Real Estate Journal Vol. 23, Issue 19 October 14 - 27, 2011
Inside: Sections
the most comprehensive source for commercial real estate news
Liberty Property Trust hosts ground breaking
Mid Atlantic........................................................Section A New Jersey......................................................... Section B Pennsylvania.................................................... Section C
Spotlights / Features Auction Pages............................................................. 4-6A Financial Featuring The Appraisal Institute.........................................7-16A Sales & Leases...............................................................18A Bill Board Classifieds................................................19A Business Card Directory..........................................21A Tri-State Realtors Commercial Alliance........22-23A Calendar of Events...................................................... 24A
Logistics Drive, Carlisle PA Liberty Property Trust hosted a ground breaking ceremony for a 972,000 s/f single story class A speculative warehouse and distribution center to be developed off I-81 at Logistics Dr. in Carlisle, PA........................ FC-C
Kislak’s Sweetwood & Squires completes $9.18 million
Southern New Jersey.............................................5-12B Eastern Pennsylvania................................................... 5-17C
Columnist Bruce J. Coin.............................................................................2A
Next Issue October 28, 2011
Jeffrey Squires
Joni Sweetwood
The Kislak Company, Inc., announced the completion of four multifamily sales in Elizabeth, totaling $9.18 million........... FC-B
• Mid Atlantic • DELMARVA featuring Maryland • Shopping Centers featuring Retail Design Competition • Contractors, Owners & Managers featuring MABFM’11 • Executive Women in Business • Green Buildings 3 sections, 72 pages
A global membership association of professional real estate appraisers...................................................................................................7-16A
A Inside Cover — October 14 - 27, 2011 — Mid
Atlantic Real Estate Journal
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Mid Atlantic Real Estate Journal — October 14 - 27, 2011 — 1A
2A — October 14 - 27, 2011 — Mid
Atlantic Real Estate Journal
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Mid Atlantic Real Estate Journal
They wrote the policy.
Mid Atlantic REAL ESTATE JOURNAL Publisher ............................................................................Linda Christman Co-Publisher .........................................................................Joe Christman Section Publisher ..............................................................Michael Campisi
We make sure they write the check.
Section Publisher ................................................................ Elaine Fanning Associate Publisher ...........................................................Dianna Mallozzi Senior Editor/Graphic Artist ................................................ Karen Vachon Production Assistant ........................................................ Rachel Rugman Office Manager ...................................................................Joanne Gavaza Editorial Consultant ............................................................. Ben Summers
By Bruce J. Coin
Mid Atlantic REAL ESTATE JOURNAL ~ Published Bi-Monthly
The Current Commercial Mortgage Market
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
M. MILLER & SON Public Adjusters
Since 1960 1211 Liberty Ave., Hillside, NJ 07205 ● Tel: 908-355-4800 adjuster@mmillerson.com ● www.mmillerson.com
Franklin Township Store space available 18,950 sq. ft., will sub-divide, on Route 27 in the Kingston Mall.
Freehold Township Office suites available 10,140 sq. ft., will sub-divide, across from Centre State Hospital.
Lawrence Township Office suites available 903 sq. ft., 1,780 sq. ft., 2,683 sq. ft., all with Private Bath.
Postmaster send address change to:
W
hile investor trepidation continues, the Federal Reserve’s latest plan to drive long term rates down further combined with the current ultra low yields in the stock and bond markets should cause increased interest in the commercial real estate and mortgage markets by investors and commercial banks seeking better yields. The Fed believes their latest move will lead to more sales and refinancing especially in the residential sector. The bigger problem is not low rates, it’s today’s more conservative loan to value ratios exacerbated by the decline in property values, although lower rates should lead to lower income property capitalization rates and increased values. Continued investor concerns caused the rate spreads of the investment grade portions of new CMBS issues to widen by about 45 basis points since mid-July, however, the benchmark ten year U.S. Treasury
Mid Atlantic Real Estate Journal, P.O. Box 26, Accord, MA 02018 USPS #22-358 | Vol. 23 Issue 19 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
rate declined from about 2.95 percent in mid-July and was 1.92 percent on September 30th. Despite the CMBS rate spread increase, the postponed $1.5 billion CG 4 CMBS issue of Citi and Goldman was raised to $1.7 billion and marketed at the end of September. The sale demonstrates the continued viability of the currently limited depth CMBS market. Until, if ever, the underwriters and rating agencies are reined in by the regulators, the CMBS market will continue to be a highly desirable source for borrowers looking to obtain the highest loan to value ratio financing as deals will still also
permit the simultaneous use of supplementary mezzanine financing. A good example is the recent acquisition financing of a large, multi-tenant, office building. UBS agreed to provide total financing comprised of a $110 million, (73 percent LTV) senior note (to be securitized) and $13.2 million (8.6 percent LTV) mezzanine loan. The combination represented approximately 81.6% of a $151 million price. In a reminder of the liberal pre-2008 meltdown days, the senior note featured a two year interest only period, with 30 year amortization schedule continued on page 20A
Punia Co, LLC Broker at:
(609) 771-9000
YEAR IN REVIEW
It’s that time of year again...
We are inviting industry leaders to be a part of our “yearbook”. We will preview the top Headlines of the year along with photos of your top executives with a special season’s greetings or thank you ad to your clients, brokers, owners, architects, and employees that helped make 2011 a winning year.
2011
Please take this opportunity to review your year’s success and congratulate all who helped make it happen!
We are highlighting the “major players” and the “biggest deals” of the year, BE SURE TO SEND A HEAD SHOULDER SHOT OF YOUR TOP EXECUTIVES to be included in this popular issue. Editorial includes the year’s top headlines of 2011.
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Deadline: December 2nd, 2011
Kaplin Stewart Att orneys at Law
Contact: PAMELA M. TOBIN 910 Harvest Drive, Blue Bell, PA 19422-0765 • 610-260-6000 • www.kaplaw.com For more information please call 781-871-5298
Other Offices: • Cherry Hill, NJ 856-675-1550 • Philadelphia, PA 215-567-3120
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Mid Atlantic Real Estate Journal — October 14 - 27, 2011 — 3A
MID ATLANTIC REAL ESTATE JOURNAL Groundbreaking held for manufacturing facility
Winpak chooses DP Partners’ LogistiCenter
S
AUK VILLAGE, IL — A groundbreaking was held for the Winpak Portion Packaging manufacturing facility in Dermody Properties’/ DP Partners’ LogistiCenter at Sauk Village. Participants included Mayor Lewis Towers of Sauk Village, Illinois State Representative Anthony DeLuca, and representatives from Winpak Portion Packaging, Dermody Properties/DP Partners and Principle Construction. Winpak is a leading multinational packaging company and currently operates a manufacturing facility in nearby South Chicago Heights, producing plastic cups and trays for food and beverages. Their new 267,000 s/f facility will be located on a 28-acre site at 1111 Winpak Way. Principle Construction has begun work on the project and will complete the building envelope by November 2011, and the facility will be complete by March 2012. The expansion will create 40 jobs once the facility is complete, with more jobs in the future based on Winpak’s plans to expand the facility to a full 600,000 s/f. LogistiCenter at Sauk Village is a 325-acre class A business park, bounded by Illinois state highway 394 on the east, Cottage Grove Ave. on the west, Sauk Trail on the south and the CN on the north. The State of Illinois provided a $1.6 million business investment package to Winpak Portion Packaging to help fund the new state-of-the-art manufacturing facility, which complements the company’s $30 million investment for land, building and equipment. The office of Governor Pat Quinn, the Illinois Department of Commerce and Economic Opportunity (DCEO), and Mayor Lewis Towers’ office were all instrumental in facilitating this successful transaction. The Dermody Properties/ DP Partners team that worked with Winpak during the process included Andy James, Midwestern Regional Partner in Chicago, and John Atwell, COO. Justin Fierz and Brian Vanosky of Lee & Associates represented Winpak, and George Cibula of Darwin Realty represented DP. Principle Construction is the general contractor for the build-to-suit facility. ■
HERCMAN PROPERTIES Class ‘A’ Buildings with Class ‘B’ Prices • Mercer County, New Jersey • Office / Medical / Retail • Square Feet 1,000 – 45,000 • Competitive Rates • Ample Parking • Plug and Play Space Available
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Van Nest Office Park
LogistiCenter at Sauk Village
MAREJ Features
EXECUTIVE WOMEN IN BUSINESS Mid Atlantic Real Estate Journal will publish our Ninth Annual Women in Business Edition. Deadline: October 18, 2011 Publication: October 28, 2011 changge and an nd taking takiing leadership roles in a traditionally t dit Executive Women are effecting change reaccched hed the t top of the commercial real estate male dominated industry. Many havee reached fi s or establishing e field, founding their own firms themselves in wi the t industry in key positions with giants. featuure these thes ese women! Be a part of this very special The October 28, 2011 edition will feature expertiise;; tell us u about your background and your issue highlighting your area of expertise; w you yoou made maade it to the top in your field. unique success stories and how
REAL ESTATE JOURNAL
Contact Linda Christman Mid Atlantic Real Estate Journal lchristman@marejournal.com T: 800-584-1062 x203
4A — October 14 - 27, 2011 — Mid
Atlantic Real Estate Journal
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MID ATLANTIC REAL ESTATE JOURNAL AUCTIONS Including former Bank of America branches, comm’l. props., & a Jersey Shore building lot
Max Spann to auction Properties in New York, New Jersey and Pennsylvania on Oct. 27th
N
EWARK, NJ — A wide variety of properties in New York, New Jersey and Pennsylvania, including former Bank of America branches, commercial properties, homes and a building lot Max Spann, Jr. on the Jersey Shore as well as a liquor license in South Jersey, are being put on the auction block in October. Max Spann Real Estate & Auction Co. has scheduled an auction for Thursday, October 27 at 1:00 p.m. at the Sheraton Newark Int’l. Airport Hotel, Raritan Center, 128 Frontage Rd.. The auction offers opportunities for investors and developers with a wide variety of interests.
447 Broadway “Any real estate investor will find something of value out of this selection of properties,” said Max Spann Jr., president and CEO of the firm. “Regardless of whether you prefer residential or commercial, developed or undeveloped, there are opportunities at this auction.” The auction includes five former Bank of America branches NY, NJ and PA. The following former branch-
es are being auctioned: A 4,845 s/f former bank branch located in Schenectady, NY. A 1,915 s/f, one-story masonry former bank branch in Port Ewen, NY. A 4,230 s/f, one-story former bank branch in Easton Rd. A 3,936 s/f former bank branch in Philipsburg. A 4,575 s/f former bank branch Eatontown, NJ, Three properties in Bayonne, NJ., will also be auctioned: A mixed use, income-producing, multitenant building at 210 Broadway, a 4,326 s/f professional building at 447 Broadway, and a 2,800 s/f mixed use, income producing multitenant building at 920 Broadway. In Sussex County, Max Spann will auction a 50,098 s/f industrial building with 8,000 s/f of office space in Sparta. T Max Spann is also auctioning a 9,060 s/f, two-story commercial office building on 1/3 of an acre at the corner of Broadway and Henry St. in Kingston, N.Y.
The building can be used for retail, a restaurant and professional offices. Previews of the Bayonne, Sparta, Kingston and Bank of America properties are scheduled from 11 a.m. to 2 p.m. Thursday, October 14. Max Spann is also auctioning several homes, building lots, a small professional building, and campgrounds in NJ and PA. A 750-s/f professional building in Holmdel is on the auction block. Also on the auction block is a 100-foot by 75-foot residential building lot on North Ocean Ave. in Seaside Park. In Warren County, Max Spann is auctioning two homes and a campground site: A completely remodeled three-bedroom home on East Mozart Street in Washington Twp. A four-Bedroom home with front and rear porches and a spacious walk-up third-floor attic for storage on East Church
St. in Washington. A 1.28 acre campground on Columbia St. in Knowlton, NJ. In Somerset County, Max Spann is auctioning a threebedroom house on Gress St. in Manville. In Monroe County, PA, Max Spann is auctioning three lots in Delaware Water Gap: a .29 acre lot on Broad Street, a 3.37 acre parcel on West Main Street and a 1.2 acre lot on the corner of Route 611 and Walnut Ln. Previews of the properties in Monmouth, Warren, Somerset counties as well as the three properties in Monroe County, PA are scheduled from 11 a.m. to 2 p.m. on Friday, October 15. The plenary retail consumption license, also known as a liquor license, is for Pennsauken Twp., in Burlington County, NJ. For more information about Max Spann’s auctions, visit their website. ■
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 •
PA-MD-VA-W.VA
PENNSYLVANIA
NJ-PA-DE-NY-MD-VA
+ + + + + + + + +
AREA Auctions 461 North 3rd Street
Philadelphia, PA 19123 215.821.1441
888.527.0401
Fax: 215.279.8829 www.AssociatedAuctioneers.com
CALL NOW FOR A FREE CONSULTATION
MARYLAND P U B L I C R E A L E S TAT E AU C T I O N
COMMERCIAL
866.4 BIDDERS HURLEY AUCTIONS www.HURLEYAUCTIONS.com
410-426-2622
www.AuctionBrokers.net
MD-DE-VA
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Mid Atlantic Real Estate Journal — October 14 - 27, 2011 — 5A
MID ATLANTIC REAL ESTATE JOURNAL AUCTIONS P U B L I C R E A L E S TAT E AU C T I O N &RUSRUDWH 6XUSOXV $XFWLRQ 7XHV $0
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COMMERCIAL THURSDAY, OCTOBER 27TH @ 12PM 3200 Annetta Ave, Baltimore, MD 21213 OPEN HOUSE: Thursday, October 20th 12pm - 2pm
Commercial Warehouse & Office Space Existing business relocated, +/- 12,500 sq ft, possible owner financing, zoned B3-2.
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Warehouse: 12â&#x20AC;? concrete flr for heavy loads, 2 - 14â&#x20AC;&#x2122; tall roll up doors to accommodate tractor trailers, 3 phase electrical power, exhaust fans, large compressor w/ compressor outlets throughout, chain falls, large mezzanine for additional space, gas FHA heat & interior/exterior storage. Office Area: 2 levels, gas FHA heat, CAC & security system. 1st level w/ reception room, front offices, document room, 3 offices w/ construction drawing boards, kitchenette & restrooms. 2nd level includes 2 offices & restroom.
John Irvin 443-807-6847 TERMS:Deposit: $5,000 due at time of sale. Cash or certified funds. 30-day settle. 10% BP. Broker co-op invited. See website for addtl terms. *Sale on Premises. Auctioneer -Charles Parrish L# A-351
410-426-2622
www.AuctionBrokers.net
AUCTION AUCTION AUCTION AUCTION
215-821-1141 www.AssociatedAuctioneers.com 888-527-0401
AREA AUCTIONS 215.821.1441 888.527.0401
4-STORY- ZONED C-3 AUCTION HELD ON SITE IN SOUTH ST. HEAD HOUSE SQUARE DISTRICT-607 E. PASSYUNK AVE. PHILADELPHIA, PA 19147
OCT. 19@ 3p.m: 25 Residential and Multi-Family properties-some being sold absolute! Auction held at ofÂżces of Associated Auctioneers, 2400 E. Tioga St., Philadelphia, PA 19134. Also $500,000 building materials being sold at 10a.m. OCT. 20@ 12p.m.: 3.3 acres w/warehouse 731 Lower Landing Rd. 3214 PaciĂ&#x20AC;c Ave Longport NJ 08403 Blackwood, New Jersey @ 12 p.m. Zoned industrial. Can be seen from REMARKS: Route 42. Property backs up to the Delaware River. Vehicles, Saw Mill New Construction Built 2010-2011. Ocean & Beach Views! Approx 2385 Sq Ft 3bd Equipment and Scrap Metal also for sale! 2.5 ba. 2 Bed located on 1st Flr, Master on 3rd. Azek details, OCT. 21@ 12p.m: 43+ acres; Preliminary approval for 10 building lots. hurricane rated windows. Interior: Ă&#x20AC;eld Ă&#x20AC;nished hardwood Ă oors, Borders Trump National Golf and Country Club- Financing Available. Viking appliances, Karastan carpet, 3 color custom paint, state of the art kitchen w/ Erial and New Brooklyn Road, Turnersville-Hickstown Road and Little Granite counters and glass/marble backsplash, designer light Ă&#x20AC;xtures... too much to Mill Road. Erial, New Jersey . mention. You must check it out for yourself! OCT. 22@ 12p.m: 3214 PaciÂżc Ave., Longport, N.J. New Construction 1) Brokers protected. with Ocean Views Approximately 2,385 sf, 3 Br 2.5 Ba. Azek details, 2) Pre inspection prior to auction available upon request. 3) Terms and conditions of auction available on-line, by fax or e-mail. hurricane rated windows, custom paint, state-of-the-art kitchen with granite counters and glass/ marble backsplash and much, much more! AREA AUCTIONS IN CO-OP WITH Starting Bid- $599,000!!! 888-527-0401 Stephen N. Frankel Real Estate, Inc. 215-821-1441 Auctioneers Note: In the next 90 days, Associated will be auctioning JOIN OUR EMAIL LIST - TEXT YOUR EMAIL ADDRESS TO 267-401-5449 off $35 million in Prime Commercial Real Estate! Call for advanced offers. AUCTION AUCTION AUCTION AUCTION AUCTION AUCTION AUCTION
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6A — October 14 - 27, 2011 — Mid
Atlantic Real Estate Journal
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MID ATLANTIC REAL ESTATE JOURNAL AUCTIONS P U B L I C R E A L E S TAT E AU C T I O N
COMMERCIAL
SATURDAY, OCTOBER 22ND @ 10AM
PLACE YOUR BUSINESS CARD IN OUR AUCTION DIRECTORY TODAY!
812 Regester Ave, Baltimore, MD 21239
COMPANIES SPECIALIZING IN COMMERCIAL/ INDUSTRIAL REAL ESTATE CAN PROMOTE Architectural Rendering
Assistant Living Development Opportunity!
THEIR COMPANY AND ITS SERVICES IN OUR
Property is +/- 7,590 sq ft on 2 flrs above grade, +/- .3882 acres, commercial grade kit., elevator access to all flrs., zoning approved for 15 beds, converted nursing home in residential neighborhood, interior demolition +/- 90% complete & ready for fit-out. Architectural layout available to serious buyers.
Richard Gasparotti 443-846-3871
TWICE MONTHLY DIRECTORY CALL 800.548.1062 EMAIL LCHRISTMAN@MAREJOURNAL.COM
TERMS: Deposit: $6,000 due at time of sale. Cash or certified funds. 30-day settle. 10% BP. Broker co-op invited. See website for addtl terms. *Sale on Premises. Auctioneer Charles Parrish L# A-351
410-426-2622
www.AuctionBrokers.net
AUCTIONS OCTOBER 27TH !4 PM
AT THE SHERATON NEWARK AIRPORT HOTEL /00/245.)4)%3 ). .9 .* 0! ).#,5$% !"3/,54% 53 "!.+2504#9 /2$%2%$ 3!,%3 PROPERTY 1
02/0%249
PROPERTY 14, 15 & 16
50,098+/- sq. ft. Industrial Buildingon 5.5+/- acres Warehouse, Office, Great location 104 Demerast Rd., Sparta, NJ
Former Bank Branches 3,936+/- sq. ft. on .476 acres; 134’+/- road frontage 388 Route 22, Phillipsburg, Warren County, NJ
Two residential properties and a campsite on the Delaware River Warren County
PROPERTIES 2, 3 & 4
4,575+/- sq. ft. on 1.8+/- acres, 44 parking spaces 91 Route 71, Eatontown, NJ
3 Income Producing Properties Professional/Retail/Residential, Buildings Mixed-use Multi-tenant 210, 447 and 920 Broadway, Bayonne, NJ
PROPERTY 5, 6 & 7 3 Former NY Bank Branches 4,845+/- sq. ft. former Bank branch on 1+/- acres 2525 Broadway, Schenectady, Schenectady County, NY Retail, professional, restaurant, former bank branch on 9W 635 Broadway, Kingston, Ulster County, NY Highway location – Close to Post Office and NY State Thruway 194 Broadway, Port Ewen, Ulster County NY
3 Bedroom Remodeled Home 5 E. Mozart St., Washington Twp, NJ 4 Bedroom Home 10 E. Church Street, Washington Borough, NJ
PROPERTY 11
1.28+/- acres 1048 Columbia St., Knowlton, NJ
10 W. Main St., Holmdel, Monmouth County, NJ Professional Building on Route 9 750+-/ Sq. Ft. Former Doctor’s Office High Visibility
PROPERTY 12 BY ORDER OF SEASIDE PARK
1311-1315 N. Ocean Ave. Seaside Park, Ocean County, NJ Ocean Front Lot 105’x75’+/- Build on or two residences
PROPERTIES 17, 18 & 19 3 lots in Delaware Water Gap, Monroe County, PA Broad Street -.29+/- acre lot 2 W. Main St. - 3.37 +/-acre lot Route 611 - 1.20 acre lot
PROPERTY 13
PROPERTY 8 Former Bank Branch 4,230+/- sq. ft. one story commercial building on .38+/- acres 1185 Easton Road, Abington Twp., Montgomery County, PA
Residential Property, 3 Bedrooms 1154 Gress St., Manville, Somerset County, NJ
0!2#%, ,IQUOR LICENSE 0ENNSAUKEN .* Plenary Retail Consumption License License #0427-33-013-008 Pennsauken Twp, Burlington County, NJ
WEDNESDAY, NOVEMBER 16TH s PM 0HILADELPHIA 0ROPERTIES Attention builders, investors and individuals. This offering includes town homes, lots, and multi-unit buildings. The properties are being auctioned in groups of 1 to 25.
MAX SPANN
REAL ESTATE & AUCTION CO.
888-299-1438 s WWW.MAXSPANN.COM
MID ATLANTIC REAL ESTATE JOURNAL
FINANCIAL DIGEST FEATURING APPRAISAL INSTITUTE MAREjournal.com
Mid Atlantic Real Estate Journal — October 14 - 27, 2011 — 7A
In New Jersey, Connecticut, and Pennsylvania
Meridian Capital Group negotiates $86.8m in financing for multifamily and office properties
I
SELIN, NJ – Meridian Capital Group, LLC announced the following transactions: A mortgage of $49 million was placed by Meridian on Hunters Glen in Delran, NJ, a garden-style multifamily Israel Schubert complex containing 1,124 units in 88 two-story buildings. The loan features a rate of 4.50% and a 7-year term David Cohen as well as an interest only period. The transaction was negotiated by Israel Schubert and David Cohen. Meridian negotiated a new
mortgage in the amount of $15.3 million on a 296-unit multifamily complex in Meriden, CT. The loan features a rate of 4.50% and a 7-year term, with an interest only period. The transaction was negotiated by Israel Schubert and David Cohen.
Hunters Glen in Delran, NJ A new package of mortgages derman and Scott Jackson. totaling $6 million was placed Meridian negotiated a new by Meridian on a four-property mortgage in the amount of $11 multifamily portfolio, totaling million on a 232-unit, garden254 units, located throughout style multifamily complex on Philadelphia, PA. The loans 33rd St. in Allentown, PA. The feature rates of 3.49% and 5- loan features a rate of 4.25% year terms. These transactions and a 5-year term. The transacwere negotiated by Max Bey- tion was negotiated by David
Fisher. Meridian negotiated a new mortgage in the amount of $5.5 million on a four-story office building in South Orange, NJ. The loan features a rate of 5.38% and a 10-year term. The transaction was negotiated by Jim Bologno. ■
Regal Bank recognized as “Top Performer” Cronheim’s Stewart & Proscia based on 2010 year-end earnings arrange $6 million financing LIVINGSTON, NJ — Regal Bank, with two locations in Livingston and one in Roseland has been recognized by ICBA Independent Banker magazine as an “ICBA 400” outstanding community David Orbach b a n k p e rformer. This recognition, provided by a leading, nationwide source for community banking news published by the Independent Community Bankers of America (ICBA), is based on Regal Bank’s 2010 year-end earnings. “We commend Regal Bank for being named to this year’s ICBA 400 – a subset of community banks across the country that exemplify the mission of community banking by reinvesting in their communities and making them a better place for their local customers to live and work each and every day,”
said Chris Lorence, ICBA executive vice president and chief marketing officer.
proud of our tradition of success – and we’re always mindful that our loyal cus-
“At Regal Bank, we’re very proud of our tradition of success – and we’re always mindful that our loyal customers and dedicated employees are the foundation for everything we achieve,” said Regal Bank Chairman David Orbach.
The ICBA 400 recognizes top performers across the community banking industry. The magazine’s year-end rankings of ICBA members focus on return on average assets and return on average equity as reported in final 2010 FDIC call report data. The performance rankings include listings for Subchapter S corporation and Subchapter C corporation community banks among five asset categories. “At Regal Bank, we’re very
tomers and dedicated employees are the foundation for everything we achieve,” said Regal Bank Chairman David Orbach. “We’re proud of them, and proud to be a key driver of economic prosperity in the towns where we have the privilege of conducting our business.” Regal Bank’s primary emphasis is on a complete range of financial products and services, offered primarily throughout Essex and Hudson counties. ■
SOUTHPORT, CT — Andrew Stewart and Janet Proscia have arranged a $6 million loan secured by a 37,500 square foot office building located on Post Road (aka Route 1) just off a full interchange of I-95. The Andrew Stewart 5-year loan carries a fixed rate of 4.35% on a 25-year amortization with a 5-year renewal option with a rate reset. The loan was Janet Proscia funded by a regional bank. According to Andrew Stewart, “In spite of some vacancy and near-term rollover, we were successful in structuring a deal that enabled the client to meet his goal of pulling out equity for future tenant improvements, leasing commissions and capital improvements
Post Road, Southport to the property.” The subject property is a two-story first class office building with structured and covered parking and an attractive atrium lobby. The building has a top notch location with its proximity to Interstate 95, is within walking distance of the Southport train station and is convenient to restaurants, Southport Village and other local retail establishments. ■
8A — October 14 - 27, 2011 — Mid
Atlantic Real Estate Journal
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APPRAISAL INSTITUTE By Dennis A. Scardilli, Esq., MAI
Appraisers and The Mortgage Mess
I
f you are a real estate wonk like me, you have been following what I call the “Mortgage Mess” for the past three years like a the real estate reality show that it truly is. It doesn’t matter whether Dennis A. Scardilli you are Eric Schneiderman the NY Attorney General, who is aiming to blow up a pending multi-state settlement with lenders regarding their liability for the Mortgage Mess. Or,
whether you are a grunt-in-the trenches Realtor or appraiser who is hustling to make a living in its shadow. I think that you will be interested in how appraisers are still in the middle of the Mortgage Mess, No, I’m not talking about putting responsibility for the Mortgage Mess at the feet of the appraisers. First, there’s not enough room there for any more feet. Second, if Lehman and Merrill and almost everybody else on Wall Street could not forecast that balloon was ready to burst, then no single family appraiser should have been expected to make the call.
