1-28-11MARE Journal

REAL ESTATE JOURNAL Vol. 23, Issue 2

January 28 - February 10, 2011

the most comprehensive source for commercial real estate news

Inside: Sections

Mid Atlantic .......................................................Section A

Featuring

DelMarVa .................................................................... 5-12A Shopping Centers ......................................... Section B Contractors, Owners & Managers featuring Building Services & Suppliers ............... Section C

Spotlights / Features

ICSC 2011 Mid-Atlantic Conference & Deal Making

Auction Directory ........................................................ 4-A People on the Move....................................................14A Business Card Directory .........................................15A Calendar of Events......................................................16A

Columnists Thomas Denitzio, Jr. ......................................................2A

February 22 – 23, Gaylord National Resort & Convention Center National Harbor, MD developers showcase existing and new retail projects while retailers outline and discuss their growth strategies...................................................................... Section B

Contractors, Owners & Managers

Index Advertisers Directory .................................................3A

Next Issue February 11, 2011 • Mid Atlantic Featuring IREM Tri-State Conference & Expo • Creative Financing • New Jersey featuring Central New Jersey • Pennsylvania featuring Western PA • Green Awareness • Economic Development 3 sections, 76 pages

2 Montgomery Street in Jersey City, NJ

GSH Group Inc. has been awarded a building operation maintenance services contract with the Port Authority of New York and New Jersey for the Authority’s recently acquired 2 Montgomery St.................................................................................. FC-C

A Inside Cover — January 28 - February 10, 2011 — Mid

Atlantic Real Estate Journal

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Mid Atlantic Real Estate Journal — January 28 - February 10, 2011 — 1A

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2A — January 28 - February 10, 2011 — Mid

MAREJ

Atlantic Real Estate Journal

Mid Atlantic ADVERTISERS DIRECTORY

Real Estate Journal

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Mid Atlantic REAL ESTATE JOURNAL Publisher ............................................................................Linda Christman Co-Publisher .........................................................................Joe Christman Associate Publisher ...........................................................Dianna Mallozzi

Aldo Design Group ............................................................ 2C All-Rite Construction Company ........................... IC-B,IC-C Altoona-Blair .....................................................................4D ARC Property Trust ......................................................BC-B Auction Directory .............................................................. 4A BEP ....................................................................................8D Brasler .......................................................................... BC-D Brave Spirits ................................................................... 11A Business Card Service Directory.................................... 15A CBC Bennett Williams.............................................. 13A,1B Cenova Snow & Ice Solutions ................................ 16B, 12C City of Richmond ...............................................................1D Conewago Enterprises .......................................... 5A, 2,13B Cooper Roofing .................................................................. 1C Croot Realtors ................................................................. 13A Earth Engineering ...................................................... 2A,2B Equilibrium Equities ...................................................... 13A EWMA.............................................................................. 12B Expert Publishers .......................................................... BCA Fowler .............................................................................. 17C Fred Coldwell .............................................................. 2A,5C Gloucester Cty .................................................................12D GutterMaster .................................................................. 13C Haftek CWS....................................................................... 8C Harvey Hanna & Associates ....................................... 6, 12A Hinerfeld Commercial Real Estate ................................ 13A Hirschler Fleischer............................................................ 7B Hutzpah Media................................................................ 15B Hylant Environmental Risk Management .................... 15B IDC .....................................................................................5D Ignarri Lummis Architects ............................................. 17B IREM ....................................................................13, 18-19C Jackson Cross Partners .................................................... 9A Jenkintown Building Services .......................................... 7C JGS Insurance ................................................................. 16C Kaplin Stewart .................................................................. 9B Katz Properties .........................................................13A, 4A KBE Building .................................................................... 7B KZA Engineering............................................................. 13B Landcore Engineering Consultants ............................... 13B LandmarkJCM ..................................................11A,2C, 10D Lebanon Valley EDC .........................................................5D Lenhart Traffic Consulting ............................................... 5B Lipinski Outdoor Services ..................................IBC-B, 14C M&E Engineering Solutions............................................. 7C M. Miller & Son ............................................................... 11A Madison SPECS ................................................................ 8B Marcus & Millichap D.C. .................................................. 4B Marcus & Millichap Philadelphia .............................. FC,4B McEvoy & Dean............................................................... 23B McMahon Transportation Engineers & Planners ......... 10B Meislik & Meislik ............................................................ 14B Mercer Cty .........................................................................3D Metro Commercial .......................................................... 11B MGZA............................................................................ BC-D NAI Pittsburgh Commercial............................................. 6B New Castle DE ................................................................14D Newmark Knight Frank Smith Mack .............................. 7A NJ Meadowlands .............................................................15D Onorati Construction ................................................... 9,16C Penns NE .........................................................................13D Poconos Mountain .............................................................9D Poskanzer Skott Architects .............................................. 6C Provident Bank .............................................................. IC-A RD Management LLC ................................................18-19B Retail Brokerage Directory........................................26-27B Retail Business Card Directory ...................................... 25B ROCK Commercial Real Estate ....................................... 2B Rowles Asphalt .................................................................. 4B SERVPRO .................................................................... IBC-C Sheldon Gross.................................................................... 1A Stout & Caldwell ............................................................IC-D Stylus Publishing ........................................................ IBC-A Subway Development ............................................... 15A,6B Sun Farm Network ......................................................... 11C SVN-Miller ................................................................ 7A,15B The Falcon Group............................................................ 13C Vanick Properties ............................................................ 28B Welco Realty ...................................................................... 5B Yardi................................................................................. 10C

To advertise, call 1-800-584-1062

Associate Publisher ............................................................ Elaine Fanning Associate Publisher ................................................................ David Jones Senior Editor/Graphic Artist ................................................ Karen Vachon Office Manager ...................................................................Joanne Gavaza Guest Columnist ................................................... Thomas J. Denitzio, Jr.

By Thomas Denitzio, Jr.

“The Value of a Real Estate Tax Appeal”

Contributing Columnist ................ Robert S. Morrisey, JRS Architect, P.C. Editorial Consultant ............................................................. Ben Summers Mid Atlantic REAL ESTATE JOURNAL ~ Published Bimonthly 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

B

efore this recession, many property owners overlooked a fruitful area for reducing costs by failing to challenge the basis on which real estate taxes are assessed. A real estate tax reduction is not automatic.

The burden of proof rests with the party challenging the assessment. The fact that a widespread decline in value is “general knowledge” is not sufficient to convince a court that a reduction in assessment should be granted.

A tax appeal is generally warranted where (1) the assessment is in excess of the fair market value of the property, or (2) the assessment is discriminatory as compared to the average level of assessment for all other property in the same municipality. For example, even if property is assessed at its fair market value, an appeal may be appropriate because the general level of assessments for a particular town may be less than 100% of fair market value.

The reliance on comparable sales and/or comparable rents in this process may be difficult because recent transactions may be scarce or non-existent.

In the current environment, owners of industrial, commercial and multi-occupancy properties may find a tax appeal appropriate.

The Appeals Process and Examples Most tax appeals settle. In fact, the Tax Court rules now

Postmaster send address change to: Mid Atlantic Real Estate Journal, P.O. Box 26, Accord, MA 02018 USPS #22-358 | Vol. 23 Issue 2 Subscription rates: $99 - one year, $198 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Toll-Free: (800) 584-1062 | MA: (781) 871-5298 | Fax: (781) 871-5299 www.marejournal.com The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal

mandate that the parties participate in a settlement conference. Recent settlements in which the firm represented the property owner have involved various types of properties: • 160-unit apartment complex - assessment reduced by 13% from $4,672,600 to $4,050,000.

• Assessment of 117 room hotel reduced by 34% from $4,319,400 to $2,844,200.

• 80,000 square foot multitenanted office building – assessment reduced by 46% from $8,000,000 to $4,250,000.

• Shopping center assessment reduced by 30% from $2,275,000 to $1,587,800.

When the Parties Cannot Settle On occasion, the difference between the owner’s and the town’s estimates of market value cannot be reconciled. In those cases, formal appraisals are exchanged and the parties prepare for trial. Recent tax court trials in which the firm represented the property owner have resulted in substantial assessment reductions and

tax refunds: • Rollback taxes were imposed on 100 acres of vacant land previously assessed as farmland, which were sold to a residential builder. The tax bill was in excess of $500,000.

The owner argued, and the Tax Court agreed, that the status of governmental approvals was critical to the value determination. The Tax Court made a substantial adjustment in the sale prices of the comparable sales for the subject properties’ lack of approvals and reduced the taxes by $150,000.

• A 200,000 s/f multi-tenanted office building was revalued for $30 million. After trial, the Tax Court reduced the assessment to $19 million.

The filing deadline is April 1 for tax year 2011, unless the town completed a reassessment or revaluation, in either of which events the filing deadline is May 1.

Tom Denitzio is co-chair, Real Estate Department Greenbaum, Rowe, Smith & Davis LLP. ■

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Mid Atlantic Real Estate Journal — January 28 - February 10, 2011 — 3A

MID ATLANTIC REAL ESTATE JOURNAL

EARTH ENGINEERING INCORPORATED

Colliers International represents seller

DP Partners acquires 149,474 s/f industrial facility

N

ILES, IL — Dermody Properties/DP Partners has announced the acquisition of a 149,474 s/f industrial facility on 7.64 acres. It is a building currently leased to the Fort Dearborn Company through June 2016.

DP Partners purchased the property from prior owner TR 13126, LLC, via a joint venture with investment partner Wanziang America Corporation.

Remco Realty Group brokers $1.5 million sale

The transaction was managed by the DP’s Midwestern Region Office, and regional partner, Andy James. TR 13126, LLC, was represented by Jeff Kahn, Jeff Devine and Steve Disse at Colliers International.

“This was a strategic acquisition for Dermody Properties/ DP Partners,” said James, “We are excited about our new tenant, Fort Dearborn, and our new venture with Wanziang.

The Colliers’ team did an excellent job facilitating this transaction.”

The Fort Dearborn Company has been operating in this

facility at 6035 Gross Point Road for more than 50 years.

Fort Dearborn is a leading supplier of labels for consumer goods packaging, including customers such as ConAgra and Campbell Soup.

“We are very proud of our Chicago office. They continue to resource opportunities in these challenging times. My hat goes off to all of those involved in this process, and we look forward to more opportunities to work with Wanziang,” said Michael Dermody, chairman and CEO of Dermody Properties. ■

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161 Chambers Brook Rd. BRANCHBURG, NJ — Remco Realty Group has recently completed the sale of 161 Chambers Brook Rd. The asset commanded a sale price of $1.5 million, or $100.00 psf.

“Even in today’s eco- Peter Gallicchio nomic uncertainty, if you have a well positioned piece of real estate along with a realistic buyer and seller, the deal will happen”, said Remco president, Peter Gallicchio, who represented the seller in this transaction, while Cushman Wakefield represented the buyer, Power Integrations. ■

Mack-Cali’s Rosenberg arranges 95,000 s/f lease EDISON, NJ — Verizon NJ has signed a 5-year lease extension at 600 Horizon Center Dr. at Horizon Center Business Park. Verizon leases the entire 95,000 s/f building and now will do so through 2017.

Verizon New Jersey, a unit of Verizon Communications, was represented in the lease transaction by Marc Rosenberg of Cushman & Wakefield.

Mitchell Hersh, president and CEO of Mack-Cali, said, “We developed this building for Verizon back in 2002, and we’ve continued to forge a long-term relationship with them.” ■

Featuring our Annual

COMMERCIAL OFFICE SPOTLIGHT

February 25, 2011 This issue will publish as a special pullout section… featuring: • A special LISTING of all the Office Space transaction Recorded in MAREJ throughout 2010 • Bi-lined Articles submitted by Expert office brokers • Office Market Reports compiled by major companies • Society of Office and Industrial Realtors Organization • Special feature on NAI and it’s member firms • National Association of Industrial and Office Properties Commercial Brokerage Firms who are actively involved in marketing Office Space in the Mid Atlantic area are welcome to participate.

This exclusive Office Space Spotlight is an excellent way to Reach 30,000 Commercial Real Estate Professionals, Including Owners Developers & Tenants Editorial Requirements Include: 250 - 500 words, double-spaced typewritten along with a photograph.

If you are interested in participating, please call or email us today *Deadline: February 16, 2011* Special advertising rates to all participating firms.

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

4A — January 28 - February 10, 2011 — Mid

Atlantic Real Estate Journal

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Mid Atlantic REAL ESTATE JOURNAL

Auctioneers Directory

N E W J E R S E Y • P E N N S Y LVA N I A • D E L AWA R E • M A R Y L A N D • W A S H I N G T O N D . C . • V I R G I N I A •

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PLACE YOUR BUSINESS CARD IN OUR AUCTION DIRECTORY TODAY! COMPANIES SPECIALIZING IN COMMERCIAL/INDUSTRIAL REAL ESTATE CAN PROMOTE THEIR COMPANY AND ITS SERVICES IN OUR TWICE MONTHLY DIRECTORY PLEASE FILL OUT COUPON BELOW AND FAX IT TO 781-871-5299 OR

EMAIL LCHRISTMAN@MAREJOURNAL.COM

Name: Company: Address: CIty: State:

Zip Code:

Phone #:

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Email:

Web Address:

1-800-584-1062

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Fax 1-781-871-5299

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lchristman@marejournal.com

DELMARVA REAL ESTATE JOURNAL MAREjournal.com

Mid Atlantic Real Estate Journal — DelMarVa Real Estate Journal —5A

Witten, Nolletti, Milam of Marcus & Millichap broker the transaction

Institutional Property Advisors sells apartment in suburban D.C., for $38m

T

EMPLE HILLS, MD — Institutional Property Advisors (IPA), a boutique brokerage platform serving the needs of institutional and major private investors, has arranged the sale of Heather Hill Apartment Homes, a 459-unit, 417,339 s/f apartment complex in Temple Hills. The sales price of $38 million represents $82,789 per unit and $91 psf.

Heather Hill Apartment Homes IPA senior directors Steve Witten, Victor Nolletti, and

JANUARY 28 - FEBRUARY 10, 2011

HI-LIGHTS SVN-Miller negotiates 22,800 s/f in Milton, Delaware Sperry Van Ness – Miller Commercial Real Estate has completed a five year, 18,000 s/f lease of an office/ warehouse space.

See page 7A.

Harvey, Hanna & Assoc. announces IT grand opening Harvey, Hanna & Associates, Inc. (HHA), redevelopment agent for Limestone Land Holdings, LLC, announced the Grand Opening of MySherpa. See page 7A.

ALSO INSIDE: DELAWARE SPOTLIGHT......................................................7-9A

PEOPLE ON THE MOVE ...................................................... 10A

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Stacey Milam, a first vice president investments in Marcus & Millichap’s Washington, D.C. office, brokered the transaction.

“IPA’s ability to create maximum exposure for multifamily assets results in an extremely competitive bidding environment within a tight pricing spectrum,” said Nolletti. “The market we create for each offering provides sellers with multiple options and buyers with unique opportunities.”

“In this transaction, the seller was a pre-existing IPA client and the successful bidder was Angelo, Gordon & Co. in joint venture with the Donaldson Group,” adds Nolletti. “Heather Hill Apartment Homes will benefit from the infusion of capital that the new ownership can provide.”

The property is located at 5837 Fisher Road in Temple Hills, one of the lowest-vacancy submarkets in the Washington, D.C. area. ■

Plans to redevelop into retail, office or mixed-use tenancy

Rock Creek Property Group acquires 1438 U St., NW for $2.75m WASHINGTON, D.C. — Rock Creek Property Group acquired 1438 U St., NW. The purchase price was $2.75 million. Rock Creek utilized its opportunity fund, Rock Creek Fund I Investors, LLC for all equity associated with the acquisition.

Originally built for the United States Post Office in the early 1900’s, the property measures 12,000 s/f with a total mixed use development potential of 25,000 s/f. The disposition strategy for Rock Creek is to redevelop the building into retail, office or mixed-use tenancy with all space being available for either lease or purchase. ■

Shoppes at Meadow Creek Westminster, MD

1438 U Street, NW

6A — January 28 - February 10, 2011 — Mid

Atlantic Real Estate Journal

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DELMARVA REAL ESTATE JOURNAL Operating and Managing over 3 Million Square Feet of Industrial and Commercial Real Estate in the Mid Atlantic Region

Twin Spans Business Park, City of New Castle, DE

Delaware River Industrial Park

• +/– 135 Acre Business Park in the City of New Castle • Minutes away from I-95/I-295, and Routes 9 & 13.

• Site offers convenient access to the Delaware Memorial Bridge, Port of Wilmington and the entire northeast corridor.

• Perfect for Office, Laboratory or Manufacturing / Distribution • Recently completed new access boulevard with signal controlled intersection on Route 9.

• Park tenants include:Winterthur Catalog Operations, Hibbert Group,Tire Rack, Speakman Co., Mattress Giant, Schindler Elevator, Philadelphia Gear,Agilent Technologies

• 45 Acres of industrial zoned land (HI) located ideally near the Port of Wilmington, the Delaware Memorial Bridge, I-95 and I-295; with great access to entire northeast corridor.

• High quality constructed buildings with space as small as +/– 14,500 sq. ft.

• 24'–31' clear ceiling height • HI (Heavy Industrial) zoning allows for a wide array of uses • Park tenants include: Iron Mountain, National Roll Kote, DHL, Carlyle Cocoa, Harbour Textile,Waste Management, SKW Hardcore, Freeze, RecyClean

• +/- 400,000 Sq. Ft. business park in the town of Newport.

• 1/2 mile from I-95/Rt. 141 interchange with immediate access to I-295, I-495 north and south.

• Site offers convenient access to the Delaware Memorial Bridge, Port of Wilmington and the entire northeast corridor.

• Park tenants include: AIG, Sieck Wholesale Florist, First State Paper, Qwest Communications, C-Cert, Apex Piping and Conectiv.

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

DELMARVA REAL ESTATE JOURNAL DELAWARE SPOTLIGHT

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Mid Atlantic Real Estate Journal — DelMarVa Real Estate Journal — January 28 - February 10, 2011 — 7A

Kenton, CCIM also closes 4,800 s/f SC sale

NKFSM’s Root brokers lease at Limestone SC

SVN-Miller negotiates 22,800 s/f in Delaware

Harvey, Hanna & Assoc. announces IT grand opening

M

ILTON, DE — Sperry Van Ness – Miller Commercial Real Estate has completed a five year, 18,000 s/f lease of an office/warehouse space located along Primehook Casey Kenton Rd. Casey Kenton, CCIM and senior advisor of Sperry Van Ness – Miller Commercial represented both the landlord and the tenant, DeCalGirl, Inc., a web-based manufacturing company specializing in electronic device coverings or “skins” which are customized with graphic designs and shipped to customers around the world.

Limestone Shopping Center in Mill Creek

Lewes Plaza Sperry Van Ness – Miller Plaza”. Kenton represented Commercial Real Estate both the buyer and seller announced the closing of a for the transaction. The 4,800 s/f shopping center lo- property consisted of Four cated at 1604 Savannah Rd. retail units each totaling in Lewes, known as “Lewes 1,200 s/f. ■

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Shopping Center. MySherpa expects to expand its marketing and operations presence in Delaware with its relocation to the Limestone Shopping Center.

“We are proud of the redeveloped shopping center, said Thomas Hanna, HHA VP.” We would also like to mention and thank our broker Bert Root of Newmark Knight Frank Smith Mack for his expert help finding us the right property with the right terms. ■

COMMERCIAL REAL ESTATE

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MILL CREEK, DE — Harvey, Hanna & Associates, Inc. (HHA), redevelopment agent for Limestone Land Holdings, LLC, announced the Grand Opening of MySherpa, a world class information technology (IT) firm, at the redeveloped Limestone Shopping Center.

The Grand Opening was held on Thursday, January 6, 2011.

MySherpa will occupy 3,000 s/f of leased space and will join a diverse array of leading edge businesses to the Limestone

CLAYTON CROSSING – Up to 7,500 sq. ft. of of¿ce/retail/Àex space available located at the corner of Rt. 26 and Rt. 113 in Dagsboro $10.00 Per Ft. NNN

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Casey H. Kenton, CCIM | Senior Advisor Sperry Van Ness | Miller Commercial Real Estate 34634 Bay Crossing Boulevard | Lewes, DE 19958 Of¿ce 302.227.0768 Ext. 117 | Cell 302.228.1128 Casey.Kenton@svn.com | www.caseykenton.com

8A — January 28 - February 10, 2011 — DelMarVA Real Estate Journal — Mid

Atlantic Real Estate Journal

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DELAWARE

By Pete Davisson, SIOR, CCIM, Jackson Cross Partners

Wilmington office 2011 forecast offers positive progress

“D

uring 2010 there were more positives than negatives for the Wilmington office market,” said Pete Davisson of Jackson Cross Partners at the company’s annual Pete Davisson Forecast Meeting. “The two numbers that people watch are leasing activity and absorption. Both of these num-

bers were positive in 2010, with leasing activity up 19% across all markets, and absorption, positive at 57,382 s/f.”

