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A Maryland-based Bozzuto Group purchases Gables 12 Twenty-One Berkadia secures $27.3M financing for multifamily property in Arlington, VA

ISSUE HIGHLIGHTS Volume 36, Issue 5 May 2024

RLINGTON, VA — Berkadia announced the financing of Gables 12 Twenty-One, a 132-unit, midrise-style multifamily property in Arlington. Senior managing director Patrick McGlohn , managing director Brian Gould , senior director Miles Drinkwalter , and as - sociate Pat Cunningham of Berkadia DC Metro, secured $27.3 million in acquisition fi - nancing on behalf of the buyer, Bozzuto Group . “This was a dynamic and competitive financing pro - cess that attracted numerous financing options given the strength of the asset, location and sponsor,” said McGlohn. “Our partners at Freddie Mac exhibited nimbleness and were able to quickly lock the inter - est rate, which proved to be extremely valuable given the current Treasury volatility. We greatly appreciate the opportu - nity to work with the Bozzuto

SPOTLIGHT

COMMERCIAL REAL ESTATE ACROSS AMERICA

23-26A

ACCORDIA NAMES INDUSTRY VETERAN FRANK D. RECINE PRINCIPAL

between the Rosslyn-Ballston Corridor’s 26 million s/f of office space, home to some of the most prestigious private- sector firms in the DC metro area, Washington DC’s 130 million s/f of office space (five- minute drive), and the Penta - gon’s 25,000 employees (three- minute metro). The nearby Gables 12 Twenty-One

team and congratulate them on this successful acquisition.” Located at 1221 N Pierce St., the property provides residents walking access to hundreds of shops and restaurants along Wilson Blvd. and Clarendon Blvd. The property’s surround - ings are flush with strong employment demand drivers

employment base and talent pool have seen tremendous large-scale investment adding to National Landing’s 13 mil - lion s/f of office with Amazon HQ2’s newly delivered campus (two stops/five minutes on the Blue Line Metro) and the $1 billion incoming Virginia Tech Innovation Campus. MAREJ

28A

Curran Commercial represents owner on the purchase and assemblage of the project Rockefeller Group begins construction of two-building distribution in Carneys Point, NJ

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CARNEYS POINT, NJ — Rockefeller Group has begun construction of Rockefeller Group Logistics Center at Car - neys Point in Carneys Point, NJ. The project includes two buildings totaling 1,126,443 s/f. Sumitomo Mitsui Trust

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ROP (Front Section) ........................................... Section A C ORFAC International .................................................. 3A Financial Digest......................................................... 5-8A Owners, Developers & Managers............................ 9-22A Commercial Real Estate Across America ................ 23-26A CRE Organization’s Events Calendar ............................ 27A People on the Move................................................... 28A Business Card Directory . .......................................... IBC A New Jersey..............................................................FC-6B Pennsylvania............................................................. 7-BC www.marej.com

Carneys Point Mid-Atlantic and Northeast. The site provides easy access to The Port of NY and NJ, the Port of Philadelphia as well as the Port of Wilmington and the Port of Baltimore.” Rockefeller Group assembled the 141-acre project from 13 separate parcels and 11 indi - vidual sellers closing on the site in 2022. The project includes extensive infrastructure im - provements which will benefit

the region. Rockefeller Group was repre - sented by broker Ryan Curran of Curran Commercial on the purchase and assemblage of the project. The buildings were designed by M + H Architects with civil engineering provided by Langan Engineering & En- vironmental Services. The general contractor is FCL Builders . MAREJ

Bank, Limited , NY Branch provided $114.8M million in construction financing to support the project. “We have been actively pur - suing sites within South Jer - sey,” said Heath Abramsohn , regional director for Rockefeller Group’s NJ/PA Region. “South Jersey represents an impor - tant industrial market for companies looking to distrib - ute goods through the greater

Inside Cover A — May 2024 — M id A tlantic Real Estate Journal

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*Potential returns and appreciation are never guaranteed and loss of principal is possible. Please speak with your CPA and attorney for tax and legal advice.*The There is a risk Investors may not receive distributions, along with a risk of loss of principal invested. This material does not constitute an offer to sell nor a solicitation of an offer to buy any security. Such offers can be made only by the confidential Private Placement Memorandum (the “Memorandum”). Please read the entire Memorandum paying special attention to the risk section prior investing. IRC Section 1031, IRC Section 1033 and IRC Section 721 are complex tax codes therefore you should consult your tax or legal professional for details regarding your situation. This material is not to be construed as tax or legal advice. There are material risks associated with investing in real estate securities including illiquidity, vacancies, general market conditions and competition, lack of operating history, interest rate risks, general risks of owning/operating commercial and multifamily properties, financing risks, potential adverse tax consequences, general economic risks, development risks and long hold periods. There is a risk of loss of the entire investment principal. Past performance is not a guarantee of future results. Potential cash flow, potential returns and potential appreciation are not guaranteed. Securities offered through FNEX Capital, member FINRA SIPC.

