5-21-21

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E R M A N T O W N , MD — M&T Realty Capital Corporation G The transaction was led by managing directors Goldstein and Hodson M&T Realty Capital Corporation lends $62M for financing of The Elms at Century DC and Falls Church, VA, respectively.

ISSUE HIGHLIGHTS Volume 33, Issue 5 May 21 - June 17, 2021

SPOTLIGHTS OFFICE & INDUSTRIAL/ DISTRIBUTION CENTERS

“We started working with Elm Street on the financing in late 2019, towards the end of construction,” said Goldstein. “With COVID and lease-up/ near stabilization programs not available starting in early 2021, we kept in regular con- tact with Elm Street to monitor progress and determine various financing options. Ultimately, we were able to get Fannie Mae comfortable quoting based on stabilized occupancy even though stabilization was a couple months out,” adds Gold- stein. “Top-quality sponsorship combined with almost 40% of the units subject to Mod- erately Priced Dwelling Unit rent restrictions allowed us to obtain exceptional pricing and maximum proceeds.” MAREJ ceiling heights to accommodate a wide array of bio users and their supply chain, as well as 40’x40’ column spacing and sig- nificant floor loads to support their mezzanine requirements. “As Montgomery County’s BioHealth region continues to mature from early stage to large scale commercializa- tion, there is a burgeoning demand for facilities that are more technical in nature to meet tenant’s biomanufactur- ing production needs,” said Pete Briskman , broker lead for JLL’s Maryland Region. “Milestone Innovation Park will fit this immediate need and will help further solidify Maryland as one of the coun- try’s top BioHealth clusters.” Matan intends to take ad- vantage of Montgomery Coun- ty’s new “Speed to Market” initiative. This new program will provide a more stream- lined, concurrent review of the sketch, preliminary, and site plans, saving valuable time for potential new ten- ants and helping spur new economic and employment growth opportunities in the county. MAREJ

has closed a $62 mi l l ion Fannie Mae Conventional loan for the p e rman e n t financing of T h e E l m s at Century, a 3 0 0 - un i t multifamily property lo- cated in Ger- mantown on behalf of Elm Street Com- munities . The Elms at Century of fers one- ,

9-14A

Debra Goldstein

Michael Hiner celebrates 40 years with Willow Construction

The Elms at Century

include stainless steel appli- ances, full size side-by-side washer and dryer and large pa- tio or balcony. Property ameni- ties include a resort-style pool with sundeck, fitness center, an outdoor entertainment living area with fire pit and grilling area and a cybercafé.

The 12-year, fixed-rate loan is structured with five years of interest-only payments, fol- lowed by a 30-year amortiza- tion. The transaction was led by managing directors Debra Goldstein and Matthew Hodson of M&T Realty Capi- tal Corporation’s Washington,

Matthew Hodson

two-, and three-bedroom apart- ments for rent. Unit amenities

Matan kicks off next phase of Progress Labs with 532,000 s/f of Biomanufacturing&Research space

4-5A

Vantage Commercial brokers six new retail leases at Smithville Square

GERMANTOWN, MD — Matan Companies an- nounced plans to transform its Milestone Business Park into a vibrant and collabora- tive life sciences destination known as Milestone Innova- tion Park. The key component of the evolution is the addition of 532,000 s/f of best-in-class biomanufacturing and life sci- ence research space in three, brand new facilities. This highly sought-after location sits along the I-270 Biotech

Milestone Innovation Park

Corridor with prominent vis- ibility on I-270 at Father Hurley Blvd. in Germantown, MD, centrally located be- tween NIH in Bethesda and Fort Detrick in Frederick. Just 20 miles northwest of Downtown Washington DC, the site offers easy access to points north and south via I-270 and points east via the Intercounty Connector (ICC). Once complete Milestone Innovation Park will be one the largest, science-based destinations in the BioHealth region at over 1.2 million s/f. “This is not a simple re- branding or office conversion,” said Mark Matan of the Matan Companies. “We are going to deliver three, next

generation biomanufacturing and research buildings. Mile- stone already consists of 40% research, development, and tech manufacturing users, so this is a natural evolution. The existing class A office space will allow for co-location of col- laborative, synergistic users to support the research, produc- tion, supply-chain, technologi- cal needs, and administrative support of the rapidly evolving life sciences industry”. Slated to break ground in early 2022 and be fully com- plete by summer 2023, this will be the premier location for companies with large re- search and biomanufacturing requirements. Fronting I-270, the development offers 33’ clear

28A

Directory ROP (Front Section) ........................................... Section A Contributing Columnist ........................ Jason Salmon, KPI Six reasons to sell the income property you love…And how to avoid taxes when you do .......................................... 2A DELMARVA . .............................................................. 3-7A Office & Industrial/ Distribution Centers . ................ 9-14A People on the Move................................................... 16A Retail Development Reimagined . .......................... 19-21A Financial Digest ..................................................... 23-24A Business Card/Billboard Directory ............................ IBC-A New Jersey.............................................................. 1-10B Pennsylvania........................................................11-BC-B Owners, Developers & Managers ....................... Section C www.marej.com

Inside Cover A — May 21 - June 17, 2021 — M id A tlantic Real Estate Journal

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M id A tlantic Real Estate Journal — May 21 - June 17, 2021 — 1A

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2A — May 21 - June 17, 2021 — M id A tlantic Real Estate Journal

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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 ............Jason Salmon and the Kay Properties & Investments Team 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. 33, Issue 5 Subscription rates: 1 year $99.00, 2 years $148.50, 3 years $247.50 & $4.00 single issue - plus postage REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Phone: 781-740-2900 www.marej.com

