Ivy Realty sells 454,456 s/f, 11200 Roosevelt Blvd. CBRE announces $33.54 Million sale of industrial site in Philadelphia

ISSUE HIGHLIGHTS Volume 33, Issue 9 Oct. 22 Nov. 18, 2021

HILADELPHIA, PA — CBRE announced that it has arranged the sale of 11200 Roosevelt Blvd., a 454,456 s/f indus- trial property located along the I-95 Corridor in Metro Philadelphia. A joint venture between Ajax Advisors and Brickman Associates , both out of New York, acquired the building for $33.54 million. The CBRE National Part- ners’ team of Michael Hines, Brian Fiumara, Brad Rup- pel, Joe Hill and Lauren Da- wicki spearheaded the mar- keting campaign and repre- sented the seller, Ivy Realty , during the sales negotiations alongside Stephen Marzullo and Adam Silverman of CBRE’s Philadelphia Com- mercial Investment Properties team. Additionally, CBRE’s Debt & Structured Finance’s Steven Doherty and Nick WASHINGTON, DC — Berkadia announced the financing secured for Bella Vista Senior Apartments, a 24-story, 231-unit Affordable housing property located in Union City, NJ. Managing director Laura Smith of Berkadia DC Metro secured the $26 million in permanent refinancing on behalf of the borrower, Orlando Partners, LLC. The deal closed on Sep- P





that included painting, paving, landscaping and new fencing. Located in Metro Phila- delphia, the 26.4-acre site provides direct access to the Pennsylvania Tpke., I-95 and Roosevelt Blvd.. The prop- erty boasts 18’-24’ clear ceiling heights, 22 dock doors, four drive-in doors and parking for 11200 Roosevelt Blvd.

Harris secured the financing on behalf of Ajax Advisors and Brickman Associates. Built in 1960, 11200 Roos- evelt Blvd. recently underwent more than $3.7 million in capital improvements, which included a new roof, electric service and fire alarm system upgrades, and exterior work

189 cars and 46 trailers. Ad- ditionally, the property offers 16,800 s/f of office space. 11200 Roosevelt Blvd. is currently 100 percent occu- pied by Philadelphia Delivery Systems, IK Marketplace, Philadelphia Academy Char- ter School and Dependable Distribution Services. MAREJ “We are pleased to partner with our client for a second time to refinance Bella Vista Senior Apartments, allow- ing the project to benefit from historically low inter- est rates and providing suf- ficient equity to buy-out one of their passive investors,” said Smith. “This project is in excellent condition and has been owned by the same group since its construction back in the 1970s. It serves an important population of low-income senior residents in Union City and will con- tinue to be a low risk and high value asset in HUD’s insurance portfolio.” Jeffre Juliano , managing member of the ownership en- tity and a partner at the law firm of O’Connor, Playdon, Guben & Inouye, L.L.P. , said, “Our group couldn’t be happier working with Berkadia and in particular Laura Smith and her team. Laura time and again makes working with her a win-win endeavor! She will go that ex- tra mile for the client.” MAREJ




Section D

Berkadia Secures $26 Million in financing for affordable senior community in Northern NJ

UPCOMING CONFERENCE October 27, 2021 Zoom Webinar 8th Annual NJ CRE Leadership Conference

For speaking & sponsorship info., please contact: Lea at 781-740-2900 or lea@marejournal.com

Directory ROP (Front Section) ........................................... Section A Financial Digest......................................................... 7-8A Retail Development Reimagined. ............................ 9-12A DelMarVa................................................................... 13A People on the Move................................................... 18A Business Card/Billboard Directory....................... 20-IBC-A New Jersey.............................................................. 1-13B Pennsylvania........................................................14-BC-B Owners, Developers & Managers....................... Section C Property Management.............................................. 3-5C Women in Business........................................... Section D www.marej.com

Union City, New Jersey

tember 15. The HUD 223(F) 35-year loan features a rate in the

mid-two percent range and represents a loan-to-value ratio of 39 percent.

Inside Cover A — August 20 - September 16, 2021 — M id A tlantic Real Estate Journal


If You’re Considering A 1031 Exchange It’s Time To Set Sail!

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M id A tlantic Real Estate Journal — October 22 - November 18, 2021 — 1A



Popeyes Marlboro, NJ $2,631,579

Outback Steakhouse & M&T Bank Clifton Park, NY $2,734,977 Dunkin’ Marlboro, NJ 1 449 153

Mission BBQ & Sport Clips Marlton, NJ $3,830,810 7-Eleven Virgi ia 1 152,33

Wawa Plainfield, NJ $8,800,000

Chipotle Salem, VA $2,380,000

IHOP Grove City, OH $1,948,479 Chase Bank R xbury, NJ 710,000

Shoppes of Southland Orlando, FL $3,775,000 Dollar Genera Ridgely, MD 1 82

7-Eleven Coppell, TX $4,400,582 Bank of America Petersburg, VA $95 ,000

Bojangles La Follette, TN $1,951,220 Popeyes Glen Allen, VA 2,62 ,00

Ethan Cole, NJ Broker of Record, License 2082582 Brian Brockman, VA Broker of Record, License 225245999, Andrew Knight, VA Broker of Record, License 0225214094






2A — October 22 - November 18, 2021 — M id A tlantic Real Estate Journal


M id A tlantic Real Estate Journal

M id A tlantic R eal E state J ournal Publisher, Conference Producer . .............Linda Christman AVP, Conference Producer ...........................Lea Christman Publisher ........................................................Joe Christman Editor/Graphic Artist ......................................Karen Vachon Social Media . ....................................................Halle Morton Contributing Columnist ........................................CORFAC 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 350 Lincoln St, Suite 1105, Hingham, MA 02043 USPS #22-358 | Vol. 33, Issue 9 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.

