Filley, Heilig, Pace and Dale represent seller, 3700 Fettler Park LLC NorthMarq’s Ranieri arranges $16.5M refinance of Wallington Plaza in NJ

ISSUE HIGHLIGHTS Volume 32, Issue 10 May 29 - June 11, 2020

VP /manag - ing director o f No r t h - M a r q ’ s White Plains office secured the $16.5 mil- lion refinance of Wallington W

A L L I NG T ON , NJ — Ro b e r t Ranieri , senior



Section 5-20A

Robert Ranieri


Plaza. The 94,297 s/f grocery- anchored retail property is lo- cated on Paterson Ave. in Wall- ington. The permanent-floating rate loan was structured with a seven-year term on a 30-year amortization schedule. North - Marq arranged financing for the borrower through its rela - tionship with a local bank. “We were able to close the loan during the COVID-19 pandemic because the property is anchored by a ShopRite su - permarket which is considered


UPCOMING CONFERENCES 6 th Annual NJ Industrial Development Conference September 2, 2020 6 th Annual Commercial Leadership Conference Honoring Women September 9, 2020 5 th Annual PA Healthcare & Medical Conference For speaking and sponsorship info., please contact: Lea at 781-740-2900 or lea@marejournal.com

Wallington Plaza

innovation is evident in our 60- year history, annual transac - tion volume of $13 billion, loan servicing portfolio of more than $61 billion and the multi-year tenure of our more than 600 people. 

an essential business serving the needs of the neighboring communities,” said Ranieri. As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, invest -

ment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and

Anderson of Progress Capital facilitates $14.5 million construction loan for self-storage project

LYNDHURST, NJ — Kathy Anderson of Progress Capi- tal arranged a $14.5 Million

construction loan for Dino Tomassetti , m a n a g i n g membe r o f 1 Ho l l and , L L C . T h e property is located at 1

Kathy Anderson

Terminal Rd. in Lyndhurst, NJ and when completed, will

Directory ROP (Front Section) .................................... Section A Contributing Columnist .............. Paul G. W. Fetscher, CCIM CRX CLS, Great American Brokerage How to Deal with Landlords in the Age of Covid-19 .. 2A Industrial/Distribution Center .......................... 5-20A Retail Development Reimagined . ................... 21-26A People on the Move............................................ 29A Owners, Developers & Managers ............... Section B www.marej.com

Life Storage rendering

include 950 self-storage units that will be managed under the Life Storage banner. The bor- rower purchased the site with all entitlements in place and has retained ARCO Murray to deliver a turn-key building. Anderson arranged the loan with TriState Capital Bank , who provided a 36 month con- struction term to allow for completion and stabilization. The loan floats over LIBOR and has a permanent option,

is an excellent addition to our holdings based on the density and lack of storage options in the immediate surrounding area,” said Tomassetti. Tomasetti is the founder of Asset Realty & Construc- tion Group , a fully integrated development company that owns self-storage, multifam - ily, retail, office and indus - trial properties throughout the Tri-State area and North Carolina. 

giving the Borrower ultimate flexibility. Tomassetti and his partners founded Storage Fox, a self- storage company with over 5,200 units located in White Plains, Brooklyn, LIC and Yon - kers. The Storage Fox portfolio was purchased by Clutter, Inc. in September 2019 and the partners are now rebuilding their storage portfolio, having formed a management alliance with Life Storage. “Lyndhurst

Inside Cover A — May 29 - June 11, 2020 — M id A tlantic Real Estate Journal


98 Years of Continuous Architectural Excellence Across the Nation

Retail • Commercial • Self Storage • Automotive Medical • Dental • Industrial • Multi-Family

601 Chapel Avenue East, Cherry Hill, NJ 08034 Tel 856.438.8877 marketing@ignarrilummis.com ignarrilummis.com

M id A tlantic Real Estate Journal — May 29 - June 11, 2020 — 1A



Rockville City Centre Rockville, MD $7,000,000

HomeGoods Wainscott, NY $9,240,000

Chipotle & PEI WEI Naples, FL $3,800,000

Downtown Mall Meadville, PA $6,350,000

Dollar General Adams NY $736,000

Bob Evans Fort Myers, FL $3,638,240

Panera Bread Harrisburg, PA $2,113,043

Wendy’s Meadville, PA $2,473,980

Wendy’s Hamburg, PA $2,531,600

Ethan Cole, PA Broker of Record, License RMR003168, Ethan Cole, NY Broker of Record License 10491208561,





2A — May 29 - June 11, 2020 — M id A tlantic Real Estate Journal


M id A tlantic Real Estate Journal

M id A tlantic R eal E state J ournal Publisher, Conference Producer . .............Linda Christman AVP, Conference Producer ...........................Lea Christman Publisher ........................................................Joe Christman Editor/Graphic Artist..... .................................Karen Vachon Contributing Columnist ......................Paul G. W. Fetscher, CCIM CRX CLS, Great American Brokerage 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. 32, Issue 10 Subscription rates: 1 year $99.00, 2 years $148.50, 3 years $247.50 & $4.00 single issue - plus postage REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Phone: 781-740-2900 | Fax: 781-740-2929 www.marej.com

