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ISSUE HIGHLIGHTS Volume 36, Issue 8 August 2024
C Cushman & Wakefield negotiates transaction at 300 Salt Meadow Rd. Crow Holdings Development inks 355,000 s/f lease at Carteret, NJ campus
ARTERET, NJ — The world’s third-largest transport and logistics company has signed a full- building, 355,000 s/f commit- ment at Crow Holdings at Cart- eret. DSV Global Transport and Logistics leased 300 Salt Meadow Rd., becoming the sec- ond occupant at Crow Hold- ings Development’s new, 1.2 million s/f industrial campus just off NJ Tpke. Exit 12. Cushman & Wakefield’s Jules Nissim, Stan Danzig and Kimberly Bach negoti- ated the transaction as leasing agents for Crow Holdings at Carteret; Cushman & Wake- field’s Mindy Lissner served as tenant representative. Headquartered in Den- mark with more than 1,600 offices and logistics facilities worldwide, DSV will serve a household-name client from its Carteret location. Plans call for the expansion of the build- ing’s existing office space and specialized fit-outs, including 100,000 s/f of cooler capacity.
mark, with continued active in- terest. Cushman & Wakefield is marketing one remaining full-building opportunity of 479,700 s/f, as well as a 146,400 s/f, partial-building space. According to Nissim, the property’s Greater Port Mar- ket location, ease of access and move-in readiness are driving high-profile tenants to Crow Holdings at Carteret. “Long- term efficiency and speed to occupancy were priorities for DSV, and this campus easily meets those requirements,” he said. “Add to that a top-notch development team, and this truly is a stand-out option within the marketplace.” Crow Holdings at Carteret sits on 126 acres just 13 miles from the Port Newark-Eliza- beth Marine Terminal, offering convenience to sea and air tran- sit, major thoroughfares as well as key NYC crossings. Ideally suited for a variety of uses, it benefits from a 30-year PILOT agreement, enabling long-term tax rate stability. MAREJ
SPOTLIGHTS
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300 Salt Meadow Rd.
“We are thrilled with the selection of this new facility in Carteret,” said DSV’s Josh Summers, president, Solu- tions North America. “This more than doubles our foot- print in the region and allows us to draw on our already extensive capabilities there. Crow Holdings Development’s property is the ideal selection and one we believe demon- strates our commitment to our customers’ growth.” According to Crow Hold- ings Development’s Clark
Machemer , DSV’s selection of Crow Holdings at Carteret provides clear justification for the project. “We are honored to have this global transport leader,” he said. “DSV has been active in the market – they left no stone unturned in their site-selection process. This is a strong testament to our campus and to the Borough of Carteret’s success in fostering a pro-business environment.” With the DSV lease, Crow Holdings at Carteret is ap- proaching the 50% occupancy
Jonathan Epstein
Edwin Frieden
28
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Jersey City’s Panepinto Properties & Incheon City sign Mou to execute a $5.1B development project in South Korea
said, “Leveraging nearly five decades of expertise in devel- oping coastal cities, we are thrilled to embark on this initiative in such a strate- gically significant location. This large-scale, multi-faceted project underscores Incheon’s emerging role as a global hub and aligns with our commit- ment to fostering international collaboration and sustainable urban growth.” The development will feature high-rise buildings ranging from 59 to 79 stories, seamless- ly integrated with landscaped parks and vibrant entertain- ment facilities. The new Ko- rean Air Lines HQ will occupy all of the planned office space. Seoul-Incheon International Airport is a major global hub, ranking 4th among the world’s best airports in 2023. It was the 2nd busiest airport by cargo traffic in 2022 and ranked 3rd for international passenger movements in 2024. MAREJ
JERSEY CITY, NJ — Panepinto Properties and its affiliate, Panepinto Glob- al Partners , have announced the signing of a Memorandum of Understanding (MOU) with Incheon City, South Korea, to oversee a transformative $5.1 billion development on Yeong- jong Island, opposite SeoulIn- cheon International Airport. This initiative will include
Lea at 781-740-2900 or lea@marejournal.com
Shown from left: Wonsik Yun, IFEZ Commissioner; Yongran Kim, DP International, president; Jeongbok Yoo, Incheon Metropolitan City, May- or; Joseph Panepinto Jr., Panepinto Global Partners; Joseph Panepinto Sr., founder and CEO, Panepinto Properties; John Seunghwan Cho, VP Panepinto Global Partners; Seungjoon In, director, Korean Airline.
