Setting a new benchmark in the area Capital Realty’s Greenstein arranges milestone $130M transaction inBayonne/UnionCity

ISSUE HIGHLIGHTS Volume 30, Issue 15 August 24 - Sept. 13, 2018


with its impressive immediate access to mass and vehicle tran- sit options are major bargaining chips when it comes to decid- ing where to live,” Greenstein explains. All the properties are less than a 35-minute drive from Manhattan, with the new Hudson Yards development on the West Side of Manhat- tan within view from Union City and Bayonne expecting to launch a Manhattan-bound ferry and upzone many of the transit-focused areas near the Hudson Light-Rail. “The buyer was definitely drawn to the rent decontrol laws recently enacted in Bay- onne and the low vacancy rates in Union City,” Greenstein said. “He views these properties as having significant value-add potential and plans to update the apartments upon vacancy.” This transaction comes in the wake of Capital Realty’s recent involvement in the sales of 600 units in Union City, Jersey City, West New York, and Bayonne that totaled in excess of $75 million. 

NION CITY/ BAY- ONNE, NJ — Mark- ing one of the larg-


e s t mu l t i - family deals in Bayonne and Un i on Ci t y based on the total sale price and the number of units ex- changed in a single trans-

Benjamin Greenstein

action, Capital Realty Asso- ciates has arranged the dispo- sition of 66 multifamily build- ings consisting of 919 units in a $130 million sale. Capital Realty president, Benjamin Greenstein represented the seller and procured the buyer, a private investor. “The sheer volume of the Bay- onne and Union City portfolio presented a challenge when trying to find the most suit- able buyer,” said Greenstein. “A longstanding relationship with the seller developed into a confidence that Capital Realty would be best-suited to facili-

Section 5-22B

Bayonne and Union City portfolio

tate this complex transaction.” “The buyer believes that we are still a distance from the apex of Hudson County’s rent boom, and he was therefore eager to extend his foothold into this burgeoning market,” Greenstein says. With Hudson County recognized as home to the country’s four most densely populated cities (Union City ranking second on the list), asking rents are expected to appreciate significantly in the area. “It was definitely a rare multifamily acquisition oppor-

tunity simply based on its size and highly strategic location,” adds Steven Follman , vice president/sales manager at Capital Realty. Nestled right across the Hudson River and less than five miles from Manhattan, Bayonne and Union City have been magnets for young profes- sionals, artists, and hipsters who appreciate the relatively inexpensive cost of living and vibrancy the communities of- fer. “The metro’s proximity to high-profile employers along


GoldmanSachs AssetManagement PREacquires an 821-unit multifamily property inPhiladelphia

Section D MAREJ EVENTS September 20, 2018 New Jersey Multifamily Conference For speaking and sponsorship information, please contact: Lea at 781-740-2900 or lea@marejournal.com

PHILADELPHIA , PA — Goldman Sachs Asset Management Private Real Estate (GSAM PRE) has ac- quired Chestnut Hill Village, an 821-unit multifamily prop- erty located in the Chestnut Hill submarket of the Philadel- phia Metropolitan Statistical


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Chestnut Hill Village

Area (“Philadelphia MSA”). The Property offers conve- nient access to retail amenities and public transportation with the Chestnut Hill SEPTA train station located immediately adjacent to the Property, which provides direct access into downtown Philadelphia. The Property also provides highway access via I-76, I-476, Route 309 and the Pennsylvania Tpke. to the major employment nodes

across the broader Philadelphia MSA. GSAM PRE plans to improve the Property through a unit renovation program that will include new flooring, kitchen countertops, cabinetry and fixtures. GSAMPRE also plans to make common area improve- ments throughout the Property. “We believe that the prop- erty’s location will be attractive to tenants because it provides

access to both retail amenities and public transportation. We also believe this asset’s dif- ferentiated physical attributes and a diverse unit mix will ca- ter to a variety of renters in the market,” said Joseph Gorin , co-head of GSAM PRE. Chestnut Hill Village is GSAM PRE’s eighteenth mul- tifamily investment. GSAM PRE owns 5,600 multifamily units across the US. 



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M id A tlantic R eal E state J ournal Publisher, Conference Producer . .............Linda Christman AVP, Conference Producer ...........................Lea Christman Account Executive ........................................... Steve Kelley Account Executive ............................................. Kim Brunet Account Executive ........................................ Marisol Chase Senior Editor/Graphic Artist ..........................Karen Vachon Office Manager ...............................................Kerrin Devine Contributing Columnists: ....... Revathi Greenwood, Sandy Romero, Cushman & Wakefield; 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. 30, Issue 16 Subscription rates: $99 - one year, $148 - 3 years, $4 - single copy 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.marejournal.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


$80,000,000 IN NEW LOANS BY OUR BALTIMORE TEAM Gaithersburg, Baltimore, and Fulton, Maryland

Revathi Greenwood

Will Robots Take Over CRE?

Visit northmarq.com to learn more!

