J Lender provides funds to reposition 14-16 Burma Rd. & 150 Theodore Conrad Dr. Columbia Pacific Advisors arranges $48.25M loan for 2 filmproduction studios


ERSEY CITY, NJ — Co- lumbia Pacific Advisors Bridge Lending , a plat- form within Columbia Pacific Advisors, announced it has provided a $48.25 million loan for 14-16 Burma Rd. and 150 Theodore Conrad Dr. in Jersey City to INDUSTRY GO , a strategic alliance between Cri - terion Group and One Stop Properties . The NYC-based developer will use the funds arranged by Columbia Pacific Advisors to complete its acquisition of both warehouse buildings, and convert them into 180,777 s/f of class A film and television production studio space. “The need for studio produc- tion space in the New York Metropolitan area is continu- ing to grow due to an increase in demand for new film and television content, and we believe 14-16 Burma Rd. and 150 Theodore Conrad Dr. are well positioned to capitalize on this trend,” said Will Nelson , senior vice president of real



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Group for Caven Point Studios. Upon completion, 14-16 Bur- ma Rd. will feature 110,308 s/f of studio space, and 150 Theodore Conrad Dr. will en- compass 70,569 s/f, both with a minimum height of 50 feet. The planned renovations include full structural reinforcement, raising the roof heights, repow- ering, and adding new HVAC systems. 150 Theodore Conrad Dr.

estate lending at Columbia Pacific Advisors. The properties are located within a block of each other, and two blocks from Caven Point Studios, a new 135,000 s/f production studio that is currently being completed. In 2019, Columbia Pacific Advi - sors closed on a $24.9 million acquisition and reposition loan to Simi Capital and Criterion

“We are pleased to have a partner in Columbia Pacific that understands the need for additional film and television production space in the region, as well as the opportunities afforded by New Jersey’s tax credit incentives for studio owners and production com- panies,” said Chris Sullivan , vice president of global acquisi- tions at INDUSTRY GO.  owner, with no significant capital improvements needed at this time. Numerous fun- damentals exist in the Fred- erick region that provide us with extreme confidence to elevate the corporate park to full capacity in the near future. These factors include a diverse and highly-skilled labor market, proximity to Washington, DC and the eco- nomic tentacles of the federal government, the existence of a high-technology commu- nity, reasonably-priced hous- ing and a high quality of life.” The assets are located at 7485 and 7495 Horizon Way; 5303, 5305 and 5325 Spec- trum Way; and 7430, 7435, 7445, 7450, 7470 and 7490 New Technology Way. Major tenants include Department of Veterans Affairs, Aeroflex, American Computer Develop- ment, Carey International, Meeting Play, Love & Com- pany and Mad Fitness. 

Finmarc Management acquires 11-building Frederick Corporate Park in for $43 Million

FREDERICK, MD — Fin - marc Management, Inc. has acquired Frederick Cor- porate Park, an 11-building portfolio comprised of nearly 440,000 s/f of single-story flex/office and two-story com - mercial office buildings in Frederick for $43 million

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Frederick Corporate Park, 11-building portfolio

Frederick Corporate Park represents a tremendous opportunity to execute our value-add strategy in the dy- namic I-270 corridor with an institutional quality portfolio that has underperformed in recent years. We are taking an aggressive approach to leasing the vacant space at this project,” said Sean Sul - livan , vice president of Fin- marc Management. “The cor- porate park has been expertly maintained by the previous

from CIM Group . The cor- porate park was 68% leased with 22 tenants at the time of the sale. Joe Hoffman and Aaron Rosenfeld of the law firm Kelly, Drye & Warren represented Fin- marc Management in this sales transaction and Alan Zuckerman of Highland Realty was the sole broker. Metropolis Capital Advi - sors' Cliff Mendelson as- sisted in arranging financing for Finmarc.

Inside Cover A — April 10 - 23, 2020 — M id A tlantic Real Estate Journal



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M id A tlantic Real Estate Journal — April 10 - 23, 2020 — 1A


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2A — April 10 - 23, 2020 — M id A tlantic Real Estate Journal WE FIX: CRAWLSPACES


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M id A tlantic 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 ................................ Jill J. Johnson 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 7 Subscription rates: 1 year $99.00, 2 years $148.50, 3 years $247.50 & $4.00 single issue - plus postage REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Phone: 781-740-2900 | Fax: 781-740-2929 www.marej.com

