3-30-12

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

Volume 24 Issue 6 March 30 - April 12, 2012

ISSUE HIGHLIGHTS Vanguard Energy Partners

19A SHOPPING CENTERS SPOTLIGHT

RETAIL EXPERTS 33A-43A Mid Atlantic REAL ESTATE JOURNAL’S ANNUAL

COMMERCIAL

OFFICE

Spotlight

Section B

On behalf of Brookfield Real Estate Financial Partners

HFF closes $400m refinancing for five-property 2,600-unit portfolio W

ASHINGTON, D.C. – HFF has arranged a $400 million refinancing for a five-property, 2,600-unit multi-housing portfolio located in Washington, D.C. and Hoboken, NJ. HFF worked on behalf of Brookfield Real Estate Financial Partners to secure the floating-rate loan through M&T (FNMA).

The properties average 98 percent occupancy overall and are located within the Washington, D.C. and New York City metropolitan statistical areas.

The HFF team representing Brookfield Real Estate Financial Partners was led by senior managing directors Bob Donhauser and Bill Asbill. ■

Edgemoore Apartment Homes in Washington, D.C.

On behalf of an affiliate of Beacon Capital Partners

Jones Lang LaSalle Capital Markets arranges $32 million in permanent financing WARREN, NJ — The Jones Lang LaSalle Capital Markets firm has arranged $32 million in permanent financing for 30 Independence Boulevard on behalf of an affiliate of Beacon Capital Partners.

The 210,524 s/f class A office building is 100 percent leased to Verizon Wireless.

Directory

Owners, Developers & Managers... 7-18 Green Buildings ............................19-25 Shopping Centers ......................... 27-46 Commercial Office Spotlight ... Section B

Upcoming Spotlights Creative Financing

www.marejournal.com

Warren, New Jersey The property is less than a half mile from I-78 and 2.5 miles from I-287, and nearly seven miles from the Verizon Wireless

headquarters.

Managing director Wes Boatwright, executive VPs Jon Goldstein and Mike Yavinksy, and

senior VP Dustin Stolly led the Jones Lang LaSalle team on the financing, securing the loan with Sovereign Bank. ■

Inside Cover A — March 30 - April, 12 2012— Mid

Atlantic Real Estate Journal

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AUCTION-FORECLOSURE 3BR/1BA, 2-STORY HOME 1,577± SF, 0.17± AC LYNCHBURG, VA

4BR/1BA, CAPE COD HOME 1,503± SF, 0.36± AC MARTINSVILLE, VA

ON-SITE SALE: 3210 MARYLAND AVE, LYNCHBURG, VA 24501

1

THURS, APRIL 5 @ 11 AM

STARTING BID - ONLY $200K

2

5,125± SF MULTI-TENANT OFFICE BUILDING, 0.42± AC SANDSTON, VA

ON-SITE SALE: 103 E. WILLIAMSBURG RD, SANDSTON, VA 23150

3

ON-SITE SALE: 209 GREYSON ST, MARTINSVILLE, VA 24112

TUES, APRIL 10 @ 2 PM

2BR/1.5BA TOWNHOME IN WOODSCAPE, 1,178± SF VIRGINIA BEACH, VA ON-SITE SALE: 1413 RAMSHORN WAY, VIRGINIA BEACH, VA 23462

4

2BR/2.5BA CONDO IN RIVERFRONT COMMUNITY, 1,154± SF – SUFFOLK, VA ON-SITE SALE: 1006 LAKESIDE COURT, SUFFOLK, VA 23435

5

THURS, APRIL 12 @ 1 PM

ON-SITE SALE: 7108 WICKHAM AVE, NEWPORT NEWS, VA 23605

6

THURS, APRIL 12 @ 3 PM

71,422± SF IND. BLDG. ON 18± AC & CONCRETE SLAB EQUIP – KING GEORGE, VA

INCOME PRODUCING

SOLD IN 4 TRACTS SEPARATELY OR AS AN ENTIRETY

1. DUTCH VILLAGE APT. COMPLEX 3835 GUILDER LANE, RICHMOND, VA 23234 (116) 1, 2 & 3 BR 2-Story Apartments on 12.8± AC. Complex Offered as an Entirety.

2. JACKSON POINTE CONDOS/APARTMENTS 817 WALES DRIVE, HIGHLAND SPRINGS, VA 23075 (33) Condos & (1) 14-Unit Apt. Bldg. on 10.6± AC. Community Swimming Pool.

Property to be Offered as an Entirety.

3. HIGHLAND POINTE CONDOS 1105 W. NINE MILE RD., HIGHLAND SPRINGS, VA 23075 (30) 2BR/1BA Condos on 2.35± AC. Community Swimming Pool. Condos Offered Separately or as an Entirety.

1. 71,422± SF INDUSTRIAL BUILDING ON 18.17± AC 2. 2007 SPANCRETE® GT240 3-BED HOLLOWCORE PRECAST PROD. LINE 3. 2008 VOELLER TWIN CYCLO BATCH MIXING SYSTEM 4. 2008 MID ATLANTIC 25-TON TRDG BRIDGE CRANE

SUPPORT EQUIPMENT ONLINE ONLY AUCTION: 4/10 - 4/26 BIDS BEGIN CLOSING: THURS., 4/26 @ 2PM Support, Production, Quality Control, Maintenance and Office Equipment

ON-SITE SALE: 11023 DENNIS W. KERNS PARKWAY, KING GEORGE, VA 22485

SALE HELD: MOTLEY’S GALLERIES, 4402 W. BROAD ST., RICHMOND, VA 23230

61$0.*/( "6$5*0/ t .05-&:4 $0. '03 */'0 Call us if you are interested in consigning your property or if you would like to inquire about having your own auction.

THURS, APRIL 12 @ 11 AM

3BR/2BA RANCH HOME 1,045± SF, 0.3± AC NEWPORT NEWS, VA

193 UNITS - CONDOS & APARTMENTS – HENRICO & RICHMOND, VA

7

THURS, APRIL 5 @ 2 PM

8

Another Trustee Sale by Fortis – We Sell Foreclosures!

TUES, APRIL 24 @ 2 PM

Mid Atlantic Real Estate Journal — March 30 - April 12, 2012 — 1A

www.marejournal.com

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

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

Industrial and Office

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

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

Transportation •Rail: •Highway: •Air:

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

Brokers Protected

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

2A — March 30 - April 12, 2012 — Mid

MAREJ

Atlantic Real Estate Journal

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Mid Atlantic ADVERTISERS DIRECTORY

Real Estate Journal

Mid Atlantic REAL ESTATE JOURNAL Publisher ............................................................................Linda Christman Co-Publisher .........................................................................Joe Christman Section Publisher ..............................................................Michael Campisi

ABC ......................................................................... 17A Aldo Design Group ................................................. 10A All-Rite Construction ............................................. 30A American Boiler Company..................................... 21A Auctioneers Directory .............................................. 6A B.R. Kreider & Son, Inc. ........................................ 31A Beacon Commercial RE ........................................... 6B Belfor Property Restoration .................................. 13A BL Companies ........................................................ 41A Bohler Engineering ................................................ 33A Capitol Aerials ........................................................ 20A CBC Bennett Williams........................................... 31A CBC Bennett Williams........................................... 37A Cooper Roofing INC. ................................................ 8A Delmarpa Janitorial Services ................................ 12A Delran Builders ...................................................... 17A Dietrick Group ....................................................... 19B Earth Engineering ................................................. 38A Expert Publishers, Inc. .......................................... 26A Fix Asphalt ..............................................................11A Fowler ..................................................................... 18A Franchise World ..................................................... 32A Gerber/Somma Associates .................................... IC-B Gilbeaux Associates, P.C. ....................................... 20A Grant Street Associates ........................................... 4B Green Power Developers........................................ 23A Hafteck CWS .......................................................... 12A Harkins Builders.................................................... 17A High Associates ........................................................ 3B Hutchinson ............................................................. 20A Hylant Environmental ........................................... 33A IREM ...................................................................... 15A Kaplin|Stewart ........................................................ 2B Kay Realty Services ............................................... 30A KW Commercial The James Balliet Comm.’l ....... 27A Landcore Engineering ........................................... 36A Landmark JCM ...................................................... 18A Lebanon Valley ......................................................... 1A M. Miller & Son ........................................................ 3A Marcus & Millichap ............................................... 35A Meridian Capital Group .......................................... 3A Metro NJ................................................................... 5A Motleys Auctioneers .............................................. IC-A NAI CIR .................................................................. 30A NAI DiLeo-Bram & Co. .......................................... 11B NAI Emory Hill ........................................................ 9B NAI Fennelly .......................................................... 10B NAI Global .............................................................. 14B NAI Keystone Commercial ...................................... 8B NAI KLNB .............................................................. 13B NJ USDA ................................................................ 10A PennCap Properties .............................................BC-B Poskanzer Skott Architects ..................................... 9A Ray Angelini, Inc. ................................................... 22A RD Management LLC .....................................28A-29A RE/MAX of Reading ................................................. 3A Remco Realty Grp. ................................................. 30A ROCK Commercial ................................................. 31A Sheldon Gross Realty ............................................... 1B Target Building ..................................................... 39A Taylor Long Properties .......................................... 31A The Frederick Group.............................................. 19B Vanguard Energy Partners, LLC .......................IBC-A Vantage Landscaping ........................................9A,10A Wohlsen Construction ............................................ 17A

To advertise, call 1-800-584-1062

Section Publisher ................................................................ Elaine Fanning Senior Editor/Graphic Artist ................................................ Karen Vachon Production Assistant ........................................................ Rachel Rugman Office Manager ...................................................................Joanne Gavaza Editorial Consultant ............................................................. Ben Summers

By Darrell Kratzer

Re-Imagining, Repurposing, and Revenue: Lessons in Strategic Space Optimization

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

M

any building owners and facility managers are faced with the daunting task of maximizing productivity within existing space where budgets aren’t available for new construction or major renovation. Philadelphia architecture firm Buell Kratzer Powell has developed a program for strategic space optimization guided by “Three Rs” – re-imagining, repurposing, and revenue.

The Three Rs strategy for existing facilities is guided by positive, informed, and financially sound choices. Spaces are re-imagined with an eye to institutional or organization identity, the visitor/staff experience, and a connection to workplace trends. Repurposing involves maximizing underutilized spaces and developing alterations that make these spaces active, vibrant building components. Ultimately, the process uses revenue as its guide. The owner’s financial objectives are on equal footing with spatial decision-making, and a thorough understanding of revenue generation shapes designs.

At its most basic, the design process evaluates space use and distribution, assesses current conditions, determines shortand long-term future needs, evaluates alternatives, and identifies a program for phased improvements. But the process does not occur in a vacuum; qualitative and quantitative research shapes every decision.

Electronic surveys, interviews, and focus groups supplement

Mid Atlantic Real Estate Journal, P.O. Box 26, Accord, MA 02018 USPS #22-358 | Vol. 24 Issue 6 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

traditional architecture methods such as space allocation studies and programming.

A recent institutional project illustrates the process in practice. A dental school embarked on a master plan to define optimal investments in its labs, clinics, and administrative space over 10 years. The study examined the condition and function of existing facilities plus demand for new space, while anticipating changes in dental education, introduction of new technologies, and a need to increase student enrollment by 20 percent over the plan’s timeline.

The collaborative, five-month study included participation by all users, from facility management to faculty, staff, students, and patients who visit the school’s public clinic. From feedback gained through electronic surveys and interviews, the study defined a series of test-fits for clinic, research, and teaching spaces. Designs support faculty and student recruitment, improve patient care, and enhance the ability of the school to generate revenue.

While revenue was consid-

ered at the macro level in terms of issues such as enrollment and capital expenditures, revenue also was distilled to an integral component of the dental school’s finances – the individual dental chair. Revenue per s/f was calculated based on the number of clinical operatories, both in terms of patient visits and students who work with patients at each chair.

The study mapped investments in a sequence of projects to be constructed using swing space identified during the space assessment study. Underutilized spaces included those allocated to paper filing before digital record-keeping became the norm, or those encompassing clinical facilities that were outdated or not in regular use.

By translating space to dollars, the goal of maximizing operatory facilities motivated other spatial decision-making.

The study culminated with a 10-year plan with five phases of improvements. Phases one through three could be completed in sequence, with swing space defined at each step. As each phase is completed, the continued on page 3A

Make your business card work as hard as you do PR / MARKETING for more info

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Mid Atlantic Real Estate Journal — March 30 - April 12, 2012 — 3A

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MID ATLANTIC REAL ESTATE JOURNAL

They wrote the policy.

Birnbaum & Levine negotiate the 1.264m s/f transaction

Meridian Capital arranges $127 million in financing

N

EW YORK, NY — Meridian Capital Group, LLC, a commercial real estate finance and advisory firm, negotiated $127 million in mortgage financing On behalf Aaron Birnbaum of harbor group international for its class-a office building located at 200 public Square in CleveRonnie Levine land, Ohio.

The 10-year cmbs loan was provided by j.P. Morgan

200 Public Square

chase and features a highly competitive Interest rate.

The proceeds of the loan were used to refinance the property’s existing CMBS financing. Meridian executive vice president, Aaron Birnbaum, and managing director, Ronnie Levine, both based in the company’s New York City headquarters, negotiated the transaction.

The 45-story, 1,264,000 s/f office tower is located in downtown cleveland at 200 Public Square, where it occupies the full block between superior and euclid avenues at Fifth Street.

The property spans 2.75 Acres and features an eight-story atrium and 757-space adjacent parking Facility. â–

We make sure they write the check.

M. MILLER & SON Public Adjusters

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

Recent Financings Arranged By Meridian Capital Group

Re-Imagining, Repurposing, and Revenue . . . continued from page 2A number of dental chairs increases, thereby offering more revenue to fund additional phases. Phases four and five include projects that can follow any sequence as funding becomes available. At the end

of ten years, the number of chairs will have increased by 26 percent. The added chairs make it possible to meet the school’s ultimate goal of increasing student enrollment by 20 percent.

Darrell Kratzer, AIA, LEED

AP BD+C, is an architect and principal with Buell Kratzer Powell Architects. He and the firm balance pragmatism with creativity to design architecture that is both useful and timeless. â–

RARE DEVELOPMENT OPPORTUNITY $4.5 Million ∙ 33 Acres

Hunters Glen 1,124 Units

Steward’s Crossing 241 Units

$49,000,000

$27,200,000

Delran, NJ

Princeton, NJ

West Creek Village 306 Units

Woods at Narraticon 150 Units

$16,000,000

$16,950,000

Elkton, MD

Deptford, NJ

1

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The subject property located in Sinking Spring PA (just minutes from Reading, PA) is 33 acres of land and is pre-approved for a three story, 55+, independent living facility Eddy Peng, CCIM, CIPS with 130 units and 20 more in the future, and RE/MAX of Reading 80 townhouse units. Ready to develop.

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4A — March 30 - April 12, 2012 — Mid

Atlantic Real Estate Journal

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COMMERCIAL REAL ESTATE ORGANIZATIONS’

EVENTS CALENDAR APRIL 3 – ULI PHILADELPHIA Event: Commercial Leasing Mini-Workshop Time: 4:00 PM – 6:00 PM Location: Langan Engineering & Environmental Services, Inc. Address/City: 30 S 17th St. 13th Floor, Philadelphia, PA P: 800-321-5011 www.philadelphia.uli.org

APRIL 10 – PLAN SMART NJ Event: 2012 NJ Regional Planning Summit Time: 8:00 AM – 4:30 PM Location: War Memorial Address/City: Trenton, NJ Cost: $65 Members $110 Nonmembers $25 Students P: 609-393-9434 www.plansmartnj.org

April 3 – CIANJ Event: “Women of Influence in New Jersey” Time: 5:30 PM – 7:00 PM Location: William Paterson University Address/City: 1600 Valley Road, Wayne, NJ 07470 Cost: Members: $20 Non-members: $30 P: 201-368-2100 E: nharencak@cianj.org www.cianj.org

APRIL 10 – SMPS Philadelphia Event: SMPS National The Basics of Business Development in the A/E/C Marketplace Time: 8:00 AM – 4:30 PM Location: The Down Town Club Address/City: 600 S Chestnut Street, Philadelphia, PA 19106 Cost: Members: $395 Nonmembers: $545 www.smpsphiladelphia.org

APRIL 3 – CREW LEHIGH VALLEY Event: “Coffee & CREW” Time: 8:00 AM – 9:00 AM Location: Wegmans Address/City: Allentown, PA 2nd Floor www.crewlehighvalley.org

APRIL 11 – IFMA CENTRAL PA Event: Board of Directors Meeting Time: 8:00 AM – 10:00 AM Location: TE Connectivity Address/City: 2801 Fulling Mill Road, Middletown, PA 17057 Building 106 Conference Room #1 P: 717-986-7394 www.ifmacentralpa.org

APRIL 3 – DVGBC Event: DVGBC Forum-Philadelphia Branch Time: 5:30 PM – 7:30 PM Location: Conversation Hall-Room 201 Address/City: Philadelphia City Hall, Philadelphia, PA Cost: Free P: 215-399-5790 www.dvgbc.org APRIL 3 – ULI PHILADELPHIA Event: Commercial Leasing Mini-Workshop Time: 4:00 PM – 6:00 PM Location: Langan Engineering & Environmental Services Address/City: 30 S. 17th St., 13th Fl., Philadelphia, PA P: 800-321-5011 www.philadelphia.uli.org APRIL 4 – ABC NJ Event: Membership & Events Time: 8:30 AM Location: PSI Address/City: 414 River View Plaza, Trenton, NJ E: lslomka@njpsi.com www.abcnjc.org APRIL 4 – NAIOP NJ Event: Real World Ethics for Commercial Real Estate Brokers Time: 12:00 PM – 1:30 PM Address/City: 56 Livingston Ave., Roseland NJ Cost: Free P: 732-729-9900 www.naiopnj.org APRIL 5 – ABC EPA Event: Apprenticeship Graduation Time: 5:00 PM – 7:00 PM Location: ABC Training Center Address/City: 1500 Gehman Road, Harleysville, PA 19438 Cost: Student/Graduate: $0.00 Member: $15.00 P: 610-279-6666 www.abceastpa.org APRIL 6 – NAWBO DE Event: Power Tools for Women Time: 9:00 AM – 10:00 AM Location: Bella Vista Trattoria Address/City: Riverfront Market, 3 South Orange Street, Wilmington, DE 19801 P: 302-652-1010 E: info@nawbodelaware.org www.nawbodelaware.org

APRIL 12 – NAIOP Event: Insurance Market Outlook: What Owners & Developers need to know Time: 4:30 PM – 6:00 PM Location: The Philadelphia Country Club Address/City: 1601 Spring Mill Road, Gladwyne, PA 19035 Cost: Free to members & non-members, Registration begins at 4:00 PM Phone: 215.219.2663 www.naiop.org APRIL 12 – TRISTATE Event: Office Specialty Meeting Location: Norriton Business Campus Address/City: 2000 Campus Lane, E. Norriton, PA Cost: Members Free/$10 Nonmembers www.tristaterca.com APRIL 12 – CREW DC Event: Cocktails & Conversation Recruiting Event for Industry Leaders P: 785-832-1808 E: crewdc@crewnetwork.org www.crewdc.org APRIL 12 – EIRC & NJASA Event: Proficient to Advanced SMART Board Skills Time: 8:30 AM – 1:30 PM Address/City: 107 Gilbreth Pkwy, Suite 200, Mullica Hill, NJ Cost: $120 P: 609-330-9218 www.eirc.org APRIL 14 -18 – IREM NJ Event: IREM National Meeting – IREM Leadership Summit Time: 12:00 AM Location: JW Marriott Hotel Address/City: Washington, DC P: 856-303-0190 E: irem1@comcast.net www.irem1.org APRIL 17 – NAIOP PITTSBURGH Event: Continuing Education Designed for Commercial Brokers & Agents Time: 8:00 AM – NOON/ 1:00 PM – 4:45 PM Location: Omni William Penn Hotel Cost: Members: $75/ Non-members: $95 P: 412-928-8363 www.naioppittsburgh.com

APRIL 18 - 20 – BOMA PHILADELPHIA Event: Regional Middle Atlantic Conference (MAC) Address/City: Pittsburgh, PA P: 215-567-1775 www.bomaphila.com APRIL 18 – ABC EPA Event: 50th Anniversary Gala Time: 5:00 PM Location: Radisson Hotel – Waterford Ballroom Address/City: 1160 First Ave., King of Prussia, PA P: 610-279-6666 E: jtoman@abceastpa.org www.abceastpa.org APRIL 18-22 – BOMA Event: MAC Regional Conference Location: Omni William Penn Hotel Address/City: Pittsburg, PA P: 973-696-2914 E: bomanj@ix.netcom.com www.bomanj.com APRIL 18 – POA Event: POA Expo 2012 Location: Wilshire Grand Hotel Address/City: West Orange, NJ P: 732-780-1966 E: poanj@verizon.net www.poanj.org APRIL 18 – SIOR Event: Members/Sponsor Meeting Location: Tomato Pie of Morristown Address/City: Morristown, NJ Cost: Free – Members Only www.siornj.com APRIM 18 – SMPS PITTSBURGH Event: Luncheon Program-Secretary of Transportation Time: 11:30 AM – 1:30 PM Cost: $40 Members $65 Nonmembers www.smpspittsburgh.org APRIL 19 – NAIOP MD Event: Awards of Excellence 2012 Time: 5:30 PM – 9:30 PM Location: Hyatt Regency Baltimore Address/City: Baltimore, MD www.naiopmd.org APRIL 19 – ICSC Event: PA/NJ/DE Next Generation Developers Showcase Time: 5:30 PM-8:00 PM Location: Hyatt at Bellevue Address/City: 200 South Broad Street, Philadelphia PA Cost: Member: $25 advance, $40 on-site/ Non-member: advance $40, $55 on-site P: 1-646-728-3648 E: msilsbe@icsc.org www.icsc.org APRIL 24 – CREW PITTSBURGH Event: Lunch Program: CREW Pittsburgh 2nd Annual Energy Sector Update Time: 11:30 AM – 1:30 PM Location: The Rivers Club Address/City: 301 Grant St., Pittsburgh, PA www.crewpittsburgh.org APRIL 24 – CIANJ Event: Financing Your Business During These Difficult Times Time: 8:00 AM – 11:30 AM Location: Crowne Plaza Address/City: 690 Route 46 East, Fairfield, NJ 07004 P: 201-368-2100 E: nharencak@cianj.org www.cianj.org APRIL 27- APRIL 28 – NAWBO DE Event: Delaware’s Exclusive Women Business Owner Retreat Time: 9:00 AM APRIL 27 – 5:00 PM

Mid Atlantic Real Estate Journal — March 30 - April 12, 2012 — 5A

www.marejournal.com

The Metro New Jersey Chapter of the Appraisal Institute

76th Annual Princeton Conference

April 26, 2012-Marriott Hotel & Conference Center, 100 College Rd. East, Princeton, NJ CONFERENCE SCHEDULE 8:00 am Continental Breakfast & Registration 8:30 am State of the Appraisal Industry/Appraisal Institute Appraisal e h T o t s r Session I State of Commercial Real Estate and Capital Markets New CE hou d for 7.5 d and the the r a o B Office, Industrial and retail experts will provide their State of the Market Addresses, e t a Submitte St rs, New York al Estate Appraise discussing current market conditions, key transactions, key metrics and buyer/seller Institute, e g R f Board o Continuin x r e t o motivations and forecasts for the future. The discussion will include valuation issues, pricing a s t s S e s y s e A s Ta Jer ew Jersey redits in Property N f strategies, vacancy levels, rent levels and financing options available in today’s market. o e t a t S 2.5 c Board for and 5 credits in n o 8:45 am Featuring: •Gualberto “Gil” Medina, Executive Managing Director, ti a c u d E ration Cushman & Wakefield of New Jersey, Inc. isal.

Administ nt rty Appra e p o partme r P e D •Michael S. Klein, Director, Holliday Fenoglio Fowler, L.P. y e Jers ate he New nce Real Est •Ronald DeLuca, Vice President, Brunelli & Company t o t d e ra Submitt ing and Insu Real Estate •H. Gary Gabriel, Executive Vice President, Cushman & k n NJ ts. of Ba Wakefield of New Jersey, Inc. on for i s s i n credi m o ti a c Com u Session II State of the New Jersey and National Economies – The Positive Prognostication ing Ed ontinu C Patrick O’Keefe, Chief Economic Strategist at J.H. Cohn will discuss the economic drivers affecting the real estate market in New Jersey, and nationally. As we emerge from this prolonged recession, what are the key drivers of the economy to affect asset sectors within New Jersey? What national drivers will bode well for New Jersey, and what is New Jersey doing right to fuel a positive economic future?

10:45 am Featuring: Patrick O’ Keefe, Director, J.H. Cohn, LLP Session III Public Utilities – the Next Great Wave of Takings Public utilities are facing growing pains across the United States as infrastructure needs require new utilities in developing areas and expanded service in older developed areas. This discussion will focus on the challenges facing public utilities and state and local government agencies as they plan for, regulate construct and operate right of way projects for electric, gas, water and other utilities. Panel will discuss the valuation considerations and the impacts upon the property rights of affected owners.

1:15 pm Featuring: Anthony F. Della Pelle, Esq., McKirdy & Riskin, P.A. Session IV State of the Home Builder/Land Market The future of homebuilding in New Jersey has been often maligned in recent years. Chris Gaffney, group President for Toll Brothers overseeing $800 Million in current homebuilding activity in New Jersey will speak about the developer’s perspective on homebuilding demand, buyer preferences, key consumer segments, and opportunities in New Jersey generally. Mr. Gaffney will present his outlook on the near-term and long-term future of homebuilding in New Jersey, and its effect on specific markets and land demand within the state.

2:15 pm Featuring: Chris Gaffney, Group President, Toll Brothers, Inc. Session V Environmental Appraisal Issues Two of the state’s leading attorneys in environmental and redevelopment law will discuss recent changes in environmental regulation and litigation, and property valuation issues involving environmental contamination issues. Key concepts will include the “value” of a No Further Action (NFA) determination, various alternate processes for obtaining insurance and indemnification, highest and best use as impacted by contamination, and key issues for an appraiser to consider in valuation of properties subject to environmental claims.

3:30 pm Featuring: •Andrew M. Brewer, Esq., Partner, Maraziti, Falcon & Healey, LLP •Albert I. Telsey, Esq., Partner, Meyner Landis, LLP Session VI Portfolio Level Analytics using Commercial Valuation Data Altus Group Ltd. has pioneered the mining of commercial valuation data to deliver portfolio level analytics to institutional investors. Mr. Lee will discuss the use of commercial valuation data to develop portfolio-level analytics and benchmarking tools in comparison to traditional appraiser surveys and other metrics historically used in DCF modeling. Mr. Lee will demonstrate current valuation management systems and overview new technologies and processes under development today.

4:15 pm Featuring: •Sung Lee, MAI, CRE, FRICS, Executive Vice President, Altus Group 5:00 pm Conclusion of Conference

Credit n o ti a c u g Ed Continuin

REGISTRATION FORM for the 76th Annual Princeton Conference Return to: Metro New Jersey Chapter of the Appraisal Institute, P.O. Box 2000, Edison, NJ 08818 Registration Fee: $195 Appraisal Institute Members; $215 all others (please make check payable to Appraisal Institute) Name_______________________________________________Designation________________________________________ Appraisal Institute Member? ______Yes

______No

Chapter___________________________________________

Send Confirmation to:__________________________________Phone Number with Area Code________________________ (E-Mail Address) Address:_____________________________________________E-mail Address_____________________________________ Sorry - No refunds after April 23rd 2012 - Business Attire required

6A — March 30 - April 12, 2012 — Mid

Atlantic Real Estate Journal

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Auctioneers Directory NEW JERSEY

4 Bank Owned Commercial Properties – Prime Retail Sites!

OFFERED INDIVIDUALLY AL30712A

Richard G. Warner, President

NJ & PA Licensed Real Estate Broker Warner Real Estate & Auction Co., Inc. 109 East Grant Street, Suite B Woodstown, NJ 08098 Ph ( )

MARYLAND

Montgomeryville, PA

AL30712B

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Mid Atlantic Real Estate Journal — Owners, Developers and Managers — March 30 - April 12, 2012 — 7A

MacLaren, Townsend, Talone procure buyer, Tryko Ptrs. Morris & Stewart arrange 10 year financing

Marcus & Millichap Phila. brokers $10.3m apartment

A

BERDEEN, MD — Marcus & Millichap Real Estate Investment Services brokered the sale of Perrywood Garden, a 184unit, 137,081 s/f apartment complex located in Aberdeen, part of the Baltimore-Towson metropolitan statistical area.

The sales price of $10,337,000 equates to $56,179 per unit or $75 psf. The property is subject to a project-based Housing Assistance Payment Contract for 100 percent of the units.

Donald “Ridge” MacLaren, first vice president investments, Andrew Townsend, senior associate and Clarke Talone, associate, all based in Marcus & Millichap’s Philadelphia office, represented the seller, Perrywood Garden Associates LP. MacLaren, Townsend and Talone procured the buyer, Tryko Partners LLC. David Feldman, regional manager of the firm’s Washing-

Perrywood Garden ton, D.C. office, was the broker of record.

“Perrywood Garden is centrally located between Baltimore and Wilmington and is in close proximity to the United States Army’s Aberdeen Proving Ground,” says MacLaren.

“The property has an in-place Housing Assistance Payment Contract and the new owner has a tremendous upside in reducing operating expenses and receiving yearly rent increases as the Aberdeen rental market continues to thrive.” ■

Cronheim Mortgage finances apts. for $9.4m MORRISTOWN, NJ — Cronheim Mortgage has arranged financing totaling $9,400,000 on the Lindsley Arms apartments, located at the corner of Whippany Road and Lindsley Drive in Morristown. Dev Morris and Andrew Stewart arranged the 10 year financing with Aviva Investors whom they represent as both a correspondent and loan servicer. The rate was locked on the loan four months prior to closing with no additional cost or spread premium. The subject, built in 1962, consists of 116 1 bedroom units; the balance are equally split between 2 and 3 bedroom units, all of which are generously sized relative to the average unit s/f in competing properties. Lindsley Arms is

located adjacent to the Morristown Westin Hotel; it is also near the historic Ford Mansion (Washington’s Headquarters), one mile from the Morristown train station (with direct access to Midtown Manhattan), and two miles west of the Morristown Municipal Airport. According to Dev Morris, Principal of Cronheim, “This was a very low loan to value and the borrower had numerous options. He chose to work with us and Aviva due to our ability to lock in an interest rate early, provide competitive pricing and terms, as well as a simple closing process.

