1-22-21

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7,080 units trade in 78 deals across NJ, Eastern PA & Southern NY State Gebroe-Hammer Associates reports $1.32 Billion in 2020 sales

SPOTLIGHTS 7-1 6 A ECONOMIC DEVELOPMENT 2021 FORECAST ISSUE HIGHLIGHTS Volume 33, Issue 1 Jan. 22 - Feb. 18, 2021 OWNERS, DEVELOPERS & MANAGERS FEATURING GENERAL CONTRACTORS/ SUBCONTRACTORS 17-23A

halted all other business sec - tors by mid-March, Gebroe- Hammer continued to close deals at a pace unmatched by its competitive set. As the year concluded, the firm’s market specialists finalized 12 deals in December alone, which totaled $173M for the month. “The rippling effects of last year affected every facet of society and business, thus warranting an even greater level of connectivity with our clients via electronic or socially distanced means,” said firm president Ken Uranowitz , who was nationally recognized as a Best Boss 2020 for his leadership during this time of uncertainty. “While very dif - ferent from all other cyclical shockwaves encountered dur - ing our 45 years in the multi - family investment sales sector, the pandemic prompted us to employ an agile approach.” Key sales from Q2 to Q4 in - cluded $64.9M in sales over two months of 269+ units spanning Middlesex County; $43.45M

sale of Central Jersey’s Bayside Cove in South Amboy; $25.5+M sale of 87 Class A apartment and townhouse units in Wood - bridge Twp.; $25.35M sale of Hamilton House in Wee - hawken; and the $23.75M sale of The Fairmount at McGinley Square in Jersey City, fea - turing 58 newly constructed luxury apartments atop 3,200 s/f of retail space. In addition, notable high- lights among December’s 12 transactions involved the $58M sale of a 144-unit multifamily portfolio in Hudson County, $21M sale in Union County and a 100-unit garden-style community in Morris County. Additional transactions dur - ing the same month included a total of 175 apartment units sold for a combined $18M in the South Jersey Metro/ Greater Philadelphia area as well as the $17M sale of a nine- property, 133-unit portfolio in Passaic County. “Our strategy included capitalizing on longstanding

relationships, instilling con- fidence in an uncertain en - vironment based on decades of downturn experience, and overcoming major obstacles – albeit logistical, governmen- tal and most importantly, maintaining positivity – to leave no stone unturned to get deals over the goal line,” said Uranowitz. A Look Ahead He also added that tallying $1.32B in sales in one of the most challenging years sets the stage for 2021, during which demand for apartment build - ings will continue to strength - en. Long acknowledged as the most stable real estate invest- ment vehicle, multifamily benefits from a tenant pipeline that is expected to remain ro - bust notwithstanding a shift in home base. “What we are seeing in many suburbs, including fringe cities of major metropolitan centers, is a migration of former big-city dwellers nowworking fromhome. continued on page 4A

IVINGSTON, NJ — In a year of shifting health, safety and eco-

nomic tecton- ics, Gebroe- H a m m e r Associates’ preparedness and ski l led ability to re- spond to fluid multifamily- investment client needs

Ken Uranowitz

resulted in overall 2020 sales of $1.32B. In total, the New Jersey-based investment bro- kerage firm arranged 78 deals involving 7,080 units across New Jersey, Eastern Pennsyl - vania and New York State. To kick off the year, the firm reported $316.4M in sales en- compassing 1,574 units at the close of Q1 2020. This marked a carry-over of historic multifam - ily investment activity that fu - eled one of the longest and most aggressive apartment-property investment cycles in history. When COVID-19 virtually PHILADELPHIA, PA — Rittenhouse Realty Advi- sors o announced the recent sales of five student housing properties in Philadelphia. The firm organized the sales of the following properties: 4258-60 Chestnut St. (45 units, 128 Beds), a purpose- built, newly constructed prop - erty close to the University of

Section C

RRA sells 272 beds/ 106 units near UPenn, Drexel & Temple Universities totaling $30+M

24A

Ken Wellar

Mark Duszak

25A

Pennsylvania, 4236 & 4238 Chestnut St. (12 units, 15 Beds) a value-add opportunity near UPenn, 3927, 3929 & 3931 Pine St. (45 Bedrooms) a value-add JV sale near UPenn, 125-129 & 133-135 South 46th St. (19 units, 44 Beds) a newly constructed property in an Opportunity Zone near Drexel University, and Sydenham Commons (27 Units, 45 Bedrooms), a value- add deal located at 1706 N. Sydenham St., one block from Temple University. The global COVID-19 pan- demic has forced universities to pivot numerous times over the fall semester, with some starting the year virtually,

while others attempted to hold classes in-person, then shifted to distance learning or a combi- nation of the two. Despite these challenges, the occupancy rates of off-campus student housing apartments have remained re- markably high. The apartment markets surrounding the Uni - versity of Pennsylvania, Drexel University, University of the Sciences, and Temple Univer - sity have remained desirable to investors given the solidity of these institutions and the continued desire students have to live near campus, despite the fact that classes are tem- porarily on-line. Ken Wellar , managing

partner at RRA, stated: “We were able to close on five dif - ferent student housing deals during COVID-19 when the universities were all virtual. Even though no physical class - es are being held, students still want to live close to campus. Our firm was able to close on both stabilized and value-add student housing deals in one of the most uncertain times in student housing history.” Mark Duszak director at RRA, added: “These sales dem - onstrate how RRA’s unique marketing process continues to maximize value for our cli - ents in today’s extraordinary times.” MAREJ

