2-19-21

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Marshall, Ewing, and Rilee negotiate deal totaling 1,063 units NorthMarq’s Richmond office arranges the $167M sale of theWaverton, VA portfolio

ISSUE HIGHLIGHTS Volume 33, Issue 2 Feb. 19 - March 12, 2021

The Richmond-Hampton Roads multifamily market continued to post healthy performance throughout 2020, with robust renter demand driving significant year-over-year rent growth. Investor demand also re- mained strong, with asset pricing slightly higher than 2019 levels. Toward the end of 2020 several large trans- actions closed in Richmond and Hampton Roads with cap rates dipping to five per - cent or lower. Apartment construction over the past 12 months also ran ahead of 2019’s pace, exhibiting continued confidence among developers and lenders in the market’s ability to absorb new units. Looking forward, the Richmond-Hampton Roads market is forecast to remain strong, with occupancy and rent growth trends posting steadier performance than more expensive neighboring markets. MAREJ

I CHMOND , VA — No r t hMa r q ’ s Richmond office in-

SPOTLIGHTS

v e s t m e n t sales team o f M i k e Marshal l , Wink Ew- ing , manag- ing directors and Ryan Ri l ee , as - sociate vice president ar- ranged the $ 1 6 7 mi l - lion sale of the Waver- ton Virginia p o r t f o l i o . Th e f o u r - p r o p e r t y portfolio is l o ca t ed i n t h e R i c h - mond and H a m p t o n Roads mar- kets of Vir- g i n i a a n d

11-18A PROPERTY MANAGEMENT FAMILY OWNED BUSINESSES

Impressions I, II, & III

Meridian Watermark

Wink Ewing

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contains a total of 1,063 units. NorthMarq represented the seller, Waverton Associ- ates, Inc. , a Portsmouth Vir- ginia based developer as well as the buyer, a large regional investor with a substantial presence in the Virginia mar- kets. Properties include: • Meridian Watermark

- 300 units located at 6500 Caymus Way, Richmond • Impressions I, II, & III - 414 units located at 501 Coral Key Place, Newport News • Denbigh Village - 244 units located at 14332 Deloice Crescent, Newport News • Marina Villa - 105 units located at 8150 Shore Dr., Norfolk

Mike Marshall

15B

Ryan Rilee

UPCOMING WEB CONFERENCES March 17, 2021 7th Annual NJ CRE Leadership Conference For speaking and sponsorship info., please contact: Lea at 781-740-2900 or lea@marejournal.com

Marcus &Millichap’s Gatto&Ozturk complete $92.5Mmultifamily sale inNorthernNewJersey

SADDLE BROOK, NJ — Marcus & Millichap an- nounced the sale of two mul- tifamily portfolios totaling 24 properties and 702 units in the Essex County, NJ towns of East Orange and Irvington. The $92.5 million sales price makes the transaction one of the largest 2020 New Jersey multifamily sales.

Richard Gatto

Fahri Ozturk

client generate a significant return, even more so because we were able to execute in the middle of a pandemic.” “This portfolio offered an opportunity to invest in an ur- ban area with strong metrics, coupled with low vacancy and substantial upside,” added Ozturk. “We received signifi - cant interest with 12 qualified offers within short period of time and sent out multiple contracts, showing strong in- terest from the market.” “All parties involved had reasons to close in 2020 and through the hard work of seller and buyer, we completed this sale at the buzzer on New 49 Prospect Ave., East Orange

Irvington, NJ property

Year’s Eve,” said Anton. The properties are the North Jer- sey Commuter Portfolio, a 390- unit collection in East Orange and the North Jersey Garden Portfolio, a 312-apartment portfolio in Irvington. “Marcus & Millichap’s collaborative culture encourages agents from throughout the country to work together on behalf of clients and this transaction is an excellent example of the results that can be achieved through cooperation,” added Gatto. Brian Hosey and John Krueger are Marcus & Mil- lichap’s brokers of record in New Jersey and New York, respectively. MAREJ

Richard Gatto and Fahri Ozturk in Marcus & Millic- hap’s New Jersey office rep - resented the seller, a partner- ship between ERCT Capital Group, MAVeCap and Metro- politan America. Eric Anton and Chris Warner in the firm’s Manhattan office repre - sented the purchaser, Spaxel LLC, a New York-based mul- tifamily developer and opera- tor led by managing partner Granit Gjonbalaj. “This was a special deal for us since we worked with the seller to assemble the entire 702-unit portfolio over the past two and a half years,” said Gatto. “It was rewarding to help our

Directory ROP (Front Section) .................................... Section A Contributing Columnist ....... Lauren Rose Federgreen Rose Real Estate LLC’s Q4 Multifamily Sales Span Belleville & Plainfield, NJ ...................................... 2A DELMARVA . ...................................................... 5-7A Financial Digest ................................................ 9-10A Retail Development Reimagined . ................... 19-22A Business Card/Billboard Directory.................... IBC-A New Jersey.......................................................1-11B Pennsylvania................................................ 12-BC-B Owners, Developers & Managers ............... Section C www.marej.com

Inside Cover A — February 19 - March 12, 2021 — M id A tlantic Real Estate Journal

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M id A tlantic Real Estate Journal

M id A tlantic R eal E state J ournal Publisher, Conference Producer . .............Linda Christman AVP, Conference Producer ...........................Lea Christman Publisher ........................................................Joe Christman Editor/Graphic Artist ......................................Karen Vachon Contributing Columnist .... Lauren Rose Federgreen, Rose Real Estate LLC 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. 33, Issue 2 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

