May 2023

ISSUE HIGHLIGHTS Volume 35, Issue 5 May 2023

Quality, value-add and in-demand transit locations continue to sell Gebroe-Hammer reports 17 Deals/ $182+M in Multifamily Sales for Q1 2023

transit locations continue to sell. For example, in East Orange the East Essex County market spe- cialist arranged the $12M sale of two historic midrise properties. Both are within walking dis- tance of the city’s Brick Church Station, the target of a focused redevelopment effort that bodes well for existing property value- add repositioning. “Connectivity and proximity to employment hubs translate into favorable returns for the buyer and positive long-term tenant demand for many years to come. The arrival of spring and the promise that it lives up to its reputation as the prime leasing season is even more cause for multifamily investment exuberance,” he said. “These characteristics pretty much fit virtually every urban or suburban municipal- ity across New Jersey, the Philadelphia MSA and New York State.” Rivaling urban-center mul- tifamily assets are the region’s suburban garden apartments. In the North Jersey Metro’s continued on page 22A

EW JERSEY / PHILADELPHIA, PA — Thanks to posi-

SPOTLIGHTS

tive metrics that held up well through the interest-rate hikes of 2022 and early 2023, mul- tifamily properties across the Lower Northeast are retaining their preferred commercial real estate investment status, according to the market spe- cialists at Gebroe-Hammer Associates . In fact, during Q1 2023 the multifamily-focused investment real estate broker- age firm is reporting $182+M in sales involving 1,247 units throughout the New Jersey- Philadelphia MSA-New York State corridor. In total, Gebroe-Hammer arranged 17 deals across the region’s in-demand, com- muter-friendly counties in North and Central Jersey (Union, Essex, Bergen, Mer - cer), the Philadelphia MSA (Philadelphia, Lehigh, Bucks, Camden NJ) and New York State (Westchester). The firm finished the quarter strong with a $40+M trade involving over 250 units in Lower Bucks

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OFFICE & INDUSTRIAL /DISTRIBUTION CENTERS

County, PA. The sale involved exclusive representation of the unnamed seller and pro- curement of the buyer, a long- time Gebroe-Hammer client. “Commercial real estate investing in general – like any sector that is dependent upon lending as its primary capital source – underwent a correction of varying degrees, based on asset type. Multi - family remained solid, as it always has – for decades, no matter the cycle thanks to its basic function as shelter,” said 48-year multifamily invest - ment brokerage veteran Ken Uranowitz , president. “The post-summer 2022

watch-and-wait approach has evolved into a measured re- entry for investors, who are proceeding with a renewed sense of confidence, albeit with caution as the Fed continues on its course of rate increases amid some banking turmoil,” he added. “This is being fueled by a still buoyant labor market, positive income growth and a single-family housing sector that underwent – and contin- ues to undergo – its own cooling and correction.” According to executive manag - ing director David Oropeza , pricing and cap rates are ad- justing accordingly but qual - ity, value-add and in-demand

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UPCOMING CONFERENCES & WEBINAR 11th Annual NJ Leadership Conference Thursday, June 8 at the Sheraton Edison 9th Annual NJ Industrial Real Estate Development Conference Thursday, July 13, at the Sheraton Edison 9th NJ Annual Capital Markets Conference Thursday, October 19, at the Sheraton Edison For speaking & sponsorship info., please contact: Lea at 781-740-2900 or lea@marejournal.com

Prism Capital Partners breaks ground on Hackensack Meridian Health Ambulatory Care Center at ON3

addition officially underway.” Prism Construction Management is developing the four-story Ambulatory Care Center. The Gensler - designed facility, featuring a distinctive glass curtain wall façade, will include an ambulatory surgical center as well as additional multi- specialty practice areas. An attached parking structure will provide 400 spaces for oc- cupants and visitors. Gensler is also Hackensack Meridian Health’s interior designer for the project. Hackensack Meridian Health already occupies ac- ademic, and research and development space at ON3, which is home to the organi- zation’s School of Medicine and Center for Discovery and Innovation (an NIH- designated Clinical Research Center). MAREJ

CLIFTON, NJ — Con- struction is underway for Hackensack Meridian Health’s Ambulatory Care Center at ON3, announced Prism Capital Partners . The 80,000 s/f facility, set on

Directory ROP (Front Section) ........................................... Section A Office & Industrial/Distribution Centers Spotlight ...6-10A CIRC Delaware . .......................................................... 10A Owners, Developers & Managers .......................... 11-18A Retail Development Reimagined ........................... 19-21A The Professor’s Comedy Corner .................................. 22A Financial Digest ..................................................... 23-24A People on the Move ................................................... 26A CRE Organization’s Events Calendar ............................ 28A New Jersey ................................................................ 1-8B Pennsylvania .......................................................... 9-BC-B www.marej.com

Meridian Health’s Ambulatory Care Center at ON3

the southeast corner of Metro Blvd. and Rte. 3 in Clifton, marks another new beginning at the award-winning mixed- use redevelopment. “This state-of-the-art facili- ty is aligned with Hackensack

Meridian Health’s mission to deliver the highest-quality healthcare services to the lo- cal community,” said Prism’s Eugene Diaz , principal part- ner. “It is exciting to see this much-anticipated campus

Inside Cover A — May 2023 — M id A tlantic Real Estate Journal

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M id A tlantic Real Estate Journal

M id A tlantic R eal E state J ournal Publisher, Conference Producer ..............Linda Christman AVP, Conference Producer ...........................Lea Christman Editor/Graphic Artist ......................................Karen Vachon Contributing Columnists .....................Gary Harpst; David A. Reese, CCIM, Commercial Choice Realty, Inc.; Professor Ron Shaw; Daniel Tropp, AEBOV

The NPLA Conference, The Largest Private Lending Conference in the US, Comes to Atlantic City, NJ Jonathan L. Hornik, Esq.

