March 2023

ISSUE HIGHLIGHTS Volume 35, Issue 3 March 2023

Kenilworth campus features nearly two million square feet Onyx Equities & Machine Investment Group acquires 108-acre campus in NJ

ENILWORTH, NJ — A Joint Venture between Onyx Equities, LLC and Machine Investment Group, LLC (“the Venture”) has acquired Merck Sharp & Dohme LLC (“Merck”) for- mer world HQ, which features nearly two million s/f of biolog- ics, research, and development buildings on its 108-acre cam- pus in Kenilworth. This closing represents one of the largest New Jersey office and life sci - ences transactions in history. The Venture will market the site’s state-of-the-art labora- tories and support facilities to biotechnology, pharmaceutical, and technology companies that value a highly educated life sci- ences labor pool and proximity to regional infrastructure and thoroughfares. Merck will lease back the entirety of the historic K LOGAN TOWNSHIP, NJ — Greek Development an- nounced that it has closed on a $50 million permanent financing with an unnamed life insurance company for Logan North Industrial Park -— a class A, 3.2 million-square-foot project in Logan Township, NJ. The loan, which replaces existing construction financing by Wells Fargo, allowed Greek to apply long-term debt for the park’s Building A, Building F and Trailer Lot G.

as a national leader in the life sciences sector.” “This collaboration is an incredible opportunity to help reimagine the hub of life sci- ences while also continuing Merck’s strong history and legacy of serving patients and communities,” said Shefali Shah , global real estate lead, Merck. “We believe Onyx Equi- ties, LLC will foster long-term value, economic growth and sustainability within the com- munity. We look forward to col- laborating with Onyx Equities, LLC and their team members on a smooth transition.” Merck was represented in the transaction by Dan Lough- lin, Jose Cruz , and Kevin O’Hearn of New Jersey’s JLL office. Onyx’s development team handled the transaction internally. MAREJ gan North with two buildings, a 274,524 s/f single-side load building featuring 40-foot clear ceiling heights, 42 dock-high doors, 188 parking spaces, and 58 trailer parking spaces, as well as a 475,488 s/f cross dock design featuring 40-foot clear ceiling heights, 106 dock-high doors, 2 drive-in doors, 244 parking spaces, and 79 trailer parking spaces. The last phase of the development provides a built-to-suit opportunity of 200,915 s/f. The refinancing loan was sourced by senior managing directors Michael Klein, Jim Cadranell, Gregory Nal- bandian and associate Ryan Carroll of JLL . “Despite the ongoing turbu- lence in the capital markets, life insurance companies con- tinue to serve as the best source of long-term funding to best in class warehouse/distribution facilities in last mile locations,” said Klein. “The lender quickly recognized the quality product that Greek develops and pro- vided a very attractive rate and forward funding component that best met the borrower’s needs.” MAREJ

SPOTLIGHTS

Section D

FINANCIAL DIGEST

Merck former world headquarters

3-7A

a high-tech life sciences hub, consistent with our vision for New Jersey’s economic future,” said New Jersey Governor Phil Murphy . “I congratulate both Merck and Onyx and ea- gerly await the advancements they will make in our state, which will solidify our status

site, vacating in phases over the next several years. “New Jersey receives two forms of good news today as one of the pillars of our business community chooses to commit its long-term future to New Jersey and one of our leading developers prepares to build

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Greek Development secures $50 Million loan for Logan North Industrial Park in Logan Twp., NJ

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Logan North Industrial Park

“With increasingly high de- mand for industrial space in New Jersey, the caliber of sponsorship enables us to continue developing modern campuses like Logan North that provide tenants with best- in-class assets and set entire regions on track for long-term growth,” said David Greek , managing partner of Greek Development. “Despite recent volatility, lenders recognize the incredible value that these industrial properties offer and the role they play in keep- ing pace with the continued growth of e-commerce.” Building A, which is fully leased to Shearer Holdings — a specialized logistics com- pany and partner of SEKO

Logistics — totals 164,317 s/f and features 36-foot clear heights, 46 dock-high doors, 2 drive-in doors and 199 car parking spaces. Building F and Lot G together span 326,937 s/f over 11.36 acres, and are fully leased to last- mile delivery company La- serShip. Building F features 40-foot clear heights; 72 dock- high doors; 2 drive-in doors; 237 car parking spaces and 109 trailer parking spaces; with an additional 264 trailer parking spaces available at Lot G. In addition to the ten- ants above, Logan North has welcomed Target and Lineage Logistics to the park. Construction is currently underway on Phase III of Lo-

Directory ROP (Front Section)........................................... Section A Retail Development Reimagined.............................9-10A Financial Digest.....................................................11-13A The Professor’s Comedy Corner..................................14A CRE Organization’s Events Calendar............................16A New Jersey................................................................ 1-8B Pennsylvania..........................................................9-BC-B Owners, Developers & Managers.......................Section C www.marej.com

Inside Cover A — March 2023 — M id A tlantic Real Estate Journal

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2A —March 2023 — M id A tlantic Real Estate Journal

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M id A tlantic Real Estate Journal