AKF

Lauren Rose Federgreen

Rose Real Estate LLC’s Q4 Multifamily Sales Span Belleville &Plainfield, NJ ELLEVILLE/PLAIN- FIELD, NJ — Rose Real Estate LLC has marked the close of Q4 2020 with three multifamily sales that included two apartment assets previously sold by the boutique investment broker- age firm. Located in Plainfield and Belleville, the low-rise buildings’ per-unit sale price averaged just under $145,000. The recently traded prop- erties are located at 256-64 Belleville Ave. , Belleville (18 units/$2.80M), 701-11 Kensington Ave., Plainfield (18 units/$2.65M) and 238- 40 E. 9th St., Plainfield (12 units/$1.5M). These transac - tions bring Rose Real Estate’s total sales in Plainfield alone to 10 deals in five years. B Based in Union County, Rose Real Estate represents a diverse client base focused on the acquisition and disposition of small-to-midsized multifam- ily assets strategically located throughout Northern and Central New Jersey. Since its

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inception six years ago, the company has emerged as a leader in the five- to 75-unit, $1M to $20M category. The firm also is involved in ar- ranging transactions that are larger in scope. “Rose Real Estate was found- ed on the premise that private individuals and families, as well as those whose portfolio holdings include or focus on properties of less than 75 units, should have access to the same professional, insti- tutional-caliber multifamily advisory and investment bro- kerage services contracted by larger entities,” said Lauren Rose Federgreen , founder and president. “For this rea -

son, we have emerged as the go-to broker of choice in this space.” Federgreen, a graduate of Lafayette College with a bach - elor’s degree in economics, has more than 12 years’ experience as a commercial real estate investment broker. During the course of her career thus far, she has closed more than $200M in multifamily and mixed-use transactions encom- passing over 2,700 units. Prior to forming Rose Real Estate as a niche-focused woman-owned firm, she was a broker with Marcus & Millichap and Col - liers International. “Early in my career, a com- continued on page 24A

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 A t t o r ne y s a t Law

M id A tlantic Real Estate Journal — February 19 - March 12, 2021 — 3A

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M id A tlantic R eal E state J ournal

By Eric Sutter, Motleys Asset Disposition Group Foreclosures in 2021

020 was a year full of challenges brought on by COVID-19 and the

property maintenance, taxes, insurance, and the severe cost of the capital that is tied up in these properties are all important factors on why lend- ers want to avoid owning fore- closed real estate. Because of this, Special Assets and REO departments nationwide are looking at ways to successfully sell more properties at the Trustee Sale, thereby freeing up needed capital and lowering operating costs. Once the federal protections expire and moratoriums are lifted, banks will be able to move forward with their foreclo-

sure actions on defaulted loans. Many loans were troubled before the outbreak of the pan- demic, and there are thousands of foreclosure assignments nation-wide that were in the middle of action when the moratorium was announced. These foreclosures will likely be the first to get reinitiated when the moratorium is lifted. Rather than using attorneys to hold the Trustee Sale, lend - ers will likely look to market- ing and auction professionals to bring better results. Most lenders end up taking between 70-80% of the properties they

foreclose on back into their REO department, making a successful third-party sale the exception. ( https://www.hous- ingwire.com/articles/39109- third-party-sales-at-foreclo- sure-auctions-now-higher- than-ever/ ) One such company, Fortis Trustees, a foreclosure trustee service providing marketing expertise and auctions (www. fortistrustees.com) sells 80% of the properties they foreclose on at the Trustee Auction to third-party buyers. Results like these save lenders time and money, limit their liability,

and free precious capital, allow- ing bankers to do what they do best: banking. The global COVID pandemic has had a devastating effect that will likely lead to a sharp uptick of foreclosures in 2021. Lenders are putting their heads together in an effort to save money and handle their foreclosures more efficiently. Although we will likely see more foreclosure activity, with the help of marketing and auc- tioneering professionals, we will also see a higher percent- age of properties sold to third- parties. MAREJ

global pan- demi c that s w e p t t h e wor l d . The pandemic hit hard across virtually ev- e ry s e c t o r , and with it came changes

Eric Sutter

to the landscape of foreclosures. Because of moratoriums and various forgiveness programs, foreclosures all but came to a halt in 2020. With the pan - demic still surging and forgive- ness programs expiring, many people are wondering if a flood of foreclosures is coming next and how that will impact both borrowers and lenders. When the outbreak of the pandemic began, Freddie Mac (FHLMC), and Fannie Mae (FNMA) (collectively referred to here as Enterprises ) imposed a nation-wide moratorium on foreclosures for their federally backed, single-family mortgag- es. Because of this, foreclosure numbers were down signifi- cantly in 2020. The number was down 15% from the prior quarter and down an astonish- ing 81% from the year prior. ( Attomdata.com ) Even without the foreclosure moratorium, most borrowers who faced financial trouble were given the option of modi- fying their current loan. By modifying loans and adding payments to the back end of the term, borrowers were able to avoid defaulting. With the Enterprises’ foreclosure mora- torium in effect through at least January 31, 2021, and pre - dicted by most to be extended, the fate of many borrowers is currently unknown. Lenders need not look too far in the past to remember what it is like to have an over- loaded REO and special as- sets department. In an article written in 2009, Pew Research compared 2006 to 2008 fore- closure filings, “The number of homes in the United States with at least one foreclosure filing increased from 717,522 in 2006 (0.6% of all housing units) to 2,330,483 in 2008 (1.8% of all housing units).” ( https://www.pewresearch. org/hispanic/2009/05/12/v- foreclosures-in-the-u-s-in-2008 ) An overloaded REO depart- ment can be devastating to lenders. The cost of additional staff to manage properties,

