6-8-12 Mid Atlantic Real Estate Journal

Page 1

REAL ESTATE JOURNAL the most comprehensive source for commercial real estate news

Volume 24 Issue 11 June 8 - 21, 2012

ISSUE HIGHLIGHTS Development of the Month

16-17A Appraisal Institute Spotlight

21-25A MBCEA awards Hance Construction

Consisting of four properties totaling 1,106 units

Beech Street Capital provides $68m to refinance PA & DE apt. portfolio

B

oston, MA — Beech Street Capital provided $68 million in Fannie Mae conventional loans to refinance four properties located in Conshohocken and Philadelphia, Pennsylvania, and Newark and New Castle, Delaware. Brian Sykes, vice president out of Beech Street Capital’s Boston office, originated the transaction. The repeat borrower, the Galman Group, approached Beech Street looking to lock in historically low interest rates on four properties in their portfolio that would be maturing over the next year. The properties were encumbered with loans each having a different date on which it could be repaid without penalty, with the payoff dates ranging from a few months to over six months. Beech Street

worked closely with Fannie Mae and suggested the forward rate lock program, allowing the borrower to take advantage of the current low interest rate environment while reducing the prepayment penalties. “The Beech Street team

exceeded our expectations with their expertise and resourcefulness,” said Sam Goldstein, chief financial officer at the Galman Group. “Beech Street was able to give the borrower an “all-in cost,” which was about the same as

rate locking the loans under a standard closing,” said Sykes “This transaction illustrates how well the Fannie Mae forward rate lock program can work and confirms that it can be an effective tool to allow borrowers to lock in low rates while at the same time being able to reduce or eliminate prepayment penalties.” The portfolio consists of four properties totaling 1,106 units in the Philadelphia-Camden-Willington MSA. North Lane with 101 units is in Conshohocken, Sedgwick Station with 93 units is located in Philadelphia, Buckingham Place with 278 units is located in Newark, and Castlebrook with 634 units is in New Castle. The fixed-rate loans have a 10-year term with 9.5 years of yield maintenance. n

Avidan Management announces 304,000 s/f lease transaction at 99 Hook Road in Bayonne, NJ

8B 99 Hook Road

Directory

Auctions....................................................6-7A DelMarVa.............................................. 11-18A Financial Digest Featuring the Appraisal Institute........... 19-28A New Jersey.........................................Section B Pennsylvania......................................Section C

Upcoming Spotlight Mid Year Review

June 22nd

www.marejournal.com

BAYONNE, NJ — Avidan Management announced a lease transaction at 99 Hook Rd. RPM Warehouse has renewed a lease for 304,000 s/f of space at the premier industrial facility. “We’re extremely pleased that RPM Warehouse has made the decision to remain at our Bayonne facility,” said Avi Avidan, managing member of Avidan Management. “As one of the most active and well-established warehousing and transportation companies operating in the port area, RPM is exactly the type of high-quality tenant that we

value.” Situated on 20 acres of land, 99 Hook Road is a 500,000 s/f facility that is located on State Rte. 169. The facility features reinforced concrete floors, gas-fired space heaters, 40-by-40-foot column spacing, 24-foot ceiling heights, 50 exterior doors with dock levelers, three interior doors, 10 rail doors and ample secured parking. Offering dual feed electric power and gas, the facility provides 400 amps of power per section, and features an early suppression fast response sprinkler system. Avidan will soon embark on

a site upgrade at 99 Hook Rd. that will include the creation of two new access points. (In addition to the current entrance on New Hook Road, RPM and other tenants will now be able to access the building from Route 440 and Lafante Way.) The lease transaction leaves just two large-scale availabilities remaining in Avidan’s portfolio. The company is currently marketing a 242,000 s/f space at 145 Talmadge Road, a distribution facility in Edison that features a 4.24-megawatt solar electric system, among other amenities. n

A Inside Cover — June 8 - 21, 2012 — Mid

Atlantic Real Estate Journal

www.marejournal.com

Multi-talented lenders... For multi-family financing. The current economy has everyone looking for ways to reduce costs. Refinancing your property can make a big difference. At The Provident Bank we make loan decisions locally. Why wait for someone in another state or time zone to review your application, process it and make their lending decision? Our commercial real estate specialists are right here where you are. We can build customized lending solutions to meet your needs and timeline. Custom solutions, local decision-making, quick turnaround – call us today and experience the Provident difference. For more information contact Patti Patriarca, SVP patricia.patriarca@providentnj.com 732.726.5516

$8,000,000

Multi-Family Complex Whitehall, PA

$11,500,000

Multi-Family Complex Princeton, NJ

$10,000,000

Multi-Family Complex Long Branch, NJ

$22,000,000

Multi-Family Complex Arlington, NJ

$12,000,000

Multi-Family Complex Englishtown, NJ

www.ProvidentNJ.com

Equal Opportunity Lender Equal Housing Lender Member FDIC

Mid Atlantic Real Estate Journal — June 8 - 21, 2012 — 1A

www.marejournal.com

Tired of hitting the same pothole?

NEW JERSEY PAVING

CURBING Curbing Restoration Belgium Block Concrete 9" x 18"

We are your professional PARKING LOT SPECIALISTS

EXCAVATION

Free Evaluation Call Larry @ 908-334-4908 Larry@njpaving.biz

800.628.3960 WWW.NJPAVING.BIZ

PAVING Pothole Repair Asphalt Overlays Milling & Millings Removal Petro-Mat Fabric

Soil Removal & Grading Pipe Installation 4" to 36" Detention Basins Interior Demolition Drain Rebuild & Installation

CONCRETE

ASPHALT

Loading Dock Pads Patch Work Retaining Walls Sidewalks

Coal-Tar Seal Coating Rejuvenators Hot Crack Sealing Line Striping & Signage

2A — June 8 - 21, 2012 — Mid

MAREJ

Atlantic Real Estate Journal

www.marejournal.com

Mid Atlantic ADVERTISERS DIRECTORY

Alan Halpert................................................................................. 3A Apex Realty Advisory ................................................................. 21A Appraisal Institute –Region VI ................................................. 23A Atlantic Asset Management Group ............................................. 7A Auction Brokers ........................................................................... 7A Barry Isett & Associates Inc. .....................................................14C Beech Street Capital ................................................................BC-A Berger Organization ....................................................................9B Bergman Real Estate Group .......................................................6B BL Companies ..............................................................................8C Brasler Properties .....................................................................IC-C Bruce Coin Consulting ................................................................. 5A Bussel Realty Corp.......................................................................1B Bussel Realty Corp..................................................................... 25A Butler ............................................................................................8B CAMPBELL.................................................................................. 9A CBC Bennett Williams......................................................... 33A,7C CBC Pennco ..................................................................................2C CBRE ....................................................................................... BC-B Cenova .......................................................................................... 9A Classic Properties ........................................................................3C Columbia Bank........................................................................... 26A Cooper Roofing .............................................................................1C Cooper-Horowitz, inc.................................................................. 11A Cushman & Wakefield ...............................................................10C Deerwood Real Estate Capital .................................................. 20A Earth Engineering Inc .................................................................4C Fitzpatrick Lentz & Bubba ........................................................14C Fix Asphalt ................................................................................IC-B Fowler ........................................................................................... 9A Gerber/Somma Associates ...........................................................7B Griffin Land ..................................................................................2C Harvey Hanna & Associates, Inc.................................. 13A,17-18A Heller Industrial Parks ...................................................... 31A, 4B High Associates ..........................................................................13C Hinerfeld Commercial Real Estate ....................................... IBC-C Hollister Construction Svcs .......................................................15C Hurley Auctions ..................................................................... 6A,8C Industrial Realty Development ...................................................2C Kaplin Stewart ............................................................................. 2A Keast & Hood Co ........................................................................15C Kwekel Companies.......................................................................8C Landcore Engineering Consultatants .........................................5C LandmarkJCM .............................................................................5C LandmarkJCM ............................................................................. 9A Lebanon Valley Economic Development Corp. ......................... 11C M. Miller & Son ................................................................... 3A,IC-C Marcus & Millichap Real Estate Investment Services ...... 18A,3C Max Spann Real Estate & Auction Co. ....................................... 6A Max Spann Real Estate & Auction ............................................. 6A MBC Development .......................................................................1C Mericle Commercial Real Estate Services ............................. BC-C Meridian Capital Group, LLC ..................................................... 3A Metro NJ Chapter of the Appraisal Institute ........................... 22A MGKF Law ...................................................................................3C Mitchell ....................................................................................... 15A NAI CIR ........................................................................................8C NAI Summit .................................................................................3C New Jersey Paving................................................................. 1A,4B NorthMarq......................................................................... 12A, 11B Patterson Woods......................................................................... 15A Pennsnortheast.com.....................................................................2C Poskanzer Skott Architects .......................................................12B Provident Bank ........................................................... Inside Cover Regal Bank .................................................................................10B Riker Danzig ................................................................................2B ROCK Commercial RE.................................................................6C Rose Metal Systems .................................................................FC-C SEBCO Laundry ..........................................................................2B Sheldon Good & Co. ..................................................................... 6A Sheldon Gross Realty ...................................................................2B Southern NJ Chapter Appraisal Institute ...........................24-25A The Kislak Company, Inc.............................................................3B The Solomon Organization ..........................................................9C THESING Companies.................................................................. 9A Tighe & Cottrell, P.A. ................................................................. 15A TriState Realtors Commercial Alliance .................................... 31A Warner RE & Auction Co. ..................................................... 6A, 9A Wolf Commercial Real Estate......................................................2B WP Realty ..................................................................................IC-B

Mid Atlantic REAL ESTATE JOURNAL

Real Estate Journal

Publisher ............................................................................Linda Christman Co-Publisher .........................................................................Joe Christman Section Publisher ..............................................................Michael Campisi Section Publisher ................................................................ Elaine Fanning Senior Editor/Graphic Artist ................................................ Karen Vachon Production Assistant ........................................................ Rachel Rugman Office Manager ...................................................................Joanne Gavaza Editorial Consultant ............................................................. Ben Summers

By Ian Wewer

Guest Columnist ........................................................................Ian Wewer

Indoor Air Quality: How Healthy is the Air in your Building?

Mid Atlantic REAL ESTATE JOURNAL ~ Published Semi-Monthly P.O. Box 26 Accord, MA 02018 (Mail) 312 Market Street, Rockland, MA 02370 (Overnight) Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to:

O

ne of the primary concerns of every building owner and property manager is a building’s indoor air quality. Indoor air quality (IAQ) can be impacted by a multitude of factors, including indoor pollution from smoking or space heaters, chemical emissions from cleaning products, volatile organic compounds (VOCs) in building materials and HVAC systems operating below optimum performance. Poor indoor air quality can strongly affect rates of employee absenteeism and productivity. Employees in a typical office setting sit for 90 percent of their workday and work in close proximity to others for extended periods of time. If efforts are not made to remediate improper ventilation and improve IAQ, businesses suffer due to sick, sluggish or generally unhappy employees. The single most important contributor to indoor air quality is a building’s HVAC system. Regular maintenance and cleaning of the system are

Mid Atlantic Real Estate Journal, P.O. Box 26, Accord, MA 02018 USPS #22-358 | Vol. 24 Issue 11 Subscription rates: $99 - one year, $198 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Toll-Free: (800) 584-1062 | MA: (781) 871-5298 | Fax: (781) 871-5299 www.marejournal.com The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal

necessary to ensure good IAQ. A balanced ventilation system supplies the right amount of fresh outdoor air, exhausts the appropriate levels of indoor air, expels harmful concentrations of air pollutants, and regulates temperature and humidity levels. Regular, appropriate maintenance and repair can extend the life of an HVAC system and reduce ongoing operation costs. Investment in regular maintenance also pays off through healthier employees and less chance of costly remediation of unaddressed HVAC-related issues. If a system is not providing adequate ventilation, oc-

cupants may try to resolve the situation on their own by raising or lowering room temperatures and blocking air supplies with furniture. These activities disrupt the balance of air flow and cause additional problems. Higher temperatures also contribute to an increased release of VOCs found in building materials, thus exposing employees to higher levels of pollutants. HVAC systems should be thoroughly evaluated before and after building renovations, prior to new tenants occupying the building or when the primary purpose of the building changes. It is also important to continued on page 8A

Experience Counts. Count On Us. Kaplin Stewart Attorneys at Law

2EAL ESTATE LAW FROM THE GROUND UP Contact: NEIL A. STEIN (ARVEST $RIVE "LUE "ELL 0! s s www.kaplaw.com Other Offices: s #HERRY (ILL .* s 0HILADELPHIA 0!

Mid Atlantic Real Estate Journal — June 8 - 21, 2012 — 3A

www.marejournal.com

MID ATLANTIC REAL ESTATE JOURNAL

They wrote the policy.

Office-warehouse at 1615 Wicomico St. in Baltimore, MD

Fisher and Brady of Cushman & Wakefield inks 54,600 s/f

B

ALTIMORE, MD — Cushman & Wakefield announced that Everything Warehouse, a supplier of industrial material handling equipment, racking and retail store fixtures has signed a long term lease to relocate into 54,600 s/f of office-warehouse at 1615 Wicomico St. in Baltimore

City. “We were able to provide Everything Warehouse with the expansion space they needed together with secure outside storage in a great location at the right price� said David Berg, managing partner of 1601 Wicomico, LLC. 1601 Wicomico St. is a newly

redeveloped 325,000 s/f industrial facility located in the heart of Baltimore. There is 241,000 s/f available and ready for occupancy. McLane Fisher and Ned Brady of Cushman & Wakefield of Maryland Inc. represented Everything Warehouse in the transaction. â–

RedGo Development purchases 42-acres for construction of residential complex GARNER, NC — RedGo Development has purchased 42 acres fronting Rand Rd, where it plans to develop a residential complex. The purchase from Wells Fargo Bank follows RedGo’s acquisition earlier this year of a 32-acre site in Berlin Twp., NJ. According to Fred Goebert, president of RedGo, the Garner parcel was a former mobile home park that has since been abandoned. RedGo plans to redesign the site for current market conditions, including the strong possibility of a single-family rental community. Zoned residential, Goebert said RedGo would be prepar-

ing a master plan for the property after meeting with local officials and area residents in the weeks ahead. “We invested in this land because it represents an excellent opportunity for us to enter North Carolina’s fastest growing metropolitan area. Such parcels are in the path of development and, in times like these, RedGo can get foot holds in new locations because local developers are nervous and allow good deals to slip by,� Goebert said. Pennsylvania developments completed by RedGo include Lewis Square and the Linfield Office Campus in Royersford, Naamans Creek Corporate Center in Upper Chichester

Township, the Willowbrook Business Park in West Chester, Three Tun Business Center in Frazer, 1055 Andrew Drive in West Chester and the New Continental Plaza office complex in Upper Merion Township. In addition to office and retail complexes, RedGo has constructed residential developments that include the 300-unit Linfield Homes in Linfield Township and Sanatoga Commons in Pottstown. The company is currently in the approval process for a 327-unit senior living facility with 70,000 s/f of office/retail in Limerick Township PA that is scheduled to break ground later this year. â–

MILLBURN, NJ Downtown Millburn Retail 284 Millburn Ave. Prime Downtown Location

We make sure they write the check.

6,000 sf for lease

M. MILLER & SON Public Adjusters

Since 1960 1211 Liberty Ave., Hillside, NJ 07205 â—? Tel: 908-355-4800 adjuster@mmillerson.com â—? www.mmillerson.com

Recent Financings Arranged By Meridian Capital Group

Hunters Glen 1,124 Units

Steward’s Crossing 241 Units

$49,000,000

$27,200,000

Delran, NJ

Princeton, NJ

West Creek Village 306 Units

Woods at Narraticon 150 Units

$16,000,000

$16,950,000

Elkton, MD

Deptford, NJ

Join Bank of America | Just Salon & Spa Millburn Opitcal & Surgery

End Cap Unit Millburn Train Station One Block Away Center of Lifestyle Community Dedicated Parking 100 Parking Spots Affluent Market Area

Red Mango

Neighboring Tenants PNC Bank

193,729

Chase Bank

Annie Sez

144,394

Trader Joes

Starbucks

Valley National Bank

Petsmart

Demographics Population

1 Mile 12,203

3 Miles 107,160

5 Miles 401,555

Daytime Pop.

11,532

75,532

Households

4,661

39,283

Avg. HH. Income

$149,783

$132,708 $103,923

CVS

Inquire with owner 973-216-1300

)RXQGHG LQ 0HULGLDQ &DSLWDO *URXS //& LV RQH RI WKH QDWLRQâV ODUJHVW FRPPHUFLDO UHDO HVWDWH ðQDQFH DQG DGYLVRU\ ðUPV :RUNLQJ ZLWK D EURDG DUUD\ RI FDSLWDO SURYLGHUV 0HULGLDQ DUUDQJHV ðQDQFLQJ IRU WUDQVDFWLRQV RI DOO VL]HV DQG SURSHUW\ W\SHV LQFOXGLQJ á 0XOWLIDPLO\ á &R 2S á 2IILFH

á 5HWDLO á 0L[HG 8VH á ,QGXVWULDO

á +RVSLWDOLW\ á +HDOWKFDUH á 6WXGHQW +RXVLQJ

á 6HQLRU +RXVLQJ á 6HOI 6WRUDJH á &RQVWUXFWLRQ

3OHDVH FRQWDFW ,VUDHO 6FKXEHUW DW WR OHDUQ PRUH DERXW 0HULGLDQâV XQLTXH DSSURDFK DQG WR GLVFXVV \RXU ðQDQFLQJ QHHGV 9V\[L :V\[O )\PSKPUN - -PYZ[ -SVVY 0ZLSPU 51 c ^^^ TLYPKPHUJHWP[HS JVT

4A — June 8 - 21, 2012 — Mid

Atlantic Real Estate Journal

REQUEST FOR PROPOSAL The Allentown Economic Development Corporation (AEDC) is soliciting proposals from qualified developers to acquire and renovate

612 W Hamilton Street, Allentown, PA A prime development site for commercial and residential mixed-use development located in the Neighborhood Improvement Zone (NIZ), the Central Business District (B-2), and the Enterprise Zone in Center City, Allentown, Pennsylvania Friday June 8, 2012 and Friday June 15, 2012 Proposal Due Date: Friday June 29, 2012 - No later than 3pm

For RFP access please visit www.allentownedc.com For questions please contact AEDC at 610-435-8890 905 Harrison Street, Allentown, PA 18103

OONACHIE, NJ — Jaime Weiss, president of Weiss Realty has announced four lease transactions the sale of 5,300 s/f medical office building in West NY with a Jaime Weiss total aggregate value in excess of $3.4 million. In January Matthew Weiss, VP at Weiss arranged a longterm lease transaction for

8,042 s/f with Energy Fitness at 50 Piermont Rd., Cresskill. Weiss Realty represented both the landlord, Bren-Cruis and the tenant SDM Fitness. In Edison at Colonial Village Professional Office Park and SC, Weiss Realty, the center’s leasing and managing agent, signed three office leases transactions totaling 3,478 s/f The new tenants include Dr. Yvonne Nelson who has leased 1,000 s/f for internal medicine arranged with Matthew Weiss in cooperation with Paul Salvesen of American Properties. SLiQ Information Technolo-

gies has leased 640 s/f. Sheldon Waltuch, Orthodontist, signed a long-term lease renewal for 1,838 s/f. With these lease signings Colonial Village is now 97% leased. Jaime Weiss, acting on behalf of H.M.L. Realty Corp. arranged the sale of 6701 Bergenline Ave., West NY to an investment client of Weiss Realty for a sale price of $1.42 million. The 5,300 s/f medical office building is leased to Concentra Health Services. Weiss acted as consultant to the landlord H.M.L. Realty in the lease transaction. ■

Procida’s 100 Mile Fund reports 13.8% returns

GENERAL CONSTRUCTION

Commercial • Industrial • Residential HVAC • NETWORK • SOLAR PANEL INSTALLATION • SECURITY • CAMERA • SWIMMING POOL GROUNDING • FIREALARM INSPECTION & INSTALLATION

Contact: VINAY SHAH P: 201-488-6088 F: 201-488-6087 Email: shahelec@aol.com 123 Hudson St, Rear Bldg, Hackensack, NJ 07601 License #11574

Mid-Year Review June 22, 2012 Deadline June 12th

This special edition will spotlight topics such as: • New laws, regulations, and policies relating to buying, ✩ selling and leasing commercial real estate • Dealing with employee issues Interested • New tax laws and regulations • Real Estate Exchanges and TIC in writing an • Environmental • Security article on your area • Industry Trends of expertise, please • Technology ✩ • New Products call 800-584-1062 • Industry Analysis • And More to reserve

Real Estate Journal 781-871-5298 x 203

Four lease transactions totaling 24,420 s/f

M

Site Inspection by appointment on:

Mid Atlantic

MID ATLANTIC REAL ESTATE JOURNAL Weiss Realty announces first quarter transactions

(formerly known as the Schoen’s Furniture Store)

Fully Bonded & Insured

www.marejournal.com

your topic ✩

ENGLEWOOD CLIFFS, NJ — The 100 Mile Fund, a shortduration real estate investment vehicle managed by Procida Funding has announced net returns to investors of 13.8% over its first sixth months of operations. Focused on $2 million to $10 million loans within 100 miles of Procida’s Englewood Cliffs offices, the 100 Mile Fund has originated more than $22 million in loans and utilized leverage through senior participations.

Investments during the fund’s first six months included: A $3.5 million bridge loan to the developer of River Park Estates in North Bergen, a townhome development that had stalled due to poor market conditions, but has now resumed construction and will convert to rentals. A $4 million bridge loan to the developer of Freehold Commons, a 40,000 s/f office development in Freehold where funds were used to make improvements to the building’s lobby and entrance. The proj-

ect has gone from 10% to 50% leased since securing the loan. “These types of investment opportunities are all over the region,” said president Billy Procida. “Jobs that had stalled during the economic downturn and now just need to secure the right financing and be repositioned for the current market in order to move forward. That’s exactly where the 100 Mile Fund comes in. In addition to the loan, we provide the advisory services to make these projects work long term.” ■

www.marejournal.com

Mid Atlantic Real Estate Journal — June 8 - 21, 2012 — 5A

FREE WEBINAR: Tuesday, June 19, 2012, at 2 p.m. E.T., 1 p.m. C.T., Noon M.T & 11 a.m. Pacic time The TASA Group, (Technical Advisory Service for Attorneys) in conjunction with real estate expert Bruce Coin, will present a free, one-hour, interactive webinar, Renancing and Tax Problems for TIC Owners with CMBS Financing, for all legal professionals. In the go-go days of 2004 - early 2007, billions of dollars of TIC - (tenant in common) owned commercial income properties were purchased using 1031 tax deferred exchanges. The majority were nanced with highly leveraged, often fully or partially interest only, debt via the Commercial Mortgage Backed Securities (CMBS) market. The recent great economic recession ofcially began in December of 2007. By January of 2008, over 50% of the world’s investors in mortgage-backed securities withdrew from investing in those securities and what had become the single largest source of mortgage money in the U.S. totally collapsed. Some banks were allowed to fail, some banks were bailed out, and Fannie Mae and Freddie Mac went into government conservatorship. Since then, rents and property values have fallen. At the same time, the remaining active lenders have become more conservative with their loan underwriting. Those owners that rolled their previous equities into a 1031 exchange to acquire an interest in a larger property and/or to diversify their investment are now facing disaster as their loans come due. With today’s lower property values and more conservative loan underwritings, it is virtually impossible for a TIC-owned commercial income property to obtain renancing that fully covers what they owe. During this program, the presenter will cover the following: • The players o The TIC owners o The bondholders o The trustee o The Master Servicer o The Special Servicer • 1031 Tax Deferred Exchanges • TIC Ownership and Problems • CMBS Financing and Problems • The Role of the Special Servicer • Problems with the Special Servicer • Potential Solutions

To register for this free program, please visit: https://tasaevents.webex.com/tasaevents/onstage/g.php?t=a&d=667126176 About the Expert Bruce Coin has over 40 years of full-time experience in the interrelated disciplines of commercial income property nancing, valuation and development. He was a co-founder and for 35 years ran Pro-gressive Mortgage Corp., a commercial mortgage banking, brokerage, appraisal and consulting rm and regional commercial mortgage loan and servicing correspondent for a number of major insurance companies. In 2007, he sold Pro-gressive to the Philadelphia ofce of U.S. Realty Capital, LLC. Bruce has personally closed in excess of $1.5 billion of commercial mortgage nancing on all types of income-producing real estate. Structures included 1st and 2nd mortgages, construction loans, permanent loans, immediate and forward commitments, joint ventures, participating mortgages, wraparound mortgages, standbys to lend, standbys to purchase, mezzanine loans and credit enhancements. He has sold, leased, managed and foreclosed a variety of income property types. In 1970 he was instrumental in the formation of Fidelco Growth Investors, the rst commercial mortgage R.E.I.T. in the Philadelphia region. Between 1973 and 2007, he assisted a business partner with the planning, development, nancing, management and leasing of two, one-story ofce developments totaling over 550,000 square feet. Mr. Coin has lectured to joint undergraduate and MBA classes at the University of Pennsylvania’s Wharton School, as well as to classes at Temple and Weidner Universities. His work has been published numerous times, including articles in the NY Times, The Real Estate Review, The Appraisal Journal and other publications. He is an IDECC-Certied Distance Education Instructor (CDEI) and has written four, 7-hour, one 4-hour and one 30-hour IDECC, ARRELLO and AQB-approved online commercial real estate education courses. He has recently reviewed and evaluated a portfolio of 130 TIC owned and CMBS nanced commercial and multifamily income properties. Bruce has provided numerous expert reports and court testimony for law rms and clients as both a plaintiff’s and defendant’s expert.

6A — June 8 - 21, 2012 — Mid

Atlantic Real Estate Journal

www.marejournal.com

MID ATLANTIC REAL ESTATE JOURNAL AUCTIONS Eight class a office condominium units in Virginia

Properties to be sold at absolute auction

Atlantic Asset Management Group to conduct auction

Max Spann to auction 53 single family homes & lots

C

HESAPEAKE, VA — Eight class A medical office condominiums in the partially tenanted Oakbrooke Professional Center, located at 516 Innovations Dr., will be sold to the highest bidder in an on-site auction slated for Thursday, June 28, at 6:30 p.m. (EST). The auction is being conducted by Atlantic Asset Management Group. “This is a phenomenal threestory medical and professional building, constructed in 2008 by one of the premier developers in Hampton Roads,” said William Summs, CEO of Atlantic Asset Management Group. “The only reason the building didn’t sell out immediately upon completion was because of the financial crisis that stalled nearby projects that are now coming online.” Atlantic Asset Management Group has scheduled buyerbroker seminar-previews and guided tours (afterward) for anyone interested in bidding on a unit. These will be held June

Eight Class A office condominiums in the Oakbrooke Professional Center will be auctioned June 28. 7 and June 21, from 5:30-7:30 p.m. Investment opportunities and financing packages, plus sample build-out plans, will be discussed at the seminars. Full property information (condo documents, comps, floor plans, etc.) may be viewed at the Atlantic Asset website The eight units range in size from 1,402 s/f to 3,467 s/f. Features include pre-wiring for high-speed data, separately

metered utilities running to each suite, a fire suppression sprinkler system throughout, automatic main entry doors, five parking spaces per 1,000 s/ f of office space, an after-hours keyless entry system with building security, an intercom system and more. The condo units may be previewed via guided tour at June 21 seminar or by appointment. ■

PHILADELPHIA, PA — Single-family homes and buildable lots scattered throughout Philadelphia are to be sold regardless of price at a real estate auction to be held in June. Max Spann Real Estate & Auction Co. has scheduled the auction of 53 Philadelphia properties on Wednesday, June 27 at 1 p.m. at First District Plaza, 3801 Market St. The offering comes on the heels of two Max Spann auctions, where 500 properties owned by the Philadelphia Housing Authority were sold to homebuyers as well as investors. The auctions, held in November and December last year, provided opportunities for buyers to invest at attractive prices. “For those who are interested in investing in Philadelphia’s future and missed our last auctions in Philadelphia, this is an opportunity that should not be passed up,” said Bob Dann, executiveVP and CEO. “We have a variety of different neighborhoods and have homes that are ready to rent

1139 S. 24th

1343 S. 20th

or already leased.” The auction features 43 single-family homes and 10 buildable lots. The first 22 single-family homes selected will be sold at absolute auction, meaning they will be sold regardless of price. The first five lots will also be sold at absolute auction. Max Spann is holding 15minute auction seminars continuously from noon to 2 p.m. on Thur., June 7 and Tue., June 19. The seminar will provide an overview of how to buy at auction, property location review, and property info. package. “I encourage interested bidders to come to one of the seminars to learn how easy it is to buy at auction,” Dann said. ■

Mid Atlantic REAL ESTATE JOURNAL

Auctioneers Directory

N E W J E R S E Y • P E N N S Y LVA N I A • D E L AWA R E • M A R Y L A N D • W A S H I N G T O N D . C . • V I R G I N I A •

PA-MD-VA-W.VA

NEW JERSEY

NJ-PA-DE-NY-MD-VA

Richard G. Warner, President

NJ & PA Licensed Real Estate Broker Warner Real Estate & Auction Co., Inc. 109 East Grant Street, Suite B Woodstown, NJ 08098 Ph: (856) 769-4111 ext 710

Website: www.WarnerRealtors.com

CALL NOW FOR A FREE CONSULTATION 866.4 BIDDERS HURLEY AUCTIONS www.HURLEYAUCTIONS.com

NY-NJ-PA-MD-VA

212-213-9770 www.sheldongood.com/jerseycity.php

AUCTIONS NE, LLC

©2008 Sheldon Good & Co. Auctions NE, LLC

E L B A AVAIL Call us @ 800-584-1062

Mid Atlantic Real Estate Journal — June 8 - 21, 2012 — 7A

www.marejournal.com

MID ATLANTIC REAL ESTATE JOURNAL AUCTIONS P U B L I C R E A L E S TAT E A U C T I O N

I N V E S TO R O P P O RT U N I T Y !

THURSDAY, JUNE 14TH 519 Milford St, Clarksburg, WV 26301 @ 12PM 6 Unit Apts, all renovated & ready to move-in. Charles Parrish 866-474-7000 323 Baltimore Ave, Cumberland, MD 21502 @ 3PM 3 Story Multi-Purpose Commercial Bldg, w/ 8 Apts. Gopal Hariani 410-977-9390 DEPOSIT $3,000 EACH.

AUCTION BROKERS

TM

TERMS: Deposit: * Visit website for additional terms & conditions.

30-day settle. 10% BP. Broker co-op invited. Sale on Premises.

w w w. A u c t i o n B r o k e r s . n e t

A CHARLES PARRISH COMPANY

410-426-2622

8A — June 8 - 21, 2012 — Mid

Atlantic Real Estate Journal

www.marejournal.com

MID ATLANTIC REAL ESTATE JOURNAL Stickley purchases property at 55 Rte. 4 West in Paramus

Cenicola of NAI Hanson arranges 22,364 s/f retail sale

P

ARAMUS, NJ — NAI James E. Hanson announced the sale of a 22,364 s/f retail property at 55 Route 4 West. The buyer, furniture manufacturer Stickley Furniture, will use the space for its first showroom in New Jersey. The company has 14 other showrooms throughout the United States and Canada. NAI Hanson vice president Joan Cenicola represented Stickley Furniture in the transaction, while Paramount Realty represented the seller. “Stickley selected this space

55 Route 4 West. because it’s located along one of ity,” said Cenicola. “This is the New Jersey’s most prominent perfect space for the company’s and well-trafficked retail cor- expansion into the vital Bergen ridors with exceptional visibil- County retail market.” ■

Tryko Partners acquires Galilee Village in Levittown, PA LEVITTOWN, PA — Tryko Partners, LLC has added Galilee Village in Levittown to its growing multifamily portfolio. The 170-unit asset, located at 17 Penn Valley Rd., provides HUD-subsidized apartment living for

seniors. Tryko Partners purchased Galilee Village from Congregation Beth El. Galilee Village includes two components. The 120-unit Village includes traditional apartment living with ef-

ficiencies and one-bedroom units. The property is 98 percent occupied. In addition to traditional multifamily product, Tryko Partners is deeply involved in both the affordable housing and senior living niches. ■

Jarmel Kizel provides design services for conversion of 15,000 s/f EAST BRUNSWICK, NJ — Jarmel Kizel Architects and Engineers completed architecture design and engineering services for the conversion of a single-story 15,000 s/f, singleoccupancy industrial building into a new retail facility. Corlmay, the building owner, retained Jarmel Kizel to provide core and shell renovations, as well as tenant improvements to the building as part of its first phase of development. Located on Rte. 18, the building was constructed in 1975. Verizon most recently occupied the building as office, storage and data center space. “The location of the building on the southbound side of Route 18, a highly trafficked retail and office corridor, as well as its position in between two traffic signals, made this an ideal building for adaptive reuse,” said Matthew Jarmel, AIA, MBA and principal of Jarmel Kizel. “The conversion of an industrial building into a retail facility requires signifi-

cant changes to the building’s architectural and engineering elements, and our design team provided Coralmay with a myriad of services to meet its objectives for the building.” Jarmel Kizel provided schematic design services for this project, as well as architectural, structural, mechanical, electrical, and plumbing engineering services. Jarmel Kizel also provided civil engineering services associated with adjustments to the site plan, and designs for fit-up of the furniture store that leased space in the building. “Coralmay had a goal to turn this vacant building into a place that will bring jobs and rateables to the community, and we were glad to be a part of the company’s unique vision,” Jarmel added. The project was constructed by 3D Group. In other news, Jarmel Kizel announced that Richard Robina has joined the firm as vice president of business development and marketing.