Directory
Retail Redevelopment Reimagined..............................3-4 DelMarVa....................................................................... 5 New Jersey................................................................6-13 Pennsylvania................................................................ 14 Thriving Under 40 Spotlight.....................................15-22 Owners, Developers & Managers............................23-35 Financial Digest.......................................................36-37 Business Card Directory...............................................39 CRE Organization’s Events Calendar .............................. 40 www.marej.com
a new headquarters facility for Korean Air Lines, along with thousands of residential units, tourism, entertain- ment, and various commercial and public facilities. The MOU was signed during a recent visit to Jersey City by Incheon Mayor Jeongbok Yoo, together with principals from Panepinto Properties and Pan-
epinto Global Partners. Driven by the growth of air travel at Seoul-Incheon International Airport and the Korean Air merger with Asiana Airlines, the development aims to con- solidate and relocate Korean Air Lines’ offices and other ancillary facilities. Joseph Panepinto Jr. of Panepinto Global Partners
Inside Cover — August 2024 — M id A tlantic Real Estate Journal
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*Potential returns and appreciation are never guaranteed and loss of principal is possible. Please speak with your CPA and attorney for tax and legal advice.*The There is a risk Investors may not receive distributions, along with a risk of loss of principal invested. This material does not constitute an offer to sell nor a solicitation of an offer to buy any security. Such offers can be made only by the confidential Private Placement Memorandum (the “Memorandum”). Please read the entire Memorandum paying special attention to the risk section prior investing. IRC Section 1031, IRC Section 1033 and IRC Section 721 are complex tax codes therefore you should consult your tax or legal professional for details regarding your situation. This material is not to be construed as tax or legal advice. There are material risks associated with investing in real estate securities including illiquidity, vacancies, general market conditions and competition, lack of operating history, interest rate risks, general risks of owning/operating commercial and multifamily properties, financing risks, potential adverse tax consequences, general economic risks, development risks and long hold periods. There is a risk of loss of the entire investment principal. Past performance is not a guarantee of future results. Potential cash flow, potential returns and potential appreciation are not guaranteed. Securities offered through FNEX Capital, member FINRA SIPC.
M id A tlantic Real Estate Journal — August 2024 — 1
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2 — August 2024 — 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 ........ Whitney Van Dean, AIA, LEED AP, CFI Workspace; Michael Mullin, IBSRE, Inc.; Jonathan Epstein, JTJ Tech; Joseph Latina, SIOR, and Jim Tancredi, LMT Commercial Realty, LLC/CORFAC International; Edwin Frieden, Ryan Fireprotection 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. 36, Issue 8 Subscription rates: 1 year $99.00, 2 years $148.50, 3 years $247.50 & $4.00 single issue - plus postage REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Phone: 781-740-2900 www.marej.com
Michael Mullin
Phishing Scam Wipes Out a Whole Quarter of Earnings for REIT Dallas-based Real Es- tate Investment Trust (REIT), NETSTREIT, recently became the latest victim in a growing wave of cy- bercrimes targeting the com- mercial real estate sector. The company, which specializes in single-tenant, net-leased retail properties, suffered a significant financial blow when a phishing scam re- sulted in a loss that wiped out an entire quarter’s earnings. This incident underscores the increasing vulnerability of the real estate industry to sophis- ticated cyber threats. The scam unfolded when an employee of NETSTREIT was tricked into wiring $3.3 million to a fraudster imper- sonating one of the company’s development partners. This type of scam, known as a social engineering attack, manipu- lates individuals into divulg- ing confidential information or transferring funds under false pretenses. In NETSTREIT’s case, the company was able A
to recover some of the money through insurance, but it still reported a net loss of $2.8 mil- lion for the second quarter. The impact was so severe that it led to a reported net loss of three cents per share. NETSTREIT’s experience is a stark reminder of the financial and reputational risks posed by cybercrime, particularly in an industry that is increasingly reliant on digital transactions and communications. As more real estate firms digitize their operations, they become more attractive targets for cyber- criminals, who often exploit human error to carry out their schemes. Research indicates that the majority of cybersecu- rity breaches stem from such errors, whether it’s clicking on
a malicious link or, as in NET- STREIT’s case, falling victim to a fraudulent email. This incident is not just a costly lesson for NETSTREIT but also a warning for the entire real estate sector. The company, which went public in 2020, has built its business on investing in retail properties leased to tenants with strong financials and a focus on e-com - merce-resistant businesses. Despite this sound strategy, the phishing scam has dem- onstrated that even well-run companies are not immune to the risks of cybercrime. NETSTREIT reported that, aside from the cyberattack, its second-quarter performance was relatively strong. Adjusted continued on page 33
Firmly Rooted in the Law and in the Community We are well grounded in every facet of real estate law, from acquisition to construction. We are committed to serving the needs of our clients and our communities.