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Questions? Contact: Harry Young | Executive Director 717.614.4271

harry@panjdeccim.com www.panjdeccim.com

2021 PA/NJ/DE CCIM CHAPTER OFFICERS Jeff Kurtz, CCIM President High Associates, Ltd. Dominic Janidas, CCIM Vice President Imagine Homes Management Lisa Lord Edmonds Secretary/Treasurer SVN | The Concordis Group Stacy Martin, CCIM Immediate Past President Hankin Group Eric Gorman, CCIM Region 10 VP Avir Realty Group 2021 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 Dylan Langley, CCIM Chair, Membership Brandywine Realty Trust Andrew Miller, CCIM Regional Chair, Pittsburgh CBRE Kathy Sweeney-Pogwist Regional Chair, Philadelphia Metro Brandywine Realty Trust

M id A tlantic Real Estate Journal — February 19 - March 12, 2021 — 5A

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CORFAC welcomes Latina as president of the organization

Akelius acquires 351-unit community in Maryland Espenshade & Garrish of Newmark broker $103M sale

YATTSVILLE, MD — Newmark announced the $103M sale of The

Edition, a 351-unit multifam - ily asset located at 3401 East- West Highway in Hyattsville. The property was marketed by Newmark on behalf of a ven- ture between Fore Property Company and PCCP, LLC and sold to Akelius . New - mark’s vice chairmen Chris- tine Espenshade and Robert Garrish were the sole brokers on the transaction. The property’s location in Hyattsville offers an upwardly mobile population of residents who have quick access to mass transit. The shifting demo - graphics of COVID-19 have made walkable suburban-like areas more in-demand as the workforce continues to stay local and require more living space. “During COVID-19, we’ve witnessed many people moving out of dense urban cores into the first suburban ring that of - fers more living space, a lower cost of living and a walkable community,” said Espenshade. “The Edition is a class A rental property in an up-and-coming location that garnered a lot of interest from potential inves- tors due to its high-quality offerings and desirable loca- tion in the heart of the stable Mid-Atlantic market.” According to Newmark Re- search, in a post-pandemic era, it is likely that more people will work remotely from their homes than was occurring pre-pandemic. Indicators sug - gest the remote workforce will remain at least somewhat el- evated as a legacy of COVID-19. Regardless, underlying growth trends in remote working al- ready present pre-pandemic will likely cause a greater per- centage of renters to consider layout, design, amenities and location carefully concerning remote work needs. This transaction marks the buyer’s first purchase in Mary - land. The Edition is a luxury, tran- sit-oriented, mid-rise rental community located on the bor- der of Washington, DC in Hy -

Joe Latina

Mason Capitani

Hayim Mizrachi

David Boydtani

an unsung hero in the network. CORFAC extends its appre - ciation to outgoing president Alan Joel, CCIM , principal of Joel and Granot Commer- cial Real Estate/CORFAC International in Atlanta, Georgia, and the entire leader- ship team for their dedication throughout the past year. “The 2020 Board of Directors and executive officers are top notch, and it has been an honor to work with all of them,” Joel said. “As my term comes to a close, I’d like to remind you that it’s not what you say or think that makes a difference, it’s what you do.” The 2021 Executive Commit- tee also includes: • At-Large Member Jeff Crane, SIOR, The Andover Company, Inc./CORFAC Inter - national (Seattle, Washington) • At-Large Member Sandy Shindleman, CCIM, CIPS, FRICS, SIOR, Shindico/COR - FAC International (Winnipeg, Manitoba, Canada) • At-Large Member Mark Bingman, MPR, RPM Group/ CORFAC International (Little Rock, Arkansas) • At-Large Member Frank Schulz III, SIOR, The Klabin Co./CORFAC International (Los Angeles, California) About CORFAC International CORFAC International is a global network comprising pri- vate held entrepreneurial com- mercial real estate firms with expertise in office, industrial and retail brokerage, tenant and landlord representation, investment sales, multifamily, self-storage, acquisitions and dispositions, property manage- ment and corporate services. Founded in 1989, CORFAC has 50 offices in the U.S., 3 in Canada and 16 in inter- national markets, including Australia, France, Germany, Ireland, Italy, Japan, Malaysia, Netherlands, Romania, Rus- sia, Singapore, South Korea, Switzerland, Thailand and the United Kingdom. MAREJ

DES PLAINES, IL — COR- FAC International is pleased to announce that Joe Latina, principal of Patterson-Woods Commercial Properties/ CORFAC International in Wilmington, Delaware , is the 2021 president of the orga- nization. Joining Latina are VP Ma- son Capitani, SIOR , principal of L. Mason Capitani/COR- FAC International in Detroit, Michigan; treasurer Hayim Mizrachi, CCIM , principal of MDL Group/CORFAC International in Las Vegas, Nevada and secretary David Boyd, CCIM, SIOR , of Boyd Commercial/CORFAC Inter- national in Houston, Texas. Latina brings over 30 years of commercial real estate ex- pertise to the organization and is a recognized industry expert, thought leader, resource, and friend to his local clients, col- leagues and fellow CORFAC members. “It is with great humility that I accept the role of 2021 CORFAC International Presi - dent. It is truly an honor to be given the opportunity to lead this great organization that has provided my firm and me with a multitude of resources, busi- ness partnerships, and lifelong friendships,” Latina said. “I look forward to continuing the work of my predecessors, while bringing new initiatives to the organization as we progress through one of the most chal- lenging times of our lives.” Latina has served as VP, treasurer, an executive com- mittee member and chair of the Affiliation Development Com - mittee. He has been instru - mental in CORFAC’s expanded presence at the International Council of Shopping Centers’ (ICSC) RECon event. He is also the distinguished recipient of the 2020 Charlie King MVP Award, which recognizes the organization’s most valuable player, and the 2018 OlenMon - sees Award, which recognizes

