Piscataway, NJ industrial asset draws strong investor interest Cushman & Wakefield brokers trade of newly constructed, fully leased property

ISCATAWAY, NJ — A newly constructed industrial asset at 1 Turner Place in Piscataway traded this week in a sale or- chestrated by commercial real estate services firm Cushman & Wakefield . The offering drew strong investor interest, reflecting sustained demand for class A product in New Jersey’s Upper 287 submarket. Bentall Kennedy , on behalf of its institutional investor client, acquired the property from a partnership of LaSalle Investment Management and Greek Development . Planned as a speculative development, the 452,000 s/f warehouse/distribution proper- ty was fully leased by Cascades mid-way through its construc- tion. The tenant, a leader in the recovery and manufacture of green packaging and tissue products, subsequently in- vested approximately $80 mil- lion on building, infrastructure and manufacturing-related improvements. Cascades is North America’s sixth-largest P

1 Turner Place

producer of containerboard – an industry forecasted to grow 25% over the next six years in direct correlation to e-commerce expansion. “The property offered Cas- cades a superior building de- signed by the highly regarded Greek Development, access to heavy rail, high-volume natural gas, and labor,” said Cushman & Wakefield’s Gary Gabriel . The investment sales special- ist headed the assignment with Andrew Merin, David Bernhaut, Kyle Schmidt and

tion by investors and tenants alike. “Demand for ‘last-mile’ locations continues to spur de- mand for the region, as a result of its proximity to New Jersey’s roadway network, and access to the New York MSA.” In fact, the 287 Corridor has emerged as one of New Jersey’s best-performing industrial sub- markets. Cushman & Wake- field Research Services reports a vacancy rate of just 0.7%, 2.25 million s/f in net absorp- tion since January 2017 and 69% rent growth since 2014. 

Mark Phillips of the firm’s New Jersey capital markets team, along with Adam Spies , and industrial leasing experts Jules Nissim and Marc Pe- trella . “These attributes – along with the long-term commit- ment and significant invest- ment by such a strong tenant in a high-growth industry – attracted multiple rounds of bidding from institutional investors,” added Schmidt, noting that the 287 Corridor has become a preferred loca-




Herring Properties announces UO will tenant new 309,000 s/f facility Bristol Commerce Center

BRISTOL TOWNSHIP, PA — Bristol Commerce Center (BCC) announced that Urban Outfitters (UO) will occupy a new 309,000 s/f industrial facility on 20 of the park’s 81 acres. Construction began the first week of December and

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of Herring Properties , the developer of BCC. Herring Properties also recently suc- cessfully finished the con- struction of 2151 Green Ln., an 80,000 s/f new industrial facility leased to Hughes Enterprises, at the Bristol Commerce Center. Bristol Commerce Center

the future fabric warehouse is expected to be ready for occu- pancy by mid-year. “We are thrilled to welcome iconic Philadelphia brand Ur- ban Outfitters as the future tenant of our facility currently under construction” said Ja- mie Herring , the principal

Bristol Commerce Center is located in a designated Key- stone Opportunity Expansion Zone (KOEZ) through 2022. The KOEZ designation pro- vides substantial financial tax abatements to businesses look- ing to relocate or expand in the area. 


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Mid Atlantic Real Estate Journal

Mid Atlantic R eal E state J ournal Publisher, Conference Producer . .............Linda Christman AVP, Conference Producer ...........................Lea Christman Account Executive ........................................... Steve Kelley Account Executive ............................................. Kim Brunet Account Executive ........................................ Marisol Chase Account Executive .........................................Alyson Parker Senior Editor/Graphic Artist ..........................Karen Vachon Office Manager ...............................................Kerrin Devine Contributing Columnists .............................Emily Landgraf 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. 30, Issue 23 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.marejournal.com

Don’t Let Alternative Commercial Mortgages Scare Your Borrowers F Emily Landgraf or brokers closing com- mercial mortgages, it’s not unusual to work with small business own- ers who don’t qualify for a bank loan. Once a borrower is turned down by the bank, they often assume there are no good options left and are wary of non-conforming commercial mortgage lenders. As their broker, it’s your job to find them the best deal possible and to explain why alterna- tive financing is nothing to be afraid of. Here’s how you can do that: • Explain what type of mort- gage for which they’ll likely qualify and why. Part of the fear of alternative commercial financing stems from the fact that many small business own- ers simply don’t know what to expect. They’re turning to you because you’re an industry ex- pert who can point them in the right direction and guide them through the process. Take the time to explain why they can’t

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qualify for a bank loan, the kinds of rates and terms they can expect from alternative commercial lenders given their particular financial situation and answer any questions they might have. • Emphasize the positive aspects of an alternative com- mercial mortgage. More often than not, the biggest issue bor- rowers have with a non-con- forming mortgage is the rate. If your borrower was expecting or hoping for a bank rate, they might be experiencing a little bit of sticker shock. In these instances, it’s important to direct their focus to the posi- tives of the deal. Sure, the rate might be a little higher than they’d anticipated, but maybe

it’s a fixed rate that ensures consistent monthly payments. Perhaps it’s going to close in a matter of weeks or the lender got them a great deal on an appraisal. Or maybe they don’t need to worry about a balloon payment in the next couple of years because the deal is fully-amortized over a longer period. These are all positives you can emphasize to the bor- rower. • Keep your borrower fo- cused on their business goals. At the end of the day, your commercial borrower needs this money in order to achieve some sort of goal for their business. Whether it’s paying off their debts, refinancing for continued on page 4A

