
STEEL RUN LOGISTICS BUILDINGS 1 & 2 225 Elm Street, Perth Amboy, NJ 08861
SteelRunLogisticsBuilding 1
SteelRunLogisticsBuilding2
Size:1,253,893 SF on 83 Acres Brokers: Tenant: Tony Kepano/CBRE, Mindy Lissner/CBRE
Size: 20,990 SF Straight Edge Striping is one of our completed, industrial facilities located in Middlesex, New Jersey. The REDCOM team completed a full design-build of this office, manufactur- ing and warehouse facility. Our in-house professionals worked on all of the civil engineer- ing drawings, local and state approvals and the architectural designs and drawings. RED- COM also performed the general construction and interior design work, which included computer 3-D imaging. This ground-up project consisted of the construction of a 20,900 SF building, including a 16,766 SF first floor, a 1,624 SF mezzanine and a 2,600 SF storage canopy. This industrial facility is now home to a road striping and sign painting company.
Landlord: Chuck Fern/Cushman & Wakefield, Thomas Tucci/Cushman & Wakefield Steel Run Logistics Center is a two-building distribution hub, with both buildings leased by The Home Depot. Each of the buildings are build-to-suit facilities and incorporate features to meet the tenant’s exact specifications. The combined lease is for 1,253,893 SF including 332,808 square feet for building 1 and 921,085 SF for building 2. This transaction represents the larg- est lease in Duke Realty’s nearly 50-year history. The site where the buildings are located was formerly home to a steel manufacturing plant and is being fully remediated and redeveloped.
dukerealty.com
6C — March 27 - April 9, 2020 — The Best of 2019 — M id A tlantic Real Estate Journal
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The BEST MULTIFAMILY PROJECT of 2019 GMH Capital Partners
Benchmark Construction The Village at St. Anne’s Retirement Community
High Construction Company The Crossings at Conestoga Creek Apartments
The Pendleton at Cranberry Woods
Location: Cranberry Township, PA Size: 547,145 SF, 24.23 acres
In January 2019, GMH Capital Partners completed develop- ment of The Pendleton at Cranberry Woods, a community with 310 apartments and 10 townhomes. Designed with care and convenience, The Pendleton offers a diverse floor plan mix, including spacious one-to-three-bedroom apartments and townhome options with attached garages or additional office space. In-unit amenities include 9-foot high ceilings, washers and dryers, ample closet/storage space, and private patios and balconies. Community amenities include a heated pool with tanning ledges and water features; an expansive sundeck featuring cabanas, a lounge area, and spa; and a two-story fitness center and yoga studio room. The town- homes are extremely popular for residents looking to expand their families or retirees looking to downsize. The Pendleton sits within a vibrant, 57-acre, mixed-use de- velopment in Cranberry Township, just 20 miles north of Pittsburgh. The community is now 82.39 percent leased and has a 4.9/5 star rating on Google.
Location: Lancaster, PA Size: 321,554 SF
High Construction provided preconstruction and con- struction management services for The Crossings at Con- estoga Creek Apartments, located within The Crossings at Conestoga Creek, a new mixed use development with retail, multifamily and hospitality components. With 258 high-end residential units in six 4-story elevatored build- ings, the property caters to a contemporary “cool-conve- nient” lifestyle, embodying a live-work-stay-play mental- ity. Community amenities include onsite garages, resident storage rooms, and a bike storage and repair facility. An outdoor pool, firepit, outdoor kitchen and entertaining ar- eas are adjacent to the clubhouse, which features a 24- hour fitness center, conference room, package concierge, game room, demonstration kitchen, and lounge.
Location: Columbia, PA Size : 120,000 SF
Two, three-story wood framed independent living apartment buildings are connected by a community center expand- ing the capacity and living options at St. Anne’s Retire- ment Community. The independent living buildings feature one- and two-bedroom floor plans of large, open living and kitchen spaces with each resident having the opportunity to customize their own home. The buildings feature internal ac- cess to a secured lower level parking garage.
Congratulations, Team!
BEST OF 2019 PROJECTS
TOP Largest Multi-Family Project: The Crossings at Conestoga Creek Apartments
LEFT Unique Medical Property: Community Services Group
RIGHT Largest Hospitality Project: The Lancaster Marriott East Tower Expansion
1853 William Penn Way, Lancaster, PA 17601 (717) 291-2276 | www.highconstruction.com Your Success is our Highest Priority
M id A tlantic Real Estate Journal — March 27 - April 9, 2020 — The Best of 2019 — 7C OWNERS The BEST LARGEST PROPERTY of 2019 Strategic Funding Alternatives, LLC Woodland Falls Corporate Park 200/210/220 Lake Drive East, Cherry Hill, NJ
www.marej.com
In November 2019, Strategic Funding Alternatives, LLC acquired Woodland Falls Corporate Center on Lake Drive East and Route 38 in Cherry Hill, New Jersey for $33 million. Located on a 17 acres, the three building complex at 200/210/220 Lake Drive East combine for a total of 218,159 SF of class A office space. The Corporate Park currently boasts an approximate occupancy rate of 97%. With its convenient location and parklike setting, Woodland Falls has been a long sought after corporate park and SFA already has plans for common area and landscaping improvements. This was the firm’s largest acquisition to date.
