AIRFIELD, NJ — In a transaction valued at more than $30 mil- F Executive VP Nathin executes seven Fairfield property sales Sheldon Gross Realty brokers NJ transactions totaling $30M

ISSUE HIGHLIGHTS Volume 31, Issue 9 May 10 - 23, 2019

million, that’s the definition of a large transaction,” said Nathin. “It speaks to what an attractive location Fairfield is for businesses, for multiple reasons. There are outstand- ing corporate and warehouse structures throughout the town, and the overall location is remarkable. Fairfield is lo- cated in Essex County, right on the border with Passaic and Morris counties, and is bisected by Rtes. 80 and 46. You can get pretty much anywhere very, very quickly.” Gross added: “After manag- ing and leasing these various properties for 20-plus years, we knew them as well as anyone possibly could. And this was a major benefit to the owners when this opportunity arose. There were no surprises – everything was quite clear, because we were able to answer any question that arose.”  occupancy rates in the sec- tor, which are at an all-time- high at well above 90%,” said Levin. “The FlatRate Storage property, which is nearly fully occupied, also benefits from an- cillary income generated by an in-house moving company that is owned by the seller.” To best leverage this, Levin worked closely with the seller and buyer to negotiate a lease- back through which the seller will continue to operate the moving company, and the buyer will benefit from additional rental income. “By looking at the investment holistically, we were able to demonstrate the value of both business strategies and cre- ate an ideal situation for both buyer and seller,” Levin notes. Located at 856-882 Frel- inghuysen Ave., the facility consists of three buildings, two parking lots, 32 loading docks and five fire pumps, as well as 118 exterior portable units totaling 8,761 s/f resulting in a total of 101,161 rentable square feet property wide. 


lion, seven i n d u s t r i a l and o f f i ce / f l ex bui l d - ings located in Fairfield ha v e b e e n p u r c h a s e d by an insti- tutional real

May 19 – 22, 2019 | Las Vegas, NV | #ICSCRECon Las Vegas Convention Center & Westgate Hotel

REGISTRATION FEES Full Convention 9-20A DEVELOPMENT OF THE MONTH EARLYBIRD ADVANCE Member*: $610 $660 Non-Member: $1,330 $1,330 Student Member**: N/A Access to the Full Convention includes Professional Development Day (Sunday) | All Conference Sessions, Professional Development Workshops and Keynote Presentations | Two Lunches, Receptions and Awards Ceremonies | Access to the Leasing Mall, Marketplace Mall and SPREE. *Toqualify formember rates,each registrantmustbeamemberoranaffiliatememberof ICSC,Tobecomean ICSCmember,call ICSC information servicesat +16467283800orvisit www.icsc.org/membership. **StudentMembersmust register inadvance toqualify for the student rate.Student registrationwillnotbeofferedon-site Professional Development Day — Sunday, May 19 ADVANCE/ON-SITE : $250 This fee is for the Professional Development Day on Sunday, including all conference and education sessions. Those with RECon Full Convention Registration do NOT need to add on this fee, as it is included in your registration fee. Those who have a free Exhibitor, Marketplace Mall or SPREE badge and would like to attend Professional Development Day sessions must register for this option. BECOME A MEMBER AND SAVE ON REGISTRATION! ICSC Membership Fees Regular and Associate: $800 Affiliate: $125 Public/Academic: $100 Public/Academic Affiliate: $50 Student: $50 UPCOMING CONFERENCES May 23, 2019 Philadelphia Healthcare & Medical Properties Conference May 31, 2019 Opportunity Zones Investing Conference in NJ June 13, 2019 NJ Healthcare & Medical Properties Conference For speaking and sponsorship information, please ont ct: 10-11B The River Club Bogata, NJ $50 $50 + REGISTRATION FEE MEMBERSHIP FEE (if applicable) METHOD OF PAYMENT (No cash accepted in advance or on-site.) Check made payable to ICSC enclosed. Lea at 781-740-2900 or lea@marejournal.com CreditCardNumber (includealldigits) REGISTRATION INFORMATION Name Company Address City Telephone Fax Email REQUIREDFORNON-U.S.APPLICANTS ON-SITE $820 $1,600

REGISTRATION DEADLINES December 7, 2018 Early Bird Deadline – Members Save $50 April 26, 2019 Deadline to receive advance registration fee. May 18, 2019 Registrations will be accepted on-site in Las Vegas. Robert Nathin

All attendees and exhibitors are required to have an ICSC-issued color photo badge foraccess to the Convention.To submit a photo, visit www.icsc.org/membership/photo-upload-instructions TRANSFERS/CANCELLATIONS If you are unable to attend RECon, you may transfer your registration to a colleague (member to non-member transfer requires higher registration fee be paid). After badges are mailed, the original registrant’s badge must be returned in order to process a transfer or cancellation. You may cancel your registration up to March 29, 2019 and receive a refund. All cancellations will be subject to a $100 fee and must be received by ICSC in writing. No refunds will be issued after March 29, 2019. TERMS, CONDITIONS AND RULES This Registration Form is subject to ICSC Terms, Conditions and Rules for Event Registrants available at www.icsc.org/event-terms-and-conditions, which are hereby incorporated by reference. HOW TO REGISTER Online: www.icscrecon.org Fax: +1 732 694 1800 Mail: ICSC, P.O. Box 419822, Boston, MA 02241–9822

134 Clinton Rd.

estate owner. The broker for the sale of these properties – which total 315,800 s/f – was Sheldon Gross Realty ex- ecutive vice president Rob rt Nathin . The scope of the purchase is such t at it likely will have a substantial and immediate impact on commercial real estate values throughout the township. For two decades, these prop- erties on Clinton Rd., Lehigh