Contact: NEIL A. STEIN • nstein@kaplaw.com 910 Harvest Drive, Blue Bell, PA 19422-0765 • 610-941-2469 • kaplaw.com Other Offices: • Cherry Hill, NJ 856-675-1550 • Philadelphia, PA 215-567-3120 Kaplin Stewart Attorneys at Law
M id A tlantic Real Estate Journal — Retail Development Reimagined — August 2024 — 3
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R etail D evelopment R eimagined
Michael Lombardi represents seller and procures buyer of 123 Water Street Horvath & Tremblay sells Starbucks, Chipotle & Panera in Newton, NJ for $6.075M
N EWTON, NJ — Mi- chael Lombardi of Horvath & Trem-
low-management investment. The new construction property is positioned at the signalized intersection of S Park Dr. and Water St. (US Route 206), the area’s primary commercial and commuter corridor. The property is shadow anchored by the new construction Water Street Lofts, a 100-unit luxury apartment complex, and is surrounded by national re- tailers that drive traffic to the area. Additionally, the prop- erty is situated in between two grocery stores (ShopRite and Weis Markets) and offers
convenient access to Newton’s historic square and downtown. Horvath & Tremblay advi- sors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, port- folio dispositions, and 1031 exchanges. Horvath & Trem- blay is dedicated to being the best source of information and expertise in the marketplace for private investors, develop- ers, institutions, and industry professionals. MAREJ
blay has completed the sale of a Starbucks, Chipotle and Panera in Newton, New Jersey. Hor- vath & Trem- blay repre- sented the
Michael Lombardi
seller and procured the buyer to complete the transaction at a sale price of $6,075,000. The property is located at 123 Water St. in Newton. The build-to-suit property was constructed in 2022 and is improved by a two-tenant building leased to Starbucks and Chipotle and a single ten- ant building leased to Panera. The property contains 8,726 s/f and both buildings benefit from a modern design with outdoor seating. The build- ings benefit from outstanding visibility and frontage along Water St. (US Route 206). Starbucks and Chipotle each have 8+ years remaining on their leases, and Panera has 13+ years remaining on their lease. All three of the leases feature attractive 10% rent increases every five years throughout the base terms. Additionally, each of the ten- ants have net leases and re- imburse their pro-rata share of real estate taxes, insurance and common area mainte- nance costs providing an ideal, Azarian announces Neptune Plaza NEW JERSEY — Azarian Realty Co. announced its new- est signed lease with The UPS Store at Neptune Plaza Shop- ping Center in Neptune City. The UPS Store joins other tenants in the center including a ShopRite, and a free-stand- ing TD Bank. Hobby Lobby has also been under construction in the center and is set to open soon in an expansive 58,952 s/f space. With the addition of The UPS Store, Neptune Plaza will be fully occupied. Kevin Pelio of Azarian Realty Co. represented the landlord and Matt Grundy of Jeffrey Realty repre- sented the tenant in this transaction. MAREJ reaches full occupancy
123 Water Street
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4 — August 2024 — Retail Development Reimagined — M id A tlantic Real Estate Journal
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R etail D evelopment R eimagined
By Jim Tancredi and Joseph Latina, SIOR, LMT Commercial Realty, LLC/CORFAC Int’l. Rising construction costs prompt shifts in retail real estate
T
expand or establish their pres- ence. Existing retail spaces and shopping centers demand much lower rents and pur- chase prices, especially when new construction rents are starting in the $35 psf range and can be as high as $60 psf in our local market. Despite their appeal, the limited availability of existing space is creating de- mand that the market is strug- gling to meet: Current retail vacancy rates are at a 10-year low, with some markets as low as 5 percent vacancy. As businesses face a short- age of second-generation
space, some tenants are com- pelled to consider new con- struction, despite the finan - cial challenges. In response, landlords and developers are adopting value engineering techniques to help control costs, paying closer attention to the cost of specific building materials and at times substi- tuting lower-cost alternatives. This approach could translate into rental rate savings of up to $2.50 psf for some tenants. Although the savings might appear minimal, it adds up considerably over a five- or 10-year lease term.
This scenario is placing pres- sure on both tenants and land- lords. Tenants face the tough decision of either stretching their budgets to afford new construction or settling for less- than-ideal second-generation space. On the other hand, new construction landlords must balance the risk of prolonged vacancies against the potential for lower rental income. This balancing act is making extensive lease negotiations much more common, with outcomes heavily influenced by broader economic indicators such as interest rates, infla - tion and consumer spending. Lower inflation could trigger increased consumer spending, thereby increasing retailers’ sales and cash flows. Like- wise, a reduction in interest rates could reduce developers’ carrying costs. These factors would certainly ease some of the pressures, aligning ten- ant capabilities with landlord expectations more closely. Until the market experi- ence some impending shifts, businesses and developers alike will continue to seek innovative ways to mitigate costs and optimize investment returns. As we watch these trends unfold, the resilience and adaptability of the retail market will undoubtedly be tested, shaping the strategies and structures of retail real estate for years to come. Jim Tancredi is principal and Joseph Latina, SIOR, is managing principal at LMT Commercial Realty/ CORFAC International. MAREJ Irgang Group inks new leases at Union Lake Crossing MILLVILLE, NJ — Irgang Group announced signings of new leases at Union Lake Crossing in Millville. Bath & Body Works is relo- cating to a 4,400 s/f space, with Mario Brunelli and Chelsea Reizner of R.J. Brunelli & Co. representing the landlord, and Adam Rosenfarb of MSC representing the tenant. AAA South Jersey signed a lease for a 1,945 s/f endcap unit, moving from a 1,500 s/f space that will become Jersey Mike’s, with Brunelli and Reizner representing both par- ties. Jersey Mike’s was repre- sented by Jarrad Coletta of Coletta Commercial . MAREJ
he retail real estate market is experiencing significant shifts due
new construction. However, this transition comes with its own set of challenges and strategic re- sponses. The allure
to the current economic cli- mate. With construction costs soaring over the past seven years from a low of $75 per square foot to as high as
of second- generation retail space lies primar- ily in its cost effectiveness. As the costs associated
Jim Tancredi
Joseph Latina
$150-$200 psf currently, busi- nesses are turning to second- generation retail spaces as a cost-effective alternative to
with new construction con- tinue to escalate, existing spaces offer a more affordable route for businesses looking to
We see deals from your perspective.
