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P Arts + Crafts Holdings buys five-property portfolio in Philadelphia Colliers International concludes investment sale for $36 million HILADELPHIA, PA — Colliers Interna- tional | Philadel-
ISSUE HIGHLIGHTS Volume 30, Issue 4 Feb. 23 - March 15, 2018 SPO TLIGHTS COMMERCIAL OFFICE ENVIRONMENTAL GREEN BUILDINGS STATUE OF LIBERTYMUSEUM TOPS OFF ON LIBERTY ISLAND CONSTRUCTION Section C
phia concluded the sale of a five-property portfolio to Arts & Crafts Holdings for $36.0 million in the East Callowhill section of Philadelphia, which is on track for a rebirth. Lo- cated north of the Center City Business District, and nestled between a major roadway and two cross city arterial routes, it is one of the last remaining swaths of raw developable land in the City. The five properties are part of the Willow Management Corporation’s family-owned portfolio of industrial and of- fice buildings stretching from Second St. to the east, Ninth St. to the west, Callowhill St. to the south, and Spring
million s/f of what it has cal- culated to be a 2 million s/f office submarket. Arts & Crafts Holdings is an active investor and the leading developer on the northern edge of Center City Philadelphia. Affiliates of Arts & Crafts Holdings currently own in excess of 1,200,000 s/f of commercial, residential & mixed use real estate. Arts & Crafts is fo- East Callowhill section of Philadelphia
Garden St. to the north. The sale encompasses over 195,000 s/f of commercial real estate properties/parcels. 1. 444 N 3rd & 309-15 Cal- lowhill St. 2. 437-461 N 3rd St. 3. 827 Spring Garden St. 4. 854-56 North 3rd St. + 302-308 Poplar St. 5. 600 Spring Garden St. The real estate company now controls in excess of 1.2
cused on establishing Phila- delphia’s authentic creative class commercial district at the northern edge of Center City Philadelphia. We seek to reimagine historic build- ings and the urban spaces between them creating a vibrant canvas for the new economy's entrepreneurs & makers. A neighborhood is more than the sum of its parts. n
5-16B
Sgambati and Loverde of Marcus and Millichap represent seller CenterPoint acquires 223,977 s/f facility at 27 DistributionWay in South Brunswick, NJ
PROFILES
SOUTHBRUNSWICK, NJ — CenterPoint announced the acquisition of a 223,977 s/f facility located at 27 Distribu- tion Way in South Brunswick. Ben Sgambati and Elsa Loverde of Marcus and Mil- lichap represented the seller. “This was an opportunity to acquire a fully leased build- ing in a very tight, Exit 8A submarket that has seen sig- nificant rental rate growth in
14A
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Shopping Centers.............................................5-12A Business Card/Billboard Directory.......................15A Owners, Developers & Managers............... Section B Commercial Office Properties Spotlight...... Section C
27 Distribution Way
the last 24-36 months,” said Evan Lippow , vice president of investments at CenterPoint. “This building benefits from above standard trailer parking and rail service – both features that attracted us to the invest- ment opportunity.” Located on 16 acres, the site is rail-served and has 28 load- ing positions. Additionally, the
site features a 220’ truck court and has 52 trailer parking spots, which exceeds market standards. With access to I-95, Route 130 and U.S. Hwy. 1, the site accommodates one to two daily trips to the Port of New York and New Jersey. “This is CenterPoint’s third acquisition in New Jersey in the last 12 months, and our
East Coast portfolio now con- sists of more than 12.5 million s/f located in the port related submarkets,” said PJ Charl- ton , senior vice president of investments at CenterPoint. “We have invested more than $2 Billion into the industrial sector in the last three years and look forward to continuing our growth in 2018.” n
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COLLABORATIVE CULTURE RELATIONSHIP FOCUSED DEFINED EXPERTISE
Heritage Valley Health Systems Rochester, PA $2,500,000
Little Sprouts Merrimack, NH $2,406,250
ConvenientMD Westbrook, ME $4,600,000
Manchester Retail Plaza Manchester, CT $8,382,758
Walgreens Dorchester, MA $3,814,286
CVS West Warwick, RI $7,453,326
McDonald’s Cortland, NY $1,250,000
Burger King Clayton, NC $2,050,000
Wendy’s Lakewood, NY $1,600,000
Closed $3,100,000,000 in Recent Transactions
Transactions 760 in 28 States
