ISSUE HIGHLIGHTS Volume 34, Issue 9 Sept. 23 - Oct. 20, 2022

ORFOLK, VA —Cush- man & Wakefield | Thalhimer announced N The Miller Group leases multi-modal facility in the Norfolk Region Cushman & Wakefield | Thalhimer’s Poston and Throne ink lease of LPD tially repositioned to support Norfolk’s burgeoning offshore wind energy industry. The


Miller Group will invest more than $100 million in buildings and infra- structure to transform the property into a mari- time opera-

the consum- mation of the long-term lease transac- tion with the Miller Group of Lambert’s Point Docks (LPD) at 500 Orapax St. in Norfolk.



Geoff Poston

Bill Throne

Lambert’s Point Docks

tions and logistics center. Geoff Poston , senior vice president at Cushman & Wakefield | Thalhimer, said, “Both Norfolk Southern and the Miller Group should be commended for their combined vision for such a tremendous site. The Commonwealth, Hampton Roads and Norfolk will benefit greatly from the capital investment, develop- ment, and job creation that will occur as a result of this transaction.” “Fairwinds Landing repre- sents one of the largest rail intensive, multi-modal rede- velopment sites on the entire

Owned by Norfolk South- ern Corporation, LPD is on one of the East Coast’s finest deep-water multi-modal fa- cilities, offering unit train and double-stack rail service to the Midwest and beyond and port transload access via two 1,100-foot finger piers. The property is comprised of 122 acres, 20 miles of rail infra- structure, multi-commodity high volume transload facili- ties, and 1,100,000 s/f of indus- trial warehouse space. As part of the Miller Group’s new tenancy, Lambert’s Point Docks will now be rebranded Fairwinds Landing and par-

forward to seeing this site reach full maritime poten- tial,” said Bill Throne , senior vice president at Cushman & Wakefield | Thalhimer and co- lead of Cushman & Wakefield’s Ports and Intermodal Advisory Group. Geoff Poston, CCIM, SIOR and William C. Throne, CSC- MP, CCIM, SIOR of Cushman & Wakefield | Thalhimer, along with Michael Flynn of Cushman & Wakefield’s Rail Advisory Group, handled the lease negotiations on behalf of the landlord, Norfolk Southern Corporation. MAREJ

east coast. This transaction represents a significant win for both parties because Nor- folk Southern will continue to provide premier rail service to the site and the Miller Group will use their expertise in real estate development to reinvigorate the park which will drive significant future economic development for the Commonwealth of Virginia,” added Michael Flynn , direc- tor of Cushman & Wakefield’s Rail Advisory Group. “The site offers unmatched deep-water access and port infrastructure. I am looking

UPCOMING CONFERENCES & WEBINAR October 6, 2022 How to Manage a Construction Project Webinar December 8, 2022 NJ Leadership Conference

Keystone Development + Investment secures $265.2M loan to expand the life science conversion of The Curtis

CONSHOHOCKEN, PA — Keystone Development + Investment has secured a $265.2 million loan from Nu- veen Real Estate , an affiliate of Teachers Insurance & An- nuity Associates of America (TIAA) , to expand its Life Sci-

of space at The Curtis to cGMP and research laboratories over the next several years. Keystone purchased the 12-floor, 912,245 s/f building— that once housed Curtis Pub- lishing—in 2014. The firm revi - talized the Center City property with a ground-floor streetscape and building atrium, the con- version of existing office space to luxury residential units, and the conversion of former printing press space to wet lab space for life science companies like IMVAX, Vivodyne, and Aro Biotherapeutics. BioLabs, the global pioneer in flexible, premier biotech lab space and services, selected The Curtis for their 53,000 s/f Phila- delphia incubator and graduate suites facility, which offers emerging life science companies unparalleled turnkey support and a full growth pipeline in one location. MAREJ

For speaking & sponsorship info., please contact:

Lea at 781-740-2900 or lea@marejournal.com

Directory ROP (Front Section) ........................................... Section A DelMarVa.................................................................. 5-6A Financial. .................................................................. 7-9A Retail Development Reimagined........................... 11-12A CRE Organization’s Events Calendar ............................ 14A Billboards & Business Card Directory.......................... 15A New Jersey..............................................................1-10B Pennsylvania........................................................11-BC-B Owners, Developers & Managers....................... Section C Fall Preview...................................................... Section D

The Curtis

ence conversion of the landmark former publishing house The Curtis in Philadelphia, PA, and to construct the mission-critical infrastructure required for the surging demand for lab space in Center City. A portion of the funding will be allocated to infrastructure

upgrades and leasing costs at The Curtis, validating the firm’s approach to adaptive reuse at a time when economic conditions make refinancing challenging. The proceeds of Nuveen’s loans are intended to provide suffi - cient capital to enable Keystone to convert the next 200,000 s/f


Inside Cover A — September 23 - October, 20, 2022 — M id A tlantic Real Estate Journal



Walgreens Matawan, NJ $9,473,684

Outback Steakhouse & M&T Bank Clifton Park, NY $2,734,977 Starbucks New Castle, DE $3,247,423

Mission BBQ & Sport Clips Marlton, NJ $3,830,810 Taco Bell Washington, NJ $1,500,000

Burger King Okatie, SC $3,150,000

CVS Plaza Manville, NJ $4,950,000

IHOP Grove City, OH $1,948,479 Wawa Fredericksburg, VA $5,400,000

Shoppes of Southland Orlando, FL $3,775,000 Mr. Tire Absecon, NJ $1,225,000

7-Eleven Coppell, TX $4,400,582 Advance Auto Parts & Mavis Bergenfield, NJ $5,940,000

Bojangles La Follette, TN $1,951,220 Fortunoff Backyard Store Staten Island, NY $4,873,846

Ethan Cole, VA Broker of Record, License 0225258175, NJ Broker of Record License 2082582, NY Broker of Record, License 10491208561 Brian Brockman, DE Broker of Record, License RB-0020899






