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EW YORK CITY, NY — The Commu- nity Preservation N Nonprofit housing finance company executes single largest bond sale by a CDFI CPC raises $150 million in Inaugural Public Offering of Sustainability Bonds and community development challenges.”
ISSUE HIGHLIGHTS Volume 32, Issue 4 Feb. 28 - March 12, 2020
As one of the largest CDFIs solely dedicated to multifam- ily housing, CPC expects to deploy the capital raised in furtherance of its nonprofit mission of investing in afford- able and sustainable multi- family housing in New York State and City and throughout the Northeast. “Our successful bond sale signals that the market not only has confidence in the CDFI sector’s ability to de- liver as a solid investment, it also understands that our mission-focused work can cre- ate an impact that goes beyond their bottom line,” said Rafael Cestero , president & CEO, CPC. “CPC is in an unprec- edented position of financial strength. We now have the resources, and with them, the responsibility to define what we can and should be doing to help our partners address their most pressing housing
the strength of CPC as an entity and the importance of their role in financing afford- able housing,” said Marvin Markus , managing director, Goldman Sachs & Co. LLC. In preparation for its sus- tainability bond offering, CPC obtained an independent opin- ion fromSustainalytics, a glob- al leader in ESG research, rat- ings and analysis. Sustainalyt- ics evaluated the alignment of CPC’s sustainability bond platform with relevant indus- try standards and provided views on the robustness and credibility of the Sustainable Bond Framework. As a leading affordable housing lender, and an innovator in the financing of energy efficient construction and retrofits, CPC’s mission- based construction lending aligns with the environmental and social impact principles of the Sustainability Bond Guidelines 2018.
SPOTLIGHTS
CPC is a “AA-” rated com- pany with a Stable Outlook from S&P Global Ratings. The rating agency cited CPC’s “ex- perienced, proactive manage- ment team and board, which exhibit strong risk oversight and governance capabilities, and a mission-driven growth strategy,” as well as its opin- ion that, “CPC maintains a profitable, well-diversified operation that is distinct from its CDFI peers.” CPC’s issuance was led by Goldman Sachs & Co. LLC with joint bookrunner Siebert Williams Shank &Co., LLC , the nation’s leading woman- owned and minority-owned financial services firm. “Goldman Sachs is hon- ored to have assisted CPC with its inaugural long-term debt offering. The strong re- sults achieved reflect both
C o r p o r a - tion (CPC) , a l e a d i n g n o n p r o f i t mu l t i f a m - i ly f inance c o m p a n y , announ c ed that it raised $150 million
RETAIL DEVELOPMENT REIMAGINED
7-13A
ENVIRONMENTAL/ GREEN BUILDINGS
Rafael Cestero
7-15B
through its inaugural public debt offering of Sustainability Bonds, making it the single largest bond sale completed by a community development financial institution (CDFI). CPC’s offering attracted ap- proximately $300 million in orders, and demonstrated the market’s confidence in the company’s financial strength and its ability to create a posi- tive impact in communities through its mission-focused work. PHILADELPHIA, PA — JLL Capital Markets has arranged financing total- ing $142.6 million for The Hamilton, a core class A, two-phase, 576-unit high- rise apartment building in Center City, Philadelphia. JLL worked on behalf of Radnor Property Group to secure a $70 million, floating- rate loan from Mack Real
UPCOMING CONFERENCES March 25, 2020 5 th Annual PA Healthcare & Medical Conference March 26, 2020 6 th Annual NJ Industrial Development Conference March 26, 2020 Pennsylvania Apartment Association Trade Show & Education Conference For speaking and sponsorship information, please contact: Lea at 781-740-2900 or lea@marejournal.com Section C COMMERCIAL OFFICE PROPERTIES
Ade, Hinckley and Cadranell of JLL arranges financing totaling $142.6M for The Hamilton
Estate Credit Strategies (MRECS) to retire the existing construction financing, which
the JLL team arranged in 2017 for the first phase of the develop- ment. Addi- tionally, JLL arranged a $55 million construction l o a n f r om Sa n t a nd e r B a n k a n d $17.6 million in mezzanine f i n a n c i n g , wh i ch was also provided by MRECS, for the de- velopment of Phase II of the property. Phase I of Th e Ham - i l t o n w a s c omp l e t e d in 2019 and f ea t ur e s a
Ryan Ade
Directory Retail Development Reimagined......................7-13A People on the Move............................................14A Organization Events Calendar..............................16A Owners, Developers & Managers............... Section B Environmental/Green Buildings. ......................7-15B Commercial Office Properties..................... Section C www.marej.com
The Hamilton
Broad St. corridor in the Logan Square neighborhood. Due to its centralized location, the property has been awarded a WalkScore of 94 and Transit Score of 100. The JLL Capital Markets debt placement team repre- senting the borrower was led by senior managing director Ryan Ade , managing direc- tor Rob Hinckley and se- nior managing director Jim Cadranell .