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9 Tips to Make Working Remotely Work for You and Your Employer T he concept of remote wo rk i ng has be en around for a long time. Many entrepreneurs have mas- tered the ability to work virtu- ally, but it is often a major chal- lenge for those who normally work in a busy office setting to shift to working outside their traditional office environment. Working remotely can feel more isolating than mingling with co-workers in an office setting. Being effective while you work remotely takes more than a mindset shift. It requires a disciplined approach to plan- ning your activities and seeking out opportunities to interact with your co-workers. Here are nine practical tips you can use to make the most of this experience. 1. Establish a Routine: Just as you have a routine in your normal workday, try to mimic this routine as you work in your remote location. Wheth- er it is at your home, an airport, or a coffee shop, following your normal work schedule is vital to feeling like you are really

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working. Start your workday at the same time. Make sure you get dressed. Wearing your pajamas might be comfortable, but it does not prepare your mindset for work. It can become easy to get distracted when you are working in a different environment, so focus on acting like you’re still working in a supervised workplace. This ap- proach will help you feel more like you are working. 2. Set up a Dedicated Workspace: Having an area in your home where you do your work is essential to success in working remotely. It is easy to become distracted by the dog, television or the pile of house- hold tasks that need to be com- pleted. When you are in your

workspace, you are working. If you combine it with following your normal worktimes, you can do a better job of staying focused. 3. Convert Commute Time to Learning Time: The time you used to spend on your com- mute is now extra time that you can use to enhance your value by learning something new. With the plethora of on- line courses and videos, you can take advantage of this “com- mute time” to enhance your skills. Even better, you might be able to get a certificate of completion that will make you even more valuable when you get back to a normal office work routine. continued on page 24A



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M id A tlantic Real Estate Journal — April 10 - 23, 2020 — 3A


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Net-Leased Retail Atlantic City, NJ| $2,492,000

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4A — April 10 - 23, 2020 — M id A tlantic Real Estate Journal


M id A tlantic Real Estate Journal — COVID-19 & The CRE Industry — April 10 - 23, 2020 — 5A


COVID-19 & T he CRE I ndustry

Cyber criminals are out in force to take advantage of new vulnerabilities COVID-19 and CRE: Establishing and maintaining a secure remote workspace


including Endpoint Protection software, should be managed and kept updated by an IT professional. • End-users with inquiries should have access to both in- ternal and third-party vendors for monitoring and support. • All organizational infor - mation should be stored only in clearly defined, authorized locations. • Login credentials and per - missions should not be shared among employees. • Employees should be di - rected not to work on per- sonal matters while connected

remotely to the workspace. When the dust settles, develop or implement a formal accept- able use policy (how employees are permitted to use company- owned PCs, devices, software, Internet access and e-mail). Education, awareness and support: • Raise awareness and re - iterate the need for vigilance around e-mail based targeted attacks, with a strong empha- sis on email dealing with the COVID-19 issue. • Increase general discus - sion of cybersecurity amongst organizational employees and

vendors. • Education should be on - going – not a one-time thing. Building knowledge is build- ing power when it comes to minimizing human error. • Refine remote working procedures in light of the cur- rent situation and make avail- able a “hotline” for employees in need. We are dealing with an unprecedented situation on many levels, and it continues to evolve. The good news is that tech advancements are enabling many commercial real estate organizations to

he past few weeks have pushed commercial real estate businesses

keep their businesses running while doing their part to keep their employees – and commu- nities – safe and healthy. Still, establishing and maintaining a secure remote operation can be complex. Even compa- nies with a current network installed and secured by a trusted IT person or vendor would be well served to have a third party take a look and validate that nothing was overlooked. Michael Mullin is presi- dent of Integrated Busi- ness Systems in Totowa, NJ. 

a n d e m - ployees into uncharted w a t e r s . Companies have been tasked with shifting to part ial or fully remote

Michael Mullin

operations with little lead time – and while a positive step to promote social distancing, this has created disruption as staff and management work to settle into this newwork-from- home reality. Cyber criminals are taking full advantage of the opportunity. Globally, we have seen a marked increase in cyber attacks as these bad actors recognize increased vulnerability in the form of additional attack vectors and distracted technology users. The following suggestions can help property owners, operators, developers and construction firms fight back. Remote configurations and rules: • If possible, remote team members should work on com- puters and systems dedicated for work vs. personal use. • If possible, connection by a network cable and static ad- dress is preferable to a WIFI network. • All remote work software, Colonial Village Associates, LLC announce retailer assists community during crisis EDISON, NJ — Jaime Weiss , managing member of Colonial Village Associ- ates, LLC and Weiss Re- alty 's leasing and managing agent announced that its tenant Frappe Joe Coffee is responding to the Corona Virus pandemic by helping defer food and delivery costs in delivering meals, snacks and coffee at no charge to health- care workers on the frontlines at nearby JFKMedical Center Emergency Room. Managing member, Jamie Weiss is matching donations up to $500 per week for the next six weeks, to be shared amongst Frappe Joe Coffee takeout restaurant tenants to co-sponsor deliveries. 