M id A tlantic Real Estate Journal — September 23 - October, 20, 2022 — 1A


2A — September 23 - October, 20, 2022 — M id A tlantic Real Estate Journal


SUBSCRIBE TODAY! *Special Offer* Try a 3-month free trial of the Mid Atlantic Real Estate Journal

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 Conference Producer ...............................Jordaan Van Oort Editor/Graphic Artist ......................................Karen Vachon Contributing Columnist ........Kathleen Peddicord, Live and Invest Overseas 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. 34, Issue 9 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

Kathleen Peddicord

As U.S. Markets Remain Overvalued, Look Beyond U.S. Borders For Discounts Of Up To 87% he United States is one of the most overvalued property markets in the world. Pent-up demand, limited housing supply, and record rates of inflation have worked together to buoy prop- erty values from coast to coast. Prices are up nearly 19% on average over the last year. For those looking to relocate within the United States for a better quality of life in retire- ment, the options are limited. Prices in the traditional go-to spots of California, Florida, Arizona, and the Carolinas are increasingly out of reach. Meantime, particularly ap- pealing global markets offer straight-up bargain opportu- nities. Specifically, in some of the world’s best places to be a retiree, you can save 50% to 80% (and more) off what you’d pay in top comparable U.S. retirement spots. Texas Vs. Colombia For three years running, U.S. News and World Report T

ranked Austin, Texas, the top choice for city living in the United States. Austin is fa- mous for its live music scene, and, in recent years, it has emerged as a smart, innova- tive city. Other attractions for retirees include its wide outdoor spaces and arts scene. If this is the kind of lifestyle you’re after, we’d suggest you also take a look at Medel- lín, Colombia—a city that’s transformed itself over the past two decades and con- tinues to push forward. In 2013, Medellín was named “Most Innovative City” in the world. Popular among expats for its springlike weather

continued on page 16A year-round, it offers a healthy lifestyle with plenty of green space and the opportunity to spend more time outdoors. With dozens of museums and art galleries, botanical gardens, and a literary scene, Medellín is one of the most culturally appealing cities you’ll find south of the border. Cost to own in Austin, Texas: Over the past year, homes in Austin have risen by an average 35%. Average per-square-meter price in downtown Austin is $8,300. A luxury two-bedroom, two-bath condo of 140 square meters in a nice location, close to bars,

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.

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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

M id A tlantic Real Estate Journal — September 23 - October, 20, 2022 — 3A


M id A tlantic R eal E state J ournal

4,000 s/f store, eight-pump gas station slated to open by end of year JMF Properties & RD Management break ground on 7-Eleven with gas in Hanover Twp., New Jersey


several retail projects JMF Properties and RD Manage- ment partnered on in recent years. In March 2019, the de- velopers opened Harbor View Marketplace in Bayonne. Later that same year, JMF and RD opened Waterview Marketplace in Parsippany, home to Whole Foods, Home- sense, DSW, Old Navy, Ulta Beauty, and Shake Shack. JMF and RD are also trans- forming the former Colgate- Palmolive campus in Morris Twp. into Morris Marketplace, currently one of the largest rede- velopment projects in NJ. MAREJ

Sports Arena, a popular Morris County recreation and sports destination with three indoor ice rinks. “We are excited to bring such a well-liked national tenant to the market on a full scale with eight gas pumps in addition to a freestanding convenience store. The new location on E. Hanover Ave. will allow for easy access to the community and those traveling on Rtes. 202 and 287,” said Richard Birdoff , principal and president of RD Management. Cedar Village is one of

ANOVER TWP., NJ — JMF Proper- ties and partner RD

Manage - ment LLC announced that con- struction of a new 7-Eleven convenience store and gas station is underway in Hanover Twp.

Joe Forgione

The development partners recently broke ground on the project at Cedar Village, a 19- acre retail center anchored by Lowe’s Home Improvement at 230 E. Hanover Ave. The new 7-Eleven convenience store will be 4,000 s/f and include a gas canopy with eight pumps, offering a total of 16 fueling positions. One pump will offer diesel fuel. Self-service air and vacuum will also be onsite. The estimated completion date of the project is December 2022, according to Joe For- gione , the founder and princi- pal of JMF Properties. “This brand new 7-Eleven will provide Morris County resi- dents with a convenient new option for their shopping and fueling needs,” Mr. Forgione said. “Along with our partner, RD Management, we identified 7-Eleven as a business that would thrive in this location and contribute a desired service to local residents and motorists, including visitors to Mennen Arena as well as contractors and other professionals who make frequent trips to Lowe’s. We’re thrilled to announce this groundbreaking and look for- ward to the success of the busi- ness for many years to come.” 7-Eleven is rising on property once owned by aerospace and defense company Northrop Grumman. The property was vacated in 1985 and remained vacant until the JMF/RD team remediated the site and created the Cedar Village retail center. The property’s anchor tenant, Lowe’s, opened its doors to customers in 2019. The addition of the 7-Eleven with gas will further distin- guish Cedar Village, a highly visible shopping center in a high-income area on a heav- ily traveled thoroughfare that connects Hanover Twp. to Morris Plains, Florham Park, Morristown and other local communities, as well as Route 24, Rte. 202 and Rte. 287. It is across the street from Mennen

Construction is underway on 7-Eleven With Gas In Hanover Twp., NJ

1,000+/- STUNNING ACRES ALONG THE RAPPAHANNOCK IN THE NORTHERN NECK Development Value (including Golf), Conservation Value, Mineral Rights, Timber, Hunting & Fishing. BANKRUPTCY SALE: FONES CLIFFS, RICHMOND COUNTY, VA

AUCTION NOV. 3 @ 12:00 P.M. QUALIFYING BIDS DUE OCT 31. LOW MINIMUM BID $4,250,000! (LAST SOLD FOR $12,500,000) Buyer Brokers Coop 2% IN RE: Virginia True Corporation, Chapter 11 Bankruptcy Case No.: 19-42769-NHL, US Bankruptcy Court EDNY

