Data Loading...
www.marej.com
Filley, Heilig, Pace and Dale represent seller, 3700 Fettler Park LLC NorthMarq’s Ranieri arranges $16.5M refinance of Wallington Plaza in NJ
ISSUE HIGHLIGHTS Volume 32, Issue 10 May 29 - June 11, 2020
VP /manag - ing director o f No r t h - M a r q ’ s White Plains office secured the $16.5 mil- lion refinance of Wallington W
A L L I NG T ON , NJ — Ro b e r t Ranieri , senior
SPOTLIGHTS
INDUSTRIAL/ DISTRIBUTION CEN TERS
Section 5-20A
Robert Ranieri
RETAIL DEVELOP MENT REIMAGINED
Plaza. The 94,297 s/f grocery- anchored retail property is lo- cated on Paterson Ave. in Wall- ington. The permanent-floating rate loan was structured with a seven-year term on a 30-year amortization schedule. North - Marq arranged financing for the borrower through its rela - tionship with a local bank. “We were able to close the loan during the COVID-19 pandemic because the property is anchored by a ShopRite su - permarket which is considered
21-26A
UPCOMING CONFERENCES 6 th Annual NJ Industrial Development Conference September 2, 2020 6 th Annual Commercial Leadership Conference Honoring Women September 9, 2020 5 th Annual PA Healthcare & Medical Conference For speaking and sponsorship info., please contact: Lea at 781-740-2900 or [email protected]
Wallington Plaza
innovation is evident in our 60- year history, annual transac - tion volume of $13 billion, loan servicing portfolio of more than $61 billion and the multi-year tenure of our more than 600 people.
an essential business serving the needs of the neighboring communities,” said Ranieri. As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, invest -
ment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and
Anderson of Progress Capital facilitates $14.5 million construction loan for self-storage project
LYNDHURST, NJ — Kathy Anderson of Progress Capi- tal arranged a $14.5 Million
construction loan for Dino Tomassetti , m a n a g i n g membe r o f 1 Ho l l and , L L C . T h e property is located at 1
Kathy Anderson
Terminal Rd. in Lyndhurst, NJ and when completed, will
Directory ROP (Front Section) .................................... Section A Contributing Columnist .............. Paul G. W. Fetscher, CCIM CRX CLS, Great American Brokerage How to Deal with Landlords in the Age of Covid-19 .. 2A Industrial/Distribution Center .......................... 5-20A Retail Development Reimagined . ................... 21-26A People on the Move............................................ 29A Owners, Developers & Managers ............... Section B www.marej.com
Life Storage rendering
include 950 self-storage units that will be managed under the Life Storage banner. The bor- rower purchased the site with all entitlements in place and has retained ARCO Murray to deliver a turn-key building. Anderson arranged the loan with TriState Capital Bank , who provided a 36 month con- struction term to allow for completion and stabilization. The loan floats over LIBOR and has a permanent option,
is an excellent addition to our holdings based on the density and lack of storage options in the immediate surrounding area,” said Tomassetti. Tomasetti is the founder of Asset Realty & Construc- tion Group , a fully integrated development company that owns self-storage, multifam - ily, retail, office and indus - trial properties throughout the Tri-State area and North Carolina.
