11-25-2011 Mid Atlantic Real Estate Journal by Mid Atlantic Real Estate Journal

Real Estate Journal Vol. 23, Issue 22 November 25- December 8, 2011

the most comprehensive source for commercial real estate news

Inside: Sections

Mid Atlantic........................................................Section A Shopping Centers.......................................... Section B Contractors, Owners & Managers......... Section C

Spotlights / Features Auctions......................................................................... 4-6A Professional Services.......................................... 7-23A DelMarVa.........................................................................24A Business Card Directory.........................................25A

Expert articles on the current state of commercial real estate market and its respective fields................................................................................................................Pages 7-23A

Calendar of Events......................................................26A People on the Move....................................................28A BillBoards................................................................... IBC-A

Columnist

ABC Eastern Pennsylvania Chapter Construction Awards.......................................... 8-9C

Rich Rhodes......................................................................2A

Next Issue December 9, 2011 • Mid Atlantic • NJ featuring Northern New Jersey • PA featuring Central Pennsylvania • Insurance/Title Spotlight 3 sections, 80 pages

Food Lion, Burwood Village Center in Glen Burnie, MD.............................................................................FC-B

A Inside Cover — Novmeber 25 - December 8, 2011 — Mid

Atlantic Real Estate Journal

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Operating and Managing over 3 Million Square Feet of Industrial and Commercial Real Estate in the Mid Atlantic Region 91 0 Basin Road Cr eekwood Corporate Center Class A Office Space Available Fr om 1 ,61 0 Sq. Ft. to 2,278 Sq. Ft.

• 66,000 Square Feet of Class A Office Space • 3,888 Square Feet of Class A Office Space Available • Strategically located at the I-95 / Rt. 141 interchange in New Castle, Delaware • 5 parking spaces per 1,000 square feet

Creekwood Corporate Center

• Previously a corporate headquarters facility • Part of pre-planned suburban office campus

Limeston e Sh oppin g Cen ter 43,889 Squar e Feet of Retail Space

Limestone Shopping Center

• +/- 4.7 Acre (43,889 sq. ft.) of retail space in the center of New Castle County. • Minutes away from I-95/I-295, I-495 and Routes 41 and 141. • Site offers convenient access from K irkwood Highway (Rt.2) and Limestone Rd. (Rt. 7). • Perfect for stores, businesses and banks with optimum exposure from Rt 7. • 198 parking spaces • 2,009 SF available on the second floor.

Available Belle Hill Cecil Coun ty, Mar ylan d

Belle Hill

• Phase I of a III Phase Development • 50,266 SF Available – New Construction • Includes 11,747 SF of finished office and mezzanine space area • 4 Acres of Paved Truck Display & Storage Area • 120 Truck and Trailer Parking Spaces • 15 Ton Bridge Crane • T5 Fluorescent Lights • Geothermal HVAC

For more information: Phone (302) 323-9300 Fax (302) 323-4951 29 East Commons Boulevard, Suite 100, New Castle, Delaware 19720 www.harveyhanna.com

RGI 05-05-08

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Mid Atlantic Real Estate Journal â&#x20AC;&#x201D; Novmeber 25 - December 8, 2011 â&#x20AC;&#x201D; 1A

960 Holmdel Road, Holmdel, NJ 9,485 sq.ft.

555 Route One South, Iselin, NJ SQ FT

1 Kalisa Way, Paramus, NJ 2,852 sq.ft.

SUPERIOR

510 Thornall Street, Edison, NJ SQ FT s SQ FT s SQ FT 8,283 sq.ft.

155 Passaic Avenue, FairďŹ eld, NJ SQ FT s SQ FT SQ FT s SQ FT

100-110 So. Jefferson Road, Whippany, NJ SQ FT s SQ FT s SQ FT SQ FT s SQ FT

25 A & B Vreeland Road, Florham Park, NJ SQ FT s SQ FT s sq.ft. SQ FT s SQ FT s sq.ft. SQ FT s sq.ft.

OFFICE SPACE AVAILABLE S FLEXIBLE & CREATIVE OWNERSHIP

www.bergmanrealty.com

1001 Durham Avenue, South PlainďŹ eld, NJ sq.ft. s sq.ft.

25 East Spring Valley Road, Paramus, NJ SQ FT

299 Market Street, Saddle Brook, NJ SQ FT s SQ FT s SQ FT SQ FT s SQ FT

333 Meadowlands Parkway, Secaucus, NJ SQ FT s SQ FT s SQ FT SQ FT s SQ FT

45 Eisenhower Drive, Paramus, NJ SQ FT s SQ FT s SQ FT SQ FT s sq.ft.

For Leasing Information Please Contact:

John G. Osborne, Executive Director, Leasing, 732-855-8600 x 115 Kelly Ziegenfuss, Assistant Director, Leasing & Marketing, 732-855-8600 x 109

2A â&#x20AC;&#x201D; Novmeber 25 - December 8, 2011 â&#x20AC;&#x201D; Mid

Atlantic Real Estate Journal

Mid Atlantic Real Estate Journal

They wrote the policy.

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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 Senior Editor/Graphic Artist ................................................ Karen Vachon Production Assistant ........................................................ Rachel Rugman Office Manager ...................................................................Joanne Gavaza Editorial Consultant ............................................................. Ben Summers

By Rich Rhodes

Uncertainty in the Marketplace Reducing Tenant Demand

M. MILLER & SON Public Adjusters

Since 1960 1211 Liberty Ave., Hillside, NJ 07205 â&#x2014;? Tel: 908-355-4800 adjuster@mmillerson.com â&#x2014;? www.mmillerson.com

Relationship Driven. Execution Focused.

Mid Atlantic REAL ESTATE JOURNAL ~ Published Semi-Monthly P.O. Box 26 Accord, MA 02018 (Mail) 312 Market Street, Rockland, MA 02370 (Overnight) Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, P.O. Box 26, Accord, MA 02018 USPS #22-358 | Vol. 23 Issue 22 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

duce excess capacity and have given back surplus space. The Federal Governmentâ&#x20AC;&#x2122;s requirements have also dwindled, further reducing new demand for office space. So far in 2011, net absorption averaged 83,983 s/f per quarter, which is significantly less than last year. Leasing activity has also fallen as companies put off making real estate decisions. When leases are being executed, they are typically renewals or consolidations. This has led to an increase in medium to small blocks of vacant space. Landlords have responded by offering significant concessions and for some spaces have started to reduce their rental rates. There are some areas where competition for office space remains brisk, and landlords have been able to maintain their rents. Demand has been high for space along the I-270 Corridor. Most companies are looking for metro served space or space closer to their workforce. As a result, tenants have located to areas like Gaithersburg, North Rockville, Twinbrook, White Flint and

Rockville Town Center. Even in areas around Rockledge Drive in North Bethesda, landlords have been able to backfill space but have had to be flexible on the terms of the lease to do so. In contrast, demand for office space has remained stagnate in Prince Georgeâ&#x20AC;&#x2122;s County, and has been falling in Bethesda and Silver Spring. Only 21,369 s/f of space has been absorbed in Prince Georgeâ&#x20AC;&#x2122;s County this year, and Bethesda and Silver Spring have seen 247,601 and 34,762 s/f, returned to the market, respectively. These market conditions will most likely persist over the next few years. It is unlikely that the private sector will generate significant new demand while the national economy remains stagnate. Additionally, not much new spending should be expected from the Federal Government until the Financial Super Committee addresses the spending cuts, and the presidential election is completed. As a result, expect government contractors to continue to reduce access cacontinued on page 3A

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.

hile the economy of the Maryland suburbs around Washington, DC is fairly diversified, the core economic driver has been, and continues to be the Federal Government. Whether it is government contractors such as Lockheed Martin or Federal Agencies like the Department of Health and Human Services, federal spending has historically fueled the vast majority of job development in the area. Even during economic downturns, the constant flow of federal dollars has bolstered the economy, offsetting the impacts of the economic woes felt by the rest of the nation. This was, however, before Congress started focusing on controlling federal spending. While getting the deficit under control is good for the national economy in the long run, reductions in spending have cascaded through Suburban Maryland economy, leaving uncertainty in its wake. As of August last year, the office market in Suburban Maryland was poised for continued expansion. Office-using employment had been accelerating, and demand for office space was growing. In total, net absorption, the primary measurement of demand, averaged 162,379 s/f per quarter. Since the beginning of the year, the economic situation changed as the government slowed its procurement of new services and leasing of new space. As a result, government contractors have laid off a number of employees to re-

Guest Columnist .................................................................... Rich Rhodes

150 Unit Multifamily Property Hoboken, NJ

Advertise | Archives | Events | Reprints | Subscribe The most comprehensive source of commercial real estate news serving the Mid Atlantic Region

$33,000,000 Permanent Financing This transaction was negotiated by: Israel Schubert, Managing Director

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Visit our website to view upcoming commercial real estate events

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Mid Atlantic Real Estate Journal — Novmeber 25 - December 8, 2011 — 3A

MID ATLANTIC REAL ESTATE JOURNAL In financing for properties in NY, NJ, DE & PA

Meridian Capital Group, LLC negotiates $16.1 million loans

SELIN, NJ – Meridian Capital Group announced the following transactions: Meridian negotiated a new mortgage in the amount of $4.3 million on Oakwood Apartments Jim Bologno

Weiss Realty handles 2,616 s/f office sale FORT LEE, NJ — Jaime Weiss, president of Weiss Realty headquartered in Moonachie, NJ has announced it has completed the sale of 1073 Palisades Ave. to RTK Law Offices LLC. Weiss Realty acted as sole broker for the property owner, Anthony Rinaldi. “Weiss Realty really put a great deal together as we looked to expand our law offices” said purchaser Raffi Khorozian. The building is a two-story, 2,616 s/f professional office building. “Anthony Rinaldi, the prior owner, obtained a variance and converted the two-story building to professional offices” commented Matthew Weiss who arranged the sale. CARLSTADT, NJ — Jaime Weiss announced his firm’s appointment as broker for a free standing 3,000 s/f drivethru location. The building is located at 440 Veterans Blvd. with frontage on Washington Ave. and is being offered for long-term lease. “It’s highly visible location represents a great opportunity for a bank, fast food or restaurant, retail, wholesale or commercial business looking for a desirable location in the shadow of Metlife Stadium, Meadowlands Racetrack and American Dream” said Jaime Weiss. ■

Uncertainty in the Marketplace . . . continued from page 2A pacity and surplus office space, and expect federal agencies to holdover until their prospectus passes the hill. Even then, new federal leases should be smaller in size as the Government pushes for efficiency. Rich Rhodes is a managing principal for CresaPartners of Washington, DC based in Bethesda, MD with over 25 years of experience in the DC area. ■

located in New Windsor, NY. The transaction was negotiated by Jim Bologno. A new mortgage of $3.9 million was arranged by Meridian for a 68-unit fractured condominium complex in Iselin, NJ. The loan features a rate of 4.62% and a five-year term. The transaction was negotiated by Elliot Treitel. Meridian negotiated a new mortgage in the amount of $3.4 million on a mixed-use building on East Main St. in Newark, DE. The property contains eight apartments and five commercial units. The loan features a rate of 4.99% and a

five-year term. The transaction was negotiated by Jim Bologno. A new mortgage of $3 million was placed by Meridian on a 109-unit garden apartment style multifamily complex in Lindenwold, NJ. The loan features a rate of 4.66% and a seven-year term. The transaction was negotiated by Israel Schubert. Meridian negotiated a new mortgage in the amount of $1.45 million on a multifamily building on Locust S. in Philadelphia, PA. The transaction was negotiated by Marvin Jeremias. ■

HERCMAN PROPERTIES Immediate Occupancy • Plug & Play Suite • Competitive Rates • Ample Parking • Easy Access to Route 1 …. & Route 295 • Minutes from Princeton …. …. & Hamilton Train Station

University Office Plaza II

• Mercer County, NJ Contact: Steven Hercman 609-689-4670 stevenh@hercproperties.com

Fully Furnished

4A — November 25 - December 8, 2011 — Mid

Atlantic Real Estate Journal

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MID ATLANTIC REAL ESTATE JOURNAL AUCTIONS Blighted & abandoned properties will return to productive use Luxury condominiums in 30 minutes

Max Spann sells nearly 400 Philadelphia properties

Armada Hoffler, Accelerated Marketing Partners sell 18

HILADELPHIA – November 16, 2011 – Max Spann Real Estate & Auction Co. sold nearly 400 parcels owned by the Philadelphia Housing Authority today in a groundbreaking auction that will begin the process of revitalizing neighborhoods blighted by abandoned homes and lots. The parcels, including town homes, building lots and multiunit buildings, were offered individually and in bundles up to 25. They were located throughout the city on blocks from Rocky Balboa ‘s neighborhood to the great northeast. The three-hour auction in the Grand Ballroom of the Westin Hotel in Center City Philadelphia drew more than 700 interested bidders. Because of the massive response to the event, a second auction of as many as 100 parcels has been scheduled for Dec. 7 to give more individual homeowners an opportunity to purchase property. “We are pleased with the way

the auction turned out,” said Max Spann, the president and CEO of the firm. “These properties are now in the hands of individuals who will be able to return them to productivity, put people to work, provide housing, and get the city and the country back on track. This is a significant step that will begin the process of turning around neighborhoods throughout Philadelphia.” The auction generated $6.4 million for the Philadelphia Housing Authority, which ac-

quired the properties during the 1960s and 70s and cannot afford to maintain or develop them. “These properties are part of a large inventory not being used and we felt that an auction is one of the best ways to put these properties into the hands of those who can make productive use of them,” said PHA executive director Michael Kelly. “We are looking forward to working with Max Spann on the next auction on December 7.” ■

The Residences at The Westin Virginia Beach Town Center VIRGINIA BEACH, VA — In Partners was a resounding a real estate auction for Vir- success that allowed us to acginia Beach, Armada Hoffler celerate the velocity of sales and Accelerated Marketing without sacrificing value,” Partners, drew homebuyers off said Lou Haddad, president the sidelines and galvanized and chief executive officer of market demand for remaining Armada Hoffler. “We were luxury condominiums at The especially pleased to see how Residences at The Westin Vir- refined and dignified the enginia Beach Town Center. 16 tire auction experience was homes were put up for sale at for the buyer as well as for the Nov. 13 event and a total of us. The transparent bidding 18 homes sold in 30 minutes. environment gave homebuyMore than $7.5 million worth ers comfort in knowing they of luxury real estate was gen- were not overpaying and in erated and sales at Virginia’s fact, were establishing their tallest building were virtually own value.” closed-out. Homes had selling prices “The auction conducted ranging from $311,000 to by Accelerated Marketing $750,000. ■

Mid Atlantic REAL ESTATE JOURNAL

Auctioneers Directory

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

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2426 New Dorset Circle, Powhatan, Va.

Auction Every Wed. At 4pm Live In Gallery & Live Webcast also Online only Auctions We Sell On Consignment— Estates, Gold, Silver, Autos, Tools, Collectibles, Jewelry, Coin’s, Paper Money, Antiques, Real Estate, Land Or Any Thing Of Value ONE CALL DOES IT ALL 804-683-0133 www.dixonsauction.com

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40 CARRIAGE HILL LANE, FREDERICKSBURG, VA 22407 (540) 226-1279 www.nichollsauction.com

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Mid Atlantic Real Estate Journal — Novmeber 25 - December 8, 2011 — 5A

MID ATLANTIC REAL ESTATE JOURNAL AUCTIONS

Tuesday Nov. 29th at 12 NOON 13439 Hull Street Rd., Midlothian, VA

32 One-Bedroom MFH Apartments for Sale Oxford Heritage Manor Maple & Pine Sts., Oxford, NJ 07863 Minimum Bid is $832,000 Sealed Bids Due – January 9, 2012 by 4:30PM(EST) Property Sold “AS IS” Terms – Property is being sold out of the Section 515 MFH Program. Agency nancing is not available. Tenant Rental Vouchers will be provided to existing tenants when property is sold.

For Bid Applications/Details/Visits to the property contact, Donna L. O’Brien, Senior Area Specialist at 609-267-1639, Ext: 126 or donna.obrien@nj.usda.gov Rural Development is An Equal Opportunity Lender

10.31 Acres-House-Commercial-Business Bid Package at www.dixonsauction.com Dixon's Auctions 804-683-0133 2426 New Dorset Circle, Powhatan, VA Ed Dixon Auctioneer VAAFL 575

Associated Real Estate Auctioneers 461 N. 3rd St. Philadelphia, PA 19123 P: 215.821.1441

AUCTION Thursday, Dec. 15 @ Noon ON SITE 2nd Floor Elkins Park Professional Plaza Condominium 7848 Old York Rd., Elkins Park, PA 19027 (Old York Rd and Spring Ave.)

7,500 SF with parking area! 17 offices, 16 cubicle workspaces, 2 conference rooms, spacious reception area and break room.

A â&#x20AC;&#x201D; November 25 - December 8, 2011 â&#x20AC;&#x201D; Mid

Atlantic Real Estate Journal

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Mid Atlantic Real Estate Journal Auctions Rare Investment Properties in Carneys Point, New Jersey

Max Spann Real Estate & Auction Co. schedules absolute auction of five waterfront properties

ARNEYS POINT, NJ â&#x20AC;&#x201D; Both end-users and investors will have a once-in-a-lifetime opportunity to own five fantastic waterfront properties in Salem County, perfect for fishing, farming, family retreat or development opportunities, including homebuilding, a solar/wind farm, or a sand quarry. Max Spann Real Estate and Auction Co., the national real estate auction house, has scheduled an absolute auction of the properties at 1

AUCTION Attention fArmers, hunters, builders, developers And investors! 5 fantastic carneys Point, salem county oPPortunties!

December 15th

Auction on-site:

1:00pm

744 W. QuilleytoWn Rd, CaRneys Point, salem County, nJ 08069

pArcel 1: 117+/- Acres

pArcel 2: 43+/- Acres

Preliminary approvals for 114+/- lots on an incredible piece of land! Frontage on laytons lake

Mostly wooded!

pArcel 3: 1.59+/- Acres

pArcel 4: 0.63+/- Acre

Building lot with house!

pArcel 5: 33.3+/- Acre lot with 1,000+/- Delaware river Frontage

ProPerty Previews: December 1st & 8th t QN

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888-299-1438

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p.m., December 15 at 744 W. Quilleytown Road in Carneys Point. An absolute auction means the properties without a minimum bid. The properties at 744 W. Quilleytown Road, 800 W. Quilleytown Road, 732 W. Quilleytown Road, 760, W. Quilleytown Road and 81 7th Avenue in Carneys Point are between 22,000 square feet and 117 acres and feature rivers, lakes and ponds, perfect for a variety of outdoor activities. â&#x20AC;&#x153;The properties can be enjoyed for hunting, fishing or as a family retreat today and then developed later as a residential community, wind or solar farm, sand quarry or other possibilities,â&#x20AC;? said Max Spann, the president and CEO of the firm. â&#x20AC;&#x153;Step right in and enjoy the income from the tenant farming operation already in place.â&#x20AC;? Open houses for these properties will be held December 1st and December 8th between noon and 2 p.m. The township of Carneys Point has the best of both worlds, brimming with nature but also situated within driving distance of New York, Washington D.C., Philadelphia and Baltimore. â&#x20AC;&#x153;This is a great opportunity to invest in one of South Jerseyâ&#x20AC;&#x2122;s prime locations along the Delaware River,â&#x20AC;? Spann said. â&#x20AC;&#x153;Itâ&#x20AC;&#x2122;s rare to have the opportunity to purchase such large pieces of property with as much potential as these.â&#x20AC;? n

Mid Atlantic

REAL ESTATE JOURNAL

PROFESSIONAL SERVICES

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Mid Atlantic Real Estate Journal — November 25 - December 8, 2011 — 7A

Building Codes

Construction Law

Engineering

Environmental

Alan G. Steinle, PE VanDemark & Lynch

Darryl C. Jones VanDemark & Lynch

Deborah Hollander, Esq. Sheak & Korzun, P.C.

Ted C. Williams, P.E., FACEC LandmarkJCM

Lee E. Wasserman LEW Corporation

Financing

Green Economics

Investment

New Jersey Broker

Retail Leasing Attorney

Marc Tropp Eastern Union Commercial

Lawrence M. DiVietro Jr. PLS, PP, AICP Land Dimensions Engineering

David E. Thurston Marcus & Millichap RE Investment Services

Sheldon A. Gross Sheldon Gross Realty

Jeffrey L. Silberman, Esq. Kaplin Stewart Meloff Reiter & Stein, P.C.

INSIDE: BRASLER PROPERTIES ......................................................................................................................................................... 8A EASTERN UNION COMMERCIAL Marc Tropp .............................................................................................................................................................................. 13A EDISON INSULATION ............................................................................................................................................................ 16A KAPLIN STEWART MELOFF REITER & STEIN, P.C. Jeffrey L. Silberman, Esq. ....................................................................................................................................................... 19A LAND DIMENSIONS ENGINEERING Lawrence M. DiVietro Jr., PLS, PP, AICP ................................................................................................................................ 14A LANDMARKJCM Ted C. Williams, P.E., FACEC ................................................................................................................................................. 11A LEW CORPORATION Lee E. Wasserman .................................................................................................................................................................. 12A MARCUS & MILLICHAP REAL ESTATE INVESTMENT SERVICES David E. Thurston .................................................................................................................................................................... 17A SHELDON GROSS REALTY Sheldon A. Gross .................................................................................................................................................................... 18A VANDEMARK & LYNCH Alan G. Steinle, PE and Darryl C. Jones ................................................................................................................................... 9A

8A — November 25 - December 8, 2011 — Professional Services — Mid

Atlantic Real Estate Journal

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

Twin Spans Business Park, City of New Castle, DE

Delaware River Industrial Park

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

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

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

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

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Mid Atlantic Real Estate Journal — Professional Services — November 25 - December 8, 2011 — 9A

BUILDING CODES By Alan G. Steinle, PE and Darryl C. Jones, PE, VanDemark & Lynch

Common International Building Code (IBC) deficiencies

reating a set of building plans that “Meet the requirements of the International Building Code” sounds like an ordinary task. Yo u h i r e Design Professionals to prepare Alan G. Steinle IBC-compliant designs for your new building. But after your contractor submits the plans for the actual building permit, the local building department requests corrections and changes necessary to comply with the Code. Sometimes these changes are elementary and easily corrected, but often there are issues that may require major changes, resulting in delaying your project schedule along with substantial contractor change orders before the job even begins. In this article, we highlight several IBC requirements that are often missed in building designs. 1. Locating a building too close to another building or lot line. Failure to maintain minimum fire separation distances (IBC Table 602) will require fire ratings for exterior walls. These fire ratings often result in expensive construction materials for exterior walls and windows that may not have been required if certain minimum separation distances had been followed. 2. Including the existing structure in Height and Area requirements when proposing an addition. The Code requires that the total aggregate area of the New and Existing portions of the building comply with the Height and Area requirements (IBC Table 503). Often plans are submitted considering only the addition area, which can lead to expensive separation walls between the existing and new addition to meet the Code requirements. 3. Including upgrades to Accessibility Features for existing structures. Most existing code deficiencies for existing structures are “Grandfathered in” and can remain, if they are not being altered. One exception is the Accessibility of a structure - up to 20% of the proposed

construction budget must be dedicated to upgrading non-compliant accessibility (IEBC Section 605). This requirement is often missed, and may lead to substantial and expenDarryl C. Jones sive design changes for accessible toilet facilities, new elevators, etc. 4. Misinterpreting the provisions of Fire Rated Construction (Chapter 7 of the

IBC). This section of the Code lists the specific requirements of the three (3) main elements of fire resistance in buildings: Fire Walls, Fire Barriers and Fire Partitions. Each has specific requirements, but a common mistake is providing membrane protection (2 sides) instead of individual protection (4 sides) of building structural elements. 5. Fire rating Mixed Use Occupancy separation walls when not required. Sometimes buildings need fire-rated interior walls to separate Uses. However, most times, these

Uses can be considered as Mixed Use Non-Separated, eliminating expensive and unnecessary interior wall fire ratings (IBC Section 508.3.2). During the complex process of designing a building, Design Professionals often miss these requirements. Carefully addressing potential Code deficiencies during the design process, especially before contractor bidding and permit submission, can help eliminate construction delays and contractor change orders. It is often very economical to engage a qualified Building

Code Consultant who can assist you during the design process to help your Building Plans comply with the Building Code and receive faster Permit approval. Alan G. Steinle, PE is the vice president of structural engineering with VanDemark & Lynch, Inc. in Wilmington, DE. Darryl C. Jones, PE is an Associate with Steinle Construction Engineers, a subsidiary VanDemark & Lynch, Inc. ■

10A — November 25 - December 8, 2011 — Professional Services — Mid

Atlantic Real Estate Journal

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CONSTRUCTION LAW By Deborah Hollander, Esq., Sheak & Korzun, P.C.

