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The Pennsauken Logistics Center

The Pennsauken Logistics Center

The Pennsauken Logistics Center is a 355,000 square foot industrial asset located at 8600 River Road in Pennsauken New Jersey. This location is sandwiched between the Betsy Ross & Tacony Palmayra bridges and sits a few miles from the New Jersey Turnpike & Interstate 295 - providing tenants with easy access to the City of Philadelphia and North/South arteries. The site was acquired by Velocity Venture Partners in December of 2019 and is currently under full renovations - a process that will white box the interior (painting, new LED lighting, floor scrubbing, loading upgrades, demolition) and retrofit the exterior (roof replacement, painting, repaving). The property is roughly 60% through renovations and is currently being marketed to a variety of tenants - from logistics/distribution to light manufacturing. Unit sizes as small as 6,000 sf and up to 350,000 sf are currently available.

About Velocity Venture Partners Velocity is a Philadelphia-based developer of industrial and flex properties. The firm was founded in 2017 by Tony Grelli & Zach Moore and currently owns and manages close to two million sq. ft. of industrial real estate in Southern New Jersey and Southeastern Pennsylvania. Velocity raises acquisition capital from high net worth investors and family offices throughout the United States. For more information or to contact the team, please visit www.velocityinv.com.

Speakers and Panels

Recession Proofing

What Does The Next Phase Hold - How Do You Prepare For It?

Daniel Killinger

Daniel Killinger

EVP & COO

National Real Estate Development

Sara Doelger
Joint venture investments in the lower middle market

Sara Doelger

Partner

Argosy Real Estate Partners

Jason Morgan
Through Value-Add Multifamily Investments

Jason Morgan

President, Special Situations

Morgan Properties

George Kotridis
Moderator

George Kotridis

Principal

CLA

Daniel Killinger

EVP & COO

National Real Estate Development

Mr. Killinger is responsible for leading a team of experienced development and construction professionals for National Real Estate Development, National Real Estate Advisors’ (National), wholly-owned development management subsidiary.

National Development provides development and construction related management of selected projects across the country on behalf of National. In this role, Mr. Killinger oversees a $1 billion project portfolio, comprising two million square feet of mixed-use and residential space in Los Angeles, San Francisco and Philadelphia. Prior to this, he oversaw National Development’s East Market project in Philadelphia, PA as Director of Development. Mr. Killinger has diverse experience as a real estate professional in both the oversight of the design and development of urban, mixed-use projects as well as in the investment and asset management of residential and office buildings.

Prior to joining National Real Estate Development, Mr. Killinger was a Managing Director for Goldman Properties in New York, NY. At Goldman, he oversaw several development projects including 25 Bond Street and the repositioning of 110 Greene Street, both in New York, NY. He also consulted on numerous mixed-use urban development projects along the east coast. Mr. Killinger later joined Edison Properties in Newark, NJ as the Executive Vice President for Real Estate Planning and Development. At Edison, he was responsible for the entitlement, design and feasibility for the development of a portfolio of mixed use residential buildings in New York, NY and Newark, NJ. Mr. Killinger began his career as an architect with Kohn Pederson Fox Associates in New York, NY.

Mr. Killinger received a Master of Science in Real Estate Development from Columbia University and is a frequent participant in Columbia’s Real Estate Round Table series. He also received a Master of Architecture from the University of Pennsylvania and his Bachelor of Arts from Bucknell University.

Sara Doelger

Joint venture investments in the lower middle market

Argosy Real Estate Partners

Ms. Doelger is responsible for acquisitions, dispositions and asset management. Previously, Ms. Doelger was an Associate Director of Redevelopment at Pennsylvania Real Estate Investment Trust, where she was responsible for project management and financial analysis of redevelopment projects within the company’s portfolio of enclosed shopping malls. Prior to joining PREIT, Ms. Doelger was a Senior Development Manager for Buckingham Companies, where she secured entitlements and directed building design for a variety of product types including market-rate apartments, student housing, senior housing, townhomes, and mixed-use properties. Ms. Doelger is also experienced in the development and leasing of retail properties, having directed real estate and development for Taco Bell in the Philadelphia area. She started her career with Kravco Company as an Urban Retail Specialist.

