December 2023

ISSUE HIGHLIGHTS Volume 35, Issue 12 December 2023

P NORR, Pennoni Associates, and IMC Construction serve on project team Rockefeller Group launches industrial project in thriving Philadelphia Market

a nearly twenty-year effort on behalf of PIDC to redevelop the former Byberry State Hospital in an intentional and meaningful way that will pro- vide jobs and opportunities to Philadelphians and build upon our city’s strength as a hub for logistics,” said PIDC president Jodie Harris . The joint venture of Rock- efeller Group and PCCP and PAID represented themselves on the sale of the land. The CBRE National Partners team of Mike Hines and Brad Ruppel advised on the trans- action while the CBRE team of Drew Green, Paul Touhey and Mike Mullen will handle leasing responsibilities for the project. NORR is the architect, Pennoni Associates was the civil engineer, and the general contractor is IMC Construc- tion. The project will be union constructed. MAREJ of value-add opportunities at this property that our operations team is excited to execute on for our inves- tor partners and the Bris- tow community,” said Brian Kosoy , principal of Sterling Organization. “The affluent Bristow population that pa- tronizes this property for its daily needs has an average household income exceeding $210,000, within one mile of the property,” added Kosoy. “We would like to give a big thank you to Barry Argalas, Renee Runger , and the entire Regency Centers team for their partnership in bringing this deal across the finish line,” said Jordan Fried , principal of Sterling Organization. Braemar Village Center is the 74th property currently owned by Sterling Organiza- tion, via managed subsid- iaries, in markets through- out the U.S. and increases the FL-based private equity firm’s portfolio to over 12.6 million s/f of gross leasable area. MAREJ

HILADELPHIA, PA — Rockefeller Group and PCCP, LLC an- nounced that a joint-venture of the two companies has pur- chased a fully entitled 50.44- acre site located at 15000 Roo- sevelt Blvd. in Philadelphia. Rockefeller Group and PCCP will develop Rockefeller Group Logistics Center at Roosevelt Blvd. which includes two lo- gistics buildings, 318,696 s/f and 338,208 s/f, for a total of 656,904 s/f. The seller was the Philadelphia Authority for Industrial Development (PAID) , which is a subsidiary of the Philadelphia Indus- trial Development Corpo- ration (PIDC) , Philadelphia’s public-private economic devel- opment corporation. “Rockefeller Group is pleased to be partnering with PCCP on our first industrial project in Philadelphia, a market that has BRISTOW, VA — Sterling Organization , a vertically integrated private equity real estate investment firm with a national platform focused on investing in LAST HOUR con- sumer fulfillment and distri - bution real estate assets, has announced the acquisition of Braemar Village Center, located at 12713 Braemar Village Plaza, Bristow, VA,

SPOTLIGHTS

5 Under-the-Radar Title Issues that Cause Problems for New Jersey CRE Buyers Section C 2023 YEAR IN REVIEW

15000 Roosevelt Blvd.

been historically overlooked. This infill market currently has older industrial product and is in need of new, class A industrial space,” said Heath Abramsohn , vice president, regional director for Rock- efeller Group’s NJ/PA region. “We believe this site is ideally located to be able to serve the city of Philadelphia and the sur- rounding areas given its close proximity to major roadways

throughout the region as well as Philaport.” “PCCP believes this is an attractive opportunity to once again partner with Rockefeller Group to develop a shovel- ready, fully approved project within the core, Philadelphia industrial submarket that is just 3.5% vacant,” said Ryan Dodge , managing director with PCCP. “Today’s announcement caps

Dolores R. Kelley

16A

UPCOMING CONFERENCES & WEBINARS 7th Annual NJ Healthcare Medical Properties Conference Thursday, January 30, 2024 Webinar Series with Professor Ronald Shapiro February 6, 2024 Southern NJ CRE Forecast State of Markets Conference Thursday, February 29, 2024 For speaking & sponsorship info., please contact: Lea at 781-740-2900 or lea@marejournal.com

Sterling Organization acquires Bristow, VA grocery-anchored center for $31.4 Million

Directory ROP (Front Section) ........................................... Section A CIRC Delaware.............................................................4A Owners, Developers & Managers............................5-14A Business Card Directory.............................................19A CRE Organization’s Events Calendar ............................ 20A New Jersey..............................................................FC-8B Pennsylvania..........................................................9-BC B People on the Move...................................................12B 2023 Annual Review Spotlight............................ Section C www.marej.com

Braemar Village Center

for $31.4 million. The 111,635 s/f property is located in a western suburb of Washington, DC, and is anchored by a 57,860 s/f Safe- way grocery store, with an ac- companying gas pad. Braemar Village Center is also home to national tenants such as Dunkin’ Donuts and Subway, with additional outparcels

occupied by Bank of America and Arby’s. In addition, the property contains more than three acres of vacant land which can ultimately be sold or developed into additional outparcel pads. “We are pleased to add Braemar Village Center to our portfolio as we close out the year. We see a multitude

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

www.marej.com

Tap into the Brilliance of Our DST 1031 Exchange Experts! Contact us about these tax ecient real estate investment strategies.

✔ Delaware Statutory Trusts (DSTs) ✔ 1031 Exchange Investments

✔ Real Estate Income Funds

FREE DST Listings at kpi1031.com

Betty Friant Executive Vice President and Managing Director

Get Your FREE Delaware Statutory Trust Educational Resources Today.

