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Becomes PA’s largest multifamily owner Morgan Properties hits major milestone with 50,000 units
SPOTLIGHT APPRAISAL SPOTLIGHT 10-15A WILDER ENTERS MID-ATLANTIC ISSUE HIGHLIGHTS Volume 31, Issue 7 April 12 - 25, 2019 REGION WITH CONTRACT TO LEASE & MANAGE MD MIXED-USE DEV.
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ily industry and are very well positioned for the future. Our team is looking forward to hit- ting the ground running on this one. Since 2012, Morgan Properties has purchased over $5 billion in total acquisi- tion volume comprised of over 30,000 units.” The Philadelphia assets in this portfolio consist of seven apartment communities to- taling 2,346 units. Stonegate at Devon and Villas at Bryn Mawr, both located in the cov- eted Main Line neighborhoods of Devon and Bryn Mawr, total 947 units. The remaining five assets, totaling 1,399 units, are situated in Conshohocken, West Chester, Downingtown, Jeffersonville, and Bensalem in suburban Philadelphia. The Northern VA sub-portfo- lio consists of three apartment communities totaling 1,784 units. Mount Vernon Square in Alexandria, Virginia repre- sents the largest property in the portfolio, with 1,387 units. location with close proximity to employment, arts, and en- tertainment,” said Andy Wal- lace, CEO and Principal of One Wall Partners. “These assets perfectly complement our exist- ing portfolio of transit-oriented workforce housing, and we look forward to increasing their value by enhancing services and amenities for residents.” One Wall Partners was represented in-house, while the seller was represented by CBRE , which also arranged financing for the transaction with Freddie Mac and MF1, a JV led by Berkshire Residential Investments and Limekiln Real Estate. “We’ve aligned ourselves with strategic equity partners that support our value-add capex plan and recognize the upside in these markets,” said Nate Kline, CIO and principal of One Wall Partners.
HILADELPHIA, PA — Morgan Properties , one of the nation’s larg-
est and fast- est growing multifamily investors, an- nounced to- day it official- ly ranks as Pennsylva- nia’s largest multifamily
Mount Vernon Square, 1,387 Units, Alexandria, VA
JonathanMorgan
Morgan Properties plans to invest an additional $20 million into renovations and amenity upgrades in these properties. Morgan Properties has successfully completed recent acquisitions in both markets including the Mark Center Portfolio, a $509 million acquisition comprised of 2,664 units in Alexandria, VA; and Chesterfield Apartments and Curren Terrace Apartments, a combined $71 million portfolio acquisition in suburban Phila- delphia. Morgan Properties currently owns 5,000 units in Northern VA. “We are extremely proud of
our organization in achiev- ing this significant milestone of reaching 50,000 units. We considered this portfolio a once in a lifetime acquisition opportunity as it marks the largest multifamily transac- tion in Pennsylvania to date and officially makes us the top multifamily owner in our home state,” said Jonathan Morgan , president of Morgan Properties JV. “This transac- tion solidifies the geographic concentration in two of our core markets of suburban Philadelphia and Northern VA. We are confident in the strong fundamentals of the multifam-
owner and operator following its historic portfolio acquisition of 10 apartment communities with 4,130 apartments span- ning Philadelphia and North- ern Virginia. This acquisition brings Morgan Properties’ Pennsylvania portfolio to 9,300 units and its total unit count reaches 50,000 units for the first time since its inception in 1985. This landmark acquisi- tion marks the largest multi- family transaction in Phila- delphia to date and expands the company’s already growing presence in the Northeast and Mid-Atlantic Region.
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One Wall Partners acquires portfolio of 996 rental units in Lehigh Valley, PA
LEHIGH VALLEY, PA — One Wall Partners , an owner and manager of transit-orient- ed workforce housing, has ac- quired a portfolio of 996 rental apartments. The acquisition includes four properties in the
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One Wall Partners acquires of 996 rental units in Lehigh Valley PA
Lehigh Valley in Pennsylvania. The Lehigh Valley portfolio, which stands at 98 percent oc- cupancy, features three large garden complexes and a rental townhome community in ver- dant, residential neighbor- hoods. Each property offers numerous amenities, including outdoor pools, fitness centers and clubhouses. The properties are located near abundant new develop-
ment, a thriving medical com- munity, an extensive network of colleges and universities, and a growing corporate commu- nity. Renters also have easy ac- cess to the LANTAmass transit system and multiple highways connecting them to Pennsylva- nia’s and New Jersey’s largest employment hubs. “The Lehigh Valley portfolio provides enormous opportunity for renters seeking a central
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B U I L D I N G R E L AT I ON S H I P S T H R OU G H T H E P OWE R O F P E O P L E
TARGET BUILDING CONSTRUCTION WORKS IN 16 HEALTHCARE SYSTEMS AND 40 HOSPITALS:
A.I. DuPont Nemours Capital Health Children’s Hospital of Philadelphia (CHOP) Cooper University Hospital Crozer Keystone Health System Fox Chase Cancer Center Hackensack Meridian Health Jefferson Health
Kennedy Health Kindred Healthcare
Lehigh Valley Health Network Magee Rehabilitation Hospital Saint Christopher’s Hospital for Children
Temple University Health System University of Pennsylvania Health Virtua
TA R G E T B U I L D I N G . C O M
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COLLABORATIVE CULTURE RELATIONSHIP FOCUSED DEFINED EXPERTISE
BB&T Bank Fredericksburg, VA $5,290,000
Downtown Mall Meadville, PA $7,564,743
Honey Dew Donuts North Providence, RI $860,000
Chili’s Venice, FL $2,494,076
Sonic Littleton, CO $710,000
Bull Hill Shopping Center West Haven, CT $2,750,000
Holiday Gas North Branch, MN $1,760,000
Wendy’s Amsterdam, NY $1,855,300
CVS Randolph, MA $4,829,778
Closed $4,000,000,000 in Recent Transactions
Transactions 1,000+ in 36 States
