REAL ESTATE JOURNAL Vol. 23, Issue 3
Inside:
February 11 - 24, 2011
Sections
the most comprehensive source for commercial real estate news
DELAWARE
NEW JERSEY
PENNSYLVANIA
VIRGINIA
Mid Atlantic .......................................................Section A New Jersey ........................................................ Section B Pennsylvania ................................................... Section C Green Awareness .......................................... Section D Economic Development.............................. Section E
Spotlights / Features Auction Directory ..........................................................4A Sales & Leases ..............................................................19A Tri-State REALTORS Commercial Alliance ...... 20-21A People on the Move................................................... 22A Business Card Directory ........................................23A Calendar of Events..................................................... 24A Bill Board Classifieds ..............................................25A Central New Jersey.................................................7-10B Western Pennsylvania ................................................ 5-11C
Columnist
The Mid Atlantic Region features their upcoming economic development plans, incentives and best projects .............Section E
Property Mangement Featuring
David Wood ......................................................................2A
Index Advertisers Directory .................................................2A
Next Issue February 25, 2011 • Mid Atlantic
Network with potential customers including real estate professionals, property managers, and building engineers from the Tri-State area ........................................................................................................................................7-18A
New Jersey
• DELMARVA featuring Maryland • Shopping Centers featuring Top Retail Deals of 2010 • Contractors, Owners & Managers featuring Building Services & Suppliers • Commercial Office Spotlight 5 sections, 104 pages
Dermody Properties/DP Partners maintains positive momentum with the announcement of the acquisition of a 259,910 s/f office/ distribution facility on 14.4 acres of land in LogistiCenter at Logan. ........... .................FC-B
A Inside Cover — February 11 - 24, 2011 — Mid
Atlantic Real Estate Journal
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Mid Atlantic Real Estate Journal — February 11 - 24, 2011 — 1A
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2A — February 11 - 24, 2011 — Mid
MAREJ
Atlantic Real Estate Journal
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Mid Atlantic ADVERTISERS DIRECTORY
Real Estate Journal
Mid Atlantic REAL ESTATE JOURNAL Publisher ............................................................................Linda Christman Co-Publisher .........................................................................Joe Christman Associate Publisher ...........................................................Dianna Mallozzi
AdVenture Development .......................................... 9C Altoona Blair County Development Corp. .......16C,3E Appliance Brokers LTD. ........................................ 17A B.R. Kreider & Son .................................................. 4C Barry Isett & Associates ........................................ 15C Beacon Commercial Real Estate ............................. 2C Berks Economic Partnership ................................... 2E Brasler Properties ................................... IBC-C, BC-E Business Card Directory ........................................ 23A Bussel Realty Corp................................................ IC-B CAN DO .................................................................... 2C Carl Berger Associates ............................................. 9E CB Richard Ellis .................................................. FC-C CBC Bennett Williams.....................................25A, 2C City of Vineland........................................................ 6E Conewago Enterprises ............................................. 4C Cooper-Horowitz, Inc. .............................................. 1A CROOT Realtors .................................................... 25A Doo Consulting ......................................................... 5D Earth Engineering ................................................... 2C Equilibrium Equities ............................................. 25A Foliage Design Systems ......................................... 18A Fred Coldwell ........................................................... 2A Gerber/Somma Associates ....................................... 3B Poskanzer Skott Architects ..................................... 6B Gilbeaux Associates, P.C. ......................................... 2D Gloucester County.................................................... 7E Griffin Land .............................................................. 3C Grubb & Ellis ........................................................ 6-7C Hawley Realty ........................................................ 15C Hinerfeld Commercial Real Estate ....................... 25A Interstate Distribution Center ......................13C, 15E Jurin Roofing Services ........................................... 17A Kaplin | Stewart ...................................................... 3A Katz Properties ...................................................... 25A LandmarkJCM ................................................. 15A,8D Lebanon Valley Economic Development Corp. ..... 15E Liberty Property Trust .......................................... IC-C LPS Contracting Corp............................................ 14A Lunar Electrical Contractor .................................... 3A M.Miller & Son ......................................................... 3A Marcus & Millichap ................................................. 3C Mercer County Office of Economic Development and Sustainability ...... IBC-E Mericle Real Estate Services ...............................BC-C Meyer Unkovic + Scott ............................................. 8C MGZA........................................................................ 3D NAI CIR .................................................................. 13C NAI Pittsburgh Commercial.................................. 11C New Castle County Office of Economic Redevelopment ...................................... 13E New Jersey Meadowlands Commission ................ 10E NorthMarq.............................................................. 10C Onorati Construction ............................................... 3A Penn’s Northeast ..............................................4C, 11E Penn-Northwest Development Corp. .................... 11C Pfister Energy .......................................................... 2D POA ......................................................................... 17A Pocono Mountains Economic Development Corp............................................16C, 5E RAM Acoustical Corp. .............................................. 5C Richmond Virginia ................................................... 1E RT Environmental Services..................................... 4E SEBCO Laundry Systems ....................................... 2B SK Advertising .................................................. 3A, 5D Southern New Jersey Appraisal Institute ............ 14B Stout & Caldwell ................................................... IC-E Sun Farm Network .................................................. 1D The Provident Bank .............................................. IC-A
To advertise, call 1-800-584-1062
Associate Publisher ............................................................ Elaine Fanning Senior Editor/Graphic Artist ................................................ Karen Vachon Office Manager ...................................................................Joanne Gavaza Editorial Consultant ............................................................. Ben Summers
By David Wood
“Don’t just jab; throw a combination”
Guest Columnists .................. David Wood, Constructive Communications Contributing Columnists ........ Neil Andrew Stein, Esquire, Kaplin Stewart Mid Atlantic REAL ESTATE JOURNAL ~ Published Monthly P.O. Box 26 Accord, MA 02018 (Mail) 312 Market Street, Rockland, MA 02370 (Overnight) Periodicals postage paid at Rockland, Massachusetts and additional mailing offices
A
nybody who’s ever followed boxing knows that jabbing alone won’t win a fight. In order to score points with the judges and the referee, or to knock out your opponent, requires throwing effective combinations—relentlessly using both hands and all your weapons, like the cross, the hook and the body blow. Marketing your services is a lot like boxing—no one weapon alone will work. Not direct mail, not a website, not advertising, social networking, e-blasts or telemarketing, not free seminars to hot prospects, not even PR. Each, by itself, will produce little effect. However, use these weapons in tandem and BANG!—an explosion occurs. Not only is each effective in its own right, but together the whole far exceeds the sum of its parts. Here’s what I mean. Take the following scenario: 1) You send out news releases every time a project is awarded (or completed), someone is hired, an award is won, the company or its employees are involved in a community activity, etc. The release includes your website address, giving people a chance to get some additional information about the firm. 2) You support your PR with a bit of advertising, informing people of the services you offer and where and how to find you. 3) When your direct mail package arrives, the prospect has heard of you (because of #1 and #2), so he or she looks through
Postmaster send address change to: Mid Atlantic Real Estate Journal, P.O. Box 26, Accord, MA 02018 USPS #22-358 | Vol. 23 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
the material. You’re no longer a stranger. 4) Your prospect receives a phone call from you (telemarketing). They’ve seen your PR and advertising, even heard from you through the mail. You’re a player, a company to be taken seriously. They’re happy to talk with you. 5) If they see you at an association meeting, chamber function or a trade show, you can bet they’ll stop to talk. If the prospect hasn’t already done business with you by this time, you’ve at least made a significant enough impression that when they need the service you offer, you’ll be seriously considered. 6) Now, every three months you send them your newsletter, preventing you from dropping “out of sight, out of mind.” You can add and/or substitute dozens of other marketing weapons in the above scenario, from site signs and truck lettering to brochures, athletic team sponsorships, seminars and speaking engagements, newspaper, magazine and trade journal articles and columns,
Google ads, postcard mailings, advertising specialties, open houses and other events. The point is: Do lots of different things, do them continuously, and don’t ever stop doing them, even when they’re working so well you can barely keep up with business. Each marketing weapon complements the others, contributing to their success and the overall success of your strategy. That’s why you can’t simply do one thing, then abandon it when it fails—and it invariably will. Marketing success requires patience and persistence. The cumulative effect of what I’m suggesting is incredibly powerful—it’s like a snowball rolling down the side of a snowy hill. Keep up this type of frontal attack and inevitably your arm will be raised in victory as your competition is counted out. But don’t stop then—there’s always another contender wanting a shot at your crown. David W. Wood is a Deering, NH copywriter, newsletter publisher and marketing consultant specializing in the construction industry. ■
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Mid Atlantic Real Estate Journal — February 11 - 24, 2011 — 3A
MID ATLANTIC REAL ESTATE JOURNAL
They wrote the policy.