M id A tlantic Real Estate Journal — May 2024 — 1A

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& HORVATH TREMBLAY SINGLE TENANT NET LEASE | MULTI-TENANT RETAIL | 1031 EXCHANGE

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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 VP, Conference Producer .............................Lea Christman Editor/Graphic Artist ......................................Karen Vachon Contributing Columnists ...........................Dwight Kay. KPI; Shaun Keegan, Solar Landscape Mid Atlantic R eal E state J ournal ~ Published Monthly Periodicals postage paid at Hingham, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal 117 HMS Halsted Dr., Hingham, MA 02043 USPS #22-358 | Vol. 36, 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

Dwight Kay

The 721 Exchange UPREIT Exit Strategy for DST Investors Explained ne of the most impor- tant questions Dela- ware Statutory Trust real estate investors need to ask themselves is, “What is my long-term, exit strategy? Most Delaware Statutory Trust (DST) investments are typically held for approxi- mately 5-10 years (although it could be shorter or longer). Af- ter that, the DST investment will typically go “Full-Cycle”, a term used to describe a DST property that is purchased on behalf of investors and then after a period of time is sold on behalf of investors. While the two most common exit strategies for DST inves- tors include cashing-out and paying taxes or continuing with another 1031 Exchange, Kay Properties can potentially offer investors a third exit option: a 721 UPREIT. Once your DST investment goes full-cycle, investors need to evaluate what their next investment move should be, O

including considering the 721/ UPREIT option. What is a 721 UPREIT Exchange? The term “UPREIT” is short for Umbrella Partner- ship Real Estate Investment Trust, which is an operating partnership subsidiary of a REIT that holds and operates real property. Section 721 of the Internal Revenue Code allows own- ers of real estate property to contribute, on a tax deferred basis, their physical property to a partnership, in exchange for interests in the partner- ship (a 721 Transaction). This structure allows holders of real estate to exchange real property for economic inter- est in the REIT in the form of

operating partnership units by contributing that property to the partnership in a 721 Transaction. The operating partnership units have eco- nomic rights that are identical to the rights of the shares of the REIT, and after a designated holding period can be, if the investor chooses to, converted into shares of the REIT (in a taxable transaction) for liquid- ity purposes. Investors seeking to defer capital gains taxes while increasing diversification in real estate should consider using a 721 Exchange to realize the following potential benefits. Tax Advantages - When real estate is typically sold, the investor pays taxes on the capital gains realized as well continued on page 20A

Firmly Rooted in the Law and in the Community We are well grounded in every facet of real estate law, from acquisition to construction. We are committed to serving the needs of our clients and our communities.

Contact: NEIL A. STEIN • nstein@kaplaw.com 910 Harvest Drive, Blue Bell, PA 19422-0765 • 610-941-2469 • kaplaw.com Other Offices: • Cherry Hill, NJ 856-675-1550 • Philadelphia, PA 215-567-3120 Kaplin Stewart Attorneys at Law

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M id A tlantic R eal E state J ournal

Local CRE market growth driven by migration, office returns, and stable rates CORFAC members report steady transaction activity in First Half 2024 expanding medical groups,” explained one member. subsectors fueling the pipeline for member firms.

I n its first member sur- vey of 2024, CORFAC International heard from brokers of independently owned firms that deal vol- ume is steady and improving. The survey revealed 31% of respondents saying deals have remained the same, 31% saying volume has slightly increased, and 10% saying it has significantly increased. More than 51% of respon- dents reported in-bound refer- rals from existing clients or local allied service providers, highlighting CORFAC mem- ber firms’ strong reputation for service and local market expertise – even during times of market volatility. In ad- dition, nearly one-third of respondents reported transac- tion activity that originated as a referral from a fellow CORFAC member. “We’re pleased to hear from our members that deal volume is trending positively and that referrals continue to be an important source of new business,” said 2024 presi- dent David Boyd, CCIM, SIOR , principal o f Boyd Commercial/CORFAC In- ternational in Houston. “Our network is built around the valuable cross-market con- nections between members, their clients, and trusted local service providers.” Golden Eagle Grp.’s 3130 Fairview Park inks lease deal FALLS CHURCH, VA — Golden Eagle Group and Cushman & Wakefield an- nounced they have completed a 5,089 s/f lease at 3130 Fair- view Park Dr., Falls Church. The new lease is with Beyer Automotive and brings the building to over 85% occupancy. Tim Summers, Will Thom- as, and Chloe Eyring of Cushman & Wakefield oversee leasing efforts at 3130 Fair- view Park Dr. on behalf of the landlord, Golden Eagle Group. Norman Corkhill of PREP Real Estate represented Beyer Automotive. MAREJ 3130 Fairview Park Dr.

conclude, each project needs more time and effort on our side,” said one respondent. Another added, “Clients are waiting for ‘things to get better’ to make decisions.” These challenges underscore the importance of working with a collaborative and flexible net - work like CORFAC. With deals taking significant time and ef - fort to conclude and uncertainty around securing financing, deal participants need real estate ad- visors who can navigate the ins and outs of their local markets and bring buyers and sellers to a satisfying agreement. MAREJ