For full data room & Auction Details see: www.AuctionAdvisors.com

4A — September 23 - October, 20, 2022 — M id A tlantic Real Estate Journal


Great CRE Events Cont. Ed…Speakers…Networking www.CircDelaware.org

Saddler Chair of Legislative Affairs


—OFFICERS— President: Jay L. White , MAI, CRE® Apex Realty Advisory Vice President: Cindy Fleming Jones Lang LaSalle Treasurer: *Barton L. Mackey, Jr. Patterson-Woods Associates Secretary: Daniel Wham DSM Commercial Real Estate *2022-2023* Board of Directors —DIRECTORS— Past President & Cont. Ed. Chair:

Sept. 13 (Tues., 11:30-1:30) Membership Lunch Meeting Topic: New Castle County Property Reassesment - Commercial Property Inspection and Valuation Phase Presenters: Michael McFarlane, Project Manger and Bruce Whit, Senior Commercial Reviewer - Tyler Technologies Participating: NCC Rep's. from Offices of Law and Assessments Location: DuPont Country Club , 1001 Rockland Rd., Wilmington Register online: www.circdelaware.org @ Events CONTINUING EDUCATION Classes Accredited: DE*PA*MD*NJ Classes resume on Sept. 13, 2022 Non-CIRC Members are Welcome accredited real estate school/instructors: Frederick Academy of Real Estate Register Online: www.circdelaware.org @ Education Sept. 13, 2022 (Tuesday) — 8:30 a.m. – Agency & Fair Housing DE Mod. 1; MD Reqd.-MCE; NJ Reqd/Core; PA Elective

CIRC Board welcomes Brett Saddler, Executive Director of the nonprofit Claymont Renaissance Development Corporation (CRDC) as CIRC’s new Legislative Af- fairs Committee Chairman. Claymont, Delaware (Pop

16,000+), bounded by the Delaware River, PA State Line and I-95, is an area experiencing some of Delaware’s most profound economic development and community revitalization. The CRDC is a community development cor- poration funded by the Delaware General As- sembly, New Castle County Government, and the private sector. Brett is a Delaware native who along with husband artist Rick Phillips enjoy travel, gardening, and almost anything outdoors. CIRC is pleased to have Brett's as- sistance, along with the legislative advocacy of C. Scott Kidner, working on our behalf.

* Robert Stenta Pettinaro Management Program Co-Chair: Lorraine Sheldon NAI Emory Hill Program Co-Chair: Ryan Kennedy Harvey Hanna & Associates Membership Chair: * James Manna BrightFields, Inc.

1:30 p.m. – Procuring Cause DE Mod. 2; MD, PA & NJ - Elective Oct. 12, 2022 (Wednesday) — 8:30 a.m. – Real Estate Documents DE Mod. 3; MD, PA & NJ - Elective 1:30 p.m. – Office Management DE Mod. 4; PA, MD & NJ Elective

See Golf Details: circdelaware.org @ Golf

—EX-OFFICIO— Business Manager Janet Pippert Landmark Science & Engineering Legislative Lobbyist C. Scott Kidner C. S. Kidner & Associates Legislative Affairs Chair Brett Saddler Claymont Rennaissance Dev. Corp. contact us (302) 633-1705 Janet@circdelaware.org www.circdelaware.org * Donald Robitzer The Commonwealth Group Benjamin Berger , Esq. Berger Harris, LLC * Carmen Facciolo NAI Emory Hill * Michael Hahn 44 Business Capital Neil Kilian, SIOR, CCIM NAI Emory Hill * Pamela Scott , Esq. Saul Ewing Arnstein & Lehr LLP * Elected to a new 2-year term

M id A tlantic Real Estate Journal — September 23 - October, 20, 2022 — 5A


P NAI Michael represents landlord of Billion dollar modern logistics park in DC Region Manekin and TurnBridge Equities complete 358,400 s/f lease at National Capital Business Park the community and the on-site preservation of nearly 200 acres of stream valley and forest. added Turnbridge managing principal, Ryan Nelson.

RINCE GEORGE’S COUNTY, MD — Manekin LLC and Turnbridge Equities have completed a 358,400 s/f lease with Ferguson Enterprises at National Capital Business Park in the Washington, DC, metropolitan area. Ferguson is one of North America’s leading value-added distributors across residential, non-residential, new construc- tion and repair, maintenance, and improvement (RMI) end markets. Ferguson’s site will incorporate a 358,400 s/f mod- ern 36-foot clear height ware- house distribution facility, 260 parking spaces, 56 truck docks, four drive-in doors, and 80 trail- er parking spaces, as well as three acres of outdoor storage space. This long term leased property will serve as one of Ferguson’s Market Distribution Centers, a facility designed to provide its stores and custom- ers within the Washington, DC, metro market same day or next

“We are delighted at the way this signature project has come together. It will provide an excellent home to multiple national and local businesses while providing new jobs and tax revenue for the benefit of Prince George’s County and its residents,” said John Gra- ham , managing director at Manekin. Graham added, “We have also been able to include a large renewable energy project and a new community recre- ation park while preserving approximately 45% of the prop- erty’s acreage as forest.” Construction of National Capital Business Park is cur- rently underway with an esti- mated delivery date of the first buildings in mid-2023. National Capital Business Park was represented in the lease transaction by NAI Mi- chael . Ferguson was repre- sented in the lease transaction by CBRE . MAREJ

Strategically located im- mediately east of Washington, DC, in Prince George’s County Maryland, National Capital Business Park provides busi- nesses with access to the third largest and most affluent com - bined statistical area in the United States with approxi- mately 10 million residents, a major seaport, the distribution corridors of I-95, I-70, I-83, 50/301, and I-81, as well as ad- jacency to the Capital Beltway (I-95/I-495). Adjacent National Capital Business Park corpo- rate neighbors include distri- bution centers for Amazon, Target, FedEx, and Nordstrom. “Ferguson’s decision to lo- cate its latest prototype at Na- tional Capital Business Park illustrates the unique value proposition the park provides by providing immediate access to over 10 million consum- ers in a true class A setting,”

