38 — September 2026 — M id A tlantic Real Estate Journal
www.marej.com
M id A tlantic R eal E state J ournal
Aternium selects Dover, DE for first U.S. heavy water and . . .
New facility advances hands-on veterinary education KSS celebrates completion of 11,800 s/f academic building
continued from page 8 accomplished through strong collaboration between the pri- vate sector and our local and state partners. We are proud to have supported Aternium throughout this process and look forward to the creation of high-quality, well-paying jobs and the positive economic im- pact this investment will bring to our community.” continued from page 30 using AI, and do we have the appropriate controls around it?” The CRE organizations that answer that question now will be better positioned to take advantage of AI without unnecessarily exposing their properties, tenants, investors, rights create a competitive advantage. Limited wetlands, floodplain, contamination, easements, and setbacks pre- serve utility. • Usable Site Area: Gross acreage can mislead. Qual- ity sites maximize revenue- producing land through trailer parking, fleet stor - age, equipment storage, or material laydown. • Yard and Infrastruc- ture: Heavy-duty paving, drainage, utilities, fencing, gates, lighting, cameras, fuel- ing, and wash bays support intensive operations. • Access and Circulation: Wide curb cuts, adequate turn- ing radii, efficient ingress and egress, organized parking, striping, and signage improve safety and capacity. • Operational Flexibil- ity: Quality sites accommodate fleets, contractors, equipment rental companies, utilities, and long-term demographic growth, although coastal pricing can be very aggressive. Rents reflect those differ- ences. Quality retail in Mid- dletown, Newark and North Wilmington can support under- writing in the roughly $25 to $35 psf range, with prime new construction reaching consider- ably higher. Coastal Sussex can command $25 to $40 or more, while Dover generally offers lower rents. Cap rates also vary widely. Stabilized neighborhood and community retail might trade in the mid-6% to low-7% range in
Aternium is advancing engineering, permitting, and stakeholder engagement ac- tivities as the project moves toward execution. The com- pany’s development program aligns with national priori- ties around energy security, domestic manufacturing ca- pacity, critical materials in- dependence, and the growth of next-generation industrial Michael Mullin is presi- dent & CEO of Integrated Business Systems (IBS) and ProtectMyIT. He has more than three decades of expe- rience helping businesses use technology while man- aging cybersecurity and operational risk. MAREJ construction-material operators. Maintenance garages, dispatch offices, and driver facilities broaden the user pool. IOS properties may look simple, but their value reflects more than land and paving. Location, legal use, functional acreage, infrastructure, cir- culation, and adaptability all matter. In established indus- trial markets, the greatest value driver may be that an equivalent site cannot be cre- ated within a reasonable cost or timeframe, or replaced at all. Brendan Wewer, MAI, CCIM, ASA-GC, is a partner at Commonwealth Com- mercial Appraisal Group, serving clients throughout Pennsylvania, Delaware, Maryland, and New Jersey. He specializes in complex commercial real estate valuation, feasibility analy- sis, highest and best use studies, litigation support, and consulting. MAREJ stronger markets, while value- add assets can command yields approaching 8% or higher, if you can find the opportunities. The winners in the Dela- ware retail market are likely to be properties positioned around population growth, daily consumer needs and modern retail formats, while the biggest opportunities may come from transforming yes- terday’s obsolete retail into to- morrow’s community-serving real estate. Joe Latina, SIOR, is a managing principal at LMT Commercial Realty/CORFAC International. MAREJ
ENNETT SQUARE, PA — KSS Archi- tects has completed the Gail P. Riepe Center for Advanced Veterinary Edu- cation at the University of Pennsylvania School of Vet- erinary Medicine’s New Bolton Center in Kennett Square. The 11,800 s/f academic building is the first dedicated classroom facility at New Bolton Cen- ter, Penn Vet’s large-animal hospital and campus, and addresses the school’s long- standing need for modern, appropriately sized teaching and meeting space. The $17 million project is expected to open for student use this fall. KSS designed the new aca- demic building around three founding goals: multimodal learning, engagement, and site sensitivity. The Riepe Center is organized into two wings — one dedicated to classroom and informal learn- ing space, the other hous- ing a simulation laboratory equipped with high-fidelity veterinary simulators for large-animal training — ar- ranged around a shared out- door courtyard. Clerestory windows, natural materials, and framed views of New Bolton Center’s surrounding farmland root the building in its setting, while a bio- philic, indoor-outdoor design approach supports student engagement and well-being. “Our goal was to create an academic building that feels like it belongs in an agrarian landscape, one that supports hands-on, experiential learn- ing while giving students and faculty a true sense of place,” said Petar Mattioni, AIA, LEED AP , partner, KSS Architects. “By organizing K brokerage relationships with helping the firm source oppor - tunities and bring properties back to market. “Our primary model is if you bring me a property and I buy it, you’re my guy on the property,” Feldman said. “You have the exclusive. You get to help me sell it.” The approach keeps bro- kers involved beyond the acquisition while giving Legacy access to a broad network of buyers, tenants and properties. It is part of a reputation Feldman believes has be-
Shadow AI is already in commercial . . . or businesses to risk.
