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

Volume 24 Issue 15 August 17 - 30, 2012

ISSUE HIGHLIGHTS RIVERWALK: NJ Project of the Month

7-10B Mericle Comm’l. leases 198,400 s/f in CenterPoint

338 unit Skyline & Boulevard apt. complexes in Hasbrouck Heights, NJ

Weiss Realty orchestrates $57.5 million multi-family sale to Kushner Cos.

H

A S B R O U C K HEIGHTS, NJ — Jaime Weiss, president of Moonachie based Weiss Realty has announced the completion of a major sales transaction with the of the 338 unit Skyline and Boulevard apartment complexes in Hasbrouck Heights to the New York based Kushner Companies for $57.5 million. Weiss Realty represented owners Skyline and Boulevard Associates in the investment transaction, one of the largest real estate transactions in Bergen County in recent history. Jaime and Matthew Weiss brokered this transaction on behalf of the selling entitles Herbert Klein and Hekemian & Company.

Boulevard Apartments, Hasbrouck Heights, NJ

“Our close relationship with the Klein family and our local Bergen County area market knowledge played an important role in the completion of this deal” commented Jaime Weiss. “This is the highest price on record we are aware of for a garden apartment complex in Bergen County and speaks volumes for the property owners, Hekemian & Company and Herbert Klein, recognized leaders in apartment rental property ownership and management. “Multi-family vacancies are in the low single-digit range and rent growth is rising providing a perfect selling opportunity for our client and we were able to work out a successful deal with Kushner.” ■

115,394 s/f former Railway Express Building in Washington, DC

Shister of Cassidy Turley represents Potomac Development Corporation in $30.5 million sale 2C

WASHINGTON, DC — Cassidy Turley, a real estate Mid Atlantic Real Estate Journal — Pennsylvania — August 17 - 30, 2012 — C services provider in the U.S., announced today that it arranged the sale of 900 2nd Street, NE, formerly known as the Railway Express Building, in Washington, DC. Jayne Shister of Cassidy Turley represented the seller, Potomac Development Corporation. 900 2nd Street, a 115,394 ompany Name: Liberty Property Trust Company Name: Mericle Commercial Real4-story office building, is s/f, ype of Firm & Overview of Company: Liberty Property Estate Services

5-12C

Type of Firm & Overview of Company: Founded in 1985 by Robert K. Mericle, Mericle Commercial Real Estate Services is a full-service commercial real estate developer and brokerage firm. Mericle has developed close to 16.5 million s/f of bulk industrial, flex, and office space in 15 Northeastern Pennsylvania business parks and lists 30 Fortune 1000 companies among its many tenants and clients. Mission Statement: : Using a master builder model, Mericle will develop a variety of speculative, quality, affordable, commercial buildings and prepare pad ready sites throughout Northeastern Pennsylvania and will recruit tenants to these properties, thus creating job opportunities for the residents of Northeastern Pennsylvania. Headquarters: Corporate Center at East Mountain, 100 Baltimore Drive, Wilkes-Barre, PA, 18702 Additional locations: A satellite brokerage office in Williamsport, PA No. of employees: Approximately 200 employees Services and or Products offered: Mericle specializes in the construction of speculative bulk industrial, flex, and office space. Mericle is a vertically integrated, “master builder” that self performs all phases of its projects from acquiring sites, to designing the infrastructure and buildings, to obtaining permits and approvals, to constructing the buildings, to maintaining the buildings after they are completed. What is your Vision and Strategy in the next year: Mericle will continue to build industrial, flex, and office buildings on speculation and will prepare sites for new construction. What projects are you involved in currently: Mericle is preparing more than 90 “Ready to Go Sites” in 10 business parks in Northeastern Pennsylvania. For its Ready to Go Sites, Mericle clears and grades the sites, obtains all permits and approvals including all subdivision, land development, and subdivision approvals, installs utilities, and places compacted stone sub-base in the building and pavement areas. Mericle then constructs speculative industrial, office, and flex buildings on its Ready to Go sites. Mericle currently has three spec buildings under construction in on these sites.

Directory

Mericle Comm’l. Real Estate

rust is a $6.9 billion (as of 3/31/2012) real estate nvestment trust which owns over 79.3 million s/f of ace in 21 markets throughout the United States and ed in 1972 and headquartered outside Philadelphia s nearly 40 years of experience in development, ting of commercial real estate with the mission hrough extraordinary work environments. Liberty’s industrial properties offer exceptional locations, amenities, cost efficient operations and state-ofompany’s over 2,000 tenants. Liberty continuously rtfolio through expert management, marketing, and

Auction Directory ......................... 4-5A Financial ..................................... 7-18A DelMarVa ................................... 19-24A Calendar of Events ......................... 29A TriState Organization ................ 30-31A New Jersey ............................ Section B Pennsylvania ......................... Section C

ng over 10.4 million s/f of LEED® space completed over 10.9 million s/f in 77 Energy Star certified velop green office space, industrial and warehouse uildings and even clean our properties in an enviiberty Property Trust has been awarded the 2011 Year; NAREIT’s 2011 Small Cap–Gold Leader in the ard of Excellence; NAIOP’s 2008 Developer of the s 2008 Sustainability Leadership Award for Design 007 Green Development Award; U.S. Green Building eadership in LEED® Award; and was also awarded al Estate’s Customer Service Award for Excellence

people’s lives through extraordinary work environments. PA offices throughout the U.S. and U.K. 450 employees fered: As one of the nation’s largest real estate y Trust offers in-depth local knowledge in multiple elopment expertise and a focus on customer service ndustry, all backed by the financial strength of a y. Liberty is also the nation’s leading commercial nce green buildings. We provide real estate solutions customers’ bottom line by focusing on our core t, leasing, acquisition and property management.

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located at the intersection of the NoMa submarket and the H Street Corridor. Originally designed by Daniel Burnham

900 2nd Street and constructed in 1908, the asset underwent a full renovation in 1989. 900 2nd St. is proximate to the Senate Office

building, the U.S. Capitol and Union Station. Its largest tenant is Amtrak, which occupies 30% of the building. ■


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Mid Atlantic Real Estate Journal — August 17 - 30, 2012 — A

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2A — August 17 - 30, 2012 — Mid

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Mid Atlantic Real Estate Journal

Mid Atlantic real estate JoUrNal Publisher ............................................................................Linda Christman Co-Publisher .........................................................................Joe Christman

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

Section Publisher ................................................................ Elaine Fanning Senior Editor/Graphic Artist ................................................ Karen Vachon Production Assistant ........................................................ Rachel Rugman

Office Manager ...................................................................Joanne Gavaza

By Gregg I. Adelman, Esq.

Right to Convert and Withdraw Real Estate Extended Under Permit Extension Act

K

aplin Stewart continues to be at the forefront of obtaining time extensions of development related approvals under Pennsylvania’s Permit Extension Act. On July 19, 2012, in a case of first impression, Judge Stephen P. Linebaugh, the President Judge of the York County Court of Common Pleas, dismissed a quiet title action in Logan Greens Community Association, Inc. v. Church Reserve, LLC (York CCP Case No. 2011-SU-794-93) wherein the Logan Greens Community Association sought to force developer-declarant Church Reserve, LLC (“Church Reserve”) to turn over real estate that Church Reserve had not withdrawn from the planned community within the initial seven (7) years provided for under the declaration. In defense, Church Reserve asserted that the time to withdraw real estate from the planned community was extended until January 30, 2015 under the Permit Extension

Editorial Consultant ............................................................. Ben Summers

Guest Columnist ....................................................Gregg I. Adelman, Esq. Mid Atlantic real estate JoUrNal ~ Published Semi-Monthly P.O. Box 26 Accord, MA 02018 (Mail) 312 Market Street, Rockland, MA 02370 (Overnight) Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, P.O. Box 26, Accord, MA 02018 USPS #22-358 | Vol. 24 Issue 15 Subscription rates: $99 - one year, $198 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY

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

Act (Act 46 of 2010). Church Reserve’s withdrawal period under the declaration had expired on July 30, 2010. Church Reserve argued that the Permit Extension Act tolled the running of the withdrawal period as of December 31, 2008 and that the withdrawal period did not run again until July 2, 2013 after the Extension Period under the Permit Extension Act expired. In its Opinion, the Court agreed that Church Reserve’s withdrawal period had been extended until January 30, 2015 by holding that the Permit Extension Act applied and tolled the running of the withdrawal period. To support its decision,

the Court adopted the holding from In re: Appeal of Keystone Custom Homes, Inc. and Fox Clearing, LLC (Lancaster CCP Case No. CI-10-03933, October 22, 2010), which was another Permit Extension Act case that Kaplin Stewart successfully litigated. The net effect of Judge Linebaugh’s decision in Logan Greens is that a developerdeclarant now has additional time in which to convert or withdraw real estate. In addition, with the recent enactment of Act 87 of 2012 further extending the Extension Period under the Permit Extension Act until July 1, 2016, the time continued on page 3A

Experience Counts. Count On Us. Kaplin Stewart

Attorneys at Law

Real estate law from the ground up. Contact: GREGG I. ADELMAN 910 Harvest Drive, Blue Bell, PA 19422-0765 • 610-260-6000 • www.kaplaw.com Other Offices: • Cherry Hill, NJ 856-675-1550 • Philadelphia, PA 215-567-3120 KS Ad 6x5.5 BW Pencil.indd 1

10/10/11 4:12 PM


Mid Atlantic Real Estate Journal — August 17 - 30, 2012 — 3A

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Mid AtlAntic ReAl estAte JouRnAl Centralize prospect leasing pipeline & communications

Whitestone REIT adopts Yardi CRM as its management sys.

S

ANTA BARBARA, CA — Whitestone REIT has selected Yardi CRM as its end-toend customer relationship management system. Whitestone REIT recently undertook a b u s i n e s s Terri Dowen initiative to transfer the process of tracking its leasing prospects pipeline to Yardi Voyager, Whitestone REIT’s property management and accounting system since 2006. “We wanted an easily navigable system that integrates

with our existing Yardi operational database, and is accessible to our Whitestone associates via the Internet to better service our tenants,� said Theodore Zeck, vice president of technology and security for Whitestone REIT. Yardi CRM is built in as part of the Yardi Voyager platform, and it interfaces with Microsoft Outlook. Making the customer relationship system part of Yardi Voyager gives Whitestone REIT a single view of customers and contacts in a common global database. The system provides real-time tracking of leads, qualified prospective clients and their requirements and other information such as rent

roll and vacancy openings. Then Yardi Voyager automatically converts the prospect record to a tenant record when a lease is executed, without reentry of data. Emails can automatically upload to Yardi Voyager, saving additional time by eliminating multiple logins and data entry and offering a clear view of the pipeline. “Yardi CRM will help Whitestone REIT achieve its primary business objective of increasing shareholder value by delivering greater efficiency and streamlining business practices,� said Terri Dowen, senior vice president of sales for Yardi. n

Jones Lang LaSalle team brokers sale of 900,000 s/f distribution center in Suffern, NY SUFFERN, NY — Jones Lang LaSalle secured a buyer for the sale of the Tri-State Logistics Center, a 900,000 s/f. Raymour & Flanigan purchased the property from Dress

Barn. Jones Lang LaSalle managing director Robert Kossar, SIOR, managing director David Knee, vice chairman Robert Martin, VPs Blake Chroman

They wrote the policy. We make sure they write the check.

M. MILLER & SON Public Adjusters

Since 1960

1211 Liberty Ave., Hillside, NJ 07205 ďż˝ Tel: 908-355-4800 adjuster@mmillerson.com ďż˝ www.mmillerson.com

Recent Financings Arranged By Meridian Capital Group

and Chris Hile handled the disposition assignment on behalf of Dress Barn. VP Joel Friedman of Team Resources SBWE represented Raymour & Flanigan. n

Right to convert and withdraw real estate extended . . . continued from page 2A period to convert or withdraw real estate remains tolled for approximately four (4) more

years. Gregg I. Adelman, Esquire, a principal of Kaplin Stewart’s Land Use, Zoning

& Real Estate Development Department, represented Church Reserve, LLC in the Quiet Title Action. n

BANKRUPTCY SALE Subject to Bankruptcy Court Approval

OFFER DEADLINE: OCTOBER 5, 2012

Hunters Glen 1,124 Units

Steward’s Crossing 241 Units

$49,000,000

$27,200,000

Delran, NJ

Princeton, NJ

West Creek Village 306 Units

Woods at Narraticon 150 Units

$16,000,000

$16,950,000

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Deptford, NJ

Act Now!

6 Waterfront Industrial Properties *

Florida

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Millville, NJ 234,013 Sq. Ft. on 19.20 Acres

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Excellent Boat Manufacturing Real Estate Opportunities with Major Redevelopment Potential!

GA Keen Realty Advisors P: 646-381-9222

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A — August 17 - 30, 2012 — Mid

Atlantic Real Estate Journal

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Mid Atlantic Real Estate Journal Auctions New

Auctioneers Directory

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224 Acres • Bordering I-81 • Exit 291, Toms Brook, VA Shenandoah Valley

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GENERAL INDUSTRY/COMMERCIAL • RAIL ACCESS Bank Workout Requires Immediate Sale Reserve Prices Start $10,000 per Acre – Total Reserve $2,540,000 Recently Valued Beyond $40,000 per Acre LOCATION: Prominent Highway Frontage, Immediate Interchange I-81, Access to I-70, I-66 & I-270. Only 10 miles to the nearest Inland Virginia Port, 45 minutes to Dulles International Airport and strategically positioned outside the 50 mile blast zone of Washington D.C. (Server Location Requirement). DEVELOPMENT OPPORTUNITY: Coast-to-Coast Crossroads, DataCenter, LogisticsPark, Warehousing, Distribution with Redundant Power Sources. Contiguous Parcels to be Offered in Parts and Whole. State/Local Incentives Available. All mineral rights transfer. All properties transfer free and clear. ZONING: M-2 Industrial / B-2 Commercial/Public Utilities

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Mid Atlantic Real Estate Journal — August 17 - 30, 2012 — A

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Mid Atlantic Real Estate Journal Auctions REAL ESTATE AUCTION SELLER RETIRING AND RELOCATING

MIXED-USE INCOME PROPERTY AVULK0UK\Z[YPHS3PNO[0TWHJ[030

2 Homes & Multiple Barns on 6.26± Acres Selling in the Entirety 3VJH[LK^P[OPUTPU\[LZVM51;\YUWPRL9V\[L 0 

MAIN HOME

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w w w. W a r n e r R e a l t o r s . c o m Mid Atlantic Real Estate Journal, 1/4 page, Aug. 17

COURT ORDERED Former Bed & Breakfast

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6A — August 17 - 30, 2012 — Mid

Atlantic Real Estate Journal

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Mid AtlAntic ReAl estAte JouRnAl Friedman Realty Group launches renovations

For Lease - Mayfield, PA

95,000 sf office building/educational/research/ conference facility on 18 acres. Easily accessible to Interstates 81, 380, 84 and 476 from US Rt. 6. Many offices, laboratories, a 250 seat lecture hall. Paved parking for 260.

www.hinerfeldcommercial.com

Publication Date: August 31, 2012 Deadline: August 22, 2012

We are inviting a select group of Legal Professionals to write an expert article on counseling and legal services available to the commercial real estate industry. These experts should have a thorough understanding of the business aspects of the commercial real estate industry as well as the law, and have the ability to inform our 25,000 readers on policies and procedures, contracts and lease agreements, building, and title insurance as well as environmental concerns.

Brian Court Associates, LP purchases Brian Court Apts.

R

I D L E Y PA R K , PA — Brian Court Associates, LP, an affiliate of Friedman Realty Group, Inc., recently purchased the Brian Court Apartments, located at 17 West Chester Pike, Ridley Park. According to David Friedman, a general partner of Brian Court Associates, LP and vice president of Friedman Realty Group, the intention is to extensively renovate Brian Court and transform it into the premier rental community within Ridley Park. Friedman Realty Group will immediately commence renovations, which are expected to take approximately one year to complete. The planned renovations include a custom landscape design, brand new parking lot paving and striping, new

entrance doors, beautiful birch kitchen cabinets with custom countertops, new appliances and dishwashers; upgraded bathroom fixtures and vanities. “We’re very excited to add this property to our local portfolio,� said Friedman, who, with his father, Brian Friedman, owns and manages 11 other apartment properties within Delaware County, Pennsylvania. “There’s a lot of potential for Brian Court, and I’m certain that we will transform this place into another Friedman Realty Group gem.� In 1963, David Goldstein, a local developer, built these apartments and managed them until his death in the early 2000’s. Upon David’s death, ownership and management responsibility ul-

Roddy sells 23,000 s/f for $1.2m in Bristol, PA BRISTOL, PA — Roddy representing Joe JD sold their masonry facility of 23,000 s/f located at 125 Phyllis Dr. to Zampell 125 Phyllis Drive LP for $1.425 million. Robert Olender of Roddy advised Zampell. n

125 Phyllis Dr.

      

  

   

Target the corporate real estate executives, building owners and commercial real estate developers who are actively involved in the industry.

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timately fell to two sons. Given their respective medical professions, neither of the children had the time nor the expertise to operate Brian Court at its full potential. Having grown up in and around Brian Court, the Goldstein brothers were initially reluctant to say goodbye to the property their father constructed and to the years of memories they had at the apartments. However, all things must come to an end, said Friedman. As for the Goldstein brothers, they embrace these changes as they turn the property over to another Brian; that is, Brian Friedman, president of Friedman Realty Group and guiding owner of Brian Court Associates, LP. n

 

  



 

  






Financial Digest

Featuring Multifamily Financing Mid Atlantic Real Estate Journal — August 17 - 30, 2012 — A

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Office, retail, mixed-use, mulitfamily & co-op properties DC office executes $50 million refinancing

Meridian Capital Group negotiates $76.7m in financing

N

EW YORK, NY – Meridian Capital Group, LLC, a leading national commercial real estate finance and advisory firm, announced the following transactions: Carol Shelby Meridian negotiated a new package of mortgages totaling $5,350,000 on three co-op buildings composed of 128 units located on Brighton 3rd Street and East 18th Street in Brooklyn, NY. These loans feature rates of 3.25% and 10-year terms. Morris Diamant negotiated these transactions. Two new mortgages totaling $41,200,000 were placed by

Meridian on two multifamily buildings composed of 640 units located on 41st Avenue in Flushing, N Y. T h e s e loans feature rates of 3.50% and five-year terms. Carol Shelby and Dani SabeMichael Kesselman san negotiated these transactions. Meridian negotiated a new mortgage in the amount of $12,000,000 on 11 multifamily buildings totaling 109 units located on Dover Chase Boulevard in Toms River, NJ. The loan features a rate of 3.88% and a seven-year term. Avi Weinstock negotiated this transaction. A new mortgage of

$8,600,000 was placed by Meridian on a 43,000 s/f retail building on Fulton Street in Brooklyn, NY. The loan features a rate of 3.75% and a five-year term. Rael Gervis negotiated this transaction. Meridian negotiated a new mortgage in the amount of $7,700,000 on a 27,000 s/f office building on Broadway in New York, NY. The loan features a rate of 3.76% and a five-year term. Michael Kesselman negotiated this transaction. A new mortgage of $1,850,000 was placed by Meridian on a 6,000 s/f mixeduse building on Atlantic Avenue in Brooklyn, NY. The loan features a rate of 3.63% and a 10-year term. Simon Rosenfeld negotiated this transaction. n

Deerwood arranges over $16.5 million in financing for two shopping centers BRAINERD, MN — Deerwood Real Estate Capital, a mortgage brokerage and advisory firm, closed on an $8.5 million loan for a 240,000 s/f shopping mall located in Brainerd. The borrower acquired the property while it was 60% occupied and increased occupancy to 95%, raising the value of the property. Therefore, Deerwood was able to close a non-recourse, 10-year, fixed-rate loan that provided the borrower with

a significant return of equity. The loan was negotiated by Rafi Frankel, Abe Katz, and Mark Silbersher. Deerwood also secured an $8.12 million loan for a 200,000 s/f grocery-anchored shopping center in Western Pennsylvania. The 30-yearold center includes a local grocery store, as well as several national and local tenants. The borrower needed a nonrecourse loan of 75% of his purchase price; Deerwood suc-

cessfully closed the loan and fixed the rate for 10 years in the mid 4’s. Given Deerwood’s activity in the market, the borrower knew that he could count on Deerwood to get the most competitive deal. The firm was successful in closing the loan quickly and efficiently, with a very smooth process. David Rosenberg, Meyer Perlman and Adam Schenkman negotiated the terms of the loan. n

HFF arranges $41.15m on behalf of JG Petrucci

Middlesex Logistic Center in Edison, New Jersey

Bayfair Center, an 813,307 s/f retail center in San Leandro, CA EDISON, NJ — HFF has arranged $41.15 million in construction financing and joint venture equity for the development of Middlesex Logistic Center, a 570,100 s/f distribution center in Edison. HFF worked on behalf of the sponsor, JG Petrucci Co., Inc., to structure joint venture equity from institutional investors advised by J.P. Morgan Asset Management. In addition, on behalf of the partnership, HFF secured the construction loan through M&T Bank. Middlesex Logistic Center will be a 570,100 s/f state-ofthe-art LEED certified warehouse and distribution center located adjacent to Raritan Center and Heller Industrial Park near Exit 10 of the New

Jersey Turnpike. The HFF team representing the borrower was led by senior managing director Jon Mikula and managing director Michael Nachamkin. WASHINGTON, DC — HFF has secured a $50 million refinancing for Bayfair Center, an 813,307 s/f retail center in San Leandro, CA. HFF worked on behalf of Madison Marquette Retail Enhancement Fund to secure the five-year, adjustable-rate loan through Guggenheim Commercial Real Estate Finance. The HFF team representing Madison Marquette Retail Enhancement Fund was led by managing director Mark Remington and senior managing director Bruce Ganong. n

ALSO INSIDE: Edward D. Brown, NorthMarq.......................................................................................................................................................................8-9A Marc Tropp, Eastern Union Commercial.......................................................................................................................................................10A Bruce Coin, Bruce Coin Consulting, Inc....................................................................................................................................................... 11A Mark Scott, Commercial Mortgage Capital.................................................................................................................................................12A Sales & Leases...................................................................................................................................................................................................18A


A — August 17 - 30, 2012 — Mid

Atlantic Real Estate Journal

www.marejournal.com

Multifamily Financing By Edward D. Brown, NorthMarq

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Multifamily owners enjoy low rates and an abundance of capital

he historic low treasury rates that have been in place over the last couple of years have translated to a parallel contraction of nominal interest rates for commercial real estate mortgag- Edward D. Brown es. Nowhere is this low rate environment more evident than in the various segments of the apartment finance market. In addition to the low base treasury rates which establish the pricing for these loans (rates are typically established via a risk spread over benchmark term treasuries) there is also a flight by mortgage investors to the perceived safety of apartments as an asset class. The current strength of the overall apartment market is a result of the continued erosion of single family housing values since 2007/2008 and an increase in the pool of prospective renters. Negative perceptions of rental vs. homeownership have disappeared as mobility and affordability now drive a larger portion of the residential market and that trend points toward healthy increases in apartment rentals in most markets. The Northeast has participated in this rebound in apartment occupancy, rents per unit and sales price per unit that has created this overheated market for both investment and financing for quality multifamily rental communities. There are multiple viable capital sources that offer attractive options for apartment owners seeking financing for their properties. Below is an overview of the major capital sources for apartments and a brief discussion of the competitive advantages and factors involved in evaluating each potential source: Agency Financing The largest source of multifamily funding in the US is provided by the combination of the multifamily divisions of the Federal National Mortgage Association- FNMA (“Fannie Mae”) and the Federal Home Loan Mortgage CorporationFHLMC (“Freddie Mac”).In 2011 these two agencies provided $44.7 billion or 64% of all apartment mortgages written in the US and they are ahead of that pace in 2012. Fannie and Freddie are quasi-governmental

agencies (provided implied not direct credit enhancement from the US government) who fund apartment loans primarily on terms from 5 to 10 years (can go to 30 years) with amortizations typically between 25 and 30 years. Loan proceeds under these programs can approach 80% for acquisition loans or no cash out refinances and 75% for cash out refinances. Pricing is established via spreads over the benchmark 5, 7 and 10 year treasuries and recent 10 year quotes have ranged as low as 3.62% for full leverage structures. Each program typically locks rate near the date of closing but there are options for early rate lock after significant underwriting requirements have been met. Agency loans are originated, underwritten and serviced through correspondent entities (FNMA Delegated Underwriter Servicer “DUS” or Freddie Mac Approved Seller Servicer) which may be affiliated with banks, life companies, investment banks or commercial mortgage bankers. These entities execute all facets of the loan process with close adherence to program guidelines and obtain final approval of the loan terms from the agency. The agencies also have programs for specialty rental real estate including Student Housing, Affordable Housing, Senior Housing and Manufactured Home Communities (Fannie Mae only). In general they offer superior rates, high leverage levels, supplemental funding options and interest only periods under certain underwriting scenarios. There is significant speculation regarding the future of these two agencies tied into the overall political discussions surrounding federal supported financing agencies. However for the present they remain the overwhelming preferred source of apartment financing and that should continue over the near term. The third government agency source providing capital to the multifamily market is the Federal Housing Administration (FHA). Unlike Fannie and Freddie, FHA is a true government agency funded and operated by the US Government. It provides permanent financing for market rate and affordable housing through a series of different programs and also provides construc-

tion/ permanent loans for the development of apartment communities. FHA also has historic low rate structures and can provide more leverage (83% refinance and up to 90% of construction costs) than Fannie and Freddie but its process is longer and involves significant upfront expenses including market studies and a variety of underwriting exhibits prior to approval. If the Borrower has the time and inclination to follow the process the resulting loans can be extremely attractive in terms of leverage, term and pricing. Life Insurance Companies The Life Insurance Companies have traditionally provided a meaningful portion of the financing for multifamily rental communities and the asset class is at the top of the list for these investors. Many Life Companies withdrew from the market or significantly lowered funding targets for all commercial real estate during the recent economic downturn as they struggled with above average delinquencies and defaulting loans in their portfolios. However they have re-emerged in the last two years to resume funding with a strong appetite. The Life Companies are most competitive on a rate basis for longer term executions (15 to 25 years) and can structure long term fully amortizing, fixed rate loans with competitive rates for conservative Borrowers in today’s market. Their rate structures tend to reward lower leverage Borrowers and they capture a significant share of this level of funding. The Life Companies also compete effectively because of the relative surety of execution that their process can deliver. As portfolio Lenders they offer more flexibility in negotiation of key loan terms, no funded reserves for replacements, a variety of prepayment options and strong servicing relationships either directly or through their local mortgage banking correspondents. They try and focus their apartment funding in primary markets with proven, experienced sponsorship and often develop multiple transaction relationships with those key sponsors. Many Life Companies are represented in local markets by mortgage banking firms who serves as their exclusive correspondents providing origination, underwriting and servicing for their

loans. Some of these investors tend to be most aggressive in the early part of the year as they seek to fill funding quotas through competitive pricing. Most always reserve some of their best pricing for well located, quality apartment loans because of their history of low loan loss and delinquencies. Commercial Banks Historically commercial banks provided the bulk of the loan dollars necessary to fund construction of new apartment communities and short term “mini permanent” loans after stabilization of the newly constructed units. However the recent economic downturn left many of the active construction Lenders with significant delinquency and default issues for new construction (primarily single family residential and land development) and virtually stopped all construction funding for a period while markets slowly recovered and loans were worked out. This created a shift in focus for the banks to the relative safety of income in place lending and like their fellow Lenders, apartment communities became the investment of choice. At first banks tended to be most competitive for shorter term fixed rate transactions (5 years) but as treasury rates continued to plummet we have seen banks now assume a highly competitive position for fixed rate term financing of apartments up to 10 years. They share some of the same competitive advantages as the life companies with flexibility of terms and negotiated conditions but also add the ability of the Borrower to interact directly with the individuals approving their loan. As treasuries have reached historic lows many of the life companies have enacted rate floors to protect against overly weighting the total return of their loan portfolios at historic low rates. The banks however have not employed floors and simply assign an underwritten credit risk spread over libor plus an interest rate swap for the corresponding fixed rate term. The all in costs for these executions in today’s market can compete effectively below many life company quotes and sometimes fairly close to the Agencies. The Banks have traditionally required some level of personal

recourse to the Borrower but will waive that requirement for strong, moderate leverage (70 to 75% LTV) apartment loans thus removing one of the major competitive advantages of the Agencies and Life Insurance Companies. As a result they are winning more of the competitive multifamily loan business than ever and as long as treasury rates stay low this trend should continue. This loan activity is consistent for many large national and regional commercial banks all the way down to down to local savings institutions, credit unions and community banks. A level of conservative apartment construction financing has also returned as a result of the demand created by years of relative inactivity in virtually all markets and the bank lenders view this product as an opportunity to secure future permanent financing for stabilized apartments. Mortgage Loan Conduits In the years from 2000 through early 2007 mortgage loan conduits became a major source of funding for all types of commercial real estate including multifamily communities. They tended to offer superior leverage and competitive pricing for a variety of properties and were more aggressive in evaluating loan and asset risk factors. As a result of this market stance the conduits experienced significantly higher levels of loan delinquencies and defaults than their competing sources during the economic downturn. This effectively shut down the securitized commercial mortgage market for an extended period of time and the remnants of that segment of the industry did not re-emerge until 2010. They resumed activity with a much more conservative approach and limited market appetite for the underlying bonds that fuel their funding. As the economy has slowly improved and markets stabilized the conduit community has regained some market viability and has been quoting and closing business for a couple of years. However the shadow of the older overleveraged product that is being worked out continues to create higher risk spreads in the market than their competitors. The conduits are also perceived to be subject to significant volatility in spreads and funding from continued on page 9A


