ISSUE HIGHLIGHTS Volume 32, Issue 15 Aug. 28 - Sept. 10, 2020

T Joint-venture partnership with Caves Valley Partners &Gilbane Development Co. Greenberg Gibbons to develop 231- unit, 280,000 s/f apartment complex

Section C 40 UNDER 40

noted Russell Broderick , se- nior vice president at Gilbane Development Company. “We are excited to continue work at Towson Row with Green- berg Gibbons on The York.” Towson Row is under con- struction on five acres between York Rd., Towsontown Blvd., Washington Ave. and Chesa - peake Ave. The 1.2 million s/f development, anchored by a 45,000 s/f Whole Foods Market, will include over 75,000 s/f of retail/restaurant space, 150,000 s/f of class A office space, 720 student housing beds, 231 so- phisticated apartment units, the adaptive re-use of the for- mer National Guard armory building into Towson Univer- sity’s StarTUp and a 220-room, dual-flag hotel. MAREJ activity to-date are projects in Syracuse, NY and New London, CT. A former Sam’s Club at 2649 Erie Blvd. in Syracuse, NY, The Hampshire Compa- nies transformed the building into a state-of-the-art, 109,310 s/f, 882-unit CubeSmart facil - ity. Since opening in April, the building’s location along one of Syracuse’s busiest retail corridors and within miles of Syracuse University and Le Moyne College has provided the company with a strong base of demand from a variety of users. Another facility that opened in April, The Hampshire Com - panies’ NewLondon self-storage project served as the company’s first project executed under the Hampshire Christie Qualified Opportunity Zone Fund. Situ - ated at 351 N. Frontage Rd. in New London, CT, the 100,000 s/f, 760-unit CubeSmart facility features a tremendous location along Interstate 95 with over 60,000 daily drivers passing the property. Additionally, the construction of the building has helped stimulate economic activity in the New London Op - portunity Zone while providing the growing local community with an in-demand self-storage facility. MAREJ

OWSON , MD — Greenberg Gibbons, Caves Valley Part- ners and Gilbane Develop- ment Company have formed a joint-venture partnership to develop The York, a five-story apartment building situated above Whole Foods Market at Towson Row in Towson, MD. It will be the second residen- tial building located within the $350 million mixed-use destination. “Thi s partnership i s a unique opportunity to further diversify our development portfolio, while enhancing our relationship with Gilbane Development Company,” said Eric Walter , executive VP and chief investment officer of Greenberg Gibbons. MORRISTOWN, NJ — The Hampshire Companies con- tinues to expand its self-storage portfolio with the completion of eight self-storage facilities totaling 821,410 s/f across five states from Providence, RI to Miami, FL throughout the first seven months of 2020. Each completed in January, The Hampshire Companies’ Miami, FL and Providence, RI projects showcase the variety of markets in which the firm can deploy their self-storage development platform. Stand - ing at 83,908 s/f and 675 units,


The York

The York is a 231-unit , 280,000 s/f apartment com- plex geared toward students, recent graduates and young professionals. Construction of the building is expected to be

completed by August 2021. “We are proud to have suc- cessfully opened Altus at Towson Row, which is fully leased and welcoming Towson University students this fall,”


UPCOMING CONFERENCES September 2, 2020 6 th Annual NJ CRE Leadership Honoring Women in Real Estate September 2020 5 th Annual PA Healthcare & Medical Conference October 1, 2020 6 th Annual NJ Industrial Development Conference For speaking and sponsorship info., please contact: Lea at 781-740-2900 or lea@marejournal.com

TheHampshireCompaniesbrings over 800,000 s/f of self-storage space to market in 2020 underlying demographics.

Joining the Providence and Miami facilities, The Hamp- shire Companies has also de- veloped four facilities in New Jersey. Leading the way is the firm’s ambitious redevelopment project to turn a former Na- tional Guard Armory at 1189 Magnolia Ave. in Elizabeth, NJ into a state-of-the-art, 100,200 s/f, 760-unit Extra Space Stor - age facility that opened for business in January. The build - ing was later sold to the United Hampshire US REIT. Continuing to reinforce the firm’s ability to execute self- storage redevelopment projects is a 102,344 s/f, 807-unit Extra Space Storage facility that was brought to life last month at a redevelopment site at 11 Franklin Ave. in Belleville, NJ. In addition to their redevel- opment projects, The Hamp- shire Companies also executed two ground-up development projects in the Garden State. A 94,600 s/f, 656-unit CubeSmart facility located at 900 State St. in Perth Amboy, NJ and a 120,524 s/f, 903-unit Extra Space Storage facility located at 141 US-206 in Hillsborough, NJ both opened in early July. Rounding out the firm’s 2020

the firm’s Extra Space Storage facility located at 3095 SW 39th Ave., Miami is situated just two miles from the Uni- versity of Miami in the city of Coral Gables. As a market that lacks institutional quality self- storage facilities and boasts demand from both college stu- dents and a growing number of new apartment residents in the area, Coral Gables embodies the growth factors of a well- primed self-storage market that meets The Hampshire Companies’ strict site selection criteria. Similarly, the 110,524 s/f, 863-unit Extra Space Storage facility located at 145 Corliss St. in Providence, RI developed in a joint venture partnership between The Hampshire Com- panies and Harrison Street, brought an in-demand institu- tional-quality asset to an un - derserved market with strong 11 Franklin Ave. in Belleville, NJ

Directory ROP (Front Section) .................................... Section A Contributing Columnist ... Marcus Daniels, Ed Luckett, & Terry Rogers, NAI Michael Critical Steps for Buying Church Property . ............ 2A Retail Development Reimagined. .....................5-10A CCIM...................................................................13A People on the Move.......................................14-15A Organization Events Calendar ..............................16A Business Card/Billboard Directory.................... IBC-A Owners, Developers & Managers ............... Section B 40 Under 40............................................... Section C www.marej.com

