12D — July 2023 — Brokerage Directory — M id A tlantic Real Estate Journal
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B rokerage D irectory
Garibaldi’s Michael Wills executes two NJ leases
Feinberg Law provides legal services in transaction Feinberg Real Estate Advisors rep. seller in Bethlehem, PA sale
continued from page 4D the East Coast continues to evolve, embracing AI tech- nologies becomes increasingly important. By harnessing the power of AI for market analysis, project manage - ment, design optimization, and supply chain manage - ment, the industry can un - lock new levels of efficiency, productivity, and competitive Banks Remain Concerned Rising interest rates have de - valued many assets on banks’ balance sheets, especially gov - ernment bonds, leaving them vulnerable to bank runs. In recent months, Silicon Valley Bank, First Republic and Sig - nature all collapsed. Regional institutions like these account for nearly 70 percent of all com - mercial property bank loans. Pushing down the valuation of office buildings or taking pos - session of foreclosed properties continued from page 2D investors made a significant amount of new investment into the refinancing equation. Some of those funds were used for a paydown and some were used to increase leasing reserves for growth and working capital. In another instance in the Midwest, the special servicer for 601W, a major office prop - erty in downtown Chicago, recently approved a four-year extension of the property’s $536M senior loan ahead of its July maturity date. Other office owners have es - sentially been paying to extend their loans. For instance, RFR Realty reached an extension in May with holders of the $783M mortgage for 300 Park Ave. in midtown Manhattan. The company agreed to pay down $15M of the principal, as well as to pay off a further $40M over the next two years to cover special servicing and other lender expenses. FLORHAM PARK, NJ — The Garibaldi Group (TGG) announced the completion of nearly 5,000 s/f of office space leased by associate broker and newest member of the TGG team, Michael Wills. Wills’ teamed with TGG di - rector Brian Cass to help the Morris Plains-based IT service provider, Link High Technol - ogy, in their quest to find new and upgraded space. Motivated by an upcoming expiration date, Link High Technology
ETHLEHEM, PA — Feinberg Real Es- tate Advisors, LLC represented the seller, Max- pavel, L.L.C., on the sale of its 2,754 s/f retail building located at 215 East Third St. in the City of Bethlehem, Northamp - ton County. The property, which sold for $750,000.00 previously operated as Patti’s Petals, which was a well know location and prominent busi- ness in the City of Bethlehem. Cindy McDonnell Fein- berg, CCIM of Feinberg Real Estate Advisors, LLC rep - resented Maxpavel, L.L.C. on brokerage and Gregg Feinberg of Feinberg Law provided legal services for the transaction. The buyer, Madelinski Industries, LLC, was represented by Seth Lacey and Derek Zerfass of Colliers International . “Cindy listed and sold my commercial real estate in twen- ty-four hours and at the full asking price,” said Mike Kohn, B ENGLEWOOD & HACKEN- SACK, NJ — NAI James E. Hanson has recently completed three notable transactions in Englewood and Hackensack. NAI James E. Hanson’s Anthony Cassano , VP, represented both the land- lord and the tenant, AM/PM Walk-In Urgent Care, in a 3,474 s/f lease at 300 Grand Ave. in Englewood. . Located on the corner of Grand Ave. and Forest Ave., 300 Grand Ave. is a highly vis - ible, 19,354 s/f, Class A medi - cal office building with ample covered and surface parking. Currently home to a mix of medical specialties including Riverside Oral Surgery and a urology center that is part of Summit Health’s network, the property is suited to fit the needs of a variety of medical tenants in the market. AM/PM Walk-In Urgent Care Clinic is an affordable neigh - borhood, walk-in immediate care clinic that provides adult and pediatric treatment for minor illnesses and injuries. Currently, it operates clinics in Bergenfield, Cliffside Park, Norwood and North Bergen and is in the midst of a strategic ex- pansion across Bergen County. “When healthcare tenants are in the market for new
23 Vreeland Rd.
was thrilled when they came across the listing at the East- man Companies- owned 23 Vreeland Rd. in Florham Park. Located between Rte. 10 to the North and Columbia Turn -