Paul G. W. Fetscher, CCIM CRX CLS

How to Deal with Landlords in the Age of Covid-19


ow is a retailer sup- posed to survive when he is restricted from

opening? How should he deal with his landlord in these un- precedented times? As a tenant representative agent, my real job is to deter- mine how much business my customer can do in a given space and negotiate for a rent that is prudent. We enter into our retail leases and negotiate rent based upon our expec- tation of retail sales. Today with the current COVID-19 epidemic, we find ourselves in a situation where the vast ma- jority of retailers are restricted from doing any business but are expected to pay rent. “Call Your Landlord Be- fore He Calls You” . It ac- knowledges that you are having a problem and sets the stage for a discussion towards how the two of you can together work things out. Know what to ask for. The initial alternatives are either a full or partial rent forgiveness or a postponement of rent. Landlords are rather unrealis- tic in their understanding of the narrowmargins existent in the restaurant business. Retail space is unique. The value of retail space is Directly Proportionate to the ability to do retail sales in that space. The more sales you can do, the more valuable the real estate. So initially plead for a Forgive- ness of Rent. No Sales = No Ability to pay rent. A landlord and tenant origi- nally made a deal, based upon an expectation of a certain level of sales. However, when they are precluded from full opera- tions, they have not made the expected sales and therefore cannot afford to pay the con- tract rents. Courts have a nice phrase regarding rents: “Use and Oc- cupancy”. But if there legally cannot be any use, should there be a legal obligation to pay rent? A survey of Long Island retail landlords show that 46.6% of them have received less than 50% of Scheduled Rents due April 1st. The landlord must pay real estate taxes (no government has given any relief on that), along with insurance and some

security and utilities. An of- fer to help cover those items is a compromise position. The largest obligation is probably his mortgage. Well, maybe it’s time for landlord to go to his mortgagee and ask for a forbearance, or delay, or inter- est only. On one webinar, a representative of the Federal Reserve revealed the Fanny and Freddie may be open to such discussions. Ask an understanding land- lord to simply hit the “Pause Button” for 90 days. Then re- sume the rent and extend the term by that postponement. That way the landlord will receive every dollar he had initially bargained for. You can put a landlord in a better position by offering to extend your lease term for additional years, in exchange for forgiving rent now. He will know that he will have some certainty of scheduled income for a longer time. Some landlords are willing to help tenants by not forgiv- ing, but by allowing a tenant to defer rent for perhaps 90 days and then pay it back over the next year or two as additional rent. That would amount to a 12.5% increase if spread over the next two years. Do you have something that could benefit landlord? In ex - change for rent forgiveness, you might relinquish an exclusive on a product category. For in- stance, a 2,000 s/f tenant such as Row House might have an exclusive on fitness, when a yoga studio would want to take other space in the center. “This is not the end. This is not the beginning of the end. But this may be the end of the beginning” - Winston Churchill After 9-11 and Superstorm Sandy, it took 6 months before markets returned to some- thing resembling normal. We would like to think that with

“Flattening the curve” It is time to declare Victory. Not Nearly! Right now, New York has an infection rate of 1.6%. So, if we lift restrictions, we only have 98.4% of the popula- tion to worry about. Who will the customer be on the other side of this crisis? Will it be part of the 98.4% who cares to be reckless? Or is it the worker who has not had a paycheck for 90 days? If restaurant tables are re- quired to be 6’ apart, either by edict or by social convention, seating capacity in restaurants will be reduced to about 50% of current levels. Fewer seats equals Lower sales. As we emerge from this, we will have to crawl before we can walk. In recovery, what is a fair and equitable rent? A restau- rant can endure a 10% Gross occupancy Cost (Rent + CAM + RE Tax). Will your landlord be willing to accept that as a workaround for the next year until we all get inoculated? The Gap or Old Navy has an advantage. They can close for 90 days, but when they reopen, they still have 100% of their inventory. In a restaurant, all the perishables will have perished. Most of the food in a restaurant is sold before it is paid for. So the restaurants have an outstanding payable even before they accept new inventory to reopen. What is a landlord’s BATNA? What is their Best Alterna- tive To a Negotiated Agree- ment? The National Restaurant Association did a survey inmid- March. 3% of their membership had closed their restaurants PERMANENTLY! Another 11% of their members said that they might have to close per- manently , if this lasted for 30 days. Now, a month past that survey, and we have no vision of where is the light at the end of continued on page 28A

ONLINE ONLY A UCTION S Bid Online June 18 th - June 24 th “Don’t wait to buy land, buy land and wait.” Will Rogers


Bidding Ends: 10:00 AM

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Property Location: Tuckahoe Rd. & Coles Mill Rd., Franklin Twp., NJ

Prime Corner Lot, Signalized Intersection of CR 538 & CR 555, Neighborhood Commercial Zoning (NB), $1000 STARTING BID


Bidding Ends: 10:15 AM


EHT High School & Community Center

Property Location: 5064 English Creek Ave., Egg Harbor Twp., NJ

Surrounded by Residential Subdivisions, Egg Harbor Twp. High School & Community Center, On Busy Communter Road, $10,000 STARTING BID!