Gail P. Riepe Center for Advanced Veterinary Education
the building around an out- door courtyard and bringing natural light and views of the farmland into every space, we created an environment where students can move seamlessly between simulation, instruc- tion, and informal connection, all in service of preparing the next generation of large- animal veterinarians.” The building’s vernacular forms and materials were chosen to reflect the working- farm character of New Bolton Center, while modern sys- tems throughout give students hands-on experience with the clinical skills they will use in practice. The project reflects Penn Vet’s broader commit- ment to expanding experien- tial learning opportunities for its students. The Riepe Cen- ter also embodies KSS’ core philosophy that immersive experiential learning is most effective when theory and practice unfold side by side. The firm designs its academic spaces to give students direct, applied experience, building the confidence and competence they’ll carry into their careers. During the ribbon-cutting for the new Riepe Center, Andrew M. Hoffman, DVM, come increasingly valuable: when Legacy says it will do something, it intends to fol- low through. Looking Ahead As Feldman enters his sec- ond year as president, the company plans to continue targeting reasonably priced value-add industrial real es- tate throughout Northern New Jersey, particularly properties of approximately 60,000 s/f and below. “We want to work. We want to make money. We want to do deals,” he said. “But we can also pass on them if they’re not right.” Feldman believes Northern
DVSc, DACVIM, Penn Vet’s Gilbert S. Kahn Dean of Vet - erinary Medicine, highlighted how the center’s healthy loca- tion, natural environment, and outdoor spaces support the educational vision of Penn’s founder, Benjamin Franklin. “You need only experience the Riepe Center, inside and out, on such a beautiful day as today, to recognize that all of these elements have come together to Ben Franklin’s specifications,” said Hoffman. Led by partners, Petar Mat- tioni, AIA, LEED AP, Mayva Donnon, AIA, LEED AP , and principal Andy Snider- man, AIA , the KSS project team included: Ryan Dough- erty, AIA, Jessica Man- gin, AIA, LEED AP BD+C, Jesse Wilks, AIA, Elizabeth Heldridge, RA, and Mi- chael Grauer, AIA, CDT, LEED AP . KSS collaborated with MPP Engineers, LLC , structural engineering; Trefz Engineering , MEP engineer- ing; Pennoni , civil engineer- ing; Studio Sustena , land- scape architecture; Wagner Architecture , veterinary consultant; WSP , IT/security design, and Gardner/Fox, Contractor . MAREJ NJ’s location and infrastructure continue to give the indus- trial market significant staying power. “The market is cyclical,” Feldman said. “But luckily, the NNJ market between the ports and NYC and Rtes. 80 and 95, I think, has a really long runway on its current market conditions.” For Feldman, year two begins much the way year one did: looking for the next property where Legacy’s ex- perience, ability to execute and willingness to tackle challenges others may avoid can create value. MAREJ
continued from page 36 The Rise of IOS: Industrial outdoor . . .
continued from page 37 By Joe Latina, LMT Commercial . . .
continued from page 26 Peter Feldman marks first year as president of Legacy . . .
Made with FlippingBook Annual report maker