Proud to Recieve The Mare Journal “Best of 2019” Awards Strategic Funding Alternatives, LLC
Fastest Growing F i rms 23 Property Holdings 1 Million+ SF
Best Largest Property Woodland Falls Corporate Park Cherry Hill, NJ
Pictured: 1020 Laurel Road, Voorhees, NJ
856.437.6196 SFARealEstate.com
8C — March 27 - April 9, 2020 — The Best of 2019 — M id A tlantic Real Estate Journal
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The LARGEST ACQUISITION of 2019
Morgan Properties Morgan Communities 18,000 units
NAI James E. Hanson 130 AC Moore, Berlin, NJ 750,000 s/f
Bussel Realty Corp 1001 Roosevelt Ave, Carteret, NJ 97,000 s/f
Bussel Realty Corp. (BRC), a leading industrial real estate services firm in New Jersey, announced it has arranged the sale of 1001 Roosevelt Avenue in Carteret, NJ, to Seagis Property Group for an undisclosed amount. Sitting on 3.67 acres, 1001 Roosevelt Avenue is a multi-tenanted industrial building totaling approximately 97,000 SF. Steve Bussel, president of BRC, SIOR, represented the seller. Seagis Property Group was represented by Jordan Metz, senior vice president of BRC. “E-commerce and the “Amazon- effect” have shifted consumer behavior, creating a major paradigm-shift in the retail (now e-tail) landscape. Simply put: we buy more and more online and that’s not slowing down. The subsequent demand for last mile warehouse space for swift delivery of these online purchases has continued to soar, outpacing any conceivable levels of current supply. With units ranging from 5,000 to 25,000 SF and up, vacancy rates in the market hovering at 1.5 percent, and easy ac- cess to one of the nation’s most heavily trafficked highway networks, Seagis is well-positioned to capture a myriad of tenants seeking functional space in a prime last-mile location at 1001 Roosevelt Avenue.
In October 2019, King of Prussia, PA-based Morgan Proper- ties became the fifth largest apartment owner in the country when it acquired a portfolio from Morgan Communities -- an unaffiliated company based in Rochester, New York. The months-long, extremely complex portfolio transaction resulted in Morgan Properties acquiring nearly 95 apart- ment communities encompassing approximately 18,000 units across 8 states: Pennsylvania ; New York; Tennessee; Illinois; Indiana; South Carolina; Alabama; and Ohio. This transaction solidifies Morgan Properties’portfolio concentra- tion in the Mid-Atlantic and Northeast Region and position as the largest multifamily owner/operator in the states of Pennsylvania, Maryland and New York.
The property was purchased Columbia Property Investors fromm AC Moore and was then leased to The Michaels Companies who will use the property to service their regional stores as well as their east coast ecommerce business.
The TOP REAL ESTATE INVESTMENT FIRM of 2019
Marcus & Millichap-PA Centre Square Commons Blue Bell, PA
Procida Funding The View at Middlesex Middlesex, NJ
Institution/Borrowers: Procida Funding & Advisors Known for its vision and capital to get deals done, Procida provided a $39 million con- struction loan to repeat client Forte Real Estate Development for “The View at Middle- sex,” a new multifamily property, revitalizing vacant, under-utilized properties. Procida was able to fulfill the client’s needs by closing the loan in two weeks and assuring that the construction remained on schedule. Plans feature a 255,000 SF, five-story building with 200 amenity-filled apartments and retail spaces. Procida’s philosophy to do good and have a positive impact is at the heart of its success; the company is now celebrating its 25th year in business and completed $134 million in financing in 2019.
Institution/Borrowers: IPA-Marcus & Millichap Centre Square Commons was carefully designed with only the highest level of quality fin- ishes including paver lined streetscapes, abundant master-planned landscaping, and stone bordered facades. Developed in 2017, the shopping center is situated strategically at the heart of Blue Bell at the corner of Route 202 and Route 73, carrying over 38,000 cars per day. In addition, the shopping center shares two traffic signals with anchor retail traffic generators including Wawa, CVS, and Center Square Plaza, anchored by HomeGoods, Kohls, and McCaffrey’s Grocery Market. This, along with average household incomes of over $149,000 within three miles of the center, appeals to the strong tenant lineup of service-oriented tenants.
M id A tlantic Real Estate Journal — The Best of 2019 — March 27 - April 9, 2020 — 9C
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The BEST of 2019
LARGEST MULTIFAMILY ACQUISITION
The bigger we get, the better we get.
It’s an honor to receive the 2019 award for Largest Multifamily Acquisition.
