Real Estate Journal Vol. 23, Issue 23
Inside:
December 9 - 22, 2011
Sections
the most comprehensive source for commercial real estate news
B.R. Kreider & Son Inc. celebrating 75th Anniversary
Mid Atlantic................................................................... 1-24 New Jersey..................................................................25-44 Pennsylvania............................................................ 45-68
Spotlights / Features Auctions.........................................................................5-6A
Central Pennsylvania Company of the Month celebrating 75 years & four generations of excavating, paving services and expertise in the field.........................................................10-11C
Financial.......................................................................7-10A Tristate Commercial Alliance.........................16-17A Business Card Directory..........................................19A Calendar of Events......................................................20A BillBoards.....................................................................IBCA
Columnist Matt Dolly...........................................................................2A
Next Issue December 23, 2011
Emanuel Stern 99 Hudson marks another generation of development on the Hudson River waterfront — Emanuel Stern, president and COO of Hartz Mountain Industries. ....5B
Beech Street Capital provides $24m, Meridian originates
• Mid Atlantic • Shopping Centers featuring Best Retail POM/DOM of 2011 • COM/Green Buildings • Annual Review Spotlight 3 sections, 68 pages
Financial Digest....................................................................................................................................7A
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A Inside Cover — December 9 - 22, 2011 — Mid
Atlantic Real Estate Journal
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Mid Atlantic Real Estate Journal — December 9 - 22, 2011 — 1A
Schnader Harrison Segal & Lewis llp is a law firm with offices in Philadelphia, Pittsburgh, New York, California, Washington, DC, New Jersey and Delaware. Schnader serves local, national and international clients ranging from large corporations to start-ups and entrepreneurs to individual clients in more than 40 areas of the law. The Firm’s Construction Practice · serves the needs of clients in the ever-expanding, continually developing global industry; · has a long history of representing public and private owners, contractors, architects, engineers, construction managers, suppliers, consultants and others involved with the development and construction industry and with government procurement contracts; · includes all aspects of construction and procurement law, including design, pricing, contract negotiation and drafting, bids and bid protests, project organization and management, scheduling, change order management, governmental compliance and construction administration; · includes a number of attorneys who have been educated as engineers, have attained professional engineering registration, and have had years of handson design and construction experience prior to entering the legal profession; and · includes attorneys who are members of the Green Building Alliance, National Solid Waste Management Association and Environmental Industries Association.
Schnader Harrison Segal & Lewis llp Woodland Falls Corporate Park 220 Lake Drive East, Suite 200 Cherry Hill, NJ 08002-1165 856-482-5222 www.schnader.com N
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2A — December 9 - 22, 2011 — Mid
Atlantic Real Estate Journal
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Mid Atlantic
Mid Atlantic REAL ESTATE JOURNAL
Real Estate Journal
They wrote the policy.
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 Mid Atlantic REAL ESTATE JOURNAL ~ Published Bi-Monthly
By Matt Dolly
P.O. Box 26 Accord, MA 02018 (Mail)
New Jersey office market remains stable
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ontinuing the trend over the past year, the New Jersey office market again held steady in the third quarter of 2011, according to Colliers International New Jersey. Impacted by national economic uncertainty, New Jersey office leasing activity has remained flat, with only minor fluctuations. While leasing activity has not increased significantly throughout Northern and Central New Jersey, a few larger tenants that had been scouring the market for quite some time recently secured new leases, statistically improving overall conditions, with 595,000 s/f of total positive net absorption. “Economic and political conditions continue to weigh heavily on the market, especially job growth,� said Matt Dolly, head of research for Colliers International New Jersey. He noted, however, that private sector job growth increased modestly for six
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USPS #22-358 | Vol. 23 Issue 23 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
consecutive months through August 2011, and that there is a growing awareness in the business community at large that many companies are in strong cash positions. “The hope is that this liquidity will go towards expanding head counts, but the office market will continue to slow walk through the remainder of 2011 and into 2012 until business confidence returns.� Owners are continuing to work with tenants to retain or secure leases, often accepting shorter terms, termination options and early renewals, as much of the recent market activity has been
price-driven relocations. The market may see some rent growth and demand for larger blocks of space, but the overall data will not indicate any significant growth for at least several quarters, counterbalanced by an oversupply of smaller office units. Overall asking rents remained flat, at $22.29 per s/f year-over-year, although it increased over the same time in Central New Jersey from $21.63 per s/f to $22.19 per s/f, while decreasing from $22.78 per s/f to $22.40 per s/f in Northern New Jersey. Overall average asking rent declined slightly, from $22.37 continued on page 18A
Louis Stackeni, Business Development lou_stackeni@appliedbank.com
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Mid Atlantic Real Estate Journal — December 9 - 22, 2011 — 3A
MID ATLANTIC REAL ESTATE JOURNAL Mel Gebroe leaves behind an extraordinary legacy
Gebroe-Hammer Associates mourns passing of co-founder
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IVINGSTON, NJ — Mel Gebroe one of the founding partners of Gebroe-Hammer Associates based in Livingston, recently passed away at the age of 86. He leaves behind an extraordinary legacy of uncompromising integrity and deep affection for his family, friends and colleagues. One of the true pillars of the commercial real estate industry, Gebroe’s unwavering ethical business practices were matched by his personal commitment to the success of his clients and staff. While Gebroe made his mark as a co-founder, with the late Morris Hammer, of the region’s dominant and most well-respected real estate brokerage firm, he will live on in the hearts of those fortunate to have known him for his personal qualities of wit, intelligence, philanthropy and genuine warmth. Since 1975, when GebroeHammer Associates opened its doors, the firm reflected the strong, creative leadership of its two co-founders, rapidly emerging as the leader in multifamily, retail and office property investment sales. Serving as chairman at the time of his passing, Gebroe continued to expand Gebroe-Hammer Associates’ market presence while instilling the firm’s guiding principles, ensuring the next generation of leaders would build even greater success. “Mel Gebroe was a titan and a legend whose impact has had far-reaching, positive rippling effects across the entire commercial real estate landscape,” said Ken Uranowitz, managing director, who started his 36year career with the firm at its inception in 1975. “He touched so many people’s lives in ways that go beyond spoken words and his legacy as a businessman and humanitarian is an enduring one. The greatest tribute to Mel’s memory is to perpetuate his long-standing highly regarded business principles of integrity, hard work and the utmost professionalism, which he instilled in each and every one of us at Gebroe-Hammer, for generations to come. He will forever be in our hearts and will be sorely missed.” Born in Bronx, NY, Gebroe served as a control tower operator in the U.S. Army during World War II. In 1948, he married the late Laurel Lightstone and launched his storied real estate career selling single-fam-
Mel Gebroe
ily homes for J.I. Kislak Inc., where he rapidly rose through the ranks and was named president of the corporation. In the early 1970s, he pursued his vision to establish a brokerage firm that provided innovative services and solutions on behalf of clients that reflected his high standards for honesty, creativity and excellence. Gebroe always knew that one’s professional achievements are not the only measure of an individual’s success. He believed in the highest morals and values in business and in life and contiued on page 4A
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4A — December 9 - 22, 2011 — Mid
Atlantic Real Estate Journal
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MID ATLANTIC REAL ESTATE JOURNAL Eighty Four Lumber site slated for re-development
SVN Miller brokers 5 acre site in Fruitland, Maryland
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RUITLAND, MD — A new retail development is planned for location presently occupied by Eighty Four Lumber. The 5 acre site on the northeast corner of Cedar Ln. ( H w y. 5 1 3 ) a n d N o r t h John McClellan Fruitland Blvd. (Highway 13B) is surrounded by a Wal-Mart Super Center and numerous other retail and service establishments.
Receive a nomination form by e-mailing lchristman@marejournal.com or by calling 800-584-1062...
spotlighting . . .
BEST of
2011
The Final Nomination Deadline is January 15, 2012
You are invited to participate in MAREJ’s “BEST of 2011” Mid Atlantic REAL ESTATE JOURNAL will be hosting a “Best of the Best,” a “Who’s Who” of owners, brokers, developers, architects and financial institutions within the commercial real estate community.
MAREJ will be compiling information and selecting the: Largest office, Industrial & Retail Transactions of the Year Best Shopping Center Development of the Year 4 Best Developer of the Year Best Financial Institution 4 Largest Financial Transaction of the Year Top Brokers List 4 Top Owners List Most Innovative Architect 4 Best Renovation Project Help us select the Best of 2011! Send in your submissions today or call for an application form
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Fruitland City manager said, “ I am sorry to know that the hard working employees of 84 will no longer be in Fruitland, I am pleased to know that our city will be seeing some new development activity. By offering more shopping and dining opportunities, more folks will be coming to Fruitland and that is a real plus for our community.” Redevelopment plans are in still being finalized but according to McClellan, “We are rolling out a comprehensive marketing plan to retailers, service providers, and other businesses who may be interested in locating at this excellent corner.”
Mel Gebroe
9th Annual Special Edition
The
The sale was brokered by senior advisors John McClellan, CCIM and Henry Hanna, CCIM of Sperry Van Ness Miller Commercial Real Estate. While saddened to learn of the closure of a longtime Fruitland Henry Hanna b u s i n e s s , City officials were encouraged to hear of the preliminary plans to redevelop the site as a mixed use restaurant and retail comlex. Rick Konrad,
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MAREJ’s Best of 2011 is a juried competition based on submissions and nominations from MAREJ’s commercial real estate community. Winners will be selected based on company size (# of employees) and size of the deal/transaction. Top brokers will be selected based on largest deal for 2011. Submissions from Mid-Atlantic states will be judged in separate categories. All are welcome to participate.
continued from page 3A was actively involved in numerous philanthropic endeavors, earning Achim membership, the highest level of giving. He also was a Lester Society benefactor and a donor to MetroWest Tomorrow in Whippany, where the conference center was renamed The Gebroe & Hammer Families Conference Center. Together with the Hammers, he dedicated the Gebroe-Hammer Headquarters for United Jewish Communities of MetroWest. Additionally, he established the Mel and Laurel Gebroe Youth Center at Temple Beth Shalom. Gebroe also was chairperson of the U.J.A. Crestmont Country Club Campaign, a Major Gifts Cabinet member, co-chair of the U.J.A. Campaign Pacesetters and chairperson of U.J.A. Builders and Real Estate Campaign. He served on the boards of Temple Beth Shalom, AIPAC, U.J.C. Board and J.F.C. Board as well. A recipient of numerous industry, business and civic awards, Gebroe was honored in 1975 by Moshe Dayan for his support of Israel Bonds. As a 25-year survivor of multiple myeloma, he endowed two chairs at NY Presbyterian Hospital in NYC. A giant among industry leaders, Mel Gebroe’s life is a model of hard work balanced with kindness that leads to unmatched personal and professional success. His greatest achievement is the indelible memory of a man of honor. To carry on Gebroe’s passion for philanthropy, the family encourages memorial donations in his name to a charitable organization of the donor ’s choosing. ■
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Mid Atlantic Real Estate Journal — December 9 - 22, 2011 — 5A
MID ATLANTIC REAL ESTATE JOURNAL AUCTIONS Mid Atlantic REAL ESTATE JOURNAL
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6A — December 9 - 22, 2011 — Mid
Atlantic Real Estate Journal
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MID ATLANTIC REAL ESTATE JOURNAL AUCTIONS DIRECTED BY THE SECURED PARTY!
ABSOLUTE! Public!
COMMERCIAL REALESTATE AUCTION STORE FRONT & 2 APARTMENTS (4,250 SQ FT) TH
TUE. DEC., 27 , @11:00 A.M. SITE:114SOUTHMAINAVENUE,LACKAWANNACOUNTY SCRANTON,PA18504 “West Side Business Section” Property Description: Two Story Building, Lot: 25’x 88.6’x27’x88.6’ Lackawanna CountyDeed Book 452, Page143. Taxes: $2,357, Zoning: C-N Inspection:By appointment. Termsof Saleonthe Web Site.
Col. Steve Sitar &Co. Ph:(570) 586-1397 Pa.Lic. AU2124-L www.sitarauctions.com
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
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Mid Atlantic Real Estate Journal — December 9 - 22, 2011 — 7A
In New Jersey and Pennsylvania
Residential Real Estate Appraiser
Meridian Capital negotiates $40.9m in multifamily
Mid-Atlantic Valuation Group hires associate appraiser, Fasy
I
SELIN, NJ — Meridian Capital Group, LLC, one of the leading national commercial real estate finance and advisory firms, announced the following transactions: A new mortgage of $24,550,000 was placed by Meridian on a four-property garden-apartment multifamily portfolio totaling 396 units located in Reading, PA. The loan features a rate of 5.00% and a seven-year term. The transaction was negotiated by Russ Drebin and Steven Halpert. Meridian negotiated a new mortgage in the amount of $6,825,000 on a 206-unit, multifamily building on South Munn Avenue in East Orange, NJ. The loan features a rate
Russ Drebin
Jim Bologno
of 4.50% and a five-year term. The transaction was negotiated by Elliot Treitel. A new mortgage of $6,250,000 was placed by Meridian on two manufactured housing communities containing 192 units located in Hazlet, NJ. The loan features a rate of 3.90% and a five-year term. The transac-
Steve Halpert
tion was negotiated by Jim Bologno. Meridian negotiated a new mortgage in the amount of $3,300,000 on a 72-unit multifamily building in the Germantown area of Philadelphia, PA. The loan features a rate of 3.57% and a five-year term. The transaction was negotiated by David Fisher. ■
Beech Street Capital provides $24m, Meridian originates transaction BETHESDA, MD — Beech Street Capital, LLC announced that it has provided a $24 million Fannie Mae DUS loan to refinance a class A apartment building (shown right) in the West Village of New York City. The transaction was originated by Cary Pollack of Meridian Capital Group, LLC, and was financed by Beech Street Capital as part of its correspondent relationship with Meridian. Constructed in 2002 by the borrower, the 68-unit property is located in the desirable Tribeca neighborhood and has been owned by the borrower for nine years. The property benefits from New York City’s 421a tax exemption program, placing the entire building under rent stabilization. The 11-story building consists of high-end units with great views of the city and the Hudson River, oversized windows, private setback terraces, an outdoor plaza and class A amenities. All apartments feature top-of-the-line designer finishes including parquet wood floors, stainless steel kitchen appliances, granite kitchen counters, intercom, a 24-hour doorman, and an on-site garage. ■
YORK, PA — Megan Fasy has joined the York, PA office of Mid-Atlantic Valuation Group as an associate appraiser. Fasy is a licensed residential real estate appraiser in Pennsylv a n i a a n d Megan Fasy New Jersey. She owned and
operated her own company in New Jersey before joining Mid-Atlantic Valuation Group. She is an associate member of the Appraisal Institute. Mid-Atlantic Valuation Group, specializing in real estate appraisals for commercial properties, has offices in York and Wayne, PA and covers Pennsylvania, New Jersey, Delaware and Maryland. ■
G.S. Wilcox closes $34.5 million The team of Gretchen Wilcox, President, and Al Raymond, Principal, arranged a 10 year 4% fixed rate $17 million commercial mortgage loan with Great West Life, one of their correspondent lender. The loan is secured by a 352,812 s/f combined warehouse/distribution/office/training facility leased on a long term basis to an automotive corporation. The borrower constructed the property for the tenant who has been a long term tenant of the borrower. The warehouse ceiling height is 40’ clear with 27 dock high doors and 2 drive in doors. The company additionally closed a 10 year fixed rate $6,656,022 commercial mortgage loan with Woodmen of the World, another of their correspondent lenders. The
30 year amortized loan is secured by 101,062 s/f building which includes mixed use retail and office space. This was a refinance of a loan in G.S. Wilcox & Co.’s $1.1B portfolio. The refinance lowered the borrower’s existing rate enough for a new long term deal to make sense. G.S. Wilcox & Co. also announced that it has arranged $10,850,000 in financing with Genworth Financial. The team, led by Principal David Fryer at G.S. Wilcox & Co., worked on behalf of the property owner to secure three fixed rate 20 year term, 25 year amortizing loans through the lender. The loans are secured by multiple flex industrial building properties owned by the borrower who has a longstanding relationship with G.S. Wilcox & Co. ■
Cooper-Horowitz arranges $110m loan Cooper-Horowitz, Inc.recently arranged financing for the following properties: Chatham Bars Inn, Chatham(CapeCod), MA: A 217 guestroom Oceanfront Resort. The loan was for $110,000,000. Jeffrey H. Bijur and Robert B. Horowitz represented the firm. Fairfield Inn & Suites Fifth Avenue, 21 West 37th Street, New York, NY: 92 guestrooms. The loan was for $23,500,000. Bruce O. Marcus and Robert B. Horowitz represented the firm. Trinity Centre, 111 and 115
Broadway, New York, NY: Twin 22-story landmark office/retail buildings. The loan was for $185,000,000. Jayson N. Schwartz and Jeffrey H. Bijur represented the firm. Chesterfield Marketplace, Midiothian, VA: A 428,576 square foot shopping center. The loan was for $14,000,000. Richard T. Horowitz and Adam Knoll represented the firm. Chantilly Place, Route 28 and I-50, Chantilly, Virginia: 26,287 square foot strip center. The loan was for $7,000,000. E. Robert Vegh represented the firm. ■
8A — December 9 - 22, 2011 — Mid
Atlantic Real Estate Journal
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FINANCIAL DIGEST By Bruce Coin, Bruce Coin Consulting, Inc.
The Current Commercial Mortgage Market
A
s December draws to a close, lenders are busy funding year end commitments and preparing budgets for next year. All signs lead to more commercial mortgage lending in 2012 than Bruce Coin occurred in 2011. The news this month is primarily focused on economic conditions and the prospects for next year. We all know where commercial mortgage
rates are currently and that the bench mark U.S. Treasury continues to remain at or below 2.0 percent. As the economic news “Du Jour” always seems to vacillate, there are a lot of “positives” that I wanted to leave you with as we enter the Holiday Season. Let’s first remember that Chairman Bernanke has pledged that the Fed will keep long term interest rates low through the end of 2013. In a recent public interview, Charles Plosser of the Philadelphia Federal Reserve noted that the GDP for 2011
could finish at about 2.8% and that the “Fed” is expecting the GDP to be about 3.0% during 2012 and 2013. They are monitoring inflation as even the core rate, which excludes food and energy, has increased but they will try to maintain a target rate of about 2.0%. In addition, he indicated that the Fed anticipates the unemployment rate to drop to about 8.0% by the end of 2012 and they are prepared to act if there is a negative spill over effect from Europe’s economic problems. The October Industrial Pro-
duction indicator pointed to increased activity in the all important manufacturing sector. If that continues employment could be stimulated. At the end of November the FDIC announced that bank earnings had risen over the summer to their highest level in more than four years while the number of troubled banks fell. The banking industry earned $35.8 billion in the July-September quarter up from $ 23.8 for the same quarter of 2010. Acting FDIC chair, Martin Gruenberg stated that “the industry
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continues to struggle with flat growth in loans but that loan balances increased $21.8 billion in the third quarter. After three years of shrinking loan portfolios, any loan growth is positive news for the industry and economy”. If commercial banks can (as their insurance company lender competitors already have) finally realize that commercial real estate values and market vacancies have basically bottomed out, maybe they can develop confidence in increasing their lending activity before all of the other sources beat them to it. A post third quarter report by the Mortgage Bankers Association indicated that: • Commercial property loans rose in the third quarter to their highest levels since 2007. • New commercial and multifamily mortgages climbed 98 percent from a year earlier. In a recent note to clients, Barclays Capital Inc., wrote: • Lending from banks, life insurers, Fannie and Freddie more than offset a sequential decline in originations for CMBS. • They estimated that the total volume of originations rose to about $31 billion up from the second quarter. • Their survey numbers support (Barclay’s) view that originations will continue to increase in the near term, though growth will be sluggish and concentrated outside the CMBS conduit space. CoStar recently reported that: • Their national composite index of commercial real estate prices gained 0.4 percent in September • Despite great uncertainties in current economic conditions, the commercial real estate market recovery continued. • The third quarter ended 0.9 percent higher than the prior quarter. • Prices advanced because of the continued gradual decline in distress sales and price recovery in retail and multifamily sales. A final note: A policy paper written by Thomas White and Charlie Wilkins contained this statement: “There is no reason to believe that a federal government guarantee is essential. When we look at continued on page 9A
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Mid Atlantic Real Estate Journal — December 9 - 22, 2011 — 9A
FINANCIAL DIGEST Cassidy Turley’s Mudd, Miles & Geiger arrange financing on behalf of an investment entity
Cassidy Turley secures permanent financing for Empire Apartments in Washington, DC
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ASHINGTON, DC — Cassidy Turley, a commercial real estate services provider in the U.S., announced that it secured a long term, fixedrate loan for the Empire Phil Mudd Apartments, a 151-unit, 8 story building located at 2000 F Street, NW, in downtown Washington, DC. It has 134 efficiencies and 17 one-bedroom units, and is adjacent to George Washington University. The permanent loan was provided by a life insurance company. Philip Mudd, Christian Miles and Brad Geiger of Cassidy Turley arranged the financing on behalf of an investment entity controlled by Calvin Cafritz. The property was originally developed by Cafritz’s father, Morris Cafritz. “The building has been extremely well maintained, and stands as a testament to Morris Cafritz’s vision of providing attractive, affordable housing to residents of Washington in downtown locations,” said Phil Mudd. Looking from the rooftop deck, Christian Miles said, “You can see the National Mall as well as the headquarters of the IMF and World Bank - this is a pre-
mier Washington location.” In other news, Cassidy Turley arranged the sale of the Pines of York apartments, a 248-unit garden-style multifamily property located in Yorktown, VA. Christopher Doerr and Rachel Ley of Cassidy Turley represented the seller, York Associates LP. The property was acquired by a joint venture between Drucker & Falk, LLC and Paladin Realty Income Properties, Inc. for $20,000,000.
Need commercial mortgage help? If you are a lender, attorney, developer or realtor, we can provide it. Education
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• Analyze, Underwrite and Value Income Property (apartments, office, retail, industrial flex, other) • Income Property Lease Analysis • Direct Capitalization and Yield (DCF) Capitalization • Typical Mortgage Commitment Clauses • Construction Lending Basics • Structuring Joint Ventures and Participating Mortgages • Financing Properties with Prior Ground Leases • Net Leased, Single Tenant Credit Financings • Credit and Non-Credit Tenant Financial Statement Analysis • Commercial Appraisal Review
The Current Comm’l. Mortgage Market . . . continued from page 8A shopping centers, office buildings and warehouses, they get financing without a federal guarantee and multifamily is actually better credit than those types of real estate. If those types can get financing in a fully private market there is no reason to think that apartments wouldn’t be able to”. Author’s note: Watch out Fannie and Freddie. Hopefully, all of the foregoing will put you in an optimistic mood as the year ends. I hope you have a Joyous Holiday Season and a Healthy, Happy and More Prosperous New Year. Bruce Coin is director of Bruce Coin Consulting, Inc. ■
Built in 1976, the Pines of
2000 F Street, NW
York apartments consist of 244,840 rentable square feet located along the York River in the Hampton Roads metropolitan area. Community amenities include a swimming pool, basketball and tennis courts, fitness center, picnic area and ample surface parking for tenants. Units feature private entrances, wall-to-wall carpeting, fully equipped kitchens and oversized closets. The community is proximate to Langley Air Force Base, NASA, the Newport News Shipyard and Interstate 64. ■
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brucecoin.com (856) 906-8240
Bruce Coin is the former co-founder and CEO of Pro-gressive Mortgage Corp. He is an acknowledged commercial mortgage financing and property valuation expert with over 40 years of experience. He has lectured to classes of the University of Pennsylvania’s Wharton School, and has written for, taught, and addressed many special interest groups including banks, law firms, appraisal organizations, commercial real estate organizations and private real estate companies. He is an IDECC Certified Distance Education Instructor (CEDI) and has written numerous courses about commercial real estate, finance and appraising. Bruce currently holds Certified General Real Estate Appraiser certificates in PA, NJ and CA.
