7-15-11 Mid Atlantic Real Estate Journal

Real Estate Journal Vol. 23, Issue 13

Inside:

July 15 - 28, 2011

Sections

the most comprehensive source for commercial real estate news

Commercial Real Estate Law

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

Spotlights / Features

Steven T. Boell

Daniele Cervino

Calendar of Events.........................................................4A Construction Law......................................................... 5-9A Auction Pages..........................................................10-11A Financial Digest.....................................................13-16A Sales & Leases...............................................................16A Business Card Directory.......................................... 17A People on the Move.....................................................18A Bill Board Classifieds................................................19A Tri-State Realtors Commercial Alliance....20-IBC-A Southern New Jersey..............................................5-8B

Howard Alan Hammer Joseph A. Geneslaw Fitzpatrick, Jr. .............................................................................................................................Pages 7-12A

Colliers International facilitates $850k sale

Eastern Pennsylvania...................................................5-14C

Columnist Mike Norris................................................................................2A

Next Issue

July 29, 2011- August 11, 2011 • Mid Atlantic

.....................................................................................................................................................5B

Beacon Capital Partners & Cassidy Turley announce 10 buildings achieve LEED Silver

• DELMARVA featuring Virginia • Shopping Centers Retailers Seeking Space/Available Guide & Ohio/West Virginia/Western PA ICSC Idea Exchange • Contractors, Owners & Managers featuring Building Facilities Maintains • Commercial Brokerage Directory 4 sections, 76 pages

American Center East

.................................................................................................................................................FC-D

A Inside Cover — July 15-28, 2011 — Mid

Atlantic Real Estate Journal

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2A — July 15-28, 2011 — Mid

Atlantic Real Estate Journal

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Mid Atlantic Real Estate Journal

They wrote the policy.

We make sure they write the check.

By Mike Norris

“Plan Early To Save On Healthcare Facility Costs”

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early every medical practice is enduring, or about to experience, change. Whether it involves dealing with lower reimbursement rates, transitioning to electronic medical records, planning for an acquisition/affiliation, or bringing on a new doctor, appropriately planning your facility for such change can save you money and ease the transition. Here are some questions that you need to answer to properly prepare.

Building Systems Evaluation What’s the breakdown of HVAC zones in your space?

How much electrical capacity is available? How much would it cost to add an additional sink or bathroom? What’s the floor load, and how well suited is it for new equipment?

What potential value could you realize by replacing the existing lighting? Are both the space and the building up to code, and what actions

Mid Atlantic REAL ESTATE JOURNAL Publisher ............................................................................Linda Christman Co-Publisher .........................................................................Joe Christman Associate Publisher ...........................................................Dianna Mallozzi Associate Publisher ............................................................ Elaine Fanning Senior Editor/Graphic Artist ................................................ Karen Vachon Production Intern .............................................................. Rachel Rugman Office Manager ...................................................................Joanne Gavaza Editorial Consultant ............................................................. Ben Summers Guest Columnist .......................................................................Mike Norris Contributing Columnists ........... David A. Berger, Carl Berger Associates; Arthur Hance, Hance Construction, Inc. Mid Atlantic REAL ESTATE JOURNAL ~ Published Bi-Monthly P.O. Box 26 Accord, MA 02018 (Mail) 312 Market Street, Rockland, MA 02370 (Overnight) Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, P.O. Box 26, Accord, MA 02018 USPS #22-358 | Vol. 23 Issue 12 Subscription rates: $99 - one year, $198 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Toll-Free: (800) 584-1062 | MA: (781) 871-5298 | Fax: (781) 871-5299 www.marejournal.com The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal

could trigger additional work to comply with code? How efficient is the rentable square footage of your space, and how flexible is it to grow?

Not properly evaluating the building systems and the lease that governs them may not only increase your costs, but also inhibit you from making necessary alterations for your staff, patients and equipment down the road.

Lease Management What standards are in place for the air that your staff and patients breathe, and how much control do you have over it? What standards are in place

for the power that the landlord is supplying? What is your ability to enhance your mechanical, electrical and plumbing infrastructure, and what are the potential costs and risks of doing so? Who’s responsible for code requirements? Is your lease an asset or a liability to a potential purchaser or partner of your practice? How strong is your ability to sublease/assign your space? What risks does your hazardous-materials clause pose to your practice? How are you protected against various types of landlord defaults?

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Mid Atlantic Real Estate Journal — July 15-28, 2011 — 3A

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4A — July 15-28, 2011 — Mid

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COMMERCIAL REAL ESTATE ORGANIZATIONS’

EVENTS CALENDAR JULY 14 – CORENET NJ Event: Summer Social Time: 5:00 PM – 8:00 PM Location: The Mansion at Natirar Address/City: 2 Main St., Peapack, NJ Cost: $150 Members $175 Nonmembers www.corenetnj.org JULY 14 – CREW LEHIGH VALLEY Event: Happy Hour at BrewWorks on the Green Time: 5:30 PM Location: Allentown Municipal Golf Course Address/City: 3400 Tilghman St, Allentown, PA www.crewlehighvalley.org JULY 14 – CREW PITTSBURGH Event: Members Only Lunch N’ Learn Program Time: 12:00 PM – 1:00 PM Location: K & L Gates Center Address/City: 210 Sixth Ave., Pittsburgh Cost: Free-Members Only Email: admin@crewpittsburgh.org www.crewpittsburgh.org JULY 14 – PWC NJ Event: Social Media & Networking 101 Location: The Palace Address/City: 333 Davidson Ave., Somerset, NJ www.pwcusa.org JULY 14 – NJAA Event: Board of Directors Meeting Time: 3:00 PM – 5:00 PM Location: NJAA Headquarters Address/City: 104 Interchange Plaza, Suite 201, Monroe Township, NJ Email: casey@njaa.com www.njaa.com JULY 14 – ABC NJ Event: What to do When the Union Comes A-Knockin’ Time: 8:30 AM Location: The Courtyards Address/City: 200 Delanco Rd., Edgewater Park, NJ P: 215-564-1700 E: zklein@cohenseglias.com www.abcnj.org JULY 18 – ABC METRO WASHINGTON Event: Annual Golf Outing Time: 9:00 AM Location: Lansdowne Golf Resort Address/City: 44050 Woodridge Parkway, Lansdowne, VA P: 301-595-9711 E: kcollins@abcmetrowashington.org www.abcmetrowashington.org JULY 18 – CORENET NJ / IFMANJ Event: Joint Golf Outing Location: Hackensack Country Club Address/City: 800 Soldier Hill Rd., Oradell, NJ 07630 P: 908-663-2708 www.corenetnj.org JULY 18 – NAIOP PITTSBURGH Event: Annual Golf Outing Time: 11:00 AM Location: Laurel Valley Golf Club Address/City: Route 711 S., Ligonier, PA P: 412-928-8303 www.naioppittsburgh.com

JULY 18 – ULI NNJ Event: Hudson River Cruise Time: 11:00 AM – 2:30 PM Location: Liberty House Restaurant Address/City: 76 Audrey Zapp Dr., Jersey City, NJ Cost: $75 Members $90 Nonmembers P: 800-321-5011 www.nnj.uli.org JULY 19 – ULI PHILADELPHIA Event: Mini Workshop: Legal & Title Issues in Commercial Real Estate Transactions Time: 4:00 PM – 6:00 PM Location: Ernst & Young Address/City: 2001 Market St., 36th Fl., Philadelphia, PA P: 800-321-5011 www.philadelphia.uli.org

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JULY 22 – NAIOP NJ & CFB Event: Community Action Project to Benefit Community Food Bank Location: Hillside Food Bank P: 732-729-9900 www.naiopnj.org JULY 25 – NJBA Event: 24th Annual Golf Outing Time: 6:30 AM Location: Forsgate Country Club Address/City: Monroe Township, NJ P: 609-587-5577 www.njaba.org JULY 26 – DVGBC Event: Metro Philadelphia Educational Programs Committee Meeting Time: 6:00 PM – 8:00 PM Location: One Penn Center Address/City: 1617 JFK Blvd., Room 1145 Philadelphia, PA E: programs@dvgbc.org www.dvgbc.org JULY 27 – ULI PHILADELPHIA Event: Annual Sponsor Appreciation Breakfast Location: Drexel University – Papadakis Integrated Sciences Building P: 856-428-8547 www.philadelphia.uli.org JULY 28 – CREW PHILADELPHIA Event: From Bastille to Broad StreetNetworking & Tour Time: 5:30 PM – 7:30 PM Location: The Athenaeum of Philadelphia Address/City: 219 S. 6th St., Philadelphia, PA www.crewphiladelphia.org JULY 28 – IOREBA Event: Beach Party for Suits Time: 5:30 PM – 7:30 PM Location: Halcyon’s Upper Deck Address/City: 114 Walnut St., Montclair, NJ Cost: $15 Brokers $30 Non-Brokers Email: annviolette@gmail.com www.ioreba.com AUGUST 1 – BOMA NJ Event: 27th Annual Golf Outing Time: 10:30 AM Location: Fiddler’s Elbow Country Club Address/City: Far Hills, NJ P: 973-696-2914 E: bomanj@ix.netcom.com www.bomanj.org

JULY 18 – PWC Event: Annual Summer Golf Outing Time: 10:00 AM Location: Elmwood County Club Address/City: White Plains, NY P: 212-486-7745 E: pwc@pwcusa.org www.pwcusa.org/ny

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JULY 20 – ABC EPA Event: Roundtable Meeting with the Union League Business Network Time: 7:30 AM – 9:30 AM Location: The Union League Address/City: 140 S. Broad St., Philadelphia, PA Cost: Members Free P: 610-279-6666 E: rkelsh@abceastpa.org www.abceastpa.org

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AUGUST 3 – SIOR NJ Event: Summer Social Time: 6:00 PM – 8:00 PM Location: Long Valley Brew Pub Address/City: 1 Fairmont Rd., Long Valley, NJ www.siornj.com AUGUST 9 – SMPS PHILADELPHIA Event: Guest Chef Night at the Ronald McDonald House Time: 3:00 PM – 8:00 PM Location: Front & Erie House Address/City: 100 E. Erie Ave., Philadelphia, PA P: 610-220-2397 E: aizzo@marketri.com www.smpsphiladelphia.org AUGUST 11 – ULI PHILADELPHIA Event: Water, Water Everywhere? Anywhere?

Who’s Going to Pay? Time: 8:00 AM – 10:00 AM Location: Delaware Valley Regional Planning Commission (DVRPC) Address/City: 190 North Independence Mall West 8th Floor, Philadelphia, PA P: 800-248-4585 www.philadelphia.uli.org

POA New Jersey

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ABC

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COMMERCIAL REAL ESTATE LAW SPOTLIGHT MAREjournal.com

Mid Atlantic Real Estate Journal — July 15 - 28, 2010 — 5A

Steven T. Boell Fitzpatrick Lentz & Bubba, P.C.

Howard Geneslaw Gibbons P.C.

Daniele Cervino EWMA

Joseph A. Fitzpatrick, Jr. Fitzpatrick Lentz & Bubba, P.C.

Alan Hammer Brach Eichler L.L.C

INSIDE: JOSEPH A. FITZPATRICK, JR. AND STEVEN T. BOELL, ESQ., FITZPATRICK LENTZ & BUBBA, P.C. ............................................6A DANIELE CERVINO, ESQ., EWMA ....................................................................................................................................................................7A ALAN HAMMER, BRACH EICHLER L.L.C ......................................................................................................................................................8A HOWARD D. GENESLAW, GIBBONS P.C. ..........................................................................................................................................................8A BERGER | HARRIS .................................................................................................................................................................................................9A

6A — July 15 - 28, 2011 — Commercial Real Estate Law — Mid

Atlantic Real Estate Journal

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COMMERCIAL REAL ESTATE LAW

By Joseph A. Fitzpatrick, Jr. and Steven T. Boell, Esq., Fitzpatrick Lentz & Bubba, P.C.

What are your rights when government wants to take your property?

F

ew issues are more controversial than the government taking private real estate for public use through eminent domain. State agencies, local municipalities, auJoseph A. thorities and Fitzpatrick, Jr. even public utility companies can exercise this power. Given its complex nature, the process is subject to many incorrect percep-

tions, which may result in a property owner failing to exercise available rights.

In Kelo v.

City of New London, the United States Supreme Court held that the power of eminent doSteven T. main can be Boell used to support private enterprise as “economic development”, unless restricted by state law. In response, the Pennsylvania

legislature in 2006 amended its Eminent Domain Code to provide that condemnation cannot be used by the government “… to take private property in order to use it for private enterprise.” A landowner must raise this defense, if available, at the preliminary stage of the condemnation, so immediate consultation with a knowledgeable legal professional is necessary to determine if the government’s purpose is proper.

An owner may fail to pursue his rights based on the belief that his rights are limited and

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

the services of a professional is cost-prohibitive. However, the Pennsylvania Eminent Domain Code now provides that a property owner “shall be reimbursed in an amount not to exceed $4,000 as a payment toward reasonable expenses actually incurred for appraisal, attorney and engineering fees.” (The Pennsylvania House of Representatives has considered but has yet to enact a bill that would increase this amount in eminent domain cases to $25,000.)

Also, when the government

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takes less than an entire property, and presents a plan for the property it is taking, the landowner’s professional can negotiate to modify the design to reduce the impact on the owner’s use, business and future operations. This approach often can affect the streets, access drives and parking locations proposed by the governmental agency, which may fail to consider fully the impact on the business or property use.

Government must approach a property owner in advance of formal legal proceedings and present an initial estimate of just compensation, but the owner should consider independently valuing her property. Damages paid for the taking of a property may not be limited to its fair market value. If a business is displaced, the owner may recover relocation damages and moving expenses. Also, damages caused by the threat or pendency of a taking, before legal proceedings, may be recovered. For example, in a leased property, if notice of the taking results in lease termination or an inability to lease space, damages may be recoverable.

While the eminent domain process is complicated, the early involvement of legal counsel experienced in such proceedings can minimize disruption to a property or business and optimize damages.

Joseph A. Fitzpatrick, Jr. is a founding partner and a Director of Fitzpatrick Lentz & Bubba, P.C., working in the real estate department. He regularly represents clients in land use, development and real estate transactions. His practice includes representation of residential, industrial, office park and commercial developers, quarriers and material producers, wireless telecommunication carriers, and national and regional retailers.

Steven T. Boell, Esquire is an associate at Fitzpatrick Lentz & Bubba, P.C. working in the real estate and health law departments. He regularly represents clients in the health care industry in a variety of transactions including real estate transactions and the structuring of joint ventures”. ■

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Mid Atlantic Real Estate Journal — Commercial Real Estate Law — July 15 - 28, 2011 — 7A

COMMERCIAL REAL ESTATE LAW

By Daniele Cervino, Esq., EWMA

Getting Ready for May 2012: The transition to LSRPs Proceeds housands of responsible parties in New Jersey have been receiving letters from the New Jersey Department of Environmental Protection (NJDEP) reminding t h e m t h a t Daniele Cervino they should make preparations for the retention of a Licensed Site Remediation Professional (LSRP) by May 2012. All new cases need to immediately involve an LSRP, however pending cases have had a few years to complete the transition.

A prior campaign of letters advised hundreds of parties that their case was unassigned due to their matter being a low priority. They have no case manager to review submittals.

Some responsible parties are opting in to the LSRP program early out of necessity to complete transactions. The LSRP Board is in place but they are overwhelmed by the mammoth task of proposing rules and a code of conduct. The licensing test bid also came in extraordinarily over cost projections.

In September 2011, a second wave of public notice requirements must be followed. A rush of public notices were either mailed, posted on signs or published in the newspaper in September 2009 to comply with the newly adopted public notification required for site remediation. Cases in and out of the LSRP program must comply, even if unassigned.

The public notices must be updated before September 2011.

There are less than 500 temporary LSRPs and thousands of open cases. Finding the right LSRP is a daunting task. There may not be enough when 2012 comes along. This may be the case for several reasons. Many of the temporary LSRPs may not pass the test or otherwise qualify. Some parties obtained the temporary license as a credential they do not really intend to use. Some only wish to perform third party reviews and others belong to firms that are concerned about liabilities. Terms and conditions for retention of LSRPs vary from

T

three paragraphs to three pages or more. A responsible party needs to be very careful

terview the LSRP and make sure there is a good fit with the nature and complexity of

It is very important to interview the LSRP and make sure there is a good fit with the nature and complexity of the case. Tensions can mount. LSRPs must have good listening and negotiation skills. in the retention and it is a different experience in negotiating retention for each LSRP and firm. LSRPs are also changing firms which adds to the complexity.

It is very important to in-

the case. Tensions can mount.

LSRPs must have good listening and negotiation skills.

Lenders have unknowingly hired LSRPs to conduct bank due diligence and borrowers have been surprised by LSRP

reporting requirements and sometimes renegade advice.

Borrowers are subjected to directions from parties they did not hire.

The program has certainly added speed to the review process. Some parties wishing to opt into the program have faced the need to pay significant past due oversight fees. Careful consultation is needed in the early stages of the program. There will be a learning curve and frustration with conservative opinions, but the program is here to stay

and the regulated community, consultants and their advisers all need to carefully chart out the transition into the program. NJDEP is certainly in assistance and compliance mode and is working with stakeholders to refine the process and publish better guidance to avoid conflict and confusion. So far, so good.

Daniele Cervino is with EWMA’s Headquarters Office in Parsippany, NJ. She is a senior vice president and general counsel. ■

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8A — July 15 - 28, 2011 — Commercial Real Estate Law — Mid

Atlantic Real Estate Journal

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COMMERCIAL REAL ESTATE LAW

By Howard D. Geneslaw, Gibbons P.C.

By Alan Hammer, Brach Eichler L.L.C

Three “L”s of RE today: Location, The Role of Precedent in Granting Bulk Variances little leverage & long-term view ocation, Location, Location – known as the three “L”s -- is what real estate professionals have long viewed as the key to success.

H o w e v e r, today’s environment has Alan Hammer changed the way potential owners and investors derive value in a multifamily property. Now, the new “Three Ls” are location, little leverage and a long-term view.

L

Current State of the Market Historically speaking, the New York metropolitan market for apartment product has been stronger than the national market. For example, northern New Jersey has remained as strong as any other market in the country from an occupancy standpoint, even during the “Great Recession.” We can attribute this largely to the historical barriers-to-entry into this market--specifically that there has not been a lot of product added, with very little new development of multifamily real estate. This is one of the few markets in the U.S. where old product that is renovated still generates high occupancy and high rent.

And while it is widely believed that the multifamily real estate has weathered the recession certainly as well as, but perhaps better than, the other categories – hospitality, commercial, retail and industrial--what the sector has been missing is rent growth.

The past few years have witnessed deterioration in rent pricing and volume.

Today, however, this trend seems to be fading. Rents are now stabilizing, and even growing, in some New York metro area markets, and many forecasts are predicting a continuation of this trend.

This stability is bolstered by a lack of any real competition for multifamily real estate in the region. For example, given the current financing environment, single-family

homes are still out of reach for many prospective buyers. Current would-be owners cannot afford the larger down payments now required by most lenders, and many would fail to even qualify for the more stringent credit requirements needed to buy a home today. As a result, many families will remain long-term renters, and rental occupancies will improve nationwide.

Meanwhile, as the market gains its footing over the next few years, we will see more new development of rental properties across the U.S. in major population centers such as Chicago, Boston, Washington, D.C. and New York City, and in states such as Oregon and New York, for example.

So where do the NEW three Ls come in? If it were all about location, location, location, then we wouldn’t see so many multifamily properties – many of which are in great locations – flailing or failing across the U.S. LOCATION That said, however, the big “L” cannot be underplayed.

A well-maintained property in a desirable location with proximity to transportation, employment centers and quality-of-life amenities such as schools, houses of worship, shopping, etc. is the first step to a successful multifamily investment.

So what causes great properties in excellent locations to fail? The mistake of overlooking the other two “Ls”: leverage and a long-term view.

LEVERAGE In the early 2000s, many property owners thought that leverage was their friend due to the inflated market. They bought large communities or portfolios with little or no money down, expecting to build equity in just a few years from projected high rents.

When the market declined, however, rent growth slowed and, in many instances, even declined, forcing property owners to neglect necessary upgrades and maintenance like landscaping and other property improvements in

favor of paying their inflated mortgages. Lenders have since returned to more sensible loan criteria standards, and many now require that owners/investors have at least a 25 percent equity stake in the property.

LONG-TERM PLAN In some markets, it almost does not matter how old your product is because it will always be in demand. But this is not the case in all markets, such as the South and Southwest (where you need a fourth “L” in those markets – Luck). In general, however, a key to success is the adoption of a long-term view of the value of the investment.

When investing in multifamily real estate, owners must do so with a commitment to constantly improve the property, reinvesting profits year-over-year to keep the facility in top shape and continually attract new renters.

The property has to give off the impression that it and the owner will be around tomorrow. It has been said that real estate is a patient investment.

So what can the multifamily industry learn from the Northern NJ marketplace in general? The northern New Jersey market is characterized by several real estate families that have traditionally bought multifamily properties and held onto them as long-term investments.

In essence, they mastered the new “three Ls” long ago and we can learn much from them. They buy or build properties in highly desirable locations that offer access to public transportation, job centers and lifestyle amenities. Their properties are not highly leveraged. They keep a long-term view that values future profits over short-term gains.

Therefore, as long as you select good locations, keep leverage low and hold a longterm view, no matter what the market does, apartments will remain a solid investment now and in the future.

Alan Hammer is a member of the real estate practice of Brach Eichler L.L.C. in Roseland, NJ. ■

Variance applicants often face concerns by board members that approval of the requested relief will establish a precedent which future applicants can rely upon in claiming Howard Geneslaw their own entitlement to relief. Perhaps this phenomenon occurs most frequently in the context of sign variances, out of concern that approving one oversize sign will lead all local businesses to seek their own oversize signs, but it can just as easily occur in applications for setback or other variances.

Applicants and their attorneys typically respond to these concerns by arguing that each case stands on its own merits, based on the particular facts and circumstances that relate to individual future variance requests, and that the grant of relief in one instance does not obligate the board to grant future variances when the same type of relief is sought.

For example, one recent court decision confirmed that past precedent does not, in and of itself, justify the grant of variances to subsequent applicants. The case involved redevelopment of an existing lot which did not meet lot frontage and lot width requirements. These deficiencies were existing conditions that the applicant did not propose to change. The board granted relief, with the support of its attorney, on the basis that similar applications had been granted in the past.

An appeal was filed, presumably by a neighboring property owner. In its opinion, the court pointed out that the board was required to consider the statutory criteria applicable to variances. However, the record did not reflect that the board had considered them. The court concluded that prior precedent “does not obviate” the board’s obligation to consider and apply the

statutory criteria. Moreover, the court also found that other than the attorney’s “conclusory statement…it was never established that applications for…variances involving similar factual circumstances had been granted in the past.” Thus, not only did the board fail to apply the statutory criteria, it did not even establish a factual record with respect to the prior variances that had been granted and the factual circumstances which existed to support that relief. Therefore, the case was remanded to the board for a new hearing and determination.

This decision, and others like it in a number of jurisdictions, serves as an important reminder that each variance application must stand on its own merit. Although past precedent may be a relevant consideration when deciding a variance application, it does not substitute for meeting the statutory criteria which apply to the grant of variance relief. If the facts in a subsequent variance application are substantially similar to prior cases in which variance relief was properly granted, the grant of similar relief may be appropriate, but only if the board is satisfied that the statutory criteria are met.

As a result, the concern that granting one variance will establish a precedent that requires others to be granted in the future largely is overblown since each case involves unique facts and circumstances. Thus, applicants and their attorneys would be well served to remind land use boards that past precedent, in and of itself, will not necessitate the grant of future variance relief to applications that do not on their own merit satisfy the statutory criteria. Understanding that point could assuage concerns that granting an otherwise meritorious variance request creates an obligation to grant other variances in the future.

Howard D. Geneslaw, Esq. is a director at Gibbons P.C. in Newark, New Jersey, where he practices zoning and land use law. ■

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Mid Atlantic Real Estate Journal — Commercial Real Estate Law — July 15 - 28, 2011 — 9A

COMMERCIAL REAL ESTATE LAW Construction & Development Real Estate Finance Commercial Litigation Loan Workouts & Foreclosures Commercial Leasing Property Management Sales, Acquisitions & Equity Investments General Business Transactions

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10A — July 15-28, 2011 — Mid

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Mid Atlantic Real Estate Journal Auctions

AUCTION

AUGUST

3

ABSOLUTE AUCTION

Absolute, MunicipAl, court ordered

JUly 28Th, 2011 • 1 PM

U.S. BANKRUPTCY COURT ORDERS IMMEDIATE SALE

AUCTION 1:

PRIME OCEANFRONT PROPERTY - 101 BOARDWALK, ATLANTIC CITY, NJ -

Bloomfield, essex County

Lebanon Borough, Hunterdon County

Development Opportunity

22,518+/- Sq. Ft. Professional/Retail Center, 148-152 Main Street

Approved 40 Unit Condo/Apartment

364 UNIT APARTMENT BUILDING

12 Units, Partially leased

78-80 Locust Ave

APPROVED CONDOMINIUM PLAN IN PLACE

AUCTION 3:

SUGGESTED OPENING BID: $6,000,000 • • • • •

AUCTION 2:

Bethlehem twp., Hunterdon County

To be sold free & clear of any liens Just northeast of the Revel Casino project Fronting one of the largest beaches in Atlantic City Lot Area: 281,400 sq ft / 1.58 acres / Zoned RMC-4 Projected NOI: $1,728,716

Build your farmstead

34.1+/- Acres, 555 Ludlow Station Road

AUCTION 4:

By order of Borough of seaside Heights, ocean County 3 Lots, Residential zoning allows for Single Family, Duplex, Condos, Ocean Terrace

AUCTION 5:

Atlantic City, Atlantic County 3 Residential Properties

37 S. Iowa Ave., 37 S. Iowa Ave. and 30 Cheshire Dr. Galloway Twp.

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REAL ESTATE JOURNAL The Most Comprehensive Source For Commercial Real Estate News

Linda Christman, Publisher Ph: 800-584-1062 x 203 Fax: 781-871-5299 lchristman@marejournal.com www.marejournal.com P.O. Box 26 Accord, MA 02018

MD-DE-VA

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Mid Atlantic Real Estate Journal — July 15-28, 2011 — 11A

Mid Atlantic Real Estate Journal Auctions Bid on seven acres & 54,000 s/f on July 20

By Richard Warner and Andrew Ware

Max Spann to hold auction for major Cherry Hill retail ctr.