Dr., Dwight Pl., and Industrial Rd. were managed by Sheldon Gross Realty executive vice president/property manager Marcy Gross . Specifically, the seven Fair- field properties are: • 134 Clinton Rd./111 Lehigh Dr. – 135,000 s/f (warehouse building) • 130 Clinton Rd. – 60,000 s/f (office building) • 114 Clinton Rd. – 32,000 s/f

(industrial building) • 17-19 Lehigh Dr. – 28,700 s/f industrial building • 112 Lehigh Dr. – 26,800 s/f (industrial building) • 159 Dwight Place – 19,800 s/f (industrial building) • 10 Industrial Rd. – 13,500 s/f (flex building) “When a single town sees the sale of more than 300,000 s/f of office and industrial proper- ties for a total in excess of $30

PLEASE PHOTOCOPY FORM AS NEEDED. Levin Johnston of Marcus and Millichap directs $30Msale of 1,777-unit storage facility inNewark, NJ Title

State/Province NEWARK, NJ — Adam Levin , senior managing irec- Zip/PostalCode


= tor of Levin J o h n s t o n of arcus a n d M i l - lichap , has successfully directed the $30 million sale of Fla- tRate Stor- Credit Card: Membership I.D.# DateofBirth


Please check here if any of the above information has recently changed.






Adam Levin

ExpirationDate (month/year)

FlatRate Storage

Name (as itappearson credit card)



age, a three-building, 1,777- unit self-storage facility with an in-house moving company in Newark. “The self-storage investment market has reached more than $38 billion in annual revenue, based on increased transaction activity that reflects solid fun- damentals within this property type,” said Levin. “In this case, the buyer recognized the tre- mendous opportunity in acquir- ing a stable income-producing asset in a premier metropolitan area.” Levin represented the buyer, SmartStop as well as the seller,

a private investor. Situated on a 6.25-acre lot, the property is located just outside Manhattan and only 3.8 miles from Newark Liberty International Airport. With a population of 720,600 within a five-mile radius, the facility is in close proximity to major eco- nomic drivers including major employers and several leading corporate headquarters, such as Prudential, Panasonic, Au- dible.com and IDT Corporation, among others. “Self-storage properties re- main in very high demand, based in large part on national

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Inside Cover A — May 10 - 23, 2019 — M id A tlantic

Real Estate Journal


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Chick-fil-A Buffalo, NY $2,941,176

Verizon Fayetteville, NY $2,762,500

Texas Roadhouse Clay, NY $2,300,000

Chipotle Marietta, GA $2,703,061

Zips Car Wash Roanoke, VA $3,004,000

Panera Bread Mary Ester, FL $3,000,000

Taco Bueno Tulsa, OK $1,200,000

Chase Bank Middletown, NJ $3,850,000

Chipotle Coral Springs, FL $2,148,598

Ethan Cole, NY Broker of Record License 10491208561 David Dworkin, LLD Enterprises, LLC, NJ Broker of Record, License 9132520

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Mid Atlantic Real Estate Journal

Mid Atlantic R eal E state J ournal Publisher, Conference Producer . .............Linda Christman AVP, Conference Producer ...........................Lea Christman Publisher ........................................................Joe Christman Section Publisher ............................................. Steve Kelley Section Publisher ............................................... Kim Brunet Editor/Graphic Artist ......................................Karen Vachon Office Manager ...............................................Kerrin Devine Contributing Columnists .........Charles A. McCullough, MAI, AI-GRS;John V. Maggi, Congress Asset Exchange & Freyr Energy LLC; Amy Novak, Torcon 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. 31, Issue 9 Subscription rates: $99 - one year, $148 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion 781-740-2900 | Fax: 781-740-2929 The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal


Designated Appraisers Charles A. McCullough, MAI, AI-GRS

I f you do not know a doctor nor know anyone who has been to a doctor recently, your best bet is to hire someone who at least has been state cer- tified. The same is true, at least as a minimum, for appraisers. To practice as a real estate ap- praiser in New Jersey, a practi- tioner must be licensed or certi- fied. At least one state (Penn- sylvania) has eliminated the licensed appraiser category. To become a designated appraiser, however, takes the field of real estate appraising to a higher practice level. The Appraisal In- stitute awards designations at the SRA (residential) level and at the MAI (non-residential and residential) level. This is a ques- NEW YORK, NY — Zeev Douek of Houlihan Parnes arranged a $15 million acqui- sition loan for the purchase of an 18,000 s/f commercial condo unit in 420 Fifth Ave. The loan was placed with a NY-based


tion of not only what you know but how you know it. Appraisal Institute designated appraisers receive the best real estate edu- cation available. The Appraisal of Real Estate 14th Edition and the Dictionary of Real Es- tate Appraisal 6th edition are considered the “Bibles of real estate appraising”. Designated members of the Appraisal Insti- tute learn from those books. The Appraisal Institute publishes bank at 80% of the purchase price with a 10-year fixed rate fixed at a spread of 140 bps over the 10 Year Swap Rate. “We were able to work with the lender to meet all of the borrow- er’s needs in regards to terms

both of those books, and many more dealing with the practice of appraising real estate. If you want your real estate appraised and analyzed, hire a designated Appraisal Institute appraiser. Charles A. McCullough has been active as an appraiser in the South Jersey and Southeastern PA area for over thirty years with a fo- cus on valuation of commer- cial/industrial properties. 

and timing” said Douek. “The lender provided the borrower 18 months of interest only payments as well as waived the requirement for a personal guarantee despite the buyer being an owner occupant.”  Houlihan Parnes’ Douek arranges $15 million acquisition loan

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Celebrating 30 Years

Real Estate Journal — May 10 - 23, 2019 — 3A


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We Have The Perfect Location For Your Business




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20,900+/- Sq. Ft. of contiguous space. Can be divided. Units from 2,500 sq. ft. Excellent location with frontage on Route 46. Across from Willowbrook Mall.

