F Deal marks the largest NJ suburban, multi-tenant office sale since 2008 CBRE & KBS arrange sale of trophy office park in FlorhamPark, New Jersey

ISSUE HIGHLIGHTS Volume 32, Issue 3 February 14 - 27, 2020 development opportunities available with SVN/Motleys

manager for KBS. “Though we purchased this property during the economic downturn, through strategic upgrades we were able to maintain its prestige in the industry and at- tract several blue-chip tenants during our ownership.” The property’s unparalleled reputation is confirmed by its unmatched “best-in-class” mix of institutional tenants, head- quarter-quality construction and finishes, a comprehensive amenity package and a prime commuter location––highlight- ed by convenient train access to Manhattan from the Madison Train Station, situated just two miles from the property––in affluent Morris County. To- gether, these features rank Park Avenue not only as Met- ropolitan New York’s top office park asset but also as one of the finest in the nation.  open and bright working en- vironment. The building will have 40-foot clear heights and will include 170 trailer parking spots, 159 dock positions, four drive-in ramps and doors, and 394 car spaces. “Franklin Township is ex- cited to welcome LG to our community,” said Franklin Township Mayor Philip Kram- er. “We believe in the positive benefits of economic growth and appreciate the investment Crow Holdings has made in our township. We look forward to LG bringing jobs to Franklin and the opening of the facility in the beginning of 2020.” Crow Holdings Industrial was represented by Cushman & Wakefield vice chairman Stan Danzig and associate Kimberly Bach , while LG was represented by Cushman &Wakefield executive manag- ing director James Frank and vice chairman Jules Nissim . Carlyle’s equity for its investment in the Frank- lin Township development came from the Carlyle Realty Partners VIII fund. Financial terms of the transaction were not disclosed. 

lorham Park, NJ — CBRE and KBS announced the sale of Park Ave. at Morris County in Florham Park for $311 mil- lion — the largest New Jersey suburban, multitenant office sale since 2008. The team in- cluding Jeffrey Dunne, Jer- emy Neuer, Steve Bardsley, David Gavin, Gene Pride, Travis Langer and Zach McHale of CBRE Institutional Properties represented the seller, KBS Real Estate Invest- ment Trust II (KBS REIT II), and also procured the buyer, a private New York City based investor backed by offshore capital. Park Avenue at Morris Coun- ty (Park Avenue), located at 100-600 Campus Dr., consists of six class A office buildings totaling 1,189,484± s/f set on a picturesque 135± acre site FRANKLIN TWP., NJ — Crow Holdings Industrial announced that it has signed a seven-year, full-property lease with LG Electronics USA (LG) at Crow Holdings at Veronica Ave., the 925,000 s/f indus- trial development in Franklin Twp. it owns in partnership with funds affiliated with The Carlyle Group (CG) . LG will begin occupancy at the under- construction, state-of-the-art warehouse property in Q1 2020. For CrowHoldings Industrial,


Park Avenue at Morris County

and a seventh building which houses The Goddard School. Park Avenue, the New York Tri-State region’s preeminent suburban office park, was primarily developed between 1989 and 1999 and has recently undergone a capital improve-

ment program that included upgrades to the common areas/ lobbies, building systems and amenities. “These improvements added tremendous value to the as- set,” said Shannon Hill , se- nior vice president and asset

Upcoming Conferences February 13, 2020 NJ Commercial Real Estate Forecast Conference February 27, 2020 PA Commercial Real Estate Forecast Conference March 25, 2020 5 th Annual Phila. Healthcare & Medical Conference March 26, 2020 6 th Annual NJ Industrial De- velopment Conference For speaking and sponsorship information, please contact: Lea at 781-740-2900 or lea@marejournal.com

Crow Holdings Industrial signs LG Electronics USA to 925,000 s/f, full-building lease at Franklin Twp., NJ dev.

Crow Holdings at Veronica Ave.

the lease announcement is immediate validation of the company’s Northeast expan- sion strategy. After beginning New Jersey operations in mid- 2018 with the hire of industry veteran ClarkMachemer , the company acquired the Veronica Avenue property with The Car- lyle Group in the first quarter of 2019 from Efrem Gerszberg of 2020 Acquisitions, and put shovel to ground on the specu- lative development in Q2. “With the rapid growth of e-commerce and the overall strength of the economy, de- mand for industrial space is at record levels, and there are

very few spec buildings of this size being built in Central Jer- sey,” saidMachemer. “While we were in contact with a number of interested tenants, LG was drawn to the building’s large footprint and Crow Holding Industrial’s status as a premier developer. We’re proud to help bring such a well-regarded tenant to Franklin Twp., and we look forward to replicat- ing this strategy at our other Northeast developments in the years ahead.” The property features in- clude large translucent win- dows that allow natural light and LED lights that create an

Directory Organization Events. ...........................................16A Business Card Directory & Billboard Directory.. IBC-A New Jersey................................................. Section B Central New Jersey...........................................5-10B Pennsylvania.............................................. Section C Property Management Spotlight................ Section D www.marej.com

