REAL ESTATE JOURNAL the most comprehensive source for commercial real estate news
Volume 24 Issue 3 February 10 - 23, 2012
ISSUE HIGHLIGHTS Cushman & Wakefield Capital Markets Team inks $1.3 billion in 2011
17A Skanska awarded $63m contract
29A Property Management Spotlight Featuring IREM
Section B
New core property in New Jersey commands $255,555 per unit
Kislak completes $23 million sale of 90-unit multi-family property PRINGFIELD, NJ — The Kislak Company, Inc., the dominant investment real estate sales firm in the tri-state region, announced the $23,000,000 sale of a newly constructed core multifamily property located at 102-114 and 118-120 Victory Road in Springfield, New Jersey. The property consists of 90 new luxury one, two, and threebedroom bedroom units. President and co-managing director Robert Holland and sales associate Scott Davidovic together represented the purchaser, a longtime Kislak client, in the transaction. “This sale represented an extraordinary opportunity to acquire a new, class ‘A’ multifamily property in northern New Jersey,” said Holland. It is rare for a new property of this caliber to trade. The premium price reflects the quality of the property, the desirability of the location, rental rates, and the strength of the multifamily market in New
S
Jersey.” “Given our long-standing relationship with both the developer and purchaser, we were able to successfully negotiate and close the sale within 40 days,” added Davidovic. “The purchaser appreciated the current and potential value of the property as new multifamily construction in the area with such luxury amenities is usually not available.” The units include spacious floor plans with large balconies. Unit amenities include stainless steel appliances, washers and dryers, hardwood floors and car-
peting, and bathrooms with ceramic tiles. The buildings also have elevators and garages for residents, and a clubhouse and gym are planned to be built. The property is located off of Route 78 in Springfield, New Jersey near the borders of Millburn/Short Hills, Summit, Union/Vauxhall and Mountainside, among the strongest rental markets in the state. Residents will have an easy commute to New York City and the various employm e n t
centers in northern and central New Jersey. The seller was represented by Robert Travers, Esq. of Edgewater, New Jersey and the purchaser was represented by Kenneth Gleidman, Esq. of Lichter Gliedman Offenkrantz, PC of New York City. Robert Mendeles of Arbor Realty Trust arranged an $18,000,000 bridge loan for the purchaser. ■
Gebroe-Hammer Associates arranges $7.25 million sale of Pewter Village COLLINGSWOOD, NJ — has arranged the $7.25 million sale of Pewter Village, an 84-unit active-adult gardenapartment complex at 1058 Eldridge Ave. in Collingswood, announced Ken Uranowitz, managing director. Executive vice presidents Joel Schwartz
and Joseph Brecher represented the seller, Pewter Realty LLC, and procured the buyer, a long-time GebroeHammer client. “This extremely well-maintained three-acre property has historically demonstrated a high occupancy rate thanks to its 55+ tenant
base and strategic location near Collingswood’s vibrant commercial district,” said Schwartz. Pewter Village’s six twostory buildings are comprised of 64 one-bedroom and 20 twobedroom units featuring gas fireplaces, washers/dryers, dishwashers and individually controlled climate controls.
Directory
Financial Digest .................................. 7-9A DelMarVa ........................................... 11-15A New Jersey ........................................ 17-28A Pennsylvania .......................................... 29-49A Property Mgmt featuring IREM ............... Section B
Upcoming Spotlight
Best of 2011 — February 24th www.marejournal.com
1058 Eldridge Ave.
Located in suburban Camden County, Collingswood is 35 miles southwest of Trenton and seven miles east of Philadelphia. The borough’s popular historic retail district boasts an array restaurants, cafés and boutiques as well as convenient access to mass transit. Metro Philadelphia’s suburban multi-family investment market continues to become more and more attractive to investors thanks to an ever-strengthening tenant pool,” said Brecher. “With occupancies consistently at the 95-percent rate, rents have appreciated, as has property pricing.” Legal counsel was provided by Carol Stern of McCarter & English, LLP of Newark, N.J., and Richard Kelin, Esq. of Feinstein Raiss Kelin & Booker LLC of West Orange, N.J., on behalf of the seller and buyer, respectively. ■
A Inside Cover — February 10 - 23, 2012 — Mid
Atlantic Real Estate Journal
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Real estate financing experts are easy to find... $24,000,000 Multi-Family Rental Bethlehem, PA
$15,000,000 Office Building Summit, NJ
$22,000,000 Multi-Family Rental Morris Township, NJ
$4,550,000 $11,000,000
Industrial Building Secaucus, NJ
Office Building Iselin, NJ
When you know where to look. The current economy has everyone looking for ways to reduce costs. Refinancing your property can make a big difference. At The Provident Bank we make loan decisions locally. Why wait for someone in another state or time zone to review your application, process it and make their lending decision? Our commercial real estate specialists are right here where you are. We can build customized lending solutions to meet your needs and timeline. Custom solutions, local decision-making, quick turnaround – call us today and experience the Provident difference. For more information contact Patti Patriarca, SVP patricia.patriarca@providentnj.com 732.726.5516
Equal Opportunity Lender Equal Housing Lender Member FDIC
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Mid Atlantic Real Estate Journal — February 10 - 23, 2012 — 1A
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$18,000,000
HOOPER COMMONS 1350 HOOPER AVENUE TOMS RIVER, NJ 120,653 square foot shopping center 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
2A — February 10 - 23, 2012 — Mid
MAREJ
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Mid Atlantic
A Greener New Jersey ...................................................... 1B Accent Group ................................................................... 23B Accurate Reconstruction ................................................. 17B Advantage Building & Facility....................................... 30B AL Services ...................................................................... 18B All Seasons Maintenance................................................ 25B allRisk .............................................................................. 19B B.R. Kreider & Sons. Inc. ............................................... 34A Barry Isett & Assoc, Inc. ................................................. 47A BELFOR .......................................................................... 20B BL Companies. ................................................................ 37A Bohler Engineering ......................................................... 40A BOMA NJ .................................................................... IBC-B BR Water Meters............................................................. 29B Brasler Properties ........................................................... 31A Bruce Coin ....................................................................... 21A BSS .................................................................................. 13B Business Card Directory. ................................................ 45A Bussel .............................................................................. 19A CBC Bennett Williams............................................... 34,43A Cervelli Management ....................................................... 3B Columbia Bank.................................................................. 8A Cooper Roofing .................................................................. 9B Cooper-Horowitz, Inc.. ...................................................... 1A Cushman & Wakefield. ................................................... 18A Deerwood RE Capital........................................................ 9A DelMarPa Janitorial Svcs............................................... 29B DesignPoint, Inc.. ............................................................ 47A DJ’s Painting ................................................................... 14B Earth Engineering .......................................................... 35A Elite Landscaping ........................................................... 29B FCM Consulting Group .................................................. 28B FL & B.. ........................................................................... 47A Gebroe-Hammer .............................................................. 27A Gerber/Somma Associates .............................................. 24A Griffin Land ..................................................................... 30A Gutter Master ................................................................. 12B Harvey Hanna & Associates. ..................................... 12,15A Hawley Realty, Inc .......................................................... 45A Heller Industrial Parks .................................................. 23A High Associates. .............................................................. 32A Hillcrest Paving .............................................................. 25B Hinerfeld.......................................................................... 33A Hylant Environmental. ................................................... 44A IMPAC Property Management ....................................... 29B Integrated Business Sys ...............................................BC-B Kaplin Stewart Attorneys. ................................................ 2A Keast & Hood Co.. ........................................................... 37A Kislak Company, Inc.. ..................................................... 20A Landcore Engineering..................................................... 35A Levy, Ehrlich & Petriello ................................................ 31B LMS Commercial Real Estate. ....................................... 49A M. Miller & Son ......................................................... 3A,10B Marcus & Millichap ........................................................ 30A Mavickar Environmental................................................ 38A McMahon. ........................................................................ 36A Mericle ......................................................................... IBC-A Meridian Capital Group ................................................... 3A Michael Baxter & Assoc. ................................................. 29A NAI CIR. .......................................................................... 34A NAI Summit .................................................................... 45A Nave Newell .................................................................... 36A NCCDE.. .......................................................................... 14A NorthMarq.................................................................. 13,43A Ondra-Huyett Associates ................................................ 44A Orndorf & Associates ...................................................... 37A Penn’s Northeast. ............................................................ 30A Pincus Elevator ............................................................... 15B Poskanzer Skott Architects ............................................ 26A Prince Williams .............................................................BC-A Provident Bank. ............................................................. IC-A RCP Management ............................................................. 2B Republic Services ............................................................ 25B REZKOM ......................................................................... 21B Riker Danzig ................................................................... 18A Robbins Roofing............................................................... 28B ROCK Commercial .......................................................... 32A Rose Metal Systems ........................................................ 44A RT Environmental Services............................................ 30A Sebco Laundry. ................................................................ 20A Sheldon Gross......................................................... 18A,IC-B Southern Company ......................................................... 17B Specialty Building Systems .............................................. 4B Stantec ............................................................................. 38A Survpro ............................................................................ 27B Tranzon Auction ................................................................ 4A Tri-County Region ........................................................... 25A Tristate Realtors. ....................................................... 50-51A Whitesell. ......................................................................... 22A Wilkin & Guttenplan P.C. ............................................... 11B
Mid Atlantic REAL ESTATE JOURNAL
Real Estate Journal
ADVERTISERS DIRECTORY
Publisher ............................................................................Linda Christman Co-Publisher .........................................................................Joe Christman Section Publisher ..............................................................Michael Campisi Section Publisher ................................................................ Elaine Fanning Senior Editor/Graphic Artist ................................................ Karen Vachon Production Assistant ........................................................ Rachel Rugman Office Manager ...................................................................Joanne Gavaza Editorial Consultant ............................................................. Ben Summers Guest Columnist .................................................................Scott Friedman
By Scott Friedman
Mid Atlantic REAL ESTATE JOURNAL ~ Published Bi-Monthly
Five ways to Green your building for free
P.O. Box 26 Accord, MA 02018 (Mail) 312 Market Street, Rockland, MA 02370 (Overnight) Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to:
I
hear a lot of complaints about the costs associated with sustainability retrofits. People say, “They are too expensive, they don’t provide a quick enough payback, etc.� There are also problems with most commercial real estate because there is a gap between tenants and landlords with regard to who pays for upgrades and who benefits (the “what’s in it for me issue?�). I believe that people are causing climate change and that we should all do as much as we can to change the way we do things. With that said, I understand that business and property owners need to watch their expenses and make the best decisions for themselves and their companies. Here are 5 ways to reduce your carbon footprint that will cost you little or nothing: 1. Do your Own Energy Audit. Energy audits mostly consist of checking that major building systems are in proper working order. Tightening up the building envelope by seal-
Mid Atlantic Real Estate Journal, P.O. Box 26, Accord, MA 02018 USPS #22-358 | Vol. 24 Issue 3 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
ing leaks, adding insulation and evaluating lighting and HVAC systems are the main tasks. Professional auditors provide a comprehensive report with lots of suggestions for best practices. However, if you are not willing to pay for this, you can do it yourself. Have your facility maintenance personnel do a thorough walk through of your property and take notes on anything that is not in working order. Have them pay attention to windows and doors to make sure they are properly sealed. Evaluate lighting and consider replacing burnt out bulbs with energy efficient light fixtures and bulbs (there may be rebates that apply). Fix problems with
vents, fans, belts, etc. Small unaddressed airflow issues add up. Starting somewhere and doing something is better than ignoring easily addressed problems. 2. Create an Awareness Buzz. Get the occupants in your building involved. Educating people on what they can do may have a huge effect. Recycling, turning off lights, powering down equipment and double sided printing are all behavioral items that can easily be worked into people’s regular routines. Behavioral changes can make a big difference. 3. Buy Green Power. Many states are unregulated for continued on page 16A
Experience Counts. Count On Us. Kaplin Stewart Attorneys at Law
2EAL ESTATE LAW FROM THE GROUND UP Contact: NEIL A. STEIN (ARVEST $RIVE "LUE "ELL 0! s s www.kaplaw.com Other Offices: s #HERRY (ILL .* s 0HILADELPHIA 0!
Mid Atlantic Real Estate Journal — February 10 - 23, 2012 — 3A
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MID ATLANTIC REAL ESTATE JOURNAL
They wrote the policy.
Adam Taylor becomes a partner in the firm
Kaplin Stewart’s Cohn speaks at a Philadelphia joint meeting
P
H I L A D E L P H I A , PA — Andrew Cohn, a construction group partner of Kaplin Stewart was a featured speaker at a joint meeting of the Philadelphia Construction Management Financial As- Andrew Cohn sociation and the Subcontractors Association of the Delaware Valley. The meeting was attended by over 100 members of both construction focused associations. Cohn spoke on “pay if paid� clauses in construction contracts, and the significance of the recently decided Sloan decision in the Third Circuit
Court of Appeals. Andrew Cohn is a senior member of Kaplin Stewart’s construction group, and focuses his practice in construction law and litigation, representing owners, contractors, subcontractors, Adam Taylor sureties, and design professionals in construction matters and claims. In other Kaplin Stewart news, Adam Taylor has become a partner in the firm. Taylor’s practice involves all aspects of commercial real estate including acquisition, sale, leasing, property development, and finance transactions. Taylor has served as counsel to national,
regional and local owners of multi-use properties, warehouses, industrial parks, retail facilities, shopping centers, and office buildings and complexes, in connection with the financing, leasing, management and operation of such properties. In addition, Taylor has represented both sellers and purchasers of multi-use, office and retail properties throughout the United States. Taylor ’s practice also includes entity formation ancillary to the real estate transactions work. Prior to joining Kaplin Stewart, Taylor was an associate attorney with Ballard Spahr Andrews & Ingersoll, LLP in Philadelphia. Taylor is licensed to practice in Pennsylvania, New Jersey and New York. â–
We make sure they write the check.
M. MILLER & SON Public Adjusters
Since 1960 1211 Liberty Ave., Hillside, NJ 07205 â—? Tel: 908-355-4800 adjuster@mmillerson.com â—? www.mmillerson.com
Recent Financings Arranged By Meridian Capital Group
Dermody Properties signs new tenant at Portal Way PORTLAND, OR — Bloomington Wholesale Garden Supply (BWGS) is the newest tenant in LogistiCourt at Portal Way, Dermody Properties’ class A business park in Portland. Gary Randles of Cushman & Wakefield represented BWGS, and representing Dermody Properties were Tony
Reser and Tom Talbot of Kidder Mathews. Dermody Properties worked closely with the Portland Development Commission to develop LogistiCourt at Portal Way. Vera Harder has joined Dermody Properties as the company’s marketing specialist. With 13 years of experience
in marketing and financial data analysis in the industrial real estate industry, Vera will be a central resource for our regional offices. She is responsible for Dermody Properties’ investor and client presentations, real estate broker materials, proposals and investment packages and marketing collaterals. â–
Hunters Glen 1,124 Units
Steward’s Crossing 241 Units
$49,000,000
$27,200,000
Delran, NJ
Princeton, NJ
West Creek Village 306 Units
Woods at Narraticon 150 Units
$16,000,000
$16,950,000
Elkton, MD
Deptford, NJ
EDITORIAL DEADLINES ARE 14 DAYS PRIOR TO PUBLICATION DATE
Sustainable Design & Construction Renovation/Restoration February 24 Deadline: February 10 Renewable & Alternative Energy March 30 Deadline: March 16 Editorial Requirements: Press releases and announcements: 250 words with photo. Expert articles: 460 words with photo. Expert articles (for spotlights): 500 words with photo.
Mid Atlantic REAL ESTATE JOURNAL, P.O. Box 26 Accord, MA 02018 312 Market St., Rockland, MA 02370 (overnight) Phone: 800-584-1062 ext. 202 or 781-871-5298 jchristman@marejournal.com • marejournal.com
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4A — February 10 - 23, 2012 — Mid
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MID ATLANTIC REAL ESTATE JOURNAL AUCTIONS As president
Owner ordered auction of Retail Pad Site
National Commercial VA Auctioneers Assn. elects Jones, Jr. Auctioneers to conduct
N
ATIONAL CITY, CA — National Commercial Auctioneers announces the owner-ordered auction of a vacant retail pad on Wednesday, February 29, 2012, at 1pm, according to Christopher Vaughan, regional vice president and broker. “This is a great easily-accessible corner location in a high traffic area,” said Vaughan. “It is next door to a brand new Auto Zone parts store with frontage on both Highland Avenue and East 21st Street.” Located at 2100 Highland Avenue, this 0.3382 acre vacant retail pad is complete with curbs, gutters, site drainage, sidewalks, landscaping, utilities and 36-space concrete parking lot. The pad would accommodate a retail store of approximately 2,150 square feet and is zoned MXC-2. The lighted, four-way intersection includes an MTA bus stop with a traffic count of
“This is a great easily-accessible corner location in a high traffic area,” said Vaughan. “It is next door to a brand new Auto Zone parts store with frontage on both Highland Avenue and East 21st Street.” approximately 17,700 cars per day. It is close to Sweetwater High School, South Bay Shopping Center, Wal-Mart, and Paradise Valley Hospital. The property is only 11 miles of the International Border of Mexico and close to Interstates 805 and 5 and State Highway 54. “This site is also in close proximity to Coronado Island, a major employer in nearby downtown San Diego, as well as the Naval Air Station in North Island, the Naval Base in San Diego and the Naval Base in Point Lorna,” said Vaughan. Broker participation is encouraged. Property may be inspected any time.
The auction will be conducted onsite. For more details on how to receive the property information package and complete terms visit National Commercial Auctioneers’ website. National Commercial Auctioneers is a national commercial property auction company dedicated to the sale of commercial property for commercial lenders, bankruptcy trustees, private equity funds, and public and private companies throughout the United States. NCA has the knowledge and expertise to effectively deliver a market driven auction for every kind of commercial property. ■
FREDERICKSBURG, VA — Nicholls Auction Marketing Group, Inc. announced that the Virginia Auctioneers Association elected Shields Jones to serve as president at its recent 54th Virginia Auctioneers Association educational convention held in Charlottesville. The VAA represents auctioneers in the Commonwealth of Virginia and celebrated over five decades of service at this year’s conference. In comments made to the VAA, Jones challenged the association to promote the auction industry and make the association a viable element of the auction industry to enhance its image to the general public and the business world. As marketing director of Nicholls Auction Marketing Group, Inc., Jones oversees the day to day marketing operations of the company. A graduate of Virginia Tech, Jones, a second generation
Shields Jones auctioneer from Albemarle County Virginia, is the son of Calvin and the late Tasca Jones of Esmont, VA. Jones has most recently represented the Virginia auction industry as the 2008 Virginia Auctioneer of the Year For more information about Shields Jones, Nicholls Auction Marketing Group and the VAA, visit the Nicholls Auction website. ■
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800-577-8845
Mid Atlantic Real Estate Journal — February 10 - 23, 2012 — 5A
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MID ATLANTIC REAL ESTATE JOURNAL AUCTIONS Mid Atlantic REAL ESTATE JOURNAL
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PLACE YOUR BUSINESS CARD IN OUR AUCTION DIRECTORY TODAY! COMPANIES SPECIALIZING IN COMMERCIAL/INDUSTRIAL REAL ESTATE CAN PROMOTE THEIR COMPANY AND ITS SERVICES IN OUR TWICE MONTHLY DIRECTORY PLEASE FILL OUT COUPON BELOW AND FAX IT TO 781-871-5299 OR EMAIL LCHRISTMAN@MAREJOURNAL.COM Name: Company: Address: CIty: State: Phone #: Email:
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6A — February 10 - 23, 2012 — Mid
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COMMERCIAL REAL ESTATE ORGANIZATIONS’
EVENTS CALENDAR FEBRUARY 8 – CIRC DE Event: Monthly Membership Networking Luncheon Time: 11:30 – 1:30 PM Location: Clarion Belle Hotel Address/City: 1620 N. DuPont Hwy. Cost: $30 Members $40 Nonmembers P: 302-633-1705 E: janet@circdelaware.org www.circdelaware.org FEBRUARY 10 – CCIM Event: Creating & Sponsoring Real Estate Investment Groups Time: 8:30 AM – 4:30 PM Address/City: Philadelphia, PA P: 312-321-4460 E: membership@ccim.com www.ccim.com FEBRUARY 13 – SIOR NJ Event: Membership Meeting Time: 5:30 PM – 8:00 PM Location: Spanish Tavern Address/City: 103 McWhorter St., Newark, NJ Cost: Free-Members Only www.siornj.com FEBRUARY 13 – USGBC NJ Event: Networking Dinner Time: 6:00 PM – 8:30 PM Location: Maggiano’s Little Italy Address/City: Hackensack Ave., Space 70 Hackensack, NJ Cost: $35 Members $40 Nonmembers P: 973-290-0013 E: info@usgbcnj.org www.usgbcnj.org FEBRUARY 14 – CIA NJ Event: Real Property Roundtable Time: 8:00 AM – 9:30 AM Location: Saddlebrook Marriott Address/City: 138 Pehle Ave., Saddlebrook, NJ P: 201-368-2100 E: nharencak@cianj.org www.cianj.org FEBRUARY 15 – ABC EPA Event: Beer Tasting & Networking Time: 5:00 PM – 7:00 PM Location: Allentown Brew Works Address/City: 812 W. Hamilton St., Allentown, PA P: 610-279-6666 E: rkelsh@abceastpa.org www.abceastpa.org FEBRUARY 15 – ICSC Event: Pennsylvania Economic Outlook Luncheon Location: Granite Run Mall Address/City: 1067 W. Baltimore Pike, Media, PA Cost: $40 Members $55 Nonmembers P: 646-728-3800 www.icsc.org FEBRUARY 15 – SMPS PHILADELPHIA Event: Writing Workshop: From the Basic to the Sublime Time: 8:00 AM – 10:00 AM Location: Pennoni Associates Address/City: 3001 Market St., 2nd Fl., Philadelphia, PA Cost: $25 Members $35 Nonmembers www.smpsphiladelphia.org
FEBRUARY 16 – BOMA PHILADELPHIA Event: Monthly Luncheon Meeting Time: 11:30 AM – 2:00 PM Location: The Union League Address/City: 140 S. Broad St., Philadelphia, PA P: 215-567-1775 www.bomaphila.com FEBRUARY 16 – ICREW NJ Event: Multifamily – Where is it Heading? Time: 11:30 AM Location: Hilton Woodbridge Address/City: 120 Wood Ave. South, Iselin, NJ Cost: $50 Members $75 Nonmembers P: 609-585-6871 E: icrewnj@icrewnj.org www.icrewnj.org FEBRUARY 16 – NAIOP PITTSBURGH Event: Chapter Meeting: Transportation Update Time: 7:30 AM Location: Omni William Penn Hotel Cost: Members Free/$40 Nonmembers P: 412-928-8303 www.naioppittsburgh.com FEBRUARY 16 – ULI PHILADELPHIA Event: How Urban Arts Big & Small Drive Real Estate & Economic Development Time: 8:00 AM – 10 AM Location: Delaware Valley Regional Planning Commission Address/City: 190 N. Independence Mall West, 8th Fl., Philadelphia, PA Cost: $40 Members $55 Nonmembers P: 215-446-2930 www.philadelphia.uli.org FEBRUARY 17 – NAIOP NJ Event: Preparing for Mandatory LSRP plus Roundtables with Industry Experts Time: 7:45 AM – 11:00 AM Location: NJ Inst. for Continuing Legal Education Address/City: New Brunswick, NJ Cost: $110 Members $135 Nonmembers E: morford@naiopnj.org www.naiopnj.org FEBRUARY 21-22 – ICSC Event: Mid-Atlantic Conference & DM Location: Gaylord National Resort & Convention Center Address/City: 201 Waterfront St., National Harbor, MD Cost: $210 Members $440 Nonmembers P: 646-728-3800 www.icsc.org FEBRUARY 21 – CREW PITTSBURGH Event: Connect with CREW Happy Hour Time: 5:00 PM – 6:30 PM Location: Elements Address/City: Four Gateway Center, 444 Liberty Ave., Pittsburgh, PA P: 724-864-0814 E: francolby@gmail.com www.crewpittsburgh.org FEBRUARY 21 – DVGBC Event: Emerging Professionals Committee Leadership & Learning Series-Selling Sustainability Time: 6:00 PM – 8:00 PM Location: DVGBC Address/City: 1617 JFK Blvd., Philadelphia, PA P: 215-399-5790 www.dvgbc.org
FEBRUARY 22 – CFA PHILADELPHIA Event: How to Start an Investment Management Firm Time: 6:00 PM Location: Marriott Hotel Address/City: 111 Crawford St., Conshohocken, PA Cost: $25 Members $40 Nonmembers P: 215-320-4980 E: pconners@cfaphil.org www.cfaphil.org FEBRUARY 22 – CREW LEHIGH VALLEY Event: Lunch & Learn: Regulatory Trip-Ups that Could Derail Your Project Time: 11:30 AM – 1:00 PM Location: Principal Investments Conference Room Address/City: 3500 Winchester Rd., 3rd Fl., Allentown, PA Cost: $15 per Person-Members & Invited Guests Only www.crewlehighvalley.org FEBRUARY 22 – ULI PHILADELPHIA Event: Lehigh Valley Roundtable: The Impact of Neighborhood Improvement Zones Time: 12:00 PM – 1:30 PM Location: City Center Lehigh Valley Address/City: 702 Hamilton St., Allentown, PA Cost: $15 Members $25 Nonmembers P: 800-321-5011 www.philadelphia.uli.org FEBRUARY 23 – CREW PHILADELPHIA Event: Continuing Education Series Time: 8:30 AM – 10:30 AM Location: Davio’s Northern Italian Steakhouse Address/City: 111 S. 17th St., Philadelphia, PA Cost: $55 Members $75 Nonmembers E: crewphiladelphia@crewnetwork.org FEBRUARY 23-24 – IREM Event: Tri-State Conference & Expo Location: Borgata Hotel & Casino Address/City: Atlantic City, NJ www.irem1.org MARCH 1 – ULI PHILADELPHIA Event: Transformative Regional Game Changers-Let’s Dare to Dream (and Evaluate) Time: 8:15 AM – 10:30 AM Location: The Union League Address/City: 140 S. Broad St., Philadelphia, PA Cost: $65 Members $90 Nonmembers P: 800-321-5011 www.philadelphia.uli.org MARCH 8 – IREM 101 & IREM 3 Event: Create Your Brand of Personalized Service Time: 1:00 PM – 3:30 PM Location: Stonegate @ St. Stephen Address/City: 5101 Stonegate Dr, Pennsauken, NJ Cost: $25 Members $35 Nonmembers P: 856-829-8939 www.irem101.org/www.irem3.org
MID ATLANTIC REAL ESTATE JOURNAL
FINANCIAL DIGEST Mid Atlantic Real Estate Journal — February 10 - 23, 2012 — 7A
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Webb and Butler advises Donatelli Development on financing
Cassidy Turley arranges $66 million permanent loan for Highland Park Phase I
W
ASHINGTON, DC — Cassidy Turley has secured a fixedrate loan on behalf of Donatelli Development, Gragg & Associates, and a client of Invesco Real Estate for Highland Park Phase I, a 229 unit apartment building. It adjoins a future 144 unit building, Highland Park Phase II, which began construction earlier this year for delivery in early 2013. The permanent loan for Phase I was provided by Key Bank Real Estate Capital’s Fannie Mae DUS platform. David Webb and Jamie Butler of Cassidy Turley acted
Highland Park
as advisor to Donatelli Development on the financing transaction. Cassidy Turley completed a $122 million recapitalization of both phases on behalf of Donatelli Development with a client of Invesco Real Estate in December 2010 and subsequently secured a $26.1 million construction loan for Phase II in September of this year. The existing 229 unit building is consistently recognized as one of the premier apartment projects in the region. In 2009, Highland Park received the National Association of Homebuilders Award for Best Mid-Rise Apartment. The
combined project offers tenants a two-story fitness center, high-tech party and billiards rooms, expansive rooftop deck with panoramic views, and over 18,000 s/f of ground floor retail including Potbelly Sandwich Works, Five Guys Famous Burgers and Fries, Tynan Coffee and Tea, Signal Financial, Pete’s New HavenStyle Apizza, Acre 121, and Lou’s City Bar. In addition to the onsite amenities, Highland Park is located atop the Columbia Heights Metro station (Green and Yellow lines), directly across the street from DC USA, a 500,000 s/f retail complex. ■
Deerwood Real Estate Capital closes Cohen of Northmarq Capital nearly $200 million VA office loan totaling $9.5 million closes PARSIPPANY, NJ — Gary This regional borrower also ROANOKE, VA — Deerwood Real Estate Capital, a commercial mortgage brokerage and advisory firm, recently closed on a $9.5 million loan
for a 300,000 s/f office building in Roanoke. The loan provided the borrower with 75% LTV to refi-
nance the existing loan with a 5-year term and a 30-year amortization. The deal was arranged by David Rosenberg and Mark Silbersher. ■
Cronheim Mortgage’s Stewart & Morris completes $9.4m MORRISTOWN, NJ — Cronheim Mortgage has arranged financing totaling $9.4 million on the Lindsley Arms apartments, located at the corner of Whippany Rd. and Lindsley Dr. Dev Morris and Andrew Stewart arranged the 10 year financing with Aviva Investors whom they represent as both a correspondent and loan servicer. The rate was locked on the loan four months prior to closing with no additional cost or spread premium. The subject, built in 1962, consists of 116 1 bedroom units; the balance are equally split between 2 and 3 bedroom units, all of which are generously sized relative to the average unit square footage in competing properties. Lindsley Arms is located adjacent to the Morristown Westin Hotel; it is also near the historic Ford Mansion (Washington’s Headquarters), one mile from the Morristown train station (with direct access to Midtown Manhattan), and two miles west of
the Morristown Municipal Airport. Access to Routes 287 and 24 help make this a convenient location. According to Dev Morris, principal of Cronheim, “This was a very low loan to value and the borrower had numerous options. He chose to work with us and Aviva due to our ability to lock in an interest rate early, provide competitive pricing and terms, as well as a simple closing process. Cronheim acting as a portfolio servicer is another benefit the borrower pointed to when making a decision.” Cronheim arranged financing totaling $15.5 million on five mobile home park communities, three of which are located in the Scranton area and the other two in the Bloomsbury areas of PA. Dev Morris and Andrew Stewart arranged the 10 year financing for an affiliate of United Mobile Homes. The interest rate on the 30 year amortizing loan is 4.25%. The subject properties consist of 824 home sites and are:
Moosic Heights, located in Moosic, PA has 153 total sites, Maple Manor, located in Taylor, PA is just four miles from the Moosic Heights Community and has 311 total sites, Oakwood is located in Tunkhannock, PA and is 32 miles from the Maple Manor Community - it is the smallest of the 5 with 79 total sites, Pleasant View Estates is located in Bloomsburg, PA and has 111 total sites and Brookside Village is located in Berwick, PA and is only 4 miles from Pleasant View Estates, it is a 39 acre community situated on top of a spacious valley with beautiful views of the mountains in every direction and has 171 total sites. Moosic and Maple Manor have public utilities whereas the other three are served by private water and sewer. Numerous improvements have been made by the owner since purchasing the asset in 2010 including paving, drainage improvements, new signage, water plant upgrades and updated rental offices. ■
Cohen, senior VP of the New Jersey Office of NorthMarq Capital, has closed $191 million of multifamily loans during the fourth quarter of 2011. Highlighting this Gary Cohen string of success was a portfolio of 15 properties located in NJ, NY, PA and CT that were refinanced early through the Capital Markets Execution program of Freddie Mac for $158 million. Working on behalf of a major apartment investor, Cohen noted that most of these deals were existing Freddie Mac loans where the borrower elected to refinance now and lock in low interest rates. Despite many years remaining on the existing loans, reducing the coupon by anywhere from 100300 basis points coupled with a very meaningful cash out component, which more than covered the prepayment penalties, enabled our client to lock in these 10 year deals through our seller/servicer relationship with Freddie Mac. Cohen also arranged a $21 million refinance for a 298 unit apartment in Burlington Cty.
elected to refinance their existing loan early with a new 10 year term through the Freddie Mac Capital Markets Execution. Finally, Cohen arranged a $12 million loan on a 115 unit COOP apartment building in Hackensack. This property was a failed conversion and the sponsor purchased the unsold units and has managed this asset as a rental property. A Pennsylvania based regional bank understood the asset, liked the sponsorship and provided a facility which allowed the borrower to pay off the existing underlying debt and take out a significant equity component in order to facilitate the acquisition of another multifamily asset. Taking advantage of the very strong apartment fundamentals here in the northeast, NorthMarq is also actively working on several other prominent multifamily assignments ranging from construction financing to institutional joint venture equity. Two deals of note are the arrangement of permanent financing for a major high-rise that was recently constructed in Jersey City and securing thirty year self-liquidating financing with a life insurance company on a class A luxury complex in another major NJ market. ■
8A — February 10 - 23, 2012 — Financial Digest — Mid
Atlantic Real Estate Journal
www.marejournal.com
FINANCIAL DIGEST By Bruce Coin, Bruce Coin Consulting, Inc.