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M id A tlantic Real Estate Journal — DelMarVa — August 2024 — 5
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D el M ar V a
Experienced leader brings extensive legal and real estate expertise Friend Commercial Real Estate appoints Jacob Altshuler as CAO
M
Commercial Real Estate. Please join us in formally welcoming Jacob Altshuler to Friend Commercial Real Estate. We are excited about the future and confident that Jacob’s leadership will help us reach new heights of success. Friend Commercial Real Estate is a premier full-service Mid-Atlantic commercial bro- kerage specializing in the sale, leasing, development, and acquisition of commercial properties across Maryland, Virginia, and the District of Columbia. MAREJ
also previously served as se- nior vice president & general counsel at a Baltimore-based privately-held real estate in- vestment, management, and development firm holding a diverse portfolio of assets, including multifamily, hotel, and office properties, and as general counsel at a commer- cial real estate brokerage. Altshuler holds a BA from the University of Maryland, College Park, a JD from the University of Maryland Fran- cis King Carey School of Law, and has completed a variety
of certificate coursework, ex - ecutive education, certifica- tions, and designations in real estate, asset management, banking, and investments. Additionally, he was admitted to and completed coursework in the MS, Finance Program at Johns Hopkins University. Beyond his other profession- al responsibilities, Altshuler is an Attorney Board Member on the Maryland Open Meet- ings Law Compliance Board, a position he has held since his appointment by Governor Hogan in late 2020. He was
most recently reappointed for an additional three-year term by Governor Moore. “Jacob assumed his role as CAO this past May and has already demonstrated immense value on numerous projects. His multifaceted real estate experience and education, both on the legal and business side, and overall dedication to his role as CAO shines through. We are excited to have him and look forward to his continued contributions to our success,” said Joseph Friend , president of Friend
ILLERSVILLE, MD — Friend Commercial Real
Estate is pleased to announce the recent appointment of Jacob Altshuler as the com- pany’s chief administra- tive officer (CAO).
Jacob Altshuler
In his new role as CAO, Altshuler is responsible for overseeing the administrative operations of the company and its affiliates and driving strategic initiatives to support overall growth and success. Prior to joining Friend Com- mercial Real Estate, Alt- shuler practiced law at a local transactional and commercial real estate focused law firm, which he continues to main- tain an affiliation with. He Matan Companies acquires 185 Acres in New Kent County, Virginia NEW KENT COUNTY, VA — Matan Companies announced the purchase of 185 acres of land in New Kent County. Branded as New Kent Logistics Center, the project will consist of two million s/f of high-bay industrial space in four buildings. Located ad- jacent to AutoZone’s 800,000 s/f east coast distribution cen- ter and less than a mile from the planned Buc-ees, Matan will be moving forward with entitlement and approvals for the initial building, totaling over one million s/f. “New Kent Logistics Center is ideally located between Richmond and Hampton Roads, two of the healthi- est industrial submarkets in the country,” said Jamie Minkler , managing director for the Matan Companies. “The site represents one of a dwindling supply of large sites zoned by-right for industrial and distribution users. With speed-to-market being key to user’s selection criteria, our plan to get the one million s/f building shovel-ready will make the site extremely at- tractive to a wide variety of potential tenants.” Matan will be managing the property in-house. MAREJ
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6 — August 2024 — New Jersey — M id A tlantic Real Estate Journal
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N ew J ersey
Andrew Somple, SIOR and Jessica Curry represent buyer in the transaction NAI James E. Hanson negotiates sale of 97,760 s/f industrial building in Northvale, NJ
N
New York metropolitan area. The property features 24’ clear height, heavy power and space for the buyer to expand. “We continue to see strong demand for well-located space in the northern New Jersey industrial market, especially from users servicing expand- ing sectors in the New York and New Jersey metropoli- tan market,” said Curry. “We are proud to have helped our client expand their opera- tions to a new location, and we wish them the best of luck with their new facility.” In a separate transaction, NAI James E. Hanson has negotiated a lease for a 5,760 s/f flex/office space located at 777 Corporate Dr. in Mahwah. NAI James E. Hanson’s Team Lizzack-Horning, comprised of Darren Lizzack, MSRE and Randy Horning, MSRE , represented the landlord, Ma- cArthur Boulevard Associates, and Cushman & Wakefield represented the buyer, AT Information Products, Inc., in the transaction. Relocating from 575 Corpo- rate Dr. in Mahwah, AT Infor- mation Products is a leading provider of high-performance inkjet printing solutions for package coding applications. Powered by innovative tech- nologies, the company offers industrial inkjet printers and inks that serve as an alterna- tive to outdated legacy print- ing methods. AT Information Products will utilize its new space at 777 Corporate Drive for administrative offices and light assembly of its products. 