M id A tlantic R eal E state J ournal Publisher, Conference Producer ..............Linda Christman AVP, Conference Producer ...........................Lea Christman Conference Producer .........................................Matt Wolpe Editor/Graphic Artist ......................................Karen Vachon Contributing Columnists .......................... Jeffrey Clayman, CPA, JD, LLM, Withum; Justin Draplin, Eclipse Cottages; Jack Fersko, Greenbaum, Rowe, Smith & Davis LLP; Dwight Kay, Kay Properties; Professor Ron Shaw

or investors who want to make profits on real estate, tiny homes in Opportunity Zones (OZs) offer a rare chance to make money while doing good. OZs are a government program intro - duced in 2018 that encourages capital investment in low-in - come areas. Companies and individuals who invest in OZs receive special tax benefits. Meanwhile, tiny homes are gaining in popularity. As the Motley Fool writes, “The global tiny home market is expected to grow by about 4% in 2022, with most of that concentrated in the U.S. The market is expected to hit $4.7 billion in global revenue by 2026.” Add tiny homes to OZs, with a dash of solar power, and you get success. A great investment Perhaps the most important reason to invest in tiny homes in OZs is that you can generate both usable solar tax credits and depreciation as well as Why Opportunity Zones and Tiny Homes are a Perfect Fit Justin Draplin F

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. 35, Issue 3

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a tax-free capital gain when you sell the property. In ad - dition, investing unrealized capital gains in opportunity zones comes with additional tax benefits. According to the Tax Policy Center , these include the tem - porary deferral of taxes on pre - viously earned capital gains until the asset is sold or until the end of 2026. And, if you don’t sell that asset for at least 10 years, you won’t have to pay taxes on any capital gains earned from your investment in opportunity funds, which is the vehicle that allows you to invest in OZs. But perhaps the greatest benefit is that this

can be done as many times as you want. Tiny homes in particular are a great way to capitalize on OZs because they are less expensive to construct and maintain than traditional housing. According to Forbes , “A basic cabin kit can cost as low as $6,000 to $8,000... But HomeAdvisor estimates the average tiny home cost is about $45,000.” Tiny homes can be built in only a few days. Finally, tiny homes may be turned into rental units for long-term tenants or hired out as vacation homes. Own - ers may also choose to live continued on page 14A

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F inancial D igest F eaturing 1031 E xchange

M id A tlantic Real Estate Journal —March 2023 — 3A

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Fields Grade and Park Stone Management refinance Jersey City rental DeLillo & Schulder of BlueGate Partners arrange $37 Million financing provided by Lakeland Bank J

and create a connection to the surrounding neighborhood. “Journal Square continues to gain momentum as a renewed living, business, cultural and shopping hub, all supported by a comprehensive transporta- tion network,” said Jonathan Feifer , founder and principal of Park Stone Management. “We’re delighted that Le Léo has been well received in this competitive market and look forward to completing the lease-up in short order and stabilizing the asset.” Situated just off John F. Ken - nedy Blvd. Le Léo is less than a ten-minute walk to the Journal Square Transportation Center anchored by PATH service to lower and midtown Manhat - tan, Jersey City, Hoboken and Newark. NJ Transit and private buses also serve the neighborhood daily, providing convenient access to major employment and recreation centers on both sides of the Hudson River. MAREJ

ERSEY CITY, NJ — De- velopment partners Park Stone Management and Fields Grade Development Company have received a $37 million-dollar permanent loan to refinance Le Léo, a 99-unit luxury rental building in Jersey City’s Journal Square. Mark DeLillo and Marc Schulder of BlueGate Part- ners represented the owners in arranging the financing which was provided by Lake- land Bank and authorized by Ryan Greer. Located at 244 St Paul’s Ave’, just minutes from the Journal Square PATH Station with direct service to Manhat - tan, the six-story building came to market late last year. In addition to studio, one- and two-bedroom apartments, the building features a suite of amenities and social spaces including a lobby lounge, state- of-the-art fitness center and yoga studio, resident lounge, and co-working space. An

Le Léo

outdoor dog run, resident stor - age, bike storage, and enclosed garage parking. Designed by MHS Archi- tecture , Le Léo also includes

street-level retail space occu - pied by Choc-O-Pain French Bakery which is integrated into the lobby lounge to en - hance the resident experience

outdoor rooftop terrace fea - tures private dining areas and BBQs, sun loungers, a misting station, and firepits with seat - ing. Conveniences include an

Wood, Wells, Abboud, and Lowry arranges $16.214 Million loan for 82-unit apartment building Northmarq’s Richmond office secures $38.14M in construction financing

RICHMOND, VA — North- marq’s debt and equity team of Keith Wells, Hunter Wood, Reina Abboud, and Mike Lowry secured a $38,137,000 construction loan for the devel - opment of Lake Forest at Swift Creek located at 5950 Harbour Lane in Midlothian, VA. The 176-unit senior housing is be - ing developed by The Holladay Corporation. Financing was sourced through Sandy Spring Bank, and the development is estimated to be completed in 2024. The luxury apartment com - munity will consist of one, three to four-story building, situated on 11.7 acres and 18 miles from downtown Rich - mond. Lake Forest at Swift Creek is designed for active adults ages 55 and older who will enjoy a short walk to Swift Creek Reservoir. Located just off Interstate 360, the property boasts an excellent location with various grocery stores

Lake Forest at Swift Creek in Midlothian, VA

10520 Stony Bluff Drive in Ashland, VA

restaurants, and retailers within a five-minute drive. Northmarq’s Hunter Wood, Keith Wells, Reina Abboud, and Mike Lowry arranged a $16.214 million loan for an 82- unit luxury apartment building located at 10520 Stony Bluff Drive in Ashland, VA. North - marq arranged financing for

the borrower through its rela - tionship with a regional bank. The three, four-story build - ings are slated for completion in 2023 and offers spacious one- and two-bedroom floor - plans. Newly designed, Stony Run provides low maintenance living with top-of-the-line fa - cilities, such as a resort-style

pool, clubhouse, dog park, and fitness center. Residents will enjoy an incredible loca - tion as well, just two minutes from I-95. Apartment amenities in - clude: Brand new stainless steel appliances, balconies or patios, granite countertops, 9-foot ceilings, washer and dry -

er, peerless faucets, ceramic tile, and double sinks. Commu - nity amenities include: Cardio and free weights room, mailbox station, sitting room, worksta - tions, public restrooms, nature areas, walking trails, a dog park, pergolas, swimming pool with sun shelves, hot tub, fire pit, and a cabana. MAREJ