Ms. Doelger holds an MBA with a concentration in Real Estate from the Wharton School at the University of Pennsylvania, where she was a Palmer Scholar and Co-President of the Wharton Real Estate Club. She also holds a Masters of City Design and Social Science from the London School of Economics and Political Science, where she received a Thouron Scholarship. Ms. Doelger graduated summa cum laude from the University of Pennsylvania with a B.A. in Urban Studies and Classical Studies.

Ms. Doelger is a member of the Commercial & Retail Development Council of the Urban Land Institute, and was a co-founder of the Indiana District Council of ULI in 2007. Ms. Doelger has served on a variety of nonprofit boards in the Philadelphia area, and currently is a Director of the Passyunk Avenue Revitalization Corporation.

Jason Morgan

Through Value-Add Multifamily Investments

Morgan Properties

As President of Morgan Properties Special Situations and Principal of Morgan Properties, Jason’s primary responsibilities involve sourcing, underwriting, and executing multifamily acquisition and debt investment opportunities. Jason joined the Company in May 2017 when Morgan Properties was the 25th largest apartment owner in the country and has been instrumental in elevating the Company to the second largest with over 95,000 units and over $16 billion in assets. Over the past 4 years, Morgan Properties has acquired over $7B in acquisition volume comprising over 60,000 units. Jason sits on Morgan Properties’ Investment Committee where he evaluates all the Company’s acquisition and debt investment opportunities.

Morgan Properties Special Situations invests in equity recapitalizations, fixed income securities, and other alternative multifamily investment opportunities. Jason has put together a team and developed the processes that Morgan Properties has utilized to become a major investor in the Freddie Mac K-series CMBS space. Since launching its Special Situations platform in 2017, Morgan Properties has executed multiple recapitalizations of portfolios valued at over $3.5 Billion and closed on acquisitions of 29 Freddie Mac K-Series B-Pieces across $28 Billion in UPB and 1,280 properties. Morgan's B-Piece portfolio has a market value in excess of $1 Billion.

Prior to joining Morgan Properties, Jason worked at Sculptor Capital Management, formerly known as Och-Ziff Capital Management, where he focused on equity investments, preferred equity structures, mezzanine financing, and senior loans across traditional and niche real estate asset classes. Before Sculptor, Jason worked at Goldman Sachs in the real estate investment banking group.

Jason received a Bachelor of Science in Economics with a concentration in Finance and Real Estate from The Wharton School at the University of Pennsylvania. He currently serves on The Chamber of Commerce for Greater Philadelphia’s Board, the Federation Housing Inc. Board, Children's Hospital of Philadelphia’s (CHOP) Facilities Expansion Advisory Committee, and the Jewish Federation Real Estate Committee. He is also a member of the Chamber’s Policy Research and Legislation Committee and contributes to Forbes’ Real Estate Council.

Jason has been recognized as a recipient of Commercial Observer’s 2021 Game-Changing Visionary Award, one of Philadelphia Business Journal’s Real Estate Rising Stars, HousingWire’s 2020 Rising Stars, and a recipient of Connect Media’s 2020 Next Generation Award in the National category.

George Kotridis

Moderator

CLA

With more than 25 years in public accounting, George devotes most of his time serving clients in the Real Estate Industry. These include developers, commercial and residential operators, hotels, property and asset managers, home builders, private equity funds, and individual investors. In 2009, he took on the lead role of the legacy LarsonAllen firm’s Real Estate practice and has brought that experience forward focusing on further developing the firm’s capabilities in advisory, assurance, and tax services available to clients in the real estate and hospitality space. He also is a lead resource in the firm helping clients in real estate workout transactions.

Technical experience:

• Assists clients in selecting entity status, advises on partnership and LLC formations, helps with modeling IRR calculations and waterfall provisions, and forecasting distributions and allocations under IRC Subchapter K

• Provides consulting and expert services related to performance, cash flow, and operations of commercial real estate and hotel operations, including litigation support

• Helps clients assess the benefits of cost segregation studies, repair studies, change in accounting methods, as well as help facilitate closely-held business strategic planning initiatives, and design and implementation of succession plans

Education/professional involvement:

• Bachelor of business in accounting from Temple University, Philadelphia, Pennsylvania

• American Institute of Certified Public Accountants

• Certified Public Accountant in the state of Pennsylvania

Speaking engagements:

• Pennsylvania Bar Institute panelist on Distressed Real Estate transactions

• Testified in Federal Bankruptcy Court (Trenton, NJ) on feasibility of petitioner’s plan.

