Speaking at the same event, NJ Business & Industry Association president Michele Siekerka called the phase-out of New Jersey's estate tax and the lifting of the income threshold on pension taxes “a game-changer.” She reported many New Jersey business leaders who had considered retiring out of state are now planning to stay. Meanwhile, she says the dedicated gasoline tax increase to rebuild the state's crumbling transportation infrastructure will generate $4.7 billion in increased economic activity, $305 million of it coming from real estate development.

At the Urban Land Institute Philadelphia, Mitchell Roschelle of PriceWaterhouseCoopers unveiled his annual industry outlook, with 82 percent of his survey respondents expecting a good or excellent year for profits in 2016, and just over 81 percent feeling that way for next year. Small developers are now facing a beauty pageant as global investors seek access to previously less-well noticed markets, Roschelle says.

This Week By the Numbers: Industrial properties continue to froth and bubble as retailers, e-commerce companies, and others press for close-in access to the New York metroplex and its tens of millions of impatient consumers who want what they want and want it now. The feverish activity in the eight New Jersey Turnpike core submarkets has accounted for 82.8 percent of the state's leasing velocity thus far in 2016. “We've witnessed positive industrial absorption in 22 of the past 24 months, which speaks directly to the sustained demand from tenants and their need to service the vast surrounding consumer base,” says Tom Monahan, executive vice president at CBRE. “As consumers increasingly gravitate towards making purchases online, the demand for industrial space in specific New Jersey locations will continue to grow.”

Some firms are beginning to explore options further south, fueled by the widening of the Turnpike to Exit 6. Developers broke ground on nine new projects totaling 2.10 million square feet The year-to-date total of 6.15 million square feet has already exceeded that of 2015, as well as each previous year, with the exception of 2013.

DealTracker Daily

NEW YORK, NY—Columbia Property Trust signed digital media publisher, BDG Media, to a 10-year lease for two floors totaling 34,100 square feet at 315 Park Avenue South in Manhattan. This lease replaces a portion of the Credit Suisse lease which expires in April 2017. Transwestern's Rory Murphy, Jonathan Tootell and Lindsay Ornstein represented Bustle in the transaction.

NEW YORK, NY—NorthMarq Capital's Long Island-based regional office arranged the $16 million refinance of Huntington Medical Center, a 66,316 square-foot medical office building at 180 East Pulaski Road in Huntington Station, MY. NorthMarq's Robert Delitsky, senior vice president/managing director, and Charles Cotsalas, senior vice president, arranged financing for the borrower, Huntington Station Properties, through Flushing Bank. The bank's team was led by Ronald M. Hartmann and Timothy Lynn.

STAMFORD, CT—Silverback Development has acquired a three-building, 92,000-square-foot office complex in the heart of Stamford, Connecticut. The 2.75-acre complex, which is situated on one of the largest land parcels in downtown Stamford, is located at 777 Summer Street, 773 Summer Street, and 612 Bedford Street adjacent to the city's retail hub, flourishing restaurant row and judicial district. The cost was $12.5 million.

QUINCY, MA—The Hampshire Companies has acquired a 84,360 square-foot BJ's Wholesale Club at 200 Crown Colony Drive in Quincy, MA, from Clarion Partners. Built in 2010, the building occupies a 7.5 acre lot at the intersection of Crown Colony Drive and Centre Street with 387 parking spaces.

OLD BRIDGE, NJ—R.J. Brunelli & Co. completed a lease for Dollar Tree in an 11,585-square-foot freestanding building at 315 E. Main St., Wrightstown, NJ, near Wrightstown Rd. Located directly across the street from Joint Base McGuire-Dix-Lakehurst, the building previously housed a furniture store. R.J. Brunelli President/Principal Danielle Brunelli-Albrecht brokered the deal for the store, which is expected to open next September.

News & Notables

RYE BROOK, NY—Joseph Apicella, managing director of MacQuesten Development, was recently honored by the March of Dimes at its Real Estate Awards Breakfast. Apicella received the Excellence in Community Development Award. Seth Pinsky, executive vice president and fund manager, Metro Emerging Markets & Public Affairs at RXR, also received the Award for Excellence in Community Development for leading efforts to invest in “emerging opportunities” in the New York Region, focusing on areas with significant growth potential, such as suburban downtowns like New Rochelle and Yonkers as well as the Outer Boroughs. Martin Ginsburg, founder and principal of Ginsburg Development Companies received the Martin S. Berger Award for Lifetime Achievement.

