Interactive digital edition of the Mid Atlantic Real Estate Journal (MAREJ), showcasing industry news, trends, and expert insights in commercial real estate. This month's issue features Southern NJ, the 2025 Forecast, and highlights key developments shaping the Mid-Atlantic region.
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ISSUE HIGHLIGHTS Volume 37, Issue 1 January 2025
ASHINGTON, DC — JLL’s Capital Markets group W 8-campus portfolio poised to deliver nearly 1.5 GW across 6 Million+ s/f JLL secures $1.2B construction financing in Northern Virginia for BlackCham ber Northern Virginia development portfolio, which includes eight campuses with the prospec -
challenging market backdrop, JLL leveraged their relation- ships, creativity and exper- tise to drive seamless and unrelenting execution with a variety of different lenders, ultimately delivering value- accretive and strategically beneficial financing solutions,” BlackChamber managing partner Conley Patton said. Northern Virginia is the largest data center market in the world, comprising more than 4.6 GWs of power capac - ity as of 1H 2024. In 2024, Northern Virginia saw more than 1.3 GWs of absorption, ending the year with a vacancy rate of just 0.4%. Currently, in Northern Virginia there is more than 5.8 GWs of planned data center development.
“We are seeing incredible de- mand for data centers with the consistent appetite from Cloud, AI and Enterprise tenants and this in turn has created a larger focus from various capi- tal sources,” Leachman said. “What was once a small al - ternative segment of the com- mercial real estate industry is now a large segment of equity and debt deployments. Black - Chamber’s recent construction loan closings are evidence of the diverse capital chasing data centers. Our recent clos- ings include capital from bank balance sheets, both commer- cial real estate and infrastruc- ture verticals, but also private credit vehicles funded with insurance company capital,” Greer added. MAREJ
ADAM ZWEIBEL ACQUIRES FULL
tive capacity to yield near- ly 1.5 GW of gross power c a p a c i t y across more than six mil- lion s/f. B l a c k - Chamb e r
announced that it ar- ranged over $1.2 billion in construc- tion financing throughout 2024 on be- half of The BlackCham-
OWNERSHIP OF NJ’S LEADING MULTIFAMILY BROKERAGE
Jamie Leachman Drake Greer
3A
was advised by JLL’s Capital Markets Debt Advisory team led by Jamie Leachman , senior managing director and co-head of the Washington, DC office and Drake Greer, senior director and member of JLL’s National Data Center Capital Markets team. “Against a dynamic and
ber Group (BlackChamber) . The financings will facilitate the development of four hyperscale powered shell campuses lo - cated across Northern Virginia collectively totalling over 740 megawatts of capacity. JLL worked on behalf of Black - Chamber to arrange the financ - ings as part of BlackChamber’s
SPOTLIGHT
2025 FORECAST
Section B
Transactions highlight the ongoing demand for medical office space in CPA Zellers & Khuri of NAI CIR facilitates 724,096 s/f of long-term medical office lease renewals
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range of services, allowing UPMC to deliver essential healthcare services to the community. “We were
CENTRAL PA — NAI CIR has facilitated the long- term renewals of 724,096
s/f of medi- cal office and clinical space for UPMC, a world- renowned healthcare provider. Spanning eight build-
thrilled to have played a role in renew - ing these sig- nificant lease agreements,” said Robin Z e l l e r s ,
Robin Zellers
Casey Khuri
SIOR, FRICS, CRE , the CEO & managing broker of NAI CIR. “This transaction not only reinforces the long-standing re- lationship between UPMC and National Healthcare Properties, but also highlights the strategic value of well-located, medical office and clinical space in to - day’s healthcare environment.” These lease renewals high - light the ongoing demand for high-quality medical office space and underscores the importance of long-term part- nerships in the healthcare real estate sector. The build- ings offer a diverse range of spaces designed to accommo- date UPMC’s commitment to providing life- changing medi- cine throughout the Central
ings in Central Pennsylvania, the medical office and clinical spaces serve as an integral part of UPMC’s operations and accommodate a wide
NAI CIR has facilitated the long-term renewals for UPMC. Spanning eight buildings in CPA .
