L Highlighting the importance of the Lehigh Valley as a key national market Prologis to acquire Liberty Property Trust in $12.6 Billion transaction of industrial real estate ever assembled,” said Bill Han- kowsky , Liberty Property Trust Chairman & CEO. immediate cost and long-term revenue synergies.”

ISSUE HIGHLIGHTS Volume 31, Issue 22 Nov. 22 - Dec. 12, 2019

EHIGH VALLEY, PA — Liberty Property Trust , one of the larg- est industrial property own- ers in the Le- high Valley, has approved an agreement to be acquired by Prologis Inc. , a glob- al leader in commercial real estate, in a transaction valued at $12.6 billion. Prologis and Liberty Prop- erty Trust have announced that the two companies have entered into a definitive merger agreement, highlighting the importance of the Lehigh Val- ley as a key national market in commercial and industrial real estate investment. “The Prologis acquisition of Liberty is very significant for the Lehigh Valley,” said Don Cun- ningham , president & CEO of Lehigh Valley Economic EASTCHESTER, NY — Ashkenazy Acquisition Corp. has added Vernon Hills Shopping Center in Eastches- ter to its diversified portfolio in an acquisition orchestrated by Cushman & Wakefield . The private real estate invest- ment firm purchased the five- building Westchester County asset at a cost exceeding $125 Bill Hankowsky

Development Corporation (LVEDC) . “Liberty has long been the largest owner of indus- trial real estate in the region and Prologis has had a large pres- ence here as well. The combined companies will become an even more significant entity in our market. The purchase shows the strategic importance of the Lehigh Valley in the industrial and manufacturing sectors.” Prologis Chairman & CEO Hamid Moghadam said the company considers Lehigh Valley one of its target mar- kets, and this transaction will deepen Prologis’ presence there as well as other markets like Chicago, Houston, Central Pennsylvania, and Southern California. “Liberty’s logistics assets are highly complementary to our U.S. portfolio and this acqui- sition increases our holdings and growth potential in several key markets,” Moghadam said. “The strategic fit between the portfolios allows us to capture


Once the transaction goes into effect, the combined com- panies will own 59 industrial/ flex buildings in Lehigh Valley, encompassing 25.6 million s/f, which will account for about 21% of the total space in the market, according to George Lewis , LVEDC director of re- search & analysis. Liberty Property Trust, which has had a presence in the Lehigh Valley for 33 years, owns 37 buildings in the region, totaling 17.5 million s/f, or 14% of the region’s industrial mar- ket share, Lewis said. Prologis currently owns 22 buildings in Lehigh Valley encompassing 8.1 million s/f, or 6.5% of the regional mar- ket spare, according to Lewis, whose analysis was based on data from CoStar . “Liberty and Prologis rep- resent two of the finest teams of real estate professionals and two of the finest portfolios

“The joining of these two platforms at this moment, when industrial logistics has become so pivotal to the new economy, will further the in- dustry’s ability to support the nation’s supply chain and en- hance value creation for our combined shareholders,” Han- kowsky said. “It is a testament to Liberty’s outstanding teams of professionals, both present and past.” The acquisition includes 107 million s/f logistics operating portfolio, with an 87% overlap with key markets, according to Prologis. It also includes 5.1 million s/f of logistics development in progress, 4.9 million s/f of of- fice operating and development portfolio, and 1,684 acres of land for future logistics devel- opment with build-out potential of 19.7 million s/f.  Frank DiTommaso and Kyle Schmidt leading the assign- ment with Matt Lisk and Al Mirin of the commercial real estate services firm’s Stam- ford, CT, office. Additionally, John Alascio, Gideon Gil, Sridhar Vankayala, TJ Sul- livan and Maya Steinberger of Cushman & Wakefield’s Manhattan-based Equity, Debt & Structured Finance (EDSF) team represented Ashkenazy Acquisition Corp. in arrang- ing acquisition financing. The loan was provided by Peoples United Bank , as lead lender, with Amerant Bank, Iberia Bank and Westchester Bank as lending participants. “The asset is a flagship mixed-use center in one of the most affluent townships outside New York City,” Alascio said. “Ashkenazy Acquisition Corp.’s sponsorship and business plan resonated with the banking community. In turn, active bidding from the debt markets resulted in long-term balance sheet execution.” 


NewYork DealMaking



UPCOMING CONFERENCES December 17, 2019 6 th Annual NJ Capital Markets Conference

Cushman &Wakefield orchestrates Vernon Hills Shopping Center acquisition totaling $125million

December 18, 2019 4 th Annual Philadelphia Apartment Multifamily Conference For speaking and sponsorship information, please contact: Lea at 781-740-2900 or lea@marejournal.com

Vernon Hills Shopping Center

Directory Shopping Centers featuring NY ICSC Deal Making ....5-20A Organization Events Calendar..............................24A Owners, Developers & Managers............... Section B Construction Management/Design Build..........5-12B Commercial Office Properties..................... Section C www.marej.com

able location and remarkable tenant demand – for more than 15 years, noted Cushman & Wakefield’s Andrew Merin . “This was a family-owned and operated asset since it was originally developed in the 1950s, and as such it can be considered a once in a lifetime acquisition.” Cushman &Wakefield’s East Rutherford, NJ based capital markets team represented the seller and procured the buyer in the Vernon Hills Shop- ping Center trade, with Me- rin, David Bernhaut, Gary Gabriel, Brian Whitmer,

million fromVernonHills Shop- ping Center LLC. The mixed-use property, totaling more than 380,000 s/f and located five miles from the White Plains CBD at 700White Plains Rd., features a mix of retail, medical and professional credit tenants serving a densely populated trade area. More than 450,000 people live within five miles of Vernon Hills Shop- ping Center; the average house- hold income within that same radius is nearly $144,000. “Ashkenazy Acquisition Corp. had been eying this investment property – with its irreplace-

Inside Cover A — November 22 - Dec. 12, 2019 — M id A tlantic

Real Estate Journal


98 Years of Continuous Architectural Excellence Across the Nation

Retail • Commercial • Self Storage • Automotive Medical • Dental • Industrial • Multi-Family

601 Chapel Avenue East, Cherry Hill, NJ 08034 Tel 856.438.8877 marketing@ignarrilummis.com ignarrilummis.com

Real Estate Journal — November 22 - December 12, 2019 — 1A


M id A tlantic

Creating greater wealth for our clients by achieving better results.


Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States specializing in the sale of single tenant net-lease assets and retail shopping centers. We have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. We have a dedicated buy side desk that provides real time inventory and market data to each individual client placing capital or fulfilling a 1031 exchange requirement. The firm is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.

www . Ho r v a t hT r emb l a y . com

Main: 781-776-4000 | Fax: 781-823-0245 | info@horvathtremblay.com

2A — November 22 - December 12, 2019 — 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 Section Publisher ............................................. Steve Kelley Section Publisher ............................................... Kim Brunet Editor/Graphic Artist..... .................................Karen Vachon Office Manager ...............................................Kerrin Devine Contributing Columnist ..............................Geeta Nadkarni 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 22 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 | Fax: 781-740-2929 www.marej.com

M id A tlantic Real Estate Journal

Geeta Nadkarni

Digital Marketing: Burn Your Funnel and Start Over W e used to have a terribly complex, seg- mented funnel using all sorts of tools to deliver all sorts of products at price points ranging from $7 to $3500. But, we found that for each product we created to fill a “gap” in our pricing ladder, we created a bunch of marketing busy work for ourselves. After all, each product needs to be marketed separately and then integrated into the overall funnel. We realized we were spending 80% of our time and resources marketing instead of doing the part we adored: serving our clients and helping them create magnetic messag- ing that attracted both press and ideal clients. So we basically burned ev- erything to the ground and re- built a funnel that is incredibly simple. Just 3 steps: 1. Clarity of mindset and messaging: Making sure that you’re creating something that TRULY solves clients’ prob- lems rather than getting them

to a milestone along the way and then finding the words that act as a dog whistle to those clients. 2. Simplifying the Selling: We created a single high ticket offer that was comprehensive – basically a business in a box – that helps clients build and sell high ticket group programs at $3500 and up (we have clients selling all the way up to $25K and 40K using our system). Our selling scripts work for ANY coaching, consulting or service-based business and feel fantastic both to the seller and buyer because they’re so incredibly transformative. We give our clients a proven framework that helps them sell

from the stage, in person, on the phone and online. And close sales in a single conversation, even at a premium price point. 3. Amplifying by getting massive press and hacking audiences that others have paid to build and nurture. Frommainstream press to pod- casts, speaking engagements, and even FB groups, ideal prospects are everywhere and once your messaging is dialed in and you have the right of- fer, it becomes EFFORTLESS to make a bigger impact and income. We’ve had clients go from losing money and spinning their wheels to closing $36K in continued on page 22A

Eastern Pennsylvania (717) 695-3840

Northern & Central New Jersey (973) 337-1144 Maryland, Washington D.C. & Northern Virginia (410) 712-0888

C onstruction R eal Estate E xperts


DECEMBER 13 .........................................DEADLINE: DEC. 4 ROP (FRONT SECTION) ........................................................... DEL/MAR/VA................................................ WASHINGTON DC NEW JERSEY................................................... NORTHERN NJ PENNSYLVANIA .....................................NORTHEASTERN PA SPOTLIGHT....... COMMERCIAL REAL ESTATE LAW DECEMBER 27 ........................................DEADLINE: DEC. 13 ROP (FRONT SECTION) ........................................................... SHOPPING CENTERS......................................... ICSC RECAP ODM....................................................... INDUSTRY LEADERS SPOTLIGHT.................................... ANNUAL REVIEW 781.740.2900 Special Advertising Rates to All Participating Firms! Contact Joe Christman or your Account Rep JChristman@marejournal.com

Recently Closed Transactions $7,300,000 29 Units/Apartment Building Construction Loan Upper Manhattan, NY $2,500,000 13-Unit Retail/Apartment Building Construction Loan Passaic, NJ $3,400,000 19 Units/Apartment Building Construction Loan Hamilton, NJ $8,600,000 127 Units/Apartment Building Construction Loan Philadelphia, PA

Let our real estate professionals design a customized financing solution to meet your objectives, with local decision making and timely execution.

Construction Loans • Loan Amounts Up to $15 Million • Terms Available 6 Months to 2 Years • Multi-Family, Industrial, and Mixed-Use • Personalized Service

We’re not just lenders, we’re experts. Get in touch today. Michael Claisse SVP & Director of CRE Lending mclaisse@spencersavings.com 1-201-703-3800 ext. 8344

21 Financial Centers Throughout New Jersey • 1-800-363-8115 • spencersavings.com *Financing available for properties in NJ, NYC and Eastern PA. Loans subject to credit approval.