Directory ROP (Front Section) .................................... Section A Contributing Columnist.Jason Salmon, Kay Properties and Investments, LLC Generational Assets: Leveraging DSTs to Transfer Wealth ................................................................. 2A Financial Digest ................................................. 3-4A Retail Development Reimagined . ...................... 5-6A Forecast 2021................................................... 7-1 6 A Economic Development. ................................ 17-23A Business Card/Billboard Directory....................... 27A New Jersey.......................................................1-10B Pennsylvania.................................................11-BC B Owners, Developers & Managers ............... Section C www.marej.com

Inside Cover A — January 22 - February 18, 2021 — M id A tlantic Real Estate Journal

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This material does not constitute an offer to sell nor a solicitation of an offer to buy any security. Such offers can be made only by the confidential Private Placement Memorandum (the “Memorandum”). Please read the entire Memorandum paying special attention to the risk section prior investing. IRC Section 1031, IRC Section 1033 and IRC Section 721 are complex tax codes therefore you should consult your tax or legal professional for details regarding your situation. There are material risks associated with investing in real estate securities including illiquidity, vacancies,general market conditions and competition, lack of operating history, interest rate risks,general risks of owning/ operating commercial and multifamily properties, financing risks, potential adverse tax consequences, general economic risks, development risks and long hold periods. There is a risk of loss of the entire investment principal. Past performance is not a guarantee of future results. Potential cash flow, potential returns and potential appreciation are not guaranteed. Securities offered through Growth Capital Services member FINRA, SIPC Office of Supervisory Jurisdiction located at 582 Market Street, Suite 300, San Francisco, CA 94104.

M id A tlantic Real Estate Journal — January 22 - February 18, 2021 — 1A

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IHOP Grove City, OH $1,948,479 Dollar General i , PA 5 6 545

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2A — January 22 - February 18, 2021 — M id A tlantic Real Estate Journal

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M id A tlantic Real Estate Journal

M id A tlantic R eal E state J ournal Publisher, Conference Producer . .............Linda Christman AVP, Conference Producer ...........................Lea Christman Publisher ........................................................Joe Christman Editor/Graphic Artist ......................................Karen Vachon Contributing Columnist .......Jason Salmon, Kay Properties Mid Atlantic R eal E state J ournal ~ Published Semi-Monthly Periodicals postage paid at Hingham, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal 350 Lincoln St, Suite 1105, Hingham, MA 02043 USPS #22-358 | Vol. 33, Issue 1 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

AKF

By Jason Salmon

Generational Assets: Leveraging DSTs to Transfer Wealth eal estate has long been a popular asset used to build generational family wealth. One of the key tax advantages to passing real estate property to heirs is that those recipients benefit from a step-up in basis. That step-up is much like hitting the reset button on a property’s current market value. R That step-up in value alone can represent a huge windfall for anyone who inherits a prop- erty that has seen even modest appreciation. Consider a ma- triarch who bought an apart- ment building in the 1980s for $1 million. Thanks to careful maintenance and upkeep, along with a good location, that property is now worth $10 mil- lion. If the owner were to sell, she would face a hefty tax on the capital gain. Instead, the owner decides to put that prop- erty in her will to be inherited equally by her grandchildren. The grandchildren also inherit that step-up to the current appraised value at the time

Global Engineering & Integrated Design Services

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of their grandmother’s death, allowing them to avoid paying tax on that gain. DST ownership offers that same benefit of a step-up in ba - sis along with some additional generational benefits that oth - er ownership structures don’t. Chief among those advantages are the ability for the investor to sell their investment real es- tate and utilize 1031 exchange into DSTs to defer capital gains taxes, greater flexibility in being able to pass DST own- ership to multiple heirs, ease of transferring title and no active management responsibilities for heirs to assume. The fractional ownership of DSTs allows an owner to

easily divide shares up any which way they like. For ex- ample, an investor owns 30 units in an apartment DST and 50 units in a DST portfo- lio of Dollar General, FedEx and Amazon net lease proper- ties. The individual wants to leave the DST investments to his two grown children. He can choose to give the apartment DST to one child and the Dollar General, Fe- dex and Amazon DST to the other child, or he can divide up the shares within each DST to give some of each to both children. For investors who want to divide ownership more precisely by percentage continued on page 4A

LEW

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

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

F inancial D igest

M id A tlantic Real Estate Journal — January 22 - February 18, 2021 — 3A

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Team representing the borrower was led by Cadranell, Nalbandian and Carney JLL Capital Markets lead financing efforts for 9-prop. industrial portfolio in Northern NJ & South FL

ORRISTOWN, NJ — JLL Capital Mar- ket s has se cur ed

Mac. The loan will be serviced by JLL Real Estate Capital, LLC , a Freddie Mac Optigo lender. In addition, JLL secured equity financing from National Property REIT Corporation (NPRC) for Brick Lane. This marks the third deal completed between Brick Lane and NPRC. The Valora at Homewood apartments consist of 722 one-, two- and three-bedroom units, averaging 1,062 s/f each. Origi- nally completed in 1971, the property underwent renova- tions from 2016-2019 and offers various community amenities for residents, including a Bark Park and dog spa, playground, tennis courts, two clubhouses, two swimming pools and a fit - ness center. The property is located at 915 Valley Ridge Dr. in Homewood,

just 15-20 minutes from Bir- mingham. Homewood is a quaint suburb with various restaurants, retail and boutiques. It’s also known for being home to Red Mountain Park, consisting of six acres of beautiful green space, and Samford University, one of the state’s top-ranked schools. The JLL Capital Markets team was led by senior director Michael Cosby and Managing director Jamie Leachman . “Valora at Homewood is a continuation of the partner- ship between Brick Lane and NPRCwith their third acquisi- tion together,” said Leachman. “Additionally, this will serve as an anchor property as Brick Lane enters the Birmingham market as well as taking them to over 3,500 units under own- ership.” MAREJ

