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Region’s largest retail transaction in five years Wheeler Real Estate Investment Trust purchases JANAF Shopping Yard for $85.65M

ISSUE HIGHLIGHTS Volume 30, Issue 3 February 9 - 22, 2018 LIRO DESIGNS HQ FOR THE LIRO GROUP

ORFOLK, VA — Wheeler Real Es- tate Investment Trust, Inc. , a self-managed commercial real estate in- vestment company with a primary focus on grocery- anchored centers, announced that WHLR-JANAF, LLC , a wholly-owned subsidiary, has purchased JANAF Shopping Yard, an 887,917 s/f shopping destination in Norfolk for $85.65 million. JANAF is the largest open- air shopping center in the region, and this transaction is the largest non-mall retail sale in the past five years, ac- cording to broker Ryan Sci- ullo with CBRE who along with Bill Kent handled the sale. JANAF Shopping Yard was one of the first large sub- urban shopping centers in the United States when it opened to the public in 1959. The property’s original investment group was composed of retired and active-duty military per- sonnel who aptly named the N

ton Roads. It is located at the intersection of Military Highway and Virginia Beach Blvd., which is one of the most traveled intersections with high traffic counts, and it is easily accessible to both In- terstates 64 and 264. JANAF draws customers from a 25- mile radius. “The area surrounding JANAF Shopping Yard is going through an economic boomwith the recent opening of the Norfolk PremiumOut- lets and with IKEA’s second store in Virginia, making this area the premier retail destination in the region capable of drawing shoppers from a 75-mile radius,” said Chuck Rigney , director of Economic Development. “In addition, transportation in- frastructure improvements on Military Highway as well as on I-264 are underway, accommodating our region’s resident and tourists with more modern accessibility and direct access.” n

JANAF Shopping Yard

center JANAF an acronym for Joint Army Navy Air Force. “JANAF Shopping Yard is a key shopping district serving Southside Hampton Roads and this growing area is at- tracting robust investment,” said Mayor Kenneth Cooper Alexander. “The City’s vision for this area is building on various assets and will play an important role in defining our future. We appreciate that Wheeler is increasing its corporate portfolio to include one of Norfolk’s commercial destinations. And, we are proud to have local ownership

of this valuable asset.” Jon Wheeler , chairman and chief executive officer of Wheeler, stated, “JANAF is an iconic property located nine miles from our corpo- rate headquarters. This asset aligns perfectly with our busi- ness strategy of owning the dominant center in secondary and tertiary markets. We ex- pect JANAF to be a long-term play for WHLR as we believe there is tremendous value in the underlying real estate. ” The location of JANAF Shopping Yardmakes it one of the most desirable in Hamp-

3A

CBRE arranges sale and secures financing for 14 building totaling $76.9M in King Of Prussia, PA

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KING OF PRUSSIA, PA — CBRE has arranged for the sale and acquisition financing of a 14 building, 641,325 s/f office complex located within Renaissance Park in King of Prussia. The portfolio was acquired by MLP Ventures of Radnor for a total sale price

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Steven Doherty of the Debt & Structured Finance team procured the financing on be- half of the buyer. The Portfolio consists of 14, single-story office and flex properties and is currently 87 percent occupied by a diverse and extensive mix of quality tenants. Major tenants include Marsh & McLennan Com- 2525 Renaissance Park

of $76.9 million. Robert Fahey, Jerry Kranzel, Erin Hannan, and Jack Corcoran of CBRE Capital Markets’ Insti- tutional Properties team represented the seller, Mal- vern-based developer Liberty Property Trust , in the mar- keting and sales negotiations. CBRE’s Nick Harris and

panies, Ikea, BB&T, RELX Group and MedRisk, among others. “We are pleased to once again have the opportunity to work with the fine team at Liberty Property Trust and assist them in achieving their corporate objectives,” said Fa- hey, executive vice president, CBRE. n

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

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Mid Atlantic R eal E state J ournal Publisher, Conference Producer ......................................Linda Christman AVP, Conference Producer . .................................................Lea Christman Associate Publisher ................................................................Steve Kelley Associate Publisher .................................................................. Kim Brunet Senior Editor/Graphic Artist ................................................ Karen Vachon Publisher .............................................................................. Miriam Buttrick Contributing Columnists ...................... LeClairRyan; David Schlussel,Key Properties; Jagjeevan Kaur Ruitenberg (Jill), Ruitenberg Lind Design Group; Brian R. Fennelly, PE, LSRP, Fennelly Environmental Associates, LLC Mid Atlantic R eal E state J ournal — Published Semi-Monthly Periodicals postage paid at Rockland, 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 3 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