A report released today by Cushman & Wake- field, examines trans- formative technologies and how they will impact commercial real estate over the next two decades. The report is the first in a four-part series that focuses on auto-related technologies such as electric and autono- mous vehicles and ridesharing; distributed ledgers such as blockchain and cryptocurrency; and technologies transforming supply chains such as drones, 3D printing and autonomous mobile robotics. Will Robots Take Over CRE? focuses on structural factors that may drive adoption of these technologies and evalu- ates transformative advances that will affect them, all within the context of safety, secu- rity and acceptance; ability to converge with other technolo- gies and infrastructure; and scalability. Each technology is evaluated on a “Hype Cycle” curve that gauges its likelihood of being adopted. Real estate and infrastructure assets are expensive, built for longevity and do not lend themselves to flexibility. Therefore, in order to embrace any change, play- ers in CRE markets must be convinced that the technology will be widely adopted. The report also addresses the impact of innovation on future employment and identifies cit- ies and real estate asset types best positioned to withstand the change. Today, technology is a net job creator. Looking forward,

certain sectors are at risk, especially manufacturing. A 2018 study commissioned by the Organization for Economic Co-operation and Development (OECD) puts the number of jobs at risk of automation at 14%. In the U.S., that is an estimated loss of 13 million jobs. Yet, one study has estimated that one additional job in the technology sector generates about 4.9 new non-technology jobs in the same city (three professional and two nonprofessional positions), as new jobs create additional de- mand for local services. “Despite all the doomsayers, new technologies have created more jobs over the last century than they have eliminated,” said Revathi Greenwood, Cush- man & Wakefield Americas head of research and lead author of the report. “Even so, certain job functions are being decimated by technology, and in some cases robots are indeed coming for your job.” But not yet, as most of the technologies under consider- ation are at least a decade away from widespread adoption. Whether that is perceived as a short or long time depends on how ready one is to cope with the aftermath. Of course, many of these technologies will be ad-

opted on a use- or case-specific basis with limited functions and in select geographies. They are unlikely to materially affect CRE in the short term. Once a technology is widely adopted, there is likely a lag in terms of the impact on real estate. “This lag should not be viewed as a ‘wait and see’ period. Rather, the early adop- tion cycle should be used to determine impacts and possible remediation strategies,” said Sandy Romero, Cushman & Wakefield senior analyst and co-author of the report. “The risk to CRE is that, should underlying patterns of human/ business behavior change more quickly than the real estate or infrastructure can adapt, a technology could lead to weaker CRE performance.” Going forward, cities that invest in training will also be better suited to weather tech- nological shifts. However, once adoption becomes widespread, cities with technologically pro- ficient workers – such as San Francisco, New York, Washing- ton D.C., Boston, Austin, Texas, Los Angeles and San Jose – will be in a better position to benefit from the economic impact asso- ciated with these technologies. continued in the Sept. 14th Edition

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Join us on September 20th at the APA Hotel!

Alan R. Hammer Partner Brach Eichler L.L.C

Russell Tepper Senior Managing Director Mill Creek Residential

Israel Schubert Managing Director Meridian Capital Group

MIchael Staton VP & Mortgage Officer CPC

Robert Squires Senior Vice President Kislak Company Inc.

Jose R. Cruz Senior Managing Directory HFF New Jersey

Richard D. Gatto Associate Marcus & Millichap’s National Multi Housing Group

Bronze Stuart Berger Real Estate Industry Partner SAX LLP

John Murray Chief Financial Officer NJHMFA

Jeanette Rice Head of Multifamily Research CBRE | Capital Markets

Jacob Reiter President Verde Capital

Timothy J. Touhey CRE Team Leader Investors Bank

Jack Linefsky Principal Value Companies

Doug Root Co-Founder & Managing Partner Blackfin



4A — August 24 - Sept. 13, 2018 — M id A tlantic

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M id A tlantic R eal E state J ournal Rosenfarb of Hart Corporation represents the tenant

Endurance announces the signing of a 60,225 s/f lease at 279 Canal in Lower Bucks County

OWERBUCKSCOUN- TY, PA — An affiliate of Endurance Real Estate Group, LLC (Endur- ance) and Thackeray Part- ners (Thackeray) announced a new lease at 279 Canal Rd. with Tri-State Container Corp for 60,225 s/f. The tenant was represented by Jeff Rosen- farb of Hart Corporation . Endurance was represented by Jonas Skovdal of Cushman and Wakefield. 279 Canal Rd. is part of a four building portfolio Endurance purchased in late 2017 total- ing 240,358 s/f. Shortly after L