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6A — April 10 - 23, 2020 — COVID-19 & The CRE Industry — M id A tlantic Real Estate Journal


COVID-19 & T he CRE I ndustry

n March 27, 2020, the United States Con- gress passed the Coro- By Alicia Mynarska, Withum Impact of the Key Business Provisions of Coronavirus Aid, Relief, &Economic Security Act on the Real Estate Industry O

The CARES Act allows tax- payers to reduce their income taxes by claiming 100% bonus depreciation for “qualified improvement property” (QIP), which includes any improve- ment made by the taxpayer to an interior portion of a non- residential building, if such improvement is placed in ser- vice after the date such build- ing was first placed in service. Excluded from this, however, is anything related to the in- ternal structural framework of the building, elevators or escalators, or the enlargement of the building. Section 2307 of the CARES Act resolves a technical draft- ing error in the Tax Cuts and Jobs Act of 2017 (TCJA) by classifying QIP as 15-year will be able to share contact information, their organiza- tion’s circumstances, and their specific needs. From there, SIOR members within the ap- propriate geographical region will be quickly notified of the request and will be able to provide advice, contacts, or if applicable, direct the person to a property owner(s) who can help accommodate the group’s needs. Through CARE, an or- ganization searching for a com- mercial real estate space can quickly get up and running, helping their neighbors in a matter of days or even hours. Independent of the CARE program, SIORs across the globe are being called upon to make contact with nonprofit groups in their neighborhoods to see how they can assist - a responsibility that SIOR has assumed since it’s inception. “SIOR has a history of step- ping up in times of crisis,” says SIOR Global president Mark Duclos . “Our organization was founded duringWorldWar II with the goal of assisting the United States Government in fulfilling critical space needs. Today, we are in a new global crisis, one that calls upon all of us to do our part. SIORs are the best at what we do and there has never been a more important time to use our knowledge, resources, and network to help our nation get

property, therefore making it bonus-eligible. Under TCJA, QIP was not afforded a 15- year life. Since only property with a 20-year life or less is bonus eligible, QIP placed in service on or after January 1, 2018 did not qualify for bonus depreciation and was required to be depreciated over 39 years. Similarly, the depreciable life of QIP has changed for businesses using the Alter- native Depreciation System (ADS) from 40 years under TCJA to 20 years under the CARES Act. Unfortunately, QIP is currently not eligible for bonus depreciation under ADS. Businesses that made an irrevocable election out of Section 163(j) business inter- est expense limitation because through this together.” Duclos himself has been in contact with a food bank in the Hartford, CT region that serves multiple counties. The food bank’s manager was struggling to find people to distribute goods and to help overcome the problem, she was considering setting upmultiple drop spots where residents could pick up their food. But to do this, warehouse spaces around the region would need to be found and contacted. After Mark shared what SIOR does and what he could do to help, the manager was thrilled to have someone offer support for a problem that would have been extremely difficult to overcome without extensive contacts in local commercial real estate. Stories like this are why the CARE program has been created. SIOR is committed to providing this critical assis- tance, so that going forward, nonprofits will be able to ef - ficiently serve those who need help the most. “We all have an obligation to reach out in the commu- nity, identify where and how we can facilitate support, and rally together to share ideas,” adds Duclos. “This is our call to duty and chance to step up to demonstrate why SIORs are leaders in the industry and in their communities, and do our

