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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
4A
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
17A
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
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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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Mid Atlantic R eal E state J ournal Publisher, Conference Producer . .............Linda Christman AVP, Conference Producer ...........................Lea Christman Publisher ........................................................Joe Christman Section Publisher ............................................. Steve Kelley Section Publisher ............................................... Kim Brunet Editor/Graphic Artist ......................................Karen Vachon Office Manager ............................................... Kerrin Devine Contributing Columnist .................... Steven Beyda, CBRE 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 1 Subscription rates: $99 - one year, $148 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion 781-740-2900 | Fax: 781-740-2929 www.marej.com The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
781.740.2900 Special Advertising Rates to All Participating Firms! Contact Joe Christman or your Account Rep JChristman@marejournal.com FEBRUARY 14 .........................................DEADLINE: JAN. 24 ROP (FRONT SECTION) ......................................... FINANCIAL DEL/MAR/VA .............................................................................. NEW JERSEY ..................................................... CENTRAL NJ PHILADELPHIA .............................. CENTRAL & WESTERN PA SPOTLIGHT......................PROPERTY MANAGEMENT JANUARY 31 ............................................DEADLINE: JAN. 21 ROP (FRONT SECTION) .......................................................... RETAIL DEVELOPMENT REIMAGINED................................... ODM................................... LANDSCAPE SERVICE & DESIGN SPOTLIGHT..............ECON. DEV. & 2020 FORECAST
Steven Beyda
Cold Storage Gaining Favor With Investors
S ADDLE BROOK, NJ — Investors increas- ingly are warming up to the U.S. cold storage ware- housing sector, pushing cap rates for class A facilities closer to those of traditional high-quality warehouses. In New Jersey, online grocery sales continue to spur the need for construction and investment in cold storage facilities. However, cold stor- age presents its own unique challenges, according to a new report from CBRE. CBRE’s report, the third and final installment in its Food on Demand series about cold storage, outlines how trends such as the anticipated growth of online grocery sales have narrowed the gap in cap rates between cold storage warehouses and dry-storage facilities to 75 basis points (bps) from 200 bps in the past three years. Cap rates, formally called capitalization rates, measure a property’s annual income
as a percentage of its price. A lower cap rate indicates a higher price. CBRE forecasts that the cap-rate spread be- tween U.S. cold storage real estate and dry storage could narrow further to 25 bps, on par with the spread in leading Asia Pacific markets, as cold- storage cap rates go lower. “The increased demand by consumers for online bever- age and groceries has been the impetus for more cooler/ food storage space in New Jersey, one of the most well- located gateway markets serving millions of shoppers in the U.S.,” said Steven Bey- da, senior vice president with CBRE Advisory & Transac- tion Services. “The trend of online ordering, as well as the
investment in new delivery strategies and technologies, will continue to drive demand for cold storage space well into 2020 and beyond.” However, challenges stem- ming from the specialized nature of the sector will continue to restrain ad- ditional growth in transac- tion volume. CBRE’s report points out that available properties are scarce, con- struction is expensive, and the design and operation of these facilities is complex. These challenges are likely to be addressed gradually by growth in the ranks of specialized developers and builders of cold storage as well as additional capital flowing into the industry.
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M id A tlantic R eal E state J ournal Charbauski secures loan through HUD 221(d)(4) loan insurance program Love Funding secures $50.9M loan for construction of Sur Club
Recently Closed Loans
W
ASHINGTON, DC — Love Funding announced the clos-
$6,250,000 $4,500,000 $9,580,000 Multifamily Permanent Financing Industrial Bridge Financing Multifamily Bridge Financing Bloomsburg, PA Norristown, PA Bala Cynwyd, PA 4.25%, 10/30, 71% LTV, Non-Recourse 5.55%, 3-Years Interest Only, 70% LTV 4.5%, 3-Years Interest Only, 75% LTV
ing of a $50.9 million loan for the construction and perma- nent financing of Phillips Sur Club, a proposed apartment complex in St. Petersburg, FL. Financing for this project was secured by Love Funding direc- tor Ken Charbauski through the US Department of Hous- ing and Urban Development’s Section 221(d)(4) loan insur- ance program. The program provided the development team with low-rate, non-recourse financing for the duration of construction and for a subse- quent 40-year term. Sur Club is located in St. Petersburg’s Skyway Marina district, which is a redevelop- ment area of the city for busi- ness, retail and residential, five miles south of downtown St.