Morgan Properties is now the fifth-largest apartment owner in the country with our recent portfolio acquisition of Morgan Communities, an unaffiliated company based in Rochester, New York. We added 95 apartment communities and nearly 18,000 units across 8 states — Pennsylvania, New York, Tennessee, Illinois, Indiana, South Carolina, Alabama, and Ohio.
We’re also proud to be the largest multifamily owner/operator in the states of Pennsylvania, Maryland, and New York. Through continued growth, we remain committed to making a positive impact on the communities we serve.
morganproperties. com
10C — March 27 - April 9, 2020 — The Best of 2019 — M id A tlantic Real Estate Journal
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JLL Liberty Towers Jersey City, NJ The LARGEST MULTIFAMILY SALE of 2019 Gebroe-Hammer Associates North Jersey Metro Portfolio Essex & Bergen Counties, NJ Greysteel Elsinore Courtyard and Fitch Apartments
Elsinore Courtyard
Forest Hill Properties, Bloomfield, NJ
Location: Washington, D.C. Brokers: Ari Firoozabadi, W. Kyle Tangney, Herbert Schwat, Christian Alves, Dutch Seitz Greysteel President & CEO, Ari Firoozabadi; Managing Director, W. Kyle Tangney; Director, Herbert Schwat; Senior Investment Associate, Christian Alves; and Invest- ment Associate, Dutch Seitz arranged the receivership sale of Elsinore Courtyard and Fitch Apartments, a 227- unit multifamily portfolio in Southeast Washington, D.C. They sold the Property on behalf of the receiver, E & G Group, and solely procured the Buyer. The Properties sold for $21,750,000. “There were a lot of moving parts to this transaction con- sidering the nature of the receivership sale and the number of parties involved with the transaction,” said Managing Director, W. Kyle Tangney. “It was our pleasure to have leveraged our experience on behalf of the receiver as an expert in both the market and special asset services in a potentially complicated sale.”
Size: 1,831 units Brokers: Ken Uranowitz, President, & Joseph Brecher, Executive Managing Director, engineered the sale with team members Executive Vice President Greg Pine & Senior Vice President Debbie Pomerantz As the largest New Jersey Portfolio Sale of 2019, this 1.12 MSF, 134-building package spanned New Jersey’s high-barrier-to-entry West Essex and Bergen County sub- markets, just a few miles from Midtown Manhattan. Each apartment-home community offers walkable proximity to transit as well as a short distance to upscale retail, dining and cultural attractions. In terms of unit mix, the histori- cally stabilized, well-occupied portfolio featured market- unique floorplans of studios to two-bedroom duplexes. Gebroe-Hammer Associates exclusively represented the seller, a private unnamed investor, and procured the buyer, a NYC-based real estate investment company drawn to the portfolio’s grand-scale value-add potential.
Kevin O’Hearn
Jose Cruz
Michael Oliver Steven Simonelli
Size: 648 Units Brokers: JLL’s Jose Cruz, Kevin O’Hearn, Michael Oliver and Steven Simonelli Sale of a two-tower, 648-unit multi-housing property lo- cated at 33 Hudson Street in Jersey City, New Jersey.
M id A tlantic Real Estate Journal — The Best of 2019 — March 27 - April 9, 2020 — 11C
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The BEST of 2019
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12C — March 27 - April 9, 2020 — The Best of 2019 — M id A tlantic Real Estate Journal
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The LARGEST OFFICE LEASE of 2019
Vision Real Estate Partners Warren Corporate Center Warren, New Jersey
Stockton Real Estate Advisors, LLC 4 Penn Center Philadelphia, PA
Sheldon Gross Realty, Inc. Ridge Corporate Center Park Ridge, New Jersey
Size: 315,086 SF Brokers: Landlord
Size: 173,007 SF Brokers: Michael Dolan
Robert Donnelly, Cushman & Wakefield Robert Donnelly Jr., Cushman & Wakefield Tenant
The General Services Administration executed a 15-year lease for the Environmental ProtectionAgent (EPA) to lease 173,007 rsf on a portion of the first floor, floors 1 through 6 and the 19th/20th floors at Four Penn Center in Philadel- phia. Securing the EPA catapulted the building occupancy to 93.47% leased. This means the EPA will leave its long- time home of 1650 Arch St., where it has been since 1998. Four Penn Center is a class A property located at 1600 John F. Kennedy Blvd. The GSA joins the blue chip roster of ten- ants such as RELX, Post & Schell and Bank Of America.
Jeff Babikian, CBRE Eric Deutsch, CBRE
Robert Nathin
Everest Reinsurance’s 315,086 SF, 16-year lease to relocate its corporate headquarters to Warren Corporate Center in Warren, N.J., signals a new model for success in today’s evolving office landscape. The deal didn’t merely set a new record in 2019 it was among the top ten largest office leases in the Northern New Jersey market over the past decade. But with the rise of telecommuting and following nearly stagnant office leasing during the first half of 2019, it also shows the significance of providing a unique experience at office.