$32.75 million in permanent financing for a nine-property industrial portfolio, aggregating 410,000 s/f and located in key in- dustrial submarkets in Northern New Jersey and South Florida. JLL worked on behalf of the borrower, Seagis Property Group LP , to secure the fi- nancing through Nuveen Real Estate . The portfolio consists of small- er industrial buildings, each less than 100,000 s/f, that are in high demand and well-suited to the local tenant bases. As such, the portfolio is 100% leased overall to 18 diverse tenants. All of the properties are positioned within preferred infill locations in high demand industrial submar-

Jim Cadranell

Gregory Nalbandian

Maxx Carney

kets, including Secaucus/North Bergen and Carteret/Avenel in Northern New Jersey, and Miami-Dade County in South Florida. The JLL Capital Markets team representing the borrower was led by senior managing directors Jim Cadranell and Gregory Nalbandian and director Maxx Carney . “It was a great pleasure to work with both Seagis and Nu- veen Real Estate to structure

this attractive rate, full term interest-only financing in the midst of the ongoing pandemic,” said Cadranell. In other JLL news, JLL Capi- tal Markets has arranged acqui- sition financing and sourced new equity for the Valora at Home- wood multi-housing property near Birmingham, AL. JLL worked on behalf of the borrower, Brick Lane LLC, to assume the existing 10-year, fixed-rate loan through Freddie

Falzarano & Gunning of CBRE arrange refinancing for multifamily property in South Orange, New Jersey

SOUTH ORANGE, NJ — CBRE announced it has secured a $14 million refinanc - ing loan for The Ridge- wood Com- mons, a 66- unit midrise multifamily a p a r tme n t bui lding at 1 0 N o r t h R i dg ewo o d Rd. in South Orange. The l o a n w a s a r r a n g e d t h r o u g h Dana Ber- lin of Spen- cer Savings Bank , a com- munity bank headquartered in Elmwood Park, New Jersey. CBRE’s Donna Falzarano and James Gunning sourced the financing and represented the borrower, 10 North Ridge- wood Rd. LLC, in the negotia- tions. “After a quick and effective marketing effort, CBRE was able to secure the refinancing with Spencer Savings Bank Donna Falzarano James Gunning

The Ridgewood Commons

at an interest rate well below 3.0% and a maximum 75% loan-to-value on a non-re- course basis,” said Falzarano. “Spencer was an outstanding lender to work with and facili- tated a closing in just 30 days.”

Originally constructed in 1938, 75% of the building units have been renovated over the past 36 months. Apartments are spacious, averaging 1,050 s/f, and offer 9-foot ceilings, granite counter tops, stainless

steel appliances and hardwood floors. Common amenities in - clude an appointed lobby en- trance and climate-controlled storage. The property is within walking distance of the South Orange NJ Transit train sta-

tion, as well as dozens of restau- rants, retailers, entertainment venues and recreation options. The property has had histori- cally high occupancy with a ma- jority of residents living there for many years. MAREJ

4A — January 22 - February 18, 2021 — M id A tlantic Real Estate Journal

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M id A tlantic R eal E state J ournal

KennedyFunding closes $1.4 Million land loan

EW YORK & PENN - SYLVANIA — G.S. Wi lcox & Co. an- $3.5M in financing acquired for PAwarehouse portfolio Fryer of G.S. Wilcox & Co. secures $44 Million for loans N

play a role in whether a lender can successfully close a loan for a borrower. “Just like the U.S. and Canada have different laws, Jamaica and Bermuda have different laws,” Wolfer said. “It’s not just about being will- ing to lend outside the U.S. – it’s about having the firsthand knowledge, experience, and capabilities to close the deal.” Wolfer added that lending on raw land is an additional obstacle to securing funding abroad, for the same reasons that land loans can be difficult to secure in the United States. “Most borrowers anywhere in the world regard raw land as a risky proposition because there are so many unknowns, and in the event of non-pay- ment and if the property itself is collateral, is it much harder for a lender to sell the prop- erty,” Wolfer said. Kennedy Funding has closed a number of loans outside U.S. borders in 2020, includ- ing a $2.633 million loan for a residential development in Brazil, $3 million for a residen- tial resort in Belize, and a $3 million loan for a residential community in the Bahamas. Even with the COVID-19 global pandemic dampening tourism and other industries that fuel economies abroad, Kennedy Funding still worked closely with each borrower to find a way to secure funding. “This was a year of economic uncertainty across the globe, but with thoughtful and care- ful planning, we are still able to provide the funding our clients need to participate in lucrative commercial real estate pursuits around the world,” Wolfer said. “No mat- ter the challenges, our experi- ence – and subsequent results – demonstrate that we have the skills necessary to close the deal.” MAREJ limited exposure in terms of decreased occupancies, asking rents and property values, as compared to other real estate classes. “Despite the complex eco- nomic variables of the pan- demic, multifamily invest- ments benefit tremendously from their fundamental func- tion as one of the most reli- able residential options,” said Uranowitz. “As such, the wide delta between multifamily investment demand and for- sale product availability is ex- pected to persist throughout 2021 and into 2022.” MAREJ

