Denholtz Properties announces that CEO Steven Denholtz and President Stephen Cassidy have been named to the NJBIZ 2020 Real Estate Power 50 list. Selected annually, the NJBIZ Real Estate Power 50 list celebrates the vision and leadership of New Jersey’s most powerful real estate executives and municipal leaders.
Named to the list for the second consecutive time, the honor recognizes Denholtz’s transformative impact on Denholtz Properties and the local communities where his company has a presence. A testament to his leadership and vision, Cassidy has been named to the list for the first time for his ability to unlock value from real estate investments in both mature and emerging locales with an emphasis on the firm’s investment strategy in the southeastern United States.
Since Steven Denholtz took the helm of Denholtz Properties in 1983, the company has grown into one of the state’s premier real estate development and investment companies. With the addition of Stephen Cassidy to the firm’s leadership team nearly two decades ago, the firm has seen dramatic growth of its investments under management with a subsequent increase in its operational and financial capabilities. Guided by both Denholtz and Cassidy’s creativity and innovative approach to investment, Denholtz Properties has showcased a unique ability to identify opportunities in an increasingly crowded market and find value through a wide range of strategic development, redevelopment, and value-add projects.
Under Denholtz and Cassidy’s leadership, the once small real estate operation has been defined by tremendous growth, now employing more than 60 real estate professionals and managing a diverse 4,223,532-square-foot portfolio of multitenant office, multifamily, retail, industrial and flex spaces across New Jersey, Pennsylvania, and Florida. Additionally, the firm’s rapid growth spurred the opening of a dedicated second headquarters in Orlando earlier in 2020. The company’s enhanced on-the-ground presence in the Florida market allows it to more closely manage its expanding portfolio while more effectively capitalizing on emerging opportunities in the lucrative southeastern United States market. Throughout the company’s rapid growth, Denholtz and Cassidy have remained committed to ensuring that the firm’s growth is firmly planted on a stable and risk-adverse financial foundation to ensure resiliency amidst varying economic cycles.
Denholtz and Cassidy’s transformative impact extends beyond the firm they lead. Over the last several years, Denholtz Properties has been a driving force in the redevelopment of Red Bank, particularly in the Borough’s burgeoning west side neighborhood. Last year, under the leadership of Denholtz and Cassidy, the firm relocated to 116 Chestnut Street and subsequently rebranded from Denholtz Associates to Denholtz Properties. Additionally, Denholtz and Cassidy have overseen the firm’s construction on The Rail @ Red Bank, a one-of-a-kind mixed-use project located next to the firm’s new office and the Red Bank train station. Scheduled for completion in 2021, the project will help further stimulate economic growth in the neighborhood and extend the dynamism that continues to define Red Bank to the Borough’s west side.
Further cementing his status as one of the state’s most visionary developers, Denholtz led the firm’s acquisition of a 26-acre redevelopment site at Fort Monmouth in Oceanport, N.J. Beginning next year, Denholtz Properties will begin a redevelopment project at the site with the goal of creating a vibrant economic hub built around a combination of flexible office and technology space along with innovative food and beverage concepts. Upon completion, the project will breathe a new life into the vacant site and help attract a diverse array of companies to Monmouth County.
Always seeking to innovate and position the company for continued growth, Cassidy has led the firm’s adoption of a wide range of workplace and real estate technologies. Through the adoption of platforms such as Yardi, VTS, ProCore, Sharepoint, and Power BI, Cassidy has ensured that Denholtz Properties is continually operating at optimal efficiency and profitability levels. Additionally, he’s been a driving force behind the firm’s expanded presence in southeast markets and attracting and retaining investors through traditional methods as well as technology driven platforms such as CrowdStreet.
“Great business leaders are defined not solely by their work during prosperous times but by how they prepare and lead companies through periods of volatility and uncertainty,” said Greg Brown, COO of Denholtz Properties. “Denholtz and Cassidy’s approaches to leadership and unique skillsets truly complement one another and together they have created a resilient company over the past two decades. With Steve and Stephen at the helm, it is evident that not only can we survive the challenges of COVID-19 but they have positioned us to continue to break into new markets and pursue transformative projects across the nation. I speak for the entire Denholtz Properties team when I congratulate Steve and Stephen on this great honor and thank them both for their leadership of our firm and in the real estate industry.”
In addition to his work with Denholtz Properties, Denholtz has served as a Board Member for the New Jersey Economic Development Authority, Board Member of the NJEDA, Board Member at Jersey Shore Hospital, Treasurer and Board of Trustees Member of the New Jersey Chapter of NAIOP, Board Member of Meridian Health Affiliated Foundations, and is a member of the New Jersey Bar Association. Denholtz also serves on the Advisory Council and as faculty for the Kislak Real Estate Institute at Monmouth University where he leverages his invaluable firsthand real estate knowledge to help mentor the university’s young and talented core of individuals entering the real estate business.
Cassidy is a regular contributor to business and real estate publications and a frequent speaker on panels covering capital markets and real estate technology. Cassidy, a licensed Certified Public Accountant, Cassidy is a member of the New Jersey Society of CPAs, the American Institute of Certified Public Accountants. Cassidy is also a member of the Rutgers Center for Real Estate’s Advisory Committee and the National Association of Industrial and Office Properties (NAIOP).
In addition to their business and personal achievements, Denholtz and Cassidy prioritize giving back to their local community through a number of philanthropic initiatives. The firm is heavily involved in Monmouth University’s Students for Sober Living organization and recently helped organize and furnish a lounge space to provide students in recovery with a place to gather with their fellow classmates. As a proud supporter of Open Heart Yoga in Red Bank, the firm’s sponsorship of the studio allows the company to provide free yoga classes and educational programming to the local community.
Denholtz and Cassidy are also advocates for the local Red Bank arts community, continually searching for new ways to integrate the work of up and coming artists into Denholtz Properties’ spaces. Highlighting this commitment, the firm recently commissioned local artist, Kathleen Palmieri, to paint a mural on the exterior of their 116 Chestnut Street headquarters in Red Bank. Their support for the local arts community also extends to not-for-profit Red Bank-based theater company Two River Theater which the firm has sponsored for the past two consecutive years, as well as to Count Basie Center for The Arts, a landmarked performing arts center in Red Bank the firm has also sponsored.
Denholtz and Cassidy have also led a company-wide effort to give back to their local community. Denholtz Properties is proud to provide a home for Popcorn for the People, a non-profit organization focused on providing meaningful & lasting employment for adults with autism and other developmental disabilities, in their Piscataway Corporate Center. The firm also volunteers with a range of Red Bank-based non-profits including Lunch Break and JBJ Soul Kitchen throughout the year. As a part of these volunteer opportunities, members of the Denholtz team have supported these organizations through school supplies collections and food drives aimed at helping those in need in the surrounding community.