Delaware State of the Market

Scott Johnson brings over 30 years of real estate planning, acquisition, development, financing, leasing and property management to the real estate industry. During that time, he has been actively engaged in driving economic development in Wilmington, in partnership with city and state government and community decision-makers. In his role as Partner at McConnell Johnson Real Estate, he has led property acquisition and financing for many transactions throughout the Mid-Atlantic, including 1201 Market and 1313 Market in Wilmington, Delaware. Overseeing all core asset management activities, Scott has worked successfully with commercial banks and CMBS lenders such as Starwood Capital and PNC, to secure initial financing and refinancing. He manages a team of over 20 engineers and administrative professionals with a focus on tenant service, resulting in a 95% renewal rate in key assets, with particular success in serving the unique needs of law firms, collectively occupying over 350,000 sf. Scott works closely with equity partners to strategically position key assets for continued success in the future Scott has completed more than 1,000,000 sf of tenant improvement projects, as well as leading efforts to secure sustainable utility grants and loans that have resulted in a 50% reduction in energy usage. He led efforts to secure robust fiber network access to 1201 Market, enabling powerful connectivity not only for tenants but for the entire Region. He holds a degree in Landscape Architecture from Utah State University, and attended the MBA program at Northeastern University and is a licensed broker in the state of Delaware. He serves on the boards of The Kalmar Nyckel Foundation and Exceptional Care for Children.

Mr. Schell is co-founder and President of the Ocean Atlantic Companies, a diversified group of real estate development, management, construction and brokerage firms primarily operating in Southern coastal Delaware with a recent focus on rental apartments, affordable housing and senior living communities. Mr. Schell serves as the Managing Member of approximately 50 limited liability companies engaged in OAC’s various real estate activities and development projects. Prior to starting Ocean Atlantic in 1997, Mr. Schell worked as an investment banker for Merrill Lynch in Chicago. Mr. Schell is also involved in a number of not-for-profit entities and boards. He was recently appointed to the Governor’s Affordable Housing Task Force and serves on the Finance and Development subcommittee. He is the President of the Nassau School Coalition, working to preserve one of the few remaining Black schools built by Pierre DuPond in the early 20 th century and was recently (Oct 2024) honored, along with his wife, at the Difference Makers Gala by the Southern Delaware Alliance for Racial Justice for his efforts in fighting racism and furthering racial equity is Southern Delaware. He co-founded in 2001 the Sussex County Land Trust, a public/private partnership between the real estate community and the County with the mission of preserving open space in Sussex County, and served as its Vice Chairman for over 10 years. Mr. Schell served as the Chairman of the Delaware Chapter of the Nature Conservancy and is a leader in the formation, serving as the Chair of the site selection, design, and construction committees of the Sussex Academy charter school. Mr. Schell graduated magna cum laude from Amherst College (1996) and he has an MBA from the Harvard Business School (2002). He resides in Rehoboth Beach, DE with his wife, Kathleen, and son Brady (15). His older son, Jack (19), is a freshman at Syracuse and plays for their lacrosse team. Mr. Schell can frequently be found 75 miles off-shore sportfishing in the summer and in the mountains of Utah skiing in the winter.

Chris has been with Lang Development Group since 2005 and oversees the operations of the residential portfolio, legal matters, and government relations. He is a 1984 graduate of the University of Delaware with a Bachelor of Science degree in Business Administration. He also received a law degree from Catholic University of America, Columbus School of Law in 1987. He is a licensed attorney in the State of Maryland and the Commonwealth of Pennsylvania with almost 35 years of experience. Chris started his career as a legal intern for the Honorable Senator Robert Dole (R-Kan) and served as General Counsel to Sunvest Realty specializing in Far East relations and real estate acquisitions. Prior to joining Lang Development Group, he became Managing Director of the law firm formerly known as Healy and Locke, a mid-size firm specializing in corporate law, litigation and real estate law. He and his wife Norma have raised seven children and live in Newark. Chris has been active in the Downtown Partnership, Newark Housing Authority, and numerous youth programs and various civic projects around the city of Newark. Chris is also a Board member of St. Marks High School. He is founder of SL24: UnLocke the Light Foundation, a non-profit to help young adults struggling with mental health issues.

JJ is the President of Retreat Hotels & Resorts. He oversees all aspects of the company’s long-term strategy and day-to-day operations, and serves on the company’s Board. Previously, he was the Director of Hospitality and corporate Treasurer of LNWA, a commercial developer in Wilmington, DE. He also held several roles in public service and in finance. For several years, he was the Economic Policy Advisor to U.S. Senator Chris Coons, and also worked as a credit analyst in the White House Office of Management and Budget. A proud former Peace Corps volunteer, Singh ran a micro credit loan fund in Oruro, Bolivia. In finance, Singh worked as a health care equity analyst at a hedge fund in New York. Additionally, he was a loan underwriter for small businesses in all five boroughs. Singh holds an MBA from Harvard Business School, an MPA from the Harvard Kennedy School, and a BA from the University of Virginia. He holds a certificate in Hotel Real Estate Investments and Asset Management from Cornell University. He is a Certified Hotel Administrator (CHA) and a Project Management Professional (PMP). He is an commissioner on the Arlington VA Economic Development Commission, as well as the county’s Fiscal Affairs Advisory Commission. Singh serves on the board of Ascendus, a non-profit that empowers low- to moderate-income business owners with access to capital and financial education. He also sits on the board of the Jekyll Island Foundation, a non-profit that raises funds for conservation, preservation, and educational initiatives for Jekyll Island.

Ryan M. Bailey is a credentialed Senior Developer, who joined Pennrose in 2005. As a member of the real estate development team, he is responsible for and well versed in all aspects of the development process, from concept to completion. He is particularly proficient in the building of financial paradigms to facilitate development. Mr. Bailey’s career has included exposure to all facets of real estate development and construction with a particular focus on honing the analytical skills to be successful in the industry. As a Financial Analyst for Studley, Inc., he served on one of the top five highest grossing teams in the Philadelphia region for 2003 and 2004. Mr. Bailey represented corporations relocating, restructuring, and/or renewing leases with particular responsibility for new business development and financial analysis. Prior to this, he was a Project Manager for Mahoney Realty, analyzing the concept, feasibility, design, underwriting, construction, and operation of prospective commercial and multi‐family development projects. He garnered his construction experience with Turner Construction Company, Bailey Design Inc., and Architectural Alliance. While at Pennrose, Mr. Bailey has secured financing and led several award‐winning development teams, combining a total investment well in excess of $300 million. Product types have included large multi‐phase townhouse redevelopments, new construction mid‐rise senior buildings and large‐scale adaptive re‐use historic redevelopments. Mr. Bailey graduated from Drexel University with a Bachelor of Science in Business Administration and a concentration in Finance. His independent study was in Construction Management. He holds a Pennsylvania Real Estate Salesperson’s License and has completed coursework at Temple University’s Real Estate Institute on Real Estate Investment. He is a Member of the Urban Land Institute, United States Green Builder’s Council, Board of Directors of the Fairmount Community Development Corporation (President & Real Estate Chair), serves on the Fairmount Zoning Committee and Friends of Bache Martin Committee and is a volunteer for the Community Design Collaborative.