C

Intersection of Rte. 70 and Rte. 154, Cherry Hill aerial

Selling real estate by the auction method of marketing has historically been synonymous with distressed or hard-to-sell properties.

Times have changed. A recent article in Commercial Investm e n t R e a l Richard Warner Estate (The Auction Advantage) addressed the auction marketing phenomena in the sale of commercial investment real estate and why auctions work today.

Corporate sellers such as Walmart, Autozone, Wawa,

Kindercare, Sunoco and many more have utilized auction marketing to sell surplus real estate quickly at fair-market sales prices. The technology now available allows potential buyers to preview properties online, download Property Information Packages (due diligence materials) and bid online! Websites such as Loopnet, Costar, Cityfeet, and Propertyauction are fantastic marketing mediums to showcase properties worldwide to efficiently disseminate information to interested potential buyers. Potential buyers can download property specific Property Information Packcontinued on page 18A

CBRE Auctions Capital Markets | Auction Services

HERRY HILL, NJ — Real estate investors, retailers and other interested buyers have a rare opportunity to bid on a retail center being offered at auction in Cherry Hill, just ten miles from Center City Philadelphia.

The seven-acre property at the intersection of Rte. 70 and Rte. 154 (Brace Road/ Kings Highway) will be auctioned off by Max Spann Real Estate & Auction Co., the prominent national real estate auction house. Property previews will be held at the shopping center, located at 1 Brace Road in Cherry Hill on Thursday, July 7 from 12 p.m. - 2 p.m. and on Wednesday, July 13 from 12 p.m. – 2 p.m. The auction will be held at 1 p.m. on Wednesday, July 20 on-site at 1 Brace Road, Cherry Hill.

The property, located in the heart of one of the nation’s best retail markets, is easily accessible from Routes 41, 73, 295 and the New Jersey Turnpike. Cherry Hill and the neighboring towns of Mt. Laurel, Haddonfield and Moorestown are among the most desirable suburbs of Philadelphia, known for their affluence and strong, familyoriented communities. “Real Estate is all about location and this property is at one of the busiest corners in the state,� said Bob Dann, the auctioneer. “The highway business zoning allows for retail, restaurants, and office space, so anyone could bid on and end up with this location.�

The retail center comprises 54,000 s/f of retail space, including a former supermarket, located at a major signalized intersection. The property features approximately 1,109 feet of frontage, 290 parking spaces and six entrances. “We are selling an increasing number of commercial real estate properties and luxury homes as inventories remain high,� said Dann. “Earlier this month, we auctioned a 4,500 s/f home at Pelican Island, NJ for just over $1 million dollars. In July, residences at Luxury Wildwood Crest Townhome will come to market with a minimum bid of $315,000 on properties that were previously on the market for $1,400,000. n

Commercial real estate sellers choose to auction first

MINIMUM BID AUCTION :: AUgUST 25TH TO BE SOLD AT OR ABOvE $2,500,000

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12A — July 15-28, 2011 — Mid

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2011 Annual Spotlight - Features

Property Management &

Allied Fields Readership of over 30,000 Commercial Real Estate Professionals throughout New Jersey, Delaware, Pennsylvania, Maryland, Virginia

Featuring BOMA, IFMA, and IREM All advertisers are welcome to submit an article in your area of expertise Editorial Requirements Include: 300 -550 words, along with a photograph:

Special advertising rates to all participating firms Full Page (10 x 13)

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Deadline: August 5, 2011 Publication date: August 26, 2011

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Email: jchristman@marejournal.com

Visit our Website at www.marejournal.com

MID ATLANTIC REAL ESTATE JOURNAL

FINANCIAL DIGEST MAREjournal.com

Mid Atlantic Real Estate Journal — July 15-28, 2011 — 13A

Throughout New Jersey

Five properties financed

Progress Realty Advisors close over $50 million in loans

Cooper-Horowitz arranges $21,520,000 in transactions

H

OBOKEN, NJ — Kathy Anderson, president of Progress Realty Advisors closed three loans totaling $7.9 million for one borrower. All three loans are at an interest rate of 4.5% based on a 30 year amortization. 114 Washington Street is a mixed use property with Scottrade on the first floor and 8 residential apartments upstairs. 5907 Boulevard East (West New York) is a 45 unit apartment building. These two loans total $4,900,000. The third building is known as the Jefferson Trust Bank Building and is a restored historic site that was converted into four condominium units – two of which will be sold and the remaining two which will be secured by a $3,000,000 loan.

The remaining two units include a 1,200 s/f retail site leased to a French Bakery and 10 high end apartments with 10 underground parking spaces. The renovation of the Jefferson Bank Building was recently completed and tenants began moving in during May. The three loans allowed our client to retire a portion of his construction loan on the Jefferson Bank Building, refinance the other two buildings to recapture significant equity to reinvest in new development projects and lock in a very attractive fixed rate.

MOUNTAINSIDE, NJ — Joel Kraut of Progress Realty Advisors recently closed a $3,400,000 first mortgage secured by a series of four medical arts office buildings. Our client was looking to better her existing interest rate and recapture some of the equity in the building. Progress negotiated both a favorable rate and cash out proceeds, all with no prepayment penalty which was

bank branch. The loan was for $3,000,000. E. Robert Vegh represented the firm.

• 109 Christopher Columbus Drive, Jersey City, NJ: 24 units and retail space. The loan was for $5,000,000. Adam Horowitz, Adam Knoll and Mark S. Waldman represented the firm.

• Palm Beach Gold Building, 1800 S. Australian Ave. West Palm Beach, FL: A 43,000 s/f office building. The note sale was for $2,750,000. Adam Horowitz, Adam Knoll and E. Robert Vegh represented the firm. ■

NorthMarq orchestrates $19 million in financing

5907 Boulevard East important to our client. facility for Workstage, LLC which BELLEVILLE, NJ — Joel Kraut is owned by Stan Gale, formerly of of Progress Realty Advisors closed a Gale International. The funds were $2,500,000 construction to perma- used to develop a 305,000 s/f high nent loan. Our client purchased a performance class A office building vacant Jeep dealership and is in the offering state-of-the-art operating process of converting the property systems. The loan required the colinto a 28,000 s/f retail center which laboration of the lender, bank and will be anchored by Family Dollar. broker to structure. $8 Million was The loan provided our client with used to retire an existing loan with funds for acquisition and renovation. Key Bank, and had to be accomThe loan was structured with a 12 plished quickly to take advantage month interest only period that will of a discount. The balance of the $27 convert to a permanent loan after million for construction was closed that based on a 25 year amortization several months later with a very at 4.90%. competitive Libor based floating WALLINGFORD, CT — Bruce interest rate. The property is preDashevsky of Progress Realty Advi- leased to WellPoint and Steelcase, sors arranged a $35 million credit Inc. ■

Channel REF provides investment capital PLAINFIELD, NJ — Channel REF provides capital in special situations where traditional lending sources are not available.

Since its formation in 2009, Channel REF and its affiliates have completed seven investments, supplying equity and mezzanine capital for the acquisition, repositioning and redevelopment of Real Estate by investing in mortgages and subordinate debt as well as fee positions.

To date, investments have included note purchases such as Channel Park Avenue, where four defaulted mortgages in Plainfield,

NEW YORK, NY — Cooper-Horowitz, Inc. recently arranged financing for the following 5 properties: • 90-57 Sutphin Blvd.

Queens, NY: Retail space. The loan was for $7,770,000. Adam Horowitz and Jeffrey H. Bijur represented the firm.

• Michigan City Plaza, S. Franklin Highway, Michigan City, IN: 86,000 s/f shopping center. The loan was for $3,000,000. Mark S. Waldman represented the firm • 162-02 Cross Bay Blvd.

Howard Beach, NY: 2,800 s/f

were acquired. Even with two of the notes in bankruptcy, Channel took title to all the properties via a 363 bankruptcy auction less than 90 days after the note acquisition date.

Channel Westport is an equity investment made to convert two buildings in downtown Westport, CT to retail use. Channel Union has taken a preferred equity position in the acquisition & redevelopment of the former St. Barnabas Five Points hospital in Union, New Jersey. This 141,000 s/f property, which closed as a hospital in 2007, has been re-

christened Union Medical Park.

Channel Cleveland Clinic has invested in a mezzanine position in a grocery-anchored retail center near the enormous and worldrenowned Cleveland Clinic Medical Campus. Funds facilitated the discounted payoff of the first mortgage. Each Channel investment involves an operating partner who brings expertise to the development and management of that particular asset type. In every deal, Channel’s principals have invested alongside partners with whom they have long-standing relationships. ■

BALTIMORE, MD— Bill Libercci, vice president of NorthMarq Capital’s Baltimore Regional office, arranged first mortgage financing of $19 million for the White Marlin Mall, a 197,000 s/f retail property located at 12641 Ocean Gateway in Ocean City. Major tenants at the center are Marshall’s, Staples, Bed, Bath and Beyond, Michael’s and Petco.

It is considered the strongest shopping center in the Ocean City area. Financing for the borrowers, JV of Greenberg Gibbons and Prudential Real Estate Investors, was arranged

by NorthMarq through its relationship with Goldman Sachs Commercial Mortgage Capital – CMBS. Libercci said, “The very experienced, high- quality borrower JV of retail expert Greenberg Gibbons and equity partner Prudential gave Goldman Sachs comfort to structure a loan facility which worked better than the alternatives.”

In other news, Nancy Ferrell, senior vice president/managing director of NorthMarq Capital’s Baltimore Regional office, arranged a $5 million first mortgage for the Wabash & Sequoia Apartments, located at 3801-3811 Wabash Ave. in Baltimore.The loan secures two apartment properties containing a combined total of 197-multifamily units. Financing was based on a 10-year term and a 30-year amortization schedule

and was arranged for the borrower by NorthMarq through its seller-servicer relationship with Freddie Mac. Ferrell said, “We are pleased to have the opportunity to finance these two Baltimore City apartment properties.”

Bill Libercci, vice president, and Ferrell arranged a construction loan and tax credit bridge facility for Gunther Square located at 1211 South Conkling St. in Baltimore.

The property will contain 162-multifamily units plus retail space. Financing was arranged for the borrower, a JV of Obrecht Commercial Real Estate, Kinsley Properties and Focus Development,

by NorthMarq through its relationship with RBS Citizens Bank. According to Libercci, this financing allowed the borrower to renovate the Gunther Main Brewery into a LEED certified multifamily community using historic tax credits. He stated, “The redevelopment of the Gunther Main Brewery Building It took the talented development team of Wells Obrecht, Kinsley Properties and Focus Development together with a flexible lender in RBS Citizens Bank to pull off this very complicated historic renovation. This is a great project for Baltimore.” ■

14A — July 15-28, 2011 — Mid

Atlantic Real Estate Journal

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FINANCIAL DIGEST

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

The Current Commercial Mortgage Market

H

ow to value a commercial income property is probably the single most important factor that impacts all sales and commercial mortgage financings.

The overall decline in values and the Bruce J. Coin limited number of sales that have occurred during the past three years is causing buyers, lenders, investors and apprais-

ers to agonize when currently valuing an income property.

For reasonably well leased properties, an estimate of the annual, post (not “pre”) reserves, net operating income (NOI) is capitalized into a value estimate via one of two techniques, Direct Capitalization or Yield Capitalization. Both techniques are directly impacted by interest rates, the cash on cash return or equity dividend rate purchasers require and by current market attitudes.

Varied rates apply to different property types.

Analysts are also strongly influenced by the sale prices of “comparable” properties and capitalization rates derived from such sales. Due to the passage of time, changing market conditions, location, physical and other dissimilarities between the comparable and the subject property, applied judgments and adjustments must be made to the data in order to be able to apply it as a guide to value.

When abundant and recent sales have occurred it is usually easy to find meaningful com-

parables. When sales activity is stagnant and values have rapidly inclined or declined as occurred during the last three years, meaningful sales are rare or may not exist. When short sales occur they can affect the reliability of comparison.

While the per square foot purchase price of a short sale can be meaningful, short sales are generally not acquired solely on the basis of their capitalized current NOI but also with an anticipation of the property’s future value assuming additional capital investment and

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the property’s return to a more highly leased and stabilized situation.

The prices and capitalization (“cap”) rates of sales that are more than six month’s old are usually not truly reflective of a current market. Accordingly, I submit that the most reliable method of estimating the value of an income property is to focus on applying a “cap” rate to the NOI that is truly reflective of the current (not past) market interest and equity rate requirements.

If a purchase is contemplated on an “unleveraged” all cash basis, the cash on cash return is the “cap” rate. For a leveraged purchase or refinancing the mortgage interest rate and, where applicable, the required periodic amortization/annual mortgage constant are addressed.

In direct capitalization, evaluators can develop a current “cap” rate by employing the Mortgage Equity or Band of Investment Method. The method utilizes a weighted average calculation of both the mortgage portion, e.g., 75% LTV, and the equity portion, e.g., 25% of value, to produce a “cap” rate.

The resultant overall “cap” rate is truly reflective of the current rates and annual constants required by both lenders and owners. It demonstrates a property’s ability to pay its debt service as well as the required cash on cash return. It is not influenced by inaccurate and difficult to adjust past sale prices, past “cap” rates, by 1031 exchange buyers overpaying to defer income taxes or similar.

Such method can also be meaningful to value a single tenant or owner occupied property where comparable sales are difficult to find.

As interest rates affect “cap” rates it is important to note that at their June 21st-22nd meeting, the FOMC stated: “To promote the ongoing economic recovery and to help ensure that inflation, over time, is at levels consistent with its mandate, the Committee decided today to keep the target range for the federal funds rate at 0 to ¼ percent. The Committee continues to anticipate that economic conditions--including low rates of resource utilization and a subdued outlook for inflation over the medium run--are likely to warrant exceptionally low levels for the federal funds continued on page 15A

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Mid Atlantic Real Estate Journal — July 15-28, 2011 — 15A

FINANCIAL DIGEST Didio and Klein handle $43 million in financing for Boulder Run Shopping Center

Mikula and Cadranell of HFF arrange $21 million refinancing for retail center

F

LORHAM PARK, NJ — HFF arranged a $21 million refinancing for Florham Park Plaza, a 64,587 s/f retail center.

HFF worked on behalf of The Klein Group to secure the 10Jon Mikula year fixedrate loan through Nationwide Life Insurance Company. The loan will be serviced by HFF and is replacing an existing first mortgage loan on the property, which was also arranged by HFF. The HFF team representing The Klein Group was led by senior managing director Jon Mikula and managing director Jim Cadranell.

HFF announced today that it has arranged $43 million in financing for Boulder Run Shopping Center, a 175,524 s/f grocery-anchored shopping center in Wyckoff.

HFF worked on behalf of Hekemian & Company, Inc., to secure fixed-rate financing with Allstate Investments, LLC. Boulder Run Shopping Center is situated on 19 acres at the northwest corner of Franklin Ave. and Godwin Ave. in Wyckoff ’s central business district. Originally completed in 1965, the property recently

The Current Commercial Mortgage Mkt. continued from page 14A rate for an extended period”.

Accordingly, it appears as if interest rates, and therefore “cap” rates will remain relatively low through the end of this year.

One new potential problem is the fact that CMBS II financings already appear to be back using liberal underwriting and appraised values. Two large defaults have already occurred.

The rating agencies, those failed but supposed guardians of the CMBS industry, have already commented on that. Neither they nor the federal regulators seem to be doing anything to rein in such dangerous practice.

We all saw what happened “last time”. Stay tuned.

Bruce J. Coin is the director of Bruce Coin Consulting, Inc. ■

underwent a complete renovation and expansion that includes a newly constructed Stop & Shop supermarket. Other tenants at the shopping center include Marshalls, McJim Cadranell Donald’s, and Starbucks.

The HFF team representing Hekemian & Company, Inc. was led by senior managing

J

director Thomas Didio and director Michael Klein. “We were thrilled to play a role in securing the permanent financing for such a core ‘class A’ property,” said Didio.

HFF arranged an $80.5 million refinancing for Allegro Residences, a 297-unit, class A multi-housing community.

HFF worked on behalf of Federal Capital Partners to secure the five-year, floatingrate loan through Aareal Capital Corp. Ownership used the loan proceeds to retire existing debt and make partnership

distributions.

Allegro Residences is located at 3460 14th St. NW proximate to the Columbia Heights metro station in Washington, DC. Completed in 2009, the property is 94 percent leased.

Community amenities include two interior courtyards, a lounge, athletic club and party room. Allegro Residences was selected by Delta Associates as the Most Innovate Design in 2009 and the 2010 Best LeaseUp Pace for a Washington, DC Apartment Community, with a monthly lease-up rate of 17 units.

The HFF team representing Federal Capital Partners was led by managing director Mark Remington.

“This transaction was aggressively bid on by the lending community, confirming the high quality of both the asset and the sponsorship.

The result is a win-win situation…the lender generated an investment-grade earning asset on its books and Federal Capital Partners took advantage of the aggressive capital markets for multi-housing residential that exists today,” said Remington. ■

Deadline: July 29th

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16A — July 15-28, 2011 — Mid

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MAREJ MONTHLY SALES AND LEASE REPORT As Reported In The Mid-Atlantic REAL ESTATE JOURNAL ~ JUNE 8-JULY 7, 2011 PROPERTY NAME

SELLER/ OWNER/ LESSOR

ADDRESS

REP. OF SELLER/ LESSOR

BUYER/ TENANT/ LESSEE

REP. OF TENANT/ BUYER

PRICE

SIZE

DESC.

S/L

PG

1300 Route 73

Marlton, NJ

Liberty Property Trust

Colliers International

Veritas RE Investment

Colliers International

$7.7m

62,000 s/f

Off

S

FC-B

Old York Rd.

Ringoes, NJ

RYNB LLC

Marcus & Millichap

Franklin Plaza

Marcus & Millichap

$840k

2,690 s/f

Retail

S

FC-B

89 Washington St.

Hoboken, NJ

BFZ, LLC

600 s/f

Off

L

3B

Orachard Street Apts.

East Rutherford, NJ

Frank P. Nisi, Inc.

Marcus & Millichap

8,000 s/f

Mixed Use

S

5B

299 Jefferson Road

Parsippany, NJ

GIM

Vision Equities

Evonik Degussa Corporation

150,500 s/f

Off

L

5B

40 Park Place

Morristown, NJ

Starbucks

2,100 s/f

Retail

L

5B

1 Marine Rlaza

North Bergen, NJ

28,000 s/f

Off

L

6B

176 Randoph Ave

Jersey City, NJ

Michael Cervelli RE

Michael Cervelli Real Estate

$510k

MultiFamily S

6B

168 Academy St

Jersey City, NJ

Michael Cervelli RE

Michael Cervelli Real Estate

$850k

Hotel

S

6B

10 Jaycee Dr.

West Hazelton, PA

MBC Development LP

RAC Inc.

FC-C

417 North 8th St

Philadelphia, PA

JMF Development, LLC PernaFrederick

NPower PA

M.S. Fox Real Estate

1735 Market St

Philadelphia, PA

Ventras Capital Advisors Viturello

Raymond James & Assoc.

UGL Equis Real Estate

42 South 15th St

Philadelphia, PA

Paul E. Rubin

Viturello

15th & Chestnust Street

Philadelphia, PA

York View Hotel

York, PA

Optimim Hotel Brokerage

241 North Main St

York, PA

ROCK Commercial RE

1399 South Queen St

Spring Garden, PA

ROCK Commercial RE 1399 South Queen Street LP Coldwell Banker

2145 Carlisle Rd

York County, PA

Management Assoc.

Michael Cervelli

Robert De Ruggiero

GSA $875k

Michael Cervelli RE

SSH Real Estate

$3.15m

198,000 s/f

Comm’l.

S

$360k

5,645 s/f

Comm’l.

L

FC-C

3,015 s/f

Off

L

FC-C

643 s/f

Off

L

FC-C

L

FC-C

$38k

140,000 s/f Off

ROCK Commercial RE

$340k

$1.15m MGM Dance Studio

$1.1m

York Computer Repair

1489-1499 South Queen St York County, PA

ROCK Commercial RE

30 Industrial Rd

West Donegal, PA

30-32 Industrial Road

2150 Herr St

Harrisburg, PA

Alanno Coproration LLC

21st Century WM, LCC

Landmark Commercial Realty Tarantin Tank & Equipment

ROCK Commercial RE Landmark Commercial Realty

Pennsylvania Dept. of Health

Hotel

S

5C

Mixed Use

S

5

11,953 s/f

Off

S

5C

1,366 s/f

Off

L

5C

1,136 s/f

Off

L

5C

42,120 s/f

Ind

L

8C

44,000 s/f

Off

L

8C

2046 Lincoln Way West

Chambersburg, PA

R.A. Hill Inc

1007 Mumma Rd

Wormleysburg, PA

1007 Mumma Road LLC Pinkas and Remmel

1014 North 3rd St

Harrisburg, PA

Pinkas

1,800 s/f

Comm’l.

L

8C

400 Bridge St

New Cumberland, PA

Landmark Commercial Realty Coyle School of Irish Dance Landmark Commercial Realty

1,750 s/f

Mixed Use

L

8C

Helsel Inc. Realtors

10,000 Friends of PA

Kohr

889 s/f

Off

L

8C

Kohr and Grace

Special Effect Hair

Kohr and Grace

Retail

L

8C

Landmark Commercial Realty

Retail

L

8C

Retail

L

8C

240 N. Third St

Harrisburg, PA

4409 Carlisle Pike

Camp Hill, PA

St. John Holdings Inc.

Landmark Commercial Realty Dana and Sharon McCartney

124 room

RMI Randy Straub

3300 Hartzdale Dr Suite 107 Camp Hill, PA

Landmark Commercial Realty White Rose Spa

3300 Hartzdale Dr Suite 114 Camp Hill, PA

Koskap Partners

2,694 s/f

Off

S

8C

2,400 s/f

Off

L

8C

Institure of Chiropractic Health & Straub Realty Wellness

Heartland Acres Facility

Bedford, PA

Heartland Acres, LLC

Crossroads Bible Church

NAI CIR

12,500 s/f

Mixed Use

S

12C

1210 Grape St

Whitehall, PA

Lonestar Steakhouse

CBRE Philidephia

Gab & Mucks Pubs, Inc.

NAI CIR

6,246 s/f

Retail

S

12C

2019 Lincoln Way East

Chambersburg, PA

Donal R. Moats Jr.

NAI CIR

3P Properties

NAI CIR

5,772 s/f

Retail

S

12C

668 Firehouse Rd

Grantville, PA

John Kotsalos

NAI CIR

Shakedown BBQ

NAI CIR

1,200 s/f

Retail

L

12C

1201 West Governor Rd

Derry Township, PA

Richard and Faye Hasz NAI CIR

Centric Bank

NAI CIR

0.83-acre

Retail

S

12C

2401 N. Fourth St

Harrisburg, PA

Crusaders Ministries

NAI CIR

Medan Beyesus

Medan Beyesus

9,934 s/f

Church

S

12C

4720 Old Gettysburg Rd

Lower Allen, PA

Old Gettysburg Assoc.

Cambell Commercial RE Asset Strategy Retirement Plan NAI CIR

1,204 s/f

Off

L

12C

Consultants 3780 Trindle Rd

Hampden, PA

Barbara S. Leitzel

The Bill Gladstone Group Kilmer Insurance Agency

The Bill Gladstone Group

1517 Cedar Cliff Dr

Lower Allen, PA

The Saint Paul Group

The Bill Gladstone Group Sous Per Chef

NAI CIR

2250-2270 Erin Court

Lancaster, PA

Manufacturers and Traders NAI Commercial Partners County of Lancaster

1,010 s/f

RSR Realtors

Off

L

12C

Off

L

12C

47,808 s/f

Off

S

14C

36,540 s/f

Off

S

14C

3,217 s/f

Mixed Use

L

17C

2,255 s/f

Off

L

17C

Trust Company 66-126 Keller Ave

Lancaster, PA

3B Lancaster, LP

NAI Commercial Partners Susquehanna Valley Emergency NAI Commercial Partners Medical Services

5185 Campus Dr

Radnor, PA

85 Old Eagle School Rd

Wayne, PA

Larson Investements

357 S. Gulph Road

King of Prussia, PA

Marciano Wealth Advisors Gene McHale

1,777 s/f

Off

L

17C

RWR Properties

3,785 s/f

Mixed Use

L

17C 17C

2460 General Armistead Ave Norristown, PA

Laredo Mechanical, LLC

McHale

Gene McHale & Colin McHale Bridgepoint Insurance Group Grubb and Ellis Gene McHale & Colin McHale Source New Jersey, Inc.