acquiring these assets, Endur- ance directed a full cleanup and make-ready program for the 63% occupied portfolio. Specu- lative improvements included paving upgrades, various land- scaping enhancements, newT-5 lighting at the 199 Canal build- ing, roof replacements at 199 and 279 Canal as well loading dock door upgrades throughout the portfolio. In addition to the Tri-State Container lease, Endurance recently executed two leases totaling 60,000 s/f at 199 Canal Rd. with Excellent Quality Movers (30,000 s/f) and LKQ Corp (30,000 s/f) fully sta- bilizing the asset within eight months from acquisition. Albert Corr , senior vice president of Endurance Real Estate Group said, “We are excited to welcome Tri-State into our portfolio. Their use is perfect for the building and it is great to see another Bucks County based company ex- panding their footprint. This transaction will increase our portfolio’s occupancy level to 100%, which further demon- strates the demand from local and regional tenants for quality infill locations throughout the Philadelphia region.”  STRO develops future real estate executives RIDGEWOOD, NJ — The Stro Companies (Stro) an- nounced its newest employees and an “Evening with a Legend Dinner featuring Steven Mill- stein ” at a recent New Jersey NAIOP event. Stro announced two recent hires, ZachLaMotta and Matt Pecoraro . “We are pleased to welcome Zach and Matt to Stro. They have already become integral parts of the company, playing a vital role in our ability to grow and service our tenants” said Steven Millstein. La Motta is a recent gradu- ate of Vanderbilt University. He is active in the company’s acquisitions and leasing group, as well as managing major capital projects. Zach has be- come instantly active in the real estate community and serves as co-chair of the New Jersey NAIOP Chapter’s Developing Leaders group. Pecoraro is director of man- agement services for Stro’s portfolio of direct investments Prior to joining Stro, Pecoraro worked in both accounting and technology. 

279 Canal Road

Real Estate Journal — August 24 - Sept. 13, 2018 — 5A


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Questions? Contact PA/NJ/DE CCIM Chapter Director Jennifer Shockley at 717-614-4271 or email Jennifer@panjdeccim.com

Session Dates, Time, and Location: For more than 30 years, Dr. Madonna has taught and written about his two academic specialties: the American presidency, and American political parties and political behavior. As director of the Franklin and Marshall College poll, he has extensive knowledge about voters and voting behavior. Dr. Madonna is Director of the Center for Politi s and Public Affairs, Professor of Public Affairs. LOCATION: CI 101: Financial Analysis for Commercial Investment Real Estate Plan to joinus at these upcoming events! What: The Political Environment and PA General Election Forecast When: Tuesday, September 11 Time: 12:00 - 2:00 p.m. (lunch included) Where: The Cork Factory, Lancaster, PA Cost: $35 members / $45 non-members June 25-28, 2018 Pittsburgh, PA Dr. Terry Madonna Speaker: Dr. Terry Madonna Franklin & Marshall College

2018 PA/NJ/DECCIMCHAPTER OFFICERS Jeffrey Hoffman, CCIM President JPH Realty Advisors PhilipEarley, CCIM Vice President Lieberman Earley & Company Charles Swope, Jr., CCIM Secretary Swope Lees Commercial RE Eric Gorman, CCIM Treasurer & Immediate Past President Cushman & Wakefield 2018 PA/NJ/DECCIMCHAPTER DIRECTORS John Birkeland, CCIM Chair, Central PA ROCK Commercial Realty Gregg Broujos Chair, Pittsburgh Region Chair, New Jersey U.S. Realty Capital Michele Countis, CCIM Jackson Cross Partners Jonathan Epstein, CCIM Berger-Epstein Associates, Inc. Cindy Feinberg, CCIM Chair, Lehigh Valley Feinberg Real Estate Advisors Craig Fernsler, CCIM Chair, Delaware NAI Emory Hill Jeff Kurtz, CCIM High Associates, Ltd. Laura Martin, CCIM, CPM, WBE Latus Commercial Realty Melissa Meyer, CCIM Brandywine Realty Trust Tom Skeans, CCIM SVN Colliers International David Church, CCIM KW Commercial, Blue Bell Neil Kilian, CCIM, SIOR

CI 101 is a bedrock class for real estate practitioners at a time when risk mitigation, pricing, and cycle assurance have become critical to investors. CI 101 introduces the CCIM Cash Flow Model, a tool for ensuring your investment decisions are based on wise finance fundamentals. During the course, you will learn how to use key financial concepts such as Internal Rate of Return (IRR), Net Present Value (NPV), Cap Rate, Capital Accumulation, and the Annual Growth Rate of Capital to compare different types of commercial real estate investments. This course will teach you how to: > make informed investment decisions using the CCIM Cash Flow Model; > measure the impact of federal taxation and financial leverage on the cash flow from the acquisition, ownership, and disposition phases of real estate investment; and > use real estate analysis tools to quantify investment return.

Realtor Assoc. of Metropolitan Pittsburgh 1427 West liberty Ave. Pittsburgh, PA 15226


June 25-28, 2018


8:30 a.m. - 5:30 p.m.


William Overman, CCIM

Tuition: Member: $1,145 Non-member: $1,650 What: Impacts of Oil & Gas Development on the Real Estate Market When: Thursday, October 4 Time: 5:00-7:00 p.m. Where: Lancaster Country Club, Lancaster, PA Cost: $0 members / $15 non-members Speaker: Gregory M. Elko, PE Langan Engineering & Environmental Services Langan provides an integrated mix of engineering and environmental con- sulting services in support of land development projects, corporate real estate portfolios, and the energy industry. Their clients include developers, property owners, public agencies, corporations, institutions, and energy companies around the world. Register online at: www.ccim.com/101

Kathy Sweeney-Pogwist Brandywine Realty Trust Matthew Wolf, CCIM The Kislak Company

The PA/NJ/DE CCIM Chapter Proudly Acknowledges and Thanks the Following Sponsors:

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Real Estate Journal


M id A tlantic R eal E state J ournal Jason Crimmins, Kenneth Crimmins & Schipper represent seller The Blau & Berg Company brokers 100,400 s/f warehouse