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. 35, Issue 5

TLANTIC CITY, NJ — Jonathan L. Hornik, Esq. and

Subscription rates: 1 year $99.00, 2 years $148.50, 3 years $247.50 & $4.00 single issue - plus postage

Private Lender Law , the practice group of LaRocca Hornik Rosen & Greenberg (LHR&G) , have unveiled the 58th edition of the NPLA Con- ference (formerly the Pitbull Conference). The must-attend private lending conference will take place at the Hard Rock Hotel & Casino from June 19 to 21, 2023. The NPLA Conference is the private lending indus- try’s ultimate destination for networking, education, and entertainment. From start to finish, the conference program is tailored around creating op- portunities for private lending industry professionals to meet others and build serious, profit - able deal-making partnerships. “As we’ve rebranded from the Pitbull Conference to the NPLA Conference, we’ve acted on feedback from sponsors, lending leaders and brokers

REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Phone: 781-740-2900 www.marej.com

throughout the private lend- ing industry — people want to do business, learn, and have a good time,” Hornik said. “To do that, you have to get the right people in the right rooms, at the right time. And that’s what we do through groundbreaking networking opportunities, top- tier education, and unforget- table entertainment.” NPLA’s special guest speaker will be renowned CNBC Senior Analyst and commentator Ron Insana, a bestselling author and trailblazing financial jour - nalist who will offer breaking- edge market analysis during his keynote. Known for more than four decades of TV news

coverage, Insana is a well- respected name in the financial industry who has authored four books on investing and reading the financial markets. Insana is also host of the nationally syndicated radio program The Market Score Board Report. In addition to Insana, the conference boasts an array of influential featured speakers including Devyn Bachman, SVP of Research and Ops., at the U.S. housing analysis firm John Burns Research & Consulting. She will delve into the quantitative and qualita- tive trends driving the current market conditions for investors continued on page 22A

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

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The largest private lending conference in the country!

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Ready to up your game in private lending? Mix it up with the biggest players in the business. Take part in thought-provoking panel discussions. Get an insider perspective on emerging housing market trends and analysis from John Burns Research and Consulting Senior Vice President, Devyn Bachman. And try your luck at our charity poker tournament. This is a 3-day epic event, you can’t afford to miss!

Special Guest Speaker Ron Insana Senior Analyst and Commentator with CNBC June 21, 2023, 9:30 am – 10:30 am, Hard Rock Hotel & Casino, Seminole Grand Ballroom

Questions? 858-736-7788 | nplaconference.com

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C annabis I ndustry : R eshaping R eal E state M arkets Topics explore profitable prospects in New Jersey’s thriving cannabis industry IOREBA and Mid Atlantic Real Estate Journal host 2023 Cannabis and Real Estate Conference

I OREBA (The Indus- trial and Office Real Estate Broker Asso- ciation) and Mid Atlan- tic Real Estate Journal hosted the 2023 Cannabis and Real Estate Conference on April 20th at the Marriott Newark Liberty Airport. The event included a sea- soned panel of 11 industry experts that included Ed DeVeaux, president of New Jersey CannaBusi- ness Association and ex- ecutive vice president at Burton Trent Pub- lic Affairs; Jack Fersko,

Shown from left: (Front Row) Michael Moran, Valley National Bank; Danieel Ficker, Braided Organics; Ronald Mondello Esq., Municipal Cannabis; Ed deVeaux, Burton Trent Public Affairs. Top left: David Little, Garden State Cannabis Mentors; Seth Tipton, Florio, Perucci, Steinhardt, Capelli Tipton & Taylor LLC.

Shown from left: IOREBA President Jeffrey Greif and Event Moderator Jack Fersko, Greenbaum, Rose, Smith & David, LLP

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Co-Chair, Real Estate Department Chair, Can- nabis Practice Group, Greenbaum, Rowe, Smith & Davis, and Michael Moran, special investiga- tions manager at Valley National Bank who is an expert in both AML and can- nabis compliance. The event presented information on the opportunities and chal- lenges of the budding can- nabis and insight into New Jersey’s unique position within the legal industry which is expected to reach over 33 billion in annual sales this year. Topics dis- cussed included broker roles, title insurance, compliance and regulatory issues along with banking insights and site control. Design and build considerations, zon- ing and real estate sites for cultivation and processing were also discussed. The event is one of many networking and industry in- sight opportunities IOREBA offers its members. For more information on becoming an IOREBA member or to attend an upcoming event please visit www.ioreba. com . MAREJ Lea Christman & Linda Christman of Mid Atlantic Real Estate Journal with Jeffrey Greif.