giving the Borrower ultimate flexibility. Tomassetti and his partners founded Storage Fox, a self- storage company with over 5,200 units located in White Plains, Brooklyn, LIC and Yon - kers. The Storage Fox portfolio was purchased by Clutter, Inc. in September 2019 and the partners are now rebuilding their storage portfolio, having formed a management alliance with Life Storage. “Lyndhurst
Inside Cover A — May 29 - June 11, 2020 — M id A tlantic Real Estate Journal
www.marej.com
98 Years of Continuous Architectural Excellence Across the Nation
Retail • Commercial • Self Storage • Automotive Medical • Dental • Industrial • Multi-Family
601 Chapel Avenue East, Cherry Hill, NJ 08034 Tel 856.438.8877 [email protected] ignarrilummis.com
M id A tlantic Real Estate Journal — May 29 - June 11, 2020 — 1A
www.marej.com
& HORVATH TREMBLAY RETAIL | MULTI-FAMILY | 1031 EXCHANGE INVESTMENT REAL ESTATE BROKERAGE
Rockville City Centre Rockville, MD $7,000,000
HomeGoods Wainscott, NY $9,240,000
Chipotle & PEI WEI Naples, FL $3,800,000
Downtown Mall Meadville, PA $6,350,000
Dollar General Adams NY $736,000
Bob Evans Fort Myers, FL $3,638,240
Panera Bread Harrisburg, PA $2,113,043
Wendy’s Meadville, PA $2,473,980
Wendy’s Hamburg, PA $2,531,600
Ethan Cole, PA Broker of Record, License RMR003168, Ethan Cole, NY Broker of Record License 10491208561,
1,000+ TRANSACTIONS IN 42 STATES
TOP RANKED INDUSTRY LEADING FIRM
$5 BILLION+ IN RECENT TRANSACTIONS
WWW.HORVATHTREMBLAY.COM
2A — May 29 - June 11, 2020 — M id A tlantic Real Estate Journal
www.marej.com
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 Editor/Graphic Artist..... .................................Karen Vachon Contributing Columnist ......................Paul G. W. Fetscher, CCIM CRX CLS, Great American Brokerage Mid Atlantic R eal E state J ournal ~ Published Semi-Monthly Periodicals postage paid at Hingham, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal 350 Lincoln St, Suite 1105, Hingham, MA 02043 USPS #22-358 | Vol. 32, Issue 10 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 | Fax: 781-740-2929 www.marej.com
Paul G. W. Fetscher, CCIM CRX CLS
How to Deal with Landlords in the Age of Covid-19
H
ow is a retailer sup- posed to survive when he is restricted from
opening? How should he deal with his landlord in these un- precedented times? As a tenant representative agent, my real job is to deter- mine how much business my customer can do in a given space and negotiate for a rent that is prudent. We enter into our retail leases and negotiate rent based upon our expec- tation of retail sales. Today with the current COVID-19 epidemic, we find ourselves in a situation where the vast ma- jority of retailers are restricted from doing any business but are expected to pay rent. “Call Your Landlord Be- fore He Calls You” . It ac- knowledges that you are having a problem and sets the stage for a discussion towards how the two of you can together work things out. Know what to ask for. The initial alternatives are either a full or partial rent forgiveness or a postponement of rent. Landlords are rather unrealis- tic in their understanding of the narrowmargins existent in the restaurant business. Retail space is unique. The value of retail space is Directly Proportionate to the ability to do retail sales in that space. The more sales you can do, the more valuable the real estate. So initially plead for a Forgive- ness of Rent. No Sales = No Ability to pay rent. A landlord and tenant origi- nally made a deal, based upon an expectation of a certain level of sales. However, when they are precluded from full opera- tions, they have not made the expected sales and therefore cannot afford to pay the con- tract rents. Courts have a nice phrase regarding rents: “Use and Oc- cupancy”. But if there legally cannot be any use, should there be a legal obligation to pay rent? A survey of Long Island retail landlords show that 46.6% of them have received less than 50% of Scheduled Rents due April 1st. The landlord must pay real estate taxes (no government has given any relief on that), along with insurance and some
security and utilities. An of- fer to help cover those items is a compromise position. The largest obligation is probably his mortgage. Well, maybe it’s time for landlord to go to his mortgagee and ask for a forbearance, or delay, or inter- est only. On one webinar, a representative of the Federal Reserve revealed the Fanny and Freddie may be open to such discussions. Ask an understanding land- lord to simply hit the “Pause Button” for 90 days. Then re- sume the rent and extend the term by that postponement. That way the landlord will receive every dollar he had initially bargained for. You can put a landlord in a better position by offering to extend your lease term for additional years, in exchange for forgiving rent now. He will know that he will have some certainty of scheduled income for a longer time. Some landlords are willing to help tenants by not forgiv- ing, but by allowing a tenant to defer rent for perhaps 90 days and then pay it back over the next year or two as additional rent. That would amount to a 12.5% increase if spread over the next two years. Do you have something that could benefit landlord? In ex - change for rent forgiveness, you might relinquish an exclusive on a product category. For in- stance, a 2,000 s/f tenant such as Row House might have an exclusive on fitness, when a yoga studio would want to take other space in the center. “This is not the end. This is not the beginning of the end. But this may be the end of the beginning” - Winston Churchill After 9-11 and Superstorm Sandy, it took 6 months before markets returned to some- thing resembling normal. We would like to think that with