Inside Cover A — February 14 - 27, 2020 — M id A tlantic Real Estate Journal


M id A tlantic Real Estate Journal — February 14 - 27, 2020 — 1A


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Mid Atlantic R eal E state J ournal Publisher, Conference Producer . .............Linda Christman AVP, Conference Producer ...........................Lea Christman Publisher ........................................................Joe Christman Section Publisher ............................................. Steve Kelley Section Publisher ............................................... Kim Brunet Editor/Graphic Artist ......................................Karen Vachon Office Manager ............................................... Kerrin Devine Contributing Columnist ...........Rebecca Makely, WITHUM; Jay L. White, MAI, CRE ®, , Apex Realty Advisory 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 1 Subscription rates: $99 - one year, $148 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion 781-740-2900 | Fax: 781-740-2929 www.marej.com The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal



New Rules & Proposed Legislation of the Immigrant Investor Program (EB-5) T Rebecca Makely he Immigrant Inves- tor Program (com- monly known as EB- 5) has been a hot topic of conversation lately, as new rules impacting the program went into effect on November 21, 2019. The new rules are collectively titled EB-5 Im- migrant Investor Program Modernization. The original program was created by Congress in 1990, with the goal of stimulating the U.S. economy through job creation and capital invest- ment by immigrant investors by creating a new commercial enterprise of investing in a troubled business. There are up to 10,000 EB-5 immigrant visas available to be issued annually. The visa grants the ap- plicant (and immediate fam- ily) conditional permanent residence in the U.S. for two years. Within 90 days of the two year period expiring, the applicant must submit evidence that the investment

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created at least 10 full time positions for qualifying em- ployees. To qualify for an EB-5 visa, foreign investors have to make a capital investment in a for-profit US entity. Un- der the original program, if the project was in a targeted employment area (TEA), the minimum requirement was $500,000; otherwise it was $1M. Under the new rules, the minimum required in- vestment has been increased to $900,000 in a TEA, or $1.8M in a non-TEA. TEAs are designated areas that are rural or experiencing high unemployment rates. In addition to the increase in minimum investment amounts, the new rules made

changes as to how an area is determined to be a TEA. Spe- cifically, TEA designations are no longer made at the state and local government level. Designation as a TEA are reviewed and determined directly by the Department of Homeland Security. The stated reasoning behind this change is to address the is- sue of gerrymandering of high-unemployment areas (essentially drawing district lines to include a small por- tion of a TEA to a project in a more affluent area to qual- ify for the lower investment amount), but the concern is this will result in more strict and limiting parameters for investment. continued on page 4A

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M id A tlantic Real Estate Journal — February 14 - 27, 2020 — 3A


4A — February 14 - 27, 2020 — M id A tlantic Real Estate Journal


M id A tlantic R eal E state J ournal

Commercial real estate franchisor announces Baxter as new managing director Multiple development opportunities available with SVN/Motleys


ith our new manag- ing director Phil- lip Baxter at the

Short Pump Towne Center in Richmond. • 4030 Mercury Boulevard, Hampton, VA 23666 FOR SALE: A 19+ acre development site valued at 6.5 million in the heart of Hampton. • 4400 West Broad Street, Richmond, VA 23230 FOR LEASE: 5.75± AC of land - prime retail redevelop- ment opportunity. Available for lease (all or part) as a ground lease or build to suit. All utilities are on site. • 3310 Deepwater Terminal Road, Richmond, VA 23234 FOR LEASE: 200,000± s/f of warehouse space for lease with easy access to the Port of Richmond and I-95. • 1101 Carmia Way, Rich- mond, VA 23235 FOR SALE OR LEASE: A former Ruby Tuesday’s restau- rant, valued at $1.6 million, for sale or lease in Chesterfield County. • 10392 Washington High- way, Glen Allen, VA 23059 FOR LEASE: Wi gwam Crossing in Glen Allen (site of the Wigwam) pre-leasing multi-tenant and pad sites from 1,200-12,000 s/f. • King George and Freder- icksburg, VA FOR SALE: A portfolio of properties for sale or lease in King George, VA and Freder- icksburg, VA. And many other properties.  continued from page 2A Lastly, there were two changes enacted with the modernization program. First, priority date is retained for investors who need to update a previously submitted pro- posal. Second, family mem- bers of visa recipients must now apply independently to remove conditions from their permanent residency status. Opinions on the changes have been varied. While some believe it will restore the program to its original intention by bringing economic growth to areas ex- periencing extreme unemploy- ment, others worry the changes will result in foreign investors seeking opportunities outside of the U.S. where the require- ments are less costly and more lenient. R e b e c c a M a k e l y , C P A i s m a n a g e r a t WithumSmith+Brown.  New Rules & Proposed Legislation . . .

