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ISSUE HIGHLIGHTS Volume 38, Issue 4 April 2026
Avanzato, Todd & Ericksen represent buyer, Ridgecut Road in transaction NAI James E. Hanson arranges $37M sale of IOS property in South Plainfield, NJ
S
OUTH PLAINFIELD, NJ — NAI James E. Hanson , one of the
among buyers looking to scale their portfolios. We’re pleased to have helped our client secure a highly sought- after asset in one of the most competitive IOS markets nationwide.” Founded in 2021, Ridgecut Road is a real estate invest- ment firm focused on owning and operating low-coverage industrial assets and devel- oping Class-A warehouse, distribution, and logistics facilities in New York and New Jersey. JESCO Equipment is a leading construction and for- estry equipment dealer serv- ing the Northeast and Mid- Atlantic regions. The com- pany is the sole authorized John Deere Construction & Forestry Equipment dealer for New Jersey, New York, Delaware, and the Hudson Valley, and carries equip- ment from brands including Wirtgen, Hamm, Kleemann, and Vogele. MAREJ and the seller were instru- mental in bringing the trans- action to a successful close. Congratulations to all parties on an excellent outcome.” Interstate Shopping Center is strategically located at the Route 17 and Franklin Turn- pike interchange within the Northern New Jersey submar- ket, approximately 28 miles northwest of Manhattan. The property is anchored by re- gional grocer ShopRite and features a variety of national retailers and service provider tenants, including TJ Maxx, Michaels, Macy’s, Burlington and DSW. “Interstate Shopping Center represented a generational opportunity for both Cross- roads Companies and Wafra to acquire a top-performing, ShopRite-anchored retail cen- ter in a highly sought-after market with significant barri - ers to entry, such as Ramsey,” said Behr. MAREJ
SPOTLIGHTS
largest New Jersey-based full-service independent commercial real estate firms, negoti - ated the $37 million sale of a 7.81-acre industrial out- door storage (IOS) site with two build- ings totaling 30,069 s/f, lo- cated at 200 St. Nicholas Ave. in South Plainfield. S e n i o r managing di- rectors Jor- dan Avan- zato, SIOR , and Christo- pher Todd,
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Jordan Avanzato
200 St. Nicholas Ave. in South Plainfield, NJ
market, especially for logistics and distribution users that rely on well-located, func- tional sites to support their operations,” said Avanzato. “The combination of location, usability, and long-term op- tionality made this a highly compelling acquisition.” Todd added, “Infill IOS sup - ply in New Jersey is excep- tionally constrained, which continues to fuel competition
SIOR , and managing director William Ericksen, SIOR, CCIM of NAI James E. Han- son’s Institutional Services Group, represented the buyer, Ridgecut Road , in the trans- action with the seller, JESCO Equipment. At closing, JES- CO Equipment entered into a short-term license agreement for the property. “IOS continues to be a criti- cal component of the industrial
Christopher Todd
Mike Mignogna
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UPCOMING CONFERENCES JUNE 10, 2026 PA HEALTHCARE MEDICAL PROPERTIES CONFERENCE JUNE 11, 2026 NJ INDUSTRIAL PROPERTIES CONFERENCE For speaking & sponsorship info., please contact: Lea at 781-740-2900 or lea@marejournal.com
William Ericksen
CBRE secures joint venture equity partnership for purchase of Interstate Shopping Center in Ramsey, NJ
RAMSEY, NJ — CBRE has arranged a joint venture equity partnership for the pur- chase of Interstate Shopping Center, a 348,763 s/f grocery and pharmacy-anchored shop- ping center in Ramsey. New Jersey-based Crossroads Companies partnered with Wafra, a global investment manager based in New York,
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Interstate Shopping Center
on the transaction. Chris Munley, Colin Behr, David Gavin, Ryan Sciullo and Casey Benson Smith of CBRE’s National Retail Partners team arranged the partnership on behalf of Crossroads Companies. “We appreciate the oppor- tunity to support Crossroads
Companies in raising the equity for the acquisition of Interstate Shopping Center,” said Munley. “Given the qual- ity and profile of the asset, the process was highly com- petitive and Wafra ultimately emerged as the preferred part- ner. The collaborative efforts among Crossroads, Wafra,
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A TRUSTED ADVISOR, TEAMMATE, AND FRIEND Evan Zweben
Wolf Commercial Real Estate (WCRE) is deeply saddened by the loss of our colleague, mentor, and dear friend, Evan Zweben. Evan was more than a member of our team—he was a trusted advisor and someone who left a lasting mark on our firm, our clients, and the broader business community. He built relationships the right way through trust, consistency, and showing up for people over time. His work and influence extended across organizations, including Virtua Health, Needleman Management, Advocare Health, Interstate Commercial Real Estate, Whitesell Construction, Kevon Office Partners, LLC, Brandywine Realty Trust, Nessel Development, Veritas, and many others throughout our region. Within WCRE, Evan helped shape the culture that defines who we are today. He mentored younger professionals, supported his teammates without hesitation, and consistently sought ways to elevate those around him. Whether it was introducing leadership resources to strengthen our team or simply making himself available when someone needed guidance, Evan led through action. “Evan was family. For over 20 years, we built a relationship rooted in trust, loyalty, and friendship,” said Jason Wolf, Managing