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REIT acquires RedMill Commons &Marketplace at Hilltop fromVenture RealtyGroup Armada Hoffler buys two Virginia retail centers for $105 million

ISSUE HIGHLIGHTS Volume 31, Issue 12 June 28 - July 11, 2019

IRGINIA BEACH, V A — A r m a d a Hoffler Properties has expanded its retail real estate footprint in its home- town of Virginia Beach, by nearly 500,000 s/f with the recent closing of an off-market transaction. The REIT ac- quired Red Mill Commons and Marketplace at Hilltop from Venture Realty Group in a $105 million deal. Armada financed part of the acquisition with $5 million in cash and the assumption of $36 million of existing mortgage debt. The bulk of the payment, however, came in the form of the issuing of 4.1 million oper- ating partnership units valued at $15.55 each, providing Ven- ture Realty with significant equity ownership in Armada. Venture Realty will continue to provide property manage- ment and leasing services at the retail centers. Red Mill and Hilltop, de- veloped in the early 2000s on sites that had been home to farmland and a trailer park, respectively, are located less than 10 miles apart in high barrier-to-entry submarkets. A 374,000 s/f property, Red Mill V

SPOTLIGHTS

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CONTRIBUTING COLUMNIST

Red Mill Commons

many store closure announce- ments throughout Hampton Roads, there is an increasing number of stores opening and expanding, including national eateries, fitness chains and entertainment tenants. At the close of the first quar- ter, Armada Hoffler’s retail holdings in Virginia Beach con- sisted of 12 assets, including Columbus Village II, a 92,000 s/f retail and entertainment center that the REIT pur- chased in late 2016. The major- ity of the company’s portfolio, which consists of office, retail and multifamily properties across the Mid-Atlantic and Southeastern U.S., is located in the State of Virginia. 

is 97% occupied and home to a host of national chains includ- ing T.J. Maxx, Dollar Tree, Walgreens and three shadow anchors. Hilltop encompasses 118,000 s/f and a 100% full tenant roster featuring retail- ers such as Total Wine and Michaels. The Virginia Beach shopping centers appear to be a long- term hold for Armada. During the REIT’s first quarter earn- ings conference call on May 2, 2019, Louis Haddad, president & CEO of Armada Hoffler Properties, reiterated that well-located, high-volume retail assets will remain a significant part of the company’s growth, adding that expectations are for

Red Mill and Hilltop to gener- ate significant net operating income for many years into the future. Market Strength The Virginia Beach retail sector is faring relatively well. The market recorded a vacancy rate of 5.2% in the first quarter of 2019, according to a report by Cushman & Wakefield | Thalhimer, compared to the U.S. average of 6.4%. And despite the concerns pervad- ing the national retail sector across the board, including store e-commerce competition, the future bodes well for Vir- ginia Beach and the Hampton Roads area in general. Per the report, while there have been

Jim Scalo

UPCOMING CONFERENCES July 11, 2019 5th Annual NJ Office Development Conference July 25, 2019 3 rd Annual PA Capital Markets & Opportunity Zones Conference For speaking and sponsorship information, please contact: Lea at 781-740-2900 or lea@marejournal.com

NorthMarq’s Ranieri arranges $44.426M refinance of Little Ferry, New Jersey multifamily portfolio

LITTLE FERRY, NJ — Robert Ranieri, senior VP/man- aging director of NorthMarq’s White Plains-based regional office arranged the $44.426

Directory Anniversary. ..................................................13-24A Shopping Centers.............................................5-11A Business Card Directory. .....................................26A Billboard Directory..............................................27A Organization Events Calendar..............................28A Owners, Developers & Managers............... Section B www.marej.com

interest only followed by 30- year amortization schedules. NorthMarq arranged financing for the borrower through its relationship with Freddie Mac. “This was the fourth time we have refinanced this portfolio with Freddie Mac. We continue to increase the loan proceeds Gilbert Manor & North Village

million refinance of a multifam- ily portfolio consisting of three properties: Gilbert Manor, North Village I and North Vil- lage II. The three properties contain a combined 516 units. The permanent-fixed rate loans were structured with 7-year terms with 2-years of

and reduce the borrower’s in- terest costs,” said Ranieri. As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, invest- ment sales, and loan servicing to protect and add value to their assets. 