10A — December 9 - 22, 2011 — Mid
Atlantic Real Estate Journal
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FINANCIAL DIGEST A 12-story, 108,296 s/f office building
HFF closes $57 million sale of 1400 Wilson Boulevard in Rosslyn, Virginia
R
OSSLYN, VA — HFF announced that it has closed the sale of 1400 Wilson Blvd., a 12-story, 108,296 s/f office building. HFF marketed the property on behalf of Great Point Investors, LLC. Salus Property Investments purchased 1400 Wilson Boulevard for $57 million free and clear of existing debt. 1400 Wilson Boulevard, also known as The Architect Building, is situated across the Potomac River from Washington, D.C. about two blocks from the Rosslyn Metro Station in
1400 Wilson Boulevard
Rosslyn. Originally built in 1965, the property was most recently renovated in 2009 and also offers significant redevelopment potential. The United States Department of State (GSA) leases the entire facility through March 2021. The HFF investment sales team representing Great Point Investors, LLC was led by senior managing directors Jim Meisel and Dek Potts. Great Point Investors invests in private equity real estate on behalf of institutional investors, specializing in separate accounts. The company is
Count On The Business Bank Of New Jersey
an investment fiduciary whose interests are aligned with its clients. Salus Property Investments LLC is a national real estate firm. Its mission is to create economic value for its clients and investor co-partners through the identification and acquisition of real estate assets that provide above–average returns to its investors and have significant appreciation potential. It does this through owning and operating build-to-suit facilities leased to the U.S. Federal Government on a long-term basis. In a separate transaction, HFF arranged $9.7 million in acquisition financing for a portfolio of six CVS Pharmacy stores totaling 56,015 s/f in FL. HFF worked on behalf of The Hampshire Cos. to secure the seven-year, fixed-rate loan through a life insurance company. Loan proceeds were used to acquire the property. HFF will also service the loan. The HFF team representing The Hampshire Cos. included director Michael Klein, senior managing director Jon Mikula and associate director Paul Hsu. ■
Procida closes $1.95 million rescue loan through its 100-Mile Fund
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ENGLEWOOD CLIFFS, NJ — Procida Funding LLC, a direct lender and servicer, announced that it has closed a $1.95 million bridge loan to Individual Realty, Inc. secured by 3038 Atlantic Avenue in Brooklyn, N.Y., through its “100-Mile Fund.” The property is 100-percent occupied by local businesses, but was in a maturity default. Procida negotiated a substantial discount for the borrower and provided additional capital for improvements in order to enhance the building’s value. This is Procida’s fifth such transaction this year. “We’ve chosen to assist borrowers by rescuing their assets rather then buying mortgages and foreclosing,” said Billy Procida, president of Procida Funding. “I’d rather wake up in the morning celebrating a rescue as opposed to being a vulture. In the long run, it builds a good brand and produces ongoing clients.” ■
MAREjournal.com
Mid Atlantic Real Estate Journal — December 9 - 22, 2011 — 11A
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12A — December 9 - 22, 2011 — Mid
Atlantic Real Estate Journal
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Mid Atlantic Real Estate Journal — December 9 - 22, 2011 — 13A
$97,500,000
275 MADISON AVENUE NEW YORK, NY 43 story landmark office building The undersigned arranged the above financing.
REAL ESTATE FINANCING
51 East 42nd Street New York, NY 10017 (212) 986-8400 Fax: (212) 983-0512 www.cooper-horowitz.com
14A — December 9 - 22, 2011 — Mid
Atlantic Real Estate Journal
FOR SALE
PHILADELPHIA VICINITY 82 UNITS – NO RENT CONTROL TENANTS PAY HEAT & HOT WATER
FOR SALE
MAREjournal.com
DESCRIPTION:
Garden Apartment Complex Containing Three 3-Story Brick Buildings Consisting Of 82 Units. Built in 1972. Tenants Pay Heat & Hot Water Via Electric. On-Site Parking. Good Residential Location With Supporting Commercial And Light Industrial Activity Interspersed. Nearby Shopping And School Districts Are Situated Along Main Arteries Leading To Major Highways With The Aid Of Bus Transportation. Plot: 3.41 Acres
LAYOUT:
52 / 1 Bedroom Units + 30 Two-Bedroom Suites (Total: 82 Apartments)
ASKING PRICE:
$4,100,000
DESCRIPTION:
Two-Story Garden Apartment Complex Consisting Of 5 Brick Buildings Containing 68 Units – Built 1964 – On-Site Parking – Tenants Pay Gas Heat – Recently Renovated Roofs – 5 New Gas Furnaces Good Location – Near Cherry Hill, Philadelphia And Major Highways Leading To Delaware. Plot: 3.16 Acres
LAYOUT:
32 / 1 BR Units and 36 / 2 BR Units (Total: 68 Units)
ASKING PRICE:
$3,400,000
DESCRIPTION:
32 Unit 2-Story Garden Apartment Complex. Built 1974. Separate Entrances. Individually Controlled Heat & Central Air Conditioning Paid By Tenants. On-Site Parking. Good Location. Minutes to Philadelphia And Adjacent To An Arterial Network Of Major Highways. Plot: 1.7 Acres
LAYOUT:
24 / 1 BR Units and 8 / 2 BR Units
ASKING PRICE:
$1,600,000
SOUTH JERSEY 68 UNITS – NO RENT CONTROL TENANTS PAY HEAT
FOR SALE
SOUTH JERSEY: 32 GARDEN APARTMENTS TENANTS PAY HEAT – NO RENT CONTROL
HAROLD GERBER
GERBER/SOMMA Associates
SPECIALISTS • INVESTMENT REAL ESTATE EXCLUSIVE BROKER
210 RIVER STREET • HACKENSACK, NJ 07601 • (201)
www.gerbersomma.com
646-1234
MAREjournal.com
Mid Atlantic Real Estate Journal — December 9 - 22, 2011 — 15A
MAREJ MONTHLY SALES AND LEASE REPORT As Reported In The Mid-Atlantic REAL ESTATE JOURNAL ~ NOVEMBER 11 - DECEMBER 8, 2011 PROPERTY PROPERTY NAME NAME — — — — — 65 Clyde Dr Summit Executive Ctr Tower Center II 500 Perry St 15 West Front St 917 Old Fern Hill Rd Tuckerton Rd 2200 Hathaway Rd River Park II Quaker Park 2574 Interstate Dr 6111 Grayson Rd 1451 Stoneridge Dr 7800 Linglestown Rd 470 Einsenhower Dr 5939 Linglestown, Rd 205 State St 4076 Market St 369 Penn St 2015 Stout Dr One Great Valley Blvd 240 Armstrong Rd CenterPoint 636 Pen Argyl Ave 2715 N. 7th St 2400 Thea Dr 7917 Derry St Olde Twn Commons 2300 Vartan Way 1 Kacey Court 2300 Vartan Way 20 Erford Rd Gates Ctr 1700 Islan Ave 220 N Highland Ave 500 Crackersport Rd 200 Cascade Dr 2901 Emerick Blvd 5018 Medical Circle 1139 Lehigh Ave 1073 Palisades Ave La Reine pts 12734 Sunset Ave 8740 Cherry Ln 4303 Forbes Blvd Brick Hotel 454 Valley St 45 Eisenhower Dr Meadows Bus Ctr 7035 Schantz Rd 1996 N Mill Rd Laurelwood Office 701 East Gate Dr Burwood Village Ctr — Whitehall Mall Lenox Plaza Walgreens SC Fieldstone Park Island Gym Plaza Island Gym Plaza Festival at Woodholm Festival at Woodholm Festival at Woodholm Festival at Woodholm Founding Farmers 3900 Hamilton Ctr Alma Terr Linden West — 34 Wisse St 519 Central Ace 96 Storm Ave — 1348 West Front St Aspen Stratford
ADDRESS ADDRESS Edgewater, NJ Passaic, NJ Clifton, NJ Pompton Lakes, NJ Clifton, NJ Somerset, NJ Summit, NJ East Brunswick, NJ Trenton, NJ Trenton, NJ West Chester, PA Reading, PA Lancaster, PA Conshocken, PA Conshocken, PA Susquehanna, PA Swatara Twp, PA Lwr Swatara Twp, PA W Hanover Twp, PA Hanover, PA Lwr Paxton, Twp, PA Harrisburg, PA Hampdem, Twp, PA Willamsport, PA Warminster, PA Hanover, PA Jenkins Twp, PA Jenkins Twp, PA Pen Argyl, PA Harrisburg, PA Harrisburg, PA Harrisburg, PA New Cumberland, PA Harrisburg, PA Mechanicsburg, PA Harrisburg, PA Lemoyne, PA Pittsburgh, PA Pittsburgh, PA E Liberty, PA Allentown, PA Allentown, PA Bethlehem, PA Allentown, PA Allentown, PA Fort Lee, NJ Washington, DC Ocean City, MD Laurel, MD Lanham, MD Odessa, DE South Orange, NJ Paramus, NJ Allentown, PA Allentown, PA Vineland, NJ Voorhees, NJ Mt. Laurel, NJ Glen Burnie, MD Voorhees, NJ Plymouth Meeting, PA Woodland Pk, NJ Fairfield, NJ Ringwood, NJ Northfield, NJ Northfield, NJ Baltimore, MD Baltimore, MD Baltimore, MD Baltimore, MD Potomac, MD Allentown, PA Teaneck, NJ Elmwood Park, NJ Edgewater, NJ Lodi, NJ — Union City, NJ Union City, NJ Plainfield, NJ Newark, NJ
SELLER/ SELLER/ OWNER/ OWNER/ LESSOR LESSOR — — — — — 65 Clyde Road — — — — Fern Hill Assoc Brasler, Endurance RE — Buccini Pollin Quaker Park Exelon Energy — Barry Pagliaro Triple K Fleet Scotto Malvone Snow M Three Props 4076 Market St Comcast 2015 Stout Dr Mericle Mericle Mericle Scotty’s Fashion Cutting Shadow Canyon Family DST DP Ptrs — Vartan Grp — Vartan Grp Kojaian Cos IBC Sales Corp The Wedgewood Grp — — — HAF Inc Whitehall Riverside A Rinaldi Kline Family — Shaheen Assoc — — — — Liberty — NBVW Quaker Comm’l Brandywine Realty — — Simon Prop Grp — — — — — Regency Ctrs Regency Ctrs Regency Ctrs Regency Ctrs Streetsense — — — — Gebroe-Hammer Gebroe-Hammer Gebroe-Hammer Gebroe-Hammer Gebroe-Hammer Marcus & Millichap
REP. REP. OF OF SELLER/ SELLER/ LESSOR LESSOR — — — — The Kislak Co — — CBRE — Richardson Comm’l. Swopes Lee NAI Keystone Cushman & Wakrfield Binswanger Binswanger NAI CIR — NAI CIR NAI CIR NAI CIR NAI CIR NAI CIR The Gladstone Grp NAI CIR Roddy Mericle Mericle Mericle Michael Baxter Landmark Landmark JLL Landmark Landmark Landmark Landmark Landmark Grubb & Ellis Colliers Int’l Colliers Int’l NAI Summit — — NAI Summit NAI Summit Weiss Realty Firoozabadi Grp — SVN/Skogmo BECO Mgmt Patterson Woods/CORFAC CBC NRT Bergman RE Colliers Int’l — Eagle Comm’l RE Colliers Int’l SNJ CBRE — Marcus & Millichap Legend — — — Equity Retail Equity Retail — — — — — Berger-Epstein The Kislak Co The Kislak Co The Kislak Co — — — — — Tree Top Development
BUYER/ BUYER/ TENANT/ TENANT/ LESSEE LESSEE — — — — — Bunge Amophic Solutions — PNC NJ Precast Corp ICS Furnhill Business Ctr PCA B&B Structures AIM Monetate Keystone Wireless Menlo Logistics Parts Now! K&J Matress Depot Lori Nornhold Kings Asset Managers Donald Nelson McClure DiSalvo’s Global CF Holdings CaremarkPCS C3i Bath Fitter Forza Boxing Robin Ellen Realty Nat’l Gov Svcs Champion Window Market Mart Utility Solutions Everence Fianancial Advisors General Svcs Admin Element Creative Media HDH Grp LOC 9 Union Pig & Chicken Coll Materials Beck Packaging OAA Dr Amir PA Steele Co RTK Law Offices Kossow Mgmt Process Integration Gospel Assembly Church Pro Finishhes Plus Cantwell’s Tavern — SuperMedia 3Linx Spruce Int’l Chemglass Carlisle Assoc Foundations Phillips Edison H&R Reit Raymour & Flannigan Great Clips YoFresh Subway Pioneer Edu J Diamond Martial Arts Wine Loft Ann Taylor Loft Francesca’s Coutre Moda Founding Farmers Bixler’s Jewlers — — — Gebroe-Hammer Gebroe-Hammer Gebroe-Hammer Gebroe-Hammer Gebroe-Hammer —
REP. REP. OF OF TENANT/ TENANT/ BUYER BUYER
PRICE PRICE
SIZE SIZE
Marcus & Millichap Marcus & Millichap Marcus & Millichap — The Kislak Co NAI Mertz Pennant Capital Mgmt Newmark Knight Frank Richardson Comm’l. Richardson Comm’l. — Colliers US Comm’l Realty CBRE Skyline Comm’l — NAI CIR, Transportation Prop — — — — — NAI CIR — — JLL SSH RE, Colliers Int’l. — Michael Baxter NAI CIR — Landmark — Landmark Landmark Landmark Landmark Carrie S. Holdstead — Colliers Int’l — NAI Summit NAI Summit NAI Summit NAI Summit — Firoozabadi Grp SVN Miller ReMax SVN/Skogmo Patterson Woods/CORFAC Fallivene Agency CASE Colliers Int’l Colliers Int’l — Colliers Int’l SNJ — — Marcus & Millichap — The Azarian Grp The Azarian Grp The Azarian Grp — — Segall Grp KLNB — — — LMS The Kislak Co The Kislak Co The Kislak Co — — — — — —
$1.25m $1.38m $1.6m $7.9m $1.4m — — — — — $3m — $900k — — $550k — — — — — — — — $1.31m — — — — — — — — — — — — — — — $2.6m — — — — — $17.125m $750k $1.08m — — $500k — — — — — — $16.6m $15.9m — — — — — — — — — — — — $5.08m combined $1.6m $3.2m — $855k $1.5m $150k —
11-unit 15,000 SF 14-unit 68*unit 14-unit 19,900 SF 13,000 SF 131,363 SF 85,882 SF 3686 SF 40,000 SF 220,000 SF 29,000 SF 61,496 SF 20,161 SF — 201,600 SF 21,428 SF 4100 SF 3200 SF 2100 SF 2433 SF 432 SF — 13,816 SF 160,000 SF 41,000 SF 10,000 SF 51,660 SF 104,502 SF 12,000 SF 8000 SF 2250 SF 1711 SF 1700 SF 1251 SF 880 SF 18,300 SF 136,850 SF 2200 SF 104,400 SF 28,800 SF 5855 SF 1923 SF 75,003 SF 2616 SF 95 unit 8000 SF 5 units 7009 SF — 11,000 SF 14,000 SF 13,300 SF 5045 SF 16,000 SF — 16,696 SF 105,834 SF — 43,328 SF 1200 SF — 1170 SF 7500 SF 1216 SF 2405 SF 5164 SF 1605 SF 1600 SF 7000 SF 5600 SF 25 unit 32 unit 10 unit 25 unit 16/2 units 16 units 23 unit 13 unit 115 unit
DESC. DESC. Multi Mixed-Use Multi Multi Multi Ind Off Off Mixed-Use Off Ind/Flex Ind Ind Off Off Off Whse Retail Retail Retail Retail Off Off Parking Lot — Comm’l Flex Flex Whse/Dist Ind Off Flex Retail Off Off Off Off Off Whse/Dist Retail Whse Whse Off Off — Off Apt Whse/Off Whse Off Retail Ind Off Whse/Flex Flex Ind Off Off Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail Apt Apt Apt Apt Res/Comm’l Apt Apt Apt Apt
S/L S/L S S S S S L L L S L S L S L L S L L L L L L L L S L L L L S L L L L L L L L S L L L L L L L S S S L L S L L L S L L S S L L L L L L L L L L L L S S S S S S S S S
PG PG FC-B FC-B FC-B 3B 3B 5B 5B 6B 10B 10B FC-C FC-C 2C 2C 2C 3C 3C 3C 3C 3C 3C 3C 3C 3C 3C 4C 4C 4C 4C 5C 5C 5C 5C 5C 5C 5C 5C 6C 6C 6C 15C 15C 15C 15C 15C 3A 24A 24A 24A 24A 24A 27A 27A 27A 27A 27A 27A 27A FC-B FC-B 9B 9B 9B 9B 10B 10B 10B 10B 10B 10B 10B 17B FC-C FC-C FC-C 2C 2C 2C 2C 2C 5C
16A — December 9 - 22, 2011 — Mid
Atlantic Real Estate Journal
MAREjournal.com
1100 East Hector Street, Suite 393 Conshohocken, PA 19428
President Douglas Sayer Colliers International
Phone/Fax: 610-238-9950 / 610-238-9959 E-Mail: tristate@tristaterca.com Website: www.tristaterca.com
2011 Officers & Directors President Douglas Sayer Colliers International
President Elect Michael P. McCurdy Jones Lang LaSalle
Vice President (Pennsylvania) Paul G. Garvey Cushman & Wakefield of PA
Vice President (New Jersey) Jonathan Glick Sheldon Gross Realty, Inc.
Secretary VP (Delaware) Gregory Ellis, CCIM Patterson Woods Commercial
Treasurer Ralph A. Magnatta, CPM Brite Realty Services
Immediate Past President James A. Egan Grubb & Ellis Co.
Director Advisory Council J. Robert Clements Grubb & Ellis
Director Advisory Council John Derham Cushman & Wakefield of PA
Director David A. DePetris Legend Properties
Director Louis J. Battagliese Jackson Cross Partners, LLC
A QUICK LEARNING OPPORTUNITY FOR:
SCHOOL NOW AN APPROVED PROVIDER IN NEW JERSEY! COURSES IN NJ COMING SOON!
- REALTORS - APPRAISERS - ATTORNEYS -ACCOUTANTS presents
PA FALL 2011 EARLY BIRD COURSES! Legal Updates in Commercial Real Estate
DATE: Monday, December 12, 2011 This course will address real estate commissions as well as the best practices for establishing a strong relationship with clients, avoiding disputes with clients and other real estate professionals. Other topics discussed include the Broker Lien Law in Pennsylvania. Course Instructor: Andrew L. Miller, Esquire Andrew L. Miller & Associates
Supply/Demand in a Recovering Market
DATE: Tuesday, December 13, 2011 This course will concentrate on the demographic analysis and its impact on Supply and Demand factors as it relates to commercial real estate. The course will also address unique factors in this economic downturn and recovery that help explain why this cycle isn’t performing similar to prior recession/recoveries and what we can expect over the coming 2-3 years. This course will provide the real estate practitioner with current, valuable statistical information to better advise the consumer on real estate investment, work out, and disposition strategies. Course Instructor: Albert “Chip” Hughes, MAI A.R. Hughes & Company
Director J. Scott Gabrielsen Binswanger
Director Jeffrey B. Goldstone Herbert Yentis & Company
Director Gene McHale Beacon Comm’l. Real Estate
Director Barry P. Mertz NAI Mertz Corp
Director Todd Monahan Jones Lang LaSalle
Schedule for all evening courses 4:30 PM Registration 5:00 PM Course Begins 6:00 PM Refreshments 8:30 PM Dismissal Location: Spring Mill Corporate Center 1100 E. Hector Street, Auditorium, 1st Floor Conshohocken, PA, 19428 Tuition: $60 per course (TriState members) $75 per course (Non-Members)
Courses Submitted for the Following Credits: - PA Realtor (3.5hr) -PA Appraiser (3.5hr) - PA CLE (3hr) - PA Accounting (3 hr) -DE Realtor Credits (3hr) –DE Appraiser (3hr) -NJ Realtor Credits (3 hr)
Two ways to register: Director Steven G. Michaelson Tornetta Realty Corp.
Director Rocco Perate square 1 financial
Director Tony Nichols, Jr. Liberty Property Trust
Director Greg Soffian Studley
Visit our website at www.tristatecres.com and download the Fall 2011 Registration Sheet under Fall 2011 Information. Complete the registration form and 1. Fax it to our office at 610-238-9959 or 2. Mail it to our office at: The Commercial Real Estate School 1100 E. Hector Street Suite 393 Conshohocken, PA 19428 Payment must be included. We accept Visa or MasterCard ONLY or payment by check.
Director JoAnn West Lieberman Earley & Co.
CHECK OUT OUR EVENTS CALENDAR!
MAREjournal.com
Mid Atlantic Real Estate Journal — December 9 - 22, 2011 — 17A
18A — December 9 - 22, 2011 — Mid
Atlantic Real Estate Journal
MAREjournal.com
PEOPLE ON THE MOVE Inducted into the ACEC
Penn-Northwest Development Corporation
LandmarkJCM’s Williams joins elite group of engineers
Seitz named CEO of lead economic dev. agency
N
EW CASTLE, DE — LandmarkJCM principal and executive vice president, Ted C. Williams, P.E., FACEC, has been inducted into the College of Fellows of t h e A m e r i - Ted C. Williams can Council of Engineering Companies, an elite group of engineers who have made significant contributions to the
engineering profession through their experience, knowledge and networking abilities. Williams received this special recognition from David Raymond, President and CEO of ACEC, Everett Cowan, Chairman of the Committee of Fellows, and Terry Neimeyer, Chairman of ACEC, during the Fall Conference held October 19-22, 2011 at Caesar’s Palace in Las Vegas, Nevada. Mr. Williams currently serves as ACEC Chairman-Elect, where he will succeed Terry Neimeyer, who began his one-
year term as ACEC Chairman in March, 2011. ACEC is the voice of America’s engineering industry. Council members – numbering more than 5,000 firms representing more than 400,000 employees throughout the country – are engaged in a wide range of engineering works that propel the nation’s economy, and enhance and safeguard America’s quality of life. The Council’s mission is to contribute to America’s prosperity and welfare by advancing the business interests of member firms. ■
Clark Nexsen names Burge dir. of D.C. off. WASHINGTON, DC — Clark Nexsen, an established leader in providing architecture, engineering, interior design, planning, and landscape architecture services announces that J e r e m y Burge, AIA, L E E D A P Jeremy Burge has been named the director of the Clark Nexsen Washington, D.C. office.
