- DC

E Saltzman &Knowles of Lee & Associates serve as tenant representatives Duke Realty leases 628,475 s/f whse. and begins construction on 1,015,740 s/f spec bldg.

ISSUE HIGHLIGHTS Volume 29 Issue 17 Sept. 15 - 28, 2017


customer had outgrown their existing space in the Lehigh Valley, but wanted to remain in the market to effectively service their clients throughout the Northeast. 33 Logistics Center 1611 was an ideal build- ing for them because it gave them the additional space they need, plus keeps them in a lo- cation that is strategic to their operations.” Matt Bremner and Cait English with Duke Realty and its listing agents Bill Wolf and Sean Bleiler , both with CBRE , represented Duke Realty in the transaction. Construction on 33 Logistics Park 1620 has begun, with delivery scheduled for April 2018. In addition to 36' clear height, the cross-dock build- ing will feature LED lights, 120 fully equipped dock doors, four drive-in doors and park- ing for 245 trailers and 472 automobiles. n

aston, PA — The Pennsylvania office of Duke Realty Corpo- ration (Duke Realty) has leased its recently delivered 628,475 s/f bulk warehouse and started construction of a 1,015,740 s/f spec industrial building in 33 Logistics Park, an industrial development located in Easton, on the east side of the Lehigh Valley just off Rte. 33 at the new four-way diamond interchange at Main St. A national third-party lo- gistics company will occupy 33 Logistics Park 1611, which was delivered in early July. 33 Logistics Park 1620, the new building Duke Realty is con- structing, will be its third in 33 Logistics Park and adjacent to 1611 and a 1.1 million s/f, fully leased bulk warehouse the company delivered in 2016. “We are pleased to welcome


RPC arranges $35m for the re f i nance of The Fairmount at Brewerytown Upcoming Conferences Oct. 6, 2017 NJ Leadership Conference Nov. 9, 2017 New Jersey Capital Philadelphia Office & Industrial Real Estate Summit For speaking and sponsorship information, please contact: Lea at 781-740-2900 or lea.christman@marejournal.com 5A Markets Summit Nov. 10, 2017

1611 (628,475) in the foreground and 1620 (1,015,740) under construction

our new tenant to 33 Logis- tics Park 1611 and excited to start another building in this dynamic distribution park,” said Jeff Palmquist , senior vice president of Duke Realty’s Northeast Region. “With the quick lease-up of both of our bulk warehouses in 33 Logis- tics Park and ongoing demand

for distribution space in the Lehigh Valley, we wanted to be sure that we are well-posi- tioned to offer move-in ready, first-class space to companies with immediate space needs.” Tenant representatives Dave Saltzman and Brian Knowles with Lee & As- sociates said, “Our tenant’s

Greysteel arranges the sale of a Capitol Hill, DCmultifamily community portfolio for $34m

Washington, DC — Greysteel has arranged the sale of a two multifamily com-

munity port- folio located i n Ca p i t o l Hill, Wash- ington, DC. The trans- actions were brokered by G r e y s t e e l p r e s i d e n t

W. Kyle Tangney


Upcoming Spotlights NJ’s Governors Conference on Housing & Economic Development Fall Preview INSURANCE/TITLE Financial Digest................................................5-16A DelMarVa.......................................................17-19A New Jersey................................................. Section B Pennsylvania.............................................. Section C

Capitol Hill, Washington, DC portfolio of Capitol East Apartments, a 120-unit multifamily commu- nity located at 518 9th St., NE and 816 E St., NE, and Lex- ington Apartments, a 48-unit multifamily community located just blocks away at 1114 F St. NE, Washington, D.C. The Properties are situated in the renowned Capitol Hill neighborhood of Washington, DC just south of the booming H St. corridor. They are ideally

positioned within easy walking distance of the U.S. Capitol, the Library of Congress, House and Senate Office Buildings, and a wealth of shopping, dining, grocery, and nightlife amenities along H St. “Both Captiol East and Lex- ington Apartments presented an outstanding value-add op- portunity in Capitol Hill, one of the most sought-after addresses in the District,” said Tangney. n

and CEO Ari Firoozabadi ; managing director W. Kyle Tangney ; director Rawles Wilcox ; and investment asso- ciate Herbert Schwat of the firm’s Washington, D.C. office who served as advisor and agent. The properties sold from Pennsylvania based Wexford Management to international multifamily operator Akelius Residential for $34 million. The portfolio was comprised


Inside Cover A — September 15 - 28, 2017 — M id A tlantic

Real Estate Journal



MILL COMMONS APARTMENTS 1 MILLERS WAY SIMSBURY, CONNECTICUT 88 residential units The undersigned arranged the above acquisition financing.

622 Third Avenue New York, NY 10017 (212) 986-8400 Fax: (212) 983-0512 www.cooper-horowitz.com

Real Estate Financing

Real Estate Journal — September 15 - 28, 2017 — 1A


M id A tlantic

Meet our Speakers

Brian Stolar The Pinnacle Companies

Steven Denholtz Denholtz Associates

Michael Goldstein The KABR Group, LLC

Ronald M. Shapiro Rutgers Business School

Ryan Severino JLL

Contact: Linda Christman at LChristman@marejournal.com | 781.740.2900

7:30 am Registration, Breakfast and Networking

10:00 am Networking and Coffee Break • Attendees will have opportunities to gain access to NJ’s key industry leaders while ob- taining first-hand knowledge from seasoned experts in real estate 10:15 am Panel Discussion: Dynamic Developers in New Jersey

8:30 am Welcome and Opening Comments 8:40 am The State of New Jersey’s Commercial Real Estate Market: Analysis and Trends in the Multi-Family, Office, Retail and Industrial Markets