Inside Cover A — August 28 - September 10, 2020 — M id A tlantic Real Estate Journal


M id A tlantic Real Estate Journal — August 28 - September 10, 2020 — 1A



Chase Bank Prince Frederick, MD $5,625,000

Texas Roadhouse Clay, NY $2,300,000

CVS Boston, MA $7,727,272

Chick-fil-A Fredericksburg, VA $1,800,000

Dollar General Davenport, NY $1,500,000

Chase Bank Columbus, OH $3,100,000

Gillian Greenfield, Greenfield and Craun, MD Broker of Record, License 681790 Ethan Cole, NY Broker of Record License 10491208561





2A — August 28 - September 10, 2020 — M id A tlantic Real Estate Journal



M id A tlantic Real Estate Journal

M id A tlantic R eal E state J ournal Publisher, Conference Producer . .............Linda Christman AVP, Conference Producer ...........................Lea Christman Publisher ........................................................Joe Christman Editor/Graphic Artist..... .................................Karen Vachon Contributing Columnist .......Marcus Daniels, Ed Luckett, & Terry Rogers, NAI Michael; Livia Zambrano, Withum; Dailey Tipton, Evolution Energy Partners 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 15 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


Marcus Daniels, Ed Luckett, and Terry Rogers

Critical Steps for Buying Church Property


hether you’re just starting a minis- try or your church’s

congregation has outgrown its building, it’s likely that you’ve had to take on an un- usual new role: that of a real estate expert. Although faith leaders understand how to preach effectively and build a community of believers, not many are equipped with the knowledge for buying church property. From evaluating the value of the property to gain- ing zoning approval to inspect- ing the facility, there are many steps church leaders need to go through before signing on the dotted line. But church leaders are not the only ones who lack famil- iarity with the process of sell- ing or buying church property. Many commercial real estate brokers also lack the familiar- ity with laws and regulations unique to religious properties. Consequently, many lack the vision and strategic guid- ance to thoughtfully lead you


Sept. 2, 2020-6th Annual New Jersey Leadership

Sept. 2020 - 5th Annual Philadelphia Healthcare & Medical

through this process. Matters regarding church real estate require a specialized approach that should include an adviser who has both real estate ex- pertise and experience work- ing with churches. If you are considering buying a church building or purchas- ing a nontraditional property to convert into your congrega- tion’s new home, here are four critical steps to position your church for success. ALIGN CHURCH LEADERSHIP Before you can even think about selecting a site, every- one from your church admin- istrators to your congregation members need to be aligned in

terms of your long-term vision and how the new building will help you achieve the objectives and goals you have set. An experienced church broker can help shepherd a congregation through conversations about location, property-specific is - sues and design decisions to avoid a disconnect within your congregation. KNOW YOUR RECENT HISTORY & WHERE YOU STAND Get your business docu- ments, attendance and bal- ance sheets for the past three years and keep your financials safe and secure to be prepared to create a financial plan. continued on page 14A


October 1, 2020-6th Annual New Jersey Industrial Real Estate Development

781.740.2900 m a r e j .c om /c on f

M id A tlantic Real Estate Journal — August 28 - September 10, 2020 — 3A


M id A tlantic R eal E state J ournal

A subsidiary of Emigrant Bank Emigrant Mortgage Co. brings a unique under- writing approach to the commercial lending space E nellas and Sarasota Counties) *EFC’s Small Business Ad - ministration (SBA) lending area • Westchester/Rockland • Orange & Putnam NJ/PA/CT Market • New Jersey (All Coun - ties) *

tation loan programs and amortization periods up to 30 Years. EFC’s full suite of programs and products provide financing options for traditional borrowers, as well as foreign nationals, resident aliens and borrowers with low or no credit scores. EFC, through Emigrant Bank, is a participating Small Busi - ness Administration (“SBA”) Lender offering SBA 7(a) and (504) Loans. Emigrant ’s Commercial Lending Area includes: NY Market* • 5 boroughs • Nassau/Suffolk

please reach out to Veronica Ferrero, AVP and Commu - nity Lending Coordinator at 631.786.0898 or Charles Ruffin, Sales Manager at Emigrant Mortgage Company, Inc. at 646.423.8779. Emigrant’s Small Balance Commercial Lending Program allows for loan sizes up to 5MM. As a portfolio lender, and with features such as no personal debt-to-income ratio, large cash outs, cross- collateralizations, and deal structuring, Emigrant brings a unique underwriting ap - proach to the commercial lending space. MAREJ

migrant Mortgage Company, Inc. (Emi- grant) through its af- filiate, Emigrant Funding Corporation (EFC) , offers portfolio (bank-owned) small balance commercial/mixed use products for first mort - gage financing for most types of commercial real estate, including: multifamily apart - ment houses, mixed-use build - ings, retail strips and office properties. As a subsidiary of Emigrant Bank, a 169-year- old New York savings insti - tution, EFC is able to draw upon the vast resources of its parent to make sure borrow - ers get the funds they need in a timely fashion. Emigrant ’ s commercial portfolio guidelines include purchase, rate/term refinanc - ing and cash-out refinancing transactions, full documen - Lincoln Property Co. signs lease renewal at 180-188 Mt Airy Rd. Basking Ridge, NJ PARSIPPANY, NJ — Mi- chael Taylor , senior vice president of Lincoln Prop- erty Company , announced on behalf of CIG Properties , the signing of a lease renewal for Embrace Home Loans on the first floor at 180 Mt. Airy Rd. in Basking Ridge. Embrace Home Loans elected to exer - cised their option to extend for 2,884 rentable s/f, because of 180 Mt. Airy Roads location at exit 26 a full four-way intersec - tion on I-287. Lincoln Property Company’s Senior vice presi - dent Rick Genthe served as in-house leasing agent on behalf of CIG Properties. “We are pleased to have Embrace Home Loans extend their lease with us at 180 Mt. Airy Road said Genthe. “This extension is a reflection of Lincoln Property Company & CIG Properties commitment to quickly addressing the needs of prospective and ex - isting tenants in a timely and cost-effective manner and by providing them with a state- of-the-art facility in one of the most desirable locations in the state,” Taylor concluded. 180-188 Mt. Airy Rd. con - sists of two mirror 50,000 s/f. two story office buildings on an 11-acre site just off exit 26 a full four-way interchange on I-287. MAREJ

