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REAL ESTATE JOURNAL Vol. 23, Issue 1

Inside:

January 14 - 27, 2011

the most comprehensive source for commercial real estate news

New Jersey

Sections

Mid Atlantic .......................................................Section A New Jersey ........................................................ Section B Pennsylvania ................................................... Section C Green Awareness .......................................... Section D

Spotlights / Features Financial Digest ....................................................... 3-6A Sales & Leases ................................................................6A Auction Directory ........................................................ 11A People on the Move....................................................12A

Sturbridge Commons The Kislak Company, Inc. recently completed the $5,817,500 sale of five apartment, mixed-use, and office properties in the Borough of Westwood. ................................................................................................................FC-B

Pennsylvania

Bill Board Classifieds ...............................................13A Calendar of Events......................................................14A Business Card Directory .........................................15A Tri-State REALTORS Commercial Alliance ...16-IBC-A Southern New Jersey............................................. 7-11B Eastern Pennsylvania ..................................................5-12C

Columnist Ross Moore.......................................................................2A

Index Advertisers Directory .................................................2A

Next Issue

Randall McCombs, SIOR, and Michael Sell of Grant Street Associates Investment Services Group have brokered the $4.4 million sale of the Verizon Building, in Pittsburgh ......................................................................FC-C

Green Awareness

January 28, 2011 • Mid Atlantic

• DELMARVA featuring Delaware • Shopping Centers featuring Mid Atlantic ICSC Exchange • Contractors, Owners & Managers featuring Building Services & Suppliers • Economic Development 4 sections, 76 pages

Hartz Mountain Industries turned on three new solar systems in Secaucus, NJ. The company’s successful implementation of changes in its daily practices to save energy and reduce its carbon footprint............ ..........FC-D


A Inside Cover — January 14 - 27, 2011 — Mid

Atlantic Real Estate Journal

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Mid Atlantic Real Estate Journal — January 14 - 27, 2011 — 1A

$83,000,000 RENTAR PLAZA MIDDLE VILLAGE, NY A 1,567,208 square foot mixed use retail, ofÄce and industrial/warehouse facility

The undersigned arranged Äxed rate Änancing Mark Niman

REAL ESTATE FINANCING

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


2A — January 14 - 27, 2011 — Mid

MAREJ

Atlantic Real Estate Journal

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Mid Atlantic Real Estate Journal

ADVERTISERS DIRECTORY

Altoona Blair County ............................................... 2C ARM-Capacity ........................................................ 10A Barry Issett & Associates ...................................... 13C Brasler ................................................................... IC-C

By Ross Moore

Business Card Directory ........................................ 17A Bussle Realty Corp................................................ IC-B CBC Bennett Williams............................................. 2C

“What Will Commercial Real Estate Capital Markets Look Like in 2011?”

Columbia Bank......................................................... 5A Commercial Mortgage Capital .............................. 13B Cooper-Horowitz ...................................................... 1A CREW Philadelphia ............................................... 11C Croot Realtors ........................................................ 13A Doo Consulting ......................................................... 6D Equilibrium Equities ............................................. 13A Expert Publishers ................................................. IC-A Fred Coldwell ........................................................... 2A Gilbeaux Associates, P.C. ......................................... 2D Greystone/IDC .......................................................... 6C Hess Energy ............................................................. 3D High Associates ........................................................ 4C Hinerfeld Commercial Real Estate ....................... 13A Hinerfeld................................................................... 3C Hurley Auctions ......................................................11A IREM ...................................................................... 12B Kaplin Stewart ....................................................... 10A Katz Properties ................................................13A, 1C Lunar Electrical Contractor .................................... 4A M. Miller & Son ...................................................... 10A Marcus & Millichap ................................................. 7C Marshall Real Estate Auctions...............................11A Max Spann Real Estate & Auction ........................11A Mericle ..................................................................BC-C Meridian Capital ...................................................... 4A NAI Emory Hill ...................................................... 11B NorthMarq.............................................................. 12C Onorati Construction ............................................... 7A PENN’S NE .............................................................. 4C Pfister Energy .......................................................... 5D Poskanzer Skott Architects ..................................... 5B RT Environmental ................................................... 5C SEBCO Laundry Systems ....................................... 2B Sheldon Gross Realty ............................................... 5B SK Advertising ......................................................... 7A Sterl Kitchen Company ........................................... 4D Subway Development ............................................ 13A Sun Farm Network .................................................. 1D The Kislak Company ............................................... 6B Tranzon Auction ......................................................11A TriState REALTORS Commercial Alliance .......IBC-A Valcourt Building Services ...................................... 9B

To advertise, call 1-800-584-1062

S

igns of Improvement Should Drive More Sales in 2011 With total investment volume for 2010 set to register $100 billion, all the elements are in place for investment sales to increase further in 2011. Although still far below peak 2007 levels of $514 billion, 2010 transaction volume represents a near doubling over 2009. For 2011, all the ingredients are in place for investment sales to increase further, rising at least 20%. A combination of strengthening leasing fundamentals, further improvement in credit markets and still low borrowing rates should result in more offerings and a gradual uptick in values. Demand for hard assets, and in particular those that are income producing, is expected to be exceptionally strong from all types of investors. But what about pricing? As the chart below shows, after the recent peak in 2009 cap rates have been trending down for most of 2010, supporting prices and demonstrating how investors have been aggressively bidding up prices in anticipation of improving fundamentals. The latest Moody’s Commercial Property Price index shows a more mixed picture with prices up just 0.3% over the past 12 months, but the trend clearly shows the free-fall in prices from late 2007 through until early 2009 is now over. Looking forward to 2011, capitalization rates are expected to continue

Mid Atlantic REAL ESTATE JOURNAL Publisher ............................................................................Linda Christman Co-Publisher .........................................................................Joe Christman Associate Publisher ...........................................................Dianna Mallozzi Associate Publisher ............................................................ Elaine Fanning Senior Editor/Graphic Artist ................................................ Karen Vachon Office Manager ...................................................................Joanne Gavaza Editorial Consultant ............................................................. Ben Summers Guest Columnists .................................Ross Moore, Colliers International Contributing Columnists ............................................. Bruce J. Coin, U.S. Realty Capital, LLC; Barry A. Furman, Esq., Kaplin Stewart; Mike Oliva and Harry Kickey, The ALS Group; Anthony Collura and Dave Seibel, CRS and Joseph A. Grabas, CTP Mid Atlantic REAL ESTATE JOURNAL ~ Published 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: Mid Atlantic Real Estate Journal, P.O. Box 26, Accord, MA 02018 USPS #22-358 | Vol. 23 Issue 1 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

their downward march but the possibility of rising borrowing costs is a distinct possibility and could act as a substantial headwind. In just the last month, the yield on 10-year Treasury notes has increased a full percentage point to register 3.50%. Our view is Treasury rates could continue to climb, possibly reaching 4.00% but this should be viewed as a sign that the economy is getting stronger, not a return of inflation, or at least not a sign that inflation will return anytime soon. Higher Treasury rates will put upward pressure on interest rates but spreads could also narrow helping to cushion the upward move in Treasury yields. 2011 could see a fair amount of distressed real estate come to the market After very little distressed real estate coming to the market, a combination of factors including regulators, price discovery, more liquid markets and the legal and fiduciary issues associated with distressed properties, the market should begin to see a fairly large

amount of impaired real estate placed on the market. Distressed sales for much of 2010 accounted for less than 10% of total sales, but recent data shows troubled real estate assets now make up 15% of total transactions and by early 2011 distressed sales could account for as much as 20-25% of total sales. With the banking sector showing signs of stabilizing, the “extend and pretend” phenomenon is expected to taper off. Failed banks are still a concern for regulators, but 2010 failures are not expected to top 160, representing just a 14% increase over 2009. Commercial real estate could find itself in the sweet spot in 2011 Investors are migrating to hard assets and also seeking a hedge against inflation. Investors should be very encouraged by fundamentals that are sure to get better in both the short and medium term. The economy and labor markets appear set to improve in 2011. If long term interest rates do rise significantly above 4.00%, and continued on page 7A


MID ATLANTIC REAL ESTATE JOURNAL

FINANCIAL DIGEST FEATURING TAX ISSUES MAREjournal.com

Mid Atlantic Real Estate Journal — January 14 - 27, 2011 — 3A

Pittsburgh office closes $25 million sale of apartments

Meridian Capital Group originates loan

HFF arranges $31.5 million refinancing for Court Plaza

Beech Street arranges $37.5m for apartments

H

ACKENSACK, NJ — The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged a $31.5 million refinancing for Court Plaza North & South, a 325,197 s/f, class A office complex. HFF senior managing director Thomas Didio and associate director Michael Lachs represented the borrower, Alfred Sanzari Enterprises. John Hancock Real Estate Finance provided the 10-year, fixed-rate loan that refinanced the existing mortgage on the property. “Court Plaza North & South is the highest quality ‘Class A’ office building located within walking distance of the courthouse and government facilities as evidenced by its exceptional tenant roster. The property is extremely well maintained and provides tenants with an exceptional amenity package,” said Didio. “We are pleased to have provided the financing for the Sanzari Family on this quality asset. John Hancock provided the borrower with a loan that featured an interest rate lock at application and that met the borrower’s business plan for the asset,” added Didio. MONROEVILLE, PA — The Pittsburgh office of HFF has closed the sale of Eagle Ridge Apartments, a 352-unit, luxury multi-housing community. HFF executive managing director Gerard Sansosti and managing director Mark Popovich led the investment sales team on behalf of the seller, Abacus Capital Group LLC. ER Partners, LP, an affiliate of Ringham Corporation, purchased the property for $25 million and assumed existing financing. HFF also arranged the sale and financing of Eagle Ridge Apartments in 2007 to Abacus Capital Group LLC on behalf of Sentinel Real Estate Corporation for $20.7 million. Situated on 45 acres overlooking Parkway East (Interstate 376), Eagle Ridge Apartments is located at 1500 Eagle Ridge Drive in Monroeville, close to the UPMC hospital

BROOKLYN, NY — Beech Street Capital, LLC provided a $37.5 million Fannie Mae DUS loan for the refinance of Castle Braid Apartments. The transaction was originated by Meridian Capital Group, LLC and was financed by Beech Street Capital as part of its correspondent relationship with Meridian. The five-story, mid-rise property contains 144 residential and six commercial units, in-

cluding a café and recording studio. Recently built in 2009, Castle Braid’s amenities include a roof deck with a view of the Manhattan skyline as well as Juliette balconies and private patios. The fixed rate loan was a term of ten years, with 9.5 years of yield maintenance. The loan has a 30-year amortization, with two years interest only, payable on an actual/360 basis. ■

Deerwood Real Estate Capital arranges over $33m in PA loans Court Plaza North & South

Court Plaza North & South opening in 2012, the PennsylHFF senior managing divania Turnpike and downtown rectors Andrew Scandalios Pittsburgh. The 94% leased and Jose Cruz along with property has 13 residential directors Jeffrey Julien and buildings with one- and two- Kevin O’Hearn represented bedroom units averaging 911 the buyer, Jackson Developsquare feet each. Community ment, LLC, who purchased the amenities include a clubhouse, site for $18.7 million free and business center, fitness center, clear of debt. “Currently in New York City, car wash center, two heated we are seeing a historic lack pools and two tennis courts. “Eagle Ridge Apartments of new construction; only 0.8 has a truly irreplaceable in percent of supply this decade, fill location. No apartments which points to excellent rent have been built in the submar- and sale price appreciation ket since 1990 and there are over the short to mid-term for no new properties presently projects like the 37th Street deplanned or under construc- velopment,” said Scandalios. “The Clinton/Hell’s Kitchen tion,” said Sansosti. NEW YORK, NY — The New area is one of the fastest growYork and New Jersey offices of ing residential neighborhoods HFF closed the sale of a resi- in New York City and this was dential development site on an outstanding opportunity to 37th Street between 9th and develop a prime site in Hudson 10th Avenues in Manhattan’s Yards, which is fast becoming Clinton/Hell’s Kitchen neigh- a popular, vibrant mixed-use neighborhood,” added Cruz. ■ borhood.

NORTH WALES, PA — Deerwood Real Estate Capital, a commercial mortgage brokerage and advisory firm, recently secured $18.35 million in financing for Montgomery Commons, a 199,938 s/f shopping center in North Wales. Abe Katz and Mark Silbersher negotiated the loan, which benefited from a 10year term at 80% LTV. The property is anchored by supermarket chain, Redner’s Warehouse Market. A second loan was negotiated in the amount of $9.43 million for Richland Plaza, another shopping center anchored by Redner ’s Warehouse Market. Located in Quakertown, PA, the 206,000

s/f property also houses The Bon Ton and Ollie’s Bargain Outlet. Meyer Perlman arranged the loan to finance a purchase, securing a 10-year loan with the interest rate to reset after five years. Perlman also arranged $3.7 million in financing for four three-story multifamily buildings totaling 52 units on Walnut Street in Philadelphia. The loan featured a 5-year term and 75% LTV. Also secured was a loan for Adams Plaza, a 42,000 s/f shopping center in Philadelphia. Igor Goldenberg arranged $1.9 million in financing for a 20-year self-liquidating, non-recourse loan through a savings bank. ■

Marcus & Millichap Capital Corp. positions $4.25 million loan in NJ WOODBRIDGE, NJ — Marcus & Millichap Capital Corporation (MMCC) has arranged $4.25 million in refinancing for a 14,917 s/f shopping center. Joshua Lipsey and Michael Chavkin, commercial loan associates in the firm’s New Jersey office, arranged the loan. “The refinance was a takeout of a first mortgage and construction loan,” said Lipsey. “The existing lender did not honor the initial loan terms regarding the rollover permanent financing and also tied up $500,000 in a non-interest bearing account. The borrower wanted long-term permanent financ-

ing so the 20-year, self-liquidating loan fit perfectly into this investment strategy, “adds Lipsey. The loan is fixed for 20 years at an interest rate of 6.10 percent. The LTV is 70 percent. “The demand for longterm money from our clients is very common,” Lipsey continues. “However, most portfolio lenders are not willing to extend past seven years. For this loan, we leveraged MMCC’s relationship with the lender to provide the client with exceptional terms including long-term money, burn-off recourse and a higher-than-market LTV,” he concludes. ■


4A — January 14 - 27, 2011 — Finacial Digest — Mid

Atlantic Real Estate Journal

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MAREJ FINACIAL DIGEST

Attention!!!

By Bruce J. Coin, U.S. Realty Capital, LLC

If you would like to submit articles or news to appear in the Mid Atlantic Real Estate Journal’s Creative Financing Spotlight, please contact: Deadline: January 28, 2011 Issue Date: February 11, 2011

Dianna Mallozzi, Publisher 800-584-1062/781-871-5298 or email Dianna at: dmallozzi@marejournal.com

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The Current Commercial Mortgage Market

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Happy New Year to all and it should be as economic signposts are moving in a positive direction: • November New Home Sales were up by 5 percent. • Durable Goods Orders Bruce J. Coin were up by about 2.4 percent. • Private businesses are spending on capital goods • A University of Michigan/Reuters study, based on third quarter results, indicated that consumer confidence increased. • The November Consumer Price Index rose 0.1 percent excluding food and energy costs. • Disposable Personal Income was up about 0.3 percent. • The third quarter’s GDP growth rate was about 2.6 percent and higher than the government’s 2.5 percent prediction for the quarter. • Fourth quarter GDP could be 3.0 percent or higher. • Holiday Retail Sales were up substantially over last year • New unemployment claims declined

• The mortgage benchmark 10 year U.S. Treasury rate appears to have stabilized somewhat during the last three weeks of December hovering in the range of 3.32 percent to 3.41 percent. • The Bush Administration tax cuts were extended including jobless benefits and a Social Security payroll tax cut. • The Mortgage Bankers Association’s Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations for the third quarter confirmed that commercial and multifamily mortgage originations were 32 percent higher than during the same period last year and 15 percent higher than during the second quarterâ€?. • The unemployment factor while vacillating nominally is currently 9.8 percent and expected to decline during 2011. • Fed Chairman Bernanke, in a December interview on CBS’s “60 Minutesâ€?, reiterated that the “Fedâ€? is prepared to buy more than $600 billion in Treasury bonds over the next eight months should it decide the economy needs the fuel of even lower interest rates. In addition he commented that:â€? the risk of inflation is overblownâ€?

and that he is 100 percent confident that the Fed will be able to ward off inflation, when the time is right. Despite all the positive information there are some disturbing concerns and isn’t that always true? This year’s lowest ten year treasury rate of 2.35 percent occurred on October 8th. Since then it has increased by 45 percent to 3.41 percent with residential and other mortgage rates following. While appearing to be tied to the Fed’s November 3rd announcement of its $600 billion QE II program, the increases have really been attributed to actions of worldwide investors divesting themselves of bonds issued by countries with suspect financial positions and to the reallocation of large global indexed funds moving into other investments such as gold and precious metals. In a little publicized but major move on November 23rd, the SEC INDEFINITELY extended the initial six month “expertization� waiver Chair Mary Schapiro granted to the rating agencies the day after the President signed the Dodd Frank continued on page 5A


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Mid Atlantic Real Estate Journal — January 14 - 27, 2011 — 5A

TAX ISSUES By Barry A. Furman, Esq., Kaplin Stewart

Taxation of canceled real property indebtedness n this economic downturn, many developers borrowed substantial debt to finance projects that commenced during the real estate boom. Many of these projects have been stalled. As a result, numerous de- Barry A. Furman velopers have been unable to meet their debt obligations. In many cases, developers have been saddled with properties worth less than the mortgage indebtedness. Some lenders have been working with developers to restructure debt and in some instances cancel debt. Such cancellation of debt can leave developers with unintended tax consequences. Generally, if you are indebted to someone and they cancel that debt in full or in part, you are treated as having income and you may have to pay tax on this

I

income. In the case of developers, this income is treated as ordinary. You can, however, elect to exclude canceled “qualified real property indebtedness” from income. “Qualified real property indebtedness” is, generally, debt that meets all of the following conditions: (i) it was incurred or assumed in connection with real property used in a trade or business; (ii) it is secured by real property; (iii) it was incurred or assumed after 1992, if the debt is either qualified acquisition indebtedness, defined below, or debt incurred to refinance

real property business debt incurred or assumed before 1993, but only to the extent that the amount of such debt does not exceed the amount of debt being refinanced; and (iv) you elect to apply these rules by filing Form 982 with your federal income tax return. “Qualified acquisition indebtedness” is either (i) debt incurred or assumed to acquire, construct reconstruct, or substantially improve real property that is used in a trade or business and secures the debt, or (ii) debt resulting from the refinancing of qualified acquisi-

tion indebtedness, to the extent that the amount of the debt does not exceed the amount of the debt being refinanced. The amount of debt you can exclude from income is limited to the excess, if any, of the outstanding principal amount of the qualified real property business indebtedness immediately before the cancellation, over the fair market value, immediately before the cancellation of a mortgage securing the debt, reduced by the outstanding principal amount of any other qualified real property business debt secured by that property

immediately before the cancellation. In addition to this limit, the amount of canceled qualified real property business debt you can exclude from income cannot exceed the total adjusted bases of depreciable property you held immediately before the cancellation of the qualified real property business indebtedness, other than depreciable real property acquired in contemplation of the cancellation. In figuring this overall limit, you use the adjusted basis of property after any reduction in continued from page 10A

Count On The Business Bank Of New Jersey

By Bruce J. Coin continued from page 4A Act. The Act was designed to “rein in” the rating agencies by removing a previous exemption to the 1933 Securities Act that allowed them to escape law suits for improper ratings. The waiver was initially granted because the rating instantly sent notice that they would not allow their ratings to be published on new registered securities issues. It was due to expire on January 24th. Their action, indicating that they were not willing to be subjected to suit for their ratings, shut down the market the multi-billion dollar registered securities market. The waiver permitted the market to function enabling pending issues to proceed to market while allowing time for a solution to be found whereby the rating agencies would be held responsible for their ratings as intended by Dodd Frank. No solution has been negotiated and for now, if not longer, the SEC’s action has totally negated one very important attempt by the Dodd Frank to rein in the rating agencies. Will this and other significant aspects of the Dodd Frank continue to be watered down? What happens during 2011 will answer that. Let’s hope that it’s a Happy New Year for all. Bruce J. Coin is senior managing director of U.S. Realty Capital, LLC. ■

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6A — January 14 - 27, 2011 — Mid

Atlantic Real Estate Journal

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MAREJ MONTHLY SALES AND LEASE REPORT As Reported In The Mid-Atlantic REAL ESTATE JOURNAL ~ DECEMBER 10, 2010 JANUARY 13, 2011 SELLER/ OWNER/ LESSOR

REP. OF SELLER/ LESSOR

BUYER/ TENANT/ LESSEE

REP. OF TENANT/ BUYER

PROPERTY NAME

ADDRESS

Dillerville Square

Lancaster, PA

Cynthia Liu

LMS Commercial RE

MVP Sports & Games

LMS Commercial RE

1,400 s/f

Retail

L

Giant Commons

Leola, PA

Smith Land & Improve.

LMS Commercial RE

Hoang Doa

LMS Commercial RE

1,200 s/f

Retail

L

503 Rohrerstown Road

Lancaster, PA

IDA’s Property

LMS Commercial RE

Smart World Connections

LMS Commercial RE

850 s/f

Retail

L

Queensgate Towne Ctr

York, PA

Queensgate Partners, LP LMS Commercial RE

Uncommon Threads

LMS Commercial RE

950 s/f

Retail

L

LMS Commercial RE

Strasburg Square

Strasburg, PA

Strasburg Square Props LMS Commercial RE

Fulton Bank

Columbia Shopping Ctr

Columbia, PA

Plaza K Realty

Lancaster Medical Group

South Hanover SC

Hanover, PA

LMS Commercial RE

PRICE

SIZE

DESC.

S/L

PG

2,200 s/f

Retail

L

4,731 s/f

Retail

L

South Hanover Ptrs, LP LMS Commercial RE

Community Aid

LMS Commercial RE

32,755 s/f

Retail

L

Mack-Cali

CB Richard Ellis

TMP Worldwide

CB Richard Ellis

37,404 s/f

Off

L

4A

MADISONVILLE, TN —

Marcus & Millichap

Marcus & Millichap

$1.05m

1,788 s/f

S

7A

779 Eves Dr.

Hillsborough, NJ

$3.2 million

168-unit

Apt

S

FC-B

21 Auburn St. and 34-36 12th Ave.

Paterson, NJ

CBRE

CBRE

Apt

S

FC-B

combined above

Apt

S

FC-B

308 Harper Dr.

Moorestown, NJ

Brandywine Realty Trust —

Sherman, Silverstein, Kohl, Rose & Podolsky, P.A.

Markeim-Chalmers

14,000 s/f

Off

L

5B

312 Salina Rd.

Sewel, NJ

Markeim-Chalmers

Markeim-Chalmers

$850k

Retail

S

5B

Evergreen Plaza

Lumberton, NJ

Great Value Thrift

Markeim-Chalmers

15,000 s/f

Retail

L

5B

158 Gaither Dr.

Mount Laurel, NJ

Gateway Park

Canon Financial Services

Markeim-Chalmers

50,000 s/f

Off

L

5B

Harbor Pavilions

Sewel, NJ

5B

125 Broad St.

Manhattan, NY

Krystal

Four Parcels

Markeim-Chalmers

Dr. Kehua Li, M.D.

Markeim-Chalmers

$750k

5,000 s/f

medical/off

S

904 N. Black Horse Pike Runnemede, NJ

Markeim-Chalmers

Swets

13,000 s/f

off/flex

L

5B

Trenton, NJ

Community Redev. Group

Markeim-Chalmers

$675k

8,010 s/f

Retail

S

5B

5400 Rte. 42

Turnersville, NJ

Markeim-Chalmers

$675k

6,500 s/f

Retail

S

5B

201 Erie St

Camden, NJ

Capitol Interior Products.

NAI Mertz

38,400 s/f

Whse

L

5B

26 E. Fleming Pike

Camden, NJ

Ojserkis Family Props

Roddy

Painter’s District Council 711

$1m

24,000 s/f

Ind

S

6B

Morris Crossing

Morristown, NJ

Hartz Mountain Inds

CBRE

123-unit

Apt

S

10B

Union Street

Jersey City, NJ

Marcus & Millichap

$1.165m

21-unit

Apt

S

10B

United Yarn

Wayne, NJ

The United Yarn Co.

NAI Hanson

Krowne Metal

NAI Hanson

39,000 s/f

Off/Whse

S

11B

ProLogis Park

Easton, PA

ProLogis

Walgreens

510,000 s/f

Ind

L

FC-C

1101-1105 Union Blvd.

Allentown, PA

The Frederick Group

The Frederick Group

$770k

18,000 s/f

off/retail

S

FC-C

Media Townhomes

Media, PA

Marcus & Millichap

Marcus & Millichap

$1.397m

12-unit

TwnHome

S

3C

Street Road Plaza

Bensalem, PA

Emmes Asset Mgmt

Metro Comm’l.

Dollar Tree

11,360 s/f

Retail

L

3C

Street Road Plaza

Bensalem, PA

Emmes Asset Mgmt

Metro Comm’l.

Goodwill Store

13,640 s/f

Retail

L

3C

1535 Chestnut St.

Philadelphia, PA

Brahin Properties

The Children’s Pl.

Metro Comm’l.

4,560 s/f

Retail

L

3C

311 Sinclair St.

Bristol, PA

Bucks IP

Maguire & Partners

AMS

The Flynn Co.

40,500 s/f

L

4C

Findlay Center

Pittsburgh, PA

RIDC

Advantech

CresaPartners

21,709 s/f

L

4C

Willow St.

York, PA

Metro Bank

ROCK

738 West Market St., LLC

ROCK

$158k

3-acres

Land

S

5C

257 North Duke St

York, PA

ROCK

Comfort Home

3,264 s/f

Ind

L

5C

127 West Market St.

York, PA

ROCK

Talbert Management

ROCK

1,016 s/f

Off

L

5C

11 East Market St.

York, PA

ROCK

Kope & Associates

ROCK

290 s/f

Off

L

5C

1336 Spahn Ave

York, PA

ROCK

YORK Cab

ROCK

2,278 s/f

Ind.

L

5C

CODO 241

York, PA

ROCK

Lotus Moon York

ROCK

1,255 s/f

Retail

L

5C

895 West Broadway

Red Lion, PA

ROCK

Keystone Baptist Church

ROCK

5,832 s/f

L

5C

950 Square St.

Mount Joy, PA

The Four Buoys

NAI Commercial Ptrs

Trinity Alloys.

Century 21

47,000 s/f

Ind

L

8C

Mill Creek Sq.

East Lancaster, PA

MCS-Lancaster DE

High Assocs

NIBOR Partners

NAI Commercial Ptrs

1.75-acre

Land

L

8C

2126 Columbia Ave.

East Lancaster, PA

M & A Seminara

Lancaster RE

Walter Properties

NAI Commercial Ptrs

3,542 s/f

Comm’l.

S

8C

140 - 150 Jalyn Dr.

New Holland, PA

S & S Esh

U.S. Comm’l. Realty

NAI Commercial Ptrs

10,000 s/f

Ind

L

8C

100 Sterling Parkway

Mechanicsburg, PA

114 Associates

Landmark & Grubb & Ellis Gallagher Bassett Svcs

17,000 s/f

Off

L

10C

2810 Paxton St.

Harrisburg, PA

Landmark

Ducks Auto

NAI CIR

4,200 s/f

Retail

L

10C 10C

23 N. 3rd St.

Harrisburg, PA

Landmark

Kumba Saho

Brokers Realty

Retail

L

265 Sipe Rd

York Haven, PA

Matthew Sentman

Bath Fitters

Landmark

2,000 s/f

Storage

L

10C

Mountainview Village

New Bloomfield, PA

Triple Crown Corp

Landmark

Horning Farm Agency

78 pad

S

10C

Lower Allen SC

Camp Hill, PA

Landmark

The Offices of H. P. O’Planick

Landmark

Off

L

10C

5401 Locust Lane

Harrisburg, PA

Community Alliance Church Landmark

Nadia Pizzola

Howard Hanna RE

1,800 s/f

Comm’l.