Expert Resource for...

FEATURED FUND

*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.

M id A tlantic Real Estate Journal — December 2023 — 1A

www.marej.com

HORVATH TREMBLAY INVESTMENT REAL ESTATE BROKERAGE

w isHiNg

J oyful N ew y ear H appy H olidays

2,000+ TRANSACTIONS IN 44 STATES

TOP RANKED INDUSTRY LEADING FIRM

$7 BILLION+ IN RECENT TRANSACTIONS

HORVATHTREMBLAY.COM

2A — December 2023 — M id A tlantic Real Estate Journal

www.marej.com

M id A tlantic Real Estate Journal

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 ..Dwight Kay, Kay Properties and Investments 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 12 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

Dwight Kay

4 Reasons Why Investors Should Consider QOZF for Tax Advantages and Potential Returns

ualified Opportunity Zone Funds (QOZF) have become an in-

tegral part of the investment landscape in recent years for those investors seeking to defer capital gains taxes on the sale of appreciated assets. At Kay Properties, our team has helped many accredited investors nationwide understand and participate in Qualified Oppor - tunity Zone Fund investments. Qualified Opportunity Zone Funds were implemented by the Tax Cuts and Jobs Act of 2017, and were designed to increase economic growth and development in lower income neighborhoods and commu- nities. According to Indiana University’s Kelly School of Business1, there are more than 8,700 QOZs in the country, including in territories like Puerto Rico. The bottom line is that QOZs are a part of a What is a Qualified Opportunity Zone?

social program with the intent of redeveloping impoverished districts throughout the coun- try by driving private capital to underserved communities and Americans by offering tax incentives to investors. By investing in these zones, indi- vidual investors and corpora- tions can receive tax incentives and deferrals. But what are some specif- ic reasons investors should consider Qualified Oppor - tunity Zone Funds for tax advantages and return po - tential? 1. Significant Tax Advan - tages Available to Opportu - nity Zone Fund investors: Deferred Capital Gains Taxes: Investors can defer

taxes on any prior capital gains (these could be from the sale of real estate, stocks, a business, artwork, etc.) by investing in a Qualified Opportunity Fund (a fund set up specifically for in - vesting in Opportunity Zones). These taxes can be deferred up until the date the investment is sold or until December 31, 2026, whichever comes first. Step-Up in Basis: If the Qualified Opportunity Zone Fund investment is held for longer than 5 years, there’s a 10% exclusion of the deferred gain. If held for more than 7 years, this exclusion increases to 15%. But the real attraction of this investment strategy is that If the QOZF investment continued on page 18A

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 — December 2023 — 3A

www.marej.com

M id A tlantic R eal E state J ournal

ED BANK, NJ — Den- holtz Properties , a leading real estate devel- Fund will offer solutions for CRE operators facing temporary capital disruptions Denholtz Properties launches Denholtz Opportunity Fund II: A rescue capital fund R ing failures in the first half of 2023. As a result, many opera- tors continue to be faced with

bring their projects to life.” In other Denholtz news, Baseline Social, a 17,100 s/f bar, restaurant and entertain- ment venue, located at The Commissary at Baseline in Oceanport, NJ has opened. Baseline Social joins fellow tenants Birdsmouth Beer, a craft brewery and tasting room and MGT Foods, a third-gen- eration wholly-owned family business behind popular food brands such as Mr. Green Tea Ice Cream, Mr. Mochi, The Bear & The Rat Cool Treats for Dogs and Eat Mud Non-Dairy Ice Cream at The Commissary at Baseline.

“We know how important Fort Monmouth was to its sur- rounding communities and we are deeply honored to play a role in bringing it back to life,” said Steven Denholtz. “This project has been an exciting example of the transformative power of real estate invest- ment in creating spaces that drive economic activity while serving as hubs for their local communities.” Baseline Social is a one-stop entertainment, dining and bar experience for the residents of Monmouth County and be- yond. Guests are immediately welcomed by a 640 s/f LED

viewing wall that is perfect for watching the game and a 38- seat platform lounge ideally suited for live music or private events. Sports fans can also enjoy Baseline Social’s 3,700 s/f entertainment section contain- ing five virtual golf bays with full-swing technology. The space’s mezzanine boasts all the amenities need- ed to host a range of private parties beyond its interior space. A large outdoor bar and lounge section features 11 bar seats, a variety of seating options with infrared heat- ers and a firepit lounge with three-season access. MAREJ

temporary challenges in securing needed fi- nancing for under-con- struction or operational buildings. Our rescue capital plat-

opment and investment company, an- nounces the launch of the Denhol tz Opportuni- ty Fund II. The Den- holtz Oppor- tunity Fund

form is designed to provide im- mediate financial assistance to help close the financial gap and help commercial real es- tate developers and operators Stephen Cassidy