Emigrant maintains of - fices in New York (Manhat - tan, Queens, Long Island and Westchester), New Jersey, Massachusetts, and Florida. Our Commercial Mortgage Specialist along with our in- house team of underwriters, appraisers and closers, facili - tate prompt decision making and processing of all loan ap - plications. If you would like to learn more about how Emigrant can help you with your clients,

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Veronica Ferrero, AVP NMLS# 343789/Cell 631-786-0898 FerreroV@emigrantmortgage.com

4A — August 28 - September 10, 2020 — M id A tlantic Real Estate Journal


M id A tlantic R eal E state J ournal

EMPLE, PA — Mar- cus & Millichap an- nounced the sale of Three freestanding buildings totaling 21,850 s/f sells for $11.585 million in Temple, PA Marcus & Millichap’s Dougherty & Krantz secure buyer for a new construction retail center T Philadelphia office. “The buy - er was a repeat client of the firm who entered into a 1031

to work with well-respected professionals on this transac- tion. Managing expectations on timelines was a key com- ponent to getting this deal successfully closed during a challenging time,” added Krantz. The property is located at 4229 N 5th St. Hwy. in Temple. The asset boasts a top of class, internet-resistant tenant mix featuring Chick- Fil-A, Panera Bread, Mod Pizza, and Visions Credit Union. “This asset is com - prised of some of the most well-respected retail tenants in the industry. Our team is very thankful for the opportu- nity to work with this client over the course of the last year, helping them build a portfolio they can be proud of and that will stand tall even if more challenging times still lie ahead,” said Dougherty. Located directly adjacent to 5th St. Highway (17,876 VPD) in the Reading MSA in Berks County, the property consists of three freestand- ing buildings with a total of 21,850 s/f situated on 3.19 acres. The original construc- tion of each building occurred in 2019 - 2020, while the primary lease terms vary between 10 - 20 years. MAREJ for $1.2 million in Hunterdon Cty., NJ READINGTON, NJ — Peter Gallicchio president of Somerset, NJ based Rem- REMCO sells Quick Chek site c o R e a l t y Group has announced that the firm recently sold a s i x ac re site located at the sig- nal ized in- tersection of Rte. 22 East and County Line Rd. in Read- ington. The site received approvals to build a 5,500 s/f conve - nience store with 58 car park- ing, along with a full canopy over five fuel dispensers. Remco was also responsible for the sale of the Quick Chek development site located at Rote. 1 South and Livingston Ave. in North Brunswick. Remco had the listing on the site, and secured the buyer as well. MAREJ Peter Gallicchio

exchange in the ini t i a l stages of the COV I D - 1 9 era. There w a s c e r - tainly a back t o b a s i c s a p p r o a c h with this ex- change focus-

a m u l t i - tenant re- tail center, l ocated in Temple, PA. T h e a s - set sold for $11.585 mil- lion. The buyer, a limited li-

Derrick Dougherty

Mark Krantz

ing on the core real estate fundamentals, essential re- tailers, and predictable cash flows,” said Dougherty. “We were extremely fortunate

ability company, was secured and represented by Der- rick Dougherty and Mark Krantz , investment special- ists in Marcus & Millichap’s

4229 N 5th St. Hwy.


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R etail D evelopment R eimagined

M id A tlantic Real Estate Journal — Retail Development Reimagined — August 28 - September 10, 2020 — 5A


Munley, Galbally and Behr of JLL represent seller Paramount Realty acquires 140,418 s/f Columbus Crossing in Philadelphia, PA P in Philadelphia.

HILADELPHIA, PA — Paramount Realty Services has acquired Columbus Crossing, a 140,418 s/f open air shopping center po- sitioned along South Columbus Blvd. in the South-East section of Philadelphia. JLL marketed the property on behalf of the seller. The center is 100% occupied and anchored by T.J. Maxx and HomeGoods, with a strong supporting cast of national tenants including ULTA, Old Navy, Planet Fitness, Chipo- tle, AT&T, and Bath & Body Works. The property is shadow anchored and shares a main en- trance withWalmart and Home Depot, who are complementary to the overall tenant mix and generate a significant amount of traffic to the shopping center. The JLL Retail Capital Mar- kets team representing the seller was led by senior man- aging directors Chris Munley and Jim Galbally and senior director Colin Beh r. BENSALEM, PA — Brook- field Properties has recently launched redevelopment plans that, when complete, will fi - nalize the transformation of the former Neshaminy Mall Sears anchor into a premier healthcare destination. The Colliers team of Matthew Shanahan and Ina Sargen have been named leasing agents for the new medical opportunity. Two years ago, Sears an- nounced it would be closing its Neshaminy Mall location as part of a plan to liquidate 142 stores nationwide. Today, the now-vacant Sears space is being positioned as an innovative medical office opportunity by which regional medical health systems can serve the population-dense surrounding region from a highly centralized, accessi- ble and well-known location. Medical specific features of the site have been designed to include: clear vehicular access