In this role, Robina will lead the sales team and focus on cultivating relationships with new clients and generating business for the firm. “Our firm has worked on many projects with Richard over the years, and we are happy to have him join the Jarmel Kizel team,” Jarmel. “Robina has deep roots in the commercial real estate industry and an exceptional knowledge of our business—he is a great asset to the firm.” Robina has over 15 years experience in the furniture business in the commercial real estate industry. He has worked with some of the industry’s top real estate brokers and has serviced corporate contracts for industry giants like ImClone, Celgene, inVentiv Health and Oticon. Robina specializes in customer service and has worked with clients to modernize their office spaces, and has developed furniture plans for emerging companies that will promote future growth. ■

John Luciani, FCE president, adds Maryland PLS to resume YORK, PA — John Luciani, PE, PLS, SEO, LEED Green associate and president of First Capital Engineering, has passed his Professional Land Surveyor exam in the State of Maryland. Luciani is now licensed to

practice land surveying in Maryland and most importantly to seal and certify drawings for projects within the state. He is now a licensed Professional Land Surveyor in the Commonwealth of Pennsylvania and the state of Maryland,

and is a Professional Engineer in the Commonwealth of Pennsylvania and the states of Maryland and West Virginia. In addition, Luciani is a licensed Sewage Enforcement Officer and an accredited LEED Green Associate. ■

Skanska among team being recognized

PWC to Honor CUNY Project at annual awards reception NEW YORK, NY — On Thursday, June 21, Professional Women in Construction (PWC) will honor the project team and this year’s Project in Progress, t h e C U N YASRC (Advanced Sci- Paul Williams ence Research Center), at the organization’s annual Awards Reception to be held from 5:30 to 8 pm at The Yale Club in New York City. Paul Williams, president of the Dormitory Authority of the State of New York (DASNY) will be saluted on behalf of the $383M megaproject being built in Harlem that will offer $82 million in construction contracts to MWBEs; 15% to MBEs and 7% to WBEs. The project team being recognized includes: Skanska USA

Building as CM with Michael Franco as project director; the Office of Governor Andrew Cuomo, DASNY and Empire State Development Corporation for public agencies; Flad & Associates and Kohn, Pederson, Fox Associates for architecture/design; GPR Planner Collaborative as programmer; Leslie E. Robertson Associates, Cosentini Associates and Affiliated Engineers Inc. for engineering. The CUNY-ASRC project is scheduled for completion in 2014. Andis Woodlief of Skanska USA, a longtime active PWC member and a past PWC scholarship winner, is the event chair. The PWC event will include an open bar & buffet. Tickets are $225 for PWC members and $325 for Nonmembers with advance reservations. All tickets at the door: $350. ■

Jack Daryanani joins TD Bank as vice president in commercial lending BETHLEHEM, PA — TD Bank has named Jack Daryanani as VP in commercial lending in Bethlehem. He is responsible for the generation, underwriting and management of commercial and industrial loans as well as commercial real estate loans, serving business customers throughout the Lehigh Valley

region. Daryanani has more than 13 years of experience in banking, lending and IT. Prior to joining TD Bank, he served as a relationship manager in commercial real estate at M&T Bank in the Lehigh Valley, and before that, in a similar role at Citizens Bank – Royal Bank of Scotland in Philadelphia. ■

Indoor Air Quality: How Healthy is . . . continued from page 2A check the location of air supply vents, which should be as high as possible and away from exhaust vents and significant sources of outdoor pollution, such as dumpsters, parking areas and traffic stops on street corners. This is particularly important for older buildings that may be affected by nearby new development or road construction. If these considerations are beyond control, the building owner should install a filtration system to scrub the air. Cleaning of the facility is another important contributor to good IAQ. Carpets and upholstered furniture should be deep cleaned on a regular basis. Cleaning crews should use vacuums with good filtering systems to avoid blowing dust and other contaminants back into the air. Cleaning products should be organic or emit low levels of chemical fumes. Building owners and managers can also improve IAQ by choosing to invest in low-VOC products, such as paints, stains

and carpets. These products are generally more expensive than traditional products, but the payoff comes through better air quality which leads to healthier employees and increased productivity. Many IAQ issues can be rectified through appropriate maintenance of the HVAC system, a thorough assessment of cleaning processes and investment in quality, low-VOC building materials. If the issue is not easily resolved, it may be appropriate to have an outside firm conduct a comprehensive building investigation to assess the situation, identify the cause of the issue and implement the appropriate solution. Ian Wewer is property manager for JEM Group, a Harrisburg-based commercial construction management company. ■ Reprinted with permission. Originally featured in the First Quarter 2012 edition of the Harrisburg Commercial Real Estate Review, published quarterly by the Bill Gladstone Group of NAI CIR. Copyright © 2011-2012. All rights reserved.

Mid Atlantic Real Estate Journal — June 8 - 21, 2012 — 9A

www.marejournal.com

MID ATLANTIC AUCTION SERVICES

BUSINESS CARD SERVICE DIRECTORY CONSULTING

COMMERCIAL REAL ESTATE

Richard G. Warner, President

NJ & PA Licensed Real Estate Broker Warner Real Estate & Auction Co., Inc. 109 East Grant Street, Suite B Woodstown, NJ 08098 Ph: (856) 769-4111 ext 710

Website: www.WarnerRealtors.com

Art Campbell, President art@acampbell.net Ph: (717) 737-6161 ŏ )D[: (717) 737-9640

Bruce Coin brucecoin.com bruce@brucecoin.com•(856) 906-8210

PROPERTY MAINTENANCE

LAUNDRY SERVICES

SITE ENGINEERING

Call Fowler today to find out how we can make your laundry room more profitable. 800-334-1824 X127

www.landmarkjcm.com 302.323.9377

“YourCommercial Property . . /.Business Our Pride” Mortgages Loans

Fowler www.fowlercompanies.com The Commercial Laundry Specialists

Construction Loans / Workouts • Landscape Maintenance • Lot Sweeping / •Consulting Power Washing • Snow & Ice Management • Line Striping • Parking Lot Maintenance

Toll Free: 888.896.1616

New Castle, DE Headquarters|302.323.9377 Dover, DE|302.734.9597 Georgetown, DE|302.854.9138 Wayne, PA|610.687.1976 Havre de Grace, MD|410.939.2144

Serving apartment communities since 1952 * Commissions - Sales - Service

Ted C. Williams, P.E. Principal, Business Development LandmarkJCM 100 West Commons Blvd., Suite 301 New Castle, DE 19720 tedw@landmarkjcm.com

SNOW & ICE MANAGEMENT

Would like to be included on this page call: Linda Christman lchristman@marejournal.com (800) 584-1062 / (781) 871-5298 Fax (781) 871-5299 or Your Account Executive Mid Atlantic REAL ESTATE JOURNAL

Snow & Ice Solutions™ The Mark of Excellence in Zero Tolerance Snow and Ice Management

Certified Snow Professionals On Staff • Zero Tolerance • Liquid Anti-Icing • Risk Management – • Certified Weather Reports Reducing Your Liability Exposure

877-DE-ICE-IT

Make your business card work as hard as you do

431405_Cenova.indd 1

TING

ARKE PR / M

e info

for mor

man t s i r h C da Call Lin /800-584-1062 5298 1 7 8 1 78

If you do not have a business card readily available, our art department will design one for you at no extra charge!

7/17/09 11:26:51 AM

10A — June 8 - 21, 2012 — Mid

Atlantic Real Estate Journal

www.marejournal.com

PEOPLE ON THE MOVE Mary Tebeau of Blue Bell selected as president & CEO “Will Your Business Survive?”

Zeh to retire as president of ABC Eastern Pennsylvania

E

AST NORRITON, PA — After 13 years as president and CEO of the leading merit shop construction association in the region, Jeff Zeh is retiring from Associated Builders Jeff Zeh and Contractors Eastern Pennsylvania Chapter (ABC) on July 1. “Our chapter has been fortunate to have Mr. Zeh at the helm for the last 13 years,” said Mark McMahon, 2012 ABC Eastern Pennsylvania Chapter chairman and Vice President at Delran Builders Company. “From fighting against unfair, discriminatory project labor agreements and responsible contractor ordinances to establishing daytime apprenticeship training, his leadership has helped us accomplish much for open shop contractors.” Zeh, a resident of Blue Bell, joined ABC in 1999 as presi-

dent and chief executive officer and directs a staff of nine professionals. Under his guidance, ABC built a state-of-the-art headquarters in East Norriton, and purchased and established a successful craft training center in Kulpsville. Most recently, Zeh led the consolidation of the former ABC Eastern Pennsylvania Chapter based in Allentown and the former Southeast Pennsylvania Chapter based in East Norriton into the new ABC Eastern Pennsylvania Chapter which represents 17 counties in eastern Pennsylvania, from the New York border to the Delaware line. Zeh is the presidents’ liaison to the ABC National Legislative Committee and is a member of the multi-chapter state peer group. In addition to his leadership at ABC local and national levels, Zeh has served on the Mission Kids board, the Pennsylvanians for Right to Work board and Whitpain Recreation Association board. Prior to his career with ABC, Zeh served as a con-

sultant to the transportation industry. He graduated from The George Washington School of Law and Rutgers, The State University of New Jersey-Newark. Following his retirement, Zeh will relocate to Michigan with his wife, Chrys. Mary Tebeau of Blue Bell has been selected as president and CEO effective June 1. Tebeau joins ABC Eastern Pennsylvania Chapter after 11 years as president of the ABC Central Ohio Chapter. ABC Eastern Pennsylvania Chapter represents more than 15,000 Merit construction employees who work for its more than 500 member companies. It was founded on the shared belief that construction projects should be awarded on merit to the most qualified and responsible low bidders. Nationally, Associated Builders and Contractors is comprised of 74 chapters representing more than 22,000 merit shop construction and construction-related firms with nearly two million employees. ■

Wursta, P.E., joins Traffic Planning & Design POTTSTOWN, PA — Traffic Planning and Design, Inc. (TPD) has added Philip W. Wursta, P.E., as a vice president. Wursta brings over 26 years of municipal, agency, and private-side transportat i o n e n g i - Philip W. Wursta neering experience to his new role with TPD. Wursta has extensive project management experience in transportation and traffic engineering, and has served as municipal traffic engineer for numerous municipalities throughout Bucks and

Montgomery Counties during his career. His project experience includes development, design and review of traffic signal systems, highway access plans, and site configurations in Pennsylvania and New Jersey. After graduating from Penn State in 1985 with a Bachelors of Science in Engineering, Wursta started his career with the Pennsylvania Department of Transportation. In 1991, Phil earned his Masters of Science in Transportation Engineering from Villanova University. Phil was recognized as the Delaware Valley “Young Engineer of the Year” in 1995. Wursta sits on the board of

directors of The Bucks County Community College Foundation, serving as treasurer. He is a past president of the Partnership Transportation Management Association (TMA) in Montgomery County, and is currently the president of the Bucks County TMA. Wursta is a member and past Director of the Engineer’s Club of Philadelphia. Since 1989, TPD has continually demonstrated a commitment to providing exceptional staff benefits, including technology resources and flexible schedules to encourage a healthy work/life balance and aggressive professional development. ■

HFF hires Prawdzik as director in its Pittsburgh office P I T T S B U R G H , PA — HFF announced that Kyle Prawdzik has joined the firm as a director in its Pittsburgh office. Prawdzik will specialize exclusively in investment sales with expertise in all product Kyle Prawdzik types.

P r i o r t o j o i n i n g H F F, Prawdzik worked for CBRE’s Investment Property Group in Pittsburgh where he participated in more than $2 billion of commercial property transactions. He was recently recognized as one of the top ten investment sales brokers in Pittsburgh by CoStar Group. Mr. Prawdzik holds a bachelor’s degree from Florida State University and is currently pursuing a Master

of Business Administration from the University of Pittsburgh. “Kyle is a great addition to the Pittsburgh office of HFF. While we have always been active in the investment sale business, we have reached the point where it makes sense to have a dedicated investment sale professional in the office,” said Mark Popovich, senior managing director in HFF’s Pittsburgh office. ■

Kaplin Stewart’s Korn & Quinter present program

BLUE BELL, PA, — Robert A. Korn, Esquire and Joshua C. Quinter, Esquire, principals of the Construction Law and Commercial Litigation groups of Kaplin Stewart presented a program entitled “Will Your Business Survive?” to the Associated Builders and Contractors, Eastern Pennsylvania Chapter, on May 10, 2012. Korn was the moderator and Quinter and Philip Glick, an insurance broker, were the instructors. The program covered property and casualty insurance from an attorney’s and insurance expert’s perspective. Quinter and Glick discussed coverage for construction defect claims, what to do about gaps in coverage of suppliers and subcontractors, certificates of insurance, maximum protection coverage and additional coverage against economic losses. Both Korn and Quinter

Robert A. Korn Joshua C. Quinter have extensive experience in representing both private and public entities on a wide range of issues, including litigation, mediation, arbitration and contract drafting and review. Their litigation practice covers complex commercial cases, insurance coverage and bad faith issues. Korn has been recognized for many years as a Pennsylvania Super Lawyer and Quinter has been selected for a number of years as a Pennsylvania Rising Star. They are frequent lecturers on every facet of construction law. ■

Cushman & Wakefield appoints Melnick as sen. associate BALTIMORE, MD — Cushman & Wakefield announced the appointment of Matthew Melnick as a senior associate in the firm’s Baltimore brokerage services practice group. Melnick will be responsible for landlord and tenant representation in the Baltimore-Washington Corridor and I-95-Corridor office markets. “We are delighted to welcome Matt to our regional office and flex leasing team,” said David Baird, senior managing director and market leader. “Matt’s addition strengthens our presence in the BaltimoreWashington Corridor and his

experience and market knowledge will greatly benefit our clients.” Melnick joins Cushman & Wakefield from Trout Daniel & Associates. He has a diverse background working in Baltimore office, flex and retail markets as well as working in the commercial real estate auction business with Melnick Auctioneers and E.T. Newell & Co. Melnick is a graduate of Boys Latin School and Hampden-Sydney College. He is an active member of NAIOP and a licensed real estate agent in Maryland. ■

Steven Rimmer joins DocProbe as VP LAKEWOOD, NJ — Steven Rimmer has joined DocProbe LLC, as VP of the company, which provides document solutions for real estate lenders, loan servicing professionals and investors. DocProbe retrieves, scans, manages and stores trailing documentation including mortgages, title policies, POAs, CEMAs, OCCs and assignments for both new and old loans. With more than 15 years of experience in finance and real estate, Rimmer will oversee DocProbe’s custom management and document storage solutions. The retrieval of trailing documents, including title insurance policies and proof of mortgage recordings, is the

focus of DocProbe’s services. The rise in foreclosures has made it a higher priority for all mortgage lenders to obtain these documents within the timeframes required by the investors purchasing the bundled loans. “Stricter oversight by investors increases the need for a cost-effective, comprehensive and accurate way of obtaining post-closing trailing documentation of real estate transactions,” said Rimmer. “We understand the challenges that investors and lenders face today in securing the trailing documentation required by law in the case of a future foreclosure. Clients can now turn their paper chases over to us.” ■

Mid Atlantic Real Estate Journal — June 8 - 21, 2012 — 11A

www.marejournal.com

216,000 s/f, class A office building included an adjoining 1.9-acre vacant land site

Weir and Nicholson of HFF closes the sale of One Dulles Corridor in Reston, Virginia

R

ESTON, VA — HFF announced today that it has closed the sale of 1 Dulles Corridor, a 216,000 s/f, class A office building located in Reston, Virginia. The sale also included an adjoining 1.9acre vacant land site. HFF represented Parkridge 6, LLC and WFLP-H, LLC, entities wholly-owned and controlled by the Estate of Christopher Walker. 1 Dulles Corridor is located at 10740 Parkridge Boulevard overlooking the Dulles Toll Road at the Hunter Mill interchange in Reston. Built in 2008, the building consists of a seven-story office building plus a four-story parking garage. Notable features include a

1 Dulles Corridor

two-story lobby, nine-foot ceilings, an efficient center-core design and a rooftop sky garden with panoramic views of Tysons Corner and the Dulles Corridor. The HFF investment sales team representing the seller was led by senior managing director Andrew Weir and senior analyst Matt Nicholson. In a separate transaction, HFF secured a $13.6 million refinancing for Claremont Corporate Center, a 41,982 s/f, class A office building in Summit, New Jersey. HFF arranged the financing on behalf of Claremont Corporate Center LLC of Summit, New Jersey. Cantor Commercial Real Estate provided the

10-year, fixed-rate loan. Proceeds were used to refinance a construction/permanent loan previously arranged by HFF in 2008. Claremont Corporate Center is located at 535 Springfield Avenue in downtown Summit about 22 miles west of Manhattan. The center is 100 percent occupied by five tenants. The building incorporates the more than 100-year-old Risk Mansion into its exterior and is within walking distance of a commuter train station to Manhattan and the surrounding areas. The HFF team representing the borrower was led by senior managing director Jon Mikula. ■

Liberty Property Trust signs 21 leases in Maryland region

AMSEC enters into a 63,000 s/f, 10-year lease

COLUMBIA, MD — Liberty Property Trust announced that it executed 21 leases in its Maryland region during the first five months of the year. Agreements totaled 279,858 s/f of class A office and industrial space and included nine new, two expanded and ten renewal leases. “During these last few months our focus has been on two key areas: the aggressive pursuit of office tenants coupled with a continued commitment to tenant retention through customer service,” said Lisa Sullivan, vice president and city manager, Liberty Property Trust. “Both strategies are paying off. Our industrial properties in the Baltimore/Washington cCorridor are 100% leased and we have brought several new office tenants into the portfolio.” Recapping the largest leases of the period, Sullivan pointed out that TA Industries, Inc. signed the largest new lease: 105,000 s/f of industrial space at 1501 Perryman Rd. in Hartord County. An undisclosed tenant signed the largest renewed and expanded lease for its 14,795 s/f office space in Columbia. In addition, Battlefield Tele-

AMSEC LLC has announced plans to move its headquarters in Virginia Beach. Currently located at 2829 Guardian Ln., the company will move operations to 5701 Cleveland St.and will occupy half of the 126,000 s/f building. AMSEC LLC was founded in Virginia Beach in 1981. The company was a wholly owned subsidiary of Northrop Grumman, Newport News Shipbuilding, but was sold to Huntington Ingalls as part of a larger acquisition associated with the Newport News Shipbuilding purchase in March 2011. AMSEC LLC entered into a 10-year lease with Olympia Development Corporation (ODC) for its new corporate headquarters, and ODC plans to invest $2.925 million in capital improvements in the building. “We’re pleased to keep our headquarters in Virginia Beach,” said Harris Leonard, HII vice president and president of AMSEC operations. “We believe this move will make us more effective in serving our customers as well as providing easier access to our facility.”

6 North Park Drive in Hunt Valley communication Systems also upgrading common areas at expanded to 4,057 s/f of office a time when most landlords space in Columbia. have been putting off capital The largest renewal of the improvements, our mission quarter was with Empire Today remains to bring our tenants in Odenton for 62,400 s/f of the best service available in industrial space. the market.” Delivering Meaningful This spring the Maryland Value to Tenants region received Energy Star The region also received sev- Certification for 6 North Park eral important certifications Drive in Hunt Valley – the sevand honors during the same enth building in the portfolio to five month period. reach this milestone. “One place we really disIn April, Liberty Maryland tinguish ourselves is in cus- received an NAIOP award tomer service,” Sullivan added. for “Best Exterior – Public/ “Whether we are working with Common Areas” for Energy tenants to bring down energy Star certified Liberty Place costs through sustainable and at 6200-6250 Old Dobbin Ln., Energy Star efforts, or we are Columbia. ■

“This is a substantial win for the city,” said Warren Harris, director of Virginia Beach Economic Development. “By keeping this strong corporate leader in Virginia Beach, we retain 250 high-paying jobs and will gain approximately 35 new jobs created over the next 36 months.” It is anticipated that the new jobs will have annual salaries that average $57,570 excluding benefits. Based on the capital investment and the number of jobs created, the Virginia Beach Development Authority has authorized a grant in the amount of $100,000 under the Economic Development Investment Program. The mission of the Virginia Beach Department of Economic Development is to attract and retain national and international business and industry that results in the creation of new capital investment and jobs that increase the per capita income in the community. The City of Virginia Beach is the most populous city in the Commonwealth of Virginia with a population of 434,000 and is the 39th largest city in the United States. ■

12A — June 8 - 21, 2012 — Mid

Atlantic Real Estate Journal

www.marejournal.com

DELMARVA On two purchases valued at $5.349 million

Broad Street represents Fitness First Health Clubs

G

AITHERSBURG and FREDERICK, MD — Broad Street completed two purchase transactions for Fitness First, totaling $5.349 million. The first property, located at 18810 Woodfield Rd., Gaithersburg is a 17,670 s/f flex/retail facility built in 1990. The buyer’s broker was Broad Street, represented by Christopher Coccaro, Jeff Massie and Nick Finelli. The second property, located at 5245 Westview Dr., Frederick is a 23,011 s/f health club built in 1999 (formerly the Frederick Athletic Club). Broad Street also brokered this

5245 Westview Dr. transaction, which was also represented by Coccaro, Massie

18810 Woodfield Rd.

and Finelli. “We’re very proud of our team

in its representation of Fitness First in such significant trans-

Better Relationships deliver

Better Solutions R E C E N T DE A L S

actions,” said Broad Street CEO Michael Jacoby. “It has been great to work with Fitness First and we look forward to a continued relationship.” Fitness First Health Clubs has been one of the marketleading health clubs for the last 20 years. Founded in 1991, Fitness First has 17 locations throughout DC, MD and VA. Fitness First will continue to operate the former Frederick Athletic Club without any interruption to current members and gradual changes will be made to transition to the Fitness First model. The Woodfield property will include new construction inside and will open to the public sometime in the end of 2012. ■

The Ezra Company negotiates 31,173 s/ f lease relocation in Vienna, Maryland

$13,600,000

$15,450,000

$4,900,000

Fairmount Place II

Vista Ridge Apartments

Martin Plaza

OFFICE - 123,400 SF | TOWSON, MD

398 UNITS | WASHINGTON, DC

4 RETAIL PAD SITES | BALTIMORE, MD

L E N D E R : L I F E C O M PA N Y

LENDER: FREDDIE MAC

L E N D E R : L I F E C O M PA N Y

Capital Markets northmarq.com

33 offices coast-to-coast Baltimore Office 410.296.6565

JOE BURKE | NANCY FERRELL | BILL LIBERCCI

VIENNA, MD — Later this year, law firm Rees Broome, PC, will move its Tysons Corner office to a new location and see its rental rate decrease as part of a strong deal completed by three executives with The Ezra Company. Ezra Company negotiated on behalf of Rees Broome, PC, in a 31,173 s/f lease relocation at 1900 Gallows Rd. In this new long-term lease, The Ezra Company principal/executive vice president Gene Martin, senior vice president David Kinney and senior vice president Damon Rothman represented Rees Broome, PC. The law firm’s future space is presently under construction, and Rees Broome, PC, plans to settle into its new office around September 1, according to The Ezra Company executives. ■

www.marejournal.com

Mid Atlantic Real Estate Journal — June 8 - 21, 2012 — 13A

DELMARVA

14A — June 8 - 21, 2012 — Mid

Atlantic Real Estate Journal

www.marejournal.com

Commercial-Industrial Realty Council www.circdelaware.org OFFICERS President & Legislative Affairs Chair J. Gregory Ellis Patterson-Woods Commercial Properties Vice President & Program Committee Chair John Birmingham Cushman & Wakefield of Delaware, Inc. Treasurer Katherine L. Silicato, CPA Gunnip & Company, LLP Secretary Bayard J. Snyder, Esq. Bayard & Associates DIRECTORS Jeremy Abelson WSFS Bank

Monday, June 11, 2012

DuPont Country Club Lunch: 11:00 Shotgun Start: 12:00 Noon Happy Hour: 5:00 Dinner & Awards: 5:30-7:00 Charity Beneficiary: Delaware KIDS Fund Register: www.circdelaware.org Thanks in part to our Title and Partnering Sponsors

Amelia Julian Eastern States Group Education Committee Chair Dan Lesher Patterson Woods & Assoc. Membership Committee Chair James Manna BrightFields, Inc.

Governor Jack Markell addresses CIRC’s questions at May 9 Annual Meeting

Jim O’Hara Jim O’Hara Realty Assoc. Donald Robitzer The Commonwealth Group Bert Root, V Newmark Knight Frank Smith Mack

dŽƉ͗ 'ŽǀĞƌŶŽƌ :ĂĐŬ DĂƌŬĞůů ĂŶĚ /Z WƌĞƐŝĚĞŶƚ 'ƌĞŐ ůůŝƐ

Marvin Sachs Bellevue Realty Co. EX-OFFICIO (NON-VOTING MEMBERS) Business Manager Janet Sharpless Pippert CIRC Landmark JCM Legislative Lobbyist C. Scott Kidner C. S. Kidner & Associates New Castle County Economic Development Liaison Karl Kalbacher, P.G New Castle County Director of Redevelopment Bob Chadwick, Director New Castle County Economic Development Council State of Delaware Economic Development Liaison Jeff Stone State of Delaware, DEDO City of Wilmington Economic Development Liaison Jeff Flynn City of Wilmington, Office of Economic Development

ďŽǀĞ >ĞŌ͗ ŚƌŝƐ sĂĚĂƐ ĂŶĚ /Z dƌĞĂƐƵƌĞƌ <ĂƚŚŝ ^ŝůŝĐĂƚŽ͕ W ŽƩŽŵ >ĞŌ͗ &ƌĂŶŬ >ĞƌƌŽ͕ :ĂŶĞƚ WŝƉƉĞƌƚ͕ sŝĐŬLJ WĞƚƌŽŶĞ

ďŽǀĞ ZŝŐŚƚ͗ ^ƚĞǀĞ ŽďƌĂŶŝĞĐŬŝ ĂŶĚ :ŝŵ DĂŶŶĂ ǁĞůĐŽŵĞ :ĞŶŶŝĨĞƌ WŝĞƌƐŽŶ ŽƩŽŵ ZŝŐŚƚ͗ ^ƚĞǀĞ >ĞŚŵ͕ ĂƌŵĞŶ &ĂĐĐŝŽůŽ ŽƩŽŵ DŝĚĚůĞ͗ 'ŽǀĞƌŶŽƌ DĂƌŬĞůů͕ >ŽƌƌĂŝŶĞ ^ŚĞůĚŽŶ͕ 'ƌĞŐ ůůŝƐ

Mid Atlantic Real Estate Journal — June 8 - 21, 2012 — 15A

www.marejournal.com

Commercial-Industrial Realty Council www.circdelaware.org

BOG TURTLE TIME

www.LandmarkJCM.com

‡ %RJ 7XUWOH 6WXGLHV 3KDVH ,, $SULO WR -XQH RQO\ ‡ /DQG 3ODQQLQJ ‡ (QYLURQPHQWDO 6HUYLFHV ‡ 'XH 'LOLJHQFH ‡ 3KDVH , (6$ ‡ &LYLO (QJLQHHULQJ ‡ 6XVWDLQDEOH 6LWH 'HVLJQ ‡ 3HUPLWV $JHQF\ 3URFHVVLQJ ‡ 6XUYH\LQJ ‡ *,6 0DSSLQJ

Call Amy Nazdrowicz 302.323.9377 INTEGRATED

EQJLQHHULQJ & E QYLURQPHQWDO SERVICES

Serving clients in ÄžĹŻÄ‚Ç Ä‚ĆŒÄž Íť WÄžŜŜĆ?LJůǀĂŜĹ?Ä‚ Íť DÄ‚ĆŒÇ‡ĹŻÄ‚ĹśÄš Íť EÄžÇ :ÄžĆŒĆ?ĞLJ Headquarters Ď­ĎŹĎŹ t͘ ŽžžŽŜĆ? ĹŻÇ€ÄšÍ˜Í• ^ĆľĹ?ƚĞ ĎŻĎŹĎ­Í• EÄžÇ Ä‚Ć?ƚůĞ͕ ϭϾϳώϏ Phone ĎŻĎŹĎŽÍ˜ĎŻĎŽĎŻÍ˜Ͼϯϳϳ Kĸces EÄžÇ Ä‚Ć?ƚůĞ͕ Íť Ĺ˝Ç€ÄžĆŒÍ• Íť 'ÄžĹ˝ĆŒĹ?ÄžĆšĹ˝Ç ĹśÍ• Íť ,Ä‚Ç€ĆŒÄž ĚĞ 'ĆŒÄ‚Ä?Ğ͕ D

OFFICE BUILDING 1314 N King St., Wilmington, DE 19801 Presented by Patterson-Woods & Associates, LLC “The Area’s Leading Commercial Broker�

00 0 , 2 2 $7 or /SF 5 2 1 $

Please contact:

Greg Ellis, CCIM 302-622-3534 ellis@pattersonwoods.com

• High-end finishes with furniture included • Onsite lot or garage across the street • Elevator served

• 5,776+/- SF

• RENT: $16.50/SF plus utilities, janitorial 3801 Kennett Pike D-100 Greenville Center, Wilmington, Delaware 19807 302-622-3500 800-220-2738 Web Site: www.pattersonwoods.com

DESIGNING WITH VISION Architecture Planning Interior Design Environmental Graphics Recognition Design

One Avenue of the Arts Wilmington, DE 19801 302 594 9500 www.mitchellai.com

16A — June 8 - 21, 2012 — Mid

Atlantic Real Estate Journal

www.marejournal.com

DEVELOPMENT OF THE MONTH A commercial redevelopment company located in Newport, Delaware

“Redevelopment 101” – Values & Priorities at Harvey, Hanna & Associates

“R

edevelopment” means many things to many persons, even in the finite context of commercial building and leasing activity. The Urban Land Institute defines redevelopment as “any construction activity on a site that has pre-existing uses.” This definition, while worthy and accurate, can be expanded in today’s complex business environment. At Harvey, Hanna, & Associates, a commercial redevelopment company located in Newport, Delaware, we view the term “redevelopment” as the process and ultimate execution of values inherent to our company, including the various stakeholders with whom we engage, to an outcome of economic growth and community benefit. The step-bystep process encompasses idea conception, feasibility, planning, financing, market analysis, contract negotiating, construction, marketing, and asset management considerations. In its simplest meaning, “redevelopment” entails the reuse of an existing facility: one which has reached its useful life and placing that facility back into service at its highest and best use. A recent company project illustrates this process at work. Harvey Hanna & Associates (HHA), managing agent for HHC, Inc., completed a redevelopment project in late 2011, welcoming TotalTrax, Inc., a new Delaware employer with 15 full-time employees, to the Newport Industrial Park. TotalTrax, a leading provider of real time material handling vehicle and inventory tracking technologies, is leasing nearly 15,000 s/f of class A warehouse, manufacturing, and product demonstration space as part of this redevelopment and infill project. The new warehouse at 500 Water Street, in Newport, Delaware, constitutes an overhaul, and reconstruction of a 1940s-vintage steel building formerly home to Allied Steel Products, which discontinued operations in 2008. The new warehouse comprises 19,669 s/f, along with an expansion to 25,000 s/f, which supported 45 full-

500 Water Street Before and After

Shown from left: Kenny Te, TotalTrax; CEO Mike Kinnard; Governor Jack Markell; Senator Tom Carper and Jack Cornell, TotalTrax time and part-time jobs of all disciplines during construction. The new class A warehouse is constructed of concrete masonry, metal and wood stud framing, structural columns and steel bar joist, along with metal decking and an EPDM fully-adhered rubber roofing system. The general contractor was Daystar Sills of Newport, DE, along with subcontractors Diamond Hill Excavation, Shureline Steel, Wilkinson Roofing, New Covenant Electric, Caswell Plumbing, and Summitt Mechanical, Diamond Gypsum, and Creative Floors, all local and regional enterprises. Project financing was provided by WSFS Bank and coordinated by Jeremy Abelson and Joseph Walker. Daystar foreman Rick McCoy held weekly design, construction, and safety meetings. The weekly meetings were instrumental

to create a team atmosphere; to complete the project on schedule and within budget; and to promote safety excellence relative to all aspects of the construction. The “team” approach demonstrated in the 500 Water Street project is just one of many HHA values. HHA deploys an array of interdependent values to its redevelopment projects, ranging from single parcel in-fill development to 21st Century business campuses, such as the Twin Spans Business Park located near the confluence of I-95, I-295, I-495, and the Delaware Memorial Bridge. These values include the following: • Comply with all applicable laws and regulations, with special focus on community engagement and land use planning. • Ensure that the building scope is compatible with the

site footprint and the scale of nearby development. • Assess and share project ratables, including, but not limited to, State and local revenue streams, construction and permanent employment, and the recurring revenue and capital investment related to the project. • Through appropriate due diligence, lease space only to those tenants who can withstand the financial gyrations of the business cycle. • Where appropriate, design and utilize green building technologies. • Revise existing infrastructure where possible • Safety and health excellence in all phases of construction and operations. • Preserve and improve upon the environmental features of the site, including suitable stormwater management, landscape enhancement, and mature tree preservation. • Partner, when possible, with governmental entities

that provide mass transit to the redeveloped site to increase operations efficiency, reduce fossil fuel usage, and expand employment opportunities at the site. Additional detail on the scope of the Newport redevelopment project can be found at companies’ websites, www. harveyhanna.com and Totaltraxinc.com. A video compilation of the entire process is available at:http://youtu.be/ 1NycxbVV9k4 Harvey, Hanna & Associates, Inc. is a full service commercial real estate redevelopment company featuring 3,000,000 s/f of prime location commercial, retail, and industrial real estate in Delaware. HHA has successfully built and managed numerous industrial parks, business campuses, and retail centers featuring numerous Fortune 500 companies. ■

www.marejournal.com

Mid Atlantic Real Estate Journal — June 8 - 21, 2012 — 17A

DEVELOPMENT OF THE MONTH

HARVEY, HANNA & ASSOCIATES, INC. would like to THANK the following regional enterprises in the redevelopment of

500 WATER STREET DAY STAR SILLS WSFS BANK DIAMOND HILL EXCAVATION SHURELINE STEEL WILKINSON ROOFING NEW COVENANT ELECTRIC CASWELL PLUMBING SUMMITT MECHANICAL DIAMOND GYPSUM CREATIVE FLOORS Managed and Developed by Harvey, Hanna & Associates, Inc.