Principal of WCRE. “He was the ultimate teammate, someone who cared deeply about people and always showed up. His impact on our firm, and on me personally will stay with me forever.” To those who knew him best, Evan was “The Zweeb” - a one-of-a-kind personality whose humor, sarcasm, and authenticity made him unforgettable. Beyond the office, Evan was deeply embedded in the South Jersey community. Through his involvement with the Katz Jewish Community Center (JCC), the Jewish Federation of Southern New Jersey, youth sports, and countless local relationships, Evan showed up the same way he did in business - with energy, authenticity, and a genuine commitment to others. Whether it was supporting community initiatives, mentoring young athletes, or simply being present, he made a meaningful impact on the people and organizations around him. Evan had a unique way of making an impact in both big and small moments. He was the person people turned to for advice, for support, or simply to figure something out. No matter how busy he was, he made time. That was who he was. Outside of everything, Evan was a devoted father and a passionate baseball fan, rarely missing a chance to be present for his son, Ryan, and daughter, Marissa, whether it was practice, a game, or simply time together. He was also a loving husband to his wife, Caryn, a relationship rooted in years of growing up together and building a life side by side. Evan was a caring son to Lee and Janet, and a proud, protective big brother to Sammy, a business owner and leader of ZZ Dance. His humor, his presence, and his ability to connect with people will not be forgotten. Evan’s legacy lives on through the relationships he built, the people he mentored, and the standard he set for how to show up as a professional and as a person. In honor of Evan’s life and the impact he made, WCRE will be establishing “The Zweeb” Scholarship Fund to support his family and continue the spirit of generosity, loyalty, and community that defined him. It’s a small way to carry forward something that was never small, how he showed up for others every single day. We will carry that forward. Evan will be deeply missed by all of us at WCRE and by so many throughout the community.
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M id A tlantic R eal E state J ournal Publisher, Conference Producer ..............Linda Christman VP, Conference Producer .............................Lea Christman Editor/Graphic Artist ......................................Karen Vachon Contributing Columnist ............ Rick Latella & Alanna Loeffler; Cushman & Wakefield; The Brett Furman Group Mid Atlantic R eal E state J ournal ~ Published Monthly Periodicals postage paid at Hingham, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal 117 HMS Halsted Dr., Hingham, MA 02043 USPS #22-358 | Vol. 38, Issue 4 Subscription rates: 1 year $99.00, 2 years $148.50, 3 years $247.50 & $4.00 single issue - plus postage
Retail Real Estate Emerges as a Top Growth Play Rick Latella Alanna Loeffler U NITED STATES retail real estate is staging a durable comeback — even outper- forming other major property types -- as investors return to a sector defined by resilient fundamentals, tight supply, and evolving consumer de- mand, a Cushman & Wake- field analysis shows. According to Cushman & Wakefield’s Rick Latella and Alanna Loeffler , retail has moved decisively from re- covery to growth, positioning itself as one of the most com- pelling investment stories in commercial real estate today. “Retail didn’t just survive disruption—it adapted faster than anyone expected,” said Latella, executive managing director, Valuation & Ad- visory. “What we’re seeing now is a reset that favors disciplined owners and long- term investors: pricing has adjusted, income durability is proving out, and capital is flowing back with conviction.”
REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Phone: 781-740-2900 www.marej.com
Correction: In our Best of 2025 (March 2026 Issue): Top Mortgage Brokers feature, Thomas Didio Sr. was inadvertently omitted. We regret the error and are pleased to recognize him among this year’s honorees.
Recent performance data supports that view. The MSCI RCA CPPI shows retail prices up 2.4% year-over-year as of November 2025—outpacing the broader index—while the NCREIF Property Index has posted four consecutive quar- ters of positive total returns, with retail outperforming other major sectors over the trailing year. Investment activity is accelerating, cap rates are stabilizing, and new supply remains at multi- decade lows. At the same time, the nature of retail itself has changed. “Retail today is no lon- ger about rows of apparel stores—it’s about relevance, experience, and community,” said Loeffler, managing di - rector, Business Strategy &
Development, Americas Re- tail Services. “Centers that integrate grocery, dining, wellness, entertainment, and medical uses are generating consistent traffic, stronger tenant performance, and more durable cash flow. That evolution is what’s driving renewed confidence from both tenants and investors.” Loeffler noted that physi - cal retail has also become a critical component of unified commerce strategies, with stores serving as brand touch- points, fulfillment hubs, and customer acquisition engines. Mixed-use formats and adap - tive reuse projects—often incorporating residential, office, hospitality, and public space—are further reinforcing retail’s long-term relevance. continued on page 12
Firmly Rooted in the Law and in the Community We are well grounded in every facet of real estate law, from acquisition to construction. We are committed to serving the needs of our clients and our communities.