Mid Atlantic Real Estate Journal — August 17 - 30, 2012 — 9A

www.marejournal.com

MultiFAMily FinAncing Firm arranges three multi-family trades netting a combined $.+ million in  days

Gebroe-Hammer Associates hosts East Orange Multi-family Investment Roundtable

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AST ORANGE, NJ — Gebroe-Hammer Associates hosted the East Orange Multi-Family Investment Roundtable, an informational exchange between some of the city’s most prominent apartment-building owners and East Orange Councilman Ted Green, who represents the Third Ward. He serves as Chairman of the Business Development & Zon-

ing Committee and as a member of the Housing, Licensing and Inspection; Finance; and Public Safety Committees. The session focused on how multi-family investors and landlords are contributing toward the City of East Orange’s urban revitalization and the important role of apartment buildings in future renewal initiatives. The Investment Roundtable was organized by Gebroe-Hammer executive VP David Oropeza, East Orange market specialist, as well as Isaac Frankel, who owns and manages approximately 30 buildings throughout Essex

By Brown . . .

continued from page A outside global market influences and thus less certain in ability to execute on their loan Shown from left: Ken Uranowitz, Councilman Ted Green, David Oroapplications. This has particu- peza and Isaac Frankel larly impacted their competitiveness for acquisition loans since the sponsors are sensitive to potential loss of deposits in the event of a negative market event. All of these factors have relegated the conduits to quoting and funding transactions which fall outside the strike zone of their competitors. This was the original position of the conduits in their infancy in the late 90’s and it remains to be seen how they will recapture more market share, particularly for desirable apartment assets. In addition to the four major categories listed above there are a number of specialized lenders who provide funding for apartment properties including Lenders who focus on bridge or interim lending, acquisition lenders who accommodate value addition through moderate to substantial rehab, and mezzanine and preferred equity sources who fund the upper levels of the capital stack. What is consistent throughout any discussion of current Southgate Apartments Creek Village Apartments apartment financing is that STUDENT HOUSING | NEWARK, DE 180 UNITS | LEVITTOWN, PA the overwhelming competitive LENDER: FREDDIE MAC L E N D E R : L I F E C O M PA N Y landscape that has created a boon for existing apartment owners and an overheated market for investors trying to acquire apartment assets for their portfolios. The historic low rates have contributed to this scenario but regardless of rates some level of favor for apartment loans is expected to continue as traditional homeownership levels are projected to be lower over at least the near term and apartment com33 offices coast-to-coast munities should continue to outperform other commercial JOSEPH SWEENEY | EDWARD BROWN Philadelphia Office real estate assets. PHILIP DEETER | MICHAEL AYLMER Edward D. Brown is a 215.496.3000 senior VP and managing director for NorthMarq’s Philadelphia Offi ce. n

County, including East Orange, and Ken Uranowitz, the firm’s managing director. In other multifamily news, three recent multi-family transactions that netted a combined $5.8+ million have paved the way for a stellar summer for Gebroe-Hammer Associates and the apartment-rental investment sector as a whole. The firm recently arranged the trades, involving a total of 116 units, in NJ’s Union and Hudson counties and Delaware County, PA. Gebroe-Hammer was the broker in each transaction, all within an eight day period. n

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10A — August 17 - 30, 2012 —

Mid Atlantic Real Estate Journal

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MULTIFAMILY FINANCING By Marc Tropp, Eastern Union Commercial

Multifamily sector stays strong

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astern Union Commercial has a long history of multi-family financing, with the knowledge, relationships, and expertise to provide the high level of service for stabilized Marc Tropp and non-stabilized multi-family financing across the United States. On average, loan rates for multifamily properties are ranging from a low of 3.0 percent to a

high of 3.5 percent. We have successfully closed transactions with local banks and agencies on multi-family housing projects. Our brokers understand every deal, no matter how complicated and unique, in order to present them in the best light to the banks. As we often say, the devil is in the details. No two transactions are exactly alike. Understanding the nuanced points in a very real way often determines the level of success on each transaction. Having a broker that fully understands a deal down to its smallest

points allows them to work on out-of-the-box financing requests and provide individualized solutions to each client. We take this approach on every transaction, regardless of the size of the loan request. The multi-family market has really improved over the past 12 months. We are seeing very aggressive pricing, especially on shorter term notes. Both CMBS and Life Insurance groups have assertively come back into the market for high quality assets. Meanwhile, the overall lending community has been very aggressive putting

money out into the market. We don’t foresee this changing in the near future. Eastern Union Commercial does provide financing options for apartments, condominiums, and cooperatives. Over the past six months alone we have successfully closed 125 multi-family transactions -- excluding mixed use and commercial -- across the country. We are placing financing throughout the entire spectrum of multi-family assets, including stabilized properties, ground-up construction, and student housing, among

many others. Developers are taking advantage of the cheap money to develop, acquire, or refinance all types of residential living. The low rates will help offset future inflation and potential minor reductions in rental income in markets that today are being over-developed. The multi-family sector is the top lending preference for all lenders, whether community banks or life insurance companies. Baring a dramatic shift in world events, Eastern Union Commercial does not foresee any change in the multi-family sector for at least the next 12 months. The rental housing market will likely continue as the strongest real estate sector as long as unemployment rates remain high and single-family house sales remain at an all-time low. Banks will stay their current path and keep lending on multi- family properties at very low rates. Marc Tropp is managing director at Washington, DC/Metro Region’s Eastern Union Commercial. ■

Tremont structures $9.5m financing for Bay Bridge Estates 64 Units Multifamily

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ANNAPOLIS, MD — The Annapolis office of Tremont Realty Capital arranged the debt for the refinance of Bay Bridge Estates, a manufactured housing community located in Brunswick, ME. The 493-site mobile home park features water views, as well as RV and boat storage. John Chase, senior director, arranged the $9.5 million loan which was funded by a private investment firm. The 10 year, non-recourse loan provided for roughly 70% loan to value with a 5.18% interest rate. The property was 83.5% occupied at the time of closing. According to Chase, “The sponsor was able to lock in a low interest rate for 10 years with a 30year amortization, as well as recapture approximately $2.8 million of equity.” ■


Mid Atlantic Real Estate Journal — August 17 - 30, 2012 — 11A

www.marejournal.com

MultiFAMily FinAncing By Bruce Coin, Bruce Coin Consulting, Inc.

The current commercial mortgage market

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or more than a year, multifamily properties have continued to dominate the income property investment market. They are also dominating the commercial mortgage market. Marcus & Bruce Coin M i l l i c h a p ’s second quarter “Apartment Outlook” report confirmed, among others, that; • apartment demand was undeterred by the summer doldrums and slower hiring • second quarter vacancy measured 4.7% down 20 basis points from the first quarter and down 120 basis points from one year ago • effective rents grew 3.5% nationally measured on a year over year basis • sales volume totaled $24.9 billion representing a 38.6% year-over-year increase • cap rates have dropped 30 basis points to 6.2% Accordingly, abundant mortgage financing is available for apartment acquisitions, refinancing and new construction. Primary sources are banks, insurance companies, Fannie Mae, Freddie Mac, FHA but not much from CMBS sources. Fannie and Freddie remain a critical component of the exiting property market especially for longer term, fixed rate, non-recourse loans. Through the second quarter Fannie had closed $13.8 billion and Freddie had closed $11.2 billion. For an existing well leased property with 90% occupancy (exceptions at 85%) 80% loan to value (LTV) mortgages can be obtained for 5, 7 or 10 year balloon terms with 25 to 30 year amortization. Due to their current 5 year floor rate, borrowers are basically using them for 7 to 10 year money. Rates are typically fixed at between 225 and 250 basis points over treasuries. As of August 1st, a 10 year fixed rate would be between 3.75 and 4.00%. Some interest only loans are available. A 1% placement/commitment fee is typical. Underwriting is based on a minimum debt service coverage ratio of 1.25 times with an overall “cap rate” of approximately 6% applied to underwritten annual net operating income after reserves. In high barrier to entry

markets a cap rate of less than 6% may be applied. Word on the street is that Fannie may move away from its yield maintenance prepayment formula to a stepped down percentage of loan amount. Insurance companies offer different terms that vary by institution. For a non-recourse loan on an existing property they basically also offer 5, 7 or 10 year balloon term loans but with emphasis on providing only 25 year amortization schedules, a 1.25 debt service coverage factor and 70% LTV ratios. Fixed for term rates

are typically based on a 2.50 to 3.25 basis point spread over treasuries. There are exceptions. Commercial banks, especially for amounts under $20 million, are major sources for both permanent and construction loans. “Permanent” loans with 3, 5 and atypically longer balloon terms are being closed on existing properties with fixed rates in the range of 3.25 to 4.65%. Most prefer staying at 70 to 75% LTV. For purchases, the upper limit is the lesser of 7075% LTV or 80% of acquisition

cost. Loans typically require a personal guarantee with nonrecourse occasionally available at 60% LTV or below. 30 year amortization schedules appear readily available. Debt service coverage ratios can be as low as 1.15 to 1.20. Banks appear to be accepting appraisals with “cap rates” in the range of 5.25 to 6.25%. For construction loans they are providing amounts as high as the lesser of 75% of as completed and leased value and 80% of total cost, excluding any builder’s profit. Floating rates are typically quoted at spreads

of between 2.50 and 3.50 basis points over LIBOR or as of August 1st, 2.75 to 3.75%. Fixed rates are available by purchasing a fixed rate swap contract. Most loans are for 24 months with either a series of one year extensions or a three year “mini-perm” being available. Fees are typically 3/4ths to 1%. Underwriting varies by institution but is typically based on applying a 6.25% “cap rate” to the projected underwritten net income upon completion and lease up and with a1.25 debt service coverage factor. continued on page 13A

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12A — August 17 - 30, 2012 — Mid

Atlantic Real Estate Journal

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Multifamily Financing By Mark Scott, Commercial Mortgage Capital

A tale of two lending markets

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ommercial and multifamily mortgage lending rose in the second quarter of 2012, according to the Mortgage Bankers Association, which attributed the rise to low interMark Scott est rates and continued stabilization and growth in the commercial real estate markets. Speaking specifically to multifamily, government spon-

sored entities Fannie Mae and Freddie Mac continue to provide stable, sensible non-

Mae and Freddie Mac showed a 50% increase from one year earlier. Multifamily lending,

Currently, multifamily borrowers are seeing some of the lowest fixed rates in history for lower loan-to-value transactions, locking in 10-year rates that begin at 3%. recourse permanent financing solutions for today’s borrowers. According to the MBA’s recent Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations, lending on the part of government sponsored enterprises Fannie

as a whole, increased 19% year-over-year. Currently, multifamily borrowers are seeing some of the lowest fixed rates in history for lower loan-to-value transactions, locking in 10-year rates that begin at 3%. And

with one-month LIBOR holding at less than 30 basis points since May 2009, floating rate borrowers are seeing equally low levels. With rates this reduced, borrowers are now willing to swallow prepayment penalties in order to lock in historically low rates. For instance, well-heeled borrowers in New Jersey are now much more willing to pay a yield maintenance penalty – essentially a form of pre-payment penalty. This means that the lender is entitled to the yield for the entire length of the loan, which

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has resulted in penalties in the range of 20% (or more) of the loan value. More importantly, we have seen an interesting dichotomy emerge in the lending market over the past several weeks between agency pricing and life company pricing for lower loan-to-value transactions. In the past, life companies were able to cherry-picking the business they wanted. But this isn’t necessarily the case any longer, namely because their rates are now subject to a floor - a rate at which they will not go below Over the course of the past year, life companies were assuring their policyholders 5.0% rates, but could only lend out at around 4.0%, making it difficult to pay their promised rates. This led to the implementation of a floor anywhere from 3.5% to 4.0%. In truth, life company rates are priced (in terms of spread) as well if not better than the agencies, but Fannie Mae and Freddie Mac will not put in a floor, making them a much more attractive option at the moment. Treasury market fluctuations do affect final pricing with these two lenders. It will be interesting to see how the relationship between agency and life company lending plays out over the next few months. Interest rates will also continue to be carefully monitored. Can they go lower? Sure. But that is not necessarily a good thing. Change in the interest rate level is ultimately what drives the level of transactions. Also on the banking industry’s radar is how the LIBOR scandal progresses (or fizzles) in the coming weeks. The London inter-bank lending rate is considered to be one of the most crucial interest rates in finance. It underpins 40% to 50% worth of loans and financial contracts in New York City alone. Just who has a say in defining the replacement rate will be an important distinction in the coming weeks. Despite some definite economic question marks, lending continues to flourish and the current low interest rate environment has ultimately fostered increased refinance volume. Mark Scott is principal of Commercial Mortgage Capital. n


Mid Atlantic Real Estate Journal — August 17 - 30, 2012 — 13A

www.marejournal.com

Multifamily Financing David Fisher and Scott Jackson originated the transaction for Meridian Capital Group

Beech Street closes $25 million Fannie Mae conventional loan for Philadelphia apartments

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hiladelphia, PA — Beech Street Capital, LLC provided a $25 million Fannie Mae conventional loan to refinance Greenbriar Club Apartments, a 346-unit property. David Fisher and Scott Jackson originated the transaction for Meridian Capital Group, LLC, which was financed by Beech Street Capital as part of its correspondent relationship with Meridian. Given the managerial strength of the owners and successful operating history of the property, Beech Street was able to successfully structure the deal in spite of some challenges, including the existence of a ground lease. “We were able to deliver a highly attractive interest rate which will free up operating capital and boost cash flow for the borrower,” said Joel Willard, vice president of credit. Greenbriar Club Apartments is located in the Bala Cynwyd neighborhood of the City of Philadelphia, approximately six miles northwest of Center City. The property was constructed in 1971 and consists of nine inter-connected, brick, garden-style apartment buildings, a clubhouse/fitness center, and 15,987 square feet of retail space located on the first floor of one of the apartment buildings. The property has strong occupancy of over 96 percent on the residential units and over 92 percent of the retail space. The fixed-rate loan has a 10-year term with 9.5 years of yield maintenance. In a separate Philadelphia transaction, Beech Street Capital provided $13.5 million Fannie Mae conventional loans for the acquisition of a two-property portfolio. Israel Shubert originated the transaction for Meridian Capital Group.

Greenbriar Club Apartments

“This represents the borrower’s seventh and eighth transactions with Beech Street,” states vice president of credit, Joel Willard. “Our familiarity with the borrower, as well as the borrower’s extensive experience in the Philadelphia MSA, permitted for an extremely efficient and simplified process from application to close.” Beech Street recently secured financing for a $68 million portfolio in Pennsylvania and Delaware. The properties, Red Lion Manor and Cheswick Square, are located in Philadelphia

County with close proximity to the central business district, the Philadelphia International Airport and Philadelphia University. Red Lion Manor consists of 120 units in 11 buildings and Cheswick Square consists of 111 units in two buildings. Common amenities include on-site parking, laundry facilities, and secured entryway. The borrower plans to spend over $1.8 million for capital improvements of both properties. The fixed-rate loans have a 10-year term with a 2.5 interest-only period. n

By Bruce Coin . . . continued from page 11A Obviously there are negotiable exceptions to all of the above. With so much apartment activity in the market I thought it appropriate, as we head into the fall, to provide the foregoing as guidance. Federal Reserve Chairman Bernanke has promised to keep these low rates through the end of 2014. Don’t miss your opportunity. Bruce J. Coin is director of Bruce Coin Consulting, Inc. n

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Acquisition Grocery Anchored Retail Quakertown, PA 200,000 S/F

Refinance Multi-family Eastern PA 100 Units

Acquisition Office Charleston, WV 280,000 S/F

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


14A — August 17 - 30, 2012 — Mid

Atlantic Real Estate Journal

www.marejournal.com

Financial Digest

$79,000,000

1133 WesTchesTer Avenue WhiTe PlAins, nY

620,000 square foot office building The undersigned arranged the above financing.

Real estate Financing

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


Mid Atlantic Real Estate Journal — August 17 - 30, 2012 — 1A

www.marejournal.com

FinAnciAl digest For a shopping center located at Routes 9 and 20 in Marlboro, NJ

Cronheim Mortgage arranges fi nancing for land acquisition and construction

M

ARLBORO, NJ — Cronheim Mortgage has arranged financing for the land acquisition and construction of a to be built shopping center located at the intersection of Routes 9 and 520 in Marlboro. The financing consists of an 18 month construction loan followed by a mini-permanent loan term of 5 years, with the rate fixed for the entire term. Dev Morris and Andrew Stewart arranged the facility for an affiliate of Glen Rock-based Pagano

Dev Morris

Andrew Stewart

Real Estate, Inc. The loan was placed with American National Insurance Company, for which Cronheim acts as correspondent and servicing agent. Cronheim’s affiliate, Channel Real Estate

Investors, provided additional financing capital. Construction has already commenced; the property is already over 60% pre-leased. The anchor tenants will include a Whole Foods supermarket, and a freestanding Walgreens drugstore. The development also includes the site’s existing freestanding PNC Bank, which will be expanding. From its location at the signalized intersection, Marlboro Commons will draw from an affluent market with an average

household income of more than $124,000. The site is situate d on the ‘going home’ side of Route 9, a major commuter and retail corridor in this New York City suburb. Over 62,000 cars pass the site daily on Route 9, with another 12,000 passing on Route 520. The site has particularly good visibility and access with multiple entry points to the center from Route 9, Robertsville Road and a de facto jug handle that is part of the site. According to Dev Morris, “This was an

exciting and rare opportunity for a new New Jersey retail property to be developed in a 100% location. We were not only able to not only make use of our portfolio lending relationships but also help continue to our successful track record as a source of capital for quality real estate projects. The developer has done an outstanding job in creating a viable project for both the town as well as retailers; we look forward to seeing this project through to its successful completion.” n

Eastern Union Comm’l. reports 10 % increase in Second Quarter NEW YORK, NY — Eastern Union Commercial experienced a 150 percent increase in loan closings in the second quarter of 2012 compared with the second quarter of 2011. The boutique mortgage brokerage also set a new corporate milestone by closing more than 100 transactions in the second quarter alone, the highest number of loans Eastern Union has ever closed within a single three-month period. Even at this accelerated pace of closings, Eastern Union’s pipeline of loans in process continues to grow and is outpacing the firm’s rate of closed transactions. With this level of activity, the firm is on track to post its highest-ever year-end totals. “Thanks to our investments in new personnel and in a stronger corporate infrastructure, Eastern Union is closing deals more efficiently and more rapidly than ever before,” said Ira Zlotowitz, President of Eastern Union Commercial. “As our next strategic initiative, we will be launching new, tailored divisions to meet the market’s diverse needs, further leveraging the outstanding relationships we have with key banks nationwide.” Zlotowitz also noted that Eastern Union’s increased production stems from their ability to consistently deliver market-low rates, and their strengthening relationships both with existing banks and new lenders that continue to enter the market. “Our reputation for best-in-class service has reached a point where our referral business is outpacing even what we had anticipated,” he said. n

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16A — August 17 - 30, 2012 — Mid

Atlantic Real Estate Journal

www.marejournal.com

Financial Digest Also closes $57 million construction financing

For Bcb Community Bank

Cassidy Turley secures $64 Helios completes $17.35 million loan sale million permanent financing NEW YORK, NY — Steven Schultz, CEO of Helios Capital Advisors served as the advisor to BCB Community Bank in the sale of a $17.35 million non-performing commercial mortgage and residential loan portfolio. The portfolio, which included 52 individual loans collateralized by 17 commercial and 26 residential sites of various asset types throughout New Jersey, was sold to a New York fund/investor. These deals are small balance distressed asset portfolios with loans collateralized by a range of property types in locations throughout the state. “Market conditions are still very choppy and on a downward path, fueled by uncertainty with the upcoming election, legislation issues and the general overall economic condition,” said Schultz. “There is still distress on the banking

W

ASHINGTON, DC — Cassidy Turley secured a $64 million long term fixed rate loan for 1129 20th Street, a trophy quality 176,059 s/f office building located in the heart of Washington, DC’s Central Business District. The loan was provided by a life company. John Campanella, senior managing director, and Paul Spellman III, associate vice president, arranged the financing on behalf of the owner. The asset was completely redeveloped in 2008 by Liberty Property Trust and received LEED Gold certification in 2010. The freestanding building features four sides of floorto-ceiling glass curtain wall, a class A fitness facility, an award winning day spa, concierge service, on-site parking and a rooftop terrace. The property is currently 96 percent leased to long-term tenants, providing stable cash flow and tenant diversity. Bethesda, MD — Cassidy Turley secured on behalf of Carr Properties, $57 million in financing for the construction of 4500 East West Highway, a 220,000 s/f speculative office building with ground floor retail and underground parking, located just one block from the

COPT announces July dispositions of $179 million 1129 20th Street, Washington, DC Bethesda Metro station. The loan was provided by Wells Fargo. David Webb, senior managing director, Jamie Butler, associate vice president, and Phil Mudd, senior managing director, arranged the financing on behalf of Carr

Properties. 4500 East West Highway will be the first trophy office building to deliver in downtown Bethesda in over a decade. The project will be built to achieve LEED Platinum certification. n

CBRE procures $7.5 million in permanent financing for Freehold Corporate Center SADDLE BROOK, NJ — James Gunning and Donna Falzarano of CBRE New Jersey’s Debt & Equity Finance group recently secured $7.5 million in permanent financing for borrower Onyx Equities. The transaction was a refinance of existing debt secured by Freehold Corporate Center, a 60,286 s/f professional office building located at 303 West

Main Street in Freehold, N.J. “This is the second time CBRE Debt & Equity Finance has secured financing for Freehold Corporate Center; we provided the borrower with a very attractive, fixed interest rate,” said Gunning. “Several of the tenants are medical related and benefit from the site’s proximity to the CentraState Medical Center, a teaching

hospital.” Originally constructed in 1976 and renovated in 2008, the four-story, steel-frame building is currently 98-percent leased to a variety of professional tenants including Zenith Marketing and Liberty Mutual. The site has easily divisible, 15,000 s/f. floor plates and a 4.5 per 1,000 s/f parking ratio. n

Markison to speak during the NE conference Ken Markison will participate on super panel of experts addressing the CFPB regulations and their industry impact. Ken Markison is associate VP and regulatory counsel at the Mortgage Bankers Association (MBA), where he works on a very wide range of mortgage lending issues. These include matters under the Housing and Economic Recovery Act of 2008 (HERA), the Real Estate

side and banks are in a tough position to liquidate. Money is chasing this limited supply, so now is the ideal time for banks to dispose of these assets to take advantage of the strong demand.” Schultz adds that Helios, being a specialist in the Tri-State market, is uniquely positioned to advise the region’s buyers and sellers on note sales transactions due to the firm’s strong understanding of the local real estate market and conditions and established relationships. “This is the first loan sale BCB has done and they are happy with the outcome,” said Tony Georgiev, senior director for Helios Capital Advisors. “Because of our expertise, bank executives knew they could come to us for an efficient sales process and proper execution of this complex transaction.” n

Settlement Procedures Act (RESPA), the Home Mortgage Disclosure Act (HMDA), the Truth in Lending and Home Ownership and Equity Protection Acts, laws governing Fannie Mae and Freddie Mac, as well as other housing, fair lending, consumer protection and anti-predatory lending laws. Markison joined MBA in July 2004 following his retirement from a 33 year career

with the Federal government. At the time of his retirement, he served as Assistant General Counsel for Government Sponsored Enterprises/RESPA in the Office of General Counsel of the Department of Housing and Urban Development (HUD). Markison was one of the principal architects of HUD’s 2002 proposed RESPA Reform Rule and HUD’s Fannie Mae and Freddie Mac regulations. n

COLUMBIA, MD — Corporate Office Properties Trust (COPT), an office real estate investment trust (REIT) that focuses primarily on serving the specialized requirements of U.S. Government and Defense Information Technology tenants, announced that, subsequent to June 30, 2012, it completed the disposition of 24 operating properties and the Fort Ritchie development for gross proceeds of approximately $179 million. The operating properties contained an aggregate of 1.5 million square feet and were 83.8% occupied (90 leases) at the time of sale. Year to date through July 24, 2012, COPT has sold a total of $317 million of properties and adjacent land containing approximately 2.3 million operational square feet and 162 leases that were 83.2% leased at the time of sale, realizing net proceeds of $253 million. Since announcing its Strategic Reallocation Plan (SRP) in April 2011, COPT has disposed of $394 million of properties containing approximately 3.2 million operational square feet and adjacent land, realizing net proceeds after closing adjustments and repayment of property-specific debt of approximately $323 million. These properties represent 31% of COPT’s total leases but only 15% of its consolidated

operating square feet that were in place at March 31, 2011 (the last reporting period before the SRP was announced). COPT recycled $49.6 million of the proceeds into the acquisition of a 202,000 s/f property located at 13857 McLearen Road, known as the McLearen Center in Herndon, Virginia. McLearen Center is a five story, Class-A building built in 2007 and is in close proximity to the large US Government controlled campus at Dulles Discovery. The building is 99% leased to a strategic tenant in the Defense Information Technology industry. “We are pleased with our ability to execute the disposition of non-strategic assets, and to recycle some of the proceeds into McLearen Center, a highly strategic property. We look forward to discussing details of these transactions on our second quarter conference call on July 26th,” said Roger Waesche, Jr., president and Chief Executive Officer. Silver Spring, MD — COPT sold 11800 Tech Rd. in Silver Spring, MD, for $21.3 million. Net proceeds after closing costs and the repayment of debt associated with the property were $5.3 million. The property contained approximately 228,200 s/f that were 82.5% leased at the time of sale to six tenants. The building was redeveloped in the late 1980s. n


Mid Atlantic Real Estate Journal — August 17 - 30, 2012 — 17A

www.marejournal.com

MULTIFAMILY FINANCING

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

Meadowbrook Apartments 532 Units

Berkshire at the Shipyard 93 Units

2100 Parkway Apartments 124 Units

Greenbriar Apartments 346 Units

$32,900,000

$29,000,000

$25,125,000

Huntingdon Valley, PA

Hoboken, NJ

Philadelphia, PA

Philadelphia, PA

Hidden Creek Apartments 236 Units

Warehouse Apartments 141 Units

Hallmark House Apartments 429 Units

Blue Hen Apartments 162 Units

$23,500,000

$20,800,000

$20,000,000

$16,000,000

Bayville, NJ

Philadelphia, PA

Newark, NJ

Dover, DE

Village Park Apartments 178 Units

1616 Walnut Street 233,000 Sq. Ft. Office

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

Colony House at Rivers Edge

$15,100,000

$14,000,000

$12,500,000

$8,800,000

Pleasant Valley, NY

Philadelphia, PA

Hoboken, NJ

Red Bank, NJ

$35,800,000

68 Units

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


18A — August 17 - 30, 2012 — Mid

Atlantic Real Estate Journal

www.marejournal.com

MAREJ Monthly Sales and Lease Report As Reported In The Mid-Atlantic Real Estate Journal ~ July 13 - August 16, 2012

Property Property Name Name

333 Meadowlands Pkwy WestMark II North American Tech Ctr North American Tech Ctr 431 Pike Rd 100 Franklin Square Dr 9635 Philadelphia Rd 1643 Liberty Rd 7495 Race Rd 7700 Hubble Dr Pender Business Park 938 Middletown Warwick 100 SciPark 65 Clyde Rd. 535 Dowd Ave Woodbridge Corp Plaza Woodbridge Corp Plaza Woodbridge Corp Plaza Woodbridge Corp Plaza Woodbridge Corp Plaza Woodbridge Corp Plaza Woodbridge Corp Plaza Harborside Financial Ctr 63 Washington Pl Nine Bldg Portfolio Riverview Tech Ctr Riverview Tech Ctr Riverview Tech Ctr 112 West Park Dr 702-708 King Ave 10 Fairway Court 59 Oak St MedExpress Urgent Care (6 Props) West Hills Commons 3990 Paxton St 650 N 12 St 3461 Market St 7500 Carlisle Rd 3076 Carlisle Rd 85 North Belmont St 234 West Clark Ave 3524 Delta Rd 20-90 Aberdeen Rd 3809-3815 Paxton St 262 Church St York Crossing SC 344 West Market St 873 Clare Ln 135 North George St 50 Jaycee Dr 150 Jaycee Dr 441 Friendship Rd 2330 Vartan Way Hartzdale Plaza 2330 Vartan Way 192 Dolphine Ln 211 Main St The Greentree Bldg Lexington Village 1075 Win Drive 2299 Brodhead Rd 181 Washington St 300 Walnut St Lot #6 Foxmoor Dr Stroud Commons Plaza Rte 309 7036 Snowdrift Rd 969 Postal Rd 1301 W Gordon St 3000 Emrick Blvd 121 South Broad St 121 South Broad St 514 Kaiser Dr. Dover Chase Scotsdale Portfolio Devon Village N Salisbury, MD Harmon Meadow Harmon Meadow Dual Hwy 17703 Virgina Ave East Meadow Commons East Meadow Commons 6408 Steubenville Pike Champion Plaza Hadley Center 1200 Walnut St 1421 Walnut St 2015 Walnut St 1601 S 8th St 108 S 16th St 339 S 13th St 35 S 18th St Plaza Square Plaza Square Plaza Square Plaza Square One Liberty Place Metrotop Plaza II

Address Address

Seller/ Seller/ Owner/ Owner/ Lessor Lessor

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

Weehawken, NJ Gebroe-Hammer Union City, NJ Secaucus, NJ Bergman RE Grp Bergman RE Grp Glen Allen, VA New Boston Fund, RER Equities Thalhimer Warminster, PA Industrial Investments Robert Brown Warminster, PA Industrial Investments Robert Brown Warminster, PA Industrial Investments Robert Brown Somerset, NJ Baltimore. MD RKS Realty Eldersburg, MD Liberty Blue & Obrecht Hanover, MD Cushman & Wakefield Bethesda, MD CIII Asset Mgmt Transwestern Herndon, VA Liberty Property Trust Avison Young Middletown, DE Princeton, NJ Woodmont Props Cushman & Wakefield Somerset, NJ Cornerstone RE Advisers Cushman & Wakefield Elizabeth, NJ Elizabeth Beverage Co Binswanger Iselin, NJ KBS Realty Advisors NGKF Iselin, NJ KBS Realty Advisors NGKF Iselin, NJ KBS Realty Advisors NGKF Iselin, NJ KBS Realty Advisors NGKF Iselin, NJ KBS Realty Advisors NGKF Iselin, NJ KBS Realty Advisors NGKF Iselin, NJ KBS Realty Advisors NGKF Jersey City, NJ Mack-Cali Teaneck, NJ Gebroe-Hammer Patterson, NJ Gebroe-Hammer Somerset, NJ Atlantic Development CBRE Somerset, NJ Atlantic Development CBRE Somerset, NJ Atlantic Development CBRE Mt. Laurel, NJ Keystone Prop Grp CBRE Cherry Hill, NJ Casaba RE Holdings Colliers Int’l Northvale, NJ The Hamshire Cos NAI Hanson Hackensack, NJ The Hamshire Cos NAI Hanson

Buyer/ Buyer/ Tenant/ Tenant/ Lessee Lessee

ZT Systems

Rep. Rep. of of Tenant/ Tenant/ Buyer Price Size Buyer Price

Gebroe-Hammer Colliers Int’l.