777 Corporate Dr. is a single- story, 115,000 s/f flex/office building with convenient ac- cess to the Palisades Parkway, the Garden State Parkway, Rtes. 17 and 202, and I-287. The property also boasts prox- imity to public transporta- tion options including the Mahwah NJ Transit station and the Ramsey Rte. 17 NJ Transit station. Additionally, 777 Corporate Drive features on-site property management, prominent signage and 24- hour access. “Ideally located and flexible buildings like 777 Corporate Drive continue to stand out among prospective tenants in today’s market,” said Lizzack. “We are happy to have helped our client secure a new tenant and look forward to continu- ing to drive occupancy at this property.” MAREJ
Jessica Curry represented the buyer in the transaction. Situated on a 10-acre prop-
ORTHVALE, NJ — NAI James E. Hanson , one of the
largest New Jersey-based full-service independent commercial real estate firms, an- nounces it has negoti- ated the sale of a 97,760 s/f
erty in north- east Bergen County, 100 F a i r w a y Court is a single-tenant manufactur- ing facility lo- cated next to the Rockleigh Golf Course
Andrew Somple
Jessica Curry
industrial building located at 100 Fairway Court in North- vale. NAI James E. Hanson’s Andrew Somple, SIOR and
with close proximity to the Palisades Interstate Park- way, NY State Rte. 340 and the northern New Jersey and
100 Fairway Court
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M id A tlantic Real Estate Journal — New Jersey — August 2024 — 7
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N ew J ersey
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PARAMUS PLAZA 545 Route 17 South, Paramus, NJ 153,494 SF +13 acre retail center with frontage along Route 17. Anchored by Hobby Lobby,
Exceptional, stabilized Class A multifamily opportunity in a highly desirable, well-located community. Renovated in 2019 and features oversized units, attached
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ANDREW MERIN andrew.merin@cushwake.com DAVID BERNHAUT david.bernhaut@cushwake.com GARY GABRIEL gary.gabriel@cushwake.com NIKO NICOLAOU niko.nicolaou@cushwake.com KYLE SCHMIDT kyle.schmidt@cushwake.com FRANK DITOMMASO frank.ditommaso@cushwake.com ANDREW SCHWARTZ andrew.schwartz@cushwake.com DAVID OROPEZA david.oropeza@cushwake.com
DAVID JARVIS david.m.jarvis@cushwake.com JUSTIN LUPO justin.lupo@cushwake.com RYAN DOWD ryan.dowd@cushwake.com RYAN LARKIN ryan.larkin@cushwake.com SETH ZUIDEMA seth.zuidema@cushwake.com BILL BAUNACH bill.baunach@cushwake.com MAX HELFMAN max.helfman@cushwake.com JORDAN SOBEL jordan.sobel@cushwake.com
ANDRÉ BALTHAZARD andre.balthazard@cushwake.com PETER WELCH peter.welch@cushwake.com JEAN-PIERRE HOHL jeanpierre.hohl@cushwake.com MAIA SIRABIAN maia.sirabian@cushwake.com MICHAEL GUERRA michael.guerra@cushwake.com DANIEL MASSRY daniel.massry@cushwake.com SAMANTHA MILLER samantha.a.miller@cushwake.com DAVID BETESH david.betesh@cushwake.com
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8 — August 2024 — Central New Jersey — M id A tlantic Real Estate Journal
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C entral N ew J ersey
C AI team rep. Acertus Transportation in 5 acre lease BRC handles deals totaling 96,772 s/f throughout CNJ
Freshpet will anchor Bedminster Village Sq. Advance Realty Investors breaks ground in Bedminster
ENTRAL NJ — The Advance Industrial Group of Bussel Re- alty Corp. (BRC) , a leading industrial real estate services firm in New Jersey, announced the following transactions in Central NJ: Bussel Realty Corp. leased five acres of industrial out - door storage space at 121 First Ave. in Hamilton, on be- half of Acertus Transportation. Acertus Transportation was represented by Anthony Rittwager , senior VP, and Matthew Phillips , director of asset services, of the Advance Industrial Team at BRC. The landlord, BDA Hamilton, was represented by Commercial Realty Partners (CRP) . “The closing of 121 1st Ave. in Hamilton, NJ is yet an- other testament to our team’s expertise in delivering excep- tional service to clients on a national level. This strategic location was negotiated to a close after a thorough assess- ment of the client’s existing logistics operations, ensur- ing optimal efficiency and alignment with their national objectives,” said Rittwager. BRC subleased 80,000 s/f at 1 Truman Dr. in Edison, a 369,313 s/f industrial building, on behalf of Packaging Distri- bution Resources. David Paster , VP, and Da- vid Blitt , senior VP, of BRC represented Packaging Dis- tribution Resources in the transaction. The sublandlord, RXO Inc., was represented by RE Perry . “It was a pleasure working with PDR as their real estate
Advance Realty Investors and Freshpet, Inc. were joined by Somerset County and Bedminster, NJ municipal officials to ceremoniously break ground on a new global headquarters.
