June 2024

- DC THE MOST COMPREHENSIVE SOURCE FOR COMMERCIAL REAL ESTATE NEW IN THE REGION

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RANGE, NJ — PEEK Properties (PEEK) has secured O For Highland Station multifamily development in Orange, NJ PEEK and Circle Squared land $20.5M in construction & permanent financ ing

ISSUE HIGHLIGHTS Volume 36, Issue 6 June 2024

PEEK Builders as the general contractor, PEEK continues to utilize its core partners and subcontractors to more effi - ciently build a quality project. Pre-approved in 2022, The LINCOLN’s construction will be finalized next spring. Once completed, the five-story build - ing will feature a mix of studio (12 units/516 s/f), 1BR/1 Bath (65 units/700 s/f) and 2BR/2 Bath (25 units/1029 s/f) floor - plan options with a total of 97 on-site parking spaces. “Since its inception, PEEK has been passionate about all that Orange has to offer and its competitive geographic po - sitioning, which has been the catalyst for revitalization and the city’s eventual rebirth,” said managing partner/co- founder Emanuel Klein . “Our philosophy for development, ownership and management of newly constructed multifamily living options for future tenants and existing residents remains stronger than ever and we are pleased to be a part of the city’s much-deserved renaissance as a vibrant, affordable live-work East Essex hub.” MAREJ “The property is 90% leased and has been successful in at - tracting tenancy from Tysons, Virginia and other surround - ing submarkets,” said Pace. “Despite vacancy in the vicin - ity, it is anticipated that ad - ditional leasing will take place at the property in the coming months.” Milam added that: “With the Peterson Compa- nies announcement regarding 11 office properties slated for redevelopment nearby, over 300,000 s/f of office space will be ultimately removed from the submarket.” Fair Oaks Plaza was reno - vated in 2022 and is located at the crossroads of Rte. 50 and Interstate 66 with access to the newly opened high-occu - pancy toll lanes to the Beltway and Washington, DC. MAREJ

SPO TLIGHTS

$20.5M in construction and permanent financing for its latest venture, a new 102-unit class A Multifamily Oppor - tunity Zone redevelopment in the renaissance city of Orange. Located at 415 High - land Ave. and known as The LINCOLN, the shovel-ready project sits adjacent to The HIGHLAND, a 138-unit luxu - ry apartment building where leasing is now underway. Both new ground-up developments are a joint venture between PEEK and Circle Squared Alternative Investments (Circle Squared) . The LINCOLN financing is PEEK’s first loan with Amboy Bank , which provided the con- struction loan and permanent financing for a 24-month term and 10-year-from-conversion rate, respectively. It also marks PEEK’s fifth multifamily re - development in Orange and its fourth under the Qualified Opportunity Fund (QOF) struc - ture. George Gnad , president of Lenders Capital Realty

CREATIVE FINANCING

8-10 A HIGH INTEREST RATES ALTER CMBS ACTIVITY

The LINCOLN

Services , secured both the equity and debt on behalf of the joint venture partners. As the anchor at the corner of Highland and Lincoln avenues, The LINCOLN is PEEK’s latest luxury addition to the city’s expanding apartment-rental housing stock. This includes the commercial real estate company’s Orange Crossing redevelopment downtown.

“Because we plan, build, finance and manage our own apartment-rental buildings – from inception to lease up and long-term operations – PEEK adds value to every project, across every neighborhood in which we own properties,” said PEEK managing partner and cofounder Phillip J. Evanski . Designed by Inglese Archi- tects and Engineering with

Carlo Batts, MAI

13A

30 UNDER 30

Section C

UPCOMING CONFERENCES 7th Annual Philadelphia Healthcare/Medical Properties Conference July 18, 2024 For speaking & sponsorship info., please contact: Lea at 781-740-2900 or lea@marejournal.com

FAIRFAX, VA — Institu- tional Property Advisors (IPA) , a division of Marcus & Millichap , announced the sale of Fair Oaks Plaza, a 180,000 s/f class A office build - ing located in Fairfax. The property was sold by IPA closes class A office building sale in Northern VA IPA’s Chandler Pace and Stacey Milam , senior manag - ing director investments with Marcus & Millichap.

Directory

ROP (Front Section) ........................................... Section A Financial Digest featuring Creative Financing ........... 7-10A Owners, Developers & Managers .......................... 11-20A Commercial Real Estate Across America ..................... 21A People on the Move ................................................... 22A CRE Organization’s Events Calendar ............................ 24A Business Card Directory . .......................................... IBC A New Jersey..............................................................FC-8B Pennsylvania ............................................................. 9-BC 30 Under 30 ....................................................... Section C www.marej.com

Fair Oaks Plaza

private buyers, in addition to funds and institutional investors, makes a difference in the current environment,” said Robert Filley of IPA, who led the transaction with

Novel Office to a private investor with whom the IPA team has worked with on other transactions. “Our re - lationships with well-cap- italized and sophisticated

Inside Cover A — June 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 — June 2024 — 1A

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2A — June 2024 — M id A tlantic Real Estate Journal

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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 ........Carlo Batts, MAI, Rittenhouse Appraisals; Jonathan Treble, WithMe 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 6 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