Contact: NEIL A. STEIN • nstein@kaplaw.com 910 Harvest Drive, Blue Bell, PA 19422-0765 • 610-941-2469 • kaplaw.com Other Offices: • Cherry Hill, NJ 856-675-1550 • Philadelphia, PA 215-567-3120 Kaplin Stewart Attorneys at Law
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Jonathan Glick Sheldon Gross Realty
Josh Glussky Sheldon Gross Realty
Florim Kukaj, AIA E4H
Carl Mazzanti eMazzanti Technologies
Michael Mullin Integrated Business Systems, Inc. (ProtectMyIT)
Raffaella Schnurr Amalfi Capital
Jason M. Wolf Wolf Commercial Real Estate (WCRE) | CORFAC International
Inside:
Raffaella Schnurr, Managing Partner, Amalfi Capital........................................................................4
Carl Mazzanti, President, eMazzanti Technologies.............................................................................5
Florim Kukaj, AIA, Associate Principal, E4H....................................................................................6
Jason Wolf, Managing Principal & Founder, WCRE Wolf Commercial Real Estate | CORFAC International........ 7
Michael Mullin, President & CEO, IBSRE, Inc. (ProtectMyIT).........................................................8
Jonathan Glick, EVP & Josh Glussky, AVP, Sheldon Gross Realty.....................................................9
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By Raffaella Schnurr, Amalfi Capital Multifamily and industrial markets show greater balance
A
malfi Capital concen - trates on the multifam- ily and industrial sec-
assumptions are more ground- ed in reality. Industrial funda - mentals remain strong, though rent growth has normalized, while multifamily is stabiliz - ing after a period of aggressive expansion. Transaction activ - ity is still measured, but there is far greater clarity, allowing experienced operators to move forward with more confidence. Interest rates continue to be the biggest source of un- certainty, particularly for leveraged acquisitions and new development. While we are cautiously factoring in the possibility of modest rate
relief, we are not relying on it. Deals must perform in today’s environment, with conserva - tive leverage and realistic exit assumptions. At the same time, construction costs, mate- rial & labor availability, and broader economic conditions continue to influence decision- making. As a result, discipline in underwriting and flexibility in execution remain essential across both asset classes. Looking ahead, we con - tinue to focus on operational efficiency, strategic growth, and disciplined expansion. In multifamily, that means
prioritizing asset manage- ment and tenant retention, while in industrial, the em - phasis is on well-located, functional properties tied to logistics demand. We’re also seeing early but meaningful impacts from AI, particu - larly in data analysis, leasing optimization, and logistics modeling. While New Jersey remains one of our key mar- kets, Amalfi Capital contin - ues to focus on the top 10–12 major MSAs across the coun - try, targeting regions with strong population growth, job creation, and long-term
demand drivers. We continue to see opportunities with overleveraged operators and in properties that were origi - nally underwritten with ex - cessive leverage, particularly during stronger market con- ditions when assumptions around rent growth, exit pricing, and debt costs were more aggressive. As those as - sumptions have reset, many of these assets are becoming readily available at meaning- ful discounts. Amalfi Capital is well positioned to pursue these opportunities, as we have the capital strength and operational expertise to step in, stabilize performance, and execute a disciplined turnaround strategy that creates long-term value. About Amalfi Capital: Amalfi Capital is a real estate equity firm founded in 2015 that is an investor in over 5 million square feet of property throughout the United States. Amalfi focuses on expanding its portfolio by partnering with highly experienced sponsors who are experts in their respec- tive markets by investing in commercial & industrial as- sets that we believe are well positioned for above market returns over the long run. Our conservative approach combined with markets and properties that have histori- cally high occupancy, such as our concentration on multi- family, industrial distribution & flex space facilities, has been a winning formula since our inception. Raffaella Schnurr is the managing partner of Amalfi Capital. MAREJ
tors and they feel more bal- anced today than they did a year ago. In 2025, the market was still work - ing through a disconnect
between buyer expectations and seller pricing, largely driven by rapid interest rate increases. Today, that gap has narrowed, and underwriting Raffaella Schnurr
INVESTING I N EXC ITING PR OJECT S FOR THE FUTURE! Amalfi Capital is a real estate equity firm founded in 2015 that is an investor in over 5 million SF of property throughout the U.S. Amalfi focuses on expanding its portfolio by partnering with highly-experienced sponsors who are experts in their respective markets, and by investing in residential, commercial, and industrial assets that we believe are wellpositioned for tremendous returns over the long run.
