18A — October 22 - November 18, 2021 — M id A tlantic Real Estate Journal
www.marej.com
M id A tlantic R eal E state J ournal
Newmark’s Appel handles sale advisory services Atkins Cos. sells 33,000 s/f MOB in Bel Air, Maryland B
Rich & Catherine Goski rep. both parties NAI DiLeo-Bram & Co. ink sale of 28,000 s/f warehouse
EL AIR, MD — Atkins Companies announced the sale of Plumtree Medical Center, a 33,000 s/f medical office building located at 104 Plumtree Rd. in Bel Air, to Healthcare Realty Trust . Newmark executive managing director Ben Appel handled sale advisory services for the transaction; senior managing director Jay Miele , managing directors John Nero and Mi- chael Greeley and associate Ron Ott worked in cooperation with Appel. Acquired by Atkins Com- panies in December of 2012, Plumtree Medical Ctr, is a sin- gle-story medical office building strategically located in between FAIRFIELD, NJ — The Stro Companies announced that Questar inked a 37,000 s/f lease for a new Fairfield warehouse and logistics center at 140 Clinton Rd. Located on Rte. 46 and four miles from the Rte. 23 and Rte. 80 access ramps, 140 Clinton St. is a 78,500 s/f class B warehouse facility offering tenants 21’ ceilings, abundance of em- ployee parking, trailer park-
24 South Ave.
tion jobs and new housing op- portunities within a quarter mile of the Cranford Train
CRANFORD, NJ — NAI DiLeo-Bram & Co. an- nounced that the team of
Station, on NJ Transit’s Raritan Val- ley Line. “This was a h i g h l y sought-after site by many developers l ook ing t o
R i c h a r d Goski , vice pr es i dent , and Cathe- rine Goski , a s s o c i a t e vice presi - dent recent- ly completed the sale of a
104 Plumtree Rd.
Rtes. 24 and 924 less than two miles from Upper Chesapeake Medical Ctr., a 181-bed and 450-physician hospital. The property is also strategically
situated near two of the area’s premier research institutions – the US Army’s Aberdeen Prov- ing Ground and Johns Hopkins University. MAREJ
The Stro Cos. and Cushman & Wakefield negotiate 37,000 s/f lease in Fairfield, NJ ing, and high visibility from Rte. 46.
Catherine Goski
Rich Goski
financing risks, potential adverse tax consequences, general economic risks, development risks and long hold periods. There is a risk of loss of the entire investment principal. Past performance is not a guarantee of future results. Potential cash flow, potential returns and potential ap- preciation are not guaranteed. Nothing contained on this website constitutes tax, legal, insurance or investment advice, nor does it constitute a solicitation or an offer to buy or sell any security or other financial instrument. Securities of - fered through Growth Capital Ser- vices, member FINRA, SIPC, Office of Supervisory Jurisdiction located at 2093 Philadelphia Pike Suite 4196 Claymont, DE 19703. NOTE: Past performance does not guarantee future results and DST investments may result in a complete loss of in- vestor principal. This is an example of the experience of one of our clients and may not be representative of the experience of other clients. These cli- ents were not compensated for their testimonials. Please speak with your attorney and CPA before considering an investment. NAI DiLeo-Bram & Co. is a member of NAI Global, a leading global commercial real estate advisor with over 375 offices and 6,000 profes - sionals. MAREJ maximize the potential of this property, but the sale required a very unique and experienced buyer given the high estimated cost of the environmental cleanup,” said Richard. “This property was a family-owned industrial warehouse for generations and we are excited to see the site take on a new life as a vibrant mixed-use develop- ment,” added Catherine.