Size: 111,000 SF Brokers: Robert Nathin
Promotion In Motion, a manufacturer of fruit snacks, fruit rolls and other snack food products will relocate its corporate headquarters to Park Ridge from Allen- dale, NJ.
The Most UNIQUE INNOVATIVE TENANT AMENITY SPACE FOR OFFICE COMPLEX of 2019 Alfred Sanzari
Kinsley Construction, Inc. MOI at McHenry Row Baltimore, MD
Bergman RE Group & Time Equities, Inc. Jefferson Exchange
Glenpointe Teaneck, NJ
Location: 100/110 South Jefferson Road, Whippany, NJ Size: 2 – 3 story class Aoffice buildings totaling 172,000 SF Owners: Bergman Real Estate Group and Time Equities Bergman Real Estate Group and Time Equities built a 8,400 SF lounge and The Quad - Coworking Space at Jefferson Exchange in Whippany, NJ. • A 3,000 SF executive lounge with a staffed espresso bar • Seating areas outfitted with modern, comfortable furniture and shared workspace • The Quad – 13 Co-working executive suites with glass walls sized for startups and entrepreneurs to fit 1-6 people. Fully fur- nished for short term rentals. Total coworking area is 3,700 SF. • Upgraded full service Café with new seating and décor • A fully-equipped gym with lockers and shower room • Shared conference and training center which tenants can use for large meetings, training sessions and more with multimedia equipment • An art studio with instruction from local artists • Game area with ping-pong and pool tables and seating areas • Massage room with licensed masseuse • Nursing room • An app-based bike-sharing program which tenants can use to ride to lunch or travel around Jefferson Exchange campus • Newly landscaped grounds with walking paths and outdoor seating areas • Art in Buildings program
Size: 670,000 SF; 50 acres Brokers: Jeff Schotz, Peter Rossi, Dan Reider, David Simson, Newmark Knight Frank To enhance Glenpointe’s tenant experience, Alfred Sanzari Enterprises partnered with Better Spaces, a technology- driven tenant engagement platform. The service operates out of a 1,500 SF community lounge “The Pointe,” and other shared spaces accessible via the Better Spaces app, which is the “key” to unlock amenity space, sign up for programs, and book private rooms. Featuring robust programming cu- rated by an on-site community management staff, activities range from ping pong tournaments to yoga, art shows, chair massages, nature hikes and more. The platform also provides measurable data to predict tenant satisfaction and retention in the critical years of a lease.
Kinsley delivered the fit-out of this 13,000 SF space to create MOI’s new corporate headquarters. The space also houses a public-facing, highly flexible furniture showroom which displays a number of features for collaborative spaces, technology integration and cus- tom working environments. To fit their modular office components and innovative DIRTT interior wall sys- tem in the existing space, we worked closely with Fox Architects and DIRTT and used BIM 3D coordination to shift the building’s MEP systems. The project won an AIA Baltimore People’s Choice Award.
M id A tlantic Real Estate Journal — The Best of 2019 — March 27 - April 9, 2020 — 13C
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The BEST of 2019 Let Us Help You Find the Perfect Location For Your Business
BRIDGEWATER – 10 ACRE SITE
HOLMDEL – FOR SALE
FOR LEASE
PROFESSIONAL OFFICE/MEDICAL CONDOS 2,850 +/- Square Feet Total – Move In Ready Unit 1 is 1,620 sq. ft. – Unit 2 is 1,230 sq. ft. Across the street from Hackensack Meridian Health Bayshore Medical Center
+/- 130,000 Sq. Ft. Outside Storage Specialized Warehouse Buildings - Rail possible
WALL – FOR SALE 24,000+/- SQ. FT. OFFICE BUILDING Investment opportunity. Fully tenanted building. Highway visibility. Great location at the corner of Route 34 and Belmar Blvd.
MANALAPAN – FOR SALE 2 BUILDING INDUSTRIAL COMPLEX 66,500+/- Total Square Footage. Building A is 12,500 sq. ft. Building B is 54,000 sq. ft. Accessible to Route 9, Route 33, Route 18 and Exit 8 of the NJ Turnpike.
NEPTUNE CITY – FOR SALE MEDICAL/DENTAL CONDO 2,082+/- Square Foot Unit – Move in Ready
EATONTOWN - FOR LEASE OFFICE & WAREHOUSE SPACE
200,000 Square Foot Building with 1,027 to 42,613 +/- Sq. Ft. Available 34,801 sq. ft. Warehouse / Various size Office space up to 42,613 sq. ft.
Centrally located to area hospitals. Minutes from Rt. 25 & Rt. 18.