Six reasons to sell the income property you love…

And how to avoid taxes when you do

By Jason Salmon, Senior Vice President and the Kay Properties & Investments Team

any investors recoil at the thought of selling a piece of investment

property. And they usually have a good reason, whether it’s miss- ing out on future appreciation, having to pay a massive tax bill or some other factor. Yet it can often make good sense to sell your property, thanks to a real estate invest- ment alternative that simplifies your life and lets you defer the taxes via a 1031 exchange. Let’s take a look at six reasons you might want to consider selling and reinvesting in this alternative… Reason #1: You’re sick and tired of having to actively manage your real estate. Let’s face it, managing your real estate is often a real hassle. You have to keep your eye on the ball 24 hours a day, seven days a week. And dealing with tenants, toilets and trash just gets old after a while. Sometimes even the sound of a ringing phone can fill you with dread.

Sure, you can use a prop- erty management company to handle many of the details, but they come with their own set of hassles and can cost you a big chunk of your rental income. But imagine if you could con- tinue investing in real estate while eliminating all those hassles and costs. The good news, you can. How? By investing fractionally in a carefully selected portfolio of income-producing investment real estate that you don’t have to manage or have someone else manage. Instead, you can just relax and enjoy your life while some- body else does all the worrying and deals with all the hassles.

I’ll tell you more about the alternative that lets you do that in a moment, but first let’s look at… Reason #2: You can take advantage of passive real es- tate investing for continued incomewith nomanagement responsibilities When you invest in real estate the way I’m going to show you, you’ll be a true passive investor. You quite literally won’t have a single responsibility when it comes to managing your prop- erty, nor will you have to worry about any of the day-to-day hassles. They’re now somebody else’s problem. And that means you’ll have continued on page 22A

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M id A tlantic Real Estate Journal — May 21 - June 17, 2021 — 3A

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64 New York Avenue NE is a 355,034 s/f building located in the NOMA submarket ASB Real Estate Investments sells Washington DC office building for $201.75M

announc ed t o d a y t h e $201.75 mil- lion sale of 64 New York Avenue NE, a 355,034 s/f office build- i ng i n the NOMA sub- W

extensively renovated in 2001, the five-story building with a basement is 97% leased, primarily to various District government agencies, includ- ing the Metropolitan Police and Department of Health Services. It features expansive 55,000 s/f floor plates and two elevator cores. ASB senior vice president Nicolas Franzett i said: “Emerging from the pandemic- generated recession, ASB has seized on an excellent opportu- nity to execute on our ongoing strategy to trim portfolio ex- posure in office and retail and redeploy capital into industrial and multifamily assets.” MAREJ toric Randall School buildings, which closed in 1982. Two of the school’s three buildings will be transformed into the approxi- mately 31,000 s/f Rubell Muse- um, presenting internationally renowned contemporary paint- ings, sculptures, photographs and installations. Entry to the museum will be free of charge to all residents of the District. The West Randall building will be reconfigured as an approxi - mately 18,000 s/f creative office building designed to appeal to a variety of potential tenants including nonprofits, cultural institutions, technology incuba- tors and coworking businesses. Gallery 64’s design is by Bey- er Blinder Belle Architects with Balfour Beatty Con- struction serving as general contractor. The Christman Company serves as contractor for the historic school build- ings. The entire project is being developed in accordance with LEED sustainability guide- lines, with Gallery 64 follow- ing LEED Gold standards. Among its green elements is a substantial solar panel instal- lation. The historic buildings will comply with LEED Silver guidelines. Gallery 64 and the overall campus redevelopment are anticipated to be completed by year-end 2022. MAREJ

ASHINGTON, DC — ASB Real Estate Investments (ASB)

Nicolas Franzetti

market. The sale to Boyd Wat- terson Asset Management, LLC was made by ASB on behalf of its Allegiance Real Estate Fund, a $7.4 billion core vehicle. Constructed in 1909 and

Lowe and Mitsui Fudosan America announce start of construction of gallery 64 Apartment Tower in DC 64 New York Avenue NE

WASHINGTON, DC — Lowe and joint venture part- ner Mitsui Fudosan Amer- ica announced the start of construction of Gallery 64, a 492-unit, 12-story apartment building as part of the joint venture’s redevelopment of the former Randall Junior High School site at 65 Eye St., SW, in Washington, DC. The 500,000 s/f redevelopment of the 2.7-acre site includes the preservation and repurposing of existing historic buildings into the Rubell Museum, a world-class contemporary art museum. “Gallery 64 provides a unique residential option – living on an arts campus adjacent to abun- dant open space, connected to Washington’s most dynamic neighborhoods and with spec- tacular views. With the new museum as the cornerstone of the mixed-use redevelopment, Gallery 64 will be infused with art and culture, from its interior design to its resident programs,” said Mark Riv- ers , executive vice president, Lowe. “A newmix of uses at the former Randall School provides the community and the general public with an important cul- tural touchstone. The addition of the museum, combined with the new residences, will serve

with polished concrete floors and simple details, providing a backdrop for a collection of original art that will be found throughout the lobby and ame- nity areas. The art-forward program for the property will continue outdoors with a sculp- ture garden. Gallery 64’s 492 apartment residences, of which 98 are designated affordable, are con- figured as studio, one-, two- and three-bedroom floorplans. The street-level connection is enhanced by 19 two-level, townhouse-style residences. Gallery 64 will offer an array of the most sought-after ameni- ties including rooftop gathering 65 Eye St SW rendering