Fenced property with outside storage.

MANALAPAN – FOR SALE 2 BUILDING INDUSTRIAL COMPLEX 66,500+/- Sq. Ft. on 5.31 acres. Accessible to major highways including Routes 9, 33, 18, I-95 and NJ Turnpike Exit 8

ABERDEEN – LAND FOR SALE 10+/- ACRES – ZONED LIGHT INDUSTRIAL Located between Route 35 and the Garden State Parkway. Convenient access to Routes 9, 440, 287 and NJ Turnpike

FREEHOLD/HOWELL – AVAILABLE OFFICE/WAREHOUSE BUILDING 14,872+/- Sq. Ft. Building – Units From 3,000+/- Sq. Ft. New Construction – Drive-in & Tailgate loading. Located off Route 33 with access to Routes 9, 18, 33, 34 & GSP

CLARK – OFICE SPACE SUBLEASE THROUGH 05/31/2024 4,139 – 11,371+/- Sq. Ft. available for sublease Excellent location, minutes from GSP & NJ Turnpike

WANT TO IMPROVE YOUR INVESTMENT – CONSIDER PROPERTY MANAGEMENT SERVICES: Maximize the financial return on your investment properties with the help of our property management services. We use an in-depth analysis of your space and location to identify the optimal way to utilize your property. This helps you to ensure that you are getting the most out of your commercial office space or residential house. The research we provide along with our complete industry knowledge are our keys to providing you and other owners with full-service capabilities when it comes to managing their properties. Let our brokers and consultants assist you with the following:

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SHELDON GROSS REALTY, INC. REALTORS ● Corporate Real Estate Services 80 Main Street, West Orange, NJ 07052 Tel.#973-325-6200 - Fax.#973-325-9090 www.sheldongrossrealty.com

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T ax A dvantage I nvestment S ource

By John V. Maggi, Congress Asset Exchange & Freyr Energy LLC 1031 Like-Kind Exchange vs Qualified Opportunity Zone - Which is best for me? L

ike -Kind 1031 Ex - changes and Qualified Opportunity Zones are valuable investor tools – un- derstanding their use and benefits can produce profit- able results. DISCUSSION Section 1031 Like-Kind Exchanges: Exchanges are allowed for business use or investment real estate only and have established, well understood rules that allow capital gains tax to be delayed indefinitely. They can be done regularly, say, every year or two. The

investor must fully commit to the exchange with all aspects of transaction; that is, they must re-invest all of their equity, debt and gain, with no cash out, into another real property for maximum ben- efit. Exchanges require the use of a Qualified Intermedi- ary (QI) and have been used extensively in the real estate industry and been part of the U.S. tax code since the 1920’s. Qualified Opportunity Zone (QOZ) Investment: The Tax Cuts and Jobs Act (TCJA) of 2017 created the QOZ tax incentive which encourages

investment in economically distressed communities. In- vestment in a Qualified Oppor- tunity Fund (QOF) can serve to defer, reduce, and in some cases, eliminate capital gains taxes. Any type of capital gain can be “rolled-over” (within 180 days) into a QOF, including in- vestments that formerly, but no longer, qualify for Exchange tax deferral (e.g., “personal prop- erty” such as autos, aircraft, artwork, etc.) – investments in stocks, bonds, commodities, etc. also qualify. A reduced capital gains tax is delayed for up to 7 years (until 2026). Maximum

tax benefits are achieved after 10+ years with the effective elimination of all capital gains taxes and ordinary income from depreciation recapture for qualifying investment in a QOF partnership. Importantly, only the gain component is required to be rolled-over into the QOF… and principal cash may be re- turned to the investor with no tax due. No QI is required for the capital gain roll-over into the QOF. ISSUES Exchanges: Because both the transac- tions for the sale of old and the

purchase of the new real estate must be completed within the mandatory 180-day exchange period, timing problems often exist for exchanges. Timing issues can sometimes be elimi- nated or mitigated via the use of a Special Purpose Entity (SPE) strategy that allows for greater transaction flexibility, with the exchange being accom- plished over a much longer pe- riod of time. The SPE strategy may also have additional cash flow and financial reporting benefits. QOF Investment: Because QOF investments will be made in property that is not in traditionally preferred locations, care must be exercised - invest- ing solely for tax benefits can backfire. Importantly, investors should remember that the full amount of the deferred capital gains tax will be due no later than 2026 – this “phantom” in- come could create a situation where there is no cash avail- able from the investment and the deferred tax is now due. Also, the investment rate of return may be lower because of the tax savings. WHAT TO DO: Generally, for real estate, an exchange is preferable for the immediately avail- able long-term tax deferral. However, if the investor cannot identify suitable new replacement property by the 45th day of the exchange period, they may want to consider terminating the ex- change and pursuing a QOF investment. They would be required to then, within the next 135 days, roll-over only their gain into a QOF. Also, for investors with gains from personal property sales that no longer qualify for Exchange tax deferral (or other non-real property investments too), a QOF should be given consider- ation. JohnMaggi is president of Congress Asset Ex- change, LLC a Qualified Intermediary company that creates andmanages Special Purpose Entities (SPE’s). John is also a partner and a founding member of Freyr Energy LLC, a developer of solar energy power generation facilities within Quali- fied Opportunity Zones (QOZ’s). 