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Phillips Sur Club
Petersburg. Sur Club will feature 296 units, an interior courtyard, two swimming pools and at- tached parking garage. The Sur Club site borders a newly constructed mini-storage and two outparcels targeted toward future restaurant development. The Sur Club development Walters will be responsible for overseeing the existing non- hotel portfolio, including six million square feet of office and retail space, 15 major residen- tial communities and multiple entertainment venues, such as Talen Energy Stadium and
team is led by Phillips Devel- opment & Realty of Tampa, FL. Reese-Vanderbilt As- sociates of Atlanta, GA was the design architect and the general contractor is Capstone Building Corp. of Birming- ham, AL. The property will be managed by OvationManage- ment of Tampa, FL. the 76ers Fieldhouse. Chip will lead BPG’s continued ef- forts to be a best in class office and multi-family operator and investment manager. Chip holds an M.B.A. from Colombia University and a B.S. in Accounting and Finance from Drexel University.
2020 FORECAST spotlight WILMINGTON, DE — The Buccini/PollinGroup (BPG) welcomed Chip Walters to the position of vice president of asset management. Walters joins BPG with over 25 years’ experience in the real estate industry, most recently at Key- stone Property Group as the chief investment officer. BPG appoints Walters as VP of asset management
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304,000 s/f, state-of-the-art logistics facility in Bethel, Township Dermody Properties announces completion of LogistiCenter at Midway South in PA B ETHEL TWP., PA — Dermody Properties , a national private equi-
state-of-the-art logistics facil- ity is immediately available for lease. LogistiCenter at Midway South is located at I-78 Exits 15 & 16, with connections to I-81, I-476 and I-76 (the PA Tpke.), allowing access to more than 36 percent of the U.S. and 60% of the Canadian population within a one-day truck drive. “This facility offers well- designed, efficient space for manufacturing, warehouse, distribution and ecommerce companies,” said Gene Pres- ton , east region partner for Dermody Properties. “The property’s proximity to I-78 offers outstanding access to all of eastern Pennsylvania and the greater New York consumer population bases.” LogistiCenter at Midway South features a 36-foot clear height, 44 fully equipped dock high doors, 151 car parking stalls, 45 trailer stalls (ex-
ty real estate investment, development and manage- ment compa- ny focused ex- clusively on the logistics real es tate sec tor , has
Douglas Kiersey, Jr.
completed the construction of LogistiCenter at Midway South. Located on more than 29 acres at 9024 Old Rte. 22 in Bethel Twp., this 304,000 s/f,
HI-LIGHTS JANUARY 17 - 30, 2020
gion,” said Douglas Kiersey, Jr. , president of Dermody Properties. “LogistiCenter at Midway South emphasizes Dermody Properties’ strategy to target desirable locations with state-of-the-art facilities for our customers.” LogistiCenter at Midway South
pandable to 89), an ESFR fire protection system, insulated tilt-up concrete panels and LED lighting fixtures. “This property offers an excellent opportunity, espe- cially for companies looking to relocate to or expand in this re-
Gerry Blinebury , execu- tive managing director, Adam Campbell , executive manag- ing director, and Jeff Wil- liams , senior director, all of Cushman & Wakefield , are the leasing agents for the property.
CONTRIBUTING COLUMNIST
Markward, Kline & Macdonald of Markward Group rep. sellers in the 190-acre, Ridge Farms, property transaction
SOUTH WHITEHALL, TWP., PA — Markward
Group ar - ranged the sale of the largest sin- gle residen- t i a l / m i x e d use land sale in the last 10 years, in the region, to Kay Build- e r s . D e l Markward, SIOR, Ann K l i ne and Mat t Mac - donald rep- r e s e n t e d the sellers in the 190- acre, Ridge Farms, prop- erty transac- tion. Ridge Farms is lo- cated along Cedar Crest Blvd., north of Walbert Avenue t o
Tom Simmons
8A
NKF REPS. SELLER IN 5.23 ACRE SHOVEL READY DEVELOPMENT TRANSACTION
Del Markward
14A
ALSO INSIDE People on the Move........... 12A
Ann Kline
ECONOMIC DEVELOPMENT 2020 contact: Joe Christman jchristman@marejournal.com
Ridge Farms
for the 190 acres. Current plans are to build a 780-unit, mixed-use development; consisting of single homes, twin homes, townhomes, and
Huckleberry Rd. in South Whitehall, Township. Kay Builders is in the be- ginning stages of the mixed- use development project
apartments; with common open space for passive and active recreation. Commer- cial and retail space is also proposed for the property.