S

10C

5137 Devonshire Rd

Harrisburg, PA

Detweiler Enterprises

Randall Q. Keller

Off

L

10C

810 Sir Thomas Court

Harrisburg, PA

Waterford Med Partners CAMPBELL

Pinnacle Health Medical

medical

L

11C

810 Sir Thomas Court

Harrisburg, PA

Waterford Med Partners CAMPBELL

Ptrs in Women’s Healthcare

medical

L

11C

Heather Hill Apartments

Temple Hills, MD

Tarragon Corp

TDG & AG

$38m

459-unit

Apt

S

5A

Landmark

Marcus & Millichap

Hickory Ridge Dist. Ctr

BALTIMORE, MD

ProLogis

Saks Inc

471,000 s/f

Dist

L

5A

Tuckernuck Square

Richmond, VA

Centro Props. Grp.

Centro Props. Grp.

Tindahan

1,400 s/f

Retail

L

7A

Avion Bussiness Pk

Fairfax County, VA

8381 Old Courthouse Rd. Vienna, PA Avion Bussiness Pk

Advance Realty

10,000 s/f

Off

L

7A

Advance Realty

1,579 s/f

Off

L

7A

Fairfax County, VA

Advance Realty

CBRE

Intersections Inc.

CBRE

10,037 s/f

Off

L

7A

8381 Old Courthouse Rd. Fairfax County, VA

Advance Realty

CBRE

JC Decaux Airport

1,579 s/f

L

7A

Gold Crest SC

Midlothian, VA

AT&T

Rosenthal Realty

4,500 s/f

Retail

L

7A

Abingdon House

Arlington, Va

The Brick Cos

Grubb & Ellis

JAIR LYNCH & MacFarlane

82-unit

Apt

S

7A

12215 Plum Orchard Dr

Washington, D.C.

Tech Hill Joma

McShea & Co

3M

66,456 s/f

L

7A

5005 – 5011 Bass Pl SE Washington, D.C.

Marcus & Millichap

$1.5m

32-unit

Apt

S

8A

Centre at Golden Ring

Marcus & Millichap

Marcus & Millichap

$4.5 m

Retail

S

FC-B

East Gate Square

MOORESTOWN, NJ Berwind Property Group Metro Comm’l.

Jewelbilee

8,738 s/f

Retail

L

2B

310 Union Ave.

RUTHERFORD, NJ

Union Ave Rutherford

The Goldstein Grp.

J.S. Rutherford

The Goldstein Grp.

25,000 s/f

Retail

L

4B

Mill Creek Square

Lancaster, PA

High RE Grp.

Red Robin

6,184 s/f

Retail

L

4B

Marple Crossroads

Springfield, PA

Blank Aschkenasy Props Fameco

Burlington Coat Factory

68,544 s/f

Retail

L

6B

Christina Crossing

Wilmington, DE

The Buccini/Pollin Group Michael Salove Co.

Aarron’s Furniture Rentals

Michael Salove Co.

6,705 s/f

Retail

L

6B


MAREjournal.com

Mid Atlantic Real Estate Journal — January 14 - 27, 2011 — 7A

MID ATLANTIC REAL ESTATE JOURNAL Two class A industrial buildings in GA and NJ

Dermody Properties/DP Partners sells 1.28+ million s/f

N

EW JERSEY AND GEORGIA — The corporate headquarters of Dermody Properties/DP Partners in Reno, NV, announced the sale of two class A industrial buildings in its national portfolio, a 689,400 s/f building in Savanna, GA, and a 599,500 s/f building in Logan, NJ. The sale in Savannah will create 100 new jobs by 2011 due to its purchase by JLA Home for an East Coast assembly and distribution center. JLA Home, a subsidiary of E&E Co., will be located in DP’s LogistiPort Industrial Park. The Savannah property was initially developed in conjunction with the Savannah Economic Development Authority (SEDA), to provide tax benefits to prospective business clients. Based on job creation and capital investment, JLA will continue to benefit from this program and will enter into a new lease with SEDA upon sale.

Logisticenter at Logan The building in Logan was ley, Dermody Properties’ Eastsold at a 7.39 percent cap ern Region partner, managed rate. The Logan building was the transactions for Dermody originally built by DP in 2008 Properties. as part of its Logisticenter For the Savannah transacat Logan, and at that time, tion, David Sink with Colliers Kimberly-Clark, producer of International and Steve Chess consumer health and hygiene with Townsend Commercial products including Kleenex and Real Estate represented the Huggies, chose the Dermody purchaser and Bob Robers property for the its Northeast and Steve Grable with Jones distribution center. Great Point Lang LaSalle represented DP Investors of Boston, MA, is DP’s Partners. For the Logan transequity partner in the Logistic- action, DP was represented by enter development, including Joe Hill and Robert Yoshimura the Kimberly-Clark building. of The Flynn Company in PhilaPar Tolles and Stephen Bai- delphia, as the brokers. ■

What will commercial real estate capital markets . . . continued from page 2A stay there for an extended period of time, commercial real estate will lose some of its luster, but this is not part of our base-case scenario. Far

more likely will be a market characterized by historically low interest rates, a growing economy and very limited new supply. For most investors, 2011 will be a reason-

ably good year to own income producing real estate. Ross Moore serves as the chief economist of Colliers International in the US. ■

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MAREjournal.com

Mid Atlantic Real Estate Journal — January 14 - 27, 2011 — 9A

Any broker can put a price on a property and take a listing. Only a select few know how to accurately value retail real estate in this marketplace, taking into consideration its operational and financial fundamentals and the life cycle of a piece of real estate. Maximizing value through a sale today requires a broker with confidence and conviction who can be a strong advocate for the asset and who has the skill set to execute the transaction.

RECENT SUCCESSFUL ASSIGNMENTS IN 2010:

Exeter Commons

Lakeview Shopping Centre

Reading, PA 491,000 square feet

Royersford, PA 190,000 square feet

SOLD

SOLD

Towne Square Plaza

Bensalem Crossing

Reading, PA 128,000 square feet

Bensalem, PA 67,000 square feet

SOLD

SOLD

Northeast Shopping Center Portfolio

Eastgate Shopping Center

Portfolio of Nine Centers in 4 States 955,000 square feet

Memphis, TN 505,000 square feet

UNDER CONTRACT

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Germantown Shopping Center

Windsor Crossing

Memphis, TN 202,000 square feet

East Windsor, NJ 80,000 square feet

UNDER CONTRACT

SOLD

Superior Service • Unrivaled Exposure Maximum Value • Exceeding Expectations BRAD NATHANSON | VICE PRESIDENT OF INVESTMENTS 1628 JFK Boulevard Suite 1200 | Philadelphia, PA 19103 | (215) 531-7000 ext. 7046 www.nathansonretail.com | brad.nathanson@marcusmillichap.com


10A — January 14 - 27, 2011 — Mid

Atlantic Real Estate Journal

They wrote the policy.

MAREjournal.com

MID ATLANTIC REAL ESTATE JOURNAL With roofing materials and installation services

We make sure they write the check.

P. Cooper Roofing assists Habitat for Humanity Phila

P M. MILLER & SON Public Adjusters

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

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HILADELPHIA, PA — P. Cooper Roofing has donated roofing materials and installation services for 2 homes currently under construction: 4211-4215 W. Stiles Street. P. Cooper Roofing, Inc., The Apartment Association of Greater Philadelphia (AAGP) & Habitat for Humanity Philadelphia are working with the house sponsor. Construction began in September 2010 and is scheduled to be completed by early spring 2011. These two houses will add to the 40+ that Habitat has built in West Philadelphia – seven of which are LEED certified. Habitat for Humanity partner families are required to contribute 350 hours of “sweat equity” in building

P. Cooper Roofing, Inc. assists Habitat for Humanity Philadelphia their houses and others in order to qualify for the no-interest mortgage provided by

Habitat. Together, P. Cooper Roofing, AAGP & Habitat for Humanity Philadelphia are transforming lives and our city by building quality homes in partnership with families in need and by uniting all Philadelphians around the cause of affordable housing. These homes are built by concerned companies who are committed to building green, energy-efficient homes to ensure healthy indoor air quality, generate low utility costs and reduce our homes’ drain on the local power grid. P. Cooper Roofing is a MidAtlantic Region commercial, industrial and residential designer & repair service company for all types of roofing systems. ■

The Hampshire Companies ink 50,360 s/f industrial lease BERLIN, CT — Sportika Export Inc. has signed a long term-lease for 53,360 s/f of industrial space at 83 White

Oak Dr. The transaction marks the second largest lease deal in the Hartford Industrial Market in 2010.

Timothy J. D’Addabbo of Cushman & Wakefield represented Hampshire in the transaction. ■

By Barry A. Furman, Esq., Kaplin Stewart . . . continued from page 5A basis because of the exclusion of debt from income canceled, generally under the bankruptcy or insolvency exclusion.

This exclusion does not apply to cancellation of debt in a title 11 bankruptcy case or to the extent you were insolvent immediately before the cancel-

lation. Barry A. Furman, Esq. is a principal in the Tax Law group of Kaplin Stewart in Blue Bell, PA. ■

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MAREjournal.com

Mid Atlantic Real Estate Journal — January 14 - 27, 2011 — 11A

Mid Atlantic REAL ESTATE JOURNAL

Auctioneers Directory

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12A — January 14 - 27, 2011 — Mid

Atlantic Real Estate Journal

MAREjournal.com

PEOPLE ON THE MOVE With National office broker award

As managing director

Michael P. Hedden joins FTI Schonbraun McCann

N

EW YORK, NY — FTI Consulting, Inc. announced that Michael P. Hedden, CRE, MAI, F R I C S , has joined FTI Schonbraun McCann Group (SMG), FTI Consulting, Michael Hedden Inc.’s global real estate advisory practice, as a managing director. In this role, Hedden will provide valuation, litigation support and expert testimony services for clients out of the group’s New York City office. A certified real estate appraiser in 12 states, Hedden brings more than 30 years of experience advising multiple real estate enterprises across the country in the areas of appraisals, highest and best use analysis, and litigation

support for the purposes of bankruptcy, financial and tax reporting, property tax assessment, financing, purchase or sale, insurance, fair rental, condemnation and donation. Hedden joins SMG from American Appraisal Associates, where he served as a managing director since 2007. Prior to that, he prepared valuations used for financial reporting with a concentration in health care and offered litigation support for CBIZ Valuation Group, LLC. Before joining CBIZ, he was president of Realty Economics Group, a real estate consulting and appraisal firm working for various government, public, and private entities throughout the New York metropolitan area. Hedden has significant expert testimony experience and has appeared before the U.S. District Court, Superior Court of New Jersey, U.S. Bankrupt-

cy Court, New Jersey State Tax Court, New Jersey Legislature Committee, and various condemnation and zoning boards. A member of the Appraisal Institute and the Counselors of Real Estate and a distinguished Fellow of the Royal Institute of Chartered Surveyors, Hedden earned a master of city and regional planning (M.C.R.P.) degree from The Edward J. Bloustein School of Planning and Public Policy at Rutgers University and a bachelor of science degree in marketing from the University of Bridgeport. “Michael brings vast experience in the valuation of investment and user-based real estate, appraisal review and management, market research and litigation support to SMG and we look forward to his contributions,” said Bruce Schonbraun, the group head of real estate of FTI Schonbraun McCann Group. ■

Community Bankers Association of New Jersey names Michael Schutzer president NEW JERSEY — Michael Schutzer, president and CEO of Harmony Bank, has been named president of the Community Bankers Association of New Jersey (CBANJ). C B A N J , formed in 1994, is made Michael Schutzer up of chief executive officers and bank presidents of approximately 35 to 40 community banks in central and northern New Jersey with total assets ranging between $50 million and $9 billion. Before becoming president, Schutzer served on the executive board of CBANJ as treasurer. CBANJ, which meets monthly, in Warren, N.J., is designed to keep the community banks apprised of best practices, regulatory issues, and compliance; and to share general experi-

ences in the industry. CBANJ also invites experts and economists to speak about market and economic conditions. Among his experiences during more than 25 years in the banking industry, Schutzer was the president and CEO of Mariner’s Bank and the head of institutional real estate lending in the Northeast for PNC Bank. Schutzer joined Harmony Bank at its inception in 2007, obtaining regulatory approvals, raising capital, and coordinating the construction of the bank’s headquarters. Harmony opened in temporary quarters in 2008 and began operating from its newly constructed headquarters in November 2009. Recently Harmony Bank opened a new facility on River Avenue, Lakewood, across from Kimball Medical Center. Harmony focuses on financing commercial real estate, housing construction, nonprofit organizations, and

small businesses. Schutzer was graduated from Bucknell University, Lewisburg, Pennsylvania, with a B.A. in Russian in 1979. He earned his M.B.A. in accounting and finance from the University of North Carolina, Chapel Hill, in 1983. Schutzer is a member of the Planning and Advisory Board of Monmouth University Real Estate Institute, the N.J. Bankers Association, the Independent Community Bankers of America and the American Bankers Association. A resident of West Windsor, for 25 years, Schutzer is an avid golfer and a licensed N.J.S.I.A.A. basketball referee, who has also coached and directed youth sports. He is the father of two college age children. His wife Wendy is the director of the Cherry Tree Club, a preschool program for homeless and at-risk children, 2 to 6 years old, in Mercer County’s Trenton area. ■

Bruce Levin joins MAC Realty Advisors as executive director WASHINGTON, DC — MAC Realty Advisors, LLC announced that Bruce Levin has joined the firm as executive director and partner in its Washington, D.C. office. Levin, a noted industry executive, will run the office with Andrew McAllister.

Prior to joining MAC Realty Advisors, Levin was the founder and managing member at Keystar LLC, a Washington, D.C.-based real estate investment company that has focused on bridge lending and investments in urban infill properties. For ten years prior to forming

Keystar, he was a principal and executive vice president at CIG International LLC. Based in Washington, D.C., CIG was a national mezzanine debt and equity investment company that deployed institutional capital in development projects throughout the U.S. ■

Newmark Knight Frank honors David Simson RUTHERFORD, NJ — David Simson, vice chairman and chief operating officer of Newmark K n i g h t Frank’s New Jersey operations, was honored with the firm’s 2010 National Office Broker David Simson award at the annual holiday event in New York City. The award recognizes the top suburban sales professional and producer throughout the country. It is one of Simson’s many accomplishments during his 30-year career. While the majority of Simson’s transactions were completed in the Garden State, he often advises major corporate clients throughout the country. This spring, he negotiated a 812,000 s/f lease on

behalf of Reckitt Benckiser in Cumberland County, PA, and later represented Travelport in its 45,000 s/f relocation of its main office in Kansas City, Mo., among other national transactions of various scope and sizes. The most prominent highlight of the year, for which RXR Realty also honored Simson, involves his representation of University Square, RXR’s 313,000 s/f, world-class office building in the Princeton submarket. The property achieved 100 percent occupancy in 2010 having signed tenants BlackRock, Mercer USA, Otsuka America Pharmaceutical, Axis Reinsurance and IBM. Another notable transaction includes his representation of ownership in a 118,000 s/f lease to UPS in Wayne, NJ, a relocation deal that was finalized following an extensive search. ■

SVN’s Joyner to sit on LaRed Health Center BOD SEAFORD, DE — Rodney Joyner of Sperry Van Ness - Miller Commercial Real Estate announced that he has been selected to sit on the Board of Directors for LaRed Health Center in Georgetown. LaRed Rodney Joyner Health Center is the only Federally Qualified Health Center in Sussex County and receives

approximately 15,000 medical visits from roughly 6,500 patients a year. The Board of Directors is comprised of over 51% patients and community members. LaReds mission is to provide bilingual, culturally appropriate, high quality, cost effective, primary and preventative medical care to residents of Sussex County, Delaware with emphasis towards serving those who are underinsured, uninsured, or who face other barriers to medical care. ■

Convergence Hampshire Partners add Douglas Freedman as partner JACKSON HOLE, WO — Convergence Hampshire Partners, a venture between Convergence Investments, a Jackson Hole-based investment, consulting and development firm, and The Hampshire Companies, an east coast, privately held, fully integrated real estate firm, has announced that Douglas Freedman has joined as partner. Freedman brings over 12 years of experience in a variety of real estate related disciplines including the development of residential and commercial land, mixed-use village centers, hotels, multi-family for sale and for rent projects and the creation of mixed-use traditional neighborhood design communities. His responsibilities have

included the development and disposition of over 10,000 lots and 2.5 million s/f of commercial space. Prior to joining The Convergence Hampshire team, Freedman was with Chicago, IL based Endeavor Companies where he was a managing director and responsible for all real estate activity including sourcing new product, raising equity, underwriting deals, closing transactions, joint venture strategy and dispositions. Freedman also spent 8 years with Pritzker Realty Group “PRG”, the real estate arm of the Pritzker family office and Rock Companies. At PRG, Freedman served as the director of Development for the Baldwin Park Development Company. ■


MAREjournal.com

Mid Atlantic Real Estate Journal — January 14 - 27, 2011 — 13A

Mid Atlantic REAL ESTATE JOURNAL

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NORTHEASTERN PENNA. SALE & LEASE OFFERINGS

J E S S U P , P E N N S Y LVA N I A

AVA A B LE IM M E IL D IAT E LY 0' 15 ock 6D

4D

ock

ors Do

Available 1/1/08 92,600 s.f.

ors Do

0' 44

Leased 58,500 s.f. 0' 20

Retail – Wilkes-Barre. 11.42 acres across from Wyoming Valley Mall at signalized corner.

200 Acres with 54,000 manufacturing in multiple warehouse and residential buildings. Marcellus gas rights available.

Food warehouse, 28,000 SF, 3.7 acres with freezer and cooler spaces.

6

81

Mid-Valley Sus qu eh a

Scranton

84

aR nn

Located approximately one mile to new highway interchange for State Route 6 (Robert P. Casey Highway), and five miles on State Route 6 to Interstate 81

iver are R

ive r

380

Wilkes-Barre

aw

Company ___________________________________________

1270 Mid-Valley Drive is located in the Scranton/ Wilkes Barre/Hazelton industrial market. This building of 151,100 square feet (640’ x 240’) on 8.5 acres is conveniently located within the Mid-Valley Industrial Park with excellent access to State Routes 6 and 247, and Interstates 81, 380, 84 and 476.

0' 24

Name _______________________________________________

476

Constructed in 1991 with expansion in 1994

81

el

1270 Mid-Valley Drive

Industrial Land – 10.7 acre site in Valmont Industrial Park for sale. Zoned for manufacturing. Close to I-81 & I-80. Approved for 126,000 SF building. Office – Under construction, 29,000 SF Class A office building adjacent to downtown Scranton, PA. Various suite sizes, lease or ownership opportunity.

80

D

92,600 square feet of space is available

Address _____________________________________________

Convenient front-loaded building

80

Hazelton

Clean, functional space

Scranton, PA

Fenced lot 21’ - 24’ clear height Column spacing 25’ x 60’

570-207-4100

10 dock doors of 9’ x 9’ plus 1 drivein door of 10’ x 12’

City_____________________State ______Zip_____________

Phone ________________________ Fax _________________

Email _______________________________________________

150’ loading court One West First Avenue, Suite 315 • Conshohocken, PA 19428 (610) 828-8484 • Fax (610) 828-9699 • www.equilibriumequities.com

info@hinerfeldcommercial.com

SEEKING RETAIL PROPERTIES IN THE

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Single Block (2 3/8 x 3 5/8”) Double Block (5 x 3 5/8”) Fax coupon to: 781-871-5299 or email: lchristman@marejournal.com

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14A — January 14 - 27, 2011 — Mid

Atlantic Real Estate Journal

MAREjournal.com

COMMERCIAL REAL ESTATE ORGANIZATIONS’

EVENTS CALENDAR JANUARY 19 – BOMA NJ Event: Membership Meeting Time: 5:30 PM – 8:30 PM Location: The Newark Club Address/City: 1085 Raymond Blvd., Newark, NJ P: 973-696-2914 Email: bomanj@ix.netcom.com www.bomanj.com

JANUARY 25 – BOMA PHILADELPHIA Event: Maintenance & Care of Your Metal & Stone Assets Time: 8:30 AM – 10:30 AM Location: 610 Freedom Business Center Cost: Members Free $25 Nonmembers P: 215-567-1775 www.bomaphila.com

JANUARY 19 – NJAA Event: Annual Meeting & Installation Time: 3:30 PM Location: The Palace at Somerset Park Address/City: Somerset, NJ Email: melissa@njaa.com www.njaa.com

JANUARY 26 – NAIOP Event: Annual Meeting & Real Estate Forecast Time: 5:30 PM – 8:00 PM Location: Hilton at Short Hills P: 732-729-9900 www.naiop.org

JANUARY 19 – ABC SEPA Event: ABC 2011 Economic Symposium Time: 7:30 AM – 10:30 AM Location: Crowne Plaza Address/City: 260 Mall Blvd., King of Prussia, PA Cost: $50 Email: rkelsh@abcsepa.org www.abcsepa.org

JANUARY 26 – USGBC Event: Sustainability Forum Time: 8:30 AM Location: Chauncey Conference Center Address/City: 660 Rosedale Rd., Princeton, NJ Email: coordinator@usgbcnj.org www.usgbcnj.org

JANUARY 19 – SMPS PITTSBURGH Event: Luncheon: Energy-It’s Affect on & Opportunities for the A/E/C Industry Time: 11:30 AM – 1:30 PM Location: Rivers Club Address/City: 301 Grant St., Suite 411, Pittsburgh www.smpspittsburgh.org JANUARY 20 – NAIOP PITTSBURGH Event: Chapter Meeting Time: 7:30 PM Location: Omni William Penn Hotel Cost: Members Free $40 Nonmembers P: 412-928-8303 www.naioppittsburgh.com

JANUARY 26 – CREW LEHIGH VALLEY PA Event: Breakfast Meeting: Retail Evolution Time: 8:00 AM Location: Evolve Salon & Spa Address/City: Promenade Shops at Saucon Valley Cost: $15 members $25 Guests www.crewlehighvalley.org JANUARY 27 – TRISTATE Event: 9th Annual Real Share Philadelphia Time: 7:00 AM – 1:30 PM Location: The Union League Address/City: 140 S. Broad St., Philadelphia, PA P: 347-227-3188 Email: jwierichs@alm.com www.tristaterca.com

JANUARY 20 – ICSC Event: Central PA Next Generation Program Time: 5:30 PM – 8:00 PM Location: Marriott Lancaster at Penn Station Address/City: 25 S. Queen St., Lancaster, PA Cost: $25 Members $40 Nonmembers P: 646-728-3649 www.icsc.org

JANUARY 27 – CIANJ Event: CIANJ’S Financial Decision Makers Roundtable Time: 8:00 AM – 10:00 AM Location: Hilton Hasbrouck Heights Address/City: 650 Terrace Ave., Hasbrouck Heights, NJ Cost: $25 Members $50 Nonmembers P: 201-368-2100 Email: nharencak@cianj.org www.cianj.org

January 20 – CREW PHILADELPHIA Event: 2011 Market Forecast – Panel Discussion Time: 11:30 AM – 1:30 PM Location: The Union League Address/City: 140 S. Broad St., Philadelphia PA Cost: $55 Members; $70 Guests Email: ChrisB@crewnetwork.org www.crewphiladelphia.org

JANUARY 27 – PWC Event: Medical Facilities Forum Time: 8:00 AM – 10:00 AM Location: General Society Library Address/City: 20 West 44th St., NY P: 212-486-7745 Email: pwc@pwcusa.org www.pwcusa.org

JANUARY 20 – NJBA Event: The New NJ Building Codes Time: 8:00 AM – 1:00 PM Location: American Metro Conference Center Address/City: 200 American Metro Blvd., Hamilton, NJ Cost: $100 Members $150 Nonmembers P: 609-587-5577 www.njba.org

JANUARY 31 – SIOR Event: Annual NYAC Dinner Time: 4:00 PM – 8:00 PM Location: New York Athletic Club Address/City: New York City Cost: $85 Members $105 Nonmembers Email: annviolette@gmail.com www.iroeba.com

CCIM

(Certified Commerical Investment Member)

www.ccim.com

DVGBC

(Delaware Valley Green Building Council)

www.dvgbc.org

www.philadelphia.uli.org

POA New Jersey

(Property Owners Association of New Jersey)

www.poanj.org

ABC

(Associated Builders & Contractors)

www.abc.org

MBA

Mortgage Bankers Association of New Jersey

www. mbanj.com


MAREjournal.com

Mid Atlantic Real Estate Journal — January 14 - 27, 2011 — 15A

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NJDEP Permits (Air, Water, Wetlands) Brownfields Development Professional Testimony Statewide Service Geoprobe Services ISRA/ECRA

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If you would like to be included on this page call: Linda Christman Mid Atlantic REAL ESTATE JOURNAL lchristman@marejournal.com • (800) 584-1062 / (781) 871-5298 • Fax (781) 871-5299


16A — January 14 - 27, 2011 — Mid

Atlantic Real Estate Journal

555 E. North Lane, Suite 6125 Conshohocken, PA 19428

President James A. Egan Grubb & Ellis Co.

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

2011 Officers & Directors President James A. Egan Grubb & Ellis Co.

President Elect Douglas Sayer Colliers L&A

Vice President (Pennsylvania) Paul G. Garvey Cushman & Wakefield of PA

Vice President (New Jersey) Jonathan Glick Sheldon Gross Realty, Inc.

Secretary Michael P. McCurdy Jones Lang LaSalle Americas

Vice President (Delaware) Gregory J. Ellis Patterson Woods Commercial

Director Advisory Council John Derham Cushman & Wakefield of PA

Treasurer Ralph A. Magnatta, CPM Brite Realty Services

Director Advisory Council William Whitney Hunter Jones Lang LaSalle Americas

Director Advisory Council J. Robert Clements Grubb & Ellis

Director Lou Battagliese, SIOR Jackson Cross Partners, LLC

Director David A. DePetris Legend Properties

Director J. Scott Gabrielsen Binswanger

MAREjournal.com

Director Jeffrey Goldstone Herbert Yentis & Co.

Director Gene McHale Beacon Comm’l. Real Estate

Director Barry Mertz, SIOR NAI Mertz Corp

Director Todd Monahan SSH Real Estate TCN Worldwide

Director Steven G. Michaelson Tornetta Realty Corp.

Director Tony Nichols, Jr. Liberty Property Trust

Director John P. Morrissey Jackson Cross Partners

Director Greg Soffian Studley

Director Rocco Perate Preferred Capital, LLC

ADVERTISE WITH TRISTATE! TriState is now offering several opportunities to promote your business. Take advantage of this opportunity to advertise to Commercial Professionals all over the tri-state area. Please take a moment and look over all of the different resources that are available to you.

• TriState Website By advertising on the TriState Website, you have the unique opportunity to reach Commercial Professionals everywhere. We offer everything from banner ads to vertical side banners.

• Quarterly Newsletter, The UPDATE If you are a REALTOR® or Affiliate Member of TriState REALTORS® Commercial Alliance you may feature your properties or firm news in our Quarterly Online Newsletter for FREE. Advertising opportunities are also available for members and non-members.

• Job Opportunities TriState offers Active Members the ability to Post Job Opportunities for Public Viewing on the TriState website. All job listings will appear in the Career Opportunities section as well as in four (4) consecutive issues of the Weekly NewsBrief. The ‘Career Listings’ section is listed at the top of the right hand column of each weekly issue.

• Weekly NewsBrief Members may list upcoming events within their organization in the weekly NewsBrief to target the local commercial community and increase event turnout!

WANT MORE INFORMATION?

For more information on how to advertise with TriState please contact us: TriState REALTORS® Commercial Alliance 555 E North Lane - Suite 6125 Conshohocken, PA 19428 610-238-9950 610-238-9959f www.tristaterca.com tristate@tristaterca.com JOIN TRISTATE-“It just makes good business sense”

Director JoAnn West Lieberman Earley & Co.

