February 2026

This digital edition of Mid Atlantic Real Estate Journal features exclusive deal coverage, expert commentary, and regional market intelligence for today’s commercial real estate professionals. Flip through stories shaping the future of the industry.

- DC THE MOST COMPREHENSIVE SOURCE FOR COMMERCIAL REAL ESTATE NEWS IN THE REGION

www.marej.com

$45.5M loan recapitalizes Island Waterpark at Showboat in Atlantic City PACE Loan Group closes New Jersey’s first C-PACE loan

ISSUE HIGHLIGHTS Volume 38, Issue 2 February 2026 FAMILY-OWNED BUSINESSES FEATURING

Hunter , senior vice president of BCREG. “As we move into 2026, we see the bank-lending market focused on refinancing and repositioning/adding value to existing assets with some selective development,” added Matt Robertson , senior vice president of BCREG. “We remain focused on support - ing experienced, best-in-class sponsors with smart, tailored capital solutions.” Collectively, these transac - tions underscore key themes shaping the 2026 CRE mar - ket, including increased re - finance activity, sustained demand for bridge and value- add capital, and a renewed role for community banks as borrowers move away from private debt in search of sta - bility and relationship-driven bank financing. MAREJ the HVAC system. The C-PACE program was approved in New Jersey in October 2024 and started taking applications on July 30, 2025. It is administered by the Garden State C-PACE Program, a program of the New Jersey Economic De - velopment Authority. In ad - dition, Atlantic City Mayor Marty Small and Council president Sporty Randolph were instrumental in pass - ing C-PACE legislation in the city. About Garden State C-PACE The Garden State Com - mercial Property Assessed Clean Energy (C-PACE) Pro - gram is a voluntary financing tool that allows qualifying commercial real property owners to access financing to undertake qualifying en - ergy efficiency, renewable energy, water conservation, and resiliency improvements on their buildings and repay the investment through an additional charge/assessment similar to their real property tax bill. MAREJ

INNEAPOLIS, MN/ ATLANTIC CITY, NJ — Island

Waterpark at Showboat, a 120,000 s/f water park and entertainment center in Atlan - tic City, NJ, secured a $45.5 million C-PACE loan, the first C-PACE loan to close in New Jersey’s new C-PACE program on Dec. 31, 2025. The loan will recapitalize the construction loan used to build the park, which includes 10 waterslides, a multi-level children’s play structure, a lazy river, four restaurants, and three bars. The waterpark, which opened in June 2023, is adjacent to the Showboat resort. Both are owned by Bart Blatstein , a Philadelphia in - vestor, developer, and owner of Tower Investments Inc. “This loan closed in less than two months, helping us meet our business goals going into 2026. Beyond that extraordinary timeline and given that this was the first C-PACE loan in NJ, the PACE Loan Group team’s diligence with NJ’s C-PACE program led to an exceptionally smooth

ICON REAL ESTATE ADVISORS DEBUTS IN THE MID-ATLANTIC

Island Waterpark lands $45.5M, NJ’s first C-PACE loan. closing,” said Blatstein.” He has owned the Showboat Re - sort since 2016 and received approval in 2020 to convert an adjacent surface parking lot into the Island Indoor Waterpark. Construction of the waterpark began in 2022 after the site was converted from a casino, which operated until 2014. financing,” said Jerry Ellis , managing director/head of loan structuring – PACE Loan Group . “With the flexibility of C-PACE, we expect to see significant interest from New Jersey developers.” The C-PACE proceeds were used to finance energy con - servation and renewable en - ergy measures retroactively. Qualifying projects included the building envelope, LED in - terior lighting, high-efficiency natural gas pool heaters, and “Being able to retroactively pay down the construction debt with C-PACE provides efficient long-term, permanent

NAI KEYSTONE BROKERS SALE OF PA INDUSTRIAL ASSET

UPCOMING CONFERENCES MARCH 12, 2026 SNJ CRE FORECAST CONFERENCE APRIL 16, 2026 NJ APARTMENT & MULTIFAMILY CONFERENCE For speaking & sponsorship info., please contact: Lea at 781-740-2900 or lea@marejournal.com

Byline Bank closes $43M in Commercial Real Estate financing portfolio across four states

transactions spanned in - dustrial outdoor storage, multi-tenant industrial, self-

Funding details of each transaction include: · A $10.3 million bridge loan for a 12-acre industrial outdoor storage property in Southern New Jersey · A $4 million value-add bridge loan for 96,000 square feet of industrial space in Dayton, OH · $12.75 million in perma - nent funding for a 100,000 s/f self-storage facility in Chi - cago, IL · An $8.75 million term loan for a multi-tenant industrial property in Cleveland, Ohio · $7.2 million in perma - nent financing for a stabilized industrial building in Oak Creek, Wisconsin “These year-end transac - tions highlight the importance of disciplined underwriting, responsiveness, and long-term partnerships,” said Sarah

CHICAGO, IL — Byline Bank’s Commercial Real Estate Group (BCREG) closed out December 2025 with five financing transac - tions totaling $43 million, all completed with return - ing BCREG borrowers. The

storage and flex indus - trial assets across Illi - nois, Ohio, Wisconsin and New Jersey. The deals were pri -

Directory

Sarah Hunter

DelMarVa....................................................................... 6 CIRC Organization . ......................................................... 7 New Jersey featuring Central New Jersey..................8-13 Pennsylvania........................................................... 14-17 Central PA....................................................................16 Owners, Developers & Managers............................18-29 Property Management............................................21-23 CRE Organization’s Events Calendar .............................. 30 People on the Move.....................................................32 www.marej.com

marily structured as refinanc - ings, bridge loans and perma - nent financings, reflecting a broader market shift away from new construction and to - ward recapitalization and sta - bilization strategies. Several transactions were completed under accelerated timelines to meet year-end deadlines, highlighting the community bank’s speed, agility and deep focus on customer needs.