2A — September 15 - 28, 2017 — M id A tlantic

Real Estate Journal


Successful Real Estate Development Company SEEKING

Mid Atlantic Real Estate Journal

Mid Atlantic R eal E state J ournal Publisher, Conference Producer ...................................... Linda Christman Associate Publisher ................................................................ Steve Kelley Associate Publisher ...................................................................Kim Brunet AVP, Conference Producer . ................................................. Lea Christman Senior Editor/Graphic Artist .................................................Karen Vachon Office Manager ......................................................................Miriam Buttrick Contributing Columnists ............Matt Cabrey; Charles J. Caramanna, PE, LEED AP, CCP, CPMP; Elizabeth Schamberger, P.G. Mid Atlantic R eal E state J ournal — Published Semi-Monthly Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, 350 Lincoln St., Suite 1105 Hingham, MA 02043 USPS #22-358 | Vol. 29 Issue 17 Subscription rates: $99 - one year, $148 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion 781-740-2900 | Fax: 781-740-2929 www.marejournal.com The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal



COMPETITIVE COMPENSATION PACKAGE BENEFITS CONVENIENT SUBURBAN PHILADELPHIA LOCATION in retail leasing, including knowledge of lease terminology and deal structures, in addition to outstanding negotiating and closing skills. This position is at the VP level in the company and is responsible for identifying, developing, building and maintaining relationships with potential tenants. This position is also responsible for communicating and coordinating with several departments to ensure terms and documentations are arranged and properly executed. This role requires at least five years of experience

Caroline Shelly, CID, LEED AP

Minimizing the Effects of Internal Politics on Facility Planning Projects I nternal politics or work- place politics is the process and behavior in human interactions involving power and authority. Regardless of the size of the company, there is always some degree of internal politics to be aware of. Internal politics can have an impact when a firm takes on a facility planning project, regardless of the size. The Facility Manager has the key role in handling the expectations on the project. Valuable strategies to be aware of can help mitigate any esca- lation that could slow or even derail a project: Identify what you are trying to accomplish – when disagreement occurs, it is easy to take it personally and focus on differences. Instead, focus on the business objectives. Discuss the pros and cons to ascertain what is best for the business. Concentrate on your cir- cle of influence – There are times when end-user’s de- mands compete with the di- rection of the project. Instead

For more details and requirements contact Patricia A. Mosesso, President, Morgan Wentworth, LLC 610-783-0900 X22 www.MorganWentworth.com

of being blindsided, focus on things that you can do to influ- ence the situation. Be aware you have op- tions – A customary reaction to politics at work is “eat or be eaten.” It takes more than an instinctive reaction to win in the workplace today. Cre- ating a winning environment requires making conscientious and informed decisions to move a project forward. Avoid taking sides – It is not uncommon to find yourself stuck between two powerful figures with opposing views of a facility project. For instance; one Vice President wants to embrace the new “Google” workplace strategy with open seating, while the other VP is adamant about maintaining a

more conventional seating as- signment. In a case like this, focus on the business objective and do not take sides with ei- ther of them. Facilitate a com- mon communication policy to help open communication chan- nels and facilitate a possible compromise within the space. Keep it professional – Situ- ations may escalate to where the tempers flare, it is best to try and avoid this at all costs. There may be the initial good feeling of a “win” but in the long run, you may have jeopardized a relationship that you may need on your side in the future. Be empathetic, before be- ing understood – Most people feel unjustified because they are misunderstood. With 2 ears continued on page 4A


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Real Estate Journal — September 15 - 28, 2017 — 3A


M id A tlantic

M id A tlantic R eal E state J ournal Include NY/NJ, Phila., Wilmington, Baltimore & DC NKF announces agreement to acquire six IRR offices

Peter Gallicchio Broker/President pgallicchio@remcorealty.net 732-253-0888 ext. 102 370 Campus Dr., Suite #128 Licensed Real Estate Broker

N ew York, NY — Newmark Knight Frank (NKF) is con- tinuing the ground-up con- struction of its Valuation &Ad- visory practice with thoughtful selection of some of the most prominent professionals and practices in the market, with an agreement to acquire the assets of six Integra Realty Resources offices, includ- ing New York/New Jersey, Philadelphia, Wilmington, Baltimore, Washington D.C., and Atlanta. The acquisitions were led by NKF CEO, Barry Gosin and valuation & advi- sory president, John Busi . The acquisitions will mark another pivotal moment for the firm, which has recently announced its agreement to ac- quire leading commercial real estate finance company Berke- ley Point Financial, has made several key hires in its Capital Markets business segment, and continues to concentrate on its near- and long-term future. The IRR offices will augment a rapidly expanding Valuation & Advisory practice group, which has grown signifi- cantly in the past year. “This deal is the centerpiece of a carefully developed strat- egy,” said Busi. “The profes- sionals that will now become part of the NKF platform were founding partners in the IRR franchise, and their names have long been associ- ated with that known brand. After spending our careers as competitors, we now have the opportunity to work side-by- side to build a business that combines all the best elements of the organizations we came from.” With our eastern flank al- most fully in place, together with the great hires we’ve made in Texas, the Midwest and the West, our foundation is well on its way to its com- plete realization. In the next quarter, we will bring online the balance of the other market and specialty practice leaders,” Busi continued. Gosin commented on the announcement, “As we strive to build the most complete commercial real estate offering possible, Valuation &Advisory will continue to be a critical focus. The additional resources and expertise provided by the IRR offices will better enable us to deliver top-notch consult- ing, analysis and resources and afford our clients the best possible financial outcomes.” n

