29 transactions involve 4,041 units in Northeast Gebroe-Hammer Associates reports $490M in multifamily sales for Q1 2021


IVINGSTON, NJ — Gebroe-Hammer As- sociates , a nationally ranked multifamily-focused investment brokerage firm, has reported $490M in sales for a total of 4,041 units at the close of Q1 2021. In total, the firm orchestrated 29 trans- actions on behalf of private equity funds, institutional investors, family offices and private individuals with local, regional, national and global interests. From January through March, Gebroe-Hammer’s sales spanned New Jersey and the South Jersey Metro/ Greater Philadelphia area. Ex- amples of the transaction spec- trum include 10 individual property sales across four East Essex County high-popula- tion-density urbanmunicipali- ties; two North Jersey Metro trades totaling $12.65M; three Central Jersey Metro closings involving 98 units; 12 separate South Jersey Metro deals; and two additional unnamed transactions. “Multifamily properties have established they are on firm footing during this COV - ID economic recovery with all L

economies – North and Central Jersey for example – continued to outperform other metros nationwide. Greater clarity yields heightened confidence and resulting closing activity.” Gebroe-Hammer’s market specialists report positive stabilization of occupancy rates and investment activity in submarkets with short-to- moderate commute times to major cities. Flexible work schedules and telecommut- ing have prompted tenants to cast a wider net geographi- cally, thus feeding the tenant pipeline. “The boundary for what was once considered a maxi- mum commute time/distance from one’s workplace has been blurred,” said executive managing director David Oropeza , a 35-year Gebroe- Hammer veteran, who over- sees the Essex County Region where Q1 sales were recorded in Newark, Irvington, Orange and East Orange. “We’re also seeing the gradual return of Gen Z’ers, who are dip- ping back into the urban- apartment tenant pool after returning home to their fami- lies. When COVID hit, they

wanted to be close to loved ones and a safety net. With confidence up, this cohort is eager to get back to their own lifestyle and abandon that of their parents.” Deeply entrenched within the region’s urban, suburban and tertiary markets, Gebroe- Hammer’s market special- ists also are reporting newer multifamily properties as well as value-add assets and work- force housing are at the top of investor checklists. “The wide delta between multifamily investment de- mand and for-sale product availability remains preva- lent, much like early last year and the months before that,” said executive manag- ing director Joseph Brecher , a 20-year Gebroe-Hammer veteran, who spearheads the firm’s sales activities throughout the Central and South Jersey Metros/Greater Philadelphia area. “Projec- tions indicate 2022 will mark a return to pre-pandemic multifamily fundamentals, notwithstanding the uncer- tainties surrounding future tax legislation and/or interest rates.” MAREJ excellent example. Despite being marketed quietly to a small group of qualified pur - chasers, we generated offers for the seller that were several million dollars higher than the direct offers he received prior to our engagement. This demonstrates the benefits of a transaction being profession- ally marketed pursuant to an exclusive listing. Additionally, the seller, who was the origi- nal developer of the property, appreciated our honest un- derwriting, which was based on realistic, yet aggressive expectations.” Gralla joined Kislak in 2011 and specializes in the sale of multifamily and other invest- ment properties in northern and central NJ. Joni Sweetwood joined Kis- lak in 1996 and is one of the firm’s all-time leading sales - people. MAREJ

Section C

arrows pointing to 2021 as the year of strong occupancies and positive rent gains,” said Ken Uranowitz , president, who joined the firm at its inception 46 years ago. “Both of these conditions cast multifamily investments in an extremely favorable light, paving the way for considerable rent and property-value appreciation over the long term.” According to Uranowitz, multifamily’s rebound is rooted in several factors. “Investor demand has been sustained in the COVID-19 economy as compared to previous reces- sions,” he said. “While inves- tors and financial institutions may have waited for some clar- ity at the onset and height of the pandemic in 2020, certain 280-320 E. Main St., Rockaway, NJ was one of two North Metro Sales in Q1 2021.



M&T Realty Capital Corp. appoints managing director

Sean Cullen


WOODBRIDGE, NJ — The Kislak Company, Inc. announced the recent sale in northern and central New Jersey of the following multi- family properties and develop- ment sites: Kislak’s Gralla completes $49.2 million New Jersey sales million; - 8 units at 96 Eaton Place in East Orange for $1.1 million; and - 8 units at


82-88 Watc- h u n g A v e . i n N o r t h Plainfield for $800,000; Kislak mar- keted al l of the properties


Directory ROP (Front Section) ........................................... Section A Contributing Columnist ............................ Chay Lapin, KPI Potential Pitfalls Of NNN Properties And A Savvy Alternative ...................................................................2A DELMARVA. ..............................................................3-5A Retail Development Reimagined . ............................ 9-12A People on the Move................................................... 14A Financial Digest ..................................................... 15-18A Owners, Developers & Managers .......................... 19-32A Business Card/Billboard Directory ............................IBC-A New Jersey.............................................................. 1-10B Pennsylvania........................................................11-BC-B Spring Preview ................................................... Section C www.marej.com