We are pleased to welcome TotalTrax, Inc. to Delaware

500 Water Street is located within the Newport Industrial Park directly off of Rt. 141 and sits at the epicenter of major commuting routes (95, 495, 295) in Northern New Castle, Delaware. For more information on available space at 500 Water Street or other properties in the Newport Industrial Park, please call 302-323-9300 Ext. 12 or email info@harveyhanna.com To view a full video compilation of the redevelopment, scan this QR Code with any smart phone

18A — June 8 - 21, 2012 — Mid

Atlantic Real Estate Journal

www.marejournal.com

DELMARVA Operating and Managing over 3 Million Square Feet of Industrial and Commercial Real Estate in the Mid Atlantic Region

Twin Spans Business Park, City of New Castle, DE

Delaware River Industrial Park

• +/– 135 Acre Business Park in the City of New Castle • Minutes away from I-95/I-295, and Routes 9 & 13. • Site offers convenient access to the Delaware Memorial Bridge, Port of Wilmington and the entire northeast corridor. • Perfect for Office, Laboratory or Manufacturing / Distribution • Recently completed new access boulevard with signal controlled intersection on Route 9. • Park tenants include:Winterthur Catalog Operations, Hibbert Group,Tire Rack, Speakman Co., Mattress Giant, Schindler Elevator, Philadelphia Gear,Agilent Technologies

• 45 Acres of industrial zoned land (HI) located ideally near the Port of Wilmington, the Delaware Memorial Bridge, I-95 and I-295; with great access to entire northeast corridor. • High quality constructed buildings with space as small as +/– 14,500 sq. ft. • 24'–31' clear ceiling height • HI (Heavy Industrial) zoning allows for a wide array of uses • Park tenants include: Iron Mountain, National Roll Kote, DHL, Carlyle Cocoa, Harbour Textile,Waste Management, SKW Hardcore, Freeze, RecyClean

• +/- 400,000 Sq. Ft. business park in the town of Newport. • 1/2 mile from I-95/Rt. 141 interchange with immediate access to I-295, I-495 north and south. • Site offers convenient access to the Delaware Memorial Bridge, Port of Wilmington and the entire northeast corridor. • Park tenants include: AIG, Sieck Wholesale Florist, First State Paper, Qwest Communications, C-Cert, Apex Piping and Conectiv.

Newport Industrial Park For more information: Phone (302) 323-9300 Fax (302) 323-4951 29 East Commons Boulevard, Suite 100, New Castle, Delaware 19720

FINANCIAL DIGEST Mid Atlantic Real Estate Journal — June 8 - 21, 2012 — 19A

www.marejournal.com

Including $28,384,372 to refinance two medical office buildings in Newark, NJ

Eastern Union’s Ackerman closes $94 million in financing; Completes 60-days of transactions

N

EW YORK and NEW JERSEY — Mortgage brokerage Eastern Union Commercial announced that Shaya Ackerman, a managing director in the firm’s New Jersey office, has arranged more than $94 million in financing over the last 60 days. As one of the firm’s leading brokers, Ackerman noted that the success is not his alone. “I have a great team working with me at Eastern Union and the support of the entire organization. The quality and number of lending relationships the firm has cultivated, the vast industry knowledge and first-class support staff have all contributed to our success in closing deals,” Ackerman said. “Our ability to structure financing of all sizes and for all property types stem from the time and attention we put into learning and under-

standing each of our client’s individual financing needs and then structuring each loan to meet them.” Ackerman arranged the following transactions, predominantly for properties in the New York-New Jersey region: • $28,384,372 with a floating rate of 350 bpi over the 30-day Libor (no floor) to refinance two medical office buildings totaling approximately 270,000 s/f in Newark, N.J. The deal was closed with TD Bank. • $9.6 million at 4.375 percent to refinance a 43-unit residential property in the Astoria neighborhood in Queens, NY, on behalf of the borrower, Alma Realty. The lender was Investors Bank with a 5-plus 5-year loan with a 30-year amortization. Construction was recently completed on a portion of the building. The loan was committed and funded during lease-up.

“Shaya Ackerman is a true professional and a pleasure to work with,” said George Valiotis, principal at Alma Realty. “The refinancing was a multifaceted transaction and Shaya had what it took to get the deal closed.” • $6,553,388 construction loan for the acquisition and gut renovation of a 65-unit multifamily property in Brooklyn, on behalf of the borrower, the Marcal Group. The lender was Investors Bank with a twoyear loan at 75 percent of all costs, at a rate of prime plus one. The loan has a built-in option to convert to a permanent ten-year term at 4.125 percent and a 30-year amortization upon stabilization of the asset. “Whenever Shaya Ackerman is involved in securing our financing, there is a sense of comfort that he will deliver,” said Mark Caller, of the Mar-

Hudson Realty Capital funds $5.6 million HOUSTON, TX — Hudson Realty Capital LLC (Hudson), a real estate fund manager with more than $2 billion in assets currently under management, has funded a $5.6 million bridge Spencer Garfield loan involving a 275-unit garden-apartment complex in Houston’s Sharpstown /Westwood submarket. The borrower is utilizing the loan proceeds to purchase the 92percent occupied multi-family property and establish reserves for capital improvements. The 232,895 s/f complex is comprised of 34 two-story walk-up buildings featuring a mix of one-, two- and three-bedroom units as well as a wide range of on-site amenities, such as two swimming pools, a courtyard, laundry facilities, covered parking and patios/balconies.

cal Group. “Our deal has a construction component that certainly could have made things complicated, but Shaya was able to deliver without any complications.” $9.25 million at 3.73 percent to refinance a 54,200 s/f commercial building in Queens, N.Y., which included groundfloor retail and three floors of office. The lender was TD Bank with a 5-year term, 25year amortization and limited recourse. Also among the transactions that Ackerman recently closed are $7.3 million and $7 million in financing, respectively, for the purchase of two mixed-use properties in New York City; a

$9.6 million SBA loan, secured by a leasehold interest; a $2.45 million cash-out for the gut rehab of a Jersey City multifamily project and $2.3 million to refinance a multi-family property in Peoria, Illinois. “At some point in the process, Shaya Ackerman’s clients almost always tell us that he has a deeper understanding of their property and their financing needs than they themselves do,” said Ira Zlotowitz, president of Eastern Union Commercial. “Clients are invariably impressed by his intuitive ability to structure deals. They accurately perceive that they could not be getting any better outcome.” ■

Deerwood Real Estate Capital closes $19.2 million loan ENGLEWOOD CLIFFS, NJ — Deerwood Real Estate Capital, a commercial mortgage brokerage and advisory firm, recently closed on a $19.2 million loan on two shopping centers Abe Katz in Western Pennsylvania. The cross-collateralized loan is secured by a 160,000 s/f shopping

center as well as a 125,000 s/f center. The borrower ’s existing loan contained a defeasance pre-payment penalty; however it still made sense for the borrower to prepay the loan. Deerwood was able to negotiate a 10-year loan, at a rate of 4.75% with a 30-year amortization. The loan was 75% LTV, which allowed the borrower to cash out extra dollars. The deal was arranged by Abe Katz, Joe Hercenberg and Mark Silbersher. ■

Houlihan-Parnes Realtors places $4 million first mortgage on 62,000 s/f 275-unit garden-apartment complex Planned renovations include for middle-market property paving, landscaping, minor repositionings, this strong repairs and improvements to borrower required rapid vacant units. The borrower, deployment of capital and an experienced sponsor with surety of execution to finalize a portfolio of more than a the acquisition,” said Spendozen multi-family build- cer Garfield, managing direcings throughout New York, tor. “Hudson is doing a great Tennessee and Texas, has deal of business with many completed 10 other similar repeat sponsors, including property repositionings dur- this client, who value our ing the past three years. thorough understanding of “Like the majority of our complex loan structures and sponsors who seek funding secondary markets.” ■

GREENBURGH, NY — Houlihan-Parnes Realtors, LLC, announced the placement of a $4,000,000 first mortgage on the 62,000 s/f Greenburgh Shopping Center (shown) located at 77-97 Knollwood Road, in Greenburgh, Westchester County. The 5-year, non-recourse loan has a fixed rate of 4.50% with a 30-year amortization

schedule. The loan, closed with a local Bank, is prepayable throughout the term on a declining scale and the Borrower has an option to extend the loan for an additional 5 years. The borrower was represented in the transaction by Elizabeth Smith of Goldbeg Weprin Finkel Goldstein LLP and title was provided by Jim Maloney of Chicago Title. ■

20A — June 8 - 21, 2012 — Mid

Atlantic Real Estate Journal

www.marejournal.com

FINANCIAL DIGEST By Bruce J. Coin, Bruce Coin Consulting, Inc.

The current commercial mortgage market

W

hile some analysts are still reporting that a significant amount of investment capital is “sitting on the sidelines” the demand for high quality commercial mortgage lending op- Bruce J. Coin portunities is increasing. The “Agencies”, insurance companies, banks, conduits, CMBS lenders, pri-

vate and mezzanine sources and even credit unions are all lending. Cassidy Turley’s Spring 2012 U.S. Multifamily Report stated “of the 50 major markets tracked, 26 closed 2011 with vacancy rates below the 5 percent mark…and every metropolitan area surveyed posted rent increases over the past year. Although apartments are currently the lending community’s preferred asset type there are some interesting aspects to contemplate. As the 10 year bench-

mark U.S. Treasury has now dropped well under 2 percent into the low 1.70s, 10 year fixed rates of 4.25 percent and in some cases in the 3.50 – 3.95 percent range may be attainable for existing, well leased, class A or B apartments. Such low rates should continue to be available through the balance of this year. Fluctuation in treasury rates will obviously impact that from time to time. For underwriting purposes multifamily loan to value ratios typically range from 65 to 80 percent with

the latter generally being available from the “Agencies” or conduit/CMBS sources. Debt service coverage ratios are primarily1.20 times with exceptions to 1.15 times. While apartment lenders are currently being extremely competitive some are beginning to pay attention to the lessons of the past and apply them to the future. For underwriting purposes they are also thinking about a property’s potential future ability to refinance because the odds are great that rates

$3,470,000

$5,850,000

$3,900,000

$2,360,000

Acquisition Monroeville, PA Rite Aid – Retail 13,000 S/F

Refinance Philadelphia, PA Multifamily 100 Units

Acquisition Newark, NJ Garden Apartments 90 Units

Acquisition Newark, NJ Multifamily 45 Units

180 Sylvan Avenue Englewood Cliffs, NJ 07632 | P 201-947-2300 | F 201-947-2323 | Deerwoodcap.com

and cap rates will increase over the next 5 years. Rents and especially annual net operating incomes may or may not increase as rapidly to compensate. Each institution will apply its own forecasting concept but as an example if a 75 percent LTV mortgage was underwritten today with a 4.25 percent interest rate and 30 year amortization the balance of that loan in 5 years will only be about 90 percent of the initial amount or about 67.5 percent of the initial appraised value. If the 5 percent overall cap rate that was used to margin the loan at 75 percent LTV was to increase by only 150 basis points to 6.5 percent (as pressured by higher interest rates and equity dividend requirements) the annual net operating income would need to increase by approximately 17 percent or by 3.4 percent a year to support a refinance at 75 percent LTV of the future appraised value. The questions are; can this property achieve that value and what happens if there is another recession? Lenders can use a lower initial LTV ratio, shorter amortization schedule or a combination to offset concerns.. Some lenders including the “Agencies” and conduit/CMBS sources permit mezzanine financings to supplement their first lien mortgages. This expensive money is typically provided with a “pay rate” of anywhere between 8 and 10 percent accompanied by a targeted 5 year IRR of 15 percent or more. At the end of their typical 5 year term, the difference is expected to come from either a substantial percentage of the equity or in some cases from actual accrual. Refinancing may be able to provide enough funding to repay the first lien and mezzanine piece as well as to pay that 15 percent IRR but in most cases, especially if rates and cap rates do increase, the property will not be able to attain that via refinance. This is an aspect that all buyers, investor’s and lender’s should also be thinking about when contemplating a loan or purchase in this low rate environment. Bruce J. Coin is director of Bruce Coin Consulting, Inc. ■

Mid Atlantic Real Estate Journal — June 8 - 21, 2012 — 21A

www.marejournal.com

APPRAISAL INSTITUTE By Jay L. White, MAI, CRE, Apex Realty Advisory, LLC

Real estate investment issues as of midyear 2012

R

eal estate industry practitioners need to take into consideration the economy as well as the capital market conditions since they both are driving forces behind the fundamentals of com- Jay L. White mercial real estate. In terms of economic growth for the first quarter 2012 GDP was just revised downward to 1.9% from a preliminary estimate of 2.2%. This is a decline from the 3.0% GDP reported in fourth quarter 2011. Economists estimate 2012 GDP growth to fall in a range of 2 to 2.5%. Although we have sluggish growth it does seem that GDP has recovered but lackluster job growth still remains a problem. In terms of the capital markets The Fed controls interest rates and U.S. treasury yields using very powerful monetary policy market intervention tools. The Fed most recently has sought to lower borrowing costs through purchases of longer-term government securities (i.e., Operation Twist). The sales didn’t raise short-term yields because the Fed has pledged to keep interest rates near zero at

Jones Lang LaSalle Arranges $140+m Programmatic JV Equity Vehicle CHICAGO, NEW JERSEY, NEW YORK — Jones Lang LaSalle’s Capital Markets and Industrial Services announced the firm has arranged a programmatic joint venture equity vehicle between Sitex Realty Group (SRG) and State Teachers Retirement System of Ohio (OSTRS). The new venture, led and operated by SRG, will commence June 1, 2012 and will seek to acquire more than $140 million of industrial real estate over the next 24 months. Together, they are focusing exclusively on value-add acquisitions in the industrial asset class. The venture will target the metropolitan regions of Chicago, New Jersey, and New York for its acquisitions. ■

least through late 2014. But risks of this stimulus include accelerating inflation, which is pushing up against the Fed’s goal of 2%, further weakening the value of dollar and fueling asset bubbles by discouraging saving and encouraging undue risk-taking. The commercial real estate benefits from economic growth as well as the current favorable interest rate marketplace. This environment makes real estate a desirable asset class since it offers investors attractive yields compared with

alternative investments and is relatively inexpensive on a relative basis since. Capitalization rates provide a tool for investors to use for roughly valuing a property based on its Net Operating Income. As a measure of risk current capitalization rates are above the levels established from the go-go times of 2005–2007 but are below the 10-year average level. Over the past two years, per Real Capital Analytics, capitalization rates have fallen 70 basis points from 7.7 to 7.0%, where-

as 10-year Treasury rates fell at a faster pace from 3.7 to 2.0%, during this same time period. The spread differential and relationship between the Treasury yields and real estate yields supports the claim that real estate is relatively inexpensive today. The outlook is for lower risk assets with stable incomes to be competitively bid which will lead to a greater price increase for these assets. Higher risk investments will receive less attention, due to the uncertainly about debt underwrit-

ing, market timing, and magnitude of their improvement. Patient investors, with appropriate/tempered yield expectations and timing expectations, may find pricing opportunities in today’s market, but investments requiring aggressive growth assumptions will be more difficult to execute. Apex Realty Advisory, LLC is a real estate valuation and advisory services business located in Wilmington, Delaware. It is led by the author of this article Jay L. White, MAI, CRE. ■

Jay L. White MAI, CRE® • Andrew W. Smith, MAI 101 Brandywine Boulevard Wilmington, DE 19803 P: 302-479-5300• F: 302-397-2403

www.apexrealtyadvisory.com

OUR EXPERTISE ·Real Estate Appraisal

Expert valuation of all commercial property types.

·Feasibility & Market Studies

Financial analysis used to determine development options & studies for de-levering and a variety of other real estate decisions.

·Counseling

Appraisal reviews, arbitration, tax appeals, investment analysis, site selection, loan workouts, lease vs. buy, and litigation support.

OUR SERVICES

· Acquisition due diligence

· Cost segregation

· Appraisal review

· Expert testimony

· Estate tax planning

· Reserve studies

· Valuation for Financial reporting · Personal Property Valuation

22A — June 8 - 21, 2012 — Mid

Atlantic Real Estate Journal

www.marejournal.com

Metro New Jersey Chapter P.O. Box 2000 Edison, NJ 08818 Phone: 732-494-4716 Email: appraisal.institute@verizon.net www.ai-newjersey.org

Metro NJ Chapter Appraisal Institute 2012 Chapter Officers President Edward Marashlian, MAI

Metro New Jersey Chapter 2012 President, Edward Marashlian, MAI As the year moves briskly toward the halfway point, our Chapter has accomplished much more than I could have imagined. In January, the officers, board of directors and committee chairpersons of the Metro NJ Chapter convened for a leadership retreat. This platform enabled us to brainstorm, plan and provide a clear vision for our membership. In February, we enjoyed a successful Membership Meeting at the Spanish Tavern. The event was so popular, that we were actually at full capacity.

Vice President Paul W. Korch, MAI

Treasurer Joseph E. Baldoni, MAI

The focal point in March was the Region VI meetings in Bethlehem, PA. The chapter leaders and education chairs from New Jersey, Pennsylvania, Maryland, Delaware and Washington D.C. exchanged ideas and benefited from presentations by National Vice President, Ken Wilson, MAI, SRA. I look forward to attending the National meetings in San Diego this summer where our exchange of ideas will continue. April’s highlight was the return of the Princeton Conference to Princeton! The attendees were treated to an impressive line-up of real estate industry experts, plus the Appraisal Institute National President, Sara W. Stephens, MAI. Many thanks to the efforts of our committee. With no slowing down in sight, the beginning of May found us in Somerset Patriots Ballpark as the venue for our annual charitable fundraiser. The profits will benefit the “campership” funds of three area councils of the Boy Scouts of America. Sincere thanks to all of those who generously supported the event; you will certainly make some kids happy that would not have been able to go to summer camp without financial support. Please keep checking our website for upcoming educational offerings. We have a dedicated committee and instructors who strive to provide the best appraisal education in the region. Enrollment for the new Candidate for Designation program will begin this summer. For those seeking guidance, you have come to the right place. We have a well-informed dedicated committee and executive director to help you.

Secretary Anthony M. Graziano, Jr., MAI

On a personal note, I would like to extend special recognition to two of our members that are relocating out of state. Anthony Graziano, Jr., MAI and Mike DeNoble, MAI have contributed to the Metro NJ Chapter in exemplary fashion. Best wishes to both of you in your new pursuits. As I’ve said before, I look forward to shaking hands with every single one of you at our programs, meetings and courses this year. Ed Marashlian, MAI President Metro NJ Chapter

2012 Chapter Board of Directors

The Metro New Jersey Chapter Education: To inquire about Discounts when registering for more than 1 course, e-mail appraisal.institute@verizon.net. Qualifying Education Courses – Raritan Valley Community College, Branchburg, NJ Basic Appraisal Principles Basic Appraisal Procedures General Site Valuation and Cost Approach *General Report Writing and Cast Studies

June 13 - 16 June 18 - 21 October 12, 13, 19 & 20 November 13 - 16 – Days Hotel

Continuing Education Carol E. Angle, SRA Joseph C. Baldoni, MAI Michael T. DeNoble, MAI, SRA Kristen H. Helmstetter Brian D. Hicks, SRA James L. Meehan, MAI Bettina D. Sholk Diane C. Viggiano, MAI Gary M. Wade, MAI Michael P. White, MAI

Business Practices & Ethics

September 13 – Days Hotel

10th Annual Fall Conference

October 26 – Woodbridge Hilton

7-Hour USPAP

December 6 – Days Hotel

AI Advanced Education Courses Advanced Market Analysis and Highest & Best Use

November 29, 30, Dec. 1, 7 & 8 – Days Hotel

Mid Atlantic Real Estate Journal — June 8 - 21, 2012 — 23A

www.marejournal.com

APPRAISAL INSTITUTE – REGION VI DELAWARE, MARYLAND, NEW JERSEY, PENNSYLVANIA, WASHINGTON DC

A Message from Region VI Vice Chair Tom Reynolds, III, SRPA The Appraisal Institute continues to be the leader in the real estate profession for over 75 years. Whether you’re an appraiser, analyst, broker or investor the Appraisal Institute is the place to get your education. AI in now offering the new “Advanced Level” courses along with other cutting edge seminars, professional development programs and webinars that will keep you informed if you need CE or are in pursuit of your designation. Many of the educational offerings are being offered in this region and also available on-line; log on to www.appraisalinstitute.org and click the education tab for a full list or offerings. One of the most exciting developments from the Appraisal Institute is the new “Candidate for Designation” program – similar to an MBA program. In keeping with our commitment to be the “BEST OF THE BEST” there is a growing number of newly designated members whose accomplishments has elevated them to the highest level of valuation experts. These professionals represent the best educated and dedicated individuals in our profession. Region VI Chair, Russ Sterling, MAI has been working on this “Candidate Program” since its conception and is a great resource for those who are seeking more information.

Region VI Directors Region VI Chair Russell K. Sterling, MAI rsterling@sdadvisors.com Region VI Vice Chair Thomas C. Reynolds, III, SRPA tomreynolds@rac.net Region VI Past Chair Eileen H. Lynn, MAI eileenhlynn@aol.com

Congratulations to our new Designees:

Delaware & Maryland Chapters Georgia L. Nichols, MAI

Metro New Jersey Chapter Thomas P. Lenahan, MAI Michael J. Malinowski, II, MAI Adam K. Munyan, MAI Thomas Sapontzis, MAI Edward J. Turner, MAI

Northwest PA Chapter Philip Dellamedaglia, SRA

Pittsburgh Chapter Robert J. Owen, SRA

Southern NJ Chapter Jerrold McCarron, MAI

Washington DC Chapter Jane M. Diven, MAI, Ralph Pena, III, MAI

3rd Quarter National Board of Directors Meeting Las Vegas August 4-5 Region VI Virtual Meeting October (TBD) 4th Quarter National Board of Directors Meeting November 15 & 16

24A — June 8 - 21, 2012 — Mid

Atlantic Real Estate Journal

www.marejournal.com

Southern New Jersey Chapter www.ai-snj.org Telephone 856-415-0281 • Fax 856-415-1952

Southern NJ Chapter Appraisal Institute 2012 Chapter Officers President Jerome McHale, MAI jmchale@jmchaleassoc.com Vice President Jacob Ramage, MAI jake.ramage@cushwake.com Treasurer Kristin Mansfield kristin.mansfield@td.com Secretary Al Crosby acrosby@insightnj.com Director (Term through ‘14) James Carr carrappraisals@aol.com Director (Term through ‘14) John T. Stone, MAI jtstonemai@verizon.net Director (Term through ‘13) Jerrold McCarron jermccarron@gmail.com Director (Term through ’13) Michael S. Sapio, MAI northstarappraisal@msn.com Director (Term through ’12) Ed Kay edkayinc@comcast.net Director (Term through ’12) Joseph V. Heenan, SRA jheenan613@comcast.net Director (Term through ’12) Jackie Marmur Jackiemarmur@tonykamand.com Director (Term through ’12) Mike Rickett Mikerickett@tonykamand.com

Many events well attended with lots of information!

O

n Monday, April 23rd, the Southern New Jersey Chapter of the Appraisal Institute hosted its annual dinner meeting joining appraisers with assessors at the Adelphia Grand Ballroom in Deptford. Well over 100 people attended this event. In Assessors and Appraisers in Today’s Market, participants heard a true state of the industry report. NJ State Board of Real Estate Appraisers President Denise Siegel discussed any and all issues taking place in the appraising field, including concerns arising from complaints and federal regulation changes. Assistant Director of the NJ State Division of Taxation Patricia Wright discussed similar issues in the assessing field. Rick Kline and Dennis Scardilli helped attendees to understand the difference between individual value estimations and mass appraisal techniques used in assessing. Additionally, they outlined the Monmouth and Gloucester County programs and where these programs stand. After dinner, in a seminar A View from the Bench, Judge Patrick DeAlmeida discussed tax court issues & recent cases from across the state. As always, his insight and experience was a great benefit to all that filled the Ballroom. As part of the dinner meeting portion of the event, SNJAI President Jerry McHale presented the MAI designation certificate to Jerry McCarron, MAI. The final vote to merge the Central NJ Chapter into the Southern NJ Chapter also occurred at this chapter meeting. Changes to the bylaws were unanimously approved, making the merger process complete. In the spirit of serving the community, the chapter collected non-perishable food items to donate to local food banks at the installation dinner. The response was very positive, with over 37 pounds of food (and money!) donated to support community food bank efforts in Southern NJ. On May 10th, the Chapter held their eighth installment of Seminars at the Shore. This year‘s event took place at the

Jerry McCarron, MAI, receiving his designation.

Ted Whitmer presenting at our Atlantic City seminar Golden Nugget in the marina section of Atlantic City, and 35 people enjoyed the event on a wonderful Spring day! This year‘s class , “Staying Out of Trouble,” was created and instructed by crowd favorite Ted Whitmer. He is an appraiser, attorney, instructor, asset manager and consultant. Mr. Whitmer holds the MAI designation for the Appraisal Institute and teaches many courses and seminars for the organization. He is CCIM member of the National Association of Realtors, a licensed broker and general certified appraiser. Education includes South Texas College of Law with a degree (J.D.) from the University of Houston Law Center, an M.B.A. (Finance) from Texas A&M University and a B.A. from Stephen F. Austin State University. Whitmer taught full time at Stephen F. Austin State University in the Finance Department, as an adjunct at Texas A&M University (graduate course in real estate appraisal) and as an adjunct at the University of Houston and San Jacinto Jr. College. Recent lectures were at the Southern California Legal Conference, the State of Texas Bank Examiners, Appraisal Review Board training, the

Association of Appraisal Districts, Oil & Gas Tax Symposium and CLE Eminent Domain Conference in Austin. He was a founding director and Chairman of the Board of Brazos Valley Bank, NA. Current employment includes representing appraisers in the disciplinary process with the Texas Appraiser Licensing & Certification Board, lecturing and consulting all related to real estate appraisal. Whitmer has authored many seminars including Attacking and Defending an Appraisal in Litigation and the Comprehensive Appraisal Workshop, which is a review for the comp exam for the MAI designation. In its eighth year, Seminars at the Shore has offered quality, top-notch Continuing Education seminars to over 685 people from 13 different states. We look forward to more great Seminars at the Shore in the future! Hope to see you Down at the Shore next year! The next event for the Chapter is the 17th Annual September Symposium at Forsgate Country Club on Wednesday, September 12th. More information on that event will be located on the website: www.ai-snj.org.

Mid Atlantic Real Estate Journal — June 8 - 21, 2012 — 25A

www.marejournal.com

Southern New Jersey Chapter Of the Appraisal Institute www.ai-snj.org As the leading organization for professional real estate appraisers, the Appraisal Institute represents nearly 23,000 members in nearly 90 chapters worldwide. The Southern New Jersey Chapter has over 230 members. They perform a variety of services ranging from single family valuation to feasibility studies for regional malls & hotel-casinos. Whether it’s assistance on a home purchase or providing expert testimony for litigation, our members are uniquely qualied to meet these needs. For more information regarding the Southern NJ Chapter of the Appraisal Institute visit: www.ai-snj.org, or call Executive Director Lisa Weiss at 856-415-0281.

