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

Volume 24 Issue 13 July 13 - 26, 2012

ISSUE HIGHLIGHTS Binswanger brokers 158,735 s/f NJ sale

2B Cambridge-Lee Inds. constructs 200,000 s/f facility

To complete the 11th Street Bridge project

Skanska USA Civil Southeast, in joint venture, awarded a $90.7m contract

V

IRGINIA BEACH, VA — Skanska USA Civil Southeast announced that its joint venture with Facchina has been awarded a $90.7 million contract from the D.C. District Department of Transportation to complete the 11th Street Bridge Project. When completed, the project will connect the communities along the 11th Street Corridor to each other and the Anacostia River and complete the functional and operational requirements of the 11th Street Corridor interchange.

change order for the design and construction of all remaining traffic movements on the 11th Street Corridor to meet the requirements of the Record of Decision and the approved final Environmental Impact Statement for the project. Project elements include the removal and replacement of two flyover bridges, the reconstruction of the SE/SW Freeway from an underpass to an at-grade boulevard, and the extension of 12th Street over CSX tracks to connect local streets and improve traffic flow in this area. Work began on June 7 with a scheduled completion in November 2015. ■

Skanska’s share of the contract is 70 percent, which amounts to $63.5 million. The project includes a 11th Street Bridge Project rendering

And new Boys & Girls Clubs of Hudson County, New Jersey

8C Boyle Construction completes 36,000 s/f HQ renovation

10C

Ironstate Development & KRE Group break ground on 18 Park rental building JERSEY CITY, NJ — Jersey City, NJ Mayor Jerramiah Healy joined development partners Ironstate Development Company and Kushner Real Estate Group and officials from the Boys & Girls Clubs of Hudson County to break ground on a new multifaceted project comprising a 422-unit luxury rental building and a new state-of-the-art facility for The Boys & Girls

Directory

Auction Directory ......................... 4-5A DelMarVa ..................................... 9-14A Financial ................................... 15-21A TriState Organization ................ 22-23A Calendar of Events ......................... 28A New Jersey ............................ Section B Pennsylvania ......................... Section C

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Shown from left: Gary Greenberg, executive director of the Boys & Girls Clubs of Hudson County; Jeff Persky, executive VP of Kushner Real Estate Group; David Barry, president of Ironstate Development Company; Michael Barry, president of Ironstate Holdings; Jersey City Mayor Jerramiah Healy; Murray Kushner, chairman of Kushner Real Estate Group; and Peter Brennan, Jersey City council president. Clubs of Hudson County. Designed in collaboration between HWKN Architects and Minno & Wasko Architects, 18 Park will feature an architecturally-distinctive 11-story building. Occupying the same building but with a separate

entrance and address, the new Boys & Girls Clubs of Hudson County will feature approximately 34,000 s/f of modern classroom and recreational space. The project is rising adjacent to the Liberty Harbor North

Light Rail Station near PATH and ferry service to Manhattan within the Liberty Harbor Redevelopment District, an 80-acre, 28-block neighborhood that is already home to more than 1,000 new condominium and rental residences, including 225 Grand, a 348-unit rental building also developed by Ironstate and Kushner Real Estate Group. The partnership expects to complete 18 Park in the fall of 2014. The Boys & Girls Clubs of Hudson County is also expected to open at the same time. “Today’s groundbreaking event is an important milestone for Jersey City as it not only signifies the start of another critical development that will create construction jobs, generate tax ratables and attract new residents to the area, but will also bring us closer to providing a much-needed, modern and safe facility for the Boys & Girls Clubs of Hudson County which will serve the children of Jersey City for generations to come,” said Mayor Healy. ■


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Real Estate Journal

Publisher.............................................................................Linda Christman Co-Publisher..........................................................................Joe Christman

Section Publisher...............................................................Michael Campisi

Section Publisher................................................................. Elaine Fanning Senior Editor/Graphic Artist................................................. Karen Vachon

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Office Manager....................................................................Joanne Gavaza Editorial Consultant.............................................................. Ben Summers Guest Columnist................................................................... Brian Whitmer

By Brian Whitmer

NJ Multi-Family Development Pipeline Takes Center Stage

T

he development pipeline has taken center stage in discussions about the Northern New Jersey multi-family market heading into mid-year 2012. Cushman & Wakefield’s data indicates that an unprecedented 17,000 units are under construction or have a high probability of seeing a shovel in the ground over the next 36 months. Looking more closely at these projects, more than 8,000 of these units – a full 49 percent of the total – is located along the Hudson River Gold Coast in Hudson and Bergen counties. Within that submarket, Jersey City houses twothirds of this activity. Anecdotally, Gold Coast class A multi-family vacancies are in the low single-digit range. The submarket has everything going for it in order to absorb this huge amount of inventory. Provided that Manhattan remains a regional employment powerhouse, the city’s multi-family vacancy rate stays at 1% or less and

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The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal

rent growth continues, people will either be displaced or choose to live in New Jersey based on its value proposition. The Gold Coast’s proximity and PATH, NJ Transit and ferry connections to New York City make it the most attractive alternative. We may see a short-term impact on class A rent growth in the Garden State as this abundance of new inventory is absorbed. However, we do not anticipate any backtracking. The demand is there, and in the long term, this is a finite market. There are only so many properties that can be built on the waterfront or within a convenient walk to

mass transit. Regarding the non-Gold Coast construction, the majority is occurring near or at train stations. We are seeing an increase of infill developments that are either rehabs of existing structures or involve the reuse of former industrial sites. Even then, the recycling of land in mature markets typically connects to ease of commuting. The logical question circling this sheer amount of development is “why now?� Today’s momentum can be traced back to mid 2010, when two shifts occurred in lockstep. First, fundamentals began to continued on page 8A

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Mid Atlantic Real Estate Journal Under-performing properties pique investor interest

Gebroe-Hammer Associates executes sales totaling $1.48m

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udson County, NJ — Boasting a high concentration of existing class-B and class-C multi-family properties, Hudson County continues to be a steady source of investment trading Nicholas Nicolaou activity, according to GebroeHammer Associates. The firm recently arranged two separate transactions, netting a combined $1.48 million for 18 total units, including one ground-floor retail unit. Gebroe-Hammer represented the seller and identified the buyer, a long-time client, in the $950,000 sale of a fivestory walk-up in Weehawken. The mid-rise building is strategically situated between

JFK Boulevard East and Park Avenue, the township’s busy north-south corridor roadway. The firm’s market specialists also orchestrated a $530,000 short sale of a four-story brick building in Union City. Comprised of eight two-bedroom units, the property is near Jose Marti Field and St. Michael the Archangel Church and Monastery. “Like many municipalities along the Hudson River shoreline, Weehawken and Union City are commuter hubs where a good majority of the residents rent by choice, a factor that consistently fortifies occupancy levels and attracts investors,” explained Nicholas Nicolaou, sales associate and a member of the brokerage team in the Union City sale. Gebroe-Hammer was named the listing broker by the lender and identified

the buyer, a long-time client with additional holdings in Hudson County. “As the pipeline of distressed debt and real estate – aftershocks of the Great Recession – continues to flow into the marketplace, investors are weighing the favorable benefits associated with such an acquisition,” said Ken Uranowitz, managing director. “In spite of deferred maintenance and other related issues, which often contribute toward an asset’s diminished performance, investors are competing vigorously to purchase these discounted properties with the expectation of adding value over time, and location is always the mantra. And, as rents continue to rise in New York City, tenants who are priced out of Manhattan will continue to seek alternative living options along New Jersey’s Gold Coast.” n

Colliers International brokers new 23,451 s/f long-term lease Secaucus, NJ — Colliers International New Jersey arranged a long-term lease for ZT Group International, Inc. (dba ZT Systems) at 333 Meadowlands Parkway. The new, 23,451 s/f space will serve as the company’s new

headquarters. ZT Systems outgrew its previous headquarters at 350 Meadowlands Parkway, where it will maintain space for engineering, assembly and distribution activities, but needed an additional location with

room for expansion. The firm will occupy the entire second floor of the six-story property. Frank Lopriore, an executive managing director for Colliers International New Jersey negotiated the new lease on behalf of ZT Systems. n

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Mid Atlantic Real Estate Journal Auctions

4 AUCTIONS

REAL ESTATE & EQUIP. DOSWELL, VA

XTERIORS CONCRETE PAVER MANUFACTURING FACILITY Located Between Richmond, VA & Washington D.C. – 0.4± Miles off I-95

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3 OFFICE FURNITURE FIXTURES & EQUIP Bids Close: Thurs, Aug. 9 beginning @ 1 PM

4 CONCRETE PAVER PLANT ACC & INVENTORY Bids Close: Thurs, Aug. 9 beginning @ 2 PM


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Mid Atlantic Real Estate Journal Auctions Place your Business Card in our Auction Directory Today! Companies Specializing in Commercial/ Industrial Real Estate Can Promote Their Company and its Services in our Twice monthly Directory Please Fill Out Coupon Below And Fax It To 781-871-5299 or Email lchristman@marejournal.com

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Mid Atlantic Real Estate Journal SunTrust Bank leases office space in Glen Allen, VA

New Boston Fund and Rer Equities secure 83,414 s/f

G

$3,470,000

$5,850,000

$3,900,000

$2,360,000

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

Refinance Philadelphia, PA Multifamily 100 Units

Acquisition Newark, NJ Garden Apartments 90 Units

Acquisition Newark, NJ Multifamily 45 Units

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

len Allen, VA — New Boston Fund, Inc. and RER Equities, Inc. announced that they have leased 83,414 s/f of class-A office space to SunTrust Bank, Inc. for its mortgage group at WestMark Two in Glen Allen. New Boston Fund and RER Equities own and manage WestMark Two in the joint-venture partnership, RER/New Boston West Broad Street LLC. WestMark Two is a five-story, 204,622 s/f office building situated on a 40-acre business campus. The property features highly-efficient floor

WestMark Two plates with raised flooring to WestMark Two due to the complement the building’s quality of the building, the flexibility, an emergency back- convenient location, ease of acup power system. SunTrust cess and its many impressive will occupy 41 percent of the amenities,” said Bruce Levy, building. CEO of RER Equities. “SunTrust was drawn to Jeff Cooke, senior vice president at Thalhimer, handled the assignment on behalf of the RER/New Boston joint venture. Also from Thalhimer, senior vice president N. Dean Meyer represented SunTrust. “WestMark One and Two are excellent assets in our MidAtlantic portfolio, said Pat Shooltz, senior vice president and regional director of New Boston Fund’s Mid-Atlantic region. “We are proud to welcome SunTust to our tenant roster and provide them with first-class property management services.” n

Industrial Investments signs three leases totaling 63,031 s/f

RER Equities, Inc. is a private real estate firm focused on the acquisition, asset management and disposition of unique value-added real estate related assets. RER Equities’ investment philosophy employs a strategy that exploits supply-demand imbalances and under-utilized properties to purchase attractive real estate assets at opportunistic prices. The RER investment team is composed of professionals with extensive experience in identifying underperforming real estate assets and optimizing the value of those assets through intensive asset management. This expertise enables the RER team to seek above-average risk adjusted returns for its investors.

For additional information on investment opportunities or to submit an acquisition opportunity, please contact Bruce Levy, CEO. Phone (703) 736-3871

E-Mail - Bruce.Levy@rerfin.com

Warminster, PA – Industrial Investments signed three leases for a total of 63,031 s/f of industrial and warehouse space at several of its Bucks County rental properties. At the North American Technology Center in Warminster, Forest Incentives leased 48,366 s/f of warehouse and distribution space. Jim Scott of Colliers International brokered the transaction. At the same complex, Bucks County Electric Works leased 8,000 s/f of warehouse space. Terry Quinn, of Quinn & Wilson Realtors brokered the transaction. The North American Technology Center and Industrial Investments were represented by Robert Bown in both of these transactions. At 431 Pike Rd., HydraMatic Packaging leased 6,665 s/f of warehouse space. Chris Prajzner of Blough Realty brokered the transaction. Industrial Investments was represented by Bown in this transaction. n


Mid Atlantic Real Estate Journal — July 13 - 26, 2012 — A

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Mid Atlantic Real Estate Journal 100 Franklin Square Drive in Somerset, NJ

GENERAL CONSTRUCTION

Jones Lang LaSalle’s Straka facilitates 108,410 s/f sale

S

OMERSET, NJ — Jones Lang LaSalle represented Pacific Controls Inc. in the acquisition of 100 Franklin Square Dr., a 108,410 s/f office building in Somerset. Jones Lang LaSalle senior vice president Shawn Straka represented Pacific Controls in the transaction. They intend to occupy vacant space on the top two floors of the class B property, which is currently 33 percent leased. “It’s extremely encouraging to see a company such as Pacific Controls — a global provider of cloud computing services for energy management — make the decision to invest in New Jersey,� Straka said. “The company, which already occupies space in Somerset, was attracted to 100 Franklin Square Drive due to its prime location and access to a highly educated work force.� 100 Franklin Square Drive is located close to I-287 and Routes 22, 28, 202 and 206. n

RE/MAX broker shares success secrets with competitors St. Davids, PA — While most real estate brokers are not willing to share their success with competitors, real estate broker Brett Furman did just that. Furman shared his secrets of success and why his short sales are 85% successful. Furman shared his success story to help stabilize the neighborhoods that he works in and help reduce the local foreclosure rates. “I knew that my lecture would make a huge difference. I am committed to doing anything for my clients and community that will help improve the real estate market,� said Furman. The lecture included the results from a five month short sale study that he conducted with the help of a Villanova intern. The study analyzed troubled real estate in Chester, Montgomery, DE and Philadelphia County. “I noticed that the suburban Philadelphia market experienced this fragility late in the game,� said Furman. “Suburban Philadelphia may have been the last market in the country to be affected. However, our real estate market is one of the most stable markets in the country. When market values are improving we never get the spikes and when the market softens we don’t experience the rapid declines.� n

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Mid Atlantic Real Estate Journal

Located at 824 & 830 Hamilton St. in Allentown, PA

Alvin H. Butz breaks ground on 50,000 s/f expansion

A

llentown, PA — Alvin H. Butz broke ground on the 50,000 s/f, class-A office and retail expansion located at 824 and 830 Hamilton St. The expansion is Phase II of the Butz Corporate Center project. Butz will pursue Leadership in Energy and Environmental Design (LEED) Certification. The building will be designed by Roberson Butz Architects and built by Alvin H. Butz Inc. “This day is very significant to our company’s future. We see a great opportunity here for other companies looking to do business in Pennsylvania,” says Greg Butz, president

824 and 830 Hamilton St. and CEO. “We look forward to filling our expanded building with high quality businesses

that can reap the rewards of being located in downtown Allentown.” n

Emory Hill Builds “Yogen Früz” in Christiana Mall NEW CASTLE, DE — Delaware’s first Yogen Früz, constructed by Emory Hill & Company, will be opening in Christiana Mall in the Target courtyard just in time for summer! The innovative new store offers patrons a “mix it” yourself frozen yogurt and sorbet bar in which patrons select a lowfat frozen yogurt or fat-free sorbet and then choose from a large variety of fruits (like mango, pineapple, raspberry, kiwi, watermelon and more) or other toppings (including Oreo, Cap’n Crunch, granola and dark and white chocolate shavings) which are then blended to create customized frozen creations. Yogen Früz will also offer self-soft serve. Co-owners Michael Geonnotti of PA and Ron Perruzza of Toronto own several stores in the Tri-State area and plan to open more stores in Delaware once the mall store is underway. “We’re excited to be in the First State and

Yogen Früz interior know the mall store will be a of their local knowledge and tremendous success, and we 30 years of commercial conlook forward to opening more struction expertise. “We look stores throughout Delaware,” forward to a long-standing relationship with Emory Hill in said Geonnotti. He said he and his partner years to come,” Geonnotti said. chose Emory Hill & Company “They have been outstanding as the construction manager to work with every step of the and general contractor for way, giving us the personalthe 543 s/f mall store because ized attention we needed.” n

NJAA commissions New Jersey multifamily economic study TRENTON, NJ — A comprehensive study by the Edward J. Bloustein School of Planning and Public Policy at Rutgers, The State University of New Jersey and commissioned by the New Jersey Apartment Association (NJAA), analyzes the economic contribution of the multi-family apartment industry to the New Jersey economy and concludes that the apartment industry – comprising over 500,000 rental units in 5+ unit buildings – is a significant

component of the New Jersey economy. The study estimates that in 2010, the industry directly or indirectly supported over 44,000 jobs (1.2% of the state’s total employment), contributed $5.7 billion to the State Gross Domestic Product (GDP), generated over $1 billion in local tax revenues, and $140 million in tax revenue to the State of New Jersey. The NJAA commissioned the Bloustein School to perform a comprehensive economic

analysis of the apartment industry in order to provide officials and the industry with the insights required for future effective long-range housing policy planning. One-third of New Jersey’s working families, young couples and seniors – some three million people – call apartment living “home.” The economic impact of the multi-family housing industry in the Garden State goes well beyond that of its employees. n

NJ Multi-Family Development Pipeline Takes Center Stage . . . continued from page 2A improve. Since then, vacancy rates have declined to their current rate of 3.9 percent, according to REIS, which mirrors pre-recession levels. This, in turn, has driven rental rates to the highest point in recorded history, per REIS. The average Class A rent currently is $1,973. The previous peak, of $1,968, occurred during the third quarter of 2008. Northern New Jersey recorded 2.4 percent rent growth in 2011; this ranks first in the Northeast out of 15 metropolitan areas and fourth in the entire United States. Simply put, New Jersey is in a good place in terms of fundamentals. Second, debt and equity capital, as well as construction financing, came back into multifamily and quickly picked up pace. Fannie Mae and Freddie Mac are lending on existing assets, with rates that are all-time lows in the 3% range depending on loan term. This is creating a yield arbitrage for buyers coming into multifamily. We also have seen local and regional banks become more aggressive to compete with the agencies. This combination of available financing at rates that continue to decline has created cap rate compression that is driving up pricing. Since the first quarter of 2010, cap rates for Class A product have largely remained between 4.5% and 5.0%. When owners see this appreciation, it fuels their motivation to sell. The result? A perfect storm for stepped-up property transaction volume. WHY DO INVESTORS LOVE MULTIFAMILY? In 2010, 10 multi-family sales in excess of $10 million in size, totaling $523 million, closed in Northern New Jersey; three involved Class A properties. In 2011, 13 transactions totaling $825 million closed; nine involved Class A assets. This year, New Jersey seems in line for volume somewhere in between, with one or two Class A trades per half year. Looking back nearly a decade, New Jersey sees on average three class

A transactions per year. In 2012, we have seen a number of generational sellers put properties on the market. They believe that pricing is peaking and are uncertain about what the capital gains tax is going to look like moving forward. The market also is ripe with REIT and institutional sellers choosing to exit non-core properties and those they purchased before the recession and now can sell at a profit. Active buyers include a diverse mix of institutions, private investors and opportunity funds. Equity capital loves multifamily. While the economic recovery may well be under way, investors still see retail, office and industrial p roperty as a relatively more risky asset class. Multifamily is accepted as the “safest” hard asset investment alternative, and, historically, the returns appreciation have been more stable than the other commercial sectors. Additionally, the propensity for successful professionals to rent has increased. Some are transient and do not want to establish roots, while others may not have the 20 percent down payment needed to secure a mortgage. A growing number of qualified would-be buyers have seen home-owning family members and friends struggle during the past few years. So whether due to an aversion or inability to buy, the pool of prospective multi-family residents has deepened. These factors all have contributed to a greater share of investment capital being shifted into multifamily versus the other real estate asset types. As we head into the heart of 2012, transaction volume is picking up. This, along with Northern New Jersey’s incredible development pipeline and impressive fundamentals, will keep the regional multifamily market among the most interesting industry discussion topics for foreseeable future. Brian Whitmer is senior director of the Metropolitan Area Capital Markets Group of Cushman & Wakefield, Inc. in East Rutherford, NJ. n

Blue & Obrecht Realty handles 7,420 s/f Baltimore, MD — RMS Omega Technologies Group leased 6,160 s/f at 9635 Philadelphia Rd. Middleton Smith, Richard Blue, Jr., SIOR and Paul Obrecht, III, SIOR of Blue & Obrecht Realty, LLC represented the tenant, and Beetle Smith and David Lin-

ton of RKS Realty represented the landlord. Hill, Barnes & McInerney, LLC leased 1,260 s/f of office space at 1643 Liberty Rd. in Eldersburg. Patrick Smith of Blue & Obrecht Realty, LLC represented the landlord, Liberty, LLC. n