helm, SVN/ Motleys had a very suc- cessful year in 2019! We c u r r e n t l y have mo r e than 25 in- vestment or redevelopment opportunities available including: • 11736 West Broad Street, Henrico, VA 23233 FOR SALE: Parc Place at Short Pump retail center, an $18 million listing beside Phillip Baxter

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6A — February 14 - 27, 2020 — M id A tlantic Real Estate Journal


M id A tlantic R eal E state J ournal

O R R I S T O W N , NJ — Last month, CREWNJ created its Group is geared towards commercial real estate professionals age 40 and under CREW NJ welcomes The Next Generation M

develop stronger relationships with other young professionals in the commercial real estate industry, while also learning from the more experienced generations at more intimate events rather than a larger networking setting. For more information, email Courtney Rosenkrantz at crosenkrantz@ newmarkrealestate.com  CPC Mortgage Co., Palladium Management and Westhab announce $9M in Freddie Mac financing New Rochelle, NY — CPC Mortgage Company LLC , a subsidiary of The Community Preservation Corporation (CPC), Pal- ladium Management , and Westhab , an affordable hous- ing and social services provider, announced the closing of a $9 million Freddie Mac Optigo Targeted Affordable Housing loan to refinance 21 Fountain Place, a 52-unit, four-story walk-up building located in New Rochelle. The property will provide rental housing with coordinated social services that will help people transition out of homelessness to stable, permanent, affordable housing. “The opportunity to access high quality housing with sup- portive services will help fami- lies transition to a permanent housing situation, give them the chance to build stability, and get back on their feet,” said John Cannon , president of CPC Mortgage C. “We’re proud to have been able to partner with Westhab and Palladium to help meet the diverse hous- ing needs of the Westches- ter community. As a lender, Freddie Mac’s TAH gives us a product with the terms and pro- cess that’s tailor-made for the unique requirements of afford- able and supportive housing projects like 21 Fountain Place.” “We’re thrilled to be part- nered with Westhab and CPC Mortgage Company in provid- ing safe, affordable housing to the residents of 21 Foun- tain Place. With the steady increase of new multifamily developments in the area, our company feels strongly that projects like 21 Fountain Place provide essential stability and economic diversity to the city of New Rochelle,” said David Roth, principal of Palladium Management. 

first young professionals group called The Next Generation Group of CREW NJ . The group’s committee chairwoman is Courtney Rosenkrantz of Newmark Associates, CRE . The first event was a happy hour held at the Laundromat Bar in Morristown, NJ. The Next Generation Group, which is geared towards commercial real estate professionals age 40 and under, plans to have quarterly events open to CREW NJ members and guests. The main focus of the group is to

Some new members of CREW NJ’s Next Generation Group

M id A tlantic Real Estate Journal — DelMarVa — February 14 - 27, 2020 — 7A


D el M ar V a

By Jay L. White, MAI, CRE ® , Apex Realty Advisory Delaware’s top 10 commercial real estate deals in 2019

Klein Enterprises acquires 45745 Nokes Blvd. Avison Young brokers sale of 95,282 s/f property

exceptional opportunity to acquire a class A flex asset – a premier property with secure in-place cash flows that can be increased further through the lease-up of vacant space.” Avison Young represented the owner. The transaction team was led by Kevill, Mi- chael Yavinsky, Rob Wal- ters and Bert Harrell, prin- cipals at avison young; Matt Weber , senior vice president; and Michael Murillo , vice president. The property is 85% leased to four tenants: Eagle Bank, Inova Healthcare Systems, Raytheon and Barakat Orthodontics. 

Sterling, Va — Avison Young has negotiated the sale of 45745 Nokes Blvd. in Sterling. An affiliate of Klein Enter- prises purchased 45745 Nokes Blvd. for $15.375 million. The property features 95,282 s/f of flex space and is located within The Corporate Office Park at Dulles Town Center. “This is a best-in-class build- ing in one of the nation’s pre- mier submarkets, so it drew considerable interest from investors,” said John Kevill , principal and managing direc- tor for U.S. Capital Markets for Avison Young. “It was an


his past year was a steady and good year for commercial real es-

unit with an overall 53% oc- cupancy rate. 3. Leisure Point Mobile Home Park – 502-unit park in Long Neck, Sussex County sold in September for $44.5 million, or $88,645 per unit. 2. The Retreat – a 169- unit, 597 bed student housing project located in Newark on 15.07 acres of leased land sold in June 2019 for $48 million, or $80,402 per bed. 1. 1007 N. Market Street – is a 283,069 s/f office con- dominium in the Wilmington CBD that is net leased to Chemours for 14 years sold

in June for $84 million, or $297 psf. The largest deal was a sin- gle tenant net leased office sale located in the Wilming- ton CBD to a Chicago invest- ment group. Two property sales above tied at #7 because they both sold for $24 million each. The majority of the in- vestment properties sold were apartments (6) followed by office buildings (3), one hotel, and one modular home park. Jay L. White, MAI, CRE ® is president of Apex Realty Advisory in Wilmington, DE. 