The Edition

attsville, MD, built on the for - mer Kiplinger’s new site. The LEED Silver-certified property was delivered in 2019 and con - sists of 351 apartment homes ROCKV I LLE , MD — Newmark announced the $32,680,000 sale of the Twin - brook Office Center at 1700 Rockville Pike in Rockville. The 163,936 s/f asset sale was the first value-add deal to close in Montgomery County since the onset of the pandemic. The asset was sold from Ivy Re- alty to buyer Morning Calm Management . Newmark’s executive managing directors Jud Ryan and James Cas- sidy , along with vice president Cliff Cummings , were the sole brokers on the transaction. “Commercial real estate lo- cated in bioscience clusters around the country continues to outperform the broader mar- ketplace,” said Ryan. “Nearly 50% of 1700 Rockville Pike’s tenancy consists of top global players in the bioscience in- dustry who are currently at the forefront in the development of new treatments and vaccines for the novel COVID-19 pan - demic. The property is ideally located as it is just a short walk from both the headquarters for U.S. Pharmacopeia and the NIH’s National Institute for Allergy and Infectious Diseases (NIAID) division, lead by Dr. Anthony Fauci. The Twinbrook Office Center encompasses six floors of space spanning over 2.36 acres of land. The asset is 80% leased

with nearly 50% of its tenancy leased to biotech and life sci- ence industry participants, fur- ther supporting the significance of these drivers in the area and Twinbrook Office Center’s role in the marketplace. The property recently under- went a $3.4M capital improve - ments plan that included a renovated main lobby, exterior façade, entry, surface parking areas, landscaping, a full el- evator modernization, common area renovations and bathroom upgrades. Twinbrook Office Center is adjacent to the Twin- brook Metro Station on Wash - ington, DC Metro’s Red Line and Twinbrook Quarter, one of the region’s largest mixed-use development projects, anchored by a Wegmans. The property is also within an Opportunity Zone and has additional devel- opment potential. The combina - tion of this zoning designation and the property’s positioning at a metro station presents an opportunity for the buyer to cre- ate significant additional value via multiple strategies. The Twinbrook Office Center benefits from visibility off Rock - ville Pike, and multi-modal ac - cess to the entire Washington, DC metro region via the Wash - ington, DC Metro, heavy rail access on the MARC train just one metro stop away, and im- mediate vehicular access to all of Montgomery County, Wash - ington, DC, and Northern VA via I-270, I-495, and Rockville Pike, the primary commuting arteries for the region. MAREJ

6A — February 19 - March 12, 2021 — DelMarVa — M id A tlantic Real Estate Journal

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D el M ar V a

Merritt at Austin Ridge expands Stafford County, VA footprint Merritt Properties acquires 28 acres for light industrial business park

up to five single-story buildings ranging from 54,500 to 113,775 s/f. To accommodate the mar - ket’s diverse warehouse, manu- facturing and distribution requirements, the park will offer clear heights from 18 to 32 feet, as well as traditional rear-loaded docks, drive-in capabilities, I-95 visibility and free surface parking. Site plans are still being finalized. In keeping with the robust growth of light industrial real estate in many areas across the country, Virginia is see- ing demand for this product spreading south along the I-95 corridor, positioning Stafford

County for tremendous growth. Merritt at Austin Ridge, situ - ated across from Embrey Mill Town Center, is surrounded by planned residential, retail, service, hospitality and office projects. In preparation for the area’s anticipated growth, transportation infrastructure enhancements are already un- derway, including the runway expansion at Stafford Regional Airport and a $565 million I-95 express lane extension project, scheduled to be completed in late 2022. “Merritt Properties again confirms their confidence in Stafford County’s location, workforce, and value for com- mercial investment,” stated Supervisor Gary Snellings, Hartwood District. “We look forward to continuing Merritt’s record of success as we welcome new businesses, professional services, and commercial en- terprise to the new Merritt at Austin Ridge park.” Merritt began actively pursu - ing opportunities in Stafford County in 2019. In October 2020, the developer broke ground on its first project in the county, Merritt Business Park at Quantico Corporate Center, a two-building flex/light in- dustrial project. The site will feature 171,000 s/f along the I-95 corridor, directly adjacent to the Marine Corps Base Quantico. The location offers a strong local workforce, tre- mendous access to transporta- tion systems and an extensive fiber-optic network. Both parks are designed to cater to a diverse industry base, including government contractors, distribution cen- ters, manufacturing, and ser- vice providers. “We’re excited to expand our footprint in Stafford County, where the business-friendly climate offers solid economic fundamentals,” said Scott Longendyke of Merritt’s Vir - ginia office. “Strong develop - ment in the area, coupled with consistent leasing activity at Merritt Business Park at Quantico Corporate Center, propelled this development forward.” Merritt at Austin Ridge pre-leasing is underway, and delivery is expected to occur during the second quarter of 2022. Construction will be managed by Merritt Con- struction Services , the con- struction division of Merritt Companies. MAREJ