Jonathan Treble

Choosing the Right Amenities for Your Communities

s a multifamily prop- erty manager, owner, or developer, selecting

amenities that benefit your residents and staff while not hurting the bottom line is an ongoing balancing act. The amenities decision can’t be taken lightly—the wrong of- ferings are wasted expenses, while the right ones elevate the resident experience and the community’s perceived — and real — value. Maximizing Value for Residents and Staff To create a desirable living environment, it’s essential to focus on amenities that bring convenience and a touch of luxury. Wireless printing ser- vices and high-quality coffee makers are prime examples. Despite the prevalence of digi- tal solutions, the demand for occasional printing remains strong, making it a crucial ame- nity. Let’s face it, few people want to own their own printers, especially renters. Similarly,

with a significant portion of the population enjoying coffee daily, offering a premium coffee experience can significantly enhance resident satisfaction. But the value proposition of amenities isn’t just about delighting residents. The best offerings also streamline op- erations for on-site teams. A turnkey printing program, for instance, eliminates countless hours of troubleshooting tech- nology issues or keeping track of ink and paper inventory. Self-service coffee solutions allow staff to focus on other priorities instead of restocking and cleaning up after tradition- al coffee bars. By eliminating these to-dos, property manag- ers can spend more time build- ing relationships with current

and prospective residents. Weighing the Return on Investment To ensure amenities are truly beneficial, it’s vital to measure their usage and im- pact. Automated usage reports provided by vendors offer valuable insights into how often these services are uti- lized. When such reports are unavailable, property manag- ers can request data on an ad hoc basis to evaluate the ef- fectiveness of their amenities. Financially, certain amenities consistently demonstrate a positive return on investment. For instance, well-managed technological amenities can be cost-effective. Another key strategy is continued on page 22A

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

M id A tlantic Real Estate Journal — June 2024 — 3A

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ILMINGTON, DE — Incyte, a Delaware-founded W Biopharmaceutical company will renovate the 517,307 s/f of buildings Incyte chooses to grow in Delaware with investment in new Wilmington site

of Delaware, the City of Wilm- ington and other partners – to explore Delaware sites for ex- pansion. DPP also supported the company’s request to the Council on Development Fi- nance for a Jobs Performance Grant of up to $9,177,075 and a Graduated Lab Space Grant of up to $5,670,000 from the Delaware Strategic Fund. Distribution of these grants is dependent upon the company meeting commitments as outlined to the CDF, which re- viewed and approved Incyte’s request for up to $14,787,075 million in total funding. “Incyte has been an in- novative pillar of the Dela- ware business community since it was founded here in 2002, and Delaware Prosper- ity Partnership is pleased to support the company’s expansion into downtown Wilmington,” said Rod Ward , co-chair of DPP’s Board of Directors. “New jobs and capital investment of this project’s magnitude will pro- vide a tremendous boost for the city and create opportunities that will benefit many Dela - ware families along with the community at large.” MAREJ to attract large-scale indus- trial/warehouse users, and our team is proceeding with this next-phase speculative development with tremen- dous confidence,” said Taylor Fields , Knott Realty Group’s VP of leasing. “The Yellow Brick Road portfolio offers important fundamentals, in- cluding immediate access to the major north-south high- way serving the Northeast US Corridor, proximity to a major port and international airports, and a highly-skilled labor market which remains of extreme importance to end-users. Both buildings are engineered with energy- efficiency roofs and HVAC systems designed to mitigate costs and resources.” MAREJ

development teams. Expanding Incyte’s offices to downtown Wilmington will create numerous benefits for Incyte – vacated office space at the Alapocas campus will be converted into much- needed lab space and will accommodate the company’s projected future growth. The City of Wilmington will also benefit from the resulting reduction in office vacancy and the new-to-Wilmington jobs, which will be skilled, technical and managerial po- sitions with annual salaries ranging from over $90,000 to over $200,000. “Delaware has been our home for more than 20 years, and we are looking forward to expanding our operations in Wilmington and continuing to grow our company here,” said Incyte CEO Hervé Hop- penot . “We are grateful to the continued support of the state, the city and others, in- cluding Delaware Prosper- ity Partnership (DPP) , who have supported our company and fostered innovation and growth in our region.” DPP worked with Incyte – collaborating with the State segregated parking fields for employee and visitor park- ing. The large bay design and speed bay will be suitable for a range of light manufac- turing, warehouse, logistics and last-mile operations and can accommodate single and multi-tenant uses. The Yellow Brick Road port- folio is situated one mile from the Baltimore Beltway (I-695) and two miles from I-95. It is seven miles from the Port of Baltimore, 40 miles from Washington, DC, 80 miles from Philadelphia and 180 miles from NYC. More than 40 % of the population of the US can be accessed within a one-day truck drive via I-70 and 95. “The greater Baltimore met- ropolitan region continues

