ISSUE HIGHLIGHTS Volume 32, Issue 18 October 16 - 29, 2020

Banas, Wood, Wilson and Saltiel advise borrower Walker & Dunlop structures $87M in financing for NJ housing portfolio

EW J ERSEY — Walker & Dunlop, Inc. has structured $87,429,870 i n Fanni e Mae financ- ing on behalf of The PRC G r o u p , a repeat client and mission- d r i v e n r e - g i ona l rea l estate owner and develop- er headquar- tered in Red Bank , NJ . The portfo- lio includes B r i g h t o n Arms Apart- me n t s , l o - cated in Neptune City, NJ, N John Banas Kris Wood

Grandville Towers, located in Red Bank, NJ, and Tree Haven Apartments, located in Matawan, NJ. The portfolio comprises 792 units in total, over 85 percent of which qualify as mission-driven, affordable housing under Federal Hous- ing Finance Agency (FHFA) guidelines. Walker & Dunlop has ar- ranged over $125 million in financing for The PRC Group throughout 2020. The three- property portfolio represented the borrower’s first agency execution. Capital Markets managing directors, John Banas and Kris Wood , as well as Analysts JohnWilson and Rhett Saltiel , structured the financing to provide the borrower flexibility, with four years of interest-only payments

and an attractive fixed rate for each of the 12-year loan’s terms. The team provided sup- port to the client throughout the deal process, effectively advising the client in their first Fannie Mae transaction. “John Banas and his team are a class act,” said Stanley Koreyv a, president and COO of The PRC Group. “They were on top of all the information we needed to supply, and their re- sponse time to us for any ques- tions we had was outstanding. They are true experts in han- dling this type of transaction.” Said Banas, “It was an honor to be selected by Bob Kaye , Stan Koreyva , and the team at PRC for this transaction, which helps preserve 710 units of workforce housing through- out New Jersey. Thanks to our

experienced team and strong partnership with Fannie Mae, we were able to successfully execute the transaction under the challenging circumstances presented by the global pan- demic.” Each of the three proper- ties is well-located near New Jersey’s Sandy Hook Bay and situated within a few miles of the coast. Located near Route 35, the portfolio offers residents quick access to Trenton and New Brunswick employment centers and are outfitted with community amenities such as swimming pools, playgrounds, clubhouses, and on-site prop- erty management. The client plans to utilize the cash-out proceeds to perform capital improvements and renovations to the buildings. MAREJ



Procida closes $52.5 million construction loan for 214-unit Hudson County project

and believe that it will be good start to long and prosperous relationship.” “I’ve knownJimmyDemetra- kis almost 40 years now. Back when we met there was no ‘Jersey Gold Coast’ ,” said Billy Procida , president and Founder of Procida Funding. “He is possibly single handedly responsible for what is now called the Gold Coast. Not to mention his girls have grown up eating and sleeping real estate; they are great young ladies and I hope to do more with them.” Alexis Pizzurro and Ari- anne Schreer, daughters of Demetrakis, have been active in their father’s business for the last decade, running the leasing and management on over 1,000 units including the $100,000,000 Towne Centre in Cliffside Park. “This step is just natural for us,” said Pizzurro and Schreer. “We’ve grown up in this business learning it at the kitchen table at a young age, we hope to live up to the legacy he has left us and utilize the skills he has taught us.” MAREJ

NORTH BERGEN TWP., NJ — New Jersey-based com- mercial real estate lender, Procida Funding provided a $52.5 million construction loan, on behalf of the 100 Mile Fund , which Procida manages. The loan made to the Demetrakis family, pro- lific builders in the northern New Jersey submarkets, will finance “Manhattan Tran- sit Village North Bergen,” a ground up 214-unit apartment


Southern NJ Chapter


Directory ROP (Front Section) .................................... Section A Contributing Columnist ... Shmuel Shayowitz, Approved Funding Keeping Up With The Jonses’ Mortgage ............... 2A Commercial-Industrial Realty Council Delaware ... 4A Financial Digest .............................................. 13-15A Business Card/Billboard Directory ....................... 19A Organization Calendar of Events .......................... 20A New Jersey.......................................................1-16B Southern NJ. ....................................................9-15B Pennsylvania .................................................17-BC B Southeastern PA . ...........................................18-19B www.marej.com

Manhattan Transit Village North Bergen aerial

complex in North Bergen Township, NJ. Cole Schotz P.C. was lender’s counsel on the closing. Manhattan Transit Village will feature a mix of studio, one bedroom and two-bedroom rental units spread across four buildings located directly ad- jacent to the Tonnelle Avenue Station of the Hudson Bergen Light Rail. In addition to its

proximity to public trans- portation, the property will also benefit from a clubhouse inclusive of a pool, gym, and entertainment space for ten- ant use. “The Demetrakis family and Procida have been trying to do a deal for a very long time,” said Brian Foley , vice president at Procida. “We are very excited about this deal

Inside Cover A — October 16 - 29, 2020 — M id A tlantic Real Estate Journal


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M id A tlantic Real Estate Journal — October 16 - 29, 2020 — 1A







Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States specializing in the sale of single tenant net-lease assets and retail shopping centers. We have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. We have a dedicated buy side desk that provides real time inventory and market data to each individual client placing capital or fulfilling a 1031 exchange requirement. The firm is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.