Inside Cover — February 2026 — M id A tlantic Real Estate Journal

www.marej.com

www. kpi1031.com 1.866.839.3079

Rent Control Laws S queezing Your Equity?

“So happy I was able to hook up with Kay Properties. You are the premier DST company.” Roman John G. Orange County, CA This testimonial may not be representative of the experience of other clients. Past performance does not guarantee or indicate the likelihood of future results. This client was not compensated for their testimonials . Maybe It’s Time to Consider a 1031 Exchange.

WE CAN HELP! Get Your FREE Delaware Statutory Trust 1031 Exchange Investor Knowledge Kit

Call 1.866.839.3079 to attend one of our FREE DST 1031 Exchange Dinner Seminars near you!

For nearly 20 years, we’ve helped thousands of investors nationwide shift their focus from “ Tenants, Toilets, and Trash ” to what truly matters—family, travel, hobbies, and the things they love most! Let Kay Properties Help You Enjoy Life’s Best Moments!

DST Book

Current Property Menu with more than 75 DST Listings from over 25 DST Sponsor Companies.

1031 DST Magazine

Explore your Investment Opportunities today www.kpi1031.com or call 1.866.839.3079

The Entire Kay Properties & Investments Team of DST 1031 Experts is Here to Help You.

Diversification does not guarantee profits or protect against losses. All real estate investments provide no guarantees for cash flow, distributions or appreciation as well as could result in a full los of investment principal. Please read the entire Private Placement Memorandum (PPM) prior to making an investment. This material is not to be considered tax or legal advice. Please speak with your attorney and CPA before considering an investment. All offerings discussed, if any, are Regulation D, Rule 506c offerings. Past performance is not a guarantee of future results. Securities offered through FNEX Capital, member FINRA, SIPC.

M id A tlantic Real Estate Journal — February 2026 — 1

www.marej.com

& HORVATH TREMBLAY INVESTMENT REAL ESTATE BROKERAGE RETAIL | MULTI-FAMILY | INDUSTRIAL | OFFICE | 1031 EXCHANGE

REPRESENTATIVE PHOTO

Dunkin’ & USPS Hopatcong, NJ $2,585,000,

CVS Ambler, PA $6,328,763

Wawa Cincinnati, OH $5,052,157

REPRESENTATIVE PHOTO

Wendy’s Camp Spring, MD $2,350,000

Starbucks Chesterfield, VA $2,712,515

CVS Fredericksburg, VA $5,000,000

Sportsman’s Warehouse Rochester, NY $7,025,000

Raising Cane’s Warwick, RI $3,700,000

Dollar General Peach Bottom, PA $1,230,000

Ethan Cole, PA Broker, License RMR003168, VA Broker, License 0225258175, MD Broker, 50148, NJ Broker, License 2082582 Brian Brockman, OH Broker, License BRK.2009000214

3,000+ TRANSACTIONS IN 44 STATES

TOP RANKED INDUSTRY LEADING FIRM

$10 BILLION+ IN RECENT TRANSACTIONS

HORVATHTREMBLAY.COM

2 — February 2026 — M id A tlantic Real Estate Journal

www.marej.com

M id A tlantic Real Estate Journal

M id A tlantic R eal E state J ournal Publisher, Conference Producer ..............Linda Christman VP, Conference Producer .............................Lea Christman Editor/Graphic Artist ......................................Karen Vachon Contributing Columnist. ..............Jackie Tammaro, Gregory Mid Atlantic R eal E state J ournal ~ Published Monthly Periodicals postage paid at Hingham, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal 117 HMS Halsted Dr., Hingham, MA 02043 USPS #22-358 | Vol. 38, Issue 2 Subscription rates: 1 year $99.00, 2 years $148.50, 3 years $247.50 & $4.00 single issue - plus postage

Jackie Tammaro

Why Strong Real Estate Projects Stall and How Clear Communication Gets Them Moving Again

REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Phone: 781-740-2900 www.marej.com

any well-capitalized, thoughtfully de- signed projects en-

counter resistance during entitlement, permitting, or community review phases. Zoning hurdles, evolving time- lines, political pressure, and public scrutiny can quickly complicate progress. When those moments are not man- aged with clarity and inten- tion, even strong projects can find themselves stuck. The issue is usually not oppo- sition itself. It is misalignment. In early planning stages, development teams are under- standably focused on design, financing, and approvals. Com - munication is often treated as a secondary task, something to address once plans are final - ized or issues arise. By then, expectations may already be set, and often incorrectly. Where projects lose momentum

Silence during uncertain periods can be interpreted as secrecy. Delayed responses can feel dismissive. Overly technical explanations can alienate non-industry audi- ences. These gaps create space for speculation, skepticism, and organized opposition to take hold. In many stalled projects, stakeholders are not reacting to the project itself. They are reacting to how, or whether, information was shared. The cost of reactive communication Once tension surfaces, com- munication becomes defensive by default. Developers find themselves responding rather than leading, correcting nar- ratives rather than shaping them. At that stage, every mes-

sage carries more weight, and missteps are harder to undo. Local media, regulators, and community groups often fill in - formation gaps with whatever context they can access. With- out a clear and consistent nar- rative from the project team, the loudest or most emotional voices tend to define the story. This is where good projects begin to lose credibility, not because they are flawed, but because their purpose, ben- efits, and constraints have not been clearly articulated. What proactive communication looks like in practice In complex development phases, the goal of communi- cation is not promotion. It is to keep expectations, decisions, continued on page 24

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 Attorneys at Law

M id A tlantic Real Estate Journal — February 2026 — 3

www.marej.com

M id A tlantic R eal E state J ournal 2026 Market Outlook CORFAC members show perseverance amid macroeconomic challenges