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Real Estate Journal — January 11 - 24, 2019 — 3A


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SVN - Miller’s Hanna sells Cambridge industrial facility

Baltimore’s Continental Realty Corp. buys Solis Ballantyne FCP & Terwilliger Pappas announcesalestotaling$128.6M C HARLOTTE, NC — F CP and partner Terwi l l iger Pap-

pas Multi Family Part- ners (TPMP) announce two separate transactions total- ing $128.6 million. The first, Solis Waverly, was sold for $84.4 million to Dallas-based Lan Properties/Lantower Residential . In a separate transaction, Solis Ballantyne was sold for $44.2 million to Continental Realty Corpora- tion of Baltimore, MD. “FCP felt fortunate to de- velop these properties with Terwilliger Pappas, the South- east’s top developer of best in class multifamily communi- ties,” said FCPmanaging part- ner, Lacy Rice . “Both com- munities set a high standard, contributing to the success of their distinctive neighbor- hoods.” “SolisWaverly and Solis Bal- lantyne provided an excellent opportunity to partner with FCP on two of the Southeast’s most desirable sites,” said CEO of Terwilliger Pappas, Peter Pappas . “Our team’s interest in developing best in class communities aligns well with FCP’s strategy of deliver- ing superior results to their investors. We look forward to pursuing new opportunities with FCP.” Solis Waverly, with devel- opment completed in 2016, is a 375-unit luxury multi- family project in Waverly, a pedestrian-friendly, master planned community with an urban feel and featuring Class A retail and office space, at- tractive single-family homes and a 146-room Hilton Gar- den Inn with a rooftop pool. Waverly’s 90 acres just south of I-485 feature 250,000 s/f of prominent retail uses (devel- oped by Childress Klein and Crosland Southeast) anchored by a Whole Foods that was announced just after FCP and TPMP committed to building Solis Waverly. Leasing of the property was managed by Bozzuto. Solis Ballantyne, also com- pleted in 2016, is a 194-unit, Class-A luxury community located in Charlotte’s premier

806 Woods Rd.

The building was purchased by a local investor who plans to renovate 40,000 s/f into new high ceiling warehouse space for lease. This expanded modern warehouse facility will service the logistical needs for companies distributing throughout the Mid-Atlantic region and is located approxi- mately 17 minutes east of the Chesapeake Bay. “The Woods Road indus- trial corridor is ready to start a significant upgrade for truck traffic and utilities between Rt. 50 and the Bypass to serve the growing business traffic,” said Hanna.  earlier this year, to executive director, where she provides leadership to portfolio manag- ers and plays a key role in the firm’s 98% client retention rate. The President’s Award is pre- sented to an individual who has contributed the most toward as- sisting the WMCCAI president and chapter in reaching their goals for the year. “I am pleased to present this prestigious award to Bernie for all of her years of dedication to the chapter, her positive at- titude and humble willingness to help when the call comes,” said Sarah Gerstein , chapter president of WMCCAI. FirstService Residential is one of North America's largest manager of residential com- munities and the preferred partner of HOAs, community associations and strata corpora- tions in the U.S. and Canada. FirstService Residential's man- aged communities include low-, mid- and high-rise condomini- ums and cooperatives, single- family homes, master-planned, lifestyle and active adult com- munities, and rental and com- mercial properties. FirstService Residential de- livers proven solutions and exceptional service. 

CAMBRIDGE, MD — SVN - Miller Commercial Real Estate senior advisor Hen-

ry Hanna, CCIM, SIOR recently sold a large in- dustrial facil- ity in Cam- bridge, MD. The 150,000 square foot building lo-

Henry Hanna

cated at 806 Woods Rd. sits on 20 acres and is occupied by DS Smith, formerly Interstate Con- tainer. Hanna represented both the seller, Cazadore, LLC, and the buyer in this transaction.

Solis Waverly

FirstService Residential’s Guthrie receives WMCCAI President’s Award

FAIRFAX, VA — FirstSer- vice Residential , a property management company, an- nounced that executive direc- tor, Bernie Guthrie , was recently recognized by the Washington Metro Chapter of Community Associations Institute (WMCCAI) with its President’s Award. “Bernie embodies the First- Service core values every day,” said Michael Mendillo , presi- dent, FirstService Residential. “This award is a recognition of all of her hard work and dedication, not only to our or- ganization but to the industry, as a whole.” “I’m always proud when one of our associates is recog- nized for their impact in the greater community,” said Rob- ert Teeling, CMCA , senior vice president, FirstService Residential. “CAI is vital to our industry and we were not surprised when they chose to recognize Bernie for her sup- port of the chapter’s mission to educate, advocate and provide resources for the community association industry.” Guthrie started with First- Service Residential two years ago as a portfolio manager and was quickly promoted to regional director and then,