2A — October 16 - 29, 2020 — M id A tlantic Real Estate Journal As easy as 0-1-2-3 As easy as 0-1-2-3


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 Marketing and Sales Specialist ................ Gabriella Gruber Editor/Graphic Artist ......................................Karen Vachon Contributing Columnist ........Shmuel Shayowitz, Approved Funding Mid Atlantic R eal E state J ournal ~ Published Semi-Monthly Periodicals postage paid at Hingham, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal 350 Lincoln St, Suite 1105, Hingham, MA 02043 USPS #22-358 | Vol. 32, Issue 18 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

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Shmuel Shayowitz

Keeping Up With The Jonses’ Mortgage

L ong before there was a “Keeping up with the Kardashians,” and the like - Americans were focused on “Keeping up with the Jone- ses.” For those who don’t know, ‘Keeping up with the Joneses’ is an expression that refers to the comparison to one’s neighbor as a benchmark for social class or the accumula- tion of material goods. Accord- ing to Wikipedia, the phrase originates with the comic strip Keeping Up with the Joneses, created by Arthur R. “Pop” Momand in 1913. I assure you that the concept originated well before that. When it comes to the recent “dip” in mortgage rates, I am finding a funny comparison and competition occurring in the marketplace. As most of my business comes from word of mouth referrals from current or past satisfied clients, I find that they are often pointing at the rate that their friend received and expecting to get the same or better. When I offer someone a low rate with limited or no fees, moments later, I get a phone call or email asking for



“the same deal.” I greatly appreciate the re- ferrals and introductions – it is the driving force of my busi- ness and keeps me motivated to exceed the expectations of my clients. That said, I always encourage people to explore and discover what is being of- fered in the “real” market (i.e., from friends and relatives, as opposed to the media and national averages), as I think it’s a healthy exercise. At the same time, however, when it comes to the particulars of what one homeowner might get as opposed to their neighbor, the range is enormous. Many variables go into consideration when someone is getting accu- rately quoted a rate for their specific circumstances. Don’t get me wrong; there

are still banks out there that put all of their clients into a “box,” They maintain a one- size-fits-all approach. For all those that meet the rigorous parameters of their guidelines and demands, you will get the universal rate that they offer to everyone. That might work out very well if the prices are “be- low market,” and a client has issues that would otherwise not yield the same terms else- where. Alternatively, if some- one has superior qualifications or other compensating factors, that might not be “rewarded” if the bank has a uniform rate for all its applicants. It is because of these (and so many other) inefficiencies in the banking environment that lenders such as Approved continued on page 16A


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M id A tlantic Real Estate Journal — October 16 - 29, 2020 — 3A


M id A tlantic R eal E state J ournal

Kay Properties helps DST Investors avoid a potentially significant tax consequence Good to have a 1031 Exchange backup when you need one K

financial instrument. If you are not the intended recipi- ent of this message, any use, dissemination, distribution or copying of this communica- tion is strictly prohibited. If you have received this com- munication in error, please immediately notify the send- er and permanently delete all copies that you may have. Securities offered through Growth Capital Services, member FINRA, SIPC, Office of Supervisory Jurisdiction located at 582 Market Street, Suite 300, San Francisco, CA 94104. MAREJ

ay Properties and In- vestments is pleased to announce a com- pleted exchange for an in- vestor who did not originally intend to invest into Dela- ware Statutory Trust (DST) properties. vice president Alex Madden explained: “Af- ter discussing the client’s background in real estate investing, he expressed his first choice was to continue with active management for a few more years before he began moving his substan- tial real estate portfolio into more passive investments like DSTs. Our client real- ized that it may be prudent to use the Three Property Rule to identify two properties he could actively manage, and one DST in the event he was not able to complete his purchase within the time requirements of the 1031 exchange.” Senior vice president Jason Salmon went on to say “We were able to leverage out deep relationships within the industry to hold the cli- ent’s reservation while he conducted due diligence on his first two properties. In the end, neither passed his due diligence. Had he not for- mally identified a DST dur - ing his identification period he would have been facing a difficult decision between purchasing properties which did not meet his due diligence requirements, or facing a potentially significant tax consequence. Our Client was happy to have an alternative and was excited to have the option to use the tax deferral found in the 1031 exchange and DSTs.” About Kay Properties and www.kpi1031.com Kay Properties is a nation- al Delaware Statutory Trust (DST) investment firm. The www.kpi1031.com platform provides access to the mar- ketplace of DSTs from over 25 different sponsor companies, custom DSTs only available to Kay clients, independent advice on DST sponsor com- panies, full due diligence and vetting on each DST (typically 20-40 DSTs) and a DST secondary market. Kay Properties team members collectively have over 115 years of real estate experi- ence, are licensed in all 50 states, and have participated in over 15 Billion of DST 1031

entire Memorandum paying special attention to the risk section prior investing. IRC Section 1031, IRC Section 1033 and IRC Section 721 are complex tax codes there- fore you should consult your tax or legal professional for details regarding your situa- tion. There are material risks associated with investing in real estate securities includ- ing illiquidity, vacancies, gen- eral market conditions and competition, lack of operating history, interest rate risks, general risks of owning/oper- ating commercial and multi-

family properties, financing risks, potential adverse tax consequences, general eco- nomic risks, development risks and long hold periods. There is a risk of loss of the entire investment principal. Past performance is not a guarantee of future results. Potential cash flow, potential returns and potential appre- ciation are not guaranteed. Nothing contained in this article constitutes tax, legal, insurance or investment ad- vice, nor does it constitute a solicitation or an offer to buy or sell any security or other

investments. This material does not con- stitute an offer to sell nor a solicitation of an offer to buy any security. Such offers can be made only by the confi - dential Private Placement Memorandum (the “Memo- randum”). Please read the