Since joining the firm in 2009, Jeremy Burge, AIA, LEED AP has served in such capacities as lead design architect and project manager on numerous public, private and commercial projects. He has demonstrated substantial project design experience with several of his designs receiving awards of excellence in design. Burge is very active with the American Institute of Architects [AIA] and has held leadership positions at the local, state and national
levels. Burge has exceptional leadership skills and extensive experience in the A/E industry that will allow him to lead the D.C office to more successes and growth in the years to come. “I am extremely honored and excited to take on this new leadership role at Clark Nexsen,” said Jeremy Burge. “I embrace this opportunity to build on the accomplishments and growth the D.C office has seen over the past few years.” ■
MERCER, PA — Penn-Northwest Development Corporation (PNDC) has hired a new CEO to direct Mercer County’s lead economic development agency. R a n d y Seitz is a veteran economic develRandy Seitz opment leader, who has led regional economic development organizations in New York, Texas and Pennsylvania, and has most recently been the President and Chief Operating Officer of the Oil Region Alliance of Business, Industry and Tourism. With 18 years of experience in economic development, Randy has a proven track record of success in new industry recruitment, local industry retention/expansion, workforce development and international trade. “Our region and Mercer County has so much going for it,” said Kachulis. “The opportunity to take a leadership role in our region and to work closely with the region’s business, government and institutional leaders to accelerate new investment and job creation is very exciting. Places that are succeeding in their approach
to economic growth are doing it very collaboratively on a regional level. Randy was the best candidate and his experiences aligned well with the direction that PNDC is heading.” At the Oil Region Alliance, Seitz was recruited to lead the newly formed organization that was created from consolidation of four separate agencies. During his tenure, Seitz was successful in helping secure $60 million in capital investment for job creation and retention and $350,000 in state funding for local worker training and job placement assistance. Seitz was also successful in filling a regional industrial park that was vacant prior to his arrival. He currently serves on the Pennsylvania Governor’s Council on Rural Affairs and also served on Governor Corbett’s Transition Team to shape economic development reform. Randy and his wife, along with their two children currently live in Franklin. They plan to relocate to Mercer County. Larry Reichard, current Executive Director of PNDC, announced his plans to retire earlier in the year.Reichard will continue to serve PNDC during a transition period. Seitz will take on his new role beginning January 1, 2012. ■
Employees from Skanska USA’s Rockville, MD office volunteer New Jersey office market . . .
Employees from Skanska USA’s Rockville office volunteer with Habitat for Humanity to rebuild and then donate a home to a deserving family in Maryland. The home was damaged by an interior electrical fire and Skanska was proud to utilize their construction skills to make necessary repairs and improvements to the home.
Employees from Skanska USA’s Rockville, MD office volunteer at the District of Columbia Building Industry Association’s (DCBIA) recently held Community Improvement Day to help rebuild the Marvin Gaye Recreation Center in Ward Seven and provide a suitable outdoor recreation center for the children and families of Ward Seven.
Manko, Gold, Katcher & Fox’s Witkes presents at roundtable BALA CYNWYD, PA — Neil S. Witkes, a partner with the environmental, energy, and land use law and litigation firm of Manko, Gold, Katcher & Fox (MGKF) participated in a recent program at the 2011 Philadelphia Chapter regional meeting of the Auditing Roundtable hosted at MGKF’s offices.
Witkes’ presentation entitled “Auditor Reporting: Obligations and Ethics” discussed an issue that is of concern to many auditors -- the circumstances under which an auditor may be obligated to report findings of noncompliance to a government agency or other third party. Witkes has a wide range of
civil and administrative environmental and commercial litigation experience, including class actions, toxic tort claims, insurance coverage suits, defense of agency enforcement actions, citizen suits, challenges to agency action, contract claims, and cost recovery actions. ■
continued from page 2A in the second quarter to third quarter’s $22.29 per s/f. The third quarter availability rate was 20.1 percent, essentially flat both quarterover-quarter and year-overyear, but with decreases during that time in six out of 10 counties Sublease represents 13.8 percent of total available space, the same as a year ago. Market resurgence since the market crash in 2009 has been slow and will remain such as tenants watch their options closely. Some tenants in the 10,000- to 50,000-s/f range returned to the market late in the quarter to evaluate their alternatives. For tenants considering suburban locations there is an abundance of older office product but not as many large blocks of Class A availabilities, forcing them to pursue build-to-suit options, which can also extend their search time and delay transactions. In downtown locations such as Newark and the Hudson Waterfront, redevel-
opment is encouraged and the Urban Transit Hub Tax Credit is available to those who meet the criteria. For the most part, however, tenants are not making unforced moves, waiting until leases need to be renewed. Other highlights from the Colliers International Q3 research report include: A commitment to a 770,000 s/f former Merrill Lynch facility in Plainsboro by pharmaceutical company Novo Nordisk was largely responsible for the decline in available space in Central New Jersey. Mack Cali will be constructing a new, 203,000 s/f, Class A office building for Wyndham Worldwide adjacent to its current corporate headquarters on Sylvan Way in Parsippany. Pearson Education was awarded an Urban Transit Hub tax credit of up to $82.5 million to move into a new office building at 221 River Street in Hoboken, relocating 700 jobs from Upper Saddle River by 2014. ■
MAREjournal.com
Mid Atlantic Real Estate Journal — December 9 - 22, 2011 — 19A
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Would like to be included on this page call: Linda Christman lchristman@marejournal.com (800) 584-1062 / (781) 871-5298 Fax (781) 871-5299 or Your Account Executive Mid Atlantic REAL ESTATE JOURNAL
20A — December 9 - 22, 2011 — Mid
Atlantic Real Estate Journal
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COMMERCIAL REAL ESTATE ORGANIZATIONS’
EVENTS CALENDAR 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 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
DECEMBER 12 – NJAA Event: 14th Annual Children’s Holiday Party Location: Meadowlands Expo Center Address/City: Secaucus, NJ E: niambi@njaa.com www.njaa.com
DECEMBER 14 – USGBC NJ Event: Annual Holiday Party & Meet the Candidates Time: 6:00 PM – 9:00 PM Location: The Olde Mill Inn Address/City: 225 Rte. 202, Basking Ridge, NJ P: 973-290-0013 E: info@usgbcnj.org www.usgbcnj.org
DECEMBER 13 – ABC VA Event: Legislative Breakfast Time: 7:30 AM – 9:00 AM Location: Marriott at Fair Oaks Address/City: 11787 Lee Jackson Memorial Hwy, Fairfax, VA Cost: $30 Members/Nonmembers P: 703-968-6205 E: Maureen@abcva.org www.abcva.org DECEMBER 13 – NAIOP PITTSBURGH Event: 11th Annual Smart Growth Conference Time: 7:30 AM – 4:00 PM Location: David L. Lawrence Convention Center Address/City: 1000 Fort Duquesne Blvd., Pittsburgh, PA Cost: $35 P: 412-928-8303 www.naioppittsburgh.com DECEMBER 14 – ABC NJ Event: Board Meeting Time: 8:00 AM Location: 414 River View Plaza Address/City: Trenton, NJ E: pstewart@njpsi.com www.abcnj.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 – ICSC Event: NJ Next Generation & Government Relations Holiday Reception Time: 5:30 PM – 9:00 PM Location: T.G.I. Fridays Address/City: 826 State Route 3 West, Clifton, NJ Cost: $20 Members $35 Nonmembers P: 646-728-3648 E: msilsbe@icsc.org www.icsc.org DECEMBER 14 – SMPS PHILADELPHIA Event: Building Tour: The Constantine N. Papadakis Integrated Sciences Building at Drexel University Time: 8:00 AM – 10:00 AM Location: Drexel University Address/City: Corner 33rd & Chestnut Sts. Cost: $25 Members $35 Nonmembers www.smpsphiladelphia.org
DECEMBER 15 – AIA PHILADELPHIA Event: 2011 Procrastinators Pro Con Time: 8:30 AM Location: Assoc. Builders & Contractors Address/City: 430 W. Germantown Pk., Philadelphia, PA Cost: $60 Members $110 Nonmembers P: 215-569-3186 E: pat@aiaphila.org www.aiaphiladelphia.org DECEMBER 15 – BOMA PHILADELPHIA Event: Annual Holiday Party Time: 5:30 PM – 8:00 PM Location: Crystal Tea Room-The Wanamaker Building Address/City: 100 E. Penn Sq., Philadelphia, PA Cost: $85 Members $100 Nonmembers P: 215-567-1775 www.bomaphila.com DECEMBER 15 – ICREWNJ Event: Lunch Meeting Time: 11:30 AM Location: Dolce Hotel & Resorts Address/City: Basking Ridge, NJ P: 609-585-6871 E: icrewnj@icrewnj.org www.icrewnj.org DECEMBER 15 – NAWBO DE Event: Power of Partnership Networking Time: 2:00 PM – 4:00 PM Location: Buena Vista Conference Center-Buck Library Address/City: 661 S. DuPont Highway, New Castle, DE Cost: $15 E: info@nawbodelaware.org www.nawbodelaware.org DECEMBER 15 – USGBC NJ Event: LEED CMP Workshop: LEED for New Construction Time: 8:00 AM – 5:00 PM Location: NJ Carpenters Fund Training Center Address/City: 91 Fieldcrest Ave., Edison, NJ www.usgbcnj.org DECEMBER 21 – IFMA CENTRAL PA Event: Building Information Modeling Time: 11:30 AM – 1:30 PM Location: NuTec Group Address/City: 3687 Concord Rd., York, PA Cost: Members Free/Guests $20 E: ifmacpa@ifmacentralpa.org www.ifmacentralpa.org
JANUARY 9 – USGBC NJ NORTH BRANCH Event: Introduction to the International Green Construction Code (IGCC) Time: 6:00 PM – 9:00 PM Location: Maggiano’s Little Italy Address/City: 390 Hackensack Ave., Space 70, Hackensack, NJ Cost: $45 Members $60 Nonmembers P: 973-290-0013 www.usgbcnj.org JANUARY 10 – TRISTATE/AAGP/BOMA/IREM Event: Annual Joint Real Estate Forecast Luncheon Time: 11:30 AM Location: The Union League (Lincoln Hall) Address/City: 140 S. Broad St., Philadelphia, PA Cost: $65 for TriState Members $80 Nonmembers P: 610-238-9950 www.tristaterca.com JANUARY 11 – CIRC DE Event: Membership Meeting & Luncheon Time: 11:30 AM – 1:30 PM Location: Clarion Hotel-The Belle Address/City: 1620 N. DuPont Hwy. Cost: $30 Members $40 Nonmembers P: 302-633-1705 E: janet@circdelaware. org www.circdelaware.org JANUARY 11 – NJAA Event: Understanding Credit Scoring & Interpreting Credit Reports Time: 9:00 AM – 11:00 AM Location: NJAA Headquarters Address/City: 104 Interchange Plaza, Suite 201, Monroe Township E: casey@njaa.com www.njaa.com JANUARY 12 – CREW PITTSBURGH Event: Holiday Party Time: 5:00 PM – 8:00 PM Location: Tavern 235 Address/City: 245 4th Ave., Pittsburgh, PA E: admin@crewpittsburgh.org www.crewpittsburgh.org JANUARY 18 – CREW LEHIGH VALLEY Event: Lunch & Learn – “How will the New Tax Assessment Effect You?” Time: 11:30 AM – 1:00 PM Location: 1611 Pond Road Address/City: Allentown, PA www.crewlehighvalley.org JANUARY 19 – CREW PHILADELPHIA Event: Lunch Event – What to Expect for 2012 Location: Union League Address/City: 140 S. Broad St., Philadelphia, PA www.crewphiladelphia.org JANUARY 19 – NAIOP PITTSBURGH Event: Chapter Meeting – Finance Update Time: 7:30 AM Location: Omni William Penn Hotel Address/City: 530 William Penn Pl., Pittsburgh, PA Cost: Members Free/$40 Nonmembers P: 412-928-8303 www.naioppittsburgh.com
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Mid Atlantic Real Estate Journal — December 9 - 22, 2011 — Inside Back Cover A
Mid Atlantic REAL ESTATE JOURNAL
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Back Cover A — December 9 - 22, 2011 — Mid
Atlantic Real Estate Journal
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SMHOPPING C ENTERS A R E J ID
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Section B of the Mid ATLANTIC Real Estate Journal
Cassidy Turley’s Tesser and Sonnenberg handle lease on behalf of Bunzl Northeast
Matrix Development Group signs 132,410 s/f lease at Perth Amboy Business Park
P
ERTH AMBOY, NJ — Matrix Development Group announced that it has signed a 132,410 s/f lease at Perth Amboy Business Park, a 450,000 s/f industrial complex it owns in partnership with Morgan Stanley. Bunzl Northeast signed a seven-year lease and was represented by Cassidy Turley’s Jonathan Tesser, SIOR, senior vice president, principal; and
Mark Sonnenberg, SIOR, CCIM, principal, director of industrial sales and leasing. The space features 8,000 s/f of office space, a 32-foot clear height in the warehouse, 23 loading dock positions with nine-foot by ten-foot door openings, seven-foot by eightfoot manual dock levelers, one 12-foot by 14-foot drive-in door and 30 battery-charging stations. The site also features 71 parking spaces for cars as well
DECEMBER 9 - 22, 2011
HI-LIGHTS Avidan Mgmt. leases 35,000 s/f at 145 Talmadge Rd., Edison Avidan Management announced several lease transactions at 145 Talmadge Rd., a 656,255 s/f warehouse and office complex in Edison. See page 2B.
CBRE’s McGovern brokers 31,996 s/f in Mt. Laurel Dan McGovern, vice president at CBRE, Inc. (CBRE), brokered a 16,696 s/f lease with Foundations, Inc. at 701 East Gate Center. See page 3B.
ALSO INSIDE: NORTHERN NEW JERSEY SPOTLIGHT .....................5-12B ASK AN EXPERT DIRECTORY ..................................... 13B PEOPLE ON THE MOVE ............................................. 14B ICREW NJ ORGANIZATION ..................................... 15B SNJ APPRAISAL INSTITUTE ................................ 16-IBC Section B, 20 pages
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Perth Amboy Business Park as 24 trailer parking spaces. Matrix’s Perth Amboy Business Park consists of two, state-of-the-art distribution and light industrial facilities totaling 450,000 s/f on 26 acres of land. The complex is less than one-half mile from Route 440 and close to main road arteries such as Routes 287, 1 and 9, the New Jersey
Turnpike and the Garden State Parkway. The site also offers outstanding proximity to Port Newark/Port Elizabeth. “The strategic location of this property continues to be a strong factor in attracting tenants to this complex,” said Russell Tepper, vice president – Development at Matrix
Development Group. “We are confident that Bunzl’s distribution operations will directly benefit from the complex’s proximity to numerous main thoroughfares and the port.” “We see this activity as further indication of the improving industrial market in Central and Northern New Jersey,” Tepper added. ■
Jones Lang LaSalle represents the property owner
Newmark Knight Frank relocates Ansell Limited’s HQ ISELIN, NJ — Newmark Knight Frank announced that Ansell Limited is relocating its global U.S.-based headquarters to the new Metrotop Plaza II, marking the first tenant for the building. Ansell signed on to occupy 43,210 s/f in the nine-story, class A building located at 111 Wood Avenue South, just off the Garden State Parkway. The 255,000 s/f building was recently completed and boasts polished granite and glass facades with a two-story atrium connecting the building to Metrotop Plaza I. Ansell will receive signage on the building, which features exposure to the parkway, says Newmark Knight Frank’s David Simson, vice chairman/COO of the NJ
Metrotop Plaza II operations, who along with principal Jamie Drummond, represented Ansell in the deal. Jones Lang LaSalle represented the property owner, Atlantic Realty Development Co. “The company was looking for a headquarters that rep-
resented its image, growth and vision. Nothing could top a state-of-the-art office building with prominent location by the Parkway,” Drummond said. “The area, which is easily accessible, has seen great interest from tenants this year.” ■
B Inside Cover — December 9 - 22, 2011 — New Jersey — Mid
Atlantic Real Estate Journal
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To get your share, visit NJCleanEnergy.com/BIZ or call 866-NJSMART to speak to a representative. NJ SmartStart Buildings® is a registered d trad ttrademark. radema emark. rk Use Use of of the the tra tradem trademark demark ark witho wi without thout ut per permission of the NJ Board of Public Utilities is prohibited. prohibited ted..
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Mid Atlantic Real Estate Journal — New Jersey — December 9 - 22, 2011 — 1B
“WE’VE GOT NEW JERSEY COVERED” WAY BELOW MARKET PRICES – For SALE or LEASE
1,920 SF – PISCATAWAY 300 SF Ofc, 20’ Clgs, 1 DI AVAILABLE IMMEDIATELY
GARWOOD – Available Imm 5,063 SF – 500 SF Ofc, 15’ Clgs, TB, DI 7,611 SF – 1,200 SF Ofc, 16’ Clgs 1 TB
24,000 SF - LINDEN
33,000 SF - PISCATAWAY
2,000 SF Ofc, 15’ Clgs, 3 TB, 2 DI AVAILABLE IMMEDIATELY
18,750 – 23,000 – 41,750 SF NEW BRUNSWICK 1,000 SF Ofc, 4 TB, DI AVAILABLE IMMEDIATELY
55,555 SF – SOUTH PLAINFIELD 6,000 SF Ofc, 20’ Clgs, 6 TB, DI AVAILABLE IMMEDIATELY
3,000 SF Ofc, 20’ Clgs, 4 TB, DI AVAILABLE IMMEDIATELY
51,750 SF BERKELEY HEIGHTS 8,000 SF OFc, 22’ Clgs, 5 TB, DI AVAILABLE IMMEDIATELY
69,000 SF – Raritan Center EDISON 3,500 SF Ofc, 24’ Clgs, 8 TB, DI, Extra Trailer Pkg, Heavy Power
1,500 - 3,000 to 21,000 SF EDISON Up to 14,000 SF Ofc, 18’ Clgs, TB, DI AVAILABLE IMMEDIATELY
35,224 SF – AVENEL Up to 14,000 SF Ofc, 21’ Clgs, 4 TB, DI DIVISIBLE – Near Exit 12 AVAILABLE IMMEDIATELY
53,500 SF - MILLBURN 4,000 SF Ofc, 16’ Clgs, 10 TB AVAILABLE IMMEDIATELY
20,000 - 30,000 - 72,000 SF EAST BRUNSWICK Up to 15,000 SF Ofc, 21’ Clgs, 9 TB, 2 DI, Extra Land, Near Exit 9 NJ Tpke
For Additional Listings or Information Check Us Out On The Web:
www.bussel.com
Bussel Realty Corp. 2 Ethel Road, Suite 202 A, Edison, NJ 08817 (732) 287-3777 / Fax (732) 287-1090 / brcorp@bussel.com / www.bussel.com The information herein has been obtained from sources deemed to be reliable, but no guarantee of its accuracy is made by the Company. In addition, no representation is made respecting measurements, dimensions, zoning, condition of title or any matters of a legal or environmental nature. Such matters should be referred to legal counsel for determination. Subject to errors, omissions or withdrawal without notice.
2B — December 9 - 22, 2011 — New Jersey — Mid
Atlantic Real Estate Journal
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Fairfield Corporate Park, Fairfield, New Jersey
NEW JERSEY Tenants receive energy savings
FOR LEASE 32,000 Square Foot Industrial Building * Warehouse/Manufacturing * 6,000 Square Feet Office – Can be reduced * 20 Ft Ceiling Height / 4 Tailgate Doors / 60+ Car Parking * Attractive rental rates and terms available.
SHELDON GROSS REALTY, INC. REALTORS Ć” Corporate Real Estate Services
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Avidan Mgmt. leases 35,000 s/f at 145 Talmadge Rd., Edison DISON, NJ — Avidan Management announced several lease transactions at 145 Talmadge Rd., a 656,255 s/f warehouse and office complex that is also the location of one the country’s largest roof-mounted solar panel installations. Earlier this year, Avidan completed the installation of a 4.26 megawatt solar electric system atop the building that will produce more than five million kilowatt hours annually, enough to service about half of the power needs of the building’s tenants. It is expected to reduce carbon emissions by 3,750 tons annually. The following transactions were recently signed at the property: • Cross Docks Solutions LLC, which specializes in the warehousing and distribution of refrigerated and frozen foods, signed a lease for 32,654 s/f of refrigerated space. • Janice Staib and Associates, LLC signed a lease renewal for 1,785 s/f of space to maintain its offices at the site. • C. Mgmt. signed a 1,255 s/f lease renewal. To assist the tenant, Avidan Manage-
E
145 Talmadge Road ment added electric capacity than they would be able to required by the tenant and purchase at market rates. also supplied dedicated reserve In addition to the solar panel parking. installation, Avidan Manage“The addition of solar pow- ment has also undertaken a er at 145 Talmadge reflects comprehensive retrofit of the our commitment to the en- building’s lighting to upgrade vironment and to our ten- the system to energy-efficient ants’ needs,â€? said Avi Avidan, standards, and has improved managing member of Avidan the building’s insulation in Management. “This top-quality order to maximize the facility’s facility will help its tenants re- overall energy efficiency. â– alize tremendous savings that they can put directly back into New Jersey their businesses.â€? As a result of the building’s Real Estate Journal solar panel installation, tenants receive a portion of their a section of the electricity under a Power Mid Atlantic Real Purchase Agreement arrangeEstate Journal ment. Avidan Management P.O. Box 26, Accord, MA 02018 purchases the solar-generated 781-871-5298 • 800-584-1062 electric output from Avidan fax 781-871-5299 MAREjournal.com Energy Solutions and in turn sell the power to its tenants at a substantially reduced cost
Pennant Capital Mgmt. signs 13,000 s/f lease in Summit Executive Center SUMMIT, NJ — The ownership of Summit Executive Center, a partnership led by Mark Yeager, announced that New Jersey investment fund has signed a lease to become the second major tenant at the new, state-of-the-art business center. When completed, Summit Executive Center will feature 65,000 s/f of class A, headquarters-quality office space in Summit’s downtown
Relationship Driven. Execution Focused.
Publisher Michael Campisi mcampisi@MAREJournal.com
Section Editor Karen Vachon editor@marejournal.com
Meridian Capital Group, LLC proudly advised on ďŹ nancing for the following transaction:
Hudson Square South Only Meridian Capital Group’s powerful financing relationships can consistently achieve the unparalleled results our clients require.
central business district. Pennant Capital Management, LLC signed a lease for 13,000 s/f and is expected to take occupancy in July, 2012. Jones Lang LaSalle Executive VP J.C. Giordano represented the tenant, while CB Richard Ellis executive VP Jeffrey Heller, SIOR, represented the landlord in the transaction. â–
150 Unit Multifamily Property Hoboken, NJ
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Mid Atlantic Real Estate Journal — New Jersey — December 9 - 22, 2011 — 3B
NEW JERSEY Neisser of Markeim-Chalmers inks 15,300 s/f
CBRE’s McGovern brokers 31,996 s/f in Mt. Laurel
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OUNT 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. 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. Foundations, Inc. is a nonprofit, 501(c)(3) organization committed to improving educational experiences for America’s children and youth—throughout the day, everywhere they learn. “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 allow 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. In a separate transaction, representing the buyer, Free For All, Inc., McGovern brokered the purchase of a 15,300 s/f stand alone office building at 921 Pleasant Valley Avenue. This landmark building will become the corporate headquarters for Free For All Inc., a company that specializes in unique and specific programs that provide their customers with consistently superior choices and support to managed healthcare. The seller was represented by Matt Neisser of Markeim-Chalmers. Free For All, Inc. chose 921 Pleasant Valley Avenue to expand its operations because of the building’s tremendous location allowing immediate access to Routes 73 & 38, I-295 and Exit 4 of the New Jersey Turnpike. When all renovations are complete, this building will create the type of class A work environment the company wants their employees to experience on a daily basis. ■
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19,546± SF New Retail Center Newark, New Jersey Scott Davidovic ext 290
multifamily. The Kislak Company, Inc.