$950k $530K

Sun Trust Bank Thalhimer Forest Incentives Colliers Int’l Bucks Cty Electric Quinn & Wilson Realtors HydraMatic Packaging Blough Realty Pacific Controls JLL RMS Omega Tech Blue & Obrecht Hill Barnes & McInerney Exeter Prop Grp $8.25m DRV NVCC CBRE Middletown Sports NAI Emory Hill Inland RE Cushman & Wakefield $17.625m TA Associates Realty $10.7m Seagis Property Grp ReSearch Pharml K NFSM GFI Group CBRE Stern & Eisenberg PC NGKF BioCon Ltd Garibaldi Group SOA Software Indegene Pharm Swift Solutions BTMU Cushman & Wakefield Gebroe-Hammer $1.405m $644k Gaffney-Krose Bussle Realty Corp Betar Sanvest Financial Grp Randolph Road LLC DeLuccia Comm’l Grp Comcast Binswanger T&C Property Fillo Foods MRH RE

Desc. Size

S/L PG Desc. S/L PG

10 units 8 units 23,451 SF

Apt Apt Off

L L L

3A 3A 3A

83,414 SF 48,366 SF 8,000 SF 6,665 SF 108,410 SF 6160 SF 1260 SF 125,000 SF 120,000 SF 86,873 SF 65,552 SF 159,000 SF 158,735 SF 15,715 SF 10,500 SF 2477 SF 2000 SF 2100 SF 4055 SF 1208 SF 100,274 SF 16 Units 46 Units 32,135 SF 21,525 SF 15,121 SF 72,500 SF 40,000 SF 85,000 SF 25,000 SF

Off Whse/Dist Whse Whse Off Off Ind Off Off Retail/Whse Off/Medical Ind Dist Off Off Off Off Off Off Off Off Apt Apt Off/Whse Off/Ind Off Off Off/Whse Ind/Flex Ind

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

6A 6A 6A 6A 7A 8A 8A 9A 9A 10A 10A FC-B FC-B 2B 2B 2B 2B 2B 2B 2B 2B 3B 4B 4B 5B 5B 5B 7B 8B 14B 14B

S S S L L 2C S S L L L L L L L L L L L L L L L S S S S S L L L S L S L L L L

FC-C FC-C 2C 2C 2C

PA and WVA MedExpress Urgent Care Marcus & Millichap National Retail Props Marcus & Millichap $12.986m 29,301 SF Medical Pittsburgh, PA RIDC Endow Props $2.75m 30,000 SF Flex/Ind Harrisburg, PA NAI CIR Librandi Plating NAI CIR $1.65m 42,877 SF Ind Lemoyne, PA Gunn-Mowery NAI CIR Info-Matrix Corp NAI CIR 2400 SF Camp Hill, PA Atrium West NAI CIR Waddell & Reed NAI CIR 999 SF Off Rossville, PA Michael Ficks High Associates Wueschinski Retail L Dover, PA ROCK Weaver ROCK $800k 16,667 SF Storage York, PA ROCK KW Gemmill LMS Comm’l RE $139.5k 4,200 SF Whse York, PA ROCK Forge Advertising ROCK 1308 SF Off Airville, PA ROCK McAllister, Zak ROCK 3384 SF Ind Emigsville, PA ROCK Buzynski Electrical ROCK 2812 SF Ind Harrisburg, PA ROCK Mixed Media Arts ROCK 1300 SF Retail Hanover, PA ROCK DCI Mgmt ROCK 6000 SF Ind York, PA ROCK Rushiarjun LLC ROCK 1800 SF Retail York, PA ROCK Torres ROCK 1700 SF Retail York, PA ROCK Omni Home Care ROCK 1660 SF Off York, PA ROCK Bower ROCK 150 SF Off West Hazelton, PA 50 Jaycee Drive Assoc Landmark Comm’l Greif Packaging 66,000 SF Whse West Hazelton, PA 150 Jaycee Drive Assoc Landmark Comm’l Karchner Warehousing 40,000 SF Whse Harrisburg, PA Kosap Ptrs Landmark Comm’l The Bair Foundation Landmark Comm’l 6387 SF Off Harrisburg, PA The Vartan Grp Landmark Comm’l Philhaven 3078 SF Off Camp Hill, PA Kosap Ptrs Landmark Comm’l Fan 1370 SF Comm’l Harrisburg, PA The Vartan Grp Landmark Comm’l Next Era Ent 1337 SF Off Greensburg, PA Kathrine Ross Landmark Comm’l Sunny Hill Mobile Home Pk Landmark Comm’l $355k 50 Pad York Springs, PA Landmark Comm’l Carbajal AGI RE Services $237k Apt West Chester,PA Marcus & Millichap Cornerston Communities Marcus & Millichap $9.8m 64 Unit Apt Nanticoke, PA Marcus & Millichap Marcus & Millichap $3.5m 55 Unit Apt Bethlehem, PA Hawley Realty $675k 7,200 SF Ind Bethlehem, PA Hawley Realty GH Whang $170k Medical Conshohocken, PA Oliver Tyrone Pulver Corp Oliver Tyrone Pulver Corp NextDocs CBRE 30,000 SF Lansdale, PA Aptcor Cap-One Services 7,090 SF Off/Whse East Stroudsburg, PA Summer Glen Ptrs CBC Pennco Barchiesi Weichert Acclaim $187.6m 3000 SF Off/Retail Stroudsburg, PA CBC Pennco Pro Hearing Solutions CBC Pennco 1100 SF Retail Schnecksville, PA NAI Summit Ashley Motors NAI Summit $120k .5 acre Land Allentown, PA Denholtz Assoc NAI Summit Praxair NAI Summit 25,752 SF Whse Allentown, PA Denholtz Assoc NAI Summit Level 3 Communications 9,600 SF Whse Allentown, PA Boss Surgical Ctr NAI Summit Our Little Einsteins NAI Summit 2,000 SF Off Bethlehem, PA NAI Summit The LCB NAI Summit 14,242 SF Whse Philadelphia, PA ADR North American PernaFrederick Pasquarella, Kunnel & Pomo & Paul Kahn Combined 6,610 SF Off Philadelphia, PA ADR North American PernaFrederick Mitchell & Ness Nostalgia JLL $1.1m 6,610 SF Off Folcroft, PA Barthco Cos. Grubb & Ellis Service By Air Lieberman & Early $334k 14,671 SF Flex Toms River, NJ Gebroe-Hammer Gebroe-Hammer $16.1m 110 Unit Apt Central Paregion, PA Landmark Comm’l 75 Unit Apt Landmark Comm’l 26 Acre Land Landmark Comm’l 40,654 SF Retail Devon, PA WP Realty Kimco Realty 89,000 SF Retail Salisbury, MD SVN Miller SVN Miller $600k 1.04 Acre Land Secaucus, NJ Hartz Mountain Carrabba’s Italian Grill Mixed-Use Secaucus, NJ Hartz Mountain CUPS Frozen Yogurt Mixed-Use Hagerstown, MD BSM Highway McShea & Co. Walgreens 1.046 Acre Retail Hagerstown, MD BSM Highway McShea & Co. Walgreens 1.303 Acre Retail East Meadow, NY Nassimi Realty Yogurt Crazy 1500 SF Retail East Meadow, NY Nassimi Realty T-Mobil 1000 SF Retail Pittsburgh, PA Mosites Construction Central Diner & Grill Grant Street 5294 SF Retail Library, PA Champion Plaza Grant Street BNDZ Burgerz & Dogz 1527 SF Retail South Plainfield, NJ NRDC Lets Yo Yogurt Retail L Philadelphia, PA Chipolte Fameco 2300 SF Retail Philadelphia, PA Pearl Props Fameco Swarovski 1800 SF Retail Philadelphia, PA Urban Igloo Fameco Retail Philadelphia, PA Kean Realty Fameco Ho Choi Grocers 1200 SF Retail Philadelphia, PA Pearl Props Fameco Insomnia Cookies Fameco Retail Philadelphia, PA Pearl Props Fameco Sweey Box Fameco Retail Philadelphia, PA Alert Realty Fameco European Wax Ctr 1300 SF Retail Wayne, NJ Regency Ctrs Fameco Great Clips Retail Wayne, NJ Regency Ctrs Fameco Hand & Stone Retail Wayne, NJ Regency Ctrs Fameco C2 Education Retail Wayne, NJ Regency Ctrs Fameco GNC Retail Philadelphia, PA Metropolis Investment Cushman & Wakefield Cozen O’Connor SSH RE 200,000 SF Off Woodbridge, NJ Atlantic Realty & Dev Cushman & Wakefield EisenAmper Grubb Knight Frank 87,000 SF Off

L L L S S S S S S L L L L L L L L 18B L L L L L L L L L L L L L

3C 3C 3C 3C 3C 3C 3C 3C 3C 3C 3C 4C 4C 4C 4C 4C 4C 4C 4C 5C 5C 11C 11C 11C 11C 12C 12C 12C 12C 12C 12C 12C 12C 12C 6A 7A 9B 9B 9B 9B 12B 18B 18B 18B 18B 18B 18B 18B 18B 19B 19B 19B 19B 19B 19B 19B 19B 19B 19B 19B 6B 8B


Mid Atlantic Real Estate Journal — August 17 - 30, 2012 — 19A

www.marejournal.com

For Cavalier Center in Charlottesville, VA

NorthMarq Capital facilitates $3.6 million mortgage

17-acre parcel on Rte. 273 in New Castle, DE

Emory Hill breaks ground on Seeds of Greatness Church

C

harlottesville, VA — Ryan Whitaker, vice president of NorthMarq’s Jacksonville Regional office, arranged first mortgage refinancing of $3.6 million for the Cavalier Center, a 27,606 s/f retail center located in Charlottesville. Financing was based on a 10-year term and a 20-year amortization schedule and was arranged for the borrower by NorthMarq through its relationship with a correspondent life insurance company. This asset is a two-tenant retail property leased to World Market and PetCo and Shadow-anchored by a Best Buy. The largest tenant’s lease expired during the loan term. “The lender was able to get

PetCo at Cavalier Center comfortable with the lease sponsorship and an excellent rollover due to experienced location,” said Whitaker. n

NAI Emory Hill renews lease for Wheeler, Wolfenden & Dwares in Pike Creek, Delaware Pike Creek, DE – Accounting firm Wheeler, Wolfenden & Dwares has renewed its lease in Pike Creek, continuing their commitment to Delaware and its surrounding communities. W h e e l e r, Wo l f e n d e n & Dwares, P.A., Certified Public Accountants, is an established business consulting firm celebrating over 14 years in Delaware. The firm has offices in Wilmington at 4550 New Linden Hill Rd., Suite 201 which was just renewed and in Lewes at 17577 Nassau Commons Blvd. David Wolfenden, CPA, CVA,

Paul Bryant

David Wolfenden

MS, president of Wheeler, Wolfenden & Dwares, was recently in the news: he completed the certification process with the National Association of Certified Valuators and Analysts (NACVA) to earn his designation of Certified

Valuation Analyst and he was elected as president of the committee of 100 for a term of two years. “The people at Emory Hill really know all the ins and outs of real estate locally and continue to meet all of our needs,” Wolfenden said. “They sharpened their pencils and found a solution that will see us into the future. They are a great source of commercial real estate expertise and advice.” NAI Emory Hill principal Paul Bryant executed the 8,215 s/f transaction on behalf of building owner The Commonwealth Group. n

Cushman & Wakefield inks 50,664 s/f industrial renewal; CB Richard Ellis represents tenant, Linden Resources HERNDON, VA — Linden Resources has renewed its lease totaling 50,664 s/f at an industrial building in Herndon. Jon Lawrence and Michael Stuart of Cushman & Wakefield represented landlord OTR, an institutional pension fund. Linden Resources has renewed at 13882-13886 Redskin Dr. and 13890-13094 Redskin Dr. The tenant was represented in the transaction by Sean Weidlein of CBRE. “Both of the Redskin Drive

Redskin Dr. addresses are in one building, and the renewal encompasses

two blocks of space within that building,” said Lawrence. n

Seeds of Greatness Bible Church New Castle, DE — Con“We’ve gotten to the point struction manager Emo- where we’re maxed out on all ry Hill & Company broke the things we can do in the ground on the new Seeds space we’re in and we want of Greatness Bible Church to do a lot more than can be on a 17-acre parcel on Rte. accommodated in our cur273 across the street from rent location,” said Robert the Farmers Market in New Hawkins, Seeds of Greatness Castle. building project director. n

Greysteel’s Firoozabadi leads multifamily team in $1.185m sale in Washington, DC Washington,DC — The Greysteel Company’s multifamily team led by Ari Firoozabadi congratulates

Goldsten Brothers Real Estate, LLC on the successful sale of Street, SE to Street Partners, LLC. n

First Potomac Realty Trust signs four leases totaling 49,308 s/f at Three Flint Hill O a k t on , VA — F i r s t Potomac Realty Trust announced the signing of four new leases, totaling 49,308 s/f, at its award-winning Three Flint Hill property in Oakton. “Three Flint Hill is a great example of First Potomac’s strategy of maximizing valueadd opportunities in our portfolio. When we redeveloped the property, our goal was to attract both established and entrepreneurial tenants with modern, energy efficient, first-class facilities that provide a platform for long-term success. And that is exactly what has happened,” said Douglas Donatelli, chairman and CEO of First Potomac Realty Trust. The property, which delivered eight months ago, is now 51% leased. The recent transactions include: Chadwick, Washington, Moriarty, Elmore & Bunn, P.C., a law firm concentrating its real estate practice in the rep-

resentation of condominium associations, property owners associations and other common interest communities, has leased 17,640 s/f under a multi-year lease term. A. J. Dwoskin & Associates, a commercial and residential real estate development and management company, relocating its corporate office to Three Flint Hill, signed a ten year lease for 14,300 s/f. Stratford University, a private educational institution that offers associates, bachelor’s and master’s degrees, will occupy 14,312 s/f for eight years. Ameriprise Financial, a leading financial services company, is relocating its Hunters Branch office to Three Flint Hill and will occupy 3,056 s/f for eight years. The property is the first redeveloped office building in the Oakton, Virginia submarket to earn LEED Gold certification. n


20A — August 17 - 30, 2012 — Mid

Atlantic Real Estate Journal

www.marejournal.com

DelMarVa Groh and Crosley of Jones Lang LaSalle represent tenant in 17,606 s/f transaction

G

Washington Property Company leases 50,592 s/f in Washington, DC area portfolio

reeNBelt, MD — Washington Property Company (WPC) recently leased over 50,000 s/f in its Washington, DC metropolitan area office portfolio, including 17,606 s/f to Global science & technology, inc. in Greenbelt. the science, engineering, and information technology company renewed its corporate headquarters space at Golden triangle i, a 122,000 s/f building at 7833 Walker Dr. Jeff Groh and Brad Crosley of Jones lang lasalle represented the tenant in the transaction, while Marc

Golden Triangle I in Greenbelt, MD

Witowski of WPC represented the owner. WPC’s other recent leases include: • Patriot Business Park east – 7852 Walker Drive, Greenbelt, MD the Walker Group signed a lease for 7,930 s/f, an expansion of the firm’s current space. Jason klein of the Walker Group represented the tenant and Marc Witowski of WPC represented the owner on the transaction. • huntwood Plaza – 5845 richmond highway, alexandria, va • schlesinger, arkwright &

Mid Atlantic Real Estate Journal

Features Our Annual

Fall Preview

We are inviting a select group of top executives to write an expert article about the current state of their respective marketplace and where they see it progressing in 2013. These experts will enlighten our readers on their industry and give a general overview of the marketplace in the field they represent. This issue gives industry leaders the ability to inform our 25,000+ readers on the current state of the market for the remainder of the year and business expectations for 2013 focusing on specific business verticals.

Publication: September 28, 2012 Deadline: September 19, 2012

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Garvey signed a lease for 2,792 sF. Derek hendon of WPC represented both the tenant and the owner on the transaction. • Westwood office Building – 8618 Westwood Center Drive, vienna, va • Potomac Foundation signed a lease for 1,942 sF, a five-year renewal of the firm’s current space. Derek hendon of WPC represented the owner on the transaction. • sutton and associates signed a lease for 3,289 sF, an expansion of the firm’s current space. scott rabin of edge Commercial represented the tenant and Derek hendon of WPC represented the owner on the transaction. • University of North america signed a lease for 9,334 sF. Jill Martin of Green valley realty, llC represented the tenant; scott rabin of edge Commercial and Derek hendon of WPC represented the owner. n

Colliers Int’l. brokers 8,971 s/f in leases for U of MD Faculty Physicians BaltiMore, MD — Colliers international completed longterm leases for two University of Maryland Faculty Physicians (FPi) medical practices. radiation oncology will occupy 4,399 s/f at the University of Maryland BioPark at 800 W. Baltimore st. in Baltimore, and Pediatrics will occupy 4,572 s/f at 7556 teague road in hanover, Md. “Both new leases are part of University of Maryland Faculty Physicians’ strategy to expand our medical services into locations more convenient to our patients, including patients living in suburban communities,” said William e. tucker, chief corporate officer for FPi. radiation oncology will move into a six-story silver leeD-certified building within the BioPark, a biomedical research park on the academic medical center campus of the University of Maryland in Baltimore. Wexford science & technology owns the building, while Cassidy turley handles leasing. the practice will join other University of Maryland medical practices in the midrise silver leeD-certified building owned and managed by JPB Partners. n


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Mid Atlantic Real Estate Journal — August 17 - 30, 2012 — 21A

DelMarVa


22A — August 17 - 30, 2012 — Mid

Atlantic Real Estate Journal

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Commercial-Industrial Realty Council www.circdelaware.org

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

JOIN US:

September 12, 2012 (Wednesday) CIRC Monthy Membership Luncheon 11:30 a.m. – 1:30 p.m. Clarion Hotel-The Belle TOPIC:

Delaware Health Sciences Alliance at the University of Delaware’s STAR Campus CIRC will be pleased to welcome Kathleen S. Matt, PhD, Executive Director of the Delaware Health Sciences Alliance and Dean of the University of Delaware’s College of Health Sciences to our next regular, monthly membership luncheon on September 12, 2012. Dr. Matt will share with CIRC members and their non-member guests and others who wish to attend the plans and goals that Delaware Health Sciences Alliance has for their program at the new University of Delaware’s STAR Campus (think former Chrysler site) and other elements of interest to us, such as the newly funded Newark Train Station and rail connection to Perryville, and Kathleen S. Matt, PhD what that will mean to the college and for all of us. UD entered into a strategic partnership with Delle Donne Associates and Bancroft Construction to develop a plan for phase one of the STAR Campus. Construction began this summer and will be completed by fall 2013. Through this development, health and life sciences would be one of the first sectors to establish a presence on this campus. LUNCH: A delicious buffet with various healthy food selections and desserts to satisfy everyone will be served after we are seated at 12 noon. Arrive at 11:30 for registration and networking opportunity. COST: $35 for members and $45 for non-members, including guests. REGISTER: Online at www.circdelaware.org (goto Meetings/Events - Next Meeting) or to the registration page at: www.circdelaware.org/meetings/nextMeeting.cfm

BIO:

Kathleen S. Matt, PhD Dean, College of Health Sciences - University of Delaware Dr. Kathleen S. Matt serves as dean of the College of Health Sciences at the University of Delaware. In addition, Dr. Matt is the executive director of the Delaware Health Sciences Alliance (DHSA) and co-director of UD’s health education partnership with Thomas Jefferson University (TJU). In these capacities she facilitates a broad range of collaborative activities including joint educational programs and faculty appointments, research and educational pilot grant programs, and regional conferences focused on healthcare research, education and delivery. In addition to her service on professional and academic committees and societies, Dr. Matt has done extensive community service, including work for health-related organizations serving women, children, and seniors. She currently serves on the Delaware Health Care Commission, the Governor’s Council on Disease Prevention and Health Promotion, and the Delaware Commission for Women. Dr. Matt earned her bachelor’s and master’s degrees in biology from the University of Delaware and received her PhD in endocrine physiology from the University of Washington, Seattle. Prior to coming to UD, Dr. Matt served as the Associate Vice President for Clinical Partnerships and Research Infrastructure at Arizona State University, where she served as a liaison between ASU and various community partners in facilitating clinical collaboration and innovation. While in Arizona, Dr. Matt was also the Franca G. Oreffice Dean’s Distinguished Professor of Kinesiology at ASU and also a professor in the Department of Basic Medical Sciences at the University of Arizona College of Medicine-Phoenix, in partnership with ASU. From 1998-99, Dr. Matt served as an Endocrine Society Health Policy Fellow for the Senate Health, Education, Labor and Pensions Committee, in the office of the committee chair, Senator James Jeffords (1998-1999). In that position she was instrumental in writing and introducing the Medicare Wellness Act and the Patch Act, a home health bill. Her research, which focuses on the effects of stress, diet, aging, and exercise on the neuroendocrine system, has been funded by the Department of Defense, NSF, NIH, the National Arthritis Foundation, NASA, and the Arizona Center for Disease Control. She has over 50 publications and has lectured extensively on topics of health and aging, stress and aging and interdisciplinary research.

ABOUT:

The Delaware Health Sciences Alliance (DHSA)

The Delaware Health Sciences Alliance (DHSA) was established in 2009 with four founding partners—Christiana Care Health System, Nemours/Alfred I. duPont Hospital for Children, Thomas Jefferson University and the University of Delaware. The Alliance enables partner organizations to collaborate and conduct cutting-edge biomedical research, to improve the health of Delawareans through access to services in the state and region, and to educate the next generation of health care professionals. DHSA’s unique, broad-based partnership focuses on establishing innovative collaborations among experts in medical education and practice, health economics and policy, population sciences, public health, and biomedical sciences and engineering. Additional information on the DHSA can be found at http://www.dhsa1.org/


Mid Atlantic Real Estate Journal — August 17 - 30, 2012 — 23A

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24A — August 17 - 30, 2012 — Mid

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Outside the Region Newark, NJ based company expands New York City

Treetop Development acquires 52-unit rental building

M

anhattan/Harlem, NY — Adam Mermelstein, principal of Treetop Development, has purchased a 52-unit rental building located at 165 West 127th St. The six-story building also features 6,000 s/f of second floor commercial space and 6,000 s/f of ground floor retail spaces. Treetop Development – which owns and self manages over 3,000 residential homes throughout New York and New Jersey -- plans to complete one of its “trademark” renovation programs at the building, Mermelstein points out. A mix of 30 one-, two- and three-bedroom apartment homes are currently vacant and will be renovated. “The current housing market in New York City has allowed real estate developers and investors the opportunity to tap into new markets,” said Mermelstein. “As a result, traditional neighborhood lines are being expanded. We’re certainly seeing this in Upper Manhattan where neighborhoods from 100th Street and north have more of an Upper West Side feel with new investors and development

activity is raising the level of the neighborhood’s housing inventory. “Located on 127th Street and 7th Avenue with great access to subways and transportation, this building lies in a neighborhood that is dramatically improving with more retail, condos and high-end rentals popping up and is a great option for young professionals, families and students to lease a really nice apartment at an affordable price.” The purchase of 165 W. 127th Street comes on the

heels of the purchase of four properties in New York City located at 1917 7th Avenue, 110 St. Nicholas Avenue, 110 West 116th Street and 120 West 116th Street. The properties consist of over 80 apartment homes and eleven retail spaces totaling 10,000 s/f. These transactions are the first of several large portfoliotype deals Treetop Development is planning in New York City to significantly increase its presence throughout Manhattan in 2012, according to Mermelstein. n

FD Stonewater sells McAllen, Texas build-to-suit facility under long-term lease to Gsa Investor Grp. McAllen, TX — FD Stonewater has sold a recently-delivered, build-to-suit facility under long-term lease to the U.S. Government in McAllen, TX. The buyer of the 24,000 s/f U.S. Immigration and Customs Enforcement (ICE) facility was a New York City-based investment group focused on buying Government assets with long term leases in place.