WINK EWING RYAN RILEE Associate VP Investment Sales CONTINUING OUR GROWTH COAST-TO-COAST. Managing Director Investment Sales MIKE MARSHALL Managing Director Investment Sales



4A — October 16 - 29, 2020 — M id A tlantic Real Estate Journal


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

SCHEDULE OF EVENTS Nov. 11 (Wed.) - Joint "Dinner" Event - SIOR, CCIM, CIRC

Meet Our 2020-2021 Board of Directors

—OFFICERS— President:

— D I R E C T O R S —

Education Chair: Cynthia Fleming Jones Lang LaSalle

Event Details to be announced. www.circdelaware.org

Robert Stenta Pettinaro Management, LLC

Membership Chair: James Manna BrightFields, Inc.


Vice President + Program Chair: Jay L. White , MAI, CRE® Apex Realty Advisory

Classes Accredited: DE*PA*MD*NJ Instruction by Frederick Academy of Real Estate 2021 Schedule of continuing education classes CIRC plans to begin offering Continuing Education course instruction on January 13, 2021. The schedule will soon be posted posted online. (Due to regulatory requrements in the various

Past President: Donald Robitzer The Commonwealth Group

Benjamin Berger , Esq. Berger Harris, LLC

Treasurer: Barton L. Mackey, Jr. Patterson-Woods Associates

Carmen Facciolo NAI Emory Hill

Michael Hahn 44 Business Capital

states in which classes are accredited, class participation will be limited to a maximum of 25 students per class. www.circdelaware.org

Secretary: Bayard Snyder , Esq. Bayard & Associates

Jim O’Hara , Jr. NAI Emory Hill

— E X - O F F I C I O M E M B E R S —

Lorraine Sheldon NAI Emory Hill

Visit us online for event registrations, news and archived meeting presentations. October Events:

Business Manager Janet Pippert Landmark Science & Engineering Legislative Lobbyist C. Scott Kidner C. S. Kidner & Associates Legislative Affairs Chair William Lower Harvey Hanna & Associates

Daniel Wham DSM Commercial Real Estate

Ryan Kennedy Harvey Hanna & Associates

Annual Economic Outlook

Increasing Delaware's Graduate Lab Space

October 14 (virtual) Abbey Omodunbi, as- sistant vice president and economist for The PNC Financial Services Group, presented a comprehensive review

October 7 (virtual) Interesting and infor- mative, the Lab Roundtable panelists discussed in detail the

Economic Dev. Liaisons: New Castle County Robert Chadwick NCC Chamber State of Delaware Joseph Zilcosky Div. of Small Business

of the national U.S. economy and his outlook of the effects that the turbulence of the CO- VID-19 pandemic and election year drama and results may have on our national, re- gional and local economies. He is responsible for contributing to PNC’s regional, national and international economic analysis and forecasts, including coverage of metropolitan

Kurt Foreman Delaware Prosperity Partnership

current need for and efforts to bring more "graduate" lab space to Delaware. From the complete innovation process, construction costs, funding, and how the real estate development community can help. Program panelists represented the Delaware Prosperity Partnership, Delaware Bio, Delaware Technology Park, and Delaware Innovation Space.

City of Wilmington Jeffry Flynn

contact us Janet@circdelaware.org | (302) 633-1705 | www.circdelaware.org

M id A tlantic Real Estate Journal — October 16 - 29, 2020 — 5A


M id A tlantic R eal E state J ournal

EW BRUNSWICK, NJ —The Garden State’s commercial Virtual event marks association’s 50th anniversary and honors 2019 Deals of the Year NAIOP New Jersey celebrates commercial real estate leaders N

Township of Weehawken Mayor Richard Turner re- ceived the Caren S. Franzini Public Partner Award, which honors local champions of development that inspire and transform communities. The Impact Award was presented to Prism Capital Partners’ Eugene Diaz and RC An- dersen, LLC in recognition of their impact on the industrial and office development com - munities. Anne Strauss-Wieder , director of Freight Planning at the North Jersey Trans- portation Planning Author- ity (NJTPA) , received the

Industry Service Award for her considerable contributions in support of the commercial and industrial real estate in- dustry’s goals. Deal of the Year Awards Deal of the Year winners were selected in three catego- ries based on impact on the community and marketplace; degree of complexity and/or uniqueness; innovative strat- egies; and creative problem solving. Office: M Station at Morris - town, a transformative Class A mixed-use development in the heart of Morristown. This new ground-up project

is the most significant com- mercial development planned for Morristown in almost 40 years. M Station’s site plan comprises two headquarters- quality, class A office build - ings with ground-floor retail space and a parking structure. Involved in the deal were SJP Properties; Cushman & Wakefield; Gensler; Riker Danzig; Scotto Properties ; and Deloitte . Mixed Use: Lotus 315, a luxury mixed-use development by Newark-based firm Black - stone 360. The structure’s sleek, ship-like design is unlike continued on page 8A