Construction contracting issues for tenant space

successful project to build space for a commercial tenant requires satisfying the varying agendas of the landlord, tenant and contractors. Leases and construction c o n t r a c t s Deborah Hollander with clear terms coordinating construction procedures and scope maximize the chances to meet budgets and schedules.

Coordinating Construction Details Sophisticated tenants, such as national chains, issue complex technical, environmental and architectural requirements which the landlord must satisfy. Sometimes, however, a landlord will agree to the construction quality and scheduling demands of the anchor tenant, but then the landlord will sign construction contracts which do not meet the standards promised to the tenant. For instance, the lease may require a heavy duty paving parking lot, but the site work specifications may

only require a lighter level of paving. At best, such discrepancies will require change orders; they are also likely to result in delays and disputes. National chains often hire their own contractors for their particular space. Where the landlord and tenant each have their own contractors on site, they must ensure that their respective contractors coordinate their efforts. A bare directive to the contractors to “coordinate” with each other is insufficient. Schedules, designated work space and staging areas, clean up and disposal responsibilities

should be explicit and should be consistent in both the tenant’s and the landlords’ agreements with their contractors. When a new tenant fits out space in a building already partially occupied, coordination is necessary to avoid disturbing other tenants. The lease and construction contracts should address designated parking, delivery and entrances for the construction workers, hours of construction work and freight elevator access. Coordinating Insurance Construction contracts typically allocate responsibility, so

ATTORNEYS AT LAW

that one party buys a particular scope of insurance and lists the other as a “named insured.” Usually, the contractor will secure worker compensation and liability insurance for the owner and itself. A construction contract should also provide for builder’s risk, i.e., property insurance on the work as it progresses. Broader coverage may be available if the owner or tenant purchases this policy with the contractor (and its subcontractors) as the named insured. A landlord should require that the tenant arrange for all of these insurance coverages in the construction contracts, preferably with the landlord and its contractors also named as additional insureds. Where the tenant is fitting out space in an occupied building, the policies should include fire, smoke, mold and business disruption insurance to cover the common spaces and other tenants, should damage result from construction. Finally, the construction contracts, leases and insurance policies should also include “anti-subrogation” clauses which will prevent the insurer from suing to recover funds it had to pay; litigation which would end up involving the landlord, tenant and contractors. Minimizing Financial Risk Sometimes a tenant abandons the lease before the continued on page 19A

Professional Services a section of the

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Section Editor Karen Vachon editor@marejournal.com

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Mid Atlantic Real Estate Journal — Professional Services — November 25 - December 8, 2011 — 11A

ENGINEERING/CIVIL By Ted C. Williams, P.E., FACEC, LandmarkJCM

Infrastructure Spending – an End to the Economic Downturn? efore we can answer the question of whether spending on infrastructure could help lead to the end of the current economic downturn, we must address whether we need to improve Ted C. Williams the infrastructure in the United States, and, more particularly, in Pennsylvania, New Jersey, Delaware and Maryland. The American Society of Civil Engineers (ASCE) in it’s most recent “Report Card for America’s Infrastructure” found that our Aviation had a grade of “D,” Bridges had a grade of “C,” Dams a grade of “D,” and Drinking Water had a grade of “D-”. If this is not enough of a justification for upgrading the infrastructure in the United States, then the results of a supplemental study by ASCE entitled “Rough Road Ahead” in which it was found that a subpar road system costs each family in the United States $1,050 per year in additional cost for repairs, etc. So, if we invest in infrastructure, what economic benefit does the economy realize? The ASCE “Rough Road Ahead” study also identified the potential impact of spending $94 billion per year on (the current annual shortfall in spending is substantially greater than this amount) just transportation alone will create more than 2.5 million jobs, save another 1.1 million jobs, save over $2 billion in travel time, save each family $1,050 each year and add over $2,600 per person in the United States to the GDP. In a separate study, The Associated General Contractors of America (AGC) found that of the created jobs, approximately one-third would be direct on-site construction jobs, approximately one-sixth would be indirect jobs for suppliers of materials and services such as engineering, and approximately onehalf for induced jobs from the spending of additional income by the direct and indirect jobs. The revenue necessary for the increased infrastructure

spending can be realized from a combination of user fees, private investment and

will not only improve the quality of life in the United States by providing a better

Spending dollars on the upgrade of our infrastructure will not only improve the quality of life in the United States by providing a better transportation system, safer drinking water and a better environment realized by the more efficient transportation system, but also fuel the economic machine that is necessary for the Country to move forward and restore the United States’ image throughout the world. increased tax revenue from newly-created jobs. Based upon the above studies, spending dollars on the upgrade of our infrastructure

transportation system, safer drinking water and a better environment realized by the more efficient transportation system, but also fuel

www. L a n d m a r k J C M .com

the economic machine that is necessary for the Country to move forward and restore the United States’ image throughout the world. It is the opinion of the author that the question of spending dollars on infrastructure as a means of leading us out of the economic downturn is a resounding YES. Ted C. Williams, P.E., FACEC, is a principal with LandmarkJCM—an integrated civil engineering and environmental sciences consulting firm

based in New Castle, DE. Williams is a civil engineer with an expertise in traffic and transportation engineering. He is a member of the Institute of Transportation Engineers, the State of Delaware’s Council on Transportation (COT), and served as chairman of the Transportation Trust Fund’s Task Force. He is ChairmanElect of American Council of Engineering Companies (ACEC) and was recently inducted into the prestigious College of Fellows of ACEC (FACEC). ■

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12A — November 25 - December 8, 2011 — Professional Services — Mid

Atlantic Real Estate Journal

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ENVIRONMENTAL By Lee E. Wasserman, LEW Corporation

Times have changed!

fter 20 years of being a leader, pioneer and principal in the environmental i n d u s t r y, and working with clients from every aspect of our society, I can honestly share o n e t h i n g Lee E. Wasserman about environmental matters for certain; Times Have Changed!!! When I began my career, laptops, which were mostly for large companies,

were just entering the consumer market, the internet craze was just ready to kick off, and wall street and the housing market were hot. After 20 years in the environmental industry, it’s now the environmental industry that is HOT! Why you ask? Because Times Have Changed!! Environmental regulations are cumbersome and highly litigious, because the media loves to play on the fears of people “Danger, Environmental Hazard” – headline coupled with - “Hot off

the press.” Additionally, the availability of the internet allows people to falsely believe they can become subject matter experts within minutes of a Google search. Times have changed, because we truly have done more damage to mother earth and we must protect the remainder of our existence for our benefit and our children after us. Times have changed because the current economic condition of society is so depressed; a substantially larger than normal burden of a sense of entitlement ex-

ists in society today. Times have changed because science and medicine have gotten substantially better and more precise in identification of environmental concerns which has been linked to many diseases. Times have changed because of the size and disfunctionality of many of our governmental systems/ programs, where many environmental insurance and financial programs exclude environmental concerns unless specifically requested and paid for, all too often leaving behind a liability for society

to bear. The single biggest reason in my 20yr. opinion is the unfortunate reality, of costly, timely and mostly unnecessary litigation, not too mention, frivolous, all too frequently, as well. So after 20 years of running an environmental company – LEW Corp., working with our governmental partners, assisting clients all across the country, participating on numerous panels, associations, boards… These are NOT the times to play ostrich and put your head in the sand!! The risk has become too great and I will assure you it will be a costly and bad bet should you be dragged into an enforcement action or worse yet, litigation. I have 20 years of war stories and documented proof! As litigation will rise, likely enforcement will also rise, which in turn will create more media hype. Which unfortunately stimulate the self fulfilling prophecy, “Perception becomes reality.” So if I can offer my best strategic positioning moving forward to minimize risk, it is to align yourself and business with a property oriented environmental entity, that has the experience, expertise, resources, relationships, insurances, and most importantly a reputation that you can trust!!! Trust to a point that you consider them a partner of yours!! The environmental rules are incredibly cumbersome, layers on top of layers, the government potentially in a bad economic climate will increase enforcement actions and unfortunately until we have litigation reform, litigation will likely rise. Whether it’s your clients, residents, occupants or even employees, I strongly believe the probability of environ-litigation or violation will increase in the future. Lee E. Wasserman is president & CEO of LEW Corporation headquartered in Mountainside, NJ. LEW Corporation is a full service environmental consulting company that conducts environmental testing and provides consulting and remediation services for lead based paint, mold/IAQ, asbestos, USTs, Radon and Phase I ESAs. ■

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Mid Atlantic Real Estate Journal — Professional Services — November 25 - December 8, 2011 — 13A

FINANCING By Marc Tropp, Eastern Union Commercial

Local and regional banks: The most reliable lending sources in today’s market the note holder if problems arise, which is an option only when working with a local or regional bank. As long as the Treasury Department keeps interest rates low, the local and regional banks will be a better lending option then Wall Street. Owners benefit from low interest rates and from working with a banker who is familiar with the local real estate market, which is a critical element for securing loans in the rapidly changing financial world. However

there is one glaring difference between Wall Street and local lender which is a negative if you are not properly represented. Wall Street lenders have the capacity to continuously lend due to unlimited capital and thus able to process an onslaught of deals. Local lenders are limited in this regard and therefore prefer to work on deals that come from existing relationships. As those relationships understand their model and know what deals work for them. The key to success in having your loan

strongly considered thru a local lender is working with somebody who has a strong relationship with them. Eastern Union Commercial, a national mortgage brokerage company, has experienced unprecedented success during the recession due to our strong relationships with the local and regional banks. Our broad network of lenders enables us to close a wide variety of transactions and gives us the flexibility to cater to each client’s individual needs. We have offices in

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n today’s every changing commercial financing market, the most reliable lending sources are local and regional banks. T h e s e banks have increased their marMarc Tropp ket presence in the commercial arena by competitively lending while their Wall Street competitors wait on the side lines. Local lenders had limited exposure to the housing bust and now have a treasure chest of capital that they are eager to deploy. Despite what many believe, recovery of the commercial real estate market in not predicated on Wall Street opening the coffers for lending. Local and regional banks are creating opportunities for property owners to return to the game. Prior to the recession, real estate owners did not consider their local lenders for anything more than personal banking. Historically, local banks could not provide large loans with high leverage, non-recourse and low rates. The current recession has drastically changed this trend. The American public’s reservations about investing in the stock market led more people to keep their money in money market and savings accounts. This gives the local and regional lenders more money to deploy into the market. With this new found capital at the local level, these banks are not just competing on larger deals, but closing them! This is a drastic change from a few years back when these deals would not have been presented to them. The recession has made property owners think twice about closing a CMBS loan. Today, successful owners approach their local lending institutions before thinking about Wall Street banks. The process of working with a local lender is simpler. CMBS loans are commonly sold to a third party servicer, which leaves the borrower with no direct contact with the note holder. In today’s troubled market it is critical to negotiate directly with

Nationwide Relationships with Local Representation

Washington, D.C., New York City and Howell, NJ. Marc Tropp is a managing director of the mid-Atlantic Division at Eastern Union Funding, LLC a national mortgage brokerage company. He has been in the financing field for 8 years and has successfully brokered over half a billion in senior debt financing. Marc has personally overseen every aspect of deal from inception to close and is well respected by his clients and bankers alike. ■

14A — November 25 - December 8, 2011 — Professional Services — Mid

Atlantic Real Estate Journal

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GREEN ECONOMICS By Lawrence M. DiVietro Jr., PLS, PP, AICP, Land Dimensions Engineering

Return on environment Strategic planning for the green economy t ’s N o t E a s y B e i n g Green. So lamented Kermit the Frog in 1970 at the beginning of the song “Bein’ Green.” Also, in 1970, a nationwide grassroots demonstration on be- Lawrence M. DiVietro Jr. half of the environment occurred. It was a forum for the American people to express concern about what was

happening to the land, rivers, lakes, and air. Forty-one years post Kermit and the first Earth Day, we are singing the same song with a double meaning – green now represents the state of the environment and the economy. We are experiencing a double whammy. Striking the right balance between preservation and sustainability is an art and a science. Actually, it is a juggling act; how to not just preserve, but manage and sustain green. While sustainability is the

buzz word, economics is the bottom line. We have learned a hard lesson over these past forty plus years. The focus on preservation needs to be broadened to encompass good stewardship. The green that needs to be multiplied is the color of money. The economical management of our green spaces is critical to their sustainability in the new economy. Whether it is a downtown revitalization plan, smart growth planning, open space management, food policy planning, or renewable energy

planning, the common factor in the world we live in today is clear. Land use professionals need to continue to lead society’s focus on the promotion of self-sustaining policies that move us away from being dependent on resources beyond our control and toward promoting support to our land owners, our farmers, and our country’s own natural and renewable resources. Examples of existing land uses that are experiencing new thinking as it pertains to environmental sustainability and economics are varied:

civil engineering land surveying land planning environmental science forest management

Golf Courses - Land use planning is a vital component for a golf course’s economic and environmental health. Because of the new norm, it is to the benefit of existing courses to evaluate their lands within the context of environmental and economic sustainability. Public Spaces – It is no longer enough to have a bench in a park as a place to read, have lunch, or simply enjoy the setting. Public spaces are an additional strain on the budgets of large cities and small municipalities alike. Public spaces need to become selfsustaining through a process of land use planning which incorporates a business plan and a marketing plan in order to make it a performing asset for the community. Farmland Preservation From rural farms to urban agriculture, regional food system planning is at the forefront of linking the food supply chain to economic development. As local communities become more aware of the importance to “buy local,” food system planning will begin to take us back to our agricultural roots. Natural Resources – Forests are our most renewable resource. Long-range forest management planning initiatives need to address the sustainability of our forested land cover while simultaneously addressing the need of wildlife habitat, forest fire prevention, and healthy promotion of forest growth. Land Dimensions is a team of professionals acutely aware of the changing dynamics of sustainable design and the need to represent our clients from the foundational principle of good land use planning and design, while offering the knowledge and expertise of navigating through the complex permitting and approval process.

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Lawrence M. DiVietro Jr., PLS, PP, AICP is president of Land Dimensions Engineering, a highly soughtafter land use planning and site development design company serving the Delaware Valley for over 32 years. ■

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Mid Atlantic Real Estate Journal — Professional Services — November 25 - December 8, 2011 — 15A

GREEN ROOFER Final Flat Roof

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inal Flat Roof was determined to change the industry and as a result, created an environmentally friendly roofing product. FFR-K1 is the only one part Kevlar infused thermo-set bonding agent in the world. It is the only roof system that can be installed under water and in subfreezing conditions. Our moisture & UV cured thermo-set has performed in the harshest conditions for over 15 years. Developed in 1950s’ as a thermo-set roof coating, the thermo-set resistance in the coating performs equivalent to a R-19 insulation and protects the building from extreme weather conditions and guaranteed to keep your building about 10 degrees less than outside temperatures. Endorsed by the Green Energy Council and EPA Registered, our product is clearly good for the environment. Our product uses no petroleum but contains high reflective and emissive properties, and its performance reduces both Global Warming and heat island effect. Furthermore, by restoring your roof and extending its life, there is no waste that would generally come from roof tear offs, and thereby, reducing the amount of toxic waste in our landfills. Besides extending a roof ’s functional life for up to 20 years, it also encapsulates the toxins in both metal and petroleum roofs to help protect our storm water aqueducts. FFR complies with federal and state executive orders in regards to the environment. Often, budget-friendly choices are not budget conscious. What makes Final Flat Roof such a great deal for the building owner is that it is both eco-friendly and budget friendly. Recognized as top 81 money-saving products in 2010, our roof system cost about 40 to 60% less than a reroof. Our product is Energy Star Registered because it reduces utility consumption by as much as 40%. In addition, FFR can turn temporary repairs into a permanent roof solution over four years giving customers time to pay for their roof and most importantly, FFR is often tax deductible. Final Flat Roof has started

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customers with a product and a service that will exceed all of their expectations while helping the environment at the same time. ■

16A — November 25 - December 8, 2011 — Professional Services — Mid

Atlantic Real Estate Journal

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Mid Atlantic Real Estate Journal — Professional Services — November 25 - December 8, 2011 — 17A

INVESTMENT By David E. Thurston, Marcus & Millichap Real Estate Investment Services

Demand for U.S. investment real estate to increase in wake of global concerns he U.S. economy continues to record fairly Spartan incremental gains, with no headline driver to propel economic growth. Additionally, the persistent “good news/ bad news” t h e m e s t i l l David E. Thurston features prominently in the U.S. and global economies, fanning uncertainty and stifling consumer and business confidence. While the economy is not firing on all cylinders, many economic indicators generally support expectations that the U.S. will avoid a recession and progress at a measured pace. Contributors to this outlook include upward revisions to second quarter GDP estimates, retail sales that are well ahead of pre-recession levels, and private-sector job growth. In addition, corporate profits remain higher than the 2006 peak and strong exports are performing much of the economic heavy lifting for now. In addition to domestic challenges, such as renewed foreclosure activity and high unemployment, global economic risks will hamper U.S. economic performance. The potential for fallout from the Eurozone crisis weighs on the U.S. economy, manifesting in severe stock market volatility, uneven commodity prices, and diminished investor confidence. Retail Sector Skewed by Blackstone Deal Sales of retail properties in the United States soared in the second quarter of 2011, lifted by the $9.2 billion Blackstone/ Centro transaction. Sales volume totaled $11.5 billion in the second quarter for a cumulative $21.9 billion for the first half of the year. Sales of singletenant properties remained relatively flat through the first half of this year, relative to last year’s volume. However, multitenant property sales volume increased 26 percent, possibly a result of the significantly higher number of offerings brought to market and the attractive 80-basis-point spread to single-tenant assets. Today’s dynamics translate to constrained, but solid retail sales that may be insufficient to stimulate retailer confidence enough to spur broad-based ex-

pansion and leasing demand. Fortunately, the pace of store closings continues to decelerate. The number of store and restaurant closings announced in the second quarter equaled about 48 percent of the 1,544 announced in the same period last year. Strong national and regional retailers continue to capitalize on weak, small and local competitors, pruning their portfolios and seeking expansion opportunities in profitable markets. Given the unpredictable nature of current dynamics, commercial real estate inves-

tors are well-served to reassess market realities. Fundamentally, demand for space should be entering a natural recovery cycle but is being held back by fear and uncertainty. The most probable economic scenario through 2012 is a painfully gradual recovery with job growth of 1.2% to 1.5%. This is certainly not enough to generate large volumes of demand for commercial properties, but it should be sufficient to keep the recent improvements in occupancies on track. By the end of 2012, two major clouds should break: 1) The election

cycle should reduce if not break the political paralysis in the United States, and 2) The European Union is likely to work out some version of the proposal it announced last week. Should these events occur, the pace of growth moving into 2013 would rise substantially. In the meantime, low interest rates and a preference for high-quality, low-risk properties are safety nets leveraged by active investors. Given the ongoing volatility in the stock market and high degree of uncertainty, global demand for hard-asset investments is likely

to increase, bringing more capital into U.S. commercial real estate. Yield compression in the upper tier of the market is already starting to push capital into Class B, value-add and secondary market investments. However, the capital migration to higher-risk assets is still cautious and gradual, and will remain so into the new year. David E. Thurston is a vice president investments in the New Jersey office of Marcus & Millichap Real Estate Investment Services. ■

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18A — November 25 - December 8, 2011 — Professional Services — Mid

Atlantic Real Estate Journal

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NEW JERSEY BROKER By Sheldon A. Gross, Sheldon Gross Realty, Inc.

Third quarter report for Northern and Central New Jersey

he intent of this report is not to determine specific figures for vacancy, absorption, construction or any form of indicator of the real estate market but rather to look at trends and Sheldon A. Gross determine where we are now with relation to the historical cycles which have been here before

and will appear again. There are so many companies and individuals calculating exact numbers for each phase of the commercial real estate business that no one can be sure what facts are being used. It therefore becomes difficult if not impossible to compare two different analyses. It is very interesting to contemplate the numbers for the activity in an area. Most companies that calculate activity eliminate all buildings that are less than 10,000 – 15,000 s/f. In our market

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the bulk of the buildings are under 15,000 s/f. Therefore this report will look at all activity, including the smaller buildings. Vacancy for industrial space has tended to flatted out in the period from the beginning of this year. Prices have dropped slightly and the net absorption rate has increased, which will give a positive feeling to anyone who studies this marketplace. Companies will continue to reconfigure themselves as some businesses increase

activity and some decrease activity. Either situation most likely will require a relocation of the space utilized, or needed. In office space, the vacancy has tended slightly upward. The net absorption has been negative. The rental rates have declined slightly in this quarter. Vacancy rates have remained consistent and have not appeared to either increase or decrease. If you consider class A office space the net absorption has

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turned positive, indicating the opportunity exists for anyone in the market to improve the quality of their space without increasing their costs too greatly. In general the situation exists for anyone considering a move of any kind to take advantage of the present situation and get whatever they need or desire at a price that will probably not be available for another generation. New construction in both industrial and office space has been at a minimum. This will provide a great opportunity for the few new buildings under construction or proposed as the market begins to turn upward generally. Both industrial and office space are being impacted by a change in the way business is done. If anyone thinks we will return to the old marketplace, they should only look at the newspapers or TV to understand that all commercial activity is undergoing a historical change. Business activity is generally picking up and the feeling is beginning to be more positive as we see signs of a slow but positive increase in the marketplace. In particular we have seen quite a bit of movement in companies looking to extend their leases now while they can take advantage of lower rentals. In addition to the increase in regular leasing activity, SGR had several lease extensions signed during the third quarter of 2011 both for office and industrial spaces totaling over 90,000 s/f. The uncertainty of the future is what is causing the entire business community to take a breath and want to wait and see where we are going. But if you look at the historical facts, we have been here before and we should all understand that this situation will end. As a great financial sage has often said, “buy when the others want to sell and sell when everyone else wants to buy.” Sheldon A. Gross is president of Sheldon Gross Realty, Inc.

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Mid Atlantic Real Estate Journal — Professional Services — November 25 - December 8, 2011 — 19A

RETAIL LEASING ATTORNEY By Jeffrey L. Silberman, Esq., Kaplin Stewart Meloff Reiter & Stein, P.C.