TAFFORD COUNTY, VA — Merritt Prop- erties has successfully closed and acquired 28 acres of land in Stafford County. With historically low vacancy rates within its existing light industrial portfolio, as well as increasing demand for the product along the I-95 corri - dor south of Washington, DC, Merritt at Austin Ridge will be the developer’s second specula- tive, light industrial project in the market. Construction is expected to begin this summer. Located off I-95 at the Rte. 630/Courthouse Rd. exit, Mer - ritt at Austin Ridge will feature

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M id A tlantic Real Estate Journal — DelMarVa — December 18 - January 14, 2020 — 7A D el M ar V a

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P P E R M A R L - BORO, MD — Cabot Properties, Inc. , an Construction underway for building situated in Collington Park business community Cabot Properties with MRP Industrial for development of spec. 86,840 s/f whse./ind. building U

media household income ex- ceeds the national average by more than 35%. In addition, nearly 16,000 businesses employ more than 230,000 workers and the county is the home of federal agencies in- cluding Joint Base Andrews, NASA Goddard Space Flight Center, FDA and NOAA. The Washington, D.C. industrial market experienced 7.1% year-over-year rent growth, which represents the third- highest increase throughout major industrial markets in the country, suggests data from Transwestern.

The Collington Park busi- ness community consists of more than four million square feet of industrial/warehouse space, with a current vacancy rate under 3.7% which is sig- nificantly below the County- wide figure of 6.6% according to year-end figures. Target Corporation and Amazon took major distribution positions within the park last year, totaling more than one mil- lion square feet of space col- lectively, with additional park tenants consisting of FedEx, La-Z-Boy, Nordstrom and Thos. Summerville. MAREJ

international private equity real estate investment fund, together with development partner MRP Industrial , a commercial real estate and investment company, have broken ground on a new spec- ulative 86,840 s/f warehouse/ industrial building in the Up- per Marlboro section of Prince George’s County. The site is contained on an seven-acre parcel within the Collington Park business community, with delivery expected to oc- cur in fall 2021. Late last year, Cabot Properties acquired the development site from MRP Industrial for an undisclosed price. Fronting Queen’s Court and directly off MD Route 301, the single-story concrete tilt-wall building features 32-foot clear ceiling heights, 23 dock and two drive-in doors, LED light- ing, a 120-foot truck court to support the movement of large tractor trailers and segregated parking fields for employee and visitor parking for nearly 100 vehicles. The large, open space floorplate is suitable for a range of light manufacturing, warehouse, logistics and last-mile opera- tions and can accommodate both a single andmulti-tenant use. “We have tremendous confi - dence in our ability to quickly bring this speculative build- ing to 100% occupancy based on the velocity of user demand that continues for this real es- tate product type both nation- ally and locally,” said Carey Herrlinger , director, Invest- ments of Cabot Properties. “The Prince George’s County region, in particular, is ben- efited by its strategic location embedded within the Com- bined Statistical Area of the Washington, DC-Baltimore area that contains 10 million people. With direct access to MD Rte. 301, a major north/ south highway servicing the as far north as Delaware and extending into Richmond, Vir- ginia, end-users will be able to reach a majority of the MSA’s population under a one-hour drive. A strategic position 10 minutes from Interstate 495 provides immediate connec- tions throughout the greater DC marketplace.” According to figures gener - ated from the Prince George’s

New speculative 86,840 s/f warehouse/industrial building

County Economic Develop- ment Corporation, the popu-

lation of the county is more than 970,000 and its $81,240

INSURANCE BUSINESS ● AUTO ● HOME Tom Hornung 302 ‐ 367 ‐ 8776 tom.hornung@ioausa.com Insurance Commercial Property & Liability

8A — February 19 - March 12, 2021 — M id A tlantic Real Estate Journal

www.marej.com

Commercial-Industrial Realty Council Great CRE Events...Cont. Education...Speakers...Networking

2020-2021 Board of Directors

Visit our new website Renew or Join Today!

—OFFICERS— President:

Robert Stenta Pettinaro Management, LLC Vice President/Programs: Jay L. White , MAI, CRE® Apex Realty Advisory Treasurer: Barton L. Mackey, Jr. Patterson-Woods Associates Secretary: Bayard Snyder , Esq. Bayard & Associates — D I R E C T O R S — Education Chair: Cynthia Fleming Jones Lang LaSalle

Platinum Partners

www. CircDelaware .org

Membership Chair: James Manna BrightFields, Inc. Past President:

CONTINUING EDUCATION Classes Accredited: DE*PA*MD*NJ 2021 CALENDAR WILL BE RESCHEDULED DUE TO COVID-19 Instruction by the Frederick Academy of Real Estate accredited real estate continuing education classes * GOOD NEWS: We will have the ALL NEW Pennsylvania Mandatory Class that covers: Red Lining, Steering, Diversity, Implicit Bias, and Fair Housing Act (credits req'd. by 5/31/22) www.circdelaware.org CHECK OUT OUR RESOURCES Presentations are posted on our website menu at: Resources/Presentations Our January 13 th membership meeting presenta- tion provided a comprehensive look at federal and state COVID-relief packages and their benefits for small businesses and independent contractors, including timely information about the new PPP-2 and its tax implications and EIDL Advances.