Solis Ballantyne

suburban submarket, Ballan- tyne. The property features elevators and conditioned corridor access as well as walk- ability to Charlotte’s most ac- complished public schools. So- lis Ballantyne is convenient to the many restaurants, shops and recreational amenities that are a part of Ballantyne. Commercial amenities include Ballantyne Corporate Center, a nationally recognized corpo- rate office campus containing more than 4 million s/f of class A office. Leasing of the prop- erty was managed by Bozzuto. The Ballantyne submarket had the highest occupancy in the Charlotte market during the latest downturn (2008- 2011) at 93.8% and only two multifamily properties have sold in the last 10 years in

Ballantyne (other than Wa- verly), with no class A sales. Charlotte’s job and population growth continue to exceed peer cities. The city is third in population growth in 2017 for large U.S. cities and boasts population growth of 155% from 2000-2017 for the Bal- lantyne submarket. FCP and Terwilliger Pappas extend their appreciation to Phil Brosseau Jr., Howard Jenkins, Kevin Kempf and David Lansbury of CBRE for their representation in the sale of Solis Waverly and to Andrea Howard, Jim Sewell, David Gutting and Derrick Bloom of JLL for the Solis Ballantyne sale. Fortune Johnson served as the general contractor for both developments. 

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D el M ar V a

$9.31M refinancing loan for Bluffwalk Center paid off Denton Realty Co. facilitates restructure of hospitality complex

a more stable rate, property improvements or purchasing a commercial building, make sure you keep them focused on what they’re looking to accomplish. Sometimes a re- minder that this money will allow them to improve their financial situation or their business is all it takes to get your borrower to the closing table. • Provide them with some options. Sometimes, a bor- rower’s fear after being turned YNCHBURG, VA — A corporate restructur- ing and the closing of a $9.31 million refinancing loan for Bluffwalk Center, a bou- tique hospitality development in Lynchburg was announced by Denton Realty Co. , the hospitality and commercial real estate consulting and brokerage firm facilitating the restructure. Bluffwalk Center includes such award-winning venues as Craddock Terry Hotel, Waterstone Pizza and Shoe- makers American Grille.  L

Craddock Terry Hotel

continued from page 2A Don’t let alternative commercial mortgages scare your . . .

down by the bank simply stems from feeling like they don’t have any options. Do your best to provide themwith a few choices when it comes to rates and terms so that your borrower feels that they have more control over this decision. Being turned down by the bank is certainly a disappoint- ment for many commercial mortgage borrowers, but it doesn’t need to be scary. As their broker, you can help them through the process of obtaining alternative financ-

ing by keeping them informed about what to expect, empha- sizing the positives of the deals for which they qualify, keeping them focused on their goals, and providing a number of financing options. Do your best to give them peace of mine, and you’re likely to run into fewer challenges and close more deals. Emily Landgraf is the Social Media Coordinator at APEX Mortgage Corp. APEX is a direct commer- cial mortgage lender. 


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Real Estate Journal — DelMarVa — January 11 - 24, 2019 — 5A


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6A — January 11 - 24, 2019 — M id A tlantic

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

 Holiday Lunch Mixer … Warm and Wonderful! CIRC wrapped up another great year with their annual mixer held at the University and Whist Club. Good Vibes...Good Food...and Good Donations to the Food Bank of Delaware and the Boys & Girls Clubs of Delaware. Members donated a lot a fun prizes that were raffled off, making the holiday giving go both ways. Thanks to all who make CIRC events fun for all to attend.

2018–19 d i r e c t o r s — O F F I C E R S — President Donald Robitzer The Commonwealth Group Vice President Robert Stenta Pettinaro Management, LLC Treasurer Jeremy Abelson MidCoast Community Bank Secretary Bayard Snyder , Esq. Bayard & Associates — D I R E C T O R S — Education Chair Cynthia Fleming Past President Bert Root Benjamin Berger, Esq. Berger Harris, LLC John Birmingham Cushman & Wakefield Carmen Facciolo NAI Emory Hill Michael Hahn 44 Business Capital Jim O’Hara , Jr. NAI Emory Hill-Retail Division Barton L. Mackey, Jr. Patterson-Woods Associates — E X - O F F I C I O — Business Manager Janet S. Pippert Landmark Science & Engineering Legislative Lobbyist C. Scott Kidner C. S. Kidner & Associates Legislative Affairs Chair J. Gregory Ellis , CCIM Patterson-Woods Associates Economic Dev. Liaison - NCCC Robert Chadwick New Castle County Ec. Dev. Council Economic Dev. Liaison - State of Del. Patricia Cannon , MSM Delaware Div. of Small Business, Dev. c o n t a c t u s Janet@circdelaware.org (302) 633-1705 Jones Lang LaSalle Membership Chair James Manna BrightFields, Inc. Program Chair Jay L. White , MAI, CRE® Apex Realty Advisory