Mid Atlantic Real Estate Journal — July 13 - 26, 2012 — A

www.marejournal.com

125,000 s/f industrial property on 14.05 acres

Cushman & Wakefield arranges $8.25 million sale of industrial building in Hanover, MD

H

anover , M D — Cushman & Wakefield has arranged the sale of 7495 Race Road, a 125,000 s/f industrial property on 14.05 acres in Hanover, Maryland. The property was acquired by Exeter Property Group of Plymouth Meeting, Pennsylvania for $8.25 million. The Cushman & Wakefield team was led by Cristopher Abramson, Brian Kruger and Nicholas Signor of the Capital Markets Group, along with the Industrial Services team of Michael Elardo, SIOR and Jared Ross. Cushman & Wakefield arranged the sale on behalf of the undisclosed seller. At the time of sale, the

building was 100% vacant. 7495 Race Road was built

7495 Race Road in 2008. Located immediately property offers easy access to off of 295 in Hanover, the Route 100, I-95, Arundel Mills

The Donaldson Group finalizes $6 million in renovations Rockville, MD — The Donaldson Group, LLC (TDG) has completed $6 million in renovations at Heather Hill, a 459-unit rental apartment community that it acquired in December of 2010 with equity partner Angelo, Gordon & Company. Further renovations are underway. All Heather Hill residents now benefit from brand-new amenities including a fitness center, business center, and youth education/activity room. Refurbished apartments have modern kitchens with stylish countertops, updated bathrooms with water-conserving features, new carpeting, individual washerdryer units, new windows and sliding doors, and new balcony railings. All of the second-story apartments feature dual wood-burning fireplaces and oversized walk-in closets. TDG upgraded the community’s mechanical, electrical, and plumbing systems as well as the buildings’ facades. Heather Hill’s apartment homes comprise a mix of one-, two-, and three-bedroom units ranging from 610 to 1,236 s/f, each one

Mall and the BWI Marshall Airport. n

DRV acquires 120,000 s/f fully occupied office building

7700 Hubble Drive in Greenbelt, MD

Heather Hill featuring a private balcony 21 park-like wooded acres. In or patio. Heather Hill is the addition to the newly renoonly property in the area that vated community building offers three-bedroom, two- with its fitness, business, and bath apartments, and also youth activity centers, the is the only one in which all property offers an Olympictwo-bedroom units have two size swimming pool and wadbathrooms. ing pool, basketball court, and an onsite Metrobus stop. TDG executive vice presi- Heather Hill is easily accesdent Carlton Einsel said: sible to I-495 and is located “We are pleased to offer spa- just a short distance from cious and beautifully reno- shopping, entertainment, vated apartment homes to and major employment cenresidents of Prince George’s ters including National HarCounty, where they can enjoy bor, Suitland Federal Center, convenience and amenities at Joint Base Andrews, Joint affordable rental rates.” Base Anacostia-Bolling, the Heather Hill comprises 18 Washington Navy Yard, and low-rise buildings situated on many more. n

Bethesda, MD — Diversified Realty Ventures (DRV) has acquired a 120,000 s/f secure office building in Greenbeltadjacent to NASA Goddard Space Flight Center. The seller, represented by Transwestern’s Robert Filley, was C-III Asset Management, LLC, as special servicer for the former mortgage lender. The acquisition is subject to a ground lease that runs through 2075 with possible extensions. Greentec IV, located at 7700 Hubble Dr., is fully occupied by government employees and contractors working on the Joint Polar Satellite System (JPSS). JPSS is the next-generation multi-functional satellite system intended to replace today’s long-range weather satellites. In addition to weather monitoring and forecasting, JPSS will have advanced research

and defense capabilities. The first JPSS satellite is expected to be launched in 2017. JPSS is a joint mission of NASA, NOAA, and the Department of Defense. Government contractor TRAX International has leased Greentec IV on behalf of the JPSS program. “We see Greentec IV as a longterm hold,” said Elliot Liffman, principal, DRV. “JPSS, like any mission-oriented user, is a finite tenant. But even when the JPSS mission is complete, the building is well-positioned to attract new tenants. While the Greenbelt office market as a whole still has a long way to go toward full economic recovery, this building’s specialized infrastructure and close proximity to Goddard -- which is space-constrained by its master plan-- provide significant competitive advantages.” n


10A — July 13 - 26, 2012 — Mid

Atlantic Real Estate Journal

ATTENTION:

Architects & Engineers Promote your company, projects and expertise in MAREJ’s annual

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Publication July 27, 2012 Deadline July 17, 2012

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DelMarVa Brad Davis of CBRE represents lessee

Liberty Property Trust leases 86,873 s/f, class A space to NVCC

H

ERNDON, VA — Liberty Property Trust has completed a lease with Northern Virginia Community College for 86,873 s/f of class A office space across three buildings at Pender Business Park. The agreement raises campus occupancy from 44% to 96%. “We are delighted to have Northern Virginia Community College as a new tenant within our portfolio,� said Mike Jones, VP and city manager for Liberty in the Greater Washington, DC region. “While the northern VA office market remains soft, the college’s decision is recognition of the value and quality that Pender Business Park has to offer.�

Pender Business Park The three locations that Northern Virginia Community College will occupy at Pender Business Park include all of Pender III (3924 Pender Dr.; 26,508 s/f) and Pender IV (3922 Pender Dr.; 46,482 s/f)

as well as 13,883 s/f at Pender II (3926 Pender Dr.). Brad Davis of CBRE represented NVCC; Rob Walters, Mike Shuler, Nate Krill of Avison Young represented Liberty. n

NAI Emory Hill finds space for new Middletown Sports Complex www.TaylorZangMunley.com 215.531.7000 3KLODGHOSKLD3$2IĂ€FH 202.536.3700 :DVKLQJWRQ'&2IĂ€FH

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sports including soccer, baseball and lacrosse. CFO Brian Ellis, one of the owners, said they hope to have a soft opening at the end of June and hold several grand openings in July or August â&#x20AC;&#x201C; one for each of their main sports. â&#x20AC;&#x153;We realize how much sports are needed in town,â&#x20AC;? Ellis said. â&#x20AC;&#x153;There is nothing like this in 30 miles.â&#x20AC;? Ellis and partners Brian

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Middletown, DE â&#x20AC;&#x201C; NAI Emory Hill agent Paul Bryant helped to find a location for an indoor sports arena. The new Middletown Sports Complex will be located at 938 Middletown Warwick Dr, the former home of Bob Wagnerâ&#x20AC;&#x2122;s Flooring showroom and warehouse. The complex will house several fields, one of which will be a large multi-purpose field that can house a variety of

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Mid Atlantic Real Estate Journal — July 13 - 26, 2012 — 11A

DelMarVa


12A — July 13 - 26, 2012 — Mid

Atlantic Real Estate Journal

Commercial-Industrial Realty Council www.circdelaware.org

OFFICERS President & Legislative Affairs Chair J. Gregory Ellis Patterson-Woods Commercial Properties Vice President & Program Committee Chair John Birmingham Cushman & Wakefield of Delaware, Inc. Treasurer Katherine L. Silicato, CPA Gunnip & Company, LLP Secretary Bayard J. Snyder, Esq. Bayard & Associates DIRECTORS Jeremy Abelson WSFS Bank Amelia Julian Eastern States Group Education Committee Chair Dan Lesher Patterson Woods & Assoc. Membership Committee Chair James Manna BrightFields, Inc. Jim O’Hara Jim O’Hara Realty Assoc. Donald Robitzer The Commonwealth Group Bert Root, V Newmark Knight Frank Smith Mack Marvin Sachs Bellevue Realty Co. EX-OFFICIO (NON-VOTING MEMBERS) Business Manager Janet Sharpless Pippert CIRC Landmark JCM Legislative Lobbyist C. Scott Kidner C. S. Kidner & Associates New Castle County Economic Development Liaison Karl Kalbacher, P.G New Castle County Director of Redevelopment Bob Chadwick, Director New Castle County Economic Development Council State of Delaware Economic Development Liaison Jeff Stone State of Delaware, DEDO City of Wilmington Economic Development Liaison Jeff Flynn City of Wilmington, Office of Economic Development

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Mid Atlantic Real Estate Journal â&#x20AC;&#x201D; July 13 - 26, 2012 â&#x20AC;&#x201D; 13A

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Commercial-Industrial Realty Council www.circdelaware.org

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14A — July 13 - 26, 2012 — Mid

Atlantic Real Estate Journal

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

Twin Spans Business Park, City of New Castle, DE

Delaware River Industrial Park

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

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

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

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


Financial Digest Mid Atlantic Real Estate Journal — July 13 - 26, 2012 — 15A

www.marejournal.com

For 322-unit apartment complex in Lanham, MD

Eastern Union positions $11.5 million bridge loan

L

anham, MD —Eastern Union Commercial has arranged an $11.5 million bridge loan on behalf of a private real estate company for its eight-building, 322-unit apartment Marc Tropp complex in Lanham,

Maryland. The owner plans to begin a capital improvement program to enhance its value. Constructed in 1964 and 1965, the 14.6-acre complex includes garden-style walk-up apartments, with one-, twoand three-bedroom units, and 382 parking spaces. Provided through Greystone Servicing Corporation. Inc., the bridge loan was financed at 7.5 percent and will convert to

a standard 10-year Greystone Fannie Mae DUS loan once the asset is stabilized upon completion of the capital improvement program. Marc Tropp, managing director of Eastern Union Commercial’s Mid-Atlantic region, negotiated the loan on behalf of the borrowers , working with Andrew Ellis, director of Greystone Servicing Corporation’s Bethesda office. n

Cassidy Turley arranges permanent financing for a 14-story, 234-unit rental apartment project WASHINGTON, DC — Cassidy Turley arranged long term, fixed rate construction and permanent loan financing for a to-be-built 14-story, 234-unit rental apartment project located in the emerging Mount Vernon Triangle neighborhood in Washington, DC. The loan was provided by a life company. Christian Miles, senior managing director, Phil Mudd, senior managing director, and Brad Geiger, associate vice president, arranged the financing on behalf of affiliates of The Wilkes Company and Quadrangle Development Corporation. “The client was seeking financing that would lock in today’s low fixed rates over more than a 10 year period,” said Mudd. “Quadrangle and The Wilkes Company represented outstanding sponsorship and the design was excellent,” he continued. “We were able to show lenders how Mt. Vernon Triangle has evolved into a highly attractive office, retail, and residential environment, with most of the developable sites under construction or in late stages of development planning,” added Geiger. “The real secret of Mt. Vernon Triangle is that there’s even more foot traffic on the streets in the evening compared to the daytime hours,” commented Miles. “It’s terrific to see how vibrant the neighborhood has become.” 440 K Street Apartments

440 K Street Apartments features a sleek, contempo- abundant natural light and rary lobby with many other condominium-grade finishes, amenities including a fitness from granite countertops and center with floor-to-ceiling stainless steel Energy Star glass walls and a second appliances to ceramic tiled floor tranquility garden with foyers, kitchens and batha cozy outdoor fireplace and rooms. Residents in 39 of the water feature set amidst west-facing apartments will lush landscaping. In addi- have balconies and seven tion, 440K will have a rooftop apartments on the second terrace with two swimming floor will feature their own pools, a fire pit, grilling areas private terraces, directly and a large, fully equipped adjoining the tranquility garcommunity room for residents den. Additional conveniences and events that they host. include bicycle storage, a 440K will have 182 one- 96-space parking garage and bedroom, 26 one-bedroom 24-hour concierge service with den and 26 two-bedroom supported by a smartphone apartments, all featuring App for service on the run. n

To expand into equity capital markets

Meridian Capital Group adds Steier and Baydala New York, NY – Meridian Capital Group, LLC, a national real estate finance advisor, announced the recent additions of Peter Steier as managing director, head of equity capital markets, and of Terry Peter Steier Baydala, executive vice president, head of structured finance. Steier will be responsible for overseeing the company’s entry into providing equity capital markets services and Baydala will focus on broadening Meridian’s national and international lender relationships, including by fostering the company’s ability to originate and syndicate larger and more complex loans. Steier and Baydala both join Meridian at a pivotal point in its history and strategic growth plan. Meridian, which celebrated its 20th anniversary in 2011, has grown into one of the nation’s preeminent commercial real estate finance intermediaries in both dollar volume and loan count, closing $17.3 billion covering nearly 2,800 transactions in 2011. Steier joins Meridian from The Carlton Group where he was a managing director. In his new role for Meridian, Steier is charged with building a fullservice equity capital markets platform to complement the company’s debt capital markets expertise. The equity capital markets platform will allow Meridian’s clients access to a broad array of equity-focused transactions, including recapitalizations, joint venture equity, sponsor equity, passive promotable equity, acquisition capital, pari passu equity, entity level equity, and preferred equity, as well as highly structured equity to accommodate the most complex situations. “With the current trend of recapitalizations and joint ventures, as well as Meridian’s leading position in debt capital markets, the company’s expansion into equity services is a natural platform extension at a time when market demand for these services is historically high,” said Steier. “I am

genuinely excited to join the dynamic team here at Meridian and look forward to introducing our new equity services to the Company’s clients nationally and building upon our longstanding tradition of Terry Baydala excellence in markets in which we operate,” he added. Baydala joins Meridian after five years as Senior Vice President of Commercial Real Estate Banking at Anglo Irish Bank, where he structured and syndicated large commercial loans. At Meridian, Baydala will spearhead the development of the company’s structured finance platform, including a broadening of the firm’s institutional relationships. These expanded relationships will enable Meridian’s financing partners the enhanced flexibility to participate in large, Meridian-facilitated financings. Meridian expects that the new platform will expand its financing capabilities for larger and more complex transactions, especially for deals that require multiple lenders and investors throughout the capital stack. Lenders that the platform will seek to engage will include local and regional banks, small- to mid-sized life insurance companies, and non-U.S.-based lenders seeking exposure to U.S. commercial real estate. “I am proud to lead this initiative at Meridian. For more than twenty years, Meridian has earned the confidence and trust of the world’s most sophisticated real estate investors and lending institutions. I believe there is significant opportunity through this platform to further expand the company’s market coverage, and to broaden our ability to service our clients and financing partners,” said Baydala. “I am delighted to welcome Peter and Terry to our Meridian team. I have no doubt that they will both play significant roles in driving our company to a new level,” said Ralph Herzka, Meridian’s chairman and CEO. n


16A — July 13 - 26, 2012 — Mid

Atlantic Real Estate Journal

www.marejournal.com

Financial Digest

Relationship Driven. Execution Focused. Recent New Jersey and Mid-Atlantic Financing Transactions:

Meadowbrook Apartments 532 Units

Berkshire at the Shipyard 93 Units

2100 Parkway Apartments 124 Units

Greenbriar Apartments 346 Units

$32,900,000

$29,000,000

$25,125,000

Huntingdon Valley, PA

Hoboken, NJ

Philadelphia, PA

Philadelphia, PA

Hidden Creek Apartments 236 Units

Warehouse Apartments 141 Units

Hallmark House Apartments 429 Units

Blue Hen Apartments 162 Units

$23,500,000

$20,800,000

$20,000,000

$16,000,000

Bayville, NJ

Philadelphia, PA

Newark, NJ

Dover, DE

Village Park Apartments 178 Units

1616 Walnut Street 233,000 Sq. Ft. Office

River Street 44,000 Sq. Ft. Office/Retail

Colony House at Rivers Edge

$15,100,000

$14,000,000

$12,500,000

$8,800,000

Pleasant Valley, NY

Philadelphia, PA

Hoboken, NJ

Red Bank, NJ

$35,800,000

68 Units

517 Route 1 South, Suite 4000 Iselin, NJ 08830 | 732-301-3200 | www.meridiancapital.com


Mid Atlantic Real Estate Journal â&#x20AC;&#x201D; July 13 - 26, 2012 â&#x20AC;&#x201D; 17A

www.marejournal.com

Financial Digest By Bruce J. Coin, Bruce Coin Consulting, Inc.

T

he reports I study and the professionals that I speak withal indicate that commercial real estate markets are improving, albeit slowly. The statistics all generally support that position. The Bruce J. Coin apartment market has improved generating the greatest demand among buyers and lenders with new apartment construction occurring in many areas. Even office market vacancy rates have been steadily declining, although nominally. Interest rates are still predicted to remain low through the end of 2013 as assured by Fed Chairman Bernanke. Right now the benchmark 10 year U.S. Treasury has remained well below 2 percent for close to two months and at one point was just above 1.4 percent. That bodes well for the commercial mortgage market but how will all of this impact maturing loans, especially, CMBS loans, written in the last five to ten years? The Trepp organization recently predicted that approximately $1.7 trillion of CMBS loans will mature between now and 2017 with $360 billion due this year. Said $1.7 trillion does not include the â&#x20AC;&#x153;on bookâ&#x20AC;? portfolio loans maturing at banks and insurance companies. The problem impacting how CMBS loans may be refinanced was created in 2008 when foreign investors lost confidence in American real estate backed mortgage securities and stopped investing. What had become the single largest source of mortgage money in the United States that over supplied the mortgage markets substantially dried up. A modest rebound, referred to as CMBS II, began late last summer. Unfortunately, there is not enough mortgage money in all of the banks and insurance companies combined, even with the re-emerging CMBS II potentially closing as much $100 billion this year, to fully supply the CMBS refinancing demand. In an environment of over demand and under supply, mortgage lenders can â&#x20AC;&#x153;pick and chooseâ&#x20AC;? which loans they want to fund while imposing tighter underwriting standards. We

The current commercial mortgage market

have witnessed that since 2009. While becoming a little more liberal, that underwriting trend will continue for some time. Low interest rates and more liberal underwriting standards will undoubtedly benefit many properties but they canâ&#x20AC;&#x2122;t overcome the real problem for many CMBS borrowers. The commercial real estate markets are simply not improving fast enough to restore their values to prior levels. Their current loan to value ratios are 70, 75 or even 80 percent, (in some cases 100 percent or more) of their current appraised values. Often, their

original loans were 80 percent of a somewhat overly optimistic value exacerbating the problem. While they may be able to pay their current debt service, even with less than 90 percent occupancy, and with rents that are lower than a few years ago, they cannot readily refinance enough at todayâ&#x20AC;&#x2122;s standards when their loans mature. The Special Servicers of many CMBS loans, when a loan is in real or technical default (e.g. higher than 75-80 percent LTV, not maintaining a 1.25 debt service coverage factor, etc.) or when a loan has matured (often with some real equity)

move to foreclose as there usually is no justification to extend or restructure a loan in such circumstance. Defaulted CMBS borrowers have few options: â&#x20AC;˘ Sell, recognize little or no equity, possibly even take a loss, pay gains and recapture taxes and move on â&#x20AC;˘ Inject additional capital to reduce the debt (themselves or by adding a partner) to current re-financeable levels and re-finance. â&#x20AC;˘ Some (but very few) are able to reduce the debt enough and provide sufficient reserves to have the loan restructured by the Special Servicer

â&#x20AC;˘ Allow the foreclosure and the â&#x20AC;&#x153;lenderâ&#x20AC;?, in many cases the lowest tranche holding CMBS bondholders, loses their investment. They really are the individuals or entities that are losing and absorbing the â&#x20AC;&#x153;deltasâ&#x20AC;? between debt and value. For tax purposes the amount of debt owed effectively becomes the â&#x20AC;&#x153;sale priceâ&#x20AC;?. Tax is owed with no sale proceeds to pay them â&#x20AC;˘ Find a newly formed fund to â&#x20AC;&#x153;partnerâ&#x20AC;? with to solve the pending tax and future capital needs problem. Disposition of these CMBS continued on page 26A

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18A — July 13 - 26, 2012 — Mid

Atlantic Real Estate Journal

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MAREJ Monthly Sales and Lease Report As Reported In The Mid-Atlantic Real Estate Journal ~ June 9 - July 12, 2012

Property Property Name Address Name Address

Seller/ Seller/ Owner/ Owner/ Lessor Lessor

Rep. of Rep. of Seller/ Seller/ Lessor Lessor

Buyer/ Buyer/ Tenant/ Tenant/ Lessee Lessee

Rep. of Rep. of Tenant/ Tenant/ Buyer Price Size Desc. S/L PG Buyer Price Size Desc. S/L PG