“However, while most numbers were positive compared to 2009, it must be remembered that 2009 was the worst year since we started keeping records in 1979. Vacancy declined during 2010, an additional positive sign, but combined vacancy rates still remain close to historic highs with a combined vacancy rate of 21.2% for class

A and B office space across the market. The combined total of vacant space is 3.1 million s/f, still a substantial number in a market of our size,” said Davisson.

Jackson Cross Partners reported that new leases totaling 154,781 s/f were signed during 2010 in the CBD. However, this number is far below the ten year average of 295,000 s/f. In Wilmington’s suburbs, 465,000 s/f of new leases were signed.

“We tracked 122 new lease

transactions in the market in 2010,” Davisson said. “As was the case last year, there were only four leases larger than 20,000 s/f, and all of them were in the suburbs.

Morgan Stanley Smith Barney moved from the CBD and signed a 25,000 square foot lease at Delaware Corporate Center. The State of Delaware signed a 22,400 s/f lease at University Office Plaza.

Coventry Healthcare signed a 43,000 s/f lease at Iron Hill Corporate Center, and in the largest lease, CIGNA signed

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FOR MORE INFORMATION PLEASE CONTACT: Pete Davisson, SIOR, CCIM (302) 792-1301 ext 223 pd@jacksoncross.com

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LARCH CORPORATE CENTER

Cindy Fleming (302) 792-1301 ext 226 cfleming@jacksoncross.com

DELAWARE 409 Silverside Road, Suite 215 Wilmington, DE 19809 302.792.1301

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SOUTHERN NEW JERSEY 603 Heron Drive, Suite 2 Swedesboro, NJ 08085 856.467.8055

for 90,000 s/f in Bellevue Park Corporate Center.”

Cindy Fleming, JCP leasing specialist, reported that in the past, building owners have been concerned about the financial health of tenants. Today prospective tenants are also concerned about the financial health of building owners. “Tenant prospects want to know that the owner will have the financial ability to make needed tenant improvements and will be able to continue to properly operate and manage the building,” said Fleming. Accordingly, the larger institutional owners and REITS are now in a better position to protect the needs of the tenants and are in a stronger bargaining position than smaller owners.

To that end rental rates for the class A buildings have remained virtually the same year to year, while class B rates in both markets are down approximately 1 dollar psf.

For 2011 Davisson forecasts that leasing activity will remain at modest levels, but on the growth plane, and that while vacancy may continue to decline, it will stay close to 20% across the market. Tenants will continue to take advantage of deals in class A office space and will move up to higher quality or better located space. Absorption will be positive, but still at modest levels.

Positives for the Delaware economy are the re-birth of The Queen, an entertainment complex in the City of Wilmington, The University of Delaware Science and Technology Campus at the former Chrysler Plant, Fiskar Automotive at the former General Motors Plant and the re-opening of the Valero Refinery in April 2011.

“So, while we have moved beyond the “Perfect Storm” of 2008 and 2009 and the ‘Troubled Waters’ that we experienced in 2010, we expect 2011 to remain turbulent and do not expect clear sailing in the office market until mid2012,” concluded Davisson.

Pete Davisson, SIOR, CCIM is a founding principal of Jackson Cross Partners. ■

MAREjournal.com

Mid Atlantic Real Estate Journal — DelMarVA Real Estate Journal — December 24, 2010 - January 13, 2011 — 9A

DELAWARE

By Mark Thomson, Marcus & Millichap Real Estate Investment Services

Apartments are outperforming other product types within inv. real estate

A

s we turn the page on 2010 and enter 2011, there is anxious anticipation surrounding both investment sales activity as well as operating fundamentals.

In 2009 and 2010, sales Mark Thomson activity in Delaware returned to pre-peak levels, or those prior to 2004-2006. Historically, the bulk of Delaware multi-family investments have been held by local investors, with a sizeable portion owned by the original developers of the assets. Let’s take a look back briefly at how we arrived here. As the CMBS market facilitated the flow of cheap debt and cap rates compressed at light speed, values shot up and for the first time in decades, we saw a large number of those developers/owners, who had long been complacent collecting the cash flow from their stable apartments, seize the opportunity to “take chips off the table” when they could no longer justify holding the properties while prices were at their all time highs. This spurred increased sales velocity, which provided out of town buyers the opportunity to enter the Delaware market.

Those new investors entered the market with a consistent strategy and rationale behind their acquisitions. From their perspective, they were purchasing large, garden style apartment complexes at discounted prices per unit when compared to similar assets only a few miles away in Delaware, Chester, and Montgomery Counties in Pennsylvania or other similar markets around the country.

In other words, these properties were “cheap per pound.” They also enjoyed capitalization rates (and therefore cash-oncash returns and internal rates of return) which were more attractive than those just a few miles away. Ultimately, these buyers found out the hard way that there were reasons for the higher capitalization rates and lower average prices per unit.

Over time, as these investors penetrated the market and gobbled up acquisitions, they began to grumble about (in no particular order) the tenant friendly court system, depressed occupancies, increas-

ing concessions and nightmares with the county permitting process. To some, the Delaware apartment market has become an enigma. Owners who are new to the market have either become turned off by their experience here or have thrived and are looking to increase their presence.

Recently, sales activity has come to a screeching halt. This has made it difficult for owners to get a firm grasp of the value of their assets and has also made it challenging for appraisers during a refinance. With

loosening credit and lenders seemingly looking to get back into the multifamily arena, I am encouraged about increased sales velocity in 2011. Additionally, it is clear that there is a tremendous amount of capital on the sidelines eagerly waiting to be deployed. The challenge for brokers today has been finding quality assignments, not finding qualified purchasers once the assignment is “on market.”

Operating fundamentals have been difficult to project and analyze. The trends were

unusual in 2010, with rental activity increasing immediately after the New Year, and then slowing in late spring and early summer. This is contrary to the typical rental cycles. The fall of 2010 saw increased rental activity and has since slowed as we entered winter. This leaves me questioning how 2011 will compare. Will we see another early spike in activity or will we revert back to historical cycles of slow winter months and strong spring and summer rentals? The answer hinges on broader economic improve-

ment related to job growth and regional stability. When the blue collar jobs return, the leasing activity will follow quickly thereafter. My team just completed a recent market study of nearly 150 properties in Delaware that are in excess of 100 units which indicates that occupancies increased slightly, although they still trail Pennsylvania suburban markets by roughly 4 to 5%.

It seems that the greatest difficulty in Delaware continues to be collections. The combination continued on page 14A

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10A — January 28 - February 10, 2011 — DelMarVa Real Estate Journal — Mid

Atlantic Real Estate Journal

MAREjournal.com

DELMARVA PEOPLE ON THE MOVE Norwood elevates to office co-managing principal

To associate VP investments

Kurt Sturn joins Reznick Group as tax principal

Marcus & Millichap promotes Peggy Brooks Smith

B

ETHESDA, MD — Reznick Group announced that Kurt Sturn has joined the firm as a tax principal. Based in Reznick Group’s Baltimore office, Sturn will Kurt Sturn provide tax advisory services to clients in a wide range of industries.

Sturn joins Reznick Group from Watkins Meegan. Prior to Watkins Meegan, Sturn was the founder and managing tax partner of Sturn Wagner Lombardo & Co. (SWL) in Annapolis. Under Sturn’s leadership, SWL grew to be one of the largest single-office CPA firms in Annapolis and Anne Arundel County.

“Kurt Sturn brings more than 30 years of tax experience to Reznick Group as well as the strong leadership skills he honed while managing his own CPA firm,” said Ken Baggett, Reznick Group managing principal and CEO. “Kurt is an ideal addition to our already strong group of professionals in Baltimore and nationwide. We look forward to Kurt’s contributions in helping our clients meet their business goals.”

“I am proud to be a part of the Reznick Group team and look forward to building upon their impressive credentials and nationwide experience,”

Sturn said. “By joining Reznick Group’s Baltimore office, I can continue to provide service to clients in Maryland and nationwide while leveraging Reznick Group’s exceptional national reMary Beth Norwood sources.”

Sturn brings to Reznick Group more than 30 years of tax-related experience in partnerships and flow-through, merger and acquisition activity, and international taxation.

As the Founder and Managing Tax Partner of Sturn Wagner Lombardo & Co. (SWL), Sturn has represented a large range of clients worldwide, from the Middle East to the Pacific Rim. Sturn has also spent time advocating client interests on Capitol Hill long before the issues become law.

Prior to SWL, Sturn worked with the international firms of BDO Seidman and KPMG. Sturn received a B.S. in Accounting from Virginia Tech and earned a Masters of Taxation with Honors from American University. He is currently a member of the AICPA and MACPA. Reznick Group announced that Mary Beth Norwood, CPA and principal, has been named as the new Baltimore office co-managing principal.

She succeeds Joel Cohn, whose term as office co-managing

principal expired. Norwood will partner with current cooffice managing principal Gary Perlow to continue overseeing the growth of the Baltimore office while helping to promote outstanding client service and employee development.

Norwood has been in public accounting for over 22 years, 17 years with Reznick Group.

Throughout her career, she has made outstanding contributions to the firm locally, and on a nationwide basis. In the fall of 2003, Norwood relocated from Baltimore to Sacramento, CA to help open Reznick Group’s first west coast office.

She played an integral role in the initial staffing decisions, training and development of Sacramento office employees, and building the foundation that has enabled that office to grow from 17 employees to more than 60 during her tenure. In addition, Norwood served as the audit professional practice leader for the office.

She returned to the Baltimore office in the fall of 2007, focusing her efforts on east coast clients and the firms’ service to the local marketplace.

“Mary Beth has proven herself to be a very valuable asset to Reznick Group and our clients. Over the past 17 years, her tremendous contributions to the firm on both coasts are widely recognized. I am delighted to have Mary Beth assume this important leadership position within the Baltimore office,” said Baggett. ■

Lifetime Brands donates Carvel Hall facility to Crisfield, MD CRISFIELD, MD — Lifetime Brands, owner of the former Carvel Hall facility has donated the property located on Crisfield Highway to the City of Crisfield for use as part of their new Industrial Park. Henry Hanna, senior national advisor for Sperry Van Ness-Miller Commercial Real Estate, helped both parties reach an agreement to allow the city to accept the donation of the 23 acres and the 70,000 s/f shell of the former Carvel Hall facility for no cost to be used in the planned Crisfield Industrial Park.

Danny Thompson, director of the Somerset County Economic Development and the Maryland Department of Environment officials worked throughout 2010 to bring this transfer to settlement.

WASHINGTON, D.C. — The board of directors of Marcus & Millichap Real Estate Investment Services has promoted Peggy Brooks Smith to associate vice president investments.

This achieve- Peggy Brooks Smith ment is one of the highest levels of recognition the firm awards to its investment specialists. It represents excellence in the development and servicing of long-term client relationships, according to David Feldman, regional manager of the firm’s Washington, D.C. office.

Most recently, Smith held the title of senior associate in the Washington, D.C. office.

Since joining Marcus & Millichap in 1997, Smith has brokered the sale of numerous multifamily and retail assets in the District and in Montgomery County. She was named an associate of the

firm in January 2001 and was promoted to senior associate in September 2003. In November 2010, Smith became an associate vice president investments. During her tenure at the firm, she has received three sales awards and is a director of the National Multi Housing Group.

A 35-year veteran of the commercial real estate industry, and a designated CCIM, Smith has arranged multiple commercial real estate transactions in the Capital region, including the initial land assemblage for 1200 K Street N.W., one of D.C.’s major office buildings.

A graduate of the American University and recipient of an Alumni Recognition Award, Smith was recently named chairwoman of the newly formed Real Estate Council of the American University Kogod School of Business.

Smith was also a founding member and former president of CREW Washington and serves on the Chapter’s Advisory Council. ■

Murphy & Dittenhafer Archts. names Compton assoc. principal BALTIMORE, MD — Matthew Compton, AIA, LEED AP, has been promoted to the associate principal position w i t h M u rphy & Dittenhafer Architects.

As such, Compton will oversee Matthew Compton the design and construction of architectural projects involving churches and religious communities, higher education, multi-unit housing, non-profits, renovation/ expansion, and historic preservation. He will also assist with the management of staff and operations within the firm’s Baltimore office. He has contributed to many of Murphy & Dittenhafer’s noteworthy projects, including the

new Marley Middle School for Anne Arundel County Public Schools, Roosevelt Park Pool House for Baltimore City Department of Recreation and Parks, First & Franklin Presbyterian Church, CODO 28 housing, the University of Maryland College Park School of Architecture renovation and new Maryland Neuroimaging Center, The Johns Hopkins University Faculty Club renovation, and York City’s Project Hope Housing Development.

Compton, a licensed architect and LEED accredited professional, holds a Bachelor of Architecture degree from Mississippi State University. He currently sits on the boards of directors for Baltimore Heritage and Charles Village Civic Association and is an Urban Design Committee member for AIABaltimore. ■

Skanska USA taps Jennifer Macks as Healthcare account manager

Carvel Hall Mayor Purnell and the Cris- clude this new parcel in their field city council will begin to overall plans for the industrial execute the planning to in- park. ■

ROCKVILLE, MD — Skanska USA announced today that its building business unit, which is a leading provider of construction management, preconstruction, and design-build services, has hired Jennifer Macks as vice president and

new healthcare account manager for its Rockville office, which serves clients in the Greater Washington, D.C., Baltimore and Northern Virginia areas.

Prior to joining Skanska, Macks worked as the project director for the Barton Malow Co. ■

MAREjournal.com

Mid Atlantic Real Estate Journal — January 28 - February 10, 2011 — 11A

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12A — January 28 - February 10, 2011 — Mid

Atlantic Real Estate Journal

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Mid Atlantic Real Estate Journal — January 28 - February 10, 2011 — 13A

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14A — January 28 - February 10, 2011 — Mid

Atlantic Real Estate Journal

MAREjournal.com

PEOPLE ON THE MOVE Speaks on estate planning/administration

Into Hall of Fame

Greater Harrisburg Assn. inducts “Buz” Wolfe, Jr.

C

ARLISLE, PA — Ray “Buz” Wolfe, Jr., broker/owner of Wolfe & Company Realtors in Carlisle, was inducted into the Greater Harrisburg Association of Realtors Hall of Fame at their an- “Buz” Wolfe, Jr. nual awards luncheon on December 1st.

While a student at Dickinson College in the early 1980’s, Wolfe developed the school’s first accredited real estate internship, obtained his salesperson license and conducted his first transaction before his graduation in May of 1982. He immediately entered the Real Estate business on a full time

basis. By 1985, he obtained his Broker/Appraiser license and, in January of 1986, opened his own company. Wolfe & Company Realtors will be celebrating its twenty fifth anniversary in 2011.

Wolfe’s professional achievements include two terms as past president of the Carlisle Association of Realtors, three terms as a Director for the Pennsylvania Association of Realtors, and the Pennsylvania Association of Realtors Lifetime Excellence Club. He has earned the Certified Residential Specialist (CRS) designation which is held by less than 4% of all practitioners nationally. A perennial top producer, Wolfe continues to be active in the Brokerage business.

His community contributions include two terms as

past Chairman of the Greater Carlisle Chamber of Commerce Board, Past Chair of the Carlisle United Way, and stints on various community Boards including the Carlisle Family YMCA, Carlisle Rotary Club, The Chamber, The United Way and the Boiling Springs Bubbler Foundation. He has spent many years as a youth sports coach and is an active member of Saint Patrick Roman Catholic Church.

Past recipients of the GHAR Hall of Fame Award include mid-state notables such as “Jack” Gaughen, James Grandon, incoming National Association of Realtors President James L. Helsel, Jr., former Harrisburg Mayor Stephen Reed, and Douglas Heineman.

Wolfe, 50, is the youngest member to be elected to the Hall. ■

Berg joins Newmark Knight Frank in Washington, D.C. WA S H I N G T O N D . C .

— Peter Berg has joined Newmark Knight Frank in Washington, D.C., as a managing director.

Berg, a specialist in all aspects of tenant representation with a conPeter Berg centration in Northern Virginia−has worked on varied assignments throughout his career involving strategic planning,

space acquisition and disposition, land acquisition and real estate development on behalf of a broad scope of businesses.

“Peter is a recognized professional in the Washington, D.C., real estate community and is a welcome addition to the firm,” stated Managing Principal Larry Bank.

With more than 10 years in the industry, Berg has garnered several honors such as The Staubach Company/ Jones Lang LaSalle’s Top Achiever distinction from 2003 through 2010, as well

as recognition as the firm’s New Business Development Champion Northeast Region from 2002 through 2010.

Prior to joining Newmark Knight Frank, Berg was a senior vice president at Jones Lang LaSalle and served several years with The Staubach Company, where he was one of its youngest shareholders in the nation during its purchase by JLL in 2007. Berg, who began his real estate career at Julien J. Studley, received a B.S. in Business and Psychology from Washington State University. ■

Pratico Jr. selected as MCAR 2010 Realtor Of The Year HAMILTON, NJ — Richardson Commercial Realtors announce that Michael Pratico Jr. has been selected as the Mercer County Association of Realtors 2010 Realtor of the Year.

This award Michael Pratico Jr. recognizes his commitment to not only the real estate industry but the local communities as well. The awards session was held at the NJAR Triple Play Realtor Convention and Trade Expo. Pratico has been involved in the real estate field since January 2001.

He is licensed in both New

Jersey and Pennsylvania as a real estate agent and as a certified appraiser. Michael is also a member of Tristate and the Appraisal Institute and is on the board of directors for the Mercer County Association of Realtors.

As an active member of the local communities, Pratico is a chairperson for the Hamilton Partnership and a member of the Lawrence Township Growth and Redevelopment Committee. He is also involved with Robert Wood Johnson University Hospital Hamilton as a member of the Board of Trustees, Finance Committee, and Young Professionals Group and the co-chairperson of the

Community Relations Board.

Pratico is also a member of the ARC Mercer Board of Trustees and chairperson for their Facilities Committee.

Michael is also very involved with the local YMCA and the Special Olympics.

A division of one of the Delaware Valley’s premier full-service Commercial Real Estate, Appraisal, and Property Management firms, Richardson Commercial prides itself on combining education and an in-depth knowledge of the Central New Jersey market to successfully sell properties. The Richardson Companies umbrella also includes Richardson Management Group and Lexington Appraisal Group. ■

Dirk M. Simpson becomes principal of Kaplin Stewart BLUE BELL, PA — Dirk M. Simpson, Esquire has become a principal of Kaplin Stewart. Prior to joining Kaplin Stewart in January, 2008, Simpson was a senior associate in the Trusts & Estates and Business Dirk M. Simpson Law Practice at Powell Trachtman Logan Carrle & Lombardo, P.C. In his practice at Kaplin Stewart, Simpson concentrates

on trust and estate planning, business planning for closelyheld companies, taxation and representation of tax-exempt entities. He also handles Orphans’ Court litigation matters.

Simpson regularly speaks on estate planning and estate administration topics to various business and professional associations. He has been a guest speaker on estate planning topics on local and nationallysyndicated radio programs, and has co-authored My Will Book, an instructional book on estate planning. ■

Lower Merion Zoning Hearing Board appoints Fox as chairman PHILADELPHIA, PA— Robert D. Fox, managing partner of Manko, Gold, Katcher & Fox, LLP, (MGKF) an environmental, energy and land use law firm, was appointed chairman of the Lower Merion Zon- Robert D. Fox ing Hearing Board. A member of the board since 2006, Fox was voted in as chairman on January 13.

Fox has over twenty years of experience providing compliance counseling for business and industry regarding hazardous and municipal waste regulations, Superfund matters, water regulation, and storage tank issues. He focuses on the environmental

aspects of corporate and real estate transactions and real property development, including brownfield redevelopment and wetlands, stormwater, and sewer capacity permitting; and litigating environmental matters before federal and state courts and administrative agencies. Fox is a frequent lecturer at environmental conferences, including the annual ALI/ABA environmental conference in Washington, DC, and has written on a variety of environmental, regulatory and ethical issues.

Outside the firm, Fox is also the Thomas A. O’Boyle adjunct professor at the University of Pennsylvania School of Law, a Summer Lecturer at Vermont Law School, and a Lecturer-inLaw for the Temple University Master of Law program in Beijing, China. ■

By Mark Thomson, Marcus & Millichap continued from page 9A of unemployment, high apartment inventory, tenant friendly legislation, and tenants who know how to “work the system” seems to have led to increased time at the courthouse, which frustrates landlords. Experienced operators who have well maintained assets have begun to separate themselves from the pack and are experiencing better results, while poor operators are being punished with occupancies that can drop into the mid 70% range. While we have seen concessions decrease, they are still prevalent in almost all submarkets, and we expect to see Delaware trail Pennsylvania in burning them off completely.