global biopharmaceutical com- pany has chosen downtown Wilmington for an expansion. Incyte announced it has purchased the Bracebridge I and Bracebridge III buildings at King and French streets in downtown Wilmington. The structures were built in the mid-1990s for MBNA and used by the bank until its 2006 merger with Bank of America, which eventually left both sites empty. Incyte will renovate the buildings, whose 517,307 s/f will almost double the company’s Dela- ware footprint, starting with Bracebridge I. The new space will allow Incyte to continue building its Delaware employ- ee base by bringing in more than 300 employees currently working in Chadds Ford, PA, and provide space to grow and add more than 500 new posi- tions across the two buildings in the future. “Incyte’s decision to move their headquarters to downtown Wilmington is not only a big deal for the city – it’s a big deal for our state,” said Governor BALTIMORE, MD — Bal- timore-based Knott Realty Group has initiated develop- ment of two industrial/ware- house buildings comprising 276,000 s/f of space, repre- senting the final phase of the company’s Yellow Brick Road business community. Upon the expected comple- tion of 9107 and 9114 Yellow Brick Rd. in Q2 2025, the business park, situated in the Rossville section of Baltimore County, will total more than one million s/f of space within nine buildings. Knott Realty Group is handling all market- ing and leasing activities for the speculative development with its in-house team. 9107 Yellow Brick Rd. (150,492 s/f) and 9114 s/f) will

Bracebridge I

Incyte’s leadership for their commitment to Delaware.” Incyte was founded in Dela- ware in 2002 and has grown steadily over the last 22 years. The company has its European headquarters in Switzerland and maintains commercial operations and offices in other European locales as well as in Asia and Canada. Since 2014, Incyte’s global headquarters has been a former Wanamak- er’s department store site just outside the Wilmington city limits in Alapocas. That loca- tion, which has been expanded to include three buildings, cur- rently houses the company’s corporate and research and

John Carney . “Incyte is a Delaware success story. Incyte grew out of its space at the DuPont Experimental Station and moved hundreds of employees into a renovated headquarters at Augustine Cut Off. Not only does this an- nouncement mean more great jobs in our state – but it means that there is more opportunity for Incyte to keep doing good in our community and across the world. Incyte’s research makes a huge difference in peoples’ lives. We couldn’t be prouder to call them a Delaware-grown company and we’re excited about their next chapter. I want to thank

Knott Realty Group initiates construction on final phase of Yellow Brick Road portfolio comprising 276,000 s/f of space

9107 Yellow Brick Road

be built simultaneously using tilt-up construction methods. The single-story buildings front- ing Yellow Brick Rd. will each feature 32-foot ceiling heights, ESFR sprinklers, high-bay LED lighting, and a seven-inch un- reinforced concrete slab. 9107 Yellow Brick Road will offer 46 dock doors and two drive-in doors with 226 vehicle parking

spaces. 9114 Yellow Brick Rd. will be built with 38 dock doors and two drive-in doors with 160 vehicle parking spaces. There will also be an addi- tional trailer/outside storage lot that can support up to 29 trailer drops. Both buildings share a deep truck court to allow movement of large tractor trailers, with

4A — June 2024 — DelMarVa — M id A tlantic Real Estate Journal

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D el M ar V a Paul Hanafin of Berkadia represents seller, a private family trust Valore Ventures acquires 30,000± s/f industrial facility in Hyattsville, Maryland H YATTSVILLE, MD — Real estate investment and management firm

renovate the property with new roofing and exterior and interior upgrades to provide a contem- porary warehousing facility for Spacesaver Interiors , a commercial storage and interior solutions company it acquired in partnership with Grays Peak Capital in late 2022. “We are thrilled to complete another acquisition that dem- onstrates Valore Ventures’ dexterity in the investment sec- tor,” said Kenny De Angelis , principal of Valore Ventures. “We were able to identify this value-add opportunity in sup- port of Spacesaver Interiors’

expansion to meet surging need for commercial storage and automation solutions across a variety of industries.” The well-timed transaction is the latest by Valore Ven- tures, which invests in oper- ating companies, commercial real estate and redevelopment of diverse value-add proper- ties, according to De Angelis. “We continue to see robust demand for the type of flexible strategies we pursue to unlock value in diverse assets across the US.” KLNB’s Chris Kubler represented Beverly Hills, CA-based Valore Ventures in the transaction. The seller, a private family trust, was rep- resented by Paul Hanafin of Berkadia . MAREJ Brotzman of SVN | Miller CRE leases hydroponic farm Hydroponic Greenhouse SALISBURY, MD — Flo Brotzman , senior advisor with The Hanna Team at SVN | Miller Commercial Real Estate , recently leased the Hydroponic Greenhouse on Little Lane in Salisbury. The Hydroponic Farm was leased to Murat Kilic , an ex- perienced hydroponic farmer. He plans on being able to bring fresh produce to the Delmarva area very quickly. Andy Hol- loway , owner of the hydro- ponic greenhouse said, “We knew it would take a unique tenant with a specific skillset to lease this property on our family land. Flo delivered.” Hydroponics is a produc- tion method where plants are raised in various growing mediums and suspended in nutrient-rich water instead of soil. Hydroponics eliminates all unnecessary components of traditional farming. A soilless process minimizes the risk of invasion by bugs and weeds into the growth environment. This ensures a cleaner and simpler process. MAREJ

Valore Ventures has acquired a nearly 30,000 s/f industrial property in Hyattsville. Situated on a 1.4-acre site, 5115-5117 Lawrence Place is permitted for light manu- facturing, warehousing and distribution. The property features 18 ft. clear ceilings, interior and exterior loading docks, and substantial surface parking. It is proximate to ma- jor arterial roads and within 12 miles of Washington, DC. Valore Ventures plans to