Cronheim acting as a portfolio servicer is another benefit the borrower pointed to when making a decision.” ■

Gebroe-Hammer records seven North Jersey multi-family sales

Marcus & Millichap New Jersey’s McConnell & McCrann coordinate $4.87 million sale HACKENSACK, NJ — Marcus & Millichap Real Estate Investment Services, the nation’s largest Real Estate Investment Services firm, has announced the sale of Franklin Garden Apartments, a 4 5 - u n i t Thomas McConnell apartment property located in Hackensack, NJ, according to Michael J. Fasano, Vice President/ Regional Manager of Kevin McCrann the firm’s New Jersey office.

The asset commanded a sales price of $4,870,000.

Thomas McConnell, CCIM and Kevin McCrann, Associate Directors of the National Multi Housing Group in Marcus & Millichap’s New Jersey office, had the listing to market the

Franklin Garden property on behalf of the seller, Franklin Apartments, LLC. McConnell and McCrann also secured the buyer, Hackensack Associates, LP. “The sale price at a 6 Cap Rate, is a testament that the

demand for multifamily in northern NJ remains strong.

Both the buyers and sellers are reaping the awards of our low interest rate environment.” McConnell said. ■

10 South Grove St. in East Orange, NJ LIVINGSTON, NJ — Gebroe- arsi represented the seller and Hammer Associates’ brokerage procured the buyer in the $1.2 professionals have recently million sale of 612 Ziegler Ave., recorded seven separate trans- an 18-unit garden apartment actions, involving a total of 138 complex situated in one of the units sold for $8.34 million, in city’s residential neighborBergen, Essex, Hudson and hoods, and Nicholas Nicolaou Union counties. orchestrated a 21-unit trade for In the northernmost County $1.4 million at 34 Clifton Place, of Bergen, Greg Pine, senior respectively. vice president, completed the In Union City, the brokerage $1.985 million sale of Phelps- team of Uranowitz; VP Scott Ivy, a 14 unit complex located Callahan; executive VP David at 17 East Ivy Lane in Engle- Jarvis and Nicolaou completed wood. the trade of 19 residential Executive VP David Oropeza units and a ground-floor retail completed the $1.175 million unit for $825,000. Additionsale of 10 South Grove St., ally, Uranowitz and sales asin East Orange. Additionally, sociate Stephen Tragash also Oropeza, along with executive arranged the $480,000 note VPs Joseph Brecher and David sale of six commercial and two Jarvis, arranged the trade of multi-family units in Elizabeth.

32 units in Orange for $1.275 The Elmora Avenue property million. is located in the city’s central Sales associates Gehane Tri- business district. ■

8A — March 30 - April 12, 2012— Owners, Developers & Managers — Mid

Atlantic Real Estate Journal

www.marejournal.com

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Mid Atlantic Real Estate Journal — Owners, Developers and Managers — March 30 - April 12, 2012 — 9A

OWNERS, DEVELOPERS & MANAGERS

By Amy Nazdrowicz, LandmarkJCM

What you need to know about surveying for the endangered Bog Turtle

T

he Bog Turtle is a small (7.5-9 cm in length), wetland-inhabiting turtle that is federally listed as “threatened” through the U.S. Endangered Species Act and the State of Maryland, and is listed Amy Nazdrowicz as “endangered” by the states of Delaware, New Jersey, and the Commonwealth of Pennsylvania. Under State and Federal regulations, it is unlawful to sell, trade, barter, possess, import, export, catch, take, or kill Bog Turtles. State and Federal regulations also outline strict, seasonal methods associated with the required surveying of project sites for Bog Turtles and their habitat.

Unique planning challenges are presented by Bog Turtles because their secretive nature and seasonal activeness restricts the time of year that Phase II Bog Turtle Surveys can be executed to just April 15 through June 15.

Luckily, the Bog Turtle’s habitat requirements are specific enough that a property can be surveyed for the presence of potential bog turtle habitat with minimal seasonal restrictions. This “Phase I Bog Turtle Survey,” is designed to identify the presence or absence of suitable Bog Turtle habitat on a site, and may be conducted by a “Recognized Qualified Bog Turtle Surveyor” at any time of the year that the ground is not frozen or covered by snow.

A Phase II Bog Turtle Survey will be required if potential Bog Turtle habitat is found within wetlands on a property during a Phase I survey, and those wetlands cannot be provided with a 300-foot buffer from proposed development. Land development projects could be delayed until the Phase II Survey is completed.

The Phase II Survey—which must be conducted between April 15 and June 15 by a team of environmental scientists led by a Recognized Qualified Bog Turtle Surveyor— involves actually searching for the turtles within wetlands identified as potential Bog Turtle habitat. It consists of four (4) separate site searches, and at least two (2) MUST be conducted in May. Because agency coordination is required prior to the execution of Phase II Surveys (in order to ensure that the proposed

search areas and man-hours of search effort will be approved), it is highly recommended that you speak with a qualified environmental consulting professional as soon as possible to allow adequate planning before “Bog Turtle season” (April 15 to June 15).

Do Your Due Diligence. It is not uncommon for Bog Turtle surveys to be requested or required by county, state, and federal agencies during the plan review process.

Under the best case scenario, you should have a Phase I Bog Turtle Survey conducted during the due diligence period prior to purchasing a property.

If you already own the property, you can be proactive and have a Phase I Survey conducted or you can wait to see if agencies raise a concern during the plan review process.

If you decide not to be proactive and the Bog Turtle issue comes up any time after midMay, you will have to wait until the following year to conduct a Phase II Bog Turtle Survey, if one is required.

DON’T DELAY! Contact your environmental consultant TODAY to see if a Bog Turtle Survey is needed now!

Amy Nazdrowicz is an environmental scientist with LandmarkJCM. ■

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10A — March 30 - April 12, 2012— Owners, Developers & Managers — Mid

Atlantic Real Estate Journal

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Hance Construction president

MBCEA elects Hance to a two-year term as president

W

ASHINGTON, NJ — Hance Construction president Art Hance has been elected to a two-year term as president of the Mid-Atlantic Chapter of the Metal Building Art Hance Contractors & Erectors Association (MBCEA), the nation’s leading professional organization for metal contractors and erectors.

“Art’s leadership in the industry and at the executive level of MBCEA has been invaluable,” said Timothy W. Clark, outgoing President of MBCEA Mid-Atlantic. “We look forward to Art’s term as president of MBCEA because he is sure to create innovative, thought-provoking strategies

for advancing our industry.

Art was invaluable in helping the MBCEA to develop the first federally recognized apprenticeship program in the country devoted exclusively to the metal building industry.”

Hance said his immediate goals for his term as president are to strengthen the chapter’s financial position to ensure long-term subsidized training for members; develop strategic partnerships with other organizations in order to expand training opportunities; and to promote the goals of MBCEA. Hance has long been a thought leader in sustainable design. He co-founded and sponsors Green-by-Design, a workshop series for architects and engineers started in 2004 that offers American Institute of Architects (AIA) credits to participants for a variety of sustainable building prac-

tices. Art also co-authored a CES course for architects and engineers specifically on the sustainable design of pre-engineered buildings. Through Hance Construction’s Integrated Project Delivery (IPD) methodology, for both pre-engineered steel and traditional stick-built construction, Art helps each building owner leverage sustainable design technologies to achieve energy savings across the building’s lifespan.

Metal Construction News, has recognized Hance Construction as one of the Top Metal Builders in the U.S. Hance Construction’s New Station Park Recreation Complex project was awarded “Favorite/Most Unusual General Contracting Project” by the Mid-Atlantic Real Estate Journal in the publication’s Best of 2011 Spotlight to be published March 16. n

Schlouch prepares sites in Pennsylvania & MD 32 One-Bedroom MFH Apartments for Sale Briarwood Court Apartments Front & Second Street, Belvidere, NJ 07823 Block 15 Lot 13 Sales Price - $900,000 Repair/Rehab Loan for immediate capital needs will be given Bids for less than Minimum will not be accepted Bids are due May 14, 2012 by 4:30pm NOT FOR PROFIT PREFERENCE WILL BE GIVEN Terms-Property is being sold in the USDA, Rural Development Section 515 MFH Program Restrictive-Use provisions will be placed on the property Agency Financing is available and applicants must qualify under the federal guidelines For An Application/Details/Visits to the property contact, Donna L. O’Brien, Senior Area Specialist at 609-267-1639, Ext: 126 or donna.obrien@nj.usda.gov

Rural Development is An Equal Opportunity Lender

BLANDON, PA — Schlouch Incorporated has been named

by Lickdale Associates, L.P. and Vision Properties L.L.C. to prepare the site for two commercial warehouse buildings, one 1,000,000 s/f and the second 500,000 s/f. The 103.75 acre site, Logistics Park, is located north of Bordnersville Road, west of Route 72 and east of I-81 in Union Township.

Schlouch is providing clearing, grubbing, survey, stakeout, demolition, blasting, rock removal, earthwork, sanitary and storm sewers, water line installation, sediment/erosion control, roads, building pads, curbs, paving, landscaping and seeding. In addition Schlouch

is providing a main connector road of approximately one mile in length for the site.

Cory Ernst is Schlouch’s site coordinator and Steve Billman is project coordinator/estimator. Work will be completed by December 2012.

Schlouch has also been named by Gerard Construction Corp. to prepare a 19-acre site for a Walmart in Ellicott City, Howard County, Maryland.

Schlouch is providing earthwork, sanitary and storm sewers, water line installation, sediment/erosion control and paving.

Jeremy Keener is Schlouch’s site coordinator and John Reinhart is project manager/esti-

mator. Work will be completed

by Fall 2012.

Schlouch was named by BET Investments to provide 5,000 square yards of paving and a large underground infiltration basin for Kutztown parking lot expansion on College Boulevard, Kutztown]. The institutional project is for student housing parking.

Schlouch is providing survey, stakeout, earthwork, storm sewers, sediment/erosion control, roads, concrete, curbs, paving, seeding and line striping.

Dean Nicholas is Schlouch’s site coordinator and Steve Allen is project manager/estimator. Work will be completed in Spring 2012. n

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Mid Atlantic Real Estate Journal — Owners, Developers and Managers — March 30 - April 12, 2012 — 11A

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12A — March 30 - April 12, 2012— Owners, Developers & Managers — Mid

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MID ATLANTIC REAL ESTATE JOURNAL

By Jamar Henry, Delmarpa Janitorial Services

Janitorial & floor maintenance services: Price versus Quality

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hrough continuously bidding on facilities throughout Delaware, Maryland, and Pennsylvania for janitorial and floor maintenance services as well as other services. I’ve always won- Jamar Henry dered why building owners and managers and others always go with the lowest price out of all the bids they have gathered while trying to bid out their facility for janitorial services or floor maintenance or etc. and EVERY year (if not sooner) they are seeking new contractors, because they learn that the cheapest one wasn’t the best selection.

At Delmarpa Janitorial Services, LLC we stand on building long term relationships with our clients, because we know that over time of getting to know a company and their expectations, we can gradually began to fully understand and assess their needs, which at times gives us the ability to

surpass their needs.

At Delmarpa Janitorial Services we tend to be always the highest bidder, because we know that Quality doesn’t come cheap. In order to maintain quality throughout any business, you have to be consistent, friendly and professional in all that you do!

The contract dollar value goes a long way to ensure that our clients are satisfied, for Instance; It goes to make sure that our employees are paid their worth. To ensure sure we are using brand name products, and the adequate management has on going training to stay on top of today’s building interior cleaning market.

At Delmarpa Janitorial Services, we know what it takes to keep our clients Satisfied.

It starts by listening to clients request, which is given upon a walk, throughout your facility or facilities.

We take that information that’s gathered and create a Bid that covers every detail that you have requested. To ensure that the task is being completed, that was requested, we train our staff from day one to Follow the weeks Schedule that is given to them to ensure quality throughout your Facility or Facilities.

If you have ANY information on how we can continuously improve our business and to help ensure quality throughout our clients facilities or if you are in need of any of our services, give us a call.

Jamar Henry is owner of Delmarpa Janitorial Services in Wilmington, DE. ■

Jarmel Kizel Provides Architecture and Engineering Design Services for Lithos LIVINGSTON, NJ — Jarmel Kizel Architects and Engineers, Inc. recently completed architecture and engineering services for Lithos Restaurant, a new10,000 s/f Greek fare restaurant located on Eisenhower

Parkway.

Jarmel Kizel provided both schematic and interior design services, as well as architectural, structural, mechanical, electrical, and plumbing engineering services. ■

The Mid Atlantic Real Estate Journal is celebrating ten years in print! We know that the success of our business today has been

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Mid Atlantic Real Estate Journal — Owners, Developers and Managers — March 30 - April 12, 2012 — 13A

Recovery/Restoration

By Denise Schmidt, BELFOR Property Restoration

Knowing the restoration provider before the disaster

I

n light of recent events, this statement ” Knowing the Restoration Provider Before the Disaster” has never been more relevant.

Most recently with our experience of the sumDenise mer floods Schmidt as a result of Hurricane Irene, businesses have been decimated leaving them either out of business or saddled with exuberant costs attributed to the hurricane damage leaving them financially unstable. The primary result of these expenditures can be attributed to a lack of a process to pre-qualify a competent restoration provider. A professional qualified restoration provider can be an invaluable asset to a business.

By facilitating a partnership with the restoration provider, a business can identify it’s immediate areas of concerns and initiate a plan to address these areas immediately when a disaster strikes. This can enable a business to experience little business interruption saving itself money and time in serving its customers and clients.

This “Emergency Preparedness Plan” should be a vital component of any business’s operational plan.

Belfor Property Restoration is an experienced restoration provider specializing in creating these Emergency Preparedness Plans for its clients. Belfor is a single source provider with over 6,000 employees worldwide.

The largest restoration provider in the world, Belfor understands insurance claim management and how to control cost expenses in the midst of a disaster. Belfor strives to achieve excellence by providing unparallel service 24 hours a day for any type of damage including Wind, Water, Fire and Vandalism, Commercial Drying, Storage of Contents, Board ups and Secure Property Reconstruction, Document Drying and Disaster / Business Continuity Planning.

Employees of Belfor come from all types of diverse backgrounds and industry sectors.

As Marketing Coordinator for Northern and Central New Jersey Denise Schmidt’s

insurance background plays a vital part in assisting businesses with their specific

in her career with ADP and the Diocese of Paterson by implementing best practice

Belfor Property Restoration is an experienced restoration provider specializing in creating Emergency Preparedness Plans for its clients. needs. As a licensed insurance producer of Property and Casualty Life and Health Insurance in New York, New Jersey and Pennsylvania, Denise has experienced these claims first hand. As a previous Risk Manager with over 15 years of experience, Denise has mitigated insurance claims

guidelines for all members and entities of these organizations assisting these large organizations in instituting an Emergency Preparedness Plans and partnering with a pre-qualified Restoration Provider. As a risk manager, her experience in first dollar property, liability and casual-

ty claims including mitigating processes to reduce overall financial exposure saved these organizations substantial sums as result of her plan’s execution.

If you are not a current Belfor client, the above statements will pertain to you.

Anyone owning a business should have a plan in place.

By not initiating a plan, you are leaving your business vulnerable to unqualified restoration companies who will inevitably increase your claim costs affecting your overall business operation.

Please Contact: Denise Schmidt Union, NJ 973-216-2691 Linda Stokley Moorestown, NJ / Exton, PA 609-820-2886

Disasters do happen. Rest assured, should they happen to you, you have a partner in Belfor. For a consultation and an assessment, please contact Denise Schmidt.

Denise Schmidt is the marketing coordinator for Northern and Central New Jersey. As part of Belfor Property Restoration, the world’s largest restoration provider, she has access to all types of resources assisting her in providing single source solutions creating plans tailored to businesses specific needs. ■

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14A — March 30 - April 12, 2012— Owners, Developers & Managers — Mid

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Mid Atlantic Real Estate Journal — Owners, Developers and Managers — March 30 - April 12, 2012 — 15A

www.marejournal.com

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16A — March 30 - April 12, 2012— Owners, Developers & Managers — Mid

Atlantic Real Estate Journal

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Associated Builders and Contractors www.abc.org ABC Delaware Chapter Two ABC Delaware members honored

Service Unlimited named 2012 Commercial HVAC Contractor of the Year by Contracting Business.com The editors of Contracting Business.com — a leading, national publication for residential and commercial heating, ventilation, and air conditioning (HVAC) contractors, have named Service Unlimited, of New Castle, DE, as the Contracting Business.com 2012 Commercial HVAC Contractor of the Year.

Now in its 30th year, the Contracting Business.com Commercial HVAC Contractor of the Year Award is presented to a leading, commercial HVAC contracting firm that upholds high standards of excellence related to customer service, HVAC system installation and maintenance, business management, growth strategies, community service, and contributions to the HVAC industry.

Richard “Dick” Wolf and Eugene Gaumer incorporated Service Unlimited in 1962. By 1964, SUI employed 15 people and was running 10 trucks. It moved to a three-story, 9,000 sq. ft. building with ample room for a sheet metal shop, storage, and service department. The business continued to grow. Since 1997, SUI has operated out of a 20,000 sq. ft. facility in New Castle, large enough for a shop, warehouse, and 50 fulltime employees.

In 1986, with the passing of Dick Wolf, his son Carl — working fulltime at the company since 1970 — assumed full ownership of SUI.

Emory Hill named Goodwill’s Business Partner of the Year

Goodwill of Delaware & Delaware County, Inc. has just announced that it has chosen Emory Hill Companies as its 2011 Business Partner of the Year.

The award is presented to a business organization that “demonstrates exceptional support of the Goodwill mission – to improve the lives of people with barriers to selfsufficiency through the Power of Work,” said Ted Van Name, Goodwill President and CEO. “We are grateful for your (Emory Hill’s) commitment to Goodwill and are proud to honor you with this award.” The award will be presented at the 2012 Goodwill Awards Luncheon on Friday, April 27 at the Chase Center on the Riverfront in Wilmington.

“We appreciate all of the opportunities Goodwill has given us – not only in doing business with them but being able to contribute to their mission through the opportunities they have provided us to serve them,” said Emory Hill Business Development Director Bob Liberato. “We look forward to continuing our relationship with Goodwill and we are honored to be chosen as the 2011 Business Partner of the Year.”

Emory Hill & Company, the firm’s commercial construction division, has constructed or remodeled over ten Goodwill facilities in Delaware and Pennsylvania including the remodeling of the Goodwill Center on Lea Boulevard in Wilmington. NAI Emory Hill, the firm’s brokerage division, has also been involved in the leasing of several stores as well as the new Goodwill warehouse at Centerpoint Industrial Park in New Castle according to NAI Emory Hill agent Edd Connor.

ABC Delaware and members honored by vo-tech district for St. George’s project

ABC Delaware and a number of members were honored by the New Castle County Vo-Tech School District Board as business partners that donated their time and/or materials for the project of a consession stand at St. George’s Vo-Tech High School.

“ABC Delaware is greatly honored to have been recognized by the board for our support of the vo-tech students,” said ABC Delaware President Ed Capodanno. “Our support is not only important for the students and their learning, but also for the future of our industry. We are pleased to support to our future construction leaders.”Those honored by the Vo-Tech board included:EDiS – James DiGuglielmo, ERCO – Stanley Sykora, RC Fabricators – Robert Suppe, Spacecon, LLC – Rusty Turner, Tri-State Roofing – Ron Sanna, ABC President Ed Capodanno and ABC Director of Public Relations Jean Toman.

Scene from the Consession Stand construction project

March 1 Networking held at Cavaliers CC

ABC Delaware members and their guests relaxed and had fun March 1 at Cavaliers Country Club for the monthly networking night.

ABC Pennsylvania Chapter Three to Compete at National Craft Championship

Employees of three ABC Eastern Pennsylvania Chapter members in April are heading to San Antonio to participate in ABC’s Craft Championships. Shane Mills representing Klover Contracting of Quakertown will compete in carpentry; Gregory Patton from Zebby Sulecki, Inc., of Newtown Square, will exercise his carpentry skills; and Brian Menszak from Universal Electrical Service, of Souderton, will compete in the electrical category.

Craft trainees from chapter and member firm training programs across the country compete in the annual National Craft Championships, the embodiment of ABC’s continuing commitment to foster growth and excellence in training among our nation’s future workforce. During this intense two-day event, young men and women compete in one of 12 competitions, representing 10 crafts. Winners will receive medals, tools and cash awards.

American Infrastructure Contractor of the Year

ABC Eastern Pennsylvania Chapter member American Infrastructure was named the 2011 ABC Contractor of the Year by ABC National. American Infrastructure was founded in 1939 by Allan A. Myers. The company continues to operate as Allan A. Myers in Pennsylvania and Delaware, and as American Infrastructure in Maryland and Virginia, with 1,800 employees and nearly $500 million in annual revenue.

New Member Benefit

ABC Eastern Pennsylvania Chapter members have a new membership benefit. In partnership with AIA Philadelphia, ABC Eastern Pennsylvania Chapter members can save an extra 10 percent on AIA Contract Documents in addition to the 10 percent discount from ABC National’s partnership with AIA. Outside of AIA’s own members, ABC members now have exclusive savings on AIA Contract Documents software to easily create, customize and manage their document needs.

A Night to Remember 50 Years

Like the structures ABC Eastern Pennsylvania Chapter members build, the region’s largest merit construction association began in 1962 with a firm foundation. You are invited to help us celebrate our golden anniversary on April 18, 2012, at the Radisson in King of Prussia. We will reflect on the last 50 years and toast to the future of merit construction. Contact Jean at 302-3281111 for information or register at abceastpa.org. The chapter extends thanks to its generous event sponsors: Adams-Bickel Associates, Inc., CBIZ MHM, LLC, Cohen, Seglias, Pallas, Greenhall & Furman P.C., Davis, Bucco & Ardizzi, Flamm Walton PC, George J. Hayden, Inc., Johnsons Maintenance Service, McCarthy Masonry & Concrete, Inc., Nick Falcone & Sons, Inc., Oliver Mechanical, OndraHuyett Associates, Paragon Engineering Services, R.L. Reppert, Inc., Sigman & Zimolong, The Tri-M Group, LLC, Thompson Masonry Contracting Co., Trion, Universal Electrical Service Inc., Venize Phillips & Warshawer, W.S. Cumby, Inc., Wescott Electric Co., Zebby Sulecki, Inc.

UPCOMING EVENTS Exploring Marcellus Shale Business Opportunities: April 3, 8 AM, John’s Plain & Fancy, Quakertown Apprenticeship Graduation: April 5, 4 PM, ABC Training Center Electrical Theory: April 10, 8 AM, George Hayden Electric, Hazleton, Pa Introduction to Blueprints: April 17, 7 AM, ABC Training Center 50th Anniversary Gala: April 18, 5 PM, Radisson King of Prussia Excellence in Construction by Barry Schlouch: April 26, 8 AM, East Norriton Office Bucks & Montgomery Counties Legislative Breakfast:May 5, 9 AM, Zoto’s Diner Register for all events at abceastpa.org or call 610-279-6666

Mid Atlantic Real Estate Journal — Owners, Developers and Managers — March 30 - April 12, 2012 — 17A

www.marejournal.com

ASSOCIATED BUILDERS AND CONTRACTORS Construction Industry Organization

7 out of 10 construction projects are standing on something stronger than concrete or steel.

They’re standing on a concept called merit construction. This means both merit and union craftspeople work side-by-side.

Contractors are chosen on merit, those who offer the best skills get the jobs. Being open to new ideas like multi-skills work teams, new technology and advanced construction techniques, merit contractors are able to construct high-quality buildings that are highly cost-efficient. Merit contractors bring highly skilled jobs with competitive wages to our community. Today, 4 out of 5 people in construction are employed by merit contractors. If you are planning a construction project, find out more about merit contractors. We don’t just construct better buildings. We build a stronger economy and a better quality of life for this community.

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MERIT CONTRACTORS. BUILDING A BETTER LIFE. Ed Capodanno ABC Delaware 302-328-1111 ecapodanno@abcdelaware.com www.abcdelaware.com

Jeff Zeh ABC Eastern Pennsylvania Chapter 610-279-6666 gzeh@abceastpa.org www.abceastpa.org

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18A — March 30 - April 12, 2012— Owners, Developers & Managers — Mid

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Solar firm’s expertise reduces commercial overhead costs

Vanguard Energy Partners Quietly Becoming Solar Solution Leader

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ALTIMORE, MD – In today’s economic climate, facility operation costs represent a major annual expense, and for many, such increases have severely impacted their bottom-line.

Countless east coast businesses have significantly decreased their cost of doing business by installing a solar electric system. Vanguard Energy Partners, a national solar construction firm, is providing proven, reliable solar solutions to many Mid-Atlantic commercial firms.

Vanguard, which designs, builds and maintains solar systems throughout North America, has constructed over 50 megawatts of solar for 18 defined industry sectors. Vanguard’s customer list includes, among others, Deutsche Bank, New York Stock Exchange, Siemens, Prudential, and the US Air Force. Recently, Vanguard was awarded a contract to build a ground mount solar system for Bob Hall, LLC. Bob Hall, located in Upper Marlboro, Maryland, is one of the largest Budweiser beer distributors in the Mid-Atlantic region. For Bob Hall, the decision to go solar was clear.

“Bob Hall was founded by my grandfather over 75 years ago,” said Richard Hall of Bob Hall, LLC. “Our management team and family felt that in-

World’s Highest Solar Array, constructed by Vanguard Energy Partners vesting in solar was a major step in making Bob Hall a more viable, sustainable business for our next generation of ownership. In the uncertain world of energy supply, having fixed low cost electric, versus a variable cost, puts production in our hands. No question, solar makes our family business more sustainable for the future,” added Hall.

“High electricity consumption, coupled with the high cost of electricity, is a financially crippling combination,” said Todd Hranicka, Vice President of Sales & Marketing at Vanguard Energy Partners.

“Facilities such as data centers, cold storage warehouses, and 24/7 manufacturing facilities are examples where the benefits of solar energy are most significant. VEP has worked on a number of challenging projects that resulted in an immediate reduction in overhead costs – a cost savings that will remain for years to come.”

In addition to reducing overhead costs, solar provides considerable tax incentives to commercial entities. “In many states, solar photovoltaic systems (PV) are a smart business decision for

Typical Solar Ground Mount, constructed by Vanguard Energy Partners commercial customers both large and small. At the very least, they significantly reduce energy costs and, depending how a system is financed, can also lead to substantial tax credits for the system owner,” says Andrew Krulewitz of Greentech Media. Federal tax incentives and tax credits, along with state SREC (Solar Renewable Energy Credit) programs in Maryland, New Jersey, Delaware and Pennsylvania, increase the rate of return on investment.

Vanguard has completed over 150 commercial solar installations since 2003. This

past August, VEP completed its most challenging designbuild project. Vanguard constructed the world’s highest solar array, a 128.52 kW solar system atop a 50 story, 745 ft. tall skyscraper located at 60 Wall Street, New York City.

The array will reduce the building’s electricity consumption from the grid and will decrease carbon emissions by 100 metric tons per year.

Hranicka concludes, “All of us at VEP believe in the value of solar energy and its benefits in making US businesses more competitive and sustainable.” ■

Anticipates reduction of 242 tons of CO2 Emissions

GSH Group, Inc. Wins ‘Diamond’ Energy Contract

S

TAMFORD, CT — GSH Group, Inc., a facilities and energy management provider throughout the United States and Europe, announced that it has been awarded a four-year contract to provide energy management services at Diamond Properties’ Stamford Medical Tower, located at 1351 Washington Blvd. in Stamford, CT. This is the second energy management contract Diamond Properties has awarded to GSH in the past year.

GSH will make investments at the Stamford Medi-

Stamford Medical Tower

cal Tower to enhance energy efficiency such as upgrading the building automation system, re-commissioning the HVAC equipment, as well as retrofitting the lighting. As part of GSH’s energy contract, technicians will perform regular monitoring and adjustments to ensure continued reductions after the projects have been implemented. The company anticipates a reduction of 242 tons of CO2 emissions each year with GSH’s energy program.

GSH Group is currently providing its energy manage-

ment services to Diamond’s facility located at 100 South Bedford Rd. in Mt. Kisco, NY. Additionally, GSH provides a service contract for the building automation system at Stamford Medical Tower.

“We are excited to expand our relationship with GSH,” said Jim Diamond, managing member of Diamond Properties, LLC. Stamford Medical Tower is a 10-story, 223,150 s/f office building located in Fairfield County.

The newly awarded contract is scheduled to commence on May 1, 2012. ■

20A — March 30 - April 12, 2012 — Green Buildings — Mid

Atlantic Real Estate Journal

www.marejournal.com

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By Glen A. Koedding, Green Sun Solar Energy

Green Sun’s solar programs keep NJ ratepayer* $$$ in state ost people agree that green energy is the future; but for everyday homeowners and small business owners “going solar” seems expensive, almost outside their grasp unless they go with a Glen A. Koedding company that leases solar panels. In that case, the property owner reaps only a fraction of the rewards while the leasing company rakes in the profit. A startup out of Middletown, N.J., however, has begun to revolutionize solar energy in New Jersey one home at a time.

The numbers speak for themselves. Many solar installation companies will install panels on a home for “free”; but between tax credits, energy credits (SRECs), and monthly lease payments, a solar system on a home or small business could generate upwards of $75,000 for the leasing company over the course of its 20 year contracts. Meanwhile, the homeowner’s benefit is a saving of about $30 a month or $7,200 over 20 years.

When Glen A. Koedding and C. Ray Torre were researching solar energy for their own homes, they asked themselves

M

the obvious question: why allow a leasing company to reap all the rewards?

That question was the spark that led the Koedding and Torre families to create Green Sun Energy Services, a company that provides a unique alternative to the more than 270 companies now installing solar in the state – and more importantly, to help ensure New Jersey residents receive a larger share of the benefit of having solar panels installed at their home or small business.

Unlike the competition, Green Sun Energy is not a typical installer or an out-of-state leasing company. Koedding says, “The primary objective is to enable the homeowner to own their equipment; and we, as a service organization, manage and optimize their energy production and financial returns. Solar installations are managed as a long-term program not a onetime transaction.”

When it comes to doing the legwork – reams of government paperwork, dealing with the utilities, working with banks, managing SRECs, and more – Green Sun Energy does the heavy lifting. They custom design each system; install industry-leading equipment; make sure the equipment is monitored, cleaned, maintained and op-

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timized to ensure the client is getting the maximum amount of solar energy possible. The homeowner actually owns the solar panels on their home, not a leasing company.

So how does Green Sun Energy make money? By ensuring their clients make money. A major source of the company’s revenue is a small brokerage fee for trading SRECs or pennies for every kilowatt hour a home or business generates via solar. That gives them the incentive to make sure the client’s entire system is producing a lot of power, and in turn producing a lot of energy credits, and thus are maximizing the returns both parties.