121 First Ave. in Hamilton
BEDMINSTER, NJ — Ad- vance Realty Investors has broken ground on a new global headquarters in Bedminster for Freshpet, Inc., the industry leader in fresh pet food. The new 30,000 s/f, eco- friendly facility will be joined by 20,000 s/f of planned retail, dining, and amenity space to anchor “Bedminster Village Square,” Advance Realty In- vestors’ reimagined home cam- pus. The new headquarters is scheduled for completion in early 2025. The recent groundbreaking ceremony was attended by Bedminster Mayor Lawrence F. Jacobs, Somerset County commissioner director Shanel Robinson, and principals from Advance Realty Investors and Freshpet, along with other mu- nicipal officials and dignitaries. “The greatest act that a com- pany can do is to build a new building and a new corporate headquarters,” said Peter Cocoziello Sr. , Advance’s founder and CEO. “For one thing, it denotes their future — they believe that their fu- ture is bright, and here they are building a new building. It’s certainly very special to
work with the company, and we’re pleased to work with you. We wish you all the success in this location.” Freshpet is the pioneer in re- frigerated, fresh pet food and has become the leading brand in the United States, feeding over 12 million dog and cat households, with manufactur- ing facilities in Bethlehem, PA, and Ennis, TX. After extensive deliberation, they chose Bedminster as the ideal location for their petfriendly new home for 100 team mem- bers and their pets. The syn- ergy between Freshpet’s core values of nourishing pets, people and the planet, and those of the Bedminster com- munity, where open space and environmental stewardship are central to its ‘town and country’ ethos, was a drivin force in this decision. Jeff Garibaldi of The Garibaldi Group represent- ed Freshpet. ConnectOne Bank provided the construc- tion financing. Gladstone Design, Inc. provided civil engineering and site design, and Iron Hill Construction Management is serving as General Contractor. MAREJ
services partner in securing the optimal industrial space for its business expansion,” said Paster. “I have enjoyed a relationship with PDR for more than 10 years and am glad to be of service and a part of their continued success.” 1 Truman Dr. is located in close proximity to I-287, Exit 10 of the New Jersey Tpke., and Rtes. 27, 1 and 440. Located on 29.96 acres, the property totals 369,313 s/f, has 24-foot ceil- ings, 40 tailboards, a rail line, heavy power, wet sprinklers, and parking for 277 cars and 29 trailers. BRC announced its leased 15,000 s/f to Like New Products at 201 11th St. in Piscataway, a 45,000 s/f industrial building. Eric Koons , VP, of BRC represented the landlord, 256 Pacific Street LLC, and the ten - ant in the transaction. “It has been a pleasure to assist Like New Products with their relocation from their former Brooklyn, NY ware- house to their newly renovated headquarters at 201 11th St. in
Piscataway, NJ,” said Koons. “With its strategic location and competitive pricing, moving out of NYC was an easy choice for the company’s business expan- sion. We look forward to their continued growth and success in their new home.” 201 11th St. is a 45,000 s/f industrial property located near Rte. 22, 28 and I-287 with access to Exit 10 of the New Jersey Tpke. The property fea- tures 12-foot, 6-inch ceilings, two tailboards, three drive-in doors, wet sprinklers, 3,000 amps of power and 10 surface spaces. BRC leased 1,772 s/f at Hill- sborough Centre, 649 Rte. 206 in Hillsborough, a 87,054 s/f grocery-anchored shopping center, to SVRK LLC (Halal Meat Market). Chandler Vanderbeek , VP, and Connor Vanderbeek , VP, of BRC Retail Services represented both the owner, 3 Ronson LLC, and the tenant in the transaction. The restaurant is expected to open its doors in Jan. 2025. MAREJ
Fennelly Associates negotiates sale of 7,500 s/f mixed-use building in Hamilton for $1M
Rockefeller Group sells 147,000 s/f distribution center in Piscataway, NJ
HAMILTON, NJ — Fen- nelly Associates has negoti- ated the sale of a 7,500 s/f mixed-use building located at 2670 Nottingham Way in Ham- ilton for $1M. Jerry Fennelly, SIOR, president of Fennelly Associates and Patrick Din- trone, SIOR represented the owner in the transaction with the buyer, Comfort Keepers. 2670 Nottingham Way is a mixed-use building comprising of office, retail and warehouse space located near I-295. The property boasts 23 surface parking spaces, prominent signage, a bus stop located in front of the building,12’ clear
PISCATAWAY, NJ — Rockefeller Group has sold Constitution Logistics Center, a 147,000 s/f distribution cen- ter in Piscataway to Bridge Industrial . Located at 10 Constitution Ave. The KBC Advisors team of Marc Petrella and Michael Kimmel represented Rock- efeller Group on the transac- tion. ARCO Construction was the general contractor. The project is one mile from Exits 6 and 7 off I-287, pro- viding access to I-95 to the south and Rtes. 78 and 80 to
2670 Nottingham Way
the north. Rockefeller Group’s previous Piscataway project is located four miles from 10 Constitution Ave. Rockefeller Group acquired the 18-acre site in February 2023. MAREJ Constitution Logistics Center
ceiling heights in the office and retail portion of the build- ing and a 12’ 7’’ ceiling in the warehouse space. “The central NJ market con- tinues to see increasing demand from users across the healthcare and human services industries,”
said Fennelly. “We are happy to have connected our client with a buyer who will make a positive impact on the lives of residents in Hamilton and surrounding communities, and we wish Com- fort Keepers all the best with their new location.” MAREJ
M id A tlantic Real Estate Journal — New Jersey — August 2024 — 9
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N ew J ersey