ALL bidding will be ONLINE ONLY at WarnerRealtors.com

856.769.4111 WarnerRealtors.com

Mid-Atlantic Real Estate Journal, 1/4 pg, May 29 & June 12

M id A tlantic Real Estate Journal — May 29 - June 11, 2020 — 3A


M id A tlantic R eal E state J ournal Mortgage financing on class A office building Houlihan-Parnes Realtors announce placement of $31M T


June 12 .....................................................DEADLINE: June 2 ROP (FRONT SECTION) ....................................... FINANCIAL DEL/MAR/VA..................................................................... VIRGINIA NEW JERSEY................................................. NORTHERN NJ PENNSYLVANIA................................... NORTHEASTERN PA SPOTLIGHT............................ CREATIVE FINANCING June 26 ...................................................DEADLINE: June 12 ROP (FRONT SECTION) ......................................................... RETAIL DEVELOPMENT...................................RETAIL/RESTAURANTS ODM................................................... ASK THE EXPERTS SPOTLIGHT........................................................... 30 UNDER 30 Special Advertising Rates to All Participating Firms! Contact Joe Christman or your Account Rep JChristman@marejournal.com 781.740.2900

ARRYTOWN, NY — Rachel Greenspan, Bryan Houlihan and Christie Houlihan of Hou- lihan-Parnes Realtors, LLC and GHP Office Realty are pleased to announce the place- ment of $31 million of mort- gage financing on the class A office building located at 660 White Plains Rd., Tarrytown. The property was purchased in early 2017 by members of GHP Office Realty, Houlihan- Parnes Realtors, and RD Management . Since acquir- ing the property, the own- ers have invested millions of dollars in capital improve- ments and various building upgrades, including a new state-of-the-art fitness center and newly renovated lobby. GHP Office Realty has been able to increase occupancy at the property from 78% to 98% due to the vast amount of improvements made to the property. The loan was placed with a local bank with a fixed rate of 3.13% on a 10-year term. The property enjoys a robust and diverse tenant roster. Knopp of SVNMiller co-brokers tax de- ferred exchange Maryland & Delaware — Tom Knopp , senior advisor with SVN Miller Commer- cial Real Estate co-brokered a tax-deferred exchange with a total value over $7.6 million. This deal was not just one property but a portfolio of four that consisted of properties spanning over three counties in MD and DE. A tax-deferred exchange allows a taxpayer to replace income from a sale with a like-kind property. Capital gains are “deferred” if IRS guidelines are met. McKinley purchased these properties lo- cated in Easton, MD, Seaford, DE, and Salisbury, MD as an investment that he plans to lease out and manage per- sonally. Chris Davis of NAI Coastal was a co-broker as well for the buyer’s side. Knopp said, “I am always available to help a client what- ever their needs may be. I have worked on a wide range of deals in terms of dollar amount. This deal was actu- ally the second tax-deferred exchange SVN brokered for this same buyer.” 

660 White Plains Rd.

Main tenants include: Pres- tige Brands, ENT and Allergy Associates, and KeyBank National Association. The borrower was represented by

Elizabeth Smith of Gold- berg Weprin Finkel Gold- stein, LLP . Title was insured by John Martin of All New York Title Agency . 

7 +/- ac Dev Land in North Haven Auctions June 26 NORTH HAVEN, CT • 1000 Universal Drive North 7+/- ac of commercial land. Don’t miss this potential redevelopment opportunity. High visibility from and easy access to Interstate 91 at Exit 9 positions you perfectly in this growing area. Nearby businesses include: Home Depot, Target, Dick’s Sporting Goods, Best Buy, DSW, Michael’s, Red Lobster, Longhorn, Olive Garden and more. Open to the Public: Property can be viewed at your convenience during daylight hours. Auctions: 10am, Friday June 26 on site

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

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4A — May 29 - June 11, 2020 — M id A tlantic Real Estate Journal


M id A tlantic R eal E state J ournal

NGLEWOODCLIFFS, NJ — Securing fund- ing for international Deep knowledge of Brazilianmarket establishes NJ-based firm as go-to lender for the region Kennedy Funding closes $2.633 million land loan for residential development in Brazil E so far.

Urbamais, a condominium community located in Feira de Santana, a city in eastern Brazil. Recanto das Flores Urbamais is a residential development situated on 416.54 acres in the city’s Nova Esperança neigh- borhood, located in the city’s residential Peripheral Region. The community is made up of 250 low-income condominiums, and the borrowers plan to de- velop an additional 75 homes on an undeveloped tract as part of a plan to expand the new community. Approximately 70% of units have been sold