The facility, which houses ICE’s Office of Investigations at the U.S.-Mexico border, is under a 10 year lease to the Government. Claiborne Williams, FD Stonewater’s lead development principal, said “This is a great result for all parties. GSA and ICE have received a state-of-the-art facility to meet their long term needs. The buyer - a tremen-

dously experienced owner and operator of Government leased properties - has purchased an asset that will provide stable returns to their investors. And, FD Stonewater was able to successfully deliver this important building to the Government and also capitalize on the current market demand for quality investment opportunities.” n

Piasecki & Iskowitz of Avison Young complete 3 transactions New York City, NY — Greg Kraut, Avison Young principal and managing director of the company’s NYC office, announced the completion of three transactions. Avison Young principal Justin Piasecki and Aaron Iskowitz, a VP in the NYC office, recently completed the following loan sale transactions: • The sale of a nine-asset portfolio located throughout New England on behalf of a Boston based real estate investment firm. The assets included

one real-estate owned site, one non-performing loan, and seven performing loans. The collateral consisted of a mix of multi-family, office and retail properties. • The sale of a first mortgage collateralized by a 76,168 s/f multi-tenant retail property located in Rancho Mirage, CA. On behalf of a Midwest-based commercial lender, Avison Young successfully negotiated the transfer of the loan to a Boston-based bank. • The sale of a first mortgage

collateralized by a multi-family property in San Jose, CA. Working on behalf of client First National Bank of America in East Lansing, MI, Piasecki and Iskowitz negotiated the transfer of the loan to Provident Bank, located in Riverside, CA. “The diverse geography of these transactions reflects our team’s longstanding relationships with leading players across the country, as well as the strength of Avison Young’s reputation and national network,” said Piasecki. n

Lynch and Margolick join company

A&G Realty Partners goes coast to coast Melville, NY — Commercial real estate consulting, advisory and investment group A&G Realty Partners announced that noted industry leaders Peter Lynch and Andrew Margolick have joined the firm as partners, bringing to A&G coast-to-coast geographic penetration as well as further deep industry experience in dealmaking, real estate dispositions, lease renegotiations and strategic planning. Both Lynch and Margolick come to A&G from positions of leadership in the field, Lynch as a principal and senior managing director at DJM Realty, and Margolick as president of his own firm,

ARM Consulting, and as a vice president at Hilco Real Estate. Says A&G co-president Emilio Amendola, “Having Andrew join us in Chicago, and having his extensive experience in the Midwest at our disposal, we’ll have even more access to the detailed and vital on-the-ground information necessary to stay on top of the national real estate market. Adds Margolick, “I never thought I would make a move from my own firm -- until I saw the platform that A&G Realty Partners was planning to offer. At that point, the decision to work with Andy and Emilio was an easy one to make.” n

Hudson Realty Capital funds $2.5 million Atlanta bridge loan ATLANTA, GA — Hudson Realty Capital (Hudson) has funded a $2.5 million bridge loan secured by a 106,000 s/f office building in the Buckhead community of Atlanta. The borrower is utilizing the loan proceeds to acquire the underlying debt and implement a comprehensive property repositioning as part of the long-term business plan. Atlanta’s economy and commercial real estate market have gained steady momentum in the early part of 2012. Unemployment is expected to continue its decline, translating into a gradually improving office sector where jobs are returning to the city and its outer-districts. Multi-family occupancies also continue to fortify city-wide. QUEENS, NY — Hudson has funded a $5.9 million

first-mortgage loan secured by a 50,040 s/f multi-family property with ground-floor retail along Woodhaven Blvd. The borrower will utilize the proceeds for a discounted firstmortgage payoff and to establish reserves to stabilize the property. The six adjoining circa 19251930 buildings feature a total of 42 apartment-rental units and 11,250 square feet of commercial space. Located in the heart of the Middle Village section of Queens, the two-story property will be renovated by the borrower, an experienced real estate owner and investor, who plans to lease up the vacant units in the next six to 12 months. Current occupancies are 83 percent and 20 percent, for the residential and commercial units, respectively. n

Denholtz Associates signs 49,275 s/f lease in KY at Lexington Business Ctr. Lexington, KY — Denholtz Associates, a New Jersey-based real estate development company announced that the Cabinet for Health and Family Services (CHFS) signed a 49,275 s/f, long-term lease extension at the 307,953 s/f Lexington Business Center in Lexington, KY. With nearly 8,000 full and part-time employees, CHFS is home to most of the State’s health and human services programs, including Medicaid, the Department for Community Based Services and the Department for Public Health. “Having a well-known state

agency on premises is a boost for Lexington Business Center,“ said Stephen Cassidy, president of Denholtz Associates. “We are pleased that CHFS recognized that the facilities here support the Agency’s long-term requirements.” Bob Cole of Coleman Group represented both parties in the transaction. Situated on 21.4 acres, Lexington Business Center consists of five flex/industrial buildings. The site features units ranging from 900 to 49,000 square feet, including a 157,400s/f bulk distribution facility, and ample parking. n


Mid Atlantic Real Estate Journal — August 17 - 30, 2012 — 27A

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People on the Move Co-founders and principals of Devon Realty Capital

NorthMarq adds Brown and Deeter to its regional office

P

HILA D EL P HIA . PA — NorthMarq Capital, LLC. has hired two well-known mortgage bankers to join its Philadelphia regional production office. Ed Brown and Philip E. Deeter, co-founders and principals of Devon Realty Capital (DRC), which was the Philadelphia office of Q10 Capital, join NorthMarq after more than 30 years of mortgage banking experience in the Philadelphia market. With DRC, they originated in excess of $1 billion dollars of commercial real estate loans since 2005. “With the NorthMarq platform of strong support in servicing and lender relationships, we are confident that they will help our Philadel-

phia office become one of the top production teams in the region,” said William Ross, president, NorthMarq. Ross oversees the eastern half of the U.S. from his office in Dallas. “We’re excited that this strong team will bring their track record of success and strong relationships to the NorthMarq team,” said Tim O’Connor, executive vice president/East region director. This is the second addition of production staff to the NorthMarq platform from Q10, following the acquisition of the Q10 Boston office in January 2012. NorthMarq currently has 33 offices across the U.S. Caroline Bruckner Madden, senior analyst, also joins NorthMarq from DRC. She

has more than 15 years of mortgage banking experience and is a certified appraiser. All three production professionals join the existing NorthMarq Philadelphia team, which now includes four producers and three analysts. Ed, Phil and Joe Sweeney will be managing directors of the office. “The NorthMarq name and platform is one of the strongest in the country and we look forward to joining this growing organization,” said Brown. Since 2011, the team has completed a number of noteworthy commercial loans, including Oxford Valley Plaza, a regional power center in Philadelphia suburbs for $60 million and a garden apartment community in Bethle-

Beckelman & Sirot of Greenbaum Rowe Smith & Davis have been named partners of the firm

ROSELA N D , N J — Greenbaum Rowe Smith & Davis, LLP announced that Robert Beckelman and Jeffrey A. Sirot have been named partners of the firm. Beckelm a n i s a Robert Beckelman

member of our Real Estate Department. His practice is focused on land use, zoning, commercial and civil litigation, with an emphasis on redevelopment projects, eminent domain, affordJeffrey A. Sirot able housing

and related compliance and transactional work. Sirot is a member of our Litigation and Real Estate Departments. His practice is focused on civil litigation, corporate and partnership disputes, complex commercial litigation, trial and equity practice, with an emphasis on community association and planned real estate law and related disputes. n

EwingCole adds Schultz as healthcare director to the DC office WASHINGTON, DC — EwingCole announced that J. Patrick Schultz, AIA, EDAC, LEED AP, has joined the firm as director of healthcare practice in its Washington, DC office. Schultz brings over Patrick Schultz 25 years of proven experience in planning and designing healthcare, medical research, and government medical facilities within Washington, DC, the mid-At-

lantic region and throughout the US. “Pat is widely recognized for his ability to collaborate among owners, consultants, construction managers and users to deliver highly complex, multiphase projects,” said Patrick Brunner, AIA, EwingCole’s managing principal in Washington, DC. Prior to joining EwingCole, Patrick was associate principal of healthcare at Perkins + Will and a senior associate of healthcare at HOK in Washington, DC where he planned and managed healthcare projects. His

previous clients include Johns Hopkins Hospital, University of Virginia Health System, Duke Health System, Children’s National Medical Center, Valley Health System, Adventist Healthcare, Catholic Health Initiatives, Brigham & Women’s Hospital, National Institutes of Health and Veteran Affairs. “Pat understands the challenges facing providers in the current healthcare climate and has the expertise to create design solutions that enhance our clients’ operational efficiency and brand,” said EwingCole’s president, Mark Hebden. n

First Potomac Realty names Kelly VP, acquisitions & asset mgmt. BETHESDA, DC — First Potomac Realty Trust announced that Patrick S. Kelly has been promoted to vice president, acquisitions and asset management. Kelly joined the company as director, acquisitions in May 2008. In his new role, Kelly will be responsible for underwriting and executing

acquisitions and dispositions as well as overseeing asset management for the portfolio. Prior to joining First Potomac Realty Trust, Kelly was vice president at Edge Commercial, LLC and director of scquisitions at Scheer Partners, Inc. He received his bachelor’s

degree from Dickinson College. He serves on the Board of Directors of the Jubilee Support Alliance (JSA) and is a member of various trade organizations including the National Association of Industrial and Office Properties (NAIOP), and District of Columbia Building Association (DCBIA). n

To Board of Directors

Goodwill of DE elects Emory Hill’s Liberato NEW CASTLE, DE — Emory Hill & Company announces that Bob Liberato has been elected by Goodwill of Delaware and Delaware County to serve on its board of directors. Liberato is the director Bob Liberato of business development for Emory Hill & Company which provides commercial construction services. He joined Emory Hill in 2003 and also heads the company’s construction estimating department. The firm received Goodwill’s

2011 Business Partner of the Year award which is presented annually to a business that “demonstrates exceptional support of the Goodwill mission – to improve the lives of people with barriers to selfsufficiency through the Power of Work.” Emory Hill & Company has constructed or remodeled over ten Goodwill facilities in Delaware and Pennsylvania including the remodeling of the Goodwill Center on Lea Boulevard in Wilmington. “I am honored to be chosen to serve as a Board member of an organization as prominently community-oriented as Goodwill,” Liberato said. n

Lum joins Weichert Comm’l. Brokerage as vice president MORRIS PLAINS, NJ — John G. Udell, president of Weichert Commercial Brokerage, Inc. announce that Hing Lum has joined Weichert Commercial Brokerage as vice president. Lum Hing Lum brings with him 30 years of experience in commercial real estate, specializing in investment, retail and multi-family properties as well as land development. Prior to joining Weichert

Commercial, Lum served as a property manager and realtor aiding clients in sales, leasing and the development of commercial and residential properties. In addition, Lum was the owner and operator of Century 21 Jeffur Realty and Interverse Construction. He is also licensed in the state of New York. “We are extremely pleased to welcome Hing to our team,” stated Udell. “Hing’s extensive experience in real estate investment, retail and land development will be a great asset to his clients as well as to the company.” n

Eastern Union Commercial hires Gluck NEW YORK, NY — Eastern Union Commercial has hired Jake Gluck as the company’s director of lender relations. In his newly created position, Gluck will work closely with the lending community to maximize coordination between lenders and Eastern Union’s team of 45 brokers in four locations. He will monitor new developments in lender needs and preferences, and work to ensure that Eastern Union clients are attracting the most favorable rates and terms available from lenders best suited for the particular borrower’s needs. “Eastern Union has attained an outstanding reputation in the real estate world for our unflagging commitment to provide clients with the best, customized loans and terms on every transaction,” said Ira Zlotowitz, president of Eastern Union Commercial. He added that Eastern Union’s success is due in large part to the company’s

wide-ranging lender relationships, rather than relying upon a limited group of select lenders. Eastern Union brokered loans with 31 different lenders over the last year alone. With the scope and depth of those relationships, Zlotowitz recognized the strategic advantage in creating a new executive officer position dedicated to serving as liaison between Eastern Union brokers and every lender with which they do business. “Jake Gluck will devote his time and attention to understanding how each lender operates, the details and nuance of how they structure their loans, and how their policies, decisions, and personnel change, no matter how small,” Zlotowitz said. “All of these factors can impact the final loan. Plus, new lenders are steadily arriving on the scene. As successful as we have been, Jake’s role positions us to provide clients with even better results.” n


Mid Atlantic Real Estate Journal — August 17 - 30, 2012 — 29A

www.marejournal.com

Commercial Real Estate Organizations’

Events Calendar AUGUST 17 – NAIOP PITTSBURGH Event: 9 Hole Golf Outing Time: 2:00 PM Location: Mount Lebanon Golf Course Address/City: 1000 Pine Ave., Pittsburgh, PA Cost: Individual Golfer $55/Foursome $200 www.naioppittsburgh.com

SEPTEMBER 10 – NJAA Event: Annual Golf Outing Time: 10:30 AM Location: Fiddler’s Elbow Country Club Address/City: Bedminster, NJ E: damaris@njaa.com www.njaa.com

SEPTEMBER 12 – NJBIA Event: How to Market Your Business (HM12) Location: Pines Manor Address: 2085 Route 27, Edison, NJ Cost: $79 Members $129 Nonmembers P: 609-393-7707 ext. 239 www.njbia.org

AUGUST 21-22 – CCIM Event: Introduction to Commercial Investment Real Estate Analysis Time: 8:30 AM – 5:30 PM Address/City: Parsippany, NJ P: 312-321-4460 E: membership@ccim.com www.ccim.com

SEPTEMBER 10-11 – ICSC Event: VRN Fall Outlet Leasing & Marketing Convention Location: Sheraton Meadowlands Hotel & Convention Address/City: 2 Meadowlands Pl., E. Rutherford, NJ Cost: $315 Members $415 Nonmembers www.icsc.org

SEPTEMBER 12 – POA NJ Event: Secrets of a Successful Landlord Time: 6:30 PM Location: Wilshire Grand Address/City: West Orange, NJ Cost: Members Free/$35 Nonmembers P: 732-780-1966 E: info@poanj.org www.poanj.org

SEPTEMBER 10-12 – ICSC Event: PA/NJ/DE Idea Exchange Location: Atlantic City Convention Center Address/City: One Convention Blvd., Atlantic City, NJ Cost: $270 Members $485 Nonmembers www.icsc.org

SEPTEMBER 13 – ABC EPA Event: Green Building Education Time: 8:00 AM – 12:00 PM Location: ABC Office Address/City: 430 W. Germantown Pk, E. Norriton, PA Cost: $175 on or before Sept.3rd; $200 after Sept. 3rd P: 610-279-6666 E: jjudge@abceastpa.org www.abceastpa.org/www.greenbuildinged.com

AUGUST 23 – ULI PHILADELPHIA Event: Farr Building Tour & Happy Hour Time: 4:00 PM – 7:00 PM Location: Farr Building Address/City: 2 West Broad St., Bethlehem, PA Cost: $35 Members $45 Nonmembers P: 800-321-5011 www.philadelphia.uli.org AUGUST 23 – USGBC NJ Event: 5th Annual Summer Social Time: 11:00 AM - 9:00 PM Location: Jenkinson’s North Bar & Grill Address/City: Broadway & Ocean Ave, Point Pleasant Beach, NJ Cost: $45 Members $55 Nonmembers www.usgbcnj.org AUGUST 29 – NAIOP PITTSBURGH Event: NAIOP Developing Leader 2012 Education Series 2 Time: 5:00 PM – 6:00 PM Location: Point Park University, Lawrence Hall Ballroom Address/City: Corner of Wood & Blvd. of the Allies Cost: Members Free/$20 Nonmembers/$10 Students P: 412-928-8303 E: info@naioppittsburgh.com www.naioppittsburgh.com SEPTEMBER 4 – IREM Event: Annual Golf Outing Time: 10:30 AM – 7:30 PM Location: The Ace Club Address/City: Ridge Pike & Manor Rd., Lafayette Hill, PA P: 856-786-9260 www.irem3.org SEPTEMBER 6 – BOMA PITTSBURGH Event: BOMA Lunch Time: 11:30 AM Location: William Penn Hotel Address/City: 530 William Penn Pl., Pittsburgh, PA Cost: $30 P: 412-261-2328 E: bomabarb@aol.com www.bomapittsburg.org SEPTEMBER 7 – NJAA Event: South Jersey Government Affairs Breakfast Time: 8:30 AM – 11:00 AM Location: Archer & Greiner PC Address/City: Haddonfield, NJ E: Jaclyn@njaa.com www.njaa.com

SEPTEMBER 11 – IREM NJ Event: Heritage Night Location: The Palace at Somerset Park Address/City: Somerset, NJ P: 856-303-0190 www.irem1.org SEPTEMBER 11 – NJBA Event: 25th Annual Golf Outing Time: 6:30 AM – 3:00 PM Location: Forsgate Country Club Address/City: 375 Forsgate Dr., Monroe Township, NJ P: 609-587-5577 www.njba.org SEPTEMBER 11 – NJAWBO Event: Board of Trustees Meeting Location: Affinity Federal Credit Union Address/City: 73 Mountainview Blvd., Basking Ridge, NJ www.njawbo.org SEPTEMBER 12 – CIRC DE Event: Monthly Membership Meeting Time: 11:30 AM – 1:30 PM Location: Clarion Hotel – The Belle Address/City: 1620 N. DuPont Hwy., New Castle, DE Cost: $30 Members $40 Nonmembers P: 302-633-1705 E: janet@circdelaware.org www.circdelaware.org SEPTEMBER 12 – NAIOP NJ Event: Preparing for Post-Panamax Prosperity Time: 5:30 PM – 8:00 PM Location: Woodbridge Hilton Address/City: 120 Wood Ave., Iselin, NJ Cost: $145 Members $195 Nonmembers www.naiopnj.org SEPTEMBER 12 – NJAA Event: Socializing Your Community Time: 8:30 AM – 12:00 PM Cost: Members Free/$75 Nonmembers P: 732-992-0600 E: Jaclyn@njaa.com www.njaa.com

SEPTEMBER 14 – ABC EAST PA Event: WB-Scranton Legislative Breakfast Time: 9:00 AM Location: Mountain Laurel Resort P: 610-279-6666 E: info@eastpa.org www.abceastpa.org SEPTEMBER 14 – USGBC NJ Event: “Show Me the Money” Time: 8:00 AM – 12:00 PM Location: Salem Community College, Davidow Hall Theatre Address/City: 460 Hollywood Ave, Carney’s Point, NJ Cost: No Charge P: 973-290-0013 E: info@usgbcnj.org www.usgbcnj.org SEPTEMBER 18 – SIOR PHILADELPHIA Event: Industrial Property Summit Location: Hershey Country Club Address/City: Hershey, PA E: siorpropertysummit@gmail.com www.siorphila.com SEPTEMBER 19 – ABC EPA Event: Member Recognition Breakfast Time: 8:00 AM Location: Holiday Inn Address/City: 1750 Sumney Town Pk, Kulpsville, PA Cost: $45 Members/Nonmembers E: jtoman@abceastpa.org www.abceastpa.org SEPTEMBER 20 – ABC EPA Event: Leadership Skills for the New Manager Time: 8:30 AM – 4:30 PM Location: ABC Office Address/City: 430 W. Germantown Pk, E. Norriton, PA Cost: $350 P: 610-279-6666 E: jjudge@abceastpa.org www.abceastpa.org


30A — August 17 - 30, 2012 — Mid

Atlantic Real Estate Journal

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1100 East Hector Street, Suite 393 Conshohocken, PA 19428

President J. Gregory Ellis, CCIM Patterson Woods Commercial

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

Commercial Real Estate Community Hits The Links TriState REALTORS® Commercial Alliance and Brokers hold Annual Golf Outing CONSHOHOCKEN, PA — Commercial real estate professionals from Pennsylvania, New Jersey and Delaware took to the links on July 16 for a fun-filled day of golf, as TriState REALTORS® Commercial Alliance and TriState Brokers Commercial Alliance hosted the organizations’ 16th Annual Golf Outing. Held in conjunction with the PA/NJ/DE Chapter of CCIM, the event took place at the famed Llanerch Country Club in Havertown, PA, and featured a buffet lunch, cocktails, dinner, raffle prizes and an awards ceremony. Additionally, throughout the event, a silent auction was held to benefit ACHIEVEability, a nonprofit organization that values education and accountability in helping needy families achieve self-sufficiency. “This year’s golf outing was a huge success,” said J. Gregory Ellis, CCIM, President of TriState REALTORS® Commercial Alliance. “We thank everyone who participated. It was a great opportunity for members of the CRE community to meet and mingle with other members of their industry in a casual atmosphere.” TriState would like to thank the following sponsors for their participation in the event: Supporting Sponsors Cart Banners- United States Roofing Corporation Pin Toppers- Keystone Property Group Putting Contest- Audubon Land Development Continental Bank Hole-in-One Contests- Charles Friel, Inc. Newmark Grubb Knight Frank Beverage Stations- Advantage Building and Facility The Pureland Group Men’s Closest to Pin- Cushman & Wakefield of Pennsylvania, Inc. Ladies Closest to the Pin- Digital Color Graphics Closest to the Center Line- Bush Tecosky Goodman & Feldman, LLC Longest Drive- The Hankin Group Pin Flags- Axis Construction Management, LLC Beacon Commercial Real Estate Brandywine Realty Trust CBRE First Industrial Realty Trust, Inc. Jones Lang LaSalle Americas, Inc. Patterson Woods Commercial Cocktail Hour Sponsor RT Environmental Services, Inc. Tee Sponsors A.R. Hughes & Co. Jackson Cross Partners, LLC Liberty Property Trust Maguire and Partners Property Group Montgomery County Economic Development Oaklands Business Parks Studley, Inc. Tornetta Realty Corp. Special thanks to: Rona Goldstein, Dirk Stribny (The Stribrny Group at Morgan Stanley Smith Barney) and Susan Umstead (1031 Corp.) for their assistance with the event. About TriState REALTORS® Commercial Alliance

Founded in 1993, the TriState REALTORS® Commercial Alliance is a leading advocate for commercial real estate professionals in New Jersey, Delaware and Southeastern Pennsylvania. TriState operates The Commercial Real Estate School of New Jersey, which focuses on continuing education, creating an opportunity to network and presenting industry-oriented seminars. TriState seeks to advance the financial well being, industry stature, and professional growth of each member. The group also speaks as a unified voice on legislative and community issues, promotes ethical standards of conduct and provides specialized services relative to the needs of its members. For additional information, please visit tristaterca.com or tristatecres.com.


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Mid Atlantic Real Estate Journal — August 17 - 30, 2012 — 31A


32A — August 17 - 30, 2012 — Mid

Atlantic Real Estate Journal

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Company News 2nd place in the Media Relations category

In support of Philabundance

MGKF’s Fox wins Best Chef at “Cooking Up Justice”

P

h i l a d e l p h i a , PA — It’s no surprise that Robb Fox, a prominent environmental attorney, can often be found in Bala Cynwyd at Manko, Gold, Katcher & Fox, LLP, the environmental, energy and land use law and litigation firm he manages, but to many it is a surprise that he can also be found in the kitchen. For Fox, cooking is a passion and his culinary talent became very public on July 19, 2012, when he was named the “Best Chef” in the legal community. It was the third “Cooking Up Justice” Best Chef Competition, sponsored by the Legal Intelligencer to benefit Philabundance, and held at the Crystal Tea Room in Philadelphia with 300 guests in attendance. In advance, members of the legal community submitted their recipes, which were included in the Cooking Up

FOX-TV’s Mike Jerrick and Robb Fox of MGKF Justice Cookbook. Then they brought their creations to life, and were judged by Judge Annette M. Rizzo, Philadelphia Court of Common Pleas, First Judicial District, Executive Chef and co-owner Jeff Michaud of Osteria and Amis Restaurants and Noah Mathay, executive chef of Philabundance and chef instructor at Philadelphia Community

Kitchen. Fox’s award-winning dish was Short Ribs Two Ways -- Asian marinated short ribs and barbecue ribs with crunchy Asian slaw and steamed Chinese buns. There were at least a dozen attorneys competing who were on a podium with their dishes on display in front of the crowd. The emcee of the evening was FOX-TV’s Mike Jerrick, co-host of “Good Day Philadelphia,” who escorted the judges to taste each dish for the competition. The participating “chefs” were a bit anxious and Fox was elated that his short ribs dish was the winning recipe. He said, “I really love to cook, and I was very honored to win, especially in support of Philabundance. Helping such an important cause, made me reflect on how fortunate we are to have the opportunity to cook and eat what we want when so many people go hungry every day.” n

Skanska USA holds 11th Red Cross Blood Drive Philadelphia, PA — Skanska USA’s 11th American Red Cross Blood Drive held at Skanska’s Greater Philadelphia office. At this year’s event, 22 Skanska employees participated, and the blood donated will help save up to 66 lives. It is important for companies, such as Skanska USA, to embrace initiatives such as this to promote a healthier, longer life for all. According to the American Red Cross, only 3 out of every 100 people in America donate blood, but every 2 seconds someone needs a blood transfusion and every

Blood donated at Skanska USA’s 11th American Red Cross Blood Drive held at the company’s Greater Philadelphia office will help save up to 66 lives. day more than 38,000 blood

donations are needed. n

Pennoni wins SMPS marketing award Philadelphia, PA — Pennoni Associates, an ENR Top 100 engineering, design, and consulting firm, is pleased to announce that it has won a National Marketing Communications Award from the Society for Marketing Professional Services (SMPS). The firm was recognized in second place in the Media Relations category for the promotion of its earthquake response efforts for the Burlington County Bridge Commission (BCBC). The award was presented at the 35th annual SMPS Awards Gala held during the organization’s national conference in San Francisco. “It is exciting to be recognized by our peers in AEC marketing,” said Pennoni associate vice president and

director of corporate communications Melissa Rysak, CPSM. “Our Corporate Communications team is dedicated to championing the people, clients, and projects that make Pennoni successful. It is a real honor to see that work recognized by SMPS as being among the best in the country.” When a 5.8 magnitude earthquake unexpectedly struck the mid-Atlantic in August 2011, Pennoni engineers used smart technology monitoring and data collection equipment on two of the BCBC owned bridges to assess the impact it had on the structures within minutes of the event. While buildings were being evacuated all along the East Coast in fear of structural failure, Pennoni was able to confirm for its client that the bridges were safe. n

Sperry Van Ness advisors attend Lipsey training Columbia, MD — Brent Miller, CCIM, CPM, managing director, Henry Hanna, CCIM, SIOR, Wesley Cox, CCIM, John McClellan, CCIM, Chris Peek, CCIM, Bradley Gillis, CCIM, Rodney Joyner, Chris Davis, Ben Alder, Garry Jakoby, and Ralph Duarte, CCIM, advisors for Sperry Van Ness – Miller Commercial Real Estate recently attended the Lipsey School of Real Estate at Loyola University. The two day class covered fourteen modules including topics such as negotiating, identifying emerging markets and closing techniques. All eleven SVN-Miller Advisors that attended this class earned the Masters in Commercial Property (MICP) designation,

Shown from left (back row): Ben Alder, Henry Hanna, Rodney Joyner, Michael Lipsey, Brent Miller, John McClellan, Chris Peek. (Front row): Chris Davis, Wesley Cox, Ralph Duarte which required the completion of a DVD series in addition to the two day class. n

Becker Morgan Group receives National Brick in Architecture Award selected by the National School Board Association Hollenbach Construction, Inc. recognized as 2012 VP Buildings Hall Of Fame Winner Salisbury, MD — Becker Morgan Group announced that the new James M. Bennett High School in Salisbury received the Silver 2012 Brick in Architecture Award from the Brick Industry Association (BIA). The Brick in Architecture Awards are a national program honoring outstanding design incorporating genuine clay brick for both aesthetics and sustainability. The James M. Bennett High School and Pocomoke High School in Pocomoke were selected by the National School Board Association (NSBA) to be featured in the 2012 Exhibition of School Architecture. The exhibition was held

James M. Bennett High School during NSBA’s 72nd Annual Conference in Boston, MA. Projects were selected based on architectural solutions that are uniquely adapted to fulfill

the desired educational program, while creating organized instructional areas, flexibility, community spaces, and technologically advanced systems. n

Boyertown, PA — VP Buildings has selected Hollenbach Construction, Inc. as the winner of two VP Buildings Hall of Fame Awards for 2012. The award winning building projects are Little’s John Deere of Downingtown in and Fred Beans Auto Collision Center in the automotive category. Little’s John Deere is located in Downingtown, PA at River Station and is a 15,200 square foot pre-engineered metal building frame and roof with exterior finishes of masonry veneer and EIFS walls. The building includes

a showroom, six bays service area, office space and warehouse space. Fred Beans Collision Center is located in Bechtelsville, PA along PA Route 100 and is a 16,500 square foot pre-engineered metal building with conventional structural steel and an architectural standing seam roof. The exterior is split face block and aluminum storefront. The building serves as a collision service center and includes modern paint booths, preparation stations, a metal shop, a detailing shop, a drive-thru customer service area with office space. n


Mid Atlantic Real Estate Journal — August 17 - 30, 2012 — Inside Back Cover A

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If you are reading this...

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For registration information on exhibiting or attending Please visit: www.MABFM.com or call Tom Thomas 877-770-1661


Back Cover A — August 17 - 30, 2012 — Mid

Atlantic Real Estate Journal

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

Oram & Ortiz represented both the buyer & seller in the 114,265 s/f class A sale

Colliers International arranges the $13 million sale of 110 Algonquin Parkway

H

ANOVER, NJ — Colliers International, through its Colliers Investment Services Group, has arranged the sale of 110 Algonquin Parkway in Hanover, New Jersey for $13 million or ±$114 per s/f for Hartz Mountain Industries. Colliers International also procured the buyer Griffin Capital. 110 Algonquin Parkway is a 114,265 s/f Class A indus-

trial property and is leased to General Electric Aviation Systems through 2018. Based in Chicago, Illinois Griffin Capital Net Lease REIT, Inc. is a publicly registered non-traded REIT with a portfolio that currently includes 10 office and industrial distribution properties totaling approximately 2.7 million rentable s/f. “Both buyer and seller must be commended for their

AUGUST 17 - 30, 2012

HI-LIGHTS CBRE completes the $2.6m sale of multifamily property CBRE announced that the firm represented the seller and procured the buyer in the sale of a 32-unit apartment complex at 65-69 Howe Avenue and 70-72 Grove Street, Passaic. The sale price was approximately $2.6 million. See page 2B.

Cushman & Wakefield brokers 44,000 s/f lease in Teaneck Phibro Animal Health Corporation has leased 44,000 s/f at Glenpointe Centre in Teaneck. The company has relocated to the class A office complex from Ridgefield Park in a headquarters relocation. See page 5B.