ROSLINDALE, MA—The Cooperative Bank, a full-service community bank specializing in commercial real estate and business lending throughout Eastern Massachusetts, named Barbara Scanlon O'Brien as mortgage loan originator.

NEWARK, NJ—Cullen and Dykman expands its presence in New Jersey with the opening of a new full-service office at the Newark Legal Center, One Riverfront Plaza in Newark.

PHILADELPHIA, PA–H. Ross Ford III, president & CEO of TCN Worldwide Real Estate Services, says Arrow Real Estate Services, a Philadelphia-area brokerage and consulting services firm, has joined the TCN organization.

NEWARK, NJ—Rutgers Business School Center for Real Estate, in partnership with the Edward J. Bloustein School of Planning and Public Policy, will offer a graduate-level certification program focusing on real estate development and redevelopment. Registration for the Spring 2017 semester is now open at Rutgers' Newark campus and will continue until January 17th.

Building Blocks

PHILADELPHIA, PA—Wawa has opened its newest Philadelphia store at 1900 Market Street. At approximately 7,000 square-feet, it's Wawa's largest street store to date, and its fifth Center City location. It is situated on the ground floor of Brandywine Realty Trust's recently renovated 456,922 square-foot office building in the booming Market Street West corridor. CBRE's Larry Steinberg and Kevin McClernon negotiated the long-term lease on behalf of Wawa.

PHILADELPHIA, PA—ACME Markets and real estate development firm, The Goldenberg Group, have signed a lease to construct a new supermarket in Philadelphia. The new full-line grocery market will be located in the Snyder Plaza Shopping Center, 29 Snyder Avenue, and will serve the Pennsport and Whitman neighborhoods as well as the greater Center City area. The new ACME, which opens in Summer 2017, will include Starbucks Coffee and a beer and wine shop.

Money Moves:

NEW YORK, NY—A10 Capital has closed a $27 million bridge loan refinancing a retail/ multifamily property on the Broadway retail corridor of SoHo, one of Manhattan's top shopping destinations. The 5-story, 14,500 square foot property includes a ground-floor leased to a brand name national clothing line, and four loft-style 2,500 square foot apartments above. A10 Capital structured its financing as a 2-year, floating rate bridge loan. It refinanced the borrower's existing loan of $23.5 million, and provided an additional $2 million in proceeds to the borrower at closing.

MECHANICSBURG, PA—Holliday Fenoglio Fowler arranged $6.061 million in financing for a 178,600-square-foot, vacant industrial warehouse at 4500 Westport Drive in Mechanicsburg, PA. HFF worked on behalf of the borrower, a joint venture between Foxfield Ventures and Novaya Real Estate Ventures, to secure the floating-rate loan. The financing facilitated both the acquisition and future funding needs to implement a light capital improvement program.

OAKDALE, NY–A&G Realty Partners and Madison Hawk Partners will manage the sale of two properties formerly occupied by Dowling College in Oakdale and Brookhaven, NY, as part of the college's Chapter 11 bankruptcy filing. The managers are currently accepting bids for the 25-acre waterfront campus in Oakdale, NY which houses six buildings including the former W.K. Vanderbilt Estate. The sealed bid deadline for the Oakdale property will be set by the Court. The firms will subsequently sell a 101-acre Brookhaven location in Shirley, NY in the first quarter of 2017.

On the Market

TOBYHANNA, PA—Cushman & Wakefield is representing Arcadia Properties as the exclusive agent for the Northeast Logistics Center in Tobyhanna Township, Monroe County, PA. Arcadia Properties has been awarded a $1.5 million grant from the Redevelopment Assistance Capital Program to fund site work on Lot 110, which can accommodate up to a 600,000-square-foot warehouse building, allowing Arcadia Properties to deliver a pad-ready site for building construction as early as third-quarter 2017.

ENGLEWOOD, NJ—VIVIAN, S.Hekemian Group's newest completed Englewood South residential property, is experiencing robust leasing activity following its grand opening. The luxury building, managed by Roseland, a Mack-Cali Company, is available for occupancy. VIVIAN offers rents beginning at $2,200 per month, with one- and two-bedroom units. The 195-unit, pet-friendly, property features upscale amenities, strong sustainability and is minutes from Manhattan and the New York Metropolitan area.

Commentary: While cabinet hopefuls paraded in and out of Trump Tower, the markets took a deep breath and everyone else inhaled some turkey and side dishes over Thanksgiving. Meanwhile, industry observers started waxing optimistic about the economic environment facing business in particular and real estate in general in the coming year.