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www.marej.com M id A tlantic Real Estate Journal — Maryland —May 2023 — 5A C annabis I ndustry : R eshaping R eal E state M arkets By Daniel Tropp, AEBOV Industrial Real Estate Brokerage Commercial Real Estate becomes key element in NJ cannabis industry growth and success

s more landlords warm to the idea of leasing commercial real estate

generally available, demand among operators was greater for existing warehouse space as the time horizon to complete construction is shorter. Exist- ing buildings that were both adaptable to the use and zoned appropriately, came at a pre- mium initially but leveled off over time and we expect that to continue as new industrial supply hits the market. Atop the list of demands for cultiva- tion sites - high ceiling heights and ample power. In addition to bolstering demand for select commercial properties, the cannabis in-

dustry’s growth is expected to provide a boon to other service providers in the commercial real estate ecosystem; notably architects, HVAC/odor mitiga- tion professionals, renewable energy companies, lighting providers, retail and design consultants, security profes- sionals, attorneys, and insur- ance providers, to name a few. If you would like to discuss the market in greater detail, please do not hesitate to give us a call or send your feedback. Daniel Tropp is president of AEBOV Industrial Real Estate Brokerage. MAREJ

their conversions to annual licenses and eventually, open their businesses. As a result commercial real estate has become a key piece to the cannabis operator’s plan. After tracking the emerging NJ cannabis real estate market throughout 2022, a number of rising trends were noted. Based on 2022 cannabis real estate transactions throughout the state, the average size of a recreational dispensary was 4,175 s/f. In townships that al- lowed several retail locations or had no limit on local approvals altogether, deals were signed

at or slightly above market rents. However in townships that only issued one (1) retail resolution - thereby ensuring that the license recipient will operate the only dispensary in the town - deals were inked at notable premiums, ranging as high as 235% of market rent. Parking also factored into pric- ing as many townships have minimum parking require- ments in their ordinances. Similarly on the industrial side, where New Jersey has experienced historically low vacancy rates, demand ex- ceeded supply. While land was

to cannabis operators, the cannabis industry’s impact on the commer- cial real es- tate market is becoming increasingly clear. For

Daniel Tropp

instance, 2022 was an ac- tive year for the New Jersey cannabis real estate market. The state approved 910 adult personal-use conditional can- nabis licenses. Approximately 58% of these were class 5 retail licenses - as it pertains to real estate, retail awardees sought storefronts, shopping plazas, or other properties suitable for retail use. 26% of the li- censes were for cultivation - cultivation licensees pursued farm land or warehouses to accommodate indoor growing. Finally, 16% of the conditional licenses issued were for manu- facturing - manufacturing awardees looked to acquire industrial properties or other properties suitable for manu- facturing use. Theoretically, all of the license awardees are required to have site con- trol and municipal approval in order to move ahead with Item 9 Labs Corp.’s Weinberger appointed to NCIA’s Retail Committee WASHINGTON, DC — Item 9 Labs Corp. announced that its CEO Mike Wein- berger has been appointed to serve on the National Canna- bis Industry Association’s (NCIA) Retail Committee as a new member for the 2023- 2025 term. “It is such an honor to be cho- sen to serve as a member on the NCIA’s Retail Committee this term and aid the organization in its mission to ensure small cannabis businesses are always at the helm of the evolving in- dustry,” said Weinberger. “Our Company was created to fuel entrepreneurs’ dreams of enter- ing cannabis and is proactively leading the charge alongside industry advocates like NCIA who continuously believe and instill confidence in the benefits of cannabis for all.” MAREJ

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O ffice & I ndustrial /D istribution C enters Company plans to create 20 additional jobs at the new site over the next three years Fisher’s Popcorn chooses Delaware for major expansion of manufacturing/wholesale opera tions

USSEX COUNTY, DE — Fisher’s Popcorn, which has produced hand-crafted gourmet popcorn in Delaware for 40 years, has chosen s/f, DE, as the location for a new $4.85 million facility that will more than quadruple space for its manufacturing and wholesale operations. The company’s current pro- duction facility in Fenwick Island, DE, is 2,000 s/f, and the new 17-acre site on Delaware Rte. 20 just off the U.S. Rte. 113 corridor is almost 10,000 s/f. The additional space will allow Fisher’s Popcorn of Delaware to utilize new equipment – in- S

experience and the Sussex County business community for 40 years, and we’re glad the company has chosen to expand here for its next phase of growth,” said Governor John Carney . “Delaware is a great place for manufacturing. This new facility will enable Fisher’s Popcorn to better serve its existing customers and grow its production and wholesale operations.” Fisher’s Popcorn was founded in Ocean City, MD, in 1937, and a branch of the founder’s family began operating Fisher’s Pop- corn of DE independent from the original company in 1983. Still family-owned/operated, Fisher’s Popcorn of DeE has retail shops in the resort towns of Fenwick Island, Rehoboth Beach and Bethany Beach. Fisher’s Popcorn officials pre - sented to Delaware’s Council on Development Finance an application for a Jobs Perfor- mance Grant of $60,000 and a Capital Expenditure Grant of $145,500 from the Delaware Strategic Fund to support the company’s investment in construction, fit-out costs and new equipment. Distribution of grants from the Delaware Strategic Fund are dependent on the company meeting com- mitments as outlined to the CDF, which reviewed and ap- proved Fisher’s Popcorn of DE’s request for up to $205,500 in total grant funding. “We’re very grateful for the opportunity to expand our op- erations while still being part of our local community here in Delaware,” said VP Russell Hall, who runs the company’s wholesale and e-commerce di- visions. “This expansion will enable us to bring the classic flavors of the Delaware beach resorts to more people around the country while adding quality jobs in Sussex County. The grant assistance from the state is a key component to making this happen.” Delaware Prosperity Part- nership began helping Fisher’s Popcorn explore how it could continue to grow in Delaware in 2022. Providing additional assistance throughout the site search and other location pro- cesses was Bill Pfaff , director of economic development for Sussex County. “We are so excited that Fisher’s Popcorn’s new manu- facturing facility is calling Sussex County its home,” Pfaff said. MAREJ

turing, retail, wholesale and e-commerce operations, all of which are in Sussex County. The company plans to create 20 additional wholesale jobs at the new site over the next three years. “Fisher’s Popcorn has been a part of the Delaware beach

cluding two kettles and a large packaging machine – that will increase production capacity many times over. For example, bag-packing capabilities will

rise from eight bags per minute to 30 to 35 bags per minute. Fisher’s Popcorn of Delaware currently has 22 full-time em- ployees staffing its manufac -

We see deals from your perspective.