2012 Designated Members of the Southern NJ Chapter of the Appraisal Institute Geoffrey D. Acolia, MAI J. Paul Bainbridge, MAI Steven W. Bartelt, MAI, SRA Robert J. Belon, MAI A. Craig Black, SRA Allen G. Black, MAI, SRA Edward J. Bligh, MAI, SRA Lawrence E. Bowne, MAI Pamela J. Brodowski, MAI Richard J. Carabelli, Jr, MAI J. S. Carduner, MAI Cynthia Carpenter, MAI Harry Carroll, Jr., MAI, SRA Lana Chiappetta, MAI Patrick K. Conover, MAI John P. Corbett, MAI David A. Curley, SRA Susanne M. Curran, MAI Eugene P. Davey, SRA Thomas C. Davis, SRA Thomas A. DeMartin, MAI, SRA Russell V. Di Lello, MAI John E. Doyle, MAI Scott A. Eiffes, MAI E. Guy Elzey, III, SRA Emmons G. Elzey, Jr, SRA Phillip Fortuna, SRA Mary F. Fox, MAI David J. Frett, SRA James C Frisby, SRA John M. Gapszewicz, MAI Barbara K. Griffin, SRA Ronald A. Hagel, MAI, SRA Mark J. Hanson, MAI, SRA Donna Harris, SRA Joseph V. Heenan, SRA Henry Herskowitz, MAI, SRA Edward G. Ireland, III, SRA Bruce E. Jones, MAI Michael D. Jones, MAI Tony F. Kamand, Jr, MAI William J. Kennedy, MAI Robert W. Kirwan, SRA H. Rick Kline, SRA Robert F. Kline, MAI

Hainesport Cape May Ct. House Turnersville Colts Neck Cherry Hill Cherry Hill Marlton Marlton Eastampton Cherry Hill Robbinsville Warminster Trenton Medford Galloway Philadelphia Mt. Laurel Princeton Philadelphia Delran Lawrenceville Glen Gardner Philadelphia Moorestown Haddonfield Haddonfield Philadelphia Cape May West Berlin Ocean City Philadelphia Red Bank Vineland Ocean City Shiloh Ocean City Cherry Hill Richboro Lakehurst Cape May Court House Toms River Medford Manahawkin East Windsor Little Silver

(609) 261-2494 (609) 465-9978 (856) 582-5892 (732) 780-8808 (856) 662-7676 (856) 662-7676 (609) 983-3218 (856) 722-0205 (856) 795-4042 (609) 896-2245 (609) 223-4911 (609) 826-8622 (609) 261-4220 (609) 714-7402 (609) 652-6553 (215) 963-4061 (856) 795-0875 (609) 921-8778 (215) 523-9104 (856) 764-6500 (609) 882-6700 (908) 832-5034 (215) 231-9900 (856) 234-9252 (856) 429-8800 (856) 429-8800 (215) 925-1212 (609) 884-1995 (856) 753-3030 (609) 814-9333 (215) 841-5258 (732) 567-7349 (856) 691-7055 (609) 398-3189 (856) 453-8889 (609) 391-8862 (856) 795-8700 (215) 444-9887 (732) 941-4294 (609) 463-4622 (732) 286-9250 (856) 396-7652 (609) 597-2211 (609) 443-4000x226 (732) 747-9519

M. Bruce Leff, SRA Frank S. Librizzi, MAI, SRA Allen L. Littlefield, SRA Gary P. Lombardi, SRA Bonnie L. Longo, MAI, SRA Eileen Lynn, MAI A. Fred Maffeo, MAI, SRA Peter A. Maher, SRA Gerald R. Malanga, SRA Kathy J. Marmur, SRA Jerome J. McHale, MAI F. Pat McIlhinney, MAI, SRA Edward T. Molinari, SRA Donald Moliver, MAI Frank J. Pacera, SRA Robert Parmley, SRA Patricia A. Quigley, SRA Jacob Ramage, MAI Thomas C. Reynolds, SRPA Jeffrey D. Richwall, SRA Lee L. Romm, MAI, SRA Ronald L. Rubinstein, MAI Michael Sapio, Jr., MAI, SRA Michael Sapio, MAI R. M. Sapio, MAI, SRA William J. Sapio, MAI Dennis A. Scardilli, Esq, MAI Jack Sheehan, MAI Timothy Sheehan, MAI, SRA Richard Sheldon, MAI, SRA Thomas J. Sliwowski, SRA Peter E. Sockler, MAI Paul Sopenoff, MAI Pasqual A Sorge, MAI John T. Stone, MAI James Stuart, MAI, SRA Robert Thompson, MAI, SRA Robert J. Tighue, MAI Joseph E.Tighue MAI, SRA Merilynn P. Verderame, SRA Benjamin R. Vukicevich, SRA John H. Walton, Jr, MAI, SRA Richard J. Ward, SRA John Weber, Jr,, MAI, SRA Gerald Francis White, SRA

(856) 287-3690 (856) 854-2478 Haddon Heights (609) 704-9609 Hammonton (609) 709-3902 Manahawkin (856) 582-4611 Sewell (215) 842-0649 Philadelphia (732) 759-8183 West Long Branch (732) 928-1550 Jackson (732) 974-9333 Lavallette (732) 505-4900 Point Pleasant (856) 722-0205 Mt. Laurel (856) 795-4042 Cherry Hill (856) 853-7622 Woodbury (732) 571-3660 Rumson (609) 897-1096 Lawrenceville (609) 292-2573 Forked River (215) 247-4425 Philadelphia (215) 888-3560 Philadelphia (302) 575-0955 Wilmington, DE (856) 396-0000 Medford (856) 983-5500 Marlton (732) 308-0909 Freehold (856) 783-6835 Blackwood (856) 933-1272 Bellmawr (856) 429-2789 Voorhees (609) 927-5728 Linwood (609) 568-0432 Absecon (856) 468-0068 Wenonah (856) 662-0027 Cherry Hill (856) 546-4900 Haddon Heights (856) 218-2800 Pitman (609) 918-1000 Hightstown (856) 273-1203 Voorhees (856) 234-2893 Mt. Laurel Cape May Court House (609) 861-9030 (732) 576-2037 Colts Neck (610) 331-9031 Ocean City (609) 792-0684 Cherry Hill (609) 266-7334 Brigantine (856) 234-8400 Haddonfield (856) 784-7036 Stratford (856) 795-8700 Medford (732) 605-0791 Old Bridge (609) 586-3500 Hamilton Square (856) 663-5134 Pennsauken Newark, DE

26A — June 8 - 21, 2012 — Mid

Atlantic Real Estate Journal

www.marejournal.com

FINANCIAL DIGEST The acquisition of a 102 unit / 612 bed property

Regional Capital Group closes on $13.4 million permanent loan for a student housing project

I

DAHO — Regional Capital Group (“RCG”) closed on a $13.4 million FNMA permanent loan for the acquisition of a 102 Unit / 612 Bed Student Housing Complex in Idaho. This was the first acquisition for the borrower that included partners from other organizations with extensive experience in the student housing market. This asset is not traditional student housing and does not have 12 month leases or parental guarantees. The property is considered “approved” student housing by the University

but was outside of traditional Agency lending parameters. RCG utilized extensive Agency lending experience to meet the client’s needs given the unique situation presented. The result was a 4.49% fixed rate for 10 years, a 30 year amortization, and a 75% LTV. In the past few years as the real estate market has been evolving RCG has expanded into long term debt platforms. RCG utilizes a diverse background and vast knowledge to complete transactions spread across a broad range of asset classes. RCG focuses not only

on the execution of specific deals, but also in understanding each client’s needs and goals, to complete short term or permanent funding. We also offer alternative loan structures which may fall outside of the traditional lending sources to expedite a closing should an opportunistic situation arise. ■

HFF arranges financing for threebuilding industrial portfolio

The Brick Yard Business Park in Laurel, MD LAUREL, MD — HFF worked on behalf of the borrower, a joint venture between Jackson-Shaw and Prudential Real Estate Investors, to secure the seven-year, 3.98 percent fixed-rate loan through Principal Global Investors. The Brick Yard is located north of the Washington, D.C. Beltway (I-495) and approximately 23 miles southwest of Baltimore, Maryland in an area that was originally home to the Washington Brick Company manufacturing facility and mine. The development is part of a larger mixed-use community that encompasses 125 acres of master-planned residential, office, industrial and retail space. Completed in 2009, the buildings feature modern architecture and state-of-the-art facilities. The business park has been recognized by the United States Green Building Council (USGBC) for LEED Silver Core and Shell Certification and has also been named the 2009/2010 NAIOP award winner for best industrial in Washington, D.C.

Who can Your Business count on today? Just like your customers can count on you to give them “service with a smile,” you can Count on Columbia, the Business Bank of New Jersey, to give you the financial products and services you need to succeed. And you can always Count on Columbia to remain true to the principles of community banking. To LEARN MORE ABOUT OUR BUSINESS BANKING SERVICES CALL OR visit your nearest Columbia Bank office.

3"! ,OANS s ,INES OF #REDIT AND 4ERM ,OANS s #ONSTRUCTION &INANCING s Business Checking s Online Banking s Retirement Plans

Convenient Offices Throughout New Jersey

-AIN /FlCE 2OUTE s &AIR ,AWN .* s columbiabankonline.com

Count on Columbia.

Member FDIC

The HFF team representing the borrower was led by senior managing director Tim Jordan and managing director Travis Anderson. ■

Mid Atlantic Real Estate Journal — June 8 - 21, 2012 — 27A

www.marejournal.com

$68,000,000

TOWER ONE

THE HUTCHINSON METRO CENTER 1250 WATERS PLACE BRONX, NY A 13 story office building containing 280,000 s/f The undersigned arranged the above financing.

REAL ESTATE FINANCING

51 East 42nd Street New York, NY 10017 (212) 986-8400 Fax: (212) 983-0512 www.cooper-horowitz.com

28A — May 11 - 24, 2012 — Mid

Atlantic Real Estate Journal

www.marejournal.com

MAREJ MONTHLY SALES AND LEASE REPORT As Reported In The Mid-Atlantic REAL ESTATE JOURNAL ~ APRIL 13 - MAY 10, 2012 PROPERTY PROPERTY NAME NAME

SELLER/ SELLER/ OWNER/ OWNER/ LESSOR LESSOR

ADDRESS ADDRESS

REP. REP. OF OF SELLER/ SELLER/ LESSOR LESSOR

BUYER/ BUYER/ TENANT/ TENANT/ LESSEE LESSEE

REP. REP. OF OF TENANT/ TENANT/ BUYER BUYER

SIZE SIZE

Address

Seller/Owner/Lessor

Rep.—Seller/Lessor

Buyer/Tenant/Lessee

733 10th St

Washington, DC

Skanska

Eastdil Secured

Jamestown Props Inland RE Grp

Inland Diversified RE Trust

$75.2m

356,647 SF

Retail

S

FC-A

Delaware Ave

Sidney E Gable

ARCA

Sidney E Gable

$3m

95,000 SF

Ind

L

3A

800 Acres

Land

Cassidy Turley

Brookfield Property Grp

110,000 SF

Bayonne, NJ

4301 N Delaware Ave

Philadelphia, PA

$140m

Price

Size

171,000

Off

DESC. PG DESC. S/L S/L PG

Property—Name Bayonne Crossing

Rep——of—Tenant—Buyer

PRICE PRICE

Westover, MD

DESC.

S/L

PG

S

FC-A

S

15A

S

15A

Flex/Off

L

17A

Flex/Off

L

17A

28,500 SF

Flex

L

17A

25,884 SF

Dist

L

17A

9535 SF

Dist

L

17A

Somerset Christian College

1200 SF

Off

L

27A

The Berger Org.

WNJR-Newark

900 SF

Off

L

27A

Dworetzky

NAI James E Hanson

920 Belmont Assoc

20 Acres

Land

S

27A

Union, NJ

Rummle Fibre Co

NAI James E Hanson

Canary Custom Closets

Weichert

9600 SF

Ind

L

27A

Paramus, NJ

Hanjin Shipping

Newmark Night and Frank

Forman Holt Eliades Ravin

Cresa NJ

4000 SF

Off

L

28A

Off

L

28A

172,000 SF

Ind

S

29A

1375 Piccard Dr

Washington, DC

Gateway 270 West

Clarksburg, MD

First Potomac Realty Trust

Allstate

26,274 SF

Gateway 270 West

Clarksburg, MD

First Potomac Realty Trust

Direct TV

42,267 SF

Metro Park North

Rockville, MD

First Potomac Realty Trust

Data Design Corp

9015 Junction Dr

Columbia, MD

Junction Props

SVN Skogmo

JACO Environmental

Iron Bridge Rd

Jessup, MD

Junction Props

SVN Skogmo

Huaxia USA

Military Park Bldg

Newark, NJ

The Berger Org.

The Berger Org.

Military Park Bldg

Newark, NJ

The Berger Org.

920 Belmont Ace

N Haledon, NJ

697 Rahway Ave 80 Route 4 East

NAI KLNB

NAI James E Hanson

& Youngman 99 Fairfield Rd

Fairfield, NJ

122 Quentin Ave

New Brunswick, NJ

601 Prospect St

Lakewood, NJ

16 Applegate Dr

Monroe Twp., NJ

A-V Services

Cresa NJ

Health Food Brands

HK Commercial Realty

SVN Richter|Grusd

Crystalware

SVN Richter|Grusd

73,000 SF

Whse

L

29A

Matrix

WW Grainger

CBRE

101,944 SF

Ind

L

29A

122 Quentin

SVN Richter|Grusd

Matrix

$3.268m

324 Half Acre Rd

Cranbury, NJ

US Industrial REIT II

Cushman & Wakefield

Howard Berger Co

CBRE

60,000 SF

Dist

L

30A

324 Half Acre Rd

Cranbury, NJ

US Industrial REIT II

Cushman & Wakefield

Kuehne & Nagel

CBRE

383,000 SF

Dist

L

30A

Partnership with Yeager

CBRE

Callan Assoc

Summit Executive Ctr

Summit, NJ

Hershey Heritage Village

Lancaster, PA

75 Steamboat Blvd.

York, PA

Panattoni Dev

Cushman & Wakefield

L’Oreal

21 Waterford Dr

Mechanicsburg, PA

Waterford Med Ptrs

CAMPBELL

The Cumberland Cty. Tax Bureau CAMPBELL

The Kislak Co

Cushman & Wakefield The Kislak Co

$46.1m

Atlantic RE Svcs.

5500 SF

Off

L

32A

500 Units

Apt

S

FC-B

193,000 SF

Ind

L

FC-B

8100 SF

Off

L

2B

Off

L

2B

40 acres

Ind

S

2B

Off

L

2B

5000 SF

Whse

L

2B

1500 Paxton St

Harrisburg, PA

Paxton Street Props

CAMPBELL

Kidney Foundation

CAMPBELL

Upper Allen Bus Pk

Mechanicsburg, PA

Frank Bingman Trust

CAMPBELL

Evergreen Prop Trust

Landmark

3025 Market St

Camp Hill, PA

CA Hemp Estate

CAMPBELL

1405 Hagy Way

Susquehanna, PA

1017 Eisenhower Blvd

Swatara, Twp., PA

Jay Crum

NAI CIR

Floor-It Flooring

NAI CIR

3200 SF

Off/Whse

L

2B

2578 Interstate Dr

Susquehanna, PA

Connor Mgmt

NAI CIR

Mission Critical Ptrs

Realty Mgmt

2316 SF

Off

L

2B

Wheatland SC

Lancaster, PA

Homewood Realty

CBC Bennett Williams

The Framery

CBC Bennett Williams

2500 SF

Retail

L

14B

Wheatland SC

Lancaster, PA

Homewood Realty

CBC Bennett Williams

Julio Perez

CBC Bennett Williams

1600 SF

Retail

L

14B

Smith Village

Jacobus, PA

Dadds Corp

CBC Bennett Williams

Library System

CBC Bennett Williams

620 SF

Retail

3864 Adler Pl

Hanover Twp., PA

Dietrick Grp

Leading Edge Signs

3767 SF

Off

L

6689-6699 Sulivan Trail

Plainfield Twp., PA

Dietrick Grp

Wind Gap Prof bldg

Med/Off

L

14B

51 Haddonfield Rd

Cherry Hill, NJ

Off

S

FC-A

7917 Derry St

Harrisburg, PA

Village Square

Kutztown, PA

Wind Gap Pro Ctr Ptrs

Straub & Assoc

Straub & Assoc

Mei Jian Logistics

NAI CIR

Verxia CRS

Time Equities, Bergman RE Grp Dermody Props

JLL

Vetsource

Marcus & Millichap

14B

$3.4m

100,000 SF 12,000 SF

Ind

L

6A

$4.025m

39,612 SF

Retail

S

7A

Landmark Marcus & Millichap

14B

Sun Trust Bank

Registertown, MD

Marcus & Millichap

Marcus & Millichap

$2.357m

28,750 SF

Retail

S

7A

414 Rahway Ave

Woodbridge, NJ

Marcus & Millichap

Marcus & Millichap

$912,500

54,866 SF

Land

S

7A

Northhampton Crossing

Easton, PA

NRDC

PetSmart

12,500 SF

Retail

L

10A

Cranbury Square

Pittsburgh, PA

Oxford Realty

Total Hockey

CW-Grant St

8025 SF

Retail

L

11A

Plaza @ The Pointe

North Fayette, PA

Sara Piccone

Total Hockey

CW-Grant St

8910 SF

Retail

L

11A

178,000 SF

Retail

S

11A

Metro Commercial

3506 SF

Retail

L

12A

Costa Land Co

Shaw’s Plaza

Plymouth, MA

WP Realty

Citibank Plaza

Philadelphia, PA

Cottman Realty

SRD

Visionworks

Glendale Vilage

Ewing, NJ

WDG

SRD

New Soul Grill

1260 SF

Retail

L

12A

Glendale Vilage

Ewing, NJ

WDG

SRD

Little Ceasers

1200 SF

Retail

L

12A

1450 City Ave

Wynnewood, PA

City Line Ptrs

SRD

Phila Rx 5

2600 SF

Retail

L

12A

344 George Rd

Cliffsside, NJ

344 George Road, LLC

Gebroe-Hammer

11 unit

Apt

S

25A

SRD

Montgomery Cty Air Pk

GAITHERBURG, MD

Zarpas 1

JLL

Willco

$30m

285,000 SF

Flex

S

3B

Silver Spring Ind Pk

Mechanicsburg, PA

CDL Prop

Landmark

Silver Springs Props

Landmark

$950k

33,000 SF

Ind

S

6B

6295 Allentown, Blvd

Harrisburg, PA

Hayden RE Inv

Landmark

Touch of Color Flooring

Landmark

31,415 SF

Whse

L

6B

Tpke Ind Park

Middletown, PA

Hertland Realty

Landmark

Schmidt Baking Co

Landmark

18,500 SF

Ind

S

6B

1515 Commerce Ace

Carlisle, PA

Golden

NAI CIR

Five Star Int’l. Truck Sales

Landmark

15,000 SF

Ind

S

6B

& Leasing 6305 Allentown Blvd

Harrisburg, PA

Hayden RE Inv

Landmark

Big Bob’s Floor Pro

Landmark

12,626 SF

Dist

L

6B

Fairview Ind Pk

Lewisberry, PA

REVA Cos

Landmark

Essential Ent Solutions

Landmark

30,000 SF

Ind

L

6B

Upper Allen Business Pk

Mechanicsburg, PA

Bingman Trust

CAMPBELL

Evergreen Prop Trust

Landmark

40 acres

Ind

S

6B

18 Boulden Circle

Wilmington, DE

RREEF

The Flynn Co

Mishimoto Auto Performance Patterson Woods

17,353 SF

Ind/Off

L

7B

1840 E Race St

Allentown, PA

HVAC Dist

NAI Summit

Back Packaging

NAI Summit

7000 SF

Whse

L

13B

6620 Grant Way

Allentown, PA

NAI Summit

Americure Rx

NAI Summit

10,496 SF

Flex

L

13B

2655 Moravian Ace

Allentown, PA

McCarthy Tire & Automotive NAI Summit

22,562 SF

Ind

L

13B

697 Rahway Ave

Union, NJ

Canary Custom Closets

9600 SF

Ind

L

16B

Rummle Fibre Co

NAI Hanson

Weichert

Mid Atlantic Real Estate Journal — June 8 - 21, 2012 — 29A

www.marejournal.com

Make More Money Spend Less Time Managing Your Rental Properties

For Commercial Property Managers

For Landlords

For Property Management Companies

For Condos and HOAs

Manage Properties with QuickBooks® is a complete and total solution for property management, real estate accounting and financial management software. Manage Properties with QuickBooks, by Gita Faust: • • • • • •

is simple to use cuts software costs gives you control of your properties lets you control your tenants provides seamless integration with additional software turns you into a PROFIT POWERHOUSE!

Using Manage Properties with QuickBooks is like hiring a team of savvy property management consultants with a mentor, a business consultant, an accountant, and a property manager right at your keyboard. Gita Faust, author and developer of Manage Properties with QuickBooks, is a leading expert in QuickBooks integrated solutions and can provide assistance unique to your business.

Discount Code: MAREJ01

Call 215-579-1465

www.expertpublishers.com

30A — June 8 - 21, 2012 — Mid

Atlantic Real Estate Journal

www.marejournal.com

1100 East Hector Street, Suite 393 Conshohocken, PA 19428

President J. Gregory Ellis, CCIM Patterson Woods Commercial

Phone/Fax: 610-238-9950 / 610-238-9959 E-Mail: tristate@tristaterca.com Website: www.tristaterca.com

Sponsorship opportunities available for 16th annual event at LIanerch Country Club in Havertown, PA

TriState REALTORS® Commercial Alliance invites region’s Commercial

Real Estate Community to Annual Golf Outing on July 16th

CONSHOHOCKEN, PA — TriState REALTORS® Commercial Alliance and TriState Brokers Commercial Alliance are inviting the region’s commercial real estate community to come together and hit the links. The leading advocate and provider of continuing education for commercial real estate practitioners in Pennsylvania, Delaware and New Jersey will host its 16th Annual Golf Outing on Monday, July 16, 2012. Held in conjunction with the PA/NJ/DE Chapter of CCIM, the event will take place at the famed Llanerch Country Club in Havertown, Pa. Registration for the event will commence at 11:30 a.m., followed by a buffet lunch and shotgun start at 12:30 p.m. Starting at 5:30 p.m., attendees will enjoy cocktails, dinner, raffle prizes and an awards ceremony. Throughout the event, a silent auction will be held to benefit ACHIEVEability, a nonprofit organization that values education and accountability in helping needy families achieve self-sufficiency. “This event is one of the highlights of the year for the TriState membership,” said J. Gregory Ellis, CCIM, President of TriState REALTORS® Commercial Alliance. “It provides an opportunity for commercial real estate professionals to meet and mingle with other members of their industry in a casual atmosphere. We look forward to a great day on a beautiful course.” Sponsorship opportunities are available at a variety of levels, and all sponsors are invited to donate promotional items for the golfers’ giveaway bags. The corporate sponsorship is priced at $1,500 and includes lunch/golf/dinner for one, special logo signage at the event including new PowerPoint recognition throughout the event, logo inclusion in TriState’s weekly newsletter and all email blasts, in addition to special acknowledgement at the reception. Other sponsorship opportunities include: • Cocktail Sponsors with Logo: $1,250 • Golf Bag Tags with Logo: $1,000 • Cart Banners with Logo: $1,000 • Pin Toppers with Logo: $500 • Putting Contest: $500 • Beat-the-Pro Contest: $500 • Putting Green: $350 • Hole-in-One Sponsor: $350 • Driving Range: $350 • Beverage Stations: $325 • Closest to the Center Line: $300 • Closest to the Pin: $300 • Longest Drive: $300 • Pin Sponsors, including Flag with Logo: $300 • Tee Sponsors: $250 The cost for the outing is $200 per person. To sign up or find out more about sponsorship opportunities, please contact Michelle Winkler Milone at 610-238-9950. About TriState REALTORS® Commercial Alliance Founded in 1993, the TriState REALTORS® Commercial Alliance is a leading advocate for commercial real estate professionals in New Jersey, Delaware and Southeastern Pennsylvania. TriState operates The Commercial Real Estate School of New Jersey, which focuses on continuing education, creating an opportunity to network and presenting industry-oriented seminars. TriState seeks to advance the financial well being, industry stature, and professional growth of each member. The group also speaks as a unified voice on legislative and community issues, promotes ethical standards of conduct and provides specialized services relative to the needs of its members. For additional information, please visit tristaterca.com or tristatecres.com.

www.marejournal.com

Mid Atlantic Real Estate Journal — June 8 - 21, 2012 — 31A

32A — June 8 - 21, 2012 — Mid

Atlantic Real Estate Journal

www.marejournal.com

COMMERCIAL REAL ESTATE ORGANIZATIONS’

EVENTS CALENDAR JUNE 8 – SCBP Event: SustainabilityThe New Competitive Edge Time: 8:00 AM – 12:15 PM Location: Raritan Valley Community College Address/City: North Branch, NJ Cost: $35 Members $50 Nonmembers P: 908-218-4300 www.scbp.org

JUNE 20 – NAWBO DE Event: 11th Annual Awards Dinner Time: 5:30 PM – 7:30 PM Location: Harry’s Savoy Grill & Ballroom Address/City: 2020 Naamans Rd., Wilmington, DE Cost: $55 P: 302-475-3000 E: info@nawbodelaware.org www.nawbodelaware.org

JUNE 27 – CREW LEHIGH VALLEY Event: Lunch-A-Rounds Time: 11:35 AM – 1:00 PM Location: The Apollo Grill Address/City: 85 W. Broad St., Bethlehem, PA P: 610-868-8507 E: momeara@hmk-ins.com www.crewlehighvalley.org

JUNE 11 – ABC EPA Event: Annual Golf Outing Time: 9:00 AM Location: Philadelphia Cricket ClubMilitia Hill Course Address: 401 Stenton Ave., Plymouth Meeting, PA E: gzeh@abceastpa.org www.abceastpa.org

JUNE 20 – NJAA Event: Interactive Multifamily Marketing Time: 8:30 AM – 12:00 PM Location: NJAA Headquarters Address/City: 104 Interchange Plaza, Ste. 201, Monroe Township, NJ E: Jaclyn@njaa.com www.njaa.com

JUNE 27 – CREW LEHIGH VALLEY Event: Lunch-A-Rounds Time: 11:35 AM – 1:00 PM Location: The Valenca Address/City: 64-66 Center Square, Easton, PA P: 610-865-2621 E: ckraftician@spillmanfarmer.com www.crewlehighvalley.org

JUNE 11 – CIRC DE Event: Annual Golf Outing Time: 11:00 AM Location: DuPont Country Club Address/City: 1001 Rockland Rd., Wilmington, DE P: 302-633-1705 E: janet@circdelaware.com www.circdelaware.org JUNE 11 – IOREBA Event: 43rd Annual Golf & Tennis Outing Time: 11:00 AM Location: Essex County Country Club Address/City: West Orange, NJ E: Mike.Markey@am.jll.com www.ioreba.com JUNE 11 – USGBC NJ Event: Guided Tour of the LEED Certified St. Phillips Academy Time: 6:30 PM – 8:30 PM Location: St. Phillips Academy Address/City: 342 Central Ave., Newark, NJ Cost: $25 Members $35 Nonmembers P: 973-290-0013 E: info@usgbcnj.org www.usgbcnj.org JUNE 12 – NJAWBO Event: Executive Committee Meeting Location: Volunteer Management Centers Address/City: 280 W. Hanover Ave., Morristown, NJ P: 609-799-5101 E: njawbo@njawbo.org www.njawbo.org JUNE 13 – ICREW NJ Event: 30 Years Strong Time: 6:00 PM – 8:00 PM Location: Liberty House Address/City: 76 Audrey Zapp Dr., Jersey City, NJ Cost: $85 Members $110 Guest P: 609-585-6871 E: icrewnj@icrewnj.org www.icrewnj.org JUNE 13 – ICSC Event: NJ Our Town Mayors Program – Downtown Retail Address/City: Glassboro, NJ P: 202-626-1407 E: lalusic@icsc.org www.icsc.org JUNE 14 – SMPS CENTRAL PA Event: Networking Mixer Time: 5:00 PM – 7:00 PM Location: Lancaster Brewing Co. Address/City: 469 Eisenhower Blvd., Harrisburg, PA Cost: Members Free/$20 Guests E: president@smpscentralpa.org www.smpscentralpa.org

JUNE 20 – NJ IFMA Event: 31 Tannery Project Tour – Net Zero Building Time: 4:00 PM – 6:00 PM Location: 31 Tannery Road Address/City: Branchburg, NJ E: cshelly@njifma.com www.njifma.com JUNE 20 – SMPS PHILADELPHIA Event: Annual Meeting Time: 8:00 AM – 10:30 AM Location: Energy Efficient Buildings Hub-Philadelphia Navy Yard Address/City: 4747 S. Broad St., Philadelphia, PA Cost: $20 Members $35 Nonmembers www.smpsphiladelphia.org JUNE 21 – IREM Event: Tour of new Papadakis Integrated Science Building, Dinner & Networking Time 5:00 PM Location: Drexel University, Papadakis Integrated Science Building Address/City: 33rd & Chestnut Sts, Philadelphia, PA Cost: $55 members $65 Nonmembers P: 856-786-9260 www.irem3.org JUNE 21 – NAIOP PITTSBURGH Event: Regional Water Forum Time: 7:30 PM Location: Omni Westin William Penn Address/City: 530 William Penn Pl., Pittsburgh, PA Cost: Members Free/$40 Nonmembers P: 412-928-8303 www.naioppittsburgh.com JUNE 22 – ULI NNJ Event: YLG Executive Breakfast Series with Ed Russo Time: 8:30 AM – 10:30 AM Location: Russo Development Address/City: 570 Commerce Blvd., Carlstadt, NJ P: 800-321-5011 www.nnj.uli.org

JULY 9 – ULI NJ Event: The building of a new Residential Neighborhood in Jersey City: “NOHO” Time: 9:30 AM – 1:00 PM Location: Carlo’s Bakery/Cake Boss production facility at Lackawanna Center Address/City: 629 Grove St., Jersey City, NJ P: 800-321-5011 www.nnj.uli.org JULY 12 Event: Lakewood Regional Business Expo & Networking Event Time: Noon – 4:30 PM Location: Lakewood Industrial Park, Lake Terrace Hall Address/City: 1690 Oak St., Lakewood, NJ P: 732-364-2500 Ext. 5257 E: pkomsa@lakewoodnj.gov JULY 16 – NJ CORENET/IFMA Event: Golf Outing Time: 9:00 AM Location: Hackensack Country Club Address/City: Oradell, NJ P: 908-663-2708 www.corenetnj.org JULY 16 – TRISTATE/CCIM Event: 16th Annual Golf Outing Time: 11:30 AM Location: Llanerch Country Club Address/City: Havertown, PA www.tristaterca.com

JUNE 26 – ULI PHILADELPHIA Event: Planning for Visitability & Urban Aging Location: Philadelphia Corporation for Aging Address/City: 642 N. Broad St., Philadelphia, PA P: 856-428-8547 E: Philadelphia@uli.org www.philadelphia.uli.org

JULY 30 – USGBC NJ Event: 9th Annual Golf Outing Time: 11:30 AM – 8:00 PM Location: New Jersey National Golf Club Address/City: 579 Allen Rd., Basking Ridge, NJ P: 973-290-0013 E: info@usgbcnj.org www.usgbcnj.org

JUNE 27 – CREW LEHIGH VALLEY Event: Lunch-A-Rounds Time: 11:35 AM – 1:00 PM Location: The Sangria Address/City: 840 W. Hamilton St., Allentown, PA P: 484-223-0276 E: kcduerholz@boyleconstruction.com www.crewlehighvalley.org

AUGUST 1 – SIOR NJ Event: Member/Sponsor Summer Social Time: 5:30 PM – 8:00 PM Location: Long Valley Brew Pub Address/City: Long Valley, NJ www.siornj.com

Mid Atlantic Real Estate Journal — June 8 - 21, 2012 — 33A

www.marejournal.com

Mid Atlantic REAL ESTATE JOURNAL

BILLBOARD

CLASSIFIEDS • CLASSIFIEDS • CLASSIFIEDS • CLASSIFIEDS • CLASSIFIEDS • CLASSIFIEDS • CLASSIFIEDS • CLASSIFIEDS • CLASSIFIEDS

VACANT LAND ON RT 315 WILKES-BARRE, PA 10.20 ACRES NEXT TO MOHEGAN SUN CASINO & RACETRACK

Coldwell Banker Commercial Bennett Williams 110 N. George Street; 4th floor York, PA 17401

Commercial Leasing/Sales

Property Management Landlord Representation Tenant Representation

www.bennettwilliams.com

Site Selection

717-843-5555

All utilities. Great visibility. Zoned commercial.

Also 2 franchised business opportunies for sale. 1 unit at the PA turnpike. Call Joe Gilroy: 570-288-1444 or 570-690-0394

Joseph P Gilroy Real Estate 570-288-1444

Single Block 2 3/8 x 3 5/8”

E L B A L I A AV Call us @ 800-584-1062

Locations Wanted Consistently Ranked #1 Franchise 45+ Year Track Record

We’re looking for sites in PA Flexible Space Requirements End Cap, In-line, Free Standing Non-Traditional Venues - Hospitals/Colleges Universities/B&I/Stadiums/Casinos/Airports Local Contacts: Eastern PA —

610-366-8120 x 24, Cheryl Green green_c@sdepa.com 610-768-8990, Rawley Shelton rawleyshelton@gmail.com

Philadelphia PA —

Double Block 5 x 3 5/8”

realestate.subway.com www.subway.com

HIGH VISIBILITY

Direct Mailing to over 25,000 Readers Billboard Advertising Pays Off!! Name _________________________________________________ Company ______________________________________________ Address _______________________________________________ City _______________________State __________Zip__________ Phone _____________________Fax ________________________

Single Block (2 3/8 x 3 5/8”) - Once $95 - Twice $160 5 issues - $300 Prepay - $250

Double Block (5 x 3 5/8”) - Once $160 - Twice $280 5 issues - $575 Prepay - $475

Other Rates Available Please call Linda Christman for more info at 1-800-584-1062 x 203 lchristman@marejournal.com

Back Cover A — June 8 - 21, 2012 — Mid

Atlantic Real Estate Journal

www.marejournal.com

NEW JERSEY SHOPPING CENTERS Section B of the Mid ATLANTIC Real Estate Journal

VP Matthew Weiss arranges 8,042 s/f long-term lease with Energy Fitness

Weiss Realty arranges the $1,420,000 sale of medical office building

M

OONACHIE, NJ — Jaime Weiss, president of Weiss Realty in Moonachie, acting on behalf of H.M.L. Realty Corporation has arranged the sale of 6701 Bergenline Avenue, West New York to an investment client of Weiss Realty for a sale price of $1,420,000. The one-story, 5,300 s/f medical office building is 100% leased to Concentra Health Services Inc. Weiss also acted as consultant to the

landlord H.M.L Realty in the lease transaction. The building serves as an urgent care, primary care and occupational medicine facility including physical therapy and medical offices for Concentra. EDISON, NJ — Jaime Weiss, managing member of Colonial Village Associates, LLC and president of Weiss Realty, announced the signing of three office lease transaction totaling 3,478 s/f at the Colonial Village

JUNE 8 - 21, 2012

HI-LIGHTS SJP Properties signs 93,000 s/f lease with Allergan, Inc. SJP Properties has signed a 93,000 s/f lease with global health care company Allergan, Inc. at Somerset Corporate Center II. See page 2B.