10-story building with 279 res- idential units and a 143-space structured parking garage. Phase II is slated for comple- tion in 2021 and will consist of a 16-story building with 297 residential units and 2,932 s/f of ground-floor re- tail. Replete with amenities, including a rooftop terrace as part of Phase II, the property is situated on a 1.68-acre site at 440 North 15th St. one block from the burgeoning
Rob Hinckley
Jim Cadranell
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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 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. 32, Issue 4 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
Alan Hammer Allen Popowitz
Brach Eichler’s CRE industry outlook for 2020 reveals growth
R OSELAND, NJ — The real estate prac- tice at BrachEichler, a Roseland , NJ based law firm, has announced that it closed just under $2.05 billion in real estate deals in 2019. Real Estate Practice Chair Allen Popowitz said the strong year was a continu- ation of a positive trend in real estate throughout the mid-Atlantic states. Among the highlights: • The strongest sector was multifamily, with 25,000 total units across 80 trans- actions, representing sales, purchases and refinancing. This included one deal with more than 6,000 apartments with a transaction value over $1 billion. The predominant property locations for multi- family included NJ, NY, NC, PA, DE, MD, MI, and VA. • Other significant deals for private investors included: ▪ Over 1,500 apartments in Michigan for one investor (five properties) ▪ The refinancing of 11 properties containing almost 3,000 units in the Capital District of New York ▪ The acquisition of over eight properties containing a total of 1,500 apartments in NC, VA, and MD) • Commercial properties represented a diverse cross- section of industrial, retail and other commercial uses, including office buildings, automobile dealerships, a gas station, hotels, country clubs, warehouse distribution and industrial buildings, a self- storage facility, strip malls, and mobile home parks. “For our clients, Maryland and Virginia are playing a significant role in this con- tinuing velocity of real estate transactions, as is North Carolina and Michigan,” said Popowitz. “Our inves- tor clients in the New York metro market are seeing the value in investing further south where greater yields are available. In addition, the demand for workforce housing is still very strong in those markets, as well as in New Jersey and New York.” Popowitz noted that the New York metro area bedroom
communities are still hot, with a high rate of redevel- opment in Hudson County, which he said had been long underappreciated. In terms of lenders, Brach Eichler Real Estate member Alan Hammer said that Fannie Mae and Freddie Mac are still actively lending
particularly industrial and multifamily properties, which will continue to fuel this robust level of activity,” he said. According to Popowitz and Hammer, among the trends that will continue to shape the real estate landscape in 2020 are those related to shifts in the healthcare field:
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Medical facilities are occupying different spaces than in prior years. Urgent care facilities will continue to proliferate due to consumer demand; expect to see more of them going into shopping malls and office buildings.
on the largest transactions. “Insurance companies—prin- cipal lenders in real estate— are lending selectively to in- vestors at very good rates. In addition, local banks are ac- tively and aggressively lend- ing to individuals with solid investment track records, and they remain keen on working with time-honored products and customers they know,” said Hammer. Hammer pointed to the country’s sound economy and the booming stock market as a leading indicator of what to expect in 2020. “The real es- tate market will remain very active, as mortgage interest rates remain at historic lows. Since this is an election year, we can be fairly sure that the incumbent president running for re-election will remain committed to low interest rates and the availability of inexpensive capital.” Hammer also noted that a new kind of investor has entered the market in recent years. “They are people who’ve ac- cumulated wealth by invest- ing in other asset classes and now want to be in real estate, The Real Estate Outlook for 2020
• As the single practitioner model of healthcare contin- ues to decline and practices merge or are acquired by hospitals, abandoned small- office space once occupied by healthcare providers will become available. • Conversely, as medical practices and hospitals con- solidate, they will continue to drive demand for larger facili- ties to absorb their expansion. • Medical facilities are occupying different spaces than in prior years. Urgent care facilities will continue to proliferate due to consumer demand; expect to see more of them going into shopping malls and office buildings. • Rehabilitation facilities are becoming more numerous and expanding into the retail space, as well. Popowitz also acknowl- edged the considerable va- cancies in suburban office buildings. “In 2020, we’ll see owners adding many new amenities to attract ten- ants, as well as converting formerly vacant office proper- ties into multifamily, retail, and community spaces with enhanced services such as conference rooms and game areas.”