Our global network of 75 commercial real estate offices is the clear choice.

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O ffice & I ndustrial /D istribution C enters

W Balerno & Lissner of Cushman & Wakefield assist in transaction of 350 North Pennsylvania Ave. Mericle’s Besecker coordinates sale of 179,908 s/f landmark Wilkes-Barre, PA industrial building ILKES-BARRE, PA — Outwater In- dustries, a family-

and CEO of the Greater Wyoming Valley Chamber of Commerce . “We look for- ward to working alongside them to ensure their growth and success and know in this community they will join a long legacy of family-owned business success stories that span across all of NEPA.” Mericle vice president Bob Besecker coordinated the real estate transaction with Leah Balerno and Mindy Lissner from the real estate brokerage firm Cushman & Wakefield . “The building has meant a lot to Mericle over the years,”

Besecker said. “We purchased it in 1989 and it was a stepping stone to our future growth. We are glad to turn it over to a company of Outwater’s stature and we wish them many years of success in Wilkes-Barre.” Besecker also thanked the City of Wilkes-Barre for its cooperation and assistance throughout Mericle’s efforts to recruit the company to the area. Mericle Commercial Real Estate Services is a privately- owned, full-service, commercial real estate development and brokerage company headquar- tered in Plains Twp., PA. MAREJ

owned company headquartered in Bogota, NJ has purchased the 179,908 s/f industrial build- ing at 350 North Pennsylva- nia Ave., Wilkes-Barre. The company will use the building to distribute a wide variety of products to commercial and retail end users. Founded in 1972, the com- pany operates distribution centers in Bogota and Phoenix, Arizona. Outwater Industries maintains an inventory of more than 65,000 products such as furniture, cabinet and store fixture components; knobs and pulls; plastic and aluminum extrusions; litera- ture displays and sign hold- ers; and display motors and turntables, just to name a few. The company plans to begin operations in Wilkes-Barre this summer and expects to create 40 jobs over the next few years. The building was owned and sold by Mericle Commer- cial Real Estate Services who had leased it to several tenants over the years. The property was one of Mericle’s first real estate investments in Northeastern Pennsylvania. Outwater Industries owner Chip Kessler thanked Wilkes- Barre Mayor George Brown, various city departments and Mericle’s team, for their help in completing the real estate transaction in a timely manner. “Everyone was very cordial and responsive, Kessler said. Wilkes-Barre is clearly a pro- business community and we are excited about making 350 North Pennsylvania Ave. a for- ever home for our company.” “As Mayor, I am delighted to welcome Outwater Industries, a new, job-creating business to Wilkes-Barre,” said Wilkes- Barre Mayor George Brown. “The company’s choice of our city will likely encourage more businesses to realize the advan- tages of Wilkes-Barre including a central location connecting to major East Coast cities and an affordable cost of living for workers and their families.” “We are excited to welcome Outwater Industries to our city of Wilkes Barre and the Wyoming Valley and con- gratulate them on choosing our region as their new home to expand their business into Pennsylvania,” said Lindsay Griffin-Boylan , president

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8A — May 2023 — Office & Industrial/Distribution Centers — M id A tlantic Real Estate Journal

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O ffice & I ndustrial /D istribution C enters Transwestern Moderate Growth Continued for the New Jersey Industrial Market to Open 2023

upply Meets Demand Moderate growth continued for the New Jersey industrial market to open 2023. Warehouse/distribution properties maintained strong occupancy gains while manufacturing buildings re- turned space for the second consecutive quarter. Despite occupancy growth for the 16th consecutive quar- ter, the vacancy rate jumped to the highest level since Q1 2021. Increased supply con- tributed to the rise in vacancy as the amount of new product added to the market since the start of the pandemic has fi - nally caught up with demand. New construction contributed to rising asking rents, which recorded the second highest quarterly increase on record. Employment supporting the industrial real estate sector continued to increase, how- ever, the growth rate on an annual basis has decelerated. Logistics companies and e- commerce retailers continued to trim jobs due to a slowdown in spending. Overall, both the US loyment rates reported little change while labor par- ticipation remains below pre- pandemic levels. Economy • The U.S unemployment rate remained ticked up slightly to 3.6% during the quarter and has ranged be- tween 3.5% and 3.7% since Q1 2022. • Labor participation has not changed much in more than a year and remains below February 2020 pre- pandemic levels. • Employment supporting the industrial real estate sector continued to increase, however the growth rate on an annual basis has deceler- ated. Logistics companies and e- commerce retailers continue to trim jobs due to a slowdown in spending and online shop- ping. • New Jersey’s unemploy - ment rate ticked up slightly during the quarter but re- mains on par with pre-pan- demic lows. • Continuing a trend from the previous quarter, cargo volumes continued to decline, though the Port of New York and New Jersey reestablished the ranking it attained late in 2022 as the second busiest port in the US. S

requested Caption LC

the start of the pandemic, compared to 26 million s/f the previous three years. Vacancy • The rate of unoccupied space jumped 40 basis points for the second consecutive quarter to 3.4%, the highest level since Q1 2021, pushing the vacancy rate higher by 100 basis points when com- pared year-over-year. • Vacant sublease space increased for the third time in the past four quarters and is at its highest level in two years. • Warehouse/distribution properties continued to re- cord strong occupancy growth while manufacturing build- ings returned nearly one mil- lion s/f of space to the market during the past six months. • Half of the submarkets studied experienced occu- pancy growth during Q1 2023, while 60% of submarkets re- corded year-over-year gains. • The vacancy rate in the