Office landlords facing debt crisis
215 East Third St.
“While this may not be the norm, neither are her services. During the due diligence period Cindy met on-site with city in - spectors, the buyer’s architect/ builder, and with environ- mental engineers conducting studies”, continued Kohn. “As I reside out of state, it was terrific that Cindy insisted on taking care of all the details to get me to the settlement table. I highly recommend Cindy and Feinberg Real Estate Advisors for their dedication to their clients.”
“I have fond memories of working with Mike Kohn and his Patti’s Petals business on our daughter’s bridal shower, which was held at SteelStacks, and being delighted with flower arrangements that I received from his shop,” said Cindy McDonnell-Feinberg, CCIM. “I jumped at the opportunity to work with him to sell his property. I’m thrilled with the results for my client and look forward to a great new use for the property.” MAREJ
would further weaken their balance sheets. Municipal governments have even more to worry about. In many cities, office property taxes support a large percent- age of city budgets. In New York City, such taxes generate approximately 40 percent of revenue. Many cities face a dif - ficult choice. If they cut certain services, they could become less attractive and trigger a pos- sible “urban doom loop” that pushes even more people away, hurts revenue, and perpetu- ates a cycle of decline. If they raise taxes, they could alienate wealthy residents, who are now more mobile than ever. Losing wealthy residents to low-tax states such as Florida and Texas is already taking a toll on New York and California. The income-tax base of both states has shrunk by tens of bil - lions since the pandemic began. Finally, turmoil in office markets threatens retirement systems and the portfolios of individual people. Public and private pension funds keep a majority of their assets in stocks, bonds and cash. How- ever, office building debt and equity make up a percentage of their investments and have significant exposure. How all this plays out will be both pain - ful and fascinating. Buckle up! Todd C. Monahan is exec- utive VP and managing di- rector at Wolf Commercial Real Estate, LLC/CORFAC International. MAREJ advantage. With planning and the right AI tools, com- mercial real estate partners can embrace the future and transform their operations in the ever-changing landscape. Andy Tryba is the co- founder & CEO of Ionic Partners as well as the CEO of two recent acquisi- tions by Ionic - Gigster & Sparkrock. MAREJ
NAI James E. Hanson inks transactions in Englewood and Hackensack, NJ
300 Grand Ave.
14 Frederick St.
Selected as the brokerage firm for the property, NAI James E. Hanson implement- ed a data-driven approach to market the property for sale and attract reputable buyers. Planning to relocate to north- ern New Jersey to better serve their clientele, the buyer took interest in the property’s ac - cessibility to local roadways as well as its unique freestanding nature within Hackensack. “Businesses are consistently looking for ways to stream - line their process and improve their profitability,” said Curry. “Expanding to an additional location with tremendous acces- sibility like 14 Frederick St. can dramatically decrease logistics costs and increase a company’s bottom line. We’re proud to have provided the real estate services needed to secure value for our client for their retirement and help a business establish a base in NJ to better serve their cli- ents in this area.” MAREJ
space, one of the key priorities on their checklist is visibility to the marketplace,” said Cas - sano. “A prospective patient must be aware of the tenant’s location and be able to access the facility with ease or else they will find somewhere else to find treatment. I’m happy to have provided the services needed to help a growing local business to expand its pres- ence as they begin to serve the Englewood community.” In Hackensack, the firm, has negotiated the sale of a 2,600 s/f industrial building at 14 Frederick St. NAI James E. Hanson’s Jessica Curry rep- resented the seller, Paolo Tor- torici , in the transaction with the buyer, Alti Construction. Located within minutes of major roadways including Rtes. 4, 17 and 46 and Interstates 80 and 95, 14 Frederick St. is a freestanding, 2,600 s/f industri - al building with 18’ clear ceiling height and one drive-in door.
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