as a positive addition to this historic neighborhood.” “Mitsui Fudosan America is excited to begin construc- tion on this unique project for Washington, DC, alongside our valued partner, Lowe,” said Jodi Berman , senior director, residential asset management, Mitsui Fudosan America. “We also look forward to continuing our partnership with Lowe and further growing our portfolio nationally, as we currently work on an additional project with them in the Seattle metro area.” Gallery 64 takes its design cues from art galleries, adopt- ing a minimalist design concept

spaces with fire pits, grilling stations and outdoor kitchens, a dog walk and a resort-style pool. Indoor communal areas include a spacious lounge with fireplace, game room, fitness center, and maker space with sound studio where residents can develop their artistic skills. Connecting Gallery 64 and the museum is an expansive and beautifully landscaped community space where resi- dents, museum visitors and neighbors can relax and con- gregate. Concurrent with the new construction of Gallery 64, work is underway on the restoration and repositioning of the his-

4A — May 21 - June 17, 2021 — DelMarVa — M id A tlantic Real Estate Journal

www.marej.com

D el M ar V a

Commercial construction firm delivers quality construction and trusted service Michael Hiner celebrates 40 years with Willow Construction

Hiner’s leadership has set the company’s benchmark for its high quality “finished” prod - uct. He has been instrumental in updating Willow’s estimat- ing and accounting systems as well as its overall company image. Mike graduated cum laude with a B.S. in Busi- ness Administration from the University of Maryland Uni- versity College and is a Shore Leadership and Leadership Maryland alumnus. Hiner demonstrates char- acter built upon integrity through his leadership of Willow Construction and a

devotion to enriching the local community of Easton, Mary- land. Mike is active in The Rotary Club of Easton and supports nonprofit organiza - tions such as Talbot Mentors and Talbot Interfaith Shelter. Mike also serves as Deacon for St. Paul’s Evangelical Lutheran Church in Cordova, Maryland. Willow Construction is a com- mercial, industrial, and residen- tial construction company on Maryland’s Eastern Shore. Its reputation is built on 48 years of leadership and outstanding customer service. MAREJ

ASTON, MD — Mi- chae l S . Hi ne r o f Easton, president of Willow Construction, LLC, celebrates 40 years of dedica- tion to Willow Construction. Hiner began his career at Wil- low in 1981 as a draftsman, then worked his way through the ranks of estimator, proj- ect manager, vice president, and president. In 2001, Mike became an owner of Willow Construction. Mike excels in strategic di- rection and creating a culture of partnership and collabo- ration within the company.

Michael S. Hiner

Company demonstrates world-class safety performance by achieving Platinum status Associated Builders & Contractors names Willow Construction a Top-Performing US Construction Company

EASTON, MD—WillowCon- struction was ranked 25th on Associated Builders and Con- tractors’ 2021 Top Performers list(s), which recognizes ABC member contractors in safety, quality, diversity, project excel- lence and special designations, ranked by work hours. Published as a supplement to Construction Executive maga- zine, the ABC Top Performers lists identify the Top 200 Per- formers, Top Trade Contrac- tors, Top Electrical Contrac-

Contractors Up to $50 million; all of which have earned the elite Accredited Quality Con- tractor credential. Willow Construction has demonstrated world-class safety performance by achiev- ing Platinum status in ABC’s STEP Safety Management System, which makes the top-performing contractors up to eight times safer than the US Bureau of Labor Statistics industry average, according to the ABC 2021 Safety Perfor-

mance Report. The Top Per- formers were ranked by size based on the number of hours worked in 2019 as reported in their 2020 STEP applications. ABC members that earn the AQC credential certify their commitment to quality, safety, craft and management edu- cation, talent management, inclusion, diversity and equity and community relations. “The common priorities in our third annual list of ABC Top Performers include

culture, safety, innovation, workforce development and driving market value,” said Michael Bellaman, president and chief executive officer of ABC. “Collaboration and ad- aptation created a safer, more productive jobsite and work- place for Willow Construction and I applaud these industry leaders for setting the stan- dard in developing people, winning work and delivering that work safely, ethically and profitably.” MAREJ

tors, Top Plumbing/HVAC Contractors, Top Specialty Contractors, Top 100 General Contractors and Top General

Willow Construction is one of the most diversified commercial construction firms on Delmarva. Our broad experience enables us to share best practices and innovative technologies across industries. SENIOR CARE RETAIL

TRED AVON SQUARE · DORCHESTER SQUARE · TERRACE GRILL · LOWES SALISBURY T-MOBILE · RITE AID · PRIME OUTLETS · EASTON EYE CARE MULTIFAMILY CONSTRUCTION • COMMERCIAL CONSTRUCTION • PRE-ENGINEERED BUILDINGS

WILLIAM HILL GARDENS · HEARTFIELDS · LIFECARE AT LOFLAND PARK · GRASONVILLE SENIOR CENTER ELDERWOOD CARE · TALBOT HOSPICE · SALISBURY SENIOR CENTER · TALBOT COUNTY SENIOR CENTER

M id A tlantic Real Estate Journal — DelMarVa — December 18 - January 14, 2020 — 5A D el M ar V a

www.marej.com

DESIGN – BUILD · CONSTRUCTION MANAGEMENT · COMPETITIVE BID Happy 40th Anniversary This year Mike Hiner cele�rates 40 years of dedica�on to Willow Constr�c�on, a ��siness that is commi�ed to ��ality cra�smanship and c�stomer sa�sfac�on. We, the employees of Willow Constr�c�on, wish to acknowledge and thank President Michael “Mike” Hiner for his integrity and strong leadership. Congrat‐ �la�ons on this important anniversary. We are pro�d to �e part of the Willow team!