WANT TO IMPROVE YOUR INVESTMENT? CONSIDER PROPERTY MANAGEMENT SERVICES: Maximize the financial return on your investment properties with the help of our property management services. We use an in-depth analysis of your space and location to identify the optimal way to utilize your property. This helps you to ensure that you are getting the most out of your industrial property or commercial office space. The research we provide along with our complete industry knowledge are our keys to providing you and other owners with full-service capabilities when it comes to managing their properties. Let our brokers and consultants assist you with the following:
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The information contained herein has been obtained from sources considered reliable, but no guarantee of its accuracy is made by this company. Subject to errors, omissions or withdrawal without prior notice.
SHELDON GROSS REALTY, INC. REALTORS ● Corporate Real Estate Services 80 Main Street, West Orange, NJ 07052 Tel. 973-325-6200 - Fax. 973-325-9090 www.sheldongrossrealty.com
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NAI Summit Riverside Business Center Whitehall, PA The BEST MANAGERS LARGEST PROPERTY of 2019 Bennett Williams 4075 E. Market St. York, PA Colliers International-PA Duke Realty Portfolio PA/NJ
Size: 276,684 SF Industrial property with 276,681 square feet on 27.5 acres located in Springettsbury and Hellam Townships. The property consists of two large industrial buildings with high ceilings, wide bays, dock doors, and plenty of parking. Notable tenants include Church of the Open Door, Klinge Corporation, Keystone Early Learning Academy, Master Tool and Mold, and Flinchbaugh Engineering. Bennett Williams has managed the property since 2015, assisting the owner with general management, tenant improvements, façade renovations and leasing.
Size: 458,765 SF Riverside Business Center is a multi-tenant building com- prised of industrial, flex, and office space. This location of- fers ample truck parking, multiple dock and drive-in doors, and private suite entrances. Located at 1139 Lehigh Avenue in Whitehall, PA, the property is easily accessible, minutes from Routes 22 and in close proximity to I-78 and the PA Turnpike 476, with the Lehigh Valley International Airport less than three miles away.
The Colliers in Philadelphia Property Management divi- sion manages 6.5 MSF locally of 160 MSF nationwide for institutional owner Duke Realty. Work for the logistics gi- ant involves preventative and physical maintenance as well as vendor management across properties in Eastern PA and Southern New Jersey. Our team is a leading service pro- vider to Duke within Colliers national organization.
M id A tlantic Real Estate Journal — The Best of 2019 — March 27 - April 9, 2020 — 15C
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The BEST LARGEST LAND SALE of 2019
NAI Summit Route 519 and Belvidere Rd Belvidere, NJ
Rittenhouse Realty Advisors 4233 Chestnut Street Philadelphia, PA
Colliers International 1386 Schoolhouse Drive New Castle, DE
Size: 190 Acres Brokers: Mark Chubb, Michael Zerbe, Summer Coulter In 2019 Colliers’ logistics team of Mark Chubb, Michael Zerbe and Summer Coulter successfully sold one of the last remaining large pieces of land in Delaware’s New Castle County. A strategic east coast land site, the 190 acre par- cel of industrially zoned land was transferred on behalf of Akzo Nobel to Kansas City-based developer, Northpoint Development. Located at 1386 Schoolhouse Road in New Castle, DE the site is predominantly farmland with a small previously de- veloped portion historically operated on by Stauffer Chem- ical. It will soon be redeveloped by Northpoint as “Dela- ware City Logistics Park” - the premier industrial logistics park within the State of Delaware. The park will feature four industrial buildings totaling over 2 million SF of mod- ern distribution and fulfillment space. The move represents Northpoint’s first investment in Delaware. This sale is now being considered a local model for brown- field redevelopment. The sale also represents a new spark of industrial development for the area, which has so far missed out on the speculative development of large dis- tribution and fulfillment that’s cropped up in nearby Cecil County, Md. and South Jersey.
Size: 37,630+/- SF Brokers: Ken Wellar, Corey Lonberger, Mark Duszak This sale marked the highest price per square foot for a development site at the time in the rapidly growing University City District. Purchased by a partnership between Carlyle/Alterra Property Group, this deal ini- tiated the development of over 300 residential units conveniently located near some of the best educational and medical facilities in the world such as University of Pennsylvania, Drexel University, Children’s Hos- pital of Philadelphia and the Hospital of University of Pennsylvania.
Sarah Finney-Miller
Size: 655+ Acres Brokers: Sarah Finney-Miller
Talen Energy appointed NAI Summit to represent them in the sale and marketing of their property. Sarah Finney-Miller successfully negotiated a sale to the well-known Jaindl Land Company who’s industrial and office projects have led to more than 12,000 jobs in our region and account for over $15 million in local tax revenue annually.
Multi-Family. Mixed-Use. Development.