Ranked #1 Industry Leading Firm
Ethan Cole, PA Broker of Record, License RMR003168, RI Broker of Record, License REB0018287, CT Broker of Record, License REB.0791750, NY Broker of Record License 10491208561 R Stanley Stein, JDS Real Estate Serivces, Inc., VA Broker of Record, License 2260026959 | David B Zacharia, DZ Net Lease Realty LLC, CO Broker of Record, License 100048698, MN Broker of Record, License 40459837
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Mid Atlantic R eal E state J ournal Publisher, Conference Producer . .............Linda Christman AVP, Conference Producer ...........................Lea Christman Publisher ........................................................Joe Christman Associate Publisher ......................................... Steve Kelley Associate Publisher ........................................... Kim Brunet Editor/Graphic Artist ......................................Karen Vachon Office Manager ...............................................Kerrin Devine Contributing Columnists ............................Ian Grusd, Ten-X 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 7 Subscription rates: $99 - one year, $148 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion 781-740-2900 | Fax: 781-740-2929 www.marejournal.com The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
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Why the CRE Community Should Embrace Technology-Driven Auctions H Ian Grusd olding an auction to maximize value is a common practice across many industries includ- ing cars, antiques and art, and can even be viewed as a high- end, exclusive event. However, this widely accepted perspec- tive of auctions doesn’t fully carry over into the real estate industry. In the past, commercial real estate auctions have generally been associated with foreclo- sures and distressed proper- ties. With more than $20.5 billion worth of real estate transacted online, Ten-X Com- mercial has changed that per- ception within the CRE space, proving that auctions are ben- eficial to buyers, brokers and sellers alike. In fact, some key benefits of online CRE auctions include an efficient streamlined process, achieving true market value, and reducing the time, from list to close, by 50 percent. Auctions have become a reli-
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able indicator of buying inter- est in the current real estate market. Specifically, online auctions have a unique ability to reach a wider audience of serious buyers who would have previously been unaware that certain properties were avail- able due to physical geographi- cal limitations. With more serious, qualified bidders and a competitive bidding environ- ment an auction can generate a final price that maximizes value and is indicative of true market value. Furthermore, auctions are proven to cause a sense of urgency and competi- tion among bidders, leading to increased activity and height- ened excitement. Ten-X’s signature auction
solution, Live Bid, has many unique benefits. For example, the streamlined process accel- erates the transaction timeline so that 96 percent of deals close in 90 days or less – much quicker than the overall tra- ditional offline closing period. Also, Ten-X’s Dashboard gives sellers and listing brokers access to data analytics that provide transparency on the most likely qualified bidders, where that potential bidder is located, and real-time insights into bidder activity. On the bidder side, potential buyers are able to see the previous bid amount and how much time is left on the clock to continue placing new bids – all online continued on page 3A
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.
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Nicholson of R.J. Brunelli &Co. brokers 43,152 s/f retail lease
ERSEY CITY, NJ — Mack-Cali Realty Cor- poration has entered $487.5M transaction expected to close in 2nd quarter Mack-Cali in agreement to sell 56-building flex portfolio J
PLAINSBORO, NJ — R.J. Brunelli & Co., LLC an- nounced that Asian Food Mar- kets has signed a lease for a 43,152 s/f anchor space at Plainsboro Plaza Shopping Center in Plainsboro, which is owned by Onyx Equities . The store is projected to open in the next several months. Plainsboro Plaza, located at the intersection of Schalks Crossing and Scudders Mill Rds., is a 220,000 s/f center. The chain is currently look- ing for additional sites in north- ern New Jersey and New York City areas with a high concen- tration of Eastern and Central Asian residents, according to R.J. Brunelli senior sales as-
sociate Pete Nicholson , who brokered the Plainsboro Plaza transaction on behalf of Asian Food Markets. In other news, veteran real estate executive Robert Kwi- atkowski has joined R.J. Brune1li & Co., LLC in the newly-created position of VP of tenant representation. Among his responsibilities, Kwiatkowski will serve as account manager for Jersey Strong, who R.J. Brunelli and Co. have represented for over 25 years. Jersey Strong is currently seeking 25,000- to 40,000 s/f locations in Ocean, Monmouth, Middlesex, Mercer, Somerset, Union, Essex, and Morris counties.
The aggregate purchase price for the portfolio is $487.5 million. A portion of the proceeds from the sale will be used for the repayment of approximately $230 million of unsecured debt. Michael DeMarco , CEO said, “The sale of our office/ flex portfolio substantially completes our strategic repo- sitioning. Mack Cali’s evolu- tion to a waterfront centric of- fice and residential landlord is complete. Proceeds from the sale of this portfolio will be used in part to pay down
debt and to purchase Soho Lofts, a 377-unit apartment community in Jersey City, which furthers our water- front strategy.” The sale of the portfolio is subject to normal and cus- tomary undertakings, cov- enants, obligations and clos- ing conditions. The company anticipates completing the sale of the office/flex portfolio early in the second quarter of 2019 to RMC Acquisition Entity, LLC, an affiliate of the Robert Martin Company, LLC.
i n t o t w o d e f i n i t i v e agreements w i t h o n e buyer for the sale of its 3.1 million s/f office/flex p o r t f o l i o .