ENGLEWOOD CLIFFS, NJ — For a US-based bor- rower, securing a loan outside

20-40 DSTs) and a DST sec- ondary market. Kay Proper- ties teammembers collectively have over 115 years of real estate experience, are licensed in all 50 states, and have par- ticipated in over 15 Billion of DST 1031 investments. MAREJ This material does not constitute an offer to sell nor a solicitation of an offer to buy any security. Such offers can be made only by the confidential Private Placement Memorandum (the “Memorandum”). Please read the entire Memorandum paying special attention to the risk section prior investing. IRC Section 1031, IRC Sec- tion 1033 and IRC Section 721 are complex tax codes therefore you should consult your tax or legal professional for details regarding your situation. There are material risks associated with investing in real estate securities including illiquidity, vacancies, gen- eral market conditions and competi- tion, lack of operating history, interest rate risks, general risks of owning/ operating commercial andmultifamily properties, financing risks, potential adverse tax consequences, general economic risks, development risks and long hold periods. There is a risk of loss of the entire investment principal. Past performance is not a guarantee of future results. Potential cash flow, potential returns and potential appre- ciation are not guaranteed. Securities offered through Growth Capital Ser- vices, member FINRA, SIPC, Office of Supervisory Jurisdiction located at 582 Market Street, Suite 300, San Francisco, CA 94104. will continue the revitaliza- tion of the community,” said Miriam Zinter , mortgage officer at The Community Preservation Corporation. CPC is providing a $1.5 mil- lion construction loan, as well as a $1.5 million SONYMA-in- sured permanent loan through their partnership with the New York State Common Retire- ment Fund. The development will also utilize a PILOT agree- ment with the local Industrial Development Agency. MAREJ ond loan was for a 106,307 s/f multi-tenant flex building in Orangeburg, NY in the amount of $2.95 million. Lastly, Fryer secured $3.5 million in financ - ing for a flex/industrial ware - house portfolio in Bethlehem, PA through another correspon- dent lender. “Thank you to our valued cli- ents for their continued support. G.S. Wilcox & Co. is delighted to work with property owners, developers, and investors from across the US,” said Fryer in a prepared statement. MAREJ

The loan was arranged with a 15-year term and 30-year amortization through a cor- respondent lender of the firm. He simultaneously refinanced a 224-unit multifamily property in Harvey, LA for $14.5 million with 10-year interest only. Fryer went on to secure three additional mortgage loans across New York and Penn- sylvania. The first loan was for a retail shopping center in Amsterdam, NY equaling $4.5 million on a 10-year termwith 25-year amortization. The sec- communities we serve, while also appreciating the unique culture of each town and utilizing its existing infra- structure. The Finger Lakes Region is known for produc- ing excellent wines, and we’re excited to honor that rich history by transforming this former ‘fruit house’ into vi- able housing stock for Penn Yan. Our thanks to Cindy and Vincent Rosato for their partnership, and for their dedication to this project that in any number of different ways as long as those wishes are outlined in the investor’s will and/or succession plan. The transfer of ownership to family, as well as non-family members, is a simple admin- istration function. For more information on how DSTs can be used in estate and tax plan- ning strategies, it is always wise to consult with your tax and legal advisors. For a look at the types of DST properties investors are using for estate planning purposes please visit the Kay Properties market- place at www.kpi1031.com. Jason Salmon is senior vice president at Kay Prop- erties and Investments, LLC. About Kay Properties and www.kpi1031.com Kay Properties is a national Delaware Statutory Trust (DST) investment firm. The www.kpi1031.com platform provides access to the mar- ketplace of DSTs from over 25 different sponsor companies, custom DSTs only available to Kay clients, independent advice on DST sponsor com- panies, full due diligence and vetting on each DST (typically

the Uni ted States is no e a s y f e a t . Br i ng r aw l a n d i n t o the mix, and many b o r - rowers sim- ply assume that the odds are impossible.

nounced that principal Da- v i d Fryer had recently f i nan c ed a total of $44 million in out of state loans. Fryer se - cured an $18

Kevin Wolfer

Not so for Kennedy Fund- ing , an Englewood Cliffs, New Jersey-based direct private lender with extensive experi- ence closing loans around the world. The firm’s principals to - day announced the closing of a $1.4 million loan to P&L Hold- ing Ltd. Loan proceeds will be used to acquire 2,486.31 acres of raw land with waterfront views, located in Milk River, Clarendon Parish, Jamaica. “Over years that we have spent working closely with experts and authorities in Ja- maica, the Bahamas, Canada, and many other countries, we have honed the skills and knowledge necessary to navi- gate the real estate and money lending laws in many coun- tries outside the U.S.,” said Kevin Wolfer , CEO, Ken- nedy Funding. “Without that knowledge and experience, lenders don’t have a chance at successfully closing loans. We are proud to say that we have put our expertise to work once again, to get P&L Holding the funding they need to complete this acquisition.” According to Wolfer, inter- national loans face unique challenges and scrutiny not experienced by borrowers working domestically. Differ- ences in rules and regulations, physical distance between borrower and property, vary- ing economic conditions, and differing political climates all “Whether this is a tempo- rary or permanent phenom- enon remains to be seen. Regardless, these tenants are seeking alternative apart- ment-rental options with more living space and greater affordability, where they can safely enjoy nearby outdoor recreation venues,” he said. While the rollout of vac- cines and an accommoda- tive Fed interest-rate policy are expected to relieve any residual aftershocks from COVID-19, multifamily will continue to experience

David Fryer

million loan on behalf of the owners of a 118,000 s/f shop- ping plaza in Plainview, NY.

