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





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. 

Inside Cover A — June 28 - July 11, 2019 — M id A tlantic

Real Estate Journal


Real Estate Finance Debt and Equity Solutions


$35,000,000 Luxury Condominiums

Edgewater, NJ Inventory Loan

$1,300,000 10 Units, mixed use Montclair, NJ Refinance

$8,500,000 65 Multifamily Units Berkeley Heights, NJ Refinance

Commercial Mortgage Capital, a proud partner of US Realty Capital, leverages strong, long-term relationships with a national network of providers to create innovative financing solutions. Mark M. Scott, Principal Direct: 201.787.7111 mscott@newcommercialmortgage.com

615 West Mt. Pleasant Avenue Livingston, NJ 07039 Office: 973.716.0006 www.newcommercialmortgage.com

Real Estate Journal — June 28 - July 11, 2019 — 1A


M id A tlantic

Creating greater wealth for our clients by achieving better results.


Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States specializing in the sale of single tenant net-lease assets and retail shopping centers. We have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. We have a dedicated buy side desk that provides real time inventory and market data to each individual client placing capital or fulfilling a 1031 exchange requirement. The firm is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.

www . Ho r v a t hT r emb l a y . com

Main: 781-776-4000 | Fax: 781-823-0245 | info@horvathtremblay.com

2A — June 28 - July 11, 2019 — 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 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

Eastern Pennsylvania (717) 695-3840

Northern & Central New Jersey (973) 337-1144 Maryland, Washington D.C. & Northern Virginia (410) 712-0888

© NEXT architecture/ Mike Leonardi Photography

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. 


Experienced, knowledgeable and focused, SIORs represent the absolute best in commercial real estate. Your next big win is just four letters away.


Real Estate Journal — June 28 - July 11, 2019 — 3A


M id A tlantic

M id A tlantic R eal E state J ournal

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.

Open Public Inspections: 11-3pm Friday July 12 & 26

Auctions: 10am Friday August 16 at Founder’s Hall, 2279 Mount Vernon Road, Southington, CT

Prefer Not to Wait for the Auction? Submit a Pre-Auction Offer!

800.801.8003 • williams auction .com/Southington


Mid Atlantic Real Estate Journal 8 x 8.25

4A — June 28 - July 11, 2019 — M id A tlantic

Real Estate Journal


M id A tlantic R eal E state J ournal

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-

UNMATCHED SERVICE AND EXECUTION Fannie Mae • FHA • Freddie Mac Multifamily Capital Solutions

Construction Refinance Acquisition Conventional Financing

Affordable Housing Small Balance Loans Flexible Bridge Financing

CUSTOMIZE YOUR CAPITAL SOLUTION TODAY Mortgagecompany@communityp.com 855.363.4646

S hopping C enters

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


M id A tlantic

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-

6A — June 28 - July 11, 2019 — Shopping Centers — M id A tlantic

Real Estate Journal


S hopping C enters

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

RE_ad_version1.qxp 11/2/2005 11:54 AM Page 1 Completed in 2016, Notting- ham Commons is anchored by MOM’s Organic Market,

  Seeking Retail Opportunities Consistently Ranked #1 Franchise - 50+ Y ear T rack Record

Looking for sites in PA & S. NJ End Cap, In-line, Free Standing Flexible Space Requirements

Non-Traditional Venues - Hospitals/Colleges Universities/B&I/Stadiums/Casinos/Airports

Eastern PA — Local Contacts: Philadelphia PA & Southern NJ —

610-366-8120 x 24, Cheryl Green green_c@sdepa.com 410-752-6760, Evan Brodie evan@sandhumanagement.com

realestate.subway.com www.subway.com


Real Estate Journal — Shopping Centers — June 28 - July 11, 2019 — 7A


M id A tlantic

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


National Realty & Development Corp.

Walmart Supercenter, Stop & Shop, Regal

Ulta, Old Navy, PetValu, Verizon Wireless, WaWa

4,000-30,496 SF Plus Pad Site

Cinemas, Hobby Lobby, Marshalls, HomeGoods

Harrison Lyss 914.272.8043 harrison.lyss@nrdc.com

National Realty & Development Corp.

Northampton Crossings 3768 Easton Nazareth Highway Easton, PA 18045

Walmart Supercenter, Sam's Club, Regal Cinemas, Kohl's, Hobby Lobby

Staples, Panera Bread, Petsmart

8,987 SF Plus Pad Site

Harrison Lyss 914.272.8043 harrison.lyss@nrdc.com

National Realty & Development Corp.