Steven Denholtz

II offers tailored, capital struc- ture solutions through pre- ferred equity and or mezzanine debt, providing proceeds of $5M and $25M per project, subor- dinate only to first mortgage debt. Preferred geographies include New York, New Jersey, Pennsylvania, Florida and the Southeast. This specialized Fund is designed to support commercial real estate owners navigating temporary capital challenges including operating deficits, refinancing obstacles, unmet sale projections, cost overruns, and leasing below initial estimates. Managed by Denholtz Prop- erties’ CEO Steven Denholtz and president Stephen Cas- sidy , the Fund’s custom capital solutions are built on the com- pany’s deep understanding of the asset management process and the needs of today’s real estate operators. “As owners ourselves, we are acutely aware of the capital challenges today’s macroeco- nomic environment brings to owners and developers,” said Denholtz. “We are proud to introduce our bespoke rescue capital solutions to the com- mercial real estate community to help companies find success in a difficult market.” According to J.P. Morgan Private Bank , nearly $1.5 tril- lion of commercial real estate debt is due to mature within the next two years. Despite the growing need for financing solu - tions, the Mortgage Bankers Association anticipates a 38% decline in commercial and mul- tifamily mortgage borrowing and lending in 2023 compared to 2022. Consequently, there will be an exponential increase in the need for preferred equity and mezzanine debt to bridge the current challenges facing property owners. Cassidy added, “The financ - ing gap has been driven by a multitude of factors including interest rate hikes and several high-profile commercial bank -

GLOBAL ENGINEERING & INTEGRATED DESIGN SERVICES

Creating flexible spaces that inspire people as they live, learn, work, heal, and explore

POWERING HUMAN POTENTIAL

Mid-Atlantic Region Baltimore, MD Hamilton, NJ Philadelphia, PA Richmond, VA Washington, D.C.

akfgroup.com

Featured Project: Thomas Jefferson Unviersity Jefferson Center, Corporate Service Consolidation

4A — December 2023 — M id A tlantic Real Estate Journal

www.marej.com

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

Festive Holiday Lunch

EVENTS SCHEDULE

—OFFICERS— President: Cindy Fleming Jones Lang LaSalle Vice President: Barton L. Mackey, Jr. Patterson-Woods Associates Secretary: Daniel Wham DSM Commercial Real Estate Co-Treasurers: Robert Stenta Chatham Financial Michael Hahn 44 Business Capital *Board of Directors *as of 7/1/23* —DIRECTORS— Past President: Jay L. White , MAI, CRE® Apex Realty Advisory Program Co-Chair: Lorraine Sheldon NAI Emory Hill

Jan. 10 (Wed., 11:30-1:30) Membership Lunch & Cont. Ed. Networking Lunch & Presentation Topic: History & Transformation of the Hockessin Colored School Speakers: Dr. David Wilk, Temple Fox School of Business; former student Sonny Knott & others involved with the extraordinary redevelopment efforts hat saved this historic school from demo. Location: DuPont Country Club, Wilmington, DE

Register online: circdelaware.org goto Event pages CONTINUING EDUCATION REGISTER TODAY for Upcoming Classes Frederick Academy of Real Estate Instructors: Andrew Taylor, Esq. & Duncan Patterson, CCIM Jan. 10, 2024 (Wed.) 8:30 - Agency & Fair Housing - DE Mod 1 , PA Fair Hous- ing-Elec, MD Fair Housing-Req., NJ Fair Housing-Core 1:30 - Legislative Updates - DE Mod 5 , MD Legislative Issues-Req., PA and NJ Real Estate Hot Button Issues-Elec. See complete listing of classes on each 2nd Wednesday from January to April. Accredita- tion for DE/PA/MD/NJ. Register at www.circdelaware.org - Education Welcome New Members

Program Co-Chair: Ryan Kennedy KENNEDY Marketing

—EX-OFFICIO— Business Manager Janet Pippert Landmark Science & Engineering Legislative Lobbyist Saul Ewing Arnstein & Lehr LLP E. Thomas Harvey, IV Harvey Hanna & Associates. Donald Robitzer The Commonwealth Group Benjamin Berger , Esq. Berger McDermott LLP Carmen Facciolo NAI Emory Hill Neil Kilian, SIOR, CCIM NAI Emory Hill Pamela Scott , Esq. Claymont Rennaissance Dev. Corp. Economic Development Liaisons Joseph Zilcosky, Del. Becky Harrington, DPP contact us (302) 633-1705 Janet@circdelaware.org www.circdelaware.org C. Scott Kidner C. S. Kidner & Associates Legislative Affairs Chair Brett Saddler

Always a FUN Meet & Greet

Board of Directors

O wners , D evelopers & M anagers

M id A tlantic Real Estate Journal — December 2023 — 5A

www.marej.com

Ellis Mass Timber Construction Team: IMC Construction, D2 Groups, and O'Donnell & Naccarato Equus Capital Partners tops out on Philadelphia region’s first mass timber commercial office building

HI-LIGHTS DECEMBER 2023 celebrated the final phase of construction on Ellis Preserve, a 218-acre master planned mixed- use live, work, play community located in Newtown Square. The last phase of development includes The Village, a retail, dining, and lifestyle destination anchored by the AC Marriott Hotel and Ellis Mass Timber, the Philadelphia region’s first mass timber commercial real estate building. Ellis Preserve is a mixed- N EWTOWN SQUARE , PA — Equus Capi - tal Partners, Ltd.