tate transac- tion activity in Delaware. Apex Realty Advisory, an a p p r a i s a l and advisory firm located in Wilming-

Jay L. White

ton, tracked sales activity that occurred throughout in the state in 2019. Below we have summarized the top 10 commercial real estate property sales which sold for greater than $11 million dollars. 10. The Creeks at Mar- shallton – is a 192-unit apartment complex in Wilm- ington that sold in June for $11.9 million, or $61,979 per unit. 9. Four Points by Shera- ton – a six-story, 120-room hotel in Newark sold via a bankruptcy auction sale in May 2019 for $13.9 million, or $115,833 per room. 8. Valley Run Apart- ments – 322-unit apartment in Wilmington sold in August 2019 for $23.3 million, or $84,932 per unit. 7. PNC Bank Center – at 222 Delaware Ave. a 289,303 s/f class A office property in downtown Wilmington sold as REO in October 2018 for $24 million, or $82.96 psf, after the seller (The Variable Annuity Life Insurance Com- pany) purchased the building in October 2017 at sheriff’s sale for $30.8 million. 7. 400 Commerce Dr. – is a 154,086 s/f three-story, of- fice building in Wilmington that was fully, net leased to Comcast for 10 years as their regional call center. It sold in August 2019 for $24 million, or $155.76 psf. 6. The Vinings at Chris- tiana – is a 220-unit mixed market/affordable housing community in Wilmington built in 2001 that sold in No- vember for $24.7 million, or $112,273 per unit. 5. Liberty Square Apart- ments – is a 297-unit complex located in Newark that sold in December for $32.5 million, or $109,427 per unit. 4. Studio Green & Park Place Apartments – two complexes with a total of 614 units on 23.98 acres in Newark sold in May 2019 for $40.96 million, or $66,710 per

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8A — February 14 - 27, 2020 — M id A tlantic Real Estate Journal



M id A tlantic Real Estate Journal — February 14 - 27, 2020 — 9A


10A — February 14 - 27, 2020 — M id A tlantic Real Estate Journal



Nominate your company's largest developments, major financial transactions, largest office, retail & industrial transactions, most

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M id A tlantic Real Estate Journal — February 14 - 27, 2020 — 11A


EXPO 2020 W A L T E R R . C O H N , E S Q . WEDNESDAY, APRIL 22, 2020 The Wilshire Grand Hotel West Orange, NJ POA

Multi-Family Housing Professionals Mark Your Calendars!

POA EXPO 2020 offers a unique business opportunity for companies to showcase their products and services to the exclusive membership of the Property Owners Association. With over 68 exhibitors showcasing the newest and latest offerings in the multi-family industry, this is a must attend event. Buffet dinner served throughout the evening. • Buffet Dinner with Kosher Station • Over 68 Exhibitors • Latest Technology and Information Available • Prizes Throughout the Evening

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

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12A — February 14 - 27, 2020 — M id A tlantic Real Estate Journal


Commercial-Industrial Realty Council Great CRE Events...Cont. Education...Speakers...Networking www.CircDelaware.org

2 0 2 0 d i r e c t o r s — O F F I C E R S — President: Robert Stenta Pettinaro Management, LLC Vice President + Program Chair: Jay L. White , MAI, CRE® Apex Realty Advisory Treasurer: Barton L. Mackey, Jr. Patterson-Woods Associates Secretary: Bayard Snyder , Esq. Bayard & Associates — D I R E C T O R S — Education Chair: Cynthia Fleming Jones Lang LaSalle Donald Robitzer The Commonwealth Group Benjamin Berger, Esq. Berger Harris, LLC Carmen Facciolo NAI Emory Hill Michael Hahn 44 Business Capital Jim O’Hara , Jr. NAI Emory Hill-Retail Division Lorraine Sheldon NAI Emory Hill Daniel Wham DSM Commercial Real Estate Ryan Kennedy Harvey Hanna & Associates — E X - O F F I C I O — Business Manager Janet S. Pippert Landmark Science & Engineering Legislative Lobbyist C. Scott Kidner C. S. Kidner & Associates Legislative Affairs Chair William Lower Harvey Hanna & Associates Economic Dev. Liaison - NCCC Robert Chadwick New Castle County Ec. Dev. Council Economic Dev. Liaison - State of Del. Joseph Zilcosky Delaware Div. of Small Business c o n t a c t u s Janet@circdelaware.org (302) 633-1705 Membership Chair: James Manna BrightFields, Inc. Past President:

 Hyatt Place Newark — A Unique Mixed-Use Redevelopment Project

SCHEDULE OF EVENTS March 11 (Wed.) DuPont Country Club Monthly Membership Lunch & C.E. Topic: Gultainer's Plans for improvements at Port of Wilmington & Edgemoor Site Speaker: Kathryn Bradley, Head of Strategic Communications at GT USA Wilmington Cost: $40/members; $50/non-members April 8 (Wed.) DuPont Country Club Monthly Membership Lunch & C.E. Cost: $40/members; $50/non-members Register online: www.circdelaware.org R.E. CONTINUING EDUCATION Instruction by Frederick Academy of Real Estate Register at www.CircDelaware.org Schedule of Classes Accredited: DE*PA*MD*NJ See Online Schedule for Credit Details. Discounts for early registration. Register online & Download PDF schedule at: www.circdelaware.org/education/schedule.cfm March 11, 2020 — 8:30 a.m. - Property Mgmt./Advertising* * PA Mandatory Prop.Mgmt & Advertising (new) DE Mod.6 3.0 hrs. Property Management

Lang Development Group (LDG) addressed CIRC members at their February 12 membership luncheon at the DuPont Country Club. Jeff Lang, owner, and Chris Locke, SVP and general counsel for LDG, presented an update on plans for the Hyatt Place Newark project, also known as the 'Green Mansion.' This unique mixed-use project incorporates a property on the National Historical Register, a 144-room Hyatt Place hotel, 20,000 square feet of downtown office space and a parking garage. The project brings a new economic

Chris Locke SVP, General Counsel, LDG

Jeff Lang, Owner, LDG

driver to the City of Newark and should certainly revitalize Newark’s Main Street upon its completion.

New Members, from left: Jim Manna, Membership Committee Chair Greg Barbish - Horty & Horty, P.A. Caryn Rosica - Intellitec Solutions Mike Cassidy - Medori Commercial Realty McLane Hendricks - Patterson-Woods Commercial Associates / CORFAC

MD & NJ - Elective 3.0 hrs. 1:30 p.m. - Contracts DE Mod. 3 3.0 hrs. MD & NJ - Elective 3.0 hrs. ; PA - Elective 3.5 hrs.

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M id A tlantic Real Estate Journal — February 14 - 27, 2020 — 13A


M id A tlantic R eal E state J ournal

Westport Capital sells 219,000 s/f for $36 million Progress Realty Partners acquires Marketfair center

Facility joins North Haven Pavilion NRDC adds Hartford HealthCare facility

ayetteville, NC — Progress Realty Partners (PRP) , a New Jersey-based private equity firm specializing in acquiring well-positioned commercial real estate throughout the country, has successfully ac- quired a 219,000 s/f, class A shopping center from West- port Capital , a national REIT with offices in Connecticut and California. Marketfair Shopping Cen- ter, located at 1916 Skibo Rd. in Fayetteville, NC, repre- sents PRP’s first acquisition in North Carolina. “What attracted us to Mar- ketfair Shopping Center is its extraordinary tenant mix and positioning in the Fayette- ville sub-market,” said Adam Dickert , who oversees the firm’s acquisitions. “Market- fair represents exactly what today’s consumer is looking for when you talk about things like convenience, experience and value.” The property recently un- F

North Haven Pavilion

services, a large physician group and clinical integration organization, skilled-nursing and home health services, and a comprehensive range of services for seniors, including senior-living facilities. “National Realty & Devel- opment Corp. continues to diversify its centers with com- plimentary services that trans- form shopping centers into com- munities where guests benefit from a one-stop medical, retail, fitness and entertainment des- tination,” said John Orrico , president at NRDC. “Hartford HealthCare is the perfect fit for this modernization, and we look forward to their Summer 2020 opening.” 

North Haven, CT — National Realty & Devel- opment Corp. (NRDC) an- nounced that a new Hartford HealthCare facility will join the 273,452 s/f North Haven Pavilion in North Haven. The Target and Michaels-anchored shopping center is located at 200 Universal Dr. North. Hartford HealthCare, one of Connecticut’s most com- prehensive health care net- works, has leased 40,700 s/f of the center’s former Sports Authority building. Hartford HealthCare’s model includes six acute-care hospitals, the state’s longest-running air- ambulance service, behav- ioral health and rehabilitation

Marketfair Shopping Center

derwent a complete redevel- opment and re-tenanting, highlighted by the mid-De- cember grand opening of Lidl, a German-based grocery store. Lidl joins other national ten- ants such as Planet Fitness, Gander Outdoors and AMC

Theaters. “This is a very exciting deal for us and our partners,” ex- plained Daniel Salonis , who oversees the firm’s operations. “To be able to own this prop- erty, in this market … it’s a great way to close out 2019.” 