ALSO INSIDE: NJ PROJECT OF THE MONTH: RIVERWALK ............7-10B CENTRAL NEW JERSEY SPOTLIGHT ......................11-13B COMPANY NEWS........................................................ 14B PEOPLE ON THE MOVE ............................................. 15B ICREW NJ ORGANIZATION .................................IBC-B Section B, 20 pages

www.marejournal.com

110 Algonquin Parkway hard work in closing this sale, which included a protracted loan assumption,” said Jeffery Oram an executive managing director of Colliers International’s Investment Services Group who, along with Jonathan Ortiz, an associate director with Colliers International,

represented both the buyer and the seller in the transaction. “Hartz Mountain did a great job securing General Electric as the tenant and Griffin Capital will enjoy long term stable cash flow for many years from this high quality asset.” “Hartz is always a reluctant

seller – especially of a great asset with a solid tenant,” said Emanuel Stern, president and COO for Hartz Mountain Industries. “Colliers brought us an opportunity that lets Griffin enjoy the income stream and we can reallocate the capital to something more entrepreneurial.” ■

18 units, two commercial spaces in Jersey City

De Ruggiero Realtors sells $4.65m investment property

J

ERSEY CITY, NJ — Norma De Ruggiero, VP of Robert De Ruggiero, Inc. announced the sale of 353 Grove St. The threestory brick and concrete building contains 18 units, including two commercial spaces, and is equipped with an elevator, forced air heating and central air conditioning. There are eight parking spaces. Llisted by De Ruggiero Realtors, the sale was handled by Jean Jacques Dubane, a De Ruggiero sales associate. Represented by attorney John F. O’Donnell, the seller was 353 Grove St. LLC. The buyer of the $4.65 million

353 Grove St. property is 304 Pavonia Avenue LLC.

Scanlon, Scanlon & Guessrepresented the buyer. ■


B Inside Cover — August 17 - 30, 2012 — New Jersey — Mid

Atlantic Real Estate Journal

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Mid Atlantic Real Estate Journal — New Jersey — August 17 - 30, 2012 — 1B

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Berger Organization www.bergerorg.com For more informaƟon contact: Brendan Berger at 973-623-3300 • brendan@bergerorg.com


2B — August 17 - 30, 2012 — New Jersey — Mid

Atlantic Real Estate Journal

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Fairfield Corporate Park, Fairfield, New Jersey

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CBRE completes the $2.6m sale of multifamily property

P

ASSAIC, NJ — CBRE announced that the firm represented the seller and procured the buyer in the sale of a 32-unit apartment complex at 65-69 Howe Avenue and 70-72 Grove Street, Passaic. The sale price was approximately $2.6 million. The NJ Private Capital Group’s (PCG) Charles Berger completed the transaction, selling the property to a longtime PCG client. “This was a complex transaction encompassing multiple parties, all with different needs and requirements,” said Berger. “The deal highlights the recent uptick in the market due to record low vacancy rates and the availability of low interest, multifamily loans. This asset is one hundred occupied with a steady income stream. There was also a lot of upside to this transaction as many of the tenants are under expired Passaic rent control guidelines, thereby affording for substantial rent increases as the existing tenant base turns over.” Additionally, Berger noted that the apartment complex is one of the

65-69 Howe Avenue & 70-72 Grove Street few multifamily buildings bedrooms, with living room consisting of 3-to-4-bedroom and eat-in kitchen. The propunits in the area, thereby in- erty is easily accessible from creasing tenant demand and main highways including further ensuring the already Routes 3, 21, 46 and the Garlow vacancy rates. den State Parkway, as well as Located on the border of near shopping, schools and sought-after Passaic Park, entertainment. New Jersey NJ and 15 minutes from Transit bus service is one New York City, the fully oc- block away and rail service is cupied apartment building within walking distance from has an on-site superinten- the site. According to Berger, dent, contains exceptionally the new owner plans to renolarge units, 30 of which have vate the property and hold it the aforementioned multiple for investment purposes. ■

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Mid Atlantic Real Estate Journal — New Jersey — August 17 - 30, 2012 — 3B

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NEW JERSEY In Gloucester County, New Jersey

Gebroe-Hammer arranges $2 million bank note sale

G

LOUCESTER COUNTY, NJ — GebroeHammer Associates has arranged a $2 million non-performing note sale secured by a 70-unit garden apartment complex in Gloucester County. The Ken Uranowitz investment brokerage team of Ken Uranowitz, managing director, and Joel Schwartz, executive vice president, represented the lender. According to Schwartz, the note buyer plans to implement a capital improvement program once title has been secured.

“This will render the complex more competitive, in terms of maintenance, amenities and rents, which are gradually rising throughout South Jersey,” he said. “Occupancy rates also are firming up thanks Joel Schwartz to the area’s strategic location and mass transit access to Philadelphia.” “Despite the influx of nonperforming bank notes, which were anticipated as a result of the recession and now di-

minishing in velocity, multifamily properties are thriving, as evidenced by occupancies that are generally hovering in the high 90th percentile from Philadelphia and its South Jersey suburbs to New York and its Northern New Jersey suburbs,” said Uranowitz. “All of the factors that have contributed toward multi-family’s strength and solid investment performance, including an unstable housing market and record-low interest rates, are expected to become even more robust as we move toward the end of the year and into next.” ■

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Wells REIT II signs PSEG to 15-year lease extension NEWARK, NJ — Wells Real Estate Investment Trust II (Wells REIT II) announced the signing of a 15-year lease extension with Public Service Enterprise Group (PSEG) for its corporate headquarters location at 80 Park Plaza in Wells was represented internally by Kevin Pell, vice president, asset management, along with Jonathan Meisel of Jones Lang LaSalle. Eric Witmondt and Bryn Cinque of Colliers International represented the tenant. ■

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CELEBRATING OUR 106TH YEAR

Investment Real Estate Brokerage.

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11,748± SF Medical Space Fanwood, New Jersey Jeff Squires ext 246

50 Residential Units Trenton, New Jersey Barry Waisbrod ext 272

20 Residential Units & 3 Retail Passaic, New Jersey Joseph Keenan ext 256

10 Residential Units & 5 Retail Keansburg, New Jersey Andrew Jonas ext 460

10 Residential Units & 2 Retail Clifton, New Jersey Robert Squires ext 287

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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Publisher Michael Campisi mcampisi@MAREJournal.com

multifamily. Section Editor Karen Vachon editor@marejournal.com

The Kislak Company, Inc.

retail.

office. www.kislakrealty.com 732 750 3000


4B — August 17 - 30, 2012 — New Jersey — Mid

Atlantic Real Estate Journal

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NEW JERSEY After twenty years Brown takes on new role

Franzini ends respected tenure as EDA chief executive officer

T

RENTON, NJ — After twenty years leading the New Jersey Economic Development Authority (EDA), Chief Executive Officer Caren Franzini has tendered her resignation Caren Franzini effective September 30, 2012. A special EDA board of directors meeting was held in order to inform the board, as well as take action regarding an executive restructure follow-

ing Franzini’s departure this fall to pursue private sector opportunities. In her place, the board of the EDA voted to approve a new executive structure that would include Governor Christie key advisor and senior staff member Michele Brown taking on the new role of CEO. “I have had the unique pleasure to serve the people of New Jersey in a tremendously rewarding job for over two decades, and now, with the EDA entrusted with so many tools for economic growth and positioned for continued success,

I have decided it is time to move on to a new phase in my career,” said Franzini. “EDA is a special place with a dedicated and talented staff that will be especially hard to leave, but I have deep comfort in the knowledge I am leaving it in good hands with staff I have worked with for many years, as well as new leadership with a demonstrated level of commitment and integrity.” EDA chairman Al Koeppe said, “I have had the opportunity to work with Caren and the EDA for over 20 years, including my two terms as the Chairman. For all of that time, and under her leadership, the EDA has been a source of pride for the State. The distinguished high performance of this Authority has been achieved during volatile economic times, through changes in political leadership and the natural ebb and flow in the composition of its highly technical workforce. “It is clear that, in Caren, the EDA had a very unusual leader who was able to function very effectively at the strategic level as CEO, as well as a highly technical operating level as a COO. She had the energy and deep skills to fill both roles superbly. But that doesn’t mean that the EDA’s organizational structure, given her departure, would be ideal, particularly given its dramatically increasing responsibilities.” ■

AREA acquires Lyndhurst mixeduse apartment/ retail complex

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LYNDHURST, NJ — AREA Property Partners announced the acquisition of The Heritage at Lyndhurst, a 160-unit mixed-use apartment and retail complex. AREA completed the acquisition in partnership with Priderock Capital Partners, LLC. “This acquisition exemplifies our strategy of targeting well-located, transportation oriented residential opportunities,” said James Simmons III, partner and head of U.S. emerging markets with AREA. “Tenants can walk to New Jersey Transit for easy access to Manhattan and several of New Jersey’s major employment centers, or they can commute via car and have onsite parking adjacent to their homes.” ■


Mid Atlantic Real Estate Journal — New Jersey — August 17 - 30, 2012 — 5B

www.marejournal.com

NEW JERSEY Krupat Group serves as tenant broker in transaction

Cushman & Wakefield brokers 44,000 s/f lease in Teaneck

NAI Hanson completes 33,500 s/f lease transaction in Randolph

Joseph Vindigni & Barry Cohorsky RANDOLPH AND HACKENSACK, NJ — NAI James E. Hanson has completed a 33,500 s/f lease transaction at 274 South Salem St. in Randolph. NAI Hanson VP Barry Cohorsky and sales associate Joseph Vindigni represented the tenant, Morris Habitat for Humanity, which is relocated from neighboring Mine Hill. “Morris Habitat for Humanity was able to move its operations from Mine Hill to this well-located site in Randolph,” Cohorsky said. “The deal served a dual purpose of providing an outlet to house the company’s Restore retail operation as well as to house their corporate offices.” ■

SPOTLIGHT

AUGUST 31, 2012 Deadline: August 20, 2012 • Building Management

T

EANECK, NJ — Phibro Animal Health Corporation has leased 44,000 s/f at Glenpointe Centre in Teaneck. The company, which specializes in manufacturing and marketing animal health and performance products, has relocated to the class A office complex from Ridgefield Park in a headquarters relocation. The Krupat Group served as tenant broker in the long-term transaction. Alfred Sanzari Enterprises was the original developer of and continues to own and operate Glenpointe; Cushman & Wakefield’s Richard Baumstein, Marc Graham and Christian Politan, based in East Rutherford, serve as leasing agents for the property’s 650,000 s/f office component. “We knew we wanted to remain in Bergen County when the time came for us to relocate our corporate head-

Energy Efficiency

• Environmental Energy Audits & Consulting • Solar Power • Roofing and much more

Glenpointe Centre in Teaneck quarters,” said Phibro Animal Health Corporation’s David Storbeck, vice president of finance and treasurer. “Glen-

pointe was at the top of our list, given the quality of the complex and its convenient location.” ■

Submit your expert article today! 550 words with author headshot and bio Contact Michael Campisi mcampisi@marejournal.com | 800-584-1062 x 208


6B — August 17 - 30, 2012 — New Jersey — Mid

Atlantic Real Estate Journal

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NEW JERSEY At 226,000 s/f Florham Park Corporate Center

New Jersey Regional Commercial/Industrial Real Estate Focus

UPCOMING SPOTLIGHTS Sept.14th.......Northern NJ Oct. 12th.......Southern NJ Nov. 9th.......Central NJ

For more information contact: Mike Campisi 1-800-584-1062 x208 mcampisi@marejournal.com

Bergman Real Estate Group announces lease activity

F

LORHAM PARK, NJ — Bergman Real Estate Group and Strategic Capital Partnership together have announced that two new leases have been signed at Florham Park Corporate Center, a 226,000 s/f, class A office complex located just off Columbia Turnpike near Eisenhower Parkway and JFK Parkway in Florham Park. In the first transaction, Comverge, Inc. signed a longterm lease for 6,600 s/f of space. The tenant, which is relocating from East Hanover, was represented by Newmark Knight Frank managing direc-

Florham Park Corporate Center interior tor Blake Goodman. “Like many tenants in today’s marketplace, Comverge seized the opportunity to up-

S

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

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

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

grade its New Jersey office,” Goodman said. “The space at Florham Park Corporate Center is distinctive and allows the company to showcase its energy efficient products.” Florham Park Wealth Advisors, LLC, signed a new lease for 2,245 s/f of space, and was represented by Newmark Associates Vice President David Bieber. “A new venture, Florham Park Wealth Advisors sought to secure a prime location for its headquarters,” Bieber said. “This lease establishes the company in a prestigious, upscale building in the heart of Florham Park.” In May, Bergman retained Colliers International New Jersey to serve as the broker for the complex. Executive managing director Bryn Cinque and managing director James Bailey are overseeing the assignment for Colliers. ■

Cushman & Wakefield inks 118,000 s/f lease

SUITE 301/302 - 16,834 SF

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

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

Pride, Professionalism & Performance

www.bergmanrealty.com www.bergmanrealty.com

CEDAR KNOLLS, NJ — MB1 recently acquired the 118,000 s/f Cedar Knolls Corporate Center (shown). The seller was represented by Cushman & Wakefield’s Metropolitan Area Capital Markets Group. “This is an excellent location in one of the state’s most desirable markets,” said Joel Brudner, managing partner of MB1 Capital Partners. “This acquisition provides a valueadd investment opportunity that enables us to offer competitive lease pricing for quality space in a building with a proven track record.” ■


Mid Atlantic Real Estate Journal — New Jersey — August 17 - 30, 2012 — 7B

www.marejournal.com

NEW JERSEY PROJECT OF THE MONTH Riverwalk

Elmwood Park’s First Luxury Multi-family Rental Community

PROJECT TEAM: Ceramic Tile ............................................................J & J Tile. Inc.

Landscaping ......................................................................Sponzilli

Concrete/Masonry .............................JMota Construction, L.L.C.

Millwork...................................................................Salon Interiors

Construction Manager ........................... River Drive Construction Drywall.......................................................SAMPAUL Contracting

Plumbing ....................................................................... Meli Corp.

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Educational • College/Universities • Student Housing

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www.sampaul.com


8B— August 17 - 30, 2012 — New Jersey — Mid

FLOORING

Atlantic Real Estate Journal

We furnish and install all types of flooring for commercial, institutional, hospitality and real estate clients.

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Featuring 158 residences and 17,000 s/f of ground-floor retail space

Riverwalk, Bergen County’s newest luxury multi-family rental community

E NY Sales Office 449 Park Ave. S., Ste. 807 New York, NY 10016 646.935.9100 fax 646.935.9111

Mid Atlantic Real Estate Journal — New Jersey — August 17 - 30, 2012 — 9B

www.marejournal.com

PROJECT OF THE MONTH

orcom o l F

NJ Office & Warehouse 80 N. Dell Ave., Ste. 9 Kenvil, NJ 07847 973.598.7333 fax 973.5981919

www.marejournal.com

LMWOOD PARK, NJ — In response to high demand for upscale rental residences in desirable Bergen County, premier New Jerseybased residential development firm Riverfront Residential has announced that construction is now complete on the first phase of Riverwalk, Elmwood Park’s first luxury multi-family rental community. Located along the river at 400 Riverfront Blvd., Riverwalk features a total of 158 luxury rental residences, as well as 17,000 s/f of ground-floor retail space that will cater to the community’s residents. The first phase consists of 91 one- and two-bedroom apartments. With occupancy currently happening, interest among prospective renters is extremely high at Riverwalk, where Riverfront Residential is currently offering VIP “sneakpeek” tours of the new fourstory multi-family community. A grand opening ceremony is planned for August, when model apartments will be open for viewing. “Riverwalk offers a one-ofa-kind lifestyle experience in Bergen County as well as an exciting alternative to traditional suburban living,” said Jacqueline Urgo, president of The Marketing Directors, Riverwalk’s marketing and leasing agent. “Residents of this community will be afforded

value and style that is unparalleled among any other rental development in the region. The high quality of these residences makes Riverwalk the ideal choice for those who want to live a condominium lifestyle, but do not prefer to purchase a home at this time.” Residents will enjoy the complete lifestyle experience offered by the community’s various amenities, including onsite parking, a fitness center, a

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REMOTE DOORMAN

“With Riverwalk, we are not simply constructing an exceptional building. Rather, we are creating a rich and full lifestyle experience.” — Bernie Langan, managing member of Riverfront Residential

virtual doorman and a planned private river walk, offering park benches and scenic views of the Passaic River. “With Riverwalk, we are not simply constructing an exceptional building. Rather, we are creating a rich and full lifestyle experience,” said Bernie Langan, managing member of Riverfront Residential. “This community’s location within

a mixed-use development provides a seamless and dynamic live, work and play environment.” Riverwalk’s brick façade draws inspiration from the distinct architecture of properties located along the Passaic River, which the community overlooks, and the high level of finishes offered set the community apart from other rental

buildings in the area. Each residence features nine-foot ceilings, oak wood flooring in the living areas and a full-size washer and dryer. Kitchens are well appointed with Giallo Ornamental granite countertops, custom tile flooring, glass tile backsplashes and stainless steel appliances, and master bathrooms are highlighted by custom vanities with Calcatta

gold marble tops. Conveniently located near various highways, including the Garden State Parkway and Routes 80, 46, 21 and 17, Riverwalk is approximately 15 miles from New York City and close to a variety of shopping venues, restaurants, airports and sporting arenas, including Newark Liberty International Airport, Garden State Plaza,

and MetLife Stadium in the Meadowlands Sports Complex. River Drive Construction, headquartered right in Elmwood Park oversaw all phases of construction. Atlanta-based Niles Bolton Associates served as the architect, with custom designed interiors from the award-winning, O’Neil Langan Architects, based in Manhattan. ■

CONSTRUCTION MANAGER

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10B — August 17 - 30, 2012 — New Jersey — Mid

Atlantic Real Estate Journal

www.marejournal.com

new JerSey proJeCt oF the month CERAMIC TILE

LANDSCAPING

J & J Tile Inc. Ceramic Tile, Marble and Granite J & J Tile Inc. congratulates all parties involved in the Riverwalk project. We are proud to be part of the team and thank you for the opportunity.

Warren Giacomelli J & J Tile Inc. PMB 260 48 Bi-State Plaza Old Tappan, NJ 07675 201-722-8585 Phone 201-722-7005 Fax jandjtile@verizon.net

LANDSCAPE EXTERIORS THAT TRULY STAND APART 973-244-1410 SPONZILLI.COM LANDSCAPE ARCHITECTURE LANDSCAPE DESIGN LANDSCAPE CONSTRUCTION LANDSCAPE LIGHTING NJ License #: 21AS00098800 NY License #: 001914

HVAC

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John Conceicao- President Nicholas Vlahos- Vice President

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Fax: 732-432-4903


New J ersey S potlight Shopping Centers Central

Mid Atlantic Real Estate Journal — New Jersey — August 17 - 30, 2012 — 11B

www.marejournal.com

129 units located in Central New Jersey

Senior vice president Sweetwood of The Kislak Company handles $6.6 million in multifamily

A

sbury Park, NJ — The Kislak Company, Inc. completed five sales transactions throughout New Jersey totaling $11.75 million. In separate transactions, a 90unit property i n A s b u r y Joni Sweetwood Park sold for $4.5 million; a 45unit property in East Orange sold for $2.9 million; a 47-unit property in East Orange for $1.6 million; two properties with a total of 39 units in Plainfield sold for $2.1 million and two properties with a total of 16 units in Jersey City sold for $650,000. “The market remains very strong throughout New Jersey for all types of multifamily properties – from suburban garden complexes to high-den-

sity urban buildings – throughout the state’s submarkets,” said president and co-managing director Robert Holland. “These sales are representative of the demand among investors as well as what is occurring in the market. The properties are also in submarkets with very low vacancy rates close to abundant mass transit.” The Asbury Park sale was of Frederick Douglas Apartments, a 90-unit garden apartment complex located two blocks from the city’s train station and only a few blocks from the beach and the city’s vibrant downtown commercial district. Senior vice president Joni Sweetwood represented both parties in the transaction pursuant to an listing agreement. “Asbury Park is becoming increasingly popular for residents and investors alike as

the revitalization of the city proceeds,” said Sweetwood. “The area has become trendier with restaurants, shops and nightlife. People want to live there. Occupancy at the property is nearly 100% and rent concessions, which had been offered in the past, are no longer needed to attract tenants.” The purchaser assumed the seller’s existing financing. The mortgage assumption was facilitated by Arbor Commercial Mortgage. The seller was represented in-house and the purchaser was represented by Richard Kelin, Esq. of Feinstein, Raiss, Kelin & Booker, LLC. The sale marked the second transaction that Kislak handled on behalf of each of the seller and purchaser. The first East Orange sale was of a 45-unit four-story masonry building with elevator service. Sweetwood also represented both parties in

the transaction pursuant to an listing agreement. The purchaser obtained a new first mortgage at an attractive rate. The seller was represented by Jonathan Mehl, Esq. and the purchaser was represented by Melanie Scroble, Esq. of Ansell, Grimm & Aaron, PC. At the time of closing, the property was 98% occupied. The second East Orange sale was of a 47-unit four-story brick building with elevator service. The transaction was a distressed sale wherein Sweetwood facilitated the all-cash sale of the mortgage on the property and the transfer of the deed, both to the purchaser. The Plainfield sales were of two neighboring properties on Eighth and Ninth Streets with a total of 39 units that include a combination of studios and one-bedroom units. VP Alan Sommer Storozum represented

the seller and Sweetwood represented the purchaser. “In Plainfield, there have been sales of both market rate properties and distressed properties as there had been several distressed or bank-owned properties in the area,” added Sweetwood. The owner initially purchased these properties from a lender at a discount. We then marketed the properties on an exclusive basis and sold them at a market rate price.” The Jersey City sales were of two neighboring properties on Arlington Street with a total of 16 units that include one-, two- and three bedroom units. The seller had previously purchased a distressed mortgage on the property and foreclosed. Sales associate Scott Davidovic represented the seller and Sweetwood represented the purchaser. The seller provided the purchaser with a purchase money mortgage. n

Gateway Transit Village in downtown New Brunswick wins 2012 Smart Growth Award from New Jersey Future NEW BRUNSWICK, NJ — Gateway Transit Village has been honored with a 2012 Smart Growth Award from New Jersey Future, the Trenton-based, non-profit smartgrowth research and advocacy group. The 23-story development, which includes parking, retail and commercial space and a 192-unit residential component called The Vue, was voted best in the state in the Transit-Oriented Development Partnership category. The award was presented to the New Brunswick Development Corporation (DEVCO) and Pennrose Properties, the public/private partnership behind Gateway Transit Village, in conjunction with the New Brunswick Parking Authority and New Jersey Economic Development Authority, at the New Jersey Future’s annual Smart Growth Awards ceremony held recently at the Newark Club. Gateway Transit Village was one of eight projects and in-

The Vue dividuals honored in various categories for their impact on creating responsible housing and healthy living environments through smart growth and redevelopment. “We’re delighted that Gateway Transit Village was recognized as a prime example of re-

sponsible development, thanks in large part to its proximity to mass transportation which significantly limits dependence on cars and reduces the impact on the environment,” said Christopher Paladino, president of DEVCO. “The successful realization of this project is a credit to the diligent work, vision, collaboration and commitment to excellence of a public/private partnership working together to create a mixed-use destination that is for the good of the community at large. Without the desire of local government and community groups to establish working relationships with private companies, a project like Gateway Transit Village would never be possible.” The vision of Gateway Transit Village can be traced back to 2009 when Rutgers University expressed a desire for a new centralized University Bookstore, and DEVCO reassessed the City’s need for more residential units and mixed-use

development near mass transit. Gateway Transit Village emerged as the solution. In spite of the down economy and escalating construction costs, the partnership was able to leverage financial resources, clout and experience to make Gateway Transit Village a reality. Designed by Manhattanbased Meltzer/Mandl Architects, PC, Gateway Transit Village is directly connected to the westbound train platform of the Northeast Corridor Line at the New Brunswick Train station by a recently completed landscaped pedestrian walkway. To keep the area active and vibrant, the building also offers public enhancements like community gathering spaces within the Barnes & Noble, a large iconic clock spelling out R-U-T-G-E-R-S adorning the main façade of the building and a park-like elevated promenade adjacent to the building. The walkway is large enough for public gatherings and also

offers direct and convenient access to mass transit for the 20,000 local residents who live within a half mile of the new building. While initially part of a redevelopment initiative focused on housing, retail, parking and better access to mass transportation, Gateway Transit Village is significantly contributing to the lifestyle renaissance taking place in New Brunswick. In addition to the 150 luxury rental residences and 42 Penthouse condominiums located on the upper floors, the building also features 57,000 s/f of retail space in its first two stories, including a full-scale Barnes & Noble book store that will also serve as the Rutgers University Book Store, a Brother Jimmy’s BBQ restaurant, and a Starbucks. The book store and restaurant are expected to open in the summer/fall. There’s also 55,000 s/f of commercial office space located on floors three through seven, and a 657-space parking garage. n


12B — August 17 - 30, 2012 — New Jersey — Mid

Atlantic Real Estate Journal

www.marejournal.com

CENTRAL NEW JERSEY C&W and Kwartler represent TA Realty Associates

Located at 3685 Quakerbridge Road

Colliers International facilitates 17,212 s/f lease

Richardson Commercial announces 3,842± s/f off. sale

E

DISON, NJ — Colliers International New Jersey has arranged a long-term, 17,212 s/f renewal and expansion for the New York Shipping Association, Inc. at 333 Thornall Street located in Edison. New York Shipping Association is a not-for-profit organization comprised of the ocean cargo carriers, terminal operators, stevedores, and marine-related businesses that move more than $190 billion in products to and from the largest and richest consumer market in the

world. The group took expansion space to accommodate marginal growth needs. “The New York Shipping Association has been a tenant in the building since 2007 and enjoyed an outstanding working relationship with the building management team,” said Robert Goodman, an executive managing director with Colliers International Tri-State, who along with executive managing director John Cunningham and director Kevin Coleman represented the tenant in the transaction. Goodman noted

that the New York Shipping Association’s expansion needs dovetailed with space that became available on the same floor. “Retrofitting their overall premises will create greater operating efficiencies moving forward. The landlord in turn stabilized its long-term cash flow with a super credit tenant in hand.” Kevin Carton, of Cushman & Wakefield, and Dan Frank, of Kwartler Associates, Inc., represented the landlord, TA Realty Associates, in the transaction. ■

H A M I LT O N T W P. , N J — Richardson Commercial Realtors announced the sale of the 3,842± s/f office building located at 3685 Quakerbridge Road to Frank Mancino, regional vice president of Gateway Funding. The single story Michael Pratico, Jr. brick building, constructed in 1962, is located on one of the busiest corridors in Mercer County. Listing agent, Michael Pratico, Jr., on behalf of sellers

Daniel and Dorothy Graziano, sold the property; Graziano retired his law practice to join Szaferman Lakind in Lawrenceville. Mancino and his team at the Mercer County office of Gateway Funding, a mortgage services firm located on Quakerbridge Road, will utilize the nearby property for their new facilities. Pratico said, “The property will be the perfect fit for the new owner considering it is a mortgage company. They will benefit from the stand alone location, which offers great visibility and easy access to key Mercer County Markets.” ■

Woodmont & AEW’s I-78 Logistics Ctr. begins construction CLINTON, NJ — Woodmont Industrial Partners, LLC (WI Partners) announced that construction is underway for an additional 36 dock doors at the I-78 Logistics Center at 111 Cokesbury Rd. Additional capital improvements include upgrading the lighting, HVAC and sprinkler systems and once the improvements are complete, the property will be a state-of-the-art regional distribution center for companies that service customers and retailers throughout the Northeast. Woodmont and AEW Capital Management, L.P (AEW), recently formed an investment platform to acquire industrial properties in seaport and inland port markets in the Eastern U.S. The venture acquired I-78 Logistics Center in Q1 2012. With the additional 36, the building will have a total of 84 doors, which equates to one door per 8,700 s/f of building area. “Modern distribution buildings typically have one door per 10,000 s/f, the increase in the number of dock doors will enhance the functionality of the building to help meet the increased distribution needs for companies that distribute products throughout the Northeast,” said Gene Preston, managing principal, Woodmont Industrial. “We also believe the prime location along the toll-free I-78 is a tremendous benefit, which should result in significant savings for potential tenants.” ■


Mid Atlantic Real Estate Journal — New Jersey ­­— August 17 - 30, 2012 — 13B

www.marejournal.com

Central New Jersey Providing the renovation for the Hultmark Lab and office

Princeton awards Pride Construction contract

P

r inceton , N J — PRIDE Construction Services will be providing the renovation for the Princeton University’s Hultmark Lab and office. The renovation project is exMary Faith pected to be Nugiel completed by the end of November, 2012. Owners Joseph “Charlie” Looman and Mary Faith Nugiel are especially excited about this project as the first contract awarded to PRIDE Construction Services by Princeton University. Mary Faith Nugiel, president of RCP Management Company, announced RCP Management Company’s affiliation with

Advance Realty acquires Windsor Hights Shopping Ctr. EAST WINDSOR, NJ — A joint-venture partnership of Advance Realty and Structure Tone Equities announced that it has taken ownership of Windsor Hights Shopping Center, a 132,733 s/f, neighborhood retail site in East Windsor. Located at 440 Route 130 South and situated on a corner of Route 130 and Hightstown Road, Windsor Hights Shopping Center features two pad sites that are currently occupied by PNC Bank and Taco Bell. The center is currently 40-percent occupied with approximately 92,000 square feet of space available for lease. Christopher Bellapianta represented the JV partnership in the transaction. Bellapianta serves as director of finance and acquisitions for Advance Realty, which is a Northeast U.S. owner and developer of class A office, mixed-use and flex-space properties. “We see this as a strategic, value-add investment opportunity,” stated Peter Cocoziello, president and CEO of Advance Realty. “This transaction affords us a unique opportunity to re-tenant and reposition the property, which is known for providing retailers with excellent visibility in a vibrant and dynamic submarket.” n

PRIDE Construction Services in October 2011. Together these prestigious companies offer comprehensive property management and contracting services. Charlie Looman, president of PRIDE Construction Services, complements this affiliation with more than 27 years of Construction Management experience. Looman’s expertise ranges from the design, pre-construction and site work phases, through the Construction, Quality Assurance, Bond Release, HOA Transition and Customer Service processes.