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Matt Macdonald
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P ennsylvania Located in Pennsylvania, Illinois, Minnesota and Virginia CBRE completes sale of nine building MOB portfolio
HILADELPHIA, PA — CBRE has complet- ed the sale and financ- ing of a nine-building medical office portfolio totaling 470,000 s/f located in four states. Chris Bodnar, Lee Asher, Ryan Lindsley and Jordan Selbiger of CBRE’s Health- care Capital Markets team served as advisors for the transaction and sourced the buyer for the portfolio sale. Additionally, Sabrina Solo- miany of CBRE’s Debt & Structured Finance group worked on behalf of the buyer to secure the financing. The buyer, a confidential entity, purchased the property in a sale that closed December 13, 2019. “This portfolio offered the opportunity to buy a critical mass of medical assets with exposure to some of the top health systems in the country, including Advocate Aurora Health, Einstein Health and INOVA Health System,” said Chris Bodnar , vice chairman of Capital Markets for CBRE. The nine-building portfolio included the 95,043 s/f Advo- cate Sherman Medical Build- ing in Elgin, IL, the 36,413 s/f Oak Lawn Medical Building in Oak Lawn, IL, the 60,558 P
Einstein Medical Building in East Norriton, PA
s/f High Pointe Health Cam- pus in Lake Elmo, MN., the 71,685 s/f Einstein Medical Building in East Norriton, PA, the 35,405 s/f Sterling Medi- cal Building in Sterling, VA., 118,081 s/f across Pavilion I & II in Duluth, MN., and 52,105 s/f across CentreMed I & II in Centreville, VA. The portfolio featured over five years of weighted average lease term (WALT). Solomiany marketed the debt to various life insurance companies, banks and debt funds. The buyer ultimately decided to bifurcate the port- folio into two separate portfo- lio loans to achieve the best terms.
Pennsylvania
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S outhern P ennsylvania By Tom Simmons, Mid-Atlantic Region at Kimco Realty Reimagining your Philadelphia retail real estate through mixed-use development
I
n recent years, the retail and real estate indus- tries have seen a shift
The new mixed-use develop- ment blends urban apart- ment-style living and 100,000 s/f of ground-floor retail, fully leased to notable brands such as Sprouts, Target, PetSmart, Chipotle, Insomnia Cookies, and Starbucks. The Sprouts location, the brand’s first in Philadelphia, incorporates the adaptive reuse of the site’s historic train shed, creating a signature design element while also preserv- ing a piece of local history. Built in 1876 for the Phila- delphia, Wilmington, and Baltimore Railroad Company,
run a quick errand or stop by the office. At Kimco Realty, our portfo- lio is evolving as well. Our Sig- nature Series® properties are the “needle-moving” projects in our portfolio which exem- plify our transformation and highlight our focus on quality, concentration around core MSAs, and growth through redevelopment and develop- ment opportunities. Lincoln Square, located in downtown Philadelphia, is an excellent illustration of complementary uses combining to unlock an asset’s highest and best use.
the freight shed and adjoining head house were situated on the same block next to a pas- senger station built in 1852. The passenger station was a stopping point for the Abra- ham Lincoln funeral train following his assassination in 1865. Residents of the 322-unit apartment building enjoy onsite parking and a foot- ball field-sized community amenity space with grilling areas, a fire pit, a lounge with an outdoor television, an outdoor track, an outdoor dog park, and more. Lincoln
Square also features Lincoln Walk, an open outdoor pedes- trian-friendly area between the residential building and Sprouts. It serves as a connec- tion to the main north-south thoroughfare in Philadelphia, Broad Street, and creates an enjoyable outdoor experience for residents and patrons of the retail. The project’s best- in-class amenity package and walkability to premier Phila- delphia destinations and the SEPTA subway system have been key in attracting resi- dents. Apartment demand re- mains strong in Philadelphia, and this location stands out by bridging the gap between South Philly and Center City. Not too far from Lincoln Square in Ardmore, Penn- sylvania is another Kimco Signature Series ® asset, Sub- urban Square, which is a prime example of what we can do with our real estate. Suburban Square was one of the first shopping centers in the country when it opened in 1928. In 2016, the cen- ter’s nearly 90,000 s/fMacy’s closed as part of the brand’s nationwide closures, provid- ing Kimco the opportunity to not only reimagine the space, but revitalize the landmark destination with modern day amenities and tenants to reflect the new retail land- scape. Kimco set out on a multi-year transformation of Suburban Square through an all-encompassing redevelop- ment program. In its entirety, the redevelopment program includes new parking, beau- tification efforts, and the addition of a diverse roster of dining, retail, and health and beauty services options, all of which combine to cre- ate an unparalleled shopping and lifestyle experience along Philadelphia’s Main Line. Our latest renovations in- clude the construction of Station Row – a new mixed- use structure that features 20,000 s/f of street-level re- tail, 17,000 s/f of second- floor office space, and sev- eral restaurant spaces with outdoor dining patios and a new public plaza. We’ve also started the next part of the entitlement process to add 150 market-rate apartments and an additional 12,000 s/f of retail on the property, and hope to break ground in early 2021. Overall, Suburban Square is the project that continued on page 12C
as a result of changes in how con- sumers want to live, work, a n d p l a y . They want convenience, and mixed- use deve l -
Tom Simmons
opments are emerging all across the country to meet the demand for one-stop destina- tions where people can step outside of their home and
Your success is our highest priority.
