12-24-21

Cohen Investment Group acquires Castleton Commerce Center Eastern Union arranges $58.15Million in bridge financing for self-storage complex

ISSUE HIGHLIGHTS Volume 33, Issue 12 Dec. 24, 2021 - Jan. 20, 2022

ORFOLK, VA AND BETHESDA, MD — Cohen Invest-

SPOTLIGHT

ment Group has acquired C a s t l e t o n C omme r c e C e n t e r , a 390,380 s/ f self-storage and flex-stor - age complex at 2424 Cas- tleton Com- merce Way in Virginia Beach, VA. D a v i d M e r k i n o f E a s t - ern Union s e c u r e d $58,150,000 in bridge fi -

YEAR IN REVIEW

Section D

Horvath & Tremblay brokers sale of four retail properties

David Merkin

Castleton Commerce Center to date,” said Hugh Cohen , president of Cohen Invest- ment Group. “By taking a hands-on approach to manag- ing this property, we will gen- erate operational efficiencies that will boost value. “Thanks to Eastern Union’s keen knowledge of the lending marketplace, we were able to secure attractive bridge financing,” said Cohen. “David Merkin and his team commit- ted themselves to delivering

Atlantic Group. The Virginia Beach property is a unique asset with high his- toric occupancy, strong in-place revenue, and the ability to add further value through strategic improvements and decreasing the gap between existing cus- tomer and market rents. “This acquisition represents a wonderful addition to our storage property portfolio and is also the largest acquisi- tion in our overall portfolio

the right loan for this asset.” “Because of the unique na- ture of the property, arranging favorable financing for this transaction was challenging,” said Mr. Merkin. “We were proud to have come through for a company like Cohen Investment Group, the ideal owner/operator for this large- scale, self-storage facility.” Loan financing was secured through the Chicago office of Prime Finance. MAREJ

Hugh Cohen

nancing for the new owner of the property. Based in Bethesda, MD, David Mer- kin is a managing director in the Eastern Union’s Mid-

RRA sells class A apartment building, The Hub At 31 Brewerytown for $51 Million

N 31st St. in Philadelphia. Ken Wellar , Corey Lon- berger , and Mark Duszak

PHILADELPHIA, PA — Rittenhouse Realty Advi- sors , a commercial real estate sales brokerage firm, is pleased to announce the sale of The HUB at 31 Brewerytown, a recently constructed luxury apartment building containing 201 apartments with on-site parking located at 1406-1446

arranged the sale on behalf of the seller, a l ongt ime Philadelphia area real es- tate develop- er. The buy- er , Israel Terkeltaub o f Ma n o r Holdings , is a well-estab- lished owner/ operator out of northern New Jersey. The prop- e r t y w a s built in 2018 using modu- lar construc- t i o n . T h e HUB offers tenants over 20,000 s/f of indoor and

13A

Directory ROP (Front Section) ........................................... Section A DelMarVa.................................................................. 5-7A Retail Development Reimagined. ............................ 9-11A Financial Digest.......................................................... 13A Business Card Directory. ............................................ 16A Billboard Directory................................................... IBC-A New Jersey.............................................................. 1-10B Pennsylvania........................................................11-BC-B Owners, Developers & Managers....................... Section C Annual Review .................................................. Section D www.marej.com

Ken Wellar

The HUB at 31 Brewerytown

ner at RRA, said: “Modular construction is becoming a more popular and favorable method of construction in large-scale multi-family de- velopment. This is the eighth modular property our firm has sold in the last few years. We are continuing to see family offices come into the Philadel - phia region to acquire larger class A buildings for their portfolios.” MAREJ

outdoor amenity space that includes a pool, gym, outdoor kitchen, fire pit lounges, indoor lounge spaces and life-style centered amenities as well as 8,000 s/f of workshare space. The pet friendly property also offers a dog park and dog washing station. Units fea- ture luxury kitchen and bath finishes, in-unit laundry, and stainless steel appliances. Ken Wellar, managing part-

Corey Lonberger

Mark Duszak

Inside Cover A — December 24, 2021 - January 20, 2022 — M id A tlantic Real Estate Journal

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M id A tlantic R eal E state J ournal Publisher, Conference Producer . .............Linda Christman AVP, Conference Producer ...........................Lea Christman Publisher ........................................................Joe Christman Editor/Graphic Artist ......................................Karen Vachon Social Media . ....................................................Halle Morton Contributing Columnist ... Matthew Trubenbach-Byrne, CPA, CCIFP Mid Atlantic R eal E state J ournal ~ Published Semi-Monthly Periodicals postage paid at Hingham, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal 117 HMS Halsted Dr. Hingham, MA 02043 USPS #22-358 | Vol. 33, 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

We see deals from your perspective.

CRE Trends in 2021-22

fter the ups and downs of the past few years, the real estate indus- try’s future will focus on recov- ery. The resiliency of commer- cial real estate will drive that comeback, but specific trends within that field could direct the change to come. These are the commercial real estate trends for 2022 that industry experts should expect to mini- mize risk and improve client investments. 1. People Want More Work Space Many workers worked re- motely when everything shut down during quarantine. They may not want to go back to a traditional office setting, but they also can’t work from their couch forever. The need for single-person rentable office space continues to boom in the commercial real estate market. Coworking rental businesses have seen a 23% annual increase since 2010 and will remain popular. It’s one of the most dependable A

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

commercial real estate industry trends that investors can count on for the coming year. 2. Workers Need to Store Belongings As experts read about what to look out for in commercial real estate in 2022, they should note the concern for self-storage facilities. Remote workers may need to convert a room into a home office, which leaves them with belongings that suddenly have nowhere to go. Warehouses and storage fa- cilities are some of the leading real estate trends in the com- mercial market. They meet an individual need with unused space. Remote work will con- tinue to be a popular career

choice for individuals, people with children and anyone who doesn’t live close to a large city with jobs. They’ll need long- term storage to have a home of- fice that supports their career. 3. Consumer Demand Requires More Storage Warehouses are in high de- mand and will stay that way into 2022. Storage market va- cancy stands at 2.74% within industrial sectors, resulting in a promising future of in- creased rent for warehouses. Demand for inventory space is rising while consumer demand grows, so interested parties will likely see a significant payoff in industrial-focused investments continued on page 12A

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.