740,000 s/f portfolio located near Metrorail project
Grubb & Ellis completes $140 million office sale
V
IENNA, VA — Grubb & Ellis Company’s Institutional Capital Markets group represented Cityline/DLJ Real Estate Capital Partners in the disposition of a seven-building, 736,446 s/f office portfolio for $140 million to PS Business Parks, Inc. Eric Berkman and Steve Gichner, both executive vice presidents, and Andrew Asbill, associate vice president, facilitated the sale, which consists of 7915, 7921, 7923, 7925 and 7927 Jones Branch Dr. and
1517 and 1521 Westbranch Dr. “This transaction is evidence that investors are regaining confidence in the suburban markets,” said Berkman. “We received tremendous buyer interest in these buildings, which are well-positioned to capitalize on the extension of the Metrorail Dulles Corridor Project and the implementation of Fairfax County’s new comprehensive plan for Tysons Corner.” Consisting of the 124,000 s/f
Amherst Building, the 77,000 s/f Brunswick Building, the 80,000 s/f Culpeper Building, the 151,000 s/f Northampton Building, the 123,000 s/f Lancaster Building, the 57,000 s/f Dickenson Building and the 123,000 s/f Gloucester Building located in the Westpark area of Tysons Corner, the portfolio features a diverse base of tenants including the General Services Administration, government contractors, and law, medical, technology and professional services users. ■
Institute of Real Estate Management offers Ethics for the Real Estate Manager- February 16, 2011- Borgata Hotel ATLANTIC CITY, NJ — Ethics for the Real Estate Manager, a one day course presented by IREM Chapters New Jersey No 1, Delaware Valley No 3, Southern New Jersey No 101, is a “must” for all real estate managers. The course content focuses on responding to ethical challenges that can affect more than a real estate manager’s personal reputation and addresses conflict resolution skills needed to build a stellar reputation within the real estate management industry. This videobased course analyzes several
scenarios and reinforces all concepts through workbook exercises and provides applications to real world situations, ethical duties to clients, tenants, residents, employers and colleagues. IREM is an affiliate of the zational Association of REALTORS (NAR). Completion of ETH: 800 is required for the Certified Property Manager (CPM) designation and earns credit for the Accredited Residential Manager (ARM) and the Accredited Commercial Manager designations. All experienced
real estate professionals can gain indispensable information from attending the course. For those individuals residing in the state of Pennsylvania and holding a PA real estate license, successful completion of ETH: 800 will result in earning five (5) PA continuing education credits. Course facilitator Rose Evans, CPM, an IREM faculty instructor and IREM grader with multiple years experience in the field of property management, shares her first hand experiences in conflict resolution scenarios. ■
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4A — February 11 - 24, 2011 — Mid
Atlantic Real Estate Journal
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Auctioneers Directory
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Mid Atlantic Real Estate Journal — February 11 - 24, 2011 — 5A
PROPERTY MANAGEMENT Cohen joins production team as a senior vice president
NorthMarq’s Washington, DC Regional office arranges first mortgage financing of $7.2m O U D O U N C T Y. , VA — Kenneth Gentzel, senior vice president and managing director and Gary McGlynn, senior vice president and managing director of NorthMarq’s Washington, DC Regional office arranged first mortgage financing of $7.2 million for Signal Hill, a 61,115 s/f office building. Financing was arranged for the borrower by NorthMarq through its correspondent relationship with Genworth Life Insurance Company. PARSIPPANY, NJ — The New Jersey office of NorthMarq Capital has announced that mortgage banking veteran, Gary Cohen, has joined its production team as a senior vice president. Cohen most recently managed the New Jersey office for Centerline Capital where he consistently ranked among its top producing brokers. NorthMarq senior vice president and managing director, Greg Nalbandian, said “Gary is a terrific fit for us, and his clients will benefit greatly from our very extensive life company platform in addition to continuing his deep relationships with Fannie Mae and Freddie Mac.“ NorthMarq closed several multi-family loans in excess of $100 Million during the fourth quarter 2010. Notable transactions include a $40 million refinance of a prominent high rise and a $23.5 million refinance of a garden-style complex in Bergen County. Nalbandian noted that the deals were early refinances with the agencies where it made good economic
L
CBRE arranges $4.78m permanent mortgage loan PARAMUS, NJ — CB Richard Ellis’ Capital Markets Debt & Equity group arranged a $4.78 million permanent mortgage loan for a 38,000 s/f office facility, located at 70 Eisenhower Dr. CBRE’s James Gunning and Donna Falzarano obtained the non-recourse financing from a local commercial bank on behalf of the borrower, Millstein Paramus, LLC. The five-year loan was fixed at a competitive interest rate. The property is currently 100 percent occupied by a roster of notable tenants, including the Ridgewood Montessori School. ■
Signal Hill
sense to lock in historically low interest rates now. “Despite two to three years remaining on the existing loans, reducing the coupon by anywhere from 100 to 200 basis points coupled with a very meaningful cash out component which more than covered the prepayment penalty enabled our clients to lock in these ten year deals early through our seller/servicer relationship with Freddie Mac. “ Gary Cohen NorthMarq also arranged a $24 million construction loan for the first phase of a prime mixed use development
site along New Jersey’s Gold Coast which will consist of 88 multifamily rental units and 18,000 s/f of ground floor retail. Nalbandian notes, “At a time when very few construction loans are getting done, we were able to demonstrate the strategic location of the subject site along with the sponsor’s strong track record of success for these types of projects. Funded through a regional bank, the loan also has a conversion feature to a permanent loan once certain leasing hurdles and debt service coverage ratios are met. ■
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6A — February 11 - 24, 2011 — Mid
Atlantic Real Estate Journal
March 25th issue features 8th Annual Special Edition Spotlighting . . .
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MID ATLANTIC REAL ESTATE JOURNAL Totaling nearly 800 apartment units in 12 buildings
Iron Stone acquires $25m Philadelphia multifamily
The
BEST of
2010
You are invited to participate in MAREJ’s “BEST of 2010” Mid Atlantic REAL ESTATE JOURNAL will be hosting a “Best of the Best,” a “Who’s Who” of owners, brokers, developers, architects and financial institutions within the commercial real estate community. MAREJ will be compiling information and selecting the: Largest office, Industrial & Retail Transactions of the Year Best Shopping Center Development of the Year Best Developer of the Year Best Financial Institution Largest Financial Transaction of the Year Top Brokers List Top Owners List Most Innovative Architect Best Renovation Project
Help us select the Best of 2010! Send in your submissions today or call for an application form 800-584-1062
FAX: 781-871-5299
MAREJ’s Best of 2010 is a juried competition based on submissions and nominations from MAREJ’s commercial real estate community. Winners will be selected based on company size (number of employees) and size of the deal/transaction. Top brokers will be selected based on largest deal for 2010. Submissions from mid-Atlantic states will be judged in separate categories. All are welcome to participate.
P
H I L A D E L P H I A , PA — Iron Stone Strategic Capital Partners announced two separate acquisitions totaling nearly 800 apartment units in twelve buildings for the price of $25 million. Iron Stone purchased a fee simple interest in five buildings, comprising 276 apartments, from Intervest National Bank, which had taken the properties back through foreclosure. Three of the properties are in University City. Iron Stone Fund II purchased 511 apartment units in seven buildings. ■
Julien Apartments
Binswanger’s Cullen negotiates 22,391 s/f lease PHILADELPHIA, PA — Fretz Corporation has signed a lease of 22,391 s/f of flex space from Liberty Property Trust at the Navy Yard Commerce Center. The transaction was handled by Frank Cullen, president, Realty Group East for Binswanger. ■
Navy Yard Commerce Center
High Associates Ltd.’s Cass handles 27,000 s/f lease extension SUSQUEHANNA TWP., PA — F.E.I. Cold Storage of Harrisburg has extended its lease of 27,000 s/f of freezer
warehouse owned by KTR Harrisburg LLC on Industrial Road in Susquehanna Township.
Denise Cass of High Associates Ltd’s Harrisburg Regional Office handled the transaction. ■
MID ATLANTIC REAL ESTATE JOURNAL
PROPERTY MANAGEMENT FEATURING 2011 IREM® TRI-STATE CONFERENCE & EXPO MAREjournal.com
Mid Atlantic Real Estate Journal — February 11 - 24, 2011 — 7A
ATLANTIC CITY, NEW JERSEY — February 17-18, 2011 – Three Local Chapters of the Institute of Real Estate Management (IREM®) will host a visit by Ron Goss, CPM®, 2011 President of the organization, at their annual Tri-State Conference & Expo. President Ron Goss, CPM will address members of New Jersey Chapter No. 1, Delaware Valley Chapter No. 3 and Southern New Jersey Chapter No. 101 at a Networking Breakfast meeting to be held from 8:00 to 11:00am, February 18, 2011 at The Borgata Hotel and Casino in Atlantic City, N.J. Keynote Address Ronald L. Goss, CPM®, 2011 President, IREM President, RPM Management Co., Inc. Sr. VP, Dir., & Secretary, Rector Phillips Morse., Inc. President Goss’ remarks will focus on key initiatives IREM® is undertaking to keep members abreast of the latest trends, techniques and technology in real estate management. The three local chapters of IREM collectively serve all of New Jersey, 29 counties in Eastern PA and the entire state of Delaware. The Institute o Real Estate Management (IREM®) has been the source for education, resources, information and membership for real estate management professionals for more than 75 years. An affiliate of the NATIONAL ASSOCIATION OF REALTORS®, IREM is the only professional real estate management association serving both the multi-family and commercial real estate sectors. Full Registration includes: February 17th luncheon and education sessions, admission to IREM Industry Partner Expo and Reception, Keynote Presentation, two beverage tickets, evening networking event at MIXX Nightclub, breakfast and IREM presentation on February 18th. Registration: $229 per member / $279 per non-member Any company who sends ten attendees gets the eleventh one free! (All eleven must be registered at the same time with payment included.) Day Passes: Day Passes can be purchased for one day only, and does not include admission to evening networking reception at MIXX. One Day Registration: February 17 only: $179 per member / $219 per non-member February 18 only: $79 per member / $99 per non-member On-Site Registration: $279 Member/Non-Member
FOR MORE INFORMATION OR TO REGISTER VISIT WWW.IREM1.ORG
8A — February 11 - 24, 2011 — Mid
Atlantic Real Estate Journal
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PROPERTY MANAGEMENT Borgata Hotel, Casino & Spa • Atlantic City, NJ February 17-18, 2011
Keynote Address Ronald L. Goss, CPM® IREM President
Keynote Speaker Mike Rayburn The World’s Funniest Guitar Virtuoso
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
www.marejournal.com Program Guide Published by The Mid Atlantic Real Estate Journal, Inc.