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14A — February 14 - 27, 2020 — M id A tlantic Real Estate Journal


M id A tlantic R eal E state J ournal Hospitality project part of McHenry Row neighborhood Kinsley Properties completes Hotel in Downtown Baltimore

ALTIMORE, MD — Kinsley Properties recently opened the Courtyard by Marriott Balti- more Downtown/McHenry Row hotel, part of the final phase of the mixed-use McHenry Row neighborhood. Located at 1803 Porter St., the eight-story, 126-room hotel operates as a Marriott fran- chise. The new hotel is owned by a partnership of York-based Kinsley Properties and Sha- ner Hotel Group , a State College-based hotel manage- ment company. “We are thrilled to open this B

new Courtyard by Marriott ho- tel and help meet the growing hospitality demands in Balti- more and the McHenry Row neighborhood,” said Timothy Kinsley , president of Kinsley Properties. “The addition of this hotel enhances the appeal of the area and more impor- tantly McHenry Row as a great place to live, shop, work, play and now stay.” For Kinsley Properties, one of the Mid-Atlantic leaders in commercial real estate devel- opment, leasing and property management, the new Court- yard by Marriott is the sixth

hotel in the company’s growing portfolio. It also is the second hotel that Kinsley Properties has developed with Shaner Hotel Group. The new Baltimore hotel sits adjacent to a Harris Teeter grocery store at McHenry Row with easy access to I-95. It also has convenient access to Fort McHenry, the National Aquari- um, the Baltimore Cruise Port, Johns Hopkins University, Camden Yards and M&T Bank Stadium. The Courtyard by Marriott features the latest innova- tions and contemporary room designs from Marriott, includ- ing hybrid zones for working, sleeping, relaxing and getting ready, to optimize and elevate the guest experience for both business and leisure travel- ers. The hotel also features the brand’s latest lobby design, which includes a newly de- signed bistro for casual dining and an evening Bistro Bar that features an array of cocktails, beer and wine as well as an out- door patio and fenced pet park. Constructed by York-based Kinsley Construction Inc. , the hotel also has a well- equipped fitness center, guest laundry and 1,200 s/f of meet- ing space to accommodate func- tions of up to 80 people. Hotel construction began in April 2018 and the work was completed in late October. The hotel opened on November 22.  Builders Association of NNJ Elects Billy Procida to itsBoard of Directors MOONACHIE , NJ — The Builders Association of Northern New Jersey (BANNJ) has elected Wil- liam “Billy” Procida , presi- dent and CEO of Procida Funding &Advisors (Proci- da) , to its board of directors. The induction took place at BANNJ’s Annual Installation and Awards Dinner on Thurs- day, Jan. 30. The organization is now marking its 76th year. Well-known throughout the New Jersey real estate indus- try and well beyond, Procida founded Procida Funding & Advisors in 1995. The com- mercial real estate financing and advisory firm is widely- regarded for its vision and capital to get deals done for its clients and the communities it serves. 

Courtyard by Marriott Baltimore Downtown/McHenry Row hotel

The intersection of urban vitality and suburban flexibility sits just nine miles from Manhattan at Prism Capital Partners’ ON3. A growing roster of prestigious organizations is gravitating to New Jersey's largest redevelopment, rapidly securing its future as a world-class, next-generation campus. Ralph Lauren Corporation · Quest Diagnostics · Modern Meadow · Hackensack Meridian School of Medicine at Seton Hall University · Hackensack Meridian NIH-designated Clinical Research Center · The Hackensack Meridian Health Center for Discovery and Innovation · Seton Hall University Graduate College of Nursing and School of Health and Medical Sciences These users – and others to come – are propelling ON3 forward as a benchmark in New Urbanism and public/private partnership. Office and R&D, recreation, hospitality, wellness options and more ultimately will come together at ON3 for a true mixed-use, 24/7 environment spanning the Township of Nutley and City of Clifton.

More information regarding Prism and its projects can be found at: prismpartners.net | (201) 567-2711 Edwin H. Cohen Principal Eugene R. Diaz Principal

M id A tlantic Real Estate Journal — February 14 - 27, 2020 — 15A


16A — February 14 - 27, 2020 — M id A tlantic Real Estate Journal



March 2-3- ICSC Event: Mid-Atlantic Conference & Deal Making Conference Location: Gaylord National Resort & Convention Center Address: 201 Waterfront St., National Harbor, MD Cost: $430-Member, $830-Non-Member, $50-Student Member C: Jeanine Kelly E: jkelly@icsc.org Web: www.icsc.com February 27- CREW Philadelphia Event: Accelerating the Advancement of Women in Commercial Real Estate Time: 11:30 AM- 1:30PM Location: Diversified Group Address: 111 S Independence Mall E, Ste 960, Philadelphia, PA Cost: Free to all CREW Members Web: www.crewphiladelphia.org March 12- CREW New Jersey Event: Members Only Coffee + Conversations Time: Various – see website Location: Panera Address: Various – see website Cost: Free Web: www.crewnj.org March 12-ABC Virginia Event: Membership Mixer Time: 5:00PM-7:30PM Location: Blue Moon TapHouse Address: 333 Waterside Drive Norfolk, VA Cost: $50-Member, $60-Non-Member C: Jamie Carrow P: (757) 855-8220 Web: www.abcva.org March 19-CREW Philadelphia Event: Annual Past Presidents Breakfast Time: 7:30AM-10:00AM Location: Union League Address: 140 S Broad St, Philadelphia, PA Web: www.crewphiladelphia.org

March 24- ULI Philadelphia Event: March Member Series Time: 8:30AM-10:00AM Location: Fitler Club Address: 24 S 24th St., Philadelphia, PA