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4A —December 24, 2021 - January 20, 2022 — M id A tlantic Real Estate Journal

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M id A tlantic R eal E state J ournal M Transactions located inNJ&West VA totaling $21,054,019 Horvath&Tremblay brokers sale of four retail properties ID ATLANTIC — Matt Nadler and Michael Lombardi

of Horvath&Tremblay have completed the sale of a Wawa in Plainfield, NJ. Horvath & Tremblay represented the sell - er to complete the transaction at a sale price of $8.8 million. Wawa is located at 1462 South Ave. in Plainfield, NJ. The property consists of a 5,051 s/f building and a gas station and convenience store on 1.77 acres of land. Wawa has a new 20 year, corporately backed, ground lease (Abso - lute NNN) with six, 5-year options. The lease features 10% rent increases every five years beginning in year 11 of the lease and continuing throughout both the primary term and the option periods. Bob Horvath and Todd Tremblay of Horvath & Tremblay have completed the sale of CVS in Charles Town, WV. Horvath & Tremblay rep - resented the seller to complete this transaction at a sale price of $5,659,019. CVS is located at 328 W Washington St. in Charles Town, West VA. Horvath & Tremblay’s Mi - chael Lombardi, S teve Schia- vello , and PatrickGray have facilitated the sale of a Dollar

1462 South Ave., Plainfield, NJ

creases at the start of each renewal option. David McLaughlin, Steve Schiavello and Patrick Gray of Horvath & Tremblay have completed the sale of CVS Pharmacy in La Plata, Mary - land. Horvath & Tremblay represented the buyer in this transaction at a sale price of $4,445,000. CVS Pharmacy is located at 6260 Crain High - way in La Plata, Maryland. The stand-alone building was constructed in 2003 and re - modeled in 2019 and contains 10,889 square feet, including a drive through. The corporate lease has 14+ years remain - ing on an Absolute Triple-Net Lease with an additional ten (10) 5-Year Renewal Options. This lease features a rare 34% rent increase at the start of the first option period. MAREJ 4900 Wellington Ave., Ventnor City, NJ

General and Bank of America ATM in Ventnor City, NJ. Horvath & Tremblay repre - sented the seller to complete the transaction at a sale price of $2,150,000. The Dollar General and Bank of America ATM are lo - cated at 4900 Wellington Ave. in Ventnor City, NJ. The 9,900 s/f building was renovated and remodeled for Dollar General in 2014. Dollar General took possession of the premises and their 10-year, corporate lease, commenced on September 1, 2014. The double net lease has 3+ years of primary term and two, 5-year renewal options. The Dollar General lease calls for 10% rent increases at the start of each renewal option. The Bank of America lease also calls for 10% rent in -

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Asset trades froma JVbetweenArtemisReal EstatePartners&MRPRealty toBGPEnterprises Cassidy and Ryan of Newmark arrange sale of Springfield Corporate Center for $29.3 Million

S PRINGFIELD, VA — Newmark announced the sale of Springfield Corpo - rate Center, a 5-story, 138,830 s/f office building located at 6225 Brandon Ave. in Spring- field for $29.3 million. The asset was traded from a joint-venture between Artemis Real Estate Partners and MRP Realty to BGP Enterprises , a com- mercial real estate investment company based in Springfield. Newmark’s executive manag - ing directors James Cassidy and Jud Ryan represented the sellers on the transaction. “Springfield Corporate Cen - ter is a workhorse building that will provide consistent cash flow for the new owner,” said Ryan. “The property is lo- cated near some of the region’s largest federal agencies, is proximate to the most traveled transportation arteries and is close to where many of the em- ployees live. These factors will

Intelligence Agency (NGA) consolidated and relocated 8,500 employees to a new $1.7 billion, 2.1 million s/f head- quarters building at Fort Bel- voir North. The federal govern - ment continues to expand its footprint in the area, with the Transportation Security Ad- ministration (TSA) phasing in approximately 3,100 employees to a new 625,000 s/f headquar- ters building adjacent to the Franconia-Springfield Metro station (Blue Line), just two miles from the property. The property’s prime loca- tion at the confluence of I-95, I-495 and I-395 offers coveted signage overlooking I-95 and I-395, visibly accessible to more than 240,000 vehicles per day. The neighborhood has a high concentration of retail ameni- ties, including the full-scale renovation and redesign of the 1.3 million s/f Springfield Town Center, which features

an appealing mix of traditional department stores, coveted brands, a movie theater, a fit - ness center and destination dining options. Nearby shop - ping centers include Concord Centre, Springfield Plaza, and Tower Shopping Center. According to Newmark Re - search, Northern Virginia remains an attractive market for both tenants and asset owners, despite the global pan- demic and continuing economic uncertainty. The area offers many diverse submarkets, a business-friendly environment, and a continued commitment to improving transportation options, infrastructure, and housing. The area’s appeal is further enhanced by the poten- tial to co-locate with Amazon’s second headquarters as well as draw from the new talent produced by programs at Vir- ginia Tech and George Mason University. MAREJ

6225 Brandon Ave.

continue to ensure an active tenant market for this highly visible asset.” Originally built in 1988, Springfield Corporate Center underwent a $2.7-million capi- tal improvement program in 2014 and 2015, including main lobby renovations, a new fitness center, restroom renovations and cooling tower replacement. The property is 84% leased to a secure tenant base of primar- ily federal government con-

tractors, including Computer Systems Center Incorporated (CSCI), Novetta Solutions and Volkert. Springfield Corporate Cen - ter benefits from its strategic location between Washington, D.C. and Fort Belvoir in Fair- fax County, Virginia adjacent to major federal government agencies and key demand drivers. 0The Springfield area experienced a revitalization when the National Geospatial-