Hotel
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Education
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Fulton Financial Lancaster, PA
SpringHill Suites Center Valley, PA
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Turkey Hill Dairy Conestoga, PA
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P ennsylvania BUSINESS PROPERTIES FOR SALE LACKAWANNA VALLEY
Easy Access to I-81
434 Dunmore Street • Medical office excellent condition 2200sf+/- one story • Waiting room, exam rooms, private offices, break room • Onsite parking for 12 cars • Full high ceiling basement with outside access • Move in condition • Minutes to I-81 interchange $365,000 THROOP
DICKSON CITY
1000 Main Street • Renovated building, 2235sf+/-, one story • Two large rooms & two finished restrooms • Lots of natural light • Add floor covering and move in • New exterior • Extra large lot parking for 40 cars
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200 Main Street • 1.92 acres walkable to all amenities • 11,276sf+/- on two floors • 60% occupied by professional tenants • Former dental suite available • Unique architectural design/adaptive reuse potential $485,000 BLAKELY
CARBONDALE
150 Brooklyn Street • Excellent condition • 8,808sf +/- one story medical building • 83% occupied by professional tenants; 1,550sf available • Great visibility on major traffic artery • Northern Lackawanna County, Wayne County and Southern Susquehanna County service area $725,000
10A — January 17 - 30, 2020 — Pennsylvania — M id A tlantic
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P ennsylvania
ORK, PA — Bennett Williams Commer- cial has arranged the Hess and Schurr represent landlord in 25,814 s/f retail space lease at Shops on Eagleview Bennett Williams Commercial brokers 52,965 s/f in PA transactions Y 1,270 s/f retail space at Hartz- dale Plaza, 3300 Hartzdale Dr., Lower Allen Twp. Com-
North America leased the space from RWR Properties, LLC. Theo Notaras of Bennett Wil- liams Commercial represented the tenant in the transaction. 7,281 s/f retail space at West Market Plaza, West York Bor- ough. Bravo Supermarket leased the space from 1200 West Market Street, LLC. Shaffer and Ryan Myers of Bennett Williams Commercial represented the tenant and Rohrbaugh, Stine, and Dave Nicholson of Bennett Wil- liams Commercial represented the landlord in the transaction. 16,353 s/f retail space at MacArthur Commons, 2675
MacArthur Rd., Whitehall Twp. Goodwill Keystone Area leased the space from ARD Mac Com- mons, LLC. Gary Russell of Bennett Williams Commercial represented the tenant in the transaction. 881 s/f office space at 195 Stock St., Hanover Borough. Adecco USA, Inc. leased the space from RLH EPBCA Real Estate, LLC. Russell repre- sented the tenant and Myers represented the landlord in the transaction. 477 s/f office space at 1Water- ford Professional Center, York Twp. Theresa-Ann Olafsson and Jillian Skopinski leased
the space from Waterford As- sociates. Keith Kahlbaugh of Bennett Williams Commercial represented both the tenant and the landlord in the trans- action. 2.27 AC land at 6431 York Rd., Berwick Twp. CGM Hold- ings, LLC purchased the prop- erty from Keystone Diner Real Estate, LLC. Shaffer, Rohrbaugh, and Stine of Ben- nett Williams Commercial represented the seller in the transaction. 4,292 s/f retail building at 4221 Ferne Blvd., Upper Darby Twp. Blue Devil Realty, LLC purchased the property from ARCCBDXHPA001, LLC. Hess represented the seller in the transaction. 12,700 s/f retail building at 5 S. Main St., Stewartstown Bor- ough. 5 SouthMain Street, LLC purchased the property from SVEC Properties, LLC. Shaf- fer, Tommy Vo , Rohrbaugh, and Stine of Bennett Williams Commercial represented the seller in the transaction. 4,000 s/f retail building at 62 E. Lancaster Ave., Tredyffrin Twp. Ridge Lake Leasing, LLC purchased the property from Neumann Family Co. Colin Sweeney of Bennett Williams Commercial represented the buyer in the transaction. 7,488 s/f retail building at 2061 Lycoming Creek Rd., Old Lycoming Twp. 1431 LMC, LLC purchased the property from Laura Wedemeyer. Bob Behler of Bennett Williams Commercial represented the seller in the transaction. 10,986 s/f retail buildings at 2415 W. Market St., West Manchester Twp. BLM Assets, Inc. purchased the property from Dennis W. & Linda C. Boring Revocable Trust. Shaf- fer, Rohrbaugh, and Stine of Bennett Williams Commercial represented the buyer in the transaction. 2,499 s/f office suite at 1157 Eichelberger St., Hanover Bor- ough. Holtz Enterprise, LLC purchased the property from Gent & Gent. Myers represent- ed the seller in the transaction. 11,000 s/f mixed use building at 140, 202, & 204 Linden Ave., Conewago Twp. The Trone Family Trust purchased the property from Fulton bank, N.A. Keith Kahl- baugh of Bennett Williams Commercial represented the buyer and Brendan Burrows of Bennett Williams Commer- cial represented the seller in the transaction.