99 Hook Road Bayonne, NJ Avidan Management — — — — 304,000 s/f Whse. 1615 Wicomico St. Baltimore, MD Cushman & Wakefield — — — — 56,000 s/f Whse. Rand Rd. Garner, NC — — RedGo Development — — 42-acres Land Medical Building West NY, NY Weiss Realty — — — $3.4 m 5,300 s/f Office 50 Piermont Road Cresskill, NJ Weiss Realty — Weiss Realty — — 8,042 s/f Mixed Colonial Village Edison, NJ Weiss Realty — — — — 1,000 s/f Office Colonial Village Edison, NJ Weiss Realty — — — — 640 s/f Office Colonial Village Edison, NJ Weiss Realty — — — — 1,838 s/f Office 6701 Bergenline Ave. West NY, NY Weiss Realty — — — $1.42m 5,300 s/f Office 55 Route 4 West Paramus, NJ NAI Hanson — — — — 22,364 s/f Retail 17 Penn Valley Levittown, PA — — Tryko Partners — — 170-unit Mult-Family 10740 Parkridge Blvd. Reston, VA HFF — — — — 216,000 s/f Office Maryland Region Columbia, MD Liberty Property Trust — Liberty Property Trust — — 279,858 s/f Office 2829 Guardian Lane Virgina Beach, VA AMSEC LLC — — — — 126,000 s/f Office 18810 Woodfield Road Gaithersburg, MD — — Broad Street — — 17,670 s/f Flex/Retail 5245 Westview Dr. Frederick, MD — — Broad Street — — 23,011 s/f Flex/Retail 1900 Gallows Road Vienna, MD Ezra Company — — — — 31,173 s/f Office 96 North Main Street Cranbury, NJ Marcus & Milichap — — — — 925,000 s/f Apartment Somerset Corporate Cnt. Bridgewater, NJ SJP Properties — CBRE — — 93,000 s/f Office 1765 East Second St. Scotch Plains, NJ NAI Hanson — — — — 4,800 s/f Comm’l. 111 Interstate Blvd. South Brunswick, NJ Cushman & Wakefield — Cresa NJ - North/Central — — 83,200 s/f Whse. 150 Mt. Airy Road Basking Ridge, NJ — — CBRE — — 72,560 s/f Mixed Headquarters Plaza Morristown, NJ Cushman & Wakefield — — — — 75,000 s/f Office 71 Walsh Drive Parsippany, NJ Cassidy Turley — Cushman & Wakefield — — 44,000 s/f Whse. 44 Whippany Road Morristown, NJ RXR Realty — CBRE — — 31,000 s/f Office Whitehouse Station, NJ CBRE — CBRE — — 13,741 s/f Office 295 Route 22 Marsulex Envtl. Technologies Lebanon, PA CBRE — Garibaldi — — 11,371 s/f Office 40 Cragwood Road South Plainfield,NJ Cassidy Turley — Colliers Int’l. — — 55,775 s/f Mixed 186 Wood Avenue South Woodbridge, NJ — — The Hampshire Companies — — 19,470 s/f Office 171-173 Tuckerton Road Muhlenberg Township, PA CBRE — — — $17.050m 400,414 s/f Whse. 10 Emery Street Bethlehem, PA NAI Summit — NAI Summit — $4.2m 30 Acres Land 1001 South York Hatboro, PA Binswanger — — — — 122,432 s/f Retail 3025 C.G. Zinn Road Thornadale, PA Binswanger — — — — 10,840 s/f Office 285 Center Point Blvd. Jenkins Township, PA Emery-Waterhouse — Mericle Commercial RE — — 37,329 s/f Whse. 9070 State Road Bensalem, PA Roddy Inc. — — — — 27,589 s/f Mixed 20397 Route 19 N Pittsburgh, PA — — Collier Int’tl. Pittsburgh — — 2,202 s/f Office 100 N. 10th Street Harrisburg, PA Landmark Comm’l./ONCOR Int’l. — WCI Partners — — 13,500 s/f Office Lower Allen TWP., PA — — NAI CIR — $3,426,250 68,525 s/f Office 5001 Louise Dr. 2913 Spooky Nook Lancaster, PA Cushman & Wakefield — — — $24m 594,000 s/f Ind. 1800 West King Street York, PA ROCK Comm’l. — ROCK Comm’l. — $650,000 30,918 s/f Whse. 223-225 Springdale Ave. York, PA ROCK Comm’l. — ROCK Comm’l. — — 6,720 s/f Mixed 321 Dewey Street York, PA ROCK Comm’l. — ROCK Comm’l. — — 3,600 s/f Mixed Mixed 1579 Rodney Road York, PA ROCK Comm’l. — ROCK Comm’l. — $275,000 1,800 s/f Knight’s View Road Wrightsville, PA ROCK Comm’l. — — — 53.98 Acres Land 3501 Concord Road York, PA ROCK Comm’l. — ROCK Comm’l. — — 18,970 s/f Office 110 Newberry Commons Etters, PA ROCK Comm’l. — — — 10,012 s/f Retail 21 South Hill Street Shrewsbury, PA ROCK Comm’l. — ROCK Comm’l. — — 7,950 s/f Mixed 1770 East Market Street York, PA ROCK Comm’l. — ROCK Comm’l. — — 4,056 s/f Office 1100 North Hartley Street York, PA ROCK Comm’l. — ROCK Comm’l. — — 3,667 s/f Office 30 Ridge Avenue York, PA ROCK Comm’l. — ROCK Comm’l. — — 2,048 s/f Ind. 2081 Springwood Road York, PA ROCK Comm’l. — — — 1,670 s/f Retail 15 North Beaver Street York, PA ROCK Comm’l. — ROCK Comm’l. — — 1,600 s/f Mixed 528 East Main Street Dallastown, PA ROCK Comm’l. — ROCK Comm’l. — — 1,090 s/f Retail 1100 140 Roosevelt Ave. York, PA ROCK Comm’l. — ROCK Comm’l. — — 552 s/f Office 250 Fame Avenue Hanover, PA ROCK Comm’l. — — — 414 s/f Retail 160 Roosevelt Ave York, PA ROCK Comm’l. — ROCK Comm’l. — — 1,246 s/f Office 140 Roosevelt Ave York, PA ROCK Comm’l. — ROCK Comm’l. — — 284 s/f Office 4115 N. 6th Street Harrisburg, PA Bill Gladstone Grp. of NAI CIR — — — — 25,995 s/f whse. Capital West Business Cntr. Lower Allen Twp., PA Bill Gladstone Grp. of NAI CIR — Icon Comm’l. Interests — — 9,600 s/f Retail 5021 E. Trindle Road Hampden Twp., PA Bill Gladstone Grp. of NAI CIR — — — — 2,500 s/f Mixed Lower Allen TWP., PA Bill Gladstone Grp. of NAI CIR — — — — — Office 1517 Cedar Cliff 950 Centerville Road Carilsle, PA CBRE — — — — 1,170,000 s/f whse. 1700 Ritner Highway Carilsle, PA CBRE — — — — 602,500 s/f Whse. 23 S. 3rd Street Harrisburg, PA Landmark Comm’l./ONCOR Int’l. — — — $200,000 — Comm’l. 22 Front Street New Buffalo, PA Landmark Comm’l./ONCOR Int’l. — — — — 5-Unit Mult-Family — — — 3,155 s/f Office 5015 East Trindle Road Mechanicsburg, PA Landmark Comm’l./ONCOR Int’l. — 2250 Forest Hills Drive Harrisburg, PA Landmark Comm’l./ONCOR Int’l. — — — — 2,500 s/f Office 5040 Louise Drive Mechanicsburg, PA High Associates — Landmark Comm’l./ONCOR Int’l. — — 9,922 s/f office/flex 4 Lemoyne Drive Lemoyne, PA NAI CIR — Landmark Comm’l./ONCOR Int’l. — — 2,611 s/f Office 25 N. Front Street Harrisburg, PA Campbell Comm’l. RE Inc. — Landmark Comm’l./ONCOR Int’l. — — Office Multi-Family Brockton Court Philadelphia, PA Marcus & Millichap — Marcus & Millichap — $1,612,500 30-Unit Le Crillon Philadelphia Philadelphia, PA Marcus & Millichap — Marcus & Millichap — $14,810,000 16-Unit Multi-Family 406 Sumneytown Pike North Wales, PA Aptcor Commercial Realtors — — — $485,000 5,500 s/f Mixed 835 W. Hamilton Street Allentown, PA NAI Summit — NAI Summit — — 2,312 s/f Retail Crosspointe Town Square Woodbridge, NJ — — R.J. Brunelli & Co. — — 11,000 s/f Retail 39 Matawan Road Old Bridge, NJ — — R.J. Brunelli & Co. — — 12,750 s/f Retail Woodbridge Center Mall Woodbridge, NJ — — R.J. Brunelli & Co. — — 7,500 s/f Mixed

L L S S L L L L S S S S L L S S L S L S L L L L L L L L L S S S S L S L S S S S S S S S L L L L L L L L L L L L L S L L L S S S S S S L L L S S S L L L L

FC-A 3A 3A 4A 4A 4A 4A 4A 4A 8A 8A 11A 11A 11A 12A 12A 12A FC-B 2B 2B 3B 4B 5B 5B 5B 12B 12B 13B 13B FC-C FC-C 2C 2C 3C 4C 4C 13C 5C 10C 12C 12C 12C 12C 12C 12C 12C 12C 12C 12C 12C 12C 12C 12C 12C 12C 12C 12C 12C 12C 12C 12C 12C 12C 13C 13C 13C 13C 13C 13C 13C 22A 29A 33A 33A 34A 34A 34A


Mid Atlantic Real Estate Journal — July 13 - 26, 2012 — 19A

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$51,000,000

The Bedford PorTfolio 158-160 NorTh 4Th STreeT 237-241 Bedford AveNue BrooklyN, Ny

The undersigned arranged the above acquisition financing.

Real estate Financing

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


20A — July 13 - 26, 2012 — Mid

Atlantic Real Estate Journal

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Mid Atlantic REAL ESTATE JOURNAL’S ANNUAL

COMMERCIAL BROKERAGE DIRECTORY • This issue will print as a pull-out section LISTING Commercial Real Estate Brokerage Firms who are active in the Mid Atlantic area.

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Linda Christman 1-800-584-1062 x 203 Fax: 781-871-5299 Email: lchristman@marejournal.com


Mid Atlantic Real Estate Journal — July 13 - 26, 2012 — 21A

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22A — May July 11 13 -- 24, 26, 2012 2012 — — Mid Mid Atlantic Atlantic Real Real Estate Estate Journal Journal 36A

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1100 East Hector Street, Suite 393 Conshohocken, PA 19428

President J. Gregory Ellis, CCIM Patterson Woods Commercial

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

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

TriState REALTORS® Commercial Alliance invites region’s Commercial

Real Estate Community to Annual Golf Outing on July 16th

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


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Mid Atlantic Real Estate Journal — July 13 - 26, 2012 — 23A


24A — July 13 - 26, 2012 — Mid

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26A — July 13 - 26, 2012 — Mid

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People on the Move Assumes the leadership role from Jeff Zeh

ABC Eastern PA Chapter hires Tebeau as president

E

ast Norriton, PA — Associated Builders and Contractors Eastern Pennsylvania Chapter has hired Mary Te b e a u o f Blue Bell as its new president and chief executive officer. Mary Tebeau Tebeau will manage daily activities of the chapter’s offices in East Norriton and Allentown and will further merit construction throughout the region. “Mary’s background in ABC, association management and the construction industry prepares her to lead our chapter

into the next 50 years,” said Mark McMahon, 2012 ABC Eastern Pennsylvania Chapter chairman and vice president at Delran Builders Company. “She helped build a stronger chapter in Ohio and led many efforts to advance open shop construction in the Buckeye State. We’re looking forward to what she will accomplish in the Keystone State.” Prior to joining the Eastern Pennsylvania Chapter, Tebeau was president and CEO of the Central Ohio Chapter in Columbus for 11 years. During this time she guided the chapter to increased membership, a more established committee structure, and moved the office and training facility under one roof to create an enhanced

presence in Central Ohio. She led the chapter’s efforts to defeat a potential Project Labor Agreement on a local minor league baseball stadium, and received a victorious legal verdict from the Ohio Supreme Court regarding how the state views “prevailing wage violations.” Through ABC National Tebeau has served on the president’s council for Region 6 and on the Careers in Construction Committee. Tebeau served on the board of the Ohio Society of Association Executives, and was the board chair last year. I Tebeau assumes the leadership role from Jeff Zeh, who retired July 1 after 13 years as president and CEO of the chapter. n

Gillis of Sperry Van Ness - Miller attends Healthcare & Real Estate Conference New York, NY — Bradley Gillis, CCIM from Sperry Van Ness - Miller Commercial Real Estate in Salisbury, MD recently attended the Healthcare & Real Estate Conference in New Yo r k , N Y. Bradley Gillis The conference featured important discussion on the state of healthcare in the

United States, the implementation of healthcare reform and the various investment and development opportunities in the myriad of medical office buildings, research facilities and seniors’ housing. It was attended by 225 leading healthcare, real estate and capital markets executives from around the nation. The agenda included two keynote speakers; Edward Rollins who presented “The Impact of Today’s Political Cycle on Healthcare & Real Estate”,

and Scott Mason, D.P.A., FACHE, executive managing director of Cushman & Wakefield, who presented “Reform or Not? Who Cares! The Inevitable Change in Healthcare Delivery from Inpatient to Outpatient and its Impact on Real Estate”. Gillis, CCIM states, “I came away from this conference with a wealth of information regarding medical real estate and the knowledge I have gained will help me better serve my clients.” n

Appoints Kochan director of RE mgmt.

Colliers International adds industry vet Parsippany, NJ — Colliers International New Jersey has added 23-year industry veteran Lisa Kochan to its real estate management services team. Kochan will serve as a director, focus- Lisa Kochan ing on business development. Kochan specializes in developing and maintaining best–in-class standards in property management, planning and strategy, monitoring building operations, selection of personnel and implementing and managing operating budgets. “Lisa’s award-winning attention to detail and management skills will be well-suited to our management team,” said Robert Martie, executive vice president of Colliers International New Jersey. “We look forward to working with her and applying her skill set to our portfolio.” Prior to joining Colliers International, Kochan was assistant vice president for Grubb & Ellis Management

Services, a position she held since 2009. Working closely with the managing director of the New Jersey office, Kochan was an integral part of the region’s business development, specializing in cross-selling of services, securing management accounts and maintaining existing ones. Operationally, she was responsible for portfolio-wide cost savings initiatives, white paper solutions and sustainable best practices. In 2011, Kochan joined the Grubb & Ellis National Operations Team where she created a set of standardized corporate processes that were rolled out to nearly 100 offices nationwide. Kochan originally joined Grubb & Ellis in 2001 as a property manager, and was later promoted to senior property manager, portfolio manager and ultimately, Assistant vice president. Kochan also previously worked as a Regional Property Manager for Zepka/Goldberg Real Estate Co., where she managed class A and B office buildings, retail, multi-family, condominiums, and flex/warehouse space in New Jersey, Maryland and Florida. n

RE/MAX Classic hires Furman

Russo Development appoints Zarrad as corporate controller CARLSTADT, NJ — Russo Development has announced the appointment of Valerye Zarrad as corporate c o n t r o l l e r. Valerye joins the accounting team with a strong financial reporting background in the Valerye Zarrad real estate industry, and will collaborate with the property controller, Susan Schott, to oversee all financial management, transactions, reporting and compliance. In this new

role, Zarrad will also be responsible for corporate payroll, administration, benefits and all associated personnel strategies and communication. The growth of this position demonstrates Russo Development’s employee focus and expansion initiative. “Valerye is a welcomed addition to the Russo Development team,” stated Ed Russo, president and COO, Russo Development, “Valerye’s extensive experience in training, development and corporate communication will be integral to our growing portfolio and team of industry experts.”

Zarrad came to Russo Development from RREEF, where she was as an executive in the accounting group for ten years. While at RREEF, Valerye specialized in reporting, training, team development and strategy. Prior to joining RREEF, Valerye managed the accounting department of Eden Toys, LLC. improving the organization, standardization and forecasting of the company. Previously Zarrad gained accounting experience with Worldwide Media Service Inc., Arcorp Properties, Badanco Enterprises, Inc., Ennis, Cavuoto & Co., and KPMG Peat Marwick LLC. n

The current commercial mortgage market . . . continued from page 17A maturing loans has been referred to as a “potential tidal wave of default.” The solutions are varied and will take a long time to work through the market although there are opportu-

nities at many levels for active commercial mortgage market practitioners to benefit. Accordingly, if you are seeking a re-finance you need to make sure that your proposal (real estate collateral, occu-

pancy, equity, sponsorship LTV ratio and similar) are aligned with current lender requirements. Bruce J. Coin is director of Bruce Coin Consulting, Inc. n

Brett Furman and Lisa Furman St. Davids, PA — Real estate broker, Brett Furman announced the hiring of Lisa Furman as vice president of marketing & public relations. Furman will be managing Brett Furman’s team social media efforts including Facebook, YouTube, Twitter, LinkedIn and multiple other programs. She will also be responsible for the expansion of the direct mail program and overseeing the firm’s public relations efforts. “Utilizing my marketing and management background is extremely satisfying. I am also planning to use my prior experience as a personal trainer to get the team in better physical

shape,” said Mrs. Furman. “She hit the ground running with a huge change in the first day,” said Brett. First Mrs. Furman acquired IPad3’s with blue tooth keyboards for the team. Then she developed a mobile application that reduced the time it takes to list homes into the various social media and marketing websites and cut two days off the time it takes to list the home into the multiple listing service. Finally she moved all the desktop applications to the new IPads. “It’s all about being the most efficient. Our sellers are ecstatic with the increased speed,” said Brett Furman. n


Mid Atlantic Real Estate Journal — July 13 - 26, 2012 — 27A

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28A — July 13 - 26, 2012 — Mid

Atlantic Real Estate Journal

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Commercial Real Estate Organizations’

Events Calendar JULY 13 – NAIOP NJ Event: Community Action Project Time: 9:30 AM – 3:00 PM Location: Community Food Bank of NJ P: 732-729-9900 E: morford@naiopnj.org www.naiopnj.org JULY 16 – NJ CORENET/IFMA Event: Golf Outing Time: 9:00 AM Location: Hackensack Country Club Address/City: Oradell, NJ P: 908-663-2708 www.corenetnj.org JULY 16 – TRISTATE/CCIM Event: 16th Annual Golf Outing Time: 11:30 AM Location: Llanerch Country Club Address/City: Havertown, PA www.tristaterca.com JULY 17 – NJBIA Event: 42nd Annual Golf & Tennis Day Time: 7:00 AM Location: Forsgate Country Club Address/City: 375 Forsgate Dr., Jamesburg, NJ P: 609-393-8918 Ext. 239 www.njbia.org JULY 18 – ABC BALTIMORE Event: What Subcontractors Need to Know About Contracts Time: 7:30 AM – 1:00 PM Location: ABC Baltimore Address/City: 1220B E. Joppa Rd., Suite 322, Towson, MD Cost: $25 Members $35 Nonmembers P: 410-821-0351 Ext. 113 E: bjohnson@abcbaltimore.org www.abcbaltimore.org JULY 18 – ABC EPA Event: Summer Picnic Time: 3:00 PM – 6:00 PM Location: ABC East Norriton Office Address/City: 430 W. Germantown Pike, E. Norriton, PA P: 610-279-6666 Cost: $45 Nonmembers www.abceastpa.org JULY 18 – CFA PHILADELPHIA Event: Downtown Happy Hour Time: 5:00 PM – 7:00 PM Location: Public House Address/City: 2 Logan Sq., Philadelphia, PA P: 215-320-4980 E: pconners@cfaphil.org www.cfasociety.org JULY 18 CIANJ Event: Human Resource Roundtable Time: 8:30 AM – 10:30 AM Location: Crowne Plaza Englewood Address/City: 401 S. Van Brunt St., Englewood, NJ Cost: $45 Members $75 Nonmembers E: nharencak@cianj.org www.cianj.org JULY 18 – IFMA CENTRAL PA Event: 2012 Golf Outing Time: 11:30 AM Location: Blue Ridge Country Club Address/City: 3940 Linglestown Rd., Harrisburg, PA P: 717-720-2342 E: thewitt1@comcast.net www.ifmacentralpa.org