So what does it all mean?

There is certainly an optimistic undertone in almost all conversations I am having with apart-

ment owners and investors today. The apartment market continues to dramatically outperform other product types within investment real estate.

With interest rates still at historic lows, buyers are seeing real cash-on-cash returns in the double digits for the first time in years. A constriction of new supply, coupled with population growth and the anticipated emergence of the echo-boomers into the rental market, has combined to suggest that the multi-family market is likely to see substantial growth over a ten year horizon. Properties in the path of growth that are well maintained and managed by sophisticated owners will be positioned for success.

Mark Thomson is associate VP Investments with Marcus & Millichap Real Estate Investment Services. ■

MAREjournal.com

Mid Atlantic Real Estate Journal — January 28 - February 10, 2011 — 15A

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Toll Free 888-220-2570 7/17/09 11:26:51 AM

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

16A — January 28 - February 10, 2011 — Mid

Atlantic Real Estate Journal

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COMMERCIAL REAL ESTATE ORGANIZATIONS’

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

FEBRUARY 9 – CIRC DE Event: Membership Luncheon and Show & Tell Time: 11:00 AM – 1:30 PM Location: Clarion Hotel – The Belle Cost: $30 Members $40 Nonmembers P: 302-633-1705 Email: janet@circdelaware.org www.circdelaware.org

FEBRUARY 2 – ABC METRO WASHINGTON Event: Business Development Night Time: 5:00 PM – 7:00 PM Location: Argyle country Club Address/City: 14600 Argyle Club Rd., Silver Springs, MD Cost: $70 Members P: 301-595-9711 www.abcmetrowashington.org

FEBRUARY 9 – SMPS PHILADELPHIA Event: Networking & Membership Drive Time: 5:00 PM – 8:00 PM Location: McGillin’s Old Ale House Address/City: 1310 Drury St., Philadelphia, PA Cost: $10 www.smpsphiladelphia.org

FEBRUARY 2 – SIOR NJ Event: Membership Meeting Time: 6:00 PM – 8:00 PM Location: The Wine Library Address/City: 586 Morris Ave., Springfield, NJ Cost: Complimentary P: 732-906-0505 Email: ian.grusd@svn.com www.siornj.com

FEBRUARY 10 – CREW BALTIMORE Event: Relevant Technology for the Real Estate Industry Time: 11:30 AM – 2:00 PM Location: Tremont Grand Address/City: 225 St. Paul St., Baltimore, MD Email: crewbaltimore@crewnetwork.org www.crewbaltimore.org

FEBRUARY 2 – SMPS PHILADELPHIA Event: A Civic Vision for CityWaterfront Connection Time: 5:00 PM – 7:30 PM Location: The Downtown Club Address/City: 6th & Chestnut Sts., Philadelphia, PA Cost: $35 Members $55 Nonmembers www.smpsphiladelphia.org FEBRUARY 3 – ABC SEPA Event: ABC Networking Night at the Flyers Game Time: 5:30 PM Location: Wachovia Center – Lexus Club Cost: $130 per Person P: 610-279-6666 Email: rkelsh@abcsepa.org www.abcsepa.org FEBRUARY 9 – DCA Event: Deer Park Member Networking Night Time: 5:00 PM – 7:00 PM Location: The Deer Park Tavern Cost: $40 Members $60 Nonmembers P: 302-994-7442 Email: mdisalvo@e-dca.org www.e-dca.org

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FEBRUARY 10 – AIA PHILADELPHIA Event: Suburban Social & Facility Tour Time: 5:30 PM – 7:00 PM Location: SKF USA Address/City: 890 Forty Fort Rd., Lansdale, Pa Cost: Complimentary Email: mike.kelly@kcba-architects.com www.aiaphiladelphia.org FEBRUARY 15 – CREW PITTSBURGH Event: Members Only Luncheon Time: 11:30 AM – 1:30 PM Location: The Rivers Club Address/City: One Oxford Centre, Downtown Pittsburgh, PA Cost: $45 Members P: 724-594-1900 x-238 Email: pcarpenter@cpeg-inc.com www.crewpittsburgh.org FEBRUARY 16 – IREM Event: Ethics for the Real Estate Manager Location: Borgata Hotel, Casino & Spa Address/City: Atlantic City, NJ Cost: $175 Members $220 Nonmembers www.irem.org

POA New Jersey

(Property Owners Association of New Jersey)

www.poanj.org

ABC

(Associated Builders & Contractors)

www.abc.org

MBA

Mortgage Bankers Association of New Jersey

www. mbanj.com

MAREjournal.com

Mid Atlantic Real Estate Journal — January 28 - February 10, 2011 — Inside Back Cover A

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SHOPPING CENTERS Mid Atlantic REAL ESTATE JOURNAL Section B of the Mid Atlantic Real Estate Journal

Munley assists in $2.727+ million sale of Bank of America branch office to ARC Properties

Marcus & Millichap’s Taylor & Zang arrange three sales totaling $9.4+ million

E

MMAUS, PA — Marcus & Millichap Real Estate Investment Services has arranged the sale of a CVS/pharmacy located at the southwest corner of Chestnut St. and South Seventh St. The sale price of $5,223,710.

Dean Zang, VP investments, and Mark Taylor, VP investments, of the Philadelphia office of Marcus & Millichap, represented the seller, GVH (Emmaus), LP. The buyer,

Faroq Moonda, LLC, was procured by Christopher Hake of Thompson Thrift.

MOUNT ARLINGTON, NJ — Marcus & Millichap arranged the sale of a Bank of America branch office. The sales price of $2,727,226. The seller of record was represented

by Christopher Munley, senior associate, and Taylor and Zang.

Taylor, Zang and Munley also procured the buyer, ARC Properties Inc.

JANUARY 28 - FEBRUARY 10, 2011

HI-LIGHTS Perkowitz+Ruth Architects collaborate with KBE Construction is underway on a 185,000 s/f renovation of a former Levitz building at Montrose Crossing in R ockville, MD. See page 7B.

Rowan Boulevard celebrates Grand Opening The Barnes & Noble Collegiate Superstore, the first retailer on Rowan Boulevard, Glassboro’s NJ’s $300 million downtown revitalization project.

See page 22B.

HOUSTON, TX — Marcus & Millichap arranged the sale of an Advance Auto Parts located at the intersection of Antoine Dr. and West Tidwell Rd. The sales price of $1,473,788, which represents an 8.50 percent capitalization rate on current income. The seller, BTS Antoine Tidwell, LLC, was represented by Timothy Speck, the broker of the Dallas office of Marcus & Millichap.

Munley, Zang, and Taylor represented the buyer, Antoine Master Holdings, LLC. ■

CVS/pharmacy located in Emmaus, PA

Matthew Gorman, Tom Gorman and Michael Shover rep sellers

Marcus & Millichap’s Philadelphia office sells two buildings totaling $3 million HURLOCK, MD — Marcus & Millichap Real Estate Investment Services has announced the sale of Family Dollar, a 9,180 s/f Single-Tenant NetLeased property, according to Spencer Yablon, regional manager of the firm’s Philadelphia office. The asset commanded a sales price of $1,190,000.

Matthew Gorman, Tom Gorman and Michael Shover, investment specialists in Marcus & Millichap’s Philadelphia office, had the listing to market the property on behalf of the seller, a partnership. The buyer, a partnership, was secured and represented by

Jeff Algatt and Dan Stewart, investment specialists in Marcus & Millichap’s Philadelphia office. David Feldman, broker, assisted in closing this transaction.

ERIE, PA — Marcus & Millichap Real Estate Investment Services announced the sale of Sheetz, a 4,500 s/f, Single-Tenant Net-Leased property. The asset commanded a sales price of $1,810,000.

Thomas Gorman, Matthew Gorman and Michael Shover had the listing to market the property on behalf of the seller, a limited liability company.

The buyer, a partnership,

was secured and represented

by Craig Fuller, Erin Patton and Scott Wiles, investment specialists in Marcus & Millichap’s Cleveland, Columbus office.

Sheetz is located at 4816 Buffalo Road. “While we were working with a strong tenant, the shorter lease term and secondary market made this sale more challenging,” said Thomas Gorman. “With our platform, we were able to source a well-qualified buyer who knew the market and had a high degree of comfort with the long-term prospects for Sheetz at this site.” ■

ALSO INSIDE: MID ATLANTIC ICSC IDEA EXCHANGE SPOTLIGHT .................. 7-22B

Talk vs. Execution

CONTRIBUTING COLUMNISTS ..................................................... 8-11B PEOPLE ON THE MOVE..................................................................20B ICSC ORGANIZATION PAGE .........................................................24B

$500 million in available investment property, $320 million in property currently under contract at 97% of list price and we’ve placed 50 properties under contract in the last 60 days, all out of our Philadelphia office.

RETAIL BUSINESS CARD DIRECTORY ............................................25B

How can you profit from our activity?

PROFILES ON INDUSTRY PROFESSIONALS ......................................21B

RETAIL BROKERAGE DIRECTORY ............................................ 26-27B Section B, 32 pages

MAREjournal.com

Thomas Gorman

Matthew Gorman

Michael Shover

tgorman@marcusmillichap.com

mgorman@marcusmillichap.com

mshover@marcusmillichap.com

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B Inside Cover — January 28 - February 10, 2011 — Shopping Centers — Mid

Atlantic Real Estate Journal

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MAREjournal.com

Mid Atlantic Real Estate Journal — Shopping Centers — January 28 - February 10, 2011 — 1B

Coldwell Banker Commercial Bennett Williams 110 N. George Street – 4th floor York, PA 17401

717-843-5555 www.bennettwilliams.com Silver Spring Square

Carlisle Crossing

Rouzerville Commons SC

Carlisle Pike & Lambs Gap Road Mechanicsburg, PA 17050

Westminster Drive Carlisle, PA 17013

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Waynesboro, PA 17268

1,600 – 6,360 SF FOR LEASE

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Pauline Drive York, PA 17403

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1,600 - 3,200 SF FOR LEASE

2B — January 28 - February 10, 2011 — Shopping Centers — Mid

Atlantic Real Estate Journal

MAREjournal.com

SHOPPING CENTERS Nathanson and Kerber negotiate transaction

Marcus & Millichap sells $31.5 million, 445,907 s/f SC

M

EMPHIS, TN — Marcus & Millichap Real Estate Investment Services has brokered the sale of Eastgate Shopping Center, a 445,907 s/f regional community center located on Park Avenue in Memphis.

The sales price of $31.5 million represents $71 psf.

Brad Nathanson, a VP investments and a senior director of the firm’s National Retail Group (NRG) in Philadelphia, and Paul Kerber, a VP investments and a senior director of the firm’s National Office and Industrial Properties Group (NOIPG) in Detroit, represented the seller, Union Realty Co. GP and Belz Investco GP. The buyer, Eastgate Center, LLC represented themselves. Anne Williams of the firm’s Tennessee office also provided representation.

“Eastgate Shopping Center has symbolized East Memphis for more than 46 years, giving Memphians one of the premier destination shopping centers that anchors the Poplar Avenue corridor. Historically occupied at over 95 percent, this center represents pride of ownership and irreplaceable

Eastgate Shopping Center real estate with very little tenant turnover since inception,” said Nathanson.

Anchored by Fresh Markets, Michaels, TJ Maxx, Stein Market, Burlington Coat Factory, Walgreens, and others, the shopping center represented the best of class with a stellar lineup of national credit tenants.

“We received multiple offers on the asset from a wide range of national private buyers, primarily from the Northeast and Midwest, given the asset’s location within that market, its high historical occupancy and the additional upside through re-leasing and development,” said Nathanson.

“In the end, this asset traded to the most qualified buyer who plans on carrying out the Belz legacy in continuing to provide a world-class retail facility within East Memphis that serves the needs of the community.” ■

Shopping Centers Real Estate Journal a section of the

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

MAREjournal.com

Associate Publisher Elaine Fanning efanning@MAREJournal.com

Section Editor Karen Vachon editor@marejournal.com

EARTH ENGINEERING INCORPORATED

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Central PA: 717.697.5701 South Jersey: 856.768.1001

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MAREjournal.com

Mid Atlantic Real Estate Journal — Shopping Centers — January 28 - February 10, 2011 — 3B

4B — January 28 - February 10, 2011 — Shopping Centers — Mid

Atlantic Real Estate Journal

MAREjournal.com

SHOPPING CENTERS Comprised of four buildings in Philadelphia, PA

WP Realty acquires 115,411 s/f Mayfair Shopping Center

P

H I L A D E L P H I A , PA — WP Realty acquired Mayfair Shopping Center located in Philadelphia.

Mayfair Shopping Center is located along highly travelled Frankford Ave. (42,000 vehicles per day) in a densely populated pedestrian friendly neighborhood in Northeast Philadelphia.

Over 50,000 people live within one mile of the center.

Mayfair Shopping Center is a single-story 115,411 s/f community shopping center comprised of four buildings including one bank pad (Wachovia). The center is arranged around a central

Mayfair Shopping Center parking field with ingress and egress to Frankford Avenue, Levick St., and Hellerman S. The shopping center is anchored by national and regional

retailers including Shop ‘n Bag, Dollar Tree, and Fashion Bug. In-line retail tenants include a mix of national, regional, and local tenants including GameStop, Radio Shack, Foot Locker, Payless, and Hallmark.

Mayfair Shopping Center is currently 86% occupied with 16,339 s/f of available retail space. ■

Office Depot signs 17,000 s/f lease with KABR/ Capstone Partners CLIFTON, NJ — Office Depot signed a 17,000 s/f long term office lease with KABR/Capstone Partners for 4 Brighton Rd. at its Allwood Atrium Office Park in Clifton.

The Office Depot deal was the 1st lease signed at the recently acquired property.

In late August, KABR Real Estate Investment Partners LLC, and Capstone Realty Group acquired the 155,000 s/f commercial office campus at 2, 4, and 6 Brighton Rd. KABR/Capstone Partners then re-sold 6 Brighton Rd., a 55,000 s/f annex building, to NJ Physician and immediately upgraded the entire campus and interiors of 2 & 4 Brighton Road.

“KABR/Capstone’s valueadded approach to investing is to locate great properties in key locations and aggressively price space in this competitive leasing market in order to generate superior results,” said Adam Altman, partner of KABR. “KABR, with a strong balance sheet, repositioning expertise, and with value-add partners like Capstone, is wellpoised to continue building out our portfolio of prized properties in 2011.”

The property has undergone significant upgrades in the past 4 months and is receiving a lot of attention according to broker Dan Lessing, of DSR Group commercial. ■

MAREjournal.com

Mid Atlantic Real Estate Journal — Shopping Centers — January 28 - February 10, 2011 — 5B

SHOPPING CENTERS Welkis of Welco Realty to broker property

The Klein Grp. holds ribbon cutting for 62,000 s/f plaza LORHAM PARK, NJ — Florham Park, NJ Borough Council president Marc Taylor and a host of fellow municipal officials and dignitaries joined the developers of Florham Park Plaza to cut the grand opening ribbon on the new 62,000s/f retail center at the site of the former Loehmann’s Shopping Center.

Developed by The Klein Group, the new retail plaza features a wide variety of shops and restaurants anchored by Trader Joe’s and Walgreens.

Other businesses at the site include: Sprint, Citibank, Dress Barn, Nonna’s Restaurant, Qdoba Restaurant, Kyoto Restaurant, McDonald’s, Dunkin Donuts/Baskin Robbins, and a dry cleaners.

“We’re excited to introduce this carefully-selected blend of nationally-recognized retailers, local boutique shops and dining establishments to the community,” said Jacob Klein, president of The Klein Group.

“This couldn’t have been accomplished without the support of Mayor R. Scott Eveland, the City Council and others who all came together for a common goal to transform this underutilized site into a vibrant new retail center. We’re delighted Florham Park residents and visitors now have a new destination to shop, dine and enjoy themselves in one convenient location.”

Taylor told the crowd of nearly 100 that the new plaza is a welcome addition to the

RSR Realtors complete 31,000 s/f sale of auto facility MECHANICSBURG, PA — Earl B. Lehman, Partnership has purchased the 31,000 s/f automobile dealership facility on 3.74 acres at 6305 Carlisle Pike from Team Rahal of Mechanicsburg, Inc. Earl B. Lehman, Partnership is leasing the property to Ray Bromley who is opening Infiniti of Mechanicsburg at this location and will provide the area with its first Infiniti automobile dealership.

Curt Trogner and Blair Trogner, Sr. of RSR REALTORS handled this transaction. ■

community.

“Residents have been coming up to me and telling me that they are pleased with the beautiful renovations you have made to the plaza,” Taylor said.

Shown from left: Architect David Delle Donne, Dietz Partnership; Karl Hoermann, March Associates Const.; Borough Council president Mark Taylor and Developer Jacob Klein, The Klein Group.

Located at 165 Columbia Turnpike, at the intersection of James Street, Florham Park Plaza is situated in the heart of Florham Park. It is easily accessible from nearby towns and from Route 10 and Route 24. The site includes 348 parking spaces and four separate entrance/exits. ■

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A FEW OF THE RETAIL DEALS CONSUMATED BY WELCO REALTY, INC. Burlington Coat Factory – 74,000 sf Tonnelle Plaza, North Bergen, NJ

Mandee – 7,000 sf Rego Park, NY

Bob’s Discount Furniture – 74,508 sf Mill Creek Mall, Secaucus, NJ

Double Take – 3,185 sf Palisades Court, Englewood, NJ

Dick’s Sporting Goods – 60,067 sf Paramus Towne Square, Paramus, NJ

Carter’s – 4,855 sf Hylan Commons, Staten Island, NY

LA Fitness /Esporta – 41,322 sf Harmon Meadow, Secaucus, NJ

Carter’s – 4,500 sf Bay Plaza Shopping Center, Bronx, NY

XSRE – 40,000 sf Route 17, Paramus Towne Square, Paramus, NJ

Carter’s – 5,000 sf Ramsey, New Jersey

Marshalls Shoe MegaShop – 20,000 sf Paramus Towne Square, Paramus, NJ

Children’s Place – 5,000 sf Bay Plaza Shopping Center, Bronx, NY

Marshalls – Approx. 30,000 sf Chester, New Jersey

Party City – 13,000 sf Harriman, NY

Marshalls – 30,000 sf Northern NJ – location to be announced shortly.

Party City – 12,441 sf Kingston, NY

AJWright – 26,255 sf Paterson, NJ

Chipotle – 2,508 sf Edgewater, NJ

TJMaxx – 26,000 sf Forked River (Lacey Township), NJ

Kid City – 15,000 sf Hawthorne, NJ.

Daffy’s – 28,000 sf Bay Plaza Shopping Center, Bronx,NY Pier I – 8,500 sf Rego Park, NY

Toys R Us Express Stores – Approximately 70 stores Throughout the Northeast Region in cooperation with our X Team Partners.

2525 Palmer Avenue New Rochelle, New York 10801 914.576.7500 / fax: 7596 Jerry Welkis Jwelkis@welcorealty.com www.welcorealty.com

INC.

6B — January 28 - February 10, 2011 — Shopping Centers — Mid

Atlantic Real Estate Journal

MAREjournal.com

SHOPPING CENTERS

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Fameco reps Cedar SCs/Tristate Ventures in 46,000 s/f lease

W

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www.naipittsburgh.com

EST POTTSGROVE, PA — Carmike Cinemas has signed a lease for a 46,000 s/f state of the art multi-screen movie theater to be located in the Upland Square Shopping Center.

Carmike Cinema’s lease signing at Upland Square cements the final anchor position at the center located on Route 100. Built in 2008 by a joint venture comprised of Cedar Shopping Centers and Tristate Ventures, L.P., Upland Square is anchored by Target, GIANT, Best Buy, Staples, LA Fitness, Bed Bath & Beyond, Petco, TJ

Carmike Cinema rendering Maxx, and AC Moore. Fameco retailers,” said Tristate prinReal Estate’s Adam Kohler cipal John Fasciano. “A new represented the center’s joint and exciting entertainment venture owner. Construction is component will be a great comexpected to begin in March and plement to our merchandising the grand opening is expected mix and secures our position as in the Fall. the dominant shopping center “We’re excited to add Car- in the market.” Upland Square mike Cinemas to our roster of was already named Best New Retail Development in 2009 by the Philadelphia Business Journal.

MONTGOMERY COUNTY, PA — Patel Bazaar and Spice Kitchen have signed leases for 6,900 s/f along the 422 Corridor.

A niche is emerging along the 422 Corridor west of King of Prussia. According to Fameco’s Julie Tanpitukpong, there is a growing Indian population.

As such, retailers like Patel Bazaar and Spice Kitchen are capitalizing on this sizeable customer base. Patel Bazaar, an Indian grocery store, has signed a 4,900 s/f lease at Jefferson Plaza Shopping Center on West Main Street in West NorritonTwp. Spice Kitchen, an Indian restaurant, has signed a lease for 2,000 s/f at the Park Ridge Shopping Center in Trooper.