QIP was previously ineligible for bonus depreciation now find themselves locked out of the new QIP bonus deprecia- tion rules unless retroactive relief is offered by Congress. For the moment, these busi- nesses may be able to amend their 2018 tax returns or file a Form 3115 with their 2019 tax returns to catch up the ADS depreciation on the previous 40-year QIP which is now 20- year QIP. New rules for business interest expense limitation For years 2019 and 2020, the CARES Act increases the business interest expense limi- tation from 30% to 50% of “ad- justed taxable income” (ATI), except for partnerships which are still subject to the 30% ATI NUTLEY, NJ — Prism Capital Partners delivered a stockpile of critical safety gear – discovered in a former envi- ronmental control facility store- room at its ON3 campus – to Hackensack Meridian Health’s Hackensack University Medical Center. The donation included more than 400 DuPont Tyvek Bacteria suits; more than 500 Kimtec bacterial masks; and in excess of 1,000 personal hygiene kits each containing four masks, latex gloves, a disposable thermometer, hand sanitizer and sterile wipes. ON3 is the former Hoffmann- La Roche North American head- quarters campus, which housed biologic research facilities among other operations. “When Roche sold us the campus, they left lots of things behind – from artwork, to building materials to biologic research supplies,” said Prism’s Eugene Diaz , principal partner. “When we realized the abundance of the part!” If a community support group like those outlined above is in need of help, advice, or contacts that can provide assistance in locating an ap- propriate commercial space, they are encouraged to visit the CARE website today. The Society of Industrial

limitation for 2019. However, partners will have the ability to treat 50% of any 2019 excess business interest expense as “paid or accrued” in 2020, ef- fectively releasing in 2020 50% of the interest suspended in 2019, while the other 50% will remain suspended under the general rules. When computing 2020 limitations, taxpayers can elect to choose between 2019 or 2020 adjusted taxable income. This offers tax planning oppor- tunities, since many businesses may experience reduced tax- able income in 2020. As always, if you have any questions regarding the new law, please contact your With- um representative. AliciaMynarska is a senior manager at Withum.  and Office Realtors is a lead - ing society for industrial and office real estate professionals. Individuals who earn their SIOR designation adhere to the highest levels of account- ability and ethical standards. Only the industry’s top profes - sionals qualify for the SIOR designation.  protective gear in our posses- sion, we quickly determined that the best way to make good use of these items was to give them to the medical community at a time when supplies are so desperately needed and in short supply. We hope that other similarly situated research properties and companies can do the same thing.” ON3 is home to the Hacken - sack Meridian Health Center for Discovery and Innovation, which this month developed a rapid response diagnostic test for COVID-19. “We are proud that ON3’s growing bio ecosystem is contributing to healthcare advancements at a time when our nation – and globe – needs this type of inno- vationmore than any other time in recent history,” Diaz added. Prism transported the gear to the loading dock of Hackensack University Medical Center, in adherence with all appropriate restrictions and precautions. 

n a v i r u s Aid, Relief, a n d E c o - nomic Se- curity Act ( C A R E S Act). While the CARES Act reflects u n p r e c -

Alicia Mynarska

edented broad support to all sectors of the economy, it includes business provisions that provide significant bene - fits to the real estate industry. 100% bonus depreciation for “qualified improvement property” by fixing a draft - ing error in the 2017 Tax Cut and Jobs Act (TCJA)

A S H I N G T O N , DC — The Soci - ety of Industrial CARE programwill help nonprofits in need of operations & local outreach support facilities SIOR introduces initiative to provide critical community support during Covid-19 crisis W

and Office Rea l tor s ( S I O R ) , one of the world’s pre - mier orga- n i z a t i ons f o r o f f i c e and indus- trial real es-

Prismdonates stockpile of critical safety gear to Hackensack Meridian Health

Mark Duclos

tate professionals, is stepping up to support communities na- tionwide during the COVID-19 crisis. SIOR is announcing the Community Assistance and Relief in Emergencies (CARE) program to provide immedi- ate support for nonprofit and philanthropic services across the country. Many organiza- tions such as food banks, shelters, school food distribu- tion centers, and emergency medical organizations, require additional space to operate and meet the needs of their communities. As experts in commercial real estate with unmatched connections lo- cally, regionally and across the country, SIORs are uniquely positioned to quickly find the space that these groups des- perately need. Through the CARE pro- gram, a nonprofit will be able to quickly engage with SIOR via a newly launched webpage: SIOR.COM/CARE. The user

M id A tlantic Real Estate Journal — COVID-19 & The CRE Industry — April 10 - 23, 2020 — 7A


COVID-19 & T he CRE I ndustry

he CRE finance mar - ket is experiencing a big simi lari ty to By Brenner Green, Real Property Capital, Inc. The Current Commercial Mortgage Market (there still is one, sort of) T

in the short term. The bank balance sheet loan market is far more efficient than it used to be, and banks are quickly noting the reduced availability of capital and pricing accord - ingly. Maybe it goes without saying, but expect the bank to require that your tenants are paying rent at closing. R. Brenner Green is a 20- year veteran in commercial real estate finance and President of Real Prop- erty Capital, Inc., a full-ser- vice commercial mortgage banking firm based in the Philadelphia suburbs. 