Pennsylvania Region. “We were proud to assist UPMC in renewing its leases for these important healthcare facilities,” said Casey Khuri , chief operating officer of NAI CIR. “The medical office mar - ket remains one of the most resilient and in-demand sectors in commercial real estate, and this deal is a clear reflection of the growing need for well-locat - ed, purpose-built spaces that support healthcare providers’ operations and patient care.” This lease renewal comes at a time when the healthcare real estate market continues to experience strong growth,
driven by increasing demand for specialized care and a grow - ing population. The strategic locations and flexibility of the buildings allow UPMC to con - tinue expanding its services while maintaining its high standards of care. “We were pleased to help UPMC secure a long-term solution to continue their im- portant work in our commu - nity,” said Zellers. “These re- newals not only solidify their continued presence in the region but also ensure space availability to accommodate future growth and medical advancements.” MAREJ
Directory
Commercial Real Estate Across America....................4-5A CIRC Organization . ....................................................... 6A New Jersey..............................................................7-17A Pennsylvania......................................................... 18-20A Owners, Developers & Managers..........................21-25A People on the Move...................................................26A Business Card Directory.............................................27A CRE Organization’s Events Calendar ............................ 28A 2025 Forecast Spotlight...................................... Section B www.marej.com
Inside Cover A — January 2025 — M id A tlantic Real Estate Journal
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M id A tlantic Real Estate Journal — January 2025 — 1A
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2A — January 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 .................................Mike Hargrave, Revista, 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 1 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
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Outpatient Real Estate Sector Riding a Wave of Strength! he outpatient real es- tate sector is large and diverse. The terms Medical Office Building (MOB) or Medical Outpatient Build - ing (also MOB) are often used to describe the main property types in the outpatient sector. In all, the MOB sector com - prises over 1.6 billion s/f across the continental United States. The MOB sector has been a benefactor of several long-term secular trends such as an aging population (yes, older adults visit the doctor more often) and advances in technologies that have enabled many former inpatient procedures to be con- ducted in outpatient settings. These trends have created increasing demand for space within MOBs and have led to a healthy supply and demand balance for outpatient space. At least this was the para- digm up to the recent Covid-19 pandemic. But then things began to change. T
2nd Annual Southern NJ CRE Forecast State of the Market
FEB. 20
Yes, the MOB sector was im - pacted during the initial shut- down stages of the pandemic as many physician offices closed during this stage. In fact, physician office employ - ment fell by 11.1% from Feb- ruary of 2020 to April of 2020 (source, BLS, St Louis Fed). But while there was impact, it was not as severe as some other sectors and was quick to recover. Real estate fundamentals during the pandemic were largely unimpacted as occu- pancy rates remained steady between a range of 91.4% to 91.5% from the middle of 2019 to the middle of 2021. Construc- tion or new deliveries experi- enced a slowdown that began during the pandemic. Supply shortages led to increasing
costs of lumber, steel and other construction materials which helped to slow new construc- tion starts. But after the middle of 2021 fundamentals began to change again within the MOB sector. Physician office employment grew at a faster rate than before the pandemic. This led to increasing demand for new space within MOBs. Absorp - tion (the change in occupied space) has averaged 4.4 million SF per quarter across the top 100 metros since the middle of 2021. This is faster than the 3.4 million SF per quarter average prior to mid-2021. On the supply side, comple- tions have slowed materially since and before the pandemic. Prior to mid-2021, developers continued on page 22A
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M id A tlantic Real Estate Journal — January 2025 — 3A
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M id A tlantic R eal E state J ournal
Milestone sparks new era of growth for NJ’s leading multifamily investment brokerage Adam Zweibel, president of Hudson Atlantic, acquires full ownership & celebrates record sales
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tools that provide clients with actionable insights and a competitive edge. “With the market dynam- ics in constant flux, we’ve embraced a strategy focused on agility, collaboration, and delivering measurable value for our clients,” Zweibel con- tinued. “The progress we’ve achieved since the owner- ship restructuring, paired with our move to Parsippany and the expansion of our talented team, sets the stage for an exciting new chapter of growth and innovation for Hudson Atlantic.” MAREJ
dam Zweibel, presi- dent of Hudson At- lantic, is pleased to
requires real skills. Luck has nothing to do with it!” Echoing this sentiment, Christopher J. Otteau add- ed, “Hudson Atlantic was a great endeavor for us with a great partner, Adam Zweibel. Adam may be one of the hard- est working people I have ever met, and I am certain of his continued success.” This period of accelerated growth has also been marked by the execution of numerous high-profile deals, expansion into new markets, and the enhancement of proprietary analytics and technology
announce the success- ful acquisi- tion of the ownership interests pre- viously held by former partners Jef- frey Otteau and Christo-
Adam Zweibel
pher Otteau. This milestone marks a new era of growth, innovation, and expansion for Hudson Atlantic, as the company continues to cement its reputation as the leader in New Jersey’s multifamily in- vestment brokerage services. Hudson Atlantic has experi- enced remarkable sales activi- ty approaching $200 million of successful transactions since the ownership transition in July 2024. The company has also relocated and expanded to its state-of-the-art head- quarters in Parsippany, NJ, while growing its sales team to six investment sales agents. “Assuming full owner- ship of Hudson Atlantic has been a pivotal moment for the firm and a tremen - dous catalyst for growth,” said Adam Zweibel, who’s consistently recognized as a CoStar ® Power Broker & Mid Atlantic Real Estate Journal’s Top Broker. “Our accomplishments over the past six months are not only a reflection of our team’s expertise and dedication but also of the trust our clients place in us to deliver superior results in a rapidly evolving market.” Hudson Atlantic is proud to showcase the dynamic team driving its continued success. The firm continues to expand its team, which includes Dante Fusaro and Ben Susskind as sales as - sociates. Additionally, Nick Favorito has been promoted to vice president of Multi- family Sales. Behind the scenes, Liana Monticello, transaction manager, en- sures smooth operations and oversees the back office. Jeffrey Otteau, a former partner and industry veteran, has praised Zweibel’s determi- nation and salesmanship, stat- ing that he’s “simply the best… closing deals in the current capital market environment
Since ownership transition Hudson Atlantic has relocated and expanded to its state-of-the-art headquarters in Parsippany, NJ, while growing its sales team to six investment sales agents.