February 20- CREW Philadelphia Event: 8th Annual 3Cs Networking Event Time: 5:30PM-8:00PM Location: BEX Brandywine Experience Address: One Commerce Square, 2005 Market St, Ste 160, Philadelphia Cost: $40-Member, $25-Non-Member (by Feb 17th) Web: www.crewphiladelphia.org February 22- ABC Baltimore Event: Build Baltimore Gala Time: 7:00PM-11:00PM Location: The Assembly Room Address: 316 Guilford Ave., Baltimore, MD Cost: $210-Individual, $400-Couple Web: www.abcbaltimore.org February 26-CIANJ Event: Mardi Gras Mix n' Mingle Time: 6:00PM-8:00PM Location: Glen Ridge Country Club Address: 555 Ridgewood Ave Glen Ridge, NJ Cost: $85-Member, $125-Non-Member Web: www.cianj.org February 27-MAREJ Event: 4th Annual Philadelphia CRE Forecast Conference Time: 7:30AM-11:30AM Location: Courtyard Philadelphia City Ave Hotel Address: 4100 Presidential Blvd, Philadelphia, PA Cost: $129-Regular Rate, $149-Walk-In C: Lea Christman P: 781-740-2900 Web: www.marej.com/conf February 27-SIOR New Jersey Event: SIOR Winter Social and Annual Awards Time: 6:30PM-9:30PM Location: W Hoboken Address: 225 River Street,Hoboken, NJ Web: www.siornj.com February 27- USGBC Event: NCR Green Tie Affair Time: 6:00PM-9:00PM Location: District Winery Address: 385 Water Street Southeast Washington , DC Cost: $75- Early Bird Member, $100-General C: Mark Bryan E: mbryan@usgbc.org Web: www.usgbc.org

Cost: $50-Member, $25-Student Web: www.philadelphia.uli.org

April 19-23- MBA Event: 37th Annual Regional Conference of MBAs Location: Harrah's Convention Center Address: 777 Harrah's Blvd, Atlantic City, NJ Web: www.mbanj.com Location: Newton White Mansion Address: 2708 Enterprise Rd., Mitchellville, MD Cost: $125-Early Bird, $150-Regular Rate Web: www.abcmetrowashington.org March 30-IOREBA Event: 28th Annual Developer Night Time: 5:00PM-10:00PM Location: Teaneck Marriott at Glenpointe Address: 100 Frank W Burr Blvd, Teaneck, NJ Cost: $125-Member, $175-Non-Member Web: www.ioreba.com April 19- ABC Baltimore Event: Port to Fort 6K Time: 8:30AM- 11:30AM Location: Coke Field (McHenry Row) Address: 1101 East Fort Avenue Baltimore, MD Cost: $30-Individual Runner, $12-Child Web: www.abcbaltimore.org April 22- POA March 25-PAA Event: Unification Kick-Off Happy Hour Time: 6:00PM-8:00PM Location: The Venue at Valley Forge Convention & Casino Resort Web: www.paahq.com April 1-ABC Metro Washington Event: April 2020 Networking Event Time: 5:00PM-7:00PM

March 19- Green Building United Event: Spring 2020 Happy Hour Time: 5:30PM-7:30PM Location: Jacobs Address: 2301 Chestnut Street, Philadelphia, PA Cost: Free, Donations Welcomed Web: www.greenbuildingunited.org

Event: POA Expo 2020 Time: 5:00PM-8:00PM Location: Wilshire Grand Hotel Address: 350 Pleasant Valley Way West Orange, NJ Web: www.poanj.org

Please send your events to: editor@marejournal.com

M id A tlantic Real Estate Journal — February 14 - 27, 2020 — Inside Back Cover A


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Back Cover A — February 14 - 27, 2020 — M id A tlantic Real Estate Journal


Specialization • Expertise • Results

Marcus & Millichap Sells More Investment Real Estate Than Any Other Firm

Below is a Sampling of Our Recent Activity




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Net-Leased Retail Bel Air, MD | $2,608,208

46-Unit Multifamily Washington, DC | $5,290,000




Net-Leased Retail Pleasantville, NJ | $1,945,000

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Net-Leased Retail Nellysford, VA | $1,815,000

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

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Brian Hosey Vice President/District Manager bhosey@marcusmillichap.com Washington D.C. 7200 Wisconsin Avenue, Suite 1101 Bethesda, MD 20814 (202) 536-3700 NJ BOR