EARNY, NJ — The Blau & Berg Com- pany announced to- day the sale of a 100,400 s/f industrial warehouse distribu- tion facility located at 76-104 Third Ave. in Kearny. Jason Crimmins, CCIM, SIOR, Kenneth Crimmins, CCIM, SIOR and Michael Schip- per , director, represented the seller, LTL-RE Holding, LLC. The property consists of four units on 5.4 acres, including 86,040 s/f of warehouse space and 12,840 s/f office. The prop- erty boasts an abundance of improved land for outdoor K

76-104 Third Avenue A

Jason Crimmins

Kenneth Crimmins

Michael Schipper

parking and storage, providing an attractive opportunity for tenants in need of warehous- ing with a highly sought-after land component. “Demand for industrial space in New Jersey contin- ues to grow with an increased

JERSEY CITY, NJ — Kathy Anderson , managing partner at Progress Capi- Progress Capital packages $7.23M in loans interest in warehouses, logis- tics and last-mile delivery,” said Schipper. “Situated in an industrial zone in Kearny, and with key upgrades planned by new ownership, this property is an exceptional value-add investment opportunity.” 

76-104 Third Avenue B

tal , packaged $7.23 million in loans to re- finance four Jersey City multifamily buildings on behalf of JR City Proper- ties. The four

Kathy Anderson

properties include a mixed-use building at 456-462 Laidlaw Ave. and the three multi- family buildings at 84 Waldo St., 30-41 Bleecker St. and 37 Paterson St. The proper- ties encompass a total of 56 residential units and 3,500 s/f ground-level retail space. All four loans include a 5-year fixed rate at 4.125% accom- panied by a 10-year term and 30-year amortization. The rate will reset for years 6-10. The loan is non-recourse and may be prepaid at any time adhering to a declining prepay schedule. The loan proceeds will be used by 'JR City Properties' to refinance the existing debt on the assets and cash-out a significant amount of equity to fuel the continued expansion of an already robust multifamily portfolio.  dancker names Kooi VP & general manager in MD MARYLAND — Nathan Kooi has been named VP and general manager of integrated interior solutions firm danck- er . Kooi will lead dancker’s of- fices in Baltimore and Capitol Heights. 

29-Building Campus on 63 +/- Pristine Acres SARANAC LAKE, NY • 600 AMA Way 63+/- acre redevelopment site in Upstate New York. This property is located in Essex County in the scenic Village of Saranac Lake, NY. The property includes approximately 29 structures located in the northeast corner of the Village and was the site of the former Trudeau Sanatorium. Ideally suited for residential, commercial, institutional and recreational development. Call 518-524-7347 to Schedule a Tour Auctions: 12pm Tuesday Sept 25 onsite or bid live online at auction network.com

In Cooperation with Berkshire Hathaway Adirondack Premier Properties - 518-524-7347

Other Upcoming Auctions

AUCTION TODAY! KEENE VALLEY, NY • 133 Beede Lane Historic Lone Pine Camp on 20.5 acres includes several buildings. Furnishings convey! Auctions: 12pm, Fri Aug 24

Former Bank Building BUDD LAKE, NJ • 202 Route 46 1,642+/- sf. Built in 1960. Approx .87ac lot. Bid Online Only at auction network.com August 27 - 29

Condos & Dev Land HOWARD, OH • Apple Valley Condos, 428 Clubhouse Drive Includes 31 condominium units, Development land and manager’s residence Auctions: 12pm, Fri Sep 14

Speedway & Event Center BRANDON, SD • 2012 S Splitrock Blvd One of the most modern & high-tech dirt track facilities in the United States. Concert facilities for 20,000 people. Auctions: 3pm, Sat Sep 15

Keene Valley, NY


Mid-Atlantic Real Estate Journal

Real Estate Journal — August 24 - Sept. 13, 2018 — 7A


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3 rd A nnual P hiladelphia H ealthcare & M edical P roperties C onference

For future speaking or sponsorship opportunities please contact lea@marejournal.com

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3 rd A nnual P hiladelphia H ealthcare & M edical P roperties C onference

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M id A tlantic

3 rd A nnual P hiladelphia H ealthcare & M edical P roperties C onference

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MAREJ P rofessional S ervice D irectory


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Mid Atlantic Real Estate Auction, 1/4 pg, Aug. 24

Real Estate Journal — August 24 - Sept. 13, 2018 — 11A


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B usiness C ard S ervice D irectory

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P rofessional R eal E state S ervices Investors Real Estate Agency 322 Ambrust Rd. • 2nd Floor Youngwood, PA 15697 P: 724-925-0215 F: 724-925-0216 mallison5@aol.com Mark D. Allison, Broker of Record/Owner Investors Real Estate Agency

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C ommercial R eal E state O rganizations ’ E vents C alendar

September 11-12 - MBA Event: Human Resources Symposium Location: RenaissanceArlington Capital View Address: 2850 S Potomac Ave, Arlington VA

SEPTEMBER 23 – CORFAC Event: 2018 Fall Summit Time: TBD Location: The Waldorf Hilton Address: London, England Cost: $398 www.corfac.com