chitecture, walkable outdoor trails, and unparalleled corpo- rate amenities. Ellis Preserve is owned by Equus affiliates and has been in various phases of development since 2004. Ellis Mass Timber Nestled within the core of The Village at Ellis Preserve, Ellis Mass Timber is a five- story, 105,000 s/f commercial office space focused on sustain - able practices. Mass timber is a naturally renewable and energy efficient alternative to traditional steel and concrete construction, reducing carbon emissions while storing carbon within the structure. In addi- tion, the materials’ prefabri- cated panels and lighter weight reduce shipping and labor costs when compared to traditional construction methods. At Ellis Mass Timber, the process from groundbreaking to topping out took just 11 weeks. Regionally, Equus Capital Partners is the first and only company that is actively applying mass timber in commercial real estate. Equus Capital Partners be- lieves that Mass Timber is the future — not only for office

space but for its tremendous applications in residential, medical, industrial and hos- pitality uses,” said Spaeder. “The engineered wood product offers a myriad of benefits – it is environmentally sustainable, visually and sensorially attrac- tive, and ESG friendly.” The Ellis Mass Timber con- struction team is comprised of IMC Construction (contrac- tor), D2 Groups (architect) and O'Donnell & Naccarato (structural engineer). The AC Marriott Hotel and The Ivy Conference Center are currently under construction as well. The Marriott is set to have 140 guest rooms includ - ing multiple suites and meet- ing rooms. The Ivy Conference Center, an 18,000 s/f banquet facility, is the latest offering from the Finley organization and will host its first event in September of 2024. The Village will link all parts of Ellis Preserve in a cohesive network bringing office build - ings, residential neighborhoods, dining, hotel, shopping desti- nations and amenity locations within walking distance. MAREJ first-floor entrance of Galleria Towers to provide a more retail- like atmosphere, Hill Manage- ment Services installed a con- ference room that can accom- modate 24 people and which is available for tenant and non-tenant use. Additionally, a fitness center with TechnoGym technology has been added for tenants to utilize 24/7. “This recent leasing activ- ity validates our ongoing in- vestment in Galleria Towers and we remain committed to providing best-in-class real es- tate environments throughout our portfolio,” said Danielle Beyrodt , VP and COO of Hill Management Services. “These investments are driven by pro- viding comfort and high-quality office space to our tenants, but we also want them to be proud of and motivated by their office space.” MAREJ

Proper winter parking garage maintenance controls costs and prevents long-term disruption

Equus celebrated the final phase of construction on Ellis Preserve.

use campus that blends the region’s premier office, retail,

residential and community offerings with historical ar-

Hill Management Services sparks leasing surge at Galleria Towers with three new company leases

BALTIMORE, MD — Konare Law and Peak Man - agement, LLC recently signed leases with Hill Management Services, Inc. for new space at Galleria Towers and HWK Law Group, LLC and sister com- pany, Lawyers Express Title, LLC expanded their presence within the eight-story building located in the Lutherville sec- tion of Baltimore County. The cumulative leasing ac- tivity, which totaled nearly 17,000 s/f of space, follows the execution of Hill Manage- ment’s $3 million property enhancement program at the building. Ashley Zito , senior leasing manager and Danielle Bridge, leasing manager for Hill Management Services, Inc. represented the landlord in all three leasing transactions. “The availability of free park- ing and a large surface parking

Peter Mamola 9A

McAlpine & H2M finish structural work and building enclosure

Galleria Towers

lot was a significant consider - ation in our decision to move here,” added HWK and LET partner Nicole Hewitt . “The ability to walk to restaurants, an amazing on-site deli and

our Pilates classes are addi- tional bonuses. We spend a lot of time in the office so having a few walkable luxuries is a nice treat.” In addition to updating the

13A

www.marej.com

6A — December 2023 — Owners, Developers & Managers — M id A tlantic Real Estate Journal

www.marej.com

O wners , D evelopers & M anagers

Hutchinson unleashes substantial energy savings in Moorestown, NJ Optimizing Energy Efficiency for a clinical packaging powerhouse: Xerimis chooses direct install

I n the fast-paced world of pharmaceutical and biotech industries, where cutting-edge innovations and life-saving medications are developed, every detail mat- ters. Xerimis, a privately held, specialized company providing customized clinical packaging services on a global basis, of- fers storage of clinical supplies under qualified, temperature controlled conditions for clini- cal trials. For many years, Xerimis has relied on Hutchinson, a leading energy and me- chanical service contractor, to

handle HVAC services such as preventive maintenance and emergency service repairs for its U.S. headquarters located in Moorestown, NJ. The 64,000 s/f facility houses controlled and secured warehousing and storage, along with a host of packaging rooms, inspection areas and more. “It’s essential for us to have a reliable, efficient HVAC system to ensure proper tem- perature control for drug prod- uct storage as we’re required to maintain a certain tem- perature range,” said Marty Sockwell, director of quality

assurance, validation, Xerimis. Sockwell notes that Hutchin- son handled HVAC repair work for the 20+ year-old units but over time it became appar- ent that it would be more cost effective to replace the units with high-efficiency units and reap energy saving opportuni- ties in the future. After assessing the 36 roof- top units, ranging from 3 to 7.5 tons each, Hutchinson identi- fied 22 units that qualified for the PSE&G Direct Install Program which is designed to deliver comprehensive, cost- effective energy efficiency