8 6 4 9 Comme r c e D r i v e ·

EA S TON , MAR Y L AND 2 1 6 0 1

( 4 1 0 ) 8 2 2 ‐ 6 0 0 0

www.willowconstruction.com

6A — May 21 - June 17, 2021 — DelMarVa — M id A tlantic Real Estate Journal

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D el M ar V a

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

EVENTS SCHEDULE

2020-2021 Board of Directors

June 21 (Mon.) Annual CIRC Golf Outing (Member Invitational) Hartefeld National, Avondale, PA - 11:00 Shotgun Start CONTINUING EDUCATION Classes Accredited: DE*PA*MD*NJ REGISTRATION NOW OPEN Non-Members are Welcome accredited real estate school/instructors: Frederick Academy of Real Estate Register Online: www.circdelaware.org (@ Education) June 9, 2021 (Wed.) — 9:00 a.m. – Agency (MD, NJ, PA) MD Reqd.-MREC-Agency-commercial; NJ Required; PA Elective; (No DE) 1:00 p.m. – Understanding Exchanges & Opportunity Zones "Brand New Class Offering" DE Mod.6; MD, PA & NJ Elective July 13, 2021 (Tues.) — 9:00 a.m. – Fair Housing * DE Mod. 2; MD 1.5 Reqd.+1.5 Elective; NJ Required.; and * PA Required for the 2022 license renewal NEW MANDATORY CLASS FOR PA LICENSEES! 1:00 p.m. – Office Management DE Mod. 4; PA, MD & NJ Elective September 14, 2021 (Tues.) — 9:00 a.m. – Ethics DE Mod. 2; MD Required; NJ Required, PA Elective 1:30 p.m. – Legislative Updates DE Mod. 5; MD Required-MREC; PA & NJ Elective October 12, 2021 (Tues.) —

—OFFICERS— President:

Robert Stenta Pettinaro Management, LLC Vice President/Programs: Jay L. White , MAI, CRE® Apex Realty Advisory Treasurer: Barton L. Mackey, Jr. Patterson-Woods Associates Secretary: Bayard Snyder , Esq. Bayard & Associates — D I R E C T O R S — Education Chair: Cynthia Fleming Jones Lang LaSalle

Membership Chair: James Manna BrightFields, Inc. Past President:

— E X - O F F I C I O — Business Manager Janet Pippert Landmark Science & Engineering Legislative Lobbyist C. Scott Kidner C. S. Kidner & Associates Legislative Affairs Chair William Lower Harvey Hanna & Associates Donald Robitzer The Commonwealth Group Benjamin Berger , Esq. Berger Harris, LLC Carmen Facciolo NAI Emory Hill Jim O’Hara , Jr. NAI Emory Hill-Retail Division Michael Hahn 44 Business Capital Lorraine Sheldon NAI Emory Hill Daniel Wham DSM Commercial Real Estate Ryan Kennedy Harvey Hanna & Associates

9:00 a.m. – Agency (DE) DE Mod. 7 (No PA, MD, NJ) 1:30 p.m. – Contracts DE Mod. 3; NJ Required; MD & PA- Elective

Visit us on the web — RENEW or JOIN today!

www. CircDelaware .org

M id A tlantic Real Estate Journal — May 21 - June 17, 2021 — 7A

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Questions? Contact: Harry Young | Executive Director 717.614.4271

harry@panjdeccim.com www.panjdeccim.com

2021 PA/NJ/DE CCIM CHAPTER OFFICERS Jeff Kurtz, CCIM President High Associates, Ltd. Dominic Janidas, CCIM Vice President Imagine Homes Management Lisa Lord Edmonds Secretary/Treasurer SVN | The Concordis Group Stacy Martin, CCIM Immediate Past President Hankin Group Eric Gorman, CCIM Region 10 VP Avir Realty Group 2021 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 Dylan Langley, CCIM Chair, Membership Brandywine Realty Trust Andrew Miller, CCIM Regional Chair, Pittsburgh CBRE Kathy Sweeney-Pogwist Regional Chair, Philadelphia Metro Brandywine Realty Trust

8A — May 21 - June 17, 2021 — M id A tlantic Real Estate Journal

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M id A tlantic R eal E state J ournal

Stein, director of Healthcare Services leases space at TowneCenter at Short Hills inCherryHill Vantage Commercial brokers six new retail leases at Smithville Square inGallowayTwp. in 12months

ALLOWAY TWP. & CHERRY HILL, NJ — Vantage Com- mercial announced two long- term retail leases at Smith- ville Square in Galloway Twp. These new tenants will be the fifth and sixth retail tenants signed at Smithville Square within the past 12 months. Smithville Square is the pre- mier shopping, dining, and entertainment destination in Galloway. The new ten- ants join a diverse roster of co-tenants including Dollar General, Anytime Fitness, and Dunkin. G

Towne Center at Short Hills in Cherry Hill, NJ

Smithville Square in Galloway Twp., NJ

mercial, worked closely with the tenants and the landlord, Scott Weinblatt, of Smith- ville Square to facilitate a

