28A — January 22 - February 18, 2021 — M id A tlantic Real Estate Journal
www.marej.com
M id A tlantic R eal E state J ournal
Bennett Williams completes leases and sales in Central PA
ETUCHEN , NJ — Bussel Realty Corp. (BRC) , a lead- M 41,500 s/f industrial building sells for $6.4 million Metz of Bussel Realty brokers saleof 230LibertySt.,Metuchen
YORK, PA — Bennett Williams Commercial has arranged the sale/lease of the following transactions: 1,400 s/f retail space at Indiana Gateway Shoppes, 405 Philadelphia St., Indiana Borough. Domino’s leased the space from MFP Enterprises, LLC. Blake Shaffer, Brad Rohrbaugh, Chad Stine, and Joe Spagnola of Ben- nett Williams Commercial represented the landlord in the transaction. 1,600 s/f retail space at Hershey Square Shopping Center, Derry Twp. Xfinity Mobile leased the space from Hershey Square 2014, LP. Blake Shaffer, Abe Khan, Brad Rohrbaugh, and Chad Stine of Bennett Williams Commercial represented the landlord in the transaction. 2,100 s/f industrial building at 1150 Kreutz Creek Rd., The first, a “Millionaire’s tax,” which increased the tax rate on gross income between $1 million and $5 million to 10.75% (the rate on $5 mil- lionplus) from 8.97%. The second, an extension of the 2.5 percent surtax, which raised the corporate tax rate to 11.5% on profits over $1 million. The third item of interest was the inclusion of a $4.5 billion borrowing plan, to add to the current $44.4 billion in outstanding bonds, which places New Jersey with the highest debt per capita in the country. Proponents of these mea- sures have argued that they will help the state refill its cof - fers and still allow support for its citizens. Opponents have argued that this is the wrong time, as the State looks to at- tract new companies and their executives, as well as retain its current ones. The office market was per - forming well at the beginning of the year, with vacancies dropping and rents increasing and an influx of new private owners, who were willing to invest capital to improve an aging stock. The pandemic then hit, and the office mar - ket went into a “deep freeze,” buildings became empty as employees worked remotely, and most transactions were put on pause. As we look to 2021 and beyond, tenants will be reassessing their real estate footprint and workplace strategies. AY is expecting the sublease availability to double
Hellam Twp. Traffic Manage - ment, Inc. leased the space from Denniston Associates JV. Keith Kahlbaugh and Chris Seitz of Bennett Wil- liams Commercial represent- ed both the tenant and the landlord in the transaction. 2,500 s/f industrial space at 120 N. 25th St., North Leba- non Twp. Harmony Turbines leased the space from Risser Properties, LLC. Tom Troc- coli of Bennett Williams Commercial represented both the tenant and the landlord in the transaction. 12,920 s/f industrial space at 3405 Board Rd., Manchester Twp. Manufacturers Associa- tion of South Central Penn- sylvania subleased the space from Mahaney Group, LLC. Keith Kahlbaugh and Denny Neiman of Bennett Williams Commercial represented both the tenant and the landlord in or triple as a result. The “work from home” trend is expected to remain as many companies become more comfortable with the efficiency and productivity levels of their employees. While the pandemic has created a new reality for the office sector, it has strength - ened an already robust in- dustrial market. A few trends have emerged that have made the industrial market in New Jersey even more desirable: (1) The increased demand for cold and refrigerated storage. As the pandemic set in, many people for the first time ordered their groceries online. This trend is expected to continue past the pandemic, resulting in an amplified need for cold storage facilities; (2) Compa- nies are taking a closer look at their supply chain, and the disruption caused by the pan- demic. This has led to many companies examining the op- tion of reshoring some of their manufacturing, as well as more local redundancies in their supply chain; (3) New Jersey’s legalization of marijuana. In November, the citizens of New Jersey voted to legalize the recreational use of marijuana via an amendment to the state constitution. The state legisla- ture is now tasked with creat- ing the laws and regulations for the personal use and growth of marijuana in the state. We an- ticipate that this amendment will lead to increased demand for industrial space, especially in the less traditional distribu- tion locations throughout the State. MAREJ
ing industrial real estate services firm in New Jer- sey, today an- nounced its arranged the sale of 230 Liberty St. in Metuchen,, a 41,500 s/f industrial building, for $6.4 million. Jordan Metz , senior vice president of BRC, procured the buyer, Mobilestar, and repre- sented the seller. “Through extensive marketing efforts ─ after deals fell through during March/April at the beginning of the Covid pandemic ─ the Metz team continued show- ings remotely with drone and virtual tours and were able to secure a buyer by June,”said Jordan Metz