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Questions? Contact: Jennifer Shockley, CAE | Executive Director 717.614.4271 jennifer@panjdeccim.com www.panjdeccim.com
2020 PA/NJ/DE CCIM CHAPTER OFFICERS Stacy Martin, CCIM President Hankin Group Jeff Kurtz, CCIM Vice President High Associates, Ltd. Dominic Janidas, CCIM Secretary/Treasurer Hanna Langholz Wilson Ellis John Birkeland, CCIM Immediate Past President ROCK Commercial Realty Eric Gorman, CCIM District 10 1st RVP Avir Realty Group 2020 Directors Dan Berger, Jr., CCIM Chair, Scholarships U.S. Commercial Realty Michele Countis, CCIM Chair, Designation Jackson Cross Partners Dragan Dodik, CCIM Regional Chair, Central PA Pennian Bank Philip Earley, CCIM Chair, Nominating Lieberman Earley & Company Jonathan Epstein, CCIM Chair, Public Relations Berger-Epstein Associates, Inc. Cindy Feinberg, CCIM Regional Chair, Lehigh Valley Feinberg Real Estate Advisors Craig Fernsler, CCIM Chair, Legislative KW Commercial, Blue Bell Robert Fuller, CCIM Regional Chair, New Jersey CBRE Jeffrey Hoffman, CCIM Chair, Education JPH Realty Advisors
Neil Kilian, CCIM, SIOR Regional Chair, Delaware NAI Emory Hill Laura Martin, CCIM, CPM, WBE Chair, Membership SVN | Latus Commercial Realty Group Andrew Miller, CCIM Regional Chair, Pittsburgh CBRE Kathy Sweeney-Pogwist Regional Chair, Philadelphia Metro Brandywine Realty Trust
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M id A tlantic R eal E state J ournal Lender concludes $2.75 million land loan in Tuscaloosa, Alabama Kennedy Funding closes $3 million loan for residential resort in Central America
NGLEWOODCLIFFS, NJ — Kennedy Fund- ing c ontinues to make its name as a leading inter- national direct private lender, with the closing of a $3 million loan to Point Alegre Develop- ment in the Central American country of Belize. Loan proceeds will be used for refinancing, debt payoff, construction, and working cap- ital to fund the development of 19 acres zoned for residential tourism inside Orchid Bay, a 114-acre master-planned bay- front residential resort com- munity located in the Corozal Bay inlet. A total of 30 parcels E
Tuscaloosa hotel rendering
inside Orchid Bay are part of this development phase. This is the second loan Ken- nedy Funding has closed in Belize, a Central American country near the Caribbean Sea. “Traditional lenders shy away from the legal, real es-
tate, and financing challenges that accompany international lending, but a lender like Ken- nedy Funding has the neces- sary experience to success- fully close loans abroad,” said Kevin Wolfer , president and CEO, Kennedy Funding. “The loan for Orchid Bay required significant legal work and knowledge of local, regional, and international real estate and financial laws. No typical lender could make this type of deal happen. Thanks to our years of work and robust track record inmany regions abroad, including the Caribbean, Ken- nedy Funding successfully navigated the legal framework necessary to close.” According to Wolfer, the first phase of development on the site has been constructed and fully sold. Tuscaloosa, AL —Ken- nedy Funding closed a $2.75 million loan to SLH Tusca- loosa, LLC. The borrower will use the proceeds toward the $5.5 million purchase of 38.7 acres of raw land along the northern banks of the Black Warrior River, which runs through Tuscaloosa. According to Wolfer, the borrower plans to construct a 120-room Southern Living- branded hotel, along with 32 cottages available for indi- vidual sale. “It was a complex loan, and Kennedy Funding went above and beyond to make it hap- pen,” said Solomon Camp- bell , managing director of Chiron Securities LLC , the broker that represented SLH Tuscaloosa, LLC. According to the developer, the 124,000 s/f complex will in- clude a restaurant and fourth floor rooftop lounge called “The Boat House,” developed by Birmingham, Alabama-based restaurateur Chris Hastings. The site also calls for a TopGolf Swing Suite, an event space for wine tastings and cooking tutorials, and The Greater Southern Bakery and Cof- fee House café that features recipes from Southern Living Magazine .
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M id A tlantic R eal E state J ournal AGM Financial Services, Inc. is providing the first mortgage Enterprise Community Development to develop new mixed-income apartments
rincess Anne, MD — Enterprise Com- mun i t y Deve l op - ment, Inc. announced the financial closing for Reserve at Somerset Commons (Phase II), a new, mixed-income fam- ily apartment community in Princess Anne and the second phase of the adjacent 75-unit family apartment community, Reserve at Somerset Commons (Phase I), completed in 2016. This second phase, which will have a total construction cost of $14 million, will be completed this fall. Reserve at Somerset Com- mons II will provide a mix of 54 one-, two-, three-, and four-bedroom units. Of the 54 apartments, 48 will be available to families earning between 30% and 60% of Area Median Income (AMI) and six will be market-rate. The new apartments will be built on a site that enjoys easy access to the Princess Anne Transfer Point—a regional transporta- tion hub, and is adjacent to healthcare, retail and restau- rants, service providers, and major employers including the University of Maryland East- ern Shore. Reserve at Somerset Com- mons II will complement the existing community by complet- ing the circular drive and add- ing 108 parking spaces, along with the two new buildings. The community will be designed to promote energy efficiency and healthy living. The apart- ment units will include in-unit washer and dryers, Energy- star appliances, high-efficiency HVAC systems, and Energy Star windows. Residents of Reserve at Somerset Commons II will share existing amenities with Phase I, which include a clubhouse, fitness center, great room, and outdoor recreational and open space including a tot lot, multi-activity area, and walking paths. AGM Financial Services, Inc. is providing the first mort- gage. Additional financing is be- ing provided by the MD Dept. of Housing and Community Development, Enterprise Community Investment, Inc., Enterprise Community Loan Fund, and the Federal Home Loan Bank of Atlanta. Moseley Architects are the architects, and the general con- tractor is Harkins Builders, Inc. Property management will be provided by R Home Prop- erty Management, LLC. P
