February 2024

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

www.marej.com

SPOTLIGHTS BEYOND YOUTUBE: CRE TV ISSUE HIGHLIGHTS Volume 36, Issue 2 February 2024

A collaborative revitalization partnership with NJEDA and NJHMFA Hudson Valley Property Group acquires ‘Northgate One’ property

AMDEN, NJ — Hud- son Valley Proper- ty Group (HVPG) announced the acquisition of Northgate Apartments, a 321-unit, 21-story affordable housing building in Camden. The property is located at 433 North 7th St. in Camden. “We are delighted to extend our partnership with the City of Camden, the US Depart- ment of Housing and Urban Development (HUD) , the New Jersey Economic De- velopment Authority (NJE- DA) , the Camden County Improvement Authority (CCIA) , and the New Jersey Housing and Mortgage Fi- nance Agency (NJHMFA) to enhance the affordability and overall quality of hous- ing in Camden,” said Jason Bordainick , co-founder and managing partner of HVPG. “HVPG remains committed to transforming communi- ties like Northgate into safe, modern homes and supportive environments for families, and C

providing financing support, The Metro Company which acted as the tax credit consul- tant and Citizens Bank as the construction lender. Ad- ditionally, BlueHub Capital served as the Aspire lender. To ensure the long-term affordability of the property, 96.5% of units are subject to a new 20-year project-based Section 8 HAP contract, which ensures units covered by this subsidy pay no more than 30% of their household income towards rent. The property will also be subject to LIHTC income restrictions through a thirty-year compliance period, and tenants must qualify at 60% of Area Median Income (AMI) to reside at the proper- ty. The new combined PILOT Agreement, HUD HAP con- tract and LIHTC Use Agree- ment ensure affordability for the property for decades to come, and no current tenants will be displaced as a result of the preservation and rehabili- tation process. MAREJ

2A Nick Minoia

Rendering of revitalized Northgate exterior

we look forward to showcas- ing the positive impact our investments and capable team can have on residents and the broader community.” The acquisition and prop- erty rehabilitation of North- gate is financed with a mix of federal low-income housing tax credits (LIHTC) funded by Enterprise , Aspire NJ state tax credits, and a HUD FHA 221d4 loan originated by PGIM ). This endeavor repre- sents one of the first affordable housing preservation projects

to leverage the new Aspire tax credit program administered by NJEDA, which was estab- lished under law as part of the Economic Recovery Act of 2020 and provides tax credits to incentivize strategic real estate projects in New Jer- sey. The City of Camden also supported the project with a long-term PILOT Agreement which will be instrumental in the property’s future success. The project received support from various partners, includ- ing the CCCIA and NJHMFA

AN ESTABLISHED AUTHORITY ON NEW JERSEY CRE

8-9A

UPCOMING CONFERENCES Southern NJ CRE Forecast State of Markets Conference February 29, 2024 Cannabis Conference April 25, 2024 For speaking & sponsorship info., please contact: Lea at 781-740-2900 or lea@marejournal.com

Equus Capital Partners acquires six-property, multi-state apartment portfolio for $220 Million

PHILADELPHIA, PA — Equus Capital Partners, Ltd. (Equus) announced that an affiliate completed the acquisition of Project Big Tim- ber, a six-property, garden- style multi-family portfolio totaling 1,249-units in the

Directory

ROP (Front Section) ........................................... Section A Financial Digest.........................................................3-7A DelMarVa.............................................................. 12-13A CIRC Delaware...........................................................13A CRE Organization’s Events Calendar ............................ 16A Business Card Directory ...........................................IBC A New Jersey..............................................................FC-8B IOREBA. ....................................................................... 8B Pennsylvania ..........................................................9-BC B People on the Move ................................................... 12B Owners, Developers & Managers ....................... Section C www.marej.com

An apartment community in Glen Mills, PA An apartment community in the Raleigh, NC MSA

Atlanta, Philadelphia, Raleigh and St. Louis MSAs. The port- folio was purchased for $220 millions and was acquired on behalf of a programmatic joint venture between an affiliate of Equus and a US based public pension plan. Madison Apartment Group LP , the multi-family operat- ing arm of Equus, will oversee the upgrades in addition to managing the community.

“The acquisition of the Big Timber Portfolio enables the partnership to acquire a collec- tion of high-quality assets with proximity to dynamic social and business infrastructure in their respective metropolitan areas. The partnership contin- ues to deploy capital into high conviction assets in growth regions across the country,” said Kyle Turner , partner and director of investments of

Equus who oversaw the trans- action for the firm along with Laura Brestelli, Andrew Holloway, Alex Keszeli and Alex Mazur . The transaction was directly sourced and negotiated. New- mark’s Debt Capital Mar- kets team of Steve Comly and Kippy Donovan assisted Equus in securing a ten-year fixed rate loan from Fannie Mae . MAREJ

Inside Cover A — February 2024 — M id A tlantic Real Estate Journal

www.marej.com

Tap into the Brilliance of Our DST 1031 Exchange Experts! Contact us about these tax ecient real estate investment strategies.

✔ Delaware Statutory Trusts (DSTs) ✔ 1031 Exchange Investments

✔ Real Estate Income Funds

FREE DST Listings at kpi1031.com

Betty Friant Executive Vice President and Managing Director

Get Your FREE Delaware Statutory Trust Educational Resources Today.

Expert Resource for...

FEATURED FUND

*Potential returns and appreciation are never guaranteed and loss of principal is possible. Please speak with your CPA and attorney for tax and legal advice.*The There is a risk Investors may not receive distributions, along with a risk of loss of principal invested.This material does not constitute an offer to sell nor a solicitation of an offer to buy any security. Such offers can be made only by the confidential Private Placement Memorandum (the “Memorandum”). Please read the 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 therefore you should consult your tax or legal professional for details regarding your situation.This material is not to be construed as tax or legal advice.There are material risks associated with investing in real estate securities including illiquidity, vacancies, general market conditions and competition, lack of operating history, interest rate risks, general risks of owning/operating commercial and multifamily properties, financing risks, potential adverse tax consequences, general economic 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 appreciation are not guaranteed. Securities offered through FNEX Capital.