State of the retail industry – The good, the bad and the ugly

s a dedicated Penn Stater, the news is generally not good these days. The tragic circus that has engulfed a name and place previously associated with stability and goodness is Jeffrey L. Silberman about the only thing deflecting the other news of the day, which is the following: from where I sit, the real estate market is not getting any better. The fundamental problem is the shrinking universe of tenants leasing space in shopping centers. Even before the more dramatic changes in the economy in the late 2000s, the number of tenants was on the decline. In the late 1990s and early 2000s, there were at least two, and maybe more, national or regional tenants in each category of retailing (such as home improvement, electronics, books etc). Now, most categories have been reduced to one retailer, and in many instances that retailer

has reduced the square footage it requires. In today’s world, new shopping center deals consist mainly of restaurants and other service users. The deals with merchants selling goods are few and far between. It seems that the only retailers flourishing in this market are those that offer goods or services that cannot be purchased over the internet. The obvious consequence of this indisputable fact is that empty centers remain vacant, and the ability to develop new centers is greatly diminished. Even if an owner is fortunate

enough to secure a national grocer or department store anchor, the owner faces a very difficult road in trying to fill the rest of the center. While restaurant and services uses are great for shopping centers, many anchor tenants limit the number or square footage of restaurants and service uses due to parking constraints or use issues. On the positive side, empty stores have generated some redevelopment opportunities, and some of the bigger retailers appear to be fairly nimble in adapting to space that may

not be prototype. Redevelopments are a boon for existing tenants and for communities otherwise staring at dark centers. Another positive note is that quick-service restaurants (QSRs) seem to be faring very well in this economy. Some QSRs that had slowed growth in the past have picked up their new store counts, and others are continuing to move forward in new or expanded markets. Additionally, it appears that lenders are making loans. Borrowers now appear to be used

to the newer, stricter lending criteria and lenders are back in the game. The lack of new projects has certainly resulted in less volume, but construction loans (few as they are) and permanent loans are getting done. In summary, while there is some positive news to report, the news on most fronts is less than spectacular. Let’s hope all things turn around soon. Jeffrey L. Silberman is a principal in the Real Estate Transactions Department of Kaplin Stewart in Blue Bell, PA. ■

Construction contracting . . . continued from page 10A construction is completed or fully paid for. The law varies in each state as to when a tenant’s contractor is entitled to file a construction lien against the landlord. Delaware allows contractors to file liens against the landlord’s property only if the contractor has obtained the owner’s prior written consent to the tenant entering into the construction contract. New Jersey=s law is even more favorable to the landlord; the landlord is only vulnerable to liens where he has consented in writing that its contractors may file liens against its ownership in the property. Regardless of the statute, the owners can avoid lien litigation by requiring the tenant to establish an escrow or post a bond to satisfy any lien claims. Deborah Hollander, Esq. is a shareholder in Sheak & Korzun, P.C., a law firm which is located in Pennington, NJ with attorneys admitted to practice in NJ, NY, and D.C. ■

Experience Counts. Count On Us. Kaplin Stewart

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Real estate law from the ground up. Contact: Jeffrey L. Silberman 910 Harvest Drive, Blue Bell, PA 19422-0765 • 610-260-6000 • www.kaplaw.com Other Offices: • Cherry Hill, NJ 856-675-1550 • Philadelphia, PA 215-567-3120

20A — November 25 - December 8, 2011 — Professional Services — Mid

Atlantic Real Estate Journal

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Mid Atlantic Real Estate Journal — Professional Services — November 25 - December 8, 2011 — 21A

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22A — November 25 - December 8, 2011 — Professional Services — Mid

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One Bryant Park, New York, NY LEED© Platinum Certiﬁed

Mid Atlantic Real Estate Journal — Professional Services — November 25 - December 8, 2011 — 23A

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24A — November 25 - December 8, 2011 — Mid

Atlantic Real Estate Journal

A 95-unit multi-housing property

The Firoozabadi Group sells apartments for $17.125m

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Sperry Van Ness/Skogmo announces $1.08m MD sale

ASHINGTON, DC — The Firoozabadi Group of Marcus & Millichap Real Estate Investment Services brokered the sale of La Reine Apartments, a 95-unit apartment community on Connecticut Avenue NW in the affluent submarket of Chevy Chase for $17.125 million. The team of Ari Firoozabadi, John Mullen, and Kyle Tangney of the Washington, D.C. office represented the seller, Kline Family LLC., in the disposition to Kossow Management based out of Rockville, MD. Kossow Management is an owner and manager of office, industrial and core-located apartment communities. The purchasers, John and Andrew Kossow of Kossow Management said, “Buying

8740 Cherry Lane

La Reine Apartments a multifamily property in provided us was instrumental the District of Columbia is a in completing this deal, and we complex and involved process. were fortunate to have them The assistance and guidance as the broker for this transacthat the Firoozabadi Group tion.” ■

NorthMarq Capital arranges permanent financing for Tysons Square in Tysons Corner, Virginia TYSONS CORNER, VA — David Garfinkel, senior vice president and managing director of NorthMarq Capital’s (NorthMarq) St. Louis Regional office, and Gary McGlynn, senior vice president and managing director, Kenneth Gentzel, senior vice president and managing director and Jason Smith, vice president of NorthMarq Capital’s Washington, DC Regional office, cooperated to arrange permanent financing for Tysons Square, a 172,676 s/f retail center located at 8301-8359 Leesburg Pike. Major tenants at the center are Marshalls, HomeGoods and Sports Authority. Financing for the borrower was ar-

ry Van Ness represented the seller, Shaheen Associates, and Ron Ladue of ReMax represented the purchaser. Pro Finishes Plus leased 7009 s/f of office space at 4303 Forbes Blvd. in Lanham in the Washington Business Park. Pro Finishes Plus consolidated two offices from Baltimore and Temple Hills to create a new corporate headquarters in Lanham. Skogmo represented the tenant and Colleen Curry of BECO Management represented the landlord. ■

Patterson Woods Commercial Properties/ CORFAC Int’l. facilitates 8000 s/f lease

Tysons Square ranged by NorthMarq through with American United Life its correspondent relationship Insurance Company. ■

The McClellan team of SVN-Miller brokers $750,000 sale OCEAN CITY, MD — The McClellan team, including senior advisor John McClellan, with Sperry Van Ness – Miller Commercial Real Estate has announced the acquisition of a new office and manufacturing center by Process Integration, Inc. The property is located at 12734 Sunset Ave. consists of an 8,000 s/f warehouse and office

LAUREL, MD — Sperry Van Ness has recently completed two transactions totaling 18,509 s/f led by Scott Skogmo, SIOR of Sperry Van Ness/Skogmo Commercial. Following are details of the transactions: Gospel Assembly Church purchased five warehouse condominium units at 8740 Cherry Ln. in Laurel to accommodate expansion. Units B-7, 9, 10, 11, and 12, totaling 11,500 s/f, were purchased for $1.08 million. Scott Skogmo, SIOR of Sper-

and is situated approximately 4 acres just west of the Ocean City harbor. The property sold for $750,000 Process integration Inc. is a developer of integrated hardware and software solutions for food processing, bottling, pharmaceutical and a variety of other industries. According to Mike Wade, president, “We have been searching for several years for

that perfect facility in a centralized location that is both convenient to our customers as well as our valuable workforce. We believe this new facility is a perfect fit to our growing company.” John McClellan has been involved in real estate in the local market since 1987 and specializes in Commercial & Industrial Real Estate and Tax Deferred Exchanges. ■

ODESSA, DE — Patterson Woods Commercial Properties/CORFAC International announced that Robert ‘Bob’ Ashby, has leased and is completing the furnishing plan of the historic Brick Hotel with plans to open a restaurant called Cantwell’s Tavern in early December this year. Cantwell’s Tavern, LLC (Ashby is managing partner) completed a 10-year lease with options to extend its occupancy. Terms of the lease were not disclosed. The owner of the property, which originally opened in 1822, is the Historic Odessa Foundation. Joseph Latina, a partner with Patterson Woods Commercial Properties/CORFAC International, was the only broker involved in the transaction. Ashby’s group is completing the furnishing plan on the Brick Hotel to operate the property as a restaurant. The majority of the structural renovation, which included the construction of a new wing,

was managed by the Historic Odessa Foundation. Reproduction lighting fixtures were recently installed that reflect the early period of the hotel when candles offered the only light, according to Ashby. The total cost of the furnishing plan is expected to be in excess of $500,000. The 8,000 s/f Cantwell’s Tavern was originally called the Cantwell’s Bridge Hotel and will only operate as a restaurant and special events venue. The first floor of the three-story building will constitute the restaurant and tavern and the second floor will be designated a multipurpose space with event dining and meeting space. “The minute I first sat down with the Historic Odessa Foundation and they started to explain to me and what they had and wanted, the first person I thought about was Bob Ashby,” said Joe Latina. “I consider Bob to be one of the top restaurant operators in the state.” ■

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Mid Atlantic Real Estate Journal — November 25 - December 8, 2011 — 25A

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26A —November 25 - December 8, 2011 — Mid

Atlantic Real Estate Journal

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COMMERCIAL REAL ESTATE ORGANIZATIONS’

EVENTS CALENDAR NOVEMBER 29 – SIOR NJ Event: Full Chapter Meeting Time: 6:00 PM – 8:00 PM Location: TBD Cost: Free - Members & Guests Only www.siornj.org NOVEMBER 29 – ULI PHILADELPHIA Event: Commercial RE Finance Workshop Time: 4:00 PM - 6:00 PM Location: Ernst & Young Address/City: 2001 Market St., 36th Fl Philadelphia, PA Cost: Free-Registration Required P: 800-321-5011 www.philadelphia.uli.org NOVEMBER 30 – CORENET NJ Event: Critical Value Add: Corporate RE Merger Time: 8:30 AM – 10:30 AM Location: Park Avenue Club Address/City: 184 Park Ave., Florham Park, NJ P: 973-992-6773 E: execdir@corenetnj.org www.corenetnj.org NOVEMBER 30 – SMPS PHILADELPHIA Event: Fast Forward: Marketing Through Leadership Change Time: 5:00 PM – 7:30 PM Location: Center for Architecture Address/City: 1218 Arch St., Philadelphia, PA Cost: $25 Members $35 Nonmembers www.smpsphiladelphia.org NOV.30 – DEC. 3 – AIA PHILADELPHIA Event: CitiesAlive: 9th Annual Green Roof & Wall Conference Time: 8:30 AM Location: Sheraton Philadelphia Downtown Address/City: 201 North 17th St., Philadelphia, PA www.citiesalive.org NOVEMBER 30 – SMPS PITTSBURGH Event: SMPS Morning Show “Data Mining the PA Websites” Time: 7:45 AM – 9:30 AM Location: PSI, Inc. Address/City: 850 Poplar St., Pittsburgh, PA www.smpspittsburgh.org DECEMBER 1 – CORENET NJ Event: Holiday Networking Social Time: 5:30 PM – 8:30 PM Location: Highlawn Pavilion Address/City: Earl Rock Reservation West Orange, NJ P: 973-992-6773 E: execdir@corenetnj.org www.corenetnj.org DECEMBER 1 – CREW PHILADELPHIA Event: Continuing Education – Social Media Time: 8:30 AM – 11:30 AM Location: The Hub Cityview Address/City: 30 South 17th St., Philadelphia, PA Cost: $25 Members $55 Nonmembers E: crewphiladelphia@crewnetwork.org www.crewphiladelphia.org DECEMBER 1 – ULI PHILADELPHIA Event: Annual Holiday Networking Night Time: 5:30 PM – 7:30 PM Location: Opa Address/City: 1311 Sansom St., Philadelphia, PA Cost: $45 Members $60 Nonmembers P: 800-321-5011 www.philadelphia.uli.org

DECEMBER 2 – NAIOP NJ Event: Transportation & Logistics Regional Update Time: 7:45 AM – 11:00 AM Location: NY Shipping Association Training Center Address/City: Elizabeth, NJ Cost: $85 Member $135 Nonmember www.naiopnj.org DECEMBER 6 – BERGER ORGANIZATION Event: Broker Open House Time: 2:30 PM Location: The Berger Organization’s Office Address/City: 570 Broad St., Newark, NJ E: rjohnson@bergerorg.com www.berger.org

DECEMBER 8 – BOMA PITTSBURGH Event: Holiday Luncheon Time: 11:30 AM Location: Grand Hall at the Priory Address/City: 614 Pressley St., Pittsburgh, PA Cost: $35 P: 412-261-2884 www.bomapittsburgh.org DECEMBER 8 – CREW BALTIMORE Event: Annual Meeting & Holiday Luncheon Time: 12:00 PM – 2:00 PM Location: Admiral Fell Inn Address/City: 888 S. Broadway, Baltimore, MD Cost: $40 Members www.crewbaltimore.org

DECEMBER 6 – IREM NJ Event: Holiday Dinner Meeting Time: 5:30 PM Location: Renaissance Woodbridge Hotel Address/City: 515 US Highway 1 South, Iselin, NJ Cost: $55 Members $65 Nonmembers P: 856-303-0190 E: irem1@comcast.net www.irem1.org

DECEMBER 8 – CREW LEHIGH VALLEY Event: Annual Holiday Luncheon & Optional Tour Time: 11:30 AM – 1:00 PM Location: Ben Franklin Technology Partners NE PA Tech Ventures Center Address/City: 116 Research Dr., Bethlehem, PA Cost: $25 Members Only www.crewlehighvalley.org

DECEMBER 7 – ABC NJ Event: Annual Awards & Holiday Dinner Time: 6:00 PM Location: Crown Plaza Monroe Address/City: 390 Forsgate Dr., Monroe Twp., NJ Cost: 85 Members $95 Nonmembers P: 609-989-9110 E: lslomka@njpsi.com www.abcnj.org

DECEMBER 8 – CREW PHILADELPHIA Event: Holiday Party & Board of Directors Induction Time: 6:00 – 9:00 PM Location: Estia Address/City: 1405 Locust St., Philadelphia, PA Cost: $65 Members Only www.crewphiladelphia.org

DECEMBER 7 – IREM 101 Event: Annual Holiday Dinner, Awards Night & Installation of 2012 Officers Time: 6:00 PM Location: Café Aldo Lamberti Address/City: 2011 Rte. 70 West, Cherry Hill, NJ Cost: $65 Members $75 Nonmembers www.irem101.org

DECEMBER 8 – SIOR NJ Event: Holiday Meeting Time: 6:00 PM – 11:00 PM Location: The Huntley Tavern Address/City: 3 Morris Ave., Summit, NJ Cost: Free Members & Guests Only www.siornj.com

DECEMBER 7 – POA NJ Event: Social Media & Technology Time: 6:30 PM Location: Wilshire Grand Address/City: 350 Pleasant Valley Way West Orange, NJ Cost: Members Free/$45 Nonmembers P: 732-780-1966 E: info@poanj.org www.poanj.org

DECEMBER 9 – ULI NNJ Event: YLG Breakfast Series Time: 8:00 AM – 9:30 AM Location: AvalonBay Communities Address/City: 517 Route One South, Suite 550, Iselin, NJ Cost: $10 Members/$15 Nonmembers/ Free to Full Time Students P: 800-321-5011 www.nnj.uli.org

DECEMBER 8 – ABC EPA Event: Holiday Party Time: 5:00 PM – 7:00 PM Location: Bear Creek Resort Address/City: 101 Doe Mountain Ln. Macungie, PA Cost: $40 Members E: rkelsh@abceastpa.org www.abceastpa.org DECEMBER 8 – AIA PHILADELPHIA Event: Holiday Party Time: 5:00 PM – 7:30 PM Location: Center for Architecture Address/City: 1218 Arch St., Philadelphia, Pa Cost: Complimentary – Registration Required P: 215-569-3186 E: gary@aiaphila.org www.aiaphiladelphia.org

DECEMBER 14 – CIRC DE Event: Holiday Luncheon & Festivities Time: 11:30 AM – 1:30 PM Location: University & Whist Club Address/City: 805 N. Broom St., Wilmington, DE P: 302-633-1705 E: janet@circdelaware.org www.circdelaware.org DECEMBER 14 – ULI PHILADELPHIA Event: Recent Developments in Lease Accounting Bring Changes Closer to Reality Time: 8:00 AM – 10:00 AM Location: Villanova University Address/City: 800 E. Lancaster Ave., Villanova, PA P: 800-321-5011 www.philadelphia.uli.org

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Mid Atlantic Real Estate Journal — November 25 - December 8, 2011 — 27A

MID ATLANTIC REAL ESTATE JOURNAL 11,000 s/f industrial building in South Orange

Coldwell Banker Commercial NRT closes $500,000 sale

Anthony Pustizzi, broker of record

Eagle Commercial RE completes 16,000 s/f sale

OUTH ORANGE, NJ — Paul Washington with Coldwell Banker Commercial NRT has closed the sale of an 11 , 0 0 0 s / f industrial building located at 454 Va l l e y S t . The property Paul Washington was formerly utilized as an auto repair service center. Washington represented the seller and provided targeted marketing exposure for the property. The buyer, an accomplished long-time private investment corporation, was represented by Glenn Fallivene with Fallivene Agency. The property sold for nearly $500,000. “The listing at 454 Valley, a value-added bank-owned property, offered significant

454 Valley Street square footage which posiA longtime resident of northtioned the new automotive ern New Jersey, Washington owner and user for immedi- has extensive knowledge of ate business expansion,” said the greater Essex County area Washington. “South Orange as well as Union, Hudson and Village benefits from regain- Union counties. He is widelying a functional tax ratable known for his network of poised to serve the mechanical strong private sector relationneeds of the immediate area ships and knowledge of comlong-term.” mercial real estate investment

PARAMUS, NJ — Bergman Real Estate Group announced that SuperMedia Inc. has signed a 14,000 s/f lease at 45 Eisenhower Dr. The new lease brings the building to 87 percent leased. The space will serve as SuperMedia’s regional offices. Formerly known as “The Yellow Pages,” the company helps small- and medium-sized businesses grow through effective local marketing solutions across print, online, mobile and social media. SuperMedia, which is moving out of an Elmwood Park location in order to accommodate a larger tenant’s occupancy, was a tenant in 45 Eisenhower more than a decade ago. “We were faced with a very short timeframe of 45 days to construct a full build out of SuperMedia’s space and we met all deadlines,” stated John G. Osborne, executive director of leasing and marketing for Bergman Real Estate Group. “SuperMedia believed the high-quality space offered on the building’s top floor was the best alternative in the market. Coupled with the property’s amenities, including on-site, sit-down full-service dining facilities and on-site management, 45 Eisenhower Dr. presented a highly attractive opportunity to SuperMedia for

relocation.” SuperMedia was represented by Bob Acuff, senior director, corporate services - CASE Commercial Real Estate Partners out of Dallas, TX. “SuperMedia looked at eight buildings and 45 Eisenhower stood out as being the clear choice,” added Acuff. “SuperMedia knew they would be able to work with the Bergman Group for the long term and appreciated being able to deal openly and make the transaction go smoothly. The company definitely exceeded our expectations in meeting a tight timeframe to accommodate SuperMedia’s move.” A five-story, 175,000 s/f class A building, 45 Eisenhower Dr. offers immediate access to Rtes. 17 and 4, as well as the Garden State Parkway and I-80. In a prime Bergen Cty. location, 45 Eisenhower is only minutes from some of the county’s most popular shopping centers and notable restaurants at the Riverside Square Mall, Garden State Plaza and Paramus Park Mall. The property also provides easy access to Manhattan with just a 30-minute drive from both the George Washington Bridge and the Lincoln Tunnel. The property features a full-service cafeteria with

1996 N. Mill Rd. VINELAND, NJ — Eagle & kitchen space. The 13,900 Commercial Real Estate an- s/f shop has 20’ ceilings, (2) nounced the completed sale overhead doors located on a 900 transaction of 1996 N. Mill Rd. SF loading dock area equipped from NBVW, LLC to Chem- with dock levelers. This site is glass, Inc. an ideal facility for manufacturThis 16,000 s/f industrial ing/rebuild or packaging with building situated on 5.35 acres ample parking and outside storwithin the Vineland Industrial age and is designed to allow for Park near Route 55 contains future building expansion. 1,200 s/f of office area with reAnthony Pustizzi was the ception area, conference room broker of record. ■

Colliers International concludes Bergman Real Estate Group announces 14,000 s/f office lease two flex/warehouse leases patio seating, and a full-time lobby security desk. On-site management, an ATM, interior loading dock, card key access and fiber optics are also value-added conveniences. Units of 3,400, 4,800, 8,000, 9,900 and 11,000 square feet remain available. All common areas were renovated in 2009 and the bathrooms were done in 2010. Bergman Real Estate Group owns three other properties throughout Bergen County including 1 Kalisa Way in Paramus, 25 East Spring Valley Avenue in Maywood, and 299 Market Street in Saddle Brook. All properties have undergone common area renovations this summer. Bergman Real Estate Group is a privately owned real estate investment and management firm that specializes in the acquisition, management, leasing and construction of commercial office properties throughout New Jersey. Since its formation in 1988, Bergman Real Estate Group has earned a solid reputation as a leader in the New Jersey commercial office market with a current portfolio consisting of 16 office buildings comprising 1,890,000 s/f, including two New Jersey properties where Bergman provides third party leasing services on behalf of a pension fund advisor. ■

ALLENTOWN, PA — Colliers International concluded a 13,300 s/f flex/warehouse lease at Meadows Business Center, a 69,000 s/f facility located at 6390 Hedgewood Dr. between 3Linx, LLC and Liberty Property Limited Partnership. Colliers was the sole broker

on this transaction with Michael Capobianco representing the lessor (Liberty) and Ann Kline representing the lessee (3Linx). In another Allentown transaction Kline represented Spruce International in securing 5,045 s/f of flex space at 7035 Schantz Rd. ■

Colliers International Southern New Jersey office facilitates expansion VOORHEES, NJ —Colliers International’s Southern New Jersey office division represented the owner, Quaker Commercial Properties, in facilitating 100% occupancy at their three-building, 83,000 s/f Laurelwood Office Complex, located at 1101-1103-1105

Laurel Oak Rd. Quaker Commercial Properties was represented by Evan Zweben, VP and Carlisle and Associates, LLC was represented by Jason Wolf, SVP/ principal, both from Colliers International’s Southern NJ office. ■

CBRE brokers lease with Foundations MOUNT LAUREL, NJ — Dan McGovern, vice president at CBRE, Inc. (CBRE), brokered a 16,696 s/f lease with Foundations, Inc. at 701 East Gate Center in Mount Laurel, NJ. The property, owned by Brandywine Realty Trust, is a class A office building with immediate access to Routes 73 & 38, I-295 and Exit 4 of the New Jersey Turnpike. “701 East Gate Drive was a great opportunity for Foundations, Inc. They were able to reduce their occupancy costs and significantly improve their corporate image. 701 East Gate Drive will also al-

low Foundations, Inc. the opportunity to expand as their business continues to grow.” added McGovern. The financial details of the transaction remain undisclosed. Situated to maximize its parklike setting, 701 East Gate Drive’s dramatic threestory glass facade with stepped balconies affords wide vistas of mature trees and groomed grounds in a vibrant, vital business environment including other major companies such as MetLife and AIG. Donna Bleiler represented Brandywine Realty Trust in the transaction. ■

28A — November 25 - December 8, 2011 — Mid

Atlantic Real Estate Journal

MAREjournal.com

PEOPLE ON THE MOVE For the American Arbitration Association

Employees support non-profits with donations

Korn of Kaplin Stewart presents at program

Charities benefit from Walters Grp.’s Generosity

OLUMBUS, OH — Robe r t Korn (shown right), Esquire, a principal of Kaplin Stewart in Blue Bell,

PA, was a presenter at an American Arbitration Association program on October 31, 2011 entitled “Managing Your First Arbitration.” Korn’s presentation was titled “Getting to Arbitration.” All of the presenters are Fellows of the College of Commercial Arbitration. Korn,

while still actively engaged in the practice of construction and surety law, devotes a considerable amount of his time to resolving construction and commercial disputes as a mediator and also serves as an arbitrator of construction and commercial disputes. ■

Campbell joins Cushman & Wakefield PHILADELPHIA, PA — Cushman & Wakefield has added Adam D. Campbell as director on the firm’s growing industrial platform in Pennsylvania. He joins a team headed by denior director Gerard J. Adam Campbell Blinebury and includes senior director Patrick McBride and associate Leah Balerno. “Adam’s experience in Central Pennsylvania’s industrial

market makes him a very important addition to our team,” said Blinebury. “He brings strong market knowledge and client relationships with him.” Focusing on the I-81/I-78 industrial market, Cushman & Wakefield’s Philadelphiabased Industrial Brokerage Group provides agency leasing, building and land sales, tenant and buyer representation, and the marketing of investment-grade industrial buildings and parks. The team is currently handling more than eight million square feet

of listings and a comparable amount of tenant representation projects. “The Central Pennsylvania industrial market continues to grow dramatically,” said Jim Dieter, executive vice president-Industrial Brokerage, U.S. “It is strategically important to expand our team as part of our commitment to support the region’s growth.” Prior to joining Cushman & Wakefield, Campbell was vice president of Campbell Commercial Real Estate, Inc., a family-owned and operated firm providing local real estate

American Realty Capital receives award NEW YORK, NY — American Realty Capital (ARC) received the President’s Award from the Real Estate Investment Securities Association (“REISA”), a trade association for professionals who offer and distribute securitized real estate investments. The President’s Award recognizes an individual or organization that has made outstanding contributions in one or more of the following ways: • Exceptional accomplishment in their chosen field • Exceptional service in local, state or national affairs • Exceptional service in support of the advancement and continued excellence of REISA