Reserve at Somerset Commons
Howard Hanna Commercial Real Estate is a full-service commercial real estate company with offices in Pittsburgh, and Allentown. We specialize in: • Office Leasing and Sales • Retail Leasing and Sales • Industrial Leasing and Sales • Multifamily, Office, Industrial, Hospitality, Institutional • Property Management • Market Research • Acquisitions & Dispositions • Consulting Whether you need to buy, sell, or lease a commercial property, our experienced real estate professionals are here for you. The Howard Hanna CRE team members are committed to their clients – they remain accountable, reliable and accessible at all times. These professionals maintain individual certifications and memberships in distinguished industry organizations throughout their market area. For additional information please contact Robert Nemeth Sr. at 570-578-4358 www.howardhanna.com
6A — February 28 - March 12, 2020 — M id A tlantic Real Estate Journal
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R etail D evelopment R eimagined
M id A tlantic Real Estate Journal — Retail Development Reimagined — February 28 - March 12, 2020 — 7A
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Retail team led by Burnham, Zang and Crotts Institutional Property Advisors sells grocery- anchored shopping center in Baltimore City, MD B
altimore City, MD — Institutional Property Advisors (IPA) , a division of Marcus & Millichap announced that it has closed the sale of Mount Clare Junction, a 234,036 s/f grocery-anchored shopping center in the Mount Clare community of Baltimore City. IPA marketed and transact- ed the property on behalf of the seller, an unidentified global investment management firm based in New York to an affili- ate of Carlyle Development Group , a private real estate equity firm based in Purchase, NY. The IPA retail team rep- resenting the seller was led by director Christopher Burn- ham , senior managing direc- tor Dean Zang , and director, David Crotts . Mount Clare Junction is situated on a large 15.71-acre parcel and is located just over one mile from the Baltimore CBD and Inner Harbor. The site is in close proximity to the University of Maryland Baltimore Campus (UMB), East Rutherford, NJ — Reflecting the contin- ued strength of the dining sector, Cushman & Wake- field’s New Jersey retail team reported robust leasing activity involving restaurant tenants in New York and New Jersey in 2019. Spearheaded by David Townes and Alana Friedman in the firm’s East Rutherford office, along with Neil Seth in New York, the commercial real estate ser- vices firm’s retail practice inked 13 transactions totaling 36,926 s/f, including first- time operators and national brands.” “The dining sector remains one of the hottest retail cat- egories, both in our region and nationwide,” said Townes, whose team specializes in restaurant leasing. “As local and national brands seek to grow their businesses, the
Christopher Burnham Dean Zang
David Crotts
UMB Medical Campus and the growing UMB BioPark. La Cité Development’s Center/ West project, a 33 acre, 3.2 million square foot, $800 mil- lion mixed-use project is also nearby in the Poppleton neigh- borhood of Baltimore City. Although the area has had its fair share of challenges, there is a lot of positive momentum in this part of the City. Mount Clare Junction is po- sitioned between two rapidly developing neighborhoods, Pig Town and Hollins Market. With numerous new develop- ment and redevelopment proj- ects going on in this section of the City, the new owner hopes
to be a part of the positive change. “Mount Clare Junc- tion is a challenging asset but located in a fast gentrifying neighborhood of Baltimore City. We look forward to work- ing with all community leaders and stakeholders to participate in, and expedite, the redevelop- ment of this great neighbor- hood. We believe Mount Clare Junction could play a major pivotal role” said Abdi Ma- hamedi , president of Carlyle Development Group. Mount Clare Junction is 82% occupied and anchored by Price Rite, Family Dollar and Capital One. The property was offered to the market in early
Mount Clare Junction
ter Group represented the tenant in the transaction. Other recent New Jersey transactions included: • Bubbakoo Burritos, which took 1,700 s/f, and Dunkin Do- nuts, which leased 1,800 s/f, at 110 Market St., Saddle Brook. • Local favorite Pag’s reloca- tion and expansion to 6,300 s/f at 227 Franklin Ave., Nutley. • YaYa Tea Café’s 1,953 s/f lease at 250 Central Ave., Newark. • HLS Juice Bar leasing 2,230 s/f at 483 South Livings- ton Ave., Livingston. • Sterling Spice taking 3,362 s/f at 99 Ridgedale Ave., Cedar Knolls. • Dulce de Leche Bakery’s 5,300 s/f commitment at 55 West Palisade Ave., Engle- wood. In New York, Townes and Friedman brokered Shaking Crab’s 2,260 s/f lease at 100 November 2019, and a sale was executed after an expeditious process only 77 days after the marketing commencement. “Mount Clare Junction was a unique and challenging sale due to various moving pieces, overall location within the City and the significant of- fice component. Despite this, the offering generated local, regional and national interest and further proves that Bal- timore is on investors radar”,
East Rte. 59 in Nanuet, a 1,400 s/f commitment with Wingstop at 400 Rte. 211 East in Middletown and a 3,300 s/f lease with Rey de Pollo at 80 East Rte. 59 in Spring Valley. Leasing activity has re- mained strong through Janu- ary, with Hidden Grace Foods Corp. taking 11,282 s/f for its Golden Corral national buffet franchise at State Hwy. 33 & Mercerville Rd. inMercerville. Townes represented the ten- ant in a direct deal with own- ership, ParkWinMer SC, LLC. “Among Personal Services and Fitness, Food is expected to continue to be a coveted retailer category in 2020,” said Friedman. “Consum- ers are seeking both dining convenience and variety and we anticipate ongoing expan- sion, specifically in the quick service restaurant (QSR)/fast casual subcategory.” said Burnham. “We are grate- ful for teamwork in closing this sale so quickly. Our client, the buyer and DLC Man- agement Corporation , the management company, worked diligently to close the sale only eight days after execution of the purchase agreement,” Zang added. Mount Clare Junction was the third shopping center closed by the IPA team in January 2020.