National Capital Business Park

day product deliveries within a 100-mile radius. Situated on 442 acres at Route 301 on Queens Court, National Capital Business Park will contain up to 13 modern industrial facilities accommo- dating warehouse, distribution, light manufacturing, or cold storage uses. The buildings are designed to meet the latest logistics and “last mile” distri- bution standards with higher clear ceiling heights, advanced

fire suppression, generous employee parking, expanded truck courts, and numerous trailer drop. All the buildings at National Capital Business Park are designed with solar panels on their rooftops, which will generate approximately 11.3 MW of electricity, enough to power over 1,100 homes with clean energy. National Capital Business Park will also include the development of an adjacent 20-acre multi-purpose park for

Fellows and Pugh of Edge brokers 60,860 square foot lease extension with Peraton, Inc. at 8300 Professional Place in Landover, Maryland

away and BWI Airport can be accessed in 25 miles. Peraton drives missions of consequence spanning the globe and extending to the farthest reaches of the galaxy. As the world’s leading mis- sion capability integrator and transformative enterprise IT provider, we deliver trusted and highly differentiated na- tional security solutions and technologies that keep people safe and secure. Peraton serves as a valued partner to essential government agen- cies across the intelligence, space, cyber, defense, citizen security, health, and state and local markets. “The decision to extend its current lease and make a long-term commitment to 8300 Professional Place emerged as most sensible real estate decision from both a financial and logistical view - point,” stated Robert Pugh of Edge. MAREJ

WASHINGTON, DC — Edge , a full-service com- mercial real estate firm with offices in Washington DC, Virginia, Maryland and Penn- sylvania, has brokered a lease with Peraton, Inc. for 60,860 s/f of space at 8300 Profes- sional Place in Landover, MD. This represents a long-term renewal for the Herndon, VA-based company which has occupied the entire building since 2018. Kenneth Fel- lows and Robert Pugh , both partners, Advisory Services for Edge, represented the landlord and owner, Bristol Capital and Daniel Rasmus- sen of Cushman & Wake- field represented the tenant in this lease transaction. The Professional Place portfolio is comprised of 8100 Professional Place (three- story building with 57,300 s/f of space); 8200 Professional Place (one-story building offering 28,600 s/f); 8240

8300 Professional Place

Professional Place (one-story building with 28,400 s/f of space) and 8300 Profession- al Place (three-story build- ing comprising 60,860 s/f of space). The buildings are also known as One, Two, Three

and Four Metro Plaza. Professional Place is situ- ated directly off Interstate 495/95 and is directly ad- jacent to US Route 50. The business community is less than one mile from the New

Carrollton stations serving the Washington Metropoli- tan Area Transit system and Maryland Rail Commuter (MARC) line. Ronald Reagan Washington National Airport is approximately 15 miles

6A — September 23 - October, 20, 2022 — Delaware — M id A tlantic Real Estate Journal


D elaware

Preserve land along the Delmarva Central Railroad for industrial uses Dover-Kent County Metropolitan Planning Org. urges better uses of rail-adjacent land

he Dover/Kent County Metropolitan Planning Organization (MPO) released recommendations urging the county’s towns and cities to preserve land along the Delmarva Central Railroad for industrial uses that could spur economic development. The group hopes to preserve what land remains after years of neglecting the railroad’s po- tential as a driver of economic development. Kent Economic Partnership director Linda Parkowski ad- vocated for a survey of avail- able land along the railroad. T

She says the county’s two most recent major economic devel- opment projects - including a corrugated packaging plant in Dover - were only possible with rail access. “We have inquiries from companies that are looking for large parcels of land along a rail corridor,” she said. “We may not have an opportunity to entertain those companies if we cannot find land along a rail corridor.” Parkowski alluded to a key finding of the planning office’s survey, which noted an increas- ing number of rail-adjacent

parcels developed as housing subdivisions – a trend that could hinder attempts to make use of the rail corridor for eco- nomic development. In 2022 alone, two rail-adjacent parcels in Dover were developed into housing, along with one parcel in Milford. For decades, county and municipal governments have zoned some rail-adjacent land for residential or mixed-use development, and the planning office’s recommendations look to rezoning as a valuable oppor- tunity to course-correct. Doing so, says MPO Director Marilyn Smith, requires urgent action on the part of Kent County’s municipal governments. “Once you build houses in particular, those houses are not going to be demolished,” she said. “Even though everyone says those houses shouldn’t be here, nobody is going to be the decision-maker and say that we should bulldoze those houses. It just does not happen. Especially during a housing shortage.” The planning office also rec - ommended that Kent County municipalities consider combin- ing parcels with small sections of rail-adjacent land, making more acreage available for rail sidings or spurs. But Jim Galvin, the prin- cipal planner for the MPO, noted that most municipali- ties in Kent County give little attention to the railroad in their comprehensive plans. Harrington, which began ex- ploring the possibility of a multimodal freight terminal along the railroad last year, is among the outliers. “There are some towns that don’t want to see commer- cial uses of the rail,” he said. “They’re just happy with the small amount of commercial they have along Route 13.” Some smaller municipalities, Smith added, do not have the budget or the bandwidth to plan new rail-oriented devel- opment. The MPO’s survey and rec- ommendations are confined to Kent County, but Smith noted that the rail corridors in New Castle and Sussex Counties offer the same economic op- portunities — and face the same development pressures. In Sussex County, however, a portion of a rail spur connect- ing the main line to the beach communities has already been replaced by a bicycle and walk- ing path. MAREJ

© Roman Battaglia / Delaware Public Media

Central Delaware is just two hours from New York City, Philadelphia, Baltimore and Washington, DC. Yet, our costs of living and doing business are among the lowest on the East Coast. Your upside? Prime location, shovel ready sites and quality of life – without the prime tax burden. ROOM TO GROW