CPC and REI REI LLC announce $1.5M in financing for 8-unit rental building

of value, DST asset managers have the ability to create an estimation of value for the date of the demise. In comparison, carving up ownership for heirs in a wholly owned property can be difficult and even contentious. You can’t give the roof to one child or grandchild, and the walls to another and the doors to a third. It’s all or nothing. Some heirs may want to sell, while others don’t. If they all agree to sell, then they also have to agree on when to sell and at what price. In some cases, that process can drag on for years. During that time, the heirs also need to assume the man- agement responsibilities for that property or pay someone else to do it. That process gets even more complicated the more heirs who are involved. DSTs are commonly used in 1031 Exchanges as a means to defer capital gains taxes. Yet the tax advantages of the fractional ownership struc- ture also can be passed on to future generations to help build family wealth. The bot- tom line is that DSTs can be carved up and passed to heirs PENN YAN, NY — The Community Preservation Corporation (CPC) and REI REI LLC , whose principals are Cindy and Vincent Ro- sato , announced the closing of $1.5 million in construction and permanent financing to rehabilitate Liberty Street Lofts into an 8-unit property with ground floor commercial space in the village of Penn Yan. “At CPC, we invest in proj- ects that strengthen the

continued from page 2A Generational Assets: Leveraging DSTs to transfer . . .

continued from FC-A Gebroe-Hammer Associates reports . . .

R etail D evelopment R eimagined

M id A tlantic Real Estate Journal — Retail Development Reimagined — January 22 - February 18, 2021 — 5A

www.marej.com

Two building portfolio sold on Bristol Pike Richardson and Ploshansky of Vantage Commercial facilitate sale of Plaza 13 in Bristol, PA B

RISTOL, PA — Van- tage Commercial an- nounced the sale of Plaza 13, a portfolio comprised of two multi-tenant industrial and retail buildings located at 200-230 Bristol Pike, Bristol. Ken Richardson , senior advisor, and Aran Ploshan- sky , director of operations at Vantage Commercial, rep- resented the seller, Everest Realty Company , with this transaction. The portfolio was listed for sale in August 2020 and sold by the end of the same year. Plaza 13 is comprised of +/- 92,592 s/f across two buildings, and is located on Bristol Pike in close proximity to I-95 and the Bristol Bridge. The center is well-known in the area for its long-time tenants Niagara Pools, Smokin’ Joes, Inc., Wa- kim’s Food Inc., among others. The property was listed for sale with Vantage Commer- cial for less than three months

Plaza 13

the property that was put on hold once Plaza 13 went under agreement. We look forward to reconnecting with all the leas- ing prospects and bringing new businesses to Bristol Pike.” Vantage Commercial an- nounced another successful retail lease, this time at Allison Shopping Center in Marlton, NJ. Monica Walsh , director of client services at Vantage Com- mercial, and Mike Gries , sales

before going under agreement. “We spoke with many inves- tors, owner-operators, and developers interested in the Bristol Pike area, and we saw strong interest in the area from local, regional, and national prospects” said Ploshansky. Nick Nazarian of Everest Realty Company said, “Work- ing with Vantage is great. We have worked with them on several assets, and they always

deliver.” The buyer, Don Metzger, of Coopersburg & Liberty Ken- worth, has retained Vantage Commercial to market the lease availabilities in Plaza 13. “Ken and his team did an out- standing job getting this deal across the line for us, we are excited about this acquisition,” Metzger said. Richardson added, “There was a lot of leasing interest in

associate worked closely with the owner, Davis Enterprises, and the Kuzbari family to en- sure the successful transaction. “Mike and the Vantage team did an all-around great job. Making everything easy for us and staying professional. They helped us find an amazing loca - tion for our restaurant, The Ol- ive Pit” offered Nazir Kuzbari. Opening of the restaurant is targeted for mid-2021. MAREJ

Brent Miller & Tonney Insley of SVN |Miller Commercial announce MISSION BBQ expansion to Salisbury, MD

SALISBURY, MD — SVN | Miller Commercial Real Es- tate Advisors , Brent Miller

and Tonney Insley an- nounced the new Sa l i s - b u r y , MD l ocat i on o f M I S S I O N BBQ . T h e r e s t aur an t wi l l be l o - cated in the S a l i s b u r y Promenade S h o p p i n g Center join- ing Barnes and Nobl e , Eyemart Ex- press, Pivot P h y s i c a l

Brent Miller

Salisbury Promenade Shopping Center

tiple methods to support the military and veterans, such as fundraisers preceding the open- ing of new locations, giving free food to veterans on their wars’ remembrance days, and hiring local veterans. Insley previously worked to bring Aldi Grocery Store to the area, and has worked with na- tional retailers, Panera Bread, McDonalds to secure locations on the Shore. In other news, Insley closed two deals in city limits of Salis-

bury. The two properties, 1523 Edgemore Ave. and 901 East- ern Shore Dr. settled in No- vember. Edgemore Ave. consisted of 5,900 s/f of office warehouse space in two separate buildings and the buyer was represented by Chris Peek of SVN. A local machining company purchased the property. 901 Eastern Shore Dr. is a va- cant lot on the corner of Eastern Shore Drive and South Blvd. The ¾ acre lot was purchased