ORFAC International’s year-end 2025 survey of members from 75 in- dependent commercial real es- tate firms revealed a real estate landscape defined by continued industrial strength, targeted optimism, and persistent mac- roeconomic challenges. Re - spondents shared where deal activity is occurring and what market factors they’re tracking in the first half of 2026. “What stands out in this survey is the resilience of our members,” said 2026 president Joe Santaularia , Bradford Commercial Real Estate/ CORFAC International in Dallas, Texas. “Even in a mar- ket marked by higher costs, tariff uncertainty and longer deal cycles, CORFAC profes - sionals are finding ways to create value, particularly in in- dustrial, logistics and markets benefiting from population and corporate migration.” Industrial Still Reigns Supreme Industrial continues to domi- nate both current and antici- pated business activity across the network. Nearly two-thirds of respondents cited industrial/ manufacturing and warehouse/ distribution as key business drivers. This is similar to what the spring 2025 survey showed, when 70% of respondents said it was a leading driver of busi- ness, and 56% said they expect- ed it to be the leading sector in the second half of the year. Respondents point to supply- chain realignment, port-driven logistics demand, corporate re- locations, and tight industrial inventories as key contributors. Several respondents also high- lighted increased industrial investment sales activity in the last quarter of 2025, un- derscoring continued investor confidence in the sector. Emerging Resilience in Office and Retail, But Deal Pace is Lagging While industrial shows no signs of contraction, both of- fice (44%) and retail (40%) are strengthening after periods of unprecedented challenges. Return-to-office mandates are a top positive influence on transaction activity, signaling gradual stabilization within the sector. Retail demand is being shaped by adaptive reuse strat- egies and localized factors, creating opportunities for rede- velopment, repositioning, and tenant optimization, according to respondents. C

When comparing 2025 year-end activity to the previ- ous year, responses revealed steadiness and caution. One- third of firms reported an increase in activity, while another third said transaction activity remained level year- over-year. The remaining third of respondents said activity had decreased slightly, but fortu- nately no members reported a significant decrease. These dynamics reflect a market adjusting to new fi- nancial realities, according to respondents. Several members mentioned full pipelines paired with longer decision timelines,

reinforcing the importance of patience and execution when it comes to closing transactions. Market Movement and Network Referrals Drive New Business Growth opportunities con- tinue to stem from clients ex- panding operations (56%) and new companies moving into local markets (52%). Population migration, particularly out of higher-cost or heavily regulated regions, was a recurring theme among respondents. Referrals remain a key strength of the CORFAC net - work, with nearly half of re- spondents citing referrals from

existing clients or allied service providers, alongside in-network referrals from fellow members contributing to new business. Similar to their last time sur- veyed, respondents cited tariffs and trade policies, high con- struction and labor costs, and difficulty obtaining financing as the most significant nega - tive influences on transaction activity at year-end. CORFAC members are still searching for equilibrium when it comes to interest rates. Inter- est rate uncertainty continues to delay decision-making, with many clients waiting for clearer economic signals. Meanwhile,

stabilizing interest rates were also cited as a positive factor, suggesting that even mod- est clarity may reignite some stalled transactions in 2026. 2026 Outlook: Tempered Confidence Industrial demand, regional growth, and cross-market col- laboration will shape what’s to come in 2026. In volatile mar- ket conditions, experience and collaboration are required to get deals completed. The CORFAC model of independent, deep local expertise with a global network to tap for intelligence and referrals will contribute to their clients’ success. MAREJ

We see deals from your perspective.

Our global network of 75 commercial real estate offices is the clear choice.

Contact our regional affiliate firms: Wolf Commercial Real Estate - NJ, PA, NY

LMT Commercial Realty, LLC - DE Blue & Obrecht Realty, LLC - MD Chilmark Real Estate Services - NJ

corfac.com

M id A tlAntic Real Estate Journal — Commercial Real Estate Across America — July 2025 — 15

4 — February 2026 — Family Owned Businesses — M id A tlantic Real Estate Journal

www.marej.com

F amily O wned B usinesses ommerCial r eal e state a Cross a meriCa Salle appointed to market strategic site with proposed 274 mega-watt capacity ealty announces power-ready 138 acre site tur, IL available for immediate occupancy NJ/ Over five decades of deals, strategy, and lasting relationships Weiss Realty: Multi-generational leadership shaping commercial real estate markets L property offers 2,500 s/f of re- tail space, a reflection of both exceptional tenant retention and sustained demand. its warehousing into a company- owned site. L — resi-

ongevity in commercial real estate is measured not simply in years, but in cycles navigated, assets repo- sitioned, and markets shaped. For more than five decades, Weiss Realty Co. Inc. has es - tablished itself as a steady presence in the Mid-Atlantic region, guided by a philosophy centered on disciplined broker- age, strategic investment, and long-term value creation. Weiss Realty, headquartered in Moonachie, NJ, has main- tained a stellar reputation and leader in the commercial office and industrial real estate for over 50 years. MAREJ Headquartered in Moon- achie, NJ, the privately owned, full-service real estate invest- ment firm specializes in the ac - quisition, leasing, development, For leasing inquiries, please contact Conor Mul- lady at Jones Lang LaSalle (JLL), Chicago. Today, 2500 North 22nd St. stands ready to support the next wave of industry and in - novation with the power and flexibility to meet tomorrow’s infrastructure needs.

a family-owned and operated business with a portfolio ex- ceeding one million square feet, Weiss Realty’s transac - tion volume has surpassed $1 billion, reflecting both scale and consistency across multiple markets. The firm’s transaction his - tory closely parallels the evolu- tion of Northern NJ ’s commercial landscape. Early leasing assignments with Hartz Mountain Industries contributed to development momentum throughout the Meadowlands, while subse- quent transactions with orga- 2500 North 22nd St. in Decatur, IL

nizations such as Russo Devel - opment, The Mack Company, Scholastic, Sony, Pepsi Cola, North Fork Bank, Escada, and Pirelli Tire underscored Weiss Realty’s breadth of experience. Among its noteworthy mile- stones, Weiss Realty acquired and continues to oversee Co - lonial Village Office Park and Shopping Center in Edison, NJ. Now comprising approxi- mately 80,000 s/f, Colonial Vil - lage stands as a rare example of long-term stability within a dynamic medical, retail, and office market. For the first time in nearly 30 years, the