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Peek & Vazifdar lead advisory team HFF announces $111M sale and financing for Liaison Washington Capitol Hill hotel W ASHINGTON, DC— Holliday Fenoglio Fowler, L.P. (HFF)

efficient, lifestyle-oriented hospitality concept, and this will be YOTEL’s first extended stay project in Washington, D.C. The HFF investment advi- sory team was led by senior managing director and head of HFF’s hotel group Daniel Peek and senior director Cyrus Vazifdar . “It was a true privilege to represent the Pebblebrook team on this transaction,” Peek said. “They are best in class and a group we have long admired in the industry.” The HFF debt placement team representing the bor- rower consisted of managing director Scott Aiese and se- nior director Chris Hew . “We’re excited to see YOTEL enter Washington D.C. and believe the flag will achieve significant market share with its target clientele in this un- paralleled location, just steps from the United States Capi- tal,” Aiese added.  the seller, McCann Realty Partners and Artemis Real Estate Partners . The com- munity was purchased by Capital Square Acquisi- tions, LLC. “Hickory Creek received overwhelming interest from the marketplace,” said Will Mathews, managing director of the East Region Multi- family Advisory Group for Colliers International. “The competitive nature of the marketing process is due to our team’s diverse national relationships and superior market knowledge.” “We are very pleased to work on another successful transac- tion with the multifamily team at Colliers,” said Whitson Huffman , vice president of Capital Square Acquisitions, LLC. “Their broad-reaching capabilities and top-notch team allowed us to seamlessly go from the purchase and sale agreement to close in 35 days.” 

announces that it has closed the $111 million sale of and arranged acquisition financ- ing for Liaison Washington Capitol Hill, a 343-room hotel in the Capitol Hill submarket of Washington, D.C. HFF marketed the property on behalf of the seller, Pebble- brook Hotel Trust. A part- nership between Metrovest Equities Inc. and BLDG Man- agement purchased the hotel unencumbered of existing brand and management. Ad- ditionally, working on behalf of the partnership, HFF placed a 75% loan-to-cost floating- rate bridge loan with a major life insurance company. The hotel is at 415 New Jersey Ave. and is the closest hotel to the United States Cap- itol building. Additionally, it is within walking distance of Union Station, the National Mall, Georgetown University RICHMOND, VA — The Colliers International East Region Multifamily Advi- sory Group represented the seller in the sale of Hickory Creek Apartments for $45.6 million. The community was built in 1984 and includes 294 apartments. Hickory Creek is strategi- cally located near I-64 and I-295, Richmond’s primary commuter thoroughfares pro- viding easy access to down- town Richmond and West End employment hubs. Situated directly off W. Broad St., the community is in proximity to abundant in-demand retail and entertainment amenities. The site is also located five miles from Short Pump, Cen- tral Virginia’s premier retail destination and 11 miles from downtown Richmond. Hickory Creek has many amenities including a swim- ming pool with sundeck, fit- ness center, lighted tennis courts, pet park, and car wash

and 100 embassies. The buyer plans to convert the existing Liaison Wash- Liaison Washington Capitol Hill

Law Center and the Walter E. Convention Center and nearly 150 million s/f of office space

ington Capitol Hill hotel into the YOTELPAD Capitol Hill. YOTEL is an operationally-

Colliers International East Region Multifamily Advisory Group brokers sale of 294-unit multifamily community in Richmond, VA

fireplaces. Will Mathews , of the Col- liers East Region Group; and Charles Wentworth, Raw- Hickory Creek Apartments

area. The community offers residents fully equipped kitch- ens, walk-in closets, washers and dryers and wood-burning

les Wilcox, G.S (Hank) Han- kins, Victoria Pickett and Clay Ellis , of the Colliers Mid- Atlantic Team, represented

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D el M ar V a

Facility modernization in Annandale, VA Woodburn Nuclear Medicine upgrades withHealthyTenant

NNANDALE, VA — HealthyTenant , a tenant representation firm in the Washington, DC, area that focuses on the medi- cal field, has completed a fa- cility modernization deal for Woodburn Nuclear Medicine & Metro Region PET Center to make their radiology and imaging services more efficient and save the organizations a significant amount of money. In this transaction, Healthy- Tenant executives Mike Nor- ris, LEEDAP, SIOR , and Ben Heller restructured Woodburn Nuclear Medicine’s 9,000 s/f lease at 3289 Woodburn Rd. in Annandale. As a result, this provider of nuclear medicine studies has opened a modern- ized center this month that fea- tures three new imaging cam- eras to better serve its patients throughout Northern VA. To accommodate these new cameras, Woodburn Nuclear Medicine had to renovate its existing space, and Healthy- Tenant’s evaluations and ne- gotiations afforded its client the process and structure necessary. Mark Goldstein, the man- aging director for Woodburn Nuclear Medicine, said the A

Woodburn Nuclear Medicine & Metro Region PET Center

facility’s modernized layout will improve patient flow, mak- ing the organization’s business model more effective. Of even greater importance, he adds, is that the new cameras will gen- erate greater quality images for patients and their referrers. The renovated center lets Woodburn Nuclear Medicine offer its high-quality diagnostic imaging studies and profes- sional interpretations to the same number of patients, but in a more efficient footprint. The updated facility, along with the new lease structure, will enhance the company’s top and bottom lines moving forward. “Mike went the extra mile for us. It’s not just a transac- tion to him. Mike knows the ins and outs of contracts. He’s

accessible. It’s a pleasure to work with him. His under- standing of the healthcare space is fantastic. He deals with the landlords. Mike works extra hard to come through for his clients,” Goldstein said. 