The Current Commercial Mortgage Market
T
he Commercial Real Estate arm of the Mortgage Bankers Association had its annual convention this year at Super Bowl time in Atlanta. While much of the focus this year will Bruce J. Coin be on the national election, it is clear that cautious optimism abounds as mortgage bankers and lenders are anticipating more lending. The major insurance compa-
nies have acknowledged that they want to fund more volume and some, like Principal, are rolling out new products. They are venturing into the mezzanine debt market to capitalize on the now relatively stabilized commercial real estate market (with exceptions) to fund the “delta” between what is available as a standard first lien mortgage and what a borrower needs to refinance or make an acquisition. One could equate a program like that to pseudo “joint venturing” depending upon the structure. I see abundant opportunities that will
allow them to pick and choose excellent assets and borrowers while enjoying the premium yields available in the “mezz debt” arena. On the economic front many, but not all, of the carefully watched barometers are confirming a continued but modest growth. At their January meeting the “Fed” left interest rates unchanged and commented that “the expectation is that they (the fed funds rate) will remain exceptionally low (now) until late 2014”. For borrowers that is good news. They also estimated a growth rate of be-
tween 2.2 and 2.7 percent and reiterated that they will continue to reinvest their principal payments received from their mortgage backed securities back into “agency sponsored” MBS. As the largest current MBS buyer their purchases have been an important support of the mortgage market. Consistent with that was Fannie Mae’s announcement that its total multifamily issuance for 2011 was approximately $23.8 billion reflecting a 45 % increase over 2010’s $16.4 billion. Kimberly Johnson, Vice President of Fannie’s
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multifamily capital markets said “right now it looks like new issue DUS will probably be in the same range as 2011”. Life companies and banks will need to be aggressive to compete for multifamily business. CMBS volume should continue to increase slowly with a number of $1 billion pools being brought to market. Look for rating agency newcomers, Morningstar and Kroll to win an increased portion of that rating business. Standard and Poor’s has become “persona non gratta”. Congress continues to agonize over the Dodd Frank Act’s Volker risk retention rule and its QRM provision. The latest is that they want to impose a Premium Cash Capture Reserve Account or PCCRA. The premiums earned on the retained portion of a sold loan (or pool) would be escrowed into a cash reserve at the institution holding the retention to be available in the event of default. Proponents, including the Mortgage Bankers Association, argue that such a requirement could severely curtail issuance of non-agency RMBS and CMBS and that it was not specifically addressed by Dodd Frank. A final thought concerns the way Discounted Cash Flow analysis continue to be performed. Many commercial appraisers continue to project that rents and expenses of multi-tenant properties will still escalate on a straight line basis over a 10 year holding period using annual factors of 2.5 to 3 percent. They are obviously ignoring the lessons of the past 4 years and the post WWII history of recessions. Since WWII, recessions have occurred in a range of two to ten years with two and ten year hiatus being atypical. Most occur every four to eight years and close to national elections. If one is projecting for ten years, and how good is anyone’s “crystal ball” after three or four years anyway, wouldn’t it be prudent to assume that a recession is going to occur within that time frame? When recessions occur, property vacancy rates increase, rents go flat or actually decline while most operating expenses continue to increase. Defenders say “that’s the way all investors make their forecasts”. I submit that is inaccurate and that prudent investors and analysts all vary continued on page 9A
Mid Atlantic Real Estate Journal — Financial Digest — February 10 - 23, 2012 — 9A
www.marejournal.com
FINANCIAL DIGEST Meridian Capital Group originates the transaction
Beech Street Capital provides $9.35m Freddie Mac loan to acquire rent stabilized apartments
S
TATEN ISLAND, NY — Beech Street Capital, LLC announced that it has provided a $9.35 million Freddie Mac CME loan for the acquisition of Trantor Place Apartments, a 178- unit, rent stabilized property located in Staten Island, New York. The transaction was originated by Meridian Capital Group, LLC, and was financed by Beech Street Capital as part of its correspondent relationship with Meridian. Key to the transaction was the borrower’s plan to invest over $700,000 in capital improvements to the asset after purchase. The improvements, planned over the next two years, will
further enhance the rent stabilized property which contributes to quality housing in the New York market. “Given the importance of maximizing proceeds, we chose to engage Freddie Mac who structured the deal to include the borrower’s cap ex budget along with closing costs,” comments Mike Edelman, senior vice president of Beech Street Capital. “Freddie offered us 85% of the cost to purchase, which included the $700,000 in capital enhancement funds
that were escrowed at closing.” Barry Lefkowitz, the Meridian mortgage finance advisor on the transaction was pleased. “Although the financial markets remain volatile, Beech continues to beat the competition in rate, structure and service,” states Lefkowitz. Built in 1964-1966, the garden-style apartment complex is comprised of 16 three-story buildings situated on 5.7 acres. The fixed-rate loan has a term of ten years with two years interest-only. ■
Trantor Place Apartments
Matt rejoins HFF Pittsburgh as managing director PITTSBURGH, PA – HFF announced that Nicholas Matt has rejoined the firm as a managing director in its Pittsburgh office. Matt will focus on debt and investment sales transactions for all prope r t y t y p e s Nicholas Matt with a specialized focus on multi-housing throughout the northeastern United States. He worked at HFF for more than 10 years as an analyst and later a managing director before spending two years as a senior vice president in CBRE’s debt and equity finance department. Prior to working for HFF, he spent nearly 10 years employed with “Big Four” accounting firms where he advanced to become a tax manager in the Pittsburgh office of PricewaterhouseCoopers. Matt has a Bachelor of Science degree from Saint Vincent College, an MBA in Finance from the University of Pittsburgh and a Masters in Taxation from Robert Morris College. ■
The Current Commercial . . . continued from page 8A their projections to allow for such occurrence. If 2012 will be the better year that is expected let’s all be prudent when we are performing or reviewing a DCF. Bruce Coin is director of Bruce Coin Consulting, Inc. ■
$5,850,000
$50,000,000
$19,990,000
$10,000,000
Eastern PA Refinance Multifamily 98 Units
Newark, NJ Centre Market Bldg. Office 380,000 S/F
Charleston, WV Chase Tower Class A Office 280,761 S/F
Ridgefield, NJ Shopping Center Retail 132,400 S/F
180 Sylvan Avenue Englewood Cliffs, NJ 07632 | P 201-947-2300 | F 201-947-2323 | Deerwoodcap.com
10A — February 10 - 23, 2012 — Mid
Atlantic Real Estate Journal
www.marejournal.com
MAREJ MONTHLY SALES AND LEASE REPORT As Reported In The Mid-Atlantic REAL ESTATE JOURNAL ~ JANUARY 13 - FEBRUARY 9,2012 PROPERTY NAME Former Eighty-Four Lumber 1400 Wilson Blvd Perth Amboy Buss Pk Metrotop Plaza II 145 Talmadge Rd 145 Talmadge Rd 145 Talmadge Rd Summit Executive Ctr. 701 East Gate Ctr 921 Pleasant Valley Ave RWJ University Hospital Hamilton Campus 99 Hudson 200 Plaza Dr 20 Fairfield Pl 50 Harrison St 1340 Enterprise Dr 311, 411 West Stiegel St 966 Postal Rd 1988 Friebly Ave 610 W. Germantown Pike 2011 Woodhaven Rd 465 N. Reading Rd 1886 Commerce Park East 66 Keller Ave Emergency Medical Svcs Former Hockersville Rd Hotel & Comm’l Dev Authority Market Square 4071 Lind Rd 1040 W Crestview Dr 50 S Cameron St Holder Farm 5821 Linglestown Rd 2250 Millenium Way Former M&T Office 3315 Walnut St. 1400 Hagy Way 1740 Lincoln Way 5340 Jaycee Ave 4423 N Front St 5223-5225 Simpson Ferry Rd 5001 Carlisle Pike 875 Poplar Church Rd 900 Century Dr 22 S 3rd St 4076 Market St 600 Bent Creek 134 Old Rte 26 788 Raystown Rd State St 2685 Blackthorne Ct 725,735 & 745 Lombard Rd Hillside Medical Ctr 100 Kindig Ln 2131-2139 Ind Hwy 228 Broadway 1170 Loucks Rd Gateway SC 3635-3725 Board Rd Performance Glass 9 Rathton Rd 1700 W Market St 1 Waterford Coloniel SC 6305 Allentown Blvd 5115 E Trindle Rd 5252 E Trindle Rd 323 Reily St 100 Sterling Pkwy 100 Sterling Pkwy 1104 Herr St Robinhood Dr 101 Bellevue Pkwy One Virginia Sq 2001 L St, NW NE Corner of 4th St Former Circuit City 1125 E. Catawissa Pecan Sq SC Slade Village Mongomery Mall Oxford Valley The Streets of Chester Philadelphia, PA Festival at Exton Berkshire Square Coloniel Village SC Kennedy Medical Center Kennedy Medical Center Sevilla Apts 501 Cetronia Rd 10 Eisenhower Blvd SC M&T Cosner Corner Hancock Village Huguenot Pl Towne Center Shoppes 201 Allendale Rd Bensalem, PA Former Pathmark Super Fresh Center East Pointe SC Cypress Hall CR Plaza
ADDRESS Fruitland, MD Rossyln, VA Perth Amboy, NJ Islen, NJ Edison, NJ Edison, NJ Edison, NJ Summit, NJ Mount Laurel, NJ Mount Laurel, NJ Trenton, NJ Jersey City, NJ Secaucus, NJ West Caldwell, NJ Hoboken, NJ West Chester, PA Lancaster, PA Allentown, PA Bethlehem, PA Plymouth Meeting, PA Philadelphia, PA Lancaster, PA Lancaster, PA Lancaster, PA Derry Twp., PA Shrewsberry, PA Harrisburg, PA Lebanon, PA Lemoyne, PA Upper Allen Twp. Harrisburg, PA Enola, PA Pembrook, PA Susquehanna Twp., PA Susquehanna Twp., PA Gilford, Twp., PA Lwr Paxton, Twp., PA Susquehanna Twp., PA Hampden, PA Hampden, PA E Pennsboro, Twp., PA Lwr Allen Twp., PA Harrisburg, PA Hampden, PA Silver Spring Twp., PA Hanover, PA Hanover, PA York, PA York, PA Red Lion, PA Hanover, PA Hanover, PA York, PA Hanover, PA York, PA Hanover, PA York, PA York, PA York, PA York, PA York, PA Harrisburg, PA Mechanicsburg, PA Mechanicsburg, PA Harrisburg, PA Mechanicsburg, PA Mechanicsburg, PA Harrisburg, PA York, PA Wilmington, DE Arlington, VA Washington, DC Allentown, PA Allentown, PA Nesquehoning, PA Salisbury, MD Pikesville, MD North Wales, PA Langhorne, PA Woodbridge, NJ Kaiserman Cos Exton, PA Exton, PA Edison, NJ Union, NJ Union, NJ Jersey City, NJ Allentown, PA Lancaster, PA Forestville, NJ Odenton, MD Fredericsburg, VA Chesterfield, VA Midlothian, VA Henrico, VA King Of Prussia, PA Bensalem, PA Lionville, PA Dundalk, MD Milford, DE Camden, DE
SELLER/ OWNER/ LESSOR Great Point Investors Matrix, Morgan Stanley Atlantic Realty Avidian Mgmt Avidian Mgmt Avidian Mgmt Summit Executive Ctr. Brandywine Realty
REP. OF SELLER/ LESSOR SVN Miller HFF JLL
CBRE Bleiler Marceim-Chalmers
Bank of America
BUYER/ TENANT/ LESSEE Salus Prop Investments Bunzl NE Ansell Ltd Cross Docks Solutions Janice Staib & Assoc C Mgmt Pennant Capital Mgmt Foundations Free For All HPA
REP. OF TENANT/ BUYER
PRICE
SIZE
Retail
132,410 SF 43,210 SF 32,654 SF 1785 SF 1255 SF 13,000 SF
JLL CBRE CBRE Richardson Comm’l
15,300 SF 5117 SF
Ind Off Whse/Off Whse/Off Whse/Off Off Off Off Medical Off
1 acre 36,758 SF 22,000 SF 2800 SF 76,000 SF 105,392 SF 32,445 SF 5,000 SF
Off Ind Off Ind Ind Flex Whse
S L S L S S L L
5B 5B 5B 9B FC-C FC-C 2C 2C
Ind Ind Ind
L S S L
4C 5C 5C 5C
S
5C
Off Off Off Off Off Garage Whse Whse Ind Comm’l Medical Off Ind Retail Off Retail Land Retail Ind
L L L S S L L S S L S L S L L L L L L L S S S S S L L L L L L L
6C 6C 6C 13C 13C 13C 13C 13C 14C 14C 14C 14C 14C 14C 14C 14C 14C 14C 14C 14C 14C 14C 14C 14C 14C 14C 14C 14C 14C 14C 14C 14C
Medical Off Retail Off Retail Whse Off Retail Comm’l Off Off Comm’l Retail Off Off Off Retail Land Retail Retail Retail Retail Retail Retail Retail L Retail Retail Retail Medical Off Medical Off Apt/Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail
L L L L L S L L L L L L S S L L L S S S L L L 4B S S L L L S S S S S L L L L L L L L L L L
14C 14C 14C 14C 15C 15C 15C 15C 15C 15C 15C 15C 9A 9A 13A FC-B FC-B FC-B FC-B 4B 4B 4B 4B
$3.7m $2.865m
NAI Comm’l Ptrs Prudential Homesale NAI Comm’l Ptrs
$2.5m $965k
Susquehanna Valley
NAI Summit JCP NAI Mertz NAI Comm’l Ptrs NAI Comm’l Ptrs NAI Comm’l Ptrs
Beacon Beacon NAI Summit NAI Summit
12,900 SF 136,196 SF 25,000 SF 2900 SF
Derry Twp Industrial
NAI CIR
Central PA Equities 13
Springwood Comm’l
$1.2m
6 Parcels
Blair Custom Homes Brandywine Manna Realty Inv Homette Corp
$35m JLL Cushman & Wakefield
CBC Bennett CBC Bennett CBC Bennett Bomar Holder Family Hughes Props Millenium RE Ptrs
RSR Realtors RSR Realtors RSR Realtors RSR Realtors RSR Realtors
Pagliaro Hoss’ Corp Triple Crown Corp
NAI CIR NAI CIR Bill Gladstone Grp NAI CIR Bill Gladstone Grp Bill Gladstone Grp Bill Gladstone Grp Bill Gladstone Grp Landmark Bill Gladstone Grp NAI CIR ROCK ROCK ROCK ROCK ROCK ROCK ROCK ROCK ROCK ROCK ROCK ROCK
Richardson Agarwal Kinsley Prop Shawn Ellis South Third 4076 Market St RSM Associates
Hayden Dauphin Assoc Blue & Gray Acquisitions 114 Associates 114 Associates Baklayan Treffinger TIAFF-CREF Posh Props
WP Realty WP Realty
ROCK ROCK ROCK ROCK Landmark Landmark Landmark Landmark Landmark Landmark High Assoc High Assoc NAI Emory Hill Cassidy Turley Colliers Int’l Colliers Int’l Colliers Int’l SVN-Miller Marcus & Millichap Phila Equity Retail Equity Retail Fameco Athleta Marcus & Millichap Phila Marcus & Millichap Phila Weiss Realty
TREECO TREECO First Star Bank Bernstein Family GLL BVK EDCO Cooks Towne Center Shoppes
The Kislak Co NAI Summit NAI Comm’l Ptrs, LMS Marcus & Millichap Marcus & Millichap Taylor Long Taylor Long Taylor Long Green St Realty Ptrs Redner’s
CW Bensalem Lionville Station Baltgem Dev Shawnee Farms CR Plaza
PA Self Storage One Hertzler Road Assoc Tim Kushner Consulting GDD Pharmacy Svcs ARC of Dauphin & Lebannon Basil Papoutsis Hershey Creamery Co. Dimitro Hronis Cheap Cheap Moving Boxes Riverwatch Props P&D Discount Tobacco Peterson DeAment Endocrinology Pinnacle Health Hosp Watts Marketing Svcs Intela Global SLCS Highlands Tire Highlands Tire First Capital Fibers York Cty Solid Waste PA CVS Pharmacy Penn State Milton S Hersey Neighoff Mechanical Star Bldg Svcs Ox Paperboard Two Farms Petsmart William Penn NHS PA Sidique Justice Works Ken Bruggeman Photo American Freight Black Comm’l Svcs Horn African Grocery Limelight Del Monte Corp. Keller Finacial Grp Vasquez Gilmore Berkley Technology Svcs LaSalle Inv LB3 Checkers Drive-In Hibachi Grill Providance Prop Dairy Queen
Platypus Custom Home Metro Comm’l. Paramount Realty Paramount Realty Brooklyn Boys Pizza Sana Sleep Study Dr. Juan A. Gonzalez St. Luke’s Hospital PEC Grp Five Below JL Cos Peoples Income Tax Kabab Grille The Tile Shop Prime Realty Redner’s Redner’s Redner’s Redner’s
RSR Realtors RSR Realtors RSR Realtors RSR Realtors NAI CIR
NAI CIR ROCK ROCK ROCK ROCK ROCK ROCK ROCK ROCK ROCK ROCK ROCK ROCK ROCK Keller Williams Landmark NAI CIR Landmark Landmark High Assoc High Assoc
352 SF 1880 SF 1800 SF 70,000 SF 145 acres 2000 SF 1380 SF 10,000 SF 10,000 SF 9800 SF 8200 SF 6840 SF 3080 SF 2200 SF 1700 SF 1458 SF 750 SF 4095 SF 14,436 SF 7268 SF 7.93 acres 2.60 acres 3080 SF 2300 SF 2015 SF 800 SF 12,176 SF 11,700 SF 2366 SF 1734 SF 1447 SF 740 SF 33,600 SF 7478 SF 1100 SF 2906 SF 2741 SF 9000 SF 70,000 SF
WLS Colliers Int’l Huggins Realty Grp Colliers Int’l SVN-Miller Marcus & Millichap Phila Welco Realty Marcus & Millichap Phila Marcus & Millichap Phila Resorce Realty Medwin Grp The Kislak Co NAI Comm’l Ptrs, LMS Marcus & Millichap
Taylor Long Metro Comm’l. Prime Realty Prime Realty Prime Realty Prime Realty
PG 4A 10A FC-B FC-B 2B 2B 2B 2B 3B 3B 4B
$57m Cassidy Turley Newmark Night Frank
S/L S S L L L L L L L S L
Hartz Mountain ACS UANJ Plumbers Local 24 Chronakis Siachos Acero Precision Bond Family RAS Delivary MasterCuts Lawncare LarsonAllen Peapod LNR Property LP JEL Property JG Environmental
20 Fairfield Place Assoc CBRE JDA Grp BA Ptrs Beacon Arbee Realty Trust, M&H Inv Beacon
DESC.
5 acre
13,153 SF 33,844 SF 37,484 SF $565k 9100 SF $280k 1 acre $1.55m 13,780 SF 165,800 SF 167,600 SF 5005 SF 4000 SF Retail $24m 152,000 SF $16.6m 323,044 SF 1350 SF combined below 5316 SF 116 unit $6.43m 107,770 s/f $149k 13,000 SF $10.8m 19,620 SF $4.025m 10,000 SF 1454 SF 1000 SF 2702 SF 25,522 SF 48,000 SF 46,000 SF 50,000 SF 48,000 SF 48,000 SF
Retail Retail Retail Whse Land Off Off Off Off Whse Comm’l Whse Off Retail
FC FC 3A 3A 3A 13A FC-B 2B 5B 5B 5B 5B 5B 5B 5B 5B 5B 5B 5B 5B 5B
Mid Atlantic REAL ESTATE JOURNAL Mid Atlantic Real Estate Journal — February 10 - 23, 2012 — 11A
www.marejournal.com
Mortgage for Courtyard by Marriott in Frederick, MD Columbia, MD Health Care Property
NorthMarq’s McGlynn & Scanlon arranges $6.8 million
F
REDERICK, MD — Gary McGlynn, senior vice president and managing director, and Brendan Scanlon, both of NorthMarq’s Washington, DC Regional office, arranged first mortgage refinancing of $6.8 million for a Courtyard by Marriott. This hospitality property contains 90 rooms and is located at 5225 Westview Dr. Financing was arranged for the borrower by NorthMarq through its relationship with Wells Fargo, N.A. ■ Courtyard by Marriott
Colliers International brokers $2.075m sale COLUMBIA, MD — Colliers International l Baltimore acted as the \broker for the Patient First medical building located at 5900 Cedar Ln. The building is located adjacent to Howard County General Hospital. The 1-acre site is under a long-term land lease to the Johns Hopkins Health System Corporation, who built and developed the Patient First facility. The $2.075 million transaction was completed in December 2011 and involved a California purchaser. Gary Applestein, managing director and principal of Colliers, said, “The process involving the sale of the Patient First building in Columbia
provided yet another example of how well-located real estate remains highly valued by the national investment industry. With a location not only adjacent to Howard County General Hospital, but also Howard County Community College, 5900 Cedar Lane offered demographics second to none in this region, and with a tenant such as Patient First and the Johns Hopkins Health System, the buying public was very aggressive in their pursuit of this asset.” The Colliers International l Baltimore team of Applestein, Stephen Weiss, senior vice president, and Jennifer Vassil, vice president, acted as brokers on the transaction. ■
New Boston Fund completes build-to-suit for Sperry Van Ness-Miller Rockwell Collins at TransDulles Centre STERLING, VA — New Boston Fund, Inc. has completed a 178,234 s/f, build-to-suit office and manufacturing facility for Rockwell Collins at TransDulles Centre. Rockwell Collins, a communication and aviation electronics solutions, will consolidate several of its facilities in the region to allow the new building at 22640 Davis Dr. to serve as their regional headquarters. The building, with 47 percent office and 53 percent manufacturing space, was designed by architect Morgan Gick McBeath & Associates. The manufacturing space will house the assembly and design facilities of its flight simulators. The Rockwell Collins building was recently honored with an Award of Merit and named, “Best Building, Non-Institu-
completes $1.5 million ind. sale
Rockwell Collins at TransDulles Centre tional Facility,” at the Best space for future tenants,” said of NAIOP Northern Virginia Patrick Shooltz, senior vice Awards. Additional team mem- president and regional direcbers honored at the awards tor, for New Boston Fund’s dinner included Vantage Con- Mid-Atlantic region. struction Corporation, LinRockwell Collins signed a coln Property Company and long-term lease with New Morgan Gick McBeath & As- Boston on the property. The sociates. tenant was represented in this “New Boston originally pur- transaction by Brian Coakley chased this property at Trans- of Donohoe Real Estate and Dulles Centre with the inten- New Boston was represented tion of utilizing the vacant by Neil Alt of Lincoln Property parcel to develop customized Company. ■
Virginia Beach reaccredited by the IEDC VIRGINIA BEACH, VA — The Virginia Beach Economic Development Department has been recognized by the International Economic Development Council (IEDC) as an Accredited Economic Development Organization (AEDO). Virginia Beach is one of only 29 of the 22,000 economic development organizations in North America to have earned this distinction. The AEDO program mea-
sures economic development organizations against commonly held standards in the profession. It evaluates the structure, organization, funding, program and staff of the candidate organization. “The Virginia Beach Economic Development Department displays the professionalism, commitment and technical expertise that is deserving of this honor,” said IEDC president and CEO Jeff
Finkle. “We are proud to be acknowledged for our organizational excellence and success in business recruitment and retention,” said Warren Harris, director of Virginia Beach Economic Development. “This achievement was made possible by the vision and support of the City Council and Economic Development Authority and the outstanding quality of our staff.” ■
828 Fieldcrest Dr. CAMBRIDGE, MD — Henry Hanna, CCIM, SIOR, national director of Industrial Property, with Sperry Van Ness-Miller Commercial Real Estate announced the sale of 828 Fieldcrest Dr. This flex industrial building was formerly home to ABC Supply Company. This sale was a joint effort with the Economic Development Divisions of the State of Maryland, Dorchester County and Cambridge. The new buyer, Triple Ventures, LLC will be bottling, packaging and distributing the fruit beverage, Fruit Wave H20 from this new location. This 30,240 s/f facility sold for $1.5 million. SALISBURY, MD — Senior advisor Bradley Gillis, CCIM of Sperry Van Ness – Miller settled on a 10,600 s/f professional/medical shell space, built in 2006 located on Sweetbay Dr. “There is a limited pool of
potential users for a 10,000 s/f office building in this market and during most of the listing cycle the price point did not attract investors” said Hanna. “Once the property became in a short sale situation the price made sense for investors.” Wesley Cox and Henry Hanna represented the sellers of the property. Brad Gillis and Joey Gilkerson of the Gillis Team found the perfect user/investor combination for the property. The transaction was a short sale, requiring bank approvals after the buyer and sellers reached an agreement; it was purchased for $625,000 or $59 psf for what is considered ‘shell space’. The interior of the building had no prior build out completed with a combination of concrete and dirt floors. When the project is finished, the buyer will occupy class ‘A’ office space with one build to suit unit offered for lease. ■
12A — February 10 - 23, 2012 — DelMarVa — Mid
Atlantic Real Estate Journal
DELMARVA
www.marejournal.com
Mid Atlantic Real Estate Journal — DelMarVa — February 10 - 23, 2012 — 13A
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DELMARVA WhiteWave turns to a partnership of Shenandoah Valley companies
InterChange Group teams up with Friendship Industries
H
ARRISONBURG, VA — A research team at Colorado-based WhiteWave Foods discovered that some coffee drinkers who shop in bulk were having trouble using its three-pack of dairy creamers in a timely manner. Looking for a solution, WhiteWave turned to a partnership of Shenandoah Valley companies to create smaller packages for distribution to wholesale clubs along the East Coast. InterChange Group, a warehousing and logistics firm, teamed up with Friendship Industries, a local provider of employment and job training for people with disabilities. Friendship Industries employees now repackage, label and stack the creamers inside InterChange’s 64,000 s/f refrigerated facility in Harrisonburg. “InterChange had the logistics, the warehousing and the refrigeration, but they didn’t have the packaging expertise and the work force to accomplish the task,” said Tom Hook, Friendship Industries’ chief operating officer. In late 2009, the two companies went to WhiteWave and proposed a joint venture, with each investing in the needed equipment and resources. Food manufacturers like WhiteWave are constantly looking for innovative ways to increase the appeal of their products, Hook says. “We have a lot of experience, and we understand the customer’s need for quick turnaround and a high-quality package,” he adds. The nonprofit has been packaging products for Fortune 500 companies and the federal government for more 40 years. Despite its nonprofit status, Friendship Industries must function as a business, Hook says, including competing with for-profit companies for contracts. The partnership with InterChange “aligns perfectly with our mission of providing dignified employment to persons with disabilities, and it allows us the opportunity to expand into the refrigerated packaging arena,” Hook says. “Our focus has always been a high-volume, truckload-in, truckload-out [operation],” said Keith VanBenschoten, who manages InterChange’s Harrisonburg operations. “But this is detailed work, with product repackaging, relabeling and restacking. Without them, administratively, it would bog
us down. I’m not sure we could go out on the street and find anyone who could manage it as well as they have.” Friendship Industries em ploys approximately 130 people. Workers are grouped by ability and often work independently alongside colleagues without disabilities. “We’ve created an integrated work environment that allows for a good transition to other [employment],” said president George Homan II. Friendship Industries was not immune to the recent recession, but work has begun to pick up. For many companies,
“we are a flex-force or labor advantage to them,” Hook says, offering skilled workers and a fixed-unit cost. In addition to the WhiteWave contract, the Harrisonburg facility regularly performs repackaging for Wal-Mart distribution centers and is the manufacturer for a New Zealand company that sells retractable blinds. Among its other jobs are assembling survival packs for the U.S. Air Force and providing quality assurance for E-Z Pass transponder systems for the Puerto Rico Hwy. and Transportation Authority. ■
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14A — February 10 - 23, 2012 — DelMarVa — Mid
Atlantic Real Estate Journal
www.marejournal.com
DELMARVA Paul G. Clark, County Executive
New Castle County: Ideally located for business – and no sales tax
N
EW CASTLE COUNTY, DE —New Castle County offers a great quality of life with an affordable cost of living. Our housing prices average $245,800, and our residents can expect to pay 16 percent less for basic living expenses than in surrounding jurisdictions. New Castle County’s vibrant economy relies on stellar firms representing numerous sectors, from financial services and health services to biotechnology, clean energy and manufacturing. And with no sales tax or
“Our location at the center of the Northeast Corridor is ideal for business,” said New Castle County Executive Paul G. Clark. “We are two hours from New York City or Washington by car or train. This is one reason the County is the corporate home to 63 percent of the nation’s Fortune 500 companies and why industry giants such as DuPont and W.L. Gore call New Castle County home.”