SCHEDULE OF EVENTS Lunch Meetings Feb. 13 (Wed.) Dupont Country Club Monthly Membership Lunch (& Cont. Ed.) 11:30 - 1:30 p.m. Cost: $35/members; $45/non-members Topic: Economic Forecast - David Hanson Mar. 13 (Wed.) Dupont Country Club Monthly Membership Lunch (& Cont. Ed.) 11:30 - 1:30 p.m. Cost: $35/members; $45/non-members Topic: TBA Register: www.circdelaware.org/meetings/next- Meeting.cfm Continuing Education Instruction by Frederick Academy of Real Estate Register at www.CircDelaware.org Schedule of Classes Classes Accredited for DE*PA*MD*NJ See Online Schedule for Credit Details. Register: www.circdelaware.org/meetings/ nextMeeting.cfm Download PDF: www.circdelaware.org/ userFiles/CE_regForm_2019-2020.pdf Register/pay early for discounts Feb. 13, 2019 *- DE Modules 1 & 6 8:30 a.m. FairHousing, Ag., Ethics DE Mod. 1, FairHousing,/Agency/Ethics 3.0 hrs MD FairHousing 3.0 hrs. 1:30 p.m. Investment Fundamentals DE Mod. 6, 3.0 hrs Investment Fundamentals MD Elective 3.0 hrs. NJ Elective 3.0 hrs. PA Elective 3.5 hrs. Mar. 13, 2019 * - DE Modules 6* & 3 * New PA Mandatory - Prop.Mgmt./Adv. Apr. 9, 2019 * - DE Modules 2 & 5 May 8, 2019 *- DE Modules 4 & 7 * see schedule for credits for PA, MD, NJ & DE NJ Mandatory 3.0 hrs. PA Fairhousing 3.5 hrs.

Save NJ

Continuing Education  A new full rotation of all classes started on January 9, 2019. New location: Dupont Country Club. Register ASAP!

 Operation Warm Ryan Kennedy, representing the Delaware KIDS Fund and Harvey Hanna & Associates, spoke about the warm coats they were able to give to about 1,800 children in the greater Wilmington areas… and CIRC helped! Boys & Girls Clubs  Dawn O'Neill and Rebecca Wilczynski were on hand to talk about the good that BGC can do with the charitable do- nations from the CIRC.  Food Bank of Del. 359 lbs. of non-perishable foods filled two large barrels to overflowing at our holiday lunch. Thanks you CIRC!

Good Times… Great Reasons to Join!

 New Members (From left) new members Susanne Howarth, (Jim Manna, Membership Chairman), Erin O'Connor, and Gene Grady. Welcome to CIRC!

Real Estate Journal — January 11 - 24, 2019 — 7A


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Early Bird Rate $109 Regular Rate $129 Walk - In Rate $159

Registration 7:30 AM Program 8:00 – Noon 120 S Wood Ave, Iselin, NJ 08830

Some of our confirmed speakers

Mayor John E. McCormac Town Of Woodbridge

Ann Strauss Director Freight Planning North Jersey Transportation Planning Authority

Alan Lambiase Director of Sales and Leasing River Terminal Development Co.

Robert Sobol Manager Client Services Brinkerhoff Environmental Services, Inc.

Jose Cruz Senior Managing Director HFF

Some of last years attendees

Alliant Insurance Services Inc Alston Construction Altus Group Apex Companies LLC Atlantic Real Estate Services Avison Young BB&T Bentall Kennedy Bergman Real Estate Group BND Holdings Bowman Consulting Bridge Development Partners Brinkerhoff Environmental Services Caldwell Banker Commercial Capodagli Property Company Caryl Communications CBRE, Inc. CenterPoint Properies CFO Consulting Partners LLC Choose New Jersey, Inc Coldwell Banker Commercial NRT Colliers International Columbia Bank Cooney Bovasso Realty Advisors, Inc.

CRC New York Crump Insurance Brokers Cushman & Wakefield Duke Realty EAI, Inc EDiS Building Systems EisnerAmper Elberon Development Endurance Real Estate Group LLC Equity Environmental Engineering LLC EWMA Excel Environmental Resources, Inc. Fidelity National Title Group First American Title Insurance Company Fortune Groupææ Four Springs Capital Trust Frazier Industrial G William Group LLC Geographic Services, Inc. Geo-Technology Associates Gerard Construction Corp GM Realty Advisors Inc GMH Capital Partner Greenbaum, Rowe, Smith & Davis LLP

Meridian Capital Group Mid Atlantic Real Estate Journal Miller Remick, LLC NAI James E. Hanson New Jersey’s Clean Energy Program Newark CEDC Newmark Associates NKGF North Jersey Transportation NYNJ Port Authority Office of Clean Energy PARS Environmental Inc. Pennoni Port Dept at Port Authority of NY & NJ Premier Energy Group Principal Bridge Development Partners Procida Funding and Advisors Prologis Public Sewer Service Quality 1st Contracting, Inc. R&J Strategic Communications ReadyCap Lending Riker Danzig Scherer Hyland & Perretti LLP River Terminal Development Co.

Gruskin Group GZA GeoEnvironmental, Inc. HAKS Headzup Inc Helix Investments Helix Real Estate, LLC Heller Industrial Park HFF Hydrotechnology Consultants, Inc.