pa s s i o na t e Pet Groom- ing leased the space f rom RYP Pr op - erties, LLC. Blake Shaf- f e r , Br ad Rohrbaugh, and Chad
sale/lease of the following transactions: 25,814 s/f retail space at Shops on Eag l ev i ew, 2 3 4 E a g - leview Blvd., U w c h l a n
Bill Hess
Dallas Schurr
Stine of Bennett Williams Commercial represented the landlord in the transaction. 7,050 s/f industrial space at 2490 General Armistead Ave., West Norriton Twp. Datapath
Twp. Maxx Fitness Clubzz leased the space from LTK Associates, LP. Bill Hess and Dallas Schurr of Bennett Wil- liams Commercial represented the landlord in the transaction.
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Real Estate Journal — Pennsylvania — January 17 - 30, 2020 — 11A
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12A — January 17 - 30, 2020 — Pennsylvania — M id A tlantic Real Estate Journal
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P eople on the M ove
AIAPhila honors St Joseph’s University residence for priests Moto Designshop wins top designaward for Jesuit home
BarleySnyderpartnernamed to Venture Lititz Board
and retention, beautification projects, community cleanups, and historic preservation and advocacy. “Lititz has been a great place to raise my family, and I want to ensure future generations can find the same love of Lititz that I have,” she said. “It’s such an active town where busi- nesses can succeed, families can feel safe and tourists come from hundreds of miles away just to visit. I’m proud to be part of an organization that keeps Lititz moving forward.” Di Stravolo Elliott is the chair of the Barley Snyder Real Estate, Municipal and Environ- mental Practice Group. She is also secretary and a member of the board of directors at the Lititz Regional Community Development Corporation and volunteers at St. James Catho- lic Church in Lititz. ing throughout the year for the Mario Lemieux Founda- tion, culminating with their holiday event. The Young Constructors’ Friendsgiving celebration was held on No- vember 21, 2019. Thanks to the generosity of the sponsors and attendees, the MBAYC was able to present the Mario Lemieux Foundation with a check for $10,500. more value than the retail can carry alone. By incorporat- ing a mix of uses and adding density, you can justify the higher land costs that are involved with a transaction when you're at the epicenter of the market and controlling one of the best pieces of prop- erty in that immediate area. We’re bullish on the Phila- delphia market. We have found great opportunities for both redevelopment and development, and we look forward to what the city and its suburbs have in store for us in the future. Tom Simmons has been the president of Kimco Realty’s Mid-Atlantic Region since 2004. Tom is responsible for overseeing asset man- agement, leasing, property management, acquisitions and dispositions, develop- ment and redevelopment in the Mid-Atlantic Region, comprising over 10 million s/f of space in almost 100 properties.