real estate community gath- ered screen-side to celebrate the achievements of its out- standing leaders and to honor the most impactful trans- actions of 2019 as NAIOP New Jersey held its 33rd An- nual Commercial Real Estate Awards Gala. The virtual event also marked the 50th anniver- sary of the commercial real estate development association and featured appearances by Governor Phil Murphy and Assembly Republican Leader Jon Bramnick . “At a time when we are all concerned about the economic future of our state, we are grateful to have leaders like you in the real estate indus- try,” said Murphy. “I want to express my gratitude to Mike McGuinness and the mem- bers of NAIOP New Jersey for your incredible partnership. Working together we will get through this unprecedented time in our state’s history, and be stronger for it.” In his opening remarks, NAIOP New Jersey president Eugene Preston of Dermody Properties said, “NAIOP’s core mission is advocacy. Throughout the COVID-19 crisis, we have worked closely with the Murphy Adminis- tration, legislative leaders and our business community colleagues to protect your in- terests and pave the way to a safe reopening and recovery of our economy. This astonishing disruption will reshape com- mercial real estate, economic and social landscapes, and public policy in unforeseen ways for years to come. Be as- sured, NAIOP will be part of the solutions.” Preston added, “The gala is a night for our extended real estate family to gather, recon- nect and celebrate. Although we’ll miss shaking hands and hugs tonight, we look forward to better days ahead.” This year’s highest honor, the Lifetime Achievement Award, recognized the Frank Visceglia Family, considered NAIOP NJ’s “Founding Fam- ily,” for their multigenera- tional leadership of Federal Business Centers and for sig- nificant achievements in the industrial real estate industry, as well as for their contribu- tions to NAIOP New Jersey throughout its 50-year history.

Shown from left: Peter Visceglia, Nicole Visceglia-Rodgers, and Frank Visceglia, Jr. Photo Credit: Gary Gellman, Gellman Images Frank Visceglia, Sr. was one of the chapter’s four found- ing fathers, along with Frank Heilmann, David S. Steiner and Alex Zall.

60 Years of Logistics Real Estate Success

With a long history of logistics real estate experience, relationships and solutions across the country, Dermody Properties has been acquiring and developing strategic industrial and e-commerce solutions for customers in the Northeastern U.S. for more than three decades. Our vertically-integrated model allows us to provide leasing services, land control, financing and construction, all under one roof.

Current availabilities in the East Region:



150 Milford Road East Windsor, NJ

LogistiCenter SM at 78-81 Union Township, PA


Building 1

LogistiCenter SM at Midway South Bethel Township, PA

LogistiCenter SM at Lehigh Valley East Bushkill, PA


Building 2

East Region Office 973.387.8460 1776 On The Green, 67 East Park Place, Suite 540 Morristown, NJ 07960

Visit Dermody.com/EastRegion for information on all active and available projects throughout the region. Contact Us

6A — October 16 - 29, 2020 — M id A tlantic Real Estate Journal


M id A tlantic R eal E state J ournal

A S H I N G T O N , DC — An affiliate of Swedish Inves- An affiliate of Swedish Investor Akelius acquires 208-unit apartment building in Washington, DC Greysteel represents seller, Nuveen Real Estate in sale of Rittenhouse Apartments for $40.2M W

Klein Enteprises sells 58,000 s/f flex property to St. John Properties Greysteel represented the seller, Nuveen Real Estate, in the transaction. The sales price was a record for the submarket, according to Greysteel CEO Ari Firoozabadi . MAREJ 7152 Windsor Mill Rd. BALTIMORE, MD — Klein Enterprises and St. John Properties, Inc. , announced the sale of 7152 Windsor Mill Rd., a single-story, 58,000 s/f commercial flex building located in the Woodlawn sec- tion of Baltimore County for $8.5 million. The property is currently fully-leased and oc- cupied by Leidos. Bob Filley of Marcus & Millichap represented the seller, Klein Enterprises and St. John Properties , the buyer, was self-represented. Constructed in 1985, the asset is contained on a nearly five-acre lot, features 16-foot ceiling heights, two dock load- ing doors. “This was a tremendous opportunity to acquire an as- set below replacement value, with a stable and creditworthy single-use tenant in place and signed to a long-term lease,” stated Sean Doordan , senior vice president, leasing & acqui- sitions for St. John Properties. “We were initially attracted to this building based on its location adjacent to our 82- acre Windsor Corporate Park Mill which also includes our corporate HQ and our 10-acre Windsor Office Park. We are confident about the long-term value of this submarket. In addition, our company has a strong relationship with Lei- dos given its tenancy in several other projects in the St. John Properties portfolio.” MAREJ 1990 and was the most recent apartment property of more than 200 units developed in the area. The apartment building last traded in 2011 for $30.7 million to Henderson Global Investors. Henderson’s U.S. portfolio was acquired in 2013 by the real estate arm of TIAA, which rebranded as Nuveen Real Estate last year.

tor Akelius has acquired Rittenhouse Apartments, a 208 - un i t a p a r t me n t bui lding in Washington, DC’s Bright- wood neigh-

Ari Firoozabadi

borhood. The sales price was $40.2 million, according to various media outlets. Located at 6101 16th St. NW, the property was built in

Rittenhouse Apartments

FOR SALE Middlesex, NJ

3,250sf commercial building on 0.66 acres with 18 car parking Two large Pylon signs (Route 28 & Warrenville Rd) 115’ of Route 28 highway frontage Immediate access to routes, 22, 28, 78 and 287 Perfect for most retail, medical and professional uses Ideal uses include dollar store, laundromat, party & play, pools & spas, medical & dental, paint, hardware, convenience, bakery, tool rentals, etc. Property Details Originally built as a Wawa convenience store, this property has operated since 1999 as Dollar Planet, and is surrounded by several national retailers. The property has ingress/egress on Rt. 28 and Warrenville Road, allowing for access to the traffic light at Warrenville Road.