Impact Environmental J.G. Petrucci Co. Inc. Jarmel Kizel Architects and Engineers JLL JPH Realty Advisors, LLC Langan Engineering and Environmental Services Lee & Associates Levine Capital Management, LLC Liberty Property Trust M&T Bank March Associates Construction Inc.. Master form Mayor of Woodbridge

McGowan Corporate RE Advisors meadowlands appraisal compnay

Register today at www.marejournal.com or e-mail lchristman@marejournal.com

8A — January 11 - 24, 2019 — M id A tlantic

Real Estate Journal


M id A tlantic R eal E state J ournal Replaces Jeffrey Hoffman, CCIM John Birkeland, CCIM elected PA/NJ/DE CCIM Chapter president for 2019

EMOYNE, PA — The PA / NJ / DE CC IM Chapter has elected John Birke- land, CCIM as its chapter president for the 2019 cal- endar year. B i r k e l a n d replaces Jef- frey Hof f - man, CCIM who served as chapter presi- dent since 2016. Birkeland has been an active member of the chapter, and has served on its board since 2016. He served as Chairperson of the L John Birkeland

Central Pennsylvania Region. “Due to Jeffrey Hoffman’s tireless efforts, our chapter is headed in the right direction and has good momentum to continue educating commercial real estate practitioners on the benefits of earning the CCIM designation. I am grateful for the foundation that Jeffrey has built for our Chapter and am excited to build upon that foundation through educational and networking events,” said Birkeland. “After three years, I am very excited to turn over the presi- dency to John Birkeland. I’m also looking forward to continu-

ing to serve under his direction and help wherever I can,” said Hoffman on the transition. The PA/NJ/DE CCIM Chap- ter is comprised of over 150 members, both CCIM Desig- nees and candidates. The CCIM Designation is awarded to com- mercial real estate profession- als upon successful completion of a graduate-level education curriculum and presentation of a portfolio of qualifying indus- try experience. Less than one percent of commercial real es- tate professionals in the world hold the CCIM designation. All CCIMs earn the designation by passing the Institute’s Com-

prehensive Examination, the final element in the designation process. CCIMs are recognized ex- perts in commercial real es- tate brokerage, leasing, asset management, valuation, and investment analysis. The Chi- cago-based CCIM Institute is an affiliate of the National As- sociation of Realtors and is the governing body of the largest commercial real estate network in the world. The mission of the PA/NJ/DE CCIM Chapter is to provide its designees and candidates with the highest quality of market- ing and networking opportuni-

ties, services and education to broaden, enhance and enrich their business.  Progress Capital’s Domenico secures $26.35M in financing for UES condo construction loan

176 East 82nd St.

NEW YORK, NY — On behalf of Shaky Cohen and Nexus Building Group ,

Br ad Do - menico of P r o g r e s s Capital se- cured $26.35 mi l l i o n t o finance the construction of a condo. complex at

Brad Domenico

176 East 82nd St. Located on the Upper East Side of Man- hattan Domenico negotiated and secured the construction loan with Michael Hoffenberg and Charlie Zabriskie of Trevian Capital . The non- recourse interest-only loan that will be used to fund hard and soft costs required to com- plete construction.  DLC Management Corp. appoints Ressa to COO ELMSFORD, NY — DLC Management Corporation , a national owner and opera-

tor of open- air shopping centers, has recently an- nounced that e x e c u t i v e v i ce pres i - dent Chris Ressa has b e e n a p -

When it comes to getting deals done in today's fast-paced market, time is more important than ever. We think waiting 4-5 weeks for an appraisal is unconscionable

Chris Ressa

pointed COO. Ressa has pre- viously led DLC Management Corp’s Leasing Department and will continue to do so as COO reporting directly to Adam Ifshin , CEO of DLC. 

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10A — January 11 - 24, 2019 — M id A tlantic

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In Memoriam

Faith Hope Consolo July 25, 1945 - December 23, 2018 Douglas Elliman Real Estate

Recognized worldwide as the “Queen of Retail,” Faith Hope Consolo was renowned for her expertise as a consultant and retail broker who had been instrumental in revitalizing and sculpting retail corridors across the nation -- and beyond. The sheer volume, size, and distinction of her transactions combined with her exceptional experience in a global array of retail markets, have set the highest standards among real estate specialists. As Chairman of Douglas Elliman’s Retail Group, Ms. Consolo was responsible for the most successful commercial division of New York City’s largest residential real estate brokerage firm. Her understanding of the industry and expertise of the retail landscape enabled her to strategize with retailers throughout the country, from unveiling national expansions to the debuts of flagship stores in locations spanning global capitals to suburban power centers. She knew that style knows no price point. The result was an extensive client base that included such top-tier fashion, jewelry and beauty names such as Alexis Bittar, Alice + Olivia, AYR, Benefit Cosmetics, Bond No. 9, Buccellati, Bulgari, CADAR, Cartier, Bruno Magli, Christian Louboutin, Fendi, Ferragamo Fogal, Fresh, Giorgio Armani, Jimmy Choo, Manolo Blahnik, Michael Boris, Paul Morelli, Perrin Paris, Peter Millar/Richemont Group, Robert Clergerie, Robert Marc, The Daily Edited, Thierry Rabotin, Versace, Yves Saint Laurent, as well as globally based mass merchandiser Zara. Her diverse base also encompassed private and public in- vestors, entrepreneurial owners and developers with significant portfolios or single assets. She also represented some of New York's best known landlords, including President Donald J. Trump and Larry Silverstein.