an unprecedented run in mod - ern times, leverage has largely been suppressed from reach - ing 2006 levels and borrower balance sheet requirements to qualify for a loan are more stringent as well. We exist in a more resilient system of capi - tal than pre-Great Recession. Don’t expect a bunch of assets to be dumped on the market overnight. Sorry for the digression, now the financing market. CMBS – Dead, maybe the big banks will begin quoting in a week or two with the hope of closing in June, and market

participation will DEFINITE - LY decrease (meaning people are going to go out of business). Fannie/Freddie – if you can post 18 months of debt service and handle getting zero credit for your retail income (yes that’s seriously what they are advertising) you might get a loan at 60-65% LTV…can we call that dead? I think so. Bridge/Non-recourse Con - struction – Hard to say yet but expect market participation to decrease by 60-75% as the ma - jority of these lenders funneled the loans into CLOs, which is basically a rebranded CDO

(think 2006) without all of the subprime resi bonds sprinkled in. That market is dead. Which gets us to… Banks – This is the bright spot. There are a number of banks across the region willing to lend. All loan types are gen - erally available if you know where to look. Market partici - pation is down 65% at least but if you have a good deal and are a “good” borrower you can get a loan. Rates have gone up, and will likely go up again before they go down. And you may have to sign recourse to get the rate you want, at least

2008 in the sense that this whole s i tuat i on, a l t h o u g h caused by completely d i f f e r e n t events, ba - sically boils

R. Brenner Green

down to a great big liquidity test, right down the chain from the banks to the borrowers to the tenants and the guys like us who make a living bringing borrowers and lenders, or buy - ers and sellers if you are the sales side, together. Outcomes are going to be varied and wildly unpredictable based on asset class, lender type and a whole bunch of other factors that we haven’t even thought of yet. It seems inevitable now that some people are going to go out of business. That’s where the similarities to 2008 end. The industry has enjoyed Pennrose Foundation creates COVID-19 Resident Relief Fund PHILADELPHIA, PA — The Pennrose Foundation announced that it has created a COVID-19 Resident Relief Fund to provide support to residents of Pennrose proper - ties who are facing adverse effects to the new coronavirus (COVID-19). The Foundation will match contributions to the COVID-19 Resident Relief Fund up to $25,000. The specific purposes and uses of fund resources will be determined based upon the needs of residents that are not met by other agencies and or - ganizations and as the impacts of COVID-19 become evident. All funds will be designated exclusively to reduce the bur - den on Pennrose residents due to the virus. “We are grateful for the nu - merous requests from various companies and organizations about how they can assist our residents,” said Mark Dam- bly , chairman of the Pennrose Foundation Board of Direc - tors. “As we begin to see how our residents are impacted, we hope that this Resident Relief Fund will be able to ease some of their burdens and get them through this difficult time.” 

8A — April 10 - 23, 2020 — COVID-19 & The CRE Industry — M id A tlantic Real Estate Journal


COVID-19 & T he CRE I ndustry

s GZA GeoEnviron - mental , Inc. (GZA) reached out to our By Marc Hudock, LSRP, GZA GeoEnvironmental, Inc. GZA’s supervised and validated cleaning service addresses emergent client needs A typically encompasses regu - larly used surfaces, shared equipment, common areas and larger community who enter or re-enter facilities – not to mention maintaining business In the absence of a regulatory standard, certification, or verifi - cationmethod, what can owners

GZA’s national COVID-19 response team, guided by a unique combination of epidemi - ologists, hazardous materials specialists, certified industrial hygienists, and toxicologists, employs an informed approach to supervise and direct the cleaning process, using vetted partners from the industrial cleaning industry and in con - formance with Centers for Disease Control (CDC) and US Environmental Protection Agency (EPA)-recommended means and methods. Our firm draws upon 40+ years of rigor - ous health and safety protocols tested and proven effective in various industrial hygiene, environmental remediation, and related services, and in our staff’s in-depth knowledge of regulatory, CDC, and EPA guidelines. We are offering three levels of cleaning from a basic maintenance cleaning of high-touch areas to thorough disinfection of areas occupied by someone who has been diag - nosed with COVID-19. The added value of GZA’s approach is the validation ca - pability – an innovative step developed by our team to give owners and their employees or customers the peace of mind to re-enter the space. GZA ap - plies an invisible fluorescent powder to strategic surfaces — unknown to the cleaning crew prior to cleaning—and then uses ultraviolet lights post-cleaning to evaluate com - pleteness and thoroughness of cleaning. We’re already working with our clients in this capacity at manufacturing sites, ware - house facilities, offices, and laboratories. GZA can also provide third- party evaluation or validation of cleaning companies hired directly by owners by reviewing their cleaning products, means and methods, and health and safety protocols. This third-par - ty evaluation can be validated in the same way as described above. We are proud to be of service during this time of need, to apply the skills of our talented and well-trained staff to quickly address an unprecedented health emergency, to help pro - tect the safety of our communi - ties, and to continue to be an economic contributor in these troubled times. Marc Hudock, LSRP is senior vice president, GZA GeoEnvironmental, Inc. 