3A — November 22 - December 12, 2019 — M id A tlantic

Real Estate Journal


M id A tlantic R eal E state J ournal Anthony Labozzetta is the president and CEO of SB One Bancorp and SB One Bank SB One Bancorp reports a 57% increase in net income and diluted EPS of $0.55 for 3rd Qtr. 2019


dent and CEO of SB One Ban- corp and SB One Bank said, “We continue to have strong growth in all of our business lines. Despite the volatile in- terest rate environment, our commercial lending team grew loans at an annualized rate of 10.2%. Our insurance company continues to out-perform and grew commission income 19.4% over the same period last year. Our Retail deposits grew at an annualized rate of 14.5%. Furthermore, the activities and pipelines in each of our business lines remain robust.” Labozzetta added, “While our

margin compressed this quar- ter, we are seeing a reduction in our costs of deposits and borrowings, which was evident in the month of September and we expect that positive trend to continue into the fourth quarter”. Labozzetta also said, “We continue to experience improv- ing trends in asset quality with our ratio of non-performing as- sets to total assets decreasing 26 basis points to 0.87%”. Declaration of Quarterly Dividend On October 24, 2019, the Company’s board of direc-

tors declared a quarterly cash dividend of $0.085 per share, which is payable on November 20, 2019 to common sharehold- ers of record as of the close of business on November 6, 2019. Financial Performance Net Income. For the quarter ended September 30, 2019, the Company reported net income of $5.1 million, or $0.55 per basic and diluted share, an increase of 57.3%, as compared to net income of $3.3 million, or $0.42 per basic and $0.41 diluted share, for the quarter ended September 30, 2018. The increase in net income

for the quarter ended Septem- ber 30, 2019 was driven by a $3.7 million, or 33.6%, increase in net interest income resulting from loan and deposit growth, the Enterprise merger, and a $585 thousand increase in non-interest income mainly due to a $297 thousand increase in insurance commissions and fees. Non-interest expenses increased $1.2 million to $10.2 million for the third quarter 2019 as compared to $9.0 mil- lion for the third quarter 2018. The increase in non-interest expenses was primarily attrib- continued on page 22A

ARAMUS, NJ — SB One Bancorp ( The Company’s) , the holding

company for SB One Bank (the “Bank”), reported net i n c o m e o f $5.1 million, or $0.55 per basic and di- luted share, for the quar-

Anthony Labozzetta

ter ended September 30, 2019, an increase of 57.3%, as com- pared to net income of $3.3 million, or $0.42 per basic share and $0.41 per diluted share, for the quarter ended September 30, 2018. The increase in net income for the quarter ended September 30, 2019 was driven by a $3.7 million, or 33.6%, increase in net interest income attributable to loan and deposit growth and the merger with Enterprise Bank NJ (“Enter- prise”), and a $585 thousand increase in non-interest income as compared to the same period last year. The increase in net income was partially offset by a $1.2 million, or 13.7%, increase in non-interest expense. The non-interest expense increase was mainly due to a $1.2 mil- lion, or 23.7%, increase inAB compensation mainly from the Enterprise merger, net of realized cost savings, and to support the continued growth of the Company offset by a decrease in merger related ex- penses of $605 thousand. The Company reported net income of $17.2 million, or $1.84 per basic and $1.83 di- luted share, for the nine months ended September 30, 2019, an increase of 127.4%, as com- pared to $7.6 million, or $0.97 per basic share and $0.96 per diluted share, for the same period last year. For the nine months ended September 30, 2019, net income growth was driven by an increase in net interest income of $11.4 million, or 34.7%, resulting from growth of $18.9 million in loan interest income which was attributable to organic loan growth and the merger with Enterprise. In ad- dition, non-interest income in- creased $2.9 million, or 34.8%, from a $1.2 million increase in insurance commissions and fees as compared to the same period last year. The increase in net income was partially offset by an increase in non-interest expense of $754 thousand, or 2.5%. Anthony Labozzetta , presi-

4A — November 22 - December 12, 2019 — M id A tlantic

Real Estate Journal


M id A tlantic R eal E state J ournal

Ashley Peacock, Esq. joins firm's Real Estate Transactional and Business &Corporate LawDepts. Kaplin Stewart’s Amy SantaMaria speaks at National Business Institute seminar


face thorny challenges when advising your business cli- ents. In this full-day, compre-

trenches and fully understand the problems that you face. In other news, Ashley Pea- cock, Esquire , has joined Kaplin Stewart as an As- sociate and is a member of the firm’s Real Estate Trans- actional and Business and Corporate Law Departments. Ashley concentrates her prac- tice in the areas of real estate and business transactions, including the acquisition and disposition of commercial and residential real property, commercial and retail leas- ing, commercial financing and refinancing, and drafting and negotiating commercial

contracts and corporate gov- ernance documents. Founded in 1997, Kaplin Stewart is well recognized throughout the local and re- gional legal and business com-

munities. We know the play- ers, the industries, and the rules of the game so companies can turn to us when they need aggressive, responsive legal counsel. 

HERRY HILL, NJ — National Business Institute (NBI) host-

hensive pro- gram, we've gathered the top challeng- es you face as an attorney and compiled them to cre- ate this real- world guide

ed Business L a w : T o p Challenges: Amy San- t a M a r i a , E s q u i r e , a principal and member o f Kap l i n S t ewa r t ’ s

Lee & Associates | MD named leasing and sales broker for 1M s/f building

Amy SantaMaria

Ashley Peacock

that is designed to equip you with real solutions to help you better handle sticky situations that arise on an everyday ba- sis. Taught by skilled attorney faculty that have been in the

Commercial LitigationDepart- ment spoke at the seminar on November 15, 2019. Attendees learned how to tackle the most difficult business law problems they face today. You commonly

630 Hanover Pike

HAMPSTEAD, MD — Lee & Associates | Maryland has been named the leasing and sales broker for 630 Ha- nover Pike, a warehouse/in- dustrial building comprising more than one million square feet of space located directly off MD Route 30 (Hanover Pike) in the Hampstead sec- tion of Carroll County. Dart Container Corporation recently announced plans to vacate the structure by summer 2020. Al- lanRiorda,SIOR, Ned Brady and Alex Shearer of Lee & Associates | Maryland will be handling the assignment on behalf of the full-service broker- age firm, with assistance from John Van Buskirk,SIOR of Lee & Associates of Eastern Pennsylvania. Contained on approximately 51 acres of land, the building features 32 foot clear ceiling heights, 85 dock doors and two ramped drive-in doors that makes it suitable for a wide range of logistics, warehouse and manufacturing operations. It is positioned 35 miles from Baltimore-Washington Inter- national Airport; 40 miles from the Port of Baltimore; 60 miles fromWashington, DC; 65 miles from Harrisburg, PA; 85 miles from Wilmington, DE and 125 miles from Philadelphia. “Continuing a trend that began more than a decade ago, the central Maryland region is among the most sought-after lo- cations in the country for ware- house and industrial users with vacancy rates hovering around 7%,” said Allan Riorda, SIOR , president/principal, Lee & As- sociates | Maryland. “With the scarcity of properly zoned and suitable land for development, we expect end-users to migrate to high quality buildings such as these as the market contin- ues to tighten.” 

