February 2025

- DC THE MOST COMPREHENSIVE SOURCE FOR COMMERCIAL REAL ESTATE NEWS IN THE REGION

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ISSUE HIGHLIGHTS Volume 37, Issue 2 February 2025 FAMILY OWNED BUSINESS SPOTLIGHTS 3-4A ENHANCE YOUR DIGITAL DEFENSES AGAINST RISING CYBER THREATS

DSF Group expands multifamily portfolio with 678-unit acquisition in VA IPA Capital Markets facilitates $165.9 Million multifamily financing

our team as we begin another active stretch in the market.” Eisendrath added: “Despite a rising treasury environment, achieving 70% LTV along with a 35-year amortization helped the DSF Group achieve its targeted return metrics. The client effectively mitigated interest rate risk by executing an early rate lock with a trea- sury yield approximately 15 basis points below its peak.” Located at 1459 N. Beau- regard St., Town Square at Mark Center offers spacious apartments and townhomes with amenities that cater to modern lifestyles. Its prox- imity to major transportation routes, employment hubs, and retail centers solidify its position as a premier residential community in the region. MAREJ

LEXANDRIA, VA – IPA Capital Mar- kets , a division of

Marcus & Millichap has successfully arranged $165.9 million in financing on behalf of the DSF Group for the ac- quisition of the Town Square at Mark Center in Alexandria. IPA Capital Markets in Los Angeles represented the bor - rower, the DSF Group. The Town Square at Mark Center is a 678-unit apartment and townhome community situated in one of Northern Virginia’s most dynamic submarkets. “The 98% occupied property represents an outstanding investment opportunity with substantial value-add poten - tial,” said Cameron Chalf- ant , senior managing director, IPA Capital Markets. “Planned renovations will improve the

Town Square at Mark Center

living experience, aligning the property with the demands of a high-quality tenant base.” “Representing the DSF Group on this landmark trans- action demonstrates IPA’s strength in handling complicat- ed and high-profile deals that require nuanced market and finance expertise along with a customized approach,” said

Brian Eisendrath , executive managing director, IPA Capi- tal Markets. “Town Square at Mark Center’s prime location, coupled with the DSF Group’s forward-thinking vision and exceptional operational execu- tion, ensures its potential for remarkable long-term success. The transaction also represent- ed a strong finish to 2024 for

Carl Mazzanti, president of eMazzanti Technologies

Cushman & Wakefield | Thalhimer’s arranges $45M sale of five-building Hampton Roads industrial flex portfolio

CONFERENCES 2 nd Annual Southern NJ CRE Forecast State of the Market Conference February 20, 2025 3 rd Annual Cannabis & CRE Conference April 24, 2025 For speaking & sponsorship info., please contact: Lea at 781-740-2900 or lea@marejournal.com

Battlefield Corporate Center

Greenbrier Technology Center I & II

Greenbrier Circle Corporate Center

Buildings included in the portfolio: - Battlefield Corporate Center, 535 Independence Pkwy. | 96,720 s/f - Greenbrier Technology Cen - ter I, 814 Greenbrier Circle | 97,194 s/f - Greenbrier Technology Cen - ter II, 816 Greenbrier Circle | 82,229 s/f - Greenbrier Circle Corporate Center • 825 Greenbrier Circle, 126,874 s/f • 1801 Sara Dr. 105,797 s/f

CHESAPEAKE , VA — Cushman & Wakefield | Thalhimer and Cushman & Wakefield in Washington, DC represented the sellers, DSC Partners, and Iron Point Partners in the sale of an industrial/flex portfolio located in Chesapeake, VA. The five-building portfolio, on four parcels, comprises 508,814 s/f, including ware - house space, laboratory space, and open office space. An additional ±2.59-acre parcel provides additional parking.

Heritage Capital Group LLC , out of Ridgewood, NJ, acquired the portfolio on February 6, 2025, for $45 million. Eric Robison and Bo McKown of Thalhimer’s Capital Markets Group, and Eric Berkman and Kevin Sidney with Cushman & Wakefield’s Capital Markets team in DC, represented the seller. Financing was sourced from Cushman & Wakefield’s debt team, Michael Zelin, Marshall Scallan and Ryan McMahon . MAREJ

Directory

Family Owned Business.............................................3-4A CIRC Organization . ....................................................... 7A New Jersey..............................................................8-15A Pennsylvania......................................................... 16-19A People on the Move...................................................20A CRE Organization’s Events Calendar ............................ 24A Owners, Developers & Managers....................... Section B www.marej.com

Inside Cover A — February 2025 — M id A tlantic Real Estate Journal

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Diversification does not guarantee profits or protect against losses. All real estate investments provide no guarantees for cash flow, distributions or appreciation as well as could result in a full los of investment principal. Please read the entire Private Placement Memorandum (PPM) prior to making an investment. This material is not to be considered tax or legal advice. Please speak with your attorney and CPA before considering an investment. All offerings discussed, if any, are Regulation D, Rule 506c offerings. Past performance is not a guarantee of future results. Securities offered through FNEX Capital, member FINRA, SIPC.