NJ Bankers president John McWeeney described the outlook as “an opportunity for meaningful change for the better,” at a meeting of bank marketers this week. He described the government transition as a “high-risk administration,” that nevertheless offers an opportunity for tax reform and regulatory relief that should benefit commercial banks. The Dodd-Frank legislation will not be repealed outright, he said, adding, “There is going to be some tweaking.” McWeeney also believes changes to the Affordable Care Act will be “dramatic,” and “good for the healthcare industry.”

Speaking at the same event, NJ Business & Industry Association president Michele Siekerka called the phase-out of New Jersey's estate tax and the lifting of the income threshold on pension taxes “a game-changer.” She reported many New Jersey business leaders who had considered retiring out of state are now planning to stay. Meanwhile, she says the dedicated gasoline tax increase to rebuild the state's crumbling transportation infrastructure will generate $4.7 billion in increased economic activity, $305 million of it coming from real estate development.

At the Urban Land Institute Philadelphia, Mitchell Roschelle of PriceWaterhouseCoopers unveiled his annual industry outlook, with 82 percent of his survey respondents expecting a good or excellent year for profits in 2016, and just over 81 percent feeling that way for next year. Small developers are now facing a beauty pageant as global investors seek access to previously less-well noticed markets, Roschelle says.

This Week By the Numbers: Industrial properties continue to froth and bubble as retailers, e-commerce companies, and others press for close-in access to the New York metroplex and its tens of millions of impatient consumers who want what they want and want it now. The feverish activity in the eight New Jersey Turnpike core submarkets has accounted for 82.8 percent of the state's leasing velocity thus far in 2016. “We've witnessed positive industrial absorption in 22 of the past 24 months, which speaks directly to the sustained demand from tenants and their need to service the vast surrounding consumer base,” says Tom Monahan, executive vice president at CBRE. “As consumers increasingly gravitate towards making purchases online, the demand for industrial space in specific New Jersey locations will continue to grow.”

Some firms are beginning to explore options further south, fueled by the widening of the Turnpike to Exit 6. Developers broke ground on nine new projects totaling 2.10 million square feet The year-to-date total of 6.15 million square feet has already exceeded that of 2015, as well as each previous year, with the exception of 2013.

DealTracker Daily

NEW YORK, NY—Columbia Property Trust signed digital media publisher, BDG Media, to a 10-year lease for two floors totaling 34,100 square feet at 315 Park Avenue South in Manhattan. This lease replaces a portion of the Credit Suisse lease which expires in April 2017. Transwestern's Rory Murphy, Jonathan Tootell and Lindsay Ornstein represented Bustle in the transaction.

NEW YORK, NY—NorthMarq Capital's Long Island-based regional office arranged the $16 million refinance of Huntington Medical Center, a 66,316 square-foot medical office building at 180 East Pulaski Road in Huntington Station, MY. NorthMarq's Robert Delitsky, senior vice president/managing director, and Charles Cotsalas, senior vice president, arranged financing for the borrower, Huntington Station Properties, through Flushing Bank. The bank's team was led by Ronald M. Hartmann and Timothy Lynn.

STAMFORD, CT—Silverback Development has acquired a three-building, 92,000-square-foot office complex in the heart of Stamford, Connecticut. The 2.75-acre complex, which is situated on one of the largest land parcels in downtown Stamford, is located at 777 Summer Street, 773 Summer Street, and 612 Bedford Street adjacent to the city's retail hub, flourishing restaurant row and judicial district. The cost was $12.5 million.

QUINCY, MA—The Hampshire Companies has acquired a 84,360 square-foot BJ's Wholesale Club at 200 Crown Colony Drive in Quincy, MA, from Clarion Partners. Built in 2010, the building occupies a 7.5 acre lot at the intersection of Crown Colony Drive and Centre Street with 387 parking spaces.

OLD BRIDGE, NJ—R.J. Brunelli & Co. completed a lease for Dollar Tree in an 11,585-square-foot freestanding building at 315 E. Main St., Wrightstown, NJ, near Wrightstown Rd. Located directly across the street from Joint Base McGuire-Dix-Lakehurst, the building previously housed a furniture store. R.J. Brunelli President/Principal Danielle Brunelli-Albrecht brokered the deal for the store, which is expected to open next September.

News & Notables

RYE BROOK, NY—Joseph Apicella, managing director of MacQuesten Development, was recently honored by the March of Dimes at its Real Estate Awards Breakfast. Apicella received the Excellence in Community Development Award. Seth Pinsky, executive vice president and fund manager, Metro Emerging Markets & Public Affairs at RXR, also received the Award for Excellence in Community Development for leading efforts to invest in “emerging opportunities” in the New York Region, focusing on areas with significant growth potential, such as suburban downtowns like New Rochelle and Yonkers as well as the Outer Boroughs. Martin Ginsburg, founder and principal of Ginsburg Development Companies received the Martin S. Berger Award for Lifetime Achievement.