2460 General Armistead Ave Norristown, PA

RWR Properties

Gene McHale & Colin McHale Keystone Clinical Studies

2,800 s/f

Mixed Use

L

1 Belmont Ave

Bala Cynwyd, PA

Maguire & Partners

Gene McHale

Just Energy

Newmark Knight Frank Smith Mack

3,998 s/f

Off

L

17C

1 Belmont Ave

Bala Cynwyd, PA

Maguire & Partners

Gene McHale

Amdocs

Cresa Partners

2,931 s/f

Off

L

17C

1 Belmont Ave

Bala Cynwyd, PA

Maguire & Partners

Gene McHale

HRI

Media Real Estate

4,400 s/f

Off

L

17C

1 Belmont Ave

Bala Cynwyd, PA

Maguire & Partners

Gene McHale

Cambria Capital Management

1,815 s/f

Off

L

17C

1 Belmont Ave

Bala Cynwyd, PA

Maguire & Partners

Gene McHale

Rasansky Physical Therapy Gene McHale

5,091 s/f

Off

L

17C

475 Virginia Dr

Fort Washington, PA

Commonwealth RE

Gene McHale & Colin McHale Reach Pharmaceutical Svcs. Newmark Knight Frank Smith Mack

51,034 s/f

Off

L

17C

5930/5940 Hamilton Blvd

Allentown, PA

Providence Properties

Ann Kline

Resource Employment

Ann Kline

1,250 s/f

Off

L

19C

5930/5940 Hamilton Blvd

Allentown, PA

Providence Properties

Ann Kline

AFC Reverse Mortgage

Ann Kline

600 s/f

Off

L

19C

801 Spangler Road

Camp Hill, PA

801 Spangler Assoc.

Jason Grace

Sepro, Inc.

NAI CIR

30,000 s/f

WHSE

L

6A

2300 Vartan Way

Harrisburg, PA

The Vatan Group

Landmark Commercial Realty U.S. Department of Argriculture

3,675 s/f

Off

L

6A

875 Market Street

Cumberland County

MoneyLine LLC

Landmark Commercial Realty Campbell Commercial Realtors Art Campbell

2,500 s/f

Off

L

6A

1506 Woodland Dr

Cumberland County

SIOR

Blue & Obrecht Realty

41580 s/f

Off

L

18A

464 Elizabeth Ave.

Somerset,NJ

20,164 s/f

Retail

S

SC-B

50,778 s/f

Retail

S

2B

Greater Greenville submarket Philadelphia, PA

SIOR

Colony Realty Partners LLC

Colliers International Ayden Associates LLC

Marcus & Millichap

1564 E. Lancaster Ave.

Paoli, PA

Lieberman Earley & Company Market Link Holdings

625 Hamburg Tpke.

Wayne, NJ

Regency Centers

Bay Plaza

Bronx, NY

Prestige Properties &

Welco Realty

$4.6m Lieberman Earley & Company Katra Szilagyi LLC Daffy’s

9,872 s/f

Off/Retail

S

4B

1,651 s/f

Retail

L

4B

28,000 s/f

Retail

S

3B

& Development Park Avenue Apartments

Bensalem, PA

3455 East RE Trust

1900 Park Ave.

Bensalem, PA

Gebroe-Hammer Assoc.

Penn Garrison Apartments Pittsburgh, PA

RIDC

Lehigh County

Dietrick Group

Allentown, PA

Gebroe-Hammer Assoc. Geobroe-Hammer client

Gebroe-Hammer Assoc.

$15.5m

192 Units

Mixed Use

S

13C

$7.4m

92 Units

Mixed Use

S

13C

PMC Property Group Ryan Dietrick

Brookside Park Realty LLC

117 Units $6.2m

Mixed Use

S

13C

Mixed Use

S

14C

MAREjournal.com

Mid Atlantic Real Estate Journal — July 15-28, 2011 — 17A

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18A — July 15-28, 2011 — Mid

Atlantic Real Estate Journal

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PEOPLE ON THE MOVE To serve as managing director and principal.

Robert Manekin joins Colliers International

B

ALTIMORE, MD — Robert A. Manekin will join Colliers International as managing director and principal.

Manekin, who has nearly 35 years of commercial real estate development, Robert Manekin property management and brokerage experience, specializes in corporate services, tenant representation for law firms and consulting.“Bob Manekin brings an incredible breadth of knowledge and experience in Baltimore real estate, which positions Colliers International to serve the region like never before,” stated Timothy R. Hearn, CEO and principal of Colliers International in the Baltimore region. “We feel that Bob’s joining Colliers will dramatically accelerate

our growth in the region and our expansion of services in Baltimore City in particular.

We are delighted to have his expertise and understanding of this market and this industry on our team.”

Prior to joining Colliers International, Manekin has had an impact at both the local and national level. In addition to serving as a senior vice president of Manekin LLC, a commercial real estate firm his father and uncle founded in 1946, Manekin has served in senior executive positions at The Studley Organization, The Staubach Company and local firms as well.

Recently, Manekin played key roles in the region’s two largest office transactions. In 2010, he headed site selection for the new 538,000 s/f Social Security complex being developed

by JBG Companies at 6100 Wabash Ave. More recently, he served as project team leader, representing Miles & Stockbridge, in leasing 120,000 s/f

in the Transamerica Tower at 100 Light Street.

Among his many activities in the community, Manekin teaches as a faculty associate at the Carey Business School at Johns Hopkins University as well as serves as a board member for the Greater Baltimore Committee, Downtown Partnership of Baltimore and The Associated: Jewish Community Federation of Greater Baltimore. He is currently president of Jewish Recovery Houses as well as past president of The Baltimore Jewish Community Center and Building Owners and Managers Association.

Manekin earned his Juris Doctor at the University of Maryland School of Law and bachelor’s degree at the University of North Carolina at Chapel Hill. He lives in Owings Mills, MD. ■

Hudson Reality Capital names Paliouras vice president NEW YORK, NY— Hudson Realty Capital LLC, a Manhattan-based real estate fund manager, has announced the appointment of Nicholas (Niko) J. Paliouras to the position of vice Nicholas J. president, Paliouras asset management. In his new role, Paliouras will be responsible for a wide range of asset management functions to achieve investment goals.

Hudson, which specializes in middle-market opportunistic real estate investments and portfolio acquisitions, has closed more than $3.5 billion in transactions since the formation of its initial two funds in 2003. Currently, the firm has approximately $2.5 billion of assets under management.

“Niko’s commercial real estate, finance and underwriting experience is an important addition to Hudson at a time when we are expanding our portfolio of middle-market loan originations and acquisitions,” said Spencer Garfield, principal and managing direc-

tor.

Prior to joining Hudson, Paliouras was an asset manager for Gramercy Capital Corp., where he provided portfolio oversight of whole and mezzanine, multi-tranched and distressed commercial property loans for the company’s Collaterized Debt Obligations.

He also previously served as a vice president, producer for RBC Capital Advisors; senior real estate investment associate for Pacific Life’s Real Estate Division; and commercial real estate lending officer for Centura Bank, Inc. and Wachovia. ■

Commercial real estate sellers choose to auction first . . . continued from page 5A Selling real estate by the auction method of marketing has historically been synonymous with distressed or hardto-sell properties. Times have changed. A recent article in Commercial Investment Real Estate (The Auction Advantage) addressed the auction marketing phenomena in the sale of commercial investment real estate and why auctions work today.

Corporate sellers such as Walmart, Autozone, Wawa, Kindercare, Sunoco and many more have utilized auction marketing to sell surplus real estate quickly at fair-market

sales prices. The technology now available allows potential buyers to preview properties online, download Property Information Packages (due diligence materials) and bid online! Websites such as Loopnet, Costar, Cityfeet, and Propertyauction are fantastic marketing mediums to showcase properties worldwide to efficiently disseminate information to interested potential buyers. Potential buyers can download property specific Property Information Packages including tax maps, zoning maps, terms and conditions, phase I & II, soils maps, contract of sale, financials, traffic

counts and demographic information in a PDF file that can be printed in the comfort of their own home or office.

Prime candidates for sale via auction are unique properties, specialty properties, portfolios, properties that require a time certain sale, and properties requiring a transparent sales environment. Examples of sellers include developers, corporations, institutions, government agencies, partnerships, REIT’s, investors and estates.

Selling via auction allows the seller to control the entire sales process including “as is, where is” basis, nonrefundable hard money deposit and quick clos-

To State Board of Appraisers

High Associates’ Lehmayer appointed LANCASTER, PA — High Associates Ltd.’s director of appraisal services, Eric M. Lehmayer, recently was appointed

by Governor Corbett and confirmed by the Pennsylvania Senate to serve a four-year Eric Lehmayer term on the State Board of Certified Real Estate Appraisers. The function of the board is to regulate the certification of real estate appraisers and assessors in the Commonwealth of Pennsylvania and

establish and uphold standards of professional appraisal practice.

Lehmayer, a resident of Spring Garden Township in York County, has 25 years of experience in the real estate industry and has been with High Associates for 13 years.

He holds the MAI designation from the Appraisal Institute, is a member of the Royal Institution of Chartered Surveyors, and is a LEED AP. Lehmayer also is certified as a general appraiser in Pennsylvania and is a licensed Associate Broker member of the National Association of Realtors and its state and local affiliates. ■

Plan early to save on healthcare . . . continued from page 2A landlord have on your property?

To avoid excess liability and the devaluation of your practice, have your lease professionally benchmarked and leasefinancial options evaluated on an annual basis.

Expense Analysis How do the line-item operating expenses from the landlord compare to similar medical buildings in the area? Does each expense comport with your lease abstract? How will the reporting requirements from the landlord, your financiers and the government change with the new FASB changes, and what affect will it have on your lease and expenses?

To prevent the overcharging of expenses and having your balance sheet devalued, implement a strong lease-management system that is complete with a detailed comparable-building

database, annual operating-expense review finance team and professional-lease abstracting.

It’s never too early to plan for facility and lease improvements, but you should never start later than one year prior to a lease expiration or major business change. The changes we’re experiencing in healthcare demand enhancements to the way that we handle our facilities and the underpinning leases. Even practices that have occupied the same facility with amended versions of the same lease for decades need to start planning. The process starts with a thorough evaluation of your facility, lease and expense statements.

Mike Norris, LEED AP, heads the healthcare practice as a vice president with The Ezra Company offices in Bethesda, MD, Tysons Corner, VA and DC. ■

The three “L”s of real estate today: . . . continued from page 10A long-term view of the value of the investment. When investing in multifamily real estate, owners must do so with a commitment to constantly improve the property, reinvesting profits year-over-year to keep the facility in top shape and continually attract new renters. The property has to give off the impression that it and the owner will be around tomorrow. It has been said that real estate is a patient investment.

So what can the multifamily industry learn from the Northern NJ marketplace in general? The northern New Jersey market is characterized by several real estate families that have traditionally bought multifamily properties and

held onto them as long-term investments. In essence, they mastered the new “three Ls” long ago and we can learn much from them. They buy or build properties in highly desirable locations that offer access to public transportation, job centers and lifestyle amenities.

Their properties are not highly leveraged. They keep a longterm view that values future profits over short-term gains.

Therefore, as long as you select good locations, keep leverage low and hold a longterm view, no matter what the market does, apartments will remain a solid investment now and in the future.

Alan Hammer is a member of the real estate practice of Brach Eichler L.L.C. in Roseland, NJ. ■

MAREjournal.com

Mid Atlantic Real Estate Journal — July 15-28, 2011 — 19A

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20A — July 15-28, 2011 — Mid

Atlantic Real Estate Journal

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

President Douglas Sayer Colliers International

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

2011 Officers & Directors President Douglas Sayer Colliers International

President Elect Michael P. McCurdy Jones Lang LaSalle

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

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

Secretary VP (Delaware) Gregory Ellis, CCIM Patterson Woods Commercial

Treasurer Ralph A. Magnatta, CPM Brite Realty Services

Immediate Past President James A. Egan Grubb & Ellis Co.

Director Advisory Council J. Robert Clements Grubb & Ellis

Director Advisory Council John Derham Cushman & Wakefield of PA

Director David A. DePetris Legend Properties

MAREjournal.com

Director Louis J. Battagliese Jackson Cross Partners, LLC

THANK YOU FOR ATTENDING!

TRISTATE 15TH ANNUAL GOLF OUTING In conjunction with:

TRISTATE INAUGURAL MEMBER RECOGNITION LUNCHEON Title Sponsor:

The continued support for our sponsors and golfers is the reason for our success. We look forward to seeing you again at our next event!

Specicial thanks to our golf outing coporate sponsors:

Director J. Scott Gabrielsen Binswanger

And Thank You to our Location/Contest Spronsors: Director Jeffrey B. Goldstone Herbert Yentis & Company

Director Gene McHale Beacon Comm’l.

Real Estate

Director Barry P. Mertz NAI Mertz Corp

Director Todd Monahan Jones Lang LaSalle

Director Steven G. Michaelson Tornetta Realty Corp.

Director John P. Morrissey Jackson Cross Partners

Director Tony Nichols, Jr. Liberty Property Trust

Director Rocco Perate square 1 financial

Director Greg Soffian Studley

Director JoAnn West Lieberman Earley & Co.

RT Environmental Services, Inc. Audubon Land Development, Bush Tecosky Goodman Feldman, LLC, Keystone Property Group Oaklands Busines Parks, Inc. United Elevator Company Brandywine Realty Trust Grubb & Ellis Company Cushman & Wakefield of Pennsylvania, Inc. D2 Solutions, Inc. Digital Color Graphics Axis Construction Management, LLC First Industrial Realty Trust, Inc. Jones Lang LaSalle Americas, Inc. Marcus & Millichap The Hankin Group Eagle National Bank Harvey, Hanna & Associates, Inc. Jackson Cross Partners, LLC Kalmon Dolgin Affiliates, Inc. Legend Properties, Inc. Liberty Property Trust Morgan Stanley Smith Barney Studley, Inc. Spring Mill Coporate Center The Pureland Group Tornetta Realty Corp.

USI Affinity Insurance

SEE PAGE 18A FOR UPCOMING EVENTS

MAREjournal.com

Mid Atlantic Real Estate Journal — July 15-28, 2011 — Inside Back Cover A

Back Cover A — July 15-28, 2011 — Mid

Atlantic Real Estate Journal

MAREjournal.com

NEW JERSEY

SMHOPPING C ENTERS A R E J ID

TLANTIC

EAL

STATE OURNAL

Section B of the Mid ATLANTIC Real Estate Journal

Tessler of Meridian Capital & Strauss of North Jersey Community Bank arrange financing

Kislak completes $7.9 million Bergen & Hudson County sales

W

OODBRIDGE, NJ — The Kislak Company recently completed four multifamily sales in Bergen and Hudson County, totaling $7.925 million. In separate transactions, a 36-unit Don Baxter property in

Bergenfield with three commercial spaces, a house, and cellular telephone tower sold for $3.7million; a 24-unit property with four retail spaces in Hackensack sold for $2.650 million; a 6-unit property in Union City sold for $955,000; and a 9-unit property in Union City sold for $620,000.

“Bergen County continues to be one of the strongest and most desirable markets, especially for multifamily properties,”

JULY 15 - 28, 2011

HI-LIGHTS SJP Properties announces 300,000 s/f lease renewal SJP Properties announced that Merrill Lynch, a division of Bank of America, has signed a 300,000 s/f lease renewal for the entirety of 95 Greene St. in Jersey City.

See page 4B.

18 Oceanfront residences at The Carlyle Group’s condo The Carlyle Group, together with Accelerated Marketing Partners, announced that on July 10th, 18 oceanfront residences will be auctioned for The Grand at Diamond Beach. See page 8B.

ALSO INSIDE: DAVID A. BERGER, CARL BERGER ASSOCIATES....................3B SOUTHERN NEW JERSEY SPOTLIGHT ................................5-8B SNJ APPRAISAL INSTITUTE ..............................................6-7B PEOPLE ON THE MOVES ....................................................10B ICREW NJ ORGANIZATION ..............................................14B ASK AN EXPERT DIRECTORY ......................................... IBC-B Section B, 16 pages

MAREjournal.com

said VP Don Baxter. “Properties in both Bergenfield and Hackensack don’t often trade.

But given Kislak’s long and successful history throughout New Jersey, the sellers and our buyers were confident in our ability to facilitate sales.”

The Bergenfield sale was of properties on Murray Hill Terrace and East Clinton Ave. that included a total of 36 residential and three commercial units. The sale also included a single family home and cellular telephone tower. Baxter represented both parties in the transaction.

The Murray Hill Terrace property is a well-maintained three-story brick and stucco walk-up with a mix of one and two-bedroom units with onsite parking. The East Clinton Ave. “The Bergenfield seller ’s family was the original builder of the properties, which had never been on the market,” added Baxter. Given a shift in the family’s investment strat-

egy, they considered selling.

Kislak had a client looking for similar quality multifamily properties in the area and acted immediately upon learning of the properties’ availability.

In a matter of days, we made an off-market transaction.

Both parties were gentlemen throughout the transaction and worked together toward a common goal.”

The seller was represented

by Bruce Rosenberg, Esq. of Winne Banta Hetherington Basralian & Kahn, P.C. of Hackensack. The purchaser was represented by Jonathan Mehl, Esq. of Rutherford. Financing was arranged by Steven Tessler of Meridian Capital and Michael Strauss of North Jersey Community Bank.

The Hackensack sale was of a property on Anderson Street that included 24 residential and four commercial units. Sales associate Andrew Scheinerman represented the seller and Baxter represented the purchaser. After not selling

the property with two other brokers, Kislak was given an exclusive listing agreement by the long-time owner to sell the property and quickly procured a purchaser.

The property is an all-brick four-story walk-up in an excellent corner location among many other commercial and residential properties.

The seller was represented

by William Messineo, Esq. of Garfield and the purchaser was represented by Jonathan Mehl, Esq. of Rutherford.

Financing was also arranged

by Steven Tessler of Meridian Capital and Michael Strauss of North Jersey Community Bank. At the time of closing, the properties were fully occupied.

The Union City sales were of two smaller properties: a new six-unit condo-quality building with garages and a nine-unit building on 28th St. Baxter and VP Jonathan Greenberg represented both parties in each transaction. ■

Three story 36,000 s/f, 300 Alexander Park

Houlihan-Parnes Realtors & GHP Office Realty announce $6m sale WEST WINDSOR, NJ — GHP Office Realty announced the sale of 300 Alexander Park for $6 million. The seller was GHP Alexander LLC and was represented by GHP Office Realty. The purchaser was Bhoomi Group LLC a Princeton NJ based private investment group. The purchaser was represented in the transaction

by Paul Goldman of Mercer OakRealty. The three story building is 36,000 s/f and was 92% occupied at the time of the sale. The property boasts covered parking, and in walking distance to the Princeton Junction train station.

GHP Office Realty is the commercial building division of Houlihan-Parnes Realtors, LLC which is presently one of the New York area’s leading

300 Alexander Park owners, operators and purchas- Rockland County and in Bergen ers of suburban NY commercial County and Princeton, NJ and and class A office space. The Fort Worh ,TX GHP Office Repartners presently own and alty is stable, strong and poised manage buildings in Westches- to flourish in the coming years ter County, Fairfield County, of real estate recovery. ■

B Inside Cover — June 10 - 23, 2011 — New Jersey — Mid

Atlantic Real Estate Journal

MAREjournal.com

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

MAREjournal.com

Mid Atlantic Real Estate Journal — New Jersey — July 15 - 28, 2011 — 1B

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Gita Faust, author and developer of Manage Properties with QuickBooks, is a leading expert in QuickBooks integrated solutions and can provide assistance unique to your business.

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2B — July 15 - 28, 2011 — New Jersey — Mid

SEBCO

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NEW JERSEY 510-512 5th Ave. in Asbury Park

Gebroe-Hammer’s Follman finalizes $1.525 million sale SBURY PARK, NJ — Gebroe-Hammer Associates has finalized a $1.525 million, 23unit sale of 510-512 5th Ave. in Asbury Park.

Sales associate Steven Follman, Steve Follman the firm’s area market specialist, represented the seller, 510-512 Fifth Avenue Apartments Inc., and procured the buyer, a Gebroe-Hammer client.

Follman said, “Given the current market, the ability to match an investment

A

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

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

property such as this with an appropriate buyer is paramount.�

The two-building complex includes six studio, 15 onebedroom and two two-bedroom units. Each of the twoand-a-half-story, all-brick façade buildings offers ample on-site parking. Asbury Park is centrally located in the heart of Monmouth County, 60 miles south of New York City and 90 miles north of Atlantic City. Gebroe-Hammer reports average area vacancy rates at 5% and average rents ranging from $845 for a one-bedroom and $1,200 for a two-bedroom unit.

Asbury Park continues to re-

Marcus & Millichap brokers 37 units totaling $1.145 million (YYHUNLK 7LYTHULU[ -PUHUJPUN -VY

The Hills at Lehigh Garden Apartments 156 Units

$10,320,000 7-Year Financing

Meadows at Lehigh Garden Apartments 176 Units

$13,000,000 7-Year Financing

Waters Edge Garden Apartments 80 Units

$4,530,000 7-Year Financing )RXQGHG LQ 0HULGLDQ &DSLWDO *URXS //& LV RQH RI WKH QDWLRQâV ODUJHVW FRPPHUFLDO UHDO HVWDWH ðQDQFH DQG DGYLVRU\ ðUPV :RUNLQJ ZLWK D EURDG DUUD\ RI FDSLWDO SURYLGHUV 0HULGLDQ DUUDQJHV ðQDQFLQJ IRU WUDQVDFWLRQV RI DOO VL]HV DQG SURSHUW\ W\SHV LQFOXGLQJ á 0XOWLIDPLO\ á &R 2S á 2IILFH

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NEWARK, NJ — Marcus & Millichap Real Estate Investment Services has brokered the sale of three apartment buildings, totaling 37 units, located, according to Michael Fasano, VP/regional manager of the firm’s New Jersey office.

The assets commanded a sales price of $1.145 million.

VP of Investments Nat Gambuzza and investment associate Christopher Rizzolo, in Marcus & Millichap’s New Jersey office, had the listing to market 18

units in Newark on behalf of the seller, a Midwest financial institution. Rizzolo, secured the buyer, a local investor. “With this package, traded as a loan sale, the buyer will first receive the deed and begin a substantial value-add rehabilitation process to improve these properties,� said Rizzolo.

In addition to the two Newark closings, Rizzolo represented both the buyer and seller for a 19 unit transaction in Irvington as well. â–

bound as a live/work/play destination, resulting in heightened investment interest in existing multi-family properties citywide and throughout the surrounding communities,� said Joseph Brecher, Gebroe-Hammer’s executive vice president. “Jersey Shore multi-family properties typically record strong occupancy rates by attracting year-round tenants, who commute to New York City or Northern New Jersey, and vacationers, who maintain a weekend retreat.

In addition to Asbury Park’s appeal among musicians, culture seekers and beachgoers, the city is returning to its status as the ‘Crown Jewel’ for multi-family investments.â€? â–

New Jersey Real Estate Journal

NAI Hanson orchestrates sale of mixed-use portfolio in Jersey City JERSEY CITY, NJ — NAI James E. Hanson brokered the sale of 340-342 Seventh St. NAI James E. Hanson director, multi-family group, Enn Kunnapas, represented the seller and the buyer of the mixed-use portfolio. The seller was a family who has owned the property for more

than 60 years. The buyer, an owner/ operator from out of town, plans to convert the two existing stores into a restaurant. “The property attracted many showings because it’s in a very desirable and safe area full of young people and families,â€? said Kunnapas. â–

a section of the

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

MAREjournal.com

Associate Publisher Dianna Mallozzi dmallozzi@MAREJournal.com

Section Editor Karen Vachon editor@marejournal.com

ATTENTION: ACTIVE CONSTRUCTION FIRMS Tell business and industry about your latest accomplishment with the:

Mid Atlantic REAL ESTATE JOURNAL DEVELOPMENT OF THE MONTH Mid Atlantic has 30,000 monthly readers who you will reach with this promotion.

email Dianna Mallozzi at dmallozzi@marejournal.com

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Mid Atlantic Real Estate Journal — New Jersey — July 15 - 28, 2011 — 3B

NEW JERSEY

Fairfield Corporate Park, Fairfield, New Jersey

By David A. Berger, Carl Berger Associates

Gov. sponsored economic loan programs present opportunities

A

t a time in history when turbulent economic conditions are playing havoc with the real estate and banking industries, it is more important than ever for businesses to find expert guidance as David A. Berger they hunt for financing assistance. In particular, the complex world of government sponsored economic loan programs can present great opportunities for such businesses, but also can cause great confusion for companies attempting to navigate their way through those murky waters unassisted. Thus, the services of New Jersey’s Carl Berger Associates (CBA) have never been in greater demand than they are today. With 33 years of experience in the world of commercial financing in the Greater New York Metropolitan area, and a unique expertise in government loan programs, CBA has helped dozens of major businesses in the Tri-State area get the financial relief they need in recent years.

CBA specializes in complex commercial financing issues.

In particular, CBA’s expertise extends to things like tax-exempt bond financing, Federal economic stimulus programs, working capital and term loans, EDA Direct government loans, SBA loans (504 + 7 programs), Federal New Market tax credits, solar and energy clean air grant programs, accounts receivable financing, equipment leasing, workout and bank forbearance agreements, and corporate debt restructuring, among other programs widely available to help businesses large and small, but little understood without great experience and training.

A leading in plastics manufacturer in Long Island City, NY typifies the type of TriState area businesses who are turning to CBA to walk them through available commercial financing options and into the right package to fit their needs.

