MAY 2024

12B — May 2024 — New Jersey/Pennsylvania — M id A tlantic Real Estate Journal

P eople on the M ove

Lee & Associates NJ is now Lee & Associates - WBE

Company secures 22 IOS leases in 2023 Blau & Berg broker trio named top IOS Broker in NJ S HORT HILLS, NJ — The Blau & Berg Company has been in-

formed that Jason Crim- mins, CCIM, SIOR, Ales- sandro (Alex) Conte, CCIM, SIOR, and Peter J. Murano, SIOR , have been recognized as the top Industrial Outdoor Storage (IOS) broker in New Jersey, and 2nd in the country having secured 22 IOS leases in 2023 (IOSList Releases Top IOS Sales Brokers in 2023 ) behind Phoenix based Max Schumacher and Patrick Sheehan with the firm Rein & Grossoehme . “The Industrial Outdoor Storage (IOS) market here in northern NJ has been in high demand in recent years and we at Blau and Berg have long prided ourselves on our robust history serving customers in this area,” offered Crimmins.

Jason Crimmins

Alessandro Conte

Peter J. Murano

“This gives us an advantage because it’s a fast-moving segment of the real estate mar- ket and customers trust our knowledge and relationships.” The Blau & Berg Co. adds this recognition to a lengthy list of accomplishments that include having the largest Industrial transaction in the state of NJ in 2012 and 2021, Crimmins and Conte’s recent tenures as the president of the SIOR NJ chapter in 2021 and 2022, and careers in which they have secured more than

54 million s/f of sales and lease transactions with a value in excess of 3B$. “Our team was at the forefront of the Newark/Elizabeth Port Region IOS market dating back to the early 2000’s when demand was at a relatively all-time low,” added Conte. “We were persis- tent in advising our clients to invest then and continue to be bullish on the IOS market not just in the port region but up and down the Turnpike corri- dor despite any ebbs and flows in the market.” MAREJ

Shown from left: Jason Lynch, Jessica Vasil, Brian Lynch and Richard Marchisio

ELMWOOD PARK, NJ — Lee & Associates New Jer- sey professionals have moved their affiliation to the new, Garden State-based Lee & Associates – WBE, LLC . The transition of the firm’s regional operation establishes the larg- est Woman-owned Business Enterprise commercial real es- tate brokerage firm in the New York Metropolitan area, and the only national brand with a WBE-designated operation. Lee & Associates’ Jessica Vasil , the firm’s long-time regional operations leader, is serving as president of Lee & Associates – WBE. She will drive the company forward alongside principals Richard Marchisio, Brian Lynch and Jason Lynch . The same executive team has guided and expanded the New Jersey operation of Lee & Associates since its founding in 2009. “We are thrilled to announce this next chapter for our orga- nization, which coincides with Lee & Associates’ milestone 15th anniversary year in New Jersey,” Vasil said. “Our execu- tive team has always looked holistically at how the com- mercial real estate industry is changing and how we can make it better. Our transition to Lee & Associates – WBE provides our current and future brokers with additional opportunities to succeed while reinforcing our corporate culture of inclusion.” Vasil added that Lee & As- sociates – WBE is committed to providing an environment that can help move the needle for women in commercial real estate, an industry that still lags in the presence of female leadership at the SVP/partner and c-suite levels. CREW Network’s latest study on gender and diversity shows those metrics at just 22% and 9%, respectively. “To that end, our introduction of the WBE platform and the resulting empowerment have been met

with great enthusiasm here,” she noted. The formal roll-out of Lee & Associates – WBE occurred through the first months of 2024, with broker licenses mov- ing from Lee & Associates New Jersey to the new entity. In late February, Lee & Associates – WBE achieved the Women’s Business Enterprise Na- tional Council (WBENC) certification, “the most widely recognized and respected na- tional certification for women- owned businesses,” according to the program website. Due to the in-depth qualification process, WBENC certification is considered the industry’s gold standard. “From a business develop- ment standpoint, the WBE is intended to open new doors for our brokerage professionals; the WBENC certification stan- dard is accepted by thousands of corporations and govern- ment entities,” Vasil said. “Our New Jersey brokers are now positioned to serve local, state and federal government agen- cies; businesses and healthcare networks; and property own- ers. Further, our new designa- tion has enabled the creation of a nationwide Lee & Associates WBE network spanning all 50 states and Canada.” Vasil noted that although Lee & Associates’ Garden State offices have a new name, the company maintains the same quality service standards clients have come to expect, with an added layer that sup- ports them in achieving their supplier diversity goals. The Lee & Associates – WBE team brings over 600 years of com- bined practice in commercial real estate brokerage, receiv- ership, property management and consulting. Lee & Associates – WBE has locations throughout New Jersey. The company is the regional operation of Lee & Associates. MAREJ

IOREBA Developer’s Night panel speaks on strength, equilibrium and opportunity in NJ CRE industry

TEANECK, NJ — The Industrial and Office Real Estate Brokers Association (IOREBA) of New Jersey held its annual Developer’s Night event at the Marriott at Glen- pointe Hotel in Teaneck. A panel of veteran real estate experts offered their views on the state of New Jersey’s office, industrial, retail and multi- family housing marketplaces and educated the audience on growing trends and predica- tions for the coming year. The panel offered cautious opti- mism tempered by concerns over capital costs, interest rate volatility and maturing debt. Over 250 guests from the commercial real estate industry were on hand for the event which included panelists Michael Klein, senior man- aging director, JLL Capital Markets; Frank DiTom - maso, executive director, Cushman & Wakefield; CJ Csontos, senior loan of- ficer, TD Bank; Jeff Mila- naik, partner, Northeast Region, Bridge Industrial LLC; and Kevin Dudley, vice chairman, CBRE. Geof- frey Schubert of Lee & As- sociates served as moderator. The panel expressed concerns about the uncertainly caused by economic headwinds. It was dis- cussed that while overall invest- ment conditions may remain uneven, certain specialty asset categories present attractive

Shown from left: IOREBA Board - President Ryan Tiger, Treasurer Bree Manchanda, Vice President Kurt Kalafsky, Secretary Lorenzo Lambiase. Front row - panelists Michael Klein (JLL Capital Mar- kets), Kevin Dudley (CBRE), CJ Csontos (TD Bank), Jeff Milanaik (Bridge Industrial), Frank DiTommaso (Cushman and Wakefield), Moderator Geoffrey Schubert (Lee & Associates)

opportunities. Data centers, film production studios and life sciences were highlighted as sectors with available debt and equity. High interest rates and economic headwinds are ex- pected to pose challenges, par- ticularly for industrial prop- erty development due to the associated high costs. It was echoed by all speakers that there still remains growth in all areas with industrial and multi-family products still showing dominance however contrary to earlier predic-

tions, retail is experiencing a revival and that potential is being recognized. The office sector is becom- ing increasingly divided, pre- senting challenges but also pockets of resilience. The hy- brid work trend continues to contribute to the distress but a flight to quality is evident. A market split is evident with higher end amenities office buildings thriving while older corporate campuses fac- ing struggles. Medical office space leasing continues to show strength. MAREJ

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