CORFAC members also shared the bright spots they’re seeing across their markets. The top three factors positively influencing local CRE market activity are population migra- tion to their markets (59%), return to office mandates (48%), and stabilizing inter- est rates (48%). The growth of healthcare real estate is a cause for optimism mentioned by multiple respondents. “We’ve had activity from doctors looking for owner- occupant space as well as

Pushing through Economic Concerns and Lagging Deals On the flip side, still-high interest rates and inflation are having the most negative effects on transaction activity, according to 83% of members. Even so, some players seem to have adjusted to this environ- ment: “Investors are stom- aching higher interest rates, and banks are thawing their lending practice.” Time to work through deals is wearying some brokers. “Transactions seem harder to

Sources of Deal Activity and Growth The industrial sector contin- ues to generate the greatest share of business activity for respondents, with 62% citing warehouse/distribution as a top driver and 58% citing in- dustrial/manufacturing. Office transactions, investment sales and retail deals rounded out the

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M id A tlantic R eal E state J ournal Surpasses goal with the deployment of $6M in mezzanine financing to MHP JBG Smith preserves 3,000 housing units with Washington Housing Initiative Impact Pool B ETHESDA, MD — JBG SMITH an- nounced that the Im-

communities throughout the Washington region, and we are proud to have reached our goal ahead of schedule and with additional funds to continue our efforts,” said AJ Jackson , EVP of Social Impact Invest- ing at JBG SMITH. “This is a moment of celebration and provides impetus to keep going. Investing at scale allows us to have a meaningful impact, and this milestone reinforces our commitment to preventing displacement and preserving affordability in rapidly changing neighborhoods vulnerable to ris- ing housing costs. Consequently,

we plan to continue to finance workforce housing through other vehicles even after the Impact Pool’s funds have been fully deployed.” The 3,000+ units include: Parkstone Alexandria (Alex- andria, VA) 326 units; Crystal House (Arlington, VA) 825 units; Hamilton Manor (Hy- attsville, MD) 245 units; Hunt- wood Courts (Washington, DC) 214 units; Earle Manor (Whea- ton, MD) 140 units; The Gale Eckington (Washington, DC) 603 Units; Loree Grand (Wash- ington, DC) 212 units; Falkland Chase (Silver Spring, MD) 268 units; Franklin Apartments (Takoma Park, MD) 185 units. Launched by JBG SMITH in 2019, the Impact Pool is a key component of the Washing- ton Housing Initiative (WHI) created by JBG SMITH and the Federal City Council. The Impact Pool, managed by a subsidiary of JBG SMITH, le- verages private capital to help combat the loss of housing for middle-income families. The Impact Pool works with non- profit and for-profit mission driven sponsors to acquire pri- vately owned and unsubsidized housing that’s affordable to everyday working households, lock in affordability, invest in the buildings, and operate them using strategies designed to stabilize residents rather than push rents. The Impact Pool surpassed its goal with the deployment of $6 million in mezzanine financing to Montgomery Housing Part- nership (MHP) for the refinanc - ing of Franklin Apartments, a 185-unit age-restricted housing community in Takoma Park, MD. Concurrent with the clos- ing of the Impact Pool’s loan, the property obtained a new $26.2 million Freddie Mac loan, provided by Key Bank, along with an extension of an exist- ing $3.75 million soft loan from Montgomery County. “The Franklin Apartments investment is a perfect ex- ample of what we sought to accomplish when we created the Impact Pool. Montgomery County is projected to lose up to 11,000 naturally occurring affordable housing units by 2030. Our collaboration with a non-profit owner, dedicated to the property’s preservation, will provide residents with the ability to age in-place in a resource rich neighborhood of Montgomery County,” said Jackson. MAREJ

pact Pool, the affordable hous- ing investment platform it manages, has helped create and preserve more than 3,000 units of quality workforce housing across the Washington region since 2020, outpacing its goal to deliver 3,000 units by 2025 and with capital remaining to invest in additional units. “The Impact Pool has sur- passed what we set out to achieve – the creation and pres- ervation of affordable homes for thousands of workers in

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F inancial D igest

M id A tlantic Real Estate Journal — May 2024 — 5A

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Citi Real Estate Funding provides five-year fixed rate CMBS loans Monday Properties secures $206 Million in financing for two Virginia properties

RLINGTON, VA — Monday Properties has secured refinanc -

ing for its Trophy office tower at 1812 N. Moore St. and state- of-the art medical office build - ing, Shirlington Gateway. Citi Real Estate Funding, Inc. provided the five-year fixed rate commercial mortgage- back security for the two Ar- lington properties. “The recapitalizations of these buildings are a great example of the capital mar- kets’ continued commitment to high-quality office assets with market-leading sponsors and solid customer bases,” said Anthony Westreich , founding managing partner of Monday Properties. “Despite the headwinds faced by office landlords across the country, trophy assets with top-notch amenities, unbeatable acces- sibility and stunning views are continuing to attract the most dynamic companies.” Monday Properties leased 60,000 s/f of space over the last six months at 1812 N. Moore St., bringing it to 90% leased, with an additional 20,000 s/f of deals in the pipeline. The