But, hindsight is 20-20, particularly if you are holding a portfolio of bad paper as a result of the Mortgage Mess. Fannie & Freddie are holding a reported $400 billion of that paper. Private investors apparently hold approximately another $500 billion. About half of the loans are estimated to be non-conforming for one reason or another. One study indicated that over 40% of reasons are non-conforming appraisals. Thus, there may be almost $200 billion on the table that could be recaptured if someone could prove there was a bad appraisal in the loan file. That
was enough of an incentive to hire consultants, fee appraisers and review appraisers to find any non-conforming appraisals. Once the non-conformity is identified, demands are sent down the food chain demanding repurchase of the affected loan. As a result, lenders who sold the loans to GSEs and investors also “appraisered-up”. Such lenders include the intermediaries, who are typically nationals. On the way back down, these conduit lenders then typically send those demands to the mortgage broker who originated the loan. The
Count On The Business Bank Of New Jersey
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big question becomes whether the origination appraisal conformed to the Uniform Standards of Professional Appraisal Practice (USPAP) and whether the origination value was a credible opinion of value.. USPAP is the “standard of care” for performance of a real estate appraisal, by virtue of its endorsement in federal and state law. Unlike medicine, law, engineering and other licensed occupations/professions, there are few treatises, journal articles or think tanks, funded by mega corporations, opining on USPAP as the standard of care. Instead, the standard is primarily anecdotal. In other words, it’s generally up to an appraiser’s peers to determine the fine points behind written USPAP Standards. A repurchase demand may, therefore, be based on a review appraisal that may or may not be more credible than the origination appraisal. It doesn’t matter. Either way, the review appraisal enables Fannie, Freddie or the investor to make a demand for the conduit lender to repurchase the mortgage. Over the past few years of intense repurchase demands, the upstream lender has typically sent a review appraisal to the downstream lender, along with the repurchase demand. Sometimes the review appraisal got as far as the origination appraiser. The downstream lender had the opportunity to review the review appraisal and to respond.The downstream lender often sent back a “rebuttal appraisal”, essentially a review of the review appraisal. Sometimes, they hired a new appraiser to perform that review. Sometimes, they used the original appraiser. In the cases where I have been involved, the review appraisal behind the repurchase demand was usually not as defensible as the origination appraisal. Perhaps as a result of successful rebuttal appraisals, one conduit lender has decided to hire local appraisers on the cheap (reportedly $150-$175) to perform a quick and dirty review of appraisals performed at the market peak. That review information is sent out in an unsigned letter to the origination appraiser, with a threat of removal from the approved appraiser list, in an apparent attempt to get the appraiser to “cop a plea”. Presumably, the continued on page 20A
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Mid Atlantic Real Estate Journal â&#x20AC;&#x201D; October 14 - 27, 2011 â&#x20AC;&#x201D; 9A
The Appraisal Institute is a global membership association of professional real estate appraisers, with 25,000 members and 91 chapters throughout the world. Its mission is to advance professionalism and ethics, global standards, methodologies, and practices through the professional development of property economics worldwide. Organized in 1932, the Appraisal Institute advocates equal opportunity and nondiscrimination in the appraisal profession and conducts its activities in accordance with applicable federal, state and local laws. Members of the Appraisal Institute benefit from an array of professional education and advocacy programs, and may hold the prestigious MAI, SRPA and SRA designations. What We Offer The Appraisal Institute is the acknowledged worldwide leader in residential and commercial real estate appraisal education: AQB licensing requirements. Its extensive curriculum of courses and specialty seminars provides a well-rounded education in valuation methodology for both the novice and seasoned practitioner. As the worldâ&#x20AC;&#x2122;s largest publisher of real estate appraisal literature, the Appraisal Institute offers a wide range of books and other materials on subjects ranging from basic valuation theory and techniques to advanced applications. It also publishes two quarterly periodicals, The Appraisal Journal and Valuation magazine. Our Mission Our mission is to advance professionalism and ethics, global standards, methodologies, and practices through the professional development of property economics worldwide. Members have access to a variety of benefits, including insurance programs, data resources and tools, and related business materials. The Appraisal Institute also houses the Lum Library, which provides support for the research needs of members as well as the profession at large. The Appraisal Institute is active in advocacy efforts on behalf of its members and the industry at large. Primarily through its External Affairs office in Washington, D.C., the organization communicates regularly with legislators and regulators to encourage the adoption of appraisal policies that best serve the public interest.
Inside: Appraisal Institute Southern NJ Chapter .................................................................................. 10-11A Appraisal Institute Region VI Chapter ...................................................................................... 12-13A Appraisal Institute Metro New Jersey Chapter .......................................................................... 14-15A
10A — October 14 - 27, 2011 — Mid
Atlantic Real Estate Journal
MAREjournal.com
Southern New Jersey Chapter www.ai-snj.org Telephone 856-415-0281 • Fax 856-415-1952
Southern NJ Chapter Appraisal Institute 2011 Chapter Officers President A. Craig Black, SRA blackc@toddandblack.com Vice President Jerome McHale, MAI jmchale@jmchaleassoc.com Treasurer Kristin Mansfield kristin.mansfield@yesbank.com Secretary Jacob Ramage, MAI jake.ramage@cushwake.com Director (through ’13) Jerrold McCarron jerrymccarron@aol.com Director (through ’13) Michael S. Sapio, MAI northstarappraisal@msn.com Director (through ’12) Ed Kay edkayinc@comcast.net Director (through ’12) Joseph V. Heenan, SRA jheenan613@comcast.net Director (through ’11) Edward T. Molinari, SRA ed@molinari.us Director (through ’11) James Carr carrappraisals@aol.com Past President John P. Corbett, MAI John.corbett@cushwake.com
Howard Rosen receives George Olasin award
SNJ Chapter holds Early Fall Dinner Meeting and Seminar
O
n September 22, the Southern NJ Chapter of the Appraisal Institute held its Early Fall Dinner Meeting and Seminar at the Adelphia Restaurant in Deptford. Over 40 people attended this informative session, focusing on solar energy. Speakers included Christopher Warren, a professional planner with Alaimo Group; Jeff Gradone, an attorney from Archer & Greiner; Mark Pomykacz, MAI; and Green Cities Energy LLC President Joe Polidoro. During dinner, the chapter awarded Howard Rosen with the George Olasin award. This award is given to a chapter member who has given years of dedicated service to the chapter and exhibited a high standard of ethics and professionalism in their appraisal practice. Two very interesting and innovative classes are coming to Southern New Jersey from class instructor and developer James Canestaro, AIA, AICP. Canestero, of Knoxville, TN, is a registered architect, certified urban planner, author, and university professor. Evaluating Commercial Construction is a 14 hour class being held Wednesday & Thursday, October 19 & 20. This class presents how light industrial, office and retail buildings are assembled and then deteriorate over time. More than 1,250 construction slides and a 150-page Reference Manual illustrate site improvements, structure, envelope, interior, and environmental system components of a commercial building and how these elements can affect value. This seminar offers you critical skills necessary to better inspect, describe & analyze commercial property. Once you have taken this program, you will better identify building characteristics, conditions, and deficiencies; succinctly describe what you see in an appraisal report; and then factor your insights into the replacement cost, income capitalization, and market comparable calculations. Participants have highly praised
The newest Olasin award recipient Howard Rosen (left) joined with (from l to r) 2011 SNJAI Chapter President Craig Black, SRA, and past Olasin award recipients Dick Sheldon, MAI, SRA, and Hank Herskowitz, MAI, SRA. the seminar for its useful content & relevance to commercial real estate appraisal,
describing residential units. The Appraisal Institute is a global membership associa-
Speakers included Christopher Warren, a professional planner with Alaimo Group; Jeff Gradone, an attorney from Archer & Greiner; Mark Pomykacz, MAI; and Green Cities Energy LLC President Joe Polidoro.
brokerage, and lending. If you want to improve your inspection, description, and valuation skills, then this class is for you. Evaluating Residential Construction is a 7 hour class being held Friday, October 21. This class shows how singlefamily houses are constructed from the ground up. More than 950 construction slides and a 120-page Reference Manual illustrate site conditions, structure, envelope, interior, and environmental system components for houses ranging from custom to affordable and even double-wides. This seminar will improve your confidence to inspect, characterize, and critique a new or existing residential property. You will better identify and describe the quality and condition of a house that affect its market appeal and probable value. Participants have given this seminar high marks for its practicality and benefit to real estate appraisers, brokers, and mortgage lenders. Don’t miss this seminar if you desire to be more adept at inspection and
tion of professional real estate appraisers, with more than 24,000 members and 91 chapters throughout the world. Its mission is to advance professionalism and ethics, global standards, methodologies, and practices through the professional development of property economics worldwide. Organized in 1932, the Appraisal Institute advocates equal opportunity and nondiscrimination in the appraisal profession and conducts its activities in accordance with applicable federal, state and local laws. Members of the Appraisal Institute benefit from an array of professional education and advocacy programs, and may hold the prestigious MAI, SRPA and SRA designations. The Southern New Jersey Chapter has over 150 members and offers a wide variety of educational, professional and social events and opportunities throughout the year. For more information on the SNJAI, contact Chapter Executive Director Lisa Weiss at 856-415-0281 or lisamayweiss@ hotmail.com. ■
MAREjournal.com
Mid Atlantic Real Estate Journal — October 14 - 27, 2011 — 11A
Southern New Jersey Chapter Of the Appraisal Institute www.ai-snj.org As the leading organization for professional real estate appraisers, the Appraisal Institute represents more than 25,000 members and 91 chapters worldwide. The Southern New Jersey Chapter has over 160 members. They perform a variety of services ranging from single family valuation to feasibility studies for regional malls & hotel-casinos. Whether it’s assistance on a home purchase or providing expert testimony for litigation, our members are uniquely quali¿ed to meet these needs. For more information regarding the Southern NJ Chapter of the Appraisal Institute visit: www.ai-snj.org, or call Executive Director Lisa Weiss at 856-415-0281.
2011 Designated Members of the Southern NJ Chapter of the Appraisal Institute J. Paul Bainbridge, MAI
Cape May Ct. House
(609) 465-9978
Allen L. LittleÀeld, SRA
Hammonton
(609) 704-9609
Steven W. Bartelt, MAI, SRA
Turnersville
(856) 582-5892
Gary P. Lombardi, SRA
Manahawkin
(609) 709-3902
A. Craig Black, SRA
Cherry Hill
(856) 662-7676
Bonnie L. Longo, MAI, SRA
Sewell
(856) 582-4611
Allen G. Black, MAI, SRA
Cherry Hill
(856) 662-7676
Eileen Lynn, MAI
Philadelphia
(215) 842-0649
Edward J. Bligh, MAI, SRA
Marlton
(609) 983-3218
Jerome J. McHale, MAI
Mt. Laurel
(856) 722-0205
Harry Carroll, Jr., MAI, SRA
Cherry Hill
(856) 795-4042
F. Pat McIlhinney, MAI, SRA
Cherry Hill
(856) 795-4042
Lana Chiappetta, MAI
Medford
(609) 714-7402
Edward T. Molinari, SRA
Woodbury
(856) 853-7622
Patrick K. Conover, MAI
Galloway
(609) 652-6553
Robert Parmley, SRA
Forked River
(609) 292-2573
John P. Corbett, MAI
Philadelphia
(215) 963-4061
Patricia A. Quigley, SRA
Philadelphia
(215) 247-4425
David A. Curley, SRA
Mt. Laurel
(856) 795-0875
Jacob Ramage, MAI
Philadelphia
(215) 888-3560
Eugene P. Davey, SRA
Philadelphia
(215) 523-9104
Thomas C. Reynolds, SRPA
Wilmington, DE
(302) 575-0955
Thomas C. Davis, SRA
Delran
(856) 764-6500
Lee L. Romm, MAI, SRA
Marlton
(856) 983-5500
John E. Doyle, MAI
Philadelphia
(215) 231-9900
Michael Sapio, Jr., MAI, SRA
Blackwood
(856)7 83-6835
Scott A. Eiffes, MAI
Moorestown
(856) 234-9252
Michael Sapio, MAI
Bellmawr
(856) 933-1272
E. Guy Elzey, III, SRA
HaddonÀeld
(856) 429-8800
R. M. Sapio, MAI, SRA
Voorhees
(856) 429-2789
Emmons G. Elzey, Jr, SRA
HaddonÀeld
(856) 429-8800
William J. Sapio, MAI
Linwood
(609) 927-5728
Phillip Fortuna, SRA
Philadelphia
(215) 925-1212
Dennis A. Scardilli, Esq, MAI
Absecon
(609) 568-0432
Mary F. Fox, MAI
Cape May
(609) 884-1995
Jack Sheehan, MAI
Wenonah
(856) 468-0068
David J. Frett, SRA
West Berlin
(856) 753-3030
Timothy Sheehan, MAI, SRA
Cherry Hill
(856) 662-0027
James C Frisby, SRA
Ocean City
(609) 814-9333
Richard Sheldon, MAI, SRA
Haddon Heights
(856) 546-4900
John M. Gapszewicz, MAI
Philadelphia
(215) 841-5258
Thomas J. Sliwowski, SRA
Pitman
(856) 218-2800
Ronald A. Hagel, MAI, SRA
Vineland
(856) 691-7055
Pasqual A Sorge, MAI
Mt. Laurel
(856) 234-2893
Mark J. Hanson, MAI, SRA
Ocean City
(609) 398-3189
John T. Stone, MAI
Cape May Court House (609) 861-9030
Donna Harris, SRA
Shiloh
(856) 453-8889
Robert Thomapson, MAI, SRA
Ocean City
(610) 331-9031
Joseph V. Heenan, SRA
Ocean City
(609) 391-8862
Robert J. Tighue, MAI
Cherry Hill
(609) 792-0684
Henry Herskowitz, MAI, SRA
Cherry Hill
(856) 795-8700
Joseph E.Tighue MAI, SRA
Brigantine
(609) 266-7334
Michael D. Jones, MAI
Cape May Court House (609) 463-4622
Merilynn P. Verderame, SRA
HaddonÀeld
(856) 234-8400
William J. Kennedy, MAI
Medford
(856) 396-7652
Benjamin R. Vukicevich, SRA
Stratford
(856) 784-7036
M. Bruce Leff, SRA
Newark, DE
(856) 287-3690
John H. Walton, Jr, MAI, SRA
Medford
(856) 795-8700
Norman LeGore, MAI, SRA
Vineland
(856) 692-7889
John Weber, Jr,, MAI, SRA
Hamilton Square
(609) 586-3500
Frank S. Librizzi, MAI, SRA
Haddon Heights
(856) 854-2478
Gerald Francis White, SRA
Pennsauken
(856) 663-5134
12A — October 14 - 27, 2011 — Mid
Atlantic Real Estate Journal
MAREjournal.com
APPRAISAL INSTITUTE – REGION VI DELAWARE, MARYLAND, NEW JERSEY, PENNSYLVANIA, WASHINGTON DC
A Message from Region VI Vice Chair Tom Reynolds, III, SRPA The Annual Meeting of the Appraisal Institute recently took place at the Cosmopolitan of Las Vegas during August 15-17, 2011. The future of the organization was unveiled in a strategic plan to encourage membership growth and improved education programs. The Appraisal Institute will move from its present professional association business model to a professional society business model. The new model will focus on designated members and those wanting to earn an AI designation, and will also provide the ability to overcome many marketplace forces that have challenged the present business model. In addition to four terrific keynote speakers, education, networking and exhibits, the three-day AI Annual Meeting at The Cosmopolitan of Las Vegas also featured an awards luncheon. Three members received the Lifetime Achievement Award, another received the Outstanding Service Award and three received the President’s Award on Aug. 17. The National Board of Directors Meeting followed at the same location on August 18, 2011. Ken Wilson of Plano, Texas was elected National Vice President. The proposal for the Candidate for Designation Program was also a main topic of discussion at the National Board Meeting. A notice regarding the Candidate for Designation Program will be issued shortly so that members may review it and submit comments to the Board of Directors for consideration.
. REGION VI CHAPTERS Delaware District of Columbia
Region VI Directors
Delaware
www.ai-delaware.org
Washington DC Metropolitan
www.wdcmacai.com
Maryland
www.ai-md.org
Maryland New Jersey
Chair - Russell K. Sterling, MAI
Central New Jersey
www.ai-centralnj.com
Metro New Jersey
www.ai-newjersey.org
Northeast New Jersey
www.nnjchapter-ai.org
Southern New Jersey
www.ai-snj.org
Central Pennsylvania
www.aicentralpa.com
Northeastern Pennsylvania
www.ai-nepa.org
Northwestern Pennsylvania
www.ai-nwpa.org
Philadelphia Metropolitan
www.phila-ai.com
Pittsburgh Metropolitan
www.pghai.org/
Pennsylvania
rsterling@sdadvisors.com Vice-Chair – Thomas C. Reynolds, III, SRPA, tomreynolds@rac.net Past Chair – Eileen H. Lynn, MAI – eileenhlynn@aol.com
It has been a banner year for new designees; they are now the “Best of the Best” and represent the future of this organization. Below you will find a list of the new designees. Maryland
Philadelphia Metro
Karen H. Belinko, MAI
David A. Arnoldi, MAI
Marie L. Brvenik, SRA
John J. Coyle, IV, MAI
Barbara Cantrell, MAI
J. John Gasparre, MAI
Michael J. Lester, MAI
Metro New Jersey
Erick J. Mazzoni, MAI
Diane V. Christiana, MAI, Metro NJ Chapter Barbara L. Cantrell, MAI, Maryland Chapter Victor D. DiSanto, MAI, Metro NJ Chapter
John P. Pasquarella, MAI Jordan Y. Yuter, MAI
Brandon M. Frank, MAI
Pittsburgh Metro
Sung Lee, MAI
Edward E. Butler, MAI
James L. Meehan, MAI
Michael P. Cigna, MAI
Gary M. Wade, MAI
Timothy J. Holzhauer, MAI
Jason A. Weinstein, MAI Washington DC Metropolitan
Theresa M. Leonard, SRA
VI Volunteers of Distinction:
Steven J. Murphy, MAI
Joseph C. Baldoni, MAI
Northeast New Jersey
Congratulations to the Appraisal Institute Region
Craig A. Canute, SRA Bruce Flanagan, Jr., SRA Michael K. Kasunic, SRA
Upcoming Regional/National Events Region VI Virtual Meeting October 26, 2011 4th Quarter National Board of Directors Meeting Chicago November 15 & 16 AI National Meeting & Chapter Leadership Program 2012 San Diego July 31 – August 3, 2012
MAREjournal.com
Mid Atlantic Real Estate Journal — October 14 - 27, 2011 — 13A
14A — October 14 - 27, 2011 — Financial Digest — Mid
Atlantic Real Estate Journal
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Metro New Jersey Chapter P.O. Box 2000 Edison, NJ 08818 Phone: 732-494-4640 Email: appraisal,institute@verizon.net www.ai-newjersey.org
Metro NJ Chapter Appraisal Institute 2011 Chapter Officers President Ronald D. Chiarello, MAI
9th Annual Fall Conference October 28th, 2011 Woodbridge Hilton, 120 Wood Avenue South, Iselin, NJ Register on-line at www.ai-newjersey.org Session I ~ Economic Outlook
Dean James Hughes of Rutgers Edward J. Bloustein School of Planning and Public Policy will provide an economic overview of recent trends in the economy and their impact on real estate valuation. 8:30 am
Vice President Edward Marashlian, MAI
Featuring:
Dr. James W. Hughes, PhD, Dean Edward J. Bloustein School of Planning and Public Policy
Session II ~ Market Overview
State of the Market – A panel of experts will discuss recent trends and activities in the retail, office, apartment and industrial markets. 9:30 am
Featuring:
Joni Sweetwood, Senior Vice President The Kislak Company, Inc. Michael Bergman, President & CEO Bergman Real Estate Group Jonathan B. Schultz, Co-Founder The Schultz Organization Alex Klatskin, FAIA, General Partner Forsgate Industrial Partners
Treasurer Paul Korch, MAI
Secretary Joseph E. Baldoni, MAI
Session III ~ Solar Energy
Susan A. Feeney, Esq. President of the NJ State Bar Association and partner at McCarter & English LLP will discuss real property tax issues of solar projects, including property tax valuation issues, the application of the renewable energy system exemption, the impact on farmland assessment, including rollback assessments, and the impact on exempt property. Jamie Hahn of Solis Partners will talk about the design and installation of solar energy systems. Arthur A. Linfante, MAI will present the Appraiser perspective. 1:00 pm
Featuring:
Susan A. Feeney, Esq., Partner McCarter & English, LLP James F. Hahn, Co-Founder & Managing Director Solis Partners, Inc. Arthur A. Linfante, III, MAI, CRE, Principal Value Research Group, LLC
Session IV ~ Auctions
2011 Chapter Board of Directors
Max Spann of Max E. Spann Realtors will walk us through the process from start to finish of real estate auctions and discuss whether they represent market value or not. 2:00 pm Featuring: Max E. Spann Realtors
Maximillian M. Spann, Jr., CAI, Partner & President
Session V ~ Draft Appraisal Regulations “Practice, Theory and Reality in the Age of Ethics”
Diane V. Christiana, MAI Michael T. DeNoble, MAI, SRA Amy J. Donow, MAI Anthony M. Graziano, Jr., MAI Brian D. Hicks, SRA Burnham L. Hobbs, Jr. Patrick A. Josephs, MAI Thomas P. Lenahan Michael T. Lewandowski, Esq., SRA John J. Musnuff, MAI Bettina Sholk Michael P. White, MAI
A panel of experts will outline the on-going debate over the applicability of AI Business Ethics in issuing Draft appraisals, and the current efforts and rationale by the Appraisal Foundation to curb or eliminate the use of draft appraisals. The panel will examine what constitutes a draft appraisal, when use of a defined draft is typically needed, and what professional standards practices are required to issue a draft. The panel will also analyze the use of drafts, as defined, based on the intended use and users of the appraisal. This will be an interactive panel and audience discussion to elicit best practices for defining and preparing drafts, and to provide a rational and consistent basis for future recommendations to standards bodies on the definition and use of drafts. 3:00 pm
Featuring:
Joseph Palumbo, SRA, Director, Appraisal Management Weichert Relocation Resources, Inc. Paula K. Konikoff, JD, MAI, Independent Consultant Barry Shea, Vice Chair of the Appraisal Standards Board Appraisal Foundation
4:30 pm
Conclusion of Conference You can Register on-line at www.ai-newjersey.org Confirmations and Directions will be e-mailed.
MAREjournal.com
Mid Atlantic Real Estate Journal — Financial Digest — October 14 - 27, 2011 — 15A
Metro New Jersey Chapter P.O. Box 2000 Edison, NJ 08818 Phone: 732-494-4640 Email: appraisal,institute@verizon.net www.ai-newjersey.org
The Metro New Jersey Chapter Education: To inquire about Discounts when registering for more than 1 course, e-mail appraisal.institute@verizon.net
Qualifying Education Courses Rutgers University, Livingston Campus Residential Sales Comparison & Income Approaches November 11, 12, 18 & 19 15-Hour USPAP November 18 & 19 Continuing Education 9th Annual Fall Conference October 28 – Woodbridge Hilton 7-Hour USPAP December 15 – Days Hotel
REGISTRATION FORM for the 9th Annual Fall Conference (Please Print) Return to:
Metro New Jersey Chapter of the Appraisal Institute P.O. Box 2000 Edison, NJ 08818
Registration Fee: $175 Appraisal Institute Members; $190 all others (If payment is made by check, please make check payable to Appraisal Institute)
Name__________________________________________ Designation____________________________________ Appraisal Institute Member? ______Yes
______No
Chapter_________________________
Send Confirmation to: ____________________________________________________________________________ (E-Mail Address) Address ________________________________________________________________________________________ Phone Number with Area Code ______________________________________________________________________
Sorry – No refunds after October 22nd, 2011 ~ Business attire required
16A — October 14 - 27, 2011 — Mid
Atlantic Real Estate Journal
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MID -A
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MAREjournal.com
Mid Atlantic Real Estate Journal — October 14 - 27, 2011 — 17A
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18A — October 14 - 27, 2011 — Mid
Atlantic Real Estate Journal
MAREjournal.com
MAREJ MONTHLY SALES AND LEASE REPORT As Reported In The Mid-Atlantic REAL ESTATE JOURNAL ~ SEPTEMBER 9 - OCTOBER 13, 2011 PROPERTY PROPERTY NAME NAME
ADDRESS ADDRESS
3045 Avenue B Ashbridge Square Stroud Commons Retail Cnt. Rte. 209 375 East Elm Oesterling Dr
Bethlehem, PA Downington, PA Stroud Township, PA Brodheadsville, PA Conshohocken, PA Reading, PA
2 Oesterling Dr 20 Oesterling Dr 2600 Eisenhower Ave 2449 W. Philadelphia St. Central PA Region 3650 Hartzdale Dr 8118 Adams Dr 5570 Derry St. 20 Erford Rd. 2330 Vartan Way 854 S 16th St. 7800 Linglestown Rd. 1240 Harrisburg Pike 5110 Lancaster St. 100 Church St. 4700 Westport Dr. 4713 Carlisle Pike Three Logan Square Lycoming County 4595 West Market St. 246 N. George St. 2033 South Queen St. 1805 Loucks Rd. 3524 Delta Rd. 64 Leigh Dr. 2115 Alpha Dr. 2005 Technology Pkwy. 1805 Loucks Rd. 250 Fame Ave. 2040 East Market St. 34 North Beaver St. 1006 Hanover Ave. 1036 North Godfrey St. 741 N. Cedar Crest 941 Marcon Boulevard 2760 Brodhead Rd. 2340 Emrick Blvd. 515 Linden St. 511 S. Fawn St. 2895 Hamilton Blvd. 3620 MacArthur Rd. 670 Belleville Tpke. 2 Osborne Terrace 17 Rte. 208 330 Franklin Tpke. Mahwah 9 Polifly Ave. 18 Delar Pkwy 570 Broad St. 22 Jackson Dr. Homestead Rd. 105 Challenger Rd. New Brite Plaza 405 E. Marsh Ln. 5601 Fishers Ln. 11031 McCormick Rd. Sunset Lake Commons Compass Bank McCarter Plaza Laundromax 3509 Blvd. Creighton Crossing Brook Run 4346 S. Laburnum Pk. 3045 York Rd. 10161 Lincoln Hwy. South Hanover SC 220 W. Plank Rd. 228 S. Blakely St. Flemington Cir. Supercenter Plaza Shippensburg SC W. Valley Market Pl. Wal-Mart SC Gran Court Village 112-118 E. Fort Lee Rd. W. New York, NJ 501 Beaver St. 1822 North Olden Ave. Kohls Plaza Kennesaw Landing Newnan West Allis Palmetto Palms Buisness Pk St. Petersburg Lincoln Way East Johnson City Town Center 1140 South St. 108 North Reading Rd. 25 Plaza Dr. 2901 East College Ave. 18 Constitution Ave. 2594 Eastern Blvd. 3200 Trindle Rd. 4940 Ritter Rd. 829 State St. 5210 Simpson Ferry Rd. 910-912 King St. Southern Ocean County 355 Pottstown Pike 120 S. White Horse Designers Court 2137 Utica Avenue
Reading, PA Reading, PA Valley Forge, PA York, PA Central PA Camp Hill, PA Hummelstown, PA Harrisburg, PA Lemoyne, PA Harrisburg, PA Harrisburg, PA West Hanover, PA Harrisburg, PA West Hanover, PA Millersburg, PA Lower Allen Twp., PA Hampden Twp., PA Philadelphia, PA Muncy Township, PA York, PA York, PA York, PA York, PA Airville, PA York, PA York, PA York, PA York, PA Hanover, PA York, PA York, PA Allentown, PA Allentown, PA Allentown, PA Allentown, PA Bethlehem, PA Bethlehem, PA Allentown, PA Allentown, PA Allentown, PA Whitehall, PA Kearny, NJ Newark, NJ Fair Lawn, NJ Mahwah, NJ Mahwah, NJ Hackensack, NJ Franklin Park, NJ Newark, NJ Cranford, New Jersey Hillsborough, NJ Ridgefield Park, NJ New Britain, CT Newport, DE Rockville, MD Hunt Valley, MD Raleigh, NC Phoenix, AZ Newark, NJ Dalton, GA Colonial Hts., VA Mechanicsville, VA Richmond, VA Richmond, VA Gettysburg, PA Bedford, PA Hanover, PA Altoona, PA Dunmore, PA Flemington, PA Lewistown, PA Shippensburg, PA Allentown, PA Newberry, Twp., PA Trenton, NJ Bogata, NJ
SELLER/ SELLER/ OWNER/ OWNER/ LESSOR LESSOR
REP. REP. OF OF SELLER/ SELLER/ LESSOR LESSOR
Pendleton Associates Marcus & Millichap
REP. REP. OF OF TENANT/ TENANT/ BUYER BUYER
PRICE PRICE
Marine Toys for Tots Fdn. Marcus & Millichap CBC Pennco CBC Pennco Beacon Commercial RE Beacon, NAI Keystone Beacon Commercial RE
Sailer Stone & Stucco, L.P. BioMed Realty Trust
BUYER/ BUYER/ TENANT/ TENANT/ LESSEE LESSEE
TKC L and Development II Beacon Commercial RE Beacon, NAI Keystone
$52m $4.45m $1.3m $4m
Kreitz Construction Services Kreitz Construction Services Ferrandino & son, Inc.