This emphasis on durable, needs-based assets extends across the firm’s broader port - folio. In 2017, Weiss Realty acquired a three-story, 50,000 s/f building in Neptune, NJ, recognizing the area’s growth potential. Since the acquisition, the firm has repositioned the property into a high-quality medical and professional of- fice destination, now home to tenants including Hackensack Meridian Health, the State of New Jersey, and Rutgers Uni - versity. The property under- scores Weiss Realty’s continued focus on medical and profes- sional environments, a strategy aligned with the demographic and economic forces reshaping suburban markets. Weiss Realty’s investment strategy extends beyond tra- ditional asset classes in New Jersey. The firm led the acquisi - tion and redevelopment of the 138-acre Bridgestone/Firestone manufacturing facility in De- catur, Illinois, a site recently selected for Illinois’ Acceler- ated Site Assessment Program (ASAP), enhancing its readi - ness for power-intensive users focused on long-term growth. Strategically positioned adja- cent to the AMEREN substa - tion and near the ADM Inter- modal Ramp, the site offers rail connectivity and provides access to major regional high- ways and airports. Its proposed load capacity of 274 mega-watts (MW) makes it ideal for data centers, advanced manufactur- ing, and electric vehicle (EV) industry. The site can accom- modate facilities ranging from 100,000 to 500,000 s/f. Today, Weiss Realty con - tinues to balance brokerage expertise with long-term own- ership and management, a dual perspective that remains a defining characteristic. In an industry marked by volatility and transformation, the firm’s multi-generational leadership structure provides continuity, institutional knowledge, and a sustained commitment to strategic growth. “Commercial real estate is about understanding communi- ties, anticipating change, and building relationships that last decades,” said Jaime Weiss. “If you focus on long-term value in- stead of short-term headlines, success follows.” MAREJ

LL) ago, dent een rt to trial nt of the 2500 , IL. ad- bsta- load atts data fac- icle osed ac- ang- 000 acre ned tur- ady ring ties ions y of g for ace, 500 fu- op- ven, ns,” s , a ctor ite’s wer al lo- d op- ront nt in ntly DM rail des nal en- gis- e is and usly lity, over ting

Weiss Realty Founder & President Jaime Weiss. and management of medical facilities, retail centers, and industrial/flex properties. As

Building sound relationships on a solid foundation. Weiss Realty represents a broad range of private investors, retailers, property owners, and corporate clients As a respected client you are assured more than ever before a level of service and expertise that makes our company synonymous with significant real estate transactions. Please Contact: Matthew Weiss mweiss@jweissrealty.com p: 201.814.1800 f: 201.814.1811 250 Moonachie Road, Moonachie, NJ 07074

www.jweissrealty.com

M id A tlantic Real Estate Journal — Family Owned Businesses — February 2026 — 5

www.marej.com

F amily O wned B usinesses

NAI Mertz marks commercial real estate leadership across four decades A Legacy built on vision, family, and enduring excellence

AI Mertz, a leading full-service commer- cial real estate firm,

Formosa played a key role in strengthening operations, cultivating internal talent, and advancing strategic growth initiatives. Her focus on recruiting, retention, and professional development has contributed to the firm’s exceptional 95% retention rate, reflecting a collabora - tive, entrepreneurial, and family-oriented culture.

SIOR designees, global top producers, and a growing roster of rising profession- als under 40. The company serves the needs of a wide array of clients from local owners/users, tenants/land- lords to some of the country’s largest institutions. Forty-five years after its founding, NAI Mertz contin- ues to thrive as a model of sustained excellence—prov- ing that when family leader- ship, disciplined strategy, re- silience and shared purpose align, success truly stands the test of time. MAREJ

recently marked a signifi- cant milestone: its forty-fifth (45th) year in business. The firm has been repeatedly recognized and honored for excellence in profession- alism, brand promotion, global business execution, leadership, and sustained growth—hallmarks that have defined NAI Mertz for more than four decades. NAI Mertz is part of NAI Global, a top-four global commercial real estate net- work with more than 325 offices across North America, Latin America, Europe, Af- rica, and the Asia-Pacific region. With over 5,800 pro- fessionals worldwide and more than $20 billion in annual transaction volume, NAI Global provides unpar- alleled reach and resources. Operating from four regional offices in Mount Laurel, New Jersey, and Philadelphia, Feasterville-Trevose, and Wilkes-Barre, Pennsylvania, NAI Mertz is proud to serve as a local gateway to global real estate solutions. Founded by Chairman and CEO Barry Mertz, SIOR, the firm was built on a vision rooted in integrity, service, and long-term relationships. From its inception, Barry was joined by his wife, Faye Mertz, who served as CFO. Together, they established a disciplined, client-focused organization designed to endure market cycles and in- dustry change—an approach that continues to guide the firm today. Twenty-five years ago, the company entered its next chapter with the addition of their son, Scott Mertz, SIOR, now president. A year-over- year global top producer, Scott exemplifies the firm’s balance of tradition and forward-thinking leadership, driving growth while hon- oring the values that have shaped the organization. Today, NAI Mertz com- prises more than 50 com- mercial real estate profes- sionals and advisors and is led by Bobbi Jean Formosa, executive managing direc- tor and COO. With over 25 years of experience across corporate and family-owned enterprises and all CRE sectors on a global stage,

NAI Mertz’s accolades include NAI Global Office of the Year honors, recog- nition as a Top Family- Owned Business, CoStar Power Broker awards, ten Shown from left: Barry Mertz, SIOR, Faye Mertz, and Scott Mertz, SIOR.