Julie Gralla

Somerset County Aerial

on an exclusive basis with VP Julie Gralla handling the first five assignments and executive VP Joni Sweetwood handling he last two. Gralla also pro- cured each purchaser. “The market for existing multifamily properties and multifamily development sites remains extremely strong in New Jersey, particularly in the northern and central parts of the state,” said Gralla. “The Somerset County sale is an

- over 130 units in Somerset County for $35 million; - a 1.39-acre development site at 1000 North Ave. in North Plainfield for $5.25 million; - 15 units at 532-538 East Front St. in Plainfield for $2.955 million; - a 1-acre unapproved devel- opment site at 100-112 Main St. in Orange for $2.9 million; - 16 units at 408-410 North 5th St. in Newark for $1.2

Inside Cover A — April 23 - May 20, 2021 — M id A tlantic Real Estate Journal


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M id A tlantic Real Estate Journal — April 23 - May 20, 2021 — 1A



Chase Bank Providence, RI $2,875,000

Outback Steakhouse & M&T Bank Clifton Park, NY $2,734,977 Wells Fargo Largo, MD 4,087 054

Mission BBQ & Sport Clips Marlton, NJ $3,830,810 Red Lobster Virginia Beach, VA 5,511,283

Santander Bank Matawan, NJ $1,150,000

Wawa Edison, NJ $7,701,149

IHOP Grove City, OH $1,948,479 Franklin laza Vernon, CT 2,392,610

Shoppes of Southland Orlando, FL $3,775,000 Chase Bank Roxbury NJ 1, 87,627

7-Eleven Coppell, TX $4,400,582 Verizo Warwick, RI 2,0 000

Bojangles La Follette, TN $1,951,220 Wawa Plainfield, NJ 8,888,889

Ethan Cole, CT Broker of Record, License REB.0791749, NJ Broker of Record License 2082582, RI Broker of Record, License REB0018287 Andrew Knight, New England Commercial Brokerage, Inc. VA Broker of Record, License 0225214094 | Gillian Greenfield, Greenfield and Craun, MD Broker of Record, License 681790






2A — April 23 - May 20, 2021 — M id A tlantic Real Estate Journal


M id A tlantic Real Estate Journal

M id A tlantic R eal E state J ournal Publisher, Conference Producer . .............Linda Christman AVP, Conference Producer ...........................Lea Christman Publisher ........................................................Joe Christman Editor/Graphic Artist ......................................Karen Vachon Contributing Columnist ....Chay Lapin, Kay Properties and Investments Mid Atlantic R eal E state J ournal ~ Published Semi-Monthly Periodicals postage paid at Hingham, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal 350 Lincoln St, Suite 1105, Hingham, MA 02043 USPS #22-358 | Vol. 33, Issue 4 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 | Fax: 781-740-2929 www.marej.com

By Chay Lapin

Potential Pitfalls Of NNN Properties And A Savvy Alternative ● NNN properties seem like passive investments but actu - ally require regular manage - ment. ● Overconcentration is a key risk when it comes to investing in NNN properties. ● DSTs (Delaware Statutory Trusts) provide an alternative way to invest in NNN proper - ties. ● Diversification and true passivity are unique advan - tages of DST investments. Frequently investors are seeking out reduced manage - ment and or passive real estate investments. Real estate own - ers are simply tired of the three T’s (Tenants, Trash, Toilets) and are looking for alternative options to consider. One option that a lot of inves - tors are being sold by their real estate brokers are Net Leased properties, which are common - ly known as “triple net leases” (or “NNN”). Some Net Lease properties can be nearly 100% passive. Investors will want to carefully understand how the

unique net lease is set up, as some leases may actually have active management responsi - bilities for building upkeep. A client will also want to keep a monthly check in to make sure that the tenant is abiding by their net lease structure and that they are actually paying the various bills (e.g. Com - mon area expenses, Property Taxes and Insurance). It is not uncommon for a large corpora - tion to have a glitch and be late paying property taxes, and this could affect your building if not caught in an appropriate time frame. If an investor is going to be placing their entire 1031 ex - change proceeds or cash alloca -

tion in one net lease property, there are key points that an investor should understand prior to investing: • Concentration Risk – Plac - ing all of your eggs into one basket • Tenant bankruptcies and restructuring – Lease Rejection • Store Closures – “Dark Stores” • 1031 exchange closing risk • Asset and property man - agement responsibilities – un - paid tenant taxes, collecting reimbursements, refinancing, lease term burn off and value erosion, lease renewal and negotiations, legal expenses, insurance issues, etc. continued on page 14A

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M id A tlantic Real Estate Journal — April 23 - May 20, 2021 — 3A