October 23rd – NJBIZ Event: CFO of the Year Awards 2018 Location: The Palace at Somerset Park Address: 333 Davidson Ave, Somerset, NJ 08873 http://www.njbiz.com/section/CFO-of-the- Year-Reg October 23rd – NJBIZ Event: The New Jersey Food & Beverage Summit https://wendyb.wufoo.com/forms/z2y- ws4c10ycxr9/ NOVEMBER 8-9 – SIOR New Jersey Event: SIOR Northeast Regional Conference Time: TBD Location: Bank of New York Facility Address: Bryant Park New York, NY Cost: $0 www.siornj.com/SIORNJ-Events November 13th – NJBIZ Event: Fast50 Location: The Palace at Somerset Park Address: 333 Davidson Ave, Somerset, NJ 08873 http://www.njbiz.com/section/50-Fastest- Nomination December 3rd – NJBIZ Event: Business of the Year 2018 Location: The Palace at Somerset Park Address: 333 Davidson Ave, Somerset, NJ 08873

Cost: Member Price: $850.00 Nonmember Price: $1,300.00 www.mba.org

September 12th-13th- IFMA Event: Advocacy Day & Public Policy Forum 2018 Location: Renaissance Washington DC Downtown Hotel & Capitol Hill http://www.ifma.org/events/fm-events/ advocacy-day September 12th-14th-NAIOP Event: FlexOffice 2018 Location: Austin, TX Address: Hyatt Regency Austin 208 Barton

SEPTEMBER 30 – OCTOBER 2 – AGC Event: CLC Leadership Development Conference Location: Washington, DC Cost: $365 Early bird Member Rate $475

Non-member & post early bird $55 Student Rate & Guest Rate www.eiseverywhere.com OCTOBER 1 – SIOR New Jersey Event: Natirar Event Time: TBD Location: Natirar Address: TBD Cost: $0 www.siornj.com/SIORNJ-Events

Springs, Austin, TX 78704 http://flexofficeconference.

September 12- 13 CMAA Event: PCM course Time:8:00 AM - 5:00 PM

October 11th- ABC Event: ABC Users Summit Location: Four Season Resort & Club Dal- las at Las Colinas Dallas, TX Address: 4150 North MacArthur Boulevard Irving Texas U.S.A. 75038 https://www.abc.org/ OCTOBER 11-13 – SIOR New Jersey Event: SIOR Fall Conference Location: Denver, CO Address: TBD Cost: $0 www.siornj.com/SIORNJ-Events October 14th-October 17th- BOMA Event: CORENET GLOBAL SUMMIT 2018 Location: John B. Hynes Veterans Memorial Convention Center Address: 900 Boylston St, Boston, MA 02115 https://www.boma.org/

Location: KCI Technologies, Inc. Address:936 Ridgebrook Road Sparks Glencoe, MD 21152 www.cmaanet.org

September 12- PLTI Western Chapter Event: Lunch Gathering Time: 9:00am till 11:30am Location: Crowne Panera Oakland

Address: Blvd. of Allies Pittsburgh, Pennsylvania www.plta.org

http://www.njbiz.com/section/ Business-of-the-Year-Nom

September 20th – NJBIZ Event: 40 Under 40

DECEMBER 12 – SIOR New Jersey Event: SIORNJ Holiday Party Location: The Huntley Taverne Address: 3 Morris Ave Summit, NJ 07901 Cost: $0 www.siornj.com/SIORNJ-Events

Location: iPlay America’ Event Center Address: 110 Schanck Rd Freehold, NJ http://www.njbiz.com/section/Forty-Under- 40-Registration

Send your events to editor@marejournal.com

Real Estate Journal — August 24 - Sept. 13, 2018 — Inside Back Cover A


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Real Estate Journal — Section B


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New Jersey property is the firm’s second acquisition in the area this year Avanath Capital Management expands East Coast footprint; acquires 270+ housing units E

HI-LIGHTS A ugust 24 - S ept . 13, 2018 The firm acquired Menlo Manor, a 240-unit affordable senior housing community in New Jersey and Coral Ridge Isles, a 33-unit workforce housing community in Florida. Both properties were acquired through Avanath’s institution- al fund, Avanath Affordable Housing III. DISON,NJandFORT LAUDERDALE, FL — Avanath Capital Management, LLC has ac- quired two affordable multi- family properties totaling 273 units for a combined total of $29.36 million.

Coral Ridge Isles

able housing options across both states. “Both of these acquisitions will allow us to maintain hous- ing affordability in these cost burdened areas, as well as amass economies of scale to drive down operating costs, and better serve residents,” says Williams. Menlo Manor's seller, Jeff Spragens, was represented by Alex Medeiros of CBRE . Coral Ridge Isles was ac- quired in joint partnership

with Oak Tree Residential. The apartment community is located at 1400 NE 53rd Court in Fort Lauderdale, Florida. The seller, a private investor, was represented by Kirk Felici of Marcus & Millichap . The apartment community features a large community room and exterior courtyard, library, dining area, commu- nity kitchen, automatic front doors and various transporta- tion services. 