150 RITTENHOUSE CIR | BRISTOL, PA 50,000 - 101,250± SF INDUSTRIAL

RUNNEMEDE CORP CTR | RUNNEMEDE, NJ 10,906 - 22,036 SF INDUSTRIAL

1214 MOREA RD | BARNESVILLE, PA 100,000 SF MFG BLDG AT I-81 EXIT

5000 RICHMOND ST | PHILADELPHIA, PA 100,000-468,210 SF CLASS ‘A’ WAREHOUSE

1440 WELLS DR | BENSALEM, PA 26,746 SF INDUSTRIAL/FLEX BLD

600 SCRANTON CARBONDALE HWY | EYNON, PA 120,000 SF INDUSTRIAL/RETAIL

1804 RIVER RD | BURLINGTON, NJ 138,438 SF INDUSTRIAL AT EXIT 6A

1 ELECTRONICS DR | HAMILTON TWP, NJ 2,500 - 68,175 SF FLEX / INDUSTRIAL

100 GROVE RD | WEST DEPTFORD, NJ 24,541 SF OFFICE / WAREHOUSE

3001 IRWIN RD | MOUNT LAUREL, NJ 49,643 SF INDUSTRIAL | 2 UNITS

180 ROUTE 73 | VOORHEES, NJ 2 OFFICE BLDGS - 17,967 SF ON 1.55 AC

1571 GRANDVIEW AVE | WEST DEPTFORD, NJ 42,000 SF INDUSTRIAL BUILDING

101 LAUREL RD | VOORHEES, NJ 4,000 SF OFFICE SUITE

1699 CROWN POINT RD | WEST DEPTFORD, NJ REPAIR FACILITY / TRUCK PARKING

185 E. SOUTH ST | FREELAND, PA 154,400± SF INDUSTRIAL w/ I-80 ACCESS

3000 LINCOLN DR E | MARLTON, NJ 18,180 SF OFFICE / FLEX SPACE

VISIT NAIMERTZ.COM TO SEARCH OUR CURRENT LISTINGS

NJ +1 856 234 9600

SEPA +1 215 396 2900

NEPA +1 570 820 7700

6 — February 2026 — DelMarVa — M id A tlantic Real Estate Journal

www.marej.com

D el M ar V a Seven buildings occupied by a diverse 17-tenant roster Camber & PGIM acquires 745,000 s/f industrial portfolio

Cresa brokers Navy Federal’s 100K s/f Vienna, VA office purchase

ALTIMORE, MD — Camber Real Estate Partners (Camber) of Montclair, NJ, in a joint venture with PGIM’s real estate business, has acquired a seven-building industrial portfolio totaling 745,270 s/f in the Greater Baltimore Metro area. The package was acquired for an undisclosed price from an unnamed seller. Comprised of highly func - tional and well-established institutional-quality assets, the properties are located in Halethorpe, Jessup, Middle River, Rosedale and Balti - more. At the time of sale, the portfolio was occupied by 17 individual tenants, represent- ing a diverse mix of industries and providing a stable, multi- tenant income stream. “This acquisition represents a significant expansion of our footprint in the Mid-Atlantic region,” said Christopher Bellapianta , Camber man - aging principal. “Drawn by the Baltimore industrial mar- ket’s incredible resilience and growth, this joint venture ac- quisition demonstrates our fo- cus on securing high-quality, infill assets in one of the most supply-constrained corridors on the East Coast. We look for - ward to applying our hands- on management approach to SALISBURY, MD — The McClellan Team with SVN | Miller Commercial Real Estate sold 54.5 acres to Wic - omico County, a transaction that directly supports critical community infrastructure needs. The property is lo- cated adjacent to the County landfill, at the intersection of Naylor Mill Road and Route 50 Business on the west side of Salisbury. This strategic acquisition provides Wicomico County with direct, on-site access to essential fill dirt required for daily landfill operations – eliminating the need for costly off-site transportation. As a result, the County will benefit from improved operational efficiency, reduced long-term expenses, and enhanced ca- pacity to responsibly manage future landfill demands. B While highly impactful, the transaction was complex and required extensive co- ordination over an extended period. McClellan Team Ad -

901 Follin Ln.

Navy Federal’s headquarters and, for the time being, will be used for extra parking. Future plans for the site are still to be determined. “Flexibility in today’s market is invaluable,” said Navy Fed - eral’s Senior Vice President, Workplace Infrastructure and Logistics, George Eichert . “The acquisition of the prop- erty on Follin Lane solves our short-term needs while, at the same time, creates a long-term opportunity for growth. It’s a win-win.” MAREJ

VIENNA, VA — Cresa’s Gene Sachs, Rich Rhodes and Dan Silverman recently assisted Navy Federal Credit Union (Navy Federal) in its purchase of a vacant 100,000 s/f office building on 9.12 acres in Vienna, from Zalco Commercial in a $12.0 million deal. Located at 901 Follin Ln., the functionally obsolete prop- erty was previously leased to a federal government tenant but has sat vacant for the last six plus years. It sits directly across the street from the

Greater Baltimore Metro area portfolio

further enhance the value of these properties.” The transaction also high- lights continued institutional appetite for light industrial and “shallow-bay” product — assets that are increasingly difficult to develop in high- barrier-to-entry markets. “We are pleased to partner with Camber Real Estate Partners on this transaction,” said Ian Christ, managing director at PGIM. “This port - folio aligns with our strat- egy of investing in functional industrial assets located in logistics hubs with strong demand drivers. The Greater Baltimore area serves as a critical link in the East Coast supply chain, and these assets are well-positioned to benefit from the region’s long-term economic fundamentals.” The portfolio’s location pro- vides immediate access to

major transportation infra- structure, including I-95, I-695 and I-895, offering ten- ants seamless connectivity to the Port of Baltimore and the broader Northeast Corridor. “The diversity of the tenant base and the flexible con- figurations of these buildings make this an exceptional ad- dition to our portfolio,” add- ed Camber’s Kevin Interlic - chio, director of acquisitions. “These assets are designed to meet the needs of modern users who require functional loading, ample parking and proximity to a dense popu- lation base. We are excited about integrating these build- ings into our platform.” The seller was represented in the transaction by Cris Abramson, Ben McCarty, Nick Signor, Henry Plesz - koch and Sam Slater of Newmark . MAREJ

