April 2024

24A — April 2024 — M id A tlantic Real Estate Journal


M id A tlantic R eal E state J ournal

AMILTON TOWN- SHIP, NJ — Calare Properties (Calare) H Firm struchtures 25,750 s/f industrial condo space deal Calare Properties expands footprint into New Jersey

continued from page 2A A New Chapter: Accordia sets sights on market resurgence . . .

assets that have the potential for growth and reinvention. “What it takes to build a forward-thinking team.” For Accordia, an expansion of this magnitude demands an infusion of new talent and per- spectives. We are in the process of bringing on board senior ex- ecutives with the vision and ex- pertise to drive our growth. This new blood will not only inject fresh ideas into our operations but will also ensure that our foundational values of transpar- ency and integrity remain at the forefront of our expansion efforts. We are fiduciaries for our investors, watching over their investments, which is the cornerstone of what we do. “Sustainable practices is our growth narrative.” When it comes down to it, sustainability is the thread that runs through every facet of our business. As we grow, so does our responsibility to the environment and the commu- nities we serve. Our rebrand- ing and expansion are not just about financial gains; they are about building a legacy of positive impact through responsible development. “What it means to go be- yond the path.” Looking toward the future, we envision Accordia as a com- pany that’s not just larger in scale but more influential in its contributions to the industry. The expansion will not just en- compass our geographic reach but also our service offerings, such as third-party asset and property management, which we see as a growing need in the market. By the end of 2025, we aim to have firmly established our pres - ence in new markets, capitalized on evolving real estate dynam- ics, and furthered our commit- ment to creating lasting value. The journey ahead for Accor- dia is one filled with promise and potential. We are embarking on a new chapter, one where our rebranded identity and strategic expansion will cement our place as a leader in the real estate sec- tor. As we advance through 2024 and beyond, our dedication to innovation, sustainability, and exceptional investment perfor- mance will continue to drive us forward. I invite our partners, investors, and the broader mar- ket to join us on this exhilarating journey. Together, we will chart a course that not only navigates the complexities of the market but also sets a new benchmark for excellence within the real estate industry. Jason R. Bogart is principal at Accordia. MAREJ

and foresight. “Our strategic expansion playbook means going south.” Our base of operations has always been and will always be focused on the Northeast. How- ever, we have an expansion strategy in geographic diversi- fication, with a particular focus on the vibrant markets within the Sunbelt region. With 24/7 “happy, feel-good weather” and tax incentives, the migration trends favor states like Florida and the Carolinas. For those reasons, we are planning to set up offices for Accordia in these areas. Our goal is to cre- ate a real estate presence that resonates with the economic vitality and demographic shifts of these regions. “Intuitive rebranding is our name of the game.” Rebranding is another signif- icant step for us. It’s more than a new logo or a refreshed web- site; it’s about encapsulating our identity as a forward-think- ing, adaptable, and innovative company. We are crafting a nar- rative that reflects our values and mission, emphasizing our commitment to sustainability along with our agile approach to the market’s demands. “How we plan to navigate through this ever-shifting retail landscape.” Retail real estate is an area of interest for Accordia. Despite the challenges, we are finding stability in grocery-anchored and service-type retail invest- ments. Even the pivot to online shopping has not diminished our belief in the viability of retail assets. Though we are optimistic about this sector, we are still cautious when it comes to exploring retail pros- pects that hold the promise of a steady flow of returns. We are still confident that these types of properties will remain essential to Accordia’s overall plan of taking advan- tage of potential pricing ad- justments that align with our shrewd investment philosophy. “Office real estate—our contrary viewpoint on the matter.” The post-pandemic world has translated into a true lack of investment capital for office space, which has deterred many investors from entering that asset class. Yet, as with every type of challenge Accordia en- counters, we see potential. For us, we believe that commercial real estate in up-and-coming locations offers unique repo- sitioning opportunities. Our approach is to look beyond the current trends and to identify

has expanded its footprint into NJ with the acquisi- tion of an in- dustrial com- mercial con- dominium at 3 Nami Ln. in Hamilton Twp. The pur-