Contact Peter Gallicchio President & CEO

Peter@RemcoRealty.net www.RemcoRealty.net T: 732-253-0888 x 102

M id A tlantic Real Estate Journal — October 16 - 29, 2020 — 7A


M id A tlantic R eal E state J ournal

Former Bank Branches Auction Online Oct 26 - 28 at auctionnetwork.com

Prefer Not to Wait for the Auction? Submit a Pre-Auction Offer!

CHESTER, CT 9 Water Street

ADAMS CENTER, NY 13235 Main Street, Route 11

BUFFALO, NY 1510 South Park Avenue 8,510+/- sf Freestanding bank branch with walk-up ATM, on 0.36+/- ac. Nominal Opening Bid: $150,000

1,760+/- sf single story office/retail, with 30 surface parking spaces on 0.59+/- ac. Nominal Opening Bid: $150,000

1,421+/- sf single story vacant office building on 0.50+/- ac, built in 1976. Nominal Opening Bid: $50,000

SARANAC LAKE, NY 75 Main Street 11,169+/- sf partially leased commercial building, on 0.13+/- ac lot. Nominal Opening Bid: $175,000

TULLY, NY 1 Clinton Street, Po Box 630

JEANNETTE, PA 411 Clay Avenue 10,752+/- sf beautiful Art Deco Building, includes two stories and basement. Nominal Opening Bid: $75,000

6,750+/- sf commercial building on 0.18+/- ac. Part of the second floor is leased. Nominal Opening Bid: $75,000

Also Auctioning: 8.43+/- acres in established industrial area in Hamilton Township, NJ


8A — October 16 - 29, 2020 — M id A tlantic Real Estate Journal


M id A tlantic R eal E state J ournal

EWARK, NJ — NAI James E. Hanson has negotiated two Bringing 2020 leasing to 350,000 s/f at Former Ballantine Brewery in Newark, NJ NAI Hanson’s Verducci and Demmers negotiate nearly 60,000 s/f in leases in September N

447 Ferry St. within the Bal- lantine Industrial Center. In less than a year, Verducci and Demmers have helped close nearly 350,000 s/f of leasing transactions at the property. The Ballantine Industrial Center is well-positioned to capitalize on the strong demand for industrial space in the Ports submarket. The market’s prox- imity to the tri-state area and easy access to several of the nation’s busiest multimodal logistics facilities including Port Newark/Elizabeth and Newark Liberty International Airport have ensured sustained demand from industrial users

anything of its kind, consist- ing of 180 luxury residential units and 33,000 s/f of ground- floor retail, ideally located along the bustling corridor of S. Harrison Street in East Orange. Involved in the deal were Blackstone 360, LLC; Amboy Bank; Avison Young; INOA – International Office of Architects; ADG; and Frank H. Lehr Associates. Industrial: Bridge Point 78, Bridge Development Partners’ redevelopment of the former Ingersoll Rand manufacturing plant in the townships of Phillipsburg and Lopatcong. Once completed, the class A industrial ware- house campus will total 3.85 million s/f. The 365-acre for- mer brownfield site required extensive geotechnical and environmental remediation. Phase I, comprised of four warehouses totaling 2,177,554 s/f, is being sold as part of a $695 million national port- folio. Involved in the deal were Bridge Development Partners; CBRE; JLL ; and Hartford Investment Man- agement . MAREJ continued from page 5A NAIOP New Jersey celebrates . . . “For companies hoping to capitalize on the robust logis- tics infrastructure found in the New York City area, there is no location better positioned than the Ports industrial submar- ket,” said Verducci. “However, the market’s maturity and den- sity coupled with tremendous demand have led to a lingering shortage of Class-A industrial space throughout the region.” Demmers added, “In such a crowded market, properties like the Ballantine Industrial Center continue to stand out to companies searching for the ideal combination of adaptabil- ity and location in one of the na- tion’s most lucrative industrial markets.” MAREJ despite the broader economic slowdown. According to data fromNAI James E. Hanson, the Ports submarket saw the big- gest increase across northern and central NJ in average ask- ing rents in Q2 2020 compared to the same time period the year prior, increasing by 18.5%. Additionally, the market’s lim- ited deliveries of new space and robust renewal activity have seen its vacancy rate decline by 130 basis points to 2.4% from the same time last year.

industrial leases in the Bal- lantine Industrial Center at 397-447 Ferry St. in Newark for 31,359 s/f with One Stop of Newark, LLC, and 27,838 s/f with Prime Building and Maintenance Supply. NAI James E. Hanson’s in- dustrial team of Russell Ver- ducci, SIOR , and Eric Dem- mers represented the landlord, Turnbridge Equities , in the transactions. Since late 2019, Verducci and Demmers have served as the leasing brokers for 726,525 s/f of space at 397-