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a section of the MARE Journal Phone: 781-740-2900 www.marej.com S ection P ublishers Linda Christman lchristman@marejournal.com Lea Christman lea@marejournal.com S ection E ditor Karen Vachon editor@marejournal.com
71 Sponsors Years of Experience
86 Current Investments
4 Specialist Industries
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7740 Multi- Family Units
3270 k Industrial Square Footage
520 k Square Footage
Amal fiCap italInfo@gmail.com
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P.O. Box 306, Wickatunk, NJ 07765
(732) 433-2811
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By Carl Mazzanti, eMazzanti Technologies Is your commercial real estate firm protected against wire fraud?
M
ilford Entities/Man - agement Companies — a New York City
virtualized environment], closing the gaps attackers ex- ploit before a fraudulent mes- sage ever reaches an inbox. Multi-factor authentication (MFA) is equally essential, though hardware-indepen - dent MFA platforms provide far stronger protection than SMS-based text codes alone. SIEM and SOC: 24/7 Threat Detection for CRE Organizations Additional layered defenses include Security Informa - tion and Event Management (SIEM), which aggregates log data from across a CRE
organization’s entire environ- ment and applies behavioral analytics to surface anomalies — unusual account access, unexpected data transfers, unrecognized login locations — before they escalate into a breach. A Security Opera - tions Center (SOC), staffed by certified analysts around the clock, investigates SIEM alerts and contains threats in real time. For CRE firms that cannot maintain an internal security team, a managed SOC delivered through an MSP provides enterprise- grade response capability at
a fraction of the in-house cost. Employee Awareness Training: Closing the Human Gap Technology defends at the network level, but employ - ees authorize wire transfers. Trained staff who can spot suspicious requests before act- ing on them are a critical last line of defense. Training must be ongoing and scenario-based — attackers refine their tactics continuously, and awareness programs must keep pace. CRE organizations must work closely with a qualified MSP to assess current vulnerabilities,
deploy the right technologies, and build a security posture that protects clients, transactions, and reputation. The cost of wire fraud and other prevention is a fraction of the cost of a breach — and CRE organizations that engage with an MSP today will gain a significant advantage over cybercriminals. Carl Mazzanti is president of eMazzanti Technologies in Hoboken, NJ, providing IT Consulting and Cyber- security Services for busi- nesses ranging from home offices to multinational corporations. MAREJ
organization that owns and man- ages luxury properties like Liberty View and Liberty Luxe in Battery Park City —
Carl Mazzanti
believed it was wiring a $19 million payment for PILOT (Payment in Lieu of Taxes) and other expenses to the Battery Park City Author- ity (BPCA). But according to published reports, the July 2025 transfer instead went into the account of a cyber- criminal who had imperson - ated a BPCA employee and instructed Milford to wire the funds to a new bank account. This kind of attack, com - monly known as Business Email Compromise (BEC), is one of the most prevalent threats facing Commercial Real Estate organizations, according to eMazzanti Tech - nologies’ CRE cybersecurity report. Artificial intelligence has given bad actors un- precedented capabilities to launch deepfake attacks, clone identities, and execute large-scale data breaches — but a layered defense, deployed through an experi- enced Managed Services Pro - vider (MSP), can protect your organization against wire fraud, BEC, and other crip- pling threats, which the FBI estimates drove $21 billion in losses in the U.S. alone. Why AI Has Made BEC Worse — and How Email Protection Fights Back AI-powered attack tools now clone writing styles from archived emails, mine calendars to time fraudulent messages around closing dates and payment cycles and generate highly person- alized wire fraud requests at scale. Traditional skepti - cism is no longer a reliable defense; but advanced email protection platforms counter this threat through domain spoofing detection [that flag forged emails or fake web - sites that impersonate le- gitimate brands], AI-driven behavioral analysis, and at- tachment sandboxing [where email attachments are ini- tially opened and inspected in a secure, isolated, and C M Y CM MY CY CMY K
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By Florim Kukaj, AIA, E4H The Forces Reshaping Healthcare Capital Planning
he healthcare market across the Tri-State region remains active, but the forces shaping capi- tal planning have changed. Investment continues, though with a more disci- plined mind- set than in recent years. Health systems are still invest- ing, but elevated interest rates, labor volatility, and persistent construction inflation continue to pressure project budgets. Those pressures are forcing intentional Florim Kukaj T
decisions earlier, placing greater importance on phasing, speed to market, operational impact, and return on capital. Several simultaneous forces are reshaping the healthcare real estate market. Outpatient continues to out- perform other healthcare asset classes. JLL reported medical outpatient occupancy was at 92.7 percent for Q4 2025, with rents growing 3.3 percent year over year. CBRE noted that roughly 80 percent of new medical office development is now taking place away from hospital campuses, increasingly in residential and retail corridors.