Cushman & Wakefield’s New Jersey retail team complete thirteen restaurant transactions in 2019
Krispy Kreme and Shaking Crab
demand for second-generation restaurant space with existing kitchen infrastructure contin- ues to be at its highest.” Through both landlord and tenant representation, Cush- man &Wakefield inked leases throughout the Metropolitan area with some of the sector’s most desirable tenant types in 2019. Among the highlights is the highly-anticipated open- ing of Krispy Kreme in East Rutherford, which is slated for February 2020. Townes and Friedman represented the
tenant in a 3,200 s/f commit- ment at 91 Rte. 17 South, the popular doughnut concept’s first Bergen County location. Townes, Friedman and Seth also helped to secure the first New Jersey location for &pizza on the Jersey City waterfront. The team repre- sented 30 Montgomery Part- ners LLC, the owner of 30 Montgomery St., in leasing a 1,033 s/f space to the popu- lar fast-casual pizza chain. Jamie Sackeim and Vicki Ezra of The Shopping Cen-
8A — February 28 - March 12, 2020 — Retail Development Reimagined — M id A tlantic Real Estate Journal
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R etail D evelopment R eimagined
Nielsen handles sale negotiations on behalf of the purchaser Cushman & Wakefield | Thalhimer ink 132,638 s/f sale
Giletto and Ploshansky rep. landlord Vantage RES secures long-term retail lease
G
LEN ALLEN, VA — Cushman & Wake- field | Thalhimer
i s p l e a s e d to announce the sale of the f ormer Sears Build- ing located at 10101 Brook Rd. in Hen- rico County. Le e Ha l l Plaza, Inc . p u r c h a s e d
Connie Jordan Nielsen
328 Cross Keys Rd.
10101 Brook Rd.
Williamstown. The broker- age represented the landlord with the successful lease of
WILLIAMSTOWN, NJ — Vantage Real Estate Services (Vantage RES) announced a retail lease in
the 132,638 s/f building situ- ated on 10.25 acres from Sears, Roebuck & Company for $2.5 million as an invest-
ment. Connie Jordan Nielsen of Cushman & Wakefield |
Thalhimer handled the sale negotiations on behalf of the purchaser.
RE_ad_version1.qxp 11/2/2005 11:54 AM Page 1
+/-4,725 s/f to Sherwin Wi l l i ams , the storied Fortune 500 company in the general b u i l d i n g ma t e r i a l s space, best known for i ts epony- mous paint line. Sh e rw i n W i l l i a m s will be join- ing co-ten- a n t s P h o
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City and Happy Nails & Spa in the retail shopping center located at 328 Cross Keys Rd. The center is con- veniently located on Berlin- Cross Keys Road and is surrounded by numerous amenities, including restau- rants, hotels, health clubs, Sam’s Club, and the Turn- ersville Auto Mall. The new location is easily accessible fromRte. 42 and the Atlantic City Expressway. Corinne Giletto , senior advisor, and Aran Ploshan- sky , director of operations at Vantage RES, worked closely with the landlord, Guzzo Development, and Sherwin Williams’ tenant representative to secure a ten-year lease, with multiple incentivizing options for renewal. This new space marks a significant expansion for Sherwin Williams through- out South Jersey. “There is a tremendous amount of growth in Wil- liamstown, both residential and commercial,” Giletto said. “We see Sherwin- Williams as a wonderful asset to this burgeoning community.”
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R etail D evelopment R eimagined Portfolio’s occupancy soars to historic levels The Azarian Group signs over seven new leases in recent months
N
EWYORKAND NEW JERSEY — JohnAzar- ian , CEO of TheAzarian
Group L.L.C. and Christopher Kaufman , director of Leasing of Azarian Realty Co., are pleased to announce that TheAzarian Group’s portfolio’s occupancy has soared to historic levels. The Azarian Group has signed over seven new leases in recent months. The Azarian Group was founded in 1970 and its portfolio includes 19 commercial properties with more than 350 ten- ants throughout NY and NJ. The Shoppes at North Bruns- wick, a 150,000 s/f premium life- style center, with 43 national stores, services, and eateries located on Rte. 1 in North Brunswick, NJ is pleased to announce new leases with The Vitamin Shoppe for 3,134 s/f and Glowout Blow Dry Bar Snell & Veale of KLNB ink 2,538 s/f restaurant building WESTMINSTER, MD — KLNB announced the disposi- tion of a 2,538 s/f restaurant
The Shoppes at North Brunswick
The Livingston Town Center
has leased 1,200 s/f. Remaining vacant spaces range from 2,475 s/f to 8,426 s/f. The Livingston Town Center, 1100-8100 Town Center Way, Liv- ingston, NJ has leased 612 s/f to a Hair Salon which will be opening soon. New store openings include
Lash Lounge, Verizon and Pure Barre. Remaining vacant spaces range from 1,323 s/f to 4,434 s/f. The Montvale Shopping Center, 120 Chestnut Ridge Rd., Montvale, NJ, has leased 1,479 s/f to Fitness Together, which specializes in ex- ercise services and a fitness studio.