Since 1988


Real Estate Environmental Assessments ¾ Phase I/II Site Assessments ¾ Soil and Groundwater Investigation ¾ Remediation Services ¾ Wetland Delineation and Mitigation Brownfields Redevelopment Services ¾ Voluntary Cleanup Program Assistance ¾ PA Act 2, NJ ISRA, EPA Superfund ¾ Remedial Investigations ¾ Design and Construction ¾ Storage Tank Removals ¾ Clean Fill Environmental Engineering ¾ Landfill Design and Closure ¾ Water and Wastewater Engineering ¾ Soil and Erosion Control Plans ¾ Litigation Support/Expert Testimony Indoor Air Quality ¾ Asbestos Surveys, Management, and Abatement ¾ Lead Based Paint Management ¾ Mold Surveys and Remediation Stormwater Services ¾ Best Management Practices ¾ Problem Investigations/Evaluations ¾ Expert Services

TK Budd Facility Redevelopment Revitalization Call Us When You Need US Gary Brown, L.S.R.P, P.E. 800-725-0593 Walter Hungarter, P.E. 610-265-1510 Justin Lauterbach, Q.E.P. 724-288-4895 Chris Ward, L.S.R.P 856-467-2276 TK Bu d Fac lity Redevelopment Revitalization all s h Gary Brown, L.S.R.P, P.E. 800-725-0593 Walter Hungarter, P.E. 610-265- 510 Justin Lauterbach, Q.E.P. 724-288-4895 Chris Wa d, L.S.R.P 856-467-2276 RTENV@RTENV.COM Call Us When You Need Us! 856-467-2276 Gary Brown, L.S.R.P. Chris Ward, L.S.R.P. Glenn Graham, P.G. RTENV@RTENV.COM

FAST TURNAROUND TRANSACTION DUE DILIGENCE Water > Wastewater > Cleanups > Utilities > Permits > Marcellus Shale

Corporate Office 215 W. Church Road King of Prussia, PA 19406 Phone: (610) 265-1510 Fax: (610) 265-0687 Corporate Office 215 W. Church Road King of Prussia, PA 19406 Phone: (610) 2 5-1510 Fax: (610) 265- 687

SW Pennsylvania Office 591 E. Maiden Street Washington, PA 15301 Phone: 724-206-0348 Fax: 724-206-0380 Western PA Office 2001 Waterdam Drive, Suite 205 Canonsburg, PA 15317 Phone: 724-206-03 Fax: 724-206-038

New Jersey Office Pureland Complex, Suite 306 510 Heron Dr., PO Box 521 Bridgeport, NJ 08014 Phone: (856) 467-2276 Fax: (856) 467-3476 New Jersey Office Pureland Complex, Suite 306 51 eron Dr., PO Box 521 ridgeport, NJ 8014 ne: (856) 467-2276 Fax: (856) 467-3476

www.marej.com S hopping C enters featuring ICSC N ew Y ork D eal M aking The formerly vacant Frederick Towne Mall will be transformed into a premier entertainment center Coldwell Banker Commercial secures Warehouse Cinemas as 1 st tenant at District 40 in Frederick, MD F M id A tlantic Real Estate Journal — Shopping Centers — November 22 - December 12, 2019 — 5A

Cinema and continued public support, the City remains confident that the Golden Mile will continue to thrive in the future.” The one-story building is located off Rte. 40, in the heart of Frederick’s Golden Mile Corridor and was built in 1972. The property consists of 580,063 s/f on 37.35 acres of land. Warehouse Cinemas signed a 39,000 s/f lease and is reno- vating their space to feature the U.S. East Coast’s first DCI-compliant LED theater display, the 33.5 ft. Samsung Onyx p2.5 Cinema LED as part of their SkyVUE LED experience, with patent pend- ing tilt technology. "We are excited to begin construction on Warehouse Cinemas at District 40 later this year. Our analysis pre- dicts over 400,000 guests each year, resulting in valuable foot traffic and a positive impact on neighboring businesses at the center and the area as a whole." Rich Daughtridge, president and CEO of Ware- house Cinemas.  “We are extremely pleased with Steven’s representation of our Elizabeth assets,” said Kar- en Talarico , real estate project manager at IKEA Property. Inc. “Steven’s professionalism and retail market knowledge helped us secure two select retailers that enhance our customer’s visits to Elizabeth Center and have made Eliza- beth Center the place to shop if you’re looking to furnish and/or renovate your home.” CBRE’s Winters and part- ner Michael Horne are also representing for sale, three additional land sites in Eliza- beth Center, totaling +/- 22.8 acres. They are being sold only as a package and are available for the development of retail, restaurants and hospitality uses.  Center is expanding with ad- ditional retail, restaurant and hospitality opportunities.”