M id A tlantic Real Estate Journal — February 2025 — 1A

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& HORVATH TREMBLAY SINGLE TENANT | MULTI-TENANT | 1031 EXCHANGE INVESTMENT REAL ESTATE BROKERAGE

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TD Bank & Heartland Dental Clayton, NC $5,154,783

Wendy’s Ashland, VA $2,136,400

Chipotle Harrisonburg, VA $2,800,000

DXL Deptford, NJ $2,233,481

Raising Cane’s Warwick, RI $3,978,495

Starbucks Stuarts Draft, VA $2,578,125

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Sheetz Chantilly, VA $7,090,909

Waldorf Park Waldorf, MD $6,275,000

Montessori School Washington, DC $7,955,000

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2A — February 2025 — M id A tlantic Real Estate Journal

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M id A tlantic R eal E state J ournal Publisher, Conference Producer ..............Linda Christman VP, Conference Producer .............................Lea Christman Editor/Graphic Artist ......................................Karen Vachon Contributing Columnists ................Carl Mazzanti, eMazzanti Technologies; Dwight Kay, Kay Properties & Investments; Joseph Latina, SIOR and Christopher Moore, CCIM, LMT Commercial Realty/CORFAC Int’l.; Stephen Arrivello, PACE Equity LLC Mid Atlantic R eal E state J ournal ~ Published Monthly Periodicals postage paid at Hingham, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal 117 HMS Halsted Dr., Hingham, MA 02043 USPS #22-358 | Vol. 37, Issue 2 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 www.marej.com

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Dwight Kay

How to Use DSTs and 1031 Exchanges for Diversification This hypothetical case study shows how an investor used Delaware statu- tory trusts (DSTs) to build a diversified 1031 DST portfolio and avoid a $2 million tax bill. tors use Delaware statutory trusts (DSTs) to complete their 1031 exchanges. How- ever, we recently worked with a client who discovered how DSTs can be incredibly valu- able when it comes to building a diversified portfolio. What are DSTs? For those readers who are not familiar with DSTs: They are a legal real estate owner- ship structure that allows multiple investors to each hold an undivided beneficial interest in the trust. The term “beneficial interest” means that investors hold a percent- age of the ownership, and no single owner can claim exclu- sive ownership over any spe- cific aspect of the real estate. K ay Properties & In- vestments has helped thousands of inves-

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This graphic illustrates the potential for Delaware statutory trusts to help 1031 exchange investors cre- ate diversification across asset classes, geographic regions and tenant mixes. It is important to note that diversification does not guarantee profits or protect against losses. Graphic courtesy of Kay Properties & Investments.

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The DST sponsor company is responsible for handling all of the maintenance, distributions and other active management responsibilities. DSTs are par- ticularly relevant to investors because the IRS has blessed them to qualify as “like-kind” investment property for the purposes of a 1031 exchange. Enter Southern California

real estate investor Tom So now, let me introduce you to Tom, a seasoned real estate investor who grew tired of ac- tive property management and the headaches of increasing rent-control regulations. For several decades, Tom built a portfolio of multifamily apart- ment buildings in Southern continued on page 22A

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Invest in your own dedicated channel to be placed on your website. When you send us your press releases, we will create an engaging on-camera segment featuring your company and or project either live in-studio, on- site or via satellite. Having your own TV channel will increase your domain authority! Be a guest on CRE TV

Firmly Rooted in the Law and in the Community We are well grounded in every facet of real estate law, from acquisition to construction. We are committed to serving the needs of our clients and our communities.

Contact: NEIL A. STEIN • nstein@kaplaw.com 910 Harvest Drive, Blue Bell, PA 19422-0765 • 610-941-2469 • kaplaw.com Other Offices: • Cherry Hill, NJ 856-675-1550 • Philadelphia, PA 215-567-3120 Kaplin Stewart Attorneys at Law

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M id A tlantic Real Estate Journal — Family Owned Businesses — February 2025 — 3A

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F amily O wned B usinesses

MULTI-DISCIPLINE ARCHITECTURE, ENGINEERING & INTERIOR DESIGN

A Single Point of Accountability FOR ALL YOUR ARCHITECTURAL DESIGN AND ENGINEERING NEEDS

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JARMEL KIZEL CELEBRATES A SIGNIFICANT MILESTONE BY ANNOUNCING ITS 50TH ANNIVERSARY

Founded as ISS (Interior Space Specialists, Inc.) on August 5, 1975, Jar- mel Kizel has worked its way from the inside out; originally concentrating on the interior design of corporate offices and has since grown into a firm that offers a unique service platform. Jarmel Kizel offers a single point of accountability for architectural and engineering services formatted to as- sist clients with managing their project’s design needs from site design and land entitlements to building design through construction oversight. With Architectural, Civil, Structural, Mechanical, Electrical, Plumbing, and Fire Protection Engineering services provided in-house, clients can look to Jarmel Kizel to have all aspects of their project designed and managed by one firm. Over the past 50 years, Jarmel Kizel has evolved from a modest family-run operation into a dynamic organization with a workforce of over 70 profession- als—and it continues to grow. The firm includes a diverse group of licensed architects and engineers, representing a wide array of cultures and back- grounds. Their team has developed a robust and varied portfolio that highlights design and engineering expertise across numerous sectors, including multi- family residential, industrial, retail, child development, education, office inte- riors, ground-up office buildings, wellness facilities, and community centers.