Paul G. Clark
state-assessed property tax, your dollars go further while you enjoy all that New Castle County has to offer. “Our location at the center of the Northeast Corridor is ideal for business,” said New
Castle County Executive Paul G. Clark. “We are two hours from New York City or Washington by car or train. This is one reason the County is the corporate home to 63 percent of the nation’s Fortune 500 com-
New Castle County, Delaware Your Business Destination! No State Sales Tax Lowest Property Taxes in the Mid-Atlantic Region First-Class Transportation Networks Chamber of Commerce State Rankings #1 - Economic Output per Job #5 - High-Speed Broadband Intensity #7 - STEM Job Creation
Paul G. Clark, County Executive
Contact the New Castle County Office of Economic Development for assistance with site selection, financing, and information.
nccde.org/development 302-395-5959 OED@nccde.org
panies and why industry giants such as DuPont and W.L. Gore call New Castle County home.” Bank of America, Capital One, Sallie Mae, AstraZeneca and Amazon also have significant operations in the county. Many small businesses have relocated to the area, while home-grown businesses continue to thrive. Companies see great value in New Castle County’s quality of life and talented workforce. Delaware’s small size allows exceptional access to state and local officials who are invested in the success of local businesses. “Living and working here means having access to worldclass healthcare facilities, a reliable transportation network, crowd-pleasing dining and cultural outlets and beautiful recreational areas,” County Executive Clark added. “We are also proud of our many forwardthinking and high-achieving schools.” The University of Delaware and the Charter School of Wilmington (high school) are each ranked among the top 100 educational institutions of their type in a national survey by U.S. News and World Report. ■
Houck to serve as Interim City Mgr. NEWARK, DE — Newark’s Mayor and Council voted to appoint assistant to the City Manager Carol Houck as Interim City Manager following the retirement of Kyle Sonnenberg in late February. The decision to appoint Houck was unanimous and came as no surprise to most as Houck has served as Acting City Manager at various points in time for the better part of 14 years, filling in and conducting City business in the City Manager’s absence. “Carol is in the best position to step into the Interim City Manager’s role and hit the ground running as she is already interacting on a daily basis with our Department Directors and plays a vital role in many of our projects and initiatives” said City Manager Kyle Sonnenberg. ■
Mid Atlantic Real Estate Journal — DelMarVa — February 10 - 23, 2012 — 15A
www.marejournal.com
DELMARVA Operating and Managing over 3 Million Square Feet of Industrial and Commercial Real Estate in the Mid Atlantic Region
Twin Spans Business Park, City of New Castle, DE
Delaware River Industrial Park
• +/– 135 Acre Business Park in the City of New Castle • Minutes away from I-95/I-295, and Routes 9 & 13. • Site offers convenient access to the Delaware Memorial Bridge, Port of Wilmington and the entire northeast corridor. • Perfect for Office, Laboratory or Manufacturing / Distribution • Recently completed new access boulevard with signal controlled intersection on Route 9. • Park tenants include:Winterthur Catalog Operations, Hibbert Group,Tire Rack, Speakman Co., Mattress Giant, Schindler Elevator, Philadelphia Gear,Agilent Technologies
• 45 Acres of industrial zoned land (HI) located ideally near the Port of Wilmington, the Delaware Memorial Bridge, I-95 and I-295; with great access to entire northeast corridor. • High quality constructed buildings with space as small as +/– 14,500 sq. ft. • 24'–31' clear ceiling height • HI (Heavy Industrial) zoning allows for a wide array of uses • Park tenants include: Iron Mountain, National Roll Kote, DHL, Carlyle Cocoa, Harbour Textile,Waste Management, SKW Hardcore, Freeze, RecyClean
• +/- 400,000 Sq. Ft. business park in the town of Newport. • 1/2 mile from I-95/Rt. 141 interchange with immediate access to I-295, I-495 north and south. • Site offers convenient access to the Delaware Memorial Bridge, Port of Wilmington and the entire northeast corridor. • Park tenants include: AIG, Sieck Wholesale Florist, First State Paper, Qwest Communications, C-Cert, Apex Piping and Conectiv.
Newport Industrial Park For more information: Phone (302) 323-9300 Fax (302) 323-4951 29 East Commons Boulevard, Suite 100, New Castle, Delaware 19720
16A — February 10 - 23, 2012 — Mid
Atlantic Real Estate Journal
www.marejournal.com
PEOPLE ON THE MOVE Smeltzer SRA, MBA has joined as director of ops.
Ditio Appraisals promotes Gelman to senior appraiser
P
ITTSBURGH, PA — After successfully opening two appraisal offices in South Florida, Robert B. Gelman has moved back to Pittsburgh and is now senior appraiser and director of marketing for Ditio Appraisals. G e l m a n Robert Gelman started his own firm, Gelman Real Estate and Appraisal Services in 1972. He owned this firm, one of the largest in Western Pennsylvania, until 1997 when he sold the corporation. He opened Gelman Appraisal Services in Naples, FL in 2000, then offices in both Naples and West Palm Beach for Ditio in 2006. Gelman is a past member of the Realtors Association of Metropolitan Pittsburgh where he served as the 1988 president as well as being elected to the Board of Directors; the Pennsylvania Association of Realtors where he served as regional
delegate for 8 years and the National Association of Realtors where he held the GAA Foundling Member designation from the Real Estate Appraisal Section. He is a past president of the Pittsburgh Chapter of the Society of Real Estate Mark Smeltzer A p p r a i s e r s and was also on the Board of Directors (now the Appraisal Institute). Ditio is looking forward to Gelman’s 45 years of commercial and residential appraisal experience and public relations knowledge which will be an important component of our growth in the years ahead. Ditio Appraisals announced that Mark V. Smeltzer SRA, MBA has joined as the new director of operations. Smeltzer brings with him over thirty years of experience in the appraisal industry; he is an AQB certified Appraisal Institute Instructor, having taught
at least 30 unique courses and seminars. Smeltzer holds an MBA from the University Of Pittsburgh School Of Business and a Bachelor of Arts from Slippery Rock University. In 1985, he published “The application of multiple linear regression to the appraisal of a single family residence,” The Appraisal Review Volume 28. Along with teaching nationally for the Appraisal Institute, Smeltzer has also taught at the Realtors Educational Institute, Polley Associates, Penn State University, and Mortgage Bankers Association of Pittsburgh and is an adjunct Professor at LaRoche College. After six years in the banking industry, Mark became general manager at Gelman Appraisals for nine years and then headed his own appraisal business, Smeltzer Appraisals, for 15 years before joining Ditio Appraisals as Director of Operations. We feel that Mark adds measurably to the already well known and respected professionalism of Ditio Appraisals. ■
Bozzuto’s Slidell chairs ULI Washington & Anderson hired as director of Comm. Outreach WASHIGNTON, DC — John Slidell, a Principal and Founding Partner of The Bozzuto Group, was named Chair of the Urban Land Institute’s Washington District Council (WDC). Wi t h o v e r 1,800 mem- John Slidell bers, WDC is one of ULI’s largest and most active District Councils. Slidell’s term runs through July 1, 2013. Slidell is executive Vice President of The Bozzuto Group, a Greenbelt, MD based company involved in residential development, homebuilding, construction, and property management in the MidAtlantic region since 1988. An
Armed Forces veteran who has held many leadership positions throughout his career, Slidell earned a Bachelor’s degree from Princeton University and a Master ’s degree from the University of North CaroAlia Anderson lina, Chapel Hill. ULI Washington also has hired Alia D. Anderson as Director of Community Outreach. She replaces Jason Stuart, who has relocated to Fort Worth, TX. Anderson joins ULI Washington from Reconnecting America in Oakland, CA, where she worked as a policy associate. Before that, she served as a project
manager for ULI’s San Francisco District Council, working on its TOD Marketplace. Alia’s new responsibilities for ULI Washington include oversight of UrbanPlan, a land use learning program for high school and college students; implementation of Technical Assistance Panels for local jurisdictions and non-profit planning groups; staffing ULI Washington Regionalism initiatives, and more. Her expertise in TOD will bring a wealth of knowledge to the district council in its role in shaping the Washington region for coming growth in the next decades. Anderson received her Master of City Planning degree from the University of California, Berkeley in 2009 and B.A. from the University of Virginia in 2002. ■
Milhollan of Willow Const. nominated to serve Talbot county EASTON, MD — Eric Milhollan, senior project manager for Willow Construction, LLC was recently nominated to serve on the Board of Directors for the Talbot County Chamber of Commerce. The Talbot County Chamber of Commerce is the voice
of business for 800 members representing 8,000 employees. The goal of the Chamber is to protect, preserve and promote the free enterprise system of business and to advance the commercial, industrial, civic and general in-
terests of the Eastern Shore of Maryland, Talbot County and the surrounding area. The Chamber encourages business and community growth and planned development by promoting economic programs designed to strengthen and expand income potential. ■
LandmarkJCM’s Dover & Georgetown
Stronsky & McCloskey willing public servants NEW CASTLE, DE — Bruce J. Tease, President of LandmarkJCM, announced the news of two staff member from the firm’s Dover and Georgetown offices that have been named to serve on Robert P. public boards Stronsky for the Town of Felton and the Smyrna Public Library Guild. Robert P. Stronsky, a Senior Civil Designer with the firm’s Dover and Georgetown offices, has been appointed by the Town Council to serve on the Town of Felton’s Planning and Zoning Commission, as one of its seven commissioners. Stronsky has worked for LandmarkJCM for the past six years of his 26 years in the design of civil and site engineering projects. Bob is responsible for stormwater management facilities, road design, site grading, and drainage for commercial, institutional, and residential land development projects in Kent and Sussex County. Recent projects include Sussex County Airport’s 500foot runway extension, the new Dollar General in Felton, and Delaware Tech’s new
Center for Energy Education Training at Terry Campus. J. Solomon McCloskey, P.E. a Civil Project Engineer with the firm’s Dover office, now at 880 S. State Street, has been named to serve on J. Solomon the Board of McCloskey Directors for the Smyrna Public Library Guild, a non-profit, charitable, all-volunteer organization dedicated to bringing the new Duck Creek Regional Library to citizens of Smyrna, Clayton, Kenton, Leipsic and Cheswold. McCloskey is a graduate of Widener University with a B.S. in Electrical Engineering and has worked for LandmarkJCM for six of his eight years in civil and site engineering consulting. He is responsible for design of stormwater management facilities, road design, site grading, and drainage for commercial, institutional, and residential land development projects in Kent and Sussex County. Recent projects have included the new Kent County Courthouse expansion and the Central Middle School renovations and field house addition. ■
Cartwright joins Highpointe Commercial HARRISBURG, PA — Barbara Cartwright has joined Highpointe Commercial Realty Advisors as Executive Sales Manager with their commercial real estate sales team. Barbara has 12 years experience in real estate starting as
a residential realtor in 2000, making the move to commercial real estate in 2001. Highpointe Commercial Realty Advisors is a full service commercial, retail, and industrial real estate brokerage based in Harrisburg, PA. ■
Five ways to Green your building . . . continued from page 2A procuring power and allow you to choose your provider. Most providers offer a green option that can be cheaper than your existing local utility company. Even if you already contract for your electricity, you should ask if there is a green option. It is often equal to or only slightly more expensive than the best procurement pricing. There may also be incentives for purchasing green power that offset any additional cost. 4. Put Solar on Your Roof for Free. Power purchase agreements (or leasing options with payments offset by energy savings) are a way to install photovoltaic on your roof at no cost. You will be required to qualify and sign a long-term
contract to purchase the power, but it completely removes the upfront cost and gives longterm predictability on your power cost. 5. Upgrade to Geothermal Heat Pumps. There are now alternatives with more comprehensive retrofits that remove the upfront additional cost of geothermal retrofits. There are also options with lighting, HVAC and hot water that have zero out-of-pocket cost to building owners and are cash flow positive from day one with no additional debt added to your books. Scott Friedman is the CEO of Greenavise, a company that specializes in energy efficiency and renewable energy solutions for property owners. ■
NEW JERSEY
SMHOPPING C ENTERS A R E J ID
TLANTIC
17A — February 10 - 23, 2012 — New Jersey — Mid
EAL
STATE OURNAL
Atlantic Real Estate Journal
www.marejournal.com
Sales in excess of $10.2 million closed within a sixty day span
Gambuzza & Federgreen of Marcus & Millichap close 142 Units in Union County
E
LMWOOD PARK, NJ — Nat Gambuzza, a senior associate and vice president of t h e f i r m ’s National Multi-Housing Group, along with associate, Lauren Federgreen c o m p l e t e d Nat Gambuzza five transactions totaling 142 units in Union County. This achievement with sales in excess of $10.2 Lauren m i l l i o n Federgreen closed within a sixty day span. Michael Fasano, regional manager of
Just a few blocks away the $1.1 million sale of 18 units, is located at 701-711 Kensington Ave. in Plainfield. The $2.55 million sale of Riverside Gardens, a 30 unit property, is located at 156 West Grand Ave.e in Rahway.
Stoneybrook Gardens the New Jersey office states Stoneybrook Gardens, a 70 “Gambuzza and Federgreen unit property, located at know the Union County mar- 643-715 East Front St.in ket extremely well, and as a Plainfield, represents one of result were able to unlock the transactions. This wellthe value in each of these maintained garden style transactions and execute for apartment complex is comtheir clients.” prised of 5 one-bedroom, 55 two-bedroom and 10 threeThe $5 million sale of bedroom apartments.
A garden style multi-family featuring 16 units located at 36-42 Elm St. in Elizabeth, sold for $1,075,000. This brick building has a pitched shingle roof, and offers a great unit mix of 3 studio apartments, 9 one bedroom apartments and 4 two bedroom apartments. This marks the second time Marcus & Millichap has sold this asset. Lastly, the $520,000 sale of an 8 unit multi-family prop-
erty is located at 415 East Elm St. in Linden. “Multifamily remains one of the most sought after investment vehicles. Pent up demand and ability to finance at low rates have recently increased values,” said Gambuzza. “Union County offers a great highway and public transportation infrastructure as well as a diversified employment pool, which keeps occupancy levels up for our investors,” said Federgreen. “Union County has held its appeal amongst investors for its stability” said Gambuzza. “Every one of these properties had multiple offers and as a result tight terms and competitive pricing were achieved.” ■
Cushman & Wakefield Capital Markets Team inks $1.3 billion in 2011 EAST RUTHERFORD, NJ — With $1.3 billion in completed transactions during 2011, Cushman & Wa k e f i e l d , Inc.’s Metropolitan Area Capital Markets Group experienced robust activity that reflects a year Andrew Merin of steps forward and back, and “haves” and “have-nots,” according to Andrew Merin, vice chairman. Ultimately, the East Rutherford-based team closed its best year since 2008, including multiple record-breaking deals. “The first six months of 2011 brought a marked increase in activity,” Merin said. “For the first time since the recession took hold, product began to flow and demand increased among buyers. While funda-
mentals were not improving markedly, things certainly were stabilizing with a resurgence of investment opportunities.” However, summer’s arrival brought a number of challenges. “Budget and deficit issues here in the United States, problems in Greece and with European banks, and the flighty nature of the stock market caused pause,” Merin noted. “Investors and financing entities quickly returned to a more conservative stance, bringing a rapid slowdown in dealmaking. In fact, our team literally saw confidentiality agreements (which essentially mean a free look at a property) drop by about a third, and bidding reduced by up to one half.” Still, the Metropolitan Area Capital Markets Group maintained steady activity, orches-
trating 23 transactions across product types. This included nine office sales totaling 3.4 million s/f in New Jersey, New York and Connecticut. Among them were three Jersey City transactions, which sold for $670 million at record psf pricing. Merin’s team also closed eight industrial trades, totaling 5.5 million s/f in New Jersey, Pennsylvania and South Carolina. The sale of Saw Mill Park in Kearny, on behalf of Russo Development was one of the highest psf sales in 2011 and sold for a sub 6% capitalization rate. The Metropolitan Area Capital Markets Group also closed three retail deals involving 610,000 s/f in New Jersey, New York and Pennsylvania; and three New Jersey multifamily transactions involving 464 units. “While both retail and
multifamily garnered high demand, less product came online in these sectors last year,” Merin said. “Still, the properties that did trade drew respectable pricing and cap rates.”
rents, Merin said. “Rents are not growing, and little tenant absorption is occurring,” he noted. “The only value-add product that is moving are those assets viewed as absolute distress.”
“HAVES” and “HAVE NOTS” Throughout 2011—regardless of how much product was trading—buyers and financing sources alike remained particular in terms of their selections. “It was a market of ‘haves’ and ‘have-nots,” Merin said. “Only the right product in the right place drew attention and sold—and it sold competitively. Secondary locations and product simply could not attract bidders.” Additionally, investors and lenders were hesitant to give credit for any value-add deals based on the need to retain or add tenants, or increase
Merin said that his team anticipates an even better—and less contradictory—year in 2012. “Activity likely will return to a more promising pace, commensurate with some resolution of economic and global issues,” he noted. “Additionally, this is an election year, which traditionally serves as a boost to the stock market. And, as banks begin to write down some of the assets they have been holding, we will see a significant number of deals come out of distressed pools. This will create additional investment opportunities for some of the money that has been forced to sit on the sidelines.” ■
18A — February 10 - 23, 2012 — New Jersey — Mid
Atlantic Real Estate Journal
Fairfield Corporate Park, Fairfield, New Jersey
www.marejournal.com
NEW JERSEY By Mike Mullin, Integrated Business Systems
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 Ɣ Corporate Real Estate Services
80 Main Street, West Orange, NJ 07052 Tel.#973-325-6200 - Fax.#973-325-9090 E-mail: sgross@sheldongrossrealty.com
Metropolitan Area Capital Markets Group 800 MADISON STREET 217 UNITS SALE OF LUXURY APARTMENT COMMUNITY HOBOKEN, NJ
RE firms looking at strategic technology investments
C
onstant change may be the only thing about real estate technology that always stays the same. Emerging platforms, new webbased capabilities and need-driven requirements Mike Mullin for increasingly sophisticated functionality are among the many factors that continue to push the industry forward. As we begin a new year, real estate companies are looking with interest at the latest, high-demand processes and products in the market. In many cases, they have not spent a dime for several years and are overdue to update their IT infrastructure. But the bigger picture shows that companies also are embracing some technologies that have come of age fairly recently. Application Servicer Provider (ASP) deployment for software applications and enterprise data is a prime example. The growing popularity of ASP really has a lot to do
with comfort level, along with improvements in Internet security and decreases in the cost of bandwidth. People are banking, paying their bills and shopping online. They have become more comfortable with data residing in the cloud. Mobile technology also is garnering a lot of attention in the real estate community. The proliferation of smart phones and PDAs has engendered an expectation of “instant access.” A lot of emphasis has been placed on the value for property managers, who can view and update work orders onsite. But now we are seeing more use of mobile technology on the marketing side of the business, in both the residential and commercial sectors. The ability to quickly capture data on an iPad or Blackberry empowers leasing agents with more information. They are better able to engage their customers, which is an advantage in this highly competitive climate. Mobile is becoming a big deal, and it is compelling to see more technologies being wrapped around the sales function. Likewise, the evolution of
web portals is worth noting. Web portals initially became popular as an efficient means for commercial and residential tenants to submit work orders, and for real estate owners and operators to track job progress and payments. On the residential side, these portals often evolved to incorporate the ability to review billing, make payments and communicate with management about things like package deliveries. This type of “concierge portal” has gained some traction in the commercial sector as well, especially in large cities. Recently, interest in this larger functionality has started to expand outside of urban areas. Other areas of the business that are benefitting from new levels of automation include check scanning and AP workflow - two keys for achieving fast, accurate and safe processing of cash. The implementation of electronic check conversion software improves cash management and streamlines the workflow for payments dramatically; time of entry can go down 50% or more for a continued on page 20A
2 JOURNAL SQUARE 324,912 SF SALE OF TRANSIT-ORIENTED OFFICE TOWER JERSEY CITY, NJ 10 EXCHANGE PLACE 748,005 SF SALE OF TROPHY WATERFRONT OFFICE BUILDING JERSEY CITY, NJ MID-ATLANTIC I-95 PORTFOLIO 950,868 SF SALE OF NET LEASED INDUSTRIAL PORTFOLIO MARYLAND & NEW JERSEY 695 E. MAIN STREET 567,860 SF SALE OF CLASS A CBD OFFICE TOWER STAMFORD, CT TREFOIL PARK 230,677 SF SALE OF A FIVE BUILDING OFFICE PARK TRUMBULL, CT
AT THE END OF THE DAY, YOU WANT RESULTS. SO THAT’S HOW WE BEGIN EACH DAY.
When our real estate clients have questions, they need the right answer at the right time. So they need lawyers who combine deep legal experience with sound business sense. This is what motivates us to work harder, continually expanding our versatility and pushing the limits of our collective skills. At Riker Danzig, we understand that no matter how much success we have realized, what you’re interested in are the results we get today.
Andrew J. Merin, Vice Chairman 201-460-3358 David W. Bernhaut, Vice Chairman 201-460-3356 H. Gary Gabriel, Exec. Vice President 201-460-3352 Brian J. Whitmer, Director 201-508-5209
MORRISTOWN, NJ 973.538.0800 TRENTON, NJ 609.396.2121 NEW YORK 212.302.6574 LONDON
AFFILIATE
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Mid Atlantic Real Estate Journal — New Jersey — February 10 - 23, 2012 — 19A
www.marejournal.com
“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.
20A — February 10 - 23, 2012 — New Jersey — Mid
Atlantic Real Estate Journal
www.marejournal.com
NEW JERSEY
SEBCO
Laundry Systems“
The Finest In Metered Laundries
The Northern and Central New Jersey markets
Cassidy Turley industrial snapshots: Increased leasing
T
1-800-SEBCO-88 (1-800-732-2688)
http: www.SEBCOLaundry.com e-mail stevebreitman@sebcolaundry.com
EANECK, NJ — While activity in the industrial market in Central New Jersey is picking up steam, the Northern New Jersey market is full of uncertainty, according to the third-quarter Industrial Market Snapshots from Cassidy Turley. One commonality in both markets is that tenants, particularly those who are not reliant on Port access, are increasingly willing to expand from traditional markets in favor of high-quality buildings that can accommodate
larger users. “The Central New Jersey industrial market is moving in a positive direction with increased leasing velocity and declining vacancies,” stated Douglas Bansbach, senior vice president, principal, for Cassidy Turley. “The industrial market in Northern New Jersey appears to be at a standstill, but there are a number of transactions in the pipeline that are waiting for the current cloudy situation to pass,” stated Howard Weinberg, senior vice president, principal for Cassidy Turley.
The vacancy rate in Central New Jersey fell to 9.4% in the third quarter from 9.6% in the previous quarter and there was an encouraging 2,556,682 s/f of positive absorption year to date. The strongest absorption was reported in the Exit 8A submarket with just less than 800,000 s/f of positive demand. Exit 7A also experienced an increase in demand with approximately 450,000 s/f of positive absorption. The average asking rental rate fell by eight cents over the quarter and 21 cents year over year. It was $4.36 psf in the third quarter. ■
Real Estate firms looking at . . .
CELEBRATING OUR 106TH YEAR
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30 Units & 5 Stores Harrison, New Jersey Scott Davidovic ext 290
34 Residential Units Elizabeth, New Jersey Joni Sweetwood ext 273
14 Garden Units Bloomingdale, New Jersey Robert Squires ext 287
45,000 SF Office - BANK OWNED Wayne, New Jersey Matt Weilheimer ext 253
18,000 SF Retail with Parking Roselle, New Jersey Scott Davidovic ext 290
multifamily. The Kislak Company, Inc.
retail.
office. www.kislakrealty.com 732 750 3000
continued from page 18A 250- to 300-unit property. With AP workflow, vendors mail invoices to an owner/operator’s centralized P.O. Box, rather than to individual properties (as is traditional). One point of contact scans them into the enterprise software, which enters critical data right into the system instead of it flowing upward from property, to regional manager, to home office. This eliminates time and money spent on data entry and shipping in the traditional distribution model, not to mention issues with lost invoices. With all the great new “stuff” out there, the challenge for real estate technology companies like IBS involves keeping up with changes on so many fronts. As always, foresight and flexibility are among the requisites for succeeding in this perpetual-motion industry. Moving forward, we see the potential of the Internet as a means of connectivity among various management-related systems. In tight times like these, when profitability can hinge as much on running a tight ship as on making deals, real estate companies will readily embrace tools that help them become more efficient. We expect that to be the main focus in the short term. The good news is that the economic recovery has provided more wiggle room for many real estate organizations to upgrade and enhance their technology in 2012. Mike Mullin is president of Integrated Business Systems (IBS) in Totowa, NJ. ■
Mid Atlantic Real Estate Journal — New Jersey — February 10 - 23, 2012 — 21A
www.marejournal.com
NEW JERSEY More than 5.7 million s/f leased and/or renewed
Hartz Mountain Industries has banner leasing year in 2011
S
ECAUCUS, NJ — Hartz Mountain Industries, leased and renewed more than 5.7 million s/f of commercial real estate in 2011 and notably diversified the c o m p a n y ’s portfolio into r e s i d e n t i a l Emanuel Stern real estate in an unexpectedly robust year. Emanuel Stern, president and COO of Hartz, pointed to industrial leasing as “the star of 2012” as the Port business continued to grow in the NY region and triggered warehouse requirements. “For the last several years conversion of warehouses for data center use kept the market lively, but the traditional users are back and growing,” said Stern. “Regionally, sectors where data centers are an appealing adaptive reuse continue to provide excellent returns, with power and water constraints limiting the number of practical sites and increasing their value. But this year we had a back-up deal to many of our basic space transactions, and it has been a long time since we saw that kind of velocity in the market.” Hartz’s big portfolio shift this year was driven by the residential renters-by-choice
market, where we have made significant investments and are on our way to creating a 5000-unit portfolio. The housing market’s recent volatility created this market, which is discouraged from ownership and eager to enjoy the urban lifestyle. Their appetite for luxury rentals, especially with spectacular views and condo-inspired amenities, is voracious. New construction beginning on New Jersey’s ‘Gold Coast’ at high-end buildings including The Estuary in Weehawken, which will be managed by Roseland Properties, in which Hartz now
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holds an interest, will absorb the tide of new renters that are driving the residential market. Among Hartz’s most significant industrial leases in 2012 were 595,000 s/f leased to NJ Transit, 225,000 s/f leased to National Retail Transportation, 185,000 s/f leased to Meadowlands Distribution, 31,000 s/f leased to St. Luke’s Roosevelt Hospital, and 32,000 s/f leased to Yusen Air. Hartz also announced Carrabba’s Italian Grill will locate next to LA Fitness on Harmon Meadow Blvd. in spring 2012. ■
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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.
22A — February 10 - 23, 2012 — New Jersey — Mid
Atlantic Real Estate Journal
www.marejournal.com
SOUTHERN NEW JERSEY SK Realty Management acquires four buildings
14 acres situated in Pennsauken, NJ
Cushman & Wakefield arranges sale of 950,868 s/f
Binswanger’s Policarpo brokers sale of 275,517 s/f PENNSAUKEN, NJ — On behalf of National Gypsum Co., Binswanger announced the sale of a 275,517 s/f warehouse/ production building on 14 acres
T
HOROFARE, NJ/BALTIMORE, MD — Cushman & Wakefield has arranged the sale of the I-95 net leased industrial portfolio, comprised of four buildings totaling 950,868 s/f in Maryland and New Jersey. The four properties were acquired by SK Realty Management from Prologis. The Cushman & Wakefield team was led by Gary Gabriel of the firm’s Metropolitan Area Capital Markets Group in East Rutherford and implemented locally by Cristopher Abramson, Brian Kruger and Nicholas Signor in Baltimore and Paul
Colliers International’s Zweben facilitates 8,022 s/f lease in Marlton
600 Hickory Drive
Torosian and John Plower in the Philadelphia office. Michael Ryan of Cushman & Wakefield Sonnenblick-Goldman provided
financing alternatives for investors. Cushman & Wakefield represented the seller and procured the buyer. ■
MARLTON, NJ — Colliers International’s Southern New Jersey office division represented Four Seasons Financial Group, Inc. (FSFG) in locating and securing their new corporate headquarters location. The 8,022 s/f space is located at Marlton Executive Offices, 701 Rte. 73 S.