equipment for eligible business customers, with 12-month individual facility electricity average peak demand usage of less than 200kW. As an authorized Direct In- stall contractor, Hutchinson replaced the inefficient units with high-efficiency rooftop units with a SEER rating of 14 or more, and also installed dual enthalpy economizers and Demand Control Ven- tilation to maximize energy efficiency/savings. Through Direct Install, the total project cost was $609,000. Xerimis received

an incentive of $487,000 and only paid $122,000 for the up- graded HVAC units. Xerimis also took advantage of the PSE&G on bill financing for 5 years at 0% interest. “Because of the Direct In- stall subsidy, it was clear that we needed to jump on this opportunity and replace the HVAC units for cost-effective energy efficiency savings,” said Sockwell. MAREJ Thalhimer inks sale downtown Richmond apt. portfolio Cushman & Wakefield |

OUR CUSTOMERS SAVED BIG WITH DIRECT INSTALL. YOU CAN TOO!

“Because of the Direct Install subsidy, it was clear that we needed to jump on this opportunity and replace the HVAC units for cost-effective energy efficiency savings.” – Marty Sockwell Director of Quality Assurance, Validation Xerimis

The Bowers Building RICHMOND, VA — Cush - man & Wakefield | Thalhim - er’s Capital Markets Group has represented the seller, 1206 Shockoe Lane LLC, in the sale of a two-building, adaptive reuse mixed-use portfolio con- sisting of 30 apartment units and 12,000 s/f of ground-floor office space located within Richmond’s historic Shockoe Slip submarket. Thalhimer Realty Partners acquired the portfolio for $6,175,000 on November 14, 2023. The transaction was completed by Bo McKown of Cushman & Wakefield | Thalhimer’s Capital Mar- kets Group. Jim Ashby , also with Thalhimer, provided market leasing expertise during the sale. The Bowers Building, lo- cated at 104 Shockoe Slip, was originally built in 1880 as the HQ for a national coffee and tea manufacturer and was redeveloped in 1977 by the seller with 16 apartment units over ground-floor commercial spaces. MAREJ

Turn to Hutchinson, the region’s leader in energy services. As an authorized utilities trade ally for the Direct Install program , we can replace inefficient HVAC and lighting equipment for small to medium sized C & I existing facilities. Our turn-key approach includes a free onsite energy audit and recommended money-saving energy efficiency upgrades. n Generous incentives and 0% on bill financing n Turn-key process with quick project turnaround time n HVAC, Lighting and Automated Climate Control Upgrades

Contact a Hutchinson energy specialist today!

888-777-4501 • HUTCHBIZ.com Serving the Greater Tri-State Region, including South Jersey, Central Jersey, Philadelphia and its suburbs and Northern Delaware.

M id A tlantic Real Estate Journal — Owners, Developers & Managers — December 2023 — 7A

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.

8A — December 2023 — Owners, Developers & Managers — M id A tlantic Real Estate Journal

www.marej.com

O wners , D evelopers & M anagers

IOREBA Gathers for Annual Holiday Party Meet the new IOREBA president Ryan Tiger

R yan Tiger is the new president of IOREBA and he’s been serving

his first term at the helm after having served as VP last year. His goals include a new mem - ber push and expanding the benefits that come

Ryan Tiger

with joining IOREBA including educational opportunities and unique networking events. In- deed, IOREBA members stay at the forefront of innovation and

IOREBA leadership team (front row) from right to left - Vice President Kurt Kalafsky, Secretary Lorenzo Lambiase; President Ryan Tiger and Treasurer Bree Manchanda with executive committee members.

IOREBA Holiday party at The Highlawn.

information in the industrial and office real estate industry. “We tell prospective members that if they are looking to align themselves with one of the region’s most beneficial CRE networks then IOREBA is right for them,” said Ryan. A Note From the presi- dent: It has been an honor to serve as the president of IOREBA for the past several months. With a great leader - ship team behind me, we have already accomplished so much. The events are what convinced me to join IOREBA back when I started in the industry in 2011, and our members and events are still the backbone of the organization. Facetime with developers, brokers, pro- fessionals, and vendors is most important in our industry, and my mantra as president is to try and bring as many people together as often as possible in a variety of ways. We just had a blast at our annual holiday party at The Highlawn. Our largest attended event is De- veloper’s Night in March, and we sprinkle smaller events between our annual draws. The Port Authority provided an excellent presentation in Octo- ber about the operation of the ports, and we also have an axe throwing event scheduled for January. More than just events, we’ve provided continuing edu- cation opportunities, a variety of informational resources, and an up to date database of service providers. The best way to conduct business is to stay in front of people, and IOREBA provides a fun, effortless way to see old faces and meet new. IOREBA (The Industrial and Office Real Estate Brokers As - sociation) has long been known as one of the nation’s largest regional organizations in the United States. MAREJ

FUTURE -PROOF! HACKER -PROOF! DISASTER -PROOF! SECURE YOUR COMPANY TO THRIVE IN THE NEW DIGITAL ECONOMY.