Marketplace at Cinnaminson 2501 Route 130 South Cinnaminson, NJ 0877

Walmart Supercenter, Sam's Club


2,500-25,650 SF

Nick Hrvatin 914.272.8037 nick.hrvatin@nrdc.com

National Realty & Development Corp.

Washington Plaza 5901 Route 42 Turnersville, NJ 08012

Burlington, LA Fitness


2,782-11,210 SF

Nick Hrvatin 914.272.8037 nick.hrvatin@nrdc.com

National Realty & Development Corp.

CooperTowne Center 711 Evesham Avenue Somerdale, NJ 08083

3,274-13,498 SF Plus Pad Site

Walmart Supercenter, Cinemark Theatres, LA Fitness

Applebee's, PetValu, Dollar Tree, Pizza Hut

Nick Hrvatin 914.272.8037 nick.hrvatin@nrdc.com

National Realty & Development Corp.

Fruitland Center 404 North Fruitland Blvd. Salisbury, MD 21801

12,100 SF Plus Pad Site

Big Lots, CitiTrends

Kool Smiles, Apple Discount Drug

Nick Hrvatin 914.272.8037 nick.hrvatin@nrdc.com

National Realty & Development Corp.

Waynesboro Plaza 2715 West Main Street Waynesboro, VA 22980

1,905 & 4,000 SF Plus Pad Sites

Big Lots, Harbor Freight Tools

Dollar Tree

Nick Hrvatin 914.272.8037 nick.hrvatin@nrdc.com

Kim Brunet Retail Publisher Space Place Listings 781.740.2900 kbrunet@marejournal.com

8A — June 28 - July 11, 2019 — Shopping Centers — M id A tlantic

Real Estate Journal


S hopping C enters

ORK, PA — Bennett Williams Commer- cial , one of the largest AT&T leases space from Point Five Development Pottsville, LLC Stine and Rohrbaugh of Bennett Williams complete 10,125 s/f retail building sale Y Associates. Chad Stine and Brad Rohrbaugh of Bennett Williams Commercial rep- resented the landlord in the transaction.

Lincoln Hwy., Caln Twp., Chester County. Lit Fitness Onc, LLC dba Downingtown Fit Body Boot Camp leased the space from Caln Village Associates, LP. Bill Hess of Bennett Williams Commercial represented the tenant in the transaction. 2,730 s/f retail space at Shops at TecPort, 3950 Tec- Port Dr., Swatara Twp., Dau- phin County. Gunton Corpora- tion dba BellaWindows leased the space from 3950 Tecport Drive, LP. Shaffer and Mon- teith represented the tenant and Rohrbaugh and Stine represented the landlord in the transaction. 3,500 s/f retail space at 378 Pottsville Saint Clair Hwy., East Norwegian Twp., Schuylkill County. New Cin- gular Wireless PCS, LLC dba AT&T leased the space from Point Five Develop- ment Pottsville, LLC. Shaf- fer, Rohrbaugh and Stine represented the tenant in the transaction. 2,000 s/f retail space at Kingston Square, 2500 East- ern Blvd., Springettsbury Twp., York County. Drayer Physical Therapy Institute, Inc. leased the space from Kingston Square Associates, LLC. Justin Willits , Shaf- fer, Rohrbaugh and Stine of Bennett Williams Commercial represented the landlord in the transaction. 1,208 s/f retail space at Windsor Park Shopping Cen- ter, 5284 Simpson Ferry Rd., Lower Allen Twp., Cumber- land County. Pari Green So- lutions, LLC dba Postal Con- nections leased the space from Windsor Park Shopping Cen- ter, LLP. Khan, Rohrbaugh, and Stine represented the landlord in the transaction. 1,600 s/f retail space at 2680 MacArthur Rd., Whitehall Twp., Lehigh County, PA. Breakwater Holdings, LLC dba Jersey Mike’s leased the space fromRealty Income Cor- poration. Hess represented the tenant in the transaction. 800 s/f office space at Man- chester Plaza, 4324 N George St Extnd., East Manchester Township, York County. Air Comfort Technologies, Inc. leased the space from Debra and Elwood McManus, Jr. Karen Neiderer and Chris Seitz of Bennett Williams Commercial represented both the tenant and the landlord in the transaction. 