PHILADELPHIA, PA — La Colombe Torrefaction has signed a lease for 1,230 s/f at The Residences at the Ritz Carlton.

Fameco’s Marc Mandel represented La Colombe in the transaction. “The Residences at the Ritz is an ideal location for La Colombe,” said Mandel.

“Its core customer is right outside the door with The Residences’ owners coupled with the pedestrian traffic from the office and tourist populations. Additionally, the planned revitalization of Dilworth Plaza across the street will drive more traffic to the area increasing La Colombe’s customer base further.” This store will open in April, 2011 and will complement La Columbe’s other location on Rittenhouse Square.

La Colombe prides itself on the coffee experience. The coffee and its customer are the primary focus at La Colombe. ■

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SHOPPING CENTERS SPOTLIGHT MID ATLANTIC ICSC IDEA EXCHANGE MAREjournalcom

Mid Atlantic Real Estate Journal — Shopping Centers — Mid Atlantic ICSC Idea Exchange — January 28 - February 10, 2011 — 7B

Pursuing LEED certification

Perkowitz+Ruth Architects collaborate with KBE Construction to develop Montrose Crossing

R

OCKVILLE, MD — Construction is underway on a 185,000 s/f renovation of a former Levitz building at Montrose Crossing. A project of the DC Studio of Perkowitz+Ruth Architects, Montrose Crossing is pursuing LEED Certification and is expected to be completed by Summer of 2011.

The renovation includes a 61,000 s/f Bob’s Discount Furniture store, as well as an additional 25,000-square-foot retail space. It is located at the intersection of Rockville Pike and Randolph Road.

“We are enthusiastic about our involvement in this renovation,” said P+R’s DC Studio Director and Associate Principal Joseph Serruya. “Property developer BVS Montrose,

Montrose Crossing has thus far surpassed its initial goal of diverting 25 emissions; a white roof to percent of demolition materi- decrease summer heat gain; als. Instead, 97 percent of de- and an increased capacity for molition materials have been on-site storm water managerecycled and diverted from ment.

Located within walking landfills. Other notable sustainable features include the distance to bus and metro use of local materials which stations in a high-density supports the regional economy residential neighborhood, the and reduces transportation redesigned development en-

LLC, wanted to ensure that this project met sustainability standards and was encouraged by our Studio’s ability to incorporate sustainable elements without sacrificing quality or significantly increasing cost.”

By collaborating with the developer and contractor, KBE Construction, the project team

Law Firm

courages pedestrian entry and the use of public transportation. Thanks to the support of the local jurisdiction, portions of the original building were removed to create a more pedestrian and bike friendly environment, allowing for street expansions and additional sidewalks. ■

Construction Manager/General Contractor

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8B — January 28 - February 10, 2011 — Mid Atlantic ICSC Idea Exchange — Shopping Centers — Mid

Atlantic Real Estate Journal

MAREJournalcom

MID ATLANTIC ICSC IDEA EXCHANGE

By Mark E. Taylor, Marcus & Millichap

Outlook for the 1st qtr.: The worst is over and capital markets have improved faster than expected

A

fter a strong last quarter of 2010 in investment sales, in 2011, investors should take stock of two fundamental points: the worst is over, and capital markets have i m p r o v e d Mark E. Taylor faster than expected. Higher returns require the appropriate degree of risk-taking, and approaching 2011, with the same tenor of wariness present a year ago, will likely lead to lost opportunities.

Many investors failed to pull

the trigger over the past twelve months, expecting an RTC-style, deeply discounted property market or prolonged deterioration of the U.S. economy. The odds of either occurrence have further diminished. The low-hanging fruit may be gone, but attractive investment opportunities exist that may not be available a year from now. That is not to say investors should throw out caution. Economic and market risks remain and must be assessed; however, this year ’s improved data points and lenders’ ongoing strategy to prevent fire sales on quality assets highlight the need to reset expectations and

adjust strategies.

Current conditions for retail properties vary sharply by location. The performance and value of every shopping center lies along a spectrum and is a function of geography in most cases. Infill shopping centers, particularly those in supply-constrained areas and proximate to high population densities, remain a world apart from newly built power centers conceived just footsteps from busted housing projects. At the same time, fortress malls continue to outperform, as retailers remain reluctant to vacate space in premium properties, though many traditional regional

malls now struggle with significant vacancy issues due to closures and department store consolidations in recent years. We expect a moderate decline in vacancy to materialize in the latter half of 2011, with more substantial improvement anticipated in 2012. In the near term, core neighborhood/community centers and strip centers in infill areas will retain their top-performer ranks as measured by occupancy, rents and, therefore, values. Specialty centers, Class B malls and newly-built power centers will continue to suffer from cautious retailers and a hesitant consumer.

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Retail investment sales increased notably over the past year. The drop-off and ensuing improvement in sales can be attributed mostly to multitenant deals, which remain limited but have moved up from last year’s floor. Through most of the downturn, financing remained available for strong single-tenant deals, and investors favored the asset class due to its perceived safety, propping up sales in the segment. Cap rates for single-tenant properties have declined for credit-tenant deals, though they remain 100 basis points higher, on average, than at the market’s peak.

Multi-tenant cap rates have undergone more correction, with the average up 150 basis points. Sales velocity should improve modestly through the first quarter of 2011, with a strong pick-up in momentum emerging in the second half as financing eases and more distressed properties come to market. Bifurcation by quality and location will continue to define the retail investment landscape, with cap rate compression for top-tier properties and flat to rising cap rates for lower-tier assets. Single-tenant net-lease properties with relatively healthy credit tenants will continue to top investors’ preference as a safe haven in a low-yield environment.

Retail property sales increased during the first nine months of 2010 when compared to the same period in 2009. Dollar volume climbed 50 percent to $33 billion, while transaction velocity exhibited a more modest rise of 15.4 percent. In 2010, the average price declined by slightly more than 5 percent to $128 psf.

Over the same period, the average cap rate has increased 20 basis points to 8.4 percent, though cap rates range from less than 7percent for best-inclass properties to 10 percent or more for distressed deals.

Premier markets such as Los Angeles, New York City, Chicago and Dallas/Fort Worth were the most active in the first nine months of 2010, with Central and South Florida also showing a pick-up in retail investment activity.

Mark E. Taylor is VP Investments and senior director, National Retail Group at Marcus & Millichap. ■

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Mid Atlantic Real Estate Journal — Shopping Centers — Mid Atlantic ICSC Idea Exchange — January 28 - February 10, 2011 — 9B

MID ATLANTIC ICSC IDEA EXCHANGE

By Jeffrey L. Silberman, Esq., Kaplin Stewart

Jerry Maguire and The Standard Lease his article may be the lawyer’s equivalent of Jerry Maguire’s mission statement, but here we go….

I have often wondered if we have come to the point where landlords, tenants and Jeffrey Silberman their counsel should consider some standard lease clauses.

As with all endeavors, experience guides future conduct.

This basic and inarguable fact has impacted the manner in which lease transactions progress in various ways. Intelligent parties have learned from past mistakes and past successes, and they are now more conversant on the multitude of issues raised in lease documents. In addition, many landlords and tenants are implementing a “fool me once” policy by continually supplementing their lease documents to address the problems that reveal themselves through everyday operation of hundreds of properties and hundreds of stores.

All of this means that, in some cases, lease negotiations have become excessively long and expensive. To solve the problem, it would be too easy to say that both sides need to “get reasonable”, because (usually) nobody on either side is trying

T

be unreasonable. All parties are simply doing their jobs and trying to protect their respective organizations.

Another idea would be to consider using some standard form clauses to resolve points that get bogged down. Standard forms are used in many areas of commercial transactions. Contractors and architects have long used standard AIA forms. Swap documents in financing transactions are so sacred that you can barely negotiate a change in the name of the parties. Why are we so special? I would bet that if sophisticated landlords or tenants weighed the time and money spent on a condemna-

tion clause, including the lost opportunity costs, against the benefit received by winning the battle on a condemnation clause, the great majority would find that they have lost money.

I am not that naïve to think that many lease clauses can be standardized, since retail deals present many site- and operational-specific considerations.

However, consider just a few clauses that may be suitable for some degree of standardization: Defaults and Remedies. Considerable time is spent on defaults and remedies. In most cases, if a tenant is truly in default, all the defaults and

remedies clauses in the world are useless. The same can be said for bankruptcy clauses.

It would not seem difficult to draft and agree upon a standard, fair clause.

Holdover. Would it not be reasonable to say that, if a tenant holds over, it becomes a month-to-month tenant and pays 125% or 150% of rent.

If there are negotiations for renewal, some reasonable extension of time is automatically granted.

CAM. We have all seen the extensive list of inclusions and exclusions from CAM. It would seem fairly easy to create a standard list of inclusions and exclusions.

There will always be exceptions, but perhaps a set of standard clauses could be used as a fall-back if parties are truly stuck, or perhaps standard clauses can be used as the template, and exceptions taken from the standard for site-specific issues. Of course, there will be give and take on both sides, but a few standard clauses may go a long way towards reducing transaction time and accelerating the opening of stores. What would Jerry say?

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

ICSC promotes Lizan to VP business dev.

NEW YORK— Jorge Lizan has been promoted to vice president of business development of The International Council of Shopping Centers. Lizan will continue to manage business activities and programs in Latin America, as well as other new business initiatives for ICSC globally.

“Jorge has been instrumental to the success of ICSC, especially in Latin America where he has greatly increased ICSC’s presence through outstanding programs and initiatives,” said Michael Kercheval, president and CEO of ICSC. “Most notably, his recent dedication to expanding the RECon brand in Latin America has been extremely important due to the high growth rate of the retail real estate industry in the region." ■

Experience Really Matters.

Don’t leave your real estate project in the hands ateurs

Kaplin Stewart

At t o r n e y s a t L a w

Contact: Jeffrey L. Silberman 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

10B — January 28 - February 10, 2011 — Mid Atlantic ICSC Idea Exchange — Shopping Centers — Mid

Atlantic Real Estate Journal

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MID ATLANTIC ICSC IDEA EXCHANGE

By Eli Loebenberg, CPA, Madison SPECS

Cost segregation is a valuable tax strategy!

New temporary 100% depreciation deduction

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iven the current economy, any business strategy that reduces taxes and increases cash flow has inherent value. It is no wonder that cost segregation, which does just that, has become very Eli Loebenberg popular with owners of investment property and owners of property used for business.

In general, buildings can be depreciated over a 27.5-year or 39-year period. However, according to the IRC, certain categories of fixed building assets can be depreciated

more quickly, over five, seven or 15 years. Identifying and reclassifying these eligible assets can accelerate part of the building’s tax depreciation and create a reduced tax liability. A cost segregation, or “cost seg,” study is the tax and engineering analysis that identifies and segregates these eligible assets, assesses their value and determines the resulting asset classes and corresponding accelerated depreciation.

Eligible assets are systems, fixtures or related elements that are either unnecessary for the operation of the building itself or are temporary structures. They include such elements as decorative lighting or moldings, floor or wall

coverings or redundant HVAC systems. Using the guidance set forth in the IRS Audit Techniques Guide, experts in the areas of tax and engineering separate out, or segregate, these elements. This process provides maximum tax benefits to property owners with facilities built or bought in the last seven years, as well as those with significant construction in progress, or with newly renovated or expanded facilities.

How Cost Seg Can Help Shopping Center Owners The bottom line? Cost segregation saves property owners money by justifying larger upfront tax deductions and in turn, lowering their tax pay-

ments. For example, in 2009, an owner of a shopping mall was considering whether to do a cost segregation study.

The mall’s anchor store was a Bass Pro Shop. The previous landlord had granted Bass an allowance of approximately $10 million to decorate and build out its space. The current owner was able to benefit from the improvements.

Despite the unusual nature of the eligible assets for depreciation, the decorative items in the Bass Pro Shop were eligible for five-year depreciation – a significant tax benefit. Decorative elements included such unique items as taxidermy-stuffed animal hides, such as bears, deer,

elk, foxes, Canadian geese, turkeys, and ducks. There were also indoor and outdoor waterfalls as well as a custom-made 22,000 gallon fish tank! For the cost segregation study, the true price of the indoor and outdoor waterfalls, fish tank and stuffed animals were determined by having meetings and discussions with specific vendors. The study for the shopping mall generated a net present value tax benefit of nearly $1 million for the shopping center owner.

If dealing with new construction, it is best to incorporate cost segregation as early as possible in order to save money on federal, and possibly state, tax returns. For existing properties, understated depreciations can be caught up for past construction, purchases, expansions, renovations and qualified leasehold improvements. Owners can recapture these missed depreciations with a simple change in accounting method. Amended tax returns are not required; instead, a “catch-up” depreciation can be taken in one year by filing IRS Federal Form 3115 (Change in Accounting Method, with IRS consent granted automatically).

New Bonus Depreciation Makes Cost Seg More Beneficial For newly constructed or renovated properties there is now even more reason to look into cost segregation. This is because of the recently extended and expanded Bonus Depreciation as part of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010.

What this means is that any property that was constructed or renovated starting September 9, 2010 through December 31, 2011 now qualifies to have 100% of their short life assets WRITTEN OFF IMMEDIATELY. This is only possible, of course, after having completed a cost segregation study to first allocate those eligible assets into their proper category.

If the property was constructed or renovated starting January, 2008 through August 2010, it remains eligible for the old Bonus Depreciation, which allows 50% of their short life assets WRITTEN OFF IMMEDIATELY and the other 50% left to depreciate over 5 or 15 years (depending continued on page 12B

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Mid Atlantic Real Estate Journal — Shopping Centers — Mid Atlantic ICSC Idea Exchange — January 28 - February 10, 2011 — 11B

MID ATLANTIC ICSC IDEA EXCHANGE

By Mason Harris, Hutzpah Media

Enticing Your Shoppers (and Tenants) ne of the earliest forms of public communication was the Egyptian obelisk. We’ll get back to this later.

Online Retail versus Shopping Centers I t ’s h a r d to fight the “convenience” Mason Harris benefit of online shopping, especially when compared to the sales clerk estimating your waist size as a 34 when you still cling to the belief that a 32 is fine, albeit just a little tight.

Anyway, researching products, comparing prices across online retailers, and paying for your merchandise from the comfort of your computer is clearly easier than finding a parking spot.

The trend is so obvious most of us don’t need a statistician to report the latest economic data. For those of us that insist on seeing the data, here you go.

From the L.A. Times, “Much of the spending growth has been online…a 15.4% increase over last year, according to MasterCard.” How about December 2010 holiday sales? From USA Today via BMO Capital Markets, “…online sales rose 2.6% in December, (the) biggest increase since April 2008.”

Retailers have adapted and traditional brick and mortar stores all have at least a minimum web presence; most likely they also have an e-commerce site that sells identical merchandise as the retail store, but with seemingly endless inventory. A shopper need not fear the dreaded “I’m sorry, we seem to be out of this style in your size.”

Your Shopping Center Advantage Shopping is not simply about merchandise, or even price. Our society provides an abundance of options for products, price levels, sources, and conveniences. We compete for sales, traffic and top-of-mind awareness.

What we provide, and online commerce does not, is a social experience. Shopping is experiential, and your property contributes directly to the customer’s satisfaction with this experience. You provide a gathering place, a setting for friends to meet, dine and share. Your center enables human interaction and sensory satisfaction; you can’t achieve this online.

O

Unlike an online shopping experience, which is isolating, your center encourages and delivers participation on many levels.

Custom Art Creates A Compelling Aesthetic Renowned artist Athena Tacha designed public art works for Wisconsin Place, a project developed by a partnership of New England Development, Archstone and Boston Properties. Wisconsin Place combines retail, residential and office space in Chevy Chase, MD, on the border of Washington, DC. Consisting of three compelling pieces of art, the Light Obelisk, an animated ceiling design in the pedestrian walkway, and

a stunning 37 foot tower with alternating colors, LED lighting is integrated into each unique and eye-catching design.

(View artwork videos on YouTube: search under Athena Tacha, Wisconsin Place) “We wanted to create a memorable urban destination for people who live and work in this vibrant area,” commented David Gilmore, of New England Development. “These public art works encourage people to gather and meet friends, and adds to the atmosphere of The Shops at Wisconsin Place.”

Designing and procuring traditional signs can sometimes be fraught with problems; going from concept, to drawing,

to fabrication and installation of custom art magnifies the complexity. Art Display Co. of Capitol Heights, MD / Washington, DC, was chosen because of its long history of success in national projects requiring public signage, from directories to architectural designs.

“This was a challenging and wonderful project for us,” stated Doug Kilsheimer of Art Display Co. “Working with Tacha was a privilege and we faithfully brought her concepts to life, benefiting the entire community.”

As a shopper, I have been to Wisconsin Place. It is a “destination” shopping area for my wife and me, and we find our-

selves drawn back because the aesthetics created by the art enhance our shopping experience. And you can’t duplicate the atmosphere when shopping online.

This is your advantage.

Oh – that Obelisk Fountain with its digital patterns descending into the water is a wonderful throwback to the ancient Egyptian obelisks that attracted people to the town square. It still works!

Mason Harris, public speaker and author (ENTRÉE Marketing), is also the founder of Hutzpah Media based in the Washington, DC metropolitan area. ■

12B — January 28 - February 10, 2011 — Mid Atlantic ICSC Idea Exchange — Shopping Centers — Mid

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MID ATLANTIC ICSC IDEA EXCHANGE 487,000 s/f in ower Paxton Twp., PA

Cedar Shopping Centers acquires Colonial Commons Shopping Center for $49.1 million

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OWER PAXTON TWP., PA — Cedar Shopping Centers, Inc. (“Cedar”) has closed on the acquisition of Colonial Commons. The 487,000 s/f shopping center, located half-way between Harrisburg and Hershey covers 37 acres on Rte. 22, the principal retail corridor of the greater-HarrisburgHershey area.

The purchase price, at $49.1 million, excluding closing costs and adjustments, and excluding additional potential “earn-out” payments for certain tenancies presently pending, represents a cost of approximately $101 psf.; the property was purchased from

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affiliates of Centro Properties Group.

Colonial Commons is currently 93% leased and is anchored by Giant Food Stores (68,000 s/f). Additional tenants include: Dick’s Sporting Goods (56,000 s/f), L.A. Fitness (41,000 s/f), Ross Dress For Less (30,000 s/f), Marshalls (27,000 s/f), JoAnn Fabrics (25,500 s/f) and David’s Furniture (25,000 s/f).

At closing, Cedar entered into a first mortgage CMBS loan on the property, arranged by Citigroup Global Markets Realty Corp., in the amount of $28.1 million at 5.55% for a ten-year term with amortization on a 27year schedule.

The balance of the purchase price was funded from the company’s secured revolving credit facility Leo Ullman, Cedar’s chairman, ceo and president, said, “We are pleased to complete this solid on-balance sheet acquisition. Our ability to add this signature property, with a preponderance of strong tenants and the opportunity to benefit from organic growth attributable to both renewals of belowmarket rents and lease- up of vacant space, will contribute to our cash-flow in the future.

Ullman continued, “While we have had significant success and fully expect to continue to source strong acquisitions for our joint venture with RioCan (which totaled nearly $350 million 2010), we are also selectively acquiring properties for our own balance sheet that complement our current portfolio. This dual approach provides to Cedar the ability to enhance returns while taking measured risk in our core competency of grocery-anchored centers.” ■

By Eli Loebenberg, CPA, Madison . . . continued from page 10B on the asset type). This will also be true for properties placed in service in 2012.

Without a doubt, a cost segregation study is among the most valuable tax strategies available to owners of investment and business real estate.

Eli S. Loebenberg, CPA, is CEO of Madison SPECS LLC. ■

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Mid Atlantic Real Estate Journal — Shopping Centers — Mid Atlantic ICSC Idea Exchange — January 28 - February 10, 2011 — 13B

MID ATLANTIC ICSC IDEA EXCHANGE Engineer/Landscape Architect

Engineering Consultant LANDCORE is proud to be part of the Tilden Ridge Team

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LANDCOREconsulƟng.com

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14B — January 28 - February 10, 2011 — Mid Atlantic ICSC Idea Exchange — Shopping Centers — Mid

Atlantic Real Estate Journal

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MID ATLANTIC ICSC IDEA EXCHANGE Long & Greene represent the landlord in 23,541 s/f at Ashland-Hanover Shopping Center

Long Properties announces the signing of 33,820 s/f in lease transactions in VA

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SHLAND, VA — Taylor Long Properties announced the signing of a ten-year lease between Ashland Hanover LLC and Ace Hardware for 23,541 s/f of space at the Ashland-Hanover Shopping Center in Ashland, VA. Ellen Long and Clint Greene represented the landlord.