Aran Ploshansky , di- rector of operations, and Corinne Giletto , senior advisor, at Vantage Com-

smooth transaction for all parties involved. Pets Plus, a family owned and operated local animal

supplies store, will take over the former +/-3,600 s/f Pet- Valu space. Chef Mike Leung of Dim Sum and Then Some of Vent- nor City will be opening his second location at Smithville Square in the coming months. His restaurant is located in a +/-1,882 s/f space in between Bellino’s Market and Goose Head Insurance. “The power duo of Aran and Corrine of Vantage Commer- cial has played a vital role at Smithville Square over the past 12 months,” said Wein- blatt. “The power team has signed six brand new retail tenants, two within the last month! Their pragmatic and effective approach makes the process seamless and convenient. We are confident that the momentum they cre- ated by Vantage Commercial at the center in the last 12 months will carry on for the next several years!” In CherryHill, PrimoWater Ice, a homemade water ice/ice cream parlor, has signed a lease for their newest loca- tion at the Towne Center at Short Hills, 484 EveshamRd. The retail center, centrally located in the heart of Cherry Hill with easy access to Rtes. 70 and 73 as well as heav- ily trafficked Springdale and Kresson Rds., is currently undergoing a redevelopment with a new retail building to be constructed in 2021. A diverse roster of co- tenants include Altum Chi- ropractic, Olive Nails and Tabboulee Mediterranean Restaurant. Emily Stein , director of healthcare services at Van- tage Commercial, worked closely with the landlords, Harry Rosenblum and Jay Wegweiser , to negotiate and secure the space for the tenant, Adriana and Victoria Adams, who have been in the food service industry for many years. MAREJ

antage commercial

VANTAGEPM.COM antage property managers

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CONS I STENTLY

M id A tlantic R eal E state J ournal ’ s O ffice & I ndustrial / D istribution C enters

M id A tlantic Real Estate Journal — May 21 - June 17, 2021 — 9A

www.marej.com

Rich Gottlieb Keystone Property Group

Shaun Keegan Solar Landscape

Todd Monahan Wolf Commercial Real Estate/ CORFAC International

Brian Sudler Sudler Companies

Inside: Atkins Companies. ................................................................................................................................10A Solar Landscape. ....................................................................................................................................11A NAI James E. Hanson....................................................................................................................... 12-13A Todd Monahan, Wolf Commercial Real Estate/CORFAC International. .......................................... 14A Sudler Companies..................................................................................................................................14A Rich Gottlieb, Keystone Property Group..............................................................................................15A

10A — May 21 - June 17, 2021 — Office & Industrial/Distribution Centers — M id A tlantic Real Estate Journal

www.marej.com

O ffice & I ndustrial /D istribution C enters

Deals include a new lease and two renewals with RWJBarnabas Health and its affiliates Atkins Companies inks five leases at West Orange medical office building

ESTORANGE, NJ — Atkins Com - panies , a leading multigenerational commer- cial real estate development, investment, and property management firm, announced a new lease and four lease renewals at Atkins-Kent 101 located at 101 Short Hills Rd. in West Orange. The deals include a 3,300 s/f renewal with a pediatric practice, a renewal for 4,500 s/f with an oral surgery group, and a new lease and two renewals with RWJBarnabas Health and its affiliates. These include 5,100 s/f of space for a gastroenter- W

ology practice, 1,500 s/f for a vascular surgery practice, and 3,500 s/f for administrative space, further bolstering the company’s long-time relation- ship with the rapidly growing health system. Located directly across the street from Saint Barnabas Medical Center and adjacent to RWJBarnabas Health’s corpo- rate offices inWest Orange, the 120,000 s/f, class A Atkins-Kent medical office building is one of the area’s premier healthcare facilities serving the needs of private practitioners as well as large regional healthcare systems. Constructed to meet

the demand for modern medi- cal office space in northern NJ, the building boasts three stretcher-accessible elevators, ample patient parking with an abundance of handicapped spaces, automatic doors, cano- pied entries for patient drop off, and a modern design featuring a two-story lobby and granite flooring. Capitalizing on the building’s ideal location and high level of adaptability, RWJBarnabas Health, and its affiliated prac - tices currently lease over 56,000 s/f at Atkins Kent. With a rela- tionship extending back over 30 years, Atkins Companies’ wide range of flexible medical office spaces across the region have continually met the needs of RWJBarnabas Health’s deep and growing roster of special- ists and support staff. As the network continues its signifi - cant growth, Atkins Companies will remain an important part- ner in the system’s delivery of care throughout northern and central New Jersey. In addition to their work with RWJBarnabas Health, Atkins Companies’ medical office expertise and local mar - ket knowledge has also al- lowed them to forge strong relationships with other lead- ing healthcare systems and growing private practices and physician groups throughout their areas of operation includ- ing Atlantic Health, Rothman Orthopaedic Institute, Axia Women’s Health, Mid Atlan- tic Retina, Allegheny Health System, Jefferson Health, The Ohio State University Medi- cal Center, Advocare Doctors, RadNet, and The Heart House. “As the healthcare land- scape continues to change dramatically, we remain fo- cused on working with lead- ing healthcare networks and providers across the nation to creating the modern, adapt- able spaces they require to deliver care into our local communities,” said Chick Atkins , managing partner at Atkins Companies. “Built upon this spirit, our long-time relationship with RWJBarn- abas Health is emblematic of the success of this approach. Through our close relationship and ongoing transactions with their network, we continue to be a strategic partner in their ongoing growth as they enhance their service offer- ings throughout northern and central New Jersey.” MAREJ

Atkins-Kent 101

THE MARKET LEADERS YOU NEED to find your perfect space.