Ballantine Industrial Center

M id A tlantic Real Estate Journal — October 16 - 29, 2020 — 9A


M id A tlantic R eal E state J ournal

By Caroline Shelly, HF Planners, LLC Change management skillset required during a pandemic


he current pandemic has forced us to shift gears by implementing

competencies. A formal change management plan should be cre- ated to determine its effective- ness and document the lessons learned. At HF Planners, LLC we are certified in Change Manage- ment Protocols, and have exten- sive knowledge on how to pro- vide efficient practices to meet goals for a variety of industries. Whatever the change may be, we have a comprehensive scope of work that makes any change seamless. Call us today to set up an evaluation of the space to implement these protocols. Caroline Shelly is principal at HF Planners, LLC. MAREJ

ther proactive in setting up employees to work from home or reactive by being cautious on what was needed to perform the specific job. Leaders needed to recognize that the equilib- rium of a company had shifted and respond in a fashion that helped to re-stabilize the situ- ation. Technology, people, mar- kets and politics all play into an organization’s response and the emphasis that is needed to move forward. Negotiation skills – the key to negotiating is finding com - mon ground and the pandemic has made that obvious. How- ever, people have responded

very differently; some deny the pandemic is as big of a concern as the CDC reports, while oth- ers refuse to leave their homes. Working through the various emotions and dealing with the issue of how to remain a viable company is key. Be prepared to understand the interest of each party, focus on the problems, and set high aspirations. Leading for creativity and innovation – now more than ever has the business sector been tasked to be creative and innovative on ways to perform work remotely while continuing to be a profitable company. Open communication, implementing a

support structure, and training are key. All employees should be given the chance to give constructive feedback on the new process. Timelines on how and when to communicate, com- munication channels and modes should be established to remain a cohesive and collaborative team. The opportunities for im- provement will become evident and help the company with out of the box thinking to improve their skillset. Throughout this process, a structure should be put in place to gage the effect of the changes and confirm continued support opportunities exist to build

working from home (WFH) policies, man- aging remote w o r k e r s , a l ong wi t h hiring and fir - ing protocols. Regardless of the situation

Caroline Shelly

that is presented, there are 4 key components to change management that should be followed: 1. Leading strategic change 2. Leading organizational change 3. Negotiation skills 4. Leading for creativity and innovation Let us look closer at each of these components to help busi- ness leaders design a way forward. Leading strategic change – the pandemic required us to modify how a company inter- acts with its employees and customers. While unveiling holes in procedures along with providing opportunities to im- prove. In the days and months since the pandemic changed our world, it also pushed organiza- tions to make strategic deci- sions on closing business units earlier than anticipated, mov- ing in or out of a specific mar - ket, and preparing themselves for what the desired state could be. The need to identify areas of resistance and adjustment are key to the success of a company. Leading organizational change – along with strategic change comes organizational change. Companies were ei-

AUCTION Trustee Sale • Bid Live & Online THURS., NOV. 12, 2 PM


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ASSESSED AT $2,012,350


Younkin joins LMC as leasing representative


NORTH PLAINFIELD, NJ — Levin Management Corporation (LMC) has expanded its leasing team with the addition of Fred Younkin . The Cinnamin- son resident joins the North Plainfield-based commercial real estate services firm dur - ing a time of increasing trans- actional activity and portfolio growth; LMC currently repre- sents 110 properties totaling nearly 15.5 million s/f in the Northeast and Mid-Atlantic region. Younkin brings 20 years of broad commercial real estate knowledge to the position. MAREJ


Adjacent to Dulles Int’l Airport in Dulles Trade Center West!


TRUSTEE SALE • BID LIVE & ONLINE • THURS., NOV. 12, 2 PM Sale Held On-site or Bid Online at Motleys.com

1-877-MOTLEYS • motleys.com For more information contact Eric Sutter at 804-822-3141 or esutter@motleys.com

VA16 All information is deemed reliable but not guaranteed. Metes & bounds depicted are approximate. For sale day deposit requirements & complete terms & conditions, visit motleys.com

10A — October 16 - 29, 2020 — M id A tlantic Real Estate Journal


M id A tlantic R eal E state J ournal

H I LL I PSBURG , NJ — J.G. Petrucci Company, Inc. , one JLL arranges financing for the 511,200 s/f industrial building project J.G. Petrucci Co. announce joint venture to bring new industrial project to Phillipsburg, NJ P

o f the re - gion’s lead- ing develop- me n t and design/build c o n s t r u c - tion firms, announced its new joint venture with

Peter Polt

PGIM Real Estate . The partners have plans to de- velop the Phillipsburg Logis- tics Center at 78, a 511,200 s/f industrial building, which will be available for lease in

Phillipsburg Logistics Center at 78

summer 2021. Located in Phillipsburg, the 66-acre site is less than 3 miles from Rte. 22, I-78, and provides excellent access to the Northeast’s’ major met- ropolitan areas. In addition to its premier connectivity and distribution access, the site’s location offers future employers a robust local workforce. The JLL Capital Markets team represented J.G. Pe- trucci Company to arrange the partnership and will serve as the leasing agent for the property. The team was led by senior manag- ing directors Jon Mikula and John Plower, while executive vice president, Jeff Lockard will lead the lease-up process on behalf of the partnership. “We are excited to embark on Phillipsburg Logistics Center at 78 with our part- ners,” said Peter Polt , ex- ecutive vice president at J.G. Petrucci. “This is a great infill devel - opment opportunity that will continue the Phillipsburg Industrial Market’s great story. The site provides ex- cellent connectivity between the Northern and Central New Jersey Industrial Mar- kets to the Lehigh Valley Market along the I-78 Corri- dor. Our team sees this joint venture as a perfect opportu- nity to develop a facility that will be ideal for businesses looking for ample square footage and easy access to several major highways,” he added. The 511,200 s/f speculative industrial facility will feature 36-foot clear heights, LED Lighting, wide column spac- ing, two drive-in doors, and ample trailer parking stalls and loading positions. MAREJ

Since 1995, Procida Funding has provided over $3 Billion in capital. Procida Funding provides capital for a wide range of asset classes in the Eastern region of the United States, with a concentration in the New York Metropolitan area.

