16A — May 21 - June 17, 2021 — M id A tlantic Real Estate Journal
www.marej.com
P eople on the M ove
WCRE welcomes Todd Monahan
New hires join fast-growing Garden State Team Lee & Associates NJ adds seven Sr. CRE professionals
for both our current and future plans. His vast industry expe- rience and knowledge of the Philadelphia real estate market is a perfect match for WCRE, and we could not be happier to have Todd join our team”, said Jason Wolf , managing princi- pal at WCRE. Monahan’s new role comes amid WCRE’s continuing ex- pansion in the region, adding numerous brokers and in- creasing its activity in south- eastern Pennsylvania. “Todd’s guidance will play a key role in managing our growth and re- cruiting new talent, especially as our CORFAC International alliance continues to open up new business opportunities,” Wolf added. MAREJ off or worked out. New feder- ally mandated loan reserves forced banks to not only clean up their balance sheets but also cover loan reserves which took several years to achieve. Many corporate balance sheets were also adversely im- pacted. Consumer debt was at an all-time high as many used their home equity like a credit card, driving up the loan-to- value to unhealthy levels. And when the market turned, many were upside down on their home mortgages. Current economic condi- tions are very different. Bank and corporate balance sheets are strong. Consumer debt is low, and consumers grew their savings as they couldn’t spend on dining out, enter- tainment or leisure travel in 2020. Demand is poised to kick start the economy back into high gear, but may also cause inflation. As we return to school and work, there will be a new normal, which will impact all sectors to varying degrees. Returning to some level of normalcy will take time. Will industrial demand level off and find some equilibrium? Will the majority of employers demand the return of most workers such that demand is only affected near term? Will business and leisure travel rebound quickly enough to rescue the hotel industry? And will retail finally find a balance between brick-and-mortar and ecommerce? Only time will tell. Todd Monahan is ex- ecutive VP & managing director of Wolf Commer- cial Real Estate/CORFAC International. MAREJ
PENNSYLVANIA & NEW JERSEY — Wolf Commer- cial Real Estate (WCRE)
announc ed the hiring of ToddMona- han to lead t h e f i rm ’ s g r ow t h i n the Pennsyl- vania & New Jersey mar- kets.
Alex Previdi
Jeffrey Furey
Lori Zuck
Doug Rowe
Tim Patterson
Ryan Prince
Erin Colquhoun
N
next move.” Jeffrey Furey will serve as a partner and previously worked as managing director within the NJ office of Transwestern. Furey focuses on industrial and office services for both land- lords and tenants and brings to Lee & Associates over 40 years of commercial real es- tate experience. Furey joined Transwestern in 2014, previ- ously serving as associate VP in Cassidy Turley’s NJ office. He has been a longstanding member and past president of the Industrial Office Real Estate Brokers Association (IOREBA) and member of the Commercial Real Estate Development Association (NAIOP) . “The primary factors that were extremely important while selecting a firm to part - ner with were corporate culture and strong service capabilities,” said Furey. “From the first initial meeting with Lee & As- sociates, it was evident that this firm embodies the culture which I value and goes above and beyond to provide ample re- sources, facilitating success for all team members. I truly look forward to collaborating with everyone at Lee & Associates.” Lori Zuck will serve as a partner and previously worked as managing director within the NJ office of Transwestern. Zuck specializes in industrial and commercial brokerage services for corporate tenants, owners and investors, bringing to Lee & Associates over 30 years of commercial real estate experience. Prior to joining Transwestern in 2012, Zuck served as a managing director for Colliers International. She has been a member of NAIOP, IOREBA and The Morris County Economic Develop- ment Group. “The transition to Lee & As- sociates has been a great move for me both professionally and personally,” said Zuck. “I have had the pleasure of moving here with a number of great colleagues and join forces with the entire Lee and Associates team that has strong synergy, market knowledge and activity