“Flattening the curve” It is time to declare Victory. Not Nearly! Right now, New York has an infection rate of 1.6%. So, if we lift restrictions, we only have 98.4% of the popula- tion to worry about. Who will the customer be on the other side of this crisis? Will it be part of the 98.4% who cares to be reckless? Or is it the worker who has not had a paycheck for 90 days? If restaurant tables are re- quired to be 6’ apart, either by edict or by social convention, seating capacity in restaurants will be reduced to about 50% of current levels. Fewer seats equals Lower sales. As we emerge from this, we will have to crawl before we can walk. In recovery, what is a fair and equitable rent? A restau- rant can endure a 10% Gross occupancy Cost (Rent + CAM + RE Tax). Will your landlord be willing to accept that as a workaround for the next year until we all get inoculated? The Gap or Old Navy has an advantage. They can close for 90 days, but when they reopen, they still have 100% of their inventory. In a restaurant, all the perishables will have perished. Most of the food in a restaurant is sold before it is paid for. So the restaurants have an outstanding payable even before they accept new inventory to reopen. What is a landlord’s BATNA? What is their Best Alterna- tive To a Negotiated Agree- ment? The National Restaurant Association did a survey inmid- March. 3% of their membership had closed their restaurants PERMANENTLY! Another 11% of their members said that they might have to close per- manently , if this lasted for 30 days. Now, a month past that survey, and we have no vision of where is the light at the end of continued on page 28A
ONLINE ONLY A UCTION S Bid Online June 18 th - June 24 th “Don’t wait to buy land, buy land and wait.” Will Rogers
PRIME CORNER LOT
Bidding Ends: 10:00 AM
Selling Absolute!
Property Location: Tuckahoe Rd. & Coles Mill Rd., Franklin Twp., NJ
Prime Corner Lot, Signalized Intersection of CR 538 & CR 555, Neighborhood Commercial Zoning (NB), $1000 STARTING BID
7 ± ACRES PRIME DEVELOPABLE LAND
Bidding Ends: 10:15 AM
SELLS AT OR ABOVE $50,000!
EHT High School & Community Center
Property Location: 5064 English Creek Ave., Egg Harbor Twp., NJ
Surrounded by Residential Subdivisions, Egg Harbor Twp. High School & Community Center, On Busy Communter Road, $10,000 STARTING BID!
ALL bidding will be ONLINE ONLY at WarnerRealtors.com
856.769.4111 WarnerRealtors.com
Mid-Atlantic Real Estate Journal, 1/4 pg, May 29 & June 12
M id A tlantic Real Estate Journal — May 29 - June 11, 2020 — 3A
www.marej.com
M id A tlantic R eal E state J ournal Mortgage financing on class A office building Houlihan-Parnes Realtors announce placement of $31M T
UPCOMING features SPOTLIGHTS
June 12 .....................................................DEADLINE: June 2 ROP (FRONT SECTION) ....................................... FINANCIAL DEL/MAR/VA..................................................................... VIRGINIA NEW JERSEY................................................. NORTHERN NJ PENNSYLVANIA................................... NORTHEASTERN PA SPOTLIGHT............................ CREATIVE FINANCING June 26 ...................................................DEADLINE: June 12 ROP (FRONT SECTION) ......................................................... RETAIL DEVELOPMENT...................................RETAIL/RESTAURANTS ODM................................................... ASK THE EXPERTS SPOTLIGHT........................................................... 30 UNDER 30 Special Advertising Rates to All Participating Firms! Contact Joe Christman or your Account Rep [email protected] 781.740.2900
ARRYTOWN, NY — Rachel Greenspan, Bryan Houlihan and Christie Houlihan of Hou- lihan-Parnes Realtors, LLC and GHP Office Realty are pleased to announce the place- ment of $31 million of mort- gage financing on the class A office building located at 660 White Plains Rd., Tarrytown. The property was purchased in early 2017 by members of GHP Office Realty, Houlihan- Parnes Realtors, and RD Management . Since acquir- ing the property, the own- ers have invested millions of dollars in capital improve- ments and various building upgrades, including a new state-of-the-art fitness center and newly renovated lobby. GHP Office Realty has been able to increase occupancy at the property from 78% to 98% due to the vast amount of improvements made to the property. The loan was placed with a local bank with a fixed rate of 3.13% on a 10-year term. The property enjoys a robust and diverse tenant roster. Knopp of SVNMiller co-brokers tax de- ferred exchange Maryland & Delaware — Tom Knopp , senior advisor with SVN Miller Commer- cial Real Estate co-brokered a tax-deferred exchange with a total value over $7.6 million. This deal was not just one property but a portfolio of four that consisted of properties spanning over three counties in MD and DE. A tax-deferred exchange allows a taxpayer to replace income from a sale with a like-kind property. Capital gains are “deferred” if IRS guidelines are met. McKinley purchased these properties lo- cated in Easton, MD, Seaford, DE, and Salisbury, MD as an investment that he plans to lease out and manage per- sonally. Chris Davis of NAI Coastal was a co-broker as well for the buyer’s side. Knopp said, “I am always available to help a client what- ever their needs may be. I have worked on a wide range of deals in terms of dollar amount. This deal was actu- ally the second tax-deferred exchange SVN brokered for this same buyer.”