Menlo Mano

“We are focused on acquiring and preserving affordable and workforce housing assets in strong growth markets across the country, including areas across the East Coast,” said president of Avanath Capital Management, JohnWilliams . “This is our second acquisition in New Jersey, and our ninth in Florida. Earlier this year, we acquired Centennial Court, a 101-unit senior apartment

community in Wharton, which brings our holdings in the New Jersey/New York metro area to a total of 1,045 units. We also currently own a total 1,647 units in Florida.” Williams explains that both New Jersey and Florida are undergoing rapid economic growth and expansion, as well as experiencing significant population gains. This has led to increased demand for afford-

76ers & Buccini/ Pollin Group break ground on fieldhouse

Topping off signals Lancaster Marriott East Tower structural completion High Real Estate Group LLC celebrates $39.4 million expansion with community leaders


Lancaster, and other com- munity leaders who played significant roles bringing the project to life. “The East Tower will fulfill a crucial role in attracting more large events to the Lancaster County Convention Center,” said Fitzgerald. “The Conven- tion Center has proved itself to be an economic engine and a catalyst for growth and in- vestment in Lancaster. We’re delighted to be able to help this important community asset realize its full potential.” A new, 6,500 s/f restaurant and bar will occupy the first floor. A rooftop bar with a sidewalk entrance and a sig- nature Marriott M Club will also be part of the East Tower. Cooper Carry Inc. of Atlanta designed the East Tower and High Construction Company is erecting it. The Redevel- opment Authority of the City of Lancaster owns the building.

About High Real Estate Group LLC

LANCASTER, PA —Mark- ing a major milestone in a project that redefines the sky-

High Real Estate Group is a full-service real estate orga- nization providing expertise in development, brokerage, architecture, construction, and investments, and holds real es- tate assets with an estimated market value of approximately $1 billion. Through its af- filiate, High Associates Ltd., High also offers a full comple- ment of real estate services including asset and property management, development services, appraisal services, grounds and property main- tenance, strategic planning, and consulting. The company manages more than 9 million square feet of office, industrial, multi-family, hotel, and retail properties throughout the eastern United States. High Real Estate Group is family- owned and based in Greenfield Corporate Center, East Lam- peter Township, Lancaster. 

l ine of the c i ty , High Real Estate Group LLC hosted a top- ping off cer- emony at the East Tower expansion of the Lancast-

Mark Fitzgerald

er Marriott at Penn Square. A High Construction Com- pany crane hoisted a sym- bolic final beam to the top of the 148-foot tower, capping a ceremony attended by more than 100 staff, community members, elected officials, and onlookers. The topping off represents the completion of the struc- tural phase of the 87,000 s/f building. The East Tower, with 12 new floors, a completely renovated first-floor restau- rant and a rooftop bar, will add


110 rooms to bring the total Lancaster Marriott rooms to 416. The tower is slated to open in spring 2019. Painted white, the 10-foot topping-off beam bears the sig- natures of Mark Fitzgerald , president and COO of High Real Estate Group, Danene Sorace, Mayor of the City of Lancaster Marriott at Penn Square

Atapco Properties & CREG joint venture acquire 52-acre former outlets site 26B


Inside Cover B — August 24 - Sept. 13, 2018 — Owners, Developers & Managers — M id A tlantic

Real Estate Journal



The ever-changing real estate market requires professionals who are at the top of their game in order to succeed. At WithumSmith+Brown, PC, our industry specialists have a deep understanding of commercial, industrial and residential real estate, helping our clients to — BE IN A POSITION OF STRENGTH SM . withum.com

Real Estate Journal — Owners, Developers & Managers — August 24 - Sept. 13, 2018 — 1B


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2B — August 24 - Sept. 13, 2018 — Owners, Developers & Managers — M id A tlantic

Real Estate Journal


O wners , D evelopers & M anagers Atlantic Environmental Solutions Inc. LSRP remediation services integral for owners & developers

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ew Jersey’s history as an industrial center has left a legacy of liabili-

Protection (NJDEP) to private sector Licensed Site Reme- diation Professionals (LSRPs). According to Michael Novak, LSRP and President of Atlantic Environmental Solutions Inc. (AESI), a Hoboken-based envi- ronmental remediation and con- sulting firm, “Since the LSRP program was fully launched in May 2012, more contaminated sites across the state are being cleaned up and returned to quality, productive use faster than ever before.” A Pioneer in the LSRP Program Novak was one of the first individuals to be issued an LSRP license in New Jersey. “As transaction-based environ- mental consultants, our firm was accustomed to performing remediation and consulting ser- vices on a rapid basis to facili- tate a deal, and we had success interacting with the NJDEP on fast-turnaround projects,” Novak said. With multiple LSRPs on staff, he and his team have closed 147 LSRP matters with Response Action Outcome (RAO) letters. AESI has 327

LSRP projects in total, ranking it high among environmental firms statewide. Approximately 60% of AESI’s workload is generated by envi- ronmental due diligence and soil and groundwater remedia- tion services. The firm’s LSRPs work with clients to investi- gate and remediate properties, and Areas of Concern (AOCs) must achieve full compliance with the NJDEP Technical Re- quirements, multiple guidance documents and Remediation standards. Transaction speed is a key consideration, and AESI is committed to expediting site cleanup as quickly as possible without compromising quality. “Helping our customers rapidly attain full compliance is our top priority,” noted Novak. AESI LSRP services include soil and groundwater remedial action permits, preliminary as- sessments, site investigations and remediation. One of the hallmarks of the firm’s work is the methodology it uses when strategizing a remediation plan continued on page 6B

ties for real estate owners and develop- ers. As a re- sult, buyers and sellers of a wide range of properties encounter se-