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4B — December 9 - 22, 2011 — New Jersey — Mid
Atlantic Real Estate Journal
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NEW JERSEY Lakeview Child Center leased space to HPA
Richardson Commercial Realtors brokers 5,117+ s/f
T
RENTON, NJ — Richardson Commercial Realtors announced the lease of 5 , 11 7 + s / f of recently renovated space in the RWJ University Hospital Hamilton campus to Hamilton Pe- Michael Pratico Jr. diatric Associates (HPA). HPA made the move to the hospital campus to better serve their patients and to take advantage of an excellent location for a pediatric office. It’s no
RWJ University Hospital Hamilton campus coincidence that their arrival on the campus coincides with the opening of the pediatric emergency room at the hospital. Linda Gilbert, practice manager said, “Richardson guided us through the entire process step by step. We felt we were in good hands from start to finish.” Lakeview Child Center is an affiliate of Robert Wood Johnson University Hospital Hamilton and leased the space to HPA. It opened in 1985 and operates a network of seven child care centers throughout central New Jersey. Skip Cimino, president & CEO of RWJ Hamilton commented, “Any hospital would be lucky to have Hamilton Pediatrics in their backyard. We’re very fortunate to have them on our campus. The space they outfitted is well suited to serve their patient’s needs.” ■
NJ Farm Market holds grand opening in Lakewood LAKEWOOD TOWNSHIP, NJ — Lakewood Mayor Menashe Miller welcomed NJ Farm Market and its owners to the Lakewood TWP. community at an official grand opening. NJ Farm Market at 1328 River Ave., in the Seagull Square Shopping Center, is a comprehensive market that sells fruits, vegetables, delicatessen meats, flowers, dry fruits and nuts, seafood, fresh fish, household items, and more in a 22,000 s/f store. David Oh, an owner, reported that the store currently employs 50 people, 40 of whom live locally. Mayor Miller said, “We are very happy that NJ Farm Market is employing so many local people. ■
NEW JERSEY SPOTLIGHT SHOPPING C ENTERS NORTHERN NEW JERSEY MAREjournal.com
Mid ATLANTIC REAL Estate Journal — Northern New Jersey — December 9 - 22, 2011 — 5B
1-acre 99 Hudson site in Jersey City
Reilly, Demartino handles assignment
Bank of America sells $35m site to Hartz Mountain Ind.
Jones Lang LaSalle reps tenant 36,758 s/f lease
J
ERSEY CITY, NJ — Hartz Mountain Industries, which triggered the redevelopment of Jersey City’s Colgate Center in 1997 with the construction of 70 and 90 Hudson Street, has Emanuel Stern purchased the 1-acre 99 Hudson site for $35 million from Bank of America. Bank of America, which
obtained the site when it acquired Merrill Lynch, is operating a parking lot on the site. Merrill Lynch intended to build an office tower at 99 Hudson for its back offices when it purchased the site in 1999. Hartz sold 70 and 90 Hudson Street, whose tenants included Lord Abbett and American Express, earlier this year. Jersey City’s waterfront was not thought of as a front-office location prior to Hartz’s Colgate Center purchase of the two acre sites
for 70 and 90 Hudson at $10 million each. “The market questioned whether we had fallen out of love with Colgate Center when we sold 70 and 90 Hudson Street – but quite the contrary, we became more enthusiastic than ever,” said Emanuel Stern, president and COO of Hartz Mountain Industries. “99 Hudson marks another generation of development on the Hudson River waterfront.” Hartz has not announced its plans for the site. ■
Cushman & Wakefield arranges 22,000 s/f Union Local headquarters acquisition WEST CALDWELL, NJ — Cushman & Wakefield of New Jersey, Inc. has arranged the acquisition of 20 Fairfield Place, West Caldwell on behalf of United Association of New Jersey-Plumbers Local 24 Education Fund. The buyer
will relocate its administrative, training, and classroom facilities to the single-story industrial building from their existing headquarters in Lodi. Plumbers Local 24 was represented by Bonni Heller of Cushman & Wakefield’s East
Rutherford office. The seller, 20 Fairfield Place Associates LLC, was represented by Stephen Sander of CB Richard Ellis. “This is a significant transaction, one that was concluded after a thorough, extensive search,” said Heller. ■
200 Plaza Drive SECAUCUS, NJ — Jones Lang LaSalle announced that the firm represented Affiliated Computer Services, Inc. (ACS) in a 36,758 s/f office lease at 200 Plaza Drive. ACS, a Xerox company, is a global leader in business process and information technology services. Jones Lang LaSalle managing director Thomas Reilly and associate Derek Demartino
handled the assignment for ACS. The building is part of the Harmon Meadow campus that features a host of amenities such as dining, hotels, shopping and entertainment within walking distance of each other. The complex also has quick access to the New Jersey Turnpike and Route 3 and is minutes from Manhattan. ■
NAI Hanson represents Mortgage Holder in mortgage note transaction MONTVALE, NJ — NAI James E. Hanson announced that it represented the mortgage holder in the sale of the first mortgage position, which also included a judgment of foreclosure, for 20 Craig Road, a 29,898 s/f office building in Montvale. Mountain Acquisitions LLC (Mountain Development) acquired the note. Previously, NAI Hanson served as the leasing agent for the two-story office building. Associate vice presidents Len Suskin and Darren Lizzack marketed the property on behalf of the owner, ColAmerica, which was in the mortgage business and purchased the property in 2005 to serve as its headquarters location. “Unfortunately, the business did not survive the economic downturn and the owner of the building could not continue paying the mortgage payments to the seller who was also the mortgage holder,” said Suskin. “The new owners are expected to complete the foreclosure
process, take control of the asset and reposition it to generate stabilized cash flow going forward.” Built in 1988, the modern office facility features amenities, including a marble atrium and foyer entry, executive wing with upgraded finishes, an executive conference room and key card
20 Craig Road security systems. The class B office property is conveniently situated in the coveted Triboro submarket of Bergen County, just off of Exit 172 of the Garden State Parkway. It is minutes away from Route 287, approximately seven miles north of the Route 4 and 17 interchange
in Paramus, and 20 minutes from the George Washington and Tappan Zee Bridges. “There are many real estate assets in financial trouble today due to the depressed real estate market and there are many investors looking to deploy capital in the real estate market,” says Lizzack. “One
attractive way to accomplish this is to purchase mortgage notes from lenders who no longer wish to carry the debt on their books. This provides the new ownership a way to acquire real estate assets at a substantial discount.” NAI Hanson announced that it represented Wells Fargo Bank in securing 3,780 s/f of bank space at 15 West Palisade Avenue in Englewood. Wells Fargo signed a long term lease at the building, which is located in Englewood’s downtown central business district. The bank is relocating from Engle Street, also in Englewood. NAI Hanson vice president Joan Cenicola represented Wells Fargo in the transaction with landlord Treeco/Secrets, LLC. “As an affluent town, Englewood is a strategic market for Wells Fargo, so it was important that they find a prime location,” Cenicola said. “This lease transaction allows the bank to relocate to a highly trafficked downtown pedestrian area.” ■
6B — December 9 - 22, 2011 — New Jersey — Mid
Atlantic Real Estate Journal
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NORTHERN NEW JERSEY By Brian Whitmer, Cushman & Wakefield’s Metropolitan Area Capital Markets Group
Northern NJ multifamily progressing at an impressive pace he turnarounds in multifamily market fundamentals and investment sales, which both can be traced to an inflection point in the first half of 2010, have continued at an impressive pace through Brian Whitmer the first three quarters of 2011. Should the current positive trending continue, we could be on pace to revisit pre-recession conditions in the near term. For context, at the end of 2006
T
the NNJ class A rental market vacancy rate hit a historic low, at 2.4%. That tightening in supply was followed by an average rental rate peak of $1,968 per month by late 2008. But this trend reversed in haste in 2009. By midyear, the recession had resulted in the highest five-year vacancy rate, 4.9%, and by year end rents had fallen 3.6%. Yet 2010 provided upward change. At year end, the region’s class A multi-family vacancy rate had begun to improve; by the third quarter of 2011 it rested at 4.0%, with Morris County enjoying the lowest rate (2.8%). The average
rental rate rebounded by 3.1% over its recent trough in first quarter 2010 through the current period; it is holding steady today with Hudson County recording the highest average rent ($2,614 per month). For further context, while we still are 1.6 percentage points below that historic low vacancy in 2007, the northern part of the state only needs to absorb 1,209 units to put us back on par. This seems readily achievable as in 2010, the market absorbed 2,032 units. For rents to return to the 2008 high, we need 0.9% rent growth. During the first three quarters of 2011
alone, rents grew 1.2%. On paper, we can trace the health coming back into the rental market. Anecdotally, one only needs to speak with multi-family owners and property managers to feel their confidence in where things are headed. We may continue to hear that the economy is shaky and employment uncertain, but landlords simply are not seeing the same level of apprehension in renters today than they did two and three years ago. The trend of doubling up with a roommate is no longer the dominate circumstance, as since occupancy units such as
Metropolitan Area Capital Markets Group
670 BELLEVILLE TURNPIKE
800 MADISON STREET
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211,418 SF
217 UNITS
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HOBOKEN, NJ
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BERNARDS 78
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201,781 SF
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SALE OF CLASS A
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OFFICE TOWER
BASKING RIDGE, NJ
GARDEN CITY, NY
JERSEY CITY, NJ
Andrew J. Merin
David W. Bernhaut
H. Gary Gabriel
Brian J. Whitmer
Vice Chairman
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Director
201-460-3358
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studios and one bedrooms are in the highest demand. Also, an increase in demand can partially be attributed to pre2008 home buyers choosing to rent and forgo purchasing due to market uncertainty, thus becoming a “renter by choice,” or not having the ability to source the down payment or secure financing, thus placing them a “renter by necessity.” Also, retirees and empty nesters are replacing suburban homes with rental residences at fully amenitized communities near walkable suburban CBDs. The multi-family market has re-entered a positive trajectory from an investment perspective as well. Back in 2008, seven class A properties changed hands in Northern New Jersey. That number dropped to one in 2009 and two in 2010. By midyear 2011, two Class A sales had closed – including the $280 million trade of Liberty Towers (648 units) in Jersey City and the Cushman & Wakefield brokered $96.5 million trade of 800 Madison (217 units) in Hoboken. Three more properties currently are under contract. All recent institutional-quality multi-family investment sales in the tri-state area, outside of Manhattan, have closed at sub-five cap rates since the beginning of 2010. One of the only factors inhibiting this pace from picking up in the near term is an evident lack of product coming to market. During the investment heyday from 2005 to 2007, a huge percentage of Northern New Jersey’s Class A multi-family inventory traded to institutional players with investment cycles of five, seven or 10 years. As those properties begin to come through their cycles over the next 24 or 36 months, we expect to see increased volume. MULTI-FAMILY CONSTRUCTION HEATS UP New construction starts in the Northern New Jersey market came to a virtual standstill during the downturn due in most part to a lack of financing, yet that is beginning to reverse as well. The moons are starting to align, where rents justify the creation of new supply. Equity and debt are available again, which has put developers back into play. In total, 1,097 units are under construction, with completion continued on page 7B
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Mid Atlantic Real Estate Journal — New Jersey — December 9 - 22, 2011 — 7B
NORTHERN NEW JERSEY New renovated area of the campus center totals more than 16,000 s/f
DMR Architects completes student center at Bergen Community College in Paramus ARAMUS, NJ — DMR Architects completed work on the new student center at the main campus of Bergen Community College. In early 2008, DMR Architects was hired by Lloyd Rosenberg Bergen Community College to design a new student center to address significant growth in student, faculty and staff
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By Brian Whitmer continued from page 6B dates beginning this fall through 2013. Major developments are underway in Wood-Ridge, North Bergen, Harrison, Lyndhurst, Hoboken and Jersey City. Each of these projects is an infill development, and four of the six are transit oriented. This trend of development in New Jersey’s more urban, dense communities ringing Manhattan – especially involving projects with easy public transportation access to the city – reflects the future of multi-family growth here. Absorption rates for newly constructed luxury units are setting records, especially at communities offering easy mass transit to Manhattan, where up to 70 leases per month are being signed. Yet despite this jump, NNJ’s multi-family inventory growth remains very low compared to the northeast and the United States. We currently rank 11 out of 15 markets in the northeast and 70 out of 82 nationally, according to REIS. Simply put, the entitlement and site availability barriers to entry keep competition constraints high. This actually is one of the reasons we maintain a bullish outlook on vacancies staying low and rent growth remaining healthy. As such, moving into the final months of 2011, we will look for further progress in class A multi-family rental market fundamentals. And while investment sales volume will remain sideways in the region, we will continue to see no shortage of capital chasing the few class A properties that do come online. Brian Whitmer is director, Cushman & Wakefield Inc.’s Metropolitan Area Capital Markets Group in East Rutherford, NJ. ■
Bergen Community College
traffic. In addition, DMR Architects’ design addressed many other needs of the college, including the lack of a main entrance to the Student Center, poor efficiency and functionality, lack of space for the food service company, and lack of an outdoor area seating area for students. The new design solution included a new main entrance, re-configured interior space, additional seating areas and a new foot traffic circulation pattern. The new building, which officially opened on October 18,
2011, will assist the college’s faculty and staff, as well as provide additional student leadership offices to serve the college’s more than 17,000 students. “DMR Architects is proud to be a part of such an important project for Bergen Community College. We were thrilled to assist in the expansion of the student center, and are excited about the opportunities the new building will provide to the entire campus community,” Lloyd Rosenberg, president and CEO, DMR Architects, said. ■
Success is a done deal. $21,000,000
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Fairfield Industrial Campus - 90,000 SF
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8B — December 9 - 22, 2011 — New Jersey — Mid
Atlantic Real Estate Journal
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NORTHERN NEW JERSEY On behalf of Jeffroad Green, a partnership of Prism Capital Partners, Greenfield Partners
CBRE Debt & Equity Finance secures $10m in acquisition and improvement financing
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A R S I P PA N Y, N J — James Gunning and Donna Falzarano of CBRE’s Debt & Equity Finance recently secured financing for a $10 million acquisition and improvement program on Eugene Diaz behalf of Jeffroad Green, LLC, a partnership of Prism Capital Partners, LLC, and Greenfield Partners. The funds were received from a local commer-
399 Jefferson Road cial bank at a sub 5.0-percent tensions. interest rate and a three-year The financing recapitalized term with three one-year ex- Jeffroad Green’s prior all-cash
acquisition of 399 Jefferson Road with additional funding for capital improvements. The funding covers a full capital improvement program that includes an interior fitout, expenses associated with securing a lease with Pinnacle Foods and the future lease-up of the remaining portion of the building. Earlier this year, Pinnacle Foods signed a longterm lease for approximately half of the building; the site was 46-percent occupied when the transaction closed. Pinnacle Foods recently expanded its commitment by 11,000 s/f;
interest remains high on the building’s remaining balance, according to Eugene Diaz, a principal partner with Prism. “We are committed to capitalizing on 399 Jefferson’s A+ market and excellent accessibility by providing the highest quality working environment for it tenants,” Diaz said. “Today’s favorable rates make financing the improvements a prudent move. Now, we are looking forward to moving ahead with the plan, which centers on the redevelopment of the building’s main entrance and exterior courtyard.” The 178,346 s/f suburban office property was originally constructed in 1970 and underwent a full renovation in 1987, including a new granite façade, thermal efficient windows and stainless steel accents. The building was once again gutted in 2006 and re-fitted by Prism to include a parking lot and all new building systems including a heating ventilation and air conditioning system. Coupling classic materials and modern design, with large open bay structures and 18-foot ceilings, the building creates unparalleled efficiency with less than a 1.5 percent loss factor. ■
Hance Const. meets with Butler Manufacturing Advisory Council WASHINGTON, NJ — Arthur Hance of Hance Construction in Warren County was among 13 members of the Butler Manufacturing Advisory Council who attended the group’s recent bi-annual meeting with Butler Manufacturing executives at the company’s world headquarters. Members of the Advisory Council are successful Butler Builder contractors who represent the metal building systems company’s six business regions across the U.S. and Canada with two members selected for each region. Each member serves a two-year term, with four members carried over for a second term. Hance was appointed to the council earlier this year. Butler established the Advisory Council in 1956 in a pioneering initiative to provide Butler Manufacturing insight from the dealer network on market conditions, trends. ■
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Mid Atlantic Real Estate Journal — New Jersey — December 9 - 22, 2011 — 9B
NORTHERN NEW JERSEY 3,500 square feet on the first floor at 42 Okner Parkway
Jarmel Kizel Designs flagship store for Pups @ Play in Livingston
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IVINGSTON, NJ — Jarmel Kizel Architects and Engineers, Inc., a full-service architecture and engineering firm based in Livingston has completed the design for Pups@Play. The flagship store will occupy 3,500 square feet on the first floor at 42 Okner Parkway in Livingston, New Jersey, a multitenanted building owned by the ISS Realty Group, Inc. Lori Zimmerman is the owner of Pups@Play, an upscale doggie daycare and spa. “Pups@Play is a unique concept and we are thrilled to have helped Lori develop her brand, and deliver a prototype design that she can bring to more locations throughout the northeast,” said Matthew B. Jarmel, AIA, MBA and principal of Jarmel Kizel. “Having two dogs as part of my family, I understand the importance of having a trustworthy and respectable place where you can take your dog for the day. I have great confidence that Lori will have a thriving business and that she will continue to open new locations throughout the region.” This is the first store for Pups@Play, a concept that Zimmerman plans to rollout regionally. Dog owners can drop off their four-legged friends at the Livingston location in the morning and pick them up after work, and rest assured their furry companions will always be under the
Chronakis Siachos, LLC expands its Hoboken HQ HOBOKEN, NJ — The law firm of Chronakis Siachos, LLC is expanding its Hoboken HQ from an 860 s/f office to a 2,800 s/f at the Hoboken Business Center (HBC), a JDA Group (JDA) property. Located at 50 Harrison St. Since the creation of Chronakis Siachos in April 2011 and its arrival at HBC that same month, the law firm has quadrupled in size. Peter Siachos, Esq., who founded the firm with Phil Chronakis, Esq., attributes part of this success to HBC itself. “Undoubtedly, our firm has benefited from selecting HBC for our NJ headquarters given the building’s amenities as well as the large and diverse group of companies and professionals already here”, said Siachos. ■
Shown from left: Michael McMane; owner Lori Zimmerman (holding her dog, Oscar); Georgia Solotoff, Monte Ehrenkranz, Marie Bennett, Mayor Rudy Fernandez; and Lori’s parents Barbara and Howard Zimmerman.
watchful eye of the highestquality and trained professionals. Owners also can bring their dogs for a half day, or just for a few hours while they run errands or perhaps watch local sporting events. In addition, Pups@Play offers large and small dog playrooms, large screen plasma televisions, soft seating, dog training, holistic veterinarian services and grooming services. “Jarmel Kizel’s understanding of brand strategy and its extensive experience in retail roll-out has been extremely helpful in developing my doggy
daycare concept,” said Zimmerman. “I am very exited to open this flagship store and bring this unique service to the Livingston community.” For this high-end retail rollout concept, Jarmel Kizel provided a full scope of services including site design for the exterior signage, play area and canopy, as well as architectural design, interior design and brand strategy development. Jarmel Kizel’s engineering studio also provided structural, mechanical, electrical, plumbing and fire protection engineering services. ■
10B — December 9 - 22, 2011 — New Jersey — Mid
Atlantic Real Estate Journal
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NORTHERN NEW JERSEY Consisting of 130 one- and two-bedroom rental residences
Roseland Property, JMP Holdings, Verona Twp. break ground on Phase II of Highlands At Hilltop
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ERONA, N.J – The newest luxury residential building planned for Verona’s Hilltop neighborhood broke ground on Phase II of The Highlands at Hilltop. The new phase will consist of 130 one- and two-bedroom rental residences, an approximately 6,000 s/f clubhouse, and tennis and basketball courts, according to Roseland Property Company and JMP Holdings, the joint venture partnership developing The Highlands at Hilltop. Township officials said they were glad the development of Phase II was underway as the
Shown from left: Verona Mayor Frank Sapienza, Roseland Property Company operating partner Ivan Baron, Roseland Property Company managing partner Carl Goldberg, Verona councilman Kevin Ryan, Roseland Property Company managing partner Brad Klatt.
new residences will provide additional, alternative housing options for Verona residents as well as much-needed tax ratables. “The development at Hilltop is the most important arrow we have in our financial quiver,” said Joseph Martin, Verona township manager. “As far as stabilizing taxes for residents goes, new development is important.” Verona Mayor Frank Sapienza and Roseland Property Company partner Carl Goldberg agreed that the close communication between the development team and the
municipality allowed the project to move forward efficiently and responsibly, to the benefit of all parties. “This project is what a publicprivate partnership should be,” Mayor Sapienza said. “We already have a beautiful building right here and we look forward to the continued development of the site.” The Highlands at Hilltop is located in the Hilltop section of the western Essex County township of Verona. Phase I of Highlands at Hilltop opened to the public in May of 2010 and interest in the luxury rental community soared. The building’s 95 residences are 100 percent leased and occupied. The first phase also included a 4,700 s/f clubhouse and outdoor pool. New apartments in the Phase II building will range from approximately 698 to 1,465 s/f of living space. ■
Lakeland Bank celebrates 5th anniversary of Carlstadt office CARLSTADT, NJ — Area residents and Mayor William Roseman joined Lakeland Bank’s Carlstadt team to celebrate the Bank’s 5th anniversary. Refreshments, free prize drawings and candy for the children who attended in Halloween costumes helped set the stage for an enjoyable morning. A commemorative cake was cut by Ken Kirby, VP/branch manager of the Lakeland Bank Carlstadt office, members of the Lakeland Bank Executive Management team and Mayor Roseman. “It was an honor to celebrate this event with the local community,” said Thomas Shara, president and CEO of Lakeland Bank. “As a community bank, our success is based on the relationships we have with our customers and this was a way for us to show our appreciation.” Children and adults were given the opportunity to win prizes at the anniversary event. Youngsters were encouraged to guess how many Jolly Ranchers were in a large jar for the chance to win the contents, while adults entered a raffle to win an iPad tablet or NOOK Color eReader. Winners Jill Williams and Lucia Guerra were selected at random during the event. ■
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Mid Atlantic Real Estate Journal — New Jersey — December 9 - 22, 2011 — 11B
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.