The plastics manufacturer’s needs grew out of substantial growth in recent years—growth that posed an ironic challenge for the company. CBA helped The Plastics manufacturer to help find solutions that far exceeded anything they had previously envisioned.

The Plastics Manufacturer started in 1946 in the Long Island City, and over the years, evolved into a leading plastics distributors and component manufacturer. That success, however, eventually led the company and its 55 employees to outgrow their existing facilities.

They had a lot riding on making the right move. A gigantic, strategic choice had to be made, and the company had to get it right the first time. Buy? Lease?

Stay in Long Island City? Pursue more space in their existing building? Move to a different locale? How to find financing?

What kind of financing?

What the company’s ownership quickly realized is that CBA’s expertise was their best avenue to getting the answers they needed to these questions, and guidance through the process.

CBA helped The plastics manufacture to determine that by moving to New Jersey, the company could qualify for financing within the New Jersey Economic Development Authority (NJEDA) Programs. CBA then helped the company navigate its way through the NJEDA process continued on page 10B

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

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

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

JUST FINANCED BY...

CBA

Carl Berger Associates, Inc. RECENT CLOSINGS $16,000,000

Grants, Incentives & Tax Abatements Tax Exempt Bond Financing, Bank & EDA Financing

$14,000,000

Refinancing of Tax Exempt Bond Bank & EDA Financing

Totowa, NJ

$12,000,000

Acquisition of Land & Building Bank Financing

Clifton, NJ

$10,000,000

Acquisition of Land & Building Tax Exempt Bond & EDA Financing

$ 7,175,000

Grants & Incentives Tax Exempt Bond, Bank & EDA Financing

$ 3,300,000

Acquisition of Land & Building Tax Exempt Bond & EDA Financing

$ 3,000,000

Acquisition of Land & Building Bank & EDA Financing

$

200,000

Purchase of Machinery & Equipment Direct EDA Financing

Bayonne, NJ Oxnard, CA

Rockaway, NJ Avenel, NJ Norrisville, PA Union, NJ Norwood, NJ

go to www.carlberger.com

Carl Berger Associates, Inc. For over 30 years, we have been structuring, coordinating & arranging government sponsored economic programs:

• INTEREST RATES AS LOW AS 3% • Tax exempt bond financing • Grants, tax incentives & tax abatements • Federal economic stimulus act 2009 programs • • • • •

Federal & state solar & energy efficiency programs Federal new market tax credits Direct money from federal, state, county & city governments Working capital & term loans Restructuring of corporate debt

CBA

Carl Berger Associates, Inc.

17 Furler Street Totowa, NJ 07512 Tel 973.256.5330 Fax 973.256.7424 www.carlberger.com

4B — July 15 - 28, 2011 — New Jersey — Mid

Atlantic Real Estate Journal

NEW JERSEY

EARTH ENGINEERING INCORPORATED

For the entirety of 95 Greene St. in Jersey City

Geotechnical Engineers & Geologists Subsurface Investigations Construction Inspection & Testing Retaining Wall Design Environmental Site Assessments and Remediation Clean Fill Testing Carbonate Site Assessments Stormwater Infiltration Testing Laboratory Soils Testing Central PA: 717.697.5701

Corporate Headquarters: 610.277.0880 Lehigh Valley: 610.967.4540

MAREjournal.com

South Jersey: 856.768.1001

www.earthengineering.com

SJP Properties announces 300,000 s/f lease renewal

J

ERSEY CITY, NJ — SJP Properties announced that Merrill Lynch, a division of Bank of America, has signed a 300,000 s/f lease renewal for the entirety of 95 Greene St. The eight-story class A office building, for which SJP Properties is currently pursuing Leadership in Energy and Environmental Design (LEED) certification for Existing Buildings, is located along the Jersey City waterfront in an area dubbed “Wall Street West” for the high preponderance of high-caliber financial firms located in the neighborhood. The site is adjacent to

95 Greene St. another Merrill Lynch office at 101 Hudson St. The firm’s lease at 95 Greene St. is the single largest office lease the company has on the New Jersey waterfront.

TH “The long-term renewal by a major financial institution at Investment Real Estate Brokerage 95 Greene St. validates SJP’s original vision for the transformation of this site into a worldclass office environment,” said Steven Pozycki, CEO of SJP Properties. “Jersey City is not just a location that is desirable for its proximity to New York City; it is a sought-out destination. We are pleased that Merrill Lynch has chosen to remain at 95 Greene and look forward to continuing our relationship with the firm for many years to come.”

The Hudson waterfront market currently has a vacancy rate of 9 percent - its lowest vacancy rate in three years. $5,200,000 Merrill Lynch’s renewal at 95 102 Residential Units Greene St is a testament to the Philadelphia, Pennsylvania desirability of the waterfront market, as well as the integral role that financial services firms have played in contributing to its strength.

In 1999, SJP Properties purchased the property at 95 Greene Street – formerly a toothpaste factory – from Colgate-Palmolive, and transformed it into Class A office space in just 10 months. SJP stripped the building to its concrete structure, reposition$2,300,000 ing the building’s core and in72 Residential Units stalling mechanical, electrical Sayre, Pennsylvania and fire protection systems, which were not previously located within the building.

The basement was converted into parking for more than 130 vehicles.

Prior to the project’s completion, Merrill Lynch signed a lease for the entire building. ■

CELEBRATING OUR 105

YEAR

Recent Pennsylvania Sales

SOLD

SOLD

$27,300,000 Short Sale 569 Residential Units & 13 Stores Philadelphia, Pennsylvania

SOLD

$4,800,000 Bank Sale 108 Residential Units Allentown, Pennsylvania

SOLD

$12,400,000 5 Buildings 281 Residential Units & 6 Offices Lansdowne & Yeadon, Pennsylvania

SOLD

$4,300,000 77 Residential Units Bensalem, Pennsylvania

multifamily.

The Kislak Company, Inc.

retail.

SOLD

office.

www.kislakrealty.com 732 750 3000

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

Mid ATLANTIC REAL Estate Journal — New Jersey — July 15 - 28, 2011 — 5B

A 227,314 s/f shopping center

Pettinaro signs Ross Dress for Less to 25,000 s/f at Eagle Plaza in Voorhees

V

OORHEES, NJ — Ross Dress for Less has signed a lease for +/-25,000 s/f in the Eagle Plaza Shopping Center and plans to open for business in early spring of 2012.

Eagle Plaza is a 227,314 s/f shopping center located at the busy intersection of Haddonfield-Berlin Rd. and Whitehorse Rd. This center is located near successful retailers like Target, Bally’s Total Fitness, Ritz Theater, Applebee’s, and Panera Bread. 52,000 cars drive by this center daily. Other major tenants in the shopping center include Acme, Office Depot, Rite Aid Pharmacy, Five Guys, and Mattress Giant.

“We are proud to get Ross Dress for Less into Eagle Plaza. Their presence will

Eagle Plaza anchor our fashion retailers and give the center a fresh pop. We are also glad to see retailers expanding again” said Gregory Pettinaro, managing member of Eagle Plaza Associates, LLC as well as

the CEO of the Pettinaro Company.

The Pettinaro Company, founded in 1964, is a second generation, family-owned and managed real estate holding company. ■

Eagle Plaza Shopping Center

6B — July 15 - 28, 2011 — New Jersey — Mid

Atlantic Real Estate Journal

MAREjournal.com

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

Southern NJ Chapter Appraisal Institute 2011 Chapter Officers President A. Craig Black, SRA blackc@toddandblack.com Vice President Jerome McHale, MAI jmchale@jmchaleassoc.com Treasurer Kristin Mansfield kristin.mansfield@yesbank.com Secretary Jacob Ramage, MAI jake.ramage@cushwake.com Director (through ’13) Jerrold McCarron jerrymccarron@aol.com Director (through ’13) Michael S. Sapio, MAI northstarappraisal@msn.com Director (through ’12) Ed Kay edkayinc@comcast.net Director (through ’12) Joseph V. Heenan, SRA jheenan613@comcast.net Director (through ’11) Edward T. Molinari, SRA ed@molinari.us Director (through ’11) Andrea Senatore als9463@comcast.net Past President John P. Corbett, MAI John.corbett@cushwake.com

Don’t miss what you need to take and what you need to know!

MANY different, new, interesting seminars coming to South Jersey!

D

o you realize that on September 1st, you will need to change the way you “think” when developing and reporting a residential appraisal assignment?

Every appraisal report used in a transaction that involves Fannie Mae or Freddie Mac must comply with the Uniform Appraisal Dataset (UAD)! The Appraisal Institute has created a one-day, 7-hour seminar to address these important changes: “Fannie Mae & Freddie Mac’s Uniform Appraisal Dataset.”

The UAD entails learning new definitions for condition and quality, updating and remodeling and many other “standardized” responses to provide your client with a UAD-compliant appraisal report! Not to mention understanding the USPAP and liability ramifications of the standardization. Don’t be fooled, there is much to learn about the new UAD; so come and attend this one-day seminar to successfully transition to the new way of thinking.

The Southern New Jersey Chapter of the Appraisal Institute will hold this class on Wednesday, July 13th at the Adelphia Restaurant and Conference Center in Deptford.

Register on-line at www.appraisalinstitute.org/education/ southernNewJersey or contact Lisamayweiss@hotmail.com to reserve a spot.

Members of the Appraisal Institute at a recent seminar held in Atlantic City, sponsored by the Southern New Jersey chapter.

In other SNJAI Chapter news: Congratulations to Tim Golden! He will be representing the Southern New Jersey Chapter at the 2011 Leadership Advisory and Development Council, to be held July 26-28 at the Hyatt Regency Washington in Washington, D.C. The annual event features roundtable discussions on hot topics and an advocacy visit to Capitol Hill.

The Appraisal Institute is a global membership association of professional real estate appraisers, with more than 24,000 members and 91 chapters throughout the world. Its mission is to advance professionalism and ethics, global standards, methodologies, and practices through the professional development of property

economics worldwide. Organized in 1932, the Appraisal Institute advocates equal opportunity and nondiscrimination in the appraisal profession and conducts its activities in accordance with applicable federal, state and local laws.

Members of the Appraisal Institute benefit from an array of professional education and advocacy programs, and may hold the prestigious MAI, SRPA and SRA designations. The Southern New Jersey Chapter has over 150 members and offers a wide variety of educational, professional and social events and opportunities throughout the year. For more information on the SNJAI, contact Chapter Executive Director Lisa Weiss at 856-415-0281 or lisamayweiss@hotmail.com ■

Attention SOUTHERN NJ CHAPTER APPRAISAL INSTITUTE Members!!!

If you would like to submit articles or transactions to appear in the Mid Atlantic Real Estate Journal, please contact:

Linda Christman, Publisher 800-584-1062 x 203 or email Linda at lchristman@marejournal.com

MAREjournal.com

Mid Atlantic Real Estate Journal — New Jersey — July 15 - 28, 2011 — 7B

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 more than 25,000 members and 91 chapters worldwide. The Southern New Jersey Chapter has over 160 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.

2011 Designated Members of the Southern NJ Chapter of the Appraisal Institute J. Paul Bainbridge, MAI

Cape May Ct. House

(609) 465-9978

Allen L. LittleÀeld, SRA

Hammonton

(609) 704-9609

Steven W. Bartelt, MAI, SRA

Turnersville

(856) 582-5892

Gary P. Lombardi, SRA

Manahawkin

(609) 709-3902

A. Craig Black, SRA

Cherry Hill

(856) 662-7676

Bonnie L. Longo, MAI, SRA

Sewell

(856) 582-4611

Allen G. Black, MAI, SRA

Cherry Hill

(856) 662-7676

Eileen Lynn, MAI

Philadelphia

(215) 842-0649

Edward J. Bligh, MAI, SRA

Marlton

(609) 983-3218

Jerome J. McHale, MAI

Mt. Laurel

(856) 722-0205

Harry Carroll, Jr., MAI, SRA

Cherry Hill

(856) 795-4042

F. Pat McIlhinney, MAI, SRA

Cherry Hill

(856) 795-4042

Lana Chiappetta, MAI

Medford

(609) 714-7402

Edward T. Molinari, SRA

Woodbury

(856) 853-7622

Patrick K. Conover, MAI

Galloway

(609) 652-6553

Robert Parmley, SRA

Forked River

(609) 292-2573

John P. Corbett, MAI

Philadelphia

(215) 963-4061

Patricia A. Quigley, SRA

Philadelphia

(215) 247-4425

David A. Curley, SRA

Mt. Laurel

(856) 795-0875

Jacob Ramage, MAI

Philadelphia

(215) 888-3560

Eugene P. Davey, SRA

Philadelphia

(215) 523-9104

Thomas C. Reynolds, SRPA

Wilmington, DE

(302) 575-0955

Thomas C. Davis, SRA

Delran

(856) 764-6500

Lee L. Romm, MAI, SRA

Marlton

(856) 983-5500

John E. Doyle, MAI

Philadelphia

(215) 231-9900

Michael Sapio, Jr., MAI, SRA

Blackwood

(856)7 83-6835

Scott A. Eiffes, MAI

Moorestown

(856) 234-9252

Michael Sapio, MAI

Bellmawr

(856) 933-1272

E. Guy Elzey, III, SRA

HaddonÀeld

(856) 429-8800

R. M. Sapio, MAI, SRA

Voorhees

(856) 429-2789

Emmons G. Elzey, Jr, SRA

HaddonÀeld

(856) 429-8800

William J. Sapio, MAI

Linwood

(609) 927-5728

Phillip Fortuna, SRA

Philadelphia

(215) 925-1212

Dennis A. Scardilli, Esq, MAI

Absecon

(609) 568-0432

Mary F. Fox, MAI

Cape May

(609) 884-1995

Jack Sheehan, MAI

Wenonah

(856) 468-0068

David J. Frett, SRA

West Berlin

(856) 753-3030

Timothy Sheehan, MAI, SRA

Cherry Hill

(856) 662-0027

James C Frisby, SRA

Ocean City

(609) 814-9333

Richard Sheldon, MAI, SRA

Haddon Heights

(856) 546-4900

John M. Gapszewicz, MAI

Philadelphia

(215) 841-5258

Thomas J. Sliwowski, SRA

Pitman

(856) 218-2800

Ronald A. Hagel, MAI, SRA

Vineland

(856) 691-7055

Pasqual A Sorge, MAI

Mt. Laurel

(856) 234-2893

Mark J. Hanson, MAI, SRA

Ocean City

(609) 398-3189

John T. Stone, MAI

Cape May Court House (609) 861-9030

Donna Harris, SRA

Shiloh

(856) 453-8889

Robert Thomapson, MAI, SRA

Ocean City

(610) 331-9031

Joseph V. Heenan, SRA

Ocean City

(609) 391-8862

Robert J. Tighue, MAI

Cherry Hill

(609) 792-0684

Henry Herskowitz, MAI, SRA

Cherry Hill

(856) 795-8700

Joseph E.Tighue MAI, SRA

Brigantine

(609) 266-7334

Michael D. Jones, MAI

Cape May Court House (609) 463-4622

Merilynn P. Verderame, SRA

HaddonÀeld

(856) 234-8400

William J. Kennedy, MAI

Medford

(856) 396-7652

Benjamin R. Vukicevich, SRA

Stratford

(856) 784-7036

M. Bruce Leff, SRA

Newark, DE

(856) 287-3690

John H. Walton, Jr, MAI, SRA

Medford

(856) 795-8700

Norman LeGore, MAI, SRA

Vineland

(856) 692-7889

John Weber, Jr,, MAI, SRA

Hamilton Square

(609) 586-3500

Frank S. Librizzi, MAI, SRA

Haddon Heights

(856) 854-2478

Gerald Francis White, SRA

Pennsauken

(856) 663-5134

8B — July 15 - 28, 2011 — New Jersey — Mid

Atlantic Real Estate Journal

MAREjournal.com

SOUTHERN NEW JERSEY Accelerated Marketing Partners to conduct sale to determine true value

18 Oceanfront residences at The Carlyle Group’s resort-style condominium

D

IAMOND BEACH, NJ — Global alternative asset manager The Carlyle Group, together with Accelerated Marketing Partners (AMP), announced that on July 10th, 18 oceanfront residences will be auctioned for The Grand at Diamond Beach, a luxurious 12-story, resortstyle condominium property in Cape May County, New Jersey.

This sale offers primary and secondary homebuyers a rare opportunity to purchase twoand three-bedroom residences in a full-service, amenity rich development for up to 60 per-

The Grand at Diamond Beach,

cent below summer 2010 list prices. The auction will help determine true value and reset prices caused by a supply-demand disequilibrium in the national housing market following the recession.

Residences available at the auction range in size from approximately 1,822 s/f to more than 2,235 s/f , and all feature expansive water views, large private verandas and designerselected finishes. Minimum reserves for the homes start from just $315,000, and all winning bidders will receive a storage facility and two parking spaces.

Commercial Property Available

All homeowners have access to an array of amenities, including a privately owned beach, fitness center and beachfront infinity pool with spa.

The Grand at Diamond Beach auction event will be held at 1:00 p.m. on Sun., July 10th at The Water Club at Borgata, located at One Renaissance Way in Atlantic City. There will be no hidden reserves and no buyer’s premiums. Advance registration is required, and financing is available for qualified buyers.

Winning bidders will be able to settle and move in during the 2011 summer season. The on-site auction information center and model residences are open daily through July 9th, from 1:00 p.m. to 6:00 p.m., at 9601 Atlantic Ave. in Diamond Beach, N.J. Additional information is available at TheGrandAuction.com. “The Grand at Diamond Beach auction is a great opportunity for buyers to purchase into one of the most high-end quality properties on the eastern seaboard at price points that were previously unavailable,” said Jon Gollinger, East Coast CEO and co-founder of Accelerated Marketing Partners. “There is disequilibrium in the South Jersey market, particularly in the luxury sector. To bring transparency to buyers and sellers, The Carlyle Group will empower consumers to determine what they are comfortable paying for beachfront residences.”

Scott Jenkins, VP of The Carlyle Group, the owner of The Grand at Diamond Beach, added, “The Grand at Diamond Beach is a remarkable project.

From design to construction to the current sales process, we’ve had one goal: to deliver the highest quality to our current and future residents.”

Jenkins continued, “However, because of a correction in the national housing market, accurate pricing for The Grand at Diamond Beach is unclear.

Auctioning a limited number of residences will allow the market to determine true value. After the auction, we will return to our traditional sales program better informed, and continue to manage all aspects of The Grand with the same level of responsibility and commitment until the final residence is sold. We thank our existing homeowners for their patience during this process and look forward to welcoming new homeowners to The Grand.” ■

MAREjournal.com

NEW JERSEY Sohmer of Jones Lang LaSalle represents Maidenform

Newmark Knight Frank arranges 81,276 s/f lease SELIN, NJ — Maidenform, Inc. has extended its U.S. headquarters lease and expanded by 15,000 s/f to a total of 81,276 s/f at 485 Rte. 1 South, Building F within Woodbridge Corporate Plaza, announced David Simson, vice chairman of Newmark Knight Frank’s New Jersey operations.

Simson teamed with Jamie Drummond, Michael Staskiewicz and Michael Marchese, all of the real estate services firm’s Rutherford office to represent the building’s ownership, KBS Realty Advisors, Inc. Maidenform was represented

by Ray Sohmer of Jones Lang LaSalle.

“KBS Realty Advisors is one of the nation’s largest buyers of commercial real estate, and this extension and expansion is a key transaction for one of the firm’s premier East Coast properties,” said Simson.

In the transaction, the intimate apparel manufacturer and marketer extended its presence of 66,276 s/f, including the building’s top two floors, and added 15,000 s/f on the second floor for the total of 81,276 s/f. Maidenform now occupies 70 percent of the four-story, 116,030 s/f property.

“In addition to the Maid-

I

Jones Lang LaSalle completes 76,708 s/f lease in Edison EDISON, NJ — Jones Lang LaSalle announced that Vaswani, Inc., has signed a 76,708 s/f lease that will allow the company to relocate its corporate headquarters to 75 Carter Dr. A manufacturer/provider of custom fixtures and furniture for the retail industry, Vaswani, Inc., is relocating from sites in Union and Piscataway.

The increased space, which Vaswani will use for general office, warehousing, manufacturing and distribution, allows the company to move forward with its growth strategy. The company recently hired additional staff and will continue to increase its workforce in the coming months.

Jones Lang LaSalle leasing associate Jason Barton represented Vaswani, Inc., in the transaction. CB Richard Ellis senior vice presidents Lou Belfer and Scott Belfer represented the landlord, Caro Associates II. ■

e

Mid Atlantic Real Estate Journal — New Jersey — July 15 - 28, 2011 — 9B

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David Simson Jamie Drummond Michael Staskiewicz Michael Marchese enform deal, we have signed leases in excess of 45,000 s/f this year and currently have commitments for an additional 40,000 s/f, which we will be able to announce shortly,” said Simson, adding that Newmark Knight Frank is the exclusive

representative for the entire six-building complex. “Given Woodbridge Corporate Plaza’s location in one of the region’s prime office submarkets, we continue to see a great deal of interest in the remaining availabilities.” ■

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10B — July 15 - 28, 2011 — New Jersey — Mid

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PEOPLE ON THE MOVE Three-time winner of realtor of the year

Board of Directors

Bob De Ruggiero celebrates 50 years

Cushman & Wakefield’s Danzig named to WERC

U

NION CITY, NJ— In 1961, a 19 year old college student obtained his real estate license and since then has worked as a Realtor in his hometown of Union City, NJ. Over the past 50 years, Bob De Ruggiero Bob De Ruggiero has been involved in tens of thousands of real estate transactions, including residential, land, office, retail, industrial/commercial, condo/coop conversions and investment properties. The company’s focus had always been Hudson County and the “Gold Coast”, but over the years it has expanded to

Bergen County and beyond.

In 2004, the Hudson County Board of Realtors presented the first newly created “Legend” award to Bob recognizing him for his outstanding real estate career; dedication, integrity and consistent commitment to maintaining the highest ethical standards in the industry.

Bob is a past president of the Hudson County Board of Realtors and the MLS and a three-time winner of the Realtor of the Year award.

At a recent interview, Bob discussed the market; past, present and future. “The real estate brokerage profession has constantly changed over the past 50 years and if history tells us anything, it will continue to change. Markets

rise, markets fall, same with interest rates. As soon as the large surplus of inventory is sold, we will begin to see some appreciation again in the real estate market. There are some real opportunities out there. We are fortunate in being a part of the Manhattan marketplace. My boutique company has learned to adapt, adjust and accommodate. We keep reinventing the company.

Twenty-five sales associates keep us small, connected and manageable. All our agents share our buyer/tenant requirement lists weekly.

I am very hands-on and personally work with, train and coach our team of pros.

Thank you, Hudson County, for your continued faith in our services.” ■

Tri State Realtors’ Comm’l. Alliance presents awards to NAI Mertz MOUNT LAUREL, NJ— NAI Mertz, Realtor, announced that Roy Kardon, SIOR, VP, has been chosen to receive the first ever award for Good Citizenship by the Tristate Realtors’ Commercial Alliance. In addition, Barry Mertz, SIOR, received an Outstanding Achievement Award for 35+ years in the real estate community, and Scott Mertz, SIOR, received an award for 750,000+ s/f of industrial leases in 2010.

Roy has been an active participant in the American Cancer Society’s endurance sports programs, serving in the last two years as co-chair of their Bike-a-Thon that has raised over $11 million to fight cancer. He is currently chair-

man of their Determination program. In addition, weekly Roy serves as a Para Chaplain visiting about 50 patients at the Hospital of University of PA, counseling patients of all faiths and their loved ones.

He also serves as Treasurer for the Golden Slipper Club and Charity Senior Center, which serves about 1,000 patients annually. He is the first Golden Slipper member to receive a grant under a new program that will engage Golden Slipper members to join him on his visitations to hospital patients.

NAI Mertz is one of the largest commercial and industrial real estate offices in the Philadelphia area, with complete real estate services, including commercial, land, industrial,

retail, site selection, investments and property management offered also throughout Southeastern Pennsylvania, all of Southern New Jersey and Northern Delaware. NAI Mertz is the South Jersey representative for NAI and the Industrial Member representative for Philadelphia County. Mertz Corporation of PA is the NAI representative for the Scranton/Wilkes-Barre, PA area and Northeastern Pennsylvania. As a global real estate service provider we have more than 350 offices covering 55 countries in the United States, Canada, Latin America, Europe and Asia Pacific. NAI was responsible for over $45 billion in corporate real estate transactions last year. ■

CB Richard Ellis honored with NAIOP NJ’s Chairman’s Award at 24th Annual Commercial Real Estate Gala SADDLE BROOK, NJ — CB Richard Ellis received the Chairman’s Award by the New Jersey Chapter of the National Association of Industrial and Office Properties (NAIOP), during the organization’s 24th Annual Commercial Real Estate Awards Gala.

In addition to this esteemed award, the firm also won two out of three deal of the year citations, including the Economic Impact Deal of the Year recognition for the sale of 111 Sylvan Avenue in Englewood

Cliffs, and the inaugural Industrial Creative Deal of the Year award for the Macy’s Parade Studio build-to-suit in Moonachie.

“We are humbled and honored with this distinguished award and, on behalf of CBRE, I would like to extend our gratitude to our business partners, peers, colleagues and NAIOP, for whom I have the deepest respect,” commented Hipschman.

The company was also pleased to annouce the recent promotions of Lou Belfer

and Scott Belfer from first vice president to senior vice president in the firm’s East Brunswick office.