M id A tlantic Real Estate Journal — February 2024 — 1A

www.marej.com

& HORVATH TREMBLAY SINGLE TENANT | MULTI-TENANT | 1031 EXCHANGE INVESTMENT REAL ESTATE BROKERAGE

IHOP Grove City, OH $1,948,479 Goodwill Toledo, OH $2,125,000

Panera Bread & Sleep Number Burlington, NJ $4,980,834

Walgreens Clinton, MD $6,547,337

Shoppes of Southland Orlando, FL $3,775,000 Mr. Tire Lexington Park, MD $1,625,000

7-Eleven Coppell, TX $4,400,582 Dollar General Wilmington, DE $2,053,371

Bojangles La Follette, TN $1,951,220 7-Eleven Carlstadt, NJ $7,809,710

Outback Steakhouse & M&T Bank Clifton Park, NY $2,734,977 Chipotle & McAlister’s Deli Fredericksburg, VA $4,408,842

Mission BBQ & Sport Clips Marlton, NJ $3,830,810 pOpshelf Timberville, VA $1,717,029

Avenel Street Plaza Woodbridge, NJ $2,200,000

Ethan Cole, MD Broker of Record, License 5014819, VA Broker of Record, License 0225258175, NJ Broker of Record, License 2082582 Brian Brockman, DE Broker of Record, License RB-0020899, OH Broker of Record, License BRK.2009000214

2,000+ TRANSACTIONS IN 44 STATES

TOP RANKED INDUSTRY LEADING FIRM

$7 BILLION+ IN RECENT TRANSACTIONS

HORVATHTREMBLAY.COM

BETHESDA, MD | BOSTON, MA | CHICAGO, IL | FORT LAUDERDALE, FL | FOXBORO, MA | JACKSONVILLE, FL MIAMI, FL | NEW YORK, NY | SADDLE BROOK, NJ | SHELTON, CT | TAMPA, FL | WASHINGTON, DC

2A — February 2024 — M id A tlantic Real Estate Journal

www.marej.com

M id A tlantic Real Estate Journal

M id A tlantic R eal E state J ournal Publisher, Conference Producer ..............Linda Christman VP, Conference Producer .............................Lea Christman Editor/Graphic Artist ......................................Karen Vachon Contributing Columnists...............................Nick Minoia and PJ Argen, Diversified Digital Network TV; Kevin O’Keefe, R.S. Knapp Company Inc. Mid Atlantic R eal E state J ournal ~ Published Monthly Periodicals postage paid at Hingham, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal 117 HMS Halsted Dr., Hingham, MA 02043 USPS #22-358 | Vol. 36, 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 www.marej.com

Nick Minoia

Beyond YouTube: CRE TV

M

ONTVILLE, NJ - CRE TV — In the dynamic landscape

of online video content, busi- nesses are constantly seeking effective ways to showcase their services. While YouTube is the most popular platform, it may not be the optimal choice when it comes to embedding video content on your website. In this article, we’ll explore these and other limitations of YouTube, and why a third- party CRE TV news report fea- turing YOU with a dedicated video platform like the CRE TV News Network might be a more powerful and credible op- tion for commercial real estate professionals in 2024. YouTube Limitations: YouTube, undoubtedly a giant in the video-sharing sphere, presents certain draw- backs for businesses embed- ding content on their websites. One major concern is the lack of control over suggested videos that may appear after

yours. These “promoted” sug- gestions might lead viewers away from your site, diluting your intended message and potentially directing them to competitor content. Moreover, YouTube may introduce ads before or dur- ing your video, creating a distraction and diminishing the professional image you seek to portray. Additionally, the platform’s algorithmic nature may not always pri- oritize your content in search results, making it challenging to stand out amidst the vast sea of videos. Third-Party Reporter vs. Self-Promotion: Imagine if you could turn every press release into a TV News story? A TV segment

produced by a third-party reporter holds inherent cred- ibility and authenticity. When an independent reporter covers your company or professional service, it implies and delivers a level of objectivity and valida- tion that self-produced videos often lack. Third-party endorse- ments foster trust and confi - dence among your audience, making it a more powerful tool for reputation management. Conversely, creating a vid- eo in the first person, solely for self-promotion, can come across as self-serving and lack the credibility associ- ated with unbiased reporting. Viewers may be skeptical of overly promotional content, potentially undermining the continued on page 14A

Firmly Rooted in the Law and in the Community We are well grounded in every facet of real estate law, from acquisition to construction. We are committed to serving the needs of our clients and our communities.

Contact: NEIL A. STEIN • nstein@kaplaw.com 910 Harvest Drive, Blue Bell, PA 19422-0765 • 610-941-2469 • kaplaw.com Other Offices: • Cherry Hill, NJ 856-675-1550 • Philadelphia, PA 215-567-3120 Kaplin Stewart Attorneys at Law

F inancial D igest

M id A tlantic Real Estate Journal — February 2024 — 3A

www.marej.com

EW YORK — Amid challenging market conditions, Eastern Commercial mortgage brokerage closes transactions in 30 states last year Eastern Union thrives amidst market challenges, secures deals with 126 lenders in 2023 N

deal was brokered by senior associate Gabriel Sasson . The company also secured a $62.3 million construction loan for a 105,000 s/f, mixed-used property in the Crown Heights neighborhood of Brooklyn. The transaction was arranged by Bergman and vice president Yossi Orzel . Also this year, the company secured $28.1 million in fi- nancing toward the acquisi- tion of a 437-unit, multifamily portfolio encompassing thir- teen individual properties in Bridgeport, CT. The mortgage was secured by senior managing director Motti Blau , senior loan con- sultant Mendy Pfeifer , and senior loan consultant Hershy Fried , with Dov Bakon serv- ing as underwriter. Eastern Union closed on a $27-million deal to refinance a healthcare facility in Arverne. The transaction was brokered The JLL Capital Markets Debt Advisory team was led by senior managing director Thomas Didio , senior direc- tor Thomas E. Didio Jr. , senior analyst Salvatore Buzzerio and analyst Ben- jamin Morgenthal. “This financing is the cul - mination of Woodmont’s plan- ning, delivery and lease-up of the premier garden-style com- munity in the greater Princ- eton submarket. Northwest- ern Mutual moved quickly to lock rate in a highly volatile treasury market protecting the borrower from any further upward movements in base rates. JLL is pleased to bring Woodmont and Northwestern Mutual together to consum- mate this transaction in a highly challenged market,” said Didio, Jr. In a separate transaction, JLL Capital markets brokered sale of six-story walk-up in New York on behalf of long- term ownership. The buyer was Lawrence