Michael Weil and Rick Chess “On behalf of all of my colleagues at American Realty Capital and our affiliated broker dealer, RC Securities, it gives me enormous pleasure to accept this award,” said

Michael Weil, executive vice president of American Realty Capital and Chief Executive Officer of Realty Capital Securities. “The award recognizes our dedication to industry best practices, including our commitment to reduce fees, align interests between shareholders and management, and provide our shareholders greater reporting transparency and clarity. Additionally, we will continue to introduce investment solutions guided by strong, experienced management teams with records of excellence. This award from REISA validates these changes and encourages us to continue to work hard to improve the industry.” ■

Grubb & Ellis Company adds Preuss and Leachman WA S H I N G T O N , D C — Grubb & Ellis Company announced that Wesley Adams Preuss, financial analyst, and Thomas Leachman, sales associate, joined the company’s Washington, D.C. office. In their new roles, Preuss will provide financial modeling, lease analysis and market research to clients, while Leachman will be responsible for marketing coordination and client services management. Both natives of Washington, D.C., Preuss joins the company

from MMG Partners in New York City, where she was an associate principal, responsible for a team of financial analysts that handled the firm’s relationships with top tier investment banks and financial services institutions. Leachman joins the company from Johnson & Wimsatt Inc., a family-owned lumber company, where his sales team was responsible for generating more than $20 million in annual sales. “We are delighted that Wesley and Tommy have joined the

Washington D.C. team, said Bruce McNair,” executive vice president. “Both of these talented individuals have commercial real estate in their blood, building on family histories in the industry that are both extensive and impressive.” Preuss earned a bachelor’s degree from the University of Pennsylvania, where she graduated Summa Cum Laude. She has also completed courses in the New York University Schack Institute of Real Estate graduate program. ■

BARNEGAT, NJ — Supporting local charities is an ongoing mission for employees of Walters Group, a leading real estate developer with offices in Barnegat and Marlton. The staff has come together to strengthen its community support by organizing collections that benefit the Salvation Army, Operation Open A.R.M.S., and the FoodBank of Monmouth and Ocean Counties. The cumulative effect of the Walters Group’s dedication to the community was made clear this summer when the employees collected $2,100 and 825 pounds of food items during their annual food drive benefiting the FoodBank of Monmouth and Ocean Counties. The contributions were collected at the Walters Group Barnegat office during a weeklong food drive. Integrated Systems, a subcontractor, supported Walters during the food drive by organizing their own in-house collection. In another campaign, Walters employees showed their generosity in an effort to benefit Operation Open A.R.M.S., by collecting items for care packages sent to servicemen and women overseas. The project’s sponsor, American Recreational Military Services (A.R.M.S.), Inc. is a non-profit organization based in Toms River, NJ, which supports all branches of the military. “One of the good things about working for the Walters Group is that the company feels very connected to the community,” said Candyce Fleming, purchasing manager for Walters Group, who acts as an employee coordinator for several charitable activities. “They have a history of continued generosity and giving. Ed Walters was very supportive of Operation Open A.R.M.S. and within a week of getting the go-ahead, my car was densely packed with

goods for the troops.” Walters Group began the A.R.M.S. drive by converting $200 in gift certificates won from the Shore Builders Association of Central New Jersey into items for deployed troops. Walters employees were joined by two suppliers – ProBuild in Lakewood, and Ferguson Supply in Forked River, who organized their own in-house collections. As in the past, individual subcontractors and suppliers gave generously as well. Together they amassed hundreds of toiletry and other essential items, which were packaged and shipped overseas. “It was a fantastic success, and it led to Ed Walters giving his approval for our corporate address to be used as an official drop-off site,” explained Fleming. In another effort to aid neighbors in need, Walters’ headquarters in Barnegat is a Salvation Army drop-off site for ongoing clothing collections. A successful in-house clothing drive held by employees several years ago resulted in the set-up of a donation box in the parking lot for yearround collections. “I have continually found that when given the opportunity to fit an act of generosity into their day, and within their means, people are genuinely happy to be a part of it,” said Fleming. “Our subcontractors, vendors and employees continuously step-up and actively participate in all of the altruistic ventures that Walters Group gets involved with.” “We’ve always tried to create a collegial environment for our employees,” said Edward Walters, Jr., the company’s president. “That type of atmosphere has translated into both good business and good citizenship. We take our responsibilities to the communities we serve very seriously.” ■

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Mid Atlantic Real Estate Journal — November 25 - December 8, 2011 — Inside Back Cover A

Mid Atlantic REAL ESTATE JOURNAL

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Back Cover A — November 25 - December 8, 2011 — Mid

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

Phillips Edison – ARC announces third acquisition within the fourth quarter 2011

Phillips Edison – ARC Shopping Center REIT Inc. acquires shopping center for $16.6 million

LEN BURNIE, MD — Phillips Edison – ARC Shopping Center REIT Inc., a publicly registered, non-traded REIT focused on acquiring grocery-anchored shopping centers, announced it has acquired Burwood Village Center, a 105,834 s/f shopping center located in Glen Burnie, Maryland for $16.6 million. Burwood Village Center is anchored by Food Lion, one of the top grocers in the area, which is on a long term lease through

October 2022. Other key tenants include Dollar General, CVS Pharmacy and Dunkin’ Donuts. The shopping center is 98.3 percent occupied. Burwood Village Center benefits from a stable market and attractive demographics. The shopping center is located in a suburban community of Baltimore, where more than 180,000 people with average household incomes of $70,000 live within five miles of the shopping center. The Balti-

more Metropolitan Area, the 21st largest in the country, has approximately 2.7 million residents. This transaction represents the third grocery-anchored property acquisition for the company in the fourth quarter of 2011. This property, along with other properties previously acquired, are expected to be contributed to the PECO-ARC Institutional Joint Venture I, which was announced last month. ■ Food Lion, Burwood Village Center

NOVEMBER 25 - DECEMBER 8, 2011

HI-LIGHTS Triangle Equities recapitalizes $5.5M loan Triangle took responsibility for $5.5 million in CMBS debt in Freehold, NJ, a 62,000 s/f retail center, and earned a controlling stake in the property. See page 7B.

Legend Properties, Inc. brokers 43,328 s/f deal Legend Properties, Inc. announced that Raymour & Flanigan Furniture will relocate to Whitehall Mall. See page 9B.

Shopping Centers featuring NY ICSC Conference

ALSO INSIDE: BROKERAGE DIRECTORY .............................................. 20-21B ICSC ORGANIZATION PAGE ..............................................22B BUSINESS CARD DIRECTORY ..............................................23B Section B, 28 pages

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Gorman, Gorman, Shover, Taylor & Zang orchestrate deal

Marcus & Millichap arrange $15.9 million sale of BJ’s Wholesale Club VOORHEES, NJ – Marcus & Millichap Real Estate Investment Services, has negotiated the sale of a retail condominium in Voorhees, net leased to BJ’s Wholesale Club. The sale price of $15.9 million represents $138 per s/f. Matthew Gorman and Tom Gorman, senior associates in Marcus & Millichap’s Philadelphia office, along with Michael S. Shover, an associate also based in Philadelphia, represented the seller, a prominent local developer that owns a substantial portfolio of office and retail properties. The Gormans and Shover teamed up with Marcus & Millichap’s Mark Taylor, first

Fa i r f ie ld I n n a n d S u i te s Ba l t i m o r e , MD

BJ’S Wholesale Club vice president investments, investments, to represent the and Dean Zang, vice president buyer, H&R REIT of Canada.■

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

B Inside Cover — Novmeber 25 - December 8, 2011 — Shopping Centers — Mid

Atlantic Real Estate Journal

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Mid Atlantic Real Estate Journal — Shopping Centers — November 25 - December 8, 2011 — 1B

Current Availabilities in New Jersey & New York from The Azarian Group, L.L.C

Plaza K Shopping Center 181 Route 1 South (at Ford Ave.) Woodbridge, NJ

Lenox Plaza Shopping Center 1750 Route 46 West West Paterson, NJ

Fieldstone Park Shopping Center 130 Skyline Drive Ringwood, NJ

• Busy highway location at traffic signal with jughandle • Easy access to the Garden State Parkway, Route 287 and the New Jersey Turnpike • Daily vehicle count of 100,000 • 122,000 people within 3 miles; average HH income of $60,000 • 1,000 apartments within 3 blocks • Large pylon sign • Existing tenants include: The Vitamin Shoppe, Sleepy’s, Jennifer Convertibles, Any Garment Cleaners and more • 7,802 s.f. available (will subdivide)

• Busy Route 46 highway location with rear signalized access to Route 46 jug handle and McBride Avenue • Daily vehicle count of 120,000 plus • Shadow anchored by new A&P Fresh Shopping Center • Large pylon signs on Route 46 and McBride Avenue • Primarily occupied by National and Franchise tenants • 115,000 people within 3 miles; average annual HH income $82,000 • Existing stores include: Golfsmith, Sleepy’s, Party City, Pizza Hut,TD Bank, Blimpie and more • 1,700 – 4,000 square feet available

• Only area shopping center • 27 stores and offices • 60,000 people in trade area; average annual HH income $92,000 • Numerous anchor tenants including: Stop and Shop, US Post Office, Wells Fargo Bank, Coldwell Banker, Dunkin’ Donuts, Dairy Queen, The UPS Store and 18 more • 12 acres, 100,000 s.f. GLA Shopping Center, 356 parking spaces • No competition, no potential for further development in the area • 1,250-10,000 s.f. available

BREAKING GROUND SOON!

Raritan Center 426 Raritan Street, Sayreville, NJ

Town Plaza II Shopping Center 500 Route 303, Orangeburg, NY

Hyde Park Mall Route 9, Hyde Park, NY

• Only area shopping center • Easy on/off Exit 124 of the Garden State Parkway; Near Routes 35 & 9 • 85,000 people in 3 miles; average HH income $71,000 • The Learning Experience to open soon in new 10,000 s.f. building • High density housing, apartments, townhomes, new home developments • Entire shopping center to be renovated and expanded in 2011 • Located at signalized intersection • 14 acres; 70,000 s.f. GLA Shopping Center; 385 parking spaces • Existing tenants include: Walgreens, Family Dollar, Subway, Eye Doctor,The Learning Experience and more • 2,500-13,650 s.f. available

• Busy location at signalized intersection with large pylon signs • 3 colleges nearby with LARGE resident dorm population • 130,000 people within 5 miles; average annual income $85,000 • Numerous single family homes, families children and apartments • Existing shopping center store include: Marty’s Bagels, Tiffany Cleaners, A&A Deli, Calabria Pizza, Little Scoops and more • 900-5,200 s.f. available

• Only area shopping center • Brand new Super Stop & Shop and Shop Gas coming soon! • 54,000 people trade area; average annual HH income $72,000 • Next to Historic FDR Home and Museum • Nearby Vassar, Marist and Dutchess County Colleges;Culinary Institute • Entire Shopping Center to be renovated and brand new • 15 acres, 130,000 square foot GLA shopping center with 670 Parking spaces • 3,000-33,000 s.f. available

The Azarian Group, L.L.C. The Azarian Building 6 Prospect Street, Suite 1B, Midland Park, NJ 07432 www.azariangroup.com Phone: 201-444-7111 | Fax: 201-444-6655 | Email: kpelio@azariangroup.com

Rochelle Park Shopping Center, Rochelle Park, NJ 1,099 s.f. available Mountain Plaza, Rockaway, NJ 1,229-1,500 s.f. available Fieldstone Park Shopping Center, Ringwood, NJ 1,250-10,000 s.f. available Hyde Park Mall, Hyde Park, NY 3,000–33,000 s.f. available Milton Shopping Center, Oak Ridge, NJ 2,500 s.f. available Pine Brook Plaza, Pine Brook, NJ Allendale Town Center, Allendale, NJ 1,700–2,008 s.f. available

Raritan Center, Sayreville, NJ 2,500–13,650 s.f. available Montvale Shopping Center, Montvale, NJ Town Plaza II, Orangeburg, NY 900–5,200 s.f. available Plaza K Shopping Center, Woodbridge, NJ 7,802 s.f. available (will subdivide) Lenox Plaza, West Paterson, NJ 1,700–4,000 s.f. available The Azarian Building, Midland Park, NJ Fair Lawn Medical/Professional Building, Fair Lawn, NJ 1,200-5,300 s.f. available Neptune Plaza Shopping Center, Neptune, NJ 1,390 s.f. available New: Hamilton Square Shopping Center, Waldwick, NJ 2,000–5,040 s.f. available

2B — November 25 - December 8, 2011 — Shopping Centers — Mid

Atlantic Real Estate Journal

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SHOPPING CENTERS

Preserving the Past. Building for the Future.

Kenneth A. Gruskin, AIA, The Gruskin Group

It Is Easy Being Green: Tips on USGBC’s New Volume Program or large-scale retailers seeking LEED certification for multiple stores and for the teams involved, being “green” has become a little easier. The U.S. Green Building Council’s Kenneth A. new LEED Gruskin Volume Program allows companies that have prototypical buildings with similar designs to apply for certification in bulk. This can save significant time and money over registering stores one by one. Here are 10 tips for effective use of the program: 1. Determine whether the project lends itself to the Volume Program: Prime candidates are chain retailers—including restaurants, Cstores, banks, and many other retail types—that use a standard building or facility design for multiple stores. To qualify, at least 25 projects must be planned within three years. 2. Know how the program works: It allows for stores to be submitted in batches instead of individually. This precludes repetitive registration and review costs and simplifies submission, as most locations will be pre-certified within the prototype. Each project type is developed off of a single prototype document, but the prototype can have variations that are prototypical based on the use of a standard kit of parts throughout the portfolio. The program also allows retailers to carry out the commissioning process using their own quality control or construction management teams rather than LEED and design consultants. Individual facilities would be subject to spot checks

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by USGBC inspectors. 3. Know what is in a LEED prototype document: Since the USGBC requires technical and managerial uniformity across the retail portfolio, a LEED prototype document must represent the baseline standard, with a detailed description of quality-control processes, employee training curricula, a threshold for mechanical units, approved manufacturers, and typical installation requirements. Fixture and materials suppliers should be prepared to supply backup information about materials and performance required for compliance, just as they do for any LEED project. 4. Ensure that adapting to the new standards will not alter the brand and customer experience: Only “green” elements that do not undermine the brand or customer experience should be included, even if it means a store cannot ultimately be LEED-certified or included in the Volume Program. 5. Maintain uniformity: Lack of uniformity could call into question all of the stores certified under the Volume Program and possibly lead to fines or a suspension of the prototype’s LEED certification. To develop a consistent and reproducible uniformity among the sites, some teams prefer to use the same suppliers for all locations. For others, sourcing local materials may be more important. Regardless of how the company chooses to work with suppliers, the criteria required to achieve the environmental goals would typically be the same throughout the portfolio. 6. Build around the inherent culture and existing processes: Rather than trying

to build strategies from scratch, the design team should shift existing standard procedures from the retailer’s culture or the external community toward LEED certification criteria. For example, New Yorkers may be inclined to take public transportation or bike to work. Rather than installing electric car charging stations in a store’s parking lot for employees, the team might consider incentivizing carpooling programs, subsidizing train tickets, and installing bike racks. 7. Incorporate easily reproducible “green” features into the prototype design: Lighting, plumbing, materials and furnishings, for example, can be reproduced easily and Continued on page 8B

Shopping Centers Real Estate Journal a section of the

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

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Section Publisher Elaine Fanning efanning@MAREJournal.com

Section Editor Rachel Rugman editor@marejournal.com

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Mid Atlantic Real Estate Journal — Shopping Centers — November 25 - December 8, 2011 — 3B

4B — Novmeber 25 - December 8, 2011 — Shopping Centers — Mid

Atlantic Real Estate Journal

SHOPPING CENTERS

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perations in the Northeastern United States continue to improve, albeit slowly, as a stable housing market sustains consumer confidence and solid retail sales Christopher spur tenant Munley demand. Single-family home foreclosures are steadily slowing down, with the number of filings decreasing by 40 percent from a year ago, while home values

are beginning to find equilibrium in the metros. Some retailers who followed rooftops into the suburbs continue to perform well as elevated household incomes supported healthy retail spending. In the urban core, operations will remain tight as heavy foot traffic will attract national retailers to infill properties near prime shopping districts. As tenant demand strengthens, available space will shrink, applying upward pressure to rents. Solid retail sales and job growth pushed tenants to expand in the past year, underpinning a decrease in vacancy

to 8.5 percent at mid-year, a 20-basis point decline from the end of 3Q. Last year, the soft economy and high construction drove up vacancy 40 basis points. Low construction output and positive net absorption of 1.6 million square feet will reduce vacancy 60 basis points in 2011 to a three-year low of 7.9 percent. Vacancy contracted 80 basis points in last 12 months. After two consecutive years of rent cuts, owners reversed course in the past year, raising asking rents 0.3 percent to $19.37 per square foot. In the preceding 12-month span, asking rates declined 0.8 percent. Effective rents followed suit, increasing 0.3 percent over the last year to $17.09 per square foot, though rents remain 5.6 percent below peak levels achieved in 2007. Though improving, rents and leasing activity for small retail space remain dormant and lethargic, and will maintain so for the near future. Institutional capital will continue to flood the singletenant market in a flight to quality, driving up prices, while values for Class B/C multi-tenant assets will lag behind. As competition intensifies for investment-grade, single-tenant assets net leased to a creditworthy retailer, the median price will trend near peak levels achieved in 2007. Moreover, first-year yields tightened to the high-6-percent to low-7-percent range, enticing owners to unload properties with built-up equity and reinvest the capital in discounted assets. REITs and institutions will purchase these newly listed products with long-term leases secured by national retailers such as Walgreens and CVS for stable revenue. In the multi-tenant sector, life insurance companies and banks are beginning to loosen their lending criteria on stabilized shopping centers anchored by a grocery store. As a result, buyers will capitalize on favorable interest rate spreads for higher returns. Performing products anchored by a top-rated grocer like Wegmans, Giant or ShopRite will command firstyear yields of around 6 percent, while assets with a local grocer will trade 100 to 125 basis points higher. “Mom & Pop” neighborhood centers continue to be complicated assets for Continued on page 7B

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Mid Atlantic Real Estate Journal — Shopping Centers — November 25 - December 8, 2011 — 5B

TURNING VISION INTO VALUE ACQUISITION

RENOVATION

DEVELOPMENT

206,000

CONNECTICUT Meriden Parkade - Meriden

226,000

MAINE Airport Mall - Bangor Capitol Shopping Center - Augusta JFK Plaza - Waterville Shaw's Plaza - North Windham Shaw's Plaza - Waterville Wells Plaza - Wells

232,500 200,000 174,000 124,000 119,000 133,000

MASSACHUSETTS Cushing Plaza - Cohasset Danvers Crossing - Danvers Foxborough Plaza - Foxborough Hannaford Bros. - Waltham Middleborough Crossing Middleborough Shaw's Plaza - Easton Shaw's Plaza - Hanover Shaw's Plaza - Plymouth Springfield Plaza - Springfield

103,000 57,000 178,000 512,000

NEW HAMPSHIRE Hood Commons - Derry Hooksett Village Shops - Hooksett

210,000 257,000

NEW YORK Colonie Plaza - Albany Columbia Plaza - Rensselaer Irondequoit Plaza - Rochester Lake Shore Plaza Lake Ronkonkoma Malone Plaza - Malone Saranac Lake Plaza - Saranac Lake St. Lawrence Plaza - Massena Troy Plaza - Troy Walden Village - Cheektowaga OHIO Boardman Plaza - Youngstown Fairlawn Town Centre - Fairlawn Knox Village Square Mount Vernon PENNSYLVANIA Berkshire Square - Wyomissing Carlisle Crossing - Carlisle, PA Columbia Mall - Bloomsburg Dauphin Plaza - Harrisburg Devon Village - Devon East End Centre - Wilkes-Barre Festival at Exton - Exton Franklin Center - Chambersburg Mayfair Shopping Center Philadelphia Plaza 15 - Lewisburg Shamokin Plaza - Shamokin Valmont Plaza - Hazleton West Side Mall - Edwardsville

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Acquisitions Joseph R. Staugaard, III, CFA jstaugaard@wprealty.com 610-552-6062

Leasing Charter Realty & Development Corp. 203-227-2922 chartweb.com

ALABAMA Midway Plaza - Opelika

71,000 176,000 121,000 46,000 132,000

168,000 136,000 216,000 95,000 178,000 68,000 166,000 130,000 209,500

625,000 447,000 207,500

323,000 368,000 352,000 216,000 90,000 306,000 152,000 175,000 115,500 117,000 98,500 200,000 423,000

RHODE ISLAND Diamond Hill Plaza - Woonsocket Marketplace Center - Warwick

387,000 194,000

VIRGINIA Chesterfield Marketplace - Richmond

428,500

New Acquisition!

6B — November 25 - December 8, 2011 — Shopping Centers — Mid

Atlantic Real Estate Journal

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Chasing the true value of a property: Third-Party Due Diligence

nalyzing past operations in order to project future property performance is never a black or white endeavor - it’s v e r y g r e y. Evaluating the true value of retail centers, office towers, indusDavid Tesler trial parks or multi-family buildings is a complex, multi-phase undertaking that often eludes complete clarity. From complex lease agreements and expiration dates to insurance costs and estate taxes, a wide array of variables serve to conceal the true value

of a property. In this post-recession economy, the only way to distinguish between a wise investment and a catastrophic mistake is thorough, in-depth financial due diligence. Investigating or auditing a property’s financials, in advance of an acquisition, can validate a property’s value and provide an accurate assessment of its current income stream as well as operating expenses. A cumbersome, paper-intensive, time-consuming process, financial due diligence can determine if an asset will be a positive, high-yield investment or a challenged, undesirable property. Validating the Numbers in Every Acquisition

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Financial due diligence is essential for basically any commercial real estate acquisition today. There is no such thing as a “small” acquisition that can afford to forgo a rigorous financial due diligence review. The current commercial real estate market involves assets typically ranging from $20 to $50 million, but can fluctuate from $5 million to $500 million. While multifamily investments are currently dominating market activity, retail’s Class-A shopping centers and distressed assets are also gaining momentum. Property values are typically based on annual net operating income (NOI). For a property to be profitable, revenue must exceed expenses. This is a basic concept, yet many buyers bypass the financial due diligence phase only to discover later NOI gaps of $20,000, $50,000 and even $100,000 per month. Any unaccounted variation on the revenue or expense side directly impacts property management efficiencies from day one. In cases where financial due diligence was disregarded, the larger the property, the larger the disparity between expected and actual NOI. Ultimately, NOI gaps also impact the property’s cap rate and purchase price, for better or worse. Moreover, most real estate property financial statements are highly complex. Inaccuracies rarely are egregious but rather are inherent to the process. For example, common area maintenance (CAM) charges consistently reflect discrepancies. Reimbursable expenses are often not passed through while non-reimbursable expenses are, resulting in miscalculations related to the portion of each tenant’s allocated expense. Then there is the common practice of “massaging” the numbers, either by rounding them up or down or replacing actual numbers with fixed standard figures. In cases of fixed standard figures, collection rate and repairs/maintenance are two areas that require intense scrutiny. In the more malicious cases, a property’s financial statements can be purposefully misrepresented. In these instances, financial due diligence is able to reveal how figures are being manipulated. The Financial Due Diligence Window of Opportunity Financial due diligence is best performed by an impartial third-party provider, just after Continued on page 12B

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Mid Atlantic Real Estate Journal — Shopping Centers — November 25 - December 8, 2011 — 7B

SHOPPING CENTERS

Customer Loyalty through Client Satisfaction

Goldman negotiates 62,000 s/f retail deal

Triangle Equities Dev. Corp. recapitalizes $5.5M loan

REEHOLD, NJ — Triangle Equities Development Corp., LLC, a Queens, NY – based commercial real estate development and investment company announced the completion of a joint venture and equity recapitalization with EF Partners. Triangle took responsibility for $5.5 million in CMBS debt EF Partners had at 200-220 Trotters Way in Freehold, NJ, a 62,000 square-foot retail center, and earned a controlling stake in the property. By injecting “rescue capital” into the asset, Triangle was able to close the equity gap generated by falling market values and a loss of all of the tenants in this 100% vacant shopping center. Its capital was used to take out the existing conduit loan and it will also provide funds for re-tenanting the building and capital expenditures necessary to bring the property back to life. “We were able to structure a deal that worked for all parties involved – the lender, the former sole owner and our new capital – and effectively saved the property from foreclosure,” said Triangle’s Director of Acquisitions Brett Goldman. Triangle was able to recapitalize the asset while keeping the original owner’s equity in the deal byre pricing the equity/debt structure of this asset to today’s value. “The property features strong underlying fundamentals including a unique location in a high-income area on the access road to the second largest indoor shopping mall in New Jersey,” said Josh Weingarten, Triangle’s Associate of Development and Acquisitions. ■

Engineers Planners Surveyors Landscape Architects Environmental Scientists Corporate Headquarters 331 Newman Springs Road, Ste 203 Red Bank, NJ 07701 P:877.627.3772 New Jersey New York Pennsylvania

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Suburban Retail Property . . . Continued from page 4B lenders and purchasers to underwrite. The constant issues of short term tenant leases and the difference between actual rent collections versus lease rent, burden the valuation process. Though challenging, low interest rates and value add opportunities through vacancy and depressed net operating income’s are attracting buyer’s to the table. Christopher Munley is a Senior Associate for Marcus & Millichap and an Associate Director of The National Retail Group. ■

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8B — November 25 - December 8, 2011 — Shopping Centers — Mid

Atlantic Real Estate Journal

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SHOPPING CENTERS Hamilton Plaza looks brand new

Levin Mgmt.’s 184,272 s/f renovations near completion

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AMILTON TWP., NJ — Levin Management’s year-long, multi-million dollar renovation of 59-yearold Hamilton Plaza is nearing completion. The renovation of the 184,272 s/f center, located in Hamilton Twp., N.J., includes significant upgrades to the common areas, and the addition of two pad sites and a 10,000 s/f end cap. Long-time anchor tenant ShopRite has renovated and expanded its store from some 53,000 s/f to more than 83,000 s/f, and now carries the World Class Store designation. A.C. Moore, another long-time anchor, has renovated its 20,400 s/f store as well.