With combined experience of over four decades in the industrial brokerage industry, Lou Belfer and Scott Belfer remain one of CB Richard Ellis’ most active industrial acquisition, disposition and leasing teams in New Jersey, negotiating approximately 2,481,281 s/f of transactions throughout the country in 2010, which total in excess of $45 million. ■

EAST RUTHERFORD, NJ — Cushman & Wakefield, Inc. executive director Stan Danzig has been appointed to the board of directors for WERC. Danzig, who is serving as a WERC director at large, joins an im- Stan Danzig pressive board for a two-year term starting 2011-2012. He is based in Cushman & Wakefield’s East Rutherford office where he focuses on industrial leasing and sales, land tract transactions, and national/ global corporate representation.

Danzig, a 30-year Cushman & Wakefield veteran has led complex acquisition transactions as well as dispositions

structured as sales; sale/leasebacks; and numerous build-tosuit leases/sales for more than 100 million square feet of space, as well as land transactions.

In other news Dawn Arrabito has joined comDawn Arrabito mercial real estate services firm Cushman & Wakefield, Inc. as a director in the firm’s East Rutherford office. A resident of West Orange, she is a seasoned real estate brokerage professional with 15 years of industry-related experience.

At Cushman & Wakefield, Arrabito’s focus includes landlord and tenant representation throughout the Northern New Jersey market. ■

Esses and Labin join Weichert EDISON, NJ — Leo A. Esses has joined Weichert Commercial Brokerage’s Central New Jersey Office as senior vice president.

Esses brings with him over 25 years of experience in real estate, marketing Leo Esses and business development.

Esses’ expertise includes all

aspects of leasing, purchasing, selling and developing industrial warehouses, distribution centers and manufacturing facilities located throughout Northern and Central New Jersey.

Weichert has also announced that Ron Labin, CRP, SGMS has joined the company as vice president, Business Development.

In this role, Labin will lead WRRI’s sales efforts throughout the eastern United States. ■

Government sponsored economic . . . continued from page 3B and, eventually, into a taxexempt bond in the amount of $3,250,000 & a direct fixed asset loan in the amount of $1,250,000.

The result? The Company was able to make a sound financial decision and purchase and move into its current manufacturing facility and headquarters—a modern, 71,500 s/f building in Teterboro, NJ. The CBA plan made it far more cost-effective in the long term for the Company to purchase the Teterboro building than trying to lease more space in Long Island City, NY. David Berger, of Carl Berger Associates, explains the package his company put together for the company was right for the unique set of conditions that particular company faced.

But each situation is radically different, of course, and so CBA offers, at no cost to prospective clients, to consult on finding programs that can qualify other

businesses for long-term, lowinterest financing, sometimes as low as 3%.

The Plastic Manufacturer’s experience is hardly unusual for CBA clients. In recent years, many other businesses have received CBA’s assistance to acquire land, buildings, and equipment, or restructure their mortgages and debt, among other financial maneuvers.

Such clients have been able to make these moves despite the economy’s struggles and the recent spate of bank mergers, illustrating that there is no substitute for decades of financial expertise and positive results. Government assistance programs are out there, but businesses need guidance in finding and taking advantage of them. CBA invites your inquiries regarding current or long-term financing options.

David A. Berger, chief financial consultant at Carl Berger Associates. ■

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Mid Atlantic Real Estate Journal — New Jersey — July 15 - 28, 2011 — 11B

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12B — July 15 - 28, 2011 — New Jersey — Mid

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Industrial Commercial Real Estate Women, Inc. www.icrewnj.org 75 members and guests attend President Shelia Spriggs Nall KSS Architects snall@kssarchitects.com.

President Elect. & Crew Network Delegate Cheryl Hardt CB Richard Ellis, Inc. cheryl.hardt@cbre.com Treasurer Sefi Silverstein, CPA Wilkin & Guttenplan ssilverstein@wgcpas.com Recording Secretary Patricia Faulkner NAI Global pfaulkner@naiglobal.com Director of Programming Monica Ceres Giordano Halleran & Ciesla, PA mceres@ghclaw.com Director of Philanthropy Susan C. Karp Farer Fersko, P.A. skarp@farerlaw.com Director of Sponsorship Patricia Riedel CB Richard Ellis, Inc. patricia.riedel@cbre.com Director of Sponsorship Mary Lynn Kearns Dancker, Sellew & Douglas mkearns@dancker.com Director of Special Projects: Golf Robin Grossman Edge Technologies rgros30687@aol.com Director of Special Projects: Website/PR Rebecca Machinga WithumSmith+Brown PC rmachinga@withum.com Advisor & Crew Network Delegate Silvana Finizio Carousel Industries sfinizio@carouselindustries.com Advisor Annette Murray Wilkin & Guttenplan amurray@wgcpas.com Advisor & Bylaws Jennifer Palestri Normandy Real Estate Partners jpalestri@normandyrealty.com

ICREW NJ holds networking event at Liberty House ERSEY CITY, NJ — With the skyline of Lower Manhattan as a backdrop, 75 members and guests of ICREW NJ attended the organization’s June networking reception Cheryl Hardt at Liberty House in Liberty State Park, Jersey City.

J

“This organization continues to provide its members with the opportunity to develop and build business relationships through networking and interaction,” said Cheryl Hardt of CB Richard Ellis, President-Elect of ICREW NJ. “This organization is also clearly focused on educating its members throughout the Tri-state region.”

The organization also continues to support worthy charitable causes. Fifty percent of the Networking Cocktail Reception’s net proceeds have been donated to the New

York University Langone Medical Center Brain Tumor Research Fund in memory of

ICREW NJ will host a Prospective New Member Breakfast at The Newark Club in

“This organization continues to provide its members with the opportunity to develop and build business relationships through networking and interaction,” — Cheryl Hardt, ICREW NJ President-Elect Riva Sloan, ICREW NJ member and co-founding partner of the Axis Architectural Studio in Englewood, NJ. “As we remember Riva and her contributions to this organization and industry, we are honored to be able to support this worthy cause,” said Hardt, leading tributes from friends and co-workers.

The next event on the calendar for ICREW NJ is a members-only Wine Tasting and Dinner Event, scheduled for Thursday, July 28, 2011 at The Wine List of Summit and Fiorino Ristorante, both in Summit, NJ. The event will benefit Dottie’s House, a transitional housing facility for women and children of domestic violence situations.

On September 21, 2011,

Newark, NJ. ICREW NJ is the New Jersey organization for women involved in all aspects of commercial and industrial real estate. 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. For more information on programming, sponsorship or membership, please contact ICREW NJ at (609) 585-6871, via email icrewnj@crewnetwork.org or visit their website at www. icrewnj.org. ■

Attention ICREW NJ Members!!!

If you would like to submit articles or transactions to appear in the Mid Atlantic Real Estate Journal, please contact:

Linda Christman, Publisher 800-584-1062 x 203 or email Linda at lchristman@marejournal.com

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Mid Atlantic Real Estate Journal — New Jersey — July 15 - 28, 2011 — 13B

“ASK AN EXPERT” DIRECTORY INQUIRING MINDS WANT TO KNOW HOW TO FIND OUR Scott C. Butler Neil A. Stein Andrew B. Cohn

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B Back Cover — July 15-28, 2011— New Jersey — Mid

Atlantic Real Estate Journal

Solving Problems Engineering Solutions . . .

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PENNSYLVANIA

SHOPPING C ENTERS R E J EAL

STATE OURNAL

Section C of the Mid Atlantic Real Estate Journal

NAI/CIR represents Smokes R Us of PA in 1,800 s/f lease

ROCK Commercial Real Estate executes transactions totaling $1.188m in York County

Y

ORK COUNTY, PA — Two industrial buildings and one commercial building were sold for a total of 35,237 s/f and six leases totaling 6,699 s/f occupied 1 retail and 5 office spaces in York County.

Ellis & Sons Enterprises Limited Partnership bought a 20,208 s/f industrial warehouse building on 3.02 acres at 3564-3570 Gillespie Dr. ROCK Commercial Real Estate, LLC represented both the seller

3564-3570 Gillespie Drive and the buyer in this $750 Z-LAK Real Estate Holdthousand dollar transaction. ings LLC bought a 12,467

JULY 15 - 28, 2011

HI-LIGHTS SSH Mgmt. secures property management contract SSH Management, LLC has added The Wallace Building, 642 North Broad St. Philadelphia to their Property management portfolio.

See page 2C.

Hollister Construction Services completes 40,000 s/f Hollister Construction Services PA announced that it has completed an interior fit-out for State Street Bank.

See page 10C.

ALSO INSIDE: EASTERN PENNSYLVANIA SPOTLIGHT ............................. 5-14C

s/f industrial building on 0.74 acre at 1377 Spahn Ave. ROCK represented both the seller and the buyer in this $213 thousand dollar transaction. The buyer, The Heidler Group has consolidated their operations to 2120 Alpha Dr. Chiro-Dynamics bought a 2,562 s/f commercial freestanding building on 0.27 acre at 1401 East Market St. ROCK represented the buyer in this $225 thousand dollar transaction.

Smokes R Us of PA leased 1,800 s/f of retail space at 2730 South Queen St. ROCK represented the landlord and NAI/CIR represented the tenant.

Psychological Associates of Pennsylvania, PC leased 1,645 s/f of office space at 1010-1030 Plymouth Rd. ROCK represented both the landlord and the tenant.

MLEND leased 1,898 s/f of office space at 1770 East Market St. ■

Steinberg represented Exeter Property Group inhouse

CB Richard Ellis brokers 108,160 s/f lease at 275 Cross Farm Lane, York WAYNE, PA — CB Richard Ellis, Inc.’s (CBRE) Industrial Services team of senior associate Vincent Ranalli and senior vice president Joseph McDermott brokered a 10-year, 108,160 s/f lease with LKQ Corporation at 275 Cross Farm Ln. The property, owned by Exeter Property Group, is a highbay industrial building with excellent access to I-83. LKQ Corporation is a distributor of alternative collision replacement auto parts.

“By relocating to 275 Cross Farm Lane, LKQ was able to reduce costs, improve efficiencies and streamline their supply chain. 275 Cross Farm Lane gives LKQ the opportunity to

275 Cross Farm Lane be closer to their operations (PA Turnpike) and I-81, 275 and expand as their business Cross Farm Lane is situated in continues to grow,” added Ra- an industrial park setting with nalli. The financial details of other significant companies inthe transaction remain undis- cluding United Natural Foods, closed. and UniLife. Henry Steinberg Located near Exit 28 of I-83, represented Exeter Property with easy connections to I-76 Group in the transaction. ■

METAL BUILDING RE-ROOFING

CREW PHILADELPHIA ................................................ 12-13C

METAL SYSTEMS

PEOPLE ON THE MOVE ......................................................15C CREW LEHIGH VALLEY ......................................... 20-IBC-C Section C, 20 pages

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C Inside Cover — July 15-28, 2011 — Pennsylvania — Mid

Atlantic Real Estate Journal

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Mid Atlantic Real Estate Journal — Pennsylvania — July 15-28, 2011 — 1C

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2C — July 15-28, 2011 — Pennsylvania — Mid

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PENNSYLVANIA For the 308,616 s/f Wallace Building

SSH Mgmt. secures property management contract

P

HILADELPHIA, PA — SSH Management, LLC has added a building to their Property management portfolio.

The Wallace Building, 642 North Broad St. is a 308,616 s/f, seven-story office building that is owned and mostly occupied by The Philadelphia Corporation for Aging. The building was built in 1903 and renovated in 1987. The atrium-style lobby and cathedral ceilings offer an impressive welcome upon entering the facility. The property also offers on-site parking, 24/7 onsite security, and a new HVAC system.

The Wallace Building is actually comprised of two buildings. The larger of the two faces Broad St. and has more than 32,000 s/f per floor. Bordering Wallace St., the smaller building contains 10,000 s/f

The Wallace Building per floor. The two buildings look forward to working with are connected at the fifth and them.” said Jeff Seligsohn of sixth floors.

SSH Management. ■ “Our experience with older, historic buildings really Pennsylvania separates us from the other Real Estate Journal companies. We are excited to have PCA as a client and a section of the

Secon Corporation’s Abele Business Park receives five new tenants BRIDGEVILLE, PA — Abele Business Park welcomes new tenants - Evolution Sports Institute, Sunburst Consulting, Archer Exteriors, ProTechnics, a division of Core Laboratories and Dell Fastener Corporation.

Square footage for these leases total 13,906.

Abele Business Park offers South Hills office leasing, light industrial space, office and storage flex space as well as commercial for sale opportunities. Immediate, pad-ready sites for build-to-suit.

Summerfield Commons Office Park, Upper St. Clair announced new long term leases for Gray Elder Law, Wright Associates, and Upper St. Clair Chiropractic Clinic. Leases

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

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Abele Business Park total 4,882 s/f.

Cedar Ridge Business Park at the Crafton Exit of I-79 in Robinson Township added Steps to Independence, Midnight Blue Technology Services, Special Olympics and AIM Construction to its tenant roster. Total leased over 4,900 s/f.

Secon Corp. is a full-service real estate developer, manager, and leasing company. ■

Section Publisher Elaine Fanning efanning@MAREJournal.com

Section Editor Karen Vachon editor@marejournal.com

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Mid Atlantic Real Estate Journal — Pennsylvania — July 15-28, 2011 — 3C

PENNSYLVANIA Art Campbell of CAMPBELL reps tenant in 2,500 s/f

Landmark Comm’l. Realty completes 13,175 s/f in leases

SERVING CENTRAL PENNSYLVANIA FOR OVER 50 YEARS

P

• Investment Sale & Acquisition

• Property & Portfolio Dispositions

• Site Selection

• Property Management

Harrisburg, PA — Paychex has recently leased approximately 7,000 s/f of office space 2405 Park Dr., Harrisburg, Lower Paxton Township, Dauphin Cty. from Szeles Real Estate and Development. Thomas Posavec, SIOR of Landmark Commercial Realty, Inc./ONCOR International and Todd Smith of the Acclaim Group handled the leasing arrangements on behalf of the tenant.

The U.S. Department of Agriculture has leased 3,675 s/f of office space located at 2300 Vartan Way. Posavec and Roy Brenner of Landmark Commercial Realty, Inc./ONCOR International negotiated the long term lease arrangement on behalf of the Building Owners, The Vartan Group.

MoneyLine Lending LLC has

2405 Park Dr., Harrisburg leased 2,500 s/f of office space resented both the tenant and at 875 Market St., Lemoyne. landlord, Capitol Property Andrew Kohr of Landmark Management in the leasing Commercial Realty, Inc./ON- transaction.

COR International representNevzad and Senija Basic ed the landlord, 875 Market have purchased the property St., LLC and Art Campbell of at 1509 Market Street, Camp Campbell Commercial Real- Hill, Cumberland County, tors represented the tenant in Pennsylvania to use as a resthe leasing transaction. taurant.

Studio 101 Photography Kohr represented the seller, has leased office and ware- James Carchidi, and Ted Barnhouse space for a photography hart and Denise Amig of RSR studio at 207 Walnut Alley, Realtors represented the buyNew Cumberland. Kohr rep- ers in the sales transaction. ■

Pittsburgh Commercial represents Schoolhouse Yoga PITTSBURGH, PA — Schoolhouse Yoga will be opening its first suburban yoga studio in the North Hills at the McKnight Shops, located at 7206 McKnight Rd. Jessica Jarosz, associate at Pittsburgh Commercial, was engaged as the tenant advisor to Schoolhouse Yoga. Oxford Realty Services was the agency representative.

“We were tasked with identifying a unique space that offered an accommodating environment for a yoga studio within a submarket that does not have an abundance of this type of space, Jarosz said of the assignment. “We secured a five year lease for Schoolhouse Yoga at the McKnight Shops in a space that features an open floor plan and excellent signage

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“Pittsburgh Commercial was instrumental in locating our suburban studio in the North Hills,” said Leta Koontz, founder of Schoolhouse Yoga. “The space is amazingly quiet and peaceful, and features a highlofted ceiling, a large picture window that looks out onto McKnight Rd. and a free park-

ing lot adjacent to the space, making access to our studio very convenient. The McKnight Shops location is our first suburban studio, and pairs nicely with our portfolio of Pittsburgh yoga studios, located in Squirrel Hill, Shadyside, South Side Works and the Strip District.

We’re very excited about teaching in our new space.” ■

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4C — July 15-28, 2011 — Pennsylvania — Mid

Atlantic Real Estate Journal

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

At 1327 N. Mountain Road in Lower Paxton Twp.

NAI CIR’s Santanna and Alderman ink 6,600 s/f sale

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

JOGP!QFOOTOPSUIFBTU DPN

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OWER PAXTON TWP. , PA — CSP Group, LLP has purchased a 6,600 s/f building at 1327 N. Mountain Rd. Mark Santanna and Dan Alderman, both of NAI CIR, brokered the transaction between the seller and CSP Group, LLP. Anchor Developers has purchased a 3 acre lot on York Rd. in S. Middleton Twp., Carlisle from 44 Carlisle SM One Associates LP. Alderman handled the transaction.

CertifyUp has leased office space at 1200 Camp Hill Bypass, East Pennsboro Twp. from

1327 N. Mountain Road, Lower Paxton Twp. 1200 Camp Hill Bypass, LLC. James Ross of NAI CIR arranged the lease transaction.

Deadline: July 29th

Knowledge Universe Education, LLC has opened an office at 6 Kacey Court, Upper Allen Twp. Jason Sourbeer and Brad Swidler, both of NAI CIR, represented the landlord, David A Young, and Joe Bedard, also of NAI CIR, represented Knowledge Universe. â–

Jones Lang LaSalle reports Phila 2011 office growth in second quarter

Pennsylvania’s Elite Companies In the August 12th Spotlight For details on how to feature your company in this exciting 2nd Annual spotlight!

Contact: Elaine Fanning efanning@marejournal.com 1-800-584-1062 ext 212

PHILADELPHIA, PA — Jones Lang LaSalle’s Q2 2011 Office report for the Philadelphia Metro. Area reveals steady but slow growth in the commercial office market for the fourth consecutive quarter. “Many deals of 25,000 s/f and under characterize this quarter,� said Jennifer Lamprecht, VP, brokerage operations, Jones Lang LaSalle Philadelphia.

While most activity involved smaller space, the central business district and the Pennsylvania suburbs each had one or two significant deals.

Children’s Hospital of Philadelphia (CHOP) expanded its space in the Wanamaker Building and now occupies 252,000 s/f in the building. The PA suburbs had healthy activity with GlaxoSmithKline’s (GSK) lease renewal and DaVita Dialysis’ new lease of 110,000 s/f in Malvern. The Pennsylvania suburbs also had several midrange deals, with Bala Cynwyd emerging as the busiest suburban submarket. “Sublet space continues to be filled in the Center City and the suburbs. Rental rates are static but we are seeing a downward trend on concessions,â€? said Lamprecht, “Except for the GSK project at the Navy Yard, construction projects have been limited to renovations and build-to-suit opportunities. We don’t expect this to change significantly in 2011.â€? â–

PENNSYLVANIA SPOTLIGHT EASTERN PA MAREjournal.com

Mid Atlantic Real Estate Journal — Eastern Pennsylvania Spotlight — July 15 - 28, 2011 — 5C

Kline concludes leases totaling 1,650 s/f

CBRE represented Panattoni Dev. Corp.

Colliers International facilitates $850,000 sale

Jones Lang LaSalle arranges 580,000 s/f sale

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ETHLEHEM, PA —Colliers International | Allentown Retail Division recently facilitated the sale of the former PNC Bank building located at 3076 Schoenersville Rd. to Dr. Jason M. Hartman a Board Certified orthodontist.

The closing price was $850,000. The 4,388 s/f building is situated on 2+ acres and is just off Rte. 22 and minutes from restaurants, hotels, other retail venues. Dr. Jason M. Hartman was recently voted “Best Orthodontist” in the Lehigh Valley by the Morning Call Reader’s Choice awards.

He specializes in braces and Invisalign for children and adults.

Colliers International’s Derek Zerfass was the solo broker in this transaction.

ALLENTOWN, PA — Ann

3076 Schoenersville Rd. E. Kline, vice president in Colliers International’s Office Division – Allentown - recently concluded two new office leases at Two Windsor Plaza in Allentown, PA. 1) Scribe, Inc. – leased 1,050 s/f. Scribe is an American Publishing Company with offices in Philadelphia, Al-

lentown and Fort Lauderdale.

They provide editorial, production, technology and collaborative services to publishers. 2) Delta-T Group - leased 600 s/f.

Delta-T Group is a national broker and referral service for specialized types of healthcare professionals. ■

REAL ESTATE INVESTMENT SERVICES

MACUNGIE, PA — Jones Lang LaSalle’s industrial brokerage team represented buyer Allen Distribution in the acquisition of a 580,000 s/f, state-ofthe-art distribution facility.

The distribution company acquired 3041 Schoeneck Rd., the first of three buildings in the Lehigh Valley Crossings complex. The master-planned industrial complex has been approved for a total 1.19 million square feet of class A warehouse distribution space.

“This acquisition allows Allen Distribution to expand into a new market, enhance our service offerings to our existing customers, and tap into a new customer base,” said Vice President of Allen Distribution Ryan Heishman.

The Jones Lang LaSalle team including VP Kim Meincke,

managing director John Van Buskirk, managing director Brian Knowles, and VP Jason Webb represented Allen Distribution in the purchase.

“Prior to joining Jones Lang LaSalle, I was involved with the development of Lehigh Valley Crossings,” said Meincke.

“It is professionally rewarding to see the first building find a new owner in Allen Distribution, and the acquisition demonstrates the viability and growth of industrial real estate in the Lehigh Valley.”

Panattoni Development Co. purchased the 85-acre, threebuilding development project in 2009 after the original developer Opus East was unable to continue with the project.

CB Richard Ellis represented Panattoni Development Corporation in the transaction. ■

GEOTECHNICAL ENGINEER

EARTH ENGINEERING INCORPORATED

Geotechnical Engineers & Geologists Subsurface Investigations Construction Inspection & Testing Retaining Wall Design Environmental Site Assessments and Remediation Clean Fill Testing Carbonate Site Assessments Stormwater Infiltration Testing Laboratory Soils Testing Corporate Headquarters: 610.277.0880 Lehigh Valley: 610.967.4540

Central PA: 717.697.5701 South Jersey: 856.768.1001

www.earthengineering.com

6C — July 15 - 28, 2011 — Eastern Pennsylvania — Mid

Atlantic Real Estate Journal

MAREjournal.com

EASTERN PA

By Chuck Evans, Seedcopa

SBA 7a & 504 Loans continue to be the market’s best real estate financing program hen I poll a group of real estate brokers and ask if they have ever used the 504 program, most say no and do not know what it is. When I then ask the same group if they have Chuck Evans ever used an SBA product few say yes, but couched the response with “it’s a slow and cumbersome process” and “too much paperwork”.’ There is both some

W

truth and some fallacy to these perceptions.

In eastern Pennsylvania, there are approximately 100 lenders that have made an SBA 7a or 504 loans last year.

There are less than 20 who have made more than 10 per year. The SBA loan program is a process and it requires knowledge and expertise.

That being said the lenders who are in this business “full time” understand the regulatory requirements, can work though the paperwork and know the system enough to make it a pain free and seam-

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less process. A list of the top 20 lenders can be found at www. seedcopa.com or www.sba.gov Assuming you secure one of the “top 20” it can be a quick and seamless process, taking as little as 30-45 days from the initial meeting to closing.

The benefits of the program are numerous, including • 20-25 year full term loans with no balloon payments • Extended maturities for working capital, machinery and equipment and real estate financing • Loan to value requirements from 90-120%

• Refinance programs • Below market 20-year fixed rates and variable rates, depending on the program • Owner Occupied Projects, no investment properties There are basically two major SBA loan programs, the 7a guaranty and the 504 program.

The SBA 7a is a very flexible program and can be used for real estate, business acquisition, machinery and equipment, working capital and refinance. This is a bank loan with a guaranty from the SBA. These loans are

characteristically made on a variable rate (prime + 2.75%) and the credit criteria are the banks. That being said, 100 banks each with their own credit criteria means that you may have success with one but be turned down by another. All banks may utilize the SBA guaranty but with their own appetite for lending and individual requirements.

The SBA 7a program is a true credit enhancement for those projects where extended loan maturities, under collateralized projects, can be enhanced with a government backed guaranty.

The 504 program has a more narrow focus, but a more attractive rate structure. This program is offered only through economic development focused companies called Certified Development Companies (CDC’s) authorized by the SBA to provide subordinated financing for owner occupied commercial real estate and equipment loans. The bank is asked to make a senior loan for 50% of the cost of the project and the CDC is asked to make a subordinated loan for up to 40% of the project.

The CDC loan is immediately assigned to the SBA and then sold on the capital markets at rates currently running 5.5% fixed for a 20-year term.

These loans are designed to create and retain jobs (15 jobs per $1 million loaned). As a job creation financing vehicle, the borrowers tend to be any company that wants 90% financing with long term below market rate protection. This program is different from its big brother the 7a program in that it is more of a rate and preservation of capital enhancement versus a credit enhancement, like the 7a, a narrow focus but better rate.

This program is underutilized in the Mid-Atlantic area but is starting to catch on as the 2- 3 CDC’s that make more than 50 loans per year are become more popular.

In conclusion, I would suggest that you find a lender that makes at least 40+ SBA loans per year, determine the best program for your needs and try it. You may be surprised.