Cresa NJ – North/Central helps consolidate whse. operations Cresa NJ – North/Central, part of Cresa LLC announced that TricorBraun, Inc. signed an 83,200 s/f lease at 111 Interstate Blvd. See page 3B.

ALSO INSIDE: NORTHERN NEW JERSEY SPOTLIGHT .....................5-12B ICREW NJ ORGANIZATION ................................14-15B PEOPLE ON THE MOVE ............................................. 16B Section B, 20 pages

www.marejournal.com

6701 Bergenline Avenue Professional Office Park and 1,000 s/f for internal medicine Shopping Center located on arranged with Matthew Weiss the corner of Lincoln Highway/ in cooperation with Paul SalRoute 27 and Parsonage Road vesen of American Property. in Edison. The new tenants join SLiQ Information Technoloa distinguished list of medical, gies, an IT software company professional and retail tenants office for employee training and including Starbucks, Loucas information sharing, has leased Italian restaurant, highly rat- 640 s/f at 7 Lincoln Highway. ed by Zagats, and Bernstein’s Matthew Weiss represented Fine Women’s Fashions. Colonial Village in the transacThe new tenants include Dr. tion and Dr. Sheldon Waltuch, Yvonne Nelson who has leased Orthodontist, has signed a

long-term lease renewal for 1,838 s/f at 3 Lincoln Highway. With these lease signings Colonial Village is now 97% leased. As a mixed use retail and office development, Colonial Village comprises 20,000 s/f of shops, retail services, and dining and 50,000 s/f of offices situated in five buildings on 6 attractively landscaped acres with 400 car parking spaces. Its ideal location, with a daily traffic count of 23,500 cars at the crossroads of central New Jersey, is easily accessible from the Garden State Parkway at Exit 131, the New Jersey Turnpike and Routes 1 and 9. MOONACHIE, NJ — Matthew Weiss, vice president at Moonachie based Weiss Realty has arranged a long-term lease transaction for 8,042 s/f with Energy Fitness at 50 Piermont Road, Cresskill. Weiss Realty represented both the landlord, Bren-Cris, Inc. and the tenant SDM Fitness in the negotiations. ■

Broker of record, Fasano, assisted in closing

Marcus & Millichap sell 8 unit apartment site for $925,000 CRANBURY, NJ — Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of 96 North Main Street, an eight unit apartment property located in Cranbury, New Jersey, according to Spencer Yablon, regional manager of the firm’s Philadelphia office. The asset commanded a sale price of $925,000. Fred Paisley and Dana Newton, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was secured and represented by Ken Wellar and Corey Lonberger, investment specialists

96 North Main Steet in Marcus & Millichap’s Philadelphia office. Michael Fasano, broker of record, assisted in the closing of this sale. Dana Newton noted, “Given the pent up demand for quality, stabilized multi-family properties we saw tremendous interest during our marketing

process.” With more than 1,000 ivestment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. ■

B Inside Cover — June 8 - 21, 2012 — New Jersey — Mid

Atlantic Real Estate Journal

www.marejournal.com

MAXIMUM VALUEWe can help you stretch your budget dollars! 24 – 48 Hr Turn Around On Standard Quotes Technology Based We provide quotes from our custom iPad app. On a simple scope of work, we can email a quote directly from the field.

Hassle Free Service We remove the frustration of dealing with your typical asphalt & concrete vendors and thier poor follow up.

Emergency Service for Life-Safety Issues (Collapsed Catch Basins, Pot Holes, Tripping Hazards In Sidewalks etc)

We provide the most comprehensive site evaluation available today for FREE ($3,500.00 value) for clients under a Master Services Agreement Maintenance Program.

Have you been putting off making necessary asphalt / concrete repairs due to vacancies? Do you have budget dollars left over from your snow budget? Let us show you how to invest surplus funds to give your property increased curb appeal, marketability and eliminate tripping hazards and other life-safety issues.

157-B Bridgeton Pike- Suite 196 Mullica Hill, NJ 08062 Call Toll Free: 1-877-FIX-ASPHALT (1-877-349-2774) Fax Toll Free: 1-888-812-4058 Serving NJ, PA, DE, MD

Mid Atlantic Real Estate Journal — New Jersey — June 8 - 21, 2012 — 1B

www.marejournal.com

“WE’VE GOT NEW JERSEY COVERED” WAY BELOW MARKET PRICES – For SALE or LEASE

1,920 SF – PISCATAWAY 300 SF Ofc, 20’ Clgs, 1 DI AVAILABLE IMMEDIATELY

18,750 NEW BRUNSWICK 1,000 SF Ofc, 14’-25’ Clgs, 2 TB AVAILABLE 60 DAYS

33,000 SF - PISCATAWAY 3,000 SF Ofc, 20’ Clgs, 4 TB, DI AVAILABLE IMMEDIATELY

55,555 SF – SOUTH PLAINFIELD 6,000 SF Ofc, 20’ Clgs, 6 TB, DI AVAILABLE IMMEDIATELY

GARWOOD – Available Imm 5,063 SF – 500 SF Ofc, 15’ Clgs, TB, DI 7,611 SF – 1,200 SF Ofc, 16’ Clgs 1 TB

5,000 – 15,000 SF - SOMERSET

1,500 - 3,000 SF - EDISON

15,380 – 24,000 SF - CARTERET @ Exit 12, NJTpke

Up to 14,000 SF Ofc, 18’ Clgs, TB, DI AVAILABLE IMMEDIATELY

35,224 SF – AVENEL Up to 14,000 SF Ofc, 21’ Clgs, 4 TB, DI DIVISIBLE – Near Exit 12 AVAILABLE IMMEDIATELY

1,000 SF Ofc, 18’ Clgs, 2-4 TB AVAILABLE 60 DAYS

53,500 SF - MILLBURN 4,000 SF Ofc, 16’ Clgs, 10 TB AVAILABLE IMMEDIATELY

80,000 SF – Raritan Center, EDISON

66,000 SF - MAPLEWOOD 12,000 SF Ofc, 22’ Clgs, 6 TB, DI Trailer Pkg, Heavy Power

For Additional Listings or Information Check Us Out On The Web:

Ofc to Suit, 18’ Clgs, TB, DI AVAILABLE IMMEDIATELY

8,000 SF Ofc, 28’ – 34’ Clgs, 10 TB, Rail, Food Grade Bldg w/Freezer & Cooler Space

www.bussel.com

Bussel Realty Corp.

2 Ethel Road, Suite 202 A, Edison, NJ 08817 (732) 287-3777 / Fax (732) 287-1090 / brcorp@bussel.com / www.bussel.com The information herein has been obtained from sources deemed to be reliable, but no guarantee of its accuracy is made by the Company. In addition, no representation is made respecting measurements, dimensions, zoning, condition of title or any matters of a legal or environmental nature. Such matters should be referred to legal counsel for determination. Subject to errors, omissions or withdrawal without notice.

2B — June 8 - 21, 2012 — New Jersey — Mid

Atlantic Real Estate Journal

www.marejournal.com

Fairfield Corporate Park, Fairfield, New Jersey

NEW JERSEY CBRE represents tenant at Somerset Corporate Ctr. II

FOR LEASE 32,000 Square Foot Industrial Building * Warehouse/Manufacturing * 6,000 Square Feet Office – Can be reduced * 20 Ft Ceiling Height / 4 Tailgate Doors / 60+ Car Parking * Attractive rental rates and terms available.

SHELDON GROSS REALTY, INC. REALTORS Ɣ Corporate Real Estate Services

80 Main Street, West Orange, NJ 07052 Tel.#973-325-6200 - Fax.#973-325-9090 E-mail: sgross@sheldongrossrealty.com

SEBCO

Laundry Systems“

SJP Properties signs 93,000 s/f lease with Allergan, Inc.

B

RIDGEWATER, NJ — SJP Properties has signed a 93,000 s/f lease with global health care company Allergan, Inc. at Somerset Corporate Center II, the company’s class A office building. The move will inject as much as $12 million of private investment into the state’s economy as well as create several hundred new jobs over the next few years. “Allergan’s decision to expand its operations in New Jersey will create hundreds of high-quality jobs and is proof that the pro-business policies of this Administration are helping to attract and retain both large and small businesses here in the state,” said Governor Chris Christie. SJP was represented inhouse in the transaction;

Somerset Corporate Center II Allergan was represented by symbol for superior energy CBRE senior vice presidents efficiency and environmental Kurt Burdack, Carolyn Sica protection, and is registered and Chip Wright. with Leadership in Energy Somerset Corporate Cen- and Environmental Design ter II was awarded the U.S. (LEED), which is the path Environmental Protection to seeking LEED Existing Agency’s prestigious Energy Building – Operating & MainStar recognition, the national tenance certification. ■

The Finest In Metered Laundries

NAI Hanson brokers sale of Scotch Plains commercial bldg.

1-800-SEBCO-88 (1-800-732-2688)

SCOTCH PLAINS, NJ — NAI James E. Hanson has completed the sale of a 4,800 s/f commercial building at 1765 East Second St. Serving as sales agent for the property, NAI Hanson sales associate Russell Verducci represented the owner, 1765 Realty,

LLC, in the transaction. Judith Weiniger of Remax represented the buyer, Chin/Kang/Kang, which plans to use the site as a doctor’s office. “Medical is one of the few commercial real estate sectors that has remained steady,” Verducci said. “The buyer was

drawn to the location of the building, which offers ample parking and access to Route 22. Additionally, it can be modified with little necessary approvals. A fair amount of work is being completed to convert the site including the installation of an elevator.” ■

http: www.SEBCOLaundry.com e-mail stevebreitman@sebcolaundry.com

The main advantage to our New Jersey real estate law practice? New Jersey.

Full Service Real Estate and Advisory Firm WOLF COMMERCIAL REAL ESTATE (WCRE) is a full-service commercial real estate advisory firm specializing in office, retail, investment and industrial properties. We value relationships more than any other aspect of our business. We’re connectors with the people, resources, properties, and partners that your company needs to achieve its goals.

HOW WE CAN HELP YOU SUCCEED? Appraisal/Advisory Evaluation Construction Services Corporate Real Estate Portfolio Mgmt. Owner/Landlord Representation Real Estate Investments

Negotiating contracts of sale and options on behalf of sellers and purchasers of improved and unimproved real property

Our comprehensive understanding of commercial real estate law and the governmental landscape in New Jersey comes from practicing in New Jersey for over 125 years. Our real estate attorneys work together with our corporate, environmental, lending and litigation practice groups to provide for all of our clients’ needs.

Representing retail, commercial and industrial developers, landlords and tenants

All aspects of major redevelopment projects

Sale-leaseback transactions

Obtaining zoning, planning and other developmental approvals and permits

To find out how we can help your business in New Jersey’s complicated real estate environment, contact Nick Racioppi at 973.451.8492 or nracioppi@riker.com.

1031 tax-free exchanges

Representing borrowers and lenders with loans secured by real property

Brownfields

Real estate litigation and arbitration matters

Condemnation proceedings

Research/Information Tenant Representation

Follow us on:

“Building Successful Relationships” is our Mission. Wolf Commercial Real Estate, LLC Laurel Oak Corporate Center I 1010 HaddonÕeld-Berlin Road I Suite 404 I Voorhees, NJ 08043 P 856 857-6300 I F 856 283-3050 I www.wolfcre.com

A T

T O

MORRISTOWN, NJ 973.538.0800

R

N

E

Y S

A T

L

A W

TRENTON, NJ 609.396.2121

NEW YORK 212.302.6574

LONDON AFFILIATE +44 (0) 20 7877 3270

WWW.RIKER.COM

Mid Atlantic Real Estate Journal — New Jersey — June 8 - 21, 2012 — 3B

www.marejournal.com

NEW JERSEY Cushman & Wakefield rep landlord in 83,200 s/f lease

Cresa NJ – North/Central consolidate whse. operations

S

OUTH BRUNSWICK, NJ — Cresa NJ – North/ Central, part of Cresa LLC announced that TricorBraun, Inc. signed an 83,200 s/f lease at 111 Interstate Blvd. The move allows the company to consolidate two separate warehouse operations. Tom Semler and James Scancarella, principals of Cresa NJ, and Douglas Bock, vice president of Cresa’s St. Louis office, represented TricorBraun, while the landlord, Allianz Life Insurance Co. of America, was represented by Jason Goldman of Cushman & Wakefield. “TricorBraun works through Doug Bock of our St. Louis office for corporate real estate needs nationally. When the company’s facility requirements in New Jersey were evolving, Doug turned to us, knowing we could leverage our market expertise to develop the optimal real estate solution,” said Semler. “We investigated several markets in the state, and determined that the Exit 8A area best met the location criteria. The new South Brunswick property is a modern, efficient facility that will accommodate the combined needs of both existing operations.” “This is another great example of Cresa’s seamless twoway referral system, working together across offices to ne-

New Jersey Real Estate Journal a section of the

GET YOUR NAME OUT THERE

111 Interstate Blvd. gotiate deals and ensure that St. Louis office worked with we are keeping the tenants’ TricorBraun’s headquarters, best interests in mind,” said while we leveraged our experTom Giannone, managing tise in the New Jersey market principal of Cresa’s New Jer- to find the right space to fit the sey office. “In this case, our company’s needs.” ■

Advertise with the Mid Atlantic Real Estate Journal today! 800.584.1062

CELEBRATING OUR 106TH YEAR

Investment Real Estate Brokerage.

32 Residential Units Irvington, New Jersey Joni Sweetwood ext 273

28 Residential Units Hackensack, New Jersey Andrew Scheinerman ext 247

28 Residential Units Paterson, New Jersey Robert Squires ext 287

24 Residential Units Belleville, New Jersey Julie Gralla ext 224

2.11 Acres of Land Robbinsville, New Jersey Matt Weilheimer ext 253

.3577 Acres of Land Millburn, New Jersey Julie Gralla ext 224

Mid Atlantic Real Estate Journal P.O. Box 26, Accord, MA 02018 781-871-5298 • 800-584-1062 fax 781-871-5299

www.marejournal.com

Publisher Michael Campisi mcampisi@MAREJournal.com

multifamily. Section Editor Karen Vachon editor@marejournal.com

The Kislak Company, Inc.

retail.

office. www.kislakrealty.com 732 750 3000

4B — June 8 - 21, 2012 — New Jersey — Mid

Atlantic Real Estate Journal

www.marejournal.com

NEW JERSEY Sarno, Neuer & Denney reps tenant

Tired of hitting the same pothole?

CBRE brokers 72,560 s/f lease in Basking Ridge

B Paving

Concrete

Curbing

NEW JERSEY PAVING

We are your professional PARKING LOT SPECIALISTS Free Evaluation Call Larry@ 908-334-4908 Larry@njpaving.biz

800.628.3960 WWW.NJPAVING.BIZ

Excavation

Asphalt

ASKING RIDGE, NJ — CBRE announced that Applied Communication Sciences has signed a full-building lease totaling 72,560 s/f at 150 Mt. Airy Rd. The company, which was represented by the CBRE team of executive vice president Joseph Sarno, senior vice president Jeremy Neuer and vice president Robert Denney, intends to install numerous upgrades to suit its state-of-the-art research, consulting and engineering operations. “The tenant chose this property because it’s a great

150 Mt. Airy Rd. fit for its technology-based business with high-speed

Heller Industrial Parks 2011 Leasing Totals:

99.8% Occupied 3,647,365 SF Leased Huge Foreign Trade Zone Energy Efficient Warehouse Lighting 60% Lighting Bill Reduction 20% Solar Energy Electric Rebates Subsidized Daycare

Leasing for less in Central Jersey.

(732) 287-4880

205 Mill Road, Edison NJ 08837

www.hellerpark.com

communication and plenty of lab space,” said Sarno. “The infrastructure, location and numerous amenities make this a very desirable building in this market.” The two-story, class B building contains a mix of office, data, and technology lab space. Located at Exit 28 on Interstate 287, it is in close proximity to I-78, Routes 22 and 24 and has access to mass transit. CBRE senior vice presidents Geoffrey Schubert and Samuel Buckley represented the owner in marketing the property for sale. “This is a significant transaction and another sign that the local submarket is trending in a positive direction,” said Falcon Real Estate Investment Management COO Scott Bennett. Falcon is the asset manager for the ownership group. ■

The Hampshire Cos. announces the disposition of 299,625 s/f CARTERET, NJ — The Hampshire Companies announced the disposition of a 299,625 s/f industrial building located at 2-8 Germak Dr. to A.J. Richard & Sons, Inc. Situated on more than 15 acres, the property is conveniently located in one of New Jersey’s prime distribution markets, offering easy access to the Port of New York/New Jersey, the New Jersey Turnpike, and Newark Liberty International Airport. The Hampshire Companies acquired the property in 2008, fully leasing it to P.C. Richard & Sons, America’s number one family-owned and operated appliance and electronics company. ■

NEW J ERSEY S POTLIGHT SHOPPING CENTERS NORTHERN

Mid ATLANTIC REAL Estate Journal — New Jersey — June 8 - 21, 2012 — 5B

www.marejournal.com

Heller reps Freeman Products Worldwide in 44,000 s/f headquarters & regional whse. lease

Cushman & Wakefield leases 75,000 s/f of office space at Headquarters Plaza

M

ORRISTOWN, NJ – More than 75,000 s/f of office space has been leased at Headquarters Plaza in the first quarter of 2012 alone, according to Cushman & Wakefield of New Jersey, exclusive broker for the class A commercial center located in the historic Morris County City of Morristown. Nine companies have either signed, renewed or expanded leases at Headquarters Plaza in the past four months, demonstrating the continued appeal of the unique corporate complex and its location within a pedestrian-friendly, downtown urban environment offering dining, shopping, entertainment and mass transportation just steps away. The tenants run the gamut of business industries, ranging from investment and accounting firms to law offices and staffing companies. They include Graham Curtin, Jones Trading, Morristown Capital, Telemanagement (TM Forum), Walsh

Headquarters Plaza & Borresen, Insight Global, Global Knowledge, and Gilford Securities. PARSIPPANY, NJ — Com-

mercial real estate services firm Cushman & Wakefield, Inc. brokered a 44,000 s/f headquarters and regional warehouse lease

for Freeman Products Worldwide at 71 Walsh Drive in Parsippany. The trophy manufacturer will relocate to 71 Walsh Drive from

Elmwood Park, this spring in an expansion move. Bonni Heller of Cushman & Wakefield’s East Rutherford, N.J., office represented Freeman Products Worldwide in negotiating the long-term deal. The assignment marked the continuation of a 15-year association in which Heller has brokered several commitments for Freeman Products at satellite locations nationwide. Howard Weinberg and Andrew Houston of Cassidy Turley represented Walsh Drive Associates, which owns 71 Walsh Drive, in the most recent transaction. “My client’s business continues to grow, and this move accommodates its additional space requirements while providing a desirable image, value and efficiency,” Heller said. “In short, 71 Walsh Drive makes sense. Beyond that, the landlord has been responsive and accommodating in terms of updating the space, and building out executive and administrative offices to suit Freeman Products’ needs.” ■

CBRE executive vice president DaCosta represented Aon in the transaction

RXR Realty announces new 31,000 s/f class A office lease with Aon at 44 Whippany Road in Morristown MORRISTOWN, NJ — RXR Realty LLC (“RXR”), a leading real estate operating and investment company in the New York Tri-State region, announced that it has completed a new lease with Aon at 44 Whippany Road, the Company’s showcase class A office building in Morristown. Aon, a leading provider of risk management services, insurance and reinsurance brokerage and human capital and management consulting, will occupy 31,000 s/f at 44 Whippany Road. CBRE executive vice president Edward DaCosta represented Aon in the transaction. “This lease is a testament to the success of our renovation program at 44 Whippany Road, which has been strategically enhanced to provide tenants with a best-in-class, modern work environment,” said Todd

44 Whippany Road Rechler, Co-COO of RXR and president of RXR Construction and Development. Recently, RXR completed significant upgrades to 44 Whippany Road, reaching the highest level of modern Class A standards. “The numerous environmental improvements we have

made enhance the overall sustainability of the building, from adding energy-efficient HVAC and management systems, to installing LED lighting and water-saving restroom features. We are pleased to welcome Aon to this premier property, and are confident

that the company will benefit from this site’s upgraded facilities and prime location near exceptional amenities,” added Rechler. As part of the renovation program, 44 Whippany Road underwent interior renovations completely redesigning

the building’s lobby and common areas with the addition of new granite floors and finishes, a new ceiling and energy efficient lighting. RXR also added a state-of-the-art fitness center and multi-purpose team room as amenities for tenants. Additionally, the building’s HVAC system and controls were replaced to provide improved comfort and individual tenant accommodation. The exterior landscaping was extensively rejuvenated and the hardscaping was reworked to provide a more modern look and feel, new plantings were installed and existing water features were upgraded. The property benefits from its easily accessible location close to Routes 287 and 24, the NJ Transit Midtown Direct Express commuter rail in Morristown and Convent Station and the Morristown Airport. ■

6B — June 8 - 21, 2012 — New Jersey — Mid

Atlantic Real Estate Journal

www.marejournal.com

NORTHERN NEW JERSEY Cinque & Bailey overseeing the 226,000 s/f class A office complex for colliers

Bergman RE Grp. names Colliers Int’l. NJ as listing agent at Florham Park Corporate Center

F

LORHAM PARK, NJ — Bergman Real Estate Group, a privately owned real estate investment firm that owns and manages office properties throughout New Jersey, announced that it has retained Colliers International New Jersey to serve as the exclusive broker for Florham Park Corporate Center, a 226,000 s/f, class A office complex located just off Columbia Turnpike near Eisenhower Parkway and JFK Parkway in Florham Park. Executive Managing Director Bryn Cinque and Managing Director James Bailey are

overseeing the assignment for Colliers. “Bryn and James possess exceptional knowledge of the suburban Essex and Morris County submarket,” said John G. Osborne, executive director of leasing and marketing for Bergman Real Estate Group. “We are confident that they will be able to identify a number of excellent potential tenants for Florham Park Corporate Center.” The site consists of twin, 113,000 s/f, three-story atrium office buildings. Amenities include on-site management, a 24/7 central monitoring station,

Florham Park Corporate Center

S

TWO CONTIGUOUS FLOORS TOTALING 77,000 SQ.FT. AVAILABLE CURRENT AVAILABILITIES: BUILDING A SUITE 103 - 7,643 SF SUITE 106 - 1,804 SF SUITE 300 - 19,992 SF

BUILDING B SUITE 103 - 2,696 SF SUITE 108 - 3,964 SF SUITE 205 - 981 SF SUITE 210 - 4,386 SF

SUITE 201 - 4,071 SF SUITE 203 - 5,375 SF SUITE 212 - 16,568 SF SUITE 300 - 21,560 SF

SUITE 301/302 - 16,834 SF

THIS BEAUTIFUL CORPORATE ENVIRONMENT FEATURES: FULL SERVICE CAFÉ s ONSITE MANAGEMENT s RECENT LOBBY IMPROVEMENTS EASY ACCESS TO ROUTES 24 AND 287

FLORHAM PARK CORPORATE CENTER Where Opportunity and Value Work Together. For Leasing Information, Please Contact: Bryn Cinque, Executive Managing Director, 973-299-3016 | bryn.cinque@colliers.com James A. Bailey, Managing Director, 973-299-3013 | james.bailey@colliers.com www.colliers.com

Pride, Professionalism & Performance

www.bergmanrealty.com www.bergmanrealty.com

gas-fired back-up generator, various telecommunications options including T1, Fiber, DSL and Cable, and a newly renovated full-service café. Both buildings’ common areas have been completely renovated. “Florham Park Corporate Center has numerous advantages that appeal to tenants seeking out Class A space including on-site management, a café, impeccable grounds and a convenient location,” Cinque said. “It’s a great opportunity for potential tenants to take advantage of current market conditions and relocate to upgraded space.” Situated on 14 acres of fully landscaped grounds, the buildings are located at 25 A and B Vreeland Road and are easy accessible to Routes 24 and 10, as well as I-287, I-280, and I-78. Florham Park Corporate Center is only three miles from Morristown Airport, 20 miles from Newark International Airport and 30 miles from midtown Manhattan. Its close proximity to the Livingston Mall, the Mall at Short Hills, Life Time Fitness Center across the street, and the Short Hills Hilton provides a wealth of retail and hospitality options. The Building’s tenant roster includes Veritext Corp. and Managed Health Care Associates, Inc. ■

Procida Funding provides $2.35m bridge loan RANDOLPH, NJ — Morris Habitat for Humanity has relocated its ReStore to 28,000 s/f of space at 274 South Salem St. The not-for-profit has also moved its offices and construction department into an additional 6,000 s/f at the building. Procida Funding provided a $2.35 million bridge loan through its 100 Mile Fund that enabled the property’s owner to take possession of the building and move Morris Habitat into its new space. “Our new ReStore is more convenient for both shoppers and donors, just off Route 10 and a short drive from 287,” noted Blair Bravo, Morris Habitat for Humanity’s executive director. “Additionally, we now offer expanded parking and a more comfortable environment with 15-foot ceilings, climate control and a more shopperfriendly layout.” ■

Mid Atlantic Real Estate Journal — New Jersey — June 8 - 21, 2012 — 7B

www.marejournal.com

NORTHERN NEW JERSEY

THINKING OF SELLING? CALL US — THEY DID! S

D L O

SOLD

SOLD

Whether you’re a buyer or seller We can make your dream come true

GERBER/SOMMA Associates

SPECIALISTS • INVESTMENT REAL ESTATE 210 RIVER STREET • HACKENSACK, NJ 07601 • (201) 646-1234

www.gerbersomma.com

8B — June 8 - 21, 2012 — New Jersey — Mid

Atlantic Real Estate Journal

www.marejournal.com

NORTHERN NEW JERSEY Recreational Winner of Excellence & 2012 MBCEA Building of the Year

Hance Construction’s Hudson Guild Farm project honored

A

NDOVER, NJ — Located on a 3,000 acre estate in Andover, the elegant 15,000 s/f Hudson Guild Farm takes the Private Hunt Club to a new level of excellence. With a wine cellar, a processing room, lockers, showers, offices, common room, and an adjacent kennel, these barns are like no others. So much so, that their builder, Hance Construction of Washington, NJ, was recently honored with the Recreational Winner of Excellence and the 2012 MBCEA Building Art Hance, president of Hance of the Year award by the Metal Building Contractors & Erectors Construction receives Building of the Year Award from Tim Seylor, Association. The project includes two red and MBCEA president

The Hudson Guild Farm takes the private hunting club experience to a whole new level

2012 BUILDING OF THE YEAR Project Name: Hudson Guild Farms Project City & State: Andover, NJ Building Manufacturer/ Supplier: Butler Manufacturing

Butler Manufacturing congratulates Art Hance and Hance Construction for earning the Metal Building Contractors & Erectors Association (MBCEA) 2012 Building of the Year Award.

Square Footage: 15,000

This project is another example of Hance Construction’s ability to see the client’s vision and deliver a truly unique building. We’re proud to have them as a Butler Builder®.

Project Completion Date: September 2011

For results like this on your next project, contact Hance Construction at 908-835-3501 or visit: www.HanceConstruction.com

Eave Height: 24 feet

white barn-style buildings with classic eave and gable design and oversized cupolas to blend with the spectacular country setting. But unlike traditional barn construction, the Hudson Farm buildings use the Butler Manufacturing Widespan™ steel construction system, combining the practicality of a rigid frame with almost unlimited design flexibility—a flexibility that allowed the team at Hance Construction to accommodate an elevated shop space for farm vehicle maintenance above a gun smith shop where priceless antique firearm repair and custom gun manufacturing can easily be performed. “We are thrilled with the new facilities,” says Steve Polanish, Manager of Hudson Farm. The exclusive Hunt Club also emphasizes sustainability from start to finish. Two farm buildings were demolished to make way for the new structures with all the metal and wood from the previous buildings recycled. The main club building features a solar power array, day lighting through the use of high efficiency window systems, as well as 9.5 inches of insulation in the roof and 6.5 inches of insulation in the walls. The Hudson Farm project is a stunning example of the caliber of work Hance Construction has long been known for. Their expertise with metal-frame construction extends to building the Butler Building for the 87,908 s/f practice facility housing the 2008 and 2012 Super Bowl Champion, New York Giants, which was completed in 2008. Hance Construction has been a Butler Builder® since 2002, a designation that ensures their place as a provider of premier pre-engineered metal building systems for the greater New York, New Jersey, and Pennsylvania areas. Looking to the future, Art Hance predicts that metal building systems will dominate the automobile dealer marker. He also believes they will give developers an advantage by allowing them to take on more complex project than they ever would have been able to tackle before. Hance’s relationship with Butler has resulted in numerous awardwinning projects including the New Station Park Recreation Complex in Sparta, NJ, honored as the “Favorite/Most Unusual General Contracting Project” by the MidAtlantic Real Estate Journal in its Best of 2011 Spotlight. And of course, the exceptional Hudson Farm project, 2012 MBCEA Building of the Year. ■

Mid Atlantic Real Estate Journal — New Jersey — June 8 - 21, 2012 — 9B

www.marejournal.com

NORTHERN NEW JERSEY The schools will occupy four floors totaling 60,000 s/f

Two charter schools set to open at Berger Organization’s 200,000 s/f tower

N

EWARK, NJ — Two new charter high schools, Newark Prep and Spirit Prep, are slated to open in September at 570 Broad Street, a newly renovated landmark in downtown Newark. Owned and managed by The Berger Organization, the former First State National Bank is one of the most technologically advanced buildings in Newark. The schools will occupy four floors totaling 60,000 s/f in the 15-story, 200,000 s/f building. “We are very pleased to welcome these two schools to 570 Broad Street,� said Miles Berger, chairman and CEO of The Berger Organization. “Both schools provide invaluable educational experiences to deserving students. Our ability to accommodate them is rewarding for everyone – their presence at 570 Broad Street significantly enhances the tenant roster while offering the students a once-in-a-lifetime opportunity to advance their studies in a downtown business environment.� Managed by K12, a national provider of online learning education, each school will combine rigorous college-prep and career readiness programs with an award-winning online learning curriculum and a unique focus to serve the needs of Newark area students. School founders believe implementation of this blended learning model will provide a one-of-a-kind educational experience to every enrolled student seeking a direct path to college, careers, and real-world success. “K12 is excited to provide our high-quality curriculum and instructional services to Newark Prep and Spirit Prep,� said Darren Reed, vice president of blended schools at K12 Inc. “Through blended learning, teachers and educators are finding new ways to better personalize instruction and help students engage, learn, and succeed.� Spirit Prep and Newark Prep are among a small number of charter high schools to populate the downtown Newark area. Currently, only North Star Academy, Newark Collegiate Academy and Visions Academy are open to rising ninth graders. The lack of alternative choices for Newark high school students is one of the main reasons why the schools’ founders collaborated to develop two schools — distinct in themes, but similar in innova-

570 Broad Street

tion, according to Reed. Newark Prep, whose enrollment is open to students who reside in Newark, will mix traditional instruction with an interactive online learning program that meets students where they are and allows them to accelerate at their own pace. 570 Broad Street’s proximity to major transportation hubs Newark Penn Station, Broad St. Station and two light rail stops, makes the school easily accessible to students from all across the city. “Being in the heart of the business and transportation section of Newark will pro-

vide our students with great opportunities for internships and mentoring in the career that interests them,� said Gary Wescott, a Newark Prep board member. Spirit Prep, open to Newark, East Orange and Irvington residents, is designed to fulfill the needs of an underserved population of music students. Students will reap the benefits of 570 Broad Street’s location within walking distance of several of New Jersey’s most culturally distinguished institutions, including the New Jersey Performing Arts Center, Newark Museum, and radio station

WBGO Jazz 88. “So many kids want to learn a musical instrument, but seats in the music magnet schools are too few to serve all those who want the opportunity,â€? said Harold Wright, president of the Spirit Prep board of trustees. “We are a public high school option dedicated to providing students with a first-class blended learning experience in a school environment that is permeated with music.â€? The schools will occupy the first four floors of 570 Broad Street, which is currently undergoing a multi-million-dollar renovation. â–

The Berger Organization Leading the way in Newark, New Jersey Providing premier ofďŹ ce space in Newark’s ďŹ nest business districts. Serving the business community for over 35 years.