The property sits along the riverfront in a destination shop- ping corridor which draws from the most affluent and growing communities in Philadelphia, including Society Hill, Old City, Queen Village, and Northern Liberties. “Columbus Crossing offered an extremely rare opportunity to acquire scarce and irreplace- able, riverfront real estate within the City of Philadel- phia,” Munley said. “Demand for the asset was high, in most part due to the intrinsic value of the underlying real estate and the value-add potential if held long term. “We are very fortunate to have worked with Paramount Realty Services on this transaction and have immense gratitude for the efforts and professionalism in bringing the deal to a close in a very challenging climate,” Munley continued. “We believe they will do exceptionally well with the asset.” MAREJ gional destination. Located just minutes from downtown Philadelphia at one of the busiest intersections on the PA Tpke. (I-276), this retail property is easily accessible from Interstate 95 and highly trafficked PA Route 1. This year saw a new Turnpike interchange completed that directly enhances the site’s regional connectivity to New Jersey. Notably, Neshaminy is served by both SEPTA re- gional rail and Amtrak. Current Neshaminy Mall retailers Boscov’s and AMC anchor a mix of specialty shops that include Barnes & Noble, Hollister Co., H&M, Aéropostale, The Children’s Place and others. The Ne- shaminy Mall Boscov’s is the number one store of their 50-store chain. Similarly, AMC Neshaminy 24 is one of the largest cinemas in the area, ranking as one of the top 30 theaters in North America for the chain. MAREJ

Columbus Crossing

Bridge) and to I-95 and I-76, the two primary arterial roadways

Columbus Crossing enjoys immediate access to the ar-

ea’s major bridges (Walt Whit- man Bridge and Ben Franklin

Brookfield Properties launches redevelopment plans of 143,000 s/f medical redevelopment at Neshaminy Mall

Neshaminy Medical Conceptual Rendering (Photo Credit: Nelson Architects)

and proprietary parking for patient populations, a covered patient drop-off pavilion and a dedicated entrance and lobby. “We believe this will be THE revitalizing new medi- cal destination of the region - affording premier brand-

ing and visibility for regional health systems and access to a large untapped population of over a million that is cur- rently underserved for medi- cal services.” said Matthew Shanahan, a senior managing director with Colliers Health-

care Services. Neshaminy Mall has long been considered a standout location of the region not only for the strong population de- mographics of Bucks County that retailers desire, but as an extremely accessible re-

6A — August 28 - September 10, 2020 — Retail Development Reimagined — M id A tlantic Real Estate Journal


R etail D evelopment R eimagined

Clifford Simon of CNS Real Estate serves as tenant broker in NJ retail transaction Singer of Levin Management arranges lease on behalf of NYLREI Mill Creek at Harmon Meadow S

the transaction for NYLREI on behalf of its client. Clifford Simon of CNS Real Estate served as tenant broker. Burl- ington will take over the big box retail space formerly occupied by sporting goods chain Sports Authority. “Backfilling an anchor va- cancy – particularly in today’s challenging climate – is big news,” Singer said. “And se- curing such a strong national brand bodes very well for the future of this property. Burling- ton is a quality addition to Mill Creek’s tenant lineup, which also includes Kohl’s, T.J. Maxx,

and Bob’s Discount Furniture.” The shopping center sits four miles from Manhattan at the crossroads of the NJ Turnpike and Route 3. The Mill Creek transaction underscores LMC’s strong re- lationships with prominent na- tional brands, and represents its second lease signing with Burlington Stores. Last fall, the firm announced the retailer’s commitment at Somerville Cir- cle Shopping Center in Raritan. “We are pleased to represent another client in a lease trans- action with Burlington,” added Singer. “Even before the pan- demic, off-price brands were positioned among the strongest sub-sectors in retailing. Now, many consumers have become even more cost-conscious. This niche is well positioned to maintain its ‘edge’ – with Bur- lington’s activity illustrating this new reality.” MAREJ

ECAUCUS, NJ — Levin Management Corpo- ration (LMC) has an- nounced a lease with national off-price retailer Burlington Stores at Mill Creek at Har- mon Meadow in Secaucus. The commercial real estate services firm served as leasing agent for the property owner, an institutional client of New York Life Real Estate Inves- tors (NYLREI). The 306,000 s/f power center is part of the 200-acre mixed-use Harmon Meadow development.

RE_ad_version1.qxp 11/2/2005 11:54 AM Page 1 LMC vice president of leas- ing Sidney Singer arranged

Burlington Stores at Mill Creek at Harmon Meadow

Vantage RES facilitates new retail lease in Sicklerville, NJ

Seeking Retail Opportunities Consistently Ranked #1 Franchise - 50+ Y ear T rack Record

SICKLERVILLE , NJ — Vantage Real Estate Services (Vantage RES) announced a retail lease at Liberty Town Center, 412 Sicklerville Rd., Sicklerville. The brokerage assisted Ivory Edwards, shop owner & de- signer, with locating a space for her specialty bakery and pastry bistro, Dessert Soiree. Liberty Town Center is a popu- lar location for resturaunteurs as it is situated within a high residential population and is located within minutes from the Atlantic City Expressway and Routes 322 and 42. Nick Liggio , sales associ- ate, and Corinne Giletto , senior advisor at Vantage RES, worked closely with Edwards, and also with Mat- thewGuzzo , owner of Liberty Town Center, to facilitate a smooth transaction for the bakery’s location. “Nick and Corinne were very attentive throughout the entire process. This is the first retail lease signed during the CO- VID-19 pandemic in my cen- ters. The bakery will be a great compliment to the existing businesses and retail tenants, especially the restaurants. We look forward to signing a lease in our last available medical/of- fice space in the center,” Guzzo said. MAREJ

Looking for sites in PA & S. NJ End Cap, In-line, Free Standing Flexible Space Requirements

Non-Traditional Venues - Hospitals/Colleges Universities/B&I/Stadiums/Casinos/Airports

Eastern PA — Local Contacts: Philadelphia PA & Southern NJ —

610-366-8120 x 24, Cheryl Green green_c@sdepa.com 410-752-6760, Evan Brodie evan@sandhumanagement.com

realestate.subway.com www.subway.com


M id A tlantic Real Estate Journal — Retail Development Reimagined — August 28 - September 10, 2020 — 7A