Somerset, NJ 08873 Cell: 732-713-0227 Fax: 732-253-0887


Shown from left: Joe Pasquarella, John Busi, Pat Kerr and Ray Cirz

4A — September 15 - 28, 2017 — M id A tlantic

Real Estate Journal


M id A tlantic R eal E state J ournal Cite Partners represents the lessor

Denholtz Assoc. inks leases with three companies at University Corporate Ctr. in Winter Park, FL W inter Park, FL — Denholtz Asso- ciates , a privately transactions. Cite also repre- sented TradeStar, Inc. in their negotiations. JourneyPure was represented by David Brenner of C. Brenner, Inc. and Jorge Matos of Keller Williams Realty represented Yotta Sky Group, Inc. n

held, fully integrated real estate development, invest- ment and management com- pany, announced office leases with JourneyPure Orlando for 3,264 s/f, TradeStar, Inc. for 2,557 s/f and Yotta Sky Group for 2,550 s/f at 6903- 7129 University Blvd. in the University Corporate Center in Winter Park. The leasing team of Jamie Barati, John Worrell and Katherine Zelman of Cite Partners represented Den- holtz Associates in each of the

MD’s Knott Realty Group acquires 27 acres of land in Fort Myers, Florida

continued from page 2A Minimizing the Effects of Internal Politics on . . . and 1 mouth, it is best to listen twice as hard to someone else’s point of view before speaking. Surprisingly, making the effort to understand someone else’s point of view is a rare trait. By doing this, it helps to set the stage for open communications to arrive at a resolution without escalating to a “he said, she said” provocation. Think Win-Win – Political conflicts happen because of op- posing interests. If the business objective and vision is put first; the Facility Manager can help expedite a Win-Win situation on a project. While it is not always easy dealing with internal politics on a facility planning project, the Facility Manager is in a unique position to help the company put their best foot forward. This includes conceiving, planning and implementing the best workplace strategy that works for the company and how to work with everyone within the organization for a unified outcome. Caroline Shelly is at prin- cipal at HF Planners n Knott Realty Group will ini- tially construct a single-story, 200,000 s/f class A distribu- tion/manufacturing building equipped with 32’ ceiling heights, multiple drive-in and loading dock doors with a truck court depth of approxi- mately 130 feet and parking accommodations for more than 350 vehicles. The build- ing, which will be constructed with reinforced concrete to handle heavy loads, is expect- ed to be delivered in summer 2018. n lative buildings suitable for distribution, manufacturing or warehousing applications, totaling nearly 350,000 s/f of space. Site work is expected to begin immediately on the first of these two projects. Knott Realty Group purchased the site from Meridian Airport Park, LLC with the sales prices undisclosed.

Fort Myers, FL — Knott Realty Group , a full- service commercial real estate development company head- quartered in Baltimore, MD, has announced the acquisi- tion of twenty-seven acres of land adjacent to Southwest Florida International Airport in Fort Myers. The company plans to construct two specu-

University Corporate Center


65 years

Leaders in real estate development, structured investment strategies, and asset management for

F inancial D igest A ppraisal I nstitute

Real Estate Journal — September 15 - 28, 2017 — 5A


M id A tlantic

Newly constructed 161-unit mixed-use apartment complex in Philadelphia, PA Real Property Capital arranges $35 million for the refinance of The Fairmount at Brewerytown P hiladelphia, PA — Real Property Capital Inc. (RPC)

debt service coverage. This lender worked through com- plex issues involving a com- plex and unusual historic tax credit structure as well as open environmental issues and closed the loan without a hitch. No other lender in the market was able to come close to what we accomplished and in fact, many lenders that we spoke with expressed skepti- cism or even outright shock over what we told them was the deal to beat. McSpain’s expectations in terms of loan proceeds and closing speed were exceeded to say the least. RPC is having yet another record year largely due to the team’s unique ability to work collaboratively to over- come just about any obstacle in order to meet our clients’ goals. n and dock-high loading doors in two of the buildings. Pinellas Business Center is situated on 23.23 acres at 1000 112th Circle North in the northern part of St. Petersburg along Roosevelt Blvd. (Rte. 686) with immediate access to I-275 and Gandy Blvd. The HFF team was led by managing director Michael Klein , director Preston Reid and senior managing director Jon Mikula . “Denholtz Associates had numerous leases in play that would stabilize the property prior to closing, but needed a little more time for them to come to fruition,” Klein said. “As a result, HFF was able to secure an interim loan that would provide the borrower with the flexibility it needed to finalize its business plan and address the looming maturity of its existing loan. Marathon excels at loans with strong in-place cash flow and a short closing time frame. They were great to work with and were able to close the loan in ap- proximately 30 days.” n

recently closed a $35 million refinance of a newly con- structed 161-unit mixed-use apartment complex located in the Brewerytown neigh- borhood of Philadelphia. The ten-year loan features full term interest-only at a rate of 5.50%. The loan was under- written at 75% loan-to-value and is nonrecourse. The client, McSpain Prop- erties , was seeking to max out loan proceeds on a refi- nance and to close immediate- ly at stabilization without any seasoning. RPC approached a lender with whom we have a longstanding relationship who was able to offer a full- term interest-only structure enabling the higher proceed level based on interest-only Fredericksburg, VA — Holliday Fenoglio Fowl- er, L.P. (HFF) has arranged $17.5 million in acquisition f i n a n c i n g for a three- b u i l d i n g distribution facility total- ing 487,897 s / f tha t i s fully leased to CVS Caremark Corporation (CVS) in Fredericksburg. HFF, on behalf of the bor- rower, ARCTRUST , placed the 10-year, fixed-rate loan with Kansas City Life Insur- ance Company. The CVS distribution facility is a mission-critical facility, serving as one of the com- pany’s 17 U.S. distribution centers and distributing to 377 CVS stores across Mary- land, North Carolina, Virginia and the District of Columbia. The facility, which was com- pleted in 1985 and expanded in 1995, consists of a main building housing a warehouse Greg Nalbandian