Chuck Evans is the Managing Director of Seedcopa, a Certified Development Company located in Pennsylvania. ■

MAREjournal.com

Mid Atlantic Real Estate Journal — Eastern Pennsylvania — July 15 - 28, 2011 — 7C

EASTERN PA In the Bala Cynwyd Shopping Center

Legend Properties’ Aristone & DePetris broker 12,000 s/f deal for Michaels Stores

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ALA CYNWYD, PA — Legend Properties Inc., a full service commercial real estate firm in Pennsylvania, New Jersey and Delaware, recently brokered a deal for Michaels Maria Rita Stores, Inc. Aristone Maria Rita Aristone, president, and James DePetris, CEO, represented the tenant to secure a location for a 12,000 s/f store to

be opened in the Bala Cynwyd Shopping Center located on City Line Avenue.

The center is owned by Federal Realty Investment Trust.

T h e store has a planned date to open James its doors AuDePetris gust 2011.

L e g e n d Properties has completed over 40 transactions for Michaels Stores. â–

Bala Cynwyd Shopping Center

Denholtz Associates leases 23,200 s/f in Pennsylvania ALLENTOWN, PA — Denholtz Associates announced the recent completion of two new flex lease transactions in the Pennsylvania marketplace during the first quarter of 2011, which totaled 23,200 s/f.

More specifically, Focus Fiber Solutions signed a 16,800 s/f lease at 969 Postal Rd. In addition, RestoreCore Inc, a company that restores homes, businesses and lives after a catastrophe, signed a 6,400 s/f lease agreement at the same property. Coldwell Banker Feist & Feist Realty Corp. represented the landlord and tenant in both transactions. “We closed the first quarter of 2011 with a significant up-tick in leasing activity across our entire portfolio, as liquidity slowly returns to the marketplace and tenants are now able to access the capital needed to relocate to higher quality assets that are well-located,â€? said Stephen Cassidy, president of Denholtz Associates. “We remain optimistic about our continued success in completing deals as the market rebounds and we expect to see this positive momentum continue throughout 2011 and into 2012.â€? “Lehigh Valley, and particularly Allentown, has consistently delivered favorable returns due to low rental rates and its convenient location near Philadelphia and New York City, which continue to make it one of the most desirable office corridors in the Northeast,â€? added Kristine Hurlbut, senior vice president of leasing for Denholtz Associates. â–

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C — July 15 - 28, 2011 — Eastern Pennsylvania — Mid

Atlantic Real Estate Journal

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We are seasoned professionals in the field of transactional real estate law with more than 20 years experience.

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Mid Atlantic Real Estate Journal — Eastern Pennsylvania — July 15 - 28, 2011 — C

Eastern PA

10C — July 15 - 28, 2011 — Eastern Pennsylvania — Mid

Atlantic Real Estate Journal

MAREjournal.com

Eastern PA State Street Bank office space

Hollister Construction Services completes 40,000 s/f

On Five Crescent Drive, 200,000 s/f

GlaxoSmithKline & Liberty/ Synterra break ground

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ERWYN, PA — Hollister Construction Services Pennsylvania, a full-service general contractor and construction manager specializing in industrial, commercial and retail construction, today announced that it has completed an interior fit-out for State Street Bank.

Designed by architectural firm Meyer Design, Inc., the approximately 40,000 s/f project, which is spread across two floors, features both office and conference center spaces with state-of-the-art video conferencing capabilities. Stone flooring and wood wool panels highlight the renovated lobby area.

“The State Street Bank fitout is an example of incorporating necessary technology into an office environment to make the space more workable for the client,” said John Bickel, president of Hollister Construction Services Pennsylvania. “The effective use of color, wood and stone accents also gives the location a warmer, but still professional appearance.”

State Street Corporation is one of the world’s leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. State Street operates in 26 countries and employs 28,670 worldwide.

The Hollister project team responsible for the successful completion of this assignment is project executive Rich

Stone floring and wood wool panels highlight the renovated lobby. The effective use of color along with the wood and stone accents gives the location a warmer yet professional appearance.

“The State Street Bank fit-out is an example of incorporating necessary

technology into an office environment to make the space more workable for the client.” - John Bickel

Campbell, project manager Pat Gail and project administrator Cheri Baxter.

In 2010, Hollister complet-

ed construction on 38 projects, with a combined value of approximately $57 million, throughout the Northeast. n

5 Crensent Drive at the Philidelphia Navy Yard PHILADELPHIA, PA – Just four months after executing an agreement to build “the workplace of the future” at The Navy Yard Corporate Center, GlaxoSmithKline and Liberty Property Trust/Synterra Partners broke ground today on Five Crescent Drive. The 205,000 s/f, four-story environmentally friendly facility represents an $82 million investment by Liberty.

At today’s event, Deirdre Connelly, president of North America Pharmaceuticals at GlaxoSmithKline, was joined on stage by Liberty CEO Bill Hankowsky and Regional Director John Gattuso; Bill Wilson, CEO of Synterra Partners; Dan Phelan, Senior Advisor to the CEO of GSK; Philadelphia Mayor Michael A. Nutter and Peter Longstreth, president of Philadelphia Industrial Development Corporation (PIDC.) Connelly, speaking from a podium with the site of the building as a backdrop, said, “Our new home at The Navy Yard will revolutionize the way our team works together.

Designed to increase collaboration and communication, the new space will inspire our employees and help them find the innovative solutions that

will improve the health of the patients we serve.”

In February, GSK signed a 15.5-year lease for the green building and site work immediately began. GSK plans to move all employees currently based at the One and Three Franklin Plaza buildings in Center City Philadelphia to the new building between fourth quarter 2012 and first quarter 2013, immediately after completion.

“Already a hub for forward thinking companies, the promise of this 21st Century high performance work environment cements The Philadelphia Navy Yard as one of the most sustainable workplaces in the nation and extends our long and mutually beneficial relationship with GSK,” said Gattuso.

“The Philadelphia Navy Yard is not only one of the most vibrant and progressive work environments in the City, but it is a model throughout the nation,” said Mayor Nutter. “I am excited that GSK has decided to break ground in The Navy Yard with a new, innovative, LEED certified building, which will keep this iconic business with strong ties to Philadelphia within the city.” n

Marcus & Millichap promotes Taylor to first VP investments

Renovated lunch and break rooms, along with new state of the art conference centers provide a comfortable work environment.

PHILADELPHIA, PA ­ — Marcus & Millichap Real Estate Investment Services has promoted Mark Taylor to first vice president investments. This achievement is one of the highest levels of Mark Taylor recognition the firm awards

to its investment specialists.

Most recently, Taylor held the title of vice president investments. Taylor joined the firm in 2001 and was promoted to senior associate in December 2004. He was named VP of investments in January 2008.

Taylor specializes in the sale of retail shopping centers and net-leased property investment real estate. n

MAREjournal.com

Mid Atlantic Real Estate Journal — Eastern Pennsylvania — July 15 - 28, 2011 — 11C

Eastern PA Universal Institute specializes in helping with traumatic brain and spinal cord injuries

Dietrick Group represents landlord & tenant in the leasing of 314 E. 3rd Street in Bethlehem

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ethlehem, PA — Dietrick Group, LLC represented landlord and tenant in the leasing of 314 E. 3rd Street in Bethlehem to Universal Institute.

Universal Institute specializes in helping people with traumatic brain and spinal cord injuries, developmental disabilities and other neurological conditions. Universal offers residential services, rehabilitation services and vocational services. Their new location on 3rd Street functions both as a rehabilitation center and an Art Gallery where the public can view and purchase artwork and jewelry made by Universal Institute clients during their art therapy sessions. n

Bethlehem, PA — Centro Properties Group announced a 1,610 s/f lease has been executed with GameStop at Bethlehem Square, located 0.25 mile south of Rte. 22 on Nazareth Pike.. Randy Hope of Metro Commercial Real Estate represented GameStop. Centro Properties Group is the owner of Bethlehem Square and was represented by Suzanne Cadden-Christman with Centro Properties Group. n

DIETRICK GROUP, LLC Featured Properties Available in Bethlehem, Pennsylvania Real Estate Sales, Appraisal & Property Management Southside Office/Retail Space for Lease | Bethlehem, Northampton County

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Roddy represents Winthrop Props. in acquisition of 516 Stump Rd. Montgomeryville, PA — Roddy Inc. represented Winthrop Properties, LLC, an entity related to Panadyne, Inc., in the acquisition of 516 Stump Rd. Frank Roddy, president of Roddy Inc. who handled the transaction on behalf of Winthrop Properties, LLC, advised that CFC Investors, Ltd., represented by Barry Greenberg of Colliers International, sold the 22,890 s/f one-story building located on 2.48 acres for $1.4 million.

Panadyne, Inc. is a processor and distributor of specialty raw materials for advanced technical ceramics and surface finishing technologies used in a wide range of industries. n

±2,859Ͳsf suite available in the Third & Polk Building Located at the signalized intersection of E. 3rd and Polk Streets Currently fitͲout as a restaurant; however, space has endless possibilities Prime corner retail location in Southside Bethlehem

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

Centro Properties & Metro Comm’l. orchestrate 1,610 s/f lease extension

Universal Institute

12C — July 15 - 28, 2011 — Eastern Pennsylvania — Mid

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MAREjournal.com

Commercial Real Estate Women Philadelphia Chapter

www.crewphiladelphia.org

2011 Philadelphia Board of Directors

By Hannah McPhelin – Communications & Rebecca Udell – Communications Chair

President Tracy L. Steele, Esq. Morgan Lewis & Bockius LLP Immediate Past President Deborah A. Gilmore The Reinvestment Fund President Elect Sharon N. Humble, Esq. Linebarger Goggan Blair & Sampson, LLP Treasurer Lisa Keane, CPA EisnerAmper, LLP Assistant Treasurer & Secretary Jeanne Armstrong WH Pounds Commercial Real Estate LLC CREW Network Delegates Bettyann Silvius The Sullivan Company Janet Kimbleton Grace Athenian Properties, LLC Community Outreach Chair Cari L. Bryce RAIT Financial Trust Community Outreach CoChair / Mentoring Beth Slanker BPG Management Company, L.P. Community Outreach Co-Chair / Philanthropy Fon S. Wang, AIA, LEED AP UCI Architects, Inc. Community Outreach Co-Chair / Philanthropy Jessica R. Spadaford P. Agnes Membership Chair Raelene V. McCarthy MKSD Architects Membership Co-Chair Judy Owens Channick Environetics Design, Inc. Events / Professional Development Chair Seem Bali, LEED AP CIGNA Events Co-Chair / Arrangements Amanda Ryland Remington Group, Inc. Events Co-Chair / Programs Leslie K. Watkins The Art Partnership Sponsorship Chair Lynn A. McDowell Beneficial Bank Sponsorship Co-Chair Peggy Gallagher, CCIM PG Commercial Real Estate, Inc. Communications Chair Rebecca E. Udell KSS Architects LLP Communications Co-Chair / Website Kristina C.S. Harshany, CES Citibank, N.A. Communications Co-Chair / PR Terry Whitaker Crossbow Studio

J

Bastille to Broad Street… A Piece of History with a Philanthropic Twist

anet Kimbleton Grace, an avid philanthropist and preservation, has married her two passions and organized what promises to be a fabulous CREW Philadelphia networking event to supJanet port CREW F o u n d a - Kimbleton Grace tion.

As a current CREW Philadelphia board member and CREW network delegate, Janet has volunteered to be the 2011 Chapter Champion for Crew Foundation and is responsible to raise awareness and promote fundraising for CREW Foundation. Janet has organized a cocktail and networking event at The Athenaeum in Philadelphia where attendees will be able to see the “Bastille to Broad Street” exhibit and take a docent led tour of the Landmark 1845 John Notman Brownstone Building. Attendees will learn how Napoleon’s success in Europe expressed itself in some of the most beautiful commercial buildings in Philadelphia.

French influences abound in

many of our greatest buildings, including the Union League, City Hall and 30th Street Station.

The Athenaeum is a member supported, not-for-profit, special collections library founded in 1814 to collect materials “connected with the history and antiquities of America, and the useful arts, and generally to disseminate useful knowledge” for public benefit.

The Athenaeum building was designed in 1845 by the innovative architect John Notman (1810-1865). It is widely hailed as the seminal American structure in the Italianate Revival Style and one of the first Philadelphia buildings built of brownstone. It was declared a National Historic Landmark in 1977. It provides the Philadelphia region with a resource of first resort on matters of architecture and interior design history, particularly for the period 1800 to 1945 and a collection of American fine and decorative arts from the period 1800 to 1850.

Janet selected the Athenaeum for the CREW Foundation fund raising event because the venue provides the historical back bone of the Architectural industry while CREW Foun-

dation supports the future of young women entering the real estate industry as their chosen profession. In order to secure this memorable venue, Janet turned to fellow CREW member and Past President Terri Johnson, who reached out to the Athenaeum’s Curator of Architecture, Bruce Laverty, a friend and associate of Terri’s.

CREW Foundation was formed in the early 1990’s as the philanthropic arm of CREW Network. The mission of CREW Foundation was to provide financial support for programs that promote the self-sufficiency of women and girls. In the first year following the formation of CREW Foundation the amount raised and donated was less than $10,000.

Fundraising increased over the years and by 2007, the Foundation was regularly distributing $40,000 per year.

In 2008, CREW Network celebrated its 20th anniversary and its Foundation’s mission evolved from general empowerment of women and girls to providing college scholarships to women who study in any of the 32 fields related to commercial real estate.

Fundraising increased and

btween 2008 and 2011, thirtynine (39) $10,000 scholarships were awarded to junior and senior college students all over the country. Today, there is an endowment of $410,000 with the goal of raising $2 Million. In 2011, two Villanova students were recipients. The scholarship also includes a paid internship, so that the recipient can obtain hands-on experience, expand her resume and start her own professional network.

Last year, Philadelphia philanthropist Gerry Lenfest provided matching funds of $10,000 to the scholarship fund. This year CBRE is providing a $75,000 dollar for dollar match of the donations provided to CREW Foundation. During the Athenaeum event, Janet Grace will match the donations made to CREW Foundation dollar for dollar up to $500 with a donation to the Athenaeum since they so generously donated the venue for this event. Janet has also generously donated a silver and gold cuff bracelet valued at $450 which will be raffled off at the end of the evening to everyone who has made a $5 donation to CREW Foundation. n

Upcoming Event

2011 CORPORATE SPONSORS

From Bastille to Broad Street Thursday, July 28, 2011 5:30 pm – 7:30 pm The Athenaeum of Philadelphia - 219 S. 6th St. Philadelphia, PA Cost: Registration Coming Soon!

Networking and Tour

SKYSCRAPER LEVEL Morgan Lewis & Bockius LLP

Find out why Napoleon’s success in Europe expressed itself in some of the most beautiful commercial buildings in our City.

From the Union League to City Hall to 30th Street Station, the French have influenced many of our greatest buildings.

Join CREW Philadelphia at the Athenaeum of Philadelphia for cocktails and networking. See the “Bastille to Broad Street” exhibit and take a docent led tour of this Landmark 1845 John Notman Brownstone Building – http://www.philaathenaeum.org.

Katie Couric and Rocky’s wife Adrian Balboa both decided the Athenaeum was a must see. Find out why when you visit CREW Network Foundation’s table and make a donation to the CREW Network Foundation. Everyone who donates $5 or more will be entered in a drawing to win a $450 silver and gold cuff bracelet.

The drawing will be held at the end of the evening. CREW Member Janet Grace will match your donation, dollar for dollar with a donation to the Athenaeum up to $500. In addition, CBRE will match all donations made to CREW Foundation for 2011 up to $75,000.

HIGH RISE LEVEL Ballard Spahr LLP GROUNDBREAKER LEVEL Abington Bank Advantage Building & Facility Services, LLC AlliedBarton Security Services Asher & Company, Ltd. Bedford Cost Segregation, LLC EisnerAmper LLP BUILDING BLOCK LEVEL McConnell Johnson Real Estate Company UCI Architects, Inc.

MAREjournal.com

Mid Atlantic Real Estate Journal — Pennsylvania — July 15-28, 2011 — 13C

How Our CREW Can Help Yours Our crew has lawyers with practical commercial real estate experience, backed by the firepower of a 500-lawyer national firm with a track record of success for over a century.

We can help with: • • • • • • • •

acquisitions/divestitures finance land use and zoning green building/sustainable development leasing development economic development projects real estate litigation

Hannah Dowd McPhelin 717.255.1128 | mcphelinh@pepperlaw.com

www.pepperlaw.com Berwyn | Boston | Detroit | Harrisburg | New York | Orange County Philadelphia | Pittsburgh | Princeton | Washington, D.C. | Wilmington

MISSION

To advance the success of women in commercial real estate

SPONSORSHIP OPPORTUNITIES CREW Philadelphia has approximately 150 members engaged in all facets of

commercial

real

estate.

CREW

Philadelphia is a founding Chapter of CREW Network, our national umbrella organization which comprises more

CREW (Commercial Real Estate Women) Philadelphia is a professional organization that influences the success of the commercial real estate industry by advancing the achievements of women. Its more than 140 local members are engaged in all facets of commercial real estate.

Our budget is funded entirely from dues and sponsorships. Sponsorship provides us the opportunity to serve our members with quality programs and community through purposeful philanthropy. Sponsors can choose the exposure they desire from a variety of Annual or Event Specific levels.

For further information contact: Lynn McDowell, Sponsorship Chair at (215) 864-5622 / lmcdowell@thebeneficial.com or Peggy Gallagher, Sponsorship Co-Chair at (215) 793-0406 / peggyg@pgofficespace.com

than 8000 real estate professionals in 68 markets who are willing to connect and who care that you succeed. www.crewphiladelphia.org

Thank you to our 2011 Sponsors: Skyscraper Sponsors:

Ground Breaker Sponsors:

Building Block Sponsors:

Morgan Lewis

Abington Bank

McConnell Johnson Real Estate

Asher

UCI Architects, Inc.

Bedford Strategies and Solutions High Rise Sponsors:

EisnerAmper Accountants & Advisors

Ballard Spahr, LLP

Advantage Building & Facility Services, LLC Alied Barton

14C — July 15 - 28, 2011 — Eastern Pennsylvania — Mid

Atlantic Real Estate Journal

MAREjournal.com

Eastern PA Commercial Real Estate

Commercial Real Estate

Country View Manor

Dunmore, PA

$7,400,000

Newly remodeled 75 unit apt complex. New Kitchens, baths, appliances, carpet, tile, windows, roofs and siding. OnͲsite Manager, office, fitness room, community event room & playground. 1,2 & 3 bedrooms, some with master suites. Less than one mile from from IͲ81, Penn State Worthington & Marywood University. 3 miles to downtown Scranton.

100% occupied with waiting list. Assumable mortgage. Please call or email Steven Farrell, Owner/Broker, at 570.587.7000, x 1102, sfarrell@classicproperties.com , for additional information.

Industrial Commercial Real Estate

I N D U S T R I A L S P A C E NORTHEAST PENNSYLVANIA

CENTRAL PENNSYLVANIA

Pittston—55,000 sq.ft., 11 ac, 30’, 8 docks Duncansville—160,000sq.ft. available, at IͲ81/IͲ476 18’, ample docks, heavy power Freeland—154,400 sq.ft., ch to 18’, 12 docks, heavy power—REDUCED

Bellefonte—478,622 sq.ft. on 173.6 ac, cranes, rail, 10MM gpd natural spring, heavy power

Delaware Water Gap—111,740 sq.ft. on 27.51 acres, 100% AC, IͲ80 EXPOSURE

Clearfield—87,926 sq.ft. on 53.59 ac, 18Ͳ30’, 12 docks, REDUCED!

Mountain Top—84,339 sqq.ft. on 22.8 ac, Hanover—93,778 sq.ft. on 9 acres, 26’ 10 light cranes, heavy power, near IͲ80/IͲ81 dock doors, rail siding Hometown—65,160Ͳ98,000 sq.ft. lease or Havre de Grace, MD—167,270 sq.ft. on entire 153,920 sq.ft. sale w/income, 25.63 ac, 16’Ͳ28’ rail siding, EASY ACCESS 3000 A power, 18Ͳ26’ TO IͲ95 REDUCED!!

Mountain Top—105 acres, all utilities, rail HART CORPORATION

INTERNATIONAL INDUSTRIAL REAL ESTATE

NEW HART CORPORATION

Dave Beal 215.322.5100 dbeal@hartcorp.com

Architect

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Mid Atlantic Real Estate Journal — Pennsylvania — July 15-28, 2011 — 15C

PEOPLE ON THE MOVE Certified Commercial Investment Member

To portfolio leasing manager

LMS Commercial Real Estate promotes Wilay Boensch

L

ANCASTER, PA — Property Management Alternatives, inc., d/b/a LMS Commercial Real Estate has promoted Wilay Boensch to portfolio leasing manager. In Wilay Boensch

this role Boensch will be actively engaged with overseeing the leasing activity for a portfolio of Regional, Grocery, and Neighborhood Shopping Centers throughout Central PA. LMS Commercial Real Estate is a full service commercial real estate firm specializing in leasing, management, sales, development, construction, and acquisi-

tions of commercial real estate assets including retail and medical properties. Currently its leasing department oversees the leasing efforts of more than 6.5 million s/f of commercial space.

Boensch, of Landisville, joined LMS Commercial Real Estate in 2007 and is a graduate of Millersville University. ■

K&W Engineers and Consultants advances Delo HARRISBURG, PA — K&W Engineers and Consultants of Swatara Township, Dauphin County, recently promoted Terri Delo, EIT from staff engineer to project mana g e r. H e r new responTerri Delo sibilities will include management of a de-

sign team in the Harrisburg office with a primary focus on project scope, schedule and budget.

Terri has 8 years of experience in the design of subdivision, land development, and stormwater management plans for commercial, industrial, institutional and residential development projects. She is an engineer in training in Pennsylvania and holds a Bachelor of Science

YORK, PA — According to The ROCK Commercial, Michael J. Katz, CCIM, brokerage advisor, has been awarded the Certified Commercial Investment M e m b e r Michael Katz designation by the CCIM Institute. Michael is a member of the Rotary Club of York - North. He also serves on

Jason A. Turnbull, CCIM, SIOR, brokerage advisor also completed all requirements to obtain membership in the Society of Industrial and Office Realtors as Jason Turnbull an advisory specialist. Jason is also a Dallastown Area High School and Elementary School Wrestling Coach.■

Jacobs/Wyper celebrates 30th Anniversary

in Environmental Engineering degree from Penn State University.

K&W Engineers and Consultants specializes in providing civil engineering and consulting services that include land development / site design, traffic / transportation, municipal engineering, comprehensive watershed management, water / wastewater design, environmental permitting, landscape architecture and survey. ■

RE/MAX International recognizes RE/MAX Classic agents ST. DAVID’S, PA — Each year RE/MAX International recognizes sales associates and offices who have taken everything the market throws at them and produced spectacular results.

In 2010 alone, 7 out of 9 RE/MAX Classic agents have received awards for their involvement in buying and selling real estate for their clients.

RE/MAX Classic’s broker/ owner, Scott Furman, ranked 3rd overall in the Pennsylvania Region for total commissions earned in 2010. This is the second year in row that Scott has been recognized as number 3 for his total yearly sales volume. “Scott has worked very hard with some challenging transactions this past year and is more than deserving of this very prestigious award” said Brett Furman.

Brett Furman received the RE/MAX Lifetime Achievement Award, which honors highly successful agents who have earned more than $3 million in commissions and have completed seven years of service with RE/MAX International. “Brett also ranked as number 22 in the Pennsylvania Region for total commissions earned in 2010”, said Scott Furman, “I am very proud of Brett for all his hard work.”

Katz and Turnbull of ROCK Commercial earn award

PHILADELPHIA, PA — Jacobs/Wyper Architects celebrated 30 years of business providing architectural, planning, and interior design services. The celebration was held at a Phillies game where JWA staff, families, friends, and clients gathered for a pregame cookout before heading into Citizen’s Bank Park to watch the Phillies battle the Cincinnati Reds. The Philly Phanatic also made a special appearance at the cookout, for a photo op with founding partners Terry Jacobs and Jamie Wyper (above).

Jacobs/Wyper was founded in 1981 with a specialization in solar residential architecture. Since that time, JWA has broadened their expertise to include major educational, municipal, and pharmaceutical clients. The firm is recognized for its expertise in technological design, including as a subject matter expert in mission critical, laboratory and cGMP pharmaceutical design. In 2010, the firm was recognized by the Philadelphia Business Journal as the #21 ranking architectural firm in Philadelphia. ■

Lane participates in NAIOP and Zell/ Lurie Real Estate Center Conference The RE/MAX Classic team Brett and Scott Furman re- tremendous accomplishment ceived the RE/MAX Platinum and honor. Our RE/MAX ClasClub Award for 2010. In 2010, sic Team continues to raise the only 3 percent of all the agents bar in real estate, making us in RE/MAX International and this community proud” worldwide achieved this pres- said Brett Furman. “Our small tigious award. These busy and group of outstanding agents successful agents are not only averaged 15.9 transactions broker/owners of RE/MAX last year”, said Scott Furman, Classic but also own Devon “earning us recognition in the Lanes and the Exton Medical Philadelphia Business Journal. The next closest to us in Arts Building.

Laura Hewitt, Doug Scullin, transactions was another RE/ Joe Dono as well as Jim Meal- MAX office that has 78 agent ey received the RE/MAX 100% compared to fabulous 9!”

RE/MAX Classic is a family Club Award for 2010. Also, Marcello Finocchi received the owned and operated business celebrating its 21st year of Executive Club award.

“Winning these awards is a business. ■

PHILADELPHIA, PA — Stevens & Lee shareholder Robert D. Lane was among the panelists at the inaugural NAIOP senior executive Economics Conference co-sponsored by the Zell/Lurie Real Estate Center at Wharton and held at the University of Pennsylvania.