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12A — January 11 - 24, 2019 — M id A tlantic

Real Estate Journal


M id A tlantic R eal E state J ournal

Teresa Loomis sells 150 units totaling $875,000 Investment Real Estate, LLC announces sale of Nandua Mini Storage in Tasley, VA

ASLEY, VA — I nvest- ment Real Estate, LLC announced the sale of Nandua Mini Storage for $875,000 to a first time, self storage investor. Nandua Mini Storage is located on Taylor Rd. in Tasley. The property is just off Rte. 13 on the Eastern Shore of VA. It is comprised of seven concrete block and metal build- ings and was built in 1989. The facility consists of more than 150 traditional drive-up storage units, including 18 temperature controlled units, with an on-site rental office. T

The property also features a rental apartment for addi- tional revenue. The facility sits on ten acres of commercial zoned land which offers space for future expansion. Nandua Mini Stor- age was developed and main- tained by the seller at the high- est level since the property’s inception, leaving no deferred maintenance for the buyer. Property amenities include security cameras, exterior and interior lighting and gravel driveways. The facility has a seasonal occupancy between 85% and 95%. George Hatchard , broker- age advisor for Investment Real Estate, said, “I so enjoyed working with Teresa during this transaction. She present- ed her property in excellent condition, then followed that with an openness to buyers, making them feel welcome. By closing day, I felt like we became much more than bro- ker and client. We became friends. I was so happy to see her face on closing day, a hap- piness that didn’t need words to explain.” Here are some of the ob- stacles that Investment Real Estate had to overcome during the course of this transaction: Obstacle 1. The Eastern Shore of VA has low household statis- tics, with seasonal population spikes. 2. The buyer was a first-time self storage investor. 3. The buyer planned to use an SBA loan product, which ultimately was rejected due to an on-site rental. Solution 1. Using historical data for occupancy at the facility, we were able to show the buyer stabilized value as well as suggest areas of opportunity at the facility. 2. The seller spent extra time with the buyer at the facility, explaining operations and op- portunities. 3.BB&Twas able to fund the loan without the SBA guaran- tees, having been the seller’s bank for 30 years. The seller, Teresa Loomis, said, “George Hatchard and the IRE company are amaz- ing! Very knowledgeable of the storage industry. I would high- ly recommend them. George was always looking out for me and available if I needed him for anything during the pro- cess. Nothing but the best”! 

Nandua Mini Storage


Avg. Net Profit (EBITDA) $369,794 *

LightbridgeAcademyFranchise.com (732) 943-6929

*Figures as published in item 19 of the Federal Disclosure Document. This advertisement is not an offering. An offering can only be made by a prospectus filed first with the Department of Law of the State of New York. Such filing does not constitute approval by the Department of Law. ©2018-19 Lightbridge Franchise Company, LLC. All rights reserved.

Real Estate Journal — January 11 - 24, 2019 — 13A


M id A tlantic

15.38 +/- Acre Development Site Minimum Bid $750,000 (Previous Ask $1.99M) 791 +/- Ft Road Frontage High Density Zoning  CVC Community Village Commercial  Close to Wawa, Shop Rite & Stockton University 

501 E. Jimmie Leeds Road, Galloway Twp., NJ 

Property Preview Jan. 31 Noon- 2PM Auction February 21st @ 1PM

 7.5 +/- Acre Commercial Development Site Minimum Bid $600,000 (Previous Ask $2.250,000)

Medical Office, Assisted Living, Light Industrial 

Convenient to Rte. 202, PA Turnpike, Vanguard & Paoli Hospital 

27-29 Industrial Blvd., Paoli, PA 

Property Previews Jan. 24 & 30 Noon-PM

Auction Febraury 13th @ 1PM

14A — January 11 - 24, 2019 — M id A tlantic

Real Estate Journal


M id A tlantic R eal E state J ournal

Company leases approximately 100% of 100 Ryan Street in South Plainfield, NJ Bussel Realty brokers purchase of 144 Grant Street in Perth Amboy, New Jersey

ERTHAMBOY, NJ — Bussel Realty Corp. (BRC) , a leading in- dustrial real estate services firm in New Jersey, today announced its arranged the purchase of 144 Grant St. in Perth Amboy, a 62,000 s/f industrial building. Leo Esses , senior vice presi- dent of BRC, represented the buyer, Gourmet Nut, which bought the property for $4.6 million. The seller, Riverview Management LLC, was repre- sented in-house. "Gourmet Nut will receive a $12 million grant from the P

State of New Jersey for re- locating its operations from Brooklyn, which I also ar- ranged," noted Esses. “The company expects to create 100 new jobs.” Situated on four acres, 144 Grant St. is located near the New Jersey Tpke. at Exit 10 and Rte. 440 with access to the Outerbridge Crossing to Staten Island and Brooklyn. It is also minutes to the Garden State Pkwy. and Rte. 9 and 35. The property was built in 2017 and features 32’ ceiling heights, eight tailboards and one drive-in, ESFR sprinklers, and 50 free surface parking spaces. Bussel Realty Corp. an- nounced its leased the entirety of 100 Ryan St., a flex/incuba- tor business park, in South Plainfield, NJ. Sitting on four acres, 100 Ryan St. consists of two build- ings, totaling approximately 27,000 s/f each. The site was formerly a junk yard, which was environmentally cleaned and developed by a group headed by Steve Bussel, SIOR, president of BRC. “This site was a challenge to develop and took years to complete,” said Bussel. “The former buildings on the prop- erty were demolished and the site was environmentally re- mediated before construction could begin.” Piscitelli Brothers Con- struction , principals in the project, completed the con- struction in late 2017. Bussel and his firm, Bussel Realty Corp, commenced leasing and in approximately one year leased 100 percent of 100 Ryan Street to 27 companies. 100 Ryan St. consists of 18 units, approximately 1,500 square feet each, and nine units, approximately 3,000 square feet each. Each unit is completely self-contained with separate utilities, office space and bathrooms. Owner- ship is allowing smaller us- ers the opportunity to make short-term deals, with room for expansion. Many of the tenants at 100 Ryan Street are on-line, internet-related sales companies. About Bussel Realty Corp. With one of the largest dedi- cated industrial brokerage staffs in New Jersey, Bussel Realty Corp. is a leading in- dustrial real estate services firm located in Central New Jersey. 