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10 — August 2024 — Central New Jersey — M id A tlantic Real Estate Journal
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C entral N ew J ersey
Marc Shein & Robert V. DiLeo broker $5.5M Deal for Sam Ash Properties Corp. NAI DiLeo-Bram represents seller of 21,929 s/f retail center in Middlesex County, NJ
E
Sam Ash Properties Corpora- tion. The unnamed buyer is an out-of-state grocer of culturally
joined NAIDB in 2014. “Follow- ing the competitive bid process, the buyer’s offer was accepted and closed quickly.” Shein attributes the high lev- el of interest from both inves- tors and users to the property’s excellent four-way intersection location and Rte. 27 [Lincoln Highway] frontage. Situated on 1.29 acres, the busy corner- retail property features two buildings: one that is 13,769 s/f plus basement and was delivered vacant and another that includes three fully rented units totaling 8,160 s/f. There is ample parking for 64 passenger vehicles as well as proximity to a NJ Transit bus stop, Edison Station and an abundance of highways, including I-287, US Rte. 1, NJ Rte. 18 and I-95. According to DiLeo, the prop- erty is at an important regional business-corridor crossroads with a multicultural popula- tion, extremely favorable de- mographics and high vehicle- traffic counts. “When combining Rte. 27 and Plainfield Avenue alone, the parcel records a 50,000+ per-day vehicle count and is at the heart of a densely populated, high-income area,” he said. Nearby retailers include a host of local, regional and national dining and retail es- tablishments, including Costco, Dunkin, Papa Johns, Wells Fargo, HSBC Bank, Citizens Bank, Pizza Hut, Kumon, Meineke, Verizon, Burger King, TD Bank, 7 Eleven, Paris Baguette. In the transaction, the buyer was represented by ReMax First Realty. This is the second retail sale in recent months for Shein and DiLeo, who also orchestrated the $8.55M sale of a 69,750 s/f supermarket-anchored retail center on behalf of the seller in nearby Middlesex. MAREJ Denholtz Properties announces 2,500 s/f lease at The Rail at Red Bank RED BANK, NJ — Den- holtz Properties announced the opening of Filoncino Cafe at The Rail at Red Bank, a 57-unit mixed-use community located adjacent to the Red Bank train station.. Filoncino Cafe’s opening marks the latest chapter in Den- holtz Properties’ transformative vision for Red Bank’s West Side neighborhood. MAREJ
DISON, NJ — NAI DiLeo-Bram & Co. (NAIDB) has arranged
diverse foods with plans to establish a New Jer- sey flagship location. “ I dea l l y suited for a user/investor, we identified a wide range
the $5.5 mil- lion sale of a 21,929 s/f re- tail center lo- cated at 1825 Rte. 27 in the Middle- sex County township of Edison. The firm’s broker -
Marc Shein
Robert V. DiLeo
of potential buyers as part of our customized property- offering strategy,” said Shein, a 35+ year industry veteran who
age team of Marc Shein , se- nior vice president, and Robert V. DiLeo , associate vice presi- dent, represented the seller,
1825 Rte. 27
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M id A tlantic Real Estate Journal — Central New Jersey — August 2024 — 11
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C entral N ew J ersey
Cornerstone at Grassy Hollow II progressing on schedule for November completion Walters elevates Stafford Township with new EMS/Fire Station and affordable housing launch S TAFFORD TOWN- SHIP, NJ — Stafford Township recently held
a ribbon-cutting ceremony to celebrate the opening of the new EMS/Fire Substation at 357 Haywood Rd. Constructed as part of the community investment initiative by Bar- negat-based Walters, the new station is home to Stafford Township’s Volunteer Fire Company, EMS, and Emergen- cy Management Department. Walters’ president and founder, Ed Walters Jr. , joined local dignitaries, includ- ing Mayor Robert Henken, Council President Lisa Mower, Councilwoman Amy Otte, Councilman Steven Esposito, Chief Ja- son Spisak, Chief Michael Essig, Township Admin- istrator Matthew von der Hayden, and Township Engineer Frank Little, to mark the occasion. In addition to developing the new substation, Walters has committed significant resourc - es to several other public im- provements in Stafford Twp. These include refurbishing and reconditioning the exist- ing Stafford Park water tower, completing construction of the Township’s newest park and playground, Park of the Pines, and making enhancements at Nautilus Park, including three new athletic fields and a new traffic signal near Costco. “These projects are enrich- ing the quality of life for Stafford Twp. residents. The result is a healthier and more robust community,” said Ed Walters Jr. Construction is on schedule for Cornerstone at Grassy Hol- low II, a premium, income-re- stricted apartment community slated for completion in Novem- ber, according to Walters. The initial housing lottery for the new apartment community at 200 Back Rd. in Manahawkin closed this month, with robust interest reflecting sustained affordable housing demand within the local market. The development will of- fer 34 one-, two-, and three- bedroom apartments in two buildings. The first building is expected to be completed by mid-September 2024, with the second to follow. In addition to managing the property, Walters will be providing on-site supportive services to help residents thrive. MAREJ
Stafford Township EMS/Fire Substation
Grassy Hollow II
Northmarq expands in the NORTHEAST REGION We are pleased to announce that Calloway Capital has joined Northmarq. Founder David Singer will establish and lead our new Lakewood, NJ office, expanding our debt and equity capabilities in the Northeast region. Alongside our established professionals in the tri-state area, the new team is committed to providing exceptional support and advisory services to our valued clients.