Linda Parkowski



F inancial D igest F eaturing A ppraisal and 1031 E xchange

M id A tlantic Real Estate Journal — September 23 - October, 20, 2022 — 7A


Taylor and Falzarano place permanent loan secured by Villages at Berlin M&T Realty Capital provides $73M in financing for multifamily property in Berlin, New Jersey


Realty Capital began market- ing the opportunity prior to final CofO. The life company

AWRENCEVILLE, NJ — John Taylor and Donna Falzara-

that funded the loan has a deep un- derstanding of the mar- ket and as- set type and were fast to sharpen their pencils

no of M&T Realty Cap- ital Corpo- ration re- cently placed a $73 million permanent loan secured by Villages at Berlin, a

Donna Falzarano

John Taylor

and offer excellent terms. The Villages at Berlin is a 472-unit luxury apartment community located on over 30-acres. Built in three phas- es, lease-up was strong and Nexus had a running wait- ing list of units to be filled. Other than the strong renter demand, other highlights of the property include a market-

newly built, 472-unit multi- family property developed by Nexus Properties of Law- renceville, NJ. M&T Bank’s Shawn Field financed the construction loan that was then refinanced with a life company. The long-term fixed rate loan offered 5 years of interest-only at a very attrac- tive fixed interest rate. M&T

Villages at Berlin

offer Nexus so many competi- tive options, guide a flawless process to closing and in- troduce an outstanding life company relationship” said Donna Falzarano. MAREJ

leading amenity package, excellent location, and easy transit access. Situated less than an hour from Philadel- phia, The Villages at Berlin is served by one of the best

highway and mass transit systems in the country. “Nexus Properties is a val- ued long-term relationship of M&T Bank and M&T Realty Capital. We were pleased to

Black Bear Capital Partners arranges $44 Million in permanent financing for Allendale Corporate Center

ALLENDALE, NJ — Black Bear Capital Part- ners (BBCP) , a real estate financial advisory firm and subsidiary of Black Bear Asset Management has ar- ranged $44 million in perma- nent financing on behalf of Allendale Corporate Center, LLC for the refinance of an in - dustrial portfolio in Allendale. The $44 million non-re- course loan, provided by Mor- gan Stanley , featured a ten year fixed-rate loan on a full- term interest-only basis at approximately 65% loan to value (LTV). The Corporate Center con- sists of six industrial buildings spanning over 389,000 s/f. Each property within the port- folio features state-of-the-art manufacturing facilities and office/flex space with modern finishes. Furthermore, the Corporate Center has a high concentration of well-estab- lished and nationally recog- nized tenants, which manufac- ture medical instrumentation and materials including: Mar- tab Medical, Bosch/Syntegon Pharma Tech, Alan Baird

Allendale Corporate Center

Industries Inc, Acuitive, and Collagen Matrix. Allendale is situated within Northwest Bergen, which is a large submarket and contains close to 20 million sf of indus- trial space. Specifically, it is a part of the Northern New Jer- sey region that has experienced increased demand for logistics space as it has easy access to New York and other large East

Coast metropolitan areas. Senior managing partner Emil DePasquale of BBCP ar- ranged the financing package. “We are pleased to place this long-term, ten-year fixed-rate loan at an attrac - tive rate on a full-term inter- est-only basis,” DePasquale said, noting that Morgan Stanley worked diligently to close the new financing

package, which replaced a $33.5 million existing CMBS loan. “BBCP was able to utilize the quality of the Al- lendale Corporate Center to achieve a highly favorable and flexible structure con - sistent with borrower’s indi- vidualized business plan. It was a tremendous execution despite a volatile market.” BBCP, which services

transactions across all prop- erty types, closed numerous complex refinance packages in excess of $750 million year- to-date despite challenging market conditions. The firm, which has offices in New Jersey and Chicago, recently opened an office in Florida and continues to expand its national platform and market penetration. MAREJ

8A — September 23 - October, 20, 2022 — M id A tlantic Real Estate Journal


Southern New Jersey Chapter www.ai-snj.org Telephone 856-415-0281 • Fax 856-415-1952 LDAC Recap


PRESIDENT Joseph V. Heenan, MAI, SRA jheenan@gsvcsllc.com VICE PRESIDENT Sherrie Lisa Galderisi, SRA, AI-RRS Sherrielisa43@aol.com TREASURER Robert Klein, MAI, AI-GRS Rob.klein@cushwake.com

This year’s Leadership Development and Advisory Council met May 18-20. This year’s conference welcomed more than 120 Appraisal Institute professionals to the Nation’s Capital. LDAC attendees met congressional members or staff to lobby for the HR5756- Portal for Appraisal Licensing Act of 2021. The Bill proposes the creation of a centralized federal database for appraisers and appraisal management companies rather than the individual states. The purpose is to streamline the licensure process using an online portal for payment of licensing fees, appraisal credentialing, AMC registration, and tracking continuing education credits. This is especially helpful for appraisers licensed in many states. LDAC discussion topics included new AI membership and retention, how to promote the appraisal profes- sion via social media, education on diversity, equity and inclusion, college/university outreach programs, and utilizing technology in appraisals. The discussion groups provided an opportunity for appraisers across the country to collaborate on introducing a more women and minority groups into the appraisal profession. Maria Nucci, SRA, AI-RRS, attended LDAC for the first time and enjoyed the conference along with the Washington DC waterfront and historic landmarks. There was also the opportunity to socialize outside the discussion groups with appraisers from all areas to build new relationships with peers on a national level to learn the similarities and diversities in different markets. The AI Executive Board members also attended which was a great occasion to meet the board members on a more personal level. Maria looks forward to attending LDAC for the next two years.

Did You Know? Student Affiliate Membership to the Appraisal Institute is FREE! PASS IT ON!!!!!