Long and Greene represented the landlord in the signing of a five-year lease between Wards Crossing West, LLC, and Penelope, Inc., dba Penelope, for 1,607 s/f of space located at Wards Crossing Shopping Center located in 120-E Simons Run in Lynchburg.

Michael Weisberg represented the tenant in the renewal

Ashland-Hanover Shopping Center of a ten-year lease between Short Pump Crossing and Ryan Vision, for 2,000 s/f of space located at the Short Pump Crossing Shopping Center in Richmond.

Taylor Long Properties announced the sale of a parcel of

real estate containing .41 acres and a building of 3,375 s/f to Tidewater Physical Therapy, Inc., by Roffis Real Estate, LLC., located 4831 South Laburnum Ave. in Richmond.

Weisberg and Long represented the owner.

Greene represented the tenant, Sweet Frog Premium Frozen Yogurt in the signing of a five-year lease with Williamsburg Developers, LLC, for 1,695 s/f of space at the New Town Shops on Main in Williamsburg.

Sweet Frog Premium Frozen Yogurt also leased 1,602 s/f with Four Plus Hanover Square, LLC for 1,602 s/f of space at Hanover Square South Shopping Center in Mechanicsville.

Greene represented the tenant. ■

Encore partners with Fire Works Pizza in Arlington, VA

Fire Works Pizza rendering ARLINGTON, VA — Fire Works Pizza is now serving wood-fired pizzas at 2350 Clarendon Blvd. This is the second location of the restaurant. The Arlington location will serve its signature wood-fired pizzas and pastas along with a wide selection of beers and wines.

The restaurant will offer 33 beers on tap including two cask conditioned ales and will also serve bottles of craft ales.

Mid-Atlantic restaurant contractor Encore Construction was the general contractor for the project and the architect was Architecture Incorporated.

Portions of the work for this Fire Works location included concrete, structural steel, ceramic tile flooring, HVAC, and more.

COLLEGE PARK, MD — The Original Ledo Restaurant has relocated to a 5,439 s/f location at 4509 Knox Rd. The restaurant was initially opened by Tommy Marcos Sr. in 1955 in Adelphi, MD. Encore Construction was the general contractor for the project. Portions of work for Ledo Restaurant included brick and stone veneer, full millwork package, storefront, epoxy flooring, ceramic, porcelain tile, mechanical, plumbing, electrical and more. ■

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Mid Atlantic Real Estate Journal — Shopping Centers — Mid Atlantic ICSC Idea Exchange — January 28 - February 10, 2011 — 15B

MID ATLANTIC ICSC IDEA EXCHANGE Environmental Insurance Broker

Retail Commercial Real Estate

Hylant Environmental Risk Management ENVIRONMENTAL INSURANCE SERVICES FOR: • Mergers & Acquisition • Contaminated Properties • Environmental Contractors and Consultants • Brownfield Redevelopment • Real Estate Investment Portfolios • Industrial and Manufacturing Facilities • Protection for Third Party Claims and Undiscovered Contamination Bruce W. Kranz | Senior Vice President 6000 Freedom Square Drive Suite 400 | Cleveland, OH 44131 | P: 216-674-2443 | C: 216-906-8898 | bruce.kranz@hylant.com | www.hylantenvironmental.com

BAY SHORE PLAZA – Rt. 24 – Millsboro – MARINERS PLAZA – Rt. 1 – Lewes – Situated Super G anchor – Newly constructed premier between Home Depot and Lowes – AADT 45,000 retail center serving the entire Long Neck Peninsula. cars – Southbound lane Rt. 1, the main corridor 1,500 – 6,600 Sq. Ft. available for all DE resort traf¿c – Space available

SHORE PLAZA – Rt. 1 – Rehoboth – Located adjacent to Outlet Liquors in Rehoboth across from Tanger Factory Outlets – 4,000 Sq. Ft. available

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Targeted Mobile Advertising

16B — January 28 - February 10, 2011 — Mid Atlantic ICSC Idea Exchange — Shopping Centers — Mid

Atlantic Real Estate Journal

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MID ATLANTIC ICSC IDEA EXCHANGE Joint venture of Faison of Washington, D.C. and Atapco Properties, Inc. of Baltimore, MD

Clemson Corner Shopping Center nears completion

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REDERICK, MD — The Clemson Corner Shopping Center, located at the intersection of US Route 15 and MD Route 26, will open its first tenants in March 2011. The 375,000 s/f center is anchored by Wegmans, Lowe’s Home Improvement Centers, and Marshalls. Lowe’s and Marshalls are scheduled to open in March.

The center will celebrate its Grand Opening in June 2011, when Wegmans, Wachovia Bank and the 57,000 s/f of small shop tenants will open. The specialty retailers include: Chipotle, Coal Fire Pizza, Frederick Wine House, Bubbles, Cellular Connection,

Frederick Cleaners, Game Stop, Lee Nails, Massage Envy, Mattress Discounters, My Eye Dr., Sports Clips, and Yogi Castle. These tenants will be joined by a number of other specialty retailers and restaurants that are currently finalizing lease negotiations.

Clemson Corner Shopping Center will be the first entry of both Wegmans and Marshalls in Frederick County. Clemson Corner is being developed by a joint venture of Faison of Washington, D.C. and Atapco Properties, Inc. of Baltimore, MD. ■

Zerfass of Colliers Int’l. facilitates retail strip ctr. sale

Clemson Corner Shopping Center aerial

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BETHLEHEM, PA — Colliers International | Allentown Retail Division recently concluded the sale of a 10,000 s/f fully-leased retail strip center (shown above) at 151731 Easton Ave., Northampton County, PA. The site was sold by Veranda Real Estate, LP of Lehigh Valleyto 1517 Easton Avenue Partners, LLC for over $1.7 million.

Colliers International’s Derek Zerfass represented both the buyer & seller in this transaction.

P H I L A D E L P H I A , PA — Colliers International | Philadelphia Retail Division concluded the lease of 2,255 s/f of retail space at 1717 Chestnut St. to Rittenhouse Sports Specialties.

Colliers International’s Michael Barmash and Michael Kahan were the sole brokers in this transaction.

The Philadelphia Retail Division also facilitated a long term lease of 1,750 s/f of first floor retail space at 127 S. 22nd St. for SDT Holdings.

The site, just west of Rittenhouse Square, will be the new home of The Wine School of Philadelphia.

The Wine School will relocate from the city’s Fairmount section where it has resided for over ten years.

During that time, the Wine School grew to the largest independent wine school in America, and has been featured by Consumer Reports, Bon Appétit, the Wall Street Journal, National Public Radio, and Wine Spectator Magazine online.

Kahan represented the landlord, SDT Holdings. ■

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Mid Atlantic Real Estate Journal — Shopping Centers — Best of 2010 Projects and Developments — December 24, 2010 - January 13, 2011 — 17B

SHOPPING CENTER’S COMPANY OF THE MONTH

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MID ATLANTIC ICSC IDEA EXCHANGE

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MID ATLANTIC ICSC IDEA EXCHANGE

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PEOPLE IN THE NEWS Wisnoski joinw firm’s full-service brokerage team

Perez-Daple joins Metro Commercial Real Estate

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ONSHOHOCKEN, PA — Industry veteran Roy Perez-Daple has joined Metro Commercial Real Estate, Inc., where he will expand the firm’s national retailer advisory services as well Roy Perez-Daple as pursue strategic landlord opportunities.

“This is a phenomenal opportunity for us to bring on board someone of Roy’s caliber,” says Steven H. Gartner, president of Metro Commercial Real Estate. “We are now able to offer to our national retailers the specific perspective and expertise of someone that has spend much of their career selecting sites locally and nationally.”

Perez-Daple brings intimate knowledge of both local and national markets combined with wide ranging experience overseas. Most recently, he served as real estate director for Lowe’s Home Improvement Stores, significantly increasing their market presence in the northeast. He conducted site selection, acquisition and

development, resulting in 32 new-construction superstores.

Prior to that, he ran the Real Estate group for IKEA North America, providing for much of the initial US exGeorge Wisnoski pansion for the international retailer and building 2.6 million s/f of IKEA stores throughout the US. His previous roles included working as an independent broker, facilitating the construction of Jersey Gardens Mall in Elizabeth NJ and the Marriott Hotel that also situated there. As office and industrial leasing manager with the Port Authority of NY and NJ, Roy marketed the Port Authority overseas and actively leased office and retail space at both the World Trade Center and at the Port Authority’s Industrial Parks. He also has experience in the hospitality industry, leading the purchase of the Vista Hotel in Manhattan by the Port Authority.

Perez-Daple is a graduate of Pennsylvania State University and holds a Masters in

Business Administration from Drexel University, where he was on the adjunct faculty. He is highly active in the International Council of Shopping Centers (ICSC).

In other Metro Commercial Real Estate news, George Wisnoski has joined its fullservice brokerage team.

A 13-year veteran of the retail real estate industry, Wisnoski will focus on representing first-class national retailers as well as leasing prominent shopping centers throughout the Philadelphia region. He was most recently at Fameco Real Estate.

Wisnoski is a graduate of Fordham University with a Bachelors Degree in Political Science and a graduate of the University of Pennsylvania with a Masters Degree in City Planning. He is a resident of Haddon Heights, NJ with his wife Lynda and family.

“There are many qualities and skills that go into being an exceptional real estate professional – market knowledge, great negotiation skills, integrity – all of which are hallmarks of how George works,” said Gartner. “We are delighted in having him join our team.” ■

Cushman & Wakefield announces Thalhimer expansion to NC CHARLOTTE, NC — Cushman & Wakefield announced the expansion of its alliance with Thalhimer, a leading midAtlantic commercial real estate firm.

Thalhimer will open a new full service office in Paul F. Silver Charlotte that will serve to strengthen C&W’s presence throughout the region.

Paul F. Silver, president & CEO of Thalhimer said “Cushman & Wakefield is a global and recognized leader for supplying services and strategic advice to many of the most well-known companies in the world. We are delighted to strengthen our partnership with a global leader with a proven record of performance.

Our firms share a culture of providing exceptional client services and meeting all aspects of our client’s real estate needs.” Thalhimer has as been a member of the Cushman & Wakefield Alliance Program

since 2002 servicing the Commonwealth of Virginia.

“Our strong relationship with Thalhimer in the state of Virginia led to this expansion of our alliance to the Charlotte marketplace,” said Jim Underhill, CEO, Americas of Cushman & Wakefield. “Our central focus is premier client service in the markets where we have a presence, and we believe our clients will benefit from the entrepreneurial and localized influence of this strong alliance partnership. Thalhimer is highly qualified to help us grow our presence in the State of North Carolina.”

Joining Cushman & Wakefield | Thalhimer’s brokerage group as a senior vice president is Warren S. Snowdon, SIOR. Warren is a veteran real estate professional in the Charlotte area, specializing in assisting national and international companies with site selection and disposition strategies to rationalize supply chain networks. His areas of focus include both acquisition and disposition of land, office and warehouse facilities,

manufacturing, and bulk distribution in North Carolina.

Also joining the Charlotte office are several broker professionals with experience in the market.

Warren Snowdon said “I have served clients and customers in the Charlotte marketplace for nearly 15 years.

During that time, the region has grown substantially, and the commercial brokerage business has become much more sophisticated and competitive, both in terms of technology and national and global networking. Joining Cushman & Wakefield | Thalhimer will provide us with the well capitalized platform and bestin-class tools necessary for us to provide the highest level of services to our clients in today’s changing marketplace.

The well-known Thalhimer brand gives us a strong regional presence and the Cushman & Wakefield affiliation provides us a national and global gateway. We are very excited about being able to offer strategic commercial real estate solutions to our clients.” ■

Associate vice president investments

Marcus & Millichap promotes Thurston ELMWOOD PARK, NJ — The board of directors of Marcus & Millichap Real Estate Investment Services has promoted David E. Thurston to associate vice president investments. This achievement David Thurston

is one of the highest levels of recognition the firm awards to its investment specialists.

It represents excellence in the development and servicing of long-term client relationships, according to Michael J. Fasano, vice president and regional manager of the New Jersey office.

Most recently, Thurston held the title of senior associate in the New Jersey office. ■

ECS Mid-Atlantic adds Wiltshire as safety manager FREDERICKSBURG, VA — Stephen M. Wiltshire, M.S., has joined ECS Mid-Atlantic, LLC as their new safety m a n a g e r.

Wiltshire has a Master of Science in Safety Management f r o m We s t Virginia Uni- Stephen Wiltshire versity, as well as a Bachelor of Science in Human Resources from Wilmington College.

With more than 30 years of

experience in the construction safety field, Wiltshire was formerly a Virginia Department of Labor Compliance Officer.

He also served on two Federal Occupational Safety & Health Administration (OSHA) Advisory Committees evaluating scaffold and crane safety and was subsequently appointed to serve as a stakeholder with OSHA’s Crane-Derrick Advisory Committee in 2004. Wiltshire also served on OSHA’s Advisory Committee on Construction Safety and Health in 2005-2006. ■

Encore Construction hires Davis as VP of preconstruction ANNAPOLIS, MD — Encore Construction announced the addition of David Davis to its team as VP of preconstruction services.

In the newly-created position, Davis will lead estimating and preconstrucDavid Davis tion services, including conceptual feasibility budgeting. Davis explains his new role by saying, “If someone comes in with a concept plan

and wants to know what it will cost to build, I develop a budget to work towards as drawings are developed and for the client to plug in to a pro forma to assess the project’s viability.”

He will also support the firm’s business development efforts.

Davis brings 25 years of experience in the construction industry to his new role with Encore. Most recently Davis was vice president of purchasing for K. Hovnanian Homes in Chantilly, VA, where he hired Encore to build out office space and a design gallery. ■

S.L. Nusbaum Realty Co. names Gurley director of retail brokerage and leasing NORFOLK, VA — Michael D. Gurley, senior VP of S.L. Nusbaum Realty Co. has been named director of retail brokerage and leasing.

In this role, Gurley will oversee the operation of the Norfolk Michael Gurley retail leasing department and, in addition, coordinate the company’s retail brokerage support.

Gurley is a member of the International Council of Shopping Centers, Hampton Roads Realtors Association, VA Association of Realtors, National Association of Realtors, Retail Task Force Downtown Norfolk Council and Granby Street Initiative. In addition, Gurley is a member of the ICSC 2010 VA Idea Exchange Program Planning Committee and heads up the ICSC VA Next Generation Program. He formerly held positions in the ICSC of VA State operations chairman. ■

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Mid Atlantic Real Estate Journal — Shopping Centers — January 28 - February 10, 2011 — 21B

PROFILES ON INDUSTRY PROFESSIONALS NAME: DAVID E. THURSTON TITLE: AVPI AND DIRECTOR, NOIPG AND NET LEASE GROUP COMPANY: MARCUS & MILLICHAP LOCATION: ELMWOOD PARK, NJ BIRTH PLACE AND DATE: WINDSOR LOCKS, CT. 4/16/1957 FAMILY: WIFE-GAYE MARRIED 23 YEARS, 2 CHILDRENPERRY GIRL 21 SENIOR AT SYRACUSE UNIV AND SON COLLIN 19 SOPHOMORE AT UNIV OF SOUTH CAROLINA COLLEGE: GWU UNDERGRADUATE DEGREE BA ‘79, CATHOLIC UNIV LAW SCHOOL JD ‘82 FIRST JOB OUT OF COLLEGE: MORGAN, LEWIS & BOCKIUS, REAL ESTATE ASSOCIATE [LAW FIRM] FIRST JOB IN REAL ESTATE OR ALLIED FIELD: SEE ABOVE, BUT AFTER LEAVING THE LAW I WAS VP AND SALES MANAGER FOR THE BINSWANGER COMPANY WHAT DO YOU DO NOW AND WHAT ARE YOU PLANNING FOR THE FUTURE: I REPRESENT CLIENTS SEEKING TO INCREASE THEIR WEALTH BY INVESTING IN REAL ESTATE AND PLAN ON IMPROVING THOSE CLIENTS WEALTH WELL INTO THE FUTURE

HOBBIES: PLAYING SPORTS FAVORITE BOOK: ATLAS SHRUGGED FAVORITE MOVIE: 2001: A SPACE ODYSSEY PERSON YOU MOST ADMIRE (OUTSIDE OF FAMILY): MUHAMMAD ALI KEY TO YOUR SUCCESS (ONE IDEA) UNDERSTANDING THE CLIENTS NEEDS, SOMETIMES EVEN BEFORE THEY KNOW WHAT THEY ARE IF YOU WERE FORCED TO CHOOSE ANOTHER VOCATION WHAT WOULD IT BE? HIGH SCHOOL HISTORY TEACHER AND FOOTBALL COACH

If you would like to be included on this page

call:

ROY T. PEREZ-DAPLE BROKER NAME: ROY T. PEREZ-DAPLE TITLE: BROKER COMPANY: METRO COMMERCIAL REAL ESTATE, INC. LOCATION: CONSHOHOCKEN, PA BIRTH PLACE AND DATE: HARRISBURG, PA FAMILY: MARRIED FOR 37 YEARS TO GAY AND PROUD FATHER OF 2 SONS – AARON, ATTORNEY IN CHICAGO AND RYAN, MUSICIAN IN L.A. COLLEGE: PENN STATE UNIVERSITY – BS. POLYSCI; DREXEL UNIVERSITY - MBA FIRST JOB OUT OF COLLEGE: FEDERAL GOVERNMENT – SPECIAL ASSISTANT FOR YOUTH AFFAIRS FIRST JOB IN REAL ESTATE OR ALLIED FIELD: INDUSTRIAL, OFFICE & RETAIL LEASING FOR THE PORT AUTHORITY OF NY AND NY AT THE WORLD TRADE CENTER IN NEW YORK CITY WHAT DO YOU DO NOW AND WHAT ARE YOU PLANNING FOR THE FUTURE: JUST JOINED A GREAT GROUP OF REAL ESTATE PROFESSIONALS WITH WHOM I HOPE TO GROW AND PROSPER. HOBBIES: FLYING, MOTORCYCLES, SHOOTING, PIANO, STAINED GLASS, PHOTOGRAPHY FAVORITE BOOK: LA DIVINA COMEDIA BY DANTE ALIGHIERI – READING IT RIGHT IN ITALIAN FAVORITE MOVIE: ENTER THE DRAGON WITH BRUCE LEE PERSON YOU MOST ADMIRE (OUTSIDE OF FAMILY) SIR RICHARD BRANSON KEY TO YOUR SUCCESS (ONE IDEA) BELIEVE! IF YOU WERE FORCED TO CHOOSE ANOTHER VOCATION WHAT WOULD IT BE? TRAVEL WRITER/PHOTOGRAPHER

Metro Commercial Real Estate, Inc.

Marcus & Millichap

DAVID E. THURSTON AVPI & DIRECTOR, NOIPG & NET LEASE GRP.

STEPHEN M. WILTSHIRE SAFETY MANAGER STEPHEN M. WILTSHIRE TITLE: SAFETY MANAGER COMPANY: ECS MID-ATLANTIC, LLC LOCATION: FREDERICKSBURG, VA

Elaine Fanning

BIRTH PLACE AND DATE: FREDERICKSBURG, VA 3-15-56 FAMILY: WIFE AND TWO SONS

Mid Atlantic REAL ESTATE JOURNAL

COLLEGE: WEST VIRGINIA UNIVERSITY FIRST JOB OUT OF COLLEGE: PARK RANGER FIRST JOB IN REAL ESTATE OR ALLIED FIELD: WHAT DO YOU DO NOW AND WHAT ARE YOU PLANNING FOR THE FUTURE:

efanning@marejournal.com

RETIREMENT AND TRAVEL HOBBIES: READING, GOLF, ORNITHOLOGY FAVORITE BOOK: BIBLE FAVORITE MOVIE: BRAVEHEART PERSON YOU MOST ADMIRE (OUTSIDE OF FAMILY)

(800) 584-1062 / (781) 871-5298 x 212 • Fax (781) 871-5299

DIETRICH BONHOFFER KEY TO YOUR SUCCESS (ONE IDEA) FAITH IF YOU WERE FORCED TO CHOOSE ANOTHER VOCATION WHAT WOULD IT BE? MUSICIAN

ECS Mid-Atlantic, LLC

CONSTRUCTION MEDIC

22B — January 28 - February 10, 2011 — Shopping Centers — Mid

Atlantic Real Estate Journal

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MID ATLANTIC ICSC IDEA EXCHANGE Of the Barnes & Noble Collegiate Superstore

Thalhimer represents Regency Centers

Rowan Boulevard celebrates Grand Opening

Benjamin Moore & Co. leases space at Hanover Village

G

LASSBORO, NJ — The Barnes & Noble Collegiate Superstore, the first retailer on Rowan Boulevard, Glassboro’s NJ’s $300 million downtown revitalization project, celebrated its Grand Opening January 19 with a day filled with activities featuring book signings by guest authors, a Glassboro historical presentation and a Dr. Seuss storytime for children.