The total renovation of the Pine Brook Plaza, Rte. 46 West in Pine Brook, NJ, is now complete. There is a space available of 940 s/f. 900 s/f has been leased to a Hair Salon which will be opening soon. 2,115 s/f has been leased to F45 Train- ing, actor Mark Walberg’s fitness
franchise which will also be open- ing soon. The Hyde Park Mall, Rte. 9 (Al- bany Post Rd.) Hyde Park, New York has leased 2,242 s/f to Smoke Depot, which is now open. Remain- ing vacant spaces range from 2,140 s/f to 16,190 s/f.
building in Westminster c u r r e n t l y housing an Arby’s. Pe- t er Sne l l , d i re c t o r o f single tenant investment sales and So- phia Veale of KLNB, rep- resented the seller. Snell said, “ Th i s i s a great invest- ment f or a buyer looking to break into
Peter Snell
Sophia Veale
the greater Washington, DC area. Arby’s historical commit- ment to the location, in addi- tion to recently extending the primary lease term at a higher rental rate, shows the strength of the local market. With zero landlord responsibilities, this Arby’s is an excellent opportu- nity for a buyer looking for a solid investment with passive income.” This net leased Arby’s has a track record of successful op- erations at this location for the past 19 years. Arby’s recently extended the term of the lease at a higher rental rate with five years remaining on the lease with an additional five-year option. The property is an out parcel of the 620,000 s/f Town- mall of Westminster.
12A — February 28 - March 12, 2020 — Retail Development Reimagined — M id A tlantic Real Estate Journal
www.marej.com
R etail D evelopment R eimagined
Waterview Marketplace | Parsippany, NJ
Mid-Atlantic Retail Opportunities
GLA/ Acreage
Property Name
Address
City/State
Anchor Tenants
V
Shops at Billerica
Boston Rd. & Tower Farm Rd. Plain St. & Lowell Connector
Billerica, MA Lowell, MA
306,876 Burlington, Market Basket, Big Lots 272,947 Target, Marshall’s, Best Fitness
Meadow Brook Center
L T
Long Meadow Shopping Center
Potomac Ave. & Northern Ave. Liberty Rd. & Brenbrook Dr.
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.
Bayonne, NJ
240,780 Costco, Lidl, LA Fitness, CVS
NJ Route 35 & Main St.
Mount Olive, NJ Old Bridge, NJ Old Bridge, NJ Parsippany, NJ Evesham, NJ Marlton, NJ Eatontown, NJ
243,800 Future Development
T S 6
Adjacent to Foreign Trade Zone State Hwy. 73 & Sunbird Dr. 3500 US Hwy. Rte. 9 South Route 18 & Foxborough Dr. Route 46 & Waterview Blvd. Springfield Ave. near I-78 S. Delsea Dr. (Rte. 47) & College Dr. Route 70 & N. Locust Ave.
127,920 Virtua Medical Group, Children of America
Shoppes at Renaissance Square
Sunbird Plaza
26,041 Future Development
Vacant Land
19.9 AC Across from Walmart, Sam’s, TJ Maxx
Acme Shopping Center
77,360 Friendly’s, Mattress Firm
Foxborough Plaza
9.33 AC Across from Walmart Supercenter 146,185 Whole Foods, Homesense, DSW, Ulta
F V
Waterview Marketplace
Vauxhall (Union), NJ
0.3239 AC Vacant Land
Vacant Land
Vineland Marketplace Hanover Towne Center
Vineland, NJ Whippany, NJ
TBD
Future Development
94,452 CVS, Dollar General 107,248 Mixed Use Development
810 Route 10 East
F
Black Horse Pike & Main St.
Williamstown, NJ
Williamstown Shopping Center
Thomas G. Mirandi | tel 212.265.6600 x239 | tmirandi@rdmanagement.com
M id A tlantic Real Estate Journal — Retail Development Reimagined — February 28 - March 12, 2020 — 13A
www.marej.com
R etail D evelopment R eimagined
Waterview Marketplace | Parsippany, NJ
Mid-Atlantic Retail Opportunities
GLA/ Acrea ge Anchor Tenants
Property Name
Address
City/State
Vacant Land Grand Plaza
Route 13 & Bennie Rd.
Cortland, NY Deer Park, NY
26 AC Across from Walmart Supercenter
Commack Rd. & Grand Blvd. Saratoga Rd. & Glenridge Rd.