SEE PAGE 14A FOR UPCOMING EVENTS


MAREjournal.com

Mid Atlantic Real Estate Journal — January 14 - 27, 2011 — Inside Back Cover A


A Back Cover — January 14 - 27, 2011 — Mid

Atlantic Real Estate Journal

MAREjournal.com

Serving the Eastern Seaboard From Maine to South Carolina for Over 20 Years All-Rite has been meeting and exceeding the construction needs for a wide variety of clients from the design phase to job close-out. All-Rite delivers the highest quality workmanship in a professional collaborative environment for a win-win outcome on every project, large or small! Our Commercial Construction Expertise Includes: • Industrial buildings • Warehouses • Manufacturing facilities • Restaurants • Libraries

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NEW JERSEY

SMHOPPING C ENTERS A R E J ID

TLANTIC

EAL

STATE OURNAL

Section B of the Mid ATLANTIC Real Estate Journal

Private Client Grp. completes sale of 47-unit multi-family at 37-47 High St. in Passaic

CBRE’s NY & NJ offices represent parties in sale of 111 Sylvan Avenue for $55 million

E

NGLEWOOD CLIFFS, NJ — Jeffrey Dunne and Kevin Welsh of CB Richard Ellis’ NY Institutional Group collaborated with David Opper and Cheryl Hardt of CBRE’s Saddle Brook office to represent Piedmont Office Realty Trust, Inc. in the sale of 111 Sylvan Ave. for $55 million. The buyer, LG Electronics, Inc., was represented by John Oh and Paul March of the CBRE NYC and East Brunswick of-

fices, respectively. The building at 111 Sylvan Ave. is 410,000 s/f of office space comprised of five interconnected buildings that is currently leased to Citicorp North America, Inc. on a shortterm basis as an operations center serving the New York Metropolitan region. The 27acre site is located within New Jersey’s Bergen County office market, adjacent to the Palisades Parkway and only a few

minutes north of the George Washington Bridge. LG Electronics purchased the property as a possible expansion location for its U.S. headquarters in the years ahead. PASSAIC, NJ — CBRE brokered the $3.6 million sale of a 29,310 s/f multi-family building at 37-47 High St. The New Jersey Private Client Group’s Charles Berger, who secured the buyer, first VP Dean Marchi and Gehane Triarsi, along with Robert Pine, senior associate of brokerage services in CBRE’s East Brunswick office, who secured the seller, worked to bring this deal to fruition. ■

JANUARY 14 - 27, 2011

HI-LIGHTS The Flynn Co. reps DP Partners in 599,500 s/f sale DP announced that the 599,500 s/f LEED Silver certified, class A industrial building will be sold to a major financial institution at a capitalization rate of 7.39 percent. See page 7B.

Cushman & Wakefield’s Hollander inks 10,335 s/f Knowledge Networks has leased 10,335 s/f at 103 Eisenhower Parkway. Hollander brokered the long-term transaction. See page 13B.

ALSO INSIDE: MIKE OLIVA AND HARRY KICKEY, THE ALS GROUP ...........2B ANTHONY COLLURA AND DAVE SEIBEL, CRS ......................4B JOSEPH A. GRABAS, CTP ...................................................5B SOUTHERN NEW JERSEY SPOTLIGHT ............................. 7-12B ICREW ORGANIZATION ....................................................15B PEOPLE ON THE MOVE ......................................................16B EXECUTIVE PROFILES ................................................... IBC-B Section B, 20 pages

MAREjournal.com

111 Sylvan Avenue

VP Weilheimer orchestrates Second Westwood portfolio sale

Kislak completes $5.8m sale of Westwood apartment, mixed-use, & office props. WOODBRIDGE, NJ — The Kislak Company, Inc. recently completed the $5,817,500 sale of five apartment, mixeduse, and office properties in the Borough of Westwood. The sale included Linda Court, a nine-unit Matt Weilheimer apartment property on Elm Street; James Court, a sevenunit apartment property on Fairview Avenue; Stratford Apartments, a four-unit apartment property with one commercial space on Third Avenue; Sturbridge Commons, a 12,630 s/f office building on Kinderkamack Road; and Plaza One, a 7,832 s/f office building on Kinderkamack Road. Vice president Matt Weilheimer represented the seller, a longtime Kislak client. Vice presidents Don Baxter and Robert Squires together represented the purchaser, a private investor. The properties were among a larger portfolio of Westwood properties built by the seller in the 1970s and 1980s that had never before been available for sale. The seller retained Kislak

Sturbridge Commons on an exclusive basis to market and sell all of the properties – initially a sub-portfolio of three apartment properties followed by a sub-portfolio five apartment and commercial properties. Weilheimer first handled the $5,970,000 sale of the three apartment properties with a total of 42 units and then led Kislak’s efforts to procure a purchaser for the remaining five properties. “As with the earlier Westwood sale, this transaction illustrates the continued strength of investment properties in northern New Jersey, especially for multifamily properties in A-plus communities like

Westwood,” said Weilheimer. “We generated a great deal of interest in the properties and ultimately procured a single purchaser for them.” Each property is located within a half-mile of the others and the downtown commercial district in Westwood, a desirable suburban community in the center of Bergen County, with easy access to the Garden State Parkway, Route 4 and Route 17. Westwood is in the northeastern part of New Jersey in the Pascack Valley approximately ten miles northwest of the George Washington Bridge and seven miles south of the New York state border. ■


B Inside Cover — January 14 -27, 2011 — New Jersey — Mid

Atlantic Real Estate Journal

MAREjournal.com

“WE’VE GOT NEW JERSEY COVERED” WAY BELOW MARKET PRICES – For SALE or LEASE Starting @ $2.50 PSF and $45 PSF

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21,000 SF – SO PLAINFIELD 2,000 SF Ofc, 8 TB, 2 Acres Fenced/Paved – Seller Financing AVAILABLE 90 DAYS

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30,000 - 72,000 SFEAST BRUNSWICK 15,000 SF Ofc, 21’ Clgs, 9 TB, 2 DI Extra Land, Near Exit 9 NJ Tpke

142,159 SF - EDISON 5,000 SF Ofc, 24’-39’ Clgs, 18 TB, DI, 120,000 SF FREE Mezzanine AVAILABLE IMMEDIATELY

1,500-3,000 to 21,000 SF EDISON Up to 14,000 SF Ofc, 18’ Clgs, TB, DI AVAILABLE IMMEDIATELY

66,581 SF –Raritan Ctr –EDISON Ofc to Suit, 25’ Clgs, 6 TB, 1 DI AVAILABLE IMMEDIATELY

85,600 SF - MONROE 3,600 SF New Ofc, New Ldg, RAIL AVAILABLE IMMEDIATELY

28,792 / 37,120 / 40,745 / 67,080 / 79,225 & 146,305 SF

JERSEY CITY 14’ - 20’ Clgs, Variable TB & DI

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

www.bussel.com

Bussel Realty Corp. 2 Ethel Road, Suite 202 A, Edison, NJ 08817

(732) 287-3777 / Fax (732) 287-1090 / 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.


MAREjournal.com

Mid Atlantic Real Estate Journal — New Jersey — January 14 - 27, 2011 — 1B

LEASED

2,877 SF AVAILABLE

3,845 SF AVAILABLE

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2,539 SF AVAILABLE

CLASS “A” BUILDING 138,156 SF Fully renovated in 2005 19,386 (divisible) SF available on Second Floor 14, 021 available on Third Floor BUILDING AMENITIES: • Unobstructed New York City views • Full Service cafeteria w/ catering • On-site Property Management • Verizon fiberopticst

LOCATION: • 3 miles to Lincoln Tunnel and Garden State Parkway • 13.2 miles to Newark Liberty International airport and 4.9 miles to Teterboro Airport

AREA AMENITIES: • Restaurants • Health Club • Child Care

• 1.25 miles to New Jersey Turnpike/I-95

• Shopping and Banking • Sheraton Meadowlands

• New Jersey Transit bus to New York in front of building

• Mariott Renaissance & Courtyard For more information and inspection please contact:

CURTIS FOSTER 201.460.3367 curtis.foster@cushwake.com


2B — January 14 - 27, 2011 — New Jersey — Mid

SEBCO

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Mid Atlantic REAL ESTATE JOURNAL’S

8TH ANNUAL ECONOMIC DEVELOPMENT SPOTLIGHT JAN 28TH Don't Miss This Opportunity!

• Deadline: January 18, 2011 •

MAREjournal.com

NEW JERSEY By Mike Oliva and Harry Kickey

Don’t get buried with snow removal – Effective risk transfer is key

B

e diligent in making sure your snow removal provider has the proper insurance coverage With winter just weeks away, many companies are putting the final touches on Mike Oliva snow removal contractor agreements. Liability claims relating to the “improper removal of snow and ice” are frequent, and in many cases, severe. Many of the claims are originating from elderly people who often sustain injuries from slips and falls which they never fully recover from – read this BIG CLAIM! Whether you are a manufacturing operation, a building owner or a property manager that has a parking lot, sidewalk and/or pedestrian ways, that need to be cleared of snow and ice, there are a few things to keep in mind. • Snow removal is the responsibility of the landlord and it is a critical exposure • The most expensive claims for landlords/property managers come from slip and fall

accidents that occur on snow or ice as a result of ineffective removal • A key risk management step is transferring this risk to a contractor when obtaining snow/ice removal serHarry Kickey vices Steps that a Business Owner should take: 1. Seek a reputable contractor that has well kept and maintained equipment they use for the desired purposes 2. Contractor has a strong safety record 3. Have a written agreement that contains scope of work, insurance requirements, indemnity and hold harmless provisions. 4. Obtain proper evidence of insurance (This would include a Certificate(s) of insurance as well as copies of necessary endorsements that evidence required insurance coverage extensions as well as the nature of operations) Regardless of the job size or scope, you, as a landlord or property manager, want to make absolutely certain the

contract contains insurance requirements that stipulate the contractor procure, at their own cost and expense, and maintain, for the life of the agreement with you, necessary insurance coverage to defend and indemnify you in the event of a claim due to their negligence. The required insurance coverage must include general liability coverage, automobile liability coverage and workers’ compensation coverage. Furthermore, you will need to be an Additional Insured with respect to any liability arising out of the contractor’s services and confirms that the contractor’s policy provides “full contractual liability” to support an indemnification provision, running in Owner’s favor for liability arising out of such services. Lastly, your name and address is to appear in all Certificate Holder sections on ALL Certificates issued. Full disclosure of the Insurance Requirements must be made at the bidding/contract negotiation stage. Before any work is performed by the contractor you will have to obtain and review the Certificate(s) of Insurance and any supplemental documents (an example of supplemental continued on page 14B

This issue will be a pull-out section Featuring Counties and Townships throughout the Mid Atlantic Region

MAREJ'S 8TH ANNUAL ECONOMIC DEVELOPMENT SPOTLIGHT We invite you to send in editorial pertaining to: • County/Regional Demographics • Mayor’s picture and message • Special incentive programs • Opportunities for business to relocate to your area • Commercial property and parks available for lease or for sale in your area

Featuring our Annual

COMMERCIAL OFFICE SPOTLIGHT

February 25, 2011 This issue will publish as a special pullout section… featuring: • A special LISTING of all the Of¿ce Space transaction Recorded in MAREJ throughout 2010 • Bi-lined Articles submitted by Expert of¿ce brokers • Of¿ce Market Reports compiled by major companies • Society of Of¿ce and Industrial Realtors Organization • Special feature on NAI and it’s member ¿rms • National Association of Industrial and Of¿ce Properties

This exclusive promotional opportunity is an excellent way to Reach 30,000 + decision makers, commercial real estate professionals, owners, developers, tenants and businesses throughout New Jersey, Pennsylvania, Delaware, Maryland, Virginia and Washington DC

Commercial Brokerage Firms who are actively involved in marketing Of¿ce Space in the Mid Atlantic area are welcome to participate. This exclusive Of¿ce Space Spotlight is an excellent way to Reach 30,000 Commercial Real Estate Professionals, Including Owners Developers & Tenants

*Deadline: January 18, 2011*

Special advertising rates to all participating ¿rms.

Telephone: 1-800-584-1062 email:lchristman@marejournal.com

Linda Christman, Mid Atlantic Real Estate Journal 1-800-584-1062 Fax: 781-871-5299 Email: lchristman@marejournal.com

Editorial Requirements Include: 250 - 500 words, double-spaced typewritten along with a photograph. If you are interested in participating, please call or email us today *Deadline: February 11, 2010*


MAREjournal.com

Mid Atlantic Real Estate Journal — New Jersey — January 14 - 27, 2011 — 3B

2011 EDITORIAL CALENDAR EDITORIAL DEADLINES ARE 14 DAYS PRIOR TO PUBLICATION DATE

JANUARY

APRIL

JANUARY 14 ...................................... DEADLINE: DEC. 31 ROP (Main Section): TAX ISSUES New Jersey: SOUTHERN NJ Pennsylvania: EASTERN PA Green Awareness JANUARY 28 .......................................DEADLINE: JAN. 14 ROP (Main Section): DelMarVa featuring Delaware *Shopping Centers: Mid Atlantic ICSC Idea Exchange Contractors, Owners & Managers: Bldg. Svcs. & Suppliers Spotlight: Economic Development

APRIL 8 .......................................... DEADLINE: MARCH 25 ROP (Main Section): New Jersey: SOUTHERN NJ Pennsylvania: EASTERN PA Green Awareness Spotlight: 1031/Like Kind APRIL 22 ............................................. DEADLINE: APRIL 8 ROP (Main Section): DelMarVa featuring Washington, D.C. *Shopping Centers: Vegas ReCon ICSC Convention Contractors, Owners & Managers: Const. Law/Cost Overruns Spotlight: Spring Preview

FEBRUARY

MAY

FEBRUARY 11 .....................................DEADLINE: JAN. 28 ROP (Main Section): Property Mgmt. featuring IREM New Jersey: Central NJ Pennsylvania: Western PA Green Awareness Creative Financing FEBRUARY 25 .....................................DEADLINE: FEB. 11 ROP (Main Section): DelMarVa featuring Maryland *Shopping Centers: Top Retail Deals of 2010 Contractors, Owners & Managers: Bldg. Safety Expo Spotlight: Commercial OfÀce Properties

MAY 13 .............................................. DEADLINE: APRIL 29 *ROP (Main Section): NJAA Expo New Jersey: Central NJ Pennsylvania: Pennsylvania's Projects/Building Services Green Awareness MAY 27 ......................................................................MAY 13 ROP (Main Section): DelMarVa featuring Delaware Shopping Centers: Retail Archt., Construction & Engineering Contractors, Owners & Managers: Contractors & Subcontractors Spotlight: Industrial/Distribution Centers

MARCH

JUNE

MARCH 11 ...........................................DEADLINE: FEB. 25 *ROP (Main Section): MBA New Jersey Conference New Jersey: Northern NJ Pennsylvania: Central PA Green Awareness *Spotlight: AAGP MARCH 25 ......................................DEADLINE: MARCH 11 ROP (Main Section): DelMarVa featuring Virginia Shopping Centers: Retail Experts *Contractors, Owners & Managers: POA Expo Spotlight: Best of 2010

JUNE 10 ............................................... DEADLINE: MAY 27 *ROP (Main Section): New Jersey: Northern NJ Pennsylvania: Central PA Green Awareness Spotlight: Appraisal Institute JUNE 24 ............................................. DEADLINE: JUNE 10 ROP (Main Section): DelMarVa featuring Maryland *Shopping Centers: Retail ProÀles/Retail Organizations Contractors, Owners & Managers: Bldg. Facilities Maintenance Spotlight: Mid Year Review

ROP — Run of the Paper is the Àrst section in each issue. This covers news for all Àve states and offers prime advertising positioning. Editorial Requirements: Press Release 250-400 words with property photo and broker photos. Expert Articles: 550 words with author headshot and 25 word bio. Deadline: 14 days prior to publication date. * Bonus Distribution at: International Council of Shopping Centers, POA, AAGP, NJAA Expo, ACRES, MBA, Building and Facility Management, IREM, TriState

David Jones | Associate Publisher | djones@marejournal.com | 781.871.5298 x 206 Mid Atlantic Real Estate Journal | P.O. Box 26 Accord, MA 02018 312 Market St. Rockland, MA 02370 (overnight) | Toll Free 800.548.1062 | Fax 781.871.5299


4B — January 14 - 27, 2011 — New Jersey — Mid

Atlantic Real Estate Journal

MAREjournal.com

NEW JERSEY By Anthony Collura and Dave Seibel, CRS

Lease audit rights effective drafting & exercise

W

hat are lease audit rights? In most leases, a tenant is obligated to pay for a share of building operating expenses, taxes, utilities and other costs in addition to base rent. As Anthony Collura in any other business transaction, common practice dictates that there should be an opportunity for an accounting of charges before someone makes a payment. Audit rights in a lease affect that opportunity. Lease audit rights are a significant part of the lease and many times are overlooked, even considered a throw-away. If not negotiated properly, audit rights in a lease actually limit the tenant’s opportunity to review the landlord’s books and records and can be a costly mistake that will last the entire lease term. In those cases where a lease is silent on a tenant’s right to audit, it is understood that good faith and fair dealings are the implied covenants in recognized contract law that allows a tenant the right to audit. It is important to set up fair ground rules to perform an audit. As a practical matter, a landlord will not want to keep books and records available indefinitely to be repeatedly reviewed. There are perfectly legitimate business considerations for putting some limitations on the audit of expenses, but they should be part of the lease negotiation. After all, anything less than an open right to audit represents a concession by the tenant, and as such the tenant should get value in return. In most cases those who negotiate the lease are not the ones who administer it, and this can lead to misinterpretations and errors in calculations causing overcharges. If a tenant gives up the right to audit expenses, they are relying solely on the landlord’s interpretation of how rent and operating expenses should be billed. No reasonable business person would allow a service provider an unfettered license to invoice for their services without the ability to review the components of that charge. “Since starting a lease audit program at some of our more

high profile locations, we have been cognizant of tighteningup the language regarding audits to ensure proper, complete reviews.” said Dave Seibel, ManagerReal Estate & Facilities for TDS TelecomDave Seibel munications Corporation. “It’s important to ensure you don’t give up your ability to monitor expenses and correct errors.” Points to Discuss While Negotiating an Audit Clause: Time Factors Time is a crucial factor of a lease audit clause. Missing the deadline to conduct an audit can cost you the right to audit those expenses. Even if incorrect, rent and expense charges can become binding if the audit is not done within the agreed upon timeframe. The following are timing issues to consider when negotiating your lease audit rights: • How long after receipt of an invoice does the tenant have to notify the landlord of their intent to audit? • How long after receipt of a tenant’s notice does the landlord have to produce its books and records for review? • What is the amount of time books and records are available to the Tenant for review and possible objection? • How much time will be given to complete the audit? The above items will vary based on the staff available to do the audit work and their level of knowledge in that area. Of course, a tenant is going to want more time for review and a landlord is likely going to want to limit the time. One alternative to consider is to audit more than one year worth of expenses at a time to limit the amount of time committed by both parties. What to Audit? Any expense being passed through to the tenant from the landlord should be made available for review during an audit. • Books and records of the landlord as they relate to operating expenses should be open to review. • Invoices in support of books and records including service contracts and management agreements provide necessary

support for expenses that may be invoiced by landlords. • Tax returns may not be necessary but real estate taxes should be audited. Due to variations in leases the above items are only guidelines and expenses that can or should be audited will be different in each circumstance. Generally anything paid or payable by a tenant or billed or billable by landlords should be subject to review. Who should perform the audit and where? With the availability to transfer documents and data electronically there normally is no need to travel. In fact, including a provision in the lease that the audit be done at the leased property or the landlord’s office is a condition that should be taken seriously, as it is generally not necessary for the proper completion of an audit and can involve additional expense that should be avoided. Some landlords may try to restrict the tenant with respect to whom they can use to perform the audit. Practically speaking, many tenants don’t have the manpower or expertise to conduct in-depth audits with in-house personnel, and the use of an outside firm is common. The lease should not limit the tenant’s options of a service provider such as, “a CPA Firm of recognized regional standing or an auditor approved by Landlord.” If the tenant would not allow the landlord to dictate which attorney or broker they can use, why would they allow a landlord to approve or limit their choices of an auditor? Firms that specialize in lease audits should be considered as they are generally better equipped to analyze the nuances involved in a lease and associated financial requirements. The lease should also not dictate how the tenant pays for the audit, language such as; “no contingency fee auditors” is very limiting and can be costly for the tenant. Landlords may contend that “contingency fee” auditors are more aggressive with a tendency to pursue less legitimate issues. In fact, the opposite is probably true. Why would a contingency-based firm go after claims that are not legitimate, when in the end they would not get paid for their effort? The prohibition of a contingency

auditor by the landlord is more likely due to the fact that a tenant is less inclined to pay the cost of engaging a fee based auditor and therefore reduces the likelihood of an audit. According to Dave Seibel, “There is little downside risk to hiring a contingency fee auditor as they provide the expertise and resources to assure landlords are billing properly. If the auditor finds the landlord is billing properly, it costs me nothing and the landlord is aware we are paying attention. If the auditor finds a problem, I am more than happy to pay the contingency fee for any recovery from the landlord.” Other Considerations If apparent errors and unsupported charges make it clear that an audit is necessary, there should be some culpability on the landlord’s part for inadequate billing practices. If errors exceed a certain percentage (2%-5%) of the expenses, the landlord should agree to pay the cost of the audit. Additionally, the cost of an audit should not exceed the amount of the over-billed charges. In addition, if the parties can not agree on the audit results there should be a mechanism built into the lease to resolve the dispute. Strategic Use of Audit Rights Exercising one’s audit rights could be advantageous to both the tenant and landlord when trying to “get the deal right.” Often questions arise as to the exact nature and cost of landlord services and building costs. An audit of expense can

create a better understanding of those issues between the parties. This is particularly helpful at the beginning of a least term when base year expenses may be a critical element of establishing fair rent. Audit findings, in addition to setting the record straight, can also help to facilitate other leasing activities. The parties can agree to an audit to set base year, expense stop or expense cap amounts as well as potential effects of vacancies of variable expense elements. A thorough audit will create a mutual understanding and thus diminish the likelihood of disputes over these items in the future. When the time comes for renewal, or buyout an audit will determine whether a proper accounting of rent and expenses has occurred up to that time. Any discrepancies can be resolved and incorporated into the transaction. Finally, if an outside audit firm is used, it is critical that they recognize and respect the landlord/tenant relationship. A reputable firm will only pursue well-documented claims that are fully supported by the tenant and always treat the landlord with professionalism and respect regardless of the level of disagreement. The results of an audit must leave the tenant whole not only as it pertains to the lease expenses but their ongoing relationship with the landlord. Anthony Collura is president of CRS. Dave Seibel is managerreal estate & facilities for TDS Telecommunications Corporation. ■

Hartz inks 175,000 s/f deal with NBA in Harmon Meadow SECAUCUS, NJ — NBA Entertainment, Inc. will move its production, programming and broadcasting facility from 450 Harmon Meadow Blvd. to 100 Plaza Dr. and expand its presence in the building, announced Hartz Mountain Industries. The 175,000 s/f deal, which includes major interior and exterior renovations. NBA commissioner, David Stern, said, “We are happy to continue our almost 20 year relationship with Hartz Mountain in a transaction that benefits both parties. We have

had an excellent experience in a great location for our employees and look forward to many years of the same.” “As fine as the office buildings are, it’s the amenities at Harmon Meadow that continue to retain and attract large corporate names to the development,” said Emanuel Stern, president and COO of Hartz Mountain. “Activity is picking up, but in this economic climate office facilities can only compete if they can check off all the boxes – competitive rent, great transportation, services and a safe environment. ■”


MAREjournal.com

Mid Atlantic Real Estate Journal — New Jersey — January 14 - 27, 2011 — 5B

NEW JERSEY

Fairfield Corporate Park, Fairfield, New Jersey

By Joseph A. Grabas, CTP

Title Insurance, So Misunderstood

“W

hen home buyers and people refinancing

their mortgages first see the itemized estimate for all the closing costs and fees, the largest number is often for title i n s u r a n c e . Joseph A. Grabas Besides, does anyone actually know people who have had to collect on title insurance?” After 32 years in the title business it still amazes me how many people still have no concept of what title insurance is or does, or how it works. The above captioned statement was written in an article on foreclosures and title insurance by Ron Lieber of the NY Times in their Your Money section on October 8, 2010. Mr. Lieber is an educated man and yet he, like so many others, has little understanding of the value and role of title insurance in the real estate transaction. Title Insurance 101. Title insurance, unlike other forms of insurance, is based upon the principle of Risk Elimination. Instead of accepting the total risk, as in casualty insurance, the Title Insurer or agent is tasked with the job of eliminating all the potential foreseeable risk prior to the issuance of the policy. The majority of the Premium paid is used for Risk Elimination research and curative efforts. As a matter of fact the law in New Jersey specifically prohibits issuing Title Insurance on a casualty basis. NJSA 17:46B-9 Mr. Lieber says that this work is “to help sort out problems” and “reduce the risk of your filing a claim.” No, it is to ensure that the title being purchased is the very best it can be and will resist all attacks in the future. But if an attack does appear, the Title Insurer will defend it. So when my 22 year old son pays $2,813.80 per year to that little green lizard for automobile insurance, it is because the Insurer expects my son will be getting into an accident within the policy term. They are assuming that risk. The cost of title insurance on a $250,000.00 home purchase in New Jersey is a ONE TIME fee of $1,456.00. An additional

Loan Policy is issued simultaneously for just $25.00 more. Contrary to what Mr. Lieber said, the Title Insurance fee is probably less than the Buyer’s attorney fees, a 2 point lending discount fee ($5000) and certainly far less than the 6% Realtor Commission ($15,000). And guess what, the Title Policy is good for as long as you own the property at no additional cost! Some might say, “Yes, but the average property turns over every 7 years!” My son will pay $19,696.60 over 7 years for

car insurance, which is more than he paid for the car. But for 7 years of Title Insurance protection in the amount of $250,000.00, the princely sum of $1,481.00 is all that will ever be paid. Why is that? Because other types of insurance protect against certain eventualities and Title Insurance protects against remote potentialities. To employ a coarse analogy, the police arrive after your home has been robbed and attempt to right a wrong and ameliorate continued on page 14B

Office Space Available for Lease 5,000 to 20,000 Square Foot Units *Excellent location with highway visibility * Located directly at Route 46 East interchange. * Minutes to Essex County Airport and NJ Bus and Rail * Attractive rental rates and terms available.

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6B — January 14 - 27, 2011 — New Jersey — Mid

Atlantic Real Estate Journal

MAREjournal.com

NEW JERSEY 83,319 s/f in Totowa and 53,277 s/f in Houston, TX Don't Miss This Opportunity!

Thurston of Marcus & Millichap sells ind. bldgs. for $7.15m

• Deadline: Jan. 18, 2011 •

T

OTOWA, NJ — Marcus & Millichap Real Estate Investment Services has announced the sale of an 83,319 s/ f industrial property located in Totowa, NJ and a 53,277 s/f building in David Thurston Houston, TX, according to Michael Fasano, vice president/ regional manager of the firm’s New Jersey office. Totowa commanded a sales price of

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$5,000,000 and Houston sold for $2,150,000. The buyer for Totowa was a North Jersey investor who purchased the property and then leased it to a company that was relocating from their current space in Paterson. The expanding company was looking to locate to a one story building where they could gain more efficiencies for their business and save jobs in the area. They intend on making extensive capital improvements to the property and moving their work force to the location. The location

also provides the opportunity for the company to expand, as their business needs warrant. The buyer was secured by David Thurston a director of the national office and industrial group and the net lease group in Marcus & Millichap’s New Jersey office. The seller of the Houston property is a NJ based investor, he was faced with notification that his tenant was relocating, so he decided to either sell or lease the building. In Houston, Thurston cooperated with Tim Speck of Marcus & Millichap’s Dallas office to represent the seller. ■

Pashman Stein executes $5.25m office building sale

OVER A CENTURY OF DOMINANCE

Investment Real Estate Brokerage.

