16A — October 21 - November 17, 2022 — M id A tlantic Real Estate Journal
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M id A tlantic R eal E state J ournal
CEO, CFO appointments support growth FNRP announces two key executive moves
NJ’s Cafiero Team arranges sale of a 7,920 s/f property Marcus & Millichap sells cold storage unit for $4M
Bill are accomplished team players and great examples of the high-caliber profes -
RED BANK, NJ — First National Realty Partners (FNRP) has announced two
ITTSBURGH, PA & LITTLE SILVER, NJ — Marcus & Millic- hap announced the sale of a 68,800 s/f single-tenant cold storage unit located at 650 Mansfield Ave., Pittsburgh, PA and the sale of a 7,920 s/f net-leased property located in Little Silver, NJ. 650 Mansfield Ave. is strate - gically located in a high-density area near the Pittsburgh cen - tral business district, along the I-376 corridor which con - nects the city to the airport. The building has a freezer, cooler, and plenty of dry storage space. It is occupied by a divi - sion of Sysco which distributes specialty Italian foods to pizza shops and restaurants. This property also posed itself as a great investment opportunity to potential buy - ers, as it was priced well below replacement cost, and is among only two other cold storage fa - cilities in a 20-mile radius. “This listing generated 105 interested parties which resulted in nine strong of - fers. The buyer ended up being from out-of-state,” said P
sionals who are moving our company forward as we expand F N R P ’ s portfolio and geographic reach.” As CEO,
executive moves – in - cluding a key promotion and new hire within its leadership team. To sup - port the Red Bank-based
650 Mansfield Ave., Pittsburgh, PA
Andrew DeNardo Bill Comeau
controllable expenses that can increase the possibility of errors and overcharges. It’s your responsibility as a tenant to scrutinize your lease and OpEx statement to ensure the correct caps have been ap - plied, the calculations are accu - rate, and you’re paying exactly what you owe. By taking these steps when negotiating a new lease, you can relieve some of the infla - tionary pressures on your orga - nization, ensure a fair deal with your landlord, and uncover potential cost savings in your OpEx statement. Jason Aster is manag- ing director of KBA Lease Services. MAREJ DeNardo will guide the execu - tive leadership in strategy and execution, and drive company scalability and efficiency. He joined FNRP in 2016 soon after its formation and has been instrumental to the company’s growth. During his tenure with FNRP DeNardo has made his impact on every aspect of the business includ - ing property management, finance, acquisitions, legal and compliance, marketing, investor relations, asset man - agement and general opera - tions. His achievements, in - stitutional knowledge and leadership abilities have been an essential for FNRP’s past and future growth. Comeau brings 20 years of financial experience to FNRP. In his new role, he oversees FNRP’s accounting depart - ment, spearheads financial reporting/analysis for the executive team and investors, and guides efficient use of the company’s capital. He has held CFO positions at private firms, institutional funds, and non - profits, including more than 10 years at DLC Management. Comeau earned a master’s de - gree from Manhattan College and a bachelor’s degree from Baruch College. MAREJ
you paid the previous year. If you cap expenses at 105% of what you paid in controllable expenses last year, you might pay less than the total cost be - cause of caps you had in place. Scrutinize your lease and Operating Expense Reconciliation Statement After you’ve negotiated a cap on controllable expenses, you need to ensure landlords have correctly applied caps to the right expense categories and are using the right calculations. Your landlord likely works with dozens of different leas - es, all with individually ne - gotiated provisions, caps, and unique definitions of “We are pleased to recognize Andrew’s achievements at FNRP with this well-deserved promotion, and to welcome Bill to our team,” said Chris Pal- ermo . “We strongly believe in recognizing and rewarding the outstanding performance of our staff, and in recruiting top talent to meet our strate - gic growth needs. Andrew and company’s strategic growth initiatives, Andrew DeNar- do has been promoted from managing principal to CEO, and industry veteran Bill Comeau has joined FNRP as CFO. The strategic appointments come amidst a period of sus - tained organizational growth for FNRP, which continues to increase its market share of grocery-anchored and neces - sity-based, open air shopping centers nationwide with a portfolio approaching 9 million s/f of space across 19 states. In response, the privately held company has grown its team from 19 to 142 employees over the last 24 months, leveraging top talent in legal, acquisi - tions, leasing, and other key areas to ensure its properties achieve maximum value and partners realize exceptional risk-adjusted returns.
625 Branch Ave. in Little Silver, NJ.
property on behalf of the seller, a limited liability company. The Cafiero Team also secured the buyer, a limited liability company. Goldberg comments, “There was a tremendous amount of interest in this property from the investment community immediately after launching to the market. Several offers were generated creating competition, which ultimately led to accept - ing an offer from a 1031 buyer who closed on the deal.” MAREJ tionally, there are currently only three women presidents among the 48 chapters. “Marley has been my part - ner since joining Lee & Asso - ciates and she is universally respected for her extremely strong work ethic, integrity and professionalism. She has done a tremendous job of establishing and strengthen - ing business relationships throughout the real estate and business community and this has been reflected in her consistently high productivity and volume,” Jordan added. Last year, the Kate Jordan- Marley Welsh team executed nearly 110 commercial real estate transactions with a vol - ume of nearly $53 million. This includes more than one million square of space sold or leased and more than 3.2 million square of space represented. Prior to joining Lee & As - sociates, Welsh worked as a senior marketing professional for Cushman & Wakefield of Maryland. She earned a Bachelor of Arts degree in Communication from Rutgers University. MAREJ
Mitchell Cowan , associate. Sean Beuche , Pennsylvania broker of record, assisted in closing the transaction. According to James Mc- Guckin , regional manager of the firm’s New Jersey office, the sale of Healthfair Organic Grocery Store (NNN) has sold for $3 million. Alan Cafiero, Brent Hyl - dahl and Seth Goldberg , in - vestment specialists in Marcus & Millichap’s New Jersey office, had the listing to market the 2013, has more than 10 years of diversified commercial real es - tate experience and was promot - ed to vice president in January 2021. In her role she works with tenants, landlords, investment entities and institutional own - ers of commercial real estate to provide timely solutions for their real estate requirements. Welsh focuses primarily on flex/ office and Industrial proper - ties throughout the Baltimore- Washington, D.C. metropolitan region and her clients includes both local and national tenants and owners. “Commercial real estate professionals must earn their way into SIOR membership based on factors including transactional history and the demonstration of sustained professional ethics, which makes SIOR markedly dif - ferent from other real estate organizations,” said Kate Jor- dan , also an SIOR and cur - rently president of the Mary - land, District of Columbia and Northern Virginia Chapter. Jordan is the third female to hold this distinction for the local SIOR Chapter and, na -
Marley Welsh of Lee & Associates Maryland earns SIOR designation
COLUMBIA, MD — Mar- ley Welsh , vice president of Lee & Associates | Mary-
land has earned her Society of Industrial and Office REALTORS (SIOR) des - i g n a t i o n and is now a member of
continued from page 2A How to negotiate a commercial lease . . .
the Maryland, District of Co - lumbia and Northern Virginia Chapter. The SIOR designa - tion represents a professional achievement for highly-qual - ified commercial real estate practitioners with a strong and sustained transactional history in brokerage, fee-based services or executive man - agement. Of the nearly 3700 worldwide members, only 215 - or less than 6% - are women. SIOR members work in the industrial and office sector of real estate, functioning in leas - ing and sales management, executive management and advisory services functions. Welsh has been associated with Lee & Associates since Marley Welsh
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