3 Nami Ln.

Sam Joseph

Facilities that have ade- quate roofs (or even parking space) can develop solar to reduce the amount of util- ity supplied electricity pur- chased. In the same example cited above, if a solar system can be developed to provide 500,000kWh of electricity, the yearly consumption of the utility supplied electricity will have been reduced by 50% (you are generating the other 50% of your necessary electricity from your roof). When a facility is making its own clean electricity by using its roof and the sun, it does not have to purchase that amount of electricity from the utility com- pany. By adopting solar energy through a PPA, facilities will significantly reduce their op - erating expenses and increase their bottom-line revenues. Solar can be implemented as part of an overall energy effi - ciency strategy to reduce energy consumption and meet bench- marking requirements. Owners can also update their HVAC equipment and install ener- gy-efficient lighting systems (LEDs) to augment the overall reduction in the purchase of fense, and data center sectors. The tenant plans on investing capital in the building to mod- ernize the facility and support future product growth. The deal was structured as a sale leaseback transaction, al- lowing the tenant to maintain operations at a facility in which a recent acquisition had owned and operated over the last 25 years. This arrangement also enabled the tenant to capitalize on the value of the real estate asset while, at the same time, embedding a trusted real es- tate owner/operator to manage

and maintain the property on their behalf as a tenant. “This acquisition reflects the care and support we provide our tenants and we’re pleased that our long-term tenant has entrusted us to expand our work together into a new market,” said Sam Joseph of Calare. “Our sale leaseback program helps companies unlock the value in their property with the added peace of mind of having an owner in place that is dedicated to building long-term value in the space.” MAREJ

chase of the 25,750 s/f space extends the reach of the com- pany’s portfolio into the Tri- State market, with strategic po- sitioning between the NYC and Philadelphia metro regions. The asset at 3 Nami Ln. comprises more than half of the 46,000 s/f industrial/flex facility. The space has been fully leased to a long-term Calare tenant based in Mas- sachusetts that designs and manufactures semiconductor products for the telecommu- nications, industrial and de-

Navigating operating expenses and energy . . . continued from page 6A The answer again is by adopt- ing solar energy on your roofs. Solar energy is one way to meet these benchmarking re- quirements. Clean, renewable electricity which is generated from the sun! Solar has been around for a few decades now and has a proven track record of success in its technology, performance, and its ability to provide low-cost energy. to purchase the electricity at the agreed upon kilowatt-hour rate that is lower than the cur- rent utility rate. What is the next step? grid supplied electricity. In conjunction with a rooftop Solar project, also considering LED lighting provides for a quick, easy way to dramati- cally reduce a building’s electric consumption of utility supplied electricity. And best of all, the solar can be developed with no capital outlay on your behalf. In conclusion

The good news is that build- ings and facilities now have an easy, proven path forward to reduce and control their operating expenses through solar. And with the available solar PPA option, there is no need for a capital investment to bring clean, renewable en- ergy to your facility, meet the new benchmarking mandates and increase your NOI. References: State-by-State Guide to Energy Benchmarking Ordi- nances & Energy Efficiency Regulations (cim.io) Map: U.S. City, County, and State Policies for Exist- ing Buildings: Benchmarking, Transparency and Beyond - IMT Benchmarking and Disclo- sure: State and Local Policy Design Guide and Sample Policy Language (energy.gov) Thomas Loredo is direc- tor of sales at Sunrock Dis- tributed Generation. MAREJ

And some of the best solar solutions that are available provide you with a no-upfront capital investment require- ment and a guaranteed lower cost of electricity, saving you money on your yearly operat- ing expenses (remember the bottom line?). What does it cost? With solar, the most com- mon approach used in com- mercial buildings is the Power Purchase Agreement (PPA). A PPA is a financing model whereby the owner of a solar energy project enters into a contract with a customer to supply electricity for a prede- termined rate over a specified period of time. Simply put, the solar project owner invests the capital expenses necessary to develop, install, and maintain the solar energy system over the course of the agreement. In return, the customer agrees

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