LANCASTER, PA — Bar- ley Snyder announced that partner Maria Di Stravolo El-
liott has been named to the board of direc- tors at Ven- ture Lititz, a nonprofit, n a t i o n a l l y a c c r e d i t e d Main Street Program. V e n t u r e
HILADELPHIA, PA — Moto Designshop , a contemporary archi- tecture and design practice announced that Arrupe Hall Jesuit Community at Saint Jo- seph’s University has won the Silver Medal from the Ameri- can Institute of Architects, Philadelphia Chapter . Sil- ver is the highest award given for an unbuilt project. “Our goal was to provide this religious community with not only a home, but a space that supports the serenity of their faith,” said Adam Montal- bano, AIA , partner at Moto. Named for Fr. Pedro Arrupe, a Jesuit priest whose cause for canonization opened this year, the residence is located near City Line Avenue on the western edge of Philadelphia. When completed in summer 2020, it will be home to 15 Jesuit priests who work and teach at the University, St. Joseph’s Preparatory School, and the Gesu School. “The project is a successful investigation about light and materiality,” said Juan Miro, FAIA , member of the Awards P
Maria Di Stravolo Elliott
Lititz is powered by volunteers, a full-time executive director and an engaged board of direc- tors, all dedicated to making downtown Lititz a dynamic busi- ness environment, a welcom- ing tourism destination and a thriving community to live in. It works to sustain local business- es and our community’s quality of life through economic devel- opment, business recruitment PITTSBURGH, PA — On December 18, 2019, the Master Builders’ Associa- tion Young Constructors (MBAYC) presented the Ma- rio Lemieux Foundation with their annual donation. The MBAYC also delivered toys to the Austin’s Playroom at AHN West Penn Hospital’s NICU. Over the past few years, MBAYC has begun fundrais- keeps on giving. It continues to present opportunities for us to bring additional equity and expertise to fortify the in- vestment. Its redevelopment has created a more experien- tial and community-oriented place for customers to shop, eat, and gather, and for retail- ers to do business. At Kimco, we have concen- trated our focus on the top cities in the country, with Philadelphia being one of them. Despite Lincoln and Suburban being different projects – Lincoln a ground- up development and Subur- ban an existing redevelop- ment – both show our ability to leverage our retail real estate experience in a high- barrier-to-entry market, and both also display our growing expertise in multifamily. If you really want to own the strongest retail real estate in these markets, you need to be able to speak the language of mixed-use. The dirt itself has
Arrupe Hall Jesuit Community at Saint Joseph’s University
Jury from Austin, TX, “some- times textured, sometimes monolithic. Other times it ap- pears weightless. Each creat- ing a lovely moment in time…. This level of accomplishment along with the detail and resolution are all worthy of celebration.” Inspired by the shift between the Julian and Gregorian cal- endars, the chapel takes on a curvilinear form. The brick pattern further expands on those geometries, then morphs to create a veil, filtering natu- ral light through masonry openings. Father Robert M. Hussey, S.J. of the Maryland Province of the Society of Jesus joined the design team on stage to long-term and I knew MGKF was an excellent choice for challenging work and a unique firm culture. The firmwas very forward-thinking in terms of all aspects of the practice of environmental law, including balancing the demands of ca- reer and family,” said McCabe. Robb Fox said, “Carol stood out from the start with her sound judgement and ability to relate to people at all levels.” He added, “Her knowledge of environmental law is very ex- tensive, but more importantly, she has the ability to make technically complex issues understandable for clients.” Former managing partner Jonathan Spergel said, “I know this firm is in excellent hands with Carol. She has built an outstanding practice, has proven herself as a leader both within and outside of the firm, and is always focused on delivering the highest-level of service to our clients.” McCabe joined the MGKF partnership in 2004. She has worked with a broad range of industrial clients in the manu- facturing, energy and waste management sectors. McCabe counsels clients on a wide va- riety of environmental issues,
accept the award. “We think of the chapel design as being about the swirling movement of time and the altar communi- cating the firmness of eternity. So, the divine existing in time and in eternity, experienced in both.” Moto’s work on Arrupe Hall includes architecture, custom digital design for fabrication, and design visualization. Additional members of the project team are Keast & Hood – structural engineering; Bruce E. Brooks – mep engineering; BEAM – lighting design; Stan- tec – civil engineering; Metro- politan Acoustics – acoustical consultant; Geostructures – geo- technical engineering; Hunter Roberts – general contractor. including permitting, compli- ance and enforcement mat- ters related to air emissions, storage tanks, stormwater, wastewater, and hazardous and non-hazardous waste. She has assisted clients with day- to-day compliance, environ- mental auditing, appeals, and defense of agency enforcement actions. Carol’s leadership extends outside the firm. She has served as the Chair of the Board of Directors of the Penn- sylvania Environmental Coun- cil since 2015 and was the Chair of the Friends of Lemon Hill for the last decade. She was a Lecturer-in-law at the University of Pennsylvania School of Law from 2007-2016. Carol is a volunteer attorney with the Support Center for Child Advocates, serves on the finance council for St. John Neumann Church, and has coached soccer and track. She is a graduate of the University of Pennsylvania Law School, cum laude, and received her B.A. from the College of the Holy Cross, cum laude, Phi Beta Kappa. Mc- Cabe and her husband Bernie live in Haverford with their four children.