Companies Should Exercise Due Diligence Prior To Hiring Third- Party Drone Services T Mark Dombroff hird-party drone com- panies are helping U.S. businesses with film- ing, testing, spraying and much more. But before hiring someone to fly a drone on your behalf, it is wise to carefully consider the regulatory and risk-management questions that can arise as a result of the relationship, writes veteran LeClairRyan aviation attorney Mark Dombroff in a new post at CorporateComplianceIn- sights.com. “Whenever drones are flown for commercial purposes—ev- erything from wedding pho- tography to inspection of in- dustrial smokestacks—their use is subject to Part 107 of the Federal Aviation Regu- lations,” writes Dombroff, a shareholder in the national law firm’s Alexandria office and co-leader of its aviation in- dustry practice. “That means that companies, when they hire drone-operating vendors, need to carefully scrutinize those vendors’ compliance status.” In the post (“Lessons in Liability: Drones 101”), Dom-

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broff discusses some of the risks in this area and offers four specific tips to help com- panies shield themselves from liability. In today’s economy, he writes, companies are increas- ingly using drones for a wide range of purposes, such as inspecting gas pipelines, tak- ing real estate photographs or “delivering” products as part of marketing campaigns. Un- manned Aerial Systems (UAS) even promise to improve safety in some circumstances. “What would you rather do,” the at- torney writes, “climb a 200- foot tower or use a drone to conduct that inspection?” Nonetheless, the prospect of UAS occasionally being involved in accidents is quite real, Dombroff notes. He points to three recent accidents in which drones were involved

in collisions (with a U.S. Army Black Hawk Helicopter, fans sitting in the upper deck at a baseball stadium and a plane on its approach to an airport in Quebec). The attorney also cites hypo- thetical “nightmare scenarios” involving lack of compliance on the part of drone pilots hired by a company. “A utility unknowingly hires an unli- censed, inexperienced drone operator to inspect some power lines,” he writes. “After the pilot hits a line and causes the drone to careen onto a nearby highway, a deadly traffic acci- dent ensues. Could the utility be sued? Absolutely.” Before hiring a vendor for drone-related services, Dombroff advises, companies should consider taking the following steps: continued on page 3A

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M id A tlantic R eal E state J ournal Consolidates its three NYC offices into a single, collaborative 13,500 s/f workspace LiRo Architects+Planners designs regional New York City HQ for its parent firm, The LiRo Group N EW YORK, NY — The LiRo Group (LiRo) , a national,

new offices. First, they would be consolidating various groups, including LAP; LiRo’s renowned Virtual Design, Construction, and Operations (VDCO) team; construction and project management per- sonnel; and the engineering staff in disciplines ranging from civil to structural. The goal was to house all of these operations in one office in a manner that allows for the utmost in workspace flexibility and openness, fostering open communication among groups, and helping the teams work better together on interdisci-

plinary projects. While there are designated work areas for the various groups, it was decided early on that the new space should pro- mote open communication and collaboration among them all. According to Joseph Grant, AIA , VP, division leader, Ar- chitecture, who led the design work, “We wanted to promote ‘openness’ and ‘transparency’ in every sense of those words, and we wanted to foster an egalitarian, democratic atmo- sphere. We used a great deal of glass and open-plan worksta- tions to achieve that.” n

multidisciplinary construction and program management, architecture and engineering, and environmental solutions firm, has just opened its new NewYork City hub on the 28th floor of One State Street Plaza in the Battery Park section of Lower Manhattan. T h e f i rm ’ s a r c h i t e c - t u r e d i v i s i o n , L i R o Architects+Planners (LAP) , designed the new $3 million, 80-person workspace to be large and flexible enough to accommodate future growth, as the rapidly expanding LiRo has doubled its number of personnel in the last five years alone. The contemporary, open, and collaborative 13,500 s/f workspace, taking up ap- proximately three-quarters of the floor, consolidates several different LiRo functions from three former Manhattan lo- cations, and has effectively doubled the amount of office space the company occupies in the city. LAP led the search effort for the new space and helped define three main functional requirements for the firm’s • Confirm and get in writ- ing that only federally tested and licensed pilots will oper- ate drones on behalf of your company; as part of this due diligence, be sure to check the certificates of all pilots who will be conducting flights. • Be sure that the third-par- ty vendor is properly insured to cover drone operation. This is not a given. Insurers often consider aviation a special risk category that requires either a separate policy or an endorse- ment that provides coverage for drones as an addition to an existing policy. • Consider requiring the vendor to add your company to its insurance policy as an additional insured, a standard risk-management practice across American business. • Understand the basic rules/guidelines pertaining to drone operation under federal regulations, so that you can keep your vendors honest. LeClairRyan provides business counsel and client representation in corpo- rate law and litigation. n continued from page 2A Companies should exercise due . . .