JULY 19 – CREW LEHIGH VALLEY Event: The Economic Impact of the Lehigh Valley Wine Trail-Wine Tasting Time: 3:30 PM – 5:00 PM Location: Vynecrest Vineyards & Winery Address/City: 172 Arrowhead Ln., Breinigsville, PA Cost: $15 Members $25 Guests www.crewlehighvalley.org JULY 19 – DVGBC Event: Mix & Mingle Time: 5:30 PM – 7:30 PM Location: Firestone Address/City: 110 South West St., Wilmington, DE Cost: Free (Cash Bar) P: 215-399-5790 www.dvgbc.org JULY 19 – NJAA Event: Charitable Fund Cocktails for a Cause Time: 6:00 PM – 9:00 PM Location: Miller’s Ale House Address/City: Mount Laurel, NJ Cost: $20 Donation P: 732-992-0600 E: events@njaa.com www.njaa.com JULY 19 – ULI PHILADELPHIA Event: Roundtable & Tour of Central Market Time: 11:00 AM – 1:00 PM Location: Central Market House Address/City: 34 W. Philadelphia St., York, PA Cost: $20 Members $30 Nonmembers P: 800-321-5011 www.philadelphia.uli.org JULY 26 – CORENET NJ Event: Summer Social Time: 5:00 PM – 8:00 PM Location: The Liberty House Address/City: 76 Audrey Zap Dr., Jersey City, NJ Cost: $150 Members $175 Nonmembers P: 973-535-9448 E: execdir@corenetglobal.org JULY 30 – USGBC NJ Event: 9th Annual Golf Outing Time: 11:30 AM – 8:00 PM Location: New Jersey National Golf Club Address/City: 579 Allen Rd., Basking Ridge, NJ P: 973-290-0013 E: info@usgbcnj.org www.usgbcnj.org JULY 31 – CREW PITTSBURGH Event: Pittsburgh Buildings Going Green-Awards & Future Challenges Time: 11:30 AM – 1:30 PM Location: Rivers Club Address/City: One Oxford Center, Pittsburgh, PA Cost: $45 Members $65 Nonmembers P: 412-731-7725 E: admin@crewpittsburgh.org www.crewpittsburgh.org JULY 31 – NAIOP NJ Event: Energy Efficiencies in Commercial & Industrial Buildings Time: 11:30 AM – 1:30 PM Location: Newport Tower Address/City: 525 Washington Blvd., Jersey City, NJ Cost: Free www.naiopnj.org AUGUST 1 – SIOR NJ Event: Member/Sponsor Summer Social Time: 5:30 PM – 8:00 PM Location: Long Valley Brew Pub Address/City: Long Valley, NJ www.siornj.com

AUGUST 7 – CREW LEHIGH VALLEY Event: Coffee & Crew Time: 8:00 AM – 9:00 AM Location: Wegmans in Bethlehem Address/City: 5000 Wegmans Dr., 2nd Fl., Bethlehem, PA www.crewlehighvalley.org AUGUST 13 – CIANJ Event: 44th Annual Golf Outing Time: 10:00 AM – 8:00 PM Location: Upper Montclair Country Club Address/City: 177 Hepburn Rd., Clifton, NJ P: 201-368-2100 E: nharencak@cianj.org www.cianj.org AUGUST 14 – CREW LEHIGH VALLEY Event: Easton Update – Canal Ride Time: 5:15 PM – 8:15 PM Location: Hugh Moore Park Pavilion in Easton Cost: $35 Members $50 Guests www.crewlehighvalley.org SEPTEMBER 4 – IREM Event: Annual Golf Outing Time: 10:30 AM – 7:30 PM Location: The Ace Club Address/City: Ridge Pike & Manor Rd., Lafayette Hill, PA P: 856-786-9260 www.irem3.org SEPTEMBER 6 – BOMA PITTSBURGH Event: BOMA Lunch Time: 11:30 AM Location: William Penn Hotel Address/City: 530 William Penn Pl., Pittsburgh, PA Cost: $30 P: 412-261-2328 E: bomabarb@aol.com www.bomapittsburg.org SEPTEMBER 10 – NJAA Event: Annual Golf Outing Time: 10:30 AM Location: Fiddler’s Elbow Country Club Address/City: Bedminster, NJ E: damaris@njaa.com www.njaa.com SEPTEMBER 10-11 – ICSC Event: VRN Fall Outlet Leasing & Marketing Convention Location: Sheraton Meadowlands Hotel & Convention Address/City: 2 Meadowlands Pl., E. Rutherford, NJ Cost: $315 Members $415 Nonmembers www.icsc.org SEPTEMBER 10-12 – ICSC Event: PA/NJ/DE Idea Exchange Location: Atlantic City Convention Center Address/City: One Convention Blvd., Atlantic City, NJ Cost: $270 Members $485 Nonmembers www.icsc.org SEPTEMBER 11 – IREM NJ Event: Heritage Night Location: The Palace at Somerset Park Address/City: Somerset, NJ P: 856-303-0190 www.irem1.org SEPTEMBER 12 – CIRC DE Event: Monthly Membership Meeting Time: 11:30 AM – 1:30 PM Location: Clarion Hotel – The Belle Address/City: 1620 N. DuPont Hwy., New Castle, DE Cost: $30 Members $40 Nonmembers P: 302-633-1705 E: janet@circdelaware.org www.circdelaware.org


Mid Atlantic Real Estate Journal — July 13 - 26, 2012 — Inside Back Cover A

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Back Cover A — July 13 - 26, 2012 — Mid

Atlantic Real Estate Journal

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

Capital Markets Group arranges sale of 100 SciPark, a 65,552 s/f, office and lab building

Cushman & Wakefield orchestrates sales totaling $28.3m in Princeton & Somerset

P

RINCETON, NJ — Cushman & Wakefield’s Metropolitan Area Capital Markets Group (CMG) has arranged the $17.625 million sale of 100 SciPark, a 65,552 s/f, newly constructed office and lab building. The CMG team of Andrew Merin, David Bernhaut, Gary Gabriel, Kyle Schmidt and Nick Karali represented the seller, Woodmont Properties, and secured the buyer, Inland Real Estate

JULY 13 - 26, 2012

HI-LIGHTS

100 SciPark in Princeton Acquisitions, Inc. In a separate transaction, Cushman & Wakefield has orchestrated the $10.7 million trade of 65 Clyde Rd. in Somerset. TA Associates Realty purchased the 159,000 s/f industrial property from Cornerstone Real Estate Advisers. Cushman & Wakefield’s Merin, Bernhaut, Gabriel and Schmidt marketed 65 Clyde Road with industrial brokerage specialists Frank Caccavo, Jason Goldman, Marc Petrella and Andrew Siemsen, based in the firm’s Edison office.

Binswanger brokers 158,735 s/f sale to Seagis Property Group On behalf of Elizabeth Beverage Co., Binswanger announces the sale of a 158,735 s/f distribution facility on 7.85 acres in Elizabeth. See page 2B.

Mack-Cali announces 100,274 s/f office lease in Jersey City Mack-Cali Realty Corporation announced that The Bank of Tokyo-Mitsubishi UFJ, Ltd. has signed a 100,274 s/f expansion lease at Harborside Financial Center in Jersey City. See page 3B.

ALSO INSIDE: SOUTHERN NEW JERSEY SPOTLIGHT .....................7-13B SNJ APPRAISAL INSTITUTE .................................12-13B ICREW NJ ORGANIZATION ..................................... 15B PEOPLE ON THE MOVE ............................................. 16B Section B, 20 pages

www.marejournal.com

65 Clyde Rd. in Somerset “65 Clyde Road serves a real strong industrial market. Somneed for industrial, R&D and erset offers the added benefit high-tech tenants looking for an of being on the Princeton and efficient space that also offers Rutgers Research Corridor, a higher-end corporate image providing a draw for technolfor the firm’s clients,” Schmidt ogy-related tenants.” noted. “Additionally, the Lower These advantages drew signifI-287 Corridor offers a strong icant interest from institutional labor pool and NJ Tpke. prox- buyers from around the country, imity, making it a historically according to Bernhaut. ■

The Aztec Corporation designs new, 7,000 s/f office

Prism expands, relocates HQ to Broadacres Office Park BLOOMFIELD, NJ — Prism Capital Partners, LLC has relocated its headquarters to BroadAcres Office Park from Englewood, in an expansion move, announced Edwin Cohen, principal partner. The commercial real estate owner/ operator has maintained its property management operations at 200 Broadacres Dr. since 2006, when it purchased the 380,000 s/f, four-building BroadAcres campus. Cohen noted that the company’s growth and the acceleration of key local projects were catalysts for consolidating their staff into a single location, and that BroadAcres was the logical choice. “We are involved in two major construction projects within 10 minutes of this property,”

1455 Broadacres Drive he noted. “It has become increasingly important for our Prism Construction Services, LLC division, especially to be physically closer to these sites as things progress. The Aztec Corporation is designing Prism’s new, 7,000 s/f office at BroadAcres, which

will house 30 staff members. Prism currently is occupying temporary space at 200 Broadacres Dr. BroadAcres Office Park is located between Garden State Parkway exits 151 and 153, near the interchanges of routes 3 and 46. ■


B Inside Cover — July 13 - 26, 2012 — New Jersey — Mid

Atlantic Real Estate Journal

www.marejournal.com

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Mid Atlantic Real Estate Journal — New Jersey — July 13 - 26, 2012 — 1B

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2B — July 13 - 26, 2012 — New Jersey — Mid

Atlantic Real Estate Journal

www.marejournal.com

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Binswanger brokers 158,735 s/f sale to Seagis Property Group

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LIZABETH, NJ — On behalf of Elizabeth Beverage Company, Binswanger announces the sale of a 158,735 s/f distribution facility on 7.85 acres. The property is located at 535 Dowd Ave. in Elizabeth. The buyer, Seagis Property Group, a owner of industrial real estate focused on the South Florida, Central/Northern New Jersey, and JFK Airport markets, has purchased the facility as an investment. The property is located in an Urban Enterprise Zone, one mile to NJ ports and Exit 13A on the New Jersey Turnpike.

535 Dowd Avenue in Elizabeth The transaction was handled by Andrew Grabis, VP in Binswanger’s Morristown

office and Marc Policarpo, senior VP in Binswanger ’s Philadelphia, PA office. ■

Newmark Grubb Knight Frank inks seven leases totaling 38,000 s/f at Woodbridge Corporate Plaza ISELIN, NJ — Newmark Grubb Knight Frank (NGKF) recently arranged seven new and renewed leases for more than 38,000 s/f at Woodbridge Corporate Plaza, 485 Route 1 South, in Iselin. David Simson, vice chairman of NGKF NJ operations, Jamie Drummond, Michael Staskiewicz and Michael Marchese, all of the real estate services firm’s Rutherford office, represent

the building’s ownership, KBS Realty Advisors. The new leases: GFI Group signed for 10,500 s/f. The tenant was represented by CBRE. ReSearch Pharmaceutical Services, Inc. signed for 15,715 s/f. Newmark Knight Frank Smith Mack represented the tenant. Stern & Eisenberg PC signed for 2,477 s/f. NGKF represented

the tenant. The renewals by four tenants: BioCon Limited extended its lease of 2,000 s/f. The tenant was represented by the Garibaldi Group. SOA Software, Inc. renewed for 2,100 s/f. Indegene Pharmaceutical Solutions renewed for 4,055 s/f. Swift Solutions, Inc. renewed for 1,208 s/f. ■

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Mid Atlantic Real Estate Journal — New Jersey — July 13 - 26, 2012 — 3B

www.marejournal.com

NEW JERSEY

Fairfield Corporate Park, Fairfield, New Jersey

Cushman & Wakefield represents BTMU

Mack-Cali announces 100,274 s/f office lease expansion

J

ERSEY CITY, NJ — MackCali Realty Corporation announced that The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU), a subsidiary of Mitsubishi UFJ Financial Group, has signed a 17-year, 3-month 100,274 s/f expansion lease at Harborside Financial Center in Jersey City, bringing The Bank’s total leased space to 261,957 s/f. The expansion lease is for space at the 725,600 s/f Harborside Plaza 3. Harborside Financial Center is a “city within a city,” comprised of five state-ofthe-art class A office buildings totaling 3.1 million s/f, retail shops, a variety of dining options, planned luxury multi-family rental towers, and land—providing an ideal development opportunity. The complex is currently 97.3 percent leased. The tenant was represented in the transaction by Fred Smith and Curtis Foster of Cushman & Wakefield. Mitchell Hersh, Mack-Cali president and chief executive officer, said, “We are delighted that The Bank of Tokyo-Mitsubishi continues to expand its presence at this waterfront complex. This transaction demonstrates our ability to build long-term relationships with leading global businesses.” ■

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In Memoriam

New Jersey 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

www.marejournal.com

Martin Adler 1922 - 2012 Publisher Michael Campisi mcampisi@MAREJournal.com

Section Editor Karen Vachon editor@marejournal.com

Beloved Friend, Colleague, Dealmaker and former Kislak President The Kislak Company, Inc.


4B — July 13 - 26, 2012 — New Jersey — Mid

Atlantic Real Estate Journal

www.marejournal.com

NEW JERSEY Distressed multi-family assets in Bergen & Passaic counties

Gebroe-Hammer arranges $2.049 million in sales

T

GET YOUR NAME OUT THERE

Advertise with the Mid Atlantic Real Estate Journal today! 800.584.1062

EANECK, NJ — Gebroe-Hammer Associates recently capped off a busy spring season by orchestrating the sale of two distressed multi-family assets in the heart of Greg Pine Bergen and Passaic counties. “Portfolio and single-property investors are stepping up their acquisition activity in the wake of record-low vacancy rates and distressed property opportunities that

offer tremendous performance potential,” said Ken Uranowitz, managing director. “The locations of these particular properties – both offering commuting convenience and easy access to Manhattan – are high on any investor’s wish list.” The Bergen County transaction, brokered by senior vice president Greg Pine, involved the $1.405 million sale of 16 units at 63 Washington Place in Teaneck. Both the buyer and seller are long-time GebroeHammer clients. “This property, which was in bankruptcy court, was an all-cash transaction,’’ said Pine. “The new owner plans

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to implement a renovation program in order to turn the property around and position it more competitively in this robust rental market.” According to Gebroe-Hammer, average rents for a one-bedroom unit in Bergen County start at approximately $1,100. Legal counsel for the Teaneck trade was provided by Kevin P. Kelly, Esq., of Kelly Kelly Marotta & Lafferty LLC in Maywood, and Donald W. Clarke, Esq., of Wasserman, Jurista & Stolz in Millburn, on behalf of the buyer and seller, respectively. The brokerage team of Uranowitz and Debbie Pomerantz, sales associate, also arranged a $644,000, nine-building portfolio note sale totaling 46 units in Paterson. This is the twelfth note sale Gebroe-Hammer has sold exclusively for a prominent New York bank during the past 18 months. The properties are located on Jackson Street, Oak Street, Washington Avenue, Broadway, Godwin Avenue and Sussex Street. A private investor acquired the portfolio. ■

Transwestern unveils 300 Kimball’s capital improvements PARSIPPANY, NJ — Transwestern unveiled details of a significant capital reinvestment program at 300 Kimball Dr. in Parsippany. The capital improvements were announced during an event hosted by Transwestern on June 14 for the region’s commercial real estate industry professionals that featured a catered reception by The Capital Grille, live music, and tours of 300 Kimball’s available office space. “This is really the first time since 300 Kimball was originally constructed that the market has had the opportunity to experience this building,” said Transwestern Principal James Postell. “The capital reinvestment program we are executing at the property will significantly enhance the already exceptional office environment afforded by the building, which offers flexible space options with 88,000 square foot floor plates to accommodate the immediate space needs of a wide range of tenants, including those with large block requirements.” ■


Mid Atlantic Real Estate Journal — New Jersey — July 13 - 26, 2012 — 5B

www.marejournal.com

NEW JERSEY Osborne of the Bergman RE Group represents owner

Colliers International’s Lopriore brokers 23,451 s/f

S

ECAUCUS, NJ — Colliers International New Jersey arranged a longterm lease for ZT Group International, Inc. (dba ZT Systems) at 333 Meadowlands Parkway in Secaucus. The new, 23,451 s/f space will serve as the company’s new headquarters. Frank Lopriore, an executive managing director for Colliers International New Jersey negotiated the new lease on behalf of ZT Systems. John Osborne, executive director of leasing and marketing for the Bergman Real Estate Group, spoke for the building ownership. ■ Originally built in 1981, 333 Meadowlands Parkway is part of the Harmon Cove office complex. Other tenants in the park are MSNBC, Panasonic, International Paper and PSE&G. ■

CBRE announces three leases at R i v e r v i e w Te c h . Center in Somerset SOMERSET, NJ — CBRE, Inc. announced the completion of three new lease transactions at Riverview Technology Center. Two transactions were signed at 100 Randolph Rd., and one was completed at 50 Randolph Rd. The CBRE team who handled the transactions as leasing agent on behalf of the owner, Atlantic Development & Management Corp., was made up of first vice presidents Dan Casey and Paul March and senior associate Patricia Riedel. These three long-term lease transactions include: • Gaffney-Kroese Electrical Supply Corp. who leased 32,135 s/f of office and warehouse space at 50 Randolph Rd. in a relocation from 60 Kingsbridge Rd. in Piscataway. The tenant was represented by Herb Zimmerman, SVP for Bussel Realty Corp. • Betar, Inc. leased 21,525 s/f of office and manufacturing space at 100 Randolph Rd. Betar was represented by Robert Santye, president of Sanvest Financial Group, Inc. • Randolph Road, LLC leased 15,121 s/f of office space at 100 Randolph Rd. and plans to use the space for training of day care center service providers. The firm was represented by DeLuccia Commercial Group Associate Dan Reider. ■

ATTENTION:

Architects & Engineers Promote your company, projects and expertise in MAREJ’s annual

Spotlight

Publication July 27, 2012 Deadline July 17, 2012

Contact: Michael Campisi for more information 800-584-1062 x208 mcampisi@marejournal.com

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6B — July 13 - 26, 2012 — New Jersey — Mid

Atlantic Real Estate Journal

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NEW JERSEY

TARGET Your Area!

Promote your special projects, your company and it's services ~ Editorial Spotlights and Special Advertising Opportunities ~ Deadline 14 days prior to publication date

s al ion Focu g e e R t ntic Esta Atla Real d i l M rcia me m Co

August 17 Central NJ

Featuring Trenton and Surrounding Areas.

Contact: Michael Campisi mcampisi@marejournal.com

800.584.1062 x208

Activity in Central New Jersey

CBRE: Parkway Corridor ranks first in office leasing

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ADDLE BROOK, NJ — The Parkway Corridor ranks number one in office leasing activity in Central New Jersey and second in the entire state, according to a report by CBRE Group, Inc. The 9.4M s/f Parkway Corridor market, which stretches from Route 78 down to Route 287 along the Garden State Parkway has seen its largest first-quarter leasing velocity since 2006 and is recovering at a rate significantly faster than the market as a whole. The submarket, which includes Union, Kenilworth, Cranford, Clark, Iselin, Wood-

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

MetroPark in Iselin bridge, and Edison, has shed 4.29 percentage points since the third quarter of 2009, while New Jersey’s overall

availability rate dropped less than one percentage point during that same span. “Much of the activity in the submarket is in class A buildings, following the ‘flight-toquality’ trend,” said Jeremy Neuer, senior vice president, CBRE. “However there is also a ‘flight-to-quality-location- trend going on. Since the beginning of 2011, more than seventy-five percent of the activity in the Parkway Corridor submarket occurred in MetroPark.” Further evidence of the market’s health is the asking rents, added Neuer. The average asking rents in the submarket currently sit at $26.85 psf, 10.2 percent higher than New Jersey’s average asking rent of $24.37 psf. The class A rents in the Parkway Corridor are at $31.39 per s/f, a 17-percent premium above the state’s class A rents. Recently, MetroTop II, MetroPark’s newest class A building, raised its asking rate to $38.00 psf, the highest in the submarket. “MetroPark has regained its luster as one of the top markets in New Jersey,” said Neuer. “Given the steady influx of activity over the last twelve months, new construction and renovated buildings have led the charge with over 500,000 s/f of positive absorption in the three million s/f micro market.” Recent notable deals include: • Ansell’s lease of 59,000 s/f at MetroTop II in a relocation from Red Bank • McDonald’s 20,000 s/f lease in the same building in a relocation from Roseland • Investors Savings’ 40,000 s/f lease at 101 Wood Avenue South • Hampshire has also commenced leasing at Centra, filling the first floor with Network Applications and 1-800Doctors. ■


NEW J ERSEY S POTLIGHT SHOPPING CENTERS SOUTHERN

Mid ATLANTIC REAL Estate Journal — New Jersey — July 13 - 26, 2012 — 7B

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74-units on the campus of The Catholic Church of St. Mary

Stanker & Galetto begins construction of $10 million Cherry Hill senior residence

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H E R RY H I L L , N J — Stanker & Galetto, a general contracting firm in southern New Jersey, started construction of a $10 million, 74-unit senior residence on the campus of The Catholic Church of St. Mary in Cherry Hill. The project, backed by a housing assistance grant by the US Department of Housing and Urban Development (HUD), is expected to be completed in August 2013. The three-story, 60,000 s/f project, known as Benedict’s Place, is being co-sponsored by Catholic Charities of the Diocese of Camden. When finished, Benedict’s Place will feature 73 one-bedroom apartments for the elderly on 4.3 acres located along St. Mary’s Drive in Cherry Hill. There will also be an apartment for the manager of the complex. “The design of Benedict’s Place ensures that the units

Benedict’s Place are easily accessible and can accommodate the special needs of seniors,” said Peter Galetto, CEO of Stanker & Galetto. The permitting process for the project took more than a year. Final surveying prior to

clearing the land for construction began in early June, said Rob Yood, senior project manager at Stanker and Galetto. The whole project is expected to take about 15 months to complete.