by healthcare team leader Na- chum Soroka and senior vice president Jacob Schonland . Finally, the company secured $19.6 million in construction financing for the conversion of a former healthcare complex in Bridgeport, CT into a mul- tifamily property. The trans- action was arranged by Blau, Pfeifer, Fried and Bakon. Additionally in 2023, East- ern Union launched a three- month internship program in the real estate industry, where participants receive training from Bergman and a team of senior brokers. “Eastern Union takes pride in helping young job seekers find ways to jump-start their careers,” said Bergman. “Our internship program represents a good example of the way we like to open our doors to the community to offer new op- portunities for professional advancement.” MAREJ Movtady’s Movcap invest- ment company. The sale price was $5.25 million. The JLL Capital Markets team representing the seller included managing directors Hall Oster and Paul Smad- beck , vice presidents Teddy Galligan and Conrad Martin and associate Braedon Gait . 211 West 85th St. features 13 apartments configured as three two-bedrooms, one three-bedroom and nine four- bedrooms. Well maintained over 30 years of ownership, the property has a rear yard and is located within easy walking distance of the neighborhood’s many attractions. Steps from the main Broad- way retail corridor, as well as a variety of popular bars and restaurants along Amsterdam Avenue, the building is two blocks from both Central and Riverside parks. In addition, the 86th Street subway station lies within one block, providing quick and convenient access to Midtown Manhattan. MAREJ

Union placed and closed loans with 126 lenders in 2023. Addition- ally, reflect- ing the com- pany’s wide geographic reach, East-

Abe Bergman

ern Union closed transactions in support of properties in 30 states across the country. The full complement of deals in 2023 represented 19 different property types. “Eastern Union brokers sus- tain strong relationships with lenders and bankers nation- wide,” said Abe Bergman , Eastern Union’s president and co-founder. “Our team is highly skilled at identifying the lender who’s prepared to go WEST WINDSOR, NJ — JLL Capital Markets has arranged permanent financing for Woodmont Way at West Windsor, a 443-unit, garden- style, luxury multi-housing community located in West Windsor, Mercer County. JLL represented the bor- rower, Woodmont Proper- ties (Woodmont) , to secure the five-year, fixed-rate loan through Northwestern Mutual. Constructed in 2022, the 13-building Woodmont Way at West Windsor features a mix of one-, two- and three- bedroom apartment units. The units feature quartz coun- tertops, stainless steel appli- ances, in-unit washers and dryers, a private patio and balcony, nine-foot ceilings, oversized windows, wood-style plank floors and expansive walk-in closets. Community amenities include a two-story clubhouse, a swimming pool and sundeck, a resident lounge with fireplace and golf simu - lator, state-of-the-art gym, a

Eastern Union secured a major deal in 2023 with a $74.2M refinancing for the construction loan of a 256-unit multifamily property in Teaneck, NJ. furthest to help clients achieve their business objectives.”

Union. “For more than two de- cades, Eastern Union has built powerful bonds of trust with America’s lending community.” Among the year’s standout transactions, Eastern Union closed on the $74.2 million refi - nancing of a construction loan for a 256-unit, multifamily property in Teaneck, NJ. The

“We work closely with sav- ings banks, bridge lenders, balance sheet lenders, credit unions, and insurance compa- nies, as well as institutional, agency and Wall Street lend- ers,” said Moshe Maybloom , managing director at Eastern

JLL represents borrower, Woodmont Properties to secure five-year, fixed-rate loan through Northwestern Mutual

Woodmont Way at West Windsor

game den, a dog park, a pet spa, outdoor courtyards with pickleball and more. Situated at 100 Woodstone Circle, Woodmont Way at West Windsor is located with- in proximity to State Route 1 and State Route 206. It is within a 20-minute drive to the Princeton Airport and a three-mile commute to the Princeton Junction train. Nearby amenities include the Mercer County Park and

Princeton Battlefield State Park, as well as the stores and restaurants at Princeton Mar- ket Fair and Shops at Windsor Green. There are also signifi - cant employers in the immedi- ate area, including the Bristol- Myers Squibb Research and Development Headquarters and the 2.3-million-square- foot Carnegie Center Office Campus. In addition, Princ- eton University is within two miles of the property by car.

4A — February 2024 — Appraisal Institute Southern NJ Chapter — Financial Digest — M id A tlantic Real Estate Journal

www.marej.com

www.ai-snj.org Telephone 856-415-0281 • Fax 856-415-1952

The Women Of Southern NJ Appraisal Institute In 2024, the Southern NJ chapter has ALL WOMEN in the officer positions!

2024 OFFICERS AND DIRECTORS

Shown from left: Kathy Turley, board member Cindy Chance, AI CEO Meghan Payne, MAI, Treasurer Sherrie Lisa Galderisi, SRA, AI-RRS, President Lisa Weiss, Executive Director Maria Nucci, SRA, AI-RRS, Vice President Danielle Fischer, board member Lee Ann Kampf, MAI, board member Sandy Adomatis, SRA, AI National President (not pictured: Deborah Tordella, MAI, SRA, Secretary)

President: Sherrie Lisa Galderisi, SRA, AI-RRS Sherrielisa43@aol.com

Vice President: Maria Nucci, SRA, AI-RRS sjappraisalassociates@gmail.com Treasurer: Meghan Payne, MAI Mpayne@capvalpartners.com Secretary: Deborah Tordella, MAI, SRA Dptordella@gmail.com

Bartelt Awarded Olasin Award The George Olasin award is given to a member of the Southern New Jersey Chapter of the Appraisal Institute who has given years of dedicated service to the chapter and exhibited a high standard of ethics and professionalism in their appraisal practice. This award is named after George Olasin, 1962 Chapter President, who passed away in February 2011.

The George Olasin award for 2023 was awarded to Steven Bartelt, MAI, SRA, AI-GRS. This prestigious honor was recognized at the December 11th installation event, and was presented by 2024 National Vice President Michael J. Acquaro-Mignogna, MAI, SRA, AI-GRS. Steven W Bartelt, MAI, SRA, AI-GRS, has been a full time practicing real estate appraiser since 1982. Steve was awarded the MAI designation by Allen G Black, MAI, on behalf of the Southern NJ Chapter of the Appraisal Institute in May of 1993. He also earned the SRA in 1988 and the AI-GRS in 2017. He became a State Certified General Real Estate Appraiser in 1994. Steve received a bachelor’s degree in biology from Washington & Jefferson College, Washington, Pennsylvania in May of 1978. He received a master’s degree from Rowan University in 1988 in Environmental Science.