5115-5117 Lawrence Place

R etail D evelopment R eimagined

M id A tlantic Real Estate Journal — Retail Development Reimagined — June 2024 — 5A

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Michael Horne of Ripco Real Estate, LLC represents tenant Welco Realty brings Boot Barn to Northern NJ with 20,000 s/f lease at 450 Rte. 17 North, Paramus

P ARAMUS, NJ — Jerry Welkis , presi- dent of Welco Realty

“We were very excited to be able to bring Boot Barn, a prominent boot & shoe retailer to Northern, New Jersey, said Welkis. Our clients, Linda & George Yiannou , are excited to have Boot Barn as their new tenant and feel they will be very complimentary to the ad- joining tenant, DXL Clothing.” Boot Barn started out in 1978 supporting the western lifestyle exclusively and have expanded their brands with all their customers and their various lifestyles in mind. Boot Barn serves the iconic American cowboy, from the ranch to the rodeo arena. Boot Barn Work supports

the American worker, from the oil & gas industry to agriculture. Boot Barn Just Country serves the avid out- doorsman and thrill seeker, from hunters and anglers to those who run on pure adrenaline and grit. Won- derwest by Boot Barn caters to fashion enthusiasts who are drawn to the fusion of women’s mainstream and western-inspired pieces. Boot Barn Commercial Ac- counts supports businesses and their workers nation- wide with large quantity purchases, a customized program, and a one-source nationwide supplier. MAREJ

represented the land- lord, Para- mus, New Jersey Roll- er Skating Arena, Inc. in the leas- ing of 20,000 s/f to Boot Barn locat-

Jerry Welkis

ed at 450 Route 17 North, Paramus. Michael Horne, Ripco Real Estate, LLC represented the tenant. This will be their first store in Bergen County.

Boot Barn

PREIT unveils roster of new stores at Cherry Hill Mall

CHERRY HILL, NJ — Cherry Hill Mall, PREIT’s crown jewel, unveils a dy- namic roster of new stores and strategic lease signings, signaling ongoing growth and a commitment to providing top-tier shopping experi- ences. The mall, known for its rich history and status as a prime shopping hub, con- tinues to adapt to consumer trends by introducing brands that resonate with and excite today’s shoppers. New Stores and Opening Details: ● Alo Yoga: Known for promoting mindfulness and wellness through high-qual- ity, fashionable activewear and yoga-inspired lifestyle products, Alo Yoga plans to open for the 2024 Holiday Season. ● Kendra Scott: A favor - ite for unique jewelry and elegant accessories, open- ing anticipated for the 2024 Holiday Season. ● Dry Goods: Offering an array of on-trend women’s fashion and accessories, Dry Goods will be new to the Philadelphia market. ● Rowan: Specializing in a safe and modernized ear piercing experience, Rowan is expected to begin piercing in South Jersey in Spring 2025.

Cherry Hill Mall

● Signature Workspace: An innovative co-working space provider, expected to open its doors in Summer 2024, further solidifying the mall’s multi-uses dedicated to meet- ing needs beyond retail. The newly signed leases will cement the mall’s place as a regional destination for ex- ceptional style and outstand- ing cuisine, with expected openings filling the calendar throughout the upcoming

year. Cherry Hill Mall is look- ing forward to soon welcoming another dynamic dining desti- nation known for Asian fusion cuisine, Kooma Asian Fusion and Sushi Bar, at its first New Jersey location this sum- mer. Inspiration Co., which opened in April, is already welcoming customers to shop its inspirational bracelets. Vince Vizza , first vice president of leasing at PREIT, said, “We are thrilled to wel-

enclosed malls built on the East Coast of the US. The mall has a long-standing reputation as one of the out- standing retail properties in the metro Philadelphia market. The 1.35 million s/f center is situated on 85 acres on Route 38 in Southern NJ, about eight miles from Center City Philadelphia. It is easily accessible from Philadelphia by several major bridges and roadways. MAREJ

come these exceptional new brands to Cherry Hill Mall, reflecting our commitment to providing the highest quality shopping experience and our promise to evolve and adapt to ensure we meet the demands of our discerning shoppers, af- firming our position as a pre - mier shopping destination.” Cherry Hill Mall, a super- regional shopping center lo- cated in Cherry Hill, New Jersey, was one of the first

6A — June 2024 — Retail Development Reimagined — M id A tlantic Real Estate Journal

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R etail D evelopment R eimagined

Danielson brokers sale of Heartland Dental in Fairfax, VA Horvath & Tremblay brokers the sale of Mid Atlantic props.