c l i ent s i n t h e p a s t few weeks, we realized t ha t t he y were strug - gl ing with the uncer - tainty of the c o n d i t i o n

One of the key challenges that owners are wrestling with is in regard to cleaning – and the fact that there is currently no practical lab-based testing to assure that a facility is COVID-free. We’ve responded by providing documented and validated cleaning.

continuity during the pandemic. One of the key challenges that owners are wrestling with is in regard to cleaning – and the fact that there is currently no practi - cal lab-based testing to assure that a facility is COVID-free.

do to ascertain if cleaning was done properly or even at all? We’ve responded by pro - viding documented and vali - dated cleaning. The cleaning approach is customized to meet your company’s needs. It

thoroughfares, and other areas depending on your facility and operations. This service is a natural extension of GZA’s ex - isting environmental, hazard - ous materials, and industrial hygiene services.

Marc Hudock

and cleanliness of their facili - ties relative to the COVID-19 pandemic. Owners and facility managers are concerned about the safety of their staff and the

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M id A tlantic Real Estate Journal — COVID-19 & The CRE Industry — April 10 - 23, 2020 — 9A


COVID-19 & T he CRE I ndustry GoVR.Today How to adapt in the changing real estate environment

or those working in the real estate industry, to- day’s global coronavirus pandemic is like an earth- quake, occurring simultane- ously in every ocean, creating enormous tsunamis sweeping through the entire industry. These tidal waves may become an annual and seasonal event, rippling through your commer- cial and residential businesses. It requires those in the real estate world to rapidly adapt or surrender to reduced sales and closing business locations. According to a National As- sociation of Realtors (NAR) surveys that were conducted at the end of March, showed that almost one-half of Real- tors reported a decrease in homebuyer interest. In addi- tion, even sellers expressed a significant reluctance to show their properties. This increase to almost 50% is up from just 16% in the 1st week of March as a result of coronavirus. Also, consider how federal, state and local authorities' recommendations and actions, such as “shelter in place” man- dates impact the advisabil- ity, and even permissibility of conducting traditional open houses. NAR also recommends that you offer your clients three-dimensional interactive property scans (virtual tours) and using virtual staging to showcase a property – GoVR. Today has these solutions! What if my Sellers insists that you hold open houses? You don’t have to put yourself at risk in servicing a client at a traditional “open house” con- ducted for a few hours during a week. You can inform your client about the best alterna- tives to minimize exposure to, and the spread of, COVID-19 – implementing a high-end vir- tual reality tour which provides a 24 by 7 virtual “open house”. GoVR.Today can help you adapt to this changing market allowing your clients and fu- ture customers to experience a new to-be-built property, dream home, and rental / lease property, even when they can’t be physically present. We at GoVR.Today can quickly pro- duce these VR tours on both existing properties and even those properties not built . With or without inexpensive VR goggles, the messages you want to provide in each virtual image will be consistent, with the proper emphasis and tone in each language, allowing pro- spective clients to experience F

award winning “open house” provides your real estate busi- nesses one of the best virtual walkthrough tours offered in the industry. Our Artificial intelligent interactive voice enabled & wayfinding app is your solution to help clients and customers find their way without the need of talking to a concierge or personal guide – perfect for our current environment of social distancing, not getting lost and proving answers to common questions as to where, who, how and when. There’s no better way to serve your clients and earn their confidence than by offering an elegant, effective,

maximize your time effectively, reduce unnecessary trips and you can reveal a property’s highest and best use with our 3D rendered virtual walk around of preconstruction and existing structures. Serve your clients and earn their confi- dence by offering an elegant, effective, and time-efficient alternative. We deliver AI wayfinding solutions that help people flow through public spaces and get to where they need to go without getting lost. Stand out from your compe- tition! Bob Allison is director of marketing and sales at GoVR.Today. 