“It’s virtually unheard of to close a land loan abroad, let alone one in a region as com- plicated and fragile as Brazil,” said Kevin Wolfer , CEO and president, Kennedy Funding. “It may have appeared on paper that we had all factors working against us, but thanks to our experience in South America’s real estate market, we were able to close and get the borrower the funding nec- essary to start construction.” “Conventional lenders only look at liquid assets whenmak- ing a loan, but we look beyond the current value of the land," Wolfer said. “We can review the borrower’s plans and follow a property’s trajectory from raw land to a fully built and suc- cessful development.” As the second-most populous city in one of Brazil’s largest states, Bahia, Feira de Santana has a bustling economy and a growing population. The city has the third-largest GDP in the state and is home to many businesses and unique festivals that bring tourists to the city year-round. “Bahia is growing in both population and economy, and is home to nearly 15 million people and some of the larg- est agricultural producers in cattle, sheep, cocoa, coconuts, and other crops and animals,” Wolfer said. “Low-income hous- ing is a necessity as Feira de Santana, one of the biggest cities in the region, continues to grow and prosper.” According to Wolfer, Ken- nedy Funding was singled out by the borrower’s broker, João Costa, president of Savel Capi- tal Partners, Lisbon, Portugal, who searched for a U.S. lender that understood the complica- tions and intricacies of working within Brazil’s legal, economic, and political intricacies. “A lender without our knowl- edge and experience in the region simply would not have been able to close,” Wolfer said. “When it comes time to borrow for international projects, it’s important to go directly to the experts.” “Kennedy Funding knows how to navigate the Brazilian government’s requirements, the local laws, and the red tape, especially through the current challenging political environment,” said Costa. “This knowledge was vital to sealing the deal, and Kennedy Funding delivered in full.” 

projects is already dif- f i c u l t f o r borrowers, bu t b r i ng an ongoing global pan- demic and a challenging geopolitical

Kevin Wolfer Recanto das Flores Urbamais is a residential development situated on 416.54 acres.

situation into the mix, and the prospect seems all but impos- sible. Not so for direct private lend- er Kennedy Funding . The

Englewood Cliffs, New Jersey- based lender announced that it has closed a $2.633 million loan to BRMF LLC of Brazil.

Proceeds of the loan will be used for working capital to- ward the last phase of devel- opment for Recanto das Flores

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Mid Atlantic R eal E state J ournal ’ s A nnual S potlight I ndustrial R eal E state & D istribution C enters

M id A tlantic Real Estate Journal — Industrial / Distribution Centers — May 29 - June 11, 2020 — 5A



Pamela Shupp Menet, AICP, CEcD Greater Reading Chamber Alliance

Gregory C. Newell, PE Nave Newell, Inc.

Richard Gacek Gacek Design Group

Shaun Keegan Solar Landscape

Stacy Martin, CCIM PA/NJ/DE CCIM Chapter

Sarah Finney Miller NAI Summit

Dixon Valve & Coupling’s New Distribution Facility

Stantec helps industrial organizations around the world improve their operations and achieve long-term success through process improvements and our facility designs

The Chestertown Business Campus is one of the largest economic development projects in Kent County, Maryland’s history.

Inside: American Seaboard Exteriors...............................................................................................................6A Sarah Finney Miller, NAI Summit..........................................................................................................7A CCIM........................................................................................................................................................8A Shaun Keegan, CEO of Solar Landscape............................................................................................9A Stantec.............................................................................................................................................10-11A Kent County Economic Development................................................................................................13A Gregory C. Newell, PE, Nave Newell, Inc. .........................................................................................14A Richard Gacek, Gacek Design Group................................................................................................15A Pamela Shupp Menet, AICP, CEcD, Greater Reading Chamber Alliance........................................17A

6A — May 29 - June 11, 2020 — Industrial / Distribution Centers — M id A tlantic Real Estate Journal


I ndustrial R eal E state & D istribution C enters Company brings over 40 years of experience in facility maintenance American Seaboard Exteriors: Your 1 st call for all your interior & exterior needs A throughout the Mid-Atlantic Region.

ing our clients by improving the integrity/appearance of their buildings. It was inevitable that our clients, having devel- oped a high level of trust for ASE, would invite us “inside” to bid on interior maintenance projects as well. We rose to the occasion by hiring and training the “right” people to perform such services as construction fit-outs, paint - ing, handyman projects, white board resurfacing and hard-to- access specialty cleaning. The results over the past 40 plus years speak for themselves – hundreds of satisfied clients

merican Seaboard Exte- riors began operations in 1977 as a commercial/ residential window cleaning company. Back then we were known simply as Seaboard Window Cleaning. For many years we built our reputation by not only exceed- ing customer expectations, but by continually adding comple- mentary offerings to our exist- ing menu of services. These included expansion joint/window caulking, pres- sure washing,masonry repair to name a few – but always with the ultimate goal of pleas-

a section of the MARE Journal Phone: 781-740-2900 Fax: 781-740-2929 www.marej.com S ection P ublishers Linda Christman lchristman@marejournal.com Joe Christman jchristman@marejournal.com Lea Christman lea@marejournal.com S ection E ditor Karen Vachon editor@marejournal.com Industrial/ Distribution Centers Mark Anthony Brewing will use its space at Bridge Point 78 for the storage and distribution of White Claw beverages. It will begin its seven-year lease in May 2020, and is expected to employ ap- proximately 100 employees on site once fully operational.  So please don’t be fooled by our name American Seaboard Exteriors, our capabilities in facility maintenance are unlim- ited and unrestricted. We go up, down, inside and out!!! What Sets Our Facility Maintenance Company Apart! With 40 plus years of company operating experience and 350 years of senior management experience, we’ve won the trust of numerous commercial and institutional clients; among them are Fortune 500 corpora- tions, construction and devel- opment companies, hospitals, schools,cemetery associations, manufacturers, and retail shop- ping centers. Currently, we serve hundreds of locations in four states: Pennsylvania, New Jer- sey, Maryland, and Delaware.  Bridge Development Ptrs. inks industrial lease at Bridge Point 78 PHILLIPSBURG, NJ — Bridge Development Part- ners, LLC announced that Mark Anthony Brewing, Inc., a leading producer and dis- tributor of fine wine, premium beer and Ready To Drink beverages, has signed a lease at Bridge Point 78 Phase I for 419,460 s/f.