Benlemlih and Wilson lead transaction team Greysteel arranges the sale of a 150,000 s/f industrial assemblage in Baltimore


southeast of the inner harbor, an area that has been slowly building appeal as a low-cost alternat ive for manufac - tur ing and distribution owners and tenants look - ing for space. The property was divided into two sep - arate transactions and sold to two owner-users. 1226 Wicomico St. features a 32,000 s/f building with attrac - tive brick construction and 35- foot ceilings. Originally built in 1885 by The Chesapeake Gas Works, the property will now be home to Sandtown Furniture Company. Sand - town Furniture Company will use the space as their new

distribution operations from Silver Spring to the property. “While demand for industri - al space has continued to grow over the last year, leasing rates in this submarket remain low with high vacancy. The weak leasing environment combined with the property’s dilapidated condition made it difficult to attract return-oriented inves - tors. We recognized pretty early that if we were going to hit our pricing we would need to find an owner-user with the capacity and interest in a project like this. Ultimately we were able to find two will - ing to work with us, the seller, and each other to get the deal done. We are continuing to see this trend across the rest of our inventory as owner-users look to capitalize on a low-interest rate environment. MAREJ the pandemic,” said Gentner. “The Collington Trade Center is one of the region’s top in - dustrial properties and is sure to attract world-class tenants due to its superb central loca - tion along the Eastern Sea - board. Our team’s extensive market knowledge combined with Colliers’ collaborative platform and top-tier research is sure to help us secure the perfect tenants for our client.” The property is located in Upper Marlboro in southeast Prince George’s County, ap - proximately 10 miles east of the Washington D.C. Central Business District. It consists of almost 1200 acres and more than 3.2 million square-feet of industrial development. The Center offers direct access to major highways including Routes 301 and 50 and Inter - state 495 and is only 20 miles south of Baltimore/Washing - ton’s International Airport. Gentner, Watts, Siegel and Sullivan all joined Colliers earlier this year to further bolster the firm’s presence in the region by focusing mainly on industrial leasing. MAREJ

ALTIMORE, MD — Greysteel , a national commercial real estate

investment services firm, represented the seller and procured the buyers in the sale of 901 W O s t e n d St. and 1226 Wicomico St.,

Zach Benlemlih Benjamin Wilson

a 150,000 s/f industrial build - ing in the Pigtown neighbor - hood of Baltimore. The transaction team was led by Greysteel associate Zach Benlemlih and manag - ing director BenjaminWilson of the firm’s Mid-Atlantic Com - mercial Team. The property is located in the Pigtown/Carroll-Camden neighborhood of Baltimore, CHESAPEAKE, VA — Colliers announced the sale of Crossways Commerce Center IV, at 1408 Stephanie Way in the Greenbrier submarket of Chesapeake. The property was sold by DSC Partners to The Runnymede Corporation . The multi-tenant building, built in 1998 on a 3.99-acre site, comprises 52,056 s/f and was 100% leased at the time of the sale. The building is anchored by Leidos, a Fortune 500 information technology, engineering, and science so - lutions and services company headquartered in Reston. Leidos currently occupies 91% of the building with the balance of the building leased to 7-Eleven for its regional corporate office. “Runnymede is pleased to acquire this institutionally maintained asset in the grow - ing Greenbrier submarket,” said Donald Frederick , vice president and CEO of The Runnymede Corporation. “Hampton Roads’ reliance on the defense sector together with the long-term history of Leidos in the building fit

901 W Ostend St.

headquarters, showroom, and manufacturing facility. The other half of the trans - action was the sale of 901 W Ostend St. which is a 116,000 s/f warehouse that runs from

the Wicomico site up to Ostend St., along W Hamburg St and Wicomico St. 901 W Ostend was purchased by Mayorga Organics which will be relocat - ing their coffee roasting and

Colliers announces sale of 52,056 s/f Crossways Commerce Center IV in Chesapeake, Virginia totaling $7.5 Million

Marlboro’s Collington Trade Center. A Colliers team of senior vice presidents Tom Gentner, BrianWatts and Bri - an Siegel and vice president Jason Sullivan were selected by the owner to handle the 576,356 s/f assignment. The Collington Trade Center is one of Maryland’s premier office and industrial parks. The property is home to 15800 & 15850 Commerce Court, two class A warehouse/distribu - tion buildings and the Collin - gton Business Center, a four building complex of flex/ware - house space. The warehouse buildings feature 24’ clear height, 40’ x 40’ column spac - ing, plenty of parking, docking spaces and new LED lighting on motion sensors. The com - plex features redesigned en - trances and facades including canopies, entry doors,signage, a renovated on-site cafe and convenience store and new roofs. “Baltimore’s industrial mar - ket continues to exhibit incred - ible strength and momentum despite the challenges many other sectors have faced due to

Crossways Commerce Center IV

Runnymede’s investment cri - teria. This well-located asset just blocks from the blooming Dollar Tree corporate campus adds synergy to Runnymede holdings in the park. We value our relationship with Colliers and want to thank Scott, Perry, Michael and the entire Colliers team for making this transaction smooth from start to finish.” J. Scott Adams , president of Colliers Virginia & Raleigh,

NC, and Michael Ettel , se - nior associate with the Col - liers Capital Market Advisory team, represented the seller in the transaction in association with Perry Frazer, Pat Mu- gler and Ricky Anderson with Colliers. In other news, Colliers In - ternational Group Inc. an - nounced it has been appointed as the leasing agent for two warehouse buildings and a flex business center in Upper

4A — April 23 - May 20, 2021 — M id A tlantic Real Estate Journal


Commercial-Industrial Realty Council Great CRE Events...Cont. Education...Speakers...Networking