Tonney Insley

Therapy, and Great Clips. This is the first location for MISSION BBQ on the Eastern Shore with a proposed opening in Spring 2021. MISSION BBQ utilizes mul-

by G and Brothers Roofing company and the buyer was represented by George Mer-

ritt of NAI Coastal . Currently there is no timeline in place for development of the land. MAREJ

6A — January 22 - February 18, 2021 — Retail Development Reimagined — M id A tlantic Real Estate Journal

www.marej.com

R etail D evelopment R eimagined

ELRAN, NJ — Fast- casual burger chain Five Guys is now open Fast-growing burger chain augments dining options at popular retail center Levin Management Corp. announces Five Guys now open at Hartford Corners in Delran, NJ D

ingredients and served in a fun and casual atmosphere. Along with a choice of 15 dif- ferent toppings, menu items also include hot dogs, sand- wiches, fresh cut fries and milkshakes. Established in 1986, Five Guys has grown to more than 1,500 locations worldwide. Anchored by a high-volume ShopRite and home to a Lowe’s store, Hartford Corners fea- tures a mix of retail, res- taurant and service tenants including Staples, Dooney’s Pub, Saladworks, Bobby Chez Seafood, Smoothie King, Edge Salon Blow Dry Bar (coming soon), Planet Fitness, Mat- tress Firm, Five Below, Hand and Stone Massage & Facial Spa, Brighter Dental, Sally Beauty Supply, H&R Block, T-Mobile, and Pets Plus, along with traditional neighborhood conveniences such as a dry cleaner and nail salon, among others. MAREJ Sammy’s Trattoria II will join Hunt Valley Towne Centre OWINGS MILLS, MD — Greenberg Gibbons an- nounced that Sammy’s Trat- toria, an Italian restaurant located on Charles St., will open its second location at Hunt Valley Towne Centre as Sammy’s Trattoria II. The 6,300 s/f, family-owned res- taurant will be located next to California Pizza Kitchen on the upper level of the center. “Family is very important to me, which is why I’m proud to share the vision of this new restaurant with my wife and six children,” said Sammy Cur- reri, owner of Sammy’s Trat- toria. “We are excited to bring the food, service and welcom- ing atmosphere that our guests love about Sammy’s Trattoria to Baltimore County.” Hunt Valley Towne Centre, anchored by Wegmans, Regal Cinemas and Marshalls, of- fers a wide array of retail and restaurant options, including California Pizza Kitchen, Bar- rett’s Grill, Sakura Japanese Steakhouse, Coal Fire, Dick’s Sporting Goods, DSW, Ulta Beauty, Bassett Furniture, OrangeTheory Fitness, Club Pilates, Eileen Fisher, Ann Taylor Loft and more. Hunt Valley Towne Centre is a mixed-use shopping destina- tion and lifestyle center located six miles north of I-695. MAREJ

“Five Guys is a leader in the fast-casual segment, and we are thrilled to welcome this nationally recognized burger concept to Hartford Corners,” said Sidney Singer , LMC’s vice president of leasing. “Five Guys brings yet another din- ing element to the tenant roster, enhancing the variety of choices for hungry shoppers and adding a new, traffic- generating ‘destination’ for the entire community.” Originating in Arlington, VA, Five Guys is known for its famous hand-crafted burg- ers made from high-quality

at Hartford C o r n e r s i n De l ran . Commercial real estate services firm Levin Man- a g e m e n t C o r p o r a - tion (LMC)

Sidney Singer

serves as leasing and manag- ing agent for the 215,000 s/f retail property located at the intersection of Rte. 130 and Hartford Rd.

Five Guys is now open at Hartford Corners in Delran

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M id A tlantic R eal E state J ournal ’ s 2021 F orecast

M id A tlantic Real Estate Journal — January 22 - February 18, 2021 — 7A

www.marej.com

WilliamAmann, PE, LEED Fellow M&E Engineers

Robert Holland The Kislak Company, Inc.

Carlo L. Batts Rittenhouse Appraisals

Joe Latina Patterson Woods

Staci Saeger NAI Summit

Neil A. Stein Kaplin Stewart

Eric Sutter Motleys Asset Disposition Group

Commercial Properties / CORFAC International

Robert Holland, The Kislak Company, Inc.. ..............................................................................................8-9A Staci Saeger, NAI Summit............................................................................................................................10A William Amann, PE, LEED Fellow, M&E Engineers................................................................................... 11A Joe Latina, Patterson Woods Commercial Properties / CORFAC International.....................................12A Carlo L. Batts, Rittenhouse Appraisals......................................................................................................13A Neil A. Stein, Kaplin Stewart........................................................................................................................14A Eric Sutter, Motleys Asset Disposition Group...........................................................................................1 6 A

8A — January 22 - February 18, 2021 — 2021 Forecast — M id A tlantic Real Estate Journal

www.marej.com

2021 F orecast

By Robert Holland, The Kislak Company, Inc. Ref lections, Persistence, Resilience

P r o j e c t i o n requires re- flection, and when I look back at last year’s mes- sage , I am r e m i n d e d t h a t 2 0 2 0 wa s b r im- W

our imaginations. And yet, our enthusiastic and optimistic forecast for 2020 was, in many ways, ac- curate. Because Kislak has successfully weathered the “slings and arrows of outra- geous fortune” for more than a century, and because hall- marks of our team include persistence and resilience, we were ready to successfully re- group, rebound and respond to COVID-19’s many challenges. A very strong first quarter of 2020 was followed by an almost nonexistent second quarter as we all worked to understand

e l c ome t o 2021 and the time for a new year forecast.