Vantage completes leases of 4 retail spaces at Blue Bell Corner

M ID ATLANTIC — Horvath & Trem- blay has completed the sale of three Mid-Atlantic retail properties for $5,711,111. Kyle Danielson of Horvath & Tremblay has successfully completed the sale of Heartland Dental in Fairfax, VA. Horvath & Tremblay represented the seller and procured the buyer to complete the transaction at a sale price of $2,650,000. Heartland Dental is located at 13045 Lee Jackson Memorial Hwy. in Fairfax, VA. Heartland Dental was constructed in 2002 and has 8 years remaining on their double net lease with four, 5-year renewal options. The Lease calls for 10% increases every five years throughout the primary term and at the start of each of their renewal options. The 2,638 s/f build- ing is situated on a 0.93-acre parcel and features an attrac- tive architectural design. The property is a pad site within the Greenbriar Town Center, anchored by Giant, CVS, and Marshalls. Located along Lee Jackson Memorial Hwy., the area’s primary commercial cor- ridor, the property is surround- ed by national retailers and restaurants that drive traffic to the area and is also convenient to several densely populated residential neighborhoods pro- viding a built-in customer base. Heartland Dental is 2.5-miles from I-66 and is minutes from a large office and industrial corridor positioned just north of Dulles International Airport. Austin Smith of Horvath & Tremblay has successfully

Blue Bell Corner

of these businesses brings something special to the cen- ter, enhancing the shopping experience for our community. With just one space left, we look forward to completing our vibrant mix of tenants.” In Mount Laurel, NJ, Van- tage Commercial announced the successful leasing of space in The Ellipse Shopping Center at 4201 Church Rd. The prime location, formerly occupied by “Good Foods to Go” has now found a new tenant in Boaggio’s Bread, thanks to the diligent efforts of John Doss , senior advisor, and Ken Richard- son , vice president at Vantage Commercial. Boaggio’s Bread, a renowned bakery known for its artisanal bread and pastries has signed a long-term lease to occupy the space, bringing its delectable offerings to the heart of Mount Laurel. The decision to lease at The Ellipse Shopping Center underscores Boaggio’s Bread’s commitment to providing quality baked goods to the community. “We are thrilled to have facilitated this long-term lease agreement between Boaggio’s Bread and The El- lipse Shopping Center,” said John Doss. “Boaggio’s Bread is a fantastic addition to the center and we are confident that their presence will fur- ther enhance the shopping and service experiences for residents and visitors alike.” Richardson added, “The nego- tiation process was smooth and we are delighted to have assist- ed both parties in reaching a mutually beneficial agreement. The addition of Boaggio’s Bread not only fills a vacancy but also brings a unique culinary offering to the community.” The Ellipse Shopping Center continues to be a vibrant hub for retail, dining and service experiences in Mount Laurel, offering a diverse range of businesses and services to meet the needs of the local popula- tion. Boaggio’s Bread’s arrival further solidifies the center’s reputation as a premier desti- nation for shopping and service experiences. MAREJ

AMBLER, PA — Vantage Commercial announced the successful leasing of four prime retail spaces at Blue Bell Cor- ner, located on W. Butler Pike in Ambler. This shopping cen- ter continues to thrive, now featuring a diverse range of tenants including a nail salon, a hair salon, Manhattan Bagel, and a women’s boutique. With only one vacancy remaining, Blue Bell Corner is quickly becoming a premier destination for shoppers in the area. Emily Stein , managing director, and Vince Ceroli, senior advisor at Vantage Commercial represented the landlord in all of the transac- tions, and acted in a dual role with the boutique and hair salon tenants. New Tenants Elevate Blue Bell Corner’s Appeal: 1. Nail Salon: Offering a full range of manicure and pedicure services, the new nail salon promises to provide a relaxing and luxurious experience, with an inviting atmosphere de- signed to attract both regulars and new visitors. 2. Hair Salon: This chic hair salon is set to become the go-to place for stylish haircuts, col- oring, and treatments. With a team of skilled professionals, the salon aims to meet the grooming needs of the com- munity while delivering top- notch service. 3. Manhattan Bagel: Known for its freshly baked bagels, delicious sandwiches, and cof- fee, Manhattan Bagel adds a flavorful dimension to Blue Bell Corner. It’s the perfect spot for breakfast, lunch, or a quick snack, attracting food lovers of all ages. 4. Women’s Boutique: The new women’s boutique will offer a curated selection of high-end fashion-forward clothing, acces- sories, and unique pieces. Ca- tering to the latest trends and timeless styles, the boutique is poised to become a favorite among local shoppers looking for quality and style. “We are thrilled to welcome these new tenants to Blue Bell Corner,” said Ceroli. “Each

Heartland Dental in Fairfax, VA

completed the sale of Dollar General in Wilmington, DE. Horvath & Tremblay repre- sented the seller to complete the transaction at a sale price of $1,950,000. Dollar General is located at 1900 N Market St. in Wilmington, DE. Dol- lar General commenced a 15-year Absolute Net Lease in 2015 that has 6+ years of term remaining followed by five, 5-year renewal options. The lease features 10% rent increases at the start of each renewal option. The property is positioned at the signalized intersection of E 19th St. and US Hwy. 13 BUS, one of the area’s primary commercial and commuter corridors tra- versing Wilmington. Dollar General benefits from excel - lent visibility and frontage in a densely populated neighbor- hood just northeast of the city center. The property is easily accessible from the area’s pri- mary roadways including I-95 and 495, US Hwy. 13, and DE Rtes. 3, 4, 9, and 202. More than half of all Fortune 500 companies call Wilmington their corporate home. Kyle Danielson and Jason Prior to joining LMC, Pa- checo was senior VP/control- ler at Russo Development. She previously held positions at Colgate Development, The Lightstone Group and Simon Property Group. She earned a bachelor’s degree in accounting from Northeastern University. “We welcome Lilian to Levin Management,” said Tavaglione. “Her extensive industry knowledge and strong leadership undoubt- edly will enhance our ability to serve clients in an accurate