PRIDE Construction Services successfully performs virtually all types of construction projects from painting to paving. RCP Management Company is distinguished as IREM New Jersey Chapter #1’s Accredited Management Organization (AMO) of the Year, 2011. They are also an Accredited Association Management Company (AAMC), specializing in the management of community associations. There are only four property management firms in New Jersey that hold both designations. n

14,790 s/f in Avenel, New Jersey

Nai Hanson completes sale of truck terminal Avenel, NJ — NAI James E. Hanson represented the seller in the sale of a 34-door truck terminal at 200 Inman Avenue in Avenel, Woodbridge Township. NAI Hanson executive managing director Michael Walters, SIOR, and sales associate Russell Verducci represented FFE Transportation Services in the sale of the 14,790 s/f terminal, which is situated in Middlesex County near several ports. The buyer was Gold Coast Freightways. The property, which is

zoned as M-1 Light Industrial, has 775 feet of frontage on Inman Avenue, as well as approximately 800 feet in the rear along the Perth Amboy and Woodbridge Railroad, which is part of New Jersey Transit’s North Jersey Coast Line that runs to New York’s Penn Station. “The buyer was looking to relocate to a more logistically convenient site,” Walters said. “This industrial pocket near Routes 1 and 9, as well as I-95, is one of the most idea locations in New Jersey.” n

Heller Industrial Parks 2011 Leasing Totals:

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

Leasing for less in Central Jersey.

(732) 287-4880

205 Mill Road, Edison NJ 08837

www.hellerpark.com


14B — August 17 - 30, 2012 — New Jersey — Mid

Atlantic Real Estate Journal

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Company News Partners with Red Cross to help meet critical need

Cassidy Turley hosts blood drive at 371 Hoes Lane

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iscataway, NJ — Cassidy Turley recently held a successful blood drive at 371 Hoes Lane. The Cassidy Turley Team that worked with the American Red Cross to facilitate the event included assistant vice president Harold Campbell, senior maintenance technician Alex Goda, and assistant property manager Donna Ramirez. The team worked diligently to inform tenants of the drive via word-of-mouth, sending email notices and distributing flyers. “This was an important event for our office building because so many people here wanted to express their support and be part of the community,” said Campbell. ”One of the best ways for individuals to do this is by donating blood. It’s very encouraging to see that so many people are interested in fulfilling this vital community need.” Campbell added that there is active interest from the Cassidy Turley team and tenants to

hold another blood drive in the near future. In other news, New Jersey office market fundamentals stabilize. Current market fundamentals should stabilize later in the year and lay the groundwork for growth in New Jersey by 2013, according to a second quarter Office Market Report published by Cassidy Turley. Following in the footsteps of the first quarter of 2012, both the Northern and Central New Jersey office markets continued to cope with tepid demand and overall flat activity in the second quarter. With 676,614 s/f of negative absorption in the second quarter, the vacancy rate in Northern New Jersey increased to 15.3% from 14.9% in the first quarter, while the average asking rental rate remained flat at $24.69 psf. Central New Jersey’s 486,927 s/f of negative absorption contributed to an increase in the vacancy rate, from 16.3% in the first quarter to 16.8% in

the second. Average asking rents decreased by $0.38 to $23.24 psf. “There is still a sense of caution in the market as evidenced by negative absorption for both Northern and Central New Jersey,” said Raymond Trevisan, managing director of New Jersey for Cassidy Turley. “The upcoming November elections and business concerns over federal spending and tax policies have sidelined corporate decision making. There needs to be more clarity on these issues in order to produce meaningful gains in economic and employment growth to improve overall confidence and promote corporate expansion.” “We have seen a positive impact from various state economic development initiatives,” added David Simon, executive managing director for Cassidy Turley. “These programs have helped New Jersey attract and retain tenants, increase construction activity and stimulate the creation of jobs, particularly in urban areas.” n

Key sponsor of race event

Mountain Dev. Corp. teams with Sax Macy Fromm WOODLAND PARK, NJ — Mountain Development Corp. has become a Platinum Sponsor for the first annual “4 Miler at Garret Mountain” to benefit St. Joseph’s Children’s Hospital Pediatric Hematology/Oncology Department. The Sax Macy Fromm Foundation is presenting the fund-raising run and family event on Saturday, Sept. 8 at the Garret Mountain Reservation in Woodland Park. “Mountain Development Corp. always has been committed to corporate social responsibility,’’ said Michael Seeve, company president. “We are excited to collaborate with our friends at Sax Macy Fromm and to support this effort to raise funds for the Pediatric Hematology/Oncology Department at St. Joseph’s Children’s Hospital. The 4 Miler at Garret Mountain promises to be a wonderful event, and one that we hope to be associated with for many years to come. And we can use the exercise!’’

Michael Seeve and chairman L. Robert Lieb lend their support. “We are extremely thankful for the generosity of Mountain Development Corp,’’ said Stuart Berger, principal, Real Estate Group, Sax Macy Fromm. “Their sponsorship will help to advance the important services provided to youngsters by St. Joseph’s Children’s Hospital.’’ Berger encouraged other real estate companies to join the effort. “The real estate community is a very philanthropic group, supporting many important causes in the state,” he said. n

The Hampshire Cos. donates New Jersey Business & Industry Association $100,00 to NJ Sharing Network presents Stafford Park with award BARNEGAT/STAFFORD TOWNSHIP, NJ — Stafford Park, a LEED-certified redevelopment, was recently named a winner of the 2012 New Good Neighbor Award, presented by the New Jersey Business & Industry Association (NJBIA). Ed Walters, Jr., partner and founder of Walters Group, the developer of Stafford Park, accepted the award at a luncheon at the Pines Manor in Edison. The 52nd annual New Good Neighbor Awards recognized

Stafford Park the best and most exciting commercial and industrial development projects in New Jersey. Located on 370 acres, the

mixed-use redevelopment is comprised of residential, retail and recreational components. n

Ikon.5 Architects receives AIA-NJ Design Award in Princeton, NJ PRINCETON, NJ — Princeton, NJ-based ikon.5 architects has been awarded a Merit Award in the Non-Residential Built category by the New Jersey chapter of the American Institute of Architects (AIA-NJ) for the Campus Commons, a threelevel, 12,000 s/f expansion of the 1970 student union at the State University of New York at New Paltz. The expressive, angular shape of the glass-sheathed building with a jutting apex is an architectural reference to the rock outcroppings of the distant Shawangunk Ridge, a major rock-climbing destination that is a distinctive part of the campus’ natural setting. The project also

included the renovation of 10,000 s/f of adjacent space in the existing student union. “We are proud to present this award to ikon.5 for this creative structure that serves as a campus gathering center and makes a strong counterpoint statement to the topography of the landscape,” said Laurence E. Parisi, AIA, president of AIA-NJ. “Creating this transparent and sculptural structure for the University is a well deserved achievement for this creative architectural firm.” The new “crystalline palisade,” as the Campus Commons has been called, functions as the gateway to the university, creating a dramatic first impression by

enlivening a formerly neglected space between two pre-existing concrete buildings, providing a physical point of identity for the university and modernizing its image, while also linking it to the regional landscape. “There was little about the institutional architecture of the SUNY New Paltz campus to distinguish it from that of the dozens of other SUNY campuses,” said Joseph G. Tattoni, AIA, a principal of ikon.5 architects. “Our goal was to transform the image of the campus by designing a Campus Commons that created a striking first impression and that was an abstract expression of the majestic rock crags of the Shawangunk Ridge.” n

Shown from right: Norman Feinstein, vice chairman of the Hampshire Companies, presents the NJ Sharing Network Foundation with a generous financial gift. Pictured with Feinstein (left to right) are Barry Newman, NJ Sharing Network’s Chief Financial Officer, Elisse Glennon, executive director of the NJ Sharing Network Foundation, and Joe Roth, president and CEO of NJ Sharing Network. NEW PROVIDENCE, NJ — The NJ Sharing Network Foundation announced that Morristown-based Hampshire Real Estate Companies, a real estate investment fund manager, has contributed $100,000 to support the work of NJ Sharing Network, the non-profit agency responsible for the recovery of organs and tissue for 5,000 New Jerseyans awaiting lifesaving transplants. The Foundation is the philanthropic arm of NJ Sharing Network. The contribution is among the largest single gifts ever

made to the NJ Sharing Network Foundation. “We are extremely grateful for this generous gift and express our sincerest thanks. This contribution will greatly help our efforts to save and enhance as many lives as possible through organ and tissue donation,” said Elisse Glennon, Executive Director, NJ Sharing Network Foundation. Hampshire Real Estate owns the building that NJ Sharing Network leases for its headquarters in New Providence. n


Mid Atlantic Real Estate Journal — New Jersey ­­— August 17 - 30, 2012 — 15B

www.marejournal.com

People on the Move Old Bridge resident Brian McGuinness assumes new post

Regal Bank appoints senior VP / chief lending officer

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IVINGSTON, NJ — Regal Bank recently appointed Old Bridge resident Brian D. McGuinness as senior vice president/ chief lendi n g o f f i c e r. In this role, McGuinness is responsible for the bank’s Brian McGuinness entire lending and credit function.

Prior to assuming this role, McGuinness was vice president of a community bank in Hudson County. There, he managed all aspects of the commercial loan department and developed the Small Business Administration lending platform. McGuinness managed origination, underwriting, closing, portfolio management and a staff of 20 employees. “Brian’s host of contacts and extensive experience within our industry will be invalu-

able,” said Regal Bank chairman David Orbach. “The fact we were able to add him to our senior management team is a direct result of the growth Regal has enjoyed during the past several years.” “I’m humbled to be associated with Regal Bank’s exceptional group of devoted professionals,” said McGuinness. “I’m looking forward to utilizing my previous professional experiences to excel in this new role.” n

MAHWAH, NJ — Al Giglio of Ramsey has been named owner ’s representative at Crossroads Companies, LLC. In his new role, Giglio is responsible for shopping center agencies, as Al Giglio well as the oversight of Crossroads’ infor-

mation technology and legal divisions.

CEO of Crossroads Companies. “He will contribute in a significant manner toward the continued growth and expansion of Crossroads Companies’ leasing agencies, acquisition and development, as well as consulting assignments.” The company’s activities focus on real estate development, property acquisitions, and leasing and property management services. n

BLOOMFIELD, NJ — Robert Fourniadis has joined Prism Capital Partners as senior vice presidentresidential. In this cap a c i t y, h e will lead the Bloomfield-based Prism’s new residential Robert Fourniadis division, reporting to Principal Partners Eugene Diaz and Edwin Cohen. “The new division has been created specifically to develop and construct new for-sale housing,” said Cohen. “He will be working in concert

with our firm’s construction division, headed by Bob Gibson, to identify and complete new and redevelopment residential projects.” Among Prism’s initial multifamily projects are two major redevelopments. In Bloomfield, construction is under way on Parkway Lofts, the conversion of a six-story former General Electric warehouse overlooking the Garden State Parkway. Originally constructed in 1897, the landmark building will be converted into 365 loft-style apartments. In West Orange, NJ, Prism is working in the city’s Downtown Redevelopment Area to

Crossroads Cos. names Giglio owner’s rep. “We are pleased to welcome Al to Crossroads Companies, where he joins an in-house team of talented property management, construction, leasing and project development professionals, whose business expertise and diverse backgrounds span virtually every aspect of real estate,” said Steve Hittman,

Fourniadis joins Prism Capital Partners as SVP convert 21 acres into 610 residential units in three phases, including adaptive reuse of the historic Thomas Edison Battery Building. From 1999 to 2009, Fourniadis served as senior vice president of Centex Homes, leading that company’s New Jersey division, and prior to that was senior vice president and general counsel for Calton, Inc. More recently he served as real estate counsel in the Law Offices of Robert S. Dowd, as a principal of RNA Real Estate Services, a real estate consulting firm, and as a partner in Rainmaker Capital, a real estate development firm. n

RXR Realty hires Buckley as senior vice president of leasing SHORT HILLS, NJ — RXR Realty LLC (RXR) announced the hiring of Sam Buckley to serve as senior vice president of leasing. Most recently a Senior Vice President a t C BR E , Sam Buckley Buckley has more than 25 years of real estate industry experience. In his new role, Buckley will be responsible for directing the leasing

activity for RXR’s premier New Jersey portfolio, including such world-class properties as 51, 101 and 103 JFK Parkway in Short Hills, One Giralda Farms in Madison, and University Square in Princeton. “We are thrilled to welcome Sam to the RXR team and are confident that his extensive experience, deep industry relationships and tremendous understanding of the regional commercial real estate marketplace will serve us well as we continue to execute on our leasing and marketing

strategies for our premier New Jersey properties,” said Todd Rechler, Co-COO of RXR and President of RXR Construction and Development. “Sam has consistently demonstrated exceptional leadership and professionalism throughout his career, which is complementary to RXR’s culture and business approach.” At CBRE, Buckley focused on corporate tenant representation and agency representation for large Class A office properties in New Jersey. n

As sales associate

Selvin Alvarez joins Weichert Commercial MORRIS PLAINS, NJ — Selvin Alvarez has joined Weichert Commercial Brokerage as sales associate. Alvarez brings with him over seven years of experience in real estate investment a n d r e t a i l Selvin Alvarez ventures. Prior to joining Weichert Commercial, Alvarez was with Weichert, Realtors in Fair

Lawn, where in 2011, he was the Top Listing/Top Selling Agent and Top Gold Service (mortgage services). Alvarez also served as vice president of product development for Affordable Green Development, LLC, a company dedicated to acquiring property and redeveloping them with green technology. “We are extremely pleased to welcome Selvin,” said Udell. “Selvin’s strong work ethic and experience in working with foreign investors and financial services companies is a great asset to our team.” n

Cushman & Wakefield adds Graham as sales associate MORRISTOWN, NJ — Maggie Graham has joined Cushman & Wakefield, Inc. as sales associate. She is based in the firm’s Morristown office, and will work on the industry team of Donnelly and Maggie Graham Marc Rosenberg. “Our firm is expanding with a strategic effort to build the next generation of transaction specialists, and Maggie is a key part of that effort,” said Donnelly, Jr, executive VP. “This highly promising group

of young professionals will represent both major corporate users and landlords, providing these clients with the best possible solutions for their real estate requirements. The future is now for this select group.” Before joining Cushman & Wakefield, Graham served as a primary education teacher at Dubai American Academy. “I am very excited to embark on this new career, and to join Cushman & Wakefield, which has rightfully earned its stellar reputation as the premier commercial real estate firm,” said Graham. “I am eager to learn and look forward to contributing to the ongoing success of this firm.” n

NAI Hanson hires industry vet Pastor HACKENSACK, NJ — NAI James E. Hanson announced that Steve Pastor has been named vice president of t h e f i r m ’s Industrial Real Estate Group. A former vice president at CBRE for 17 Steve Pastor years, Pastor’s primary focus was on

industrial real estate, where he represented tenant and landlords locally, regionally and nationally throughout the United States. Pastor’s vast expertise includes Global Supply Chain Logistics & the Ports Practice Group. He will assist tenants and landlords with strategic planning, build-to-suit, acquisition and disposition, site selection and mergers and acquisitions, among others. n

Lesesne of Jarmel Kizel appointed principal LIVINGSTON, NJ — Jarmel Kizel Architects and Engineers, Inc. continues to grow its firm and enhance its spectrum of services by appointing David L. Lesesne, A, NCAB, CID to its management team. Lesesne joins Jarmel Kizel as principal of the firm’s Corporate Interior Design Studio. In this role, Lesesne will lead the Jarmel Kizel’s Interior Design team and oversee the management of corporate interior projects

and landlord representation. A 30-year veteran in the architecture and engineering industry, Lesesne also will leverage his relationships in the industry to bring new projects to the firm. “With our industry showing positive signs of recovery, my partners and I wanted to build upon our management team and to position our firm for growth,” said Matthew B. Jarmel, AIA, MBA and principal of Jarmel Kizel. n


16B — August 17 - 30, 2012 — New Jersey — Mid

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New Jersey Bergen County industrial building

With new leases and expansions

Prism teams with The Davis Cos. to acquire 180,000 s/f

Accordia Realty’s Essex property boosts occupancy

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LMWOOD PARK, NJ — Prism Capital Partners LLC and The Davis Companies have teamed up to acquire 41 Slater Dr., a 180,000 s/f industrial building in Elmwood Park, from an affiliate of paper products manufacturer Marcal, announced Prism Principals Eugene Diaz and Edwin Cohen. The all-cash transaction was brokered by Thomas Carragher of Studley. “This transaction marks our first venture with The Davis Companies,” said Diaz, noting that the Boston-based Davis and its affiliates own and manage a six million-squarefoot real estate portfolio. “The acquisition of 41 Slater Drive

41 Slater Dr. provides the opportunity to our creativity and deal-makcreate substantial addition- ing experience to accomplish al value, and we will apply that.” n

America’s Got Talent leases inside Berger’s Robert Treat Center NEWARK, N.J., July 6, 2012 – It has become harder to find an empty table or hotel room in Newark’s Central Business District these days, according to Miles Berger, chairman and chief executive officer of The Berger Organization. With “America’s Got Talent” filming underway at the New Jersey Performing Arts Center (NJPAC), the added population and spotlight on New Jersey’s largest city definitely is good for business. The Berger Organization is among the many companies that are benefiting. America’s Got Talent staff and contestants currently have 50 rooms booked at Berger ’s Best Western Robert Treat Hotel. Located at 50 Park Place, the 176-room hotel is located next door to NJPAC. “Every contestant will stay with us through this season, so those bookings likely will grow,” said Shah Deen, the hotel’s general manager. “Add to that their family members and fans of the show, and our property truly is enjoying a new level of energy. Our Maize restaurant is busier, too, due to our proximity to the filming site.” Deen noted that the Robert

Shah Deen, general manager of the Robert Treat Hotel, greets America’s Got Talent Contestant Alonzo “Turf” Jones. Treat Hotel has known it would play a central role in housing America’s Got Talent since March and had plenty of time to gear up for the influx. “The pace here certainly is faster, but the vibe is really positive,” he said. “We have a guest lounge that serves breakfast, and the AGT people already are becoming regulars. They will be here for some time, and it is nice to see the familiarity already forming between these guests and our staff members.” America’s Got Talent also leased the former New Jersey Network studio at Berger’s Robert Treat Center, a 100,000 s/f office property that sits adjacent to the hotel. The 2,500

s/f space was NJN’s home for 20 years, prior to its operations being outsourced by the State of New Jersey. “AGT has two sets in place there for interviews with the judges and contestants,” Berger noted. “It was a great match – they needed a high-quality studio, and we had one available.” Beyond the revenue-generating advantages of having one of the nation’s most popular reality television talent shows in residence, America’s Got Talent is proving to be a real boost for Newark. “Acts are rehearsing outside on the street, which adds ambiance to the area around NJPAC,” Berger said. “There is a general feeling of excitement in the neighborhood.” “Newark benefits from both its central east coast corridor location as well as its transit infrastructure, which has paved the way for continued rebound in the city’s office market and business climate in general,” Berger said. “In recent years, our worldclass venues like NJPAC and Prudential Center, the Newark Museum, parks, universities and fine dining have worked toward making Newark a true destination,” he continued. n

Cresa NJ – North/Central negotiates leases totaling 21,100 s/f Morristown, NJ — Cresa NJ – North/Central, part of Cresa LLC negotiated two leases on behalf of Homeless Solutions Inc. totaling 21,100 s/f. The non-profit organization renewed a lease for its headquarters at 6 Dumont Place in

Morristown. In addition, the company signed a retail lease at Powder Mill Plaza West in Parsippany, for a new Homeless Solutions venture called Furnishing Solutions, a home furnishings resale store. Tom Semler, principal of Cresa NJ – North/Central,

represented the tenant in both transactions. “After considering opportunities throughout the Morris area, Powder Mill Plaza West was determined to be the property that best suited the specific operational needs of the new Furnishing Solutions enterprise,” said Semler. n

Greenbrook Executive Center Fairfield, NJ — Accordia Realty announced that Greenbrook Executive Center executed new leases and expansions with more than a half dozen companies, boosting occupancy to 90 percent. Accordia completed seven lease agreements for the 203,000 s/f, class A office building at 100 Passaic Ave. The largest lease is with The Chadler Group Inc., an insurer that grew its office footprint to 12,100 s/f as it moved to Greenbrook Executive Center from a smaller space at another Fairfield location. Newmark Grubb Knight Frank negotiated the lease for The Chadler Group. Woodmont Properties leased 12,000 s/f in Greenbrook to serve as its new headquarters. Associated Realty negotiated on the tenant’s behalf.

Other new leases and expansions include: Quadrant Capital Management, LLC relocated from Montclair to 4,700 s/f of leased space. Colliers International represented Quadrant Capital in its lease negotiation. Synergy Professional Associates leased 6,200 s/f. Realty Executives International negotiated the lease for Synergy Professional Associates. Bleakley, Schwartz, Cooney & Finney, LLC, added 3,000 s/f to its space for a total of 25,000 s/f. Cushman & Wakefield represented the company, which has been a tenant in the property for the past 15 years. Strategic Family Wealth Counselors, LLC renewed and expanded its lease to 6,800 s/f. The Schultz Organization represented the tenant. n

Triumph Realty reps Mack-Cali in 140,000 s/f ground lease with Wegmans Edison, NJ — Mack-Cali Realty Corporation announced it has entered into a ground lease with Wegmans Food Markets, Inc. at its undeveloped site located at Sylvan Way and Ridgedale Avenue in Hanover Twp. Subject to receiving all necessary governmental approvals, Wegmans intends to construct a store of approximately 140,000 s/f on a finished “pad” to be delivered by Mack-Cali. Mack-Cali was represented in

the transaction by Mark Needle of Triumph Realty Group. Mitchell Hersh, Mack-Cali president and chief executive officer, said, “We’re delighted that Wegmans has joined the Mack-Cali family. A supermarket of this caliber will be a welcome addition to Hanover Township and the surrounding towns in Morris County. This was a great opportunity to put our strategically located land bank to use in a diverse manner.” n

Sholom and Cantor of Team Resources SBWE negotiates 32,000 s/f lease Moonachie, NJ — Greg Sholom and David Cantor of Team Resources SBWE signed a lease with a tenant one week after the first showing at 141 West Commercial Ave. . The space of 32,000 + s/f is part of a recently renovated 87,000 s/f building owned by

Paradisio Rosen. The building boasts upgrades such as high capacity ESFR sprinkler, a brand new and insulated white roof (keeps the building cooler in summer) and energy efficient T8 warehouse lighting. The property was leased to DV8 Enterprises, LLC. n


Mid Atlantic Real Estate Journal — New Jersey ­­— August 17 - 30, 2012 — Inside Back Cover B

www.marejournal.com

Industrial Commercial Industrial Commercial Real Estate Women Real Estate of NewWomen, Jersey Inc. www.icrew.org www.icrewnj.org

ICREW to offer 2012 membership BOARD OF DIRECTORS

3 decades of fostering the advancement of women in Comm’l. RE

ICREW NJ Celebrates 30th Anniversary at Liberty House

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

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

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

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

PRESIDENT Cheryl Hardt cheryl.hardt@cbre.com

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


B Back Cover — August 17 - 30, 2012 — New Jersey — Mid



Atlantic Real Estate Journal

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Shopping Centers Pennsylvania Section C of the Mid Atlantic Real Estate Journal

Shupak & Bell negotiate 2 transactions totaling $5.705 million

Newmark Knight Frank Smith Mack completes $3 million sale of Whitemarsh Corporate Ctr. East

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MBLER, PA — Newmark Knight Frank Smith Mack (NKFSM) recently closed the $3 million sale of the Whitemarsh Corporate Center East Building, located at 7002 Butler Pike, Ambler, to Liberty Lutheran Services. The 25,000 s/f Class A building, renovated in 2008, will become Liberty Lutheran’s headquarters. NKFSM brokers Neil Shupak and Justin Bell, who represented the building owner, 7 East Skippack Associates, L.P., a partnership under the umbrella of Keystone Property Group, first crossed paths with Liberty Lutheran three years ago when canvassing for another listing that is across the street from the

Whitemarsh Corporate Center East Building Artman Lutheran Home, one Lutheran decided to consolidate of the facilities where Liberty their offices from three buildings Lutheran had some office space. into one facility, the Whitemarsh They wanted to free up space in Corporate Center East building the Artman facility to expand became their prime focus.” their resident care areas. AcWILLOW GROVE, PA — Newcording to Shupak, “Once Liberty mark Knight Frank Smith Mack

August 17 - 30, 2012

HI-LIGHTS Hilsher of Mericle leases 198,400 s/f of industrial space Well-known retailer The Neiman Marcus Group has leased a 198,400 s/f industrial building from Mericle Commercial Real Estate Services in CenterPoint Commerce & Trade Park East in Jenkins Township. See page 2C.

The Hampshire Cos. sells a 110,000 s/f industrial property The Hampshire Companies has announced the disposition of a 110,000 s/f industrial property located at 110 Thousand Oaks Boulevard in Morgantown. See page 3C.

ALSO INSIDE: Pennsylvania’s Elite Companies Spotlight. ............ 5-12C PA Project News............................................................13C Crew Lehigh Valley....................................................15C PA People & Company News..........................................16C

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601 Davisville Road recently completed the sale of on 6.18 acres with parking to 601 Davisville Rd., in Willow accommodate 200 cars. After Grove, for Davisville Investors, completion of renovations the LP. Listing brokers Neil Shupak property will serve as corporate and Justin Bell sold the former headquarters for Premier Office Elmar Window Fashions facil- Solutions. The purchase price ity, a 98,000 s/f building situated was $2,705,000. n

Cole & Willems negotiate 70,500 s/f in 2 transactions

NAI Keystone assists Muhlenberg Twp. in $1.150m purchase of new facility MUHLENBERG TOWNSHIP, PA — NAI Keystone’s Bryan Cole & Steve Willems assisted Muhlenberg Township in purchasing their new facility along 5th Highway, 210 George Street. The property was originally listed at $2,750,000 due to the extensive amount of improvements; and after negotiations and utilizing the detailed market knowledge along with taking advantage of the current market conditions, NAI assisted the township in finalizing a deal at $1,150,000 which equates to $27.38 psf for

210 George Street the 42,500 s/f building. In addition, Bryan Cole & Steve Willems handled the sale of 330 N. Wyomissing Ave in Shillington PA. The 28,000 s/f flex facility owned and operated by Goodwill Keystone for

over 10 years, was vacated in 2012 due to Goodwill purchasing a larger facility for its use in Berks County. The property which was situated on 1.76 acres, included 28,000 s/f of building spread-out over two floors. NAI Keystone was the sole broker in the transaction. Bryan Cole also handled a lease renewal for The Reading Hospital & Medical Center at 2101 State Hill Road in Wyomissing. The total leased space was 16,554 s/f and is utilized for their Physical Therapy Operations. n

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2C — August 17 - 30, 2012 — Pennsylvania — Mid

Atlantic Real Estate Journal

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Pennsylvania McDermott of CBRE also coordinates the transaction Air Quality R Water Resources R Earth Sciences

Hilsher of Mericle leases 18,400 s/f of industrial space

J

Providing Innovative Solutions to Complex Environmental Problems www.libertyenviro.com Atlanta, GA

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ENKINS TOWNSHIP, PA — Well-known retailer The Neiman Marcus Group has leased a 198,400 s/f industrial building from Mericle Commercial Real Estate Services in CenterPoint Commerce & Trade Park East in Jenkins Township. According to Mericle president Robert Mericle, the company will create approximately 150 jobs in the new distribution center at 400-450 CenterPoint Boulevard. The facility will serve the entire east coast. The building was constructed on speculation by Mericle. Neiman Marcus will be the 31st company in CenterPoint and its 150 new jobs will push total park employment to approximately 3,200. Mericle vice president Jim Hilsher coordinated the real estate transaction along with Joe McDermott from CB Richard Ellis Real Estate of Wayne, PA.