Michael DeMarco
and in real-time. Additionally, bidders have access to all due diligence documents up front so they can determine their investment strategy before bidding even begins. As the CRE community con- tinues to embrace new technol- ogy, online real estate auctions have become an even more desirable avenue for buying and selling properties. Ten-X data science is at the forefront of utilizing deep learning algo- rithms and behavioral analyt- ics to intelligently match the right buyers with the right properties at the right time, further enhancing the strength of their Live Bid auction solu- tion. Ian Grusd, CCIM SIOR is senior director at Ten-X. continued from page 2A Why the CRE community . . . Prior to joining Rosenberg & Estis, Stacey represented financial institutions, residen- tial lenders, loan servicers, and trusts in state and federal liti- gation and appeals in enforcing mortgage foreclosure rights and defending claims under the New York Deceptive Practices Act, Truth in Lending Act, the Fair Debt Collection Practices Act, Home Owners Equity Protection Act, the Real Estate Settlement Procedures Act, as well as al- legations of fraud. Rosenberg & Estis, P.C. HIRES LARA NEWYORK , NY — Rosen- berg & Estis, P.C. has an- nounced that Stacey Lara has joined the firm as Of Coun- sel with its award-winning Litigation Department. Lara represents financial services institutions in com- plex commercial litigation in federal and state courts, investigations and regulatory actions, with a concentration on residential and commercial real estate mortgage lending and servicing.
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Exhibit at New Jersey’s Largest and Most Dynamic Conference For Housing and Economic Development Professionals!
EARLY BIRD SPECIAL Register early and save. The Early Bird exhibit fee is $650 until May 31 for each 8’x10’ space. The standard exhibit fee is $699 starting June 1. CHOOSE YOUR OWN SPACE Pick your own booth location on the Trade Show floor on a first-come, first-served basis. NETWORKING RECEPTION ON THE TRADE SHOW FLOOR This year, the always-popular Networking Reception will be held on the Trade Show floor, with increased opportunities for key leaders in business and government, housing and economic development, nonprofits and more to view your product and build new relationships. Exhibitor registration includes two booth personnel, breakfast both days and second day brunch. Exhibitors will also be listed in the printed conference program book, on the conference website with a company link and in the Mid Atlantic Real Estate Journal’s July 26 issue. Join us as an exhibitor September 16-17!
2019’s conference is hosted by:
Community A airs NJ DEPARTMENTOF
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ECONOMIC DEVELOPMENT AUTHORITY
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ARE YOU UP FOR THE CHALLENGE? The winner of this challenge will receive a FREE 1 year subscription to the
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As this is the inaugural column of The Professor's Challenge, THE PROFESSOR thought he would start our readers off with an EASY ECONOMIC QUESTION: Question: In the corporate form of ownership, who are the owners of the firm?
a. The board of directors b. The chief financial officer c. The managers who generate the most profit d. The stockholders e. The firm’s customers
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6A — April 12 - 25, 2019 — M id A tlantic www.marejournal.com UBS Asset Mgmt. awards company with managing contract for Towne Centre at Laurel Wilder enters Mid-Atlantic Regionwith contract to lease &manage Maryland mixed-use development L AUREL, MD — Wilder , the retail real estate leas- ing, management, and for the development’s many customers.” Real Estate Journal
Towne Centre at Laurel con- tinues the growth of Wilder in the Tri-State Area and Mid- Atlantic region. Wilder recently acquired the 569,000 s/f Weg- man’s anchored Silver Spring Square in Harrisburg, PA and took over the management and leasing of the 257,400 s/f T.J. Maxx, HomeSense, Old Navy, Best Buy-anchored Airport Square in Montgomeryville, PA. “We see a real opportunity for growth in the region. The Greater Washington area is adding 70,000 -80,000 resi- dents annually which trans- lates to an increased demand for shopping, eateries, services, and entertainment options. We look forward to applying our expertise to all our assets in the area to achieve great results for our shoppers, partners, and clients,” said Brian Cosen- tino , Wilder’s vice president, acquisitions. talent. The leadership team at CoConstruct recognize that 3TWENTY3 will assist them in recruiting for their fast- growing business. We welcome CoConstruct and look forward to its success”. “As a leading software pro- vider in the construction in- dustry, CoConstruct needed a location that allowed us room to grow and that reflected our style to employees, recruits, and clients. 3TWENTY3 is an amazing building that ac- complishes that and will do it in a way that incorporates the unique attributes of Charlot- tesville and Central VA that make us proud to be growing our business locally, " said Co- Construct founder and CEO, Donny Wyatt. John Pritzlaff of Cush- man & Wakefield | Thalhimer handled the lease negotiations on behalf of the landlord. Robin Amato of REIII Commercial Properties represented the tenant.