MBAYCmake annual donation to the Mario Lemieux Foundation
McCabe takes over asmanaging partner atMGKF
PHILADELPHIA, PA — As a new decade is ushered in, Carol F. McCabe takes over
continued on page 8C Reimagining your Philadelphia retail real estate through . . .
as managing partner of the environmen- tal and ener- gy law firm o f Manko , G o l d , Katcher & Fox , LLP (MGKF) lo-
Carol F. McCabe
cated in suburban Philadel- phia. McCabe is just the fifth person to take on this role and is the firm’s first female managing partner, succeeding Jonathan Spergel, Robb Fox, Bruce Katcher and Marc Gold . While this is a landmark for the firm, this has been 25 years in the making, dating back to when McCabe was a law student of Manko and Fox at the University of Pennsylvania in the mid- 1990s. From there, McCabe came to MGKF as a summer associate in 1995 and eventu- ally joined the firm in 1996. She knew then that there were no better attorneys to learn from and no better place to build a career. “Even at the earliest part of my career, I was looking
Real Estate Journal — Pennsylvania — January 17 - 30, 2020 — 13A
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M id A tlantic
2020 CONFERENCE SCHEDULE
P ennsylvania Turnbull brokers 24,350 s/f sale totaling $879,961 in York ROCK's Hodge completes 68,813 s/f industrial prop. sale
Tentative marej.com/conf
February
Y
ryville from CCC Real Estate Holding Co. LLC for $825,000. Jason Turnbull and Heather
• SPG Capital, LLC pur- chased a 23,140 s/f multi-fam- ily portfolio in York City, PA from STPS Properties, LLC for $670,000. Matt Czaus , of ROCK Commercial Real Es- tate, brokered the transaction. • The Calderone Group, LLC purchased a 3,123 s/f multi-family property at 25 East King St. in Littlestown from Anna L. Cummings for $70,000. Finkelstein repre- sented the seller in the trans- action. • Citizens &Northern Bank leased 4,979 s/f of office space at 2951 Whiteford Rd. in York fromM&G Realty, Inc. David Bode and Ben Bode of ROCK Commercial Real Estate, rep- resented the landlord in the transaction. • Lamar Burton leased 160 s/f of office space at 35 South Duke St. in York from SnJ Enterprises, LLC. Damian Reed and Hodge, of ROCK Commercial Real Estate, bro- kered the transaction. • Raymundo Drywall LLC leased 4,620 s/f of commercial space at 1273-1285 West King St. in York fromRomping Rhi- no Limited Partnership. Bode and Nate Resh , of ROCK Commercial Real Estate, bro- kered the transaction.
ORK, PA — ROCK Commercial Real Es- tate completed 12 sale
Feb. 27, 2020-4th Annual Philadelphia CRE Forecast Feb. 13, 2020-7th Annual New Jersey CRE Forecast
Kreiger , of ROCK Com- mercial Real Estate, rep- resented the seller in the transaction. • Tomb o Enterprises, L L C p u r -
a n d l e a s e transactions t o t a l i n g 235,014 s/f. • Riverside Lofts, LLC p u r c h a s e d a 68,813 s/f i n d u s t r i a l property at
March
March 26, 2020-6th Annual New Jersey Industrial Development
April
Apr. 2, 2020-3rd Annual Philadelphia Industrial Development
May
May 28, 2020-5th Annual Philadelphia Healthcare & Medical May 7, 2020-6th Annual New Jersey Leadership
Kevin Hodge
Ted Turnbull
chased a 14,138 s/f industrial property at 2580 West Phila- delphia St. in York from Scott Real Estate Enterprises, LLC for $305,000. Ted Turnbull , Jason Turnbull, and Kevin Hodge, of ROCK Commercial Real Estate, brokered the transaction. • 1561 East Market St. LLC purchased a 3,254 s/f office property at 1561 East Market St. in York fromRealty Advan- tage, LLC for $235,000. David Bode , of ROCK Commercial Real Estate, represented the buyer in the transaction. • TM Central Properties, LLC purchased a 3,309 s/f office property at 1600 Sixth Ave., Ste. 109 in York from Daniel Shalkey for $229,200. Greg Finkelstein , of ROCK Commercial Real Estate, bro- kered the transaction.