Part of the goal is to keep New Jersey ratepayer dollars and tax dollars in the State of New Jersey. Right now, various state and federal incentives are helping out-of-state installation and leasing companies enjoy big profits – profits driven in part by the taxes paid by the people they service. The founders of Green Sun Energy Services believe the people of New Jersey should share in those rewards. *Ratepayer—a retail consumer of an electricity or water utility; a customer of a public utility Glen Koedding is the president and managing partner of Green Sun Solar Energy. ■

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Mid Atlantic Real Estate Journal — Green Buildings — March 30 - April 12, 2012 — 21A

www.marejournal.com

GREEN BUILDINGS

By Gary Frank, American Boiler Company

Building Owners Cut Energy Costs with Oil to Gas Burner Conversions

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uilding owners with oil heat must be feeling pretty lucky. The historically warm winter spared them from the full financial impact of surging heating oil prices.

Now that the heating Gary Frank season is nearly over, many property managers and building owners are looking for ways to cut heating costs before next winter arrives. One solution that is surprisingly affordable is converting from oil to natural gas.

The disparity between heating oil and natural gas prices began in early 2009, when oil prices started their steep ascent from a relatively low price of $40 per barrel. Political tensions in the Middle East, and a growing demand for oil in developing countries have driven crude oil prices over $100 per barrel. Meanwhile, additional domestic natural gas supplies, among other factors, have kept the price of gas low. So low, in fact, that natural gas is more than 75% cheaper than oil per energy unit.

With the huge divergence in oil and gas prices, burner suppliers and mechanical contractors are seeing strong demand for burner conversions.

Although the benefits to converting to gas are significant, several common myths in the marketplace are causing some building owners to pass on this opportunity to save money.

Common Oil to Gas Conversion Myths: •The gas utility will charge for the cost of upgrading service.

•I’ll need to pay for the removal of my oil tank.

•Working with the gas utility will be difficult.

•Replacing the burner and boiler will be expensive.

•I’ll need to sign a long-term contract for the utility to fund my upgrade.

In reality, many of the concerns that building owners have about oil to gas conversions are unfounded. The gas utilities cover most of the cost of the upgrade. They do this because the project is profitable from their standpoint when viewed over a multi-year

term.

If a building owner is concerned about removing oil tanks, the oil burner can be switched to a dual fuel burner.

No tank removal is required, and the building owner gets the benefit of having two options for fuel. In addition, some building owners with dual fuel systems can qualify for lower gas rates if they are willing to make a temporary switch to oil during periods of peak gas demand.

Working with the gas utility can be a challenge. However, some contractors will

handle the administrative work for you. American Boiler Company, for example, will complete and submit gas load data sheets, meet with the utility on-site, and handle any required inspections as part of their Oil to Gas conversion service.

Switching from oil to gas will typically require a new burner and some additional gas piping. Project costs vary, and largely depend on the size of the boiler. A typical apartment building with 25 to 50 apartments can convert to gas for under $20,000. The

payback for this investment can be under two years, with substantial benefits continuing beyond the breakeven point.

Building owners are not required to sign long-term contracts. If making the switch to dual fuel, however, the utility will require a minimum amount of gas to be purchased each year to ensure that they recover their investment.

The summer months are a good time to consider an oil to gas conversion. Boilers are typically working less during the warm weather so there’s

no disruption to the building’s space heat. Also, it is easier to obtain a gas burner in the summer than at the start of the heating season when supplies are much more limited.

Given the substantial financial benefits of a switch to gas, strong demand for oil to gas conversions is expected to continue. Building owners will surely benefit by reviewing their options before temperatures drop again.

Gary Frank is the president of American Boiler Company located in Hillside, NJ. ■

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22A — March 30 - April 12, 2012 — Green Buildings — Mid

Atlantic Real Estate Journal

www.marejournal.com

GREEN BUILDINGS 193.5 KW solar engery roof installation turns into educational tool for students

Ray Angelini Inc., recognized with Governor’s Occupational Safety & Health Award

C

OLUMBUS, NJ — Just two years after the ribbon cutting to celebrate the completion of a solar energy system at the Northern Burlington Regional School District here, teachers at the school are using a new solar demonstration shed for science lessons.

Ray Angelini, Inc., Sewell, NJ, designer and builder of the 2009 193.5 kW solar energy roof installation, consisting of 864 Sharp® modules, at the school also built a solar demonstration shed at the school’s request.

“The shed has three 235-

“We pride ourselves in consistently educating and communicating safety as our number one priority, and this award is recognition of everyone’s relentless work, upholding the highest standards for safety,” said Jim Specht, Safety Director, RAI watt solar panels on its roof and electrical components inside,” said Jason Kaplan, project manager, Ray Angelini, Inc. “A meter on the shed provides information such as voltage, amps and the energy captured from the sun, which is stored in batteries—it’s all DC powered.”

On completion, Kaplan provided a brief tour of the

solar demonstration shed to geometry and science teachers and students, school administrators and local police.

“Some of the students asked if they could charge their cell phones from the solar shed,” said Kaplan. “The facilities people were interested in adding lights to the shed.

Really, you can charge or do

a number of different things with this.”

In other news, Ray Angelini, Inc. (RAI) recently received the Governor’s Annual Occupational Safety and Health Award for achievement in the prevention of occupational injuries during the year 2010.

“I am proud to accept this award on behalf of RAI employees,” said Jim Specht, Safety Director, RAI. “We pride ourselves in consistently educating and communicating safety as our number one priority, and this award is recognition of everyone’s

Ray Angelini, Inc. is a complete Turnkey Solar Solutions Provider Commercial Solar Design Build and Maintenance, General Construction, Electrical Contracting, and Power Systems Testing www.raiservices.com Headquarters 105 Blackwood – Barnsboro Rd, Sewell, NJ Tel: 856.228.5566 Delaware Office 243 Quigley Blvd, Ste K, New Castle, DE Tel: 302.325.2001

relentless work, upholding the highest standards for safety.”

Specht accepted the Citation of Merit on behalf of RAI, awarded to a company for working throughout the calendar year without lost time from a work-related injury or illness. Specht also accepted the Division of Public Safety & Occupational Safety & Health Award on behalf of Active Construction Corp. Sewell, NJ, for participation in the program for two consecutive calendar years without lost time from a work-related injury or illness.

The 83rd Annual awards banquet, sponsored by South Jersey Industrial Safety Council in cooperation with New Jersey Department of Labor, was held on May 25, 2011 at Auletto Caterers, Almonesson, NJ. RAI serves public and private clients in NJ, PA, DE and MD in various industries, including transit, data centers, schools, universities, government, industrial plants, medical facilities, and more. Originally established in 1975 by Ray Angelini as an electrical contracting company, today RAI is a full service electrical contracting, general construction, and design build solar energy company. ■

Green Buildings 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

Section Editor Karen Vachon kjoy@marejournal.com

Mid Atlantic Real Estate Journal — Green Buildings — March 30 - April 12, 2012 — 23A

www.marejournal.com

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24A — March 30 - April 12, 2012 — Green Buildings — Mid

Atlantic Real Estate Journal

www.marejournal.com

Green Buildings Owned by Herring Properties & JER Partners

Local, State & Federal representatives celebrate solar array completion

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ONTGOMERY, NJ — Local, state, and federal representatives celebrate solar array completion at ribbon cutting ceremony held at 23 Orchard Road. The office building and site are owned

by Herring Properties and JER Partners. All levels of government worked together with Herring Properties to gain approvals to build this project.

23 Orchard Solar Facts: • PSE&G financed the construction through their solar

loan program providing 70% of the construction costs • 1.23 megawatts • Over 5,000 panels on six acres • Array provides 40% power to the 234,000 s/f office building occupied by major tenant Johnson & Johnson • Herring Properties awarded the winner of the Mixed Use category for land development from the Somerset County Planning Board on January 17, 2012

From left to right: D. Glenn Everitt, Peter S. Palmer; Carolyn Gehl-Fefferman, Robert Menendez, Montgomery Mayor Ed Trzaska, James P. Herring, Robert Zaborowski, Mark D. Conforti, Jack M. Ciattarelli

Key topics from speakers at ceremony include:

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• Senator Menendez was represented by Carolyn Gehl-Fefferman, his senior advisor, who discussed the construction of solar in New Jersey and the Senator’s support for Solar Array • Montgomery Mayor Ed Trzaska discussed the successful cooperation between Montgomery, Herring Properties, and state agencies to get project passed • Jamie Herring, owner and manager of the property, stressed success on project due to collaboration at all levels of government. n

2012 Energy Code Q&A: Hance Construction advises property owners WASHINGTON, NJ — The U.S. Department of Energy has adopted a 2012 International Energy Conservation Code (IECC) that will significantly impact commercial property owners, aiming to increase energy savings by 30 percent over the previous IECC. Hance Construction President Art Hance, President-Elect of the Mid-Atlantic Chapter of the Metal Building Contractors & Erectors Association, has led several national symposia on the topic so we asked him a few questions on the new code.

What is the current building environment as it relates to the new code?

Many commercial property owners and builders are electing to dramatically increase the amount of insulation they are putting in commercial walls and roofs. But there is a far more economical and environmentally friendly way to comply with the new code.

What alternatives do building owners have?

Many central Heating, Ventilation and Air-Conditioning (HVAC) systems are designed without obtaining tested data on energy efficiency, creating tremendous waste. Builders can now access the most accurate database yet for testing the in-place thermal performance of complete metal roof and wall assemblies. The data supports newer methods for achieving more thermally efficient building envelopes. Thermal imaging and data provided by the Butler Guarded Hot Box, which can test actual 8’ x 10’ roof and wall sections, are great tools for ensuring economic and environmental efficiency. n

25A — March 30 - April 12, 2012 — Green Buildings — Mid

Atlantic Real Estate Journal

www.marejournal.com

U. S. Green Building Council, NJ Chapter Letter from the Executive Director Dear Friends and Colleagues,

BOARD OF DIRECTORS CHAIR Anastasia Harrison, AIA, LEED AP Gannett Fleming, Inc. VICE CHAIR Wayne D. DeFeo, LEED AP DeFeo Associates TREASURER Ed Seliga Advanced Solar Products, Inc. SECRETARY RJ Donnelly, LEED AP Donnelly Industries, Inc. PAST CHAIR William Amann, P.E., DCEP, LEED AP M & E Engineers, Inc DIRECTORS David Cardella Cardella Waste Services Zach Gallagher, P.E., LEED AP Alliance Environmental, LLC Bill Gates, LEED AP BD&C Hunt Construction Anthony Marano Marano Group, Inc. Brad Miller, P.E., P.P. NJ Meadowlands Comission Joe Porrovecchio, LEED AP, CRM Carbon-Key, LLC

FLORENCE BLOCK

After years of development, a new tool is on the way to help provide clear green building guidance to lawmakers, regulators, green building advocates, and imitators alike; the International Green Construction Code (“IGCC”). Now, a new set of standards intended to facilitate and accelerate the construction of green buildings in the United States has been established with the help of some of our partner groups, the International Code Council (“ICC”), the American Society of Heating, Refrigerating and Air Conditioning Engineers (“ASHRAE”), and the Illuminating Engineering Society of North America (“IES”).

The IGCC is a product of two national movements to create enforceable green building codes in the U.S.: one, by the ICC and ASHRAE, which have been at the forefront of trying to develop an industry standard with green building for decades, and one by the US Green Building Council which has been involved in a similar effort centered around the Leadership in Energy and Environmental Design (“LEED”) rating system.

USGBC-NJ Chapter’s advocacy efforts in Trenton were always challenged by a lack of uniformity when it came to defining a green building or a “high performance” building as it is referred to in legislation. Green building policies in New Jersey vary from town to town and from city to city. Even legislation setting green building policy varies from bill to bill. For this reason, the USGBC-NJ’s advocacy committee has been working with the Department of Community Affairs and lawmakers in Trenton to adopt the IGCC in the Garden State.

USGBC-NJ’s ultimate goal in advocating New Jersey to adopt the IGCC is that it will provide a uniform set of green building guidelines in a streamlined, systematic manner that also fits the individual needs of a city or municipality. There is no doubt that we definitely need the IGCC in New Jersey to provide an objective voice to defining what is and what isn’t considered a legitimate green building practice. Just like with the LEED rating systems, the IGCC code is meant to bring greater inclusivity and flexibility to green building.

Stay tuned for more developments and updates and feel free to reach out to our staff.

Florence Block LEED Green Associate Executive Director U.S. Green Building Council NJ

Paul Qvale, LEED AP Hillmann Group Lisa San Filippo, AIA, LEED AP, BD&C Turner Construction Co. Faith Taylor Wyndham Worldwide Andrew Topinka, CPMR Technical Group Services, Inc Ed Walsh, P.E. The Walsh Company Gregg Woodruff, PP, AICP, LEED AP, BD&C Langan Engineering & Environmental Services, Inc. EXECUTIVE DIRECTOR Florence Block LEED Green Associate GENERAL COUNSEL Harry E. McLellan, Esq, LEED Green Associate McLellan & Associates, LLC CHAPTER COORDINATOR Mary Ellen Garrigus

www.usgbcnj.org

Chapter Events USGBC NJ NORTH BRANCH NETWORKING DINNER SERIES 09-Apr-2012- 6:00 PM - 9:00 PM Maggiano’s Little Italy, 390 Hackensack Avenue, Space 70, Hackensack, NJ 07601 LEED 201 CORE CONCEPTS & STRATEGIES & LEED GREEN ASSOCIATE EXAM PREP 11-Apr-2012- 8:00 AM - 5:00 PM Wyndham Worldwide, 22 Sylvan Way, Parsippany, NJ 07054 For details on all USGBC-NJ events, visit www.usgbcNJ.org Number of New Jersey chapter members:

1058

Number of USGBC member Companies in NJ:

349

Number of LEED Accredited Professionals in NJ:

3163

Number of LEED registered projects in NJ:

411

Number of LEED certified projects in NJ:

154

26A — March 30 - April 12, 2012 — Mid

Atlantic Real Estate Journal

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SHOPPING CENTERS Mid Atlantic Real Estate Journal — Shopping Centers — March 30 - April 12, 2012 — 27A

www.marejournal.com

Gorman & Shover secured buyer in $1.57m sale of Lafayette Ambassador Bank

Taylor, Zang & Dougherty of Marcus & Millichap rep the seller in $3.1m sale of Creekside Plaza

C

O L L I N G D A L E , PA — Marcus & Millichap Real Estate Investment Services announced the sale of Creekside Plaza, a 10,030 s/f retail property located in Collingdale, Pennsylvania, according to Spencer Yablon, regional manager of the firm’s Philadelphia office.

The asset commanded a sale price of $3,100,000, or over $300 per s/f.

Mark Taylor, Dean Zang and Derrick Dougherty, investment specialists in Marcus &

Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, the local original developer. The buyer, a local family in a 1031-exchange, was secured and represented by RC Commercial Realty.

In other news, Marcus & Millichap Real Estate Investment Services announced the sale of Lafayette Ambassador Bank [ground lease], 2,504 s/f net leased property located in Coopersburg, according to Spencer Yablon, regional manager of the

MARCH 30 - APRIL 12, 2012

HI-LIGHTS Levin Management Corp. leases 22,000 s/f to Michaels Michaels Stores, Inc. has leased 22,000 s/f at Fairlane Village Mall in Pottsville, according to the retail real estate services firm Levin Management.

See page 30A.

Aptcor Commercial Realtors brokers 20,000 s/f lease Aptcor Commercial Realtors reports The Mattress Factory has leased the 20,000 S/f former Jonn’s Furniture Building in Montgomeryville, PA. See page 31A.

Creekside Plaza

President Balliet & VP Thompson rep the seller

KW Commercial- James Balliet Grp. closes sale of TD Bank for $1.414m ALLENTOWN, PA — James Balliet, president and Robert Thompson, vice president of KW Commercial-The James Balliet Commercial Group represented the seller D.T. 5 Points, LLC of Allentown, in the transaction and Bill Lenaz of R.J. Brunelli & Co. and Joel Dicker of Metropolitan and Waterfront Brokerage represented the buyer Edessa Realty, LLC of Woodbridge, NJ. The contract sale price was $1,414,00, which is a capitalization rate of 7%.

The branch is located at 520 Wyandotte Street, at the “five-points” intersection of Route 378 in Bethlehem, PA. ■

“The Lehigh Valley’s Premier Full Service Commercial Real Estate Company”

RETAIL EXPERTS SPOTLIGHT ..................................... 33A-43A

BUSINESS CARD DIRECTORY .............................................. 46A Section B, 28 pages

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TD Bank North

The James Balliet Commercial Group

ALSO INSIDE: RETAIL BROKERAGE DIRECTORY ....................................... 45A

firm’s Philadelphia office. The asset commanded a sale price of $1,570,000.

Mark Taylor and Dean Zang, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a partnership. The buyer, a limited liability company, was secured and represented by Matthew Gorman and Michael Shover, investment specialists also out of Marcus & Millichap’s Philadelphia office. ■

• Shopping Center Sales & Leasing • Retail, Office, Medical & Industrial Properties • Distressed Property & Asset Management • Tenant Representation • Business Brokerage • Commercial Land Brokerage • Multi Unit Apartments

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KW Commercial | 40 S. Cedar Crest Blvd.| Allentown, PA 18104

28A — March 30 - April 12, 2012 — Shopping Centers — Mid

Atlantic Real Estate Journal

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+

18 million square feet ARIZONA Mesa Kohl’s McKellips Road & Recker Road 95,279 SF GLA Part of Falcon View Plaza w/ Fry’s Phoenix Freestanding Barnes & Noble 1035 N. Metro Pkwy. West & 28th Dr. Adjacent to Metro Center Mall 19,360 SF on 1.48 Acres Tolleson Freestanding Kmart West McDowell Road & North 86th Drive 86,479 SF GLA FLORIDA Gainsville Mixed Use – Grocery Store & Student Housing NW 13th St & University Avenue 1.74 Acres Over 27,500 SF Ground Floor Retail in Proposed 171,000 SF 6-Story Residential Bldg Fern Park Lowe’s Shopping Center 6735 Hwy. 17-92 & Fernwood Blvd. near Hwy. 436 129,085 SF GLA Proposed Retail Strip: 9,000 SF ILLINOIS Downers Grove Marshall’s at The Grove 75th St. & Lemont Rd. 400,000 SF GLA Anchor Space Available 43,264 SF Niles Golf Glen Mart (Outparcel) Golf Rd. & Dee Rd. Up to 12,000 SF Outlot, B-T-S INDIANA Evansville Evansville Shopping Center Morgan Ave. & Boeke Rd. Rural King, Dollar General 153,000 SF GLA Indianapolis Pendleton Plaza Pendleton Pike & Shadeland Ave. Kmart 134,797 SF GLA South Bend South Bend Shopping Center US Hwy. 20 & US Hwy. 31 112,900 SF GLA Anchor Space Available

RD

Management LLC

MICHIGAN Grand Blanc Vacant Land Holly Rd. & I-75 22 Acres For Sale Muskegon Muskegon Shopping Center Henry St. & Norton Ave. 187,000 SF GLA Anchor Space Available Port Huron Port Huron Shopping Center Howard St. & 24th St. Big Lots, Save-A-Lot, Family Dollar 118,000 SF GLA Anchor Space & Outlot Available Redford Redford Plaza Plymouth Rd. & Inkster Rd. CVS/114,865 SF GLA Anchor Space Available Saginaw Saginaw Square Tittabawasse Rd. & Bay Rd. Target, JoAnn Etc., Staples 94,891 SF GLA Anchor Space Available Sandusky Kmart Shopping Center M-19 & Gates Rd. 176,248 SF GLA Anchor Space Available Southgate Fort St. & Burns Ave. 60,800 SF GLA Freestanding / Redevelopment Opportunity MINNESOTA St. Paul Midway Shopping Center University Ave. & Snelling Ave. Rainbow Foods, Office Max, Walgreens 280,353 SF GLA Anchor Space Available 40,262 SF NEVADA Las Vegas Kmart Plaza E. Sahara Ave. & McLeod Dr. 127,754 SF GLA 10,945 SF Outbldg. Available NEW JERSEY Marlton (Evesham) Tri-Towne Plaza Route 70 & Plymouth Dr. Superfresh/176,519 SF GLA Anchor Space Available/Redevelopment Opportunity

Thomas G. Mirandi 212-265-6600 Ext. 239 Email: tmirandi@rdmanagement.com Fax: 212-459-9133

Mid Atlantic Real Estate Journal — Shopping Centers — March 30 - April 12, 2012 — 29A

www.marejournal.com

+

200 retail projects NEW YORK Nanuet Home Depot Plaza Route 59 & Hutton Ave. Home Depot, Staples 250,000 SF GLA/Pad Available

PENNSYLVANIA Allentown Home Depot Plaza Lehigh St. & Route 78 220,000 SF GLA 9.82 Acres Available

Orangetown Orangeburg Commons Route 303 & Palisades Parkway Future Retail Development Anchor Space, In-Line Space & Pads Available Adjacent to Lowe’s

Carlisle Hanover Street (Route 34) & I-81 Home Depot, Chili’s 140,715 SF GLA 10,584 SF Future Expansion/Pad

NEW JERSEY Mt. Olive Pad Sites Available Adjacent to Foreign Trade Zone Across from Wal-Mart, Sam’s, TJ Maxx Old Bridge A & P Shopping Center Route 9 & Ferry Rd. 64,920 SF GLA Up to 4,000 SF Outlot Vineland Vineland Marketplace Delsea Dr. (Route 47) & College Dr. New Development 273,657 ± SF GLA / Outlots Available Williamstown Williamstown Shopping Center Black Horse Pike (Route 42) & Main St. CVS, Fashion Bug, Dollar General 85,000 SF GLA Anchor Space Available NEW YORK Deer Park Kohl’s Plaza Commack Rd. & Grand Blvd.

Kohl’s, Super Stop & Shop 182,875 SF GLA Proposed Pad 3,800 SF Glenville/Scotia (Albany) Freestanding Building Saratoga Rd. (Route 50) & Glenridge Rd. 128,485 SF GLA Anchor Space Available Holtsville Island 16 Cinemas Shopping Center Nicholls Rd. & Long Island Expwy.

National Amusements Theater, Chili’s 117,342 SF GLA Pad Bldg. Available with Drive-thru

Staten Island Lowe’s West Shore Center Veterans Rd. West (I-440) & Arthur Kill Rd. Pad Building Available 7,000 SF New Retail Bldg. Available 166,600 SF GLA Stony Point Stony Ridge Plaza Route 9W & Park Rd. US Post Office, Curves For Women 21,212 SF GLA Williamsburg (Brooklyn) North Side Piers Retail 20 North 5th St. & Kent Ave. Tower I: 181 Condos, 113 Apts. & 17,167 SF Retail Tower II: 250 Condos & 5,178 SF Specialty Rest.

OHIO Ashtabula Home Depot Plaza Route 20 (N. Ridge Rd.) & Orchard Rd. 130,000 SF GLA 18,440 SF Expansion & Pad Findlay Hobby Lobby Plaza Tiffin Ave. & Croy Dr. Hobby Lobby Anchor Space Available

Latham/Colonie (Albany) Kmart Shopping Center Route 7 & Swatling Rd. 118,863 SF GLA Up to 10,000 SF Outlot Available

Oregon (Toledo) Vacant Land – 4.645 Acres Dustin Rd. & Isaac Street Dr. 1 block south of Navarre Ave. (Rte. 2) & Kmart 116,805 SF GLA

Monroe/Woodbury Harriman Commons Routes 17 / 6 & Route 32 Wal-Mart, Home Depot, BJ’s, Target, Home Goods, Best Buy 687,716SF GLA Anchor Space & Outlots Available Future Phase III Office Bldg.

OREGON Salem Kmart Shopping Center Mission Street S. E. 116,866 SF GLA

RD

Management LLC

Trexlertown Trexlertown Marketplace Hamilton Blvd. (Route 222) & Mill Creek Rd. Walgreens, Panera Bread, Verizon 36,068 SF GLA TENNESSEE Hermitage (Nashville) Freestanding Bldg. adjacent to Jackson’s Courtyard Shopping Center 3445 Lebanon Pike 24,040 sf GLA 36,000 sf GLA Possible Redevelopment Texas Ft. Worth Westcliff Shopping Center Albertson’s Market, Dollar General Alton Rd. & Biddison St. 133,332 sf GLA VIRGINIA Richmond Food Lion Plaza Route 1 (Jefferson Davis Hwy.) & Chippenham Pkwy.

Outlots Available WEST VIRGINIA St. Albans St. Albans Center Route 60 & MacCorkle Ave. SW Kmart, Super Kroger, Peebles, CVS 230,000 SF GLA PUERTO RICO Arecibo Arecibo Towne Center Routes 2 & 22 Future Development Anchor Position & Outlots Available Ponce Reina del Sur; Outlots at Ponce Towne Center II Rtes. #2 & Baramaya Ave. (Rte. 10) @ PR-52 Wal-Mart SuperCenter, Home Depot New Development & Pads 525,000 ± SF GLA

Thomas G. Mirandi 212-265-6600 Ext. 239 Email: tmirandi@rdmanagement.com Fax: 212-459-9133

30A — March 30 - April 12, 2012 — Shopping Centers — Mid

Atlantic Real Estate Journal

www.marejournal.com

SHOPPING CENTERS Kohls will open 57,860 s/f store in March

Levin Management Corp. leases 22,000 s/f to Michaels Stores For Lease: OLD BRIDGE, NJ

Sale / Lease: HAZLET, NJ

Cheesequake Commons is a 35,000sf CVS anchored neighborhood strip center. We currently have 2 vacancies ranging from 1,500 sf to 2,500 sf. Ciro Pizza Café recently leased a 4,755sf end cap, and will open in April 2011. The strip center is located ¼ mile from the Matawan Train Station, exit #120 of the Garden State Pkwy. Seeking Chicken, Burgers, optical, dental, medical, travel, electronics and gift categories.

Free standing 15,000sf retail building on 2.57 acres, up to 100 car parking, with large Two Panel Pylon sign. The building is clear span and column free. Serving: Hazlet, Keyport, Aberdeen and Holmdel.

Ideal uses: Home Improvement, Fitness, Appliances, Day Care, Electronics, Party & Rentals, Golf, Liquor Store, Pools & Patio, Marine, Produce Market, Pet Supplies

Contact: Peter Gallicchio • pgallicchio@RemcoRealty.net REMCO REALTY GROUP, LLC 525 Milltown Road, Suite 101 North Brunswick, NJ 08902 (732) 253-0888 x 11 www.RemcoRealty.net

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OTTSVILLE, PA — Arts and crafts retailer Michaels Stores, Inc. has leased 22,000 s/f at Fairlane Village Mall in Pottsville, according to the retail real estate services firm Levin Management and property owner Ashok Mehra. The longterm commitment comes on the heels of another major lease, by Kohl’s Department Stores, reflecting significant momentum and progress for the 405,000 s/f property.

Michaels Stores is North America’s largest specialty retailer of arts, crafts, framing, floral, wall décor and seasonal merchandise for the hobbyist and do-it-yourself home decorator.

“Michaels is a highly popular retailer,” said Michael Cohen, vice president of leasing for Levin. “We think that our shoppers here will be happy to welcome them to our tenant mix. Additionally, this lease testifies to the appeal of Fairlane Village Mall for retailers.

This property has become

Fairlane Village Mall the established community gathering place for Pottsville and all of Schuylkill County.

Simply put, all the good stores want to be here.”

Kohl’s will be opening its new 57,860 s/f store in early March, and the firm is talking with other prospects about joining the mall’s tenant mix. ■

Ellen Long of Taylor Long Properties reps landlord in 3,900 s/f lease renewal FREDERICKSBURG, VA — Taylor Long Properties is announced the following lease transactions: The signing of a 3-year renewal lease between GLL BVK Properties, L.P., and Rack Room Shoes, Inc., Ellen Long dba Rack Room Shoes, for approximately 3,000 s/f of space at Cosners Corner, 9771 Jeff Davis Highway, Fredericksburg. Ellen Long represented the landlord.

The signing of a 6-year renewal lease between GLL BVK Properties, L.P., and Tween Brands, Inc., dba Justice, for approximately 3,900 s/f of space at Cosners Corner, 9771 Jeff Davis Highway, Fredericksburg, VA 22408.

Ellen Long represented the landlord.

The signing of a 4-year lease between Water Tower Associates II, LLC, and The Liberation Church, Inc., dba The Liberation Church, for approximately 2,123 s/f of space at 10960 Three Chopt Road, Richmond, VA. Brian Bock represented the landlord. ■

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David Rudy

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Shopping Centers Real Estate Journal 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 Elaine Fanning efanning@MAREJournal.com

Section Editor Rachel Rugman editor@marejournal.com

Mid Atlantic Real Estate Journal — Shopping Centers — March 30 - April 12, 2012 — 31A

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SHOPPING CENTERS

BreakingNew NewGround Ground Breaking

Apt of Aptcor reps owner & Rosen reps lessee

Aptcor Commercial Realtors brokers 20,000 s/f lease

M

O N T G O M E RY V I L L E , PA — Aptcor Commercial, Realtors reports The Mattress Factory has leased the 20,000 S/f former Jonn’s Furniture Building at 765 Bethlehem Pike Rt. 309 in Montgomeryville, PA. The Mattress Factory operates retail bedding outlets in PA & NJ and will be relocating its Montgomeryville store in the new location. The long term lease was negotiated by Alan Apt of Aptcor, representing the owner and by Stuart Rosen of Richard I. Rosen Co., representing The Mattress Factory. Store opening is planned for May 2012. ■

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“sculpting a GREEN tomorrow” Left to right: Alan Apt; Aptcor Commercial Realtors, Matt Davidson; Landlord Attorney, Chris Conway; president of Mattress Factory & Stuart Rosen; Richard I. Rosen Co.

The Goldstein Grp. brokers 9 retail transactions PARAMUS, NJ — The Goldstein Group recently completed numerous retail transactions throughout Northern and Central New Jersey.

Verizon – On behalf of the property owner, The Goldstein Group consummated a 2,816 s/f transaction with the leading communications services provider at South Brunswick Square in South Brunswick.

Vice president Lew Finkelstein and Matthew Flath of The Goldstein Group were responsible for the transaction.

Entenmann’s – The Goldstein Group completed three transactions with the bakery operations. The new stores are located in Carlstadt Gardens in Carlstadt; 80 Industrial Road in Lodi; and 101 Riverview Drive in Wayne. Chuck Lanyard, president, Lew Finkelstein, vice president, and CJ Huter of The Goldstein Group were responsible for these transactions.

H&R Block – On behalf of H&R Block, The Goldstein Group completed a 1,500 s/f

transaction for the income tax services firm at Main Plaza, 118 E. Main Street in Ramsey. Vice Presidents Curtis Nassau and Florian Suserman of The Goldstein Group were responsible for the deal.