12B — December 9 - 22, 2011 — New Jersey — Mid
Atlantic Real Estate Journal
9th Annual Special Edition spotlighting . . .
The
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Receive a nomination form by e-mailing lchristman@marejournal.com or by calling 800-584-1062...
BEST of
2011
The Final Nomination Deadline is January 15, 2012
You are invited to participate in MAREJ’s “BEST of 2011” Mid Atlantic REAL ESTATE JOURNAL will be hosting a “Best of the Best,” a “Who’s Who” of owners, brokers, developers, architects and financial institutions within the commercial real estate community.
MAREJ will be compiling information and selecting the: Largest office, Industrial & Retail Transactions of the Year Best Shopping Center Development of the Year 4 Best Developer of the Year Best Financial Institution 4 Largest Financial Transaction of the Year Top Brokers List 4 Top Owners List Most Innovative Architect 4 Best Renovation Project Help us select the Best of 2011! Send in your submissions today or call for an application form
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MAREJ’s Best of 2011 is a juried competition based on submissions and nominations from MAREJ’s commercial real estate community. Winners will be selected based on company size (# of employees) and size of the deal/transaction. Top brokers will be selected based on largest deal for 2011. Submissions from Mid-Atlantic states will be judged in separate categories. All are welcome to participate.
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Mid Atlantic Real Estate Journal — New Jersey — December 9 - 22, 2011 — 13B
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14B — December 9 - 22, 2011 — New Jersey — Mid
Atlantic Real Estate Journal
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PEOPLE ON THE MOVE At 13th Annual Supportive Housing Conference
To chief marketing officer
MCRES promotes Community Investment Strategies’ Reed guest speaker Keren Peters-Atkinson
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DISON, NJ — Theresa Reed, vice president of Community Investment Strategies (CIS), Inc. was a guest speaker at the 13th Annual Supportive Housing Conference. The confer- Theresa Reed ence, whose theme was “Making Choice Happen,” was held on Friday, Dec. 2 at Pines Manor. Reed joined Stephen L. Schoch, a principal of Kitchen & Associates Architectural Services; Gordon M. Ur, president of TICIC, Inc.; and Kim Wallace, director of development at Robins’ Nest Inc., as a panelist at the 90-minute workshop titled, “Facilitating Neighborhood Revitaliza-
tion through Affordable and Supportive Housing Development”. Gordon Ur served as moderator. Participants discussed how affordable and supportive housing can serve as a catalyst for neighborhood revitalization, including the steps for developing housing to fill community needs, financing strategies, relationship building in the community and innovative housing design concepts. “Revitalization of neighborhoods and supportive housing services can help tenants improve their quality of life, while positively impacting a community’s economic health,” said Reed. The day-long event also featured keynote speaker Pete Earley, an author and former reporter; an award ceremony; and workshop sessions, regarding topics on develop-
ment, supportive services, systems change, and housing. The conference was hosted by the Corporation for Supportive Housing (CSH), and the Supportive Housing Association of NJ (SHA). Since joining CIS, Reed has been involved in the acquisition, development and construction of more than 1,100 residential units. She is responsible for the development of four multi-family housing developments that are part of the City of Elizabeth’s HOPE VI Revitalization Program. Reed is a graduate of Rutgers University, where she earned a master’s degree in City and Regional Planning. She is certified in tax-credit compliance by the New Jersey Housing and Mortgage Finance Agency and a member of numerous professional and philanthropic organizations. ■
IOREBA holds event focusing on data centers: New Jersey has key advantages SOMERSET, NJ — With strong interest in New Jersey’s data center market, members of the Industrial and Office Real Estate Brokers Association of the New York Metropolitan Area Inc. (IOREBA) received a detailed briefing on the state of the market and an inside look at one of the region’s newest Data Center facilities. The program on data centers was presented at Sentinel Data Centers’ NJ1 facility. “Many people in the commercial real estate industry have never been through a data center previously, and we thought this would be very appealing to our members and guests,” said David Simon, managing principal of Cassidy Turley, New Jersey, and 2011-12 president of IOREBA, while introducing the program. “The event generated tremendous interest and was received very well. IOREBA’s primary objectives are to promote networking with other commercial real estate professionals and offer an educational component. This event clearly accomplished these goals.” The program followed guided tours by Sentinel executives of NJ1, a multi-phased facility that will encompass 330,000 square feet when fully developed and comprise 160,000 s/f
LAKEWOOD, NJ — Madison Commercial Real Estate Services (MCRES) president, Joseph I. Rosenbaum, announced that Keren Peters-Atkinson, the company’s director of sales and marketing, has been Keren PetersAtkinson promoted to 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. 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 award-winning 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 Rosenbaum, 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.” ■
Matrix Development Group’s Johnson inducted into NAIOP NJ Hall of Fame
IOREBA president David Simon (center) introduced the panelists for an event focusing on data centers. Shown from left: Michael Silla, director of strategic development, Concept CSI; Josh Rabina, co-president of Sentinel Data Centers; Simon; Michael Pembroke, senior vice president-leasing and marketing for Russo Development; and Moderator Sean Brady, senior director and co-founder of Global Data Center Advisory Group of Cushman & Wakefield, Inc. of computer room space. “New partnered with Sentinel on the Jersey has the second largest NJ1 facility. “Enterprise space concentration of data centers is purpose-built to very specific in the U.S., after California,” requirements and requires a noted panel moderator Sean lot of time and capital to comBrady, senior director and co- plete. It can take 18 months or founder of Global Data Center more, and the cost can be three Advisory Group of Cushman times that of a typical office & Wakefield, Inc. and im- building,” stated Pembroke. mediate past president of “However, it continues to be in IOREBA, kicking off the panel demand, attributed to overall discussion. economic conditions and the Data center space in the hesitancy for companies to Garden State consists of enter- construct their own space.” prise and wholesale co-location Companies requiring data facilities, said Michael Pem- center space often seek cobroke, senior vice president- location facilities,” said Josh leasing and marketing for Rabina, co-president of SentiRusso Development, who is nel Data Centers. ■
NEW BRUNSWICK, NJ — Matrix Development Group announced that Richard Johnson, senior vice president - development, partner, was selected as one of the first three inductees into the NAIOP New Jersey Hall of Fame, which was created to honor members who have a particularly distinguished record of service to the organization. Johnson has served in a number of capacities for the chapter including being a resource on land use and planning issues. Currently, he co-chairs the Energy Master Plan Task Force where he has distinguished himself as a “green” thought leader and the go-to person on energy issues. Additionally, he made significant contributions to the chapter’s Energy Master Plan response documents in 2008 and 2011 and his participation in energy stakeholder groups gives the chapter an authoritative voice in the process of developing sound energy policy in the state. Johnson also served on the chapter’s COAH, Port Revitalization and Transportation Funding task forces. “I am extremely honored to be recognized by an organization that has established itself as such an integral part of New Jersey’s commercial real es-
tate industry,” stated Johnson. “Identifying a sustainable and responsible plan for energy consumption is an issue of great importance, and I look forward to continuing to work with the New Jersey Chapter of NAIOP to make ongoing contributions in this critical area.” Johnson joined Matrix in 1990 and is currently the partner-in-charge of all design and construction activities for warehouse/distribution facilities and the development of office and mixed use projects within the Matrix portfolio. He is particularly focused on urban development/redevelopment opportunities in New Jersey and Pennsylvania. Johnson also heads up the company’s Renewable Energy Division, which is focused on the development of renewable energy platforms across Matrix’s diverse real estate portfolio, as well as providing third-party renewable energy services to other owners. Throughout his tenure with Matrix, Johnson has directed the company’s involvement in some of the region’s most challenging urban mixed-use developments and significant buildto-suit corporate campuses and has extensive experience in development consulting. ■
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Mid Atlantic Real Estate Journal — New Jersey — December 9 - 22, 2011 — 15B
Industrial Commercial Real Estate Women, Inc. www.icrewnj.org Conveyed by Panelists to ICREW NJ Nov. Luncheon Meeting
Panasonic’s Relocation to Newark the Result of Teamwork
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OODBRIDGE, NJ — As the business needs of electronics giant Panasonic Corp. of North America changed rapidly with the digital revolution of the past decade, it became increasingly difficult to accomplish its mission from its current headquarters in Secaucus, NJ. Whether to remain in New Jersey or relocate elsewhere became a major question. What happened next is a classic example of public/ private cooperation. “In the end, the State of New Jersey, the City of Newark, Panasonic, and private developers worked together to make the company’s move to a new building in Newark happen,” Monica Ceres, Esq., of Giordano, Halleran & Ciesla, and Director of Programming of ICREW NJ, told attendees of the group’s November luncheon meeting at the Woodbridge Hilton. Ceres introduced a panel of speakers who discussed the various aspects of the relocation to Newark. From Panasonic’s standpoint, its existing location does not meet its current needs, said Andrea Megnin, the company’s Senior Manager of Real Estate and Facilities. The new location in downtown Newark will signal a change in workplace philosophy. Specifically, it will be almost entirely open offices. Panasonic is currently communicating with employees on issues involved in the planned relocation, including working in an urban location,
exploring transportation alternatives, and the like, through meetings, the company newsletter, and web site, said Megnin. “We are thrilled that Panasonic made the right decision,” said Russell Tepper of Matrix Development Group, whose company acquired the site of Panasonic’s future home, adjacent to the Newark Legal Center, in 2003. A key advantage of the site: an existing in-place structure to support the new office tower above it, according to Tepper. The new building will total 338,000 square feet on 12 stories, and it will be constructed to LEED Gold standards, said Jeffrey Schotz of SJP Properties, which is teaming with Matrix on the construction. “Panasonic is involved in all aspects of the design,” said Schotz, who noted that two of the building’s floors, totaling 60,000 square feet, will be speculative space available for lease. “Steel work will begin in March 2012 and top off in August. “It is important to note that for Newark, this project will create construction jobs,” said Timothy Greiner of real estate services firm Newmark Knight Frank, which assisted Panasonic in the site search. “It will provide a $250 million net benefit to the state, which is a plus for everyone. The finished project will reflect what Panasonic is.” “This great, informative program is an example of the value of participation
in ICREW NJ,” said Sheila Spriggs Nall of KSS Architects, and 2011 president of the organization. “From a programming standpoint, this has been an outstanding year.” Next on the schedule for ICREW NJ is the December 15th New Officer Installation Luncheon and Sponsor Expo at Dolce Hotels & Resorts in Basking Ridge, NJ. A highlight of both the November and December events is the organization’s 11th Annual Toy Drive. Members are asked to bring new, unwrapped toys to both meetings to be distributed to needy children and mothers. For more information on the toy drive, contact Karen RossilliKiefer of PAR Flooring, Inc., at 973-292-0089 x12, or karen@parcorporation. com. ICREW NJ is the New Jersey organization for women involved in all aspects of commercial and industrial real estate. Members represent fields as diversified as accountants, architects, appraisers, asset/property managers, attorneys, consultants, developers, lenders, leasing and sales brokers, mortgage bankers/brokers, marketing specialists, market and investment analysts, corporate real estate representatives and title/escrow officers. For more information on programming, sponsorship or membership, please contact ICREW NJ at (609) 5856871, via email icrewnj@ crewnetwork.org or visit their website at www. icrewnj.org ■
President Shelia Spriggs Nall KSS Architects snall@kssarchitects.com President Elect & CREW Network Delegate Cheryl Hardt CB Richard Ellis, Inc. cheryl.hardt@cbre.com Treasurer Sefi Silverstein, CPA Wilkin & Guttenplan ssilverstein@wgcpas.com Recording Secretary Patricia Faulkner NAI Global pfaulkner@naiglobal.com Director of Programming Monica Ceres Giordano Halleran & Ciesla, PA mceres@ghclaw.com Director of Philanthropy Susan C. Karp Farer Fersko, P.A. skarp@farerlaw.com Director of Sponsorship Patricia Riedel CB Richard Ellis, Inc. patricia.riedel@cbre.com Director of Sponsorship Mary Lynn Kearns Dancker, Sellew & Douglas mkearns@dancker.com Director of Special Projects: Golf Robin Grossman Edge Technologies rgros30687@aol.com Director of Special Projects: Website/PR Rebecca Machinga WithumSmith+Brown PC rmachinga@withum.com Advisor & CREW Network Delegate Silvana Finizio Carousel Industries sfinizio@carouselindustries.com Advisor Annette Murray Wilkin & Guttenplan amurray@wgcpas.com Advisor & Bylaws Jennifer Palestri Normandy Real Estate Partners jpalestri@normandyrealty.com
16B — December 9 - 22, 2011 — New Jersey — Mid
Atlantic Real Estate Journal
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Southern New Jersey Chapter www.ai-snj.org Telephone 856-415-0281 • Fax 856-415-1952
Southern NJ Chapter Appraisal Institute 2011 Chapter Officers President A. Craig Black, SRA blackc@toddandblack.com Vice President Jerome McHale, MAI jmchale@jmchaleassoc.com Treasurer Kristin Mansfield kristin.mansfield@yesbank.com Secretary Jacob Ramage, MAI jake.ramage@cushwake.com Director (through ’13) Jerrold McCarron jerrymccarron@aol.com Director (through ’13) Michael S. Sapio, MAI northstarappraisal@msn.com Director (through ’12) Ed Kay edkayinc@comcast.net Director (through ’12) Joseph V. Heenan, SRA jheenan613@comcast.net Director (through ’11) Edward T. Molinari, SRA ed@molinari.us Director (through ’11) Andrea Senatore als9463@comcast.net Past President John P. Corbett, MAI John.corbett@cushwake.com
LDAC Summary
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im Golden represented the Southern New Jersey Chapter at the 2011 Leadership Development and Advisory Council, held at the Hyatt Regency Washington in Washington, D.C. The annual event featured roundtable discussions on hot topics and an advocacy visit to Capitol Hill. Here is his report: It was an honor to represent the Southern New Jersey Chapter at the 2011 Leadership Development Advisory Council (“LDAC”) in Washington, DC. I was a first-year participant and enjoyed the unique opportunity to meet other appraisers from throughout the country, discuss issues impacting the Appraisal Institute, and lobby Capitol Hill regarding proposed legislation that is affecting our industry. The LDAC is a program that has been ongoing for over 30 years. Within the past decade, the annual site has been moved permanently to Washington DC so that the Congressional lobbying experience can have a farreaching grasp. In 2011, a record 108 participants represented over half the United States. The two issues that were discussed with the Senators and the Representatives this year were the SAVE act, which the Appraisal Institute supports, and H.R. 1755, the Home Construction Lending Improvement Act of 2011, which the Appraisal Institute opposes, as introduced. While our timing coincided with the 11th hour of discussions regarding the national budget, we largely met with staffers to support the SAVE Act, as it seeks to ensure that energy efficient improvements in both commercial and residential real estate are considered in the valuation process. Conversely, the Appraisal Institute opposes the H.R. 1755 as currently introduced. This bill is intending to enable Federal and State chartered banks and thrifts to meet the credit needs of the Nation’s home builders, and to provide liquidity and ensure stable credit for meeting the Nation’s need for new homes. As it is currently introduced, this seeks to prohibit consideration of a distressed sale by an appraiser and requests that banking and appraisal guidelines are rewritten to require hypothetical, “as completed” values for assessing the collateral of residential AD&C loans that banks intend
to fund. As in prior years, a major portion of time is dedicated to brainstorming sessions related to four specific topics. There were roughly 30 participants assembled in round table discussions with a mixture of first year, second year, and third year LDAC representatives. The four topics are summarized below: • “Could AI be the home for NonReal Estate Appraisers? If so, is its name still suitable?” with Eric P. Haims, MAI (Metro New York Chapter) This discussion didn’t focus on attracting appraisers of jewelery, art, or collectables, rather it stressed the Appraisal Institute’s slogan: Professionals Providing Real Estate Solutions. It was brought about by a concern regarding the increasing median age of MAI’s and SRA’s and tried to identify other professions that would benefit from a series of education and possibly a designation (other than the designations that currently exist) for professionals such as brokers, attorneys, academics, CFA’s or financial lenders. The group also discussed potential problems with the various proposed professions, such as conflicts of interest between the USPAP followers and the non-USPAP followers, and the separation of auditors from consultants. This discussion approached the subject of rebranding the Appraisal Institute title with a new title that would be a reflection of any new real estate professionals. • “Appraisal Institute Education in 2020: What Will It Look Like and How Do We Get There?” by Michael B. Goldstein, MAI, (Maryland Chapter) The idea of this was how to deliver education over the next five to ten years. Participants from throughout the country explained that many chapters depend on the revenue from holding courses in person, and overall the discussion participants agreed that going to classes in person had been a more enjoyable experience than completing coursework online. Discussion led to subjects such as the cost of the appraisal institute courses, the cost of having trainees, hiring interns, attempting to teach appraisal courses as college curriculum, online education, webinars, advertising available positions on various technology mediums and how to improve the current curriculum with regards to bringing trainees through the process to MAI or SRA designa-
tion. Within a few weeks of the LDAC, it was announced at the annual meeting that the Institute intends to bring about a “candidate for designation” program, which will limit the amount of time that a person can simply be an Associate Member of the Appraisal Institute without becoming an SRA or MAI. • “You, Me, Us & Them: a Growing presence in a Shrinking World” by Robin C. Amorin, MAI (Austin Chapter) This discussion was about the increased number of members achieving their designations in the past few years in other countries. The primary focus was China and whether the Institute should focus on making a presence stronger there or target other countries to stimulate interest in the Appraisal Institute. Some current difficulties that have arisen from the Appraisal Institute being designated a non-profit entity here in the U.S. is that some other countries do not have a similar classification, which has made it difficult to set up foreign chapters. Another topic that was discussed was to have the Appraisal Institute oblige foreign MAIs to work with/sub-contract work to local expert designated members in markets where they perform appraisals. • “Sharpening Our Skills Beyond Point-in-Time Real Estate Appraising: Where Do We Grow Now?” by Claire Aufrance, MAI (North Carolina Chapter) The discussion was about the fact that just because we are real estate appraisers does not mean we are not real estate consultants. The discussion showed a desire to add consulting methodologies to institute courses. While the discussion group unanimously expressed an interest in doing consulting work, a large portion of the participants seemed to be unsure of where to find it. Many acknowledged doing the occasional market survey for clients in an effort to derive an appraisal assignment but not collecting a fee on what was ultimately a consulting assignment. Also mentioned in this discussion was trying to attract full time real estate consultants to the appraisal institute, and possibly luring them to the Institute to teach other appraisers methods to expand their practice to the consulting field. I thank the South Jersey chapter for sponsoring me and look forward to future experiences with LDAC! ■
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Mid Atlantic Real Estate Journal — New Jersey — December 9 - 22, 2011 — Inside Back Cover B
Southern New Jersey Chapter Of the Appraisal Institute www.ai-snj.org As the leading organization for professional real estate appraisers, the Appraisal Institute represents more than 25,000 members and 91 chapters worldwide. The Southern New Jersey Chapter has over 160 members. They perform a variety of services ranging from single family valuation to feasibility studies for regional malls & hotel-casinos. Whether it’s assistance on a home purchase or providing expert testimony for litigation, our members are uniquely quali¿ed to meet these needs. For more information regarding the Southern NJ Chapter of the Appraisal Institute visit: www.ai-snj.org, or call Executive Director Lisa Weiss at 856-415-0281.
2011 Designated Members of the Southern NJ Chapter of the Appraisal Institute J. Paul Bainbridge, MAI
Cape May Ct. House
(609) 465-9978
Allen L. LittleÀeld, SRA
Hammonton
(609) 704-9609
Steven W. Bartelt, MAI, SRA
Turnersville
(856) 582-5892
Gary P. Lombardi, SRA
Manahawkin
(609) 709-3902
A. Craig Black, SRA
Cherry Hill
(856) 662-7676
Bonnie L. Longo, MAI, SRA
Sewell
(856) 582-4611
Allen G. Black, MAI, SRA
Cherry Hill
(856) 662-7676
Eileen Lynn, MAI
Philadelphia
(215) 842-0649
Edward J. Bligh, MAI, SRA
Marlton
(609) 983-3218
Jerome J. McHale, MAI
Mt. Laurel
(856) 722-0205
Harry Carroll, Jr., MAI, SRA
Cherry Hill
(856) 795-4042
F. Pat McIlhinney, MAI, SRA
Cherry Hill
(856) 795-4042
Lana Chiappetta, MAI
Medford
(609) 714-7402
Edward T. Molinari, SRA
Woodbury
(856) 853-7622
Patrick K. Conover, MAI
Galloway
(609) 652-6553
Robert Parmley, SRA
Forked River
(609) 292-2573
John P. Corbett, MAI
Philadelphia
(215) 963-4061
Patricia A. Quigley, SRA
Philadelphia
(215) 247-4425
David A. Curley, SRA
Mt. Laurel
(856) 795-0875
Jacob Ramage, MAI
Philadelphia
(215) 888-3560
Eugene P. Davey, SRA
Philadelphia
(215) 523-9104
Thomas C. Reynolds, SRPA
Wilmington, DE
(302) 575-0955
Thomas C. Davis, SRA
Delran
(856) 764-6500
Lee L. Romm, MAI, SRA
Marlton
(856) 983-5500
John E. Doyle, MAI
Philadelphia
(215) 231-9900
Michael Sapio, Jr., MAI, SRA
Blackwood
(856)7 83-6835
Scott A. Eiffes, MAI
Moorestown
(856) 234-9252
Michael Sapio, MAI
Bellmawr
(856) 933-1272
E. Guy Elzey, III, SRA
HaddonÀeld
(856) 429-8800
R. M. Sapio, MAI, SRA
Voorhees
(856) 429-2789
Emmons G. Elzey, Jr, SRA
HaddonÀeld
(856) 429-8800
William J. Sapio, MAI
Linwood
(609) 927-5728
Phillip Fortuna, SRA
Philadelphia
(215) 925-1212
Dennis A. Scardilli, Esq, MAI
Absecon
(609) 568-0432
Mary F. Fox, MAI
Cape May
(609) 884-1995
Jack Sheehan, MAI
Wenonah
(856) 468-0068
David J. Frett, SRA
West Berlin
(856) 753-3030
Timothy Sheehan, MAI, SRA
Cherry Hill
(856) 662-0027
James C Frisby, SRA
Ocean City
(609) 814-9333
Richard Sheldon, MAI, SRA
Haddon Heights
(856) 546-4900
John M. Gapszewicz, MAI
Philadelphia
(215) 841-5258
Thomas J. Sliwowski, SRA
Pitman
(856) 218-2800
Ronald A. Hagel, MAI, SRA
Vineland
(856) 691-7055
Pasqual A Sorge, MAI
Mt. Laurel
(856) 234-2893
Mark J. Hanson, MAI, SRA
Ocean City
(609) 398-3189
John T. Stone, MAI
Cape May Court House (609) 861-9030
Donna Harris, SRA
Shiloh
(856) 453-8889
Robert Thomapson, MAI, SRA
Ocean City
(610) 331-9031
Joseph V. Heenan, SRA
Ocean City
(609) 391-8862
Robert J. Tighue, MAI
Cherry Hill
(609) 792-0684
Henry Herskowitz, MAI, SRA
Cherry Hill
(856) 795-8700
Joseph E.Tighue MAI, SRA
Brigantine
(609) 266-7334
Michael D. Jones, MAI
Cape May Court House (609) 463-4622
Merilynn P. Verderame, SRA
HaddonÀeld
(856) 234-8400
William J. Kennedy, MAI
Medford
(856) 396-7652
Benjamin R. Vukicevich, SRA
Stratford
(856) 784-7036
M. Bruce Leff, SRA
Newark, DE
(856) 287-3690
John H. Walton, Jr, MAI, SRA
Medford
(856) 795-8700
Norman LeGore, MAI, SRA
Vineland
(856) 692-7889
John Weber, Jr,, MAI, SRA
Hamilton Square
(609) 586-3500
Frank S. Librizzi, MAI, SRA
Haddon Heights
(856) 854-2478
Gerald Francis White, SRA
Pennsauken
(856) 663-5134
B Back Cover — November 11 - 24, 2011— New Jersey — Mid
Atlantic Real Estate Journal
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Greenwald & Young rep both parties
Beacon Commercial Real Estate facilitates 76,000 s/f $3.7m industrial building sale
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EST CHESTER, PA – Beacon Commercial Real Estate, LLC announced the sale of a 76,000 s/f industrial building located at 1340 Enterprise Dr. Acero Precision, an affiliate of Acero Holdings LLC, acquired the building from B A Partners LP for $3.7 million. Acero Precision is a diversified CNC manufacturer currently headquartered in Newtown Square. John Greenwald and Taylor Young represented both parties
1340 Enterprise Drive in this transaction. Also, Beacon Commercial
DECEMBER 9 - 22, 2011
HI-LIGHTS Crampsie of NAI Summit negotiates 32,445 s/f lease John Crampsie, principal at NAI Summit, recently represented the tenant, RAS Delivery Services, Inc., in a lease renewal for 32,445 s/f of flex space. See page 2C.