Woods of Horvath & Tremblay have successfully completed the sale of an AutoZone in Nottingham, MD. Horvath & Tremblay represented the seller and procured the buyer to complete the transaction at a sale price of $1,111,111. Au- toZone is located at 8601 Belair Rd. in Nottingham, MD. The new construction AutoZone is positioned on a 0.90-acre par- cel and has 19+ years remain- ing on their Absolute NNN Ground Lease with four, 5-year renewal options. The Absolute NNN Ground Lease calls for an attractive 8% rent increase in years eight and sixteen of the primary lease term and at the start of each of the renewal options providing the investor with an attractive increase in revenue and a hedge against inflation. The new construc - tion AutoZone is located at the signalized intersection of Neckar Ave. and Belair Rd., the area’s primary commercial corridor. The property benefits from outstanding visibility and frontage and is surrounded by densely populated residential neighborhoods providing a built-in customer base. MAREJ For seven decades, LMC has served as a single-source provider for institutional, family office and high-net- worth investors/owners. The company’s diversified, retail- focused portfolio includes 125 properties totaling more than 16 million s/f in the Northeast and Mid-Atlantic states. Its full suite of ca- pabilities includes property management, leasing, finan - cial management and report- ing, construction manage- ment and development, lease administration, marketing services, and acquisition and disposition consulting services. MAREJ and timely manner during this exciting time of company and portfolio growth.”

NORTH PLAINFIELD, NJ — Levin Management Corporation (LMC) has an- Levin Management appoints Pacheco as controller ideas and technologies makes it an attractive place to work. I look forward to utilizing my skillset to contribute to Levin’s continued progress and success.”

nounced the appointment of Lilian Pacheco as controller. The Rah- way, resi- dent brings 20 years of diverse ex- perience to

Lilian Pacheco

her new position at the North Plainfield-based commercial real estate services firm. “Levin Management has an impressive reputation in the real estate industry,” said Pa- checo. “The company’s signifi - cant growth and a corporate culture that embraces new

F inancial D igest

M id A tlantic Real Estate Journal — June 2024 — 7A

www.marej.com

ORRISTOWN, NJ — JLL Capital Markets announced M $93M in financing secured from Bank OZK for Matrix Logistics Park – Mount Olive JLL Capital Markets reps. Matrix Development Group in arranging financing for industrial park

team was led by senior man- aging directors Thomas Di- dio and Jim Cadranell , managing director Thomas E. Didio, Jr. , vice president Michael Lachs, and analyst Olivia Doody . “We continue to see very strong interest for to-be- built speculative industrial from a range of debt capital sources. Ultimately, Bank OZK stepped up to the plate to deliver an attractive so- lution for Matrix and their development partner. Thank you to the Matrix Team for entrusting JLL to help bring to life this class A industrial park,” said Didio. “Bank OZK is pleased to provide construction financ - ing for this large-scale class A industrial development that will serve as a convenient, flex - ible and accessible distribution hub,” said Dave Sarner , man- aging director of originations at Bank OZK. MAREJ

that it arranged $93 million in financing for Matrix Logistics Park – Mount Olive, a two- property, under-construction, class A warehouse and distri- bution industrial park totalling 781,748 s/f in Mount Olive. JLL worked on behalf of the borrower, a Matrix Devel- opment Group led venture, and secured the loan from Bank OZK . The property at 2000 In- ternational Dr. is situated on 13.629 acres and totals 196,748 s/f. Key building features include single-side loading capabilities, 36-foot clear height, 34 loading docks, two drive-in doors, 110 parking spaces and 43 trailer parking spaces. The second property is lo- cated at 3000 Continental Dr., a site redeveloped from the former BASF United States

location in Northern NJ and access to I-80 has made the town a heavily demanded location for families, com- mercial uses and industrial users for decades. The project is within Mount Olive’s Inter- national Trade Zone, home to numerous research, develop- ment, and manufacturing companies. The International Trade Zone is designated as Matrix Logistics Park – Mount Olive

headquarters. The building totals 585,000 s/f and includes 40-foot clear heights, cross- dock configuration, 107 load - ing doors, four drive-in doors, 306 parking spaces and 142 trailer spaces. The portfolio is in Mount Olive in the western section of Morris County, along the I-80, Rte. 206 and Rte. 46 cor- ridors. Mount Olive’s central

a Foreign Trade Zone, which allows companies to reduce costs associated with import- ing and re-exporting goods to foreign countries. Addition- ally, the project is within walking distance of Mount Olive Train Station, provid- ing NJ Transit Rail Service along the Morristown and Montclair-Boonton Lines. The JLL Capital Markets