R etail D evelopment R eimagined

Duck Donuts and The UPS Store lease space in Sprout Brook Center NIA National Realty’s Gregory Panayoti completes 5,050 s/f retail lease in Bergen County


ARAMUS, NJ — Greg- ory Panayoti , vice pres- ident of NIA National

Realty , has negotiated a 5,050 s/f re- tail lease in Paramus. At 66 North Rte. 17, Para- mu s , P a n - ayoti leased 5,050 s/ f to F u r n i t u r e

Sprout Brook Center

Gregory Panayoti

have a tasty new breakfast, coffee and donut spot right next door to an excellent new loca- tion for copy, print and mailbox services supporting businesses

of all sizes in our market.” Panayoti represented the landlord in these transactions. Both stores are currently under construction. MAREJ

66 North Route 17

of the Rte. 17 retail corridor. Prominent tenants include Vi- tamin Shoppe, Smash Burger and Jenny Craig.

“We welcome Duck Donuts and The UPS Store to the Paramus retail market at busy Sproutbrook Center. We now

Expo. Furniture Expo sells quality, imported and Italian leather furniture and is very excited to be open for business and a be a part of the Paramus community. This mixed use building was recently reno- vated and has excellent curb appeal. The store is easily ac- cessible as it is right on Rte, 17 just North of Rte. 4. “Furniture Expo has a promi- nent space in Clifton and we’ve been working with them for quite some time to find a sec - ond location in the Paramus market. With over 30 years in business they were very particular about what that would look like. When a space became available in the NIA building fronting busy Rte. 17, they jumped at the chance. We wish them continued success.” Panayoti was the only broker involved in this transaction. Also in Paramus, Panayoti leased 1,429 s/f to Duck Donuts and 1,674 s/f to The UPS Store. Sprout Brook Center is a busy retail property in the heart Bennett Williams Commercial inks 1600 s/f lease YORK, PA — Bennett Wil- liams Commercial has ar- ranged the sale/lease of the following transactions: 1,600 s/f retail space at Val- ley Park Commons, 1650Wesel Blvd., Washington County, MD. Great Clips leased the space from Hagerstown Pla- za, LLC. Abe Khan, Brad Rohrbaugh, and Chad Stine of Bennett Williams Commer- cial represented the landlord in the transaction. 1,400 s/f retail space at West Valley Marketplace, 1091 Mill Creek Rd., Lower Macungie Twp. Rakkii Ramen leased the space from SUSO 4 West Val- ley, LP. Blake Shaffer, Adam Hagerman , Rohrbaugh, and Stine of Bennett Williams Commercial represented the landlord. MAREJ

Since 1988


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8A — August 28 - September 10, 2020 — Retail Development Reimagined — M id A tlantic Real Estate Journal


R etail D evelopment R eimagined

I’m grateful to have a career where I take pride in the

work I do every day.

Gerry Superintendent



M id A tlantic Real Estate Journal — Retail Development Reimagined — August 28 - September 10, 2020 — 9A


R etail D evelopment R eimagined

10A — August 28 - September 10, 2020 — Retail Development Reimagined — M id A tlantic Real Estate Journal


R etail D evelopment R eimagined

RJ Brunelli &Co. reps. Family Dollar & Jeffery Realty reps. Larken Associates in transaction Larken Associates inks lease to bring Dollar Tree to Echo Plaza Shopping Center in Springfield, NJ S

trusted regional and national brands, Dollar Tree’s shoppers are able to pick from a diverse selection of housewares, glass- ware, cleaning supplies, food, health and beauty, toys, gifts, party supplies, books, seasonal décor, and more all for one dol- lar or less. Located in the heart of the most heavily trafficked retail corridor in northern New Jersey, Echo Plaza Shopping Center is a 66,567 s/f com- munity retail center with ample highway frontage along Rte. 22 and Mountain Ave. The shopping center features

superior visibility and acces- sibility making it a highly attractive destination for a diverse range of tenants. The center also includes Larken Associates’ Echo Executive Plaza, a 41,000 s/f class A of- fice building that is home to a wide range of financial, insur - ance, medical and professional services companies. The lease deal highlights the continued expansion of Larken Associates’ relationship with Dollar Tree. Their new Spring- field store will be the third Dollar Tree location within Larken Associates’ portfolio with stores already located in its Tilghman Square Shopping Center in Allentown, PA and its Fairless Hills Shopping Center in Fairless Hills, PA. Larken Associates’ Allentown Commons in Allentown, PA is also home to a Family Dollar store, which is part of the Dol- lar Tree family. “Our longstanding relation- ships with Dollar Tree as well as with other national retailers is not only a testament to our high-quality and well-located retail inventory across the East Coast but also a direct result of our team’s property management expertise,” said Victor Kelly , executive vice president of Raider Realty , the in-house brokerage divi- sion of Larken Associates. “We are pleased to welcome Dollar Tree to Echo Plaza Shopping Center and look forward to continuing to build upon our successful relationship.” RJ Brunelli & Co. rep- resented Family Dollar and Jeffery Realty Inc. repre- sented Larken Associates in the transaction. MAREJ KLNB announces sale of Powder Mill Station Retail Center WASHINGTON, DC — KLNB announced the sale of Powder Mill Station in Belts- ville, an 11,577 s/f retail strip center less than two miles north of the DC Beltway. Despite the turbulent mar- ket caused by the pandemic, the property was sold at the original asking price of $3.22M. KLNB represented the seller, an affiliate of CRC Commercial , the property’s original developers, and also procured the buyer Ayala Vado Group. MAREJ