BOR Jeffrey Goldstein NJ #9110168
Full details and pricing available at www.rittenhouserealty.com
107 S. 2nd Street, 4th Floor Philadelphia, PA 19106 ph. 215.454.2852 info@rittenhouserealty.com
16C — March 27 - April 9, 2020 — The Best of 2019 — M id A tlantic Real Estate Journal
www.marej.com
The LARGEST MEDICAL OFFICE LEASE of 2019
Atkins Companies Rothman MOB Washington, Twp., NJ
NAI Summit 89 S Commerce Way Bethlehem, PA
ROCK Commercial Real Estate 1245 W Princess St York, PA
Size: 25,090 SF Broker: Mike Adams
Size: 40,000 SF Brokers: Scott Martin of Avison Young
Mike Adams of NAI Summit represented the tenant, Tyber Medical, in the multi-year lease transaction for industrial/flex space at 89 S Commerce Way in Bethlehem, PA. Previous to this transaction, Tyber Medical was solely leasing office space when they needed to not only expand their space but acquire flex space for their in-house production needs. The location on S CommerceWay provided them the space types they needed in a professional business park setting, Lehigh Valley Industrial Park IV, with easy access to main high- way systems. Tyber Medical LLC, is an orthopedic device manufacturer addressing the industry’s need for rapid access to FDA cleared and CE Marked implants in the spine and extremity/trauma markets.
Completed in 2018 through a joint venture partnership between Atkins Companies and Woodmont Properties, the 40,000 SF Rothman Medical Building was a visionary medical office building designed to anchor the partners’ 35- acre, mixed-use Washington Square Town Center project in Washington Township, NJ.With JVpartner and anchor tenant Rothman Orthopedic Institute taking 20,000 SF upon the building’s completion, the partners brought the remainder of the building to full occupancy in 2019 with three additional medical office leases to a variety of regional healthcare com- panies totaling 20,000 SF. The leases have now established the Rothman Medical Building as the premier medical office building in the local market.
Greg Finkelstein
Size: 17,280 SF Broker: Greg Finkelstein Wellspan Properties occupies the space.
Over six decades of commercial real estate development, ownership, and management experience
M id A tlantic Real Estate Journal — March 27 - April 9, 2020 — The Best of 2019 — 17C The BEST DEVELOPERS TOP PROJECT of 2019 JMF Properties Quin Sleepy Hollow Plainfield, NJ MRA Group Jefferson Institute for Bioprocessing at Spring House Innovation Park RD Management Waterview Marketplace Parsippany, NJ
www.marej.com
Size: 146,792 SF The goal for Waterview Marketplace in Parsippany, NJ was to create a lifestyle destination that appeals to the area’s residents and employees. Developed by RD Management in partnership with JMF Proper- ties and RIPCO Real Estate, the brand-new, 146,792 SF shopping center is now the community’s premier one-stop location for everyday necessities. It’s situ- ated in Morris County within a high-density and high-income trade area bordered by Mountain Lakes, and offers convenient access to major highways. An- chored by a 47,558 SF Whole Foods Market, Wa- terview Marketplace has an impressive tenant roster including Homesense, DSW, Old Navy, Ulta Beauty, The Paper Store, Orangetheory and Shake Shack. Quin Sleepy Hollow is the first NYC-style luxury rental community to open in an emerging transit vil- lage in Plainfield, near the Netherwood train station. The neighborhood will soon be home to more suc- cessful developments now that JMF Properties has led the way with Quin Sleepy Hollow and highlight- ed the area’s economic potential. The community opened in September and by the end of the calendar year, the first phase was more than 50 percent leased. Residents enjoy a combination of high-style urban luxury and suburban charm, with access to 10,000+ SF of indoor and outdoor amenities. The GENERAL CONTRACTORS /BUILDERS FAVORITE PROJECT of 2019 Location: Lower Gwynedd, Pennsylvania Size: 25,000 SF Brokers: Patrick Kelley, Broker for Jefferson Thomas Jef- ferson University selected Spring House Innovation Park, an MRAGroup development, to become the home for its Jeffer- son Institute for Bioprocessing (JIB), a training and educa- tion facility designed to prepare 2,500 people per year in the mid-Atlantic’s burgeoning life sciences sector. The highly regarded 25,000 SF facility was developed in partnership with and modeled after the National Institute for Biopro- cessing Research and Training (NIBRT) in Dublin, Ireland. JIB is the ONLY facility in the United States combining GE FlexFactory Single-Use reactors and utilizing the NIBRT curriculum, considered the gold standard for biopharmaceu- tical manufacturing education. Size: 212 apartments on five acres. Approximately 230,000 SF.
IMC Construction Penn Medicine Advanced Outpatient Care Center
REDCOM Design & Construction LLC 320 Paterson Plank Road
Wohlsen Construction Company Capital One’s Ben Franklin Wilmington Phase 1A
Location: Carlstadt, NJ Type of project: Industrial Size: 80,000 SF
Location: Radnor, PA Type of project: Healthcare Facility, LEED SILVER Size: 250,000 SF State-of-the-art, four-story, multispecialty outpatient fa- cility that will expand options for patients to receive ad- vanced care close to home. Set to open Spring 2020, the site will replace the current facility in Radnor and will provide comprehensive cancer care, including newly available radiation oncology services and chemotherapy provided by the Abramson Cancer Center, as well as pri- mary care, heart and vascular, orthopaedic and neurosci- ence care. Additional services will include same-day sur- gery, with six operating rooms and four endoscopy suites, along with full radiology and laboratory services. The 24-month project was fast-tracked and is scheduled to be completed in 17 months.
