The PA/NJ/DE CCIM Chapter held a sold-out event at the historic Union League of Philadelphia to learn about RealNex. Jeffrey M. Finn, RealNex President and CEO demonstrated the power of the RealNex solution, which is a full-service commercial real estate deal engine combining an area for agents to manage and upload their listings, a marketplace to shop for properties along with a Customer Resource Management (CRM) tool. RealNex, which describes itself as “the technology behind the deal” combines the former REA, REI Wise and Property Line. This streamlined solution is a great tool for both commercial real estate owners and brokers. There is a huge amount of interest in learning about – and deploying – the RealNex technology, as evidenced by the amount of participants at today’s event.
Once again the PA/NJ/DE CCIM Chapter had an early invitation to visit a major development in our region. 25 CCIMs and guests met for lunch and a tour of University of Delaware’s new STAR Campus. The focus of the campus is Science Technology and Advanced Research (STAR). The development is in located on the site of Chrysler’s former plant in Newark, DE. The total site is approximately 272 acres and is in early stages of development. The main building fronting on RT-896 is part of the former Chrysler facility that has been repurposed, and is now home to the University of Delaware’s College of Health Science which offers a state-of-the-art-facility and cutting-edge technology to its students as well as an active patient facility operated by the University and third-party medical companies. Coming out of the ground and near completion is a 10 story Star-shaped building that will be used by the University, partners and third-party tenants. Bloom Energy was the first tenant for the project and maintains its facility on the campus along Route 4. Construction is underway on a $50 million train station and track renovation project. Both Amtrak and Southeastern Pennsylvania Transportation Authority (SEPTA) are expected to increase service to the station, where both rail operators already offer semi-limited daily service.
In partnership with University of Delaware, The Chemours Discovery Hub will conduct cutting edge research focused on new process, product, and application development to better meet customer and market needs. Construction on the new 312,000-square-foot facility, representing an investment of approximately $150 million, is expected to be completed by early 2020
The University has also announced its plans for construction of a six-story, $156 million Biopharmaceutical Innovation Building.
It will be a gateway, University officials hope, to a major role for Delaware in the emerging biopharmaceutical sector, where scientists and innovators will tackle some of the world’s most vexing diseases: Alzheimer’s, Parkinson’s, diabetes and cancer (to name a few) and help to train a world-class workforce.
We want to thank Mike Smith and the entire staff at the STAR campus for providing the tour and insights to our group. A full view of the master plan is published online at:
Another productive and informative event held by our PA/NJ/ DE CCIM Chapter.
Ted Martin, Regional Director of the Governor’s Action Team (GAT) and Ann Brennan, Project Manager for DCED (Department of Community and Economic Development) gave an eye-opening hour-long presentation about the resources that the Commonwealth of Pennsylvania makes available to us in the form of tax incentives, grants and support staff for entrepreneurs and businesses.
Even if you don’t know the difference between a “Main Street” or an “Elm Street” Project, or if you’re looking for available grants from your community to upgrade your commercial building’s façade or you need an introduction to someone at PennDOT to discuss planned roadway requirements, these folks can help, and their resources are available on the DCED web site: https://dced.pa.gov/governors-action-team-gat/
Special thanks to Centric Bank for hosting, and to the event sponsors: BL Companies and Rock Commercial Real Estate. Immediately following their presentation was a sponsored happy hour with hors d’oeuvres.
The PA/NJ/DE CCIM Chapter held its second Quarterly Breakfast Club this morning at the Villanova First Watch.
Chapter leadership, members and guests joined to discuss discussed topics relevant to our commercial real estate market area, including bank rates, convenience retail, the status of big box merchants in the face of online shopping. Also discussed were millennials’ effect on our industry including uber eats and their impact on urban multifamily properties. Additionally, we discussed the mixed state of how Medical Marijuana fits into different markets that are legal in various states while still being illegally nationally.
“I really enjoyed the casual atmosphere and spontaneous conversations that arose out of the breakfast club today. While I love learning from scripted presentations, networking is best when you get a group together and discuss hot topics with no script,” states Jeffrey Hoffman, CCIM, 2018 PA/NJ/DE CCIM Chapter President.
It was a full house at the Chapter’s recent STDB training. Not only did participants receive CE credits, but we also learned something relating to commercial real estate. The PA/NJ/DE CCIM Chapter was led by Ben Wilson from STBD in order to show us more of the ins and outs of CCIM’s flagship technology offering: The Site to Do Business. We look forward to seeing you at our next class!!!