NAI Mertz completes 12,900 s/f transaction NAI Mertz, Realtor, has announced the lease transaction completed between Manna Realty Investor, LP and its new tenant, Peapod, LLC. See page 4C.
Real Estate, LLC announced the sale of a two building indus-
trial portfolio totaling 105,392 s/f in Manheim, Lancaster County, PA. The total consideration of the portfolio was $2,865,000. The two assets which were acquired by Bond Family Partnership, LP consist of the following: 311 West Stiegel St.a76,129 s/f building situated on 2.2 acres. The property also includes 411 West Stiegel St. which has forty-eight surface parking spaces on .64 acre and 106 South Penn Street consist-
ing of 97 acres and forty-three parking spaces. The seller was The Arbee Realty Trust and sold for $1,733,325. 102 South Heintzelman St. – Situated on 4.3 acres and consisted of a 29,263 s/f building. This property was purchased for $1,131,675 and the seller was M&H Investors, LLC. Taylor Young, a partner with Beacon Commercial Real Estate, LLC, represented both sellers and was the sole broker involved in the transaction. ■
At the former Bethlehem Steel site
Liberty Property Trust commences construction on new 1.2m s/f whse. BETHLEHEM, PA — Having reached near-total occupancy in its Lehigh Valley industrial portfolio, Liberty Property Trust announced the start of development of a new class A, 1.2 million s/f, sustainable warehouse and distribution center in Lehigh Valley Industrial Park (LVIP.) The new building – currently known as “LVIP VII (Lot #1)” – is a brownfield redevelopment project at the former Bethlehem Steel site, located at the crossroads of Rt. 412 and Commerce Center Boulevard. The warehouse has been designed to achieve both LEED Core & Shell (CS) and Energy Star certifications – designations that assure substantial energy cost savings for tenants. Liberty will invest approximate-
Lehigh Valley Industrial Park ly $62 million in the new project This project is very exciting which is expected to bring more because it creates that needed than 300 construction jobs to space while redeveloping an exthe region. isting brownfield site. Second, it “As we work with tenants replaces that site with a highly looking to expand or relocate in efficient LEED and Energy Star the Lehigh Valley, two themes certified location that will save keep repeating,” said Bob Kiel, the eventual tenants 35% or senior vice president, Liberty more in energy costs when comProperty Trust. “First, there pared with traditional buildings are not enough large warehouse real operational savings prosspaces available in the region. pects are seeking.” n
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Mid Atlantic Real Estate Journal — Pennsylvania — December 9 - 22, 2011 — 1C
2C — December 9 - 22, 2011 — Pennsylvania — Mid
Atlantic Real Estate Journal
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PENNSYLVANIA Adams reps owner & tenant in 5,000 s/f lease
Crampsie of NAI Summit negotiates 32,445 s/f lease
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LLENTOWN, PA — John Crampsie, principal at NAI Summit, recently represented the tenant, RAS Delivery Services, Inc., in a lease renewal for 32,445 s/f of flex space at John Crampsie 966 Postal Rd., Allentown. RAS is a full-service delivery and logistics company based in Milwaukee, Wi s c o n s i n , w i t h l o c a - Michael Adams tions throughout the United States. Their services include warehousing and distribution, appliance and furniture installation, and various delivery services. Also, Michael Adams of NAI Summit recently represented both the owner and tenant in leasing 5,000 s/f of warehouse space at 1988 Friebly Avenue, Bethlehem.
966 Postal Road
1988 Friebly Avenue The new tenant is MasterCuts Lawn Care, a professional lawn and property service company based in Hellertown. The owner, Blair Custom Homes, has been in business for over 40 years and specializes in designing and building custom homes. â–
Jackson Cross oversees lease for LarsonAllen & Brandywine Realty
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Pureland Complex, Suite 306 510 Heron Dr., PO Box 521 Bridgeport, NJ 08014 Phone: (856) 467-2276 Fax: (856) 467-3476
KING OF PRUSSIA, PA — Jackson Cross Partners, LLC announced a long term lease between the renowned accounting and consulting firm of LarsonAllen and full-service real estate company Brandywine Realty Trust involving the firm’s relocation to 610 W. Germantown Pike in Plymouth Meeting . Jackson Cross Partners represented LarsonAllen in leasing the property, which boasts a prime location just across the street from Plymouth Meeting Mall in suburban Philadelphia and is currently owned by Brandywine Realty Trust.
The move comes as a result of LarsonAllen’s efforts to expand their facilities to accommodate their growing business, access for clients and the workplace environment for their employees. LarsonAllen is doing a high-end build out of the new space, turning it into modern, high-end office and workspace that reflects their progressive approach to business. LarsonAllen is embracing an open space configuration, confident that it will meet their future growth, client, transportation, visibility, and employee needs. â–
Pennsylvania Real Estate Journal a section of the
Mid Atlantic Real Estate Journal P.O. Box 26, Accord, MA 02018 781-871-5298 • 800-584-1062 fax 781-871-5299
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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 — Pennsylvania — December 9 - 22, 2011 — 3C
4C — December 9 - 22, 2011 — Pennsylvania — Mid
Atlantic Real Estate Journal
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PENNSYLVANIA Lashner & Licht represent the landlord • Project Management • Development Due Diligence & Feasibility Studies • Agency Permitting • Land Development Design • Construction Phase Services • Graphic Services PHILADELPHIA METRO OFFICE: 8614 Montgomery Avenue Wyndmoor, PA 19038 215-836-2510
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NEW JERSEY OFFICE: 100 Overlook Center, Suite 200 Princeton, NJ 08540 609-920-0268
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NAI Mertz completes 12,900 s/f transaction in Philadelphia
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HILADELPHIA, PA — NAI Mertz, Realtor, has announced the lease transaction completed between Manna Realty Investor, LP and their new tenant, PeaJeff Licht pod, LLC, occupying a 12,900 SF truck terminal at 2011 Woodhaven Road in Philadelphia, PA. Adam Lashner, VP, and Jeff Licht, SIOR, Sr. VP, assisted in completing this transaction and represented the
2011 Woodhaven Road landlord. The property is a 12,900 SF one-story, industrial building on 5 acres. It features 10,500 SF of shop/dock area, 2,400 SF of office area, and 9-13’
Real Estate Sales, Appraisal & Property Management
THREE BUILDING MEDICAL OFFICE PORTFOLIO
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F REEMANSBURG ±12,100ͲSF multiͲlevel warehouse with office component available for lease. Heated & cooled. Loading/delivery doors and 16’ ceilings. Great proximity to Routes 378, 22, 33 & IͲ78. This is a sublease through Oct. 2013; tenant may negotiate longer lease term with Landlord.
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Portfolio sale with full/partial leaseͲbacks. Three medical office buildings located in Upper Milford Township, Allentown and the Borough of Walnutport. All buildings are owned by a local hospital and are occupied by participating physicians. Great investment opportunity!
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E ASTON ±9,938ͲSF professional office building; suites available for lease from ±557 SF to ±9,938 SF. Private offices, large open area suitable for a bullpen, inͲsuite restrooms, lunch room and onͲsite parking. Single user or can be divided for multiͲtenancy. Great proximity to Routes 611, 248, 22, 33 and IͲ78. Just a halfͲmile to Northampton County Courthouse.
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±24,000ͲSF industrial/commercial building situated on ±4.25 acres, available for sale or lease in Bangor. 10Ͳ15’ ceiling heights, clear span, 12 x 14’ overhead door and onͲsite parking for 100+ vehicles. Well maintained and updated with modern conveniences.
COMMERCIAL LAND
W E I S E N B U R G T W P .
B ETHLEHEM 10Ͳstory professional office building; suites available for lease from ±330 SF to ±7,725 SF. Attractive gross rental rates include parking. Sovereign Bank onͲsite for added convenience. Surrounded by Bethlehem’s dining, shopping & more! Excellent access to Route 378, 22, 33 & IͲ78.
±2.79Ͳacre parcel available for sale in Fogelsville. Near existing Arcadia West Industrial Park and proposed ±230Ͳacre West Hills Business Center. Zoning permits for a wide variety of commercial, industrial and office uses 'by right'. Less than 1.5 miles to Route 22 and IͲ78 via Route 863 and less than 5 miles to the interchange of Route 100 and Route 22/IͲ78.
5100 W. Tilghman Street, Suite 320 | Allentown, PA 18104 | p: 610.391.8888 | f: 610.391.8830 | dietrickgroup.com
DIETRICK GROUP, LLC
ceiling heights. There are 32 tailgate docks and one drive-in ramp. The property is strategically located at the west end of Woodhaven Road (Route 63) just off of US Route 1. Peapod, the new tenant, offers online grocery shopping in 20+ metro, suburban and community locations in about a dozen states. Its markets include Baltimore, Boston, Chicago, suburban New York City, Manhattan, Milwaukee and Washington, DC, and in Connecticut. Peapod’s virtual aisles are stocked with 8,000+ products that include natural and organic items, office and school supplies, videos, pet items, and prepared foods. ■
Treetop Dev. enters PA market CHESTER, PA — TreeTop Development, a multi-faceted developer, owner and manager of residential and commercial properties in New York and New Jersey, has made its initial foray into the Pennsylvania marketplace with the acquisition of a 70unit project-based Housing Assistance Payment (HAP) contract apartment complex in Chester, PA. The Newark, N.J.-based company purchased the twobuilding Section 8 complex – called Benjamin Banneker Plaza -- from real estate investment trust Apartment Investment and Management Company (Aimco) for an undisclosed amount, according to Adam Mermelstein, principal of TreeTop Development. The transaction is representative of a unique investment philosophy TreeTop Development has followed which identifies new markets and creative acquisition opportunities, particularly well-performing affordable housing assets, to significantly expand its portfolio of homes. ■
PENNSYLVANIA SPOTLIGHT CENTRAL PA MAREjournal.com
Mid Atlantic Real Estate Journal — Central Pennsylvania Spotlight — December 9 - 22, 2011 — 5C
Thiry of NAICPI represents lessee in 2,900 s/f
Gladstone of NAI CIR reps seller
NAI Commercial Partners’ Berger executes $2.5m sale
Springwood Comm’l. Realty secures buyer of $1.2m site
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ANCASTER PA - NAI Commercial Partners, Inc. of Lancaster announces the $2,500,000 sale of 136,196 s/f of industrial space on 11.23 +/- Acres located at 465 North Reading Road in Ephrata Borough, PA. Daniel A. Berger, CCIM, SIOR of NAI Commercial Partners, Inc. represented both the buyer, LNR Property LP and the seller, Homette Corporation. In addition, NAI Commercial Partners, Inc. also announced the $965,000 sale of 25,000 s/f of industrial space on 1.15 +/- Acres located at 1886 Commerce Park East in East Hempfield Township. Daniel A. Berger, CCIM, SIOR of NAI Commercial Partners, Inc. represented
465 North Reading the sellers and Kim Lutz of Prudential Homesale Services Group represented the buyer, JEL Property, LLC. JG Environmental announces they have leased 2,900 s/f of industrial space located at 66 Keller Avenue in Manheim Township, PA.
John Thiry, CCIM, of NAI Commercial Partners, Inc. represented the Lessee, JG Environmental and Daniel A. Berger, CCIM, SIOR of NAI Commercial Partners, Inc. represented the lessor, Susquehanna Valley Emergency Medical Services. ■
Hockersville Road Hotel site DERRY TOWNSHIP, PA — ship, Dauphin County, PennCentral PA Equities 13 LLC sylvania which was formerly purchased six noncontiguous The Derry Township Municiparcels from pal Offices. The proposed use the Derry is a 108 room Fairfield Inn To w n s h i p & Suites by Marriott hotel Industrial with a target opening date of and Comearly 2013. Keith Kahlbaugh mercial Deof Springwood Commercial Realty located in York, Pennvelopment sylvania represented the A u t h o r i t y. buyer and Bill Gladstone of The parcels are located Keith Kahlbaugh NAI CIR located in Wormon Hockersville Road, and leysburg, Pennsylvania repMill Street in Derry Town- resented the seller. ■
COMMERCIAL REAL ESTATE
For Sale
For Sale/Lease 1530 Commerce Drive Lancaster PA 17601 - $1,800,000 • Tour Bus Facility on 2.81+/- Acres • 8,888 SF Offi ce Building • 7,950 SF Shop, includes 100’ wash bay and 10,000 gal. registered diesel tank • Parking for 84 vehicles, 19 buses
40 Citation Lane, Lititz PA 17543
1550
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High profile location with outstanding visibility and pylon signage on Rt 283 (58,000 vehicles per day) 1 Mile 3 Miles 5 Miles Population 5,181 54,767 160,783 Median HH Income $54,528 $64,976 $56,071 Number of Households 2,377 21,678 63,629
1550 Commerce Drive Lancaster PA 17601 - $2,950,000 • New Car Dealership on 5.22+/- Acres • 19,269 SF building area, including 5,923 SF office/showroom and 13 service bays, parts storage and fenced parking area • Parking for 150+ vehicles
First class industrial building in attractive business park setting. Great Manheim Township location with easy access to Route 30 and Route 283. Includes a two (2) story building with approximately 29,000 square feet of finished office space and 23,420 square feet of large open areas, suitable for technical assembly, R&D or light manufacturing. Building is fully air-conditioned, sprinklered and has 190 on-site parking spaces. SALE PRICE: $3,750,000.00 LEASE RATE: $6.75/SF NNN
Thomas M. McDermott CCIM, SIOR tmcdermott@naicpi.com tel 717 283 0600 fax 717 283 0609 www.naicpi.com
Daniel Berger CCIM, SIOR dberger@naicpi.com tel 717 283 0600 fax 717 283 0609 www.naicpi.com
6C — December 9 - 22, 2011 — Pennsylvania — Mid
Atlantic Real Estate Journal
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CENTRAL PA By Chad Stine, Bennett Williams Realty Inc.
Commercial Real Estate has seen growth in franchise expansion
E
conomic recession is not a thing of the past yet and the commercial real estate sector, as a result, has seen growth in an interesting way, in franchise expansion. While this Chad Stine past year has seen numerous corporate retail leases, it is the franchised businesses (Jimmy John’s, Moe’s Southwest Grill, Dunkin Donuts, and 5 Guys Burgers and Fries) that are signing the leases left and right. Two
very prominent examples of recently signed larger square footage franchise deals in Central PA are the new Party City at the Shoppes at Silver Spring, and Planet Fitness at Shippensburg Shopping Center. This can be attributed to the fact that franchisers tend to open multiple locations in a single market, but it has more to do with a direct result of the recession. The estimated national growth of franchised establishments in 2011 was 2.5% or 19,079 establishments. During tough economic times, people tend to consider a different career choice, which in
many cases leads to new interest in franchises, since they can offer a fresh start in a new career. As a result, activity level for franchised businesses is elevated compared to corporate deals. It is estimated that 194,000 new jobs were created in 2011 due to franchising. “This is one of the businesses that perform even better in a struggling economy,” Dan Prechtel, Franchise Alliance founder and president, told Restaurantfranchising.com. Another aid to franchise growth comes in the form of vacancies left by corporate tenants who have vacated their high profile retail real estate.
It’s not uncommon to see vacancies in strip or power centers in such economic times, but it is common for franchised businesses to see the opportunities in these vacancies and fill them. The downside to an expansion in franchised businesses is the need for financing- something that is not readily being doled out freely today. However, with the right financial portfolio and backing, franchisees should not have a problem obtaining financing. A prime example of increased franchise expansion is the national pizza chain Little Caesars, a chain that was all
Coldwell Banker Commercial Bennett Williams 110 N. George Street – 4th floor York, PA 17401
717-843-5555 www.bennettwilliams.com Newberry Pointe
Silver Spring Square
Old Trail Rd. & Pleasant View Dr. Newberrytown, PA 17319 Carlisle Pike & Lambs Gap Rd. Mechanicsburg, PA 17050
1,500 – 6,500 SF FOR LEASE
1,600 – 3,200 SF FOR LEASE
but obsolete in Central PA until locations started popping up within the last few years, during the recession. The popularity of leasing second generation restaurant space makes leasing easier and more affordable for chains such as Little Caesars. Another reason franchises are becoming popular among franchisees is the access to business-building tools, such as “ongoing training, architectural services to help with design and construction, preferred lenders to assist with financing, the ongoing research and development of new products, and continuing, effective marketing programs and support,” which is offered by Little Caesars to their franchisees, as noted by Restaurantfranchise. com. Construction also plays a large part in occupied real estate and leases signed. We have been lucky in this area to not have seen mass unwarranted construction, which often equates to large empty shopping centers in jeopardy of being foreclosed upon. It is anyone’s guess as to what turns the economy will take in the coming year, but one can expect to see new franchised businesses occupying previously vacant spaces. In the end, good real estate will be leased, and it will continue to lease in 2012. Chad Stine is vice president and Partner at Bennett Williams Realty Inc. in York, PA. ■
Stine & Rohrbaugh brokers 4,112 s/f
Wayne Plaza Wayne Ave. & Stouffer Ave.
Hanover Crossing Shopping Center Chambersburg, PA 17201 411 Eisenhower Dr.
1,600 – 6,000 SF FOR LEASE
Hanover, PA 17331
10,000 – 65,000 SF FOR LEASE
YORK, PA — CBC Bennett Williams has arranged the lease of the following transactions: -352 s/f of retail space at Market Square at 599 S. Main St., 2nd Floor in Shrewsbury. Chad Stine and Brad Rohrbaugh of Bennett Williams represented the landlord in the transaction. 1,880 s/f of retail space at 4701 Lindle Rd. in Harrisburg.Chad Stine and Brad Rohrbaugh of Bennett Williams represented the landlord in the transaction. 1,800 s/f of retail space at 1040 W. Crestview Dr. in Lebanon. Chad Stine and Brad Rohrbaugh of Bennett Williams represented the tenant in the transaction. ■
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Mid Atlantic Real Estate Journal — Pennsylvania — December 9 - 22, 2011 — 7C
CENTRAL PA By Heather Kreiger, ROCK Commercial Real Estate
3rd Quarter 2011: Is demand growing?
T
he York County commercial and industrial real estate market showed some improvements in 2010 over 2009, but 2011 has brought higher levels of demand for office, industrial and retail proper- Heather Kreiger ties. Given the economic climate on a national and state level, the local market remained level and showed some positive signs. In 2011, all three sectors have been trending towards higher levels of sales and leasing activities as the number of pending deals are on the rise. The first three quarters in 2011 have shown positive trends for the office, industrial and retail markets. Despite seeing a rise in vacancy rates in the office and industrial markets, both sectors have witnessed large increases in the number of pending deals, and completed leases and sales from quarter to quarter this year. The retail sector has had declining vacancy with growing positive absorption as well as increases in total gross square feet and dollar volume of pending sales and completed sales and leases. Here is a snapshot of the York, PA commercial and industrial real estate market as of third quarter 2011. Higher demand for Class
ROCK members appointed to NAR YORK, PA — Two ROCK team members have been appointed to National Association of REALTORS (NAR) Committees. Russell J. Bardolf, CCIM, SIOR, vice president of Office & Investment Services with ROCK Commercial Real Estate, was appointed as one of the Society of Industrial Office Realtors (SIOR) representatives to the National Association of REALTORS (NAR) Land Use, Property Rights and Environment Committee. Heather M. Kreiger, Director of Research with ROCK Commercial Real Estate, was appointed to join the National Association of REALTORS (NAR) 2012 Commercial Real Estate Research Subcommittee.This new term will begin on December 1, 2011 and will end on November 30, 2012. ■
“A” office space Class “A” office space vacancy declined in the third quarter due to an increase in square footage sold and leased in that time frame. These types of spaces also witnessed an increase in the average lease rate per square foot on average up to $2.00 per square foot. The demand for larger office buildings increased in the third quarter. Retail vacancy decreased in the third quarter Approximately 240,000 new square feet was added to the total retail market from the second to the third quarter as sev-
eral construction projects were completed. Some of the finished construction projects included the following: A new Rite Aid Pharmacy, Sheetz convenience stores, Heritage Valley Federal Credit Union and a portion of the new Gateway Hanover Shopping Center which includes Target. A total of approximately 685,000 square feet has been added to York’s retail market in the last five quarters. Class “B” industrial buildings are in demand The number of active Class “B” buildings for sale and for lease have decreased from the second
to the third quarter, while the number of sales pending, total dollar volume and gross square footage of buildings under contract has increased to the highest level since 2008. The total dollar volume increased from approximately $6 million in the second quarter to just over $14 million in the third quarter of 2011. The York County industrial market witnessed an increase in the total number of pending sales as well as in the total dollar volume and gross square footage of properties under contract. In summary, the increase
in demand and several other factors suggest that 2012 may be a more positive year for the commercial and industrial markets than the last few since the recession began. The large spikes in pending deals in all three sectors could mean a higher volume of sales activity, while the continuing increase in completed sales and leases may indicate that vacancy will remain flat or begin to decrease throughout the first half of next year. Heather Kreiger is director of research for ROCK Commercial Real Estate. ■
RELYON ROCK
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. For in-depth market research . For fast service that saves time and money . For timely and accurate information . For a unique team-based approach to commercial real estate
ROCK Commercial Real Estate, LLC, Susquehanna Commerce Center West 221 West Philadelphia St. Suite 19, York, PA 17401-2992 717-854-5357 Fax: 717-854-5367 www.rockrealestate.net
8C — December 9 - 22, 2011 — Pennsylvania — Mid
Atlantic Real Estate Journal
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CENTRAL PA By Bill Gladstone, Bill Gladstone Group of NAI CIR
Hey, was that an Uptick in the Market?