St. John Properties enters Delaware with acquisition of 75-acre site in Middletown

The McClellan Team with SVN | Miller Commercial Real Estate facilitates strategic land sale to Wicomico County, MD

Photo is representative of the prototypical building planned for Middle- town Exchange - credit: St. John Properties.

partner to purchase the resi- dential land parcels and build the approved 450 homes. Middletown Exchange is adjacent to US Rte. 301, less than 30 miles from Wilmington, and 50 miles from Philadelphia. Upon completion, the commer - cial component of the project is expected to support more than 600 jobs. The company’s signature flex/R&D buildings are single- story “part office/part ware- house” buildings separated into suites which can be built to suit based on each tenant’s requirements. The prototype building is a LEED designed brick building and includes 18-foot clear heights, rear dock and drive-in loading doors, el- evated landscaping, and ample parking to support office, retail or light industrial users. The product serves a broad array of businesses including pro- fessional services companies, traditional office uses, retailers, and warehouse/logistics users, among others. MAREJ

MIDDLETOWN, DE — St. John Properties, Inc. has entered its 13th state with the acquisition of a 75-acre site off Bunker Hill Rd. in Middletown. The Baltimore-based com- pany, with 16 regional offices throughout the country, will develop Middletown Exchange, a mixed-used community com- prising 225,000 s/f of flex/R&D and retail space, along with 450 homes. Groundbreaking for Phase I is expected to occur this spring and will include the speculative development of two flex/R&D buildings totaling 96,000 s/f, with delivery expected early next year. Three additional flex/ office buildings are planned for future development based on leasing momentum. St. John Properties’ Alex Lyons , assistant VP, acquisi - tions and Sean Doordan, se- nior executive VP, Acquisitions and Growth, represented the company in this land purchase. St. John Properties is currently searching for a development

The intersection of Naylor Mill Road and Route 50

and tenacity enabled us to get through to a successful closing – their dedication to the deal was unmatched,” said the seller. This property was subdivid- ed from a larger landholding, and with this portion now sold to the County, the McClellan Team will begin marketing two additional unimproved com- mercial parcels fronting Route 50 Business. These fully subdi- vided parcels feature approved perc tests and offer prime development opportunities for forward-thinking users seeking a highly visible and strategi- cally located site. MAREJ

visors, J ohn McClellan, SIOR, CCIM and Kelly Jeter worked closely with both the buyer and seller to navigate challenges that could have otherwise derailed the deal. Through persistence, expertise, and collaborative problem-solving, John and Kelly successfully guided the transaction to closing – ap - proximately one year later than originally anticipated – with all parties extremely satisfied with the outcome. “We could not be happier with the guidance and ex- pertise provided by John and Kelly. Their professionalism

M id A tlantic Real Estate Journal — February 2026 — 7

www.marej.com

Great CRE Events Networking | Speakers | Continuing Ed circdelaware.org

Board Directors * 7/1/25-6/30/26 * — Officers — P RESIDENT : B ARTON L. M ACKEY , J R . Cushman & Wakefield U.S.A. V ICE P RESIDENT : J AY L. W HITE , MAI, CRE® Apex Realty Advisory C O -T REASURERS : M ICHAEL H AHN 44 Business Capital,div.BeaconBank R OBERT S TENTA Cushman & Wakefield U.S.A. S ECRETARY : D ANIEL W HAM DSM Commercial Real Estate — Directors — P AST P RESIDENT : C INDY F LEMING Jones Lang LaSalle P ROGRAM C HAIR : L ORRAINE S HELDON

Meet the Non-Profit Leaders that are "Building" a Bright Future for Wilmington's Youth and their Families March 11 - Membership Luncheon & CE

Linda Jennings, CEO Community Education Building CEB Youth Development Center Board Directors * 7/1/25-6/30/26 * — Officers — P RESIDENT : B ARTON L. M ACKEY , J R . Cushman & Wakefield U.S.A. V ICE P RESIDENT : J AY L. W HITE , MAI, CRE® Apex Realty Advisory C O -T REASURERS : M ICHAEL H AHN 44 Business Capital,div.BeaconBank R OBERT S TENTA Cushman & Wakefield U.S.A. S ECRETARY : D ANIEL W HAM

Meet the Non-Profit Leaders that are "Building" a Bright Future for Wilmington's Youth and their Families March 11 - Membership Luncheon & CE

Bank

Jarrett Royster, CEO YMCA of Delaware YMCA Early Learning Academy

Lin Co CE

Kenyetta McCurdy-Byrd, COO The WRK Group: The Warehouse, REACH Riverside and Kingswood Community Center Jarrett Royster, CEO YMCA of Delaware YMCA Early Learning Academy

Linda Jennings, CEO Community Education Building CEB Youth Development Center

Kenyetta McCurdy-Byrd, COO The WRK Group: The Warehouse, REACH Riverside and Kingswood Community Center

Empowering Students - from Cradle to Career. By aligning early educa- tion, K-12, higher education, and workforce development, the Com- munity Education Center (CEB) is creating a sustainable pathway that nurtures academic achievement, life skills, and career readiness. DSM Commercial Real Estate — Directors — P AST P RESIDENT : C INDY F LEMING Jones Lang LaSalle P ROGRAM C HAIR : L ORRAINE S HELDON

—

Kingswood has been a cornerstone in Riverside for 78 years. The new 70,000 SF Community Center will provide more space for a wide range of services and programs, supporting the well-being and development of its residents, with an early learning acacemy, senior center & recreation.