182,125 Kohl’s, Stop & Shop, Pet Supplies Plus
Harriman Commons Lake Shore Plaza II & III Target Shopping Center
Glenville (Albany), NY 170,616 Target, Pet Supplies Plus
Lake Ronkonkoma, NY 96,582 Stop & Shop, Regal Cinemas, Planet Fitness Portion Rd. & Patchogue-Holbrook Rd.
Routes 17/6 & Route 32 Route 59 & Hutton Ave.
Monroe/Woodbury, NY 706,230 Walmart, Target, Home Depot, BJ’s
Nanuet, NY
Home Depot Shopping Center
276,792 Home Depot, Raymour & Flanigan, Staples
Orangeburg Commons
Route 303 & Palisades Pkwy. Montauk Hwy. & Station Rd.
Orangetown, NY
153,219 Stop & Shop, Residence Inn
29,314 Provisions Natural FoodsMarket, SoulCycle
The Mill
Southampton, NY Stony Point, NY
Stony Ridge Plaza
Route 9W & Park Rd. 660 White Plains Rd.
21,212 US Post Office
660 White Plains Road
Tarrytown, NY
279,254 Adjacent to Super Stop & Shop
Home Depot Shopping Center
Hanover St. (Rte. 34) & I-81
Carlisle, PA
140,715 Home Depot, Chili’s
Five Points Plaza
Montgomeryville, PA 106,673 BJ’s Wholesale Club, Lowe’s Cowpath/HorshamRd. @Rte. 309
Vacant Land
Rte. 309 & Pumping Station Rd. Hamilton Blvd. & Grange Rd. Horsham Rd. & N. Whales Rd.
Montgomeryville, PA
6,400
Proposed Restaurant Pad
Richland Marketplace
Quakertown, PA Trexlertown, PA Richmond, VA Winchester, VA
444,531 Target, BJ’s, Best Buy, Petsmart, Staples
Macungie Crossing Shopping Ctr.
36,671 Near Walmart Supercenter
Food Lion Shopping Center
Rte. 1 & Chippenham Pkwy.
10.2 AC Food Lion, Fresenius Medical 91,087 Dick’s Sporting Goods, Planet Fitness
Winchester Plaza
S. Pleasant Valley Rd. & E. Jubal Early Dr.
rdmanagement.com
14A — February 28 - March 12, 2020 — M id A tlantic Real Estate Journal
www.marej.com
P eople on the M ove
Event will premier CAP-IT Corner EWMA tohost VIPevent at the NJ Devils game
Adds to the company’s brokerage division Jaynes joins Bussel Realty Corp. as sales associate
customers in a multi-faceted and meaningful way. He possesses broad expertise in commercial real estate with a focus on New Jersey industrial markets, location searches and listings and has proven himself to be hardworking and dedicated to his customers. Some of his more notable clients include: Valley National Bank, Red Carpet Moving, Brook Air and Five Star Catering. In his spare time, Weis- berger is a professional mu- sician, an accomplished vo- calist, keyboard player and band leader. Av i graduated SUNY Brooklyn in 1984, with a degree in Computer Science. He currently resides in Passaic County with his three children. Team Resources, Inc. is an award winning full-service commercial/industrial real estate agency serving North- ern and Central New Jersey and focusing on the sale and leasing of warehouse, office and retail properties. and answer session from the crowd attending the event as well as the online audience. “For us, doing a live event re- ally allows us to connect with our clients about the issues they’ve experienced on past re- mediation projects,” Sylvester, said. “Our hope is by answer- ing these questions, we can alleviate concerns potential clients might have that would deter them from reaching out to us. And hey, it’s a live show at a New Jersey Devils game, so you never know what sur- prise guests might stop by.” CAP-IT Corner will be a part of an Inner Circle event, hosted by EWMA in a luxury suite at Newark's Prudential Center arena. Attendees will include executives from a broad spectrum of industries across the tri-state area. “Our hope is this type of event will turn into a regu- lar occurrence,” Richardson added. “Plus, with the virtual component, companies won’t feel like they missed an op- portunity if they are unable to attend.” For more information about EWMA’s March 19th CAP-IT Corner Live Streaming event, check out their LinkedIn and Facebook pages.