Joseph Latina

CRE Market Shows Post-Pandemic Promise

he impact of the pan- demic isn’t quite over – especially with the Delta variant delaying real estate rebounds in some sec- tors. Still, despite continued uncertainty, deals are closing in markets across the U.S., and new business pipelines are refilling. This heightened ac - tivity is contributing to largely positive sentiment from mem- bers of CORFAC International, the premier network for inde- pendently owned commercial real estate firms, according to the organization’s mid-year 2021 Business Impact Survey. One big reason for optimism? Workers who hadn’t already done so are returning to in- person work, meetings and business travel. That’s having an impact not solely on real estate planning by owners and tenants, but also on the way brokers can conduct business. “Technology to improve and support the real estate busi- ness will continue to evolve, but the value of being able T

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

to hold face-to-face meetings and take clients to visit sites in person is undeniable,” said Joseph Latina, President, CORFAC International and Principal, Patterson-Woods Commercial Properties/COR- FAC International in Wilm- ington, Delaware. “Everyone in our network is excited and active, making connections and getting out in the market with their clients to get deals done.” Activity and Optimism on the Rise The CORFAC member sur - vey revealed that deal momen- tum is growing. One in four respondents said their Q2 2021 transaction activity increased

significantly as compared to Q1 2021. Another 36% of mem- bers surveyed reported a slight increase in business activity. As noted by Latina, live interactions are contributing to the activity. A resounding 85% of respondents expect to have more face-to-face inter- action with their clients in the next six months. And, 80% of those surveyed expect even more new activity in the next six months as a result of post- pandemic reopening. Looking at the market and business conditions more broadly revealed that business sentiment is on the rise, too. A whopping 86% of respondents continued on page 16A

Firmly Rooted in the Law and in the Community We are well grounded in every facet of real estate law, from acquisition to construction. We are committed to serving the needs of our clients and our communities.

Contact: NEIL A. STEIN • nstein@kaplaw.com 910 Harvest Drive, Blue Bell, PA 19422-0765 • 610-941-2469 • kaplaw.com Other Offices: • Cherry Hill, NJ 856-675-1550 • Philadelphia, PA 215-567-3120 Kaplin Stewart A t t o r ne y s a t Law

M id A tlantic Real Estate Journal — October 22 - November 18, 2021 — 3A


M id A tlantic R eal E state J ournal

P Investments will create Morris County’s 1 st corporate destination tailored to post-pandemic workplace Signature Acquisitions embarks onmajor capital improvements at 175,000 s/f, class A office building local market.”

the diverse meeting and train- ing needs of future tenants. “The evolution in how and where employees work has forced office owners to rethink every aspect of their properties as they look towards the fu- ture,” said Rich Travaglini , senior vice president/director of leasing for Signature Acqui- sitions. “With our significant capital investments at 100 Kimball, we are re-envisioning the property to support the new and future needs of the corporate workforce and give employees a reason to want to come into the office that will be unmatched by any other in the

ARSIPPANY, NJ — Signature Acquisi- tions , one of the re- gion’s most active and pres- tigious owner/managers of class A suburban office space, announces a major capital improvement plan at 100 Kimball, a 175,000 s/f class A office building located at 100 Kimball Dr. in Parsippany. The capital improvements will feature significant tenant- focused upgrades to maintain 100 Kimball’s position as the premier office space in Morris County tailored to the post- pandemic work environment. Situated less than a mile from the intersection of Inter- states 287 and 80 in Morris County, 100 Kimball’s strate- gic location is paired with five stories of endlessly adaptable office space. Constructed in 2007, Signature Acquisitions acquired 100 Kimball in April 2019 to augment its rapidly growing four-million-square- foot portfolio of high-quality office assets across New Jer - sey and New York. Currently home to Deloitte, the account- ing firm’s planned departure from the building next year will enable Signature Acquisi- tions to bring the full building to the market in August of 2022. Capitalizing on this rare opportunity, Signature Ac- quisitions tapped architec- tural firm Studio 1200 to re-envision 100 Kimball ’s function and purpose around the evolving needs of employ- ers and their employees. The strategic capital improvement plan will focus on transform- ing 100 Kimball into the only corporate destination in Mor - ris County designed to serve to the post-pandemic work- place. Through the addition of in-demand amenities and the modernization of common areas, Signature Acquisitions will create a tenant experience that fosters collaboration, in- novation and socialization as workers return to the office. Beginning with a complete revitalization of the lobby, Signature Acquisitions will ensure that tenants and visi- tors feel welcomed the moment they enter in 100 Kimball. In addition, the redesigned café will transform the traditional office cafeteria into a dynamic indoor and outdoor dining space with creative and one- of-a-kind menu items and exciting culinary options. Con-

“Morris County’s highly favorable demographics, deep labor pool and transportation connectivity continues to drive strong demand for Class-A office space in the market,” said Heller, Principal and Managing Director of Avison Young’s New Jersey office, “Through their visionary capi - tal improvement plan at 100 Kimball, Signature Acquisi- tions will create a unique op- portunity for a modern, nimble workspace sought-after by many businesses in the region as they determine their return to work plans.” MAREJ

100 Kimball

tinuing the focus on employee wellness, Signature Acquisi- tions will also bring the latest state-of-the-art equipment and program offerings to the building’s newly redesigned

fitness center. Focused on en - hancing collaboration, Signa- ture Acquisitions will reorient the building’s current shared conference and training rooms to enhance flexibility around