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4A — February 2025 — Family Owned Businesses — M id A tlantic Real Estate Journal

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F amily O wned B usinesses Decades of a client-first approach have shaped Blau & Berg’s expertise in NJ’s industrial real estate market Family-Run & Results-Driven: The Blau & Berg Company’s Legacy

en Crimmins em- barked on his jour- ney in real estate

that has become synonymous with Northern New Jersey real estate. Since assum-

of 40 brokers, with its essence firmly rooted in family. Ken’s son, Jason Crimmins, serves as the president; Sheryl Crimmins oversees the firm’s finances as controller; Laura Crimmins holds the position of executive director; Van- essa Crimmins specializes in accounting; and Whitney Driver-Crimmins leads the marketing department. The Blau & Berg Company has carved out a significant niche within New Jersey’s challenging industrial sector, particularly in port-centric locales such as Newark,

Elizabeth, Jersey City, Se- caucus, and their neighbor- ing communities. The surg- ing demand for warehouse and distribution space in re- cent years—especially in the wake of the pandemic—has led to a remarkable increase in rents and property values in areas once considered less desirable, now recognized as critical hubs for both New Jersey and the national sup- ply chain. Ken Crimmins attributes this growth to the region’s substantial popu- lation and consumer base, coupled with a scarcity of

available land. Despite its boutique stat- ure, Blau & Berg proudly boasts eight individual bro- kers who hold the esteemed SIOR designation, a testa- ment to their membership in the Society of Office & In - dustrial Realtors, a vital net- working organization. Jason Crimmins, who manages the firm’s daily operations, firmly believes in the importance of foundational principles. “Our business thrives on relation- ships,” he asserts. “We are fortunate to have established a strong, long-standing repu- tation in the New Jersey and tri-state markets, but we do not take that for granted. Years of diligent effort have been invested in building connections with clients who have very specific needs and expectations. Blau & Berg is recognized as a firm that delivers results, and we take great pride in that.” Looking ahead to 2025, Crimmins is optimistic about the future. The pandemic of 2020 ignited a transforma - tive surge in the northeast corridor’s last-mile logistics sector, propelling the indus- trial market to the forefront of commercial real estate. After a multi-year period of adjustment, he notes a sta- bilization in occupancy rates over the past few quarters as a promising sign of what lies ahead. “With post-election fiscal clarity, our firm is wit - nessing a tangible uptick in interest, particularly from larger operators re-entering the 100,000 s/f and above market. The value of land has surged, especially for Industrial Outside Storage (IOS), and we are genuinely excited about the favorable near-term outlook.” Crimmins highlights three properties currently on the market that have garnered significant interest. “525 West Linden Ave in Linden, offering 118,259 s/fon 9.2 acres with 5 acres of trailer parking, is a Bridge Indus- trial property; the nearly 300,000 s/f Elizabeth Met- ropolitan Logistics Center, a brand-new Brookfield Property; and the expansive Supor Industrial Facility in Harrison, encompassing nearly 37 acres and approxi- mately 650,000 s/f, have all attracted robust interest in recent months.” MAREJ

almost ser- endipitous- ly. When he accepted a position with The Blau & Berg Compa- ny, primar- ily to identi- fy properties

ing the role of principal in 1990, Crimmins has adeptly navigated the chal- lenges of an intensely competitive

Ken Crimmins

Jason Crimmins

for his father’s construction enterprise, he could scarcely have imagined that, over five decades later, he would have cultivated a family-run firm

market, steering the Short Hills-based firm toward consistent year-over-year growth. Today, Blau & Berg is home to a dedicated team

M id A tlantic Real Estate Journal — Retail Development — February 2025 — 5A

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R etail D evelopment By Joseph Latina, SIOR and Christopher Moore, CCIM, LMT Commercial Realty/CORFAC Int’l. Changing Trends in Restaurants: Challenges and Opportunities

he restaurant industry is experiencing a sig- nificant shift in their traditional model driven by changing market conditions and economic pressures. Tighter Margins and Increased Costs Profitability has become a growing concern for restaurant owners as traditional bench- marks are becoming nearly impossible to maintain. Higher labor costs, increased food costs, inflated occupancy costs, delivery service fees, and rising credit card processing fees are making it increasingly difficult to maintain healthy margins. As lawmakers continue to raise the minimum wage, small business is feeling the pinch. Although this increase in wages is certainly justified and neces - sary, the restaurant industry is struggling to absorb this rapid correction. Traditional bench- marks of 20%-25% labor costs have increased by 10% or more in some cases. Consumers have been expe- riencing rising costs at their local grocery stores since the pandemic, so it is no surprise that the restaurant industry has been dealing with the same issues. Restaurant op- erators must pay very strict attention to their product purchases, and in many cases are shrinking their menus to better manage costs. Retail vacancies remain low, while tenant demand remains high for existing commercial properties. This demand com- bined with the increased cost to build new retail properties, rising insurance costs, and higher expenses for property management are keeping re- tail leasing rates high. These factors all lead to very high occupy costs for restaurants. Traditional benchmarks of 6%- 10% occupancy costs are very difficult to maintain. The Rise of Food Delivery Services Third-party food delivery platforms have fundamen- tally changed how consumers interact with restaurants. While these services provide convenience and expand cus- tomer reach, they come at a significant cost to the opera - tor, often eating into already razor-thin profit margins. As a result, many restaurant own- ers are struggling to balance in-house dining with the costs associated with delivery and takeout services. T

rather than spending money on restaurant meals. While dining out remains a staple of social life; inflation and eco- nomic uncertainty have pushed many households to cut back on discretionary spending. Opportunities Many current restaurant owners, particularly those from the older generation, are looking to transition out of their current businesses as they approach retirement. However, unlike in the past, often these establishments are not being passed down to the next generation, as many of