Military Park Building

2OBERT 4REAT #ENTER

For more information contact: Brendan Berger at: s BRENDAN BERGERORG COM

570 Broad

Berger Organization www.bergerorg.com

Fireman’s Insurance #OMPANY "UILDING

10B — June 8 - 21, 2012 — New Jersey — Mid

Atlantic Real Estate Journal

www.marejournal.com

NORTHERN NEW JERSEY For outstanding dedication to the community

Regal Bank named Livingston Area Chamber of Commerce 2012 Business of the Year

L

IVINGSTON, NJ — The Livingston Area Chamber of Commerce has named Regal Bank its 2012 Business of the Year. This acknowledgement, which recognizes an organization for its outstanding dedication to the community, was formally presented to Regal Bank representatives at the chamber’s annual awards dinner on May 2. “We’re extremely committed to giving back to the communities in which we have the privilege of doing business,” says Regal Bank Chairman David Orbach.

Pictured left: President of Livingston Area Chamber of Commerce Louis Urban, Regal Bank Chairman David Orbach, Regal Bank Regional Vice President Christina Slater, Regal Bank Vice President of Business Development Monte Ehrenkranz, Regal Bank Executive Vice President and CFO Dan Tower, and Regal Bank President Tom Lupo.

“There are so many generous organizations in Livingston, and we’re extremely honored to be the one presented with this prestigious award.’’ Livingston Area Chamber of Commerce Executive Director Beth Lippman adds: “Regal Bank consistently supports the town’s activities and is always giving back to the organizations that work diligently to make Livingston a great place to live and work. We’re lucky to have Regal Bank headquartered in our community and are proud to honor it, and its employees, as Livingston’s Business of the Year.”

Getting a commercial real estate loan is anything but easy. Unless your bank is Regal.

Before you can broker the deal, you need a bank who understands the commercial real estate business and can make the lending process easier. That bank is Regal Bank, and we’re ready to help get the loan you need. Talk to us. Instead of concentrating on the loan, you can focus on the deal.

570 W. Mt. Pleasant Avenue Livingston, NJ 07039 973-577-7160

504 S. Livingston Avenue Livingston, NJ 07039 973-577-7161

180 Eagle Rock Avenue Roseland, NJ 07068 973-228-3951

30 Columbia Turnpike Florham Park, NJ 07932 973-210-4115

www.regalbanknj.com Member FDIC

Equal Housing Lender. Equal Opportunity Lender.

The Livingston Area Chamber of Commerce also honored the Livingston Board of Education, Livingston First Aid Squad, Livingston Fire Department, and Livingston Police Department’s Bicycle Patrol Unit at the reception, which was held in the township at the Cedar Hill Golf and Country Club. ■

Chenoweth of Transwestern to serve as VP of Property Mgmt. PARSIPPANY, NJ — As part of its expansion in the a r e a , Tr a n s w e s t e r n a n nounced that it is has named Robert L. Chenoweth, PE, to serve as vice president of property management for the Northeast Region. Additionally, Monique Brice will serve as Senior Property Manager for Transwestern’s initial assignment in New Jersey, 300 Kimball Drive, a headquarters-quality, Class A office asset in the Parsippany market. Transwestern recently announced its continuing expansion in the Northeast with the establishment of a corporate office in New Jersey. Chenoweth will be responsible for directing, controlling, planning, operating and scheduling all property management assignments within the region and providing leadership for the property management team. Chenoweth has a 30-plusyear career of diverse experience handling all aspects of commercial real estate, including corporate outsourcing and account management, asset and portfolio management, construction management, and business expansion including facilities maintenance, project management, space management, energy management, and lease administration activities. Chenoweth previously served as vice president of facilities management for Pinnacle Realty Management Company, Director of Facilities, Convergys Corporation; Director of Engineering Operations for CB Richard Ellis and Trammell Crow Company. He was Director of Facilities for Barnes & Noble Bookstores in New York City and Director of Construction and Maintenance for Hess Oil in Woodbridge, NJ. ■

Mid Atlantic Real Estate Journal — New Jersey — June 8 - 21, 2012 — 11B

www.marejournal.com

NORTHERN NEW JERSEY 11,656 s/f of retail space situated on .5 acres

NorthMarq Captial arranged $4 million mortgage for CVS

P

ARSIPPANY, NJ — NorthMarq’s New Jersey office recently closed a $4 million loan for the acquisition of a CVS in Washington, DC. The building contains 11,656 s/f of retail space and is situated on .5 acres. The borrower worked exclusively with Greg Nalbandian, managing director of NorthMarq’s New Jersey office, to finance this loan through a regional bank. The bank provided a 5-year term with three years interest only followed by a 25-year amortization schedule. “The borrower, a very expe-

The Pinnacle Companies to host Interior Design Seminar ENGLEWOOD, NJ — The Pinnacle Companies, a respected developer of luxury homes throughout the New York Metro Area, today announced that it will host an interior design seminar on June 10 at The M at Englewood South. The event will be held from 1 to 4 p.m. at the Bergen County community of elegant condominiums, which opened to rave reviews in March and is already sold out of two floor plans. Stewart and Bloom Design Group, an interior design firm with clients that span the TriState Area, will share design ideas with homeowners and buyers, and will use the exceptional design of The M’s floor plans to demonstrate the best ways to create a functional and aesthetically pleasing home interior. The homes at The M feature top-of-the-line standard features such as spacious living areas, bedrooms, and modern kitchens with maple cabinetry, under-counter lighting and granite countertops. The M condominiums also feature luxuries, including large laundry areas with side-by-side General Electric washers and dryers, large walk-in closets and additional powder rooms in nearly all floor plans. In response to the extraordinary value and innovative designs showcased by The M’s model condominiums, sales activity has been running high from a diverse collection of prospective homebuyers since the community’s grand opening event. ■

CVS, Washington, DC

rienced national single-tenant investor, took advantage of its longstanding relationship with CVS and extended the lease during due diligence from 7years to 25 years, with a corporate guarantee on the new lease and also increased CVS’s rent by $90,000. Recognizing this significant value creation, the Bank was willing to lend aggressive, non-recourse proceeds at 80% of purchase price and 65% loan to value along with a three-year interest-only period and aggressive fixed prepayment structure with the final two years open at par,” said Nalbandian.

NorthMarq, the largest privately held commercial real estate financial intermediary in the U.S, provides mortgage banking and commercial loan servicing in 33 offices across the U.S. With an average of $8 billion in annual production volume and servicing a loan portfolio of nearly $40 billion, the company offers expertise to borrowers of all size. The company has a long track record of multi-family financing as a Freddie Mac Program Plus™ Seller-Servicer, and through its affiliation with Fannie Mae DUS lender AmeriSphere Multifamily Finance. ■

Success is a done deal. $158,000,000

$5,000,000

Multifamily Portfolio

Medical Office Building

2,366 UNITS NJ, NY, PA, & CT LOCATIONS LENDER: FREDDIE MAC

ACQUISITION - 31,375 SF MONONA, WI LENDER: LIFE COMPANY

$4,045,000

$11,940,000

CVS

RBS Citizens Bank Portfolio - 16 BRANCHES

RETAIL - 11,656 SF WASHINGTON, DC LENDER: REGIONAL BANK

NY, CT, PA & DE LOCATIONS LENDER: REGIONAL BANK

Capital Markets New Jersey Office ONE GATEHALL DRIVE, SUITE 101 PARSIPPANY, NJ 07054 973.538.2330

Greg Nalbandian MANAGING DIRECTOR 973.944.5728 gnalbandian@northmarq.com

Gary Cohen SENIOR VICE PRESIDENT 973.944.5724 gcohen@northmarq.com

northmarq.com

33 offices coast-to-coast

12B — June 8 - 21, 2012 — New Jersey — Mid

Atlantic Real Estate Journal

www.marejournal.com

NORTHERN NEW JERSEY Eisenhower/280 Corporate Center receives TOBY

Mack-Cali Realty property honored at BOMA’s Middle Atlantic Regional Awards dinner

E

DISON, NJ — MackCali Realty Corporation announced in a regional competition, Eisenhower/280 Corporate Center, in Roseland, has received “The Outstanding Building of the Year” (TOBY) award in the Suburban Office Park – Low Rise Division category from the Middle Atlantic Regional Conference of the Building Owners and Managers Association (“BOMA”). The award was presented at the Middle Atlantic Regional Awards Dinner at The Carnegie Music Hall in Pittsburgh, PA. The TOBY

Eisenhower/280 Corporate Center

Awards honor buildings for excellence in building management, with all facets of a property’s operations evaluated, including building maintenance, operational efficiency, tenant retention, emergency preparedness, and community impact. Mitchell E. Hersh, MackCali president and chief executive officer, commented, “This award is an excellent demonstration of Mack-Cali’s continuing commitment to upholding the highest standards for the management of our premier office properties.”

Eisenhower/280 Corporate Center will be entered into the International Outstanding Building of the Year Award competition. The winners of the International Awards will be announced at the TOBY Awards banquet held during the BOMA International Conference in Seattle, WA, on June 26, 2012. Mack-Cali Realty Corporation is a fully integrated, self-administered, self-managed real estate investment trust (REIT) providing management, leasing, development, construction and other tenant-related services for

its class A real estate portfolio. Mack-Cali owns or has interests in 277 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 32.2 million s/f. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of over 2,000 tenants. ■

CBRE completes two leases in Clinton, NJ CLINTON, NJ — CBRE announced the completion of two lease transactions at Perryville Corporate Center in Clinton.The deals represent approximately 25,000 s/ f of new absorption this year. Both tenants are relocating their headquarters to the 280,000 s/f class A site. CBRE senior associates Patricia Riedel and John Goodwin handled the transactions on behalf of the ownership, Crown Properties. In the first transaction, Malick & Scherer signed a 13,741 s/f lease. Goodwin also represented the tenant, a firm of consulting engineers, construction inspectors, and land surveyors, which is relocating from 295 Route 22 in Whitehouse Station, NJ. In the other transaction, Marsulex Environmental Technologies signed an 11,371 s/f lease and was represented by vice president Lee Barnes and principal Peter Blanchard of Garibaldi. Marsulex provides air pollution control systems and services that minimize pollutants and acid gas from emissions of electric utilities, petrochemical and general industrial customers. The company is relocating from Lebanon, PA. “The Malick & Schere deal is another classic example of the ‘flight-to-quality’ industry trend with both companies relocating to upgraded space to take advantage of current market conditions,” said Goodwin. According to Riedel, “The highly efficient building is also ideal for a reverse commute and features many desirable amenities. It’s situated within a park-like environment with a great window line. ” ■

Mid Atlantic Real Estate Journal — New Jersey — June 8 - 21, 2012 — 13B

www.marejournal.com

NEW JERSEY For training facility & testing lab

NJ CEOs optimistic for state economy

2012 NJ Economic Colliers Int’l. arranges 55,775 s/f lease for PSE&G Policy Summit

P

A R S I P PA N Y, N J — Colliers International New Jersey has arranged a long-term, 55,775 s/f lease on behalf of Public Service Electric & Gas, Co. (PSE&G) in 287 ExecBryn Cinque utive Plaza at 40 Cragwood Road in South Plainfield, NJ. PSE&G plans to relocate its operations from Maplewood and use the new space for training facilities

and as a testing lab. PSE&G is New Jersey’s largest electric and gas utility and is a subsidiary of PSEG, a publicly traded diversified energy company with annual revenues of more than $12 billion and headquartered in Newark. “PSE&G is an integral part of New Jersey, both in serving millions of residents and as a significant employer,” said Bryn Cinque, an executive managing director of Colliers International New Jersey. “It was vital for PSE&G to move into larger space that can ac-

commodate their operational needs as a training facility and testing lab, as well as house their staff.” The landlord, Normandy Real Estate Partners, was represented by Warren Searles of Cassidy Turley in the transaction. Located on 20 landscaped acres, 287 Executive Plaza has interior garden atriums and vaulted windows in executive offices, and is also in close proximity to Route 1, the New Jersey Turnpike and the Garden State Parkway. ■

The Hampshire companies annouces 19, 470 s/f lease at LEED Gold Certified office bldg. WOODBRIDGE, NJ — The Hampshire Companies announced that it has leased a total of 19,470 s/f at its stateof-the-art, LEED Gold certified office building, CENTRA, located at 186 Wood Avenue South in Woodbridge. NetApp, which creates innovative storage and data management solutions that deliver outstanding cost efficiency and accelerate business breakthroughs, has leased 12,400 s/f of class A office space. 1-800-DOCTORS, Inc., a leading healthcare concierge service providing the most trusted and reliable resources to consumers for making personal healthcare decisions,

has leased 7,070 s/f of premier office space. “CENTRA is the perfect fit for NetApp and 1-800DOCTORS, since both companies are leaders in their fields,” said Todd Anderson, a Principal of The Hampshire Companies. “We have seen a wide variety of interest from companies looking to secure premier, quality headquarter space in a highly accessible location, and we welcome 1800-Doctors and NetApp to CENTRA.” The Hampshire Companies acquired the former Siemens building in May 2009 and broke ground in February 2010, completely transform-

ing and redeveloping the site by taking the existing building down to the steel, rebuilding it and expanding it by approximately 10,000 s/f. The new building of 110,000 s/f is a class A state-of-the-art office building with floor to ceiling glass, sunken gardens, and a full amenity package including a fitness center, conference center and cafe. Situated on more than 19 acres, CENTRA is ideally located within the heart of Metropark, offering close proximity to New Jersey Transit, The Garden State Parkway, New Jersey Turnpike, I-287 and Routes 1 and 27 and Newark International Airport. ■

Newmark Knight Frank garners honors at NAIOP NJ’s awards Gala SOMERSET, NJ — When all the votes were counted Newmark Knight Frank, now known as Newmark Grubb Knight Frank, won three top Deal of the Year Awards at NAIOP NJ’s 25th Annual Commercial Real Estate Awards Gala. Additionally, the event at The Palace at Somerset honored the firm’s principal Seena Stein with NAIOP NJ’s Chairman’s Award. Newmark Knight Frank’s efforts led by Tim Greiner garnered the Economic Impact Award for the firm’s representation of Panasonic Corporation in that company’s relocation of its U.S headquarters to downtown Newark, NJ. The result will be a new 338,000 s/f, 12-story tower in Newark that will maintain 1,000 jobs in New Jersey and provide an estimated net economic benefit to the state of nearly $223 million over the next decade. Construction of the building is just underway by Matrix Development Group

and SJP Properties. The Economic Impact Award for the Panasonic headquarters was shared with Goya Foods’ purchase of a development parcel in Jersey City for construction of a new manufacturing facility on a 40-acre former brownfield site. Two Newmark Knight Frankorchestrated transactions tied for NAIOP NJ’s Creative Office Award. In the first, the firm, with a team led by Steve Tolkach, represented Novo Nordisk in its 15-year lease for a 730,000 s/f office building in Princeton, NJ. The adaptive re-use project will create 250 construction jobs, result in 500 new permanent positions, and retain 1,000 jobs for New Jersey. Serving as the Danish company’s new U.S. headquarters, the building is being reconstructed for LEED Silver certification. In the second Creative Office Award orchestrated by Newmark Knight Frank, a Simsonled team represented Hamp-

shire Companies, the ownership in the Realogy Corporation in the transaction involving the relocation of its U.S. headquarters to 175 Park Avenue in Madison. The project will transform a functionally obsolete building into a modern 270,000 s/f, LEED Silver Certified office building while maintaining 1,300 jobs in New Jersey. Realogy is a franchisor of such real estate brands as Better Homes & Gardens, Century 21, Coldwell Banker, The Corcoran Group, ERA, and Sotheby’s International. The 2012 Chairman’s Award Honoree, Seena Stein, was cited as a true pioneer in New Jersey commercial real estate, from her role as a founding partner of Newmark Knight Frank’s New Jersey, to her professionalism as a creative dealmaker and her business acumen, and for forging the way for women in commercial real estate. In the latter role, she has long been a trusted and sought-after advisor for women in the industry. ■

Pictured left: Speakers at the 2012 New Jersey Economic Policy Summit: Dean Paranicas, president and CEO, Healthcare Institute of New Jersey; Michael Van Wagner, executive director of the New Jersey Business Action Center; Bernie Flynn, president and CEO, New Jersey Manufacturers (NJM) Insurance Group; Phil Kirschner, president, New Jersey Business & Industry Association; and Gil Medina, executive managing director, Cushman & Wakefield of New Jersey. Photo Credit: Brian Branch Price Photography NEW BRUNSWICK, NJ — New Jersey CEOs are feeling increasingly optimistic about the state’s economy and business climate, and many say that their companies plan to grow here this year, according to the results of the New Jersey Economic Policy Summit’s 2012 “C-Suite Survey” (C-Suite VII) of Garden State CEOs. The findings, presented at the Summit’s fifth annual conference, show that 81 percent of respondents rate the state’s economy as fair or excellent, and 71 percent say that New Jersey is a fair or excellent place to do business. These figures are up from 34 and 51 percent, respectively, in the 2009 C-Suite Survey. “Attitudes clearly have gotten better, and based on the survey results we anticipate that this will translate to business growth this year,” noted James W. Hughes, Ph.D., dean of the Edward J. Bloustein School of Planning and Public Policy at Rutgers, The State University of New Jersey, which conducts the survey. “In fact, 35 percent of our respondents indicated that they expect to increase their capital spending in New Jersey this year, 42 percent expect to add to their local employment base and 20 percent expect to increase their space utilization,” Hughes added. All three of these figures represent a notable jump from the 2009 and 2011 surveys. Hughes and Marc D. Weiner, J.D., Ph.D., associate director of the Bloustein Center for Survey Research, presented the full survey findings at the Summit event.

The results also reflect that New Jersey still is viewed as having a long way to go in terms of its tax structure, and that CEOs are concerned about the national debt as well as debt crises abroad. · 85 percent of respondents say that New Jersey taxes are worse than most other states. · 78 percent of respondents believe that the national debt poses a major threat to the country’s well being; 22 percent see it as a minor threat. · 98 percent of respondents feel that the debt crises in Greece and other European countries pose a threat to the United States; 80 percent see these crises as a threat to their own businesses. “While survey responses by and large indicate that New Jersey CEOs believe things are getting better, they are aware that variables locally, nationally and internationally may impact progress,” Hughes said. “In short, their optimism, while real, is being held in check by an element of caution.” The New Jersey Economic Policy Summit gathering, which took place at the Bloustein School’s Civic Square Building on the Rutgers-New Brunswick campus, brought together key stakeholders from New Jersey’s business, educational and political communities. Organized by The New Jersey Business & Industry Association (NJBIA), commercial real estate services firm Cushman & Wakefield, Inc. and the Bloustein School, the summit initiative aims to identify, understand and address concerns, challenges and opportunities for the future health of the state. ■

14B — June 8 - 21, 2012 — New Jersey — Mid

Atlantic Real Estate Journal

www.marejournal.com

NEW JERSEY I.con will explore emerging opportunities, trends and technology influencing industrial RE

NAIOP produces I.ConThe Industrial Conference in Jersey City

J

ERSEY CITY, NJ — I.Con-The Industrial Conference is slated for June 14-15, 2012, at the Hyatt Regency in Jersey City. Expected to attract industrial real estate professionals from across the country, the event is produced by NAIOP, the commercial real estate development association, and held in partnership with NAIOP New Jersey and SIOR. “As global markets continue to recover, how will increasing demand for consumer goods affect the logistics supply chain, the demand

for industrial development and trends in current and future facilities?” said Thomas Bisacquino, president and CEO of the 15,000-member NAIOP. “These are just a few of the topics to be discussed in-depth at the only national conference for industrial real estate.” “This will be the second time New Jersey has hosted this prestigious event,” said Michael G. McGuinness, CEO of NAIOP New Jersey, the leading commercial real estate association in the Garden State and, with more than 600 members,

the third largest chapter of NAIOP Corporate. “I.con will explore emerging opportunities, trends and technology influencing industrial real estate, and will showcase the New Jersey market for a national audience.” The event, beginning on Thursday, June 14, will include two tours of the New Jersey market, including a bus tour of the Port of New York and New Jersey, which generates $11.6 billion in personal income and $37.1 billion in business income annually. The DRT Data Center Tour will provide an inside

look at the tri-state area’s burgeoning high-security data facility market. New Jersey Governor Chris Christie has been invited to address I.con, to share his views on the importance of real estate to his state and the nation. Also, a number of industry professionals from the metropolitan region will headline the two-day event’s panels and presentations, beginning with welcoming remarks on June 14 by Janice Stanton of Cushman & Wakefield’s Capital Markets Group. Bisacquino and current SIOR president Geoff

I.con: The Industrial Conference June 14 – 15, 2012 | Hyatt Regency Jersey City | Jersey City, New Jersey

Join NAIOP for the only North American conference focused solely on the industrial real estate sector _ I.con: The Industrial Conference.

What you’ll find at I.con: • A look at Economic Trends and Implications for Industrial Properties • An analysis of the intersection of Trade Flow and Real Estate • Ring-side seats at The Art of the Deal “Shark Tank” – where two developers pitch their development/acquisition opportunities to the institutional equity “sharks” • Plus, an up-close look at the Port of New Jersey and the inner workings of Digital Realty Trust’s New York high security data center For updated program information, visit www.naiop.org.

2012 I.CON PARTNERS 2012 I.CON PLATINUM SPONSORS

Kreusser will also welcome attendees to the event. Other metropolitan region speakers will include John DiCola of KTR Capital Partners, who will moderate an opening day panel addressing the topic “The Intersection of Trade and Real Estate.” A subsequent panel titled “Industrial to Data Center—A Hot Trend” will be moderated by Jeffrey Hipschman of CBRE and include William Beck of Credit Suisse, Michael Bucheit of FiberMedia Group and Edward Russo of Russo Development. The June 15 schedule will kick off with a program titled “Understanding and Navigating State Incentives.” Among panelists will be Jay Biggins of Princeton, N.J.based Biggins Lacy Shapiro & Company, a corporate site selection advisory firm. Next, Anne Strauss-Wieder of A. Strauss, Inc. will head a panel addressing the question, “What are the Channel Masters Thinking about the Supply Chain?” Panelists include Michael J. Landsburg of NFI Real Estate and George Harry of Johnson & Johnson Sales & Logistics Company. Next on the agenda is the topic, “Investment Strategies: Public vs. Private.” Mark G. Levy of Prologis-East Region will moderate a panel that will include Don Chase of KTR Capital Partners and Michael Hagan of Liberty Property Trust. A lunch presentation titled “Art of the Deal – ‘Shark Tank’,” pitting developer/operators vs. institutional equity “sharks,” will feature Rob Kossar of Jones Lang LaSalle and Alexander Taylor of Matrix Development Group. I.con will conclude on June 15 with a Panama Canal Presentation by Bisacquino and past NAIOP chairman Bob Cutlip, who will share their experiences gained from a recent real estate tour of Panama. The Panama Canal expansion resonates in the New Jersey/New York region in the form of the project to raise the Bayonne Bridge to permit passage into the port by the larger vessels enabled by the canal’s expansion. Raising the Bayonne Bridge has been a key advocacy issue for NAIOP New Jersey and its members. ■

www.marejournal.com

Mid Atlantic Real Estate Journal — New Jersey — June 8 - 21, 2012 — 15B

Industrial Commercial Real Estate Women, Inc. www.icrewnj.org

Join Us As We Celebrate 30 Years Strong June, 12, 2012

ICREW NJ 30 Years Strong JOIN US TO CELEBRATE Liberty House June 13, 2012

76 Audrey Zapp Drive, Jersey City, NJ 07305 Cocktail Reception - 6:00 - 8:00 pm Hors d'oeuvres, Open Bar and Networking

REGISTRATION ICREW NJ Members: $85 per person Guests: $110 per person

Seating is LIMITED! R.S.V.P. with payment to guarantee seating. Reservations will not be held without full payment in advance.

Please Contact ICREW NJ at 609-585-6871

16B — June 8 - 21, 2012 — New Jersey — Mid

Atlantic Real Estate Journal

www.marejournal.com

PEOPLE ON THE MOVE To the position of director

Industry veterans to serve as VP’s

Cushman & Wakefield Inc. NAI Hanson adds promotes DeMatteis & Williams Hixson & Mayer

E

AST RUTHERFORD/ MORRISTOWN, NJ — Cushman & Wakefield, Inc. has promoted two brokerage professionals to the position of director, announced Gualberto “Gil” Medina, David DeMatteis the company’s New Jersey executive managing director. David DeMatteis of Montclair, NJ and Jon Williams of Morristown, NJ are based at the commercial real estate services firm’s East Rutherford and Morristown offices, respectively. DeMatteis joined Cushman & Wakefield in 2001 as a ten-

ant representation specialist. His work has included portfolio assignments for a national insurance company, The LIM/Berry Company, Vital Signs and The AICPA. He recently negotiated transactions Jon Williams for Samsung Electronics, MWW Public Relations and HCL America. As a landlord representative, he serves as exclusive leasing agent for Onyx Equities’ 30 Montgomery Street in Jersey City and Hartz Mountain Real Estate’s 65 Challenger Road in Ridgefield Park. Additionally, he has acted as exclusive agent

for The LeFrak organization on several properties at Newport Center in Jersey City. Williams is also a tenant representation specialist. His clients include ADP Statewide Insurance, Cherryroad Technologies, Eclipse Marketing Services, Emergency Medical Associates and Fazio Mannuzza, among others. Since joining Cushman & Wakefield, he consistently has been a top producer for his peer group, which earned him inclusion in Cushman & Wakefield’s Emerging Broker Training Program (EBT). The firm selected 50 young brokers from North America to study future trends, challenges and developments occurring within the commercial real estate marketplace. ■

CBCF’s Lease For a Cure fundraising program embraced by the real estate community CLIFTON, NJ – Lease For A Cure, the trailblazing fundraising program that invites the real estate industry to participate in important breast cancer research, has unquestionably caught the eye of multi-family property owners looking to make a difference in the communities they serve. Sponsored by the Cure Breast Cancer Foundation (CBCF), a non-profit 501 (c) 3 organization, the annual month long event has raised significant funds in the past two years to support the research efforts of Dr. Larry Norton, Deputy Physician-in-Chief for Breast Cancer Programs and the Medical Director of the Evelyn H. Lauder Breast Center at Memorial Sloan- Kettering Cancer Center. Every year Lease For A Cure has added more and more prominent apartment owners and related industry companies to its list of participants, resulting in fundraising efforts that annually

PARSIPPANY, NJ — William Hanson, president of NAI James E. Hanson, a leading New Jersey-based commercial real estate firm, announced the hiring of Arthur Hixson and Barry M a y e r t o Arthur Hixson serve as vice presidents. The pair of industry veterans joins NAI Hanson from the Office Services Group at Grubb & Ellis. “The addition of Hixson and Mayer continues to build on our commitment to become the area’s preeminent CRE firm,” Hanson said. “They are very entrenched in the local marketplace, well respected and will further add to our firm a focused division and specialization of tenant representation in the office arena. Our entire company will benefit from their hiring, and I’m personally grateful they saw the benefits in our firm.” Hixson, who brings over 37 years of experience and has a client roster that includes CAE, GAB Robins, Golden Rothschild, Lend Lease and NPA, oversaw all phases of the real estate acquisition and disposition process with these and many others. He has been responsible for representing

some of the largest transactions and clients in the marketplace including Exxon Research and Engineering in the acquisition of their 900-acre corporate research center in Clinton, NJ. During his Barry Mayer 30-year career in the commercial real estate industry, Mayer has participated in numerous transactions with an aggregate value in excess of $350 million. Highlights include the sale of Prime Hospitality’s 160,000 s/f building at 695 Route 46 in Fairfield; the acquisition of 11 Waterview Boulevard, a 120,000 s/f office building for UFP, LLC; and a built-to-suit sale to CAE, an operator of flight simulator facilities. His recent transactions include deals with RCM Technologies, Hanover Properties LLC, Greater Media News, NPA and Weston Solutions. Prior to joining Grubb & Ellis in 2011, Mayer was a senior vice president at Jones Lang LaSalle’s New Jersey office, which merged in 2008 with The Staubach Company of New Jersey. Mayer began his career with Cushman & Wakefield as an account executive responsible for the leasing and managing of a 1.2 million s/f corporate business park. ■

Rimmer joins DocProbe as Vice President Value Companies’ 140 Mayhill, a rental community in Saddle Brook, NJ, is one of the many apartment complexes participating in the Cure Breast Cancer Foundation’s annual Lease For A Cure surpass the previous year. In 2010, the initial Lease For A Cure event totaled more the $25,000 in donations, a number that is expected to grow in the 2011 program once the final totals are tallied. More than 20 companies participated in the 2011 2nd Annual

Lease For A Cure campaign. Held during National Breast Cancer Awareness month, participants in Lease For A Cure donate $10 to the CBCF for every new lease signed and $20 for every renewal signed at their rental communities throughout October. ■

LAKEWOOD, NJ — Steven Rimmer has joined DocProbe LLC, as vice president of the c o m p a n y, which provides document solutions for real estate lenders, loan servicing professionals and Steven Rimmer investors. With more than 15 years of experience in finance and real

estate, Rimmer will oversee DocProbe’s custom management and document storage solutions. The retrieval of trailing documents, including title insurance policies and proof of mortgage recordings, is the focus of DocProbe’s services. The rise in foreclosures has made it a higher priority for all mortgage lenders to obtain these documents within the timeframes required by the investors purchasing the bundled loans. ■

Weichert, Realtors honored with Member Achievement Award Colliers International adds Donnelly MORRIS PLAINS, NJ — Weichert, Realtors® was recently honored with a Member Achievement Award by the Leading Real Estate Companies of the World® (LeadingRE). The award was presented at the LeadingRE annual conference in Orlando, which attracted 1,000 real estate professionals from across the world.

“To be recognized among this elite group of firms by Leading Real Estate Companies of the World is a true honor and reflects an exceptional level of professionalism and real estate expertise,” said LeadingRE President and CEO Pam O’Connor. “As the recipient of one of our prestigious Member Achievement Awards, Weichert has earned distinction as one

of the country’s top-performing real estate companies.” Weichert led the entire LeadingRE network in 2011 for outgoing closed referrals, resulting from the most client introductions made to other affiliates throughout the network. This marked the 13th consecutive year the company achieved that accomplishment. ■

PARSIPPANY, NJ — John Donnelly has been named a managing director at Colliers International New Jersey, where he will join the industrial services group led by Frank Lopriore. Donnelly will focus on Northern and Central New Jersey. The twenty-year industry veteran has extensive experience with some of the

region’s most prominent industrial real estate tenants, owners and developers, including Mack-Cali and Hartz Mountain, among others, with a specialization in the Meadowlands, Seaport and Airport markets. Prior to joining Colliers International New Jersey, Donnelly was a vice president at Grubb & Ellis. ■

www.marejournal.com

Mid Atlantic Real Estate Journal — New Jersey — June 8 - 21, 2012 — Inside Back Cover B

AT THE END OF THE DAY, YOU WANT RESULTS. SO THAT’S HOW WE BEGIN EACH DAY.

When our real estate clients have questions, they need the right answer at the right time. So they need lawyers who combine deep legal experience with sound business sense. This is what motivates us to work harder, continually expanding our versatility and pushing the limits of our collective skills. At Riker Danzig, we understand that no matter how much success we have realized, what you’re interested in are the results we get today.

MORRISTOWN, NJ 973.538.0800 TRENTON, NJ 609.396.2121 NEW YORK 212.302.6574 LONDON AFFILIATE +44 (0) 20 7877 3270 W W W.RIKER.COM

B Back Cover — June 8 - 21, 2012— New Jersey — Mid

Atlantic Real Estate Journal

www.marejournal.com

Saddle Brook, NJ Class A availabilities from 2,600 to 80,000 SF

Commissions paid 100% upon signing For leasing information, please contact Cheryl Hardt 201-712-5633 Cheryl.Hardt@CBRE.com

ll-holding.com Park80.com

SHOPPING CENTERS PENNSYLVANIA Section C of the Mid Atlantic Real Estate Journal

Blunt, Hines, Ruppel & Touhey of CBRE represents the seller

Brasler Properties, Endurance RE & Thackeray Partners sell a $17.050m industrial facility

P

HILADELPHIA, PA — CBRE National Partners is pleased to announce the sale of Premium Business Center located at 171-173 Tuckerton Road in Muhlenberg Township, Berks County, Pennsylvania. CBRE National Partners represented the seller, a limited partnership comprised of Endurance Real Estate Group of Bala Cynwyd, PA, Brasler Properties of Philadelphia, PA and Thackeray Partners of Dallas, TX. The transaction was led by Michael Blunt, senior vice president, Michael Hines, executive vice president, Brad Ruppel, associate and Paul Touhey, vice president.