1812 N. Moore St.

Shirlington Gateway

12-story Shirlington Gateway, which is 93% leased, is home to Anderson Orthopedic Clinic, INOVA, and Virginia Hospital Center. The loans Monday Properties secured for 1812 N. Moore and Shirlington Gate- way were for $173 million and $32.5 million, respectively. Situated in the heart of Rosslyn, 1812 N. Moore is the most iconic, trophy office

building in Arlington. Just two full floors remain avail - able for lease at the 540,000 s/f tower, which connects ten- ants to influential centers of commerce and government, as well as premium arts, dining, and entertainment. With pan- oramic views of the nation’s capital, the building also of- fers tenants use of a premium meeting and event space in

the 22nd floor conference center and lounge, as well as a dedicated fitness and wellness facility. The building’s LEED Platinum and Fitwel 2.1 viral response certifications un- derscore Monday Property’s commitment to sustainability. Another prominent and recognizable building in the region, the 206,200 s/f Shir- lington Gateway, at 2800

CBRE teams to provide financing in a challenging environment,” said Loren Berger of Argentic. With more than 30 years of experience, Fernmoor is a family-owned firm with a team of seasoned professionals spe- cializing in rental and for-sale homes. Fernmoor provides in- novative living choices across New Jersey and Delaware, from single-family homes, townhomes and condomini- ums to activeadult communi- ties and luxury rentals. The firm has received awards from the Shore Builders’ League of New Jersey, the New Jer- sey Builders Association, the Home Builders Association of Delaware and the National Association of Home Builders. MAREJ Shirlington Rd., offers un- matched access and visibility from I-395, and was recently outfitted with a new lobby. The building is just steps away from The Village at Shirlington, a vibrant 24-hour community with restaurants, eclectic shopping, experiential retail, and ample parking for building tenants and their guests. MAREJ

Klauer and Russell of CBRE arranges $29 Million bridge loan for Phase I of Mi-Place at Brightmoor in Winslow Twp., NJ

with a total of 312 units. The development will feature a clubhouse, pool, fitness center, expansive green space, and other amenities. “No transaction is easy in this economic environment, so I thank CBRE and Argentic for their efforts to get this deal closed,” said Jeffrey Fern- bach , president for Fernmoor. “Fernmoor created Mi- Place as a brand to raise the level of luxury and quality in the communities it operates in. Mi-Place at Brightmoor is another outstanding ex- ample of Fernmoor’s capa - bilities, and we are proud to have collaborated with them and Argentic on this trans- action,” said Mr. Klauer. “We were excited to work with the Fernmoor and

WINSLOW TOWNSHIP, NJ — CBRE has arranged $29 million in bridge fi- nancing for the refinance of Mi-Place at Brightmoor in Winslow Township. Matthew Klauer and Cassandra Russell with CBRE Capital Markets’ Debt and Structured Fi- nance team represented the borrower, Fernmoor in the transaction. The three-year bridge loan, provided by an entity managed by Argen- tic Investment Manage- ment LLC (Argentic) , will be used to refinance Fernmoor’s 144-unit class A multifamily project. Phase I of Mi-Place at Brightmoor consists of six garden-style buildings and will be part of a larger community

Mi-Place at Brightmoor

6A — May 2024 — Financial Digest — M id A tlantic Real Estate Journal

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F inancial D igest

CEO Marcia Kaufman spearheads real estate funding strategy Bayport Funding leads a fix-and-flip resurgence in New Jersey

G REAT NECK, NY — One of the North- east’s premier real

home or converting a two-unit house into four or eight units. With Bayport’s strategic fund - ing solutions, these multifam- ily investors can play a crucial role in addressing New Jersey’s urgent need for more housing.” Bayport Funding’s experi - ence in fix-and-flip and mul - tifamily home lending shows in their success rates. The balance sheet lender is pro- foundly productive, with more than $30 million in loans closed monthly; their assets under management exceed $350 million. To date, the firm has originated nearly $2 billion in loans. That’s a lot of hands-on experience — and an immense track record — that investors in New Jersey can benefit from, even though interest rates are high. “Experienced borrowers choose Bayport because they recognize the critical impor- tance of time and tailored fund- ing solutions,” Kaufman ex- plained. “Our offerings in bridge and short-term debt financing are strategically crafted for those who mean business, not for consumer use.” Kaufman added that multi- ple New Jersey municipalities offer incentives to developers to build multifamily housing. In combination with a bridge loan from a lender like Bay- port Funding, developers can move to construction much faster, resulting in better prof- itability for investors. “Those incentives are terrific and have been a big plus for developers,” Kaufman said. Kaufman explained that a significant number of investors are turning away from New York and focusing their efforts on the Garden State, since New York’s supply is even more stringent and more expensive than New Jersey’s. Even with these moves, Kaufman notices many similarities between New York and New Jersey’s multifamily markets. “New Jersey, especially the northern region, shares many lending characteristics with New York,” Kaufman stated. “Supporting our developers as they expand into this area has been a strategic and seamless progression.” Kaufman called attention to Jersey City as a prime example of the multifamily fix-and-flip scenarios long seen in New York. “Fix-and-flippers are coming continued on page 20A