144 Grant St.

100 Ryan St.

Vendela Bonner, Realtor PA and NJ PA Notary 7139-41 Germantown Ave. Philadelphia, PA 19119 Cell: 267-9134 | Office: 215-501-7200 Email: vb@itsagreatproperty.com www.itsagreatproperty.com

Real Estate Journal — January 11 - 24, 2019 — 15A


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2019 Editorial Calendar

For more information contact Lea Christman lea@marejournal.com 781-740-2900!

16A — January 11 - 24, 2019 — M id A tlantic

Real Estate Journal



January 25-PAA Event: 2019 Credential Luncheon Location: Courtyard Marriott City Ave Address: 4100 City Ave. Philadelphia, PA Time: Noon www.paa-east.com/events January 25-CREW Lehigh Valley Event: Lunch & Tour: Factory LLC Location: Factory,LLC Address: 315 Columbia St., Bethlehem, PA Time: 11:30AM-1PM Registration: Member: $25; Non-Members: $40 https://crewlehighvalley.org/events/luncheon/2019- 01-25-tour-factory,-llc February 6-8 2019-IFMA Event: Facilities Management Workshop Location: The Westin Riverwalk Address: 420 W. Market St., San Antonio, TX Cost: Member (Early Bird): $449, Non-Member (Early Bird): $549 http://www.fmworkshop.org/index.cfm Location: TBA Time: 10:00AM Registration: Coming Soon https://www.plta.org/events/EventDetails.aspx? id=1130725&group= February 20-23-CORFAC Event: 2019 Spring Conference Location: The Scottsdale Resort & Spa Address: 4925 N. Scottsdale Rd. Scottsdale, AZ Registration: Coming Soon https://www.corfac.com/main/news-details/1802 March 4-5 2019-ICSC Event: Mid-Atlantic Conference & Deal Making Location: Gaylord National Resort & Convention Center Address: 201 Waterfront St., National Harbor, MD Cost: (Member): $400, (Non-Member):$800, (Student); $50 https://www.icsc.org/attend-and- learn/events/details/mid-atlantic-conference-deal- making6 February 13- PLTA Event: Executive Committee Meeting

March 5-6-IREM Event: Capitol Hill Fly-In Location: Washington, DC Time: TBA Accommodations: Online https://www.irem.org/public-policy/2019-irem- capitol-hill-fly-in March 27-PAA Event: 2019 Trade Show & Education Conference Location: Valley Forge Convention & Casino Resort Address: 1160 1st Ave, King of Prussia, PA Time: 9AM-4PM https://www.paa-east.com/events.html April 1-2- MBA Event: State & Local Workshop Location: Capital Hilton Address: 1001 16th St. NW, Washington, DC Cost: Regular Rate: $275 https://bit.ly/2QpoOj2 April 10-12- IREM Event: Northeast Chapters Conference Location: Gaylord National Resort & Convention Center Address: 201 Waterfront St., National Harbor, Maryland Time & Cost: TBA IREM Room Rate: $269 https://www.irem.org/events

January 16-NAWIC PA E vent: New Year Networking Breakfast Meeting Address: 420 Feheley Dr., King of Prussia, PA Time: 7:45AM-9AM Cost: $15( Networking) https://www.nawicphl.org/event-3172977

January 17-PLTA Event: PLTA Mid-Year Conference

Location: Crowne Plaza Hotel Valley Forge Address: 260 Mall Blvd. King of Prussia, PA Time: 19:30AM-3:00PM Register: Online https://www.plta.org/events/EventDetails.aspx? id=1155384&group=

January 18 2019-BOMA Event: Winter Business Meeting

Location: JW Marriott Turnberry Isle Resort Address: 19999 West Country Club Drive Aventura, FL Cost: Registration: $675, Addt'l $375 BOMA fee Time: TBA http://bomamac.com/event-2992897 January 23-CIANJ Event: Marijuana in the Workplace – "How Employers Adapt to Legalization” Location: Holy Name Medical Center Address: 718 Teaneck Rd., Teaneck, NJ Time: 8:30AM-10:30AM Cost: Event-$50, Sposnsorship-$400 https://bit.ly/2Qn8DH8 January 23-NJAA Event: NJAA Annual Membership Meeting & Installation Location: The Imperia Address: 1714 Easton Ave. Somerset, NJ Registration: Coming Soon https://njaa.com/njaa-events/annual-meeting/# January 23-24 2019-ICSC Event: NEXUS Conference Location: PGA National Resort & Spa Address: 400 Avenue of Champions, Palm Beach Gardens, FL Cost: Member: $695, Non-Member: $995, Student: $50 https://bit.ly/2ytx5vu January 24-NAIOP NJ Event: 2019 Annual Meeting & CRE Outlook Location: Short Hills Hilton Address: 41 JFK Pkwy, Short Hills, NJ Time: 5:00PM-7:30PM Cost:Member-$190, Non-Member-$270 https://naiopnj.org/event-3144681