and incredibly welcoming at- mosphere. The transition has been so seamless that business has continued as usual and I am excited to be a part of the Lee & Associates team.” Doug Rowe will serve as se- nior VP and previously worked as VP within the NJ office of Transwestern with a focus in the office and healthcare sectors. He joined the Tran- swestern team in 2019 and before served as senior VP at American Properties and a managing director at Col- liers International. With over 20 years of commercial real estate experience, Rowe has represented large corporations including American Express, COSCO and United Airlines. Tim Patterson will serve as assistant VP and previously worked as a senior associate within the NJ office of Tran - swestern. Patterson focuses on both industrial and retail bro- kerage services for landlords and tenants. Prior to joining Transwestern in 2018, Patter- son worked as an associate at Stan Johnson Co.. Ryan Prince will serve as an associate and previously worked as an associate in the NJ office of Transwestern. Prince focuses primarily on assisting corporate office us - ers and healthcare providers for both landlord and tenant representation assignments. Prior to joining Transwestern in 2018, Prince worked as Leg- islative Aide for NJ Assembly- man Andrew Zwicker. Erin Colquhoun will serve as a marketing director and previously worked as a mar- keting coordinator within the NJ office of Transwestern. In this role, Colquhoun will lead marketing initiatives for Lee & Associates NJ. This focus will allow for the development and implementation of strategic marketing plans across all service lines which will sup- port the efforts of the capital markets, brokerage and prop- erty management teams. She joined Transwestern in 2012 as an executive assistant and in 2017 made the transition into marketing full time. MAREJ
EW JERSEY – Lee & Associates New Jersey announced
Todd Monahan
As executive vice president & managing director, Mona- han will leverage his extensive industry experience to de- velop and implement effective growth strategies as WCRE ap- proaches its tenth anniversary. “Adding Todd to our team is going to provide a huge boost coupled with historically low consumer debt, creating a demand dynamic that has residential brokers scrambling to find inventory and listings. Multiple offers above asking price are now the norm, with buyers offering to pay cash, no mortgage contingencies and waiving their opportunity to have the home professionally inspected. At a minimum, buy- ers must be prequalified for a mortgage and be willing to meet all of the seller’s terms. Manufacturing and Supply Chain Issues Supply chains were dra- matically interrupted during the pandemic. Factories were shut down, deliveries slowed and inventories became non- existent. This disruption has led to shortages of many criti- cal commodities necessary for the real estate markets. In turn the cost of these com- modities has soared in typi- cal supply/demand fashion. Lumber prices have doubled, and sheetrock and spackle are in short supply and de- mand premium pricing as well. Estimators are getting quotes for materials that have a disclaimer saying the prices are good for one week. There are estimates that the aver- age price of a new home may be 10-15% higher as a result. Lasting Repercussions Still to be Determined What will be interesting to watch is how the economy rebounds and the resulting impact on each sector. The fi - nancial crisis of 2008 left bank balance sheets extremely weak and with many bad loans that had to be written
that has hired seven new ex- perienced professionals to join its fast-growing Garden State team. Having previ- ously worked together within Transwestern’s NJ branch, the new professionals joining Lee & Associates NJ include Alex Previdi, Jeffrey Furey, Lori Zuck, Doug Rowe, Tim Patterson, Ryan Prince and Erin Colquhoun. “We are extremely pleased to announce these seven new hires who each share an en- thusiasm for client service, professionalism and market knowledge that we prioritized across our company,” said Ja- son Lynch , principal at Lee & Associates NJ. “This is a truly diverse group that brings years of experience and a vari- ety of different specialties and strengths. Lee & Associates NJ is greatly expanding during this time to meet the needs of clients and respond to market demand across sectors. We look forward to continued growth as well as the progress of exciting new projects and assignments already underway.” Founded in 2009 by Brian Lynch, Rick Marchisio and Jason Lynch , the inclusion of these new hires brings Lee NJ’s personnel count to over 60 peo- ple, including agents, property managers and staff working out of three offices statewide. Alex Previdi joins Lee &. Associates as a partner, hav- ing most recently been a se- nior managing director with Transwestern. His career-long focus is on industrial services, representing both individual landlords and tenants, both pu- bic and private entities. Prior to joining Transwestern in 2012, Previdi was a VP of Cassidy Turley’s NJ office. “The commercial real estate market in NJ has a strong network of interconnected pro- fessionals,” said Previdi. “The team at Lee has always stood out as a forward-thinking group with a finger clearly on the pulse of this market, which made it the clear choice for my
Out-of-Sync Markets poised for a . . . continued from page 15A
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