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Mid Atlantic Real Estate Journal — February 11 - 24, 2011 — 9A
PROPERTY MANAGEMENT Institute of Real Estate Management The Institute of Real Estate Management (IREM®) is an international community of real estate managers across all property types dedicated to ethical business practices and maximizing the value of investment real estate. An afÄliate of the NATIONAL ASSOCIATION OF REALTORS®, IREM has been a trusted source for knowledge, advocacy and networking for the real estate management community for more than 77 years Become a member of IREM® by joining one of its local STAR Chapters IREM® New Jersey Chapter No. 1
Scott Dalley, CPM® 2011 Chapter President The Ärst chapter since founding of IREM® in 1933, has contributed to four national Presidents, several Regional Vice Presidents, and the Ärst woman CPM®, who was also a charter member of IREM. The chapter serves Northern and Central New Jersey and has 214 Members. Having recently celebrated its 75th anniversary N.J. Chapter No 1 is an IREM Five Star Status Winner for the Äfth consecutive year, this award is presented to chapters for providing outstanding service, programs and events to membership. IREM® Delaware Valley Chapter No. 3 Jody Dimpsey, CPM® 2011 Chapter President Formed in 1940, Delaware Valley chapter serves 29 counties in Eastern PA and the entire state of Delaware. A large IREM chapter with 429 members, Del Val has been awarded numerous honors by IREM including winning Five Star Status for the past Äve years. Creator of the Friends of IREM Program, consisting of select vendors and service providers, which has become a model for other IREM chapters. The chapter sponsors an annual Golf Outing and collaborates with GPAR in a Young Professionals program. IREM® Southern New Jersey Chapter No. 101 Sandy Cipollone, CPM® 2011 Chapter President Serving southern New Jersey counties of Atlantic, Burlington, Camden, Cape May, Cumberland, Gloucester, Ocean and Salem. With 195 Members, Southern New Jersey Chapter has produced two national Presidents, several Regional Vice Presidents, IREM Faculty Instructors and garnered many IREM awards. A Äve year recipient of the IREM Five Star Status Award, the chapter partners with New Jersey Chapter No 1 and Delaware Valley Chapter No 3 to present the annual Tri-State Conference & Expo. To join an IREM chapter or for more information on IREM please contact one of the local chapters:
IREM® New Jersey Chapter No. 1 (856) 303-0190 www.irem1.org. IREM® Delaware Valley Chapter No. 3 (856) 786-9260 www.irem3.org IREM® Southern New Jersey Chapter No. 101 (856) 829-8939 www.irem101.org
10A — February 11 - 24, 2011 — Mid
Atlantic Real Estate Journal
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PROPERTY MANAGEMENT IREM 2011 Tri-State CONFERENCE & Expo AGENDA Thursday, February 17-18, 2011 9:00 am – 10:00 am
Six Myths of Disaster Planning
Three Concurrent Sessions
Salon B
The Debt Restructuring Tsunami is Coming!
This Session Sponsored By:
Salon B
This Session Sponsored By:
Joel L. Naroff, Ph. D Prepare to be entertained and enlightened as Joel L. Naroff, Ph. D, one of the country’s premier strategic economists, forecasts and reviews the capital markets. Joel is featured in numerous publications and television programs simplifying and educating various audiences on the macro and micro conditions of the economy. “Chance favors the prepared mind”, so attend and let Joel prepare you for what the economy plans on doing next so you can capitalize on every opportunity that presents itself in 2011!
Rolling Out the Red Carpet Salon C
This Session Sponsored By:
Anne-Marie Niklaus, CPM®, ARM®, Regional Vice President, Madison Group During this presentation you will learn everything you need to know about low cost to no cost marketing without having to give up your high standards. It will also give you insight to our ever changing markets and how staying one step ahead of your competition will give you the edge you need to be successful!
Preventive Roof Maintenance Out of site out of mind, until the next rain falls! Studio 2
Mike Hoch, Executive Vice President, P. Cooper Roo¿ng Daily, weekly & monthly, the maintenance and management staffs walk their properties. They easily inspect the driveways with pot holes, sidewalks breaking, paint peeling, siding missing, the landscaping, the general cleanup, and the dumpster area. When is the last time somebody inspected/visited the roof(s)? The roof leaks are one of the most expensive maintenance issues. When a roof leak occurs, not only does the roof need to be repaired but related tertiary damage needs to be addressed as well: drywall replacement or drying, painting, Àoors replaced or drying, carpet replacement or drying, and maybe even furniture will need to be replaced. Since the roof is generally not visible from the ground it goes unchecked, “out of site, out of mind.”
David J. Mistick, CPM®, CBRM, President, and Debbie Mistick, CPM®, CCM, Product Manager, Circumspex LLC Common myths about preparing and implementing disaster plans for properties and businesses will be discussed. In addition basic planning elements that can have immediate bene¿ts for your organization in the event of a signi¿cant interruption will be covered. All property types will be addressed, as well as the potential impact to tenants and businesses housed in those properties. There’s no excuse for being caught unprepared in today’s business climate. Learn what to do before disaster strikes.
Demystifying Energy Deregulation How to know if you are really saving $$$$! Salon C
Ed Jackson, CEM, Principal and Founder, Af¿nity Energy Mgmt. 2011 will again be a pivotal year as energy costs are expected to rise as the economy continues to recover. With competitive energy prices near multi-year lows, don’t let the opportunity to save money pass you by! Attend this session to learn how simple it can be to “demystify” your electric bill and see if you’re leaving money on the table. If you buy electricity–in any fashion–this is a must attend session to better understand your options and techniques for locking in substantial savings.
Preventative Maintenance: Inspection Readiness Are you prepared? Studio 3
Wesley A. Miles, MPA, MHS, ARM®, CMM, Director, Service & Quality, AIMCO Inspections are a critical aspect of property management. Each type of inspection serves a speci¿c purpose. During this session we will touch on various types of inspections and share ideas and experiences in an effort to glean a better understanding of the importance of each.
11:15 am – 2:00 pm Expo Opens Lunch on Exhibit Floor Thank you to our Sponsors:
10:15 am - 11:15 am Four Concurrent Sessions
Affordable Housing Forum Salon A
This Session Sponsored By:
This session will give you the unique opportunity to submit your questions to the affordable housing industry leaders in NJ, PA and DE. Our panel will include industry experts as well as Connie Loukatos, Dir. Philadelphia Multi-Family HUB, US Dept. of HUD; Dave Evans, Assistant Executive Dir. of Multi Family Housing from PA Housing Finance Agency; George Hyatt, Housing Program Director from Rural Housing Development; Bob Sasso, Dir. of Property Mgmt., NJ Housing and Mortgage Finance Agency.
Corbett Exterminating, Inc.
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Mid Atlantic Real Estate Journal — February 11 - 24, 2011 — 11A
PROPERTY MANAGEMENT 2:15 pm – 3:15 pm Four Concurrent Sessions
Crisis Management and Communication Lights, Camera, Action! Salon C
This Session Sponsored By:
Cindy Duffy, Director of Corporate Communications, Apartment Investment and Management Company (AIMCO) You won’t want to miss this jam packed session where you will learn how to: • Integrate Communications into Operations • Establish Credibility with the Media • Handle Crisis Communications • Respond to Unpredictable Resident Issues • Promote the Positive!
Down to Earth Planning for Successful On-Site Operations Salon B
3:45 pm – 4:45 pm Keynote Session Music Box Theatre
Mike Rayburn The World’s Funniest Guitar Virtuoso Mike Rayburn is an award-winning speaker and entertainer with a truly unique presentation. Known as the Worlds’ Funniest Guitar Virtuoso, Mike uses his astounding guitar creations, uproarious songs and presentation skills to encourage, challenge and inspire his audiences to step beyond their perceived limitations. Mike draws from a wealth of life experiences as an adventurer, comedian, published songwriter, author, philanthropist, and father, to deliver a keynote presentation which is completely energizing and entertaining.
Thank You To Our Sponsors:
5:00 pm – 7:00 pm Vendor Expo Networking Reception Thank You To Our Sponsors:
This Session Sponsored By:
Michael B. Simmons, CPM®, President and CEO, Community Realty Management If you need planning tools and ideas on how to best present your ideas and gain the approval of your owner and the support of the on-site staff for any required or major capital improvements, then this is the session for you! This informative presentation is designed for on-site or regional property managers of any residential, retail or commercial property, and will not only give you easy access to planning tools and data but can also help you to elevate your professional status as well.
9:00 pm – 12:00 am Networking Event at MIXX Nightclub With a performance by The Philadelphia Funk Authority Specializing in getting the crowd out on the dance Àoor with the best soul, R&B, funk, dance and party music from the past 40 years. This is sure to be an unforgettable party and dance experience!
Thank You To Our Entertainment Sponsor:
Dealing with Violence in Today’s Workplace Salon A
This Session Sponsored By: Thank You To Our Mixx Open Bar Sponsors:
Jim Giblin, CPM® Learn about the warning signs, the indicators, the triggering events, and what to do if this happens to you! Jim has an interesting point of view since he was held hostage at gunpoint by a disgruntled employee several years ago.