development firm, is expand- ing its presence down the East Coast with its recently awarded contract for Towne Centre at Laurel in Laurel. The leasing and management contract was awarded by the U.S. real estate business of UBS Asset Management. Towne Centre at Laurel, with its Main Street-like envi- ronment, features 400,000 s/f of retail, restaurants, and en- tertainment, including Harris Teeter, Burlington, Old Navy, Ulta, Mission BBQ, Buffalo WildWings, and Panera Bread. It also features a 12-screen Regal Cinema and 350 apart- ments. Opened in 2014, the development has become a community anchor with its pe- destrian friendly streetscape, community gathering spaces, and easy, shop-front parking. It has a long, successful history as a retail location, having been CHARLOTTESVILLE, VA — Cushman & Wakefield | Thalhimer and Insite Prop- erties announce CoConstruct, LLC has leased 40,000 s/f of office space within the 3TWEN- TY3 building located at 323 2nd Street SE in Downtown Charlottesville, Virginia. Co- Construct is set to consolidate their two current locations into a single new headquarters at 3TWENTY3. Totaling 120,000 s/f, 3TWEN- TY3 is a five-floor office building to be built on top of a four-story, 200 space, parking structure and features the largest floor plates in the Charlottesville market. Additional building amenities include a pedestrian plaza/walkway, common lobby gathering space, rooftop appur- tenance with event/conference space, catering kitchen and a patio, electric car charging stations and added bike racks. Its exceptional location in the heart of downtown Char- lottesville offers tenants a
Corridor. “We are pleased to add Towne Centre at Laurel to our portfolio of leased and managed centers,” said Gary Towne Centre at Laurel
built on the site of the former Laurel Mall. The center is located on busy Rte. One in the densely popu- lated Baltimore/Washington
Robinson , vice president of leasing for Wilder. "We look forward to building on the con- temporary merchandise mix to enhance the overall experience
Cushman&Wakefield | Thalhimer and Insite Properties announce CoConstruct leases at 3TWENTY3 building in Charlottesville
3TWENTY3
short walking distance to the Downtown Mall with its vari- ous restaurants, retail shops, entertainment venues and other amenities that downtown has to offer. The building also enjoys breathtaking views of
both downtown Charlottesville and the rolling hills of the Blue Ridge Mountains. The building is being de- veloped by Insite Properties. J ay Blanton , the managing partner of Insite recently said,
“3TWENTY3 is a first-class of- fice building designed to attract tenants that recognize that the location, quality and fea- tures inherent in the building they occupy contribute to their ability to attract and retain
Real Estate Journal — April 12 - 25, 2019 — 7A
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Stape of KLNB represents seller in transaction Matan Companies sells The Shops atWestviewSouth
F
REDERICK, MD — Matan Companies an- nounced the sale of their
21 , 138 s / f , two-building class A retail center known as The Shops at Westview South, locat- ed along Rte. 85 at Execu- tive Way in
Andy Stape
Frederick. The retail center was developed and leased by the Matan Companies as part of its larger 100-acre Westview South development. The Shops at WestviewSouth were delivered in the Spring of 2016 and are currently 90.2% leased. The tenant roster in- cludes Dunkin’ Donuts, Sola Salon, Chaps BBQ, Dogtopia, Club Pilates, and Monocacy River Dental. Broker Andy Stape of KLNB represented the seller in the transaction. The property sold for $421/SF to JS Westview South, LLC. “We could not bemore pleased with the outcome of this project, culminating with the sale,” said Brad Benna of the Matan Companies. “While retail is not our forte perse, we sensed that demand for this smaller prod-
The Shops at Westview South
uct was strong and the result confirms our intuition.” The residential component of Westview South is progressing as planned with over 100 homes already delivered or under construction and the remain- ing 390 homes expected to be delivered by late 2021. The self-contained commu- nity is strategically located along the Rte. 85 Corridor with easy access to major interstates I-70 and I-270. Westview South is within walking distance of a thriving amenity base and of- fers a park-like setting with 31 acres of preserved green space and walking trails along Bal- lenger Creek. Three retail pad sites, still owned by Matan, which sur-
round the retail project, are still available. They are suited for users looking for a stand- alone presence on Rte. 85, with a more prominent identity, built to suit the specific users needs. a section of the MARE Journal 350LincolnStreet, Suite1105 Hingham, MA 02043 P: 781-740-2900 Fax: 781-740-2929 www.marejournal.com S ection P ublisher Steve Kelley skelley@marejournal.com DELMARVA
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Merrey assisted in closing sale of a 8,500 s/f net-leased Children of America property Zang & Ein of Marcus & Millichap sell DC area Walgreens at 100% of asking price
S
ILVER SPRING, MD — Marcus &Millichap has announced the sale of
Walgreens, a 13,361 s/f ne t - l e a s e d property lo- cated in Sil- ver Spring. Th e a s s e t sold for $9 million. The 1.25- a c r e s i t e l o c a t ed a t 13307 New Hampshire Ave. in Silver Spring was o r i g i n a l l y developed in 2005 as an Eckerd Drug Store, by a lo- cal partner- ship between Joe Caputo and Sheldon Nasar. The t e am b r o - k e r e d t h e initial sale of the site for
Dean Zang
12008 Old Salem Church Rd.
Walgreens in Silver Springs, MD
transaction. The Children of America is located at 12008 Old Salem Church Rd. in Fredericksburg,
VA. The property had two additional pads that were ap- proved, zoned, and permitted for two additional buildings.
million. The buyer, a 1031 exchange investor, was secured and
represented by Zang and his team. BrynMerrey , broker of record, assisted in closing this
Josh Ein
Bryn Merrey
the original developer in 2005. Shortly after the property was developed, Eckerd was pur- chased by Rite Aid and this store has operated as a Rite Aid since 2007. As a result of the recent acquisition of Rite Aid by Walgreens Boots Alliance, the store has been rebranded as a Walgreens. At the time of the 2019 sale, the site had about 12 years remaining on the original 25- year NNN lease. Dean Zang senior manag- ing director and Josh Ein vice president of investments, in Marcus & Millichap’s Wash- ington, D.C. office, had the listing to market the property on behalf of the seller, a pri- vate local developer and pro- cured the buyer, a local 1031 exchange investor. Zang and his team were able to achieve 100% of the asking price. “Although we are seeing some cap rate expansion in the drug store sector, our team and exclusive listing platform were able to achieve full asking price for the property by driv- ing multiple offers,” said Ein. The team currently has seven Walgreens listed for sale. In other news, Zang had the listing to market an 8,500 s/f net-leased Children of America property located in Freder- icksburg, VA on behalf of the seller. The asset sold for $2.175
Photo © Connie Zhou
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A ppraisal
he ACLU of Dela- ware, on behalf of De l awa r e ans f o r By Alexander D. Knight, MAI, AI-GRS, Delaware Chapter of the Appraisal Institute Statewide real property reassessment may be in Delaware’s future! T
low-income and non-white students experience mean- ingful disparities in resource allocation sufficient that af- fects the adequacy of their education. According to the Delaware ACLU, “instead of focusing on how we should fund schools” the focus is “on what high-poverty schools require to successfully edu- cate and prepare all students for successful lives and ca- reers.” Educational resources and their allocation are deter- mined by the current assess- ment system in the state.