4A — October 22 - November 18, 2021 — M id A tlantic Real Estate Journal


M id A tlantic R eal E state J ournal

By Chay Lapin, Kay Properties & Investments Why the Delaware Statutory Trust Specialist Can be a Real Estate Broker’s Best Friend


or secure a $100,000 mort- gage. Effectively, investors are working in a much nar- rower box with fewer alterna- tives – all while the clock is winding down on the 180-day timeframe allowed to complete an exchange. Including a DST 1031 property option creates a reliable backup plan for inves- tors like Alison T. in case her original property exchange falls through. That’s why DST specialists are a great resource for real estate brokers because they can help ensure the client has a reliable backup plan ready to go. Smart brokers who rep- resent investment property owners should always have a relationship with a DST 1031 specialist advisory firm like Kay Properties and Invest- ments. They can present the DST 1031 strategy to their clients as an added benefit that they bring to the table, while also providing an expert resource for creating a back-up 1031 identification tool and creating a safe tactic to avoid a mortgage “boot”. (*Every investor’s tax situ- ation is different, and this ar- ticle is not tax or legal advice. Investors should inquire with their CPA/Accountant to ver- ify their 1031 requirements) “When brokers are getting close to listing a property, it is important that they contact Kay Properties in an ample amount of time before their client’s deadline. This will give them enough time to under- stand the risk and business plan of each offering. We are always available for confer- ence calls and or in-person meetings with your clients,” said Dwight Kay, founder and CEO of Kay Properties & Investments. 1https://www.cbre.us/research-and-reports/2021- US-Real-Estate-Market-Outlook-Multifamily Chay Lapin is president of Kay Properties & Invest- ments. MAREJ About Kay Properties and www.kpi1031.com Kay Properties is a nation- al Delaware Statutory Trust (DST) investment firm. The www.kpi1031.com platform provides access to the mar- ketplace of DSTs from over 25 different sponsor companies, custom DSTs only available to Kay clients, independent advice on DST sponsor companies, full due diligence and vetting on each DST (typically 20-40 continued on page 18A

ey Takeaways : ● Why should real estate brokers pres-

An Example of How a DST 1031 Exchange Can Replace Both Equity and Debt

ent a DST 1031 Expert to their cli- ents? ● Why i s a DST 1031 perfect for a multifamily investor who is ready to sell their asset?

1031 Debt & Equity Replacement Amounts Need to Replace $100,000 in Debt & Need to Replace $200,000 in Equity

Option One

Option Two

Option Three

Invest $100,000 into one all cash DST

Invest $50,000 into an all-cash DST

$67,000 with a 60% LTV

Invest $100,000 into a DST with a loan at 50% Offering Loan to Value

Invest $75,000 into two DSTs that have a 40% LTV each.

$133,000 All- Cash/Debt-Free DST Investment

Chay Lapin

● What is “mortgage boot” and why should it be avoided? ●What do DST 1031 experts bring to the table for both the seller and real estate broker? Today’s multifamily market is bustling with activity as the number of owners and inves- tors from Maine to California are executing thousands of sell/buy transactions every single day. According to a recent multifamily market report 1 by CBRE Real Estate Group, this deal velocity can be attributed in part to favor- able economic conditions and reduced negative impacts from COVID-19. So far in 2021, the multifamily market saw $148 billion in transactional activity, a 33 percent total increase over the previous year. Owners of appreciated rental properties may have equity potentially “locked up” in their investment real estate. Selling in this bustling market can potentially unlock this trapped equity. Find- ing replacement properties to 1031 exchange into that provide passive income and potential for diversification is a challenge many sellers face. Delaware Statutory Trust may be a potential solution to this challenge. That’s why more and more brokers are turn- ing to DST specialists to help advise their clients on how to avoid being hit with a large capital gains tax following the sale of their multifamily investment property. In a nutshell, DST 1031 exchanges allow multifamily sellers to defer the income from the sale of their property by in- vesting in a co-ownership real estate portfolio as outlined in the Internal Revenue Service Revenue Ruling 2004-86. The DST 1031 structure allows a trust to be set up that consists of multiple investors who share passive ownership of a designated building or entire portfolio of investment prop- erties. This strategy allows

key deals and that have a lot of moving parts. In addition, very few brokers can find ap - propriate property options for their investors that fit for a cli - ent with very specific require - ments for debt replacement parameters. Enter the Delaware Statutory Trust Specialist This is where a Delaware Statutory Trust specialty firm can be of real value to a real es- tate broker who is represent- ing a multifamily investor who just sold a property. One of the potential advantages of a DST is that it provides beneficial interest in a property that has non-recourse debt that is already “pre-packaged” for a 1031 exchange. Effectively, what that means is that it is relatively simple for the real estate investor to make the 1031 exchange math work – almost down to the penny. Investors also have greater flexibility in putting their in - vestment dollars into multiple DSTs in a variety of real estate combinations and still achieve their desired equity and debt targets. A hypothetical investor named Alison T. needs to re - place $200,000 in equity and $100,000 in debt. Now she could put $100,000 into one DST with no debt (an all-cash debt free DST) and the re - maining $100,000 into a DST that has a loan on the property at 50% Offering Loan to Value (LTV). Another option would be to put $50,000 into a DST with no debt and $75,000 each into two additional DSTs that both have 40% LTV. In comparison, an investor conducting an exchange with a single property, such as a rental home, would have to find a property they want to buy at the desired $300,000 price. They would then have to bring their own money to the table for an all-cash purchase