NEWARK, NJ — EWMA , one of the leading Environ- mental Consulting & Remedi- ation firms, will be hosting an exclusive VIP Event at the NJ Devil’s/Calgary Flames game at the Prudential Center Ex- ecutive Suite on March 19th. EWMA will be also tapping into the live stream Facebook community for its premiere episode of CAP-IT Corner. Hosted by EWMA executives Don Richardson and Michael "Mike" Sylvester, the event will take place after the first period. “We are beyond proud with the positive impact of our SE- CUR-IT ® fixed price remedia- tion program when it comes to helping companies with their bottom line,” said presi- dent, Don Richardson . “We thought hosting a live stream event would be the best way to let other companies in on this best-kept remediation secret.” Richardson and EWMA executive vice president, Mi- chael Sylvester will kick off the CAP-IT Corner event with an in-depth rundown of what SECUR-IT is all about and how EWMA’s fixed cost remediation program can benefit companies. The event will be followed by a question
tate services firm in New Jersey, an- n o u n c e d S t e v e Jaynes has j o i ned the c omp an y ’ s b r o k e r a g e division as a sales associate. E
“We are happy to have Steve as an addition to our brokerage team at BRC,” said Steve Bussel, SIOR , president of BRC. “He will be learning the Northern and Central New Jersey indus- trial market and assist our sales teams with clients and properties.” Jaynes is a licensed real es- tate broker in New Jersey and has been actively involved in many facets of the commercial
real estate industry for nearly a decade. His long history in commercial property manage- ment has gained him valuable experience as a commercial real estate agent. “Steve has vast knowledge of the needs of business owners and their commercial properties, which gives him the ability to repre- sent his clients with a strong commitment and with highest professional standard,” added Bussel. excited to expand on our long- standing relationship with CCIM Institute to educate all members on the power of this prestigious designation.” “Both TCN Worldwide and CCIM Institute recognize that lifelong education is the key to enduring success in commer- cial real estate,” says Gregory J. Fine, FASAE, CAE, EVP and CEO of CCIM Institute. “We’re thrilled to expand the institute’s educational offer- ings to TCN's membership.” Through this relationship, both organizations will be represented at each other’s member conferences in 2020. In addition, CCIM Institute will present an educational session during the annual TCN Institute training pro- gram for developing agents. aging-in-place functionality, Habitat of Greater Newark works to keep low income fami- lies, seniors, and veterans in the homes that they already own. “This grant serves as valida- tion of the work we do,” says Habitat of Greater Newark CEO Jeffrey J. Farrell . “It’s simply amazing to have our work in affordable housing and home rehabilitation recognized by a company that’s been ac- tive in NJ real estate for over a hundred years.” Tom Bartelmo , CEO of the Kislak Family Foundation, said, “In business and in phi- lanthropy, we at Kislak under- stand how important it is for people to have safe, comfortable homes where their families can thrive. We are proud to sup- port the community-building, family-focused work of Habitat for Humanity.”
DISON, NJ — Bussel Realty Corp. (BRC) , an industrial real es-
Steve Jaynes
TCNWorldwide and CCIM Institute join forces to promote designation
nation curriculum and robust continuing education program. “TCN Worldwide prides
DALLAS, TX — H. Ross Ford III , president and CEO of TCN Worldwide
itself on pro- v i d i ng t he tools to help our members succeed and c on t i nu i ng education is at the fore- front of that e f f or t . The
announc ed a new co l - l a b o r a t i o n with CCIM Institute to further em- power com- mercial real estate profes- sionals. The
H. Ross Ford III
Timothy S. Blair
CCIM designation represents excellence in commercial real estate, and we are proud to have a diverse group of CCIM designees in our organization, including our own Timothy S. Blair, CCIM , with Shannon Waltchack/TCNWorldwide in Birmingham, AL, who is also CCIM Institute’s 2021 president,” said Ford. “We are company began.” Habitat of Greater Newark’s latest projects include two new homes in Livingston, and Criti- cal Repair programs in the cit- ies of East Orange, Elizabeth, and Jersey City. Over 100 families have ben- efited from Habitat of Greater Newark homes built with gener- ous donations from individuals, families, corporations, founda- tions and faith-based organiza- tions and with support from thousands of volunteers and other local non-profit organiza- tions over the years. Through its Critical Repair and Healthy Home Initiative, Habitat of Greater Newark also identifies and fixes barri- ers to safe and healthy living conditions such as mold and asbestos. By providing targeted repairs and improvements such as energy-saving measures and
CCIM designation is com- mercial real estate's most coveted credential and repre- sents commercial real estate’s gold standard for professional achievement. The organiza- tion, through its 50-plus chap- ters, continues to innovate best practices and elevate the commercial real estate profes- sional through its core desig- NEWARK, NJ — Habitat for Humanity of Greater Newark is pleased to announce a $50,000 grant from the Kis- lak Family Foundation of Miami Lakes, Florida. The grant will support the build- ing or rehabbing of homes to benefit low- to moderate-income families in Essex, Hudson, and Union counties. “New Jersey is a great place to live and work,” said Jason Pucci , COO of New Jersey- based The Kislak Compa- ny, Inc. “Since our company’s founding as a real estate broker- age firm in Hoboken in 1906, we’ve been involved in nearly all aspects of the NJ real estate market. We see this grant as continuing our late Chairman Jay Kislak’s legacy of mindful and meaningful philanthropy through supporting home own- ership in the state where our
Team Resources Inc. promotes AvromWeisberger
LYNDHURST, NJ — Team Resources Inc. announced the promotion
Kislak Family FoundationAwards $50,000 Grant to Habitat for Humanity of Greater Newark
o f Avrom Weisberg- er to v i ce pr e s i dent . Weisberger h a s b e e n with Team Re s ou r c e s since 2013 and came to
AvromWeisberger
the New Jersey real estate community after 10 years in the NYC industrial real estate market, where he spe- cialized in servicing the ar- eas of Brooklyn and Queens. Simultaneously, Weis- berger also worked in the construction industry and operated his own home renovation company for 13 years. As a former CEO & president, he brings a unique skill set that includes an extensive knowledge and understanding of business requirements and concerns. With his background as an entrepreneur, Weisberger has the ability to assist his
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