American Seaboard Team

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www.marej.com M id A tlantic Real Estate Journal — Industrial / Distribution Centers — May 29 - June 11, 2020 — 7A I ndustrial R eal E state & D istribution C enters What we can potentially expect for the Lehigh Valley CRE landscape moving forward Unprecedented Times… Hear this often? How our worldwas turned upside-down in amatter of weeks S other 8+ million square feet proposed. Moving Forward econd Quarter of 2020 started off with a bang. Stay-at-home orders, so-

According to the Lehigh Valley Economic Development Corpo- ration (LVEDC), nearly 40% of the total Lehigh Valley work- force consists of essential em- ployees working outside their homes on the front lines of manufacturing, production, e- commerce, distribution, health care, pharmacies and other emergency and vital services. Many of these firms will out - last the coronavirus pandemic and the Lehigh Valley’s unique location should help it continue to garner tenant interest as the economy begins to recover. When Pennsylvania’s Gover- nor Tom Wolf announced that

construction activity could resume in the beginning of May, Lehigh Valley contrac- tors were ready. In fact, many of the region’s major construc- tion firms had already been continuing to work on projects deemed essential during the state’s shutdown. Others were largely prepared to resume on their projects once Wolf lifted the shutdown order effective May 1st, according to LVEDC. In result, most projects were able to move forward with minimal hiccups as the Valley has over 6 million square feet of industrial space currently under construction with an-

continued source of strength. Moving forward from the pan- demic, we may expect to see a shift in increased demand for U.S. based manufacturing & production, accelerating the trend away from dependence on global supply chains. In addition, many NYC and Phila- delphia based Office Tenants may look to leave crowded urban environments with re- newed interest in seeking proximity to their respective markets without being in the city. Through strategic innova- tion, opportunity will exist for continued on page 8A

cial distanc- ing protocols and quaran- tines quickly became the new norm in the wake of the Covid-19 p a n d e m i c . Professionals all over the

The solid and diverse base of the Lehigh Valley should limit the economic impact of the quarantine and recession. Current cornerstones including health care, manufacturing & production, distribution and e-commerce, will continue to grow in value and importance. Job creation in these growth markets will help absorb some job losses in other areas, as reported by LVEDC. The Lehigh Valley’s trans- portation infrastructure and labor pool is poised to be its

Sarah Finney Miller

globe are bringing business home, and while no one knows how long the home-life will last, we’re all trying to make the most out of this situation. But throughout all this uncertainly, the Lehigh Valley market has proven itself to be a source of strength throughout this pan- demic. Immediate Changes in the Lehigh Valley For NAI Summit, adapting was the key to keeping business afloat and running as usual, even in the unusual. Once the mandated shut down occurred, our brokers and property man- agers had to quickly readjust their schedules and work days. Shifting from the usual inspec- tions and meetings, everything became remote and technology has never been as useful for the real estate business than it is during Covid-19. But we weren’t alone. Lo- cal restaurants and retailers quickly shifted their business models to online ordering with drive-by pick-ups. Distilleries converted their operations into a production line for hand sani- tizer to help aid with the lack of supply. Local manufacturers began using their facilities to make face masks, gowns and protective shields which were provided to our area hospital front line workers. Bio-tech firms immediately began re- search for developing in-home Covid-19 testing and preven- tion vaccines. And the list goes on…The Lehigh Valley became one united in effort to protect its residents and economy. Overall Impact to Market Activity The Lehigh Valley com- mercial real estate market is well-positioned to weather the economic downturn expected to result from the coronavirus pandemic, according to CoStar research analysts. Historically and today, the Lehigh Valley is among the top 10 industrial markets in the U.S. and this crisis has only amplified that.

8A — May 29 - June 11, 2020 — Industrial / Distribution Centers — M id A tlantic Real Estate Journal


Questions? Contact: Harry Young | Executive Director 717.614.4271

harry@panjdeccim.com www.panjdeccim.com

2020 PA/NJ/DE CCIM CHAPTER OFFICERS Stacy Martin, CCIM President Hankin Group Jeff Kurtz, CCIM Vice President High Associates, Ltd. Dominic Janidas, CCIM Secretary/Treasurer Hanna Langholz Wilson Ellis John Birkeland, CCIM Immediate Past President ROCK Commercial Realty Eric Gorman, CCIM District 10 1st RVP Avir Realty Group 2020 DIRECTORS Dan Berger, Jr., CCIM Chair, Scholarships U.S. Commercial Realty Michele Countis, CCIM Chair, Designation Jackson Cross Partners Dragan Dodik, CCIM Regional Chair, Central PA Pennian Bank Philip Earley, CCIM Chair, Nominating Lieberman Earley & Company Jonathan Epstein, CCIM Chair, Public Relations Berger-Epstein Associates, Inc. Cindy Feinberg, CCIM Regional Chair, Lehigh Valley Feinberg Real Estate Advisors Craig Fernsler, CCIM Chair, Legislative KW Commercial, Blue Bell Robert Fuller, CCIM Regional Chair, New Jersey CBRE Jeffrey Hoffman, CCIM Chair, Education JPH Realty Advisors

Letter from the president

Throughout the past several months, the COVID-19 pandemic has taught us valuable lessons about how we do business, challenging us all to use innovation as a path forward to sustained success. The PA/NJ/DE CCIM Chapter is no exception. As we moved into 2020, our chapter had a slate of events to add value for our members, from educational sessions to site tours and networking opportunities, which we hope to reschedule for the future. When faced with the challenge of shut-downs and stay at home orders, it was important to our chapter that we continue to provide opportunities for our members to learn, connect, and grow.