EVENTS SCHEDULE May 12 (Wed.) Annual Meeting/Elections & Membership Event Topic: Enter Breakout Rooms of your choice hosted by members who will lead discussions about the future of Retail, Office Space, Industrial, Mixed-Use Redevelopment, and more. Free to Members & Guests June 21 (Mon.) Annual CIRC Golf Outing (Member Invitational) CONTINUING EDUCATION Classes Accredited: DE*PA*MD*NJ REGISTRATION NOW OPEN accredited real estate school/instructors: Frederick Academy of Real Estate Register Online: www.circdelaware.org (@ Education) June 9, 2021 (Wed.) — 9:00 a.m. – Agency (MD, NJ, PA) MD Reqd.-MREC-Agency-commercial; NJ Reqd., PA Elective; (No DE) 1:00 p.m. – Understanding Exchanges & Opportu- nity Zones "Brand New Class Offering" DE Mod.6; MD & PA Elective (No NJ) July 13, 2021 (Tues.) — 9:00 a.m. – Fair Housing * DE Mod. 2; MD 1.5 Reqd.+1.5 Elective; NJ Reqd.; and * PA Required for the 2022 license renewal New Mandatory Class!

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Membership Chair: James Manna BrightFields, Inc. Past President:

— E X - O F F I C I O — Business Manager Janet Pippert Landmark Science & Engineering Legislative Lobbyist C. Scott Kidner C. S. Kidner & Associates Legislative Affairs Chair William Lower Harvey Hanna & Associates Donald Robitzer The Commonwealth Group Benjamin Berger , Esq. Berger Harris, LLC Carmen Facciolo NAI Emory Hill Jim O’Hara , Jr. NAI Emory Hill-Retail Division Michael Hahn 44 Business Capital Lorraine Sheldon NAI Emory Hill Daniel Wham DSM Commercial Real Estate Ryan Kennedy Harvey Hanna & Associates

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M id A tlantic Real Estate Journal — April 23 - May 20, 2021 — 5A


M id A tlantic R eal E state J ournal The Hanna Team & Peek sell auto body shop in Fruitland, MD SVNMiller Commercial Real Estate brokers 12,800 s/f sale



RUITLAND, MD & Seaford, DE — Hen- ry Hanna and Flo Brotzman of The Hanna Team at SVN Miller Com- mercial Real Estate recently settled on 743 S. Camden Ave., Fruitland, MD. This prop - erty was listed and closed in six weeks. The Hanna Team represented the seller Randy Campbell, of Campbell’s Col - lison. The seller, Campbell’s Collision, is relocating to a new location at 312 N. Salisbury Blvd., Salisbury, MD. Chris Peek also with SVN Miller Commercial represented the buyer, an investor client. This property is a very attrac - tive 12,800 s/f facility is set up as body shop/garage on 2.42 acres. “The commercial real estate market is strong; rates are good, and I am happy that we were able to secure a buyer so quickly” said Brotzman. “The buyer expressed his sincere appreciation for the teamwork, coordination and effort by SVN | Miller Com - mercial, which they put forth to make the deal come together,” said Peek. In a separate transaction, John McClellan and Kelly Jeter with SVN Miller Com - F

Venture Business Center, on Venture Drive in Seaford just across the street from the re - gional FedEx Ground facility, features six 5,000 s/f warehous - es that are fully leased. Ten - ants leasing on the property include Brinks, Ditchwitch, Polytechnic, K Supply, andWH Metcalfe. Additionally, there is a vacant parcel that could support another 5,000 s/f ware - house, offering a buyer upside. The property was a clean, well kept, industrial investment opportunity that we identified as a valuable asset to grow the Kraus Development real estate portfolio. The McClellan Team rep - resented Kraus Development in a competitive offer scenario as multiple buyers were inter - ested. The McClellan Team was able to procure a successful outcome and secure the win - ning bid. Additionally, with one lease nearing expiration, McClellan and Jeter were able to secure a strong tenant replacement and are currently finalizing a lease to once again, achieve 100% occupancy. Gail Foltz with Shore United Bank completed the fi - nancing of the transaction and Tomasetti Law completed the settlement. MAREJ

All about the MAREJ

743 S. CamdenAve., Fruitland, MD

mercial Real Estate settle on Venture Business Center located at 180 Kent Dr. in Seaford, DE. This is the second industrial investment in two years for the buyer- Baltimore based Kraus Development . In April of 2019, Kraus De - velopment purchased an of - fice/warehouse flex complex on Naylor Mill Rd. Since the sale, they have made extensive renovations to the property including an upgraded park - ing lot, new roofs, and new landscaping/building facades. In just over a year, Jeter, in cooperation with the brokerage community, has fully leased the property which was pur - chased with a 97% vacancy rate. With the stabilization of their latest purchase, they were open to the opportunity of pursuing another investment opportunity if the right deal became available.

D A I L Y B L O G Additional Visibility Updated daily; our commercial real estate blog will give increased visibility to all articles & advertisers in our issues.

P R I N T & D I G I T A L The Classic & The New Keep up with the commercial real estate industry through our print and digital editions, publishing bi weekly.