— E X - O F F I C I O — Business Manager Janet Pippert Landmark Science & Engineering Legislative Lobbyist C. Scott Kidner C. S. Kidner & Associates Legislative Affairs Chair William Lower Harvey Hanna & Associates contact us (302) 633-1705 Janet@circdelaware.org www.circdelaware.org Donald Robitzer The Commonwealth Group Benjamin Berger , Esq. Berger Harris, LLC Carmen Facciolo NAI Emory Hill Jim O’Hara , Jr. NAI Emory Hill-Retail Division Michael Hahn 44 Business Capital Lorraine Sheldon NAI Emory Hill Daniel Wham DSM Commercial Real Estate Ryan Kennedy Harvey Hanna & Associates

Gold Sponsors

F inancial D igest

M id A tlantic Real Estate Journal — February 19 - March 12, 2021 — 9A

www.marej.com

Progress’s Domenico closes $81.0M acquisition loan

Firm arranges $86M in loans for four NNJ properties G.S. Wilcox & Co. commits $267Mwith Thrivent Financial

updated building contain- ing over 111,500 s/f multi tenanted office space. The property’s Class A renova- tions have office and medical users alike, including RJW Barnabas Health. It is well- situated along Route 22 with immediate access to several major roadways. The loan refinancing was arranged on behalf of a prominent client of the firm with very a flexible prepayment structure. “We are pleased to secure this attractive financing on behalf of our repeat client. The Grey - mark at Bridgewater is a prime example of the strength of the market for renovated, attrac- tive, modern office buildings,” said Fryer. MAREJ

an $18,000,000 loan for a retail center in Long Island, New York. “Despite the challenges we faced in 2020, we continue to meet our clients’ objec- tives by arranging the best financing for their projects. We are proud to serve as a correspondent for Thrivent Financial in our market, and look forward to continu- ing this partnership,” said founder GretchenWilcox in a prepared statement. G.S. Wilcox & Co. recently announced that David Fry- er , principal, refinanced an office building for $6.8 million in Bridgewater, New Jersey. Greymark at Bridgewa- ter is a three-story recently

ORRISTOWN, NJ —Morristown based commercial mort-

gage bank- ing firm an- nounced they c ommi t t e d $267,000,000 with one of their exclu- s ive corre- s p o n d e n t life company

Gretchen Wilcox

lenders, Thrivent Financial . Two of the loans were for multi-family properties in northern New Jersey for $103,000,000 and $60,000,000, respectively. The firm also ar - ranged $86,000,000 in loans for four industrial properties in northern New Jersey and BALTIMORE, MD — MacKenzie Capital, LLC arranged construction de- velopment financing for the redevelopment of Grand Cen- tral into City House, a 38,000 s/f class A office and retail project located in the heart of Baltimore’s Mount Vernon neighborhood. Situated along the thriving Charles Street Corridor, the project sits at the corner of Charles and Eager Streets. MacKenzie Capital president John Black and vice president Brendan Har- man worked with project de- veloper LandmarkPartners , a real estate and community development firm, to secure the financing. “Baltimore’s Mount Ver - non neighborhood is one of the strongest submarkets in Baltimore for office, retail, and apartment projects. The continued flight-to-quality for new, state of the art finishes with neighborhood amenities is expected to drive demand to the property,” stated Brendan Harman. “We enjoyed work - ing with the project team and taking part in the area’s rede- velopment.” The project includes first floor retail with seven levels of office space above and will incorporate modern designs

49 Prospect St., East Orange, NJ

critical and worked very hard to make it happen for their respective clients,” said Do - menico. “It was truly a collab - orative effort.” After two and half years of assembling the portfolio, the sale took place at the stroke of midnight. According toMarcus & Millichap, the sale price of $92.5 Million makes this one of the largest 2020 New Jersey Multifamily sales. Since 1990, Progress Capital has closed over $40 Billion in commercial loans and $150 Million in directly funded bridge loans. As a commercial real estate advisory firm, we can advise you on any real estate investment you are considering and provide the financing advice you need to manage through the com- mercial real estate acquisition and/or financing process. We consistently get our clients to the closing table…plain and simple! MAREJ

EAST ORANGE AND IRVINGTON, NJ — Brad Domenico , partner at Prog-

ress Capital pulled off a New Year’s E v e c l o s - i n g wh i c h came down to the last possible mo- ment when he closed the

MacKenzie Capital arranges construction loan for Mount Vernon redevelopment

Brad Domenico

$81 million acquisition loan for Granit Gjonbalaj , managing partner of Spaxel to purchase 24 properties totaling 701 units in East Orange and Ir- vington. It was a momentous un- dertaking which required many teams to come together – seller, buyer, Marcus &Mil- lichap who represented both parties in the sale and Prog - ress Capital who arranged the financing with Arbor. “All parties involved knew that a year-end close was

Greysteel secures $38.6M in financing for VA Multifamily Community

City House rendering

that compliment the historic property and surrounding neighborhood. Construction began in December on the partially pre-leased project with an anticipated delivery of early 2022. In a separate transaction, MacKenzie Commercial Real Estate Services, LLC an - nounced that Milk Reclama - tion Barn, a Maryland-based premium candle manufac- turer, has leased 7,910 s/f of space at 9West Aylesbury Rd., Timonium. Owned by Merritt Proper-

ties , this location will allow the company to expand their production and serve their growing client base while re- maining close to their employ- ees. MacKenzie vice president AndrewMeeder represented Milk Reclamation Barn in the transaction. Owners Michael and Bobbie Davis explained, “Although the barn will remain the cre- ative influence behind our company, we are investing in new facilities to allow our company to continue our phe- nomenal growth.” MAREJ

team in Washington, DC secured the 20-year fixed-rate Fannie Mae financing on be - half of our client. “Our legacy client was seek- ing a long-term financing solution, given the existing relationship and our teams ability deliver the best capital solution for our clients. We were able to leverage our na- tional capital lending relation- ships to yield the most accre- tive solution.” said Greysteel Capital Markets associate Jack Whitman . MAREJ

STAFFORD , VA — Greysteel , a national com- mercial real estate invest-

men t s e r - vices firm, h a s a r - ranged the financing of a 252-unit mu l t i f am- ily property in Stafford, VA.