and time-efficient alternative to standing in line, six feet apart, or making a phone call for agonizing minutes to ask for help. We create Immersive VR, Augmented & Mixed Realty with Wayfinding & Artificial Intelligence tours for residen- tial, commercial & industrial real estate, education, hospital- ity, and other industries. Take the hassle out of navigating confusing corridors, campuses, and retail spaces without the need for indoor or outdoor di- rectories, kiosks, custom wall /floor graphics and maps. WHY GO VR TODAY? Our technology will help you

the tours from the comfort of their home or business . Our GoVR tour is a multi- sensory, 3D experience with full HD photography, floor- plans andmulti-language voice overs. Our integrated voice, text and 360º walk around tours show a real moment in time of existing and to-be- built properties. GoVR.Today’s

10A — April 10 - 23, 2020 — Financial Digest — M id A tlantic Real Estate Journal


F inancial D igest

Provident Bank provides 10-year forward permanent loan for a class A property in Red Bank, NJ Fishel, Mikula and Van Cleef of JLL arrange $111 million financing for PA logistics center A

LLENTOWN, PA — JLL Capital Mar- kets has arranged $111 million in financing for Park 100 Logistics Center, a newly constructed 730,080 s/f distribution facility and an adjacent 811,200 s/f produc - tion facility that is under con - struction in the Lehigh Valley community of Allentown. JLL worked on behalf of the borrower, a partnership between GLP Capital Part- ners (GCP) and Ridgeline Property Group , to place the three-year, floating-rate loan with Wells Fargo Bank.

The Rail @ Red Bank in Red Bank, NJ

Park 100 Logistics Center in Allentown

Park 100 Logistics Center, which is being completed in two phases this year, features 36-foot clear height, 190-foot

dual truck courts, ESFR sprin - kler system, 56-by-50-foot column spacing, 70-foot speed bays, 982 car spaces and 376

trailer spaces. Additionally, the property is rail served via Norfolk Southern. The JLL Capital Markets

team representing the borrow - er was led by senior managing directors Bill Fishel and Jon Mikula and analyst Connor Van Cleef . “We were excited to be able to assist Ridgeline and GCP with their newest project in the Lehigh Valley,” Fishel said. “The Lehigh Valley contin - ues to be a significant and important location for dis - tribution in the Northeast and Mid-Atlantic states, and lenders are actively seeking opportunities to participate,” Mikula added. Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas (IL) LP. MORRISTOWN, NJ —JLL Capital Markets has arranged $17.5 million in financing for the development of The Rail @ Red Bank, a 57-unit, class A apartment project in Red Bank, Monmouth County, NJ. JLL worked on behalf of the borrower, Denholtz Proper- ties , to secure the 30-month, floating-rate construction loan followed by a 10-year for - ward permanent loan through Provident Bank . The Rail @ Red Bank will consist of 57 luxury units along with over 6,500 s/f of retail space and a two-level, on-site parking garage with 147 spaces. The property will provide residents with modern amenities such as two grand amenity decks, a rooftop deck, fitness center with a yoga studio and fitness on demand, resident clubroom, bike stor - age room, dog wash station and game room. The JLL Capital Markets team representing the borrow - er was led by senior managing directors Jon Mikula and Michael Klein and associate Andrew Zilenziger . 

Skladany Valuation, LLC Commercial & Industrial Real Estate Appraisal

Leo Skladany, ASA Nick Skladany, MAI, CCIM We are a leading provider of real estate appraisals for commercial and industrial real estate in the South Central Pennsyl- vaniamarket.With35yearsofexperience in the business, we have a proven track

recordof valuationaccuracy, credible timemanagement, andprudent costmanagement intheappraisalprocess. In2015,NickSkladany,MAI, CCIMwas awarded theMAI designation fromtheAppraisal Institute.

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Acquisition Analysis Appraisal Estate Valuations New Construction

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M id A tlantic Real Estate Journal — Appraisal — April 10 - 23, 2020 — 11A


A ppraisal

Gessler Group - providing expert commercial appraisals in a timely and cost effective manner. rving Pennsylvania, Delaware, New Jersey and Maryla Bob Gessler, Principal State Certified General Appraisal PA-NJ-MD-DE ob@gesslergroup.com | O-215.426.8050 | Fax-215.600.38 www.gesslergroup.com Serving Pennsylvania, Delaware, New Jersey and Maryland. Bob Gessler, Principal State Certified General Appraisal PA-NJ-MD-DE bob@gesslergroup.com | O-215.426.8050 | Fax-215.600.3803 www.gesslergroup.com Gessler Group - providing expert commercial appraisals in a timely and cost effective manner.