4A — March 2023 — 1031 Exchange — Financial Digest — M id A tlantic Real Estate Journal

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1031 E xchange

By Dwight Kay, Kay Properties Four ways to use DSTs for your 1031 Exchange

for a loan or even fill out loan documents, DSTs can create a reliable tool for you to access high-quality real estate invest - ments without having to jump through the hoops of getting approved for a loan. 2. Cover strategy. Another popular use of DST investments comes in the form of providing a cover strategy for left over equity. Let’s say you sell one property and can - not find a suitable replacement property that uses the full ex - change proceeds, and you now have leftover equity you need to place. One of the benefits DSTs can provide you in this situation is the ability to enter one without investing a lot of money. Because DSTs require a low minimum investment amount (typically $100k), they can be a good way for you to use any extra 1031 Exchange pro - ceeds to avoid having a “boot” to pay taxes on. Placing the leftover exchange proceeds into a DST property can potentially allow you to achieve full tax de - ferral for your 1031 exchange. Consult your own tax or legal advisor for tax and legal advice. An Example of How DSTs Can Provide Cover for a 1031 Exchange Here’s an example of how continued on page 14A

ey Highlights: ● DSTs can help inves - tors successfully com -

Exchange Investors in these four ways: 1. Debt Replacement 2. Cover Strategy 3. Diversification and Passive Investing 4. Back-Up Option If you are considering a 1031 Exchange, here are four ways you can use DSTs as a strategic tool for today’s challenging real estate market: 1. Debt Replacement. One of the most popular uses of DSTs for a 1031 Exchange involves not having to secure financing. For example, if you are in the midst of a 1031 Exchange in today’s unstable debt market, you may be hav - ing a difficult time finding a mortgage to satisfy your 1031 exchange requirements. DSTs, however, are designed to make it easy to invest in without hav- ing to deal with qualifying for and taking on a mortgage on own’s own. That’s why many investors find DSTs also make a suitable primary investment option for 1031 Exchanges. Kay Properties has a variety of leveraged DSTs that are pre- structured with non-recourse debt already built-in typically ranging from 30% to 70% of - fering loan to value (LTV). Because DSTs typically do not require you to have to qualify

plete a 1031 exchange ● DSTs can potentially provide in - vestors great - er diversifica - tion ● DSTs can help inves - tors replace

Dwight Kay

debt for their 1031 exchange ● DSTs can provide investors a back-up option for a 1031 exchange Regardless of what eco - nomic trends are taking place, Delaware Statutory Trusts provide investors a number timeless benefits for their 1031 Exchanges including deferring capital gains taxes, eliminating the headaches of active management (think the Three T’s: tenants, toilets, and trash), the ability to create a more diversified* portfolio, and provide investors the potential for consistent and durable income streams ** . Here are four specific ways real estate investors are utilizing DSTs for their 1031 exchanges. Delaware Statutory Trusts can be used by 1031

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6A —March 2023 — Financial Digest — M id A tlantic Real Estate Journal

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F inancial D igest

Columbia Bank provides $14.95M construction loan Progress Capital secures financing for The Kontos Group

BWE closes over $93 Million in permanent & bridge financing

• Silver Spring, MD Medi - cal Office, a $16,400,000 permanent loan to finance a medical office building. • Gaithersburg, MD Medi - cal Office, a $6,600,000 per - manent loan to finance an office with a medical/urgent care center. • Gaithersburg, MD Office, a $4,900,000 permanent loan to finance an office building. • Gaithersburg, MD Office, a $3,800,000 permanent loan to finance an office building. • Silver Spring, Office, a $5,500,000 permanent loan to finance a mixed office/ medical building. • Germantown, MD Life Sciences Center, a $26,138,000 bridge-to-per - manent loan to finance the conversion of an existing office building into a class A life science building. “BWE’s guidance and pro - fessionalism enabled Guard - ian to achieve our targeted results,” said Tony LaBar- bera, president & CEO of Guardian Realty Investors, LLC. “Our joint efforts pro - vided visibility and clarity in the uncertain fog of in - creasing interest rates and the tightening of the Fed. BWE’s “roll-up-your-sleeves efforts” to understand the real estate and markets was instrumental to coordinat - ing and closing the multiple options available. We would also like to thank our lending partners at Five-Star Bank, MainStreet Bank, and Sum - mit Community Bank for their excellent work on these transactions.” MAREJ Bob Cohen said, “The Glen - side area is ripe for redevelop - ment. The office building is older, and the owners are look - ing to change the use. Owner - ship is anticipating approvals to raze the office building and build a 60 unit apartment building. The location is great as Glenside is supported by a strong school district, abuts northwest Philadelphia and is easily accessible to center city.” The multi-tenant, two sto - ry, class c office building is 48,000+/-sf and sits on approx - imately 1 acre. It has parking for 75 vehicles and is located directly at the Glenside Train Station. MAREJ