(973) 575-4950 ibsre.com

M id A tlantic Real Estate Journal — Owners, Developers & Managers — December 2023 — 9A

www.marej.com

O wners , D evelopers & M anagers

By Peter Mamola, PE, ECS Mid-Atlantic Proper winter parking garage maintenance controls costs and prevents long-term disruption

A dequate maintenance of parking garages dur- ing the winter season

calcium magnesium acetate or sodium acetate are preferred over traditional salts to mini- mize the corrosive effects salts have on concrete and steel. Routine inspections can assess the effectiveness of existing snow removal plans, helping property managers identify areas for improvement. Cleaning Steel corrosion is an unin- tended result of road salts to melt snow and ice. Even steel embedded in concrete (reinforc- ing steel) is susceptible to cor- rosion when salted regularly. Routine inspections should include checks for corrosion

on exposed steel and concrete surfaces. Regularly cleaning garage floors and drainage sys - tems is essential to remove salt residues, reducing the potential for corrosion and prolonging the lifespan of the structure. Drainage Proper drainage is crucial to prevent water accumulation and ice formation. Clearing drains of debris ensures that melted, salty snow has a clear path to flow away, reducing the time water accumulation and salts have to damage garage surfaces. Lighting Adequate lighting is impera-

tive to ensure safety during dark, winter months. Routine inspection of lighting fixtures can identify issues such as burnt-out bulbs or malfunction- ing components. Consider up- grading to energy-efficient LED lighting for cost savings and improved visibility throughout the garage. Effective communication Communicating regularly with garage users is a pre- ventive measure that can contribute to a smoother win- ter-maintenance process. Con- sistently providing updates on maintenance schedules, potential closures and safety

guidelines can manage user expectations and reduce the likelihood of accidents within the parking facility. By conducting structural inspections, cleaning surfaces of snow and ice, ensuring the drains and drainage systems remain unobstructed, ensur- ing the structure is properly lit and communicating with garage users collectively con- tribute to a safe, functional and resilient parking environ- ment during the challenging months of winter. Peter Mamola, PE is facili- ties project manager at ECS Mid-Atlantic, LLC. MAREJ

demands a careful and thorough ap- proach for the safety of peo- ple accessing the garage and the life expectancy of the struc- ture. Engag-

Peter Mamola

ing with a structural engineer to conduct yearly or sometimes semiannual inspections is a low-cost, efficient way to reduce and potentially prevent major and expensive repairs. For example, extreme tem- perature fluctuations lead to the expansion and contraction of the garage structure as it goes through freeze and thaw cycles, potentially causing cracks, spalls, surface delami- nation or other deterioration of the building materials. Struc- tural engineers are qualified to identify and recommend re- pairs. When these minor issues are identified early, repairs are lower cost, less extensive and result in minimal disruption for garage users. In addition to annual inspec- tions, regular maintenance can help ensure user safety in win- ter and support the longevity of the parking structure. Snow and Ice Removal Utilize snowplows for effi- cient snow removal and apply concrete-friendly de-icing salts to prevent the formation of icy surfaces. Options such as Enterprise Community Dev. closes on Magnolia Gardens BALTIMORE, MD — En- terprise Community De- velopment, Inc. has closed on financing for Magnolia Gardens, the first non-age restricted 9% Low Income Housing Tax Credit (LIHTC) development to be built in Charles County. Once com- plete, Magnolia Gardens will feature 72 new apartments in La Plata and will repre - sent the first development in Charles County for Enterprise Community Development. Architecture by Design is the project architect; Harkins Builders serves as the gen- eral contractor; and Lorenzi, Dodds & Gunnill is the civil engineer. MAREJ

WHAT WE DO:

STRUCTURAL FORENSICS BUILDING ENVELOPE

CONSULTING THIRD PARTY

INSPECTION PROGRAM PROPERTY CONDITION ASSESSMENTS ECSFACILITIES@ECSLIMITED.COM

ECS MID-ATLANTIC ecslimited.com

GEOTECHNICAL | CONSTRUTION MATERIALS | ENVIRONMENTAL | FACILITIES

10A — December 2023 — Owners, Developers & Managers — M id A tlantic Real Estate Journal

www.marej.com

O wners , D evelopers & M anagers

The high-performance design includes a targeted, customized solar strategy LEO A DALY’s Thurgood Marshall Hall recognized for design innovation

O ut of thousands of sub- missions from more than 45 countries, Uni- versity of Maryland Thurgood Marshall Hall earns outstand- ing built project in the Institu- tional category of the Global Architecture & Design Awards 2023 (GADA). Spanning archi - tecture, landscaping, urban and interior design, selected entries are carefully evalu- ated by an international jury panel composed of established scholars, esteemed profession- als, prominent press members, creative design professionals, and experienced entrepreneurs.