DAVID SINGER Managing Director dsinger@northmarq.com
Commercial Real Estate | 973.995.9250 Debt + Equity | Investment Sales | Loan Servicing | Fund Management northmarq.com
12 — August 2024 — New Jersey — M id A tlantic Real Estate Journal
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N ew J ersey
Court appointment by US District Court for the District of NJ led by managing director Weilheimer Kislak named sales broker for 2.25-Acre Union City, NJ redevelopment portfolio Palisades.
U
NION CITY, NJ — The Kislak Com- pany, Inc. was re-
Address Block, Lot 300 Mountain Road 184, 1.02 302-304 Mountain Road 184, 1.01 1414 Manhattan Avenue 185, 14 1416 Manhattan Avenue 185, 15 1502-1504 Manhattan Av- enue 185, 17, Add’l. lot 16 1506-1510 Manhattan Av- enue 185, 30, Add’l. lot 31 1512 Manhattan Avenue 185, 32 1514-1516 Manhattan Av- enue 185, 33, Add’l. lot 34 1518 Manhattan Avenue 185, 35 Manhattan Avenue 185, 37 Manhattan Avenue 185, 38 286 Mountain Road 185, 39 290 Mountain Road 185, 40 Weilheimer said, “This is a unique and extraordinary opportunity for a developer to acquire a large tract of de- velopable land with sweeping unobstructed views of Hobo- ken, the Hudson River, and the Manhattan skyline. The ideal location is minutes from Hoboken, New Jersey Transit and PATH service, the New York Waterway ferry service, and the Lincoln Tunnel.” The properties are in the Palisades Preservation Overlay District zoned for Low-Density Residential Underlay develop- ment and other uses. Union City is located in the northern part of Hudson County. With a popu- lation of 69,000 and an area of 1.29 square miles, Union City is consistently ranked among cities with a population of more than 50,000 as the most densely populated in the United States. The location of the properties includes strong demographics with an average household in- come of nearly $140,000 within one mile, and $160,000 within three miles, and there are many new developments nearby. Matt Weilheimer joined Kislak in 1996 and special- izes in the sale of multifamily properties, REO assets and other investment properties in New Jersey, New York, and Pennsylvania. He is also con- sistently one of the firm’s top producers and has a successful history training and mentoring new salespeople Tom Scatuorchio joined Kis- lak in 2016 and specializes in the sale of multifamily and other investment properties in northern New Jersey. In 2017, he earned Kislak’s Rising Star award and in 2021, he was pro- moted to a VP. MAREJ
Kislak’s exclusive assign- ment is per an appointment by the United States Dis- trict Court for the Dis- trict of New Jersey and is being led by managing di- rector Matt Weilheimer , vice president Tom Scatuorchio and CEO Jason Pucci . The portfolio includes the following properties.
cently named the exclusive sales broker for an ap- proximately 2.25-acre redevelop- ment portfo- lio in Union City, Hudson County. The
Matt Weilheimer Tom Scatuorchio
portfolio includes 13 mostly contiguous parcels on Man- hattan Avenue and Mountain Rd. on the cliffs of the Hudson
Union City Portfolio aerial
EXCLUSIVE PROPERTIES FOR SALE
Baltimore, MD 60 Residential Units Barry Waisbrod ext 272
Newark, NJ Approved Site | 40 Units Tom Scatuorchio ext 255
Newton, NJ 101 Residential Units + 12,000 SF Medical Condo Joseph Keenan ext 256
Dunellen, NJ Approved Site | 33 Units Max Levinston ext 308
Linden, NJ 2 Retail Units + Offices Above Jeff Squires ext 246
Maplewood, NJ 2 Retail Units + Single Family House Scott Davidovic ext 290
The Kislak Company, Inc. | kislakrealty.com | 732 750 3000
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