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ell, maybe something good is happening for all of us for the fast approaching holiday season. We have just gone through a very different kind of year where the first quart e r o f 2 0 11 s t a r t e d o f f Bill Gladstone strong in most of the market segments (other than land). But by March it was obvious this upward trend from the first quarter was not going to continue. Pretty much through the entire
second quarter the market was flat, which was disappointing considering the first quarter was so strong (relative to the fourth quarter of 2010). Then the third quarter came, which we really did not need because the market started to trend downward. The deals that were on the table that were working now starting to unravel and fewer deals were showing up. However, by the end of August into the beginning of September there was an uptick in the market. The different segments of the market, excluding land, were all starting to rebound in somewhat of a surprising
fashion. Office leasing which so far had a year-to-date negative absorption of about 50,000 s/f started to see less negative absorption. Some of the rental rates were staying level (at least not dropping) from where they were in prior months. In some cases landlords were obtaining three percent annual increases which had been few and far between previously. Tenants were still looking for free rent concessions inside and outside of the term. And, those concessions were being given. There was no doubt that there was greater strength in the market than the previous
two quarters. The flex market then picked up in the third quarter. Flex deals for 5,000-20,000 s/f seemed to come out of the woodwork looking for places where they could reside. The buildings that won the RFP’s did so by maintaining, or even improving upon current market conditions. Rates were still lower then desired, for example on a blended basis perhaps between $6.00-$8.00 per s/f NNN (with the nets running between $2.00-$2.50 per s/f). Free rent concessions were being asked for and given, but space was being occupied! The industrial
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market followed suit. So I can look at my portfolio of current business and see a definite uptrend in the market. However, I get very nervous talking about it simply because I do not know if it is temporary or permanent. What it all comes down to is jobs; a lot of jobs are being created during this fourth quarter. But are they seasonal or permanent? If they are seasonal, by the end of January we will see a downtrend in the economy again and the commercial markets will follow suit. If indeed these are jobs other than Amazon.com hiring additional workers or Hershey Chocolate hiring more workers to get their product out during this season, then we will see a downtrend by the end of January. On the other hand if these jobs are permanent I think we are at the beginning of something great, something that we have worked very hard for over the past several years and have waited for a bounce back of our market. We need to be careful and considerate of the fact that this bounce back is not, and will not, be the 2007 which we all grew to know and love. This will be a process of baby steps. Little by little those of us still left in the market practicing real estate have an opportunity to gain more momentum and use the knowledge and skill set that we have learned and developed. This has allowed us to succeed in some of the roughest years we have ever seen in real estate. With the thinning of the ranks the bar has been raised even further which makes it an even more challenging environment in which to practice. As we move closer to the New Year what better gift could you ask for than a higher set of performance standards in an improving market? So let’s be hopeful and see what the first quarter of 2012 brings. Bill Gladstone, CCIM, SIOR, is the principal of the Bill Gladstone Group of NAI CIR in Harrisburg, Pennsylvania. Bill has been active in commercial and industrial real estate since 1987. As part of a group of five, Bill oversees the marketing for a revolving inventory of more than 100 listings. His continued success is a direct result of the value-added services he provides to all transactions, regardless of size. â–
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Mid Atlantic Real Estate Journal — Pennsylvania — December 9 - 22, 2011 — 9C
CENTRAL PA COMMERCIAL REAL ESTATE
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10C — December 9 - 22, 2011 — Central Pennsylvania — Mid
Atlantic Real Estate Journal
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Mid Atlantic Real Estate Journal — Central Pennsylvania — December 9 - 22, 2011 — 11C
Preserving the Past. Building for the Future.
CENTRAL PENNSYLVANIA COMPANY OF THE MONTH
CONGRATULATIONS ON 75 GREAT YEARS!
Happy 75th Anniversary B.R. Kreider & Son, Inc. © Alan Holm
Celebrating 75th Anniversary
B.R. Kreider & Son Inc., Four Generations of Excavating and Paving Services with respect, integrity and expertise in the field © Nathan Cox Photography
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contractor has stood on core values of respect, integrity and expertise in the field. “We have a strong desire and passion to be good stewards of the resources and people in our care, causing us to think long term,” said Brent Kreider, vice president of operations for the company. That strong focus has led the company in considerable planning of how it shapes the earth, how employees are treated, its level of customer service and how to build trust in the community. Above all, employees are truly the bedrock of the company’s success, from the family leadership right down to customer service representatives interacting with individual clients. “Over the decades, our company has grown and become more corporate in nature, all while retaining the family values on which B.R. Kreider & Son was originally founded.” Brent said. Along with dedicated employees, the company has maintained the level of customer care that
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the company grew and more employees were hired, B.R. Kreider & Son provided excavation and paving services also for local, industrial clients. During the 1970’s and ‘80’s, three of Elvin’s children became actively involved in the day-today business operations. Most recently, son, Ken Kreider served as President and CEO and is currently a senior advisor. Son, Jim Kreider serves as VP of Administration and daughter, Carol Kreider Buchen serves as Director of Marketing. Three members of the fourth generation of Kreider’s have moved into positions of responsibility within the company. Since December of 2009, ownership is maintained by a partnership of three cousins, Brent Kreider, Heidi Hollinger and Courtney Dougherty, which are fully engaged in continuing the legacy of BRK and the growth and sustainability of the company. This excavating and paving
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it has been known for since the beginning. Brent explains that the business cares about meeting client needs with low-maintenance costs, long-lasting materials, exact job specifications and attending to regulations. “We also understand the importance of a healthy environment for future generations,” he said. “We care that the surrounding community is left like we found it, and we purposefully work with environmentally conscientious companies.” Over the past thirty years, under the leadership of the third generation, the company has grown to a base of 175 (plus or minus) employees and has added many valuable services & products for our clients. Services such as: portable rock crushing and recycling, total site management, environmental and stream restoration services. New paving products have been added, such as decorative paving (a.k.a. “Street Print”, “Dura-Therm”)
for residential, commercial or municipal applications. Also, an environmentally friendly product and design of “Porous Paving”, which helps recharge the water table. Through the years, the company has diversified its services and continued to expand to benefit the local community. Its management expertise and professionalism has brought clients back again and again for projects. BRK’s employees are dedicated and have been recognized locally and nationally for regarding Safety as a priority, and a high level of professionalism and quality employees and workmanship. With extensive effort, B.R. Kreider & Son, Inc. has earned recognition of the highest level Awards: ABC/ Keystone Chapter’s Platinum STEP Award 2011, Gold STEP Award 2001 through 2010, ABC/Keystone Chapter’s Overall Safety of Excellence Achiever Award 2010, and the ABC / National Platinum STEP Safety Award 2001 through
2011. We are especially proud of our dedicated team of employees who have achieved the Labor & Industry Governors Award Semi-Finalist in 2006 & 2008, as the only Excavating & Paving Contractor in Pennsylvania. Our BRK family of employees includes many long term team members. As a result, customers always benefit from our years of experience, quality and knowledge. One of the firm’s challenges and achievement was moving from small residential projects to large commercial/industrial projects, all while delivering the same level of service to the clients. Some of our current projects include: Target Retail Store, Lititz, PA opened in October, Uni-Life Medical warehouse, York, PA, Faulkner BMW Lancaster and Car Max, both of Lancaster, PA, Quaker Ridge residential development, West Chester, PA, Haydn Manor Phase 1, residential development, East Petersburg, PA, Hershey Park Ride Attraction, Hershey, PA and numerous other projects. In the years to come, B.R. Kreider & Son plans to continue to support clients in the fragile economy, offering solid prices and the quality site management for which it is known. “We’re a large company, but we still treat each project as if it were happening in our own backyard,” said current President Michael Fecik. “We pay attention to detail and we deliver projects on time, on budget and to the client’s exact specifications.” n
Mid Atlantic Real Estate Journal would like to congratulate B.R. Kreider & Son Inc. on your
“75th Anniversary”
Celebrating 100 Years of Commitment to EXCELLENCE.
© David E. Rose
100 YEARS
© Tom Bernard
1911-2011
I
n 1936, Benjamin R. Kreider founded B.R. Kreider & Son Inc., which is now owned and operated by the fourth generation of Kreiders. We consider ourselves “land sculptors” – changing the contour of the land to match the customer’s needs, by blending the landscape God originally created.” The words of Elvin Kreider, former B.R. Kreider & Son, Inc. president and CEO. “Sculpting the land” in an environmentally conscientious way, and is an important part of the B R Kreider & Son family history. It’s an interesting story and reveals much about the unique company. Benjamin Rohrer Kreider established B.R. Kreider Landscaping & Grading back in 1936, with a single employee and a 1936 22 CAT. Within two years, B.R. had employed over a dozen men, including his ten year old son, Elvin, who assisted his father during his summer vacations. Later Elvin became Ben’s right hand man and, in 1946, a full partner. Ben not only possessed a strong business ethic, but also a true sense of Christian commitment. His “standards” 75 years later have been integrated into seven core values which are the basis of decisions made on a daily basis. The father and son team expanded into residential and commercial asphalt paving services. This landed them the job of laying the first pavement for the nearby Manheim Auto Auction, the world’s largest auto auction, which is still a valued client. As
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If you would like to feature your company, anniversary or project call Elaine Fanning: (800) 584-1062/781-871-5298 Ext. 212 or email: efanning@marejournal.com 548 Steel Way, P.O. Box 7066 Lancaster, PA 17604-7066 (717) 299-2500 www.wohlsen.com
12C — December 9 - 22, 2011 — Pennsylvania — Mid
Atlantic Real Estate Journal
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ONE OF OUR NEWEST PROJECTS NOW UNDER CONSTRUCTION:
CARLISLE DISTRIBUTION CENTER 972,000 SQUARE FOOT CLASS A DISTRIBUTION FACILITY
Providing Real Estate Solutions in the Northeast for OVER 30 Years… and committed to serving our Communities for the NEXT 30 Years! CONTACT US FOR INFORMATION: • Lynn Conti - Cell: 610.883.2233/lconti@libertyproperty.com 74 W. Broad Street, Suite 530, Bethlehem, PA 18018 • Main Office Phone: 610.867.9100 • Fax: 610.997.6651
Troy F. Briggs. CCIM, CPM® - Cell: 610.633.7273/tbriggs@libertyproperty.com
Green Advantage® Certified Practitioners
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Mid Atlantic Real Estate Journal — Pennsylvania — December 9 - 22, 2011 — 13C
CENTRAL PA 65 completed transactions in 2011
B
Liberty Property Trust completes 3.27m s/f transactions in Lehigh Valley & Central PA
E T H L E H E M , PA — Liberty Property Trust announced that it has completed 65 transactions for a total of 3.27 million s/f in its Lehigh Valley and Central Pennsylvania portfolios since January 2011. The portfolio is nearly 100% leased. This year, significant new leases included an agreement for 337,500 s/f of industrial warehouse space at the new acquisition at 7533 Industrial Parkway in Lower Macungie Township – vacant for five years at the time of acquisition and fully leased shortly thereafter – and another for 373,075 s/f of industrial warehouse space at 95-175 Kriner Road in Chambersburg, a submarket in which
RSR Realtors close 70,000 s/f warehouse
tember and October of this year. One project is a 1.2 million s/f warehouse in Lehigh Valley; the other a 972,000 s/f warehouse in the Carlisle/I-81 Corridor market. Both are being developed according to LEED® Core & Shell standards. Liberty will also pursue Energy Star certification for each building, in keeping with the company’s sustainability initiatives. When opened in 2012, the two new development projects will bring Liberty Property Trust’s total portfolio for the Lehigh Valley and Central Pennsylvania region to nearly 18 million s/f of industrial, flex and office properties. ■
SALE/LEASE %
0 r g 10 l l e i n c Se n na Fi
LEMOYNE, PA - RSR Realtors has recently closed on the following transactions: PA Self Storage One LLC has purchased a 70,000 s/f warehouse at 50 S. Cameron Street from Bomar, L.P. After extensive renovations, the property will be open to the public as a storage facility. Jim Koury and Curt Trogner of RSR Realtors were the sales brokers in this transaction. Hertzler Road Associates, L.P. have recently purchased 145 acres form the Holder Family. The tract is located in Upper Allen Township and was part of the 300 + acre Holder Farm. Jim Koury and Al Simokatof RSR Realtors were the brokers in this transaction. Tim Kushner Consulting has leased professional office space at 5821 Linglestown Road in Harrisburg from Hughes Properties. Andrew Lick of RSR Realtors represented both parties in the transaction. GDD Pharmacy Services has leased 2,000 s/f of professional office space at 2250 Millennium Way in Enola from Millennium Real Estate Partners LLC. Andrew Lick of RSR Realtors represented both parties in the transaction. The former M & T Branch Office located at 2551 Walnut Street, Penbrook has been sold to the ARC of Dauphin and Lebanon Counties for expansion. RSR’S Bill Rothman handled both sides of the transactions. ■
7533 Industrial Parkway
Liberty owns five buildings totaling more than 3.3 million s/f of warehouse/distribution space. “Liberty would like to thank the brokerage community for its support this past year in helping us to achieve such a high occupancy rate” said Bob Kiel, senior vice president, Liberty Property Trust. “Looking toward the future, we are enthusiastic about the market. Our leasing activity, coupled with market demand led us to start development of two new industrial properties in the past three months. The two new development projects broke ground in Sep-
1400 N Cameron Street Harrisburg, Pennsylvania 17103 An exceptional opportunity to own this manufacturing/warehouse facility with 100% owner financing. This lease to own structure allows the buyer the ability to lock into a long term fixed rate structure while retaining its cash for operations and equipment. The facility offers 260,208 SF of manufacturing space and 39,652 SF of offices on two levels. The majority of the plant has a ceiling height of 27 ft and has 62 KV of power running through 6 substations of 12,470V each. The property is located adjacent to Norfolk Southern RR and also the major highways surrounding Harrisburg.
Todd Kamps CCIM Principal
Office: (616) 301-9800 Fax: (616) 301-9600 Mobile: (616) 638-6019 E-Mail: todd@kwekelcompanies.com Web: www.kwekelcompanies.com
14C — December 9 - 22, 2011 — Pennsylvania — Mid
Atlantic Real Estate Journal
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CENTRAL PA Alderman coordinates the sale
NAI CIR brokers sale of 1,380 s/f to Liberty Tax Svcs.
S
U S Q U E H A N N A , PA —Basil Papoutsis plans to open a Liberty Tax Service office in a 1,380 s/f property he has purchased at 3315 Walnut St., Susquehanna Twp. Liberty Tax Daniel Alderman Service will hire 20 employees to work at this location. Daniel J. Alderman of NAI CIR coordinated the sale of the property Hershey Creamery Co. has leased 10,000 s/f of warehouse space at 1400 Hagy Way, Susquehanna Twp. This space will service their existing Cameron Street operations. Ida McMurray, CCIM of NAI CIR represented the landlords, Tom and Jim Pagliaro, in the lease transaction. Dimitrios Hronis has purchased 9,800 s/f of commercial space at 1740 Lincoln Way East, Guilford Twp. Nik Sgagias of NAI CIR handled the transaction for Hoss’s Corp. Cheap Cheap Moving Boxes has leased 8,200 s/f of warehouse space at 5340 Jaycee Ave., Lower Paxton Twp. Bill Gladstone of the Bill Gladstone Group of NAI CIR represented the landlord, Triple Crown Corp. Riverwatch Properties, LLC, a development company, has purchased 6,840 s/f of office space at 4423 N. Front St., Susquehanna Twp. Jason Sourbeer of NAI CIR represented the seller. P & D Discount Tobacco, Inc. is opening an additional loca-
Liberty Tax Service tion in 3,080 s/f of retail space it has leased at 5223-5225 Simpson Ferry Road, Hampden Twp. Fahd Malik of the Bill Gladstone Group of NAI CIR represented the landlord, Robert and Melody Richardson, in the transaction. John and Lisa Peterson plan to open a women’s health and fitness service in 2,200 s/f of space they have leased at 5001 Carlisle Pike, Hampden Twp. Bill Gladstone of the Bill Gladstone Group of NAI CIR represented the landlord, Manish Agarwal, in the transaction. DeArment Endocrinology, LLC is opening an office in 1,700 s/f of space it has leased from Kinsley Properties located at 875 Poplar Church Road, East Pennsboro Twp. Bill Gladstone of the Bill Gladstone Group of NAI CIR represented DeArment Endocrinology. Pinnacle Health Hospitals is expanding its office at 900
Century Dr., Lower Allen Twp., by 1,458 s/f Bill Gladstone of NAI CIR represented the landlord, Shaun Ellis, in the lease transaction. Watts Marketing Services has leased 1,182 s/f of office space at 22 S. 3rd St., Harrisburg. Jason Sourbeer of NAI CIR represented Watts, and Jason Grace of Landmark represented the landlord, 18 South Third, LLC. Intela Global Performance Marketing has leased 750 s/f of office space at 4076 Market St., Hampden Twp. Fahd Malik of the Bill Gladstone Group of NAI CIR represented the landlord, 4076 Market Street, LLC, in the transaction. SLCS Solution Inc., an information technology employment company, has leased an office suite at 600 Bent Creek Blvd., Silver Spring Twp. Joseph Bedard of NAI CIR represented the landlord, RSM Associates, in the transaction. ■
AACP honors The Solomon Organization with nine esteemed 2011 Awards of Excellence SUMMIT, NJ —The Apartment Association of Central Pennsylvania (AACP) hosted an annual awards program that acknowledges apartment communities across Central Pennsylvania and honored The Solomon Organization of Summit, New Jersey, with nine esteemed awards. Three of Solomon’s Lancaster, Pennsylvania properties were honored in various award categories. Belair Townhomes claimed recognition for the following: Curb Appeal Excellence, Leasing & Marketing Excellence, and the award for Overall Community Excellence. Quail Run was awarded for
Maintenance Excellence, and Mayfair Manor received the honor of Leasing & Marketing Excellence. Solomon’s newest acquisition in the state, Greenland Village of Lancaster, earned an award for Leasing & Marketing Excellence. Lehigh Crossing and The Hills at Lehigh, both of Bethlehem, were presented with an award for Leasing & Marketing Excellence. Berkshire Hills of Sinking Spring, Pa., was recognized for Curb Appeal Excellence. More than 500 industry professionals and peers were in attendance at the Radisson Hotel in Harrisburg for the 2011
“Best of Living” Awards Gala, celebrating the achievements of multi-housing communities throughout the state. “The Solomon Organization has maintained its sweet spot by keeping quality and high standards at the core of all that we do. Each of the Solomon communities work hard year-round to maintain our focus – that all of our communities are exceptionally desirable places to live,” said Evan Rosen, managing director. “We are thrilled to receive the continued support and recognition from the AACP, further endorsing our passion and desire to be the state’s best in living. ■
Leases totalling 38,358 s/f
ROCK Comm’l. sold 25,799 s/f of ind. space HANOVER, PA — ROCK Commercial Real Estate sold three industrial properties totaling 25,799 s/f and 4.93 acres of industrial land and 2.60 acres of commercial land. Four businesses leased over 8,195 s/f in Hanover and York, PA. The sale and lease transaction details are listed below. Highlands Tire bought two industrial free standing properties in Everett, PA; 134 Old Route 26 and 788 Raystown Road. 134 Old Route 26 includes a 4,095 s/f garage on 0.50 acres and 788 Raystown Road includes a 14,436 s/f warehouse on 2.16 acres. ROCK Commercial Real Estate, LLC represented both the seller and the buyer in these transactions. First Capital Fibers, Inc. bought a 7,268 s/f warehouse on 1.15 acres at State Street in York, PA. ROCK Commercial Real Estate represented the seller in this transaction. York County Solid Waste & Refuse Authority bought 4.93 acres of industrial land at 2685 Blackthorne Court in York, PA. ROCK Commercial Real Estate represented both the buyer and the seller in this transaction. Pennsylvania CVS Pharmacy LLC bought 2.60 acres of commercial land at 725,735 & 745 Lombard Road in Red Lion, PA. ROCK Commercial Real Estate represented the seller in this transaction. Penn State Milton S. Hershey Medical Center leased 3,080 s/f of medical office space at Hillside Medical Center at 250 Fame Avenue, Suite 101 in Hanover, PA. ROCK Commercial Real Estate, LLC represented the landlord and the tenant in this transaction. Neighoff Mechanical Contractors Inc. leased 2,300 s/f of industrial space at 100 Kindig Lane, Lot 2 in Hanover, PA. ROCK Commercial Real Estate, LLC represented the landlord in this transaction. Star Building Services, Inc. leased 2,015 s/f of retail space at 2131-2139 Industrial Highway in York, PA. ROCK Commercial Real Estate, LLC represented the landlord and the tenant in this transaction. Ox Paperboard, LLC leased 800 s/f of office space at 228 Broadway in Hanover, PA. ROCK Commercial Real Estate, LLC represented the landlord and the tenant in this transaction. Two Farms, Inc. leased 1.6494 acres of retail land at 1170 Loucks Road in York, PA. ROCK
Commercial Real Estate, LLC represented the landlord and the tenant in this transaction. PETSMART, Inc leased 12,176 s/f of retail space at Gateway Hanover Shopping Center in Hanover, PA. ROCK Commercial Real Estate, LLC represented the landlord in this transaction. William Penn Performance Glass, Inc. leased 11,700 s/f of industrial space at 3635-3725 Board Road in York, PA. ROCK Commercial Real Estate, LLC represented the landlord and the tenant in this transaction. NHS Pennsylvania leased 2,366 s/f of medical office space at 9 Rathton Road in York, PA. ROCK Commercial Real Estate, LLC represented the landlord in this transaction. Shehzad and Christine Siddique leased 1,734 s/f of retail space for a convenience store at 1700 East Market Street in York, PA. ROCK Commercial Real Estate, LLC represented the landlord and the tenant in this transaction. Justice Works Youth Care, Inc. leased 1,447 s/f of office space at 1 Waterford Professional Center in York, PA. ROCK Commercial Real Estate, LLC represented the Landlord and the Tenant in this transaction. Ken Bruggeman Photography leased 740 s/f of retail space at Colonial Shopping Center in York, PA. ROCK Commercial Real Estate, LLC represented the landlord and the tenant in this transaction. In other news, Larry O’Brien was elected to the New Freedom Borough Council. Larry O’Brien, CCIM, Brokerage Advisor with ROCK Commercial Real Estate, was elected to the seven member New Freedom Borough Council effective January 1, 2012, for a four year term. Larry won one of three seats that was up for election in the recent polls. Larry is a ten year New Freedom resident, where he lives with his wife Pat and their two sons, Matthew and Patrick. Mr. O’Brien specializes in retail and commercial sales and leasing. He brings over ten years of experience in commercial real estate and property management along with 15 years in retail management to ROCK. Larry is a member of the International Council of Shopping Centers (ICSC). He is also a board member of the Southern York County Business Association. ■
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Mid Atlantic Real Estate Journal — Pennsylvania — December 9 - 22, 2011 — 15C
CENTRAL PA For Hayden Dauphin Associates, L.P.