12A — April 10 - 23, 2020 — Southern New Jersey Appraisal Institute — M id A tlantic Real Estate Journal


Southern New Jersey Chapter www.ai-snj.org Telephone 856-415-0281 • Fax 856-415-1952

Appraisers Adapt to New Protocols As the Appraisal Institute continues to monitor guidance from the Centers for Disease Control and Prevention and the World Health Organization, the organization is taking seriously the health, safety and well-being of its professionals, customers and staff during the coronavirus pandemic. In this fluid environment, the Appraisal Institute encourages its professionals to remain aware of developments and resources offered by health professionals and public health organizations and to respond accordingly. Additionally, here is some guidance cultivated by AI Professional Practice staff: • Appraisers should take care not to put themselves in harm’s way while completing their assignments. Appraisers are advised to consult with their medical practitioners if they have concerns about exposure to the virus, and they should decline assignments if they feel their own health would be put at risk. • An important part of any appraisal assignment is analysis of market conditions. The coronavirus threat may be impacting market conditions. However, in most markets it is not yet clear to what extent, if any, market conditions are affected. Related, complicating factors include fluctuations in the stock market and changes in mortgage interest rates. • Market analysis includes observing market reactions. This analysis becomes more complicated when market participants themselves are facing uncertainty. • Appraisal reports should include a discussion of market conditions, and so mention the Coronavirus outbreak and its possible impact. However, it is not appropriate to include a disclaimer or extraordinary assumption that suggests the appraiser is not taking responsibility for analysis of market conditions. • The Appraisal Institute has published Guide Note 10, Appraising in the Aftermath of a Disaster, and Guide Note 12, Analyzing Market Trends. These two Guide Notes, which can be found on the Appraisal Institute’s web site, provide helpful guiding principles. The Appraisal Institute, the nation’s largest professional association of real estate appraisers, joined four other real estate organizations March 25 in asking state and local government leaders to include appraisers among “essential services” exempted from stay-at-home or shelter-in-place orders issued during the coronavirus (COVID-19) pandemic. The Appraisal Institute, the National Association of Realtors, the American Society of Appraisers, the American Society of Farm Managers and Rural Appraisers, and the Massachusetts Board of Real Estate Appraisers told the National Governors Association, the National Association of Counties, the U.S. Conference of Mayors and the National League of Cities that “We are concerned about ramifications and unintended consequences if appraisal services are not deemed to be essential services.” The five real estate organizations’ letter said: “We respectfully request that state and local governments minimize the potential interruptions to the real estate markets, and more specifically interruptions to the provision of appraisal services, by declaring real estate services as ‘essential services’ under any emergency powers declaration.” The groups also noted that “Appraisers are performing critical and timely services for real estate-related transactions, many of which will continue to take place during this crisis, and that will help to keep the economy functioning.” They added: “Everyone’s goal is the same – to protect the health and well- being of our citizens. But we must also protect and preserve the fabric of our communities and the critical infrastructure that supports and protects us all.” At press time, at least 17 states, 26 counties and 10 cities have issued stay-at-home or shelter-in-place orders, affecting 175 million people. Several states and localities have explicitly cited real estate appraisers under essential worker classifications, while others have not been as specific, creating potential inconsistency and confusion.

The Appraisal Institute is a global professional association of real estate appraisers, with over 17,000 professionals in almost 50 countries throughout the world. Its mission is to advance professionalism and ethics, global standards, methodologies, and practices through the professional development of property economics worldwide. Organized in 1932, the Appraisal Institute advocates equal opportunity and non- discrimination in the appraisal profession and conducts its activities in accordance with applicable federal, state and local laws. Individuals of the Appraisal Institute benefit from an array of professional education and advocacy programs, and may hold the prestigious MAI, SRPA, SRA, AI-GRS and AI-RRS designations. Learn more at www.appraisalinstitute.org. The SouthernNJ Chapter of the Appraisal Institute has over 150members. We are the home to appraising professionals in the following counties: Burlington, Camden, Gloucester, Salem, Atlantic, Cumberland, Cape May, Monmouth, Mercer and Ocean. Our members perform a variety of services ranging from single family valuation to feasibility studies for regional malls and hotel-casinos. Whether it’s assistance on a home purchase or providing expert testimony for litigation, Appraisal Institute members are uniquely qualified to meet these needs. Visit www.ai-snj.org for more information on the Chapter.

Maria Nucci earned her SRA designation. She was presented her certificate at a recent chapter meeting by the Appraisal Institute’s National President Jeffrey Sherman, MAI, AI-GRS.

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