Hamilton Plaza

Hamilton Plaza “Hamilton Plaza looks brand thew K. Harding. “We believe new, existing tenants are ex- strongly in keeping properties panding or renovating, and looking up-to-date and fresh,” great new tenants are joining he said, “and the results here us,” stated Levin’s president are again bearing that philosoand chief operating officer Mat- phy out.” ■

It Is Easy Being Green . . .

Finding the True NOI of a Commercial Property Turn To A Financial Due Diligence Specialist You’re buying a property. You have 30 days for due diligence. The paperwork is overwhelming. The numbers are daunting. The market is shifting. Savvy real estate investors are turning to ﬁnancial due diligence experts for help determine the true Net Operating Income of a commercial property today.

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Call to ﬁnd out how we can help you with the cumbersome, paper intensive, time-restricted process of ﬁnding the true NOI of an asset. www.realdiligence.com

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Continued from page 2B consistently over a broad range of localities, while more elaborate systems like green roofs, day lighting strategies, rainwater systems and on site power generation may require more consideration regarding their feasibility and lifecycle costs. 8. Set performance criteria for site-specific items: The prototype design should establish criteria for site-specific items such as mechanical systems and exterior/site elements to ensure that the action plan meets the retailer’s quality-control and management requirements as well as LEED standards. 9. Establish one architecture firm as the central LEED contact: Since chains typically use local architects, engineers, and vendors in different regions, one firm should maintain the prototype specifications and drawings to ensure consistency while laying out strong guidelines in both the prototype set and the quality control/education plan to maintain a high level of uniformity. 10. Create a plan and stick to it: As with any new, complex endeavor, expect a period of trial and error. Work through the initial hiccups and avoid unnecessary costs by identifying project goals early and establishing a LEED team and “captain” at the onset of the project. Then develop and stick to a highly integrated and well-orchestrated plan. Kenneth A. Gruskin, AIA, is principal and founder of Gruskin Group™, an integrated design firm based in Springfield, NJ. ■

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Mid Atlantic Real Estate Journal — Shopping Centers — November 25 - December 8, 2011 — 9B

SHOPPING CENTERS Aristone & Campbell rep landlord

Legend Properties, Inc. brokers 43,328 s/f deal

LYMOUTH MEETING, PA – Legend Properties, Inc. announced that Raymour & Flanigan Furniture will relocate to the space formerly occupied by Borders Books, Famous Footwear and Tweeter in the Whitehall Mall on MacArthur Road. Raymour & Flanigan, one of the Northeast’s fastest growing retailers of brand name furniture and accessories, is presently undergoing a renovation of the 43,328 s/f building and plans a January 2012 opening. Whitehall Mall is a 592,498 s/f regional mall anchored by Sears, Bed, Bath & Beyond, Michaels and Kohl’s. Legend president, Maria Rita Aristone and vice president, Dennis Campbell represented the landlord, Simon Property Group in the transaction. “Having such a prominent retailer such as Raymour & Flanigan relocate to the Whitehall Mall makes a great addition to the great retailers who are already part of this shopping center which is located in the “hub” of the Allentown market” says Aristone. “It also brings this section of the center to life with the beautiful store Raymour has planned to open.” Legend Properties, Inc. is a full-service commercial real estate and brokerage firm serving eastern and central Pennsylvania, southern and central New Jersey, and Delaware with more than

MacArthur Road

50 agents based in five offices. An affiliated company, Legend Florida, LLC, serves southeast Florida. Since 1990, Legend Properties has offered expert retail leasing, tenant representation, and investment sales services, as well as development consulting and transactional services for commercial land and buildings. The company also provides property management services through an affiliate, Legend Management Services, LLC. Legend Properties leads commercial real estate brokerage market share in the greater Philadelphia region. ■

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The Azarian Grp. negotiates 3 leases WOODLAND PARK, NJ —John M. Azarian and Kevin R. Pelio of The Azarian Group, L.L.C. and Azarian Realty Co., are pleased to announce that they have negotiated three new leases in the past John M. Azarian week. The three leases include Great Clips for 1,200 square feet in the Lenox Plaza Shopping Center in Woodland Park, New Jersey; YoFresh Yogurt Café in the Walgreens Shopping Center in Fairfield, New Jersey and Subway for 1,170 square feet in the Fieldstone Park Shopping Center in Ringwood, New Jersey. ■

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10B — November 25 - December 8, 2011 — Shopping Centers — Mid

Atlantic Real Estate Journal

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SHOPPING CENTERS Urban reps landlord in leasing 8,716 SF

Equity Retail Brokers 7,500 s/f Jolie Hair & Beauty lease

ORTHFIELD, NJ — A Big “Island” Welcome. Rose Urban of Equity Retail Brokers was pleased to represent the landlord in leasing a total of approximately 8,716 s/f of inline and endcap space at Island Gym Plaza, located at 801 Tilton Road, Northfield, Atlantic County, NJ. The two new lease transactions are as follows: Pioneer Education, Inc., d/b/a Jolie Hair and Beauty School, leased approximately 7,500 s/f of endcap space. They were represented by Reeves & Melvin Real Estate. Pioneer signed a ten year lease and plans to spend a significant

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emy. Pioneer Education, Inc. operates 27 different schools, but this is the first Jolie Hair and Beauty School in the State of New Jersey. The school opened in September, 2011. Joseph Diamond Martial Arts Studio leased approximately 1,216 s/f of inline space. They are relocating from within the market, as Island Gym Plaza continues to attract strong tenants. Joseph Diamond Martial Arts Studio has been serving the Philadelphia and Southern New Jersey area since 1992. The studio opened in October, 2011. ■

Regency Centers leases 10,744 s/f BALTIMORE, Md — Regency Centers, a national owner, operator and developer of grocery-anchored and community shopping centers, has leased 10,774 s/f of retail space in Baltimore to four new tenants at Festival at Woodholme. Slated to open in November 2011, Wine Loft leased 2,405 s/f of space for its upscale wine shop and wine bar. Ann Taylor LOFT leased 5,164 s/f of retail space and is slated to open in March 2012. Women’s apparel retailer Francesca’s Collections, expected to open in February 2012, leased 1,605 s/f of retail space, and high-end men’s and women’s apparel retailer Couture Moda is currently open in 1,600 s/f. José Santana of Segall Group represented Wine Loft, and Mike Pratt of KLNB represented Ann Taylor LOFT. “Regency is excited to provide the community with a variety of outstanding new retailers,” said Regency Centers leasing agent Jack deVilliers. “They will create an added vibrancy and complement the existing retailers well.” ■

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Mid Atlantic Real Estate Journal — Shopping Centers — November 25 - December 8, 2011 — 11B

12B — November 25 - December 8, 2011 — Shopping Centers — Mid

Atlantic Real Estate Journal

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SHOPPING CENTERS Park Potomac 110,000 s/f retail center is fully leased

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ethesda, MD — Six years after working with developer Foulger-Pratt of Rockville, MD to master-plan a new upscale mixed-use community in Potomac, MD, Streetsense of Bethesda, MD has successfully finalized the leasing of Park Potomac’s 110,000 square foot retail center with a 7,000 s/f lease to Founding Farmers restaurant, which is now open. Under the culinary leadership of Executive Chef Joe Goetze, Founding Farmers celebrates American cooking traditions with high-quality,

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the Park Potomac space provides a convivial atmosphere with “barnyard chic” décor. ■

Chasing the true value . . . Continued from page 6B the sales contract is executed. The contract usually defines a period of time during which to search and synthesize financial data; conduct and complete a comprehensive review of past statements, income and expenses; and compare those findings with the data provided by the seller. Known as the ‘financial due diligence window,’ the buyer reserves the right during this period to abandon the deal without losing any escrow money. However, once the window closes, the buyer forfeits the right to walk away. Thus, once the contract is signed, the clock begins ticking and time is of the essence. However, years of investment and property management experience do not qualify investors and their staff to conduct the kind of intensive, comprehensive financial analysis that is required for today’s market. Newcomers and seasoned investors alike will benefit from utilizing a reputable results-oriented third-party due diligence expert. Utilizing proven methodologies, depth of expertise and industry resources, third-party financial due diligence offers investors both expediency and efficiency. From verifying, validating and auditing all income and financial statements, to analyzing and documenting 20 to 30+ expense-related line items, a cash-flow model is created. Based on a set of income stream assumptions, an investor then receives the data necessary to make a sound decision about a property. David Tesler, Esq., is Founder and CEO of Real Diligence, LLC. ■

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Mid Atlantic Real Estate Journal â&#x20AC;&#x201D; Shopping Centers â&#x20AC;&#x201D; November 25 - December 8, 2011 â&#x20AC;&#x201D; 13B

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SHOPPING CENTERS Franklin announces Banana Republic to Open 2012

Madison Marquette leases 6,686 s/f & 10 yr. lease renewal

RINCETON, NJ — MarketFair, owned by TIAA-CREF, announced today that Banana Republic will open at the mall in March 2012, one of only a handful of new stores that John-david W. Franklin the fashion retailer will open next year. Simultaneously The Gap, which owns Banana Republic, has renewed its lease at Marketfair for another 10 years.

Pottery Barn “Their selection of MarketFair is a major coup for us and a clear indication that

the improvements we have made in recent years are really paying dividends,” said Richard Kenwood of Madison Marquette, the General Manager of MarketFair. Banana Republic will occupy 6,686 s/f adjacent to the Gap and White House Black Market. Eastern Mountain Sports occupies the space currently, but will relocate across the hall in time for the holiday season. “This Banana Republic move is just the first of several exciting announcements we expect to make in the next few months,” said John-david W. Franklin SCLS, senior vice president of Madison Marquette, who leases and manages the property on behalf of TIAA-CREF. “Its decision comes on the heels of renewals executed this summer with Williams-Sonoma, Pottery Barn and Pottery Barn Kids.” ■

Granite Run Mall begins activation program in media

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MEDIA, PA — Madison Marquette announced an activation program for fall 2011 aimed at helping Granite Run Mall re-establish its role as a community gathering place for the greater Media, Pennsylvania area. The signature elements of the activation program include Dino Don’s Dinosaurium, a temporary exhibit of Dinosaur fossils, skeletons and interactive displays, and also the Grand Opening of a Habitat for Humanity - Restore. “We want to reintroduce Granite Run to the community,” said John-david W. Franklin, senior vice president of Madison Marquette. “We also want to show prospective retailers that Granite Run still draws a crowd.” ■

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Mid Atlantic Real Estate Journal — Shopping Centers — November 25 - December 8, 2011 — 15B

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16B — November 25 - December 8, 2011 — Shopping Centers — Mid

Atlantic Real Estate Journal

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PEOPLE ON THE MOVE CEO Tesler of Real Diligence, LLC seminar presents Marino heads up Distressed Assets Grp.

“Comm’l RE Acquisition: Financial Due Diligence”

SELIN, NJ — David Tesler, Esq., the CEO of Real Diligence, LLC, recently presented an expert seminar entitled “Commercial Real Estate Acquisition: Financial Due Diligence” to an a u d i e n c e David Tesler of attorneys at Greenbaum, Rowe, Smith & Davis LLP, of Iselin, N.J. Real Diligence, which is based in Lakewood, N.J., specializes in financial due diligence for commercial real estate acquisitions. The firm is part of Madison Commercial Real Estate Services , an umbrella organization that offers an array of specialty services for the commercial real estate market nationwide. In his seminar, Tesler focused on the role and value of financial due diligence at all points in the acquisition process, from pre-acquisition screening of a property to post-acquisition property management support. During acquisition, Tesler noted that due diligence is essential for: rental income

verification, including current and future base rent and miscellaneous income CAM income and methodology review, to define all tenants’ accurate Pro Rata share of expenses expense analysis, with records for every expense over the past 12 months and a four-year comparison recovery analysis, to determine whether tenants are paying what they should be in rent “As important as due diligence is during acquisition, it is often of equal importance post-acquisition,” said Tesler. “It makes sense to outsource the management and operation of commercial real estate. This ensures that a final rent roll is compiled, that all rent is being billed according to leases, and that CAM reconciliations and invoicing are accurate.” Supplementing his talk with numerous case studies that illustrated his points, Tesler also noted the importance of lease abstracting as the foundation of financial due diligence. “Since most of a property’s financials emanate from the leases, it is critical that leases are reviewed and abstracted by professional

lease experts,” he said. “CAM reimbursements can only be accurately calculated based on the abstracts (lease abstracting) and an analysis of expenses (financial due diligence).” In addition to being the CEO of Real Diligence, David Tesler is the founder and CEO of LeaseProbe, LLC, a lease abstracting company also affiliated with MCRES. In 2008, LeaseProbe acquired Real Diligence. Prior to launching LeaseProbe, Tesler served in the New York offices of Skadden, Arps, Slate, Meager & Flom LLP and Jenkens & Gilchrist Parker Chapin, LLP. During that time, he represented clients in the acquisition and disposition of various types of commercial real estate. He also represented clients (both landlords and tenants) in commercial lease transactions and real estate finance/refinance transaction. Tesler graduated with honors from Benjamin N. Cardozo School of Law in New York City. He was selected as an “Industry Leader” in 2010 by a major publication serving the real estate industry. ■

Levin Mgmt. Corp. among nation’s top RE firms NORTH PLAINFIELD, NJ — Retail real estate services firm Levin Management Corporation has been named among the nation’s top retail real estate firms by two prestigious industry publications. Levin Matthew K. Harding was cited among the industry’s top property managers in the August issue of Commercial Property Executive magazine, a ranking that places the 59-year-old firm on an impressive roster of

leaders that have helped their clients weather a challenging period for real estate across industry sectors. And the November issue of Chain Store Age, for the second year in a row, places Levin among the nation’s top 10 redevelopers for 2010-2011. According to Commercial Property Executive, the top property managers survey “was about performance, not only from the perspective of revenue generated and portfolio size but also due to changes in market conditions over the very difficult time period of 2009 into and through 2010. We evaluated the effectiveness

of the management teams according to property sector, the number of clients and properties per client, client tenure, volume and changes in square footage or units managed, occupancy and rent trends, and derived fee income from operations.” Matthew K. Harding, Levin’s president and chief operating officer, noted that the criteria for selection make both recognitions particularly rewarding. “This wasn’t about being the biggest company out there,” said Harding, who has been affiliated with Levin since 1986 and has guided the company’s strategic growth. ■

Marcus & Millichap hires McManus as senior director PHILADELPHIA, PA — Marcus & Millichap Capital Corporation (MMCC) has hired Matthew McManus, formerly of NAI Bluestone Real Estate Capital LLC, as a senior director, according to Matthew McManus William E. Hughes, senior vice presi-

dent and managing director of MMCC. NAI Bluestone, a Philadelphia-based commercial real estate finance firm, brings a team of finance professionals led by Matthew McManus. “The collaborative culture created by McManus mirrors our own approach to arranging and structuring all types of commercial real estate financing,” says Hughes. “Bluestone’s executives work together to provide capital markets solutions that

not only meet, but exceed the expectations of borrowers and lenders, making Matt a natural fit with MMCC.” MMCC’s Philadelphia office will have a team of seven originators and support staff, including Bluestone’s former head, McManus. Joining him from NAI Bluestone are Kristopher Wood, John Banas, Matthew Rosenberg, Garrett Miller, Patricia Henne and Suzanne Moses. ■

Remco Realty Grp. now licensed in PA COMMONWEALTH, PA — In an on going effort to fulfill the obligations of our landlord and tenant representation assignments, Remco has expanded its platform of services to include Pete Gallicchio the Commonwealth of Pennsylvania. Remco was established by Peter Gallicchio in April of 2008, and in three short years has gained recognition in the industry by increasing its sales force, and through the imple-

mentation of new service lines such as our Distressed Assets Group, headed up by Joseph Marino. We have represented several landlords and shopping centers throughout New JerJoesph Marino sey, including such well known tenants as Aamco Transmissions, Enterprise Rental Car, Strauss Auto and Sherwin Williams, to name few. We look forward to continued success throughout eastern Pennsylvania. ■

Peters-Atkinson promoted to chief marketing officer of Madison Comm’l. LAKEWOOD , NJ — Madison Commercial Real Estate Services president Joseph I. Rosenbaum, announced that Keren Peters-Atkinson, the company’s director of sales and marketing, has been promoted to Keren PetersAtkinson chief marketing officer. In her new role, she will direct the traditional and online marketing plans for the 10 companies and 12 joint ventures that are part of the Madison organization and related entities nationwide. She will focus on brand and reputation expansion and management, corporate vision and synergistic opportunities. In her new role, Peters-Atkinson’s responsibilities include developing and deploying MCRES’ marketing programs for each of its divisions; expanding the organization’s online and social media efforts; increasing brand awareness; and expanding MCRES’ national sales efforts. In addition to heading a marketing team of 15 professionals in two countries and collaborating with a sales team nationwide, she writes the company’s awardwinning weekly work-life advice e-newsletter/blog, Monday Mornings with Madison, and serves as editorial director of its commercial real estate blog, The Trusted Advisor. “In her three years with MCRES, Peters-Atkinson has brought our marketing and PR efforts to an entirely new level, helping us to grow our business even in an exceptionally challenging economy,” said Rosen-

baum, in making the announcement. “Under her direction, we have developed new websites and collateral materials, capitalized on media opportunities, instituted ‘The Trusted Advisor’ blog, expanded trade show participation and presented at top-level professional seminars. We are pleased to recognize her many achievements and look forward to the continued success of our marketing efforts under her leadership.” Peters-Atkinson has 15 years experience in marketing, communications, public relations, sales management, and event planning for the real estate and financial services industries. Prior to joining MCRES, she was National Marketing and Business Development Manager at Bayview 1031, a division of Bayview Financial, L.P. Earlier positions included Director of Marketing and Business Development at Southern Homes a/k/a SH Communities, a builder-developer of residential and commercial property in Florida; and Director of Communications and Marketing for the Builders Association of South Florida. From 1999 to 2003, PetersAtkinson was President and CEO of Image Builders Public Relations, a Florida-based boutique PR firm providing marketing and PR support for the real estate and travel industries. She holds a masters degree in Leadership with high honors from Nova Southeastern University, a bachelor’s degree from Florida International University, and an associates degree from Miami-Dade College. Raised in South Florida, Peters-Atkinson resides in Pembroke Pines, Florida. ■

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Mid Atlantic Real Estate Journal — Shopping Centers — November 25 - December 8, 2011 — 17B

SHOPPING CENTERS Nicholson from LMS Comm’l. represented tenant

Berger-Epstein Assoc. signs 5,600 s/f lease at The Shops at Hamilton

L L E N T O W N PA — Berger-Epstein Associates, Inc. has completed a lease transaction with Bixler’s Jewelers for 5,600 s/f in The Shops at 3900 Hamilton Center, 3900 Hamilton Boulevard, in Allentown. 3900 Hamilton Center has become the prime location for upscale shopping in the Lehigh Valley and features high end, premium tenants: Talbots, Milk and Honey Kids, Edward Jones, Swartz Kitchen & Bath Showroom, Sovereign Bank, H&R Block, The Paperbag and ReVive for Hair. “Through this new facility we can better serve our community, our clients and our brands by the quality of the facility and location. Thanks to the team at Berger-Epstein Associates, Inc. who has made the transition into this facility much better than I could have ever imagined,” says Mark Maurer, President of Bixler’s

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3900 Hamilton Center Jewelers. Center in Allentown. Bixler’s Jonathan Epstein, CCIM of Jewelers was represented by Berger-Epstein Associates, Inc. David Nicholson from LMS represented the landlord of Commercial Real Estate of the Property at 3900 Hamilton Lancaster. ■

Mid Atlantic Real Estate Journal Elaine Fanning, Associate Publisher PO Box 26 • Accord, MA 02018 800-584-1062 or 781-871-5298 • fax 781-871-5299 EFanning@MAREjournal.com

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ROCK Comm’l RE leased 11,600 s/f

Locations Wanted 15564 Elm Drive Y O R K C O U N T Y, PA – ROCK Commercial Real Estate leased 11,600 s/f of retail space: Bauernhof Brewing Company, LLC leased 4,000 s/f of retail space at 15564 Elm Drive in New Freedom, PA. ROCK Commercial Real Estate, LLC represented both the Landlord and the Tenant in this transaction. Inkworks,Inc leased 4,000 s/f of retail space at 204 North Constitution Avenue in New Freedom, PA. ROCK Commercial Real Estate, LLC represented both the Landlord and the Tenant in this transaction. Finder’s Keeper’s South leased 3,600 s/f of retail space at 2797 South Queen Street in York, PA. Finder’s Keeper’s South will add a second location for the upscale furniture consignment store in York County. ROCK Commercial Real Estate, LLC represented both the Landlord and the Tenant in this transaction. ■

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18B — November 25 - December 8, 2011 — Shopping Centers — Mid

Atlantic Real Estate Journal

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18 million square feet ARIZONA Mesa Kohl’s McKellips Road & Recker Road 95,279 SF GLA Part of Falcon View Plaza w/ Fry’s Phoenix Freestanding Barnes & Noble 1035 N. Metro Pkwy. West & 28th Dr. Adjacent to Metro Center Mall 19,360 SF on 1.48 Acres Tolleson Freestanding Kmart West McDowell Road & North 86th Drive 86,479 SF GLA FLORIDA Gainsville Mixed Use – Grocery Store & Student Housing NW 13th St & University Avenue 1.74 Acres Over 27,500 SF Ground Floor Retail in Proposed 171,000 SF 6-Story Residential Bldg Fern Park Lowe’s Shopping Center 6735 Hwy. 17-92 & Fernwood Blvd. near Hwy. 436 129,085 SF GLA Proposed Retail Strip: 9,000 SF ILLINOIS Downers Grove Marshall’s at The Grove 75th St. & Lemont Rd. 400,000 SF GLA Anchor Space Available 43,264 SF Niles Golf Glen Mart (Outparcel) Golf Rd. & Dee Rd. Up to 12,000 SF Outlot, B-T-S INDIANA Evansville Evansville Shopping Center Morgan Ave. & Boeke Rd. Rural King, Dollar General 153,000 SF GLA Indianapolis Pendleton Plaza Pendleton Pike & Shadeland Ave. Kmart 134,797 SF GLA South Bend South Bend Shopping Center US Hwy. 20 & US Hwy. 31 112,900 SF GLA Anchor Space Available