4A — January 2025 — Commercial Real Estate Across America — M id A tlantic Real Estate Journal
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C ommercial R eal E state A cross A merica
Closes second loan in a week for 21-home subdivision Kennedy Funding closes 124-acre land loan purchase
With industrial building acquisition Accordia expands into Charlotte, North Carolina
CHARLOTTE, NC — Ac- cordia has announced the acquisition of a 35,542 s/f
E
“It’s especially notable because this deal with Axe Lake Resort was for a land loan outside the U.S., which makes closings especially challenging.” The second loan closed by Kennedy Funding in the same week was a $1.445 million working capital loan for an events and hospitality space in Wallkill, NY. “We’ve made a name for our- selves as lenders who look for ways to say ‘yes’ when other lenders say ‘no,’” Wolfer said. “Closing two loans in one week demonstrates our commitment to helping borrowers get the funding they need to succeed.” Edwin Urrego , executive loan officer at Kennedy Fund - ing, highlighted Kennedy Funding’s extensive experi- ence closing loans on raw land and in international markets, two factors that automatically put these deals out of the run- ning at nearly all U.S.-based financial institutions. Kennedy Funding is re- nowned for closing loans around the globe that other U.S. lend- ers won’t touch, thanks to their expertise in navigating interna- tional local laws and red tape. They have successfully funded projects across South America, the Caribbean, Canada, and Europe, including Jamaica, the Dominican Republic, St. Maarten, the Bahamas, Belize, St. Barts, and more. “Raw land is considered a
risky investment by almost ev- ery conventional lender in the U.S., especially raw land deals located outside the country,” Urrego said, noting that the borrower is using the land as collateral. “We’re not here to turn down borrowers, though. We’re here to examine the merits of the deal and make informed decisions based on the borrower’s plans and vision.” The quaint, rural township of McMurrich/Monteith has a population of less than 1,000 people and is located around 3.5 hours north of Toronto. The area is a popular destination for hunting, snowmobiling, hiking, and boating. Axe Lake, which is immediately adjacent to the new development, is a popular warm water fishing destination for the Ontario area. “The new development will open this beautiful area to more visitors who want to ap- preciate the natural beauty that Ontario has to offer,” Urrego said. “Although challenging eco- nomic conditions have affected Canada for the past few years, housing demand in Ontario is expected to grow steadily,” Urrego said. “These strong demographic trends are boost- ing residential and vacation investment opportunities in the province, making new developments like Axe Lake Resort a hot commodity going into 2025 and beyond.” MAREJ
NGLEWOOD, NJ — Kennedy Funding , a New Jersey-based di-
shallow bay industrial building in the South- west submar- ket of Char- lotte, NC. This marks their first acquisition
rect, private lender, an- nounced that it has closed a $1.883 mil- lion loan to Axe Lake Resort Inc., based in On- tario, Cana-
14301 South Lakes Dr.
Located within the South Point Business Park in Char - lotte’s Southwest industrial submarket, the property offers convenient access to I-77 and I-485 via Carowinds Blvd. and South Tryon St. “14301 South Lakes Drive marks Accordia’s first acqui - sition in the Carolinas as we look to expand outside of the Northeast,” said Matthew Pizzolato , Accordia’s execu- tive VP and head of Acquisi- tions and Capital Markets. “This acquisition builds on our strategy to acquire highly functional, shallow bay indus- trial in infill locations below replacement costs.” MAREJ
Matthew Pizzolato
outside of the Northeast as they focus on their expansion down the East Coast. The property, located at 14301 South Lakes Dr. and constructed in 1985, comprises highly functional, light indus- trial space, lending itself to a variety of flex and distribution users. The rear-load facility features a glass exterior, an 18-ft. clear height, dock-high and drive-in loading positions, a 140-foot-deep truck court, and ample parking. The prop- erty was fully leased to three tenants at the time of sale. HIXSON, TN — Built to serve the community of Hix- son, TN and the surrounding area, Anchor Health Prop- erties (Anchor) marked the completion of a transformative redevelopment of a former movie theater into an 11,835 s/f patient-centric specialty eye center. In a fee-for-service de- velopment role, Anchor worked alongside key leadership from Southeastern Retina Associ- ates (SERA), a leader in retina specialist care with locations in Eastern TN, Southern VA, and Northern GA. Each phase of the project was carefully managed to align with the private prac- tice’s goal of expanding access to specialty eye care while re- inforcing their brand presence in the area. In collaboration with physi- cian ownership and key stake- holders, Anchor delivered comprehensive expertise and resources at every stage of the project. This included site iden- tification and evaluation, due diligence and financial analy - sis, design and construction oversight, and post-occupancy commissioning. Recognizing a unique expansion opportunity within a former movie theater, Anchor’s team facilitated the acquisition of a targeted suite and subsequently renovated the dedicated space to meet the high standards and spe- cific building codes required for
Edwin Urrego
da. This is the second loan that Kennedy Funding has closed within a week. The borrower, Axe Lake Re - sort Inc., plans to use proceeds from the loan to acquire 124.74 acres across two undeveloped parcels of land on the province’s McMurrich/Monteith Twp. The parcels, located at 52171- 0627 Woodland Dr., are part of a resort currently under construction in the Axe Lake hamlet within the township. One portion of the raw land, totaling 74.74 acres, is the third phase of the development, and includes a proposed 21-lot sub- division to build single-family homes. The remaining 50 acres will be built out in the sixth phase of the development. “Closing challenging loans is nothing new for Kennedy Funding, but closing two loans in a week is noteworthy and a testament to our ability to find ways to say ‘yes’ to borrowers,” said Kevin Wolfer , president and CEO, Kennedy Funding.