a section of the MARE Journal 350LincolnStreet, Suite1105 Hingham, MA 02043 P: 781-740-2900 Fax: 781-740-2929 www.marej.com S ection P ublisher Steve Kelley skelley@marejournal.com





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10-acre retail center Old Keene Mill to undergo extensive reno. to enhance consumer experience Federal Realty continues Northern VAMomentum, kicks off redevelopment project in Springfield S

PRINGFIELD, VA — Federal Realty In- vestment Trust an- nounced the redevelopment of Old Keene Mill, a 90,000 s/f community shopping center in Springfield, Virginia. The comprehensive project will completely revamp the physi- cal character of the property and add gathering spaces with unique features such as an out- door fireplace and communal village design. Unique features such as an outdoor double-sided stone fireplace will provide an expe- riential atmosphere. Acquired in 1976, Old Keene Mill sits at the intersection of Old Keene Mill Rd. and Rolling Rd. in Burke/West Springfield. The center is anchored by Whole Foods, Walgreens and Planet Fitness, and features a variety of dining options such as Austin Grill, BGR The Burger Joint and Mezeh Mediterranean Grill, as well as a wide range of convenient services from banking to spa services. The center’s renovation,

Old Keene Mill

all that Old Keene Mill has to offer.” The redevelopment proj- ect reflects Federal Realty’s strategy of increasing its fo- cus on Northern Virginia, a submarket that possesses dense populations, attractive demographics and significant barriers to entry. The Trust recently announced plans to grow its presence in Virginia by opening its first full-service corporate office in Tysons. Fed- eral Realty currently owns and operates 3.9 million s/f of real estate in the state, including Shoppes at Wyndham, 930 S Richland Ave., West York Borough. DB Real Estate Assets I, LLC dba Dunkin Donuts leased the space from Spring Lane, LLC. Blake Shaffer, AdamHagerman , Rohrbaugh and Stine of Ben- nett Williams Commercial represented the tenant in the transaction. 1,300 s/f retail space at Spring View Retail, 289 Cetronia Rd., Upper Mac- ungie Twp. Sharper Style, LLC leased the space from KRE Spring View Commer- cial, LP. Blake Gross and Dave Nicholson of Bennett Williams Commercial rep- resented the landlord in the transaction. 3,200 s/f retail space at Hyde Park Station, 1565 Hyde Park Rd., Baltimore County, MD. Trivarna, LLC dba Legion Transformation Center leased the space from Hyde Park Station Owner, LLC. Sweeney and Whedbee

Northern Virginia household names Pike 7 Plaza, Village at Shirlington, Pentagon Row, and Pan Am, as well as Wil- low Lawn and Barracks Rd., two iconic properties in Cen- tral Virginia. The portfolio is highlighted by a wide range of shopping and entertainment experiences, including major national tenants like Anthro- pologie, Whole Foods and TJ Maxx to well-established lo- cal favorites like Busboys and Poets, Basic Burger and the Tony Award-winning Signa- ture Theatre.  4.6 acres land at Old Har- risburg Pike, Rapho Twp. Lancaster Dutch Hospitality, LLC purchased the prop- erty fromWesley Murry. Jeff Herr of Bennett Williams Commercial represented both the buyer and seller in the transaction. 4,320 s/f retail building at 2720-2724 Lititz Pike, Manheim Twp. Davidd and Jessica Nguyen purchased the property from Adam and Eugenia Kontis. Tom Troc- coli of Bennett Williams Commercial represented both the buyer and seller in the transaction. 6,000 s/f retail space at 960 N. Hills Rd., Springettsbury Twp., York County, PA. Ad- vanced Nutritional Supple- ments, LLC leased the space fromAYL, LLC & SHC, LLC. Shaffer, Khan, Rohrbaugh, and Stine represented the tenant in the transaction. 

slated for completion before Thanksgiving, includes new façades and signage; wide side- walks with lush landscaping; and furnished pavilions to cre- ate a relaxed atmosphere for people to socialize and connect. In addition, an inviting tempo- rary dining lounge will open in May and will remain active throughout the construction period providing customers a place to gather and enjoy takeout food while the outdoor cafes are under renovation. Replacement of the center’s façade and signage bands, and

the addition of wood finishes and terraces will enhance the property. “Federal Realty continually reinvests in its properties, re- inventing them to best meet the desires of the customers and communities they serve,” said Deirdre Johnson , vice president of asset manage- ment for Federal Realty. “We are excited to apply these principles to our Northern Vir- ginia assets and look forward to creating a beautiful space for the Springfield community to shop, dine, relax and enjoy 1,865 s/f retail space at 356 W. Main St., Upper Lea- cock Twp. Xin Xin Spa, LLC leased the space from Avit, LLC. Tom Troccoli of Ben- nett Williams Commercial represented both the ten- ant and the landlord in the transaction. 2,080 s/f retail space at 5234 Lincoln Hwy., Jackson Twp. James Huntington leased the space from Timothy and Victoria Senft. Karen Nei- derer of Bennett Williams Commercial represented both the tenant and the landlord in the transaction. 4,475 s/f retail space at 2205 Commerce Rd., Harford County, MD. Kratos Fitness, LLC dba Legion Transfor- mation Center leased the space from N.A.D.D. Patel 4, LLC. Colin Sweeney and Greg Whedbee of Bennett Williams Commercial rep- resented the tenant in the transaction. 1,615 s/f retail space at

YORK, PA — Bennett Williams Commercial , one of the largest third-party, Hamilton and Nicholson of Bennett Williams ink 17,961 s/f retail space Dave Nicholson , and Blake Shaffer of Bennett Williams Commercial represented the represented the tenant in the transaction.