FOR SALE Mid-Construction Tennis Center Morganville, New Jersey Jonathan Greenberg ext 258

FOR SALE 108 Residential Units Allentown, Pennsylvania Matt Weilheimer ext 253

FOR SALE 96 Residential Units Philadelphia, Pennsylvania Matt Weilheimer ext 253

PARSIPPANY, NJ — Pond Partners, LLC recently acquired 6 Upper Pond Rd. The property, a 73,450 s/f, class-A office building located on 5.67 acres was sold for $5.25 million after the seller reduced the price. According to Scott Lippert, a partner in the real estate practice at Pashman Stein, who represented the buyer, this transaction, among others, indicates that the stalemate between buyers and sellers that has characterized the region’s commercial real estate market for the last several years is starting to break. Essentially, he says, more sellers are agreeing to finally lower their sales price to give momentum to the office market once again. I would like to suggest a closer look at this emerging trend and a column by Scott on the shift he is starting to see in the region’s commercial space. ■

Colliers Int’l. arranges new leases at 7 Graphics Dr.

FOR SALE 63 Residential Units Trenton, New Jersey Matt Weilheimer ext 253

FOR SALE 47 Units & 1 Retail Hudson County, New Jersey Don Baxter ext 265

multifamily.

retail.

The Kislak Company, Inc.

FOR SALE 42 Residential Units Middlesex, New Jersey Barry Waisbrod ext 272

office. www.kislakrealty.com 732 750 3000

EWING, NJ — With the signing of almost 46,000 s/f of new office leases, Colliers International has brought 7 Graphics Dr. to 100 percent occupancy. Wholesale banking firm Cenlar FSB leased 41,000 s/f, while environmental engineering firm Geosyntrec Consultants leased the remaining 5,472 s/f. Colliers International’s John Cunninghamled the leasing efforts on behalf of landlord Biomed Realty Trust. Steve Tolkach, of Newmark Knight Frank, represented both Cenlar and Geosyntrec. ■


NEW JERSEY SPOTLIGHT SHOPPING C ENTERS SOUTHERN NEW JERSEY MAREjournal.com

Mid ATLANTIC REAL Estate Journal — New Jersey — January 14 - 27, 2011 — 7B

LEED Silver industrial facility in Logan

Ins. Restoration Spcs. purchase 25,845 s/f bldg.

The Flynn Co. reps DP Partners in 599,500 s/f sale

CB Richard Ellis brokers 58,560 s/f industrial lease

L

OGAN, NJ — In 2007 when Kimberly-Clark needed a high quality Northeastern distribution center to serve its growing customer base it turned to Dermody Properties/DP Partners. After all Dermody, a national private development company, had been providing creative real estate solutions through many economic cycles in its 50-year history. DP announced that the 599,500 s/f LEED Silver certified, class A industrial building, originally constructed for Kimberly-Clark will be sold to a major financial institution at a capitalization rate of 7.39 percent. “Our 400-acre Logisticenter at Logan is the home to many national companies and continues to attract strong investment capital,” said Michael Dermody, “We applaud our buyer for recognizing its value and we congratulate our Team for creating the value.” Great Point Investors of Boston, MA., is DP’s equity partner in the Logisticenter development, including the KimberlyClark building. “We were impressed with DP’s vision and approach to Logisticenter. We saw this as an opportunity to deliver state of the art distribution space to a market dominated by older,

Logisticenter at Logan outdated product. While the ity with the ability to provide recession has set our timetable sites from four to 100 acres, back, we continue to believe and buildings from 10,000 s/f that users will be attracted to to 1,200,000 s/f. The proposed higher quality. Kimberly-Clark facilities have been designed really validated this vision for to optimize the distribution us, “said Joe Versaggi, principal supply chain and maximum of Great Point. speed to market. There are 11 “Great Point has been a very existing buildings in the park, proactive, creative partner, and totaling 3.4 million s/f, occupied a great match for the expertise by a diverse group of national of our Mid-Atlantic develop- companies including Kimberlyment team,” said Dermody. Clark. The building is located at Par Tolles and Stephen G. 1150 Commerce Blvd. in Lo- Bailey were the Dermody Propgan within a 1,100-acre, class erties team that fostered and A, masterplanned business managed the transaction. DP park in the Logan Township, was represented by Joe Hill and Gloucester County. The site Robert Yoshimura of The Flynn offers the ultimate in flexibil- Company as the brokers. ■

The Hampshire Companies acquires 48,000 s/f Cherry Hill self storage location CHERRY HILL, NJ — The Hampshire Companies has announced the acquisition of a 48,000 s/f, 439 unit, self storage facility located at 25 Rock Hill Rd. from Rock Hill Road Associates LLC. The facility, which will operate under the Hampshire Self Storage flag. Situated on 2.6 acres, the upgraded facility features both

climate controlled and nonclimate controlled self storage units. Located at the Rock Hill Road Jug handle, the building provides easy access to both directions on Route 70 as well as Interstate 295. “This state-of-the-art facility was an excellent opportunity to grow our self storage brand and expand our services geo-

graphically,” said Don Engels, a principal of The Hampshire Companies. “We are looking forward to providing our neighbors with a large variety of premier space solutions at competitive rates.” Total Storage Concepts of Westfield was instrumental in assisting Hampshire secure the acquisition. ■

Avalon R. E. Agency merges with American Eagle Realty AVALON, NJ — Avalon Real Estate Agency has merged American Eagle Realty, Inc., into Avalon Real Estate Agency, which will continue to operate out of its offices at 30th and Dune Dr, under the Avalon

Real Estate banner. The new, strengthened Avalon Real Estate Agency welcomes broker Bill Leahy, sales associate Kay Leahy, and other members of the American Eagle team. Avalon Real Estate Agency

president and Broker-of-Record, Bill Soens said, “We are thrilled to have Bill Leahy, Kay Leahy, and other members of the American Eagle Realty team join Avalon Real Estate.” ■

SADDLE BROOK, NJ — CB Richard Ellis recently completed a 58,560 s/f industrial lease at 200 Docks Corner Rd. CB Richard Ellis first vice presidents Scott Belfer and Lou Belfer represented the tenant, Vision Automotive, a leading headlight distributor from City of Industry, CA, in this transaction, while Jones Lang LaSalle represented the landlord, AMB Properties Corporation. Vision Automotive plans on utilizing the space as its East Coast warehouse/distribution headquarters. “As the market in New Jersey slowly continues to rebound, the bid/ask gap for industrial properties has narrowed, resulting in an increase in deal volume as tenants and landlords try to take advantage of current rental rates in order to lockin leases over the long-term,” stated Mr. Lou Belfer. “In this transaction, the tenant, Vision Automotive, was seeking a welllocated space with extensive amenities, within the 8A submarket. Its goal was to expand its operations to the East Coast in an area that is within close proximity to its client base. By utilizing our local market knowledge, we were able to negotiate this transaction on behalf of the tenant quickly and efficiently in order to meet their space requirements at a competitive and affordable price point.” 200 Docks Corner Road is a 885,185 s/f, state-of-the-art industrial/warehouse facility that contains 22,429 s/f of office space and 862,756 s/f of warehouse space. The property features 32-foot ceilings, an early suppression fast response (ESFR) cross-dock facility with energy efficient T-5 lighting including motion sensors, a wet sprinkler system, 106 tailgates, 4 drive-in doors, 310 parking spaces for cars and 120 spaces for trailers, as well as 2,000 amps and 480 volts of power. The property is conveniently located just an hour from Manhattan, directly off Exit 8A of the New Jersey Turnpike, near Routes 1 & 130 and Interstates 195, 295, and 287, with a current roster of tenants including Franco Apparel and AppTec

Technologies. “As New Jersey’s commercial real estate market inches toward recovery, growing companies, such as Vision Automotive, should take advantage of the opportunities that exist within industrial facilities such as this one,” added Mr. Scott Belfer. “We are pleased to have completed this new lease transaction on behalf of Vision Automotive and we look forward to negotiating similar deals in the future.” CBRE recently negotiated the sale of a 25,845 s/f industrial/ flex facility located at 30 Abeel Rd. in Monroe Twp. Scott Belfer and Lou Belfer, represented the seller, Mori Seiki, in this transaction, and represented the buyer, Insurance Restoration Specialists, who plans on utilizing this space as its new corporate headquarters. “This facility is an investment-grade property that is well-maintained and conveniently located in Middlesex County, an area that continues to be in high-demand for industrial companies that are looking for flexible space with frontage on the New Jersey Turnpike,” said Scott Belfer. “Given the limited supply of similar buildings available for sale within this submarket, we were able to attract a number of targeted buyers almost immediately, at a price point that was competitive with the current rental rates in that region.” Situated on 5.2 acres, this 25,845 s/f single-story industrial/flex building is centrally located between New York City and Philadelphia, directly off of the New Jersey Turnpike at exit 8A. Originally built in 1982, this property includes 8,874 s/f of office space, as well as amenities such as 38’ clear ceilings with 2-30 ton cranes, fully air conditioned warehouse space and land for possible expansion. “In this transaction, we were able to identify the perfect owner/occupier and negotiate the sale of this property quickly and efficiently on behalf of our client, given its accessibility to the state’s main thoroughfare as well as the size and quality of the space,” added Belfer. ■


8B — January 14 - 27, 2011 — New Jersey — Mid

Atlantic Real Estate Journal

MAREjournal.com

SOUTHERN NEW JERSEY By Dennis Scardilli, Esq., MAI

What Atlantic City needs: Capitalist tools once again

D

o you remember Atlantic City in its heyday? If you are in your 70s and 80s, your childhood memories may include Captain John Hunt’s home a quarter of a mile out in the Atlantic Dennis Scardilli Ocean at the end of what is now “The Pier”, swing bands playing at the ballroom on that Million-Dollar pier and

your parent’s stories of Nucky Johnson’s “Boardwalk Empire”. If you are in your 50’s & 60’s, the Atlantic City that you remember as a child included hawkers selling cotton candy, rolling chairs on the Boardwalk, barkers selling contraptions from Boardwalk stands, along with the diving horse and Tony Grant’s stars of Tomorrow on George Hammid’s Steel Pier. When I was a kid in the 1960s, the Atlantic City Boardwalk looked like Ocean City, Bradley Beach,

and Wildwood. All pictures of capitalist entrepreneurs. If you are in your 30s and 40s, you may have seen the movie “Atlantic City”. What did Burt Lancaster mean when he said, “you should have seen the ocean before the casinos”? I personally think that Lancaster’s character was reflecting on how you could sit on the Boardwalk, look out at the serene ocean one moment, and, in the next, look at the people and the bustling human activity that

occurred so close to that inspiration of nature. That activity was driven by capitalism. Atlantic City got its start when a group of capitalist real estate developers in Philadelphia bought a sandbar and turned it into a successful real estate development. Then, they had the hutzpah to build a train line and charge Philadelphians for weekend and holiday trips to their investment. I remember seeing a photograph of the horse-drawn surrey that took honeymoon-

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The Butler Builder Difference

ers from the train station to the Fox Manor hotel in the 1920s. When newlyweds went to Florida, Atlantic City’s leaders went to the State’s voters and got legalized gambling approved. Capitalist responses to market forces. Dare anyone fault New Jersey’s former Governor Brendan Byrne, former Assemblyman Steven Perskie and Resorts Casino-Hotel attorney Patrick McGann for mandating a minimum 500-room casino hotel? Or the first Casino Control Commission Chairman Joseph Lordi for creating a regulatory scheme that former Casino Control Commissioner Carl Zeitz recently called “the gold standard” of casino regulatory programs? Not at all. They did what had to be done to unleash the forces of capitalism necessary for corporations like Resorts (formerly known as Mary Carter paints) and entrepreneurs like Steve Wynn to risk their capital and their reputations on Atlantic City. Capitalist feasibility analysis in regulatory dressing. Today, New Jersey Gov. Chris Christie has called for another revitalization of Atlantic City. State Sen. Jim Whelan (D-2nd Distr.) says that Atlantic City needs more capital investment. Sen. Whelan has sponsored a bill to allow casino-hotels to start with only 200 rooms, thus lowering the cost of market entry for a capitalist entrepreneur. Twenty years ago, in my third career in real estate, I was performing appraisals in Atlantic City’s Inlet section on a cold January day. A neighborhood resident asked me what I was doing. When he heard that I was performing an appraisal, he said he wanted to learn appraisal because he wanted to become a real estate investor. Gov. Christie and the New Jersey Legislature leadership: whatever you do, please remember to provide capitalist tools to those who are willing to take a risk on Atlantic City. Dennis Scardilli, Esq., MAI practices as an attorney with an office in Absecon, NJ. ■


MAREjournal.com

Mid Atlantic Real Estate Journal — New Jersey — January 14 - 27, 2011 — 9B

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10B — January 14 - 27, 2011 — New Jersey — Mid

Atlantic Real Estate Journal

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SOUTHERN NEW JERSEY By Roy Kardon, SIOR; NAI Mertz

Promising prospects for continued recovery for Southern New Jersey in 2011

W

ith 2011 just underway, it’s a natural time to reflect on the year ended and speculate on the year ahead. As the marketplace continues its gradual reRoy Kardon bound, there remains a great deal of uncertainty. But to some extent that uncertainty has transformed into possibility. While

a return to pre-recession activity may be a daydream, we do expect 2011 to be another step in progressing toward a more stabilized commercial real estate market in Southern New Jersey. The state of the market in South Jersey is of course tied to the recovery at the national and global level, but recent indicators have been very positive that a true return to continued economic growth and a more positive real estate climate are well under

way. The recent holiday shopping season proved stronger than expected, with sales up 5.5% over the previous year according to MasterCard Advisors’ SpendingPulse. In further good news, Harris Interactive reports that 61% of shoppers polled did not plan on reducing their spending in 2011 as a result of holiday shopping, evidence that consumer confidence should remain on the rise. As a market that can be characterized by its steadi-

ness, Southern New Jersey managed to avoid the worst of the maelstrom that shook commercial realty. Because the lows weren’t as low, signs of the recovery aren’t as apparent as some other markets, but they’re definitely there. In particular, interest in investment steadily increased over the course of 2010. However that increased desire has yet to translate into a significant upturn in completed transactions. It seems

that everyone is sitting on the shore of ‘investment’ lake waiting for one brave soul to jump in and tell them that the returns are fine. The key to prospective investors taking the plunge is of course access to financing. However, we have not yet reached the point where the incentive is there for banks to become active lenders. The recent two-year extension of the Bush tax cuts will help the supply side of the property exchange as the tax rate for capital gains will remain unchanged. This certainty in the tax code will allow current owners to market properties that they’ve been holding, and ultimately can lead to a higher frequency of deals as more desirable inventory becomes available. The harsh financing prospects and overall tentativeness are conditions to which no market is immune. Where the fates of individual regions diverge are in their intrinsic qualities and the resources and amenities that they can offer businesses, and in that regard, Southern New Jersey is historically strong. Southern New Jersey has numerous favorable attributes that make it an attractive location for the full spectrum of businesses even in the worst of times. Given its proximity to Philadelphia and placement at the heart of the Northeast Corridor, South Jersey has ideal demographics, a skilled workforce, and ready access to major interstates. South Jersey also has above average access to railways and multiple ports on the Delaware River. At the start of a new year, wishes of upcoming prosperity are commonplace. The positive signs of continued recovery in the economy as a whole allow for a little more optimism in those tidings this year. For its part, given its centralized location and many favorable features, Southern New Jersey should continue to gain momentum throughout the coming year and is well-positioned for long-term prosperity. Roy Kardon, SIOR is Vice President, Industrial for NAI Mertz. ■


MAREjournal.com

Mid Atlantic Real Estate Journal — New Jersey — January 14 - 27, 2011 — 11B

SOUTHERN NEW JERSEY NAI Mertz represents tenant in 38,400 s/f industrial lease

Colliers International facilitates leases totaling 76,242 s/f in Southern New Jersey

C

AMDEN, NJ — Colliers International facilitated a 38,400 s/f lease to Capitol Interior Products in the Von Morris Corporate Campus located at 201 Erie St. The tenant sought a new distribution facility in Southern New Jersey located in an Urban Enterprise Zone (UEZ). They selected the Von Morris Corporate Campus, a UEZ situated on 20 acres along the Delaware River with excellent access to Philadelphia and major arteries in Southern New Jersey. Ian Richman, a broker from Colliers International’s Southern New Jersey Industrial team, represented the landlord, EDM Holdings, LLC, in this transaction. The tenant was represented by NAI Mertz. MARLTON, NJ — Colliers International | Southern New Jersey office division represented Avnet, Inc. in facilitating the lease of 17,372 s/f in a multi-story office building in

201 Erie St. Four Greentree Center located move represents an upgrade at 13,000 Lincoln Dr. West. and expansion. Avnet will use the space for Colliers International’s their regional sales office; the Southern New Jersey Office

team of Jason Wolf and Evan Zweben represented Avnet, Inc. in this transaction and negotiated directly with the landlord, Liberty Property Trust. CHERRY HILL, NJ — Colliers International represented the owner of 325 Rte. 70 on a long term lease agreement with Navien America, Inc. This 11,424 s/f office building will provide the tenant with a more visible new location along Route 70 in Cherry Hill. Wolf and Zweben were the sole brokers in this transaction.

VOORHEES, NJ — Wolf and Zweben represented the owner of Laurelwood Office Complex in signing two leases there. At 1101 Laurel Oak Rd., Zwicker & Associates will relocate its operation from Haddonfield to a 2,947 s/f suite. Colliers International represented both the landlord and tenant in this transaction. At 1103 Laurel Oak Road, The Garver Group will relocate from Gibbsboro to a 6,099 s/f suite. Colliers represented the landlord in this transaction. ■

For Lease | +/-125,496 SF Pureland Industrial Complex 2165 Center Square Rd., Swedesboro, NJ 08085

NAHB awards Michaels Development MARLTON, NJ — The National Association of Home Builders (NAHB) announced that Michaels Development Company has been named the 2010 Multifamily Development Firm of the Year. The award recognizes superior leadership in the multifamily housing industry and honors excellence in development strategies and practices, financial performance and innovation, and the successful achievement of the company’s vision and goals. “Michaels Development has raised the bar for affordable and mixed-income housing developments in this country,” said NAHB’s senior staff vice president Sharon Dworkin Bell.” Bell presented the award to Michael Levitt, who founded Michaels Development in 1973. Michaels Development Company is one of six companies dedicated to housing excellence that comprise The Michaels Organization, which is privately held by its Chairman and CEO Michael J. Levitt. Multifamily Development Firm of the Year is one of the top honors bestowed annually through NAHB’s Pillars of the Industry Awards Program. ■

Bldg Dimensions: 580’x223’ Clear Height: 24’ Bay Size: 40’x40’ Loading: 17 tailgate loading docks with seal / 6 rail loading Rail: Rear load, short line Lot Size: 6.8 acres Construction: Masonry & Steel

Heat: Gas hot air / South Jersey Gas Water: New Jersey American Water Sewer: Logan Township M.U.A. Sprinkler: Yes Parking: Surface (recently repaved) Electric: 1,200 amps, 3-phase, (A.C.E.) Office Area: +/-1,800 sf

Edd Connor | Carmen Facciolo 10 Corporate Circle Suite 100 New Castle DE 19720 phone 302 322 9500 | fax 302 322 9518 eddconnor@emoryhill.com | cfacciolo@emoryhill.com www.emoryhill.com


12B — January 14 - 27, 2011 — New Jersey — Mid

Atlantic Real Estate Journal

MAREjournal.com j

The Institute of Real Estate Management® WWW.IREM.ORG

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MAREjournal.com

Mid Atlantic Real Estate Journal — New Jersey — January 14 - 27, 2011 — 13B

NEW JERSEY Travaglini of Mack-Cali Realty Corp. reps inhouse

Cushman & Wakefield’s Hollander inks 10,335 s/f lease

djones@marejournal.com

R

OSELAND, NJ — Knowledge Networks, an online research firm, has leased 10,335 s/f at 103 Eisenhower Parkway at Eisenhower/280 Corporate Centerand has consolidated its New Harlan Hollander Jersey operations there, announced Harlan Hollander, JD, of commercial real estate services firm Cushman & Wakefield. Hollander, a director in Cushman & Wakefield’s East Rutherford office, brokered the long-term transaction on behalf of the tenant. Mack-Cali Realty Corporation owns the 151,545 s/f 103 Eisenhower Parkway and was represented in-house by Richard Travaglini, senior director of leasing. ■

IREM honors Levin’s Evans with service award NORTH PLAINFIELD, NJ — Rose Evans, CPM, vice president of property management at retail real e s t a t e s e rvices firm Levin Management Corporation accepted a Distinguished S e r v i c e Rose Evans Award from the Institute of Real Estate Management’s New Jersey Chapter No. 1 (IREM), at the organization’s annual Heritage Awards event. IREM is an international organization of professional property managers who manage all types of real estate. Evans has been actively involved with IREM NJ Chapter No. 1 for 18 years. She has served as its president, vice president, secretary, executive committee member and education chair, and founded its mentoring program. On a national basis, she has been a governing council member and Ethics Appeal Board chairperson. She serves on the National Faculty Grader and Management Board and is an approved IREM Grader. “Rose has been the cornerstone of our chapter’s success,” said Victor Murray, CPM, president, IREM New Jersey.” ■

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14B — January 14 - 27, 2011 — New Jersey — Mid

Atlantic Real Estate Journal

MAREjournal.com

NEW JERSEY VP Scott Mertz, SIOR negotiated transaction

NAI Mertz completes 11,000+ s/f lease in Cherry Hill

C

HERRY HILL, NJ — NAI MERTZ, Realtor, has announced that Navien America has leased 11,000+ s/f of space for an East Coast training facility at 325 Route 70, Cherry Hill, Scott Mertz C a m d e n County. Scott Mertz, vice presi-

dent, SIOR, negotiated the lease for the company, who will utilize the space for showroom and training classes. The lease is long term for the international company, a subsidiary of Kyung Dong. They produce and distribute tankless water heaters and combination space heaters. NAI Mertz is one of the largest commercial and industrial real estate offices in the Philadelphia area. NAI Mertz is the

South Jersey representative for NAI and the Industrial Member representative for Philadelphia County. Mertz Corporation of PA is the NAI representative for the Scranton/Wilkes-Barre, PA area and Northeastern Pennsylvania. As a global real estate service provider we have more than 350 offices covering 55 countries in the United States, Canada, Latin America, Europe and Asia Pacific. ■

Onyx Equities facilitates 32,093 s/f of deals at Edison Square Office Park EDISON, NJ — Onyx Equities, LLC, announced that it has successfully completed four lease transactions at its two-building, 165,910 s/f Edison Square Office Park, which total 32,093 s/f. The completed transactions include a 15,603 s/f lease expansion with L&T Infotech; a 3,171 s/f lease expansion with Oceana Therapeutics; a new lease of 1,423 s/f with Carrickmore P&D, LLC.; and a 11,896 s/f lease renewal with CheckPoint HR. “Onyx Equities is committed to delivering sound real estate solutions to our clients,” explained Michael Nevins, vice president of asset management, Onyx Equities. “These transac-

tions demonstrate our ability to secure long-term relationships amongst a variety of clients.” Below are additional details regarding the recently completed transactions at Edison Square Office Park, located at 2025 and 2035 Lincoln Highway in Middlesex Cty.: • L&T Infotech, a global IT services and solutions provider who has been a tenant at Edison Park since 2001, when it leased 2,224 s/f in the building, expanded its operation within the complex by 12,785 s/f in late 2009. As a result of the continued growth of its workforce, L&T Infotech required an additional 2,818 s/f of space. Both Kevin Carton and Todd

Elfand of Jones Lang LaSalle represented the tenant and the landlord in this transaction. • CheckPoint HR renewed its 11,896 s/f lease. Paul Giannone of Jones Lang LaSalle represented the tenant in this transaction. • Oceana Therapeutics, also expanded its footprint by 3,171 s/f within Edison Square. CB Richard Ellis represented the tenant in this transaction, while Jones Lang LaSalle represented the landlord. • Carrickmore P&D, LLC. is utilizing the 1,423 s/f space for its corporate office. Jones Lang LaSalle represented both the tenant and the landlord in this transaction. ■

Don’t get buried with snow removal – Effective risk . . . continued from page 2B documents is the Additional Insured Endorsement). Be sure it provides evidence of each coverage noted above and specifically states the snow and ice removal services being provided are covered. In many cases, summer contractors do snow removal as a seasonal engagement, without providing notice to their carrier. The Certificate is normally issued by the contractors’ insurance agent, whose name and phone number appears on the Certificate. Furthermore, you must also be cognizant of the ability for the insurer or insured to cancel their coverage. You should require that all policies shall not be cancelled, terminated or modified by the company unless 30 days (minimum) prior written notice is given to you. This is usually evidenced on the Certificate of Insurance If you receive such notice, do not let the contractor enter your premises until replacement

coverage is provided with all the provisions noted above. It is also recommended that upon receipt of a Certificate of Insurance, you contact the issuing broker and ask them to confirm, in writing (email is acceptable) that all the coverage noted on the certificate is correct. Consider the following claim example. Would you like to be on the hook for this? You are the owner/property manager of an upscale mall. A customer slips and falls on ice covered steps and suffers a broken ankle which requires open reduction and fixation. The customer is a business woman with a family. In addition to $40,000 in medical expenses and $35,000 in lost wages, the family required the services of domestic help to compensate for the loss of services of the working mother. These costs amounted to $17,500 over the five months the customer was injured. In legal terms, the injured customer has “spe-

cials” (referring to actual out of pocket expenses) of $92,500. In addition, the permanent disability suffered as a result of the severe fracture, pain and suffering and the family’s “loss of services” and you are looking at a claim worth upwards of $350,000. By having the proper indemnity, hold harmless language as well as necessary insurance coverage in your agreement with the contractor, you are better able to protect the assets of your company against claims arising out of accidents involving snow and ice removal, by transferring the exposure to the contractor providing the service. Michael Oliva, CPCU, ARM is a senior associate at The ALS Group. Harry Kickey, CCLA is a claims specialist at The ALS Group. The ALS Group is an independent insurance and risk management advisory firm located in Edison, N.J. ■

At 19-03 Maple Ave. in Fair Lawn

NAI Hanson’s Lizzack arranges 3,000 s/f lease FAIR LAWN, NJ — NAI James E. Hanson, one of the leading New Jersey-based commercial real estate firms, announced the completion of a two-year, 3,000 s/f office lease agreement at 19-03 Maple Darren Lizzack Ave. NAI Hanson associate vice president Darren Lizzack represented both the landlord, Oren Enterprises, and the tenant, MER, Inc. “MER, Inc. needed to relocate quickly because the building they were occupying is slated to be demolished in December,” said Lizzack. “Our ability to provide solutions for our clients is one of our greatest strengths coupled with our ability to act quickly in a time of need. Not only were we able to recognize that 19-03 Maple

Ave. was conveniently located right down the road from the tenant’s existing office space, but it was the exact size they needed. Furthermore, the landlord and tenant knew each other from previous business dealings which resulted in a relatively smooth transaction.” “Exemplary of the times we are in today, the rental rate agreed upon was well below asking price,” Lizzack continued. “While there is a plethora of available office space in the market, we are finding fewer tenants looking to fill those vacancies. And the savvy landlords are very willing to do what it takes to secure that steady stream of increased cash flow which many of them are seeking. I was happy to negotiate this deal on behalf of both the landlord and tenant, and look forward to securing similar transactions in the future.” ■

CBRE organizes 29,000 s/f industrial lease in Kearny SADDLE BROOK, NJ — CB Richard Ellis announced the recent completion of a 29,000 s/f industrial lease transaction located at 4-24 Sellers St. CB Richard Ellis’ first vice presidents Scott Belfer and Lou Belfer represented the landlord, Everest Realty, in this transaction, while NAI James E. Hanson senior vice presidents Ken Lundberg and Gary Sauerborn represented

the tenant, SG Footwear. “New Jersey’s industrial market remains stable, with a recent resurgence of leasing velocity taking place within the Northern New Jersey submarkets. In this transaction, we were originally marketing the space as a sublease for Royale Linens, however we were able to negotiate a deal and lease the space to SG Footwear for a longer term,” said Belfer. ■