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M id A tlantic R eal E state J ournal Publisher, Conference Producer . .............Linda Christman AVP, Conference Producer ...........................Lea Christman Publisher ........................................................Joe Christman Section Publisher ............................................. Steve Kelley Section Publisher ............................................... Kim Brunet Editor/Graphic Artist..... .................................Karen Vachon Office Manager ...............................................Kerrin Devine Contributing Columnist ........................................... Jim Scalo Mid Atlantic R eal E state J ournal ~ Published Semi-Monthly Periodicals postage paid at Hingham, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal 350 Lincoln St, Suite 1105, Hingham, MA 02043 USPS #22-358 | Vol. 31, Issue 10 Subscription rates: 1 year $99.00, 2 years $148.50, 3 years $247.50 & $4.00 single issue - plus postage REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Phone: 781-740-2900 | Fax: 781-740-2929 www.marej.com The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal

M id A tlantic Real Estate Journal

Jim Scalo

It’s Not the Rent. It’s the Retention

Y ou already know that the world’s best companies are moving into dynamic office spaces tailor made to look good on Instagram. But do you know the real reason that im- pressive lobbies, luxury ameni- ties, giant fitness centers, and rooftop decks matter? Yes, they help recruit top talent, increase productivity, enhance culture, and improve customer relations. But the real reason companies are making the move is far simpler: these spaces can save you millions of dollars per year. Before we dive into how, let’s think about two questions: 1. Do you think the employees at your company knowwhat the rent is? (No.) 2. Do you think the employ- ees at your company know how their workspace makes them feel every day? (Yes.) It’s not about the rent. It’s about the retention. According to Jack Altman, CEO of Lattice, whenever an employee departs, the average company spends: • $25,000 to advertise the vacancy, interview candidates, and hire someone new • $10,000 on the onboarding and development process • $50,000 on the resultant productivity drain That’s $85,000 per departing employee. American employers suffer through an 18.5% rate of turnover every year, so for every 100 people you employ, you lose $1.6 million dollars annually. And this is just the average. Turnover in upper management or among highly educated contributors costs a terrifying 213% of that person’s annual salary. This might be tolerable if every vacant job could be filled immediately with top-quality candidates, but with the shock- ingly low national unemploy- ment rate of 3.6%, finding suitable replacements is more challenging than ever. 60% of employers have to work through job openings for more than twelve weeks. How much productivity, rev- enue, and customer loyalty are you losing when a key job remains open for a full fiscal quarter? Outdated spaces also expose

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you to the potential for exodus. That turnover problem has a tendency to compound when your remaining employees see where everyone is going. Even if they don’t speak directly with departing employees, they have social media. They get text mes- sages from friends they used to work with. Eventually, they will see the incredible spaces and cultures that their col- leagues are departing for. When this happens, it is only a matter of time before one de- parture leads to two, then two become four, and eventually you are losing average employ- ees and high-performers alike. How much would it cost to cede an entire team to a competitor? The productivity losses would be painful on their own, but what if that high-performer or team also takes customers with them? Customers don’t invest in companies; they invest in relationships. Turnover costs an average of 12% of pre-tax income for the average company. For those with a high rate of turnover, the number can be as high as 40%. Most just shrug and accept this rate as unavoidable—especially today, when Millennials and Generation Z are so notorious for job-hopping. They chalk it up as an uncontrollable cost of doing business. But it doesn’t have to be. 97% of respondents to a UK survey said that they viewed their workplace as a reflection of how much their employers value them. Meanwhile, only 37% believed that their offices were designed to make them