REDERICK, MD — Faraz Cheema , a com- mercial real estate spe- cialist affiliated with Cold- well Banker Commercial NRT , announces Warehouse Cinemas as the first tenant for the newly named District 40, the formerly vacant Fred- erick Towne Mall located at 1301 W Patrick St. in Fred- erick. Frederick Towne Mall was shuttered in 2013, since which time it has sat vacant. The property has been re- named District 40 and has been reimagined as a premier entertainment center that will bolster the lifestyle of- ferings of Frederick. The first signed tenant is an indication of the demand in the local market that is being fulfilled by this notable project. “This leasing is a great sign that the Golden Mile Corridor’s continued strong draw for business investment and growth,” said Cheema. “Warehouse Cinemas’ arrival to District 40 speaks to its future as an entertainment destination in Frederick, and ELIZABETH, NJ — CBRE announced that the IKEA- anchored Elizabeth Center is welcoming two new big box re- tail neighbors; a new +/-150,000 s/f Raymour & Flanigan retail showroomand customer service center, and a soon to open +/- 98,000 s/f Floor & Décor. CBRE’s Steven Winters , on behalf of IKEA, sold 1001 IKEA Dr. in Elizabeth for $11 million to Raymour & Flanigan, which opened last month. Winters, also on behalf of IKEA, facilitated the signing of a long-term 98,000 s/f lease for Floor & Décor at 900 IKEA Drive, the former Toys “R” Us site. Brian Katz of Katz and Associates represented Floor & Décor. 1001 IKEA Dr. and 900 IKEA Dr. are both contiguous to a very successful +/-350,000 s/f IKEA and are highly visible from the New Jersey Tpke.

District 40 rendering

the revitalization of former retail centers being seen na- tionwide.” “Frederick’s Golden Mile is a critical retail corridor for our citizens, and we are excited to see Warehouse Cinema moving forward with its plans to open a destination cinema experience at District 40 “said Michael O’Connor, Frederick’s Mayor. “Con- gratulations to the property owner, its real estate broker,

and Warehouse Cinema for continuing to move this key project forward. We are con- fident that Warehouse Cin- ema will play a major role in drawing new retail traffic to the area, reinvigorating the former mall, and creating a new destination on Freder- ick’s west side.” According to Frederick’s director of economic develop- ment Richard Griffin , “The Golden Mile is a top retail

destination corridor with over 50,000 vehicle trips daily and 117,000 people living within five miles of the corridor with average household incomes of $103,000 annually.” Griffin offered that “The City has prioritized efforts to promote the Golden Mile as a state and locally designated Enter- prise zone and we are thrilled to see this type of investment occurring. With business investment like Warehouse

CBRE completes two big box retail deals in Elizabeth, NJ

1001 IKEA Dr.

directly across fromNewark In- ternational Airport. Elizabeth Center is in close proximity to The Mills at Jersey Gardens, one of the highest grossing sales psf outlet malls in the Northeast.

“Both Raymour & Flanigan and Floor & Décor saw great synergies in having a retail showroom next to a highly successful IKEA,” said Mr. Winters. “Having a furniture retailer of Raymour & Fla-

nigan’s caliber and Floor & Décor, a flooring superstore, join IKEA as co-anchors of the Elizabeth Center makes this a tremendous destination to shop for home furnishings and ac- cessories. Moreover, Elizabeth

6A — November 22 - December 12, 2019 — M id A tlantic

Real Estate Journal


I CSC N ew Y ork D eal M aking The architectural design concept was influenced by the century brick factory with an industrial vibe LAN Associates breaks ground on new brewery and mixed-use building in Pine Island, NY

INE ISLAND, NY — On Thursday, Novem- ber 7, 2019 Clemson Bros. Brewery and staff from LAN Associates celebrated the groundbreaking of a new mixed-use building that will house the new Clemson Bros. Brewery taproom and restau- rant. The new space is located at 641 County Rte. 1 in Pine Island, and construction is expected to be completed in time for the local attraction to open by summer of 2020. “The architectural design concept was influenced by the owner’s original estab- lishment to create a turn P

641 County Rte. 1 in Pine Island, NY

of the century brick factory with an industrial vibe,” said LANAssociates project man- ager James Diana , when asked about the design. “Once open, I imagine the brewery will quickly become

a local attraction and popu- lar destination that brings in crowds from afar.” Exterior elements that capture the client’s branding of their original industrial factory in Middletown, NY were incorporated into the design of the building. A brick masonry base will an- chor the ground floor of the building to the gently sloped site, while the vertical tower will provide a strong sense of entry to welcome pedes- trians and create an iconic focal point. The 2,600 s/f pub and res- taurant has an open floor plan centered around the bar. The layout can accom- modate various seating lay- outs for formal and informal events. The open-air design allows patrons to easily move from interior seating to the exterior, where the patios boast panoramic views. The second and third floors will be comprised of office space and apartments. “LANwas an instrumental part in the final conceptual design of our Pine Island facility, and I am very happy with Sabastion Carlton, Jim Diana , and all of the other LAN staff involved,” said Clemson Bros. Brew- ery’s proprietor Kenan Por- ter, when asked about LAN’s involvement with the project. “Their attention to detail, pursuit of perfection in func- tionality and aesthetics, as well as their continued desire to please us as the customer was crucial throughout this project, and it has helped us get to where we are at. We look forward to the build out of the final structure.” The design of the new building was led by the local Goshen, New York office of tri-state area architecture and engineering firm LAN Associates. The Pine Island location is the third location for Clemson Bros. Brewery, who also has taprooms in Middletown and New Platz, New York. 

Clemson Bros. Brewery groundbreaking

 Asset Repositioning  Retailer Advisory Services

 Real Estate Brokerage  Property Management

Representing these fine companies:

Please visit our website for our property availabilities: www.silbertrealestate.com We will be exhibiting at the ICSC New York Deal Making Javits Convention Center Dec 10-12, 2019 Visit our booth #2349 or contact us to schedule a meeting 908.604.6900 or info@silbertrealestate.com

Real Estate Journal — November 22 - December 12, 2019 — 7A


M id A tlantic

I CSC N ew Y ork D eal M aking

Raising the Roof on Superior Service P




 Experienced in roof installations for solar roofing technologies.  Comprehensive roofing design services.  Quick response, repairs, and emergency service on a wide variety of roofing systems.  Experienced and equipped to support HVAC installations.  Licensed by GAF, Firestone, Versico Roofing Systems, and other quality manufacturers.  Personalized, professional, and friendly service.