Title Insurance, So Misunderstood . . . continued from page 5B the loss; the Security Company comes before the crime to ensure that your home is secure and burglar proof, by eliminating the potential risks. Title Insurers are the security experts; closely examining the condition of each title for potential risks and then eliminating or curing the defects. If the title search does not “notice” a home equity loan or filed lien, the title policy covers that. Mr. Lieber states that “Title insurance companies would like you to believe that they are the good guys standing behind you.” No, they are the good guys out in front of you, clearing the way so that you can live safely and securely on your property without fear of attack upon your title, then they stand behind you; for as long as you own your home. As a long standing member of

the New Jersey Title Industry, I can attest to the fact that the majority of us take our position within the real estate transfer process very seriously. We understand that the free and regular financing and transfer of real property is the cornerstone of our economy and a hallmark of our society. Oh, and just for the record, over the last 3 years just one of the major Title Insurance Companies operating in New Jersey actually opened over 3000 claims and actually paid out over $41 million dollars under actual title policies in defense of actual titles. Joseph A. Grabas, CTP is a title researcher, title agent, educator, historian and genealogist. He is a NJ State Certified Title Insurance instructor and the director of the Grabas Institute for Continuing Education. ■


MAREjournal.com

Mid Atlantic Real Estate Journal — New Jersey — January 14 - 27, 2011 — 15B

Industrial Commercial Real Estate Women, Inc. www.icrewnj.org Highlight ICREW NJ December Luncheon Meeting

Installation of Officers, Star Awards, Sponsor Expo

W

OODBRIDGE, NJ — “I decided to put together a powerpoint presentation to show the

President Shelia Spriggs Nall KSS Architects Snall@kssarch.com President Elect. & Crew Network Delegate Cheryl Hardt CB Richard Ellis, Inc. cheryl.hardt@cbre.com Treasurer Sefi Silverstein, CPA Wilkin & Guttenplan ssilverstein@wgcpas.com

Director of Sponsorship Mary Lynn Kearns Dancker, Sellew & Douglas mkearns@dancker.com Director of Special Projects: Golf Robin Grossman Edge Technologies rgros30687@aol.com Director of Special Projects: Website/PR Rebecca Machinga

Silvana Finizio, 2010 ICREW NJ 2010 President presents gavel to Sheila Nall ICREW NJ 2011 President. ICREW NJ ‘big picture,’ and as I began putting together all of our accomplishments, I was amazed at how much we have achieved,” said Silvana Finizio of Carousel Industries. Her remarks kicked off the final act of her term as President of ICREW NJ, with the organization’s December luncheon at the Woodbridge Hilton highlighted by the installation of 2011 officers and directors. “A year ago, I will admit being challenged by the upcoming 2010 and its economic outlook, and how this could impact our organization,” she continued. “We were able to overcome any fears and challenges, allowing us to provide you with a good story today.” With those remarks, Finizio turned the President’s gavel over to Sheila Nall of KSS Architects. “I want to thank everyone for the vote of confidence by electing me your 2011 President,” Nall began. “This is an exciting opportunity, yet daunting at the same time. This is a big challenge, but one I am eager to undertake. “We know that the nation and our industry are still suffering from the economic downturn,” Nall continued. “That is why we must work even harder to develop new ways to support our members through networking, learning and sharing opportunities. To that end, our two most

ICREW NJ Star Awards Shown from left: Silvana Finizio, ICREW NJ 2010 President presents Start Performer Awards, to Carolyn Sica, Past President/Advisor, Pat Radziewicz, Director Special Projects, Kim Brennan, Director Programming, Robin Grossman, Past Golf Chairperson/Advisor, Jennifer Palestri, Past President/Advisor, Annamarie Kovacik, 2011 Golf Chairperson. pressing goals for 2011 are for outstanding achievements to enhance the value of mem- and contributions of ICREW bership in ICREW NJ, and to NJ. The 2010 recipients were elevate ICREW NJ in the eyes Kim Brennan, Cushman & of the real estate industry as Wakefield, Inc.; Robin Grossthe premier professional orga- man, Edge Technologies; Annization.” namarie Kovacik, WG Project Nall leads a 2011 slate of Management; Jennifer Palofficers and directors that estri, Normandy Real Estate includes President-Elect and Partners; Patricia Radziewicz, CREW Network Delegate Carefree Plant Designs; and Cheryl Hardt of CB Richard Carolyn Sica, CB Richard Ellis; Treasurer Sefi Silver- Ellis. stein, CPA, Wilkin & GuttenThe event was also highplan; and Recording Secretary lighted by an ICREW NJ Patricia Faulkner of NAI Sponsor Expo. Penthouse Global. Sponsors were Real Estate Director of Membership Forum & GlobeSt.com, and is Nancy Witt, Sweetwater Wilkin & Guttenplan. BoardConstruction Corp.; Direc- room Sponsor was CB Richtors of Programming, Monica ard Ellis. Atrium Sponsors Ceres of Giordano Halleran were Farer Fersko; Giordano, & Ciesla; Director of Philan- Halleran & Ciesla; Greenthropy, Susan Karp, Farer baum, Rowe, Smith & DaFersko, PA; Co-Directors of vis; The Aztec Corp.; Walder, Sponsorship are Mary Lynn H a y d e n & B r o g a n ; a n d Kearns of Dancker, Sellew & WithumSmith+Brown. Douglas, and Patricia Riedel The December philanthropy of CB Richard Ellis; Direc- was ICREW NJ’s Annual Toy tor of Special Projects/Golf Drive to benefit the New Jeris Robin Grossman, Edge sey Battered Women’s ServiceTechnologies; and Director Children’s Program. of Special Projects/Website/ ICREW NJ is the New JerPR is Rebecca Machinga of sey organization for women WithumSmith+Brown. involved in all aspects of comAdvisor & CREW Network mercial and industrial real esDelegate is Silvana Finizio, tate. Members represent fields Carousel Industries; Advisor as diversified as accountants, is Annette Murray, Wilkin & architects, appraisers, asset/ Guttenplan; and Advisor & property managers, attorneys Bylaws is Jennifer Palestri consultants, developers, lendof Normandy Real Estate ers, leasing and sales brokers, Partners. mortgage bankers/brokers, The December luncheon marketing specialists, market event also featured presenta- and investment analysts, cortion of the Annual Star Awards porate real estate representa-

Withum Smith & Brown

Recording Secretary Patricia Faulkner NAI Global

rmachinga@withum.com

pfaulkner@naiglobal.com

Advisor & Crew Network Delegate

Director of Programming Monica Ceres Giordano Halleran & Ciesla, PA

Silvana Finizio Carousel Industries sfinizio@carouselindustries.com

MCeres@ghclaw.com Advisor Director of Philanthropy Susan C. Karp Farer Fersko, P.A. skarp@farerlaw.com Director of Sponsorship Patricia Riedel CB Richard Ellis, Inc. patricia.riedel@cbre.com

Annette Murray Wilkin & Guttenplan amurray@wgcpas.com Advisor & Bylaws Jennifer Palestri Normandy Real Estate Partner jpalestri@normandyrealty.com

UPCOMING EVENTS

Monthly Luncheon Meetings FEBRUARY 17, 2011 Newark Club 1085 Raymond Blvd. Newark, NJ 07102

For more info, please contact ICREW NJ at 609-585-6871 or email at icrewnj@crewnetwork.org You may also visit the website at www.icrewnj.org


16B — January 14 - 27, 2011 — New Jersey — Mid

Atlantic Real Estate Journal

MAREjournal.com

PEOPLE ON THE MOVE Real Estate Strategies Corp’s Zezas is president

SIOR NJ announces 2011 leadership

P

ARSIPPANY, NJ — The New Jersey Chapter of the Society of Industrial and Office Realtors (“SIOR”) announced its leadership team for 2 0 11 . A n drew Zezas, SIOR, Andrew Zezas CEO of Real Estate Strategies Corporation will serve as president, Mitch Katz, SIOR of Newmark Knight Frank will serve as VP and president-elect, Ian Grusd, SIOR of Sperry Van Ness will serve as treasurer and secretary. In conjunction with this year’s slate, SIOR NJ also announced a fresh strategy

based on enhancing the experience of its existing members while also specifically targeting and attracting new members. Zezas said, “SIOR is an historic and dynamic ethics based organization that goes back to World War II. Our New Jersey Chapter has some of the most noteworthy history of the society and still comprises the majority of the most successful CRE practitioners in our State. I am very proud to lead the Chapter in 2011!” Mitch Katz echoed Zezas’ comments, adding “our new member-driven format will certainly add to the already well-regarded brand of SIOR”. Ian Grusd stated “The SIOR designation is highly soughtafter and respected through-

out the industry. I am proud to be an SIOR and it is an honor to participate in the Chapter’s leadership in 2011!” Zezas further commented, “We are always providing enhanced value to our members and sponsors. This year we look forward to discussion the tradition, benefits and responsibilities that go along with the designation. We are focusing much effort on indentifying well respected, ethical CRE practitioners interested in exploring membership. Of additional focus will be a mentoring program focused on those ‘typically younger’ professionals not yet able to fulfill the stringent qualifications of an SIOR yet desiring to begin to collaborate within the organizations activities. ■

Newmark Knight Frank appoints Drummond and Persson as principals RUTHERFORD, NJ — Jamie Drummond has joined Newmark Knight Frank as a principal in its Rutherford office. An accomplished landlord/ agency and tenant representative, Drummond Jamie Drummond specializes in dispositions and acquisitions, strategic planning and long-term real estate solution development on behalf of his clients. He also brings to the firm valuable expertise in sales, marketing and new business development. Over the course of his career, Drummond has consummated more than 300 transactions valued at over

$500 million. Prior to joining Newmark Knight Frank, Drummond was with Colliers International (formerly G VA W i l liams) as a senior managing director. In this Drew Persson capacity, he was consistently distinguished as one of the top producers of the New Jersey office. Among his recent recognitions, Drummond received the firm’s Agency Representation Services award in 2007, 2008 and 2009. “We are very fortunate that Jamie has joined our Newmark Knight Frank family,” stated David Simson, NJ vice

chairman/COO. “His integrity and professionalism, expertise and varied skills, are invaluable as we expand our capabilities and continue to provide clients with the best possible advisory services.” Drew Persson has joined Newmark Knight Frank as a principal in its Rutherford, office. An 18-year industry veteran, Persson is an accomplished agency and tenant representative, and brings to the firm valuable expertise in sales, marketing and new business development. “We are very pleased to welcome Drew to Newmark Knight Frank,” said Simson. “Drew is a consummate professional and will be a tremendous asset to our firm and a valued resource for our clients.” ■

RXR hosts annual year-end gala recognizing top performers SHORT HILLS, NJ — RXR Realty LLC (“RXR”) hosted its annual year-end gala and broker awards event at its 51 JFK Parkway property. RXR acknowledged the contributions of the New Jersey brokerage community for their work in the northern and central New Jersey markets. In addition, RXR presented its annual “Broker of the Year” awards. In addition, RXR recognized David Simson, vice chairman

of Newmark Knight Frank’s New Jersey Operations, for his outstanding representation at University Square, RXR’s 313,000 s/f world-class, office building located in the Princeton submarket which reached 100% occupancy in 2010. “At RXR, we recognize that our continued success in the marketplace is due in part to working closely with the brokerage community. Our annual year-end gala remains an

important part of our ongoing strategy of being both a tenant• and broker-friendly organization,” said Todd Rechler, Co-COO of RXR and president of RXR construction and development. “We honor David Simson for his extraordinary efforts at University Square. David’s success at University Square is a testament to his hard work, deep market knowledge and commitment to servicing his clients with the utmost professionalism.”■

From the Institute of Real Estate Mgmt.

Taylor Mgmt. Co. earns AMO accreditation

ISELIN, NJ — Taylor Management Company, headquartered in Whippany, has earned the ACCREDITED MANAGEMENT ORGANIZATION (AMO) accreditation from the Institute of Real Estate Management (IREM), an affiliate of the National Association of REALTORS. The AMO accreditation is awarded to real estate firms that have a track record of high performance, experience, stability and financial accountability and have a CERTIFIED PROPERTY MANAGER (CPM) directing and supervising the real estate management team. In addition, AMO firms must abide by a rigorous Code of Professional Ethics that is strictly enforced by the

Institute. Founded in 1933, the Institute of Real Estate Management educates real estate managers and certifies and enhances the competence and professionalism of individuals and organizations engaged in real estate management. IREM also serves as an advocate on issues affecting the real estate management industry. IREM has over 16,000 individual members, 8,600 who hold the CPM designation and 3,600 who hold the ARM certification. In addition, it has 530 firms that hold the AMO accreditation. IREM also has 82 U.S. chapters, seven international chapters and several other partnerships around the world. ■

Wiss & Company announces new hires LIVINGSTON, NJ — Wiss & Company LLP announced the hiring of several new employees. Lisa Calick, director of human resources says, “Our people are the heart of this firm. The new professional talent that has come aboard are a true asset and we look forward to their growth with the firm.” As entry level staff accountant positions, Jeff Gatarz joins us from the University Of Delaware, Laura Zindel from Ramapo College, John Dutcher from Marist College, Rosa Matias from Rutgers University, Katelyn Blose from The College of New Jersey, Lauren Schmitz from Ramapo College, Caitlin Guzzi from Monmouth University, Sean Fallon from Marist College, and Jim Gerhard from Seton Hall University. As a Litigation Support Specialist, Aleksey Tsymbalov joins the Wiss Law Firm Services team. Specializing

in forensic investigations and financial analyses of businesses, Aleksey is also fluent in preparing business valuation reports. Previously, Aleksey was a Forensic and Valuation Manager at The Barson Group. As a tax manager, Andrew E. Goldstein joins Wiss and is based out of the New York City office. Goldstein’s responsibilities include managing the tax staff, reviewing tax work as well as providing year-end tax planning and research for Wiss clients. Previously Andrew was a tax manager at Marks, Paneth & Shron LLP in New York City. With over 10 years of public accounting experience, Dino Zicopoulos joins Wiss as director of quality control. Previously with PricewaterhouseCoopers LLP, Zicopoulos specializes in the review of audits and testing approaches for public engagements. ■


MAREjournal.com

Mid Atlantic Real Estate Journal — New Jersey — January 14 - 27, 2011 — 17B

PROFILES ON INDUSTRY PROFESSIONALS Bob DE Ruggiero President TITLE: President COMPANY: Robert DE Ruggiero Inc LOCATION: : 210-33rd ST. Union City NJ & 89 Washington St. Hoboken NJ

Robert DE Ruggiero Inc.

BIRTH PLACE AND DATE: Hoboken NJ 7/16/42 FAMILY: Wife Norma (Runs Residential Hoboken Office) 5 Children, 4 Grandchildren. COLLEGE: Fairleigh Dickinson University. FIRST JOB OUT OF COLLEGE: Real Estate Salesman. FIRST JOB IN REAL ESTATE OR ALLIED FIELD: Louis M. Tamarin Realtors 1961-1968 Opened my Office in 1968 WHAT DO YOU DO NOW AND WHAT ARE YOU PLANNING FOR THE FUTURE: I work ½ day and don’t care which 12 hours I pick now and in the future. HOBBIES: Writing, Photography, Travel and Friends. FAVORITE BOOK: I Ching. FAVORITE MOVIE: Forest Gump. PERSON YOU MOST ADMIRE (OUTSIDE OF FAMILY): Werner Erhard. KEY TO YOUR SUCCESS : Persistence. IF YOU WERE FORCED TO CHOOSE ANOTHER VOCATION WHAT WOULD IT BE? Photo Journalist.

Weichert Commercial Brokerage, Inc.

John G. Udell President NAME: John G. Udell TITLE: President COMPANY: Weichert Commercial Brokerage, Inc. LOCATION: Corporate Headquarters: 225 Littleton Road, Morris Plains, NJ FAMILY: Resides in Chester, NJ with wife Marlene and daughters Natalie & Aubree COLLEGE: Received a Bachelor’s Degree from Johnson State College in Johnson, VT WHAT DO YOU ENJOY DOING WHEN YOU ARE NOT WORKING: Family & Sports FAVORITE BOOK: Real Estate Careers by Carolyn Janik FAVORITE MOVIE: “The Conqueror”, John Wayne HOW DID YOU GET INTO THE INDUSTRY: After I graduated from college and was interviewing for various positions, my dad called me and suggested that I give real estate a try. FIRST JOB IN REAL ESTATE OR ALLIED FIELD: I began my career in real estate in 1978. I became a broker in 1981. DESCRIBE YOUR CURRENT JOB: President of Weichert Commercial Brokerage, a leading commercial brokerage company with more than 50 agents in offices in New Jersey and Pennsylvania. During the past eight years, NJ Biz Magazine has ranked Weichert Commercial in the top commercial real estate companies in NJ and New Jersey CoStar Group, Inc. has ranked the Company in the Top Ten Power Brokers since 2002. I also oversee Weichert New Homes, Inc. WHAT WAS THE BIGGEST CHALLENGE YOU HAD TO OVERCOME IN THE INDUSTRY? Challenges are opportunities – the current marketplace has tremendous opportunity!!! PERSON YOU ADMIRE MOST: Jim Weichert MEMBERSHIPS/ORGANIZATIONS/HONORS/AWARDS (IN AND OUTSIDE OF PROFESSION): MEMBER OF THE SOCIETY OF Industrial and Office Realtors; National Association of Home Builders; New Jersey Builders Association; North Central Jersey Association of Realtors; National Association of Realtors; I am a Life Director of the Community Builders Association and Past Member of the Committee on the NJ Highlands / Skylands. Also a New Jersey registered builder and vice chairman of Chester Township Zoning Board of Adjustment. In 1998, I was inducted into the Johnson State College Athletic Hall of Fame. In 2006 I received the Outstanding Alumni Award. KEY TO YOUR SUCCESS No fear of failure; and always follow up and have tremendous persistence! IF YOU HAD TO CHOOSE ANOTHER VOCATION WHAT WOULD IT BE? Real estate all over again!

NAME: Dan Dvorak TITLE: VP / Business Development Manager COMPANY: Valcourt Building Services of the Delaware Valley LOCATION: Mt. Laurel NJ serving the Delaware Valley BIRTH PLACE AND DATE: Parsippany NJ, 3/22/67 FAMILY:WIFE: Married 12 years to Alyse, four children (Dustin 15, Courtney 13, Christian 11, Jenna 3). Alyse and I met after college even though we graduated the same year from the same high school. COLLEGE: Montclair State University, Montclair NJ 1989 FIRST JOB OUT OF COLLEGE: Analyst for Hygeia Marketing, a pharmaceutical advertising marketing and research firm FIRST JOB IN REAL ESTATE OR ALLIED FIELD: Business Development, Valcourt Building Services of NJ February 1, 1998. WHAT DO YOU DO NOW AND WHAT ARE YOU PLANNING FOR THE FUTURE: I currently oversee and sell window washing and waterproofing services for our Delaware Valley Branch. I will also begin serving as president of the International Window Cleaning Association in February which will be a great expereince for me personally and professionally. After my term I want to get involved with the Sealant, Waterproofing, and Restoration Institute to meet influential people in the waterproofing industry. HOBBIES: Watching and helping my kids with their individual sports with my wife Alyse. Our kids are all active with teams so there are always games to see or backyard practicing to have fun with. Winter’s they take off so snowboarding gets my attention. FAVORITE BOOK: Marley and Me. Having always had a dog as a pet a lot of experiences in the book brought back memories, The funny, upsetting, and the tearful ones. FAVORITE MOVIE: Patton PERSON YOU MOST ADMIRE (OUTSIDE OF FAMILY) Jon Capon, President Valcourt Building Services - Jon’s endless energy, enthusiasm, and sincerity are unmatched by anyone I’ve ever met. KEY TO YOUR SUCCESS: Loyalty - it drives me to perform what I beleive is in the best interest for my family, my company, and my clients and typically is reciprocated. IF YOU WERE FORCED TO CHOOSE ANOTHER VOCATION WHAT WOULD IT BE? Snowboard tour guide. The scenery, excitement of your clients, and ending each day with a fire would make for great work days.

Valcourt Building Services of the Delaware Valley

NAME: Bob DE Ruggiero

Dan Dvorak VP / Business Development Manager

If you would like to be included on this page

call: David Jones Mid Atlantic REAL ESTATE JOURNAL

djones@marejournal.com

(800) 584-1062 / (781) 871-5298 x 206 • Fax (781) 871-5299


B Back Cover — January 14 - 27, 2011 — New Jersey — Mid

Atlantic Real Estate Journal

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PENNSYLVANIA

SHOPPING C ENTERS R E J EAL

STATE OURNAL

Section C of the Mid Atlantic Real Estate Journal

Stewart of Grubb & Ellis represents tenant in 19,689 s/f lease in McCandless Corp. Center

McCombs & Sell of Grant Street Assoc. brokers sale of Verizon Building totaling $4.4 million

P

I T T S B U R G H , PA — Randall McCombs, SIOR, and Michael Sell of Grant Street Associates Investment Services Group have brokered the $4.4 million sale of the Verizon Building, 201 Stanwix St., located at Gateway Center in Pittsburgh’s central business district. Purchased by Stanwix Street Associates, L.P. from Hertz 201 Stanwix LP, the property offers 285,000 s/f of office space with limited first-floor retail.

Verizon Building

JANUARY 14 - 27, 2011

HI-LIGHTS Landmark Comm’l. Realty/ ONCOR Int’l. inks 59,531 s/f Compass Group USA recently renegotiated and extended their lease for 17,280 s/f in the Greenfield Corporate Center at 1828 William Penn Way, Lancaster. See page 2C.

Greenwald and McHale of Beacon broker 77,000 s/f John Greenwald and Gene McHale of Beacon Commercial Real Estate, LLC negotiated a long-term lease between Brandywine Realty Trust and Wallquest Inc. See page 6C.

ALSO INSIDE: EASTERN PA SPOTLIGHT ............................................... 5-12C

The buyer was represented by Rudyard Porter of Porter Advisors, LLC. The Verizon Building was sold exclusive of the four-property Gateway Center portfolio also owned by Hertz Investment Group. Smith Micro Software, Inc. and Seneca Resources have signed long-term leases to occupy 80 percent of the available space at Building Two, 5800 Corporate Dr., in McCandless Corporate Center. The 93,813 s/f class A office property re-

cently underwent a $3.0 million renovation. Robert Geiger and Gary Roberson of Grant Street Associates represented Zell Two, the property owner, in the transactions. Smith Micro will occupy 55,586 s/f of the building, including first-floor space that will accommodate the company’s data center requirements. The company was represented by A.C.R.E.S. Represented by Jason Stewart, a broker with Grubb & Ellis of Pittsburgh, Seneca Resources

has signed a lease for 19,689 s/f and will occupy the third floor of the building In a separate transaction, Prestige Delivery Systems, Inc. (PDS), has consolidated its Pittsburgh-area operations on the South Side, signing a 54,000 s/f lease for distribution space at 403 Bingham St. Thomas McCaffrey, SIOR, represented the landlord, M. Berger Land Co., in the transaction and Jeff Rudy of Pinnacle Real Estate Services in Independence, Ohio, represented the tenant. ■

Posavec of Landmark Commercial Realty represent lessee

The Bill Gladstone Group of NAI CIR handles 72,000 s/f office space lease MIDDLESEX TWP., PA — Giant Food Stores has leased 72,000 s/f of office space at 1170 Harrisburg Pike. Thomas Posavec of Landmark Commercial Realty, Inc./ONCOR International, represented Giant Foods. Bill Gladstone of The Bill Gladstone Group of NAI CIR represented the landlord, Middlesex Associates. YORK COUNTY, PA — Pfizer will merge its New Jersey and Philadelphia operations into 31,000 s/f of state-of-theart warehouse space at 543 Industrial Park Dr., Fairview Twp. Bradley Swidler of NAI CIR represented the property owner, Cozen Realty, and Steve Cooper of Cushman & Wake-

1170 Harrisburg Pike field represented Pfizer. LLC will relocate its home and STATE COLLEGE, PA — garden business to a 16,800 s/f HFL Corp. has purchased a retail building it has purchased 17,814 s/f building at 1224 N. at 2650 W. Market St. Jason Atherton St. from Bern6. Craig Sourbeer and Jack Shepley, of Rahn and Richard Kleiman NAI CIR represented the seller, of NAI CIR represented both Suburban PA Property Acquisiparties. tions, and John Birkeland of W. MANCHESTER TWP., PA Springwood Commercial Realty — Geesey Properties Westside, represented Geesey. ■

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C Inside Cover — January 14 - 27, 2011 — Pennsylvania — Mid

Atlantic Real Estate Journal

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Mid Atlantic Real Estate Journal — Pennsylvania — January 14 - 27, 2011 — 1C


2C — January 14 - 27, 2011 — Pennsylvania — Mid

Atlantic Real Estate Journal

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PENNSYLVANIA Including 17,280 s/f at High Assoc.’s Greenfield Corp. Ctr. www.bennettwilliams.com

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COMMERCIAL REAL ESTATE & PROPERTY MANAGEMENT

Landmark Comm’l. Realty/ ONCOR Int’l. inks 59,531 s/f

H

A R R I S B U R G , PA — The Pennsylvania Coalition Against Domestic Violence has recently leased 19,495 s/f of office space at 3605 Vartan Way, from Vartan Group, Inc. The three story first class building will be the new home for the Organization which works to eliminate domestic violence and enhance safety for families and communities. Thomas Posavec, SIOR, vice president of Landmark Commercial Realty/ONCOR International handled the negotiations for the Vartan Group, Inc. and Mike Kushner of Omni Realty coordinated discussion on behalf of the tenant (PCADV). Parkes-Miller Properties, LLC has purchased an 18,750 s/f industrial facility located at 266 Hafer Rd., Lewisburg, Tally Twp. Jason Grace, CCIM, SIOR, vice president and Roy Brenner, both of Landmark, negotiated the sale on behalf of the ownership, Consolidated Electric Distributors, Inc. and Ann Hilliard of Coldwell Banker Penn One Real Estate represented the buyer on the transaction. Compass Group USA recently renegotiated and extended

3605 Vartan Way

Greenfield Corporate Center their lease for 17,280 s/f in the Greenfield Corporate Center at 1828 William Penn Way, Lancaster. Grace represented the tenant in the negotiations with the landlord, High Associates LTD.