investors to create customized and diversified portfolios, alle - viate the daily landlord duties, reduce the financial burden by spreading costs across mul- tiple investors, provide inves- tors the potential for monthly income potential, and offers significant tax advantages. DST properties are typically institutional-grade real estate assets like net lease buildings, self-storage facilities, logistics and transportation centers, and multi-family apartments, offering investors the opportu- nity to own assets that would normally be financially out of reach for them. Brokers Need a Delaware Statutory Trust 1031 Specialist to Help Them Advise Their Clients 1031 exchanges are often the “preferred solution” for investors who have sold their investment property. Because no matter who the investor is or what type of investment asset that has been sold, they will always face the same chal- lenge at the end of sale of an appreciated property: a big tax bill. This tax event is called “capital gains” and is calcu- lated by taking the difference between a property’s cost basis and the sale price, typically at a rate of somewhere between 15 percent and 28 percent for federal capital gains taxes. Add to that depreciation re- capture rate of 25 percent, state capital gains tax, and medicare surcharge and the tax consequences could be devastating. In fact, many in- vestment property owners de- cide not to sell because of the significant tax implications. A DST 1031 Over a Straight 1031 Exchange? At this point, the real estate broker will most likely recom- mend the seller enter a “1031 exchange”. This strategy is named after section 1031 of the Internal Revenue Code

and allows a property owner to defer capital gains taxes on a profitable sale by reinvesting the proceeds into another prop- erty of “like kind,” and there is no limit to how many times it can be done. In theory, there could be a successive series of exchanges that defer capital gains taxes indefinitely, which allows an investor’s income to potentially grow tax-free over a long period of time. However, the rules of a 1031 exchange can be complicated and incredibly difficult (and potentially expensive) to ac- complish without the advice of a true 1031 expert. Generally speaking, all 1031 exchanges follow these parameters: ● The replacement property must be “of the same nature or character” (i.e. “held for investment purposes”) as the relinquished one. ● The new property must be “identified” within 45 days of the close of the sale, and the purchase transaction must be completed within 180 days of the sale. ● The amount of money in - vested into the new property must be the same as the sale proceeds from the old prop- erty. If there is a difference, it is known as “boot,” and it becomes taxable. ● Exchangers must hold title to replacement property in the same way as the relinquished property. ● Any errors in the transac - tion or violations of the rules can cause the transaction to become a failed exchange (meaning any applicable taxes will be due). Many brokers confess that identifying a replacement property and then successfully completing the exchange is exceedingly difficult to accom - plish in the required timeline. TSometimes brokers can only present their clients with properties that are not turn-

M id A tlantic Real Estate Journal — October 22 - November 18, 2021 — 5A


M id A tlantic R eal E state J ournal

OCHELLE PARK, NJ — Tulfra Real Estate , a Rochelle Walsh of Walker & Dunlop serves as broker on transaction Tulfra Real Estate acquires prime Jersey City site for parking and storage project R

parking. Located at 300 Thomas Mc - Govern Dr., Jersey City, there are 158,936 housing units and 22,560 new apartments under development within a three- mile radius of the site. The property is just minutes from downtown Manhattan, and convenient to all boroughs via the New Jersey Tpke. “This acquisition adds an - other outstanding asset to our portfolio of properties,” said Sonny Jumani , presi- dent and CEO of Tulfra Real Estate. “With NYC and downtown

Jersey City virtually minutes away, it offers that rare com- bination of a perfect location in a major distribution center near a high concentration of new residential developments. That is a combination that is hard to beat,” Jumani adds. No purchase price has been disclosed. The broker on the transaction was Thomas Walsh , managing director at Walker & Dunlop . Tulfra has developed over 500,000 s/f of self-storage fa- cilities over the past few years, and it welcomes broker sub- missions of new sites. MAREJ

Park-based real estate investment c o m p a n y , announced that it has purchased a prime sel f - storage site i n J e r s e y City.

Sonny Jumani

The new owner/developer has received final approval for a 220,000 s/f state-of-the-art storage facility and adjoining Lee & Associates opens new Morris County office

300 Thomas McGovern Dr.

Max Spann Auctions Wilmington, Delaware 30 Bancroft Mills Road, Wilmington  7,989+/- SF Office Building

110 S. Jefferson Rd.

CEDAR KNOLLS, NJ — Lee &Associates NewJer- sey announced that the real estate brokerage has opened a new office in Whippany at 110 S. Jefferson Rd., which is part of Hanover Twp. The new 3,361 s/f sublease fea- tures brand new built-out space that is wired and fully furnished. The team chose to relocate from a smaller Cedar Knolls location fol- lowing the recent hiring of seven senior commercial real estate professionals from Transwestern’s New Jersey branch. “We are excited to an- nounce the relocation and ex- pansion of our Morris county office, one of three across the Garden State that service a wide range of businesses,” said Jason Lynch , principal of Lee & Associates NJ. “As we continue to diversify and add to our staff of talented real estate professionals, we needed a new office space in Morris County to support col - laboration amongst a larger team. Suzanne Kiall , director & managing broker at Lee & Associates New Jersey repre - sented Lee & Associates to secure this transaction. The sublease was represented by Roger Cantor of Corner- stone Real Estate . MAREJ

 Possible Residential Re-Development

 24 Parking Spaces

 Minimum Bid $475,000

Property Previews October 22 & 28 12-2PM

Paterson, New Jersey 44 Ryle Avenue, Paterson

 Mixed-Use Development Site  90+/- Residential Units  Approval for 10,000 +/- SF Commercial  Minimum Bid $1,700,000 888-299-1438 | maxspann.com Visit Maxspann.com for more information on these and other upcoming sales