STAG Industrial of Boston, Massachusetts acquired the property. The Property sold for $17,050,000 or $43 psf. Premium Business Center is a 400,414 s/f, highly functional facility containing quality warehouse, distribution and production space which is 100% leased. There is also a 6.5 acre parcel located along the southern property line which will accommodate +/- 85,000 s/f of expansion or a freestanding building. Approximately 208,000 s/f of the Property was developed in 1999 and a 13,500 s/f rail dock addition constructed in 2010. This section underwent an extensive interior

171-173 Tuckerton Road

JUNE 8 - 21, 2012

HI-LIGHTS Llenrock Group secures $9.75 million in financing Llenrock Group, an independent advisory firm in Philadelphia, has secured a total of $9.75 million in permanent financing for a Courtyard by Marriott. See page 5C.

NAI CIR handles $3,426,250 office sale NAI CIR announces Linlo Properties VIII, LP, an investment group based in Cumberland County, PA, has purchased the 68,525 s/f, 3 story office building for $3,426,250. See page 5C.

and exterior renovation in 2011. This recent renovation was a result of the strategic customization of space for Packaging Corporation of America who recently signed a 15-year lease at the Property. The remaining 171,878 s/f is occupied by Termaco USA and FiberMark. The Property is welllocated at the interchange of US Routes 222 and Route 61 providing excellent local and regional access. I-78 intersects with Route 61 just north of the Property. I- 78 is a critical highway system which merges with I-81 to the west and provides direct access to the Ports of NY/NJ to the east. n

Haines & Smith of NAI Summit reps buyer and seller in $795k sale

NAI Summit reps seller in $4.2m disposition of 30 acres of land BETHLEHEM, PA — John Crampsie, principal at NAI Summit, recently represented the seller in the disposition of 30 acres of land at 10 Emery Street, Bethlehem. The sale price of the transaction was $4,200,000. The buyer was Liberty Property Trust, LP. “Liberty’s purchase of 30 acres is yet another example of their positive outlook on the Lehigh Valley market in general and the particular attractiveness of LVIP VII,” said Crampsie, who represented the seller.

10 Emery Street In other news NAI Sum- sale of 1610 Emmaus Ave. mit recently represented both The sale price of the transacthe buyer and seller in the tion was $795,000. n

METAL BUILDING RE-ROOFING METAL SYSTEMS

ALSO INSIDE: CENTRAL PA SPOTLIGHT ............................................... 5-13C CREW LEHIGH VALLEY ...................................................14C PA PROJECT NEWS ...........................................................15C PA PEOPLE NEWS .............................................................16C

www.marejournal.com

www.RoseMTL.com

717-245-0883

C Inside Cover — June 8 - 21, 2012 — Pennsylvania — Mid

Atlantic Real Estate Journal

www.marejournal.com

RT 61 DISTRIBUTION CENTER 184 TUCKERTON ROAD, READING, PA

115,000 SF - 32’ Clear Ceiling Height - 18 Docks Distribution or Manufacturing

Meeting Tenant’s Needs Immediately, Efficiently and Economically i

Strategically located: Rte 61 & Rte 222 Interchange

i

Excellent Access to I--76, I--176 & I--78

i

In the Heart of desirable Muhlenberg Twp. Industrial Area - Best Location in Berks County

i

Public Transportation to Site

i

30 Minutes to Lehigh Valley

i

3000 Amp 3--Phase 480 V

i

35,000 lb Dock Levelers

i

100 % Sprinkler/ T5 Lighting

i

Rail Available

i

3+ Acre Fenced, Lit and Paved Truck Lot

Also Available : 36,000 SF - 11 Docks 21’ Clear Ceiling Height

CONTACT : STEVE WILLEMS EXCLUSIVE AGENT Office 610--779--1400 Direct 610--370--8506

Owned and Professionally Managed by:

Mid Atlantic Real Estate Journal — Pennsylvania — June 8 - 21, 2012 — 1C

www.marejournal.com

INDUSTRIAL SPACE AVAILABLE East Market & Railroad Streets Danville, PA

$2.00 PSF

—100,000 SF AVAILABLE — 3 MILES FROM EXIT 224, I-80 Industrial / Warehouse Space on 13 acre site - clear ceiling height of 26 feet - 16 dock-level doors - 100 foot column spacing - 8-acre parking / outside storage area - new in 2008: loading docks, lights, electric, and paint - rail available MBC Development, LP Phone: 570-385-1662 Fax: 570-385-5010 E-mail: jim@millerbros.com

PO Box 472 950 • East Main Street • Schuylkill Haven, PA 17972

2C — June 8 - 21, 2012 — Pennsylvania — Mid

Atlantic Real Estate Journal

$8,725 /Month

PENNSYLVANIA

1363 South Atherton 1363 South Atherton Street, State College, PA 16801

www.marejournal.com

Williams handles 10,840 s/f medical building sale

Binswanger brokers 122,432 s/f sale of former Sam’s Club Three story self contained facility with loading dock, 50 space parking on-site. Currently being used as production facility for specialized medical transducers. New HVAC in 2000. Carpets and flooring new in 2011. Enhanced lighting and exhaust systems.

FOR SALE OR LEASE Industrial-Commercial Realty, LLC Charlene Friedman, CCIM, CPM Friedman Real Estate Group P O Box 10299,State College, PA 16805 charlene@apartmentsdowntown.com (814) 234-6004 Ext: 206

www.friedmanrealestategroup.com

DPN 'PS 4JUF 4FMFDUJPO JO /PSUIFBTU 1"

8IFO ZPV UIJOL /PSUIFBTU UIJOL 1FOO T /PSUIFBTU

H

ATBORO, PA — Binswanger is pleased to announce the sale of a 122,432 s/f former Sam’s Club facility on 17 acres. The property is located at 1001 South York Road in Hatboro. The buyer, Benjamin Foods, has been leasing the facility since 2010 and exercised their option to purchase the facility from Upper Moreland Holdings LP. Benjamin Foods, a full-service food distributor has been utilizing the facility as warehouse/distribution space as well as a retail cash and carry location. Key features of the facility include ceilings heights to 20’ clear; fully sprinklered; six tailgate loading docks; four drive-in doors; and parking for 917 vehicles. The property is strategically located adjacent to the Pennsylvania Turnpike, one mile north of the Willow Grove Mall. The transaction was handled by Chris Pennington, vice president in Binswanger’s Philadelphia, PA office. THORNDALE, PA — On behalf of HMBT Realty Associates, Binswanger is pleased to announce the sale of a

3025 C.G. Zinn Road 10,840 s/f Class A medical office building located at 3025 C.G. Zinn Road in Thorndale. The buyer, Eastern Thorndale Partners, LP, purchased the building as an investment on a sale leaseback. Constructed in 1994, key features of the two-story building include elevator, exam rooms, x-ray room, and administration offices. The building layout is conducive to usage by multiple tenants.

The property is ideally located with a corner exposure to Zinn Road and Carlson Boulevard. The transaction was handled by Scott Williams, vice president in Binswanger’s King of Prussia, PA office. Headquartered in Philadelphia, PA, Binswanger is an international full-service real estate organization with offices worldwide throughout the United States, Canada, Latin America, Europe, the Middle East, and Asia. â–

BUILDING 1 NEARING COMPLETION

JOGP!QFOOTOPSUIFBTU DPN

PAVING THE WAY FOR DEVELOPMENT IN NORTHEASTERN, PA

51-Acre Industrial Park For Lease or Build-to-Suit

t 4' %JWJTJCMF t $PNQMFUJPO .BZ t 1SF DBTU $POTUSVDUJPO $MFBS t -PBEJOH %PPST %SJWF *O %PPST STOKES AVENUE PROPERTY:

120,000 +/- SF manufacturing facility zoned for industrial use adjacent to 1,175 feet of rail service. 40 cranes service the main building consisting of approximately 62,000 +/- SF and three other warehouse/ shipping buildings. On site septic with all other major utilities supplied to this 20 +/-

level acre with endless possibilities.

SELF STORAGE UNITS:

Great Investment: 240 Storage Unit Facility Portfolio. 2 locations within 10 minutes from each other. Situated in Mount Pocono and Mountainhome along Route 390 and Route 611. Present occupancy 90 + %. Immaculate condition with strong rental history.

VACANT LAND IN BLAKESLEE: A Unique opportunity to acquire 49 +/- commercial acres with central sewage on Route 115. Just north of I-80 Blakeslee Exit and just south of Route 940 Blakeslee Ava ilab Intersection. Adjacent to newly acquired le land for open space park. Survey and wetlands delineation are available. 9 EDU's included in sale.

t 4' %JWJTJCMF t 1SF DBTU $POTUSVDUJPO $MFBS t -PBEJOH %PPST %SJWF *O %PPST t "CVOEBOU PO TJUF USBJMFS QBSLJOH t 3BJM 4FSWFE

CBRE, Inc. | 1275 Glenlivet Drive, Suite 320 | Allentown, PA 18106 | T.610.398.6900 | F.610.398.7815 www.cbre.com/allentown | Licensed Real Estate Broker

Mid Atlantic Real Estate Journal — Pennsylvania — June 8 - 21, 2012 — 3C

www.marejournal.com

PENNSYLVANIA

SHINE THE SPOTLIGHT ON YOUR COMPANY & ITS EXECUTIVES!

Walsh, Moore & Bartolacci coordinate the transaction

Emery-Waterhouse leases 37,329 s/f from Mericle Comm’l.

J

ENKINS TOWNSHIP, PA — Emery-Waterhouse is expanding its distribution operation within CenterPoint Commerce & Trade Park East, Jenkins Township and will hire 40 to 60 new employees. The Portland, Maine-based company has leased an additional 37,329 s/f at 285 CenterPoint Boulevard from Mericle Commercial Real Estate Services. The company has been a Mericle tenant in the building since June 2008. With the expansion, the company leases 173,320 s/f from Mericle. Mericle vice president Dan Walsh coordinated the lease transaction with Gerald Moore and Michael Bartolacci from The Garibaldi Group, a Chatham, New Jersey-based commercial real estate brokerage company. Joseph Levin of St. Onge, a national supply chain strategy and logistics consulting firm, also provided assistance with the expansion. Walsh said the lease of additional space by Emery-Waterhouse brings the 254,200 s/f building to 100 percent occupancy. Manufacturing company QuietFlex leases the balance of the building. He said Mericle continues to construct on speculation in CenterPoint to keep up with tenant demand. “We just finished a 108,000 s/f flex building in CenterPoint West and

Pennsylvania Real Estate Journal

Shopping Centers Featuring

5th Annual Retail Profiles

June 22, 2012 Deadline: June 8, 2012

Emery-Waterhouse entrance CenterPoint East have begun construction on a 120,000 s/f building in CenterPoint East.” “Occupancy in CenterPoint is very high so we

Interested in joining the many retail companies who are already participating? For details on how to submit your company or executive profile Contact Elaine Fanning to reserve your space P: 800.584.1062. x212 E: efanning@marejournal.com

want to make sure we have a variety of spaces available when job-creating companies contact us in search of space.” ■

Commercial Real Estate in the Greater Lehigh Valley

• Sales/Leasing/Brokerage • Investment Sales • Property Management • Project Management • Building Services

NAI Summit is the Greater Lehigh Valley’s premier full-service Commercial Real Estate firm, founded in 1982 and associated with the world’s largest commercial real estate organization.

• Corporate Services

a section of the

Mid Atlantic Real Estate Journal P.O. Box 26, Accord, MA 02018 781-871-5298 • 800-584-1062 fax 781-871-5299

www.marejournal.com

We are driven by a passion to serve our clients with unsurpassed value. Section Publisher Elaine Fanning efanning@MAREJournal.com

Summit

Commercial Real Estate Services, Worldwide. Section Editor Rachel Rugman editor@marejournal.com

3435 Winchester Rd • Suite 300 • Allentown, PA 18104

610 264 0200 • www.naisummit.com

According to Mike Molewski, founder of Molewski Financial Partners, “NAI Summit’s knowledge of the market enabled us and the landlord to reach an agreement based on current ofÛce market conditions in the Lehigh Valley. NAI Summit’s commercial real estate expertise was essential in our renewal being Ûnalized while we were able to concentrate on our core business.”

4C — June 8 - 21, 2012 — Pennsylvania — Mid

ÿ

Atlantic Real Estate Journal

www.marejournal.com

PENNSYLVANIA

ÿ

EnvironmentalÿRisks Disclosures Compliance DueÿDiligence Permitting

WE CANÿPUT THEÿPIECESÿTOGETHER Our legalÿandÿtechnicalÿteamÿcanÿhelpÿnavigateÿtheÿcomplexÿlegalÿ andÿregulatoryÿchallenges andÿbringÿallÿtheÿpiecesÿtogetherÿfor yourÿdevelopmentÿprojects.

www.mgkflaw.com

Olender reps the seller, Samuel C. Heller

Roddy Inc. facilitates the sale of 27,589 s/f crane-served bldg.

B

ENSALEM, PA — Roddy Inc., the Bensalem based industrial and commercial real estate brokerage firm representing Samuel C. Heller, sold his 27,589 s/f modern, one story crane-served building situated on approximately 2.11 acres to Webb Properties, LLC. The building is located at 9070 State Road, Bensalem. This crane-served facility features one three-ton, one five-ton and one twenty-five-ton pendant operated bridge crane; ceiling heights ranging from 36’0” to 22’4” clear; five drive-in doors and approximately 2,240 s/f of air-conditioned offices. ■

9070 State Road

Colliers Int’l. Pittsburgh secures 2,202 s/f lease

PRIME NEPA Location- 30+ acres • $3.9 million

PITTSBURGH, PA — Colliers International | Pittsburgh announced that Talktime Speech Therapy will be opening a second office, located at Two Landmark North, 20397 Route 19 N, in the heart of Cranberry Township. Talktime Speech Therapy also has an office in Chippewa, PA. Edward R. Lawrence III, associate at Colliers International | Pittsburgh, was engaged as the exclusive tenant representative to Talktime

Speech Therapy, securing the new 2,202 s/f office. Jeff Bennett of Landmark Properties Group represented the landlord in the transaction. “We were tasked with identifying a unique space that offered an accommodating environment for an office space within a submarket that has a low vacancy rate,” Lawrence said of the assignment. “We secured a five year lease for Talktime Speech Therapy at Two Landmark North in a

EARTH ENGINEERING INCORPORATED

200,000 sq ft building located in excellent location in Moosic, PA. Adjacent to I-81 Exits. Centrally located between Scranton and Wilkes-Barre, I-476, I-380, I-80. Clean Phase II.

Lake Aleeda • $1.5 million

space that features new turnkey construction and excellent access and visibility.” “This new office will provide us with a convenient and very functional environment to treat the speech and language needs of children in Cranberry and the Butler County Area,” said Amy Shope, president and owner of Talktime Speech Therapy. “We are particularly excited about the ability to layout the space to our specifications.” ■

Geotechnical Engineers & Geologists Subsurface Investigations Construction Inspection & Testing Retaining Wall Design Environmental Site Assessments and Remediation

Private, 68 acre lake with 8 acre island. Approved for: 11 one acre lakefront lots, 20 half acre off shore building lots, 40 additional lots on property (current subdivision in Bear Creek is min of 2 acres). Property being sold as whole or lots at $35,000 each. Currently no gas lease on property. Located between Scranton and Wilkes-Barre metropolitan markets.

Contact: Steve Farrell, Owner/Broker Office: 570.587.7000 ext 1102 Cell: 570.840.8590 Email: sfarrell@classicproperties.com

Clean Fill Testing Carbonate Site Assessments Stormwater Infiltration Testing Laboratory Soils Testing Corporate Headquarters: 610.277.0880 Lehigh Valley: 610.967.4540

Central PA: 717.697.5701 South Jersey: 856.768.1001

www.earthengineering.com

PENNSYLVANIA SPOTLIGHT CENTRAL PA

Mid Atlantic Real Estate Journal — Pennsylvania — June 8 - 21, 2012 — 5C

www.marejournal.com

Over 100 room hotel, Courtyard by Marriott

Zellers, Gainor & Sourbeer of

Llenrock Group secures $9.75 million in financing

NAI CIR handles $3,426,250 office sale

H

A R R I S B U R G , PA — Llenrock Group, an independent advisory firm in Philadelphia, has secured a total of $9.75 million in permanent financing for a Courtyard by Marriott. The hotel features over 100 rooms and is located outside of Harrisburg, PA. Though it is customary for the lender to review the prior 14-24 months of loss/profit data, the lender only reviewed records for the previous 12 months because of the hotel’s strong performance. Andrew Benioff, Llenrock’s Founder and Managing Partner, comments, “We weren’t initially focused on Central Pennsylvania, but it has shown surprising fundamentals and resiliency over the last few years. That in conjunction with the experience and background of our borrower

Rossmoyne Business Center Courtyard by Marriott contributed to a successful dependent real estate advideal.” sory and investment banking Located near the state capi- firm based in Philadelphia. tol and the Pennsylvania Turn- Through its subsidiaries, Llenpike, the hotel also benefits rock Advisors and Llenrock from nearby market drivers Realty Partners, they provide such as Hershey Park and services in investment sales, Pennsylvania Dutch Country. direct investment, and strucLlenrock Group is an in- tured finance. ■

COMMERCIAL REAL ESTATE

LOWER ALLEN TWP., PA – NAI CIR announced the following transactions: Linlo Properties VIII, LP, an investment group based in Cumberland County, PA, has purchased the 68,525 s/f, 3 story office building for $3,426,250 milllion at 5001 Louise Dr., Rossmoyne Business Center, Lower Allen Twp, from US Bank, N.A. Robin Zellers, Erik

Gainor and Jason Sourbeer, all of NAI CIR, handled the transaction. NTP Marble, Inc., a marble counter manufacturer, has leased 8,700 s/f of warehouse space at 768 Corporate Circle, Fairview Twp. Daniel J. Alderman of NAI CIR represented the property owner, Carmen Delerme, in the transaction. ■

CONSULTING ENGINEER

• Project Management

O N C O R I N T E R N AT I O N A L

• Development Due Diligence & Feasibility Studies • Agency Permitting

Providing Real Estate Solutions Sales and Leasing Industrial

• Land Development Design • Construction Phase Services • Graphic Services

Commercial Office Investments Land

20 Erford Road, Lemoyne, PA 17043 717-731-1990

PHILADELPHIA METRO OFFICE: 8614 Montgomery Avenue Wyndmoor, PA 19038 215-836-2510

PITTSBURGH OFFICE: 201 Penn Center Boulevard, Suite 400 Pittsburgh, PA 15235 412-253-6569

LANCASTER OFFICE: 1853 William Penn Way, P.O. Box 10368 Lancaster, PA 17605-0368 717-672-0614

NEW JERSEY OFFICE: 100 Overlook Center, Suite 200 Princeton, NJ 08540 609-920-0268

LANDCOREconsulting.com

6C — June 8 - 21, 2012 — Pennsylvania — Mid

Atlantic Real Estate Journal

www.marejournal.com

CENTRAL PA By John O. Birkeland, ROCK Commercial Real Estate

The secret of successful class “A” office buildings rom our market research, ROCK has discovered that class “A” office property occupancies in the area are outperforming the class “B” and “C” counter parts. This led to the obvious question of, John O. Birkeland “Why?” It really comes down to understanding supply and demand trends in the markets, from global to local. From a supply point of view, the

F

kneejerk answer is there is a lesser supply of class “A” office properties than “B” or “C” in the market, so absorption is more rapid, combined with negligible new class “A” product coming to the market or in the pipeline. However, with a little research, we discover according to our resources that in the City of York there is 1,168,006 s/f of class “A” office with a 5.54% vacancy rate, 1,413,674 s/f of class “B” with a 17.09% vacancy rate, and 625,649 s/f for class “C” with a 19.74% vacancy rate. Countywide there is more class “A” square footage overall, 4,602,445 gross s/f com-

pared to 4,283,944 Gross s/f of class “B” and 2,504,331 Gross s/f of class “C”. class “A” occupancies also are the highest in the county. Further, there is no significant additional supply of office space coming onto the market in any class that we are aware of. According to Dividend Capital’s market cycle report, this is currently the case nationwide, as the vast majority of office markets are still in the recovery phase and average rents and occupancies are not justifying any new office construction. Looking from an office market demand perspective, a first

thought is, “office tenants are scaling back and the pool is shrinking.” I listen to talk radio and read the paper. Things are tough in “This Economy”. My impressions are office tenants are spartan and purging jobs. When I do my homework, I realize that both assumptions are not accurate. First, companies did get lean and mean during the Great Recession, and generally became more efficient. According to FRED (Federal Reserve Economic Data), today corporate profits are at the highest levels since FRED started tracking the information in 1947. More efficient

RELYON ROCK

The Power of Team

. For in-depth market research . For fast service that saves time and money . For timely and accurate information . For a unique team-based approach to commercial real estate

ROCK Commercial Real Estate, LLC, Susquehanna Commerce Center West 221 West Philadelphia St. Suite 19, York, PA 17401-2992 717-854-5357 Fax: 717-854-5367 www.rockrealestate.net

indeed. To verify local professional and business service employment trends, I consult the Bureau of Labor Statistics website. Lo and behold, from January 2010 to March 2012 the number of professional and business employees in the area has grown from approximately 15,400 to over 19,000. That is 23.4% growth in just over two years. The final piece to the puzzle is pricing. If supply is low and demand is growing, and the tenants have the money to spend, then it follows that we should see increasing rents in class “A” properties. Upon consulting our company records to compare current office lease rates with historic rates, we show class “A” space leased at an average of $13.55/ s/f in 2009, and $14.18 per s/f in 2012. LoopNet’s market trend graphs verify area office lease rates have remained basically flat since 2006. In a nutshell, we have limited supply, increased demand, and the pricing has not adjusted yet. class “A” office space will continue to lease well until rates adjust to the market. At this point, next time a class “A” building owner is discussing his/her building with me, or I am chatting business at a networking event (or on the golf course), I can intelligently answer this question. I have solid information and can demonstrate expert market knowledge. Conclusion – know the factors that affect your market. Know where to find the information you need and then take the time to analyze it. Assumption shortcuts, even by seasoned professionals, can lead you down the wrong path. If you do not have the time or access to the resources, find and partner with someone that does. Faber College was the mythical setting of the movie Animal House, and the motto of Faber College has always amusingly rung true, “Knowledge is Good.” John O. Birkeland is a brokerage advisor for ROCK Commercial Real Estate. John specializes in retail leasing and sales, investment properties, and corporate services. He has a strong background in hotel and restaurant properties, and earned a masters degree in Management from the Cornell University Hotel School. ■

Mid Atlantic Real Estate Journal — Pennsylvania — June 8 - 21, 2012 — 7C

www.marejournal.com

CENTRAL PA

Scan QR codes with your smartphone!

Coldwell Banker Commercial Bennett Williams 110 N. George Street - 4th Floor York, PA 17401 717-843-5555 www.bennettwilliams.com SOLD

Kingston Square

Verizon Wireless

Verizon Wireless

Plaza 2300

2500 Eastern Blvd. York, PA 66,200 SF Center Shopping Center

1597 Shaffer Rd. Dubois, PA 10-year corporate guaranteed NNN lease

2704 S. Queen St. York, PA 10-year corporate guaranteed NNN lease

2300 Industrial Highway York, PA 7,900 SF Center Shopping Center

FOR SALE GATEWAY SHOPPING CENTER

SHOPPES AT SILVER SPRING

400-500 Walker Rd. Chambersburg, PA 50,095 SF

6499 Carlisle Pike Mechanicsburg, PA 35,000 SF

TEXAS ROADHOUSE

5 GUYS BURGERS & FRIES

Walker Rd. Chambersburg, PA 6,679 SF - 1.46 Acres

1125 Haines Rd. York, PA 2,210 SF - .6 Acres

5 GUYS BURGERS & FRIES 720 Loucks Rd. York, PA 2,715 SF - .96 Acres

8C — June 8 - 21, 2012 — Pennsylvania — Mid

Atlantic Real Estate Journal

www.marejournal.com

CENTRAL PA COMMERCIAL REAL ESTATE

ARCHITECTURE/ENGINEERING/ENVIRONMENTAL

Central PA’s Leading Commercial Industrial Real Estate Firm*

Our Agents: Bradley Swidler

David Rudy

Craig Rahn

Jason Sourbeer

Daniel Alderman

Joseph Bedard, SIOR

Erik Gainor

Justin Shoemaker

Fahd Malik

Mark Santanna

Harold Leibenson

M. Richard Kleiman

Ida McMurray, CCIM, SIOR

Nathan Kranz

Jack Shepley, SIOR

Nik Sgagias

James Ross

Peter Gemora

William Gladstone, CCIM, SIOR

Robin Zellers, SIOR, COO

CREATIVITY ō QUALITY ō EXPERTISE 800.301.3077 www.blcompanies.com

*Based on Central Penn Business Journal Report of Commercial Real Estate Firms 2008-2011

AUCTIONEER REAL ESTATE AUCTION

13+-ACRES of PRIME COMMERCIAL LAND FRIDAY JUNE 22, 2012 - 1PM

Pennsylvania | Maryland | New Jersey New York | Connecticut

INDUSTRIAL COMMERCIAL REAL ESTATE

SALE/LEASE

11354 Anthony Hwy, Waynesboro, PA 17268 %

r 0 10 l l e i n g c Se an n Fi

Directions: From W-boro square go N on Rt.997. Property on right approx. 1 mile. 13+- ACRES of PRIME COMMERCIAL LAND! Outstanding opportunity w/ endless possibilities. Over 750ft of frontage on HIGH TRAFFIC PA Rt.997 and frontage on Stottlemyer Rd. Less than 1 mile from the square of Waynesboro. REP ONSITE: Fri-June 8: 1-2PM & Auction Day:12-1PM Terms: 10,000-down in cash or certified funds. Balance due in 45 days 5% Buyer’s Premium. Announcements day of sale take precedence over all printed material. Phone: 717-597-9100 or 301-733-3330 or Toll Free 866-424-3337 ABSENTEE BIDDING AVAILABLE

Matthew S. Hurley AU-003413-L E-mail info@hurleyauctions.com www.hurleyauctions.com

1400 N Cameron Street Harrisburg, Pennsylvania 17103 An exceptional opportunity to own this manufacturing/warehouse facility with 100% owner financing. This lease to own structure allows the buyer the ability to lock into a long term fixed rate structure while retaining its cash for operations and equipment. The facility offers 260,208 SF of manufacturing space and 39,652 SF of offices on two levels. The majority of the plant has a ceiling height of 27 ft and has 62 KV of power running through 6 substations of 12,470V each. The property is located adjacent to Norfolk Southern RR and also the major highways surrounding Harrisburg.

Todd Kamps CCIM Principal

Office: Fax: Mobile: E-Mail: Web:

(616) 301-9800 (616) 301-9600 (616) 638-6019 todd@kwekelcompanies.com www.kwekelcompanies.com

www.marejournal.com

Mid Atlantic Real Estate Journal — Pennsylvania — June 8 - 21, 2012 — 9C

CENTRAL PA

The Solomon Organization announces recent multifamily transactions totaling

$261,000,000 2,700+ units in

Pennsylvania New York Connecticut 35 Ye ars of PRIVATE EQUITY Marc Solomon • Mark Rosen 92 River Road Summit, NJ 07901 908-988-1000 www.solomonorg.com

10C — June 8 - 21, 2012 — Pennsylvania — Mid

Atlantic Real Estate Journal

www.marejournal.com

CENTRAL PA Blinebury, Balerno, McBride & Campbell rep sellers in 2 transactions totaling 884,000 s/f

Cushman & Wakefield’s Blinebury Team arranges over $24m in sales in Lancaster County

L

ANCASTER, PA — Cushman & Wakefield’s Philadelphia-based industrial group has orchestrated the sale of 2913 Spooky Nook Rd., a 594,000 s/f industrial building in L a n c a s t e r. Gerard J. Formerly Blinebury Jr. utilized as a distribution center for flooring products by Armstrong Industries, the facility will be converted into a regional, youthoriented sports complex by the new ownership.