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M id A tlantic R eal E state J ournal Publisher, Conference Producer . .............Linda Christman AVP, Conference Producer ...........................Lea Christman Associate Publisher ......................................... Steve Kelley Associate Publisher ........................................... Kim Brunet Associate Publisher ..................................... Miriam Buttrick Senior Editor/Graphic Artist ..........................Karen Vachon Contributing Columnists: ..............................Lisa Cassidy, ecoImagine; Amy Lopez, Brockerhoff Environmental Services LLC; Joshua Zinder AIA, NCARB, LEED AP, JZA+D Postmaster send address change to: Mid Atlantic Real Estate Journal 350 Lincoln St, Suite 1105, Hingham, MA 02043 USPS #22-358 | Vol. 30, Issue 4 Subscription rates: $99 - one year, $198 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Phone: 781-740-2900 | Fax: 781-740-2929 www.marejournal.com The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal Mid Atlantic R eal E state J ournal ~ Published Semi-Monthly Periodicals postage paid at Rockland, Massachusetts and additional mailing offices
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N O R T H M A R Q C A P I T A L I S P L E A S E D T O A N N O U N C E
$80,000,000 IN NEW LOANS BY OUR BALTIMORE TEAM Gaithersburg, Baltimore, and Fulton, Maryland
Joshua Zinder, AIA, NCARB, LEED AP
Robust Amenities Offerings Critical to Successful Repositioning O wners and develop- ers considering re- positioning efforts to address the suburban of- fice park properties in their portfolios may not be aware of many of the available, cost- effective solutions. Competing for Class A tenants is within reach, in spite of the challeng- es associated with commercial campuses located well outside of urban centers. JZA+D, an architecture and interiors firm based in Princeton, New Jersey, has led many reposi- tioning efforts of this kind, the results leading to ongoing col- laborative partnerships with our clients. It is critical for the owner- developer to understand why tenant companies are at- tracted to leasable offices in urban settings, where the rent is typically high, spaces are small, and parking op- tions few. The primary reason is that these companies need to recruit and retain talented employees, a growing number of whom (soon to be a majority of the workforce, according to multiple studies) are mil- lennials. The conventional wisdom surrounding this demographic is that they — and the post-millennial gen- eration to follow — prefer a metropolitan lifestyle. This is an oversimplification. When given the option, people of almost any generation will express a preference for the lower costs and ample room associated with the suburbs. This holds true for millennials and post-millennials as long as they perceive they would not sacrifice the highly integrated social atmosphere and density of social activity and amenities on offer in city centers. The key to successful repositioning of office park properties, there- fore, is to work with a design team that can guide a process aimed at replicating an urban lifestyle experience using cost- effective solutions. The primary focus of such efforts pertains to amenities. Living and working ‘down- town’ affords dining, retail, service, and entertainment options within close range. Redeveloping a property’s
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shared spaces with robust amenities offerings position the property to compete with office space in the city, and may provide secondary ben- efits as well. Some offerings are essential, such as a café with healthy, enticing food options, while other offerings represent likewise high-value additions to a property: ex- tended-hours food and retail kiosks, fitness equipment with lockers and showers, and even less common options like a drop-off laundry/dry clean- ing counter, or a golf simula- tor. Amenities like these help to position a property as an attractive alternative to city offices, and may simultane- ously create new revenue streams for the owner. This approach to reposition- ing also creates a win-win scenario for the owner and tenant firm: The availability of shared amenities on site re- lieves the tenant of providing certain amenities within their office footprint, allowing them to consider renting a smaller space, which in turn makes it possible for the owner to increase the per-square-foot rental rate, even as the ten- ant firm perceives they have saved substantially on facili- ties costs. Additionally, tenant firms often find that their em- ployees are more inclined to work longer hours, since they have options for food, fitness, and more just steps away. In addition to amenities, effort should be made to rep- licate the highly integrated social atmosphere of an urban center. One approach would be to provide lounge areas and break spaces with comfort- able furniture arranged for occupants to relax, work, or hold informal meetings as they choose. Making Wi-Fi avail- able promotes an atmosphere of connectedness associated