CBC Bennett Williams Commercial Realty Inc. Bobincheck & Heller Evergreen Property Trust Landmark Patio Enclosures Inc. Landmark Tom Brennan, Los Lanna CX Media LLC SIOR SIOR The Vartan Group Landmark Landmark Five Star International LLC Blue Beacon International The Bill Gladstone Group Avatar Income Fund I, LLC The Bill Gladstone Grp. Blue Beacon International The Bill Gladstone Grp. Active Networks LLC NAI CIR Metal Industries NAI CIR Fastenal Co. Robin Richard Realty Sofa Discounters NAI CIR Brandywine Realty Trust Latus Commercial Realty Susan Woska ROCK Commercial RE ROCK Commercial RE ROCK Commercial RE ROCK Commercial RE Regal Dance Systems, LLC ROCK Commercial RE ROCK Commercial RE ROCK Commercial RE High Associates ROCK Commercial RE Print Happy, LLC ROCK Commercial RE Oscar Murillo, MD ROCK Commercial RE Allie & Donham, LLC ROCK Commercial RE Senecal Software, LLC Colliers International Leah Financial Valleywide RE Berger-Epstein Associates NAI Summit Tyler Chomik NAI Summit Michael Adams NAI Summit Michael Adams NAI Summit NAI Summit Jay Haines NAI Summit Jay Haines NAI Summit United Tax Solutions NAI Summit Dunkin Donuts Cushman & Wakefield Terreno Realty Corporation CB Richard Ellis NAI James E. Hanson NAI James E. Hanson Raia Properties Interstate 330, LLC Anthony Cassano SDK Apartments, LLC Gerber/Somma Associate Baldassare & Mara, LLC Carl Berger Associates Larken Associates Raider Realty Newmark Knight WP Realty HDC HHA Tile Market JBG Cos. NKF GSA Glencoe Props. II Blue & Obrecht RLT Ptrs. J&H of Holly Springs Marcus & Millichap The Rosen Grp. Marcus & Millichap Marcus & Millichap Marcus & Millichap Luck Lady Pershimam Four Taylor Long Props. Folly Gifts Brook Run 6A Taylor Long Props. Nicole Worley Laburnum Park Taylor Long Props. Just Because Gift Shop Girl Scouts CBC Bennett Williams Vanhoutte Ent. Everette Mgmt. Grp. Wireless Ctr. South Hanover Ptrs. Little Ceasers Lawruck Realty Verizon Gumberg Assoc. Verizon Flemington Retail Five Guys Burgers One Oak Grove Holdings CBC Bennett Williams Wireless Ctr. Hill Mgmt. Svcs. CBC Bennett Williams Bizwop Developers Diversified Firestone Newberry Point NAI CIR Brother’s Pizza The Kislak Co. East Fort Lee Road Corp. Gebroe-Hammer Marcus & Millichap Sewickley, PA GKK Sewickley, L.P. Ewing, NJ Richardson Comm The Gardee Group Dickson City, PA Keystone Property Assoc. Hobby Lobby Kennesaw, NJ Lumber Liquidators Newnan, NJ Lumber Liquidators West Allis, WI Lumber Liquidators Miami, FL Lumber Liquidators St. Petersburg, FL Lumber Liquidators Chambersburg, PA Lumber Liquidators Johnson City, NY Lumber Liquidators Ephrata, PA Napa Auto Parts Ephrata, PA Eyeland Optical Lewistown, PA Car Quest Auto Parts State College, PA USA Armed Forces Shrewsbury, PA Snyder’s Vacuum & Sewing York, PA New Vision Books & Gifts Camp Hill, PA Bennet Williams Global Solutions, LLC Mechanicsburg, PA USA Armed Forces Lemoyne, PA Bennet Williams Plum Bottom Shoes Mechanicsburg, PA USA Armed Forces Alexandria, VA Anthropologie Stafford Township, NJ Olive Garden Exton, PA Equity Retail Brokers PNC Bank Hammonton, PA Broadway Square LLC Equity Retail Brokers Primo Hoagies Marlton, NJ Fameco Realty Long Island, NY Fameco Realty
CBC Bennett Williams
$215,000 $2.5m
Landmark NAI CIR Landmark Andrew Kohr, Thomas Posavec Norman Stovall III Landmark NAI CIR $1.335m $1.225m $250,000 R.M.L. Warehousing Corp The Bill Gladstone Group
SIZE SIZE 6,720 s/f 386,016 s/f 40,000 s/f 31,000 s/f 42,484 s/f 31,682 s/f 10,800 s/f 11,185 s/f 2,008 s/f 70+ Units 11,690 s/f 9,000 s/f 2,200 s/f 1,470 s/f 1,199 s/f 4,100 s/f
8,7000 s/f 15,850 s/f 3,839 s/f 3,500 s/f Janney Montgomery Scott LLC 146,321 s/f Prudential Hodrick Realty 34.9 Acres ROCK Commercial RE $625,000 7,376 s/f ROCK Commercial RE $65,000 6,750 s/f Keystone Services Systems $365,000 6,424 s.f ROCK Commercial RE 5,885 s/f T’s Welding & Fabrication LLC 5,136 s/f Pro Conveyor, LLC 5,000 s/f ROCK Commercial RE 4,000 s/f ROCK Commercial RE 3,148 s/f ROCK Commercial RE 2,663 s/f ROCK Commercial RE 2,397 s/f ROCK Commercial RE 1,500 s/f 766 s/f Colliers International $575,000 50,000 s/f CBC Feist & Feist Realty 7,500 s/f $490,000 2,000 s/f Rettew Associates 7,200 s/f Versalift East 16,000 s/f Building Controls NAI Summit 2,370 s/f 12,765 s/f NAI Summit 3,730 s/f NAI Summit $185,000 3,000 s/f $32.6m 211,000 s/f Charles Berger $2.025m 60 Unit 12,225 s/f 5,000 s/f $2.68m 29,050 s/f 2,398 s/f 18 Unit Berger Organization 2,360 s/f $3.9m 69,000 s/f 50,000 s/f 150,000 s/f 156,956 s/f 55,960 s/f GSA, Studley 490,998 s/f TriAlliance 5,742 s/f $12.815m 192 Unit Marcus & Millichap $3.175m 4,500 s/f Marcus & Millichap $3.3m 12,000 s/f $765k 6,000 s/f Taylor Long Props. $305k 3,600 s/f 1,213 s/f 1,360 s/f 810 s/f $275k 3600 s/f CBC Bennett Williams $300k 2700 s/f CBC Bennett Williams 1200 s/f CBC Bennett Williams 3,320 s/f CBC Bennett Williams 2,200 s/f CBC Bennett Williams 2,500 s/f CBC Bennett Williams 4,060 s/f CBC Bennett Williams 1600 s/f ERB $750k 2,000 s/f The Kislak Co. $4.85m 63-unit Gebroe-Hammer $3.6m 44-unit Marcus & Millichap $915k 13-unit Grant Street Associates $1.225m 8,357 s/f 1,140 s/f Metro Commercial 52,450 s/f Metro Commercial 8,468 s/f Metro Commercial 6,000 s/f Metro Commercial 10,500 s/f Metro Commercial 5,200 s/f Metro Commercial 5,400 s/f Metro Commercial 4,321 s/f Metro Commercial 5,820 s/f Bennett Williams 8,185 s/f Bennett Williams 2,500 s/f Bennett Williams 3,600 s/f Bennett Williams 5,651 s/f Bennett Williams 2,800 s/f Bennett Williams 3,468 s/f Bennett Williams 1,363 s/f Bennett Williams 820 s/f Bennett Williams 1,465 s/f Bennett Williams 5,676 s/f Douglas Development 10,500 s/f Walter’s Group 7,600 s/f Equity Retail Brokers 1 acre 2,400 s/f 78,000 s/f 10,000 s/f
DESC. DESC.
S/L S/L
PG PG
Mixed Retail Retail Retail Off Flex
L S S S S S
10A FC-C FC-C FC-C 2C 2C
Ice Rink Flex Off Off Multi-Family Flex Flex Retail Off Off Mixed Mixed Mixed Mixed Off/Ware Ware Mixed Mixed Mixed Ware Mixed Comm Off Industrial Industrial Industrial Off Off Off Off Off Comm Off/Flex/Ware Gas Station Flex Ware Flex Condo Flex Condo/Off Retail Industrial Mixed Mixed Off Off/Flex Off Mixed Mixed Mixed Mixed Off Retail Industrial Mixed-Use
S S L S S L S L L L S S S S S L L L S S S S L L 18C L L L L L L L S L S L L L S L S L S S L S S L S L S L S S L L S S S S S S L L S S S L L L L L L S L S S S S S L L L L L L L L L L L L L L L L L L L L L L L L
2C 2C 2C 2C 3C 3C 3C 3C 3C 3C 3C 4C 4C 4C 4C 4C 4C 4C 4C 18C 18C 18C 1
Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail Multi-Family Multi-Family Multi-Family Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail Mixed Mixed Retail Multi-Family
18C 18C 18C 18C 18 18C 18 18C 18C 19C 19C 19C 19C 19C 19C 19C 19C FC-B 2B 2B 2B 2B 2B 3B 3B 5B 5B 13B 2A 5A 5A 5A FC-B 2B 3B 3B 3B 3B 3B 3B 4B 4B 4B 4B 4B 4B 4B 4B 13B 13B FC-C 16C 16C 20B 20B 21B 21B 21B 21B 21B 21B 21B 21B 27B 27B 27B 27B 27B 27B 27B 27B 27B 27B 27B 27B 30B 30B 30B 30B
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Mid Atlantic Real Estate Journal — October 14 - 27, 2011 — 19A
Mid Atlantic REAL ESTATE JOURNAL
BILLBOARD
CLASSIFIEDS • CLASSIFIEDS • CLASSIFIEDS • CLASSIFIEDS • CLASSIFIEDS • CLASSIFIEDS • CLASSIFIEDS • CLASSIFIEDS • CLASSIFIEDS
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20A — October 14 - 27, 2011 — Mid
Atlantic Real Estate Journal
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PEOPLE ON THE MOVE As senior director
In the firm’s Washington, DC office
Greg Scheipers joins Studley as associate director
W
ASHINGTON, DC — International commercial real estate services firm Studley announce d that Greg Scheipers has joined t h e f i r m ’s Washington, DC office as associate di- Greg Scheipers rector. David Lipson, Studley ex-
ecutive vice president and Board Member, made the announcement that Scheipers would be joining Studley after serving clients at Grubb & Ellis. “Greg has always been attracted to our end of the business, representing tenants in lease negotiations and organizations who pursue the benefits of ownership. We are delighted to have someone with Greg’s capabilities join Studley to build his career. I have no doubt that you will
be hearing a great deal about Greg Scheipers in the years ahead.” Scheipers served as a member of the Tenant Advisory Group at Grubb & Ellis where he worked with local, national and international companies, non-profits, associations and law firms including Levi Strauss, Thermo Fisher Scientific and Parsons Brinkerhoff. He was named Grubb & Ellis’s “Most Valuable Player” in 2010. ■
Vaughn Melson teams up with Sperry Van Ness – Miller Commercial Real Estate SALISBURY, MD — Brent Miller, CCIM, CPM, and managing director for Sperry Van Ness – Miller Commercial Real Estate announced that Vaughn Melson has Vaughn Melson joined the SVN – Miller team. With more than 12 years of residential and commercial real estate development and management experience, Melson has
been an active real estate developer and investor since 1998, and was in the insurance industry prior to that time. Most recently, he co-founded Aegis Development Group and Aegis Distressed Fund. Melson’s various roles in both ventures were deal flow, due diligence, acquisition, leasing, property management and disposition. Prior to Aegis, he was involved with acquisitions, project planning, and project management at Ocean Atlantic Companies.
During his partnership with Ocean Atlantic (Independence a 55+ community), his responsibilities included legal, project management, project research, accounting, sales strategy and sales team management. Melson specializes in site selection and analysis, predevelopment coordination, investment analysis and valuation, financial modeling, contract negation, commercial retail, student housing, and other various forms of real estate. ■
Studley promotes Schindler to managing director WASHINGTON, DC — International real estate services firm Studley recently promotion of Adam Schindler from associate director to managing director. An expert on the analysis of market trends, Schindler joined
Studley in 2006 to provide clients with a full complement of commercial real estate services including strategic planning, portfolio management as well as lease negotiation and space planning. Since his arrival, Schindler
has negotiated more than 2.5+ million s/f of office transactions throughout the U. S. for a diverse roster of clients that includes corporations, law firms and non-profits. Recent deals include a 55,000 s/f lease restructure in Alpharetta, GA. ■
The Current Commercial Mortgage Market . . . continued from page 2A thereafter. The mezz piece featured interest only debt service for its entire 5 year term. Such overall financing would not be available from an insurance company or commercial bank. As apartments have again become the preferred asset type among real estate lenders and with low interest rates and apartment vacancy rates in most areas of the country getting back to the more “normal” range of 5% there appears to be significant anticipation of new apartment construction. Some underwriting aspects that will impact the ability to construct new apartment developments include: • If appraisers can support the
higher than current market rents necessary to justify the cost of their creation. Compliance with the Uniform Standards of Professional Appraisal Practice may make that difficult. • The ability of appraisers to substantiate the demand in a local market necessary to support such new construction. This will include how many units and the type(s) that can be absorbed by the market in a reasonable period, typically 18-24 months from ground breaking. Some other good news, according to Moody’s: • U.S. commercial real estate prices increased by 5% during July, the third consecutive
gain. • The best performing markets over the past four quarters include New York’s and San Francisco’s office and Florida’s apartment market”. In addition I note that Credit Unions are also receiving increased attention especially for the $1 million to $10 million size commercial mortgage loan and the smaller loans are able to elicit a rate premium. Let’s hope they are more prudent underwriters than the Savings and Loans that after years of “expert” residential lending got into commercial lending and ultimately went to the RTC. Bruce J. Coin is director of Bruce Coin Consulting, Inc. ■
Federal Realty adds LaBold to acquisitions NORTHEAST — Federal Realty announced the addition of Steve LaBold to FRT’s Acquisitions Team. LaBold has joined the Trust as senior director of Northeast acquisitions. LaBold will s o u r c e a n d Steve LaBold underwrite retail acquisitions in the Trust’s core markets in the Northeast region, including metropolitan New York, Boston and Philadelphia. LaBold brings 17 years of diverse experience in core, value-add and opportunistic real estate investments to Federal Realty. For 15 years
he served as vice president of transactions for Prudential Real Estate Investors for the Northeast, where he was responsible for acquiring commerical properties and developing joint venture relationships. LaBold most recently served as managing director for Newmark Knight Frank in their Capital Group, and as vice president, acquisitions and investment management with Monday Properties. LaBold holds a Bachelor of Science in Business Administration from the University of Delaware and a Masters of Business Administration from Rutgers University with a concentration in real estate. LaBold will be based in Morristown, NJ. ■
Colliers International hires Nadia Kahler as transaction manager BALTIMORE, MD — The Baltimore office of Colliers International hired Nadia Kahler as transaction manager. In her position, Kahler provides seniorlevel operational support to the firm’s brokerage cli- Nadia Kahler ents, the majority of whom are focused on portfolio projects. In
this role, Kahler integrates the Colliers International platform into the company. Prior to joining Colliers International, Kahler served as the director of administration for the brokerage department of Manekin LLC, a commercial real estate company serving the Baltimore area. She is a licensed real estate agent in Maryland and received her bachelor’s degree from Smith College in Northampton, MA. Kahler lives in Baltimore. ■
Denise Ross becomes Mitchell Associates’ director of business development WILMINGTON, DE — Mitchell Associates, a Wilmington-based architectural, interior design and graphic design firm, announced the addition of Denise Ross as director of business developDenise Ross ment. Ross has over 20 years of experience
in the commercial real estate industry. Her professional experience includes DuPont, Linpro, The Flynn Co., MBNA, McConnell Johnson Real Estate and Emory Hill. She is a graduate of Marymount College of Virginia, holds real estate licenses in Delaware, Pennsylvania and Maryland, and is a member of the Commercial/Industrial Realty Council where she served on the Board for several years. ■
Appraisers and The Mortgage Mess . . . continued from page 8A lender then goes to the origination mortgage broker with that admission and strong-arms them into buying back the mortgage. The appraiser gets a double smack down since they are likely in violation of the USPAP standard of confidentiality when they cop the plea because the conduit lender is not the original client.
And you thought that this kind of action only took place on Boardwalk Empire. Dennis Scardilli is licensed to practice law in NJ & PA and has an office near Atlantic City, NJ. He is also a non-practicing Member of the Appraisal Institute. ■ This article does not constitute the establishment of an attorney-client relationship nor does it constitute legal advice. If you need legal advice establish an attorney-client relationship with competent legal counsel.
MAREjournal.com
Mid Atlantic Real Estate Journal — October 14 - 27, 2011 — 21A
MID ATLANTIC APPRAISAL
BUSINESS CARD SERVICE DIRECTORY
COMMERCIAL REAL ESTATE
ELECTRICAL CONTRACTOR Phone: 732.360.9050 Fax: 732.360.0469 www.lunarelectric.com
Art Campbell, President art@acampbell.net Ph: (717) 737-6161 ŏ )D[: (717) 737-9640
ENVIRONMENTAL
ENGINEERING
ELECTRICAL CONTRACTOR, INC.
RON GIAMBRONE ! PO BOX 777 ! OLD BRIDGE, NJ 08857 COMMERCIAL ! RESIDENTIAL ! DATA/COM NJ LIC# 10775 EMAIL: ron@lunarelectric.com INSURED & BONDED
ENVIRONMENTAL ENGINEERING
ENVIRONMENTAL SYSTEMS P.O. Box 1181, Pt. Pleasant, N.J. 732-892-8707 EXPERTS IN ENVIRONMENTAL REMEDIATION Groundwater Investigation & Remediation Environmental Phase I & II Audits Oil Tank Testing/Removal Indoor Air Quality/Mold Testing
NJDEP Permits (Air, Water, Wetlands) Brownfields Development Professional Testimony Statewide Service Geoprobe Services ISRA/ECRA
WWW.DEPENVIROSYSTEMS.COM
INTERIOR PLANTING & DESIGN
LAUNDRY SERVICES
LEASING & MANAGEMENT
Call Fowler today to find out how we can make your laundry room more profitable. 800-334-1824 X127
George D. MacBeth President Northern New Jersey
Commercial Mortgages / Business Loans Construction Loans / Workouts / Consulting
P.O. Box 73 • Haworth, NJ 07641 201.387.7997 • 201.264.3476 • Fax 201.387.7995 gmacbeth@fdsnnj.com X www.foliagedesign.com
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Would like to be included on this page call: Linda Christman lchristman@marejournal.com (800) 584-1062 / (781) 871-5298 Fax (781) 871-5299 or Your Account Executive Mid Atlantic REAL ESTATE JOURNAL
22A — October 14 - 27, 2011 — Mid
Atlantic Real Estate Journal
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1100 East Hector Street, Suite 393 Conshohocken, PA 19428
President Douglas Sayer Colliers International
Phone/Fax: 610-238-9950 / 610-238-9959 E-Mail: tristate@tristaterca.com Website: www.tristaterca.com
2011 Officers & Directors & President Douglas Sayer Colliers International
President Elect Michael P. McCurdy Jones Lang LaSalle
Vice President (Pennsylvania) Paul G. Garvey Cushman & Wakefield of PA
Vice President (New Jersey) Jonathan Glick Sheldon Gross Realty, Inc.
Secretary VP (Delaware) Gregory Ellis, CCIM Patterson Woods Commercial
Treasurer Ralph A. Magnatta, CPM Brite Realty Services
Immediate Past President James A. Egan Grubb & Ellis Co.
Director Advisory Council J. Robert Clements Grubb & Ellis
Present
The Northern & Central New Jersey Chapter of The COMMERCIAL Real Estate School will provide quality continuing education courses throughout Northern & Central New Jersey.
Stay tuned for upcoming classes!
________________________________________________________________________
Director Advisory Council John Derham Cushman & Wakefield of PA
Director David A. DePetris Legend Properties
Director Louis J. Battagliese Jackson Cross Partners, LLC
PA COURSES—MARK YOUR CALENDARS! FALL 2011 DATES • • • •
FALL COURSE TOPICS INCLUDE*
Tuesday, November 1 Wednesday, November 2 Monday, December 12 Tuesday, December 13
• • • •
Director J. Scott Gabrielsen Binswanger
Director Jeffrey B. Goldstone Herbert Yentis & Company
Director Gene McHale Beacon Comm’l. Real Estate
Director Barry P. Mertz NAI Mertz Corp
Director Todd Monahan Jones Lang LaSalle
Cost Segregation Supply and Demand in Recovery Tax Free Income for Life with Your 401K Account Tax Issues in Commercial Real Estate Investments *final date assignments TBA
PA COURSE COURSE LOCATIONS LOCATIONS
Fall 2011 Spring Mill Corporate Center April 2012 Pennsylvania Bar Institute March/May 2012 Dolce Valley Forge *call for address and/or directions *NJ locations TBA
Director Steven G. Michaelson Tornetta Realty Corp.
Director John P. Morrissey Jackson Cross Partners
Director Tony Nichols, Jr. Liberty Property Trust
Director Rocco Perate square 1 financial
SPRING 2012 PA DATES • • •
Director Greg Soffian Studley
• • •
Director JoAnn West Lieberman Earley & Co.