Directors: Steve Bartelt, MAI, SRA, AI-GRS Danielle Fischer Lee Ann Kampf, MAI Jerry McHale, MAI Kathy Turley Errett Vielehr, MAI

His early career was spent working with his father, E Wayne Bartelt whose office was in Haddon Township. Since 1987 Steve has operated an appraisal office in Washington Township, New Jersey. Steve has an active practice and works primarily in the fields of eminent domain, wetlands, Pinelands, easements and partial interest. Although he has worked in most of the New Jersey counties, he enjoys the southern part of the state the most. Unusual assignments have included the remnants of a bridge foundation in the Delaware River, a landlocked orchard, historic structures in Camden, and an island. Steve is past President of the Southern New Jersey Chapter of the Appraisal Institute having served in 1994 and has served in various officer and director positions of the Southern New Jersey Chapter of the Appraisal Institute. He taught classes locally and nationally for the Appraisal Institute and later became an Adjunct Professor of Biology at Rowan University. Steve resides in Sewell, Gloucester County, with his wife Judi. He has three children, two of whom live in Gloucester County. The third lives near Seattle. He has 11 grandchildren. He spends off hours working in the garage, hunting or lounging in Ocean City. Congratulations to Steven Bartelt, MAI, SRA, AI-GRS .

Past President: Robert Klein, MAI, AI-GRS

Effective January 29, 2024, Jessica Klauder earned her MAI designation Jessica Klauder has been appraising with Molinari and Associates, P.C. since 2010. She has appraised a wide variety of property types, including preserved and unpreserved farmland, woodland and wetlands, commercial, industrial, mixed-use, and special-use properties, as well as conservation and right-of-way easements, partial interest valuations, and properties for litigation and eminent domain/condemnation. Jessica resides in Marlton, NJ and received her bachelor's degree from East Stroudsburg University. Jessica and her husband Patrick are busy raising three children between the ages of 14 and 10: Brady, Collin, and Lila. Congratulations, Jessica Klauder, MAI!

M id A tlantic Real Estate Journal — February 2024 — 5A

www.marej.com

The Appraisal Institute is a global professional association of real estate appraisers, with over 16,000 professionals in almost 50 countries throughout the world. The Southern New Jersey Chapter has nearly 150 members. They perform a variety of services ranging from single family valuation to feasibility studies for regional malls & hotel- casinos. Whether it’s assistance on a home purchase or providing expert testimony for litigation, our members are uniquely qualified to meet these needs. For more information regarding the Southern NJ Chapter of the Appraisal Institute visit: www.ai-snj.org, or call Executive Director Lisa Weiss at 856-415-0281. 2024 Designated Members of the Southern NJ Chapter of the Appraisal Institute

Lakewood Audubon

J. Paul Bainbridge, MAI Steven Bartelt, MAI, SRA, AI-GRS

Cape May Ct. House Turnersville Marlboro Haddonfield Burlington

(732) 886-6695 (267) 253-5926 (609) 221-7274 (215) 842-0649 (732) 928-1550 (609) 832-2102 (609) 914-4679 (856) 853-7622 (732) 682-9949 (732) 571-3660 (267) 675-4905 (609) 214-8418 (609) 292-2573 (732) 389-3600 (201) 794-4386 (215) 888-3560 (856) 396-0000 (609) 914-4679 (856) 983-5500 (267) 256-1803 (856) 292-3021 (856) 468-0068 (856) 662-0027 (856) 787-6290 (856) 218-2800 (609) 918-1000 (732) 576-2037 (609) 943-3492 (609) 391-0404 (856) 761-3012 (856) 795-8700 (732) 605-0791 (469) 228-4123

(609) 465-9978 (856) 582-5892

Samuel Levi, MAI Meghan E. Linaris, MAI

Philadelphia Philadelphia Jackson Maple Shade Lumberton Woodbury New Egypt Rumson Burlington West Deptford Trenton Shrewsbury Fair Lawn Philadelphia Medford Cherry Hill Marlton Philadelphia Linwood

Bonnie L. Longo, MAI, SRA Eileen Lynn, MAI, AI-GRS Peter A. Maher, SRA, AI-RRS Charles A. McCullough, MAI, AI-GRS Jerome J. McHale, MAI Edward Molinari, SRA, AI- RRS Leonard Molinari, SRA Donald Moliver, MAI Christopher Murphy, MAI Maria Nucci, SRA, AI-RRS Robert Parmley, SRA Richard A. Plock, MAI Michael Pratico, Jr., AI-GRS Jacob Ramage, MAI Jeffrey D. Richwall, SRA Susan T. Roettger, MAI Lee L. Romm, MAI, SRA Taylor Santoro, MAI Michael S. Sapio, MAI Jack Sheehan, MAI, AI-GRS Timothy Sheehan, MAI, SRA Richard Shorter, SRA Thomas J. Sliwowski, SRA Peter E. Sockler, MAI James Stuart, MAI, SRA, AI-GRS Robert J. Tighue, MAI Deborah P. Tordella, MAI, SRA Errett Vielehr, MAI John H. Walton, Jr, MAI, SRA Richard J. Ward, SRA Thomas Westerfield, SRA

Sergey Belov, MAI Craig A. Bickel, MAI

(856) 906-7890 (267) 675-4907 (609) 261-4220 (856) 753-3030 (609) 438-9063 (609) 223-4911 (215) 280-4563 (609) 714-7402 (215) 587-6004 (215) 928-7526 (215) 493-5000 (215) 806-3268 (856) 764-6500 (856) 375-2148 (973) 970-9333 (215) 231-9900 (856) 234-9250 (215) 925-1212 (973) 283-2266 (856) 451-0933 (215) 561-8976 (609) 457-7297 (856) 453-8889 (609) 391-8862 (609) 770-7146 (732) 286-9250 (609) 736-0695 (215) 514-0896 (215) 963-4047