with urban locales, especially when supported with charging stations for devices through- out common areas, even in- tegrated into furnishings. To create a sense of place, community, and belonging, a water feature or sculptural installation can go a long way. Finally, successful repo- sitioning projects typically include significant aesthetic upgrades. Common areas of commercial office buildings designed decades ago are often dark and unwelcoming, but transforming them into bright, inviting spaces for col- laborating or eating and re- laxing is not only achievable, but can be a part of making the facility more sustainable. Many such projects combine light-colored interior finishes and elegant lighting solutions with added transparencies that increase the penetration of natural daylight. Designs that integrate these elements can reduce electrical con- sumption while creating that sense of place that building occupants will appreciate. Further integrating bespoke elements such as graphic art or custom furnishings can even contribute a sense of authenticity — the feeling that the space is organically, intrinsically meaningful — another attribute that mil- lennials and post-millennials gravitate toward. Joshua Zinder, AIA, is founding partner of Josh- ua Zinder Architecture + Design (JZA+D), an ar- chitecture and interiors practice headquartered in Princeton, New Jersey. The firm's international portfolio includes com- mercial, hospitality, re- tail, and residential proj- ects, as well as product, furniture and graphic designs. n
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M id A tlantic R eal E state J ournal Weiss Realty reports banner year of sales & acquisitions
M OONACHIE, NJ — Jaime Weiss , presi- dent of Weiss Real-
161,000 s/f at Commerce Park at the Midwestern Inland Port in Decatur, Illinois to Caterpil- lar. “Overall 2017 was very suc- cessful, Our firm is well-poised to continue that momentum into 2018” said Weiss who just celebrated his 50th An- niversary in the real estate industry where he began as a sales trainee in 1967 at Cross &Brown. JaimeWeiss has long been recognized as one of the premier industrial brokers in the country. Recognized for its expertise and total client commitment, svide comprehensive indus- trial, retail, leasing, sales and investment services to both owners and tenants. Weiss Realty’s current portfolio com- prises almost two million s/f of space. n
and Professional Office Park Colonial Village in Edison, NJ, Matthew Weiss, the centers leasing and managing agent, completed 19,856 s/f of office and retail store leases that included the grand opening of Edo Sushi and Fat Cup, a highly rated fast food restau- rant that serves Japanese and Korean cuisine. In Tenafly, Bergen County NJ the Weiss firm arranged a long term lease of the 2,500 s/f former Friendly’s restaurant located at 114 County Rd., Tenafly, NJ to I Fish, a unique Asian/Chinese fusion restau- rant. The successful grand opening was held in April. In addition Weiss Realty’s 2017 significant transactions extended beyond the state of New Jersey. This past year the Weiss Realty firm leased
ty , a leading New Jersey based full- service com- mercial real estate bro- kerage and investment company an- nounced that
1800-1836 West Lake Ave., Neptune, NJ
Jaime Weiss
his firm successfully completed 23,000 s/f of office and retail lease transactions and 16,025 s/f of medical office leases and property sales in excess of $35 million in 2017. “We are very proud of our accomplishments that demonstrate our exper- tise, commitment and unique professionalism which Weiss Realty brings to the market- place” said Weiss. Among Weiss Realty’s ma- jor sales transactions was the purchase of the 48,492 s/f 3-story office building located at 1800-1836 West Lake Ave., Neptune NJ for $8.6 million. The property is 98% occupied and tenants include Hack- ensack Meridian Health, the Department of Treasury for the State of NJ and West Lake Pharmacy. In June Weiss com- pleted the acquisition of the 11,726 s/f former La Furniture Warehouse retail store in New- ark, NJ located off Broadway and Bloomfield Ave. at 262-270 Broad St. In another key transaction, Weiss arranged the $6.35 mil- lion sale of the 130,180 s/f 2-story office building located at 34Maple Ave. in Pine Brook, NJ. Located in the Parsippany office submarket, the building is situated on 10.42 acres and prior to the sale Weiss acted as the exclusive property man- ager and leasing agent. “We recognized the properties flex- ible zoning, making the build- ing ideally suited for a variety of industrial and office uses and the buildings visibility on Rte. 80 created a good buying opportunity to the buyers, iStar Realty, LLC” said Weiss Realty’s Matthew Weiss . And just this December Weiss announced the signing of 16,025 s/f of medical office leases with an aggregate rent- al of $5,504,250 at Kennedy Medical Center, 3196 Kennedy Blvd. in Union City, NJ. Sanitas of New Jersey, LLC, an independent health care organization with specialized healthcare services and ur- gent care clinics, signed a 12 year lease for 14,375 s/f on the
262 Broad St., Newark, NJ
34 Maple Ave., Pine Brook, NJ rheumatology practices in New Jersey, leased 1,650 s/f on the second floor with a 5 year lease. At the 70,000 s/f Shoppes