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MICHIGAN Grand Blanc Vacant Land Holly Rd. & I-75 22 Acres For Sale Muskegon Muskegon Shopping Center Henry St. & Norton Ave. 187,000 SF GLA Anchor Space Available Port Huron Port Huron Shopping Center Howard St. & 24th St. Big Lots, Save-A-Lot, Family Dollar 118,000 SF GLA Anchor Space & Outlot Available Redford Redford Plaza Plymouth Rd. & Inkster Rd. CVS/114,865 SF GLA Anchor Space Available Saginaw Saginaw Square Tittabawasse Rd. & Bay Rd. Target, JoAnn Etc., Staples 94,891 SF GLA Anchor Space Available Sandusky Kmart Shopping Center M-19 & Gates Rd. 176,248 SF GLA Anchor Space Available Southgate Fort St. & Burns Ave. 60,800 SF GLA Freestanding / Redevelopment Opportunity MINNESOTA St. Paul Midway Shopping Center University Ave. & Snelling Ave. Rainbow Foods, Office Max, Walgreens 280,353 SF GLA Anchor Space Available 40,262 SF NEVADA Las Vegas Kmart Plaza E. Sahara Ave. & McLeod Dr. 127,754 SF GLA 10,945 SF Outbldg. Available NEW JERSEY Marlton (Evesham) Tri-Towne Plaza Route 70 & Plymouth Dr. Superfresh/176,519 SF GLA Anchor Space Available/Redevelopment Opportunity

Thomas G. Mirandi 212-265-6600 Ext. 239 Email: tmirandi@rdmanagement.com Fax: 212-459-9133

MAREjournal.com

Mid Atlantic Real Estate Journal — Shopping Centers — November 25 - December 8, 2011 — 19B

200 retail projects NEW YORK Nanuet Home Depot Plaza Route 59 & Hutton Ave. Home Depot, Staples 250,000 SF GLA/Pad Available

PENNSYLVANIA Allentown Home Depot Plaza Lehigh St. & Route 78 220,000 SF GLA 9.82 Acres Available

Orangetown Orangeburg Commons Route 303 & Palisades Parkway Future Retail Development Anchor Space, In-Line Space & Pads Available Adjacent to Lowe’s

Carlisle Hanover Street (Route 34) & I-81 Home Depot, Chili’s 140,715 SF GLA 10,584 SF Future Expansion/Pad

NEW JERSEY Mt. Olive Pad Sites Available Adjacent to Foreign Trade Zone Across from Wal-Mart, Sam’s, TJ Maxx Old Bridge A & P Shopping Center Route 9 & Ferry Rd. 64,920 SF GLA Up to 4,000 SF Outlot Vineland Vineland Marketplace Delsea Dr. (Route 47) & College Dr. New Development 273,657 ± SF GLA / Outlots Available Williamstown Williamstown Shopping Center Black Horse Pike (Route 42) & Main St. CVS, Fashion Bug, Dollar General 85,000 SF GLA Anchor Space Available NEW YORK Deer Park Kohl’s Plaza Commack Rd. & Grand Blvd. Kohl’s, Super Stop & Shop 182,875 SF GLA Proposed Pad 3,800 SF Glenville/Scotia (Albany) Freestanding Building Saratoga Rd. (Route 50) & Glenridge Rd. 128,485 SF GLA Anchor Space Available Holtsville Island 16 Cinemas Shopping Center Nicholls Rd. & Long Island Expwy. National Amusements Theater, Chili’s 117,342 SF GLA Pad Bldg. Available with Drive-thru

Staten Island Lowe’s West Shore Center Veterans Rd. West (I-440) & Arthur Kill Rd. Pad Building Available 7,000 SF New Retail Bldg. Available 166,600 SF GLA Stony Point Stony Ridge Plaza Route 9W & Park Rd. US Post Office, Curves For Women 21,212 SF GLA Williamsburg (Brooklyn) North Side Piers Retail 20 North 5th St. & Kent Ave. Tower I: 181 Condos, 113 Apts. & 17,167 SF Retail Tower II: 250 Condos & 5,178 SF Specialty Rest. OHIO Ashtabula Home Depot Plaza Route 20 (N. Ridge Rd.) & Orchard Rd. 130,000 SF GLA 18,440 SF Expansion & Pad Findlay Hobby Lobby Plaza Tiffin Ave. & Croy Dr. Hobby Lobby Anchor Space Available

Latham/Colonie (Albany) Kmart Shopping Center Route 7 & Swatling Rd. 118,863 SF GLA Up to 10,000 SF Outlot Available

Oregon (Toledo) Vacant Land – 4.645 Acres Dustin Rd. & Isaac Street Dr. 1 block south of Navarre Ave. (Rte. 2) & Kmart 116,805 SF GLA

Monroe/Woodbury Harriman Commons Routes 17 / 6 & Route 32 Wal-Mart, Home Depot, BJ’s, Target, Home Goods, Best Buy 687,716SF GLA Anchor Space & Outlots Available Future Phase III Office Bldg.

OREGON Salem Kmart Shopping Center Mission Street S. E. 116,866 SF GLA

Management LLC

Trexlertown Trexlertown Marketplace Hamilton Blvd. (Route 222) & Mill Creek Rd. Walgreens, Panera Bread, Verizon 36,068 SF GLA TENNESSEE Hermitage (Nashville) Freestanding Bldg. adjacent to Jackson’s Courtyard Shopping Center 3445 Lebanon Pike 24,040 sf GLA 36,000 sf GLA Possible Redevelopment Texas Ft. Worth Westcliff Shopping Center Albertson’s Market, Dollar General Alton Rd. & Biddison St. 133,332 sf GLA VIRGINIA Richmond Food Lion Plaza Route 1 (Jefferson Davis Hwy.) & Chippenham Pkwy. Outlots Available WEST VIRGINIA St. Albans St. Albans Center Route 60 & MacCorkle Ave. SW Kmart, Super Kroger, Peebles, CVS 230,000 SF GLA PUERTO RICO Arecibo Arecibo Towne Center Routes 2 & 22 Future Development Anchor Position & Outlots Available Ponce Reina del Sur; Outlots at Ponce Towne Center II Rtes. #2 & Baramaya Ave. (Rte. 10) @ PR-52 Wal-Mart SuperCenter, Home Depot New Development & Pads 525,000 ± SF GLA

Thomas G. Mirandi 212-265-6600 Ext. 239 Email: tmirandi@rdmanagement.com Fax: 212-459-9133

20B — November 25 - December 8, 2011 — Shopping Centers — Mid

Atlantic Real Estate Journal

MAREjournal.com

RETAIL BROKERAGE DIRECTORY Azarian Realty Co. The Azarian Building • 6 Prospect St. Suite 1B • Midland Azarian Realty Co. Park, NJ 07432 P: 201-444-9888 The Azarian Building F: • 6201-444-6655 Prospect St. www.azariangroup.com Suite 1B • Midland Park, NJ 07432 F:info@azariangroup.com 201-444-9888 F: 201-444-6655 John M. Azarian • Donna M. Azarian • Kevin www.azariangroup.com Pelio Nicole Critelli • Matt Scozzari info@azariangroup.com John M. Azarian • Donna M. Azarian • Kevin Pelio Nicole Critelli • Matt Scozzari

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

Barglow Companies 878 Georges Road Monmouth Junction, NJ 08852 www.barglowcompanies.com Azarian Realty Co. P:732-297-8700 The Azarian BuildingF:732-297-8701 • 6 Prospect St. www.barglowcompanies.com Suite 1B • Midland Park, NJ 07432 F:bill@barglowcompanies.com 201-444-9888 F: 201-444-6655 William Barglow • Matthew Behr www.azariangroup.com Timothy Behr • Joanne Berardi info@azariangroup.com Harvey Snyder John M. Levine Azarian• Nicole • Donna M. Azarian • Kevin Pelio Jennifer Yacovelli Nicole Critelli • Matt Scozzari

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

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

Colliers International – Philadelphia, PA (HQ) 399 Market St. Ste. 350 Philadelphia, PA 19106 P: 215-925-4600 F: 215-925-1040 www.colliers.com/philadelphia Michael Barmash • Despina Belsemes David Dunkelman • Michael Kahan Todd Sussman

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

Capital Retail Group 1401 14th St. NW • 3rd Floor • Washington, DC 20005 P: 202-319-2884 www.capitalretailgroup.com Robert E. Tack • Michelle Tack Capital Retail Group is founded on the belief in doing a few things very well. It’s straight forward. We know commercial real estate leasing, sales and property management. We know our business.

Colliers International – Conshohocken, PA 161 Washington St., Ste. 825 Conshohocken, PA 19428 P: 610-684-1850 F: 610-684-1857 Damon DiPlacido Colliers International – Allentown, PA 7535 Windsor Dr., Ste. 208 Allentown, PA 18195 P: 610-770-3600 F: 610-770-3100 Derek Zerfass Colliers International – Harrisburg, PA 300 N. Second St., Ste. 1203 Harrisburg, PA 17101 P: 717-730-3752 F: 717-238-3299 William Aiello • George Lulos Colliers International – Mount Laurel, NJ 1317 Route 73, Ste. 109 Mt. Laurel, NJ 08054 P: 856-234-9300 F: 856-222-1115 David Dunkelman Colliers International – Wilmington, DE 300 Delaware Ave., Ste. 1018 Wilmington, DE 19801 P: 302-425-4000 F: 302-425-4700 Mark Undorf

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

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

Fameco - Woodbridge, NJ Woodbridge Towers • 555 U. S. Hwy 1 Fameco NJ Iselin, NJ- Woodbridge, 08830 Woodbridge Towers • 555 U. S. Hwy 1 P: 732-526-9000 F: 732-526-9101 Iselin, NJ 08830 www.famecoretail.com P: 732-526-9000 F:Caparruva 732-526-9101 Tyler Bennett • Carlo www.famecoretail.com Mike Horne • Anthony Palmiotto Tyler Bennett • •Carlo Kim Kretowicz ScottCaparruva Jennerich MikeSpector Horne Scott Jennerich • Dan Spector Dan • Steven Winters Steven Winters Fameco - Philadelphia, PA Fameco - Philadelphia, PA200 1425 Walnut Street, Suite 1425 Walnut Street, Suite Philadelphia, PA 19102 200 Philadelphia, PA 19102 P: 215.557.0050 F: 215.557-0053 P: 215.557.0050 F: 215.557-0053 www.famecoretail.com www.famecoretail.com Jackie Balin • Paige Barrow Jackie Barrow MichaelBalin Gray• •Paige Eva Redette Michael Gray • Eva Redette Larry Steinberg Fameco - Plymouth Meeting, PA 633 West Germantown Pike • Suite 200 Plymouth Meeting, PA 19462 P: 610-834-8000 F: 610-834-1793 www.famecoretail.com Cathy Agnew • Brian Bruzek • Jeff Cohen Jim Creed • Scott Dennis • Brandon Famous John Fasciano • Dana Hawkins Jerry Johnson • Jon Kieserman Adam Kohler • John Krause • Jon Kushner Gary Leone • Marc Mandel • Matt Mandel Jay Miller • Steve O’Malley • David Orkin Dale Peterson • Rick Schuch Julie Tanpitukpongse • Dave Vitali Rick Weinberg ••Fred Marissa Visconsi Younkin Fred Younkin Colin Behr • Daniel Sonnentag

MAREjournal.com

Mid Atlantic Real Estate Journal — Shopping Centers — November 25 - December 8, 2011 — 21B

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

KW Commercial-The James Balliet Commercial Group 40 S. Cedar Crest Blvd. Allentown, PA 18104 P:610-435-4711 Levin Management F:610-435-2800 www.lehighvalleycommercial.com P. O. Box 326 • Plainfield, NJ 07061 P:James 800-755-7194 F: 908-755-7194 Balliet, Robert Thompson, Melanie Stocker www.levinmgt.com Dr. Rex D’Agostino, Cheyenne Reiman Dale Mulartrick Jake Frantzman • Barry Greenberg Pete•Ambrosino, Heather Lynne Pina Hoel • Stan Bernstein • Dennis Larrison Christopher Milotich

Joe R. Deerin, CSM • Donna Deerin Ward 120 North Pointe Blvd., Suite 301, Lancaster, PA 17601 P: 717-569-9373 T: 800-864-2633 www.LMS-PMA.com Dave Nicholson, Blaze Cambruzzi, Michael Boden, SCSM, Chad Ward, Blake Gross, Joe Spagnola, CCIM Ted Hummel, CCIM, e-pro, Wilay Boensch

Madison Marquette 1717 ArchS.St. • Suite 3930 David Feldman Philadelphia, PA 19103DC Office Regional Manager – Washington Special Assets Services – Regional Director Joseph D. Morris 7200 Wisconsin Ave. • Ste. 1101 • Bethesda, MD 20814 P: 215-399-4186 P: 202-536-3700 F: 202-536-3710 www.marcusmillichap.com John-david W. Franklin SCLS P: 215-399-5606 Danny Brooker, Josh Feldman, Brandon Jenkins, Kirk Knight, Ed Laycox, Nathan Pealer, Rudolph Rueda, Peter Snell

David S. Feldman Regional Manager – Washington DC Office Special Assets Services – Regional Director Michael J. Fasano Wisconsin • Ste. Manager 1101 Vice7200 President and Ave. Regional Bethesda, 20814Park, NJ 07407 611 River Dr. • 4th Floor • MD Elmwood P: 202-536-3700 201-582-1000 F: 202-536-3710 201-582-1010 www.marcusmillichap.com Danny Brooker, Josh Feldman, Brandon Jenkins, Kirk Knight, EdZoltek, Laycox,David Nathan Pealer, Rudolph Urszula E. Thurston, Rueda, Peter Snell David Cafiero Michael Lombardi, Greg Babaian, Michael J. Fasano Vice President and Regional Manager 611 River Dr. • 4th Floor • Elmwood Park, NJ 07407 P: 201-582-1000 F: 201-582-1010 www.marcusmillichap.com Urszula Zoltek, David E. Thurston, Michael Lombardi, Greg Babaian, David Cafiero Spencer Yablon Spencer Yablon Manager Vice President and Regional Vice President and Regional Manager 101 West Elm Street • Suite 600 • Conshohocken, PA 19428 101 West Elm Street • Suite 600 • Conshohocken, PA P: 215-531-7000 19428 F:215-531-7010 P: 215-531-7000 www.marcusmilllichap.com F:215-531-7010 www.marcusmilllichap.com Derrick Dougherty, Matt Gorman, Derrick Jordan Dougherty, Matt Gorman, Andy Kaplin, Muchnick, Chris Munley, Kaplin,Michael JordanShover, Muchnick, Munley, Brad Andy Nathanson, MarkChris Taylor, Dean Zang Brad Nathanson, Michael Shover, Mark Taylor, Dean Zang

Metro Commercial – Mt. Laurel, NJ 303 Fellowship Rd • Suite 202 • Mt. Laurel, NJ 08054 P: 856-866-1900 F: 856-866-1611 Brandon Anapol • Brent Barbehenn • Dan Brickner Rob Cooper • Mark Gerlach • Perry GraBois Tom Londres • Lauren McDermott • Pete Nicholson Kurt Rumley • Paul Rumley • George Wisnoski Metro Commercial - Conshohocken, PA Eight Tower Bridge • 161 Washington St. • Suite 375 Conshohocken, PA 19428 P: 610-825-5222 F: 610-825-5156 Phil Azarik • Joe Dougherty • Donna Drew • Steve Gartner • Brian Goodwin • Randy Hope Glenn Marvin • Mike Murray • Steve Niggeman Roy Perez-Daple • Aaron Repucci Metro Commercial - Center City 123 S. Broad St. • Suite 1835 Philadelphia, PA 19109 Michael Gorman • Steve Gartner

Check here if you’d like a special listing (includes logo and border) Single Block (2x2) — $50.00

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Company Name: _________________________________________________________________ Address:________________________________________________________________________ Telephone/Fax:__________________________________________________________________ E-Mail: _____________________ ___________________________________________________ Website:________________________________________________________________________ Commercial Brokers: ______________________________________________________________ _______________________________________________________________________________ _______________________________________________________________________________ ______________________________________________________________________________ Elaine Fanning Mid Atlantic Real Estate Journal | 1-800-584-1062 | fax: 781-871-5299 | e-mail: efanning@marejournal.com

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

Remco Realty Group 525 MIlltown Rd. • Ste. 101 • North Brunswick, NJ 08902 P: 732-253-0888 F: 732-253-0887 www.remcorealty.net Peter Gallicchio, Owner/President Nicole Zeller - Christopher Virgo - Brian Heller Joseph Marino – Mark DiGiovanni

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

Rock Commercial Real Estate LLC 221 W. Philadelphia • St. Suite 19 • York, PA 17401 www.rockrealestate.net Ryan Myers, CCIM, • Larry O’Brien, CCIM Benjamin Chiaro, CCIM • Cami Spiridonoff, CPM David Bode, CCIM, SIOR • Dave Keech, CCIM, SIOR Jason Turnbull, CCIM • Kevin Hodge, CCIM Michael Katz, CCIM • Russ Bardolf, CCIM Ted Turnbull, CCIM

If you would like to appear in the Retail Directory, please fill out coupon and fax

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

Elaine Fanning, Publisher Ph: 800-584-1062 x 212 Fax: 781-871-5299 efanning@marejournal.com www.marejournal.com P.O. Box 26 Accord, MA 02018

22B — November 25 - December 8, 2011 — Shopping Centers — Mid

Michael Kercheval President & CEO ICSC

David Henry ICSC Chairman

Northern NJ State Directors PA/DE/S.NJ: State Director John-david W. Franklin Steven Gartner MadisonH.Marquette Metro Commercial Real DC/MD/N.VA: Estate Larry M. Spott, CDP The Rappaport Companies Government Relations Committee Chair S.VA: Michael A. F. Mozzachio Susan Jones GrubbDevelopment & Ellis Chancellor Group Government Relations Committee Chair Alliance Co-Chair PA/DE/S.NJ: Edward A. Shriver, Jr. Ed Kochman Strada Kochman Consulting Services Operations Co-Chair DC/MD/N.VA: Lynda E. Benedetto, Thomas C. Barbuti Whiteford, Taylor and SCSM Preston LLPCo. Kravco Simon S.VA: Roger Rodriguez RetailR.Co-Chair Timmons Group Roy T. Perez-Daple Lowe’s Companies Alliance Co-Chair PA/DE/S.NJ: Next Generation Chair Russel Jenkins Eric S. PenneyInc. Zamias Services CentroDC/MD/N.VA: Properties Group Patricia Palumbo Klein Enterprises Idea S.VA: Exchange Matthew L. Lafler Program Planning ComCommercial Real mittee Co-Chair Estate Services Timothy Rubin Next Generation Chair PREIT PA/DE/SNJ: Jordan Claffey Idea Exchange Centro Properties Group Program Planning ComSNJ: LindseyCo-Chair C. Floyd mittee Thalhimer Brandon Famous DC/MD/N.VA: Fameco Jarett L. Parker Kimco Corporation

Atlantic Real Estate Journal

MAREjournal.com

Member of International Council of Shopping Centers John-david Franklin Adam Ifshin Director, Eastern Division www.icsc.org PA/DE/S.NJ

VP & Trustee

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

Susan Jones Director, S.VA

New York National Conference & Deal Making December 5- 6, 2011 Schedule

Monday, Monday,December December5th 5 Registration – Sheraton Hotel 7:30 am – 7:00 pm Coffee Service 7:30 – 9:00 am Deal Making 9:00 am – 5:30 pm General Session 9:30 – 10:30 am THE HONORABLE MICHAEL R. BLOOMBERG Mayor New York City Retail Runway 10:30 – 11:45 am Popular national retailers will showcase their business and expansion plans in an exciting runway format. *As of September 9, 2011 Athleta Denny’s Fairway Market Five Below L.A. Fitness Modell’s Sporting Goods Party City Retail Group Smashburger Unleashed by PetCo Lunch Served 12:00 noon – 12:30 pm (No lunch service after 12:30 pm) Industry Update 12:45 – 1:15 pm MICHAEL P. KERCHEVAL

President and CEO International Council o Shopping Centers New York, NY Outlook for Retail Real Estate 1:15 – 1:30 pm DAVID HENRY ICSC Chairman President & Chief Executive Officer Kimco Realty Corp. New Hyde Park, NY Women’s SIG 4:00 – 5:30 pm Join a group of industry leaders at a special networking luncheon and an interactive presentation. This is a rare opportunity to meet with colleagues, form new relationships, share best practices and enjoy the camaraderie that’s the hallmark of this very special Special Industry Group! Don’t miss this opportunity to become part of a Global Network of Women. Member-Hosted Cocktail Reception 5:30 – 7:00 pm Sponsorship Opportunities Corporate sponsorship is $750 per company. If you are interested in being a sponsor, log on to www.icsc.org and click on Events & Programs to get a copy of the Sponsorship Form or please contact Jason Richter at +1 718 596 1414.

REGISTRATION At Sheraton New York Hotel Tuesday, Tuesday,December December6th 6 Registration - Sheraton Hotel 8:00 am – 4:00 pm Deal Making 8:30 am – 4:00 pm General Session 8:00 – 9:30 am Urban Retail: The Vertical Integration of Retail Urban cities such as New York City, Boston, Washington, D.C. and Miami have recently embraced vertical integration of traditional suburban shopping center retailers. The panel will discuss vertical retail development, leasing and merchandising challenges. Topics to include: urban store formats and design, site selection, approvals, expansion issues and preparing for 2012. Moderator KEN NARVA, AIA Co-Founder and Managing Partner Street Works Panelists DENNIS P. BACHMAN Senior Real Estate Representative Wakefern Food

Corporation -ShopRite G. LAMONT BLACKSTONE Principal G.L. Blackstone & Associates, LLC DAN CASIERO Vice President Real Estate Forest City Enterprises JAMES DEWEY Director of Real Estate The Fresh Market PETER RIPKA Partner Ripco Real Estate DANIEL SHALLIT Director of Real Estate - Northeast Region Sports Authority MICHAEL J. SHANAHAN Vice President of Real Estate Burlington Coat Factory PATRICK SMITH Vice President of Real Estate BJ’s Wholesale Club Coffee Service 8:30 am – 10:00 am Box Lunch Served – Sheraton Hotel Only 12:00 noon – 1:00 pm Conference Adjourns 4:00 pm

ICSC 2012 Mid-Atlantic Conference & Deal Making Exciting News! This year, Retailers are being offered a FREE table and chair on “Retailer Row” for the duration of the event.

January 27th Shopping Centers featuring the 5th Annual “Mid Atlantic ICSC Show Issue” To market your companies show presence, submit an expert article, recent press releases, company announcements or project news This issue will add additional exposure at the February 22nd show Deadline: January 16, 2012 Contact Elaine Fanning: 1-800-582-1062 ext. 212 email: efanning@marejournal.com February 21-22, 2012 Gaylord National Resort & Convention Center National Harbor, MD

ICSC

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Mid Atlantic Real Estate Journal — Shopping Centers — November 25 - December 8, 2011 — 23B

SHOPPING CENTERS BUSINESS CARD DIRECTORY ENGINEERING CONSULTANT

COMMERCIAL INVESTMENT RE Jules A. Borrus BROKER-PRESIDENT

GENERAL CONTRACTOR

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Ma hew Ru , PE,CDP President

direct/cell: (717) 490-2785 mruƩ@landcoreconsulƟng.com

REAL ESTATE

Mailing Address: P.O. Box 8357 Red Bank, NJ 07701 Email: borruscommre@aol.com

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Daniel Katz

P: 212.710.9362

F: 917.591.5497

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

REALTY

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R E A L E S TA T E S E R V I C E S

President

WILLIAM F. BARGLOW Tel: 732-297-8700 Fax: 732-297-8701 Cell: 732-208-7135 878 Georges Road - Suite 6, Monmouth Junction, NJ 08852

40 S. Cedar Crest Blvd. Allentown, PA 18104 www.lehighvalleycommercial.com

direct main cell fax

610.435.4712 610.435.4711 610.972.6808 610.435.2800

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24B — November 25 - December 8, 2011 — Shopping Centers — Mid

Atlantic Real Estate Journal

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SHOPPING CENTERS ARCHITECTURE/ENGINEERING/ENVIRONMENTAL

CONSULTING ENGINEER

• Project Management • Development Due Diligence & Feasibility Studies • Agency Permitting • Land Development Design • Construction Phase Services • Graphic Services

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Mid Atlantic Real Estate Journal — Shopping Centers — November 25 - December 8, 2011 — Inside Back Cover B

Talk vs. Execution Year to date, our New Jersey, Philadelphia and Washington, D.C. offices have closed over $804 million in real estate and financing transactions. The three offices currently have $293 million in properties under contract.