struction and 1 - 4 unit mul- tifamily opportunities. With more than 30 years of experi- ence in the mortgage banking and real estate industries, Kaufman and Bayport Fund- ing are known for their proac- tive approach to overcoming market challenges and capital- izing on opportunities in the real estate investment market. Even while other lenders are shying away in a crowded mar- ket, Kaufman sees Bayport’s expedited funding strategy as the key to growth in the Garden State. “Our ability to close loans

swiftly, often within 72 hours, is not just a testament to our operational efficiency but also to our deep commitment to the real estate developers we serve. This speed, combined with our hands-on approach, ensures that projects move forward without delay, reflect - ing our overall agility and responsiveness in the face of evolving market dynamics,” Kaufman concluded. The housing supply is low in New Jersey and in other desirable areas around the U.S. due to the number of buyers who secured ultra-

low interest rates during the COVID-19 pandemic. Even in light of that reality, real estate developers still have lucrative opportunities — if they know where to look. “Throughout New Jersey, we’re seeing experienced fix- and-flippers rejuvenating neighborhoods by renovat- ing aging housing stock and reselling it, often to an end user,” said Kaufman. “These investors are not just revital- izing properties; they are also significantly increasing hous - ing availability, whether by transforming a single-family

estate lend- ing experts is bullish on New Jersey’s multifamily market. Ma r c i a Kaufman , CEO of Great Neck, NY- based Bay-

Marcia Kaufman

port Funding , specializes in securing bridge financing for real estate investors seeking fix and flip, ground-up con-

OGELSVILLE, PA — Cronheim Mortgage secured $56.3 million in permanent financing for the Lehigh Hills Apartments, a 273-unit residential apartment community located at 100 Aviv St. in Fogelsville. Andrew Stewart, Dev Morris, and Allison Villamagna secured the financing on behalf of the Kushner Real Estate Group and the Sil- verman Group . Having previously arranged $117.5 MM of financing for the same ownership group for their Madison Farms development project featuring 570 residential units and 152,000 s/f of adjacent re- tail, the Cronheim Team was familiar with the project, sponsors, and

M id A tlantic Real Estate Journal — Financial Digest — May 2024 — 7A

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F inancial D igest

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Project will add over 30,000 s/f of leasable medical space to the building Atkins Companies begins strategic transformation of Washington, New Jersey Healthcare Building W ASHINGTON TOWNSHIP, NJ — Atkins Compa-

nies , a leading multigenera- tional commercial real estate development, investment and property management firm, announces it has begun a multi-million dollar capital improvement project at its Washington Medical Arts building (formerly Kennedy Health & Wellness Center) located at 405 Hurffville-Cross Keys Rd. in Washington Twp. Acquired by Atkins Com- panies in 2023, Washington Medical Arts is a two-story, 70,140 s/f class-A medical office building located in the heart of Gloucester County. Aiming to address the growing demand for medical space in the local market, the renovation proj- ect includes the conversion of a former fitness center on the first floor into 33,000 s/f of clinical medical space. In addition, 7,700 s/f of leasable space is being created by filling in the former two-story area of

Washington Medical Arts building

its potential to become one of southern New Jersey’s premier healthcare destinations,” said Cory Atkins , principal of Atkins Companies. “We’re very excited to bring new life to the property and bring much-need medical space to the local market.” In addition to the renova- tion project, the company also announced new lease

signings and expansions with Rowan University School of Osteopathic Medicine, Weis- man Children’s and Jefferson Health to bolster the services offered within the building. Once the project is complet- ed in June 2024, the Washing- ton Medical Arts building will have over 33,000 square feet of brand-new medical space available for lease. MAREJ

the fitness center. Beyond the additional space, the project will include major upgrades to the building’s common areas on both floors with new lighting, ceilings, flooring, paint/wallcovering, furniture, artwork and plant- ings, as well as new interior digital building directories. Also on tap are the addition of new common area restrooms

and remodeling of the build- ing’s existing restrooms. Atkins is also making sev- eral exterior improvements including upgraded building signage and a new monument sign, ADA-compliant front en- try ramp and an enhanced door access and security system. “When we purchased the Washington Medical Arts build- ing last year, we recognized

REDCOM Design & Construction completes Maxon Hyundai

UNION, NJ — REDCOM Design & Construction completed construction at Maxon Hyundai at 2329 US 22 West in Union. Maxon celebrated the grand opening of its new showroom and ser- vice center in April and was attended by NJ State Sena- tor Joe Cryan and Union Township Committeeman Joseph Florio. REDCOM provided site en- gineering, architectural and general contracting services to Maxon. Throughout the 11-month project, Maxon con- tinued to operate on site. “The Maxon project was particular- ly rewarding for REDCOM,” said Sam Rockaway , SVP of sales. “REDCOM kept Maxon selling cars and servicing vehicles at its location while we demolished the existing showroom, completely reno- vated the service facility and built a small addition onto it. All on a very busy site.” Maxon undertook the con- struction project to enhance