ROSLINDALE, MA—The Cooperative Bank, a full-service community bank specializing in commercial real estate and business lending throughout Eastern Massachusetts, named Barbara Scanlon O'Brien as mortgage loan originator.

NEWARK, NJ—Cullen and Dykman expands its presence in New Jersey with the opening of a new full-service office at the Newark Legal Center, One Riverfront Plaza in Newark.

PHILADELPHIA, PA–H. Ross Ford III, president & CEO of TCN Worldwide Real Estate Services, says Arrow Real Estate Services, a Philadelphia-area brokerage and consulting services firm, has joined the TCN organization.

NEWARK, NJ—Rutgers Business School Center for Real Estate, in partnership with the Edward J. Bloustein School of Planning and Public Policy, will offer a graduate-level certification program focusing on real estate development and redevelopment. Registration for the Spring 2017 semester is now open at Rutgers' Newark campus and will continue until January 17th.

Building Blocks

PHILADELPHIA, PA—Wawa has opened its newest Philadelphia store at 1900 Market Street. At approximately 7,000 square-feet, it's Wawa's largest street store to date, and its fifth Center City location. It is situated on the ground floor of Brandywine Realty Trust's recently renovated 456,922 square-foot office building in the booming Market Street West corridor. CBRE's Larry Steinberg and Kevin McClernon negotiated the long-term lease on behalf of Wawa.

PHILADELPHIA, PA—ACME Markets and real estate development firm, The Goldenberg Group, have signed a lease to construct a new supermarket in Philadelphia. The new full-line grocery market will be located in the Snyder Plaza Shopping Center, 29 Snyder Avenue, and will serve the Pennsport and Whitman neighborhoods as well as the greater Center City area. The new ACME, which opens in Summer 2017, will include Starbucks Coffee and a beer and wine shop.

Money Moves:

NEW YORK, NY—A10 Capital has closed a $27 million bridge loan refinancing a retail/ multifamily property on the Broadway retail corridor of SoHo, one of Manhattan's top shopping destinations. The 5-story, 14,500 square foot property includes a ground-floor leased to a brand name national clothing line, and four loft-style 2,500 square foot apartments above. A10 Capital structured its financing as a 2-year, floating rate bridge loan. It refinanced the borrower's existing loan of $23.5 million, and provided an additional $2 million in proceeds to the borrower at closing.

MECHANICSBURG, PA—Holliday Fenoglio Fowler arranged $6.061 million in financing for a 178,600-square-foot, vacant industrial warehouse at 4500 Westport Drive in Mechanicsburg, PA. HFF worked on behalf of the borrower, a joint venture between Foxfield Ventures and Novaya Real Estate Ventures, to secure the floating-rate loan. The financing facilitated both the acquisition and future funding needs to implement a light capital improvement program.

OAKDALE, NY–A&G Realty Partners and Madison Hawk Partners will manage the sale of two properties formerly occupied by Dowling College in Oakdale and Brookhaven, NY, as part of the college's Chapter 11 bankruptcy filing. The managers are currently accepting bids for the 25-acre waterfront campus in Oakdale, NY which houses six buildings including the former W.K. Vanderbilt Estate. The sealed bid deadline for the Oakdale property will be set by the Court. The firms will subsequently sell a 101-acre Brookhaven location in Shirley, NY in the first quarter of 2017.

On the Market

TOBYHANNA, PA—Cushman & Wakefield is representing Arcadia Properties as the exclusive agent for the Northeast Logistics Center in Tobyhanna Township, Monroe County, PA. Arcadia Properties has been awarded a $1.5 million grant from the Redevelopment Assistance Capital Program to fund site work on Lot 110, which can accommodate up to a 600,000-square-foot warehouse building, allowing Arcadia Properties to deliver a pad-ready site for building construction as early as third-quarter 2017.

ENGLEWOOD, NJ—VIVIAN, S.Hekemian Group's newest completed Englewood South residential property, is experiencing robust leasing activity following its grand opening. The luxury building, managed by Roseland, a Mack-Cali Company, is available for occupancy. VIVIAN offers rents beginning at $2,200 per month, with one- and two-bedroom units. The 195-unit, pet-friendly, property features upscale amenities, strong sustainability and is minutes from Manhattan and the New York Metropolitan area.