happy, healthy, and productive, and nearly a third of them said they were ashamed to meet with clients in their offices. What if moving into a dynam- ic office space could improve your retention rate by 20%? That’s an annual savings of $320,000 just on the turnover costs we can measure, with considerably more bottom-line benefits related to the boost in engagement, morale, productiv- ity, and customer relations. Long-tenured employees turn in better numbers across the board, so if you could convert 20% more of your employees into the long-tenured category, what would that mean to your company’s bottom line? The potential competitive advantage here is clear: if you have a dynamic office—one that your employees are so proud of that they share pictures of it on Instagram and brag about it to their friends and colleagues, you will retain more employees. Meanwhile, those employees you retain will be happier and more energized, engaged, and productive at work, all of which improves work product, customer relations, and ulti- mately, the bottom line. Better space, lower turnover expenses, more cohesive staff and culture, higher profits—it is no wonder that the world’s best companies are making this move to top notch office spaces that help recruit and retain high-performing people. Why aren’t you moving, too? Jim Scalo is a broker & developer with Burns Scalo Brokerage LLC. 

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Lynch, Rasmusson, Lynch and Tormen represent St. Joseph’s Health in transaction Lee & Associates arranges 60,000 s/f MOB lease for St. Joseph’s Health Ambulatory Care Center T

OTOWA, NJ — Lee & Associates New Jersey has represented St. Joseph’s Health in securing a long-term lease of a 60,000 s/f, four-story medical office building at 169 Minnisink Rd. in Totowa. A team of Lee & Associates brokers that in- cludes Brian Lynch, Peter Rasmusson, Jason Lynch and Joe Tormen represented St. Joseph’s Health in this transaction. “St. Joseph’s will transform the site into a state-of-the-art, high quality medical facility and deliver the level of care for which the health system is known,” said Lee & Associates senior VP Peter Rasmusson. The center is slated to open in early 2021 and will serve as a primary and specialty care medical hub for patients. “By creating an Ambulatory Care Center in the Totowa community, St. Joseph’s is expanding our services to increase access to high-qual- ity health care,” said Kevin Slavin, president & CEO of St. Joseph’s Health. “Located conveniently adjacent to major highways, we look forward to bringing primary and specialty care and the latest diagnostic and treatment options to the entire Totowa region in a state- of-the-art center designed for patient convenience.” The new site, which will be- gin construction this summer, will offer patients world-class primary care physicians and specialists. The center also GRCA assists farm to obtain financing READING, PA — The Greater Reading Chamber Alliance (GRCA) , announced that the Pennsylvania In- dustrial Development Au- thority (PIDA) approved an economic development loan at its June board meeting in Harrisburg. Jeffrey and Tracy Rohrer have been approved f or $400,000 in PIDA loan funds for the building of a chicken pullet house on their farm on Naftzingertown Rd. in Upper Bern Twp.. Deb Heffner , GRCA busi- ness outreach director noted, “We have seen an increase in utilizing PIDA for agribusi- ness lending, as more farmers are becoming aware of this low interest financing opportunity which reduces their overall expansion costs”. 

Colgan . The planned medical facility will have ample space for visitor and staff park- ing. “With its proximity to Rtes. 80, 46 and 23 and mass transportation we recognized the property’s strength and attractiveness in the medical office space market in Pas- saic County. It represented a tremendous opportunity for St. Joseph’s expansion and accessibility goals,” said Lee & Associates principal Brian Lynch. With signing of this lease St. Joseph’s Health has secured one of two 60,000 s/f buildings located on the campus. 

experience. The property, originally part of a 147-acre parcel, was 169 Minnisink Rd. rendering

will include amenities for ease of scheduling, and the latest technology to enhance patient

acquired by Community Health Care Associates (CHA) represented by Bill

Former College Campus in Connecticut Sells to the Highest Bidder at Auction Above the Opening Bid of $5,000,000 SOUTHINGTON, CT • 2279 Mount Vernon Road 32.75+/- acres with 113,000+/- sf in 7 buildings with potential for residential school campus, corporate training facility and more! Includes administrative offices, classrooms, labs, dormitories, recreational center and a 24/7 security station. Located minutes from I-84, 20 minutes from Hartford, 40 minutes from Bradley International Airport, 2 hours from Boston and 2 hours from New York City.