2913 Spooky Nook The seller, which had acquired the property from its previous private owner through foreclosure, was represented

by the Cushman & Wakefield team of Gerard Blinebury, Leah Balerno, Pat McBride, and Adam Campbell. New owner

1499 Zeager Road Sports Complex LP, an entity headed by former Auntie Anne’s Pretzels owner Sam Beiler, was represented by Tim Shreiner of

9750 Commerce Circle Lehigh Valley, PA

Building Highlights

• Total Building Size: 503,423 SF • Available Space: 100,000 - 503,423 SF • Year Built: 2006 • Site Area: 32.1 acres • Leaseable Area: 503,423 SF • Building Dimensions: 1,002’11” x 501’10” • Ceiling Height: 32’ clear THOMAS J. MEEHAN Regional Vice President DCT Industrial 410-645-5020 tmeehan@dctindustrial.com GERARD J. BLINEBURY JR. Senior Director 215-963-4034 gerry.blinebury@cushwake.com

• Office Area: General Office: 2,500+/- SF Warehouse Office: 4,870+/- SF • Column Spacing: 50‘ x 50’ • Loading Format: Cross-dock • Loading Doors: 50 tailgate doors; 2 drive-in doors • Car Parking: 117 spaces

Owned by

Leased by

LEAH B. BALERNO Associate 215-963-4024 leah.balerno@cushwake.com

Prudential H.S.G. Real Estate. “We were able to secure the highest and best use buyer, a local investor, after negotiating with several parties who had also expressed interest in redeveloping this asset,” said Blinebury. “After selling Auntie Anne’s Pretzels, the buyer was looking to reinvest back into the community. The availability of 2913 Spooky Nook Rd. provided the opportunity to do just that, and the result will be a vacant building that will be reborn as an important community asset.” Once the repositioning is completed, 2913 Spooky Nook Rd. will provide a venue for youth and family oriented athletics. The facility may also have a collegiate athletic component, according to the new ownership. In other news, Cushman & Wakefield arranged the sale of 1499 Zeager Rd., a 290,000 s/f industrial building in Elizabethtown. Prior to the sale, the former single-user facility had been converted to multi-tenant use. The undisclosed seller was represented by the Harrisburgbased Cushman & Wakefield industrial team of Gerard Blinebury, Leah Balerno, and Pat McBride, and the Philadelphiabased Capital Markets Team of John Plower and Paul Torosian. Buyer Exeter Property Group was represented in-house in the direct deal. Cushman & Wakefield’s “Blinebury Team” including Gerry Blinebury, Leah Balerno, Pat McBride, and Adam Campbell two recent Lancaster sales are two of the most significant industrial property sales ever recorded in Lancaster County and they are definitely the largest Lancaster County sales in over five years This team is currently marketing approximately 15,000,000 s/f of existing and proposed industrial space throughout Eastern Pennsylvania. ■

Mid Atlantic Real Estate Journal — Pennsylvania — June 8 - 21, 2012 — 11C

www.marejournal.com

CENTRAL PA

Physical Characteristics •Size: •Location: •Topography: •Zoning:

120 Acres (sub-dividable) In Lebanon County, PA Generally flat with elevation between 450.0-510.0 ft. Industrial and Office

Utilities •Water: •Sewage: •Gas: •Electricity:

City of Lebanon Water Authority, 12" line City of Lebanon Water Authority, 18" line UGI utilities, 6" line Met-Ed, A FirstEnergy Company, 69KV

Transportation •Rail: •Highway: •Air:

Norfolk Southern Railway I-76, I-78 & I-81 are located 9 miles from site Harrisburg International, 20 miles

Brokers Protected

16 Lebanon Valley Parkway • Lebanon, PA 17042 phone (717).274.3180 • fax (717).274.1367 www.lvedc.org

12C — June 8 - 21, 2012 — Pennsylvania — Mid

Atlantic Real Estate Journal

www.marejournal.com

CENTRAL PA Landmark Builders purchases 53.98 acres

The Bill Gladstone Group of NAI CIR

ROCK Comm’l. brokers $650,000 sale of warehouse

Gladstone reps seller in $265,000 warehouse sale

C

ENTRAL PA – ROCK Commercial Real Estate brokered 43,038 s/f and 53.98 acres of sold commercial real estate and 53,559 s/f of leased space in York County. Sales ·Hydro Consulting & Maintenance bought the 30,918 s/f light manufacturing and warehouse building for $650,000 at 1800 West King Street in York, PA in West York Borough. ROCK Commercial Real Estate represented both the buyer and the seller in this transaction. · REO Investors, LLC bought the 6,720 s/f mixed use building at 223-225 Springdale Avenue in York, PA in York City. ROCK Commercial Real Estate represented both the buyer and the seller in this transaction. · Pro Truck Seats & Accessories bought the 3,600 s/f light manufacturing building at 321 Dewey Street in York, PA in West Manchester Township. ROCK Commercial Real Estate represented both the buyer and the seller in this transaction. · Maid to Perfection bought the 1,800 s/f professional office building for $275,000 at 1579 Rodney Road in York, PA in West Manchester Township. ROCK Commercial Real Estate represented both the Buyer and the Seller in this transaction. · Landmark Builders Inc. bought 53.98 acres of residential land at Knight’s View Road in Wrightsville, PA in Lower Windsor Township. ROCK Commercial Real Estate represented the seller in this transaction. Leases · Reinsel Kuntz Lesher, LLP leased 18,970 square feet of office space at 3501 Concord Road in York, PA in Springettsbury Township. ROCK Commercial Real Estate, LLC represented both the landlord and the tenant in this transaction. · Capital Area Christian Church leased 10,012 s/f of retail space at Newberry Commons at 110 Newberry Commons in Etters, PA in Newberry Township. ROCK Commercial Real Estate, LLC represented the landlord in this transaction. · Gymnastics of York, Inc. leased 7,950 s/f at 21 South

1800 West King Street, York, PA

3501 Concord Road, York, PA Hill Street in Shrewsbury, PA in Shrewsbury Borough. ROCK Commercial Real Estate, LLC represented the Landlord and the Tenant in this transaction. · Remax Patriots leased 4,056 s/f of office space at 1770 East Market Street in York, PA in Springettsbury Township. ROCK Commercial Real Estate, LLC represented both the landlord and the tenant in this transaction. · YIS, Inc. leased 3,667 s/f of office space at 1100 North Hartley Street in York, PA in York City. ROCK Commercial Real Estate, LLC represented both the landlord and the tenant in this transaction. · Evolution Enterprises, LLC leased 2,048 s/f of industrial space at 30 Ridge Avenue in York, PA in York City. ROCK Commercial Real Estate, LLC represented both the landlord and the tenant in this transaction. · Naylor Wine Cellars, Inc. leased 1,670 s/f of retail space at Queensgate Towne Center at 2081 Springwood Road in York, PA in York Township. ROCK Commercial Real Estate, LLC represented the tenant in this transaction. · Sodium Systems, Inc. leased 1,600 s/f at 15 North Beaver Street in York, PA in York City. ROCK Commercial Real Estate, LLC represented the landlord and the

tenant in this transaction. · Kellie Harrison’s Kenpo Karate leased 1,090 s/f of retail space at 528 East Main Street in Dallastown, PA in Dallastown Borough. ROCK Commercial Real Estate, LLC represented the landlord and the tenant in this transaction. · FUNKE Heat Exchangers USA Inc. leased 552 s/f of office space at 1100 140 Roosevelt Avenue, Suite 108 in York, PA in York City. ROCK Commercial Real Estate, LLC represented both the landlord and the tenant in this transaction. · Bentley’s Cafe leased 414 s/f of retail space at Hillside Medical Center at 250 Fame Avenue in Hanover, PA in Penn Township. ROCK Commercial Real Estate, LLC represented the landlord in this transaction. · The Broken Wall, Inc. leased 1,246 s/f of office space at 160 Roosevelt Avenue, Suite 202 in York, PA in York City. ROCK Commercial Real Estate, LLC represented both the landlord and the tenant in this transaction. · Jeanne B. Costopoulos, Esq., experienced family law attorney, leased 284 s/f of office space at 140 Roosevelt Avenue, Suite 211 in York, PA in York City. ROCK Commercial Real Estate, LLC represented both the landlord and the tenant in this transaction. ■

4115 N. 6th Street HARRISBURG, PA — The seling Services, Inc. is opening Bill Gladstone Group of NAI an additional location in 2,500 CIR announed the following s/f of space at 5021 E. Trindle transactions: Road, Hampden Twp. Murphy Rentals, Inc. has Bill Gladstone of the Bill purchased, as an investment, Gladstone Group of NAI CIR 25,995 s/f of warehouse space represented Mazzitti and Sulat 4115 N. 6th St., Harris- livan, and Sy Barget and Drew burg. Bobbincheck of Landmark repBill Gladstone of the Bill resented the landlord, David Gladstone Group of NAI CIR J. Becker. represented the seller in the LGBT Community Center is transaction. relocating to 1306 N. 3rd St., Capital Tristate, a wholesale Harrisburg, next to the Middistributor of electrical parts, town Scholar Book Store. has leased 9,600 s/f of wareFahd Malik of the Bill Gladhouse and showroom space at stone Group of NAI CIR repCapital West Business Center resented the landlords, Eric in Lower Allen Twp. Papenfuse and Catherine David Rudy of the Bill Glad- Lawrence, in the transaction. stone Group of NAI CIR repAssaf Zilbering has leased resented the landlord, Lower office space at 1517 Cedar Cliff Allen Business Center, LP, and Dr., Lower Allen Twp. Jack Shepley of NAI CIR and Fahd Malik of the Bill Eric Ramer of Icon Commercial Gladstone Group of NAI CIR Interests represented Capital represented the landlord, Tristate. the Saint Paul Group, in the Mazzitti and Sullivan Coun- transaction. ■

CBRE sells two class A bulk distribution warehouses

950 Centerville Road CARLISLE, PA — CBRE, Inc. (CBRE) announced the sale of 950 Centerville Road and 1700 Ritner Highway, two class A bulk distribution buildings located in the highly coveted Carlisle market - the epicenter of the I-81 Industrial Corridor. CBRE National Partners represented the seller, Hillwood of Dallas, Texas. The transaction was led by Michael Hines, executive vice president, Jack Fraker, vice chairman, Michael Blunt, senior vice president, Josh McArtor, senior vice president, and Brad Ruppel, associate. An affiliate of KTR Capital Partners acquired the properties. 950 Centerville Road and

1700 Ritner Highway, completed in 2008 and 2006, respectively, total 1,772,500 s/f. 950 Centerville Road, located in Key Logistics Park, is a 1,170,000 s/f, pre-cast concrete warehouse/distribution facility featuring 32’ clear ceiling height, cross-dock configuration, 124 dock high doors, four drive-in doors, parking for over 250 trailers and 400 cars, ESFR, and T-5 lighting. 1700 Ritner Highway is a frontload facility totaling 602,500 s/f, long-term leased to a single tenant, featuring 32’ clear, tiltup construction, 60 dock high doors, 2 drive-in doors, 199 trailer storage positions, ESFR, and T-5 lighting. ■

Mid Atlantic Real Estate Journal — Pennsylvania — June 8 - 21, 2012 — 13C

www.marejournal.com

CENTRAL PA Posavec & Benner negotiate 13,500 s/f office building sale

Bobincheck of Landmark Commercial Realty/ ONCOR Int’l. sells $200,000 comm’l. property

H

A R R I S B U R G , PA — Landmark Commercial announced the following sales: WCI Partners have purchased a 13,500 s/f office property located at 100 N. 10th Street, Harrisburg, Dauphin County. Thomas T. Posavec, SIOR and Roy H. Brenner of Landmark Commercial Realty, Inc./ONCOR International negotiated the sale of the property on behalf of the sellers, Harrisburg Energy Company. East Shore Properties, LLC has purchased a commercial building for $200,000 at 23 S. 3rd Street, Harrisburg, Dauphin County. Drew Bobincheck, CCIM of Landmark Commercial Realty, Inc./ONCOR International handled the negotiations in the transaction on behalf of the seller, Janet Walker. Rick Engle has purchased a 5 unit multi-family investment property located at 22 Front Street, New Buffalo, Perry County. Drew Bobincheck, CCIM and Chuck Heller of Landmark Commercial Realty, Inc./ONCOR International represented PNC Bank in the $65,000 transaction. Chris Patrone and Tim Fritz have purchased a 3,155 s/f office building located at 5015 East Trindle Road, Mechanicsburg, Hampden Township, Cumberland County, for their AllState Insurance Agency. Jeff Taylor of Landmark Commercial Realty, Inc./ONCOR International represented the seller, CJSPT LP in the transaction. Leverage LLC has purchased a 2,500 s/f office condo located at 2205 Forest Hills Drive, Harrisburg, Lower Paxton Township, Dauphin County. Roy H. Brenner of Landmark Commercial Realty, Inc./ONCOR International represented the buyer and Steve Moyer of RSR Realtors represented the sellers. Pomeroy IT Solutions Sales Co. Inc. has leased 9,922 s/f of office/flex space located at 5040 Louise Drive, Mechanicsburg, Lower Allen Township, Cumberland County. Roy H. Brenner of Landmark Commercial Realty, Inc./ONCOR International negotiated the lease on behalf of the tenant and Annette Means of High Associates represented the building owner, High Properties. Adam Technology Partners LLC has leased 2,611 s/f of office space at 4 Lemoyne Drive,

23 S. 3rd Street

100 N. 10th Street

Lemoyne, Cumberland County. Roy H. Brenner and Thomas T. Posavec, SIOR of Landmark Commercial Realty, Inc./ONCOR International negotiated the lease on behalf of the Tenant and James Ross of NAI CIR represented the landlord. Hershey Insurance Partners have leased office space at 25 N. Front Street, Harrisburg, Dauphin County. Thomas T. Posavec, SIOR of Landmark Commercial Realty, Inc./ONCOR International negotiated the lease on behalf of the tenant and Art Campbell of Campbell Commercial Real Estate Inc. represented the building owner, PACD. â–

SPACE AVAILABLE Lancaster, PA Âł Âł Âł Âł

600-acre, Master-planned Business Campus Industrial & Flex Space 5K-55K SF Class-A & Class-B OfďŹ ce Space 1K-25K SF + Acres Available for Built-to-Suit

Harrisburg, PA Region Âł Âł Âł Âł

PA Turnpike I-76/Route 15 Industrial & Flex Space 12K-14K SF Class-A & Class-B OfďŹ ce Space 1K-4,600 SF On-site Hotels & Restaurants

Chester County, PA Âł Âł Âł Âł

200-acre, Master-planned Business Campus Industrial & Flex Space 4K-63K SF Class-A & Class-B OfďŹ ce Space 800-6,500 SF Easy Access/Highway Frontage

Search more than 300 available properties at:

www.highassociates.com/propertysearch s email: highassociates@high.net

14C — June 8 - 21, 2012 — Pennsylvania — Mid

Atlantic Real Estate Journal

www.marejournal.com

Commercial Real Estate Women Lehigh Valley Chapter www.crewlehighvalley.org

2012 LEHIGH VALLEY BOARD OF DIRECTORS PRESIDENT TINA KISELA SCSM, SCMD PAST PRESIDENT TRACY YADUSH, RPA NAI SUMMIT PRESIDENT ELECT MAUREEN O’MEARA HAMPSON MOWRER KREITZ INSURANCE (HMK) SECRETARY CATHERINE (KATE) DURSO FITZPATRICK LENTZ & BUBBA, P.C. TREASURER CYNTHIA MERRITT, CPA BUCKNO LISICKY & COMPANY

From Brownfields to Green Project

CREW Lehigh Valley Explores

B

ETHLEHEM, PA About 40 members and business leaders gathered at Lehigh University’s Rausch Hall on May 10 when CREW Lehigh Valley PA presented the background story on the conversion of a former Bethlehem Steel Brownfield into a green project, developed by Liberty Property Trust. The 1.2 million s/f warehouse/ distribution is now on target

to achieve LEED® pre-certified silver for core and shell at LVIP VII, land formerly owned by Bethlehem Steel. Liberty’s project manager, Bill Bumber, said the 70-million-dollar project is one of the largest speculative projects in the US today and that interest is high on the part of prospective tenants. Kerry Wrobel, president of LVIP, which developed the industrial park, noted that

LVIP VII represents about 20% of the tax base and land mass of the City of Bethlehem and that the Liberty project alone will generate about one million dollars in tax revenue. Anthony Scarcia Jr., president and CEO of Allied Building Corporation, which is constructing the building, discussed the challenges of building on a site that “looked like the moon” due to mining

CORRESPONDING SECRETARY PAM MORRIS LIBERTY PROPERTY TRUST DIRECTORS-AT-LARGE CHRISTA DUELBERGKRAFTICIAN, AIA SPILLMAN FARMER ARCHITECTS JESSICA GENTILE NORTH STAR CONSTRUCTION MANAGEMENT, INC. POLARIS PROPERTIES, INC. 2012 COMMITTEE CHAIRS

The program included an executive summary of a year-long practicum study on a project prepared by Lehigh University students in the Integrated Real Estate Program (ire@l). The student presenters, who graduated later in the month, were (from left) Caitlin Harney; BS in Business and Economics with a major in Finance, Colleen Carey; BS in Business and Economics with a major in Finance, and Casey Noble; BS in Business and Economics with a major in Marketing and a minor in Real Estate.

slag left behind as part of the steel-making operation. With 27 acres under roof, the building contains 500 tons of steel and 1.5 million s/f of concrete. Brian Alessi, LEED consultant with The Sheward Partnership, noted that the warehouse is “teetering on the edge of silver and gold certification” and is seeking 45 LEED credits. The building is expected to be completed in July. ■ Anthony Scarcia Jr., president and CEO of Allied Building Corporation, points to a slide discussing the construction process while Brian Alessi, LEED consultant with The Sheward Partnership (center) and Liberty Property Trust project manager Bill Bumber look on.

SPONSORSHIP COMMITTEE FRANCEE FULLER BARRY ISETT & ASSOCIATES PROGRAMS COMMITTEE PAM MORRIS LIBERTY PROPERTY TRUST MEMBERSHIP COMMITTEE KAREN COONEY DUERHOLZ BOYLE CONSTRUCTION INC. COMMUNITY SERVICE JODY KING, CCIM CBRE, INC PUBLICITY COMMITTEE ELIZABETH “MOLLY’ GRAVER, ESQ. PLUNKETT & GRAVER, P.C.

Kerry Wrobel, president of LVIP (left) and Bill Bumber, a Liberty Property Trust project manager, participated in the panel discussion.

The Goodman Center hosted a networking reception prior to the presentation.

CREW Lehigh Valley thanks its 2012 corporate sponsors: Gold - $2,000: Fitzpatrick, Lentz, & Bubba, P.C., Liberty Property Trust, US Lawns Patron - $1,000: ,Boyle Construction, NAI Summit, NorthStar-Polaris, Pennoni Associates Inc. Contributor - $750: Langan Engineering, MKSD Architects, Spillman Farmer Architects Friend - $300: CBRE, Barry Isett & Associates, Berks Economic Partnership, Dietrick Group, HMK Insurance, JG Petrucci, Inc. KNBT a division of National Penn Bank

FITZPATRICK LENTZ & BUBBA, P.C. IS PROUD TO SUPPORT

CREW Lehigh Valley

Corporate, Business & Banking

BARRY ISETT & ASSOCIATES, INC.

Real Estate, Land Use & Development

Consulting Engineers & Surveyors www.barryisett.com

Litigation Estate Planning & Administration of Estates and Trusts Health Care Employment Law Bankruptcy Elder Law Family Law

f itzpatric k L ent z & B ubba attorneys at law

Celebrating more than 20 years as the Valley’s law firm of choice.

BEST PLACES to work in

PA

Helping Clients Reach Real Estate Development Goals Since 1977 Environmental Assessments • Condition Assessments Surveys • Site Design • Permitting • Traffic Studies Highway Design • Landscape Design • Structural Design Mechanical, Electrical, Plumbing Design

Full - Service Engineers PA • NJ • MD

4001 Schoolhouse Lane • Stabler Corporate Center • Center Valley, PA

610-797-9000 • info@flblaw • www.FLBLaw.com

Contact Francee Fuller, Marketing Manager

610-398-0904

ffuller@barryisett.com

For Membership Information Contact Karen Duerholz at kcduerholz@boyleconstruction.com

Mid Atlantic Real Estate Journal — Pennsylvania — June 8 - 21, 2012 — 15C

www.marejournal.com

PROJECT NEWS Casaccio Architects & GYA Architects merge

New partnership: Casaccio Yu Architects in Havertown

WE MAKE CONSTRUCTION MANAGEMENT LOOK LIKE CHILD’S PLAY

H

AVERTOWN, PA — Casaccio Architects of Havertown and GYA Architects of Philadelphia have turned their frequent collaboration into a permanent partnership. The new practice, Casaccio Yu Architects, based in Havertown, provides architectural design services for academic, religious, corporate, healthcare, senior living, library, civic, and corporate/commercial clients. Principals Lee A. Casaccio, AIA, LEED AP, and George Yu, AIA, lead the Casaccio Yu Architects team of 12 architects, interior designers, and support staff. “Casaccio Yu Architects arose from a blending of minds and hearts, values and vision, and two design practices with a shared appreciation for archi-

Building Sound Relationships&Structures NJ Office: Heights Plaza 777 Terrace Avenue Hasbrouck Heights NJ 07604 PA Office: 8 Tower Bridge 161 Washington Street Conshohocken PA 19428 NY Office: 443 Park Ave South Suite 807 Manhattan NY 10016

201-393-7500 | 484-928-6800 | 212-531-8750 | www.hollistercs.com

Pictured left: Principals Lee A. Casaccio, AIA, LEED AP, and George Yu, AIA tecture that expresses, inspires, and celebrates our clients’ missions,” said Casaccio. “We will

continue to use the motto Mission Driven DesignTM to emphasize our approach.” ■

Keast & Hood recognized at the Preservation Achievement Awards PHILADELPHIA, PA — The Preservation Alliance for Greater Philadelphia presented its annual Preservation Achievement Awards at a luncheon. Keast & Hood Co. provided structural engineering for four projects honored at the event. “Keast & Hood Co. congratulates its clients, teammates, and the other recipients of 2012 Preservation Achievement Awards,” said principal Dean Doukakis, PE. “We appreciate the Preservation Alliance’s annual recognition of excellence in historic preservation, restoration, and community service.” Three projects earned Grand Jury Awards. The Arch Street United Methodist Church Window Restoration project preserved the landmark Center City, Philadelphia sanctuary. Lenfest Hall expanded the Curtis Institute of Music while complementing its his-

toric neighbors. Restoration of the Independence Hall Tower ensures the longevity of a national icon. Grand Jury Awards acknowledged the following teams: The Arch Street United Methodist Church Window Restoration award recognized Atkin Olshin Shade Architects; AEGIS Property Group; Keast & Hood Co.; Masonry Preservation Group, Inc.; Mezalick Design Studio, LLC; Schnabel Conservation LLC; and Sun Precast Co., Inc. The Curtis Institute of Music Lenfest Hall award recognized Ventur, Scott Brown and Associates, Inc.; AthenianRazak LLC; Grenald Waldren Associates; INTECH Construction, Inc.; Joseph Dugan, Inc.; Keast & Hood Co.; Kirkegaard Associates; Marvin Waxman Consulting Engineers, Inc.; Metropolitan Acoustics, LLC; Noble Preservation Services,

Inc.; and Stantec. The Independence Hall Tower award recognized City of Philadelphia Department of Public Property; Bargmann Hendrie + Archetype, Inc.; Alpha Corporation; Avalotis Corporation; Dan Lepore & Sons Company; Daniel J. Keating Company; Elderhorst Bells, Inc.; Independence National Historical Park; Keast & Hood Co.; Kreilick Conservation, LLC; National Park Service Denver Service Center; Schnabel Conservation LLC; Superior Scaffold Services, Inc.; United States Roofing Corporation; and Window Repairs & Restoration, LLC. Also at the event, the 2012 AIA Philadelphia Landmark Building Award recognized the Vanna Venturi House, by architect Robert Venturi, FAIA, Int. FRIBA. Keast & Hood Co. provided original structural design for the classic post-modern house from 1959-1964. ■

www.keasthood.com Philadelphia | Washington

Insightful engineering & exceptional service since 1953.

)aoade ,QsSectLoQs &oQdLtLoQ $ssessmeQts 5eSaLUs 1ew &oQstUXctLoQ 5eQoYatLoQ 3UeseUYatLoQ Mid Atlantic Real Estate Journal Contact: Elaine Fanning 800-584-1062/781-871-5298 Ext. 212 & Consulting EFanning@mareJournal.com

601 Walnut Street, Suite 450W Philadelphia, PA 19106 1350 Connecticut Avenue NW, Suite 412 Washington, DC 20036

215.625.0099 202.223.1941

16C — June 8 - 21, 2012 — Pennsylvania — Mid

Atlantic Real Estate Journal

www.marejournal.com

PEOPLE ON THE MOVE By the Certified Comm’l. Investment Member Institute Over 25 years of experience

Naylor of Mericle Commercial BartonPartners names Koenig as new principal awarded CCIM Designation

W

ILKES-BARRE, PA — Dan Naylor, sales associate with Mericle Commercial Real Estate Services, Wilkes-Barre, has been awarded the Certified Dan Naylor Commercial Investment Member (CCIM) designation by the CCIM Institute. The designation was awarded during the Institute’s spring business meetings April 25 in Kansas City, Missouri. Naylor was among the 141 commercial real estate professionals from 34 states, Canada, and Mexico who earned the designation by passing the Institute’s Comprehensive Examination, the final element in the designa-

tion process. “We’re very proud of Dan and congratulate him on earning his CCIM designation,” said Mericle President Robert K. Mericle. “Becoming a CCIM is one of the highest honors someone in our industry can attain.” The CCIM designation is awarded to commercial real estate professionals upon successful completion of an advanced analytical curriculum and presentation of a portfolio of qualifying industry experience. The curriculum addresses financial analysis, market analysis, user decision analysis and investment analysis – the cornerstones of commercial investment real estate. CCIMs are recognized experts in commercial real estate brokerage, leasing, asset management, valuation, and investment analysis. Naylor joined Mericle in August of 2006. He has suc-

cessfully represented numerous retailers with their expansion plans throughout northeast and central Pennsylvania. He has been involved in the sale of more than $55 million of real estate. He earned his BA in Economics from Dickinson College and is pursuing his MBA in Finance at the University of Scranton. Dan has also served his country as an Infantry platoon leader in Afghanistan where his platoon participated in over 350 combat missions. Naylor’s professional affiliations include: ICSC, the PA/NJ/DE CCIM Chapter, NAR/PAR/Tri-State Commercial and Industrial Association of Realtors, and TCN, an international network of real estate brokers. Dan is also an active member of the Greater Scranton Chamber of Commerce. ■

NORRISTOWN, PA- BartonPartners Architects Planners, Inc. is pleased to announce the addition of Matthew J. Koenig, AIA to our team. Koenig’s diverse experience with hospitality, Matthew J. mixed-use, Koenig and multifamily residential projects over a 25-year career broadens the capabilities of BartonPartners. One specialty of Koenig’s is adaptive reuse having designed over 35 restorations and conversions within ten states. His residential project experience includes multi-family, mixed use, affordable housing, and

custom luxury residences. His proven leadership skills and excellent professional reputation will be a huge asset to Barton’s ongoing pursuit of quality service and results for our clients. Koenig is currently involved in the AIA Philadelphia Chapter and the Carpenter ’s Company of Philadelphia. He serves on the boards of the Center for Architecture, The Building Industry Association of Philadelphia, and is active in several community organizations such as Pennsylvania Housing Alliance, Delaware Indians and other nonprofit groups. Koenig resides in the western Philadelphia suburbs and enjoys spending time with his family and playing golf. ■

Goldfine receives 2012 Joseph M. Manko Lifetime Achievement

Butz Family of Companies ranked No. 273 on the annual Top 400 Contractor list ALLENTOWN, PA — The Butz Family of Companies, which consists of Alvin H. Butz Inc., Alexander Building Construction Co. and Shoemaker Construction Co., has been ranked No. 273 on the annual Top 400 Contractor list published by Engineering News-Record magazine (ENR). Using construction revenue as a means for ranking, the Top 400 list is comprised only of the best and most profitable construction management and general contracting firms. Last year, the Butz Family of Companies was positioned at No. 369 on the list. “It speaks to the strength of the relationships we have with our clients and our esteemed reputation that our firm was able to jump nearly 100 spots in the rankings despite the still sluggish economy,” says Greg Butz, president and CEO of the Butz Family of Companies. The following are only a few

of the many projects that the Butz Family of Companies constructed in 2011: • ArtsQuest Center at SteelStacks. • Amtrak Historic Wilmington Station Renovation. • Gettysburg Hospital – Emergency Department Expansion and Renovation. • State College Area School District – Mount Nittany & Ferguson Elementary School Buildings. • Penn State University Berks Campus - Gaige Technology and Business Innovation Building, LEED Gold Certified. The Butz Family of Companies is currently managing construction projects totaling more than $572 million. Alvin H. Butz Inc. is managing the PNC Field Renovation in Lackawanna County, the Gambet Center for Business and Health Care Education at DeSales University, as well as multiple projects for Lehigh

University and LSI Corporation. Shoemaker Construction Co. is currently managing numerous projects for the Philadelphia Housing Authority. They are also managing the Philadelphia Zoo Parking Garage project as well as renovations to Sheraton Four Points in Philadelphia. Alexander Building Construction Co. is managing projects for Raytheon Corp., Geisinger Health System, WellSpan Health, and multiple projects at Mount Nittany Medical Center. Butz, Alexander and Shoemaker are wholly-owned subsidiaries of Butz Enterprises, Inc., a privately held corporation owned by the Butz family. Through those three operating entities, the Butz Family of Companies offers construction management services in Eastern Pennsylvania, Northern Delaware, New Jersey, New York and Maryland. ■

R.A. Smith National welcomes Bauer as a survey technician TARENTUM, PA — Jonathan Bauer has joined the Tarentum (Pittsburgh) office of R.A. Smith National — civil engineering, surveying, landscape architecture, geographic information systems (GIS) and 3D visualization

consultants — as a survey technician. Bauer has more than seven years of experience in the land surveying profession. He is experienced in all aspects of surveying including topographic, ALTA and

boundary surveys, construction layout and monumentation. He has an associate’s degree in forest recreation from Paul Smith’s College, Paul Smith, New York. Bauer lives in Pittsburgh, Pennsylvania. ■

Pictured left: Norah Goldfine receiving The 2012 Joesph M. Manko Lifetime Achievement Award from Joesh M. Manko, founding partner of Manko, Gold, Katcher & Fox, LLP, (MGKF) PHILADELPHIA, PA — The 2012 Joseph M. Manko Lifetime Achievement Award was presented to Norah Goldfine, co-founder of the Lower Merion Conservancy’s StreamWatch, on May 8 at The “Go for the Green” Awards Ceremony. It was held at the beautiful Appleford estate in Villanova by The Lower Merion Township Environmental Advisory Council (EAC). The “Go for the Green” awards were created to

encourage sensitivity to the environment and to recognize the efforts of those who are working to make Lower Merion Township a better place for future generations. The Joseph M. Manko Lifetime Achievement Award was created in 2008 to recognize an individual or group who makes a long-term, significant impact on environmental issues such as improvement, protection and awareness of the environment. ■

K&W Engineers hires Sheffield HARRISBURG, PA — K&W Engineers and Consultants, located in Dauphin County, recently hired Kimberly Sheffield, as a receptionist in the Harrisburg office. She has a Bachelors degree Kimberly Sheffield in Business and Deaf Studies

from the Rochester Institute of Technology and is fluent in American Sign Language. K&W Engineers and Consultants specializes in providing civil engineering and consulting services that include land development / site design, traffic / transportation, municipal engineering, comprehensive watershed management, water / wastewater design, environmental permitting, landscape architecture and survey. ■

Mid Atlantic Real Estate Journal — Pennsylvania — June 8 - 21, 2012 — Inside Back Cover C

www.marejournal.com

Industrial Availables in Northeastern Pennsylvania

WILKES-BARRE This property can serve the ScrantonWilkes-Barre Metropolitan area and the developing Marcellus Shale regions. t 8.72 Acres t 3 Phase 1200 AMP t Sprinkler - Warehouse Lease/Sale Options t Purchase the entire property (47,000SF) with a triple net lease back to the owner for sections one (6,250SF) and two (11,450SF). t Purchase section three (29,300) as a two unit condominium t Lease section three. (29,300SF)

SUSQUEHANNA t 200 acres t 54,000+Sq. Ft. of industrial space t Mineral appraisal shows reserves of 64,444,444 tons on 100 acres. t Dimensional blue stone quarry – approximately 800’ thick t Aggregate alone - 500,000 ton already extracted

t Dimensional blue stone quarry – approximately 800’ thick t Gas lease for proposed gas head and 3 gas wells (to be sold with real estate) t Equipment (can be sold with quarry)

HAZLETON

HAZLETON

For Sale or Lease

For Lease

69,000 SF. 15,000 SF office (11,000 SF on first floor, 4,000 SF on second floor. 64,000 SF single story space. Possibly convert to all office/flex. Tailgate & drive in loading. Divisible to 29,000 SF. Power distrubuted throughout. 5+ acres. Excellent access to I-81 and Route 309

5,000 SF building. 1,200 SF office. 18’ clear ceiling heights. Tailgate and drive in loading. 400 amp, 3 phase electric. Excellent access to I-81 and Route 309

Hinerfeld Commercial Real Estate

570-207-4100 www.HinerfeldCommercial.com

C Back Cover — June 8 - 21, 2012 — Pennsylvania — Mid

Atlantic Real Estate Journal

www.marejournal.com

CenterPoint Commerce and Trade Park is a remarkable success story. Since just 2006, Mericle has developed 19 buildings in the park that today house 30 companies and 3,000 jobs. Now we are constructing our 20th building on one of the most visible sites in CenterPoint. Our new 120,000 square foot ex building on Keystone Avenue will be ready for industrial, oďŹƒce, and medical tenants this summer and can be subdivided in 12,000 square foot sections. Whether you need a few thousand square feet to get you started or hundreds of thousands of square feet to keep you growing, please call Mericle at 570.823.1100. We’ll have a space that works for you.

Click tKe YouTube loJo on Mericle s KoPe SaJe to view videos oI soPe oI our availaEle SroSerties.

1104 North Park Drive

400-450 CenterPoint Boulevard

320-330 Stewart Road

Bob Besecker t Jim Hilsher Bill Jones t Dan Walsh

1104 North Park Drive Humboldt Industrial Park Hazle Township, PA

1200 E. Lackawanna Avenue Mid Valley Industrial Park Olyphant, PA

‡ 10 000 6) on 1.03 acres ‡ ([SandaEle to 1 000 6) ‡ 3 ¡ to 37¡ ceilinJs ‡ loadinJ doors ‡ 1 drive in door ‡ 5ail availaEle ‡ Close to , 81 and , 80 ‡ 7a[es aEated tKrouJK 017

‡ 3 11 6) e[SandaEle

‡ Can Ee suEdivided ‡ 38. acres ‡ 0¡ Âľ ceilinJs ‡ (6)5 Ă€re Srotection ‡ $PSle trailer storaJe ‡ 0 cross dock loadinJ doors ‡ Near , 81 , 380 and , 8

1200 East Lackawanna Avenue

400-450 CenterPoint Boulevard CenterPoint East Jenkins Township, PA

345 Enterprise Way (Parcel 7A) CenterPoint West Pittston Township, PA

‡ 00 6) to 1 8 00 6) ‡ 33¡ to 3 ¡7Âľ ceilinJs ‡ loadinJ doors ‡ 1 drive in door ‡ (6)5 Ă€re Srotection ‡ 7 Eay liJKtinJ ‡ Near , 81 and , 7 ‡ 7a[ aEatePent

‡ 7 6) to 81 037 6) ‡ 30¡ to 33¡ ceilinJs ‡ 7 Eay liJKtinJ ‡ 7a[ aEatePent ‡ /arJe SarkinJ areas ‡ :et sSrinkler ‡ 1 loadinJ doors ‡ Near , 81 and , 7

345 Enterprise Way

320-330 Stewart Road Hanover Industrial Estates Hanover Township, PA

61 Green Mountain Road Humboldt Industrial Park East Union Township, PA

‡ 108 000 6) e[SandaEle

‡ 30¡ to 3 ¡11Âľ ceilinJs ‡ loadinJ doors ‡ 1 drive in door ‡ 5ackinJ conveyer ‡ (6)5 Ă€re Srotection ‡ Pinutes IroP , 81 ‡ /arJe SarkinJ areas

‡ ‡ ‡ ‡ ‡

61 Green Mountain Road

08 00 6) availaEle ([SandaEle to 8 00 6) 30¡ Âľ to 3 ¡ Âľ ceilinJs $Eundant SarkinJ 7a[es aEated tKrouJK 017 ‡ Close to , 81 and , 80 ‡ 3 cross dock loadinJ doors

Developing Pennsylvania’s I-81 Corridor for 27 Years.

Development Division:

570.823.1100

Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.