April 10-SIOR Event: 2019 Spring Wold Conference Location" Omni Shoreham More Information Coming Soon https://bit.ly/2Raikdh

May 17-IREM Event: IREM Charity Gala For Northern VA, West-Central MD & Greater Metro Washington Chapters

Location: Bethesda, MD Cost & Registration: TBA More Information Coming Soon https://www.irem.org/events

Please send your events to: editor@marejournal.com

M id A tlantic Real Estate Journal — January 11 - 24, 2019 — Inside Back Cover A B usiness C ard S ervices /B illboard D irectory


D elaware S tatutory T rust S pecialists

M etal B uilding S pecialists

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CRE F irm

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Investors Real Estate Agency 322 Ambrust Rd. • 2nd Floor Youngwood, PA 15697 P: 724-925-0215 F: 724-925-0216 mallison5@aol.com Mark D. Allison, Broker of Record/Owner Investors Real Estate Agency


Linda Christman (781) 740–2900 lchristman@marejournal.com

Contact Linda Christman.


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Back Cover A — January 11 - 24, 2019 — M id A tlantic

Real Estate Journal


You see farther than others. Shouldn’t your lender?

Envision your business goals with a team of specialists fluent in agency and balance sheet financing. Capital One® Commercial Real Estate .

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S hopping C enters N ew J ersey

Real Estate Journal — New Jersey — Section B


M id A tlantic

Teammarketed the property on behalf of the seller, The Hampshire Companies HFF announces $51 million sale of Northern New Jersey industrial building

OTOWA, NJ — Hol- liday Fenoglio Fowl- er, L.P. (HFF) an- nounced the $51 million sale of 700 Union Blvd., a 382,596 s/f, newly constructed indus- trial building in the Northern New Jersey community of Totowa. The HFF team marketed the property on behalf of the seller, The Hampshire Companies. The property was marketed along with a $146.85-million, six-building industrial portfolio totaling 1.2 million s/f in Northern T HI-LIGHTS JANUARY 11 - 24, 2019

700 Union Blvd.

assets throughout the state,” Cruz said. “This closing com- pletes the acquisition of the portfolio.” HFF and Holliday GP Corp. are licensed New Jersey real estate brokers. 

New Jersey, the sale of which was closed by HFF in 2017. Situated on 26 acres, 700 Union Blvd. is just off Inter- state 80 and less than 13 miles from the New Jersey Tpke., which provides easy access to

the rest of the northern part of New Jersey and New York City. The single-story building was completed in 2018. The HFF team included executive managing director Joe B. Thornton, Jr. , se-

nior managing directors Jon Mikula and Jose Cruz and directors Marc Duval and Jordan Avanzato. “We continue to see inves- tor interest in high quality and well-located industrial

JLL sells class A, 679,251 s/f Atrium Corporate Park in Somerset for $33.5 million


SOMERSET, NJ — JLL Capital Markets experts have completed the sale of Atrium Corporate Park in Somerset. The buyer acquired the three-building, class A, 679,251 s/f office park for $33.5 million. The buyer and seller were represent ed by Joseph Garibaldi and Thomas Walsh , managing directors; Heather Lombardi, vice president; and Katelyn Boro- vsky and Nick Vanderslice , associates, all with JLL. “Atrium Corporate Park is an institutionally owned and maintained office port- folio that offered the buyer a compelling combination of credit cash flow stability and value-add leasing upside,” said Garibaldi. “Atrium Cor- porate Park offers one of the best value propositions in the Lower 287 submarket.” Atrium Corporate Park is comprised of three class A office buildings: 300, 400 and 500 Atrium Dr. Situated on 47.8 acres, Atrium Corporate Park provides easy commut- ing access to both Central and Northern New Jersey’s deep labor pools with convenient highway access to I-287, I-78,




Atrium Corporate Park

Rte. 22, NJ Tpke. and the Garden State Pkwy. In a separate transaction, JLL has completed a new transaction for Andalex at 940 Sylvan Ave., located within the Sylvan Corporate Center in Englewood Cliffs, with OwnBackup Ltd. The cloud- based data backup and restore provider signed a lease for approximately 30,000 s/f of of- fice space at the class A office

building. Sylvan Corporate Center is represented by Frank D. Recine , executive managing director, and Nicolas De- Cotiis , associate, both with JLL. OwnBackup was repre- sented by Jason Fray , senior managing director; and Har- lan Hollander , senior vice president, both with Savills Studley . OwnBackup completed an

11-year lease for 30,000 s/f of office space and will occupy the entire 1st floor at 940 Sylvan Ave., which is located near the intersection of Sage Rd. and Sylvan Ave./Rte. 9W, in Englewood Cliffs. Sylvan Corporate Center comprises four, three-sto- ry office buildings, totaling 270,000 s/f of class A office space, all linked by a central lobby. 




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