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ISSUE HIGHLIGHTS Volume 34, Issue 2 Feb. 18 - March 17, 2022

Gary Cohen, senior VP/managing director secures financing Northmarq completes financing of $66.5M for three NJmultifamily properties

UDSON COUNTY, NJ — Gary Cohen , senior vice presi-

SPOTLIGHT

dent/manag- ing director o f Nor th - marq’s New Jersey office secured f i - nancing to- taling $66.5 mi l l ion for three afford- able multi-

FAMILY OWNED BUSINESSES

Gary Cohen

Westview Apartments

New Floral Gardens

New Floral Gardens II

family properties located throughout Hudson County. The properties, all of which are under PILOT agreements, contain a combined 376 units and are subject to Long Term HAP (Housing Assistance Payments) Contracts. Westvi ew Apar tments : Northmarq arranged the $32.5 million refinance of this 116- unit multifamily property located at 55-75 Bloomfield St. in Hoboken. The prop- erty consists of sixty-three 1-bedroom/1-bath units, thirty- nine 2-bedroom/1-bath units

secured the financing for the borrower, an affiliate of the Applied Housing Manage- ment Company , through its OPTIGO status as a Freddie Mac Lender . Applied Housing Manage- ment is the premier afford- able apartment manage- ment organization in Hudson County,” said Cohen. “North- marq arranged long-term financing for all three prop - erties at a rate below three percent prior to the latest run up in Treasuries.” MAREJ

and fourteen 3-bedroom/1- and-a-half-bath units. New Floral Gardens 1B: Northmarq arranged the $22 million refinance of this 145-unit multifamily prop- erty located at 26th St. & Newkirk in North Bergen. The property consists of 39 one-bedroom/one-bath units, 54 two-bedroom/one- bathroom units, forty-nine 3-bedroom/1-and-a-hal f - bathroom units and three 4-bedroom/1-and-a-hal f - bathroom units.

New Floral Gardens II: Northmarq arranged the $12 million refinance of this 115-unit multifamily prop- erty located at 2615-2635 Kennedy Blvd. in North Ber- gen. The property consists of 28 studios/one-bath units, eighty-four 1-bedroom/1-bath units and three 2-bedroom/ one-bath units. The loans were structured with a 10-year term followed by a 30-year amortization schedule and were index locked in August. Northmarq

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12A

UPCOMING CONFERENCES March 3, 2022

7th Annual NJ Industrial Development Conference March 22, 2022 Commercial Leadership Webinar April 6, 2022 PA Forecast Conference For speaking & sponsorship info., please contact: Lea at 781-740-2900 or lea@marejournal.com

Uzun of Marcus &Millichap facilitates $61M sale of the Templeton Portfolio in Virginia and North Carolina

HAMPTON ROADS, VA — Marcus & Millichap , one of the leading commercial real estate brokerage firms specializing in investment sales, financing, research and advisory services, announced the sale of the Templeton Portfolio. The three-property

apartment portfolio traded for $61 million. Altay Uzun , a first vice

president of investment sales in Mar- cus & Millic- hap’s Virgin- ia offices and leader of the firm’s Uzun Group , fa- c i l i t a t e d the transac-

Templeton Portfolio

Directory ROP (Front Section) ........................................... Section A DelMarVa..................................................................4-7A Family Owned Business........................................... 9-12A Financial Digest.......................................................... 13A Retail Development Reimagined. .......................... 14-16A New Jersey.............................................................. 1-10B Pennsylvania........................................................11-BC-B Owners, Developers & Managers....................... Section C www.marej.com

excited to see their future successes. MRKT Capital is one of the region’s top multi- family investment firms due to their track record of finding tremendous value plays in markets where they are rare.” Brian Hosey and Ben Yelm are Marcus &Millichap’s bro- kers of record in Virginia and North Carolina, respectively. With over 2,000 investment sales and financing profes - sionals located throughout the United States and Can- ada, Marcus & Millichap is a leading specialist in commer- cial real estate investment sales, financing, MAREJ

transaction, Austin is assist- ing the seller with finding appropriate exchange oppor- tunities in the retail space.” The properties of the Tem- pleton Portfolio are: Green Tree Apartments, 208 units, Chesapeake, Va. Oak Grove Apartments, 132 units, Chesapeake, Va. Emerald Lake Apartments, 132 units, Elizabeth City, N.C. “We are proud to have worked on three transac- tions with MRKT Capital in the last three years,” Uzun added. “They are a solid firm to represent, and we are

Altay Uzun

tion and secured the buyer, MRKT Capital . “The sale is an excellent example of Marcus & Millichap’s cross- product collaborative plat- form and ability to success- fully assist clients with their 1031 exchange strategies and plans,” said Uzun. “My col- league and retail specialist, Austin Smith, in our Wash- ington D.C. office, introduced the seller to us as the primary multifamily asset experts in our region. After a successful

Inside Cover A — February 18 - March 17, 2022 — M id A tlantic Real Estate Journal

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M id A tlantic Real Estate Journal — February 18 - March 17, 2022 — 1A

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2A —February 18 - March 17, 2022 — M id A tlantic Real Estate Journal

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M id A tlantic Real Estate Journal