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3000 Cindel Drive Cinnaminson, NJ 08077 Type: Sq Ft: DI / TG: Features:
Industrial 209,657/27,272 ofc 1/20 2000 amps, 322 parking spaces, new TPO roof, NJ Transit train
1090 Thomas Busch Memorial Highway Pennsauken, NJ 08053 Type: Sq Ft: DI / TG: Features:
Industrial 168,737/19,500 ofc 1/38 30' clr, 800 amps, ample parking, exp. site, central location
2703 Cindel Drive Delran, NJ 08075 Type: Sq Ft: DI / TG: Features:
situated at 175 DeRousse Ave. The transaction was handled by Marc Policarpo, senior VP in Binswanger’s Philadelphia, PA office. ■
Industrial 132,727/7,966 ofc 2/12 30' clr, T5 lighting, ESFR, additional loading opps
321 Dultys Lane Burlington, NJ 08016 Type: Sq Ft: DI / TG: Features:
Industrial 188,294 /5,191 ofc 2/41 ESFR, TPO roof, 30' clr, T5 lights, 1200 amps, NJ transit commuter rail stop
11000 Midlantic Drive Mount Laurel, NJ 08054 Type: Sq Ft: DI / TG: Features:
Flex/Office 66,867/28,557 ofc 1/7 1600 amps, TPO roof, 24' clr, direct access to I-295
100 Mount Holly Bypass Lumberton, NJ 08048 Type: Sq Ft: DI / TG: Features:
Flex/Office 162,744 /112,945 ofc 1/4 3000 amps, 13 acre site, 500 parking spaces, 50,000 sq ft a/c warehouse
1819 Route 130 Burlington, NJ 08016 Type: Sq Ft: DI / TG: Features:
Industrial 81,775 / 0 ofc 0/11 ESFR, T5 lights, 30' clr, immediate access to NJ Turnpike, NJ Transit commuter rail stop
2704 Cindel Drive Delran, NJ 08075 Type: Sq Ft: DI / TG: Features:
Industrial 94,989 /9,400 ofc 1/6 ESFR sprinkler system, 1000 amps, 26' clr
6000 Midlantic Drive Mount Laurel, NJ 08054 Type: Office Sq Ft: Suites Vary Features: Class A offices, direct access to I-295, award-winning building
The lease represents something unique in today’s business landscape – a growing company requiring additional office space. “Colliers International’s Evan Zweben addressed our needs and delivered us a world class solution,” said FSFG president & CEO James Sorebo. ■
The Hampshire Companies sells 6,000 s/f restaurant parcel in Deptford DEPTFORD, NJ — The Hampshire Companies announced the disposition of a 6,000 s/f restaurant parcel located at 1440 Almonesson Rd. to RARE Hospitality International, Inc., an owner, operator and franchiser of restaurants in the United States. The free-standing building is located across from the Deptford Mall and Deptford Plaza, providing direct visibility and excellent retail traffic. Situated near the New Jersey Tpke. and Rte. 42, the property also offers easy access to major roadways. RAS Brokerage represented the buyer. ■
CoreTitle purchases majority ownership of Garden State Abstract MT. LAUREL, NJ — CoreTitle, LLC, a full service title insurance firm, captured the attention of the local real estate industry, purchasing the assets of competitor Garden State Abstract Company (GSA) from GSA majority owners Jeff Snyder and Joe Ventresca, coowners of the RE/MAX of NJ franchise. Principals David Dannheim, president, and Justin Steinberg, VP, launched CoreTitle in August 2011, realizing significant growth over the past four months. Dannheim and Steinberg will officially dissolve GSA and assimilate its assets into CoreTitle immediately. The company will retain all of GSA’s employees. ■,
Mid Atlantic Real Estate Journal — New Jersey — February 10 - 23, 2012 — 23A
www.marejournal.com
CENTRAL NEW JERSEY Ryders Crossing Shopping Center, Milltown
For 32,696 s/f Watchung Commons
Douglas J. Kelly Associates secures $20+m financing
G.S. Wilcox & Company arranges $6m in financing
M
ILLTOWN, NJ — Douglas J. Kelly Associates arranged long term financing for Ryders Crossing Shopping Center, a four building, 116,114 s/f retail center anchored by Acme, Staples and Petco and shadow anchored by Target and Home Depot. The center has remained virtually 100% occupied since its construction in 2001 with other national and local tenants such as Coldstone Creamery, Applebee’s, Hallmark and Blinds to Go rounding out the mix. Kelly Associates has financed the acquisition, construction and permanent phases of the center, most recently taking it from a CMBS loan to a long term fixed rate portfolio loan. ■
Herring Properties receives 2012 Land Dev. & Planning Award
23 Orchard Road SKILLMAN, JN — Herring Properties announced that 23 Orchard Road, a mixed-use development anchored by an existing 240,000 s/f, office building has received the prestigious 2012 Land Development & Planning Award in the Mixed-Use category from the Somerset County Planning Board at the 29th annual awards presentation. Originally a former headquarters of a downsized public company, Herring Properties subdivided the site into two parcels, one for the existing office building which they completely renovated and leased up to a fortune 100 company; the other parcel received approval to build a 160 unit townhouse community with a component of affordable housing. Additionally, a solar array was built in the rear of the property to provide over 40 percent of the power to the office building through a renewable energy source. Van Cleef Engineering Associates of Hillsborough was the engineering firm on the project. ■
600 Hickory Drive
Ryders Crossing Shopping Center
WATCHUNG, NJ — G.S. Wilcox & Company arranged $6 million in financing for Watchung Commons, a retail building consisting of 32,696 s/f. The borrower, repeat clients
of G.S. Wilcox & Company, will utilize the 10 year term loan to recoup construction costs of upgrading the property and adding Party City as its largest tenant. ■
Heller Industrial Parks 2011 Leasing Totals:
99.8% Occupied 3,647,365 SF Leased Huge Foreign Trade Zone Energy Efficient Warehouse Lighting 60% Lighting Bill Reduction 20% Solar Energy Electric Rebates Subsidized Daycare
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24A — February 10 - 23, 2012 — New Jersey — Mid
Atlantic Real Estate Journal
www.marejournal.com
CENTRAL NEW JERSEY Adds 1,800 residential units, 200 nursing home beds
Working closely with C&W, Brandywine
Tryko Ptrs. acquires Barclay Arms in Atlantic City
Langan Eng. expands to 10,750 s/f in Lawrenceville
A
TLANTIC CITY, NJ — With the January acquisition of Barclay Arms in Atlantic City, private equity real estate group Tryko Partners, LLC, marked a 12-month period of aggressive growth that nearly doubled its multifamily portfolio and substantially grew its skilled nursing holdings. The Brickbased firm has added more than 1,800 residential units and 200 nursing home beds, with another 680 housing units under contract to close during the first quarter of 2012. ■
L AW R E N C E V I L L E , N J — Langan Engineering & Environmental Services has increased its presence and re-located within its current location at 989 Lenox Dr. In little more than one year, this regional office quickly outgrew its operating space and worked closely with Cushman & Wakefield, Inc. and its landlord Brandywine Realty Trust, to sign a new lease for 10,750 s/f in the same building. “Langan liked the location and wanted to work with the landlord to complete the expansion and extension of its lease,” said Marc Graham of Cushman
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& Wakefield’s East Rutherford, office, who teamed with Cushman & Wakefield colleagues Donald Eisen, Lee Miller and John Picco, to represent the tenant. Brandywine Realty Trust was represented in-house by Stephen Jennings. “Everyone involved in this transaction has good relationships with one another,” said Graham. “Langan’s strong reputation and continued growth plans, along with Brandywine’s tenant-friendly approach allowed us to orchestrate a favorable result for both parties. Ultimately, it was a very cooperative effort.” ■
Newmark Knight Frank arranges 9,000 s/f lease LAWRENCEVILLE, NJ — Newmark Knight Frank announced a new 11.5-year, 9,000 s/f lease at Crossroads Corporate Center, 3150 Brunswick Pike with United Way of Greater Mercer County (“UWGMC”). The deal combined both imagination and generosity and will enable UWGMC to better serve the residents of Mercer County. UWGMC is relocating its offices to Crossroads Corporate Center, owned by Gilbane. To make the transaction work for both sides, Gilbane structured the lease to include a frontloaded reduced rent period so that UWGMC could move out of its existing space early. This approach allows UWGMC to focus on what it does best: Support the community. The idea was proposed by Newmark Knight Frank Managing principal Thomas Romano, who represented both parties in the transaction along with associate John Calvo. “I thought of only two landlords who would entertain a deal like this. As it turned out, United Way is Gilbane’s preferred charity, so it was a perfect fit,” Romano said. “Not only do we gain a stellar tenant from this transaction, but we are also able to give back to the local community that has supported our property,” said Robert Gagliardi from Gilbane. “What a win-win scenario.” “As a non-profit serving the Mercer County community, we place a premium on business relationships that enhance both the donor’s and our ability to deliver on our missions,” said Herbert Klein III, president & CEO of United Way of Greater Mercer County. ■
Mid Atlantic Real Estate Journal — New Jersey — February 10 - 23, 2012 — 25A
www.marejournal.com
CENTRAL NEW JERSEY Site transformed into state-of-the-art headquarters
Jones Lang LaSalle completes 15-month relocation for SHI International
S
O M E R S E T, N J — Jones Lang LaSalle announced that its project and development services (PDS) group has completed a 15-month relocation data center project for SHI International at 290 Davidson Ave. The PDS group managed every aspect of the relocation, which was one of New Jersey’s largest interior commercial renovations this year. The project included the comprehensive infrastructure improvements that transformed a former AT&T site it into a state-of-the-art, world headquarters. Jones Lang LaSalle also assisted SHI — a fast-growing global provider of information technology
Russo development receives approval for Somerset Technology Park FRANKLIN TWP, NJ — Russo Development, New Jersey’s leading developer of single-tenant data center space, gained approval to build its ninth data center development in the New York metropolitan area. The Greenfield site, located on 71 acres near Exit 12 off I-287, boasts a number of unique infrastructure improvements including direct access to multisourced 69kV sub transmission electrical service from PSE&G and direct connection to two sources of water providing unparalleled reliability for a chilled water solution. Russo Development’s in-house architects and engineering professionals designed the complex to meet the security needs of Russo’s niche clientele – proposed with enhanced berms and landscaping, with perimeter fencing that includes security gates with guard houses. “From our past work with very knowledgeable clients, we have learned the most proficient ways of addressing their needs,â€? said Doug Bartels, P.E., Vice President – Development. “We were able to design a project that discreetly fits into the Township’s development strategy while still encompassing our future tenant’s site and security needs.â€? The facilities themselves will be LEED certified – which will help to achieve Russo’s environmentally-conscious development objectives and maximize efficiency for future tenants. â–
products and services and leader in the cloud computing industry — with the technical requirements of the its new data center. “This was a tremendous team effort and is a remarkable achievement for the Jones Lang LaSalle PDS group and SHI,� stated Jones Lang LaSalle vice president Scott Lesh, who serves as Market Lead representative for the firm’s PDS group in New Jersey. “This is an important project that not only generated 500 construction
jobs, but will reverberate throughout the commercial real estate and technology industries and help solidify New Jersey’s position as a tech leader.� Last year, Jones Lang LaSalle represented SHI International in its purchase of the 420,000-square-foot facility, which is three times larger than SHI’s previous headquarters in Piscataway, N.J., and houses nearly 1,000 employees in a campus setting. The property features two, five-story towers connected on the main floor, as well as
a third ancillary building. The interior workspaces follow the U.S. Green Building Council’s LEED guidelines, and the roof is equipped with solar panels capable of generating 500 kilowatts of electricity annually that could offset SHI’s power consumption by as much as 15 percent. The data center was built using a series of best-ofbreed, high-performance components connected with an emphasis on performance, resilience, and redundancy. The project was designed by
the Cornerstone Architectural Group and engineered by Becht Engineering, while construction was lead by Turner Construction and Unity Construction. Jones Lang LaSalle’s PDS group provides corporate and institutional clients with management of design, construction and relocation services to minimize risk and eliminate unnecessary cost. Project specialties include interior build-outs and base building construction on single tenant properties or large-scale multi-site portfolios. â–
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26A — February 10 - 23, 2012 — New Jersey — Mid
Atlantic Real Estate Journal
www.marejournal.com
NORTHERN NEW JERSEY 44 Beech St. in Paterson, Passaic County
In Russo Office Park, Carlstadt
Weichert’s Mittleman negotiates Studley & Russo Dev. arrange 197,445 s/f lease 200,000 s/f industrial sale
P
ATERSON, NJ — John Udell, president announced that senior vice president, Aaron Mittleman (shown right) has recently completed the sale of a 200,000 s/f industrial property located at 44 Beech St. Mittleman represented the buyer, Beech Street, LLC in the transaction. Brian Marsek of Weichert’s Downtown Jersey City resi-
44 Beech Street dential office represented the seller, Craft Textile Printing. “We are pleased to congratulate Aaron on the closing of this transaction,” said John
Udell. “Aaron’s extensive market knowledge and commitment to service continues to produce outstanding real estate solutions for his clients.” ■
CARLSTADT, NJ — The Donna Karan Company has signed a new lease at 400 Commerce Blvd. owned by Russo Development. In this 197,445 s/f long term lease, Thomas Carragher of Studley Inc. represented The Donna Karan Co., and Michael Pembroke, senior vice president – leasing & marketing along with Adam
Pasternack, director of leasing for Russo Development, represented the ownership. “This facility was a perfect fit for Donna Karan’s needs,” said Carragher. “The convenient location, flexible building design and overall quality of the asset will fit well with DKNY’s growing distribution and business initiatives.” ■
NAI Hanson inks three ind. deals in Bergen County, NJ HACKENSACK, NJ — NAI James E. Hanson’s vice presidents Jeffrey DeMagistris
and Thomas Vetter have completed three significant industrial transactions in Bergen County. DeMagistris and Vetter represented the landlord, R.J. Purcell Associates in a lease expansion at 472 Barell Ave. in Carlstadt, where bottle manufacturer, Paradigm Packaging signed on to occupy 39,832 s/f. The team represented Hampshire Cos., the landlord in a long-term, 20,479 s/f lease at 205 Chubb Ave. in Lyndhurst, a 148,338 s/f facility. The new tenant, BNT Furniture USA, which does business under the Soho Concepts brand, relocated from Piscataway in order to be closer to NYC. John Vzen of Realty Hub represented the tenant. DeMagistris and Vetter represented The Hampshire Companies in the sale of 95 Zabriskie St. in Hackensack. The 12,000 s/f building was sold to Brookside Auto Body. ■
Hartz Mountain adds Great Clips to Tonnelle Plaza SECAUCUS, NJ — According to Hartz Mountain Industries Great Clips has moved to Tonnelle Plaza. Great Clips will further compliment the abundance of retail and services provided at Tonnelle Plaza. Today’s fast-paced consumers will benefit from the relaxing environment at Great Clips. Guests will be presented with quality hair care services and hair care products at affordable prices. Tonnelle Plaza features a range of retail stores including Burlington Coat Factory and Décor Home Furnishings. Within this vicinity, all venues and shoppers can take advantage of the Urban Enterprise Zone, granting the area a 3.5 percent reduced sales tax. ■
Mid Atlantic Real Estate Journal — New Jersey — February 10 - 23, 2012 — 27A
www.marejournal.com
NORTHERN NEW JERSEY Cafiero, Sgambati and Bradshaw market property
Marcus & Millichap sells 8 acres in Kenvil, Morris County
K
ENVIL, NJ — Marcus & Millichap Real Estate Investment Services has announced the sale of an 8 Acre property located in Kenvil, according to Michael Fasano, vice president/regional manager of the firm’s New Jersey office. Alan Cafiero, senior associate, Ben Sgambati, vice president investments, and Brent Bradshaw, investment specialists in Marcus & Millichap’s New Jersey and Indianapolis offices, had the listing to market the property on behalf of the seller, a Midwest transportation company. They also
Advance Realty’s Banaszynski brokers 21,604 s/f MORRIS TOWNSHIP, NJ — Advance Realty, a owner and developer of class A office and mixed-use properties, announced that Arch Reinsurance Company has signed a 21,604 s/f lease to join the tenant roster at Advance@ Southgate, Advance’s office property at 445 South St. “At Advance@Southgate, Arch Reinsurance joins companies such as Covanta, Travelers and Marsh USA,” Advance Realty Managing Director Brian Banaszynski said. “This roster of high-quality tenants is a testament to the building’s premier location and firstclass amenities.” Advance was represented in the transaction in-house by Banaszynski, while CBRE executive vice president Paul Jacobs and senior vice presidents Colin Reilly and David Opper represented Arch. ■
25 Berkshire Valley Road secured and represented the buyer, a local operator. The subject property is located at 25 Berkshire Valley Rd. RUTHERFORD, NJ — Marcus & Millichap announced the sale of 14 Ames Ave., a 2,528 s/f mixed-use property. Thomas McConnell, CCIM
and Urszula Zoltek, investment specialists in Marcus & Millichap’s New Jersey office, had the listing to market the property on behalf of the seller, a private investor. They also secured and represented the buyer, a local business operator who plans to move his business to the property. The property has three main street office suites occupied by a taxi cab business, computer repair shop, and a real estate agency. With lots of pedestrian and vehicular traffic, this quality construction building is a great location for an owner/ user. ■
The Hampshire Cos. sell two leased units in Fair Lawn FAIR LAWN, NJ — The Hampshire Companies announced the disposition of two units, a total of 39,035 s/f, in an industrial condo building located at 15-01 Pollitt Dr. The sale was made to Fair Lawn Industrial Properties, LLC. “The building’s excellent location in one of the most desirable areas of Northern New Jersey and its flexible business options made this
an ideal opportunity for the buyer,” said Kristin Hanson, an investment manager of The Hampshire Companies. “With an existing major tenant and versatile space options, the property fully met the buyer’s needs and growth goals.” David Thurston of Marcus & Millichap Real Estate Investment Services represented The Hampshire Companies in the transaction. ■
Cresa’s NJ office moves to Rutherford RUTHERFORD, NJ — The New Jersey-based office of Cresa has signed a lease at 201 Rte. 17 North. The New Jersey office has been expanding its capabilities since co-managing principals Tom Giannone and Ron Ganter took the helm
of the office in early 2011. The new lease allows the company to relocate its headquarters from its current location in Paramus, and is in keeping with Cresa New Jersey’s expectation to significantly grow over the next few years. ■
DOMINANCE. “...most influential, having a commanding position.” (Webster’s)
New Jersey’s dominant brokerage firm specializing in the sale of multi-family, retail, and commercial investment properties for private investors, REITS, and other institutional clients.
Hornrock Props. announces plan to acquire $125m worth of real estate PARAMUS, N.J. – HornRock Properties a Paramus based developer of residential and commercial properties has launched an acquisition program to expand its portfolio in the Northeast and will look to acquire $125 million worth of real estate within the next 12 months. In alliance with developer Fieldgate Homes, HornRock Properties will pursue a variety of residential, commercial and mixed-use projects, with a focus on the New York/New Jersey urban and suburban markets. ■
INVESTMENT REAL ESTATE 2 West Northfield Road, Livingston, NJ 07039 Tel. (973) 994-4500 Fax (973) 994-9752 Visit us on the web at: www.gebroehammer.com
Email: info@gebroehammer.com
28A — February 10 - 23, 2012 — New Jersey — Mid
Atlantic Real Estate Journal
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Industrial Commercial Real Estate Women, Inc. www.icrewnj.org
2012 BOARD OF DIRECTORS PRESIDENT Cheryl Hardt Cheryl.hardt@cbre.com PRESIDENT ELECT AND CREW NETWORK DELEGATE Patricia A. Riedel Patricia.riedel@cbre.com TREASURER Sefi Silverstein Wilkin & Guttenplan, P.C. ssilverstein@wgcpas.com RECORDING SECRETARY Rachel M. Brindisi rbrindisi@naiglobal.com DIRECTOR OF MEMBERSHIP Mary Lynn Kearns mkearns@dancker.com CO-DIRECTOR, PROGRAMING Monica Ceres, Esq. mceres@ghclaw.com CO-DIRECTOR, PROGRAMING (PHILANTHROPY) Susan Karp skarp@farerlaw.com CO-DIRECTOR, SPONSORSHIP Patricia D. Faulkner pfaulkner@naiglobal.com CO-DIRECTOR, SPONSORSHIP Diane Menard diane2@prestigetitle.net DIRECTOR,SPECIAL PROJECTS/GOLF Robin S. Grossman Rgros30687@aol.com DIRECTOR, SPECIAL PROJECTS/ WEBSITE/PR Rebecca Machinga, CPA rmachinga@withum.com ADVISOR & CREW NETWORK DELEGATE Sheila Spriggs Nall snall@kssarchitects.com ADVISOR Silvana Finizio sfinizio@carouselindustries.com ADVISOR & BYLAWS Annette Murray, CPA amurray@wgcpas.com
Installation of Officers, Star Awards, Sponsor Expo Highlight
ICREW New Jersey December Luncheon Meeting
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ASKING RIDGE, NJ — “It’s hard to believe that 2011 is over already, and I would like to welcome everyone to our annual year-end transition meeting at which we thank our outgoing board and greet our incoming board,” said Sheila Nall of KSS Architects. Her remarks kicked off the final act of her term as President of ICREW NJ, with the organization’s December luncheon meeting at the Dolce Hotel & Resort highlighted by the installation of 2012 officers and directors. “I think you’ll all agree that 2011 has seen a great lineup of programs and events for the year, and 2012 promises to be even better,” she said. “And now, as my final order of business, I want to call Cheryl Hardt to the podium as your new President for 2012.” “My focus for 2012 will be about opportunity,” said Hardt, of CBRE. “We’re going to focus, no matter where we are in the business cycle, on opportunity—developing education, networking, and community. All of our programming will emphasize the ability for members to create and take advantage of trends in our marketplace.” Hardt heads a 2012 slate of officers and directors that
includes President-Elect and CREW Network Delegate Patricia Riedel of CBRE; Recording Secretary Rachel Brindisi of NAI Global; and Treasurer Sefi Silverstein of Wilkin & Guttenplan. Co-directors of Sponsorship are Patricia Faulkner of NAI Global and Diane Menard of Prestige Title Agency; Director of Membership is Mary Lynn Kearns of Dancker, Sellew & Douglas; Co-directors of Programming are Monica Ceres of Giordano, Halleran & Ciesla, and Susan Karp of Cole, Schotz, Meisel, Forman & Leonard; and Co-directors of Special Projects are Robin Grossman of Zycus and Rebecca Machinga of WithumSmith+Brown. Sheila Nall will continue to serve as Advisor and CREW Network Delegate; Past President Silvana Finizio of Carousel Industries will serve as Advisor; and Annette Murray of Wilkin & Guttenplan will serve as Advisor-Bylaws. The December luncheon event also featured presentation of the Annual Star Awards for outstanding achievements and contributions of ICREW NJ. The 2011 recipients were Annette Murray; Silvana Finizio; Sefi Silverstein; Mary Lynn Kearns; Karen Rossilli of
PAR Flooring; and Cheryl Marraffino of Skanska USA Building. Other highlights of the event were the ICREW NJ Sponsor Expo; and the December philanthropy, ICREW NJ’s 11th Annual Toy Drive to benefit the New Jersey Battered Women’s Service Children’s Program. “The response to the toy drive was outstanding,” said Nall. “It just re-emphasizes that philanthropy is such a large part of who we are here at ICREW, and I am proud to be a part of it.” 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) 585-6871, via email icrewnj@crewnetwork.org or visit their website at www. icrewnj.org ■
About ICREW NJ Founded in 1982, ICREW NJ (New Jersey Chapter of Industrial Commercial Real Estate Women, Inc.) is a notfor-profit organization that promotes communication and interaction between experienced commercial real estate professionals in New Jersey. 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.
PENNSYLVANIA
SHOPPING C ENTERS R E J EAL
STATE OURNAL
Mid Atlantic Real Estate Journal — Pennsylvania — February 10 - 23, 2012 — 29A
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Robert E. Lamb Inc. is the architect for the 111,000 s/f energy efficient facility
Skanska awarded $63m contract for new data and operations center in Pennsylvania
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L U E B E L L , PA – Skanska has secured a $63 million contract to provide construction management services for the construction of a new data and operations center for a confidential client in Pennsylvania. The 111,000 s/f, energy efficient facility will consolidate the state-of-the-art transmission control, distribution control, and data centers into one comprehensive location that will capitalize on the advantage of shared utilities. It will also provide high-level security
Data and Operations Center
and accommodate for future growth. A 16,320 s/f equipment yard is included in the contract. The project will be substantially complete by the end of December 2012 and is expected to be ready for operation by July 2013. Robert E. Lamb Inc. is the architect. Skanska USA is one of the largest, most financially sound construction networks in the country serving a broad range of industries including healthcare, education, sports, data centers, government, aviation, transportation, and wastewater. n
MacLaren, Townsend & Talone rep both Webb, Alderman, & Van Buskirk of JLL rep Endurance
Marcus & Millichap announce $5.8m sale
Endurance Real Estate Group acquire a $8.075m 312,900 s/f Class-A warehouse
HARRISBURG, PA — Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Harrisburg Park, a 163 unit Apartments property located in Harrisburg, for $5,831,750, according to Spencer Yablon, Regional Manager of the firm’s Philadelphia office. Ridge MacLaren, vice president investments, Andrew Townsend, senior associate, and Clarke Talone, associate in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a partnership. The buyer, a local partnership of Brick, NJ was also secured by MacLaren, Townsend and Talone. “95% of the property had a project based HAP contract” noted MacLaren. “The buyer, with their outstanding management team, should see upside through more efficient management along with the long-term stability of the HAP contract,” he added. Harrisburg Park is located at 1410 South 15th Street. The property has a strong unit mix of one, two, and three bedrooms. The property was
YORK, PA — An affiliate of Endurance Real Estate Group, LLC, announced the acquisition of property located at 515 Zarfoss Drive, York, a class Awarehouse/distribution building totaling 312,900 s/f, situated on 26.81 acres of land for $8,075,000 or $25.80 per s/f. The Property was acquired from Susquehanna Real Estate, LP. The Property is well positioned and benefits from excellent access as well as easy linkage to the tri-city area of Harrisburg, Carlisle and York with the region’s most important highway systems including I-83, I-81, I-78, I-76 (Pennsylvania Turnpike), Route 222 and Route 30.
Harrisburg Park built in 1967 and includes recent upgrades to select kitchens. “We’ve seen an increased demand for the low income housing projects in the mid-Atlantic,” says Townsend. “Routinely we are seeing double-digit offers on our listings that have HAP contracts. Additionally, we have successfully completed several recent transactions with expiring low income housing tax credits,” he adds. As a team, MacLaren, Townsend, and Talone completed 7 low income housing transactions in 2011 totaling 650 units and $30 million in value. ■
515 Zarfoss Drive The seller was represented by by Jason Webb, Mike Alderman David Bode of Rock Commercial and John Van Buskirk of Jones and Endurance was represented Lang LaSalle. n
30A â&#x20AC;&#x201D; February 10 - 23, 2012 â&#x20AC;&#x201D; Pennsylvania â&#x20AC;&#x201D; Mid
Atlantic Real Estate Journal
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EASTERN PA Crampsie represents owner in 58,460 s/f office lease
NAI SUMMIT closes $1.2 million deal in Allentown
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LLENTOWN, PA â&#x20AC;&#x201D; NAI Summit recently represented both parties in the sale of 3975 Township Line Road, Allentown (pictured right). The sale price of the transaction was $1,200,000; the building includes 15,912 s/f of office space. The buyer, Access Services, Inc., is a non-profit organization which provides support services to individuals with special needs. The seller, Lafayette Ambassador Bank, is a community bank serving Lehigh and Northampton counties. In addition in other recent transaction news, NAI Summit has recently completed the following lease transactions: John Crampsie, principal at NAI Summit, recently represented the building owner in the lease of 58,460 s/f of office space at 1550 Pond Road (Winchester Plaza), Allentown. The transaction is a lease renewal for the current tenant, Aetna. Aetna is a national leader in healthrelated benefits, including health, dental, pharmacy, group life, and disability insurance. Michael Adams of NAI Summit recently represented the owner, HAF, Inc., in two
transactions totaling over 6,000 s/f. The first transaction was the leasing of 2,373 s/f of warehouse space at 2438 Emrick Blvd, Bethlehem. The second transaction was the leasing of 4,500 s/f of office space at 2524 Brodhead Road, Bethlehem. Michael Adams of NAI Summit has also recently represented both the owner and the tenant in leasing 16,800 s/f of warehouse space at 969 Postal Road, Allentown. The tenant, Fiber Focus, is a communications subcontractor. The owner, Denholtz Associates, is a commercial real estate developer and property management company based in New Jersey. Matthew Dorman of NAI Summit recently represented the owner in subleasing 17,000 s/f of office space at 3450 High Point Blvd (Lehigh Valley Corporate Center), Bethlehem. â&#x2013;
Pennsylvania Real Estate Journal a section of the
Mid Atlantic Real Estate Journal P.O. Box 26, Accord, MA 02018 781-871-5298 â&#x20AC;˘ 800-584-1062 fax 781-871-5299
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Section Editor Rachel Rugman editor@marejournal.com
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CBRE Inc. | 1275 Glenlivet Drive, Suite 120 | Allentown, PA 18106 | T.610.398.6900 | F.610.398.7815 www.cbre.com/allentown | Licensed Real Estate Broker
Mid Atlantic Real Estate Journal — Pennsylvania — February 10 - 23, 2012 — 31A
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32A â&#x20AC;&#x201D; February 10 - 23, 2012 â&#x20AC;&#x201D; Pennsylvania â&#x20AC;&#x201D; Mid
Atlantic Real Estate Journal
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Central PA
Leases transactions totaling 82,842 s/f
ROCK Commercial closes $572,500 warehouse sale
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Ryan Myers, CCIM Larry Oâ&#x20AC;&#x2122;Brien, CCIM Benjamin Chiaro, CCIM John Birkeland Greg Finkelstein 717.854.5357 www.rockrealestate.net
ENTRAL, PA â&#x20AC;&#x201D; ROCK Commercial Real Estate announces the following transactions: Samuel Brothers Realty LP bought a 29,700 s/f warehouse building on 2.94 acres at 53 & 77 Cooper Avenue in Lancaster, PA in East Hempfield Township. ROCK Commercial Real Estate represented the buyer in the $572,500 transaction and NAI Commercial Partners, Inc. represented the seller in this transaction. Midlantic Pallet, LLC leased 32,250 s/f of industrial space at Hill Street in York, PA in York City. ROCK Commercial Real Estate, LLC represented the
3325 Connelly Road landlord and the tenant in this transaction. Motorcycle Safety Foundation leased 18,053 s/f of indus-
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trial warehouse space at 3325 Connelly Road in Emigsville, PA in Manchester Township. ROCK Commercial Real Estate, LLC represented the landlord and the tenant in this transaction. York Electro Mechanical Corporation leased 12,688 s/f of industrial space at 120 Rose Court in York, PA. ROCK Commercial Real Estate, LLC represented the landlord and the tenant in this transaction. Fluid Power Associates, Inc. leased 7,011 s/f of industrial space at 50 Aberdeen Road in York, PA in Manchester Township. ROCK Commercial Real Estate, LLC represented the landlord and the tenant in this transaction. Endless Repairs leased 4,869 s/f of industrial space at 1130 Zinns Quarry Road in York, PA in West Manchester Township. ROCK Commercial Real Estate, LLC represented the landlord and the tenant in this transaction. Grane Home Health Care and Hospice, Inc. leased 4,501 s/f of office space at 3501 Concord Road in York, PA in Springettsbury Township. ROCK Commercial Real Estate, LLC represented the landlord and the tenant in this transaction. Good Dog Taproom leased 2,140 s/f of mixed use space at 57 West Market Street in York, PA in York City. ROCK Commercial Real Estate, LLC represented the landlord and the tenant in this transaction. Loving Memories Photography leased 830 s/f of office space at 3277-3297 North George Street in Emigsville, PA in Manchester Township. ROCK Commercial Real Estate, LLC represented the landlord and the tenant in this transaction. Ishia Hannah leased 500 s/f of retail storefront space at 342 West Market Street in York, PA in York City. ROCK Commercial Real Estate, LLC represented the landlord and the tenant in this transaction. n
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Mid Atlantic Real Estate Journal — Pennsylvania — February 10 - 23, 2012 — 33A
34A — February 10 - 23, 2012 — Pennsylvania — Mid
Atlantic Real Estate Journal
www.marejournal.com
CENTRAL PA Central PA’s Leading Commercial Industrial Real Estate Firm*
Kahlbaugh brokers 26,000 s/f industrial building
Springwood Commercial facilitates $535k sale Our Agents: Bradley Swidler
David Rudy
Craig Rahn
Jason Sourbeer
Daniel Alderman
Joseph Bedard, SIOR
Erik Gainor
Justin Shoemaker
Fahd Malik
Mark Santanna
Harold Leibenson
M. Richard Kleiman
Ida McMurray, CCIM
Nathan Kranz
Jack Shepley, SIOR
Nik Sgagias
James Ross
Peter Gemora
William Gladstone, CCIM, SIOR
Robin Zellers, SIOR, COO
*Based on Central Penn Business Journal Report of Commercial Real Estate Firms 2008-2010
Breaking New Ground Celebrating over 75 Years
Y
ORK COUNTY, PA – Keith Kahlbaugh of Springwood Commercial Realty brokered the following transactions: RSKL Real Estate Holdings, LLC purchased a 12,800 s/f i n d u s t r i a l Keith Kahlbaugh building for $535, 000 situated on a 1.85 acre parcel located at 3430 Woodbridge Circle, Manchester Township, York County. Springwood Commercial Realty represented the buyer. Rumar, Inc. purchased a 6,000 s/f mixed-use building for $ 400,000, located at 72 N. Main Street, Stewartstown, PA, York County. Springwood Commercial Realty represented the seller. Queen Pauline LP purchased a 1.75 acre commercial parcel located at 150 Pauline Drive, York Township, York County.