Benedict’s Place will offer seniors all the accommodations needed for independent living including a community room, a kitchen, personal laundry facilities, and a lobby for socializing, Yood said.

“The goal was to position Benedict’s Place within the St. Mary’s campus and adjacent to existing nursing and assisted living facilities for easy access to health care,” Galetto said. ■

CBRE represents Keystone Property Group in 72,500 s/f lease extension and expansion with Comcast in Mt. Laurel MOUNT LAUREL, NJ — Keystone Property Group, a real estate developer, manager and investor of office and industrial properties has secured a 72,500 s/f lease extension and expansion with Comcast at the Executive Park at East Gate, located at 112 West Park Dr. in Mt. Laurel. Comcast, one of the nation’s largest cable operator and home Internet service providers, is headquartered in Philadelphia, PA, and is expanding its research and development operations in Mt. Laurel. CBRE executive vice president Jon Sarkisian, vice president Brian Saggiomo and senior associate Anthony LiVechhi represented Keystone, while Binswanger senior vice presidents Marc Policarpo and Robert Corr represented the tenant in the transaction. As a result of Comcast’s lease renewal and expansion, the building is now 100 percent leased. Currently Harleysville

Executive Park at East Gate Insurance, a subsidiary of Nationwide Insurance, is also a tenant at the building. “Comcast already occupied 44,000 square feet at Executive Park and needed a significant amount of expansion space to support its growing

operations,” said Bill Glazer, president of Keystone Property Group. “This building is situated at the confluence of four major highways and is ideal for the company’s existing and future needs. The added space was a natural fit

for Comcast’s organic growth and we are extremely pleased to be able to accommodate the company’s space requirements while bringing the building to full occupancy.” The 114,000 s/f Executive Park at East Gate was a

previously vacant data center purchased by Keystone more than six years ago. Shortly after acquiring the facility, Keystone repositioned the property into high-quality office building via an extensive capital improvement program that was completed in 2007. The renovations included a new façade and roof, all new mechanical and HVAC systems, new interior finishes with an attractively refurbished lobby entrance, prominent individual entrances for multiple tenants, a new glass and glazing system with increased window lines, and ADA compliant bathrooms. Additional parking was also created. The building is located near exit 4 off of the New Jersey Turnpike, Interstate 295, Route 38 and Route 73. It is also in close proximity to a host of area amenities, including hotels and restaurants, and is just minutes away from the Moorestown Mall. ■


8B — July 13 - 26, 2012 — New Jersey — Mid

Atlantic Real Estate Journal

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SOUTHERN NEW JERSEY Richman and Isdaner represent Casaba RE Holdings Jersey Shore’s First LEED-Certified apt.

Colliers International facilitates 40,000 s/f sale

Walters Group’s apts. near completion in Manahawkin

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HERRY HILL, New Jersey – June 13, 2012 The Colliers International Southern New Jersey team of Ian Richman and Marc Isdaner represented Casaba Real Estate Holdings, LLC in the sale of a 40,000 s/f former printing facility in Cherry Hill. The property, located at 702-708 King Avenue, was bank-owned. The property features approximately 5,000 s/f of office space, three loading docks, two drive-in doors, a fully air-conditioned warehouse and 3,000 amp electric service. The buyer, T & C Property,

Stafford Preserve MANAHAWKIN, NJ — De- Walters Group, with the first 702-708 King Avenue mand for luxury apartments tenants slated to move in this LLC, is a retailer of sneak- well as an online presence. at Stafford Preserve, currently summer. The new complex will ers and apparel. They have The King Avenue facility will under construction in Ma- feature 216 luxury apartments several retail stores in New be used for warehousing and nahawkin, has been strong, with an ideal location at the according to the developer, Jersey Shore. Jersey and Pennsylvania as distribution. ■ The first three buildings of Stafford Preserve, comprised of 36 eco-friendly units will be available for occupancy in late July. “We’ve already rented 36 units,” said Ed Walters, Jr., founder and partner. “We only have a couple units available in the first three buildings.” Spanning over 800 acres in Burlington and Florence Townships, When completed, the comThe Haines Center is located at NJ Turnpike Exit 6A (entranceway munity will consist of 18 threestory buildings. Inside the to both the NJ Turnpike and NJ/PA Turnpike connector). The park community, one- and two-bedis within an hour’s drive to the ports of NJ and Philadelphia and room garden-style apartments, features Norfolk Southern/CSX rail service and has an onsite NJ some with lofts, will range in Transit River LINE Commuter Rail stop. The Haines Center offers a size from 933 to 1,333 square feet. Floor plans feature stylvariety of build-to-suit pad site opportunities from 15 to 110 acres, ish island kitchens, hardwood and leasing opportunities for warehousing and distribution facilities floors, and master suites with ranging from 80,000 to 1,000,000 sq. ft. Scan this QR Code with walk-in closets. Each spacious apartment will also include your Smart Phone to learn more… a washer and dryer, fullyequipped kitchen with granite counter tops, window coverings and ceiling fans in the master bedroom. 856-764-2600 | www.whitesellco.com Stafford Preserve is designed to meet both Silver LEED Quality Endures (Leadership in Energy and Environmental Design) and Energy Star certifications, which creates a healthier living environment for residents. In addition, highly efficient Energy Star heating and cooling systems, sealed ductwork, enhanced insulation and programmable thermostats lessen energy consumption, reducing costs. As a result, the apartments will be more energy efficient, saving residents up to 34%-44% on their annual energy costs. Stafford Preserve is situated in a 28-acre wooded environment. Within walking distance is Stafford Park shopping center, which is home to a variety of retailers, including Target, Costco, Best Buy, Dick’s SportThe Haines Center ing Goods, PetSmart, Ulta, (Aerial View) AT&T, and Olive Garden. The community’s close proximity to the Garden State Parkway. ■

Sail on over to The Haines Center

The Haines Center (interior view of warehouse) Florence, New Jersey


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10B — July 13 - 26, 2012 — New Jersey — Mid

Atlantic Real Estate Journal

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SOUTHERN NEW JERSEY New hires, new clients, and community focus have firm thriving in its first year

Wolf Commercial Real Estate flourishes in 2nd quarter by concentrating on fundamentals

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OORHEES, NJ — Wolf Commercial Real Estate (WCRE) finished the second quarter of 2012 in a strong position, and is poised for continued growth. During the quarter the company, founded earlier this year, added executive vice president Leor Hemo and director of business development Scott Seligman, announced several listings secured, and followed through on its commitment to support community organizations. Hemo, hired in May, brings 12 years of experience as a commercial real estate professional.

much more than the number of signs we can post. Attention to detail, the highest quality work ethic, our intensive marketing process, and building successful relationships with our clients are all contributing to the company’s rapid growth.” Exclusive Agencies Secured WCRE is pleased to announce the following agency assignments awarded during the second quarter: • For Lease: 875 Kings Highway, West Deptford. WCRE is offering 1,000-9,000 s/f of professional/medical office space

Jason Wolf Scott Seligman Leor Hemo He is a licensed salesperson in was hired in April to attract both New Jersey and Pennsylva- new clients and help grow the nia. Seligman is an award-win- business. The firm anticipates ning professional with nearly additional hiring this year. 20 years of experience in com“WCRE is succeeding by fomercial real estate development, cusing on the fundamentals advisory services, the insurance of business,” said founder and industry, and investments. He principal Jason Wolf. “It’s about

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

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available immediately. Property is under new ownership, with significant renovations underway. • For Lease: 712 Haddonfield Road, Cherry Hill. First floor, 1,250 s/f of fully fit out medical office space across from the retail hub of the Garden State Park power center. • For Lease: 600 Cuthbert Road, Westmont. Three spaces from 8,615-9,868 s/f, available immediately in a full service mid-rise building with strong national ownership and onsite management. Excellent location convenient to retail, PATCO, and major roads. • For Sale or Lease: 607-609 White Horse Pike, Audubon. From 2,500-8,500 s/f of office space with convenient access to I-295, surrounded by retail, restaurants, and offices. • For Sale or Lease: 1 Allison Drive, Cherry Hill. This is a 12,762 s/f office/flex building located in the heart of Cherry Hill. Convenient to major roads and public transit. • For Lease: 63 Kresson Road, Cherry Hill. 2,900 s/f of fully fitout medical/professional office space in Cherry Hill and close to Haddonfield. • For Sale or Lease: 1035 North Black Horse Pike, Williamstown. Two fully fit out suites of professional/medical office space, 987 and 1,770 s/f in a newly constructed building. • For Lease: 651 South White Horse Pike (Rt. 30), Hammonton. Up to 7,150 s/f of space in a newly constructed building. Ideal for medical, professional office, or retail. Close to the new AtlantiCare medical and professional facilities. Commitment to Community The success of WCRE is benefitting the community, as well. The company is passionately committed to the health, wellbeing, and success of the people of Southern New Jersey and the Philadelphia region, and dedicates a portion of the proceeds of each completed transaction to one of several local organizations. Clients also have the option to designate a charity of their choice. So far WCRE has made gifts to the American Cancer Society, the Jewish Federation of Southern New Jersey, and the CARES Institute at UMDNJ. The company is also an active supporter of the Buy Camden County campaign, which encourages consumers to shop locally. ■


Mid Atlantic Real Estate Journal — New Jersey — July 13 - 26, 2012 — 11B

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SOUTHERN NEW JERSEY Hutchinson Energy Services

Businesses save with Energy Service Companies

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ccording to the National Association of Energy Service Companies (NASCO), an energy service comp a n y, o r ESCO, is a business that develops, installs and arrang- Ed Hutchinson es financing for projects designed to improve the energy efficiency and maintenance costs for facilities over an extended period of time.

Through the ESCO, businesses can take advantage of comprehensive, cost effective measures to achieve energy savings like: high efficiency lighting, high efficiency heating and air conditioning, efficient motors and variable speed drives, and centralized energy management systems. efficient services: • Energy Analysis • Comprehensive Energy Solutions • High Efficiency Lighting

• Solar • Building Automation And Controls • Mechanical Hvac Services • System Commissioning

How to Select an ESCO: Ed Hutchinson, president of Hutchinson, offers these tips on what to look for when selecting the ESCO. • What is the ESCO’s experience in offering comprehensive energy savings services? • Is the ESCO accredited by the National Association of Energy Services Companies (NAESCO)? • What is the experience of the ESCO personnel assigned to my project? • What is the ESCO’s track record and ability to facilitate innovative financing options?

• How will the ESCO price the work? • What processes do they follow to ensure I get the best value for my project? Hutchinson is a third-generation family business and trades as Hutchinson Plumbing Heating Cooling, Hutchinson Mechanical Services, and Hutchinson Energy Services has specialized in commercial and residential mechanical and energy services since 1948. Hutchinson’s technicians are factory trained, NATE certified and are on-call 24/7 365 days a year. ■

The ESCO serves as project developers for various tasks and services, including: • Develop, design, and arrange financing for energy efficiency projects; • Install and maintain the energy efficient equipment involved; • Measure, monitor, and verify the project’s energy savings; and sometimes • Assumes the risk that the project will save the amount of energy guaranteed. Through the ESCO, businesses can take advantage of comprehensive, cost effective measures to achieve energy savings like: high efficiency lighting, high efficiency heating and air conditioning, efficient motors and variable speed drives, and centralized energy management systems. Typically, the ESCO handles financing arrangements for these energy efficient projects, and bundles services into the project’s cost, which are then repaid through the positive cash flow generated on energy savings. In addition to the economic benefits realized by ESCO customers through energy and maintenance cost savings, this booming industry has had a profound effect on the U.S. economy. New jobs have been created, not only within the ESCOs, but though the use of contractors and through the many firms involved directly and indirectly in supporting energy efficiency projects. Hutchinson Energy Services, a leading provider of commercial and residential mechanical and energy solutions, offers many energy

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12B — July 13 - 26, 2012 — New Jersey — Mid

Atlantic Real Estate Journal

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

Southern NJ Chapter Appraisal Institute 2012 Chapter Officers

SAVE THE DATE 17th Annual September Symposium Wednesday, Sept. 12th, 2012

President Jerome McHale, MAI jmchale@jmchaleassoc.com

Presenters currently confirmed: (More are being added…updates to come soon!)

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

• Dr. James W. Hughes, Dean, Edward J. Bloustein School of Planning and Public Policy, Rutgers University • Scott DiBiasio, State & Industry Affairs, Appraisal Institute • Dennis Scardilli, Esq., MAI, from the Law Office of Dennis A. Scardilli L.L.C. • Steven N. Flanzman, Esq., Senior NJ Deputy Attorney General for the NJ SBREA* • Denise M. Siegal, IFA, CTA, President NJ SBREA* * Subject to NJ Dept of Law & Public Safety Approval

New Seminar, New Officers

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he Southern NJ Chapter will be offering a brand new seminar Appraising the Appraisal: Appraisal Review–Residential on Friday, October 12th. This is one of the first offerings in the area, and looks to be informative and interesting. It focuses on residential appraisal review and is replete with insightful examples of residential appraisal review techniques. It is not-to-miss education for all residential appraisers and reviewers Appraisal review requires a different skill set than traditional appraisal work. In the new seminar Appraising the Appraisal: Appraisal Review–Residential, career professionals will gain invaluable insights into client expectations regarding the content and quality demanded by review assignments. Designed specifically for residential appraisers who also review appraisals, the seminar presents methods for performing review assignments efficiently and effectively. Real estate professionals involved in appraisal management or who work in quality control and compliance for financial institutions may find this program beneficial. While exploring techniques and methodologies used by professional reviewers, you will distinguish features of the ideal appraisal report, identify eight general categories and examine 14 specific warning signs of a problem

appraisal, plus dig into 7 examples of complex review appraisal assignments. This seminar will help you spot the most common reporting deficiencies—while avoiding those deficiencies in your own appraisal reports. At the end of this seminar you will be able to: *Recognize the need for appraisal reviews performed by reviewers who are cognizant of their ethical and professional responsibilities. *Review the impact of USPAP, FIRREA and other regulations on the review process. *Identify types of appraisal review assignments & process employed in the reviewer’s scope of work. Also, identify the analytical steps necessary to develop a review opinion. *Examine and analyze the component parts of an appraisal report for review purposes and identify tests of reasonableness that may be applied. *Define 6 characteristics of quality appraisal reports & the role of client expectations in defining a “good” appraisal. *Identify and discuss 14 warning signs of a problem appraisal, and illustrate 7 examples of complex review appraisal assignments. *Discuss the process of appropriate “reviewer to appraiser” communication. We will be offering this seminar on Friday, October 12th at the Burlington Camden County Association of Realtors Office, 306

Kings Hwy South, Cherry Hill. Mark Smeltzer, SRA, will be the instructor. Contact Lisamayweiss@hotmail.com for more information. Below are the newly elected Officers and Directors for service in 2013. These individuals had been selected by the Nominating Committee, chaired by Past President Craig Black, SRA. President Jacob Ramage, MAI Vice President Pamela Brodowski, MAI Treasurer Albert Crosby Secretary Jerrold McCarron, MAI Director (Term through 2013) Bonnie L. Longo, MAI, SRA Director (Term through 2015) Tim Sheehan, MAI, SRA Director (Term through 2015) Errett Vielehr Director (Term through 2015) Robert Kirwan, MAI Director (Term through 2015) Jackie Marmur


Mid Atlantic Real Estate Journal — New Jersey — July 13 - 26, 2012 — 13B

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

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

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

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

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


14B — July 13 - 26, 2012 — New Jersey — Mid

Atlantic Real Estate Journal

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NEW JERSEY On two NJ hotels in Galloway & Farmingdale

Lundberg of NAI Hanson reps seller

Optimum Hotel Brokerage sells first mortgage notes

The Hampshire Cos. sells 85,000 s/f industrial bldg.

F

ARMINGDALE, NJ — Optimum Hotel Brokerage has closed on the first mortgage note sale of two New Jersey limited service hotels: the Ramada Limited in Galloway and the Econolodge in Farmingdale. Joseph Mc-

Cann, Optimum’s president, was the hotel broker and licensed New Jersey real estate broker representing the seller in both note sale transactions, a regional bank. The buyers of the notes were each regional hotel investors.