Pearl Art–The Goldstein Group represented the property owner in this 9,500 s/f transaction on Route 17 in Paramus. Ryan Glastein of The Goldstein Group completed the deal.

Cici’s Family Pizza–The Goldstein Group leased 4,400 s/f to the pizza restaurant at Lanes Mill Marketplace in Howell, representing both the retailer and property owner. Mark Handwerker of The Goldstein Group was responsible for the transaction.

Enterprise Car Rental – Representing both the leading rental car company and the property owner, The Goldstein Group leased 2,100 s/f at Level 10 Plaza in Hardyston. Anthony Rivera of The Goldstein Group was responsible for the transaction.

Pet Valu – Opening a new store

at Boulder Run Shopping Center in Wyckoff, The Goldstein Group closed a deal for the pet retailer of 2,720 s/f. Principle Neil Goldstein of The Goldstein Group represented Pet Valu.

Hollywood Tans – The Goldstein Group represented both the retailer and property owner in a 2,100 s/f deal at Level 10 Plaza in Hardyston. Anthony Rivera of The Goldstein Group was responsible for the transaction.

Natasha’s Deli – The Goldstein Group represented the property owner and tenant in this 2,000 s/f transaction at 10 Commerce Court in Newark. Vice President Lew Finkelstein and Anthony Rivera of The Goldstein Group were responsible for this deal.

Representing Advantage Learning Centers, The Goldstein Group closed a 2,500 s/f deal at East Main Street in Flemington, NJ. Vice President Florian Suserman of The Goldstein Group was responsible for this transaction. ■ 110 N. George Street, 4th floor York, PA 17401

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32A— March 30 - April 12, 2012 — Shopping Centers — Mid

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SHOPPING CENTERS Feature Your Project

Developments Construction Renovations Mid Atlantic Real Estate Journal For more information call Elaine Fanning 800-584-1062/781-871-5298 Ext. 212

EFanning@mareJournal.com

Sport Clips signed 6th lease in the Philadelphia region

Fameco’s Winters reps 7,000 s/f lease of Dollar Power at Byram Plaza

S

TANHOPE, NJ — Fameco Real Estate, LP, announced that Dollar Power has signed another lease at Byram Plaza in Stanhope, New Jersey.

The 7,000 s/f Dollar Power opened in February. This comes on the heels of another lease the retailer recently signed for 8,690 s/f at Brookchester Plaza in New Milford, Bergen County, NJ and will be Dollar Power’s 10th location in the region.

Fameco’s Steven Winters represented Dollar Power in both these transactions. According to Winters, “Dollar Power is a very successful regional dollar store that has experienced

Byram Plaza great success in the Northern New Jersey Marketplace.” It

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will join ShopRite, ShopRite Liquors, McDonald’s and other tenants in the 140,000 s/f Byram Plaza located along Route 206 in the heart of Sussex County.

In other news, Fameco Real Estate, LP, announced that Sport Clips has signed its 6th lease in the Phildelphia region as part of its aggressive store roll out campaign.

Sport Clips is focusing its efforts on the Philadelphia MSA and Fameco’s Jim Creed is spearheading the expansion in this market which includes southeastern PA, southern New Jersey and Delaware. Sport Clips’ most recent lease signing was at the Cross Keys Commons Shopping Center in Turnersville, NJ. In 2011, Sport Clips opened for business at Park East Plaza in Cherry Hill, NJ; Nassau Pavilion in Princeton, NJ; The Shoppes at English Village in North Wales, PA; Providence Town Center in Collegeville, PA, and at the Marketplace at Neshaminy, in Bensalem, PA. Headquartered in Georgetown, TX, Sport Clips currently has 700 units nationwide. Their mission is to provide a championship haircut experience for men any boys in a sports themed environment. ■

Fleischmann of Segall Grp. reps tenant BALTIMORE, MD — TMobile has signed leases for retail space at District Heights and Hollinswood Shopping Center. Larry Hoffman and Paul Weinberg represented the landlords and Joe Fleischmann of Segall Group represented the tenant. ■

SHOPPING CENTERS SPOTLIGHT

RETAIL EXPERTS Mid Atlantic Real Estate Journal — Shopping Centers — March 30 - April 12, 2012 — 33A

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Christopher Munley Marcus & Millichap

Brian Meyers LANDCORE

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34A — March 30 - April 12, 2012 — Shopping Centers — Mid

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RETAIL EXPERTS Marcus & Millichap 2012 Annual Retail Market Forecast Philadelphia, PA

New Jersey

he Philadelphia retail market will make steady improvements in 2012 as retailers lease spaces vacated during the recession and rents tick up modestly. Tenant demand has made significant headway, with more than 2.4 million s/f of space occupied since vacancy peaked in early 2010. Retailers moving into locations in the metro’s many desirable trade areas will generate an additional 1.4 million s/f of net absorption during 2012. Still, a more vigorous rate of new store openings will be required to reduce vacancy to its level at the start of the recession, and many national retailers will likely delay broader expansions until payrolls are more aligned with pre-recession levels. Rents, meanwhile, rose modestly last year, and should accelerate in 2012 as additional properties approach full occupancy.

The metro is sustaining intense interest in single-tenant assets net leased to national credit tenants. New drugstores remain a coveted target, but at the end of last year, only 13 stores were in the construction pipeline; as few as five may be built this year. Newly leased properties occupied by the top national drugstores typically command cap rates in the mid to high-6-percent range, with more seasoned leases trading for approximately 100 basis points more. In the multi-tenant segment, large investors are pursuing shopping centers anchored by dominant grocery chains.

Although velocity is slow, cap rates in this segment are estimated as low as the mid-6-percent range. Below the market’s top-tier assets, considerable appetite exists for value-add opportunities, though buyers’ and sellers’ expectations remain misaligned.

obust job gains in the professional and business services and education and health services industries will encourage national retailers to expand in New Jersey, though a lack of financing could slow the recovery. These employment sectors, which account for 30 percent of payrolls, will gain 25,000 jobs this year. A bulk of these positions will land in Bergen, Middlesex, Morris, and Camden counties. Enticed by the favorable demographics and job growth, national chains, including Burlington Coat Factory, Bottom Dollar and Big Lots, will lease vacated anchor space in these areas, helping improve statewide vacancy 40 basis points this year. Nonetheless, banks will remain hesitant to distribute SBA loans to local merchants looking to expand in the state until market conditions further strengthen. As local retailers struggle to open stores, owners will have trouble backfilling smaller in-line spaces, delaying more significant vacancy reductions until 2013.

Owners seeking less-management-intensive properties will sell sought after multi-tenant assets, attracting private buyers willing to take on higher perceived risk. Low interest rates and pent-up investor demand for performing shopping centers will keep cap rates compressed this year.

As such, owners looking to exit the market in the near term will increasingly consider dispositions in the next 12 months before the cost of capital rises. Cash-heavy investors who want to diversify their portfolios outside of the equities markets will target these anchored shopping centers occupied by national chains. Improving operations will allow these opportunistic buyers to underwrite modest rent growth over the next five years to enhance revenues. Grocery-anchored centers in supplyconstrained areas of Northern New Jersey will produce yields near 7 percent, while in Central and Southern Jersey, buyers can capture returns in the mid to high 7-percent range.

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2012 Market Outlook · 2012 NRI Rank: 12, No Change. Limited payroll growth merged with minimal concessions to keep Philadelphia in the 12th position of the index. · Employment Forecast: Total employment in the metro will expand 0.9 percent in 2012 through the addition of 23,500 jobs. In 2011, 10,000 positions were created. · Construction Forecast: Developers will complete 1 million s/f of space in 2012, an increase from 646,000 s/f last year. Key completions include two Walmarts and a portion of the 425,000 s/f Village at Valley Forge, which includes the metro’s sixth Wegmans. · Vacancy Forecast: Metrowide vacancy will decline 30 basis points this year to 8.3 percent, erasing the 10-basis-point increase in 2011. · Rent Forecast: During 2012, asking rents will advance 1 percent to $19.57 per s/f and effective rents will increase 1.3 percent to $17.33 per s/f. · Investment Forecast: Fueled by attractive financing rates, more buyers will enter the pool of single-tenant, net-leased property investors, placing additional downward pressure on cap rates.

Properties with seasoned leases will emerge as a primary target. ■

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2012 Market Outlook

Washington, DC acancy will tighten to the mid-5-percent range in the Washington, D.C., metro this year, supporting the first annual rent increase in four years. However, further improvements in the local job and housing markets will hearten retailers and developers, leading to more significant completions after 2012. Expected deliveries in 2012 are slight, but significant developments under consideration include a mixed-use project in the White Flint section of Rockville in Montgomery County and the CityMarket at O in the district. Walmart has also increased its pipeline to six stores in the district, and several grocers are contemplating new stores in under-served neighborhoods. Clearly, minimal completions will help reduce vacancy in 2012, but new multi-tenant development may limit future declines without a stronger job and housing market recovery.

In the metro, cap rates for top-rated drugstore chains with full lease terms start in the low-6percent range, while bank branches can trade somewhat lower. It remains unclear whether cap rates will dip even lower during 2012, especially as investors become more comfortable purchasing properties with shorter leases. In the multi-tenant segment, institutional-grade shopping centers in core trade areas can sell at cap rates below 6 percent, but the market for Class B/C assets continues to struggle to gain traction. Investors remain focused on future rents, with those Class B/C properties most likely to see near-term rent growth commanding cap rates around 8 percent.

Meanwhile, mixed-use assets at high-traffic locations inside the beltway trade near 7 percent.

Properties with dimmer prospects of near-term rent increases, however, require double-digit cap rates to clear the market.

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2012 Market Outlook

· 2012 NRI Rank: 15, Down 4 Places. Ongoing government cuts pulled New Jersey down four spots in the index.

· 2012 NRI Rank: 7, Down 6 Places. Washington, DC, surrendered six positions in the ranking as government gridlock hampers job growth.

· Employment Forecast: Employers will create the most jobs since 2006, expanding payrolls by 46,000 positions this year, an increase of 1.2 percent.

· Employment Forecast: The metro will gain 44,000 jobs during 2012, a sizable increase from the 18,000 positions added last year.

· Construction Forecast: In 2012, construction will fall to a record low as developers complete just 440,000 s/f, expanding stock 0.2 percent. · Vacancy Forecast: National retailer expansions and limited supply will underpin a 40-basispoint decrease in vacancy to 7.6 percent in 2012. · Rent Forecast: Owners will lift asking rents 0.4 percent this year to $23.05 per s/f. Effective rents will rise 0.9 percent to $20.31 per s/f. · Investment Forecast: Risk-averse buyers looking for bond-like investments will target single-tenant assets net leased to a top-rated tenant. Buildings secured by a retailer with a triple A/B+ credit rating will command returns in the mid- to high-6-percent range. ■

· Construction Forecast: In 2012, developers will complete 1.1 million s/f of retail space, marking a slight decrease from about 1.4 million s/f delivered in 2011. · Vacancy Forecast: Retailers will occupy an additional 1.6 million s/f of space in 2012, slicing vacancy 30 basis points to 5.6 percent. In 2011, limited construction and a modest rate of expansion by retailers reduced vacancy 10 basis points. · Rent Forecast: This year, asking rents will advance 1.3 percent to $26.06 per s/f. Effective rents will rise 2 percent to $23.01 per s/f. · Investment Forecast: Greater availability of debt and unfulfilled investor demand will fuel additional deals for Class B/C shopping centers in areas of the metro with the best demographic profiles. ■

Mid Atlantic Real Estate Journal — Shopping Centers — March 30 - April 12, 2012 — 35A

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RETAIL EXPERTS By: Christopher Munley, Marcus & Millichap Real Estate Investment Services

Institutional Investors Drive Up Net-Leased Property Values to 2007 Levels

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s demographics and tastes continue to evolve, Mid Atlantic retailers are responding by re-configuring expansion models and product assortments. The traditional Christopher dynamics Munley of retail are fluctuating and the lines that separate extreme-value stores, drugstores and big-box stores are becoming less evident. All retail segments are pressing for a broader consumer base, with dollar stores and drugstores selling groceries and value chains such as Walmart offering pharmaceutical drugs in most of their locations. In addition, big-box chains are altering the layout of stores to infill urban spaces in supplyconstrained metros such as San Francisco and New York, posing new competition for dollar stores and drugstores.

Concepts such as Walmart Express and CityTarget will average 15,000 square feet and provide a “one-stop-shopping” experience for consumers in major metros. As standardsized Walmart, Target, and Kmart stores close in suburban areas, health and fitness and discount retailers will re-absorb much of the dark space left behind. Meanwhile, quick-service restaurants and auto-part retailers will benefit from the thrifty frame of mind that lingers from the recession. Households cutting dining-out expenses will opt for affordable substitutes to sit-in restaurants, and enhanced menus will lure many families that previously sought out healthier alternatives. This frugal mentality spills over to the auto-parts segment as companies and individuals attempt to extend the life of their vehicles and overcome debt burdens.

With demand for single-tenant assets across the Mid Atlantic region steadily increasing, and a dearth of investment-grade properties going on the market, buyer interest will shift toward assets with shorter lease terms or lesser tenants. Cap rates for the few top-tier assets that do trade are already low, minimizing the spread between yields and borrowing costs. The risk of inflation is deterring investors

from the low-spread environment, as the devaluation of the dollar could outpace rent growth and diminish returns.

In addition, property holders who purchased between 2005 and 2007 generally have negative equity, and only those with investment-grade tenants will be able to refinance.

Owners with less favorable tenants will be forced to bring properties to market and create ample supply for buyers searching for higher yields. In fact, properties with franchisee and non-investment grade tenants yield 100 basis points to 200 basis points above corporate-backed assets.

In the Mid Atlantic, institutional capital will continue to flood the single-tenant market in a flight to quality, thus driving up prices, while values for Class B/C multi-tenant assets will lag behind. As competition intensifies for investmentgrade, single-tenant assets leased to creditworthy retailers, the median price will trend near peak levels achieved in 2007. Moreover, first-year yields tightened to the high6-percent to low-7-percent range, enticing owners to unload properties with built-up equity and reinvest the capital in discounted assets. REITs and institutions will purchase

these newly listed properties with long-term leases secured by national retailers such as Walgreens and CVS for stable revenue.

In the multi-tenant sector, life insurance companies and banks are beginning to loosen their lending criteria on stabilized shopping centers anchored by best in market grocery stores. As a result, buyers will capitalize on favorable interest rate spreads for higher returns. Performing products anchored by a toprated grocer like Wegmans, Giant or ShopRite will command first-year yields of around 6 percent, while assets with a

local grocer will trade 100 basis points to 125 basis points higher.

Through year’s end, institutions will continue to target rarely listed large, investment-grade shopping malls and power centers in duress across the Mid Atlantic. Assets anchored by a Class A retailer, with a secured, long-term lease in place will produce returns in the mid-7 to low-8-percent range, depending on location.

Christopher Munley is a director of the national retail group in the Philadelphia office of Marcus & Millichap Real Estate Investment Services. ■

36A — March 30 - April 12, 2012 — Shopping Centers — Mid

Atlantic Real Estate Journal

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RETAIL EXPERTS By: Brian Meyers, LANDCORE Engineering Consultants

Understanding how floodplains impact land development in PA

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f you have a watercourse on (or near) your development site, then you need to understand the implications of floodplains. Every flowing watercourse has a floodplain; some are very expansive and Brian Meyers others are contained to the channel of the watercourse itself. The limits of the floodplain can have a significant impact on the development poten-

“The limits of the floodplain can have a significant impact on the development potential of a project site. The limits of the floodplain and associated floodway should be determined very early in the due diligence process to understand development constraints.” tial of a project site. The limits of the floodplain and associated floodway should be determined very early in the due diligence process to understand development constraints.

In Pennsylvania, development in floodplains is regulated by both municipalities

and the Pennsylvania Department of Environmental Protection (PADEP). The floodplain of watercourses in Pennsylvania is often referred to as the “100-year Floodplain”; however this statement can be misleading when attempting to understand review jurisdiction

and development limitations.

While it is technically correct to say municipalities regulate activities in the floodplain, in reality what the municipalities actually regulate is the area known as the flood fringe, which is the area between the floodway boundary and the floodplain boundary.

The next logical clarification is the difference between the floodplain and the floodway.

FEMA defines the floodway as the channel of a river or other watercourse and the adjacent land that must be preserved in order to discharge the base flood without cumulatively increasing the

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water surface elevation more than a designated height.

Whereas the floodplain is any area of land susceptible to being inundated by flood waters from any source for a designated storm event.

Floodplains, floodways and the resulting flood fringe are defined in three ways: (1) by existing FEMA Flood Insurance Rate Maps; (2) an engineering study approved by the associated municipality and FEMA; (3) assumed to be 50’ from top of stream bank if neither of the first two exist.

Municipalities regulate the floodplain (i.e. flood fringe) through ordinances and overlay districts. When developing or planning development within the flood fringe, the initial contact should be made with the municipality. Most municipalities will have a floodplain specific ordinance naming the PADEP as the floodway regulator and then outlining the local regulations for the flood fringe. In Pennsylvania, development in the floodway is very limited as there can be no impact on the water surface elevation resulting from the proposed development. Municipal regulations for floodplain activities vary widely and must be assessed on a caseby-case basis.

As you can see, this whole process can be very confusing, but it is an essential to understand since it impacts the development potential of many properties. It is recommended to involve an Engineer with the proper floodplain knowledge and experience early in the diligence process and schedule pre-application meetings with the municipality and PADEP for guidance on the applicable regulations. Keep in mind that permitting required for activities occurring in the floodplain and/or floodway is separate from, and in addition to, the typical Soil Erosion and NPDES permitting.

Meyers is a Senior Project Manager at LANDCORE Engineering Consultants, PC where he manages site due diligence, design and permitting activities for land development projects throughout PA and NJ. ■

Mid Atlantic Real Estate Journal — Shopping Centers — March 30 - April 12, 2012 — 37A

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38A — March 30 - April 12, 2012 — Shopping Centers — Mid

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RETAIL EXPERTS By: Ward McMasters, Earth Engineering

It’s Spring! We are Getting Started

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et’s face it, spring has been here for at least two months, or at least it feels that way.

It’s hard to remember last winter, or possibly, we have all just erased it from our memories in a sense of self preservation. This year though brings a renewed spirit which is contagious throughout the construction industry. Mid-last year there were several signs of the beginning of a recovery or at least an uptick in the industry. In a similar article I wrote around that time last year, I spoke about the changing attitudes and the fact that when geotechnical investigations for new

“For the longest time we all heard the phrase – “The project is going to happen but we are going to hold off for now, and we will let you know when we get started.”

This year we are “Getting Started”! It is very hard to distinguish between whether the increase in activity is due to an increase in the market in general or a general sense of “let’s get going” due to the mild weather.”

Ward McMasters

development of any kind see as increase, that it is a barometer for the industry as a whole. I am happy to report that the pace has continued to increase at a steady rate since. At mid-March the pace continues with investigations, but what is different this year is the effect that the

mild weather has had on the attitudes of the people that dictate the pace of the construction and development industry. For the longest time we all heard the phrase – “The project is going to happen but we are going to hold off for now, and we will let you know when we get

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started.” This year we are “Getting Started”! It is very hard to distinguish between whether the increase in activity is due to an increase in the market in general or a general sense of “let’s get going” due to the mild weather.

Either way, it has created an overall sense of promise for the year ahead.

With this critical year of business building and growth upon us, it will be very important to stress the quality of work. Every business in the construction and development industry is looking forward to a year of profitability. But this can only be achieved if the level of work and quality of service meet the higher standards being demanded in the current market. Evaluating good value for clients through consistent and thorough engineering, as well as outstanding customer service, will be keys to success. Maintaining high standards for quality control inspection and testing for your upcoming project is our commitment to getting projects through to successful completion.

Remember, as sunny and bright as the weather has been throughout the beginning of this year, the quality standards that helped you differentiate yourself and survive the past couple of years are the same ones that will provide for successful growth in a rebounding market.

McMasters is currently the president of Earth Engineering Incorporated, a full service geotechnical engineering firm established in 1990. EEI specializes in the field of geotechnical investigation, earthwork quality management, construction inspection and testing, and foundation and retaining wall design and evaluation. Mr. McMasters provides corporate management at EEI as well as geotechnical engineering oversight and technical review.

McMasters holds a Bachelor of Science degree in Civil Engineering and a Master of Science in Engineering Management, both from Drexel University. McMasters is certified as a Professional Engineer in Pennsylvania, New Jersey, Delaware, and Maryland. ■

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Mid Atlantic Real Estate Journal — Shopping Centers — March 30 - April 12, 2012 — 39A

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40A — March 30 - April 12, 2012 — Shopping Centers — Mid

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RETAIL EXPERTS By: Buck Collins, Bohler Engineering

The new Lexicon Of Real Estate Development

S

ince the market highs of 2008, the real estate community has witnessed a wholesale shift in approaches to design, development and marketing that touches the entire marketplace.

Buck Collins The market has struggled to answer big questions: How do we get long planned projects off the ground, design projects that increase foot traffic for retailers, shorten commutes, be Greener, and meet the changing needs of the consumer, the tenants and the community. Terms shaping development like “Highest and Best Use”, “By Right”, “Zoning District” and “Single Purpose” are being replaced by new industry terms like “Mixed-Use” “Stormwater Management”, “Low Impact Development” (LID), “Lead-

ership in Energy and Environmental Design” (LEED)”, “Restaurant Rows”, “Captive Retail”, “Transit Oriented Design” (TOD) and Sustainability.

These changes are both market and economic driven.

As more people are unable to buy houses or to get the equity out of their existing homes there has been a sustained rush to develop rental housing, particularly apartments.

As a desirable land use due to its high return on investment, it remains a challenge for developers to find ground zoned to allow apartments.

Municipalities have historically discouraged density by limiting the zoning districts that allow for high density housing.

Suburban sprawl is out.

“Live, Work & Play” is in. The new model is being driven by consumer’s desire for higher quality of life, by organizations like the US Green Building Council (USGBC) and the Urban Land Institute (ULI). These and others simi-

lar organizations, promote projects and planning that features density, a variety of land uses strategically located in close proximity and the availability of public transportation. Commonly referred to as Mixed-Use and Transit Oriented Design (TOD) projects, they offer a mix of dense residential types, office buildings for working, retail for shopping, restaurants for dining and recreational facilities for playing. Additionally, these dense “Mixed-Use” developments and communities should be built around mass transit and/or highway interchanges. Driving through small towns and neighborhoods for work, shopping and commuting, increases costs to businesses, causes congestion and additional road maintenance for municipalities and lowers our quality of life.

Natural Resource Protection, Low Impact Development (LID) and Green Infrastructure are the regu-

latory forces that impact these projects. Every project must demonstrate to the local Municipality, County, State and Federal agencies that there is minimal impact to groundwater, surface waters, soil, vegetation and wildlife. LEED projects require “Sustainable Design” features like “Stormwater Harvesting”, Landscape Architecture featuring Native Plant Species; “Dark Sky Lighting” to avoid “light pollution” with “Downcast Lighting” to avoid “Light Pollution”; new pavement and construction materials to control rising temperatures to and the “Heat Island Effect” and many other new terms. These “Sustainable Practices” have become the law in many municipalities with requirements for innovative Best Management Practices (BMP’s) to handle stormwater, erosion control and lighting.

Existing and planned projects are being Re-Positioned, Re-Purposed and Re-Imag-

ined. Townhouse Projects are being converted to Apartment Complexes; Malls redesigned with “Restaurant Rows”; parking garages are replacing surface lots; colleges and universities are in shopping centers and industrial parks; new train lines; big box retailers opening smaller boxes for urban locations, warehouse distribution facilities are returning to the cities and going vertical. All require new architecture, zoning, land planning, site engineering, construction methods and marketing approaches.

Buck Collins, LEED Green Associate is the director of Client Services for Bohler Engineering, an industry leader in Civil Engineering, Project Management, Surveying, Environmental, Geotechnical & Traffic Engineering operating 13 Eastern U.S. offices including Philadelphia, Chalfont and Center Valley, PA. ■

By: Jonathan Klear, Metro Commercial

A long slow sweeping curve back to normalcy Amongst all of the trade magazines, newspapers, programs, and websites I attempt t o d e v o u r, the sentiment has remained quite the same for most of the last year. In short, “activity is up, d e a l s a r e Jonathan Klear getting done”. I cannot disagree with this statement, even firsthand. A long, slow recovery is occurring. I have seen several deals come alive, die, revive, and then take months (and months) to complete. This pattern I refer to is not foreign to most Commercial Real Estate brokers within the industry in recent years. In fact, through various conversations with several institutional and private owners (of CRE), they are still feeling the same arduous level of time to complete a (lease or investment) transaction, via broker or not.

A vast amount of tenants and sellers alike have and

will test the marketplace - as would any consumer - even if they know their timing is not right. A good deal of pencilsharpening on both sides will take place in hopes to make the deal come to fruition. Is this a credit tenant? Is this the right block, or trade area for our business? If I wait longer, can I get a higher value from another buyer?

These questions, while posed for good long-term solutions, often make for a lengthy process on each side of the transaction. Consequently, a lot of the multi-tenanted shopping center owners with whom I interact are now currently content, but not elated, with their tenant rosters.

The centers are leased, but owners seem reluctant to try to improve their rent-roll or line-up because they fear risk of catastrophe. Obviously, some are better than others.

Retailers’ businesses are apparently improving, but the lines of credit are stifled and holding up the process to move forward at a faster pace, as several have told me.

With the flight to quality occurring in most markets, some owners are shedding B & C class assets to focus on their more attractive ones, and deploying the capital into them to lure new and existing tenants in their properties.

Owners may want to retail their fully leased centers, and some know that a higher occupancy can usually demand a higher value, should they be seeking a disposition.

Buyer’s money has been tired of sitting in the bleachers and wants its chance to perform, however, caution is applied far more than the optimism when it gets its chance. As brokers, finding the right home for the buyer’s money is the piece of the puzzle that keeps us in the race. The values and asking prices on these assets are not always aligned, thus making the transaction timeline longer and more complex than anticipated in some cases.

At Metro Commercial, while my concentration is on the sale of investment-caliber properties, we are fortunate

to have a full-service platform in all aspects of retail real estate: leasing, site selection, sales, and property management. We have an open and continual dialogue among all of the disciplines, and therefore see so much of the depth and breadth of what is occurring in our marketplace, not just one sliver.

Also, most importantly, it is fresh data-points, because what happened last month is often as useless and dated as what occurred last decade.

I share my colleagues’ voracious hunger for knowledge and I can effectively deploy it to business. The good news, today, is that when transactions were finding reasons for not happening, now we are all working on solutions to make them a reality.

Jonathan Klear joins the Metro Commercial team with several years of brokerage experience within the Tri-State region. Drawing from landlord, tenant representation and investment sales practices, Jonathan

has conducted transactions totaling over 500,000 s/f in a few short years.

Throughout this time, he has developed ties with a myriad of institutional, regional and local owners of all asset classes, thus strengthening his ability to draw upon a large pool of resources.

In addition, Jonathan has years of experience in the entertainment industry where he specialized in marketing, licensing and client management. Between both New York and Los Angeles, he has an established relationship pool and broad geographic knowledge of several markets.

At Metro Commercial, Jonathan brings his sales experience to the Metro Commercial Investment Sales division alongside Paul and Kurt Rumley and will continue to expand upon his grasp of the regional and local markets, enhancing and adding value to each transaction. ■

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Mid Atlantic Real Estate Journal — Shopping Centers — March 30 - April 12, 2012 — 41A

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PEOPLE ON THE MOVE Appointed director of Retail Services

New Retail Brokerage Group

Kelly joins Colliers International - Pittsburgh

Pierson forms Pierson Commercial Real Estate

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Jason Pierson recently left CBRE’s New Jersey Retail Group to form a new retail brokerage group, Pierson Commercial, servicing Central and Northern New Jersey.

Pierson is one of the foremost trusted Jason Pierson real estate advisors and representatives to many Fortune 500 retailers, institutional property holders, in addition to private and public institutional retail real estate companies for their re-

I T T S B U R G H , PA — Colliers International- Pittsburgh announced that Brad Kelly has joined the firm as Director of Retail Services. His responsibilities include Brad Kelly all aspects of retail leasing, sale and development, as both a tenant and landlord representative.

“We have now bolstered our retail capabilities with Brad on board. The combination of Brad and Colliers International’s premier retail service platform gives our clients the ability to realize their goals more quickly and more economically,” said Gregg Broujos, managing director and founding principal at Colliers International Pittsburgh. “His appointment as Director of Retail Services is another example of Colliers International l Pittsburgh accelerating success for our clients.”

Previously, Kelly spent

approximately 5 years with ECHO Real Estate Services, as Director of Brokerage Services, where he served as an exclusive representative for Giant Eagle excess space disposition and all GetGo Convenience Store acquisitions and developments in Western PA, West Virginia, and Maryland. During that time, he completed more than 30 new GetGo deals and successfully leased over 400,000 s/f within the excess space portfolio, and successfully developed and implemented Giant Eagle’s ValuKing expansion strategy for Ohio and Erie, PA. He also negotiated and secured new locations for national retailers who included Dicks Sporting Goods, Ashley Furniture, ACE Hardware, and Best Buy. Additionally, Kelly represented the brand new White Oaks Development in Bridgeport, WV where he completed over 95,000 s/f of office leases and freestanding retail developments with Equitable Gas, Subway, Huntington Bank, IHOP Restaurant, Holiday Inn Express, and SpringHill Suites.

Prior to that, he spent approximately 5 years with Langholz Wilson and Associates as a retail commercial real estate sales broker, specializing in buyer and tenant representation, listing and sales, corporate services, and referral generation in the areas of office, retail, and industrial properties.

Kelly is a native of Charleston, West Virginia, and has been living in the greater Pittsburgh for over twelve years. He brings more than fifteen years of client-based service experience to the commercial real estate industry with a focus on retail sale and leasing matters.

He is a licensed real estate salesperson in the Commonwealth of Pennsylvania and West Virginia, and is an active volunteer with The Woodlands Foundation in Wexford, a nonprofit organization dedicated to enriching the lives of children and young adults with disability and chronic illness.

Kelly holds a Bachelor of Science degree from West Virginia University, with a major in Business Marketing. ■

Howell, PE elected president of Taylor, Wiseman & Taylor Mount Laurel, NJ — Taylor, Wiseman & Taylor announced that Thomas M. Howell, PE has been elected as the new president of Taylor, Wiseman & Taylor, an engineering, surveying and environThomas M. mental servicHowell es firm based in Burlington County. TWT has eight offices throughout New Jersey, Pennsylvania, Maryland and North Carolina.

Howell succeeds Jim Stevens, PE, who served as president for

the last eleven years.