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rious environmental concerns, from leaking underground stor- age tanks to buried industrial waste, poor quality fill material, improper handling of hazardous materials, historic PCB usage and spills. The volume of con- taminated sites coupled with increased demand for efficient cleanup has led to sweeping changes in the way site reme- diation is handled throughout the state. The Site Remediation Re- form Act (SRRA), which went into effect in 2009, shifted the responsibility for initiating and completing most remediation projects from the New Jersey Department of Environmental

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A L L E N T O W N | A T L A N T A | C H I C A G O | D A L L A S | E D I S O N | H O U S T O N | L A S V E G A S M E M P H I S | N A S H V I L L E | N E W P O R T B E A C H | P A R K C I T Y | R E N O | S A C R A M E N T O | S E A T T L E

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4B — August 24 - Sept. 13, 2018 — Owners, Developers & Managers — M id A tlantic

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O wners , D evelopers & M anagers

ILMINGTON, DE — A groundbreak- ing celebrating the 61,000 s/f facility developed by The Buccini/Pollin Group & managed by BPG|Sports Philadelphia 76ers & Buccini/Pollin Group break ground on state-of-the-art 76ers fieldhouse W art facility will make a life-long impact on each child that steps foot through the doors,” said Buccini.

development and construction of the facility designed by Ros- setti Architects , which sits at the foot of the new Christina River Bridge that will ulti- mately connect both banks of the Christina Riverfront. Once completed, the facility will be managed by BPG|Sports, BPG’s new operating affiliate that specializes in sports facil- ity management. “The Fieldhouse will be a catalyst for opportunity within the City of Wilmington, pro- viding thousands of under- served youth with new sports programming. The programs offered within this state-of-the-

construction that has begun on the 161,000 s/f multi-purpose sports complex and youth train- ing facility to be called “76ers Fieldhouse, Elite Youth Train- ing Center” occurred on August 8th 2018 at 401 Garasches Ln. Wilmington. Individuals in attendance included Governor John Car- ney, Mayor Michael Purzycki, Megan McGlinchey , execu- tive director of Riverfront Wilmington Development Corporation , City Council president Hanifa Shabazz,

a section of the Mid Atlantic Real Estate Journal Phone: 781-740-2900 Fax: 781-740-2929 www.marejournal.com S ection P ublisher Steve Kelley skelley@marejournal.com Owners, Developers &Managers The Fieldhouse will support youth athletic training sessions as well as youth basketball, soccer, volleyball, lacrosse, football and other sport com- petitions with three full-sized, professional basketball courts, two indoor turf soccer fields, a world-class sports performance and athletic training area, as well as retail and office space.  The facility will serve four over-arching purposes, a ma- jor family-friendly attraction, home of the 76ers NBA G League affiliate team, the Blue Coats attracting 2,500 fans per game, a youth sports complex designed to support the inner- city children of Wilmington with opportunities to engage and thrive, TITUS Sports Acad- emy athletic development ser- vices and advanced Sports Medicine Capabilities through Nemours/Alfred I. duPont Hos- pital for Children part of the Nemours Children’s Health System. Steve Cavalier, general man- ager for BPG|Sports and the 76ers Fieldhouse is also the Founder of Future Soccer Stars Foundation (FSS), a non-profit designed to provide free oppor- tunities to local youth to play and learn valuable life skills through soccer. Cavalier has already leveraged his strong community ties to ensure the facility is a resource for chil- dren within the local neigh- borhoods. Eight non-profits are already slated to utilize the facility for programing including Delaware Football Club (DEFC), Delaware Rush Soccer Club, 76ers / BGCDE City Youth Basketball League, Summer Collab/ Tyler’s Camps, FSS, Champions Program, Strive Leadership, and Boys and Girls Club.

76ers Fieldhouse, Elite Youth Training Center rendering

Chris Heck, 76ers president of Business Operations, Malcom Turner, president of NBA G League, Larry Meli, president of Delaware Blue Coats, Elton Brand, general manager of Delaware Blue Coats, Buccini,

co-president of The Buccini/ Pollin Group and Michael Hare , executive VP of the Buc- cini/Pollin Group. The Buccini/Pollin Group (BPG) and BPGS Construc- tion (BPGS) will manage the

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Housing and Economic Development Hall of Fame Reception Join us at The Pool at Harrah’s.

7:00 p.m. - 9:00 p.m.



7:30 a.m. - 5:15 p.m.

Welcome Breakfast

7:30 a.m. - 8:45 a.m.

Trade Show Explore our exhibition area, featuring products and services from businesses and organizations that serve our communities.

8:00 a.m. - 5:15 p.m.

Plenary Session CM I 1.25 Morning Breakout Sessions

9:00 a.m. - 10:15 a.m.

10:30 a.m. - 11:45 a.m.