health and safety guidelines and implement new ways of safely conducting business while physically distanced. Thankfully, we transitioned quickly to remote operations while still productively and effectively serving our clients. The second half of the year, we were back on track and keep- ing pace with the first quarter, and we ended the year strongly with sales totaling $600 mil- lion. The persistence of our exceptional team in a difficult environment resulted in the sale of more than 4,500 resi- dential units and the sale and

leasing of more than 500,000 s/f of commercial space. Now, we find ourselves beginning a new year still dealing with a continuing pandemic and with a volatile post-election cycle and its as yet unknown ramifications. And once again, we are opti- mistic. We remain a relied-up resource for clients, potential purchasers, and investors, and we are positioned to do what we do best – successfully close deals. Our optimism is based in the knowledge that multifamily real estate continues to be a

highly desirable investment. Collections, occupancy and demand have remained strong despite the pandemic, espe- cially in our primary markets of New Jersey, Pennsylvania, and New York. In fact, with remote operations a reality and necessity for many compa- nies, more and more people are seeking apartment lifestyles in suburban markets. Another plus for multifamily is that historically low inter- est rates are projected to stay relatively low through 2022. Combine this with dramatic stockmarket swings and lower returns on many other types of investment options, and the reliable and comparatively low risk returns of multifamily property are very attractive. In this scenario, sellers benefit from very high prices, and buyers can take advantage of the availability of mortgage money at very attractive inter- est rates to provide more than adequate returns for their investors. Since 1906, Kislak has been serving as its clients’ eyes and ears in the marketplace. We pride ourselves on doing the homework and the research needed to put together deals that serve our buyers, sell- ers, and communities well. At Kislak, we are client-focused, building long-term relation- ships and staying in touch week after week, month after month, year after year. Our talented team of nearly 40 brokers re- mains motivated and available – 24/7 – and our relationships with lenders, mortgage brokers, attorneys, title companies and other key members of the real estate community run deep. We put all of this into the work we do for each and every client, and it pays off in great deals and great relationships that last lifetimes and generations. In the year ahead, we can predict bumps in the road and changes in gear, and we can also predict that Kislak is ready to help its clients navigate whatever comes. Robert Holland is presi- dent of The Kislak Com - pany, Inc. Holland joined Kislak in 1984 and became president in 2012. Consistently, among the leading brokers of apartment buildings in central and east- ern Pennsylvania, Holland is one of Kislak’s all-time leading salespeople with sales totaling more than $3 billion. MAREJ

Robert Holland

ming with bright projections and excitement. Little did we knowwe were about to board a professional and personal pan- demic roller-coaster beyond

Increasing cash flow one property at a time COST RECOVERY SOLUTIONS LLC CRS

M id A tlantic Real Estate Journal — 2021 Forecast — January 22 - February 18, 2021 — 9A

www.marej.com

2021 F orecast

Commercial Real Estate Brokerage

2020 MULTIFAMILY SALES HIGHLIGHTS

Dauphin County, PA $62,000,000 630 Units

NJ and PA $50,000,000 324 Units + Land

Pittsburgh, PA $37,500,000 790 Units

Central NJ $35,500,000 137 Units

Lancaster County, PA $26,000,000 164 Units

Rahway, NJ $26,500,000 134 Units

Bergen County, NJ $19,200,000 85 Units

Vineland, NJ $15,100,000 152 Units

Wanyesboro, PA $13,500,000 100 Units

Central NJ $12,800,000 115 Units

Harrisburg, PA $12,100,000 100 Units

Middletown, NY $10,280,000 112 Units + Land

Newark, NJ $7,925,000 56 Units + 2 Retail

Newton, NJ $7,300,000 64 Units

The Kislak Company, Inc. | www.kislakrealty.com | 732 750 3000

10A — January 22 - February 18, 2021 — 2021 Forecast — M id A tlantic Real Estate Journal

www.marej.com

2021 F orecast

By Staci Saeger, NAI Summit 2021: Outlook Looks Good for the Greater Lehigh Valley, PA CRE Market

he past year (dare I say its name) was challenging to say the

despite the many challenges we faced. We continued to consistently close deals re- motely when mandated and grew our organization by obtaining over a million new square feet to our Property Management and Brokerage portfolios. So what does 2021 look like? Pretty good I’d say! Let’s dive in. A reason for ongoing suc- cess with NAI Summit and in the Lehigh Valley is we are situated in an extreme- ly desired area with many benefits, diversity, and re - sources. The Lehigh Valley

provides access to over a third of US consumers and over half of all Canadian consumers within a day’s drive. We continue to grow in the Lehigh Valley with very strategic plans to help retain our strong and grow- ing economy. According to the Lehigh Valley Economic Development Corporation, “In 2018 and 2019, Lehigh Valley was ranked one of the top regions for develop- ment in the Northeast, and the number one region of its size in the Northeast by Site Selection Magazine.