WASHINGTON, DC — Bellwether Enterprise Real Estate Capital LLC (BWE) , a national commer - cial and multifamily mort - gage banking company, an - nounced the closing of eight individual loans totaling $93,073,000 for eight office, medical office and life science buildings in the Washington, DC, metropolitan area. Steve Shaw , executive vice president, Alec Jen- kins , vice president, Chaz Wattles , transaction man- ager and Bill Wrench , se- nior transaction manager, all from BWE’s Washing - ton, DC, office, arranged the loans from a variety of lenders on behalf of the bor - rower, Guardian Realty Investors, LLC . “We partnered closely with Guardian Realty’s pro - fessionals to identify the best loan terms for each transaction. In this post- COVID difficult financing environment, the strength of sponsorship continues to be important,” said Shaw. “We look forward to continu - ing to work with long-time as well as new clients to secure financing for projects across the Mid-Atlantic.” The eight refinance trans - actions, which closed in late 2022, are: • Fairfax, VA Medical Of - fice, a $15,500,000 perma - nent loan to finance a medi - cal office building. • Rockville, MD Medical Office, a $14,235,000 perma - nent loan to finance a medi - cal office building. GLENSIDE, PA — Rich- ard Natow , president of PRESTIGE GROUP, INC. announced that Prestige Group Capital Market/Con - sulting Division was respon - sible for arranging a $2.6 million loan to refinance an office building located at 115 E Glenside Ave., Glenside. PRESTIGE GROUP’s Capi - tal Marketing/Consulting Division, under the leader - ship of Bob Cohen , EVP, was contracted by the owner, a local developer to assist them in securing a loan to refinance their existing mort - gage. Through the relation - ships that Bob Cohen has developed, we were able to help secure the owners a loan

ress Capi- tal secured a $14.95 mil - lion construc - tion loan for The Kontos Group (own- er/developer) of Hunter Lofts, a re - development project lead by Kontos Construc- tion Ltd. (general con - tractor), fea- turing a 57- unit building to be built at 140 W. Web - ster Ave., Roselle Park. R

OSELLE PARK, NJ — Kathy Anderson and Caillin Boles of Prog-

Hunter Lofts

remaining six units will be affordable, with half being marketed with a preference to US military veterans. The premises take up more than an acre near Roselle Park High School and the Locust Street entrance to the Roselle Park Train Station. Roselle Park offers residents an urban-suburban mix feel and is rated as one of the best places to live in New Jersey. MAREJ

Columbia Bank provided the construction loan, which carries a 36-month interest- only period with a 10-year permanent conversion option. Redevelopment plans in - clude transforming the for - mer site of H&H Building Supply into a mixed-use property with 57 residential units and 4,000 s/f of com - mercial/retail space. of the 57 residential units, 51 will be market rate, while the

Kathy Anderson

Caillin Boles

Walker & Dunlop closes $46M refi for four-property assisted living portfolio

FHA Finance, out of Walker & Dunlop’s Philadelphia office. “A big differentiator for us is our deep understanding of the industry challenges operators face, the intricacies of HUD financing, and how to best set our borrowers up for success in navigating the HUD-insured loan programs.” The portfolio refinancing comprised the following assets: Wheelock Terrace, a 70-unit assisted living facility in Ha - nover, New Hampshire. The subject is an 11.45-acre site lo - cated near two hospitals within a 15-mile radius. Windham Terrace, a 71-unit assisted living facility in Wind - ham, New Hampshire. The sub - ject is a 7.397-acre site located near four acute-care hospitals within a 15-mile radius. Woodstock Terrace, a 42-unit assisted living facility in Wood - stock, Vermont. The subject construct a one-story specula - tive industrial building com - prising 146,570 rentable s/f with 36’ clear ceiling height, 18 loading docks, 15 trailer and 91 car parking spaces. The site is located within 5-miles of the NJ Tpke. and roughly 30 miles from the Port of New York and NJ. It is optimally located with - in the Exit 9 submarket which has grown into one of the most active markets in the state.

is a 1.878-acre parcel located near six hospitals within a 25- mile radius. Valley Terrace, a 61-unit as - sisted living facility in White River Junction, Vermont. The subject is an 8.677-acre site lo - cated near five hospitals within a 30-mile radius. All four properties include room, board, social activities, three daily meals, scheduled transportation, 24-hour su - pervision, and assistance with activities of daily living (ADLs). “Frank Cassidy and his team at Walker & Dunlop were with me every step of the way. I thank them for initiating the bridge loan process and the “return to HUD” plan well over two years ago. We are thrilled with the successful closing of the recent HUD portfolio re - finance,” said Kate Heaton , managing member of Terrace Communities. MAREJ

BETHESDA, MD — Walker & Dunlop, Inc. an- nounced that it closed a $46 million 232/223(f) refinancing of Terrace Portfolio, a group of four assisted living facili - ties located in Vermont and New Hampshire. Walker & Dunlop’s Frank Cassidy led the senior hous - ing finance team in refinancing a bridge loan that the Walker & Dunlop team previously ar - ranged in December 2020 to facilitate a partner buyout and re-leverage the portfolio. The bridge loan was structured as eligible debt in anticipation of the HUD takeout. “We are excited to bring this deal full circle, from bridge loan to permanent HUD financing. We understood our client’s vi - sion from the beginning and helped them successfully ex - ecute their business plan,” said Cassidy, managing director of

Prestige Group arranges $2.6M to refi office building with a southeast Pennsylva - nia credit union.