231 West College Ave. in York from Holly Investment Co., LLC for $465,000. Kevin Hodge , of ROCK Commercial Real Estate, brokered the transaction. • BMB Holdings, LLC pur- chased a 24,350 s/f industrial property at 1760 Toronita St. in York from Tekgard, Inc. for $879,961. Ted Turnbull , of ROCK Commercial Real Es- tate, brokered the transaction. • Buser Imports purchased a 67,628 s/f industrial property at 25 Grand Ave. in Red Lion from Grand Industrial Inc. for $375,000. Jason Turnbull and Hodge, of ROCK Com- mercial Real Estate, brokered the transaction. • Drumore Holdings Lim- ited Liability Co. purchased a 17,500 s/f retail property at 1007 Lancaster Pike in Quar-
June
June 4, 2020-2nd Annual New Jersey Land Development
July
July 16, 2020- 4th Annual Philadelphia Capital Markets
September
Sept 10, 2020-7th Annual New Jersey Capital Markets
October
Oct. 22, 2020-7th Annual New Jersey Medical Properties
November
Nov. 12, 2020-5th Annual Delaware Forecast Nov. 6, 2020- 5th Annual New Jersey Opp. Zones
December
Dec. 2, 2020- 7th Annual New Jersey Apartment/Multifamily Dec. 3, 2020- 5th Annual Philadelphia Apartment/Multifamily
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P ennsylvania 130 Monument Road development site sells for $8.94 million
Newmark Knight Frank reps. seller in 5.23 acre shovel ready multifamily development transaction
ALA CYNWYD, PA — Newmark Knight Frank’s (NKF) greater Philadelphia Capital Markets team comprising Mike Margolis, Dave Dolan and Dave Garonzik , along with local market expert, Jeff Mack, have completed the sale of 130 Monument Rd. in Bala Cynwyd. The team rep- resented Roseland Residential Trust, a Mack-Cali Co., in the $8.94 million sale to Woodfield Development of Chevy Chase, MD. The 5.23-acre development was site plan approved and is pending only a building B
apartments, along with a parking garage and leasing office. The site sits directly on Monument Rd., providing un- matched regional connectivity with tremendous access to ma- jor Rd.ways such as City Ave., I-76, and US-1. Residents will be a short walk away from shopping and dining, along with nearby transportation from SEPTA’s regional rail station. Bala Cynwyd lies directly on the City Ave. Cor- ridor, Philadelphia’s “Golden Mile.” Adjacent to Center City with thriving demographics, this location has evolved into a surging urban/suburban
CBRE net lease team closes 2019 with sales volume up 31% 2018 PHILADELPHIA , PA — CBRE announced that Matthew Gorman, Michael Shover, Thomas Finnegan and Robert Thompson —the Philadelphia-based arm of CBRE’s Net-Lease Properties team— closed 62 properties in 2019, totaling more than $329 million, which is a 31% increase in dollar volume over 2018. The team is well-positioned to have another milestone year in 2020, with over 60 properties currently on the market and nine under contract, equaling nearly $240 million. Completed 2019 transac- tions, most of which are clas- sified as “net lease,” were a mix of restaurants, conve- nience stores/gas stations, multi-tenant centers, discount stores, auto parts stores, bank branches and drug stores, spanning across 13 states. The property sales included 13 gas/ convenience and auto stores, 10 discount stores and 11 res- taurants. Noteworthy transac- tions included the $24 million sale of the Wawa and Davita located in the Public Ledger Building in Philadelphia; LA Fitness in Fort Washington, PA which sold for more than $9 million; and a $4.2 million McDonald’s sale in Wyomiss- ing, PA. “The net lease market had a sluggish start in 2019 due to higher interest rates in comparison to today,” said Gorman, senior vice president, CBRE. “2020 is starting in a much better position, so we’re very optimistic about this year.” 130 Monument Rd. will ex- perience an accelerated lease- up period and the investor will be able to garner premium rents due to the heavy sup- ply-constrained location. At $43,416 per unit, 130 Monu- ment Rd. was one of the high- est price-per-unit development sales in the last seven years among suburban multifam- ily land sale comparables, emphasizing the demand for luxury apartments in one of Philadelphia’s premiere live, work, play environments. environment, with a large employment base, walkable amenities and a flourishing residential community.
130 Monument Rd.
permit before construction can begin. The site is zoned and ap- proved for the development of 205 multifamily units. As
approved, the design features five stories of residential units over a podium. The building will be a mix of studio, one- bedroom and two-bedroom
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