New Jersey industrial mar- ket remained 80 basis points lower than the U.S. average. Under Construction • Total product under con - struction continued to decel- erate, while new deliveries totaled more than four million s/f for the second consecutive quarter. • Groundbreakings have slowed as less than 20 million s/f is under construction for the first time since the same quarter a year ago. • 24 of 29 submarkets have product under construction, seven with at least one mil- lion s/f, including two with more than two million s/f being built, led by Hudson Waterfront. • One-third of space under construction is preleased, up from 25% the previous quarter. • Supply has finally caught up with demand as the amount of new product added to the market since the start

of the pandemic has finally outpaced occupancy growth during the same period. Rental Rates Quarterly increase nears historic high • Asking rents spiked con - siderably due to steady de- mand and new construction delivered to the market. • The 6.6% quarterly in - crease in asking rent was the second highest on record, surpassed by only the 7.6% rise during Q1 2021. • Rents have grown by 16.1% during the past 12 months, recording double- digit YoY growth for the ninth consecutive quarter. • The average asking rent has risen for 34 consecutive quarters, increasing by 140% during that period. • Rents increased in over 80% submarkets during the past 12 months, including three submarkets which more than doubled during the past year. MAREJ

Net Absorption • Occupancy growth oc - curred for the 16th consecu- tive quarter, and 43rd time in the past 44 quarters. • Warehouse-distribution properties recorded occupan- cy growth for the sixteenth consecutive quarter, while negative net absorption was recorded in manufacturing buildings for the second con- secutive quarter. • Year-over-year occupancy growth fell to the lowest level since 2012, as 4.2 million s/f of inventory was absorbed during the past 12 months, one-third of the previous five- year average. • Transportation and ware - housing companies repre- sented more than onethird of leasing activity during the past 12 months, followed by retailers at nearly 25% and manufacturers at 15%. • Nearly 31 million s/f of industrial space has been ab- sorbed in the three years since

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O ffice & I ndustrial /D istribution C enters

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Great CRE Events Cont. Ed…Speakers…Networking www.CircDelaware.org

EVENTS SCHEDULE

Downtown Development Districts Offer Real Value

—OFFICERS— President: Jay L. White , MAI, CRE® Apex Realty Advisory Vice President: Cindy Fleming Jones Lang LaSalle Treasurer: Barton L. Mackey, Jr. Patterson-Woods Associates Secretary: Daniel Wham DSM Commercial Real Estate *2022-2023* Board of Directors —DIRECTORS— Past President & Cont. Ed. Chair: Robert Stenta Chatham Financial Program Co-Chair: Lorraine Sheldon NAI Emory Hill

June 26 (Mon., 10:00-7:00) Annual Members' Golf Outing Location: Hartefeld National Golf Club, Avondale, PA Sponsorships Available / Charitable Raffle Donations Accepted Sept. 12 (Tues., 11:30-1:30) Membership Meeting & Lunch Topic: Avenue North Mixed-Use Development Update Speakers: Ernest Delle Donne, Delle Donne & Associates, Inc. Location: DuPont Country Club, Wilmington, DE Register online: circdelaware.org goto Event pages CONTINUING EDUCATION Resumes in January-April 2024 Frederick Academy of Real Estate

Del's. Downtown Development Districts (DDD): • 2015: Dover, Seaford, Wilmington • 2016: Georgetown, Harrington, Laurel, Milford, Smyrna • 2019: New Castle, Clayton, Delaware City, Middletown The DDD Resource Team is comprised of mem- bers of the Delaware State Housing Authority, Division of Small Business, Office of State Planning Coordination, and a private-sector Development Coach, Rick Ferrell of Retail Market Answers. They meet regularly to plan for and provide ongo- ing support to the 12 designated DDD's to: • Spur private investment • Improve commercial vitality • Build a stable community of long-term residents The program provides investors with rebates up to 20% of the construction costs. For DDD assistance, contact Rick at RickFerrell@hotmail.com As part of our CRE HOT TOPIC series: Rick Ferrell, a private- sector DDD Coach discussed benefits and rebate application process. There will be one more round in 2023 for projects over $325,000.

Program Co-Chair: Ryan Kennedy Harvey Hanna & Associates

Membership Chair: James Manna BrightFields, Inc.

—EX-OFFICIO— Business Manager Janet Pippert Landmark Science & Engineering Legislative Lobbyist C. Scott Kidner C. S. Kidner & Associates Legislative Affairs Chair Brett Saddler Claymont Rennaissance Dev. Corp. Donald Robitzer The Commonwealth Group Benjamin Berger , Esq. Berger Harris, LLC Carmen Facciolo NAI Emory Hill Michael Hahn 44 Business Capital Neil Kilian, SIOR, CCIM NAI Emory Hill Pamela Scott , Esq. Saul Ewing Arnstein & Lehr LLP

ALWAYS TIME FOR NETWORKING: (above, from left) : Alissa Cirillo, Lang Development Group; Mike Vanderslice, Environmental Alliance; and Jurgita Herrara, Lang Development Group.

NEW MEMBERS presented at the May 10 Annual Meeting (FRONT ROW, from left): Ahmed Clayiff, Clayiff Engi- neering ; Greg Pettinaro , Pettinaro Management; Matthew Doyle, Advertising is Simple; Steven Parent , Control Point Associates; and Matt Longo , Hillcrest Associates. (BACK ROW, from left): Tayo Woolford , eXp Realty; Tyler Maron, Esq. , Morris James LLP; Christian Arakelian , The Flynn Group; Brendan Wewer, MAI , Common- wealth Commercial Appraisal Group; and Jim Manna , BrightFields - Chair of the Membership Committee.