The ACLU of Delaware sum- marizes the issue: “There are also fewer resources avail- able to schools because of the failure to reassess prop- erty values for more than 30 years. The failure … means that the underlying school tax base has remained flat for decades while the cost of running schools has risen substantially due to inflation and increased enrollment.” Vice Chancellor Travis Laster denied a motion to dismiss the suit in late 2018, and indicated that legal teams should be ready to
argue how the state assesses property taxes. In a twist, in January of 2019 the City of Wilmington joined the suit against the government of- ficials. Wilmington does not have its own school district, but is divided between mul- tiple County districts. Ac- cording to Delaware Public Media, “the City’s primary concern is not schools— it’s tax revenue. …The City ar- gues the County’s failure to do a general property tax re- assessment for 36 years has had an ‘irreparable’ impact on City revenue.”
The likely statewide reas- sessment in Delaware has the potential to create many opportunities for valuation and legal professionals prac- ticing in the First State. On May 2, the chapter joins the Delaware Real Es- tateWomen (DREW) and the Delaware Satellite Council of the Urban Land Institute Philadelphia. Presenters include Dan Blevins, principal planner, WILMAPCO; Dave Gula, senior planner, WILMAP- CO; and Michael J. Hare, executive vice president for development, BPG. Change is constant and there is plenty going on in North Wilmington. Concord Pike traffic counts are in excess of 55,000 vehicles per day and, even with economic downturns, the corridor has maintained its competitive- ness as a prime retail and office location. Planners for the Wilmington Area Plan- ning Council (WILMAPCO) will discuss findings of their recent commissioned land use assessment of the Con- cord Pile corridor. Mr. Hare from BPG will speak about the background and phased redevelopment of the Con- cord Plaza office park into a mixed-use walkable develop- ment with a mix of residen- tial, ground level retail, and office uses. In addition, there will be a tour of the Concord Plaza and the recently con- structed apartments as we discuss these new real estate ventures. The panelists will also discuss the following announced large-scale de- velopments happening along Route 202, including: • Concord Plaza (devel- oped by BPG) • Avenue North (developed by Delle Donne and Associ- ates, Inc.) • Columbia Place (devel- oped by the Reybold Group) • Brandywine Country Club’s proposed redevelop- ment • Proposed sale and re- development of the Widner Law School campus. The event begins at 4pm, held at the Concord Plaza, 3575 Silverside Rd., inWilm- ington. On-site happy hour at El Camino to follow! Alexander D. Knight, MAI, AI-GRS is president of the Delaware Chapter of the Appraisal Institute.
Educational Opportuni- ty and the D e l a w a r e N A A C P , f i l e d s u i t a g a i n s t G o v e r n o r Carney, Ed- ucation Sec-
Alexander Knight
retary Bunting, and State Treasurer Simpler, as well as tax collectors from each of the three counties. The basis for the lawsuit is that
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When it comes to getting deals done in today's fast-paced market, time is more important than ever. We think waiting 4-5 weeks for an appraisal is unconscionable
12A — April 12 - 25, 2019 — Southern NJ Chapter Appraisal Institute — M id A tlantic
Real Estate Journal
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Southern New Jersey Chapter www.ai-snj.org Telephone 856-415-0281 • Fax 856-415-1952
Upcoming Dinner Meeting Joins SNJAI & AMANJ
The Southern New Jersey Chapter of the Appraisal Institute will hold its annual seminar/dinner event with the Association of Municipal Assessors of NJ on Thursday, April 18th , at the Adelphia Restaurant in Deptford, NJ . The topic of this year’s event is “Trends Affecting Our Local Appraisal/Assessing Industry.” Historically, this is the best attended event of the year, and this year’s agenda promises to fill the room once again. The seminar begins at 3pm, with two different topics. The first speaker is Carlo Batts, MAI, of Rittenhouse Appraisals . He will review local current pending legislation which deals with the use of tax abatement. He will also discuss land use issues and the way these developments are being processed. The focus of his discussion will be on current local issues and what’s to come in other municipalities. The next segment is presented by Richard J. Carabelli, Jr, MAI, CTA, Martin Appraisal Associates, Inc. & Mercer County Board of Taxation, President and Commissioner, and Cliff Moore, Monmouth County Board of Taxation, President and Commissioner . This presentation brings two experts of the NJ tax boards to present important information, includes defining the tax board and noting its powers and duties. They will also review a CTB appeal/value