The Fairmount at Brewerytown On behalf of borrower HFF New Jersey places $17.5 million in acquisition financing for 487,897 s/f

half of Denholtz Associates to arrange $11.35 million in interim financing for Pinellas Business Center, a 205,032 s/f light industrial complex in St. Petersburg. HFF worked on behalf of the owner, Denholtz Associates, to place the three-year, floating- rate loan with a fund man- aged by global credit manager Marathon Asset Management, L.P. Loan proceeds will be used to complete the capital improvement and leasing plan instituted by Denholtz Associates. Completed between 1985 and 1986, Pinellas Business Center comprises six one-story buildings leased at closing to a variety of tenants, including IDEXX Reference Labs, NDH, Sensidyne, Symphoni Group, Litewave Media, Pan Medical and Curant Health. The center features floor plates ranging in size from 15,412 to 65,221 s/f, clear heights between 16 and 18 feet, 65 percent office fin- ish, 48 overhead loading doors at the rear of each building

CVS distribution facility

and offices, an aerosol stor- age facility and a truck repair facility. The buildings have 39-foot clear heights and a total of 65 dock-high doors with one drive-in loading dock. Situated on 39.4 acres at 500 Lansdowne Rd., the facility is located in northeast Virginia in the Great Fredericksburg industrial market. The HFF debt placement team representing the seller was led by senior managing director Greg Nalbandian .

“We were able to identify an insurance company that un- derstood the asset and met the client’s objectives by providing a 75-percent max LTV with a 10-year term and 30-year amortization,” Nalbandian said. “Kansas City Life Insur- ance Company also offered prepayment flexibility, which was a critical requirement of the sponsor.” St. Petersburg, FL — Holliday Fenoglio Fowler, L.P. (HFF) has worked on be-

6A — September 15 - 28, 2017 — Appraisal — Financial Digest — M id A tlantic

Real Estate Journal


A ppraisal

Ditio Appraisals Commercial Site Inspections


commercial appraisal provides a compre- hensive look "under

Southwestern Pennsylvania since 2001, is getting ready to change the time and cost

projected launch of October 2017. "Lender responses are extremely positive when the

als. "With this reporting method, savings on the ap- praisal fee will be signifi-

outlay is nominal, and there's no need for complete apprais- al products," said Gelman. "The significant cost reduc- tion and greatly accelerated turn-around time will be a game-changer." Ditio has 13 certified ap- praisers: three of them des- ignated members of the Ap- praisal Institute, two with SRA designations and one with MAI, SRA and AI-RRS designations. Ditio increased its commercial appraisal footprint when Mark Smelt- zer, MAI, SRA, AI-RRS, Ditio's director of operations, received his MAI designation in early 2017. Mark, a na- tionally recognized USPAP expert and Appraisal Insti- tute instructor, has coordi- nated the development of the reporting format to ensure compliance. "[Ditio] appraisers have a wide knowledge and expe- rience based in appraisals and evaluations, as well as extensive review work and site inspection, including appraisers with mortgage maintenance site inspec- tion experience gained as in-house staff appraisers for a regulated lender," said Smeltzer. He added that the three principals of Ditio have over 100 years of combined experience. Gelman credits the Ditio support staff for the firm's ability to quickly handle appraisal challenges. "Our front office staff's advanced and continual training and combined experiences across residential and commercial appraisals allows us to solve many challenges right on the spot. Honestly, we couldn't provide the level of service we have without our support folks." Ditio's full-time support staff is available from 9 to 6, five days a week, said Gel- man. "Our clients know that when a problem or question arises, they will receive a prompt, personal, and profes- sional response." Ditio performs both resi- dential and commercial ap- praisals and appraisal review services. In addition to com- mercial site inspections, Ditio commercial division provides mortgage, tax appeal, asset distribution, condemnation and estate valuations as well as expert testimony in litiga- tion matters. n

the hood" so buyers know what they're really getting into, and the banks that finance them know their clients aren't plunging into a money pit. But when the lender's ex- posure is minimal, both the cost and turn-around time of a commercial appraisal can sometimes be dispropor- tionate. Ditio Appraisals of Pitts- burgh, providing appraisal services in 11 counties in

“Lender responses are extremely positive when the short time factor and lower fees are explained to them,” said Robert Gelman, senior appraiser and director of marketing at Ditio Appraisals

factor for such services. Founder Ronan Jones is developing a proprietary streamlined commercial site inspection report with a

short time factor and lower fees are explained to them, said Robert Gelman, senior appraiser and director of marketing at Ditio Apprais-

cant, as the [commercial site inspection] process takes a matter of days rather than a few weeks." "Sometimes the lender's

Real Estate Journal — Financial Digest — Appraisal — September 15 - 28, 2017 — 7A


M id A tlantic

A ppraisal

By Jay L. White, MAI, CRE, Apex Realty Advisory Delaware Commercial Real Estate Market – Midyear 2017 Update R eal estate fundamen- tals in the First State are strong and healthy ments with 680 units in New- ark selling for $52.5 million in May

in 2017. The NewCastle Coun- ty commercial real estate markets are operating at the following metrics according to CoStar and brokerage sup- plied figures. Of the four property sectors, the retail market seems to be performing the strongest, especially in light of the tu- multuous road landlords have had to endure in terms of store closures (i.e., Best Buy and hhgregg) and bankruptcies (i.e., Radio Shack and Sports Authority). In addition, its net absorption rate is very strong compared to the past three- years. Major trades year-to- date include the following retail centers: • The 46,000 s/f Kirkwood Square in Wilmington selling in January for $6.6 million • The 138,000 s/f Christiana Crossing inWilmington selling for $29.3 million in February • The 18,000 s/f Mariner’s

• The Apartments at Pike Creek with 264 units selling in April for $41 million • The 15-story high rise with 231 units at 1303 Delaware Ave. selling in July for $29.25 million The commercial real estate market in Delaware is healthy and expanding across all sec- tors. Year-to-date transaction activity is robust with many multi-million dollar deals. Lending is competitive but un- derwriting remains disciplined. The outlook for the second half of 2017 is for a continuation of positive momentum, especially as the state transitions from its historical large corporation driven economy to more of growth in technology, health- care and small entrepreneurial businesses. Jay L. White, MAI, CRE is president of Apex Realty Advisory in Wilmington, DE. n