O wners , D evelopers & M anagers

M id A tlantic Real Estate Journal — May 2023 — 11A

www.marej.com

The 46,550 s/f property will include 800 s/f of street-level retail in Long Branch, NJ Inspired by Somerset Development begins construction on mixed-use multifamily property L

we work toward a new and successful future,” said Ralph Zucker , CEO and founder of Inspired by Somerset De- velopment. “We are excited to begin construction on this new building, which will help meet the significant demand for high-quality housing in the area while fitting seamlessly into the existing fabric of Long Branch’s West End and add- ing a new sense of vibrancy to this already dynamic area.” Inspired acquired the prop- erty after being approached by Inkwell Coffee House’s longtime owner, Anthony Esposito, following its closure in May 2022. After the acqui- sition, Inspired filed plans for the redevelopment and secured approvals from Long Branch’s Planning Board in

December 2022. Construction of the new mixed-use building is ex- pected to be complete by the Summer of 2024. “While we are sad to say goodbye to such a beloved building, we are nonetheless heartened that it will begin a new chapter as an integral part of downtown Long Branch,” said Esposito. “We are happy to partner with a highly re- spected and accomplished local developer in Inspired by Somerset Development, which understands not just how to create a successful build- ing, but a property that will complement the area’s existing character and add to its status as one of the most vibrant and desirable destinations on the Jersey Shore.” MAREJ

ONG BRANCH, NJ — Inspired by Somer- set Development , one of the real estate industry’s foremost innovators in large- scale mixed-use redevelop- ment, announced it has begun construction on a mixed-use multifamily development at the site of the former Inkwell Coffee House in downtown Long Branch. Located at the corner of Sec- ond Ave. and New Court, the contemporary three-story, 22- unit multifamily development will feature a mix of one- and two-bedroom market-rate apartments with private bal- conies just one block from Long Branch’s Ocean Avenue. The 46,550 s/f property will include 800 s/f of street-level retail, an indoor parking ga-

Long Branch rendering

rage with electric vehicle charging stations, and a pri- vate roof deck for residents. A separate parking lot is located across the street to provide ad- ditional parking for residents and retail customers.

”We recognize this site’s storied history as a local land- mark for Long Branch and the Jersey Shore, and are working carefully with the township and community members to ensure we honor its past while

Attman Holdings’ new community The Residences at Sandy Farms brings luxury living to Anne Arundel County Maryland

include a nature trail and two outdoor courtyards, which are home to a resort-style swim- ming pool, fire pits, grilling stations, playground, Bocce court and putting greens. The Residences at Sandy Farms is located in close proximity to grocery stores, schools, shopping and parks in addition to offering residents easy access to all that Anne Arundel County and its sur- rounding areas have to offer. The Residences at Sandy Farms is developed by Att- man Holdings with leasing and property management by Bozzuto. Poole & Poole Architecture (Glen Allen, VA) is the architect for the community and Aumen As- ner (Baltimore, MD) is the interior design firm. Chesa- peake Contracting Group (Baltimore, Md.) is general contractor with Gaines & Co. (Baltimore, Md.) as site contractor. Messick & As- sociates (Annapolis, Md) is the project civil engineer and Vika (Washington, D.C.) is the landscape architect. Project financing was led by M&T Bank with Orrstown Bank as a participant. MAREJ

SEVERN, MD – Anne Arundel-based real estate developer Attman Holdings and Bozzuto , one of the top- rated property management companies in the country, an- nounced the start of leasing for The Residences at Sandy Farms, an upscale luxury resi- dential apartment community in Severn, MD. Anne Arundel County’s newest community, located immediately southeast of the Telegraph Rd. (Rte. 170/Rt. 100 interchange) along Sandy Farm Rd. (7900 Erin Michele Parkway, Severn, MD 21144), offers unmatched amenities, spacious residences and re- sort-style living, all in an ideal, transit-oriented location convenient to Baltimore, An- napolis and Washington, DC. “The Residences at Sandy Farms is unlike any property recently developed in Anne Arundel County,” said Jona- than Attman , principal of Attman Holdings. “With its rich amenities, high-end fin - ishes and location, it is the pinnacle of its class out of any- thing built in the area. From professionals and families to empty nesters and students,

The Residences at Sandy Farms sized windows, stainless steel appliances, granite coun- tertops, subway tile back- splashes, expansive closets and cabinet space and ceiling fans in the living room. Select floorplans include balconies and kitchen islands. With community at the heart of The Residences at

this community caters to a variety of lifestyles by offer- ing sophisticated living that allows residents to work, live and play.” Apartment homes range from one- to three-bedroom floorplans, from 785 to 1,482 s/f. All apartments feature nine- to 12-foot ceilings, over-

Sandy Farms, residents will enjoy a range of premium amenities including a state- of-the-art fitness center, dog spa, game room, storage units and a business center to meet the needs of those who are working from home, as well as a 5,933-square-foot, two-story clubhouse. Outdoor amenities

12A —May 2023 — Owners, Developers & Managers — M id A tlantic Real Estate Journal

www.marej.com

O wners , D evelopers & M anagers By Jeffrey Long, Withum How work from home is impacting residential real estate

any employers are now offering to accommodate hy-

fect on residential rental spaces as well, as landlords begin to offer new and cre- ative accommodations in an effort to keep current tenants and draw in new tenants. One of the trends that be- came prevalent during the COVID-19 pandemic was that individuals working in jobs that could be performed remotely took the oppor- tunity to work from home most of the time. An article from the Pew Research Cen- ter states, “…about a third (35%) of workers with jobs

that can be done remotely are working from home all of the time, according to a new Pew Research Center survey. This is down from 43% in January 2022 and 55% in October 2020 – but up from only 7% before the pandemic.” Although that percentage has been trend- ing down since the pandemic, there is still a notable in- crease from pre-pandemic. The same article notes that the percentage of employees that moved to a hybrid work model has increased from