Anchor Health repurposes Tennessee movie theater into eye care facility
Southeastern Retina Associates
healthcare use. A key component of this proj- ect was the implementation of innovative structural solutions. The project team reimagined two former theater rooms as clinical spaces, employing brac- ing and platforming to level the sloped floors, ensuring optimal patient flow and accessibility. The former theater lobby was also redesigned into a welcom- ing waiting and registration area, thoughtfully integrating SERA’s brand aesthetic to build continuity across their network of clinics. Regionally based firms with extensive healthcare facility experience served as part of the project team, including Design Innovation Archi- tects , who provided architec- ture and design services; P &C Construction , who served as the general contractor; Proficient Engineering who provided MEP engineering services; and, Haines Struc- tural Group , who provided structural engineering ser- vices. MAREJ
MTRCC provides $204.9M Fannie Mae loan for 46-10 Center Blvd.
LONG ISLAND CITY, NY — M&T Realty Capital Corpo- ration (MTRCC) has closed a
Pierre , played a pivotal role in streamlining the process, achieving a rate lock on the Fannie Mae loan terms within 24 hours of issuing the term sheet. This rapid execution was critical in a competitive low-interest-rate environment. “It was an incredible oppor- tunity to work with a top-class operator on financing one of the most iconic buildings in Long Island City. We thoroughly en- joyed every minute of working with the TF Cornerstone team,” said Michael Casey, VP of M&T RCC Loan Originations. “The full-term IO offered by Fannie Mae, combined with the 35- year amortization, provided the borrower with a highly competi- tive financing structure. I’d like to thank Michael Jean Pierre, Head of M&T RCC Capital Markets, for his instrumental role in locking the transaction rate within hours post-applica- tion.” MAREJ
$204,945,000 Fannie Mae loan for 46- 10 Center Blvd., an iconic LEED- certified resi - dential prop- erty in Long Island City. The property,
46-10 Center Boulevard Loan Type: Fannie Mae Loan Amount: $204.945M Loan Term: Structured with a 35-year amortization sched- ule and full-term interest-only (FTIO) payments Loan Originator: Michael Casey , VP, M&T RCC Loan Originations; NYC Office Bor - rower: TF Cornerstone The transaction was sourced directly through an existing M&T client relationship. The M&T RCC capital markets team, led by Michael Jean
Michael Casey
owned by TF Cornerstone , features 584 units with stu- dio, one-, two-, and three-bed- room residences, along with a ground-floor retail unit encom - passing 7,733 s/f and an addi- tional 2,200 s/f of outdoor space. The 46-10 Center Boulevard building’s sustainable design is reflected in its LEED cer - tification, emphasizing envi - ronmental responsibility and energy efficiency. Financing Details
www.marej.com M id A tlantic Real Estate Journal — Commercial Real Estate Across America — January 2025 — 5A C ommercial R eal E state A cross A merica Walls up and steel underway at 834,800 s/f Golden Triangle Logistics Center Crow Holdings Development enters industrial market with bold project in Wallkill
underway, construction is progress- ing on track at Golden Triangle Lo - gistics Center in Wallkill, announced Crow Hold- ings Devel- W
Crow Holdings Development is the development platform of Crow Holdings, a privately owned real estate investment and development firm with 75 years of history, $33 billion of assets under management, and an established platform with a vision for continued suc- cess. The company specializes in multifamily and industrial development across high-op- portunity markets in the US, with a newly launched office development platform as well. The firm has developed more than 72 million s/f of industrial space since 2013. MAREJ
ALLKILL, NY — With walls up and steel installation
Brad Vander Vliet
Golden Triangle Logistics Center under construction
opment . The class A, two- building warehouse/distribu- tion property sits on 92 acres in the heart of Orange County and marks the company’s first New York State industrial venture. Golden Triangle Logistics Center, located at 2 and 4 Katy Trail, is fully approved for 834,800 s/f. Situated at the intersection of I-84 and Rte. 17 (future I-86) just 60 miles north of NYC, the campus of- fers exceptional reach to more than 50 million consumers in a day’s drive. This includes supe- rior connectivity to service the Boston to Baltimore corridor. “Orange County has come into its own,” said Crow Hold- ings Development’s Brad Vander Vliet , VP. “The Hud- son Valley is a natural exten- sion of the Northern New Jersey market, while offering rents 30% lower, greater re- gional connectivity charac- teristics, and port proximity comparable to that of Exit 8A. A strong labor pool and reason- able taxes add to its appeal.” Vander Vliet added that the market’s progress was in- strumental in Crow Holdings Development purchasing in 2024. “In the past, this region posed barriers to entry from a cost standpoint,” he said. “However, market conditions have reached a point that justifies development. For us, Golden Triangle is a strong initial investment in Orange County and New York State as a whole.” A Summer 2025 delivery is anticipated for the prop- erty’s first, 535,600 s/f building, which is divisible. Checking ev- ery box for modern, world-class industrial product, it features 36-ft. ceiling heights, 88 dock doors, and parking for 83 trail- ers and 422 cars. Office space will be built to suit. Crow Holdings Development’s Northeast regional presence is well established. Its projects also include 2900 Grant Ave. and Crow Holdings at I-95 in