6A — October 22 - November 18, 2021 — M id A tlantic Real Estate Journal


M id A tlantic R eal E state J ournal

ALISBURY, MD — Pr inc ipal Meredi th Mears of NAI Coastal S McClellan Team of SVN Miller Commercial Real Estate represent the seller Mears of NAI Coastal represents regional non-profit organization in Delmarva expansion

recently rep- r e s ent ed a locally based n o n - p r o f i t o r g a n i z a - tion in their purchase of 31516 Win- t e r p l a c e P k w y . , a

Meredith Mears

31516 Winterplace Pkwy.

17,000+ s/f office building lo - cated along the Rte. 50 corridor in Salisbury. The purchaser, Bay Area Center for Independent Liv-

a charitable donation to the seller’s benefit. In doing so, the needs of both transaction parties were satisfied in full.

“The pandemic took its toll on many non-profits in our sur - rounding community. Before the pandemic hit, my plans were to construct a new build- ing, but I could see them fade as the COVID numbers in- creased,” said Katherine Jones, executive director of Bay Area Center for Independent Living. “I was disheartened that we many never have the capital to build a new building because of increasing construction costs. I never thought about purchas- ing an existing commercial property until Merry Mears opened my eyes to the many possibilities. She was able to find us the perfect building in the right location that fit our budget. We now have twice the amount of space than we originally envisioned. Thank you Merry and NAI Coastal for making our dream a reality!” Originally founded in 1974, Bay Area CIL currently works throughout nine Delmarva counties to advocate for and promote the rights of individu- als with disabilities. The new building will allow their team of volunteers to expand their reach as they pursue equality and ease of access to education, work opportunities and com- munity services. “I’m thankful for the trust Bay Area Center for Indepen- dent Living placed in me to assist them in finding the right space to expand into—it was critical to ensure that leader- ship and staff felt that they would be able to serve their clients in an improved man- ner through space allocation. I know we met that goal,” said Mears. “Once we found the right building, we were able to structure the deal in a way that assisted both sides in moving forward in the most optimal manner.” Mears collaborated with The McClellan Team of SVN Miller Commercial Real Estate , representative of the seller. MAREJ

ing (CIL), relied heavily upon Mears’ advisory throughout the transaction process in order to secure creative, ‘bar-

gain sale’ financing. This non- conventional method enabled the organization to process part of the purchase price as

YOU R L I A B I L I T Y I N S U R AN C E U NQU E S T I ONA B L Y H A S A P O L L U T I ON E X C L U S I ON That means no protection against direct and indirect liability losses, and property devaluation, caused by mold, bacteria, legionnaires disease, oil spillage, lead, and many more pollution-related claims. E. B. Cohen Insurance and Risk Management has solutions and coverages to fill this gap in your security.


F inancial D igest

M id A tlantic Real Estate Journal — October 22 - November 18, 2021 — 7A


$37.308M financing arranged for new luxury condominiums in Washington, D.C JLL arranges loan for Kite House at The Parks at Walter Reed withinmaster-planned community


metrobus routes. The prop - erty is five miles from both downtown Washington, D.C. and downtown Bethesda and 1.5 miles from downtown Sil- ver Spring. The JLL Capital Markets debt team that represented the borrower was led by senior managing directors Susan Carras and Jamie Leach- man , director Evan Parker and analyst AndrewLewis. “With the closing of Kite House, the development team continues to build out the transformational Parks at Walter Reed project,” said Leachman. “There was sig - nificant interest from the lending community with the recent success of the first condo project within The Parks at Walter Reed, The Brooks, as well as the prox- imity to the adjacent Whole Foods.” MAREJ

ASHINGTON , DC — JLL Capi- tal Markets has

arranged $37.308 million construction financing for the development of Kite House at The Parks at Walter Reed, a 109-unit condominium devel- opment with 11,000 rentable s/f of ground-floor retail in Washington, DC JLL worked on behalf of the borrower, a joint venture between Hines, Urban At- lantic , and Triden Develop- ment Group , to secure the three-year, floating-rate loan through Bank OZK. Gros- venor Americas provided a mezzanine debt commitment of $21.1 million for Kite House through its Structured Devel- opment Finance program. With first unit deliveries expected in early 2023, sales are planned to begin in Feb- ruary 2022. Kite House will

1115 Dahlia Street

offer one-, two- and three-bed- room units averaging 830 s/f. The community town center, known as the Marketplace, will offer shops, restaurants and retail amenities, includ- ing a Whole Foods Market.

Kite House is located at the intersection of Georgia Ave. NW and Elder St. NW, in the northern sector of The Parks at Walter Reed master- planned community. The community will include 3.1

million s/f of mixed-use devel- opment across 66-acres. The community is a 10-minute walk to Rock Creek National Park and the Takoma Metro Station, additionally, the property is served by eight

Domenico and Cali of Progress Capital secure $31 Million in refinancing for 240-unit multifamily complex in Hamburg, NJ

saw significant potential in the suburban submarket of Hardyston with its location

HAMBURG, NJ — Brad Domenico and Gabby Cali of Progress Capital se-

in the pictur- esque hi l ls and f a rm- lands of Sus- sex County. Today, the area exhibits an even big- ger appeal, conf i rming

c u r e d a $31,050,000 l oan f o r a client to re- finance Carl - ton Vi l lage Apartments, a multifamily complex lo- cated at 3331 Rte. 94, Hamburg.