“The Ramada Limited hotel is a 129-unit former Hampton Inn located in the rebounding Atlantic City market” said McCann, “and the Econolodge Farmingdale is a 30-unit limited service hotel in the Asbury Park/Neptune market.” ■

NORTHVALE, NJ — The Hampshire Companies announced the sale of a 85,000 s/f industrial/flex facility located at 10 Fairway Court in Northvale, N.J. The sale was made to Fillo Foods, a rapidly growing producer of convenient gourmet, organic and natural foods. “Fillo Foods had previously entered into a lease for the entire building, which included an option to purchase the property,” said Michael Harrington, an investment manager for The Hampshire Companies. “Fillo has commenced a plan to renovate the building in order to meet their own custom standards, and by exercising their option to purchase the property they can further benefit from

their investment.” Kenneth Lundberg, SIOR of NAI James E. Hanson represented The Hampshire Companies in the transaction. Fillo Foods was represented by Mitch Helfman of MRH Real Estate. HACKENSACK — The Hampshire Companies announced the disposition of a 25,000 s/f multi-tenant industrial building located at 59 Oak St. in Hackensack. Fully leased to five industrial users, the property enables immediate access to Rte. 4 and the Bergen County business community. Tom Vetter and Jeff DeMagistris of NAI James E. Hanson represented Hampshire and the buyer in the transaction. ■

Fisher Development Associates completes Students, staff and family honor Isaac “Ike” Heller sell-out of Crystal Point in Jersey City JERSEY CITY, NJ — Fisher Development has completed the sell-out of Crystal Point, a residential building rising 42 stories in downtown Jersey City directly facing Manhattan. The building’s 269 upscale condominium homes have been sold just three years after its debut to the public in 2009. “It’s no secret New York City views have always played a role in the rise of downtown Jersey City as a residential destination,” said Brian Fisher, principal of the firm that bears his name, “and this building offered some of the most amazing views not only in Jersey City, but along the entire New Jersey ‘Gold Coast.’ It was a no brainer in terms of location.” “We had a vision for Crystal Point,” said Fisher. “The primary goal was to create a building that would meet the City’s guidelines for the continued redevelopment of its downtown urban waterfront and kept the needs of the community-at-large in mind. “From a consumer standpoint, we understood the state of the real estate market in 2009. To conform to market needs, we wanted to introduce a world-class high-rise that provided the same level of luxury and exclusivity sophisticated homebuyers were accustom to at the height of the real estate boom, but at competitive prices that would offer clear value.” The Marketing Directors,

Crystal Point Inc. was brought on board from the onset to direct the sales and marketing program. “We knew we had several important factors on our side, none more important than

a developer with a sterling reputation, personal approach to customer satisfaction and long history of responsible development,” says Adrienne Albert, CEO of The Marketing Directors, Inc. ■

EDISON, NJ — Over 170 current and past students, families and staff of the John Kenney Child Care Center in Edison came out to pay tribute to Isaac “Ike” Heller, founder of Heller Industrial Parks, who built and subsidizes the school, which was celebrating its 25th anniversary this June. To entertain the guests, the festivities included a performance by Yosi, a composer and performer of children’s songs, a balloon artist, face painting, a snow cone machine and other assorted treats. On display was 25 years of class photos, including past staff and highschool volunteers. “Child care is an even-more significant issue for families than it was 25 years ago so there is a continuing need for this center, which has served as a model for others and was considered an ‘Impossible

Dream’ at that time,” said Heller, Chairman of the Board of Heller Industrial Parks, Inc. “We have always believed in the importance of investing in the community and in our employees. It’s amazing to see the vital role this center has played to enrich the lives of so many over the years. To this end I am establishing a trust to ensure that this center will have our financial support for generations to come.” The center provides a safe, healthy and educational environment for area children through subsidized care for Heller Park employees, Edison residents, Edison Township School and municipal employees. The center was named for the late John Kenney, an active Edison resident who teamed with Heller to defeat the construction of a garbage incinerator slated for the site. ■


Mid Atlantic Real Estate Journal — New Jersey — July 13 - 26, 2012 — 15B

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Industrial Commercial Real Estate Women, Inc. www.icrewnj.org 3 decades of fostering the advancement of women in Comm’l. RE

th

ICREW NJ Celebrates 30 Anniversary at Liberty House

J

ERSEY CITY, NJ — The event was titled ICREW NJ – 30 Years Strong, as members of the New Jersey Chapter of CREW Network gathered at Liberty House in Jersey City to celebrate three decades of fostering the advancement of women in commercial real estate. The evening’s festivities utilized the dramatic backdrop of Lower Manhattan to honor those who have served the chapter since its founding. “Tonight we celebrate the vision of those women who created this organization, and all of those who, over the years, have made this chapter what it is today,” said Cheryl Hardt of CBRE, current president of ICREW NJ. “With all that has been accomplished, the future continues to be very bright for ICREW NJ.” “And as we celebrate, this evening also provides a wonderful example of some of the things ICREW NJ is best known for—providing networking opportunities for our members and guests, and our philanthropic efforts,” said Hardt. “Tonight we are proud to support the CREW Network Foundation as our June philanthropy.” “I am pleased to announced that contributions to the CREW Network Foundation total more than $2,300,” said Patricia Faulkner of NAI Global who, along with Monica Ceres of Giordano, Halleran & Ciesla, serves as ICREW NJ Chapter

Shown from left: ICREW NJ Past Presidents: Mindy Lissner, Heather Suarez, Susan Strauss, Cindy Feury, Joan Heller, Deidre Moore, Silvana Finizio, Sheila Nall and Cheryl Hardt. Champion for the foundation. “Currently, ICREW NJ ranks fifth for chapter giving among the 76 CREW Network chapters in the U.S. and Canada.” “The CREW Network Foundation is dedicated solely to creating opportunities for women in commercial real estate,” said Faulkner. “Working with CREW Network, the foundation implements and supports the Network’s career outreach agenda of cultivating future women leaders through educational outreach, as well as scholarship and mentoring programs for high school, college, and entry-level career women.” ICREW NJ is the New Jersey Chapter of CREW Network (Commercial Real Estate Network), which is dedicated to the advancement of women in com-

mercial real estate. Membership organizations are comprised of over 8,000 members representing every discipline within the industry and are located in 76 chapters across North America. CREW Network seeks to influence the success of the commercial real estate industry by focusing on fulfilling four key initiatives: business development, leadership development, industry research, and career outreach. Members represent fields as diversified as accountants, architects, appraisers, asset/property managers, attorneys, consultants, developers, lenders, leasing and sales brokers, mortgage bankers/brokers, marketing specialists, market and investment analysts, corporate real estate representatives and title/escrow officers. ■

SAVE THE DATE! September 19, 2012 New Member Cocktail/Networking Event Prudential Plaza Newark, NJ For more information visit: www.icrewnj.org

2012 BOARD OF DIRECTORS PRESIDENT Cheryl Hardt cheryl.hardt@cbre.com

PRESIDENT ELECT AND CREW NETWORK DELEGATE Patricia A. Riedel patricia.riedel@cbre.com TREASURER Sefi Silverstein ssilverstein@wgcpas.com RECORDING SECRETARY Rachel M. Brindisi rbrindisi@naiglobal.com DIRECTOR OF MEMBERSHIP Mary Lynn Kearns mkearns@dancker.com DIRECTOR, PROGRAMING Monica Ceres, Esq. mceres@ghclaw.com DIRECTOR, PHILANTHROPY Susan Karp skarp@coleschotz.com DIRECTOR, SPONSORSHIP Patricia D. Faulkner pfaulkner@naiglobal.com DIRECTOR, SPONSORSHIP Diane Menard diane.menard@prestigetitle.net DIRECTOR, SPECIAL PROJECTS/GOLF Robin S. Grossman rgros30687@aol.com DIRECTOR, SPECIAL PROJECTS/PR Rebecca Machinga, CPA rmachinga@withum.com ADVISOR & CREW NETWORK DELEGATE Sheila Spriggs Nall snall@kssarchitects.com ADVISOR Silvana Finizio sfinizio@carouselindustries.com ADVISOR & BYLAWS Annette Murray, CPA amurray@wgcpas.com


16B — July 13 - 26, 2012 — New Jersey — Mid

Atlantic Real Estate Journal

www.marejournal.com

PEOPLE ON THE MOVE Together with Shiroff raise money for donation

Of operations and technology

Wolf and Hemo of WCRE visit the CARES Institute

Regal Bank appoints Fanslau vice president

C

H E R RY H I L L , N J — A pair of South Jersey business owners showed that the health and well-being of the most vulnerable among us is one of their top priorities. Delivering on a promise they made last month, Stu Shiroff of Lee Newman Fine Men’s Clothing and Tehen Fine Women’s Clothing and Jason Wolf of WCRE visited the CARES Institute at the UMDNJ School of Osteopathic Medicine and made a generous donation they worked together to raise. “For nearly twenty five years, the CARES Institute has been providing a lifeline and a way forward for children in South Jersey, and we are so happy to contribute to its work with this gift to the Foundation of UMDNJ,” said Shiroff, owner of the Lee Newman Shops. The Institute provides medical and social services to children who have experienced abuse and neglect. Martin A. Finkel, DO, FAAP, founder and director of the Institute, led Shiroff, Wolf, and Leor Hemo, executive vice president, WCRE, on a tour and accepted their check for

Dr. Martin Finkel of the CARES Institute, left, accepts a donation from Jason Wolf and Leor Hemo of WCRE, and Stu Shiroff of Lee Newman Brands. UMDNJ. “Nobody should have to endure what the children at the CARES Institute have experienced. As a parent and a member of the community I am proud to help further the incredible work of Dr. Finkel and his team,” said WCRE’s Wolf. Shiroff and Wolf raised the donation money by co-spon-

soring an event in May along with Caffe Aldo Labmberti to promote the Buy Camden County initiative, which encourages residents to choose local businesses. It was the first of many Buy Camden County events planned over the coming months. Future events will include other local businesses in the effort to support the CARES Institute. ■

CBRE hires industry veteran Ben Shapiro EAST BRUNSWICK, NJ — CBRE announced that 28year commercial real estate veteran Ben Shapiro has joined their brokerage firm as a senior vice president. In this role, Shapiro will focus mainly Ben Shapiro on Middlesex, Somerset and Mercer counties. Previously with Grubb & Ellis, Shapiro has worked with top-name companies such as Vonage, General Electric, Carter Wallace, Marriott Corporation, MedPointe Healthcare Inc., AkzoNobel Corpo-

ration, Johnson Controls, K. Hovnanian and Lehman Brothers. Additionally, he completed a 575,000 s/f lease with United Stationers Supply Company for a regional distribution facility, and has also recently completed a 417,000 s/f lease with MAP International, a leading manufacturer of computer cabinetry. “Ben’s experience in the industry and the notable companies he has worked with make him an excellent addition to our team,” said Jeff Hipschman, senior managing director, and head of New Jersey operations at CBRE. “Ben is a proven leader and has handled some very significant transactions in his

career, and we believe he will serve as an example for the CBRE team.” “I’m very excited to have the opportunity to join the CBRE team,” said Shapiro. “I’m confident that given the team that has been assembled, and the platform and tools that are available to work with, that I will be able to add value to my clients and CBRE.” Throughout his career, Shapiro has achieved numerous industry honors, including being named to the Grubb & Ellis Presidents Council and Circle of Excellence. He has also won the Mack-Cali “Deal of the Year” award and has been recognized as a CoStar Power Broker. ■

WRRI earns Excellence in Collaboration Award MORRIS PLAINS, NJ — Weichert Relocation Resources Inc. (WRRI) has won the award for Excellence in Collaboration at the 2012 SYNERGY Conference in Scottsdale, AZ. Presented by Corporate United, one of the nation’s largest group purchasing organizations, this award

recognizes the supplier that consistently demonstrates innovation to improve the quality of service and total cost of ownership for Corporate United’s members. WRRI earned this distinction for its consultative, collaborative approach to partnering with Corporate United

and its member companies. WRRI has served as the preferred relocation and assignment management services provider to Corporate United since 2007 and designated a service team dedicated exclusively to Corporate United and its extensive member base in 2011. ■

LIVINGSTON, NJ — Regal Bank appointed West Orange resident Carol Fanslau as vice president of operations and technology. In this role, Fanslau is responsible for managing the daily operations Carol Fanslau of the bank, while overseeing technology platforms and ensuring equipment is properly implemented and operated. Prior to assuming this role, Fanslau was the assistant vice president of operations and technology.

“I greatly appreciate the opportunity to take on more responsibility in my new role at Regal Bank,” said Fanslau. Fanslau began her 20-year banking career as a teller and customer service representative before moving into branch administration, human resources, and operations training. Fanslau actively participates in the bank’s comprehensive community involvement initiatives and volunteers at the Susan G. Komen 3-Day Walk, the Leukemia and Lymphoma Society’s Light the Night Walk, several American Cancer Society fundraisers, and at the West Orange Parent Teacher Association. ■

Cushman & Wakefield promotes Adams & Pittard EAST RUTHERFORD, NJ — Commercial real estate services firm Cushman & Wakefield, Inc., has promoted two industrial brokerage specialists to the position of senior associate. Based in the Cushman & Robert Adams Wakefield East Rutherford office, Robert Adams and

cant land tract transactions; and representation of major corporations, developers and institutional owners. FAR HILLS — More than 150 commercial real estate professionals turned out Rachel Pittard this week to support the fight for healthy babies and to honor Gualberto

Shown from left: Addy Bonet, NJ State director, March of Dimes; Medina; Carol Roberts, director of special events, March of Dimes; Robert Martie, event chair and executive vice president, Colliers International NJ. Rachel Pittard joined the firm “Gil” Medina, the company’s as associates in 2007 and 2009, New Jersey executive managrespectively. ing director during the March Adams and Pittard both are of Dimes annual Real Estate part of a six-person team that is Award Reception and Pynes recognized as one of Cushman Putting Challenge. The play& Wakefield’s most senior and offs for the Putting Challenge successful industrial groups and the event took place at the nationwide. The team focuses United States Golf Association on leasing and sales; signifi- Museum in Far Hills. ■


Mid Atlantic Real Estate Journal — New Jersey — July 13 - 26, 2012 — Inside Back Cover B

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

Fedorko of the Pittsburgh office represents the seller & buyer

Marcus & Millichap brokers the $12.9m sale of six-property MedExpress portfolio

P

ITTSBURGH, PA — Marcus & Millichap Real Estate Investment Services brokered the sale of six single-tenant netleased MedExpress Urgent care healthcare centers in Pennsylvania and West Virginia. The $12,986,929 sale price equates to $309 psf. Paul Fedorko, an associate in Marcus & Millichap’s Pittsburgh office, represented the seller, MedExpress Urgent Care, and the buyer, National Retail Properties Inc. Ralph Nash of Old Spruce Realty in Lewisburg, W. Va. is Marcus & Millichap’s West Virginia broker of record. “The portfolio generated a

lot of attention and interest from private and institutional investors,” says Fedorko. “The strength of the medical office and single-tenant property sectors, combined with MedExpress’s unique and attractive business model, make these assets an especially attractive choice for long-term stabilized investment.” “We exclusively marketed the portfolio on behalf of the seller, created a competitive bidding environment and closed the transaction in approximately six weeks,” adds Fedorko. The properties are: • 3516 Saw Mill Run Blvd.,

MedExpress Urgent healthcare center

JULY 13 - 26, 2012

HI-LIGHTS NAI CIR negotiates $1.65m industrial transaction Librandi Plating Inc. is opening an additional location in 42,877 s/f of space it has purchased at 3990 Paxton St., Harrisburg. The space will be used for industrial plating, machining and rack manufacturing. See page 2C.

ROCK Comm’l. represents both parties in $800,000 sale Dennis and Sherry Weaver bought the 16,677 s/f ministorage site for $800,000 at 3076 Carlisle Road in Dover. ROCK Commercial Real Estate represented both the buyer and the seller in this transaction. See page 3C.

ALSO INSIDE: EASTERN PA SPOTLIGHT ............................................... 5-13C PROJECT OF THE MONTH .....................................................8C GC OF THE MONTH ...........................................................10C CREW LEHIGH VALLEY ...................................................14C PA PROJECT NEWS ...........................................................15C PA PEOPLE NEWS .............................................................16C

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Pittsburgh, PA - 6,000 s/f • 729 East State St., Hermitage, PA - 6,656 s/f • 1139 Baltimore St., Hanover,PA - 5,747 s/f • 3876 Route 30, Latrobe, PA • 5,786 s/f • 6396 State Highway 819 South, Mt. Pleasant, PA - 5,460 s/f • 6 3 0 F a i r m o n t Av e . , Fairmont, W. VA - 5,652 s/f All six facilities were constructed in 2011 and all have new 10-year absolutenet leases. The tenant is responsible for the roof and structures. All operating expenses, including management fees, are passed through. n

Endow Properties LLC purchased the 30,000 s/f property

RIDC announces the $2.75m sale of medical-focused comm’l. facility PITTSBURGH, PA – The Regional Industrial Development Corporation (RIDC) of Southwestern Pennsylvania announced the sale of West Hills Commons, a 30,000 s/f flex industrial building on a 3.5 acre parcel of land located in the Township of East Franklin in Armstrong County. Endow Properties, LLC has purchased the building from RIDC for $2.75 million, a deal that was finalized on March 31 of this year. The new building owner is an orthopedic surgeon who previously

West Hills Commons leased space in the building. The building has been serv-

ing as a medically focused facility. n

The James Balliet Commercial Group “The Lehigh Valley’s Premier Full Service Commercial Real Estate Company” • 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


C Inside Cover — July 13 - 26, 2012 — Pennsylvania — Mid

Atlantic Real Estate Journal

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In Memoriam ROBERT M. BRASLER Chairman, Brasler Properties 1937 - 2012

It is with great sadness that we mourn the passing of Bob Brasler. He was a valued and trusted; friend, mentor, client, patriot, leader, philanthropist and consummate deal maker. Steve Willems, The Management Team and the Staff NAI Keystone Commercial and Industrial, LLC We will miss you Bob. May God Bless.


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Mid Atlantic Real Estate Journal — Pennsylvania — July 13 - 26, 2012 — 1C

SALE - Approved over 55 Townhouse Develpment Tobyhanna, Coolbaugh Twp. Monroe County, PA

K Total of 70.882 acres at Sharbaugh Road and Hemlock Drive K Phase 1 - 48 approved townhouses for over 55 development on 14.902 acres. K Phase 2 - 55.98 acres for over 55 development or other uses. K Zoned R-2 Residential K Excellent access to RTS. 611, 80, and 380 near Mt. Airy Casino and Pocono Attractions


2C â&#x20AC;&#x201D; July 13 - 26, 2012 â&#x20AC;&#x201D; Pennsylvania â&#x20AC;&#x201D; Mid

In Memoriam

Atlantic Real Estate Journal

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PENNSYLVANIA Alderman & Sourbeer reps the buyer & seller

NAI CIR negotiates $1.65m industrial transaction

H ROBERT M. BRASLER

Chairman, Brasler Properties 1937 - 2012

At this time of sorrow, the Mid Atlantic Real Estate Journal would like to extend our deepest sympathy to the Brasler Family for your loss. Our thoughts and prayers are with you.

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ARRISBURG, PA â&#x20AC;&#x201D; Librandi Plating Inc. is opening an additional location in 42,877 s/f of space it has purchased at 3990 Paxton St., Harrisburg. The space will be used for Daniel J. industrial Alderman plating, machining and rack manufacturing. Daniel J. Alderman and Jason Sourb e e r, b o t h of NAI CIR, represented L i b r a n d i Jason Sourbeer

3990 Paxton Street Plating and the seller in the $1,650,000 Transaction. Info-Matrix Corp., an information technology services consulting firm, is relocating into 2,400 s/f of space it has leased at 650 N. 12th St., Lemoyne. Daniel J. Alderman and Jason Sourbeer, both of NAI CIR, represented Info-Matrix and the landlord, Gunn-Mowery LLC, in the transaction

High Hotelâ&#x20AC;&#x2122;s Homewood Suites by Hilton earns EPAâ&#x20AC;&#x2122;s Energy StarÂŽ certification

Waddell & Reed, Inc, a financial services company, is opening an additional office in 999 s/f of office space it has leased at 3461 Market St., Camp Hill. Daniel J. Alderman of NAI CIR handled the transaction for Waddell & Reed and Nik Sgagias and Jason Sourbeer, also of NAI CIR, represented the landlord, Atrium West LLC. â&#x2013; 

Pennsylvania Real Estate Journal a section of the

Mid Atlantic Real Estate Journal P.O. Box 26, Accord, MA 02018 781-871-5298 â&#x20AC;˘ 800-584-1062 fax 781-871-5299 www.marejournal.com

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Homewood Suites M E C H A N I C S B U R G , PA â&#x20AC;&#x201D; Lancaster based High Hotels Ltd.â&#x20AC;&#x2122;s Homewood Suites by Hilton Harrisburg-West in Mechanicsburg, has earned the Environmental Protection Agencyâ&#x20AC;&#x2122;s ENERGY STARÂŽ certification. Located in the Rossmoyne Business Center, the property is one of 12 hotels in Pennsylvania that currently holds ENERGY STAR certifica-

tion according to the ENERGY STAR website directory. In other High news, David and Darlene Wueschinski, owners of Wet Dreamz Marine & Power Sports, have leased the property at 7500 Carlisle Road in Rossville from owner Michael Fickes. Denise Cass of High Associates Ltd. handled the transaction for the owner and the tenant. â&#x2013; 

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Section Editor Rachel Rugman editor@marejournal.com 110 N. George Street, 4th floor York, PA 17401

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Mid Atlantic Real Estate Journal — Pennsylvania — July 13 - 26, 2012 — 3C

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PENNSYLVANIA Brokering 29,681 s/f