Who says no deals are getting done? How can we support your strategy? U.S. Investment Sales Brokerage Company Ranking 1,518

Marcus & Millichap 929

CB Richard Ellis 390

Cushman & Wakeﬁeld

257

Colliers International Grubb & Ellis

224

NAI

223

Cassidy Turley

216

Coldwell Banker

209

Holliday Fenoglio Fowler

182

Eastdil Secured

176

* Includes sales of apartment, office and retail properties of $1 million and above nationally, 12 months ending 6/30/2011; list side. Source: CoStar Group, Inc.

A Tradition of Successful Execution for Our Clients — Through Every Cycle

New Jersey

Philadelphia

Washington, D.C.

Michael Fasano (201) 582-1000 michael.fasano@marcusmillichap.com

Spencer Yablon (215) 531-7000 spencer.yablon@marcusmillichap.com

David Feldman (202) 536-3700 david.feldman@marcusmillichap.com

Offices Nationwide

www.MarcusMillichap.com

B Back Cover — November 25 - December 8, 2011 — Shopping Centers — Mid

Atlantic Real Estate Journal

MAREjournal.com

Brokerage, Management & Development of Commercial & Investment Real Estate

FOR SALE OR LEASE 449 Route 130, East Windsor, New Jersey •Former Chevrolet Car Dealership •10,000 +/- square feet •3 +/- acres •270 feet of frontage along Route 130 •HC-Highway Commercial Zone •Real Estate Taxes: $27,000.00 •Sale: $1,300,000.00 / Lease: $17.00 SF •Retailers in the Market Place: Target, Home Depot, Wal-Mart, Advanced Auto, Staples,Burlington Coats, Walgreens, Chase Bank

FOR LEASE 540 Route 70 Brick, NJ

FOR SALE Route 9 & Lighthouse Dr. Waretown, NJ

FOR LEASE 1500 Route 35 Ocean, NJ

•Adjacent to La-Z-Boy Furniture Gallery •7,000 +/- square feet •Space Dimensions 48’ x 144’ •Real Estate Taxes $3.00 per square foot •Immediate Occupancy •Asking Price: $18.00 SF •Retailers in the Market place: Costco, Christmas Tree Shops, Target, PC Richard & Sons, Dicks, Petco, Lowes Hardware

•4.2 +/- acres •230 feet of frontage along Route 9 •Zoning: C-1 General Commercial •Across from newly developed 110,000 square foot grocery anchored Town Center at Ocean Township •Signalized Intersection •All Utilities at the site •Real Estate Taxes $26,000.00 •Asking Price: $1,800,000.00 •Retailers in the Market Place: Shop Rite Supermarket, Ocean First Bank, Dunkin Donuts, Sonic, CVS Pharmacy, Game Stop

•Former La-Z-Boy Furniture Gallery •Up to 21,000 +/- Square Feet •2.7 +/- Acres •380 feet of frontage along Route 35 •66 Parking Stalls •Real Estate Taxes $3.15 per square foot •Immediate Occupancy •Asking Price: $15.00 SF •Retailers in the Market Place: Stein Mart, Kohls, Foodtown, Wegmans, Pier 1 Imports, Staples, Frank’s Big & Tall

For more information on the above properties and others, visit our web site: VISIT WITH US AT THE NEW YORK ICSC CONFERENCE ON DECEMBER 5TH-6TH

732.297.8700

www.barglowcompanies.com

MID

ATLANTIC REAL ESTATE JOURNAL

CONTRACTORS, OWNERS & MANAGERS Section C of the Mid Atlantic Real Estate Journal

Sales associate Andrew Scheinerman leads sale of 67 units

Kislak completes $6.68 million Bergen County, NJ multifamily sales

EANECK, NJ — The Kislak Company recently completed three multifamily sales in Bergen County, New Jersey totaling $6.68 million. Alma Terrace, a 25-unit property in Teaneck, and Linden West, a 32-unit property in Elmwood Park, together sold for $5.08 million. President and co-managing director Jeffrey Wiener represented the seller and sales associate Andrew Scheinerman rep-

Alma Terrace

NOVEMBER 25 - DECEMBER 8, 2011

HI-LIGHTS Gebroe-Hammer Associates completes 5 multi-families Gebroe-Hammer Associates has completed five multifamily investment sales involving a total of 95 units that traded for $7.305 million.See Page 2C

resented the purchaser. In a separate transaction, a 10-unit property in Edgewater sold for $1.6 million. Scheinerman represented the seller and vice president Jonathan Greenberg represented the purchaser. “Bergen County continues to be one of the strongest and most desirable markets for multifamily properties with some of the highest occupancies within the state and nationally,” said Robert Holland, senior vice president and co-managing director. Bergen County is the most

populous county within New Jersey and is ranked 16th among the highest per capita income counties in the United States. It is close to many employment centers in northern New Jersey and neighboring New York City and offers abundant highway and mass transit links throughout the metropolitan area. Alma Terrace and Linden West are brick garden apartment complexes constructed in the mid 1940s with pitched roofs, on-site parking, and laundry facilities. Alma Terrace includes studios and onebedroom apartments. Linden West includes one and two bedroom apartments. Both complexes are conveniently located close to many commercial and retail establishments, schools, houses of worship and transportation. The seller recently completed major improvements to both properties. “The strong demand among investors for Bergen County properties increased the demand for these complexes,” said Scheinerman. “These sales also

marked the second time that Kislak sold the properties.” The purchaser assumed an existing first mortgage on the properties. The seller was represented by Richard Kelin, Esq. of Feinstein, Raiss, Kelin & Booker, LLC of West Orange. The purchaser was represented by Stephen Russo, Esq. of Russo & Russo of Teaneck. The Edgewater property is a three-story brick apartment building with a combination of one and two bedroom units located less than two blocks from Edgewater Town Center and Grand Cove Marina. “The $160,000 per unit price demonstrates the demand for quality Bergen County multifamily properties,” added Scheinerman. Financing was provided by North Jersey Community Bank. The seller was represented by Michael Jimenez, Esq. of Edgewater. The purchaser was represented by Joseph Behot, Esq. of Hackensack. At the time of closing, the property was fully occupied. ■

Contract valued at more than $4 million

CIS Management wins four NJAA Garden State Awards CIS Management,the developer and builder of apartment-rental communities has won four awards at the 18th Annual Garden State Awards. See Page 4C

ALSO INSIDE: ABC EPA CHAPTER: 21ST MERIT CONSTRUCTION AWARDS OF EXCELLENCE..........8-9C GREEN BUILDINGS ........................................................... 10-13C USGBC NJ........................................................................12C NJAA ORGANIZATION .........................................................15C IREM ORGANIZATION ............................................... 16-IBC-C Section C, 20 pages

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Smith-Midland Corp. supplies SLENDERWALL for Daibes Ent. EDGEWATER, NJ — SmithMidland Corporation (SMC) is pleased to supply its SLENDERWALL architectural precast concrete panel system as the exterior cladding for a Daibes Enterprises project, The Alexander located on the Hudson River in Edgewater. This unique 290-unit nine story apartment building is designed to replicate the architecture of New York City’s 1940-1950’s era Park Avenue. The contract awarded to SMC is valued at more than $4 million dollars and features 1,024 LEED friendly exterior panels combining SLENDERWALL and traditional architectural precast totaling approximately 99,579 s/f. The panels will be a buff

color with an acid etched finish and historical details such as cornices, reveals, and bull noses. Daibes Enterprises has elected to have the SLENDERWALL precast panels insulated with closed cell foam insulation performed by SMC at their Midland, Virginia production facility. This valueadded option offers a savings in both time and labor. Production of the SLENDERWALL panels started in September 2011 and delivery is scheduled to begin in January 2012. Fred Daibes, president of Daibes Enterprises, shared a special note that this building is being built as a tribute to his father. SLENDERWALL, because of its lightweight design (30 lbs/s/ f), can reduce building founda-

tion and structure costs, shipping and installation costs. The proprietary 360º concreteto-stud connection isolates the exterior precast concrete cladding from the structural stresses associated with wind loading, steel frame movement, expansion and contraction and seismic shock. SLENDERWALL combines time-proven components to create a true composite, lightweight wall system for both new construction and recladding projects. The combination of architectural precast concrete, insulated Nelson anchors, welded-wire fabric and heavy-gauge stainless or galvanized steel studs create a single, efficient exterior wall system with unlimited design freedom. ■

C Inside Cover — November 25 - December 8, 2011— Contractors, Owners & Managers — Mid

Atlantic Real Estate Journal

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Mid Atlantic Real Estate Journal — Contractors, Owners & Managers — November 25 - December 8, 2011 — 1C

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2C — November 25 - December 8, 2011 — Contractors, Owners & Managers — Mid

Atlantic Real Estate Journal

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GENERAL CONSTRUCTION

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Gebroe-Hammer Associates completes 5 multi-families

IVINGSTON, NJ — Gebroe-Hammer Associates has completed five multi-family investment sales involving a total of 95 units that traded for $7.305 million. Gebroe-Hammer ’s brokerage specialists represented the sellers and buyers in each of the trades. Greg Pine, senior vice president, arranged the $3.2 million sale of 25 units located at 34 Wisse St. in Lodi, a southwestern borough of Bergen County. “Although population growth has slowed, Bergen County remains the most populous county in the state, boasting solid occupancy rates and a high concentration of multifamily complexes that run the span of garden apartments to luxury high-rises,” said Pine. “Because of this diversity, any

34 Wisse St. in Lodi property that comes on line is sale of a 23-unit building. heavily contended by investors Gebroe-Hammer also neseeking to establish a flagship gotiated the $150,000 note property or expand their local sale of 13 distressed units at portfolio.” 1348 West Front St., in PlainHighlights include the $1.5 field. David Jarvis, executive million sale of 16 residential VP, and Steve Tenenbaum, and two commercial units assistant VP, represented at 519 Central Ave. and the the lender and identified the $855,000 disposition of 16 buyer. ■ units at 96 Storms Ave. In Union City, Gebroe-Hammer Contractors, Owners also concluded the $1.6 million

POA presents “Social Media and Marketing” WEST ORANGE, NJ — Join POA on Wednesday, Dec. 7th, as Ellen Thompson, CEO & cofounder of 4 Walls along with Sunny Kancherla founder of GardenStateApartments.com and Hans Kaspersetz president of On Interactive as they discuss marketing, technology and security on the web for multifamily owners. The meeting will take place at the Wilshire Grand located at 350 Pleasant Valley Way beginning at 6:30p. m. and is sponsored by David Lerner Associates and Proponet Federal Credit Union. Marketing your units efficiently and effectively is a vital part of owning rental property. Why work harder when you can work smarter? Allow our distinguished panel of noted experts to share their knowledge and

expertise on the subject. We will also discuss publishing and search engine optimization. The evening will begin at 6:30 p.m. with a First Time Investors Forum followed by a brief business meeting. At 7:15p. m. the Legal Forum hosted by Bruce Gudin, Esq of Levy, Ehrlich and Petriello will begin followed at 7:45p.m. by the featured presentation. Attendance to this meeting is free for POA members, who are also encouraged to bring a guest with them at no charge. SuperStar members are welcomed to bring three non-members with them. Non-members $35. Please note there will be a toy drive and please bring an unwrapped toy and someone from the Armed Forces will be picking them up that night. ■

& Managers a section of the

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

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Section Publisher Joe Christman jchristman@marejournal.com

Section Editor Karen Vachon kjoy@marejournal.com

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Mid Atlantic Real Estate Journal — Contractors, Owners & Managers — November 25 - December 8, 2011 — 3C

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4C — November 25 - December 8, 2011 — Contractors, Owners & Managers — Mid

Atlantic Real Estate Journal

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MAREJ COM Management Company of the Year Award

CIS Management wins four NJAA Garden State Awards

REEHOLD, NJ — CIS Management, Inc., the property management affiliate of Community Investment Strategies (CIS), Inc., the developer and builder of apartment-rental communities throughout New Jersey, has won four awards at the 18th Annual Garden State Awards. The awards, sponsored by the New Jersey Apartment Association (NJAA), recognize achievement among the leaders in one of the state’s most important industries – rental housing. The prestigious Management

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Public & Private Financing & Subsidy Programs Residential Property Management & Compliance Multifamily Construction, Redevelopment & Rehabilitation

1970 Brunswick Avenue, Suite 100, Lawrenceville, NJ 08648 609.298.2229 www.CISnj.com

Company of the Year (Affordable) award was presented to CIS Management Inc. This award recognizes excellence in property management and resident service. “This is an important industry award and we are honored to be recognized along with all of the individuals whose dedicated efforts have contributed to the advancement of the affordable housing industry in New Jersey,” said William Dailey, president of CIS Management, Inc. In addition, three CIS communities were distinguished in several award categories. All of the properties are managed by CIS Management Inc. Heritage Village at Manalapan, an affordable senior rental community in Manalapan, N.J., won the award for best curb appeal (Central Jersey), built after 2000. Heritage Village at Elizabeth received the award for best managed properties mid/highrise apartments (affordable) built after 1981 (North Jersey.) Finally, Heritage Village at Elton Corner, a senior rental community in Freehold, N.J., won in the category of best managed properties garden/ low-rise apartments (affordable) built after 2000. Established in 2004 as an extension of CIS’ “with you for life” philosophy, CIS Management Inc. oversees comprehensive and responsive property management services. Committed to a hands-on, round-theclock approach, the company provides regulatory compliance; administrative agent services; market repositioning, renovation oversight; contract administration; marketing, leasing and sales services; resident services; social activities programming; senior services; and third-party, facilities, asset and financial management. ■

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Mid Atlantic Real Estate Journal — Contractors, Owners & Managers — November 25 - December 8, 2011 — 5C

MAREJ COM Daitch of Marcus & Millichap serves as broker

Treetop Development purchases 115 unit apts. E WA R K – A s p e n Stratford, a 115 unit HUD subsidized rental complex located at 19 and 29 Stratford Place in the Essex County, City of Newark, has been purchased by TreeTop Development.

Aspen Stratford features one-, two- and three-bedroom homes situated in two separate five story and six story buildings. Andrew Daitch of Marcus & Millichap served as broker in the transaction. Steven Fleissig of Greenberg Traurig represented TreeTop as legal counsel. At a time when many property owners have slowed pursuing multi-family investments, TreeTop Development has implemented an aggressive acquisition strategy that has raised the total number of apartment homes in its portfolio to more than 1,250 in the City of Newark alone and 2,000 in Essex County, according to Adam Mermelstein, a principal of TreeTop Development. Aspen Stratford is the next in a long line of HUD apartment assets purchased by TreeTop Development and renovated to bring to market standards. TreeTop plans in excess of $1 million in capital improvements for the complex, including upgraded building systems, common areas and unit interiors. “Two years ago we made a conscience decision to invest in Newark HUD properties and take the steps needed to improve and modernize the assets and reintroduce them to the market,” said Mermelstein. “It’s an investment strategy that has had great success at rental buildings including Aspen Riverpark in the Ironbound district and Aspen Temple on the corner of South 10th and 11th streets. Aspen Stratford will be the fifth HUD apartment building in Newark that follows this acquisition and improvement model and will strengthen our commitment to investing in this City by creating strong and stable communities at affordable rental pricing.” ■

Aspen Stratford

6C — November 25 - December 8, 2011 — Contractors, Owners & Managers — Mid

Atlantic Real Estate Journal

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Vandemark & Lynch adds Steinle Construction Engineers

EW CASTLE COUNTY , DE — VanDemark & Lynch, Inc. announced the addition of Steinle Construction Engineers as a new Division of the company to provide Structural Engineering Alan G. Steinle and Building Code Review Services. Founded by Alan G. Steinle, PE, Steinle Construction Engineers has provided structural engineering services for over 18 years to a wide range of public and

private clients, including New Castle County and the State of Delaware. Steinle Construction Engineers’ staff of Professional Engineers has prepared designs and specificaDarryl C. Jones tions for renovations, new construction, repairs and improvements for commercial, institutional, residential, industrial, and governmental clients. Their staff of Certified Building Plans Examiners has performed over

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2,000 project reviews for the New Castle County Department of Land Use for compliance with International Building and Residential Codes since 2000. Steinle Construction Engineers received the prestigious 2008 Engineering Excellence Grand Conceptor Award from the American Council of Engineering Companies (ACEC) of Delaware. Alan G. Steinle, PE (top), Darryl C. Jones, PE (bottom) and their staff look forward to contributing their combined 93 years of structural engineering experience to the clients of VanDemark & Lynch. VanDemark & Lynch, Inc. is an engineering, planning, and surveying firm with a successful record of service to commercial, institutional, utility, industrial, and governmental clients. Founded in 1937, the firm is comprised of a staff of more than 35 civil engineers, surveyors, technicians, and experienced managers who represent a full range of professional disciplines. They provide complete engineering, planning, surveying, construction management, and inspection services to customers throughout the Mid-Atlantic area. ■

Schlouch prepares site for parking lot BLANDON, PA, November 1, 2011 – Schlouch Incorporated has been named by Volpe Trucking, Inc. to prepare a six-acre site for a parking lot on Hollow Road, Phoenixville, PA. Schlouch is providing clearing, grubbing, survey, stakeout, earthwork, storm sewer, sediment/erosion control, curbs, paving and seeding. Doug Gable is Schlouch’s site coordinator and Michael Laudermilch is project coordinator/estimator. Work will be completed by Fall 2011. Schlouch Incorporated specializes in site design and site construction throughout Eastern Pennsylvania. Schlouch has been named by Southern Berks Land Co. LP to provide mass excavation for a 40-acre site in New Morgan Borough, Berks County. Schlouch is providing clearing, grubbing, survey, stakeout, earthwork, storm sewer, sediment/erosion control and seeding. Don Swasing is Schlouch’s site coordinator and Michael Laudermilch is project coordinator/estimator. ■

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Mid Atlantic Real Estate Journal — Contractors, Owners & Managers — November 25 - December 8, 2011 — 7C

IREM New Jersey Chapter No. 1 • Delaware Valley Chapter No. 3 and Southern New Jersey Chapter No. 101 present

The event that includes a full slate of educational programs, an industry partners expo and networking for real estate professionals!

AGENDA

Robin Crow In the Music Box Theatre The Power of Service: How to Energize Your Business by Developing a Culture of Exceeding Expectations doors open boils down to one thing... how well their customers are served. OK, we all know that. But the critical distinction is knowing how to expand your resources,

THURSDAY, FEBRUARY 23

Robin presents vivid examples of how great companies (including his own, Dark Horse Recording) have applied these principles to achieve sustained success. ? Robin Crow has forged a remarkable career on his journey from RCA recording artist to successful entrepreneur, and has built several world-class businesses from scratch. He is an acclaimed public speaker with a client list that is a who’s who of blue chip corporations and forward thinking organizations. Robin doesn’t just talk business; he lives it. His company Dark Horse Recording, a four-studio complex and resort has set the gold standard for customer service and excellence in the recording industry. It is home to Faith Hill, Ashley Judd, Neil Diamond, Taylor Swift, Tim McGraw, Michael W. Smith, Jewel, Alison Krauss, and many others.

James A. Evans, CPM® 2012 IREM President

Name______________________________________________________________________ Company __________________________________________________________________ Address ____________________________________________________________________ ___________________________________________________________________________ STATE

ZIP

Phone _____________________________________________________________________ Fax ________________________________________________________________________ E-mail _____________________________________________________________________ I am paying by m check m credit card Visa / MasterCard / Discover (No AMEX) Card number _______________________________________________________________ Exp. Date___________________________

Amt. $________________________________

Signature __________________________________________________________________ Full registration includes: February 23rd luncheon and education sessions, admission to IREM Industry Partner Expo and Reception, Keynote Presentation, two beverage tickets, evening networking event at MIXX Nightclub, breakfast and IREM presentation on February 24th. Mail form with payment to: IREM–Del Val Chapter No. 3, P.O. Box 65, Riverton, NJ 08077-0065; fax to 856-786-3894 Please make check payable to: IREM–Del Val Chapter No. 3

Conference Attendee Registration 3 Concurrent Education Sessions 4 Concurrent Education Sessions Expo & Lunch 4 Concurrent Education Sessions Afternoon Break Keynote Session in the Music Box Theatre Networking Event at MIXX Nightclub at the Borgata

FRIDAY, FEBRUARY 24 8:00 am – 11:00 am

Networking Breakfast with IREM Presentations IREM President Keynote Address Grand Prize Drawing

Book your room early!

IREM Mr. Evans is president and CEO of Bruce G. Pollock & Associates, Inc., Realtors, AMO® where PRESIDENT he is responsible for the commercial, residential and property management divisions of KEYNOTE the company. He is also president and CEO of KEB Investments, a real estate development ADDRESS company, with responsibility for acquiring, leasing and managing all company properties. ? Mr. Evans earned the CPM® designation in 1998 and has been active in the organization ever since then. He has held numerous positions with IREM’s Michigan Chapter No. 5, serving as chapter president in 2004. At the national level, he has been a regional VP and a member of several committees, including the Legislative and Public Policy Committee, the Asset Management Committee, Success Series 2007 Advisory Board and the Income/Expense Analysis Committee and Advisory Board. In addition, he currently serves on IREM’s Executive Committee.

CITY

8:00 AM – 9:00 AM 9:00 AM – 10:00 AM 10:15 AM – 11:15 AM 11:15 AM – 2:00 PM 2:15 PM – 3:15 PM 3:15 PM – 3:45 PM 3:45 PM – 4:45 PM 5:00 PM – 7:00 PM 9:00 PM – 12:00 AM

THURSDAY KEYNOTE PRESENTATION

A special room rate of $119 at The Borgata will be available for book early! Contact Borgata Hotel Reservation Dept. at 866-MYBORGATA (1-866-692-6742) for the special IREM Tri-State Conference rates by February 1, 2012. You may also reserve your room online at www.theborgata.com with code #GBIRB12. YOU MUST mention the “IREM Conference” when you call. After 2/1/2012 requests will be honored on a space available basis but may be at The Borgata’s regular published rates.

I AM REGISTERING FOR: FULL CONFERENCE/EXPO REGISTRATION Early Bird Registration (registration & payment received by 1/20/2012) m $229 per member m $279 per non-member m Free 11th registration* Regular Registration (registration & payment received after 1/20/2012) m $259 per member m $299 per non-member m Free 11th registration* *Any company who sends ten attendees gets the eleventh one free! (All eleven must be registered at the same time with payment included to receive this special rate.) DAY PASS Pass can be purchased for one day only. Does not include admission to Networking Reception at MIXX. Early Bird Registration (registration & payment received by 1/20/2012) February 23 only: m $159 per member m $199 per non-member February 24 only: m $59 per member m $79 per non-member Regular Registration (registration & payment received after 1/20/2012) February 23 only: m $179 per member m $229 per non-member February 24 only: m $79 per member m $99 per non-member On-Site Registration: $299

Registration Deadline: February 10, 2012 A special room rate is available. See opposite side of brochure for details.

For more information and directions to the conference visit WWW.IREM1.ORG or WWW.IREM3.ORG or WWW.IREM101.ORG or contact the chapter office at 856-786-9260; fax 856-786-3894.

ETH800: ETHICS FOR THE REAL ESTATE MANAGER, A REQUIRED COURSE FOR THE CPM DESIGNATION.