DC, VA, MD BOR: Bryn Merrey - (202) 536-3700


S hopping C enters N ew J ersey

M id A tlantic Real Estate Journal — New Jersey — Section B


Support from NJEDA and ConnectOne Bank Shawnee Trucking Company Expands its Transportation and Logistics Hub

lifton, NJ — Rep- resentatives from the New Jersey Econom- ic Development Authority (NJEDA) and ConnectOne Bank joined Clifton Mayor James Anzaldi to visit Shawnee Trucking Company in Clifton to raise awareness of resources available to small businesses throughout the state. The visit also highlighted the key role small businesses like Shawnee Trucking Company play in the growth of New Jersey’s trans- portation and logistics sector. “The transportation and logistics sector is a major C HI-LIGHTS February 14 - 27, 2020

company that provides truck- ing and delivery services be- tween Virginia and Maine. It also serves the remainder of the country through broker contracts and contractors. Late last year, Shawnee Trucking Company used fund- ing from the NJEDA’s Premier Lender Program to purchase a six-acre property in Clifton that will serve as its national headquarters. The property in- cludes a 121,000 s/f warehouse, 4,000 s/f of office space, and a two-acre parking lot. Financing from an $11.52 million Con- nectOne Bank loan, including a $2 million NJEDA participa- tion supported the purchase. “We chose to base our op- erations in the Garden State because of its strategic location at the center of the Northeast Corridor, its proximity and easy access to ports through- out the region, its first-rate infrastructure and its dynamic

Located in close proximity to downtown Florham Park and Livingston, 12 Vreeland Road is convenient to major road- ways, including Rte. 24, Rte. 10, I-287 and I-80, minutes from the Morristown Airport and 20 miles from Newark Liberty International Airport. In other news, Cushman & Wakefield has been named leasing agent for 21 South St., a boutique class A office prop- erty in the heart of downtown Morristown. The Hampshire Companies recently pur- chased 21 South St., and this month has launched a renova- tion and two-story addition that will increase the building’s total size to 70,000 s/f. 21 South St. will be reintro- duced to the market as only the second new office building in Morristown in more than three decades. O’Keefe and Parmelli are heading the assignment to market availabilities ranging from 6,000 s/f to three full floors of 30,000+ s/f.  Ceppi was among NJEDA representatives to visit Shaw- nee Trucking Company today. He was joined by NJEDA vice president of policy & com- munications Tai Cooper and business development officer Monika Athwal . One of Con- nectOne Bank’s managing di- rectors, Robert Murphy , also attended the visit with Ceppi, Mayor Anzaldi, Clifton City Manager Nick Villano and Allan Ryff , the city’s director of Economic Development.  workforce within the state,” Shawnee Trucking Found- er Balram “Chris” Lall said. “We’re grateful that NJEDA and ConnectOne Bank sup- port has enabled us to grow our business and expand our customer base.” Mayor Anzaldi echoed Lall’s sentiments about New Jersey being the perfect place to grow a transportation and logistics business.

Representatives of the NJEDA and ConnectOne Bank joined Clifton Mayor James Anzaldi at the newly-expanded headquarters of Shawnee Trucking.

contributor to our economy, accounting for close to 200,000 private sector jobs and $23 bil- lion into the economy,” NJEDA managing director of Business Development Paul Ceppi said. “Under Governor Phil Murphy’s leadership, we’re working with our partners in

the industry to establish New Jersey as the nation’s pre-emi- nent transport technology hub. Small businesses up and down the supply chain play a pivotal role in making that happen.” Shawnee Trucking operates as a “one-stop,” full-service transportation and logistics


Cushman &Wakefield announces tech-oriented tenant now occupies 56,530 s/f at 12 Vreeland Rd. easy access to commuter bus and rail lines.


Florham Park, NJ — Cushman & Wakefield an- nounced it has brokered an expanded sublease with a mul- tinational professional services and information technology company at 12 Vreeland Rd in Florham Park. The rapidly growing company, which sub- leased 26,556 s/f in the class A office property in June 2019, has taken an additional 29,974 s/f and now occupies the entire first floor (56,530 s/f). A Cushman & Wakefield team of William O’Keefe, Charles Parmelli and Kelsey Nakamura represented the sublandlord, Gerber Products Company (Nestlé), in the trans- action. The tenant was repre- sented by John Cunningham and FredHyatt with JLL . The KRE Group is the landlord of the two-story, 139,750 s/f asset, which was recently renovated. “This tech-oriented tenant quickly outgrew its initial sub- lease space in the building,” said O’Keefe. “The company continues to see tremendous value in the existing infra-




12 Vreeland Rd

Upcoming Spotlights MIXED-USE ENVIRONMENTAL/ GREEN BUILDINGS COMMERCIAL OFFICE PROPs. Contact Kimberly Brunet For more info: P: 781-740-2900 kbrunet@marejournal.com

structure and configuration, which is essential to operating the business. The space is also fully furnished, which has al- lowed the tenant to be up and running quickly.” Cushman & Wakefield con- tinues to market the remaining 83,220 s/f on behalf of Nestlé, which previously occupied the entire building and has kept it well-maintained over the years.

“Space available for sublease includes the entire second floor, which is fully furnished, has a dedicated entrance and mul- tiple branding opportunities,” noted O’Keefe. Features include an above- marke t park ing rat i o o f 4.4/1,000 s/f and back-up gener- ator, loading dock. The property is also within walking distance of Lifetime Fitness and offers


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