Philadelphia, as well as the recently completed Crow Hold- ings at Carteret in Carteret,
NJ, 25 Market St. in Elmwood Park, NJ, and others compris- ing more than 3.5 million s/f of
new development in New Jersey and Pennsylvania over the past two years.
6A — January 2025 — M id A tlantic Real Estate Journal
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M id A tlantic Real Estate Journal — Southern New Jersey — January 2025 — 7A
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S outhern N ew J ersey
Positive trends in Q4 presage a bright outlook for the new year WCRE Fourth Quarter 2024 Report: Regional CRE markets post strong close to the year
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now approximately 15.7 per- cent, which is essentially unchanged from Q3. • All major private owners and REITs in the market re- ported moderate leasing and prospecting activity in the fourth quarter. • The office sector showed signs of long-awaited stabi- lization during the fourth quarter, with the “flight to quality” trend driving leasing activity. • Retail vacancy rates re - mained stable for the eighth consecutive quarter, seeing a consistent pace of absorption
bolstered by experiential cat- egories like fitness, health, and beauty. • The industrial sector regained momentum in the latter half of the year, after opening 2024 sluggishly. Bur - lington County, NJ, posted 3.2 million s/f of net for the year, leading the region. • The Philadelphia office market continues to struggle, averaging 25 percent lower annual leasing volumes in 2024 than for the three-year period prior to the pandemic. The quarterly report also covers notable transactions
across property types and mar- kets. For the fourth quarter, these include: • In northern New Jersey, Urban Edge Properties pur- chased The Shops at Ledge - wood Commons for $83.3 million. This 11-property portfolio includes national brands, such as Walmart, Marshalls, DSW, and Ulta. • Hennick & Company acquired a 123,000 s/f retail property at 410 E 60th Street in Manhattan for $153 mil- lion, or $1,242/SF. This fully leased asset, home to ten- ants like Home Depot and
Starbucks, previously sold for $73 million in 2017. • Philadelphia developer Alterra purchased 1701 Market Street, a 304,000 s/f office building in Center City, for $26.3 million ($86/ SF), a 61.5% discount from its 2005 sale price of $68.3 million ($257/SF). • Parky’s signed a lease for a 100,000 s/f entertainment center at the Moorestown Mall in southern New Jersey. • Morgan Stanley pur - chased a $217.5 million industrial portfolio in East Hanover, NJ. MAREJ
ARLTON, NJ — In its latest quar- terly report on the
performance of commer- cial real estate mar- kets across Southern New Jersey, Southeast- ern Pennsyl- vania, and
Jason Wolf
the New York metro area, commercial real estate bro- kerage WCRE found that the markets had a solid fourth quarter and seemed poised for more as 2025 gets underway. “Market fundamentals were strong this quarter despite the ongoing chal- lenge of persistently higher financing costs,” said Jason Wolf , founder and managing principal of WCRE. “As in the third quarter, consumer spending drove a resilient macroeconomic environment, and the effects helped to buoy CRE markets.” In the three Southern New Jersey counties surveyed (Burlington, Camden and Gloucester), approximately 347,356 s/f of new leases and renewals were executed dur- ing the fourth quarter. New tenant leases accounted for 222,292 s/f and renewals/ex- pansions comprised 124,364 s/f. New leasing activity constituted about 64% of all deals, underscoring the adaptability of businesses navigating the higher-interest- rate environment. The conditions that con- tributed to Q4 success seem to point to a solid 2025, too, but the commercial real estate market faces both challenges and opportunities resulting from the incoming presidential administration. New economic and social policies will shape the land- scape in the coming years. Regulatory frameworks, tax policy, tariffs, and immigra- tion policy may all change. Proposed policies suggest a near-term environment of higher inflation and slower growth. However, longer- term effects, such as tax cuts and a more lenient regula- tory climate, could lead to accelerated economic activity and stronger demand. Select highlights from the report: • Overall office vacancy in Southern New Jersey is
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8A — January 2025 — Southern New Jersey — M id A tlantic Real Estate Journal
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S outhern N ew J ersey
E.V.P. Joni Sweetwood arranges sale of 108 units in Cumberland County Kislak sells Park Towne Apartments in Vineland, New Jersey for $12 Million