35% in January of 2022 to 41% in March of 2023. This means that approximately 76% of employees who can work remotely need to have some form of professional workspace available within their living space. Co-Working Spaces Adding co-working spaces into common areas is a new trend that some residential landlords are putting into place. These spaces might resemble a lounge area or even a bank of cubicles. They can offer dedicated spaces for

Zoom meetings or soundproof booths for important calls. The purpose is to give ten- ants, who will not be travel- ing into the office as often as before, a way to still be social and have a real office feel while staying very close to home. Hybrid Apartment Layouts While a co-working space might be appealing to some individuals, others prefer to work in peace and quiet. Adding better soundproofing and changing layouts within living spaces has become more frequent as well. An available closet might now be converted into a small office space within a unit. A two- bedroom unit might even be sacrificed in order to create a one-bedroom unit and a dedicated workspace. Even a small area just outside of the main living area can be creatively reconfigured to be appealing as an office space. Having these spaces can be very appealing to tenants who are now working from home more regularly. Many of them won’t just want this space but will need it in order to be effective employees. New Utilities Landlords are beginning to include high-speed internet, or Wi-Fi, as an included util- ity. A landlord might even advertise that it has an on- call IT specialist to handle connection issues or other problems that might arise. This greatly increases the appeal when an individual knows that their ability to be effective for their company is dependent upon the avail- ability of a secure, reliable internet connection. Landlords could implement many more alterations in the years to come as the work from home trend continues to grow, and the new “at home” needs of tenants become clearer. As more people begin to transition to this hybrid model, changes in residential spaces will need to be more accommodating, just as the commercial real estate industry has needed to adjust. Being on the front end of these changes could provide a great opportunity to show current tenants, and future tenants, that their needs are a priority and that a space is the right space for them. Jeffrey Long is audit su- pervisor at Withum. MAREJ

brid work a r r ange - ments. This is already having an ef- fect on com- mercial real estate as landlords are down- sizing of-

Jeffrey Long

fice spaces in response to tenant demand. This shift is also having a growing ef-

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M id A tlantic Real Estate Journal — Owners, Developers & Managers — May 2023 — 13A

www.marej.com

O wners , D evelopers & M anagers

think growth Changing rules and regulations within a highly competitive market creates greater challenges to achieving your vision for growth. Withum’s Real Estate Services Team provides opportunities and long-term strategies to help weather the highs and lows of challenging times. From due diligence to digital transformation, from cost segregation studies to lease analysis and review services, we can help commercial, industrial and residential real estate companies be in a position of strength. Visit withum.com/thinkgrowth to learn more.

14A —May 2023 — Owners, Developers & Managers — M id A tlantic Real Estate Journal

www.marej.com

O wners , D evelopers & M anagers

At 900 Haddon Ave. office building in Collingswood Vantage signs 10 leases at newly renovated office build ing

NAI James E. Hanson inks leases at The Shoppes at Print House

AMDEN COUNTY, NJ — Vantage Com- mercial announced that the newly renovated and modernized 900 Haddon Ave. office building in Collingswood, has been a success, with 10 leases signed within the past few months. The leases range from small executive suites for locally owned businesses to larger suites for national ten- ants, showcasing the building’s appeal to a diverse tenant mix. As the listing brokerage for the property, Vantage Commer- cial continues to work closely with the building’s owners, Eyal Reggev and Roy Rait- er , to attract top-tier tenants. Emily Stein , managing direc- tor and director of Healthcare Services, Vince Ceroli , senior advisor, and John Doss , sales associate, are the Vantage bro- kers handling leasing activity for 900 Haddon. Since Reggev and Raiter purchased the building in 2022, it has undergone a complete transformation, including up- dated common areas and re- strooms, new windows, and a modern lobby with high-end finishes. The contemporary design of the building makes it an ideal space for businesses looking to make an impres- sion. Additionally, the prop- erty offers flexible floor plans, abundant natural light and is conveniently located adjacent to the PATCO high speed line near restaurants and cafes. Moreover, Colls Suites, a collaborative coworking space, has designated a portion of the third floor of the newly renovated building. The private offices are fully furnished and amenities include a kitchen- ette, lounge, high speed Wi-Fi and conference room. The suc- cess of the first phase of Colls Suites has prompted ownership to begin construction on phase two, which will include an ad- ditional 12-15 private offices. This expansion will provide more opportunities for small businesses and entrepreneurs to benefit from the modern amenities and flexible work- space that Colls Suites offers. Overall, the 900 Haddon Ave. mid-rise office building has proven to be a desirable location for a broad range of tenants, from small startups to larger companies. The suc- cess of the leasing activity and the addition of Colls Suites further highlight the building’s versatility and appeal. C