Thursday, March 22 Tuesday, March 27 Tuesday, April 3 Thursday, April 5 Tuesday, May 15 Tuesday, May 22
CREDITS Courses will qualify for the following credits* • • CE Credits for Realtors in PA, DE • • CE Credits for Appraiser in PA, DE, NJ • • CLE Credits in PA • • Credits for PA Accountants *courses pending approval
*NJ dates TBA
For Further Information on upcoming classes and/or general questions Please call 610-238-9070 or email Eilliano@tristaterca.com
MAREjournal.com
Mid Atlantic Real Estate Journal — October 14 - 27, 2011 — 23A
24A — October 14 - 27, 2011 — Mid
Atlantic Real Estate Journal
MAREjournal.com
COMMERCIAL REAL ESTATE ORGANIZATIONS’
EVENTS CALENDAR OCTOBER 14 – CIA NJ Event: Manufacturing Roundtable Time: 8:00 AM – 9:30 AM Location: Hilton Hasbrouck Heights Address/City: 650 Terrace Ave. Hasbrouck Heights, NJ Cost: $35 Members $75 Nonmembers P: 201-368-2100 E: ehallock@cianj.org www.cianj.org OCTOBER 14 – USGBC Event: LEED ND Educational Program, Tour & Networking Time: 1:00 PM – 5:00 PM Location: 460 Washington St., Newark, NJ P: 973-290-0013 E: info@usgbcnj.org www.usgbcnj.org OCTOBER 18 – CORENET Event: 7th Annual Corporate Real Estate Awards of Excellence Gala Time: 6:00 PM – 10:00 PM Location: Union Station Address/City: Washington, DC E: cswanson@corenetglobal.org www.corenetglobal.org OCTOBER 19 – ABC NJ Event: Dealing with OSHA Inspections Time: 4:00 PM – 6:00 PM Location: Moorestown Community House Address/City: 16 E. Main St., Moorestown, NJ E: lslomka@njpsi.com www.abcnj.org OCTOBER 19 – CFA PHILADELPHIA Event: “Dodd Frank One Year Later” Time: 12:00 PM – 1:30 PM Location: The Philadelphia Racquet Club Address/City: 215 South 16th St. Philadelphia, PA Cost: $25 Members $35 Nonmembers www.cfaphil.org OCTOBER 19 – DVGBC Event: Forum at the Philadelphia Branch Time: 6:00 PM – 8:00 PM Location: Morgan, Lewis & Brockius Address/City: 1701 Market St. Philadelphia, PA Cost: Free P: 215-399-5790 www.dvgbc.org OCTOBER 19 – IFMA Event: Facility Tour AHOLD Financial Services Time: 11:30 AM – 1:30 PM Location: AHOLD Financial Services Address/City: 1170 Harrisburg Pike Carlisle, PA Cost: Members Free/Guests $20 P: 717-232-2935 E: caroline.knox@restorecore.com www.ifmacentralpa.org OCTOBER 19 – SMPS PITTSBURGH Event: Luncheon Program Time: 11:30 AM – 1:30 PM Location: The Rivers Club Address/City: 301 Grant St., Suite 411, Pittsburgh, PA Cost: $40 Members $65 Nonmembers www.smpspittsburgh.org
OCTOBER 20 – BOMA PHILADELPHIA Event: Monthly Meeting – The Importance of Volunteerism & Community Involvement Time: 11:30 AM Location: The Union League Address/City: 140 S. Broad St., Philadelphia, PA Cost: $65 Members $80 Nonmembers P: 215-567-1775 E: kgahres@bomaphila.com www.bomaphila.com OCTOBER 20-21 – CCIM Event: Introduction to Commercial Investment Real Estate Analysis Time: 8:30 AM – 5:30 AM P: 312-321-4460 E: membership@ccim.com www.ccim.com OCTOBER 20 – CREW PHILADELPHIA Event: Past President’s Breakfast Women of Impact Time: 8:00 AM Location: Davio’s Address/City: 111 S. 17th St., Philadelphia, PA Cost: $55 Members $80 Guests/Nonmembers www.crewphiladelphia.org OCTOBER 20 – ICREW Event: Lunch Meeting Time: 11:30 AM Location: Woodbridge Hilton Address/City: Iselin, NJ P: 609-585-6871 E: icrewnj@crewnj.org www.icrewnj.org OCTOBER 20 – IESNYC Event: Control!This! Time: 11:00 AM – 7:30 PM Location: Metropolitan Pavilion Address/City: 125 West 18th St., NYC www.controlthis.org OCTOBER 20 – NAIOP NJ Event: Networking/DL Mixer Time: 6:00 PM – 8:00 PM Location: The Village Pourhouse Address/City: Hoboken, NJ Cost: $25 Members $35 Nonmembers E: morford@naiopnj.org www.naiopnj.org OCTOBER 20 – NJAA Event: 18th Annual Garden State Awards & Recognition Dinner Location: Hyatt Regency Address/City: New Brunswick, NJ P: 732-992-0606 E: niambi@njaa.com www.njaa.com OCTOBER 20 – SMPS Event: Mid-Atlantic Regional Conference Time: 8:00 AM – 5:00 PM Location: Hilton Alexandria Old Town Address/City: 1767 King St., Alexandria, VA P: 703-349-6001 www.smpsdc.org OCTOBER 25 – CREW PITTSBURGH Event: Commercial Real Estate Financial Update Lunch Program Time: 11:30 AM – 1:30 PM Location: Rivers Club Address/City: Pittsburgh, PA E: admin@crewpittsburgh.org www.crewpittsburgh.org
OCTOBER 25 – USGBC NJ Event: Meet the Decision Makers Lecture Series Breakfast Time: 7:30 AM – 9:30 AM Location: Hamilton Park Hotel & Conference Center Address/City: 175 Park Ave., Florham Park, NJ P: 973-290-0013 E: info@usgbcnj.org www.usgbcnj.org OCTOBER 26 – ABC EASTERN PA Event: Member Recognition Dinner Time: 5:00 PM Location: Holiday Inn Lansdale Cost: $50 P: 610-279-6666 E: rkelsh@abceastpa.org www.abceastpa.org OCTOBER 27 – ABC METRO WASHINGTON Event: G C Expo Location: University of Maryland Samuel Riggs IV Alumni Center P: 30-1595-9711 E: kcollins@abcmetrowashington.org www.abcmetrowashington.org OCTOBER 27 – DCA Event: Annual Meeting Time: 5:00 PM – 9:00 PM Location: Chase Center on the Riverfront Address/City: Wilmington, DE P: 302-994-7442 www.e-dca.org OCTOBER 27 – NAWBO DE Event: Power of Partnership Networking “The Mystery of Business” Time: 5:30 PM – 7:30 PM Location: TBD E: info@nawbodelaware.org www.nawbodelaware.org OCTOBER 28 – NAIOP PITTSBURGH Event: Chapter Meeting Time: 7:30 AM Location: Omni William Penn Hotel Address/City: 530 William Penn Place, Pittsburgh, PA Cost: Members Free/$40 Nonmembers P: 412-928-8303 www.naioppittsburgh.com NOVEMBER 7 – ULI PHILADELPHIA Event: Special Pre-‘Forecast’ Cocktail Party Time: 5:30 PM – 7:00 PM Location: Huffman’s Resident Address/City: 251 S. 24th St., Philadelphia, PA P: 800-321-5011 www.philadelphia.uli.org NOVEMBER 8 – ULI PHILADELPHIA Event: Real Estate Forecast 2012 Time: 7:30 AM – 11:00 AM Location: The Union League Address/City: 140 S. Broad St. Philadelphia, PA P: 800-321-5011 www.philadelphia.uli.org NOVEMBER 10 – ULI NJ Event: Annual Real Estate Trends Time: 8:30 AM – 11:00 AM Location: Rutgers Universit Bloustein School Address/City: 33 Livingston Ave., New Brunswick, NJ P: 800-321-5011 www.nnj.uli.org
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Mid Atlantic Real Estate Journal — October 14 - 27, 2011 — Inside Back Cover A
Back Cover A — October 14 - 27, 2011 — Mid
Atlantic Real Estate Journal
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Whether you're looking for space or have a property to lease or sell, we have the local expertise and global reach you can trust. PHOENIX INDUSTRIAL PARK ONLINE AUCTION Minimum Bid $1,250,000 (No Reserve) 1011 ROUTE 22 WEST PHILLIPSBURG, NJ 08865
November 17th 11:00 To 3:00 PM Est. To Register Visit www.NAIAuction.com/Route22 Starting Bid: $1,250,000 ($16 PSF) • 76,000 Sf On 4.87 Acres
• Zoning: Highway Business • Office, Research, Retail, Manufacturing, Warehousing • Office: 12,000 SF; Retail: 19,000 Sf; Warehouse: 44,500 SF • 200 Parking Spaces • Heavy Power, 2000 Amps, 3-phase • Multiple Loading Docks & Drive-in Doors • 700’ of Highway Frontage • Strategically Located on Route 22; 2 Miles off Route 78 • 2 Miles To The PA Border & 45 Minutes To NyC Trenton Train Station
Light Rail Riverline
Rou te 2 9
Office/Warehouse for Sale 45,000 SF – CAP RATE: 10% 10 Abeel Road, Monroe NJ Headquarters Building 45,000 SF Building on 2.3 Acres 20,000 SF of Office & 25,000 SF of Whse Zoned Light Impact Industrial 24’ Ceilings in Warehouse, 4 loading docks & 1 drive-in door Parking: 100 Spaces Located 1/4 mile to NJ Turnpike, Exit 8A Call for Price & Income Details
Building for Sale Redevelopment Site 37 Old Trenton Road, Cranbury, NJ 50,000 SF Building on 2.8 Acres Zoning: M-C: Mixed Use Commercial District Great Site for Redevelopment Corner Location at a Lighted Intersection Immediate Access to Route 130, Route 33 & the NJ Turnpike Exit 8A Priced to Sell at $800,000
T re nton
Warehouse/Office — Sale or Lease 75,000 SF within 4 Buildings 292 3rd Street, Trenton, NJ
Building 1: 12,558 SF of Warehouse with 30’ Ceilings – Leased Building 2: 13,565 SF -- 2 Story Office 8,0000 SF Remaining for Lease Building 3: 44,574 SF of Warehouse with Refrigeration, 30’ Clearance Building 4: 4,000 SF Repair Shop Outside Storage/Parking Available Located in the UEZ Zone. Highway Visibility, Close to Train Station, I-29 & I-295
NEW JERSEY
SMHOPPING C ENTERS A R E J ID
TLANTIC
EAL
STATE OURNAL
Section B of the Mid ATLANTIC Real Estate Journal
Peapack-Gladstone Bank provides financing
Kislak’s Sweetwood & Squires completes $9.18 million transaction of multi-family
E
LIZABETH, NJ — The Kislak Company, Inc., announced the completion of four multifamily sales in Elizabeth, totaling $9.18 million. They include a 46-unit property on North Broad St. that sold Jeffrey Squires for $2.45 million, a 41-unit
property on Westfield Ave. that sold for $2.955 million, a 40unit property on Jersey Ave. that sold for $2.825 million, and a 16-unit property on Westminster Ave. that sold for $950,000. “Elizabeth, Joni Sweetwood which is New Jersey’s fourth largest city, re-
OCTOBER 14 - 27, 2011
HI-LIGHTS Gebroe-Hammer’s Oropeza, Jarvis, Nicolaou close four In four separate transactions, Gebroe-Hammer Associates has arranged the sale of 207 apartment-rental units in Essex County. See page 2B.
Community Investment Strategies secures approval CIS received final approvals from the Township of Florence Planning Board for a 66-unit age-restricted affordable apartment-rental community. See page 13B.
ALSO INSIDE: SOUTHERN NEW JERSEY SPOTLIGHT ..............................5-11B PEOPLE ON THE MOVE ......................................................14B ASK AN EXPERT DIRECTORY ..............................................15B ICREW NJ ORGANIZATION ..............................................16B Section B, 20 pages
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mains a very strong multifamily market for investors given its location, strong tenancy and occupancies at or near 100%,” said Robert Holland, senior vice president and co-managing director. “Demand for multifamily properties throughout New Jersey has been increasing steadily since 2010 and in certain areas such as Elizabeth, demand is soaring. There are few, if any, alternative investments as safe and reliable as multifamily properties; interest rates remain at historic lows; and lenders are eager to finance the purchase of multifamily properties. Our sales team continues to work tirelessly to listing and selling.” “Most buyers are attracted
to Elizabeth,” said Sweetwood, senior vice president. “We find that the newer garden apartments are trading in the $70,000’s per unit while the older mid-rises are trading below $70,000 per unit as they usually require more capital expenditures. Some areas of Elizabeth are better than others. These sales were all in good areas.” The North Broad St. property is a four-story brick elevator building with one and two bedroom apartments in an attractive residential part of the city. Kislak was given an listing to market and sell the property and procured a purchaser to whom it had sold multiple other properties. Senior vice
president Joni Sweetwood represented the seller and vice president Jeffrey Squires represented the purchaser. At the time of closing, occupancy was 90%. Financing was provided by Peapack-Gladstone Bank. The Westfield Avenue property is known as Westfield Pines and is a three-story brick building with studios and one bedroom apartments located one block from desirable Elmora Avenue. Kislak was also given an listing to market and sell the property and procured a purchaser able to assume the seller’s existing mortgage with Sovereign Bank. Squires represented the seller and vice president Andrew Jonas represented the purchaser. n
3.5 acres located at 502 York St., Elizabeth
Metz of Bussel Realty brokers ind./office lease of 75,000 s/f ELIZABETH, NJ — Bussel Realty Corp. has announced the leasing of a 75,000 s/f warehouse. Located at 502 York St., Elizabeth, the property consists of 75,000 s/f of industrial/office Jordan Metz space. Built in 1965 as the original Halper Bro’s Paper Co. building, it features loading docks, high ceilings, heavy power, sits on 3.5 acres, and most importantly, offers a prime industrial location. The tenant, Federal Autocat, is relocating and expanding its operation from Newark. Jordan Metz, sales associate and vice president at Bussel, represented the tenant, while Bussel Realty also represented the owner in this transaction. “In this particular transaction, my client wanted to expand its operations to a larger facility within a very specific geographic area. This one took
502 York St., Elizabeth a while to complete, it was stop ent is undertaking; the facility and go for just shy of two years, becomes a fully functional, rare but the parties remained com- find in a strong market. There are currently two other mitted to the deal and were able to come to terms very quickly major projects underway in the same Elizabeth submarket: once the time was right. “The property has been se- the construction of a new disverely overlooked by other tribution hub for FedEx and companies; it has unparalleled the construction of Wakefern’s port-proximity and you’ve got new headquarters distribution immediate access to Routes 1 center. In related news, Metz also & 9 and the NJ Turnpike, the major transportation arteries recently completed a 65,000 s/f which service the northeast lease in Edison to a NJ based corridor. The floor plan is con- trucking company, a 20,000 s/f ducive to so many different lease in Carteret to a cell phone uses, and with some building and cell phone accessory distriimprovements, which my cli- bution company. n
B Inside Cover — October 14 - 27, 2011 — New Jersey — Mid
Atlantic Real Estate Journal
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NEVER COMPROMISE YOUR ENVIRONMENT.
AZTEC. COMPLETE PROJECT MANAGEMENT. From clients to employees, your environment has an effect on everyone. It’s often the first…and last impression they see. Can your image afford to let those opportunities pass without making the most of them? “Total Architecture” is our mantra at Aztec. Let it make a difference for you. Base Building Architecture I Interior Architectural Design I Facility Master Planning Complete Project Management I Relocation Execution Management On-Going Facilities Management I Construction Execution Management
SM
Woodbridge Place, 517 Route One South, Iselin, NJ 08830
Call 732.636.8989 or visit www.aztec-architects.com
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Mid Atlantic Real Estate Journal — New Jersey — October 14 - 27, 2011 — 1B
“WE’VE GOT NEW JERSEY COVERED” WAY BELOW MARKET PRICES – For SALE or LEASE
1,920 SF – PISCATAWAY 300 SF Ofc, 20’ Clgs, 1 DI AVAILABLE IMMEDIATELY
GARWOOD – Available Imm 5,063 SF – 500 SF Ofc, 15’ Clgs, TB, DI 7,611 SF – 1,200 SF Ofc, 16’ Clgs 1 TB
24,000 SF - LINDEN
33,000 SF - PISCATAWAY
2,000 SF Ofc, 15’ Clgs, 3 TB, 2 DI AVAILABLE IMMEDIATELY
18,750 – 23,000 – 41,750 SF NEW BRUNSWICK 1,000 SF Ofc, 4 TB, DI AVAILABLE IMMEDIATELY
55,555 SF – SOUTH PLAINFIELD 6,000 SF Ofc, 20’ Clgs, 6 TB, DI AVAILABLE IMMEDIATELY
3,000 SF Ofc, 20’ Clgs, 4 TB, DI AVAILABLE IMMEDIATELY
51,750 SF BERKELEY HEIGHTS 8,000 SF OFc, 22’ Clgs, 5 TB, DI AVAILABLE IMMEDIATELY
69,000 SF – Raritan Center EDISON 3,500 SF Ofc, 24’ Clgs, 8 TB, DI, Extra Trailer Pkg, Heavy Power
1,500 - 3,000 to 21,000 SF EDISON Up to 14,000 SF Ofc, 18’ Clgs, TB, DI AVAILABLE IMMEDIATELY
35,224 SF – AVENEL Up to 14,000 SF Ofc, 21’ Clgs, 4 TB, DI DIVISIBLE – Near Exit 12 AVAILABLE IMMEDIATELY
53,500 SF - MILLBURN 4,000 SF Ofc, 16’ Clgs, 10 TB AVAILABLE IMMEDIATELY
20,000 - 30,000 - 72,000 SF EAST BRUNSWICK Up to 15,000 SF Ofc, 21’ Clgs, 9 TB, 2 DI, Extra Land, Near Exit 9 NJ Tpke
For Additional Listings or Information Check Us Out On The Web:
www.bussel.com
Bussel Realty Corp. 2 Ethel Road, Suite 202 A, Edison, NJ 08817 (732) 287-3777 / Fax (732) 287-1090 / brcorp@bussel.com / www.bussel.com The information herein has been obtained from sources deemed to be reliable, but no guarantee of its accuracy is made by the Company. In addition, no representation is made respecting measurements, dimensions, zoning, condition of title or any matters of a legal or environmental nature. Such matters should be referred to legal counsel for determination. Subject to errors, omissions or withdrawal without notice.
2B â&#x20AC;&#x201D; October 14 - 27, 2011 â&#x20AC;&#x201D; New Jersey â&#x20AC;&#x201D; Mid
Atlantic Real Estate Journal
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Fairfield Corporate Park, Fairfield, New Jersey
NEW JERSEY Involving 207 multi-family units in Essex County
FOR LEASE 32,000 Square Foot Industrial Building * Warehouse/Manufacturing * 6,000 Square Feet Office â&#x20AC;&#x201C; Can be reduced * 20 Ft Ceiling Height / 4 Tailgate Doors / 60+ Car Parking * Attractive rental rates and terms available.
SHELDON GROSS REALTY, INC. REALTORS Ć&#x201D; Corporate Real Estate Services
80 Main Street, West Orange, NJ 07052 Tel.#973-325-6200 - Fax.#973-325-9090 E-mail: sgross@sheldongrossrealty.com
Gebroe-Hammerâ&#x20AC;&#x2122;s Oropeza, Jarvis, Nicolaou close four IVINGSTON, NJ â&#x20AC;&#x201D; In four separate transactions, Gebroe-Hammer Associates has arranged the sale of 207 apartment-rental units in New Jerseyâ&#x20AC;&#x2122;s multi-family investment stronghold of David Oropeza Essex County. Combined, the Newark, Orange, Nutley and Irvington properties sold for more than $11.63 David Jarvis million. In the largest transaction, executive vice presidents David Oropeza and D a v i d J a rvis closed a $6.435 million deal in- Nicholas Nicolaou volving a 118-unit garden complex in Newark. Located near Springfield Ave., the property is favored by families because of its close proximity to the cityâ&#x20AC;&#x2122;s New Community and JFK recreation centers, Hank Aaron Field and the highly regarded Arts High School. Four-and-a-half miles away, Oropeza also orchestrated the $3.8 million trade of 74 units in Orange. Situated just off of Scotland Rd., a short distance from the Rte. 280 on- and off-ramps, the six-story wellmaintained property boasts a mix of studio, one-, two- and three-bedroom units, on-site parking and garages.
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10 Berton Pl. in Nutley â&#x20AC;&#x153;Both of these properties offer tremendous value-add opportunities for their respective investors, who plan to bring them up to competitive market rates,â&#x20AC;? said Oropeza, who noted average rents in cities like Newark and Orange range from approximately $700 for a one-bedroom to $850 for a two-bedroom unit. The third transaction involved the $1.275 million sale of 10 Berton Pl. in Nutley, where Gebroe-Hammer â&#x20AC;&#x2122;s Nicholas Nicolaou also represented the seller and procured the buyer. The two-story, garden-style building, which was recently renovated, consists of seven one-bedroom and two two-bedroom units and on-site parking. Rounding out the firmâ&#x20AC;&#x2122;s recent Essex County sales activity is the $115,000 sale of six units at 446-448 Nye Ave. in Irvington. Jarvis represented the seller and buyer, a long-time client. â&#x20AC;&#x153;New Jerseyâ&#x20AC;&#x2122;s urban centers continue to gain even greater momentum and, as a result, are providing potential investors with a growing number of opportunities that have substantial up-side potential,â&#x20AC;? said Ken Uranowitz, managing director. â&#x20AC;&#x153;In the current climate, where
we are seeing more aggressive multi-family pricing fueled by investor demand and 1950s era financing rates, offerings such as these tend to be absorbed very quickly.â&#x20AC;? â&#x2013;
New Jersey Real Estate Journal a section of the
Mid Atlantic Real Estate Journal P.O. Box 26, Accord, MA 02018 781-871-5298 â&#x20AC;˘ 800-584-1062 fax 781-871-5299
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Publisher Michael Campisi mcampisi@MAREJournal.com
Section Editor Karen Vachon editor@marejournal.com
MAREJ Features
Relationship Driven. Execution Focused.
Meridian Capital Group, LLC proudly advised on ďŹ nancing for the following transaction:
Hudson Square South Only Meridian Capital Groupâ&#x20AC;&#x2122;s powerful financing relationships can consistently achieve the unparalleled results our clients require.
150 Unit Multifamily Property Hoboken, NJ
$33,000,000 Permanent Financing This transaction was negotiated by:
EXECUTIVE WOMEN IN BUSINESS Mid Atlantic Real Estate Journal will publish our Ninth Annual Executive Women in Real Estate and Alllied Fields Editon. Deadline: October 18, 2011 Publication: October 28, 2011 Executive Women are effecting change and taking leadership roles in a traditionally male dominated industry. Many have reached the top of the commercial real estate ďŹ eld, founding their own ďŹ rms or establishing themselves in key positions with the industry giants. The October 28, 2011 edition will feature these women! Be a part of this very special issue highlighting your area of expertise; tell us about your background and your unique success stories and how you made it to the top in your ďŹ eld.
Israel Schubert, Managing Director
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REAL ESTATE JOURNAL
Contact Mike Campisi Mid Atlantic Real Estate Journal mcampisi@marejournal.com T: 800-584-1062 x208 F: 781-871-5299
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Mid Atlantic Real Estate Journal — New Jersey — October 14 - 27, 2011 — 3B
NEW JERSEY 36,000 s/f industrial property located in Linden
Marcus & Millichap’s Sgambati & Cafiero arrange $4.8m sale
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http: www.SEBCOLaundry.com e-mail stevebreitman@sebcolaundry.com
36,000 s/f industrial property located in Linden
CELEBRATING OUR 105TH YEAR
Investment Real Estate Brokerage.
108 Residential Units Orange, New Jersey Joni Sweetwood ext 273
86 Residential Units Union City, New Jersey Don Baxter ext 265
79 Residential Units Westville, New Jersey Matt Weilheimer ext 253
WINT ERBE RRY PLAC E
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LAKEWOOD, NJ — Executives from Madison Commercial Real Estate Services (MCRES) , are teaching and coordinating speakers for “The Art of the Deal,” a 14-week real estate investment basics course sponsored by Professional Career Services. Nearly 50 Lakewood community members are participating in the well-attended program, which covers both residential and commercial real estate and explains how to find property, evaluate its worth, negotiate the deal and close successfully. “Despite the economic slowdown, there remains a strong market for investment property in the NYC area,” said Moshe Becker, director of operations for Madison SPECS, and coordinator of the course. “As real estate professionals based in the Lakewood community, we appreciate the opportunity to share our expertise with those who want to better understand the field.” The course, which was facilitated by Lainie Goldberg, Director of education for the Madison Learning Center, has proven to be appropriate for both novice and experienced investors. ■
1-800-SEBCO-88 (1-800-732-2688)
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MCRES teaches 14-week invest in property course
The Finest In Metered Laundries
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INDEN, NJ — Marcus & Millichap Real Estate Investment Services, one of the nation’s largest Real Estate Investment Services firms, has announced the sale of a 36,000 s/f industrial property located in Linden, according to Michael Fasano, vice president/regional manager of the firm’s New Jersey office. The asset commanded a sales price of $4.8 million or $133 psf. Vice president of investments, Ben Sgambati and senior associate Alan Cafiero, in Marcus & Millichap’s New Jersey office, had the listing to market the property on behalf of the seller, a local investor. Sgambati and Cafiero also secured the buyer, an investor in a 1031 exchange. This building was built in 1950 and contains a lot size of 1.86 acres. It was completely renovated in 2009 with a new roof, parking lot, facade and interior. The building was fully occupied at the time of sale. ■
SEBCO
Laundry Systems“
37 Residential Units Roselle, New Jersey Robert Squires ext 287
4 NNN Shell Gas Stations Southern New Jersey Robert Holland ext 285
multifamily. The Kislak Company, Inc.
retail.
36 Acres for 288 Approved Residential Units Upper Macungie Twp., PA Robert Holland ext 285
office. www.kislakrealty.com 732 750 3000
4B — October 14 - 27, 2011 — New Jersey — Mid
Atlantic Real Estate Journal
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NEW JERSEY At 213 Summit Road in Mountainside
Verducci of NAI Hanson leases up former bank space
M
OUNTAINSIDE, NJ — NAI James E. Hanson, a leading New Jersey-based commercial real estate firm, announce d that Drake and Presti ENT Surgical Associates, LLC has signed a long-term lease for a 2,800 s/f of office space at 213 Summit Rd. NAI Hanson sales associate Russell Verducci handled the assignment for the owner, Delaney Real Estate Holdings LP. The 7,314 s/f, two-story property is now 100 percent leased. Conveniently located at Route 22 West and Summit
213 Summit Rd. Road, the former bank space has a walk-in safe and drive thru. Drake and Presti ENT Surgical Associates will embark on a complete renovation of the site, including the removal of the bank safe. “Drake and Presti are currently located in Westfield, the next town over, and their new location in Mountainside will enable the practice to maintain an accessible location that is convenient to their patients,” said Verducci. “Additionally, this location affords them the opportunity to build out the space to their exact specifications.” ■
Metro Commercial arranges 20,000 s/f lease
275 Route 4 PARAMUS, NJ — Metro Commercial Real Estate, Inc., the tri-state region’s premier full-service retail real estate company, has negotiated a 20,000 /sf lease for Chuck E. Cheese. The entertainment center will be located at 275 Route 4 in Paramus, NJ within the Shoppes at IV. Owned by Mall at IV Group Properties, Inc., this 134,000 s/f power center includes Macy’s Furniture Gallery, Thomasville and Paramus Jewelers Exchange. Metro Commercial’s Pete Nicholson represented the owner in the transaction. ■
NEW JERSEY SPOTLIGHT SHOPPING C ENTERS SOUTHERN NEW JERSEY MAREjournal.com
Mid ATLANTIC REAL Estate Journal — Southern New Jersey — October 14 - 27, 2011 — 5B
Acquired by Cruz, Scandalios, Julien & O’Hearn
HFF closes $44 million sale of Regency Club Apartments in Jackson
J
ACKSON, NJ – HFF announced that it has closed the sale of Regency Club Apartments, a 372-unit multi-housing community in Jackson, New Jersey. HFF marketed the property on behalf of the seller, Morgan Management, LLC. Regency Club Apartments was purchased for $44 million by Gaia Real Estate Investments, LLC, who partnered with Phoenix Realty Group and Harel Insurance. The buyers assumed existing financing on the property. Located at 330 South New Prospect Avenue, Regency Club Apartments is close to the shore beaches, Route 9, Interstate 195 and the Garden State Parkway in Jackson. The property has 31 buildings with one- and twobedroom units averaging 814 square feet each. Community amenities include a fitness center, swimming pool, play-
Regency Club Apartments ground and two tennis courts. Regency Club Apartments is 94 percent leased. The HFF team representing Morgan Management, LLC included senior managing directors Jose Cruz and Andrew Scandalios and directors Jeffrey Julien and
Kevin O’Hearn and real estate analyst Michael Oliver. “GAIA has purchased an asset with upside as the multifamily market continues to improve,” said Cruz. “The demand for multifamily product in New Jersey continues to grow as this asset class
provides a very safe haven for investors in these turbulent times. The move from paper to hard assets like real estate is a trend that we expect to continue.” “The current rent growth that we are seeing in the suburban multifamily markets has drawn more investors to the sector who are searching for better yields,” added Scandalios. With over 30 years in real estate, Morgan Management, LLC started in the manufactured homes market. Now the real estate portfolio includes RV resorts, residential apartment communities, selfstorage facilities and a large commercial portfolio. Gaia Real Estate Holdings, LLC is an American integrated full-service investment, property management and brokerage company headquartered in New York with offices in New Jersey and Tel Aviv.