Demographics are another force. New Jersey’s population over 65 increased by 22 percent over the past decade, fueling demand for imaging, oncology, cardiology, orthopedics, infusion, and rehabilitation services. That demand is likely to shape capital priorities in the years ahead. Policy is also reinforcing the move to outpatient. In 2026, CMS increased reimburse - ment by 2.6 percent for proce - dures performed in outpatient settings and ambulatory sur- gery centers, while continuing to remove procedures from the inpatient-only list, giv- ing providers more reason
to move care into lower-cost outpatient settings. This fur - ther incentivizes providers to shift services to less costly outpatient environments. Behavioral health is among healthcare’s fastest-growing segments, with Becker’s project - ing 6.4 percent annual growth through 2034 and outpatient behavioral services outpacing many traditional care sectors. Yet it remains one of the harder healthcare uses to place, as many landlords still approach it cautiously due to perceived se- curity concerns, patient stigma, and tenant mix considerations. Hospitals must also reinvest
in aging campuses. Deferred maintenance and infrastructure renewal compete directly with strategic growth spending. Cen - tral plant upgrades, electrical re- siliency, HVAC modernization, and aging utility infrastructure are taking an ever-growing share of capital budgets. Another force receives less attention: the workforce need - ed to operate and support these facilities is under strain. Much of the industry’s expe - rienced facilities workforce is nearing retirement, particular- ly among plant operations and infrastructure staff who under - stand how healthcare campuses truly function. Those still in the workforce are having to adapt to increasingly digitized build- ing systems, while the next generation is not entering the field in equal numbers or with the same enthusiasm for the less-visible operational work required to replace them. Financial pressure is moving downstream to consultants. As budgets tighten, design and consulting fees are often compressed, forcing A/E firms to run leaner teams and re- duce investment in mentorship and professional development. Inevitably, that weakens the pipeline of professionals gain- ing healthcare experience, many of whom often transition into owner-side facilities and capital planning roles. Organizations like AIA, AMFP, and HFMSNJ are help - ing address that gap through mentorship, young profes- sional development, and cross- disciplinary education, but the industry still has work to do. Healthcare will see continued growth in 2026. What matters now is how capital is prioritized, where projects are placed, and whether the industry has the talent to support increasingly complex environments. For real estate professionals serving healthcare systems, success now depends on more than finding available space. It requires understanding service line strategy, operational fit, landlord constraints, and the broader forces shaping where healthcare goes next. Florim Kukaj, associ- ate principal at E4H, is a healthcare architect, proj- ect manager, and industry leader with over 15 years of experience leading capital projects for major health systems across New York and New Jersey. MAREJ
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ARLTON, NJ — Wolf Commer- cial Real Estate Leasing and capital markets adjust to evolving demand dynamics across the region WCRE First Quarter 2026 Report: Transition continues as CRE markets rebalance M
with negative absorption and tenant downsizing persist- ing, though select leasing activity and conversions are providing incremental relief. Retail fundamentals remain among the strongest in the region, with low vacancy and steady backfilling activity supporting stability. Northern New Jersey is showing early signs of recovery in the industrial sector, with leasing activity rebounding and absorption returning to positive territory, though avail- ability remains elevated. The office market has seen mod - est improvement, supported
by declining availability and limited new supply, while re- tail assets continue to benefit from strong fundamentals, low vacancy, and consistent tenant demand despite slower leasing velocity. New York Metro continues to demonstrate resilience, particularly in the office and retail sectors. Office leasing activity re - mains robust, led by trophy and class A assets in Manhat- tan, as the flight-to-quality trend persists. Retail funda- mentals remain strong in urban corridors, supported by tourism and limited supply,
though large-format tenants continue to face pressure. In- dustrial markets are adjusting to a supply-driven increase in availability, with tenant- friendly conditions emerging in the near term. Key Market Takeaways: Market conditions remain segmented, with industrial and retail sectors showing relative stability while office continues to recalibrate • Flight-to-quality trends per - sist across all asset classes, concentrating demand in mod- ern, well-located properties • Elevated supply in indus - trial markets is being gradually
absorbed, with fundamen- tals expected to stabilize into late 2026 • Office markets remain challenged by hybrid work dynamics, driving long-term shifts in space utilization and asset repositioning • Retail fundamentals re - main tight, supported by lim- ited new construction and steady consumer demand in core corridors Notable Transactions for Q1 2026: • Southern New Jersey: EQT Real Estate acquired For - est Park Corporate Center for continued on page 32
(WCRE) has released its Q1 2026 Re- gional Mar- ket Report, providing a comprehen- sive analysis of commercial real estate
Jason M. Wolf
conditions across Southern New Jersey, Philadelphia, Northern New Jersey, and the New York Metro markets. As 2026 begins, commercial real estate markets across the region are defined by a con- tinued rebalancing between supply and demand. While certain sectors are demonstrat- ing early signs of stabilization, others remain in transition as occupiers recalibrate space needs and investors adjust to evolving pricing dynamics. El- evated availability in select as- set classes, coupled with limited new construction and improving capital clarity, is shaping a more disciplined and opportunity- driven environment. “The first quarter of 2026 re - flects a market that is working through excess supply in some sectors while benefiting from long-term demand drivers in others,” said Jason M. Wolf , managing principal and founder of WCRE. “We are seeing a more selective, fundamentals-driven approach from both tenants and investors, with capital continu- ing to favor high-quality, well - located assets.” Regional Market Highlights: Southern New Jersey con- tinues to play a critical role in the region’s industrial and retail performance. Industrial demand remains anchored by Burlington County, where modern logistics facilities are attracting both tenants and institutional capital. Retail fundamentals remain tight, supported by strong household incomes and limited supply, while office assets continue to undergo repositioning and adaptive reuse as demand remains uneven. Philadelphia remains in a transitional phase across asset classes. The industrial sector is stabilizing follow- ing a surge in supply, with demand improving for mod- ern logistics assets despite elevated vacancy levels. The office market continues to face structural challenges,
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By Michael Mullin, IBSRE, Inc. (ProtectMyIT) Quiet Shift in Federal Cyber Rules Leaves Commercial Real Estate Firms Exposed A were current, and whether leadership took cybersecurity risks seriously.