BEFORE

Maxon Hyundai

its customers’ experience and to increase the capacity and efficiency of its service center. “Maxon Hyundai is a high-vol- ume dealership,” said owner

Robert Mariani. “We updated our showroom to give our customers a more enjoyable experience. We also enhanced our service area – adding new

lifts, expanding and optimiz- ing the space - to keep pace with customer demand. We’re thrilled with the beautiful, fully brand compliant results

that REDCOM delivered in a very short timeframe.” Maxon’s site accommodates over 700 new and used ve- hicles in inventory. MAREJ

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think growth Changing rules and regulations within a highly competitive market creates greater challenges to achieving your vision for growth. Withum’s Real Estate Services Team provides opportunities and long-term strategies to help weather the highs and lows of challenging times. From due diligence to digital transformation, from cost segregation studies to lease analysis and review services, we can help commercial, industrial and residential real estate companies be in a position of strength. Visit withum.com/thinkgrowth to learn more.

M id A tlantic Real Estate Journal — Owners, Developers & Managers — May 2024 — 11A

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O wners , D evelopers & M anagers

Construction begins on 110,000 s/f Maryland retail project MCB Real Estate and Generation Properties announce groundbreaking for Armory Square dev.

ALTIMORE, MD — MCB Real Estate announced that con- struction of Armory Square has officially begun. Located at 429 Solomons Island Rd. in Prince Frederick, MD, the highly anticipated 110,000 s/f shopping center will be an - chored by ALDI, Michaels, and Sneade’s Ace Home Center and offer dining, retail, con - venience, and service retail. The 12.5-acre project is one of several successful part - nerships between MCB and Generation Properties , a Calvert County-based com - mercial property management and development company. In May of 2024 the partnership announced the ground break - ing on The Shops at Fairway Village in Waldorf a $115 mil - lion mixed-use development.. Situated in affluent Calvert County, Armory Square will be built on the former site of Calvert Middle School and in addition to the anchors, will feature more than a dozen local and national retailers once fully leased. To date, 10 retailers have committed to leases, including Dash-In, First Watch, Jersey Mike’s, Hangry Joe’s, Always Ice Cream, Foster’s Grille, and Quickway Hibachi. As a growing bedroom com - munity for Washington, DC, Prince Frederick offers an ex - ceptional consumer profile for retailers. There are over 64,000 residents in a 10-mile radius with an average household income of nearly $170,000. Household retail expenditures in the surrounding area were an estimated $1.08 billion in 2023, the most recent assessment. The proximity to such a de - sirable consumer base is not the only coveted feature of Ar - mory Square. Calvert County’s commercial and development zoning laws concentrate com - mercial properties to desig - nated “Town Centers”. Only Dunkirk, Prince Frederick and the Lusby/Solomon’s Town Centers permit commercial developments of more than 25,000 s/f. As MCB principal Drew Gorman said, these zoning restrictions are actual - ly an asset for the County and for Armory Square’s future. “Prince Frederick’s zoning regulations and approval proto - cols, which include architectural approvals, allow us to develop a well-designed and amenity- filled retail shopping center B

in Calvert County,” said Gor - man. “Because of the high barrier to new development opportunities and the north, central and south positioning of the County’s Town Cen - ters , this area consistently maintains superior occupancy rates with strong retail sales performance. This makes Cal - vert County in general, and Armory Square specifically, a solid and reliable investment for many years to come.” MCB’s development part - ner on the project, Generation Properties,is known through - out the region for having a

steadfast commitment to the community. Armory Square is the latest in several de - velopments Generation has delivered that showcase the company’s devotion to thoughtful growth that has a positive impact across the region. Other properties in - clude the 101,000 s/f Shoppes at Apple Green in Dunkirk, and Market Square, 31-acre mixed-use development in Prince Frederick. Armory Square is centrally located within the northeast quadrant of MD Routes 2 and 4 and Dares Beach Rd. MAREJ

Armory Square

12A — May 2024 — Owners, Developers & Managers — M id A tlantic Real Estate Journal

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O wners , D evelopers & M anagers

Turning commercial space crisis into solution to relentless residential demand AXIS announces Historic 1890 Pierce College, Center City Philadelphia conversion project

HILADELPHIA, PA — The national crisis in the commercial real estate sector in the wake of the pandemic has seen persis- tent and sustained office space vacancy rates across America. Though initially a direct re- sult of Covid-19 remote work adjustments, with advancing technology and evolving gen- erational labor patterns, it is clear the remote work trend will continue. And while a trillion dollars of GDP in the commercial office space sector is at risk, it also presents a ready solution for the current P