120 $806+ $440+

M id A tlantic Real Estate Journal — October 16 - 29, 2020 — 11A


M id A tlantic R eal E state J ournal

12A — October 16 - 29, 2020 — M id A tlantic Real Estate Journal


M id A tlantic R eal E state J ournal 8 new lease transactions at Swedesford Park &Quaker Park BPG welcomes new tenants to suburban office portfolio




cini/Pollin Group (BPG) recently executed eight lease transactions totaling 70,200 s/f at its Swedesford Park Corporate Complex in Wayne and its Quaker Park property in Conshohocken, PA. The new tenants in Swedes- ford Park (formerly Glen- hardie Corporate Complex) include Inverness Graham (15,200 s/f), Randstad (10,000 s/f), Lennar Homes (6,900 s/f) and Verity Pharma (1,400 s/f). BPG also ease renewals with Lonza (5,800 s/f) and Health-

Swedesford Park Corporate Complex in Wayne

care Appraisers (2,200 s/f). FTI Consulting signed a lease expansion and will now occupy a total of 13,500 s/f. Swedesford Park is a class A off ice property located along the highly sought after Swedesford Road corridor in Wayne. BPG purchased and re- branded the 254,680 s/f corpo- rate complex inMay 2019, and the project has since under- gone significant interior and exterior renovations. The four- building complex boast new facades, lobbies, restrooms, and café as well as the addi- tion of a modern fitness center and conference center. The refreshed landscaping sits on a wooded campus surrounded by unmatched amenities and direct highway access to I-76, 422 and 202. Quaker Park, located at 1001 East Hector St. in Con- shohocken welcomes new ten- ant ZoomInfo Technologies which leased 15,200 s/f. Like Swedesford Park, Quaker Park offers superior access to bike paths andmajor highways (I-76, I-476, the PA Turnpike, and Rtes. 202, 422 and 23). In addition, SEPTA’s Spring Mill Station and SEPTA Bus Rte. 97 are both located on-site. Recent renovations include the lobby, elevator cabs, common areas, and dramatic exposed ceilings with over 10’ finished ceiling heights. Chris Buccini , co-president of The Buccini/Pollin Group, remains confident about the strength of the Pennsylvania and Delaware real estate mar- kets, “The Northern Delaware suburbs are the strongest they have been in twenty years, and our Philadelphia office build - ings remain extraordinarily stable.” MAREJ

WE TAKE GREAT PLEASURE in announcing Derek D. Reed, Esq. has become a name partner in the rm.

e rm will now be known as:


We invite you to visit our new website: EPGPRlaw.com






F inancial D igest F eaturing I nsurance /T itle

M id A tlantic Real Estate Journal — October 16 - 29, 2020 — 13A JLL represents CSC to secure $33.3M in financing


$126MM in deals closed amid pandemic M&T RCC announces large recent closings volume


ket volatility and uncertain- ty created by the COVID-19 pandemic. M&T RCC reacted swiftly to help many of its bor- rowers reduce their interest rates, generating substantial savings at a time when cash flow is more important than ever. In addition, M&T RCC also successfully navigated the COVID-19 environment to complete multiple in-process 232/223(f) transactions. The new HUD financings secured long-term, non-recourse, fixed rates below 2.75%. In one case, M&T RCC worked closing with HUD to mitigate a COVID-19 outbreak that occurred just after a Firm Commitment was issued. M&T RCC entered the third quarter with a robust pipeline of over $225MM spread across continue to manage the affairs of the office as well as assist in corporate business matters. Blatchford’s record of 19 years of hard work, caring and leader- ship has contributed greatly to our success. And I am also an- nouncing that Veronica Tobia has been promoted to closing department manager. Her hard work, attention to detail and overall team leadership provided a sustained quality of product. Her management skills shall allow Counsellors Title to continue its forward- moving business trajectory,” said Aponte. Pawlowski joined Counsel- lors Title Agency in August. Pawlowski is a veteran title in- surance professional with more than 35 years of experience. He began his title career as a searcher in Middlesex County and quickly learned to examine and produce title insurance commitments. After working for five years in NYC for a large title insurance agency and the Metropolitan Trans- portation Authority, Pawlowski returned to NJ and had been self-employed for many years. During this time, he spent time as the Somerset County searcher for Counsellors Title