their children choose careers outside the demanding food service industry. At the same time, restaurant sales often include commercial property, adding another layer of complexity to transactions. Next generation, or new buy- ers today must not only as- sess the business’s potential but also navigate real estate market conditions and rising interest rates. Despite these challenges, the restaurant industry remains an attractive investment for the right buyer who can adapt to changing consumer habits

through innovative marketing, menu optimization, personal ef- fort, and efficient cost manage - ment to find success in today’s evolving landscape. There is currently a his- torical number of opportunities and options available to today’s restaurant entrepreneur in- cluding many long-established restaurants, asset purchases at deeply discounted costs, and 2nd generation leasing oppor - tunities. Creativity is the key to a successful acquisition of a turn-key restaurant or res- taurant space. Conventional continued on page 6A

Joseph Latina

Christopher Moore

Shifting Consumer Preferences

Another major trend impact- ing the restaurant industry is the growing preference for din- ing at home. Consumers today are more budget-conscious, often opting to cook at home

We see deals from your perspective.

Our global network of 75 commercial real estate offices is the clear choice.

6A — February 2025 — Retail Development — M id A tlantic Real Estate Journal

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R etail D evelopment

CBRE closes three retail properties in suburban Philadelphia totaling $14.7M

Waldorf Park retail center in MD fetches $6.28 Million Horvath & Tremblay sells 3 retail properties for +$15M

RADNOR, PA — CBRE an- nounced the sale of three retail properties located in suburban Philadelphia totaling $14.7 million. The sales included a stand-alone property occupied in a long-term lease by Wawa at 801 Hill Ave. in Wyomissing which sold for $7.37 million and two retail strip centers at Cedar Hill Shopping Center at 156 Rte. 73 in Voorhees that sold for a combined $7.35 mil - lion. In both cases this was the second time CBRE listed, sold, and closed on these properties. The CBRE investment sales team of Matthew Gorman, Michael Shover, Thomas Finnegan, Robert Thomson and Nick Holtz spearheaded the marketing campaign for each asset, representing a pri- vate buyer and seller clients for both sides of the Wawa sale, and private seller and institutional buyer for Cedar Hill in NJ. “There’s nothing more com- plimentary than being hired by the buyer that you sold the as- set to when they’ve decided it’s time to divest,” said Gorman. “We’re known for our proven national marketing process, designed to maximize expo- sure, engage all buyer pools and deliver the best pricing possible for our clients.” 801 Hill Ave. is a 5,051 s/f retail property NNN leased to a Wawa convenience store and gas station. The NNN ground lease structure ensures zero landlord responsibilities, mak- ing it an ideal option for 1031 exchanges and passive owner- ship. Strategically located at the intersection of Penn Ave. and Park Rd. Located at 156 Rte. 73 in Voorhees, NJ units three and four are within the Cedar Hill Shopping Center, a 19.2-acre shopping center with parking

IRGINIA & MARY - LAND — Kyle Dan- ielson and Matt

Wawa at 801 Hill Avenue

Nadler of Horvath & Trem - blay have successfully com- pleted the sale of a Starbucks in Stuarts Draft, Virginia. Horvath & Tremblay exclu- sively represented the seller to complete the transaction at a sale price of $2,578,125. Star - bucks is located at 2600 Stu - arts Draft Highway in Stuarts Draft, VA. Starbucks recently signed a brand-new, 10-year lease that runs through Feb- ruary 2034, and is followed by six, 5-year renewal options. The lease features attractive 10% rent increases every five years throughout the primary lease term and at the start of each renewal option. Star- bucks is situated on a pad site to the Windmill Square Shop- ping Center, anchored by a Food Lion that serves as the primary grocer for the area. The Property benefits from excellent visibility, prominent signage, frontage, and two points of access along Stu- arts Draft Highway. Stuarts Draft Highway is the primary commercial corridor in the immediate area, with trade centered around the signalized intersection of Stuarts Draft Highway with Draft Avenue and Tinkling Spring Rd., down the street from the property. The property was recently redeveloped for Starbucks, featuring their latest modern design specifications and best- in-class drive-thru. Kyle Danielson and Austin Smith of Horvath & Tremblay have successfully completed the sale of a Sheetz in Chan- tilly, VA. Horvath & Trem- blay exclusively represented the buyer to complete the transaction at a sale price of $6,275,000. The new construc - tion Sheetz is located at 25626 Gum Springs Rd. in Chantilly, VA. Sheetz is operating under a brand-new, Absolute NNN Ground Lease that runs to De - cember 2043, and is followed commercial financing is of little help in acquiring non-real estate assets and the SBA fund- ing process is cumbersome and time consuming so often we will look to the owner to assist in financing these types of acquisi - tions. Although some sellers are reluctant, the rewards can be

Kyle Danielson Matt Nadler

Austin Smith Justin Spillane

for nearly 1,700 vehicles in a Major Business Zone district along Route 73. Cedar Hill is anchored by BJ’s Wholesale Club, Lowe’s Home Improve - ment and shadow-anchored by a brand-new ALDI. Unit three sold for $2.45 million and consists of a 6,205 s/f property that is 100% oc - cupied by a diverse mix of food & beverage, merchandise and service provider tenants including AT&T, Nails ‘R Us, Wayback Burgers, Great Clips and Mochinut. The NNN leases and fee simple/condo structure creates a passive ownership experience for the landlord as the condo associa- tion administers all the com- mon area maintenance/repairs and bills the condo unit owners on a pro-rata basis which is then passed along to the ten- ants for reimbursement. Unit four sold for $4.91 million and is a 10,686 s/f property housing a Starbucks, Livani Jewelry, The UPS Store, Or- angetheory Fitness and The Vitamin Shoppe. MAREJ Cedar Hill Shopping Center