660 White Plains Rd.
Main tenants include: Pres- tige Brands, ENT and Allergy Associates, and KeyBank National Association. The borrower was represented by
Elizabeth Smith of Gold- berg Weprin Finkel Gold- stein, LLP . Title was insured by John Martin of All New York Title Agency .
7 +/- ac Dev Land in North Haven Auctions June 26 NORTH HAVEN, CT • 1000 Universal Drive North 7+/- ac of commercial land. Don’t miss this potential redevelopment opportunity. High visibility from and easy access to Interstate 91 at Exit 9 positions you perfectly in this growing area. Nearby businesses include: Home Depot, Target, Dick’s Sporting Goods, Best Buy, DSW, Michael’s, Red Lobster, Longhorn, Olive Garden and more. Open to the Public: Property can be viewed at your convenience during daylight hours. Auctions: 10am, Friday June 26 on site
Prefer Not to Wait for the Auction? Submit a Pre-Auction Offer!
800.801.8003 • williams auction .com/CT
CT DANIEL S. NELSON RE LIC REB0788424; WILLIAMS & WILLIAMS MARKETING SERVICES INC RE LIC REB.0759271. 5% BUYER’S PREMIUM.
4A — May 29 - June 11, 2020 — M id A tlantic Real Estate Journal
www.marej.com
M id A tlantic R eal E state J ournal
NGLEWOODCLIFFS, NJ — Securing fund- ing for international Deep knowledge of Brazilianmarket establishes NJ-based firm as go-to lender for the region Kennedy Funding closes $2.633 million land loan for residential development in Brazil E so far.
Urbamais, a condominium community located in Feira de Santana, a city in eastern Brazil. Recanto das Flores Urbamais is a residential development situated on 416.54 acres in the city’s Nova Esperança neigh- borhood, located in the city’s residential Peripheral Region. The community is made up of 250 low-income condominiums, and the borrowers plan to de- velop an additional 75 homes on an undeveloped tract as part of a plan to expand the new community. Approximately 70% of units have been sold
“It’s virtually unheard of to close a land loan abroad, let alone one in a region as com- plicated and fragile as Brazil,” said Kevin Wolfer , CEO and president, Kennedy Funding. “It may have appeared on paper that we had all factors working against us, but thanks to our experience in South America’s real estate market, we were able to close and get the borrower the funding nec- essary to start construction.” “Conventional lenders only look at liquid assets whenmak- ing a loan, but we look beyond the current value of the land," Wolfer said. “We can review the borrower’s plans and follow a property’s trajectory from raw land to a fully built and suc- cessful development.” As the second-most populous city in one of Brazil’s largest states, Bahia, Feira de Santana has a bustling economy and a growing population. The city has the third-largest GDP in the state and is home to many businesses and unique festivals that bring tourists to the city year-round. “Bahia is growing in both population and economy, and is home to nearly 15 million people and some of the larg- est agricultural producers in cattle, sheep, cocoa, coconuts, and other crops and animals,” Wolfer said. “Low-income hous- ing is a necessity as Feira de Santana, one of the biggest cities in the region, continues to grow and prosper.” According to Wolfer, Ken- nedy Funding was singled out by the borrower’s broker, João Costa, president of Savel Capi- tal Partners, Lisbon, Portugal, who searched for a U.S. lender that understood the complica- tions and intricacies of working within Brazil’s legal, economic, and political intricacies. “A lender without our knowl- edge and experience in the region simply would not have been able to close,” Wolfer said. “When it comes time to borrow for international projects, it’s important to go directly to the experts.” “Kennedy Funding knows how to navigate the Brazilian government’s requirements, the local laws, and the red tape, especially through the current challenging political environment,” said Costa. “This knowledge was vital to sealing the deal, and Kennedy Funding delivered in full.”