LAP designed the new $3 million, 80-person workspace

NYU - Winthrop University Hospital

SUNY Stony Brook New Medical and Research Translation Building (MART) and Hospital Pavilion

Providing Program & Construction Management and Design Solutions to the Healthcare Industry

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4A — February 9 - 22, 2018 — M id A tlantic

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M id A tlantic R eal E state J ournal

By Brenner Green, Real Property Capital, Inc. Interest Rates in 2018

I

n at least 15 of the 21 years I have worked in commercial real estate, a

try seems to be largely acting like the characters in one of those disaster movies (you know the ones with the really good special effects) where the giant asteroid is hurtling toward earth from a million miles away, and all they can do is gleefully wait for the end to come (I will get back to this concept later). I am not say- ing that an asteroid is going to destroy your world, but I am saying that you may soon not have enough debt service coverage to refinance out of your current loan. Rates have been really low

for a really long time. The 10-year treasury rate, which stands at 2.71% as of this writ- ing, has not crossed 3 percent for nearly seven years, but at the rate things have been going for the last few months it would appear to be a pretty sure bet you will see it hap- pen this year. Seven years is a really long time to be living in an artificially low rate en- vironment, and I would wager that just about anyone who was working in this industry seven years ago is a much hap- pier camper today than they were back in 2011 as all this

free money has created good times for all. To provide some perspective on just how low we are talk- ing and to remind everyone of historical norms, I decided to include a chart of the 10-year for the last 54 years. What this chart basically says is that rates fell off a cliff around 15 years ago following the reces- sion that resulted from the tech bubble bursting and have been trending down since. I will let you figure out what the grey bars mean… So where does that leave us now that the party may well

be ending and we are on our way back to economic sobriety? Well, I think anyone willing to take an honest assessment of things would be willing to acknowledge certain indiscre- tions that have occurred as a result of all this free money, and maybe even more so from the “paradigm shift” to a view that free money is the new normal. For some develop- ers, such as those who used a 3.75% permanent rate to make the numbers work in their pro forma two years ago when they were in the planning phase, it’s going to feel like a massive hangover. But the good news is that there is still room for most of us on the last rocket off the earth so to speak. Most economists expect rates to be around 50 basis points higher across the yield curve by year end. That’s half a point! It may be the difference between getting to your loan amount or not, or the difference of tens or hundreds of thousands in ad- ditional interest over the next ten years. You can continue to stare at the asteroid or you can get on the last ship out of town. Your choice. R. Brenner Green is a 19- year veteran in commercial real estate finance and President of Real Prop- erty Capital, Inc., a full ser- vice commercial mortgage banking firm based in the Philadelphia suburbs. n Gladstone joins NAI DiLeo-Bram & Co. as director of capital markets PISCATAWAY, NJ — NAI DiLeo-Bram & Co. announced that Frederick Gladstone has joined the firm as director of capital markets. The hire represents the addi- tion of a commercial lending veteran as the firm continues to grow. Gladstone comes to NAI DiLeo-Bram & Co. with a distinguished career in New Jersey commercial lending. He began his career in 1999 with Commerce Bank where he suc- cessfully completed the Bank’s commercial credit underwrit- ing program. Through-out his career he has been on both the underwriting and sales sides. Most recently he was VP of commercial lending at Berkshire Bank in Kingston. n

ten-year fixed rate with a “ 5 ” hand l e ( m e a n i n g 5.XX%) was a deal that the market would view favorably. At certain points

Brenner Green

in time it would have seemed out of this world good. Speak- ing of out of this world, over the last 12 or so months, the commercial real estate indus-

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And purchase of 350 Morse St., NE Stroock represents Carr Properties in 341,000 s/f D.C. transaction

W

a retail-anchored pedestrian plaza linking Market Terminal with the Union Market neigh- borhood. The Stroock real estate team for the 350 Morse St., NE transaction included partners Keitelman and Gail Such- man ; special counsel Joseph Miller ; and associate Kelly Booker . Stroock’s 85-member na- tional real estate group helps clients structure, negotiate and close some of the country’s largest commercial real estate transactions including: the development and recapital- ization of 10 Hudson Yards in NYC; the redevelopment of the former Washington Post site in the heart of Washington, in Baltimore and the clear mar- ket leader in brokerage, capital markets and asset services. “Pete is the natural choice to lead the organization into the next decade,” Gillece said. “He combines unique experience as a global real estate solutions expert and a practical leader respected by our entire team.” Gillece will return to his roots concentrating on client facing activities. “I was eager to get back to problem solving for our clients. I am a firm believer in our ability to make Baltimore an even greater city.” Over a 25-year career at Cush- man & Wakefield, Stanford has developed a deep expertise with both occupier and inves- tor clients. He has led Global Occupier Services teams deliv- ering transaction and portfolio advisory services for clients across EMEA, Asia-Pacific and the Americas, served as director of the Baltimore Asset Services team, and supported the Capital Markets team. “We have a great group of tal- ented and highly-collaborative industry professionals, who take great pride in their client service and community involve- ment,” Stanford said. “Balti- more has always embraced