Debt & Equity Market

How Are Deals Being Structured & New Ways To Get Financing

Tawan Davis

Tawan Davis

CEO

Steinbridge Group

Mike Stillwell

Mike Stillwell

CEO

Streamline

Chris Egan

Chris Egan

SVP

Walker & Dunlop

Tony Grelli

Tony Grelli

Founding Partner

Velocity Venture Partners

Andrew Coler

Andrew Coler

SVP

PNC Real Estate

Andrew Beauchemin
Moderator

Andrew Beauchemin

Managing Principal

WCRE Capital Advisors

Tawan Davis

CEO

Steinbridge Group

Tawan Davis is the Chief Executive Officer and Managing Partner of The Steinbridge Group, which has structured, executed and invested nearly $1 billion in commercial and residential real estate. Under Mr. Davis’ leadership—which includes managing the investment program and overseeing the day-to-day operations and transaction pipeline—Steinbridge is now investing more than $400 million in the urban single-family home market.

The strategy—with a long-term hold commitment—is to acquire and renovate middle income family residences in close proximity to transportation and employment as rental units, helping foster success among working residents in transition neighborhoods.

Passionate about making a positive contribution in each neighborhood in which he invests, Mr. Davis works with a dedicated team to supply high quality housing at ‘rent reasonable’ rates in urban settings, while joining with non-profit organizations and local members to form community partnerships in furtherance of these goals.

Throughout his career Mr. Davis has held several high-level positions both in the private and public sectors, including as President and CIO of a private developer, as a US and European real estate private equity investor with Prudential Real Estate Investors, as an investment banker Goldman Sachs, and as Head of Public-Private Real Estate Partnerships with the New York City Economic Development Corporation in the Michael R. Bloomberg administration.

An adjunct Professor of Finance at New York University’s Shack Institute of Real Estate from 2011 – 2015, Mr. Davis holds a Bachelor of Arts degree in Economics from Georgetown University, a Master of Science degree in Sociology & Economics from Oxford University, and a Master’s degree from Harvard Business School.

Mike Stillwell

CEO

Streamline

In 2007, at the age of 26, Mike Stillwell resigned from his career as a foreman to pursue his aspirations to create a thriving construction & development company. He had a vision to simplify the process for residential construction in urban neighborhoods. While beginning contracting work in Point Breeze, he crossed paths with another young entrepreneur who had a similar vision as himself, Sean Schellenger. Their instant bond, trust, and shared business goals quickly blossomed into a partnership. In 2008, at the height of the recession, the Streamline brand was created. Mike, self-driven, competitive, & opportunistic, took the lead on creating efficient workflow processes & procedures for the development & construction side of the business, setting the duo up for future rapid growth. In 2010, the 1st Streamline office was opened on Washington Ave. The company began as a General Contractor for the 1st years. Mike learned the obstacles & opportunities that came with urban development. He realized that in order to become a leading company & stay at the forefront of their industry, continuous utilization of technology was going to be crucial. In 2011, Streamline invested in Salesforce to begin building out their project management and CRM procedures.

Streamline received the 1st company awards: Philadelphia 100, PBJ’s Fastest Growing Companies, and SmartCEO circle of excellence, in 2013. That following year, Streamline began construction on their first condominium development as the developer. Mike was now leading 10 employees between development, construction, & accounting. In 2015, Streamline partnered with an investor group to receive their first fund & was now an urban residential developer– a huge accomplishment and milestone in the company’s history. Mike was now COO, focused on making the teams vision to become the leading urban developer, happen. At this time the company had grown to 16 employees with a revenue of $7.9MM & continued to put significant investments into technology to support the vision. Custom systems were developed to identify hundreds of off-market opportunities for acquisitions, in a short period of time, daily. Standard operating procedures, scripts, and training were established to truly set Streamline apart from the competition in how the company data mines & acquires off-market lots.