projects is already dif- f i c u l t f o r borrowers, bu t b r i ng an ongoing global pan- demic and a challenging geopolitical
Kevin Wolfer Recanto das Flores Urbamais is a residential development situated on 416.54 acres.
situation into the mix, and the prospect seems all but impos- sible. Not so for direct private lend- er Kennedy Funding . The
Englewood Cliffs, New Jersey- based lender announced that it has closed a $2.633 million loan to BRMF LLC of Brazil.
Proceeds of the loan will be used for working capital to- ward the last phase of devel- opment for Recanto das Flores
Need help with site selection and sourcing properties ? Ask About the Off Market Properties Available Via Our iBuyer Platform Available in all asset classes
Redefining Real Estate Acquisitions
866-280-3063 ext. 7
PointAcquisitions.com
Mid Atlantic R eal E state J ournal ’ s A nnual S potlight I ndustrial R eal E state & D istribution C enters
M id A tlantic Real Estate Journal — Industrial / Distribution Centers — May 29 - June 11, 2020 — 5A
www.marej.com
Featuring:
Pamela Shupp Menet, AICP, CEcD Greater Reading Chamber Alliance
Gregory C. Newell, PE Nave Newell, Inc.
Richard Gacek Gacek Design Group
Shaun Keegan Solar Landscape
Stacy Martin, CCIM PA/NJ/DE CCIM Chapter
Sarah Finney Miller NAI Summit
Dixon Valve & Coupling’s New Distribution Facility
Stantec helps industrial organizations around the world improve their operations and achieve long-term success through process improvements and our facility designs
The Chestertown Business Campus is one of the largest economic development projects in Kent County, Maryland’s history.
Inside: American Seaboard Exteriors...............................................................................................................6A Sarah Finney Miller, NAI Summit..........................................................................................................7A CCIM........................................................................................................................................................8A Shaun Keegan, CEO of Solar Landscape............................................................................................9A Stantec.............................................................................................................................................10-11A Kent County Economic Development................................................................................................13A Gregory C. Newell, PE, Nave Newell, Inc. .........................................................................................14A Richard Gacek, Gacek Design Group................................................................................................15A Pamela Shupp Menet, AICP, CEcD, Greater Reading Chamber Alliance........................................17A
6A — May 29 - June 11, 2020 — Industrial / Distribution Centers — M id A tlantic Real Estate Journal
www.marej.com
I ndustrial R eal E state & D istribution C enters Company brings over 40 years of experience in facility maintenance American Seaboard Exteriors: Your 1 st call for all your interior & exterior needs A throughout the Mid-Atlantic Region.