Location: Wilmington, DE Type of project: Renovation Size: 350,000 SF
320 Paterson Plank Road is one of our recently completed, industrial facilities that is located in Carlstadt, New Jersey. This warehouse has a 40,000 SF footprint and a height of 48 feet. Additionally, the facility was originally designed with a 13,000 SF mezzanine for indoor storage. REDCOM initially entered this project as the general contractor. Due to the township’s regulations that forbid outside storage, the owner was faced with a storage issue. REDCOM’s in- house experts re-engineered the existing facility to include a 40,000 SF second floor during the construction process. This solution brings the two-story warehouse to a total of 80,000 SF. REDCOM was able to solve the owner’s storage problem while keeping within the township’s regulations.
The project included complete renovations to 12 floors of office spaces across two-adjacent high-rise buildings in downtown Wilmington, Delaware totaling 350,000 SF. Many areas were enhanced by the renovation including: multimedia conference rooms, executive offices, HUB, game rooms, lobby and reception areas. MEP infrastructure upgrades, open ceilings, and polished concrete floors are a few of the special interior features incorporated in the ren- ovation. The modern spaces are planned to create collab- orative workspaces and help Capital One attract creative, young professionals. The building remained operational throughout construction and required a phased approach to complete work in the safest manner possible.
18C — March 27 - April 9, 2020 — The Best of 2019 — M id A tlantic Real Estate Journal www.marej.com The BEST ENGINEERING PROJECT of 2019 H2M architects + engineers Homeless Solutions, Inc. Morristown, NJ REDCOMDesign&Construction LLC 320 Paterson Plank Road Carlstadt, NJ
RGS Associates VERDE Apartments Hummelstown, PA Type of project: Multifamily Residential Housing Redevelop- ment Size: 6 acres, +/- A blighted processing facility needing to be returned to a produc- tive, taxable land use, was redeveloped to include six apartment buildings (134 apartments), parking, fitness, maintenance, four multi-car garages, open space improvements, and related infra- structure. The plan fit the context of the neighborhood, met local ordinance and stormwater regulations, as well as complied with all applicable environmental requirements. The project redevelops the last remaining undeveloped property in the northeast portion of the Borough and creates a unified/attractive streetscape. It’s a stellar example of how a well-designed community infill and redevelop- ment project can integrate challenging infrastructure solutions into an overall project. Why was this particular job your favorite/most unusual? The Verde Apartments project is an important and replicable ex- ample of urban redevelopment that implements a number of cost effective solutions for developers and communities to consider. The Verde Apartments project, developed at 26.5 units/acre, dem- onstrates that higher densities can be achieved in existing neigh- borhoods without compromising quality design. It also proves that stormwater management requirements can be met while consider- ing cost and project financing. Specialized hydrologic modeling was needed to accurately repre- sent the runoff associated within the site. Improvements to down- gradient storm conveyance infrastructure was coordinated with lo- cal municipal officials. Multiple water quality BMPs were utilized to meet rigorous nutrient removal efficiencies dictated by NPDES guidelines. A combination of pre-treatment structures, water-tight underground storage facilities, and a street sweeping maintenance program were incorporated to fully meet these objectives. Verde Apartments serve as an excellent example of how a private development can successfully revitalize a portion of an existing borough which was otherwise deteriorating and vacant. The team created a redevelopment plan that fit into the existing fabric of the Borough. The outcome created a win-win for 2nd Street Realty and
Type of project: Industrial Size: 80,000 SF
Type of project: Residential Housing Size: 8 units, 12,000 SF
320 Paterson Plank Road is one of our recently completed, industrial facilities that is located in Carlstadt, New Jersey. This warehouse has a 40,000 SF footprint and a height of 48 feet. Additionally, the facility was originally designed with a 13,000 SF mezzanine for indoor storage. REDCOM initially entered this project as the general contractor. Due to the township’s regulations that forbid outside storage, the owner was faced with a storage issue. REDCOM’s in- house experts re-engineered the existing facility to include a 40,000 SF second floor during the construction process. This solution brings the two-story warehouse to a total of 80,000 SF. Why was this particular job your favorite/most unusual? REDCOM was able to solve the owner’s storage problem while keeping within the township’s regulations. Addition- ally, adding a second floor to a warehouse facility is typi- cally uncommon.
As part of the Homeless Solutions Inc. (HSI) mission to provide “A Hand Up, Not a Hand Out,” H2M and the HSI Housing Development team transformed an underutilized property at 88 Martin Luther King Jr. Ave. in Morristown into eight units of affordable transitional housing. The project straddles two municipalities and coordination was key in the design and approval process to satisfy the vari- ous jurisdictions and create a neighborhood amenity. Con- trolling project costs was especially critical and the staff at H2M has a long-term relationship with HSI to create housing that, together with the HSI programs, successfully transition participants to independent living. Why was this particular job your favorite/most unusual? H2M takes pride in bettering the communities in which we work and alive, and were especially proud to design a projects that met HSI’s mission.