Phoenix Realty Group is a national real estate investment manager and direct owner providing capital and expertise for the development and operation of rental and for-sale residential properties, low-income taxcredit housing, and mixeduse and commercial projects in urban areas across the United States. The vertically integrated firm maintains extensive fund management, underwriting, development, construction management and asset management capabilities. PRG has attracted investments from America’s leading public pension funds, banks and insurance companies, with discretionary funds that invest in opportunistic and value-added real estate ventures. The firm currently manages investments representing $2 billion in real estate development and acquisitions. ■
Colliers International & Binswanger conclude sale of 79,000 s/f flex building in Burlington County for $2 million MOORSETOWN, NJ– Colliers International recently concluded the sale of a 79,000 s/f flex building for $2 million. The property, located at 1601 Schlumberger Dr. is situated on seven acres in Moorestown. The property is comprised of office space, air-conditioned production area, and warehouse space. Located in Moorestown Corporate Park, the property is well landscaped and close to local highways. The buyer intends to use the property for additional storage and will make available approximately 20,000 s/f of office area available for lease. Colliers International will represent the buyer for leasing the office space. Marc Isdaner of Colliers International represented the buyer, 1601 Schlumberger LLC. The property will be occupied by EMSL Analyti-
1601 Schlumberger Drive
1300 Route 73
cal Inc. who is the nation’s leading environmental testing firm. EMSL’s network of nationwide laboratories has been providing quality analytical services since 1981. They offer a wide array of analytical testing services to support environmental investigations focused on asbestos, microbiology, lead paint, environmental chemistry, indoor air quality, industrial hygiene and food testing. The seller, First Industrial Realty Trust was represented by Binswanger CBB. First Industrial is an established REIT and owner of industrial real estate serving thousands of customers, which leases, manages, buys, sells, and develops industrial real estate, providing real estate solutions for every stage of the industrial supply chain. Founded in 1994, First Industrial currently meets the industrial space needs of
multinational corporations to local businesses ranging from 1,000 square feet to more than one million in the top industrial markets. Also, Colliers International’s Southern New Jersey Office exclusively represented CoreTitle LLC in obtaining 3,580 s/f of office space at Bloom Court -1300 Route 73 in Mount Laurel. The lease represents something unique in the current market – the opening of a new office. “Having worked with Colliers to relocate other offices in the past, there was never any doubt that we would call them again when the need for office space arose, said David Dannheim, cofounder of CoreTitle. Colliers International’s Evan Zweben represented the tenant CoreTitle. The Landlord, The Bloom Organization, was represented in-house. ■
6B — October 14 - 27, 2011 — New Jersey — Mid
Atlantic Real Estate Journal
MAREjournal.com
SOUTHERN NEW JERSEY Cumberland Mall anchor store to generate over 900 kWh
Danza Energy Group installs Solar Energy Array on roof of Boscov’s in Vineland INELAND, NJ — Construction began recently in Vineland on a $4 million, 962 kilowatt solar array that will span the roof of one of the nation’s last family-owned department stores, an official with Danza Energy Group said today. “This will be a great moneysaver for Boscov’s at Cumberland Mall,” said A.J. Danza, CEO of The Danza Group. “Boscov’s is thinking forward, and this installation is a testament to the management of the company.” Construction on the array
V
began in May, Danza said, by IPP Solar of New York. “In all,” Danza said, “the solar array will cover about 100,000 s/f on the roof of the Boscov’s building.” Danza said the system weighs about six pounds per square foot, and that the entire array weighs about 600,000 pounds. But there’s a lot of energy packed into that square footage, said Paul Jeun, co-founder of IPP solar. “The average home uses about 5 kilowatts of energy per year,” he said. “This array is rated at more than 900 kilowatts – or enough
Vineland,
New Jersey
Philadelphia - 35 miles New York City - 120 miles Washington D.C. - 135 miles
to power about 190 homes for a year.” Robert Roman, mayor of Vineland, said that his city is leading the way with solar projects in the state. “We’re the only municipality in New Jersey that generates electricity,” the mayor said. “And Vineland is a huge supporter of solar power. We’re a gogreen city.” Romano said the solar array has had a positive impact on Vineland. “It’s great for the city, and it’s great for Boscov’s,” he said. “And we were happy to help it get approved for the city.” The Danza Group has constructed more than 1,000 residential housing projects, including townhouses, as well as single family and multiplestory construction, having developed more than 2 million square feet of commercial projects. We actively participate in a range of development activities for a wide-variety of public and private use projects including commercial, residential and healthcare facilities. IPPsolar is a solar power company that develops, finances, owns and operates solar power systems for commercial, industrial and utility scale users. ■
Community Investment Strategies transforms housing project
tŚĞƚŚĞƌ LJŽƵ ĂƌĞ ůŽŽŬŝŶŐ ĨŽƌ ůŽĐĂƟŽŶ͕ ĐĂƉŝƚĂů Žƌ ƋƵĂůŝƚLJ ŽĨ ůŝĨĞ͕ all roads lead to Vineland.
City of Vineland Department of Economic Development
640 E. Wood Street - Vineland, New Jersey 08360 (856) 794-4100 www.vinelandbusiness.com - www.vinelandcity.org
GLASSBORO, NJ — Community Investment Strategies (CIS), Inc. is nearing completion of the second phase of Whitney Crescent. The affordable housing redevelopment is replacing 80 distressed units at the former Bentley Woods complex with modern apartment-rental homes. Nine buildings were demolished in phases to redevelop the 9.5-acre Whitney Crescent site. When completed, the newly constructed community will include 80 new affordable housing units designed to meet the lifestyle needs of 80 local families. The first 40 units were completed in the spring and are now fully occupied. Two three-story buildings consisting of 20 units are currently under construction and slated for occupancy this fall. The final 20 units are expected to be completed by year-end. ■
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Mid Atlantic Real Estate Journal — New Jersey — October 14 - 27, 2011 — 7B
SOUTHERN NEW JERSEY Better serve the mortgage needs
Manasquan Office Of Real Estate Mortgage Network relocates to Toms River, New Jersey
T
OMS RIVER, NJ — Veteran New Jersey real estate industry executive, Peter Tront, announced that he has relocated his branch of the Real Estate Mortgage Network, Inc. (REMN), from Manasquan, NJ, to the nearby town of Toms River. With this new location in the heart of Ocean County, Tront and his team will be able to better serve the mortgage needs of new and existing home owners in the Ocean County region. The new Toms River location will allow for more convenient access by clients who want to meet face-toface with members of Tront’s team to discuss their pending mortgage needs. From this location, Tront’s team will be offering a full range of mortgage products, including conventional, FHA and VA loans, reverse mortgages and REMN’s innovative 203(k) Concierge Service, which bundles a home improvement loan and mortgage into one convenient package. “Our new Toms River office provides an easier to access, more comfortable location to present the type of firstclass customer service home buyers have come to expect from REMN nationwide. I loved being in Manasquan, but relocating the office is the right move for both my team and our clients in and around the greater Ocean County community,” commented Tront.
service and quality mortgage loans, REMN has more than 30 retail offices across the continental US. The company employs more than 600 people throughout offices in California, Connecticut, Delaware, Florida, Georgia, Maryland, Missouri, New
Jersey, New York, Pennsylvania, South Carolina and Texas. One of the largest independent non-bank lenders in the U.S., REMN closed nearly $3 billion in home loans, in 2010 alone. Founded in 1989 and head-
“Our new Toms River office provides an easier to access, more comfortable location to present the type of firstclass customer service home buyers have come to expect from REMN nationwide. I loved being in Manasquan, but relocating the office is the right move for both my team and our clients in and around the greater Ocean County community,” commented Tront.
quartered in River Edge, N.J., Real Estate Mortgage Network serves the lending needs of home buyers and home owners, real estate professionals and build-
ers across the country. Our associates are passionate about fulfilling the American Dream, and realize they are the key to unlocking the mortgage process. ■
Tront is a New Jersey native with more than 20 years of experience in the home finance industry. An active member of the community, Peter has volunteered with the local Habitat for Humanity, Head Start, currently serves on the Realtor Community Service Committee, is an affiliate member of the Ocean County Board of Realtors, the Women’s Council of Realtors, and like many Ocean County residents, an avid boater. The new REMN Toms River office is located at 16 Madison Ave, Building 2, Suite 2D, Toms River, NJ 08753 Known nationwide for its commitment to customer
Commercial Property Available
8B — October 14 - 27, 2011 — New Jersey — Mid
Atlantic Real Estate Journal
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SOUTHERN NEW JERSEY From building automation systems with web access monitoring to solar technologies
Hutchinson Green-lights Energy-Efficient Solutions
H
utchinson Mechanical Services is a recognized leader in energy-efficient HVAC solutions for businesses. From building automation systems with web access monitoring to solar technologies and installations, Hutchinson provides the latest green technologies to meet the growing needs of businesses. Its team of experts conducts free energy audit assessments to assess the specific needs of businesses, including eligible lighting and upgrades. The goal is to provide businesses with a
cost-effective approach that maximizes efficiency and getting a return on investment. One popular green solution that many businesses and local governments are turning to is Direct Install from New Jersey’s Clean Energy Program. Direct Install is a turnkey solution designed to reduce energy costs of small to mid-sized commercial and industrial facilities, to save money while minimizing damage to the environment. Hutchinson is the participating contractor for Burl-
ington, Camden, Ocean and Monmouth Counties. “Through Direct Install, businesses can save 60% of the cost to replace outdated lighting and HVAC equipment,” said Ed Hutchinson, president of Hutchinson Mechanical Services. “There’s never been a better time for businesses to go green and reap the long-term benefits of energy-efficient equipment and save on utility bills.” K.C. Isdaner, COO of The Bloom Organization, is one
prominent business that took advantage of Direct Install. “Choosing Direct Install through Hutchinson was a smart investment for our business. We upgraded our HVAC equipment and only paid a fraction of the real cost.”
dent of service operations. “Hutchinson worked with us from day one to navigate the entire process and to make sure all our questions were answered. Direct Install with Hutchinson seems almost too good to be true-but the proof is in the savings.”
Another Hutchinson Direct Install customer, Shields Business Solutions, upgraded its heating/AC energy efficient units through the program. “The installation was quick and unobtrusive,” said Mark McGrath, vice presi-
Hutchinson is a third-generation family business providing comfort and savings to businesses for more than 62 years. For a free energy audit assessment to identify eligible equipment and lighting upgrades, contact Hutchinson. ■
“Huge outofpocket savings” “Choosing Direct Install through Hutchinson was a smart investment for our business and our clients. We upgraded our HVAC and lighting equipment at only a fraction of the real cost. That’s a huge out-of-pocket savings not to mention reduced energy bills.”
K.C. Isdaner, COO
The Bloom Organiza on
Reduce your energy costs with Hutchinson!
The Direct Install Program pays 60% of the cost to replace your outdated lighting and HVAC equipment. Contact us today to learn how we can help you reduce energy costs and save!
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G e o r g e H u t c h i n s o n I I I , L M P. P l u m b i n g L i c e n s e N u m b e r 6 3 11 .
SJEDD promotes orderly, efficient econ. development The South Jersey Economic Development District is an agency whose goal is to promote orderly and efficient economic development throughout its member counties, which include Atlantic, Cape, Cumberland and Salem counties. It also works to support the public general welfare and planning, as well as complement and coordinate state and county plans. The SJEDD supports county initiatives that improve and strengthen regional economic growth and development. The SJEDD is comprised of an executive committee consisting of the chief elected officials of the four counties, as well as an executive director and support staff, and a board of directors. The board of directors includes local officials, community leaders and economic development directors. The board meets quarterly to discuss and prioritize economic development projects submitted to the Federal Economic Development Administration. The Federal EDA may provide grant funding for projects that meet federal guidelines. In addition, the SJEDD garners resources from numerous state and federal programs to carry out its mission. Since its inception, the SJEDD has continually strived to work with participating communities in developing viable and creative projects that not only have a local benefit, but also have a positive impact on the overall economic environment of the area. ■
MAREjournal.com
Mid Atlantic Real Estate Journal — New Jersey — October 14 - 27, 2011 — 9B
SOUTHERN NEW JERSEY
PAD SITE AVAILABLE – FORMER KFC Medford Plaza
128 Route 70, Medford, New Jersey FEATURES • Highly visible location • Office, Retail and Medical use • Established local presence • Established Medical Tenants
BUILDING SIZE +- 52,500 SF AVAILABLE SPACE Office: +- 3,551 SF
Retail: +- 1,200 - 2,400 SF RENTAL RATE AND TERM • Competitive Market Rates
BYRON REAL ESTATE CO., INC.
For more information please contact:
John B. Krok jkrok@byronre.com 732-780-7780 www.byronre.com Licensed Real Estate Broker
63 WEST MAIN STREET P.O. BOX 5008 FREEHOLD, NJ 07728 PHONE: (732) 780 7780 FAX: (732) 577 0129
10B — October 14 - 27, 2011 — New Jersey — Mid
Atlantic Real Estate Journal
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SOUTHERN NEW JERSEY Industry-friendly, land-rich, superbly located
Gloucester County is the place for business to Grow in Southern New Jersey
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ocated just minutes from Philadelphia and within 5 miles of 3 marine terminal facilities Gloucester County, New Jersey has grown leaps and bounds over that last three decades. With a great location, rich agricultural history, superior infrastructure, terrific quality of life, and excellent workforce these are just some of the advantages of relocating your business to Gloucester County. Agriculture has always been a tradition in Gloucester County, so it is no surprise we have more than 100 producing
farms which has facilitated the organic growth of our food manufacturing industry. For that reason the food industry has continued to developed and progress making Gloucester County the hub of food processing in the South Jersey region. Within a 50 mile radius of the county there are more than 600 food manufacturing companies at work. Chelton House salad dressings, UTZ snack foods, and US Food Services are just a few of the national product lines than are manufactured and distributed right here in Gloucester County.
We are proud that the Food industry represents over 12,400 jobs in food manufacturing, preparation and distribution. There are over 652 food related businesses in the county, not including our agriculture, agri-tourism and growing wine industries. Our Economic Development Team has targeted this niche industry and will continue to help expand it here and hire county employees. Just recently, Cento Fine Foods and Rastelli Foods have decided to expand their headquarters. In addition Schar USA, an international gluten
free food company, is locating their headquarters with a $15 million capital investment in Logan Township along one of our most traveled corridors. The Strategic location of Gloucester County continues to be one of our major assets and gives Gloucester County a competitive advantage in the region. With superior infrastructure that is being improved every day, food manufacturing companies can distribute goods to 40% of the nation’s population within a day’s drive. Located half way between New York City and Washington
D.C. Gloucester County has 21 business and industrial centers encompassing over 6,000 acres. We are also home to the second largest industrial park on the eastern seaboard, Pureland Industrial Complex. While our concentration of food manufacturing companies in the county grows and strengthens so does our focus on education and workforce training. A highly skilled workforce and diverse industrial base makes us an attractive destination for business to call home. While we work hard to maintain our agricultural heritage, we strive to balance the demands of development to ensure attraction and retention of quality employers. Come and explore Gloucester County, New Jersey were you can be close to everything, far from it all. Thinking about relocating? To learn more about Gloucester County visit our website. ■
Discover why so many businesses are choosing Gloucester County Gloucester is a bustling county located just south east of Philadelphia in the metro Philadelphia market. With over 12,000 businesses both small and large. Gloucester County is no doubt the prime location for the long term, sustainable growth your business needs. Our economy is a thriving and diverse mixture of agribusiness, manufacturing, heavy industry, commercial enterprise and innovative new technology companies. Local businesses produce and distribute a number of products such as petro chemical products, fabricated metals, medical instruments and devices, as well as a vast assortment of food products. Whether you are starting a new business venture or expanding an existing one Gloucester County has the land, location, and labor force for your company to grow and prosper in our community! Did you know Gloucester County is home to over 11,000 businesses? Did you know Gloucester County is home to the largest Industrial Park on the east coast? Did you know Gloucester County maintains 413 miles of County roads? There are 2,032 total miles of road in Gloucester County. ■
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Mid Atlantic Real Estate Journal — New Jersey — October 14 - 27, 2011 — 11B
SOUTHERN NEW JERSEY The Honorable Dana L. Redd
The Mayor welcomes you to the great City of Camden! elcome to the great City of Camden! This is a city full of history, energy, diverse neighborhoods and an exciting future. Our City is guided by the Mission to serve and build Cam- Dana L. Redd den’s diverse community by effectively, efficiently and equitably enhancing resident’s quality of life, attracting private investment, stimulating growth citywide and delivering services with a commitment to excellence. It is truly an honor and privilege to have the opportunity to work every day for the betterment of this great city and to serve our residents. As your mayor, I will have several priorities and goals to move Camden forward. But my most important goal and promise is that we are going to work together to enhance public safety initiatives, engage our city and to make sure our youth have safe havens. As my administration takes office, we will face a host of challenges and opportunities that I welcome. Camden is my passion and life’s work. Together we will build upon the City’s many accomplishments and advancements to further empower the City. The Honorable Dana L. Redd The City of Camden was designated as an Urban Enterprise Zone in October 1984. The designation prompted by the New Jersey Urban Enterprise Zone Act of 1983 authorized the provision of tax incentives and other benefits to businesses in targeted distressed urban areas throughout the State of New Jersey. The intended impact of the Urban Enterprise Zone legislation was the revitalization of the State’s distressed urban communities through the creation of private sector jobs and investment in targeted urban areas. In Camden, since the Urban Enterprise Zone’s inception, 427 private sector employers have participated in the program, creating 1,683 full-time jobs and investing $446,181,958. The Camden City Urban Enterprise Zone Program is administered under the auspices of the Business Develop-
W
ment Center (BDC), and can be reached at(856) 968-4788. At the State level the Urban Enterprise Zone Program is administered by the Department of Commerce & Economic Development Enterprise Zone Division. The Business Development Center was created in 1999 to streamline the City of Camden’s bureaucracy of assisting businesses and developers with business ventures. As such, in functions as the single point of contact for all business inquiries, as well as a clearinghouse for potential developers.
It is a public/private partnership, which includes but is not limited to the coordination of efforts between the City and various economic development programs. The Center houses the Camden Redevelopment Agency, administers the Urban Enterprise Zone Program and manages/oversees various federal and state funded projects. Deciding where to locate or relocate a business is never an easy decision. But what if there were a place where you could forget about paying sales tax on your business improvements and operating expens-
es?...0% sales tax! Or charge your customers half the sales tax everyone else is charging? Or get a competitively priced small-business loan? There is a place where all this is available, and more. It’s Camden, New Jersey. The City of Camden offers a wealth of special programs and incentives--including significant tax breaks, financing opportunities, vocational training, and economic development programs--that make Camden one of the best places to locate your business. Business Benefits of Locating
Within the Enterprise Zone SALES AND USE TAX EXEMPTIONS: Participating Urban Enterprise Zone businesses are exempt from paying the state sales tax on certain products and services. After being approved by the state Urban Enterprise Zone Office, the business receives a combined Urban Enterprise Exempt Purchase Permit and Exempt Qualifying Business Permit directly from the New Jersey Division of Taxation. The business also receives a Contractor’s Exempt Purchase Certificate. ■
12B — October 14 - 27, 2011 — New Jersey — Mid
FOR
SALE
Atlantic Real Estate Journal
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H o ne y, I’m o u t H e re’s a t a k i ng t h e k id s lis t of t hi ng s w t o s o c c e r prac e ne e d: t ic e . MIDDLESEX COUNTY, NJ
✓
Type Address Size Sale Price
Industrial
✓
Type Address Size Sale Price
Industrial
✓
Type Address Size Sale Price
Industrial 5 Lexington Avenue, East Brunswick 55,650 SF $2,975,000
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Type Address Size Sale Price
Industrial 1000 King Georges Road, Woodbridge 43,429 SF $2,550,000
172,000 SF $5,950,000
71,800 SF $4,500,000
MORRIS COUNTY, NJ Type Address Size Sale Price
Office 96 Route 206, Roxbury 16,000 SF $1,650,000
✓
Type Address Size Sale Price
Investment (Office/Retail) Cleveland Plaza, 123 North Union Avenue, Cranford 37,847 SF $6,425,000
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Type Address Size Sale Price
Industrial 11 Diamond Road, Springfield 42,480 SF $3,350,000
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Type Address Size Sale Price
Office 70 Myrtle Street, Cranford 20,712 SF $2,950,000
✓
Type Address Size Sale Price
Office 373 Clermont Terrace, Union 24,505 SF $2,400,000
Type Address Size Sale Price
Office/School/Flex 191 Glen Road, Mountainside 11,685 SF $1,950,000
✓ UNION COUNTY, NJ
✓
And don’t forget the milk!
EXCLUSIVE BROKERS DOUG RICHTER Managing Director doug.richter@svn.com 732.489.2250 cell
IAN GRUSD, CCIM SIOR Managing Director ian.grusd@svn.com 732.763.6330 cell
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Mid Atlantic Real Estate Journal — New Jersey — October 14 - 27, 2011 — 13B
NEW JERSEY For senior affordable housing community
Community Investment Strategies secures approval
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AWRENCEVILLE, NJ — Community Investment Strategies (CIS), Inc. received final approvals from the Township of Florence Planning Board for a 66unit age-restricted affordable apartment-rental community. The Lawrenceville based company will replace the distressed Marcella Duffy School building on West Front Street with a 65,000 s/f, three-story building known as Heritage Village at Duffy Manor. “Not only will Heritage Village at Duffy Manor help the township satisfy its affordable housing obligations, this beautiful new community will revitalize this site while meeting existing demand for high-quality, affordable new housing for active adults,” said Christiana Foglio, CIS founder/owner and CEO. According to state laws, each town in New Jersey is required to provide a certain number of low- and moderate-housing units for residents. When completed, Heritage Village at Duffy Manor will be comprised of 61 one-bedroom and five two-bedroom units and a maintenance-free lifestyle. Each spacious unit will feature Energy Star-rated appliances, individually controlled central air conditioning and washer/dryer hookups. A fitness center, community room, health and wellness center, computer center, library and laundry facilities are among the onsite amenities. Plans also include on-site social programming and a community bus for planned outings and shopping. “CIS has taken great care with its architectural and construction plans to restore and/or replicate the existing elements that are unique to this historic school building, while echoing the character of the surrounding neighborhoods and fulfilling the vision of township officials and community leaders,” said Barbara Schoor, CIS vice president, who noted construction is expected to begin in early 2012. CIS also is implementing sustainable elements at Heritage Village at Duffy Manor. Roof-mounted solar panels will harness the sun’s energy for common areas and the property management
Christiana Foglio and Barbara Schoor office. Planning Board approval is the culmination of several years of planning to bring this project to fruition. “There’s been a tremendous cooperative effort between the mu-
nicipality and CIS to develop a project that was feasible under the current funding program,” explained Schoor. The Federal Home Loan Bank of NY Affordable Housing Program has awarded $1.17 million for the $15 million project. Additional commitments include more than $1 million from the Municipal Affordable Housing Trust Fund and $500,000 from Burlington County HOME Funds. Funding also is expected to be secured from other federal, state and local sources. ■
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Heller Industrial Parks 2011 Year-to-Date:
99.2% Occupied 3,154,157 SF Leased Huge Foreign Trade Zone Energy Efficient Warehouse Lighting 60% Lighting Bill Reduction 20% Solar Energy Electric Rebates Subsidized Daycare
Leasing for less in Central Jersey
(732) 287-4880
205 Mill Road, Edison NJ 08837
www.hellerpark.com
14B — October 14 - 27, 2011 — New Jersey — Mid
Atlantic Real Estate Journal
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PEOPLE ON THE MOVE Aronson, Dillon, Fleming & Straka recognized
Serving as Member & Council
Jones Lang LaSalle announces four promotions
Rainone & Bandazian Join Brach Eichler
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ARSIPPANY, NJ— Jones Lang LaSalle announced that a number of employees have been recognized for their consistently outstanding performances. Worldwide, approximately 244 employees were promoted for their significant contributions toward Jones Lang LaSalle’s business results, including four key members of the firm’s New Jersey operations. “These four individuals have exhibited tremendous leadership skills and exemplify the definition of teamwork,” said Jonathan Meisel, New Jersey Market Director for Jones Lang LaSalle. “They are some of the New Jersey commercial real estate industry’s brightest minds, and each has made significant contributions on behalf of our clients. We applaud their success.” Recent promotions in New Jersey include: Linda Aronson was named Regional Director of the firm’s Property Management division. Named Managing Director of the division last year, she is responsible for managing the firm’s Property Management business in New Jersey, Long Island, N.Y., Westchester County, N.Y., and Fairfield County, Conn. Aronson, who previously served as an Executive Vice President of Corporate Solutions, has spent the majority of her career at Jones Lang LaSalle, working within the corporate solutions, property management and project and development services business units. Aronson has nearly 30 years of professional commercial real estate experience, including significant experience in corporate facility management, brokerage and institutional property management, focusing on services for Fortune 500 clients. She attended the University of Cincinnati.