ing our clients by improving the integrity/appearance of their buildings. It was inevitable that our clients, having devel- oped a high level of trust for ASE, would invite us “inside” to bid on interior maintenance projects as well. We rose to the occasion by hiring and training the “right” people to perform such services as construction fit-outs, paint - ing, handyman projects, white board resurfacing and hard-to- access specialty cleaning. The results over the past 40 plus years speak for themselves – hundreds of satisfied clients
merican Seaboard Exte- riors began operations in 1977 as a commercial/ residential window cleaning company. Back then we were known simply as Seaboard Window Cleaning. For many years we built our reputation by not only exceed- ing customer expectations, but by continually adding comple- mentary offerings to our exist- ing menu of services. These included expansion joint/window caulking, pres- sure washing,masonry repair to name a few – but always with the ultimate goal of pleas-
a section of the MARE Journal Phone: 781-740-2900 Fax: 781-740-2929 www.marej.com S ection P ublishers Linda Christman [email protected] Joe Christman [email protected] Lea Christman [email protected] S ection E ditor Karen Vachon [email protected] Industrial/ Distribution Centers Mark Anthony Brewing will use its space at Bridge Point 78 for the storage and distribution of White Claw beverages. It will begin its seven-year lease in May 2020, and is expected to employ ap- proximately 100 employees on site once fully operational. So please don’t be fooled by our name American Seaboard Exteriors, our capabilities in facility maintenance are unlim- ited and unrestricted. We go up, down, inside and out!!! What Sets Our Facility Maintenance Company Apart! With 40 plus years of company operating experience and 350 years of senior management experience, we’ve won the trust of numerous commercial and institutional clients; among them are Fortune 500 corpora- tions, construction and devel- opment companies, hospitals, schools,cemetery associations, manufacturers, and retail shop- ping centers. Currently, we serve hundreds of locations in four states: Pennsylvania, New Jer- sey, Maryland, and Delaware. Bridge Development Ptrs. inks industrial lease at Bridge Point 78 PHILLIPSBURG, NJ — Bridge Development Part- ners, LLC announced that Mark Anthony Brewing, Inc., a leading producer and dis- tributor of fine wine, premium beer and Ready To Drink beverages, has signed a lease at Bridge Point 78 Phase I for 419,460 s/f.
American Seaboard Team
Your first call for interior and exterior needs! Serving DE, PA, NJ & MD since 1977! Exterior Services • Painting- High Performance Coatings • Sealants / Caulking / Wet Glazing • Waterproofing / Window Cleaning • Exterior Façade Cleaning / Washing • Specialty Projects – Wide Variety • EIFS Restoration / Recoating • Masonry Restoration / Concrete Repair • Façade Inspection / Assessments Interior Services • Specialty High Dusting and Cleaning • Painting – all Phases • Remodeling / Retrofits / Carpentry • Solar / Decorative / Security Films • Extensive Specialty Services • Carpentry / Handyman
Contact Us Today! 302-571-9896 877-571-9896
Pro Active Consultation – Continuous Presentation to the Newest Practices and Procedures Special Sensitivity to Time Frames and Work Hours Response to Emergencies and Critical Needs Special T&M Rates Coordinating and Supporting Like-Minded Companies to Facilitate your Ultimate Success Senior Management Attention at All Times Our Promise Today:
www.marej.com M id A tlantic Real Estate Journal — Industrial / Distribution Centers — May 29 - June 11, 2020 — 7A I ndustrial R eal E state & D istribution C enters What we can potentially expect for the Lehigh Valley CRE landscape moving forward Unprecedented Times… Hear this often? How our worldwas turned upside-down in amatter of weeks S other 8+ million square feet proposed. Moving Forward econd Quarter of 2020 started off with a bang. Stay-at-home orders, so-
According to the Lehigh Valley Economic Development Corpo- ration (LVEDC), nearly 40% of the total Lehigh Valley work- force consists of essential em- ployees working outside their homes on the front lines of manufacturing, production, e- commerce, distribution, health care, pharmacies and other emergency and vital services. Many of these firms will out - last the coronavirus pandemic and the Lehigh Valley’s unique location should help it continue to garner tenant interest as the economy begins to recover. When Pennsylvania’s Gover- nor Tom Wolf announced that
construction activity could resume in the beginning of May, Lehigh Valley contrac- tors were ready. In fact, many of the region’s major construc- tion firms had already been continuing to work on projects deemed essential during the state’s shutdown. Others were largely prepared to resume on their projects once Wolf lifted the shutdown order effective May 1st, according to LVEDC. In result, most projects were able to move forward with minimal hiccups as the Valley has over 6 million square feet of industrial space currently under construction with an-
