34 — June 2025 — M id A tlantic Real Estate Journal
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M id A tlantic R eal E state J ournal
Chandler Vanderbeek & Connor Vanderbeek ink deals BRC Retail Services leases 3,010 s/f in Bridgewater, NJ
dancker acquires Phillips Workplace Interiors & CONDIVX
rates and prompting owners to consider repositioning or conversion strategies. Occupier confidence is grad - ually improving. Though the overall demand recovery re - mains slow and concentrated in top tier product, there are an increasing number of green shoots emerging in the leasing dynamics. • Retail Retail continues to show re - silience, with steady consumer spending underpinning per - formance. A lack of develop - ment will buttress markets as demand navigates the shifting tariff environment. Bifurcation remains a key theme: necessity-based and experiential retail outperform, while mid-tier and department store formats lag. Foot traffic in urban and lifestyle centers is return - ing to pre-pandemic levels in many markets, driven by tourism and changing con - sumer preferences. Vacancy rates have stabilized or declined in prime locations, and occupiers are increasingly focused on optimizing store portfolios for both physical and digital engagement. About Cushman & Wakefield Cushman & Wakefield is a leading global commercial real estate services firm for property owners and oc - cupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2024, the firm report - ed revenue of $9.4 billion across its core service lines of Services, Leasing, Capital markets, and Valuation and other. Built around the belief that Better never settles, the firm receives numerous industry and business acco - lades for its award-winning culture. MAREJ and integrated service model, the acquisition enhances the company’s ability to serve clients across the Northeast and Mid-Atlantic regions with expanded capabilities and design-forward solutions. “Phillips Workplace Interiors has built an impressive reputa - tion for quality, service, and innovation—values that align perfectly with dancker’s,” said Steven Lang , CEO of dancker. “We are excited to welcome the Phillips team into the dancker brand and look forward to le - veraging the CONDIVX brand to further strengthen our offer - ings in the specialty construc - tion space.” MAREJ
SOMERVILLE, NJ | HAR - RISBURG, PA — dancker announced the acquisition of Phillips Workplace Inte - riors , a Pennsylvania-based commercial interiors firm known for its innovative work - place solutions, and its propri - etary sub-brand, CONDIVX, which specializes in turnkey interior construction solutions. This acquisition marks a significant step in dancker’s continued growth and com - mitment to delivering com - prehensive, high-performance environments. By combining Phillips’ deep regional presence and trusted client relationships with dancker’s infrastructure
B
RIDGEWATER, NJ — Bussel Realty Corp. (BRC), a leading indus -
trial/retail real estate services firm in New Jer - sey, leased 1,370 s/f at The Bridge - water Shop - pes, 1301 Prince Rod - gers Ave. in Bridgewater, New Jersey, a 50,288 s/f retail shop - ping center, to Stretch Re c o v e r y Lounge. Chandler Vande r - beek , vice
Chandler Vanderbeek
The Bridgewater Shoppes
Cushman & Wakefield releases . . .
from structural demand driv - ers, including e-commerce expansion, supply chain re - structuring, and onshoring/ nearshoring strategies. Select markets that experi - enced aggressive development cycles are seeing short-term oversupply, in some cases, re - sulting in lower rents. These conditions will not last long but are opportunities for tenants seeking relief after several years of double-digit rent growth. • Multifamily Multifamily fundamentals remain solid, with healthy oc - cupancy and sustained (though moderating) rent growth, even as construction pipelines re - main near cyclical peaks. Affordability pressures in the housing market and demographic trends con - tinue to support demand, especially in undersupplied urban cores and markets with high in-migration. Institutional investors are selectively re-entering the space, drawn by improving yield spreads and long-term structural housing shortages. • Office Net absorption is improving. While still negative, nearly half of the markets Cushman & Wakefield tracks reported positive absorption thus far in 2025. Moreover, demand is improving (i.e. become less negative) across almost all markets, bringing aggregate absorption closer to a positive turning point. The flight to quality persists, with newer, highly amenitized and energy-efficient buildings commanding a disproportion - ate share of leasing activity. Legacy office stock faces mounting obsolescence risks, driving elevated vacancy continued from page 2
Connor Vanderbeek
president, and Connor Vanderbeek , vice president, of BRC Retail Services rep - resented Stretch Recovery Lounge in the transaction. The landlord, BET Bridge - water LLC, was represented in-house. “We are excited to assist Stretch Recovery Lounge open their sixth New Jersey loca - tion,” said Chandler Vander - beek. “The Bridgewater Shops will be a great opportunity to gain exposure in Somerset County as they continue to ex - pand their footprint through - out New Jersey.” With more than 21,000 ve - hicles per day passing the location, The Bridgewater Shoppes is a 50,288 s/f retail shopping center located near Route 22, I-78 and I-287 as well as the Bridgwater Mall. The property features 298 surface parking spaces and in - cludes such tenants as Kumon, Great Lengths, The UPS Store, Edible Arrangements, Rita’s, amongst many other retailers. Stretch Recovery Lounge is an assisted stretching and athletic recovery facility with multiple locations in New Jer - sey and one in NYC. They offer
Fox Chase Center
located off Route 22, and near I-78 and I-287 as well as the Bridgwater Mall. Using innovative technology, HotWorx provides a variety of infrared sauna workouts that are available 24 hours a day, 7 days a week, which offer the potential benefits of increased calorie burn, improved circula - tion, and stress reduction. The infrared saunas can help with muscle recovery, pain relief, and even cellulite reduction. Bussel Realty Corp. leased the entirety of at 101 Harper St. and 21 Avenue C in New - ark, NJ, a 12,000 s/f industrial building, on behalf of Georgian Land LLC. Michael Costa , sales associ - ate, of BRC represented both the tenant, Georgian Land LLC, and the landlord, Tojo LLC, in the transaction. 101 Harper St. and 21 Ave. C in Newark, are located near Routes 21 and 1-9, the New Jersey Turnpike. MAREJ
one-on-one assisted stretching sessions to help relieve pain, stiffness, and mobility issues, and also provide compression therapy for recovery. Bussel Realty Corp. (BRC) leased 1,640 s/f at Fox Chase Center- 322 Route 22 in Bridge - water , a 25,000 s/f retail strip center, to HotWorx. Chandler Vanderbeek, and Connor Vanderbeek repre - sented the landlord, Cron - heim Management . Hot - Worx’s innovative infrared sauna workouts available 24 hours a day, seven days a week is expected to open summer of 2025. “We are thrilled to bring Hot Worx to Fox Chase center. Hot Worx is a great addition to the Bridgewater community offering a unique approach to fitness,” said Connor Vander - beek.” With more than 17,800 ve - hicles per day passing the loca - tion, 322 Route 22 in Bridgewa - ter is a 25,000 s/f retail center
From first deal to $530M closed, why Drew Reiter . . .
ing your network. Whether it is professionals already in the industry or even your fellow classmates, deals can come from anyone and it is pivotal that you build these long-lasting relationships, it will make a huge impact on your growth as a professional in this field. MAREJ
young executive graduat - ing from college? I would say it is important to love what you do. Being pas - sionate about your work will make it effortless to improve everyday and establish your - self as a young and successful professional. Additionally, now is a great start to build -
continued from page 8 in the industry. What outside activities do you enjoy during you free time? During my free time I often exercise, cook, golf, try new restaurants, and go boating. What inspiring word of advice would you give to a
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