Khan, Walker Monteith , Rohrbaugh, and Stine of Ben- nett Williams Commercial represented the landlord in the transaction. 1,445 s/f retail space at Spring View, 249-289 Cetron- ia Rd., Upper Macungie Twp., Lehigh County. Twisted Cu- linary, LLC dba The Wicked Chef leased the space from KRESpringViewCommercial, LP. Blake Shaffer, Adam Hagerman , Rohrbaugh, and Stine of Bennett Williams Commercial represented the tenant and Blake Gross and Dave Nicholson of Bennett Williams Commercial rep-

1,505 s/f retail space at East Market Street Center, 2430 E. Market St., Springetts- bury Twp., York County. RJR Enterprises, LLC dba CBD American Shaman leased the space from 2430 East Market, LLC. Joe Spag- nola of Bennett Williams Commercial represented the tenant and Shaffer, Hager- man, Rohrbaugh, and Stine of Bennett Williams Commercial represented the landlord in the transaction. 3,300 s/f retail space at Caln Village Shopping Center, 3957

third-party, commercial real estate firms in Cen- t ra l Penn- sylvania has arranged the sale/lease of the following transactions:

resented the buyer in the transaction. 1 , 230 s / f retail space at Windsor Park Shop- ping Center, 5284 Simp- s o n Fe r r y

Chad Stine

Brad Rohrbaugh

10,125 s/f retail building at 702 Chester Pike, Sharon Hill Borough, Delaware County, PA. Freedom Square Re- alty, LP purchased the prop- erty from Chester/Calcon

Rd., Lower Allen Twp., Cum- berland County. Brittany Harris and Melissa Amato dba Vivid Hair Design leased the space from Windsor Park Shopping Center, LLP. Abe


Geotechnical Design & AnalyƐŝƐͻnvironmental Site Assessments and

www.earthengineering.com Corporate Headquarters: 610-277-0880 ͻ Lehigh Valley: 610-967-4540 Central PA: 717-697-5701 ͻ South Jersey: 856-768-1001

Real Estate Journal — June 28 - July 11, 2019 — 9A


M id A tlantic

10A — June 28 - July 11, 2019 — Shopping Centers — M id A tlantic

Real Estate Journal


S hopping C enters


GLA/ Acreage Anchor Tenants

Property Name



Kmart, Burlington, Market Basket

Hanover Avenue NJ Route 35 & Main St. Route 70 & N. Locust Ave. Route 440 & Goldsborough Dr. Plain St. & Lowell Connector Medway St. & Beaver St. Adjacent to Foreign Trade Zone Route 18 & Foxborough Dr. Route 46 & Waterview Blvd. Springfield Ave. at Roselyn Pl. Springfield Ave. near I-78 State Hwy. 73 & Sunbird Dr. S. Delsea Dr. (Rte. 47) & College Dr. Black Horse Pike & Main St. Boston Rd. & Tower Farm Rd.

Shops at Billerica

Billerica, MA Lowell, MA


272,907 Target, Marshall’s, Best Fitness

Meadow Brook Center

Milford Crossing

158,759 Stop & Shop, HomeGoods, TJ Maxx

Milford, MA

Mount Olive, NJ Old Bridge, NJ Parsippany, NJ Hanover, NJ Evesham, NJ Eatontown, NJ Bayonne, NJ Marlton, NJ

Marketplace at Monmouth Harbor View Marketplace Shoppes at Renaissance Square


Costco Wholesale Club

243,800 Future Development

127,920 Virtua Medical Group, Children of America

Vacant Land Sunbird Plaza Cedar Village

123,593 Lowe’s

26,041 Future Development

19.9 AC Across from Walmart, Sam’s, TJ Maxx 9.33 AC Across from Walmart Supercenter 145,880 Whole Foods, Homesense, DSW, Ulta

Foxborough Plaza

Waterview Marketplace

Vacant Land Vacant Land

0.199 AC Vacant Land 0.3239 AC Vacant Land

Union, NJ

Vauxhall (Union), NJ

Vineland Marketplace

Vineland, NJ


Future Development

Williamstown, NJ

94,452 CVS, Dollar General

Williamstown Shopping Center

Thomas G. Mirandi | tel 212.265.6600 x239 | tmirandi@rdmanagement.com

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


M id A tlantic

S hopping C enters

Meadow Brook Center | Lowell, MA


GLA/ Acreage


Property Name

Anchor Tenants


Route 13 & Bennie Rd.

26 AC Across from Walmart Supercenter

Vacant Land Grand Plaza

Cortland, NY Deer Park, NY

Commack Rd. & Grand Blvd. Saratoga Rd. & Glenridge Rd.

189,125 Kohl’s, Stop & Shop, Pet Supplies Plus

Lake Shore Plaza II & III Target Shopping Center

170,616 Target, Pet Supplies Plus

Glenville (Albany), NY

Lake Ronkonkoma, NY 170,451 Stop & Shop, Regal Cinemas, Dollar Tree Portion Rd. & Patchogue-Holbrook Rd.

Routes 17/6 & Route 32 Route 59 & Hutton Ave.