Before an audience of executive-level leaders in the real estate industry, Lane and his fellow panelists participated in the “Workouts, Restructuring and Rescue Capital” breakout session which discussed the economic issues facing the commercial real estate industry today, as well as topics such as public and private debt, public

and private equity markets and special servicers and lenders.

Lane is nationally recognized in all aspects of commercial real estate development, acquisitions and financing, representing a wide variety of companies in diverse industries, as well as major real estate developers, syndicators and REITs. His clients have included Fortune 500 companies; national real estate companies; major health care institutions; not-for-profit organizations; large retail, hotel and restaurant chains; one of the world’s leading telecommunications companies; numerous financial institutions and waste management companies. ■

16C — July 15 - 28, 2011 — Pennsylvania — Mid

Atlantic Real Estate Journal

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

2011 LEHIGH VALLEY BOARD OF DIRECTORS PRESIDENT TRACY YADUSH, RPA NAI SUMMIT PAST PRESIDENT FRANCEE FULLER BARRY ISETT & ASSOCIATES PRESIDENT ELECT ANN MARIE OSIKA LAFAYETTE AMBASSADOR BANK SECRETARY CATHERINE (KATE) DURSO FITZPATRICK LENTZ & BUBBA, P.C. TREASURER CYNTHIA MERRITT BUCKNO LISICKY & ASSOCIATES CORRESPONDING SECRETARY PAM MORRIS LIBERTY PROPERTY TRUST DIRECTORS-AT-LARGE TINA KISELA, SCSM, SCMD THE PROMENADE SHOPS AT SAUCON VALLEY LYNN CONTI LIBERTY PROPERTY TRUST

2011 COMMITTEE CHAIRS

SPONSORSHIP COMMITTEE KATE HART KNBT, A DIVISION OF NATIONAL PENN BANK PROGRAMS COMMITTEE JANE SCHIFF THE FREDERICK GROUP

$26 million venue for concerts, films, and community activities

SteelStacks: ArtsQuest Vision Accomplished

B

ETHLEHEM, PA — In December 2005, when CREW LV PA was a fledgling organization, members and guests were fascinated by a presentation

by Jeff Parks, president of Arts Quest at Bethlehem’s Banana Factory. Describing how Musikfest started as an initiative of the Bethlehem Chamber of Commerce and became the first building block for ArtsQuest, a regional non-profit organization that celebrates arts and culture, he shared the dream of SteelStacks, a performing arts venue that would offer programming 365 days a year.

In May 2011, CREW LV PA experienced Park’s realized dream at the newlyopened $26-million-dollar ArtsQuest at SteelStacks, a venue for concerts, films, and community activities on the grounds of the former Bethlehem Steel site. “We are a non-profit organization that does community development through the arts,” stated Parks. “Our goal is to attract and retain the educated clientele that our area businesses need.” Collaborative public and private sector funding made the project possible, a project that Parks called the performing arts model

Project architect Michael Metzger and ArtsQuest president and SteelStacks visionary Jeff Parks led a tour for about 55 CREW members. for the 21st Century. Flexible space allows for a variety of events, from weekly farmers’ markets to large-scale festivals.

The campus includes the Levitt Pavilion which will feature 50 live free family concerts each year set against the backdrop of the old Bethlehem Steel blast

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

Contributor

Fitzpatrick Lentz & Bubba

Langan Engineering

Liberty Property Trust

Lafayette Ambassador Bank

Tallman Hudders & Sorrentino MEMBERSHIP COMMITTEE MICHELE GLOWER, PH.D THE ADVISORY GROUP COMMUNITY SERVICE COMMITTEE JODY KING, CCIM NAI SUMMIT PUBLICITY COMMITTEE FRANCEE FULLER BARRY ISETT &

furnaces. The outdoor venue can accommodate 2500 people. Inside the building, two cinemas with stadium style seating showcase films not typically found at the multi-plex. Musikfest Café presented by Yuengling is a concert venue for up to 1,000 fans, with all seats within 200 feet of the stage. The

Fowler Blast Furnace Room offers intimate performance, meeting, and special event space. Elsewhere on the campus the Festival Center at SteelStacks is envisioned to be an adaptive reuse of the 26,000 s/f former Bethlehem Steel Turn and Grind Shop to host exhibitions, performances and concerts.

Project architect Michael Metzger with Spillman Farmer Architects, Bethlehem, PA discussed the design elements that serve as a reminder to the site’s industrial past. International Orange, the color of the Golden Gate Bridge, built with Bethlehem Steel, is used on exposed girders throughout the building.

Blue stained wood panels echo the color of steel.

John Baer, the construction superintendent with the Alvin H. Butz Company, Allentown, PA, noted the challenges of building on the site of the former steel plant. In constructing ArtsQuest, the acoustical requirements of a building designed to present multiple performances, both inside and out, required special consideration so that sound would not bleed beyond the immediate performance venue.

A building tour followed the presentation. ■

NAI Summit MKSD Architects

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

Upcoming Events July 14 Happy Hour, 5:30 - 7: 00 p.m. at Brew Works on the Green Allentown Municipal Golf Course, 3400 Tilghman Street Allentown, PA August 17 Happy Hour, 5:30 - 7:00 p.m. The Edge Restaurant 74 West Broad Street, Bethlehem, PA 18018 For membership information, please contact Dr. Michele Glower, The Advisory Group, mglower@yahoo.com

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Mid Atlantic Real Estate Journal — Pennsylvania — July 15-28, 2011 — Inside back Cover - C

Commercial Real Estate Women Lehigh Valley Chapter Service Directory

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

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

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

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

Full-Service Engineers PA • NJ • MD Contact Francee Fuller Marketing Manager ffuller@barryisett.com

610-398-0904

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

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

CREW please contact:

Lehigh Valley

Litigation Estate Planning & Administration of Estates and Trusts

Elaine Fanning, Publisher

Health Care

800-584-1062 x 212 or

Employment Law Bankruptcy

email Elaine at efanning@marejournal.com

f itzpatrick L entz & B ubba

Elder Law

attorneys at law

Family Law

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

4001 SCHOOLHOUSE LANE • CENTER VALLEY, PA 18034-0219 STABLER CORPORATE CENTER • PHONE: 610.797.9000 • FAX: 610.797.6663

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

C Back Cover — July 15-28, 2011 — Pennsylvania — Mid

Atlantic Real Estate Journal

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R A I L AVA I L A B L E

Parcel 13, CenterPoint West., Pittston Twp. • 51.15 acre build-to-suit site • Can fit up to 507,600 SF • Graded, NPDES permit in hand • 10-year tax abatement

1104 North Park Drive., Hazle Twp. • 410,000 SF to 615,000 SF • 31’10” to 36’6” clear ceiling • 46 loading doors, 1 drive-in • Tax abatement through 2017

61 Green Mountain Rd., East Union Twp. • 408,200 SF to 648,200 SF • 30’9” to 36’6” clear ceiling • 32 loading doors (cross-docked) • Tax abatement through 2017

1200 E. Lackawanna Ave., Olyphant, PA

400-450 CenterPoint Blvd., Jenkins Twp.

180 Welles St., Forty Fort Borough • 30,000 SF to 120,000 SF • 16’ and 26’ clear ceilings • 25 loading doors • On site trailer storage

7A Enterprise Way., Pittston Twp.

• 99,200 SF to 198,400 SF • 33’ to 36’7” clear ceiling • 26 loading doors, 1 drive-in • 10-year tax abatement

320-330 Stewart Rd., Hanover Twp. • 108,000 SF to 162,000 SF • 30’clear ceiling • 20 doors, 1 drive-in • 8,000 SF office

350 N. Pennsylvania Ave., Wilkes-Barre

240-258 Armstrong Rd., Jenkins Twp.

1110 Hanover St., Sugar Notch Boro.

• 21,092 SF to 64,848 SF • 12’ to 26’ clear ceiling • Doors and drive-ins • Very affordable rents

• 12,361 SF to 58,713 SF • 30’clear ceiling • 8 loading doors • Property tax abatement

• 10,046 SF to 48,561 SF • 30’ to 33’6” clear ceiling • 8 loading doors • 2,340 SF & 6,703 SF offices

5-11 Elmwood Rd., Wright Twp..

• 40,153 SF • 30’2” to 33’ clear ceiling • 14 loading doors, 1 drive-in • 3,190 SF main office

400 Stewart Rd., Hanover Twp. • 53,040 SF office/flex bldg.

• 41,790 SF on 1st floor • 8,360 SF on mezzanine • Parking for 238 +

275-285 CenterPoint Blvd., Jenkins Twp. • 37,329 SF • 33’4” to 36’8” clear ceiling • 6 loading doors • Property tax abatement

100-144 CenterPoint Blvd., Jenkins Twp.

145-173 CenterPoint Blvd., Jenkins Twp.

• 28,305 SF • 30’1” to 34’3” clear ceiling • 6 loading doors, 2 drive-ins • Property tax abatement

• 14,112 SF • 30’6” to 33’6” clear ceiling • 2 loading doors • Property tax abatement

155 Stewart Rd., Hanover Twp. •15,063 SF • 20’6” to 23’1” clear ceiling • 3 loading doors • 1,840 SF office

1072 Hanover St., Hanover Twp. • 5,014 SF to 13,789 SF • 26’2” to 28’8” clear ceiling • 3 loading doors, 1 drive-in • 3,400 SF office

195 Research Dr., Jenkins Twp. • 6,631 SF to13,659 SF • 29’11” to 33’6” clear ceiling • 2 loading doors • Property tax abatement

190 Welles St., Forty Fort Borough • 1,393 to 5,012 SF offices • Class A finishes • Excellent medical space • Large parking lot

• 6,427 SF to 108,939 SF • 30’ to 33’ clear ceiling • 16 loading doors, 1 drive-in • 10-year tax abatement

• 365,114 SF to 505,686 SF • 42’ clear ceiling • 20 loading doors, 1 drive-in • 8” concrete floor

For more information contact our Development Division: Bob Besecker ) Jim Hilsher ) Bill Jones ) Dan Walsh

660 Baltimore Dr., Plains Twp. • 2,500 SF to 10,431 SF office • Class A finishes • Reliable power, telecom • Large parking lot

225 Stewart Rd., Hanover Twp. • 8,523 SF office • Former training center • Classrooms, conf. rooms • Large parking lot

Developing Pennsylvania’s I-81 Corridor for 25 Years.

570.823.1100

MID ATLANTIC REAL ESTATE JOURNAL

NJPAGREEN BUILDINGS Section D of the Mid Atlantic Real Estate Journal

Achieving 103 points toward designation

Emory Hill builds LEED Platinum Energy House

G

EORGETOWN, DE — The Energy House, a residential-style facility on the Delaware Technical Community College campus underwent LEED Certification in mid-June, achieving 103 points toward LEED Platinum designation, three more than the 100 required to receive Platinum certification.

Built by Emory Hill and Company based in New Cas-

tle, the project features cutting-edge green technologies that can be used in residential and commercial facilities.

From stormwater management and irrigation systems, solar electricity and efficient heating and cooling systems to lighting and flooring from renewable resources, future generations of students at DelTech will be learning in a state-of-the-art facility designed to function at peak

JULY 15 - 28, 2011

HI-LIGHTS The Walters Group receives Brownfield Renewal Award The Walters Group received a Brownfield Renewal Award for the work done at Stafford Park, transforming a former brownfield site into a mixeduse redevelopment.

See Page 8D.

DVGBC hosts tour of building designed for LEED Platinum DVGBC announces its Bucks-Montgomery Branch will host a tour of Vertical Screen HQ, which will be Bucks County’s first LEED Platinum Building.

See page 9D.

ALSO INSIDE: ARTHUR HANCE, HANCE CONSTRUCTION, INC. ......................2D PEOPLE ON THE MOVE ........................................................ 10D USGBC NJ....................................................................... 12D Section D, 16 pages

MAREjournal.com

performance while serving as a teaching laboratory.

The last phase of construction, the erection of a windmill at the site, will be completed in July. Final certification of the project is expected in late July or early August.

There are 14 other LEED Certified projects in Delaware and this is only the second LEED Platinum facility in the State. ■ The Energy House

2.5 million s/f of space in Washington DC Metro Area

Beacon Capital Partners & Cassidy Turley announce 10 buildings achieve LEED Silver WASHINGTON, DC — Beacon Capital Partners, LLC and Cassidy Turley announced that ten office buildings owned by affiliates of Beacon Capital Partners, LLC have been awarded LEED for Existing Buildings: Operations & Maintenance (LEED for Existing Buildings: O&M), established by the U.S. Green Building Council (USGBC) and verified by the Green Building Certification Institute (GBCI). With a combined total of 2.5 million s/f of space, all ten buildings achieved LEED Silver certification. LEED is the nation’s preeminent program for the design, construction and operation of high performance green buildings.

“With these additional buildings, we have achieved LEED certification for over 18 million square feet in our U.S. portfolio since 2008. This has contributed to significant reductions in energy consumption at those properties, as well as a much reduced carbon footprint,” said Fred Seigel, president and COO at Beacon Capital Partners.

“Beacon Capital Partners is leading the market with their commitment to sustainability and energy efficiency initiatives,” said Evan Tyroler, VP of Sustainability Services with Cassidy Turley. “Cassidy Turley is proud that we were able to collaborate with Beacon Capital Partners and over 7,000 building occupants to achieve this

American Center East exceptional accomplishment,” These features include: he said.

• Full building retro-commisCassidy Turley handled the sioning for select buildings day-to-day project management • Implementation of select required to achieve this signifi- energy conservation measures cant milestone. The buildings that reduced overall energy that achieved LEED Silver consumption across the portcertification in Washington, DC folio include Lafayette Centre One, • Energy audits for all buildTwo, and Three, located in the ings Central Business District; as • Eight of the ten buildings well as Liberty Place, located have been awarded the Enviin the East End submarket. ronmental Protection Agency’s The Silver Certified buildings prestigious ENERGY STAR in VA include John Marshall III rating and EJ Randolph II in Mclean; • Participation in a demand American Ctr. East and Ameri- response program that helps can Ctr. West in Vienna; 11111 reduce the peak demand on the Sunset Hills Rd. in Reston; and utility grid, benefitting utility The Zachary Taylor Building in providers, the community and Arlington. LEED Silver certifi- the environment cation of these buildings was • An electronic recycling event based on modifications to the that has diverted over 10,000 operations and maintenance pounds of printers, batteries, procedures that positively im- monitors and other electronic pacted the projects themselves equipment from the main waste and the broader community. stream. ■

D Inside Cover — July 15-28, 2011 — Green Buildings — Mid

Atlantic Real Estate Journal

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$ MAREjournal.com

Mid Atlantic Real Estate Journal — Green Buildings — July 15-28, 2011 — D

Green Buildings

HOW DOES YOUR BUILDING

MEASURE UP

ON ENERGY USAGE? All over the state, facilities managers are wisely taking advantage of FREE Energy Benchmarking from New Jersey’s Clean Energy Program.

Your report costs nothing. But what you learn is priceless. Your building’s energy use is scored and tracked and you receive improvement plans that can save you money down the road.

But it gets even better! Organizations that have participated in energy benchmarking have, on average, reduced their energy consumption by 20%. Let us analyze your energy profile and guide you to cost-effective energy upgrades for your building.

FINANCIAL INCENTIVES AVAILABLE New Jersey’s Clean Energy Program™ offers an extensive collection of comprehensive initiatives that make energy efficiency more accessible than ever. You’ll save up front through sizeable financial incentives and down the line with dramatically reduced utility bills.

To get your share, visit NJCleanEnergy.com/BENCHMARKING or call 866-NJSMART to speak to a representative.

NJ SmartStart Buildings® is a registered trademark. Use of the trademark without permission of the NJ Board of Public Utilities is prohibited.

11-T1-334 Mid-Atlantic 10.25x13.25.indd 2

5/4/11 9:54 AM

2D — July 15-28, 2011 — Green Buildings — Mid

Atlantic Real Estate Journal

MAREJ GREEN BUILDINGS

Feature Your Project

By Arthur Hance, Hance Construction, Inc.

The 2012 Energy Code: Get Test Data Before You Panic

T

he U.S. Department of Energy has adopted a 2012 International Energy Conservation Code (IECC) that has many commercial property owners and builders electing to dramatically increase the Arthur Hance amount of insulation they are putting in commercial walls and roofs. But there is a far more economical and environmentally friendly way to comply with the new code, which aims to increase energy savings by 30% over the previous version of the IECC. Many central Heating, Ventilation and Air-Conditioning (HVAC) systems are designed without tested data on energy efficiency as a basis and that creates tremendous waste.

Builders can now access the most accurate database yet for testing the in-place thermal performance of complete metal roof and wall assemblies. The data supports newer methods for achieving more thermally efficient building envelopes.

Builders and mechanical engineers can more precisely size heating and cooling units for the lowest initial cost and

~ Developments ~ ~ Construction ~ ~ Renovations ~ in the

Mid Atlantic Real Estate Journal

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optimum operating efficiency.

Less energy consumption by a building directly translates into less byproduct emissions by utilities and refineries supplying sources of energy.

Butler Manufacturing recently announced its Butler Guarded Hot Box test program utilizing a device that can test actual 8’ x 10’ roof and wall sections, assembled just as they would be in planned buildings.

Replacing an earlier version of the device that tested smaller sections, the Guarded Hot Box has nearly 300 sensors that measure the temperature, humidity, airflow and energy consumed during a test. A complete test can take about 3-4 days in order to acquire steady state data over an 8 to 12-hour test period.

The Guarded Hot Box is a great asset for builders and property owners because IECC compliance can be demonstrated through its test data.

Showing the data is particularly important for commercial buildings because although the overall goal of the IECC is to increase energy savings by 30% for every building, the requirements are actually more stringent for metal walls and roofs, approaching 45% in many cases over the 2006 IECC version, in order to compensate

for energy loss through much lower performing doors and windows. And the future will only hold even greater energy efficiency requirements with talks already underway that will implement even stricter energy standards.

The first and most important continued on page 10D

Green Awareness a section of the

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

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Section Publisher Joe Christman jchristman@marejournal.com

Publisher Dianna Mallozzi dmallozzi@marejournal.com

Section Editor Karen Vachon kjoy@marejournal.com

Customized Energy Reduction Plans

2009 — 11B

Journal — DELMA

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— The RENTO N, NJ Chapter of New Jersey Institute of the American ) announced Architects (AIA-NJ its Annual Design the winners of , which brings Awards Program onal recognipublic and professi projects that tural tion to architec ce. excellen exhibit design announced The awards were3rd AIA-NJ Oct. during the e addition nce, held at the Sauber Residenc Design Confere Auditorium in Winery in Merit Award Winner: Merit Award Winner: Hoboken Evening Land historic Great formal awards Built Category of the Wargo A Merit Award Winner: Reconstruction , The College Photo credit: Matt Ocean Grove. the winners will credit: Hall Un-Built Category CA Center for Wellness e a material that Clock TowerandPhoto Cty., Inc. RMJM HILLIER gala to recogniz Merit Award Winner:NY because it is Santa Barbara as its Construction Co. Stantec, at the Liberty , Built Category TX. by every touch be held in JanuaryCity. , in New Rochelle is listed on Center in Irving,matic volumes changes of New Rochelle over time.

ASSOCIATES The house, which r of HisHouse in Jersey projects were patina grows The program Registe RICCI GREENE Architects and and un-built to become a visual the National were stacked is located alonge built divided into toric Places, a Cty., CA include Millston both Barbar ation was the Millstone River in categories, which awards. In Winery in Santa abstract present Evening Land said: “The honor and meritawards were framing of the Borough. began the judges and efforts the ce What sequen Preservation addition, merit preservation of st points of & “The entry the relocation the n University School were the stronge compelling,” presented in this year with of an historic ape beyond Winner: Princeto categories. landsc Award y uild the Honor of view and design-b to the propert Warchol Built Category barn. The 250Photo credit: Paul Winners include: the design.” acts as a bridge Vermont hay situated in the Architecture addition sky terrace is screened room and is the focus the BUILT CATEGORY barn , s In addition Millstone become year-old to the outdoor Honor Award in New energy. viewing landscape. They and connecting stairs es - a location of the original use of natural of summer living, and a based focus in the and Barn, which exchang rotated to Through the of Inn pe space ently Architect: ARO, the House light, ion were subsequ and to create a landsca suspension between d in 1928. materials and ry Las Colinas Convent York le were destroye BUILD optimize views that shade the tempora School of Archiof New Rochel Merit Award Winner: DESIGN public and private gs Project: The ss, The College Un-Built Category at Princeton as the absolute large overhan on the quality people leaving Merit Award Center for Wellne “Merit was awarded tecture addition n.

Hillier, based terrace. Copper was selected Conrealms, where tive of Center said: -Builder: Hall Architect: RMJM in New the building skin and arriving, irrespec , University, Princeto is enclosed What the judges nt with regional- in Princeton with offices Wash- a material for meet and Design n, based in Howell which ents the loium.” purpose, can The addition, ing is consiste in structio lphia and includes a new of the natator because it complemimportantly, age and ideas. marine construc , with offices York, Philade a space for practices in more in glass and steel, and Stantec exchange cal colors, but lounge, elevator tower, which provides ington, D.C. views of the Merit Award Archi- New York tion. lobby, student Convention landscape. truction of ered steel stair. merges building and Yum sunbathing, offers UN-BUILT CATEGORY Project: Las Colinas and cantilev Projec t: Recons Tower in Architect: David is a grotto carved bay and ocean.

Detention the school’s um Award York links Clock Juvenile n Merit natatori white New The roof Atlantic The addition the Hoboke Union County tects, based in wing, where beneath a contemplative In addition, the Land Winery to mimic Merit Award Winner: meditatwo-story south Hoboken.

Project: Evening Cty., CA. offices and and reconion and the holistic over the cedar siding is staineding of the Built Category trative Kikuyama replicat garden, Mikiko adminis Barbara The its l weather Tower in Santa and its three- tion room cantilevers out Center Photo credit: point of the proj- struction of the Clock Train g a the eventua berglass rooflibrary are located, The starting s which includes site like a rock ledge, providinsur- material, and the fi company’s name,a at New Jersey Transit’ part the story north wing, The ect came from is 2008 is meditation in classrooms.

Land,” which studios and fashioned a new perch for grove of trees. reStation in April “The Evening continuing g a, the lands 2,000 s/f project for the building roundin of Hoboken’s es the reference to Hesperi Merit Award Associary 10, 2009 and golden har- naissance and complet modern identity references the Greene of calm, beauty mythology.

Hoboke n Saturday, Janu e fully tion of the Architect: RicciNew York with that meaning vests in Greek are perched at re-crea Hous l’s original aparchitecture. s ates, based in existing 1963 Award Ferry Termina The Liberty on, KY, and The building ces in Lexingt Honor edge of the lower pearance.

New Jersey conArchitec- offi rethe western City, Tower, RI. y pools Sagan nce, Clock MJ large Jerse Provide The original Architect: hed e vineyard, and County Juvenile Princeton. sky. A staircas in 1906 and demolis Project: Union ture, based in to 11:00 PM damflect the vast of the structed 6:00 being mbie & Fitch, Detention Center in Linden. after center Abercro : the Project juvenile detendescends into the in the 1950s winds, was 225 ft.

Center, in New The 72,000 s/f the bottom of Building U Data aged by high from structural pool; doors at a “thin” building the barrel storage tion center is wraps Albany, OH. high and made copper. stairs lead to houses the room deep - that Black Tie , a sculptural, in ornamental The data center so - only one 1-acre outdoor courtroom. In additionfilters light for steel clad featured a clock on support team, the and company’s IT plan encourages around operable screen during the day, The tower a 2,500 lb. bell, an natural light ts and through the open studio and collabora- yard. Ample Dinner Ticke the winemakers for artificial each face, under the pinnacle the exterior To purchase belfry • ds the need g communication affording gener- views of security glass panels open name Awar reducin anna” ve in the work hours. tion, while also and views of the expansi and the “Lackaw ts to the outside lighting during TION Advertisements each façade. ng connect occupan PRESERVA ous natural light illuminated on ucted tower is light emanati e visit landscape. world, and the um at night creMerit Award Archia The reconstr surrounding Award Journal pleas and includes Merit Tarantino j.org/ from the gymnasi clad in copper well as Architect: island of respite Architects, Millstone. http://www.aia-n clocking, as ates a glowing Architect: ikon.5 letn working tects, based in n. ted “Lackawanna” Bachman-Wilso based in Princeto for Wellness, and calm.

Project: The by Frank Lloyd illumina are Merit Award Archielevation. Q d Project: Center Rochelle, in ters on each Ryan House, designe opportunities New e.

Architect: Michael with The College of • Sponsorship Wright, in Millston in Loveladies , NY. based tects, Rochelle is 100 New lphia n Road Suite for Wellness ce in Philade available 864 Mapleto The Center NJ 08540 Gar- an offi : Sauber Residence in Princeto n, paradisiacal Project 0099 designed as a 609.919. visitors sheltering is Loveladies. ects.com den of Eden, this house www.iko n5archit distractions that The site for island in from the urban landscape and on a barrier n surround it. The sus- located and the intensio reinforce a New Jersey, enviarchitecture h that allows was to create a secluded a tainable approac on. A large which achieved ronment for relaxati the building, rating, to conserve LEED Silver

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Mid Atlantic Real Estate Journal — Green Buildings — July 15-28, 2011 — 3D

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4D — July 15-28, 2011 — Green Buildings — Mid

Atlantic Real Estate Journal

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GREEN BUILDINGS Recognized by BOMA NJ Chapter for Innovative Energy Reduction Strategies

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Hartz Mountain Industries receives two awards for energy efficiency practices

ECAUCUS, NJ — Hartz Mountain Industries was the recipient of two awards for its energy efficiency practices as part of the BOMA New Jersey Chapter’s First Annual Building Energy Reduction Awards program.