PRINGFIELD, NJ — Larken Associates , a regional commercial and residential real estate building, development and management, announces it has negotiated a new lease deal with Dollar Tree for 12,680 s/f of retail space at Echo Plaza Shopping Center located at 901 Mountain Ave. in Springfield. Dollar Tree is a national retailer with thousands of stores conveniently located within shopping centers in all contiguous 48 states. Car- rying a broad, exciting mix of

Echo Plaza Shopping Center


T 󰉀󰉀󰈣󰈣 O 󰈖󰈖 G 󰉀󰉀 󰈽󰈽󰈙󰈙 AL 󰈴󰈴 󰈉󰈉󰉋󰉋 W 󰈭󰈭󰈤󰈤󰈵󰈵 TO 󰉂󰉂󰉋󰉋󰈙󰈙 H 󰉈󰉈󰈤󰈤 732.721.5800 | RJBRUNELLI.COM 400 PERRINE ROAD SUITE 405 OLD BRIDGE, NJ 08857

M id A tlantic Real Estate Journal — Retail Development Reimagined — August 28 - September 10, 2020 — 11A


R etail D evelopment R eimagined

OOSIC, PA — U.S Properties Group (USPG) announced Apparel store is slated to open September 24th, 2020 U.S. Properties Group adds 10,000 s/f Versona to The Shoppes at MontageMountain inMoosic, PA M

assortment of restaurant and entertainment venues, which are open and producing qual- ity offerings under a safe and COVID-19 restricted environ- ment. Gord Wiebe , director of USPG said, “Moosic, PA con- tinues its growth and The Shoppes at Montage Mountain is the premier place to shop. We at U.S. Properties Group are seeing continued trends to occupy and favor our outdoor open-air centers as their first choice of locations. We appreci- ate all of our tenants and the important role of businesses

that will help fuel the local economy and attract guests to our centers. Versona is a quality addition that keeps the brick and mortar retail world alive and vibrant.” Tim Todaro , VP leasing and development for USPG said, “The addition of this business adds that key factor of active retail – representing and supporting the local com- munity – and keeps the lively retail offerings that make The Shoppes at Montage Mountain the place to shop, dine and entertain in the Moosic and surrounding areas.” MAREJ

leasing activity at The Shop- pes at Montage Mountain shopping center in Moosic. Its latest signed lease, a 10,000 s/f Versona, is slated to open September 24th, 2020. Versona, an apparel, jew- elry, and accessories brand that centers on the unique approach to fashion, welcomes its inclusion at The Shoppes at Montage Mountain. The popular “priced right everyday fashion” store centers around the customer – “The heart of everything we do.” Their clien- tele is of the unique club that take risks with their fashion, but not their budget. The col- lective group budgets their time with work, family, and social commitments. Versona capitalizes on these traits and offers a one-stop-shop to complete a look from head to toe. Their guest shoppers pos- sess and express individual style that doesn’t conform and DRE leased 11,084 s/f in Lake Shores Plaza VIRGINIA BEACH, VA — Divaris Real Estate, Inc. (DRE) announced the completion of new commercial leases. SecondChance Thrift leased 11,084 s/f of retail space in the Divaris-leased and -managed Lake Shores Plaza located at 5193 Shore Dr. in Virginia Beach. David Bickford rep- resented the landlord in the lease negotiations. Burn Boot Camp leased 5,306 s/f of retail space in the Divaris-leased Fairfield Shop - ping Center located at 5242 Fairfield Shopping Center in Virginia Beach. Kris Fuller and George Fox represented the landlord in the lease nego- tiations. Other tenants in the Food Lion-anchored Fairfield Shopping Center include T.J. Maxx, Rite Aid, and Verizon. The Egg Bistro leased 3,726 s/f of office space in the Diva - ris-leased Haygood Shopping Center located at 1021 Inde- pendence Blvd. in Virginia Beach. Fox and Fuller rep- resented the landlord in the lease negotiations. Other ten- ants in the Harris Teeter- and Marshalls-anchored Haygood Shopping Center include Dol- lar Tree, Rite Aid, GNC, and Chick-Fil-A. MAREJ

The Shoppes at Montage Mountain

planned re-opening of Har- vest Seasonal Grill slated for mid-August will bring it to 98%. The center continues to supply the area with a great

stands out. The Shoppes at Montage Mountain has a current open- ing rate of stores affected by the pandemic at 95%, the


Julius Borrus Broker & President Borrus Associates 340 Rte 35 South Red Bank, NJ 0771 P: 908-839-0052

borruscommre@aol.com A Member Of The International Council Of Shopping Centers NY, NJ, CT, PA INVESTMENT REAL ESTATE

12A — August 28 - September 10, 2020 — M id A tlantic Real Estate Journal


M id A tlantic R eal E state J ournal

Next Generation Services, LLC Investing in Private REITs with a Self-Directed IRA


real estate investment trust (REIT) is a com- pany that invests in/

public, traded or listed REITs), there are also private REITs; like their stock exchange-trad-

vs. private REITs is that the latter are not as susceptible to demand-driven price volatility

grows in value over time. Real estate is a popular hedge against inflation/stock market volatility and enables investors to diversify their portfolios. REITs require a relatively low minimum investment to get started. Renters are on the rise— and so is rental property popularity Multi-family housing rep- resents a large portion of real estate investments, thanks to an increase in the renter population, which has been in growth mode for a few years