RCM&D has leased 4,000 s/f of office space at One Sterling Place, 100 Sterling Parkway, Mechanicsburg. Posavec and Brenner negotiated the lease on behalf of the owner, Hoffer Properties. ■


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Mid Atlantic Real Estate Journal — Pennsylvania — January 14 - 27, 2011 — 3C


4C — January 14 - 27, 2011 — Pennsylvania — Mid

Atlantic Real Estate Journal

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PENNSYLVANIA DPN 'PS4JUF4FMFDUJPOJO/PSUIFBTU1"

Including 18,238 s/f commercial building

ROCK Commercial Real Estate brokers 28,041 s/f

Y 8IFOZPVUIJOL/PSUIFBTU UIJOL1FOOT/PSUIFBTU  JOGP!QFOOTOPSUIFBTUDPN

ORK, PA — R.F. Fager Company leased 18,238 s/f of a 45,136 s/f commercial building at 575 Maryland Avenue. ROCK commercial Real Estate, LLC represented the tenant and the landlord, 1221 Associates, Inc. in this transaction. Sapio Sciences, LLC leased 1,103 s/f of office space at 28012805 North George St. ROCK commercial Real Estate, LLC represented the tenant and the landlord, Kew Realty Group in this transaction. M&P Amusement Company leased 8,700 s/f of In-

575 Maryland Avenue dustrial space at 351 East tenant and the landlord in St. ROCK commercial Real this transaction. â–  Estate, LLC represented the

Central PA’s

Premier Business Address Âł Industrial & Flex Space Available Âł Class-A & Class-B OfďŹ ce Space Available 1K-25K SF Âł 100+ Acres Available for Build-to-Suit Opportunities

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www.GreenďŹ eldCorporateCenter.com/PropertySearch sE-mail: highrealestate@high.net

Penn-Northwest celebrates 25 years

HERMITAGE, PA — Community and economic development leaders from all over Mercer County gathered to celebrate the twenty-fifth anniversary of Penn-Northwest Development Corporation. The 25TH Annual Meeting was held at Avalon Golf & Country Club at Buhl Park. Robert Jazwinski, owner of JFS Wealth Advisors and a member of PNDC since its inception, presented an economic overview of the region and the nation. PNDC was established in 1985 to address the loss of manufacturing jobs in the region. Since then the nonprofit corporation has participated in over 400 projects. Recently PNDC, with the Shenango Valley Chamber of Commerce has formed the Mercer County Growth Alliance (MCGA), a strategic alliance between the two groups with the goal of improving the efficiency and effectiveness of Mercer County’s economic development efforts. MCGA will serve as an umbrella organization for economic development that will provide its affiliated members with administrative services and a single point of contact for economic development activities. ■

Michael Salove Co. completes lease in Center City PHILADELPHIA, PA — Michael Salove Company completed a lease transaction with Le Pain Quotidien on the ground floor of 1423-25 Walnut St. Le Pain Quotidien will occupy 2,900 s/f. Tim Duffy represented the tenant. ■


PENNSYLVANIA SPOTLIGHT EASTERN PENNSYLVANIA SPOTLIGHT MAREjournal.com

Mid Atlantic Real Estate Journal — Eastern Pennsylvania Spotlight — January 14 - 27, 2011 — 5C

Single-tenant net-leased building in Phoenixville

Nathanson and Hyman of Marcus & Millichap orchestrate $2.7m, 6,792 s/f sale HOENIXVILLE, PA — Marcus & Millichap Real Estate Investment Services announced the sale of Advance Auto Parts, a 6,792 s/f single-tenant net-leased property located in Phoenixville. The asset commanded a sales price of $2.7 million or a 7.75% cap rate. Brad Nathanson, a senior director in Marcus & Millichap’s Philadelphia office, had the listing to market the property on behalf of the seller. The buyer was secured and represented by Earle Hyman, an investment specialist in Marcus & Millichap’s Encino office. Nathanson said, “there was heavy competition for this property given its locale in

P

Advance Auto Parts the wealthiest county within Pennsylvania. Advance Auto Parts recently got upgrade to an investment grade rating

therefore their properties are in great demand as investments. The buyer performed on a very short schedule

and was motivated to use the income as an alternative vehicle than what was being offered in the traditional

ENVIRONMENTAL SERVICES RT Environmental Services thanks our clients for yet another successful year of service. We celebrate growth of all of our offices and look forward to working with Realtors in 2011.

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capital markets.” Advance Auto Parts is located at 325 Schuylkill Rd. in Phoenixville, Chester County, Pennsylvania. Advance Auto Parts has a new 15-Year triple-net lease with three five-year options with 5 percent increases in each option and was built in 2009 on a large 1.9 acre parcel. Advance Auto Parts is the second largest auto parts retailer in the country with over 3,000 stores and offers corporate guarantee with Standard and Poor’s BBB- rating. The property is located on a busy retail artery adjacent to the Valley Forge Mall and over 600,000 s/f of retail and lies within the wealthiest county in Pennsylvania. ■

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6C — January 14 - 27, 2011 — Eastern Pennsylvania Spotlight — Mid

Atlantic Real Estate Journal

MAREjournal.com

EASTERN PENNSYLVANIA A long-term lease between Brandywine Realty Trust and Wallquest Inc.

Greenwald and McHale of Beacon Commercial Real Estate broker 77,000 s/f

K

ING OF PRUSSIA, PA — John Greenwald and Gene McHale of Beacon Commercial Real Estate, LLC negotiated a longterm lease between Brandywine Realty Trust a n d Wa l l quest Inc., in John Greenwald the lease of 77,184 s/f of industrial manufacturing space at 741 First Avenue. Beacon was the sole broker in the transac-

tion. Wallquest Inc., a designer and manufacturer of wallpaper & decorative wall coverings, will be expanding operations at 741 First Ave. Wallquest is consolidating two facilities Gene McHale currently located in New Jersey and New York into the First Avenue property. The consolidation will occur over the next months. ■

741 First Avenue

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Central PA: 717.697.5701 South Jersey: 856.768.1001

www.earthengineering.com

Rosen of Tucker Realty handles industrial leases totaling $650k IVYLAND, PA — Tucker Realty Corporation, Industrial and Commercial Realtors representing Joseph Muscara, Inc. have leased the one story building at 1009 “A” Pulinski Rd., Jacksonville Rd. Industrial Park, for a long term of years to Mid Atlantic Circuit, Inc. who are presently located in the building next door at 1001 B & C Pulinski Rd. at an aggregate rental of $261,000. They have also extended their present lease at 1001 B & C Pulinski Rd. for a long term of years at an aggregate rental of $386,000. The total aggregate rental for both leases is $650,000. Total footage of both buildings is approximately 23,000 s/f. Mid Atlantic Circuit has been in Jacksonville Rd. Industrial Park since 1983 and engage in the manufacturing of circuit boards etc. Donald Rosen of Tucker Realty Corporation was the sole broker in this transaction. ■

Centro Props. Group leases 1,550 s/f to Edible Arrangements PHILADELPHIA, PA — Centro Properties Group announced a 1,550 s/f Edible Arrangements recently opened at Roosevelt Mall, located west of I-95. Centro Properties Group is the owner of Roosevelt Mall and was represented by Ron Ruth with Centro Properties Group. ■


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Mid Atlantic Real Estate Journal — Eastern Pennsylvania Spotlight — January 14 - 27, 2011 — 7C

EASTERN PENNSYLVANIA Kelley represented The Buccini/Pollin Group inhouse

CB Richard Ellis’ Italiano and Bailey organize 10-year, 56,459 s/f lease

C

HESTER, PA — Represented by CB Richard Ellis Inc. (CBRE), Power Windows and Siding (PWS) will relocate its corporate headquarters, operations and call center from Brookhavento The Wharf Steve Italiano at Rivertown. The 10-year lease consists of 56,459 s/ f located on the first and second floors within this 396,000 s/f Tom Bailey historical project. Power Windows & Siding, founded in 1992, has grown to be one of the region’s largest and most recognized home improvement contractors. Rivertown is a mixed-use office and retail project. It is located within a greater 90-acre waterfront site on the Delaware River at the intersection of I-95 and the Commodore Barry Bridge leading to New Jersey. Phase I of the Wharf consisted of a historic renovation of an existing building regarded as one of Pennsylvania’s most significant architectural and historical structures. Phase II of this development has included a brand new $125 million dollar stadium venue that houses Philadelphia’s new MLS Franchise , the Philadelphia Union. Also, PennDot is currently constructing new on/off ramps that will give direct access to the Rivertown site from Interstate 95, these infrastructure improvements have been estimated at $70 million dollars. According to CBRE, formerly the Delaware County Power Plant, The Wharf at Rivertown is one of the most creative and successful examples of adaptive re-use in The Buccini/Pollin Group, Inc.’s portfolio. The original plant was designed by John T. Windrim, who also designed 30th Street Station in Philadelphia. A portion of the newly renovated, architecturally significant office space was delivered during 2006 with custom fit out space still available. Part of an overall revitalization plan in Chester, tenants of The Wharf at River-

The Wharf at Rivertown

town receive the tax benefits of a Keystone Opportunity Zone (KOZ). CBRE’s senior vice presidents Steve Italiano and Tom

Bailey represented the PWS in the transaction and The Buccini/Pollin Group was represented inhouse by, Brendan Kelley, leasing manager. ■


8C — January 14 - 27, 2011 — Eastern Pennsylvania Spotlight — Mid

Atlantic Real Estate Journal

MAREjournal.com

EASTERN PENNSYLVANIA In The Navy Yard Commerce Center

Liberty Property Trust & Synterra Partners break ground on flex buildings HILADELPHIA, PA — Liberty Property Trust, which owns and manages more than 16 million s/f of office, flex and industrial space in the Delaware Valley, broke ground today on two of three planned flex buildings in The Navy Yard Commerce Center – and announced the signing of the project’s first tenant. “It’s great to start 2011 with this groundbreaking,� said John Gattuso, Liberty Property Trust senior vice

P

The Navy Yard Commerce Center

president and region director, at today’s ceremony. “These two buildings will bring highly sought flex space to the City of Philadelphia. Already, prior to groundbreaking, more than 20% of the project has been leased. This is a very exciting time as leading companies are actively considering The Navy Yard as a location for their future growth. We expect this momentum to accelerate as the local economy moves more clearly into recovery.�

It’s about location Originally the Baldwin Locomotive Company headquarters, Baldwin Tower has undergone a dramatic and historically significant change. Come discover the exceptional opportunities at Baldwin Tower in Eddystone, PA. s #OMPLETELY2ENOVATED3TORY/FFICE4OWER s ,OCATEDATTHE)NTERSECTION) AND)  s /NE&ULL&LOOR,EFT  SF s /NESITECAF�AND#ONFERENCE&ACILITIES

Contact:Brendan Kelley lKen Kearns l

The first two buildings will total 103,137 s/f of space. The facility at 4020 S. 26th St.will offer 51,560 s/f while its sister building at 4050 S. 26th St.will provide 51,577 s/f. A third building, which Liberty plans to develop once leasing of the first two is well underway, will expand the capacity by an additional 82,863 s/f. The project, estimated at approximately $16 million, will utilize $12.3 million in funding from the City of Philadelphia through the Federal Recovery Zone Facility Bonds (RZ-FBs). The RZ-FBs, a tax-exempt private activity bond created specifically by the American Recovery and Reinvestment Act (ARRA), were awarded by the City with the cooperation of the Commonwealth and PIDC. An additional $3.7 million of ARRA funds will be utilized by Liberty for infrastructure improvement at the nearby Navy Yard Corporate Center. “The expansion of The Philadelphia Navy Yard as a growing center of business has been a smart investment for the city, developers and the companies that do business there. These two, new buildings will help the city to attract businesses that are new to the region or expanding within the city,� said Mayor Michael Nutter. “I would like to thank PIDC, Liberty Property Trust and Synterra Partners for investing in the Naval Yard.� The Fretz Corporation, one of the leading appliance wholesale distributors in the nation, has signed an agreement for 22,391 s/f of space, taking nearly half of the 4050 S. 26th St. building. Last month Liberty signed a lease with McGrann Corporation for the last 3,500 s/f available in the LEED Platinum certified One Crescent Dr.. The deal brought Liberty’s Navy Yard porfolio to 100% occupancy, which includes the LEED Gold certified Three Crescent Dr., the LEED Silver Certified Tasty Baking facility, the AppTec Laboratory Services Building (the first flex building Liberty developed in the park) and a data center at 4775 League Island Blvd. ■


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Mid Atlantic Real Estate Journal — Eastern Pennsylvania Spotlight — January 14 - 27, 2011 — 9C

EASTERN PENNSYLVANIA Sold for 90% of Mortgage Balance

Optimum Hotel Brokerage sells Hampton Inn first mortgage note

L

EHIGHTON, PA —Optimum Hotel Brokerage sold the first mortgage note secured by the Hampton Inn Lehighton, a select service hotel. The 79-room hotel is located on I-476 (The Pennsylvania Turnpike extension) in eastern Pennsylvania. The note was purchased by a Manhattan-based private real estate investment company.

Roddy Inc. sells 50,200 s/f facility in Bensalem BENSALEM, PA — Robert Olender of Roddy Inc. represented Seven She’s Realty LLC in the acquisition of a 50,200 s/f facility located at 677 Dunksferry Rd., Expressway 95 Industrial Park. Frank Roddy, also of Roddy Inc. represented the seller, PLCC Enterprises LLC in the transaction. The modern one-story building is situated on approximately 3.8 acres and offers 4,500 s/f of offices, ceiling heights of 18’ clear, seven tailgate doors is fully heated and sprinklered throughout and has extensive paved parking. The property is conveniently located just off the Street Rd. interchange of Interstate 95. Seven She’s Realty LLC will lease the facility to Imageone Industries, Inc. Imageone Industries, Inc. is an identification specialist that provides innovative design, value engineering, manufacturing, installation and service for many of American’s largest corporations. Imageone Industries is also recognized for it’s leadership in the development and introduction of a number of new storefront, modular building, ATM kiosk and sign concepts of multi-location and national programs. To accommodate the sale of the property, the prior tenant, A/S Custom Furniture Company relocated to 364 Valley Rd., Warringto with the assistance of Frank Roddy of Roddy Inc. who brokered the 32,833 s/f lease transaction between A/S Custom Furniture Company and MH Warrington LP. ■

Hampton Inn Lehighton

Optimum Hotel Brokerage’s president, Joe McCann, was the agent and broker for the seller, a New York-based regional bank. “The Hampton Inn Lehighton is a quality select-service asset that had experienced temporary financial distress relating to market and management issues,” said McCann. “I was pleased to work with the bank in achieving this 90% sale price to mortgage balance. The marketing process was discreet and

targeted to specific qualified buyers in the region, and this tailored, personal marketing approach was responsible for achieving such high value for the note.” “The distressed hotel and note sale market is not generic and homogenous”, he continued. “Auctions and similar wholesale processes, by their very nature, are structurally incapable of achieving optimum value. Individual hotel assets cannot be treated like cans of beans on a shelf.” ■


10C — January 14 - 27, 2011 — Eastern Pennsylvania — Mid

Atlantic Real Estate Journal

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Commercial Real Estate Women Philadelphia Chapter www.crewphiladelphia.org

2011 PHILADELPHIA BOARD OF DIRECTORS PRESIDENT TRACY L. STEELE, ESQ. MORGAN LEWIS & BOCKIUS LLP IMMEDIATE PAST PRESIDENT DEBORAH A. GILMORE THE REINVESTMENT FUND PRESIDENT ELECT SHARON N. HUMBLE, ESQ. LINEBARGER GOGGAN BLAIR & SAMPSON, LLP TREASURER LISA KEANE, CPA AMPER POLITZNER & MATTIA, LLP ASSISTANT TREASURER & SECRETARY JEANNE ARMSTRONG WH POUNDS COMMERCIAL REAL ESTATE LLC CREW NETWORK DELEGATES BETTYANN SILVIUS THE SULLIVAN COMPANY JANET KIMBLETON GRACE ATHENIAN PROPERTIES, LLC COMMUNITY OUTREACH CHAIR CARI L. BRYCE RAIT FINANCIAL TRUST COMMUNITY OUTREACH CO-CHAIR / MENTORING BETH SLANKER BPG MANAGEMENT COMPANY, L.P. COMMUNITY OUTREACH CO-CHAIR / PHILANTHROPY FON S. WANG, AIA, LEED AP UCI ARCHITECTS, INC. COMMUNITY OUTREACH CO-CHAIR / PHILANTHROPY JESSICA R. SLACK P. AGNES MEMBERSHIP CHAIR RAELENE V. MCCARTHY MKSD ARCHITECTS MEMBERSHIP CO-CHAIR JUDY OWENS CHANNICK ENVIRONETICS DESIGN, INC. EVENTS / PROFESSIONAL DEVELOPMENT CHAIR SEEM BALI, LEED AP CIGNA EVENTS CO-CHAIR / ARRANGEMENTS AMANDA RYLAND REMINGTON GROUP, INC. EVENTS CO-CHAIR / PROGRAMS LESLIE K. WATKINS THE ART PARTNERSHIP SPONSORSHIP CHAIR LYNN A. MCDOWELL BENEFICIAL BANK COMMUNICATIONS CHAIR REBECCA E. UDELL KSS ARCHITECTS LLP COMMUNICATIONS CO-CHAIR / WEBSITE KRISTINA C.S. HARSHANY, CES CITIBANK, N.A. COMMUNICATIONS CO-CHAIR / PR TERRY WHITAKER CROSSBOW STUDIO

By Rebecca Udell, Communications Chair, & Sharon Humble, Community Outreach Chair

CREW 2010 Charitable Holiday Luncheon: Committed to Leading to Change

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REW (Commercial Real Estate Women) Philadelphia successfully raised approximately $34,000 at its twelfth annual Charitable Holiday Luncheon thanks to the support of Sponsors, Donors and CREW Membership at large. This year’s luncheon’s proceeds will be donated to CREW Foundation and Rebuilding Together Philadelphia. CREW Foundation is the philanthropic arm of CREW Network with the goal of advancing the success of women in commercial real estate by providing the resources necessary to improve the economic self-sufficiency of women and girls. This is accomplished through scholarships, including the CREW Network Scholarship Endowment Fund, as well as the following CREW Network’s Career Outreach initiatives. • CREW Careers: Building Opportunities®, which enjoys broad support of over 10% of the CREW Network membership through their participation in delivering the program in their local markets. • UCREW, which targets university-level young women. • eMentoring, which targets women who are in college, in

Shown from left: Cari L. Bryce, Sharon N. Humble, Leslie Stiles, Deborah Gilmore commercial real estate entrylevel positions, and/or women in other careers who wish to enter the field of commercial real estate. CREW Philadelphia selected Rebuilding Together Philadelphia (RTP) as its local community partner for 2010 because of the organization’s mission to bring volunteers and communities together to improve the homes and lives of homeowners in need. RTP’s vision is to provide a Safe and Healthy Home for Every Person. RTP is a local, independent affiliate of Rebuilding Together, Inc., the nation’s leading nonprofit working to preserve affordable homeownership and revitalize neighborhoods. The affiliate network is 200+ strong, spanning nearly every state in the country. Each year the affiliate network mobilizes 200,000 volunteers to complete 10,000 projects. National areas of

focus include aging-in-place; energy efficiency; veterans’ housing; and disaster recovery and reconstruction. Over the past eleven years, CREW Philadelphia has raised over $750,000 to support various programs that provide opportunities for women and children that might not otherwise be available for them. This year’s event was attended by over 400 real estate industry professionals. Raffle tickets were sold for various themed baskets which included sporting event tickets, autographed memorabilia, spa certificates, a private plane tour along the Hudson River Valley, and the most popular item; the instant wine cellar which included three dozen bottles of fine wines. Leslie Stiles, Executive Director of the Pennsylvania Governor’s Commission for Women was an appropriate keynote speaker. Appointed by the Governor, she acts as state government’s advocate for all issues as they impact on women and girls. Her twenty-eight woman Commission educates, advises and advocates for their constituencies, providing opportunities for women and girls to reach their highest potential, free from discrimination of any kind.

The four recipients of CREW Philadelphia Scholarship for 2010 were recognized during the luncheon as well. This year’s finalist included the following: Alison Baumann- University of Pennsylvania- Master’s in City Planning with a certificate in real estate design and development Kimberly Crite- TempleBachelors in Accounting Alexandra Kozak LewyckyTemple University- Bachelors in Real Estate and Finance Kirsten Silvius- St. Joseph’s University- MBA with a concentration in Accounting With a commitment to the advancement of women in the real estate industry, CREW Philadelphia strives to promote professional opportunities for women in all facets of commercial real estate through professional development seminars and networking opportunities. Members of our organization represent every discipline within the industry and are located in 71 major markets across North America. CREW Philadelphia provides members with opportunities to connect to a network of approximately 150 local members and over 8000 members in US and Canada. ■

CREW 2010 Charitable Holiday Luncheon Sponsors Platinum: Digital Realty Trust Athenian Properties Silver: Advanced Office Environments Amper Politzner & Mattia, LLP Ballard Spahr Brandywine Realty Trust Grosvenor Investment Management JBH3 CDA&I Architecture Jones Lang LaSalle Kershner Officer Furniture Kimball Office Knoll Inc Morgan Lewis and Bockius RAIT Financial Trust Stantec Structure Tone The Sullivan Company

Gold: Linebarger Goggan Blair & Sampson LLP Weiser Mazars

And a special thanks to our vendors who helped make this year successful: Spike’s Trophies - Speaker Award Philadelphia Flower Market - Centerpieces About Face Designs - Invitations Susan Beard Photography - Photography Christa Butterworth and Blackney Hayes Architects - Program Books


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Mid Atlantic Real Estate Journal — Eastern Pennsylvania — January 14 - 27, 2011 — 11C

CREW PHILADELPHIA

2011 Events

New Membership Renewal Includes 11 Events!* Regular Member with Events : $770.00 Vendor Member with Events : $1,770.00 1RQ3URÀWZLWK(YHQWV Student with Events : $625.00

MISSION

To advance the success of women in commercial real estate

CREW Philadelphia has approximately 150 members engaged in all facets of

commercial

real

estate.

CREW

Philadelphia is a founding Chapter of CREW Network, our national umbrella organization which comprises more than 8000 real estate professionals in 68 markets who are willing to connect and who care that you succeed. www.crewphiladelphia.org

January 20th

Forecasting the Future of Real Estate What to expect for 2011

Lunch Union League

February 10-11th

CREW Network Winter Council Meeting*

New Orleans, LA

February 17th

Lunch-A-Rounds & Membership Drive*

Lunch Various Locations

March 17th

Entrepreneurial Forum How They Did it, How You Can Too

Lunch Davio's

April 7th

CREW Continuing Education sponsored by Citibank

Breakfast The Hub Cityview

April 21st

Kiss, Bow or Shake hands Melting Pot Business Etiquette

Lunch Davio's

May 19th

Project Tour Location to be announced*

Greater Philadelphia

June 9-10th

CREW Network Spring Council Meeting*

Las Vegas, NV

June 16th

Commercial Real Estate 101 CAP, NNN, Plans, NOI, etc.

Lunch Davio's

July 21st

Lunch-A-Rounds - Building Membership*

Various Locations

August 18th

Fill A Backpack Event

TBD

September 8th

CREW Continuing Education sponsored by Citibank

The Hub Cityview

September 14-17th CREW Network Convention*

Washington, D.C.

October 13th

Past President's Breakfast

Breakfast Davio's

November 10th

Annual Charitable Holiday Luncheon

Park Hyatt at the Bellevue

December 1st

CREW Continuing Education sponsored by Citibank

The Hub Cityview

December 15th

CREW Philadelphia Members Only Awards Party

TBD

* Excludes Spring Tour, Lunch-A-Rounds, Council Meetings and Convention The above schedule is subject to change.

You save more when you become a member! Average Cost of Events: Without Membership: $76 With Membership Only Option: $53 With Membership including Events: $40 www.crewphiladelphia.org


12C — January 14 - 27, 2011 — Eastern Pennsylvania Spotlight — Mid

Atlantic Real Estate Journal

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EASTERN PENNSYLVANIA EDC awards Duke Real Estate Partners

Employees donate gifts including $1500k

LA Fitness opens 42,000 s/f facility at Switchville

Skanska USA adopts three Independent Youths

BINGTON TWP., PA — Switchville Crossing, a mixed-use development on Highland and Wharton Rd.s achieved top marks from Abington Township’s Economic Development Committee on Dec 14, when partners from Duke Real Estate Partners, LLC accepted the committee’s award for “Excellence in Site Development and Architectural Design.� LA Fitness, Switchville’s anchor tenant, opened its doors to members on December 3. A 40,000 s/f medical/professional office with ground floor

A

LA Fitness retail and restaurant space, ing features hospital-sized now leasing for a late 2011 elevators, ten foot high ceilopening, kicks off phase two of ings, and separate control of the development. all utilities and communication The three-story office build- services for each suite. â– 

Shown from left: Theresa Paton (Skanska), Dan Hoffman (IL Coordinator in Montgomery County) and Lynn Weber (Skanska). BLUE BELL, PA — Con- through the Montgomery struction management firm County Office of Children and Skanska USA adopted three Youth. Employees of Skanska’s Independent Living youth Blue Bell office donated many gifts to the IL Youth, who have aged out of foster homes, including a microwave, Christmas tree, TV, and more than $1,500 in Visa gift cards. ■

Marcus & Millichap Phila. promotes Mark Thomson

Positioned for what’s next.

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PHILADELPHIA, PA — The board of directors of Marcus & Millichap Real Estate Investment Services has promoted Mark Thomson to associate VP investments. This achievement is one of the highest levels of recognition Mark Thomson the firm awards to its investment specialists. It represents excellence in the development and servicing of long-term client relationships, according to Spencer Yablon, vice president and regional manager of the firm’s Philadelphia office. Most recently, Thomson held the title of senior associate in the Philadelphia office. Thomson joined the firm as a sales intern in June 2005 and was named an associate in June 2007. In 2008, Mark was ranked as the No. 1 agent in the Philadelphia office. He was promoted to senior associate in June 2009 and associate vice president investments in November 2010. Consistently ranked as a leading producer of multifamily transactions in the Philadelphia suburbs, Thomson has received four sales awards from Marcus & Millichap, including two National Achievement Awards. He is also a member of the firm’s National Multi Housing Group. ■


MAREjournal.com

Mid Atlantic Real Estate Journal — Pennsylvania — January 14 - 27, 2011 — 13C

PENNSYLANIA ECONOMIC DEVELOPMENT

130 subdividable acres with full utility services, rail access and strategic location.

90 subdividable acres with full utility services, and strategic location.

50 acres remaining in parcels with full utility services in a nearly sold out business park.

Charles Blankenship, President • (717) 274-3180 • www.lvedc.org • Brokers Protected

PRECAST MANUFACTURER/GENERAL CONTRACTOR


14C — January 14 - 27, 2011 — Pennsylvania — Mid

Atlantic Real Estate Journal

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

2011 LEHIGH VALLEY BOARD OF DIRECTORS PRESIDENT TRACY YADUSH, RPA NAI SUMMIT PAST PRESIDENT FRANCEE FULLER BARRY ISETT & ASSOCIATES

Crew LV Celebrates The Season At Morgan’s Restaurant CREW Lehigh Valley members celebrated the season and a year of great networking events at the group’s annual holiday luncheon.

PRESIDENT ELECT ANN MARIE OSIKA LAFAYETTE AMBASSADOR BANK SECRETARY CATHERINE (KATE) DURSO FITZPATRICK LENTZ & BUBBA, P.C. TREASURER KAREN DERR KNBT, A DIVISION OF NATIONAL PENN BANK

Tracy Yadush, 2011 CREW LV president, welcomes the group at the start of the festive luncheon. Tracy is with NAI Summit.

Jane Schiff, the 2011 program chair, announces upcoming events. Bud Hackett, with Ondra Huyett shares a table with Jane, who is an associate broker with The Frederick Group.

Shown from left: Maureen O’Meara, with HMK Insurance, Pam Morris with Liberty Property Trust, and Cindy Merritt with Buckno, Lisicky & Co.

Almost 40 members gathered to share fellowship. Shown from left: Dottie Leigh with Kate Durso of Fitzpatrick Lentz & Bubba and Jody King with NAI Summit.

CORRESPONDING SECRETARY PAM MORRIS LIBERTY PROPERTY TRUST DIRECTORS-AT-LARGE TINA KISELA, SCSM, SCMD THE PROMENADE SHOPS AT SAUCON VALLEY LYNN CONTI LIBERTY PROPERTY TRUST

2011 COMMITTEE CHAIRS SPONSORSHIP COMMITTEE KATE HART KNBT, A DIVISION OF NATIONAL PENN BANK PROGRAMS COMMITTEE JANE SCHIFF THE FREDERICK GROUP MEMBERSHIP COMMITTEE MICHELE GLOWER, PH.D THE ADVISORY GROUP COMMUNITY SERVICE COMMITTEE JODY KING, CCIM NAI SUMMIT PUBLICITY COMMITTEE FRANCEE FULLER BARRY ISETT & ASSOCIATES

Rosalin Petrucci (left), of J.G. Petrucci Co. introduces Turning Point’s Lorna Clause who thanks CREW Lehigh Valley PA for service to the non-profit during 2010. CREW LV members adopted a Turning Point family for Christmas and donated gifts to brighten their holiday.

In addition to gifts for a Turning Point family, the group gave presents to two youngsters at the Children’s Home in Easton and made donations to the Second Harvest food bank.