procedures, relaxing the rules, dismissal without prejudice, the importance of USPAP and non-licensed expert witnesses. They will answer these questions: Who has standing? Can an assessor be forced to testify? What questions can a commissioner ask? The information presented will be VERY helpful to appraisers and assessors! After dinner, Judge Joseph M. Andresini, P.J.T.C. , will discuss tax court issues & recent cases from across the state. His insight and experience will be a great benefit to all. Joseph M. Andresini, P.J.T.C. took the oath of office as presiding judge on January 16, 2018. Judge Andresini began his time with the tax court in October 2009. Prior to that, he served as a Municipal Court Judge in the Borough of Haworth. He earned his Jurist Doctorate from Seton Hall School of Law in 1984. For information on how to register, email lisamayweiss@hotmail.com, or visit our newly updated website: www.ai-snj.org. Seminars At The Shore 4 SEMINARS, 2 DAYS, 14 CE HOURS Golden Nugget, Atlantic City All seminars developed & presented by Vincent M. Dowling, MAI, MRICS, SRA For complete seminar outlines, visit our website: www.ai-snj.org Day One: Monday, June 10 8:30 am – 12:30 pm (4 CE hrs) -- Client Requested Evaluations 1:30 – 4:30 pm (3 CE hrs) -- Challenges Wi thin An Appraisal Day Two: Tuesday, June 11 8:30 am – 11:30 am (3 CE hrs) -- Foundations of Valuation: An Inferred Market Study 12:30 - 4:30 pm (4 CE hrs) -- Preparing a Fundamental Demand Analysis: Complex Property Assignments 2019 Education Calendar www.myappraisalinstitute.org/education/southernNewJersey April 18: Appraiser & Assessor Dinner Meeting, Adelphia Restaurant, Deptford May 10: How Tenants Create or Destroy Value: Leasehold Valuation and its Impact on Value (7hr seminar), SJ Tech Center, Mullica Hill May 16: Using Spreadsheet Programs in Real Estate Appraisals (7hr seminar), SJ Tech Center, Mullica Hill
May 17: NJ Regs, Adelphia Restaurant, Deptford May 17: PA Regs, Adelphia Restaurant, Deptford June 4: USPAP 7-hr Update, Adelphia Restaurant , Deptford
June 10 & 11: Seminars at the Shore with Vince Dowling, MAI, Golden Nugget, Atlantic City September 19: September Symposium (SAVE THE DATE), Adelphia Restaurant, Deptford
Real Estate Journal — Southern NJ Chapter Appraisal Institute — April 12 - 25, 2019 — 13A
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Southern New Jersey Chapter Of the Appraisal Institute www.ai-snj.org
As the leading organization for professional real estate appraisers, the Appraisal Institute represents nearly 19,000 members in nearly 90 chapters worldwide. The Southern New Jersey Chapter has nearly 175 members. They perform a variety of services ranging from single family valuation to feasibility studies for regional malls & hotel-casinos. Whether it’s assistance on a home purchase or providing expert testimony for litigation, our members are uniquely qualified to meet these needs. For more information regarding the Southern NJ Chapter of the Appraisal Institute visit: www.ai-snj.org, or call Executive Director Lisa Weiss at 856-415-0281. 2019 Designated Members of the Southern NJ Chapter of the Appraisal Institute
J. Paul Bainbridge, MAI Steven Bartelt, MAI, SRA, AI-GRS
Cape May Ct. House Turnersville Haddon Heights Clayton
Lakewood Philadelphia Philadelphia Jackson Lavallette Point Pleasant Maple Shade Mt. Laurel Woodbury New Egypt Rumson Forked River Audubon Fair Lawn, NJ Philadelphia Wilmington, DE Medford Lumberton Marlton Absecon Wenonah Cherry Hill Haddon Heights Mt. Laurel Sewell Bellmawr Linwood
(609) 465-9978 (856) 582-5892 (856) 906-7890 (856) 307-6445 (267) 675-4907 (856) 795-4042 (856) 753-3030 (609) 438-9063 (609) 223-4911 (215) 280-4563 (856) 795-4042 (609) 714-7402 (215) 963-4061 (609) 922-4815 (609) 923-9097 (215) 493-5000 (215) 523-9104 (856) 764-6500 (212) 916-4614 (856) 375-2148 (973) 970-9333 (215) 231-9900 (856) 234-9252 (856) 429-8800 (215) 925-1212 (609) 884-1995 (856) 753-3030 (609) 599-3892 (856) 451-0933 (856) 691-7055 (609) 457-7297 (856) 453-8889 (609) 391-8862 (609) 463-4622 (732) 286-9250 (609) 736-0695 (609) 597-2211 (609) 915- 6404 (856) 287-3690
(732) 886-6695 (609) 221-7274 (215) 842-0649 (732) 928-1550 (732) 974-9333 (732) 505-4900 (609) 923-5879 (856) 722-0205 (856) 853-7622 (732) 682-9949 (732) 571-3660 (609) 292-2573 (856)-617-6427 (201)-794-4386 (215) 888-3560 (302) 575-0955 (856) 396-0000 (609) 914-4679 (856) 983-5500 (856) 933-1272 (609) 927-5728 (609) 568-0432 (856) 468-0068 (856) 662-0027 (856) 546-4900 (856) 787-6290 (856) 218-2800 (609) 918-1000 (856) 234-2893 (732) 576-2037 (610) 331-9031 (609) 792-0684 (609) 391-0404 (856) 761-3012 (856) 784-7036 (856) 795-8700 (732) 605-0791 (609) 586-3500 (856) 914-4591