Gabby Cali

Brad Domenico

his vision was spot on. “Since Spring of last year, we’ve been seeing an exodus rise coming from residents living in major cities such as Manhattan, Jersey City and Hoboken.” Domenico said. “As the pandemic looms and people continue to work remotely, it’s apparent that most of them are willing to trade the city-life for more living space in locations that aren’t heavily populated and have less overhead.” The 240-unit apartment complex consists of 21 build- ings situated on 37-acres. The unit mix includes (64) studios, (116) one-bedroom units and

The borrower, a seasoned real estate investor with 45 years of investment experi- ence owns and operates in ex- cess of 2,500 units throughout New York and New Jersey. With a keen eye for indemnify- ing undervalued assets and re- positioning them, he has been successful in his strategy of holding such assets in his port- folio for long-term investments for his family-owned business. Carlton Village Apartments, is one investment in which the borrower has owned and man- aged for over 30 years. In 1985, the owner pur- chased the property, as he

Carlton Village Apartments

(60) two-bedroom units, fea- turing private balconies. Ad- ditionally, 475 parking spaces provide ample on-site parking for each tenant. Sussex County is the north- ernmost county in New Jer - sey, part of the New York Metropolitan area and the state’s Skylands Region. Liv- ing in Sussex County offers residents a dense suburban feel. Hardyston Twp. is an absolutely beautiful town surrounded by breathtaking mountains and lakes. The area has little or no crime and

is made up of warm, friendly people who are extremely hospitable. “I believe we are going to continue to see an influx in the greater New York Metropoli - tan areas. We’ve been seeing a lot of deals outside the cities come across our desks as the demand for a more suburban lifestyle grows. City adjacent properties are hot commodi- ties for investors right now. Banks are also seeing the potential in such properties, so arranging financing has gotten a little less difficult.”

Domenico concluded. Since 1990, Progress Capi- tal has closed over $40 Billion in commercial loans and $150 Million in directly funded bridge loans. As a commercial real estate advisory firm, we can advise you on any real estate investment you are considering and provide the financing advice you need to manage through the com- mercial real estate acquisition and/or financing process. We consistently get our clients to the closing table… plain and simple! MAREJ

8A — October 22 - November 18, 2021 — Financial Digest — M id A tlantic Real Estate Journal


F inancial D igest

Private lender’s hard money loan will be used to fund construction for residential project Kennedy Funding places $2.5 Million land loan in Tarapoto, Peru wood Cliffs-based direct pri- vate lender. huge challenges in closing a loan outside the US.


and knew that there were spe- cial circumstances that would require their services,” said Alex Stiglich, South Pa- cific Funds and Commerce Limited , who represented the borrower. “Commercial banks and other conventional lenders just ask for too many things, and particularly if time is of the essence, there’s no chance to close,” he said. “Kennedy is more flexible in so many ways. They focus exclusively on the collateral. That’s how they get the deal done. I trust them 100% with their ability to close.”

On September 10, Kennedy Funding closed on a $2.5 mil- lion land loan to Allan Con- strucciones S.A.C. to fund the construction of their resi- dential project. The loan will be used initially for working capital. The loan was secured by two pieces of land — 26,326.89 square meters of land located at Jr. Jose Galvez C-08 Tarap- oto, Peru, and 145,109 square meters of land located at Par- cel 0639141 Oxapampa, Pasco, Peru. The site is currently raw land. Kevin Wolfer , CEO of Ken- nedy Funding, said there are

N G L E W O O D CLIFFS, NJ —Accord- ing to Kennedy Fund-

Kennedy Fund i ng has earned a worldwide reputation for closing loans when others cannot. Loans on land have become one of their success- ful in-demand loan products. They have successfully closed over $3 billion in loans, much of it on land, all over the world: Belize, Brazil, Colombia, Do- minican Republic, Jamaica, St. Barts, and many countries and continents, including loans throughout the US and Canada. “I met with Kennedy’s man- agement team a long time ago

“It takes an experienced lender like Kennedy Funding to do business in Peru,” Wolfer said. “You have to navigate through the maze of local laws and mounds of paperwork pertaining to real estate, land use, title and environmental. Securing an accurate property appraisal in an unknown coun- try is vital, particularly when it’s raw land – that is why Kennedy uses world-renowned firms like CBRE . We can count on them so we can offer the highest loan amount pos- sible to our borrowers.” “Allan Construcciones was able to provide us with two prime parcels in different parts of the country,” he said. “They are located in areas that were attractive to us as lenders, and each has a rich history.” Tarapoto is a commercial hub town located in the San Martin Province in northern Peru; although Moyobamba is the capital of the region, Tarapoto is the region’s largest city. It is located 356 meters above sea level on the high jungle plateau, also called the cloud forest. It was founded in 1782 by Baltazar Martinez Jimenez de Compagnon. Ac- cording to the 2017 census, it has a total population of 310,073, including the Mo- rales and Banda de Shilcayo districts. The region’s main activities are tourism, com- merce, and agriculture. “We are proud to have been able to close this loan in Peru,” adds Wolfer. “We have a large pipeline of loan requests from all over South America. Other lenders can’t close these types of loans. We can. We look for- ward to filling that void in the marketplace.” About Kennedy Funding Kennedy Funding is a global direct private lender specializ- ing in bridge loans for commer- cial property and land acquisi- tion, development, workouts, bankruptcies, and foreclo- sures. Kennedy Funding has closed more than $3 billion in loans to date. Their creative financing expertise provides funding up to 75% loan-to- value, from $1 million ($3 million international) to more than $50 million in as little as five days. The company has closed loans throughout the United States, the Caribbean, Europe, Canada, and Central and South America. MAREJ

i n g , t he r e are roughly 5,771 com- mercial lend- ers in the US. I f you ask one of them if they would – or could – close a land