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UFFALO,NY — CPC Mortgage Company LLC , a subsidiary Freddie Mac Optigo Small Balance Loan Product fills unique financing needs of 22-unit property CPC Mortgage Company closes $2.44M deal to refinance multifamily property in Buffalo, NY B

ily buildings have a unique set of needs and challenges when it comes to finding right-sized financing products. At CPC Mortgage Company, we’ve built our foundation on bring- ing products and first-class technical assistance to the small building market,” said Mike DeWitt, vice president & mortgage officer at CPC Mortgage Company LLC. “Freddie Mac’s Small Bal- ance Loan product gives our borrowers the flexibility and terms they’re looking for, and an expedited process that they can depend on.” “This is a unique and his-

toric property, and we’re proud to have worked with CPC to provide financing,” said Lamar Myers of Freddie Mac’s Small Balance Lending team. “Our Small Balance Loan product serves a criti- cal segment of the multifam- ily market. We’re working to deliver financing options to places like Buffalo—where there is an ample supply of smaller apartment buildings, and a need for more choices, better terms and a faster, simpler loan process.” Houk Lofts was originally built in 1910 as a manufactur- ing facility for the automobile

industry, and was owned by Houk Manufacturing Com- pany from 1915 until the end of the Great Depression. The building was vacant for 15 years before being pur- chased by the current owner in 2013, and reconfigured into 22 residential units and approximately 1,900 square feet of commercial space. The property was placed on the National Registry of Historic Places in 2014. CPC Mortgage Company LLC offers a suite of Freddie Mac, Fannie Mae, and Fed- eral Housing Administration (FHA) products for acquisi-

tion, refinance, rehabilitation and construction of multifam- ily properties. The company’s team of experts have deep experience in all aspects of the Agency business to ensure that borrowers receive un- matched technical assistance and deal execution. While offering products for a broad range of capital needs in- cluding flexible bridge loans, with strong ties to the parent company and its mission, CPC Mortgage Company LLC has unique institutional expertise in affordable, stabilized hous- ing and small buildings/small balance loans. In Fiscal Year 2018, the Agency team operated under the CPC umbrella, originat- ing nearly $500 million over a portfolio of 154 loans in New York, New Jersey, Pennsylva- nia, and Massachusetts. As a Freddie Mac Optigo lender, CPC Mortgage Com- pany LLC offers a range of competitively priced, reliable mortgage products for the acquisition and refinance of multifamily properties. This includes Freddie Mac’s conventional financing with loans ranging from $5 mil- lion to $100 million with 5- to 10-year terms, and the SBL product which helps to close the gap in the market for flexible financing for small buildings by offering loans from $1 million to $7.5 million with flexible terms, prepay- ment options, competitive low rates, and a streamlined pricing, underwriting, closing, and funding process. The SBL product can be used for the acquisition and refinancing of properties with five or more units that may have tax abatements and Sec- tion 8 housing choice vouch- ers, senior housing without services, extended-use agree- ments for properties that are no longer in the investor compliance period for Low- Income Housing Tax Credit, and properties with space for commercial use. CPC Mortgage Company LLC is a full-service Agency lender offering a suite of Freddie Mac, Fannie Mae, and Federal Housing Admin- istration (FHA) products. Our scope includes conventional, affordable, and small balance lending for the acquisition, refinance, rehabilitation and construction of multifamily housing. 

of The Com- m u n i t y Preserva- t i on Cor - p o r a t i o n (CPC) , an- nounced the closing of a $2 . 44 mi l - lion Freddie