Why Become a Student Affiliate? • No Annual Dues • Access to the prestigious Lum Library •

SECRETARY Mary Fox, MAI foxmai@aol.com

Meet appraisal experts and learn about the appraisal field

• Affiliation with a local chapter, where you can network with appraisal professionals and explore career opportunities • Discounts on Appraisal Institute education and publications • Complimentary Subscriptions to the award-winning Valuation magazine and The Appraisal Journal • The possibility of earning an AI designation • Access to many additional AI Benefits Questions? admissions@appraisalinstitute.org (312) 335-4111 UPCOMING EVENTS For more info and registration links, visit www.ai-snj.org New Jersey Appraiser Law & Regulations Thursday, October 27, 2022 2 CE hrs Seminar from 4-6pm, followed by dinner & chapter meeting Adelphia Restaurant (downstairs), 1750 Clements Bridge Road, Deptford Instructor: Mary Fox, MAI Valuation of Conservation Easements November 1-4, 2022 28 CE hrs + 2 hr exam Rutgers Eco-Complex Conference Center, 1200 Florence-Columbus Road, Bordentown Instructor: Susanne Curran, MAI, AI-GRS Complex Valuation Friday, December 2 7 CE hrs Adelphia, Deptford Instructors: Randall Bell, MAI, PhD, and Michael Tachovsky. PhD of Landmark Research • Complex Valuation is a new seminar developed to give appraisers the skills to value both detrimental and beneficial conditions. The field of “complex valuation” involves the real estate characteristics that are “atypical.” (Federal Regulations Part 34.42.). • Many, if not most, valuation assignments involve a straightforward application of the cost, income and sales comparison approaches to value. However, frequently complex issues arise that involve either beneficial or detrimental conditions that can influence the value of real estate. For example, beneficial conditions might result in an increase in value, such as discovering minerals or oil on grazing land. Detrimental conditions could result in a diminution in value, such as natural disasters or environmental contamination. • As real estate appraisers, understanding these complexities helps in developing a credible opinion of value in these types of assignments. Although many complex issues are addressed throughout appraisal literature and coursework, they are not presented as a single framework. The purpose of the Complex Valuation course is to provide real estate appraisers with a comprehensive under standing of the topic and focus on these various property conditions and the valuation methodologies to address them. Instructors present with a comprehensive PowerPoint presentation. SAVE THE DATE: December 6 -- Installation of Officers and Directors/Holiday Dinner, Terra Nova, Sewell

DIRECTORS Joshua D. Garretson, MAI, AI- GRS, AI-RRS

Lee Ann Kampf, MAI

Jerry McHale, MAI

Maria Nucci, SRA, AI-RRS

Meghan Payne, MAI

Kathleen Turley

PAST PRESIDENT: Michael Descano, MAI


M id A tlantic Real Estate Journal — September 23 - October, 20, 2022 — 9A


Southern New Jersey Chapter Of the Appraisal Institute www.ai-snj.org

As the leading organization for professional real estate appraisers, the Appraisal Institute represents over 17,000 members in nearly 50 countries worldwide. The Southern New Jersey Chapter has nearly 150 members. They perform a variety of services ranging from single family valuation to feasibility studies for regional malls & hotel-casinos. Whether it’s assistance on a home purchase or providing expert testimony for litigation, our members are uniquely qualified to meet these needs. For more information regarding the Southern NJ Chapter of the Appraisal Institute visit: www.ai-snj.org, or call Executive Director Lisa Weiss at 856-415-0281. 2022 Designated Members of the Southern NJ Chapter of the Appraisal Institute

Peter A. Maher, SRA, AI-RRS Kathy J. Marmur, SRA Charles A. McCullough, MAI, AI-GRS Jerome J. McHale, MAI Edward Molinari, SRA, AI- RRS Leonard Molinari, SRA Donald Moliver, MAI Christopher Murphy, MAI Maria Nucci, SRA, AI-RRS Robert Parmley, SRA Meghan E. Payne, MAI Richard A. Plock, MAI Michael Pratico, Jr., AI-GRS Jacob Ramage, MAI Thomas C. Reynolds, SRPA Jeffrey D. Richwall, SRA Susan T. Roettger, MAI Lee L. Romm, MAI, SRA Taylor Santoro, MAI

(609) 465-9978 (856) 582-5892 (856) 906-7890 (267) 675-4907 (609) 261-4220 (856) 753-3030 (609) 438-9063 (609) 223-4911 (215) 280-4563 (609) 714-7402 (215) 587-6004 (215) 928-7526 (215) 493-5000 (215) 806-3268 (856) 764-6500 (212) 916-4614 (856) 375-2148 (973) 970-9333 (215) 231-9900 (856) 234-9250 (215) 925-1212 (609) 884-1995 (973) 283-2266 (856) 451-0933 (215) 561-8976 (856) 691-7055 (609) 457-7297 (856) 453-8889 (609) 391-8862 (609) 770-7146 (732) 286-9250 (609) 736-0695 (609) 597-2211 (215) 963-4047 (732) 886-6695 (609) 221-7274 (215) 842-0649

(732) 928-1550 (732) 406-6978 (609) 832-2102 (609) 914-4679 (856) 853-7622 (732) 682-9949 (732) 571-3660 (267) 675-4905 (609) 214-8418 (609) 292-2573 (267) 253-5926 (732) 389-3600 (201) 794-4386 (215) 888-3560 (302) 575-0955 (856) 396-0000 (609) 914-4679 (856) 983-5500 (267)-256-1803 (856) 292-3021 (609) 432-0616 (856) 468-0068 (856) 662-0027 (856) 546-4900 (856) 787-6290 (856) 218-2800 (609) 918-1000 (732) 576-2037 (609) 943-3492 (609) 391-0404 (856) 216-2388 (856) 761-3012 (609) 238-6200 (856) 795-8700 (732) 605-0791 (609) 586-3500 (469) 228-4123

Cape May Ct. House Turnersville Haddonfield

Jackson Point Pleasant Maple Shade Lumberton Woodbury New Egypt Rumson Burlington West Deptford Trenton Audubon Shrewsbury Fair Lawn, NJ Philadelphia Wilmington, DE Medford Cherry Hill Marlton Philadelphia Linwood Mt. Laurel Wenonah Cherry Hill Haddon Heights Mt. Laurel Sewell