EAST BRUNSWICK, NJ — G.S. Wilcox & Co. to an- nounced that it has completed $19.97 million in construc - tion financing for a warehouse building to be built on spec in East Brunswick. The non-re - course financing was secured by Bridget Wilcox , partner, and Al Raymond , principal, from a regional bank on a 3-year term with extension options. The proceeds will be used to “Despite the pullback from lenders, we remain active in procuring construction financ - ing for top sponsors,” said Wil - cox in a prepared statement. Founded in 1994 by Gretchen S. Wilcox, G.S. Wilcox & Co. has been providing debt and equity solutions to developers, real estate private equity firms, institutional investors, and other owners of commercial real estate for over 29 years. MAREJ G.S. Wilcox & Co. completes $19.97M construction loan

M id A tlantic Real Estate Journal — Financial Digest — March 2023 — 7A

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F inancial D igest

REAL ESTATE INVESTMENT BANKING Investment Sales | Property Financing | Development Debt & Equity | JV Structuring 2022 Select Transactions

Jersey City, NJ Multifamily - 336 units Construction Loan $97,000,000

Lynbrook, NY Multifamily - 201 units Construction Debt & Equity $92,000,000

Dallas, TX Multifamily - 712 units Apartment Portfolio Sale $171,400,000

West Long Branch, NJ Multifamily - 180 units Apartment Sale $75,000,000

Jersey City, NJ Multifamily - 233 units Permanent Debt $63,000,000

Harrison, NJ Multifamily - 275 units Permanent Debt $58,000,000

Livingston, NJ Adaptive Re-use 100,000 SF Buy Side Advisory Confidential

Old Tappan, NJ Multifamily - 130 units Senior & Mezz Construction Loan $54,100,000

Long Branch, NJ Land - 299 units Land Sale Confidential

New York, NY

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Palm Beach, FL

8A —March 2023 — M id A tlantic Real Estate Journal

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M id A tlantic R eal E state J ournal

Phil Sharrow leads transaction of QOZ mixed-use development for $7.9 Million SCOPE facilitates sale of 144-unit development at 1201-15 Callowhill Street, Philadelphia

HILADELPHIA, PA — Scope Commer- cial Real Estate Ser-

vices, LLC ( SCOPE) has closed the sale of 1201- 15 Callowhill St. , a 144- unit ground- up mixed-use development project locat -

Phil Sharrow

ed in the Callowhill neigh - borhood of Philadelphia. The property sold for $7.9 million. SCOPE marketed the prop - erty on behalf of the seller,

1201 Callowhill Street

Conceptual Renderings Courtesy of JKRP Architects

an affiliate of Patriot Parking Inc. managing director, Phil Sharrow led the transaction on behalf of SCOPE and the respective deal party. The buyer, a regionally based qualified opportunity fund joint venture, purchased the property with zoning and building permits in place that required revision. The proper - ty was sold with a full ten-year tax abatement and partial construction documents. “The Callowhill project started as a lower density co-living concept with a mas - ter lease from an opera - tor that did not survive the COVID-19 pandemic,” adds Sharrow. “SCOPE worked closely with the seller and its architect to revise the project to a market-rate format and maximize the sale as there was minimal interest in its co-living concept because of various market constraints.” The project site consisted of 20,000 s/f with CMX-4 zon - ing in a qualified opportunity zone. 1201-15 Callowhill sold at $395 per land square foot - age and $55,000 per buildable unit, setting another high- water mark comparable for this submarket. “SCOPE is also affiliated with over 150 units currently under construction at 1201 Vine St. , and 500 N 13th St. , less than two blocks away from the subject property,” comments Sharrow. “On North Broad St., Toll Brothers is cur - rently completing their enve - lope on a high-rise multifamily rental project. Developers see this pocket as a very central neighborhood to Philadelphia that has many of the same cre- ative drivers and features that other rapidly appreciating neighborhoods in major cities were predicated on.” MAREJ

R etail D evelopment R eimagined

M id A tlantic Real Estate Journal — Retail Development Reimagined —March 2023 — 9A

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Munley, Galbally & Behr rep. Federal Realty Investment Trust in sale of retail center JLL Capital Markets arranges sale of 124,262 s/f Town Center of New Britain in Philadelphia P HILADELPHIA, PA — JLL Capital Markets has closed the sale of the

Depot, Lowe’s, Weis Markets, ShopRite, Tractor Supply Co., Dollar Tree, Kohl’s, Marshalls, Walgreens, AutoZone, McDon- ald’s, Starbucks, Panera, and Burger King, that drive traffic to the area. The Property is po- sitioned in an affluent market within the New York City MSA; the average household income within 5-miles of the Property is more than $119,000 and the average household income within 10-miles of the Property is more than $124,000. Horvath & Tremblay’s Lom- bardi and Loccisano also suc- cessfully completed the sale of Kessler Physical Therapy in Toms River. Horvath & Tremblay represented the seller and procured the buyer to complete the transaction at a sale price of $875,000. Kes- sler Physical Therapy and Re- habilitation Center is located at 1186-1190 Fischer Blvd. in Toms River. Completely renovated for the tenant in 2002 with interior and exte- rior improvements over the last 3 years, the free-standing property has a gross leasable area of 3,030 s/f. MAREJ “This continues to highlight the attractiveness of the shop- ping center sector. With a best- in-class grocer in Giant, this asset drew a lot of attention from the market,” stated Behr. “Well-positioned retail shop- ping centers continue to be the one of the most liquid as- set classes within commercial real estate. We expect this trend to continue as investor demand remains exceptionally strong and retail fundamentals continue to outperform,” said Galbally. MAREJ “It was a pleasure to work on this assignment with first class organizations in Federal Realty and Milbrook Properties. The collaborative and professional nature of both teams allowed for an exceptionally well ex- ecuted transactional process,” said Munley.