A
Grace of Landmark Commercial Realty negotiates 33,600 s/f lease
LLENTOWN, PA — American Freight, Inc. has recently signed a long term lease for 33,600 s/f of warehouse space at 6305 Allentown Boulevard, Harrisburg, Lower Pax- Jason Grace t o n To w n s h i p , D a u p h i n C o u n t y, Pennsylvania. Jason Grace, CCIM, SIOR, vice president at Landmark Commercial Realty, Inc. negotiated the transaction on behalf of the landlord, Hayden Dauphin Associates, L.P. Black Commercial Services and Investments, LLC has purchased a 7,478 s/f office property located at 5115 E. Trindle Road, Mechanicsburg, Hampden Township, Cumberland County, Pennsylvania. Thomas T. Posavec, SIOR and Roy H. Brenner of Landmark Commercial Realty, Inc./ONCOR International represented the building owner, Blue & Gray Acquisitions and Danielle Osman of Keller Williams represented the buyer in the sales transaction. Horn African Grocery Store has leased 1,100 s/f of retail space at 5252 East Trindle Road, Mechanicsburg, Hampden Township, Cumberland County, Pennsylvania. Drew Bobincheck, CCIM of Landmark Commercial Realty, Inc./ONCOR International represented the landlord, Ray McLain,
High Associates leases 9,000 s/f HARRISBURG, PA — Lou Vazquez has leased 9,000 square feet of comm’l. space located at 1104 Herr St. Harrisburg, Pa., from owner Vicken Baklayan. Denise Cass of High Associates Ltd. handled the transactions for both landlord and tenant. Dave Gilmore has leased a location on the corner of Robinhood Drive and Old Trail Road, Newberry Township, York County, Pa. from Alice and Henry Treffinger. Gilmore’s intended use is to establish a used car business. The transaction was handled by Denise Cass of High Associates Ltd. ■
6305 Allentown Boulevard and Andrew Kohr, also of Landmark represented the tenant in the leasing transaction. Limelight LLC (Arielle
Rue) has recently leased the commercial building located at 323 Reily Street, Harrisburg, Dauphin County, Pennsylvania. Chuck Heller,
Associate Broker and Drew Bobincheck, CCIM of Landmark Commercial Realty, Inc./ONCOR International represented the Landlord in the transaction while Mark Santana of NAI CIR represented the tenant. Del Monte Corporation has recently leased 2,906 s/f of office space at 100 Sterling Parkway, Mechanicsburg, Silver Spring Township, Cumberland County, Pennsylvania. Thomas T. Posavec, SIOR and Roy H. Brenner of Landmark Commercial Realty, Inc./ONCOR International negotiated the long
term lease arrangements on behalf of both the tenant and the landlord, 114 Associates. Keller Financial Group has leased 2,741 s/f of office space at 100 Sterling Parkway, Mechanicsburg, Silver Spring Township, Cumberland County, Pennsylvania. Thomas T. Posavec, SIOR and Roy H. Brenner of Landmark Commercial Realty, Inc./ONCOR International negotiated the long term lease arrangements on behalf of both the tenant and the landlord, 114 Associates. ■
your area Pennsylvania Regional Commercial Real Estate Focus
January 13th..........Eastern PA February 10th........Western PA March 16th.............Central PA
Editorial Spotilights and special advertising opportunities available in the Pennsylvania Section Market your available office, industrial, and retail space Deadline: 14 days prior to publication date For more information contact: Elaine Fanning 1-800-584-1062 x212
Email: efanning@njpajournal.com
16C — December 9 - 22, 2011 — Pennsylvania — Mid
Atlantic Real Estate Journal
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CENTRAL PA GEOTECHNICAL ENGINEER
COMMERCIAL REAL ESTATE The Bill Gladstone Group of NAI CIR is making deals happen in the Greater Harrisburg Area. If you are looking for commercial, industrial, retail, warehouse or land properties we can help you Änd the right one Xuickly.
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Mid Atlantic Real Estate Journal — Pennsylvania — December 9 - 22, 2011 — 17C
WESTERN PA Energy Savers Incorporated asks:
Colliers International have relocated
Is your energy supplier an apple or a lemon?
Horan & Sentner receive Everest Award in 2011
E
nergy Savers, Inc. has consulted with countless commercial and residential customers on ways to maximize savings on utility costs and to reduce and control energy budgets. ESI leverages its 30 years of experience to help customers avoid the pitfalls of deregulation, wade through all of the complexities and choose the right energy suppliers. Does anyone really know what energy deregulation in PA means? Do you get inundated with offers like ‘15% Guaranteed Electricity Savings’? Ever ask yourself ‘how do I know if it’s a good deal’? Deregulation in PA started in the 1980’s with natural gas and the electricity market followed in the late 1990’s. This was meant to foster competition and bring cheaper prices with the purchase of the commodity to the consumer. Yes – every energy consumer in PA has the ability to buy from a supplier other than their utility, but do they know what they’re buying? As time progresses, more and more suppliers enter the industry to get a piece of the pie. Everyone wants to sell energy. That’s not a bad thing if you know the difference between an apple and a lemon. Buying energy from a supplier can be a difficult and time-consuming process. Most consumers do not realize the number of components that can be included
or excluded from their energy cost. When you ‘buy energy’ you are purchasing the supply and transmission portion from an entity other than your utility. But, the utility is still responsible for delivering that energy to you. The key is to purchase that supply and transmission portion at a lower rate than what you are currently paying. The end goal is to save money. So how do you know if you’re saving money? First, you need to know what you are paying. Don’t assume that an offer with ‘guaranteed savings’ will actually save you money. Do the research and ask the questions. When you look at your utility bill you can determine the current rate you are paying on the supply and transmission portion. The simple thing is to switch to a rate lower than what you are currently paying. But before you sign on the dotted line, make sure you are comparing apples to apples. The terms ‘energy cost’ and ‘rate’ can mean different things to different suppliers. When presented with a ‘rate’, ensure that it includes GRT (gross receipts tax): this is a tax that is usually hidden and can be a surprise of 6.06% on the base energy cost. Make sure it includes items such as: capacity, line losses, ancillary services, you don’t want to get hit with surprise line items on your bill. It is a good idea to know exactly what your bill
will look like before you enroll rather than be surprised with your first bill. Also, read the fine print. It may seem painful and hard to understand but these are important terms and conditions that can actually cost you more money. When you see terms such as ‘variable’ know that your rate will fluctuate each month and in high-demand months, such as air conditioning, you can pay more than market-based pricing which is even higher than the utility rate. With a low fixed rate you can forecast your budget and avoid market volatility. Energy Savers, Inc. was founded in 1982 and services commercial and residential clients on natural gas and electric power. With our 30 years of experience, we have a proven track record of saving our clients millions of dollars in energy costs. We take the pain out of shopping and do the work for you. ESI provides consulting and analysis to each client ensuring maximum cost savings and suggests the following checklist when shopping: -Make sure the rate is ‘allinclusive’ -Know the full terms of the agreement, including renewal and early termination -Ensure budget stability can be maintained over the term of the agreement -Read the fine print and perform research on the supplier. ■
Wormley joins R.A. Smith National’s office as survey technician TARENTUM, PA — Michael Wormley has joined the Tarentum (Pittsburgh) office of R.A. Smith National — civil engineering, surveying, landscape architecture, geographic information systems (GIS) and 3D visualization consultants — as a survey technician. Wormley has more than 12 years of experience in the land surveying profession. He is experienced in all aspects of surveying including topographic, ALTA and boundary surveys, construction layout and monumentation.
College, Milford, Nebraska. He lives in Cheswick, Pennsylvania.
Michael Wormley Wormley has an associate’s degree in land surveying and civil engineering technology from Southeast Community
R.A. Smith National, Inc., is a multi-disciplinary consulting engineering firm headquartered in Brookfield, Wis. with offices in Appleton, Wis., Orange County (Los Angeles), Calif., and Tarentum (Pittsburgh), Pa. R.A. Smith National is a leading civil engineering, planning, surveying, landscape architecture, geographic information systems (GIS) and 3D visualization consulting firm. R.A. Smith National serves state and local government and the land development industry. ■
PITTSBURGH, PA — Colliers International Pittsburgh founding principals Paul Horan and Patrick S e n t n e r, SIOR, of Colliers International | Pittsburgh, have been recognized with Paul Horan the Everest Award for top performance in 2011. The Everest Award achievement is bestowed upon the top 10% of all Colliers International agents in the U.S. and recognizes top producers in each market based on performance in 2011. The awards were presented during the Colliers International Chicago National Meeting on September 23rd, which hosted a record 1,400 attendees. “We are proud to have Paul and Patrick recognized as Everest Award winners,” said John Bilyak, CCIM, Principal at Colliers International Pittsburgh. “More importantly, we remain confident that we are better positioned to successfully handle our client’s real estate needs locally, nationally and internationally, as part of the Colliers family.” In other news, Colliers International Pittsburgh
announced that they have relocated to new corporate offices at Two Gateway Center, located at 603 Stanwix Street, Suite 125, in the central business district of Pittsburgh, PennsylvaPatrick Sentner nia. Colliers International Pittsburgh will continue to use their present telephone number and fax number. The office move represents an expansion in terms of available space for office operations. Colliers International Pittsburgh will immediately occupy the first floor suite, and has expansion rights to the second floor to accommodate imminent growth in brokerage operations and their pending property management services roll-out. “We could not be more excited about our move into the central business district. Many of our owners and brokers started their career in the CBD, so it’s nice to go back home,” said Gregg Broujos, Managing Director and Founding Principal at Colliers International Pittsburgh. “And, we are pleased to be in a Hertz Group owned building, as they are a ‘best in class’ landlord.” ■
SunConnect receives World’s only UL listing for roof-mounted system PITTSBURGH, PA — SunConnect, a leading Pittsburgh-based developer and technology provider of photovoltaic (PV) arrays, has received the Underwriters Laboratories, Inc. (UL) listing on its entire Clearview Racking System. The only racking system in the rooftop solar industry to receive this certification, the Clearview Racking System is designed to hold PV panels firmly in place, yet will allow PV panels to be moved quickly out of the way in the event of a roof leak. “We are extremely pleased with this listing from UL, the world’s most respected testing and evaluation organization,” commented Gary Kassem, President of SunConnect. “We designed this system to be the standard of quality for the rooftop solar industry, and are gratified that our efforts stood up to months of rigorous scrutiny. The industry
demanded that someone step up and set a new standard for quality and safety. We expect others to quickly follow our lead.” Constructed of extruded aluminum and stainless steel, the Clearview Racking System is not susceptible to corrosion and has a projected lifespan of 40 years – a timeframe equal to that of most PV arrays. Engineered to allow building owners to operate their buildings more cost effectively, the Clearview Racking System eliminates the need for costly disassembly of rooftop PV systems if routine roof maintenance or emergency repairs are needed. By allowing PV panels to quickly be moved out of the way, the system can significantly shorten the duration of water infiltration into the structure, minimize water damage inside the building, and accelerate the pace of repair operations. ■
18C — December 9 - 22, 2011 — Pennsylvania — Mid
Atlantic Real Estate Journal
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Commercial Real Estate Women Lehigh Valley Chapter www.crewlehighvalley.org
2011 LEHIGH VALLEY BOARD OF DIRECTORS PRESIDENT TRACY YADUSH, RPA NAI SUMMIT PAST PRESIDENT FRANCEE FULLER BARRY ISETT & ASSOCIATES PRESIDENT ELECT TINA KISELA, SCSM,SCMD THE PROMENADE SHOPS, AT SAUCON VALLEY SECRETARY CATHERINE (KATE) DURSO FITZPATRICK LENTZ & BUBBA, P.C. TREASURER CYNTHIA MERRITT BUCKNO LISICKY & ASSOCIATES CORRESPONDING SECRETARY PAM MORRIS LIBERTY PROPERTY TRUST DIRECTORS-AT-LARGE MAUREEN O’MEARA HMK INSURANCE LYNN CONTI LIBERTY PROPERTY TRUST
2011 COMMITTEE CHAIRS SPONSORSHIP COMMITTEE KATE HART KNBT, A DIVISION OF NATIONAL PENN BANK PROGRAMS COMMITTEE JANE SCHIFF THE FREDERICK GROUP MEMBERSHIP COMMITTEE MICHELE GLOWER, PH.D THE ADVISORY GROUP COMMUNITY SERVICE COMMITTEE JODY KING, CCIM NAI SUMMIT PUBLICITY COMMITTEE FRANCEE FULLER BARRY ISETT & ASSOCIATES
Crew LV tours Allentown Art Musuem of Lehigh Valley
A
llentown, PA - CREW LV members and their guests were first nonmuseum group to take a behind-the-scenes tour of the $15.4 million dollar expansion and renovation project of the Allentown Art Museum of the Lehigh Valley, designed by the architecture firm Venturi, Scott Brown and Associates (VSBA) and constructed by Alvin H. Butz, Inc. The museum was closed for one year in order to accommodate construction and reopened its doors to the public on October 16, 2011 with 7,900 square feet of added space. The renovation combines old world architecture with modern design. Conceptually the November program was a follow up to a 2005 exploration conducted by CREW LV PA ; “Energizing Allentown,” explored the proposed art museum expansion along with other initiatives focusing on the role the arts play in economic revitalization. Guest speaker, Dan McCoubrey, AIA, the project’s architect and a principal with VSBA led a discussion about how the design team accomplished the vision of the art museum’s board in the face of economic uncertainty. Brooks Joyner, the Priscilla Payne Hurd President & CEO of the Museum, gave an overview on the founding and history of the museum and discussed
Priscilla Payne Hurd President & CEO of the Allentown Art Museum of the Lehigh Valley
The expanded and renovated building reopened on October 16, 2011 the impact that the museum’s expanding arts program has on the local economy. Follow-
President Elect Tina Kisela (left), visits with Cindy Feinberg, Director of Economic Development for Lehigh County, Paul Swartley, with KNBT Insurance, and Adrienne K. Kwiatek-Holub, with KNBT, a division of National Penn Bank
About 40 guests enjoyed the museum tour, which followed the luncheon
ing the program, the men led a tour of the museum for 40 fascinated guests. ■
CREW Lehigh Valley thanks its 2011 corporate sponsors: Annual Partner/Main Sponsor
Contributor
Fitzpatrick Lentz & Bubba
Langan Engineering
Liberty Property Trust
Lafayette Ambassador Bank
Tallman Hudders & Sorrentino
NAI Summit MKSD Architects
Friend Barry Isett & Associates Berks Economic Partnership HMK Insurance KNBT - A Division of National Penn Bank JG Petrucci, Inc. North Star/Polaris The Dietrick Group, LLC
Upcoming Events Thursday, December 8 11:30 – 1:00 p.m. Ben Franklin Technology Partners -NE PA Tech Ventures Center 116 Research Drive, Bethlehem, PA 18015 For reservations & details visit the event page of www.crewlehighvalley.org For membership information, please contact Dr. Michele Glower, The Advisory Group, mglower@yahoo.com
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Mid Atlantic Real Estate Journal — Pennsylvania — December 9 - 22, 2011 — 19C
where YOUR STYLE comes to life
Corporate, Business & Banking
FITZPATRICK LENTZ & BUBBA, P.C. IS PROUD TO SUPPORT
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Located one mile from I-78 on Route 22
Employment Law Bankruptcy Elder Law Family Law
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Attention CREW Lehigh Valley Members!!!
Michele Glower, Ph.D., Consultant 484-951-4081 dr.glower@gmail.com
COMMERCIAL REAL ESTATE
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INGRAM REAL ESTATE GROUP
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If you would like to advertise in GLOBAL OPERATIONS
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the Mid Atlantic Real Estate Journal,
Please Contact: Elaine Fanning, Publisher 800-584-1062 x 212 or Real Estate Sales, Appraisal & Property Management
Real Estate Sales, Appraisal & Property Management
email Elaine at efanning@marejournal.com
20C — December 9 - 22, 2011 — Central Pennsylvania — Mid
Atlantic Real Estate Journal
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PEOPLE ON THE MOVE Williams to join growing team
Cooper University Hospital is honored
Inniss of the Dietrick Group obtains PA RE license
EwingCole Hospital wins design award from the A.I.A.
A
LLENTOWN, PA — Dietrick Group, LLC is pleased to announce the newest member of its Brokerage Division, Judy A. Williams. Williams brings over 20 years of Judy Williams experience to Dietrick Group in both national and boutique retail sales sectors. Williams participates in various commercial real estate transactions and represents both buyers/tenants and owners/landlords. Judy’s specialty is retail having worked for luxury retailers as a senior store manager and
a Regional Corporate Trainer. Her expertise in marketing, sales and team building is a great asset to Dietrick Group’s burgeoning Brokerage Division. Dietrick Group, LLC Deborah Inniss also congratulates Deborah A. Inniss in obtaining her Pennsylvania Real Estate Salesperson license. Inniss serves as the organization’s Administrative Assistant. Dietrick Group, LLC is a Lehigh Valley, PA based full service real estate advisory company specializing in commercial and residential
sales/leasing, commercial appraisal and property management throughout the greater Allentown, Bethlehem and Easton area. We take pride in assisting our clients in making the best possible decisions when it comes to their real estate matters. With over fifty years of combined experience and individual memberships in the Appraisal Institute, CCIM, SIOR and IREM, Dietrick Group handles the most complex of projects to the simplest of analyses, with all the professionalism, sensitivity and expertise expected from your most trusted real estate advisors. Dietrick Group, LLC – understanding your needs to best facilitate your goals. ■
Precis Engineering adds Ferguson and Shannon to growing office in Ambler AMBLER, PA – Precis Engineering, Inc. has hired mechanical engineers Michael A. Ferguson, L E E D A P, and Keith Shannon to support an influx of pharmaceutical and central utility plant projects. The Michael Ferguson new employees started October 24 and 31, respectively. Michael Ferguson brings technical sales and engineering skills in project management, cost estimating, HVAC design and analysis, machining, and
LEED compliance. He holds a Bachelor of Science in Engineering Technology from New Mexico State University and Leadership in Energy and Environmental Design (LEED) accreditation. A Keith Shannon member of the American Society of Heating, Refrigeration, and Air-Conditioning Engineers (ASHRAE), Ferguson has served on the organization’s New Mexico Chapter Board of Governors and as chair of multiple ac-
tivities, including the 2010 National Summer Meeting. He will assist the Precis team with new business development and general mechanical engineering responsibilities. Ferguson was previously employed with Sigler, Inc. in Albuquerque, New Mexico. Keith Shannon graduated in June from Drexel University with a Bachelor of Science in Mechanical Engineering. He will leverage multiple internship experiences in which he served as a quality control engineer, field technician, and general contractor to inform his project work with Precis. ■
Liberty Property Trust receives Leader of The Light Award MALVERN, PA — Liberty Property Trust was honored this week with the “Leader in the Light - Gold Award” for Small and Midsize Cap Companies (under $4 billion) from NAREIT (National Association of Real Estate Investment Trusts). The award – the highest level of achievement in the competition – recognizes Liberty’s commitment to superior and sustained energy use management. NAREIT presents the Leader in the Light Awards in cooperation with the U.S. Environmental Protection Agency’s ENERGY STAR program. The award was presented at REITWorld 2011: NAREIT’s Annual Convention for All Things REIT, held this year in Dal-
las. Liberty was honored for the second consecutive year, having been recognized in 2010 with an Honorable Mention in the competition. “REITs today are leaders in sustainability because they understand it isn’t just good public relations – it’s good business,” said NAREIT Executive Vice President for Finance and Operations Sheldon Groner. “REITs recognize sustainability produces hard dollars-and-cents savings that are important in today’s economic environment. For public companies, sustainability is an important issue for shareholders who have an expectation that the companies they invest in will manage their operations in an environmentally responsible manner.”
Since 2002, Liberty has invested $1.5 billion in sustainable development. The portfolio includes more than 10 million square feet of LEED certified buildings and more than 60 Energy Star certified buildings spanning nearly all of its 20 US markets. The competition is judged by sustainable energy use experts from government, business and academia. The 2011 Leader in the Light Award judges were Michael Opitz, vice president, LEED, U.S. Green Building Council; David Stanford, president and CEO, Real Foundations; Mark Vorreuter, adjunct lecturer, Cornell University Program in Real Estate; and Maria Tikoff Vargas, director, Department of Energy Better Buildings Challenge.■
Roberts Pavilion at Cooper University Hospital PHILADELPHIA, PA — EwingCole a Philadelphia-based architecture and engineering firm currently celebrating its 50th anniversary, announced that its project, the Roberts Pavilion at Cooper University Hospital, has been honored with a Design Award from the American Institute of Architects, Philadelphia Chapter. The celebrated Camden, NJ project previously won an award from the International Interior Design Association, PA/NJ/DE Chapter. “We believe that healthcare design has a profound effect on the quality of care and that an attractive, comfortable environment aids in healing and recovery,” said architect
John Capelli, AIA principal of EwingCole. “We are grateful to the AIA for recognizing this project’s merit.” The awards were announced at a ceremony at the Loews Philadelphia Hotel on the evening of Oct 6th. Judges praised the project for its “level of refinement seldom seen in complex healthcare projects. Proud, well executed and clean exteriors lead to interior public spaces which are particularly successful, lifting the spirit through the skillful play of light, elegance of geometry, craft of material and integration of the landscape. One can well imagine healing here, both in mind and body.” ■
Berks Economic Partnership one of 29 reaccredited by the IEDC READING, PA — The International Economic Development Council (IEDC) announced that Berks Economic Partnership has once again been recognized as one of 29 economic development organizations accredited by IEDC as an Accredited Economic Development Organization (AEDO). Originally accredited on September 22, 2008, the organization was reaccredited by the IEDC following three successful years of activity as an AEDO member. “Berks Economic Partnership displays the professionalism, commitment, and technical expertise that is deserving of this honor,” said IEDC President and CEO, Jeff Finkle. The AEDO program is a comprehensive peer review process that measures economic devel-
opment organizations against commonly held standards in the profession. The program consists of two phases: documentation review and an onsite visit. Each phase is designed to evaluate information about the structure, organization, funding, program, and staff of the candidate economic development organization. Earning the AEDO accreditation tells the community and prospects that Berks Economic Partnership attained a measure of excellence assuring that their trust is well placed and their business is in good hands. Maintenance of the AEDO status is required every three years and is accomplished through documentation submission and/ or onsite visits by a team of the AEDO subcommittee. ■
MAREjournal.com
Mid Atlantic Real Estate Journal — Pennsylvania — December 9 - 22, 2011 — Inside Back Cover C
PENNSYLVANIA INDUSTRIAL COMMERCIAL REAL ESTATE
SNOW SERVICES
CONSTRUCTION UNDERWAY! 51-Acre Industrial Park For Lease or Build-to-Suit
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COMMERCIAL REAL ESTATE Please join us for a
HOLIDAY OPEN HOUSE and see Philadelphia’s most creative & affordable space for your business - The Callowhill Center.
Where: The Callowhill Center 421 N. 7th St., 5th fl. Philadelphia, PA *optional, but preferred RSVP: JoshuaZoppel@yahoo.com
When: Thursday, Dec. 15th 5:00pm – 7:30pm
z Catering & open bar by building’s
own JD McGuillicuddy’s. z Surprise celebrity guest appearance. z Networking. z Gifts & Prizes for all.
C Back Cover — December 9 - 22, 2011 — Pennsylvania — Mid
Atlantic Real Estate Journal
MAREjournal.com
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