Kevin Wolfer

loan in the hills of Tarapoto, Peru, the answer would be a resounding “no.” That is why a Coral Springs, Florida, broker sought out Kennedy Funding, an Engle-

$2,500,000 Just closed Working Capital, Oxapampa and Tarapoto, Peru

A trek to Peru. A loan secured by not one but two pieces of land. Just another day for Kennedy – going and funding where traditional lenders can’t. With a team of loan specialists, we navigate through any jungle of local laws, regulations, and requirements to provide the flexible funding solution, right for your vision. With unparalleled industry expertise and over $3 billion in closed loans, why would you go anywhere else?

Call 1-800-342-8500 to close by December 31st.


land, development and acquisitions, bankruptcies, discounted payoffs, note purchases, workouts and foreclosures

R etail D evelopment R eimagined

M id A tlantic Real Estate Journal — Retail Development Reimagined — October 22 - November 18, 2021 — 9A


Brokerage closes sale of former fitness site; completes leases for Popeye’s and other retail tenants R.J. Brunelli announces property sale and series of new retail leases for sites in NJ & PA


Wax Center leased an 1,885 s/f space at Manahawkin Commons, a 319,349 s/f center on Rte. 72. Brunelli repre- sented European Wax Center on the lease, while the land- lord was represented by Jim Creed of CBRE . Brunelli also completed two leases for European Wax Cen- ter in northern New Jersey. A fourth quarter 2021 opening is planned for a 1,560 s/f loca- tion at Pompton Lakes Towne Square, 1-55 Wanaque Ave., in Pompton Lakes. Matt Grundy and Curtis Nassau of Ripco represented the landlord on the transaction. In Morris Twp., a second quarter 2022 opening is antici- pated for EuropeanWax Center in a 1,452 s/f space at Morris Marketplace, 191 East Hanover Ave. Bill Lenaz and Stephen Battista of Jeffery Realty represented the landlord on the lease. Danielle Brunelli addition- ally closed her second lease this year as the real estate

representative for the central and southern NJ franchisee of Crumbl Cookies. The multi- unit operator signed for a 1,600 s/f endcap unit in a new pad building at Commerce Center at Garden State Park in Cherry Hill. In Ocean County, the firm signed Pizza Hut for an 1,800 s/f endcap drive-thru space at 1882 Hooper Ave. in Toms River. R.J. Brunelli is the broker for the new 12,600 s/f retail center being developed by March Construction in the municipality’s Silverton section. Mario Brunelli , R.J. Brunelli VP & principal repre- sented the landlord. Sales associate Peter Miller brokered three leases for Lake Lawrence Shopping Center, at 2542 Brunswick Ave. in Lawrence Twp. R.J. Brunelli serves as broker for the 19,319 s/f highway center. Debuting this summer at the Mercer County property were Kayla’s Pretty Paws, a 2,262 s/f pet stylist and supply

store, and Greenhouse Busi- ness Center, a 1,370 s/f shop. They will be followed this fall by Sweet Threads, a 1,778 s/f vape, apparel and CBD prod- ucts shop. Miller represented both the landlord and tenant on the Kayla’s and Sweet Threads transactions. On Greenhouse Business Center, the tenant was represented by Frank Consiglio of Direct Store Services . In Monmouth County, Fiore brokered a 2,780 s/f lease for Middletown Dry Cleaners at the Village Mall, 1140 Rte. 35 South in Middletown. Patri- cia McHugh-Amecangelo of CBRE represented the land- lord on the lease, while Fiore represented the tenant. Fiore also represented the tenant on a 1,500 s/f lease that brought the Puff City smoke/vape shop to Stahl Shopping Plaza, 152 Moun- tainview Blvd. in Wayne. McHugh-Amecangelo of CBRE represented the landlord on the transaction. MAREJ

Commercial Realty . In Philadelphia, R.J. Brunelli senior sales associate Pete

LD BRIDGE, NJ — R.J. Brunelli & Co. , LLC recently

completed a property sale as well as a series of retail l eases that are delivering Popeyes Loui- siana Kitch- en, multiple E u r o p e a n

Ni cho l son signed a lo- c a t i o n f o r Popeyes new, 2,400 s/f free- standing pad bui lding at the Fishtown S h o p p i n g Center, 2427

Ron DeLuca

Alexis Fiori

Wax Centers, Crumbl Cook- ies, Pizza Hut and several independent retailers to sites throughout New Jersey and in Pennsylvania. Acting on behalf of property owner The Racquet Place, LLP, the retail real estate brokerage sold a 3.5-acre site housing the 27,000 s/f former NY Sports Club building in Old Bridge to a private investor. Located at 450 Hwy. 34, R.J. Brunelli CEO& principal Ron DeLuca and sales associate Alexis Fio- ri represented the seller, while the buyer was represented by Eddie Mardakhaev of Key

Aramingo Ave. Nicholson rep- resented Popeyes franchisee PN Restaurants. In NJ, the firm brokered four leases for European Wax Cen- ter in different parts of the state in its capacity as a representa- tive for the franchise chain. In central NJ, president & principal Danielle Brunelli signed the chain for a 1,760 s/f location at East Windsor Village, a 248,727 s/f center at 70 Princeton-Hightstown Rd. John LaParise of CBRE represented the landlord on the transaction. In southern NJ, European