University of Maryland Thurgood Marshall Hall

“Working with the University of Maryland to create this state- of-the-art environment for pub- lic policy education and the world’s first Do Good Institute has been an incredible journey and achievement for everyone,” said Leo A Daly principal-in- charge Rauzia Ally . “We are extremely honored and proud to be recognized for the powerful democratic design of Thurgood Marshall Hall.” As a building dedicated to democratic thought, visibility and transparency were meta- phors necessary to infuse into the design. “These ideals be- came organizing principles from every element of the inte- rior program and exterior ex- pression,” shared global design principal Irena Savakova . “Activity and discourse are on display everywhere in the building and we integrated sound privacy while high- lighting visual connectivity.” The jewel piece of the de- sign concept is the delibera- tive chamber, an oval-shaped learning environment created for UN-style debate. The cham- ber was formally identified as a signature organizing ele- ment of the program, and as such it is placed as a floating, sculptural element within the transparent glass box of the East building entry. In this way, it becomes an object of curiosity and inspiration that can gather attention from all arrival pathways and energize the Gateway Plaza of the Col- lege Park university campus. The high-performance de- sign of Thurgood Marshall Hall includes a targeted, cus- tomized solar strategy. Loca - tion specific encapsulated translucent fins and shading trellises coincide with the solar cycle, maximizing sunlight, framing unique views and minimizing energy use. MAREJ

Hudson Atlantic Realty Advisors A Commercial Real Estate Brokerage Company

Investment Sales Specialists

Cutting Edge Market Intelligence

Unparalleled Deal Making Skills

Adam Zweibel

Jeffrey Otteau

hudsonatlantic.com

732-374-9244

You only get to sell your property once, so choosing the right brokerage team matters

M id A tlantic Real Estate Journal — Owners, Developers & Managers — December 2023 — 11A

www.marej.com

O wners , D evelopers & M anagers

Waldorf Station will be located at the gateway to Charles County, MD Greenberg Gibbons forms JV with MCB Real Estate to develop $100M multifamily community B ALTIMORE, MD — Greenberg Gibbons announced that it has tering inclusive communities, 10% of the apartments have been reserved as affordable housing units.

moniously blends market-rate and affordable housing options, contributing to smart growth strategies in Charles County.” Greenberg Gibbons is the master developer of Waldorf Station, a 150-acre mixed-use development located at the in- tersection of US Routes 301 and 5. Beyond the 302 apartments currently under construction, the developer is planning for an additional 496 residential units in the future. The mixed- use destination will also feature 450,000 s/f of retail and com- mercial space, including offices and a hotel. MAREJ

formed a 50-50 joint venture partnership with MCB Real Estate to build a $100 mil- lion, 302-unit class A apart- ment community within its Waldorf Station mixed-use development at the gateway to Charles County. Construc- tion began this November and is expected to be completed in the fall of 2025. The class A apartment com- munity at Waldorf Station will offer top-of-the-line ameni- ties including a resort-style pool, expansive clubhouse, co-working and social engage- ment lounge, fitness facilities, vehicle charging stations, and a dog park and pet spa. The apartments will offer many sustainable features, including solar panels, water- efficient features, Energy Star appliances, and Wi-Fi enabled thermostats. To continue fos- The Enclave at Dewy Meadows in Basking Ridge 100% leased BASKING RIDGE, NJ — The Enclave at Dewy Mead - ows, a collection of 198 luxury rental residences and loft-style apartments in Basking Ridge, has reached 100% leased, ac- cording to developer Garden Communities . The milestone comes less than 12 months following delivery of the final building at the upscale Somer- set County community. “The quick lease-up of The Enclave at Dewy Meadows exceeded our expectations but certainly comes as no surprise,” said Joe Korn , developer. “As demand for high-quality, suburban multi- family product continues, this one-of-a-kind community was perfectly positioned to attract renters at all stages of life in search of a convenient and amenity-rich lifestyle.” Located at 405 and 407 King George Rd., the com- munity features a mix of one- , two- and three-bedroom layouts and loft-style rental residences. Residents at The Enclave at Dewy Meadows enjoy a state- of-the-art fitness center, two distinct lounges with kitchen areas, a card room, business center and children’s play- room. MAREJ

“This project enhances our commitment to sustainable, mixed-use, mixed-income, mul- tifamily developments, and we're excited to collaborate once again with our trusted partners at Greenberg Gib- bons,” said Daniel Rigaux , vice president and head of mul- tifamily and hospitality devel- opment for MCB. “Located in the heart of a rapidly growing market, we are eager to create a vibrant community that har-

Waldorf Station rendering

QUALITY COMMITMENT PERFORMANCE

Geotechnical Design & Analy

nvironmental Site Assessments and

www.earthengineering.com Corporate Headquarters: 610-277-0880 Lehigh Valley: 610-967-4540 Central PA: 717-697-5701 South Jersey: 856-768-1001

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

www.marej.com

O wners , D evelopers & M anagers Blue Foundry Bank, Kessler Rehabilitation now open at The Nell in Dunellen Prism introduces newly completed retail building, designed by Spiezle Architectural Group D UNELLEN, NJ — Blue Foundry Bank and Kessler Reha- interpretations of vintage tran - sit-themed elements including peaked roofs, contrasting trim and signage.