Linda Aronson
Charles Dillon
Charles Dillon was promoted to Executive Vice President at Jones Lang LaSalle’s New Jersey office. Previously Senior Vice President of Brokerage Services, Dillon focuses his energies on providing clients with expertise and extensive knowledge in real estate matters relating to acquisition, disposition, site development and strategic planning. His 11 years of extensive experience has resulted in 150 transactions with an aggregate value in excess of $200 million. He specializes in corporate representation and dedicates his time to serving the real estate needs of major corporations and financial institutions. Prior to joining Jones Lang LaSalle, Dillon was a Vice President of The Staubach Company’s New Jersey office. Dillon received a B.A. degree from Denison University, Granville, Ohio. Steve Fleming was promoted to National Director. Previously, he was a Senior Vice President of Jones Lang LaSalle’s New Jersey office, where he represents tenants and occupiers, providing advisory and strategy implementation, project coordination, site selection and transaction management services. Over the past 15 years, Fleming has been dedicated to tenant representation services assisting clients in the completion of hundreds of assignments totaling in excess of five million square feet. As an industry veteran, Fleming has 30 years experience and expertise in the
Steve Fleming
Shawn Straka
New Jersey commercial real estate market. Fleming is a graduate of St. Lawrence University in Canton, N.Y. Shawn Straka was also promoted to National Director. Previously a Senior Vice President of Jones Lang LaSalle’s New Jersey office, Straka focuses on tenant representation, providing clients with financial analysis, strategic consulting, project coordination, site selection and transaction management services. Straka has over 10 years experience and expertise in the New Jersey commercial real estate market and has completed over four million square feet of deals. Straka received a Bachelor of Science degree in Finance from Rider University in Lawrenceville, N.J., and a Master of Science in Management from New Jersey Institute of Technology in Newark, N.J. Jones Lang LaSalle’s New Jersey operations rank within the top three as a leader in commercial real estate brokerage, project management and investment sales in the State. Employing more than 600 of the region’s most respected industry experts, the firm offers Office and Industrial Brokerage, Tenant and Landlord Representation, Project and Development Services, Property Management, and Capital Markets services to its clients in New Jersey. The operations also serve as the local service provider for the firm’s global and national corporate clients that have a presence in New Jersey. ■
Whitmer of Cushman & Wakefield to speak at NJ Apt. Summit SUMMIT, NJ —Cushman & Wakefield, Brian Whitmer, CCIM, a director with the commercial real e s t a t e s e rvices firm’s Metropolitan Area Capital Markets Group, has been selected to speak at the first New Brian Whitmer Jersey Apartment Summit on Wednesday, Nov. 2. The full-
day event will take place at the Grand Summit Hotel in Summit, N.J., featuring highlevel information and networking opportunities; more than 300 people are expected to attend. Whitmer will be a featured panelist among more than 40 New Jersey multi-family executives, including investors, developers, financiers, brokers, management and technology representatives. Whitmer’s team is one of the
tri-state area’s most successful investment sales and joint venture advisory groups, specializing in multi-family, office, industrial, and retail properties. To-date in 2011 the team has closed nearly $1 billion of sales. Whitmer, himself, has been directly involved in the marketing and sale of some 8,600 multifamily units since he joined Cushman & Wakefield in 2004. He also has established himself as an authority on the state of the multi-family market ■
ROSELAND, NJ — Anthony M. Rainone has joined Brach Eichler L.L.C as a member. Khoren Bandazian has joined the firm as counsel. Rainone joins Brach Eichler ’s employment and litigation prac- Anthony Rainone tice groups from Podvey Meanor Catenacci Hildner, Cocoziello & Chathman P.C., where he was a member. A civil litigator, Rainone brings eight years of experience to Brach Eichler, where he will focus his practice on employment law and complex commercial and construction litigation. He has particular experience in the areas of employment discrimination and wrongful termination claims arising under state and federal law. He also works with employers to proactively avoid litigation and help them comply with state and federal employment laws. Rainone also has an extensive background in commercial litigation handling complex contract claims under the Uniform Commercial Code, as well as in the representation of various parties to a public or private construction contract. He is admitted to practice in New Jersey and New York as well as before the District Courts for the District of New Jersey and the Southern, Eastern and Northern Districts of New York, in addition to the U.S. Court of Appeals for the Second and Third Circuits. He earned a J.D. from Seton Hall University School of Law
and a B.A. from Fordham University. A resident of Caldwell, NJ, He is the current president and an active member of the North Essex Chamber of Commerce and previKhoren Bandazian ously has served as a board member since 2008. He also co-chairs the Essex County Chapter of the New Jersey Business and Industry Association’s Employers Legislative Committee. B a n d a z i a n j o i n s B r a c h ’s Eichler’s real estate practice from Carella, Byrne, Cecchi, Olstein, Brody, & Agnello, where he was a partner. With more than 15 years of experience, he represents developers, investors and high net worth individuals in all areas of real estate acquisition, financing, leasing, development and sales. He also serves as lender’s counsel in connection with asset-based commercial lending. He is active in the practice of community association law and represents developers in connection with many residential condominium projects. He earned a J.D. from Pace University, and a B.S. from Northeastern University. A member of the New Jersey and New York State Bar Associations, as well as the Armenian Bar Association, Bandzian is also active in the Community Builders Association, the National Association of Home Builders, and the National Association of Industrial and Office Properties. ■
Bob De Ruggiero Promotes recycling project for businesses UNION CITY, NJ —My wife Norma, our 2-year old Norfolk Terrier, Happy Gilmore, and I live in a 24-unit condominium building in Hoboken. Like other buildings, we carefully adhere to recycling our trash. It often amazed me how many useful items were simply tossed into the garbage. Many perfectly good toys, clothing, appliances & small furnishings were just being trashed. So the question was “how do we turn this problem into a real opportunity?” We found an abandoned storage bin, labeled it Toys 4 Tots, clothing etc. for the charity of your choice. A permanent
notice was placed on the bulletin board. We empty the bin about every 3 weeks (it’s usually full) and a car load of recycled items goes to local charities like The Salvation Army & a local Women’s Shelter, for example. Our residents now have another opportunity to give back to the community’s families that may be in need of assistance. I have no idea what impact an organized program like this would have on landfills, the environment and cost of hauling the garbage. It a no brainer! Why not try it in your building? You will make a difference! ■
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Mid Atlantic Real Estate Journal — New Jersey — October 14 - 27, 2011 — 15B
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16B — October 14 - 27, 2011 — New Jersey — Mid
Atlantic Real Estate Journal
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Industrial Commercial Real Estate Women, Inc. www.icrewnj.org ICREW NJ, Base Case Scenario Calls for Slow GDP Growth President Shelia Spriggs Nall KSS Architects snall@kssarchitects.com President Elect & CREW Network Delegate Cheryl Hardt CB Richard Ellis, Inc. cheryl.hardt@cbre.com Treasurer Sefi Silverstein, CPA Wilkin & Guttenplan ssilverstein@wgcpas.com Recording Secretary Patricia Faulkner NAI Global pfaulkner@naiglobal.com Director of Programming Monica Ceres Giordano Halleran & Ciesla, PA mceres@ghclaw.com Director of Philanthropy Susan C. Karp Farer Fersko, P.A. skarp@farerlaw.com Director of Sponsorship Patricia Riedel CB Richard Ellis, Inc. patricia.riedel@cbre.com Director of Sponsorship Mary Lynn Kearns Dancker, Sellew & Douglas mkearns@dancker.com Director of Special Projects: Golf Robin Grossman Edge Technologies rgros30687@aol.com Director of Special Projects: Website/PR Rebecca Machinga WithumSmith+Brown PC rmachinga@withum.com Advisor & CREW Network Delegate Silvana Finizio Carousel Industries sfinizio@carouselindustries.com Advisor Annette Murray Wilkin & Guttenplan amurray@wgcpas.com Advisor & Bylaws Jennifer Palestri Normandy Real Estate Partners jpalestri@normandyrealty.com
Prudential RE Investors Executive Breakfast meeting
I
CREW NJ, the New Jersey Chapter of CREW Network and professional organization for women in real estate, kicked off the new season on September 21st with a Prospective New Member Breakfast. In addition to learning about the benefits of membership in the organization, attendees received an inside look at the current state of the economy and the real estate market. That in-depth look was provided by Collete English-Dixon, vice presidenttransactions for Prudential Real Estate Investors. “Recent economic turmoil and dipping consumer confidence has increased the risk of a double-dip recession, but it is not a certainty,” English-Dixon told attendees at the Newark Club. “Low interest rates and strong demand for stable cash flow have caused cap rates for core assets in some prime markets to further compress.” In terms of property demand, English-Dixon termed it “uneven,” strong for apartments and grocery-anchored retail but weak “for almost everything else” especially in the secondary and tertiary markets. Still, core real estate is
Sheila Nall, ICREW NJ President, and Collete English-Dixon, the speaker “expensive” she said, “causing many investors to consider investing in secondary markets and other property types.” “As real estate values recover, recapitalization will provide opportunities for high-yield debt and equity investments,” English-Dixon said. And in terms of the economy in general, “our base case scenario still calls for slow growth in GDP and positive gains in employment.” As to ICREW NJ business, “this month marks the beginning of our annual membership
drive,” said Sheila Nall, director of Interior Design at KSS Architects and 2011 president of ICREW NJ. “ICREW’s mission is to advance the success of women in commercial real estate through professional development and promoting business growth through networking on the local, state and national levels.” “And now that fall is here and the year is on the wane, it is also time to think about next year’s officers and directors,” Nall said. “The nominating committee has presented the following slate.” September’s philanthropy supported the CREW Foundation. “The foundation helps women and girls who want to experience the same achievements members have enjoyed in the real estate industry,” said Ceres. “That is accomplished through educational programs for women, as well as by providing annual scholarships for women pursuing a degree in real estate.” Next on the ICREW NJ schedule is October’s luncheon meeting, scheduled to begin at 11:30 am on the 20th of October at the Woodbridge Hilton in Iselin, NJ, ■
Attention ICREW NJ Members!!! If you would like to submit articles or transactions to appear in the Mid Atlantic Real Estate Journal, please contact:
Linda Christman, Publisher 800-584-1062 x 203 or email Linda at lchristman@marejournal.com
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Mid Atlantic Real Estate Journal — New Jersey — October 14 - 27, 2011 — Inside Back Cover B
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investment
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B Back Cover — October 14 - 27, 2011— New Jersey — Mid
Atlantic Real Estate Journal
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AT THE END OF THE DAY, YOU WANT RESULTS. SO THAT’S HOW WE BEGIN EACH DAY.
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SHOPPING C ENTERS R E J EAL
STATE OURNAL
Section C of the Mid Atlantic Real Estate Journal
Ackerman of CBRE led team in Highwoods recent acquisition
CB Richard Ellis arranges $179,396 million sale of PPG Place
P
ITTSBURGH, PA — CB Richard Ellis, Inc. has sold PPG Place to Highwoods Properties on the behalf of Market Associates LP – an affiliate of The Hillman Company for $179,396,000 with a total investment of $214.1 Million. Highwoods Properties is a publicly traded real estate investment trust headquartered in Raleigh, NC. The CBRE team was led by Jeffrey Ackerman – the
PPG Place national managing director kets Investment Property of the firm’s Capital Mar- Private Capital Group. PPG
OCTOBER 14 - 27, 2011
HI-LIGHTS Kahlbaugh of Springwood brokers $700k Keith Kahlbaugh of Springwood Commercial Realty brokered transactions totaling $700k. See page 2C.
Mericle Comm’l expands 80,000 s/f at Cross Valley W. Hill Corporation is expanding its distribution operation in Mericle Commercial Real Estate Services’ Cross Valley West Professional Building. See page 12C.
ALSO INSIDE:
Place is the first acquisition for Highwoods in the Northeast. Widely recognized as Pittsburgh’s most distinctive address in the CBD market, PPG Place consists of six Class A office buildings containing a total of 1.5 million s/f of prime office space atop a 3.9 acre, three city block site. PPG Place is also home to the Wintergarden, The Ice Rink, a variety of retail shops and an exceptional roster of creditworthy, international
companies, such as PPG Industries, H.J. Heinz, Deloitte Consulting, Morgan Stanley Smith Barney, Ernst & Young and Allegheny Technologies, as well as smaller businesses and diverse professionals including law, accounting, insurance and advertising. The CBRE team led by Jeffrey Ackerman also included executive VP Robert Fahey in the firm’s Philadelphia Institutional Group, and VP Ryan Sciullo. ■
Investing approximately $45 million into new facility
Liberty Property Trust hosts ground breaking on 972,000 s/f whse/dist ctr. CARLISLE, PA — Liberty Property Trust hosted a ground breaking ceremony for a 972,000 s/f single story class A speculative warehouse and distribution center to be developed off I-81 at Logistics Dr. Located at the 64-acre Liberty at Carlisle Distribution Center, the facility represents the first new speculative warehouse to be built in the region since 2008. Liberty is investing approximately $45 million in the new facility. “Liberty has reached 99% occupancy in our regional industrial portfolio due to the strong demand for state-of-the-art distribution facilities in the Lehigh
Logistics Drive, Carlisle PA Valley and Central Pennsylvania,” said Bob Kiel, senior VP, Liberty Property Trust. “We are creating inventory to continue to satisfy that demand.” The warehouse has been designed to achieve LEED Core &
Shell certification and Energy Star certification – designations that assure substantial energy cost savings for tenants. Energy efficient factors include the installation of wall insulation and panel. ■
OUR NEWEST PROJECT NOW UNDER CONSTRUCTION:
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Troy F. Briggs. CCIM, CPM® - Cell: 610.633.7273/tbriggs@libertyproperty.com ■ Lynn Conti - Cell: 610.883.2233/lconti@libertyproperty.com
74 W. Broad Street, Suite 530, Bethlehem, PA 18018 ■ Main Office Phone: 610.867.9100 ■ Fax: 610.997.6651
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C Inside Cover — October 14 - 27, 2011 — Pennsylvania — Mid
Atlantic Real Estate Journal
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Mid Atlantic Real Estate Journal — Pennsylvania — October 14 - 27, 2011 — 1C
2C — October 14 - 27, 2011 — Pennsylvania — Mid
Atlantic Real Estate Journal
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PENNSYLVANIA Including 31,180 s/f industrial building totalling $400k
Kahlbaugh of Springwood Commercial brokers $700k New Mission Construction Our We create value as a full-service brokerage High Voltage company for our customers through applied real Renovation estate expertise as a recognized market leader throughout Pennsylvania.
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Our Companies Structured Cabling •Springwood Service Commercial Realty •Springwood Real Estate Services •Springwood Hospitality
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Springwood Commercial Realty 146 Pine Grove Circle Suite 100 York, PA 17403 Phone: 717.505.1000 Fax: 717.505.1005 www.springwoodcommercial.com
Preserving the Past. Building for the Future. © ůĂŶ ,Žůŵ
ORK COUNTY, PA — Keith Kahlbaugh of Springwood Commercial Realty brokered the following transactions: Gradison Management, LLC purchased a 31,180 s/f in- Keith Kahlbaugh dustrial building for $400,000 at 140 S. Main St. in Manchester Borough. Kahlbaugh represented the seller. WBF Grand, LLC purchased a 34,682 s/f industrial building for $300,000 located at 491 Maryland Ave. Kahlbaugh represented the seller. Spirit Halloween leased 8,640 s/f of retail space within the Northgate Shopping Center located in Manchester Twp.. Kahlbaugh represented the landlord. Yoe Parts & Equipment, Co. leased 7,800 s/f of retail space within the Clearview Shopping Center located in Hanover Borough. Kahlbaugh
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Celebrating 100 Years of Commitment to EXCELLENCE.
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491 Maryland Avenue represented the landlord. Lumber Liquidators leased Pennsylvania 4,224 s/f of retail space within Real Estate Journal the Lincoln Way East Shopping Center located in Guila section of the ford Twp. Kahlbaugh repreMid Atlantic Real sented the landlord. Window World leased 4,000 Estate Journal P.O. Box 26, Accord, MA 02018 s/f of warehouse space at 1249 781-871-5298 • 800-584-1062 Toronita St. in North York fax 781-871-5299 Borough. Kahlbaugh repreMAREjournal.com sented the landlord. ■
Malik of The Bill Gladstone Group of NAI CIR handles 20,000 s/f H A M P D E N T W P. , PA — Broco Supply has leased 20,000 s/f of additional storage/warehouse space at 151 Allendale Rd. Fahd Malik of The Bill Gladstone Group of NAI CIR handled the transaction for the landlord, Simpson Ferry Real Estate, LLC. District Justice Charles Clement’s office will relocate to 3,306 s/f of space at 920 Linda Ln., Lower Allen Twp. Bill Gladstone of The Bill
Fa i r f ie ld I n n a n d S u i te s Ba l t i mo re , MD
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140 S. Main Street
Gladstone Group of NAI CIR represented the landlord, Linda Lane, LLC, and Andy Kohr of Landmark represented the tenant. Advantage Denture, LLC, will open an office in 1,320 s/f of space it has leased at 251 N. Progress Ave., Susquehanna Twp. Nik Sgagias and Jason Sourbeer, both of NAI CIR, handled the transaction for landlord, Arthur Giannakopoulos. ■
Section Publisher Elaine Fanning efanning@MAREJournal.com
Section Editor Rachel Rugman editor@marejournal.com
L i b e r t y P r o p e r t y Tr u s t - H u n t e r s G r e e n Hage rs to w n, MD
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Mid Atlantic Real Estate Journal â&#x20AC;&#x201D; Pennsylvania â&#x20AC;&#x201D; October 14 - 27, 2011 â&#x20AC;&#x201D; 3C
PENNSYLVANIA Ward of LMS reps landlord in office / flex space lease
Landmarkâ&#x20AC;&#x2122;s Grace, Brenner, Posavec complete 36,441 s/f
SERVING CENTRAL PENNSYLVANIA FOR OVER 50 YEARS â&#x20AC;˘ Landlord Representation
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ANOVER, PA â&#x20AC;&#x201D; Compass Group USA Inc. has leased a 13,800 s/f flex building at 527 Gitts Run Rd.to serve as their York County fulfillment center. Jason Grace, CCIM, SIOR and vice president Jason Grace of Landmark Commercial Realty, Inc./ ONCOR International negotiated the transaction between the landlord, 527 Gitts Run Roy Brenner Rd. L.P. and the tenant. Convenient Ventures L.P. has leased 7,200 s/f of industrial space located at 1890 Old Crooked Hill Thomas Posavec Rd., Harrisburg. Roy Brenner of Landmark Commercial Realty, Inc./ONCOR International represented the landlord and Jan Castner of RSR Realtors represented the tenant in the leasing transaction. Toshiba Business Solutions has leased 5,204 s/f of office / flex space located at 97 Masonic Dr., Elizabethtown, Lancaster County, Pennsylvania. Thomas Posavec, SIOR and Brenner of Landmark Commercial Realty, Inc./ONCOR International represented the tenant locally on the transaction and Chad Ward of LMS represented the landlord, Susquehanna-Wagman Associates, LLC in the leasing transaction. Pagoda Electrical has leased 3,750 s/f of ind./flex space at 1310 Old Crooked Hill Rd., Harrisburg. Brenner negotiated the lease on behalf of the building owner, Robert Kint. Antonioâ&#x20AC;&#x2122;s Pizza has leased 3,302 s/f of retail space at 185 S. 2nd St., Highspire. Posavec and Brenner negotiated the lease between the owner, Natale Realty and the tenant. The SHS Group, L.P. has leased 3,185 s/f of office space at 1011 Mumma Rd., Wormleysburg. Posavec, SIOR and Brenner represented the tenant and Art Campbell of Campbell Commercial Real Estate represented the building owner, 1011
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527 Gitts Run Road Associates, LLC in the leasing Dr., Harrisburg. Brenner transaction. resented the tenant and Commonwealth Business liam Gladstone of NAI Technologies has renewed their represented the landlord, lease located at 6330 Flank T Enterprises. â&#x2013;
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TARGET ANCHORED SHOPPING CENTER YORK CROSSING is located at the western gateway to Yorkâ&#x20AC;&#x2122;s PREMIER retail corridor with over 70,000 cars per day. End-cap and in-line RETAIL opportunities exist as well as approximately 3 ACRES FOR SALE.
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PENNSYLVANIA Including an 8,044 s/f commercial/apt. building
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November 11th......Western PA December 9th.........Central PA January 13th...........Eastern PA
Editorial Spotlights and Special advertising opportunities available in the Pennsylvania Section Market your available office, industrial, and retail space Deadline: 14 days prior to publication date For more information contact: Elaine Fanning 1-800-584-1062 x212 Email: efanning@njpajournal.com
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O R K , PA â&#x20AC;&#x201D; R O C K Commercial Real Estate has recently sold and leased a total of 18,992 s/f in Shippensburg and York, PA and in Westminster, MD. â&#x20AC;˘ Ping Lin bought an 8,044 s/f commercial building with apartments on 0.08 acres at 172-174 South Pine St. ROCK Commercial Real Estate represented the seller in this transaction. â&#x20AC;˘ Samâ&#x20AC;&#x2122;s Diner leased 5,000 s/f of retail space at Shippensburg Marketplace at 397 Baltimore Rd. in Shippensburg, PA. This strip center is now fully leased. ROCK Commercial Real Estate represented the landlord in this transaction. â&#x20AC;˘ Heads or Tails Outdoors leased 3,024 s/f of retail space at 100 Railroad Ave. in Westminster, MD. ROCK Commer-
172-174 South Pine Street cial Real Estate represented both the landlord and the Tenant in this transaction. â&#x20AC;˘ Azteca Mexican Grill leased 1,992 s/f of restaurant space at 909 Grantley Rd. in York. Azteca serves burritos, tacos and quesadillas fast and all made with the freshest ingredients for affordable prices. This will be Aztecaâ&#x20AC;&#x2122;s second location in
York. ROCK Commercial Real Estate represented both the landlord and the tenant in this transaction. â&#x20AC;˘ Neal A. Palumbo leased 932 s/f of retail space at 11-13 West Philadelphia St. in York. ROCK Commercial Real Estate represented both the landlord and the tenant in this transaction. â&#x2013;
Campbellâ&#x20AC;&#x2122;s Art and Adam Campbell arrange 12,560 s/f in leases HARRISBURG, PA â&#x20AC;&#x201D; Art Campbell and Adam Campbell of CAMPBELL Commercial Real Estate, Inc. completed two leases totaling over 12,560 s/f at The Business Journal Center, 1500 Paxton St. Cordier Auctions and Antiques is locating their business at the property after completion of building renovations. Dan Alderman of NAI/CIR represented Cordier. Berkshire Systems Group, Inc. is also locating a regional office in the Business Center. Berkshire Systems Group, Inc. is a Reading, Pennsylvania based technology systems integrator serving Eastern and Central Pennsylvania for over 25 years, with satellite offices in York and the Wilkes-Barre area. â&#x2013;
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Mid Atlantic Real Estate Journal — Eastern Pennsylvania Spotlight — October 14 - 27, 2011 — 5C
Scott heads the not for profit division in Philadelphia
Karopoulos represents both parties
Colliers International concludes $3.5 million sale
The Frederick Group inks $1.3 million
P
HILADELPHIA, PA — Colliers International concluded the sale of the former Northeast Catholic High School for Boys building to Mariana Bracetti Academy C h a r James Scott ter School (MBA). The purchase price was $3.5 million. Colliers represented both MBA and the Archdiocese of Philadelphia. Mariana Bracetti Academy Charter School (MBA), currently located at 2501 Kensington Avenue, opened its doors in 2000 and serves 1,155 students in grades 6-12. MBA’s selection of the North-
1845 Stefko Boulevard
2501 Kensington Avenue east Catholic High School for for Profit Division of Colliers Boys building as its future International in Philadelphia location reflects a decision to which provides real estate remain in close proximity to services Not-for-Profit instituwhere current enrolled fami- tions for the tri-state region. He was the sole broker in this lies reside. James Scott heads the Not transaction. ■
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BETHLEHEM, PA — Wendy Karopoulos of The Frederick Group represented both the seller and buyer in the $1.3 million sale of a 9,000 s/f building at 1845 Stefko Blvd. The Keystone Physical Therapy group, also located in this property, was successfully relocated to another location in downtown Bethlehem. Renovation is currently underway for the new owner, AutoZone, to move in and occupy the building by early
November of this year. AutoZone, Inc., headquartered in Memphis, Tennessee, is the nation’s leading auto parts retailer with over 4,700 stores located in the 48 states and District of Columbia in the United States, Puerto Rico, and Mexico. Each AutoZone store carries an extensive product line for cars, sports utility vehicles and light trucks including new and remanufactured parts, maintenance items, accessories and non-automotive products. ■
COMMERCIAL REAL ESTATE
6C — October 14 - 27, 2011 — Eastern Pennsylvania — Mid
Atlantic Real Estate Journal
MAREjournal.com
EASTERN PA Actively marketing & representing the Greater Reading area
Berks Economic Partnership – A partner for life
R
ealtors, whether commercial and/or industrial, are fully aware that one of the significant factors in deciding on a physical location. Other key elements include a skilled and diverse workforce, cost of doing business, financing and incentives, access to utilities, and relation to major metro markets. But equally as important and critical is the assistance, services and strategies provided by the economic development organization servicing that area. In the Greater Reading area, we got that covered.
Since 2005, Berks Economic Partnership (BEP) has been actively marketing and representing the Greater Reading area. BEP is in the business of building economic prosperity whether it is attracting new businesses to the area or helping existing companies to grow. It serves as the lead marketing agency and promotes Greater Reading and its competitive advantages as a business location to corporate site selectors, commercial and industrial realtors and targeted industries. According to Dennis Donovan, Principal of Wadley-Donovan-
BEP Team of Greater Reading
Machined Here. egion has been r g in d a e R r e t a “The Gre and expand ow r g to ty li bi a r essential in ou the early 90s. in e r e h d te r a t s e since w s to all the major s e c c a y s a e oy j We en r key suppliers.” ou d n a s t e k r a m northeast
ident, - Gary Romig, Pres ufacturing, Inc. Summit Steel & Man
GreaterReading.com
Gutshaw Consulting, Greater Reading’s assets include good management relations, reliable utilities, geographic location, access to higher education/labor pool, available sites and buildings and excellent quality of life. Many of these same assets can be found and are offered in other regions. However the vital difference that sets BEP apart from other economic development organizations is the outstanding successes, credentials and exceptional service delivered by its professional staff. Not only does BEP function as the lead marketing organization, but it also partners with other economic development agencies in the region to provide a single voice in helping to retain, attract, promote and grow business in a collaborative and unified manner. Since 2005, BEP has grown and retained approximately 6,500 jobs. As of September 2011, BEP’s prospect activity for the year has nearly doubled since 2010. BEP is one of only 28 organizations out of more than 4,600 worldwide to receive accreditation from the Accredited Economic Development Organization (AEDO) and the International Economic Development Council (IEDC). In addition, the organization is a member of the Northeast Economic Developers Association (NEDA); the Pennsylvania Economic Developers Association (PEDA); CoreNet Global; the Industrial Asset Management Council (IAMC) and the Commercial Real Estate Women (CREW)Lehigh Valley Division to name a few. But the highest credential BEP carries is the respect, admiration and appreciation experienced by prospects who, because of BEP’s strong leadership, outstanding service and dedication selected the Greater Reading area as their place to do business. Companies such as MinusNine Technologies and Sun Rich Fresh Food understand the extensive time commitment, numerous site visits and the hours of research that go into deciding and finalizing business relocations and expansions. As a result of teaming up with BEP, the process was highly streamlined, thorough, efficient and successful. These continued on page 7C
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Mid Atlantic Real Estate Journal â&#x20AC;&#x201D; Eastern Pennsylvania â&#x20AC;&#x201D; October 14 - 27, 2011 â&#x20AC;&#x201D; 7C
EASTERN PA By Gary Brown, P.E., Q.E.P., C.M.C., L.S.R.P., RT Environmental
Real Estate and Marcellus shale actions are heating up
J
udging by the number of Phase I Environmental Site Assessments, real estate transactions are heating up, in all three of our service areas â&#x20AC;&#x201C; New Jersey, Greater P h i l a d e l - Gary Brown phia, and Greater Pittsburgh. RT has seen a significant uptick in work, particularly in the last three months. More transactions means more closings, meaning better times for real estate brokers. Action seems to be where it always is, at the best locations. There are clearly a significant number of cash purchases, and frequent comments from businessmen, the banks are only loaning money to those who donâ&#x20AC;&#x2122;t need it, because they require virtually 100% collateral, for nearly all transactions. Letâ&#x20AC;&#x2122;s hope that this situation improves, but with doubts about the national and world wide economy, investment in industrial expansion, does not seem poised to occur. Everyone reading business publications realizes, however, that difficulties in carrying office buildings, are beginning to take their toll, in the commercial sector. In several instances, mortgages
Berks Economic Partnership . . . continued from page 6C companies and others quickly give credit to the BEP staff. Under the leadership of Jon Scott, President, the staff is highly professional, knowledgeable, committed, motivated and persistent. From the very first inquiry, the staff becomes an extension of your team; from fielding questions, running interference on potential roadblocks, arranging and managing important business connections to assisting with financial resources plus so much more, the staff is ready, willing and very able to be of service. And the service continues well after a decision has been made. Berks Economic Partnership â&#x20AC;&#x201C; a partner you can rely on; a partner for life. â&#x2013;
have been surrendered, on several downtown Philadelphia office buildings. As a positive trend, however, layoffs and employee cutbacks, with the exception of the potential closure of the Sunoco Refinery, appear to have stopped. The future does not look particularly good for the large amount of industrial acreage which will become available, if Sunoco goes through with its plans to close its Philadelphia refinery. There remain large areas of industrial land, which much of which is ready
for redevelopment, but the demand is not there to any large degree. While we do wonder if closure of the refinery is a good decision, because the region could become more vulnerable to retail gasoline price swings, when out of state and out of town refineries are relied upon. We hope also that Sunoco reserves longterm cleanup costs, which are adequate to remediate refining locations, with no further revenue coming from that location. Based on past experience, of a current slow
economy, it could take a generation or more for refinery sites to go through and have productive future use as part of a redevelopment process. RT has also seen a significant uptick in activity related to Marcellus Shale work. As always, we appreciate the opportunity to be of service. Gary R. Brown is president of RT Environmental Services, Inc. a King of Prussia, Pennsylvania environmental services firm. He is a Professional Engineer in 20 states, and has been practicing envi-
ronmental engineering in Pennsylvania and New Jersey since 1973. He is also a Qualified Environmental Professional with over 30 years of diversified engineering experience including twentytwo years of engineering management experience. Work has included concept development, permitting, design projects, including complex facility upgrading, expansion, and industrial closure, as well as Brownfields redevelopment projects. â&#x2013;
5KPEG
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FAST TURNAROUND TRANSACTION DUE DILIGENCE
Water > Wastewater > Cleanups > Utilities > Permits > Marcellus Shale Corporate Office
SW Pennsylvania Office
New Jersey Office
215 W. Church Road King of Prussia, PA 19406 Phone: (610) 265-1510 Fax: (610) 265-0687
591 E. Maiden Street Washington, PA 15301 Phone: 724-206-0348 Fax: 724-206-0380
Pureland Complex, Suite 306 510 Heron Dr., PO Box 521 Bridgeport, NJ 08014 Phone: (856) 467-2276 Fax: (856) 467-3476
8C — October 14 - 27, 2011 — Eastern Pennsylvania — Mid
Atlantic Real Estate Journal
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EASTERN PA By Joel Darras, O’Donnell & Naccarato, Inc.