Empow tion, K- munity nurture

NAI Emory Hill R YAN K ENNEDY

 Andrew Davis, CFA, SVP at Bryn Mawr Trust Advisors presented his Economic Outlook

 New Castle County Exec. Marcus Henry spoke to members in January about reas-

 Andrew Davis, CFA, SVP at Bryn Mawr Trust Advisors presented his Economic Outlook

 New Castle County Exec. Marcus Henry spoke to members in January about reas-

KENNEDY M ARKETING C ARMEN F ACCIOLO NAI Emory Hill D ONALD R OBITZER

The Commonwealth Group N EIL K ILIAN , SIOR, CCIM NAI E MORY H ILL

to members at the February luncheon.

sessment, appeals, proactive property zonings & other topics of interest.

to members at the February luncheon.

sessment, appeals, proactive property zonings & other topics of interest.

 Monthly membership luncheons alway well attended.

B ENJAMIN B ERGER , E SQ . Berger McDermott LLP P AMELA S COTT , E SQ . S AUL E WING A RNSTEIN & L EHR LLP E. T HOMAS H ARVEY , IV Harvey Hanna & Associates — Ex-Officio — B USINESS M ANAGER : J ANET P IPPERT L EGISLATIVE A DVOCACY : C. S COTT K IDNER C. S. Kidner & Associates L EGISLATIVE A FFAIRS C HAIR : B RETT S ADDLER Claymont Rennaissance Dev. Corp. E CONOMIC D EVELOPMENT L IAISONS : J OSEPH Z ILCOSKY (D EL .DSB) B ECKY H ARRINGTON (DPP) M EGAN M C G LINCHEY (RDC) S EAN P ARK (C ITY OF W ILM ) — Contact — Janet Pippert Phone: (302) 633-1705 Email: ExecDirector@ circdelaware.com www.circdelaware.org Good Company!

Good Food! B ENJAMIN B ERGER , E SQ . Berger McDermott LLP P AMELA S COTT , E SQ . S AUL E WING A RNSTEIN & L EHR LLP E. T HOMAS H ARVEY , IV Harvey Hanna & Associates — Ex-Officio — B USINESS M ANAGER : J ANET P IPPERT L EGISLATIVE A DVOCACY : C. S COTT K IDNER C. S. Kidner & Associates L EGISLATIVE A FFAIRS C HAIR : B RETT S ADDLER Claymont Rennaissance Dev. Corp. E CONOMIC D EVELOPMENT L IAISONS : J OSEPH Z ILCOSKY (D EL .DSB) B ECKY H ARRINGTON (DPP) M EGAN M C G LINCHEY (RDC) S EAN P ARK (C ITY OF W ILM ) — Contact — Janet Pippert Phone: (302) 633-1705 Email: ExecDirector@ circdelaware.com www.circdelaware.org

Good Company!

Goo Foo

Good Food!

—

 Continuing Education: In-person classes scheduled: March 11 and April 1 for DE|PA|MD.

Calendar of Membership Events

Lunch Meeting Mar. 11 (Wed.) Membership Luncheon Location: DuPont Country Club, Wilmington, DE Topic: Meet the Non-Profit Leaders Building a Bright Future for Wilmington's Youth and Families. Panelists: Linda Jennings, Jarrett Royster, and Kenyetta McCurdy-Bryd. REGISTER: circdelaware.org / goto Events Online CE Enjoy CIRC's Discounts and Flash Sales through our partnership with The CE Shop! Get our Promo Codes at: circdelaware.org/ce

Continuing Education In-Person CE Classes Location: DuPont Country Club, Wilmington, DE March 11 (Wed.) - DE Modules 1 & 5 1:30 p.m. Mod. 5 Legislative Landmines (DE/PA) April 1 (Wed.) - DE Modules 3 & 6 (DE/PA/MD) 8:30 a.m. Mod. 3 Contract Law-Term./Formation/Law 1:30 p.m. Mod. 6 Fraud - It's Here and It's Real REGISTER: circdelaware.org/ce 8:30 a.m. Mod. 1 Everday Practices in Agency and Fair Housing (DE/PA/MD/NAR) Meet 4 credit requirements! visit our Education web page for class schedules, CE accreditation for DE/PA/MD, and to check on State CE requirements and deadlines for renewing licenses.

Lu Mar.

Locat Topic Futur Pane McCu On Enjoy throu Get o

orp.

8 — February 2026 — Central New Jersey — M id A tlantic Real Estate Journal

www.marej.com

C entral N ew J ersey

EST ORANGE, NJ — ICON Real Estate Advisors , Multifamily investment sales firm completes 110-unit class A trade in Piscataway, NJ Icon Real Estate Advisors debuts in the Mid-Atlantic with $35.1 Million sale of The Grove At Piscataway W

a newly formed multifamily investment sales firm focused on the Mid-Atlantic region, announced the launch of its platform and the completion of its inaugural transaction: the $35.1 million sale of The Grove at Piscataway, a class A 110-unit apartment community in Piscataway. ICON represented the seller, a privately held real estate development and investment firm, in the transaction. De - livered in 2020 and currently 100% occupied, The Grove at Piscataway is located at 67 Old New Brunswick Road, centrally positioned in Middle - sex County with immediate access to major highways and key employment hubs in New Brunswick and Edison. Quietly marketed at the sell - er’s request, ICON generated multiple offers and guided the seller in selecting a buyer completing a 1031 exchange. Twenty-two COAH afford- able housing units are fully integrated, and residences fea - ture high-end finishes, in-unit laundry, and select private balconies or patios. The com - munity also offers resort-style amenities, including a pool, fitness center, coworking and social lounges, and secure parking with EV charging. Headquartered in West Or- ange, New Jersey, ICON was co- founded by managing partners David Oropeza and David Jarvis . The firm’s senior team

Shown from left: ICON associate Ben Susskind; managing partners David Jarvis and David Oropeza; senior managing director Justin Lupo; and director David Betesh.