JLD Management Group
Friday, February 18, 2011
Preventative Maintenance: Windows & Doors Studio 2
Harry Fahl, Acadia Windows & Doors During this presentation you will learn about re-glazing and IGU, rescreening, adjusting balances and more. Also included will be a short presentation regarding terms that are useful when discussing energy and other ef¿ciencies of your windows and doors.
3:15 pm – 3:45 pm Refreshment Break Thank You To Our Sponsors:
8:00 am - 11:00 am Salon D
Networking Breakfast Thank You To Our Breakfast Sponsors:
IREM Presentations Induction of New Members and Presentation of Member Anniversary Pins
IREM President Keynote Address Ronald L. Goss, CPM®, 2011 President, IREM; President, RPM Management Co., Inc.; Sr. VP, Dir., & Secretary, Rector Phillips Morse., Inc. Real estate management is the rock of stability in these uncertain times... and CPM Members are the performance experts in the ¿eld.
12A — February 11 - 24, 2011 — Mid
Atlantic Real Estate Journal
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17
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Mid Atlantic Real Estate Journal — February 11 - 24, 2011 — 13A
2011 IREM TRI-STATE CONFERENCE & EXPO FLOOR PLAN/EXHIBITOR LIST EXHIBITORS
ACADIA WINDOWS & DOORS ACCENT GROUP A-L SERVICES INC ALC ENVIRONMENTAL ALLIED BARTON SECURITY SERVICES, LLC ALLRISK PROPERTY DAMAGE EXPERTS ALPHA MOVING & STORAGE AMERICAN ARCHITECTURAL WINDOW & DOOR, INC APARTMENT FINDER APARTMENTS.COM APPLIANCE BROKERS LTD AVCO SUPPLY INC BELFOR BHB INSURANCE SERVICES BRAVO! BUILDING SERVICES BUILDING SECURITY SERVICES CALECO CARPET & WOOD FLOOR LIQUIDATORS CENTRAL WHOLESALERS, INC CITY FIRE EQUIPMENT COMPANY, INC. COINMACH COMMERCIAL WATERPROOFING, INC CONNER STRONG CORBETT EXTERMINATING CORELOGIC SAFERENT CORT FURNITURE RENTAL COUNTY ACTION RESTORATION IO COWLEYS TERMITE & PEST SERVICES RVICES CP RANKIN INC ROOF MANAGEMENT ENT & CONTRACTING NG CPR SERVICES, INC. DJ’S PAINTING INC DOWN TO EARTH LANDSCAPING, INC DREW & ROGERS INC DREXEL UNIVERSITY EASTERN DIVERSIFIED SERVICES, INC EISEMAN CONSTRUCTION EMLIN GROUP, LTD ENERGY MANAGEMENT SYSTEMS EQUIPMENT MARKETERS FALCON ENGINEERING, ARCHITECTURE & ENERGY CONSULTANTS FCM CONSULTING GROUP, LLC FEDERAL SECURITY SERVICES, INC. FOR RENT MEDIA SOLUTIONS FOWLER ROUTE COMPANY INC GEESE CHASERS, LLC GREENSCAPE LANDSCAPE CONTRACTORS GUTTER MASTER LLC HIGH TECH LANDSCAPES, INC HILLMANN CONSULTING, LLC INCONTROLMS INDATUS FORMERLY PLANET TELECOM INSURANCE RESTORATION SPECIALISTS INC. JENKINTOWN BUILDING SERVICES
TABLE #
40 90 105 70 39 13 69 52 05 87 79 29 34 66 46 30 07 102 18 62 94 44 98 27 12 75 2 21 1 91 35 76 6 68 103 82 1 6 16 49 02 04 72 7 58 37 26 85 51 19 88 50 45 31 104 93 55 63 86
18 EXHIBITORS KPI 2, INC LANDSCAPE MAINTENANCE SERVICES, INC LEVY, EHRLICH & PETRIELLO LEW CORPORATION LEXIS NEXIS LIBERTY ELEVATOR CORPORATION LIPINSKI OUTDOOR SERVICES MARTIN GREENBAUM CO MASONRY PRESERVATION GROUP, INC. MAXONS RESTORATIONS, INC MOON SITE MANAGEMENT, INC MSB RESOURCES, LLC MULTI-HOUSING DEPOT BY ARI NATIONAL RESTORATION & FACILITY SERVICES, INC. NATIONAL TENANT NETWORK NEW JERSEY APARTMENT ASSOCIATION NORTHERN WATERPROOFING & RESTORATION CO., INC. ON-SITE.COM OUTSIDE UNLIMITED, LLC P. COOPER ROOFING INC. PILERA PROPERTY MANAGEMENT SOFTWARE PLANNED COMPANIES PRO GROUP/PAINT PRO REPUBLIC SERVICES OF NJ, LLC RESTORECORE IFK & ROSEN RIFKIN RM TER TERMITE & PEST CONTROL RMS 1199, R 99, INC/AMERICAN POOL MGMT ROTO ROOTER SERVICES CO O OT SCREENING REPORTS, INC CR RE SE NDRY SYSTEMS, INC SEBCO LAUNDRY SERVPRO O OF FREEHOLD/MIDDLETOWN/SO JERSEY CITY/BAYONNE EEHOLD/MIDDLE EEHO OLD/MIDDL SERVPRO RVP VP OF F CENTRAL NTRAL UNI UNION & WESTERN ESSEX COUNTY ENVIRONMENTAL DESIGN CO., INC. SHEARON N ENVIRO WILLIAMS CO SHERWIN HE ERW RWIN WILLIA RW WILLI SIGN N A RAMA SPIN CYCL CYCLE LAUNDRY TECH GUIDES, IDE INC. TECH T EC SERVICES OF NEW JERSEY EC THE BRICKMAN GROUP TRASHPRO TRI COUNTY CONSTRUCTION SERVICES UNITED ELEVATOR COMPANY UNITEX VALCOURT BUILDING SERVICES VECTOR SECURITY PATROL VERIZON ENHANCED COMMUNITIES WASTE MANAGEMENT WEATHER BARRIER WILMAR YORK FENCE CONSTRUCTION CO., INC
TABLE #
53 83 54 20 59 43 11 71 95 74 78 28 09 24 22 84 99 80 96 06 67 17 33 77 08 60 03 32 14 & 15 92 42 41 01 38 81 61 47 100 10 57 25 48 89 65 36 64 23 56 101 97 73 As of February 3, 2011
14A — February 11 - 24, 2011 — Mid
Atlantic Real Estate Journal
MAREjournal.com
PROPERTY MANAGEMENT By Kevin Tucker, SOLITUDE Lake Management and John M. Phelps, III, LandmarkJCM
Pond management protects property values and water quality
P
roper storm water pond management always starts with restoring ecological balance. If a pond is balanced, everything else will take care of itself. The goal of pond management should always be to achieve that balance, not to attack individual problems in a piecemeal way, seemingly less expensively, but typically more costly over time. Although you can make short term and inexpensive superficial improvements to the appearance of a pond, long term you will spend far more with that “quick fix” mindset.
Storm water ponds are a valuable tool in the filtration of rain water as it flows from our communities into streams, rivers, bays, and oceans. Proper stewardship and management of these ponds is imperative to this mission, not to mention
an aesthetic necessity for the community, and a properly maintained stormwater pond reduces total maximum daily load (TMDL) draining to the bay. These aesthetics are typically what drive homeowners
associations to pay for pond management, since “eyesore” ponds will typically detract from property values; however, protecting and enhancing the water quality in downstream waters is the main reason that the pond exists. Although all ponds are unique, there are a few basic management practices that can be used in all fresh water bodies to help improve or prevent water quality problems. In order to understand these concepts more clearly, we must first understand the problems.
The Only Three Letters You Need To Know
LPS CONTRACTING CORPORATION Commercial / Residential Services YOUR BEST CHOICE FOR NEW CONSTRUCTION ǧ RENOVATION REPAIRS ǧ SPECIALIZING IN CARPENTRY DRYWALL ǧ FLOORING ǧ ACOUSTICAL CEILING TILE’S PAINTING AND SO MUCH MORE 24 Hour Emergency Services Available The objective of our business is to provide a high quality product and reliable service for our customers. We hope you will enjoy our services as much as we enjoy providing them for you. After many years working at our trades, we have come across many skilled tradesman teaching us from the oldest school ways of doing things to the most modern of ways. Lic # 1247492
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In any pond, especially those in which storm water is being collected, the primary issue is the mass loading of that system with nutrients and sediments from fertilizer, leaves, grass clippings, eroded soils, etc. The excess nutrient and organic buildup in a pond will result in algae growth, poor water clarity and appearance, foul odors, and more. Additionally, the inflow of sediments will begin to fill the pond, displace storage capacity, and result in the need for dredging in the future. Managing ponds properly and efficiently over the long term is more about how you manage than the length of time you manage. Not all good long-terms strategies take a long time to implement, and just because you do something many times over a long period of time (like spraying algae with algaecides), does not mean you are necessarily exercising sound long term pond management principles. If you are fundamentally sound in your long term management plan, you may spend a bit more in the short term, but typically you will spend far less over time, and most importantly, be much more satisfied with the results. Take a little time to learn the basics about the biological processes that are responsible for the water quality problems in your pond. Then make sure your consultant or contractor of choice educates you on how these processes should be amended to produce the long term results that you are looking to achieve. This will make sure that your pond looks good, property values are not diminished and the downstream waters will maintain good water quality. Kevin Tucker is the president of SOLITUDE Lake Management, specializing in pond and lake management in VA, NC, MD, DE, PA, WV, NJ and NY. John Phelps is an environmental scientist with LandmarkJCM, a full service engineering and environmental consulting firm specializing in water quality planning and pond maintenance. SOLITUDE and LandmarkJCM work in partnership on many pond management projects. ■
MAREjournal.com
Mid Atlantic Real Estate Journal — February 11 - 24, 2011 — 15A
PROPERTY MANAGEMENT
Protecting aquatic ecosystems. For our future. And theirs.