EW JERSEY — Hor- vath & Tremblay has completed the sale of three New Jersey retail prop- erties for $11,930,000. Michael Lombardi, David McLaughlin and Robert DiFranco of Horvath & Trem- blay have successfully com- pleted the sale of a Taco Bell in Roselle, New Jersey. Horvath & Tremblay represented the seller and procured the buyer, to complete the transaction at a sale price of $3,855,000. Taco Bell is located at 133 Saint George Ave. in Roselle. The stand-alone building consists of 2,108 s/f and sits on a 1.25- acre lot with a drive-thru. Taco Bell has 18+ years remaining on their Absolute NNN lease with four, five-year renewal options. The lease calls for an attractive 10% rent increases every five years throughout the base term and at the start of each option period. The Prop- erty is extremely well located along E S. Georges Avenue (NJ Rte. 27), one of the area’s primary commercial and com- muter corridors. Taco Bell enjoys outstanding visibility, JLL represented the seller, Federal Realty Investment Trust , and Milbrook Prop- erties Ltd acquired the asset. Built in 1990 and renovated in 2022, the 91% occupied Town Center of New Britain is anchored by Giant, the domi- nant regional grocer in Bucks County. With nearly 20 years year of existing tenure already, Giant recently executed a 10- year extension in conjunction with a store expansion into an adjacent vacancy. Giant is com- plimented by strong co-tenancy including Rite Aid, Dollar Tree, Verizon Wireless, Auto Zone 124,626 s/f, grocery-anchored retail center located in New Britain, Bucks County within the Philadelphia MSA.

affluent location within the Philadelphia MSA, featuring 23 stores and 625 parking spaces. Within a five-mile radius of the property is a population of over 99,285. The JLL Retail Capital Mar- Town Center of New Britain

kets Investment Sales and Advisory team that repre- sented the seller was led by senior managing directors Christopher Munley and Jim Galbally and managing director Colin Behr .

and many other regional and national tenants. Situated at 426 Town Center at a signalized intersection along the highly trafficked Rte. 202, the property is set in an ideal suburban infill and

Lombardi, McLaughlin and DiFranco of Horvath & Tremblay complete the sale of three NJ retail properties for $11,930,000 N

Taco Bell in Roselle, New Jersey Tremblay represented the buy- er to complete the transaction at a sale price of $7,200,000. Wawa is located at 1 NJ Rte. 15 in Augusta, New Jersey. The stand-alone convenience store and gas station is under con- struction with an anticipated opening date in August of 2022. The Property will consist of a 5,585 s/f convenience store and a gas station. Wawa has a new 20 year, corporately backed, ground lease (Absolute NNN)

frontage, and access and is surrounded by national retail- ers, and densely populated residential neighborhoods. The property is within 1-mile of five area schools, and the Linden Train Station. The property is 3-miles from the junction of I-95 (New Jersey Turnpike) & Interstate 278 (Staten Island Expressway). Lombardi and Loccisano have facilitated the sale of a Wawa in Augusta. Horvath &

with six, 5-Year Options. The lease features scheduled rent increases in years 11 and 16 of the primary term and 10% rent increases at the start of each of the six renewal option periods. Wawa is strategically posi- tioned at the intersection of NJ Rte. 15 and US Rte. 206, two of the area’s primary commer- cial and commuter corridors. The two corridors are home to several national retailers including Walmart, The Home

10A —March 2023 — Retail Development Reimagined — M id A tlantic Real Estate Journal

www.marej.com

R etail D evelopment R eimagined Campbell and Gasper represent both parties in the sale of Rhoads Hallmark and Gift Shop CAMPBELL coordinates sale which closed iconic Hummelstown business and expanded another

dependent pharmacy in Hum - melstown from the Rhoads family in 1973, Dave continued

long business, Dave and Jeanne more than doubled the square footage of 17 W Main St. with five major expansions which included the purchase of the historic Nisley Building next door. Starting from 6,000 s/f to 15,000 s/f, Dave considered his business “five shops under one roof” offering a different retail experience in each expansion, making it an exclusive one stop shop in Hummelstown. In 2012 Dave renovated the second floor adding an elevator, converting apartments and his office into a home décor gallery, featuring furniture, tables, and lamps. At the age of retirement, Dave and Jeanne decided to close the longstanding Rhoads Hallmark & Gift Shop. The boutique and Hallmark store was the most successful of their business, Dave citing mostly lifestyle changes, COVID-19 and infla - tion were the deciding factors to end of their 49 year business. The positive sale of the building to Toys on the Square in Hum - melstown is considered an asset to the community, according to Dave. When 17 W Main St. became available to purchase, Grafton Stine saw it as the perfect opportunity for his busi - ness. Grafton Stine, owner of Toys on the Square, has been operating his family friendly toy store since 1985. He pur - chased the historic 15,000 square foot building with plans to expand his business. Art Campbell and Jessica Gasper of Campbell Commer - cial Real Estate, Inc. repre - sented both parties in the sale transaction. MAREJ Breslin Realty announces grand opening of Love City Vet in Phila. PHILADELPHIA, PA — Breslin Realty announced the recent grand opening of Love City Vet at 330 W Oregon Ave., Philadelphia. Love City Vet is now occupy - ing 2,800 s/f in the Whitman Plaza shopping center, after opening its doors this past holiday season. Love City Vet is a full ser - vice independent veterinary practice, providing general care, sick visit support, and emergency services. They are locally owned and operated, and this is the practice’s first location. MAREJ

UMMELSTOWN, PA — Campbell Com - mercial Real Estate,

to operate the pharmacy and expand the business with a gift shop. In re - cent years the expan - sion of na- tional phar - macy fran-