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6A — May 21 - June 17, 2021 — M id A tlantic Real Estate Journal


M id A tlantic R eal E state J ournal

Network continues to expand in the Asia-Pacific market CORFAC International welcomes Philippines- based Tan, Frankum&Associates to the network


thrilled to welcome TFA in the Philippines to the network,” said CORFAC president Joe Latina of Patterson-Woods Commercial Properties/ CORFAC International in Wilmington, DE. “Having this highly skilled real estate firm join us, particularly as CORFAC continues to expand in the Asia-Pacific market, of - fers a great opportunity for all CORFAC members and their clients.” TFA was established in 2011 by Trent Frankum, CCIM , and Jenny Tan , and is licensed to operate throughout the Phil - ippines. Ten Tolentino , the

firm’s third partner, joined in 2013. The firm has grown to include 15 full-time employees with more hires coming soon. TFA offers full-service commercial real estate bro - kerage and consultancy busi - ness lines with specialization in tenant representation, landlord representation, ac- quisitions, dispositions and research. “Since the establishment of TFA in 2011, we’ve con - stantly looked to improve and broaden our service offerings, and we feel that CORFAC is an integral piece to taking the next step in

becoming a full service, com - mercial real estate solutions provider for our multina - tional clients as well as our Philippines based clients with property interests both locally and abroad. The way that CORFAC has embraced us as partners even in the early stages, is the way that we aim to serve our clients as well as CORFAC in re - turn - with the highest level of professionalism, integrity, and knowledge of the real estate services practice.” TFA combines in-depth market knowledge and a vast network of relationships to

produce value-driven results for their clients. The firm prides itself on its hands-on, boutique approach to com - mercial real estate, which ensures that only senior- level experts work to meet the clients’ requirements. About CORFAC International CORFAC International is a global network comprised of privately held entrepreneurial commercial real estate firms with expertise in office, in - dustrial and retail brokerage, tenant and landlord repre- sentation, investment sales, multifamily, self-storage, ac - quisitions and dispositions, property management and corporate services. Founded in 1989, CORFAC has 70 offices in the U.S., Canada and inter - national markets, including Australia, France, Germany, Ireland, Italy, Japan, Malay- sia, Netherlands, Philippines, Romania, Russia, Singapore, South Korea, Switzerland, Thailand and United King - dom. CORFAC offices close an average of 10,000 lease and sales transactions valued in excess of $9.0 billion annually, totaling 500 million square feet closed and 65 million s/f managed worldwide. MAREJ Hunter Rief joins Continental Realty Corporation BALTIMORE, MD — Con- tinental Realty Corpora- tion (CRC) announced that versified commercial real es - tate experience to his new role. Rief will work in the orga - nization’s Baltimore and NYC offices, supporting Finance, Acquisitions, Investor Rela - tions, and Retail Operations. His understanding of retail - ers’ site selection process, his extensive experience nego - tiating retail leases, and his longstanding relationships in the shopping center industry will be invaluable as CRC continues to purchase, lease, and manage shopping center assets in Continental Realty Fund V. MAREJ Hunter Rief Hunter Rief ha s j o i ned t h e f i r m . Formerly a director with Newmark in NYC , Ri e f brings more t h a n n i n e years of di-

ES PLAINES, IL — CORFAC announced that Tan, Frankum

& Associ - ates/COR- FAC Inter- n a t i o n a l (TFA, COR- F A C ) i n Makati City, Metro Ma- nila, Philip- pines, is the

Trent Frankum

first firm to join their growing global network in 2021. With the addition of TFA, CORFAC now has a presence in 18 coun - tries around the world. “CORFAC International is


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M id A tlantic Real Estate Journal — April 23 - May 20, 2021 — 7A


M id A tlantic R eal E state J ournal

Katz & Associates wins 4 CoStar awards for 2020

Laura Crimmins represents Boston Post Realty LLC The Blau & Berg Company arranges sale of ±5 AC of land

RONX, NY — The Blau & Berg Com- pany , a commercial real estate brokerage firm in the New Jersey and Tri-State area since 1932, recently ar - ranged the sale of 5 acres of land in Bronx, NY. Laura Crimmins of The Blau & Berg Company represented the buyer, Boston Post Realty LLC and Jason Crimmins, CCIM, SIOR , Alessandro Conte, SIOR, and Peter Mu- rano, Jr., SIOR , of The Blau & Berg Company represented the seller, 4301 Boston Post B Mediplex Property Group Expands its Portfolio HORSHAM, PA — Medi- plex Property Group (Me- diplex) announced the comple - tion of the latest addition to its portfolio of healthcare-focused real estate. Mediplex Pru - dential Road is home to an expanding concentration of both healthcare providers and life sciences companies. Serv - ing Philadelphia’s northern suburbs, the property at 508 Prudential Rd. is strategically situated near the WillowGrove Interchange of the Pennsylva - nia Tpke., as well as PA Rtes. 611 and 63. The state-of-the-art, 13,000 s/f class-A medical office is entirely leased to SEPA Pain Management. The new facility houses exam and procedure rooms, a call center, an infu - sion center and the practice’s management offices. Despite the multiple chal - lenges posed by the pandemic, the space was planned, de - molished to shell, and totally renovated to SEPA’s com - plex specifications in a mere 5 months. According to Jeffrey Goldstein , a Mediplex prin- cipal, “the swift and smooth completion of this project is due to the talent, tenacity and pro- fessionalism of an exceptional design and development team”. Mediplex Prudential Road is the latest example of Me - diplex’s longtime focus on assignment-driven projects for its physician partners. The building was designed by Linn Architects of Media, PA, and construction manage - ment services were provided by Linn Management , also of Media, PA. Financing was provided by BrynMawr Trust Corporation. MAREJ