J. Paul Bainbridge, MAI Steven Bartelt, MAI, SRA, AI-GRS Craig A. Bickel, MAI Lawrence E. Bowne, MAI Pamela J. Brodowski, MAI Steven Brownell, MAI Richard J. Carabelli, Jr, MAI J. S. Carduner, MAI, AI-GRS Cynthia Carpenter, MAI, AI-GRS Lana Chiappetta, MAI, AI-GRS John P. Corbett, MAI Albert Crosby, MAI Susanne Curran, MAI, AI-GRS Eugene P. Davey, SRA Thomas C. Davis, SRA Thomas A. DeMartin, MAI, SRA Michael A. Descano, MAI Russell V. DiLello, MAI, AI-GRS John E. Doyle, MAI Scott A. Eiffes, MAI, AI-GRS Philip Fortuna, MAI, SRA Mary F. Fox, MAI Sherrie Lisa Galderisi, SRA, AI-RRS Joshua Garretson, MAI, AI-GRS AI-RRS Timothy P. Golden, Jr., MAI Ronald A. Hagel, MAI, SRA Mark J. Hanson, MAI, SRA, AI-GRS Donna Harris, SRA Joseph V. Heenan, MAI, SRA

Burlington Eastampton West Berlin Hamilton Robbinsville Summit Medford Philadelphia Philadelphia Yardley Philadelphia Delran New York, NY Cherry Hill Morris Plains Philadelphia Moorestown Philadelphia Cape May Ocean View Bridgeton Philadelphia

Michael S. Sapio, MAI William J. Sapio, MAI

Jack Sheehan, MAI, AI-GRS Timothy Sheehan, MAI, SRA Richard Sheldon, MAI, SRA Richard Shorter, SRA Thomas J. Sliwowski, SRA Peter E. Sockler, MAI James Stuart, MAI, SRA, AI-GRS Robert J. Tighue, MAI Deborah P. Tordella, MAI, SRA Merilynn P. Verderame, SRA Errett Vielehr, MAI Benjamin R. Vukicevich, SRA John H. Walton, Jr, MAI, SRA Richard J. Ward, SRA John Weber, Jr., MAI, SRA Thomas Westerfield, SRA

Vineland Audubon Shiloh Ocean City Cape May Ct. House

Hightstown Colts Neck Trenton Ocean City Haddonfield Haddonfield Stratford Cherry Hill

Michael D. Jones, MAI Tony F. Kamand, Jr, MAI

Toms River Ocean City Manahawkin Philadelphia Lakewood Philadelphia Philadelphia

Lee Ann Kamph, MAI Robert W. Kirwan, SRA Robert M. Klein, MAI, AI-GRS Samuel Levi, MAI Bonnie L. Longo, MAI, SRA Eileen Lynn, MAI, AI-GRS

Monroe Township Hamilton Square Fort Wayne, IN

10A — September 23 - October, 20, 2022 — 1031 Exchange — Financial Digest — M id A tlantic Real Estate Journal


1031 E xchange

By Dwight Kay, Kay Properties Five Critical Things To Remember When Deciding To Do A 1031 Exchange


guidelines. In other words, you have the potential to keep all your profits working for you with the purchase of your next investment property, without the IRS coming after you look - ing for their share of the pie. Here are five things to remem - ber before a 1031 exchange. 1. Taxes are Applicable in a Non-1031 Exchange When an investor sells a property that has gone up in value this results in several types of taxes. These include capital gains taxes, which the investor must pay if they sell the asset at a price higher

than they initially paid for it. Federal capital gains are taxed at 15-20% of the increase in value, while state capital gains are taxed between 0- 13.3% of the increase in value. Depreciation recapture taxes are taxes due when the seller had claimed de - preciation expenses on the sold property. Depreciation recapture is currently taxed at 25% of the amount you have depreciated over the years. Other taxes incurred on property sales include the 3.8% Medicare surtax. The beauty of a 1031 Ex -

mediary or an accommodator so they can execute the sale on your behalf. This is a process whereby your sale contract is assigned to the qualified intermediary and when the property closes your funds are then wired to your account at the qualified intermediary. From there you will instruct which properties you would like the qualified intermediary to purchase on your behalf. Kay Properties is not a quali - fied intermediary however we work with many throughout the country so if you would like a referral please let us know. 3. You Can Only Purchase a Like-Kind Asset For you to defer taxes via a 1031 exchange, you must reinvest the profits from the sale in like-kind property. In other words, if you sell a property held for investment or business purposes in a 1031 exchange, the replacement property must be of the same character. For example, you could sell an apartment build - ing and purchase a commercial building or you could sell a rental home and purchase a DST 1031 investment. 4. Remember Deadlines 1031 exchanges are subject to strict deadlines. If you sell a property today, you’re expect - ed to have identified the re - placement property within the next 45 days and reinvested the proceeds within 180 days. But if you’d already identified the replacement property, you can reinvest immediately. 5. Understand Your 1031 Exchange Options Once investors have decided to do a 1031 exchange they should consider their options. First, they could purchase another type of investment property that they would man - age on their own. Second, they could purchase a triple net lease property whereby a national tenant such as Walgreens or FedEx has leased the property for typically 10-15 years. The problem with the triple net leased properties is that it causes investors to place a large portion of their net worth into a single property which could be disastrous (think Blockbuster Video). Third, if the investor is wanting to get out of active management and the day to day issues of dealing with continued on page 12A

change is that you can defer all of these taxes. But if you choose to sell your property without a 1031 exchange, en - sure you consult a reputable attorney and CPA so you can know what your full tax bill will be when adding up federal capital gains, state capital gains, depreciation recapture and the medicare surtax. 2. You Need a Qualified Intermediary A 1031 exchange isn’t as simple as selling and reinvest - ing in another property. You must first transfer the relin - quished property to an inter -

f you’ve picked up a finan - cial publication recently, chances are you’ve seen

references to 1031 Ex- c h a n g e s . A 1031 ex- change is a legal way for investors to defer their capital gains taxes on the