Lawrence E. Bowne, MAI Pamela J. Brodowski, MAI Steven Brownell, MAI Richard J. Carabelli, Jr, MAI J. S. Carduner, MAI, AI-GRS Cynthia Carpenter, MAI, AI-GRS Lana Chiappetta, MAI, AI-GRS John P. Corbett, MAI Albert Crosby, MAI Susanne Curran, MAI, AI-GRS Eugene P. Davey, SRA Thomas C. Davis, SRA Michael A. Descano, MAI Russell V. DiLello, MAI, AI-GRS John E. Doyle, MAI Scott A. Eiffes, MAI, AI-GRS Philip Fortuna, MAI, SRA Sherrie Lisa Galderisi, SRA, AI-RRS Joshua Garretson, MAI, AI-GRS AI-RRS Timothy P. Golden, Jr., MAI Mark J. Hanson, MAI, SRA, AI-GRS Donna Harris, SRA Joseph V. Heenan, MAI, SRA

Eastampton West Berlin Hamilton Robbinsville

Summit Medford

Philadelphia Philadelphia Yardley Philadelphia Delran Cherry Hill

Morris Plains Philadelphia Moorestown Philadelphia Ocean View Bridgeton Philadelphia Audubon Shiloh Ocean City Cape May Ct. House

Wenonah Cherry Hill Mt. Laurel Sewell Hightstown Colts Neck Trenton

Michael D. Jones, MAI Tony F. Kamand, Jr, MAI

Ocean City Haddonfield Cherry Hill Monroe Township Fort Wayne, IN

Toms River Ocean City Marlton Philadelphia

Lee Ann Kamph, MAI Jessica Klauder, MAI Robert M. Klein, MAI, AI-GRS

6A — February 2024 — Financial Digest — M id A tlantic Real Estate Journal

www.marej.com

F inancial D igest

WilkinGuttenplan adds Burkhalter as partner

December 2023 brought several successful closings Kennedy Funding closes loans totaling $10.1M in MD & NY

held businesses. His primary focus is Common Interest Re- alty Associations throughout NJ and Pennsylvania, where he uses his deep real estate expertise to provide valuable insights to his clients. His work with them includes audits, reviews, tax, and compilation services. Additionally, he pro- vides agreed-upon procedure engagements to these clients. Burkhalter also provides close- ly held business clients with audit, review, compilation, tax return preparation, tax plan- ning, and other miscellaneous consulting services. Before joining the firm in 2009, Burkhalter earned his Bachelor of Science from Rider University of New Jersey. He continues his education through regular continuing pro- fessional education (CPE) and educational seminars. MAREJ

EAST BRUNSWICK, NJ — Wilkin & Guttenplan, P.C. (WilkinGuttenplan) an-

C HESAPEAKE CITY, MD & OLD WEST- BURY, NEW YORK

nounced the promotion of Jordan Burkhalter to partner. As a partner, Burkhalter will continue to provide service to his clients and

— Current challenges in the lending market make closing a deal more difficult than typically expected. But for Kennedy Funding , De c embe r

Jordan Burkhalter

strengthen WilkinGuttenplan with his dedication to the firm’s vision. Burkhalter started his career with the firm during the 2008 summer internship program. In 2009, he was hired as a full-time employee. Today, Burkhalter divides his time between working with clients in the real estate, healthcare, and dental industries and closely

Kevin Wolfer

2023 brought several success- ful closings, including a $5.1 million loan for the acquisition of a 2.5-story, 12,750 s/f single- family home. The property is part of a 437-acre winery in Chesapeake City. Notably, Kennedy Funding closed the loan in eight busi- ness days, when traditional lending can take weeks or months to close. The loan commitment was executed on December 14, 2023, and closed on December 27, 2023, in the midst of the peak holiday sea- son, a period when obtaining real estate financing typically takes longer, especially from traditional funding sources. This was the third loan Ken- nedy Funding closed in the last week of December. “You need to anticipate chal- lenges and delays during the holiday season, and you need to know how to navigate them while still meeting the borrow- er’s needs in a timely fashion,” said Kevin Wolfer , president/ CEO of Kennedy Funding. “At Kennedy Funding, we have the experience and know-how to assess potential deals on next-toimpossible timelines and get funding in the hands of borrowers at any time of the year.” The borrower, AE Bohe- mia Manor Farm, LLC , will use the proceeds toward its $8.9 million purchase of the property. AE Bohemia Manor Farm intends to maintain the current operations of Chateau Bu-De Winery & Vineyard, along with its five catering establishments and bed-and- breakfast, in collaboration with VIVÂMEE Hospitality , which manages three other luxury resorts. The winery includes a 15,000 s/f building with a tasting room, a ballroom, entertainment spaces, and a full catering kitchen with food served on-site. Chateau Bu-De Winery & Vineyard hosts 30,000 visitors per year,

Chateau Bu-De Winery & Vineyard

M&T RCC appoints new CEO and other organizational changes

Estate in Old Westbury, NY

with just under 60,000 vines of Pinot Noir, Chardonnay, and other widely sought-after wines. Weddings and events at the winery are booked well into 2024. Wolfer said that Kennedy Funding evaluates its lend- ing prospects largely on their value to the surrounding community, and the winery’s popularity was a clear sign of that value. “Direct private lenders like us are free to examine the merits of a deal, without being forced to tick certain boxes or meet potentially irrelevant criteria,” Wolfer said. “Between Chateau Bu-De Winery & Vineyard’s gorgeous waterfront scenery, stunning bed-and-breakfast space, state- of-the-art vineyard, catering, and event spaces, we were fully confident that the borrower’s purchase would elevate the Chesapeake City community.” “Between Chesapeake City’s geographical proximity to ma- jor cities and Chateau BuDe Winery & Vineyard’s historic ties to its hometown, it’s clear to see that this site will con- tinue to be a destination for wine lovers, events, and wed- dings,” Wolfer said. “We are proud to have closed this loan, especially during the holiday

when it can be harder to get deals done. Our ongoing mis- sion is to continue to support our clients who aspire toward a prosperous future with their real estate ventures. In a second transaction, Ken- nedy Funding closed a $5 mil- lion loan on a residential estate in affluent Old Westbury, NY. The loan proceeds will be used for working capital. There is no debt on the property. Despite numerous setbacks and challenges, Kennedy was able to fill the funding void, providing the necessary capital. The loan was brokered by Hong Hu of Googain, Inc., and Nicole Cayton of KR Capital . For Kennedy, the transaction best demonstrates its commitment to providing funding, especially in these uncertain times, when con- ventional lending has all but dried-up. “The borrower needed to close by the end of the year, and we were able to perform our due diligence and deliver in a timely fashion,” said Wolfer. “Despite the fact that there was no debt on the property, the journey to the closing table can often be lengthy, espe- cially when there is a bank or conventional lender involved,” Wolfer added. MAREJ