8C â&#x20AC;&#x201D; November 25 - December 8, 2011â&#x20AC;&#x201D; Contractors, Owners & Managers â&#x20AC;&#x201D; Mid

Atlantic Real Estate Journal

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Mid Atlantic Real Estate Journal â&#x20AC;&#x201D; Contractors, Owners & Managers â&#x20AC;&#x201D; November 25 - December 8, 2011 â&#x20AC;&#x201D; 9C

ABC Eastern Pennsylvania Chapter Construction Awards

21st Annual Merit Construction Awards of Excellence

B A LT I M O R E / WA S H I N G T O N / P H I L A D E L P H I A

Construction, Preconstruction and Design-Build Excellence Since 1965

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Institutional â&#x20AC;&#x201D; Over $5m Category

Residential â&#x20AC;&#x201D; Multi Unit Over $10m Category

Residential â&#x20AC;&#x201D;Single Category

Heavy Construction Public Works Category

Specialty-Masonry Category

PRECONSTRUCTION I GENERAL CONTRACTING I CONSTRUCTION MANAGEMENT

CONTACT

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Excellence Winner EDiS Company Delaware Welcome Center, Newark, DE

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ABC Eastern Pennsylvania Chapter congratulates the Merit Construction Awards of Excellence Winners and thanks the banquet sponsors.

Merit Winner Pancoast & Clifford, Inc. 1190 Devon Park Drive, Wayne, PA

Commercial â&#x20AC;&#x201D; Over $5-$10m Category

Excellence Winner E. Allen Reeves, Inc. Calvary Baptist Church of Bethlehem, PA

Merit Winner Veterinary Specialty & Emergency Center, Levittown, PA

Institutional â&#x20AC;&#x201D; Under $5m Category

Excellence Winner Berks Ridge Co. Enterprises Brightview Greentree, Evesham, New Jersey

Merit Winner Harkins Builders, Inc. Delaware County Fairgrounds, Phase II, Chester, PA

Residential â&#x20AC;&#x201D; Multi Unit under $10m Category

Excellence Winner C. Raymond Davis & Sons Private Residence, Lackawaxen, PA

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Excellence Winner Worth & Company, Inc. Lititz Waste Water Treatment Plant Upgrade, Lititz, PA

Excellence Winner Thompson Masonry Contracting Lehigh Carbon Community College â&#x20AC;&#x201C; Community Service Center, Schnecksville, PA

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Excellence Winner Worth & Company, Inc. Kreider Farms â&#x20AC;&#x201C; Phase II, Manheim, PA

Excellence Winner Brubacher Excavating, Inc. Bowmansville Service Plaza, Bowmansville, PA

Restoration/Renovation Category

Heavy Construction-Infastructure Category

Merit Winner Thompson Masonry Contracting Riverside Medical Campus, Bethlehem, PA

I-95 Welcome Center, Lower Chichester Township, PA

West Reading Elementary School, West Reading, PA

Specialty-Electrical Category

First Place Merit Award of Excellence for Bensalem High School - Gymnasium Addition, Bensalem, PA, I-95 Welcome Center, Lower Chichester Township, PA and West Reading Elementary School, West Reading, PA

Diamond Sponsor Excellence Winner Heim Construction Co., Inc. Empire Education Group, Pottsville, PA

Bensalem High School Gymnasium Addition, Bensalem, PA

Excellence Winner The Tri-M Group, LLC Longwood Gardens East Conservatory Plaza, Kennett Square, PA

548 Steel Way, P.O. Box 7066 Lancaster, PA 17604-7066 (717) 299-2500 www.wohlsen.com

Excellence Winner The Cap and Gown Club of Princeton University, Princeton, NJ

-9

Platinum Sponsors

Excellence Winner C. Raymond Davis & Sons Sall Villas at Waverly Heights, Gladwyne, PA

Excellence Winner Ondra-Huyett Associates DBSi Data Center, Allentown, PA

Excellence Winner Allan A. Myers State St. Bridge Reconstruction, Hamburg, PA

ďż˝ Electrical Construction ďż˝ Medium & High Voltage ďż˝ Network Services ďż˝ Building Automation Systems ďż˝ Security, Card Access, CCTV ďż˝ Renewable Energy Services

#-9

Merit Winner Gillespie Electric, Inc VWR International, Wayne, PA

Merit Winner C. Raymond Davis & Sons, Inc. Allegheny East Conference Center, Boyertown, PA

Specialty-Solar Category

Commercial â&#x20AC;&#x201D; Under $5m Category

Electrical Solutions. Professional Results. Merit Winner Pancoast & Clifford, Inc. Camp Galil, Ottsville, PA

Gold Sponsors Berks Ridge Company Enterprises Harkins Builders Oâ&#x20AC;&#x2122;Donnell & Naccarato Oliver Mechanical Steven Kempf Building Materials Wohlsen Construction Company Worth & Company, Inc.

Merit Winner Harkins Builders, Inc. Mary Taylor House at The Hickman, West Chester, PA

Public Construction â&#x20AC;&#x201D; Over $6m Category

Merit Winner W.S. Cumby, Inc. Bryn Mawr College â&#x20AC;&#x201C; Smart Women Strong Women Gymnasium

Merit Winner Allan A. Myers SEPTA R-3 Track Bed Repair, Lenni, PA

Public Construction â&#x20AC;&#x201D; Under $6m Category

Excellence Winner EDiS Company One Research Way FaĂ§ade Renovation, Plainsboro, NJ

Excellence Winner The Tri-M Group, LLC Bethlehem School District - Solar Arrays at 5 schools, Bethlehem, PA

Specialty-Mechanical Category

CORPORATE OFFICES 204-206 Gale Lane PO Box 69 Kennett Square, PA 19348 Phone: 610.444.1000 BRANCH OFFICES Allentown, PA New Castle, DE Baltimore, MD Columbus, OH

Merit Winner Ehret Construction Co., Inc. Merion Golf Club Operations & Turf Maintenance Complex, Ardmore, PA

Excellence Winner E. Allen Reeves, Inc. Mercer Museum, Doylestown, PA

Merit Winner Wohlsen Construction Company Bensalem High School - Gymnasium Addition, Bensalem, PA

Excellence Winner Wohlsen Construction Company I-95 Welcome Center, Lower Chichester Township, PA

Merit Winner Wohlsen Construction Company West Reading Elementary School, West Reading, PA

Excellence Winner Worth & Company, Inc. PA Turnpike Industrial Park Building, Middletown, PA

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Congratulations

Excellence in Construction Award Recipients!

10C — November 25 - December 8, 2011 — Contractors, Owners & Managers — Mid

Atlantic Real Estate Journal

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GREEN BUILDINGS Bergen County Parking Garage Solar Canopy project Energy reduction & building performance

Pfister Energy partner of national 2011 winning team

AWTHORNE, NJ — Pfister Energy, a turnkey solar and renewable energy system installer for commercial, industrial and institutional facilities, announced today that the Bergen County Parking Garage Solar Canopy project, a project spearheaded by Pfister Energy, has been awarded the Steel Joist Institute’s 2011 Design Award. “We are delighted that our partner, Innovative Engineering, has been recognized as a Design Award Winner by the Steel Joist Institute,” said Wayne Pfisterer, president of Pfister Energy. “This project required a complicated racking system to keep the panels stable and angled correctly. Working with our solar design team, Innovative was able to design a stable and long-lasting racking system for this large project. As an EPC provider, we recognize that a well-designed and built support system is a critical component to the overall success of a project.” Pfister Energy served as the general contractor, solar engineering and designer, and technology supplier of the solar panels for the construction of a 627.9 kW solar photovoltaics (PV) system on the top level of the parking garage

Bergen County Parking Garage Solar Canopy project located at One Bergen Plaza ture from the weather while in Hackensack, New Jersey. providing a durable structure. The system is expected to gen- Further, the steel in the joists erate 690,690 kWh of energy was primarily produced from in the first year of operation. recycled scrap. The joist and joist girder sysThe energy produced by the tem efficiently supports the system will yield estimated solar panels while limiting the pollution offsets equivalent to required number of supports deterring an estimated 14.4 and the overall steel tonnage million lbs. of carbon emisrequired, as well as minimiz- sions, saving 15,198 barrels of ing the number of columns oil, or taking 1,419 passenger required to maintain an open vehicles off the road. The projspace below. The structure’s ect and design award establish galvanized finish also gave Bergen County and New Jersey the project an advantage over as role models in solar engiits competitors, as it prevents neering innovation and clean the need to protect the struc- energy practices. ■

Merritt Properties celebrates completion of Green Building slated for LEED Gold cert. OWINGS MILLS, MD — Representatives from Merritt Properties and Centric Business Systems were joined by Baltimore County executive Kevin Kamenetz to celebrate the completion of Centric’s new 39,000 s/f headquarters building. The ribbon cutting ceremony included remarks by County executive Kamenetz, Centric Business Systems president Rick Bastinelli and Merritt Properties director of leasing Lou Boeri. “As two companies that have both been based in the area for more than 40 years and share a similar business philosophy, it was a pleasure for Merritt to partner with Centric in creating a new home for their business,” remarked Boeri. Located at 10702 Red Run Boulevard, the single-story, build-to-suit project was constructed on a 5.7 acre lot within Merritt’s Owings Mills business park. The lot and

building will be jointly owned by Merritt Properties and Bastinelli. Centric Business Systems will be the sole tenant while Merritt Properties will serve as managing partner. “It’s gratifying to see a successful Baltimore County business growing here and positioning itself for future expansion,” said Kamenetz. “This new green corporate headquarters is a good fit in the Owings Mills business community.” The building, which includes corporate offices, a product showroom and warehouse space, is slated for LEED Gold certification from the US Green Building Council. Specific green elements incorporated in the project include: • Enhanced building envelope through the use of improved roof and wall sections and high-performance glass. • Water-efficient restroom fixtures and self-metering faucets that reduce water demand

by approximately 40%. • High efficient VRF (variable refrigerant flow) heating and cooling system. • Solar Power- 24kW photovoltaic array located on roof. • Carbon dioxide monitoring system to enhance indoor air quality. • Low- to no VOC materials to reduce the possibility of indoor air pollutants. • Preferred parking for hybrid and carpool vehicles. • Green housekeeping. • Use of FSC-certified wood. • Landscaping with reduced turf areas and drought-tolerant plants to reduce irrigation needs. • T5 lighting with occupant sensors. • Green power purchase. Merritt Construction Services, a division of Merritt Properties, completed the shell construction and interior buildout in just five months. ■

High Construction Co. offers array of options LANCASTER, PA — With the addition of its Energy Solutions Group, High Construction Company has evolved its offerings to provide the needed resources and a full array of options to reduce energy use and operating costs of new buildings. High Construction is the only design/build general contractor in Central Pennsylvania offering dedicated energy solutions professionals and comprehensive design and construction services. The Energy Solutions Group provides lifecycle design input that can reduce the operating costs of new buildings by at least 30 percent over traditionally constructed buildings. The analysis and input process may include the steps needed for LEED certification, but it can also adjust the focus away from the scorecard concept and onto the building’s actual energy performance without the application process and significant administrative expense of LEED certification. “What may gain points on a LEED score may not be the right solution for a particular building, and it takes operational and field experience to know the difference,” explains Michael Mumper, Energy Solutions Group director. “The forecasted results of our solutions are based on operational parameters that can be explained to an owner or building operator. This is vitally important in that once those parameters are established and understood, they become the key pieces of information to monitor and verify, so that the expected energy performance will, in fact, be realized,” Mumper said. Energy Solutions applies

performance models to develop design predictions, and that analysis is used to help building owners establish financial performance criteria over the life of their buildings. When assessing the total cost of owning a building, from design until the end of life of that building, 75 percent of costs occur after construction in the form of utility expenditures and equipment replacement. In real numbers, if a building costs $6 million to build, it will cost approximately $18 million to maintain over its life. The Energy Solutions Group provides the input to the building design process that allows owners and decision makers to be informed of not only the general opportunity for savings, but also the precise quantification of those savings over time. With that information, it is possible to build financial models that can contrast the initial cost of design and construction to the operating cost over future years. This approach has provided building owners the ability to save money starting the day their buildings are completed. This new offering also helps building owners understand the vast amount of new technology that is being offered in building equipment and systems today. The Energy Solutions Group possesses the operational experience and engineering expertise to cut through vast amounts of vendor marketing data to match the right technology with the proper building application. The Energy Solutions Group also provides retrofitting analysis and services for existing buildings. ■

Babst Calland of Pittsburgh, PA opens office in Charleston, West Virginia P I T T S B U R G H , PA a n d CHARLESTON, WV — The law firm of Babst Calland today announced the opening of its newest office in Charleston, West Virginia at the United Center on Virginia Street East. The expansion of the Firm’s already well-established natural resources practice is taking place at a time when many of the energy companies participating in unconventional gas development are tapping Babst Calland’s multi-disciplinary practice group for its Marcellus and Utica Shale development initiatives.

The Firm was founded 25 years ago and has represented energy clients since its inception. The Firm has developed a multi-disciplinary practice to address the wide range of issues affecting its clients, including environmental, business services, title, litigation, land use, construction, and employment and labor. More than 30 lawyers in the firm currently are involved in servicing the Firm’s energy clients. Energy Attorneys Matthew Casto and Steven Green join Babst Calland as shareholders of the firm. ■

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Mid Atlantic Real Estate Journal — Contractors, Owners & Managers — November 25 - December 8, 2011 — 11C

GREEN BUILDINGS

FULL SERVICE SOLAR

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12C — November 25 - December 8, 2011 — Contractors, Owners & Managers — Mid

Atlantic Real Estate Journal

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U. S. Green Building Council, NJ Chapter Letter from the Executive Director

BOARD OF DIRECTORS CHAIR Anastasia Harrison, AIA, LEED AP Gannett Fleming, Inc. VICE CHAIR William G. Lashbrook III PNC Real Estate TREASURER Ed Seliga Advanced Solar Products, Inc. SECRETARY Wayne D. DeFeo, LEED AP DeFeo Associates PAST CHAIR William Amann, P.E., DCEP, LEED AP M & E Engineers, Inc DIRECTORS David Cardella Cardella Waste Services RJ Donnelly, LEED AP Donnelly Industries, Inc. Nicholas Fabbroni, LEED AP UMDNJ Bill Gates, LEED AP BD&C Hunt Construction Gerard Hazel, LEED AP, HBDP Sustainable Systems, LLC Rey Montalvo Consolidated Energy Design Joe Porrovecchio, LEED AP, CRM Carbon-Key, LLC Paul Qvale, LEED AP Hillmann Group Lisa San Filippo, AIA, LEED AP, BD&C Turner Construction Co. Faith Taylor Wyndham Worldwide Andrew Topinka, CPMR Technical Group Services, Inc Gregg Woodruff, PP, AICP, LEED AP, BD&C Langan Engineering & Environmental Services, Inc.

Dear Friends and Colleagues: The questions that keeps arising about green buildings and LEED ® is: “Well it costs more, so why do it?” The answer is: Green buildings provide long-term savings and solid returns on investments. They also command much more than similar non-LEED® buildings due to the economic benefits they offer. Soon Class A office buildings that do not attain LEED® certification will see their property value decline as LEED® becomes the de facto benchmark in measuring quality in construction. Also, years ago sustainable materials and resources were at a premium cost due to rarity. Today sustainable materials and practices are the norm rather than the exception. The market is demanding high efficiency buildings – thereby supporting the supply and demand model. Green development is becoming more business-savvy. Many developers and building owners consider it a smart business decision to invest a down payment of 1 to 2 percent of project cost to ensure longFLORENCE BLOCK term savings. It is based on a framework of several rewards and benefits but the two most obvious benefits are long-term financial savings and returns on investments (ROI). Keep in mind that benefits and rewards for constructing green/LEED® buildings vary by type of ownership, type of use, owner’s and project team’s level of investment and the team’s drive to build a sustainable building. Regardless of variations, according to the U.S. Green Building Council (USGBC), projects that achieved LEED® and Energy Star status normally garner an internal rate of return of 20% or more. This is achieved by increased annual energy savings. Many more LEED® buildings are specified to use 30 to 50 percent less water and energy use than current codes. According to Ed LeBard, 3 Design Consulting, if you compare a 100,000 square foot LEED® building that saves $1.50 per square foot in energy costs to a similar building built to code – resulting in savings of $150,000 per year. In order to get $1.50 in energy savings, the building owner had to invest $400,000 on green / LEED® related items; in other words, put down a $4.00 per square foot premium. As a result, it would take a little over 2.5 years to receive your investment back and then some.The result of investing $400,000 in annual savings of $150,000 would be to yield a return on investment of 625% . Another way of looking at it, would be to give the 100,000 square foot building costs of $275 per square foot (industry average is between $150 to $300 per square foot). Multiply $275 per square foot by 100,000 square feet and you end up with $27.5 million in overall construction costs. The savings of $150,000 may appear diminutive compared to the cost of $27.5 million to build the project – but it’s a savings nevertheless. As previously stated, with the going rate of roughly 6 percent annual capitalization rate, the green / LEED® investments made by the owner and project team would add $2.5 million to the value of the building ($150,000 savings divided by 6% rate) – an increase of $25.00 per square foot compared to a investment of $4.00 per square foot. That’s a net increase value of $21.00 per square foot. The value of the LEED® project when completed would increase from $27.5 million to $30 million. In the end, when the building owner or developer arrives at the decision to sell their LEED® building on the market, it is the norm for green buildings to command 30% premium price over similar non-LEED® buildings due to the economic benefits they offer. It’s a matter of time before Class A office buildings that do not attain LEED® certification see their property value decline as LEED® is becoming the de facto benchmark in measuring quality in construction. This is an example of true value of green/LEED® buildings by long-term savings and solid returns on investments. Indeed, less is more. We will keep tracking the numbers, but LEED® buildings are where the future lies - The Empire State Building, which recently received LEED ® Gold Certification is a testament to the trend. Sincerely,

Florence Block LEED Green Associate Executive Director USGBC NJ Citations: U.S. Green Building Council, Making the Business Case for High-Performance Green Buildings (Washington, D.C.: U.S. Green Building Council, 2002); Green Building Through Integrated Design (Jerry Yudelson, Green Source / McGraw-Hill Construction, 2009)

Chapter Events USGBC NJ Annual Holiday Party and Meet the Candidates 14-Dec-2011 6:00 PM • The Olde Mill Inn, 225 Route 202 (Morristown Road I-287, Exit 30B) Basking Ridge, NJ 07920

LEED CMP Workshop: LEED For New Construction (BD&C) - Credit by Credit Review 15-Dec-2011 8:00 AM • NJ Carpenters Fund Training Center, 91 Fieldcrest Avenue, Edison, NJ 08837

For details on all USGBC-NJ events, visit www.usgbcNJ.org

EXECUTIVE DIRECTOR Florence Block, LEED Green Associate

Number of New Jersey chapter members:

818

Number of USGBC member Companies in NJ:

372

GENERAL COUNSEL Harry E. McLellan, Esq, LEED Green Associate McLellan & Associates, LLC

Number of LEED Accredited Professionals in NJ:

3105

Number of LEED registered projects in NJ:

396

Number of LEED certified projects in NJ:

133

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Mid Atlantic Real Estate Journal — Contractors, Owners & Managers — November 25 - December 8, 2011 — 13C

GREEN BUILDINGS

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14C â&#x20AC;&#x201D; November 25 - December 8, 2011 â&#x20AC;&#x201D; Contractors, Owners & Managers â&#x20AC;&#x201D; Mid

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Mid Atlantic Real Estate Journal — Contractors, Owners & Managers — November 25 - December 8, 2011 — 15C

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

ANNUAL CHILDREN’S HOLIDAY PARTY - NEW VENUE !!!

Kriegman & Smith

Regional VP North Jersey Brent Kohere, Home Properties

Regional VP Central William Dailey,CPM CIS Management Inc.

Save the Date - Monday, December 12, 2011

Regional VP South

Mark your calendars for the 14th Annual Children’s Holiday Party, which will be held on

Joe Spadaccini

December 12th. This is a wonderful event where we provide a day of fun for over 1,000

The Kamson Corporation

underprivileged children. Contact Niambi Ivery by e-mail:niambi@njaa.com or at 732-992-0606 for more information. THANK YOU TO OUR 2011 HOLIDAY PARTY SPONSORS HARTZ MOUNTAIN

VP Associate Affairs Ray Fiorica AFR Furniture Rentals

THE KAMSON CORPORATION FIELDSTONE PROPERTIES KRIEGMAN AND SMITH P. COOPER ROOFING MASTERGRAPHX AMERICAN ARCHITECTURAL WINDOW & DOOR CENTRAL WHOLESALERS

Legislation VP Michael C. Haydinger First Montgomery Group, AMO

Treasurer Lynne Aber Bertram Associates

AVALONBAY COMMUNITIES, INC. AARON & COMPANY GUTTER MASTER, LLC

Secretary Stephen Waters Morgan Properties

16C — November 25 - December 8, 2011 — Contractors, Owners & Managers — Mid

WWW.IREM.ORG

Atlantic Real Estate Journal

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Institute of Real Estate Management

2011 OFFICERS NEW JERSEY CHAPTER NO.1 PRESIDENT SCOTT DALLEY, CPM® ACCESS PROPERTY MANAGEMENT, AMO®

IREM® Announces New 2012 Chapter Presidents

VICE PRESIDENT LAWRENCE SAUER, CPM® TAYLOR MANAGEMENT CO., AMO® SECRETARY MARK PHILLIPS, CPM® PHILLIPS ASSET MANAGEMENT CO., INC.

IREM New Jersey Chapter No. 1

TREASURER MICHAEL FRIED, CPM® BOSTON PROPERTIES

DELAWARE VALLEY CHAPTER NO. 3 PRESIDENT JODY DIMPSEY, CPM® JLD MANAGEMENT GROUP

Lawrence N. Sauer, CPM®

PRESIDENT-ELECT MICHAEL CARR, CPM® WELLS FARGO WEALTH MANAGEMENT

IREM Delaware Valley Chapter No. 3

VICE PRESIDENT JERRY NEILL, CPM® CB RICHARD ELLIS CO., AMO® VICE PRESIDENT RICH SKOCZYLAS, CPM® AIMCO VICE PRESIDENT STEPHANIE BURG-BROWN, CPM® CANDIDATE BSA MANAGEMENT CORP., LLC

Michael J. Carr, CPM®

VICE PRESIDENT ANNE-MARIE NIKLAUS, CPM® MADISON APARTMENT GROUP

SOUTHERN NEW JERSEY CHAPTER NO. 101

VICE PRESIDENT DIANE WERSLER, CPM® CANDIDATE INTERSTATE REALTY MANAGEMENT CO., AMO® VICE PRESIDENT MARIA AVERY, CPM® CANDIDATE MANHATTAN MANAGEMENT CO. SECRETARY/TREASURER PATRICIA BALDT, CPM® CANDIDATE WESTGATE MANAGEMENT CO., INC.

Michael J. Carr, CPM®, Senior Real Estate Asset Manager, Wells Fargo Bank, Philadelphia, PA. Carr’s responsibilities include management of a diversified portfolio of real estate assets under the Wealth Management Group of Wells Fargo. A licensed PA Real Estate Broker, Carr served as 2011 President-elect of Delaware Valley Chapter, and has held the office of 2010 Secretary/Treasurer along with serving as 2008/2009 Vice President of Membership Outreach. He was awarded 2009 CPM of the Year by Del Val Chapter.

IREM Southern New Jersey Chapter No. 101

SECRETARY/TREASURER INGO KRAUS, CPM® CITIZENS BANK

PRESIDENT SANDRA E. CIPOLLONE, CPM INTERSTATE REALTY MANAGEMENT CO., AMO

Lawrence N. Sauer, CPM®, Executive Vice President, Taylor Management Company, AMO, AAMC, Whippany, N.J. Sauer has over 25 years of specialization in community association management, residential conversions, consulting, the formation of new communities as well as marketing and business development. Licensed as a real estate salesperson in New Jersey, Sauer has been a member of IREM since 1984 and has served as 2011 President-elect of NJ Chapter No. 1.

Sandra E. Cipollone, CPM®

Sandra E. Cipollone, CPM®, Senior Vice President of Interstate Realty Management Company, a Member of The Michaels Organization, Marlton, N.J. Cipollone, a Certified Public Accountant, has over 30 years experience in real estate accounting and property management and oversees a portfolio of 65 properties and four district managers. She has served as SNJ101 chapter President for 1998-1999 and again in 2010. She served as Secretary/Treasurer for 12 years and was awarded CPM of the Year by SNJ101 for 1994 and 2010.

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Mid Atlantic Real Estate Journal — Contractors, Owners & Managers — November 25 - December 8, 2011 — Inside Back Cover C

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