Dwight Kay

sale of real estate held for in - vestment or business purposes. It allows one to defer taxes on a property sale as long as they follow specific 1031 rules and


R etail D evelopment R eimagined

M id A tlantic Real Estate Journal — Retail Development Reimagined — September 23 - October, 20, 2022 — 11A


EW YORK CITY, NY — A partnership be- tween a real estate N Angelone of JLL represents Cedar Realty Trust in this transaction of 16 centers DRA Advisors and KPR Centers partnership acquires portfolio of 35 grocery-anchored centers

ly-located, institutional-quality portfolio of scale with leasing and operational upside.” This acquisition represents the continuation of a partner- ship between DRA Advisors and KPR Centers, with the two real estate companies now owning and managing 230 shopping centers, totaling more than 38 million s/f of space across the country. Highlights of properties acquired Among the assets acquired by the fund are: • Quartermaster Plaza, a 456,000 s/f center in Philadel- phia anchored by a 118,000 s/f BJ Wholesale Club • Franklin Village, a Frank - lin, Massachusetts shopping center totaling 306,000 s/f of space and anchored by a 75,000 s/f Stop & Shop • The Shops at Suffolk Downs, a 121,000 s/f retail center in Revere, Massachu- setts and anchored by a 75,000 s/f Stop & Shop

• New London, a New Lon - don, Connecticut shopping center comprised of 260,000 s/f of space and anchored by a 64,000 s/f ShopRite. The 16 shopping centers were sold to Baltimore-based Klein Enterprises, Kimco Realty , a real estate invest- ment trust headquartered in Jericho, NY and an affiliate of KPR Centers. “The existing KPR Centers geographic footprint overlaps perfectly with the Cedar assets, which will bring tremendous synergies to the marketing, leasing and operations of the combined portfolio,” said KPR Centers founder and managing partner Dan Katz. “We are very familiar with the nuances of the various submarkets which were key components of this transaction. It was a plea- sure to work with a great team of professionals at Cedar Realty Trust who helped make this transaction possible.” MAREJ

fund managed by New York City-based DRA Advisors, LLC and KPR Centers has completed the acquisition of a portfolio of 35 grocery-anchored shopping centers, comprising more than 4.9 million s/f of space, from Cedar Realty Trust for $879 million. The centers are situated in nine states throughout the Mid- Atlantic and Northeast regions of the country. The partnership disposed of 16 of those shopping centers, totaling more than 1.5 million s/f of space, to three separate entities simultane- ously at closing. The remaining 19 shopping centers, compris- ing more than 3.4 million s/f of space and cumulatively 93% leased, will be owned and man- aged by the two real estate com- panies focused on value-add investments. Chris Angelone of JLL represented the seller in this transaction. POTTSTOWN, PA — Unit- ed Hampshire US REIT Management Pte Ltd ( the Manager) announced that Unit- ed Hampshire US REIT (UH- REIT), a Singapore real estate investment trust sponsored by UOB Global Capital and The Hampshire Cos., has acquired Upland Square, a 400,674 s/f grocery-anchored shopping center located at 180 Upland Square Dr. in Pottstown. Situated in Montgomery County, Upland Square is one of the Philadelphia MSA’s largest and most successful grocery-anchored power cen- ters. Currently 95% leased, the property’s wide range of dominant anchors includes Giant by Ahold Delhaize, TJ Maxx and shadow-anchored by Target and AMC. The property’s unparalleled shop- ping and entertainment expe- rience are further enhanced by leases with well-known

Franklin Village

tion was a long time in the making and we are looking forward to expanding our joint venture partnership with KPR, leveraging their street corner knowledge and boots on the ground presence in the respec- tive markets to execute on our value-add strategy,” said Brett Gottlieb , managing director for DRA Advisors. “We are ex- cited about this unique oppor- tunity to acquire a strategical-

Cedar Realty Trust, a real estate investment trust head- quartered in Massapequa, NY, revealed its intentions earlier this year to dispose of its entire portfolio of 53 shopping center assets spanning eight states. This sale to DRA Advisors and KPR Centers represents the largest part of that transaction in terms of number of centers, square footage and sales price. “The genesis of this acquisi-

United Hampshire US REIT acquires 400,674 s/f grocery-anchored shopping center in Pottstown, PA

opportunity to capitalize on the strong underlying fundamen- tals of this market to further bolster our portfolio of stable income-producing grocery- anchored and necessity-based retail properties.” Derek Gardella , head of investments of the UHREIT added, “The eastern United States’ combination of popula- tion density and high household income have ensured it contin- ues to stand out among the na- tion’s retail markets. We expect this momentum to continue over the long-term and we are excited to continue to grow our portfolio through the addition of assets like Upland Square over the next several years.” The seller in the transac- tion was represented by Brad Nathanson , senior managing director of investments at In- stitutional Property Advisors (IPA), a division of Marcus & Millichap . MAREJ

Upland Square

national retailers such as Petco, Party City, Staples and Bed Bath & Beyond. Upland Square’s strong ten- ant lineup and historical high occupancy are driven by its modern construction and a superior location along Route 100 in Pottstown, a borough in the northwest section of Montgomery County, the third- most populous county in the state with a population of 836,948 and an average annual

household income of $153,498. Montgomery County is part of the Philadelphia-Camden- Wilmington metropolitan sta- tistical area, the sixth largest MSA in the country with over six million people and a strong labor market with an average unemployment rate of 3.92%. The addition of Upland Square brings the total num- ber of assets in the UHREIT to 23. Spanning over 3.8 mil- lion s/f, the UHREIT currently

contains 21 grocery-anchored and necessity-based properties and two modern self-storage facilities along the Interstate 95 corridor. “Despite economic head- winds, credit-grade retail pow- er centers in the eastern United States like Upland Square have showcased tremendous resiliency over the past several years,” said Robert Schmitt , CEO of the Manager. “Through this acquisition, we have a rare

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