Starbucks in Stuarts Draft, VA

by six, 5-year renewal options. The lease calls for attractive 10% rent increases every five years throughout the primary lease term and at the start of each renewal option. Sheetz is located in a highly sought after market area, sitting near the intersection of Gum Springs Rd. and Braddock Rd. within the newly developing Whitman Farm neighborhood shopping center, which includes other retailers such Lidl, Dunkin- Donuts, Baskin Robins, Vir- ginia Tire and Auto, and other retailers, in the Washington, DC suburbs. Loudoun County is a high growth and high- income market, with planned exclusivity. Sheetz is a family owned privately held business, established over 70 years ago and currently operating in six states with over 700 locations. Justin Spillane and Kyle Danielson of Horvath & Trem- blay have successfully com- pleted the sale of Waldorf Park in Waldorf, MD. Horvath & Tremblay exclusively repre- sented the buyer to complete the transaction at a sale price of $6,275,000. Waldorf Park is located at 3728 Robert S. Crain Highway in Waldorf, MD. Recently constructed in gratifying in the form of inter- est return and the possibility of deferred capital gains. Understanding these shift- ing dynamics is essential to making informed decisions. Whether it’s leveraging real estate assets, restructuring operations, or adjusting busi- ness models to accommodate

2022, the four-tenant strip center features an 8,485 s/f building with an impressive tenant lineup including Star- bucks, Aspen Dental, Jersey Mike’s and Crumbl Cook- ies. All four tenants signed brand-new, 10-year leases in 2022 with 7+ years of primary term remaining followed by multiple 5-year renewal op - tions. The leases all call for attractive rent increases every five years throughout the pri - mary term and option periods. Waldorf Park is strategically situated at the signalized, hard-corner intersection of Smallwood Drive and Crain Highway, featuring a com- bined 79,400 vehicles passing by daily. Crain Highway is a major retail thoroughfare and is home to numerous other national/credit tenants in- cluding Walmart, Sam’s Club, Target, Lowe’s Home Improve - ment, Aldi, and more. The Property is located adjacent to St. Charles Towne Center, a 1M+ s/f mall anchored by Macy’s and Kohl’s and synergy with the surrounding tenants increases consumer draw to the overall trade area and promotes crossover shopping to the site. MAREJ new consumer behaviors, navi- gating the current market requires strategic planning and adaptability. Joseph Latina, SIOR, and Christopher Moore, CCIM are managing principals at LMT Commercial Realty/ CORFAC International. MAREJ

Marcus & Millichap facilitates $8.34M sale of Quakerbridge Shoppes in NJ

HAMILTON TOWNSHIP, NJ — Marcus & Millichap announced the sale of Quak- erbridge Shoppes, a 42,912 s/f multi-tenant retail center located at 3800 Quakerbridge Rd. in Hamilton Township, for $8,336,000. “This center had small-foot- print stores and below-market rents, allowing the new owner to increase the value of the shopping center,” said Alan Cafiero , senior managing director investments. “In ad- dition, the center was well- positioned within the market at a hard-corner, traffic-light in - tersection with high visibility.” Cafiero and Brent Hyldahl ,

Quakerbridge Shoppes investment specialists in Mar- cus & Millichap’s New Jersey office, had the exclusive listing to market the property on be- half of the seller and procured the buyer. Located on 5.13 acres at a signalized intersection, Quakerbridge Shoppes fea- tures 18 tenants, including Northfield Bank and Villa Maria’s Restaurant. MAREJ

continued from page 5A Changing Trends in Restaurants: Challenges and . . .

M id A tlantic Real Estate Journal — February 2025 — 7A

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Great CRE Events Networking | Speakers | Continuing Ed www.circdelaware.org

Carla Sydney Stone, President of the World Trade Center Delaware spoke at CIRC’s February 12th membership luncheon, giving a broad understanding of what a World Trade Center in your city can do to help you growning your business, and they’ve got some great tools to assist you where real estate is concerned -- locally and globally!

March 12 Event

April 9 Event

Upcoming Events March 12 (Wed.) Membership Luncheon Speaker: Marcus Henry - County Executive New Castle County Government, Delaware April 9 (Wed.) Membership Luncheon Speaker: Robert Herrera, Partner, 9SDC Topic: Nylon Capital Redevelopment, Seaford Continuing Education Coming on May 14 - Stay Tuned for Details Register: www.circdelaware.org | Calendar Events Robert Herrera, Partner at Ninth Street Development Co. will discuss the company’s $60 million redevelopment of the former Nylon Capital shopping center into a 22-acre innovation district and town center to revitalize Seaford.

New Castle County Executive Marcus Henry was officially sworn into office on January 7, 2025. He became the 13th New Castle County Executive and 12th individual to serve in the position after succeeding Matt Meyer, now Governor of the State of Delaware. Marcus is also the first person of color to serve as New Castle County Executive since the position was created in 1966. Come and learn more about the type of leadership that we can expect from our new County Executive.