and continues to rise. There are several reasons for this: Baby Boomers are downsiz- ing into amenity-rich luxury rental apartments; the 2015 Census Bureau projected that by 2020, five million Baby Boomers will make an apart- ment their next residence. Millennials are delaying home ownership and looking for smaller domiciles in more urban, denser areas; they value the flexibility of apartment liv - ing and are paying off student debt. Right behind Millennials is Gen Z, whose members have started entering the rental market. Investing in private REITs with a self-directed IRA As you know, a self-directed IRA can include many differ- ent types of nontraditional investments, with real estate being the most popular class of alternative assets within these plans. When your self-directed IRA invests in a private REIT, all income and expenses related to the asset flow in and out of the retirement plan. However, private REITS are not the only type of real estate in- vestment you can include in a self-directed IRA. Other types of real estate investments might allow you to partner your self-directed IRA with another buyer, transact a “fix & flip” and take the profit on the sale of the property, or buy and hold the asset, so the IRA earns tax-advantaged rental income over time. After you’ve researched a REIT or any other real estate investment you’d like to in- clude in a self-directed retire- ment plan, it’s time to open and fund your account. At Next Generation we not only provide comprehensive trans- action support, we also provide client education about invest- ing in real estate and other alternative assets through a self-directed retirement plan. Of particular importance is understanding prohibited transactions and disqualified persons as defined by the IRS. If you have questions re- garding this strategy, don’t hesitate to contact Next Gen- eration at NewAccounts@ NextGenerationTrust.com or call 888.857.8058. Alternative- ly, you can schedule a compli- mentary educational session with one of our knowledgeable representatives. MAREJ

owns and usually operates all types of income-producing commercial real estate: multi- family housing/apartment buildings, student housing, re- tirement and senior communi- ties; warehouse and industrial properties; retail centers, hos- pitality, and office buildings. In order to qualify as a (REIT), the company must file with the SEC and meet certain SEC requirements. Although most REITs are publicly traded on stock exchanges (known as

REITs provide access to dividend-based income in the short term, and long-term return on investment as the property grows in value over time.

ed counterparts, private REITS must register with the SEC and are subject to the same IRS regulations. That includes the requirement to return 90 per- cent of their taxable income to shareholders annually. One big difference in public

as public REITs, whose value fluctuates daily; private REITs are valuated annually. Why invest in a REIT REITs provide access to divi- dend-based income in the short term, and long-term return on investment as the property

M id A tlantic Real Estate Journal — August 28 - September 10, 2020 — 13A


Questions? Contact: Harry Young | Executive Director 717.614.4271

harry@panjdeccim.com www.panjdeccim.com

2020 PA/NJ/DE CCIM CHAPTER OFFICERS Stacy Martin, CCIM President Hankin Group Jeff Kurtz, CCIM Vice President High Associates, Ltd. Dominic Janidas, CCIM Secretary/Treasurer Hanna Langholz Wilson Ellis John Birkeland, CCIM Immediate Past President ROCK Commercial Realty Eric Gorman, CCIM District 10 1st RVP Avir Realty Group 2020 DIRECTORS Dan Berger, Jr., CCIM Chair, Scholarships U.S. Commercial Realty Michele Countis, CCIM Chair, Designation Jackson Cross Partners Dragan Dodik, CCIM Regional Chair, Central PA Pennian Bank Philip Earley, CCIM Chair, Nominating Lieberman Earley & Company Jonathan Epstein, CCIM Chair, Public Relations Berger-Epstein Associates, Inc. Cindy Feinberg, CCIM Regional Chair, Lehigh Valley Feinberg Real Estate Advisors Craig Fernsler, CCIM Chair, Legislative KW Commercial, Blue Bell Robert Fuller, CCIM Regional Chair, New Jersey CBRE Jeffrey Hoffman, CCIM Chair, Education JPH Realty Advisors

Neil Kilian, CCIM, SIOR Regional Chair, Delaware NAI Emory Hill Laura Martin, CCIM, CPM, WBE Chair, Membership SVN | Latus Commercial Realty Group Andrew Miller, CCIM Regional Chair, Pittsburgh CBRE Kathy Sweeney-Pogwist Regional Chair, Philadelphia Metro Brandywine Realty Trust

14A — August 28 - September 10, 2020 — M id A tlantic Real Estate Journal


P eople on the M ove

DISON, NJ — Bussel Realty Corp. (BRC) announced Tamika Responsible for newbusiness generation throughout NJ Jones joins Bussel Realty Corporation as sales associate E

continued from page 2A Critical steps for buying . . . member of developing the Fi - nancial Services Division in Pittsburgh. She then served as Regional Director before becoming Senior Operations Manager where she was re - sponsible for overseeing joint venture operations, develop - ing and building the Central Processing Unit, and the company’s operational proce - dures. Prior to joining Title Alliance, DeGennaro worked as a Petroleum Landman and completed title searches and exams in courthouses throughout 3 states. MAREJ Title Alliance appoints DeGennaro as CIO Patti DeGennaro MEDIA, PA — Title Al- liance, Ltd. announced Patti DeGennaro as chief implementa - tion officer, m a r k i n g the compa - ny’s fourth f ema l e C- Suite addi - tion in the last year. Since join - ing Title Alliance in 1985, DeGennaro has held many positions within the com - pany beginning as a crucial

for new business generation and relationship building throughout the Central and North New Jersey commercial real estate marketplace,” con - tinued Bussel. “Her industry knowledge, work ethic and “go-getter” attitude are a great value add to the BRC team.” “Bussel Realty is wel l - known to be an industry leader in commercial real estate and I am so excited to be a part of the team. I look forward to working with all the professionals and grow - ing the BRC industrial pres - ence throughout Central and Northern New Jersey”, said Jones. MAREJ

the sales team on existing clients and properties. Jones is a licensed New Jersey Realtor with 18 years of real estate marketing and administration experience. She has held marketing and administrative positions with - in the real estate departments of national franchisors such as Ruby Tuesday and At - lanta Bread Company. She also has experience in work - ing with real estate firms Staubach Retail of Atlanta, Colonial Properties Trust of Atlanta, and most recently, NAI DiLeo-Bram & Company of Piscataway. “Mika will be responsible

“ M i k a ” Jones has j o i ned t he c omp a n y ’ s b r o k e r a g e division as a sales associ - ate. “ We a r e h a p p y t o