continued source of strength. Moving forward from the pan- demic, we may expect to see a shift in increased demand for U.S. based manufacturing & production, accelerating the trend away from dependence on global supply chains. In addition, many NYC and Phila- delphia based Office Tenants may look to leave crowded urban environments with re- newed interest in seeking proximity to their respective markets without being in the city. Through strategic innova- tion, opportunity will exist for continued on page 8A
cial distanc- ing protocols and quaran- tines quickly became the new norm in the wake of the Covid-19 p a n d e m i c . Professionals all over the
The solid and diverse base of the Lehigh Valley should limit the economic impact of the quarantine and recession. Current cornerstones including health care, manufacturing & production, distribution and e-commerce, will continue to grow in value and importance. Job creation in these growth markets will help absorb some job losses in other areas, as reported by LVEDC. The Lehigh Valley’s trans- portation infrastructure and labor pool is poised to be its
Sarah Finney Miller
globe are bringing business home, and while no one knows how long the home-life will last, we’re all trying to make the most out of this situation. But throughout all this uncertainly, the Lehigh Valley market has proven itself to be a source of strength throughout this pan- demic. Immediate Changes in the Lehigh Valley For NAI Summit, adapting was the key to keeping business afloat and running as usual, even in the unusual. Once the mandated shut down occurred, our brokers and property man- agers had to quickly readjust their schedules and work days. Shifting from the usual inspec- tions and meetings, everything became remote and technology has never been as useful for the real estate business than it is during Covid-19. But we weren’t alone. Lo- cal restaurants and retailers quickly shifted their business models to online ordering with drive-by pick-ups. Distilleries converted their operations into a production line for hand sani- tizer to help aid with the lack of supply. Local manufacturers began using their facilities to make face masks, gowns and protective shields which were provided to our area hospital front line workers. Bio-tech firms immediately began re- search for developing in-home Covid-19 testing and preven- tion vaccines. And the list goes on…The Lehigh Valley became one united in effort to protect its residents and economy. Overall Impact to Market Activity The Lehigh Valley com- mercial real estate market is well-positioned to weather the economic downturn expected to result from the coronavirus pandemic, according to CoStar research analysts. Historically and today, the Lehigh Valley is among the top 10 industrial markets in the U.S. and this crisis has only amplified that.
8A — May 29 - June 11, 2020 — Industrial / Distribution Centers — M id A tlantic Real Estate Journal
www.marej.com
Questions? Contact: Harry Young | Executive Director 717.614.4271
[email protected] www.panjdeccim.com
2020 PA/NJ/DE CCIM CHAPTER OFFICERS Stacy Martin, CCIM President Hankin Group Jeff Kurtz, CCIM Vice President High Associates, Ltd. Dominic Janidas, CCIM Secretary/Treasurer Hanna Langholz Wilson Ellis John Birkeland, CCIM Immediate Past President ROCK Commercial Realty Eric Gorman, CCIM District 10 1st RVP Avir Realty Group 2020 DIRECTORS Dan Berger, Jr., CCIM Chair, Scholarships U.S. Commercial Realty Michele Countis, CCIM Chair, Designation Jackson Cross Partners Dragan Dodik, CCIM Regional Chair, Central PA Pennian Bank Philip Earley, CCIM Chair, Nominating Lieberman Earley & Company Jonathan Epstein, CCIM Chair, Public Relations Berger-Epstein Associates, Inc. Cindy Feinberg, CCIM Regional Chair, Lehigh Valley Feinberg Real Estate Advisors Craig Fernsler, CCIM Chair, Legislative KW Commercial, Blue Bell Robert Fuller, CCIM Regional Chair, New Jersey CBRE Jeffrey Hoffman, CCIM Chair, Education JPH Realty Advisors
Letter from the president
Throughout the past several months, the COVID-19 pandemic has taught us valuable lessons about how we do business, challenging us all to use innovation as a path forward to sustained success. The PA/NJ/DE CCIM Chapter is no exception. As we moved into 2020, our chapter had a slate of events to add value for our members, from educational sessions to site tours and networking opportunities, which we hope to reschedule for the future. When faced with the challenge of shut-downs and stay at home orders, it was important to our chapter that we continue to provide opportunities for our members to learn, connect, and grow.
For the past two months, we have held weekly webinars on a variety of topics, giving participants the opportunity to stay engaged through sharing insight and knowledge. Previous webinars addressed relevant and timely topics, including: • Doing Business with Coronavirus: Managing Tenant Relationships and Protecting a Landlord’s Interest, presented by our corporate partner Barley Snyder • Navigating Tenant Realities, an informal discussion moderated by chapter past president Jeff Hoffman, CCIM • Staying Engaged with Clients Online • DSTs: An Alternative Replacement Property for 1031 Exchanges, presented by our corporate partner 1031 CORP • Tax Strategies to Fund Capital Improvements, presented by our corporate partner Capstan Tax Strategies • >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
Made with FlippingBook - professional solution for displaying marketing and sales documents online