commercial real estate firms in Cen- tral Pennsyl- vania has ar- ranged the sale/lease of the following transactions: 17,961 s/f

landlord in the transac- tion. 1 , 200 s / f retail space a t O l d e Sproul Shop- ping Village, Ba l t imo r e Pike, Spring-

Jeremiah Hamilton Dave Nicholson

retail space at 675 Silver Springs Rd., Silver Spring Twp. Harbor Freight Tools USA, Inc. leased the space from D. Scott Karns. Jer- emiah Hamilton and Dave Nicholson of Bennett Wil- liams Commercial represent- ed the tenant in the transac- tion. 13,636 s/f retail space at New Oxford Shopping Center, 5660 York Rd., Oxford Twp. Dollar Tree Stores, Inc. leased the space from Conewago Contractors, Inc. Brad Rohrbaugh, Chad Stine,

field Twp.Breakfix Repairs, LLC dba uBreakiFix leased the space from Olde Sproul Shopping Village, LP. Bill Hess of Bennett Williams Commercial represented the tenant in the transaction. 6,000 s/f retail space at 960 N. Hills Rd., Springettsbury Twp. Advanced Nutritional Supplements, LLC leased the space fromAYL, LLC& SHC, LLC. Shaffer, Abe Khan , Rohrbaugh and Stine of Ben- nett Williams Commercial represented the tenant in the transaction.

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By The Faith Consolo Team at Douglas Elliman Real Estate Food for Thought: Culinary experiences on the rise

uoyed by the prolifera- tion of “foodie culture,” the New York City food and beverage retail market continues to witness exponen- tial growth, offering options for all. On the Upper West Side, Cipriani’s first-ever large- format culinary experience food hall is coming soon to 475 West 61st Street. The yet-to- be named food hall will serve typical classics like gelato, pasta, pizza and other Italian favorites. On the Upper East Side, HUSO, a speakeasy gourmet caviar bar recently opened at B

In Hell’s Kitchen, Israeli celeb chef Eyal Shani trans- ported his Tel Aviv party res- taurant HaSalon NYC to 735 10th Avenue. In Nomad, Australian bak- ery icon Bourke Street Bakery is slated to bring its sourdough loaves to its first location abroad, 15 East 28th Street. The lobby-level restaurant in the Life Hotel, Henry, offers a vibrant dinner experience; led by James Beard-nominated chef Joseph “JJ” Johnson, the restaurant features Pan- African culinary style. In the Meatpacking District, legendary French restaurant

Pastis will be making its long- awaited comeback at 52 Gan- sevoort Street. Gourmet mar- ket purveyor Dean & DeLuca recently debuted its modern take on a cafeteria; named STAGE, the fast casual eatery is located at 29 Ninth Avenue. In the West Village, Lavaux will be bringing a taste of Eu- rope for their first-ever wine and fondue bar stateside at 630 Hudson Street. A smor- gasbord of coastal flavors, Peruvian sandwich restaurant Llama-San to open at 359 Sixth Avenue. Italian Bar Pisellino, a 30-seat corner restaurant recently debuted at 52 Grove Street. For modern Chinese cuisine Silver Apricot coming to 20 Cornelia Street. Celebrated San Francisco champagne bar The Riddler is landing at 51 Bank Street. In NoHo, modern Taiwanese bubble tea chain The Alley will soon open at 68 Cooper Square. On the Lower East Side, the relocated Essex Street Market is set to open, moving legacy vendors across the street and adding new vendors and two full-service restaurants, 88 Essex Street. In Nolita, Torien will be expanding on its well-known brand in Japan, bringing an authentic yakitori (Japanese- style skewers) concept to 292 Elizabeth Street. In Battery Park, healthy boutique café chain Dr. Smood is opening at 210 Murray Street. Hudson Yards Finally Open! The sprawling West Side de- velopment has been one of the buzziest openings of the year, with dining options continu- ing to open. The food offerings are among the biggest draws bringing restaurants from acclaimed chefs and notable names. Chef Jose Andres cre- ated a Spanish food mecca with Mercado Little Spain, a vibrant food hall. Chef Thomas Keller is luring stars to his high profile new restaurant TAK Room. Momofuku’s latest venue Kawi is rooted in Ko- rean foods and traditions. Wild Ink serves Asian fare inflected with flavors from around the world. At Belcampo, expect globally-inspired food straight from the company’s organic farm in California. Along with coffee and tea, you’ll find lots of British treats at Queensyard Café. New York-based gour- met grocer, Citarella offers continued on page 14A

Diana Zisholtz

Arthur Maglio

Corey Shuster

1067 Madison Avenue. In Midtown, Belgian choco- latier Godiva unveiled its first café, bringing with it choco- latey drinks and sandwiches to 560 Lexington Avenue. In time for prime rooftop season, the team behind Black Tap

Craft Beer &Burgers will open a new rooftop bar space, The Lookup, at the top of The Kix- by hotel, 45 West 35th Street; additionally a new Black Tap flagship location with 150 seats is slated to open on the ground floor of the hotel.