3430 Woodbridge Circle
72 N. Main Street, Stewartstown, PA Springwood Commercial Re- at 296 Pleasant Acres Road, alty represented the buyer. Springettsbury Township, York Nu-Design Construction County. Springwood Commerleased 2,000 s/f in indus- cial Realty represented the trial warehouse space located landlord. ■
Shepley of NAI CIR leases 112,000 s/f of warehouse space MANCHESTER TWP., PA — NAI CIR announced the following transactions: Crane Cartage, LLC, a logistics company, has leased 112,000 s/f of warehouse space at 3380 Susquehanna Trail, Manchester Twp. Jack Shepley of NAI CIR represented Crane, and Pat McBride of Cushman & Wakefield, Inc. represented the landlord, Susquehanna Trail, LP. Haldex Brake Products Corp., LP has leased 32,000 s/f of warehouse and manufacturing space at 2700 Commerce Dr., Lower Swatara Twp. Daniel J. Alderman of NAI CIR represented the property owner, First Industrial Financing Partnership, LP, and Brett A. Crans of Interstate Commercial Management rep-
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resented Haldex. Trinity Construction Group, LLC is opening an additional location in the 11,774 s/f commercial building it recently purchased at 2701 S. Front St., Steelton. James D. Ross of NAI CIR represented the seller, Metro Bank, and Greg Burston of RE/MAX Realty Professionals represented Trinity Construction. International Partners Commercial Leasing, LP has announced the purchase of two investment properties: an 8,752 s/f property at 100 Colonial Road, Lower Paxton Twp., and a 7,000 s/f property at 3514 Trindle Road, Hampden Twp. Bill Gladstone of the Bill Gladstone Group of NAI CIR handled the
transaction for the seller. Diner Guys, Inc. has purchased 6,485 s/f of commercial space at 4651 Lindle Road, Swatara Twp. Nik Sgagias of NAI CIR handled the transaction. 230 Spring Garden Partners has leased 6,100 s/f of industrial space at 230 S. Spring Garden St., Carlisle. Jack Shepley of NAI CIR represented 230 Spring Garden Partners, and Dick Moore of Landmark represented the landlord, Carlisle Machine Shop, Inc. Horicon Foods, Inc. has leased 3,245 s/f of office space at 6360 Flank Dr., Lower Paxton Twp. Fahd Malik of the Bill Gladstone Group of NAI CIR represented Horicon Foods. ■ 110 N. George Street, 4th floor York, PA 17401
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ENGINEERS SPOTLIGHT Mid Atlantic Real Estate Journal — Pennsylvania Spotlight — February 10 - 23, 2012 — 35A
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February 19-25, 2012
Company to employ 325 professionals
National Engineers Week founded by NSPE in 1951
Maser Consulting & KZA Engineering merge
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ounded by NSPE in 1951, EWeek (February 19– 25, 2012) is dedicated to ensuring a diverse and welleducated future engineering workforce by increasing understanding of and interest in engineering and technology careers. In the United States, the third full week of February is National Engineers Week. Today, Eweek is observed by a formal coalition of more than 70 engineering, education, and cultural societies, and more than 50 corporations and government agencies. The purpose of National Engineers Week is to call attention to the contributions to society that engineers make. It is also a time for engineers to emphasize the importance of learning math, science, and technical skills Dedicated to raising public awareness of engineers’ posi-
tive contributions to quality of life, National Engineering Week promotes recognition among parents, teachers, and students of the importance of a technical education and a high level of math, science, and technology literacy, and motivates youth, to pursue engineering careers in order to provide a diverse and vigorous engineering workforce. Each year, EWeek reaches thousands of schools, businesses, and community groups across the U.S. The celebration of National Engineers Week was started in 1951 by the National Society of Professional Engineers in conjunction with President George Washington’s birthday. President Washington is considered as the nation’s first engineer, notably for his survey work. Engineers have helped build our nation since it’s founding.
Our first president, George Washington, conducted engineering activities as a soldier and as a young man, surveying and mapping wilderness territories. Today, engineers are essential for building and maintaining the systems that protect our health and safety, restore and protect our environment, make our factories run and contribute to our economic future Yet, for all these contributions toward building a modern world, there are many people who are not aware of what the more than 1.6 million engineers in this country do. Engineers Week is a strong venue to inform our citizens of the value of engineers, celebrate engineering technology and innovation and cultivate interest in math, science and engineering among the nation’s youth - tomorrow’s work force. ■
GEOTECHNICAL ENGINEER
RED BANK, NJ — Maser Consulting P.A., based in Red Bank, NJ is pleased to announce that it is merging with KZA Engineering P.A. KZA is based in Manasquan, NJ. As a result of this merging, Maser Consulting will employ 325 experienced and licensed professionals throughout the Northeast and Mid-Atlantic regions. “Our merging with KZA will enable Maser Consulting to expand our footprint across the Northeast and MidAtlantic regions,” said Richard M. Maser, P.E., P.P., C.M.E., CEO/President of Maser Consulting. “KZA brings a high level of corporate experience to Maser Consulting that will complement our core services and expand our offerings to Visual Arts, including 3D and computer generated animations.” Maser Consulting is a well
known, multi-discipline engineering consulting firm with a broad range of client experience. The company offers a comprehensive suite of engineering services and has an expert staff of engineers, planners, surveyors, landscape architects and environmental scientists. KZA Engineering is a 50person full service engineering firm with offices in New Jersey, Pennsylvania and Virginia. KZA is a multi-discipline engineering consulting firm with more than 27 years of experience in the corporate retail and commercial industries. “Rich Maser and I have been close business colleagues for the past 25 years and the merging of our companies makes sense as we have similar corporate cultures and a roster of experienced engineers and consultants,” said Richard Kenderian, KZA CEO and president. ■
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36A — February 10 - 23, 2012 — Pennsylvania — Mid
Atlantic Real Estate Journal
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PA ENGINEERS SPOTLIGHT
Mission Statement: Our goal is to work with clients and community leaders to Type of Engineering create a sense of sustained value in the land we develop, Firm: Civil now and in the future. Headquarters: King of What projects are you currently involved in: Prussia, PA We currently have several large projects that are under Additional locations: construction including the highly anticipated Valley None Forge Casino Resort, the Company Size or No. of Park Ridge Hotel in King of Prussia, Bryn Mawr Acme, employees: 26 Citizens Bank in Lower Merion Township and multiple Year Company was Wawa’s. Projects in design Established: 1992– include 530/580 Swedesford 20th Year Anniversary Road for Davis Cos. and Services offered: Civil MIM-Hayden, various sites Engineering, Land Sur- for Patient First and ADA veying, Land Planning, evaluations for 50 existing Landscape Architecture Wawa locations. n
CIVIL ENGINEERING, LAND PLANNING & SURVEYING
Company Name: McMahon Associates, Inc. Type of Engineering Firm: Traffic Engineering, Transportation Planning & Design Headquarters: 425 Commerce Drive, Suite 200, Fort Washington, PA 19034 Additional locations: Exton, Camp Hill, and Pittsburgh, PA; Yardville, NJ; and Bowie, MD Company Size or No. of employees: 120 Year Companywas Established: 1976, 35+ years Services offered: Traffic Engineering, Transportation Planning, Traffic Data Collection, Traffic Impact & Parking Studies, Parking Supply/Demand Studies; Traffic Circulation Consultation; Expert Witness Testimony & Public Presentation; Traffic Signal Design/ITS; Highway Occupancy/Access Permitting; Access/Roadway/Intersection/ ADA Ramp Design; Pavement Design; Structural Design; Water Resources Management;
Construction Observation & Management; Land Surveying; GIS & Custom Software Development; IT Managed Services. Mission Statement: McMahon delivers responsive and effective transportation solutions with a commitment to a caring work environment. What projects are you currently involved in currently: A sampling of McMahon’s current projects include: •Valley Forge Casino Resort, Upper Merion Township, Montgomery County, PA Includes 33,200 s/f of casino gaming and amenity renovation. •Haverford Quarry Center, Haverford Township, Delaware County, PA. Includes a 225,000 s/f commercial center. •Mt. Laurel Retail Center, Mt. Laurel Township, Burlington County, NJ. Includes a 200,000+ s/f commercial center. •Valley Forge Shopping Center Renovation and Target Store Addition, Upper Merion Township, Montgomery County, PA. n
TRAFFIC ENGINEER
McMahon Associates
Nave Newell, Inc.
Company Name: Nave Newell, Inc.
Mid Atlantic Real Estate Journal â&#x20AC;&#x201D; Pennsylvania â&#x20AC;&#x201D; February 10 - 23, 2012 â&#x20AC;&#x201D; 37A
www.marejournal.com
PA ENGINEERS SPOTLIGHT Delaware Valley Engineers Week Council to recognize
Baumert named to 2012 Engineerâ&#x20AC;&#x2122;s Club Hall of Fame
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HILADELPHIA, PA â&#x20AC;&#x201D; The Delaware Valley Engineers Week Council of the Engineersâ&#x20AC;&#x2122; Club of Philadelphia has named Keast & Hood Co. senior consultant and former prinCarl A. cipal, Carl A. Baumert, Jr. Baumert, Jr., PE, to its 2012 Hall of Fame. The recognition affirms Baumertâ&#x20AC;&#x2122;s ongoing, 50-plus-year career as a structural engineer in Philadelphia. Formal recognition will take place at an awards and proclamation luncheon Friday, February 17 at the DoubleTree Hotel in Philadelphia and at a reception Thursday, February 23 at the Pyramid Club. â&#x20AC;&#x153;Carl has made significant
contributions to Keast & Hood Co. and its clients for over 50 years,â&#x20AC;? said principal Dean Doukakis, PE. â&#x20AC;&#x153;Carlâ&#x20AC;&#x2122;s technical proficiency, creativity, and penchant for history have left a lasting impression on the design and construction community locally and at large.â&#x20AC;? Now in his 80s, Baumert continues working in Keast & Hood Co.â&#x20AC;&#x2122;s Philadelphia office where he focuses on historic restoration and rehabilitation projects, including participation since 1991 as the lead structural consultant for the multi-disciplinary restoration team for Philadelphiaâ&#x20AC;&#x2122;s City Hall. Baumert has worked as a structural engineer for almost 60 years. He was a principal of Keast & Hood Co. from 1963 to 1995, during which time he directed structural engineering for scores of major
new building and renovation design projects. His project experience includes work for the University of Pennsylvania, University of Delaware, Harvard University, and the Union League. His work on historic buildings and national landmarks has included Fire Island Lighthouse, Robert Smithâ&#x20AC;&#x2122;s Saint Peterâ&#x20AC;&#x2122;s Church and Christ Church (NJ), and Perryâ&#x20AC;&#x2122;s Victory International Peace Memorial. Hall of Fame inductees include individuals, teams, projects, and companies whose achievements have had a longlasting impact on engineering or the public. Other members of the Hall of Fame include ENIAC, the first electronic digital computer; Philadelphia City Hall; pioneering bridge engineer Ralph Modjeski; and first engineer of the Pennsylvania Railroad J. Edgar Thomson. â&#x2013;
K&W Engineers & Consultants promotes Wise HARRISBURG, PA â&#x20AC;&#x201D; K&W Engineers and Consultants of Swatara Township, Dauphin County, recently promoted Daniel Wise (pictured right), RLA from Staff Engineer to Project M a n a g e r.
His new responsibilities will include management of a design team in the Harrisburg office with a primary focus on project scope, schedule and budget. Danielâ&#x20AC;&#x2122;s expertise includes site planning, environmental permitting and storm water management design. He has a Bachelor of Science degree in Landscape Architecture from the Pennsylvania State
University. K&W Engineers and Consultants specializes in providing civil engineering and consulting services that include land development / site design, traffic / transportation, municipal engineering, comprehensive watershed management, water / wastewater design, environmental permitting, landscape architecture and survey. â&#x2013;
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RETTEW donates more than $16,000 of goods to food bank L A N C A S T E R , PA â&#x20AC;&#x201D; RETTEW, an Engineering News-Record top 500 design firm providing engineering, transportation, environmental consulting, planning and surveying services, recently donated more than $16,000 and 6,000 pounds of canned
goods to food banks in Pennsylvania and New York. â&#x20AC;&#x153;RETTEW feels that itâ&#x20AC;&#x2122;s important to give back to families and individuals who live in communities where we have offices, employees and clients,â&#x20AC;? said Mark Lauriello, PE, president, RETTEW.
â&#x20AC;&#x153;Having a company wide food drive where our donations are distributed throughout Pennsylvania and New York enabled us to do that.â&#x20AC;? RETTEW partnered with the Central Pennsylvania Food Bank (CPFB) for the food drive. â&#x2013;
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38A — February 10 - 23, 2012 — Pennsylvania — Mid
Atlantic Real Estate Journal
www.marejournal.com
PA ENGINEERS SPOTLIGHT Central, Delaware Valley & Lehigh Valley
2012 National Engineers Week announces Award recipients
C
ENTRAL, PA — Hugh V. Archer, Ph.D., P.E., DEE, F. ASCE has been selected by the Central Pennsylvania Engineers Week Council to receive the 2012 Engineer of the Year Award. Hugh is a member of the American Society of Civil Engineers and is employed with Mavickar Environmental Consultants, Inc. Melody A. Matter, P.E., PTOE has been selected by the Central Pennsylvania Engineers Week Council to
receive the 2012 Young Engineer of the Year Award. Melody is a member of the Mid-Atlantic Section of the Institute of Transportation Engineers, Intelligent Transportation Society of Pennsylvania, and the American Society of Highway Engineers. She is employed with McCormick Taylor, Inc. Jerry F. Shoup, Ph.D. has been selected by the Central Pennsylvania Engineers Week Council to receive the 2012 Technical Achievement
Award. Jerry is a member of the Institute of Electrical and Electronics Engineers and is employed with Penn State Harrisburg - Capital College. Charles S. Merris, Jr., P.E., C.E.M. has been selected by the Central Pennsylvania Engineers Week Council to receive the 2012 John H. McCormick Educational Outreach Award. Charles is a member of the American Institute of Chemical Engineers and employed with P.H. Glatfelter Company. ■
Lehigh Valley announces 2012 Engineer Awards
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LEHIGH VALLEY, PA — Joseph B. McCarthy, PE has been selected to receive the award for LVPSPE 2012 Engineer of the Year. Joe is a member and past president of the Lehigh Valley Chapter of the Pennsylvania Society of Professional Engineers, a member of the Order of the Engineer, past Chairman and current board member of Lehigh Valley Engineer-
ing Council, and life member of IEEE. He is currently a consulting electrical engineer and Vice President of J and P Engineers, P.A. a full service MEP and FP engineering firm with offices in New Jersey and Pennsylvania. C h r i s Wi l l i a m s , E I T, LEED AP has been selected to receive the award for LVPSPE Young Engineer of the Year. Chris is the Secretary of
the Lehigh Valley Chapter of the PA Society of Professional Engineers (LV PSPE) and is the volunteer coordinator for the 2012 Mathcounts Competition. He joined the Civil Engineering Department of Barry Isett & Associates (BIA) in 2007, and has been a key team member on scores of projects for many of BIA’s long-term and high profile clients. ■
Delaware Valley & Delaware County 2012 Announcements DELAWARE VALLEY, PA — Timothy H. Haahs, P.E., AIA, President of Timothy Haahs & Associates, Inc. (TimHaahs), has been selected by the area engineering and technical societies as the 2012 Delaware Valley Engineer of the Year. He is an active member of the American Institute of Architects, American Planning Association, Institute for Transportation Engineers and National Parking Association and is the President and CEO of TimHaahs. Catherine Golata Farrell, PE has been selected by the area engineering and technical societies as the 2012 Delaware
Valley Young Engineer of the Year Award. Catherine is active in the American Society of Civil Engineers, a member of the American Society of Highway Engineers and the Engineers Club of Philadelphia and is an assistant project manager in the transportation department at Michael Baker Jr., Inc. in Horsham, PA. Joseph P. Martin, PE, PhD has been selected to receive the Delaware County Chapter 2012 Engineer of the Year. “Doc” Martin, as he is affectionately called, has been stressing the “big picture” to his students the past 29 years at Drexel University’s Depart-
ment of Civil, Architectural and Environmental Engineering. He feels it is extremely important for engineers “to have a well-rounded and grounded education,” After all, according to Martin, “engineering logic means anything can be accomplished.” The Delaware County Chapter of the Pennsylvania Society of Professional Engineers announced Thomas A. Caramanico has been select to receive the 2012 Lifetime Achievement Award for his 40 years of service and influence in the engineering community. Tom joined McCormick Taylor in 1972 as a bridge engineer. ■
Mid Atlantic Real Estate Journal would like to congratulate The 2012 National Engineering Week Award Recipients
If you would like to receive information on upcoming Engineering Spotlights call Elaine Fanning: (800) 584-1062/781-871-5298 Ext. 212 or email: efanning@marejournal.com
www.marejournal.com
Mid Atlantic Real Estate Journal â&#x20AC;&#x201D; Pennsylvania â&#x20AC;&#x201D; February 10 - 23, 2012 â&#x20AC;&#x201D; 39A
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40A — February 10 - 23, 2012 — Pennsylvania — Mid
Atlantic Real Estate Journal
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Mid Atlantic Real Estate Journal — Pennsylvania — February 10 - 23, 2012 — 41A
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WESTERN PA SPOTLIGHT Executive Director Reichard retires after 25 years
Yozwiak, Reehil & Matthews rep seller
Penn-Northwest hired Seitz to direct Economic Dev. Agency
M&M brokers a $1.2m 6,880 s/f building
M
ERCER, PA — PennNorthwest 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 vet- Randy Seitz eran economic development 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 ac-
celerate new investment and job creation is very exciting. Places that are succeeding in their approach to economic growth are doing it collaborating 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. “Larry has served PNDC well since the corporation was established 25 years ago,” said Kachulis. “He is well respected for his accomplishments in economic development both regionally and statewide.” Reichard will continue to serve PNDC during a transition period. Seitz began his new role January 1, 2012. In other news, Penn-Northwest Development Corporation announced that long time Executive Director, Larry Reichard, will be officially retiring effective the end of January. “After a national search Reichard was selected as the first CEO of Penn-Northwest Development Corporation in 1986 and has served the Corporation and Mercer County well during his tenure as the executive director of the Corporation.” said Lew Kachulis recently elected Chairman of the Board. During his 25 year tenure, Reichard successfully led the Corporation in over 420 industrial and commercial projects facilitating over $1 billion in new public and private investments in the County which created over 8,000 new jobs and assisted in the retention of thousands of others. ■
Colliers International announces Tracy SIOR appointed as VP of Industrial Brokerage PITTSURGH, PA—Colliers International|Pittsburgh announced that Patrick Tracy SIOR has joined the firm as vice president of Industrial Brokerage. His responsibilities include the sale and leasing of industrial real estate as both a tenant and landlord representative. His position as vice president of Industrial Brokerage will encompass all aspects of commercial real estate, including but not limited to, office, land and investment sales. “We are very fortunate to have such a seasoned veteran join our firm, and it points to the ever growing reputation of our firm and our affiliation with Colliers International,” said Gregg Broujos, managing director and founding principal at Colliers International Pittsburgh. Tracy previously spent approximately fourteen years with Langholz Wilson Ellis, Inc. as vice president, specializing in brokerage sales
and leasing, with a focus on tenant representation, landlord representation, investment property sales and complex real estate projects such as land and property assemblages. In that position, he represented clients that include Intel, Maxim Crane, General Motors, General Electric, York, ACS, Trane, Rollins, Bay Valley Foods, TreeHouse Foods, Inc., Home City Ice Company, Vanity Fair/Bestform, Inspired Technologies, Solar Power, Inc., USA Gourmet and Kensington Windows. Prior to that, he held several positions with Landmark Communications Inc., including Property Manager and Vice President/General Manager for the whollyowned subsidiary, Commonwealth Building Company. There his responsibilities included the management of seventeen corporate-owned properties with over 550,000 s/f from Richmond, Virginia to the Outer Banks of North
Carolina. Tracy’s past experience also includes Coldwell Banker NRT, where he specialized in the sale and leasing of light industrial property in their commercial division. Patrick Tracy is a native of the Washington, DC area and has been living in the greater Pittsburgh for over eighteen years. He brings more than 20 years of clientbased service experience to the commercial real estate industry with a focus on land and industrial sale and leasing matters. He is a licensed real estate salesperson in the Commonwealth of Pennsylvania, and is an active volunteer with the American Cancer Society. Tracy holds a Bachelor of Science Degree from James Madison University, with a major in Communication Arts and a minor in Business Administration. He also holds a Master in Business Administration studies from Old Dominion University. ■
PNC Bank PITTSBURGH, PA — Marcus CCIM, investment specialists in & Millichap Real Estate In- Marcus & Millichap’s Columbus vestment Services, announced office, had the exclusive listing the sale of PNC Bank, a 6,880 to market the property on bes/f Single-Tenant Net-Leased half of the seller, a partnership. property located in Pittsburgh, The buyer, a partnership, was according to Michael L. Glass, secured and represented by vice president/regional manager Paul Fedorko, an investment of the firm’s Columbus office. specialist in Marcus & MillicThe asset commanded a sales hap’s Cleveland office. Spencer price of $1,269,197. Yablon, Broker, assisted in closDan Yozwiak, John P Ree- ing this transaction. PNC Bank hil and Antoine L Matthews, is located at 206 Rodi Road. ■
AdVenture Development announces more additions at McCandless Crossing PITTSBURGH, PA — AdVenture Development, LLC, a Selma, North Carolinabased Real Estate Development company announced the openings of a Verizon Wireless Zone and a Studio II Nail Salon. The Studio II Nail Salon opened on Monday, January 9th and the Verizon Wireless Zone opened mid January. These two tenants join SportClips and DiBella’s in the small shop space in front of Lowe’s Home Improvement. The McCandless Crossing Verizon Wireless Zone will be the fourth Verizon retailer in the North Hills of Pittsburgh, joining locations in Ross, Hampton, and Cranberry Township. A Handel’s Ice Cream and Yogurt shop and IHOP restaurant, both currently under construction, are expected to open in the spring of 2012. The Verizon Wireless Zone and Studio II Nails Salon join AdVenture Development’s McCandless Crossing project, a 1.2 million s/f +/- mixed use community in the Town of McCandless in the North Hills of Pittsburgh. Plans are underway for a Home2 Suites by Hilton hotel and in additional phases, which include a town center, grocery store, movie theater, medical/ executive offices, along with
a residential/multi-family component. In other news, AdVenture Development, LLC, a announced that construction on McCandless Crossing’s first hotel will begin in March/ April. The Widewaters Group out of Rochester, New York, has purchased a 3.58 acre piece from along Duncan Ave and will construct Pittsburgh’s first Home2 Suites by Hilton. This Home2 Suites by Hilton is located on the West side of McKnight Road next to LA Fitness, part of the greater 130 acre development McCandless Crossing. Home2 Suites is Hilton’s newest brand with 8 locations currently open. Home2 Suites by Hilton’s footprint stretches from Maryland and the Carolinas on the east coast, to Texas and Utah out west. Home2 Suites by Hilton is an all-suite, extended stay hotel chain that was been designed for the savvy and thrifty traveler. All suites feature a full scale kitchen, complete with a refrigerator, microwave oven, dishwasher and other amenities the traveler would have at home. Home2 Suites by Hilton strives to be the cutting edge in extended stay hotel options. ■
42A — February 10 - 23, 2012 — Pennsylvania — Mid
Atlantic Real Estate Journal
www.marejournal.com
WESTERN PA SPOTLIGHT By: Louis V. Oliva, Grubb & Ellis Company
One Year Ends/Another Begins
T
he Pittsburgh Industrial Market continued to defy its Rust Belt neighbors with a year of positive absorption throughout the southwestern Pennsylvania region. Despite several large Louis V. Oliva scale plant closings in various manufacturing sectors, the energy industry continues to be a catalyst for growth in our region. In fact, the Pittsburgh metropolitan area is one of two markets in the country to have recovered 100% of the jobs lost to the latest recession of 2008. It may be no coincidence that
the other market sharing that distinction is Houston, Texas, the center of the energy industry in the United States. While on a smaller scale, areas including Houston Pennsylvania have enjoyed job growth and industrial development related to the oil/gas exploration throughout the Marcellus Shale region. With the expectation of the site selection for a new Cracker Plant, the Pittsburgh market should continue to benefit from energy related industrial development for years and possibly decades to follow. In addition to a return to normal absorption levels, the lack of new construction and speculative inventory has created a healthy environment for landlords and an ever tighten-
ing market for industrial occupiers. 2011 Recap While 2011 got off to a slow start, the late summer and early fall leasing activity ran contrary to worldwide economic concerns. Despite the Euro Debt Crisis and the US Congress Debt Ceiling Debate, absorption picked up dramatically in the second half of the year. Continued strength in the energy sector combined with increasing transaction activity in non-energy related industries drove net positive absorption and pushed the overall vacancy rate lower. The fourth quarter of 2011 was a continuation of the momentum achieved in the third quarter as 2011 finished with solid results.
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Year to date absorption exceeded 1,200,000 s/f (1% of total inventory) and overall vacancy dropped from 9.5% to 9.2%. Class A inventory is at extremely low levels of 1,700,000 s/f or 5.7% of Class A inventory. With only 321,000 s/f of construction in the pipeline, and a majority of it for owner occupied projects, the market should tighten further for 2012. There were a significant amount of large transactions throughout 2011 in many submarkets. Major sales include the following: Rugby Realty purchasing 570,000 s/f in Crafton/West for speculation; Cellone’s Bakery purchasing 131,000 s/f in Crafton/West for expanding operations; Restaurant Depot purchasing 150,000 s/f in the
Strip District of Pittsburgh; Dynamic’s purchasing 115,000 s/f for expansion in Harmar/ Northeast; Three Rivers Marine purchasing 100,000 s/f in Speers/Washington County; and Pitt Ohio Express purchasing 54 acres in Harmar/ Northeast for expansion. Major leases include the following: UPMC leasing 148,000 s/f for warehousing in Cranberry/Northwest; ModCloth consolidating its office and warehouse functions into 146,000 s/f in Crafton/West; AMCOM consolidating its office/warehouse into 35,000 s/f in Findlay/West; American Tire Centers expanding to 150,000 s/f in Findlay/ West; Mitsubishi Electric Power Products expanding by 50,000 s/f in New Sewickley/Beaver; Gardner-Denver expanding into 100,000 s/f in Washington County; Weatherford expanding into 50,000 s/f in Washington County. Several new projects were announced; some as a result of several significant Commonwealth of Pennsylvania economic development initiatives including RCAP Grants which were awarded in the third/fourth quarters of 2011. Within the Airport/West Submarket, Phase II of the Findlay Industrial Park at Westport will provide 225 acres of shovel ready sites to accompany the 300,000 s/f of recently completed projects. Several other projects are in due diligence or various stages of infrastructure development to meet the future needs of the region. In Westmoreland County, the former Sony Plant will be transformed into a multi-tenant facility providing over 2,100,000 s/f under roof to manufacturing related occupiers. With approximately 1,300,000 s/f currently available, this facility is uniquely positioned to provide large scale manufacturing space to fast growing companies from 200,000 s/f to 800,000 s/f. 2012 Forecast As stated previously, given the dearth of speculative construction in 2010-2011, coupled with a return to normal absorption levels in excess of 1M SF annually, the Pittsburgh Industrial Markets finds itself with a 91% occupancy rate and a growth inhibiting vacancy rate of only 5% or 1,700,000 s/f in total for newer Class A inventory. The largest contiguous space is 500,000 s/f and there are only a handful of buildings available for 100,000 s/f industrial occupiers. Continued on page 43A
Mid Atlantic Real Estate Journal — Pennsylvania — February 10 - 23, 2012 — 43A
www.marejournal.com
WESTERN PA SPOTLIGHT By: John M. Lisowski, Grant Street Associates, Inc.