Michael Edelman

Mark Gould

Joe Pizzutelli

Kevin Collins

new strategic arrangements such as the alliance with Mar- cus and Millichap. Additional leadership ap- pointments include: • Mark Gould and Joe Pizzutelli have been named as co-heads of M&T RCC National Production. Gould will manage the orga- nization’s relationships with Freddie Mac and Fannie Mae, oversee M&T RCC’s strategic partnership with Marcus and Millichap, work with M&T Bank Institutional client re- lationships, and spearhead new growth strategies and partnerships. Pizzutelli will focus on expanding current M&T Bank Institutional Com- mercial Real Estate (ICRE) client relationships. • Kevin Collins has been named M&T RCC Life Com- pany platform manager. In his new role, Collins will be responsible for overseeing Life Company production, managing our relationship with numerous capital sources, and continuing to grow the Life Company plat- form. Don Pettit , the previous platform manager, will remain part of the team, assisting Col- lins in the transition. MAREJ

BALTIMORE, MD — M&T Realty Capital Corpora- tion (M&T RCC) announced a series of organizational changes designed to position the business for continued growth and expansion. Michael Edelman , cur- rently serving as president, will succeed current CEO Michael Berman , who will transition to the role of execu- tive advisor. Both executives will continue to report to Tim Gallagher , M&T Bank Head of Commercial Real Estate, and Berman will remain a member of M&T RCC’s board. Edelman joined M&T in 2016 as M&T RCC Agency Product Manager and has been in the role of president since February 2022. He is an experienced CRE finance executive with over 25 years of mortgage banking experi- ence and has been involved in more than $6B of transactions throughout his career. Berman joined M&T RCC in 2019 and has transformed the M&T commercial mortgage real estate business. Under Berman’s leadership, M&T RCC has seen four years of sustained growth, including

M id A tlantic Real Estate Journal — Financial Digest — February 2024 — 7A

www.marej.com

F inancial D igest

®

SM

Designees on Staff

• 20 YEARS EXPERIENCE • COMPETITIVE FEES • CERTIFIED EXCHANGE SPECIALIST® ON STAFF • 24/7 TELEPHONE ASSISTANCE • NATIONALLY RECOGNIZED • DEFINITIVE ANSWERS TO YOUR EXCHANGE TRANSACTION • BONDED AND INSURED • SEGREGATED QUALIFIED ESCROW ACCOUNTS 23 6 30

After all, you are a discerning customer TRUST THE PROFESSIONALS

®

EXCHANGE SOLUTIONS www.exchange-solutions.com Kim Rincones Sr. Exchange Coordinator Diane Schaefer, CES President Kim Rincones Sr. Exchange Coordinator Kim Rincones Senior Exchange Coordinator

Diane Schaefer, CES President

Melissa Beck Exchange Coordinator

Diane Schaefer, CES ® President

Melissa Cheverko Senior Exchange Coordinator

516-771-2400 FREEPORT, NY 1 1520 Members of the Federation of Exchange Accommodators. Bonded and Insured 516-771-2400 1975 Hempstead Tpke., Ste. 201, East Meadow, NY 11554 Members of the Federation of Exchange Accommodators. Bonded and Insured

8A — February 2024 — Family Owned Business — M id A tlantic Real Estate Journal

www.marej.com

F amily -O wned B usiness

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 Bro- kerage Team, experience Real Estate Professionals with ex- ceptional track records of suc- cess for office, industrial, retail, and investment brokerage. David Zimmel CEO, Zimmel Associates David Zimmel has dedicated more than 46 years to the real estate industry. He has participated in the closing of more than 5,000 real estate transactions, and $15 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- oriented, creative thinker, David is often asked to share his market knowledge, insight and expertise with industry leaders, associations and me- dia. He is a past president of IOREBA, an organization comprised of real estate pro- fessionals and owners in PA, NY, NJ and CT. “Be honest, upfront and have integrity. Know the marketplace like the back of your hand. Be the best

Joel Natter Executive Vice President

Lauren LoFaro Director of Office Operations

Jaime Zimmel Vice President

Jason Zimmel Sales Associate

David Zimmel CEO

Jordan Zimmel Vice President

broker you can be. Treat every transaction, 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 founda - tion for our long-term client relationships and the key to our success.” Jordan Zimmel, VP, Zimmel Associates Jordan Zimmel joined the firm in 2009. He is a gradu - ate of Monmouth University where he majored in Business Management. His responsibili- ties include organizing trans- actions and the acquisition and disposition of industrial, office and retail properties, lease and purchase negotiations and rep- resenting 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 and his wife Arielle have recently purchased a new home in Middletown, NJ, where they enjoy every moment with their 15-month- old son, Rory. Jaime Zimmel has a B.A. in Liberal Arts from Penn State University. His friendly per- sonality and negotiating skills Jaime Zimmel, VP, Zimmel Associates

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.” Jaime and his wife Kristen recently purchased a home in Middletown, NJ, where they’re enjoying life with their four-month-old son Cameron. Jason Zimmel has a B.S. in Business Administration and Real Estate from Monmouth University’s highly regarded Kislak Real Estate Institute. His education by esteemed industry brokers, bankers and developers prepared him well for success at Zimmel As- sociates where he specializes in the acquisition and disposi- tion of office, industrial and retail properties. Jason Zimmel, Sales Associate, Zimmel Associates “I am excited for the future and continued success of our firm. We all share mutual respect for each other’s skills, a lifelong passion for the in- dustry and commitment to outstanding service.”