Plaza in Lewes selling in March for $4.7 million In light of its vacancy rate being the highest, local office space is expanding thanks to new corporate head quarter facilities built by CSC Corpo- ration and Incyte Corporation. Good news for this sector is Chemours’ decision to keep its headquarters in 250,000 s/f in downtown Wilmington, but HSBC has announced it will close its Churchman’s Center call center in 2018. Major office building trades so far year-to- date include the following: • The sale leaseback of Astra Zeneca’s North Campus sell- ing in July for a reported $50 million • 802 Delaware Ave. in the

Wilmington CBD selling in May for $34 million • 1007 N. Market St. in the Wilmington CBD selling in April for $32 million The local industrial market fundamentals have improved thanks to the removal of the former Avon manufacturing plant in Newark which is be- ing demolished for a mixed use redevelopment and the 3.2 million s/f former GM Boxwood plant which is under contract to a local developer. Major trades of local industrial buildings so far year-to-date include the following: • The 180,000 s/f indus- trial building at 300 Executive Drive selling for $6.5 million in May

• Forum 2000 and 3000 to- taling 112,800 s/f in Newark selling in June for $5.2 million • 20 Davidson Lane, 148,000 s/f in Wilmington selling in April for $6.7 million The little darling of the com- mercial real estate sector con- tinues to be the multifamily apartment market. New devel- opment is on-going in Wilm- ington, the Riverfront, Bear, Newark, and inMiddletown. A pipeline of about an additional 2,000 units is planned by de- velopers in Wilmington, Bear, Middletown and Dover. Local deals of multifamily assets continue to occur throughout 2017 with several of the larg- est summarized below. • Hunters Crossing Apart-

D elaware

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Jay L. White MAI, CRE® 101 Brandywine Boulevard Wilmington, DE 19803 P: 302-479-5300 F: 302-397-2403 www.apexrealtyadvisory.com

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8A — September 15 - 28, 2017 — Appraisal — Financial Digest — M id A tlantic

Real Estate Journal


A ppraisal By Joseph D. Pasquarella, MAI, CRE, FRICS

Brick and Mortar Retailers Must Embrace Innovation and “the Shopping Experience”

soar to new heights, tra- ditional brick and mortar r e t a i l e r s continue to shrivel and vanish from bustling city s t ree t cor - W

hile e-commerce giants like Ama- zon and Alibaba

that will continue brick and mortar options. Which strategies are brick and mortar stores successfully employing to cater to custom- ers’ evolving preferences? It is our observation that retailers that leverage interactive retail strategies, wisely select their physical site, and take advan- tage of big data by analyzing consumer behavior bear the most successful outcomes. The assimilation of interactive experiences and marketing techniques to entice sampling and other forms of experience are paramount. Selecting the

right retail venue is also cru- cial. Decision matrices are fre- quently utilized to identify the most appropriate locations, whether in a mall/shopping center or freestanding facility. The matrix output could lean toward a grocery anchored center, a more interactive cen- ter with a heavy concentration of restaurants, or locations with prepared food as well as entertainment uses. Another practice of successful retailers is the aggregation of big data to analyze, understand, and cater to customer behavior and preferences.

The Philadelphia retail mar- ket is mirroring these trends as malls like the King of Prus- sia Mall, Moorestown Mall, Cherry Hill Mall and Fashion Outlets of Philadelphia (the former Gallery Mall) demon- strate offerings that are built for “the shopping experience.” The Simon-owned King of Prus- sia Mall recently invested more than $260MM in the expansion of the mall, adding more than 100,000 SF of retail, a customer lounge, and dining choices from Philadelphia’s well-known ce- lebrity chefs in hopes of enhanc- ing its shoppers’ experiences.

Frederick Grubbe Appraisal Institute accepts CEO’s resignation CHICAGO, IL — The Board of Directors of the nation’s larg- est professional association It is not enough for retailers to simply display merchandise when these same products are only a few clicks away on mo- bile devices. Today’s successful brick and mortar retailers are embracing the reality that they must innovate or vacate. Joseph D. Pasquarella, MAI, CRE, FRICS. n Then there is PREIT’s Fashion Outlets of Philadelphia that will also focus on the customer experience. Its strategy involves shifting the tenant mix to in- clude a fusion of outlet retail, traditional mall retail, artisanal food experiences, and exciting entertainment concepts. The Board appointed Ap- praisal Institute 2017 presi- dent Jim Amorin, MAI, SRA, AI-GRS , as the organization’s Acting CEO. Amorin also will continue as president through his one-year term, which ends Dec. 31. The Appraisal Insti- tute will immediately begin a search for a new CEO. “I have enjoyed my tenure at the Appraisal Institute, and I am grateful to have had the op- portunity to work with so many fine people over the years,” Grubbe said in his resignation letter to the AI Board of Direc- tors. “I am proud of what we’ve accomplished, and I wish you nothing but the best in address- ing the many issues you have before you.” The Appraisal Institute Ex- ecutive Committee – consist- ing of Amorin, president-elect James Murrett, MAI, SRA; VP Stephen Wagner, MAI, SRA, AI-GRS; and Immediate past president Scott Robinson, MAI, SRA, AI-GRS – said in a letter to the AI Board of Directors: “Fred dedicated himself to the Appraisal Institute and its members and laid the ground- work for the association’s future. We wish Fred well in his future endeavors.” n of real estate a p p r a i s e r s accepted the resignation of CEO Freder- ick Grubbe, MBA, CAE a f t e r mo r e than 10 years of service.