D.C.; the sale of 1285 Ave. of the Americas located in Rock- efeller Center; the sale of the Southeast Financial Center, an iconic office building in downtown Miami; the recapi- talization of the Century Plaza Towers, the most recognizable trophy office complex in the Century City area of Los An- geles; the disposition of Two Independence Square serving as the headquarters for NASA in Washington, D.C.; the 1.9 million s/f mega-project of Es- sex Crossing on the Lower East Side of NYC; the acquisition of the Department of Veterans Affairs Hospital in Loma Lin- da, CA; and the redevelopment of the World Trade Center site in Lower Manhattan. n the power of the Cushman & Wakefield platform, and we are excited to build on our legacy of local market leadership and global reach.” “Pete is the consummate team player who is highly re- spected throughout Cushman & Wakefield and our industry.” Said Roberta Liss, regional managing principal for the Mid-Atlantic Region. “His broad range of experience across our platform and service lines will yield tremendous opportunities for our clients in the Baltimore market.” In the community, Stanford is a Board Member of the World Trade Center Institute of Bal- timore, past Board Member of Opportunity Builders. Stanford holds the Certified Commer- cial Investment Member (CCIM) and Commercial Investment Real Estate In- stitute (CIRE) designations, and is past president of BOMA Baltimore . He is a gradu- ate of the US Naval Academy and earned an MBA from the George Washington University. Stanford attained the rank of Lieutenant Commander in the US Navy, flying P-3 Orion anti- submarine aircraft during the Cold War. n

ASHINGTON, DC — Stroock repre- sented private real

estate investment trust Carr Properties in two separate transactions, the sale of 1255 23rd St. NW and the purchase of 350 Morse St., NE, both in Washington, D.C. 1255 23rd St. NW is a 341,000 s/f West End office building with multiple ten- ants, including the Humane Society of the United States. The Stroock real estate team for the 1255 23rd St. NW transaction included partners Jeff Keitelman and Steven Moskowitz ; special counsel Joseph Miller ; and associ- ates Kelly Booker and Logan Wyman . HALETHORPE, MD — Cushman & Wakefield ar- ranged the sale of 2209 Sulphur Spring Rd. The 313,000 s/f ware- house is located in Halethorpe. The O’Donnell Group ac- quired the asset from Federal Capital Partners for $13.4 million, or $42.81 psf. The seller was represented by Cushman & Wakefield’s Baltimore Capital Markets team of Jonathan Carpenter , executive director, and Graham Savage , director. “The sale of 2209 Sulphur Spring Rd. shows the attractive fundamentals of the Baltimore Industrial Market for national buyers,” said Savage. “With value-add industrial opportuni- ties in this market extremely few and far between, the sale of this property shows that Balti- more is a sought after industrial location for national buyers. The new owner plans to add dock doors to the vacant property and lease it back up.” TOWSON, MD — Cushman & Wakefield announced that it closed the $18 million sale of Towson Commons located at One W. Pennsylvania Ave. The 10-story, class A office building and 8-story parking garage was 90% leased at the time of sale.

1255 23rd St. NW

350 Morse St., NE, is a to be developed office and retail mixed-use building located in the Union Market area of Washington, D.C. that will be a part of the Market Terminal

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Cushman & Wakefield arranges 313,000 s/f warehouse sale for $13.4 million

Towson Commons

floor and the highly successful LA Fitness facility, will make the building one of the premier office locations in Baltimore County.” Doug Brinkley , managing director, and Lizzy Sweeney , director, also of Cushman & Wakefield’s Baltimore office, will handle leasing at the prop- erty. BALTIMORE, MD — Pe- ter Stanford has been named managing principal of the firm’s Baltimore operations. Stanford will succeed David Gillece who had led the business for the past 14 years. Over that time, the office has established itself as the top real estate services firm

CSG Partners , a Baltimore- based real estate development and investment company, was the buyer of the building. Jonathan Carpenter , ex- ecutive director, Graham Sav- age , director, Nicole Keelty , senior director, and Andrew Posil , director, of Cushman & Wakefield’s Baltimore office represented the client in the transaction. “The sale of Towson Commons represents a new chapter with the building,” said Carpenter. “The new owner plans to invest millions to upgrade the build- ing. These capital enhance- ments, combined with the new retail amenities on the ground