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generated robust interest among investors. The pur- chaser owns in the market, was eager to expand its pres- ence there and I previously arranged other local sales between the parties so the transaction went smoothly de- spite financing challenges given interest rate fluctuations.” The sale marked the largest multifamily sale in Vineland and Cumberland County since 2022 according to data from CoStar. Built in 1952, Park Towne Apartments consists of 108 units in nine buildings on 2.31 parklike acres in suburban Vineland. The unit mix in- cludes 63 one-bedroom units, 36 two-bedroom units, two two- bedroom units with terraces and a rental office. Apartment features include air condition- ing, modern kitchens, hard- wood floors and high-speed internet access. The property is ideally cen- trally located near schools, shopping, and public trans- portation. Vineland is a city in southeastern New Jersey with 60,000 residents located 40 miles south of Philadelphia and 45 miles west of Atlantic City. Financing was provided by Fannie Mae . Joni Sweetwood joined Kislak in 1996 and is one of the firm’s all-time leading salespeople consistently ranking as a top producer each year. She has won numerous sales awards, including the Sima Kislak Jelin Salesperson of the Year award, the company’s Producer of the Year award five times and the company’s Sales Transactions award for the most closed sales transactions in the last three years. Sweetwood has also been recognized repeatedly as one of New Jersey’s Commercial Broker All Stars and the Mid Atlantic Real Estate Journal’s Executive Women in Business. Her career investment sales total more than $1.3 billion. About The Kislak Co., Inc. The Kislak Company, Inc., which is headquartered in Woodbridge, NJ, is a leading commercial real estate broker- age firm consistently recog- nized for its investment sales success. Established in 1906, Kislak’s market leadership po- sition and longevity are due to its ability to offer clients a per- sonalized, hands-on approach, coupled with the unrivaled expertise of its long-tenured team of professionals. MAREJ
INELAND, NJ — The Kislak Company, Inc. announced the
recent sale of Park Towne Apartments, a 108-unit multifamily property at 51 West Chest- nut Ave. in Vineland, Cumberland County, for $12 million.
Joni Sweetwood
Park Towne Apartments
LLC. Executive vice president Joni Sweetwood handled the assignment and also procured the purchaser, Park Towne
Kislak marketed the prop- erty on an exclusive basis on behalf of the longtime owner and client, Park Towne Apts,
Apartments, LLC, an affiliate of a longtime client. Sweetwood said, “The offer- ing presented an attractive
opportunity to acquire a well performing and fully occupied property in a strong rental market and our marketing
EXCLUSIVE PROPERTIES FOR SALE
Mansfield, NJ 3.44 Acres with Approvals
Union City, NJ 1.54 AC Land for Redevelopment
Belleville, NJ 28 Residential Units Tom Scatuorchio ext 255 Matt Weilheimer ext 253
Matt Weilheimer ext 253 Tom Scatuorchio ext 255
Matt Weilheimer ext 253 Tom Scatuorchio ext 255
Union City, NJ 13 Residential Units Robert Squires ext 287
Somerville, NJ 45,000 SF Max Levinston ext 308
Freehold, NJ 13,674 SF Retail Daniel Lanni ext 248
The Kislak Company, Inc. | kislakrealty.com | 732 750 3000
M id A tlantic Real Estate Journal — Southern New Jersey — January 2025 — 9A
www.marej.com
S outhern N ew J ersey Including a 12,095 s/f facility combining indoor pickleball courts and a juice bar in Blackwood
South Jersey’s industrial evolution powered by Blue Rock Construction
S
OUTHERN NEW JER- SEY — Blue Rock Con- struction is transform- ing South Jersey’s industrial and commercial landscape with an impressive array of com- pleted and ongoing projects. This diverse portfolio dem- onstrates why clients consis- tently choose Blue Rock for their construction needs, from international corporations to innovative local businesses. Completed Projects Blue Rock recently delivered a state-of-the-art facility for COIM USA , a global leader in chemical manufacturing. The 61,000 s/f warehouse in West Deptford includes a 51,600 s/f self-contained storage room built to rigorous safety standards and ten dock doors for efficient operations. Blue Rock managed all design phases and secured approvals from township and government agencies to ensure seamless execution. At Woolwich at LogistiCenter ® , Blue Rock constructed a 336,700 s/f speculative warehouse for Dermody Properties . Posi- tioned near the J&J Snack Foods warehouse—another Blue Rock project—this fa - cility includes 55 dock posi- tions and a speculative office area, reinforcing Blue Rock’s role in Gloucester County’s industrial expansion. Blue Rock completed a two- phase renovation for Daimler Truck North America. Phase 1 included office upgrades, featuring new flooring, paint, millwork, and bathroom fix - tures. Phase 2 focused on enhancing the lunchroom, warehouse bathrooms, and truckers’ lounge, demonstrat- ing Blue Rock’s dedication to minimal disruption and client satisfaction. Projects Under Construction Pickle Juice – Blackwood, NJ: A 12,095 s/f facility combin- ing indoor pickleball courts and a juice bar. This modern, greenery-inspired space is designed for recreation and wellness enthusiasts. Ultra Clean Technologies – Bridgeton, NJ: A 25,000 s/f expansion to support Ultra Clean’s mission of removing contaminants from hydrau- lic hoses. The project in- cludes office and warehouse space, dock positions, and advanced safety features, with completion anticipated by January 2025. LogistiCenter ® at Wool- wich East: A 214,700 s/f
LogistiCenter ® at Woolwich for Dermody Properties
Pickle Juice, Blackwood
2025, the LEED-certified fa - cility represents Blue Rock’s forward-thinking approach. LogistiCenter ® at Mount
ing, grading, and infrastruc- ture installation, setting the stage for a successful project completion. MAREJ
speculative warehouse on a historic site once home to a Cold War Nike Missile Battery. Scheduled for July
Laurel: Phase 1 involves preparing a 31-acre site for a future 190,470 s/f warehouse. Blue Rock is managing clear -
Celebrating over 30 years as the premier construction manager and design-builder in South Jersey.