Prior to becoming president, Howell served as Secretary/ Treasurer and managed TWT’s Transportation/Structural Division for over 20 years. He currently represents the American Council of Engineering Companies of New Jersey (ACECNJ) as National Director and served as President of ACECNJ, ASHE Southern New Jersey Section, and Treasurer of the Cross County Connection, South Jersey’s Transportation Management Association.

Howell has been an active member of the ACEC-NJ Executive and Transportation Committees, as well as various

subcommittees of the same organization, through the years.

Tom currently serves as the Surveyor General of Council of Proprietors of the Western Division of New Jersey, and was the last Surveyor General of the Board of Proprietors of the Eastern Division of New Jersey.

Howell is a licensed Professional Engineer in NJ, PA, DE and NC. He graduated summa cum laude from Rutgers University with dual degrees in Civil Engineering and Business Administration in 1976, and received his Masters Degree in Engineering from Drexel University in 1982. ■

Remco Realty Group celebrates its four year anniversary NORTH BRUNSWICK, NJ — Remco Realty Group announced that the company has just celebrated its fourth anniversary, after opening its doors in February of 2008.

As the lending and real estate indus- Peter Gallicchio tries were both heading into a correction period, Remco president, Peter Gallicchio, a

25 year industry veteran, recognized the gamble as well as the opportunities associated with opening a brokerage company in a down market.

With hard work and a commitment to providing the highest level of accountability to our clients, the gamble paid off, as 2011 proved to be a banner year for us. It was a year in which Remco received its Pennsylvania Brokers license, obtained the most listings, closed the most transactions and grossed the highest dollar volume of

commissions.

A few 2011 closed transactions included a lease of 3,700 s/f to Enterprise Car Rental in Lodi, a lease of 4,000 s/f to Sherwin Williams in East Hanover, a lease of 6,300 s/f to Strauss Auto in Toms River and a lease of 6,500 s/f to Napa Auto Parts in Bridgewater.

We remain very optimistic regarding the overall economy and the continued demand for retail real estate, and as such, we have recently relocated and doubled the size our offices. ■

quirements throughout New Jersey.

Pierson Commercial possesses the sophistication and resources of a large corporation with the entrepreneurial mindset and efficiency of a boutique firm. Adhering to a strict ethical, hardworking and “client first” culture, Pierson Commercial provides mission critical information and results-oriented service to its many clients such as Qdoba Mexican Grill, Lifetime Fitness, Wells Fargo, Denny’s Restaurant Group, AT&T Mobility, Premium Outlets®, Benbrooke Realty Investments and Renaissance Properties. ■

Calkain Companies & Chandan partner RESTON, VA — Net lease property investment has rebounded over the last two years, supported by the sector ’s strong cash flow and value characteristics.

As investors have ramped up acquisitions, the need for specific, actionable research has increased sharply as well. In response to these developments, industry leaders Calkain Companies Research Division and Chandan Economics today announced a new partnership that will bring best-in-class research methodologies to the net lease sector for the first time.

By establishing the first ever Net Lease Economic Report, both firms will have the opportunity to analyze the impact and relationship between tenant, developer and investor demand for this popular asset type.

The proprietary quarterly report will also emphasize the connection and associa-

tion between macroeconomic drivers, transaction velocity, and net lease market forecasting.

Jonathan Hipp, Calkain Companies’ President and CEO, commented, “We are honored and excited that we are able to partner with Sam Chandan and his team. We believe that partnering with the best in the industry will only help our client’s underwriting and ultimately allow them to make more informed decisions with their net lease properties.” Sam Chandan, PhD, President and Chief Economist of Chandan Economics continued, “My staff and I are truly excited to have the opportunity to work with Calkain Research and their professionals in order to better understand the intricacies that drive the net lease market. We feel that measuring fine details of the asset class will bring new light to the industry as a whole.” ■

LMS Comm’l. announces its new York office York PA - LMS Commercial Real Estate announced it has expanded its presence in York County by opening a new office for its Brokerage Division. LMS’s Brokerage Division’s continued success and growth has created a need for more space.

The York office is lead by one of the regions most successful Brokers, David Nicholson. He is joined by a dynamic team of commercial experts including Joe Spagnola, Blake Gross, Travis Riley, Jeremiah Hamilton, and Ryan Myers. Sarah Wilson has also joined the LMS team as a Leasing As-

sistant for the York office.

LMS Commercial Real Estate, guided by its motto “Creating Value Through Experience” has served the greater Central PA region for over 20 years providing Leasing, Tenant and Landlord Representation, Investment Sales, and Development Services. In addition to being recognized as one of the “Best Places to Work in PA” In 2011 the Central Penn Business Journal awarded LMS it distinguished “Business of the Year” award for companies with 50 or fewer employees. ■

Mid Atlantic Real Estate Journal — Shopping Centers — March 30 - April 12, 2012 — 43A

www.marejournal.com

RETAIL EXPERTS PROFILES ON INDUSTRY PROFESSIONALS EDWARD P. BRADY, PE

DIVISION MANAGER - LAND ENGINEERING

NAME: JASON PIERSON TITLE: PRESIDENT COMPANY: PIERSON COMMERCIAL REAL ESTATE LOCATION: MARLBORO, NEW JERSEY BIRTH PLACE AND DATE: RED BANK, NJ – 7/19/77 FAMILY: WIFE, AMY AND SON, JAKE COLLEGE: UNIVERSITY OF MARYLAND, COLLEGE PARK FIRST JOB OUT OF COLLEGE: BLACK & DECKER – FIELD SALES – SAN DIEGO, NJ FIRST JOB IN REAL ESTATE OR ALLIED FIELD: CBRE

IN

NYC WHAT DO YOU DO NOW AND WHAT ARE YOU PLANNING FOR THE FUTURE: RETAIL COMMERCIAL REAL ESTATE BROKERAGE FIRM AND GROWING

PIERSON COMMERCIAL THROUGHOUT THE STATE OF NEW JERSEY

HOBBIES: SPENDING TIME WITH MY FAMILY, EATING, WORKING OUT FAVORITE BOOK: 1984 FAVORITE MOVIE: BRAVEHEART PERSON YOU MOST ADMIRE (OUTSIDE OF FAMILY): WARREN BUFFET KEY TO YOUR SUCCESS: HARD WORK AND INTEGRITY IF YOU WERE FORCED TO CHOOSE ANOTHER VOCATION WHAT WOULD IT BE? PROFESSIONAL BASEBALL

NAME: EDWARD P. BRADY, PE TITLE: DIVISION MANAGER – LAND ENGINEERING COMPANY: TAYLOR WISEMAN & TAYLOR LOCATION: MOUNT LAUREL, NJ BIRTH PLACE AND DATE: PHILADELPHIA, PA (1956) FAMILY: WIFE, BONNIE; 3 SONS (ED, BRIAN, AND DAN) COLLEGE: DREXEL UNIVERSITY FIRST JOB OUT OF COLLEGE: ESTIMATOR FOR QUILL CORPORATION FIRST JOB IN REAL ESTATE OR ALLIED FIELD: PROJECT ENGINEER (TAYLOR WISEMAN & TAYLOR) WHAT DO YOU DO NOW AND WHAT ARE YOU PLANNING FOR THE FUTURE: CURRENTLY MANAGE PROJECT ENGINEERS FROM PROJECT SITE DESIGN THROUGH APPROVALS; PLAN TO EXPAND THE LAND ENGINEERING DIVISION BY INCREASING SERVICES AND CLIENT BASE. HOBBIES: WORKING ON THE SHORE HOME WITH BONNIE; FOLLOWING THE PHILLIES, RIDER UNIVERSITY SWIMMING, AND NOTRE DAME FOOTBALL. FAVORITE BOOK: “CHURCHILL, HITLER AND THE UNNECESSARY WAR” FAVORITE MOVIE: “WAKING NED DEVINE” AND “RUDY” PERSON YOU MOST ADMIRE (OUTSIDE OF FAMILY) DEACON JOE CHANDLER OF ST. CHARLES BORROMEO CHURCH IN TURNERSVILLE, NJ KEY TO YOUR SUCCESS (ONE IDEA) SERVICING MY CLIENTS, AND QUICKLY. IF YOU WERE FORCED TO CHOOSE ANOTHER VOCATION WHAT WOULD IT BE? OPTOMETRIST OR SPORTS STATISTICIAN

Metro Commercial Real Estate

JONATHAN KLEAR INVESTMENT SALES NAME: JONATHAN KLEAR TITLE: INVESTMENT SALES COMPANY: METRO COMMERCIAL REAL ESTATE LOCATION: MOUNT LAUREL, NJ BIRTH PLACE AND DATE: PHILADELPHIA, PA 8-25-77 COLLEGE: OHIO STATE UNIVERSITY FIRST JOB OUT OF COLLEGE: MARKETING AT VIACOM, NEW YORK, NY FIRST JOB IN REAL ESTATE OR ALLIED FIELD: BROKERAGE – SALES AND LEASING, INDUSTRIAL IN NJ WHAT DO YOU DO NOW AND WHAT ARE YOU PLANNING FOR THE FUTURE: CURRENTLY AT METRO COMMERCIAL MY TEAM FOCUSES ON THE REPOSITIONING, VALUATION, AND DISPOSITION OF PRIVATE AND INSITUTIONALLY OWNED MULTI TENANTED SHOPPING CENTERS. THROUGH MY VARIOUS CONNECTIONS, I INTEND TO ADD VALUE TO THE ALREADY ESTABLISHED INVESTMENT SALES TEAM AT METRO COMMERCIAL. HOBBIES: RUNNING, MUSIC, READING, MOVIES FAVORITE BOOK: ANYTHING JOHN STEINBECK FAVORITE MOVIE: WAY TOO MANY TO NAME PERSON YOU MOST ADMIRE (OUTSIDE OF FAMILY): ANYONE THAT CAN TURN NOTHING INTO SOMETHING

KEY TO YOUR SUCCESS: PERSEVERANCE: RUNNING HAS TAUGHT ME TO BE DISCIPLINED, A KEY FACTOR IN THIS BUSINESS IF YOU WERE FORCED TO CHOOSE ANOTHER VOCATION WHAT WOULD IT BE? PROFESSIONAL MARATHON RUNNER

COMING SOON Shopping Centers featuring the 5th Annual Retail Profiles Spotlight Deadline for Editorial: June 8, 2012 Issue Date: June 22, 2012 Contact Elaine Fanning for more information on submitting your Executive Profile. e-mail: efanning@marejournal.com or call: 800-584-1062/781-871-5298 Ext. 212

Taylor Wiseman & Taylor

Pierson Commercial Real Estate

JASON PIERSON PRESIDENT

44A— March 30 - April 12, 2012 — Shopping Centers — Mid

Atlantic Real Estate Journal

www.marejournal.com

SHOPPING CENTERS Troutman, Jr., of McDonough & Rea Assoc. address traffic Full Service Salon

Inserra Supermarkets present proposal for 62,042 s/f ShopRite

WJ Posavek & Son renovate 1,200 s/f space

W

YCKOFF, NJ — The Inserra Supermarkets development team appeared before the Township of Wyckoff Planning Board to present further testimony on the proposed ShopRite at Wyckoff and Greenwood avenues. The 62,042 s/f structure would replace a distressed former supermarket in the heart of Wyckoff ’s central business district.

Jay Troutman, Jr., PA, a principal with McDonough & Rea Associates, Inc., of Westfield, NJ, has analyzed the circulation of cars and trucks to and from the proposed site and has addressed traffic concerns throughout the application. He restated that Wyckoff Avenue, a county road, is still considered a “candidate for signalization,” but county officials have yet to issue a final decision.

“Inserra will comply with whatever recommendations the county makes on traffic signals or restrictions,” said James Jaworski, Esq., who is representing Inserra in this application. “The development team is also working closely with local officials to ensure the safest layout of this site.”

Inserra has already addressed recommendations from township officials, engineers and the Shade Tree Commission. They recently introduced minor revisions to the site layout plan that

Inserra ShopRite of Wyckoff Renderings remedied minor parking, landscaping and drainage concerns and eliminated the need for several variances.

In the revised plan, parking lot islands and light posts were relocated to address concerns raised by the Shade Tree Commission. “The lot’s reconfiguration not only enhances the symmetry and aesthetics of the site, but also allows for an increased number of parking spots,” said Andrew Missey, a licensed professional engineer at Paramus-based Lapatka Associates. The plan now calls for 386 spots, exceeding the code requirement of 380 and eliminating any discussion of the need for a parking variance. In addition, a proposed variance for the size of a loading space was also eliminated.

Revisions to the landscap-

ing plan result in a total of 38,696 additional s/f of on-site greenery, along with increased buffers around the property. Changes to the species and arrangement of the plants and trees were also added at the suggestion of the Township’s Shade Tree Commission. Improved visual interest in the site will be achieved by staggering the trees, spacing them closer together, and replacing deciduous species with evergreens.

Additionally, Troutman testified that neither the parking lot reconfiguration nor the landscape enhancements will negatively impact sight lines or traffic circulation on the site. The project’s architect, Thomas Ashbahian, also confirmed that the architectural plan was unaffected by the revisions. ■

Goodwin of Metro reps The Solid Wood Cabinet Company in multiple lease transactions C O N S H O H O C K E N , PA — Metro Commercial announced that it has brokered five leases in grocery/power anchored centers, for The Solid Wood Cabinet Company totaling over 14,000 s/f, in South- Brian Goodwin eastern Pennsylvania and New Jersey.

Brian Goodwin of Metro Commercial, who exclusively represents The Solid Wood Cabinet Company, inked a 2,000 s/f lease transaction for Norriton Square, Norristown, PA. A 2,500 S/f transaction at Center Point Place, Warminster, PA; and three lease transactions in New Jersey

Full Service Salon BETHLEHEM, PA – Bethlehem builder WJ Posavek & Son recently renovated retail space, for a full service salon in Bethlehem. The nearly 1,200 s/f, owned by Posavek, is now home to Natural Reflections by Gabriella, specializing in holistic skin care, hair styling and nail treatments.

The space, conveniently located at 1319 Stefko Boulevard in Bethlehem, showcases WJ Posavek’s quality craftsmanship and includes high end, luxury finishes from floor to ceiling. A stone water fountain runs at the reception area and a recessed magazine rack is finished with linear glass tile, glass shelves and brushed

nickel towel bars in the waiting area. Porcelain tile with vertical Botany Bay pebbles adorn the walls throughout the salon, which includes a manicure/pedicure section, 3 hair styling stations and a private room for organic spray tans. In addition, the facial room contains a glass vessel sink finished with a 12” backsplash of stone and glass tiles, which is replicated in the restroom. An additional treatment room and storage/break room are also finished with consistent looks and finishes.

Painted in a soothing ocean blue with elegant light fixtures throughout, the salon displays pure quality and luxury. ■

Haines of NAI Summit reps 800 s/f lease ALLENTOWN, PA — Jay Haines of NAI Summit represented both the building owner and the tenant in a lease renewal of 800 s/f of retail space for Hess Jewelers at 3690 Lehigh Jay Haines Street, in

Whitehall, PA. The tenant, Hess Jewelers, is a family-owned jewelry store based in the Lehigh Valley. Hess Jewelers and proprietor Keith Hess have been at the location since 1996.

The building owner is MacArthur Industrial Park Association. ■

Samtmann of Equity Retail leases 4,000 s/f

The Solid Wood Cabinet Company — 2,973 s/f at Brick Plaza in Brick, 2,200 s/f at East Gate Square in Moorestown and 4,550 s/f at Crosspoint Town Square in Woodbridge.

“We are excited to work

with The Solid Wood Cabinet Company on these latest lease transactions,” says Goodwin.

“We want to support the company as it continues to invest in growth.” ■

DOYLESTOWN, PA — Rob Samtmann of Equity Retail Brokers was pleased to represent Pet Valu in their store relocation in Doylestown, Bucks County. Pet Valu has leased approximately 4,000 s/f of inline space in the Doylestown Shopping Center, located at 400 N. Main Street. They were formerly located at the nearby Gen-

uardi’s-anchored Mercer Square. Matt Ryan of Legend Properties represented the center’s owner, John A. Robbins Co., in the transaction. Pet Valu’s co-tenants will include Acme, Staples, Bon-Ton, Starbucks and Wendy’s. They are looking forward to becoming a part of this historically strong center. ■

Mid Atlantic Real Estate Journal — Shopping Centers — March 30 - April 12, 2012 — 45A

www.marejournal.com

RETAIL BROKERAGE DIRECTORY Azarian Realty Co. The Azarian Building • 6 Prospect St. Suite 1B • Midland Park, NJ 07432 F: 201-444-9888 F: 201-444-6655 www.azariangroup.com info@azariangroup.com John M. Azarian • Donna M. Azarian • Kevin Pelio Nicole Critelli • Matt Scozzari

Fameco - Woodbridge, NJ Woodbridge Towers • 555 U. S. Hwy 1 Iselin, NJ 08830 P: 732-526-9000 F: 732-526-9101 www.famecoretail.com Tyler Bennett • Carlo Caparruva Mike Horne • Scott Jennerich • Dan Spector Steven Winters • Anthony Palmiotto • Kim Kretowicz Fameco - Philadelphia, PA 1425 Walnut Street, Suite 200 Philadelphia, PA 19102 P: 215.557.0050 F: 215.557-0053 www.famecoretail.com Jackie Balin • Paige Barrow Michael Gray • Eva Redette • Larry Steinberg

Coldwell Banker Commercial Bennett Williams Inc. 110 N. George Street • 4th Floor York, PA 17401 P: 717-843-5555 F: 717-843-5550 info@bennettwilliams.com Robert Behler Jr. • Bobby Traynham Dennis Neiman • Chad Stine Chris Seitz • Bradley Rohrbaugh • David Schad

Colliers International – Philadelphia, PA (HQ) 399 Market St. Ste. 350 Philadelphia, PA 19106 P: 215-925-4600 F: 215-925-1040 www.colliers.com/philadelphia Michael Barmash • Despina Belsemes David Dunkelman • Michael Kahan Todd Sussman Colliers International – Allentown, PA 7535 Windsor Dr., Ste. 208 Allentown, PA 18195 P: 610-770-3600 F: 610-770-3100 Derek Zerfass • Scott Horner Colliers International – Harrisburg, PA 300 N. Second St., Ste. 1203 Harrisburg, PA 17101 P: 717-730-3752 F: 717-238-3299 William Aiello • George Lulos Colliers International – Mount Laurel, NJ 1317 Route 73, Ste. 109 Mt. Laurel, NJ 08054 P: 856-234-9300 F: 856-222-1115 David Dunkelman Colliers International – Wilmington, DE 300 Delaware Ave., Ste. 1018 Wilmington, DE 19801 P: 302-425-4000 F: 302-425-4700 Mark Undorf

Fameco - Plymouth Meeting, PA 633 West Germantown Pike • Suite 200 Plymouth Meeting, PA 19462 P: 610-834-8000 F: 610-834-1793 www.famecoretail.com Cathy Agnew • Brian Bruzek • Jeff Cohen Jim Creed • Scott Dennis • Brandon Famous John Fasciano • Dana Hawkins Jerry Johnson • Jon Kieserman Adam Kohler • John Krause • Jon Kushner Gary Leone • Marc Mandel • Matt Mandel Jay Miller • Steve O’Malley • David Orkin Dale Peterson • Rick Schuch Julie Tanpitukpongse • Dave Vitali Rick Weinberg • Fred Younkin Colin Behr • Daniel Sonnentag

Kay Realty Services, LLC 1989 Jumping Brook Rd. Tinton Falls, NJ 07753 P:732-918-1148 F:732-918-1628 www.kayrealtyholdings.com William Klein, Broker • Developer Property Management • Leasing

KW Commercial-The James Balliet Commercial Group 40 S. Cedar Crest Blvd.

Allentown, PA 18104 P:610-435-4711 F:610-435-2800 James Balliet, Robert Thompson, Melanie Stocker Dr. Rex D’Agostino, Cheyenne Reiman Pete Ambrosino, Heather Lynne Christopher Milotich

120 North Pointe Blvd., Suite 301, Lancaster, PA 17601 1200 Greensprings Drive, York, PA 17402 P: 717-569-9373 T: 800-864-2633 www.LMS-PMA.com Joe R. Deerin, CSM, Donna Deerin Ward, Dave Nicholson, Blaze Cambruzzi, Michael Boden, SCSM, Chad Ward, Blake Gross, Joe Spagnola, CCIM, Ted Hummel, CCIM, Wilay Boensch,Ryan Myers, CCIM, Jeremiah Hamilton, Travis Riley, Patrick Cullen

David S. Feldman Regional Manager – Washington DC Office Special Assets Services – Regional Director 7200 Wisconsin Ave. • Ste. 1101 • Bethesda, MD 20814 P: 202-536-3700 F: 202-536-3710 www.marcusmillichap.com Michael J. Fasano Vice President and Regional Manager 611 River Dr. • 4th Floor • Elmwood Park, NJ 07407 P: 201-582-1000 F: 201-582-1010 www.marcusmillichap.com Spencer Yablon Vice President and Regional Manager 101 West Elm Street • Suite 600 • Conshohocken, PA 19428 P: 215-531-7000 F:215-531-7010 www.marcusmilllichap.com

Metro Commercial – Mt. Laurel, NJ 303 Fellowship Rd • Suite 202 • Mt. Laurel, NJ 08054 P: 856-866-1900 F: 856-866-1611 Brandon Anapol • Brent Barbehenn • Dan Brickner Rob Cooper • Mark Gerlach • Perry GraBois Tom Londres • Lauren McDermott • Pete Nicholson Kurt Rumley • Paul Rumley • George Wisnoski Metro Commercial - Conshohocken, PA Eight Tower Bridge • 161 Washington St. • Suite 375 Conshohocken, PA 19428 P: 610-825-5222 F: 610-825-5156 Phil Azarik • Joe Dougherty • Donna Drew • Steve Gartner • Brian Goodwin • Randy Hope Glenn Marvin • Mike Murray • Steve Niggeman Roy Perez-Daple • Aaron Repucci Metro Commercial - Center City 123 S. Broad St. • Suite 1835 Philadelphia, PA 19109 Michael Gorman • Steve Gartner • Lars Kerstein

Remco Realty Group 1215 Livingston Ave • Suite 2 • North Brunswick, NJ 08902 P: 732-253-0888 F: 732-253-0887 www.remcorealty.net Peter Gallicchio, Owner/President Nicole Zeller - Brian Heller Joseph Marino – Mark DiGiovanni

Rock Commercial Real Estate LLC 221 W. Philadelphia • St. Suite 19 • York, PA 17401 www.rockrealestate.net Ryan Myers, CCIM, • Larry O’Brien, CCIM Benjamin Chiaro, CCIM • Cami Spiridonoff, CPM David Bode, CCIM, SIOR • Dave Keech, CCIM, SIOR Jason Turnbull, CCIM • Kevin Hodge, CCIM Michael Katz, CCIM • Russ Bardolf, CCIM Ted Turnbull, CCIM

46A— March 30 - April 12, 2012 — Shopping Centers — Mid

Atlantic Real Estate Journal

www.marejournal.com

SHOPPING CENTERS BUSINESS CARD DIRECTORY ENGINEERING CONSULTANT

COMMERCIAL INVESTMENT RE Jules A. Borrus BROKER-PRESIDENT

GENERAL CONTRACTOR

(732) 345-7002 FAX 97320 345-7207

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Ma hew Ru , PE,CDP President

direct/cell: (717) 490-2785 mruƩ@landcoreconsulƟng.com

REAL ESTATE

Mailing Address: P.O. Box 8357 Red Bank, NJ 07701 Email: borruscommre@aol.com

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Daniel Katz

P: 212.710.9362

F: 917.591.5497

E: DKATZ@KATZPROPERTIES.COM WWW.KATZPROPERTIES.COM

REALTY

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R E A L E S TA T E S E R V I C E S

President

WILLIAM F. BARGLOW Tel: 732-297-8700 Fax: 732-297-8701 Cell: 732-208-7135 878 Georges Road - Suite 6, Monmouth Junction, NJ 08852

40 S. Cedar Crest Blvd.

Allentown, PA 18104 www.lehighvalleycommercial.com

direct main cell fax

610.435.4712 610.435.4711 610.972.6808 610.435.2800

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Mid Atlantic Real Estate Journal — March 30 - April 12, 2012 — 47A

www.marejournal.com

PEOPLE ON THE MOVE Years of proven performance & dividend achievement

Brett Furman platinum RE/MAX member

Federal Realty Investment Trust Scott Furman ranked celebrates 50th Anniversary in 2012 No. 7 in the state of PA

R

OCKVILLE, MD – Federal Realty Investment Trust, founded in 1962, announced 2012 as a year of celebration marking its 50th year as a public REIT. Over its half century history, the Trust has grown from a small regional owner of primarily shopping centers to a fully integrated real estate company focused on the ownership, management and redevelopment of a variety of high-quality retail destinations including urban, mixed-use properties.

One of the longest operating REITs in the U.S., Federal Realty has an impressive track record of operational and financial performance that reflects an unwavering focus on, and commitment to, quality. Federal Realty’s progress is demonstrated by the following: -Paid quarterly shareholder dividends continuously since its founding 50 years ago.

-Increased its dividend rate for 44 consecutive years, the longest consecutive record in the REIT industry and among the longest such records of all pub-

American Tap Room at Bethesda Row, one of FRT’s headlining properties. licly traded U.S. companies.

-Common shares that consistently trade at one of the highest multiples among REITs. -Gross real estate assets of more than $4 billion (as of September 30, 2011) generated from a portfolio of properties that, excluding joint ventures, equals some 19.3 million s/ f, located primarily in select metropolitan markets in the Northeast, Mid-Atlantic and

California.

“For 50 years, Federal Realty’s business philosophy has been to combine great assets, strong leadership and appropriate strategy to generate shareholder value,” said president and CEO Donald Wood. “We continue to invest in the best assets in the best markets that assure proximity to dense, affluent populations with significant barriers to new competition.”

SJP hires Bronsnick as Senior VP of leasing PARSIPPANY, NJ — SJP Properties, announced the hiring of Peter Bronsnick as senior vice president of leasing.

In this role, Bronsnick will work closely with SJP Executive vice president Jeff Schotz on the leasing and marketing of the company’s New Jersey commercial real estate portfolio.

Bronsnick will also be responsible for sourcing investment

and development opportunities on behalf of the company.

“We are welcoming Peter at a very exciting time and are confident that he will be able to generate leasing velocity to further strengthen our New Jersey portfolio, as well as assist us in identifying strategic development and investment opportunities to support our continued growth,”

stated Steven J. Pozycki, CEO of SJP Properties. ”Peter ’s broad-based experience working in finance, development and leasing, and his ability to effectively communicate and coordinate all aspects of a transaction, are assets that complement our focus on building on our strong track record in the New York Metropolitan area market.” ■

Dress & Moser of BLT Architects promoted to Associates PHILADELPHIA, PA — Nicole M. Dress, AIA, LEED AP to Associate. Nicole joined the firm in May of 2007 as a Senior Architect, and as Project Manager for Revel Resort, a 6.3 million s/f project. Nicole’s leadership in managing the project overall, consultant coordination and key client liaison has been instrumental in the success of the project, scheduled to premiere May 24, 2012. In addition, Nicole played a leadership role in the firms Intern Development Program (IDP) program, creating and providing an exemplary

environment for interns to pursue licensure, enabling BLTa to win the 2010-2013 IDP Firm Award.

Furthermore, Nicole is the president of the Alpha Rho Chi Foundation, a founding member of AIA Philadelphia Women in Architecture Committee and was recently elected Director to the Board of AIA Philadelphia.

Jessica L. Moser, IIDA to Associate. Jessica joined the firm in July of 2005 as an Interior Designer. As Interior Designer, for Revel Resort’s administrative, training, employee dining

and executive offices, Jessica’s design creativity and ability to amalgamate forty stakeholder groups has delivered the operational requirements and the overall vision for the resort in the back of house areas. In addition, Jessica has been responsible for the interior design on several significant higher education commissions including: The Pennsylvania State University’s Smeal College of Business, School of Forest Resources, Borland Building and The Learning Commons at Villanova Falvey Library . ■

McCrone, Inc. of Maryland celebrates 75th Anniversary ANNAPOLIS, MD — McCrone, Inc. is celebrating its 75th year of business serving the utilities, construction, and land development industries.

In 1937, what began as a small family-owned surveying firm founded by John Roy McCrone, Jr. has expanded into a full-service company offering a complete

range of civil engineering, land planning, and land surveying services to private and public sector clients throughout the Mid-Atlantic Region. ■

Left to right: Scott Furman & Brett Furman at the 2011 Remax Awards ST. DAVIDS, PA — Al- stressed. “RE/MAX Classic though national homes sales has the highest productivity are low and the average home per agent as reported by the is staying on the market for Philadelphia Business Jourthree months or more, a local nal. We average 15.9 transpair of brothers, that are two actions per agent while the of the few in the nation who next non RE/MAX Company have developed a proven sys- averages seven transactions tem to successfully sell homes per agent.” and properties, even during The strategy of RE/MAX economically hard times. In Classic, Brett Furman said, fact the brothers, Brett and is clearly working. The first Scott Furman, were recently goal, he said, has been agent presented awards by RE/ productivity and the strategy MAX International for their has always been to invest accomplishments. Scott Fur- heavily in technology. “Most man has been ranked as No. real estate companies keep 7 in the state of Pennsylvania technology and telephone out of 2,825 agents, while systems until they stop workBrett was awarded mem- ing,” said Scott Furman. bership into the RE/MAX “None of our competitors Platinum Club for helping have the horse power that 41 families invest in the we have.” I just purchased American dream of home an Apple tablet and Android ownership in 2011. This was device that needed to be cona 14 percent increase over nected to the server so I knew the prior year for him. it was time for a change,” The brothers established said Brett Furman. “The benRE/MAX Classic 22 years efit of having broker/owners ago with the goal of making also list and sell real estate the agents in the firm more is that the owners realize productive. “The proof is in the need to have the best the pudding,” Brett Furman technology.” ■

Goodwill of DE County awards Emory Hill NEW CASTLE, DE — Goodwill of Delaware & Delaware County, Inc. has just announced that it has chosen Emory Hill Companies as its 2011 Business Partner of the Year.

The award is presented to a business organization that “demonstrates exceptional support of the Goodwill mission – to improve the lives of people with barriers to selfsufficiency through the Power of Work,” said Ted Van Name, Goodwill President and CEO. “We are grateful for your (Emory Hill’s) commitment to Goodwill and are proud to honor you with this award.”

The award will be presented at the 2012 Goodwill Awards Luncheon on Friday, April 27 at the Chase Center on the Riverfront in Wilmington.