M id A tlantic R eal E state J ournal Publisher, Conference Producer . .............Linda Christman AVP, Conference Producer ...........................Lea Christman Publisher ........................................................Joe Christman Conference Producer ............................... Jordaan Van Oort Editor/Graphic Artist ......................................Karen Vachon Contributing Columnist ...........Glenn Ebersole, JL Architects Mid Atlantic R eal E state J ournal ~ Published Monthly Periodicals postage paid at Hingham, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal 117 HMS Halsted Dr., Hingham, MA 02043 USPS #22-358 | Vol. 34, Issue 2 Subscription rates: 1 year $99.00, 2 years $148.50, 3 years $247.50 & $4.00 single issue - plus postage REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Phone: 781-740-2900 www.marej.com

Glenn Ebersole

The “Great Resignation” and The War for Talent in the AEC Industry – Post Pandemic

OVID-19 pandemic changed the funda- mentals of the econo-

my and multiple sectors of the economy, including the AEC industry. One of the greatest impacts has been on employ- ment, as witnessed by an av- erage of 4 million individuals quitting their jobs in the first quarter of 2021, according to the Bureau of Labor Statis- tics. The “Great Resignation” is a term used to label this phenomenon that arose from a wide gamut of reasons. Those departing their workplaces stated they left for better pay or remote-friendly working conditions, to start their own businesses or quit with no firm plans but were confident they could find a better job in a rebounding economy. Focus on Impact in AEC Firms AEC firms must develop effective strategies to deal with future disruptions to be successful and sustainable. An AEC firm must determine

whether to continue only in its core business and adjust or reinvent themselves to re- spond to the changing market environment. Business agility and competitive advantage are success factors that require at- tracting, hiring, and retaining top talent. The AEC industry is and has been vulnerable to em- ployment adversity. The pan- demic intensified the short- age of white-collar talent as Baby Boomers retired earlier than expected and others quit for better opportunities. The number of active and passive job seekers increased because they were dissatisfied with how their firm dealt with

continued on page 20A Positive AEC Firm Brand Research shows that com- pany culture is one of the most important things a candidate adapting to the disruptions caused by COVID-19. Lesson Learned About Firm Image or Brand Impact One of the most impactful lessons learned about retain- ing and attracting the most qualified skills and experi- enced talent for an AEC firm is to absolutely ensure the firm presents a highly visible, positive and attractive image or brand to the marketplace. Here are a fewways to achieve that desired brand. Establish a Strong

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 A t t o r ne y s a t Law

M id A tlantic Real Estate Journal —February 18 - March 17, 2022 — 3A

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The Zupancic Group facilitate sale of 30 building apartment community for $39.5 Million Marcus &Millichap arranges the largest multifamily property sale in SE Washington, DC since 2020

ALEXANDRIA, VIRGIN- IA — JLL Capital Markets has arranged $34.34 million in financing for the acquisition of The Mark, a 227-unit, mid- rise, value-add multi-housing community located in the Washington, D.C. community of Alexandria. JLL worked on behalf of the borrower, Washington Prop- erty Company , to secure a three-year, floating-rate, non-recourse, bridge loan with one-year extensions through MetLife Investment Man- agement . The Mark contains 34 un- renovated units, 90 partially renovated units and 103 fully renovated units. Unrenovated units offer granite counter- tops, white appliances, classic cabinetry and tile flooring ASHINGTON, DC — Marcus & Mil- lichap announced the sale of Stanton Glenn, a 379-unit apartment commu- nity spanning 30 buildings on 10.77 acres of land located at 3048 Stanton Rd. in Southeast Washington DC. The asset sold for $39.5 million at a cap rate of -2.91%, according to B rian Hosey , regional manager of the firm’s Washington, DC office. Based in Marcus & Millic- hap’s Washington, DC office, The Zupancic Group had the listing to market the prop- erty on behalf of the seller, Joe Kisha , president of Castle Management Corp . The buyer was Concord Commu- nities , an affordable housing owner and developer. Concord Communities is a wholly- owned subsidiary of Lowe En- terprises, a multibillion-dollar national real estate investor. Kisha has been a successful real estate developer in Wash- ington, DC for over 30 years. “I have provided affordable housing in DC throughout the last several decades. Since I purchased Stanton Glenn from its original developer, and former president of the DC Chamber of Commerce, Mar- garet Stewart , I have wit- W

affordable housing properties. “During our recent marketing of Stanton Glenn and Capitol Park Plaza & Twins – a 648- unit Low Income Housing Tax Credit (LIHTC) deal in Southwest DC – we witnessed an influx of capital chasing affordable deals throughout DC,” said Eric Jentoft-Herr , investment associate inMarcus &Millichap’s Washington D.C. office. “We expect to see a con - tinuation of this trend as the demand for affordable housing continues to outpace supply.” In 2021 alone, Amazon launched a $2 billion Hous- ing Equity Fund to create over 20,000 affordable homes; Avanath raised $750 million for its fourth United States affordable housing fund; Fairstead committed an ad- ditional $500 million to their affordable housing strategy; and JBG Smith closed its af- fordable housing fund at $255 million. * With the acquisition of Stanton Glenn, Concord Communities was able to deploy capital, expand its affordable housing portfolio and preserve hundreds of af- fordable housing units. * https://www.multihousingnews. com/fairstead-commits-500m-to-af- fordable-housing-strategy/ MAREJ