BETHESDA, MD — 1788 Holdings, LLC , a privately- owned commercial real estate and investment firm has re - cently acquired two industrial properties in the Baltimore City submarket as part of a regional strategy that has included the purchase of 14 assets totaling more than one million s/f of space and 38 acres across seven states. The group has acquired $57 million worth of assets in 2021, with a goal of nearly doubling its portfolio size with the acquisition of an additional two million s/f of space throughout the Eastern United States over the next 18 months. 1788 Holdings now owns 17 properties totaling approximately 1.5 million s/f of space, as well as an additional 50 acres of outside storage space in Alabama, Florida, Georgia, Maryland, North Carolina, Pennsylvania and South Carolina, with a total market value of $137 million. “A confluence of enduring positive fundamentals, com- bined with our sustained con- fidence in both the national economy and commercial real 1788 Holdings, LLC acquires two industrial properties in Baltimore City estate industry, has fueled our approach over the past year, and we intend to re- main aggressive and active in our approach for the foresee- able future to seize emerging opportunities,” said Larry Goodwin , principal, 1788 Holdings. “These factors in - clude the sustained strength of the industrial, warehouse and outside storage asset cat- egories, declining inventories, the availability of ready capital and the opportunity to acquire under-performing properties in which we can create sig- nificant value for our investors over the long-term.” Since August, 1788 Hold - ings has separately acquired a 75,000 s/f light industrial/ manufacturing building at 6901 Rolling Mill Rd., as well as a 351,000 s/f light industri- al/manufacturing asset at 1601 Wicomico St. for a combined $22.8 million. Situated on 6.4 acres of land, 6901 Rolling Mill Rd. is located just over one mile from the Eastern Av- enue exit of I-95 and features outside storage land and direct access to the Port of Baltimore. It is presently 100% leased to one tenant. 1601 Wicomico St. is positioned directly adjacent to I-95 from the Russell St. North exit and features nearly three acres of outside storage 6901 Rolling Mill Rd. 1601 Wicomico St. land. It is 100% leased with three tenants. “Acquiring Outside Storage Land (OSL) remains a point of emphasis in our acquisi- tion strategy, as we believe the availability of this acre- age represents a significant competitive advantage in the Baltimore City submarket,” Goodwin added. “As a port city, Baltimore is a primary destination for roll-on/roll-off cargo, particularly automo- biles, trucks and heavy equip- ment cargo, and there remains continuing demand for storage sites with immediate proxim- ity. Most of the infill light industrial properties in the immediate trade area do not have excess land for this type of storage, and we are filling this ongoing need.” Prologis, Inc. , a real estate investment trust headquar- tered in San Francisco, recent- ly published a market report which ranked Baltimore as the top performing market inter- nationally, in terms of rental growth, at 11%. The report additionally stated that “in the years ahead, replacement cost growth and barriers to new supply in urban areas would continue to provide signifi- cant lift to the rental growth in Baltimore and other land- constrained markets.” MAREJ

6A — December 24, 2021 - January 20, 2022 — DelMarVa — M id A tlantic Real Estate Journal

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D el M ar V a

By Brian C. Hosey, Marcus & Millichap Why Hire an Exclusive Broker?

ur experience has shown that owners have three basic needs

not wanting to be “tied up” or not understanding what the word “exclusive” means. Some owners feel that hiring an exclusive broker will limit them in some way and simply say, “bring me an offer.” Oth - ers have the false impression that marketing the property on an “open basis” will result in more brokers working on the transactions. Without proper representation, own- ers often waste tremendous amounts of time and money fielding calls, sending pack - ages and arranging showings. Owners that attempt to handle the sales process themselves get renegotiated on price or locked into onerous terms that are not always in their best interest. Exclusive Listings Earn Higher Prices for Sellers It is a fact that owners who hire a broker exclusively net more money during the sales process than those who do not. When hired exclusively, a real estate professional has a fiduciary responsibility to

act in the seller’s best inter- est. The agent must perform in such a way as to get the highest price and best pos- sible terms for the client. This is not the case with open listings. When a broker brings a buyer to an open list- ing, that agent may actually be representing the buyer. In that scenario, the broker has been hired by the buyer to negotiate the best deal for him. Many owners don’t understand this nuance. Hir - ing a broker exclusively to represent the sale is the only way to ensure that the agent is working in the seller’s best interest. It is no surprise that every day I receive calls from savvy investors asking if I have any “off market” or “quiet” deals. These investors know that if the building is not being marketed properly then it can be purchased at a dis- counted price. Proven Process Listing exclusively sends a message to the investment

community that a seller is serious and not just feeling out the market. Real sellers attract the attention of serious investors and 1031 exchange buyers. In order to avoid taxes, buyers in an exchange often pay a higher price and close in a short amount of time. Once Marcus & Millichap is hired exclusively, a seller gains im- mediate access to the largest pool of qualified buyers in the marketplace. We handle all the marketing of a property and serve as a negotiation buf- fer with the brokerage commu- nity. The extensive marketing resources used in this process include: • Direct mail marketing to potential investors • Proactive outreach to buy - ers (calls, investor sympo- siums, e-presentations and property tours) • Marketing to cooperating brokers • Advertising in local/re - gional newspapers, business journals and trade publications • 1,800 investment profes -