Over the next 2 years, Mike led the operations with a focus on the customer experience. A 2nd office opened in Feb 2018 for a sales team. Mike managed a team to establish new positions to enhance the consumer experience, giving the client an expert to walk them through the process, every step of the way. One of the biggest differentiators for the company is the use of Virtual Reality. Urban development does not have the luxury of hosting a Model Home to sell homes during pre-construction. Mike & Sean put significant time and dollars into building out a new experience for the consumer to be able to visualize their home in a virtual realm before it’s built, preparing to launch The Streamline Experience in the beginning of 2019.

Tragically, on July 12, 2018, Mike’s business partner, Sean Schellenger, was murdered in Rittenhouse Square. To say the loss of Sean was absolutely devastating for Mike is an understatement. The partners had worked together every day for the past 10 years to build what was now a thriving company in Philly. Overnight, the company was now on Mike’s shoulders.

To ensure stabilization for the company’s lenders, investors, & employees, Mike put together a Strategic Planning team with an advisory board to set a clear path for the next 3 years of the company. He had key members on the board such as the CFO of Toll Brothers & a retired CEO from the biopharmaceutical industry.

Despite the emotions that came with the unexpected loss of his business partner, Mike powerfully began to make the shift into the role of CEO for his company. He spent the next 3 months working feverishly with his leadership team & advisors to create an in-depth action plan, to ensure the vision and goals of Streamline stayed on course.

In 2019, his company delivered nearly 200 homes within Philadelphia, a revenue of $45MM and 70 employees. The company placed #11 in the 2018 Philadelphia 100, & launched their Virtual Reality technology into the Sales Office to complete 2018. Today, the company has begun their expansion to an additional urban market, Chicago.

Tony Grelli

Founding Partner

Velocity Venture Partners

Tony is a native of Gloucester County, New Jersey and grew up on a 300+ acre fifth-generation family farm. He co-founded Velocity with Zach shortly after graduating from Drexel University, where he earned dual degrees in finance & economics. Tony currently lives in Montgomery County, PA, and enjoys spending his summers in Sea Isle City, NJ. Prior to Velocity, Tony worked on the investment team of Susquehanna Growth Equity – where he invested in software entrepreneurs across North America, UK & Europe.

Andrew Coler

SVP

PNC Real Estate

Andy Coler is a Senior Vice President and Market Manager for the Philadelphia, Southern New Jersey and Delaware region for PNC Real Estate Finance. Andy manages a team of professionals based in Philadelphia and Delaware who oversee a loan portfolio with a diversified client base including, multifamily, office, industrial, hospitality and retail property types. The team delivers a diversified array of financial products to large private developers and fiduciary advisors throughout the region. Andy joined PNC's Management Training Program in 1987 and became part of PNC Real Estate in July, 1990. Prior to taking over the Philadelphia, Southern New Jersey and Delaware region, he managed the New England region for 15 years. Andy is a member of the Real Estate Lenders Association, Pension Real Estate Association, Urban Land Institute, and the International Council for Shopping Centers

Summary

  1. A behemoth has entered the Philly Industrial market with Prologis purchasing Liberty. Liberty had a national portfolio, but a heavy focus is the Philadelphia/Lehigh valley region. How will this giant change Philly market dynamics?

  2. Similarly, to Prologis, Silverstein Properties has recently turned their attention to the Philly market. What about the Philly market is attracting outside capital?

  3. According to reports from Marcus & Millichap, cap rates in Philly have gone up to mid 5% to low 6% range. What impact will rising cap rates have on the market?

  4. With construction costs continuing to soar and the ever looming recession how are deals getting financed?

  5. What asset classes are investors most bullish on, and which ones are they most bearish on in the Philly market?

Venue

The Pennsauken Logistics Center
8600 River Rd.
Pennsauken Township, NJ 08110


Agenda

Time Activity
12:30 PM
1:30 PM
Coffee, Breakfast, & Networking!
1:30 PM
2:15 PM
Recession Proofing

What Does The Next Phase Hold - How Do You Prepare For It?

2:15 PM
3:00 PM
Debt & Equity Market

How Are Deals Being Structured & New Ways To Get Financing

3:00 PM
3:30 PM
More Networking!

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