growing number of commercial real estate firms may be unknow - ingly out of compliance with evolv - ing federal cybersecu- rity expecta- tions—de- spite having what appear to be adequate protections in place. For years, property owners and operators have treated cybersecurity as a technical issue, relying on firewalls, Michael Mullin
antivirus software, and third- party vendors to safeguard sensitive data. But a quiet shift in federal oversight—led by the Federal Trade Commis - sion (FTC)—is changing how organizations are judged when incidents occur. Cybersecurity is no longer viewed solely as an IT respon - sibility. Instead, regulators now treat it as a core business practice, placing accountabil- ity squarely on leadership. This change has significant implications for the commer- cial real estate sector, where firms routinely manage large
volumes of personal and fi - nancial data. Tenant applica - tions, rent payment systems, access control technologies, surveillance footage, and vendor platforms all contain sensitive information that must be protected. Under current FTC ex - pectations, gaps such as outdated policies, lack of multi-factor authentication, unencrypted data, or insuf- ficient employee training are not simply operational oversights—they may be con- sidered compliance failures. What makes this shift
particularly challenging is that enforcement is rarely proactive. There are no rou - tine inspections or advance warnings. Instead, scrutiny typically arises after a data breach, when attorneys rep - resenting affected tenants, employees, or vendors begin asking questions. At that point, the focus is less on the technology in place and more on the organization’s decision-making and over- sight. Investigators and legal teams want to know whether reasonable safeguards were implemented, whether policies
In many cases, organiza - tions struggle not because they failed to act, but because they cannot demonstrate that they acted responsibly. Docu - mentation—such as risk as- sessments, employee training records, and evidence of safe- guards—has become a critical factor in determining liability. The financial stakes are also rising. Cyber insurance policies, often viewed as a safety net, are increasingly tied to compliance with feder - al standards. If a firm cannot provide adequate documenta- tion after a breach, insurers may deny coverage, leaving the organization to absorb significant costs. Industry observers note that many of the most common vulnerabilities are not dra- matic failures, but everyday oversights: former employees retaining system access, ven- dors operating without proper security controls, or systems running outdated software. While these issues may seem minor, they can become cen- tral points of concern during a breach investigation. Despite the heightened ex- pectations, experts emphasize that compliance does not re- quire perfection or large-scale investment in enterprise-level security programs. Instead, regulators are looking for “reasonable safeguards”—a standard that includes under- standing where data resides, implementing basic protec- tions like multi-factor au- thentication and encryption, training employees, and main- taining up-to-date policies. Above all, organizations are expected to document their efforts. For commercial real estate leaders, the message is clear: cybersecurity is no longer just a technical issue to delegate. It is a governance and risk man- agement responsibility that requires active involvement from executives and financial decision-makers. As federal expectations con- tinue to evolve, firms that fail to adapt may find themselves exposed—not only to cyber threats, but to legal and finan - cial consequences that extend far beyond the initial breach. Mike Mullin is the presi- dent & CEO of IBSRE, Inc. (ProtectMyIT). MAREJ
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M id A tlantic Real Estate Journal — Spring Preview — April 2026 — 9
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S pring P review
ooking further ahead into 2026, we at Sheldon Gross Realty are keep- By Jonathan Glick and Josh Glussky Sheldon Gross Realty forecasts steady industrial performance, measured office recovery in 2026 L pushing companies to reassess and “right-size” their space, which is helping keep demand
In areas close to New York City, major East Coast ports, and key trucking routes, prices are likely to keep rising. Else - where, pricing should stay in line with what we’ve seen over the past year. Sales activity for IOS has stayed active, with buyers still willing to pay a premium. There’s particularly strong demand for one- to four-acre properties with repair shops, but those are difficult to find. Industrial-zoned land contin - ues to draw interest, whether or not approvals are already in place. As always, value comes
down to location and what the property can be used for. De - velopment will continue, but at a more typical pace, and we don’t expect to see the same elevated pricing levels of the past few years. Office With decades of experience in the business, we know how difficult it is to predict where the office market is headed. Still, we’re taking a generally positive view of 2026. There’s a growing push to bring employ - ees back to the office after years of remote and hybrid work. At the same time, demand re-