“We appreciate all of the opportunities Goodwill has given us – not only in doing business with them but being able to contribute to their mission through the opportunities they have provided us to serve them,” said Emory Hill Business Development Director Bob Liberato. “We look forward to continuing our relationship with Goodwill and we are honored to be chosen as the 2011 Business Partner of the Year.” ■

48A— March 30 - April 12, 2012 — Mid

Atlantic Real Estate Journal

www.marejournal.com

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Back Cover A — March 30 - April 12, 2012 — Mid

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Mid Atlantic Real Estate Journal — Commercial Office Spotlight — March 30 - April 12, 2012 — Section B

Mid Atlantic R

EAL

ESTATE JOURNAL’S ANNUAL

COMMERCIAL OFFICE

Spotlight

Bryan Cole

Robert DiLeo

Michael J. Fasano

Gerard J. Fennelly

Mark Fitzgerald

David Morrison

John O’Donoghue, SIOR

Jeffrey Silberman, Esquire

INSIDE JEFFREY SILBERMAN, ESQUIRE, KAPLIN STEWART MELOFF REITER & STEIN, P.C............ 2B MARK FITZGERALD, HIGH ASSOCIATES LTD. .................. 3B JOHN O’DONOGHUE, SIOR, GRANT STREET ASSOCIATES .. 4B MICHAEL J. FASANO, MARCUS & MILLICHAP REAL ESTATE INVESTMENT SERVICES .. 6B NAI GLOBAL SPOTLIGHT ....................................... 7-14B BRYAN COLE, NAI KEYSTONE COMMERCIAL & INDUSTRIAL... 8B DAVID MORRISON, NAI EMORY HILL ............................... 9B GERARD J. FENNELLY, NAI FENNELLY............................. 10B NAI DILEO-BRAM & CO. ............................................ 11B 2011 COMMERCIAL OFFICE SALES AND LEASES ....... 15-18B

B Inside Cover — March 30 - April 12, 2012 — Commercial Office Spotlight — Mid

Atlantic Real Estate Journal

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Mid Atlantic Real Estate Journal — Commercial Office Spotlight — March 30 - April 12, 2012 — 1B

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2B — March 30 - April 12, 2012 — Commercial Office Spotlight — Mid

Atlantic Real Estate Journal

www.marejournal.com

COMMERCIAL OFFICE SPOTLIGHT

By Jeffrey L. Silberman, Esquire, Kaplin Stewart Meloff Reiter & Stein, P.C.

Commercial Office Leasing Update

T

he market for development and acquisition of office properties remains slow.

H o w e v e r, owners must still lease their existing product as leases roll over, tenants move and vacancies are Jeffrey Silberman created. Since the turbulence of a few years ago seems to have calmed, now is a good time to a step back and review the current environment.

The most common activity we

see is variation of “extend and pretend” in the lending market.

Office tenants find themselves with more leverage than in prior years (even though many of these tenants do not realize it). Many tenants are finding that they are paying over-market rates, and they have either kick-out options or expiration dates in the near future. This presents an opportunity to the tenant to renegotiate their leases to better their deals, either in terms of reduced rents, reduced space, additional improvements or other incentives. Landlords, not wanting to brave the open market in

search of new tenants, are making deals to keep their buildings full. Since this transaction is similar to a work-out of a loan (even though not always precipitated by a defaulting tenant), landlords should consider making concessions contingent upon the tenant remaining in good standing under the lease.

Another important quid-proquo is reviewing the landlord’s position, and including rights that may serve the landlord well when the market does pick-up, such as relocation rights, parking allocations (discussed below) and changing fixed-price renewals to fair

market value renewals.

With reduced occupancies, operating expenses become even more important, since not recouping a tenant’s full pro rata share of operating expenses only compounds the owner’s problem of subsidizing vacant space. The most common problem we see is setting base year expenses too high. Many leases simply provide that a tenant pays its share of operating expenses over the costs in the base year. Consider a base year with heavy snow fall, or an extremely dry summer in which landscaping and irrigation costs are unusually high.

The base year lives forever, so it is important to provide that a base year can be adjusted for unusually high expenses. The manner in which those costs are adjusted is a matter of negotiation, but recognizing and dealing with the issue up front is the first, critical step.

Finally, to reduce space costs, tenants are attempting to minimize their space needs, without necessarily reducing the number of occupants. This leads to parking nightmares in under-parked projects. The parking lot is often the first impression made on a prospective tenant. Pulling into a prospective building and finding no parking is a sure way to lose a tenant. Therefore, it is critical for landlords to understand their parking supply and, if necessary, impose the right to allocate parking among tenants. Often, there are entire sections of parking lots not being used because of proximity to entrances/exists. Landlords need to deal with this up front to protect the marketability of their projects.

Even in a down market, it is important to stay ahead of the game. The sun will rise again, hopefully soon, and owners need to be prepared.

Jeffrey Silberman is a principal in the Real Estate, Business & Finance group of Kaplin Stewart in Blue Bell, PA. ■

Commercial Office Property Spotlight a section of the

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

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Real estate law from the ground up.

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Mid Atlantic Real Estate Journal — Commercial Office Spotlight — March 30 - April 12, 2012 — 3B

COMMERCIAL OFFICE SPOTLIGHT

By Mark Fitzgerald, High Associates Ltd.

“Water, water everywhere, nor not a drop to drink.�

Current status of the commercial real estate debt

“W

ater, water everywhere, nor not a drop to drink.�

Those famous words

by Samue l Ta y l o r Coleridge, in The Rime of the Ancient M a r i n e r, ring true today for many Mark Fitzgerald real estate borrowers as the capital markets are awash with cash, but precious little capital is flowing to debtstarved borrowers.

From December 2007 through June 2009, the United States economy suffered through the worst recession since the Great Depression, a recession brought on by a financial crisis with origins from the explosion of subprime mortgages. While the economy has “officially� been out of the recession for 30 months, the financial institutions supplying debt capital to the markets have been reticent to turn on the spigot and start capital flowing again in any meaningful way.

Why the low-flow of debt?

During the past two years, many large money center and regional banks took advantage of “free� money from the Federal Reserve to increase their profits and shore up their balance sheets — playing the game of “extend and pretend,� hoping and waiting for the economic recovery to bail them out of underwater loans. Unfortunately time is running out. Between 2011 and 2015 nearly $1.8 trillion of loans are expected to mature with nearly 60 percent of those loans underwater, despite improving market conditions. To date, banks have slowly been addressing troubled loans by modifying loan terms for larger borrowers with good assets in strong locations, while liquidating smaller loans in distressed regions. While there has not been the “anticipated� flood of foreclosed assets brought to the market, lenders are losing patience and will start to increase the rate of foreclosures in a desire to permanently resolve their troubled portfolios.

Reality-based lending In all but the most troubled markets, supply and demand fundamentals and capital-

ization rates have improved in the last year across most asset classes; yet most banks continue to use stricter underwriting standards in evaluating new loans. According to CBRE Capital Market Lender Forum, the average loan-tovalues have decreased from 75 percent in 2007 to 62 percent in 2011, with underwriting based on current in-place lease terms rather then overly aggressive lease-up and rent growth assumptions. It is anticipated that lending by banks will pick up slightly in 2012 for creditworthy bor-

rowers with core assets in first-tier gateway cities.

So who is lending now and for what type of properties?

For those fortunate highquality sponsors with firstclass core assets, stable cash flows, located in major markets, capital is available at historically low long-term rates. Life companies continue to dominate the market, representing nearly 85 percent of all refinancing transactions completed in 2011, as they are flush with cash and have emerged from

the financial crisis relatively unhurt. Multi-family/apartment assets are the most sought after property type, as market fundamentals have improved in most markets to pre-recessionary levels. In most markets occupancy has returned to 95 percent and landlords have once again seen the ability to raise rents.

While the future of GSEs — Government Sponsored Entities — remain uncertain, Freddie Mac and Fannie Mae continue to play a dominate role in multi-family lending.

While there is some opti-

mism that 2012 will be better then 2011, liquidity will not return to the market until the economy begins to show signs of a full recovery and the CMBS — Commercial Mortgage Backed Securities — market re-emerges under a stronger CMBS 2.0 model. During 2005-2007, the CMBS market averaged approximately $200 billion in loan originations annually, peaking at nearly $300 billion in 2007. New loan originations were non existent in 2008-2009. During 2010 there continued on page 20B

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4B — March 30 - April 12, 2012 — Commercial Office Spotlight — Mid

Atlantic Real Estate Journal

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COMMERCIAL OFFICE SPOTLIGHT

By John F. O’Donoghue, SIOR, Grant Street Associates

Pittsburgh Market Overview

P

ittsburgh is one of only 26 cities out of 363 U.S. metropolitan areas that is expected to recoup prerecessionary job levels in 2012, thanks in part to the energy sect o r, w h i c h now repre- John O’Donoghue sents 16% of the area’s economic activity. With more than 150,000 direct and indirect jobs and 750 companies affiliated with energy production and distribution, the sector’s gross regional product topped

8x825 ad for MAREJ Grant Street Associates.indd 1

$19 billion in 2011.

The Marcellus Shale play has pushed job growth, wage

which just leased nearly of the city, recently announced 70,000 s/f at 600 Cherrington that it would build an ethane Corporate Park in Pittsburgh’s cracker in Beaver County, a $1 billion investment in the The absorption of existing space has led to a surge region that is expected to proin new development within the region over the past 12 duce thousands of construction months, resulting in a 48% increase year over year in jobs and supersize the region’s plastics and chemical manucommercial construction starts. facturing industries.

The significant space reincreases and workforce devel- airport corridor. Others who quired for these energy comopment in Western Pennsyl- have recently absorbed exist- panies to establish Marcellus vania for the past 24 months. ing office space include Cabot operations has had a draAmong the larger players Oil & Gas, Seneca Resources, matic impact on Pittsburgh’s are Range Resources, which Talisman Energy USA, Inc. office market. The overall recently took occupancy of an and EXCO Resources, LLC. vacancy rate for all classes 180,000 s/f, class A build-toRoyal Dutch Shell, which of office space market-wide suit Appalachian headquar- moved in January into approx- has dropped to just over 13%, ters in Southpointe Business imately 80,000 s/f at Water- with class A space at just unPark; and Chevron U.S.A., front Corporate Center north der 9%. Washington County,

3/23/2012 2:45:31 PM

Butler County and the Parkway West remain the hotbeds of leasing activity for these groups; however, the Central Business District (CBD) has seen an equal share of the action. Class A vacancy is under 7% in the CBD, with only 10 properties currently marketing blocks of space larger than 50,000 s/f.

The absorption of existing space has led to a surge in new development within the region over the past 12 months, resulting in a 48% increase year over year in commercial construction starts. The total value of new projects topped $3.7 billion in 2011. Among the latest speculative projects scheduled for the Central Business District (CBD) are The Gardens at Market Square, a 100,000 s/f office and retail project by Millcraft Industries; and a 120,000 s/f office building in Pittsburgh’s Strip District planned by The Buncher Company.

In addition, Walnut Capital and RCG Longview announced plans for Bakery Square 2.0 in Pittsburgh’s East End. This new mixed-use development will consist of more than 400,000 s/f of LEED designed office space with first-floor retail, townhomes and singlefamily homes. Delivery of the initial phase is expected in late 2014. And, both Horizon Properties and Burns & Scalo announced plans for close to half a million s/f of new speculative development in Southpointe II, Washington County.

Bargaining power within the Pittsburgh market is shifting to the landlords of class A office buildings. Asking rental rates for class A rose 2.5% year-over-year in the CBD and by 14.3% year-over-year in the northern submarkets to $23 per square foot (psf) and $24 psf, respectively, at year-end. The west submarkets, which have posted the highest vacancy levels for the past five years, have benefitted from the overflow of energy companies seeking space along the Interstate 79 corridor. Asking rental rates in the submarket rose 4% to $21.66 psf at yearend 2011.

John F. O’Donoghue, SIOR, is a principal and founding member of Grant Street Associates, Inc., a member of the Cushman & Wakefield Alliance. ■

Mid Atlantic Real Estate Journal — Commercial Office Spotlight — March 30 - April 12, 2012 — 5B

www.marejournal.com

COMMERCIAL OFFICE SPOTLIGHT Q4 2011 | OFFICE

EASTERN PENNSYLVANIA | SOUTHERN NEW JERSEY | DELAWARE

RESEARCH & FORECAST REPORT

PA

Stable or Stalled?

REGIONAL OVERVIEW The regional office markets did not register any measurable improvement during the third and fourth quarters of 2011. The perception is that market fundamentals are less fragile than in the previous two years, but this has yet to be reflected in occupancy trends. Overall, companies are still attempting to minimize the need for additional space when making lease decisions.

NJ

DE

Annual absorption, at 511,662 square feet, was slightly higher than 2010’s annual total and represents the second year of positive absorption. Leasing activity was sporadic rather than steady, but there were some significant new transactions. One example is Endo Pharmaceuticals; the company announced plans to move from Chadds Ford to a new 300,000-square-foot build-to-suit at Atwater Corporate Center.

MARKET INDICATORS 2011 Q3

2012 Q1

c

VACANCY c

NET ABSORPTION CONSTRUCTION RENTAL RATE

The regional vacancy remained at 14.7 percent.

Absorption was flat for the fourth quarter, and low but positive for the year. Class A buildings had one million square feet of positive absorption, while Class B buildings lost over 500,000 square feet.

Arrows compare current quarter to the previous quarter and forecast the next quarter.

c

c

Tenants are still in the driver’s seat for lease negotiations, with cost-savings driving decisions.

Building sale activity remained light, but there was an increase of properties on the market.

MAJOR OFFICE MARKET VACANCY

UPDATE

20%

New Supply, Vacancy and Absorption MSF

5.0

35%

4.0

30%

3.0

25%

2.0

20%

1.0

15%

0.0

10%

15%

CBD Philadelphia 10%

PA Suburbs Southern NJ

-1.0

02 03 04 05 06 07 08 09

10

-2.0

11

5% 0%

Absorption

Construction

Vacancy Rate

www.colliers.com/philadelphia

5%

Wilmington / New Castle Lehigh Valley 0% 2008

2009

2010

2011

Of the regional major market areas, only the Lehigh Valley is back to a pre-recession vacancy levels.

6B — March 30 - April 12, 2012 — Commercial Office Spotlight — Mid

Atlantic Real Estate Journal

www.marejournal.com

COMMERCIAL OFFICE SPOTLIGHT

By Michael J. Fasano, Marcus & Millichap Real Estate Investment Services

Tax incentives help revive New Jersey office market

I

nvestors in New Jersey office buildings can prepare for an improving, but gradual recovery in space demand this y e a r. T h e office sector will be bolstered by the improving r e g i o n a l Michael J. Fasano economy, which defied expectations of a double-dip recession following the U.S. debt downgrade in August of last year. Job growth, retail

sales, exports and corporate profits all beat predictions in the last few months of 2011, which bodes well for both the national and New Jersey office sector.

Operations in New Jersey will log modest improvements this year as tax incentives spur demand for office space and corporations expand their presence. The new $200 million GrowNJ Assistance Program will extend tax credits to entities ineligible for the Urban Transit Hub Tax credit. The

program will encourage businesses in suburban areas to expand, while helping operators struggling to find tenants backfill empty space.

Meanwhile, Bayer HealthCare will consolidate its East Coast operations in 2013 and relocate 2,500 employees to the former Alcatel-Lucent property in the Hanover Township. Leasing activity will pick up in the area this year as companies upgrade to Class A space near the site.

In Central New Jersey, Novo Nordisk, Inc. committed to 770,000 square feet at the

former Merrill Lynch facility in Plainsboro, increasing its footprint by 150,000 square feet. The move will create 1,000 new jobs. However, 550,000 square feet of space will be vacated in Princeton and could take several quarters to absorb.

Global volatility and compressed yields in the financial markets will drive institutions to expand their real estate portfolios, while local buyers target distressed note sales. Lower price points and higher upside will entice in-

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stitutions from Manhattan to deploy capital into trophy properties in Northern New Jersey, where assets can trade at cap rates hovering around 6.5 percent. Life insurance companies will be the primary lenders of stabilized Class A buildings in the area while cash-heavy investors will target underperforming top-tier properties. After addressing deferred maintenance and re-tenanting these operators will refinance and redeploy the equity. In Southern Jersey, activity will be dominated by REO and note sales. High-net-worth individuals will target notes trading at a discount and collect the monthly debt service. Conversely, value-add investors will foreclose and stabilize the asset to boost cash flow.

As the year progresses, local investors will target value-add Class B/C properties in Monmouth and Ocean counties to achieve higher upside. Elsewhere, prestigious office districts in Middlesex and Mercer counties will garner keen interest from conservative out-of-state buyers.

Key Metrics for 2012 • Employment Forecast: Companies with operations in New Jersey will hire 46,000 workers by year’s end, growth of 1.2 percent. The office-using sectors will gain 11,500 positions.

• Construction Forecast: In 2012, 500,000 square feet of Class A office space will come online, expanding statewide inventory by 0.3 percent.

• Vacancy Forecast: Vacancy in New Jersey will fall 40 basis points by the end of 2012 to 19.4 percent, which will offset the 40-basis-point increase last year.

• Rent Forecast: Asking rents will climb 0.6 percent by year’s end to $25.85 per square foot. Effective rents, meanwhile, will jump 1 percent to $21.35 per square foot.

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COMMERCIAL OFFICE SPOTLIGHT FEATURING NAI GLOBAL Mid Atlantic Real Estate Journal — Commercial Office Spotlight — March 30 - April 13, 2012 — 7B

www.marejournal.com

Delivering a broader range of services to members

NAI Global begins new era with C-III Capital Partners

P

RINCETON, NJ —PRINCETON, NJ March 26, 2012 – NAI Global, the world’s premier managed network of commercial real estate firms and one of the largest real estate Jeffrey M. Finn service providers, began a new era in January 2012 by joining forces with C-III Capital Partners, one of the fastest growing commercial real estate services companies worldwide.

The new partnership provides a global platform to support C-III’s strategy to build a fully diversified commercial real estate company engaged in commercial brokerage, primary and special loan servicing, loan origination, fund management and property management.

“We are thrilled to be joining forces with C-III, excited about the opportunity to deliver an

“We are thrilled to be joining forces with C-III, excited about the opportunity to deliver an even broader range of services to our members and look forward to adding greater value to our collective corporate and investment clients,” said Jeffrey M. Finn, NAI Global president & CEO. even broader range of services to our members and look forward to adding greater value to our collective corporate and investment clients,” said NAI Global President and CEO Jeffrey M. Finn. “Our new owner and partner will enable us to significantly expand

our network and enhance our service delivery to clients by increasing our investments in infrastructure and service delivery platforms.”

C-III is a diversified real estate services and investment management firm providing innovative real estate equity

and debt solutions to clients and investors. The firm is engaged in a broad range of activities, including property management, brokerage, financing and investment CIII’s management team is led

by Andrew L. Farkas, who founded Insignia Financial Group, Inc. C-III was named the number one company in a list of Real Estate Forum’s “Top 10 Companies to Watch in 2012.”

As an established, client-focused organization of talented property advisors, NAI Global and its existing international platform is an ideal partner for C-III. The partnership provides NAI global with a strong source of capital to expand corporate management and strategic infrastructure to take advantage of opportunities to invest in strategic locations worldwide and expand and strengthen its network of member firms.

Although NAI Global has already added seven members in 2012, including NAI Curzon, a new member in China

with twelve offices across the country, the company is actively looking to continue its expansion particularly in strategic locations, such as New York, London, and Singapore.

In addition to establishing market leadership in key regions, NAI Global is strengthening its capital markets and investment property sales platform, with the creation of the Investment Services Group, a premier group of leading NAI investment sales brokers throughout North America as well as the Mortgage Finance Group, which arranges debt and equity financing for all types of commercial real estate assets.

“This is an exciting moment in time for NAI Global and its member firms,” said Mr. Finn.

“We have built an incredible global foundation, and now, with the momentum and expertise of C-III behind us, we are in an excellent position to become the global market leader in commercial real estate services.” ■

INSIDE NAI Keystone Commercial & Industrial ...................................................................................................... 8B NAI Emory Hill............................................................................................................................................... 9B NAI Fennelly ................................................................................................................................................ 10B NAI DiLeo-Bram & Co................................................................................................................................. 11B

8B — March 30 - April 12, 2012 — Commercial Office Spotlight — Mid

Atlantic Real Estate Journal

www.marejournal.com

NAI KEYSTONE COMMERCIAL & INDUSTRIAL

By Bryan Cole, NAI Keystone Commercial & Industrial, LLC

Greater Reading Office Market Report End of Year 2011 Report

T

he 2011 Greater Reading Office Market experienced similar activity as the previous year; however unlike 2010 the market noted a slight positive absorption. This was mainly Bryan Cole due to the majority of the tenants in the local market maintaining their space rather than reducing or relocating. The activity level was still there in the 1st thru 3rd quarters of 2011; however

companies were nervous about making decisions on moving or relocating from their existing facilities. The positive absorption came from some tenants taking advantage of the market by extending their lease terms to take advantage of the lower base rental rates and tenant incentives and few slightly increasing their footprints.

These renewals included The Travelers insurance group who renewed their lease at 1105 Berkshire Blvd, Wyomissing which consisted of approximately 60,000 +/- s/f, along with STV Inc., who renewed their lease at 205 W. Welsh Drive in

Douglassville, which was approximately 50,000 s/f.

New developed slowed in 2011 with only a few facilities being built which includes the 33,000 s/f. speculative project at The Wyomissing Corporate Campus and the Reading Hospitals newly built MOB in Cumru Township.

The 4th quarter 2011 into the 1st quarter 2012 experienced an extreme level of activity. There are approximately 200,000 s/f. of new and existing tenants circulating the market; looking to move into the county or relocate from the existing facilities within the county.

Although the level of activity has jumped, there have also been recent press releases of large tenants vacating large blocks of contiguous space or looking to sub-lease their space.

This includes the announcement of CNA looking to close down or downsize its Reading facility which contains approximately 260,000 sf., along with Teleflex marketing their 60,000 s/f. for Sub-Lease at 1 Meridian Boulevard in Wyomissing, IMS Healthcare reducing their footprint locally, and Sovereign Bank continuing to try and sub-lease their 57,000 s/f. office building on Berkshire Blvd.

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Overall the end of year 2011 showed a slight decrease in Suburban class “A” building Vacancies starting at 12.4% in late 2010 and closing at 12.2%, mostly due to a new build to suit for the Reading Hospital and Medical Group, along with companies increasing their footprints at 1 Granite Point, and 1105 Berkshire Blvd. Class “A” buildings have typically been a safe sector in the marketplace because of low inventory; however with new developments coming on line, and companies still looking for lower rents the class “A” sector has seen less demand. This will and has changed in 2012 with a great deal of the activity surrounding this type of product.

Class “A” rental rates in 2011 remained flat with rates ranging from $15.50 - $16.75 (Triple Net) on the high side; however there was considerable downward pressure on pricing within this segment.

The class “B” sector experienced the same in 2011 as did class “A”, starting at 13.6% and ending at 13.2%, however while vacancy rates decreased, rental rates has a slight increase.

Base rental rates slightly increased within this sector ranging from $9-10 per square foot and tops out at $13-14 psf with gross rates coming in around $16-17 psf!

Downtown City of Reading has seen some new deals consummated, like the renewal of the United Way of Berks County and the Spanish Council of Berks County. However the market still remains flat due to these companies’ renewing leases rather than expanding their footprints. Buildings that have seen vacancy for some time, including 645 Penn St. and 501 Washington St. are starting to show some signs of hope due to new management and ownership changes taking effect. Owners and tenants are continuing to struggle with high parking costs and security concerns, which are continuing to be addressed by a committed City Administration.

Downtown City of Reading vacancy rates continue to increase in late 2011 with rates rising 20.70% to 21.00% in class “B” Product with much of the vacancy continuing to surround large blocks of contiguous space. This also includes approximately 20,000 s/f. of vacant space which was not accounted for in 2010’s numbers continued on page 20B

www.marejournal.com

Mid Atlantic Real Estate Journal — Commercial Office Spotlight — March 30 - April 12, 2012 — 9B

NAI EMORY HILL

By David R. Morrison, NAI Emory Hill

In this economy, facing reality is the only way to go (Has served NAI Emory Hill & their clients well)

P

eople often ask me about my thoughts on commercial real estate and what’s going on in the market.

My usual response is that “conditions seem to be generally improv- David Morrison ing and that we expect a slow but steady recovery in rental rates and demand for space.�

I tell them NAI Emory Hill is doing well and that we are all very busy. This is accurate from my perspective and it usually satisfies most people.

But for those interested in really spending the time thinking about all the topics, issues, and history that impact commercial real estate now and into the foreseeable future, read on!

Further explanation of the market would include, but not be limited to, discussions of Office Market Cycles and the fact that most markets are moving towards a recovery phase or at least nearing the bottom of the recession phase. Our local market conditions indicate we are beyond recession and moving into recovery with positive absorption expected for Q1 2012. We will eventually work our way from recovery into expansion at some point down the road! That might be hard to believe, but it will happen. The big question of course is “When?� “Market Cycles� would certainly be an easy way to explain our current situation. It holds true over time in terms of market phases, but we have a lot more on our plate this time around that will impact the duration of the cycle, and this is creating havoc along the way for some office properties.

Economic concerns including unemployment with its related lack of demand for space, the very slow burn off of housing inventories that stifles demand for new product and subleased space are just a few issues impacting recovery. Uncertainty around politics, taxes, regulations, and the US and foreign debt situations are not helping either. Factor in decreases in commercial property values

of up to 40%, difficulty in obtaining refinancing, and the large and looming default

uncertainty about when full recovery will occur and that this cycle probably has more

Success in any market, including this one, will be determined by how well we understand the current situation and how well we respond as we manage our business of serving our clients.

bubble into 2017 ‌ and let’s just say there is still some

challenges than we have faced with past recoveries.

When people ask how and why Emory Hill continues to do well, I tell them: we understand the fundamentals of our market including realistic rental rates and values from the Owner, Buyer or Tenant perspective; we are realistic with regard to projections and expectations - as being anything less is not only a disservice to the client but a tremendous waste of time; and we are a full service company offering brokerage, construction, property management and maintenance services and therefore use all

means available to perform the job we are hired to do by our clients.

I learned a long time ago that there is not much we can do about the market and the economy in general. Success in any market, including this one, will be determined by how well we understand the current situation and how well we respond as we manage our business of serving our clients.

David R. Morrison, is an agent for NAI Emory Hill in New Castle, DE. â–

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6GHSDĂ˜"K@XĂ˜,DCHB@KĂ˜"DMSDQ Newark, Delaware .eEJDal DPOEPT GPr Tale Pr leaTe TUarUJOH aU , 4' )PTQJUal QrPYJNJUZ

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, UPUal 4' aWaJlaCle JO UwP $laTT " PGÙDe ClEHT Tripp Way | Dave Morrison | Jim O’Hara | Paul Bryant 10 Corporate Circle Suite 100, New Castle DE 19720 phone 302.322.9500 | fax 302.322.9518 trippway@emoryhill.com | davemorrison@emoryhill.com jimohara@emoryhill.com | paulbryant@emoryhill.com www.emoryhill.com

10B — March 30 - April 12, 2012 — Commercial Office Spotlight — Mid

Atlantic Real Estate Journal

www.marejournal.com

NAI FENNELLY

By Gerard J. Fennelly, NAI Fennelly

Princeton Office Market Report he Greater Princeton Area experienced growth in the financial market, consumer and pharmaceutical areas t h i s y e a r.

Novo Nordisk leased 550,000 s/f at 800 Scudder ’s Mill Rd., Church Jerry Fennelly & Dwight leased 250,000 s/f at Princeton South, in Ewing and Blackrock added 45,000 s/f onto their current 160,000 s/f of office space at University Square.

The Biopharma sector reported

T

GROWTH PER SECTOR Net Absorption Service/Bus./Legal First Half 2011 180,587 Second Half 2011 167,854 stronger results with 400,603 s/f of growth occurring by Novo Nordisk, Church & Dwight, Amicus, Abbott Labs, Princeton Biomeditech, Oncobiologics, and Integra Life Sciences. The internet, software, media and electronics category showed positive signs with 96,904 s/f of growth, this was due in part to the expansion of Princeton

Govt/Edu./Non-Profit 4,500 23,200

Bio Internet/Software/Electronic/Fiber 67,603 50,600 506,711 46,304

Power Systems, and finally, medical grew by 55,000 s/f for the year. Government, education and non-profits reduced by 27,500 s/f, exemplifying the reduction and consolidation into state owned real estate.

The average growth per transaction edged up to 3,600 s/f (excluding Church & Dwight and Novo Nordisk), up 22%

from 2010 while the velocity of transactions has increased by 9% in the second half of 2011.

This indicates a rebuilding of the economy with start ups in biopharma, sports and entertainment, and the migration of companies from other parts of the world.

We anticipate, based on a continued slower rate of devel-

Whether you’re looking for space or have a property to lease or sell, we have the local expertise and global reach you can trust.

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Palmer Square, Princeton, NJ Class A Office Space Available for Lease 1,500 SF to 7,300 SF Available Parking deck at rear of building Passenger elevators in buildings Walk to train shuttle

www.fennelly.com

Medical 37,660 17,950

Sports & Entertainment 3,268 8,275

opment and slowly increasing demand, that the absorption rate will be positive for 2012.

Service Business Legal Finance: This sector accounted for 347,629 s/f of actual growth.

The financial and service sector markets are finishing a major contraction.

Blackrock reduced from 400,000 s/f of office space in Plainsboro to 165,000 s/f in West Windsor, and has recently added 45,000 s/f. Amerihealth (33,000 s/f) relocated and consolidated two locations to become one of the anchors for the Matrix Corporate Center in Cranbury.

B i o P h a r m a Te c h n o l o g y : Pharmaceutical companies completed 39 of the 190 lease transactions or 20% of the velocity for the year. Novo Nordisk leased 500,000 s/f of class A office space, being delivered in the former Merrill Lynch headquarters building in Plainsboro.

Amicus consolidated into new facilities at Cedar brook for 50,000 s/f. Celsion, Beacon and Antarres each leased 10,000 s/f of class A office along the 295 beltway. Oncobiologics, Provid and Aeustus migrated from North Jersey, leasing a combined s/fage of 35,000 s/f.

Migration also showed up from Japan, Switzerland, and China with small pharmaceutical relocations: Tsumara, Geistlich, Simcere, Nnit, Microlabs, and Tekseed leasing 14,000 s/f collectively. Transave, on the heels of being acquired in 2010

by Ismed, leased 27,000 s/f of office/lab space. Transave is researching and delivering inhalant delivery systems to treat lung cancer. Princeton continues to be a preferred location for international companies due to its central east coast location, proximity to Pharma industry HQ’s and the region’s international recognition. The major research and development centered on cancer and diabetes continue to produce bio company growth.