main level of this iconic, former Sears art deco building. Rheu- matology Associates of North Jersey, one of NJ’s largest
Building sound relationships on a solid foundation. Weiss Realty represents a broad range of private investors, retailers, property owners, and corporate clients. As a respected client you are assured more than ever before a level of service and expertise that makes our company synonymous with significant real estate transactions. 250 Moonachie Road, Moonachie, NJ 07074 p: 201.814.1800 f: 201.814.1811 [email protected]
www.jweissrealty.com
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LUE BELL, PA — Kaplin Stewart Mel- off Reiter & Stein, And a member of the Estates, Admin. &Planning dept. Kaplin Stewart adds Begley, III, Esquire as a principal B
Maryland/District of Columbia Region Keller Williams names Menkiti new regional director
University Office Plaza announces leasing activity NEWARK, DE — In con- tinuing with their successful small space program, Shel- bourne University announces the following signed leases aimed at housing technology companies, healthcare and service providers, nonprofit organizations, and tenants seeking micro-offices at Uni- versity Office Plaza. Chiro- practic and Muscle Therapy and Extreme Scale Solutions both signed new leases bol- stering the healthcare and technology presence at the property. Shelbourne has also renewed and expanded leases with their long-stand- ing tenants, Thomson Re- uters and with the State of DE. The property continues to lease micro-offices through their small space program, newly built and all-inclusive turnkey suites ranging in size from 250 s/f to 20,000 s/f. n Kymber holds a GRI des- ignation in real estate and also earned two Masters De- grees in Social Work and Law and Social Policy from Bryn Mawr College. She is a found- ing member of the CPMG Foundation, is a member of the Board of Directors of the Washington, DC Association of Realtors (DCAR), and serves on the boards for several other local non-profit organizations. She previously served as the Greater Capital Area Associa- tion of REALTORS (GCAAR) Rookie Committee Chair, and as a member of the Keller Williams Capital Properties’ Agent Leadership Council. n tributes and more make her a perfect fit for this role,” said Mike Brodie , co-owner and operating partner, Keller Williams Maryland/DC re- gion. “We’re very pleased that Kymber has accepted this important position, and we know she’ll bring passion and great energy to expanding the Keller Williams presence in the region.” Prior to her appointment as regional director, Menkiti served as president of sales for The Menkiti Group and MG Residential, where she led the Washington, DC-based award- winning sales team in assist- ing more than 2,100 families in real estate transactions, and to more than $700 million in sales volume since 2007.
WASHINGTON, DC — Keller Williams Realty an- nounced that Kymber Lovett
Department at Capehart & Scatchard located in Mount Laurel, NJ. Begley brings a depth of experience to our firm as he is a Certified Elder Law Attorney and has fre- quently authored materials and lectured nationally on topics ranging from estate and tax planning, estate and trust administration, special needs and public benefits planning and estate litigation. He has earned the prestigious AV rating by Martindale Hubbell and is often cited as a top attorney in Super Lawyers and other
publications. His knowledge and compassion for others will make him a tremendous asset to our clients. Begley is an alumnus of the George- town University Law Center and Georgetown University College of Arts and Sciences. Begley resides in Moore- stown, NJ where he grew up and where he is currently ac- tive in his church community. When he has time, he enjoys playing guitar and reading. His primary passion is his family which includes his wife, Ana, their five children and one granddaughter. n
M e n k i t i h a s b e e n a p p o i n t e d regional di- r e c t o r f o r Keller Wil- liams Mary- land/District of Columbia region. “ Kymb e r
P . C . a n - nounced the addition of Thomas D. Begley, III, Esquire as a principal and a mem- ber of the Estates, Ad- ministration & Planning
Kymber Lovett Menkiti
Menkiti is known throughout the real estate industry as a highly successful entrepre- neur, a smart businesswoman, and leader of a nationally- ranked KW team - these at-
Thomas D. Begley, III
department. Prior to joining the firm, he was a Co-Chair of the Wills, Trusts & Estates
BANKRUPTCY SALE Portfolio of Properties Available Throughout Maryland OFFERED IN WHOLE OR PART Inquire for Bid Deadline & Auction Dates • 57 Acre Industrial Yard, Baltimore City. Established income-producing property with over 130 rentals. • Waterfront Residential Compound, Glen Burnie, MD. 3 Residential parcels with homes on 7.5+ acres. • Single Family Residential Homes & Lots along MD’s eastern shore in Westover, Marion Station & Crisfield.