multiple HUD offerings: rate modification, 232/223(a)7 and 232/223(f). This strong pipeline speaks to M&T RCC’s com- mitment and expertise to the healthcare and seniors housing sector. As a subsidiary of M&T Bank (one of two banks in the S&P 500 that did not incur a loss during the 2008 financial crisis), M&T RCC continues to actively support its custom- ers with its bridge to HUD program. “In these challenging times, it’s powerful to understand M&T RCC’s tireless dedication to meeting the ever-changing fi - nancial needs of its valued cus- tomers in an ever-vital sector,” added Paula Quigley , Federal Housing Administration Plat- form Manager of M&T Realty Capital Corporation. MAREJ Agency and has also closed many transactions throughout his long career. Pawlowski’s experience covers the entire title insurance process with a focus on logistical problem solving and has been a licensed title insurance producer since 1998. Pawlowski graduated from Rutgers University as a Paul Robeson Scholar with a Bachelor of Arts degree. An Ocean County resident, he en- joys gardening, skim boarding and teaching Kripalu yoga. “We are delighted to have Barry join Counsellors. His ex - pertise will allow us to continue to provide a superior level of service to our expanding client base which covers most of NJ’s 21 counties,” said Aponte. Counsellors Title Agency, Inc., a NJ-based title com- pany, offers title insurance and closing services to sellers and home buyers throughout the state. Through its agency headquarters in Toms River, and its branch offices in Mon - mouth, Morris, Ocean and Union counties, Counsellors provides title services such as title insurance, settlement ser- vices, document preparation for its attorneys, realtors and loan officers. MAREJ

ALTIMORE, MD — M&T Realty Capi- tal Corporat ion’ s

(RCC) Fed- eral Housing Administra- tion/Housing and Urban D e v e l o p - ment’s team a nn o un c e d its recent suc- cess, closing

Paula Quigley

eight loans totaling $126 mil- lion in rate modifications and 232/223 (f) combined, amid the challenging times of the CO- VID-19 pandemic. The proper- ties included seniors housing and healthcare facilities located throughout M&T Bank’s foot- print and nationwide across. The transactions all closed during the height of the mar- TOMSRIVER, NJ — Coun- sellors Title Agency, Inc. to announced the promotions of Sandy Blatchford to VP and Veronica Tobia to closing department manager. In addi- tion, Counsellors Title Agency announced that Barry Paw- lowski has joined the firm as title officer. Pawlowski comes to Counsellors Title Agency with a distinguished profes- sional background in the title insurance industry spanning several decades. “Our company’s vision is to become New Jersey’s most re- spected agency, and that is only possible by adding to our core team exceptional professionals who raise our benchmark and reputation for delivering the most reliable service possible. Barry’s industry expertise matches our company culture of excellence,” said Ralph Aponte, president and founder of Counsellors Title Agency. “In response to the dynamic growth Counsellors Title has experienced, we needed to expand our leadership team through promotions, recogniz- ing the contributions of two individuals. In the case of Sandy Blatchford, she has been promoted to VP. Blatchford will

3701 Chestnut St. in Philadelphia

sent CSC in arranging acqui- sition financing of this iconic building in the heart of Phila- delphia’s University City sub- market,” said Orcutt. “CSC is an expert in the co-living and multi-housing market, and we are excited to have them make their first investment in the Philadelphia market.” In other news, JLL Cap- ital Markets has arranged $147.72 million in financing for a 10-property office portfolio totaling 1.5 million s/f inMorris County. JLL worked on behalf of the borrower, a joint venture between Onyx Equities, Taconic Capital Partners, Axonic Capital and Machine Investment Group , to secure the three-year, floating-rate loan provided by funds man- aged by the Real Estate Group of Ares Management Corpora- tion. Loan proceeds were used to acquire the portfolio from Mack-Cali . The sale transac- tion was represented by JLL’s Capital Markets team. The portfolio consists of nine assets in Parsippany: 1, 3, 5 and 7 Sylvan Way; 4, 6 and 8 Campus Drive; 2 Hilton Court and 11 Dryden Way, and 1 Giralda Farms in Madison. Parsippany andMadison are lo- cated in Morris County, which is part of the Northern NJ office market, which, with more than 152 million square feet, is the 17th largest office market in the United States. The area is home to numerous Fortune 500 companies and boasts a highly educated workforce as well as superior connectivity and proximity to Manhattan, 40 miles east. MAREJ

PHILADELPHIA, PA — JLL Capital Markets an- nounced that it has arranged $33 million in acquisition and renovation financing for the In - ternational House multi-hous- ing property located at 3701 Chestnut St. in Philadelphia. JLL represented the bor- rower, CSC Coliving, LLC (CSC) , to secure the loan with PostRoad Group . International House sits on 1.33 acres, is 14 stories tall and consists of 10,016 s/f of occupied office space. CSC plans to con - vert the existing office space into apartments, with plans to fully renovate and update floors into 400 units. The second-floor office space will continue to be occupied through 2028 and the ground floor will be available to other office/retail tenants. The property is also perfectly posi- tioned for additional 150,000 ground up development in the back portion without disrupt- ing the existing building. Located in University City, one of Philadelphia’s most dy- namic locations and home to the University of Pennsylvania, International House is located near 5 million s/f of office space, providing over 85,000 jobs to the area. For those commut- ing or wanting easy access around the city, the property is conveniently located near immense walking, biking and public transportation options with over 280 restaurants and bars and 136 retailers nearby. The JLL Capital Markets team representing the bor- rower was led by senior manag- ing director Chad Orcutt and analyst Blaine Fleming . “It was a pleasure to repre-

Counsellors Title Agency announces promotions of Blatchford & Tobia, adds Pawlowski to team

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