NewPoint sponsored fund provides $13.3 Million in 501(c)(3) Tax- Exempt Bond Financing for affordable housing in Washington, DC

transaction’s structure and District funding. “This closing marks a major milestone for the District of Columbia – it was funded without low-income housing tax credits and is the District’s first 501(c)(3) municipal bond issuance funded by the Office of the Mayor for Planning and Economic Development to rehabilitate residential housing,” said Pamela Lee , assistant vice president of development at NHPF. “The close collaboration between public and private groups sets a new standard for successful deal execution.” The garden-style apart- ment community features a mix of two-bedroom and three-bedroom units ranging in size from 850 to 1,000 s/f. Community amenities include a laundry room, a playground, and surface parking. In addi- tion, residents have access to the adjacent Villages at Park- lands Splash Park, an 80,000 s/f waterpark and pool. MAREJ

million in deferred fees and other sources. These resources will support long-term afford- ability and significant energy- efficiency improvements. Ridgecrest Phase II was previously operated as part of the larger Ridgecrest Village, a 1951-built development that was purchased by NHPF in 2019. After recapitaliza- tion, 20% of Ridgecrest Phase II’s units will be restricted at 30% of AMI to serve as per- manent supportive housing. The remaining 80% of units will be restricted at 50%, 60% and 80% of AMI per HPTF rent thresholds. Ridgecrest Phase II is among the first rehab proj - ects of its size to transition to fully electric energy sources, aligning with District of Columbia goals for decar- bonization. The aggressive plan to enhance energy ef- ficiency is traditionally cost- prohibitive for affordable housing communities, but made possible through the

WASHINGTON, DC — NewPoint Impact Fund I (the “Fund”) has provided $13.3 million in 501(c)(3) bond financing to facilitate the acquisition, rehabilita- tion, and recapitalization of Ridgecrest Apartments Phase II, a 128-unit afford- able housing community located in the Anacostia sub- market of southeast Wash- ington, DC. The borrower is The NHP Foundation (NHPF) , a New York-based not-for-profit developer that specializes in affordable hous- ing. NewPoint Real Es- tate Capital (NewPoint) senior managing director Bryan Dickson arranged and structured the tax-ex- empt construction-to-perma- nent phased bond financing through the NewPoint Impact platform. The transaction represents the inaugural residential rehab financed by the District of Columbia’s Revenue Bond program sup- ported through a tax-exempt

Ridgecrest Apartments

501(c)(3) bond transaction. “This creative transaction involved a sophisticated joint effort between NewPoint, NHPF, DC Green Bank , and local agencies, including the Office of the Deputy Mayor for Planning and Economic Development, Department of Housing and Community Development, and District of Columbia Housing Au- thority ,” Dickson said. “A willingness to explore an al- ternative solution in place of LIHTC resulted in a smart and

efficient construction-to-perm financing that will revitalize an aging asset and create long-term affordable and sup- portive housing.” The $13.3 million in fund fi - nancing will be combined with $29.2 million in soft debt and grants from DC Department of Housing and Community Development (DHCD) , in- cluding Housing Production Trust Funds (HPTF), $2.3 mil- lion in subordinate debt from DC Green Bank to execute the rehabilitation, as well as $2.2

8A — June 2024 — Creative Financing — M id A tlantic Real Estate Journal

www.marej.com

C reative F inancing

Reynolds closes $16M refi. for Lawrenceville, NJ office park

Providing financing that supports sustainability goals DCPACEProgram&Peachtree Group secure $3.5 Million

LAWRENCEVILLE, NJ — After acquiring ownership of the Princeton Pike Office Park in 2022 and making significant improvements, Reynolds As - set Management (Reynolds) , in partnership with investors Capital Solutions , secured a $16 million loan to refinance the property. Located at 3131 Princeton Pike in Lawrencev- ille. Reynolds worked with the lenders at Northwest Bank to refinance the original acquisi - tion loan over a five-year term with a 6.60% fixed rate. “Working closely with Law- rence Township, our partners, and the property’s existing tenants over the past two years, we’re proud to have improved the property and increased occupancy, leading to the successful stabilization of the property,” said founder and CEO of Reynolds Asset Management, Lou Reynolds . “Central to Reynolds Asset Management’s mission is in- vesting in communities and this project is a great example of how we’re doing just that here in Lawrenceville.” In April 2022, Reynolds acquired the Princeton Pike Office Park, beginning an intricate process to stabilize the largely vacant office park. At the time, the six-building complex was approximately 50% vacant. In collaboration with Newmark Group, a com- mercial real estate advisory and services firm, Reynolds relocated, consolidated, and signed renewals and expan- sions of existing office tenants into three of the six buildings which were all renovated with new flooring, ceilings, walkways, bathrooms, interior