Joseph Pasquarella

ners. It’s no secret that cur- rent consumer trends favor the speed and convenience of the online shopping experience. However, there are retailers

New Jersey Realty Advisory Group, LLC Commercial Real Estate Appraisals and Consultants

Providing Professional Appraisal Services for over 35 years

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We Provide Appraisals for:  Offices  Industrial  Apartments  Investments  Special Use Properties  Land  Redevelopment Projects  Estates  Litigation Support

Albert F. Chanese, MAI  178 Main Street, Woodbridge, NJ 07095 

www.njrag.com  (732) 853‐0271 

Real Estate Journal — Financial Digest — Appraisal — September 15 - 28, 2017 — 9A


M id A tlantic

A ppraisal

Philadelphia, the birthplace of our nation, is ever changing, ever evolving, and always finding a new edge. Only the best adapt.

Joseph D. Pasquarella, MAI, CRE, FRICS Michael Silverman, MAI, CRE, MRICS John P. Pasquarella, MAI

Your Philadelphia partners for commercial real estate valuation and consulting.

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10A — September 15 - 28, 2017 — Appraisal — Financial Digest — M id A tlantic

Real Estate Journal


A ppraisal Robert Verrone and Robert Vernicek of Iron Hound Management Company broker deal Kushner Companies provides $24.5 million land loan to Somerset Partners on two Mott Haven sites


path to reach its goal of provid- ing $250 million in real estate lending this year, which rep- resents a substantial increase over last year. “We're actively pursuing high-value lending opportu- nities for Kushner Credit Op- portunity Fund, and this deal had all the right ingredients: a great sponsor, development sites with tremendous poten- tial, and a neighborhood expe- riencing a wave of investment and renewed vibrancy," said Laurent Morali , president of Kushner Companies. 9 Bruckner Blvd. is a vacant,

two-story warehouse that will eventually be re-developed into retail space. 2413 Third Avenue, located one block away, is a future develop- ment site that is expected to include retail and residential components. Robert Verrone and Rob- ert Vernicek of Iron Hound Management Company bro- kered the deal. n Lucro announces general availability of Financial Modeling Suite CHICAGO, IL — Lucro , a provider of modern financial modeling solutions for commer- cial real estate investing, an- nounces the public launch of its multifamily product. Immedi- ately available, Lucro’s online platform enables multifamily real estate brokers, developers, and investors to quickly and accurately create, validate and share robust financial models under any investment hypoth- esis, including the purchase of existing assets and ground-up development. Lucro is the first and only complete modeling solution, al- lowing users to analyze income, expenses and capital structure within a single industry-stan- dard platform. Rent rolls and historical operating statements are transformed into working financial models in seconds, automating a once arduous and time-consuming task. Lucro also offers users the ability to effortlessly collaborate with peers in a transparent and easy-to-use application – pro- viding clear visibility into cash flows throughmultiple layers of debt and equity, and the ability to analyze a deal over multiple assumption sets. “In multifamily real estate investment market, the con- versation should be about the assumptions, not the model,” said Brian Axline , founder and CEO, Lucro. “The mar- ket is underserved by current product offerings, relying on Excel as the cornerstone of deal forecasting and sharing. The result is an inefficient, error- prone and fragmented industry modeling methodology. Lucro is able to offer the multifamily industry an extraordinary level of efficiency and automation that will result in organiza- tions getting more deals done faster.” n

EW YORK, NY — Somerset Partners has completed a $24.5

million land loan from Kush- ner Companies , which will help spur the redevelopment of two parcels in the South Bronx neighborhood of Mott Haven – 9 Bruckner Blvd. and 2413 Third Avenue. This marks the latest transaction for Kushner Credit Op- portunity Fund , the lending arm of Kushner Companies. The loan closed on August 29, 2017. This loan keeps Kushner Credit Opportunity Fund on a

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9 Bruckner Blvd.

Commercial • Multifamily • Retail • Industrial 267–314–8635 www.rhappraisals.com PA-NJ-DE

Real Estate Journal — Financial Digest — September 15 - 28, 2017 — 11A


M id A tlantic

F inancial D igest

CHC secures $7.49m for Holiday Inn Express in Ocean City, MD

rownsville , Md — Greystone , a real estate lend- Kessner of Eastern Union Funding reps. borrower AvromForman of Greystone origintates $10.5million loan C to reinvest a portion of the proceeds from the loan into improving the property.

nance of Summerhill Mobile Home Park in Crownsville. The loan was originated by Avrom Forman of Greystone’s New York of- fice with Meir Kessner of Eastern Union Funding representing the borrower in the transaction. The Fannie Mae financ- ing for Summerhill Mobile Home Park includes a 10- year term at a fixed rate with 30-year amortization. The asset is a 121-pad mo- bile home park located 7 miles west of Annapolis. The owner, Art Silber, plans

“Working with senior pro- duction manager, Dan Gil- lard, we were able to secure additional funding above the initial anticipated loan amount, which provides a great deal of flexibility and opportunity for the owner to invest in this property and others,” said Forman, director, Greystone. Greystone is one of the in- dustry leaders in real estate lending, investment, and advisory services. n

ing, invest- men t and a d v i s o r y c omp a n y , announced it has pro- v i d e d a $10.5 mil- l i on Fan- n i e Ma e De l egated

Holiday Inn Express

OceanCity, MD — Cron- heim Hotel Capital (CHC) has arranged cash out financ- ing of $7.49 million for the Holiday Inn Express located in Ocean City. The loan was placed with a national lender and offered a 10-year term and

30-year amortization. With just 18 months of op- erating history, the Sponsors were seeking to cash out as much equity as possible and stabilize the cash flows with permanent, fixed-rate debt for a long-term hold. n

Avrom Forman

Underwriting and Servic- ing (DUS) loan for the refi- Progress Capital Advisors’ Domenico secures financing