Green Clean Express Auto Wash and Cushman &Wake - field | Thalhimer announced the sale of one acre of land at 9486 West Broad St. in Henrico County. Green Clean Express plans for the imme- diate development of their third location in the Rich- mond metropolitan area. Alex Wotring of Cushman & Wakefield | Thalhimer represented the purchaser, Green Clean, in the $1.5 mil- lion sale transaction. Green Clean also recently acquired multiple proper- ties in Portsmouth along with sites in Suffolk, Nor - folk, Chesapeake, Charlot- tesville and Elizabeth City. Construction is currently underway on nine additional sites, with more than a dozen Green Clean Express loca- tions slated to open across the region by Q1 2022, with more scheduled in 2022. Green Clean’s “Clean Pass” Unlimited Wash Program can be used at any Green Clean Express Auto Wash location. MAREJ sionals nationwide promoting the property to their buyers • Access to the largest pool of qualified investors and 1031 exchange buyers nationwide • Creation of an auction-like environment that results in the highest possible price In our sophisticated invest- ment environment, it is impor- tant that a seller be represent- ed by a real estate professional that will act in their best interest. Once hired exclu - sively, Marcus & Millichap has a fiduciary responsibility to create a competitive bid- ding environment that results in the highest price and best possible terms for our clients. To find out more about how this process can benefit you, please contact me for a complimentary analysis. Brian C. Hosey is first vice president/district manager of Marcus & Millichap’s Charlotte Up- town, Greensboro, Ra- leigh, Charleston, Colum- bia, Hampton Roads, and Richmond offices. MAREJ

when selling p r o p e r t y . Gene r a l l y , sellers want: • The high -

MANASSAS, VA — Cush- man & Wakefield | Thal - himer’s Capital Markets Group has represented the seller in the disposition of Portsmouth Station Shop- ping Center in Manassas. The 147,305 s/f, neighbor- hood center is currently 78% leased to 20 tenants and anchored by Regency Furni- ture and Aldi. The property is comprised of two multi- tenant retail buildings along with a corporately leased 7-Eleven outparcel within a densely populated Washing- ton, DC suburb. Pe t r o l eum Marke t i ng Group out of Falls Church, VA acquired the asset on October 15th, 2021, for $19.45 million ($132/SF). The transaction was completed by Catha- rine Spangler of Cushman & Wakefield | Thalhimer’s Capital Markets Group. Sha- ron Schmidt and Berkley Mitchell with Thalhimer’s Fredericksburg office handle leasing representation for the shopping center. In a second transaction, Cushman & Wakef ield | Thalhimer’s Capital Markets Group represented Rio Road Shops, LLC in the sale of est price and best possible terms • A buyer who will perform • A process that is stream - lined and efficient An exclusive listing provides all of the above benefits to the seller, which results in maxi- mum exposure of the property and, ultimately, a competitive bidding environment that en- sures the highest price. There- fore, it is baffling that some sellers choose to market their property quietly and not fully expose it to the marketplace. Sellers who market on an open basis consistently leave money on the table. When meeting with poten- tial sellers, we hear all types of concerns, including sellers Brian C. Hosey

Cushman &Wakefield | Thalhimer completes sale of Portsmouth Station SC for $7.15 million ($486.53/SF) as part of a 1031 exchange. Sale negotiations were han- dled by Spangler.

Portsmouth Station Shopping Center intersection of Rio Rd. & Rte. 29, shadow-anchored by Char- lottesville Fashion Square. The property has five tenants, including Verizon, Jimmy

The Rio Road Shops located in Charlottesville, VA. The property is a 100% leased, 14,696 s/f retail strip center located at the highly traveled

Johns, Mattress Firm, Sport - Clips and Vitamin Shoppe. A private, Richmond based investment firm acquired the asset on November 9, 2021,

M id A tlantic Real Estate Journal — December 24, 2021 - January 20, 2022 — 7A

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Questions? Contact: Harry Young | Executive Director 717.614.4271

harry@panjdeccim.com www.panjdeccim.com

2021 PA/NJ/DE CCIM CHAPTER OFFICERS Jeff Kurtz, CCIM President High Associates, Ltd. Dominic Janidas, CCIM Associate Broker, Team Leader Berkshire Hathaway HomeServices Lisa Lord Edmonds Secretary/Treasurer SVN | Ahia Commercial Real Estate Stacy Martin, CCIM Immediate Past President Hankin Group Eric Gorman, CCIM Region 10 VP Avir Realty Group 2021 DIRECTORS Dan Berger, Jr., CCIM Chair, Scholarships U.S. Commercial Realty Michele Countis, CCIM Chair, Designation Jackson Cross Partners Dragan Dodik, CCIM Regional Chair, Central PA Pennian Bank Philip Earley, CCIM Chair, Nominating Lieberman Earley & Company Jonathan Epstein, CCIM Chair, Public Relations Berger-Epstein Associates, Inc. Cindy Feinberg, CCIM Regional Chair, Lehigh Valley Feinberg Real Estate Advisors Craig Fernsler, CCIM Chair, Legislative KW Commercial, Blue Bell Robert Fuller, CCIM Regional Chair, New Jersey CBRE Jeffrey Hoffman, CCIM Chair, Education JPH Realty Advisors Neil Kilian, CCIM, SIOR Regional Chair, Delaware NAI Emory Hill Cushman & Wakefield | Grant Street Associates Andrew Miller, CCIM Regional Chair, Pittsburgh CBRE Kathy Sweeney-Pogwist Regional Chair, Philadelphia Metro Brandywine Realty Trust Dana Grau, CCIM Chair, Membership

8A — December 24, 2021 - January 20, 2022 — M id A tlantic Real Estate Journal

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

ANNUAL JOINT HOLIDAY EVENT SIOR*CCIM*CIRC

EVENTS SCHEDULE

— O F F I C E R S — President: Jay L. White , MAI, CRE® Apex Realty Advisory Vice President: Cindy Fleming Jones Lang LaSalle Treasurer: Barton L. Mackey, Jr. Patterson-Woods Associates Secretary: Bayard Snyder , Esq. Bayard & Associates 2021-2022 Board of Directors

Jan. 12 (Tues.11:30-1:30) Membership Meeting & Lunch and Continuing Education Classes at 8:45 and 1:30 Location: DuPont Country Club 1001 Rockland Road, Wilmington, DE 19803 Register online: www.circdelaware.org @ Events & Education CONTINUING EDUCATION Classes Accredited: DE*PA*MD*NJ REGISTER NOW Classes begin Jan. 12, 2022 Non-CIRC Members are Welcome accredited real estate school/instructors: Frederick Academy of Real Estate Register Online: www.circdelaware.org @ Education Jan 12, 2022 (Wed.) — 8:30 a.m. – Agency (MD, NJ, PA) MD Reqd.-MREC-Agency-comm.; NJ Required; PA Elective 1:30 p.m. – Understanding Exch. & Opp. Zones DE Mod.6; MD, PA & NJ Elective Feb. 9, 2022 (Wed.) — 8:30 a.m. – Fair Housing*(New class for PA lic.) DE Mod. 2; MD 1.5 Required.+1.5 Elective; NJ Required;

Keynote Speaker: Megan McGlinchey, Executive Director of the Riverfront De- velopment Corp. spoke about Riverfront East Development at the Chase Field- house at the Nov. 17 Joint Dinner event. Below (from left:) Jay White, CIRC President, Mayor Michael S. Purzcyki of

the City of Wilming- ton, and Mike Hare, of The Buccini/Pollin Group.