PRIME LOCATION & AMPLE PARKING 1,712 SF Class A Suite for Lease ALLENTOWN, PA

FIRST YEAR LEASE INCENTIVE 116,000 SF with Office Area QUAKERTOWN, PA

FULL RENOVATIONS COMPLETED 2,480 - 13,668 SF Class A Office BETHLEHEM, PA

CLASS A CONDO FOR SALE OR LEASE 10,445 SF SF First Floor Office Condo EASTON, PA

ENTIRE BUILDING FOR LEASE 6,400 SF with Covered Storage Bldg ALLENTOWN, PA

CLASS A INDUSTRIAL/OFFICE BLDG 50K± SF Office & 80K+ SF Industrial ALLENTOWN, PA

MINUTES TO ROUTE 22 1,000 - 9,400 SF Office for Lease ALLENTOWN, PA

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INDUSTRIAL

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M id A tlantic Real Estate Journal — Office & Industrial/Distribution Centers — May 21 - June 17, 2021 — 11A

www.marej.com

O ffice & I ndustrial /D istribution C enters Solar Landscape Duke Realty gets commended byGovernorMurphy for achieving ESG goals through rooftop leases

n January 28th, New Jersey Governor Phil Murphy held a press

the projects provide to New Jersey communities – lower utility costs – cleaner air – and

Commercial real estate own- ers generate additional lease revenue and demonstrate their

community solar. With the pressure to make decisions based on Environmental,

mate change, while at the same time driving additional lease revenue back to the company thorough roof lease payments. Want to rent your roof? The New Jersey Board of Public Utilities will be accepting ap- plications for new community solar projects soon. If you would like more information about how your company can benefit from New Jer- sey Community Solar, email Shaun Keegan, founder & CEO of Solar Landscape at shaun@solarlandscape and I will be happy to connect with you. MAREJ

event at two Duke Realty i n d u s t r i a l facilities in Per th Am- boy to honor the compa- ny and an- nounce that the states ’

The New Jersey Community Solar Energy Pilot Program represents an opportunity to transparently battle climate change, while at the same time driving additional lease revenue back to the company thorough roof lease payments.

Shaun Keegan

job opportunities - without the need for solar panels on residential rooftops. The newest project appli- cations include many of the state’s largest commercial real estate owners. And why not?

commitment to combating cli- mate change and a sustainable future. New Jersey’s industrial real estate market with its massive, often unencumbered rooftop spaces – is ideal for

Sustainable and Governance (ESG) initiatives, compa- nies are recognizing that the New Jersey Community Solar Energy Pilot Program represents an opportunity to transparently battle cli-

first community solar projects were operational. The Gover- nor was joined by New Jer- sey Board of Public Utilities President Joseph Fiordaliso, Congressman Frank Pallone, Assemblywoman Yvonne Lo- pez, Assemblyman/Speaker Chris Coughlin, Perth Amboy Mayor Helmin Caba and other dignitaries as they honored Duke Realty its early adop- tion of community solar. The Governor commended Duke Realty for their partnership with Solar Landscape and the City of Perth Amboy and pointed out that the clean energy economy is a once in a generation opportunity. Solar Landscape will own and operate the Perth Amboy projects (as well as the Duke Realty projects in Teterboro and Wood Ridge) and provide a twenty-year lease payment for the nearly 1 million square feet of roof space utilized for the four solar arrays. As the energy generated by the proj- ects powers the community - not the facilities, the buildings’ tenants are not involved in the projects. The CRE project hosts leverage existing indus- trial rooftop space to host pho- tovoltaic panels – generates lease payments – and bears none of the project costs. Solar Landscape, in turn, connects New Jersey communities to the discounted solar energy. The Duke Realty – Solar Landscape partnership was forged by a shared commit- ment from both companies to the communities they operate within and represent what is possible when business objec- tives transcend the bottom line and seek to achieve a higher purpose. At the January event, the Governor pointed out that the Duke Realty four projects prevent nearly 10,000 metric tons of carbon dioxide from entering the atmosphere each year. He thanked Duke Realty for leading the way through its partnership with Solar Land- scape, pointing out the good

Congratulations, Duke Realty- the Largest Community Solar Project Host in New Jersey Solar Landscape has leased more than 10 million square feet of roof space for Community Solar projects – and we’re just getting started! Join the largest CRE owners in New Jersey – Lease Your Roof Space

· No cost to the CRE owner · Tenants are not involved · Guaranteed lease payments

FOR MORE INFORMATION EMAIL CEO SHAUN KEEGAN: SHAUN@SOALRLANDSCAPE.COM

WWW.SOLARLANDSCAPE.COM

12A — May 21 - June 17, 2021 — M id A tlantic Real Estate Journal

www.marej.com

I ndustrial /D istributions C enters

1Q2021

1Q2021 vs. 1Q2020 TOP 5 Transactions

LEASED

0.10% Vacancy Rate

220,000 SF | 174 Delawanna Ave., Clifton Weee!, Inc. 125,806 SF | 925 Paterson Plank Rd., Secaucus AuerPAK

$1.13 Asking Rate

107,107 SF | 116 Lehigh Dr., Fairfield Ingram Micro, Inc.