Energy industry leads to surge in Western PA manufacturing
T
he manufacturing industry in Western Pennsylvania is set for revitalization once again and the thanks for this healthy surge go to the booming energy sector. Historically known John M. Lisowski for manufacturing, Western Pennsylvania, particularly the Greater Pittsburgh and the tri-state areas, are set to be big winners in employment, production, growth and overall earnings.
The Marcellus Shale natural gas reserves have brought an influx of activity to the region and will drive production in many sectors for years to come. The abundance of natural gas will keep the cost of fuel down which will further “fuel” the manufacturing sector. As demand increases for steel parts and piping for transport, manufacturers will begin to utilize the cheaper, more environmentally efficient gas to make them more competitive with their overseas counterparts. In the Pittsburgh region, local manufacturers have already benefitted from the heightened demand. Of the top 25
manufacturers involved in nonfood production, 65 percent of them have enjoyed double-digit growth in the last year, with the remaining manufacturers experiencing single-digit growth. Increase in production within a more competitive global manufacturing environment bodes well for the industrial real estate market. As production and cost competitiveness increases in these areas, companies will begin to expand their footprints. Additionally, ancillary service industries will have to keep pace with the expansion activity, inevitably needing more space.
Industrial vacancy rates in the region are already hovering at critically low rates, currently just over 7 percent. The need for additional space will spur the new construction. Among the plans already in place are Chapman Commerce Center, a 2.6 million s/f industrial business park, Phase II of Starpointe Business Park in Washington County, which calls for three buildings totaling more than 1.0 million s/f, and Jackson’s Pointe Commerce Park, where the first 69,000 s/f speculative building is currently under construction. The industrial real estate market in the Pittsburgh re-
gion has long been linked to the manufacturing industry, and with the influx of energy companies in the region, both manufacturing and real estate will benefit greatly. The interrelationship among these three sectors forecasts a bright future with continual expansion on the horizon. Western Pennsylvania will once again be a significant player in the national and global markets. John M. Lisowski is an industrial brokerage and leasing manager with Cushman & Wakefield|Grant Street Associates, Inc. headquartered in Pittsburgh, PA. ■
One Year Ends. . . Continued from page 42A While the Pittsburgh market has not returned to its highest growth levels of 2007-2008, it appears the region could be on its way to the sustainable levels of 2004-2006. If that is the case, financing for both build-to-suit lease and owner occupied projects will be required as well as speculative construction in select markets such as the Airport/ West; Northwest and Washington County submarkets. Concurrently, as we head into 2012, two significant questions remain. Will the European Union come up with a definitive recapitalization plan that does not result in significant defaults or a recession? And how will the US Elections of 2012 play out in light of potentially improving economic conditions, the existing budget deficits and the polarized positions of our two political parties in an election year? As to the first, the European Debt Crisis could have an impact on global companies, some of which are based in Pittsburgh including US Steel, PPG, Heinz, Bayer, and Allegheny Technologies. Clearly, growth in the Pittsburgh industrial sector is more closely levered to the latter as debt reduction, tax rates, health care, regulation (or deregulation) will have a direct impact on consumer confidence, business confidence and banking. As most of the industrial occupiers in the Pittsburgh market are local or regional, a positive economic recovery is essential to continual growth and stability. Louis V. Oliva, CCIM, SIOR is senior vice president of Grubb & Ellis Company headquartered in Pittsburgh, PA. ■
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Mericle to construct spec building on SLIBCO land
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ESSUP, PA — Mericle Commercial Real Estate Services has purchased a 10.02 acre parcel from the Scranton Lackawanna Industrial Building Company in Jessup Borough and will construct a 96,000 s/f flex building there on speculation. Mericle purchased lot 8 along Alberigi Drive in the Jessup Small Business Center and will begin site work for the building this winter. Steel will be erected this spring and the facility will be ready for tenants by early fall. Cummings said the building will feature ceiling clear heights in excess of 30 feet, 15 loading doors, one drive-in door, energy efficient T-bay lighting fixtures, energy efficient gas fired unit heaters and a high-density sprinkler
Rendering of Mericle Flex Building system. The building will also have abundant parking on-site for cars and trailers he said. The Jessup Small Business Center is a 132-acre business park developed and owned by SLIBCO. Mericle and SLIBCO have partnered on successful
projects in the past including the development of two speculative flex buildings in Keystone Industrial Park, a 140,000 s/f speculative flex building in Jessup Small Business Center and a 62,000 s/f office building in the Glenmaura Corporate Center.■
Hollister Construction completes 26,585 s/f unique office space KING OF PRUSSIA, PA — Hollister Construction Services, announced that the firm has completed an intricate, 26,585 s/f office fit-out for the new headquarters and technology center of emerging biofuel company Renmatix. Hollister vice president Scott Levy oversaw the project, which is located at 660 Allendale Road in King of Prussia. Hollister utilized natural products to construct the space, which was designed by noted architecture firm KlingStubbins, and features an open-area design with wood-cladded office pods, as well as an abundance of natural light through exposed high ceilings and clearstory windows. Hollister also constructed an indoor park setting with tree and plant boxes, and garage doors were added for access to an employee
New Renmatix Headquarters patio. The opening of the facil- Construction Services Pennsylity created 150 new jobs in the vania. “While it was a challengPhiladelphia region. ing project, the end result is an “This project saw a ware- amazing space with a unique house transformed into a state- look and feel that matches the of-the-art office space that will client.” serve as the headquarters Renmatix is a producer of for Renmatix, which is a cut- cellulosic sugars for the global ting-edge company,” said John renewable fuels and chemicals Bickel, president of Hollister markets. ■
METAL BUILDING RE-ROOFING
Mid Atlantic Real Estate Journal
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For more information call Elaine Fanning 800-584-1062/781-871-5298 Ext. 212
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Mid Atlantic Real Estate Journal — Pennsylvania — February 10 - 23, 2012 — 45A
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FOUR COMMERCIAL/INVESTMENT PROPERTIES
EASTERN PA NAI Mertz announces 28,000 s/f industrial lease
1717 Stefko Boulevard, Bethlehem PA
NAI Mertz’ Licht & Lashner lease 34,000 s/f in Eastern, PA
M
ONTGOMERY COUNTY, PA — NAI Mertz, Realtor, announced 2 lease transactions completed in Montgomery County, PA. In the larger of the two, Graduate Plastics, Inc. has expanded their company from Florida and Illinois to now occupy 28,000 s/f of industrial space located at 1000 North Cannon Avenue in Lansdale, PA. This transaction between the tenant and Freedom Properties (aka Stoltz Management of Dela-
Absolute Home Mortgage ware, Inc.) was completed by Adam Lashner, VP at NAI Mertz. Absolute Home Mortgage will occupy 6,361 s/f of office space located at 2600 Philm-
ont Avenue in Huntingdon Valley. The transaction between tenant and landlord, Toll Management Company, was completed by Jeffrey Licht, SIOR, Sr. VP at Mertz. ■
·9,372 s/f retail/showroom building ·At a signalized intersection among established retailers ·Off street parking spaces accessed by two means of ingress/egress ·Located on the growing Stefko Blvd., corridor ·21,000+ average daily traffic count and serves a public bus route ·Sale Price: $1,549,000
3320 Hamilton Boulevard, Allentown PA
Swope of Swope Lees facilitates 2,7000 s/f lease WEST CHESTER, PA – Slamm Creative, an innovation and technology company, led by brothers Antony and Leo Daiuto, has committed to lease space at Lincoln Independence Park in West Chester. The new space is 2,700 s/f and will serve the company’s office, R&D, and warehouse needs. In addition and with the assistance of Mary Fuchs of the Chester County Economic Development Council, Slamm has
qualified for state tax credits and other incentives through the Keystone Innovation Zone (KIZ) program. The KIZ program was established to attract and support life-science, biotechnology, and information technology businesses. Chuck Swope, CCIM of Swope Lees Commercial Real Estate facilitated the transaction between Slamm and the property owner, Lincoln Park Partners, L.P. The new flex
space will allow Slamm to expand its services and add skilled jobs. Lincoln Independence Park, developed by local businessmen Bob Casciato and Senya Isayeff, is a new 181,000 s/f flex industrial park in West Goshen Township. Units are available for sale or lease in 2,700 s/f increments and feature separate utilities, assigned parking, and drive-in or loading dock access, among other features. ■
Dietrick Grp. leases 1,000 s/f space to Lehigh Valley Magazine BETHLEHEM, PA — Dietrick Group, LLC leases 1,000 s/f of office space to Lehigh Valley Magazine at 65 E. Elizabeth Avenue in Bethlehem. Dietrick Group’s Kelly L. Berfield represented the landlord, Diversified Capital in the transaction while Lucy H. Lennon, also with Dietrick Group, represented the tenant, Lehigh Valley Magazine. 65 E. Elizabeth is located at the northeast corner of E. Elizabeth and Center Streets in Bethlehem, a prime location for medical and professional office users. Approximately 27,000 s/f remains in the building; various suite sizes are available. ■
·Two suites available ·1,500 s/f & 3,132 s/f ·On site parking ·Public utilities ·Easy access to I-78, 22 & 309 ·Competitive Lease Rate and Sale Terms Considered
2040 W. Hamilton Street, Allentown PA
·6,552 s/f ·Single story office/showroom ·High end office upgrades ·Public utilities ·Easy access to I-78, 22 & 309 ·Sale or Lease Terms Offered
4144 W Tilghman Street, Allentown PA 65 E. Elizabeth Avenue
Building relationships one story at a time. NAI Summit Property Management. Here’s Dr. Fogarty’s story: “My Partners kept complaining that they and their patients weren’t comfortable. The building was too cold in the winter and everyone was freezing. In addition to unhappy occupants, our energy costs were significantly increasing. We turned to our building’s property management team at NAI Summit for help. Because of their many years in the business and strong relationships with the area’s top vendors, NAI Summit recommended working with a local HVAC company to perform a total system assessment and energy audit. Results of the audit suggested some system modifications and upgrades with a price tag of $104,000.00 and a projected payback of 3.9 years. After NAI Summit provided us with all the tools to make an educated decision, we agreed to move ahead with the project. In the first year, our utility bills were reduced by $50,591.00; making payback possible in only 2 year’s time, and my partners were satisfied, comfortable and grateful.” – Dr. Kevin Fogarty, Managing Partner, Bethlehem Medical Arts, LP Visit www.naisummit.com to see where we can help you today.
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·1,750 s/f unit available ·Display windows, double door ·Individual tenant entrance ·Sprinklered, ADA compliant ·Within 1/2 mile of Rt. 309 ·Lease Terms Offered
46A — February 10 - 23, 2012 — Pennsylvania — Mid
Atlantic Real Estate Journal
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Commercial Real Estate Women Lehigh Valley Chapter www.crewlehighvalley.org
2012 LEHIGH VALLEY BOARD OF DIRECTORS
PRESIDENT TINA KISELA SCSM, SCMD THE PROMENADE SHOPS OF SAUCON VALLEY PAST PRESIDENT TRACY YADUSH, RPA NAI SUMMIT PRESIDENT ELECT MAUREEN O’MEARA HAMPSON MOWRER KREITZ INSURANCE (HMK) SECRETARY CATHERINE (KATE) DURSO FITZPATRICK LENTZ & BUBBA, P.C. TREASURER CYNTHIA MERRITT, CPA BUCKNO LISICKY & ASSOCIATES CORRESPONDING SECRETARY PAM MORRIS LIBERTY PROPERTY TRUST DIRECTORS-AT-LARGE CHRISTA DUELBERGKRAFTICIAN, AIA SPILLMAN FARMER ARCHITECTS JESSICA GENTILE NORTH STAR CONSTRUCTION MANAGEMENT, INC. POLARIS PROPERTIES, INC. 2012 COMMITTEE CHAIRS SPONSORSHIP COMMITTEE FRANCEE FULLER BARRY ISETT & ASSOCIATES PROGRAMS COMMITTEE PAM MORRIS LIBERTY PROPERTY TRUST MEMBERSHIP COMMITTEE KAREN COONEY DUERHOLZ BOYLE CONSTRUCTION INC. COMMUNITY SERVICE JODY KING, CCIM CBRE, INC PUBLICITY COMMITTEE ELIZABETH “MOLLY’ GRAVER, ESQ. PLUNKETT & GRAVER, P.C.
Ben Franklin TechVentures² Topic of December Tour
C
REW Lehigh Valley celebrated the holiday season with a festive luncheon at Ben Franklin TechVentures2 followed by a tour of the building, located on the Mountaintop Campus of Lehigh University. The 47,000 s/f addition to the original Ben Franklin TechVentures business technology incubator/post-incubator facility was dedicated in the fall of 2011. The 17-million-dollar project is LEED certified and includes wet labs, office/meeting space, and a new parking garage. The building has strong CREW associations as it was designed by Spillman Farmer Architects, Bethlehem, with civil and structural engineering by Barry Isett & Associates, Allentown; both companies are 2012 CREW sponsors. Members enjoyed being “Secret Santas” by bringing gifts to the luncheon to benefit youngsters who live at the Children’s Home of Easton and clients of The Turning Point, a non-profit organization that provides refuge for victims of domestic abuse. The event was made even more festive due to table decorations designed by member Joanne Kostecky, president of Joanne Kostecky Garden Design. ■
Jody King (left) with CBRE and chair of CREW’s community service committee, reviews Secret Santa gift lists while Cindy Feinberg, Lehigh County’s director of community and economic development, looks on.
Janelle Steckel (left) with Liberty Property Trust, enjoys a lunchtime conversation with Joanne Kostecky, president of her own garden design firm, and Christa Duelberg Kraftician, a principal with Spillman Farmer Architects
Adrienne Defranciso (Left), CEO of Offix Systems enjoys the view from gallery windows with Dottie Leigh, CPA with Concannon Miller & Company.
Christa Duelberg Kraftician (left) conducted a tour of the building. Pictured with her are Bud Hackett with Ondra Huyett Associates, Merry Landis with Fine Art Resources, Pam Shupp with Berks Economic Partnership and Shannon Smith with Lehigh University.
Ben Franklin TechVentures²
CREW Lehigh Valley thanks its 2011 corporate sponsors: Patrons Gold Sponsors Boyle Construction Mgmt. Fitzpatrick Lentz & Bubba, PC NAI Summit Liberty Property Trust North Star Construction Mgmt. US Lawns Pennoni Associates Inc.
Contributors Langan Engineering MKSD Architects Spillman Farmer Architects
Friends Barry Isett & Associates Dietrick Group, Inc. HMK Insurance KNBT- A Division of National Penn Bank Petrucci Development Construction
Upcoming Events Regulatory Trip-Ups that Could Derail your Project: Fast Facts you Need to Know Wednesday, February 22 11:30 – 1 P.M. Conference Room of Principal Investments, The Frederick Building 3500 Winchester Road, Allentown, PA 18104 If you are ready to jump start a project that’s been sitting on a shelf or plan to get started with something new, join CREW LV to learn about regulatory changes that could throw a monkey wrench into your plans. Any professional involved in the design, construction, financing, leasing or management of projects will benefit from this lively and informative session. Presenters: Kate Durso, Esq. & Erich Schock, Esq. – Shareholders, Fitzpatrick, Lentz & Bubba, PC In the Land Use, Development, Zoning and Real Estate Department Robert Cox, PE, PLS – Senior Civil Project Manager, Barry Isett & Associates, Inc. Ryan Kern, PE – Senior Traffic Engineer, Barry Isett & Associates For CREW members & invited guests only. Limited to the first 40 registrants. $15, includes lunch. Register on line at the events section of www.crewlehighvalley.org
Mid Atlantic Real Estate Journal — Pennsylvania — February 10 - 23, 2012 — 47A
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48A — February 10 - 23, 2012 — Pennsylvania — Mid
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PEOPLE ON THE MOVE 40-Year Industry Veteran
2011 Top Producer & Team Player Award
Schwacke rejoins Grubb & Ellis as sen. VP of Phili. office
Perich & Meade of MB&A receive company awards
P
HILADELPHIA, PA — Grubb & Ellis Company announced that A l f r e d W. Schwacke, a 40-year industry veteran, has rejoined Grubb & Ellis as senior vice president in the c o m p a n y ’s Alfred Schwacke Philadelphia office. Schwacke will focus on serving his existing client base and institutional investment sales. “With more than four decades of experience in the Philadelphia area, Al has really seen it all. From leasing
to sales to development and beyond, he brings a unique and valued perspective to client engagements,” said Wayne Fisher, executive vice president, director, of Grubb & Ellis’ Philadelphia office. “He will help us continue to build our local market presence and we are thrilled to welcome Al back to Grubb & Ellis.” Schwacke opened the Philadelphia office of Oliver Realty in 1980 which was acquired by Grubb & Ellis in 1986. During his tenure, he grew Grubb & Ellis into a major regional firm with multiple service lines, including transaction management, property management, architectural services and construction management.
He was instrumental in establishing relationships with institutional owners such as Prudential and Teachers Insurance and corporate tenants including Towers Perrin, Colonial Penn Life Insurance, PSFS and Campbell Soup. In 1996, Schwacke opened the real estate division of Legg Mason, which was later acquired by Northmarq Advisors. Serving as executive vice president, his responsibilities included the development of corporate service accounts and oversight of client relationships. He also focused on brokerage of investment and industrial properties and portfolios, and provided consulting expertise to developers and owners. ■
K&W Engineers & Consutlants hires Fisher H A R R I S B U R G , PA — K&W Engineers and Consultants, located in Dauphin County, recently hired Matthew Matthew Fisher Fisher, an
Engineer in Training (EIT) and Surveyor in Training (SIT). His expertise includes site planning, subdivision plans, lot stakeout, and stormwater management. Matthew has a Bachelor of Science degree in Civil Engineering from the Pennsylvania State University. K&W Engineers and Con-
sultants specializes in providing civil engineering and consulting services that include land development / site design, traffic / transportation, municipal engineering, comprehensive watershed management, water / wastewater design, environmental permitting, landscape architecture and survey. ■
Acquisition of NAI Global by C-III Capital Partners completed HARRISBURG, PA — NAI Global, announced that its previously reported acquisition by C-III Capital Partners LLC (C-III) has been completed. The transaction will help create a leading fully integrated commercial property services company that will operate in markets around the world. C-III is a leading commercial real estate services company engaged in a broad range of activities, including primary and special loan servicing, loan origination, fund management, CDO management, principal investment, title services and multifamily property management. C-III is led by CEO Andrew L. Farkas, who founded and was Chairman and CEO of Insignia Financial Group, Inc. Its principal place of business is located in Irving, TX, and it has additional offices in New York, New York; Greenville, South Carolina; McLean, Virginia; Chicago,
Illinois; Dallas, Texas and Nashville, Tennessee. NAI Global will continue to operate as a separate company under its current management. C-III will accelerate NAI Global’s growth by exploring business development opportunities in strategic locations, including New York, London, Singapore and other primary global business centers. It will also invest in the growth of the corporate solutions and capital markets offering, expanding asset/ property management, project/facilities management and valuation services worldwide. “The completion of this transaction represents a significant step forward in our strategy to build a fully diversified commercial real estate services company,” said Farkas. “With the NAI Global acquisition, we are gaining the world’s leading commercial real estate network and a tremendous foundation for future growth. As we begin
a new year, we look forward to partnering with the NAI team to provide enhanced services to the commercial and institutional real estate markets they serve as well as continuing to take advantage of other opportunities to grow and expand our platform.” “We are thrilled to be joining forces with C-III and excited about the opportunity to deliver an even broader range of services to our members and add greater value to our collective corporate and investment clients. We look forward to tapping into their extensive resources and expertise to assist all of our clients in strategically optimizing their commercial real estate assets,” said Jeffrey M. Finn, president and CEO of NAI Global. Founded in 1977 by Gerald Finn, NAI Global has grown from covering 15 countries in 1999 to offering a full, collaborative platform of services to clients in over 350 offices in 55 countries. ■
STROUDSBURG, PA — Michael Baxter & Associates Commercial Real E s t a t e & Property Management (MB&A) announced D a n i e l Perich, CCIM, Associate Broker Daniel Perich as the 2011 Top Producer. This is Dan’s eighth year in a row receiving the award. “What can I say about a broker who has been the Top Producer 8 years in a row? Dan is professional, knowledgeable, tenacious, and knows how to get the job done for his clients, even in this difficult real estate market. I consider 2011 one of his best years ever!” said MB&A Broker/Owner Michael Baxter, CCIM. In other news, Milinda Meade, Executive Administrator for Michael Baxter & Associates Commercial Real Estate & Property Management (MB&A) was presented with the fifth-annual “Tam-
my Miller Memorial Team Player” award at MB&A’s annual holiday celebration. The award is in remembrance o f Ta m m y Miller, the c o m p a n y ’s former Marketing Director. Milinda Meade “ Ta m m y Miller’s commitment to helping her co-workers was a cornerstone of our success,” said Michael J. Baxter, Owner/Broker of MB&A. “This award recognizes team members who are helpful, courteous to clients and co-workers, and who unselfishly place team achievement above individual accomplishment.Milinda just joined our firm this year but she displayed the unselfish helpfulness that this award is all about. She has been a breath of fresh air for our office and a welcome addition to our firm,” Michael added. The honoree was chosen by the agents and staff of MB&A. ■
Binswanger announce new suburban grp. KING OF PRUSSIA, PA — Binswanger is announced the formation of the Binswanger Philadelphia Suburban Group responsible for overseeing commercial operations for the entire Phila- Scott Gabrielsen delphia Suburban region. Scott Gabrielsen and Paul French have each been promoted to the position of Executive Vice President and will have executive management responsibilities for the group. Scott Williams has been promoted to Senior Vice President. Patrick Brady, Nick Sannelli, and Chris Magarity will all serve as vice presidents. David R. Binswanger, president of the Binswanger Companies said, “While our company has grown around the world, we have always taken pride in our Philadelphia home. Scott Gabrielsen and Paul French have been a driving force in the substantial activity we have had here in the suburbs and this move affirms our
commitment to continue to be a market leader. We are excited by the additional opportunities that this move will create for our firm in the region.” French j o i n e d Binswanger Paul French in 1990 and Gabrielsen followed three years later. Over the last two decades, they have become major players in the Philadelphia Suburban Market, handling transactions on behalf of landlords, tenants, sellers, and buyers involving millions of square feet of property. In their new roles, they will take management responsibility for Binswanger’s growth in the market. French said, “The markets seem to be getting stronger and the opportunities are there if you understand where to look” and Gabrielsen added “We have spent a lot of time putting the fundamentals for success in place. The results we have achieved to this point should serve as a basis for good things to come.” ■
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Mid Atlantic Real Estate Journal — Pennsylvania — February 10 - 23, 2012 — 49A
50A — February 10 - 23, 2012 — Mid
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1100 East Hector Street, Suite 393 Conshohocken, PA 19428
President Greg J. Ellis Patterson Woods Commercial
Phone/Fax: 610-238-9950 / 610-238-9959 E-Mail: tristate@tristaterca.com Website: www.tristaterca.com
Program designed to help NJ Brokers meet new qualifications for license renewal
TriState REALTORS Comml. Alliance launches The Commercial Real Estate School of NJ
E
DISON, NJ — TriState REALTORS Commercial Alliance, a leading advocate and provider of continuing education for commercial real estate practitioners in New Jersey, Pennsylvania Jonathan Glick and Delaware, announced the launch of The Commercial Real Estate School of New Jersey. Differentiating itself by offering courses specific to the topics of most importance to the business of today’s commercial real estate market, The Commercial Real Estate School of New Jersey is designed to help brokers meet the state’s newly established qualifications for license renewal. In order to qualify for renewal or to reinstate a license, the New Jersey Real Estate Commission now requires that every broker, salesperson or brokersalesperson complete 12 hours of continuing education by July 1, 2013. Utilizing a model that has proved to be successful in Pennsylvania and Delaware, TriState’s New Jersey school will offer specialized courses that fall within the core and elective topics required by the state. Course topics include: •Crash Course in CRE Ethics and Land Use •Cost Segregation For The Commercial Broker •Sustainability in Commercial Real Estate and Office Leasing •Supply and Demand in a Recovering Market “With the State of New Jersey
now requiring brokers to complete 12 hours of continuing education by July of 2013, many brokers are seeking an organization that offers classes specifically geared toward the commercial real estate industry,” said Jonathan Glick, TriState’s New Jersey Vice President. “TriState’s Commercial Real Estate School of New Jersey will provide numerous educational offerings that have been uniquely designed to fulfill the Real Estate Commission’s requirements. We understand exactly what brokers are looking for in terms of continuing education and have tailored the school’s program to meet those needs.” The Commercial Real Estate School of New Jersey will debut on February 28 with Cost Segregation For The Commercial Broker. Led by instructor Jerry H. Kootman, CPA, of Cost Recovery Solutions, LLC, the course will provide attendees with a comprehensive tutorial on how to use cost segregation analysis to help create more value for their client base. The three-hour NJ Mandatory Continuing Education (MCE) elective course will be held at the New Jersey Expo Center, 97 Sunfield Avenue in Edison, N.J. A $75 value, enrollment for this special event is free for TriState members and $25 for all other members of the commercial real estate community. Registration will begin at 8:30 a.m. and will coincide with a breakfast sponsored and hosted by Summit Associates, Inc. The course will be held from 9 a.m. to 12 p.m. Space is limited to 70 attendees. In addition, TriState will bring The Commercial Real Estate School of New Jersey to Hamilton
on March 14 with a Crash Course in CRE Ethics and Land Use. The four-hour NJ MCE course will be broken down into two hours of core requirement topics (Ethics, also approved for the NAR Code of Ethics quadrennial requirement) and two hours of elective topics (Land Use). Led by instructors Gregory J. West, SIOR, GREEN, of West Corporate Partners, LLC teaching Ethics, and Gary S. Forshner, Esq., of Stark & Stark Attorneys at Law teaching Land Use, the course will be held at Ibis Plaza, 3525 Quakerbridge Road, Hamilton Township, NJ Registration and networking breakfast will begin at 7:30 a.m., with the course to be held from 8 a.m. to 12 p.m. While there is no cost for commercial REALTORS to enroll for this course, all other brokers and agents must be a guest of a commercial REALTORS member. Space is limited to 50 attendees. Founded in 1993, the TriState REALTORS Commercial Alliance is a leading advocate for commercial real estate professionals in New Jersey, Delaware and Southeastern Pennsylvania. TriState operates The Commercial Real Estate School of New Jersey, which focuses on continuing education, creating an opportunity to network and presenting industry-oriented seminars. TriState seeks to advance the financial well being, industry stature, and professional growth of each member. The group also speaks as a unified voice on legislative and community issues, promotes ethical standards of conduct and provides specialized mediation and arbitration services relative to the needs of its members. ■
To sign up for either class or to learn more about TriState’s school for commercial real estate professionals, please call The Commercial Real Estate School Director Elvira Illiano-Trovato at 610-238-9070 or email eilliano@tristaterca.com For additional information, please visit tristaterca.com
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Mid Atlantic Real Estate Journal — February 10 - 23, 2012 — 51A
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1200 East Lackawanna Avenue
400-450 CenterPoint Boulevard CenterPoint East Jenkins Township, PA
180-190 Welles Street Cross Valley W. Professional Building Forty Fort, PA
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180-190 Welles Street
320-330 Stewart Road Hanover Industrial Estates Hanover Township, PA
19 Bert Collins Drive Keystone Industrial Park Throop, PA
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19 Bert Collins Drive
Developing Pennsylvaniaâ&#x20AC;&#x2122;s I-81 Corridor for 26 Years.
Development Division:
570.823.1100
Back Cover A — February 10 - 23, 2012 — Mid
Atlantic Real Estate Journal
www.marejournal.com
RFP ANNOUNCEMENT
KEYSTONE MIXED-USE DEVELOPMENT OPPORTUNITY IN NORTHERN VIRGINIA / WASHINGTON, DC METRO AREA
ANNOUNCING A REQUEST FOR PROPOSALS FOR A LONGTERM DEVELOPMENT PARTNER FOR THE TOWN CENTER AT
INNOVATION TECHNOLOGY PARK
A 50+/- ACRE SITE LOCATED IN PRINCE WILLIAM COUNTY, VIRGINIA FOR RFP INFORMATION CONTACT: Adam Manne, Purchasing Manager 703-792-6700 | amanne@pwcgov.org
illiam County, Virg inia Prince W
INNOVATION Technology Park
FOR PROJECT INFORMATION VISIT: www.pwcecondev.org/TCRFP
Visit us at ICSC Mid-Atlantic - Booth #638
Mid Atlantic Real Estate Journal
Property Management Featuring 2012 IREM® Tri-State Conference & Expo Mid Atlantic Real Estate Journal — Property Management February 10 - 23, 2012 — Section B
www.marejournal.com
Borgata Hotel, Casino & Spa • Atlantic City,NJ February 23 - 24, 2012 Presented by New Jersey Chapter No. 1, Delaware Valley Chapter No. 3, Southern New Jersey Chapter No. 101
Inside Featuring: Dave Ward, A Greener New Jersey, LLC.........................................................................................................1B RCP Management Company.............................................................................................................................2B Chris Cervelli, CCIM, Michael Cervelli Real Estate/Cervelli Management Corp..........................................3B Sheldon Gross, Sheldon Gross Realty...........................................................................................................4B 2012 IREM® Tri-State Conference & Expo Agenda....................................................................................6-7B 2012 IREM® Tri-State Conference & Expo Exhibitor List..............................................................................8B Karen Schirmacher, CPA, MST, Wilkin & Guttenplan, P.C., CPAs...............................................................10B Gutter Master, LLC..........................................................................................................................................12B Dan Haer, DJ’s Painting..................................................................................................................................14B A-L Services.....................................................................................................................................................18B BELFOR............................................................................................................................................................20B 2012 IREM® Tri-State Conference & Expo Sponsors.............................................................................22, 24B Trish Faidiga, Advantage................................................................................................................................ 30B Integrated Business Systems........................................................................................................................ 31B BOMA New Jersey......................................................................................................................................32-33B Milt Westrich, BR Water Meters..................................................................................................................... 33B Ronald Glazer, Esquire, Kaplin Stewart........................................................................................................ 33B
Inside Cover B — February 10 - 23, 2012 — Property Management — Mid
Atlantic Real Estate Journal
www.marejournal.com
PROPERTY MANAGEMENT We Have The Perfect Location For Your Business
Bigger isn’t always better. You don’t need a large brokerage firm. You need a firm which understands your business and real estate needs and can give you personal service and attention. Experience – Knowledge – Success Since 1962
SHELDON GROSS REALTY, INC. FAIRFIELD – FOR LEASE WAREHOUSE – MANUFACTURING – OFFICE EXCELLENT HIGHWAY VISIBILITY
REALTORS Ɣ Corporate Real Estate Services 80 Main Street, West Orange, NJ 07052 Tel.#973-325-6200 - Fax.#973-325-9090 E-mail: sgross@sheldongrossrealty.com
29,000+/- square foot free-standing building. Industrial park setting. Excellent location with immediate access to Route 46 and close to Routes 80 and 280.