Ari Firoozabadi

Gr e y s t e e l CEO , Ar i Firoozabadi and the Mid- Atlantic Capital Markets

10A — February 19 - March 12, 2021 — Financial Digest — M id A tlantic Real Estate Journal

www.marej.com

F inancial D igest

erus Commercial Real Estate Finance, LLC (VCREF) is a subsid - Lender provides CRE bridge loans as well as a permanent loan for SFR portfolios Verus Commercial Real Estate Finance is a nationwide balance sheet lender V

permanent loan product for single family rental (SFR) portfolios. As a specialty fi - nance lender, VCREF spe - cializes in providing loan solutions that are customized to meet the specific business needs of our borrowers. Fi - nancing with VCREF provides borrowers a personalized loan experience with a quick closing time frame that other competitors do not provide. By offering flexible structure and a streamlined funding process, VCREF can quickly address any challenges that arise and adjust our deal

Rochelle, NY , demonstrating our flexibility and ability to tailor a loan that addresses the interim financing needs of our borrowers. In another situation, VCREF was able to refinance one property in order to recapture equity for the ac- quisition of a second property, resulting in a $4.25M funding. VCREF considers most asset classes for our bridge loan program, including office, re - tail, industrial, multifamily, hotels/hospitality, parking retail, condos, mixed-use, self- storage, manufactured hous- ing, and SFR portfolios.

In addition to our active br idge lending plat form, VCREF’s SFR portfolio pro - gram recently launched as an additional loan product that is synergistic with Verus Mortgage Capital’s residential business. The SFR portfolio program provides SFR inves - tors with 5, 7, or 10-year loans with either interest-only or amortizing options. This loan program accepts a minimum of three properties per portfolio, and property types includes single family detached, 2-4 units, warrantable condos, PUD, townhomes, multifamily up to 20 units, modular homes, and leaseholds. Unlike the bridge program, the SFR port - folio program follows a more specific loan matrix to identify if the portfolio’s metrics fit within our underwriting guide- lines. This includes a DSCR minimum, sponsor experience and net worth, as well as credit score requirements. As 2021 begins, VCREF is excited about our position in the financing sector and sees great demand for the kind of financing that we provide. We continue our commitment to be the most innovative and creative lender in the business. Ken Wood is managing di- rector of Verus Commercial Real Estate Finance. MAREJ The Stro Cos. refinance two properties with Signature Bank NORTHERN NJ — The Stro Companies has re- financed two properties in Northern NJ, 2 Amboy and 111 Moonachie, with Signa- ture Bank for a combined $9.6 million. “We are thrilled to have consummated these two refi - nances with Signature Bank. They have been a great bank to work with and were able to quickly execute on these two deals despite COVID-19,” said Jack Shulman , director of leasing, acquisitions and Capital Markets at STRO. “Certain banking institutions took a step back from lending when COVID-19 hit and only in the last six months has the ice thawed. Banks are eager to lend on multitenant industri- al-warehouses, particularly in Northern New Jersey, where STRO’s portfolio is located.” said Shulman. MAREJ

structure accordingly. The bridge loan program offers capital for transitional prop- erties for a mixture of situa- tions, including acquisitions, refinances, equity recapture, and renovation. Our recent bridge loan fundings con- tain a variety of scenarios and locations, ranging from a $17.8M multifamily conver - sion in White Plains, NY to a suburban office building acquisition in Fairborn, OH for $3.1M (which was closed in just 17 days). VCREF also recently closed on a mixed-use portfolio in Yonkers and New

iary of Verus Residential Loanco, LLC d/b/a Verus M o r t g a g e Capital, who is a leading provider of c a p i t a l i n the residen-

Ken Wood

tial non-QM space. VCREF is a nationwide direct lender that provides bridge financ - ing solutions for commercial real estate assets as well as a

M id A tlantic R eal E state J ournal ’ s F amily O wned B usinesses

M id A tlantic Real Estate Journal — February 19 - March 12, 2021 — 11A

www.marej.com

Shown from left: Dick Oliver, Russ Walters, Steve Oliver, Bill Oliver, Robert Oliver and David Oliver of Oliver Fire Protection & Security

Shown from left: Jason Zimmel, Jaime Zimmel, David Zimmel, Joel Natter and Jordan Zimmel of Zimmel Associates

Shown from left: Michael Bergman, Jerome Bergman, and Steven A. Bergman of Bergman Real Estate Group

Shown from left: Jamie Redington, Greg Redington and Jim Redington of REDCOM Design & Construction LLC

Shown from left: Joe Waters, Kevin Donahue, Dan Altman, Brittany Mackrides, Kevin Lahn, Robert Waters.

Shown from top left: Rob J. DiLeo, Dominic DiLeo, Matthew DiLeo, Robert V. Dileo, (bottom) Louis Haszu and Jacqui Dileo of NAI DiLeo-Bram&Co.