Inc. coordi - nated the sale which saw the clos - ing of an icon - ic Hummel - stown busi - ness and the expansion of another. R h o a d s

Jessica Gasper

Art Campbell

chises became more popular, Dave sold the pharmacy busi - ness to CVS. In 2018 Dave and Jeanne determined not to retire

Hallmark and Gift Shop has been owned by Dave and Jeanne Lutz for 49 years. After purchasing the only in -

17 W Main St.

after selling the pharmacy and continued with the Hallmark

gift shop for another four years. Over the course of their decade’s

M id A tlantic Real Estate Journal —March 2023 — 11A

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Stern, Barnes, Harris and Offutt lead leasing team in transaction Avison Young completes 140,000 s/f of leasing in 18 months at newly renovated Franklin Square

through Cushman & Wake- field , the architecture designed by Hickok Cole Architecture , and construction performed by Rand Construction . Originally designed by ar - chitect Philip B. Johnson , the building’s modernization embraced the sustainable prac - tice of adaptive re-use. The addition of a new three-story glass entrance fronting Frank - lin Square Park brought the building’s bronze-clad grates and medallions to the building’s concourse level, where they became the perfect accent for the building’s conference facil - ity and breakout rooms. Slab openings from the lobby to the concourse level create further synergies and connection points to the building amenity areas. The building is LEED Gold rated and offers some of the latest technologies to provide healthier, safer spaces, includ - ing advanced air filtration via the building’s VAV HVAC sys - tem and CleanAir Ion units in the passenger elevators. MAREJ ing. 521 Digiulian Boulevard is situated within close prox - imity to MD Routes 100 and 176, as well as Interstate 97 and is directly south of BWI Airport. The Port of Baltimore is approximately 11 miles from the site. “The new owner has ac - quired a well-maintained and strategically-located asset that is 100 percent occupied by two strong, creditworthy companies,” said Matthew Curran of MacKenzie Com - mercial Real Estate Services. “The crane-served building is perfectly-suited to support the operations of primary ten- ant Architectural Surfaces, which extended their lease long-term to remain in the building. Industrial assets containing between 20,000 and 100,000 s/f of warehouse/ industrial space in the BWI area remain in extremely high demand for both lease and purchase.” MAREJ

ASHINGTON, DC — Avison Young announced the clos -

ing of 140,000 s/f in lease trans - actions at 1300 Eye St. NW in Washington, DC over the last 18 months. The 485,000 s/f historic building, commonly referred to as Franklin Square, recently underwent a stunning renovation to transform it into an iconic trophy office building. Recognized as retrofit’s 2021 “Metamorphosis of the Year,” Franklin Square’s renova - tion was led by global invest - ment managers Nuveen Real Estate and Norges Bank Investment Management , co-owners of the building. Since the renovations de - livered in early 2021, Nuveen and leasing partner Avison Young have executed five new leases totalling 112,000 s/f, and two lease renewals totaling 28,000 s/f. New tenants include the Conference of State Bank Supervisors, the Bank Policy Institute, Greenpeace, TIAA- CREF, and DAV (Disabled LUTHERVILLE, MD — MacKenzie Commercial Real Estate Services has executed the sale of 521 Digi - ulian Blvd., a single-story building comprised of just over 28,000 s/f of industrial/ warehouse space for $4.22 million. Matthew Curran, SIOR , vice president as well as Daniel Hudak, SIOR and Andrew Meeder, SIOR , senior vice president and principal, for MacKenzie rep - resented the seller, 521 Digi - ulian Blvd. LLC. The buying entity, Graydan Properties, LLC, was self-represented. Situated in the Glen Bur - nie section of Anne Arundel County, Maryland, the build - ing is 75 percent leased by Architectural Surfaces, an Austin, Texas-based company that markets a range of na - ture stone, tile, porcelain and paver products that are used in both residential and com - mercial applications. The fa -

Franklin Square

The building’s transforma - tion was a collaborative effort between Nuveen, Norges Bank Investment Management and Avison Young, with project management by Hines Com- pany , property management

American Veterans), with lease renewals from the American Public Transportation Associa - tion and the American Water Works Association. The Avison Young leasing team, led by principals Will

Stern and Eli Barnes , senior VP Lauryn Harris and senior associate Alston Offutt , has represented Franklin Square for over 15 years. With the new leases, the building is now 95% leased.

Mackenzie Commercial Real Estate Services brokers sale of 28,163 s/f industrial/warehouse building in Glen Burnie

521 Digiulian Blvd

cility currently being utilized as a showroom, warehouse and sales office for the com - pany that maintains locations in 19 states. Houston-based

ONE McDonogh, a commer - cial contracting firm, leases the balance of the building. Built in 1982 and reno - vated in 2021, the building

is equipped with two dock- high loading doors and three drive-in grade-level doors and is situated on a 4.4-acre lot featuring free surface park -

12A —March 2023 — M id A tlantic Real Estate Journal

www.marej.com

M id A tlantic R eal E state J ournal

Rosen of Commercial & Investment Realty Associates, LLC represents buyer in transaction Edge brokers sale of Finmarc Management- owned 32,000 s/f suburban office building