WAYNE – RETAIL CENTER ROUTE 46 FRONTAGE
FAIRFIELD – FOR LEASE OFFICE SPACE – HIGHWAY VISIBILITY
Units available from 1,778 square feet to 20,000 square feet. Ample parking. Excellent location with direct frontage on Route 46 west.. Across from Willowbrook Mall.
8,426 square feet space available on 1st floor / 4,500 Square feet unit available on 2nd floor Multi-tenanted 60,000 +/- square foot building. Business park setting with ample parking. Very attractive rental rate. Will divide and finish to your specifications.
PERTH AMBOY – FOR LEASE EXCELLENT LOCATION – GREAT VISIBILITY
FAIRFIELD – FOR LEASE – NEW TO MARKET WAREHOUSE/DISTRIBUTION SPACE
7,500 square feet available. Free standing building. Great location for Medical or Professional Offices . Convenient access to Garden State Parkway and Route 440 Ample parking with partially fenced lot.
93,612+/- square feet with 3,500 square feet of office. Tailgate loading with 21-24 foot clear ceilings and abundant parking. Excellent location.
For information on these or other New Jersey properties please contact Sheldon Gross Realty, Inc. at 973-325-6200 or see our website at www.sheldongrossrealty.com The information contained herein has been obtained from sources considered reliable, but no guarantee of its accuracy is made by this company. Subject to errors, omissions or withdrawal without prior notice.
Mid Atlantic Real Estate Journal — Property Management — February 10 - 23, 2012 — 1B
www.marejournal.com
PROPERTY MANAGEMENT By Dave Ward, A Greener New Jersey, LLC
SunTracker Active Skylight features a solar powered, GPS controlled, active mirror system
H
ILLSBOROUGH, NJ – Daylight! Humans crave it. Optimal Human Performance depends on it. But what is the best method for achieving maximum daylighting within a space? Dave Ward We all know people need daylight. When you go on vacation, do you typically go to another building? Of course not, most people go to the beach, the mountains, a lake – outdoor activities. On the first warm day of spring, everyone heads outside for lunch and people start walking, running, and biking outside. Why? After being cooped up inside all winter, people can’t wait to get outside as soon as they can! Up until the late 1890’s the ONLY light humans had was daylight or fire. Edison’s invention was tremendous, but what it essentially did was turn us into modern cave dwellers. You’ve heard of malnutrition. Mal-Illumination is also a critical problem that is finally becoming recognized as a significant issue. For optimal human performance – in school, at work, in retail – in any built environment – we need daylight. It just makes sense. But how does one efficiently provide daylight without all the common issues like UV damage, heat gain, HVAC loss, glare, uneven light levels and a lack of functional light levels in the morning and afternoon? The answer is the SunTracker Active Skylight! After years of research and testing, Ciralight Global has perfected a new kind of skylight that overcomes ALL the problems with traditional skylights and other forms of daylighting. The SunTracker Active Skylight features a solar powered, GPS controlled, active mirror system that brings in daylight from an hour after dawn to an hour before dusk – providing functional light levels all day, almost every day. The GPS is set for the location of installation and it knows where the sun comes up. Every 10 minutes it rotates to track the sun; and at the end of the day, it rotates back to where the sun will rise tomorrow.
It gets better! The dome is clear impact resistant acrylic and its shape maximizes solar penetration. With low profile domes, most of the light reflects off! At the base of the dome there is a sealed prismatic lens. This provides 26” of dead air space – THE best insulator. The gathered light then enters a sealed, reflective lightwell, then enters the space through another sealed prismatic lens. This creates a 2nd thermal barrier of dead air. This results in NO Heat Gain, Minimal HVAC Loss (U-factor of 0.35), NO UV Damage and
NO Glare. No other skylight, no other method of daylighting can do what this SunTracker Active Skylight can do. This provides 3 TIMES the amount of light for 3 TIMES as long per day with 2~4 TIMES the thermal protection of any other skylight. Soft, diffused, natural daylight that makes it seem like you’re outside, even if there are no windows. Everywhere we’ve installed these, people are amazed at how much daylight these bring in – but there’s no heat or glare. It really is incredible and unlike any skylight before this.
The research is conclusive – daylighting improves learning by 26% (1999 PG&E study) and in factories and warehouses it improves productivity and reduces mistakes, accidents and workers comp. And in the retail environment, sales improve 10% to 40% - and the increased profit from those sales is worth 20~100 TIMES the energy savings. So, while the energy savings from being able to keep all your lights off almost all day is very significant, the human performance enhancement benefits are worth many times more
– especially since the human capital is the most expensive component in any building. We also offer full 100% financing of everything, including the installation, so you can begin enjoying all the benefits of full daylighting with no significant up-front cost where the cost of the financing is typically right around what you’ll save in energy reductions for much better cash flow. A Greener NJ, LLC is proud to offer this tremendous advancement in skylight/daylight technology to schools, gyms, continued on page 2B
2B — February 10 - 23, 2012 — Property Management — Mid
Atlantic Real Estate Journal
www.marejournal.com
PROPERTY MANAGEMENT Together offer comprehensive property management and contracting services.
RCP Management Company announces affiliation with Pride Construction Services
R
CP Management Company is proud to announce its affiliation with Pride Construction Services, LLC. RCP Management and Pride Construction Services together offer comprehensive property management and contracting services. Charlie Looman, president of Pride Construction Services, complements this affiliation with more than 25 years of Construction Management experiences. Looman’s expertise ranges from the Design, Pre-Construction and Site Work phases, through
the Home Construction, Quality Assurance, Bond Release, HOA Transition and Customer Service processes. Pride Construction Services successfully performs virtually all types of construction projects from Painting to Paving. RCP Management Company is proud to announce that it has acquired RPM Management Company, of Hazlet, NJ. RPM Management has been established since 1988 and successfully managed residential and commercial properties throughout New Jersey by
the outstanding management team owned and led by Peter Y. Berkley and Elizabeth Berkley. Berkley joins RCP Management Company as a Vice President. The Hazlet office is now appointed as RCP Management Company’s East Regional Office and is the third regional office for RCP. The second office is in Elmwood Park, NJ where many gold coast high-rise buildings comprise RCP Management Company’s North Jersey Region’s portfolio. Mary Faith Nugiel, CPM, AMS, president of RCP Man-
Corporate Headquarters 10 Centre Drive Monroe, NJ 08831 (609) 683-7980
agement Co: “I am extremely proud to join forces with RPM Management. Their reputation and services have always been exceptional. I am excited that RCP Management Company will be even more accessible to our clients now that we have three regions located throughout New Jersey. “ Originally based in Princeton, NJ, RCP Management Company relocated our headquarters to Monroe, NJ in October, 2011. The new facility enables RCP Management to better serve our growing number of clients
North Jersey/NYC 71 U.S. 46 Elmwood Park, NJ 07407 (201) 791-4088
On site. In sight. With an exclusive focus on property management for more than 25 years, RCP offers an experienced, hands-on team that’s always available to your homeowners’ association. We understand community living. Our dedicated experts specialize in delivering personalized service backed by a proven infrastructure to townhouse and condominium communities throughout New Jersey.
and communities. RCP Management Company is distinguished as the Accredited Management Organization AMO) of the Year, 2011. They also are an Accredited Association Management Company AAMC), specializing in the management of community associations. There are only four 4) property management firms in New Jersey that hold both designations. RCP Management Company has been managing community associations since 1986 and apartment complexes and commercial properties since 1975. RCP has a staff of 70 professionals including regional managers, multi-site managers, site managers, customer service and accounting personnel), currently manage over 90 communities totaling more than 20,000 homes. For further information, visit RCP Management Company’s website. RCP Management Company is a member of the Better Business Bureau (BBB), Community Associations Institute (CAI), and the Institute of Real Estate Management (IREM). ■
Salvatore Dragone of Rubenstein Ptrs’ conducts workshop PENNSAUKEN, NJ — Create Your Brand of Personalized Service speaker Salvatore Dragone of Rubenstein Partners Conducts Workshop For residential managers/ leasing agents. Sponsored by IREM Southern New Jersey Chapter No. 101 and Delaware Valley Chapter No. 3 ARM Committees on March 8th, 2012 at Stonegate @ St. Stephen. Cost: $25.00 for Members; $35.00 for Non-Members. Includes refreshments. ■
SunTracker Active Skylight . . . continued from page 1B car dealerships, warehouses, factories, and even office buildings – anywhere people value daylight for their staff, customers and visitors and want to save money by keeping their artificial lighting off or at a minimum. Let us know how we can be of service. You will be amazed! Dave Ward is president of A Greener New Jersey, LLC in Hillsborough ■
Mid Atlantic Real Estate Journal — Property Management — February 10 - 23, 2012 — 3B
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PROPERTY MANAGEMENT By Chris Cervelli, CCIM, Michael Cervelli Real Estate/Cervelli Management Corp.
Property Management in tough times
M
any people are talking about how tough economic times have affected real estate values. An underlying effect is the negative financial impact to property owners and manag- Chris Cervelli ers. Generally those on the lower rungs of the socio-economic ladder are hit the hardest during depressed times. As a property manager, I have seen a marked increase in crime in and around multifamily buildings. Unemployment makes people desperate, desperation may lead to crime, and crime in general can bring an area down. If people don’t work and can’t afford their rent, it may result in these individuals being evicted or turning to crime in order to feed themselves and their families. The result is major vacancy problems for landlords. A decrease in or lack of rental income means, 1) landlords don’t have money to pay for their mortgage and operating expenses and, 2) additional expense to market and renovate apartments so they can be rented. This can be a downward spiral in which everyone loses. What is the solution? First, a preventive maintenance program will help combat this problem by dealing with small issues as soon as they come up. This will result in an overall better quality of life for tenants, and will create a clean and safe “curb appeal” to those looking for housing. Another proven technique for tenant retention is proper screening during the application process. Filling buildings with tenants who are not transient in nature, have good credit, and positive work references will lead to overall stability, which creates a balanced and forecasted income. The cream always rises to the top: if you have a properly managed and well maintained property, it will be easier to keep it that way and attract the right tenants. Top-of-the-market properties also draw the attention of organizations that provide assisted housing. Assisted
housing is a great way to maintain consistent income levels. You don’t have to rely
likely to be involved in criminal activity. These tenants have a personal stake in the
Even in these difficult times, owners of investment property can do well by maintaining their buildings at or above levels of competing properties. on the tenant to pay the full amount of the rent. Very often, these organizations will pay a large portion if not the entire rent. In turn, tenants who receive assistance have been pre-screened by these organizations and are less
well-being of a property because they need housing and desire to live in such a comfortable, safe environment. These tenants are often of great assistance to the landlord, acting as 24 hour “eyes and ears” at the property.
Even in these difficult times, owners of investment property can do well by maintaining their buildings at or above levels of competing properties, conducting proper tenant screening, and enlisting the help of local assistance programs to refer qualified candidates. Founded in 1983, Michael Cervelli Real Estate, headquartered in North Bergen, New Jersey, is acknowledged as one of Northern New Jersey’s most experienced agencies specializing in investment real estate sales.
Aimed at providing professional brokerage services to private investors and financial institutions involved in income-producing multifamily properties and shopping centers, the company has posted steadily increasing sales results. Michael Cervelli Real Estate is known for its’ unparalleled reputation of honesty, integrity, and experience in the investment real estate industry. Chris Cervelli, CCIM, Michael Cervelli Real Estate/Cervelli Management Corp. ■
4B — February 10 - 23, 2012 — Property Management — Mid
Atlantic Real Estate Journal
www.marejournal.com
PROPERTY MANAGEMENT By Sheldon Gross, Sheldon Gross Realty
Net leased/single-tenanted buildings require smarter property management
O
wners of net leased buildings, especially single-tenanted buildings, in many instances believe that they are not in need of a property management company to assist them in the handling of their property. Many tenants in these situations are responsible for obtaining and paying for all operating expenses such as utilities, cleaning, landscaping, repairs and taxes, leading owners to feel they have nothing to be concerned with other than collecting the rent. Landlords and owners of net
Sheldon Gross
leased properties sometimes have a tendency to not be as concerned with the way their space is being managed, but in the end this can come back to haunt them in the future. Net leased buildings place a lot of regular maintenance responsibilities on the tenants’ plates--things that are traditionally the responsibility of the landlord or owner in any other building. In these scenarios, the property management team needs to be much more handson and proactive on behalf of the landlords. An effective
property management team for these types of properties must work harder and smarter to make sure each lessee is performing all their obligations. To save owners time and money, the best property managers send a team to every property on a monthly basis to ensure each and every tenant is maintaining its space in accordance to the lease and to the satisfaction of the building owner. And, because all leases are unique, they need to be carefully monitored. Monthly inspections, reviews of lease
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obligation, maintenance and insurance policies need to be made with tenants. The best property managers will offer tips to reduce energy use and costs through things such as lighting upgrades, alternate energy sources and recycled materials. When these issues are targeted on a frequent basis, the end result is a win-win situation for all involved. In single-tenanted buildings, one of the most common mistakes of building owners is to neglect the maintenance of the HVAC systems, as well as the roofs, gutters, drains and downspouts. What owners do not realize is that while the tenant pays for repairs to these items, it is usually the building owner’s responsibility to replace them. In every property management assignment we undertake, the first thing we do is inspect the HVAC’s, roofs, gutters, drains and downspouts to make sure they are all functioning properly. Immediately, we have the tenants make all necessary repairs to these systems to avoid the owners having to completely replace them in the long run. Additionally, while owners and landlords mostly know the status of the buildings as a whole, but not of each individual tenant’s space, effective property management teams should know everything about all tenants. The best property management teams have access to computer programs that make tracking of leases, repairs and other aspects of management extremely simple. In addition, top-notch property managers create in-depth, realtime reports for landlords and owners. When you own or run a net leased building you must strictly monitor your tenants to make sure they are meeting the obligations of their leases. The first step to maintaining your property is to hire an experienced, smart property management team. These teams can help effectively manage a property and also solve repair, insurance and energy problems before they spiral out of control and wind up costing landlords and owners more time and money than necessary. It is generally cheaper to have it done right. Sheldon Gross is president and CEO of Sheldon Gross Realty of West Orange, NJ. ■
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Mid Atlantic Real Estate Journal — Property Management 2012 IREM® Tri-State Conference & Expo — February 10 - 23, 2012 — B
2012 IREM® Tri-State Conference & Expo
Borgata Hotel, Casino & Spa • Atlantic City,NJ February 23 - 24, 2012
Keynote Address James A. Evans, CPM® IREM President
Keynote Speaker Robin Crow Motivational Speaker
Presented by
New Jersey Chapter No. 1
Delaware Valley Chapter No. 3
Southern New Jersey No. 101
(856) 303-0190
(856) 786-9260
(856) 829-8939
www.irem1.org
www.irem3.org
www.irem101.org
6B — February 10 - 23, 2012 — 2012 IREM® Tri-State Conference & Expo — Property Management — Mid
Atlantic Real Estate Journal
www.marejournal.com
2012 IREM® TRI-STATE CONFERENCE & EXPO AGENDA Thursday, February 23, 2012 7:00 am-9:00 am Exhibitor Check In 8:00 am – 9:00 am Conference Attendee Registration “Good Morning” Coffee Break Thank you to our Sponsors
9:00 am – 10:00 am Three Concurrent Sessions
Stop Driving With Your Eyes Closed Finding Your True Vision This Session Sponsored By:
Michael Clark, Regional Property Mgmt. Consultant, Screening Reports Learning where and how to focus our attention will not only help us to stay out of life’s ditch’s but it will also insure you cross the finish line. In this session you will be challenged to move toward self-examination and learn the difference between desire and commitment. Tools will be distributed so that you can begin to build a fulfilling professional, and personal life.
Accepting a Tenant and Initial Leasing Issues Start a Tenancy on Solid Legal Ground This Session Sponsored By Paul Jay Cohen, a founding partner of Cohen and Willwerth; Jénel R. Marraccini, Junior Partner, Cohen and Willwerth; Derek D. Reed, Senior Associate, Levy, Ehrlich & Petriello This presentation will discuss the Fair Housing Act as it applies in NJ and PA, along with the New Jersey Law Against Discrimination and the Pennsylvania Human Relations Act. Maintenance Session 1
Low Cost Ways to Detect, Treat and Prevent Bed Bug Infestations
Crime Has No Address This Session Sponsored By
Representatives from AlliedBarton Security Services Our speakers will discuss specific security issues that affect all vertical markets and present potential solutions for making your facilities, properties and communities more safe and secure. Topics will include: parking lot safety; office creepers, suspicious persons and loitering; flash mobs; .
Social Networking Tools for Real Estate Professionals Are you using Social Media or is it using you? This Session Sponsored By
Dena B. Calo, Esq., Counsel, Genova, Burns and Giantomasi; Karen Thorp, CPM, Director of Marketing, Interstate Building Maintenance Corp. Does today’s technology overwhelm you? This session will provide an overview of various forms of social media available to today’s real estate professional including LinkedIn, Facebook, Google and Twitter. A brief introduction of each site will include basic “how to’s” as well as helpful tips on enhancing your position in the current marketplace. During this session, Dena B. Calo, Esq. will walk you through the laws that govern marketing on the internet and tell you where your marketing strategies cross the line into illegal and deceptive practices. Maintenance Session 2
Lead Paint Safety Claudio Gonzalez, Marketing Director, ALC Environmental This session will cover the latest changes to the EPA RRP requirements and how these interact with NJ State lead laws. Attendees will learn about paperwork requirements and ways to avoid steep fines.
11:15 am – 2:00 pm
Expo Opens Lunch on Exhibit Floor Thank you to our Luncheon Sponsors
Hank Johns, Operations Manager, Cowleys Termite and Pest Services In this session you will learn about the life cycle, habits, hiding spots and what to look for regarding bed bug infestations. You will also hear about low cost steps you can take to prevent as well as monitor and treat them.
10:15 am - 11:15 am Four Concurrent Sessions
This Session Sponsored By
2:15 pm – 3:15 pm Four Concurrent Sessions
Going Green to $ave Green CREDIT vs RENTAL SCORING Jamie Borodin, VP of Operations, National Tenant Network Learn the difference between credit scoring (used by lenders such as mortgage companies & banks) to assess risk versus rental scoring, designed to specifically assess rental risk for property owners/managers. Understand the importance and impact of each type of scoring and how it may affect your property. Also learn about FCRA and recently-enacted Dodd-Frank disclosure requirements.
This Session Sponsored By
Mitchell H. Frumkin, PE, RS, CGP, President, Kipcon, Inc. Ask 100 people what it means to go green, and you will get 100 different answers. In most cases the answer would be that no matter what they do, it would cost more to make the change then they want to spend.
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Mid Atlantic Real Estate Journal — Property Management 2012 IREM® Tri-State Conference & Expo — February 10 - 23, 2012 — 7B
2012 IREM® TRI-STATE CONFERENCE & EXPO AGENDA Affordable Housing Forum This Session Sponsored By
J. Kenneth Pagano, CPM, President, Essex Plaza Management, panel moderator. Our panel will include: Anthony Cupano, ARM, Parkview Towers; Connie Loukatos, Director, Philadelphia Multi-Family HUB, US Dept. of HUD; Dave Evans, Assistant Executive Director of Multi Family Housing from PA Housing Finance Agency; Robert Sasso, Director of Property Management for the New Jersey Housing Mortgage Finance Agency; Representative from Rural Housing Development (RD). This session will give you the unique opportunity to submit your questions to the affordable housing industry leaders in New Jersey, Pennsylvania and Delaware, and get the answers you want and need. Questions for anyone on the panel should be submitted via e-mail to joamckay@comcast.net prior to the conference.
The Power of Service: How to Energize Your Business by Developing a Culture of Exceeding Expectations Robin Crow The difference between businesses that thrive and ones that struggle to keep the 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, maximize your efforts, and inspire your team to consistently put great service into practice. In this keynote, Robin presents vivid examples of how great companies (including his own, Dark Horse Recording) have applied these principles to achieve sustained success.
5:00 pm – 7:00 pm Vendor Expo Networking Reception Thank you to our Sponsors
10 Powerful Tips for Exceptional Customer Service This Session Sponsored By Bonnie Eastlack, Motivational Speaker The “art” of exceptional customer service is learned best “on the job”. Corporate Motivational Speaker, Bonnie Eastlack, presents 10 POWERFUL TIPS acquired through years of research, experience and observation. This workshop represents 20 years of direct, customer service experience, working with the Philadelphia Phillies. As a supervisor in Premium Services, Bonnie shares “real life” techniques that include: how to give exceptional service, how to motivate your team to exceptional service, and how to deal with the difficult customer.
7:00 pm Exhibitor Booth Breakdown 9:00 pm – 12:00 am Networking Event at MIXX Nightclub MIXX Entertainment Sponsor
Maintenance Session 3
Backflow Preventers Ray Patrick, Instructor and Master Plumber, Roto-Rooter Now that Townships and municipalities are strongly enforcing the installation and annual testing/recertification of these devices in multifamily and commercial properties, Ray Patrick will present a session that will help you and your properties stay in compliance. Topics covered will include: what is a cross connection; case histories; double check valve & reduced pressure assembly; state regulations; water treatment and certifications and testing.
3:15 pm – 3:45 pm
Refreshment Break
Thank you to our Sponsors
MIXX Networking Event Sponsor
Friday, February 24, 2012 8:00 am - 11:00 am
Networking Breakfast Thank you to our Sponsors
3:45 pm – 4:45 pm Keynote Session
Thank you to our Sponsors
IREM Presentations Induction of New Members and Presentation of Member Anniversary Pins IREM President Keynote Address
James A. Evans, CPM®, 2012 President, IREM; President & CEO, Bruce G. Pollock Assoc., Realtors, AMO®, and President and CEO of KEB Investments
Grand Prize Drawing
8B — February 10 - 23, 2012 — 2012 IREM® Tri-State Conference & Expo — Property Management — Mid
Atlantic Real Estate Journal www.marejournal.com
2012 IREM® TRI-STATE CONFERENCE & EXPO EXHIBITOR LIST EXHIBITORS
EXHIBITORS
TABLE #
ACADIA WINDOWS & DOORS
20
ACCENT GROUP
75
A-L SERVICES INC
62
ALC ENVIRONMENTAL
79
ALLIEDBARTON SECURITY
60
ALLRISK PROPERTY DAMAGE EXPERTS
41
AMERICAN ARCHITECTURAL WINDOW & DOOR
66
APARTMENT FINDER
37
APARTMENTS.COM
59
BELFOR USA
23
BHB INSURANCE SERVICES
77
BRAVO! BUILDING SERVICES, INC.
11
BUILDING SECURITY SERVICES
06
BY DESIGN LANDSCAPES, INC
92
C & L SWEEPER & PROPERTY MAINTENANCE
43
CALECO
07
CALLSOURCE
74
CARPET & WOOD FLOOR LIQUIDATORS
80
CCC PROMOTIONS
84
CENTRAL WHOLESALERS, INC.
19
CERTA PRO PAINTERS
15
CITY FIRE EQUIPMENT COMPANY, INC.
57
CLEAN & POLISH BUILDING SOLUTIONS
24
CMQ FLOOR COVERING
90
COINMACH
99
COMMERCIAL WATERPROOFING, INC
44
CONNER STRONG & BUCKELEW
96
CONSTELLATION ENERGY
93
CORBETT EXTERMINATING
33
CORT
104
COUNTY ACTION RESTORATION
31
COWLEYS TERMITE & PEST CONTROL
47
CP RANKIN INC.
35
CPR SERVICES, INC
03
CULBERTSON RESTORATION, LTD.
97
DELAWARE VALLEY PAVING
68
DJ’S PAINTING LOCAL
106
DOWN TO EARTH LANDSCAPING, INC
76
EASTERN DIVERSIFIED SERVICES, INC
81
EHRLICH, PETRIELLO, GUDIN & PLAZA
89
EMLIN GROUP, LTD
34
FALCON ENGINEERING, ARCHITECTURE & ENERGY CONSULTANTS
INSURANCE RESTORATION SPECIALISTS INC. JENKINTOWN BUILDING SERVICES, INC. KIPCON, INC. LANDSCAPE MAINTENANCE SERVICES, INC LAWN CONNECTION, INC. LEW CORPORATION LEXIS NEXIS LIBERTY ELEVATOR CORPORATION M. MILLER & SON MARTIN GREENBAUM CO MASONRY PRESERVATION GROUP MAXONS RESTORATIONS MCGOVERN LEGAL SERVICES, LLC MSB RESOURCES, LLC MULTI-HOUSING DEPOT BY ARI NATIONAL TENANT NETWORK NEW JERSEY APARTMENT ASSOCIATION NORTHERN WATERPROOFING & RESTORATION NYS POOL MANAGEMENT OUTSIDE UNLIMITED, LLC P. COOPER ROOFING INC PAINT-PRO/PRO GROUP PILERA PROPERTY MANAGEMENT SOFTWARE PINCUS ELEVATOR COMPANY, INC. PLANNED COMPANIES RARITAN BUILDING SERVICES CORPORATION RECREATIONAL MANAGEMENT/AMERICAN POOL REPUBLIC SERVICES OF NJ, LLC RESTORECORE REZKOM ENTERPRISES, INC. RM TERMITE & PEST CONTROL ROBBINS ROOFING ROTO-ROOTER SCREENING REPORTS, INC. SEBCO LAUNDRY SYSTEMS, INC
TABLE #
61 70 82 88 73 56 29 48 22 01 102 71 52 02 09 10 83 27 18 103 04 87 98 58 17 85 49 53 08 21 64 42 13 &14 40 32
SERVPRO FREEHOLD/MIDDLETOWN/ SO JERSEY CITY/BAYONNE
51
SHANE PATRICK ASSOCIATES, INC.
105
SHEARON ENVIRONMENTAL DESIGN, INC.
46
SHERWIN WILLIAMS COMPANY
39
SMITH INSURANCE ASSOCIATES INC
63
THE BRICKMAN GROUP
100
55
THE NEW JERSEY COOPERATOR
101
TRASHPRO
25
FCM CONSULTING GROUP
26
TRI COUNTY CONSTRUCTION SERVICES
38
FEDERAL SECURITY SERVICES, INC.
86
UGI ENERGY SERVICES INC.
65
FERRY’S CARPET CLEANING, INC.
69
UNITEX
30
FOR RENT MEDIA SOLUTIONS
28
VALCOURT BUILDING SERVICES
36
FOWLER ROUTE COMPANY, INC.
16
VALET WASTE
94
GUTTER MASTER
05
VECTOR SECURITY PATROL
78
HIGH TECH LANDSCAPES, INC.
50
WASTE MANAGEMENT
45
HILLMANN CONSULTING, LLC
67
WESTERN PEST SERVICES
95
INCENERGY
72
WILKIN & GUTTENPLAN, P.C.