June 2018

Tradition Land Company, LLC has divested its remaining assets in Port St. Lucie, Florida via a restructuring and related sale

has acquired via a transfer 1,222 acres Government Finance Corp.

has acquired via a purchase 3,028 acres

The undersigned served as:

Financial Advisor to Tradition Land Company, LLC

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ORRISTOWN NJ — David Green- man Sr . vice presi- New lease brings the Dehart Street retail to 100% leased Silbert Realty &Management welcomes Stretch Lab to Metropolitan Lofts in Morristown, NJ M

dent of the Retail Ser- vices Group for the NJ o f f i c e s o f Silbert Re- alty &Man- a g e m e n t (SRM) an- nounced that Stretch Lab, “a national revolutioniz- ing one-on- one assisted s t r e t ch i ng and flexibil- ity training classes” is opening at

David Greenman

Stretch Lab interior

11 Dehart St. in Morristown, NJ

2045 Burnt Mills Rd in Bedminster, NJ

broker with regard to mar- keting the property for lease

as restaurant, general retail or medical professional. 

affords potential expansion to the new owner/investor,

AMD Family Holdings LLC. SRM was rehired as leasing

 Asset Repositioning  Retailer Advisory Services

 Real Estate Brokerage  Property Management

Brian Silbert

11 Dehart St. in Morristown, adjacent Shops On The Green. This new lease brings the Dehart Street retail to 100% leased. SRM represents the landlord Roseland, LLC, a joint venture comprising an international real estate fi- nancial services corporation and two highly regarded real- estate development compa- nies. For over thirty years, SRM has been involved in the leasing and management of prominent retail, hospitality companies, helping to create one of New Jersey’s most vibrant and desirable munici- palities. In a separate transaction, Brian Silbert , president & CEO at SRM announced the sale of the former Burger King restaurant situated adjacent Rte. 202/206 at 2045 Burnt Mills Rd in Bedmin- ster. The ±2,600 s/f freestand- ing building on 0.95 acres Yangello of Capital Commercial Real Estate Group inks retail leases KING OF PRUSSIA — Chris Yangello , Broker of Capital Commercial Real

Representing these fine companies:

Meet us at RECon Real Estate Convention May 19- 22, 2019 Las Vegas Convention Center VISIT BOOTH #C1044 or contact us to schedule a meeting 908.604.6900 or info@silbertrealestate.com

E s t a t e Group has nego t i at ed retail leases in two sepa- rate transac- tions in King of Prussia. A t 2 4 3 South Hen-

derson Rd., Yangello leased space to Taco Bell restaurant and to National Tire Com- pany.  Chris Yangello

Please visit our website for our property availabilities: www.silbertrealestate.com

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HADLEY CENTER South Plainfield, NJ Middlesex County’s Premier Power Center 1,800–7,500 SF Available


MARKETPLACE AT MANVILLE Manville, NJ Walmart Anchored Center in Somerset County 1,350–5,760 SF Available


NATIONAL REALTY & DEVELOPMENT CORP. 3 Manhattanville Road, Suite 202 Purchase, NY 10577 www.nrdc.com 1.800.932.RENT

47212_19_MidAtlantic_RealEstate_FNL.indd 1

3/29/19 12:04 PM

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A I R V I E W A N D B E R K E L E Y HEIGHTS, NJ — Josh Massulli of Red Barn Realty reps. the The Paisley Box Lee & Associates’s Krantz completes retail leases in NJ F

Newmark launches retail division, taps industry veterans

dine-in and takeout services. A luxe new location of longtime Greek restaurant Estiatorio Milos debuted, specializing in seafood. Neiman Marcus brought its signature res- taurant The Zodiac Room, boasting stunning views of the Manhattan skyline. Happy Dining! Diana Zisholtz, Arthur Maglio and Corey Shuster are members of The Faith Consolo Team at Douglas Elliman.  continued from page 10A Food for Thought: Culinary . . . Joining Richards from Vanguard at Newmark is Nicholas Maria , formerly a senior vice president at Time Warner for 25 years where he won many platinum and gold records sales awards. For over 15 years, Maria has been in real estate sales, represent- ing clients in both leasing and sales transactions.  fitters, South Moon Under, Blue Mercury, Playa Bowls, Star Bucks, Woodhouse Spa, Aveda Pure Energy Salon and Lululemon, among many others. Richards has successfully brokered CRE transactions over these past 22 years in the seven northern coun- ties of New Jersey for such clients as Commerce Bank North, HSBC Bank and Wal- greens. He received the Co- Star Power Broker Award for 10 consecutive years from 2006 through 2016 -- keeping good company with Newmark Associates, also a recipient of the same award over multiple years. Richards commented: “I have collaborated with New- mark Associates for many years and when the possibility to direct a retail division pre- sented itself, I immediately took it. I look forward to a long and successful relationship with the Newmark team.” Known by many in the com- mercial real estate business as the “honest broker,” he espouses the belief “find your passion, embrace it, and you will find success” – a banner aligned with Newmark As- sociates’ entrepreneurial phi- losophy and creative approach to the pursuit of excellence with a regional focus and global expertise. Among his responsibilities as Director of Newmark’s Retail Division, Neal is excited to take on the role of mentoring other as- sociates.

CEDAR KNOLLS, NJ — Newmark Associates has hired a veteran industry broker to head up its newly formed retail division. Neal Richards has joined the Newmark team to head up its newly designed retail divi- sion. He previously headed up a retail brokerage organiza- tion, Vanguard Realty, where he managed 35 sales associ- ates over a 22 year span, spe- cializing in shopping centers and central business district (CBD) properties as top pro- ducer and leader in this retail product class. Montclair land- lord representation became a focused market where he com- pleted transactions with such brand names as Urban Out-

the landlord and tenant. The shopping center, located at 239 Bergen Blvd., is a prime retail site at a signalized intersec- tion. Anchored by Superfresh, neighboring tenants include Autozone and CVS. “This desir- able shopping center is a prime retail site in a densely populat- ed area in Bergen County and is highly visible” said Krantz. In Berkeley Heights, NJ Krant z represented the landlord in a 2,500 s/f lease with The Paisley Box at 700 Springfield Ave. Adjacent tenant includes Eagle Tile & Carpet. With the signing of this lease the retail property

is fully leased. Robert Mas- sulli of Red Barn Realty represented the tenant in this transaction. “The property is centrally located near the vibrant Berkeley Heights commercial corridor that at- tracts a large traffic count which the tenant was looking for” commented Krantz. The Paisley Box is a bridal gift shop specializing in robes and accessories. With a focus on expand- ing Lee & Associates’ retail services, Krantz joined Lee & Associates in August 2018 and brings 40 years of commercial real estate experience. 