Road LLC in this transaction. This property was purchased as a redevelopment project. “It was a pleasure work - ing with the purchasers to accomplish the acquisition of 4301 Boston Post Road,” said Laura Crimmins. “This transaction underscores the amount of demand for urban infill ‘last-mile’ investments,” adds Jason Crimmins of The Blau & Berg Company. “The value in properties, with close proximity to the demograph - ics, port and coastal markets will continue to outpace the rest of the market.” MAREJ

ENGLEWOODCLIFFS, NJ — Katz & Associates Florida office and three Katz brokers - Daniel Solomon, CCIM and MSRE , and Jon Cashion in PalmBeach County, and Brian Katz in Northern New Jersey - have been recognized as top retail real estate brokers for their work in 2020 by CoStar Group, Inc. Katz & Associates Daniel Solomon, CCIM

Jon Cashion

Brian Katz

Florida office won Top Retail Leasing Firm honors in Palm Beach County. Daniel Solomon, principal, CCIM and MSRE, and Jon Cashion, principal, won Top Retail Leasing Brokers in Palm Beach County. Brian Katz, CEO, won Top Re - tail Leasing Broker in Northern New Jersey. MAREJ

Laura Crimmins

Jason Crimmins

Alessandro Conte

Peter Murano, Jr.



MIKE COVIELLO | 201-488-4000 | mike@sorce.com ERIC BARON | 609-883-7900 | eric@sorce.com Our Properties Can Be Viewed On Costar & Loopnet

8A — April 23 - May 20, 2021 — M id A tlantic Real Estate Journal


Questions? Contact: Harry Young | Executive Director 717.614.4271

harry@panjdeccim.com www.panjdeccim.com

2021 PA/NJ/DE CCIM CHAPTER OFFICERS Jeff Kurtz, CCIM President High Associates, Ltd. Dominic Janidas, CCIM Vice President Imagine Homes Management Lisa Lord Edmonds Secretary/Treasurer SVN | The Concordis Group Stacy Martin, CCIM Immediate Past President Hankin Group Eric Gorman, CCIM Region 10 VP Avir Realty Group 2021 DIRECTORS Dan Berger, Jr., CCIM Chair, Scholarships U.S. Commercial Realty Michele Countis, CCIM Chair, Designation Jackson Cross Partners Dragan Dodik, CCIM Regional Chair, Central PA Pennian Bank Philip Earley, CCIM Chair, Nominating Lieberman Earley & Company Jonathan Epstein, CCIM Chair, Public Relations Berger-Epstein Associates, Inc. Cindy Feinberg, CCIM Regional Chair, Lehigh Valley Feinberg Real Estate Advisors Craig Fernsler, CCIM Chair, Legislative KW Commercial, Blue Bell Robert Fuller, CCIM Regional Chair, New Jersey CBRE Jeffrey Hoffman, CCIM Chair, Education JPH Realty Advisors Neil Kilian, CCIM, SIOR Regional Chair, Delaware NAI Emory Hill Dylan Langley, CCIM Chair, Membership Brandywine Realty Trust Andrew Miller, CCIM Regional Chair, Pittsburgh CBRE Kathy Sweeney-Pogwist Regional Chair, Philadelphia Metro Brandywine Realty Trust

R etail D evelopment R eimagined

M id A tlantic Real Estate Journal — Retail Development Reimagined — April 23 - May 20, 2021 — 9A


Grocery-anchored retail center near Washington, D.C. trades for $17.35M JLL Capital Markets arranges sale & acquisition loan for the Giant-anchored retail center


No. 1 grocer in the Washing - ton, D.C. area, along with a diverse mix of other tenants that include Starbucks and Advance Auto Parts. The site has a potential expansion and development opportu- nity with an undeveloped 1.3-acre pad site included in the sale. Manokeek Village Center is situated on 15.82 acres at 7025 Berry Rd. in Accokeek, a high-growth submarket ap - proximately 12 miles south of Washington, DC. It is on the “going home” side of Berry Rd. (Rte. 228) where it intersects with Indian Head Highway (Rte. 210), expos - ing the center to a combined