For the past two months, we have held weekly webinars on a variety of topics, giving participants the opportunity to stay engaged through sharing insight and knowledge. Previous webinars addressed relevant and timely topics, including: • Doing Business with Coronavirus: Managing Tenant Relationships and Protecting a Landlord’s Interest, presented by our corporate partner Barley Snyder • Navigating Tenant Realities, an informal discussion moderated by chapter past president Jeff Hoffman, CCIM • Staying Engaged with Clients Online • DSTs: An Alternative Replacement Property for 1031 Exchanges, presented by our corporate partner 1031 CORP • Tax Strategies to Fund Capital Improvements, presented by our corporate partner Capstan Tax Strategies • Data Center Transactions, Colo, SLAs, Hybrid IT, & Total Cost of Operations Our chapter is proud to continue to offer innovating programming to help our members succeed. We invite you to visit our website, panjdeccim.com, to check out our upcoming events and programs, and join us!

Sincerely, Stacy Martin, CCIM President, PA/NJ/DE CCIM Chapter

Neil Kilian, CCIM, SIOR Regional Chair, Delaware NAI Emory Hill Laura Martin, CCIM, CPM, WBE Chair, Membership SVN | Latus Commercial Realty Group Andrew Miller, CCIM Regional Chair, Pittsburgh CBRE Kathy Sweeney-Pogwist Regional Chair, Philadelphia Metro Brandywine Realty Trust

M id A tlantic Real Estate Journal — Industrial / Distribution Centers — May 29 - June 11, 2020 — 9A I ndustrial R eal E state & D istribution C enters


By Shaun Keegan, CEO of Solar Landscape Best practices for protecting your roof when leasing space for solar


wners of industrial and distribution facilities in New Jersey have


necessary panels within 24 hours when a leak is reported. There are various methods for

contact with the roof • Mounting equipment is designed with rubber footpads that disburse weight evenly and minimize point loads Applications for the second round of the community solar program is expected to open by June 2020 and should remain open until September. The program is competitive and based on a scoring rubric, so commercial property owners should seek out developer with experience being awarded in the first round. Shaun Keegan is CEO of Solar Landscape. 

Safety During the installation, the solar company should have a

Waterproofing Solar panels will not void the

a unique op- portunity to l ease the i r rooftops for c ommun i t y solar projects. L a s t y e a r New Jersey r e g u l a t o r s launched the

Property owners canmonetize their roof-top with another tenant, in the form of a solar installation, for reliable lease payments for the next 20 or more years.

roof manufacturer’s leak war- ranty. If a leak is discovered during the lease term, the proj- ect owner should remove solar panels to allow the roofers to locate and repair at no cost. The lease should also require that the solar project mainte- nance company removes the

further protecting the integrity of the roof during installation, including: • Plywood with insulation board is laid down for material handling, and roof cart paths. • Sacrificial slip sheets pre - vent any of the solar equip- ment from coming into direct

job-specific safety plan out- lined and approved. Crews should set up a hard rail fall protection around the perim- eter of the roof. Regarding fire safety, there are a class of inverters specifically designed for flat roof commercial solar installations that have shut-off

Shaun Keegan

state’s three-year Community Solar Pilot Program, which will transition to a permanent pro- gram after the pilot program finishes in 2021. Property own - ers can monetize their roof-top with another tenant, in the form of a solar installation, for reliable lease payments for the next 20 or more years. The main hurdle property owners have in taking advan- tage of this revenue stream is the concern over how a solar project would impact their roof, not only structurally, but also from an access, safety and op- erations standpoint. However, the reality is that solar is a qui- et, safe and unobtrusive tenant that owners don’t have to worry about. During pre-construction assessment and installation, there are best practices solar installers should take to fully protect the roof asset. Structural Most solar panel installa- tions will add between two and six pounds per square foot to the building’s structural weight load capacity. In New Jersey, ballasted rooftop solar projects are most common, meaning the solar racking is weighted down on top of the roof instead of being mechani- cally attached the building. Professional engineers verify site-conditions and create de- sign specifications for approval. Non-Invasive Construction The solar panels are installed on the rooftop and conductors are sourced to an equipment pad located at ground level. No building interior work is required, and therefore there is minimal interaction with building occupants. Loading and staging areas should be clearly coordinated with prop- erty management in advance. The labor-intensive installa- tion phase where crews will be onsite each day is typically less than eight weeks. There shouldn’t be any welding re- quired for racking assembly, only light tools are used to as- semble nut and bolt systems.