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 orga- nized and attentive with every business situation. He enjoys leasing in the office sector and has a great track record of consistently increasing oc- cupancy levels as Exclusive Leasing Agent. “Zimmel Associates is a good fit for me profession- ally for many reasons. The company’s entrepreneurial nature works well for me, the support staff is excellent and the ability to interact with the company’s principals is extremely valuable.” Lauren LoFaro, Director of Office Operations, Zimmel Associates In 2015, Lauren LoFaro joined the Team of Zimmel Associates, bringing over thirty years of notable accomplishments, managing daily operational functions and steering projects to successful completion. By immersing herself in the commercial real estate market, she continues to have a posi- tive impact on the overall per- formance and daily activities of Zimmel Associates. MAREJ

Jared Zimmel, Executive Director, Natixis CIB Americas Jared Zimmel, serving as Executive Director at Natixis CIB Americas, excels in com- mercial lending and enjoys a thriving career. As the eldest son in the Zimmel family, his insights are esteemed, despite not being directly involved with Zimmel Associ- ates. Alongside his wife Alis- sa, Jared resides in Woodcliff Lakes, NJ, where they cherish family life, raising their three children: Jake, aged 11, Tyler, aged 8, and Zoey, aged 4. Terri Zimmel, Interior Designer Extraordinaire, Zimmel Associates Touches of Terri are found in many of Zimmel Associ- ates’ commercial real estate properties - office, industrial and retail properties. The Zimmel family includes those who are in-grained with the same dedication, passion and ethics. Joel Natter, Executive Vice President, Zimmel Associates Joel Natter has been with the firm for more than 28 years. Joel is a knowledge- able and versatile corporate real estate professional who knows the New Jersey mar- ket and consistently delivers outstanding solutions for his

M id A tlantic Real Estate Journal — February 2024 — 9A

www.marej.com

READY FOR FALL 2024 OCCUPANCY FLEX SPACE FOR LEASE 245 Willowbrook Road, Freehold, NJ

100,714 SF Flex Building ➤ Divisible to units as small as 5,000 sf ➤ 28’ ceiling height ➤ Tail board loading ➤ Located right off routes 33,18 and 9

3920 PARK AVENUE, EDISON, NJ

CHIMNEY ROCK RD, BRIDGEWATER, NJ

2045 LINCOLN HWY, EDISON, NJ

➤ 63,000 sf ➤ Excellent investment opportunity ➤ Fully leased to a public company ➤ Below market rents ➤ Good upside in the next couple of years

➤ 74,000 sf ➤ Ceiling height 28’ clear

➤ 8,000 sf. first floor office space ➤ Divisible as small as 2,000 sf ➤ Below market rent ➤ Excellent location right off Rte. 287

➤ Tailboard loading ➤ Office space to suit ➤ Located at 287, 22 & Chimney Rock Rd.

POWERING YOUR COMMERCIAL REAL ESTATE VENTURES A leading commercial real estate brokerage firm serving clients in New Jersey and the surrounding areas.

1986-2024 3

8 YEARS of excellence

732.661.9200 732.661.9617 zimmel.com

@zimmelassoc1985

@zimmelassociates

@zimmel-associates @zimmelassociates

10A — February 2024 — M id A tlantic Real Estate Journal

www.marej.com

M id A tlantic R eal E state J ournal

AMILTON, NJ — Fennelly Associ- ates , and Keyser , a H Keyser co-brokers sale of 9772 s/f office building at 2291 Rte. 33 amounting to $2.3M Jerry Fennelly, SIOR of Fennelly Associates completes four transactions in Hamilton, NJ

full-service commercial real estate brokerage firm based in Scottsdale, AZ, announced they have negotiated the sale of a 9,772 s/f office building at 2291 Rte. 33 in Hamilton. for $2.3M. Fennelly Associates and Keyser represented the buyer, DMI , in the transaction. Established in 1957 in Mel - ville, N.Y, DMI is one of the longest-running, continu- ously operating cooperative warehouse groups in the US. Amidst significant growth,

2291 Rte. 33 in Hamilton

3840 Quakerbridge Rd.

the company recognized that its existing warehouse space was ill-suited to its needs both in function and size. The firm initially contacted Keyser to

secure a new warehouse space that would allow for efficient cross-docking and storage ca- pabilities. Earlier in 2023, the company negotiated a lease for

a brand-new 845,078 s/f ware - house located at 1365 Lamber - ton Rd. in Trenton. However, its growth also necessitated a new office. Keyser, leveraging

the SIOR network, contacted Jerry Fennelly, SIOR , presi- dent of Fennelly Associates, to help DMI secure an office space for the company. Fennelly was able to identify 2291 Rte. 33 in nearby Hamilton as the ideal location for DMI’s offices. “The national reach of the SIOR network ensures com- panies can find a trusted, ex - perienced broker to help them meet their space needs in any market and asset class,” said Fennelly. “We were happy to work with Keyser to provide DMI with an ideal office space to accompany their brand-new warehouse. We look forward to the next opportunity to work closely with our SIOR col- leagues to help a client achieve its goals.” At the Van Nest Office Park in Hamilton, Fennelly Associates brokered leases for 3,700 s/f with Thrive Financial Services, 1,945 s/f with Empro Insurance, and 1,450 s/f with Caplin Point Labs at 3840 Quakerbridge Rd. Jerry Fennelly, SIOR represented the landlord in all three transactions. 3840 Quakerbridge Rd. is a 33,000 s/f, two-story office building located less than two miles from the intersec- tion of Rte. 1 and I-295. 3840 Quakerbridge Rd., joined by an identical adjacent build - ing at 3836 Quakerbridge Rd. forms the Van Nest Office Park, a modern office campus bordering the Van Nest Wild- life Refuge, a 98-acre wildlife management area. . “Although these businesses operate in different industries and serve different clients, their need for a well-located, modern office is uniform,” said Fennelly. “Despite the difficul - ties in the broader office mar - ket, the strong demand from businesses aiming to tap into Mercer County’s favorable de- mographics underpins what continues to be a standout local office market.” MAREJ

M id A tlantic Real Estate Journal — February 2024 — 11A

www.marej.com

F KLNB secures new HQ location for InventWood Lincoln Property Company brokers 88,971 s/f ind. lease

Kelley Drye Warren provided legal services Finmarc sells 25,000 s/f flex/ office building for $4.35M