83,000 vehicles per day. The JLL Capital Markets team representing the seller was led by managing director Bill Moylan , senior director Jordan Lex and director Daniel Naughton . “Manokeek Village Center provides the buyer a major- ity of income from essential, credit tenants in a high- growth suburb of Washing - ton, D.C., characteristics that are in demand from both buyers and lenders,” Lex said. The JLL Capital Mar - kets Debt Placement team representing the new own - er included director Evan Parker . MAREJ ed these new businesses to Hoboken by promoting the strong long-term growth po - tential the city offers. Hobo- ken is a walking city, and each business benefits from the significant amount of foot traffic that passes its doors daily. It is also well-connected to New York City and sub - urban New Jersey towns via various modes of mass- transit and has long been a destination for out-of-town visitors who enjoy its vibrant waterfront and dynamic din - ing, boutique shopping, and nightlife scenes. Hoboken’s commercial buildings are pri - marily low-rise and mid-rise buildings that offer a lower density working experience than Manhattan with more fresh air and space for office workers to spread out. “Mayor Ravi Bhalla and the Hoboken City Council have been very supportive of the business community,” Mr. Fini added. “Through the dedicated efforts of the Hobo- ken Business Alliance and the pro-business stance of the City of Hoboken, Marid - ian Properties has been able to attract new businesses, restaurants and professional service providers from New York City and other sur - rounding communities who are eager to plant their flags in Hoboken.” MAREJ

ASHINGTON , DC — JLL Capi- tal Markets an-

nounced today that it has closed the $17.35 million sale of and secured $10.4 million in acquisition financing for Manokeek Village Center, a 74,470 s/f, grocery-anchored, small-format shopping cen - ter in the Washington, D.C. suburb of Accokeek, Mary - land. JLLmarketed the property on behalf of the seller, The JCR Companies (JCR). Am- Cap Necessity Retail Fund LLC purchased the asset. Additionally, working on behalf of the new owner, JLL arranged a 10-year, fixed- HOBOKEN, NJ — Marid- ian Properties has inked 16 new commercial leases in the last seven months, bringing a wave of new investment dol - lars and job opportunities to Hoboken. Maridian Properties also re-signed 10 existing tenants to lease renewals during the same time period. “These lease signings dem - onstrate that, although the coronavirus pandemic has affected the local economy, Hoboken remains an attrac- tive place to invest and do business,” said Mario Fini , founder and managing direc - tor of Maridian Properties. The new businesses signed at Maridian Properties owned buildings include: • Taco Bell leased a res - taurant space at 38 Hudson Place and held its grand open - ing in December. • Empyrean Indian Kitch - en, a restaurant serving au - thentic Indian food and boast - ing unique, exclusive recipes, leased a restaurant space at 20 Hudson Place and held its grand opening in January. This is a second location for owner Sunil Patel, who also owns a popular restaurant in Brooklyn. • SouzaFi t restaurant leased space at 517 Washing - ton St. and opened in October. This is the third location for

Manokeek Village Center

rate acquisition loan. Completed in 2003, Ma -

nokeek Village Center is 96 percent leased to Giant, the

Maridian Properties inks 16 new retail leases in Hoboken, NJ

Hoboken Mayor Ravi Bhalla cuts the ribbon at the grand opening of Empyrean Indian Kitchen, alongside owners Sunil and Vanita Patel.

80 River Street in Hoboken, NJ

70 Hudson St. • Anchor Therapy, a coun - seling center specializing in helping children, teens, adults, families and couples, leased of - fice space at 80 River St. • Hudson Smokes, a tobac - co shop, leased retail space at 22 Hudson Place. • Sweat + Glo, Hoboken’s first infrared sauna studio, leased space at 80 River St. • SR Prime Management, a property management com - pany with more than 200 units under management and more than 1,000 in the pipeline leased space at 80 River St. • Neymarc Visuals, a video production studio that builds strong relationships between brands and their customers through impactful visual storytelling, leased space at 12-14 Hudson Place. Fini successfully recruit-

the fitness-oriented eatery, with existing locations in Mt. Vernon, NY and Newark, NJ. • Tipico, one of the largest sportsbooks in the world, leased office space at 80 River St. in August. The firm is hir - ing for a variety of positions in anticipation of launching a New Jersey sports betting product. • Essence USA, an Internet of Things platform developer for market-leading health - care and senior care provid- ers, leased office space at 70 Hudson St. • Downtown Pain Man - agement, a medical office providing the diagnosis and treatment of different types of body pain, leased office space at 80 River St. • Regenerate SoftWave Therapy, A wellness center that offers FDA-approved SoftWave therapy to aid in

the recovery and regeneration of soft tissue injuries as well as chronic pain and inflam - mation, leased office space at 70 Hudson St. • Lantern Publishing, a book publisher, leased space at 34 Newark St. • Rockabill Consulting, a company that serves the af- fordable and supportive hous- ing development community through a variety of develop - ment and financial consulting services, leased office space at 80 River St. • Sixth Borough Salon, a full-service hair boutique, leased retail space at 133 Madison St. • Foot & Ankle Premier Specialists, a physician’s group specializing in podiatry and foot and ankle surgery with locations in Hoboken, Jersey City, Ridgefield, and Bloomfield, leased space at

10A — April 23 - May 20, 2021 — Retail Development Reimagined — M id A tlantic Real Estate Journal www.marej.com

www.marej.com M id A tlAntic Real Estate Journal — Retail De

R etail D evelopment R eimagined 507,495 s/f includes luxury apartments, restaurants & shops Summit PointeRealty breaks gound on $68 Million Mosaic 7 0 000 s/f of transactions & new agency assignments among 2020 Levin Mgmt. ushers in 2021 with a l ok back on progress R etail D evel eimagineD