ROCK Comm’l. represents both parties in $800,000 sale

C

ENTRAL, PA — ROCK Commercial Real Estate brokered 20,877 s/f of sold commercial real estate and 8,804 s/f of leased space in Dauphin and York Counties. Completed sales transactions: · Dennis and Sherry Weaver bought the 16,677 s/f mini-storage site for $800,000 at 3076 Carlisle Road in Dover. ROCK Commercial Real Estate represented both the buyer and the seller in this transaction. · K W Gemmill LLC bought the 4,200 s/f warehouse building for $139,500 at 85 North Belmont Street in York. ROCK Commercial Real Estate represented the seller in this transaction and LMS Commercial Real Estate represented the buyer. Completed lease transactions: · Forge Advertising leased 1,308 s/f of office space at 234 West Clarke Avenue in York. ROCK Commercial Real Estate, LLC represented both the landlord and the tenant in this transaction. · Kendra McAllister, Christina Zak and John Zak leased 3,384 s/f of industrial space at 3524 Delta Road in Airville. ROCK Commercial Real Estate, LLC represented both the landlord and the tenant in this transaction. · Buzynski Electrical Contractor, LLC leased 2,812 s/f of industrial space at 20-90 Aberdeen Road in Emigsville. ROCK Commercial Real Estate, LLC represented both the landlord and the tenant in this transaction. · Mixed Media Arts leased 1,300 s/f of retail space at 3809-3815 Paxton Street in Harrisburg. ROCK Commercial Real Estate, LLC represented both the landlord and the tenant in this transaction. In other news, ROCK Commercial Real Estate brokers 10,810 s/f of lease space in Adams and York Counties. · DCI Management leases 6,000 s/f of industrial space at 262 Church Street in Hanover, PA. ROCK Commercial Real Estate, LLC represented both the landlord and the tenant in this transaction. · Rushiarjun LLC leases 1,800 s/f of retail space at York Crossing Shopping Center in York, PA. ROCK Commercial Real Estate, LLC represented both the landlord and the tenant in this transaction. · Ramon A. Torres leases 1,700 s/f of retail storefront space at 344 West Market Street in York, PA. ROCK Commercial Real Estate, LLC represented both the landlord and the tenant in this

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3076 Carlisle Road, Dover, PA transaction. · Gregory F. Bower leases · Omni Home Care leases 1,160 150 s/f of office space at 135 s/f of office space at 873 Clare North George Street in York, Lane in York, PA. ROCK Com- PA. ROCK Commercial Real Esmercial Real Estate, LLC repre- tate, LLC represented both the sented both the landlord and the landlord and the tenant in this tenant in this transaction. transaction. ■

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4C — July 13 - 26, 2012 — Pennsylvania — Mid

Atlantic Real Estate Journal

www.marejournal.com

PENNSYLVANIA Grace leases 106,000 s/f of warehouse space

Landmark Comm’l. negotiates two sales totaling $592,000

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EST HAZELTON, PA — Landmark Commercial announces the following transactions: Greif Packaging LLC has recently leased 66,000 s/f of warehouse space at 50 Jaycee Drive, West Hazelton. Jason Grace, CCIM, SIOR and vice president of Landmark Commercial Realty, Inc./ONCOR International negotiated the lease on behalf of the owner, 50 Jaycee Drive Associates, L.P. Karchner Warehousing and Logistics Inc. has recently leased 40,000 s/f of warehouse space at 150 Jaycee Drive, West Hazelton. Jason Grace, CCIM, SIOR and vice president of Landmark Commercial Realty, Inc./ONCOR International negotiated the lease on behalf of the owner, 150 Jaycee Drive Associates, L.P. The Bair Foundation of PA has leased approximately 6,387 s/f of office space located at 441 Friendship Road, Harrisburg. Jason Grace, CCIM, SIOR, vice president and Roy H. Brenner of Landmark Commercial Realty, Inc. represented the tenant and James W. Brady, SIOR, senior vice president, also of Landmark represented the landlord, Koskap Partners. Philhaven has leased 3,078 s/f of office space located at 2330

211 Main Street Vartan Way, Harrisburg. Thomas T. Posavec, SIOR and Roy H. Brenner of Landmark Commercial Realty, Inc. negotiated the lease on behalf of the owner, The Vartan Group. Jizhen Fan, a licensed massage therapist, has leased 1,370 s/f of commercial space in the Hartzdale Plaza located at 3300 Hartzdale Drive, Camp Hill. James W. Brady, SIOR, senior vice president of Landmark Commercial Realty, Inc./ONCOR International represented the owners, Koskap in this transaction. Next Era Enterprises has leased 1,337 s/f of office space located at 2330 Vartan Way, Harrisburg. Thomas T. Posavec, SIOR and Roy H. Brenner of Landmark Commercial Realty, Inc. negotiated the lease on

behalf of the owner, The Vartan Group. Sunny Hill Mobile Home Park Corp. has purchased a $355,000, 50 pad mobile home community located at 192 Dolphin Lane, Greensburg. Chuck Heller, associate broker and Drew Bobincheck, CCIM of Landmark Commercial Realty, Inc./ONCOR International negotiated the transaction on behalf of the seller, Katherine Ross, Inc and the buyer. Maria E. Carbajal has purchased a bank owned apartment building for $237,000 at 211 Main Street, York Springs. Chuck Heller, associate broker and Drew Bobincheck, CCIM, of Landmark Commercial Realty, Inc./ONCOR International and Corey Stultz of AGI Real Estate Services negotiated the transaction. ■

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PENNSYLVANIA SPOTLIGHT EASTERN PA Mid Atlantic Real Estate Journal — Pennsylvania — July 13 - 26, 2012 — 5C

www.marejournal.com

Lonberger & Wellar rep both parties in $3.5m sale of Lexington Village Apartments

Thomson, Pierce, Gorman & Shover of Marcus & Millichap brokers $9.8m sale

W

EST CHESTER, PA — Marcus & Millichap Real Estate Investment Services announced the sale of The Greentree Building: a 64unit apartment building that includes 17,500 s/f of street level retail located at the corner of High and Gay Streets in West Chester, according to Spencer Yablon, regional manager of the firm’s Philadelphia office. Mark Thomson and Zachary Pierce, multifamily investment specialists in collaboration with Matthew Gorman and Michael Shover, retail investment specialists of Marcus & Millichap’s Philadelphia office facilitated The Greentree Building the transaction for both parties. This marks the second stone Communities has closed first being the 32-apartment West Chester deal that buyer with Mark Thomson and units of Northwyn Court. The asset commanded a David Della Porta of Corner- Zachary Pierce this year, the

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sales price of $9,800,000 representing an approximate 7.0 Cap Rate. “West Chester is one of the most desirable locations to own real estate in the Philadelphia MSA and The Greentree Building is on the corner of Main and Main” says Mark Thomson, referring to the building’s prominence on the bustling corner of High Street and Gay Street in downtown West Chester. NANTICOKE , PA — Marcus & Millichap Real Estate Investment Services announced the sale of Lexington Village Apartments, a 55 unit apartment property located in Nanticoke, according to Spencer Yablon, regional manager of the firm’s Philadelphia office. The asset commanded a sale price of $3,500,000. Corey Lonberger and Ken

Wellar, each associate vice president investments in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a private investor, was also secured and represented by Lonberger and Wellar. Lexington Village Apartments is located at 1-75 Agostina Drive. “The property had an excellent unit mix, with all units being two bedrooms with garages,” according to Lonberger. “The property also consisted of 4.8 acres of land where additional apartments could be developed,” noted Wellar. “It is our belief that the buyer intends to develop that land at the appropriate time,” he added. ■

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6C — July 13 - 26, 2012 — Pennsylvania — Mid

Atlantic Real Estate Journal

www.marejournal.com

EASTERN PA By Pamela Shupp, Greater Reading Economic Partnership

Greater Reading Economic Partnership “Be something greater”

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ome internal stakeholders have asked us why we changed our name from the Berks Economic Partnership to the Greater Reading Economic Partnership and we wanted to share one of Pamela Shupp the key reasons. Global Geography and Statistics In the world of economic development, global location

matters. It matters in both the attraction of new companies and the retention and

tween profit and loss, growth and downsizing, success and failure.

any available online search engine. Therefore, transitioning to

“In the world of economic development, global location matters. It matters in both the attraction of new companies and the retention and growth of companies who already call this region home. For companies who seek suppliers and networks to move goods and services - being in the right geographic location creates the difference between profit and loss, growth and downsizing, success and failure.” growth of companies who already call this region home. For companies who seek suppliers and networks to move goods and services - being in the right geographic location creates the difference be-

It can be argued that the terms Berks County or Greater Reading are interchangeable - as we know they are - however Greater Reading can more easily be found on the world stage by using

the name Greater Reading becomes a pragmatic choice, provides our best shot at being considered for new business location projects and enhances our competitive advantage on the globe.

Feel at home instantly. Discover a progressive, business-friendly community committed to your success and quality of life. More than just an affordable, strategic location in southeastern Pennsylvania, Greater Reading is home to a diverse lifestyle that creates happier employees—which leads to more productive companies. Let us help you achieve great things. Visit GreaterReading.com.

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In standard practice, companies search for business locations by cities rather than counties. Not many folks know the names of the county in which well known cities are located - but they know the name of the city. Phoenix, Arizona for example, is located in Maricopa County. Orlando, Florida is located in Orange County. Seattle, Washington in Kings County. Who knew? Best practice economic development agencies use search engines and comprehensive professional database sources to snapshot the demographics, business and geography of their region as delineated by metropolitan or core-based statistical areas named by their urban core. Site selection and market research experts employ these methodologies and others to identify sites, weigh radius data on industry clusters and target markets. As we know, there are always new ways to slice and dice statistical data. Therefore, the key reason for the name change to the Greater Reading Economic Partnership was pinpointing our location in global geography - and best practice standards for statistical methodology. Our primary mission as GREP is to attract, retain and grow business by vigorously promoting fostering and growing economic development in Great Reading. Our product is Greater Reading and we are focused on keeping business here, stimulating local entrepreneurship and attracting new industries to our community. That’s why we want people to find us. Peter Strople, Founder of Zero 2 Ventures put it this way. “Great people make great companies and great companies make great communities and great communities can change the world”. Let’s be something greater. Pamela Shupp, AICP, CEcD vice president, Greater Reading Economic Partnership. Shupp is a native of Reading, and received a bachelor’s degree in Public Administration and Urban and Regional Planning from Bloomsburg University, Bloomsburg, PA. ■


Mid Atlantic Real Estate Journal — Pennsylvania — July 13 - 26, 2012 — 7C

www.marejournal.com

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8C — July 13 - 26, 2012 — Pennsylvania — Mid

Atlantic Real Estate Journal

ENVIRONMENTAL ENGINEER

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PA PROJECT OF THE MONTH Project general contractor - Dolan Construction Inc.

Air Quality R Water Resources R Earth Sciences

Cambridge-Lee Industries constructing 200,000 s/f facility

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EADING, PA – Cambridge-Lee Industries, LLC is expanding its Reading, PA-based manufacturing facility, growing its workforce by up to 250 and adding significant new manufacturing capabilities. Construction is under way on the new 200,000 s/f facility, with a projected completion of May 2013. Dolan Construction Inc. is the general contractor. Cambridge-Lee Industries is a manufacturer and distributor of copper tubing for water supply, air conditioning, refrigeration, and commercial applications. The expansion will allow the company to produce thin-wall copper tubes that are used for air conditioning for the first time in Pennsylvania. The new plant will manufacture under the stringent consistency requirements of this particular type of tubing, permitting material efficiencies and labor savings that are necessary for the company to compete successfully in the international market. Needing to expedite the construction process in an attempt to accelerate production from existing equipment held by

Cambridge-Lee Industries manufacturing facility their Mexican parent company, Cambridge-Lee Industries received help from County Commissioner Christian Leinbach. Commissioner Leinbach used this project to launch a new expedited approval process called the Joint Express Approval Program, or JEAP. The process works in Berks County in conjunction with the Berks Economic Partnership and corresponding participating jurisdictions. It has proven to be a vital process for the success of Cambridge-Lee Industries. “This expansion has represented a productive partnership among economic development programs to help us create

jobs,” said Ed Kerins, CEO of Cambridge-Lee. From the first submission to receipt of a building permit the process was approximately 1 month. “This is the kind of dream team projects like this require to meet their lofty goals”, said Patrick Dolan, President of Dolan Construction Inc., of this project’s review process and ownership team. Dolan added, “We’re extremely proud to be partnering with Cambridge-Lee Industries on such an important industrial project for our region.” “This project is a significant step forward both for Cambridge-Lee and for the Greater Reading Area,” added Kerins. ■

PROJECT TEAM

Construction Management: .............................................Dolan Construction Inc. Civil Engineer: ....................................................Berks Surveying & Engineering Environmental Engineer: ..........................................Liberty Environmental Inc. Geotechnical Engineer: .....................................................Earth Engineering Inc. Geotechnical Consultant: ............................... Schuylkill Valley Engineering Inc. Structural Engineer: ..............................................Providence Engineering Corp. MEP Engineer: ............................................................. Consolidated Engineering Site Contractor: .......................................Landis C. Deck & Son Site Contractors Excavation: ................................................................Irish Creek Excavating, Inc. Concrete (Building B): ..................................................Scenic Ridge Construction Concrete (Building A): ...............................................................Kinsley Industrial Fire/Sprinkler Systems: ........................................................S&L Mechanical Inc. Alarm Systems.........................................................ATS Alarm Tech Systems Inc. Pre-Engineered Metal Building: ...............................Metallic Building Company Utility Locating & Mapping ..................................................................PULS, Inc.

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Mid Atlantic Real Estate Journal â&#x20AC;&#x201D; Pennsylvania â&#x20AC;&#x201D; July 13 - 26, 2012 â&#x20AC;&#x201D; 9C

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10C — July 13 - 26, 2012 — Pennsylvania — Mid

Atlantic Real Estate Journal

www.marejournal.com

BOYLE CONSTRUCTION MANAGEMENT Boyle Construction completes 36,000 s/f HQ renovation Lehigh County’s first detoxification center

Eastern PA’s General Contractor of the Month

H

ORSHAM, PA — Boyle Construction, Inc. concluded construction on new headquarters for the Delaware Valley Municipal Management Association (DVMMA) in Horsham. This project renovated an existing 36,000 s/f one story office building and added a new entry way to allow natural light to penetrate the office space. The original building was completely gutted and renovated to fit the needs of the growing association. The new headquarters will be used primarily for office space for 24 offices and 42 open work station cubicles. A reception area, conference rooms and a Board room were designed to utilize the latest technology and work place efficiencies. DVMMA will also hold their training seminars in the facility for their extensive membership organization. The training facility includes two rooms, one is a smaller technology based room for up to 16 people, and the other presentation based room will hold

Boyle Const. breaks ground on 12,000 s/f LEHIGH VALLEY, PA — Boyle Construction is managing the construction for Lehigh County’s first detoxification center which broke ground last week. The 12,000 s/f facility will contain a total of 31 beds for residents some

of which are hospital oriented rooms for detoxification; others are hotel oriented rooms for rehabilitation. The facility is set to open in November of 2012 and construction costs are estimated at $3.6 million. ■

PROJECT TEAM Construction Management: ....... Boyle Construction Project Architect: .................................. L.R. Kimball Civil Engineer: .............................. Maser Consulting

Boyle Construction begins 6,000 s/f warehouse addition Delaware Valley Municipal Management Association Headquarters up to 120 people. A catering kitchen was built to serve the training rooms as well as a staff lounge and kitchen

area for employees. Secure technology area and storage rooms were also provided for the association. ■

PROJECT TEAM

General Contractor:.................... Boyle Construction Architect: ...................................... MKSD Architects Structural Engineer: ................. D. Scott Bigley, P.E. Civil Engineer: ........................ Langan Engineering Mechanical Engineer: ...................... HB Engineers

LOWER NAZARETH TOWNSHIP, PA — Boyle Construction started construction for the 6,000 s/f addition to the Snyder’s-Lance warehouse in Lower Nazareth Township.

On the 2.2 acre site, Snyder’sLance is doubling their warehouse space to accommodate the increased product line since they purchased Lance in 2010. ■

PROJECT TEAM General Contractor:.................... Boyle Construction Project Architect: ...........................Gouck Architects

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Mid Atlantic Real Estate Journal — Pennsylvania — July 13 - 26, 2012 — 11C

www.marejournal.com

EASTERN PA Laubach completes $170,000 medical office sale

Miller and team represent the tenant

Weiss of Hawley Realty inks $675,000 industrial sale

CBRE leases 30,000 s/f headquarter’s relocation

B

ETHLEHEM, PA — Paul Weiss recently sold a 7,200+ s/f airconditioned industrial facility located near the Sands Casino exit of I-78 at 1 0 7 5 Wi n Drive. OthPaul Weiss er businesses near this property include: Just Born Candy Corp., Keystone Fabricating, and East Penn C a r r i e r Jarrett Laubach Corp. The building will now be used for a laboratory use. The selling price was: $675,000.00 Jarrett Laubach, an associate broker with Hawley Realty Inc. recently sold a medical office condo unit at: 2299 Brodhead Rd., Beth-

Aptcor Comm’l. secures 7,090 s/f office/whse. lease

1075 Win Drive lehem to Dr. G.H. Whang for his OB-Gyn practice. Other professionals located within this same complex include: a pediatric dental practice, Pointe North Well-

ness Center, and Westgate Transportation. The building is located within the Lehigh Valley Industrial Park V, off of Rt. 512. The selling price was $170,000. ■

CONSHOHOCKEN, PA — Represented by CBRE, Inc. (CBRE), NextDocs Corporation (NextDocs), the global leader in SharePoint-based compliance solutions to life sciences organizaScott Miller tions, announces it has relocated its corporate headquarters to a 30,000 s/f space in Six Tower Bridge at 181 Washington Street, Conshohocken. CBRE’s Senior Vice President Scott Miller and his team represented NextDocs.

According to Miller, NextDocs chose the property due to its centralized location, the quality of the building and space as well as the livework-play lifestyle that it will afford its employees. NextDocs is the global leader in providing Microsoft SharePoint-based compliance solutions to life sciences organizations. It enables businesses in regulated industries to achieve compliance with FDA and other agencies while automating processes, improving efficiency and dramatically reducing costs. Esther Pulver represented the landlord, Oliver Tyrone Pulver Corporation. ■

Better Relationships deliver

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

300 Walnut Street LANSDALE, PA — Aptcor Commercial, Realtors reports the lease of 7,090 s/f of which 1,600 s/f is office space and 5,490 s/f of warehouse space at 300 Walnut St. in Lansdale. The Alan Apt new tenant is ‘Cap-One Services LLC’ which has licenses in General Construction, Masonry Restoration, Waterproofing, Sealants, and Concrete. The new tenant was procured by Alan Apt and Avi Cohen of Aptcor Commercial, Realtors, who represented the landlord in this transaction. The new tenant, ‘Cap-One Services LLC’ is a contractor committed to good quality work and excellent customer service. ■

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12C — July 13 - 26, 2012 — Pennsylvania — Mid

Atlantic Real Estate Journal

www.marejournal.com

EASTERN PA Mickens of CBC Pennco facilitates 1,100 s/f retail lease

Adams reps both in 25,752 s/f lease renewal

Coldwell Banker Commercial Pennco arranges $187,600 sale

Haines of NAI Summit completes $120,000 sale

E

AST STROUDSBURG, PA — S p i r o s B i l i anis, broker/owner of Coldwell Banker Commercial Pennco Real Estate based in Stroudsburg, has recently arranged the $187,600 Sale of Lot # 6 Foxmoor Drive, East Stroudsburg. The 3,000 +/- s/f office/retail property is an architecturally unique professional office complex with ample on-site paved parking in Marshalls Creek across from Pocono Square Mall at traffic light. Great location and setup for Medical, Insurance and professional offices. Former drive through can be enclosed adding additional finished square footage to the building. Spiros Bilianis represented the seller, Summer Glen Partners LLP in the sales transaction. The buyer, James & Kathryn Barchiesi were represented by Weichert Acclaim. STROUDSBURG, PA — Te-

Route 309 Lot # 6 Foxmoor Drive resa Mickens, CCIM of Coldwell Professional Hearing Solutions, Banker Commercial Pennco Real LLC. Teresa Mickens, CCIM Estate based in Stroudsburg, facilitated this transaction on has recently arranged the 1,100 both sides. Professional Hearing Solus/f Lease for $1100 per month for 5 years located at Stroud Com- tions, LLC will be joining Meimons Plaza, Suite 12, 7400 Rte. neke Muffler, Youngs Medical Supply, TCYB, Crystal Vision, 611, Stroudsburg. The retail space consisting and Retina Care to name a of 1,100 s/f will be occupied by few. ■

PernaFrederick Comm’l. Real Estate brokers two office leases totalling 13,220 s/f PHILADELPHIA, PA — Representing ADR North American L.P., the owner of 121 South Broad Street, PernaFrederick Commercial Real Estate has negotiated two office lease agreements for approximately 13,240 s/f of space having a combined aggregate rental exceeding $1.1 million. In the first agreement, Joe Viturello, a senior associate at PernaFrederick, represented the building owner and Stephen Perna, a principal of the real estate firm, represented the law firm of Pasquarella, Kunnel & Pomo and Paul Kahn, P.C., in its relocation from 230 South Broad Street to approximately 6,610 s/f on the 18th floor of 121 South Broad. In the second transaction, Viturello represented the building owner in the extension of a lease for 6,610 s/f occupied by Mitchell & Ness Nostalgia Co., the sports licensing division of Adidas Group, LLC, known for its authentic throwback jerseys and jackets, as well as other nostalgic athletic apparel. Thomas Weitzel, a broker with Jones Lang LaSalle, cooperated with PernaFrederick and represented Mitchell & Ness Nostalgia in negotiating the renewal for the entire 4th floor of the 21-story building. ■