the market are literally shift- ing underneath your feet … is to build the right team and move fast.” Though newer office build - ings are taking the brunt of the office vacancy crisis ... the latest estimates are that the older 30% of commercial build- ings across the country are pretty much obsolete and need to be torn down or converted. The implications of this be- yond the sheer financial losses by building owners and banks, gets to the heart of what the urban centers of this country are going to look like in the future. From the standpoint of the AXIS Construction Man- agement LLC adaptive reuse conversions are not always the answer but with a starting point of budgetary rigor, they can make economic sense in most cases. While conversions from of- fice space to residential are clearly the answer to avert massive losses of real estate equity in the coming years, it is expensive and chal- lenging due to variables in the way commercial build- ings are configured, with large open floor plates, and complicated, centralized mechanical infrastructure. Addressing issues like natural light sources, util- ity access and residential design demands, requires a reimagining of the facil- ity and sacrificing expensive features and equipment that no longer fit the new applica - tion. Whether it’s removing a relatively new and expensive commercial HVAC system, or carving out the building core to create light wells, or other- wise substantially altering a building’s footprint, there is no substitute for experience. Even with the substantial initial investment, the eco- nomics of office to residential conversions are extremely positive long term. Beyond recouping conversion costs, a successful AXIS conversion balances out equity values moving from more expensive commercial space with resi- dential at lower psf rates. And while the developing office space crisis is impact - ing primarily major urban centers, the surge in suburban office developments over the last 30 years, is also feeling the pressure of higher vacancy rates and underutilization. MAREJ

as the construction partner with MM Partners in their prominent portfolio commer- cial/industrial to residential conversion projects. The 1420 Pine property offers numerous challenges including a series of renova- tions and combining spaces with adjoining buildings since 1890. Bill Bostic CEO at AXIS has some interesting perspectives on turning this into contemporary residences. “We are witnessing a para- digm shift in the marketplace,” said Bostic. “The only way to win when the fundamentals of

Pierce College

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to transform Pierce College at 1420 Pine St. in Center City Philadelphia conversion,

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M id A tlantic Real Estate Journal — Owners, Developers & Managers — Facility Management — May 2024 — 13A F acility M anagement

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Oliver Fire Protection & Security delivers tailored solutions to a diverse clientele Partnering with a trusted ally in fire protection and security

N avigating the myri- ad of challenges and struggles as a prop- erty owner can often feel like an uphill battle. Dealing with the everyday responsibilities of maintenance management to tenant relations, financial con - cerns to juggling a multitude of responsibilities concerning safety and security, is the life and love of this position. But don’t think that you have to go at it alone. Amidst these chal- lenges, there exists a beacon of support and reliability that would help free up time, allevi- ate frustration, and would pro- vide you with a trusted partner to always have nearby for answers, advice, and service. One of the most pressing con- cerns for property owners and managers is Maintenance Management . Coordinating routine inspections, address- ing maintenance requests promptly and ensuring the property is well-maintained can be overwhelming tasks that soak up a lot of time and energy. A reputable fire pro - tection and security company can ease this burden signifi - cantly. They offer comprehen- sive maintenance services, including regular inspections, repairs and system upgrades, ensuring that the property re- mains in optimal condition at all times. Pre-scheduling your inspection times throughout the year, allows you enough time to get notice to tenants so you can focus more time and energy on other critical aspects of your properties. Tenant relations are an- other area where fire protec - tion and security companies make a significant impact. Dealing with tenant issues and complaints requires effective communication and problem- solving skills, which can be challenging for property own- ers to navigate alone. By en- listing the support of a trusted fire protection and security company, owners can enhance tenant relations by providing a safe and secure environment for occupants while maintain- ing peace of mind that prop- erties are protected against crime, undesired intrusion and against the threat of fire. This helps empower property own- ers to foster positive relation- ships with tenants and address their concerns with confidence. Financial management is a perennial pain point for property owners, requiring

property’s reputation and value. Partnerships are about forg- ing a collaborative relationship built on trust, reliability and mutual support. Oliver Fire Protection & Security works to deliver tailored solutions to a diverse clientele. From small businesses to large enterprises, OliverFPS’s comprehensive life safety and security offerings are meticulously crafted to meet the unique needs of each client, ensuring round-the-clock fire and security protection through their emergency services, ex- pert installs and maintenance capabilities. MAREJ

Amidst the challenges of property ownership, having a trusted partner like Oliver Fire Protection & Security can make all the difference. Their comprehensive services not only free up time and alleviate frustration but also ensure that your property remains safe, secure, and well-maintained. With OliverFPS, you’re never alone in navigating the complexities of property management.

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operations and ensure that financial obligations are met promptly and efficiently. Furthermore, fire protection and security companies play a crucial role in Enhancing Se- curity and Safety measures for commercial properties. From installing cloud-based surveillance systems to con-

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14A — May 2024 — Owners, Developers & Managers — M id A tlantic Real Estate Journal

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O wners , D evelopers & M anagers

Allied Partners, Moseley Architects, and Carle Consulting serve on project team Meyer announces completion of renovations at The Virginian in Fairfax, Virginia

F AIRFAX, VA — Meyer , an architecture and de- sign firm, announced the completion of a multiyear, $67 million renovation of The Virginian, a luxury retirement community offering indepen- dent, assisted, memory care, skilled nursing, and rehabilita- tion living options in Fairfax. Owned by Focus Health- care Partners and managed by Life Care Services , The Virginian is a 316-unit commu- nity that caters to seniors seek- ing an elevated, active lifestyle and a continuum of care. Meyer completed renovation Phase I of