54
INDATUS
12
WILMAR
91
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Mid Atlantic Real Estate Journal — Property Management 2012 IREM® Tri-State Conference & Expo — February 10 - 23, 2012 — 9B
2012 IREM® TRI-STATE CONFERENCE & EXPO
Residential • Commercial • Industrial
COOPER ROOFING INC. We Service New Jersey, Pennsylvania, Maryland and Delaware
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10B — February 10 - 23, 2012 — 2012 IREM® Tri-State Conference & Expo — Property Management — Mid
Atlantic Real Estate Journal www.marejournal.com
2012 IREM® TRI-STATE CONFERENCE & EXPO By Karen Schirmacher, CPA, MST, Wilkin & Guttenplan, P.C., CPAs
Maximizing the Income Tax Benefit from Rental Losses
T
he real estate industry – it’s your passion – it’s your livelihood. Whether you are a property manager, broker, developer, or operator, it is likely that you consider yourself a Karen real esSchirmacher tate professional. Many real estate professionals also own rental properties. While such properties may generate positive cash flow, they are likely gen-
erating losses for income tax purposes. Provisions in the current federal tax law may prevent rental property owners from deducting operating losses generated by those properties unless certain requirements are met. These provisions, referred to as the passive loss rules, state that unless an individual “materially participates” in the rental activity, losses generated by the activity cannot be used to offset nonpassive income such as wages, interest, pension benefits, and other types. An exception to this strin-
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gent treatment is that a “qualifying real estate professional” may not be subject to the passive-loss rules. A “qualifying real estate professional” is one who works at least 750 hours during the year in real property trades or businesses and who spends more than half their total time working in real property trades or businesses in which they materially participate. An individual only involved in rental real estate may have a difficult time meeting these criteria due to the fact that each rental property is treat-
ed as a separate activity for which material participation must be met in order to fall outside the passive loss rules. There are seven different ways material participation can be met and as long as one of the seven tests is met the activity will not be treated as passive. Some of the tests are based on the number of hours spent by the owner during the year while others compare the owner’s involvement to that of non-owners. While it may seem impossible for a rental property owner to qualify as a real estate
professional, there is a special tax election that may be made whereby all rental activities can be aggregated and treated as one combined activity. An advantage to making this election is that the individual need only demonstrate that they materially participated in the combined rental activity as opposed to each separate activity. This election may enable an individual to meet the definition of a qualifying real estate professional who will then be able to offset their nonpassive income with their rental losses. While this outcome is desirable, there may be disadvantages to making this election. The pros and cons of making the election should be evaluated because once made, it is irrevocable. Individuals have until the due date of their tax return to make the election. You should have your professional tax advisors help you navigate these complex rules to ensure that you maximizing your tax benefits. K a r e n S c h i r m a c h e r, CPA, MST is a principal at Wilkin & Guttenplan, P.C., CPAs. ■
Capitol Hill visit day to highlight key commercial real estate issues WASHINGTON, DC — The 12th annual Leadership and Legislative Summit of the Institute of Real Estate Management (IREM) will be held from April 14 through 18 at the JW Marriott Hotel in Washington, DC. The Summit brings together real estate management industry leaders in a dynamic, highly interactive forum that addresses major business challenges and opportunities presented by these everchanging times, emerging legislative issues of industry interest, IREM governancerelated matters, and much more. Highlighting the event is Capitol Hill Visit Day, when IREM members meet with members of Congress and their key aides to promote awareness and understanding of key legislative issues of concern to the commercial real estate industry and to communicate the industry’s position on these issues. ■
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Mid Atlantic Real Estate Journal — Property Management 2012 IREM® Tri-State Conference & Expo — February 10 - 23, 2012 — 11B
2012 IREM® TRI-STATE CONFERENCE & EXPO
Leveraging Knowledge and Experience to Help our Clients Succeed With over 25 years of experience, Wilkin & Guttenplan has the solutions for all your tax, accounting, auditing and consulting needs. • • • •
Tax planning and preparation Business consulting services Business valuation Compilations, reviews and audits
• • • •
Forecasts and projections Employee benefit plan audits Estate and Trust Litigation Support
To learn more about the value of working with a real estate industry leader contact: Karen Schirmacher, CPA, MST kschirmacher@wgcpas.com Wilkin & Guttenplan, P.C. | Certified Public Accountants and Consultants 1200 Tices Lane, East Brunswick, NJ | 732.846.3000 | www.wgcpas.com
12B — February 10 - 23, 2012 — 2012 IREM® Tri-State Conference & Expo — Property Management — Mid
Atlantic Real Estate Journal www.marejournal.com
2012 IREM® TRI-STATE CONFERENCE & EXPO Gutter Master LLC
Specializing in the Installation Of Vinyl Siding, Vinyl Soffit, Aluminum Fascia , Gutters & Leaders For Comm’l. & Residential Bldgs. Why do you need Gutter Master? Gutter Master offers prompt service and many product options to meet any budget and designed for your property. SIDING- Protects the shell of your property without it your property is exposed and vulnerable to harsh winds, rain and snow. Your insulation could become moldy and inefficient and the wood framing of your property could become compromised. This could happen to your property even with its existing siding if your siding is aging or of low quality. The professionals at Gutter Master have years of installation and product knowledge so contact them
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for all your siding needs! S o ff i t , F a s c i a G u t t e r & Leaders- One of the most overlooked areas of repair & improvement is the gutter system. Years of not maintaining your gutters & leaders could severely damage your existing wood at your soffit and fascia locations causing wood to decay which in turn causes the gutters to loose proper pitch or even fall down. The importance of the gutter
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system is to help protect your investment. A failing system means that water is not being carried away from the building but will run down your walls and seep into your foundation, ruin expensive landscaping ,flood your basement and cause mold & mildew to grow which is hazardous to your health! Let the professionals at Gutter Master help you improve the appearance of your property and make it
maintenance free today ! One more layer of protection to consider for your property would be a leaf shedding product that can be installed on new or existing gutters and comes in a variety of colors. We offer the LEAF X PROTECTION SYSTEM which has a NO CLOG FOR LIFE warranty. It installs in four foot panels that gets screwed directly into the gutter not your roof therefore it does not void any warranty you may have. Your time is valuable , don’t spend it on a ladder cleaning your gutters every few months, call the professionals at Gutter Master for a FREE- NO OBLIGATION estimate today.
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Mid Atlantic Real Estate Journal — Property Management 2012 IREM® Tri-State Conference & Expo — February 10 - 23, 2012 — 13B
2012 IREM® TRI-STATE CONFERENCE & EXPO
Specializing in Uniformed Guard Services for over 25 years! • Fully Insured, $10 mil CGL - Terrorist Insurance - $100,000. Theft bond • Mandatory drug testing • Health benefits for all employees • One of the lowest employee turnover rates in the industry • Privately held company since 1982 • Our hands-on training exceed state standards Building Security Services Offices in: New Jersey • New York • Pennsylvania 800.762.0029 • www.buildingsecurity.com
“A reputation built on customer service and reliability”
14B — February 10 - 23, 2012 — 2012 IREM® Tri-State Conference & Expo — Property Management — Mid
Atlantic Real Estate Journal www.marejournal.com
2012 IREM® TRI-STATE CONFERENCE & EXPO By Dan Haer, DJ’s Painting
Want to save 50% on your Painting Projects? In this article you will learn how!
M
any of us think “if it ain’t broke, don’t fix it”. Well, when it comes to exterior paint that just ain’t always so. Most exterior surfaces are coated first by a primer. This is to Dan Haer help bond and create an additional barrier from the elements. Once your surface has been coated properly with the appropriate primer, next the finish paint,
or topcoat, is applied to the proper coating thickness. Now you have a completed job, right? Well…yes & no. The initial painting is finished, but it’s also the time you should start thinking about when you are going to repaint. Repaint? Already? Absolutely!! And here’s why… If you wait to repaint until the paint job looks bad it will cost you more in several ways: 1) Your repaint cost may be higher due to additional prep time needed prior to recoating
the surface. 2) There may be longer down time to complete the work because of additional preparation and more coats required 3) The length of your paint cycle could be cut because the primer and first finish coats have been allowed to be compromised due to the extended period of weathering between repaints. 4) Your facilities curb appeal suffers. What we suggest is implementing a comprehensive repaint cycle program as early
as possible once the facility has been constructed. This program should have several key points: • You need to know what your repaint specification, and products are going to be. • You need a repaint schedule timeline (repaint every 4 to 5 years whether it appears to need it or not) • You should have a set price for your repaints for at least the next cycle. • You should have a warranty from the manufacturer for the entire cycle, so you are always covered under a
DJ’s Painting has been making our clients look their best since 1986. More than just painters, DJ’s Painting can solve all of your coating problems from water penetration to painting your exterior in durable fade resistant paint. Having completed thousands of projects ranging from entire national rebranding paint rollouts, to painting small locally owned businesses, DJ’s painting has the knowledge, expertise and experience to deliver your job on time and on budget.
Contact us today for a 10% discount on any work signed, even if it isn’t scheduled until the spring.
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warranty!! By doing this you will have a good idea what your paint cost are going to be forever!! Repaint cycle agreements are something that can be very beneficial to both the building owner and the painter, because your jobs are always under warranty by the manufacturer, you can have a long term agreement up to 10 years with some coating systems. In many cases painting contractor(s) would be willing to set up long term pricing so you know what to budget for. The end result would be you are going out to bid much less, which creates a good long term relationship and best of all your facilities always look great! Obviously the painting contractor likes the idea because they can count on that work for the entire term of the agreement making them more likely to be sure the pricing is very competitive, and your painter will be sure that you get an excellent job every time since so much is at stake!! Dan Haer is the owner of DJs Painting Inc. a firm that has worked in all 50 states for companies like McDonalds, Gap, Staples, Darden, as well as hundreds of property management companies. ■
IREM’s Evans to meet with members at Tri-State Conference & Expo ATLANTIC CITY, NJ — Three local chapters, New Jersey No 1, Southern New Jersey No 101 and Delaware Valley No 3, of the Institute of Real Estate Management (IREM) will host a visit by James A. Evans, CPM, the 2012 President of the organization, on February 24, 2012. President James Evans will address chapter members at a Networking Breakfast meeting to be held from 8:00am to 11:00am at the Borgata Hotel, Casino & Spa, Atlantic City, N.J. President Evans remarks will focus on key initiatives IREM is undertaking to keep members abreast of the latest trends, techniques and technology in real estate management. Cost of one day pass is $79.00 for members and $99.00 for non-members. ■
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Mid Atlantic Real Estate Journal — Property Management 2012 IREM® Tri-State Conference & Expo — February 10 - 23, 2012 — 15B
2012 IREM® TRI-STATE CONFERENCE & EXPO
P I N C U S E L E VAT O R . C O M
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mpincus@pincuselevator.com
16B — February 10 - 23, 2012 — Property Management — Mid
Atlantic Real Estate Journal
ProPerty ManageMent
from pipes to pumps . . . we maintain it all! We are a full-service firm providing contract operation and maintenance for all sizes and types of wastewater and stormwater systems. We offer . . . state-of-the-art technology that monitors our clients' equipment so that repairs can be made before costly, time-consuming trouble starts We are . . . fully capable of servicing and maintaining any and all equipment related to our customers' structural, mechanical, and electrical equipment
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Mid Atlantic Real Estate Journal — Property Management — February 10 - 23, 2012 — 17B
Property Management Outdoor Furniture Solutions
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Insurance Repair
Accurate Reconstruction Insurance Repair Specialists
• Complete reconstructions and damage repairs • Damage estimates and appraisals • Board-ups / Emergency service • Construction Management Accurate Reconstruction is recognized and respected by most major insurance companies, property management companies and construction officials. We have a thorough understanding of insurance policy provisions and the ability to communicate with the insurance companies and officials frequently involved in community association and apartment losses. Your one stop shop for complete repair and reconstruction and restoration of residential, commercial, public, church and school buildings damaged by fire, water, collapse, collision, vandalism and more. Emergency Service is available including board-ups, shoring, demolition, drying and other services designed to preserve, protect, and restore property. Regional offices serving all of NJ, Southern NY, and Eastern PA. From appraisal to framing and finishing, Accurate Reconstruction is a full service company.
PROFESSIONAL REPAIR AND RESTORATION DUE TO FIRE, WATER, SMOKE, STORM, COLLAPSE, VANDALISM AND ALL FORMS OF PROPERTY DAMAGE Condominium claims a specialty. Our thorough understanding of insurance policy provisions and ability to communicate and coordinate with multiple insurance carriers often involved in condominium claims is unequaled. Ground-up foundation and structural work as a result of environmental clean-up claims is another area in which we excel.
Main Office: 161 West High Street Somerville, NJ 08876 (908) 231-1234 Fax: (908) 231-1203 www.accuratereconstruction.com gina@accuratereconstruction.com
18B — February 10 - 23, 2012 — 2012 IREM® Tri-State Conference & Expo — Property Management — Mid
Atlantic Real Estate Journal www.marejournal.com
2012 IREM® TRI-STATE CONFERENCE & EXPO Simplicity, stability & resources of a national provider with a personal touch
New Partnership: A-L Services & Davey Commercial Grounds Management form Alliance
I
n today’s business climate, there is a vast difference between best price and best value. Everyone wants to save time, money and effort. To provide the best value for commercial landscape services, A-L Services and Davey Commercial Grounds Management have aligned their strengths to offer commercial building owners and property managers the most complete menu of services, to ensure management of their property exteriors is simpler. As a leader in New Jersey’s
landscaping community, A-L Services continuously provides their corporate, indus-
services. Davey Commercial Grounds Management clients trust the company to care
“In a time where property and facility managers are asked to do more with less, Davey and A-L Services have paved the way by offering a comprehensive menu of services available – nationwide – with a single point of contact,” said George Gaumer trial and residential clients with “Best in Class” landscape design, construction, maintenance and snow removal
for their precious natural resources and understand the value of their assets. Davey’s commercial property services
are tailored to each client and include full-service landscape maintenance, irrigation management, snow and ice management, natural resource consulting, commercial tree care and large tree moving. A-L Services and Davey Commercial Grounds Management combined have more than 180 years of satisfying clients and providing unparalleled service. “We want to better serve our customer’s changing needs by forming a strategic partnership that allows for a wider array of
services being offered in a broader geographic area,” explains Curtis Appleby, president of A-L Services. “This partnership will simplify our clients’ lives and offer the best value for their landscape dollar.” Ultimately, through this strategic alliance, both companies want to exceed typical value and encourage customers to expect more – from better communication with custom programs, one contract, one point of contact and one invoice to a full service menu to reliability in low employee turnover, superior training and resources and a history of long-term client retention. “In a time where property and facility managers are asked to do more with less, Davey and A-L Services have paved the way by offering a comprehensive menu of services available – nationwide – with a single point of contact,” said George Gaumer, vice president and general manager, Davey Commercial Grounds Management. “This creates a convenient, simple and cost effective way for our clients to handle all of their grounds care needs.” A-L Services has deep roots in New Jersey’s landscaping community. Since their inception in 1963, the company has become a leader in landscape design, construction and maintenance for corporate, industrial and residential environments. Specializations include lawn irrigation, turf management, organic waste management, snow removal, planting, recycling and pond/lake maintenance and construction. For more information, visit www.a-lservices.com. The Davey Tree Expert Company, with U.S. and Canadian operations in 45 states and five provinces, provides a variety of tree care, grounds maintenance and consulting services for the residential, commercial, utility and government markets. Founded in 1880, Davey is employee owned and has more than 7,000 employees who provide Proven Solutions for a Growing World. For more information, visit the Davey Tree website for more information. Q
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Mid Atlantic Real Estate Journal — Property Management 2012 IREM® Tri-State Conference & Expo — February 10 - 23, 2012 — 19B
2012 IREM® TRI-STATE CONFERENCE & EXPO
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20B â&#x20AC;&#x201D; February 10 - 23, 2012 â&#x20AC;&#x201D; 2012 IREMÂŽ Tri-State Conference & Expo â&#x20AC;&#x201D; Property Management â&#x20AC;&#x201D; Mid
Atlantic Real Estate Journal www.marejournal.com
2012 IREMÂŽ TRI-STATE CONFERENCE & EXPO BELFOR Property Restoration Unveils State-of-the-Art Command Center It can be seen from quite a distance and the closer one gets, the more overwhelming it becomes. The new Command Center of BELFOR Property Restoration is basically an operational headquarters on BEL:FOR, one of the worldâ&#x20AC;&#x2122;s largest disaster recovery companies, has taken their industry to the next level. The 53-foot long, 16-foot wide, two-story tractor trailer includes state-of-the-art technology including internet access along with a conference room complete with projector and high definition monitors. It can accommodate 30 BELFOR team members during the most dire of situations providing an immediate stabilizing force. Because it is usually difficult to gain access where disaster may strike, BELFOR can take their Command Center right where the action is, positioning it near one of their 80 offices around the nation or because of their close affiliation with FEMA (Federal Emergency Management Agency) as close as conditions will allow. The $1 million vehicle includes its own water, food supplies, sleeping quarters, executive suite, two satellite dishes, a galley and bathroom. When traveling, the The state-of-the-art Command Center will allow BELFORâ&#x20AC;&#x2122;s National Disaster second floor drops down and the sides back in. CurTeam to set up operations under any conditions in virtually any area. The 53rently, the Command Center spends 6 months each foot long, 16 foot wide tractor trailer has two floors, internet access, two year at BELFORâ&#x20AC;&#x2122;s office in Exton, PA before heading satellite dishes, a galley, bathroom and conference room along with a to their Fort Worth, TX operation. The company is host of additional features critical during an emergency planning on adding a second Command Center soon.
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Mid Atlantic Real Estate Journal â&#x20AC;&#x201D; Property Management 2012 IREMÂŽ Tri-State Conference & Expo â&#x20AC;&#x201D; February 10 - 23, 2012 â&#x20AC;&#x201D; 21B
2012 IREMÂŽ TRI-STATE CONFERENCE & EXPO
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22B — February 10 - 23, 2012 — 2012 IREM® Tri-State Conference & Expo — Property Management — Mid
Atlantic Real Estate Journal www.marejournal.com
2012 IREM® TRI-STATE CONFERENCE & EXPO Keynote Speaker Sponsor
Entertainment Sponsor
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Mid Atlantic Real Estate Journal — Property Management 2012 IREM® Tri-State Conference & Expo — February 10 - 23, 2012 — 23B
2012 IREM® TRI-STATE CONFERENCE & EXPO
24B — February 10 - 23, 2012 — 2012 IREM® Tri-State Conference & Expo — Property Management — Mid
Atlantic Real Estate Journal www.marejournal.com
2012 IREM® TRI-STATE CONFERENCE & EXPO Expo Reception Sponsors
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Mid Atlantic Real Estate Journal — Property Management 2012 IREM® Tri-State Conference & Expo — February 10 - 23, 2012 — 25B
2012 IREM® TRI-STATE CONFERENCE & EXPO SOLID WASTE & RECYCLING SERVICES
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26B — February 10 - 23, 2012 — 2012 IREM® Tri-State Conference & Expo — Property Management — Mid
Atlantic Real Estate Journal www.marejournal.com
2012 IREM® Tri-State Conference & Expo
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Mid Atlantic Real Estate Journal — Property Management 2012 IREM® Tri-State Conference & Expo — February 10 - 23, 2012 — 27B
2012 IREM® TRI-STATE CONFERENCE & EXPO PLUMBING SERVICES
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28B â&#x20AC;&#x201D; February 10 - 23, 2012 â&#x20AC;&#x201D; 2012 IREMÂŽ Tri-State Conference & Expo â&#x20AC;&#x201D; Property Management â&#x20AC;&#x201D; Mid
Atlantic Real Estate Journal www.marejournal.com
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Mid Atlantic Real Estate Journal — Property Management — February 10 - 23, 2012 — 29B
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30B — February 10 - 23, 2012 — Property Management — Mid
Atlantic Real Estate Journal
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PROPERTY MANAGEMENT By Trish Faidiga, Advantage
Property Management: Setting the Temperature
I
t’s an age-old property management dilemma: a building full of humans with varying levels of “normal” body temperatures. Sometimes, a property manager feels like all Trish Faidiga they do all day is talk about the weather—in the building, that is. However, Property Managers really do “set the temperature” in the building on a daily basis—but in a much different way. They set the tone. They set the style. They are the influential fulcrum. In the world of commercial office rentals, it’s one of the key roles of the Property Manager—both literally AND figuratively. A Property Manager’s emotional state can be an enormous ally in helping
a building owner control any given situation. When she/he brings their EQ (Emotional Quotient)– an energy I know from experience is uplifting and inspiring—it’s contagious. Why does it work like that? How come one person’s mood can be so infectious to the people around them? Because, as humans, we’re actually wired for it. Did you know that emotion stimulates the human mind 3000 times faster than rational thought does? That means that a sales suggestion that pulls at the emotional strings, i.e., “Your clients will love coming see your fabulous new digs,” or, “These high ceilings will help your team feel really creative,” connect with your prospect’s mind more quickly and probably more deeply than things that are logical (like the rent). Emotions are just like germs – they’re very easy to spread.
In fact, a study done at the University of Chicago found that it takes mere MILISECONDS to spread an emotion from one person to the next, and that it often happens without any conscious realization as to what happened. Humans naturally sync and mimic other people’s facial expressions, posture, body language and speech patterns during conversations. It stems from a psychological need for acceptance and to fit in with a group. The emotional exchange is even connected to charged words that we use, like hate, worthless, love, anger, sad, excitement, and crazy. This makes your voice, and your ability to remain enthusiastic one of your most powerful management tools. As Henry Chester said, “Enthusiasm is the greatest asset in the world. It beats money,
power AND influence.” That’s why, at Advantage, we focus on our Property Manager’s having an enthusiastic voice and an upbeat attitude. Because we know that a positive attitude is one
that can spread through a building even more quickly than mud on the carpet Trish is president and owner of Advantage Building & Facility Services. ■
Four RCP Management managers receive ARM designation MONROE, NJ — Four RCP Management Company’s property managers received Institute of Real Estate Management’s (IREM) distinguished ARM (Accredited Residential Manager) designation. Obtaining the designation required taking a 6-day course, completing an application, taking an exam, gathering referral letters, testimonials and even an interview. They were presented with their certifications by Mary Faith Nugiel, president of RCP Management Co. It was a very proud event for RCP! RCP congratulations:
• Gail Graham - North Jersey Region • Joan Yanacone - Corporate Region • Mary Ann Calogera - Corporate Region • Richard Nelson - Corporate Region RCP Management Co., this year’s “Accredited Management Organization (AMO) of the Year, 2011”, is headquartered in Monroe with a second office in Elmwood Park, NJ. RCP has a staff of over 60 professionals (including regional managers, multi-site managers, site managers, customer service and accounting. ■
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Mid Atlantic Real Estate Journal — Property Management — February 10 - 23, 2012 — 31B
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PROPERTY MANAGEMENT IBS sees stepped-up demand, touts benefits of Microsoft Exchange Server
Communications technology solutions in the spotlight for 2012
T
OTOWA, NJ — An increasingly mobile workforce and an uptick in enterprise technology among commercial real estate organizations has brought communications solutions firmly Scott Donnelly into the spotlight heading into 2012. And according to Scott Donnelly, director of sales and marketing for Integrated Business Systems Microsoft Exchange Server 2010 is worth serious consideration as a cost-effective, flexible option. IBS is a 32-year-old boutique firm that develops and supports high-quality property management and accounting software for the commercial real estate community. Its Network Services division provides full consulting, installation and support for computer and networking technologies for IBS system users as well as organizations across many industry sectors – from attorneys and CPAs to office and home furnishings companies, and others. The company is a Microsoft Certified Solutions Provider. “Our IBS Network Services team has experienced a marked increase in demand as an improving economy begins to enable companies to upgrade their aging servers and operating systems,” Donnelly said. “It seems that businesses are coming out of their holding patterns and are ready to invest in technology. Our clients are responding to new requirements for mobile communication tools that connect their employees out in the field. Everyone wants to be able to sync their smart phones and tablet computers with their office environments.” At its core, Microsoft Exchange manages and delivers synched email, calendars and contacts to PCs, phones and other compatible devices. Simply stated, it is the engine that runs Microsoft Outlook. According to Donnelly, while the 2003 and 2007 versions have not yet reached the end of their life cycles, Exchange Server 2010 provides a number of new features and capabilities. “Exchange Server 2010 has
mobile software built right into it, where in the past it required third-party add ons,” Donnelly said. “In this sense, it is a much better integration tool when it comes to managing and deploying a mobile workforce.” Consider information sharing. The IBS property management system includes mechanisms to translate data into a PDF format. A system user can create a report, turn it into a PDF, and either email it from the IBS software or place the document on a server so it can be synced directly
to a single or multiple devices. “People are craving this level of portability,” Donnelly said. “They want to be able to access information whenever and wherever they are.” Other areas with key improvements include email archiving, disaster recovery functionality, anti-virus and malware mechanisms, and heightened efficiency with a true, 64-bit operating system. “In general, Exchange Server 2010 provides much higher reliability, which translates to better uptime and increased
productivity,” Donnelly said. “Additionally, Microsoft recently released its second update package for 2010, which means that many features have been enhanced. For anyone who had been waiting for this product to prove itself, now is the time to buy.” What’s next? Microsoft’s Office 365 is an in-the-cloud Exchange Server product. “Office 365 is in its early stages of adoption,” Donnelly said. “It is strengthening and likely will shape up into the ‘next big thing.’” Since its start in 1999 as
an outgrowth of offerings provided to IBS’ real estate clients, IBS Network Services has embraced the most powerful new and proven products to ensure reliable network infrastructure. From mobile devices and individual workstations, to enterprise servers and everything in between, IBS provides comprehensive expertise. The firm has a long history of conducting business with large, national hardware and software distributors such as HP, Dell, 3Com, APC, Symantec, Cisco, WebSense and many more. ■
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32B — February 10 - 23, 2012 — Property Management — Mid
Atlantic Real Estate Journal
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PROPERTY MANAGEMENT Consisting of more than 450 members
By Ronald Glazer, Esq., Kaplin Stewart
BOMA New Jersey elects new Board Of Directors
Keeping property managers out of court
T
he Building Owners and Managers Association of New Jersey (BOMA-NJ) held its annual meeting on January 25, 2012 at The Newark Club in Newark, New Jersey. At the meeting principal BOMA Members voted in the new slate of officers for 2012.
Ron DeBiasse, Lone Eagle Management as President; vice president is Robin Juron, Bergman Real Estate Group, David Cali, RPA as secretary, and Harold Campbell, RPA, SMA of Cassidy Turley as Treasurer. The Directors include Michael Donohue, RPA, Mountain Development Corp., Erika Morasco, Grubb & Ellis, Deborah Sparks, RPA, Wells Real Estate, John Spencer, CBRE, and Bill Toland RPA,
SMA, Federal business Centers. The Allied Service Partner Representative is Allison Berg of Cooper Pest Solutions and Immediate Past President is Lisa Kochan of Grubb & Ellis.
the most important skill you have in the real estate industry: Listen to your customers, they will communicate to you what their needs are so you can respond to their requests.
When asked why he was active in BOMA and so enthusiastic about becoming President, Mr. DeBiasse said: “It would be hard to overstate the value of my BOMA membership. BOMA has assisted me to build and establish relationships with Owners, Managers, clients and service providers which in turn helped me expand my network and knowledge of the property and facility management industry. It is because of my BOMA relationships that I have learned to utilize
Founded in 1984, BOMANJ consists of more than 450 members representing the leading building owners, managers, developers, asset managers, leasing professionals, corporate facility managers and providers of products and services for commercial properties. BOMA NJ holds monthly information exchanges and additionally provides continuing education courses. For more information see our web site. ■
BR Water Meters always protect the boiler I once heard a variation of An old Ben Franklin saying that has always stuck with me. “A penny saved is a penny earned, tax free” It makes all kinds of sense, or cents, depending on your point of view, assuming that the tax is already paid on your capital. In that case, a penny saved Is worth about a cent and One fourth to a cent and a Half. Oddly, however, many People don’t realize that it’s Easier to save money than to make money. At the AWWA exhibition in Las Vegas last June, I met With the manufacturer Milt Westrich, president of BR Industries in Orange, NJ. Westrich told me that his company manufacturers what are called The Muscle Meters®, “The are Stronger They Last Longer” Westrich said that many people think that all Water Meters are the same, this is not true. Westrich said That his companies SingleJet are really the first line of insurance in protecting his customers large boilers as they accurately measure and protect the customers boiler by indicating the amount of water going to the boiler and reporting this to the superintendent of the building and also sending this information to the computer installed by the energy management company that has installed it. IF any water is going to
the boiler is indicated this raises a red flag and can save
thousands of dollars and the boiler. ■
Litigation is expensive. What issues result in lawsuits against managers and how can they be avoided? All property managers should beware that unlawful evictions and use of “ s e l f - h e l p ” Ronald Glazer remedies such as changing the locks or cutting off utilities can result in manager liability. Take tenant objections and complaints seriously. Look for possible discrimination claims and reports of faulty conditions that can lead to injury suits for negligent maintenance. In residential property management, Fair Housing Act (the “Act”) violations are the basis of the majority of lawsuits (often not covered by insurance). Your staff must know the “buzzwords” and how to react to them. A request for “reasonable accommodations” may require a change or exception to rules and services, such as a dog for physical and emotional support, a reserved parking space or shoveling snow in certain areas sooner and more often. Many cases involve objections to second hand smoke from an apartment adjacent, above or below. Smoking in one’s own home can, and may have to be, prohibited. A request for “reasonable modifications” involves permitting physical changes at the cost of the occupant, such as permitting the tenant to install a ramp or an outside lift. Straightforward discrimination based on a prohibited classification such as race, religion or national origin is easy to understand and avoid. However, many discrimination claims and cases shock managers and owners. There must be super sensitivity to avoid liability. Discrimination on the basis of familial status prohibits discrimination against families with children. It has been held that prohibiting children running in a building and leaving bikes outside of apartments constitute discrimination against families with children. Another
violation involved steering families with children away from second floor apartments (even though a child previously fell from a second floor balcony). One case held that prohibiting non-toilet trained children in the pool violated the Act. It was okay to require non-toilet trained “persons” to wear waterproof swimwear. A serious exposure unknown to most managers is referred to as the “hostile housing environment doctrine.” Inaction by the manager can result in liability. Fellow tenants may engage in harassment and abusive behavior based on discrimination against a tenant. Permitting such behavior to continue can result in management liability. An owner can incur liability for the acts of managers and employees, even if the actions were not authorized. A 2004 Pennsylvania case held a landlord liable because the manager refused to renew a lease because of racial discrimination. The U.S. Supreme Court ruled that an owner can be liable for punitive damages for a manager’s violation, even without proof that the owner even knew of the discriminatory acts. The owner of a property has a duty to take action to control the criminal activity of third persons which threaten persons on the property if the owner has reasonable cause to anticipate such acts. If the landlord knows that the property is being used by violent drug dealers to conduct criminal activity, there may be a duty to act. If the owner knows that the lack of lighting in the parking garage has contributed to muggings, there may be a duty to act to prevent injury. Finally, keeping good records will not prevent claims, but may prevent liability. Record responses to issues and complaints and establish a pattern of good behavior. Ronald B. Glazer, Esquire is counsel to the firm and a member of the Real Estate, Business & Finance Department of Kaplin Stewart. ■
KNOWLEDGE IS POWER
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Mid Atlantic Real Estate Journal — Property Management — February 10 - 23, 2012 — Inside Back Cover B
BOMA NEW JERSEY The Building Owners and Managers Association of New Jersey The Building Owners and Managers Association (BOMA) of New Jersey is focused on providing the most comprehensive member benefits available in any trade association. Why you should be here: BOMA provides excellent educational programs designed to provide both the seasoned professional and up and coming assistants with expert skills in appropriating resources and managing properties to maximize their value regardless of the economy, invaluable networking opportunities, monthly meetings and events, annual events, advocacy at the state and national levels, and International support. Since its inception in 1984 more than 450 members have developed and perfected their professions through the resources BOMA New Jersey has to offer. Call now to receive your informational package on how you too can be on your way to become the real estate industry’s most desired and indispensible professional. Building Owners & Managers Association of New Jersey 199 Prospect Avenue, PO Box 7250, North Arlington NJ 07031 Phone: 973-696-2914, Fax: 973-696-5634 Email: bomanj@ix.netcom.com Website: www.bomanj.org
Back Cover B — February 10 - 23, 2012 — Property Management — Mid
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