and business banking with the convenience of drive-through service. Kessler Rehabilitation Center (2,870 s/f) provides oc - cupational and hand therapy, sports medicine, workplace injury treatment and pre- vention, and specialized rehabilitation services. The Nell’s multifamily com- ponent features 252 highly amenitized, luxury one- and two-bedroom residences; the apartments are 100% leased. The property also includes 130 for-sale townhomes de - veloped by K. Hovnanian Companies . MAREJ DIG tapped for Ewing Community Center rebuild & restoration project EWING TOWNSHIP, NJ — In the early morning hours of Sept. 30, 2022, a five-alarm fire broke out on Lower Ferry Rd. in Ewing Township. Sev - eral hours later, when the fire had been contained and extin- guished, it was clear that the Ewing Senior and Community Center (ESCC) had suffered tremendous damage – and this important community resource was rendered unsafe and closed indefinitely. Once known as the Trenton Jewish Community Center and Day Camp, the ESCC property is a notable resource on both the National Register of Historic Places and the New Jersey Register of Historic Places. Originally constructed in 1955, the property also in - cludes a historic bath house that sits on the same parcel of land. When it came time to award the bid, DIG was named Archi - tect of Record – an acknowl - edgement of the firm’s per - formance on the construction office project; its recognition by the American Institute of Ar - chitects-New Jersey Chapter as 2022 Firm of the Year; and Myers’ strong connection to the community and personal volunteer efforts to redesign the basketball courts at Moody Park in the township. Shortly after earning the bid to rebuild the ESCC, DIG was also asked to assist in the restoration of the historic bath house, an award that would immediately connect the firm to the architectural community and architectural historians on an international level. MAREJ

bilitation Center opened their doors this fall at The Nell, Prism Capital Partners’ mixed-use, transit-orient- ed community in downtown Dunellen. Prism recently put the finishing touches on the property’s 9,300 s/f, free- standing retail building at 100 South Washington Ave. Designed by Spiezle Archi- tectural Group , the retail building sits directly across from the Dunellen Train Sta- tion. It incorporates modern

“The Nell was carefully de- signed to complement its neigh - borhood, and the retail compo- nent was planned to serve the entire Dunellen community,” said Robert Fourniadis , Prism’s senior vice president, residential. “We are thrilled to welcome these two well- respected brands, both of which provide essential services.” The Dunellen branch of New Jersey-based Blue Foundry Bank (2,757 s/f) offers personal

The Nell retail

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

www.marej.com

O wners , D evelopers & M anagers

M&T Bank provides $34.8 million construction loan for Braemar at Montebello FilBen Group, RSF Partners, McAlpine, and H2M finish structural work and building enclosure

M ONTEBELLO, NY — Owner/developer FilBen Group , eq- uity partner RSF Partners , general contractor McAlpine Contracting , and designer H2M Architects + Engineers reached a major milestone of completing the structural sys- tem and building enclosure, or “envelope,” for Braemar at Montebello. Upon completion in 2024, the Braemar property will be a 200-resident, four- level, 133,675 s/f, luxury as- sisted living residence located on 6.2 bucolic Lower Hudson Valley acres at 250 Lafayette Ave. in Montebello. “Today we celebrate an important construction mile- stone for the new Braemar Montebello community. We expect senior residents of Rockland County, the Lower Hudson Valley, as well as the greater New York area and northern New Jersey, to be attracted to the active lifestyle and luxurious amenities that this community will offer. The property will open to residents next year,” said Richard Filaski , managing director of FilBen Group. The property is close to Har- riman State Park in Rockland County and offers breathtaking views of adjacent woods, large private properties, meadows, and rolling hills. The parcel is adjacent to a larger site that includes the Montebello com- mercial center, which will offer Braemar’s residents access to retail, entertainment, dining, and medical services within close proximity of their home. The owner/developer is a partnership between FilBen Group and RSF Partners, a private equity firm based in Dallas, TX. M&T Bank pro- vided a $34.8 million construc- tion loan. The development will receive sales tax exemp- tion of up to $1,976,809 for state and local sales taxes as well as a mortgage recording exemption in the amount of $360,055.50. The development site is long, narrow, and sloped, which created design challenges as well. “The building footprint is elongated and fairly shallow to match the property configura - tion,” shared Mark McKee, AIA , H2M senior architect. “Large areas of glazing will draw natural light into all of the interiors and will offer grander views than those typi- cal available in other senior

include site engineer Booker Engineering, landscape de- signer Robert G. Torgersen, LA ; mechanical/electrical/ plumbing (MEP) engineer Fellenzer Engineering LLP ; and structural engineer Mulhern+Kulp Residential Structural Engineering . “This $54 million project will add a beautiful, high quality senior care resi- dence for the Montebello and Rockland County commu- nities,” said McAlpine VP John Nolan . "Because of the location of the building on a sloping site, which will

offer breathtaking views to the residents, the project presented several technical and logistical challenges to the construction and de- sign team. For example, construction of foundations and the structural system had to proceed in a phased, staggered manner to ac- celerate the schedule, while addressing access and site engineering complexities,” he added. The total development cost of the project is $54 million, including $36 million in con- struction cost. MAREJ

Braemar Montebello by McAlpine structure

residences.” H2M designed the Braemer Wallkill property and is currently working with

FilBen on the design of the Carmel development. Additional team members

YOUR LIABILITY INSURANCE UNQUESTIONABLY HAS A POLLUTION EXCLUSION That means no protection against direct and indirect liability losses, and property devaluation, caused by mold, bacteria, legionnaires disease, oil spillage, lead, and many more pollution-related claims. E. B. Cohen Insurance and Risk Management has solutions and coverages to fill this gap in your security.

GET A FREE RISK SURVEY AND NO OBLIGATION CONSULTATION TODAY

Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52 Page 53 Page 54 Page 55 Page 56 Page 57 Page 58 Page 59 Page 60 Page 61 Page 62 Page 63 Page 64

Made with FlippingBook Digital Publishing Software