Zimmel Associates..................................................................................................................................12-13A Bergman Real Estate Group........................................................................................................................14A Waters Retail Group.....................................................................................................................................15A REDCOM Design & Construction LLC........................................................................................................16A Oliver Fire Protection & Security................................................................................................................17A NAI DiLeo-Bram & Co...................................................................................................................................18A

12A — February 19 - March 12, 2021 — Family Owned Businesses — M id A tlantic Real Estate Journal

www.marej.com

F amily O wned B usinesses

Father and son team Bernard (1928-2014) and David Zimmel formed company in 1986 Zimmel Associates - An Established Authority On New Jersey Real Estate F

ather and son team Ber- nard (1928-2014) and David Zimmel formed Zimmel Associates in 1986. Both men were already suc- cessful brokers serving the New Jersey commercial real estate industry when they were each offered a partnership interest in a new firm. Instead, they decided the time was right to form their own company. Within short order the duo were assigned exclusive listings and closing major transactions. Bernard Zimmel is recognized for originating the concept of industrial flex space for the industrial market in 1969. He shared the idea with a leading developer who implemented it and gave him the exclusive listing for the building. As other developers followed suit, the flex space concept had a major impact on the marketplace. Today, Zimmel Associates’ tradition of creative solutions and father and son teamwork are stronger than ever. David Zimmel serves as CEO and three of his sons represent the third generation of Zimmels at the firm. They and their associ - ates are committed to deliver- ing the best deals possible for their clients. The Zimmel Associates Brokerage Team, experi- enced Real Estate Profes- sionals with exceptional track records of success for office, industrial, retail, and investment brokerage. David Zimmel CEO, Zimmel Associates David Zimmel has dedicated more than 42 years to the real estate industry. He has participated in the closing of more than 3,500 real estate transactions, and $12 bil- lion in investment sales. He is a highly experienced and skilled negotiator, armed with outstanding knowledge of the marketplace and the intrica- cies and tasks today’s brokers, investors, owners and tenants face prior to closing beneficial transactions. A solutions-ori- ented, creative thinker, David is often asked to share his mar- ket knowledge, insight and ex- pertise with industry leaders, associations and media. He is a past president of IOREBA, an organization comprised of real estate professionals and owners in PA, NY, NJ and CT. “Be honest, upfront and have integrity. Know the mar- ketplace like the back of your hand. Be the best broker you

specializes in the acquisition and disposition of office, industrial and retail properties. “I am excited for the future and continued success of our firm. We all share mutual re - spect for each others skills, a lifelong passion for the industry and commitment to outstanding service.” Terri Zimmel, Interior Designer Extraordinaire, Zimmel Associates Touches of Terri are found in many of Zimmel Associates’ commercial real estate proper- ties - office, industrial and retail properties. The Zimmel family in- cludes those who are in- grained with the same dedi- cation, passion and ethics. Joel Natter, Executive Vice President, Zimmel Associates Joel Natter has been with the firm for more than 25 years. Joel is a knowledgeable and versatile corporate real estate professional who knows the New Jersey market and con- sistently delivers outstanding solutions for his clients. He has a B.A. Degree from SUNY Binghamton, is a talented musician, and serves on a local

planning board and the Edison, NJ Chamber of Commerce Board of Directors. Joel is known for being a great listener, highly organized and attentive with every business situation. He enjoys leasing in the office sector and has a great track record of consistently increasing occupancy levels as Exclusive Leasing Agent. “Zimmel Associates is a good fit for me professionally for many reasons. The company’s entre- preneurial nature works well for me, the support staff is excellent and the ability to interact with the company’s principals is ex- tremely valuable.” Lauren LoFaro, Director of In 2015, Lauren LoFaro joined the Team of Zimmel Associates, bringing over thirty years of notable accom- plishments, managing daily operational functions and steering projects to success- ful completion. By immersing herself in the commercial real estate market, she continues to have a positive impact on the overall performance and daily activities of Zimmel As- sociates. MAREJ Office Operations, Zimmel Associates

Jaime Zimmel, Vice President, Zimmel Associates

can be. Treat every trans- action, large or small with importance. That is what my father taught me and it is a philosophy that continues at our firm. It is the foundation for our long-term client rela- tionships and the key to our success.” Jordan Zimmel joined the firm in 2009. He is a gradu - ate of Monmouth Univer- sity where he majored in Business Management. His responsibilities include orga- nizing transactions and the acquisition and disposition of industrial, office and retail properties, lease and purchase negotiations and representing landlords, tenants, buyers and sellers. “Having been taught the real estate business from both my father and grandfather has proven to be more inspiration- al, educational and valuable than words can express.” Jordan Zimmel, Vice President, Zimmel Associates Jordan and his fiancée Ari - elle are planning a summer wedding, a celebration the entire Zimmel family is look- ing forward to.

Jaime Zimmel has a B.A. in Liberal Arts from Penn State University. His friendly per- sonality and negotiating skills are naturals for a successful career in real estate. Jaime is committed to continuing the Zimmel tradition of profes- sionalism and perseverance, and enjoys problem solving. “It’s all about finding opti - mum solutions. The process of finding a great building, negotiating the right price for the client, and closing the deal makes working at Zimmel As- sociates rewarding.” July 26, 2020, Jaime Zim- mel and Kristen Mendez mar- ried, additional blessings for the Zimmel family. Jason Zimmel has a B.S. in Business Administration and Real Estate from Monmouth University’s highly regarded Kis- lack Real Estate Institute. His education by esteemed industry brokers, bankers and developers prepared him well for success at Zimmel Associates where he Jason Zimmel, Sales Associate, Zimmel Associates

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