mains solid for well-located of - fice buildings, especially among business owners looking to buy space for their own use. While change is constant, and while A.I. adds another variable, well-positioned, stable proper - ties should continue to perform. At Sheldon Gross Realty, we believe 2026 will present real opportunities, and we look forward to helping both current and new clients take advantage of them. Jonathan Glick is execu- tive VP, and Josh Glussky is assistant VP at Sheldon Gross Realty. MAREJ
ing a close eye on the mar- ket, doing our homework, and staying cautiously op- timistic. With a few excep - tions, we ex - pect the year
in place. One exception is new construc - tion in prime locations, where lim - ited supply should con- tinue to sup- port higher
Jonathan Glick
Josh Glussky
to look a lot like 2025, with a steady demand for warehouse space and Industrial Outside Storage (IOS). Industrial Given current conditions in the capital markets, buyers are being more selective, focusing on location, tenant quality, and lease terms. As a result, lease rates and sale prices should remain fairly steady in the near term. Supply remains tight, and there’s a clear gap between what sellers are asking and what buyers are willing to pay. Demand is especially strong for 5,000- to 30,000 s/f proper- ties, but inventory is limited, and there’s less sublease space available than there had been. With fewer aggressive buy - ers, we expect pricing for exist - ing warehouse properties to lev - el off. At the same time, tariffs and ongoing supply chain is- sues tied to global tensions are Sheldon Gross Realty secures two lease renewals in Monmouth Junction 3759 Rte. 1 MONMOUTH JUNCTION, NJ — Sheldon Gross Realty announced two lease renewals at a Monmouth Junction, NJ office building. Moofwd Inc., a five-year ten - ant, has renewed its 3,368 s/f lease, while Inrika, Inc., a three- year tenant, has extended its 3,287 s/f space. Sheldon Gross Realty presi - dent Marcy Gross , executive VP Jonathan Glick , and as- sistant VP Joshua Glussky represented the property owner in both transactions. Located at 3759 Rte. 1, the property features a mini- campus setting. MAREJ
lease rates. Industrial Outside Storage (IOS) Land Demand for outdoor indus- trial storage remains strong.
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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
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.
10 — April 2026 — Financial — M id A tlantic Real Estate Journal
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F inancial
NGLEWOOD, NJ — Edwin Urrego , ex- ecutive loan officer at Developer cashes out and refinances at prestigious Suwanee Preserve Kennedy Funding closes $2.1M land loan on 18-lot subdivision in Forsyth County, Georgia E
hesitate when it comes to land or partially completed devel- opments,” said Wolfer. “But when the fundamentals are strong — location, completed infrastructure, and clear devel- opment plans — we can move quickly to provide the capital borrowers need.” The deal also showcased the coordination required across Kennedy Funding’s internal teams to bring complex land transactions to closing. “This was truly a team effort, and I’m grateful to have worked alongside such a committed and professional group,” said Vin Saini of CRE Operations – Credit Operation and Pro- cessing. About Kennedy Funding Kennedy Funding is a global direct private lender special- izing in bridge loans for com- mercial property and land acquisition, development, workouts, bankruptcies, and foreclosures. MAREJ
growing residential corridors outside Atlanta. By focusing on the real estate itself, we were able to structure a loan that allowed the borrower to access equity and continue moving the project forward.” The Suwanee Preserve devel- opment spans 18.8 acres and includes residential lots rang- ing from about 0.5 to 0.63 acres, with utilities, road access, and development infrastructure already installed. The project is located just east of Buford Highway in southeastern For- syth County, an area experi- encing continued population and housing demand driven by growth in the greater Atlanta metropolitan region. Kennedy Funding president and CEO Kevin Wolfer said the transaction highlights the firm’s ability to provide flexible financing for land and develop - ment projects that may fall out- side traditional lending models. “Traditional lenders often
Kennedy Funding , is no stranger to land loans. Investors and developers across the country regu- larly turn to the New Jer-
Edwin Urrego
