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12,155 units trade in 127 deals across NJ, Eastern PA and Southern NY Gebroe-Hammer Associates records historic-high $1.9 billion in 2019 sales

ISSUE HIGHLIGHTS Volume 32, Issue 1 January 17 - 30, 2020 LOVE FUNDING SECURES $50.9M CONSTRUCTION LOAN

IVINGSTON, NJ — Multi-family invest- ment confidence ran high throughout 2019, with occupancy rates looming above the long-term norm and an unquenchable demand for value-add opportunities throughout the spectrum paving the way for an even stronger 2020, according to Gebroe-Hammer Associ- ates . Based in New Jersey, Gebroe-Hammer is a nation- ally ranked multi-family- focused investment broker- age firm with a reported 127 apartment-property sales transactions totaling $1.9B and 12,155 units recorded last year – a 72% increase over 2018 and a promising marker of things to come for the sector in the next 12 months. “2019 proved to be a record- L WILMINGTON DE — The Buccini/PollinGroup (BPG) and an affiliate of the National Hockey League’s Pittsburgh Penguins have jointly an- nounced plans to develop a skyline-shaping 400-ft.-tall office tower on the former site of the Pittsburgh Civic Arena. The project has secured one of the region’s leading financial institutions F.N.B. Corpora- tion (FNB) as a critical anchor tenant for and partner in the

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shattering year in our firm’s 44-year history as well as for the most in-favor commercial real estate asset – apartment- rental properties – across every investor category – from high-net-worth individuals coming year and apartment- fundamental pressure eases, multi-family investments are expected to continue their successive gains, quarter to quarter and year-over-year.” New Providence Gardens, a 232-unit garden community in Union County, NJ, sold for $58.5 million. continued on page 16A and family offices to private equity firms and institutional entities,” said Ken Uranow- itz , Gebroe-Hammer presi- dent who joined the firm at its inception in 1975. “As new- product deliveries top off this

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Gensler serves as project architect on former Pittsburgh Civic Arena site development The Buccini Pollin Group announces FNB as anchor tenant for 400-Foot-tall signature tower

UPCOMING CONFERENCES February 13, 2020 NJ Commercial Real Estate Forecast Conference February 27, 2020 PA Commercial Real Estate Forecast Conference For speaking and sponsorship information, please contact: Lea at 781-740-2900 or lea@marejournal.com

around the universities in Oakland. It will unlock hun- dreds of millions of dollars of private investment. We have an enormous responsibility to our world-class partners and to the City to get this right after a lengthy and inclusive planning process, where a wide range of contributors worked collabora- tively to lay the groundwork for Pittsburgh’s next great place.” The formal proposal to the Authorities comes after pre- liminary development plans for the district’s E Block – complete with public parking, destination retail and a live entertainment venue – were approved by City Council, the URA and the SEA over the past few months. Combined these two projects represent nearly $350 million of development that – along with the I-579 Cap Park project and adjacent 300-unit multifamily devel- opment by Intergen and the Penguins – are the catalysts for the redevelopment of one of the most attractive urban infill sites across the entire country. continued on page 16A

FNB tower rendering

development. On December 12, 2019, BPG submitted a Letter of Intent to the SEA and URA to transform 1.25 acres of surface parking lots for downtown employees and patrons of PPG Paints Arena, at the intersection of Washington Pl. and Bedford Ave., into a signature tower. The project vision calls for a 500,000 s/f sustainable build- ing with a mix of amenities, restaurants, public parking and modern offices. FNB will lease over 160,000 s/f of com- mercial space in the tower

across eight floors, with addi- tional options to expand to ac- commodate future growth. The project includes a destination outdoor gathering space that will provide access to a linear parkland that will be one of the main features of the 28-acre, mixed-use district. “This is one of the most significant projects in our com- pany’s history,” said BPG’s managing partner C hris Buc- cini . “This tower will energize a long-sought transformation between growing districts in Pittsburgh’s downtown and

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