 Full evaluations and project assessments, free of charge.  Fully-equipped, factory-trained crews for every size job and property type.  Fully insured service, carrying up to $5 million in liability coverage for your protection.  Excellent safety record.  Preventive maintenance plans for every schedule, system, and budget.  Warranties for your peace of mind.

Proudly serving the Mid-Atlantic Region since 1986.

New Jersey:


License: 1997119106


610.543.4908 215.333.8632 License: PA000639



License: 13VH01998700

Corporate Office 970 River Road, Croydon, PA 19021

800.945.2833 | www.cooperroofing.com

8A — November 22 - December 12, 2019 — M id A tlantic

Real Estate Journal


I CSC N ew Y ork D eal M aking Brokerage leases retail space for national franchise in neighborhood SC in Cherry Hill Vantage Real Estate Services represents 1-800-Flowers in securing new retail location

HERRY HILL, NJ — VantageReal Estate Services is pleased to announce that national franchise, 1-800-Flowers, has signed a lease for their newest 680 s/f retail location at Centrum Shoppes, 219- 221 Haddonfield-Berlin Rd., Cherry Hill. Centrum Shop- pes is conveniently located minutes from I-295 and Rte. 70, on the border of Cherry Hill and Haddonfield Town- ships. Centrum Shoppes features a diverse roster of co-tenants, including Arnie’s Butcher & Gourmet Shop, C

Youngs Nail Salon, Jay Asian Bistro, Yi’s Karate, Labelle Fit Studio, and TD Bank, that complement the multi- brand omnichannel corpora- tion—which has several other locations in Connecticut and neighboring Bellmawr, NJ. Monica Walsh , direc- tor of client services at Vantage RES, represented 1-800-Flowers in the trans- action and worked closely with the landlord, Brian O’Sullivan of Cherry Hill Plazas, LLC , to secure the space within the franchise’s tight time frame.

“The Centrum Shoppes is a natural fit for 1-800-Flow- ers,” Monica said. “With their esteemed history, gourmet foods and beautiful floral arrangements, this retailer will surely be embraced by Cherry Hill and the greater South Jersey area.” O’Sullivan added, “We are thrilled to welcome 1-800-Flowers to The Cen- trum Shoppes; we know that they will be the perfect complement to our current tenants and to the neighbor- hood.” F o u n d e d i n 1 9 6 7 , 1-800-Flowers.com, Inc. is a floral and gourmet foods gift retailer and distribu- tion company that forever changed the way flowers, gourmet foods and other gifts are purchased. They are one of the first retailers to use a 24 x 7 toll-free telephone number, then the Internet for direct sales to consumers. With an exceptional variety of brands and a constantly growing selection of gifts, 1-800-FLOWERS.COM, Inc. continues to change how cus- tomers buy gifts. About Vantage RES: Head- quartered in Marlton, NJ, and Philadelphia, PA, Van- tage Real Estate Services (Vantage RES) is a full-ser- vice commercial real estate brokerage and advisory firm serving New Jersey, Phila- delphia and Eastern Penn- sylvania. Vantage RES spe- cializes in all aspects of com- mercial real estate including: landlord and/or tenant rep- resentation, healthcare ser- vices, investment sales and/ or acquisitions, multi-family sales and/or acquisitions, business brokerage, land sales, land development, property management, prop- erty valuations and advisory. Vantage RES is guided by the core belief that in order to achieve success, we must think like a client but per- form like a partner. We have the optimal team in place to service any commercial real estate project and we work hard to achieve our client’s goals. Each member of the Vantage RES team brings a unique background and per- spective to the market. Com- bined, we have tremendous, unmatched experience that shows in our success in the CRE market in New Jersey and Pennsylvania. 

Centrum Shoppes

RE_ad_version1.qxp 11/2/2005 11:54 AM Page 1

  Seeking Retail Opportunities Consistently Ranked #1 Franchise - 50+ Y ear T rack Record

Looking for sites in PA & S. NJ End Cap, In-line, Free Standing Flexible Space Requirements

Non-Traditional Venues - Hospitals/Colleges Universities/B&I/Stadiums/Casinos/Airports

Eastern PA — Local Contacts: Philadelphia PA & Southern NJ —

610-366-8120 x 24, Cheryl Green green_c@sdepa.com 410-752-6760, Evan Brodie evan@sandhumanagement.com

realestate.subway.com www.subway.com


Real Estate Journal — November 22 - December 12, 2019 — 9A


M id A tlantic

I CSC N ew Y ork D eal M aking National Realty & Development Corp.'s 340,000 s/f town center in Middletown, NJ 24 Hr. Fitness becomes latest retailer to join growing roster of tenants at The Shoppes at Middletown


IDDLETOWN, NJ — National Real- ty & Development

Corp. (NRDC) announced that 24 Hour Fitness has signed a 37,000 s/f lease at The Shoppes at Middletown, becoming the latest retailer to join the growing roster of tenants at the 340,000 s/f town center in Middletown. The Shoppes at Middletown will be located on Rte. 35 at the intersection of Kings Highway East in eastern Monmouth County NJ. Construction of The Shop- pes at Middletown, which will offer a blend of grocery, recreation, fitness, specialty boutiques and restaurants with outdoor dining, will com- mence in the spring of 2020. NRDC has already leased over 230,000 s/f of the available space at the center, which will be anchored by Wegmans and CMX Cinemas. Other tenants such as Pet Supplies Plus, a liquor store offering wine and liquor tasting events and Nails Spa & Beyond - a high- end, full-service spa and salon with four New Jersey locations - have also joined the center. “We have always envisioned The Shoppes at Middletown to house a diverse roster of offer- ings that will significantly en- hance the local retail environ- ment and provide a downtown gathering place,” said John Orrico , president at NRDC. “A five-star fitness company such as 24 Hour Fitness will bring an exciting energy that has been missing from this part of the Rte. 35 corridor, and will serve as the perfect complement to Wegmans, CMX Cinemas, and the lively, walkable atmosphere that will begin to emerge next year.” The new state-of-the-art 24 Hour Fitness will bring Mid- dletown the same amenities and superior level of services its members have become ac- customed to. 24 Hour Fitness prides itself on providing a team of motivating fitness professionals who offer person- alized health solutions, while creating friendly, supportive communities for members to enjoy their fitness journey. The new Wegmans stores feature a European open-air café concept that include dis- plays of fresh produce, meats, fresh-caught seafood, deli products, international foods, plus all the grocery and house- hold items usually found in a