102,224 SF | 66-96 E. Union Ave., E. Rutherford* FroDo Baking Company 100,301 SF | 101 Railroad Ave., Ridgefield LY Berditchev

1,179,461 SF Leasing Activity

*NAI Hanson Transaction

Northern & Central NJ Average Asking Rate vs. Vacant Available Rate

Leasing Activity

3.8%

$9.50

3.6%

$9.00

3.4%

• Leasing activity is up 1.1 million square feet compared to the first quarter of 2020. • Average asking rates continue to rise. Compared to a year prior, rates are up $1.13 per square foot and compared to two years prior, rates are up $1.54 per square foot. • The vacancy rate still remains low and it is down 0.1% from a year prior, the rate is down 0.7% from two years prior. • NAI Hanson facilitated the transactions at 550 Huyler Street in South Hackensack and 450 Barell Avenue in Carlstadt. Parts Authority leased 27,500 square feet at 550 Huyler Street and Gneiss leased 25,210 square feet at 450 Barell Avenue.

3.2%

$8.50

3.0%

2.8%

$8.00

2.6%

2.4%

$7.50

2.2%

$7.00

2.0%

NNN Rent Overall

Vacant Available Percent Total

Northern & Central NJ Leasing Activity SF Total

12,000,000

11,000,000

10,000,000

9,000,000

8,000,000

7,000,000

6,000,000

5,000,000

4,000,000

THE INFORMATION CONTAINED HEREIN HAS BEEN OBTAINED FROM SOURCES CONSIDERED TO BE RELIABLE, BUT NO GUARANTEE OF ITS ACCURACY IS MADE BY NAI JAMES E. HANSON.

M id A tlantic Real Estate Journal — Office & Industrial/Distribution Centers — May 21 - June 17, 2021 — 13A

www.marej.com

O ffice & I ndustrial /D istribution C enters

1Q2021

TOP Transactions SOLD 202,000 SF | $29,325,780 1000-1108 Jefferson Avenue, Elizabeth Buyer: Elion Partners Seller: The Seyon Group, Wheelock 188,343 SF | $27,580,325 $27,580,325 105 Ave A, Bayonne Buyer: IMCO Seller: WPT Industrial REIT 160,575 SF | $23,514,071 99 Ave A, Bayonne Buyer: IMCO Seller: WPT Industrial REIT 154,788 SF | $24,194,435 190 S Wood Ave, Iselin Buyer: GIC Seller: LBA Realty 120,760 SF | $23,700,000 111 Bauer Drive, Oakland Buyer: Exeter Seller: David Ekstein 102,224 SF | $24,500,000* 66-96 E. Union Ave, E. Rutherford Buyer: Duke Realty Seller: Caravan Ingredients

Sale Activity

• There was just over 4 million square feet sold this quarter excluding portfolio sales. • The average sales price per square foot was $125.99, which is down $18.74 per square foot from the previous quarter. • 1000-1108 Jefferson Avenue was the top sales transaction for the quarter. ElionPartnerspurchased the 202,000-square-foot building from The Seyon Group and Wheelock Street Capital for $29,325,780 million or $145 per square foot. • NAI Hanson facilitated the sale of 66- 96 Union Avenue, a 102,224-square- foot building in East Rutherford, from Caravan Ingredients to Duke Realty for an undisclosed amount.

*NAI Hanson Transaction

66-96 E. Union Ave, E. Rutherford

THE INFORMATION CONTAINED HEREIN HAS BEEN OBTAINED FROM SOURCES CONSIDERED TO BE RELIABLE, BUT NO GUARANTEE OF ITS ACCURACY IS MADE BY NAI JAMES E. HANSON.

14A — May 21 - June 17, 2021 — Office & Industrial/Distribution Centers — M id A tlantic Real Estate Journal

www.marej.com

O ffice & I ndustrial /D istribution C enters

By Rich Gottlieb, Keystone Property Group Easing tenant transition back to the officemeans prioritizing safety, communication & flexibility

c o r p o r a t e headquarters at our SORA West devel- o pmen t i n Conshohock- en, Pennsyl- v a n i a t wo yea r s ago , it was a dif- W

hen Amerisource- B e r g e n b r o k e ground on its new

been vaccinated, returning to the office can present compli - cations. But make no mistake, those tenants who bring their companies back to the office first will be best positioned for success as business conditions further stabilize. Owners of office buildings can help ease their tenants’ transition back to the office. If landlords have done their jobs well, they’ll be prepared to guide their tenants through new health and safety features they’ve updated to alleviate concerns over air quality and social distancing. Perception is reality Has your firm made up- grades to your own office? How have you handled bringing employees back? Put yourself in your tenants’ shoes. Workers overwhelmingly want to be back in the office. A Return to Office Survey by Eden Workspace found 85% wish to return to the office, and 61% demand strict en- forcement of COVID-related workplace regulations by their employers. Because of these de- mands, communication is key. Whether you oversee an entire portfolio or just a single

property, your management team should be talking every day about what everyone is do- ing and learning along the way. This kind of internal communi- cation will help when relaying safety protocols to tenants. Prioritize signage and way- finding. Whether it’s limiting the number of people on eleva- tors, or establishing easy-to-un- derstand distancing guidance, devoting additional resources to communicating these details will go a long way in fostering trust and helping tenants focus on other important details of coming back to the office. Upgrades to air quality will go a long way Smart landlords are making upgrades, particularly when it comes to air quality, following guidance on standards from industry groups like the Ameri- can Society of Heating and Air Conditioning Engineers. Many are adding thicker air filters for offices’ extensive HVAC units, up to MERV 13-rated filters, which are nearly twice as thick as most previously installed filters and essentially wipe out viral germs. The thicker filters often require increased air pressure