Stanton Glenn

nessed the market’s dramatic transformation firsthand. I am very excited to see how it continues to evolve as its most recent phase of redevelopment nears completion and new projects break ground,” he said. Concord Communities will contribute to the market’s transformation by investing over $18 million in Stanton Glenn for capital improve- ments. The firm’s renova- tions of the spacious property – which boasts an average of 1,015 s/f per unit – will com- mence later this year. The renovations will include new flooring, cabinets and ap - pliances, and more efficient HVAC systems, plumbing and lighting fixtures. Additionally,

the firm will refresh the prop - erty’s building exteriors, add new roofing and potentially install solar panels. At clos- ing, Stanton Glenn was only 71.5% occupied, with 108 of its 379 units vacant, giving Concord Communities the opportunity to quickly bring over 100 units of affordable housing back online. The Zupancic Group’s sale of Stanton Glennmarks the larg- est multifamily transaction in Southeast Washington, D.C.’s submarket since 2020, when the Group sold Forest Ridge - The Vistas Apartments for $58,733,350. Over the last de- cade, the Group has marketed over 150 multifamily build- ings in the submarket, with

59 of those buildings marketed within the last 18 months. “During our two decades of working in the ‘East of the River’ submarket, there has been a substantial amount of major developments in the area, such as St. Elizabeth’s East, Skyland Town Center and Barry Farms,” said Marty Zupancic , a senior vice presi- dent of investments in Marcus & Millichap’s DC office. “These developments will make the preservation of affordable hous- ing in the area even more of a priority, and our team is excited to continue to play a part.” The Stanton Glenn sale also mirrors the current trend of institutional investors raising significant funds to acquire patio and fire pit, a lobby with a coffee bar and commuter tran- sit screen, a state-of-the-art fitness center with a private fitness studio, a 24-hour dry cleaning and laundry service, a business center with flexible work-from-home stations, a club room with an expansive bar and a game room. Situated between I-495 and Duke St. at 100 S. Reynolds St., The Mark offers residents quick access to major employ- ment hubs such as downtown Alexandria, Arlington and Washington, D.C. Providing several transportation options for residents, the property is 1.4 miles from the Van Dorn Metro Station, four metro stops to Ronald Reagan Wash- ington National Airport and one metro stop from the King

JLL arranges acquisition financing for The Mark in VA

Street Old Town Metro stop, which also serves as a station for Amtrak and VRE. The com- munity is also just 6.5 miles fromVirginia Tech’s new Inno- vation Campus and four metro stops from the headquarters of a global e-commerce giant. The location is proximate to several retail options at Bailey’s Cross- roads, Alexandria Commons, Carlyle Plaza and Hoffman Town Center. Additionally, The Mark is a 0.5-mile walk to Landmark Mall Redevelop- ment, which, when completed, will consist of a 4.2 million s/f mixed-use project anchored by Inova Health System hospital. The JLLCapital Markets Debt Advisory team representing the borrower was led by senior direc- tor Jimmy Conley and director Drake Greer . MAREJ

The Mark

in kitchens and bathrooms. Fully renovated units include granite countertops, stainless steel appliances, modern cabi- netry and hardwood flooring

in kitchens and living rooms. The property’s amenities in- clude a swimming pool with an outdoor sundeck, an outdoor lounge and terrace, a grilling

4A —February 18 - March 17, 2022 — Delaware — M id A tlantic Real Estate Journal

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D elaware

Former 46 acre retail center transforms into a community-need-driven, mixed-use complex The Martin Architectural Group serves as land planner, architect for The Grove at Newark

EWARK, DE —New- ark, Delaware, has a history of combining the traditional (longbeloved Delaware icons and land- marks) with the cutting edge (new restaurants, activities and attractions). The Grove at Newark, a new mixed-use development created by Fusco Management , continues that tradition by combining high- end apartment home living with an exciting community- focused design that incorpo- rates dining, shopping and vibrant and attractive public spaces. N

luxury class A apartment homes with a generous slate of amenities. Nearly 23,000 s/f of unique new restaurant and retail space surround the spacious landscaped Plaza at The Grove with its 6,000 s/f of curated outdoor seating. An additional 300,000 s/f of retail and mixed-use commercial space are located throughout the balance of The Grove. “We’re bringing newwalking trails, nearly a thousand new trees, a beautiful community green space, 300 new luxury apartments, 60,000 s/f of new retail, bike paths, and so much

more to Newark,” said Frank Vassallo IV , president of Fusco Management . “The Grove at Newark will elevate living, dining, shopping and leisure throughout the New- ark community.” “The Grove at Newark re- ally goes out of its way to deliver what the community needs in terms of restaurant opportunities, retail and mul- tifamily living that’s not seen anywhere in the region,” said Dan McCauley o f Martin Architectural Group . “The apartments we’re adding will provide a distinct high-end lifestyle experience to the neighborhood’s mixed-use design.” The spacious, light-filled apartment homes will be lo- cated adjacent to The Plaza at The Grove. Residents will en- joy tranquil, nature-inspired interiors together with expan- sive and spectacular amenities such as a pool, fire pit, resident lounge, fitness center and billiards room. The property will be ready to welcome new residents in 2022. This exciting, appealing active lifestyle environment includes the addition of more than one and a half miles to Newark’s existing bike trail network and The Green, a new 1-acre park that includes a playground and plenty of space to provide a welcoming venue for community events, concerts or just enjoying the outdoors. “The excitement of The Grove at Newark as a new style development is really testing our ideas and our boundaries with the work/live/ play mentality. There’s some- thing for everyone here wheth- er you’re just coming to shop, coming to enjoy the grounds or you might live here. It’s a great overall community,” said Jason Granado , associate/ designer with LandDesign . “The Grove at Newark has set itself apart from other developments in the region just based on the number of amenities it provides. The idea of inclusiveness, where there’s something for every- one, is extremely apparent in the site, from the 1-acre park to all the walking trails to the town center.” In addition to creating its own sense of tight-knit com- munity, The Grove offers con- venient access to everything continued on page 5A