The Shoppes at Middletown

ing area will complement the center’s overall outdoor dining concept. 

supermarket. CMX Cinemas will feature six screens with oversized

reclining seats, in-seat as well as Grab & Go gourmet dining options and an excep-

tional assortment of wines and handcrafted cocktails. The theater’s outdoor seat-

10A — November 22 - December 12, 2019 — M id A tlantic

Real Estate Journal


I CSC N ew Y ork D eal M aking

Anchored by IGA Supermarket, revamped retail center will offer new shopping & dining options Cedar Realty Trust Breaks Ground at Fishtown Crossing Shopping Center inNortheast Philadelphia

H I LADELPH I A , PA — Cedar Real- ty Trust, Inc. broke ground on Thursday, October 3rd at Fishtown Crossing, the redevelopment of a shopping center in Northeast Philadel- phia formerly known as Port Richmond Village. The initia- tive will create 18,000 s/f of new retail space, designed for a diverse mix of fast-casual dining, restaurants and shop- ping. Fishtown Crossing will also feature a host of new amenity upgrades, creating new public spaces that will foster an inviting atmosphere for shoppers and visitors. P

chief executive officer Bruce Schanzer , executive vice president and chief operat- ing officer Robin Zeigler and senior vice president of development and construction Michael Sommer . “As Fishtown and Port Rich- mond continue to thrive, we’re creating a destination for a diverse mix of shopping and dining that harnesses the en- ergy of these neighborhoods,” said Schanzer. “Along with the addition of new retailers, this property is getting a full facelift, while adding new public gathering spaces that reflect the growing preference for a unique, walkable retail experience.” The shopping center will soon welcome Starbucks and Nifty Fifty’s. Fishtown Cross- ing is currently home to nearly 20 shops, including IGA, GNC, Kicks USA, Slack’s Hoagie Shack and Rita's Water Ice, in addition to a diverse tenant mix that includes beauty and health, clothing, professional services and discount retailers. The redevelopment is expected to add a mix of fast casual and sit-down restaurants, in addi- tion to the creation of outdoor seating areas and landscaped common areas. “With each and every prop- erty, we take the time to un- derstand the specific wants and needs of the community so we can ensure that our re- development reflects the needs of local residents,” said Zeigler. “This shopping center, already a staple in the neighborhood, will soon have a host of new retail options that will benefit residents for many years to come.” The property is the first of several redevelopment initia- tives led by Cedar Realty Trust in Philadelphia. In South Philadelphia, the Company is leading the South Quar- ter Crossing redevelopment, which will initiate substantial improvements to two exist- ing shopping centers known as Quartermaster Plaza and South Philadelphia Shopping Center. In addition to the en- hancement of the retail struc- tures onsite, South Quarter Crossing will include the addi- tion of 270 apartments, along with a wide range of improve- ments to the surrounding pe- destrian walkways, ultimately creating a more seamless inte- gration with the surrounding neighborhood. 

Fishtown Crossing

Sena t o r Lawr enc e M. Farnese, Councilmember Mark Squilla, State Repre-

sentative Mary Isaacson and State Representative Joseph Hohanstein were in atten-

dance, along with key ex- ecutives from Cedar Realty Trust including president and

Trends. Tenants. Technology.

New York Deal Making December 10 – 12, 2019 | Javits Center | New York City

Experience it all firsthand at these show floor destinations ▶ Food & Fun ▶ Health & Wellness ▶ Retail in Focus

▶ Tech Connect ▶ Outlet Centers

For more information, visit www.icsc.com/2019EDM .

Real Estate Journal — November 22 - December 12, 2019 — 11A


M id A tlantic

I CSC N ew Y ork D eal M aking

Now Leasing Monmouth County, NJ’s New Retail Destination OPENING 2021

Visit us at ICSC NY Deal Making Booth 1345


The Shoppes at Middletown is a 340,000 sq.ft. town center approach to the everyday, featuring specialized entertainment, dining discoveries, gourmet grocery, office uses and an innovative mix of lifestyle retail.

NATIONAL REALTY & DEVELOPMENT CORP. 1.800.932.RENT | nationalrealty@nrdc.com

Visit shoppesatmiddletown.com

48324_20_NR_MA_RealEstateJrnl_Dec2019.indd 1

11/15/19 9:39 AM

12A — November 22 - December 12, 2019 — M id A tlantic

Real Estate Journal


I CSC N ew Y ork D eal M aking

New York Deal Making

Tell us about your experience at the show through editorial and photos! Learn anything new about the industry? Meet new people in the field? Any exciting ideas going into 2020?

Special Advertising Rates to All Participating Firms!