Krantz , se- ni or VP o f commercial b r o k e r a g e firm Lee & As s o c i a t e s New Jersey, has negotiat- ed 4,150 s/f of retail leases

Josh Krantz

in two separate transactions in Fairview and Berkeley Heights. At the Fair-Ridge Shopping Center, Krantz leased 1,650 s/f of space to wireless carrier Boost Mobile, representing both


Geotechnical Design & AnalyƐŝƐͻnvironmental Site Assessments and

www.earthengineering.com Corporate Headquarters: 610-277-0880 ͻ Lehigh Valley: 610-967-4540 Central PA: 717-697-5701 ͻ South Jersey: 856-768-1001

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Every project is a new opportunity to positively

impact our community.

Mark Superintendent



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Harbor View Marketplace | Bayonne, NJ


GLA/ Acreage Anchor Tenants

Property Name



Kmart, Burlington, Market Basket

Hanover Avenue NJ Route 35 & Main St. Route 70 & N. Locust Ave. Route 440 & Goldsborough Dr. Plain St. & Lowell Connector Medway St. & Beaver St. Adjacent to Foreign Trade Zone Route 18 & Foxborough Dr. Route 46 & Waterview Blvd. Springfield Ave. at Roselyn Pl. Springfield Ave. near I-78 State Hwy. 73 & Sunbird Dr. S. Delsea Dr. (Rte. 47) & College Dr. Black Horse Pike & Main St. Boston Rd. & Tower Farm Rd.

Shops at Billerica

Billerica, MA Lowell, MA


272,142 Target, Marshall’s, Best Fitness

Meadow Brook Center

Milford Crossing

158,759 Stop & Shop, HomeGoods, TJ Maxx

Milford, MA

Mount Olive, NJ Old Bridge, NJ Parsippany, NJ Hanover, NJ Evesham, NJ Eatontown, NJ Bayonne, NJ Marlton, NJ

Marketplace at Monmouth Harbor View Marketplace Shoppes at Renaissance Square


Costco Wholesale Club

243,800 Future Development

127,920 Virtua Medical Group, Children of America

Vacant Land Sunbird Plaza Cedar Village

123,593 Lowe’s

26,041 Future Development

19.9 AC Across from Walmart, Sam’s, TJ Maxx 9.33 AC Across from Walmart Supercenter 145,880 Whole Foods, Homesense, DSW, Ulta

Foxborough Plaza

Waterview Marketplace

Vacant Land Vacant Land

0.199 AC Vacant Land 0.3239 AC Vacant Land

Union, NJ

Vauxhall (Union), NJ

Vineland Marketplace

Vineland, NJ


Future Development

Williamstown, NJ

94,452 CVS, Dollar General

Williamstown Shopping Center

ICSC RECon | Booth #S235R, South Hall | R Street & 23rd Ave.

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GLA/ Acreage


Property Name

Anchor Tenants


Route 13 & Bennie Rd.

26 AC Across from Walmart Supercenter

Vacant Land Grand Plaza

Cortland, NY Deer Park, NY

Commack Rd. & Grand Blvd. Saratoga Rd. & Glenridge Rd.

189,125 Kohl’s, Stop & Shop, Pet Supplies Plus

Lake Shore Plaza II & III Target Shopping Center

170,616 Target, Pet Supplies Plus

Glenville (Albany), NY

Lake Ronkonkoma, NY 170,451 Stop & Shop, Regal Cinemas, Dollar Tree Portion Rd. & Patchogue-Holbrook Rd.

Harriman Commons

Monroe/Woodbury, NY 711,816 Walmart, Target, Home Depot, BJ’s

Routes 17/6 & Route 32 Route 59 & Hutton Ave.

Home Depot Shopping Center

Nanuet, NY

276,792 Home Depot, Raymour & Flanigan, Staples

Orangeburg Commons

Route 303 & Palisades Pkwy. Montauk Hwy. & Station Rd.

Orangetown, NY Southampton, NY Stony Point, NY

143,219 Stop & Shop, Residence Inn

The Mill

29,314 SoulCycle

Stony Ridge Plaza

Route 9W & Park Rd. 660 White Plains Rd.

21,212 US Post Office

660 White Plains Road

Tarrytown, NY

279,254 Adjacent to Super Stop & Shop

Home Depot Shopping Center Home Depot Shopping Center

Lehigh St. & Route 78

Allentown, PA

134,271 Home Depot

Hanover St. (Rte. 34) & I-81

Carlisle, PA

140,715 Home Depot, Chili’s

Five Points Plaza

Montgomeryville, PA 133,124 BJ’s Wholesale Club, Lowe’s Cowpath/HorshamRd. @Rte. 309

Richland Marketplace

Rte. 309 & Pumping Station Rd. Hamilton Blvd. & Grange Rd.

Quakertown, PA Trexlertown, PA

444,531 Target, BJ’s, Best Buy, Petsmart, Staples

Macungie Crossing Shopping Ctr.

36,671 Near Walmart Supercenter

Thomas G. Mirandi | tel 212.265.6600 x239 | tmirandi@rdmanagement.com


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