The Grove at Newark

Planned for completion in 2022, the Grove will offer a new destination location

unique in the Newark mar- ket. This 46-acre mixed-use community will include 306

MARTIN ARCHITECTURAL ARCHITECTS & LAND PLANNERS The Martin Architectural Group was established in 1967 with a commitment to client service and design excellence. Our diverse portfolio includes mixed-use, multi-family residential, senior living communities, retail and office designs, transit-oriented developments, and sustainable projects. We are award-winning architects and planners committed to delivering the highest quality professional services to private sector real estate development. IT’S ALL ABOUT THE PLAN TM

www.MartinAIA.com • 215.665.1080 • 240 N. 22nd Street, Philadelphia, PA

M id A tlantic Real Estate Journal — DelMarVa — December 18 - January 14, 2020 — 5A D el M ar V a

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+$7.7 million in funding awards to seven organizations as part of the recovery effort Division of Small Business announce Travel, TourismandOutdoorRecreationFunding Awards

industry in Delaware employs more than 44,000 people and is an important part of our state’s workforce and econo- my. It is critical that we do everything we can to support the industry,” said secretary of state Jeff Bullock . “The orga- nizations receiving the funds today have found creative solutions to help our state’s tourism industry recover from the pandemic and prepare for future challenges.” “A robust arts and culture industry is directly linked to Delaware’s tourism indus- try and to our state’s overall economic recovery from CO-

and perform an economic impact study. • $1.7 million to Delaware State University in collabora- tion with the University of Delaware to expand current programs, including DSU’s Hospitality & Tourism Man- agement degree, to support the rebuilding of the travel and tourism industry in Dela- ware. Funds will also be used to create familiarization tours for a targeted audience of na- tional as well as international admission officers and other officials who make recom- mendations to students and parents regarding colleges or

universities in the U.S. Tours will target those students interested in tourism-related industries, including hotel and restaurant management, fa- cilities management, museum studies, and culinary arts. • $751,262 to the Greater Wilmington Convention and Visitor’s Bureau for a multi- faceted “Welcome All” regional campaign targeting travelers along the eastern corridor from New York to Virginia. The campaign will highlight the many diverse treasures of New Castle County, the City of Wilmington, and the region’s unique neighborhoods. MAREJ

VID-19,” said Delaware Arts Alliance interim executive di- rector Lorraine Poling . “Our team has created a compre- hensive and thoughtful plan to use these funds to engage our communities and assist the tourism industry in rebuilding and remaining sustainable into the future.” The funding announced on Thursday will include: • $1 million to the Delaware Arts Alliance to produce an interactive, publicly available map of Delaware’s creative economy; create comprehen- sive recovery plans for Dela- ware’s Opportunity Zones;

ILMINGTON, DE — Governor John Carney and the

Delaware Division of Small Business announced more than $7.7 million in funding awards to seven organizations as part of the recovery effort for the travel, tourism, and outdoor recreation industries. The funds are part of the Economic Development Administration’s (EDA) $750 million American Res- cue Plan Travel, Tourism & Outdoor Recreation program, which provided $510 million in State Tourism grants and $240 million in Competitive Tour- ism grants to be awarded to advance the economic recovery and resiliency of communities where the travel, tourism, and outdoor recreation industries were hardest hit by the coro- navirus pandemic. Delaware received over $7 million of those funds and announced a request for proposals (RFPs) in November. “Delaware’s tourism industry was hit hard by the COVID-19 pandemic and continues to face challenges as it rebuilds,” said Governor Carney. “The organizations receiving fund- ing today will provide a boost to the industry by maintaining quality jobs and encouraging travelers to visit our state’s many destinations.” “The $3.2 billion tourism else the thriving and exciting city of Newark has to offer. The Grove sits just a mile from the University of Delaware campus with its 4,500 employ- ees and 25,000 students. The Grove also offers easy access to Wilmington and Philadelphia with I-95 just minutes away. “The Grove at Newark takes an urban planning approach to an existing site to turn that into a fantastic destina- tion not seen anywhere else in Newark,” McCauley said. “The retail combined with the restaurants combined with the outdoor eating and gathering areas, the passive recreation with the bike trails coming all the way through the site, along with 306 high-end class A apartment homes, makes The Grove at Newark a one- of-a-kind destination.” MAREJ continued from page 4A The Martin Architectural Group . . .