Contact Kim Brunet for more information kbrunet@marejournal.com 781.740.2900 Deadline: December 13 Publication Date: December 27

Real Estate Journal — November 22 - December 12, 2019 — 13A


M id A tlantic

I CSC N ew Y ork D eal M aking

14A — November 22 - December 12, 2019 — M id A tlantic

Real Estate Journal


I CSC N ew Y ork D eal M aking 2,300 s/f of office/retail space at 201 Rock Rd. in Glen Rock, NJ

Horning and Lizzack of NAI Hanson negotiates lease to bring dental practice to retail suite


lord, 201GlenRockRoad, LLC, and Masserano Real Estate and Consulting, LLC’s Joe

age, the property’s high vis- ibility provides tenants with retail exposure to a population of 401,820 individuals residing within five miles. 201 Glen Rock Rd. is also within walk- ing distance to Ridgewood Junction Train Station and offers ample parking in the building’s rear lot. Glen Rock Pediatric Dentistry, LLC will be occupying a corner suite within the building, taking advantage of its high levels of visibility on the crossroads of Rock Rd. and Glen Ave. “Over the past couple years, we’ve noticed an uptick in medical users seeking out re- tail locations to leverage their exposure as a tool to maintain and expand their practices,” said Lizzack. “As we continue to see this strategic move by a number of independent practitioners across a range of specializations, we have noticed a recent increase in the number of dental offices pursuing these highly visible locations as well. We were pleased to leverage our medical office expertise to effectively market 201 Rock Road’s highly visible retail location to these types of users and help our client secure a quality medical office tenant.”  2nd Ave. Value Stores celebrates opening at LMC's Union SC UNION, NJ — 2nd Ave Value Stores – a thrift chain dedicated to bringing custom- ers the best value in high- quality, secondhand clothing, household goods and collect- ibles – recently celebrated its grand opening at Union Shop- ping Center. Located at 2661 Morris Ave. in Union, the retail property is leased and man- aged by commercial real estate services firm Levin Manage- ment Corporation (LMC) . The new 40,000 s/f 2nd Ave store features a distinctive de- sign to enhance the thrift shop- ping experience. Shoppers can enjoy a relaxing library lounge complete with a wide collection of books, a luxury shoe wall featuring on-trend looks and well-organized merchandise displays. Situated at the signalized intersection of Morris and Lib- erty avenues, Union Shopping Center is accessible to Kean University and Union High School. 

LEN ROCK, NJ — NAI James E. Han- son , one of the largest

New Jersey- based ful l - service inde- pendent com- mercial real estate firms, announced it has negoti- ated a lease for 2,300 s/f

L o b a r d i a n d John Masserano represented the tenant, Gl en Ro ck P e d i a t r i c De n t i s t r y , LLC, in the transaction.

Randy Horning Darren Lizzack

Boasting a prime location in the center of Glen Rock, 201 Rock Road is a 30,000 s/f medical, retail or office users. Featuring 27’ of retail front-

of office/retail space at 201 Rock Rd. in Glen Rock. NAI Hanson’s Randy Horning, MSRE, and Darren Lizzack, MSRE , represented the land-

201 Rock Rd.

B U I L D I N G Q U A L I T Y , V A L U E , A N D T R U S T

WHO WE ARE We are a full-service commercial general contracting and construction management firm in the Northeast. For over two decades, we have built a reputation as a premier partner with our clients.We pride ourselves on the unmatched quality of our work and ability to stay on schedule and within a budget.

Real Estate Journal — November 22 - December 12, 2019 — 15A


M id A tlantic

I CSC N ew Y ork D eal M aking


Real Estate Services A boutique Commercial Mortgage Banking Firm Construction/Permanent Financing Joint Venture/Equity Loan Servicing

Julius Borrus Broker & President Borrus Associates 340 Rte 35 South Red Bank, NJ 0771 P: 908-839-0052

borruscommre@aol.com A Member Of The International Council Of Shopping Centers NY, NJ, CT, PA INVESTMENT REAL ESTATE

www.chkauffman.com (732) 212-0333 130 Monmouth Street, Red Bank, NJ 07701

Peter Gallicchio Broker/President pgallicchio@remcorealty.net 732-253-0888 ext. 102 370 Campus Dr., Suite #128 Licensed Real Estate Broker

Somerset, NJ 08873 Cell: 732-713-0227 Fax: 732-253-0887


16A — November 22 - December 12, 2019 — M id A tlantic

Real Estate Journal


I CSC N ew Y ork D eal M aking


GLA/ Acreage Anchor Tenants

Property Name




Shops at Billerica

Boston Rd. & Tower Farm Rd. Plain St. & Lowell Connector Medway St. & Beaver St. Potomac Ave. & Northern Ave. Liberty Rd. & Brenbrook Dr.

Billerica, MA Lowell, MA

306,876 Burlington, Market Basket, Big Lots 272,947 Target, Marshall’s, Best Fitness 158,806 Stop & Shop, HomeGoods, TJ Maxx

Meadow Brook Center


Milford Crossing

Milford, MA

Long Meadow Shopping Center

Hagerstown, MD Randallstown, MD

164,897 Family Farm and Home, PA Dutch Market

Brenbrook Plaza

151,857 Home Depot

Harbor View Marketplace Marketplace at Monmouth

Route 440 & Goldsborough Dr.

Hanover, NJ Evesham, NJ Eatontown, NJ Bayonne, NJ

240,780 Costco Wholesale Club 243,800 Future Development

NJ Route 35 & Main St.

T S 6

Route 70 & N. Locust Ave.

127,920 Virtua Medical Group, Children of America

Shoppes at Renaissance Square

Cedar Village Sunbird Plaza Vacant Land

123,593 Lowe’s

Hanover Avenue

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.

Marlton, NJ

26,041 Future Development

Mount Olive, NJ Old Bridge, NJ Parsippany, NJ

19.9 AC Across from Walmart, Sam’s, TJ Maxx 9.33 AC Across from Walmart Supercenter 146,185 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

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

Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52 Page 53 Page 54 Page 55 Page 56 Page 57 Page 58 Page 59 Page 60 Page 61 Page 62 Page 63 Page 64 Page 65 Page 66 Page 67 Page 68 Page 69 Page 70 Page 71 Page 72 Page 73 Page 74 Page 75 Page 76

Made with FlippingBook Ebook Creator