The BOMA NJ awards program is intended to recognize owners who have reduced the consumption of electricity for their properties. Nominees needed to document the energy conservation measures taken over the last five years, submitting an executed energy reduction plan. NJ Board of Public Utilities Commissioner

Shown from left: Sal Gentile, senior vice president of property management, Hartz Mountain, and New Jersey Board of Public Utilities commissioner Joseph Firodaliso.

Joseph Firodaliso, who was on hand at the awards presentation, stated: “By implementing the most innovative energy efficiency strategies, the recipients of the new BOMA NJ Building Energy Reduction Awards are demonstrating their commitment to bolster the state’s economy while improving its environment as well.�

The Hartz Mountain awards were for its energy reduction achievements at five of its commercial buildings: 200 and 400 Plaza Dr. in Secaucus, 707 Broad St. in Newark, 15 Exchange Place and 90 Hudson St. in Jersey City. The second

award was for the company’s development of a solar energy program that will have a capacity of 15 MW of power by the end of 2011. “At Hartz Mountain, we realize that implementing cuttingedge sustainable practices and achieving significant energy efficiencies provide economic as well as environmental benefits,� stated Sal Gentile, senior VP of property management, Hartz Mountain. “A key metric in the overall success of our energy reduction strategy is the ability to continuously track building performance in real time with utiliVisor’s energy monitor-

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ing and verification system. “utiliVisor has enabled us to optimize central plant operations and ensure we are getting the greatest return on all our energy efficiency investments, resulting in an average 15% reduction in energy consumption across our entire portfolio.�

Energy reduction at the five Hartz Mountain buildings recognized by BOMA NJ resulted in an annual savings of $262,243, with an overall consumption reduction of 13% or 1.9 million kWh saved. The energy savings were achieved through a series of steps, some of which required little capital investment. Hartz installed high efficient boilers, replaced pumps and fans with variable speed drives and upgraded BMS systems. The use of free cooling hours was optimized and existing control sequences for the buildings’ mechanical systems were recommissioned. â–

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This grant is in lieu of the business energy investment tax credit; and the money is therefore received within 60 days of system commissioning, regardless of the tax liability of the business.

The cash-back federal incentive requires that qualifying systems be installed and operational by Dec. 31, 2011. If the solar property is placed in service after the year end, then documentation must show that construction had begun in 2011. Additionally, under the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, solar PV systems placed in service before January 1, 2012 qualify for 100% first-year “Bonus Depreciation.�

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Mid Atlantic Real Estate Journal — Green Buildings — July 15-28, 2011 — 5D

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6D — July 15-28, 2011 — Green Buildings — Mid

Atlantic Real Estate Journal

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GREEN BUILDINGS Applications are now being accepted for the inaugural class

ULI Washington launches Regional Land Use Leadership Institute

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ASHINGTON, DC — The Urban Land Institute’s (ULI) Wa s h i n g ton District Council is launching its first Washington Regional Land Use Leadership InstiLisa Rother tute. Applications are now being accepted for the inaugural class, which will begin in September 2011 and graduate in May 2012.

“The mission of this new

project is to provide a powerful local resource to raise awareness and strengthen collaboration among real estate industry leaders from all sectors to tackle the region’s complex land use issues,” said Lisa Rother, executive director. “The Regional Land Use Leadership Institute will develop tomorrow’s leaders who share the ULI mission; communication and action among the sectors that make up the real estate industry will be facilitated by the Institute.

Throughout the program, the 30 chosen participants will

enjoy a mix of lectures and experiences in which they collaborate with other real estate professionals in learning about the region and the complex issues confronting it.”

Applicants are being sought from the real estate industry and its related fields, including development, finance, law, government, design, engineering, planning, construction, sustainability, and policy. The program is open to ULI members and non-members, and seeks participants from throughout the region’s private, public, and non-profit sectors who

are emerging leaders, have a minimum of five years of real estate experience, are engaged in community service and civic activities, and are visionary in their ideas about the future of the Washington region The nine-month ULI Washington Regional Land Use Leadership Institute is organized around eight program days consisting of presentations, panel discussions, project tours, and other activities which provide participants access to industry leaders, elected officials and experts in real estate and land use. Dur-

ing the Program, participants will work in teams to assist a non-profit or governmental organization through a mini Technical Assistance Panel (mTAP).

To apply for The Leadership Institute, applicants should visit the ULI website to view and complete the application.

Along with the application, applicants must submit a completed application and a letter of recommendation and an authorization from their employer that allows them to spend the time engaged in the program. An application review committee will select participants who represent a range of sectors and geographic areas. Tuition for the nine-month program is $2,500.

Limited scholarship funds are available.

ULI is a global nonprofit research and education institute dedicated to responsible land use. ■

BOMI offers program to increase knowledge in sustainability ANNAPOLIS, MD — BOMI International and Building Operating Management magazine are jointly offering the new Sustain Smart Series—an online program that will give property and facility management professionals the proper skills and knowledge needed for successful strategic planning and implementation of sustainable initiatives.

The Sustain Smart Seriessm will be offered as Series 1 and Series 2, each broken down into modules composed of critical readings, a 60-minute video presentation by an industry expert, and online peer interaction.

• Series 1: “Creating a Baseline and a Plan for Sustainable Initiatives,” includes seven modules to prepare individuals to lead their organizations through the planning phase of a sustainable program.

• Series 2: “Best Practices for Sustainable Implementation,” includes eight modules that provide strategies for accomplishing the goals of a sustainable initiative.

Series 1 will launch August 1, 2011. There are no prerequisites and property and facility managers from any level are invited to join. ■

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Mid Atlantic Real Estate Journal — Green Buildings — July 15-28, 2011 — 7D

GREEN BUILDINGS At The Newark Club in New Jersey

BOMA New Jersey honors Mack-Cali Properties at First Annual Building Energy Reduction Awards DISON, NJ — MackCali Realty Corporation announced that 103 Carnegie Center and 5 Vaughn Drive in Princeton, along with 14 Commerce Drive, Cranford Business Park in Cranford, have received energy reduction awards from the New Jersey Chapter of the Building Owners and Managers Association (“BOMA”).

The awards were presented at the organization’s first annual Building Energy Reduction Awards ceremony on May 25 at The Newark Club in Newark.

103 Carnegie Center and 5 Vaughn Drive received the awards based on strict adherence to Mack-Cali’s “Building Best Operating Practices.”

Management continues to pursue energy reducing renovations such as hands-free restroom faucets, lighting motion sensors, replacing T-12 with T-8 lighting fixtures, control system upgrades, as well as optimizing HVAC PM scheduling.

In addition to ongoing “Building Best Operating Practices,” energy conservation efforts at 14 Commerce Drive benefited from the implementation of a state-of-the-art building automation system (BAS) to ef-

E

ficiently control the building’s HVAC systems, as well as a parking lot lighting system upgrade. Management is dedicated to continuing improvements to reduce energy use and to ensure that existing equipment performs at a high level of efficiency.

Mitchell Hersh, Mack-Cali president and chief executive officer, commented, “These awards are excellent demonstrations of our continuing commitment to upholding the highest standards for the management of Mack-Cali’s office properties.” ■

103 Carnegie Center

Encelium introduces Polaris 3D at Lightfair TEANECK, NJ — Encelium Technologies introduced Polaris 3D, its next generation of lighting control software for the Energy Control System. As the first software application of its kind in the lighting control industry, Encelium elected to unveil this ground-breaking technology at Lightfair International 2011, held in Philadelphia this spring.

The new software, which will be available in August, offers users a single 360°, threedimensional navigation in a multi-floor view, permitting navigation to a desired control zone with the ability to see an entire facility or complex in a convenient 3D snapshot.

“Polaris 3D is a unique lighting innovation with tremendous capabilities,” said Terry Mocherniak, CEO of Encelium Technologies. “Users will no longer need to navigate through single floors, or a ‘tree architecture,’ to control lighting in their facility.” ■

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8D — July 15-28, 2011 — Green Buildings — Mid

Atlantic Real Estate Journal

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GREEN BUILDINGS Stafford Park in Barnegat, NJ

The Walters Group receives Brownfield Renewal Award for mixed-use redevelopment

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ARNEGAT, NJ — The Walters Group received a Brownfield Renewal Award for the work done at Stafford Park, transforming a former brownfield site into a mixed-use redevelopment.

Brownfield Renewal magazine bestowed the honor at the 14th National Brownfields Conference held in Philadelphia, PA. The Renewal Awards Ceremony honored the Walters Group and two other recipients for their exemplary work and vision in 2010 for finished projects. Winning in the environmental impact category,

Stafford Park Apartments

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Dick’s Sporting Goods in Stafford Park the Stafford Park project involved the management of environmental issues associated with two landfills, LEED certification for commercial and residential buildings, and the integration of sustainable energy components.

Stafford Park is a LEED-certified mixed-use redevelopment with the majority of corporate tenants attaining LEED-Silver certification. Currently, the roster of retailers reaping the savings of green building include Target, Costco, Best Buy, Dick’s Sporting Goods, PetSmart, AT&T and Ulta. The Vitamin Shoppe reached LEED-Gold certification. In addition, atop the Best Buy, PetSmart and Dicks Sporting Goods, there are solar arrays that provide 30% of the electrical needs of the stores. The center is situated off exit 63, at the southwest corner of the Garden State Pkwy. and Rte. 72 interchange. ■

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LIVINGSTON, NJ — Regal Bank has placed an emphasis on environmental, “green” initiatives and projects. It’s an ongoing commitment that was illustrated by several recent programs tied to April’s “Earth Day” celebration.

At that time, all three of the bank’s branches offered a weeklong rechargeable battery and paper recycling opportunity for local residents. To participate, community members simply needed to visit any Regal office location, where containers were available to collect used rechargeable batteries and secure bins were offered so household documents and related items could be dropped off in preparation for shredding and recycling. ■

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Mid Atlantic Real Estate Journal — Green Buildings — July 15-28, 2011 — D

Green Buildings Vertical Screen Headquarters, Warminster, PA

DVGBC hosts tour of first building in Bucks Cty. designed for LEED Platinum Certification

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arminster, PA — The Delaware Valley Green Building Council (DVGBC) announces its Bucks-Montgomery Branch will host a tour of Vertical Screen Headquarters, which will be Bucks County’s first LEED Platinum Building.

The registration-only event will take place 5:30-7:30 pm on Thursday, July 21, 2011 at Vertical Screen, Inc. Headquarters, 251 Veterans Way. The Vertical Screen project is a redeveloped former Brownfield site once occupied by the Naval Air Warfare Center (NAWC) and contains advanced green technologies such as: a geothermal HVAC system that uses 64, 500 ft deep wells to heat and cool the building; a 900-panel solar array with a unique cylindrical design, providing 20% of the building’s energy requirements; a rainwater harvesting system that uses rainwater

High Construction Energy Solutions’ Mumper earns CRM designation Lancaster, PA — Michael Mumper, director of High Construction Energy Solutions Group, has earned the Certified Carbon Reduction Manager (CRM) designation by The Association of Energy EngiMichael Mumper neers.

The CRMTM designation program is designed to provide recognition for professionals who have distinguished themselves as leaders in the field of carbon reduction, demonstrating high levels of technical expertise in energy management and environmental practices.

Currently there are 14 certified CRM professionals in Pennsylvania. High Construction is the only construction firm in the state with a CRM-certified professional.

Mumper was appointed director of the High Construction Energy Solutions Group in 2010, overseeing the analysis, design, and implementation measures required to improve energy efficiency and reduce maintenance costs for higher education, health care, commercial, industrial, and manufacturing facilities. n

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to flush toilets and irrigate plants; LED lighting and a daylight harvesting system; as well as a building automation system that helps systems work together to maximize energy savings. LEED Platinum Status is pending and is anticipated to be certified in Fall 2011.

The tour will be followed by a panel discussion with the building designer, David McHenry, Erdy McHenry Architecture, Scott Kelly of Re:Vision Architecture and Vertical Screen’s CEO, Tony D’Orazio. Registration is avail-

Vertical Screen Headquarters, Warminster, PA

able online. Registration cost for DVGBC Members is $15; Non-Members $25; and Students/Professionals in Transition $10. Space is limited to 50 registrants.

The Bucks-Montgomery Branch of the Delaware Valley Green Building Council (DVGBC) formed in 2010 in response to the counties’ grassroots demand for green building education and services.

Members include a broad cross-section of professionals with a mission to expand the reach of green initiatives throughout the area. n

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10D — July 15-28, 2011 — Green Buildings — Mid

Atlantic Real Estate Journal

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GREEN BUILDINGS PEOPLE ON THE MOVE 29+ years of experience in sciences and engineering Presented at annual meeting

LandmarkJCM names Hansen director of sciences division

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EW CASTLE, DE —LandmarkJCM president Bruce J. Te a s e , P. E . announced that Kevin Hansen, PG, LEED AP has been named director of the company’s sciences division. Hansen Kevin Hansen has a unique combination of educational background and over 29 years of experience in the sciences and engineering consulting fields – all needed

to effectively lead this diverse group of professional staff.

Work by the Sciences staff includes wetlands, Brownfields re-development, forests and rare species investigation and mitigation, pond and land management, land and water remediation projects, Green building consultation, GIS mapping, permitting and regulatory compliance, and contaminated site remediation.

Hansen’s background includes founding his own environmental firms as well as managing science and engineering departments for other

large environmental firms in the region, including founding JCM Environmental Remediation (now merged to form LandmarkJCM).

“LandmarkJCM has recently experienced its best sales growth quarter” said Hansen, while noting that “Expansion in the engineering and science service sectors, enjoyed

by LandmarkJCM, bodes well for the mid-term economic prosperity of our region, and we look forward to continued growth in the full engineering and science services we provide.” ■

Industry veteran, Curtin joins EwingCole

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H I L A D E L P H I A , PA — EwingCole, one of the nation’s leading multidisciplinary architecture, engineering and interior design firms, announced that industry veteran Robert CurRob Curtin tin, AIA, NCARB, LEED GA has joined the firm as principal of corporate development. Curtin brings over 30 years of proven leadership in the development of new client relationships and market expansion. His standing in the industry enhances

the firm’s continued national growth while paving the way for international business opportunities.

“Rob will leverage his strong network of contacts and clients across all market sectors to identify and develop new opportunities,” said Mark Hebden, AIA, EwingCole’s president.

“We anticipate that his experience and enthusiasm in client relationship development will complement and enrich our firm.”

Prior to joining EwingCole, Rob was the founding principal of Curtin Design Group, the vice president of development - design and construction for Showboat Development Co.,

where he led gaming and hospitality projects worldwide and the principal of Hospitality for the Hillier Group.

“EwingCole is one of the nation’s premier design firms,” said Curtin. “My mission is to leverage their extraordinary expertise into new opportunities in the US and into China and other regions around the world.”

A graduate of California Polytechnic San Luis Obispo and L’Ecole des Beaux-Arts in France, Curtin is an active member of the American Institute of Architects and the United States Green Building Council. He is a resident of Mays Landing, NJ. ■

Planned Companies unveils O.R.A.C.L.E. Facility PA R S I P PA N Y, N J — Planned Companies unveiled it’s O.R.A.C.L.E. facility, one of the first hands-on real estate and “green” educational and training centers in New Jersey, following the ribbon cutting ceremony and grand opening celebration at the company’s headquarters at 150 Smith Rd. On May 19, Planned Companies held a ribbon cutting celebration from 10:30 a.m. to 12:30 p.m, which included a keynote address by Parsippany Mayor James R. Barberio, who expanded on the many positive contributions that Planned has made towards “green” awareness. He also stressed the importance of professional development through continued education.

“With businesses such as Planned implementing sustainable initiatives, Parsippany has earned the distinction of the very prestigious Sustainable Jersey Certifica-

tion in its first year, becoming one of the 28 towns out of 240 registered municipalities,” said Barberio. “Green initiatives in the workplace are not only a great way to reduce costs and increase efficiency, but they help to protect the environment as well. Green buildings, especially those with LEED certification are the wave of the future and we commend Planned for taking these initiatives.”

The event kicked-off with welcoming remarks by Planned Companies’ president and CEO Rob Francis, given to the 100 guests in attendance, including representatives from companies such as Grubb and Ellis, Ivy Realty, Valley National Bank and Fox Rothschild, as well as many of Parsippany’s other elected officials, such as Chamber of Commerce president Robert Peluso and town council members Michael dePierro and Vincent Ferrara. Additional

speakers at the event included Peluso; Michael Mendillo, president, Wentworth Group, who discussed the synergies between Planned Companies and Wentworth Group in their commitment to education, professional development and sustainability; as well as Graceanne Welsh, director of education and development, Wentworth Group, who expounded on the importance of giving back to associates in order to ensure that they have the tools and services necessary to be the best at what they do.

“O.R.A.C.L.E.’s primary mission is to elevate the real estate management and service industry, raise the bar on training and education, positively impact asset values and enhance our collective understanding of the basic building functions through promoting education, safety, and overall tenant/resident satisfaction,” said Francis. ■

Kirk, of MGKF receives “The Spirit of the ALA Award” PHILADELPHIA, PA — In a surprise presentation, John S. Kirk, director of administration of Manko, G o l d , Katcher & Fox (MGKF) was given the highest honor of the Association of Legal Admin- John S. Kirk istrators (ALA) – “The Spirit of the ALA award.” Presented at their annual meeting in Orlando, Florida on Tuesday, May 24, the award recognizes individuals for special and unique achievement.

The ALA’s immediate past president Rita Alli explains that this is not an annual award, it is only given to individuals most deserving. It was created and first presented by the ALA board of directors in 1998, and has only been given twice since 1997. She said, “The Award is an honor that is given on occasions as rare as the individuals who receive

them.” Robert D. Fox, managing partner of MGKF, added, “This is a real tribute to John.

We are so fortunate he works with us and he has been a key contributor to our success.”

The traits and qualities that The Spirit of ALA Award recognizes include … “leadership, commitment, tenacity and dedication.” The board created this award as the Association’s highest honor, and it is bestowed only on those whose leadership and contributions are extraordinary.

Kirk joined ALA 24 years ago and has held positions with the Association for 23 of those years. Fewer than a dozen of the nearly 10,000 ALA members could make such a claim. He has been a speaker at annual conferences, regional meetings, webinars, the Chapter Leadership Institute, and other ALA programs.

He also served on the ALA board of directors as well as the president of the local ALA chapter where he still remains active. ■

The 2012 Energy Code: Get Test Data . . . continued from page 2D step is knowing your local code.

Each state may establish its own energy code and in some cases they elect to adopt the IECC or adapt it to some extent. Many states around the country have adopted IECC 2009, but some still refer to earlier versions of the code. Find local codes on the Web at www. energycodes.gov/states.

Generally, property owners can meet energy requirements by complying with the IECC or alternatively the American Society of Heating, Refrigerating & Air Conditioning Engineers (ASHRAE) standard known as ASHRAE 90.1, which serves as the technical basis for most state and federal energy codes.

Any building that is not airconditioned and whose heating system capacity is less than 3.4 Btu/hr/sf is considered “Low Energy” or “Unconditioned” and need not comply with the IECC or ASHRAE standard.

Consideration should still be given for a certain level of insulation to help control condensation, noise, and basic level of comfort, but it’s not required by code. ASHRAE also recognizes the semi-heated category for certain minimally heated only buildings not specifically covered in IECC. For semiheated buildings the ASHRAE option is less stringent than

the requirements for fully conditioned buildings.

Butler Manufacturing’s tests using the Guarded Hot Box represent the metal building industry’s most precise values yet for several different types of insulation alternatives addressed in the ASHRAE 90.1 standard. The test procedure begins by lowering the temperature on the cold side of the box and then measuring the total amount of energy required to maintain a constant temperature on the warm side of the box. A sophisticated computerized data acquisition system measures the transfer of energy in the form of heat flow from the warm side to the cool side.

Unlike the R-values customarily assigned to an insulating material, the measurements of complete roof and wall assemblies are expressed as Ufactors. R-value denotes the potential insulation value of a single product versus the U-factor, which denotes actual insulation values of full wall or roof assemblies.

Know your numbers and eliminate waste in your next building.

Arthur Hance is president of Hance Construction, Inc., an Authorized Butler Builder serving PA, NJ and NY. ■

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Mid Atlantic Real Estate Journal — Green Buildings — July 15-28, 2011 — 11D

Deadline: July 29th

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Pennsylvaniaâ&#x20AC;&#x2122;s Elite Companies In the August 12th Spotlight For details on how to feature your company in this exciting 2nd Annual spotlight!

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12D — July 15-28, 2011 — Green Buildings — Mid

Atlantic Real Estate Journal

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

BOARD OF DIRECTORS CHAIR Anastasia Harrison, AIA, LEED AP Gannett Fleming, Inc. VICE CHAIR William G. Lashbrook III PNC Real Estate TREASURER Ed Seliga Advanced Solar Products, Inc. SECRETARY Wayne D. DeFeo, LEED AP DeFeo Associates PAST CHAIR William Amann, P.E., DCEP, LEED AP M & E Engineers, Inc DIRECTORS David Cardella Cardella Waste Services RJ Donnelly, LEED AP Donnelly Industries, Inc. Nicholas Fabbroni, LEED AP UMDNJ Bill Gates, LEED AP BD&C Hunt Construction Gerard Hazel, LEED AP, HBDP Sustainable Systems, LLC Rey Montalvo Consolidated Energy Design Joe Porrovecchio, LEED AP, CRM Carbon-Key, LLC Paul Qvale, LEED AP Hillmann Group Lisa San Filippo, AIA, LEED AP, BD&C Turner Construction Co. Faith Taylor Wyndham Worldwide Andrew Topinka, CPMR Technical Group Services, Inc Gregg Woodruff, PP, AICP, LEED AP, BD&C Langan Engineering & Environmental Services, Inc.

USGBC NJ is pleased to announce that the U.S. Green Building Council has just issued a press release that commends President Obama for launching the Better Buildings Challenge, a White House driven program that will ramp up significant commitments to green building.

Secretary of Energy Steven Chu announced 14 initial partners that are committed to the Better Buildings Challenge at the Clinton Global Initiative America meeting in Chicago. “Once again, the President is taking action and inspiring action in the building industry so we can seize the tremendous opportunity in green buildings. We know we could be saving $130 billion a year if we had greener, more efficient buildings and create nearly 1 million jobs in the process,” said Rick Fedrizzi, president, CEO and founding chair, USGBC. “Through this dynamic new program announced at President Clinton’s CGI America event, we can begin to FLORENCE BLOCK scale and accelerate the green retrofit industry, and ultimately stimulate our economy by saving energy, saving people money, and putting America back to work.”

The Better Buildings Challenge is part of the Better Buildings Initiative that President Obama launched in February to catalyze private sector investment in commercial building upgrades and make America’s commercial buildings 20 percent more efficient over the next decade. The initial partners in the Better Buildings Challenge include private sector companies, financial institutions and local governments.

Our entire organization is absolutely committed to engaging our 16,000 members, our 170, 000 LEED Professional Credential holders and our 79 chapters across the country to advance the Challenge and encourage the use of our LEED Green Building Rating System as a pathway to ensuring the immediate, measureable and proven results this Challenge is meant to create.

More than 114,000 new jobs, many which would come from the hard-hit construction industry, would be created through the Better Buildings Initiative, according to a new analysis released by The Real Estate Roundtable, the U.S. Green Building Council, and the Natural Resources Defense Council.

On a local note, this Monday, 7/11 I have the honor or presenting Vision Equities, a NJ Developer and Property Management firm with a LEED Silver Plaque for the certification of their Mountain Lakes Property. Unique is the drive of NJ Developers, who recognize the triple bottom line (People, Profits, Planet) as an integral component of their organizations’ future.

I welcome you to become involved in USGBC NJ and help us shape the direction of our organization in establishing and advocating for best practices in the green building industries in our state.

Thank you.

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

Chapter Events July 21, 2011, 6:30pm, The North Branch Presents: “Meet & Greet” USGBC-NJ with NJGA and SBI Maggianos Little Italy The Mall at Riverside 70 Riverside Square Hackensack, NJ 07601

August 18, 2011 USGBC-NJ 4th Annual Summer Social Jenkinson’s North Bar & Grill on the Broadwalk (between Broadway & Ocean Ave.) Pt. Pleasant Beach, NJ Enjoy a fabulous BBQ, music & great company Sept 22, 2011 USGBC-NJ Annual Golf Outing Hardyston/Hamburg, NJ

For complete details and registration visit www.usgbcNJ.org

EXECUTIVE DIRECTOR Florence Block, LEED Green Associate

Number of New Jersey chapter members:

852

Number of USGBC member Companies in NJ:

361

GENERAL COUNSEL Harry E. McLellan, Esq, LEED Green Associate McLellan & Associates, LLC

Number of LEED Accredited Professionals in NJ:

3079

Number of LEED registered projects in NJ:

394

Number of LEED certified projects in NJ:

120

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Mid Atlantic Real Estate Journal — Green Buildings — July 15-28, 2011 — Inside Back Cover D

2011 Annual Spotlight - Features

Property Management &

Allied Fields Readership of over 25,000 Commercial Real Estate Professionals throughout New Jersey, Delaware, Pennsylvania, Maryland, Virginia

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Back Cover D — July 15-28, 2011 — Green Awareness — Mid

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