Building a Clean Energy Legacy

www.solarlandscape.com 844-765-2769

10A — May 29 - June 11, 2020 — Industrial / Distribution Centers — M id A tlantic Real Estate Journal


I ndustrial R eal E state & D istribution C enters Stantec Providing experienced & innovative distribution center solutions to help enhance a client’s mission S tantec helps industrial

focus on the project's critical path tasks. Our experience with ultra-fast track projects, and our ability to quickly engage additional team mem- bers enables Stantec to meet our client's schedule needs on major projects and multi-site rollouts. Integrated project deliv- ery: Stantec assembles truly integrated design teams that actively involve all disciplines concurrently during design, versus a traditional approach to design sequencing. This helps us quickly and efficiently develop coordinate design so- lutions that meet the project's

requirements. This integrated approach can reduce design time and cost, and produces better project outcomes for our client's. Efficiency by design: We create value for our clients by gaining a deep understanding of their fundamental busi- ness needs and objectives and developing integrated solu- tions that achieve those goals. Combining our experience and understanding of our clients’ needs, we help them achieve high performance in safety, quality, and cost efficiency for their facilities. Global expertise, local delivery: Stantec staff of over 22,000 are located in 240+ office locations in North America and 400 offices glob - ally. Whether selecting our integrated approach or com- plementing your current team with one of our specialized disciplines, we can provide integrated industrial architec- ture, engineering andmanage- ment services throughout the entire project cycle – regard- less of location. From upfront analysis and evaluations, to detailed design documents and start-up to commissioning, our team will combine our world class expertise with our local knowledge to help your project succeed. Our expert teams create flexible distribution center, warehouse, and e-commerce facility layouts ranging in size from 50,000 to over 3 million s/f. We design facili- ties, processes and systems that will meet the increasing pace of distribution. Stan- tec’s designs show you how to efficiently and effectively maximize space, reduce costs, improve output and increase productivity; that assist in en- hancing service levels, share- holder value and revenue. We look at how to balance the operating requirements of a warehouse and distribution center with site development constraints, environmental issues, municipal approvals, neighborhood impacts, and regulatory requirements. Our project experience spans ware- houses, distribution centers, e- commerce fulfillment centers, logistics facilities, multi-modal facilities, expansions & reno- vations, and support facilities. To learn more, visit stantec. com. Stantec is a global design firm. 

organizations around the world improve their operations and achieve long- term success through process improvements and our facil- ity designs. Our approach involves using space more ef- fectively, reducing costs, and optimizing production flows. We create value for our clients through our unique differen- tiators: Speed to market: Not just fast, but right. Fast track has evolved into schedule stacking, which pulls both design tasks and construction activities out of their normal sequence. This

Distribution Center

allows projects to complete faster but requires additional coordination to minimize the risks. Our integrated team

approach ensures ongoing coordination and open commu- nication with all stakeholders, while enabling our team to

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

M id A tlantic Real Estate Journal — Industrial / Distribution Centers — May 29 - June 11, 2020 — 11A I ndustrial R eal E state & D istribution C enters


We take a unique approach to every design. Stantec helps distribution centers improve their operations through process improvements and our facility designs.

Contact: George Halkias , aia, leed® ap Senior Principal george.halkias@stantec.com | (412) 394-7023

12A — May 29 - June 11, 2020 — Industrial / Distribution Centers — M id A tlantic Real Estate Journal


I ndustrial R eal E state & D istribution C enters Specialty Group Industries selld South Hills Industrial Park in West Mifflin, PA Cushman & Wakefield | Grant Street Associates’ Jackson & Cicirello broker 625,000 s/f building W EST MIFFLIN, PA — Cushman & Wakefield | Grant

the Lehigh Valley. While gross domestic product will drop and unemployment will rise this year, the foundation of the Lehigh Valley economy will remain strong and will manage to recover faster than much of the country. Sarah Finney Miller is Vice President at NAI Summit.  continued from page 7A Unprecedented Times… M a r s h a l l a s A v i s o n Young princi- pal, based in Philadelphia. Marshall spe- c i a l i z e s i n working with c l i e n t s o n agency leas- ing, tenant representation and corporate solutions. “We are excited to have Matt join our team. His experience, skills and relationships will further our ability to serve institutional owners and in- dustrial users in our region, as well as around the country,” said Fahey. “He’s a wonderful addition to our team, who spe- cializes in warehouse and dis- tribution space, build-to-suit development, and manufactur- ing and food processing facili- ties. The impacts of COVID-19 on the market have reinforced the important role industrial real estate assets can have on business performance, and securing the right facilities will remain critical.”  MatthewMarshall John Jackson and Evan Cicirel lo of Cushman & Wakefield | Grant Street As - sociates represented the seller, SpecialtyGroup Industries , in the transaction. "This is a sizable asset for Pittsburgh's industrial market and represents a tremendous value-add investment oppor- tunity. We have no doubt the incoming ownership group will be able to implement their vision and realize the full po- tential of this property," said Evan Cicirello , vice presi- dent.  Industrial team at Avison Young adds Marshall in greater Philadelphia PHILADELPHIA, PA — Avison Young announced the appointment of Matthew

Street Associates announced the sale of South Hills Indus- trial Park in West Mifflin. The industrial park located at 1200 Lebanon Rd. consists of a single building totaling 625,000 s/f of industrial space. The entire site is comprised of 53 acres which includes 14 acres of land primed for addi- tional development. Strongly positioned in the South Pitts- burgh Industrial Submarket, South Hills Industrial Park is one of the largest multi-

tenanted industrial assets in Allegheny County serving a wide range of industrial users. With 18 tenants of various sizes in place, the property was 74% leased at the time of the sale. The new property own- ers, an affiliate of Phoenix Investors , plan to market John Jackson Evan Cicirello

1200 Lebanon Rd.

the vacant space for lease and improve the site for better

functionality in hopes of at- tracting new tenants.