230 Liberty St.
is a 41,500 s/f industrial prop- erty located near I-287 with access to Exit 10 of the New Jersey Tpke. The corporate image building features 20- foot ceiling heights, a 5,000 s/ foffice, five loading doors, 40 parking spaces, and is minutes to Downtown Metuchen and Metuchen’s NJ Transit train station with direct service to NewYork Penn Station. MAREJ Piece that Morgan Properties acquired had a face amount of $45 million. K-114: The issuance is supported by a pool of 59 multifamily mortgage loans. At closing, the total loan balance represented by the Pass-Through Certificates was $1.3 billion and the B- Piece that Morgan Properties acquired had a face amount of $98 million. KSG-1: The issuance is supported by a pool of 28 multifamily mortgage loans. At closing, the total loan balance represented by the Pass-Through Certificates was $579 million and the B- Piece that Morgan Properties acquired had a face amount of $43 million. K-118: The issuance is supported by a pool of 55 multifamily mortgage loans. At closing, the total loan balance represented by the Pass-Through Certificates was $1.3 billion and the B- Piece that Morgan Properties acquired had a face amount of $97 million. K-740: The issuance is supported by a pool of 44 multifamily mortgage loans. At closing, the total loan balance represented by the Pass-Through Certificates was $1.3 billion and the B- Piece that Morgan Properties acquired had a face amount of $96 million. MAREJ
Metz. The Metz team includes Eric Koons , sales associate, and Wellern Yu , marketing/ sales assistant. Mobilestar, which manages the last-mile delivery experi- ence for shippers and carriers, will utilize the property for the expansion of its growing ecommerce, electronics, and consumer goods clientele. 230 Liberty St. in Metuchen Properties continues to lead as one of the most active multifamily equity and credit investors in the nation. Our continued expansion in the Freddie K space is a testa- ment to our conviction in multifamily fundamentals long term,” said Jason Mor- gan , principal of Morgan Properties. “Freddie Mac and Fannie Mae have stepped up to stabilize the housing sector during a time of tre- mendous uncertainty and we feel honored to play a small role as a B-Piece investor helping ensure a functional securitization process. We look forward to continuing to grow our Special Situa- tions platform in 2021 and beyond.” Details on the six K-Series Deals Morgan Properties closed in 2020 are as follows: K-105: The issuance is supported by a pool of 71 multifamily mortgage loans. At closing, the total loan balance represented by the Pass-Through Certificates was $1.5 billion and the B- Piece that Morgan Properties acquired had a face amount of $110 million. KG-03: The issuance is supported by a pool of 24 multifamily mortgage loans. At closing, the total loan balance represented by the Pass-Through Certificates was $595 million and the B-
Avison Young New Jersey 20 . . . continued from page 13A
Morgan Props. closes 6 Freddie Mac K-Series “B-Pieces” across $6.5B in total loans in 2020
KING OF PRUSSIA, PA — Morgan Properties announced its continued
investment in the Fred- d i e M a c K - S e r i e s space hav- ing acquired six separate K - S e r i e s B-Pieces in 2020 across $6.5 billion
Jason Morgan
in loans. The six B-Pieces that Morgan Properties acquired had a total face amount of around $500 million. In September 2017, Mor- gan Properties launched its Special Situations platform where the company invests in fixed income securities, recapitalizations and other alternative investment op- portunities. Morgan Proper- ties saw a great opportunity to leverage off its vertically integrated multifamily in- vestment platform and fur- ther diversify in the capital stack. Since launching its Special Situations platform, Morgan Properties has closed multiple recapitalizations of large multifamily equity portfolios along with 15 Fred- die Mac K-Series B-Pieces across $15 billion in loans with a total face amount of $1.1 billion. “Despite 2020 being an unprecedented year, Morgan
Made with FlippingBook - professional solution for displaying marketing and sales documents online