Philadelphia Facade Inspection Ordinance- Round 1 Complete or some building owners, the fist façade inspection deadline on June 30, 2011 passed without incident; for others the deadline served as a catalyst to complete much needed repairs and correct potentially unsafe conditions. With more than 65 façade inspections completed during the first cycle, O’Donnell & Naccarato is leading the way to make Philadelphia a safer city for residents and visitors alike. When asked about the first inspection cycle and the deadline, Mr. Darras joked that
F
Terra Cotta Failure
Corroded Lintel & Displaced Brick Masonry
Simply the best.
STRUCTURAL ENGINEERING FA C A D E R E S T O R AT I O N PARKING CONSULTATION F O R YO U R P R O J E C T N E E D S , C O N TA C T ANTHONY F. NACCARATO, PE, SECB, PRINCIPAL
215.925.3788 + O-N.COM
Moisture Infiltration through Brick Masonry
“Vacation this year will have to wait until the dust settles from this round. We are still getting calls from building owners that are not members of our local BOMA chapter, and did not know about the ordinance requirements”. He continued to say “At this time, building owners are not being penalized for having the inspection completed after the deadline, but I would caution that the longer they wait, the bigger the risk that potentially unsafe conditions could deteriorate further and become significant safety hazards. The goal of the ordinance is to identify and correct conditions before they become a problem”. Depending upon the size of the building, the inspections can take anywhere from one to three days to complete. Once the inspection has been completed, the Engineer or Architect will prepare a comprehensive written report for the owner based on the 17-point checklist in the ordinance. Mr. Darras cautions owners that the report is not meant to serve as construction documentation to complete the repairs, but rather there report is a tool for owners to use in preparing annual repair budgets. Once the annual budget has been established, the next step is to retain an Engineer or Architect to prepare construction documentation for bidding by restoration contractors and permit approval. Commenting on the inspection and documentation process, Mr. Darras stated that “Many of the buildings completed in the first cycle are registered historic landmarks, and owners need to have approvals from both the Department of Licenses and Inspections and the Philadelphia Historic Commission prior to completing repairs. In order to get the approvals and complete the work, the city needs to have construction documentation signed and sealed by a licensed Professional Engineer or Registered Architect”. While the work is continuing on the first cycle of inspections, the next cycle of inspections is underway. Owners of buildings constructed between 1951 – 1970 should now be organizing their information and contacting their selected Engineers or Architects to discuss their proposed approach. The continued on page 12
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Mid Atlantic Real Estate Journal — Eastern Pennsylvania — October 14 - 27, 2011 — 9C
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10C â&#x20AC;&#x201D; October 14 - 27, 2011 â&#x20AC;&#x201D; Eastern Pennsylvania â&#x20AC;&#x201D; Mid
Atlantic Real Estate Journal
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EASTERN PA 531,000 s/f warehouse & distribution park
Griffin announces groundbreaking for Lehigh Valley Tradeport
A
LLENTOWN, PAâ&#x20AC;&#x201D; Griffin Land & Nurseries, Inc. announced that it recently held a reception to celebrate the groundbreaking for the Lehigh Valley Tradeport, a 531,000 s/f warehouse and distribution park located on Fritch Drive in Lower Nazareth Township in the Lehigh Valley of Pennsylvania. Michael Gamzon, Executive vice president and Chief Operating Officer of Griffin stated, â&#x20AC;&#x153;We are quite excited about the start of construction on the Lehigh Valley Tradeport. Our Company has a long history in real estate development, ownership and management. We currently
871 Nestle Way, Allentown, PA have 2 million s/f of warehouse and distribution space, much of it built on speculation, including the New England Tradeport, one of the premier
industrial parks in New England. Over the last several years, we set out on a strategy to expand our reach and in 2010 purchased a warehouse
at 871 Nestle Way in Allentown, Pennsylvania, and 51 acres of land for development, the latter of which has become the Lehigh Valley Tradeport.â&#x20AC;?
CONSTRUCTION UNDERWAY! 51-Acre Industrial Park For Lease or Build-to-Suit
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CBRE Inc. | 1275 Glenlivet Drive, Suite 120 | Allentown, PA 18106 | T.610.398.6900 | F.610.398.7815 www.cbre.com/allentown | Licensed Real Estate Broker
Site work for the Lehigh Valley Tradeport began in August of this year. The park will consist of two warehouse distribution buildings of 228,000 and 303,000 s/f, respectively. Griffin plans to start construction of the 228,000 s/f building on speculation. Tim Lescalleet, Griffin Landâ&#x20AC;&#x2122;s Senior vice president and head of its leasing activities, commented, â&#x20AC;&#x153;At this point, we have not pre- leased the building but believe the property is very well positioned and we have been encouraged by the recent absorption in the market and the initial inquiries we have received. We will evaluate our plans to go vertical on the 303,000 s/f building after we complete construction of the smaller one. That said, we of course would commence construction on a build-tosuit or if we secure a full or partial building lease for that building.â&#x20AC;? Sean Bleiler, Senior Associate with CBRE, commented, â&#x20AC;&#x153;The Lehigh Valley Tradeport represents one of the first speculative developments in the region since 2008 and will be a needed addition to the Valley. We believe there will be strong demand for these buildings given their prime location and the lack of modern available space in the 100,000 to 300,000 s/f range.â&#x20AC;? The buildings will have 32 foot clear-height with abundant car parking as well as extra trailer parking along the entire length of the larger building. The larger building also has rail access to a Norfolk Southern line. Gamzon concluded, â&#x20AC;&#x153;We believe the Lehigh Valley has very strong industry fundamentals with significant additional growth ahead. We plan to be a long term developer, owner and manager of properties here and seek additional opportunities to expand our presence in this market.â&#x20AC;? Griffin operates a real estate business, Griffin Land, and Imperial Nurseries, its landscape nursery business. Griffin also has investments in Centaur Media plc, a public company based in the United Kingdom and listed on the London Stock Exchange, and Shemin Nurseries Holding Corp., a private company that operates a landscape nursery distribution business through its subsidiary, Shemin Nurseries, Inc. â&#x2013;
MAREjournal.com
Mid Atlantic Real Estate Journal — Eastern Pennsylvania — October 14 - 27, 2011 — 11C
EASTERN PA Williams of Hawley Realty brokers 16,100 s/f
Hawley Realty inks two deals for a 90,000 s/f Building
A
LLENTOWN, PA — Amy Hawley SIOR represented the buyer for 900 Conroy Place, Forks To w n s h i p I n d u s trial Park, Easton. Paul Weiss, also with H a w l e y Amy Hawley Realty Inc. represented the Seller, 900 Conroy LP & Forks Management Corp, General Partners, as the listing agent. Amy Hawley represented the building buyer, L.I.G. Busi-
Swope Lees arrange 83,000 s/f multi-year lease WEST CHESTER, PA – Swope Lees, a West Chester based real estate brokerage firm, is pleased to announce its participation in a recently-signed multi-year lease agreement in King of Prussia, PA. Lyon, Conklin & Co. Inc. (Lyon, Conklin) , leased in excess of 83,000 s/f of industrial warehouse space at 550 South Henderson Rd., King of Prussia. The building is owned by a subsidiary of Raymour and Flanigan, a retail furniture supplier. Lyon, Conklin is expanding and relocating from its current North Wales, PA location and will use the new facility for distribution of its Trane line of heating, ventilation, and air conditioning equipment. Chuck Swope of Swope Lees represented Lyon, Conklin in the transaction. The Landlord was represented by Jim McCahon of Jones Lang LaSalle. Also, Reber Friel, owned by Thomas McAvinue , has relocated its facility to a 41,000 sq. ft. building in the 422 Business Center in Oaks, PA. Reber Friel services trade-shows throughout the country. The new facility includes corporate offices and warehouse operations. Larry Wygant of Swope Lees Commercial Real Estate worked with both Gene Call, a representative of the 422 Business Center, and Thomas McAvinue to facilitate the lease agreement. Tom credited the efforts of Gene Call and Larry Wygant for their efforts in completing the deal and indicated that he and his staff are excited about starting a new chapter at the company. ■
ness Holdings, LLC with the lease of the building to Parcel Port Inc., a third party logistics service provider. The tenant was represented by another brokerage c o m p a n y. The aggrePaul Weiss gate value of these two transactions is $5,087,225.00. Also, Hawley Realty, Inc has recently brokered 4 commercial transactions. Judy A Williams of
900 Conroy LP & Forks Management Corp
Hawley Realty brokered the following transactions: 628-630 State Rd, E m m a u s , PA - L e h i g h Print & Data and Men’s Cuts; Shepherd Hills Plaza, 5930-5940 Hamilton Blvd, Wescosville, PA – was leased to MBS Credit & Collections Services and 187-191 Main S t , E m m a u s , PA – w a s purchased by 187-191 Main Street Partnership, LP from First Niagara Bank. Total square footage was 16,100 sq. ft. with a total aggregate value of these four transactions of $400,000.00. ■
COMMERCIAL •OFFICE •INDUSTRIAL •RETAIL •SALES/LEASING 3500 Winchester Rd. Allentown, PA 8,228 SF OFFICE SPACE
241 Cedar Crest Blvd. Allentown, PA 2,800 SF OFFICE SPACE
“A Day at the Office” Highlights
PRIME LOCATION Highlights
•Prestigious high quality building in a park like setting •Class “A” Office building •On-site Property-Owner Manager •Energy efficient Geo Thermal HVAC •Heat & Humidity Controlled Storage Space •Plenty of on-site parking & optional garage space •Top of the line security system with 12 digital cameras & key fob entry •Walking distance to shops & restaurants •Bus service to all major points of Leigh Valley •Full commission paid to leasing representative
•Across from Trexler Park •Located at a large Residential Neighborhood •High profile corner; Ceder Crest Blvd. & Chew St. •Property-Owner management •Located at traffic light •On-site ample parking •Walking distance to shops & restaurants •Bus service to all major points of Leigh Valley •Full commission paid to Leasing Representative
Features
Features
•Private offices/ Conference rooms •Reception area/ Kitchen &breakroom area •Underground spaces available for a fee
•Wheel chair accessible •Already set up for a professional office •Ground level floor with street access
Contact: Don Frederick, Associate Broker Phone: 610-841-4235 don@principalinvest.com 3500 Winchester Rd Suite 201 Allentown, PA 18104 www.tfgrealtors.com
12C — October 14 - 27, 2011 — Eastern Pennsylvania — Mid
Atlantic Real Estate Journal
MAREjournal.com
EASTERN PA Valentine of Studley Inc. reps GSA
Cross Valley West in Forty Fort
Hill Corporation expands 80,000 s/f in Mericle building
F
ORTY FORT, PA — Hill Corporation, one of the nation’s largest sellers of dancewear, is expanding its distribution operation in Mericle Commercial Real Estate Services’ Cross Valley West Professional Building located in Forty Fort. The company is expanding from 25,000 s/f to 80,000 s/f and expects to add approximately 20 new jobs over the next year. Since early 2009, the 25,000 s/f had been used by All About Dance and its affiliate Dance Distributors, as office, showroom, and warehouse space. The Hill Corporation of Anaheim, CA purchased All About Dance in November, 2010, and began developing plans to grow within the facility. The dancewear products of All About Dance and Discount Dance Supply will be distributed from the Forty Fort building. The expansion is necessary in order to accommodate Hill Corporation’s growth on the east coast. More space will allow the company to expand its market share and provide for the increase in discount dancewear sales. Mericle completed renovations for the expansion in mid August. Rob Hagen, COO at Hill Corporation said, “I am extremely excited about our significant expansion plans in Forty Fort, PA. Our companies are growing at a record pace and we really love what Mericle and the local community was able to offer in terms of flexibility, professionalism, reasonable costs, and a tremendous work force. We
180 Welles St. could not be happier.” All About Dance was founded in 1997 by the Ellman family, which opened a small dancewear store in Kingston. The company later opened a second dancewear store and launched the discount dancewear website. The Internet division of the business grew rapidly and All About Dance quickly emerged as one of the largest discount dancewear suppliers in the country. The Ellman’s then purchased Dance Distributors about four years ago and operated the companies independently until the whole operation was sold to Hill Corporation late last year. The company’s Internet/catalog division generates thousands of daily order shipments to customers around the globe using state-of-the-art distribution technology, while the All About Dance outlet store at the Forty Fort complex offers dancewear at discounts off regular retail prices. Mericle has renovated the huge former A&P complex into a modern office and industrial
center. Mericle has modernized the entire complex and has installed new energy efficient industrial lighting and repainted the warehouse section. The 381,000 s/f complex has 121,446 s/f of industrial space available for lease, which can be subdivided. Mericle vice president Jim Hilsher coordinated the Hill Corporation expansion. “We are thrilled that The Hill Corporation has become an anchor of the Cross Valley West Professional Building,” said Hilsher. “The company has a tremendous growth rate and we are pleased we are able to accommodate its latest expansion.” The building includes tenants such as InterMountain Medical Group, Inc., Geisinger Pediatrics, Gateway Energy, Candy’s Place, The Brace Place, Northeast Eye Institute, Surgical Specialty Center of Northeastern PA and numerous other companies and also offers office suites for lease ranging from 1,393 s/f to 7,494 s/f. ■
Lashner & Licht of NAI Mertz arrange 36,677 s/f sale in Doylestown for Shuman to TF Ptrs. DOYLESTOWN, PA — NAI Mertz announced the sale of a 36,677 s/f industrial building located at 4049 Landisville Rd. in Doylestown. The seller was Frank T. Shuman and the buyers were TF Partners, LP aka Thompson Auto Group. The property sold for $2.1 million. Adam Lashner and Jeff Licht represented the seller
4049 Landisville Rd. in this transaction. The property is a one-story, modern warehouse & service
facility situated on 5.8 +/acres. It features 5,800 s/f of office area, 18’ ceiling height, 6 docks and 5 drive-in doors. The facility will be used for auto sales, service and auto body repairs, an expansion of their local, current locations. Thompson Auto offers a selection of new and pre-owned vehicles at their dealerships, a rental car facility. ■
Philadelphia Facade Inspection . . . continued from page 8 more information an owner can provide prior to the inspection, the less time and expense is required to complete the
inspection and report. Darras is an active member of BOMA and has presented several information-
al seminars regarding the ordinance to commercial and institutional organizations in Philadelphia. ■
Grubb & Ellis rep. Ten Penn Center Associates PHILADELPHIA, PA — Grubb & Ellis Company announced that it was the representative for Ten Penn Center Associates L.P. and the Pennsylvania Institute of Certified Public Accountants (PICPA) in PICPA’s lease of 16,000 s/f in 1801 Market St. Total consideration of the long-term deal was approximately $3.7 million. Wayne Fisher, executive VP and director, and Benjamin Reiff, VP, both in the Grubb & Ellis Office group, represented PICPA. Jack Soloff, senior VP, Office group, represented the landlord in the transaction. “PICPA was looking to raise its image by moving onto Market Street” Fisher said. “Ten Penn Center offered the perfect combination of location, presence, amenities and efficiency.” Michael Colgan, CEO and executive director of PICPA, added, “The building is constructing a new training center to replace the one we are leaving behind. This building amenity will save us a significant amount of rent over the lease term.” In Addition; Grubb & Ellis Company announced that it represented University Place Associates, LLC in its lease with the U.S. General Services Administration for 53,435 s/f of space to house the U.S. Citizenship and Immigration Services at 2.0 University Place. The 15-year lease is valued at $26 million. Jack Soloff, Jr., senior VP, Craig Scheuerle, senior VP, and Matthew Guerrieri, associate VP, all of the company’s Office
Ten Penn Center Group, are the leasing representatives for the five-story, 96,916-s/f building located at 30 N. 41st St. within one of the city’s Keystone Opportunity Zones. The property achieved LEED® Platinum pre-certification status in 2009. Citizenship and Immigration Services, which is currently located at 1600 Callowhill, is expected to take occupancy of the first three floors of the building in December 2012. The building is located within one block from the El at 40th and Market streets, which connects commuters to the 30th Street Station in less than five minutes. Todd Valentine, managing director of Studley, Inc., represented GSA. A 15,000 s/f lease with a private company is currently being negotiated at 2.0 University Place with approximately 25,000 s/f remaining available for lease. ■
NAI Summit brokers 59,934 s/f leases ALLENTOWN, PA, — Michael Adams of NAI Summit recently leased over 45,000 s/f of space at two locations in Allentown. Adams represented the owner, Denholtz BLV LLC, in leasing 38,510 s/f of industrial space at 7036 Snowdrift Rd. to UL Verification Services. Adams represented the owner, HVAC Distributors, in leasing 7,000 s/f of warehouse space to Beck Packaging at 1840 E. Race St. Adams also represented HAF, Inc. in leasing 1,200 s/f of warehouse space at 941 Marcon Blvd., Allentown. The new tenant, Emstar Ambulance Services. Also, Jody King of NAI Summit represented both the owner, City Line Plaza, and the tenant, Spotts, Stevens
and McCoy, in securing a 2year lease renewal for 5,147 s/f of office space at 2005 City Line Rd. In a separate transaction, King represented the tenant, Saucon Mutual Insurance Co., in securing a lease for 3,027 s/f of office space at 74 W. Broad St. King also represented the tenant, Bayada Nurses, Inc., in securing a lease for 2,200 s/f of office space at 95 Highland Ave. King represented the owner, Crossroads of Nazareth, in leasing 1,121 s/f of office space to Health Network Labs at 3465 Nazareth Rd., Easton. John Crampsie, principal at NAI Summit represented the tenant, Medstar Television, in leasing 2,239 s/f of office space at 5050 Tilghman St. ■
MAREjournal.com
Mid Atlantic Real Estate Journal — Eastern Pennsylvania — October 14 - 27, 2011 — 13C
EASTERN PA Also completed the interior fit-out work for the Sands Cobalt Café, Emeril’s Italian Restaurant
Alvin H. Butz, Inc. to build Sands Event Center core and shell
B
ETHLEHEM, PA — Alvin H. Butz, Inc. has been chosen by Sands Casino Resort to build the Sands Event Center. Butz will be responsible for building the core and shell which will include the entire structure of the building, as well as the roof and exterior surfaces. It will also include mechanical and electrical systems for the building and public bathrooms. “We have been very pleased with our previous working relationship with the Butz team,” said Robert DeSalvio, president at Sands Bethworks Gaming LLC. “Butz has completed all of our past projects on time and within our budget. We look forward to continuing that track record with the Event Center.” Butz served as construction manager for the casino and parking garage, and most recently for the Retail Center
Gable leases 80,000 s/f for Responsible Appliance Disposal Program
4301 N. Delaware Ave. and Hedley Sts. PHILADELPHIA, PA — GE recently made a presentation at a scrap plant at 4301 N. Delaware Ave. and Hedley Sts. GE is awarding the company, ARCA, a contract to recycle old white appliances that GE’s customers have returned to them for disposal. Sidney E. Gable, CRE, SIOR received a telephone call from a real estate attorney who asked him to find his client a suitable factory building to purchase. After meeting with the client and reviewing his requirements, it was obvious that this was a very difficult task. Sidney E. Gable Associates was heavily involved in the real estate aspect, finding the right facility for ARCA, obtaining financing for the building improvements and equipment, and quickly obtaining government approvals. The current lease has a value of $6 million for a 17 year period. There is also room for expansion. ■
which is scheduled to open this fall. Butz also completed the interior fit-out work for the Sands
Sands Event Center Cobalt Café, Emeril’s Italian More, and Carnegie Deli. Restaurant, High Limit GamThe Event Center project ing Salon, Emeril’s Burgers and also includes interior fit-up of
the building which will be done by Serfass Construction Co. of South Whitehall Twp. ■
Success is a done deal.
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Lionville Shopping Center
RETAIL - 50,000 SF PERMANENT LOAN EGG HARBOR TOWNSHIP, NJ
OFFICE/BANK PAD - 21,000 SF FIXED RATE LOAN DOYLESTOWN, PA
RETAIL - 29,074 SF PERMANENT LOAN EXTON, PA
Capital Markets DEBT | EQUITY | INVESTMENT SALES northmarq.com Philadelphia Office 1600 MARKET STREET, SUITE 101 PHILADELPHIA, PA 19103 215.496.3000
Joseph Sweeney MANAGING DIRECTOR 215.496.3067 jsweeney@northmarq.com
David Henrich VICE PRESIDENT 215.496.3045 dhenrich@northmarq.com
33 offices coast-to-coast
14C — October 14 - 27, 2011 — Eastern Pennsylvania — Mid
Atlantic Real Estate Journal
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Commercial Real Estate Women Philadelphia Chapter www.crewphiladelphia.org
2011 PHILADELPHIA BOARD OF DIRECTORS PRESIDENT TRACY L. STEELE, ESQ. MORGAN LEWIS & BOCKIUS LLP IMMEDIATE PAST PRESIDENT DEBORAH A. GILMORE THE REINVESTMENT FUND PRESIDENT ELECT SHARON N. HUMBLE, ESQ. LINEBARGER GOGGAN BLAIR & SAMPSON, LLP TREASURER LISA KEANE, CPA EISNERAMPER, LLP ASSISTANT TREASURER & SECRETARY JEANNE ARMSTRONG WH POUNDS COMMERCIAL REAL ESTATE LLC CREW NETWORK DELEGATES BETTYANN SILVIUS THE SULLIVAN COMPANY JANET KIMBLETON GRACE ATHENIAN PROPERTIES, LLC COMMUNITY OUTREACH CHAIR CARI L. BRYCE RAIT FINANCIAL TRUST COMMUNITY OUTREACH CO-CHAIR / MENTORING BETH SLANKER BPG MANAGEMENT COMPANY, L.P. COMMUNITY OUTREACH CO-CHAIR / PHILANTHROPY FON S. WANG, AIA, LEED AP UCI ARCHITECTS, INC. COMMUNITY OUTREACH CO-CHAIR / PHILANTHROPY JESSICA R. SLACK P. AGNES MEMBERSHIP CHAIR RAELENE V. MCCARTHY MKSD ARCHITECTS MEMBERSHIP CO-CHAIR JUDY OWENS CHANNICK ENVIRONETICS DESIGN, INC. EVENTS / PROFESSIONAL DEVELOPMENT CHAIR SEEM BALI, LEED AP CIGNA EVENTS CO-CHAIR / ARRANGEMENTS AMANDA RYLAND REMINGTON GROUP, INC. EVENTS CO-CHAIR / PROGRAMS LESLIE K. WATKINS THE ART PARTNERSHIP SPONSORSHIP CHAIR LYNN A. MCDOWELL BENEFICIAL BANK SPONSORSHIP CO-CHAIR PEGGY GALLAGHER, CCIM PG COMMERCIAL REAL ESTATE, INC. COMMUNICATIONS CHAIR REBECCA E. UDELL KSS ARCHITECTS LLP COMMUNICATIONS CO-CHAIR / WEBSITE KRISTINA C.S. HARSHANY, CES CITIBANK, N.A. COMMUNICATIONS CO-CHAIR / PR TERRY WHITAKER CROSSBOW STUDIO
By Rebecca Udell, Communications Chair & Laura Masapollo, Communications
Killeen & DiNovo receive 2011 CREW Foundation college scholarships
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REW (Commercial Real Estate Women) Philadelphia is proud to announce that two exemplary seniors at Villanova University were selected as recipient of the 2011 CREW Foundation college Kristen Killeen scholarship; Kristen Killeen, an accounting and finance major with a minor in commercial real estate and Emily DiNovo, a finance and international business major with a minor in commercial real estate. CREW Foundation was formed in the early 1990’s as the philanthropic arm of CREW Network with the mission to provide financial support for programs promoting self-sufficiency of women and girls. In its first year, CREW Foundation raised and received donations totaling under $10,000. Over time, fund-raising efforts increased and by 2007, the Foundation was consistently distributing $40,000 per year. In 2008, the 20th anniversary of CREW Network, CREW Foundation changed its mission from the general empowerment of women and girls to providing college scholarships to women pursuing a field related to commercial real estate.
Fund-raising increased significantly between 2008 and 2011, 39 scholarships each worth $10,000 were awarded to junior and senior college students across the country. Today, CREW Foundation Emily DiNovo h a s a n e n dowment of $410,000 with the goal of raising $2 million. In addition to the scholarship funds, the students will receive a paid internship that will give them hands-on experience, expand their resumes and start their own professional network. Kristen Killeen, from Wexford, PA, will graduate in May 2012. She currently is involved in many activities on campus, maintains a 3.75 GPA and was offered a full-time position with PriceWaterhouse Coopers in Pittsburgh after she completed an internship last summer. Killeen’s interest in the real estate industry increased significantly after she enrolled in several real estate courses during her sophomore year. Killeen said, “The more I discovered about real estate, the more I realized that it takes a unique blend of knowledge, passion and dedication to be successful.” Killeen’s career goals include
obtaining a senior leadership position at a commercial real estate firm and using her accounting and finance background to succeed. Currently, she is interested in investment analysis and brokerage. She believes her education and achievements have given her a solid base to start a career in real estate upon graduation. Ultimately, she believes her passion for the job will lead to success. Emily DiNovo, from Clifton Park, NY, will also graduate in May of 2012. She currently holds a 3.84 GPA and has interned at Protocol Capital Management, LLC in New York City and at Royal Bank of Scotland Group in Stamford, Conn. DiNovo said, “My motivation and drive to excel have propelled me to the top of my class. Producing top quality work now is a representation of how I want myself to be perceived in the future.” DiNovo credits her interest in commercial real estate to her father’s passion for real estate investments and her frequent trips to New York City growing up. She sees it as the perfect career to use her passion for finance as well as capitalizing on her social nature to help gain industry knowledge and deal with clients. Through the internship that she will complete following the end of her senior
year, DiNovo hopes to gain critical investment analysis skills as well as hone her ability to negotiate. Eventually, she sees herself in a senior leadership position within brokerage at a commercial real estate firm in a major metropolitan area. Villanova University generously paid for the scholarship recipients’ travel and accommodation expenses for 2011 CREW Network National Convention and Marketplace held in Washington D.C. in mid September. CREW Philadelphia member Jessica Taylor, Administrative Director at Villanova University, has been instrumental in facilitating meaningful connections within the CREW Philadelphia network. Cari Bryce, VP with RAIT Financial Trust, is the current Chair of Community Outreach for the CREW Philadelphia Board of Directors. In this role, Bryce oversees the local mentoring programs. She has engaged Bettyann Silvius, Senior Project Manager with The Sullivan Company, and Amanda Ryland, Director of Business Development with Remington Group, Inc. to be mentors for Killeen and DiNovo respectively. Silvius is the 2011 Delegate for CREW Network and Ryland is the current Co-Chair of Events for the CREW Philadelphia Board of Directors. ■
UPCOMING EVENT
2011 CORPORATE SPONSORS
Past President’s Breakfast
SKYSCRAPER LEVEL Morgan Lewis & Bockius LLP HIGH RISE LEVEL Ballard Spahr LLP GROUNDBREAKER LEVEL Abington Bank Advantage Building & Facility Services, LLC AlliedBarton Security Services Allsteel, Inc. Asher & Company, Ltd. Bedford Cost Segregation, LLC EisnerAmper LLP Land Services USA, Inc Spectrum, A Herman Miller Dealer BUILDING BLOCK LEVEL Charles Friel, Inc. McConnell Johnson Real Estate Company PG Commercial Real Estate, Inc. UCI Architects, Inc.