Tamika Jones

have Mika as an addition to our brokerage team at BRC,” said Steve Bussel, SIOR , president of BRC. “She will be analyzing the Northern and Central New Jersey industrial market while working with

Unfortunately, without the aid of an experienced church broker, many churches pur - chase buildings that aren’t zoned to be churches or that they ultimately cannot afford because they did not account for how much it would cost to repurpose or renovate. If you do find an existing church building in a good location that fits within your budget, make sure it suits your needs and is in good physical condition, so renovations required are more cosmetic than infrastructural. Unlike a traditional real estate agent who must string together the professionals nec - essary to complete the purchase of a property, an experienced church broker offers a full turn - key solution. It pays to find the right partners who can connect you with church lenders and capital campaign leaders, or - ganize documents and reports, manage the zoning process, oversee the inspection of the facility and the construction process, seek congregational approval, negotiate the deal, and hand you the key. This article is an excerpt from The Religious Real Estate Review, a newsletter provid - ing the religious community with up-to-date news on real estate development specifically by houses of worship in the Washington DC Metro region. Each issue provides updates on recent transactions, real estate development, religious news, and upcoming commu - nity events. Marcus N. Daniels, Ed Luckett, and Terry Rog- ers of NAI Michael are the editors and publishers of The Religious Real Estate Review and have over 30 years of combined experi- ence in commercial real estate sales and leasing spe- cifically with churches and houses of worship. MAREJ

Make sure your financial and organizational records are in order. You should be able to produce financial state - ments for the past three to five years, information about any existing debt obligations and current assets, as well as tithes and offerings. Addition - ally, review your articles of incorporation or bylaws, and determine who is going to be the signatory for the execution of the documents. CREATE A FINANCIAL PLAN Next, you need to create a financial plan for how the con - gregation will lease or purchase the property. If you choose to lease, make sure you under - stand the real market value of the property so you know if you can handle lease payments. If you choose to purchase, you will probably use a combination of funding sources, such as a capital campaign, donations and bank loans. A good rule of thumb: Churches can borrow three times their annual giving. LOCATETHEAPPROPRIATE CHURCH PROPERTY There are many spiritual, emotional, and congregational considerations when selecting a site, and it’s helpful to remem - ber that the “perfect property” doesn’t exist. Church leaders need to be flexible. For ex - ample, many churches are leas - ing or buying nontraditional church buildings because there is a low inventory of existing churches for sale. If you have identified a potential building, investigate local regulations and conditions, including ease - ments, parking and zoning regulations, and utilities, to determine if the property can be used for religious purposes. Additionally, gain a clear un - derstanding of what it will cost to convert the building into a suitable church.

SVN Miller Commercial completes six-part virtual forum series, “Switching Gears.”

CEO, Kevin Maggiacomo , investment strategist Nick Giorgi, CFA, president of PRMC, Dr. Steve Leonard, president and ceo of Perdue Farms, Randy Day, president of Salisbury University, Dr. Chuck Wight, and executive director of Salisbury-Wicom- ico Economic Development, Dave Ryan. SVN Miller would like to thank their sponsors of the 2020 Forum, Delmarva Vet- eran Builders, Bank of America Merrill Lynch, M & T Bank, The Insurance Market, Hebron Savings Bank, Salisbury University, Mid Atlantic Farm Credit, Avery Hall, WR McCain, Bank of Delmarva, and TRS CPA Group. MAREJ

SALISBURY, MD — SVN Miller Commercial completed a six-part virtual forum series, “Switching Gears.” Unbeknownst to anyone when the theme was chosen, “Switch - ing Gears” would be more rel - evant than ever in March when the event had to be restructured around Covid-19 restrictions. After deciding to move for - ward with the event in a vir - tual format, SVN got to work adding to the featured speaker lineup. “The Annual Forum is intended to be an information piece for our clients and commu - nity. We did not want to cancel completely and let down those that look forward to the event. It was also very important to us to push forward, and keep business operating as best we RED BANK, NJ — Den- holtz Properties , a privately held, fully integrated real estate development and in - vestment company, announces that it has joined the Interna- tional WELLBuilding Insti- tute (IWBI) , a building-health organization. Launched in 2014, the (IWBI) is leading the global movement to transform build - ings, communities and organi - zations in ways that help peo - ple thrive. IWBI delivers the cutting-edge WELL Building Standard, the leading global rating system and the first to be focused exclusively on the ways that buildings, and ev - erything in them, can improve comfort, drive better choices, and generally enhance, not

could.” said Brent. This was an opportunity to add more speak - ers and build on the content. The full line-up of guests included Economist Anirban Basu, City of Salisbury, MD, Mayor Jake Day, SVN | Miller managing director, Rick Tilghman, CCIM, CPM, SVN International Corp. compromise, our health and wellness. The WELL Build - ing Standard is the premier standard for buildings, interior spaces and communities seek - ing to implement, validate and measure features that support and advance human health and wellness. The WELL Building Stan - dard is based on evaluation of ten concepts recognized as crucial to building health and wellness: Air, Water, Nour - ishment, Light, Movement, Thermal Comfort, Sound, Ma - terials, Mind and Community. Following a rigorous third-par - ty review of these components and specific optimization plans in place, buildings can receive a Platinum, Gold, Silver, or Bronze WELL Building Stan -

dard certification. In addition to joining the IWBI, Denholtz Properties associate, Jamie Atkins , re - cently received the WELL Ac - credited Professional (WELL AP) credential from the IWBI furthering his expertise in the WELL Building Standard (WELL) and his commitment to advancing human health and wellness. As Denholtz Properties’ first WELL AP, Atkins will work closely with Denholtz Properties’ senior leadership team to tap into new opportunities and strat - egies designed to improve health and wellness within the company’s diverse slate of office, flex, and multifamily buildings through New Jersey and Florida. MAREJ Denholtz Properties joins Int’l. WELL Building Institute

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