— D I R E C T O R S — Past President & Cont. Ed. Chair:

Robert Stenta Pettinaro Management Program Chair: Lorraine Sheldon NAI Emory Hill

Membership Chair: James Manna BrightFields, Inc.

— E X - O F F I C I O — Business Manager Janet Pippert Landmark Science & Engineering Legislative Lobbyist C. Scott Kidner C. S. Kidner & Associates Legislative Affairs Chair William Lower Harvey Hanna & Associates 44 Business Capital Daniel Wham DSM Commercial Real Estate Neil Kilian, SIOR, CCIM NAI Emory Hill contact us (302) 633-1705 Janet@circdelaware.org www.circdelaware.org Donald Robitzer The Commonwealth Group Benjamin Berger , Esq. Berger Harris, LLC Carmen Facciolo NAI Emory Hill Ryan Kennedy Harvey Hanna & Associates Michael Hahn

PA Required for 2022 license renewal 1:30 p.m. – Office Management DE Mod. 4; PA, MD & NJ Elective

We would like to thank our Joint Dinner Sponsors

R etail D evelopment R eimagined

M id A tlantic Real Estate Journal — Retail Development Reimagined —December 24, 2021 - January 20, 2022 — 9A

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Nathanson reps. seller and procures the buyer, United Hampshire US REIT Institutional Property Advisors brokers sale of 258,494 s/f shopping center in Philadelphia

PHILADELPHIA, PA — JLL Capital Markets an- nounced that it has closed the sale of and arranged acquisi- tion financing for Red Lion Plaza, a 236,277 s/f, grocery- anchored shopping center in a densely populated northeast location in Philadelphia JLL represented the seller, Finmarc and KPR . Addition- ally, working on behalf of the new owner, JLL placed the 12- year, fixed-rate, non-recourse loan with a regional bank. The 97-percent-occupied Red Lion Plaza is home to a strong and diverse tenant lineup that includes a new national grocer tenant, Burlington, Ross Dress for Less, Pep Boys and Planet Fitness. Originally constructed in 1962, Red Lion Plaza re- cently underwent an expan- sion in 2021 that added 20,000 s/f of in-line retail pad space occupied by Mattress Firm, Panera Bread, Aspen Dental and Tropical Smoothie Cafe. “Penrose Plaza was recently redeveloped and renovated in 2017 with a host of national tenants being added to the roster, including Planet Fit- ness, DD’s Discount, Citi Trends, Fine Wine & Good Spirits, and Chase Bank,” said Brad Nathanson , IPA senior managing director. Anchoring Penrose Plaza is also a newly expanded and renovated 68,174 s/f Shoprite Supermarket, a tenant at Penrose Plaza since 2004. “The property is situated along the South Philadelphia Island Avenue corridor, which is underserved with retail in a high-barrier-to-entry urban H I L A D E L PH I A , PA — Institutional Property Advisors (IPA) , a division of Mar- cus & Millichap announced the sale of Penrose Plaza, a 258,494 s/f shopping center in Philadelphia at a purchase price of $52 million. P

Penrose Plaza

infill market with over 144,000 people within three miles,” added Nathanson. “Given the lack of new, urban grocery-an- chored supply nationally, Pen- rose Plaza was well received in the investment community given its dominant, market- share leading grocery-anchor and balanced roster of tenants

with long-term leases, along with a cohesive co-tenancy that has operated successfully together at other centers with- in the city of Philadelphia.” Nathanson represented the seller, a joint venture between Onyx Equities, Abrams Realty & Develop- ment , and Siguler Guff &

Office headquarters and is within close proximity to the Philadelphia International Airport, and interstates 95, and 76. The property was 94% occupied at the time of the sale. Sean Beuche , license no. RM424190 is Marcus & Millichap’s broker of record in Pennsylvania. MAREJ

Company , and procured the buyer, United Hampshire US REIT . Strategically positioned at the intersection of Island Ave- nue and Lindbergh Boulevard with combined daily traffic counts exceeding 57,000, Pen- rose Plaza is located across from the 937,000 s/f U.S. Post

JLLCapital Markets arranges the sale and acquisition loan for Red Lion Plaza in Northeast Philadelphia

drove the process and pricing,” Behr added. “We continue to witness best-of-the-best pricing met- rics for grocery-anchored shop- ping center trades within the Philadelphia MSA, as the steady migration of new capital providers continues to enter the region,” Munley said. “If demand for the product continues to rapidly increase, we anticipate further cap-rate compression into 2022 given the lack of available inven- tory.” The JLL Capital Markets Debt Advisory team represent- ing the new owner was led by Michael Pagniucci . “The tenant lineup and infill location at Red Lion Plaza led to very strong lender interest from a diverse list of local and national capital sources,” Pag - niucci said. “We were success- ful in meeting the borrower’s request for a competitive 12- year fixed rate loan.” MAREJ