400-450 CenterPoint Boulevard Hilsher thanked Janet Smith of Pennsylvania’s Governor’s Action Team , Rosemary Dessoye of the Greater Pittston Chamber of Commerce, and the Jenkins Township supervisors for their help in securing the tenant. “We are pleased to have Nei-

man Marcus, one of the world’s premier retailers, in CenterPoint,” said Robert Mericle. “The company looked at many buildings in several states for this distribution operation. We are glad we were able to provide them with a great fi t in CenterPoint.” n

Apt of Aptcor Commercial, Realtors reps the buyer in the $117 psf office condominium sale S C H U Y L K I L L T O W N SHIP, PA — Valley Forge Associates, LLC has purchased an offi ce condominium in the Valley Forge Commons East Offi ce Condominium Complex at 1288 Valley Forge Road in Schuylkill Township, Chester County, PA. The seller was Christian Evans who was represented by Jim Selken of Continental Realty. The buyer was represented by Alan Apt of Aptcor Commercial, Realtors and the offi ces will be used by the fi rm of Christopher K. St. George, CPA. Unit price for the space was $117 Shown from Left: Dr. Christian Evans and Chris St. George shake psf. The St. George Account- on the agreement just signed for an office condo unit at Valley Forge ing Firm will be moving from Commons East in Valley Forge, PA. King of Prussia, PA. n

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Mid Atlantic Real Estate Journal — Pennsylvania — August 17 - 30, 2012 — C

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Pennsylvania

DPN

Brogan & Pennington represents the seller

The Hampshire Cos. sells a 110,000 s/f industrial property

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ORGANTOWN, PA — The Hampshire Companies has announced the disposition of a 110,000 s/f industrial property located at 110 Thousand Oaks Boulevard in Morgantown. The sale was made to Consolidated Graphics, Inc., a publically-traded commercial printing company headquartered in Houston, Texas. Situated on more than seven acres, the attractive, brick, industrial building sits on a well-landscaped parcel conveniently located near major roadways with easy access to and from the Morgantown Exit off of the Pennsylvania Turnpike. The property features 30,000 s/f of office space, 80,000 s/f of warehouse space, 200 parking spaces, 10 loading docks, and two roll down doors. “The building’s convenient location and its ample and versatile space, served as deciding factors in the buyer’s decision,� said Patricia Krasowski, an investment manager for The Hampshire Companies. “Consolidated Graphics, Inc. purchased this property with intentions to consolidate two of its existing facilities located in eastern Pennsylvania, and the building was an ideal match for the company’s specific needs.� Timothy Brogan and Timo-

Pennsylvania Real Estate Journal a section of the

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

Section Publisher Elaine Fanning

efanning@marejournal.com

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110 Thousand Oaks Boulevard thy Pennington from Grubb & Ellis, Inc. represented The Hampshire Companies,



while Pete Pitroff of Jones Lang Lasalle’s Charlotte office represented the buyer. n

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

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ROCK reps the seller in 4,88 s/f office building sale

ROCK Commercial brokers 18,822 s/f of leased space

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ORK, PA — ROCK Commercial Real Estate brokered 4,898 s/f of sold commercial real estate plus 69.67 acres of sold land and 18,822 s/f of leased space in York County. SALES First Industrial Realty Trust, Inc. bought 19.99 acres of industrial land at Leo Lane and 37.68 acres of industrial land at 3755 Bear Road in York. ROCK Commercial Real Estate represented the seller in this transaction and Cushman and Wakefi eld represented the buyer. EMZ Metals bought 12

225 East Springettsbury Avenue acres of industrial land at 500 Industrial Drive in Glen Rock. ROCK Commercial Real Estate represented both the buyer and the seller in this transaction. Lighthouse Realty Hold-

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ings, LLC bought the 4,898 s/f professional offi ce building at 225 East Springettsbury Avenue in York. ROCK Commercial Real Estate represented the seller and Re/Max of Lebanon County represented the buyer in this transaction. LEASES RK&K leased 8,435 s/f of offi ce space at 3501 Concord Road in York. ROCK Commercial Real Estate, LLC represented both the landlord and the tenant in this transaction. Christ the Rock Community Church leased 3,200 s/f of commercial space at 411 Delta Road in Red Lion. ROCK Commercial Real Estate, LLC represented both the landlord and the tenant in this transaction. Maxim Healthcare Services, Inc. leased 3,125 s/f of offi ce space at 3540 Concord Road in York. ROCK Commercial Real Estate, LLC represented the tenant in this transaction. United Cerebral Palsy of South Central PA leased 1,485 s/f of offi ce space at 1910 Kenneth Road in York. ROCK Commercial Real Estate, LLC represented both the landlord and the tenant in this transaction. YoBerries leased 1,300 s/f of retail space at York Crossing Shopping Center in York. ROCK Commercial Real Estate, LLC represented both the landlord and the tenant in this transaction. Hanover Family Practice Associates, LLC leased 1,127 s/f of medical office space at Penn Medical Center at 100 Penn Street in Hanover. ROCK Commercial Real Estate, LLC represented both the Landlord and the tenant in this transaction. Cathy Snelbaker leased 150 s/f of offi ce space at 135 North George Street in York. ROCK Commercial Real Estate, LLC represented both the landlord and the tenant in this transaction. n


Mid Atlantic Real Real Estate Journal — Pennsylvania — August 17 - 30, 2012 — — 5C

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G if fi L

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Company Name: Liberty Property Trust Type of Firm & Overview of Company: Liberty Property Trust is a $6.9 billion (as of 3/31/2012) real estate investment trust which owns over 79.3 million s/f of office, flex and industrial space in 21 markets throughout the United States and the United Kingdom. Founded in 1972 and headquartered outside Philadelphia in Malvern, PA, Liberty has nearly 40 years of experience in development, management, and marketing of commercial real estate with the mission to enhance people’s lives through extraordinary work environments. Liberty’s more than 681 office and industrial properties offer exceptional locations, flexible design, thoughtful amenities, cost efficient operations and state-ofthe-art technology to the company’s over 2,000 tenants. Liberty continuously increases the value of its portfolio through expert management, marketing, and development. Liberty prides itself on having over 10.4 million s/f of LEED® space completed or under construction, and over 10.9 million s/f in 77 Energy Star certified buildings nationwide. We develop green office space, industrial and warehouse facilities, retrofit existing buildings and even clean our properties in an environmentally sensitive way. Liberty Property Trust has been awarded the 2011 Energy Star Partner of the Year; NAREIT’s 2011 Small Cap–Gold Leader in the Light Award; ULI’s 2009 Award of Excellence; NAIOP’s 2008 Developer of the Year Award; CoreNet Global’s 2008 Sustainability Leadership Award for Design and Development; NAIOP’s 2007 Green Development Award; U.S. Green Building Council’s 2006 Corporate Leadership in LEED® Award; and was also awarded the National Commercial Real Estate’s Customer Service Award for Excellence for four consecutive years. Mission Statement: Enhancing people’s lives through extraordinary work environments. Headquarters: Malvern, PA Additional locations: 21 offices throughout the U.S. and U.K. No. of employees: Over 450 employees Services and or Products offered: As one of the nation’s largest real estate companies, Liberty Property Trust offers in-depth local knowledge in multiple markets, comprehensive development expertise and a focus on customer service unique in the real estate industry, all backed by the financial strength of a multi-billion dollar company. Liberty is also the nation’s leading commercial developer of high-performance green buildings. We provide real estate solutions that positively impact our customers’ bottom line by focusing on our core competencies: development, leasing, acquisition and property management.

Company Name: Mericle Commercial Real Estate Services Type of Firm & Overview of Company: Founded in 1985 by Robert K. Mericle, Mericle Commercial Real Estate Services is a full-service commercial real estate developer and brokerage firm. Mericle has developed close to 16.5 million s/f of bulk industrial, flex, and office space in 15 Northeastern Pennsylvania business parks and lists 30 Fortune 1000 companies among its many tenants and clients. Mission Statement: : Using a master builder model, Mericle will develop a variety of speculative, quality, affordable, commercial buildings and prepare pad ready sites throughout Northeastern Pennsylvania and will recruit tenants to these properties, thus creating job opportunities for the residents of Northeastern Pennsylvania. Headquarters: Corporate Center at East Mountain, 100 Baltimore Drive, Wilkes-Barre, PA, 18702 Additional locations: A satellite brokerage office in Williamsport, PA No. of employees: Approximately 200 employees Services and or Products offered: Mericle specializes in the construction of speculative bulk industrial, flex, and office space. Mericle is a vertically integrated, “master builder” that self performs all phases of its projects from acquiring sites, to designing the infrastructure and buildings, to obtaining permits and approvals, to constructing the buildings, to maintaining the buildings after they are completed. What is your Vision and Strategy in the next year: Mericle will continue to build industrial, flex, and office buildings on speculation and will prepare sites for new construction. What projects are you involved in currently: Mericle is preparing more than 90 “Ready to Go Sites” in 10 business parks in Northeastern Pennsylvania. For its Ready to Go Sites, Mericle clears and grades the sites, obtains all permits and approvals including all subdivision, land development, and subdivision approvals, installs utilities, and places compacted stone sub-base in the building and pavement areas. Mericle then constructs speculative industrial, office, and flex buildings on its Ready to Go sites. Mericle currently has three spec buildings under construction in on these sites.

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6C — August 17 - 30, 2012 — Pennsylvania — Mid

Atlantic Real Estate Journal

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Pennsylvania’s elite ComPanies Company Name: BL Companies

Mission statement: To provide creative solutions that enhance the built and natural environment through the leadership and dedication of our employee owners working in partnership with our clients.

BL Companies

Headquarters: Meriden, CT Additional locations: Camp Hill, PA; King of Prussia, PA; Pittsburgh, PA; Canton, OH; New York, NY; Piscataway, NJ; Albany, NY; Baltimore, MD; and Hartford, CT Company Size or No. of employees: 195 employees Services and or Products offered: Architecture, Engineering, Environmental, Land Surveying, Landscape Architecture. What is your Vision and Strategy in the next year: To be our clients’ first choice for Architecture, Engineering and Environmental Services throughout the Northeast and Mid-Atlantic. We will be sought after for our quality, creativity and expertise. What projects are you currently involved in currently: Maxatwany Marketplace - Giant Grocery anchored Shopping Center - Kutztown, PA • LeTort Regional Authority - Greenway and Trail Extension - Carlisle, PA • Federal Office Building - Site Development - Harrisburg, PA

Type of Firm & Overview of Company: Commercial Real Estate Company. Specializing in Shopping Centers, Office/ Medical and Industrial Sales and Leasing, Tenant Representation, Business Brokerage, Multi-Unit Apartments and Distressed Commercial assets. Mission Statement: Local Expertise…International Reach. To provide our customers with unsurpassed service, professionalism and loyalty through an unparalleled ethical approach to the Commercial Real Estate Industry. Headquarters: Allentown, PA No. of employees: 8 full time employees Services and or Products offered: We provide the maximum exposure to our clients through technology, market knowledge and aggressive canvassing campaigns. What is your Vision and Strategy in the next year: To continue to expand our services, systems and geographic range to provide our clients with a trusted commercial real estate resource in Northeastern, PA, select counties of New Jersey and will be expanding our Group into other States including Charlotte, NC (Coming soon!!!). What projects are you involved in currently: We handle the sale and leasing of approximately 160 properties including shopping centers, office buildings and investment properties throughout Northeastern, PA and New Jersey. We are also very active in the marketing of multiple development sites for new construction Retail and Office projects.

architEctUrE/EnginEEring/EnvironmEntal

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Type of Firm & Overview of Company: BL Companies, an employee-owned firm, is a leader in delivering high-quality, integrated architecture, engineering and environmental services to public and private clients in the retail/commercial, public infrastructure, energy, education, healthcare and federal markets. Our multi-discipline approach allows us to be responsive to our clients and provide creative solutions. Founded in 1986, we have 10 offices throughout the Northeast and Mid-Atlantic regions.

Company Name: KW Commercial-The James Balliet Commercial Group

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Mid Atlantic Real Estate Journal — Pennsylvania — August 17 - 30, 2012 — 7C

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Pennsylvania’s elite ComPanies Type of Firm & Overview of Company: Earth Engineering Incorporated (EEI) is a fullservice geotechnical- geoenvironmental engineering consulting firm composed of a group of engineers and geologists dedicated to providing the swift, cost-effective, professional service needed to meet the demands of any project. Mission Statement: At EEI, our goal is to provide every client with our core principles: Quality Consulting & Investigative Work and On-time, On-budget Performance. We’re committed to providing our clients with the higher level of service and experience they have come to expect from EEI.

Company Name: Bennett Williams Realty, Inc. Type of Firm & Overview of Company: Full-service commercial real estate firm offering first-class landlord and tenant representation, as well as full property management services. Mission Statement: Our goal at Bennett Williams is to provide the best service and support for all of our clients, ranging from national retailers to local property owners in need of advice and assistance with their personal real estate portfolio. Bennett Williams is committed to evolving with the times and offering cutting-edge technology and strategy to ensure each transaction is handled with the utmost professionalism, giving our clients complete confidence. Headquarters: 110 N. George St., 4th Floor, York, PA 17401 Additional locations: 2173 Embassy Dr., Lancaster, PA 17603

Headquarters: East Norriton, PA Additional locations: Emmaus, PA - West Berlin, NJ - Mechanicsburg, PA No. of employees: 77 Employees Services and or Products offered: Geotechnical Consulting, Subsurface Investigations, Infiltration Testing, Construction Inspection & Testing, Geotechnical Specialty Design Services, Environmental Site Assessments, Clean Fill Analysis, Laboratory Soil Testing. What is your Vision and Strategy in the next year: To maintain an aggressive forward-thinking posture. To continue to refine our organizational structure and enhance our company culture such that we are prepared for the emerging construction market. To vigorously apply our core principles and client-first service to every project.

No. of employees: 33 agents and employees Services and or Products offered: Commercial landlord and tenant representation and full property management services What is your Vision and Strategy in the next year: Take advantage of the re-bounding market and continue to lease our shopping centers to 100% and sell our investment properties. We have seen exceptional activity in the past few months and we plan to continue to push our strategies, marketing, connections, and experience to get our business back to pre-recession prosperity. What projects are you involved in currently: Newberry Pointe, Kenhorst Plaza, Wayne Plaza, and Silver Spring Square, including tenants such as Wegmans, Target, Wal-Mart, Giant, Best Buy, and others. We are also working with dozens of nationally known retailers through our tenant representation division. In addition, our property management division continues to grow through the management of dozens of commercial and residential developments.

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WEST MANCHESTER MALL York, PA 17408

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8C â&#x20AC;&#x201D; August 17 - 30, 2012 â&#x20AC;&#x201D; Pennsylvania â&#x20AC;&#x201D; Mid

Atlantic Real Estate Journal

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Company Name: PennCap Properties Type of Firm & Overview of Company: PennCap Properties serves the commercial real estate needs of businesses as the leading owner and operator of class â&#x20AC;&#x153;Aâ&#x20AC;? office and flex properties in the Lehigh Valley. As a full service real estate company, PennCap services include commercial leasing, property management, and commercial property development. The portfolio consist of over 1.4 million s/f of Class â&#x20AC;&#x153;Aâ&#x20AC;? office and flex/industrial property throughout the Lehigh Valley. PennCap is committed to providing the highest level of professional service by utilizing their highly dedicated Lehigh Valley based maintenance staff, management team, and leasing and development professionals. Mission Statement: PennCap Properties provides exceptional commercial real estate solutions and services for businesses who demand more from their space. Headquarters: 559 Main Street, Suite 300, Bethlehem, PA 18018 Additional locations: 410 Park Ave. 14th Floor, New York, NY 1002 No. of employees: 15 employees What is your Vision and Strategy in the next year: The ongoing focus of the company is to increase occupancy while decreasing operating expenses. PennCap Properties is implementing an innovative repair and maintenance program that focuses on the highly trained and accredited skill set of its service engineers. The new program is designed to increase responsiveness to tenant queries building announcements through the use of Angus software system, the tracking of work orders, and aids in preventative maintenance measures. The repair and maintenance program implemented in January is expected to reducing operating expenses by approximately $135,000 per year and capital expenditures by nearly $3 million over a 5 year timeline. What projects are you involved in currently: PennCap Properties has recently partnered with Habitat for Humanity to plan and execute their local ReStore project. The ReStore will sell reusable household appliances and surplus building materials to customers such as first time home buyers, interior decorators, and students. The proceeds from the sales will aid in funding Habitat for Humanity home constructions. Through this partnership, PennCap Properties strives to achieve excellence not only in the commercial real estate industry, but also as a steward of the community. PennCap Properties is also focusing to continue with opportunistic acquisitions in the Lehigh Valley market place. The companyâ&#x20AC;&#x2122;s newest addition to the portfolio is 1480 Valley Center parkway, a 51,000 s/f office building. Penncap Properties currently owns 11 buildings in the Lehigh Valley Corporate park, centrally located off of the Schoenersville Road exit of Route 22. In addition, PennCap will be working on expanding the holdings in the Stabler Corporate Center by acquiring a parcel with plans to construct a new 64,000 s/f Class A office building.

Company Name: LMS Commercial Real Estate Type of Firm & Overview of Company: LMS-PMA is a full-service commercial real estate firm that assists landlords, tenants, buyers, sellers, developers, investors and business owners by creating, maximizing and sustaining value for their real estate assets and overall business models. Since our founding in 1991 by Joseph W. Deerin, our proven results, guided by trust, experience, expertise, reliability and relationships, have created an unprecedented reputation in the marketplace which we have sustained for over 20 years. Mission Statement: Our mission is to use our knowledge and experience to create superior value and results for our clients that benefit our partners, suppliers, employees and owners. Headquarters: 120 North Pointe Boulevard, Lancaster, PA Additional locations: 1200 Greensprings Drive, York, PA No. of employees: 42 employees Services and or Products offered: LMS Commercial Real Estate is a full service firm offering services ranging from leasing, management and sales to construction, development and acquisition. Additionally, LMS offers a comprehensive set of brokerage services including tenant and landlord representation, investment sales, market studies, site selection, consulting and advisement. What is your Vision and Strategy in the next year: 2013 is poised to be an exciting year for commercial real estate as unprecedented both micro and macroeconomic forces cascade over the marketplace. At LMS, we will lead the industry in comprehensive analysis and take value by creating action to provide our clients with powerful wealth creating solutions and guidance. What projects are you involved in currently: Neighborhood retail and office development: Keystone Arms Center, Carlisle, PA; Millersville Commons, Millersville, PA; 1611 Oregon Pike, Lancaster, PA; Valley Plaza, Lewistown, PA. Regional mix-use development: North Cornwall Commons, Lebanon, PA. Transit-Oriented Development: 30 Keller Avenue, Lancaster, PA.

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Mid Atlantic Real Estate Journal â&#x20AC;&#x201D; Pennsylvania â&#x20AC;&#x201D; August 17 - 30, 2012 â&#x20AC;&#x201D; C

Pennsylvaniaâ&#x20AC;&#x2122;s Elite Companies May we show you something in

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Enhancing Peopleâ&#x20AC;&#x2122;s Lives through extraordinary work environments. 5NITED3TATES 5NITED+INGDOMs.93%,29 www.libertyproperty.com


10C — August 17 - 30, 2012 — Pennsylvania — Mid

Atlantic Real Estate Journal

www.marejournal.com

Company Name: Warfel Construction Company Type of Firm & Overview of Company: Warfel is one of Central Pennsylvania’s oldest and largest providers of construction management and general contracting services. What began as a modest two-man operation in 1911, has evolved into a highly diverse, professional firm, employing over 100 in both field and office positions. Serving clients throughout the Mid-Atlantic region, Warfel is widely regarded among the industry for its efforts in sustainable building practices, ethical standards, and providing innovative construction solutions. Warfel focuses on complex, multi-phased projects, including historic renovations, primarily for institutional and commercial clients. Warfel Construction Company partners include President/CEO, Ralph E. Simpson Jr. PE, Executive Vice President Rupert H. Taylor III, and Senior Vice Presidents, Matthew B. Hartzler and Hugh J. McGettigan. Headquarters: East Petersburg, PA (Lancaster County) No. of employees: 110 employees Services and or Products offered: Preconstruction Services including: Conceptual Budget Estimating, Value Engineering, Scheduling, Constructability Reviews and BIM (Building Information Management) • General Construction • Construction Management • Design/Build • Special Services/Facility Services • LEED/Green Building Consulting What projects are you involved in currently: Kendal~Crosslands Communities – Longwood Cottage Development, Kennett Square Kendal~Crosslands Communities Health Center Renovations and Expansion, Kennett Square Manheim Township School District – Landis Run Intermediate Center, Lancaster Masonic Village at Elizabethtown – Cottages at Canoy Creek, Elizabethtown Second and State Four Story Office Building, Harrisburg RLPS Architects New Office, Lancaster St. James Church Renovations, Lancaster Walgreen’s Store - Virginia Avenue, Hagerstown, MD Walgreen’s Store - Route 40, Hagerstown, MD Second and State Four Story Office Building, Harrisburg

General Contractor

Company Name: B.R. Kreider & Son, Inc. Type of Firm & Overview of Company: B.R. Kreider & Son, Inc. is a leading Excavating and Paving Contractor based in Lancaster County, providing commercial and residential services to all types of clients. We offer complete site management, excavation, paving services and underground utilities installation. Our boundaries have expanded to include the surrounding counties of Lebanon, York, Berks, Adams, Chester and Cumberland, as well as, Cecil and Hartford counties in Northern Maryland. Founded in 1936, and celebrating 76 years, B.R. Kreider & Son, Inc. is a family-owned business currently owned and operated by the fourth generation which has gained a solid reputation for exceeding expectations. With the employment of over 150 employees, they are poised to serve the surrounding communities with a primary focus on caring for each customer’s needs. The professional and experienced sales team is available to guide you through the process of making your project a reality. Headquarters: Manheim, Lancaster County, PA No. of employees: Over 150 employees Services and or Products offered: The BRK team offers a diverse group of commercial and residential services: site development, excavating, asphalt paving and porous paving, portable rock crushing, site utilities, storm water management, retaining walls and environmental services and solutions. At B.R. Kreider & Son, Inc. we focus on providing our customers with quality work and innovative thinking to meet budgets and time schedules. What is your Vision and Strategy in the next year: Our vision and strategy is to care for the customer, which is driven by our care for our employees. We continue to invest in our people, giving them the training and tools needed to deliver superior quality and services. We will continue to maintain and establish new relationships in the selected target markets, nurturing a culture that cares for all people whose lives we touch: customers, employees and vendors. What projects are you involved in currently: Devon Creek residential site development, Leola, Pa, New Cumberland Waste Water Treatment Plant site excavation, New Cumberland, PA, Hershey Park 2012 Attraction site excavation, Hershey, PA, QVC-Studio Park paving resurface, West Chester, PA, Lancaster Nissan, paving resurface, Lancaster, PA, Penn State Milton Hershey Medical Center site excavation, Hershey, PA, Monroe Township Municipal Authority sewer system, Dillsburg, PA, Elizabethtown College Dam reconstruction, Elizabethtown, PA.

B.R. Kreider & Sons, Inc.

Warfel Construction

Pennsylvania’s Elite Companies

Excavator/Paving

BreakingNew NewGround Ground Breaking The professional team of B.R. Kreider & Son will work for you during your next building or expansion project: • Excavation • Paving • Site Management • Site Utilities Earn a LEED Innovation Credit by using B.R. Kreider & Son, Inc.

warfelcc.com

Building for the future.

Over 70 years of experience in commercial and industrial site management will put your new project on a solid foundation. Before you break new ground, visit

www.brkreider.com

63 Kreider Lane Manheim, PA 17545 (717) 898-7651

www.brkreider.com


Mid Atlantic Real Estate Journal — Pennsylvania — August 17 - 30, 2012 — 11C

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Pennsylvania’s Elite Companies Company Name: Charles Friel Inc.

Mission Statement: Charles Friel Inc. was started in 1935 as a small family owned residential landscaping firm and grew to the large scale Commercial, Educational and Residential landscaping firm it is today through hard work and determination.We are proud to still be family owned and operated. We are still celebrating 75 years of service.We have grown due to our dedication to gaining the confidence and trust of our clients and striving for the highest standards of the landscaping world. We welcome the opportunity to assist you in maintaining your commercial sites for even your most discerning clients or designing a residential landscape of your dreams.

Type of Firm & Overview of Company: Full service commercial/Industrial real estate firm.

Mission Statement: Hawley Realty, Inc. is an industrial and commercial real estate brokerage firm, headquartered in Allentown, Pennsylvania. Our primary goal is to assist our clients with maximizing their asset value. We provide complete professional services and the largest selection of properties. We take pride in consummating transactions that maintain the quality of life in the greater Lehigh Valley region.

Headquarters: Narberth, PA No. of employees: 75 full time Services and or Products offered: Landscape Design, Landscape Maintenance and Emergency Services including crews to clean up after storm damage and 24/7 Snow Services. What is your Vision and Strategy in the next year: We are always looking to expand our business and are constantly looking for ways to better ourselves and our employees to maintain the quality level that we strive for. What projects are you currently involved in currently: We provide landscape maintenance and design for many large commercial properties in the Greater Philadelphia area. A few of the properties we are responsible for are the grounds of the beautiful Bryn Mawr College Campus, Ellis Preserve & SAP Headquarters in Newtown Square as well as many large residential properties in the Main Line Area.

Landscape Architect

Headquarters: 944 Marcon Blvd. Suite 120, Allentown PA 18109

No. of employees: 8 employees

Services and or Products offered: Site selection surveys, Tenant Representation, Consulting Services, Market Value Analysis, Lease Renogotiations, Land Sales, Industrial Sales and Leasing, Office and Retail Sales & Leasing, Sub-lease Marketing Services, Customized Property Management, Adaptive re-use Analysis.

Hawley Realty, Inc.

Charles Friel Inc.

Type of Firm & Overview of Company: Charles Friel Inc. is a Greater Philadelphia area premier full-service landscaping contractor for corporate, educational and large residential properties. Our typical service area is a 50-mile radius from our home base in Narberth, PA.

Company Name: Hawley Realty, Inc.

Commercial Real Estate

• 1,500 sq. ft. furnished suite available in busy Allentown commercial district. Features include: ample free onsite parking, ADA compliant, tenant identity signage and lots of tenant amenities.

Landscape Design | Maintenance | Emergency Services

• 5,000+ sq. ft. available on first floor in LVIP V. Amenities include: E-Z access to Rt. 22, office park setting, quality interior finishes in common areas, on site parking, management in building. Only $14.99 per sq. ft. plus janitorial services. • 2901 Emrick Blvd., LVIP VI, last remaining 6,000 sq. ft. suite in this single level flex office building, corner location. Near Rt. 33/I-78 interchange and new St. Luke’s suburban campus. Minutes from the NJ State Line. Sale and Lease terms offered. • 11,500 sq. ft. freestanding medical office building with 2.5+ acre lot. Adjacent to LV Mall and visible along Rt. 22, within ½ mile of highway exit. Multi-purpose zoning. Motivated Seller. All offers considered! • 15,000 sq. ft. available across from County Courthouse, various suite sizes-some furnished, on site building owner. First floor 2,200 sq. ft. prime commercial unit available with prominent signage. Wow! Only $7.77 per sq. ft. Net (3) • 17,800 sq. ft. multi-tenant professional building with 90% occupancy, near Rt. 22 exit. Well-maintained building. Income and expense statement available. Good investment property.

The topography of this property is accented with simple design and expertly maintained lawn.

610-664-0611 www.charlesfrielinc.com

• 30,000+ sq. ft. office space available along Union Blvd with 2 large parking lots. Bus stops at building, adjacent to day care business, ADA compliant, corner served by traffic light. Low Low Lease Rate!

For Info call: 610-398-4000 or visit: www.hawleyrealty.com


12C — August 17 - 30, 2012 — Pennsylvania — Mid

Atlantic Real Estate Journal

www.marejournal.com

Pennsylvania’s elite ComPanies Type of Firm & Overview of Company: Griffin Land is the real estate division of Griffin Land & Nurseries, Inc., a publicly traded company (GRIF). Griffin Land is the award winning developer of more than three million s/f of commercial space on land holdings totaling more than 4,000 acres in Connecticut, Massachusetts, and Pennsylvania. Griffin Land is an owner operator providing development, marketing, construction, management and maintenance of its portfolio. Developments include the Griffin Center business park in Windsor & Bloomfield, CT, the New England Tradeport industrial park in Windsor & East Granby, CT, and the Lehigh Valley Tradeport industrial park in Bethlehem, PA. In addition, Griffin Land also develops residential communities including Walden Woods, a 435 unit master-planned community in Windsor, CT, and has municipal approvals for Meadowood, a 299 unit master-planned development in Simsbury, Connecticut. In addition to its real estate business, Griffin Land & Nurseries also operates a landscape nursery business, Imperial Nurseries, Inc. Headquarters: New York, NY Additional locations: Real Estate division in Bloomfield, CT and nursery in Granby, CT No. of employees: 103 employees Services and or Products offered: Griffin Land & Nurseries, Inc., together with its subsidiaries, engages in real estate and landscape nursery businesses in the United States. The company’s real estate business consists of the ownership, construction, leasing, and management of commercial and industrial properties, as well as the development of residential subdivisions on real estate owned by it in Connecticut, Massachusetts, and Pennsylvania. Its landscape nursery business comprises the growing of containerized plants for sale principally to independent retail garden centers, rewholesalers, mass merchandisers, home centers, and landscape contractors. Griffin Land & Nurseries, Inc. was founded in 1970 and is based in New York City, New York. What projects are you involved in currently: Just finished construction of 4275 Fritch Drive, Bethlehem, PA. A 228,000 s/f, 1st class industrial building which is apart of the Lehigh Valley Tradeport. There is also a build-to-suit opportunity for a 303,600 s/f industrial building.

indUstrial commErcial rEal EstatE

Building I Complete - Ready For Occupancy

51-Acre Industrial Park For Lease or Build-to-Suit Building 1 - 4275 Fritch Drive • 228,000 SF (divisible) • Construction completed July 2012 • Pre-cast construction; 32’ clear • 53 loading doors; 2 drive-ins • On-site trailer parking

Building 2 - 4270 Fritch Drive • 303,600 SF (divisible) • Pre-cast construction; 32’ clear • 50 loading doors; 2 drive-ins • Abundant on-site trailer parking • Rail served Owned & Developed By:

Griffin Land www.grifland.com

Contact:

Lehigh Valley Tradeport is strategically located in Bethlehem, PA with immediate access to I-78, I-476, Route 33 and the NY/ NJ metro markets via Highway Route 22.