Mike Matlat • (631) 465-9508 [email protected]
S hopping C enters
Real Estate Journal — Shopping Centers — February 23 - March 15, 2018 — 5A
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Holliday Fenoglio Fowler represents the seller, EDENS JCR Companies acquires Manassas, VA Shopping Center for $31 million
M
planned or under construc- tion within three miles of the Center. Completed in 2008 on a 14-acre parcel, the property features five sleek, modern buildings with 482 parking spaces. “We are more bullish than ever on necessity-based neigh- borhood retail,” said JCR principal Joe Reger . “In fact, we hope to acquire over $100 million of retail property in the Washington, DC metropolitan region in 2018.” Reger added that JCR likes the fundamentals and rapid growth rate of Manassas. Center at Innovation is JCR’s second shopping center acqui- sition in Manassas, and its ninth suburban retail center acquisition since 2012. n and analytics. Moblty chief executive officer R ajesh Saggi explained that clients have noticed that Moblty has led to “bigger basket size, higher dwell time, greater loyalty club sign-up, and better product navigation and cross-channel support.” Moblty’s clients include high- profile brands across such sectors as beauty, wine and spirits, hospitality, and airport duty-free shops. “In a short period of time, global companies that have adopted Moblty’s platform in- clude L’Oreal, PepsiCo, LVMH, Wyndham, Advance Auto Parts and many more,” Saggi said. “As retail continues to re-invent itself, for the purpose of sur- vival, modernization, and digi- tization, Moblty is the firm to which businesses are turning.” He credits the State’s Tech- nology Business Tax Certificate Transfer (NOL) Program with helping his business grow. Administered by the EDA and the New Jersey Department of Treasury’s Division of Taxa- tion, this competitive program enables eligible technology and biotechnology companies to sell New Jersey tax losses and/or research and development tax credits to raise cash to finance their growth and operations. n
ANASSAS, VA — The JCR Compa- nies has acquired
the Center at Innovation in Manassas for $31 million. The 101,990 s/f shopping center, shadow-anchored by a Super Target, is over 90% leased to a mix of national, regional, and local tenants including TJ Maxx, PetSmart, Chick- Fil-A, Tropical Smoothie Café, GameStop, Verizon Wireless, and Red Robin. Holliday Fenoglio Fowler represented the seller, EDENS. JCR plans to sell the three pad sites that are currently leased to Chick-Fil-A, Sun- Trust Bank, and Red Robin, and to fully lease the inline space. The new ownership al- ready has begun negotiations TRENTON, NJ — Growing up, Eli Mechlovitz developed an affinity for interior design and mosaics by spending time work- ing in his family’s tile store. In 2006, at the age of 22, Mechlo- vitz acted on that passion and founded Soho Studio in his parents’ basement to provide high-quality and cost-effective tile solutions to customers. As a direct importer and wholesaler, Soho Studio pro- vides its customers with a diverse collection of over one thousand tiles, which have a wide variety of uses, such as backsplashes or flooring in both commercial and residential settings. The business’s initial focus was offering mosaic and “water jet” tiles, for which a high-pressure stream of water is used to cut precise patterns. In recent years, Soho Studio ex- panded its offerings by import- ing and distributing hundreds of styles of porcelain tiles. As it grew from its humble beginnings in Brooklyn, Soho Studio moved first into an 18,000 s/f facility and then to a 50,000 s/f facility, both in New York. In 2016, to accommodate further expansion, Soho Studio purchased a 275,000 s/f ware- house in Delanco and moved most of its operations to New Jersey. Mechlovitz cited the
Center at Innovation
with potential buyers for the pad sites. The Center at Innovation is strategically located on Nokes-
ville Rd. (VA-28) just west of the interchange with Prince William Parkway (VA-234), an intersection considered the
“Main and Main” of Manassas. Over 1,000 residential units and one million square feet of commercial development are
EDA support helps build Soho Studio’s New Jersey presence
or lines of credit. Businesses can use this financing for fixed assets or term working capital, and EDA’s involvement in the transaction provides lenders with greater flexibility by re- ducing their overall exposure. “Resources like the Premier Lender Program are designed specifically for small businesses like Soho Studio, which are the heart and soul of New Jersey’s economy,” Lizura said. “We encourage small businesses to reach out to us to find out how EDA programs can help them grow.” LIVINGSTON, NJ — Un- derstanding the needs of re- tailers to keep pace in a digital age, Livingston-based Moblty has developed what is emerging as a leading shopper market- ing software platform, helping businesses digitize their foot- print and enhance customers’ shopping experiences. Through a unique suite of products and services, Moblty enables brands to offer custom- ers digital shopping inside the brick-and-mortar store experi- ence. Among other features, shoppers can use interactive in-store displays to swipe, click, and engage with video, social media and coupons. The platform also provides retailers with big shopper >Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52 Page 53 Page 54 Page 55 Page 56 Page 57 Page 58 Page 59 Page 60 Page 61 Page 62 Page 63 Page 64 Page 65 Page 66 Page 67 Page 68 Page 69 Page 70 Page 71 Page 72
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