Another sold out PA/NJ/DE CCIM Chapter event!!! This time is was in Lititz, PA in Lancaster County. The fine folks at Rock Lititz opened up their doors to CCIM to show us their amazing campus. 40 CCIM members and guests piled into a community meeting are a in Pod 2 for an amazing box lunch catered on site by Gravie Kitchen. I had a braised short rib sandwich that was amazing!!!! Our day focused not on who was practicing in their state of the art Pod 1 sound stage, but rather on the developments that service it. Pod 2 is a 260,000 sf industrial/mixed use building that houses all things Rock Lititz. In addition to serving as a warehouse for equipment and stage parts, there are industry specialists that support the industry, retail shops that cater to touring bands, a climbing wall, a bike shop, a beer garden and of course a full line caterer that provides food at retail to those of us who just walk in as well as catering to the acts.
We also toured a hotel that is under construction, on the Rock Lititz campus. The unbranded hotel will serve to house the roadies for up to 6 weeks so that they can learn the intricacies of their travelling stage and how to set it up and tear it down efficiently for their upcoming tour. The hotel also has superstar suites so that when the “Talent” comes to town for sound checks, they will not need to leave campus.
Rock Lititz is an amazing complex/community and we were pleased to get a glimpse inside. We thank the hospitality of Rock Lititz and Arc 1 development for opening up their doors to us.
Twenty commercial real estate professionals gathered on February 15 at the Hamilton Kitchen in downtown Allentown to learn about the Tax Cuts and Jobs Act (TCJA) and 1031 Exchanges.
Bruce Johnson, MBA, CEM, founding partner at Capstan Tax Strategies, spoke about the upcoming changes in the TCJA, specifically how they may impact cost segregation and accelerating depreciation.
Margo McDonnell, CRE, CES and President of 1031 Corp. spoke at length about 1031 Exchanges, sharing two case studies about the power of using an exchange to defer a tax event during a sale transaction as opposed to the traditional sell and buy again.
Bruce Johnson’s presentation is available for download here in PDF format.
Special thanks to Cindy Feinberg, CCIM of Feinberg Real Estate Advisors for arranging the event.
On Friday, February 1, the PA/NJ/DE CCIM Chapter along with CREW Philadelphia held it’s annual Economic Outlook with Dr. Peter Linneman. Dr. Linneman’s unique blend of scholarly rigor and practical business insight has won him accolades from around the world, including PREA’s prestigious Graaskamp Award for Real Estate Research, Wharton’s Zell-Lurie Real Estate Center’s Lifetime Achievement Award, Realty Stock Magazine’s Special Achievement Award, being named “One of the 25 Most Influential People in Real Estate” by Realtor Magazine and inclusion in The New York Observer’s “100 Most Powerful People in New York Real Estate”.
This year did not disappoint – we found value in his insights about national and global data and trends. Linneman discussed everything from multifamily asset sales volumes compared to previous years to retail sales and the impact of “clicks versus bricks”.
I Played some craps last week at the Triple Play REALTOR® Convention & Trade Expo in Atlantic City this Monday, because I was feeling lucky!!
The Convention ran from December 4-7, and had a great turnout! I couldn’t believe how the registrations grew:
November 4 (30 days prior): 6 people registered
November 27 (7 days prior: 16 people registered
December 1 (3 days prior): 22 people registered
December 4 (1st day of event): 34 people registered!
As you may be aware, the CCIM Institute has required candidates to complete a Commercial Real Estate Negotiations course as part of the designation process. This requirement was added after I received my designation, but I decided to take the Commercial Real Estate Negotiations since it was being offered at Triple Play. The course was amazing! It was formatted to keep us entertained and provide real tips to achieve win/win outcomes in interest-based negotiations.
I want to sincerely thank the Triple Play REALTOR® Convention & Trade Expo planners for putting together such a great group of practitioners that came ready to learn.
I also want to give a shout out to Barbara Crane, CCIM who also pulls Triple-duty as the Commercial Real Estate Negotiations course author, instructor and the International CCIM Institute 2019 President. She cares so much about the CCIM Institute that she took time out of her leadership schedule to instruct us on Monday!
-Jeff Hoffman, CCIM
PA/NJ/DE CCIM Chapter President 2017, 2018