CREW Lehigh Valley thanks its 2011 corporate sponsors: Annual Partner/Main Sponsor

Contributor

Fitzpatrick Lentz & Bubba

Langan Engineering

Liberty Property Trust

Lafayette Ambassador Bank

Tallman Hudders & Sorrentino

NAI Summit MKSD Architects

Friend Barry Isett & Associates Berks Economic Partnership HMK Insurance KNBT - A Division of National Penn Bank JG Petrucci, Inc. North Star/Polaris

Upcoming Events Join Us Wednesday, January 26, 2011 Retail Evolution From the peak of consumer confidence to surviving in tumultuous times, retailing has always offered insights about the mainstream mindset. Join CREW LV at The Promenade Shops at Saucon Valley for a perspective on the recent retailing evolution with highlights from 2010 and expectations for the upcoming year. This CREW breakfast meeting will be held inside Evolve Salon and Day Spa, the Lifestyle Center’s newest tenant. The meeting will include a sneak-peek of the unique spa space, an overview of its build-out and a glimpse into the power of a CREW connection. Location: Evolve Salon and Spa Date: Wednesday, January 26, 2011 Time: 8:00 am Cost: $15 Crew Members, $25 guests register online at www.crewlehighvalley.org For membership information, please contact Dr. Michele Glower, The Advisory Group, mglower@yahoo.com


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Mid Atlantic Real Estate Journal — Pennsylvania — January 14 - 27, 2011 — 15C

Commercial Real Estate Women Lehigh Valley Chapter Service Directory

ENGINEERS & SURVEYORS BARRY ISETT & ASSOCIATES, INC. Consulting Engineers & Surveyors www.barryisett.com

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 Contact Francee Fuller Marketing Manager ffuller@barryisett.com

A t t e n t i o n C R E W Lehigh Valley Members!!!

If you would like to advertise in the Mid Atlantic Real Estate Journal,

610-398-0904

LAW FITZPATRICK LENTZ & BUBBA, P.C. is proud to support

Corporate, Business & Banking Real Estate, Land Use & Development

CREW Lehigh Valley

Litigation Estate Planning & Administration of Estates and Trusts Health Care

Elaine Fanning, Publisher

Employment Law

800-584-1062 x 212 or

Bankruptcy

email Elaine at efanning@marejournal.com

f itzpatrick L entz & B ubba

Elder Law

attorneys at law

Family Law

Celebrating more than 20 years as the Valley’s law firm of choice. 4001 SCHOOLHOUSE LANE • CENTER VALLEY, PA 18034-0219 STABLER CORPORATE CENTER • PHONE: 610.797.9000 • FAX: 610.797.6663

w w w. f l b l aw. c o m

please contact:


16C — January 14 - 27, 2011 — Pennsylvania — Mid

Atlantic Real Estate Journal

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PEOPLE ON THE MOVE Sayer, president and CEO of Colliers Int’l. | Philadelphia

Coyne receives team player award

TriState Realtors Commercial Alliance appoints president

MB&A names Perich 2010 Top Producer

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STROUDSBURG, PA — Michael Baxter & Associates Commercial Real Estate & Property Management (MB&A) announced Daniel Perich, CCIM, associate broker as Daniel Perich the 2010 Top Producer. This is Perich’s seventh year in a row receiving the award. “Dan has been so successful because he understands the hard work needed to put deals together. He has embraced our firms philosophy of representing his clients interests as he would his own and is diligent in doing so. It is no accident that he has been our firms top producer for so long” says MB&A broker/owner Michael Baxter, CCIM. Brian K. Coyne, director of marketing was presented with the fourth-annual “Tammy

H I L A D E L P H I A , PA — Colliers International | Philadelphia announced that Douglas R. Sayer, president and CEO, has been elected to serve as president of the Douglas R. Sayer 2011 board of the TriState Realtors Commercial Alliance. More than 100 guests turned out for the annual holiday celebration and installation of new officers on Thursday, December 9th at the Top of the Tower at 1717 Arch Street in Philadelphia sponsored by Brandywine Realty

Trust. Sayer was sworn in by Past President of TriState, Bob Clements - Grubb & Ellis. “It is truly an honor to be elected to this position and recognized by the members of the TriState Realtors Commercial Alliance,” said Sayer. “I look forward to the opportunity to contribute to the advancement and well being of the real estate industry and community in PA, NJ & DE,” he continued. In other news executives from Colliers International in Philadelphia recently participated in the 2010 Annual Commercial Real Estate Show (A.C.R.E.S.) presented by TriState Commercial Realtors Alliance and held at Harrah’s Chester Casino &

Racetrack. Rob Steinhart, SIOR, senior executive vice president of Colliers International was invited to moderate an Industrial Panel discussion on the topic of “Risks and Opportunities in our Industrial Market.” This year’s event was well attended by nearly 250 professionals from the commercial spectrum, Brokers, Developers, Appraisers, Construction, Title Companies, Attorneys, Banks, 1031 Corp., Insurance, Philadelphia Business Journal, Technology Specialists and many more. Rod Santomassimo, CCIM, president, The Massimo Group, was the featured speaker. ■

Jackson Cross names Catherine Sennett partner KING OF PRUSSIA, PA — Jackson Cross Partners, LLC announced that Catherine S. Sennett, Esq. has been named a partner in the firm. Sennett, who has been with the comp a n y s i n c e Catherine Sennett its formation in 2003, is currently the director of advisory services. “We are excited to have Cate join the Partner’s group”, said Lou Battagliese, a founding partner at the firm, “she has been a valued part of our leadership team since we started

the company, and maintains many of our most valued client relationships. This promotion is both well deserved, and an important piece of our business growth plan going forward.” In addition to her role in managing the Advisory Services Group, Sennett will also be involved with overall operations management and long range planning with the firm. Sennett received her Juris Doctor Degree from Villanova School of Law in 1983 and is admitted to practice law in the Commonwealth of Pennsylvania, as well as the Eastern District of the United States. A

1980 graduate of Drexel University, she is also a licensed Real Estate Broker in the Commonwealth of Pennsylvania and a Real Estate Salesperson in the State of New Jersey. Catherine is also an Adjunct Professor in the Drexel University School of Law’s Co-Op Program. Sennett is a Board Member of the Chester County Fund for Women and Girls, a non-profit, grant making organization geared towards providing financial support for women and children. She additionally serves on various committees for the Fund and performs other volunteer work in her community. ■

NAI Pittsburgh Comm’l. announces management change PITTSBURGH, PA — NAI Pittsburgh Commercial, one of Western Pennsylvania’s premier full service commercial real estate firms, announced that Gregg Broujos has been named Gregg Broujos managing principal. NAI Pittsburgh Commercial was founded in May of 2005 by Paul Horan, Patrick Sentner, Bill Leone, and Mr.

Broujos. Broujos, a Carlisle native and current resident of Highland Park, is a founding principal and will assume the duties of president, CFO, and Broker of Record, which were previously handled by Bill Leone. Leone will remain at NAI Pittsburgh Commercial as a founding principal. “This succession plan was contemplated when NAI Pittsburgh Commercial was formed in 2005, and is now being implemented,” said

Leone. “Additionally, we were lucky to have John Bilyak join our firm in 2007 and assume a principal’s role here. His record speaks for itself.” “Bill guided our firm through the toughest part of any business, which is the first five years. His success in the commercial real estate market in Western Pennsylvania over the past 27 years is well known, and has helped us to establish our current position in the market today,” said Broujos. ■

Scranton Chamber hires Jones as industrial dev. assistant SCRANTON, PA — The Greater Scranton Chamber of Commerce announced that Suzanne Jones has joined the staff as an industrial development assistant. Jones is responsible for administrative support of The Scranton Lackawanna Industrial Building Company (SLIBCO) and The Scranton

Plan. Key responsibilities include the coordination of The Scranton’s Plan’s annual Winter & Summer Festival events and coordination of low-interest financing loans for expanding business. “I am very thrilled to become a member of the Chamber of Commerce team and will utilize the skills I have acquired

throughout my career to support the Chamber in its important mission of community and economic development,” Jones said. Jones is a graduate of MidValley High School. She was employed at Cinram for several years, and most recently worked at Parente Beard. ■

Miller Memorial Team Player” award at MB&A’s annual holiday celebration. The award is in remembrance of Tammy Miller, the company’s former marketing director. Brian Coyne “ Ta m m y Miller’s commitment to helping her co-workers was a cornerstone of our success,” said Michael J. Baxter. “This award recognizes team members who are helpful, courteous to clients and co-workers, and who unselfishly place team achievement above individual accomplishment. Brian has proven to be the epitome of a “team player” and this year’s vote was the most popular to date. Brian is an invaluable member of our team” The honoree was chosen by the agents and staff of MB&A. ■

Murphy & Dittenhafer Architects promotes Slenker PENNSYLVANIA — Rebecca Slenker has been promoted to the position of associate with Murphy & Dittenhafer Architects. Slenker will be responsible for the design and Rebecca Slenker management of higher education and housing projects from schematic design through the completion of construction. Slenker holds a Professional Bachelor of Architecture de-

gree from The Pennsylvania State University. In addition to being an associate member of the American Institute of Architects, Slenker is a member of the National Council of Architectural Registration Boards and of Alpha Rho Chi, the national architectural fraternity. She is also an active member of Mount Zion United Methodist Church in Enola, Pennsylvania, and can be heard playing the piano at York’s Central Market during the holiday season. ■

Fisher and Kramer join Binswanger P H I L A D E L P H I A , PA — Binswanger appointed Martha A. Fisher as senior vice president, human resources. Fisher brings over ten years of human resources and corporate counsel experience to Binswanger. She will have overall responsibility for human resource activities including: employee relations and contracts, support services, facility operations, and recruitment. Prior to joining Binswanger, Fisher served as Corporate Counsel and Human Resources Manager at R-V Industries, Inc. In this position, she was responsible for employee relations, legal issues, and corporate contract negotiations. Fisher also held Associate

positions at Christie, Pabarue, Mortensen & Young, PC. and Plakins, Reiffel & Ray, P.C. Fisher holds a Bachelor of Science from Eastern Mennonite University and a JD from Temple University Beasley School of Law. Jason Kramer has joined the company as an associate counsel in the legal department. Kramer is a 2009 graduate of Rutgers University Law School where he graduated with High Honors and earned distinction in the class for his achievement in legal writing. While in law school, Kramer worked in the real estate department of Blank Rome, a Philadelphia based law firm, on a variety of real estate matters. ■


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Mid Atlantic Real Estate Journal — Pennsylvania — January 14 - 27, 2011 — Inside Back Cover C

PROFILES ON INDUSTRY PROFESSIONALS NAME: Daniel Perich, CCIM TITLE: Commercial Investment Advisor COMPANY: Michael Baxter & Associates Commercial Real Estate LOCATION:Stroudsburg, PA BIRTH PLACE AND DATE: Muenchweiler, Germany, 6/4/68 FAMILY: Wife: Dana, Newborn daughter: Juliette COLLEGE: Mansfield University FIRST JOB OUT OF COLLEGE: 6th Grade teacher FIRST JOB IN REAL ESTATE OR ALLIED FIELD: Commercial salesperson WHAT DO YOU DO NOW AND WHAT ARE YOU PLANNING FOR THE FUTURE: Presently selling and investing in commercial real estate and will continue in future. HOBBIES: Bow hunting, running. FAVORITE BOOK: “Last of the Mohicans” by James Fennimore Cooper. FAVORITE MOVIE: The Natural. KEY TO YOUR SUCCESS (ONE IDEA): Never give up. IF YOU WERE FORCED TO CHOOSE ANOTHER VOCATION WHAT WOULD IT BE? Outdoor writer.

NAME: Brian K. Coyne TITLE: Director of Marketing COMPANY: Michael Baxter & Associates Commercial Real Estate LOCATION: STROUDSBURG, PA BIRTH PLACE AND DATE: PHILLIPSBURG, NJ, 10/12/73 FAMILY: Wife: Megan, Daughter: Mackenzie, 2 COLLEGE: East Stroudsburg University FIRST JOB OUT OF COLLEGE: Art Director FIRST JOB IN REAL ESTATE OR ALLIED FIELD: Commercial salesperson HOBBIES: Skiing, traveling FAVORITE BOOK: “On the Road” by Jack Kerouac FAVORITE MOVIE: Animal House KEY TO YOUR SUCCESS (ONE IDEA): Seeing the “big picture”. IF YOU WERE FORCED TO CHOOSE ANOTHER VOCATION WHAT WOULD IT BE: Travel show host

NAME: Mark Thomson TITLE: Associate Vice President Investments COMPANY: Marcus & Millichap Real Estate Investment Services LOCATION: 1628 John F. Kennedy Blvd., Philadelphia PA BIRTH PLACE AND DATE: Wilmington, DE 10/29/1982 FAMILY: Wife- Katherine COLLEGE: Villanova University FIRST JOB OUT OF COLLEGE: Marcus & Millichap FIRST JOB IN REAL ESTATE OR ALLIED FIELD: Renovating Houses WHAT DO YOU DO NOW AND WHAT ARE YOU PLANNING FOR THE FUTURE: I specialize in the sale of multi-family properties in the major Philadelphia MSA including the state of Delaware and Northeastern Maryland. My plan for the future is to continue to grow my market share and build the dominant team for apartment brokerage between New York and Baltimore. I have historically listed assets between $2 and $50 million. In 2010 I closed a new construction, 350 unit property for slightly less than $40 million, which was one of the largest sales in the tri-state area. My pipeline of deals for 2011 looks stronger than ever both with respect to number of assets and average size. HOBBIES: Golf, Baseball, Basketball, Travelling, Real Estate, Motorcycles FAVORITE BOOK: The Rise of Theodore Roosevelt- He was one of the greatest leaders in U.S. history. PERSON YOU MOST ADMIRE (OUTSIDE OF FAMILY): Most of the people I admire are those who have found success through their own hard work. I always enjoy hearing how business owners got started and grew their businesses to where they are today. As a young entrepreneur, this is what motivates me. KEY TO YOUR SUCCESS (ONE IDEA): Tenacity. In this business you have to be thick skinned and handle rejection well. IF YOU WERE FORCED TO CHOOSE ANOTHER VOCATION WHAT WOULD IT BE? I would be on the other side of my industry…I would be an owner and developer of real estate.

GREGG BROUJOS MANAGING PRINCIPAL NAME: Gregg Broujos TITLE: Managing Principal COMPANY: NAI Pittsburgh Commercial LOCATION: Pittsburgh PA BIRTH PLACE AND DATE: Carlisle, PA 6/25/64 FAMILY: Wife – Deanna; Son – Zachary (16); Son – Nicholas (13) COLLEGE: I attended the University of Pittsburgh FIRST JOB OUT OF COLLEGE: High School Soccer Coach FIRST JOB IN REAL ESTATE OR ALLIED FIELD: Investment Real Estate Sales with Howard Hanna Company WHAT DO YOU DO NOW AND WHAT ARE YOU PLANNING FOR THE FUTURE: Founding Principal and Managing Director for NAI Pittsburgh Commercial. I am very focused on growing our firm, along with my partners, into one of the top three commercial real estate brokerage firms in Western PA and establishing a strong property management division this year. HOBBIES: Playing/Coaching Soccer; quiet dinners with my wife FAVORITE BOOK: My Losing Season by Frank Conroy FAVORITE MOVIE: Shawshank Redemption PERSON YOU MOST ADMIRE (OUTSIDE OF FAMILY): Jackie Robinson KEY TO YOUR SUCCESS (ONE IDEA): Passion IF YOU WERE FORCED TO CHOOSE ANOTHER VOCATION WHAT WOULD IT BE? Professional Soccer Coach

NAI Pittsburgh Commercial

Michael Baxter & Associates Commercial Real Estate

BRIAN K. COYNE DIRECTOR OF MARKETING

MARK THOMSON ASSOCIATE VICE PRESIDENT INVESTMENTS

Marcus & Millichap Real Estate Investment Services

Michael Baxter & Associates Commercial Real Estate

DANIEL PERICH, CCIM COMMERCIAL INVESTMENT ADVISOR


C Back Cover — January 14 - 27, 2011 — Pennsylvania — Mid

Atlantic Real Estate Journal

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365,114 SF - 1200 E. LACKAWANNA AVE. Mid-Valley Industrial Park

Can be expanded to 615,000 SF and subdivided to 82,000 SF. State and local taxes abated through 2017. Features 46 loading doors, 1 drive-in door, 31’10â€? to 36’6â€? ceiling clear height, an ESFR ďŹ re protection system and 7â€? reinforced concrete oor.

Can be expanded to 648,200 SF and subdivided to 204,000 SF. Existing ofďŹ ce ďŹ t-out is approx. 4,200 SF. Features 32 cross-docked loading doors, 30’9â€? to 36’6â€? ceiling clear height and 6â€? reinforced concrete oor. State and local taxes abated through 2017.

Can be expanded to 505,686 SF. Existing ofďŹ ce ďŹ t-out is approx. 5,000 SF. Features 20 cross-docked loading doors, 1 drive-in door, 40’2â€? ceiling clear height, an ESFR ďŹ re protection system and on-site parking for more than 100 vehicles.

198,400 SF - 400-450 CENTERPOINT BLVD. CenterPoint Commerce & Trade Park East

170,600 SF - 180 WELLES STREET Cross Valley West Professional Building

108,000 SF - 320 STEWART ROAD Hanover Industrial Estates

Can be subdivided as small as 99,200 SF. Features 26 loading doors, 1 drive-in door, 6â€? reinforced concrete oor, energy efďŹ cient T-Bay lighting ďŹ xtures and a 10-year, 100% real estate tax abatement on improvements.

Located immediately off Exit 4 of S.R. 309. Can be subdivided as small as 20,000 SF. Features 16’ to 26’ ceiling clear height, 23 loading doors and abundant, on-site trailer storage. Very attractive lease prices.

Can be expanded to 162,000 SF. Existing ofďŹ ce ďŹ t-out is approx. 8,000 SF. Features 20 loading doors, 30’ to 32’11â€? ceiling clear height, an ESFR ďŹ re protection system and energy-efďŹ cient gas-ďŹ red unit heaters. On-site parking for up to 70 vehicles.

For more information contact our

DEVELOPMENT DIVISION: Bob Besecker . Jim Hilsher Bill Jones . Dan Walsh

82,691 SF - 63 GREEN MOUNTAIN ROAD Humboldt Industrial Park

240-258 ARMSTRONG ROAD CenterPoint Commerce & Trade Park East

Features two, 463 SF ofďŹ ce ďŹ t-outs in warehouse, 30’8â€? to 36’5â€? ceiling clear height, 9 loading doors, ESFR ďŹ re protection system, and ample on-site parking and trailer storage available.

Building can be subdivided as small as 12,361 SF. Features 29’10â€? to 34’2â€? ceiling clear height, 8 loading doors, ESFR ďŹ re protection system, and a 10-year, 100% real estate tax abatement on improvements.

Developing Pennsylvania’s I-81 Corridor since 1985. XXXNFSJDMFDPNt


GREEN AWARENESS

NJPA M A ID

TLANTIC

REAL ESTATE JOURNAL

Section D of the Mid Atlantic Real Estate Journal

Solar Roof Development provides consulting services

Federal Solar Grant extension provides incentives for continued industry growth

F

ORT LEE, NJ — When Congress passed the latest tax legislation in late December, the bill also extended the Renewable Energy Grant program, providing 30 percent cash rebates for qualified projects, according to Adam Putter, president of Solar Roof Development based in Fort Lee. The legislation, originally set to expire at the end of this year, will now remain in effect at least through the

end of 2011, further heightening interest in solar and other renewable applications. “The Renewable Energy Grant has contributed to significant growth of this industry in New Jersey,” Putter said, estimating that commercial solar installations have expanded by nearly 400 percent growth since 2008. Solar Roof Development works primarily with commercial real estate owners. The com-

JANUARY 14 - 27, 2011

HI-LIGHTS Three Mack-Cali buildings receive ENERGY STAR rating Mack-Cali Realty Corporation announced that 106 Allen Road has been recertified with the U.S. Environmental Protection Agency. See Page 8D.

Industrial buildings, such as this recently completed project in Union, NJ, are particularly well-suited because of their expansive rooftops and high electricity requirements. pany advises its clients on the financial benefits available through the complex maze of state and federal incentives. In addition, the firm works with owners to find the right solar installers based on their specific project requirements. “Every project has different

requirements, and we find the right fit between many different financing structures, contractors and products for a solar energy installation.” “With the latest action, anyone who purchases a solar installation will continue to receive a check from the U.S.

government amounting to 30 percent of the system’s cost,” he said. “In addition, banks are more willing to lend funding for solar projects with the grant as a down payment so commercial companies can purchase the equipment with virtually no money down.” Known as the Section 1603 Grant, the program was enacted as part of the American Recovery and Reinvestment Act of 2009, according to Putter. The 30 percent grant for energy property is in lieu of certain tax credits. In addition to extending the grant, the recent legislation makes projects eligible for 100% accelerated depreciation of the system, less half of the cash grant or investment, in the first year, if that system is put into service between September 8, 2010 and December 31, 2011. Solar Roof Development provides consulting services for industrial, office, nursing home, retail, hotel and residential buildings considering solar applications, primarily in New Jersey. ■

Saving energy and reducing operating costs

DVGBC office achieves LEED Silver certification T h e D e l a w a r e Va l l e y Green Building Council has received LEED certification at the Silver level for its headquarters at One Penn Center. See page 12D.

ALSO INSIDE: JOSHUA MILLMAN, AIA, LEED-AP, FP+A, INC. ................2D JERRY YUDELSON, YUDELSON ASSOCIATES .............................4D PETER DOO, AIA, LEED AP ...............................................5D USGBC NJ........................................................................11D DVGBC NJ ...................................................................... 12D Section D, 16 pages

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Hartz Mountain Industries turns on three new solar systems SECAUCUS, NJ — Hartz Mountain Industries turned on three new solar systems in Secaucus, before December 31st, amid a report from the Environmental Protection Agency detailing the company’s successful implementation of changes in its daily practices to save energy and reduce its carbon footprint. The three new solar systems located at 125 Castle Rd. – leased by DJS Acquisitions, 200 Seaview Dr. – owned and occupied by Hartz, and 50 Hartz Way – leased by Gucci of America, will add 2.8megawatts (MW) of capacity to Hartz’s solar portfolio, bringing the company’s installed total to 6.2MW (roughly 3% of all solar capacity in New Jersey). “Hartz made a commitment

200 Seaview Dr. to incorporate environmen- Mountain Industries. “By the tally sound practices into end of 2010, Hartz will have a our daily operations which total of 6.2MW of solar arrays. have not only been good for Additionally, energy emissions the environment but also are down 9% and water usage for business,” commented is down 48% in some of our Emanuel Stern, president and buildings. The results speak chief operating officer of Hartz for themselves.” ■


D Inside Cover — January 14 - 27, 2011 — Green Awareness — Mid

Atlantic Real Estate Journal

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Residential • Commercial • Industrial

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Mid Atlantic Real Estate Journal — Green Awareness — January 14 - 27, 2011 — 1D

GREEN AWARENESS


2D — January 14 - 27, 2011 — Green Awareness — Mid

Atlantic Real Estate Journal

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MAREJ GREEN AWARENESS Customized Energy Reduction Plans • MEP/FP engineering including LEED • Building Commissioning including LEED • Energy engineering / audits / energy modeling • NJ Pay For Performance Partner / Carbon Abatement Program partner • PA Act 129 vendor • Federal Energy Tax Incentive partner • Infrared Testing • ASHRAE High Performance Buildings CertiÄed • Building Information Modeling (BIM) • MBE/SBE certiÄcation Contact: Jeff Gilbeaux P: 856-988-1890 Email: info@gilbeauxassociates.com PO Box 782, Voorhees, NJ 08043

Mid Atlantic REAL ESTATE JOURNAL’S

8TH ANNUAL ECONOMIC DEVELOPMENT SPOTLIGHT JAN 28TH Don't Miss This Opportunity!

• Deadline: January 18, 2011 • This issue will be a pull-out section Featuring Counties and Townships throughout the Mid Atlantic Region

MAREJ'S 8TH ANNUAL ECONOMIC DEVELOPMENT SPOTLIGHT We invite you to send in editorial pertaining to: • County/Regional Demographics • Mayor’s picture and message • Special incentive programs • Opportunities for business to relocate to your area • Commercial property and parks available for lease or for sale in your area This exclusive promotional opportunity is an excellent way to Reach 30,000 + decision makers, commercial real estate professionals, owners, developers, tenants and businesses throughout New Jersey, Pennsylvania, Delaware, Maryland, Virginia and Washington DC

*Deadline: January 18, 2011*

Telephone: 1-800-584-1062 email:lchristman@marejournal.com

By Joshua Millman, AIA, LEED-AP, FP+A, Inc.

Sustainable design: Upfront cash flow for industrial buildings

O

nce the Green Movement moved beyond the tree hugger phase, its newest proponents insisted that investments in sustainable design had to make economic sense as well as being good Joshua Millman for the environment and good for the community, so dubbed the “triple bottom line.” The payback is in the energy and other utility cost savings in years to come. In a time of uncertainty and limited capital, that payback period is often too long. Unless there is a direct marketing benefit, many corporations limit green investments to those with 2 to 4 year paybacks. Recent government actions have sweetened the equation, especially for industrial buildings. The new Confection Connection building for Just Born in Bethlehem PA is a case in point. Sources of Funds The opportunities come in two areas: • First, the EPAct Program allows accelerated depreciation on buildings that exceed certain

industry standards, in amounts that can reach $1.80 psf. Not a lot of savings ($36,000 or 1.4% pretax) on a 20,000 s/f office building built at $130 psf. But this can be a very big number ($1,440,000 or 3.6% pretax) on an 800,000 s/f warehouse constructed at $50 psf. • Second, in Pennsylvania there is Act 129, which has lead electrical utilities to offer per unit rebates for retrofits like switching to more energy efficient light fixtures, or larger rebates for a combination of upgrades that lead to a dramatic drop in electrical demand. Larger buildings offer an economy of scale for the retrofits, making the rebate a larger percentage of the unit cost. In both cases the cash flow is immediate, either as tax savings or a rebate check. Why Industrial Buildings? For industrial buildings, these upfront cash flows are just icing on what is already a very favorable return on investment calculation: • Planning horizons are long because the initial investment in machinery and start up is considerable, so an 8 year payback from utility cost savings is not too high a hurdle.

• The quantity of utilities used is also large, so even a small percentage of reduction yields significant cash to the bottom line. Success for Just Born For Just Born, manufacturers of marshmallow Peeps and other confectionaries, and their 600,000 s/f fully air conditioned distribution center, the immediate cash flow from tax savings and rebates were beyond what was needed to approve the investment in sustainable design: 44% energy cost reduction and 40% water reduction from conventional design. This triple bottom line success was recognized in 2010 by: • A LEED Gold award from the US Green Building Council. • The top Lehigh Valley Sustainability Award for a private project from the Delaware Valley Green Building Council. While receiving awards cannot be guaranteed, the upfront cash flows from these government programs are a great opportunity as long as those programs are funded, and the long term utility costs savings to industrial facilities warrant adoption of sustainable design continued on page 9D


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Mid Atlantic Real Estate Journal — Green Awareness — January 14 - 27, 2011 — 3D

GREEN AWARENESS

The future in sight.

Insights for the future.