Harriman Commons

Monroe/Woodbury, NY 711,816 Walmart, Target, Home Depot, BJ’s

Home Depot Shopping Center

Nanuet, NY

276,792 Home Depot, Raymour & Flanigan, Staples

Orangeburg Commons

Route 303 & Palisades Pkwy. Montauk Hwy. & Station Rd.

Orangetown, NY Southampton, NY Stony Point, NY

143,219 Stop & Shop, Residence Inn

The Mill

29,314 Provisions Natural FoodsMarket, SoulCycle

Stony Ridge Plaza

Route 9W & Park Rd. 660 White Plains Rd.

21,212 US Post Office

660 White Plains Road

Tarrytown, NY

279,254 Adjacent to Super Stop & Shop

Home Depot Shopping Center Home Depot Shopping Center

Lehigh St. & Route 78

Allentown, PA

134,271 Home Depot

Hanover St. (Rte. 34) & I-81

Carlisle, PA

140,715 Home Depot, Chili’s

Five Points Plaza

Montgomeryville, PA 133,124 BJ’s Wholesale Club, Lowe’s Cowpath/HorshamRd. @Rte. 309

Richland Marketplace

Rte. 309 & Pumping Station Rd. Hamilton Blvd. & Grange Rd.

Quakertown, PA Trexlertown, PA

444,531 Target, BJ’s, Best Buy, Petsmart, Staples

Macungie Crossing Shopping Ctr.

36,671 Near Walmart Supercenter

Thomas G. Mirandi | tel 212.265.6600 x239 | tmirandi@rdmanagement.com


12A — June 28 - July 11, 2019 — Shopping Centers — M id A tlantic

Real Estate Journal


S hopping C enters






8353 Hergerman St Philadelphia, PA 19136 (215) 624-3667 www.northeastconstructioninc.com

Real Estate Journal — Anniversary — June 28 - July 11 , 2019 — 13A


M id A tlantic


Mid Atlantic Real Estate Journal


15 years of publishing the most comprehensive source of commercial real estate news in the Mid Atlantic region


MAREJ publishes twice monthly in print and digital, a daily blog, a weekly newsletter & sponsored industry-related conferences



14A — June 28 - July 11, 2019 — Anniversary — M id A tlantic

Real Estate Journal



CORFAC International In a data-driven world, broker relationships still matter

hirty years ago, COR- FAC International was launched to give independent brokerage firms greater geographic reach, without sacrificing the qual- ity of client service or their own autonomy. The idea was to develop a network of non-competing firms led by experienced, respected brokers who either knew each other already, or would build relationships through participation in the network. 1989 was before Big Data, the first Blackberry or even the Internet. Brokers got to T

sional organizations. This approach advances CORFAC’s focus on strong broker relationships, proven expertise and professional in- tegrity and worked 30 years ago. But in a world of social media and data-driven solu- tions, how important are bro- kerage relationships today? The answer: More important than ever. CORFAC is the world’s larg- est network of independent commercial real estate brokers, with affiliates in 75 markets around the world completing 500 million s/f of transactions

valued at $8 billion. Growth is accelerating, as the network has added more than 20 affili- ates worldwide in the past four years. CORFAC is especially strong in the Mid-Atlantic region, the home of several affiliates with longevity in the industry and in the net- work. The Garibaldi Group/ CORFAC International, Cha- tham, New Jersey, has been in business for 100 years and has been a CORFACmember for nearly 30 years. Donohoe Real Estate Services/COR- FAC International, with of-

fices in Bethesda, Maryland, and Vienna, Virginia, was formed 125 years ago and joined the network 20 years ago. Porter Realty Company/ CORFAC International in Richmond, Virginia, was launched 50 years ago and joined CORFAC more than 25 years ago. Patterson- Woods Commercial Proper- ties/CORFAC International, Wilmington, Delaware, has served clients for 50 years and joined CORFAC 18 years ago. “Part of CORFAC’s strength is in the great working rela- tionships and friendships within the organization,” said Greg Ellis, CCIM, Principal of Patterson-Woods Com- mercial Properties/CORFAC International. “We can work with people who we know have the knowledge, skill and integrity to accomplish our clients’ goals.” Firms that join CORFAC almost never leave. The av- erage tenure of a CORFAC firm is 14 years. “CORFAC helps us connect with brokers we can trust who can help us do a great job for our clients when we venture out of our backyard,” said James Garib- aldi, CEO of The Garibaldi Group/CORFAC Internation- al. “The relationships we’ve developed through CORFAC are invaluable to expanding our client relationships.” When a long-term client of Garibaldi had a need in Mil- waukee, Wisconsin, the team worked with the local affili- ate The Dickman Company/ CORFAC International on a multi-year project to identify sites for a strategic manu- facturing facility. The result was a creative opportunity to combine an existing 118,000 s/f office building with a neighboring land site to sup- port a 350,000 s/f build-to- suit manufacturing facility. Simultaneously, Garibaldi worked for the same client with Sansone Group/COR- FAC International in St. Louis, Missouri, this time for a 171,500 s/f manufacturing build-to-suit in Bridgeton, Missouri. The commercial real es- tate industry has changed dramatically in recent de- cades, but one thing has not changed: Broker rela- tionships and expertise are still vital to getting the best execution. 