program,” said Ashley at Royal Revolution All Stars. “With +/- 8,000 s/f, we get to have a facility that will house the right equipment for our athletes to grow. Vince and Ken have been nothing short of spectacular in helping us find our space. We cannot thank them enough!” In addition to this successful transaction, Vantage Commer- cial has also announced the sale of Bartlett Printing to a private buyer. The sale, which was an asset sale and retirement sale of the business, was located at 4495 Rte. 130 in Burlington, NJ., Vantage Commercial an- nounced the successful sale of Bartlett Printing, located at 4495 Rte. 130 in Burlington, NJ to a private buyer. The trans- action was an asset sale and retirement sale of the business. Bartlett Printing has been a leading provider of printing services in the region for many years, and the company has built a loyal customer base through its commitment to quality and customer service. The business is known for its state-of-the-art equipment, knowledgeable staff, and com- petitive pricing. The sale of Bartlett Printing was handled by Vantage Com- mercial's experienced team of brokers, including Richardson, and Doss, who worked closely with the seller and buyers to ensure a smooth and seamless transaction. The team used their extensive network of buy- ers and their knowledge of the local market to find the right buyer for the business. "The owner, Adrienne Mitch- ell, had this to say about our team, 'Ken and John are awe- some. They took their time and explained the process. They re- sponded to my questions with- out delay and made sure I was kept informed,'" said Mitchell. The new owners of Bartlett Printing plan to repurpose the building given its desir- able location and frontage on Rte. 130. The property's prime location presents a unique op- portunity for the new owners to take advantage of the high traffic volume and visibility in the area. "The acquisition of the prop- erty is exciting for us, and we have plans to repurpose the building," said the new owners. "We are currently ex- ploring different options and evaluating what will be the best fit for the community and the area." MAREJ

900 Haddon Ave. in Collingswood

Print House rendering

to harness the power of real estate investment to continue to bring the vision behind Print House to life and play an im- portant role in the impressive resurgence of Hackensack.” Situated on a 23-acre parcel along the Hackensack River that formerly served as the headquarters for The Bergen Record for nearly 60 years, Print House is the largest and most ambitious rede- velopment project currently underway in Hackensack. “We are thrilled to be work- ing with our partners to deliver these unique and convenient retail services to residents of Print House and the sur- rounding Hackensack commu- nity,” added Adam Pasternack, President of Russo Property Management. “The addition of these new businesses is reflec - tive of the commitment we all share towards Hackensack’s emerging growth and success, enhancing the robust revital- ization of the area.” Welcoming its first residents last year, the first 271 residen - tial units of phase one at Print House are now fully leased with phases two and three currently under construction. Print House will bring over 650 luxury multifamily units and over 30,000 total square feet of retail space while also provid- ing residents and visitors with riverfront access and a wide variety of public outdoor spaces to the City over the next several years. Once completed, the de- velopment will not only be the largest riverfront community of its kind in Hackensack but a successful reinvention of the historic site that ensures it can continue to serve as an invalu- able economic catalyst in the City’s ongoing transformation. Situated at the gateway of Print House project with 1250’ of frontage on River St., The Print House’s retail buildings ensure ideal visibility and accessibility for a wide range of tenants. The buildings are also steps away from the com- munity’s luxury multifamily buildings as well as its public riverfront walkway. MAREJ

HACKENSACK, NJ — NAI James E. Hanson has negoti- ated retail leases to bring Star- bucks, Blue Foundry Bank and Hackensack Meridian Health to The Shoppes at Print House, the redevelopment project at the former site of The Bergen Record, located at 150 River St. NAI James E. Hanson’s team of Michael Walters, SIOR, Jonathan Kristofich and Cameron Silverstein repre- sented The Hampshire Com- panies, Russo Development and Fourth Edition, Inc. , the developers of Print House project in the transactions. Hackensack Meridian Health’s 6,076 s/f space at Print House will be utilized as the healthcare system’s newest primary care and OBGYN facil- ity to enhance its delivery of care to the growing Hackensack community. Capitalizing on the community’s ideal location along River St., Starbucks will transform its 3,000 s/f space into a full-service café with out- door seating and a drive-thru. Blue Foundry Bank, a savings bank headquartered in Ruth- erford, will utilize its 2,151 s/f space as a new branch location to further grow its existing footprint across Bergen, Essex, Hudson, Morris, Passaic and Somerset Counties. Finally, the project just signed a long-term lease with Jersey Mike’s. “Our early retail leasing suc- cess speaks to the continued realization of the ambitious vi- sion that has powered the rei- magining of this historic site,” said Walters. “In addition to these first four leases, we have continued to see tremendous interest in the property from a variety of in-demand retailers and we are looking forward to announcing additional tenants at the community over the coming months.” “As the place where my grandfather began his real estate career 100 years ago, Hackensack has always held a special place in The Hamp- shire Companies’ story,” said James E. Hanson II , presi- dent & CEO of The Hampshire Companies. “We are excited

109 Black Horse Pike in Blackwood

Bartlett Printing

Moving on to another trans- action, Vantage announced the signing of a five-year lease agreement with Royal Revolu- tion All Stars, LLC for a new home at 109 Black Horse Pike in Blackwood. The former Pal- ace Catering site was recently converted to a flex space, mak - ing it the perfect new home for Royal Revolution All Stars, offering them the ideal space to grow their business. The deal was brokered by Vince Ceroli, Sr. advisor, and Ken Richardson , VP, who rep- resented both the landlord and tenant. Richardson expressed his satisfaction with the deal, stating that “In today’s chal- lenging economic climate, it is particularly gratifying to suc- cessfully secure a new tenant for the landlord.” “The Royal Revolution All Stars came to us as a referral and we’re very grateful for opportunity to help them find their new home,“ said Ceroli. “Our team worked hard to negotiate the lease agreement that met the needs of both the landlord and the tenant. It’s always exciting to see a deal like this come to fruition.” The new location at 109 Black Horse Pike offers Royal Revolution All Stars a prime location that is easily accessible for their clients and custom- ers. With +/- 8,000 s/f, the new space will provide ample room for growth and expansion, mak- ing it the ideal location for the future success of the company. “We are so excited about our new home for our cheerleading

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