Keynote Luncheon with Governor Phil Murphy CM I 1

12:00 p.m. - 1:30 p.m.

Dessert Reception

1:30 p.m. - 2:15 p.m.

Atlantic City Bus Tour Join the Bus Tour of Atlantic City and learn the inside track on the redevelopment that is propelling the city forward! CM I 2

2:30 p.m. - 4:30 p.m.

Afternoon Breakout Sessions

2:30 p.m. - 5:15 p.m.

Networking Reception Enjoy good conversation in a social environment with housing and economic leaders from the public, private and nonprofit sectors. WEDNESDAY, OCTOBER 3

5:15 p.m. - 7:30 p.m.


8:00 a.m. - 10:30 a.m.


8:00 a.m. - 9:00 a.m.

Trade Show Explore our exhibition area, featuring products and services from businesses and organi- zations that serve our communities.

8:00 a.m. - 12:00 p.m.

Morning Breakout Sessions

9:15 a.m. - 10:30 a.m.

2018 Governor’s Excellence in Housing and Economic Development Awards Presentation and Brunch Join us as we celebrate themost outstanding housing and economic development projects and partnerships throughout NewJersey.

10:45 a.m. - 12:15 p.m.

Integrated Disbursement & Information System (IDIS) (for NJCDA Members Only)

12:30 p.m. - 3:00 p.m.

Learn More at: INSIDE


Marcy Gross, Sheldon Gross Realty................................ 2B Lisa Cassidy, ecoImagine. ................................................ 7B Lee E. Wasserman, LEW Corporation............................ 12B Michael Mullin, Integrated Business Systems..................... 14B

Conference at a Glance.......................................................... 20B Bob Kilroy, Jewel Electric Supply.................................. 21B Exhibitors List.................................................................. 17C A word from the Speakers............................................... 22B

6B — August 24 - Sept. 13, 2018 — 2018 GOVERNOR'S CONFERENCE ON HOUSING & ECONOMIC DEVELOPMENT — ODM — M id A tlantic

Real Estate Journal www.marejournal.com


By Marcy Gross, Sheldon Gross Realty Commercial zoning: Past-due for change


and municipalities to avoid the specter of empty or even abandoned buildings. There’s a great deal of opportunity here; instead of unused office space, consider if we instead had apartments, co-ops, or condominiums. And how about some space being devoted to restaurants, cafes, bars, gyms, yoga studios, beauty salons, and the like? Making possible such mixed- use structures could trigger dramatic benefits for business owners, individuals, families, and communities. We’d help address the housing shortage many towns face, while also making it easier for businesses to attract talent based on the immediate proximity of nearby amenities like places to eat, exercise, and live. Altering current commercial zoning regulations could be ac- complished rapidly, and would quickly begin paying large dividends. There’s no excuse for communities throughout New Jersey and across the en- tire country not to initiate the process immediately. Marcy Gross is executive vice president at Sheldon Gross Realty.  LAN Associates promots within its architectural team MIDLAND PARK, NJ — Jim Sanders , who served as the director of LAN’s archi- tecture department in New Jersey, has been promoted to VP. He has been with LAN for 20 years and has been a key figure in the continued development and growth of the department. "I look forward to continue building LAN’s architectural team in New Jersey, while also developing new markets to further advance the com- pany," said Sanders. "Our staff continues to challenge and educate themselves in the latest industry trends to expand LAN’s expertise, es- pecially in the educational and healthcare sectors. The department has pro- gressively grown by 40% over the last few years, a significant component attributing to the success of LAN. The follow- ing team members have been promoted to Associate roles:

he anc i ent Greeks taught us that noth- ing is constant but

urban and urban zoning laws regarding office space. These are generally quite rigid, to the extent that almost anyone purchasing a building zoned for office use – or leasing space in such a structure – may conduct only specifically defined ac- tivities there. Divergence from what is approved by municipal authorities will likely result in a fine, and could escalate to harsher penalties, including an owner or tenant being barred from entering the building. So, no matter how logical such zoning laws may have seemed as recently as a decade ago, it’s obvious to many of us

who earn a living in the cor- porate real estate sector that they now need to change. And quickly. The problem is that through- out my home state of New Jersey, and in surrounding states, much space is sitting vacant. Sixty percent of a given building may house thriving businesses, while the other 40 percent can be entirely unused …a situation that would great- ly concern any building owner. This happens for multiple reasons, many tied to ongoing advances in technology. Essen- tially, an increasing number of businesses need far less space

now to operate effectively. In some cases, they need practi- cally no space at all. During 2002 a 100,000 s/f office build- ing may have been in full use by a trio of productive busi- nesses, while today these same three, still-successful busi- nesses require only 30,000 s/f between them. Of course, this means the building’s owner now faces paying a mortgage and taxes on 70,000 s/f of space that generates no income. As soon as possible, we need to update and relax codes related to how commercial buildings can be used – thus enabling owners to prosper

change. It’s a philosophy that’s true of life, society … and real estate, too. T h a t ’ s r ight . How individuals and commu-

Marcy Gross

nities utilize and relate to real estate evolves with time; failing to recognize and react to this reality can present a host of problems. In particular, consider sub-

• Danielle Farrell • Laura Schluger • Matthew Fink • Meghan Useo 

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