Named the “Barnes & Noble at Rowan University,” the new 37,000 s/f store currently is the largest Collegiate Superstore operated by Barnes & Noble in New Jersey and one of only two Collegiate Superstores statewide.

Along with being a resource to Rowan’s 12,600 students and staff, the store will be a new attraction for Glassboro’s 20,000 residents and nearly 350,000 people in neighboring Gloucester County communities.

“Today is a milestone not only for Barnes & Noble, but in how public-private partnerships enable a community to excel.

We have bonded together the Borough of Glassboro, Rowan University, Barnes & Noble, Sora Holdings, Glassboro’s businesses and its residents to make this project a dynamic success,” said Glassboro Mayor Leo McCabe.

Barnes & Noble College Booksellers has created a unique retail concept, pioneered in the 1990’s, of Collegiate Superstores that combine the depth and breadth of selection and amenities of a Barnes & Noble retail bookstore within an academic environment. The Collegiate Superstores have transformed traditional college bookstores into central gathering places for the communities they serve. Barnes & Noble College Booksellers operates more than 20 of its Collegiate Superstores at leading universities across America, and another 630 traditional college/university bookstores coast to coast.

“We are very proud to join with Rowan University and the Glassboro community to create not only a Collegiate Superstore that will serve the academic needs of the University, but also an establishment that will welcome and benefit the entire Glassboro region,” said Max Roberts, president of Barnes & Noble College Booksellers.

A two-story atrium greets visitors as they enter the new store, leading to a “shopping

The Barnes & Noble Collegiate Superstore boulevard” filled with tables of downtown, forming a new books and general merchandise. 26-acre, pedestrian friendly A large general reading and ref- corridor stretching a third erence department occupies the of a mile from the foot of the right side of the bookstore from Rowan University campus the front to the back. There also to the center of the business are several seating areas in the district, featuring broad sidebook department which invite walks, dozens of stores, respatrons to browse and relax as taurants, mixed use retail they review their title selec- buildings, student housing, a tions, with seating for 40 pa- 100-room Marriott Courtyard trons between the 2 sales floors hotel & conference center, and an additional 30 seats on public piazzas and a 1.5 acre the 2nd floor to accommodate town square. special literary events.

“Barnes & Noble and the The Grand Opening festivi- university student housing ties were highlighted by a cook- epitomize how Rowan Bouleing demonstration by celebrity vard is tying together Glassauthor and chef, Spike Men- boro as a community. The boudelsohn, who was a fan favorite levard literally bridges the gap on the fourth season of Bravo between Rowan’s campus and TV’s Top Chef and opened Good downtown, placing students Stuff Eatery in Washington, on the street and attracting D.C., in 2008. new businesses to serve them,” The publishers of Weird NJ said Greg Filipek, a principal magazine and producers of the with Sora Holdings, the desWeird U.S. book series, Mark ignated master redeveloper Moran and Mark Sceurman, of Glassboro. “We’re not just also participated in the open- constructing buildings. We ing, regaling in stories from have formed a public-private their unique travel guide and partnership to once again magazine about New Jersey revitalize a downtown with locales you won’t find on tradi- students, residents, shoppers, tional maps or located in tourist workers and visitors.” attraction pamphlets.

The Barnes and Noble will The Cat in the Hat, portrayed be joined on Rowan Boulevard

by Malcolm Adler, principal of by several mixed use buildings Glassboro’s J. Harvey Rodg- offering 185,000 s/f. of retail ers School, also was on hand space, 40,000 s/f. of office space reading Dr. Seuss stories to and 307,000 s/f. of residential local school children, and “The space. Construction is now unRoots of a College Town,” a talk derway on the Whitney Cenon the history of Glassboro, ter, a mixed use retail buildwas presented by the Greater ing with 22,000 s/f. of ground Glassboro Group, led by Darla floor retail space and upper Cassidy. floors for Rowan University Glassboro’s Rowan Boule- honor student housing and vard revitalization project is multipurpose space, and the being developed in public/pri- Marriott Courtyard is nearing vate partnership between the its groundbreaking. The bouBorough of Glassboro, Sora levard is expected to attract Holdings, of Sewell and Tow- a minimum of 60 new retail son, MD, and Rowan Univer- stores generating a minimum sity. The project is transform- of $48 million in annual sales ing the heart of Glassboro’s when completed in 2012. ■

Hanover Village MECHANICSVILLE, VA Susan Jones with Grubb and – Regency Centers, a national Ellis | Harrison Bates and owner, operator and developer Regency by Connie Nielson of grocery-anchored and com- with Thalhimer. munity shopping centers, has According to Luke Puccileased retail space at Hanover nelli, Regency Centers propVillage to Benjamin Moore erty manager, the 88,006 s/f & Company. Specializing in shopping center is anchored the sale of Benjamin Moore by a 34,573 s/f Tractor Supply paints, stains and applicators, Company alongside national Benjamin Moore & Company retailers such as Hallmark, has leased 3,025 s/f of retail Tuesday Morning and Walspace and is slated to open greens. Hanover Village is for business this spring. The located at 7047 Mechanicsville tenant was represented by Pike. ■

Latus Commercial Realty brokers 1,225 s/f in leases MECHANICSBURG, PA — Brittle Bark recently leased 775 s/f of retail space and will be relocating their retail store to 39 East Main Street, Mechanicsburg.

Laura Martin of Latus Commercial Realty represented both parties.

Deanna Rohrer, Yachiyo Beck and Jeanne Johnson, owners of Studio 39, a fine art gallery, also leased 450 s/f of retail space at 39 East Main St. Martin represented both parties. ■

39 East Main St.

Levin signs lease with Batteries Plus NORTH PLAINFIELD, NJ — Batteries Plus has leased 1,650 s/f at 513 Route 22 West, announced Levin Management Corp., which represented the landlord in the transaction.

Batteries Plus will share the

two-tenant property with Sprint, which occupies a like amount of space.

“Batteries Plus brings a unique retail concept to the Route 22 retail corridor,” said Jake Frantzman, salesperson. ■

Commercial Defeasance launches first iPhone and iPad App for defeasance CHARLOTTE, NC — Commercial Defeasance, LLC announces the launch of iDefease, the first defeasance app. iDefease is a mobile calculator that allows commercial real estate professionals to estimate defeasance costs for any loan instantly on their iPhone, iTouch or iPad. It also answers frequently asked questions and gives users the option to call Commercial Defeasance for assistance with the touch of a button.

John Hosmer, CEO of Commercial Defeasance, stated, “iDefease is the latest in a

long line of industry innovations from Commercial Defeasance that are designed to help commercial real estate professionals Defease With Ease. We were on the cutting edge of technology when we developed the first web-based defeasance calculator ten years ago, so it was natural for Commercial Defeasance to lead the way again with the first defeasance app for mobile devices.” iDefease for the iPhone, iTouch and iPad is free and available now at the Apple App Store. ■

MAREjournal.com

Mid Atlantic Real Estate Journal — Shopping Centers — January 28 - February 10, 2011 — 23B

SHOPPING CENTERS At Kingsbridge Center and Allentown Commons

Larken Associates leases 5,216 s/f in New Jersey & PA

H

ILLSBOROUGH, NJ — At Kingsbridge Center, the retail, medical

MCEVOY & DEAN T H E

Kingsbridge Center & professional office located on South Branch Rd., Larken Associates is reporting two new lease signings totaling nearly 4,000 s/f. The new tenants at the five building complex are Grab ‘Em Snacks, LLC, a café and catering restaurant which reserved 1,969 s/f, and Wellcare Family Practice, M.D. which signed a 1,839 s/f lease.

“The key to our success even in a challenging market is the ability to provide state-of-theart commercial spaces that are situated in highly-visible locations and are in close proximity to heavily traveled roadways and major highways,” points out Victor Kelly, executive vice president of Raider Realty, the broker for Larken Associates.

ALLENTOWN, PA — Allentown Commons, the 71,873 s/f shopping center announces the opening of Be-Well Pharmacy and Tropical Hut African-Caribbean market -- which signed leases earlier this year, joining Family Dollar, Popeye’s, Planet Fitness, Philly Soft Pretzel Company and others attracting customers at the five-building shopping center. What’s more, Metro PCS has recently signed a lease for 1,408 s/f at the complex.

“Increased leasing during 2010 at Allentown Commons is now coming to fruition with many of the companies who signed earlier this year finishing their build-out and opening for business,” says Victor Kelly, vice president of Raider Realty, the broker for Larken Associates, the developer/ owner/manager of Allentown Commons.

Larken has recently completed an aggressive repositioning and conversion of the 6.5-acre Allentown Commons site that now includes separate free-standing buildings -- one of which features a drive through that is occupied by Popeyes.

The conversion plan included limited demolition and the construction of four new stateof-the-art commercial buildings. ■

L A W

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8 WEST 3RD ST • FREDERICK, MD 21701 301-694-2752 • FAX 301-694-2754 Allentown Commons

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24B — January 28 - February 10, 2011 — Shopping Centers — Mid

Michael Kercheval President & CEO ICSC

Peter Sharpe ICSC Chairman

Atlantic Real Estate Journal

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Member of International Brad Hutensky Council of Shopping Centers John-david Franklin Director, Eastern Division www.icsc.org VP & Trustee

PA/DE/S.NJ

Larry M. Spott Director, DC/MD/N.VA

Susan Jones Director, S.VA

Northern NJ State Directors PA/DE/S.NJ: State Director John-david W. Franklin Steven Gartner MadisonH.Marquette Metro Commercial Real DC/MD/N.VA: Estate Larry M. Spott, CDP The Rappaport Companies Government Relations Committee Chair S.VA: Michael A. F. Mozzachio Susan Jones GrubbDevelopment & Ellis Chancellor Group Government Relations Committee Chair Alliance Co-Chair PA/DE/S.NJ: Edward A. Shriver, Jr. Ed Kockman Strada Kochman Consulting Services Operations Co-Chair DC/MD/N.VA: Lynda E. Benedetto, Thomas C. Barbuti Whiteford, Taylor and SCSM Preston LLPCo. Kravco Simon S.VA: Roger Rodriguez RetailR.Co-Chair Timmons Group Roy T. Perez-Daple Lowe’s Companies Alliance Co-Chair PA/DE/S.NJ: Next Generation Chair Edward A. Shriver, Jr Eric Strada S. Penney CentroDC/MD/N.VA: Properties Group Freddie L. Archer Lewis Real Idea Exchange Estate Services S.VA: Program Planning ComMatthew L. Lafler mittee Co-Chair Commercial Real Timothy Rubin Estate Services

ICSC 2011 Mid-Atlantic Conference & Deal Making February 22 – 23, 2011 Gaylord National Resort & Convention Center National Harbor, MD

PREIT Next Generation Chair PA/DE/SNJ: Idea Exchange Jordan Claffey Program Planning ComSNJ: LindseyCo-Chair C. Floyd mittee Centro Properties Group Brandon Famous Thalhimer Fameco DC/MD/N.VA: Jarett L. Parker Kimco Corporation

ICSC Members interested in participating in The Mid Atlantic Real Estate Journal’s Shopping Centers section contact Elaine Fanning 1-800-584-1062 ext 212 ~ efanning@marejournal.com

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Mid Atlantic Real Estate Journal — Shopping Centers — January 28 - February 10, 2011 — 25B

SHOPPING CENTERS BUSINESS CARD DIRECTORY ATTORNEY

ATTORNEY

ARCHITECT

Scott C. Butler Neil A. Stein Andrew B. Cohn

Suite 310 LibertyView 457 Haddonfield Road Cherry Hill, NJ 08002 856-675-1550

910 Harvest Drive Blue Bell, PA 19422 610.260.6000 www.kaplaw.com

CIVIL ENGINEER/TRANSPORTATION PLANNER

CONSULTING ENGINEER

INSURANCE BROKERS

REAL ESTATE ACQUISITIONS

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BOGIA ENGINEERING INC. 1100 Berkshire Blvd., Suite 308 Wyomissing, PA 19610 Gregg Bogia, PE, PTOE President

Phone 610-678-3071 Fax 610-678-3517 Cell 610-209-7176 Email gregg@bogiaeng.com

PROPERTY MANAGEMENT/DEVELOPMENT

Daniel Katz

P: 212.710.9362

F: 917.591.5497

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

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26B — January 28 - February 10, 2011 — Shopping Centers — Mid

Atlantic Real Estate Journal

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RETAIL BROKERAGE DIRECTORY Aptcor Commercial Realtors 414 W. Main Street • P.O. Box 148 Lansdale, PA 19446 P: 215-855-9600 F: 215-855-3469 www.aptcor.com Alan Apt, CCIM • Michael Rosenthal • Paul Kasoff Brad Goodrich

ARC Properties, Inc. 1401 Broad Street• Clifton, NJ 07013 Michael R. Ambrosi Leasing and Marketing P: 973-249-1000 x 116 mambrosi@arcproperties.com Steven Maloy S.V.P. Investments P: 973-249-1000 x 114 stevem@arcproperties.com

Capital Retail Group 1401 14th St. NW • 3rd Floor • Washington, DC 20005 P: 202-319-2885 www.capitalretailgroup.com Robert E. Tack • Michelle Tack Capital Retail Group is founded on the belief in doing a few things very well. It’s straight forward.

We know commercial real estate leasing, sales and property management. We know our business.

Cedar Shopping Centers Nancy Mozzachio P: 856-218-8677 nhmcedarsc@aol.cim Corporate Headquarters 44 South Bayles Ave. • Port Washington, NY P: 516-767-6492 www.cedarshoppingcenters.com

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

Berger-Epstein Associates, Inc. The Offices at 3900 Hamilton Center 3900 Hamilton Boulevard • Suite #208 Allentown, PA 18103-6122 je@berger-epstein.com www.berger-epstein.com William M. Berger • Jeff A. Epstein Jonathan Epstein, CCIM

Calkain Companies, Inc. 11150 Sunset Hills Rd. • Suite 300 Reston, VA 20190 P: 703-787-.4714 F: 703-787-4783 Jeff Bogart • Gerald E. Burg • Jonathan W. Hipp Andrew M. Fallon • W. Douglas Wright Rick Fernandez

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

Coldwell Banker Commercial Pennco Real Estate 1250 North 9th Street • Stroudsburg, PA 18360 P: 570-476-7711 F: 570-476-6130 email: retail@cbcpennco.com www.cbcpennco.com Spiros Bilianis, CCIM • James Fondi Teresa Mickens, CCIM • Susan Mikels Northeast Pennsylvania Experts

4600 West Cypress St. • Suite 110 Tampa, FL 33607 P: 813-282-6000 F: 813.282-6098 David Sobelman • Teal M. Henderson Guenter Manczur, CCIM • Patrick R. Nutt 1521 Concord Pike (US 202) • Suite 301 Wilmington, DE 19803 P: 302-235-3017 F.: 775-667-2874 Bob Browning • Andrew M. Fallon Calkain Asset Management 200 Wheeler Rd. • 2nd Floor • Burlington, MA 01803 P: 781-694-0410 F: 781-694-0415 Richard T. Murphy Calkain Realty Advisors 11150 Sunset Hills Rd. • Suite 300 • Reston, VA 20190 P: 703-787-4714 F: 703-787-4783 Betty Learned Friant • Brian O’Hear

Dietrick Group, LLC 5100 W. Tilghman St. • Suite 320 • Allentown, PA 18104 P: 610-391-8888 F: 610-391-8830 www.dietrickgroup.com Kelly L. Berfield kberfield@dietrickgroup.com Ryan C. Dietrick rdietrick@dietrickgroup.com Real Estate Sales, Appraisal & Property Management

ECHO Retail 701 Alpha Dr. • Pittsburgh PA 15238 P:412-968-1660 www.echoretail.com Aaron Savin • James Murphy • Brad Kelly Michelle Parolini

Equity Retail Brokers 101 West Elm St. • Ste. 370 • Conshohocken, PA 19428 P: 610-645-7700 F: 610-645-5454 info@equityretailbrokers.com Stuart Conston • Lee Cooper • Bart Delfiner Ed Ginn • Kathy Haines • Conrad Heckmann Ken McEvoy • Rob Samtmann • Rose Urban Brian Wherty • Rich Zeller

Fameco - Woodbridge, NJ Woodbridge Towers • 555 U. S. Highway 1 Iselin, NJ 08830 P: 732-526-9000 F: 732-526-9101 www.famecoretail.com Tyler Bennett • Carlo Caparruva • Mike Horne Dan Spector • Steven Winters Fameco - Plymouth Meeting, PA 633 West Germantown Pike • Suite 200 Plymouth Meeting, PA 19462 P: 610-834-8000 F: 610-834-1793 www.famecoretail.com Cathy Agnew • Jackie Balin • Rod Bell Brian Bruzek • Jeff Cohen • Chris Covello Jim Creed • Scott Dennis • Brandon Famous John Fasciano • Blake Golom • Michael Gray Dana Hawkins • Jerry Johnson • Jon Kieserman Adam Kohler • John Krause • Jon Kushner Dylan Langley • Gary Leone • Marc Mandel Matt Mandel • Jay Miller • Steve O’Malley David Orkin • Dale Peterson • Rick Schuch Julie Tanpitukpongse • Dave Vitali Rick Weinberg • George Wisnoski Marissa Visconsi • Fred Younkin

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

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Mid Atlantic Real Estate Journal — Shopping Centers — January 28 - February 10, 2011 — 27B

RETAIL BROKERAGE DIRECTORY L M S Commercial Real Estate 120 North Pointe Blvd. • Suite 301 • Lancaster, PA 17601 P: 717-569-9373 F: 717-560-9909 www.lms-pma.com Joe R. Deerin, CSM • Donna Deerin Ward Dave Nicholson • Michael Boden, SCSM Chad Ward • Blake Gross • Joe Spagnola, CCIM Ted Hummel, CCIM • Wilay Boensch Madison Marquette 1717 Arch St. • Suite 3930 • Philadelphia, PA 19103 Joseph D. Morris P: 215-399-4186 John-david W. Franklin SCLS P: 215-399-5606

David S. Feldman Regional Manager – Washington DC Office Special Assets Services – Regional Director 7200 Wisconsin Ave. • Ste. 1101 • Bethesda, MD 20814 P: 202-536-3700 F: 202-536-3710 www.marcusmillichap.com Danny Brooker, Josh Feldman, Brandon Jenkins, Kirk Knight, Ed Laycox, Nathan Pealer, Rudolph Rueda, Peter Snell

Michael J. Fasano Marcus & Millichap 611 River Dr. • 4th Floor • Elmwood Park, NJ 07407 P: 201-582-1000 F: 201-582-1010 www.marcusmillichap.com Urszula Zoltek,Seth Pollack, David E. Thurston, Michael Lombardi, Brian Schifilliti, Greg Babaian

NAI Keystone Commercial & Industrial, LLC Exeter Ridge Corporate Center • 3970 Perkiomen Ave. • Ste. 200• Reading, PA 19606 P: 610-779-1400 F: 610-779-1985 John Buccinno • Bryan Cole • Steve Willems

Soloff Realty & Development, Inc. Eight Tower Bridge • 161 Washington Street Suite 920 • Conshohocken, PA 19428 P: 610-834-0400 F: 484-534-2102 Broker: Richard L. Soloff Richard@soloffdevelopment.com Retail Brokerage * Development * Consulting PA, NJ & DE

NAI Summit 3435 Winchester Rd. • Ste. 300 • Allentown, PA 18104 P: 610-264-0200 F: 610-871-1700 summit@naisummitmrc.com www.naisummitmrc.com Tyler Chomik • John L. Crampsie, SIOR Jody King, CCIM • Dwight Musselman David Schumacher

Remco Realty Group 525 MIlltown Rd. • Ste. 101 • North Brunswick, NJ 08902 P: 732-253-0888 F: 732-253-0887 pgallicchio@remcorealty.net www.remcorealty.net Peter Gallicchio, Owner / President

R. J. Brunelli & Co. 400 Perrine Rd. • Suite 405 • Old Bridge • NJ 08857 P: 732-721-5800 F: 732-721-9241 www.njretailrealty.com Richard J. Brunelli • William A. Lenaz Carl J. Minue • Martin Yaged • John Lenaz Ron DeLuca • Edward Abaid Danielle Brunelli-Albrecht • Michael Murphy Assunta Spedaliere

Rock Commercial Real Estate LLC 221 W. Philadelphia • St. Suite 19 • York, PA 17401 www.rockrealestate.net Ryan Myers, CCIM, • Larry O’Brien, CCIM Benjamin Chiaro, CCIM • Cami Spiridonoff, CPM David Bode, CCIM, SIOR • Dave Keech, CCIM, SIOR Jason Turnbull, CCIM • Kevin Hodge, CCIM Michael Katz, CCIM • Russ Bardolf, CCIM Ted Turnbull, CCIM Weiss Realty Co. Inc. 250 Moonachie Road • Moonachie, NJ 07074 P: 201-814-1800 F: 201-814-1811 jweiss@jweissrealty.com www.jweissrealty.com Corporate Real Estate Services Jamie M. Weiss • Matthew B. Weiss • Marvin Lieberman