8A — February 2025 — New Jersey — M id A tlantic Real Estate Journal

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N ew J ersey

Accordia announces brisk leasing activity across Northern NJ

Panel topic will be “Tariffs and Taxes” IOREBA announces Annual Developer’s Night March 31st

EANECK, NJ — IO - REBA (The Indus - trial and Office Real Estate Brokers Associa - tion) will host its annual De- veloper’s Night on Monday, March 31st, from 5:00pm – 9:00pm at the Marriott at Glenpointe in Teaneck, NJ. This premier networking event brings togeth-er top real estate developers, bro- kers, and industry profession- als for an evening of in-sight and connection. T

topic will be “Tariffs and Taxes” said IOREBA presi- dent Kurt Kalafsky (Aztec Corporation) . For more information or to register, visit www.IOREBA. com. Opportunities for table dis-play sponsorships that allow companies to exhibit their craft and offerings to at- tendees are available. MAREJ

The event offers a panel presentation from distin- guished commercial real es- tate experts and begins with cocktails and networking followed by a buffet dinner and discussion. “IOREBA’s Developer Night is the high- light event of the year for the New Jersey commercial real estate industry and the panel

Greenbrook Executive Center

FAIRFIELD, NJ — Ac- cordia announced that it has closed three lease transac- tions across two states. Strategic Family Wealth, signed a long-term renewal for 6,900 s/f at Greenbrook Executive Center, located at 100 Passaic Ave. in Fairfield. Accordia plans a number of renovations and upgrades to the space. The landlord was represented by Fred Hyatt and Derek DeMartino of JLL, and by Accordia. Greenbrook Executive Cen- ter, a past recipient of a TOBY Award for Outstand- ing Building of the Year from the Building Owners and Managers Association (BOMA) was also awarded an Energy Star label for its operating efficiency. The 200,000-plus s/f, class A building is fully owned and managed by Accordia, and features a full-service cafete- ria, a tenant amenity lounge, and tenant balconies, among many other amenities. “We are delighted that Strategic Family Wealth has called Greenbrook Executive Center home for many years,” said Frank Recine , princi- pal, Accordia. “Greenbrook has been a mainstay in North Jersey class A office space for more than 35 years because of its ideal location, and our commitment to providing a productive environment that’s inviting, comfortable, and makes for an easy com- mute in and around the area.” Stevens & Lee, P.C., a full- service law firm expanded its existing office space at River Drive Center II, located at 669 River Dr. in Elmwood Park, by 3,523 s/f. The law firm has leased nearly 16,000 s/f. Tom Reilly & Greg Mc - Cavera of JLL represented Stevens & Lee; Accordia and Fred Hyatt and Derek DeMartino of JLL repre - sented the landlord. RDCII is part of a three-

building complex totaling 300,000 s/f of office and medi - cal space. Accordia acquired RDCII in 2008 and invested significantly in its common amenities, including a new HVAC system, upgraded bathrooms, and common areas. “Stevens & Lee demon - strates commitment to the North Jersey business com- munity — and to RDCII — with its 2025 expansion,” said Recine. “River Drive Center is near I-80 and offers easy access to Rtes. 20, 21, 46 and the Garden State Parkway, and easy access to New York City and Newark Airport.” CDX Diagnostics, a health- care research company that develops screening technolo- gies for cancers renewed their lease for 20,000 s/f at 2 and 4 Executive Blvd. in Suffern, New York. Accordia represented the company, and Recine was the broker on the transaction. Last year was one of sig - nificant growth for Accordia. In 2024, the firm expanded its operations to become a full-service real estate man- agement company. The move brought acquisitions and cap- ital markets, development, third-party commercial real estate brokerage representa- tion and third-party property and asset management under one umbrella. “We are preparing to meet a pivotal moment coming for commercial real estate in 2025-2026, when nearly $1.5 trillion in debt will mature and asset holders will need help managing properties that will be un- der their supervision,” said Jason R. Bogart , principal, Accordia. “Our firm is quick, nimble, and hands-on, and we are here to help owners or managers who need out- of-the-box solutions during the expected market down- turn.” MAREJ

Bergman Real Estate announces seven new leases at 7 Giralda Farms in Madison, NJ

MADISON, NJ — A multi- million-dollar capital improve- ment program at 7 Giralda Farms in Madison is paying off. Bergman Real Estate Group and its leasing agent, Cushman & Wakefield , an- nounced a flurry of leasing transactions in 2024, totaling 110,000 s/f in seven new leases of office space at 7 Giralda Farms. Pharmaceutical com- panies, healthcare consultants, and NJ law firms now call 7 Giralda Farms their new home. “We were laser-focused on our capital improvement pro- gram, upgrading a host of amenities in order to attract the highest-quality tenants and we are proud to announce that we have met our goals. 7 Giralda Farms is one of those success stories,” said Michael Bergman , CEO and president of Bergman Real Estate Group. “Employers know that they need to offer a top-tier in-office experience to attract the best talent, and that’s what our investments have done.” The major transactions in 2024 were led by three premier New Jersey law firms: • Riker Danzig LLP, a 140-year-old full-service law firm signed for 45,500 square feet. Riker is relocating its headquarters from Morristown where they’ve been for the past 40+ years. Marc Rosenberg of Cushman & Wakefield rep - resented the tenant. • Saiber Law, a 75-year- old full-service NJ law firm coming from Florham Park, signed a new lease for 34,390 square feet. Richard Baum- stein and Edward Duenas of Cushman & Wakefield represented Saiber. • Kelley Drye & Warren LLP, one of the oldest law firms in the United States, is