40 Clinton St.

NEWARK, NJ — A $3.8 million construction to per- manent loan was arranged by Brad Domenico of Prog- ress Capital Advisors for a valued client to acquire and renovate “The Sandstone Building,” an 8-story historic Newark property built in 1900. The building is located within Newark’s designated ‘Billion Dollar Triangle’, an area an- chored by Newark Penn Sta- tion, the Prudential Center and NJPAC. Formerly the home of Seton Hall Univer- sity Law School, the 21,503 s/f property currently has the United States Postal Service on the ground floor, two floors of office tenants and five floors delivered vacant. Key terms of this loan in- clude: • Construction to Permanent Loan • & nbsp;18 Months Interest Only During Construction Phase • 13 Year Term on Permanent Loan • No Prepayment Penalty or Exit Fee • 75% Loan to Project Cost • Interest Only Rate: WSJP +.625 w/ a floor of 4.375% •Permanent Rate: FHLBNY plus 2.00%. n

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12A — September 15 - 28, 2017 — Southern NJ Appraisal Institute Chapter — M id A tlantic

Real Estate Journal


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

On August 16, Steve Bartelt earned the Appraisal Institute’s prestigious AI-GRS membership designation. This stands for Appraisal Institute – General Review Specialist, a designation held by real estate appraisers who are experienced in general appraisal review. The Appraisal Institute established a professional appraisal review designation program in response to the growing and critically important role that appraisal review plays in risk management and mitigation for many clients/users of appraisal services. The new designation program is aimed at providing professional appraisal reviewers with the knowledge and skills needed to satisfy issues related to due diligence and risk management often requested by their employers and clients. Steve’s dad introduced him to appraisal work in 1982. Since that time he has been involved in the full time practice of real estate appraisal. Steve is a lifelong resident of Southern New Jersey, born in the City of Camden and raised in Haddon Township. He attended Haddon Township High School, class of 1974. He attended Washington and Jefferson College, Washington, Pennsylvania, class of 1978. He did graduate work at Glassboro State College, University of Delaware, College of Marine Studies, Lewes, and Rutgers University, Camden, receiving a master’s degree from Glassboro State College (now Rowan University) in 1986. He earned the SRA in 1988, and the MAI in 1993. His geographical area of operation has always been southern New Jersey. During his professional career he has had occasion to appraise or consult on a wide variety of assignments, as well as, instruct students in appraisal theory and application. Steve currently resides in Sewell, NJ. His 3 children and 9 grandchildren keep him busy in the “off hours”. He also thanks his dad for his lifelong encouragement, his commitment to him and to the appraisal profession. Congratulations Steven Bartelt, MAI, SRA, AI-GRS! Earlier this summer, the Southern NJ Chapter of the Appraisal Institute held elections for their chapter leadership in 2018. The following individuals elected to serve as chapter officers and directors are as follows: Southern New Jersey Chapter Designates Member; Elects New Officers


Albert Crosby, MAI

Vice President:

Charles A. McCullough, MAI

Treasurer: Secretary:

Michael Descano

Harry Carroll, MAI, SRA

Director through 2020: Director through 2020: Director through 2019: Director through 2019: Director through 2018: Director through 2018:

Ryan Phillips Kathleen Turley

Steven Bartelt, MAI, SRA, AI-GRS

Michael S. Sapio, MAI Patrick K. Conover, MAI Bonnie Longo, MAI, SRA

Past President: Joshua Garretson, MAI The 2018 President, Albert Crosby, MAI , will attend the National Leadership Conference in Chicago this fall, as he prepares for the position. Albert Crosby, MAI, was recognized as the Appraisal Institute’s May “Volunteer of Distinction” for Region VI. Our region consists of Delaware, Maryland, New Jersey, Pennsylvania and Washington, D.C. Al participated in the Leadership Development Advisory Council for three years, and has mentored two Candidates for Designation. He joined the Appraisal Institute in 2003, and received his MAI designation in 2014. In May 2016, he recognized as the Appraisal Institute’s “Volunteer of Distinction” for Region VI (consisting of Delaware, Maryland, New Jersey, Pennsylvania and Washington, D.C.) Al has been a senior valuation specialist at Colliers International Valuation and Advisory Services in Philadelphia since 2014, and has been in the valuation profession for 13 years. He received a bachelor’s degree in accounting from Elon University in North Carolina. His volunteer activities include serving on the Washington Township Soccer Board, and coaching youth baseball and soccer. Crosby is active in his church, teaching a Sunday school class for teens and is a member of the Men’s Ministry. He is a past board president of Hometown Opportunities for the Mentally Handicapped. Al and his wife, Bonnie, have three children. The Appraisal Institute is a global professional association of professional real estate appraisers, with nearly 22,000 professionals in almost 60 countries throughout the world. Its mission is to advance professionalism and ethics, global standards, methodologies, and practices through the professional development of property economics worldwide. Organized in 1932, the Appraisal Institute advocates equal opportunity and nondiscrimination in the appraisal profession and conducts its activities in accordance with applicable federal, state and local laws. Individuals of the Appraisal Institute benefit from an array of professional education and advocacy programs, and may hold the prestigious MAI, SRPA, SRA, AI-GRS and AI-RRS designations. For more information regarding the Southern New Jersey chapter, contact Lisamayweiss@hotmail.com, visit our Web site at www.ai-snj.org or www.appraisalinstitute.org.