Hanna Fredrick Commercial Real Estate is a full-service commercial real estate company with offices in Allentown, NJ, DE, MD, VA, DC, and OH. We specialize in: • Office Leasing and Sales • Retail Leasing and Sales • Industrial Leasing and Sales • Multifamily, Office, Industrial, Hospitality, Institutional • Property Management • Market Research • Acquisitions & Dispositions • Consulting • Appraisals • Commercial / Residential Whether you need to buy, sell, or lease a commercial property, our experienced real estate professionals are here for you. The Howard Hanna CRE team members are committed to their clients – they remain accountable, reliable and accessible at all times. These professionals maintain individual certifications and memberships in distinguished industry organizations throughout their market area.

For additional information please contact Robert Nemeth Sr. at 570-578-4358 www.howardhanna.com 3500 Winchester Rd., Suite 201, Allentown, PA 18104 610-398-0411

M id A tlantic Real Estate Journal — Industrial / Distribution Centers — May 29 - June 11, 2020 — 13A I ndustrial R eal E state & D istribution C enters


Kent County Economic Development Kent County, Maryland is open for business

ent County is a scenic peninsula on Mary- land’s Upper Eastern Shore of the Chesapeake Bay, ideally situated less than a two- hour drive from Philadelphia, Washington DC, Baltimore, Annapolis, Dover and Northern Virginia. It is home to two des- ignated Main Streets, an Arts & Entertainment District, sev- eral worldwide manufacturers, historic Washington College, and one of the largest marina communities in Maryland. Kent County is Open for Business Kent County is actively pro- viding incentives and work- force development tools to help businesses grow. The County is developing broadband infra- structure and has implemented a 110-mile fiber optic broadband network for high-speed gigabit connectivity. Portions of the County are located within Com- merce Zones, an Opportunity Zone, an Enterprise Zone, and a HUBZone. The office of Economic Devel - opment works with businesses to identify the tax credits they are entitled to for locating to, and growing within, those designated zones. In addition, the County offers access to pro- grams including the Maryland Commercial Property Assessed Clean Energy (MD-PACE) Pro- gram, the Maryland Manufac- turing Extension Partnership (MD MEP), and the ExportMD Program. Business Overview Kent County is home to a wide variety of businesses in industries including manufac- turing, aquaculture, agricul- ture, health services, educa- tion, maritime, culinary and professional services. Several of the major employers are world-wide manufacturers and the county is home to several large business parks includ- ing the Kent County Business Park at Worton, the Radcliffe Creek Business & Professional Park, and the Interstate 301 Industrial Area. The region has access to a workforce close to 300,000 within a 30-minute drive and the unemployment rate continues to be below the national average. County busi- nesses benefit from county cor - porate income tax exemption, low personal income tax, and a variety of tax credits making it a profitable place to do business. Chestertown Business Campus The Chestertown Business Campus is one of the largest K

60,0000 s/f headquarters build- ing and is expected to be com- pleted in the Summer of 2020. A Gigabit County Kent County has completed the backbone implementation of a 110-mile fiber optic back - bone throughout the county. The county has entered into a public-private partnership with Kent Fiber Optic Sys- tems (KentFOS) to provide public institutions with high- speed reliable internet access. KentFOS’ open access net- work allows Internet Services Providers the ability to offer 1G service to businesses and residences. The primary goal

was to enhance the infrastruc- ture needed to support new and existing businesses and organizations in Kent County, particularly affordable, robust, and high capacity internet access. By taking this action, the county is expanding the competitive capability of local businesses and organizations, and providing more jobs and opportunities for residents. Additionally, this infrastruc- ture improves the ability to attract new residents and busi- nesses to the County. Kent County Economic Development is loacted in Chestertown, MD. 

Dixon Valve & Coupling’s new distribution facility

economic development projects in the county’s history. The 80- acre site will be home to Dixon Valve & Coupling’s new distri- bution facility, new corporate headquarters, a new manu- facturing facility, and a new facility for the growing YMCA.

The site has also been approved for six apartment buildings and commercial speculative space for other businesses to locate in Chestertown. Phase I of the project includes the recently completed 188,000 s/f distribu- tion facility. Phase II includes a

Live ● Learn ● Work ● Connect

OPEN for Business

• Fiber Gigabit Connectivity • Access to Higher Education • Designated Growth Areas • Tax Incentives • Business Associations • Interstate Access • Loan/Capital Assistance • 17 Million People Within 100 Miles


CONTACT US! Phone: 410-810-2169 kentcounty.com/business

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