Medical: Growth in the Medical Industry showed consistency in growth of 55,600 s/f over the last twelve months. Doctors are experiencing a backlash from Obama Healthcare, leading to continued on page 20B

Mid Atlantic Real Estate Journal — Commercial Office Spotlight — March 30 - April 12, 2012 — 11B

www.marejournal.com

NAI DILEO-BRAM & CO. NAI DiLeo-Bram & Co. Recognized By NAI Global At Annual Convention Robert DiLeo NAI Business Director Receives Chairman’s Award PISCATAWAY, NJ - NAI DiLeo-Bram & Co. was recognized as one of the 10 oldest member firms, celebrating their 30 year relationship as a member firm of NAI Global.

Robert DiLeo, Principal of NAI DiLeo-Bram & Co. was also recognized by NAI Global with its ChairRobert DiLeo man’s Award for performance in 2011. The Chairman’s Award re-

Piscataway, NJ - For Lease

cognizes the NAI Business Director who best exemplifies the “Right Stuff” as it relates to the effective management of an NAI office, including leadership, business generation, service delivery and participation in enterprise initiatives, and integration of NAI tools and resources throughout the firm.

Both awards were presented in a ceremony on February 8th at the NAI Global 2012 Convention in Las Vegas.

“I am extremely proud of our entire team at NAI DiLeo-Bram & Co. Their

x 43,650± sq. ft. of Class A office space x Quality finishes and impressive interior features including new lobby and front entryway and new HVAC systems x Efficient floor plate design with superior window ratio x Beautifully landscaped grounds and abundant parking x Outstanding visibility from Route 287 x Building signage available to full floor tenant

Piscataway, NJ – For Sale/Lease x 13,530 sq. ft. two story office building x 6,800 sq. ft. currently available for lease x Will divide to 2,000 sq. ft. x Basement storage available x Ample parking (4.5 spaces per 1,000 sq. ft.) x Separate gas & electric meters x Elevator served x Easy access to Route 287 via Exit 6 x Close to restaurants and local shopping

Metuchen, NJ - For Sale/Lease

x Three separate components available for sale or lease x 30,000± sq. ft. office unit x 72,348± sq. ft. office/flex unit x Entire 100,000± sq. ft. building x Situated on 10± acre campus setting x Abundant parking - space is suitable for companies with high car count or fleet vehicles x Located close to area restaurants and shopping, offering easy access to Routes 287, 1, 27 and the NJ Turnpike

dedication to client service and growth has helped us achieve our success.” said DiLeo, adding, “I am also thankful to NAI Global for recognizing and honoring our success throughout the organization.”

NAI DiLeo-Bram & Co. has established itself as a premier commercial real estate firm in New Jersey with a strong and rich heritage of success and a well-earned reputation of excellence, combining over 100 years of real estate knowledge and experience. They are proud of the tradition of excellence establish-

Woodbridge, NJ - For Lease

ed and the quality relationships they have with their clients. These rich and sincere relationships, built on mutual trust and respect, have been the cornerstone of their success and will remain the foundation for the future.

Their strategic affiliation with NAI Global, a worldwide commercial real estate firm with 350 offices around the world, enables NAI DiLeo-Bram & Co. to provide its clients with expanded services and support beyond the local market.

x ±23,000 sq. ft. of Class A office space x Property divides well for small or large tenants seeking quality space at affordable rents x Lobby features include two story glass entryway and custom woodwork x Cafeteria on premises x Outstanding location adjacent to the Woodbridge Center Mall with immediate access to Routes 1 & 9

Kenilworth, NJ - For Sale

x 27,000± sq. ft. leased office building on 2.27 acres x Garden State Parkway frontage and immediate access at Exit 138 x Fresenius Medical Care - anchor tenant with corporate guaranty x NNN leases with annual 3% escalations x Fully approved expansion of existing structure - 12,400 sf / 25,000 sf

Springfield, NJ - For Lease

x 8,935± sq. ft. Class A office space x Units available from 1,000 sq. ft. x Tremendous access and visibility at landmark intersection x In town location - walk to area amenities x Abundant parking - some covered and reserved x Minutes from Interstate 78, the Garden State Parkway & Route 22

For Further Information Please Contact Exclusive Broker:

1315 Stelton Road Piscataway, NJ 08854

tel 732 985 3000

fax 732 985 3022 www.naidileobram.com

Build On The Power Of Our Network™

The information contained herein has been given to us by the owner of the property or other sources we deem reliable. We have no reason to doubt its accuracy, but we do not guarantee it.

The Results Of Local Knowledge.

Build On The Power Of Our Network™

All information should be verified prior to purchase or lease.

The Power Of Global Contacts.

350 Offices

55 Countries

5,000

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12B — March 30 - April 12, 2012 — Commercial Office Spotlight — Mid

Atlantic Real Estate Journal

www.marejournal.com

NAI GLOBAL

By Bill Gladstone, CCIM, SIOR, Bill Gladstone Group of NAI CIR

I

am always very skeptical that the real estate market is improving until I have substantial evidence that this is the case. There are so many times that people “ring the bell” ind i c a t i n g a Bill Gladstone positive movement in the market, only to find that 30 to 60 days later it was only a bubble.

A certain set of circumstances may have occurred during that time period and an uptick in the market was then falsely reported. This happened in the first quarter of 2010, but the increase in consumer spending and some other key indicators were not as strong then as they are now.

The last 90 days have been pretty steady, especially employment which has improved as jobs were created or rein-

Real Estate is on the move! stated. In December, 223,000 new jobs were created or reinstated. In January it was 284,000 and in February it was 227,000 jobs. This has created more opportunities for people to earn income.

Additional spending by the American public has now increased by billions of dollars.

Although the unemployment rate at 8.3% did not fall in February, it was the first time that has happened. But that was caused by another positive sign; a million new Americans had gone looking for work at the rate of 500,000 a month in both January and February.

And there is a correlation here to commercial real estate.

As people have work and there is more money to spend, real estate markets improve. We have seen this here locally in South Central Pennsylvania.

Sometimes is can be difficult to recognize, simply because in days gone by (prior to the Great Recession) the real es-

tate market all moved at one speed. Whatever the speed was, all segments moved at that speed. What has happened in the years since the recession is that the different segments of the market started moving independently of each other. For example, land sales are now very slowmoving and will remain slowmoving mostly likely until late 2013. On the other hand, flex space deals in the last quarter of 2011 and so far in the first quarter of 2012 have abounded. Concessions are still being granted, but the important thing to note is there is a lot of new activity coming into the market absorbing flex space. Additionally, office leasing is improving, but there is a tremendous amount of office space that needs to be absorbed into the market. So again, this segment moves forward, but at a slower pace than the flex market. The sale of small commercial and office

buildings (about 7,000 s/f or less) continues to keep its hold on pricing as it trades between $80 - $90 per square foot and $100 - $110 per square foot for B and A space respectively. Of course, much of this depends on location, deferred maintenance and financing, but so far it has stayed steady for the past year. Other segments of the market (warehousing, retail, investment) are also experiencing movement at their own rate.

Again, are we out of the woods? Absolutely not! However, are we seeing a light at the end of the tunnel, which when seen previously was just a bubble and was not the real thing? I think at this point in time there has not been enough happening in the market to substantiate that things are actually changing for the better and that we will continue to improve unless something catastrophic derails this process as we move into

the future.

I think one of the biggest indicators we have is our office space for lease. If conditions continue to improve, the overall occupancy rate in our market should strengthen to between 94% - 95% and of that, A space will stay close to the 98% occupancy while B space increases to between 96% - 97% occupancy. Overall net absorption should start returning to the consistent levels we saw prior to the Great Recession - somewhere between 80,000 - 90,000 s/f.

For everyone who was part of the process since the Great Recession and has survived, I would not say it is time to start drinking champagne and toasting. However, I do think it is time to take the glasses out of the closet.

Bill Gladstone, CCIM, SIOR, Bill Gladstone Group of NAI CIR. ■

Hanson announces Crampsie of NAI Summit leases 6,000 NAI sale of retail/office site s/f of office space in Bethlehem, PA

20 East Prospect Street in the downtown area of Waldwick, NJ

100 Gateway Drive, Bethlehem, PA BETHLEHEM, PA — John Crampsie, principal at NAI Summit, recently represented the tenant in the renewal of 6,019 sf of office space at 100 Gateway Dr. The tenant, Molewski Financial Partners, LLC, provides

business and estate preservation services, wealth management services, and investment consulting. According to Mike Molewski, founder of Molewski Financial Partners, “John’s knowledge of the market enabled us and the landlord to

reach an agreement based on current office market conditions in the Lehigh Valley.

His commercial real estate expertise was essential in our renewal being finalized while we were able to concentrate on our core business.” ■

WALDWICK, NJ — NAI James E. Hanson, a New Jersey-based commercial real estate firm, announced the sale of a 4,375 s/f site at 20 East Prospect St. The two-story property is located on a one-acre lot and has 3,414 s/f of space on the first floor and 961 s/f on the second.

NAI Hanson VP Joan Cenicola represented the seller, Wells Fargo Bank, in the transaction.

The buyer was Mansueto and Morgan, LLC. Terms of the deal were not disclosed.

According to Cenicola, the

new owners are currently leasing space in a strip center next to the property for Andrea’s, an Italian restaurant. They plan to renovate the building and relocate the popular eatery to the site.

“The new owners will now have a larger location that meets their expansion needs and additional on-site parking,” Cenicola said. “Most definitely, the location was the key factor in selling this property. The restaurant has become a community staple and the owners welcome the opportunity to expand.” ■

www.marejournal.com

Mid Atlantic Real Estate Journal — Commercial Office Spotlight — March 30 - April 12, 2012 — 13B

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14B — March 30 - April 12, 2012 — Commercial Office Spotlight — Mid

Atlantic Real Estate Journal

www.marejournal.com

Numbers that add up to success.

1 Global Broker

1 Real Estate

1 Global

of the Year

Network

Private Equity Real Estate Magazine

Watkins Research Group Survey of Corporate Real Estate Executives

Commercial Real Estate Provider Based on Coverage

by Number of Offices

1 Highest

1 Based on

Rated Brand

Number of SIORs & CCIMs

1 Network

#

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Among Commercial Real Estate Networks

#

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Based on Transaction Volume

We’re proud of these accomplishments because they reflect our commitment to our clients’ success. With 5,000 professionals in 55 countries, NAI Global has the vast resources and business savvy to meet all of your commercial real estate needs. Our professionals offer intimate local market knowledge and a collaborative approach to client services, delivering results that help your business grow.

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15B — March 30 - April 12, 2012 — Commercial Office Spotlight — Mid

Atlantic Real Estate Journal

www.marejournal.com

MAREJ OFFICE TRANSACTION REPORT 2011 AS REPORTED IN THE Mid Atlantic REAL ESTATE JOURNAL

Property Name

125 Broad St.

Seller/ Owner/ Lessor

Address

Manhattan, NY

Mack-Cali

Rep. of Seller/ Lessor

CB Richard Ellis

Buyer/ Tenant/ Lessee

TMP Worldwide

JANUARY 14 - DECEMBER 23, 2011 Rep. of Tenant/ Buyer

CB Richard Ellis

Price

—

Size

37,404 s/f

Desc.

Off

S/L

L

Month

Jan

308 Harper Dr.

Moorestown, NJ

Brandywine Realty Trust —Sherman, Silverstein, Kohl, Rose & Podolsky, P.A.

Markeim-Chalmers

—

14,000 s/f

Off

L

Jan

158 Gaither Dr.

Mount Laurel, NJ

Gateway Park

—

Canon Financial Services

Markeim-Chalmers

—

50,000 s/f

Off

L

Jan

127 West Market St.

York, PA

—

ROCK

2/23/20122/23/2012

ROCK

—

1,016 s/f

Off

L

Jan

11 East Market St.

York, PA

—

ROCK

Kope & Associates Law Offices ROCK

—

290 s/f

Off

L

Jan

100 Sterling Parkway

Mechanicsburg, PA

114 Associates

Landmark & Grubb & Ellis

Gallagher Bassett Svcs

—

—

17,000 s/f

Off

L

Jan

Lower Allen SC

Camp Hill, PA

—

Landmark

Offices of Helen P. O’Planick

Landmark

—

—

Off

L

Jan

5137 Devonshire Rd

Harrisburg, PA

Detweiler Enterprises

Landmark

Randall Q. Keller

—

—

—

Off

L

Jan

Avion Bussiness Pk

Fairfax County, VA

Advance Realty

—

—

—

—

10,000 s/f

Off

L

Jan

8381 Old Courthouse Rd.

Vienna, PA

Advance Realty

—

—

—

—

1,579 s/f

Off

L

Jan

Avion Bussiness Pk

Fairfax County, VA

Advance Realty

CBRE

Intersections Inc.

CBRE

—

10,037 s/f

Off

L

Jan

65 Passaic Ave

MOONACHIE, NJ

BELUS, LLC

Weiss Realty

Law Office of Faloni & Assoc. Weiss Realty

—

—

Off

L

Jan

570 Broad St.

Newark, NJ

Berger Organization

—

CWA

Hopkins Sampson & Brown

Off

L

Jan

1201 N Market

Wilmington, DE

—

—

Brown Advisory

JCP

—

1,722 s/f

Off

L

Jan

Lincoln Square

Wilmington, DE

—

—

4th Street Chiropractic

JCP

—

1134 s/f

Off

L

Jan

Larch Corp Ctr

Newport, DE

—

—

Bail Bond Agency

JCP

—

3,301 s/f

Off

L

Jan

Larch Corp Ctr

Newport, DE

—

—

Shaddock Benefits

JCP

—

14417 s/f

Off

L

Jan

Larch Corp Ctr

Newport, DE

—

—

JCP

—

1812 s/f

Off

L

Jan

Metro 101

Iselin, NJ

—

Newmark Night Frank

Investors Bank

—

—

38,800 s/f

Off

L

Jan

Metro 101

Iselin, NJ

—

Newmark Night Frank

Microsoft

—

—

21,700 s/f

Off

L

Jan

Metro 101

Iselin, NJ

—

Newmark Night Frank

Amerigroup

—

—

31,400 s/f

Off

L

Jan

Metro 101

Iselin, NJ

—

Newmark Night Frank

Thrombogenics

—

—

8400 s/f

Off

L

Jan

175 Park

Madison, NJ

Hampshire Cos

—

Realogy

—

—

270,000 s/f

Off

L

Jan

10 Exchange Pl

Jersey City, NJ

—

Cushman & Wakefield

Manulife RE

—

$285m

748,005 s/f

Off

S

Jan

950 Boram Rd

York, PA

—

ROCK

Conductive Techs

ROCK

—

11,072 SF

Off

S

Jan

1560 West Market St

York, PA

—

ROCK

All Clean Svcs

ROCK

—

4844 SF

Off

S

Jan

Cape Horn Sq SC

Red Lion, PA

—

Liberty Tax Service

ROCK

—

1350 SF

Off

L

Jan

70 E Forrest Ave

Shrewsbury, PA

—

ROCK

Forest Hearing Aid Ctr

ROCK

—

708 SF

Off

L

Jan

600 State Ave

Emmaus, PA

Tuxedo Realty

KW Comm’l

Jads Group

Colliers In’tl

$1.3m

7926 SF

Off

S

Jan

Commons at Oaklands

Exton, PA

—

—

Chester County Pediatrics

Swope Lee

—

4000 s/f

Off

L

Jan

824 & 830 Hamilton St

Allentown, PA

Off

S

Jan

1725-1729 W Tilgman St

Allentown, PA

AnswerNet

Dietrick Grp

—

—

—

—

Off

L

Jan

927 W Hamilton St

Allentown, PA

—

—

THE PROGRAM

Berger-Epstein

$370k

6000 s/f

Off

S

Jan

904 North Black Horse Pike Runnemede, NJ

—

Markeim-Chalmers

Swets

—

—

13,000 s/f

off/flex

L

Jan

1101-1105 Union Blvd.

Allentown, PA

—

The Frederick Group

—

The Frederick Group

$770k

18,000 s/f

off/retail

S

Jan

United Yarn

Wayne, NJ

The United Yarn Products NAI Hanson

Krowne Metal

NAI Hanson

—

39,000 s/f

Off/Whse

S

Jan

100 Majestic Way

Bangor, PA

Dainel M. Perich

Michael Baxter & Associates BioSpectra

Michael Baxter & Associates

$1.5m

142,000 SF

Off/Whse

S

Jan

Verizon Building

Pittsburgh, PA

Hertz 201 Stanwix LP

Grant Street Associates

Stanwix Street Associates

Porter Advisors

$4.4 million

285,000 s/f

Off/Retail

S

Feb

111 Sylvan Ave.

Englewood Cliffs, NJ

Piedmont Office Realty Trust CBRE

LG Electronics

CBRE

$55 million

410,000 s/f

Off

S

Feb

6 Upper Pond Rd.

Parsippany, NJ

—

—

Pond Props.

Pashman Stein

$5.25m

73,450 s/f

Off

S

Feb

7 Graphics Dr.

Ewing, NJ

Biomed Realty Trust

Colliers Int’l

Cenlar FSB

Newmark Knight Frank

—

41,000 s/f

Off

L

Feb

7 Graphics Dr.

Ewing, NJ

Biomed Realty Trust

Colliers Int’l

Geosyntrec Consultants

Newmark Knight Frank

—

5,472 s/f.

Off

L

Feb

Four Greentree Center

Marlton, NJ

Liberty Property Trust

—

Avnet

Colliers Int’l

—

17,372 s/f

Off

L

Feb

325 Rte. 70

Cherry Hill, NJ

—

Colliers Int’l

Navien America

Colliers Int’l

—

11,424 s/f

Off

L

Feb

Laurelwood Office Complex Voorhees, NJ

—

Colliers Int’l

Zwicker & Associates

Colliers Int’l

—

2,947 s/f

Off

L

Feb

Laurelwood Office Complex Voorhees, NJ

—

Colliers Int’l

The Garver Group

—

—

6,099 s/f

Off

L

Feb

103 Eisenhower Parkway

ROSELAND, NJ

Mack-Cali

Mack-Cali

Knowledge Networks

Cushman & Wakefield

—

10,335 s/f

Off

L

Feb

Edison Square

Edison, NJ

Onyx Equities

JLL

L&T Infotech

JLL

—

15,603 s/f

Off

L

Feb

Edison Square

Edison, NJ

Onyx Equities

JLL

Oceana Therapeutics

CBRE

—

3,171 s/f

Off

L

Feb

Edison Square

Edison, NJ

Onyx Equities

JLL

Carrickmore P&D

JLL

—

1,423 s/f

Off

L

Feb

Edison Square

Edison, NJ

Onyx Equities

—

CheckPoint HR

JLL

—

11,896 s/f

Off

L

Feb

19-03 Maple Ave.

Fair Lawn, NJ

Oren Enterprises

NAI Hanson

MER

NAI Hanson

—

3,000 s/f

Off

L

Feb

5800 Corporate Dr

Pittsburgh, PA

Zell Two

Grant Street Associates

Smith Micro Software

A.C.R.E.S.

—

55,586 s/f

Off

L

Feb

5800 Corporate Dr

Pittsburgh, PA

Zell Two

Grant Street Associates

Seneca Resources

Grubb & Ellis

—

19,689 s/f

Off

L

Feb

1170 Harrisburg Pike

Middlesex Twp., PA

Middlesex Associates

NAI CIR

Giant Food Stores

Landmark

—

72,000 s/f

Off

L

Feb

3605 Vartan Way

Harrisburg, PA

Greenfield Corporate Center

The Butz Family

Vartan Grp

Landmark

PCADV

Omni Realty

—

19,495 s/f

Off

L

Feb

Lancaster, PA

High Associates LTD

Compass Group USA

Landmark

—

17,280 s/f

Off

L

Feb

One Sterling Place

Mechanicsburg, PA

Hoffer Properties

Landmark

RCM&D

—

—

4,000 s/f

Off

L

Feb

2801-2805 N George St

YORK, PA

Kew Realty Group

ROCK

Sapio Sciences

ROCK

—

1,103 s/f

Off

L

Feb

Woodbridge Towers

ISELIN, NJ

Bergman RE Group

Wallenius Wilhelmsen Logistics AmericasWeichert Comm.

—

—

7015 s/f

Off

L

March

Woodbridge Towers

ISELIN, NJ

—

3325 s/f

Off

L

March

Woodbridge Towers

ISELIN, NJ

Bergman Real Estate Group Carnegie Mortgage

—

—

2733 s/f

Off

L

March

1207-1209 Summit St.

Hudson County, NJ

Robert De Ruggiero

—

—

—

Off

L

March

—

Bergman Real Estate Group VSquare Infotech —

16B — March 30 - April 12, 2012 — Commercial Office Spotlight — Mid

Atlantic Real Estate Journal

www.marejournal.com

MAREJ OFFICE TRANSACTION REPORT 2011 AS REPORTED IN THE Mid Atlantic REAL ESTATE JOURNAL

Property Name

Seller/ Owner/ Lessor

Address

Rep. of Seller/ Lessor

DSR Group

Buyer/ Tenant/ Lessee

JANUARY 14 - DECEMBER 23, 2011 Rep. of Tenant/ Buyer

Price

Size

Desc.

S/L

Month

Allwood Atrium

CLIFTON, NJ

—

Apollo Health Street

Cushman & Wakefield

—

34,500 s/f

Off

L

525 Lancaster Ave.

Reading, PA

525 Lancaster Avenue Apt., LP

NAI Keystone

525 Lancaster Partners, LP

NAI Keystone

110,000 s/f

Off

S

March

3401 N. Front St

Harrisburg, PA

—

Harrisburg Television

Landmark

—

4,417 s/f

Off

L

March

5223 East Simpson Ferry

Hampden Twp., PA

Robert & Melody RichardsonNAI CIR

Infinity Staffing Solutions

NAI CIR

—

1,081 s/f

Off

L

March

6139 Bristol-Emilie Rd

Bucks County, PA

6139 Bristol-Emilie Rd.

NAI Mertz

First Baptist Church

—

—

12,000 s/f

Off/Whse

S

March

NAI CIR

March

125 Broad St.

Manhattan, NY

Mack-Cali

CBRE

Wilson Elser

Studley & The John Buck Co. —

37,404 s/f

Off

L

April

Meadows 1

Chantilly, VA

—

Cassidy Turley

Hart Realty Advisors

Olivia Parlavecchio of Spaulding & Slye

104,003 s/f

Off

S

April

2 N. Charles

Baltimore, MD

ARC Properties

ARC Properties

Franklin & Propkopik

Cushman & Wakefield

—

24,158 s/f

Off

L

April

399 Jefferson Rd.

Parsippany, NJ

Prism Capital Ptrs.

Prism Capital Ptrs.

Pinnacle Foods Grp.

JLL

—

85,000 s/f

Off

L

April

53 Frontage Rd.

Hampton, NJ

Crown Perryville

CBRE

Ikaria

—

—

101, 641 s/f

Off

L

April

107 E. Philadelphia St.

York, PA

—

—

White Rose Credit Union

ROCK

$214k

6562 s/f

Off

S

April

320 E. Philadelphia St.

York, PA

—

ROCK

WC Rapha Proj

ROCK

—

2479 s/f

Off

L

April

2331 East Market St.

York, PA

—

ROCK

Virtual October

ROCK

—

200 s/f

Off

L

April April

3461 Market St.

Camp Hill, PA

Atrium West

NAI CIR

Jividen & Wenert

NAI CIR

—

1559 s/f

Off

L

4711 Queen Ave.

Lower Paxton, PA

Flowers Properties

NAI CIR

Dealer Services

NAI CIR

—

—

Off

L

April

805 Estelle Dr.

Lancaster, PA

High Properties

High Associates

Cornerstone Operations Group NAI Commercial

—

4,822 s/f

Off

L

April

510 East Twp. Line

Blue Bell, PA

Bressler & Reiner

NKFSM

J&B Software

JCP

—

31,168 s/f

Off

L

April

300 Delaware Ave.

Wilmington, DE

Brandywine Realty Trust —

Proctor Heyman

JCP

—

8,876 s/f

Off

L

April

101 W. Elm St.

Conshohocken, PA

Brandywine Realty Trust —

Marcus & Millchap

—

—

9000 s/f

Off

L

April

100 Sterling Pkwy

Mechanicsburg, PA

114 Associates

Landmark Comm’l.

Ag Choice Farm Credit

—

—

7000 s/f

Off

L

April

102 Market St.

New Cumberland, PA

—

Landmark Comm’l.

Keystone Auto Krafters

Landmark Comm’l.

—

4200 s/f

Off

L

April

1217 s/f

Off

L

April

Off

L

April

Off

L

April

200 N. 2nd St.

Harrisburg, PA

Select Capital

Landmark Comm’l.

CoreSource

Landmark Comm’l.

—

5137 Devonshire Rd.

Harrisburg, PA

Detweiler Ent.

Landmark Comm’l.

Epic Mgmt.

—

—

15th St

Philadelphia, PA

Two Penn Center Assoc PernaFredeick

Gompers & Nerenberg

Stockton RE

$1m

5800 s/f

15th St

Philadelphia, PA

Philadelphia, PA

Two Penn Center Assoc PernaFredeick

Freidman, Schuman, Applebaum, Nemeroff & McCaffery

NKFSM

4100 s/f

Off

L

April

PernaFredeick

BMS

JLL

—

—

3234 s/f

Off

L

April

—

Microsoft

—

—

49,000 s/f

Off

L

April

—

Off

L

April

Off

L

April

GVCC

Malvern, PA

Liberty Property Trust

Star Building

Wilmington, DE

Star Building, LLC

—

Grant & Eisenhofer

—

12901 Worldgate Dr.

Herndon, VA

Inland RE

CBRE

MicroPact

NKFSM

Cedar Hill I

Tysons Corner, VA

PNC Realty

Cassidy Turley

First Potomac

—

—

102,632 s/f

Off

S

April

Cedar Hill III

Columbia, MD

PNC Realty

Cassidy Turley

First Potomac

—

—

137,677 s/f

Off

S

April

180 Admiral Cochrane Dr.

Annopolis, MD

Liberty Property Trust

MedAssurant

CBRE

—

48,556 s/f

Off

L

April

1331 L St, MW

Washington, D.C.

CoStar Group

Cassidy Turley

GLL RE Ptrs

—

$101m

101 Hudson St

Jersey City, NJ

Mack-Cali

Mack-Cali

Optimer Pharm

C&W

The Westory

Washington, DC

Deka Immobilien

Cassidy Turley

Rothwell, Fig

—

95 Christopher Columbus Dr. Jersey City, NJ

20,845 s/f

—

169,429 s/f

Off

S

April

14,000 s/f

Off

L

May

42,181 s/f

Off

L

May

Off

L

May

32,000 s/f

Off

L

May

14,746 s/f

May

QTS

Newmark Knight Frank

—

—

300 Lighting Way

Seaucus, NJ

Hartz Mountain

Hartz Mountain

Yuesen Logistics

C&W

—

University Sq.

Princeton, NJ

—

—

Chilworth Tech.

Colliers Int’l.

Off

L

The Meadows

Wayne, PA

—

Lieberman Early

—

—

$1.3m combined below

Off

L

May

The Meadows

Wayne, PA

—

Lieberman Early

Renaissance Medical

—

—

Off

L

May

The Meadows

Wayne, PA

—

Lieberman Early

Hilda Daniel

—

—

4418 s/f

Off

L

May

The Meadows

Wayne, PA

—

Lieberman Early

Integrity Food Marketing

—

—

4495 s/f

Off

L

May

The Meadows

Wayne, PA

—

Lieberman Early

Majestic Wine & Spirits

—

—

3515 s/f

Off

L

May

6497 s/f

The Meadows

Wayne, PA

—

Lieberman Early

gloPlug

—

—

1640 s/f

Off

L

May

Renaissance Pk.

Malvern, PA

Liberty Prop. Trust

—

Merion Pub.

—

—

76,000 s/f

Off

L

May

Renaissance Pk.

Malvern, PA

Liberty Prop. Trust

—

GlaxcoSmith-Kline

—

—

197,000 s/f

Off

L

May

Chesterbrook Corp. Ctr.

Malvern, PA

Liberty Prop. Trust

—

Dynamic Solar

—

—

6745 s/f

Off

L

May

650 E. Swedesford Rd

Wayne, PA

Liberty Prop. Trust

—

Arris

—

—

4770 s/f

Off

L

May

180 Sheree Blvd.

Exton, PA

Liberty Prop. Trust

—

Avanceon

—

—

One Penn Ctr.

Philadelphia, PA

One Penn Assoc.

Studley, JLL

McElroy, Deutsch

Studley, JLL

3 Kacecy Ct.

Upper Allen Twp, PA

Jeanne Farinelli

NAI CIR

Heritage Inv.

CBC Homestead

1517,1521 Cedar Cliff

Lwr Allen Twp, PA

St. Paul Grp.

Bill Gladstone Grp.

Trumball Corp

5002 Lenker St.

Hampden Twp., PA

Twr Props.

Bill Gladstone Grp.

Somali Assn.

16,000 s/f

Off

L

May

21,000 s/f

Off

L

May

—

8898 s/f

Off

S

May

Landmark

—

2221 s/f

Off

L

May

Somali Assn.

—

637 s/f

Off

L

May

Twin Twrs.

Pittsburgh, PA

Massaro Props.

Massaro Props.

RETTEW

—

—

5710 s/f

Off

L

May

355 N. 21 St.

Camp Hill, PA

355 N. 21 St. Asssoc

Landmark

Pion Johnston

CBRE

—

2084 s/f

Off

L

May

4815 Jomestown

Harrisburg, PA

OLS Ptrs.

Landmark

AllStat Medical

—

—

908 s/f

Off

L

May

1017 Mumma Rd.

Wormleysburg, MA

L&D Props

Landmark

Pengate Handling Sys.

—

—

667 s/f

Off

L

May

4609 Gettysburg Rd.

Lwr Allen Twp, PA

Sandra King

High Assoc.

First Infinity Const.

High Assoc.

—

—

Off

L

May

1651 Old Meadow RD.

McClean, VA

1651 Old Meadow Rd., LLC —

Transwestern

Sage Comm.

Newmark KF

11,685 s/f

Off

L

May

918 F St. NW.

Washington, DC

Douglas Dev.

—

Living Social

—

—

—

Off

L

May

1866 Colonial Village Ln.

Lancaster, PA

High Props.

High Assoc.

Pelerton Corp.

NAI Comm’l. Ptrs.

—

20,000 s/f

Off/Ind

L

May

5930/5940 Hamilton Blvd

Allentown, PA

Providence Properties

Ann Kline

Resource Employment

Ann Kline

—

1,250 s/f

Off

L

June

5930/5940 Hamilton Blvd

Allentown, PA

Providence Properties

Ann Kline

AFC Reverse Mortgage

Ann Kline

—

600 s/f

Off

L

June

17B — March 30 - April 12, 2012 — Commercial Office Spotlight — Mid

Atlantic Real Estate Journal

www.marejournal.com

MAREJ OFFICE TRANSACTION REPORT 2011 AS REPORTED IN THE Mid Atlantic REAL ESTATE JOURNAL

Property Name

Seller/ Owner/ Lessor

Address

Rep. of Seller/ Lessor

Buyer/ Tenant/ Lessee

JANUARY 14 - DECEMBER 23, 2011 Rep. of Tenant/ Buyer

Price

Size

Desc.