URBAN DESIGN
CONSTRUCTION SERVICES
SUSTAINABLE DESIGN
RENOVATIONS
NEW CONSTRUCTION
H2M is an award-winning multi-discipline professional consulting firm with over 480 employees providing design services for the Education, Emergency Services, Energy, Forensic, Municipal, Public Agency, Real Estate, and Water/Wastewater Markets in the Northeast Region.
New Jersey - Parsippany | Central Jersey New York - Melville | Albany | Westchester | New York City | Riverhead | Suffern
973.334.0507 h2m.com
M id A tlantic Real Estate Journal — March 27 - April 9, 2020 — The Best of 2019 — 19C The MOST UNIQUE INDUSTRIAL SALE of 2019 Colliers International-PA Budd Plant Philadelphia, PA Sheldon Gross Realty, Inc. 8 Van Veghten Drive Bridgewater, NJ Greysteel 1818 New York Avenue NE Washington, DC
www.marej.com
Size: 90,000 SF Broker: Benjamin W. Wilson and David Choi Greysteel Senior Director, Benjamin W. Wilson and Se- nior Investment Associate, David Choi arranged the sale of 1818 New York Avenue NE, a 90,000 square-foot in- dustrial / office property, located in Washington, D.C. The Property sold for $23.25M. Built in 1937 and renovated in 2005, the Property is locat- ed at 1818 New York Avenue NE Washington, D.C. 20002. The 90,000 SF commercial office building sits on three acres in the New York Avenue NE Corridor and is directly across the street from the Douglas Development’s 17-acre New City D.C. redevelopment project. “1818 New York Avenue NE represents a source of stable- income with significant future redevelopment potential,” said Mr. Choi. “With the New City D.C. project underway opposite the Property, this investment opportunity solves our client’s short and longer-term investment needs. Our client plans to bring in a professional management team to manage operations and to maximize cash-flow where pos- sible.”
Size: 6 Buildings / 1,871,911 SF / 25.29 Acres Brokers: Richard Weitzman, in conjunction with Max Spann Auctioneers Colliers International, in conjunction with Max Spann Auctioneers, has sold an iconic property of Philadelphia’s industrial past that represents a massive footprint for fu- ture redevelopment. The former Budd Company site, in the City’s Nicetown-Tioga section, was once a rail, auto- motive and aeronautics manufacturing facility employing thousands before it closed in the early 2000s. The property was sold to New York-based private equity/development firm Plymouth Group. The transaction was comprised of 6 buildings totaling 1,871,911 SF on 25.29 acres. Future plans for the site like- ly include commercial and industrial repurposing as well as potential institutional, educational and residential com- ponents but no official plans have been set.
Jonathan Glick
Size: 220,929 SF Broker: Jonathan Glick This sale was part of two other industrial properties and the sale of a business.
The BEST STUDENT HOUSING PROJECT of 2019 Torcon Inc.
Progress Capital Lehigh Student Housing Portfolio Bethlehem, PA
Wohlsen Construction-DE Delaware State University Tubman Laws Hall Dover, DE
The Commons Villanova, PA
Size: 44 units (219 beds) Brad Domenico arranged $16,000,000 in financing for a valued client to acquire a (44 unit/219 beds) multi-site Stu- dent Housing Portfolio adjacent to Lehigh University. Student Housing is known to be recession resilient and of- fers a degree of stability seldomly present in other real es- tate sectors, particularly during periods of market volatility. The rare opportunities available to purchase these property types is the reason our client immediately locked in financ- ing to secure this deal. Brad worked with Ladder Capital to negotiate 3 years in- terest-only, non-recourse, 75% LTV with a 4.75% fixed rate for 10 years based on a 30-year amortization. These factors enabled the client to improve and increase property value by minimizing expenses and maximizing returns.
Size: 425,000 SF Torcon led the complete infrastructure and architectural renovation of Stemmler Hall, the Perelman School of Medicine’s largest research facility. This $119 million adaptive re-use project was completed while the building remained fully operational. In addition to an upgrade of all ductwork and piping, one of the most logistically chal- lenging activities was installing new rooftop equipment on a landlocked building. Because of narrow surrounding streets and the project team’s access to only one loading dock, four 550-ton crane mobilizations were required to install the mechanical equipment. Developing the critical path required coordination with more than a dozen public and private entities.
Size: 189,000 SF Preconstruction and construction management services for a new five-story residence hall in the middle of an oc- cupied college campus. Preliminary work involved the relocation of all underground utilities in the quad where the new dormitory was built. The 620-bed dormitory in- cludes, dining facility, study rooms, community spaces, office space.
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