AITHERSBUR, MD — Edge acquired by KLNB , has brokered the sale of 811 Russell Ave., an 32,000 s/f suburban office asset in Gaithersburg. Joe Fried- man, and Joshua Norwitz , of Edge teamed up with Ken Fellows with Edge’s Suburban Maryland landlord advisory team as the agent of the seller, an affiliate of Finmarc Man- agement, Inc. Joe Hoffman of Kelley Drye & Warren LLP provided legal advisory services for the transaction on behalf of the Finmarc Manage - ment affiliate. The property sold G TOMS RIVER, NJ — Green Meadows at Pleasant Plains – a new community of 175 luxury rental residences in Toms River by developer Gar- den Communities – is nearly 100% leased. This milestone coincides with the recent in - troduction of Green Meadows’ clubhouse, hosting a full suite of lifestyle amenities. “Resort-style living is a key draw for today’s renter, offer - ing the opportunity to social - ize, exercise or relax right outside their front doors,” said Mark Ginsberg , developer for the community. “Response to Green Meadows at Pleasant Plains has been overwhelming - ly positive since we launched leasing in late 2020 – and our highly anticipated clubhouse JAMESBURG AND FAIR- VIEW, NJ — Lee & Associ- ates New Jersey has negoti - ated the $4.4 million sale of Forsgate Commons, a 26,295 s/f office building in Jamesburg. The commercial real estate firm’s Beth Chezmar repre- sented the seller in the $4.4 million transaction. “The buyer, a not-for-profit organization, was initially attracted to the property’s Central Jersey location, the building size and its stately construction,” Chezmar said. Dan De Palma of North American Realty , who rep- resented the buyer, added: “The ample parking capacity and ability to occupy a portion of the building on closing were major factors in my client’s decision to move forward with the acquisition.” Forsgate Commons was origi -

for a $4.075M to purchaser, Russell Plaza LLC who was represented by Larry Rosen of Commercial & Investment Realty Associates, LLC . 811 Russell Ave. is a 32,000 s/f office building leased to local office and retail businesses. The three-story building is situated in Gateway Center on 1.20 acres with a C-2 zoning. It is located less than one mile to In - terstate 270 in the Montgomery Village neighborhood of Mont - gomery County and in Gaith - ersburg, which is known as an internationally-recognized biotechnology hub, benefiting

from its proximity to federal re - search facilities and regulatory agencies in Gaithersburg and broader Montgomery County. “The asset is home to a diverse mix of professional services, medical, and retail tenants that serve the local community,” said Friedman. “Montgomery Vil - lage is seeing tremendous inter - est from developers to redevelop and reposition underutilized land in a densely populated submarket of Montgomery Cty., located off I-270 with a diverse employment base. There is a lot of runway for growth in the area,” he added. MAREJ State Parkway, affording easy travel to NeYC, Philadelphia, Princeton, Atlantic City and Jersey Shore points. Right in Toms River, Green Meadows residents have access to top- rated public schools and a wide variety of shopping, dining and entertainment options. As one of the region’s most active developers in its high- end niche, Short Hills, N.J.- based Garden Communities has a robust multifamily proj - ect pipeline that will introduce dozens of new communities in the tri-state area over the next several years. The company is recognized for its responsive, hands-on approach to property operations, and its focus on meeting the needs and desires of modern renters. MAREJ The commercial real estate firm’s Josh Krantz repre- sented both the property owner, Vail Development, LLC, and its new tenant, an experienced regional restaurant owner. “This family-owned and oper - ated eatery is a great addition to Valley Plaza’s tenant mix,” said Krantz. “The neighborhood shopping center’s ideal location in a heavily trafficked area – right on the corner of Fairview and Broad Ave./Rte. 9 – were major factors in El Primo’s deci - sion to commit there.” Valley Plaza is anchored by national retailers, including QuickChek, and Advance Auto Parts. Last year, State Farm Insurance Office joined the roster in a lease Kranz also negotiated. MAREJ

811 Russell Ave.

Garden Communities' Green Meadows is nearly 100% leased residences at the pet-friendly community include private patios, spacious living accom - modations, gourmet kitch - ens, oversized closets, in-suite washers and dryers, Latch keyless entry and private en - trances. Select residences also offer private balconies.

With the opening of Green Meadows’ 5,000 s/f clubhouse, residents have access to a state-of-the-art fitness cen- ter and a lavish community room. Outside, a swimming pool, playground, exercise trail and an EV charging station complete the active and eco- friendly lifestyle. Located at 950 Shoal Road, Green Meadows at Pleasant Plains is proximate to public transportation and the Garden

Green Meadows at Pleasant Plains

has been a driver in drawing families, single professionals and empty nesters alike.” Available residences at Green Meadows include two- and three-bedroom townhomes with up to 2,330 s/f of living

space, featuring living room fireplaces, unfinished base - ments, attached garages, and two-zone heating and air con - ditioning. Green Meadows’ one- and two-bedroom apartment homes are fully leased. All

Lee & Associates New Jersey negotiates 26,295 s/f Jamesburg, NJ office property sale lease, bringing Valley Plaza Shopping Center to 100% oc - cupancy.

El Primo Mexican Restaurant

Forsgate Commons in Jamesburg

nally constructed in 1930 as Jamesburg High School and renovated for multi-tenant of - fice use in the 1980s. Situated on 3.3 acres, the two-story, Art Deco building features a park- like setting with easy access to the New Jersey Tpke., Rte. 130, and other regional thorough - fares. Its tenants include many

long-term occupiers in a range of industries. According to Chezmar, Fors - gate Commons’ healthy his - toric performance speaks to the desirability of the Greater Brunswick office market. With an inventory of nearly 670 buildings totaling 8.6 million square feet, this Northern New

Jersey submarket maintains a vacancy rate well below re - gional averages, with rents hovering around all-time highs. In a second transaction, El Primo Mexican Restaurant has opened a new location at 175 Broad Ave. in Fairview. Lee & Associates New Jersey negoti - ated the 1,737 s/f long-term

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