Real Estate Journal — September 15 - 28, 2017 — 13A


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Southern New Jersey Chapter Of the Appraisal Institute www.ai-snj.org

As the leading organization for professional real estate appraisers, the Appraisal Institute represents nearly 21,000 members in nearly 90 chapters worldwide. The Southern New Jersey Chapter has nearly 200 members. They perform a variety of services ranging from single family valuation to feasibility studies for regional malls & hotel-casinos. Whether it’s assistance on a home purchase or providing expert testimony for litigation, our members are uniquely qualified to meet these needs. For more information regarding the Southern NJ Chapter of the Appraisal Institute visit: www.ai-snj.org, or call Executive Director Lisa Weiss at 856-415-0281. 2017 Designated Members of the Southern NJ Chapter of the Appraisal Institute

J. Paul Bainbridge, MAI Steven Bartelt, MAI, SRA, AI-GRS

Cape May Ct. House Turnersville Haddon Heights Clayton

(609) 465-9978 (856) 582-5892 (856) 906-7890 (856) 307-6445 (267) 675-4907 (856) 795-4042 (856) 753-3030 (609) 438-9063 (609) 223-4911 (215) 280-4563 (856) 795-4042 (609) 714-7402 (609) 226-6357 (215) 963-4061 (609) 922-4815 (609) 923-9097 (215) 493-5000 (215) 523-9104 (856) 764-6500 (212) 916-4614 (973) 970-9333 (215) 231-9900 (856) 234-9252 (856) 429-8800 (215) 925-1212 (609) 884-1995 (856) 753-3030 (609) 599-3892 (856) 451-0933 (856) 691-7055 (609) 457-7297 (856) 453-8889 (609) 391-8862 (732) 941-4294 (609) 463-4622 (732) 286-9250 (609) 736-0695 (856) 396-7652 (609) 597-2211 (609) 915- 6404

Bruce Leff, SRA Samuel Levi, MAI Allen L. Littlefield, SRA

Newark, DE Lakewood Hammonton Philadelphia Philadelphia Jackson Lavallette Point Pleasant Maple Shade

(856) 287-3690 (732) 886-6695 (609) 704-9609 (609) 221-7274 (215) 842-0649 (732) 928-1550 (732) 974-9333 (732) 505-4900 (609) 923-5879 (856) 722-0205 (856) 853-7622 (732) 682-9949 (732) 571-3660 (609) 292-2573 (215) 888-3560 (302) 575-0955 (856) 396-0000 (609) 914-4679 (856) 983-5500 (856) 933-1272 (856) 429-2789 (609) 927-5728 (609) 568-0432 (856) 468-0068 (856) 662-0027 (856) 546-4900 (856) 787-6290 (856) 218-2800 (609) 918-1000 (856) 234-2893 (732) 576-2037 (610) 331-9031 (609) 792-0684 (609) 391-0404 (856) 234-8400 (856) 784-7036 (856) 795-8700 (732) 605-0791 (609) 586-3500 (856) 914-4591

Craig A. Bickel, MAI A. Craig Black, SRA

Bonnie L. Longo, MAI, SRA Eileen Lynn, MAI, AI-GRS Peter A. Maher, SRA, AI-RRS Gerald R. Malanga, SRA Kathy J. Marmur, SRA Charles A. McCullough, MAI Jerome J. McHale, MAI Edward T. Molinari, SRA Leonard Molinari, SRA Donald Moliver, MAI Robert Parmley, SRA Jacob Ramage, MAI Thomas C. Reynolds, SRPA Jeffrey D. Richwall, SRA Susan T. Roettger, MAI Lee L. Romm, MAI, SRA Michael Sapio, MAI Dennis A. Scardilli, Esq, MAI Jack Sheehan, MAI, AI-GRS Timothy Sheehan, MAI, SRA Richard Sheldon, MAI, SRA Richard Shorter, SRA Thomas J. Sliwowski, SRA R. M. Sapio, MAI, SRA William J. Sapio, MAI James Stuart, MAI, SRA, AI-GRS Robert Thompson, MAI, SRA Robert J. Tighue, MAI Deborah P. Tordella, MAI, SRA Merilynn P. Verderame, SRA Benjamin R. Vukicevich, SRA John H. Walton, Jr, MAI, SRA Richard J. Ward, SRA John Weber, Jr., MAI, SRA Thomas Westerfield, SRA Peter E. Sockler, MAI Pasqual A Sorge, MAI

Lawrence E. Bowne, MAI Pamela J. Brodowski, MAI Steven Brownell, MAI Richard J. Carabelli, Jr, MAI J. S. Carduner, MAI, AI-GRS Cynthia Carpenter, MAI Harry Carroll, Jr., MAI, SRA Lana Chiappetta, MAI Pat Conover, MAI John P. Corbett, MAI Albert Crosby, MAI David A. Curley, SRA Susanne Curran, MAI, AI-GRS Thomas A. DeMartin, MAI, SRA Russell V. DiLello, MAI, AI-GRS John E. Doyle, MAI Scott A. Eiffes, MAI, AI-GRS E. Guy Elzey, III, SRA Philip Fortuna, MAI, SRA Mary F. Fox, MAI David J. Frett, SRA John M. Gapszewicz, MAI Josh Garretson, MAI Ronald A. Hagel, MAI, SRA Mark J. Hanson, MAI, SRA, AI-GRS Donna Harris, SRA Joseph V. Heenan, MAI, SRA Bruce E. Jones, MAI Eugene P. Davey, SRA Thomas C. Davis, SRA Michael D. Jones, MAI Tony F. Kamand, Jr, MAI Lee Ann Kamph, MAI William J. Kennedy, MAI Robert W. Kirwan, SRA H. Rick Kline, SRA, AI-RRS

Burlington Eastampton West Berlin Hamilton Robbinsville Summit Cherry Hill Medford Galloway Philadelphia Sewell Mt. Laurel Yardley Philadelphia Delran NY, NY Morris Plains Philadelphia Moorestown Haddonfield Philadelphia Cape May West Berlin Camden Bridgeton

Mt. Laurel Woodbury New Egypt Rumson

Forked River Philadelphia Wilmington, DE Medford Lumberton Marlton

Bellmawr Voorhees Linwood

Absecon Wenonah Cherry Hill Haddon Heights Mt. Laurel Sewell

Hightstown Mt. Laurel Colts Neck Ocean City Cherry Hill Ocean City Haddonfield

Vineland Audubon Shiloh Ocean City Lakehurst Cape May Court House

Toms River Ocean City Medford Manahawkin East Windsor

Stratford Medford Old Bridge Hamilton Square Mt. Laurel

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