Central Delaware is just two hours from New York City, Philadelphia, Baltimore and Washington, DC. Yet, our costs of living and doing business are among the lowest on the East Coast. Your upside? Prime location, shovel ready sites and quality of life – without the prime tax burden. ROOM TO GROW

CENTRAL DELAWARE: CENTRAL TO YOUR SUCCESS

PHILADELPHIA NEW YORK

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WASHINGTON

Linda Parkowski

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302-678-3057

6A — February 18 - March 17, 2022 — M id A tlantic Real Estate Journal

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Great CRE Events Cont. Ed…Speakers…Networking www.CircDelaware.org EVENTS SCHEDULE March 9 (Wed. 11:30-1:30) Membership Lunch Meeting Location: DuPont Country Club , 1001 Rockland Rd., Wilm. 19808 Topic: HOTELS: THE FIRST STATE'S HOTEL BOOM Moderator: Jay L. White, MAI, CRE, Apex Realty Advisory Panelists: Robert Buccini | Andrew DiFonza | Dinaker Mallya | Bill Silva | Bill Sullivan Cost: $45 member; $55 non-member Register for Event: www.circdelaware.org @ Events March 9 Continuing Education 8:30 - Ethics / Mod. 2 | 1:30 Contracts / Mod. 3 Register for CE: www.circdelaware.org @ Education

— O F F I C E R S — President: Jay L. White , MAI, CRE® Apex Realty Advisory Vice President: Cindy Fleming Jones Lang LaSalle Treasurer: Barton L. Mackey, Jr. Patterson-Woods Associates Secretary: Bayard Snyder , Esq. Bayard & Associates 2021-2022 Board of Directors

FEB. 9 IN-PERSON EVENT Chestnut Run Science & Innovation Park

Mike Wojewodka , EVP and Partner of the MRA Group of Horsham, Pa. shared their master plan for the redevelopment of a 163-acre portion of DuPont's Chestnut Run Labs, which will now be known as "CRISP." The

site is located on Rt. 141, east of Pettinaro's Barley Mill redevelopment with the new Wegmans under construction. MARCH 9 PANEL DISCUSSION Hotels: The First State's Hotel Boom Robert Buccini: Thei Buccini/Pollin Group Andrew DiFonzo: TKo Hospitality Dinaker Mallya: HVS

— D I R E C T O R S — Past President & Cont. Ed. Chair:

Robert Stenta Pettinaro Management Program Chair: Lorraine Sheldon NAI Emory Hill

Membership Chair: James Manna BrightFields, Inc.

Bill Silva: Westin Wilmington Delaware Hotel & Lodging Assn.

— 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 44 Business Capital Daniel Wham DSM Commercial Real Estate Neil Kilian, SIOR, CCIM NAI Emory Hill contact us (302) 633-1705 Janet@circdelaware.org www.circdelaware.org Donald Robitzer The Commonwealth Group Benjamin Berger , Esq. Berger Harris, LLC Carmen Facciolo NAI Emory Hill Ryan Kennedy Harvey Hanna & Associates Michael Hahn

Bill Sullivan: UD Lerner College - Hos pitality/Sport Business Mgmt. and Courtyard by Marriott-Newark REGISTRATION OPEN

CONTINUING EDUCATION Classes Accredited: DE*PA*MD*NJ accredited real estate school/instructors: Frederick Academy of Real Estate REGISTER NOW FOR YOUR CE NEEDS FOR LICENSE RENEWALS: Non-CIRC Members are Welcome

• Delaware - 4/30/22 • Pennsylvania - 5/31/22

• New Jersey - 4/30/23 for CE • Maryland - 2-year cycle

Apr 13, 2022 (Wed.) 8:30 a.m. – Agency (DE) DE Mod. 7 1:30 p.m. – Legislative Updates DE Mod. 5; MD Required-MREC; PA & NJ Elective

Mar. 23, 2022 (Wed.) 8:30 a.m. – Agency (MD, NJ, PA) MD Reqd.-MREC-Agency-comm.; NJ Required; PA Elective (No DE) 1:30 p.m. – Understanding Exchanges & Opportunity Zones DE Mod.6; MD, PA & NJ Elective

Mar. 9, 2022 (Wed.) 8:30 a.m. – Ethics DE Mod. 2; MD Required; NJ Required, PA Elective 1:30 p.m. – Contracts DE Mod. 3; NJ Required; PA & MD Elective

M id A tlantic Real Estate Journal — February 18 - March 17, 2022 — 7A

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Questions? Contact: Harry Young | Executive Director 717.614.4271

harry@panjdeccim.com www.panjdeccim.com

2022 PA/NJ/DE CCIM CHAPTER OFFICERS Dominic Janidas, CCIM President Berkshire Hathaway HomeServices Heather Kreiger, CCIM Vice President High Associates, Ltd. Lisa Lord Edmonds Secretary/Treasurer SVN | Ahia Commercial Real Estate Jeff Kurtz, CCIM Immediate Past President 2022 DIRECTORS SJ Ayoub, CCIM Chair, Public Relations AUB Companies John Birkeland, CCIM Regional Chair, Central Pennsylvania ROCK Commercial Real Estate Michel Countis, CCIM Chair, Designation & Region 10 1st RVP High Associates, Ltd. Lieberman Earley & Company Jonathan Epstein, CCIM Regional Chair, Lehigh Valley Berger-Epstein Associates, Inc. Craig Fernsler, CCIM Chair, Legislative KW Commercial, Blue Bell Robert Fuller, CCIM Regional Chair, New Jersey CBRE Cushman & Wakefield – Grant Street Associates Jeffrey Hoffman, CCIM Chair, Education JPH Realty Advisors Neil Kilian, CCIM, SIOR Regional Chair, Delaware NAI Emory Hill Andrew Miller, CCIM Regional Chair, Pittsburgh CBRE Michael Rohm, CCIM Dana Grau, CCIM Chair, Membership Chair, University Outreach Commonwealth Commercial Appraisal Group Kathy Sweeney-Pogwist Regional Chair, Philadelphia Metro Brandywine Realty Trust Jackson Cross Partners Dragan Dodik, CCIM Chair, Scholarships Pennian Bank Philip Earley, CCIM Chair, Nominating