and won’t fit in many older as - sets, but are a solid first step toward mitigation. Some are going a step further by installing GPS needlepoint ionization systems that clean air via chemical properties. This means operators won’t have to open up a building to outside air or change building criteria to clean or “change” the building’s air. This can come with a hefty, six-figure price tag, but will surely attract tenants moving on from older, less agile office buildings. At Keystone, we decided to install this technology into our Class A office buildings APX in Mor - ristown, New Jersey and Key- stone Summit in Warrendale, Pennsylvania because of the unparalleled peace of mind it brings to tenants and their workers. Because a mixed model is likely to emerge for many com- panies, executives are already thinking about hybrid work- ing. A PwC U.S. Remote Work Survey from January found that executives are planning new investments in confer- ence rooms with enhanced Flexibility should take center stage

virtual connectivity (70%), in communal space in the of- fice (48%), and in unassigned (hoteling) seating in the office (45%). This increased need for flex - ible work hours and spaces, modern tools to streamline communications, and path- ways to create workplace cul- ture all point to a workforce that is craving lost human connection. Moving forward in a post- COVID office environment is about a mixed-use mindset with an office discipline. Most executives (89%) anticipate shifting their real estate strat- egy this year, including 56% who expect to need more office space in three years. Landlords who recognize this opportunity to become a more trusted part- ner for their tenants, at a time when they are most needed, can better secure their busi- ness. Easing your tenants’ transi- tion won’t be easy, but under- standing and modeling what is at stake will surely help them on the path to a safe return. Rich Gottlieb is Presi- dent and COO of Keystone Property Group. MAREJ

Rich Gottlieb

ferent world. And when the Fortune 10 pharmaceutical gi- ant’s new home in the 11-story mixed-use project topped out in March 2020, social distancing had yet to become a constant concern. Still, even as COVID-19 drove workers from the office to their homes and forced a reset of how we get business done in the last year, many companies like AmerisourceBergen are sticking to their plans, invest- ing in its brand-new jewel of an office space as an engine of building culture, collaboration, and productivity. The decision to return to the office is more important than ever. Even for those who are confident that it’s safe to return or for others who have

Fox Hill Business Park sets new standards for the construction industry New Jersey’s Sudler Companies completes new 206,140 s/f facility using Carboncure Technology

but are also committed to do- ing it in an environmentally responsible way.” “CarbonCure takes carbon dioxide, which is normally considered a harmful green- house gas, and we create value from that by using it in the production of concrete,” said Rob Niven , CEO of Carbon- Cure. “The production of ce- ment accounts for roughly seven percent of CO2 emissions around the world; our technol- ogy repurposes the CO2 and permanently traps it inside the concrete.” “Sudler was able to avoid 59 tonnes (130,000 pounds) of CO2 emissions through our process. It’s an example of how mission alignment can allow all groups to have muchmore of an impact on a project this size,” continued Niven. Along with Thomas Con- crete, McMillan Pazdan Smith Architecture, civil engineering firm SeamonWhi-

Thomas Concrete , the pro- cess transformed the concrete at the Fox Hill development into a carbon sink. CarbonCure, which has re- cently been hailed by Bill Gates in a CBS 60 Minutes interview, has made a pledge to reduce 500 megatonnes of CO2 emis- sions from the construction industry by 2030 – equivalent to taking 100 million cars off the road. Just this morning, CarbonCure was announced as the winner of the 5-year global NRG COSIA Carbon XPRIZE challenge. “The largest companies in the world have been announc- ing their climate pledges – their Environmental Social Governance commitments,” says Brian Sudler , principal with Sudler Co. “We are proud to be the first developer utiliz - ing CarbonCure concrete in South Carolina. We’re not only dedicated to providing jobs and commercial growth to the state

teside , and general contractor Pattillo Construction were also vital partners in the com- pletion of Sudler’s first building at Fox Hill. “We began working with Car- bonCure in 2015. Since then we’ve installed its technology in 26 plants in the southeast - locking away more than 34,000 tonnes of carbon gasses,” said Alan Wessel , CEO of Thomas Concrete. “With Sudler’s new project in Fox Hill, it means more developers will not only realize that it’s a high-quality product, but it also reduces their carbon footprint and makes companies more socially responsible when it comes to the environment.” “Sustainable construction and maintenance practices will be differentiators for cor- porations going forward and therefore they should be driv- ing decision in the industrial real estate space,” said Brian Sudler. “While we are among

the first to focus on this, now is the time for us to put our foot forward when developing these projects and that we do it in an environmentally conscious way. But the construction materials must be cost effec- tive and as strong as regular concrete, and CarbonCure and Thomas Concrete have lived up to that goal. We are going to set the standards for sustainabil- ity standards for our industry.” Sudler’s Fox Hill Develop- ment is represented by NAI Earle Furman. “Sudler’s 2.5 million s/f com- mitment to Upstate South Carolina means jobs and com- mercial growth throughout the region,” Grice Hunt, sharehold- er with NAI Earle Furman. “Combine that with Sudler’s dedication to environmental sustainability, it’s a win for South Carolina, the world’s environment, and any company that is looking to expand into the growing region.” MAREJ

GREENVILLE COUNTY, SC — Sudler Companies has completed a new 206,140

s/f manufac- turing and distribution center as the first build- i n g o f i t s 2.5M s/f Fox Hi l l Bus i - ness Park, which sets

Brian Sudler

new standards for the con- struction industry through its pioneering use CarbonCure Technology. Fox Hill Business Park is the first new substantial logistics center in, addressing not only the growing logistics appeal of the region but also tenant- driven initiatives for environ- mentally sensitive construction techniques that respond to the corporate ESG movement. Ut i l i z ing CarbonCure ’ s ready mix concrete technol- ogy supplied by local producer

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