Horvath & Tremblay completes the sale of four properties for $7.661M VIRGINIA AND NEW JERSEY — Kyle Daniel- son, Todd Tremblay and Bob Horvath of Horvath & Tremblay have completed the sale of Chipotle in Salem, VA. Horvath & Tremblay rep- resented the seller to complete the transaction at a sale price of $2.38 million. The Chipotle is located at 1122WMain St. in Salem, VA. The new construc- tion Chipotle consists of a 2,847 s/f building with a Chipotlane (drive thru). Chipotle signed a new 15-year lease with four, five-year renewal options and rent increases of 10% every five years throughout the base term and option periods. The prop- erty is extremely well located at the signalized intersection of W Main St. and Goodwin Ave. The location is part of a dominant trade area centered around the junction of US Hwy. 460 & I-81, with numerous businesses, national tenants and industrial centers drawing significant traffic to the area. Lombardi has completed the sale of Chase Bank in Roxbury, NJ. Horvath & Tremblay rep- resented the seller to complete the transaction at a sale price of $1.71 million. Chase Bank is located at 1250 US Rte. 46. Chase Bank recently exercised their renewal option on their double-net lease and has 5+ years remaining on their lease with one, five-year renewal option remaining. The lease features a 12% rental increase at the start of their remaining option periods. Chase Bank is well located along US Rte. 46 with excellent visibility and access. Horvath & Tremblay’s Kyle Danielson and Justin Spill- ane have completed the sale of Popeyes in Glen Allen, VA. Horvath & Tremblay repre- sented the buyer to complete the transaction at a sale price of $2.621 million. The Popeyes is located at 10213Washington Hwy. The property consists of nearly an acre of land im- proved with an 2,265 s/f build- ing. The newly constructed restaurant has a brand new 20-year lease in place with a highly awarded franchisee cur- rently operating eight Popeyes Louisiana Kitchen restaurants in the Richmond, VA area with above average annual sales across their stores. Danielson also completed the sale of a Bank of America in Petersburg, VA. Horvath & Tremblay represented the sell- er to complete the transaction at a sale price of $950,000. The Bank of America is located at 1963 S Crater Rd. The Bank of America retail branch consists of a 2,200 s/f building with two dedicated drive through lanes on a 0.34-acre parcel. Bank of America has been at this loca- tion since 2000, and recently exercised a five-year renewal option. Bank of America has three, five-year renewal op- tions remaining, each with 15% rental increases. Bank of America is situated as a pad- site to the Walnut Hill Plaza, a Save A Lot anchored shopping center. MAREJ 1122 W Main St. in Salem, VA Chase Bank in Roxbury, NJ

10A — October 22 - November 18, 2021 — Retail Development Reimagined — M id A tlantic Real Estate Journal www.marej.com

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

R etail D evelopment R eimagined Campbell, Kostelac & Gasper handle the transaction CAMPBELL inks 5,600 +/- s/f lease in Lwr. Allen Commons L D ORTH P L A I N - FIEL , NJ — Amid the chal lenges of 700,000 s/f of transactions & new agency assignments mong 2020 Levin Mgmt. ushers in 2021 with a look back on progres N

OWERALLENTWP., PA — DKP Ventures, LLC has purchased a 1.92-acre site in Lower Allen Commons from the Lower Allen Township Develop- ment Authority. The 5,600 +/- s/f Bonefish Grill recently extended their lease on the property. Joining Bonefish and Texas Road- house in the center is a 124- room Springhill Suites by Marriott which has recently started construction. The newly announced Trader Joe’s is also part of 2020, ommercial real estate services firm LevinManag - ment C rporation (LMC) achieved tang ble progress – a promising sign for the industry moving i to a n w y r. Over the past 12mo ths the North Plainfield based organization s cured nearly 700,000 s/f of new leases and renewals, added new leasing and management assign- ments, solidified its staff with new hires/promoti ns, and garnered several industry recognitions. 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 SALIS URY, MD —Senior dvisor Wesl y Cox, CCIM of The Hanna Team, with SVNMiller closed on the “Mr. ire” property located at 909 S. Salisbury Blvd., Salisbury. Within six-hours of putting the property on the market Cox gener ted multiple of- fers with a buyer in place within he first 24-hours. The prop rty was sold o an out of tate investor and M . Tire will continue to operate ut of the prop rty. The property was sold as a net leased invest- ment p operty with a publicly raded national credit tenant


Burlington Stores at Mill Creek at Harmon Meadow

Bonefish Grill

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 the center. Two remaining lots of 1.01 and 1.02 acres are schedul d for develop- ment and negotiations are ong ing with several national t ants. in place which v the inv s tor confidence n their new investment. This is the 3rd net leased vestmen Wesl y has sol recently wit in thr e-blocks of one anoth r totaling $2.5 milli n. After the transaction was completed, Wesl y said,

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 “My client’s best interests re my top priority and after cre ating an asset isposit on plan for my client I immediately implemented a natio wide ag- g essive mark ting camp ign nd I wa able to secur the best deal for my client with 24-hours.” MAREJ A t Campbell , Larry Kostelac, and Jessica Gas- per of CAMPBELL Commer- ci l Real E tat , Inc. handled the r nsaction and market- ing of the center. MAREJ

Cox, CCIMof SVNMiller closes net leased investment property in Salisbury, MD

909 S. Salisbury Blvd., Salisbury, MD

BORRUS ASSOCIATES Investment Real Estate


Julius Borrus Broker & President Borrus Associates

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

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