DSTs) and a DST secondary market. Kay Properties team members collectively have over 115 years of real estate expe- rience, are licensed in all 50 states, and have participated in over $21 Billion of DST 1031 investments. This material does not constitute an offer to sell nor a solicitation of an offer to buy any security. Such offers can be made only by the confidential Private Placement Memorandum (the “Memorandum”). Please read the entire Memorandum paying special attention to the risk section prior investing. IRC Section 1031, IRC Section 1033 and IRC Section 721 are complex tax codes therefore you should consult your tax or legal professional for details regarding your situation. There are material risks associated with investing in real estate securities including illiquidity, vacancies, general market conditions and competition, lack of operating history, interest rate risks, general risks of owning/operating commer- cial and multifamily properties, 28,000 s/f warehouse located at 24 South Ave. on a 0.75- acre parcel within close prox- imity to downtown Cranford. Rich and Catherine Goski represented both the seller and purchaser in the trans- action. The buyer, Harrison Developers, LLC, is cur- rently seeking approvals for a 75-unit luxury apartment building consisting of stu- dio, one-, two-, and three- bedroom units with ground floor retail. The existing structure will be demolished and the new development will bring a sig- nificant amount of construc -
1031 Exchange rules, tight availability of space in growing sectors, and, of course, contin- ued effects from the pandemic, including the rise in cases due to the COVID Delta variant. Another key issue affecting clients’ real estate decisions is the constrained labor market. Companies in every sector, including retail, hospitality, manufacturing and profes- sional services, are having difficulty filling open posi- tions. In turn, companies may be delaying decisions such as expanding or moving spaces or signing long-term leases. In spite of these worries, CORFAC brokers are optimis- tic for a strong finish to 2021. The strength of industrial and emergence of subsectors such as cold storage are buoying the industry, and the broader reopening is driving deals and plans for the future. CORFAC International is a global network comprised of privately held entrepre- neurial commercial real estate firms. MAREJ handled negotiations on behalf of the landlord. “140 Clinton’s access to Rte. 46, Rte. 80 and proximity to New York City offers an un- matched opportunity for last- mile distribution,” said Stro’s Shulman. “This transaction is another recent example of Fair- field’s prominence and growing importance in the Northern New Jersey Industrial and Lo- gistics Market.” MAREJ
field. According to research from Yardi Market Insight, industrial sector vacancy rates averaged 5.8% in 30 top mar- kets nationwide and aver- age rents for industrial space reached $6.31 per square foot. Rents for industrial space in New Jersey climbed to the third spot by yearly growth, up 6.3% compared to July 2020, trailing only California port markets. Trends driven by the way we live and shop today also showed up in the survey re- sults. Ecommerce (47%) and cold storage/warehouse (25%) were other key subsectors for CORFAC members in the sec- ond quarter. And the growth of remote work contributed to office subleasing/disposition (27%) being another significant business source. Some Worries Linger for Real Estate Professionals Though both sentiment and activity are rising, some areas of anxiety were identified, including concern about tax code changes particularly to Cushman & Wakefield’s Tor s t en Tha l er , John Wilkinson, Chuck Fern, Jason Barton, Thomas Tuc- ci & Stephen Shoemaker represented Questar in the transaction. While The Stro Companies Jack Shulman , director of acquisitions and capital markets, and Elliot Ferris , director of leasing,
CRE Market Shows Post-Pandemic Promise
described business sentiment in their market as very posi- tive or somewhat positive, far outweighing those with a more depressed outlook. Sources of New Business for Independent Brokers New business pipelines show key areas are poised for a rush. New business is coming from not only clients who are al- ready in the respondents’ mar- kets, but from new clients who are relocating. When asked about sources of new business, members identified new clients locating to the market (65%) and current clients expanding (60%) as the top sources. One additional good sign: Current clients who are downsizing has declined to 36% from 51% in the first quarter of the year. Industrial and manufactur- ing transactions continue to drive CORFAC members’ 2Q 2021 business activity with 69% of respondents select- ing this subsector. CORFAC brokers’ experience bears out in national statistics from the continued from page 2A
continued from page 4A By Chay Lapin, Kay Properties . . .
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