7036 Snowdrift Road

121 South Broad Street

SCHNECKSVILLE, PA — Jay Haines of NAI Summit recently represented both the buyer and seller in a land sale of approximately a half acre along Route 309 in Schnecksville. The sale price Jay Haines of the transaction was $120,000.00. The buyer, Ashley Motors, Inc., recently relocated from Hellertown, PA t o t h e Michael Adams new site in Schnecksville for continued use as a used car lot. Ashley Motors has been in business for 35 years. ALLENTOWN, PA — Michael Adams of NAI Summit recently leased over 50,000 s/f in four separate transactions throughout the Lehigh Valley. In the first transaction, Adams represented both the tenant and building owner in a 5-year lease renewal of 25,752 s/f of warehouse space at 7036 Snowdrift Road in

Allentown, PA. The tenant is Praxair Distribution, Inc., the distribution arm of Praxair. For more information, visit www.praxair.com. The building owner is Denholtz Associates. Denholtz, a commercial and industrial development company, is based in New Jersey. In the second transaction, Adams represented the building owner, Denholtz Associates, in a lease for 9,600 s/f of warehouse space at 969 Postal Road in Allentown, PA. The tenant is Level 3 Communications, Inc., an international communications company. In the third transaction, Adams represented both the tenant and building owner in a lease for 2,000 s/f of office space at 1301 W. Gordon Street in Allentown, PA. The tenant, Our Little Einsteins, is a daycare facility. The owner is Boas Surgical Center. In the fourth transaction, Adams represented both the tenant and building owner in a lease for 14,242 s/f of warehouse space at 3000 Emrick Blvd., in Bethlehem, PA. The tenant is the Pennsylvania Liquor Control Board. The LCB intends to use the building for distribution to commercial customers. ■


Mid Atlantic Real Estate Journal â&#x20AC;&#x201D; Pennsylvania â&#x20AC;&#x201D; July 13 - 26, 2012 â&#x20AC;&#x201D; 13C

www.marejournal.com

EASTERN PA Canevari of PPL Electric Utilities presents $10,000 grant to Leonard of PMEDC

PPL supports marketing efforts of Pocono Mountains Economic Development Corporation

T

O B Y H A N N A , PA â&#x20AC;&#x201D; PPL has presented the Pocono Mountains Economic Development Corporation (PMEDC) with a $10,000 grant supporting economic development marketing in 2011. The PPL Blue Ribbon Marketing Partnership Program allows local economic development organizations to submit proposals for funding each year and PMEDC was awarded funding for three separate projects. Paul Canevari, Regional Community Relations Director for PPL commented, â&#x20AC;&#x153;We have had a longstanding partnership with PMEDC and have supported many of their marketing projects in the past. We always see creative ideas with an innovative approach and are pleased to be able to contribute once again to their success.â&#x20AC;? One of the projects was the creation of a Report Builder module on the PMEDC website. It is designed to make it easier for real estate brokers, developers and site selection professionals to prepare dossiers about specific properties in Monroe Countyâ&#x20AC;&#x2122;s available commercial industrial property inventory, along with demographic data, workforce information and financing resources. PMEDC plans to use the feature at trade shows and events, though qualified professionals will also be able to access the feature from their desktops. â&#x20AC;&#x153;In this highly competitive business, it is important that we remain leading edge with our online tools,â&#x20AC;? said PMEDC Executive Director Chuck Leonard. â&#x20AC;&#x153;Throughout the years, the generous support of PPLâ&#x20AC;&#x2122;s Blue Ribbon Grant program has enabled us to do that.â&#x20AC;? The grant also supported the re-design and update of our Community Data Sheets which are used to promote the county online, at events and in response to prospects. The four documents: Demographics, Quality of Life, Workforce & Education, Location & Transportation have been updated using 2010 Census data. They can be found on

Pictured Left: Paul Canevari, regional community relations director for PPL Electric Utilities; presents a Blue Ribbon Marketing Grant to Chuck Leonard, executive director of Pocono Mountains Economic Development Corporation (PMEDC).

PMEDCâ&#x20AC;&#x2122;s website available for download. The final project was created as a follow-up to a project funded in 2010 by PPL, which was the development of a mobile version of PMEDCâ&#x20AC;&#x2122;s website for all smartphone and tablet computer users. A postcard campaign promoting the development of this new technology was instituted in order to direct more smartphone device users to the mobile site. The success of this campaign is being tracked by using QR codes and visitors are incentivized to register by being entered

into a prize drawing. PMEDC has contracted with Michael Beckenbach & Associates, a Stroudsburg-area public relations and marketing company, to develop and track the success of these projects. The Pocono Mountains Economic Development Corporation is a non-profit economic development corporation, dedicated to creating jobs for Monroe County residents, expanding the countyâ&#x20AC;&#x2122;s tax base, and attracting new investment with the direct support of the Monroe County Commissioners. â&#x2013; 

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14C — July 13 - 26, 2012 — Pennsylvania — Mid

Atlantic Real Estate Journal

www.marejournal.com

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

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

June 27th Lunches in Bethlehem and Allentown

CREW Lehigh Valley makes it a networking summer

C

REW Lehigh Valley kicked off the summer season with networking lunches in Bethlehem and Allentown. About two dozen members and prospective members enjoyed sharing lunchtime conversation in an unstructured setting on June 27th. Pictures here were taken at Sangria, a trendy Allentown restaurant at 9th and

Hamilton streets that features American continental cuisine. Events throughout the summer include a winetasting on July 19th at Vyncrest Winery in Breinigsville, PA. While members sip a variety of selections, Michael Stershic, the president of Discover Lehigh Valley, the region’s tourism bureau will present a talk on the Economic Impact of the

Lehigh Valley Wine Trail. Networking continues on August 7 with Coffee and CREW Wegman’s Bethlehem. Members and prospective members will enjoy their favorite morning beverages from 8 a.m. to 9 a.m. The summer schedule wraps up on August 14 with an update on the City of Easton presented from a very special platform ---the Josiah White

canal boat! As CREW members and guests float along the canal enjoying wine and appetizers, Easton’s Mayor Sal Panto will share news about upcoming projects. The program begins at 5:15 p.m. at Easton’s Hugh Moore Park. Information on all programming can be found at the event page of www.crewlehighvalley. org. ■

CORRESPONDING SECRETARY PAM MORRIS LIBERTY PROPERTY TRUST

CREW LV past president Tracy Yadush (center), with NAI Summit, shares a convivial moment with Merry Landis (left) of Fine Art Resources and Cindy Merritt, with Buckno, Lisicky & Company. Cindy is the treasurer of CREW LV

DIRECTORS-AT-LARGE CHRISTA DUELBERGKRAFTICIAN, AIA SPILLMAN FARMER ARCHITECTS JESSICA GENTILE NORTH STAR CONSTRUCTION MANAGEMENT, INC. POLARIS PROPERTIES, INC. 2012 COMMITTEE CHAIRS

Jane Long, Esq., (left), a shareholder with Fitzpatrick Lentz & Bubba, with Jessica Gentile, director of project development for Northstar Construction, and Sandra Kuhns, president of K&H Custom Window treatments

SPONSORSHIP COMMITTEE FRANCEE FULLER BARRY ISETT & ASSOCIATES

Karen Hoff (left), with Buckno, Lisicky & Company enjoyed her first CREW event with Marie McConnell (center), an associate with the law firm of Fitzpatrick Lentz & Bubba, P.C. and banker Patricia Stump, with Team Capital Bank.

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

New member Dawn Davis (left), president of Servpro of Easton, Bethlehem and Whitehall, with prospective member Chris Smith (center), of NAI Summit and Cindy Feinberg, director of community and economic development for Lehigh County, PA.

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

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Contact Francee Fuller, Marketing Manager

610-398-0904

ffuller@barryisett.com

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


Mid Atlantic Real Estate Journal â&#x20AC;&#x201D; Pennsylvania â&#x20AC;&#x201D; July 13 - 26, 2012 â&#x20AC;&#x201D; 15C

www.marejournal.com

PROJECT NEWS From the Association of Energy Engineers

Principal Colucci of Precis Engineering earns CEM

A

MBLER, PA â&#x20AC;&#x201C; Precis Engineering, Inc. principal Sam Colucci, PE, LEED AP BD+C, has earned the Certified E n e r g y ManagerÂŽ (CEMÂŽ) qualificaSam Colucci tion from the Association of Energy Engineers. Colucci met educational, experience, and rigorous testing requirements needed for the designation. â&#x20AC;&#x153;Samâ&#x20AC;&#x2122;s ongoing commitment to energy and sustainability in engineering design is evidenced by the CEM

qualification,â&#x20AC;? said Precis Principal Robert Dick, PE. â&#x20AC;&#x153;Sam has a long history of finding customized energy solutions for every client.â&#x20AC;? Established in 1981 by the Association of Energy Engineers, the Certified Energy Manager credential provides an internationally recognized affirmation of demonstrated competencies in energy-related principles and practices. In order to meet the designation, Colucci met a boardapproved list of pre-qualifications of field experience, educational achievements, and a passing score on the CEM exam. Colucci joined the Precis Engineering staff in 2012,

bringing over 20 years of engineering management and team leadership to the firm. His background includes sustainable mechanical systems design for research and development biological and chemical laboratories; oral solid dosage manufacturing, potent compound manufacturing, and active pharmaceutical ingredient processing; aseptic and biotech facilities; and central plant utility design. He previously led an energy services group, for which energy conservation projects offered clients an average payback of under four years, reduced carbon emissions, and saved over $10 million/ year. â&#x2013; 

ATTENTION:

Architects & Engineers Promote your company, projects and expertise in MAREJâ&#x20AC;&#x2122;s annual

Spotlight

Publication July 27, 2012 Deadline July 13, 2012

Contact: Elaine Fanning for more information 800-584-1062 x212 efanning@marejournal.com

Frantz appointed chairman of the MBA Education Committee Pittsburgh, PA â&#x20AC;&#x201C; The Master Buildersâ&#x20AC;&#x2122; Association Board of Directors are pleased to announce the apJames Frantz pointment

of James Frantz to the position of Chairman of the MBA Education Committee. Frantz is president of TEDCO Construction Corporation, a commercial construction company based in Carnegie, PA. â&#x20AC;&#x153;Jim is an excellent candidate to serve as the Chair of the Education Committee,â&#x20AC;?

said Jack Ramage, Executive Director of the Master Buildersâ&#x20AC;&#x2122; Association. â&#x20AC;&#x153;His knowledge of the construction industry and his participation on the Associated General Contractors of Americaâ&#x20AC;&#x2122;s Education Committee will be beneficial to the MBA membership.â&#x20AC;? â&#x2013; 

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Archer & Buchanan Architecture name Thackrah principal WEST CHESTER, PA â&#x20AC;&#x201D; Archer & Buchanan Architecture, Ltd., an award-winning residential and institutional design firm announces that Michele L. W. Thackrah, AIA, LEED AP, has been n a m e d a Michele L. W. Thackrah principal of the firm. She joins Partners Peter Archer and Richard Bu-

chanan and principal Daniel Russoniello in the leadership of the West Chester-based practice. â&#x20AC;&#x153;Michele is an extraordinary manager of complex residential projects,â&#x20AC;? said Peter Archer, AIA. â&#x20AC;&#x153;The finesse and detail that she brings to the coordination of schedules, budgets and consultants is remarkable.â&#x20AC;? In her new role as principal, Thackrah she will look to advance her efforts in the restaurant design field while managing responsibilities in

the residential practice and continuing to work closely with clients. Currently, she is working on new residences in Lower Merion and Villanova and on an addition to a home in Malvern. Thackrah has significant experience in residential architecture, having designed homes and additions in urban and rural locations. â&#x20AC;&#x153;Michele has an appreciation of Philadelphiaâ&#x20AC;&#x2122;s historic suburbs and surroundings,â&#x20AC;? said Richard Buchanan, AIA. â&#x2013; 

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Mid Atlantic Real Estate Journal Contact: Elaine Fanning 800-584-1062/781-871-5298 Ext. 212 EFanning@mareJournal.com

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16C — July 13 - 26, 2012 — Pennsylvania — Mid

Atlantic Real Estate Journal

www.marejournal.com

PEOPLE ON THE MOVE Employees participate in “Jeans Day for a Cause”

Reiff to lead office services

NAI Summit hires Smith as a commercial real estate agent

Keystone Partners Grp./ KW Comm’l. names director

A

L L E N T O W N , PA — NAI Summit announces the hiring of Chris Ann Smith as a commercial real estate agent. P r i o r to joining NAI Summit, Smith gained exten- Chris Ann Smith sive leasing experience working for DeSouza Brown, a Philadelphia-based real estate investment company. Smith is also owner of Crane Properties, a successful local real estate company specializing in reha-

bilitation and adaptive re-use of blighted properties with a focus on downtown revitalization. Smith presently serves on the Borough of Catasauqua’s Planning Commission, is a board member on LVEDC’s Lehigh Valley Land Recycling Initiative, and serves as secretary for both the Catasauqua Main Streets Council and the Rising Tide Loan Fund of the Community Action Committee of the Lehigh Valley. She received her Bachelor of Science degree in Accounting from Cedar Crest College in Allentown, PA. Smith currently resides in Catasauqua, PA.

ALLENTOWN, PA — NAI Summit employees recently held a “Jeans Day for a Cause” fundraiser in which employees donated money to wear jeans for the day. The money was then donated to Camp Papillon. Camp Papillon is a nonprofit, no-kill animal rescue group located in Stroudsburg, PA. Each year hundreds of animals are placed in their forever homes by Camp Papillon. For more information, visit www. camppapillon.org. NAI Summit holds a Jeans Day once a month and donates the monies raised to various causes and charities. ■

Managing director Breiner of Eastern Union Commercial to lead new Philadelphia office PHILADELPHIA, PA –The privately owned Eastern Union Commercial mortgage company has expanded its Northeastern presence by opening an office at 100 South Broad Street in the heart of downtown Philadelphia. Eli Breiner, a managing director with Eastern Union, will lead the new office. Breiner, one of the firm’s highest-producing brokers in New Jersey, has recently arranged financing for a number of prominent real estate owners in the Philadelphia area. He possesses an extensive network of contacts with bankers and investors across the Northeast. Originally from Connecticut, Breiner has worked closely with numerous lenders in that state, including People’s United Bank. As a senior broker in Eastern Union’s New Jersey office, he worked with

Downtown Philadelphia Investors Bank and other banks and investors. In Philadelphia, Breiner said, he will focus on kindling fresh relationships between these institutional contacts and real estate borrowers. “Under Eli Breiner’s leadership, Eastern Union will play a major role in serving the financing needs of the Philadelphia real estate community,” says Ira Zlotowitz, president of Eastern Union Commercial. “Borrowers here

are eager for financing alternatives, and Eli and his team know precisely how to meet borrowers’ needs.” In recent months, Breiner has closed loans valued at more than $62 million, including those for multi-family, mixed-use and medical office properties. Breiner arranges financing for transactions of $1 million and above, with the average loan totaling about $10 million. “Bankers and lenders from outside the area will be pleasantly surprised by opportunities available to them in Philadelphia,” says Breiner. “We are excited to be setting up operations on Broad Street, because we know investors and developers in Philadelphia will soon reap the benefit of valuable, new lending relationships we will deliver through our wide constellation of trusted bankers.” ■

Calvanese joins CBRE as the VP of the Philadelphia office PHILADELPHIA, PA — Adriano Calvanese has joined CBRE Group, Inc. (CBRE) as Vice President in our Philadelphia, Pennsylvania office. Adriano has over 13 years of exAdriano perience in Calvanese commercial real estate and will be concentrating on office advisory and multi-market corporate accounts. “We are extremely pleased

to welcome Adriano Calvanese to CBRE. His work ethic, enthusiasm and business development skills will help to expand and fortify our services to our clients,” said Bob Walters, Executive Managing Director of CBRE’s six Greater Philadelphia regional offices. Prior to joining CBRE, Adriano was the Broker of Record for Lincoln Property Company in Pennsylvania. He was responsible for their commercial operations in the Philadelphia Tri-State Region which included acquisitions, development, leasing

and property management. During that period he completed significant real estate transactions with clients including: Rowan University and The South Jersey Technology Campus, Broadview Networks, Paetec (now Windstream), UBS Realty Advisors, Keystone Property Group, Berkadia, OPERS, Markem-Imaje Corporation and more. A graduate of LaSalle University, Adriano is a licensed real estate professional in Pennsylvania and a member of the Tri-State Association of Realtors. ■

PHILADELPHIA, PA– Blair A. Gilbert, SIOR, senior vice president of Keystone Partners Group’s KW Commercial Real Estate Division announces that Benjamin L. Reiff, has been named Benjamin L. Reiff director in the KW Commercial office in Philadelphia, PA. Reiff will be responsible for building and leading the growth of KW Commercial in the Philadelphia metropolitan marketplace. Reiff was previously affiliated with Grubb & Ellis where he served as vice president, Transaction Services in the Philadelphia office. He has successfully negotiated lease transactions for IBM, GMAC Mortgage, the PA Institute of CPAs, Verizon, LandAmerica Financial Group, Accenture, Del Frisco’s Double Eagle Steakhouse and many other Fortune 500 companies. In his career Reiff has represented a variety of office building owners including Commonwealth REIT, Wellsford Capital Properties LLC, Archon

Group, Keating Development Corporation and others. Prior to joining Grubb & Ellis Company, he was with Colliers Lanard & Axilbund. Reiff holds a Bachelors of Arts degree in Economics from the University of Pennsylvania, is a member of the National Association of Realtors, TriState Realtors Commercial Alliance and the International Council of Shopping Centers. He is a resident of Philadelphia and is involved in the FrenchAmerican Chamber of Commerce. “The addition of Ben to our senior staff is a natural progression in the growth of our commercial real estate business,” said Gilbert. “Nationally, our almost 80,000 residential agents continually encounter clients that are not only business executives and owners of commercial real estate but homeowners as well – all looking for stable investment opportunities with an increasing return. We’re continuing to expand and serve this need for our clients. Ben’s previous successes provide a superior platform for him to lead this group,” Gilbert continued. ■

Associate Hingson of Colliers Int’l. | Pittsburgh earns MRED PITTSBURGH, PA — Colliers International | Pittsburgh announces Luke Hingson, associate at Colliers International | Pittsburgh, has earned a Master of Real Estate Development Luke Hingson (MRED) degree from Georgetown University, where he completed his thesis on Public and Private Partnerships and their impact on urban redevelopment. “Luke’s sabbatical at Georgetown represents two important achievements for our firm; Luke accelerated his success in the industry, and our clients are in a better position to grow their investment portfolios through Luke’s new contacts and educational experience,” said Gregg Broujos, managing director and founding principal at Colliers International Pittsburgh. Luke is a specialist in in-

vestment brokerage services, responsible for assisting with the acquisition and disposition of investment properties for both institutional and private clients. Prior to joining Colliers International | Pittsburgh, Luke worked as an Associate with NAI Pittsburgh Commercial. Before that, he worked as an intern in the Finance department for the Fortune 500 Company, Bombardier Transportation. He also has past experience working for a marketing solutions company as a sales representative. Luke is a native of Moon Township, Pennsylvania and a licensed real estate salesperson in the Commonwealth of Pennsylvania. He brings vast experience to the commercial real estate industry with a focus on investment property sales. His responsibilities include assisting Colliers International | Pittsburgh expand its services to various organizations and institutions throughout the Greater Pittsburgh region. ■


Mid Atlantic Real Estate Journal — Pennsylvania — July 13 - 26, 2012 — Inside Back Cover C

www.marejournal.com

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C Back Cover â&#x20AC;&#x201D; July 13 - 26, 2012 â&#x20AC;&#x201D; Pennsylvania â&#x20AC;&#x201D; Mid

Atlantic Real Estate Journal

www.marejournal.com

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7-13-12  

MARE JOURNAL

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