Over the past three years, only New York, Philadel- phia, Pittsburgh, and Boston have seen more economic development projects.” The Lehigh Valley’s infrastruc- ture is top-notch, offering three international airports and water ports 30 to 90 minutes away, rail service, solid public transportation, and carries a Foreign Trade Zone status. With all of these benefits, the want to be in this area will always be on our side. With the release of the vac- cine, businesses who decided

to pause all plans in the un- known of 2020, are beginning to press play again. With the combination of the vaccine release, additional stimulus checks, all-time low-interest rates, and relief programs being offered, there’s an in- creased opportunity to drive consumer spending in 2021. Our industrial market, specifical manufacturing, is a large part of our stability in the Lehigh Valley despite unprecedented times. 2020 couldn’t even put a dent in this sector for the Lehigh Valley. According to the Lehigh Valley Economic Development Corporation, “Manufacturing makes up $7.3 billion – or 17.7 percent – of the Lehigh Valley’s over- all economic output.” With shutdowns in place, organi- zations in 2020 had to change quickly to a higher focus on e-commerce, in return need- ing additional warehouse or distribution space. The Lehigh Valley has ample industrial parks and access to multiple main highway systems making it an ideal place to acquire such space. With a large industrial/flex portfolio, this contributed to the area’s overall continued success, growth, and steadi- ness which will not change in 2021 or for years to come. According to CoStar, “Given the market’s location and the growth of e-commerce, it is not too surprising that investment exploded in the Valley. Total industrial sales volume was over $730 mil- lion, one of the highest levels in market history and the third consecutive year of sales growth. Big buyers on the year included Pruden- tial, Uline, Prologis, and the BlackStone Group.” With all these factors at play, I think it’s safe to say if 2020 couldn’t stunt our growth, 2021 definitely won’t either. The Lehigh Valley is a strong, reliant place to be that we are so fortunate to call NAI Summit’s home. For over our 36+ years in the industry, NAI Summit is well equipped to continue to thrive even bigger than the year before, just like the region we are a part of. Staci Saeger is director of marketing at NAI Sum - mit. MAREJ

l ea s t . Re - s t r i c t i ons , new bus i - ness guide- lines, shut- downs , al l made con- ducting busi- ness difficult and forced

Staci Saeger

businesses to shift quickly into a new normal. For NAI Summit, we swiftly made the shift and fortunately had a tremendous year of growth

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M id A tlantic Real Estate Journal — 2021 Forecast — January 22 - February 18, 2021 — 11A 2021 F orecast

www.marej.com

By William Amann, PE, LEED Fellow, M&E Engineers Ventilation & Filtration for COVID-19

little speck of protein wrapped in fat has killed over 400,000 people in

air and exhaust, install MERV 14 or better filters, reduce the population density and open the windows. If the minimum venti- lation rates cannot be achieved, then they recommend supple- mental filtration units to provide

a minimum of 2 air changes per hour with HEPA filters, and to consider using Ultraviolet C lamps for disinfection. In buildings where we have been asked to help with reopen- ing plans, we have performed

inspections of the HVAC sys- tems to verify the fan opera- tion and determine the level of filtration. The intent was to see where filter efficiencies could be upgraded. The reality was we found units with outside air dampers wired shut and units with collapsed filters. Obviously to provide a safe environment the systems need to be properly operating and maintained. LEED certified buildings typically provide a safer envi- ronment, requiring compliance with ASHRAE 62.1. However we have found many buildings

that do not comply, despite it being a code requirement. LEED also requires MERV 13 filters for the IAQ credit, as well as an increase in the outside air rate by 30%. M&E Engineers is first and foremost concerned with public safety, followed by sustainability, and can provide HVAC assessments as well as LEED and WELL building cer- tification assistance to ensure improved indoor environmental quality. William Amann, PE, LEED Fellow, DCEP - President M&E Engineers. MAREJ

t he Un i t ed States, and it is not going to go away. So while we hope that the vaccines will bring an end to this pan- demic some-

ASHRAEhas publishedCOVID recommendations which include: maximize the outside air and exhaust, install MERV 14 or better filters, reduce the population density and open the windows. If the minimum ventilation rates cannot be achieved, then they recommend supplemental filtration units to provide aminimum of 2 air changes per hour with HEPA filters, and to consider using Ultraviolet C lamps for disinfection.

William Amann

time this year, we still have a ways to go until we get to that point. We need to learn from this tragedy in order to protect ourselves in the meantime and to implement strategies that will protect us from other virus strains in the future. There are three major vari- ables that affect the risk of exposure: occupant density, ventilation rate, and exposure time. Minimum ventilation rates are established by ASHRAE Standard 62.1, and are based on three principal factors: the space size, the density of occu- pants in that space, and what the occupants do in that space. What they do is relevant because of their respiratory rate. The minimum amount of outside air required in an office is 5 Cubic Feet of outside air per minute (CFM) per person, plus an ad- ditional 0.06 CFM per square foot. The occupant density levels are greater in spaces like break and conference rooms, so these spaces need higher ventilation rates or reduced occupancy levels. Outside air reduces the con- centration of virus particles by dilution. Secondarily, high efficiency filters can capture con - taminated particles. Virus par- ticles themselves are extremely small (~140 nm), but they are typically attached to mucous or other larger particles. Therefore there is a wide range of par- ticles which we want to capture. Most typical HVAC units have MERV 7 or lower filters, which are not even rated for smaller micron particle ranges. MERV 13 and higher provide increas- ingly better rates of efficiency in these smaller ranges. The best are HEPA filters which have a minimum efficiency of 99.5%, but these are generally only used in operating rooms and other critical spaces, and are now also being deployed in portable units to provide supplemental air cleaning. ASHRAE has published CO- VID recommendations which include: maximize the outside

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