6A — February 9 - 22, 2018 — M id A tlantic

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M id A tlantic R eal E state J ournal In Sussex County in 2017 SVN Land Group sells 1,600+ acres of timber land

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– 61 acres - $180,000 4) Susan Beach Rd, Delmar, DE – 260 acres - $680,000 5) Waycross Rd, Laurel, DE – 291 acres - $144,000 6) Kings Crossing Rd, Lau- rel, DE – 39 acres - $124,000 7) Kings Crossing Rd, Lau- rel, DE – 25 acres - $115,000 8) AsketumRd, Georgetown, DE – 293 acres - $575,000 9) Nant i coke Headwa- ters Wholesale – 484 acres - $871,200 “I believe we are seeing a resurgence in buyers to the forestland market as recre- ational users are looking at Sussex County as having a high quality of life and solid long term land values,” stated senior advisor Ben Alder . n Seaford industrial plant sold to rail- road company SEAFORD, DE — SVN- Miller Commercial Real Estate senior advisors John McClellan, CCIM, Henry Hanna, CCIM, SIOR , and Tom Knopp collaborated to sell the former BASF Polymer Plant located at 100 Industrial Blvd. in Seaford. The 37,000 s/f building along with an adjacent 6.63 acre parcel was an ideal match for Carload Express, due to the frontage on the main North South rail line. Carload Express is a leading short line railroad and trans- portation company serving Delaware, Maryland, Pennsyl- vania, Ohio and the surround- ing region. Carload Express recently assumed control of the Norfolk Southern rail lines on the majority of the Delmarva Peninsula. They plan to use this property as an intermodal rail/truck facil- ity as well as a storage and distribution center. n

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Real Estate Journal — February 9 - 22, 2018 — 7A

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Please help us welcome Miriam Buttrick The new Publisher for the Pennsylvania section Please contact her at mbuttrick@marejournal.com or 781-740-2900 X 203 - DC 2018 EDITORIAL CALENDAR EDITORIAL DEADLINES ARE 14 DAYS PRIOR TO PUBLICATION DATE APRIL FEBRUARY JANUARY 12 ................................... DEADLINE: DEC. 29 ROP (FRONT SECTION): ................................. FINANCIAL DIGEST DEL/MAR/VA/DC:.................................. FINANCIAL INSTITUTIONS NEW JERSEY: .......................................................... SOUTHERN NJ PENNSYLVANIA: ............................................ NORTHEASTERN PA SPOTLIGHT:........................................................... 2018 FORECAST JANUARY 26 ....................................DEADLINE: JAN. 12 ROP (FRONT SECTION) GREEN BUILDINGS SHOPPING CENTERS: MID ATLANTIC ICSC CONFERENCE & D.M ODM: .................................................... PROPERTY MANAGEMENT SPOTLIGHT:........................................ ECONOMIC DEVELOPMENT APRI L 13 . . . . . . . . . . . . . . . . . . DEADL INE: MARCH 30 ROP (FRONT SECTION): ................................. FINANCIAL DIGEST DEL/MAR/VA/DC:........................................................... MARYLAND NEW JERSEY: .......................................................... SOUTHERN NJ PENNSYLVANIA: ............................................ SOUTHEASTERN PA SPOTLIGHT: .................................................................. APPRAISAL APRI L 27 . . . . . . . . . . . . . . . . . . . . DEADL INE: APRI L 13 ROP (FRONT SECTION) GREEN BUILDINGS SHOPPING CENTERS: LAS VEGAS RECON ICSC CONVENTION ODM: ..... GREATER PHILA. FACILITY MANAGEMENT EXPO 2018 SPOTLIGHT: ....................................................... SPRING PREVIEW MAY JANUARY

JUNE MAY 11 . . . . . . . . . . . . . . . . . . . . . . . . DEADL INE: APRI L 27 ROP (FRONT SECTION): ................................. FINANCIAL DIGEST DEL/MAR/VA/DC:............................... MANAGEMENT COMPANIES NEW JERSEY: ............................................................. CENTRAL NJ PENNSYLVANIA: .............. PA'S PROJECTS/BUILDING SERVICES SPOTLIGHT:..................................... NJAA EXPO & CONFERENCE MAY 25 . . . . . . . . . . . . . . . . . . . . . . . . . . . DEADL INE: MAY 11 ROP (FRONT SECTION) GREEN BUILDINGS SHOPPING CENTERS: ... RETAIL ARCHITECTURE/CONSTRUCTION/ENGINEERING ODM: .............................................................. INDUSTRY LEADERS SPOTLIGHT:..................... INDUSTRIAL/DISTRIBUTION CENTERS JUNE 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . DEADL INE: MAY 25 ROP (FRONT SECTION): ................................. FINANCIAL DIGEST DEL/MAR/VA/DC:................................................................ VIRGINIA NEW JERSEY: .......................................................... NORTHERN NJ PENNSYLVANIA: ......................................................... CENTRAL PA SPOTLIGHT:................................................. CREATIVE FINANCING JUNE 22 . . . . . . . . . . . . . . . . . . . . . . . . . DEADL INE: JUNE 8 ROP (FRONT SECTION) GREEN BUILDINGS SHOPPING CENTERS: ............................. RETAIL/RESTAURANTS ODM: .................................. CONTRACTORS/SUBCONTRACTORS SPOTLIGHT:....................................................... MID-YEAR REVIEW