Red Lion Plaza

Red Lion Plaza is situated on 18.7 acres at 9908-9960 Roos- evelt Blvd. (Highway 1) within a hyper-active regional retail corridor due to population density and transportation infrastructure. The center has immediate connectivity and is along Highway 1, which expos - es the property to about 90,000 vehicles a day. Additionally, the infill area surrounding the center includes nearly 166,006

residents within a three-mile radius who earn an average annual household income of $82,186. The JLL Retail Capital Mar - kets team representing the seller was led by Jim Galbal- ly, Chris Munley and Colin Behr . “The Finmarc and KPR team did an incredible job repositioning Red Lion Plaza,” Galbally said. “With the addi-

tion of a national grocer, Ross, Burlington and Panera Bread, Red Lion Plaza is the premier retail asset in Northeast Phila - delphia. “Roosevelt Boulevard is a hyperactive, superregional trade area, and the strength of the market combined with Red Lion’s best-in-class tenant lineup, attracted extremely aggressive capital from across the country, which ultimately

10A —December 24, 2021 - January 20, 2022 — Retail Development Reimagined — M id A tlantic Real Estate Journal www.marej.com

www.marej.com M id A tlAntic Real Estate Journ l — Retail De

R etail D evelopment R eimagined Algatt, Horner and Zerfass orchestrate transaction Colliers concludes investment sale of CarbonPlaza for $18M L D ORTH P L A I N - FIELD, NJ — Amid the chal lenges of 700,000 s/f f transactions & new agency assignme ts am g 2020 Lev n Mgmt. ushers in 2021 with a look back on progress

Feature Your Project ~ Developments ~ ~ Construction ~ ~ Renovations ~ in MAREJ

EIGHTON AND AL- LENTOWN, PA — Collier s announced the team of Jeff Algatt and Scott Horner recently completed the investment sale of Carbon Plaza, a 210,000 s/f grocery- anchored shopping center at 1241 Blakeslee Blvd. Dr E, Lehighton as listing agents on behalf of their Delaware-based private capital seller. Colliers’ Derek Zerfass rep- resented the buyer, a private equity investor and developer based in central New Jersey. The Colliers leasing team led by Horner will continue as leasing agent for the buyer. The 34-acre property is 95% leased to a solid roster of national, regional and local tenants led by a 74,000 s/f Giant supermarket (Ahold Delhaize USA), McDonald’s, Rite Aid, Arby’s, Taco Bell, Big Lots, First Commonwealth Federal Credit Union, Lehigh Valley Health Network, and St. Luke’s University Health Network. Highlights of LMC’s retail leasing activity included an anchor lease with off-price retailer Burlington Stores at Mill Creek at Harmon Meadow (Secaucus), a 24,000 s/f lease with Aqui Market at Twin City Shopping Center (Bayonne) and a 20,000 s/f lease with Planet Fitness at Mayfair Shopping Cen- ter (Commack, NY). LMC’s transactional activity also brought a host of renewals as well as new retailers and service providers to the region, punctuated by nearly one dozen leases with restaurant tenants – several of which have already launched opera- tions. Other openings involved Algatt noted, “Our team and platform enabled us to quickly generate multiple buyers look- ing at this opportunity, and ultimately we selected a sea- soned investor offering an $18 million all cash, no financing purchase with an aggres- sive due diligence and closing schedule. This allowed us to 2020, commercial real estate services firm LevinManage- ment Corporation (LMC) achieved tangible progress – a promising sign for the industry moving into a new year. Over the past 12months the North Plainfield based organization secured nearly 700,000 s/f of new leases and renewals, added new leasing and management assign- ments, solidified its staff with new hires/promotions, and garnered several industry recognitions. N

Burlington Stores at Mill Creek at Harmon Meadow Carbon Plaza

high-profile anchors like Lidl (North Brunswick) and Burl- ington Stores (Raritan). Non-retail leasing highlights within LMC’s diversified port - folio included a 135,000 s/f renewal by Hall’s Warehouse Corp. at Rutgers Industrial Center (Piscataway). “Despite the economic un- certainty and business-related disruptions facing our indus- try since March, there has been progress – with certain key dynamics coming into sharpened focus,” said LMC’s Matthew Harding , chief ex- ecutive officer. “For example, positive landlord/tenant rela- tions have always been impor- tant. During 2020, as tenants worked to navigate an incred- ibly difficult environment, we approached everything on a very granular basis, review- ing the distinctive needs and nature of each business. Like - wise, we have done the same with our landlord clients and their individual properties to Part ers Pe sonnel is a full- s rvice staffing firm focused on placements in a variety of industri s ranging from pro- duc ion, packaging, manufac- turing, logistics and distribu- tion as well as administrative and profession l services. The group operates in 17 st tes, has 70+ loc tions nationwi e and is growing rapidly. This is Partners Personnel first loc - tion in Pennsylvania. They will take 1,200 square feet of retail space at Plaza West with plans to open in December. meet our s ller’s bjectives of both a top of the market price and a closing before the end of 2021.” In Allentown, the PlazaWest shopping c nter, located at 1602-1616 W. Allen St., has re- cently chieved full occ pancy amongst a tumultuous two years for retail. The owner was r presented by Seth Lacey of Colliers. “We are delighted to start serving our clients and as-

help them best respond to ten- ant requests and operational needs. “This customized approach has always been central for our team; however, this year has intensified the practice to a new level that we will sustain moving forward,” Harding added. “This is an ad- vantage we can provide over some of our larger, nationally focused peers.” LMC also continued to ex - pand its leasing and manage- ment portfolio, which today totals 110 properties total- ing nearly 15.5 million s/f. The firm was appointed leas - ing and managing agent for Springfield Avenue Market - place, a 112,000 s/f supermar- ket-anchored property at 204- 234 Springfield Ave. in New - ark. In Bergen County, LMC was named managing agent for Marketplace at Edgewater, a 73,000 s/f shopping center located at 725 River Rd. in Edgewater. MAREJ “While downtown environ- ments struggled sever ly throughout the COVID crisis, w saw healthy demand at this l c tion, particularly in ffice storefront concepts wh could capitalize on the abund nt parking. Colliers was able to complete two new leases during this challenging time - Angels on Call in late 20 and Partners Person el this month.” said Lacey. The now fully leased center is also home to Quest Diagnos- tics, New Liberty Pharmacy, Bausch Eye Associates and Wis Financial Group. MAREJ sociate employ es from his location. Our com any pur - pose is to build value through partnership by h lping people and org nizations improve. We look forward to becoming a positive conributor to his c mmunity and striving to f llfill our purpose every single d y i Allentown.” shared a representative with Partners Personnel.