Nothing is more important to us than the active preservation and restoration of our lakes, rivers and water resources. Our broad spectrum of expertise has led to national recognition for our environmental stewardship, an honor we take very seriously. By utilizing the latest technology, the finest products and appreciating a culture of innovation, we proudly serve as your single resource for the maintenance and care of the valuable waters that surround us.
For a free consultation on how we can help with your lake and pond management needs, call today.
Toll-Free 888.480.LAKE(5253) solitudelakemanagement.com Serving VA, NC, MD, DE, PA, WV, NJ & NY.
Working together to protect the environment and your investment.
www.LandmarkJCM.com Serving clients in Delaware • Pennsylvania • Maryland • New Jersey Headquarters 100 W. Commons Blvd., Suite 301, New Castle, DE 19720 • Phone 302.323.9377 Branch Offices Dover & Georgetown, Delaware • Wayne, Pennsylvania • Havre de Grace, Maryland
16A — February 11 - 24, 2011 — Mid
Atlantic Real Estate Journal
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PROPERTY MANAGEMENT By James T. Lalli, AIA, LEED AP, JRS Architect, P.C.
Solar Power in New Jersey 2011
S
olar PV Power is anything but a new technology. As a matter of fact, it is older than the microwave oven, the personal computer, and even the smoke detector -- devices we could not imagine living without. Despite its 55-year existence, a single significant barrier has prevented the mass acceptance of this exceptional technology: its cost. That is, until now. The detail many fail to grasp is that solar energy is about more than free electric-
ity. Solar encompasses Treasury Grants, Tax Savings, Depreciation, Income from Solar Renewable Energy Credits (SRECs) and Energy
Savings, multiple cash flow benefits taking the investment beyond just a sustainable way to save. Federal Treasury Grants
are good until the end of 2011; the Treasury will issue a cash payment to any taxpaying business installing a solar energy system, equal to 30% of the total installation cost. SRECs are the fuel driving New Jersey’s solar industry. For each megawatt of energy produced by the solar energy system – whether consumed on site or put back to the grid – the owner of the solar system is awarded an SREC. This SREC may then be sold to a utility not meeting the
JRS ARCHITECT, P.C. architecture | interior design | management
corporate education financial healthcare hospitality retail preservation
LONG ISLAND
NEW YORK CITY
PRINCETON
|
www.jrsarchitect.com
state’s aggressive renewable energy portfolio standard. Solar PV power should be considered at the initial stage of any project. Owners considering this feature MUST register their projects in the SREC Registration Program SRP) prior to commencing construction in order to establish eligibility to earn SRECs. Knowing a project’s eligibility in the early stages will give the owner a clearer understanding of returns and length of the payback period. Currently in New Jersey returns on solar energy are significant and should not be overlooked, especially by businesses. Financial incentives now in place help commercial and residential solar installations pay for themselves in approximately three- and six-years, respectively. The following breakdown of costs and returns in terms of percentages provides some general guidance with regard to commercial solar installations (see graph) Indeed, after the system has completely paid for itself, it will continue to earn renewable energy credit income until year 15 and electricity savings for the life of the system (solar panels are covered by 20 to 25 year warranties). By the end of the eleventh year the system may have possibly recouped twice the initial investment, representing an internal rate of return of approximately 20%. Reduced electricity bills are an incentive that lasts for the life of the system; the company will no longer pay for electricity being offset by solar energy. At today’s rates, this equates to about 3% savings per year. As electricity rates are expected to rise over time, a company that has installed solar will have hedged itself from this risk. This free financial aid will certainly not last forever and with electricity costs on the increase, the time to act is now. James T. Lalli, AIA, LEED AP is a project architect / associate with JRS Architect, P.C. in Princeton, NJ. ■
MAREjournal.com
Mid Atlantic Real Estate Journal — February 11 - 24, 2011 — 17A
PROPERTY MANAGEMENT
EXPO 2011 April 13th Wilshire Grand Hotel West Orange, NJ
5:00pm
Multi-Family Housing Professionals Mark Your Calendars! EXPO offers a unique business opportunity for companies to showcase their products and services to the exclusive membership of the Property Owners Association. With over 55 exhibitors showcasing the newest and latest offerings in the multi-family industry, this is a must attend event. Buffet dinner served throughout the evening. Attendance at the EXPO is FREE to POA members, while guests and non-members can attend for the low price of $45, which can be applied to 2011 dues. s
"UFFET DINNER WITH +OSHER STATION s /VER EXHIBITORS s ,ATEST TECHNOLOGY AND INFORMATION AVAILABLE s Prizes throughout the evening POA members FREE guests $45.
Visit www.poanj.org for more information
ABL OFFERS PROPERTY OWNERS • The Ultimate Level of Customer Service • The Lowest Possible Prices for All Brands of Appliances and Air Conditioners
On Display At Our Designer Showroom
800-777-3345 Corporate Headquarters/Warehouse 2B Corn Road Dayton, NJ 08810 Designer Showroom 49A Wilson Avenue Manalapan, NJ 07726 Asbury Park, NJ 07712 “The Asbury Park Experience” 1201 Main Street {3.5% Sales Tax @ Asbury Park Location}
www.ablsales.com
18A — February 11 - 24, 2011 — Mid
Atlantic Real Estate Journal
PROPERTY MANAGEMENT
Foliage Design Systems
1-201-387-7997 www.fdsnnj.com www fdsnnj com
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Mid Atlantic Real Estate Journal — February 11 - 24, 2011 — 19A
MAREJ MONTHLY SALES AND LEASE REPORT As Reported In The Mid-Atlantic REAL ESTATE JOURNAL ~ JANUARY 13 - FEBRUARY 10, 2011 PROPERTY NAME
ADDRESS
SELLER/ OWNER/ LESSOR
REP. OF SELLER/ LESSOR
BUYER/ TENANT/ LESSEE
REP. OF TENANT/ BUYER
PRICE
SIZE
DESC.
S/L
PG
Logisticenter at Logan
Logan, NJ
Dermody Properties
Dermody Properties
—
—
—
599,500 s/f
Ind
S
7A
LogistiPort Industrial Pk
Savannah, GA
Dermody Properties
Jones Lang LaSalle
JLA Home
Colliers Int’l & Townsend Comm’l
—
689,400 s/f
Ind
S
7A
Walgreens
ALEXANDRIA, VA
PACE-Beacon Hill LLC
Marcus & Millichap
—
Marcus & Millichap
$10.575m
14,469 s/f
Retail
S
8A
83 White Oak Dr.
Berlin, CT
The Hampshire Cos
Cushman & Wakefield
Sportika Export
—
—
53,360 s/f
Ind
L
9A
111 Sylvan Ave.
Englewood Cliffs, NJ
Piedmont Off Realty TrustCBRE
LG Electronics
CBRE
$55 million
410,000 s/f
Off
S
FC-B
37-47 High St.
PASSAIC, NJ
—
CBRE
—
CBRE
$3.6 million
29,310 s/f
Apt
S
FC-B
James Court, Stratford Apartments, Sturbridge Commons,
WOODBRIDGE, NJ
—
The Kislak Co.
—
The Kislak Co.
$5.8m
—
Apt/Mixed Use/Office
S
FC-B
—
Totowa, NJ
—
Marcus & Millichap
—
—
$5m
83,319 s/f
Ind
S
6B
—
Houston, TX
—
Marcus & Millichap
—
—
$2.15m
53,277 s/f
—
S
6B
6 Upper Pond Rd.
Parsippany, NJ
—
—
Pond Props.
Pashman Stein
$5.25m
73,450 s/f
Off
S
6B
7 Graphics Dr.
Ewing, NJ
Biomed Realty Trust
Colliers Int’l
Cenlar FSB
Newmark Knight Frank
—
41,000 s/f
Off
L
6B
7 Graphics Dr.
Ewing, NJ
Biomed Realty Trust
Colliers Int’l
Geosyntrec Consultants
Newmark Knight Frank
—
5,472 s/f.