Mike DeWitt

Mac Optigo Small Balance Loan (SBL) to refinance the Houk Lofts, a 22-unit multi- family property at 316 Grote Street in Buffalo. “Owners of small multifam-

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S hopping C enters

Real Estate Journal — Shopping Centers — June 28 - July 11, 2019 — 5A

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Levin Management Corporation manages 257,593 s/f regional shopping center Cronheim Mortgage has arranged $30 million in permanent financing for Post Road Plaza P

now anchored by a 75,000 sf Fairway supermarket / liquor store and also features Dave & Buster's, 24 Hour Fitness, Modell's, HomeGoods, Lane Bryant, Panera Bread, Sally Beauty Supply, Smashburger, Visionworks, and Dress Barn, among others. Post Road Plaza is located directly at the junction of US 1, Pelham Pkwy. and Exit 7 of the Hutchinson River Park- way in Westchester County. The subject's convenient lo- cation at the intersection of major local and regional roads allows Post Road Plaza to cap- italize on a high-traffic area and great demographics.  the long-term fundamentals of suburban retail product throughout Northern Virginia due to the expanding popula- tion and above-average house- hold income levels. This is the company’s second shopping center acquisition in 2019 and we continue to scour the Mid-Atlantic region to search for additional retail, office flex and industrial properties that supports our acquisi- tion criteria and operational fundamentals. Our goal is to purchase an additional $250 million worth of assets over the next twelve months.” Joseph Hoffman and Aaron Rosenfeld of Kelley Drye & Warren provided legal representation in this acquisition transaction on behalf of Finmarc Manage- ment. Cliff Mendelson and Al Missirlian of Metropolis Capital Advisors handled the financing arrangements for the buyer. 

ELHAM MANOR, NY — Cronheim Mortgage has ar- ranged $30 million in perma- nent financing for Post Road Plaza, a 257,593 s/f regional shopping center located in the Village of PelhamManor. The 15-year loan amortizes over 30 years and was placed with Transamerica Financial Life Insurance Company , whom Cronheim represents as correspondent and servic- ing agent. The interest rate was locked 90 days prior to closing. Post Road Plaza has a two- story primary retail strip, a one-story secondary strip,

Post Road Plaza

and three outparcel build- ings. The shopping center was originally developed in the early 1960s and was com- pletely redesigned to modern standards by the property's

leasing and managing agent, LevinManagement Corpo- ration (LMC) , following de- mographic shifts and anchor tenant turnover. Originally, this property had E. J. Kor-

vette, a New York discount department store chain, as an anchor. Since then, the com- plex has undergone ambitious repositioning, renovation and re-tenanting. The center is

Finmarc Management, Inc. acquires 250,000 s/f Manaport Plaza Shopping Center In Northern Virginia for $29.78 million

MANASSAS, VA — Fin- marc Management, Inc. has announced the acqui-

s i t i o n o f Ma n a p o r t Plaza Shop- ping Center, a 250 , 000 s/f regional s h o p p i n g center locat- ed at 8345- 8443 Sudley

Sean Sullivan

Rd. in Manassas for $29.78 million. Anchored by Mar- shalls, Gabes, Ollies, Tues- day Morning, McKay Books, Advance Auto Parts, Dollar Tree and multiple additional retailers and restaurants, the asset was 90% leased at the time of the purchase and formerly owned by Combined Properties, Inc. “Thi s acqui s i t i on un- derscores our continuing research and analysis of Manassas, which demon- strates a sub-market with a consistently growing popula- tion and served by a tenant base perfectly suited for the surrounding neighborhood demographics,” said Sean Sullivan , vice president of Finmarc Management. “Manaport Plaza represents a long-term cash flowing asset that we were able to acquire at an extremely at- tractive going-in yield that is

iar with the Manassas sub- market based on our numer- Manaport Plaza Shopping Center