“Blue Rock Construction was able to listen to and, more importantly, understand our wants, needs, and critical restrictions in order to customize a build that fit our budget and operational restraints.” Theo Roustopoulos, Kast Distributors and US 4 Realty, LLC
1712 Hancock Lane, Burlington, NJ 08016
(609) 747-7758 www.blrck.com
10A — January 2025 — Appraisal Institute Southern NJ Chapter — M id A tlantic Real Estate Journal
www.marej.com
www.ai-snj.org Telephone 856-415-0281 • Fax 856-415-1952
George Olasin Award Presented at Annual Installation Event
2025 OFFICERS AND DIRECTORS
President: Maria Nucci, SRA, AI-RRS Vice President: Meghan Linaris, MAI Treasurer: Deborah Tordella, MAI, SRA Secretary: Joshua Garretson, MAI, SRA, AI-GRS Past President: Sherrie Lisa Galderisi, SRA, AI-RRS
Shown from left: Richard Wolf, MAI, SRA, AI-GRS (Nat’l Audit Committee Member and Past Region VI Director); Maria Nucci, SRA, AI-RRS (2025 Southern NJ President); Joshua D. Garretson, MAI, SRA, AI-GRS (Region V Chair); Justin C. Gohn, MAI, SRA (2025 Philadelphia Metro Chapter President); Craig Steinley, MAI, SRA, AI- GRS, AI-RRS (2024 National Appraisal Institute Immediate Past President; (Barbara Cantrell, MAI (2025 Region V Vice-Chair); Michael J. Acquaro-Mignogna, MAI, SRA, AI-GRS (2024 National Appraisal Institute Vice President)
The George Olasin award is given to a member of the Southern New Jersey Chapter of the Appraisal Institute who has given years of dedicated service to the chapter and exhibited a high standard of ethics and professionalism in their appraisal practice. This award is named after George Olasin, 1962 Chapter President, who passed away in February 2011. The George Olasin award for 2024 was being awarded to Jerry McHale, MAI. This prestigious honor was recognized at the December 10th installation event, where he was named as the award recipient by 2024 National Appraisal Institute Vice President Michael J. Acquaro-Mignogna, MAI, SRA, AI-GRS. Jerome J. McHale, MAI, is the principal of the firm of J. McHale & Associates, Inc. He is a certified appraiser in New Jersey and Pennsylvania, and a Certified Member of the National Council of Affordable Housing Market Analysts. He has been actively engaged in real estate appraising and consulting services since 1986 and established his own appraisal firm in 1996.
Directors: Steve Bartelt, MAI, SRA, AI-GRS Michael Descano, MAI Danielle Fischer Lee Ann Kampf, MAI
Shown from left: Jerry McHale, MAI, was present- ed the Olasin award by 2024 National Appraisal Institute VP Michael J. Acquaro-Mignogna, MAI, SRA, AI-GRS.
He earned the MAI designation in 1994 and has served as President of our Chapter in 2001 & 2012. He has served in all Officer positions and continues to serve as a Board Member. He has also served on several municipal Boards of Review, as a commissioner in Eminent Domain proceedings, and has made many presentations regarding Real Estate Appraising throughout his career. He has qualified as an expert witness and has appeared before the United States Federal Bankruptcy Court, New Jersey Tax Court, New Jersey Superior Court, numerous New Jersey and Pennsylvania County Boards of Taxation, and the Pennsylvania Court of Common Pleas.