Off
L
6B
25 Rock Hill Rd.
Cherry Hill, NJ
Rock Hill Road Assocs —
The Hampshire Cos
Total Storage Concepts
—
48,000 s/f
Storage
S
7B
200 Docks Corner Rd.
SADDLE BROOK, NJ AMB Properties
JLL
Vision Automotive
CBRE
—
58,560 s/f
Ind
L
7B
30 Abeel Rd.
Monroe Twp., NJ
Mori Seiki
CBRE
Ins. Restoration Specialists
CBRE
—
25,845 s/f
ind/Flex
S
7B
EDM Holdings
Colliers Int’l
Capitol Interior Products
NAI Mertz
—
38,400 s/f
Dist
L
11B
Plaza One
Von Morris Corp Campus Camden, NJ Four Greentree Center
Marlton, NJ
Liberty Property Trust
—
Avnet
Colliers Int’l
—
17,372 s/f
Off
L
11B
325 Rte. 70
Cherry Hill, NJ
—
Colliers Int’l
Navien America
Colliers Int’l
—
11,424 s/f
Off
L
11B
Laurelwood Office Complex Voorhees, NJ
—
Colliers Int’l
Zwicker & Associates
Colliers Int’l
—
2,947 s/f
Off
L
11B
Laurelwood Office Complex Voorhees, NJ
—
Colliers Int’l
The Garver Group
—
—
6,099 s/f
Off
L
11B
103 Eisenhower Parkway ROSELAND, NJ
Mack-Cali
Mack-Cali
Knowledge Networks
Cushman & Wakefield
—
10,335 s/f
Off
L
13B
26 E. Fleming Pike
Camden County, NJ
Ojserkis Family Props
Roddy
Painter’s District Council
—
$1m
24,000 s/f
Ind
S
13B
325 Route 70
CHERRY HILL, NJ
Onyx Equities
—
Navien America
NAI MERTZ
—
11,000+ s/f
Retail
L
14B
Edison Square
Edison, NJ
Onyx Equities
JLL
L&T Infotech
JLL
—
15,603 s/f
Off
L
14B
Edison Square
Edison, NJ
Onyx Equities
JLL
Oceana Therapeutics
CBRE
—
3,171 s/f
Off
L
14B
Edison Square
Edison, NJ
Onyx Equities
JLL
Carrickmore P&D
JLL
—
1,423 s/f
Off
L
14B
Edison Square
Edison, NJ
Onyx Equities
—
CheckPoint HR
JLL
—
11,896 s/f
Off
L
14B
19-03 Maple Ave.
Fair Lawn, NJ
Oren Enterprises
NAI Hanson
MER
NAI Hanson
—
3,000 s/f
Off
L
14B
SG Footwear
4-24 Sellers St.
SADDLE BROOK, NJ Everest Realty
CBRE
NAI Hanson
—
29,000 s/f
Ind
L
14B
Verizon Building
Pittsburgh, PA
Hertz 201 Stanwix LP
Grant Street Associates Stanwix Street Associates
Porter Advisors
$4.4 million
285,000 s/f
Off/Retail
S
FC-C
5800 Corporate Dr
Pittsburgh, PA
Zell Two
Grant Street Associates Smith Micro Software
A.C.R.E.S.
—
55,586 s/f
Off
L
FC-C
5800 Corporate Dr
Pittsburgh, PA
Zell Two
Grant Street Associates Seneca Resources
Grubb & Ellis
—
19,689 s/f
Off
L
FC-C
403 Bingham St.
Pittsburgh, PA
M. Berger Land Co.
Grant Street Associates PDS
Pinnacle RE
—
54,000 s/f
Dist
L
FC-C
1170 Harrisburg Pike
Middlesex Twp., PA
Middlesex Associates
NAI CIR
Giant Food Stores
Landmark
—
72,000 s/f
Off
L
FC-C
543 Industrial Park Dr.
York County, PA
Cozen Realty
NAI CIR
Pfizer
Cushman & Wakefield
—
31,000 s/f
Whse
L
FC-C
1224 N. Atherton St.
State College, PA
Bern6
NAI CIR
HFL Corp.
NAI CIR
—
17,814 s/f
—
S
FC-C
2650 W. Market St.
W. Manchester Twp., PA Suburban PA Property Acquisitions
NAI CIR
Geesey Properties Westside
Springwood Comm’l Realty —
16,800 s/f
Retail
S
FC-C
3605 Vartan Way
Harrisburg, PA
Vartan Grp
Landmark
PCADV
Omni Realty
—
19,495 s/f
Off
L
2C
Greenfield Corp Center
Lancaster, PA
High Associates LTD
—
Compass Group USA
Landmark
—
17,280 s/f
Off
L
2C
One Sterling Place
Mechanicsburg, PA
Hoffer Properties
Landmark
RCM&D
—
—
4,000 s/f
Off
L
2C
575 Maryland Ave.
YORK, PA
1221 Associates
ROCK
R.F. Fager Co
ROCK
—
18,238 s/f
Comm’l.
L
4C
2801-2805 N George St YORK, PA
Kew Realty Group
ROCK
Sapio Sciences
ROCK
—
1,103 s/f
Off
L
4C
351 East St.
—
ROCK
M&P Amusement Co
ROCK
—
8,700 s/f
Ind
L
4C
YORK, PA
1423-25 Walnut St.
PHILADELPHIA, PA
—
—
Le Pain Quotidien
Michael Salove Co.
—
2,900 s/f
Retail
L
4C
677 Dunksferry Rd
Bensalem, PA
PLCC Enterprises
Roddy
Seven She’s Realty LLC
Roddy
—
50,200 s/f
—
S
9C
6035 Gross Point Road
Niles, IL
TR 13126, LLC
Colliers International
DP Partners
—
—
149,474 s/f
Ind
S
2A
161 Chambers Brook Rd. Branchburg, NJ
—
Remco Realty Group
Power Integrations
Cushman Wakefield
$1.5 million
—
—
—
2A
600 Horizon Center Dr.
Edison, NJ
—
—
Verizon NJ
Cushman & Wakefield
—
95,000 s/f
—
L
2A
Heather Hill Apt Homes
TEMPLE HILLS, MD —
IPA
—
Marcus & Millichap
$38 million
459-unit
Apt
S
5A
1438 U St., NW.
Washington, D.C.
—
—
Rock Creek Property Group
—
$2.75m
12,000 s/f
mixed-use
S
5A
CVS/pharmacy
Emmaus, PA
GVH
Marcus & Millichap
Faroq Moonda, LLC
Thompson Thrift
$5,223,710
—
Retail
S
FC-B
Bank of America
Mount Arlington, NJ
—
Marcus & Millichap
ARC Properties
Marcus & Millichap
$2,727,226
—
Retail
S
FC-B
Advance Auto Parts
Houston, TX
BTS Antoine Tidwell, LLC Marcus & Millichap
Antoine Master Holdings, LLC Marcus & Millichap
$1,473,788
—
Retail
S
FC-B
Family Dollar
HURLOCK, MD
—
Marcus & Millichap
—
Marcus & Millichap
$1,190,000
9,180 s/f
Retail
S
FC-B
Sheetz
ERIE, PA
—
Marcus & Millichap
—
Marcus & Millichap
$1,810,000
4,500 s/f
Retail
S
FC-B
20A — February 11 - 24, 2011 — Mid
Atlantic Real Estate Journal
555 E. North Lane, Suite 6125 Conshohocken, PA 19428
President Douglas Sayer Colliers L&A
Phone/Fax: 610-238-9950 / 610-238-9959 E-Mail: tristate@tristaterca.com Website: www.tristaterca.com
2011 Officers & Directors President Douglas Sayer Colliers L&A
President Elect Michael P. McCurdy Jones Lang LaSalle Americas
Vice President (Pennsylvania) Paul G. Garvey Cushman & Wakefield of PA
Vice President (New Jersey) Jonathan Glick Sheldon Gross Realty, Inc.
Secretary VP (Delaware) Gregory Ellis, CCIM Patterson Woods Commercial
Treasurer Ralph A. Magnatta, CPM Brite Realty Services
Immediate Past President James A. Egan Grubb & Ellis Co.
Director Advisory Council J. Robert Clements Grubb & Ellis
Director Advisory Council John Derham Cushman & Wakefield of PA
Director David A. DePetris Legend Properties
Director Louis J. Battagliese Jackson Cross Partners, LLC
Director J. Scott Gabrielsen Binswanger
Director Jeffrey B. Goldstone Herbert Yentis & Company
Director Gene McHale Beacon Comm’l. Real Estate
Director Barry P. Mertz NAI Mertz Corp
Director Todd Monahan SSH Real Estate TCN Worldwide
Director Steven G. Michaelson Tornetta Realty Corp.
Director John P. Morrissey Jackson Cross Partners
Director Tony Nichols, Jr. Liberty Property Trust
Director Rocco Perate Preferred Capital, LLC
Director Greg Soffian Studley
MAREjournal.com
Director JoAnn West Lieberman Earley & Co.
Office & Industrial Specialty Meeting Hosted by
AUDUBON LAND DEVELOPMENT and TRISTATE REALTORS® Tuesday, February 15, 2011 11:30AM-1:30PM at
Seton Center 900 Forge Avenue, Norristown, PA 19403
Guest Speaker: Joseph C. Dunbar, CPM Township Manager, Lower Providence Township
*Lunch and Raffle Prizes* Please RSVP to registrar@tristaterca.com or call (610) 238-9950
TAX SEASON IS NOW!