well below replacement cost. We intend to quickly lease the remaining few available spaces, stabilize the asset and position the center to achieve long-term value.” Positioned in Prince Wil- liamCounty, Manaport Plaza features roadside visibility from VA Rte. 234 (Sudley Rd.), on which more than 40,000 vehicles pass the site on a daily basis. “We are extremely famil-

ous flex office and industrial holding there and believe in

P H I L A - DELPHIA, PA — CBRE announ c e d that re ta i l specialist Ni- cole John- s o n h a s j o i n e d t h e son served as the VP of retail leasing at Paramount Realty Services, where she managed the leasing department for 30 portfolio properties totaling five million sq. ft., including power centers, lifestyle centers and neighborhood centers across five states in the Northeast.  CBRE hires retail veteran Johnson to serve as senior VP Nicole Johnson company’s Philadelphia-area offices to serve as senior VP. In this role, Johnson will partner with Jeffrey Cohen and Nel- son Wax , where she will focus on landlord representation and project leasing for SCs and mixed-use developments. Prior to joining CBRE, John-

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Grocery-anchored retail center sells in Lancaster, Pennsylvania HFF closes sale of grocery-anchored retail center in suburban Baltimore

in a dominant retail node just north of the Interstate 95/695 interchange. Within a three- mile radius of the center are more than 80,000 residents earning an average annual household income of nearly $94,000. The HFF team representing the seller was led by manag- ing director John Owendoff and senior director Jordan Lex . HFF has closed the sale of Chelsea Square, a 96,455 s/f, grocery-anchored shopping center in Lancaster, PA. HFFmarketed the property on behalf of the seller, Bea- con Communities . Good- man Properties purchased the asset. Chelsea Square is anchored by Weis, a regional grocer undergoing a period of rapid growth, and is also home di- verse tenant roster of mostly internet-resistant tenants, including Talbots, Jos. A. Bank, M&T, Domino’s Pizza, Great Clips, The Lighting Gallery and ModernEyes Op- tical. Situated on 10.67 acres at 1603-1653 Manheim Pike, the center is located along a retail corridor with visibility to 46,000 vehicles per day and has direct access to the Pennsylvania Tpke. (Inter- state 76) and U.S. Routes 30, 222 and 283. More than 58,000 residents earning an average annual household income of $105,698 live within a three-mile radius of Chelsea Square. The HFF team representing the seller included managing director Chris Munley and senior director Carl Fiebig . “Chelsea Square was ac- quired as a broader portfolio transaction,” said Michael Alperin , BeaconCommuni- ties acquisitions and strategic initiatives director. “Beacon Communities is happy to get this real estate in the right local owner’s hands through Goodman Properties. Munley and his team were excellent to work with for a seller more versed in multifamily rather than commercial real estate.” “We have seen an uptick in investor interest within the Lancaster market,” Munley said. “With positive demo- graphic trends and sound existing retail fundamentals, we expect to see continued transactional activity from new-to-market investors, specifically in the grocery- anchored space.” 

OTTINGHAM, MD — Holliday Feno- glio Fowler, L.P.

(HFF) has closed the sale of Nottingham Commons, a 131,270 s/f, fully leased, core shopping center in Notting- ham within the Washington- Baltimore metro area. HFF marketed the prop- erty on behalf of the seller, Weingarten Realty Inves- tors . Frankel Properties purchased the asset and was assisted in the transaction by Willard Retail.

Nottingham Commons

Chelsea Square

T.J.Maxx, DSW, Petco and Five Below. Additionally, the center is home to an at- tractive line-up of food and

service tenants, including Zoës Kitchen, Nalley Fresh, Chipotle, Applebee’s, My- EyeDr., Massage Envy and

AAA. Situated on 18.36 acres at the intersection of Camp- bell Blvd. at Franklin Square Dr., Nottingham Commons is

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S hopping C enters The Space Place Your Guide to Available Retail Space

Name of Center & Location Pohatcong Plaza 1250 US Highway 22 Phillipsburg, NJ 08865

Available Sq. Footage

Company Contact Information

Anchor Stores

Co-Tenants