7 Giralda Farms

s/f), a medical and pharmaceu- tical consulting firm. G&L was represented by Bill Brown and Joshua Cohen of Cush- man & Wakefield. • Knack Pharmaceuticals, (2,121 s/f), a healthcare compa - ny that specializes in injectable medication. Chris Hovanec of Colliers International represented the tenant. “7 Giralda is a quality build- ing that has all of the amenities a tenant is looking for, thanks to the strength and the commit- ment of the owners,” said Bill Brown , executive director, Cushman & Wakefield.” Bergman Real Estate Group and Eightfold Real Estate Capital acquired 7 Giral- da Farms in July 2021. The 236,000 s/f, three-story, class A office building is located within the Giralda Farms Corporate Campus, a gated office park spanning 1.15 million s/f across 310 acres on the former Geral- dine Rockefeller Dodge Estate. “To attract the best talent in Northern NJ, you have to offer the best amenities, and 7 Giralda Farms lets tenants do just that,” Bergman said. “Combined with this building’s incredibly convenient location, we knew from the earliest days of this project that 7 Giralda Farms was a unique invest- ment opportunity.” MAREJ

relocating from Parsippany and has committed to 17,260 s/f of new space at 7 Giralda Farms. Nick Savage and Greg Barkan of CBRE’s NJ office represented Kelley Drye. “7 Giralda has great value, but it was Bergman Real Estate Group who had the resources and vision to acquire the as- set, invest in the building, and remarket it to attract smaller and mid-size, high-quality tenants,” said Joshua Cohen , managing director of Cushman & Wakefield, the exclusive leas - ing agent for the building. “It is the strength of ownership, their tenure in the market, and Michael Bergman’s vision that proved to be a very successful formula for success.” Several other companies have committed to building their firms at 7 Giralda Farms, including: • Transcend Capital Advi - sors, LLC, (15,600 s/f), a pri - vate wealth management firm Jon Williams and Michael Nieliwodski of CBRE rep- resented Transcend Capital Advisors. • OrganOx Inc., (9,422 s/f), a global medical device company based in the U.K. OrganOx was represented by Mark Twentyman of Kingsbridge Realty Advisors . • G&L Scientific Inc, (2,767

M id A tlantic Real Estate Journal — New Jersey — February 2025 — 9A

www.marej.com

N ew J ersey By Carl Mazzanti, eMazzanti Technologies Enhance your digital defenses against rising cyber threats

eal estate offices man - age a lot of sensitive data, including finan -

Trained experts from a trusted MSP can check your system with a “penetration test.” This test will find any weaknesses. They will then help you add strong layers of digital protection. This way, if a hacker gets through one bar- rier, another will stop them. Some of these security layers use software and hardware tools, like securing payment gateways and encrypting fi- nancial data. Your MSP will protect data when it is stored and when it is sent. They will also use automated transaction

monitoring to quickly address suspicious activity. The use of IoT devices and smart building systems in real estate has made cyber- security more complex. These devices often lack strong secu- rity measures, making them vulnerable to cyberattacks. Cybersecurity measures can protect these systems from un- authorized access and ensure their proper functioning. Another important defense is multi-factor authentication. This adds extra protection beyond regular passwords. It

requires verification through a second device, like a mobile phone. Another important step is to limit access rights, so specific employees will only see information they need for their work. They will not have access to the entire company’s data. Backing up data often to the cloud, or another remote place is very important. This helps you quickly restore your data if a disaster happens. Ad- ditionally, your MSP should periodically train employees in cybersecurity “best practices”

and then test them. As the real estate industry continues to embrace digi- tal transformation, working with an MSP is key to keep- ing client trust and support- ing the long-term success and client safety of corporate real estate offices. Carl Mazzanti is presi - dent of eMazzanti Tech - nologies in Hoboken, pro - viding IT Consulting and Cyber Security Services for businesses ranging from home offices to multina- tional corporations. MAREJ

cial informa- tion, person- al details of tenants and buyers, bank accounts, so- cial security numbers and other items. These real

Carl Mazzanti

estate offices, whether com - mercial or residential— and the people who work in them — are very attractive targets for cybercriminals. One way to manage this attraction by bad actors is to work with an experienced Managed Services Provider (MSP) that special- izes in cybersecurity to protect their networks and data. This helps guard against breaches, network penetration, and the financial and reputational damage that comes from a successful cyberattack. The real estate sector is subject to various regula- tory requirements aimed at protecting consumer data and ensuring secure business practices. Cybersecurity is essential for compliance with these standards, which can vary by region and jurisdic- tion. Adhering to regulatory standards helps real estate offices avoid legal penalties and maintain their reputa- tion as trustworthy entities. It also ensures that they are prepared to handle any data breaches or cyber incidents that may occur. In 2024, for example, a cy - bercriminal penetrated the network of a large, California- based mortgage lender. The bad actor gained unauthorized access to sensitive information on about 17 million individu- als that was stored in the com- pany’s system. Besides suffer- ing reputational damage, the lender also incurred more than $41.6 million of expense — net of insurance recoveries — re- lated to the attack, according to the company’s SEC filings. Multiple Threats Cyberattacks against real estate companies — including phishing, ransomware, and attacks on backup files — are occurring with increasing frequency. According to a 2024 international report, almost every real estate orga- nization has been the target of a cyberattack.