Thursday, October 20, 2011 - 8:00 am Davio’s - 111 S. 17th St. Philadelphia Cost: $55 Members, $80 Guest/Non-member Women of Impact “Life Lessons of Leadership and Longevity in Commercial Real Estate” CREW Network’s recent white paper “Women in Commercial Real Estate 2010” shows that the proportion of women with 20+ years of experience in commercial real estate has increased since 2005. By the same token, many more women have entered the commercial real estate field since 2005. Is this a sign of positive trends in the industry for women? Leading off our discussion of women in commercial real estate will be Ann Waeger of Farer Fersko in Westfield, NJ. Ann is an attorney and a member of the 2011 Board of Directors of the CREW Network; she will be highlighting the benefits of CREW membership and how the Network can help us all be successful. Ann will be followed by a lively conversation led by a panel of distinctive past presidents of CREW Philadelphia. Sponsored by: Athenian Properties LLC
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Mid Atlantic Real Estate Journal — Eastern Pennsylvania — October 14 - 27, 2011 — 15C
13th Annual
CHARITABLE HOLIDAY LUNCHEON
Thursday, November 10, 2011 11:00am - 1:30pm Hyatt at the Bellevue Broad & Walnut Streets
Congratulations Emily and Kristen! We know you’ll take the real estate world by storm. Ͳ All of us at Remington
To Register to Attend one of the Philadelphia Real Estate Industry’s Premier Events of the year, go to crewphiladelphia.org/events
Remington Group, Inc. Project Managers & Owner’s Representatives Hwww.RemingtonHGroup.com Proud Supporters of CREW Philadelphia
16C — October 14 - 27, 2011 — Eastern Pennsylvania — Mid
Atlantic Real Estate Journal
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EASTERN PENNSYLVANIA COMMERCIAL REAL ESTATE
GEOTECHNICAL ENGINEER
FOUR COMMERCIAL/INVESTMENT PROPERTIES
EARTH ENGINEERING INCORPORATED
3910 Adler Place, Bethlehem
Geotechnical Engineers & Geologists Subsurface Investigations Construction Inspection & Testing Retaining Wall Design Environmental Site Assessments and Remediation
·Up to 42,108 s/f available ·First & Second floor suites ·Tastefully appointed lobby ·ADA compliant ·On-site parking ·Lease Terms Offered
881 Third St. Whitehall
Clean Fill Testing Carbonate Site Assessments Stormwater Infiltration Testing Laboratory Soils Testing Central PA: 717.697.5701
Corporate Headquarters: 610.277.0880 Lehigh Valley: 610.967.4540
South Jersey: 856.768.1001
www.earthengineering.com ·17,820 s/f building ·0.88 acre site ·Concrete block, stucco ·On site parking ·Building is 95% occupied ·Sale Terms Offered
RE SALES, APPRAISAL & PROPERTY MGMT.
Real Estate Sales, Appraisal & Property Management
PROFESSIONAL OFFICE SUITES
COMMERCIAL WAREHOUSE SPACE
B E TH L EH E M
F R E EM A NS BU R G
±12,100ͲSF multiͲlevel warehouse with office component available for lease. Heated & cooled. Loading/delivery doors & 16’ ceilings. Great proximity to Routes 378, 22, 33 & IͲ78. This is a sublease through Oct. 2013; tenant may negotiate longer lease term with Landlord.
10Ͳstory professional office building; suites of various sizes available for lease with attractive rates. Sovereign Bank onͲsite for added convenience. Surrounded by Bethlehem’s dining, shopping & more! Excellent access to Route 378, 22, 33 & IͲ78.
COMMERCIAL LAND LEASE (PAD SITES)
CONGRATULATIONS TO OUR CLIENT!
ALLENTOWN
U P P E R S A U C O N
±1.07Ͳacre commercial property available for retail pad lease. Ample frontage on Route 378. Zoned GB2; Limited General Business. Many uses permitted—bring your developers or end users!
Muscle Maker Grill will be opening on October 24, 2011 at their newest location in the Valley Plaza Shopping Center, 1894 Catasauqua Road in Allentown. Stop in and grab a bite! Visit them on the web: www.MuscleMakerGrill.com and www.facebook.com/MuscleMakerGrillAllentown
5100 W. Tilghman Street, Suite 320 | Allentown, PA 18104 | p: 610.391.8888 | f: 610.391.8830 | dietrickgroup.com
DIETRICK GROUP, LLC
920-32 S. Lumber St.
·11,390 s/f building ·1,500-5,000 s/f available ·Masonry block steel frame ·Onsite and street parking ·ADA compliant, elevator ·Lease Terms Offered
2901 Emrick Blvd.
·6,145 s/f available ·Architectural block steel frame ·On-site parking ·Individual tenant entrance ·Within 2 miles of I-78 ·Lease & Sale Terms Offered
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Mid Atlantic Real Estate Journal — Eastern Pennsylvania — October 14 - 27, 2011 — 17C
EASTERN PENNSYLVANIA Current facility houses over 404,847 s/f
For Lease ±178,537 SF Available
Binswanger brokers sale of hospital/medical complex
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HILADELPHIA, PA — On behalf of Mercy Health System, Binswanger to announce d the sale of a multibuilding hospital/medical complex on 3.479 acres located at 1930 South Clive Mendelow Broad St.. The buyer, Howell Acquisition, plans to use the property
as a mixed-use facility. Originally built in 1920 with restoration and new construction occurring in 1968 and 1984, the current facility houses over 404,847 s/f of gross floor area. The complex consists of four interconnected building sections forming the medical center with an adjoining five-level parking garage and a one-story powerhouse building. Strategically located on Broad Street, which serves as the main artery connecting
South Philadelphia, Center City, and North Philadelphia, the property provides easy access to anywhere within the city limits via I-76, I-676, I-95, or Broad St. “We are so proud to have represented Mercy Health System throughout this important disposition and to know that this significant property will continue to play an important role in the Philadelphia medical and commercial market.” said Clive Mendelow, vicechairman of Binswanger. ■
Behringer Harvard and Jones Lang LaSalle sign new tenants at newly renovated 1650 Arch Street in Center City PHILADELPHIA, PA — The office building known as 1650 Arch St. has undergone a $6 million renovation by owner Behringer Harvard. The upgrades have contributed to Jones Lang LaSalle’s success in attracting new tenants who have recently signed a series of long-term leases at the building. As a result, the schedule has been accelerated for the third and final phase of renovation work, which is an elevator modernization project that will begin in late 2011. The building improvements continue to drive increased leasing activity in the building with new long-term leases recently signed by pharmacy benefit manager, Catalyst Rx, which took 40,000 square feet on two floors for a 126month term; and insurance defense law firm, McGivney & Kluger, which signed a five-and-a-half-year lease for 7,200 s/f. Jones Lang LaSalle represented both tenants and building ownership in the leases. Other leasing details
2801 Red Lion Rd. in Philadelphia is a well-designed distribution facility with good functionality and strong curb appeal. Office: 24,979 SF Docks: 24 dock doors Lighting: T-8 fixtures
Ceiling Height: 20’ to 28’ Parking: 104 Rail: 30’ easement
For more information contact our exclusive listing agent: Richard S. Gorodesky, SIOR Colliers International (215) 928-7545 richard.gorodesky@colliers.com
TappingÿOurÿ EnergyÿResources It sÿWhatÿWeÿDoÿ forÿtheÿEnvironment
www.mgkflaw.comÿÿ ProjectÿContracting
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RegulatoryÿCompliance MARCELLUSÿSHALE ÿ LANDFILLÿGAS
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PermittingÿandÿSiting
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PowerÿPurchaseÿAgreements Purchase/SaleÿofÿRECs EnergyÿStarÿAssessment
1650 Arch St. for the entire 20th floor, and ning modernist building was for a ground-floor food ten- designed in 1974 by renowned ant, are finalized but not yet architects Mitchell / Giurgola. public. Interior renovations that “We are pleased with the contributed to the property’s positive momentum prompted recent Energy Star certificaby the recent renovations to tion include new, state-of-thethe building,” said Drew Mc- art, energy-efficient chillers; Gowan, Jones Lang LaSalle upgraded lighting on the exteleasing agent for 1650 Arch rior and interior; new building Street. signage at the entrance; and a The 27-story, award-win- dramatic new lobby. ■
GreenÿBuildingÿ&ÿRenovation GHGÿInventoriesÿ&ÿReporting 401ÿCityÿAvenueÿ/ Suiteÿ500ÿ/ BalaÿCynwyd,ÿPAÿ19004ÿ/ÿ484-430-5700 SustainabilityÿPlansÿ&ÿReporting EmissionsÿTrading RenewableÿEnergyÿProjects PublicÿFundingÿ&ÿIncentives CherryÿTreeÿCorporateÿCenterÿ- byÿappointmentÿonly 535ÿRouteÿ38ÿ/ Suiteÿ145Aÿ/ CherryÿHill,ÿNJÿ08002ÿ/ÿ856-317-1299 www.mgkflaw.com
Berger-Epstein Ad Mid-AtlanƟc Real Estate Journal September 26, 2011
18C — October 14 - 27, 2011 — Pennsylvania — Mid
Atlantic Real Estate Journal
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Commercial Real Estate Women Lehigh Valley Chapter www.crewlehighvalley.org
Hosted by MKSD Architects
2011 LEHIGH VALLEY BOARD OF DIRECTORS
Design to Change: September Lunch & Learn
PRESIDENT TRACY YADUSH, RPA NAI SUMMIT PAST PRESIDENT FRANCEE FULLER BARRY ISETT & ASSOCIATES PRESIDENT ELECT TINA KISELA, SCSM, SCMD PROMENADE SHOPS OF SAUCON VALLEY SECRETARY CATHERINE (KATE) DURSO FITZPATRICK LENTZ & BUBBA, P.C. TREASURER CYNTHIA MERRITT BUCKNO LISICKY & ASSOCIATES CORRESPONDING SECRETARY PAM MORRIS LIBERTY PROPERTY TRUST DIRECTORS-AT-LARGE MAUREEN O’MEARA HMK INSURANCE LYNN CONTI LIBERTY PROPERTY TRUST 2011 COMMITTEE CHAIRS SPONSORSHIP COMMITTEE KATE HART KNBT, A DIVISION OF NATIONAL PENN BANK PROGRAMS COMMITTEE JANE SCHIFF THE FREDERICK GROUP MEMBERSHIP COMMITTEE MICHELE GLOWER, PH.D THE ADVISORY GROUP COMMUNITY SERVICE COMMITTEE JODY KING, CCIM NAI SUMMIT PUBLICITY COMMITTEE FRANCEE FULLER BARRY ISETT & ASSOCIATES
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E T H L E H E M , PA — Silvia Hoffman, principal of MKSD Architects and Nick Hewes, an associate of the Allentown, PA design firm, discussed elements of space design for business at September’s lunch meeting at Northampton Community College (NCC). MKSD is highly regarded for their extraordinary professional services with educational facilities and specialized niche markets including the everevolving health care arena. Before and after photos illustrated the creative yet realistic challenges architects face with each project. Silvia was quick to point out that each project is unique. Budget, goals, time-frame and the corporate culture are differentiating factors to which MKSD pays extreme attention. In the case of the Venel Institute, opening up the space and bringing in natural light helped to create an office space that never feels as though it is below ground level. The Sharp project involved creative re-use of existing furniture; Grace Hall required respect for tradition and NCC’s design was focused on multi-use of space. In fact, “every square inch of NCC is used for more than one purpose” according to Silvia.
Over 35 guests enjoyed made-to-order salads by students in the Culinary Arts program at NCC, Bethlehem, PA, site of Crew LV’s recent “Lunch & Learn” program. MKSD architects successfully fostered learning with a presentation about designing commercial space.
Presenters Nick Hewes and Silvia Hoffman (2nd right) from MKSD Architects share a moment with Pam Morris (2nd left) CREW LV’s recording secretary, Kate Hart, past president. Nick emphasized that the the mission of a business and physical environment reflects expresses company values to
visitors. He noted that open space fosters collaboration and cooperation and team work Victory House, another one of MKSD’s unique projects, is the home of Originate Ventures. The building was a firehouse prior to it’s conversion to office space, yet many of the original features of the firehouse were preserved, and in fact featured, in the make over. Silvia’s firm received an AIA award for this project, but she humbly concluded the presentation by declaring that although her firm has received many awards for the fine work they do, they remain “architects without egos.” ■
CREW Lehigh Valley thanks its 2011 corporate sponsors: Annual Partner/Main Sponsor
Contributor
Fitzpatrick Lentz & Bubba
Langan Engineering
Liberty Property Trust
Lafayette Ambassador Bank
Tallman Hudders & Sorrentino
NAI Summit MKSD Architects
Friend Barry Isett & Associates Berks Economic Partnership HMK Insurance KNBT - A Division of National Penn Bank JG Petrucci, Inc. North Star/Polaris The Dietrick Group, LLC
Upcoming Events Economic Development & the Arts – Program & Tour of the 17-million renovation & expansion of the Allentown Art Museum of the Lehigh Valley 11:30 a.m. Tuesday, November 1 Details at www.crewlehighvalley.org For membership information, please contact Dr. Michele Glower, The Advisory Group, mglower@yahoo.com
19C — October 14 - 27, 2011 — Pennsylvania — Mid
FITZPATRICK LENTZ & BUBBA, P.C. is proud to support
CREW
Lehigh Valley
Atlantic Real Estate Journal
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where YOUR STYLE comes to life
Corporate, Business & Banking Real Estate, Land Use & Development Litigation Estate Planning & Administration of Estates and Trusts
fitzpatrick Lentz & Bubba attorneys at law
Celebrating more than 20 years as the Valley’s law firm of choice. 4001 SCHOOLHOUSE LANE • CENTER VALLEY, PA 18034-0219 STABLER CORPORATE CENTER • PHONE: 610.797.9000 • FAX: 610.797.6663
w w w. f l b l aw. c o m
Located one mile from I-78 on Route 22
Health Care Employment Law Pam Richetta, General Manager 908-454-4715
Bankruptcy
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Elder Law Family Law
A Pennsylvania Real Estate Investment Trust® Property
BARRY ISETT & ASSOCIATES, INC.
DesignPoint, Inc.
Consulting Engineers & Surveyors www.barryisett.com
Contract Interior Design & Purchasing Firm Bethlehem, Pennsylvania
Helping Clients Reach Real Estate Development Goals Since 1977 Environmental Assessments • Condition Assessments Surveys • Site Design • Permitting • Traffic Studies Highway Design • Landscape Design • Structural Design Mechanical, Electrical, Plumbing Design
Full - Service Engineers PA • NJ • MD Contact Francee Fuller, Marketing Manager
COMMERCIAL & INDUSTRIAL RE
610-398-0904
ffuller@barryisett.com
Proud to Support CREW Lehigh Valley
~
Our clients satisfaction is the Key to our success! Interiors That Make a Difference
Specializing in Complex Valuations and Expert Testimony
John R. Ingram II, MAI MRICS, AICP, CTA President & CEO P: 610-798-9877 Email:IngramREG@aol.com F: 610-798-9878
•Corporate •Hospitality • Medical & Eldercare Facilities
Attention CREW Lehigh Valley Members!!!
Michele Glower, Ph.D., Consultant 484-951-4081 dr.glower@gmail.com
COMMERCIAL REAL ESTATE
Award Winning Interior Design & Space Planning for
COMMERCIAL VALUATION
INGRAM REAL ESTATE GROUP
610-398-4000
T: 610.807.9670
www.designpoint-interiors.com
If you would like to advertise in GLOBAL OPERATIONS
COMMERCIAL REAL ESTATE
the Mid Atlantic Real Estate Journal,
Please Contact: Elaine Fanning, Publisher 800-584-1062 x 212 or Real Estate Sales, Appraisal & Property Management
Real Estate Sales, Appraisal & Property Management
email Elaine at efanning@marejournal.com
20C — October 14 - 27, 2011 — Pennsylvania — Mid
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PEOPLE ON THE MOVE To be honored
Kaplan & Nines of MGKF presents
Blaze Cambruzzi named to Central PA’s Forty Under 40
2011 Auditing Roundtable “Managing Risk During EHS”
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ANCASTER, PA — On Tuesday, October 18, Blaze Cambruzzi will be honored as one of Central Penn Business Journal’s 2011 Forty Under 40 award recipients for his commitment Blaze Cambruzzi to business growth, professional excellence and the community at an evening reception and awards program at Hilton Harrisburg from 6:00 to 9:00 p.m. This year marks the program’s 17th anniversary. Blaze Cambruzzi is currently Chief Operating Officer for Property Management Alternatives, inc., d/b/a LMS Commercial Real Estate is a full service real estate company based in Lancaster, PA. Blaze has served in leadership roles with real estate associations such as: The Urban Land Institute, Co-Chair of
the Central PA Committee, as well as Philadelphia Executive Committee, Young Leaders, and Public Outreach Committee; Pennsylvania Associate of Realtors serving on its Board of Directors and Co-Chair of its Commercial, Industrial, & Investment Committee; The International Council of Shopping Centers, ICSC Next Generation program and The Lancaster County Association of Realtors C&I Council, 2008 member of the year. “If you learn to hate losing, you will eventually quit. If you learn to only accept winning, eventually you will fail. Life is long, learn to love competing” one of Blaze’s favorite quotes. This year’s nominations for the Forty Under 40 program ended in late April. A panel of four judges, comprised of past award recipients, reviewed and scored the nominees to determine the top forty list. 2011 judges were Tonia Ulsh, Chief Operating Officer, Mountz Jewelers; Deepa Mehta Ba-
lepur, Principal/Partner, The Wolman Group and RE/MAX Associates of Lancaster County; Brian Wassell, Partner with Trout Ebersole Groff; and Joshua George, Associate, Site Design Concepts. Following the event, Blaze Cambruzzi and the other award recipients will be featured in a special supplement to the October 21st edition of the Central Penn Business Journal. The list of winners will also appear in the 2012 Book of Lists publication. The awards event is open to the public. Tickets can be purchased online for $90 per person at www.centralpennbusiness. com/events. Sponsors of the 2011 Forty Under 40 program include Members 1st Federal Credit Union, Comcast Business Class, Eastern University, Highmark Blue Shield, Hilton Harrisburg, Infiniti of Mechanicsburg, Netrepid and Classic Drycleaners & Laundromats. ■
The Commonwealth Medical College receives a $150,000 ARC Grant PITTSTON, PA — The Commonwealth Medical College has received an ARC grant in the amount of $150,000 for the TCMC Professional Science of Masters program. The intent of this grant is to purchase specialized, technology related equipment for the “Professional Science of Masters” program which has been developed to train students to be technicians or technical specialists in biomedical research. This 21 month program will prepare a workforce for a career path as research scientists for companies in Biotech, Life Sciences and Pharmaceutical companies, as well as academic research labs and will help the development of research and a potential biotech industry in NEPA by creating a trained, available workforce. The program will host 10 students per year and will be able to enroll up to 50 students in an on-line version of the program that would be offered to BS/BA level employees currently employed in biotech, life sciences and pharmaceutical industries. This program prepares stu-
ARC grant for TCMC Professional Science of Masters Program dents for jobs in a growth industry where it is anticipated there will be 32,000 new jobs by 2018 in the U.S. A unique strength of the program is that it will include a 3-month paid internship for students prior to graduation. The ARC funds will be used to purchase specific equipment integral to the training. Projected job placement is 10-15 jobs at TCMC as lab technicians, 20-25 jobs at other colleges in the region, 20 jobs in the Bio-Tech Industry and 10 jobs at life sciences/
pharmaceuticals/businesses. For over 40 years, NEPA Alliance has served as the regional development district for the programs and services of the Economic Development Administration and the Appalachian Regional Commission. These federal agencies have provided significant grant assistance in Northeastern Pennsylvania for a myriad of projects that have led to job creation, private investment, community improvements and an enhanced quality of life in the region. ■
PHILADELPHIA, PA – Jill Hyman Kaplan, a partner with the environmental and energy law firm of Manko, G o l d , Katcher & Fox, LLP (“MGKF”) and MGKF technical consultant, Jill Kaplan Michael C. Nines, P.E., LEED AP, participated in a recent program at the 2011 Fall National Meeting of the Auditing Roundtable entitled “Managing Risk During EHS Auditing—The Attorney-Client Privilege”. Held on September 7-9, 2011, Kaplan and Nines presented on September 7th and focused on many details about the performance of an audit under attorney-client privilege. They also reviewed key elements of EPA’s and certain State’s audit policies. At MGKF, Kaplan has a wide variety of experience in environmental counseling and litigation. Her current practice includes matters relating to brownfield redevelopment; environmental aspects
of real estate development and management; environmental, health, and safety audits; asbestos, mold, and indoor air quality; lender liability; environmental insurance; hazardous and non-hazMichael C. Nines ardous waste regulations; storm water issues; Occupational Safety and Health Administration (“OSHA”) issues; and site contamination and cleanup issues. A Pennsylvania-licensed professional engineer, Michael Nines has over ten years of diverse environmental engineering experience gained through previous employment in the manufacturing sector, environmental consulting, and with an international chemical manufacturing trade association. He currently provides technical services to the firm’s attorneys and clients regarding complex manufacturing processes, multi-media pollution control, and high-
“Skanska Charity Challenge” winners raised $10k for the Tackle ALS FDN
Skanska’s Blue Bell, PA office, recently held their “Skanska Charity Challenge” golf event. Skanska understands that giving back is important, easy and fun. The event is a great way for Skanska to raise money for worthy recipients and increase awareness for the causes close to the hearts of the participants. The following Skanska employees pictured from left to right: Maria Cecere, Crystal Watson, Tieg Murray, Jenn Pilgrim, Casey Piscitello, Lindsey Glasgow HARLEYSVILLE, PA — Construction management firm Skanska USA’s fourth annual Charity Challenge golf outing, which was held on September 22nd at the Lederach Golf Club in Harleysville. The event raises money for more than 40 charitable orga-
nizations and since its creation in 2008, the event has raised more than $97,000. Component Assembly, a national drywall and ceiling contractor, won this year’s golf tournament, donating $10,000 to the Tackle ALS Foundation, which fights Lou Gegrig’s Disease. ■
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Mid Atlantic Real Estate Journal — Pennsylvania — October 14 - 27, 2011 — Inside Back Cover C
C Back Cover — October 14 - 27, 2011 — Pennsylvania — Mid
Atlantic Real Estate Journal
MAREjournal.com
Q
Imagine a building big enough to cover an entire football field. Now, imagine 274 more buildings of the same size. That’s almost 16 million square feet and that’s how much commercial real estate Mericle has developed in Northeastern Pennsylvania. Whether you need industrial, office, flex, or medical space, from 1,000 square feet to more than 1 million square feet, call Mericle. We’ll have a property that works for you.
FOR SMARTPHONES
Call Mericle at 570.823.1100.
Visit our Web site to see hundreds of buildings and sites in northeastern PA from 1,000 SF 1,000,000 SF. R A I L AVA I L A B L E
CenterPoint Commerce & Trade Park West 250 Enterprise Way, Pittston Twp.
Humboldt Industrial Park 1104 North Park Drive, Hazle Twp.
Mid-Valley Industrial Park 1200 E. Lackawanna Ave, Olyphant, PA
Humboldt Industrial Park 61 Green Mountain Rd., East Union Twp.
• 51.15 acre build-to-suit site
• 410,000 SF to 606,800 SF
• 408,200 SF to 648,200 SF
• 365,114 SF (expandable)
• Can fit up to 507,600 SF
• 31’10” to 36’2” ceilings
• 30’9” to 36’6” ceilings
• 40’2” ceilings
• Graded, NPDES permit
• 46 loading doors, 1 drive-in
• 32 loading doors
• 20 loading doors, 1 drive-in
• 10-year tax abatement
• Large parking areas
• Room for 500+ trailers
• ESFR fire protection system
CenterPoint Commerce & Trade Park East 400-450 CenterPoint Blvd., Jenkins Twp.
Cross Valley West Professional Building 180 Welles Street, Forty Fort Borough
CenterPoint Commerce & Trade Park West 345 Enterprise Way, Pittston Twp.
Hanover Industrial Estates 320-330 Stewart Road, Hanover Twp.
• 99,200 SF to 198,400 SF
• 41,554 SF to 121,446 SF
• 6,427 SF to 108,939 SF
• 108,000 SF to 162,000 SF
• 33’ to 36’7” ceilings
• 16’ and 26’ ceilings
• 30’ to 33’ ceilings
• 30’ to 32’11” ceilings
• 26 loading doors, 1 drive-in
• 25 loading doors
• 14 loading doors, 1 drive-in
• 29 loading doors, 1 drive-in
• Foreign Trade Zone
• Very affordable lease rates
• Large parking areas
• 5 minutes from I-81
Pennsylvania Business Center 350 N. Pennsylvania Ave., Wilkes-Barre
Hanover Industrial Estates 1110 Hanover Street, Sugar Notch Boro.
Humboldt Industrial Park 63 Green Mountain Road, Hazle Twp.
CenterPoint Commerce & Trade Park East Parcel 1, Keystone Ave, Jenkins Twp.
• 21,092 SF to 179,908 SF
• 10,046 SF to 104,870 SF
• 82,691 SF
• 58,000 SF Class A office
• 12’ to 26’ ceilings
• 30’ to 33’6” ceilings
• 30’8” to 36’5” ceilings
• Graded, 7.98 acre site
• Loading doors & drive-ins
• 17 loading doors, 1 drive-in
• 9 loading doors
• Permitted & approved
• Very affordable rents
• Abundant on-site parking
• (2) 463 SF whse offices
• Great highway visibility!
Hanover Industrial Estates 400 Stewart Road, Hanover Twp.
CenterPoint Commerce & Trade Park East 275-285 CenterPoint Blvd., Jenkins Twp.
CenterPoint Commerce & Trade Park East 240-258 Armstrong Road, Jenkins Twp.
CenterPoint Commerce & Trade Park East 145-173 CenterPoint Blvd., Jenkins Twp.
• 53,040 SF office/flex bldg.
• 37,329 SF
• 16,844 SF
• 8,023 SF
• 41,790 SF on 1st floor
• 33’4” to 36’8” ceilings
• 29’10” to 34’2” ceilings
• 30’6” to 33’6” clear ceiling
• 11,250 SF on mezzanine
• 6 loading doors
• 3 loading doors
• 1 loading door
• Excellent call center space
• Abundant on-site parking
• Quick access to I-81
• Great highway visibility!
Call Today! 570.823.1100 Developing Pennsylvania's I-81 Corridor for 25 Years.
Bob Besecker X Jim Hilsher Bill Jones X Dan Walsh