HESAPEAKE, VA — Summit Pointe Realty, LLC broke ground on Mosaic, the next mixed-use multifamily com- munity in Chesapeake’s met- ropolitan center. The latest effort launches $68 million of new construction that includes 507,495 s/f of luxury apart- ments, restaurants, shops and a public parking garage. 2020, commerci l real state services firm LevinManage e Corporation (LMC) achieved ta gible progr s – a promising sign for the i dustry movi g in o a new year. Over the past 12months th No th Pl i field base organ zation secu ed nearly 700,000 s/f f n w leases and ren wals, added n w leasing and management assign- ments, solidifi d its staff with new hires/promotions, and g rnered several industry recognitio s. Summit Pointe, located on 69 acres in Chesapeake’s Central Business District along Volvo Parkway, is being developed in three distinct phases. Mo- saic, comprising two acres, is a continuation of Phase 2, which also includes Helix, the fully leased lifestyle commu- nity with 133 residences, and 555 Belaire, a five-star office building. “During 2020, not only did we complete our first residential and office buildings, we also completed Summit Pointe’s second 1,500-car parking ga- rage, which opens one week from today,” said Chris Wil- liams , senior vice president with Summit Pointe Realty, LLC. “Office tenants are open and additional office tenants are being signed. New restau- rants are under construction, with several more significant announcements coming very soon.” Highlights of LMC’s re ail leasing activ ty included an anchor lease with off-price retail r Burlington Stores at Mill Creek at Harmon Meadow (Secaucus), a 24,000 s/f lease with Aqui Marke t Twin City Shopping C nter (Bayonn ) and a 20,000 s/f l ase with Pl net Fitness at Mayfair Shoppi g C n- ter (C mmack, NY). LMC’s tr n actional a tivity also brought a host of ren wals as well as new re ailers and service providers to the region, punctuated by n arly one dozen leases with restaura t tenants – seve al of which have already launched opera- ti s. Other openings involved C N ORTH P L A I N - FIELD, NJ — Amid the chal lenges of

*Special Offer*

3-month free trial


Burlington Stores at Mill Creek at Harmon Meadow

Mosaic is a 212,728 s/f luxury apartment tower with six floors. The building will offer 270 one-, two-, and three-bedroom resi- dences with French-style and full balconies overlooking a dramatically designed interior courtyard. Eight residences are designed as two- story lofts with street-level access. The courtyard amplifies an urban lifestyle with a resort-style swimming pool, lap pool with infinity edge, cabanas, firepits, dog walk and dog-wash station. Encompassing a full city block with a focal point at the corner of Belaire Avenue and Summit Pointe Drive, Mosaic will be the second lifestyle com- munity at Summit Pointe to combine beautifully designed floor plans with a distinctive amenity package that also includes a clubhouse, fitness high-profile anchors like Lidl (North Brunswick) and Burl- ington Stores (Raritan). Non-retail leasing highlights within LMC’s diversified port - folio in luded a 135,000 s/f renewal by Hall’s Wareh use Corp. at Rutgers Industrial Center (Piscataway). “D pite the economic u - certainty a d business-related isrup ons facin our indus- try since Marc , ther ha be n progress – with certain key dynamics coming into sha pened focus,” aid LMC’s Mat hew Harding , chief ex- ecutive officer. “For example, posit ve landlord/tenant rela- ti ns have always been imp r- tant. During 2020, s tenan s w r ed o navig te a incred- ibly difficult environment, we approached everything n a very granular basis, review ing the distinctive needs and nature of each b siness. Lik - wise, we have done the sam with our landlord clien s nd their individ al properties to

center and concierge services. “We are elated to be on the team with Summit Pointe Re- alty and to have the continued opportunity to be a part of all of the exciting development happening in Chesapeake,” said Wendy Drucker , manag- ing director, Drucker + Falk . “After breaking records during the Helix Apartments lease up, we know that the current and future residents of Chesapeake are anxiously awaiting the ability to move into Mosaic at Summit Pointe!” More than 30,000 s/f of street-level retail and restau- rant spaces will create a lively environment for residents, tenants and visitors. An im- bedded 515-car public parking garage comprising 185,000 s/f will also be developed as part of Mosaic. MAREJ help them best respond to ten- ant requests and operational needs. “This customized approach has always been central for our team; h wever, this y ar has intensified the practic o a new level that we will sust in moving forward,” Harding added. “This is an ad- vantag we can provide over some of our larger, n tionally focused peers.” LMC also continued to ex - pand its leasing and manage- m nt portfolio, which today totals 110 prop rties total- ing nearly 15.5 million s/f. Th firm was appoin ed leas - ing and managi g agent for pringfield Avenue Market - place, a 112,000 s/f supermar- ket-anchored property at 204 234 S ringfield Ave. in New - ark. In Bergen County, LMC was amed managing agent for Marketpl ce at Edgewater, a 73,000 s/f shopping center located at 725 Riv r Rd. in Edgew ter. MAREJ


Mid Atlantic Real Estate Journal

BORRUS ASSOCIATES Investment Real Estate

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


Julius Borrus Broker & President Borrus Associates


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

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