Jerry McHale, MAI Errett Vielehr, MAI
2025 SNJAI Upcoming Education | Visit www.ai-snj.org for more information
Business Practices and Ethics | 6 CE hrs | February 27, 2025 | Zoom | Instructor: Susanne Curran, MAI, AI-GRS When Lawyers are Our Clients: The Ups and the Downs | 2 CE hrs | March 11, 2025 | Zoom Developed and instructed by Sandy Adomatis, SRA Real Estate Finance, Statistics, and Valuation Modeling | May 8-9, 2025 | 14 CE hrs + 1 hr exam Hampton Inn & Suites Deptford, 1253 Hurffville Road, Deptford, NJ 08096 Instructor: Vince Dowling, MAI, SRA The Appraiser as an Expert Witness: Preparation &Testimony | May 13-14, 2025 | 14 CE hrs + 1 hr exam Hampton Inn & Suites Deptford, 1253 Hurffville Road, Deptford, NJ 08096 Instructor: Vince Dowling, MAI, SRA
7-Hour National USPAP Continuing Education Course | Thursday, May 15, 2025 Sign in at 8:15am; class starts at 8:30am | Zoom | Instructor: Brian Flynn, MAI, AI-GRS
M id A tlantic Real Estate Journal — Southern New Jersey — January 2025 — 11A
www.marej.com
S outhern N ew J ersey
Established in 1932, the Appraisal Institute is the world’s foremost organization of professional real property valuers and leader in appraiser education. WHO IS THE APPRAISAL INSTITUTE?
www. a i -snj .org With over 16,000 professionals in almost 50 countries, AI fosters and promotes the highest standards of appraisal practice through its designation programs, education, research, and publications.
The Appraisal Institute offers various opportunities to support university students, faculty, and administrators.
12A — January 2025 — New Jersey — M id A tlantic Real Estate Journal
www.marej.com
N ew J ersey
TYKO Capital loan to facilitate the construction of The Greyson, a class A mixed-use tower Walker & Dunlop secures $245 Million financing for 28-story development in Jersey City, NJ
ERSEY CITY, NJ — Walker & Dunlop, Inc. announced that it has arranged a $245 million loan from TYKO Capital to fa- cilitate the construction of The Greyson, a 28-story, 622-unit class A mixed-use tower that will be located in Jersey City. The Walker & Dunlop New York Capital Markets team, led by Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Jordan Ca- sella, and William Herring , acted as exclusive advisors to the client, Nasser Freres , and identified TYKO Capital, which J
is backed by Elliott Invest- ment Management , as the lender. With the building al- ready nearing top-off, the loan proceeds will fund the balance of costs to complete. The property will rise on a 0.7-acre site in Journal Square. The development will feature 389,720 rentable s/f of residential space, offer- ing a diverse mix of studios, 1-bedroom, 1-bedroom + den, 2-bedroom, and 3-bedroom apartments. Additionally, the project includes 44,551 rentable s/f of office space and 2,965 rentable s/f of retail
along the newly extended Homestead Ave. “The Greyson will redefine luxury living in Jersey City, appealing to renters seeking exceptional amenities and prime connectivity as a high- value alternative to Manhat- tan,” said Michael Sokoloff , a partner at Nasser Freres. “We are thrilled to partner with Walker & Dunlop and TYKO Capital on a project that will not only enhance the skyline but also contribute to the vitality of the Journal Square community.” The Greyson will boast an
array of cutting-edge ameni- ties, including a rooftop pool with Manhattan skyline views, state-of-the-art fitness center, immersive virtual reality and sports rooms, and thoughtfully designed communal spaces. Its strategic location offers resi- dents seamless access to the Journal Square Transportation Center, ensuring connectivity across NJ and to downtown and midtown Manhattan. The property will also enhance the neighborhood with a new pub- lic pathway linking Newark Ave. and Pavonia Ave., creat- ing a vibrant and accessible urban experience. “Jersey City has undergone a remarkable transformation over the past decade, becoming a magnet for residents seeking competitively priced, spacious rental options compared to NYC,” said Keith Kurland , senior managing director and co-head of NY Capital Markers at Walker Dunlop. MAREJ Habitat Greater Newark receives $55.5K grant from Lowe’s to support home repair projects NEWARK, NJ — Habitat Greater Newark announced it has received a $55,500 grant from Lowe’s to help repair (7) homes in Essex, Hudson and Union Counties. The funding will support Habitat Greater Newark’s ef- forts to make homes safer and healthier and create stronger communities. With the support of the grant, Habitat Greater Newark will work in (7) homes to repair roof and gutters, mold and asbestos remediation, and repair electrical and plumb- ing issues. This grant will help us provide and maintain safe and healthy environ- ments for each homeowner. The funding from Lowe’s is part of a two-year, $6 mil- lion donation to Habitat for Humanity International to support home repair and preservation efforts in owner- occupied homes. This year, funding will enable 110 local Habitat affiliates to complete 295 projects and impact near- ly 700 families across the U.S. Since 2003, Lowe’s and Habi - tat have worked together to help more than 18,000 people build or improve a place to call home. MAREJ
The Greyson
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