Virginian’s independent and assisted living units, common areas, wellness suite, outdoor amenities, and outdoor building façade. The Phase II renovation began in 2019 and concluded in April 2024. All 316 units at The Virgin- ian have been fully upgraded as part of Meyer’s renovations during Phase II. Units were evaluated and reconfigured to meet market expectations and demand, which included upgrading finishes such as lighting, equipment plumb- ing fixtures, and millwork in bathrooms and kitchens. The

renovation included the design of an exclusive fifth floor con - cierge level, which includes up- graded finishes and amenities such as California Closets de- signs, smart thermostats and lights that can be controlled via smartphone, and electronic blinds. Corridors and unit entrances were also enhanced to include new architectural finishes such as wood trim and accent wall finishes, in addition to custom signage. Unit entries on each floor feature different accent colors to assist residents with wayfinding. Meyer provided interior design services in addition to furniture, fixture, and equip - ment (FF&E) procurement for the project. The design team also included project manager Min Yi Park , inte- rior designer Julie Galler , and FF&E manager Michele Segre . The project team also included Allied Partners (project management and owner’s representative), Carle Consulting (senior living con- sultant), Moseley Architects (architect), Metropolitan Studio (FF&E Procurement), Salas O’Brien (MEP engi- neer), Elements Hospital- ity (contractor) and Wohlsen (construction services). Meyer reprogrammed the community to energize unde- rutilized spaces, including the newly designed, hospitality- inspired lobby which now fea- tures a bistro with bespoke lounge seating that welcomes residents and captures The Virginian’s luxury lifestyle. “Meyer was instrumental revitalizing the property and elevating the design to reflect what today’s seniors want, which is flexibility and option - ality in an elevated setting,” said Michael Feinstein , managing director at Focus Healthcare Partners. “The completely renovated commu- nity embodies luxury and care, encourages social engagement, and supports the everyday needs of our residents.” Amenities throughout The Virginian offer residents ac- cess to a variety of entertain- ment, activity, and fitness options, including a technology and art studio, golf simulator, and cinema. A brandnew well- ness wing now includes a 1,500 square-foot assembly room for large group fitness classes or special events in addition to a full-service salon and fully equipped fitness room. MAREJ

The Virginian

the award-winning Shenando- ah Memory Care Community at

The Virginian in 2022. Phase II features updates to The

M id A tlantic Real Estate Journal — Owners, Developers & Managers — May 2024 — 15A

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O wners , D evelopers & M anagers Cites nationwide services, affordability and fast turnaround as key to growth DroneVideos.com soars to #1 in US Commercial Real Estate Photography

L EESBURG, VA — DroneVideos.com , a nationwide network

highly skilled drone photog- rapher, to take place in as soon as 1-2 days, and never pay a travel fee, or any other additional fee. Shoots can be scheduled at precise dates and times: for example, to capture a popu- lar restaurant’s parking lot volume on a Friday at 6 PM. Clients needn’t have any technical skills, can leave spe- cial instructions when sched- uling, and aren’t required to be present at the shoot. An essential tool in to- day’s CRE marketplace.

With ever more com- mercial properties being shopped online, major real estate brokers like CBRE, JLL, Colliers, and Avison Young are turning to Dron- eVideos.com for their aerial and ground photography and video expertise to at- tract buyers and close sales. “We strongly urge real estate professionals to ex- perience just how accessible and reasonably priced Dron- eVideos.com’s photography services are,” said Jesuele. MAREJ

of licensed and insured drone opera- tors, is now the largest provider of commercial real estate photography in America. The com- pany attri-

Christopher Jesuele

butes its popularity among commercial real estate bro- kers and sellers to its ex- clusive features, including instant on-demand, reliable online scheduling of photo shoots anywhere in the US; a variety of affordable flat- rate exterior packages so users can choose the right mix of aerial and ground photos and videos to fit their needs and budget, without having to wait for estimates; and optional interior photo, 360° interactive panoramic, virtual time-lapse, RUSH delivery, and other one-of- a-kind add-ons. Showcasing commer- cial properties with stun- ning impact. “We never lose sight of our primary mission,” said Christopher Jesuele , CEO and Cofounder of DroneVid- eos.com, “and that is to shoot all of our still photos and vid- eos with vivid 4K ultra high resolution and outstanding composition. All photos are professionally edited, color- corrected, enhanced with blue-sky replacements, and delivered within 2-3 busi- ness days of the shoot.” Jesuele notes that every commercial real estate pack- age comes with a FREE “Twilight Photo” by convert- ing a photoshoot image into a dramatic nighttime shot. Customers can easily share their photography on social media, receive hosted video and photo pages with every order, and retain the copy- right to their content. “No other provider comes close to offering the breadth of services we do.” Fast, precise online scheduling and avail- ability in all 50 states. The DroneVideos.com net- work covers every square inch of the US. Users can go online and instantly sched- ule a shoot with a nearby

DroneVideos.com is now the largest provider of commercial real estate photography in America.

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