FEBRUARY 9 . . . . . . . . . . . . . . . . . DEADL INE: JAN. 26 ROP ( FRONT SECTION): ....................... FINANCIAL DIGEST DEL/MAR/VA/DC:........................................................... DELAWARE NEW JERSEY: ............................................................. CENTRAL NJ PENNSYLVANIA: ........................................................ WESTERN PA SPOTLIGHT:................................................................. 30 UNDER 30 FEBRUARY 23 . . . . . . . . . . . . . . . . . DEADL INE: FEB. 9 ROP (FRONT SECTION) SHOPPING CENTERS: ............................. MIXED-USE PROJECTS ODM: ................................. ENVIRONMENTAL/GREEN BUILDINGS SPOTLIGHT:......................... COMMERCIAL OFFICE PROPERTIES MARCH 16 . . . . . . . . . . . . . . . . . . . . DEADL INE: FEB. 23 ROP (FRONT SECTION): ................................. FINANCIAL DIGEST DEL/MAR/VA/DC:............... CONTRACTORS/SUBCONTRACTORS NEW JERSEY: .......................................................... NORTHERN NJ PENNSYLVANIA: ......................................................... CENTRAL PA SPOTLIGHT:.......................................................... 1031 EXCHANGE MARCH 30 . . . . . . . . . . . . . . . .DEADL INE: MARCH 16 ROP (FRONT SECTION) GREEN BUILDINGS SHOPPING CENTERS: .................................. INDUSTRY EXPERTS ODM: .................................. MULTIFAMILY FEATURING POA EXPO SPOTLIGHT:............................................................... BEST OF 2017 MARCH

ROP — Run of the Paper is the first section in each issue. This covers news for all five states and offers prime advertising positioning. Editorial Requirements: Press Release 350-500 words with property photo and broker photos. Expert Articles: 550 words with author headshot and 25 word bio. Deadline: 14 days prior to publication date. WE HOST INDUSTRY SPECIFIC CONFERENCES www.marejournal.com For DIGITAL ADVERTISING Please contact us for more information

8A — February 9 - 22, 2018 — M id A tlantic

Real Estate Journal

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What are People Saying about the Mid Atlantic Real Estate Journal?

“The word that comes to mind to describe the recent New Jersey Apartment/Multifamily Summit is Value. As a panelist, I thoroughly enjoyed the opportunity to share perspectives and strategies with industry peers. As an attendee, I appreciated the value of the information exchanged and of the contacts made. Mid Atlantic Real Estate Journal continues to provide commercial real estate professionals with high-quality venues for doing business and keeping pace with current and future trends.”

“In advertising regularly with the Journal, Bussel Realty Corp has benefited through the publication’s great exposure to the marketplace.” Steve Bussel, SIOR Bussel Realty Corp.

“MAREJ has been a valuable media resource for

Barry Poskanzer, AIA Poskanzer Skott Architects

NorthMarq over the many years I’ve worked with Linda Christman and her team. We appreciate their commitment to consistently providing us with the best tools to promote our services in the Mid-Atlantic region.” Lisa Baccare NorthMarq Capital

“I appreciate the efforts of the team at the Mid Atlantic Real Estate Journal. They understand our niche in the industry and give us uncompromising service, at all times achieving a maximum return for our advertising budget.”

Bruce E. Gudin, Esq. Ehrlich, Petriello, Gudin & Plaza, PC

“The Mid-Atlantic Real Estate Journal has

been a well received and prop- erly positioned marketing tool for over a decade for LEW Corp.” Lee Wasserman LEW Corporation

“Economic development is driven by the brokerage community. Advertising in the Mid Atlantic Real Estate Journal puts our properties directly in front of the people who make deals happen.”