Bill Wolf (610) 398-7175 bill.wolf@cbre.com www.cbre.com/bill.wolf

Sean Bleiler (610) 398-3409 sean.bleiler@cbre.com www.cbre.com/sean.bleiler

Company Name: McMahon Associates, Inc. Type of Firm & Overview of Company: In 2012, McMahon Associates, Inc. celebrated its 36th Anniversary! This milestone gave us reason to reflect on our growth since 1976, from a single transportation engineer to now a valued staff of 134 in 10 offices in five states. The regions where we provide transportation engineering services to our private sector & commercial/retail clients include New England, MidAtlantic and Florida. Mission Statement: McMahon delivers responsive and effective transportation solutions with a commitment to a caring work environment. Headquarters: 425 Commerce Drive, Suite 200, Fort Washington, PA 19034 Additional locations: Exton, Camp Hill, and Pittsburgh, PA; Yardville, NJ; and Bowie, MD No. of employees: 134 employees Services and or Products offered: Traffic Engineering, Transportation Planning, Traffic Data Collection, Traffic Impact & Parking Studies, Parking Supply/Demand Studies, Traffic Circulation Consultation, Expert Witness Testimony & Public Presentations, Traffic Signal Design/ITS, Highway Occupancy/Access Permitting, Access/Roadway/Intersection/ADA Ramp Design, Pavement Design, Structural Design, Dams & Water Resources Management, Construction Observation & Management, Land Surveying. Other Services: Geographical Information Systems, Transportation Modeling, Public Involvement, Expert Testimony and ITS Planning/Design What is your Vision and Strategy in the next year: To be the premier, full-service transportation engineering and planning consultant, while recognizing global and economic challenges, and selectively expanding our transportation services and geographic markets into our business strategy. What projects are you involved in currently: Pharmacy/Retail Highway Occupancy Permit Design, Whiteland Twp, PA • Mt. Lebanon Food Market/Retail, Lebanon, PA • Multi-family Traffic Impact Studies, Chester County, PA • Office/Corporate Office Park Developments-Traffic Impact Studies, Chester Co., PA • Haverford Commercial Development Traffic Impact Study, Haverford, Township, Delaware Co., PA • Valley Forge Shopping Center Traffic Impact Study, Upper Merion Twp, PA • Multiple Big Box Retailers (Costco, Target & Wal-Marts) Traffic Impact Studies, throughout various Twps in PA and NJ • Hospital Traffic Impact Study, Montgomery Co., PA • Multiple Locations: Traffic Impact Studies for Wawa Sites, Fuel Dispensing Facilities with Convenience Stores, Chester Co., PA • Egg Harbor Development Site, Traffic Impact Study, Egg Harbor, NJ • Hatfield Township, PA, Miscellaneous Transportation Engineering Services • Lower Salford Township, PA, Miscellaneous Transportation Engineering Services • Upper Uwchlan Township, PA, Miscellaneous Transportation Engineering Services • Bucks County Hospital, Bucks County, PA • Mt. Laurel Development (TIS and Roadway/Signal Design), Mt. Laurel, NJ.

transPortation EnginEEr

McMahon Associates, Inc.

Griffin Land & Nurseries, Inc.

Name: Griffin Land & Nurseries, Griffin Land Company Inc.


Mid Atlantic Real Estate Journal — Pennsylvania — August 17 - 30, 2012 — 13C

www.marejournal.com

PRoJeCt news

Think you can beat the competition?

Under the leadership of McCoubrey & Trainer

The design firm Venturi, Scott Brown & Assoc. becomes VSBA

P

HILADELPHIA, PA — The eminent design fi rm Venturi, Scott Brown and Associates, Inc. has become VSBA, LLC and is now under the leadership of president and principal Daniel K. McCoubrey. McCoubrey, together with fellow principal Nancy Rogo Trainer, will build on architectural and planning principles instituted by founders Robert Venturi and Denise Scott Brown. Dan McCoubrey was principal-in-charge for the Curtis Institute of Music’s new Lenfest Hall and for additions and renovations at the Allentown Art Museum. He recently directed a series of projects for Dumbarton Oaks in Washington, DC, including a new research library.

Shown from left: Nancy Rogo Trainer & Daniel K. McCoubrey He has led projects for Penn, Harvard, Yale, Dartmouth, the Barnes Foundation, and the Museum of Contemporary Art, San Diego, among others. A graduate of Penn’s School of Architecture, he has taught

at Drexel since 1986, lectures widely, and is a member of the Philadelphia Historical Commission Architectural Review Committee. Nancy Rogo Trainer was recently principal-in-charge for renovation of historic Fay House at the Radcliffe Institute at Harvard, where she directed renovation of Schlesinger Library and campus planning. She led campus plans for Villanova, Bryn Mawr, and Haverford and designed projects at Harvard Divinity School and Bryn Mawr, among others. A graduate of Penn’s School of Architecture, Nancy teaches at Drexel, lectures extensively, and is a member of the Philadelphia City Planning Commission. n

Be a part of the Mid Atlantic Real Estate Journal's

4 Annual Retail Design Competition th

Enter your project in this year’s annual Retail Design Competition

Call or email today to be added to the list to receive your 2012 Retail Design Competition Entry Form Elaine Fanning 1-800-584-1062 ext. 212 efanning@marejournal.com Deadline for entry: August 31th, 2012

EwingCole wins three awards from the DVASE EAST STROUDSBURG, PA — EwingCole announced that it has won three awards from the Delaware Valley Association of Structural Engineers (DVASE). The projects honored by DVASE are the Outpatient Cancer Center at Pocono Medical Center in East Stroudsburg, Pocono Medical Center the New Headquarters for the United Therapeutics Corpora- the Pedestrian Connector for tion in Silver Spring, MD; and the United Therapeutics Cor-

poration. “EwingCole’s engineers are focused on delivering collaborative solutions that are sustainable, cost-effective, and address the long term needs of a building,” said Mark Hebden, EwingCole’s President. ”We are honored that our creative solutions to these structural challenges have been recognized by our peers.” n

www.keasthood.com Philadelphia | Washington

Insightful engineering & exceptional service since 1953.

The Structural engineering firm Keast & Hood adds new staff P H I L A D E L P H I A , PA — Structural engineering fi rm, Keast & Hood Co. has added six new staff members. Semyon Kurtsman, PE, joined the D.C. offi ce. Matthew Cornman, PE, Allison Lukachik, PE, Thomas Donnelly, EIT, Justin Unger, EIT, and Sumandeep Singh joined the Philadelphia offi ce. “The new additions represent growth for our fi rm and commitment to engineering service for our clients,” said

Keast & Hood Co. Principal Constantine Doukakis, PE. Kurtsman holds M.S. and B.S. in Civil/Structural Engineering and licensure in Ohio and Maryland. Matthew Cornman holds a B.S. in Civil Engineering from the Pennsylvania State University and licensure in Pennsylvania and Delaware. Allison Lukachik holds M.S. and B.S. degrees in Civil/Architectural Engineer-

ing from Drexel University and an M.B.A. from Temple University. Thomas Donnelly holds dual B.S. degrees in Architectural and Civil Engineering from Drexel University. Justin Unger holds M.S. and dual B.S. degrees in Civil and Architectural Engineering from Drexel University. Sumandeep Singh earned an associate degree in specialized technology from ITT Technical Institute. n

Architecture & Planning Asset Repositioning ¹ Commercial ¹ Retail ¹ Industrial ¹ Institutional ¹ Life Science

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601 Walnut Street, Suite 450W Philadelphia, PA 19106 1350 Connecticut Avenue NW, Suite 412 Washington, DC 20036 2540 Renaissance Boulevard, Suite 100,

King of Prussia, PA 19406

(610) 238-0330 acathers@d2ca.com

215.625.0099 202.223.1941


14C — August 17 - 30, 2012 — Pennsylvania — Mid

Atlantic Real Estate Journal

www.marejournal.com

Pennsylvania Along with Chiaro & Bode of ROCK Commercial

Alderman of NAI CIR handles 29,000 s/f office purchase

Stine & Rohrbaugh rep the tenant

CBC Bennett Williams brokers 21,160 s/f lease

N

EW OXFORD, PA — NAI CIR announced the following transactions: Flagger Force, a traffic control service, is relocating their headquarters into 29,000 s/f of office space they have purchased at 8170 Adams Dr., Swatara Twp. Daniel J. Alderman of NAI CIR handled the transaction with Ben Chiaro and Dave Bode of Rock Commercial Realty. Kara Properties has purchased 9,812 s/f of warehouse space at 218 W. Golden Lane, New Oxford. Nathan Kranz of NAI CIR represented the seller, Gibbs Property Management, in the transaction. Sharon K. Stump Insurance Agency, LLC has leased 2,100 s/f of office space at 1300 N. Mountain Road, Lower Paxton Twp. Ida McMurray of NAI CIR handled the transaction and represented the landlord, Solid Ground Enterprises. Bean Tax, LLC is opening another location of Liberty Tax Service in 1,280 s/f of office space it has purchased at 4810 Jonestown Road, Lower

8170 Adams Drive, Swatara Twp. Paxton Twp. Daniel J. Alderman of NAI CIR represented Bean Tax, and James D. Ross of NAI CIR represented the seller. Rays Hospitality, LLC is opening a hotel on 2.66 acres it has leased at the intersection of Route 11 and the PA Turnpike in Middlesex Twp. Bill Gladstone of the Bill Gladstone Group of NAI CIR handled the transaction. 6375 Mercury Drive, LLC has purchased 12,750 s/f of commercial space at 6402 Carlisle Pike, Silver Spring Twp. The space will be used

for a physical therapy practice. Bill Gladstone of the Bill Gladstone Group of NAI CIR represented the seller, CedarTrindle Spring, LLC, in the transaction. Leonard Card has leased 650 s/f of retail space at 202 N. 2nd St., Harrisburg. He will use the space for a shoe repair shop. Mark A. Santanna of NAI CIR represented Card, and Jamie Pascotti of RMI represented the landlord, 200 North Second Street Associates, LLC. n

Kline of Colliers Int’l. facilitates 4,800 s/f lease ALLENTOWN, PA — Ann E. Kline, vice president in Colliers International’s Office Division – Allentown - recently concluded five new office/commercial leases in Lehigh & Northampton Counties. MedClean Ann E. Kline Technologies, Inc. / 4,800 s/f

– 47 S. Commerce Way, Bethlehem. MedClean is a designer and manufacturer of regulated medical waste processing systems and related services. Maser Consulting P.A. / 2,984 s/f - 190 Broadhead Road, Bethlehem. Mother of Cakes Sugar & Cake Academy / 2,500 s/f – 1038 Trexlertown Road, Brenigsville. Mother of Cakes hosts classes with some of the leading celebrity cake artists in the world.

The Pennsylvania Cyber Charter School / 2,450 s/f – 974 Marcon Boulevard, Allentown. Colliers International in Allentown facilitated this transaction in conjunction with Colliers International in Pittsburgh. Community Options, Inc. / 650 s/f – Liberty Square Medical Center, 501 N. 17th Street, Allentown. Community Options, Inc. provides support staff for group homes in the area. n

Earley & Wilson of Lieberman Earley complete 3,387 s/f lease EAST WHITELAND TOWNSHIP, PA — Lieberman Earley & Company represented the owner of 12 South Bacton Hill Road, Suite 3, Frazer in the lease of 3,387 s/f of flex space to Gillin and Sons Contracting, Inc. Phil Earley, a principal of Lieberman Earley & Company in Wayne, PA, and Bill Wilson, a senior sales associate, negotiated the multi-year lease agreement for both the landlord, FZF Associates, as well as the tenant, Gillin and Sons Contracting, Inc. Gillin and Sons Contracting, Inc. is a locally owned painting contracting company which spe-

12 South Bacton Hill Road cializes in painting the exterior ated on 1.30 acres and containand interior walls of commercial ing a total of 14,000 s/f of rentbuildings. able building space. Suite 3 According to Earley, “12 S. consists of 900 s/f of office and Bacton Hill Road is a two story, 2,487 s/f of warehouse space multi-tenant flex building situ- with a drive-in door.” n

Silver Spring Square YORK, PA — Coldwell Banker Commercial Bennett Williams has arranged the lease of the following transactions: 1,785 s/f of retail space at Cedar Cliff Mall at 1104 Carlisle Rd. in Camp Hill. Tap N’ Atk Games, LLC leased the space for 2 years from Cedar Cliff, LP. Chad Stine and Brad Rohrbaugh of Bennett Williams represented both the landlord and the tenant in the transaction. 3,200 s/f of retail space at Silver Spring Square at Carlisle Pike & Lambs Gap Rd. in Mechanicsburg. The Solid Wood Cabinet Co. leased the space for 5 years from Silver Spring Square II, LP. Chad Stine and Brad Rohrbaugh of Bennett Williams represented the landlord

in the transaction. 21,160 s/f of retail space at 1695 Lincoln Way East in Chambersburg. Five K Inc. dba Planet Fitness leased the space from GBR Lincoln Highway Limited Liability Co. for 10 years. Chad Stine and Brad Rohrbaugh of Bennett Williams represented the tenant in the transaction. 1,017 s/f of retail space at South Pointe Centre at 721 Quentin Rd. in Lebanon. YoFresh Yogurts leased the space for five years from Downtown Lebanon Developers, LLC. Chad Stine and Brad Rohrbaugh of Bennett Williams represented the landlord, and Adam Hagerman, also of Bennett Williams, represented the tenant in the transaction. n

MECHANICSBURG, PA — Landmark Commercial Realty announces the following lease transactions: Mazzitti and Sullivan Counseling Services Inc. has leased 5,000 s/f of office space at 5021 East Trindle Road, Mechanicsburg. Seymour Barget of Landmark Commercial Realty, Inc./ONCOR International represented the landlord, David Becker, and William Gladstone of NAI CIR represented the tenant in the leasing transaction. Industrial Propane Service, Inc. has leased 5,000 s/f of warehouse space at 1051 Hummel Avenue, Lemoyne. Marques Pinkas of Landmark Commercial Realty, Inc./ONCOR International represented the landlord, Gerald Hempt and Keith Sultzbaugh of Apex Realtors represented the tenant in the leasing transaction. Baker Installations has leased 2,270 s/f of office/flex space located at 6380 Flank Drive, Harrisburg. Thomas T. Posavec, SIOR and Roy H. Brenner of Landmark

5021 East Trindle Road Commercial Realty, Inc./ONCOR International negotiated the lease on behalf of the ownership, Corporate Gateway, L.P. Grace Baptist Church of Carlisle has leased 2,137 s/f of office space located at 50 Utley Drive, Camp Hill. William Sturges of Landmark Commercial Realty, Inc./ONCOR International represented the tenant and Thomas T. Posavec and Roy H. Brenner also of Landmark represented the landlord, REVA Management Advisors LLC. Deep Water Brazilian JiuJitsu LLC has leased 1,200 s/f of space in the Colonial Crossing Center located at 716 Colonial Road, Harrisburg. Andrew Kohr of Landmark Commercial Realty, Inc./ONCOR International represented the tenant and landlord, Glynn, LLC in the leasing transaction. n

Landmark Comm’l. secures lease for 5,000 s/f of office space


Mid Atlantic Real Estate Journal — Pennsylvania — August 17 - 30, 2012 — 15C

www.marejournal.com

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

2012 Lehigh Valley Board of Directors President Tina Kisela SCSM, SCMD Past President Tracy Yadush, RPA NAI Summit President Elect Maureen O’Meara Hampson Mowrer Kreitz Insurance (HMK) Secretary Catherine (Kate) Durso Fitzpatrick Lentz & Bubba, P.C. Treasurer Cynthia Merritt, CPA Buckno Lisicky & Company

CREW LV gathers at Vyncrest Winery, Breinigsville, PA

Lehigh Valley wine trail an economic generator

A

bout 30 members and guests of CREW LV gathered at Vyncrest Winery, Breinigsville, PA to sample delicious native wines and learn about the economic impact of tourism on the Lehigh Valley. While vintners John and Jan Landis poured samples of their estate bottled wine, Michael Stershic, president

of Discover Lehigh Valley, the regional tourism agency, noted that 2010 visitors to all area attractions resulted in a $1.5 billion economic benefit to the valley and supported 22,500 jobs with a payroll of $748 million. Focusing on the Lehigh Valley Wine Trail, Stershic said that the region has been designated an American Viti-

cultural Area (AVA), a governmentally-defined geographic area with specific topography, climate and soil types integral to the production of regionally recognized wine. Pennsylvania boasts five AVAs, but the Lehigh Valley has the oldest continually operating Wine Trail; it is a non-profit organization formed in 2008 by eight family-owned wineries.

The wineries constitute 791 acres of farmland with 220 acres dedicated to growing wine grapes; 189,000 gallons of wine are produced annually. The trail attracts about 300,000 visitors annually and contributes $52 million annually through sales and events. “It’s a great agri-tourism story,” Stershic said. n

Corresponding Secretary Pam Morris Liberty Property Trust Directors-at-Large Christa DuelbergKraftician, AIA Spillman Farmer Architects Jessica Gentile North Star Construction Management, Inc. Polaris Properties, Inc. 2012 Committee Chairs Sponsorship Committee Francee Fuller Barry Isett & Associates

Michael Stershic, (left) president of Discover Lehigh Valley, with event organizer Cindy Massa, president of Design Elements and CREW president Tina Kisela and Pam Morris, CREW program chair and member of the Liberty Property Trust marketing department.

John and Jan Landis, owners of Vyncrest Winery

Programs Committee Pam Morris Liberty Property Trust Membership Committee Karen Cooney Duerholz Boyle Construction Inc. Community Service Jody King, CCIM CBRE, Inc Publicity Committee Elizabeth “Molly’ Graver, Esq. Plunkett & Graver, P.C.

The cozy Vyneskeller was filled to capacity.

The Vyncrest vineyard covers 28 acres.

CREW Lehigh Valley thanks its 2012 corporate sponsors:

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

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

CREW Lehigh Valley

Corporate, Business & Banking

BARRY ISETT & ASSOCIATES, INC.

Real Estate, Land Use & Development

Consulting Engineers & Surveyors www.barryisett.com

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

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

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Full - Service Engineers PA • NJ • MD

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

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16C — August 17 - 30, 2012 — Pennsylvania — Mid

Atlantic Real Estate Journal

www.marejournal.com

People & Company News Kranzel to join as senior vice president, Ruppel to assoc. Messier, Inglese & Beverley

CBRE expands Investment Properties-Institutional Grp.

P

H I L A D E L P H I A , PA — CBRE Group, Inc. (CBRE) announced that the Philadelphia Investment Properties – Institutional Group is expanding by welcoming Jerome Kranzel as senior Jerome Kranzel vice president and promoting Brad Ruppel to associate. Jerry will be affiliated with the team of Robert Fahey, Mike Hines, Michael Blunt, and Lizann McGowan, which has sold $8.745 billion of real estate totaling 145 million s/f over the past 5 years. Jerry will concentrate on the sale of office, industrial, retail and multi-family investment real estate in the Greater Philadelphia region. Brad, having worked with the team for five years, will undertake a more sig-

nificant production role concentrating primarily on industrial real estate transactions. These additions further enhance the dominant market position held by the Philadelphia Investment Sales team for 20 Brad Ruppel years, and allow the team to serve institutional clients regionally with even greater capacity. “We are extremely pleased to welcome Jerry Kranzel to CBRE. His 20 years of experience in the industry make him a valuable addition to our Capital Markets team,” said Bob Walters, Executive Managing Director of CBRE’s six Greater Philadelphia regional offices. Jerry has been one of the leading investment sales profes-

sionals in the Philadelphia region in recent years, with significant 2011 and 2012 transactions including the sales of 1700 Market Street, a 832,000 s/f office tower in Center City, Philadelphia; Londonbury, a 309 unit apartment community in Conshohocken, PA; the Harrisburg Mall, a 996,000 s/f enclosed mall in Harrisburg, PA; 1150 Northbrook, a 107,000 s/f office building in Trevose, PA; and 660 W. Germantown Pike, a 172,500 s/f office building in Plymouth Meeting, PA. Prior to joining CBRE, Kranzel represented clients including Brandywine Realty Trust, Mack Cali, Apollo, iStar Financial, Alexandria Real Estate Trust, Transwestern, TD Bank, PNC, Wells Fargo, Bank of America, Lubert Adler, Keystone Property Group, Kimco, DRA Advisors, Angelo Gordon, Invesco, BPG Properties, Buccini/Pollin Group, Aimco and Home Properties of New York. n

Office Hallway

we preach to our clients and partners,” said Ed Szwarc, general manager and executive vice president of Skanska USA’s Pennsylvania and Delaware offices. “We’ve built a strong reputation as an industry leader in green building, and are excited to utilize the same highly sustainable features in our own office that we’ve become widely known for, so we can reap the benefits that our clients do.” The project was completed on schedule in just four months. The architect was KlingStubbins. n

Skanska USA’s Greater Philadelphia office moves to a newly designed 19,100 s/f office BLUE BELL, PA– Skanska USA announced that its Philadelphia Metro office moved to a newly designed, highly energy-efficient space located at 518 East Township Line Road in Blue Bell. The new 19,100 s/f office was built by Skanska’s Special Projects Group and is expected to achieve LEED for Commercial Interiors (CI) Gold certification from the U.S. Green Building Council. “Sustainability is a core value embedded in Skanska’s culture so it’s imperative for us to practice what

Archer & Buchanan Architecture names Peterson senior assoc. WEST CHESTER, PA — Archer & Buchanan Architecture, Ltd. announces that Chad V. Peterson has been named a senior associate of the West Chester-based practice. Peterson has been with the firm for 14 years. “Chad’s work on high-end residences and on recreation, equestrian and religious facilities has been creative, detailed and well-managed,” said Richard Buchanan, AIA. “He has a special expertise in heavy timber construction and design for adaptive reuse.” Peterson’s recent projects include the award-winning preservation of a 1901 residence by William Lightfoot

BartonPartners promotes several key positions

Shown from left: Jack Messier, Laura Beverley, & Elyse Inglese NORRISTOWN, PA- BartonPartners, a multi-disciplinary design firm, announces multiple promotions in several key positions Jack Messier, former project coordinator, is now project manager.  As a project manager, he is involved in the management and coordination of projects within the office, client discussions, and construction administration of projects currently being built. Jack’s project experience includes townhouses, apartment redevelopment and affordable housing, as well as sustainable design and urban infill.  Elyse Inglese, former architectural designer, is now project coordinator. On a daily basis, her responsibilities include assisting project coordinators and facilitating project communications between clients, consultants, and in-office team members. As a LEED AP, Elyse offers guidance to clients who are interested in pursuing goals outlined by the LEED program. Her project experience ranges

from residential to light commercial, affordable, multi-family, mixed-use, townhomes, clubhouses, single family and more. Laura Beverley, former architectural designer, is now project coordinator. Her core responsibilities include supporting project coordinators and acting as key liaison between clients, consultants and in-office team members.  Her project experience includes ensuring that Energy Star and NJ Green Building program requirements are met.  Laura has also served as Chairperson to her borough’s Planning Commission for the past 4 years, bringing additional understanding of the approvals process to each new project.  “Each of these individuals has experienced tremendous professional growth within BartonPartners and greatly contributed to our success.  We look forward to the impact they will have in their new roles and their ability to contribute to the future growth of our firm” said Thomas Barton, AIA, principal of BartonPartners. n

Bauer of ROCK Commercial earns PA Real Estate License Australian Residence Price, numerous horse stables ogy. He also leads the firm’s and riding arenas, and a 7,500 mentorship program in which s/f stone and timber JJR Tolk- he trains intern architects. “Chad is a methodical thinkien-inspired home in Australia currently under construction. er and extremely organized,” In addition to his project re- said Peter Archer, AIA. “He is sponsibilities, Peterson man- an asset to the firm whether ages the firm’s IT department designing projects, controlling including design, data and technology, or training young telecommunications technol- architects.” n

YORK, PA — Z. Dylan Bauer, project coordinator with ROCK Commercial Real Estate, LLC, earned his Pennsylvania real estate licensing from the Commonwealth of Pennsyl- Z. Dylan Bauer vania Department of State, Bureau of Professional and

Occupational Affairs. Bauer is licensed to sell and lease real estate as a Salesperson in the Commonwealth of Pennsylvania. Dylan joined ROCK Commercial as a project coordinator. Before ROCK, he turned his college ice cream start-up into a full-time truck catering and retail business. After selling his business, Mr. Bauer decided to focus on pursuing a career in commercial real estate. n


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Mid Atlantic Real Estate Journal — Pennsylvania — August 17 - 30, 2012 — Inside Back Cover C

R=EH=>HA,Bł?A-NKLANPEAO EJ+KNPDA=OPANJ-AJJOUHR=JE= 0QIIAN

For Lease -

For Lease -

Glenmaura Plaza

Lackawanna Business Center

95,000 sf office building/educational/ research/conference facility on 18 acres, easily accessible to Interstates 81, 380, 84 and 476 from US Rt. 6. In addition to 35 enclosed offices, the building features laboratories with support spaces, media equipped conference rooms, meeting rooms, computer/technology lab, a 250 seat lecture hall built for teleconferencing, media equipped break out rooms, tiered seating lecture rooms, production/projection rooms, kitchen and 90 seat cafeteria, a central atrium that can accommodate 150 people, unique public spaces & a greenhouse.

MAYFIELD

Northeastern Pennsylvania premier office address, Glenmaura Plaza is a 31 acre office campus featuring three buildings affording tenants spectacular views in all directions with office suites currently available from 3,300SF to 15,000 square feet. Verizon provides dual source underground telecommunications service. Frontier and Verizon provide telecommunications services and fiber optic is available. A one minute drive from Exit 182 of Interstate 81 puts the entire regional workforce at your front door.

MOOSIC

For Lease -

For Lease -

Currently available for lease is the entire third floor consisting of 60,000 square feet and approximately 30,000 square feet on the second floor. This is the largest contiguous square footage of Class A office available for lease today in Northeastern Pennsylvania. This ultra modern building is “Energy Star” certified, features high speed fiber optics, and a back up generator. Designed for call center operations, this space can be subdivided.

is in the center of revitalized downtown Wilkes-Barre at Public Square. Available for sub lease are suites from 9000 square feet to 27,000 square feet. The building features fiber optic and has dual telecommunications service. Bright urban views, open floor plates and the adjacent parking garage and intermodal transportation center, downtown living, and nearby universities bring together all the features for aunique lifestyle work environment in Northeastern Pennsylvania.

The Cigna Building at Glenmaura Corporate Center.

Wilkes-Barre Center

MOOSIC

Contact:

WILKES-BARRE

John T. Cognetti, SIOR, CCIM | jcognetti@hinerfeldcommercial.com


C Back Cover â&#x20AC;&#x201D; August 17 - 30, 2012 â&#x20AC;&#x201D; Pennsylvania â&#x20AC;&#x201D; Mid

Atlantic Real Estate Journal

www.marejournal.com

Imagine an Olympic size swimming pool with a swimmer in every lane. Now, imagine a pool large enough for 9,800 swimmers. That pool would be 16.5 MILLION square feet and thatâ&#x20AC;&#x2122;s how much space Mericle has developed in Northeastern Pennsylvania. When youâ&#x20AC;&#x2122;re ready to dive into a new location, call Mericle. Weâ&#x20AC;&#x2122;ll find the perfect space to help you lap your competition.

Development Division - 823-1100 Bob Besecker

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Bill Jones EMRQHV#PHULFOHFRP

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Dan Walsh

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61 GREEN MOUNTAIN ROAD HUMBOLDT INDUSTRIAL PARK - E. UNION TWP., PA

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Developing Pennsylvaniaâ&#x20AC;&#x2122;s I-81 Corridor for 27 Years.

8-17-12  

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