The Grove at Piscataway

execution-first background across both institutional and private client assignments. Betesh previously served at Cushman & Wakefield and began his career at Gebroe- Hammer Associates, where he developed a strong foun - dation in New Jersey multi - family brokerage. At ICON, Betesh is focused on running high-conviction sale processes, buyer engagement, and driv - ing certainty from marketing through closing. Ben Susskind joins ICON from Hudson Atlantic, where he was involved in multifamily investment sales assignments and client advisory work across the region. At ICON, Susskind plays a key role in the firm’s growth as a broker, leveraging deep-rooted relationships with multifamily owners across New Jersey while originating new opportunities and advis- ing owners and investors on acquisitions and dispositions throughout the firm’s footprint. ICON Real Estate Advisors is headquartered at 1 Boland Drive, Floor 2, West Orange, NJ 07052. MAREJ

Hammer Associates, advising private owners, family offices, and institutional investors on the acquisition and dis - position of multifamily as- sets throughout New Jersey and the surrounding region. Known for hands-on execution and disciplined sale processes, Jarvis later joined Cushman & Wakefield as an executive managing director, where he continued to lead multifamily investment sales assignments for a wide range of clients. Justin Lupo helps drive ICON’s client coverage and transaction execution across the firm’s footprint. Lupo spent more than nine years at The Kislak Company as a senior vice president, where he built long-term relationships with owners and repeat buyers and executed multifamily invest - ment sales assignments across the region. He later joined Cushman & Wakefield for near - ly two years as an executive managing director, expanding his institutional advisory expe- rience and capital relationships across the Northeast. David Betesh brings an

also includes senior managing director Justin Lupo , director David Betesh , and associate Ben Susskind — collectively bringing nearly 100 years of experience and over $20 billion in combined career transac - tion volume. ICON leverages decades of client relationships that provide deep insight into local owners, investors, and market dynamics, with a focus on multifamily investment sales across New Jersey, New York, Pennsylvania, and the greater Mid-Atlantic. “Our objective in launching ICON was to build a partner- led platform where experience, relationships, and execution define the business,” said David Oropeza. “The Grove at Piscat - away reflects our ability to run a competitive process, highlight an asset’s fundamentals, and deliver results aligned with the seller’s objectives.” David Jarvis added, “Many of the owners we advise are making decisions involving decades of work and gen - erational assets. They deserve

senior-level attention and a process designed to create competition, deliver certainty, and keep the client’s priorities front and center.” With more the $500 million in collective asset value deals in the works, ICON Real Estate Advisors is poised to shake up the multifamily sales across the Mid-Atlantic region. About the Team David Oropeza built his career over 38 years at Ge - broe-Hammer Associates, consistently ranking among the firm’s top producers and playing a central role in ex - panding its presence across New Jersey through long- standing owner relationships and repeat institutional busi - ness. He later joined Cushman & Wakefield as an executive managing director of Mul - tifamily Brokerage, adding broader institutional platform exposure while continuing to advise clients on complex, competitive dispositions. David Jarvis spent more than 25 years at Gebroe-

M id A tlantic Real Estate Journal — New Jersey — February 2026 — 9

www.marej.com

N ew J ersey

2.26

Cushman & Wakefield’s Tri-State Capital Markets closed in excess of $2.4 billion of office, industrial, retail, land and multifamily transactions in the past 12 months. RECENT SUCCESSES & NEW DEALS

MARKETING

BRANCHBURG INNOVATION CENTER Branchburg, NJ

NYC TRI-MODAL CENTER Staten Island, NY

BERGEN ESSEX COLLECTION

214,388 SF

110,000 SF

48.32 Acres

HQ-quality 214,388-SF innovation facility with heavy power, cross-dock loading, fully conditioned, and prime Route-22 access to I-287 and I-78 in Central NJ’s premier life-sciences corridor.

435-unit multifamily portfolio comprising three Class A assets with high occupancy, durable transit access to NYC, and significant rent-growth potential in a supply-constrained NNJ submarket.

One-of-one NYC boroughs IOS asset featuring 48 acres, rail, dock, and highway access with immediate Route 440/I-278 connectivity and direct access to the Port of NY/NJ and the region’s densest consumer base.

SOLD

HUNT’S POINT LOGISTICS CENTER Bronx, NY

STREETS OF CHESTER Chester, NJ

COUNTRY GLENN APARTMENTS Grand Island, NY

80,080 SF

104,717 SF

336 Units

Urban-infill logistics facility with 30’6” clear height, upgraded loading, rooftop solar, and instant access to I-278, the Major Deegan, RFK Bridge, LaGuardia, and NYC.

77% leased lifestyle center on 8.96 acres along Rt. 206, offering value-add upside in affluent Morris County with 3x NOI growth potential.

40.82-acre garden style community with in-place rents of 53% under market, minutes from I-190 and downtown Buffalo access.

CAPITAL MARKETS GROUP

ANDREW MERIN andrew.merin@cushwake.com DAVID BERNHAUT david.bernhaut@cushwake.com GARY GABRIEL gary.gabriel@cushwake.com NIKO NICOLAOU niko.nicolaou@cushwake.com KYLE SCHMIDT kyle.schmidt@cushwake.com

FRANK DITOMMASO frank.ditommaso@cushwake.com ANDREW SCHWARTZ andrew.schwartz@cushwake.com RYAN DOWD ryan.dowd@cushwake.com RYAN LARKIN ryan.larkin@cushwake.com SETH ZUIDEMA seth.zuidema@cushwake.com

BILL BAUNACH bill.baunach@cushwake.com MAX HELFMAN max.helfman@cushwake.com JORDAN SOBEL jordan.sobel@cushwake.com ANDRÉ BALTHAZARD andre.balthazard@cushwake.com PETER WELCH peter.welch@cushwake.com

JEAN-PIERRE HOHL jeanpierre.hohl@cushwake.com MAIA SIRABIAN maia.sirabian@cushwake.com MICHAEL GUERRA michael.guerra@cushwake.com DAN BOTTIGLIERI daniel.bottiglieri@cushwake.com

CUSHMAN & WAKEFIELD, INC. CAPITAL MARKETS GROUP One Meadowlands Plaza, 7th Floor | East Rutherford, NJ 07073 | T / +1 201 935 4000 | E / investment.sales@cushwake.com

Page i Page ii Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34

Made with FlippingBook flipbook maker