BORRUS ASSOCIATES Investment Real Estate

Julius Borrus Broker & President Borrus Associates

for more information contact: P: 781-740-2900 lea@marejournal.com

P.O. BOX 8357, REDBANK, NJ 07701 P: 908-839-0052 | borruscommre@aol.com A Member Of The International Council Of Shopping Centers NY, NJ, CT, PA INVESTMENT REAL ESTATE

M id A tlantic Real Estate Journal — Retail Development Reimagined —December 24, 2021 - January 20, 2022 — 11A R etail D evelopment R eimagined

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The Shoppes at North Brunswick adds Sigri Indian BBQ Azarian Realty Co. announces recent leases in Bergen, Middlesex, And Monmouth Counties

EWJERSEY — Azar- ian Realty Co. con- cludes its 2nd half of

2021 with four new leases. The firm represented ownership in the deals. The Shoppes at North Bruns - wick adds Sigri Indian BBQ to its diverse list of restaurant tenants in the upscale lifestyle center on Rte. 1 & 130 in North Brunswick. The Indian restau - rant signed a lease for 1,803 s/f in one of the property’s 2nd gen. restaurant spaces. Sigri Indian BBQ plans to open for business in 2022, making it their 2nd location. There are currently two additional 2nd gen. restau- rants available at The Shoppes at North Brunswick, including a former pizzeria with a brick oven already in place. The YourCBD Store fran - chise has expanded into the Rochelle Park Shopping Center on 440 Rochelle Ave. in Ro- chelle Park. The lease for 1,100 s/f was signed in October 2021. The rapidly-growing franchise opened on November 26th in time for the Black Friday shop - ping rush. One additional va - cancy remains at this center; an 890 s/f 2nd gen. nail salon end cap space with prime visibility at the busiest intersection in Bergen County. In September 2021, the firm executed a lease with Carvel for 1,042 s/f in Neptune Shop - ping Plaza on 2200 State Rte. 66 in Neptune. Anchored by a World Class Shop Rite, this 218,000 s/f center made up of numerous national brands has up to 65,000 s/f of junior anchor space facing Rte. 66 available as well as a 1,390 s/f in-line space. Carvel is slated to open in early 2022. In July 2021, Noble Klass Academy relocated its business from Ridgewood, NJ to The Azarian Building in Midland Park. The college counseling and test preparation insti - tution leased 1,672 s/f and opened to the public shortly thereafter. Also available in the 3-story building are two 1,200 s/f 2nd gen office spaces on the third floor. Founded in 1970, The Azar - ian Group, L.L.C. is a fully integrated property ownership and management company comprised of an 18-property portfolio, approximately 350 tenants and grossing more than 1,200,000 square feet of commercial real estate throughout New Jersey and New York. MAREJ

The Shoppes at North Brunswick

Relocation Opportunities Wanted

PENNSYLVANIA COUNTIES OF INTEREST INCLUDE: Bradford, Bucks, Carbon, Columbia, Lackawanna, Lehigh, Luzerne, Lycoming, Monroe, Northampton, Pike, Schuylkill, Sullivan, Susquehanna, Tioga, Wayne, Wyoming TYPES OF LOCATIONS WANTED: End Cap, In-Line, Drive-Thru, Free Standing

PLEASE CONTACT: Abbie Muto muto_a@sdepa.com | Cheryl Green green_c@sdepa.com (610) 366-8120 • www.sdepa.com

12A — December 24, 2021 - January 20, 2022 — M id A tlantic Real Estate Journal

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M id A tlantic R eal E state J ournal

ORTHERN & CEN- TRAL, NJ — R.J. Brunelli & Co., LLC N Brokerage closes sales of Jersey Strong &Dollar Tree sites R.J. Brunelli completes sales of two properties in NJ

Weichert Commercial reps. buyer in 47k s/f portfolio sale

first transaction, Ms. Brunelli represented the landlord on a 1,973 s/f lease for Rita’s Ice at ITC Crossing South Shopping Center in Flanders. The store is expected to open in the first quarter of 2022 in an inline space previously occupied by Amy Murphy Salon, which re- located to a 5,000 s/f shop in the 514,903 s/f center. The Morris County property is anchored by Lowe’s, TJ Maxx, Michael’s and Bed, Bath & Beyond, and shadow-anchored by Walmart. R.J. Brunelli is exclusive leas - ing agent for the center, which is located near the intersection of Rtes.46 and 80. In Somerset County, Danielle Brunelli completed her latest lease for European Wax Center franchisees, signing the chain for a 1,419 s/f space at River- walk Village, a 50,000 s/f life- style center located at 665 Mar- tinsville Rd. in Basking Ridge. The shop is expected to open in the first quarter of 2022, joining a mix that includes Starbucks and various local retailers and restaurants. Brian Silbert of Silbert Realty represented the landlord on the transaction. Back in East Brunswick, senior sales associate John Lenaz signed Simos Insourcing Solutions to a 1,460 s/f space at 85 Main St., near Rte.18. The nationwide staffing company, whose clients include Wil- liams Sonoma, joins a mix at the 13,500 s/f strip center that includes 7-Eleven and a num- ber of local tenants. Bill Lenaz represented both the tenant and landlord on the lease, with R.J. Brunelli serving as leasing agent for the site. MAREJ responsible for leasing nearly one million square feet of re- tail space. Prior to working at Sabre, Helbling was at Breslin Realty working on retail leas- ing, and at Massey Knakal Realty where he primarily focused on investment sales. Helbling graduated from In - diana University in Blooming- ton with a Bachelor of Science in telecommunications. He is an active member of ICSC and is a licensed real estate broker in New York. Helbling is also a committee member of Kids for Kids Foundation to raise funds for St. Jude Children’s Research Hospital and on the REX Committee supporting human rights through UJA- Federation of NewYork. MAREJ

recently com- pleted a pair of 1031 Like- K i n d E x - change prop- erty sales and several leases for retail sites throughout northern and central NJ.