Welco Realty, Inc. 2525 Palmer Avenue • New Rochelle, NY 10801 P: 914-576-7500

Spencer Yablon Vice President and Regional Manager 8 Penn Ctr. • 1628 JFK Blvd. • Ste. 1200 Philadelphia, PA P: 215-531-7000 F:215-531-7010 www.marcusmilllichap.com Derrick Dougherty, Matt Gorman, Tom Gorman, Matt Hardiman, Jordan Muchnick, Chris Munley, Brad Nathanson, Michael Shover, Mark Taylor, Dean Zang

F: 914-576-7596

www.welcorealty.com Jerry Welkis • David Sternschuss • Allen Cooperman Silbert Realty & Management Company, Inc. 85A Division Ave. • Millington, NJ 07946 P: 908-604-6900 F: 908-604-2030 www.silbertrealestate.com info@silbertrealestate.com Brian S. Silbert • Joel Tomlinson Dominick V. Paragano • Wayne Kasbar David A. Greenman • William Ray

Susan Welkis • Antoinette Calisi • Jason Gerbsman Stephan Miller • Tod Heller • Etan Shalem Bob McCory • Dave Shaloum

If you would like to appear in the Retail Directory, please fill out coupon below and fax or email to Elaine Fanning Metro Commercial- Mt. Laurel, NJ 303 Fellowship Rd. • Suite 202 •Mt. Laurel, NJ 08054 P: 856-866-1900 F: 856-866-1611 Brandon Anapol • Brent Barbehenn • Dan Brickner Kurt Rumley • Mark Gerlach • Mary Hughes • Mike Gorman Paul Friedman • Paul Rumley • Pete Nicholson Rob Cooper • Tom Londres Metro Commercial - Conshohocken, PA Eight Tower Bridge • 161 Washington Street #375 • Conshohocken, PA 19428 P: 610-825-5222 F: 610-826-5156 Brian Goodwin • Donna Drew • Glenn Marvin Joe Dougherty • Mike Murray • Randy Hope Steve Gartner • Steve Niggeman

Check here if you’d like a special listing (includes logo and border) Single Block (2x2) — $50.00 Double Block (2x6) — $100.00 Company Name: _________________________________________________________________ Address:________________________________________________________________________ Telephone/Fax:__________________________________________________________________ E-Mail: _____________________ ___________________________________________________ Website:________________________________________________________________________ Commercial Brokers: ______________________________________________________________ _______________________________________________________________________________ _______________________________________________________________________________ ______________________________________________________________________________ Elaine Fanning Mid Atlantic Real Estate Journal | 1-800-584-1062 | fax: 781-871-5299 | e-mail: efanning@marejournal.com

28B — January 28 - February 10, 2011 — Shopping Centers — Mid

Atlantic Real Estate Journal

MAREjournal.com

VANICK PROPERTIES

VPI

INCORPORATED 381 Broadway, Westwood, NJ 07675 Tel: 201.666.7710 Fax: 201.666.7714 Nicholas J.Aynilian - President

QUALITY SPACE AVAILABLE Mt. Holly/Lumberton, NJ ~ Evergreen Plaza 10,000 SF Pad ~ 5,600 SF - 15,000 SF Stores 60,000 SF Build to Suit Retail or Office Space

Scranton, PA ~ Greenridge Plaza 57,000 SF (Divisible) ~ 1,500 SF - 7,500 SF Stores 5,000 SF Pad Site

Middlesex, NJ ~ Westmarket Center 200,000 SF New Retail & Entertainment Center 36,000 SF New Office Space

Pennsburg, PA ~ Pennsburg Square Center 2,000SF store ~ 4,000SF Store

Middlesex, NJ ~ Lincoln Blvd.

Office Space 1,200 SF - 4,000 SF Warehouse 1,300 SF - 8,100 SF

Union City, NJ ~ Store Front 3,000 SF Apartments 2 - 3 Bedrooms Retail 17,000 SF ~ Vacant Lot 30’ x 80’ Union, NJ RT 22 ~ Union 22 Town Center 4,000 SF - 10,800 SF Stores - 6,000 SF Pad Site

Pittston, PA ~ Pittston Plaza 2,000 SF - 2,500 SF Stores 1.5 Acre Pad on RT 11

Scranton, PA ~ Luzerne St. Shopping Center 7,300 SF Store Hazleton, PA ~ Hazleton Shopping Center 3,755 SF - 14,000 SF Retail ~ 4,000 SF Pad

Bethlehem, PA ~ Stefko Blvd.

1,700 SF New Store ~ Cafe or Convenience Store

Jersey City, NJ ~ Warehouse 36,000 SF

Reading, PA ~ Downtown 50,000 SF Mix Use Building

Aberdeen, NJ ~ RT 34 & Lloyd Rd. New Office Building ~ 5,600 SF

Selinsgrove, PA ~ RTS 11 & 15 1,650 SF New Store

info@vanickproperties.com www.vanickproperties.com

MAREjournal.com

Mid Atlantic Real Estate Journal — Shopping Centers — January 28 - February 10, 2011 — Inside Back Cover B

B Back Cover— January 28 - February 10, 2011 — Shopping Centers — Mid

Atlantic Real Estate Journal

MAREjournal.com

CONTRACTORS, OWNERS & MANAGERS

NJPA M A ID

BUILDING SERVICES

TLANTIC

REAL ESTATE JOURNAL

Section C of the Mid Atlantic Real Estate Journal

Provides on-site engineers at 2 Montgomery Street, Jersey City

NY & NJ Port Authority awards $1.5 million building operation contract to GSH Group

J

ERSEY CITY, NJ — GSH Group Inc., an international building engineering and energy management provider throughout the United States and Europe, announced it has been awarded a building operation maintenance services contract with the Port Authority of New York and New Jersey for the Authority’s recently acquired 2 Montgomery St. GSH was the contractor selected for the $1.5 million three-year con-

tract, sourced through the GSA Federal Supply Schedule.

GSH’s program includes the provision of site-dedicated building engineers to carry out operation, maintenance and repair services of the building’s equipment. 2 Montgomery Street is 185,000 s/f class “A” office building located in the heart of Jersey City on the Hudson waterfront.

GSH holds additional engineering contracts with the

JANUARY 28 - FEBRUARY 10, 2011

HI-LIGHTS

2 Montgomery Street in Jersey City, NJ

Authority, including its Cape Liberty’s Port Jersey Marine Terminal, 51 Port Terminal Boulevard, in Bayonne, New Jersey, awarded earlier this year. Also, GSH holds a contract with the Port Authority Trans-Hudson’s MacMillan Bloedel Building and Train Control Center located at 100 Academy St. “GSH is delighted to be given the opportunity to partner with the Port Authority in servicing their new facility,” added Reed Ell, GSH’s director of operations. ■

In the Brightwood neighborhood

JCR/UIP JV acquires two apartment buildings in DC totalling $6.3 million

DAVCON constructs 10,000 s/f office-warehouse building DAVCON announced plans to construct a 10,000 s/f office-warehouse building at 240 London Bridge Rd. in Virginia Beach, VA. See Page 6C.

Firoozabadi Group arranges 125 unit apartment sale The Firoozabadi Group of Marcus & Millichap arranged the sale of 7667 Maple Ave. Parkview Towers is a 125 unit high-rise apartment community located in Montgomery Cty. See page 15C.

ALSO INSIDE: ROBERT S. MORRISEY, JRS ARCHITECT, P.C. ......................2C BUILDING SERVICES & SUPPLIERS ..............................................

NJAA ORGANIZATION .........................................................15C IREM ORGANIZATION ............................................... 16-IBC-C Section C, 20 pages

MAREjournal.com

WASHINGTON, D.C. — A partnership between Urban Investment Partners (UIP) of Washington, DC and The JCR Companies (JCR) of Arlington, VA has acquired two apartment buildings in the Brightwood neighborhood of Washington, D.C. for $6.3 million. The JCR Companies provided 90 percent of the equity and UIP provided 10 percent.

The two buildings are: The Rockford with 66 units at 1444 Rock Creek Ford Road, NW and 1371 Peabody Street, NW with 14 units.

This is the third apartment building in Brightwood that UIP has acquired in partner-

1371 Peabody Street, NW ship with JCR. The first was the 55-unit Homestead Apartments at 812 Jefferson Street NW, which the partnership acquired in September of 2010.

The two most recent acquisitions are the final components of the “The Brightwood Trio” totaling 135 units with a total acquisition cost of $9.9 million.

“These three apartment properties reflect our core business plan of investing in well-located infill assets in the Washington, D.C. market,” stated Joe Reger, managing partner of The JCR Companies. “We are hoping to invest $15-20 million of equity into

this product type in the next 24 months.”

“We have been prolific buyers of real estate in this very stable and quiet residential upper Northwest neighborhood,” said Steve Schwat, UIP principal. “We now own and or manage more than 400 apartment homes in this submarket, and we are on track to acquire more in 2011.”

“Brightwood is a beautiful, tree-filled neighborhood that encompasses Walter Reed Army Medical Center, Fort Stevens, and much of Rock Creek Park including its equestrian center, tennis center, and golf course,” Schwat added. ■

C Inside Cover — January 28 - February 10, 2011 — Contractors, Owners & Managers — Mid

Atlantic Real Estate Journal

MAREjournal.com

Serving the Eastern Seaboard From Maine to South Carolina for Over 20 Years All-Rite has been meeting and exceeding the construction needs for a wide variety of clients from the design phase to job close-out. All-Rite delivers the highest quality workmanship in a professional collaborative environment for a win-win outcome on every project, large or small!

Our Commercial Construction Expertise Includes: • Industrial buildings • Warehouses • Manufacturing facilities • Restaurants • Libraries

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Some of Our Clients Include: New Milford Board of Education, Media Room Renovation Middle School, Teva Pharmaceuticals, Hunter Douglas, Aeropostale Corporate Office William Paterson University, Elmwood park Board of Education St. Mary’s Hospital, Hackensack Meadowlands Development Commission, ConEdison, Parker Meridien Hotel, Pratt Institute and Quality Inn. Renovations and Repairs Whether it is renovations, damage from fires, floods, torandos, smoke, water or just old age, All-Rite Construction can respond quickly and efficiently Call today to learn how we can help with your next project.

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MAREjournal.com

Mid Atlantic Real Estate Journal — Contractors, Owners & Managers — January 28 - February 10, 2011 — 1C

Residential • Commercial • Industrial

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2C — January 28 - February 10, 2011 — Contractors, Owners & Managers — Mid

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The best in their fields.

Now better together.

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By Robert S. Morrisey, JRS Architect, P.C.

How will the revised ADA regulations impact your business?

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Atlantic Real Estate Journal

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YOU are invited to PARTICIPATE IN MAREJ’s COM section !!!

BUILDING SAFETY & SECURITY FEBRUARY 25TH ISSUE deadline Feb. 11 POA EXPO MARCH 25TH ISSUE deadline March 11 CONSTRUCTION LAW COST OVERRUNS APRIL 22ND ISSUE deadline April 8

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

Dianna Mallozzi, Publisher 800-584-1062 or email Dianna at: dmallozzi@marejournal.com ADVERTISE TODAY! CALL 800-584-1062

O

n July 23, 2010, Attorney General Eric Holder signed final regulations revising the Department’s ADA regulations, including its ADA Standards for Accessible Design. The Robert Morrisey new rules will take effect on March 15, 2011. While compliance with the 2010 Standards for Accessible Design is not required until that date, it is permitted as of September 15, 2010.

With close to 20 years experience designing cost effective solutions to bring our clients’ facilities and work spaces into compliance with ADA Guidelines and Building Codes, JRS Architect, P.C. is in a position to cut through some the complexities and put the new rules into perspective.

As a quick refresher, Title II regulations apply to State and Local Government Services and Facilities while those under Title III encompass Public Accommodations and Commercial Facilities. The Title III statutes are those that impact most of our clients.

The adoption of the 2010 ADA Standards for Accessible Design finally harmonizes

Federal rules with the Model Building Code currently in force in many of the states including New York, New Jersey, Connecticut and Pennsylvania. And this may be advantageous to architects and designers. If for example an architect complies with state accessibility requirements they will likely, with some exceptions, be compliant with federal requirements under the ADA. This is an improvement on the 1991 Standards where a number of the requirements were at variance with those called for by the Model Building Code.

Architects and designers should also take note that facilities brought into compliance with the 1991 Standards would not be required to comply with the 2010 Standards until those elements were subject to a planned alteration.

Some key changes to be aware of include: 1. Reach Range Requirements: side reach range has been changed from 54” to 48” 2. Clearances in Single User Toilet Rooms: clearances for both forward and parallel approaches to toilets and clearances at water closets and lavatories.

3. Common Use Circulation Paths in Employee Work Areas: in addition to providing accessible approach, entrance

Spandrel Property Services of New York manages first New Jersey project RAHWAY, NJ — Spandrel Property Services has been tapped to manage its first residential development in Rahway, encompassing the remaining sponsor units within Skyview at Carriage City Plaza.

The company has been con-

tracted to manage unsold units within Skyview, a 222-unit, mid-rise condominium building developed by Silcon Group and built in 2008. Spandrel will be managing the 160 one- and two-bedroom residences, which are currently being marketed as rentals. ■

and exit, all common circulation paths within the area are now required to be accessible.

4. Locations of Accessible Routes: all accessible routes connecting access points and building entrances must now be in the same general area as the general circulation paths.

If those paths are interior, the accessible route is also to be interior.

The ADA Regulations deal with the many ways of providing those with physical disabilities the capacity to access, use and work in all types of environments. As accessibility specialists, JRS looks forward to furthering awareness of the new rules and helping clients reduce their potential lawsuit continued on page 4C

Contractors, Owners & Managers a section of the

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

MAREjournal.com

Section Publisher Joe Christman jchristman@marejournal.com

Section Editor Karen Vachon kjoy@marejournal.com

MAREjournal.com

Mid Atlantic Real Estate Journal — Contractors, Owners & Managers — January 28 - February 10, 2011 — 3C

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

COMING SOON………..

IREM 2011 TRI-STATE CONFERENCE & EXPO February 17 & 18th, 2011 The Borgata Hotel, Casino & Spa Atlantic City, N.J.

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Variety of Educational Sessions Action Packed Maintenance Features Live Expo of New Products & Services Intermissions Offering Networking Opportunities STARRING………

Mike Rayburn-World Class Guitarist and Stand Up Comedian Ronald L. Goss, CPM -2011 IREM President FEATURING………

IREM New Jersey Chapter No 1 IREM Delaware Valley Chapter No 3 IREM Southern New Jersey Chapter No 101 Make your reservation now. ……. $229 Member/$279 Non-Member Day Passes Available Exhibitor opportunities available – table top displays $750 Friend of IREM/$950 Non-Member Limited Sponsorship opportunities available For more information contact the IREM Chapter OfÄce at 856-786-9260 or visit

www.irem1.org/www.irem3.org/www.irem101.org For hotel reservations mention IREM Conference when contacting Borgata at 866-MY-BORGATA or visit www.theborgata.com using code GIREB11.

4C — January 28 - February 10, 2011 — Contractors, Owners & Managers — Mid

Atlantic Real Estate Journal

MAREJ COM

JRS ARCHITECT, P.C. architecture | interior design | management

MAREjournal.com

Doubling the number employees

ValleyWide Property Mgmt. acquires Barclay Contracting corporate education financial healthcare hospitality retail preservation

LONG ISLAND

|

NEW YORK CITY |

PRINCETON

www.jrsarchitect.com

A

LLENTOWN, PA — ValleyWide Property Management, LLC of has acquired Barclay Contracting C o m p a n y.

The acquisition expands ValleyWide’s existing contracting cap a b i l i t i e s Howard Graeffe and adds fire and water damage restoration.

Under the purchase agreement with ValleyWide, Vito and Cheryl Spinosa, the previous owners of Barclay, will

assist with the transition of ownership and future growth of the ValleyWide/Barclay brand. ValleyWide expects to retain the current Barclay employees and has plans to incorporate them into the company’s existing service lines.

“We look for companies that offer symmetry without overlap,” said ValleyWide president Howard Graeffe.

“Barclay’s remodeling, contracting and 24-hour on-call services align with our existing Building Services Division, plus they round out our service capabilities by adding

Featuring our Annual

COMMERCIAL OFFICE SPOTLIGHT

February 25, 2011 This issue will publish as a special pullout section… featuring: • A special LISTING of all the Office Space transaction Recorded in MAREJ throughout 2010 • Bi-lined Articles submitted by Expert office brokers • Office Market Reports compiled by major companies • Society of Office and Industrial Realtors Organization • Special feature on NAI and it’s member firms • National Association of Industrial and Office Properties Commercial Brokerage Firms who are actively involved in marketing Office Space in the Mid Atlantic area are welcome to participate.

This exclusive Office Space Spotlight is an excellent way to Reach 30,000 Commercial Real Estate Professionals, Including Owners Developers & Tenants Editorial Requirements Include: 250 - 500 words, double-spaced typewritten along with a photograph.

If you are interested in participating, please call or email us today *Deadline: February 16, 2011* Special advertising rates to all participating firms.

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

fire and water clean-up and restoration.”

This is ValleyWide’s second expansion of 2010. Earlier, the company formed ValleyWide Landscape Services, a joint venture with RidgeCrest Landscaping & Lawncare, which provides landscaping, lawn care and snow removal services for commercial properties and community associations.

Barclay joins several other businesses that are part of the ValleyWide family of companies: Restoration Services, a historic restoration and renovation company; Thompson Pool Services, a pool maintenance and supply company; and Cambist, Inc., a business financial consulting company.

“We’re able to acquire and integrate companies like Barclay because we’ve invested time and money in our support infrastructure: both people and technology,” Graeffe said. “We have common technology platforms for accounting, property/project management, service and maintenance. We have also reduced staffing redundancies and invested in personnel development so that our tradesmen and accounting staff can handle a variety of different tasks that support our business.”

Barclay Contracting was founded in 1946 and acquired by the Spinosas in 1982. Barclay provides fire, smoke and water clean-up and restoration services for commercial, residential and industrial clients. Barclay Contracting has maintained close relationships with the insurance industry for over two decades.

With the addition of Barclay’s personnel, ValleyWide has doubled the number employed when ValleyWide transitioned to the current management in late 2007. ■

By Robert S. Morrisey, JRS . . . continued from page 2C exposure under ADA. Those interested are welcome to contact any of our offices to arrange for a professional evaluation of their spaces and for our recommended remedial design changes where applicable.

Robert S. Morrisey, AIA, VP of JRS Architect, P.C. ■

MAREjournal.com

Mid Atlantic Real Estate Journal — Contractors, Owners & Managers — January 28 - February 10, 2011 — 5C

6C — January 28 - February 10, 2011 — Contractors, Owners & Managers — Mid

Atlantic Real Estate Journal

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MAREJ COM

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Call Today 1-800-584-1062 or email dmallozzi@marejournal.com for rates and information on reprints and e-prints of articles

On 2.2 acres at 240 London Bridge Rd.

DAVCON constructs 10,000 s/f office-warehouse

V

IRGINIA BEACH, VA — DAVCON, Inc. announced plans to construct a 10,000 s/f officewarehouse building with the option for future expansion of 14,000 s/f on 2.2 acres at 240 London Bridge Rd. The company plans to invest approximately $1.4 million in construction of the building, and qualifies for $62,000 in Economic Development Investment Program Funds for its location into the Accident Potential Zone 1(APZ1) near NAS Oceana.

The company also is eligible to receive other YesOceana.

240 London Bridge Rd com benefits, including a 90 percent rebate of its business license tax and reimbursement of city development review and permitting fees.

“We are excited about expanding to our own standalone building,” company president Douglas Davis said. “This parcel is ideal for our company in terms of its proximity to the interstate, as well as being located in a visible and soon-to-be newly developed area.”

Warren Harris, the city’s economic development director, said: “This announcement not only reflects the hard work and continuing team effort to expand and retain companies in our community, but also the dynamic YesOceana.com program that partners our community with the Navy in continuing to move non-conforming uses out of APZ1 areas and move conforming uses into APZ1.

DAVCON, Inc has been a great company in our community, and we are excited about their expansion.”

YesOceana.com focuses on three components – zoning changes, property acquisition and economic incentives – to reduce incompatible development in APZ1. Nonconforming businesses are provided assistance to relocate to other areas in the city, and incentives are offered to attract conforming businesses that meet the criteria.