8A —February 18 - March 17, 2022 — M id A tlantic Real Estate Journal

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M id A tlantic R eal E state J ournal

Spring launched planned in the iconic Pier IV office building in Baltimore’s Inner Harbor The Cordish Companies announces major expansion of Spark Coworking – Spark Flex

ALTIMORE, MD — The Cordish Compa - nies unveiled plans for a major expansion of its Spark coworking brand – Spark Flex. based on the success of Spark Baltimore which is 100% oc- cupied, Spark Flex will launch this spring in the iconic Pier IV office building in Baltimore’s Inner Harbor. The Spark Flex expansion of Spark coworking is a continuation of Cordish’s major investment in Down- town Baltimore and their focus to support innovative work- space solutions for dynamic, growing organizations. B

suit office space options ranging from 1,500 – 20,000 s/f, hospi- tality focused amenities and on-site member services. “It is incredibly exciting for The Cordish Companies to an- nounce the expansion of Spark coworking with Spark Flex,” said Reed Cordish , principal of The Cordish Companies. “Spark Flex will provide an exciting new workspace op- tion to support the growing entrepreneurial community of Baltimore and the region.” Spark Flex’s unique location overlooking Baltimore’s Inner Harbor provides an exciting

opportunity to support the shift in how people work and live in Baltimore. Spark Flex mem- bers will be able to collaborate with and take advantage of amenities at Spark Baltimore, located in the Power Plant Live! dining, entertainment and in- novation district just one block away. “Spark Flex is challenging the corporate status quo and addressing the challenges that mature startups face while nav- igating this phase of the future of work and accommodating the unique needs of the entre- preneurial community,” said Shervonne Cherry , director of community and partnerships for Spark Coworking. “We have directly seen how the national workforce and our local Spark members have been impacted by the global pandemic. Entrepreneurs are looking for creative solutions and resource- ful partners as they redefine their workplace culture, devel- op new tools for talent recruit- ment and approach company growth strategically.” “The growth of Spark Co- working and the startups and entrepreneurs they have sup- ported since launching in 2016 has brought much needed momentum to the Downtown Baltimore’s landscape,” said Shelonda Stokes , president of Downtown Partnership of Baltimore. “We are thrilled to have the Spark Flex Expan- sion join the growing down- town ecosystem.” Spark Coworking launched its flagship location, Spark Balti - more, in the heart of downtown Baltimore, Maryland at Power Plant Live! in 2016. Spark now supports over 250 companies and 800 members in its thriving communities in Baltimore, St. Louis, and Kansas City, MO. Since opening in Maryland, Spark Baltimore has become a part of the entrepreneurial ecosystem of Baltimore and the state with a focus on economic development and providing first-class amenities and startup resources to members. Spark Baltimore recently completed its 5thmajor expansion which grew the footprint of its anchor mem- ber, Fearless, a digital services firm, from 17,000 to over 27,000 s/f across multiple floors of the Spark coworking space. This expansion of their Baltimore HQ helped support the company’s rapid team growth to over 200 team members as of December 2021. MAREJ

Spark Baltimore

Spark Flex represents a hy- brid workspace model that blends collaborative coworking with traditional corporate of- fice space. The space will focus

on companies that are further along in their maturity curve than a typical Spark member company, but will offer the same lease flexibility, build-to-

Creating flexible spaces that inspire people as they live, learn, work, heal, and explore akfgroup.com

M id A tlantic Real Estate Journal — Family Owned Businesses —February 18 - March 17, 2022 — 9A

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F amily O wned B usinesses

Now under the second and third generation of Atkins family leadership Atkins Companies’ foundation of success is built on relationships

our handshake and your word are your bond – more im- portant than any written contract.” Guided by those 14 words espoused by its founder S. Stephen Atkins, West Orange, NJ-based Atkins Compa- nies has steadily grown from humble roots as a post-World War II homebuilder into one of the northeast’s premier healthcare real estate inves- tors and operators. Now under the second and third generation of Atkins family leadership, Atkins Companies’ decades-long com- mitment to a relationship-first approach has powered its suc- cess and ongoing evolution in what has become one of the nation’s most competitive and crowded asset classes. Decades in the making, Atkins Companies’ entrance into the healthcare industry has truly been a multigen- erational family affair. Under the leadership of S. Stephen’s sons Robert, Chick and Jack, as well as his grandson Cory, Atkins Companies has suc- cessfully built upon its devel- opment roots and relation- ship-first approach to cement its role as a pioneer in the de- velopment and management of stateof-the-art medical of- fice facilities. Working closely with many of the region’s largest healthcare systems and physician groups includ- ing RWJBarnabas Health, Atlantic Health and Summit Health, Atkins Companies has helped to define the gold standard for community-focused outpa- tient medical office buildings. With visionary leadership and hands-on management of every property in its portfolio, Atkins Companies has suc- cessfully created spaces where leading healthcare providers deliver care to thousands of patients across the northeast. Emblematic of the compa- ny’s focus on creating spaces geared to the evolving needs of healthcare providers are two of its recent success stories - Washington Square Town Center and the Bridgewater Medical Office projects. Aiming to construct one of the region’s first healthcare- centric mixed-use commu- nities, Atkins Companies worked closelywithWoodmont Properties to construct the 35-acre Washington Square “Y