know their peers in other cities through professional credentialing organizations like SIOR and CCIM. In fact, CORFAC was first con- ceived by a group of SIORs at a national conference, and new affiliates often became acquainted with existing members through profes-

Wherever or whatever, we make it happen. Your commercial real estate transaction demands innovative expertise and principal involvement. Our network of 70 global offices is exceptionally experienced and intentionally independent. And the Mars site? We’re working on it. Let’s talk today.


Celebrating 30 Years

Real Estate Journal — Anniversary — June 28 - July 11 , 2019 — 15A


M id A tlantic


16A — June 28 - July 11, 2019 — Anniversary — M id A tlantic

Real Estate Journal



By Richard Gacek, Gacek Design Group Biophilic Design: Reconnecting people with their natural environment


n today’s society where housing is dense, urban living is prevalent, and

we are separated from it, our health and wellbeing is ef- fected in a negative way. Enter Biophilic Design. Bio- philic design is a sustainable, architectural interiors solution that reconnects people with their natural environment. Research shows when natural elements are integrated into interior spaces, (and inspira- tional, mindful places are de- signed), the result gives us live and work environments that are productive, welcoming, healthy, and less stressful. Biophilic design is not a new concept. Scientists, re-

searchers, and practitioners have been working for years to define those elements in nature that can have the most positive impact on our built environments. It seems that in recent years with the popu- larity of health, wellness, and ways to lessen your impact on the environment, there has been a heightened awareness to those practices that support it. Green building attempts to use eco-friendly building materials and construction procedures to provide better living. And research on human biology continues to work to in-

tegrate meaningful elements that evoke emotion such as: Why crackling fires and crash- ing waves captivate us; Why a garden view can enhance our creativity; Why shadows and heights introduce fascination and fear; andWhy companion- ship and strolling through a park have restorative, healing effects. Of course, this is a sim- plistic view of how biophilic design actually works. The 14 Patterns of Biophilic De- sign , a white paper created by Terrapin, a sustainability consulting firm, looks in detail

at the relationships between nature, human biology and built environment’s design in order to experience the human benefits of biophilia. The 14 patterns provide a series of tools for understanding design opportunities, including the roots of the science behind each pattern. Metrics and strategies are then identified for how to use each pattern. Patterns are organized into three categories: Nature in the Space Patterns , includes the direct presence of nature in the space, (for example: plant life, breezes, sounds, scents, bird feeders, butterfly gardens, water features, court- yard gardens and green walls or vegetated roofs). Nature of the Space Patterns, includes designing a space to evoke emotions you experience in nature, (for example: seeing a view over a distance, experi- encing a place for withdrawal from environmental conditions or the main flow of activity, in which the individual is pro- tected). Natural Analogues Patterns bring objects, mate- rials, colors, shapes, and pat- terns found in nature, in the form of artwork, accessories, furniture, and textiles into the built environment, (for example: shells and leaves, furniture with organic shapes and natural materials that have been processed or exten- sively altered). Interior Design Trends. Some of the most effective el- ements that can contribute to the wellbeing of those within it include natural materials, (reclaimed or sustainably sourced woods and flooring to look like a forest floor or a riv- erbed); natural light (skylights with views to nature); natural ventilation, plant life (potted plants, green walls); and views of the natural world (murals and landscape art). It’s im- portant to note that biophilic design works best in an overall built environment. When add- ing natural elements, make sure the entire interior en- vironment is connected, just like how all living things are connected, and bound together as a community. RichardGacek is theprin- cipal designer of Gacek De- sign Group. Gacek Design Group is a leading interior design and architectural consulting firm for those who value expertise and partnership in design. 

t e c h a d - vances keep us plugged in 24/7, we spend l ess and less time away f rom t h e g r e a t outdoors. In fact, 90% of

Richard Gacek

our time is spent inside a building or a vehicle. As hu- man beings we have an innate need to connect with nature and living things, and when

Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52

Made with FlippingBook Annual report