ASHINGTON, DC — The DC PACE Program and Peachtree Group announced the closing of $3.5 million in fi - nancing to improve the sustain- ability and energy efficiency of a new five-story mixed-use building in Ward 5. This proj- ect will include solar panels, insulation, LED lighting, and energy-efficient water fixtures and elevators. These measures will result in estimated annual reduction in electricity usage of 134,279 kWh and annual water reduction of 326,050 gallons, saving more than $2 million over the expected life of the equipment. The completed building at 1717 Hamlin St. NE will deliver 26 homes and 1,500 s/f of retail space. The new building is anticipated to create up to 18 permanent jobs. “This project shows the best of what the DC PACE Program has to offer: clean and sustain- able development, access to capital for a small business owner, and investment in a historically underserved community,” said Ronald Hobson , DC PACE Program director. “We are proud to con- tinue this valuable partner- ship with Peachtree Group to provide flexible financing that W

and exterior LED lighting, fresh exterior paint and sig- nage. In addition, the office buildings’ parking lots were repaired and landscaping was updated. Reynolds success- fully stabilized the property by boosting occupancy of the three buildings and today, on account of the work completed, occupancy is over 95%. “Having worked with Reyn- olds on the acquisition loan, we immediately saw the team’s dedication to the revi- talization of the site,” said Abe Ibrahim , commercial banking executive at Northwest Bank. “We share in their vision of creating a welcoming, sought- after office space and one that will attract new tenants in the years to come.” “Reynolds’ unparalleled ex- pertise and professionalism made for a smooth reloca- tion process for the property’s existing office tenants,” said Rob Loderstedt , managing director in Newmark’s East Brunswick, New Jersey office, who executed new leases and tenant activity. “As Reynolds continues to breathe new life into this development, we’re excited to further our collabora- tion, and bring in new tenants to the site.” MAREJ Renovated lobby of Princeton Pike Office Park.

1717 Hamlin St. NE

supports developers of all sizes while helping to achieve our sustainability goals.” With this project, Peachtree Group, formerly known as Stonehill PACE, has now suc- cessfully invested more than $20 million in projects in the District through the DC PACE Program. These four projects are estimated to reduce energy use by more than 4.2 million kWh annually – the equivalent of more than 570 homes. “We are excited to partner again with the DC PACE Pro- gram and proud to have in- vested more than $20 million in the District with commercial PACE to date,” said Jared

Schlosser , EVP and head of CPACE at Peachtree Group. “Commercial PACE enables the refinancing of completed and ongoing construction projects. In today’s market, this trans- lates to fresh capital infusion to manage ongoing expenses and debt service, which helps owners meet their obligations.” “The DC PACE Program and Peachtree Group empowered us as a resident-owned Certi- fied Business Enterprise to in - vest in making this new build- ing energy efficient and bring - ing much needed housing to Ward 5,” said Mel Negussie , owner of NT Group , the de- veloper of the property. MAREJ

BALTIMORE, MD — MCB Real Estate has wel- comed Jared Stile, CPA, MCB Real Estate hires Stile, CPA, MBA as new CFO treasury management, tax and audit, reporting and FP&A. As MCB continues to expand, Stile’s expertise in leading financial strategies and accounting operations for MCB’s diverse commercial real estate portfolio will be invaluable, particularly his hands-on guidance, structure, and solid financial discipline. “Jared’s background and industry proficiency are a natural fit for MCB,” said P. David Bramble , co-founder of MCB. “Throughout his career, whether he’s been called upon to build relation- ships, engage in tough negotia- tions, or coordinate on complex transactions, Jared has consis- tently demonstrated a level of professionalism that sets the benchmark for his position.” Stile most recently served as CFO at Questar Properties where he managed all budget- ing activities for property and corporate operations, oversaw all treasury management functions, and worked with external auditors to ensure the seamless coordination of schedules. MAREJ Lument expands real estate capital markets team MBA as the company’s new CFO. In this new posi- tion, Stile’s primary re- sponsibility will be the oversight, di- rection, and execution across all finance and accounting activities at MCB, includ- ing, among other functions, Jared Stile

Investment Real Estate promotes Kyle Eichelberger to controller

YORK, PA — The Invest- ment Real Estate Group of Companies (IREGC) an-

rise through the company gives him a unique perspective that will allow him to lead and make the necessary financial decisions for the accounting department and the company as a whole.” In his new position, Eichel- berger will play an integral role in helping to drive the company’s growth by stream- lining office operations and providing clear and concise analytical information and leadership for key decisions. “Since joining IREGC, I’ve been able to hone my account- ing and leadership skills,” said Eichelberger. “I’m looking for- ward to continuing that while collaborating with other teams across company.” MAREJ

nounced the promotion of Kyle Eichel - berger to controller. E i c h e l - berger joined IREGC in 2020 as a staff accoun- tant and has

NEW YORK, NY — Lument has doubled the size of its real estate capital markets team, expanding the array of capital solutions it offers multifamily investors and extending the company’s reach to all major commercial real estate sectors. The team is under the leader- ship of senior managing direc- tor Rick Warren and now in- cludes some of the leading real estate capital markets experts

in the industry. They collective- ly secure or place an average of $1.44 billion annually across a wide range of asset classes. Lu- ment’s capital markets group recently opened a new office in East Rutherford, NJ. “In this economy, it is more important than ever to have a wide range of options to offer clients,” said Lument CEO James Flynn . “Our decision to create a capital markets

group of this caliber reflects our determination to connect an even broader universe of investors with the capital they need to pursue their goals.” Through this initiative, Lument now offers a broad selection of alternative debt and preferred equity finance solutions from such capital sources such as banks, debt funds, life companies, and conduits. MAREJ

Kyle Eichelberger

since been promoted twice before now being named IREGC’s controller. “As the controller, Eichel- berger will continue to be a key member of the IREGC team,” said Brandy Meyer , director of finance for IREGC. “Kyle’s

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