REDERICK, MD — KLNB announced the 88,971 s/f commercial industrial lease for Invent- Wood (IW), a Maryland-based early-stage, high-growth company that is a leader in cellulose-based material and nanotechnology innovations that are high performance, cost-effective, and environmen- tally sustainable. Located at 5971 Jefferson Station Court in Frederick, the property lease was coordinated by KLNB vice president Kristin Rebeck who acted as IW’s tenant rep. As IW outgrew its incuba- tor space at the University of Maryland (UMD), the search for a new headquarters location began. Rebeck advised the IW team on future growth needs and space planning, searching across the DMV for the ideal property. Site selection includ- ed diverse spaces ranging from old factories to sawmills, and even undeveloped sites, with the IW team embracing the journey to find the best option. “It was an honor to have played a role in securing the future space for InventWood’s headquarters,” said KLNB’s Rebeck. “This is a perfect ex- ample of how having the right tenant advisor can ensure the successful navigation of any challenge. And in this case, we faced zoning considerations, a scarcity of industrial inventory in the region, escalating rental rates, and finding landlords able to accommodate IW’s unique requirements, but in the end we found an ideal solution and were able to secure the best facility for InventWood.” IW is poised to become one of the most innovative companies to emerge from UMD with a $20 million grant from the US Department of Energy and to establish its headquarters in Maryland. The company’s manufacturing launch in early 2025 promises not only significant economic growth for the region, but also a trans- formative step towards a sus- tainable and impactful future with an innovative technology focused on a positive environ- mental impact.

620 E. Diamond Ave.

their high school years. “This sale continues our strategy of disposing select assets, as demonstrated by last year’s sale of 7375 Boston Blvd. in Springfield, VA, as well as Largo Town Center, a 280,000 s/f regional retail center in Upper Marlboro, MD, and to deploy the generated funds into emerging acquisi- tion opportunities we expect to uncover in 2024,” said David Fink , principal, Finmarc. “A rapidly-rising interest rate environment brought invest- ment sales activity to a virtual standstill last year. But, prospects of lower benchmark rates, pent-up de- mand, and our team’s ability to identify value-add opportu- nities in various asset classes positions us as preferred buy- ers in the year ahead. “We are particularly at- tracted to under-performing properties that provides our team the opportunity to create long-term and sustained value with the implementation of proven leasing and asset man- agement strategies that lower operational expenses,” Fink added. “We also have a distinct advantage among others given our ready access to our inter- nal capital, combined with our certainty to close which instill confidence among sellers.” Fink added that Identity ac- quired a well-maintained asset with in-place tenants that will provide immediate cash flow to the non-profit organization. “Identity is a highly-respect- ed organization which provides extremely important services to the underserved population of Montgomery County and its presence in Girard Place will pay valuable dividends to the local Gaithersburg commu- nity,” he added. MAREJ

GAITHERSBURG, MD — Finmarc Management, Inc. , a diversified commer- cial real estate investment and management firm head - quartered in Bethesda has announced the sale of 620 E. Diamond Ave. in Gaith- ersburg, a two-story building containing 25,000 s/f of flex/of - fice space, to Identity, Inc. for nearly $4.35 million. The asset was part of a nine-building portfolio comprising 342,000 s/f of flex/office, commercial office, retail, and warehouse space purchased by Finmarc in 2014 from First Potomac Realty Trust . The building, which is contained on a 1.98- acre parcel in the Gaithers- burg section of Montgomery County, was 50% occupied at the time of the sales transac- tion. Ken Fellows and Rob Pugh of KLNB represented the seller and Jhon Pacheco of CBRE represented the buyer in this sales transaction. Aaron Rosenfeld of Kelley Drye Warren provided legal services to Finmarc. The asset is positioned with- in proximity to I-270, MD Rte. 200, MD Rte. 355 and the Shady Grove Metro Station and is 20 miles from Wash- ington, DC and 40 miles from BWI Airport. Identity, a non-profit orga - nization which operates four high school Wellness Centers and two Youth Opportunity Centers in Montgomery Coun- ty, intends to relocate its head- quarters and 50 employees to 620 E. Diamond Ave. later this year. The group provides a broad array of programs and services focused on support- ing the physical, social, emo- tional, and mental wellbeing of Latino and other historically underserved youth throughout

5971 Jefferson Station Court

“The relationship we cre- ated with Kristin, our KLNB tenant advisor, showcases just how much she cared about our future,” said InventWood CEO Josh Cable. “We spoke to Kristin almost daily, discuss- ing our expansion strategy, plans for horizontal growth, and why we believe so deeply in our technologies. I believe that Kristin’s dedication, and genu- ine interest in our company, is what allowed her to find such an ideal property.” In addition, Rebeck and Ca- ble credit Jody Bollinger and the team at Frederick Eco- nomic Development for being a valuable tenant resource, providing support that IW con- tinues to utilize. Additionally, Lincoln Property Company , acting as landlord represented by Brent Prossner and Kyle Bell , demonstrated unwaver- ing commitment in tailoring the site to meet IW’s needs, foster- ing a promising partnership for the company’s regional growth. In a second Maryland trans- action, KLNB announced the sale of 7750 Montpelier Rd. in Maple Lawn to St. John Properties . The sale includes a 32,488 s/f, education facility, and two additional undevel- oped parcels of land totaling 5.96 useable acres. Located in the Montpelier Research Park, the property’s sale was facilitated by the KLNB Capi- tal Markets team of principals Abby Glassberg and Joe

Friedman , senior VP Don Schline , and office & industri - al specialist Joshua Norwitz . The sale price was $8.25M. KLNB represented the sell- er, Maryland Institute of In- tegrative Heath (MUIH), and procured the buyer, St. John Properties, which intends to develop multiple single-story office/flex buildings to provide support the increased needs of the Applied Physics Labo- ratory and the greater Maple Lawn community. The seller, MUIH, has entered a short- term buyback lease that will provide income to St. John Properties while planning and construction are underway. “This is the last remaining undeveloped parcel in Montpe- lier Research Park” said Glass- berg. “The existing building is extremely functional for office, school and assembly uses due to the existing layout and gener- ous 269 surface parking spaces. It also offers outstanding acces- sibility with proximity to Rtes. 29 and 32, making it highly desirable for any occupants attracting people from nearby towns and neighborhoods.” The parcel is zoned PEC (Planned Employment Cen- ter), and possible uses include light industrial, biomedical laboratories, ambulatory health care, restaurants, ca- tering/banquets, education and schools, hospitals, hotels, and even Housing Commission housing development. MAREJ

Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52

Made with FlippingBook flipbook maker