Samuel Levi, MAI Bonnie L. Longo, MAI, SRA Eileen Lynn, MAI, AI-GRS Peter A. Maher, SRA, AI-RRS Gerald R. Malanga, SRA Kathy J. Marmur, SRA Charles A. McCullough, MAI, AI-GRS Jerome J. McHale, MAI Edward Molinari, SRA, AI- RRS Leonard Molinari, SRA Donald Moliver, MAI Robert Parmley, SRA Meghan E. Payne, MAI Michael Pratico, Jr., AI-GRS Jacob Ramage, MAI Thomas C. Reynolds, SRPA Jeffrey D. Richwall, SRA Susan T. Roettger, MAI Lee L. Romm, MAI, SRA Michael Sapio, MAI William J. Sapio, MAI Dennis A. Scardilli, Esq, MAI Jack Sheehan, MAI, AI-GRS Timothy Sheehan, MAI, SRA Richard Sheldon, MAI, SRA Richard Shorter, SRA Thomas J. Sliwowski, SRA James Stuart, MAI, SRA, AI-GRS Robert Thompson, MAI, SRA Robert J. Tighue, MAI Deborah P. Tordella, MAI, SRA Errett Vielehr, MAI Benjamin R. Vukicevich, SRA John H. Walton, Jr, MAI, SRA Richard J. Ward, SRA John Weber, Jr., MAI, SRA Thomas Westerfield, SRA Peter E. Sockler, MAI Pasqual A Sorge, MAI
Craig A. Bickel, MAI A. Craig Black, SRA
Lawrence E. Bowne, MAI Pamela J. Brodowski, MAI Steven Brownell, MAI Richard J. Carabelli, Jr, MAI J. S. Carduner, MAI, AI-GRS Cynthia Carpenter, MAI, AI-GRS Harry Carroll, Jr., MAI, SRA Lana Chiappetta, MAI John P. Corbett, MAI Albert Crosby, MAI David A. Curley, SRA Susanne Curran, MAI, AI-GRS Eugene P. Davey, SRA Thomas C. Davis, SRA Thomas A. DeMartin, MAI, SRA Michael A. Descano, MAI Russell V. DiLello, MAI, AI-GRS John E. Doyle, MAI Scott A. Eiffes, MAI, AI-GRS E. Guy Elzey, III, SRA Philip Fortuna, MAI, SRA Mary F. Fox, MAI David J. Frett, SRA John M. Gapszewicz, MAI Joshua Garretson, MAI, AI-GRS Ronald A. Hagel, MAI, SRA Mark J. Hanson, MAI, SRA, AI-GRS Donna Harris, SRA Joseph V. Heenan, MAI, SRA Michael D. Jones, MAI Tony F. Kamand, Jr, MAI Lee Ann Kamph, MAI Robert W. Kirwan, SRA H. Rick Kline, SRA, AI-RRS Bruce Leff, SRA
Burlington Eastampton West Berlin Hamilton Robbinsville Summit Cherry Hill Medford Philadelphia Sewell Mt. Laurel Yardley Philadelphia Delran New York, NY Cherry Hill Morris Plains Philadelphia Moorestown Haddonfield Philadelphia Cape May West Berlin Camden Bridgeton
Hightstown Mt. Laurel Colts Neck Ocean City Cherry Hill Ocean City Haddonfield
Vineland Audubon Shiloh Ocean City Cape May Court House
Toms River Ocean City Manahawkin East Windsor Newark, DE
Stratford Medford Old Bridge Hamilton Square Mt. Laurel
14A — April 12 - 25, 2019 — Appraisal — M id A tlantic
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A ppraisal I ndustry P rofessional P rofiles
Nick Skladany, MAI, CCIM Chief Executive Officer
Lisa Weiss Executive Director
Location: Lancaster, PA Birth Place: Philadelphia, PA Family: MywifeDanielle,myparents Leo&Joanne, many aunts, uncles, and cousins. Pets: A dog, Monkey. Education: Economics Degree from the Smeal College of Business, Penn State University First Job Out Of College: Real estate appraiser trainee with Skladany Valuation, LLC. What Do You Do Now And What Are You Planning For The Future: Currently appraising commercial and industrial real estate. Planning to gain further specialized education and expertise in the appraisal of medical and hospital facilities. Hobbies: Drumming. Favorite Book : The Grapes of Wrath by John Steinbeck Favorite Movie: Vertigo by Alfred Hitchcock Person You Most Admire: My grandmother. She is a person to aspire to be like and always endows words of wisdom. Key To Your Success: Stay in close contact with clients and colleagues. If YouWereForced ToChooseAnother VocationWhatWould It Be? Architect. If You Could Meet A Famous Person Or Hollywood Celebrity… Who Would You Like To Meet? Groucho Marx Favorite Place in World: The family cabin in upstate New York. Where in the World would you Like To Travel To That You Have Never been To? Argentina. Location: Metuchen, NJ Birth Date: May 27, 1980 Family: Wife and two girls (6&4) Pets: Cat, “Rock Star” First Job Out of College: I have been a real estate appraiser since I graduated college. First Job in Real Estate or Allied Field: Iwasa residential real estateappraiser for asmall firm inMetuchen, NJ. What Do You Do Now And What Are You Planning For The Future? I am the owner/operator of Wade Appraisal, LLC. I plan to grow the business into a regional appraisal firm from the ground up. Hobbies: Golf, Skiing, Hanging with my daughters. Favorite Book: Bones of St Pierre by Steve Knapp. Favorite Movie: Tommy Boy Person You Admire Most: Steve Jobs. Key to Your Success: Hard work is the key to success. If YouWereForced toChooseAnother Vocation,WhatWould It Be? BE?: Architect for Vandaly Industries. If You Had The Opportunity, What Famous Person Would You Like To Meet? Chris Robinson from the Black Crowes. What Is Your Favorite Song? She Talks to Angels. Favorite Color: Blue. What Is Your Favorite Place In The World? Central Coast of California. Where in the World Would you Like To Travel To That You Have Never Been To? A golf trip to St. Andrews in Scotland.
Location: ServingSouthernNJ: Burlington,Camden, Gloucester, Salem, Atlantic, Cumberland, Cape May, Monmouth, Mercer and Ocean. BirthPlaceandDate : Bridgeton,NJ,August 29, 1973 Family: Two sons, Tyler (18) and Mason (16). Education: BA inCommunications, RowanUniversity, 1995.