Tax Strategies for the Self-Employed Commercial Real Estate Professional Tuesday, March 15th, 2011 9:00 am to 10:30 am at
Spring Mill Corporate Center 1100 E. Hector Street (Auditorium), Conshohocken, PA FREE for TriState Members/$15 for Non-Members Join us for this easy to learn and fun to apply educational seminar. Topics Include: • Stimulus Package Deductions • IRS Audit • Home Office Deduction • Audit-Proofing • Help Your Accountant This seminar is presented by Maury Scarborough of Bradford and Co., Inc., and excerpted from the Bradford and Company, Inc.Tax Strategies for the Self-Employed audio course (available to register for after the program). RSVP to admin@tristaterca.com or call (610) 238-9950 SEE PAGE 24A FOR UPCOMING EVENTS
MAREjournal.com
Mid Atlantic Real Estate Journal — February 11 - 24, 2011 — 21A
22A — February 11 - 24, 2011 — Mid
Atlantic Real Estate Journal
MAREjournal.com
PEOPLE ON THE MOVE Kantorczyk and Hayes speak on panel discussions
Lower Merion Twp. appoints MGKF’s Gross to council
P
HILADELPHIA, PA — Michael C. Gross, a partner with the environmental and energy law firm of Manko, Gold, Katcher & Fox, LLP (MGKF), was recently appointed to serve a four-year term on the Lower Merion Township Environmental Advisory Council (EAC). The EAC provides advice to the Board of Commissioners of Lower Merion Township, its Planning Commission and township staff on the conservation of natural resources and the protection and improvement of the quality of the environment within the Township. At MGKF, Gross focuses his practice on environmental issues arising in corporate and real estate transactions, brownfields redevelopment, and regulatory compliance matters. He represents a broad range of clients, including industrial entities, commercial and residential real estate developers, renewable energy providers, and municipalities in a wide array of complex environmental matters. Michael also has substantial environmental litigation experience. Prior to joining the firm, Gross spent six years on Capitol Hill, working as an environmental policy legislative assistant and press secretary for three Members of the United States House of Representatives. Gross was then appointed to serve on Pennsylvania Governor Edward G. Rendell’s environmental policy transition team and the Vapor Intrusion Task Group of ASTM International, charged with crafting a uniform standard for assessing vapor intrusion risks in commercial real estate transactions. He received his Juris Doctor from Temple University School of Law. He has his Bachelor of Arts in history from Colorado
Michael C. Gross
Todd D. Kantorczyk
College and his Masters in government from Johns Hopkins University. Todd D. Kantorczyk, a partner with the environmental and energy law firm of MGKF, will serve as a panelist on a national webinar entitled “Unconventional Gas Drilling & Fracking: Technology, Law & Regulation —The Ins and Outs of this Emerging Environmental Controversy.” The program will cover a wide-range of topics related to extraction and transmission of natural gas in “unconventional” gas plays like the Marcellus Shale, including hydraulic fracturing. Kantorczyk will focus on the regulatory and enforcement actions in Pennsylvania where the natural gas industry, and the legal issues surrounding those operations, has grown significantly over the past few years. At MGKF, Kantorczyk focuses his practice on litigation and regulatory compliance counseling, covering a wide range of national, state and local environmental programs. His areas of concentration include air, climate change and energy matters, as well as “toxic tort” litigation. Kantorczyk is a member of the ABA Committee on Climate Change, Sustainable Development and Ecosystems. He received his Juris Doctor from UCLA School of Law and his Bachelor of Arts in government from Cornell University.
Julie Hayes
The webinar is sponsored by HB Litigation and will be held on February 23, 2011 from 2:00-3:40 p.m. EST. The cost is $169 per connection, but multiple listeners can attend for no extra charge. There is a surcharge of $25 per additional listener pursuing CLE credits. For more information and to register, please visit the HB Litigation Conferences website. Julie Hayes, marketing manager for MGKF, spoke at a panel discussion hosted by the Legal Marketing Association – Metropolitan Philadelphia Chapter (LMA MPC) on Thursday, January 20 at the Radisson Plaza-Warwick Hotel in Center City. Hayes joined six other speakers for the program “Small Law Firm Marketing: A Panel Discussion.” B e f o r e j o i n i n g M G K F, Hayes served as the director of Grants and Special Projects for the American Academy of Orthotists and Prosthetists in Washington, DC. She was instrumental in advancing O&P education, research and awareness. She is the former executive director of the Orthotic & Prosthetic Athlete Assistance Fund and directed the O&P profession’s sponsorship of the 1996 Atlanta Paralympic Games. Hayes is a graduate of the College of William and Mary. She studied business with a concentration in marketing. ■
CiCi’s Pizza hires director of real estate services & support COPPELL, TX — CiCi’s Pizza has added Deb Chappell as director of real estate services and support. A 25-year veteran, Chappell led expansion efforts for big names like Chili’s Grill & Bar, Romano’s Macaroni Grill and BJ’s Restaurants. At CiCi’s Pizza, Chappell is tasked with building on CiCi’s diversity in franchising and continued growth. The Texas-based company
plans to add 500 units in the next eight to 10 years and is actively recruiting franchise partners. Chappell brings decades of experience in helping brands expand through market development and analysis and real-estate development. She’ll begin outreach to potential multi-unit franchisees and developers immediately. Chappell has also worked extensively in non-traditional
development and will be a key resource as CiCi’s expands in non-traditional locations, like airports, college campuses and military bases. “CiCi’s has an attractive concept that consistently caters to its guests. It’s a household name that thrives in all types of locations,” Chappell said. “My job is to use thorough analysis to ensure locations are ideally positioned for strong success.” ■
Focus on the macro & micro economic trends
Calkain appoints Orzechowski to research director RESTON, VA — Calkain Companies, a national real estate investment brokerage firm has added Winston Orzechowski to its ranks as research director. Calkain felt that it was necesWinston sary to have a dedicated Orzechowski professional focusing on the macro and micro economic trends of the industry. Jonathan Hipp, president and chief executive officer, commented, “Calkain has morphed into an invaluable resource for clients looking to enter and thrive within the net lease investment industry.
Professionalizing and quantifying the data that is released to our clients and the public became an integral part of our business model.” Winston Orzechowski has a strong background in real estate data collection and dissemination. His role at Calkain will focus on the distribution and promotion of various topical issues pertaining to real estate, tenants, underwriting practices, valuation and economic affairs. Hipp continued, “We are extremely excited to formulate and enhance Calkain’s position in net lease investment research. Winston’s experience and professionalism are synonymous with Calkain’s principles and will synergistically advance the deliverables produced by the firm.” ■
Clark Nexsen climbs the Zweig Letter Hot Firm List WASHINGTON, D.C. — Clark Nexsen has been named one of the nation’s hottest firms on The Zweig Letter Hot Firm List. Since 2000, ZweigWhite, a business management and consulting firm, has recognized the most successful architecture, engineering and environmental consulting firms with The Zweig Letter Hot Firm List. Over the years, the “Hot Firm” designation has become synonymous with success in the industry. This year, Clark Nexsen earned the 16th spot on the list, which consists of 150 firms. Their ranking was up 40 spots from the previous year.
The Zweig Letter Hot Firm List recognizes both small and large firms for their successes. Firms are compared by their change in revenue and earnings over the trailing three years in terms of real dollars and percentage change. “We are honored to have been selected as one of ZweigWhite’s hottest firms of 2010,” stated Peter Trozze, vice president of Clark Nexsen who runs the firm’s D.C. office. “This truly attests to our success in the industry and emphasizes the fact that after 90 years in operation, Clark Nexsen continues to experience solid growth.” ■
Apartment owners Lease For A Cure initiative raises over $25,000 CLIFTON, NJ — Some of the nation’s most recognizable and respected apartment owners joined together during National Breast Cancer Awareness month last October to raise more than $25,000 for the Cure Breast Cancer Foundation (CBCF), a non-profit organization which supports breast cancer research efforts of Dr. Larry Norton Deputy Physician-in-Chief for Breast Cancer Programs and the Medical Director of the Evelyn H. Lauder Breast Center at the Memorial Sloan-Kettering Cancer Center. More than 15 companies took part in the 1st Annual Apartment Owners Lease for a Cure initiative in which a donation of $10 was given to the CBCF for every new lease signed at their rental communities in Oc-
tober. Participating apartment owners and managers included Value Companies, Affiliated Management, AvalonBay Communities, Bertram Associates, BNE Associates, CJ Lombardo, Gibbs Family Properties, Goldberg Realty, JK Management LLC, KRE Group, Kriegman & Smith, Inc., Pen Realty LLC, Quaker Group, Roseland Properties, Segal & Segal, Solomon Management LLC and Sterling Properties. “To say the 1st Annual Apartment Owners Lease for a Cure initiative was a success would be a vast understatement,” says Andrew Abramson, secretary of CBCF. “We are extremely grateful to each and every apartment owner who participated and supported the foundation and breast cancer research. ■
MAREjournal.com
Mid Atlantic Real Estate Journal — February 11 - 24, 2011 — 23A
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COMMERCIAL REAL ESTATE ORGANIZATIONS’