For over 76 years, Hess Energy has been providing commercial and industrial businesses with everything they need to move forward. We combine the electricity, natural gas, fuel oil and green energy solutions you need with the dedicated service and essential industry insights you want. Let us help your business. Visit www.HessEnergy.com or contact: Steve Sooby Regional Sales Director 732.750.6499 ssooby@hess.com © 2010 Hess Corporation

Deborah O. Lenny Regional Sales Director 856.778.7850 dlenny@hess.com


4D — January 14 - 27, 2011 — Green Awareness — Mid

Atlantic Real Estate Journal

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GREEN AWARENESS By Jerry Yudelson, Yudelson Associates

Green building’s top ten trends for 2011

T

op Ten Green Building Trends for 2011 include: 1. The worldwide green building movement will continue to accelerate, as more countries begin to cre- Jerry Yudelson ate their own green building incentives and developing their own Green Building Councils. More than 70 countries, on all continents, will

show considerable green building growth in 2010. 2. Green building will rebound in 2011, as measured by the new LEED project registrations as a proxy for this growth. “The reduction in commercial real estate building in many countries,” he said, “was not offset by other sectors such as government, and so the growth rate of new green building projects fell dramatically in 2010.” 3. The focus of the green building industry will continue to switch from new buildings to greening exist-

ing buildings. “The fastest growing LEED rating system in 2010 was the LEED for Existing Buildings program, and I expect this trend to continue in 2011,” said Yudelson. “My 2009 book, Greening Existing Buildings, documents the strategic components of this trend.” 4. Blue will become the New Green. Awareness of the coming global crisis in fresh water supply will continue to grow, leading building designers and managers to take further steps to reduce water consumption to increase sus-

tainability. This will be done in buildings through the use of more conservation-oriented fixtures, rainwater recovery systems and innovative new water technologies. “My latest book, Dry Run: Preventing the Next Urban Water Crisis, shows how to do this in green buildings all over the world.” 5. Green building in the U.S. will continue to benefit from the Obama presidency with a continued focus on greening the executive branch. New announcements of a commitment to a mini-

mum of LEED Gold for all new federal projects and major renovations confirm and highlight this macro-trend. 6. Zero-net-energy designs for new buildings become increasingly commonplace, in both residential and commercial sectors, as LEED and ENERGY STAR ratings become too common to confer competitive advantage. 7. Performance Disclosure will be the fastest emerging trend, highlighted by new requirements in California and other said. Commercial building owners will have to disclose actual building performance to all new tenants and buyers. 8. Certified Green Schools will grow rapidly as part the LEED System. This trend will accelerate as understanding of the health and educational benefits of green schools grows. Already by mid-year 2010, green schools represented nearly 40% of all new LEED projects in the U.S. 9. Local and state governments will step up their mandates for green buildings for both themselves and the private sector. We’ll see at least 20 major new cities with commercial sector green building mandates. The desire to reduce carbon emissions by going green will lead continued on page 5D

Green Awareness 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

MAREjournal.com

Section Publisher Joe Christman jchristman@marejournal.com

Publisher Dianna Mallozzi dmallozzi@marejournal.com

Section Editor Karen Vachon kjoy@marejournal.com


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Mid Atlantic Real Estate Journal — Green Awareness — January 14 - 27, 2011 — 5D

GREEN AWARENESS $15.1+m in funding under the Clean Energy Solutions ARRA Combined Heat & Power Program

Six combined heat and power projects approved by EDA

T

RENTON, NJ — The New Jersey Economic Development Authority (EDA) has approved over $15.1 million in funding for six projects under the Clean Energy Solutions ARRA C o m b i n e d Caren Franzini Heat and Power (CHP) Program. This competitive grant program was supported by the American Recovery and Reinvestment Act of 2009 and was jointly developed by the EDA and the New Jersey Board of Public Utilities (BPU). Launched in September though a competitive solicitation, the program offered project-based grants to support the development, design and construction of commercial, institutional and industrial entity (including public and not-for-profit entities) CHP projects in New Jersey. The program made available grants equal to $450 per kW of installed electric generation, up to a maximum of $5 million.

The six approved projects are expected to leverage more than $101.3 million in total public/private investment, lead to the creation of an estimated 240 construction jobs and 18 new, full-time jobs, and reduce carbon dioxide emissions by 85,695 tons annually. “CHP systems can provide power reliability for businesses and organizations throughout the state and result in daily operating cost savings,� said EDA CEO Caren Franzini. “From Newark to Atlantic City, this program provided an opportunity for the state to sup-

port important projects that will add efficiencies and make doing business in New Jersey less expensive.� The six projects approved for funding include: • Anheuser-Bush, which was approved for a $3.2 million grant to establish a 7.965MW cogeneration plant at its Newark brewery. • DSM Nutritional Products of Belvidere, which was approved for a $3.1 million grant to purchase and install a 9.5MW cogeneration unit. • ACR Energy Partners LLC, which was approved for a $3.2

million grant to construct a 7.965MW cogeneration facility to serve a new casino in Atlantic City. •ACB Energy Partners LLC, which was approved for a $3.2 million grant to establish a 7.965MW cogeneration plant to expand the District Energy Center in Atlantic City currently serving the Borgata Hotel and Casino. • NRG Thermal Energy of Plainsboro, which was approved for a $1.9 million grant to establish a 4.6MW cogeneration facility that is part of an Energy Center it is developing

to serve the new University Medical Center of Princeton at Plainsboro. • Ocean County College, which was approved for a $475,200 grant to support the construction of a 1.1MW gas engine generator at the college. “CHP is a clean and reliable approach to generating power and thermal energy and these projects help us move forward with Governor Christie’s plan to secure New Jersey’s energy future, enhance our environment and support economic development,â€? said BPU president Lee Solomon. â– 

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Green building’s top ten trends . . . continued from page 4D more government agencies to require green buildings. 10. Solar power use in buildings will continue to grow. This trend will be enhanced by the increasing focus of municipal utilities as they need to comply with state-level renewable power standards (RPS) for 2015 and 2020. As before, third-party financing partnerships will continue to grow and provide capital for large rooftop systems such as on warehouses. However, we may very well see a slowing of large solar and wind systems, as federal grant support, in lieu of tax credits, is phased out. Bonus: “First, there will be a continually growing use of software and the Internet “cloud� in green building design, construction and operations; S Second, the revolution in sustainable building materials is gaining momentum each year, one that gives higher performance at ever lower costs.� Jerry Yudelson is president of Yudelson Associates. ■

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6D — January 14 - 27, 2011 — Green Awareness — Mid

Atlantic Real Estate Journal

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GREEN SERVICES & SUPPLIERS SUSTAINABLE CONSULTING

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Mid Atlantic Real Estate Journal — Green Awareness — January 14 - 27, 2011 — 7D

GREEN AWARENESS

Workplace: Refresh Introducing a simple, affordable assessment & solution service we call Workplace: Refresh. A collection of floor, wall and millwork finishes, edited into a color coordinated system of mix & match options to meet your needs. Contact us at MGZA to learn more about how our environmentally friendly solution can provide just the right amount of design refresh your workplace requires. Call us at 302.425.3700 to discuss a Workplace: Refresh design package.

MGZA Architecture s Interior Design s Facilities Consultation 110 South Poplar Street, Suite 200, Wilmington, Delaware 19801 visit us at www.mgza.com


8D — January 14 - 27, 2011 — Green Awareness — Mid

Atlantic Real Estate Journal

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GREEN AWARENESS Including 106 Allen Road at Liberty Corner Corporate Center

Three of Mack-Cali Realty Corporation’s buildings receive ENERGY STAR rating

E

DISON, NJ — MackCali Realty Corporation announced that 106 Allen Road at Liberty Corner Corporate Center, Bernards Twp. has been recertified with the U.S. Envi- Mitchell Hersh ronmental Protection Agency (EPA) and the U.S. Department of Energy’s prestigious ENERGY STAR, the national symbol for superior energy

performance. Commercial buildings that earn the ENERGY STAR use an average of 35 percent less energy than typical buildings and also release 35 percent less carbon dioxide into the atmosphere. Only commercial buildings and industrial plants in the top 25 percent of facilities in the nation for energy efficiency may qualify for this rating.

106 Allen Road

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The 132,010 s/f, class A office property was recognized for the ENERGY STAR award based in part on its use of T-8 and compact fluorescent bulbs throughout the building, a state-of-the-art building management system that has an optimum start program for maximum and efficient interior building comfort, and the use of variable speed drives for each of four roof top units and double-pane insulated glass windows. Mitchell Hersh, Mack-Cali president and chief executive officer, said, “We are pleased that this premier property is once again the recipient of this designation. We remain committed to energy-efficient operations and expect to add more properties to this prestigious list.” Executive Boulevard in South Westchester Executive Park in Yonkers, and 570 Taxter Road in Elmsford, NY have received ENERGY STAR designations. The four-story, 112,000 s/f, 1 Executive Boulevard was re-certified after initially receiving this status in 2009. The building continues to use monthly physical systems checklists, the Johnson Controls building management system, and ongoing preventative maintenance measures to keep the building running efficiently. 570 Taxter Road, a six-story, 75,000 s/f office building, earned this first time designation, in part, by ongoing preventative maintenance measures, the use of an Andover Controls building management system, and monthly physical systems checklists. Hershsaid, “We are pleased to add these buildings to our growing list of properties that have earned the ENERGY STAR.” ■


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Mid Atlantic Real Estate Journal — Green Awareness — January 14 - 27, 2011 — 9D

GREEN AWARENESS Increased control of drainage, storm water management, dust and pollution

Lakewood Township, New Jersey Committee passes tree ordinance

L

AKEWOOD TWP., NJ — Because of Lakewood’s rapid growth and development, the Lakewood To w n s h i p Committee has passed an ordinance “Protection of Trees.” This ordinance is intended to safeguard the environment because the removal and cutting of trees results in the need for increased control of drainage, storm water management, dust and pollution, soil erosion, and a buildup of atmospheric carbon dioxide. The removal of trees also de-

creases the fertility of the soil and the groundwater recharge. Widespread tree removal in the township can eventually result in decreased property values, and negatively impact on the health, safety, and general welfare of the residents. With the passing of this ordinance, a person must obtain a tree permit from the Lakewood Inspection Department to remove a tree six (6”) inches or more. Included in the ordinance is a one-to-one tree replacement. Details of the Protection of Trees Ordinance can be obtained from Clerk’s

office, second floor, Lakewood Township Municipal Building, 231 Third Street. Lakewood Mayor Steven Langert said, “As human beings, it is our responsibility to protect the environment and take care of it. By replacing the trees we remove, we can help preserve, protect, and enhance our environment for many years to come.” Ralph Zucker, a developer and owner of Somerset Development Corporation, said, “I believe that I speak for many people in the development community of Lakewood in saying

this is an example of a collaborative process. We are appreciative of the way the mayor and other township officials worked collaboratively with all the stakeholders involved in the process to craft a compromise that leaves everybody just a little bit unhappy, which means it was a good compromise.” Brian Flannery, a project engineer with FWH Associates, said, “It’s a good ordinance because it is balanced. It provides for tree preservation without adversely affecting housing affordability.” Sam Rabinowitz, a Lakewood

developer, “This is an ordinance that will help keep Lakewood beautiful. Everyone put a lot of hard work into making sure we will all move forward positively, and I believe everyone will benefit.” Michael Stillwell, chairman of the Shade Tree Commission said, “I thank the mayor and other members of the township committee. This is a good ordinance for Lakewood and long overdue. I think this ordinance will put us on the right path for protecting the trees and doing a lot better as far as clear-cutting.” ■

Manko, Gold, Katcher & Fox’s Vaccaro partakes in webinar PHILADELPHIA, PA — McIlvaine Company hosted “Impact of Ambient Air Rules for PM2.5 and Ozone” during their Hot Topic Hour. Katherine Vaccaro, an attorney with Manko, Gold, Katche r & F o x , Katherine Vaccaro LLP participated in a panel of experts during the session. During the seminar, the EPA’s new regulations on air standards for fine particulate matter – or “PM2.5” – and ozone, as well as the precursors to these pollutants, were discussed, including both practical and economic implications for the affected facilities. Coal-fired power plants are among the types of sources which may have air emissions subject to EPA’s new standards. Therefore, it is important for these and other types of facilities to understand how the relevant regulations might impact them. ■

Sustainable design: Upfront cash. . . continued from page 2D as part of the investment strategy and a place on the project team. F. Joshua Millman, AIA, LEED-AP, CFM is managing partner of FP+A, Inc., a facilities consulting firm in Harrisburg, PA. ■

Featuring our Annual

COMMERCIAL OFFICE SPOTLIGHT

February 25, 2011 This issue will publish as a special pullout section… featuring: • A special LISTING of all the Of¿ce Space transaction Recorded in MAREJ throughout 2010 • Bi-lined Articles submitted by Expert of¿ce brokers • Of¿ce Market Reports compiled by major companies • Society of Of¿ce and Industrial Realtors Organization • Special feature on NAI and it’s member ¿rms • National Association of Industrial and Of¿ce Properties Commercial Brokerage Firms who are actively involved in marketing Of¿ce Space in the Mid Atlantic area are welcome to participate. This exclusive Of¿ce Space Spotlight is an excellent way to Reach 30,000 Commercial Real Estate Professionals, Including Owners Developers & Tenants Editorial Requirements Include: 250 - 500 words, double-spaced typewritten along with a photograph. If you are interested in participating, please call or email us today *Deadline: February 11, 2010* Special advertising rates to all participating ¿rms. Linda Christman, Mid Atlantic Real Estate Journal 1-800-584-1062 Fax: 781-871-5299 Email: lchristman@marejournal.com


10D — January 14 - 27, 2011 — Green Awareness — Mid

Atlantic Real Estate Journal

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GREEN AWARENESS New findings unveiled from CBRE study with U. of San Diego & McGraw-Hill Construction

Building Performance expected to produce improved return on green building investments

C

HICAGO, IL — Sustainable buildings are expected to generate stronger investment returns than traditionally managed properties, according to an ongoing study of a national office portfolio managed by CB Richard Ellis. The study found that owners of sustainably managed buildings anticipate a 4% higher return on investment than do owners of traditionally managed buildings, as well as 5% [more] increase in building value. Roughly 79% of owners surveyed believe that sustainable properties perform well in attracting and retaining tenants, yielding a 5% increase in building occupancy and 1% increase in rental income. This is the second phase

of a multi-year study initiated in 2009 by CB Richard Ellis and the University of San Diego’s Burnham-Moores Center for Real Estate. This year, CBRE also collaborated with McGraw-Hill Construction to expand and publish the survey. The largest and longest running study of its kind, the ongoing analysis benchmarks and measures green building benefits and resulting economic outcomes as a framework of investment

criteria for retrofit activity. The study’s initial findings were made public today at U.S. Green Building Council’s Greenbuild as part of McGrawHill’s The Business Benefits of Green Buildings: Building and Occupant Performance Driving Green Investment in Existing Commercial Buildings SmartMarket Report. A full update to the study’s 2009 report Do Green Buildings Make Dollars and Sense? is expected to be released later this year. According to the study, tenants in sustainably managed buildings report increased productivity, satisfaction and health. Roughly 10% of tenant respondents have seen increased productivity, 94% of tenant managers registered

Burns & Scalo hires Embrescia to drive green building edu. & dev. PITTSBURGH, PA — Mike Embrescia, the former education & membership manager for Pittsburgh’s Green Building Alliance, has been named director of education & business development for Burns & Scalo Real Estate Services, Inc. “Mike’s established backg r o u n d i n Mike Embrescia ‘green’ education and sales success align perfectly with the future direction of our firm, and we are proud to have

someone of Mike’s caliber join our team,” said James Scalo, president of Burns & Scalo Real Estate Services, Inc. “We are committed to incorporating green and sustainable practices into our current and future developments, and with the Burns & Scalo platform of services so strongly cemented by solid leadership in each of our core business units, we will continue to grow our footprint and reach new areas of business.” “We have received significant interest in our national trademarking of Class-G real estate space, a green category for space that meets an array

of green building standards and practices. The Class G program is being created collaboratively among Burns & Scalo and a team of prominent regional and national building professionals. Mike will assist in the education and launch of this business opportunity to the open market.” With an MBA concentrated in Sustainability and a profound background in green building, Embrescia offers Burns & Scalo Real Estate, Inc. a unique blend of education and passion that will enable our company to reach a new plateau for both our platform and our clients. ■

DVGBC elects new board members and officers PHILADELPHIA, PA — The Delaware Valley Green Building Council (DVGBC) announced the results of the 2010 election for the Board of directors and executive committee. DVGBC has been a leader in the U.S. Green Building Council network as the primary regional resource for those living and working in southeastern Pennsylvania, southern New Jersey and Delaware on sustainable planning, design, construction and operation of buildings, landscapes, and neighborhoods. We welcome the new and returning leadership listed below. 2011 Officers: Chairman, Joseph Healy, AIA, LEED AP, Managing

Principal, Wallace Roberts & Todd President, Christopher Minnich, LEED AP, Sustainability Analyst, Re:Vision Architecture Vice Chair, Abigail Perlstein OBrien, LEED AP, Kitchen & Associates Architectural Services Vice President, Alice Cathcart, SunPower Corporation Treasurer, Jim Kerr, IMC Construction Secretary, Christa Duelberg Kraftician, AIA, LEED AP, Spillman Farmer Architects New & Re-Elected Board of Directors: • Patrick Bolger, senior project executive, Turner Construction

• Robert Cousar, CEO, Sustainable Construction Corporation • Brenda Gotanda, Manko, Gold, Katcher & Fox, LLP • David Hahn, director of construction and corporate operations Columbus Property Management & Development, Inc. • Kim Ilardi, LEED AP BD+C, The Whiting-Turner Contracting Company • Howard M. Neukrug, P.E., deputy commissioner, Philadelphia Water Department • Michelle Robinson, LEED AP, sustainability & LEED specialist, Re:Vision Architecture • Kristen Suzda, LEED AP, Atkin Olshin Schade Architects ■

higher employee satisfaction in green space and 83% of tenants believe their green space provides a healthier working environment. The study defined a green building as those with LEED certification at any level or those that bear the EPA ENERGY STAR label. All of the ENERGY STAR buildings in the survey group had been awarded that label since 2008. Most of the buildings included in the research cohort had also adopted other sustainable practices like recycling, green cleaning and water conservation. This report follows two publications released by CB Richard Ellis. Key members of the U.S. Sustainability team co-

authored the USGBC’s Green Operations Guide: Integrating LEED into Property Management, a guide that enables building owners and managers to better understand LEED EB: O&M benefits, and provides practical tools for improving the sustainability of their portfolios. Additionally, CB Richard Ellis’ Law Firm Practice Group released a special report Law Firms Build a Case for Green: Recent Trends in Law Firm Sustainability Practices. The report highlights sustainability practices among U.S. and global law firms, including trend toward pursuing LEED certification, and considers costs versus yield of select sustainable strategies. ■

Manko, Gold, Katcher & Fox promotes Campbell PHILADELPHIA, PA — Kate Campbell has been promoted to partner at the firm of Manko, G o l d , Katcher & Fox, LLP (MGKF), the environmental, energy, and land use law firm based in Bala C y n w y d . Kate Campbell Robert D. Fox, managing partner of MGKF is pleased by Campbell’s advancement. He said, “She is richly deserving of this promotion. She is an outstanding lawyer, has done an excellent job managing the summer associate program, and is an overall credit to the firm.” Campbell’s practice focuses on environmental, toxic tort, and class action litigation, as well as on regulatory compliance matters particularly involving federal, state, and interstate water pollution issues. She has successfully represented industrial and commercial entities, as well as closely held companies, in a variety of complex environmental

litigation matters. Campbell has also been involved for many years in activities involving Total Maximum Daily Loads for toxic pollutants in the Delaware Estuary, advocating on behalf of individual clients and a regional coalition of industrial and municipal dischargers. Campbell is a member of the bar in Pennsylvania, New Jersey, Eastern District of Pennsylvania and District of New Jersey as well as the Pennsylvania Bar Association and the Society of Women Environmental Professionals of Greater Philadelphia. Campbell also teaches Toxic Torts as an adjunct professor at Drexel University’s Earle Mack School of Law. She was also listed as a “Rising Star” by Pennsylvania Super Lawyers magazine in 2010. As a member of the honors program at Villanova University, Campbell earned her undergraduate degree in political science. Receiving her JD from University of Pennsylvania Law School, she served as a senior editor for the Law Review and taught legal writing to first-year law students. ■

Schutzer joins EWMA as sr. proj. eng. PARSIPPANY, NJ — Thomas Schutzer, PE has joined EWMA as senior project engineer. Schutzer will be providing engineering support to our remediation projects. He has more than 15 years of technical experience. Prior to

joining EWMA, Schutzer was project manager for Langan Engineering. He has a distinguished career in remediation systems design, operation, and management including vapor mitigation systems. Schutzer has his Professional Engineer Certification in New York. ■


MAREjournal.com

Mid Atlantic Real Estate Journal — Green Awareness — January 14 - 27, 2011 — 11D

U. S. Green Building Council, NJ Chapter Letter from the Executive Director Dear MAREJ Readers, As we start the new year of 2011, on behalf of the Board of Directors of USGBC NJ we wish you and your families a very happy, healthy and prosperous new year. We have

BOARD OF DIRECTORS

completed our new Board of Directors elections as listed below.

CHAIR William Amann, PE, LEED AP M & E Engineers, Inc VICE CHAIR William Lashbrook PNC Real Estate Finance TREASURER Ed Seliga Advanced Solar Products, Inc SECRETARY Anastasia Harrison, AIA, LEED AP Gannett Fleming, Inc PAST CHAIR Andrew Topinka,CPMR Technical Group Services, Inc DIRECTORS David Cardella Cardella Waste Services Michelle Cottrell, IIDA, LEED AP Design Mgmt. Services, Inc Wayne D. DeFeo, LEED AP DeFeo Associates RJ Donnelly, LEED AP Donnelly Industries, Inc Nicholas Fabbroni, LEED AP UMDNJ Gerard Hazel, LEED AP, HBDP Sustainable Systems, LLC Patrick LaCorte, AIA, LEED AP Rey Montalvo Consolidated Energy Design, Inc Joe Porrovecchio, LEED AP, CRM Carbon-Key, LLC Paul Qvale, LEED AP Hillmann Group Faith Taylor Wyndham Worldwide Gregg Woodruff, PP, AICP, LEED AP Langan Engineering & Environmental Services, Inc

FLORENCE BLOCK

We welcome you to become involved in one of our 17 active committees and play an active role in shaping the NJ Chapter to support our state and your respective businesses in creating and maintaining a Sustainable State and Nation. Please feel free to contact me (executivedirector@usgbcnj.org) or Marianne Leone our chapter coordinator (coordinator@usgbcnj.org) for more information or to discuss. Florence Block LEED Green Associate Executive Director U.S. Green Building Council NJ

Chapter Events Tues February 1, 2011 USGBC-NJ Education Series PSEG Training Center rm 251 234 Pierson Ave., Edison, NJ

EXECUTIVE DIRECTOR Florence Block, LEED GA

8am-12pm Indoor Air and Environmental Quality Part 1 & 2 and 1pm-5pm Integrated Design Approach Part 1 & 2 Earn Credential Maintenance for GBCI CE Hrs & AIA CEUs For details and registration visit website

EGB-NJ CHAIR

For complete details on all USGBC-NJ events, visit www.usgbcnj.org Number of New Jersey chapter members:

970

Number of USGBC member Companies in NJ:

504

Number of LEED Accredited Professionals in NJ:

3175

Number of LEED registered projects in NJ:

446

Number of LEED certified projects in NJ:

97

Robert Schmitz GENERAL COUNSEL Harry E. McLellan, III, Esq., LEED GA McLellan & Bialkowski, LLC CHAPTER COORDINATOR Marianne Leone USGBC-NJ 14 Maple Ave, Suite 201 Morristown, NJ 07960 www.usgbcnj.org


12D — January MARE journal.com 14 - 27, 2011 — Green Awareness — Mid Atlantic Real MidEstate Atlantic Journal Real Estate Journal — Green Awareness — January 14 MARE - 27, journal.com 2011 — 12D

The Delaware Valley Green Building Council Delaware Valley Green Building Council Office Achieves LEED Silver Certification 2011 OFFICERS Chairman Joseph Healy, AIA, LEED AP Wallace Roberts & Todd President Chris Minnich Re: Vision Architecture W.S Cumby, Inc. Vice Chair Abigail Perlstein, LEED AP Kitchen & Associates Architectural Services Vice President Alice Cathcart SunPower Corporation Treasurer Jim Kerr, IMC Construction Secretary Christa Duelberg Kraftician, AIA, LEED AP Spillman Farmer Architects

BOARD OF DIRECTORS: Patrick Bolger, Turner Construction Robert Cousar Sustainable Construction Corp. Brenda Gotanda Manko, Gold, Katcher & Fox, LLP David Hahn Columbus Property Management & Development, Inc. Kim Ilardi, LEED AP BD+C The Whiting-Turner Contracting Co. Howard M. Neukrug, P.E. Philadelphia Water Department Michelle Robinson, LEED AP Re:Vision Architecture Kristen Suzda, LEED AP Atkin Olshin Schade Architects www.dvgbc.org 1617 JFK Blvd., Suite 999 One Penn Center Philadelphia, PA 19103 Phone: 215.399.5790 Fax: 215.564.1719 Email: info@dvgbc.org

PHILADELPHIA, PA – The Delaware Valley Green Building Council (DVGBC) has received LEED certification at the Silver level for its headquarters in the Suburban Station building at One Penn Center. “As an organization working to promote sustainability in our buildings and communities in the region, we felt it was important that we “walk the talk,” said Joseph W. Healy, Chair of the Council. “We also wanted our office to serve as an educational space for people to learn about our sustainability practices.” “The greenest buildings are existing buildings, and those that are in environments that provide access to services and support walking, biking and public transportation,” said Janet Milkman, DVGBC’s Executive Director. “We’re demonstrating that an old, historic office building can provide LEED-certified spaces for tenants, including cost-conscious small businesses such as our own non-profit.” The LEED green building certification program is the nationally accepted benchmark for the design, construction, and operation of green buildings. DVGBC’s LEED Silver certification for Commercial Interiors was achieved through the following measures, among others: • Development density and community connectivity– 10 basic services located within a half a mile; • Regional rail and bus access within a half a mile; • Achieved 32% lighting power reduction through energy-efficient lighting and task lighting and daylighting; • Minimal demolition – 83% construction waste diverted by maintaining 72% of existing space; • 50% of materials used were manufactured within 500 miles - Vinyl Composition Tile – Manufactured 43 miles away - Flakeboard used in millwork – Manufactured 80 miles away - Knoll furniture – Most manufactured (or purchased reused)within 35 miles • Used low-emitting materials, sealants, adhesives and coatings • 100% of seating have views to the outdoors The DVGBC office is the first LEED-certified space in One Penn Center. DVGBC hosted an open house on January 11 for education tours of the space and a discussion of the LEED credits achieved. The Delaware Valley Green Building Council (DVGBC) is a nonprofit membership organization whose mission is to transform the Delaware Valley through sustainable and environmentally responsible planning, design, construction and operation of the region’s buildings, landscapes, cities and communities, mindful of the legacy left for future generations. Formed in 2001, DVGBC is a chapter of the United Said Green Building Council (USGBC), the nation’s foremost coalition of leaders from across the building industry working to promote buildings that are environmentally responsible, profitable, and healthy places to live and work. USGBC is the primary point of contact for users, agencies, and companies interested in creating sustainable communities. The objectives of implementing green building practices include improving site planning, safeguarding water and ensuring its efficient use, maximizing energy efficiency, conserving materials and resources, and ensuring indoor environmental quality in order to significantly reduce or eliminate the negative impact of buildings on their occupants and on our environment.


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Mid Atlantic Real Estate Journal — Green Awareness — January 14 - 27, 2011 — Inside Back Cover D

Market your Green Building Products and Services in the Green Awareness Section of the Mid Atlantic Real Estate Journal. The Green Awareness Section publishes monthly and is devoted 100% to the commercial/industrial green building industry informing the industry’s most powerful professionals with the information they need. Reach thousands of readers with one of our many marketing programs available to you designed speci¿cally to ¿t your advertising budget.

For more information please call Joe Christman today and let’s talk!

800-584-1062 x 202

If you prefer email: jchristman@marejournal.com

Submit Green News and Press Releases to: greennews@marejournal.com Mid Atlantic Real Estate Journal is Celebrating their 9th year of providing readers with accurate, unbiased news covering every facet of the commercial real estate industry.


Back Cover D — January 14 - 27, 2011 — Green Awareness — Mid

Atlantic Real Estate Journal

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