10A — February 2025 — Central New Jersey — M id A tlantic Real Estate Journal

www.marej.com

C entral N ew J ersey

Senior VP Lanni and commercial associate Soliman lead successful transactions Kislak sells mixed-use properties in Perth Amboy & Lebanon, showcasing strong Central NJ Market

at 377 Smith St. in Perth Am- boy, for $2.4 million. Kislak marketed the prop -

IDDLESEX & HUNTERDON COUNTIES, NJ —

erty on an ex- clusive basis with senior VP Daniel Lanni han- dling the as- signment, and he also procured the purchaser,

The Kislak Company, Inc. recently facilitated two notable transactions in Central NJ, showcas- ing the area’s vibrant real estate market.

Daniel Lanni

Sara Soliman

the Perth Amboy YMCA. Lanni said, “I am proud to have facilitated the sale of this unique property, which highlights the vibrancy of the

In Middlesex County, Kislak announced the recent sale of a mixed-use property known as the Remington Rooming House

377 Smith St. in Perth Amboy

1128 Rte. 31 in Lebanon

Perth Amboy real estate mar- ket and the interest in rooming houses as a viable, affordable housing option. The seller and purchaser, YMCA, were a plea- sure to deal with. The sale price equated to a 6.6% cap rate, and Ocean First Bank was prompt and efficient with their handling of the financing.” Built in 1910, the mostly renovated, three-story, brick building consists of 40 units with a retail store at ground level. The units consist of private bedrooms (some with private bathrooms) furnished with a twin-sized bed and a re- frigerator. The building’s inte- rior and exterior are equipped with security cameras that run 24/7. With a rooming house li - cense, the property is operated in accordance with the Housing for Older Persons provisions of the Fair Housing Act. A corner location in a safe, quiet neighborhood, the prop- erty is walking distance from the NJ Transit Train system and all major bus lines. In Hunterdon County, Kislak facilitated the sale of Echo Hill Plaza, a 16,000 s/f mixed-use commercial retail and office building at 1128 Rte. 31 in Lebanon, for $1.275 million. Kislak marketed the prop - erty on behalf of the seller with commercial sales and leasing associate Sara Soliman han- dling the assignment, and she also procured the purchaser. The parties were not disclosed. “This was the buyer’s first acquisition of a building of this size, facilitated through an I.R.C Section 1031 exchange and supported by seller financ - ing. The offering presented an attractive investment opportu- nity and although the process involved various complexities, we worked through them dili- gently to ensure a successful closing,” said Soliman. MAREJ

MULTIFAMILY PORTFOLIO FOR SALE 647 Units in 22 Buildings East Orange and Irvington, NJ $129,000,000 (Assumable Financing Available)

EXCLUSIVELY LISTED BY: SCOTT DAVIDOVIC SENIOR VICE PRESIDENT sdavidovic@kislakrealty.com 732 750 3000 ext. 290

M id A tlantic Real Estate Journal — Central New Jersey — February 2025 — 11A

www.marej.com

C entral N ew J ersey “WE’VE GOT NEW JERSEY COVERED”

1,500 – 3,000 SF | So. Plainfield 225 SF Ofc, 24’ Clgs, 1 DI Per Unit Ample Parking

1,920 – 3,840 SF | Piscataway 225 SF Ofc, 20’ Clgs, 1 DI Per Unit Ample Parking

5,300 & 12,300 SF | Carteret 350 & 429 SF Ofc, 15’ Clgs, 3 TB, 1 DI Available Immediately

27,500 – 37,000 SF | Linden 27,500 SF | Heavy Power, 5 TB, 37,000 SF | Heavy Power, 3 TB, 1 DI 138,000 SF | Total Building Size

15,996 SF | Roselle 11,000 SF Temp Controlled, 14 ’ Clgs 2 TB, 1 DI | Sale or Lease

25,000 SF | Somerset 3,500 SF Ofc, 22’ Clgs, 5 TB Available Immediately

44,981 SF Avenel 5,000 SF Ofc 18’ Clgs 7 TB, 1 DI

50,000 SF Carteret 5,000 SF Ofc, 24’ Clgs, 7 TB Cooler/Freezer

53,000 SF | South Plainfield 3,000 SF Ofc, 14’ & 20’ Clgs, 4 TB, 1 DI 5 Acres, Heavy Power, Fully Racked Sale or Lease

36,000 SF | Piscataway 9,500 SF Ofc (Build-to-Suit), 5 Acres 21’ Clgs, 3 TB, New Solar Roof | Lease

60,000 SF | Avenel 7,500 SF Ofc, 20 ’ Clgs, 7 TB, 1 DI 3.14 Acres, Heavy Power Sale or Lease

142,000 SF | South Brunswick 4,000 SF Ofc, 26’ Clgs, 1 DI, 14 TB 68 Car Pkg | 12 Trailer Pkg Sale or Lease

102,893 SF | Somerset 36’ Clgs, 16 TB, 1 DI New Construction

BUSSEL REALTY CORP. Licensed Real Estate Broker 2 Ethel Road, Suite 202A, Edison, NJ 08817 | 732.287.3777 | bussel.com The information herein has been obtained from sources considered to be reliable, but no guarantee is made by the Company. Subject to error, omission or withdrawal without notice .

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