ing, the property also boasts a combination of residential apartments, townhomes, retail spaces, and an assisted living facility to create a truly one- of-a-kind community center in the heart of southern New Jersey. Currently leased to a diverse slate of healthcare tenants including Rothman Orthopaedic Institute, Wash- ington Square Town Center showcases how Atkins Com- panies’ creativity continually helps its healthcare partners deliver care more effectively into their local communities. Further showcasing the com-

pany’s creativity and unique understanding of today’s care delivery model is its recent project to transform a 95,000 s/f hybrid office/medical office building in Bridgewater, N.J. into a regional healthcare hub for two of the area’s largest networks. Completed in late 2020, the project exemplified Atkins Companies’ ability to not only find value in an increasingly crowded market but create spaces geared to the needs of the region’s leading healthcare providers. Through their visionary strategic planning and creative

asset management, Atkins Companies has continually met the diverse space needs of healthcare providers and has helped them make immeasur- able impacts in the lives of patients across the region. As the company looks towards the future of a rapidly chang- ing healthcare industry, their family leadership knows that one thing will never change – their singular focus on build- ing relationships with their partners through a steadfast commitment to integrity and trustworthiness in all of their work. MAREJ

Town Center in Washington Township, N.J. Anchored by a 40,000 s/f medical office build -

Over six decades of commercial real estate development, ownership, and management experience

10A —February 18 - March 17, 2022 — Family Owned Businesses — M id A tlantic Real Estate Journal

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F amily O wned B usinesses

Consistency, focus and a result-oriented approach makes an unwavering partner NAI James E. Hanson and New Jersey: Perfect Together

ew Jersey’s last seven decades have been defined by change. In this period, the state has seen the decline and subsequent rebirth of many of its great cities, the explosion of new economic sectors and dra- matic demographic shifts that have made the New Jersey of 2022 hardly recognizable from the version that existed in 1955. However, throughout this period of transformation, NAI James E. Hanson’s con- sistency, their focus on client service and results-oriented approach have made it an unwavering partner to New Jersey’s business community. NAI James E. Hanson was founded in 1955 by James E. Hanson under the name James E. Hanson & Company with a simple vision - create a real estate company commit- ted to delivering remarkable client service while perform- ing extraordinary work in the commercial real estate space. Driven by this commitment, Hanson knew that his broker- age firm could be an invalu - able partner to the wide range of businesses searching for spaces to call home in New Jersey while also serving as a catalyst for economic develop- ment across the region that he was so proud to call home. With this focus guiding the firm, James E. Hanson & Com - pany quickly emerged as the leader in New Jersey’s commer- cial real estate arena. James’ son, Peter O. Hanson, SIOR, joined the team in 1959 as the company continued to expand to meet the needs of business and real estate owners in the northern New Jersey market. In 1981, James E. Hanson & Company was one of the first companies to join the NAI Global network, a global net- work that now includes 5,100 professionals in over 300 of - fices worldwide, under the new name of NAI James E. Hanson. Now under the leadership of James’ grandson, William C. Hanson, SIOR, NAI James E. Hanson continues to ad- here to the firm’s long-held ideals while evolving to meet the needs of today’s clients in northern and central New Jer- sey. Under Bill’s leadership, NAI James E. Hanson’s bro- kers have shifted from purely managing transactions to become real estate consultants dedicated to helping clients navigate increasingly complex N

transactions and help them make informed and data- driven real estate decisions. Additionally, to better meet the needs of increasingly so- phisticated clients and trans- actions, NAI James E. Hanson has significantly bolstered its service lines with the addition of dedicated Capital Markets, Corporate Services, Govern- ment Services, and Property Management groups as well as increased capabilities in the cold storage, valuation, investment services, logistics, and financing specialties. Each of these branches has allowed NAI James E. Hanson to build upon its founder’s vision to deliver extraordinary service while positioning the company for long-term success in a con- tinually evolving market. The results of these changes are clear. Over the last ten years, NAI James E. Hanson has com- pleted over 2,700 transactions worth over $4.8 billion in value covering over 47 million s/f. Today, NAI James E. Han- son employs 78 of the real estate industry’s most re- spected and knowledgeable brokers, property managers and administrative staff, in- cluding 11 brokers with the prestigious SIOR designation. Additionally, NAI James E. Hanson’s deep experience and unmatched market knowledge have made the firm a trusted partner by leading develop- ers and investors such as Duke Realty, Centerpoint Properties, Alfred Sanzari Enterprises, Sitex Group, The Hampshire Companies and Turnbridge Equities. De- spite an impressive roster of institutional-level clients, the firm has never strayed from its mission of supporting the local business community and is proud to provide hundreds of small and medium-sized businesses with the insights and guidance they need to navigate a complex and fluid real estate market. Much has changed in New Jersey and its real estate in- dustry over the last 67 years. Despite these changes, the steady leadership and con- fident vision of the Hanson family paired with unmatched on-the-ground capabilities and local market knowledge of the firm’s brokerage team have cemented NAI James E. Han- son’s role as New Jersey’s most trusted commercial real estate firm for years to come. MAREJ