sey private lender for funding on land transactions for all kinds of purposes, including acquisitions, workouts, and cash-out financing. This was the case in Forsyth County, Georgia, where a bor- rower seeking to unlock capital tied up in their property turned to Kennedy Funding for a $2.1 million cash-out refinance loan secured by land within the Suwanee Preserve subdivision. The collateral consists of 18 subdivided residential lots lo- cated at 3550 Alexander Circle PARSIPPANY, NJ — A joint venture partnership be- tween Rubenstein Partners, L.P. (including its affiliates, “Rubenstein”) and V ision Real Estate Partners , (“Vision”) a fully-integrated commercial real estate investment firm, secured an $80 million refi- nancing of LATITUDE, a 35- acre, two-building trophy office campus in Parsippany, NJ. The new loan, provided by Oak Funding and Oak North Bank , retired the existing debt on LATITUDE and provides new capital to support the joint venture’s continuing business strategy for the class A property. The financing includes an initial upfront funding of $55 million and an additional $25 million in future advances. Cushman & Wakefield’s Capital Markets team of Chuck Kohaut, Brad Do- menico, David Bernhaut, Alexander Hernandez, Frank Stanislaski, Bill Baunach, and Jack Subers arranged the transaction. The property has enjoyed robust leasing activity over the last two years including four new leases for 90,835 s/f and three renewals for 99,963 s/f. In 2022, Rubenstein and Vision sold a 155,000 s/f condo interest at LATITUDE to Avis
Suwanee Preserve subdivision rendering
in Cumming, part of a larger residential community known as Suwanee Preserve. The subdivision infrastructure has already been completed, with utilities and roads in place, positioning the project for con- tinued residential construction. The borrower originally pur- chased the property in May 2024 for $2,770,000 and sought
a cash-out refinance loan to unlock capital tied up in the development. “This was an ideal situa- tion where the borrower had already completed the heavy lifting,” said Urrego, who origi- nated the loan. “The lots were fully subdivided, infrastructure was in place, and the prop- erty sits in one of the fastest-
Rubenstein Partners and Vision secure $80M refinance for LATITUDE office campus in NJ
IPA completes sale and financing of newly built 216-unit Ascend by the Sea
Ascend by the Sea
MILLVILLE, DE — Insti - tutional Property Advisors (IPA) announced the sale and financing of Ascend by the Sea, a 216-unit multifamily asset in Millville, DE. “Located in Sussex County, the fastest-growing county in Delaware and part of the Del- marva Peninsula coastal cor- ridor, Ascend by the Sea has virtually no competition from other institutional-quality multifamily rental communi- ties,” said Bob Dean , IPA senior managing director. “Within a two-mile radius, the population has increased by nearly 14% since 2020 and over 1,100 new for-sale homes have been delivered or planned in the immediate area, yet Ascend by the Sea remains the only professionally man- aged, amenitized rental com- munity of its caliber.” Dean and Jonathan Greenberg of IPA, along with Andrew Townsend of Marcus & Millichap , in association with
Timothy Stephenson Jr. , Marcus & Millichap’s broker of record in Delaware, repre- sented the seller and procured the buyer. Brian Eisendrath, Cameron Chalfant, Jake Vitta, and Patrick Barker of IPA Capital Markets ar- ranged acquisition financing. “Multifamily stock in the vicinity is projected to grow by just .04% annually over the next three years, with most deliveries concentrated in small, non-institutional developments, further insu- lating Ascend by the Sea from competition,” said Greenberg. The property is four miles from the Town of Bethany Beach, within a short drive of Rehoboth Beach and Ocean City. Employers nearby include TidalHealth, Beebe Health- care, and Perdue Farms. Shop- ping is close by at Millville Town Center and Marketplace at Sea Colony. The Salted Vines Vineyard & Winery is a mile from the property. MAREJ
LATITUDE
which currently serves as the company’s US headquarters. Major tenants leasing space at the property include Gilead, FM Global, Mead Johnson, Essential Homes, and Sax Wealth Advisors. “The successful refinanc- ing of LATITUDE reflects both the strength of the asset and the continued demand for high-quality, amenitized office environments in well- located suburban markets,” said Jack Sula at Rubenstein Partners. “This financing allows us to pay off the pre- vious loan while positioning LATITUDE for its next phase of growth as we continue to execute our long-term plan for the campus and deliver an exceptional workplace experi- ence for our tenants.” “The continued support from the capital markets
underscores LATITUDE’s position as a premier prop- erty in the Northern NJ office market,” said Sam Mor - reale , founder and managing partner, Vision. “The contin- ued support from the capital markets underscores LATI- TUDE’s position as a premier property in the Northern NJ office market. We are pleased that this refinancing validates the quality of the asset and the strength of our long-term partnership and strategy. Together with Rubenstein, we remain committed to deliver- ing a best-in-class campus experience that attracts and retains top-tier tenants. This new financing positions us to build on that momentum and further enhance the tenant experience as we execute the next chapter of our business plan.” MAREJ
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