YesOceana.com is the first and only program of its kind, and recently Virginia Beach was named 2010 Active Base Community of the Year by the Association of Defense Communities to acknowledge its success. ■

CONTRACTORS, OWNERS & MANAGERS SPOTLIGHT

BUILDING SERVICES & SUPPLIERS MAREjournal.com

Mid Atlantic Real Estate Journal — Contractors, Owners & Managers — Services and Suppliers — January 28 - February 10, 2011 — 7C

ENERGY SOLUTIONS ENGINEERS,

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Water Efficiency Graywater Systems - Rainwater Harvesting - Low Flow & Recovery Systems -

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BUILDING MAINTENANCE

8C — January 28 - February 10, 2011 — Services and Suppliers — Contractors, Owners & Managers — Mid

Atlantic Real Estate Journal

MAREjournal.com

SERVICES & SUPPLIERS Gutter Master LLC

Specializing in the installation of seamless gutters & leaders for comm’l. & residential bldgs.

W

hy do you need Gutter Master LLC? One of the most over looked areas of repair and improvements is the gutter system.

The importance of the gutter system is to help protect your investment! Your roof is only as good as your gutter system allows it to be- a failing system means that water is not carried away- but up onto your roof and down the walls of your building. Water can seep into your foundation, ruin expensive landscaping and flood your basement and

cause mold & mildew to grow which is hazardous to your health!

Gutter Master LLC has been specializing in the installation of seamless gutters & leaders for commercial and residential buildings since 2001. Some of the services we offer are as follows : repairs, complete gutter replacement in various colors, annual cleaning or maintenance contracts, leaf shedding products that can be installed on new or existing gutters and maintenance free vinyl soffit & fascia installation.

Why is our LEAF X Protection System the better choice? Leaf X is guaranteed- NO CLOG FOR LIFE, compare this guarantee to that of any other system on the market. Leaf X installs in 4-foot panels and gets screwed directly to the gutter and does not get screwed into your roof therefore it will not void any warranty you may have on it. Factory preset installation guides allow fasteners to be recessed, thereby maintaining a seamless and uniform appearance. The unobstructed gutter allows

water to flow freely, handles any rainfall on record and is made of heavy duty aluminum. Also, The Leaf X Protection System comes in various colors to match your gutters.

Don’t put off maintaining your facility any longer.

Door Guard offers instant quotes for Cab Pads on new website PITTSBURGH PA – Door Guard Inc. of Pittsburgh, PA, announced it overhauled its business model to provide

Haftek CWS Protected by US Patents 7118633, 7121288, 7124767.

Whether you need a small gutter repair or a complete gutter replacement call Gutter Master today! Schedule your appointment today for a free estimate for gutter cleaning and have our technicians do a thorough inspection! ■

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• Highly economical way to remove and recycle your concrete washout water • Eliminates costly fines and fees for non-compliance • Containment prevents spill damage to concrete and asphalt • Replaces outdated washout procedures which are costly and damaging to the environment • Reduces unsightly messes on job sites

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property managers instant quotes for its unique elevator cab pads. The new quoting process is featured on Door Guard’s new website launched this month.

Briane Hartley, president of Door Guard Inc., said, “We decided to apply our core competency ‘to innovate’ to the front end of our business.

This required providing our clients an easy-to-use tool to quickly calculate a quote themselves. We thought a single page quote sheet available electronically, calculating the cost of our product in less than a minute would complement the innovation we designed into our elevator protection system.”

The industry practice today requires a property manager to complete and return a measuring template for a specific elevator configuration. The cab pad company then completes the quote and sends it back to the property manager.

Hartley said, “It is a slow, cumbersome process designed only to eliminate risk for the pad fabricator”.

He said, “Our new quote sheets allow a client to quote the complete project including ceiling protection and door entrance protection in less than a minute.” Door Guard requests the dimensional documentation required to fabricate only after the project has been approved. Hartley said, “The old quoting process was a complete anathema to the need for fast facts required for today’s decision making”.

“We built our entire business on a product designed to convert any passenger cab into a freight elevator in less than 5 minutes. It was time we leveraged that core competency to the quote and order process” said Hartley and promised more innovative products and services in the near future. ■

MAREjournal.com

Mid Atlantic Real Estate Journal — Contractors, Owners & Managers — Services and Suppliers — January 28 - February 10, 2011 — 9C

SERVICES & SUPPLIERS

10C — January 28 - February 10, 2011 — Services and Suppliers — Contractors, Owners & Managers — Mid

Atlantic Real Estate Journal MAREjournal.com

SERVICES & SUPPLIERS Flooring products specifically engineered to stand up to the demands of high-traffic

Karndean International introduces OPUS Flooring and The Karndean Product Selector XPORT, PA — Karndean International has continued its expansion with the introduction of Opus, a complete line of naturally styled flooring products specifically engineered to stand up to the demands of high-traffic applications. The company has also introduced the Karndean Product Selector, which provides comprehensive information about Karndean’s entire selection of nature-inspired residential and commercial flooring products.

Exceptionally Durable Flooring That Replicates the Look

E

Opus Flooring

of Wood and Stone Opus flooring products are available in 22 colors, 12 simulated wood designs and 10 stone patterns. Outfitted with Karndean’s newly formulated K-Guard+ surface treatment, Opus is engineered for durability and longevity. The complete line is available in a variety of plank and tile sizes unique to Karndean that help to cut labor costs by simplifying and accelerating the installation process.

Engineered to work in a variety of large or small applications, Opus simulated

wood planks are stocked in 36”x6” and 48”x9” sizes. Opus simulated stone tiles are available in 18”x18” and 18”x24” dimensions. All Opus planks and tiles are 2.5mm thick, and are equipped with a.5mm wear layer for scuff resistance and durability.

The Karndean Product Selector Helps Solve Flooring Challenges The Karndean Product Selector is a visual showcase covering the entire line of Karndean International flooring products. The Karndean Product Selector is a one-stop

Grow with YARDI Investment Suite ™

resource that provides technical specifications, colors palates and suggestions for product configuration.

“Karndean International has always led the way in responding to the needs of the residential and commercial flooring markets,” commented Michael Lang, Senior Marketing Manager at Karndean International. “With the introduction of Opus, we’re strengthening our relationships with our partners by providing a product with exceptional appearance and long-term wear characteristics. In addition, the Karndean Product Selector highlights the amazing breadth of nature-inspired choices our company provides.” ■

Pearson Aerial Photo. completes Brandywine Realty Trust series

C O N S O L I D AT E F I N A N C I A L S

FORECAST CASH FLOWS

2 Righter Pkwy. Wilmington, DE VA L U E P R O P E RT I E S

REPORT TO INVESTORS

V I S U A L I Z E R E S U LT S

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PENNSYLVANIA — Pearson Aerial Photography announced the completion of a series of aerial photography missions for Brandywine Realty Trust. These aerial photo assignments covered a portfolio of twenty nine office properties in Philadelphia, Plymouth Meeting, Radnor, Malvern, Exton, Wilmington and Newark.

The images were captured to Brandywine Realty’s exacting specifications and will be used in Brandywine’s hard copy and online marketing material.

Pearson Aerial was selected for this assignment after a competitive bidding process and won the contract primarily due to our track record of reliability, speed of completion and stock of excellent aerial photographs of commercial properties in the Delaware Valley.

The founder, Duncan Pearson, recognized the need a for highly professional commercial real estate specific aerial photography service, while working as a commercial real estate broker for The Flynn Co. ■

MAREjournal.com Mid Atlantic Real Estate Journal — Contractors, Owners & Managers — Services and Suppliers — January 28 - February 10, 2011 — 11C

SERVICES & SUPPLIERS

12C — January 28 - February 10, 2011 — Services and Suppliers — Contractors, Owners & Managers — Mid

Atlantic Real Estate Journal MAREjournal.com

SERVICES & SUPPLIERS Worked closely with the architectural firm Cybul & Cybul

Hollister Construction completes industrial expansion project in Elizabeth, NJ LIZABETH, NJ — Hollister Construction Services, a full-service general contractor and construction manager specializing in industrial, commercial and retail construction, has announced that the company recently completed a 100,000 s/f, multi-million dollar expansion at 1 Atalanta Plaza in Elizabeth. The state-of-theart facility serves as the world headquarters for Atalanta Corporation, a subsidiary of international food distribution company Gellert Global Group.

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“As a result of its varied client base, Atalanta required a facility that would enhance its ability to ship both large and small orders with equal ease and efficiency,” said Chris Johnson, president of Hollister Construction Services. “We’re extremely pleased to have been able to meet the needs of Atalanta, as well as to have contributed to the local economy with this significant expansion project, which created more than 100 construction jobs and 175 jobs at Atalanta.”

For this project, Hollister executives worked closely with the architectural firm Cybul & Cybul. Distinct architectural elements of the expansion include a 100-foot long serpentine wall entrance gallery, floating acoustical cloud ceilings and large framed windows overlooking the Bayonne Bridge and Newark Bay. ■

MAREjournal.com Mid Atlantic Real Estate Journal — Contractors, Owners & Managers — Services and Suppliers — January 28 - February 10, 2011 — 13C

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14C — January 28 - February 10, 2011 — Services and Suppliers — Contractors, Owners & Managers — Mid

Atlantic Real Estate Journal MAREjournal.com

SERVICES & SUPPLIERS

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Mid Atlantic Real Estate Journal — Contractors, Owners & Managers — January 28 - February 10, 2011 — 15C

About the Mid Atlantic Real Estate Journal The Mid Atlantic REAL ESTATE JOURNAL encompasses all aspects of the Commercial Real Estate Industry.

The Journal partners with professionals in commercial sales, construction, industrial, development, financial services, commercial real estate associations, conferences and expos, to provide readers with valuable and current information that can strengthen and grow their business.

The Journal is a great source to guide readers toward: • Issues effecting the industry today.

• A source for commercial, industrial, construction, development, financial sales opportunities and services.

• In-depth articles on issues facing commercial real estate in the Mid Atlantic area.

• Reading about services and organizations to network with, to help better their business.

There is nothing like the Journal The Journal reaches thousands of decision makers who finance the building, build the building, buy the building and tenant the building. Loyal advertisers of the Journal have enjoyed for years: • Brand recognition • Target audience of decision makers • Building and maintaining image • Consistent visibility equals staying power

We Encourage You to Submit • News releases • Calendar of events • Photos • Expert articles • Transactions • Personal Profiles

MAREJ Publishes Twice Monthly

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16C — January 28 - February 10, 2011 — Contractors, Owners & Managers — Mid

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MARE COM 125 unit high-rise located in Montgomery Cty., MD

Marcus & Millichap’s Firoozabadi Group arranges apartment sale

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AKOMA PARK, MD — The Firoozabadi Group of Marcus & Millichap Real Estate Investment Services arranged the sale of 7667 Maple Ave. Parkview To w e r s i s a 125 unit h i g h - r i s e Ari Firoozabadi apartment community located in Montgomery Cty. “Apartment Communities in Montgomery County are amongst the most coveted assets in the DC MSA. Takoma

Parkview Towers Park is amongst the submarket leaders with an average occupancy of 97%. With limited new supply deliveries and value add potential, Parkview Towers is a very attractive opportunity. We were able to leverage our track record in right of first refusal and rent control transactions to encourage both “out-of town” and local buyers through the constraints of the statutes in order to orchestrate over a dozen offers” said Ari Firoozabadi, director, National Multi Housing Group. The Firoozabadi Group represented Parkview Towers LLC, the seller in the transaction, and also sourced the buyer, MHP Parkview Towers, whose mission it is to preserve and expand quality affordable housing in Montgomery County. ■

Hitchner building finds new life as apartments WEST PITTSTON, PA —Less than 100 feet away from the West Pittston Municipal Building lies what Borough council president Brian Thornton called a disaster waiting to happen.

But at the start of a recent council meeting, Thornton offered some good news about the dilapidated brick four-story building that once housed the Hitchner Biscuit Co. The Borough of West Pittston sold the Hitchner property, vacant since the factory closed its doors in 1951, to United Neighborhood Centers of Northeastern PA, a Scranton-based nonprofit that turns decrepit buildings into affordable housing.

In addition to the purchase price of $350,000, UNC will invest an additional $5.6 million to convert the site into 14 to 18 apartments. ■

MAREjournal.com

Mid Atlantic Real Estate Journal — Contractors, Owners & Managers — January 28 - February 10, 2011 — 17C

New Jersey Apartment Association Advance & protect the welfare of the apartment industry in NJ President Jeff Smith, Kriegman & Smith

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sales? Let Cathie Daly of Design East, Inc. show you how to use visual and conceptual design tools and strategies to sell your apartments. Communities can establish “value driven” design strategies to include invaluable marketing tools utilizing a logical “plan of action” application. First impressions and initial perception are essential to the critical path of marketing today. Held at NJAA Headquarters in Monroe Township from 9:00am-12:00pm (continental breakfast: 8:30am), this session is free for NJAA members, $75.00 for non-members and is worth 3 Continuing Education Credit (CEC) for NAA designates.

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connect to these renters. Eileen Patterson from Apartments.com will assist you in identifying new and emerging communication tools while evaluating social media and market trends. Held at NJAA Headquarters in Monroe Township from 9:00am-11:30am (continental breakfast: 8:30am), this session is free for NJAA members, $75.00 for non-members.

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18C — January 28 - February 10, 2011 — Contractors, Owners & Managers — Mid

Atlantic Real Estate Journal

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Mid Atlantic Real Estate Journal — Contractors, Owners & Managers — January 28 - February 10, 2011 — 19C

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20C — January 28 - February 10, 2011 — Contractors, Owners & Managers — Mid

Atlantic Real Estate Journal

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PEOPLE ON THE MOVE Vice president of sales

Also celebrates 30th anniversary

PWC honors pair of key women rebuilding the WTC

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EW YORK, NY — “Tonight we are celebrating the steady rise of women, in numbers and prominence, working in the design and construction industry over the past 30 years, and the steady rise of the new World Trade Center,” said Carla Bonacci, AIA, PP, assistant director of the World Trade Center Construction (WTCC), Port Authority of NY & NJ (PANYNJ), at a special holiday gala hosted by Professional Women in Construction (PWC) National on December 10. The black tie dinner and dance event honoring PWC’s 30th anniversary and paying tribute to Bonacci and Debra Simonelli, program director, WTCC, drew a sellout crowd to The Grand Ballroom of The Yale Club and featured the music of “the crown prince of swing,” Stan Rubin and his Orchestra.

PWC president Lenore Janis noted that the nonprofit organization is now six chapters strong nationwide and thanked “all who have assisted our efforts to advance business and professional women and minorities in this industry.”

She gave special kudos to the event’s committee members: Flora Ramos, senior project manager, Tishman Construction; Lina Gottesman of Altus Metal & Marble; Christine Flaherty of STV; and Connie Delaigle and Rob Foreman, PANYNJ. Janis praised the evening’s honorees for playing key roles in the $11 billion dollar WTCC project, a 16-acre redevelop-

Shown from left: Lenore Janis, PWC; Steve Plate, WTCC & PANYNJ; Carla Bonacci, WTCC & PANYNJ; Debra Simonelli, WTCC & PANYNJ; Flora Ramos, Tishman Construction Corporation.

Photo credit: Laura Kershaw. ment “now back on track and moving towards completion.”

Bonacci supervises funds of over $1 billion as head of the WTC Infrastructure and Project Development group.

Accepting the PWC award, she expressed her hope that “in my daughter’s generation …women [will be] running the major design and construction firms, just as they are running projects and contracts today.”

She thanked Janis; Nancy Czesak and Flora Ramos of Tishman Consruction Corporation; Chris Ward, executive director, PANY/NJ; and Steve Plate, director, WTCC. Janis applauded Simonelli who is responsible for the coordination, design and construction of the Vehicular Security Center (VSC) and Tour Bus Parking Facility, the central artery for the site’s truck deliv-

ery and parking system.

Simonelli congratulated fellow honoree Bonacci and thanked Ward; David Tweedy, chief, capital planning, PANYNJ; and Plate; as well as many other team members.

“It is a personal badge of honor to be a part of WTCC and a professional journey that is still unfolding,” she said.

Plate cheered the women, adding, “We’re back and we’re better than ever before.” He said that the WTCC project aspires to leave “a little bit of a legacy,” and reminded all that “we have a responsibility to remember those 3,000 people in a very special way.”

Event sponsors included Tishman Construction Corporation; Battery Park City Authority; Haks; and Five Star Electric and WDF, Inc. ■

Ware Malcomb announces Civil Engineering division IRVINE, CA — Ware Malcomb announces the firm’s Site Development Studio will be renamed Civil Engineering, providing improved clarity on our array of services.

Ware Malcomb’s director, Civil Engineering A.J. Whitaker said, “We felt it was time to rebrand ourselves in a manner that better reflects our services.

Our clients will continue to re-

ceive the same high quality service from the same dependable team. We are thrilled about this change and look forward to offering civil engineering in all Ware Malcomb offices.” ■

Developers of the Residences at The Ritz-Carlton, Philadelphia welcome new sales directors PHILADELPHIA, PA —AGC Partners, developers of The Residences at The Ritz-Carlton, Philadelphia, has announced that Stephen Calandrino, Esq. has been named managing sales & marketing director and Katerina Dimitriadis has been promoted to sales director.

Most recently Sales & marketing director at a luxury Center City condominium, Calandrino

has long been a respected real estate professional in the MidAtlantic region. Earlier, he held sales and marketing positions at The National, Philadelphia and Foxtons, the London-based New Jersey, New York and Pennsylvania brokerage.

Outside of the realm of real estate, Calandrino recently made his mark as a talented home chef. On Thanksgiving Eve, he appeared on the Ra-

chael Ray Show demonstrating sweet potato waffles – a creative take on Thanksgiving leftovers.

Dimitriadis has been an integral member of the developers’ sales team for The Residences since its inception in 2005. Prior to joining the sales team, she worked for a luxury Center City condominium, as well as British Airways in Philadelphia. ■

Encelium Technologies appoints Rick Schuett TEANECK, NJ — Encelium Technologies has appointed Rick Schuett as vice president of sales, announced Tony Marano, president and chief executive officer. Schuett, who will manage the c o m p a n y ’ s Rick Schuett global sales channels, is a widely respected energy management industry veteran who possesses more than 20 years of sales experience.

In his new role, Schuett will identify and pursue new opportunities for Encelium’s hallmark product, Energy Control System (ECS).

“Rick is well-known throughout the lighting industry for defining new, creative strategic solutions and implementing major initiatives that translate into outstanding results,” said Marano. “His leadership, business acumen and marketing expertise will directly contribute toward Encelium’s continued track-record for success within the lighting energy management industry.”

Schuett previously served as the president and CEO of SOL, Inc., a commercial-grade developer of solar outdoor lighting technology. During

his two-year tenure, he repositioned the 18-year-old Florida-based company by achieving and exceeding sales and profit goals originally established for a seven-toeight year timeframe. Prior to this role, Schuett served as vice president and general manager for Lutron Electronics, a worldwide manufacturer of energy management, commercial architectural and residential lighting control systems. He rose through the ranks at the Coopersburg, PA based company, where he held several prominent executiveand management-level positions, including vice president of new business development, vice president of residential systems, director/manager of residential systems, patent litigation consultant and senior sales engineer.

“This is a very exciting time as energy conservation practices become more mainstream, and the ‘green’ movement continues to gain tremendous momentum throughout North America and Europe as well as internationally,” said Schuett.

“I am pleased to be part of the Encelium team and look forward to helping clients seamlessly incorporate ECS into their commercial space while realizing a sustainable competitive advantage and significant cost savings.” ■

CAI elects Mary Ann Mulfino of Wentworth Prop. Mgmt. to BOD EATONTOWN, NJ — Community Associations Institute (CAI), Pennsylvania and Delaware Valley Chapter recently elected Mary Ann Mulfino, CMCA, executive director at Wentworth Property Management Corp., to the Board of Directors. Mulfino provides

leadership and operational oversight to associates and sited communities managed by Wentworth in the southeastern Pennsylvania area. Mulfino has been an active member of CAI for more than 15 years most recently serving on the Trade Show Committee. ■

Milhollan of Willow Construction graduates from Shore Leadership Prog.

EASTON, PA — Eric Milhollan, senior project manager for Willow Construction, LLC recently completed Shore Leadership’s leadership development and community education program.

Modeled after national and regional leadership organizations, Shore Leadership was formed in 1997 to promote a regional approach among local leaders for addressing community issues.

Milhollan was among 20 Eastern Shore executives

and members of senior management who were selected to take part in the program.

Meeting for day-long sessions once a month April through November, the group explored regional interest relating to legacy, technology, economic development, community environment, education and government.

The program began with an overnight retreat in April at the Aspen Institute in Queenstown. ■

MAREjournal.com

Mid Atlantic Real Estate Journal — Contractors, Owners & Managers — January 28 - February 10, 2011 — Inside Back Cover C

C Back Cover — January 28 - February 10, 2011 — Contractors, Owners & Managers — Mid

Atlantic Real Estate Journal

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