S/L

Month

1 Belmont Ave

Bala Cynwyd, PA

Maguire & Partners

Gene McHale

Just Energy

Newmark Knight Frank Smith Mack

3,998 s/f

Off

L

June

1 Belmont Ave

Bala Cynwyd, PA

Maguire & Partners

Gene McHale

Amdocs

Cresa Partners

2,931 s/f

Off

L

June

1 Belmont Ave

Bala Cynwyd, PA

Maguire & Partners

Gene McHale

HRI

Media Real Estate

4,400 s/f

Off

L

June

1 Belmont Ave

Bala Cynwyd, PA

Maguire & Partners

Gene McHale

Rasansky Physical Therapy

Gene McHale

5,091 s/f

Off

L

June

Penn Cap Properties

—

1550 Valley Center

Bethlemham, PA

Liberty Property Trust

—

$2,100,000

28,138 s/f

Off

L

June

2046 Lincoln Way West

Chambersburg, PA

R.A. Hill Inc

Landmark Commercial Realty Dana and Sharon McCartney —

—

2,694 s/f

Off

S

June

3780 Trindle Rd

Hampden, PA

Barbara S. Leitzel

The Bill Gladstone Group

—

1,010 s/f

Off

L

June

Kilmer Insurance Agency

The Bill Gladstone Group

2150 Herr St

Harrisburg, PA

Alanno Coproration LLC —

Pennsylvania Department of Health —

—

44,000 s/f

Off

L

June

240 N. Third St

Harrisburg, PA

St. John Holdings Inc.

Helsel Inc. Realtors

10,000 Friends of PA

Kohr

—

889 s/f

Off

L

June

3,675 s/f

Off

L

June

Robert De Ruggiero

GSA

—

600 s/f

Off

L

June

2300 Vartan Way

Harrisburg, PA

The Vatan Group

Landmark Commercial Realty U.S. Department of Argriculture

89 Washington St.

Hoboken, NJ

BFZ, LLC

—

357 S. Gulph Road

King of Prussia, PA

Marciano Wealth Advisors —

Gene McHale

—

—

1,777 s/f

Off

L

June

County of Lancaster

June

2250-2270 Erin Court

Lancaster, PA

Manufacturers and Trders Trust Company

NAI Commercial Partners

—

47,808 s/f

Off

S

66-126 Keller Ave

Lancaster, PA

3B Lancaster, LP

Susquehanna Valley Emergency NAI Commercial

—

36,540 s/f

Off

S

June

2158 Avenue C

Lehigh Valley, PA

Capobianco

Belhaven Capital

$1,300,000

36,000 s/f

Off

L

June

875 Market Street

Lemoyne, Cumberland County MoneyLine LLC

4720 Old Gettysburg Rd

Lower Allen, PA

NAI Commercial Partners

Landmark Commercial Realty Campbell Commercial Realtors Art Campbell

Old Gettysburg Assoc. II Cambell Commercial RE

—

2,500 s/f

Off

L

June

Asset Strategy Retirement

NAI CIR

—

1,204 s/f

Off

L

July

NAI CIR

July

1517 Cedar Cliff Dr

Lower Allen, PA

The Saint Paul Group

The Bill Gladstone Group

Sous Per Chef

—

—

Off

L

1300 Route 73

Marlton, NJ

Liberty Property Trust

Colliers International

Veritas Real Estate Investment Colliers International

$7.7m

62,000 s/f

Off

S

July

1 Marine Rlaza

North Bergen, NJ

Michael Cervelli

Michael Cervelli Real Estate

—

—

—

28,000 s/f

Off

L

July

299 Jefferson Road

Parsippany, NJ

GIM

Vision Equities

Evonik Degussa Corporation

—

—

150,500 s/f

off

L

July

1735 Market St

Philidephia, PA

Ventras Capital Advisors Viturello

Raymond James & Associates UGL Equis Real Estate

—

3,015 s/f

Off

L

July

42 South 15th St

Philidephia, PA

—

Paul E. Rubin

—

643 s/f

off

L

July

15th & Chestnust Street L.P.

SSH Real Estate

Philidephia, PA

— —

—

—

$38k

140,000 s/f

Off

L

July

ROCK Commercial RE

1399 South Queen Street LP

Coldwell Banker

$1.1m

11,953 s/f

Off

S

July

Grubb and Ellis

—

2,255 s/f

Off

L

July

RMI

—

2,400 s/f

Off

L

July

York Computer Repair

—

—

1,366 s/f

Off

L

July

ROCK Commercial RE

21st Century Wealth Mgmt

ROCK Commercial RE

—

1,136 s/f

Off

L

July

Blue & Obrecht Realty

SIOR

Colony Realty Partners LLC

—

41580 s/f

Off

L

July

Maguire & Partners

Gene McHale

Cambria Capital Management —

—

1,815 s/f

Off

L

July

Gene McHale & Colin McHale Reach Pharmaceutical Services Newmark Knight Frank Smith Mack

1399 South Queen St

Spring Garden, PA

85 Old Eagle School Rd

Wayne, PA

Larson Investements

1007 Mumma Rd

Wormleysburg, PA

1007 Mumma Road LLC Pinkas and Remmel

—

2145 Carlisle Rd

York County, PA

—

—

1489-1499 South Queen St York County, PA

—

1506 Woodland Dr

SIOR

1 Belmont Ave

Bala Cynwyd, PA

Viturello

Gene McHale & Colin McHale Bridgepoint Insurance Group

475 Virginia Dr

Fort Washington, PA

Commonwealth RE

1564 E. Lancaster Ave.

Paoli, PA

Lieberman Earley & Company Market Link Holdings

51,034 s/f

Off

L

July

—

9,872 s/f

Off/Retail

S

July

One Gateway Center

Newark, NJ

Advanced Realty

—

—

600 14th St. NW.

Washington, DC

—

—

West, Lane & Schlager

—

—

56,000 s/f

Office

L

July

—

—

14,967 s/f

Office

L

75 Carter Dr

Edison, NJ

Jones Lang LaSelle

—

July

Caro Associates II

—

—

76,708 s/f

Off

L

August

Lieberman Earley & Company Katra Szilagyi LLC

1377 Spahn Ave

York County, PA

Rock Commerical RE

Rock Commercial RE

Z-LAK

Heidler Group

$213,000

12,467 s/f

Off

S

August

1401 East Market St

York County, PA

—

—

Chiro-Dynamics

Rock Commercial RE

$225,000

2,562 s/f

Off

S

August

1010-1030 Plymouth Rd

York County, PA

Rock Commerical RE

—

Rock Commerical RE

—

—

1,645 s/f

Off

L

August

275 Cross Farm ln

Wayne, PA

Exter Property Grp

—

CBRE

—

—

108,160 s/f

Off

L

August

2405 Park Dr

Harrisburg, PA

Szeles/Landmark/Acclaim Grp —

—

—

—

7,000 s/f

Off

L

August

Landmark/ONCOR

2300 Vartan Way

Harrisburg, PA

The Vatan Group

—

—

3,675 s/f

Off

L

August

875 Market St

Harrisburg, PA

Landmark Commercial Realty —

—

Campbell Commercial Realtors —

—

2,500 s/f

Off

L

August

207 Walnut Alley

Harrisburg, PA

Kohr

—

Kohr

—

—

Off

L

August

—

1200 Camp Hill

Lower Paxton, PA

NAI CIR

—

NAI CIR

—

—

—

Off

L

August

3076 Schoenersville rd

Bethlehem, PA

Colliers International

—

—

—

$850,000

4,388 s/f

Off

S

August

2 Windsor Plaza

Allentown, PA

Colliers International

—

—

—

—

1,050 s/f

Off

L

August

Off

S

August

S

August

3041 Schoeneck Rd

Macungie, PA

35 Montesano Road

Fairfield

21-25 Riverside Drive

Pine Brook

C&C Riverside Drive

14049

Office

L

130 Clinton Road

Fairfield

Cinram Associates

Sheldon Gross Realty

BancTec Inc.

11574

Office

L

August

2 Industrial Road

Fairfield

Mar Realty Associates

Sheldon Gross Realty

Nextel of New York

16000

Office

L

Sept.

35 Montesano LLC

Allen Distribution

Jones Lang LaSelle

580,000 s/f

R-Cubed Holdings

Sheldon Gross Realty

11500

Elusys Therapeutics

Sheldon Gross Realty

375—East—Elm

Conshohocken,—PA

Beacon—Commercial—RE —

—

Beacon—Commercial—RE

$4m

31,000—s/f

Off

S

Sept

2600—Eisenhower—Ave

Valley—Forge,—PA

BioMed—Realty—Trust

—

Ferrandino—&—son,—Inc.

—

—

11,185—s/f

Off

L

Sept

20—Erford—Rd.

Lemoyne,—PA

CX—Media—LLC

SIOR

SIOR

Andrew—Kohr,—Thomas—Posavec

1,470—s/f

Off

L

Sept

2330—Vartan—Way

Harrisburg,—PA

The—Vartan—Group

—

Landmark

Norman—Stovall—III

—

1,199—s/f

Off

L

Sept

100—Church—St.

Millersburg,—PA

NAI—CIR

Metal—Industries

R.M.L.—Warehousing—Corp —

—

15,850—s/f

Off/Ware

S

Sept

1805—Loucks—Rd.

York,—PA

ROCK—Commercial—RE Regal Dance Systems, LLC

ROCK—Commercial—RE

—

—

5,885—s/f

Off

L

Sept

2005—Technology—Pkwy. York,—PA

High—Associates

ROCK—Commercial—RE

—

—

3,148—s/f

Off

L

Sept

1805—Loucks—Rd.

York,—PA

ROCK—Commercial—RE —

Print—Happy,—LLC

ROCK—Commercial—RE

—

2,663—s/f

Off

L

Sept

250—Fame—Ave.

Hanover,—PA

ROCK—Commercial—RE —

Oscar—Murillo,—MD

ROCK—Commercial—RE

—

2,397—s/f

Off

L

Sept

2040—East—Market—St.

York,—PA

ROCK—Commercial—RE —

Allie—&—Donham,—LLC

ROCK—Commercial—RE

—

1,500—s/f

Off

L

Sept

34—North—Beaver—St.

York,—PA

ROCK—Commercial—RE —

Senecal—Software,—LLC

—

—

766—s/f

Off

L

Sept

—

18B — March 30 - April 12, 2012 — Commercial Office Spotlight — Mid

Atlantic Real Estate Journal

www.marejournal.com

MAREJ OFFICE TRANSACTION REPORT 2011 AS REPORTED IN THE Mid Atlantic REAL ESTATE JOURNAL

Property Name

Seller/ Owner/ Lessor

Address

Rep. of Seller/ Lessor

Buyer/ Tenant/ Lessee

JANUARY 14 - DECEMBER 23, 2011 Rep. of Tenant/ Buyer

1036—North—Godfrey—St. Allentown,—PA

Berger-Epstein—Assoc. —

—

CB—Feist—&—Feist—Realty

2895—Hamilton—Blvd.

NAI—Summit

United—Tax—Solutions

NAI—Summit

Allentown,—PA

Matthew—Dorman

Bergen—Country

Fort—Lee,—NJ

Gebroe-Hammer—Assoc. —

—

330—Franklin—Tpke.—

Mahwah,—NJ

NAI

—

—

James—E.—Hanson

Price

7,500—s/f

Mahwah,—NJ

Raia—Properties

—

Interstate—330,—LLC

—

9—Polifly—Ave.

Hackensack,—NJ

NAI—

Anthony—Cassano

SDK—Apartments,—LLC

—

200—Milik—St.

Carteret,—NJ—

Co—finance,—Inc.

HFF

—

—

105—Challenger—Rd.

Ridgefield—Park,—NJ

Newmark—Knight—Frank—Capital

—

—

2&3 Jennifer Court

South Middletown,PA

Premier Group Mgmt.

NAI CIR

School House Partners, LP

NAI CIR

Vernon Medical Arts

Vernon, NJ

—

—

—

CBRE Private Capital Group

Desc.

S/L

Month

Off/Flex/Ware L

Sept

Condo/Off

S

Sept

6,000—s/f

Off

S

Sept

5,000—s/f

Off

S

Sept

29,050—s/f

Off/Flex

S

Sept

2,398—s/f

Off

L

Sept

$5.85m

148,399—s/f

Off

S

Sept

150,000—s/f

Off

S

Sept

$4.4m

38,810 s/f

Off/Medical

S

Oct

Office

S

Oct

$185,000 $750,000

Mahwah

Size

$2.68m

$2.3m

4 Hunter St.

Lodi, NJ

Sapna Investments

NAI Hanson

—

—

—

2,500 s/f

Office

L

Oct

31 South Commerce Way

Bethlehem, PA

—

NAI Summit

—

NAI Summit

$950,000

17,543 s/f

Office

S

Oct

7010 Snowdrift Rd.

Allentown, PA

—

—

NAI Summit

—

—

14,466 s/f

Office

L

Oct

3900 Hamilton Center

Allentown, PA

—

Berger-Epstein Associates

—

Berger-Epstein Associates

—

2,000 s/f

Office

L

Oct

35 Spring House Rd.

South Middletown,PA

Hoffman Mills, Inc.

NAI CIR

Volvo Construc. Equip. NA

Smart Choice Realty

—

28,800 s/f

Office

L

Oct

2135 B Noll Dr.

East Hempfield, PA

Yellow Brick Investments PPm Real Estate

Links2Care

NAI CIR

—

4,044 s/f

Office

L

Oct

1007 Mumma Rd.

Wormleysburg, PA

1007 Mumma Rd. LLC

Butler Firm

NAI CIR

—

3,325 s/f

Office

L

Oct

7 Bridges Rd.

Smithfield, PA

Kenbar Investment Grp. Michael Baxter Associates

Loving Care Agency Inc.

NAI CIR

—

2,800 s/f

Office

L

Oct

Realty Management

480 New Holland Ave.

Lancaster, PA

Urban Place LP

NAI Commercial Partners

Preferred Health Care

High Associated, Ltd.

—

8,180 s/f

Office

L

Oct

717 Market St.

Lemoyne, PA

Powell RE Properties

Landmark Comm.Realty

Law Offices of Roy Galoway

Landmark Commercial Realty —

1,145 s/f

Office

L

Oct

500 Valley Road

Wayne

Petnic Realty

North Jersey Diagnostic

Sheldon Gross Realty

5044

Office

L

Oct

103 Eisenhower Pkwy

Roseland

Mack Cali

Expand Networks

Sheldon Gross Realty

5000

Office

L

Nov

80 Main Street

West Orange

Municipal Square Assoc Sheldon Gross Realty

Bendit Weinstock

8052

Office

L

Nov

97 Masonic Dr

Elizabethtown, PA

Susquehanna-Wagman

LMS

Toshiba Business Solutions

Landmark

—

5204 SF

Off/Flex

L

Nov

Cross Valley West

Forty Fort, PA

Mericle

Mericle

Hill Corp

—

—

80,000 SF

Off/Ind

L

Nov

213 Summit Rd.

Mountainside, NJ

Delaney RE Holdings

NAI Hanson

Drake & Presti

—

—

2800 SF

Office

L

Nov

Bloom Ct

Mount Laurel, NJ

Bloom Org

Bloom Org

CoreTitle

Colliers In’l

—

3580 SF

Office

L

Nov

920 Linda Ln

Lwr Allen Twp, PA

Linda Lane

Bill Gladstone Grp

Charles Clement

Landmark

—

3306 SF

Office

L

Nov

1011 Mumma Rd

Wormleysburg, PA

1011 Assocs

CAMPBELL

SHS Grp

Landmark

—

3185 SF

Office

L

Nov

The Business

—

—

CAMPBELL

Cordier Auctions

CAMPBELL

—

12560 SF

Office

L

Nov

The Business

—

—

CAMPBELL

Berkshire Sys Grp

—

—

above

Office

L

Nov

Grubb & Ellis

Ten Penn Ctr

Philadelphia, PA

Ten Penn Ctr Assocs

PICPA

Grubb & Ellis

$3.7m

16,000 SF

Office

L

Nov

2.0 University Pl

Philadelphia, PA

University Place Assocs Grubb & Ellis

GSA

Studley

$26m

53,435 SF

Office

L

Nov

2005 City Line Rd

Allentown, PA

City Line Plaza

Spotts, Stevens

NAI Summit

—

5147 SF

Office

L

Nov

NAI Summit

74 W Broad St

Allentown, PA

—

—

Saucon Mutual

NAI Summit

—

3027 SF

Office

L

Nov

95 Highland Ave

Allentown, PA

—

—

Bayada Nurses

NAI Summit

—

2200 SF

Office

L

Nov Nov

3465 Naareth Rd

Easton, PA

Crossroads of Nazareth NAI Summit

Health Network Labs

—

—

1121 SF

Office

L

5050 Tilghman St

Allentown, PA

—

—

Medstar

NAI Summit

—

2239 SF

Office

L

Nov

601 N Fairfax St

Old Town Alexandria, VA

—

Cassidy Turley

601 NF Assocs

—

$21m

129,564 SF

Office

S

Nov

11510 Georgia Ave.

Wheaton, MD

Lakewood at Georgia Ave Scheer Ptrs

Aguilar Assoc

—

—

453 SF

Office

L

Nov

11510 Georgia Ave.

Wheaton, MD

Lakewood at Georgia Ave Scheer Ptrs

Pray & Adams PC

—

—

1217 SF

Office

L

Nov

Summit Executive Ctr

Summit, NJ

13,000 SF

Off

L

Dec

Pennant Capital Mgmt

Tower Center II

East Brunswick, NJ

CBRE

PNC

Newmark Knight Frank

131,363 SF

Off

L

Dec

15 West Front St

Trenton, NJ

Richardson Comm’l.

ICS

Richardson Comm’l.

3686 SF

Off

L

Dec

River Park II

Conshocken, PA

Buccini Pollin

Binswanger

AIM

CBRE

61,496 SF

Off

L

Dec

Quaker Park

Conshocken, PA

Quaker Park

Binswanger

Monetate

Skyline Comm’l

20,161 SF

Off

L

Dec

2574 Interstate Dr

Susquehanna, PA

Exelon Energy

NAI CIR

Keystone Wireless

Off

S

Dec

205 State St

Harrisburg, PA

M Three Props

NAI CIR

Kings Asset Managers

4076 Market St

Hampdem, Twp, PA

4076 Market St

The Gladstone Grp

Donald Nelson McClure

2400 Thea Dr

Harrisburg, PA

DST

Landmark

Nat’l Gov Svcs

2300 Vartan Way

Harrisburg, PA

Vartan Grp

1 Kacey Court

Mechanicsburg, PA

2300 Vartan Way

Harrisburg, PA

20 Erford Rd

Lemoyne, PA

Gates Ctr

Pittsburgh, PA

$550k NAI CIR

2433 SF

Off

L

Dec

432 SF

Off

L

Dec

12,000 SF

Off

L

Dec

Landmark

Utility Solutions

Landmark

1711 SF

Off

L

Dec

Landmark

Everence Fianancial Advisors Landmark

1700 SF

Off

L

Dec

Landmark

General Svcs Admin

Landmark

1251 SF

Off

L

Dec

Landmark

Element Creative Media

Landmark

880 SF

Off

L

Dec

Kojaian Cos

Grubb & Ellis

HDH Grp

Carrie S. Holdstead

18,300 SF

Off

L

Dec Dec

Vartan Grp

2901 Emerick Blvd

Bethlehem, PA

OAA

NAI Summit

5855 SF

Off

L

5018 Medical Circle

Allentown, PA

HAF Inc

NAI Summit

Dr Amir

NAI Summit

1923 SF

Off

L

Dec

1073 Palisades Ave

Fort Lee, NJ

A Rinaldi

Weiss Realty

RTK Law Offices

2616 SF

Off

L

Dec

4303 Forbes Blvd

Lanham, MD

BECO Mgmt

Pro Finishhes Plus

SVN/Skogmo

7009 SF

Off

L

Dec

45 Eisenhower Dr

Paramus, NJ

Bergman RE

SuperMedia

CASE

14,000 SF

Off

L

Dec

Laurelwood Office

Voorhees, NJ

Quaker Comm’l

Colliers Int’l SNJ

Carlisle Assoc

Colliers Int’l SNJ

Off

L

Dec

701 East Gate Dr

Mt. Laurel, NJ

Brandywine Realty

CBRE

Foundations

Off

L

Dec

16,696 SF

www.marejournal.com

Mid Atlantic Real Estate Journal — Commercial Office Spotlight — March 30 - April 12, 2012 — 19B

COMMERCIAL OFFICE SPOTLIGHT Real Estate Sales, Appraisal & Property Management

PROFESSIONAL OFFICE

CLASS A OFFICE

ALLENTOWN

BETHLEHEM TWP ±53,656 SF Class ‘A’ medical office building.

Professional and inviting foyer with dual elevator access.

Ample and convenient parking for patients, doctors and staff. Only 2 suites left at ±7,500 SF and ±1,796 SF. Lease and building partnership opportunities available.

±17,948 SF office building with spectacular architecture. High-speed cable and internet. Conveniently located near the legal district in Allentown. Spaces available for lease from 500 SF to 4,000 SF. Common conference room and furnished units available if desired.

MEDICAL/PROFESSIONAL OFFICE

MEDICAL/PROFESSIONAL OFFICE

PALMER

Mid Atlantic

TWP

W H I T E H AL L Join medical and office professionals in this beautiful ±1,521 SF suite located in Peachtree Office Plaza on Schadt Avenue, just seconds off highly trafficked MacArthur Road. Suite consists of 3 offices, a large conference room and a spacious reception/bullpen area.

±1,800 SF to 11,548 SF available for lease. Many floor-plan options available. Large offices with lots of windows for natural light. Finished room on second floor for use as additional conference room, bullpen area or storage.

Basement also available for storage. Ample onsite parking.

REAL ESTATE JOURNAL’S

ANNUAL SPOTLIGHT

Industrial Real Estate & Distribution Centers This issue will publish as a special pullout section... featuring: • A special LISTING of all the Industrial Space transactions Recorded in MAREJ throughout 2011 • Bi-lined Articles submitted by Expert industrial brokers • Industrial Market Reports compiled by major companies Commercial Brokerage Firms who are actively involved in marketing Industrial space in the Mid Atlantic area are welcome to participate.

This exclusive Industrial Space Spotlight is an excellent way to Reach +25,000 Commercial Real Estate Professionals, Including Owners Developers & Tenants *Deadline: May 11, 2012

DON’T MISS IT! Call Linda Christman 800-584-1062 x 203 for more information lchristman@marejournal.com www.marejournal.com

5100 W. Tilghman Street, Suite 320 | Allentown, PA 18104 | p: 610.391.8888 | f: 610.391.8830 | dietrickgroup.com

DIETRICK GROUP

20B — March 30 - April 12, 2012 — Commercial Office Spotlight — Mid

Atlantic Real Estate Journal

www.marejournal.com

COMMERCIAL OFFICE SPOTLIGHT

By Thomas Woodstok, AMI Business Interiors

Five biggest mistakes companies make buying office furniture

I

t is not something firms do everyday, moving to a new space and buying new office furniture. While the business was on the growth curve to a larger and better space the furniture purchases were a Thomas Woodstok file cabinet here an extra desk there, and were usually in the category of “the least expensive stop gap” product that the office manager can find.

So, what is a firm to do?

There are as many solutions as there are scenarios available in a very large and complex office furniture market place. I cannot address them all here, but I can tell you the 5 biggest mistakes that firms make when planning and buying new furniture.

1. Failure to allow enough time to shop and compare different types and styles. The minimum time schedule is 8 weeks. Most contract furniture is produced to order with a lead time of 6 weeks. So 8 weeks gives you two weeks to decide

on everything from style and office function, to finishes and colors. Add at least a month to explore styles, function, filing needs, colors, finishes, and cost ranges.

2. Ignore or make a low priority of worker comfort / ergonomics. The modern information worker needs a good chair, an adjustable keyboard platform, and proper lighting.

Buy the cheap desk, get a good chair.

3. Think of furniture as a simple commodity. The attitude is that a desk is a desk and it’s just to support a computer. Office furniture is also a fashion item. Office furniture is the clothes that your firm wears every day. Clients don’t visit the office? Your employees do! Numerous studies have documented that the appearance of an office is the second or third consideration prospective hires consider when choosing a position. Proper furniture in a carefully planned layout can enhance productivity, improve moral, and contribute to the bottom line.

4. Design by committee. It is a good idea to solicit everyone’s ideas, but that is as far as it

should go. The Boss in partnership with the office manager or facilities manager must make the final decision which will be based on a number of factors including price, available manufacturer options, lead times, and functionally. I had one client that painted their hallways bright canary yellow based on one dominate person on the “design committee” who said the color works so well in her kitchen; another who insisted that his desk be placed in front of the door so he could have a better view out the window. You get the idea.

5. Confuse value with price.

You don’t have to buy the most expensive products to get good value but the cheapest products are seldom good values. The $125 chair will not provide proper support to the user or outlast its depreciation schedule. Like the TV shows where the fancy designer takes Jim Bob to Target for a stylish makeover on a budget, a knowledgeable contract dealer can make your office looks like Brooks Brothers.

Thomas Woodstok is the founder and principal in AMI Business Interiors. ■

McGovern of CBRE inks 9,874 s/f lease in Mount Laurel, NJ MOUNT LAUREL, NJ — Dan McGovern, vice president at CBRE, Inc. brokered a 9,874 s/f lease with The TJX Companies, Inc. at 901 Lincoln Dr. The property, owned by Hill Properties, is a class A Office Building with immediate access to Routes 73 & 70, I-295 and Exit 4 of the New Jersey Turnpike.

“901 Lincoln Drive West was a great opportunity for TJX. They were able to reduce their occupancy costs while keeping their high end Class A corporate environment. 901 Lincoln Drive West also allowed TJX the opportunity to expand as their business continues to grow.” added McGovern. The financial details of the trans-

action remain undisclosed.

The 901 Building is a three story, Class “A” office building offering Route 73 frontage, a distinctive professional lobby, full height solid core entrance doors, fixed solar bronze windows and a unique covered parking garage with limited spaces along with 4 per thousand s/f in-common surface parking. ■

Princeton Office Market Report . . . continued from page 10B dysfunction amongst practices and causing a reshuffling of medical groups. Larger Practices are positioning themselves into multiple markets, with larger geographical distances between each office. Smaller groups have been splitting up due to the pressure placed on them to invest in group owned technology and to compete with larger practices.

Two hospital locations, Capital Health in Hopewell, which opened this fall, and University Medical Center of Princeton, Plainsboro opening in May 2012, are creating a relocation of roughly 50-75,000 s/f of tenants per year for the whole mar-

ket. Princeton Medical Group went to 15,500 s/f of new medical space at Plainsboro Town Village, and Forrestal Village signed The Urology Group of Princeton. For 5,000 s/f, these buildings are experiencing an increase in medical leasing as the date comes closer for the opening of the University Medical Center Campus. Capital health and University Medical Center of Princeton are both delivering 100,000 s/f medical office buildings.

Internet, Software, Electronic & Fiber: This category finished 2011 with up to 96,000 s/f of growth. Fifteen percent of the growth came specifically with internet software companies

such as Verus, Oracle and IP Accelerate, collectively leasing 41,000 s/f of class A office space.

Electronic companies, such as Princeton Power Systems, who has created new convertor technology for solar power and solar city, leased 45,000 s/f combined in order to accommodate their growth.

Education/Government/NonProfit: The education/government expansion slowed and lowered from 25% absorption in 2008 to only 7% in growth in 2011. Eden Institute leased 17,000 s/f of office work space for their “Eden W.E.R.C. Program” at 4 Crossroads in Hamilton.

Gerard J. Fennelly is president of NAI Fennelly. ■

ROCK Commercial brokers 11,994 s/f lease in York, PA

2351 Freedom Way in York, PA YORK, PA — Pennsylvania Comprehensive Behavioral Health, LLC leased 11,994 square feet of office space at 2351 Freedom Way in York,

PA in York Township. ROCK Commercial Real Estate, LLC represented the landlord and the tenant in this transaction. ■

“Water, water everywhere, nor not a . . . continued from page 3B were nearly $12 billion in loan originations with that number projected to increase to $33 billion in 2011 and $50 billion in 2012.

Lesson learned As the economy slowly recovers and we see long-term gains in employment figures, market fundamentals will continue to improve and lenders

will once again return to the market. However, if we have learned our lesson, it will be under more prudent loan-tovalue ratios with solid debt coverage ratios on income in place.

Mark Fitzgerald, CCIM, CPM, is president and chief operating officer of High Associates Ltd. ■

Greater Reading Office Market Report continued from page 8B at The Madison Building located at 400 Washington St. 2012 downtown vacancy rates will have a major negative jump if CNA follows thru with their plan to vacate the 260,000 s/f. facility located at 401 Penn St.. Even if CNA decides to maintain its presence they are still only occupying 80,000 of the 260,000 s/f, so the impact is going to be felt regardless. A positive note is that 525 Lancaster Ave, Reading has been purchased by a multi-family developer who has decided to redevelopment from office to apartments. This will eliminate a 110,000 sf. office building which has been vacant for a number of years.

The City of Reading and economic development groups have been working hard to improve and revitalize Downtown which shows in the number of projects underway and/or completed.

The new IMAX Theater and the completed addition to the Reading Eagle Headquarters in the CBD are welcome entrants to the market and kick off a multi-million dollar main St. corridor project that includes a new $67 million Doubletree hotel and garage project across

from the Sovereign Entertainment and Expo Center. This will help attract a more vibrant restaurant and entertainment segment with increased amenities and ultimately assist to bring tenants back downtown while decreasing vacancy rates and increases in the tax base.

2012 is showing signs of hope, with new tenants entering the market place, and rental rates continuing along a steady course.

Deals will continue getting done because landlords are reacting to current market conditions, which means companies are getting favorable incentives, such as introductory rates, rent abatements and additional tenant improvements.

Also, landlords are now offering tenant improvements and incentives to keep their existing tenants.

Check out my blog at www.

Bryanecole.wordpress.com for more market information and updates within the Greater Reading Office Sector along with checking our website at www.Bryan-Cole.com Written and compiled by Bryan Cole of NAI Keystone Commercial & Industrial, LLC. ■

www.marejournal.com

Mid Atlantic Real Estate Journal — Commercial Office Spotlight — March 30 - April 12, 2012 — Inside Back Cover B

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