First Job Out Of College: Public Relations Direc- tor for a social services non-profit organization. First Job In Real Estate Or Allied Field: I’m in my 16th year of working for the SNJAI. What DoYouDoNowAndWhat AreYouPlanningFor TheFuture? I truly enjoy my job, especially working from home so I could not miss a minute of raising my boys. I’ll keep doing this as long as they let me! Hobbies: Cooking and attending sporting events. FavoriteMovie: Pretty inPink” (I especially love the soundtrack). Person You Most Admire: My two sons. Tyler is an Eagle Scout, and Mason fought against Autism and lost his diagnosis. Key to Your Success: There’s always enough time to do what you truly want to do; never let time be your excuse! If You Were Forced To Choose Another Vocation What Would It Be? I wouldwant to an event planner, especially for weddings. If You Had The Opportunity, What Famous Person Would You Like To Meet? I am obsessed with music. I would love to talk music with either Bruce Springsteen or Morrissey. What Is Your Favorite Song? “ There is a Light that Never Goes Out” by The Smiths Favorite Book : World in My Eyes -- autobiography by Richard Blade Favorite Color: Any shade of Pink. What is your Favorite Place In The World? Being home with my family, espcecially cooking in the kitchen with my husband “helping”...
Gary Wade Principal
Christopher Allison President and Owner
Location: Edgewater, NJ Birth Date : April 17, 1980 Education: State certified residential and com- mercial appraiser. First Job Out Of College: Worked on a chicken farm , mechanic. First Job In Real Estate Or Allied Field: Versatile 2007 to present.
What DoYouDoNowAndWhat AreYouPlanningFor TheFuture? We are adapting our business to Spring season, Investors reno- vate projects. Hobbies: Flying planes. Person You Admire Most: My girlfriend, Jennifer. Favorite Book: The Outsiders Favorite Movie: Castaway with Tom Hanks. Key to Your Success: Perseverance. If You Were Forced To Choose Another Vocation What Would It Be? Engineering and Architecture. If You Had The Opportunity, What Famous Person Would You Like To Meet? Tom Brady from New England Patriots. What Is Your Favorite Band? The Eagles. Favorite Color: Blue. What is your Favorite Place In The World? Rome, Italy. Where in the World Would you Like To Travel To That You Have Never been To? Maldives.
Real Estate Journal — Appraisal — April 12 - 25, 2019 — 15A
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Skladany Valuation, LLC Commercial & Industrial Real Estate Appraisal
Over 50 Years Providing Real Estate Valuation Services!
Serving New Jersey, Pennsylvania, New York
Leo Skladany, ASA Nick Skladany, MAI, CCIM We are a leading provider of real estate appraisals for commercial and industrial real estate in the South Central Pennsylvania market. With 35 years of experience in the business, we have a proven track
www.ardappraisal.com RECENT PROJECTS
record of valuation accuracy, credible time management, and prudent costmanagement in the appraisal process. In 2015, Nick Skladany, MAI, CCIM was awarded the MAI designation from the Appraisal Institute.
564-Unit Apartment Complex Cherry Hill, NJ
408-Unit Apartment Complex Sinking Spring, PA
38-Unit Mix Use Co-Op Park Avenue New York, NY
Service Beyond Value
Aquisition Analysis Appraisal Estate Valuations New Construction
Mortgage Financing Appraisal Small Commercial & Mixed Use Multi-Family, Retail, Office & Industrial
Skladany Valuation, LLC 2137 Embassy Drive, Suite 111 Lancaster, PA 17603 P: 717-431-3030 www.SkladanyValuation.com
96-Unit Apartment Complex Union City, NJ
Patrick B. Ard, MAI Rodney Copeland, SCGREA Joseph Traks, MAI Joseph Wisniewski, MAI Cynthia Xu, MAI 162-Unit Apartment Complex Media, PA
997-Unit Apartment Complex Hatfield Township, PA
Recent AppRAisAls
11 Broadway, Suite 831 New York, NY 10004 (212) 509-0095
36 Brant Avenue Clark, NJ 07066 (732) 396- 1965
Wade Appraisal, LLC delivers value-added services to clients through diligent research, analysis and well-documented, unbiased opinions. Specializing in commercial, industrial, multi-family and special purpose properties and can handle all of your appraisal needs.
JB Real Estate Valuation & Advisory is a full-sERVicE AppRAisAl fiRm offering cliEnt-focusEd VAluAtion suppoRt for Commercial & Residential Properties in PA, NJ & DE.
• Class A Medical Office Building in Monroe, NJ • 2 100,000 SFWarehouses along the NJTpke. Corridor • 150-unit Garden Apartment complex, Ocean County, NJ • Affordable Housing Subdivision, Hudson County, NJ • Several LargeTracts Of Land for a Public Utility
christopher K. Bourland, mAi is a Certified General Real Estate Appraiser in PA, NJ and DE. Chris has experience appraising a wide variety of property types, including shopping centers, hotels, residential sub- divisions, offices, industrial properties and multi-family properties. Chris has worked
Gary M.Wade, MAI, principal ofWade Appraisal, LLC, gives his personal supervision to every client project. He has been appraising commercial real estate since 2004.
on assignments with property value indications exceeding $300M and has appraised more than $10B in assets in his career. He also has experience providing consulting services to Accountants, lenders, investors and Attorneys on a wide variety of matters relating to real estate. www.jbvaluation.com
www.wadeappraisalllc.com
GARY M.WADE, MAI Principal ofWade Appraisal, LLC gwade@wadeappraisal.net
Call Today: 732-204-6445 | 908-477-7202 | 732-204-6445
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