Jersey Strong health club “Both sales were executed as 1031 Like-Kind Exchanges, under which the sellers im- mediately use the proceeds to acquire other properties,” Mario Brunelli said. “These tax-advantaged transactions have fueled the tremendous upsurge we’ve been seeing in commercial property sales.” On the leasing front, sales associate Peter Miller repre- sented both the landlord and tenant on a deal that will see Performance Strength Academy expand its footprint at Dover Park Plaza in the Yardville sec - tion of Hamilton Twp.to 13,852 s/f. Under a previous transac- tion brokered by Miller, the fitness and personal training facility opened earlier this year at the Mercer County property in a 10,490 s/f inline space. In this newest transaction, Performance Strength leased an adjoining 3,362 s/f space previously occupied by a dance studio to add competition/ Olympic equipment for special - ized training, as well as other equipment. The new area is expected to open in the second quarter of 2022 at the 57,700 s/f anchored by CVS. Elsewhere, president & prin - cipal Danielle Brunelli com- pleted two leases for sites in northern New Jersey. In the

1100 Morris Ave.

iani, in the transaction. The buyer, COS Warehouse, was represented by Weichert Commercial . 1100 Morris Avenue, 971, 975 and 979 Lehigh Avenue is a 47,000 s/f portfolio of indus- trial/retail/office properties lo - cated adjacent to the Union NJ Transit Train Station. MAREJ than ever before. Remote work- ers need it for their careers, brands need it to sell goods online and massive events need it for international videoconfer- encing. The increased demand will create a 4.5% boom in the need for data centers. This is one of the most im- portant real estate trends in the commercial market because data centers require individual buildings. Commercial space is the best way to meet that need, so it will remain an investor priority throughout the com- ing year. 2022 Commercial Real Es- tate Industry Trends These are a few of the leading commercial real estate trends for 2022. Industry experts can count on them to guide inves- tor interests and guarantee better investments, even in a world that’s still getting back on its feet. Lee & Associates. MAREJ Schweitzer joined Freddie Mac’s team in 2008, serving as its managing director. He built a national underwriting team from the ground up to 50 professionals and a loan origination volume of more than $7 billion across 3,000 transactions. He holds a master’s degree in real estate from George- town University and a Bach- elor of Science degree in busi- ness administration from Muhlenberg College. MAREJ

UNION, NJ — Bussel Re- alty Corp. (BRC) announced it sold 1100 Morris Ave., 971, 975 and 979 Lehigh Ave. in Union, a combined portfolio of 47,000 s/f on over three acres, for an undisclosed amount. David Blitt , senior VP of BRC, represented the seller, Estate of James &Mary Emil - due to the outlook for commer- cial real estate. 4. Retail Owners Will Em- brace E-Commerce People initially increased their spending when pandemic discounts and stimulus checks merged. Experts predict that spending will remain high be- cause the pandemic introduced social safety nets that will last long term. It’s an economic influence that impacts the in - dustry outlook for commercial real estate. Business owners need bigger stores with room to keep more extensive inventories. They may also require warehouse spaces for additional stock- rooms. Anyone wondering what to look out for in commercial real estate in 2022 can count on the demand for rental space re- lated to e-commerce purchases. 5. Data Centers Are Crucial The internet is more critical HOWELL,NJ — GPAREN- CY has announced that Ben Schweitzer will serve as the firm’s chief product officer and co-founder. Schweitzer comes to GPARENCY following a 13-year tenure at Freddie Mac, where he held leadership positions in underwriting and technology, including as co- creator of the Small Balance Loan program and founder of the Multifamily Innovation Lab. These experiences will be key in Schweitzer’s new role as he develops and imple- ments strategies that bridge

Mario Brunelli

Representing property owner WOWPlaza III, LLC, the retail real estate brokerage sold a 25,000 s/f freestanding build- ing in East Brunswick housing a Jersey Strong health club to KHC Development, Inc. The site sold for $4.93 million at a 7.6% cap rate, according to Mario Brunelli , VP-invest- ment sales and principal of the Old Bridge-based brokerage. The buyer was represented by Ellen Quentzel of Jordan Baris, Inc. Realtors. “Jersey Strong has been operating at that location for over 10 years and signed a long- term lease with the building’s new owner to remain there,” said Mario Brunelli, who also represented Jersey Strong on the new lease. Mario Brunelli also repre- sented East Orange Retail Holdings, LLC on its sale of a 12,682 s/f Dollar Tree building at 325 Central Ave. in East Or - ange. Real estate investor Arie Wilensky acquired the central business district building for $2.9 million at a 7.4% cap rate. Dollar Tree will continue to operate at the site, where it has been a tenant for six years.

continued from page 2A CRE Trends in 2021-22

NEW YORK — Brian Katz , CEO of Katz & Asso- ciates announced that Russel Helbling joins Katz &Associates asmanaging director inNYC He has a top-notch portfolio of tenant representation accounts and has handled strategic roll-out plans in Long Island, NorthernNew Jersey, and New York City for brands including: Starbucks, Wendy’s Hamburg - ers, Sherwin Williams, Caliber Collision, Pep Boys, Mighty Quinn’s BBQ, PDQ, and Dollar General. Helbling is a QSR and fast casual guru. Helbling has joined Katz & Associates as managing di rec tor in Katz’s New York City of - fice. Helbling will be work- ing on tenant Russel Helbling

GPARENCY names Ben Schweitzer as chief product officer, co-founder the gap between banks and borrowers.

Equally active on the land- lord side, Helbling has been involved in numerous ground- up development leasing as- signments in Long Island and the Outer Boroughs of New York City. Helbling excels in working with landlords to mer- chandise retail components of their developments, and was

and landlord representation primarily in Long Island and the surrounding New York Metro region. Previously, Helbling spent the past 10 years at Sabre Real Estate based on Long Island where he worked on tenant and landlord representation.

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