“MARE delivered an engaging and valuable Conference for NJ real estate professionals. What stands out about MARE is their ability to attract a strong panel that gave incredible insight and new strategies to secure future business.” Gerard O’Malley Duquesne Commercial Funding

Jim Cummings Mericle Commercial

If you would like to advertise or participate in our events, Call Us Today! 781-740-2900

Real Estate Journal — PA/NJ/DE CCIM Chapter — February 9 - 22, 2018 — 9A

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M id A tlantic

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

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 Colliers International David Church, CCIM Chair, New Jersey DL Commercial Real Estate 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 Myer, CCIM Brandywine Realty Trust Tom Skeans, CCIM SVN KW Commercial, Blue Bell Neil Kilian, CCIM, SIOR

Speakers: Margo McDonnell and Bruce Johnson Thursday, February 15, 2018 4:00-6:00 p.m. The Hamilton Kitchen & Bar 645 Hamilton St, Allentown, PA 18101 Margo McDonnell will touch on several case studies and how 1031 exchanges can help investors and business owners to increase cash flow, plan for retirement and “solve problems”. Bruce Johnson will discuss how the Tax Cuts for Jobs Act will impact commercial real estate, including the most signifi- cant changes and potential strategies to plan for and take advantage of this 30- year in the making tax reform. 1031 Exchanges & Tax Strategies Seminar

Instructor: Ben Wilson Thursday, March 22, 2018 9:00 a.m. – 3:00 p.m. East Stroudsburg University Lehigh Valley Center Site To Do Business (STDB) Training

60 West Broad St, Bethlehem, PA, 18018 The Site To Do Business (STDB) is a veteran market leader in commercial real estate de- mographics. By integrating online data into a dynamic GIS mapping environment, the site allows users to competently and consistently make the best decision possible for a given piece of real estate. Using STDB provides commercial real estate professionals the reliable and singular source for real estate analytical tools such as demographic data, business information, thematic mapping, life- style data, and high quality aerial imagery. Cost : $50 for members & $75 for non-members

Cost: $10 for members & $20 for guests.

6-hours PA continuing education!

DEALMAKERS Greg Ellis, CCIM, represented the seller, Greenhill 100, LLC, in the sale of a 17,583 sq. ft. mixed-use complex at 100-120 Greenhill Avenue inWilmington, DE. The buyer purchased the 3-building complex as an investment for $1,290,000. Units consist of a mix of tenants, including a daycare, a personal fitness gym, a shipping and packing center, storage garages and professional offices.

Kathy Sweeney-Pogwist Brandywine Realty Trust Matthew Wolf, CCIM High Associates, Ltd.

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

10A — February 9 - 22, 2018 — M id A tlantic

Real Estate Journal

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Multi-Family Housing Professionals Mark Your Calendars! P A

WEDNESDAY APRIL 11, 2018 The Wilshire Grand Hotel West Orange, NJ 5-9pm EXPO 2018

EXPO offers a unique business opportunity for companies to showcase their products and services to the exclusive membership of the Property Owners Association. With over 60 exhibitors showcasing the newest and latest offerings in the multi-family industry, this is a must attend event. Buffet dinner served throughout the evening.

• Buffet Dinner with Kosher Station • Over 60 Exhibitors • Latest Technology and Information Available • Prizes Throughout the Evening

Non-exhibiting associates will not be permitted to market their products or services unless they have reserved a booth. Otherwise they will be asked to leave.

Visit www.poanj.org for more information

M id A tlantic Real Estate Journal — February 9 - 22, 2018 — 11A B usiness C ard S ervices /B illboard D irectory

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D elaware S tatutory T rust

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Francee Fuller ffuller@barryisett.com

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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 CRE I nvestment /M anagement

E conomic D evelopment

market yourself or your business to a targeted and captive audience

Linda Christman (781) 740–2900 lchristman@marejournal.com

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12A — February 9 - 22, 2018 — M id A tlantic

Real Estate Journal

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C ommercial R eal E state O rganizations ’ E vents C alendar FEBRUARY 13 – AAGP

MARCH 24 – NJAA Event:10th Annual Maintenance Mania Location: Collins Arena at Brookdale Community College 765 Newman Springs Rd., Lincroft, NJ E: membership@njaa.com FEBRUARY 28/31 – BOMA Event: Winter Business Meeting & National Issues Conference Time: TBD Location: Hyatt Regency Capitol Hill Washington, DC Cost: TBD URL: http://www.boma.org/events/Pages/Winter-Business-Meeting- and-National-Issues-Conference.aspx MARCH 26/30 – DVGBC Event: Certified Passive House Designer/Consultant Training Time: March 26 @9:00 AM – March 30 @5:00 PM Location: DVGBC Address: 2401 Walnut Street, Suite 103, Philadelphia, PA 19103 Cost: $1,750 - $2,250 Members URL: https://www.dvgbc.org/event/certified-passive-house-designer- consultant-training-0 MAY 4 – DVGBC Event: 2018 Sustainability Symposium Time: 8:00 AM – 4:30 AM Location: Penn State at the Navy Yard Address: 4960 South 12th Street, Philadelphia, PA 19112 Cost: $0 URL: https://www.dvgbc.org/event/2018-sustainability-symposium MAY 17 – DVSGA Event: PAST EVENT: Phillip Langdon. Author of “Within Walking Distance” Time: 5:00 PM – 7:30 PM Location: The Continental Midtown (rooftop lounge) Address: 1801 Chestnut Street, Philadelphia, PA 19103 Cost: $0 URL: https://www.delawarevalleysmartgrowth.org/events/coming-in- may-phillip-langdon-author-of-within-walking-distance/ JUNE 4/7 – CCIMPA Event: CI 101: Financial Analysis for Commercial Real Estate Time: June 4 @8:30 AM – June 7 @5:00 PM