James E. Hanson

Peter Hanson

William Hanson

NAI James E. Hanson closes on sale of 28,000s/f multi-tenant industrial building inHackensack, NJ

the purchaser to help them capitalize on the highly at - tractive northern New Jersey industrial investment market. According to the recent NAI James E. Hanson 4Q 2021 Northern and Central New Jersey Industrial Report, in- dustrial sale prices in the mar- ket now stand at $202 psf, an increase of 35% from 2020. In addition to record-high sales pricing, the Central Bergen industrial submarket has one of the most competitive leasing environments in the region. Rents in the submarket are up $2.28 psf since 4Q 2020 – a 23% increase – and now stand at $12.02 psf. The market also has seen sustained low

vacancy, currently standing at 3.2%. “Whether an investor is hop- ing to redeploy capital tied up in real estate or looking for long-term value through the ownership of a stabilized as - set in a market with strong long-term fundamentals, the northern New Jersey indus- trial market’s current pricing environment continues to provide both buyers and sell- ers with significant opportuni - ties for value creation,” said Kristofich. “We were happy to leverage our deep industrial sales expertise in this competi- tive market to help both sides of this deal reach their invest- ment goals.” MAREJ

HACKENSACK, NJ — NAI James E. Hanson has negotiated the sale of a 28,000 s/f multi-tenant industrial building at 59-71 Oak St. in Hackensack. NAI James E. Hanson’s Jonathan Kristo- fich represented the seller, 59-71 Oak Street LLC, and the buyer, Oak Street Realty LLC, in the transaction. 59-71 Oak St. is ideally situated in the heart of one of New Jersey’s most desirable industrial markets located less than a mile from Rte. 4 with easy access to I-80, the New Jersey Tpke., Garden State Pkwy. and Rte. 17. NAI James E. Hanson repre- sented the seller and procured

M id A tlantic Real Estate Journal — Family Owned Businesses —February 18 - March 17, 2022 — 11A

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F amily O wned B usinesses

Your Source for Real Estate since 1955

NJ Offices: Teterboro | Parsippany | naihanson.com | Member of NAI Global with 300+ Offices Worldwide | Brokerage • Property Management • Corporate Services • Financing • Logistics • Tenant Representation • Cold Storage • Investment • Healthcare

12A —February 18 - March 17, 2022 — Family Owned Businesses — M id A tlantic Real Estate Journal

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ur values began with the end in mind; to provide exceptional Saving Lives and Protecting Property Since 1957 Oliver Fire Protection & Security: #1 Fire Protection & Security Provider in The Mid-Atlantic Region O

ity fire protection with great service, until grief struck with his untimely passing in 1969. In 1970, at just 24 years old, Bill Oliver would succeed his father as the 2nd President of Oliver Sprinkler Company. Over the next 30 years, driven by his work ethic, industry knowledge and that core prin- ciple of customer service, the young president, his broth- ers and a dependable team would take Oliver Sprinkler Company to new heights as the premiere family-owned fire protection company in the region. When Bill finally stepped

down at the end of 1999, his brother, Dick Oliver took over as president. Under his heart- felt leadership, and keen industry knowledge, a new department would emerge. The fire alarm department led by Russ Walters, would grow exponentially in the years to come, allowing Oliver to become a full fire protection service provider. In 2005, Da - vid Oliver, representing the third generation, became the 4th and current president of our company as his brother Steve Oliver would oversee several operational depart- ments. Dave’s industry fore- sight, leadership and vision helped expand the company even further than before with the opening of our New Jer- sey office, which allowed us to provide greater attention and better customer care to our Northeastern, NJ custom- ers. And with the installation of our Security division, we have been able to open up additional services to our customers including Access Controls, CCTV, IP video, Bi Directional Amplification, and Burglar Systems. The name of Oliver would then change to encompass all of its facets of life safety and security, be- coming aptly named Oliver Fire Protection&Security . Although the name has changed, Dave continues to reiterate our core principles every chance he gets, so to never lose sight of what makes Oliver stand out amongst the rest. That we are passion- ate about what we do. We stand behind our exceptional services. And we have an ex- traordinary commitment to our customers. Since 1957, we have known that “it is because of the customer, that we ex- ist”. We carry this philosophy forward as we continue to work with property managers, owners and general contrac- tor to install systems in new buildings, retro fit an existing building, and resolve any fire protection or security chal- lenges that may arise. We pro- vide ITM (Inspections Testing & Maintenance), Emergency Repairs, Monitoring and En- gineering Design services that expand beyond the Mid- Atlantic Region. And as we add remarkable people to our Oliver Team, we will continue to provide quality service and premium customer care for many years to come. MAREJ

customer service through- out the Mid-Atlantic Region. A singular core value that has been passed down since 1957 and upheld for three generations. Oliver Sprinkler Company was founded on this customer focused principle by Leland Oliver. Leland was passionate for two things in his life, fire protection and family. Over the next 12 years, he and his staff would continue to grow the company and establish roots within the community, providing qual-

Founder, Leland Oliver

2nd generation of Oliver sons

Shown from left: Dick Oliver, Russ Walters, Steve Oliver, Bill Oliver, Robert Oliver, David Oliver

The Oliver Family

Service, Maintenance & Inspections

We provide quality inspections & services Combine multiple facilities of any size to a single contractor for easy invoicing Hassle-free services scheduling Quick and easy to understand reports Friendly and courteous team 24/7 Emergency services & repairs 24hr continuous monitoring

FIRE PROTECTION & SECURITY OLIVER

Mid-Atlantic Region’s Inspection and Service Partner for Fire Protection & Security #1

Protection     in

Call our offices today to schedule (610) 277-1331 (908) 832-5111 Pennsylvania New Jersey

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