Event: Basic Appliance Maintenance and Repair Feb. 13-14, 2018 Time: Feb 13 9:00 AM – Feb 14 4:00PM Location: PAA – East Address: One Bala Plaza Suite 515 Bala Cynwyd, PA 19004 Cost: $200-$339 URL: https://paaeast.wliinc1.com/events/Basic-Appliance-Mainte- nance-and-Repair-Feb-1314-2018-253/details FEBRUARY 15 – AAGP Event: Legal Responsibilities in Property Management Time: 9:00 AM – 12:30 PM Location: PAA – East Address: One Bala Plaza Suite 515 Bala Cynwyd, PA 19004 Cost: Member: $69 Non-Member: $97 URL: https://paaeast.wliinc1.com/events/Legal-Responsibilities-in- Property-Management-226/details FEBRUARY 21 – AAGP Event: Fair Housing and Beyond-2/21/18 Time: 10:00 AM – 3:00 PM Location: The Towers at Wyncote Address: 8440 Limekiln Pike Wyncote, PA 19095 Cost: $99-$129 URL: https://paaeast.wliinc1.com/events/Fair-Housing-and-Be- yond22118-248/details FEBRUARY 22/23 – IREM NJ Event: 2018 Tri-State Conference & Expo Time: Feb 22 @8:00 AM – Feb 23 @1:00 PM Location: Borgata Hotel Casino & Spa Address: One Borgata Way Atlantic City, NJ 08401 Cost: $119 Special Room Rate URL: http://irem1.org/meetinginfo.php?id=23&ts=1499369761

MARCH 23 - AGC NY Event: Project Manager Development Program: Session 5-Risk Management Time: 8:00 AM – 4:00 PM Location: AGC NYS

Address/City: 10 Airline Dr., Suite 203, Albany NY

Cost: Single session-$400 Members $550 Non-Members

Location: TBD Address: TBD Cost: $0 URL: panjdeccim.com/event/ci-101/2018-06-04/

E: bmanning@agcnys.org www.agcnys.org/calendar/

Send your events to editor@marejournal.com

Real Estate Journal — February 9 - 22, 2018 — Inside Back Cover A

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M id A tlantic

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Products and services are offered by Capital One, N.A., Member FDIC. © 2018 Capital One.

Back Cover A — February 9 - 22, 2018 — M id A tlantic

Real Estate Journal

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Specialization • Expertise • Results

Defining Market Dominance with Unrivaled Transaction Expertise

Neighborhood Center Gaithersburg, MD | $14,000,000 CLOSED

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Net-Leased Drug Store Johnstown, PA | $4,869,185 CLOSED

Land - Retail Development Washington, D.C. | $4,629,700 CLOSED

Multifamily HUD Camden, NJ | $3,600,000 CLOSED

Net-Leased Discount Philadelphia, PA | $3,312,325 CLOSED

Net-Leased Restaurant Baltimore, MD | $2,985,000 CLOSED

Net-Leased Restaurant Dover, DE | $2,050,000 CLOSED

To access the largest exclusive inventory of properties, contact the market leader.

Sean Beuche Regional Manager sbeuche@marcusmillichap.com Mark Taylor Broker of Record mtaylor@marcusmillichap.com Pennsylvania 2005 Market Street, Suite 1510 Philadelphia, PA 19103 (215) 531-7000

Brian Hosey Vice President/Regional Manager bhosey@marcusmillichap.com J.D. Parker Broker of Record jparker@marcusmillichap.com New Jersey 250 Pehle Avenue, Suite 501 Saddle Brook, NJ 07663 (201) 742-6100

Matthew Drane Associate Regional Manager mdrane@marcusmillichap.com Bryn Merrey Broker of Record bmerrey@marcusmillichap.com Washington, D.C. 7200 Wisconsin Avenue, Suite 1101 Bethesda, MD 20814 (202) 536-3700

Offices Throughout the U.S. and Canada

www.MarcusMillichap.com

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