EVENTS CALENDAR FEBRUARY 10 – CREW BALTIMORE Event: Relevant Technology for the Real Estate Industry Time: 11:30 AM – 2:00 PM Location: Tremont Grand Address/City: 225 St. Paul St., Baltimore, MD Email: crewbaltimore@crewnetwork.org www.crewbaltimore.org FEBRUARY 10 – CIANJ Event: Real Property Roundtable Time: 8:00 AM – 9:30 AM Location: Hilton Hasbrouck Heights Address/City: 650 Terrace Ave, Hasbrouck Heights, NJ Cost: $30 Members $50 Nonmembers P: 201-368-2100 Email: nharencak@cianj.org www.cianj.org FEBRUARY 10 – AIA PHILADELPHIA Event: Suburban Social & Facility Tour Time: 5:30 PM – 7:00 PM Location: SKF USA Address/City: 890 Forty Fort Rd., Lansdale, Pa Cost: Complimentary Email: mike.kelly@kcba-architects.com www.aiaphiladelphia.org FEBRUARY 14-15 – NJRA RTI Event: Excel-Based Project Finance Course (Beginner) Time: 8:30 AM – 4:00 PM Location: New Jersey Network Studios (NJN) Address/City: Trenton, NJ Cost: $199 P: 609-292-0031 Email: njrarti@njra.us www.njra.us FEBRUARY 15 – CREW PITTSBURGH Event: Members Only Luncheon Time: 11:30 AM – 1:30 PM Location: The Rivers Club Address/City: One Oxford Centre, Downtown Pittsburgh, PA Cost: $45 Members P: 724-594-1900 x-238 Email: pcarpenter@cpeg-inc.com www.crewpittsburgh.org FEBRUARY 15 – ABC BALTIMORE Event: Winter Warm-up Network @ Night Time: 5:30 PM – 7:30 PM Location: Pratt Street Ale House Address/City: 206 West Pratt St., Baltimore, MD Cost: $10 Members $25 Nonmembers P: 410-821-0351 Email: bjohnson@abcbaltimore.org www.abcbaltimore.com
FEBRUARY 16 – BOMA PITTSBURGH Event: Special BOMA Luncheon – Joint Meeting with South Pointe CEO Association Time: 11:30 AM Location: Southpointe Golf Club Address/City: 360 Southpointe Blvd, Canonsburg, PA Cost: $30 per Person P: 412-261-2328 Email: bomabarb@aol.com www.bomapittsburgh.org FEBRUARY 16 – CREW WASHINGTON DC Event: Monthly Luncheon Program Time: 11:30 AM – 1:30 PM Location: Capital Hilton Address/City: 16th & K Streets, NW, Washington, DC Cost: $60 Members $85 Nonmembers Email: crewdc@crewnetwork.org www.crewdc.org FEBRUARY 16-17 – NJRA RTI Event: Excel-Based Project Finance Course (Intermediate Time: 8:30 AM – 4:00 PM Location: New Jersey Network Studios (NJN) Address/City: Trenton, NJ Cost: $199 P: 609-292-0031 Email: njrarti@njra.us www.njra.us FEBRUARY 17 – ICREW NJ Event: The Future of Newark Time: 11:30 AM Location: The Newark Club Address/City: One Newark Center, 22nd Fl., Newark, NJ P: 609-585-6871 Email: icrewnj@icrewnj.org www.icrewnj.org FEBRUARY 17 – PWC NJ Event: Meet the Construction Chiefs Location: The Palace Address/City: Somerset, NJ Email: pwc_nj@yahoo.com www.pwcusa.org FEBRUARY 17 – SMPS CENTRAL PA Event: Economic Update: Still Looking For Signs? Time: 8:30 AM – 10:30 AM Location: The Barn at Overlook Address/City: 605 Granite Run Dr., Lancaster, PA Cost: $30 Members $50 Guests www.smpscentralpa.org
FEBRUARY 16 – IREM Event: Ethics for the Real Estate Manager Location: Borgata Hotel, Casino & Spa Address/City: Atlantic City, NJ Cost: $175 Members $220 Nonmembers www.irem.org
FEBRUARY 17-18 IREM Event: Tri-State Conference & Expo Location: Borgata Hotel, Casino & Spa Address/City: Atlantic City, NJ P: 856-303-0190 Email: irem1@comcast.net www.irem.org
FEBRUARY 16 – ICSC Event: Pennsylvania Economic Forecast Luncheon Time: 12 Noon Location: The Dolce Valley Forge Hotel Address/City: 301 W. DeKalb Pike, King of Prussia, PA Cost: $40 Members $55 Nonmembers P: 646-728-3683 Email: mdonovan@icsc.org www.icsc.org
FEBRUARY 22 – CREW BALTIMORE Event: Conversation Over Coffee: Social Media Applications for Commercial Real Estate Location: Saul Ewing Address/City: 500 E. Pratt St., Ste. 900, Baltimore, MD Cost: $10 Members $20 Nonmembers Email: crewbaltimore@crewnetwork.org www.crewbaltimore.org
CCIM
(Certified Commerical Investment Member)
www.ccim.com
DVGBC
(Delaware Valley Green Building Council)
www.dvgbc.org
www.philadelphia.uli.org
POA New Jersey
(Property Owners Association of New Jersey)
www.poanj.org
ABC
(Associated Builders & Contractors)
www.abc.org
MBA
Mortgage Bankers Association of New Jersey
www. mbanj.com
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Mid Atlantic Real Estate Journal — February 11 - 24, 2011 — 25A
Mid Atlantic REAL ESTATE JOURNAL
BILLBOARD
CLASSIFIEDS • CLASSIFIEDS • CLASSIFIEDS • CLASSIFIEDS • CLASSIFIEDS • CLASSIFIEDS • CLASSIFIEDS • CLASSIFIEDS • CLASSIFIEDS
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A Back Cover — February 11 - 24, 2011 — Mid
Atlantic Real Estate Journal
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NEW JERSEY
SMHOPPING C ENTERS A R E J ID
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Section B of the Mid ATLANTIC Real Estate Journal
Has an additional 9.6 acres of land that could expand the building to 470,000 s/f
DP Partners aquires 259,910 s/f office/ distribution facility in Logan, NJ
L
OGAN, NJ — Dermody Properties/DP Partners maintains positive momentum with the announcement of the acquisition of a 259,910 s/f office/ distribution facility on 14.4 acres of land in LogistiCenter at Logan. Dermody Properties/DP Partners purchased the building from Lexington Lion, NEBC, L.P. In November 2010, Dermody announced the sale of a 599,500 s/f leased property to
Kimberly-Clark at LogistiCenter in Logan. Now, Dermody makes a value-added acquisition of a 259,910 s/f vacant industrial building and will immediately reposition the asset for lease. Located at 1109 Commerce Blvd., the existing facility has an additional 9.6 acres of land that could expand the building to 470,000 s/f. Originally built in 1998, the facility has more than 10,000 s/f of exist-
FEBRUARY 11 - 24, 2011
HI-LIGHTS Marcus & Millichap brokers $14.5 million sale Marcus & Millichap Real Estate Investment Services has brokered the sale of Windsor Crossing in East Windsor Township. See page 4B.
Newmark Knight Frank sells $14.2 million building Newmark Knight Frank has completed the sale of 1655 Valley Rd. a 157,000 s/f class A office building on an 11acre campus. in Wayne, NJ See page 6B.
ALSO INSIDE: RYAN REGINA, BIG SKY ENTERPRISES..............................2B CENTRAL NEW JERSEY SPOTLIGHT ................................ 7-10B PEOPLE ON THE MOVE ......................................................12B EXECUTIVE PROFILES ........................................................13B SNJ APPRAISAL INSTITUTE ......................................... 14-16B ICREW ORGANIZATION ....................................................15B Section B, 20 pages
MAREjournal.com
ing office space, with the remainder of the building being a fully air conditioned space for manufacturing/warehouse use. DP Partners will call the new acquisition “Commerce Corner.” “This is a purchase that offers DP Partners the opportunity to continue to lease industrial space in this highly successful park,” said Stephen Bailey, DP Partners’ Eastern Region partner. “With our last building in the park now
LogistiCenter at Logan, New Jersey at 100 percent occupancy, DP Partners is anxious to offer this first class facility to clients at very competitive rental rates. This will be a great complement to our land sales and build-to-suit capabilities in Logan.” Bailey and Matthew Marshall of the Eastern Regional office and John Atwell, Chief Operating Officer were the DP Partners team that managed the transaction. Great Point Investors is DP Partners’
joint venture partner in this transaction, continuing a longstanding relationship between the two companies. “The Commerce Corner at Logan is a very positive springboard into 2011,” said Michael Dermody, chairman and CEO of Dermody Properties. “Our 400-acre LogistiCenter at Logan is the home to many outstanding national companies. This acquisition provides us with even more opportunities to grow our customer base.” ■
Grand Terrace Apartments
Gerber/Somma Associates announce $3m sale in Rutherford RUTHERFORD, NJ — In what was reported to be one of Rutherford’s higher-priced apartment deals in recent years, the Hackensack-based investment property brokerage firm of Gerber/Somma Associates reported the $3 million sale of the newly- named Grand Terrace Apartments. Covering an entire tree-lined block front on Union Avenue and situated in a dynamic location on the geographic fringe of the Bergen/Hudson County borderline. Built in 1947, the tri-building development is striking in appearance and boasts an attractive assortment of one-and-two bedroom suites. Amenities include laundry fa-
Grand Terrace Apartments cilities, outstanding landscaping and on-site parking. Legal details for the purchase
was handled by Paul Stein, Esq. while the seller was counseled by attorney Gerald Friend. ■
B Inside Cover — February 11 - 24, 2011 — New Jersey — Mid
Atlantic Real Estate Journal
MAREjournal.com
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(732) 287-3777 / Fax (732) 287-1090 / 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.
MAREjournal.com
Mid Atlantic Real Estate Journal — New Jersey — February 11 - 24, 2011 — 1B
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2B — February 11 - 24, 2011 — New Jersey — Mid
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NEW JERSEY By Ryan Regina, BIG SKY Enterprises
Key considerations for hiring a comm’l. developer and design/builder
I
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n today’s turbulent economy, any organization looking to start a new construction project faces certain challenges. Choosing the right commercial developer and design/ builder us- Ryan Regina ing criterion based on individualized, industry-specific needs can make the difference between a successful project and a bona fide disaster. With the glut of service providers floundering in this space and willing to cut deals – and corners in kind - , it’s imperative to take even a few fundamental considerations into account before signing on the dotted line. A commercial construction project usually involves one overriding factor above all others: the bottom line. While certainly a critical factor in the decision making process, budget should not be the only one. When cost alone is the primary focus of a project, serious repercussions are likely to follow - poor service, time delays, hidden costs, changes
orders, and non-existent follow up to name just a few. When vetting commercial developers and design/builders, it’s important to consider each and every aspect of the project “life cycle,” from the company’s own vision to the post-project completion period. Here are a few key life cycle-based hiring considerations: Budget: Understanding precisely how financial limitations will impact the related financing process at large is far easier when partnering with an organization knowledgeable about commercial construction finance and can walk the customer through each and every step. While most developers and design/ builders will simply refer their customers to a bank or other lenders for financial advice, its best to seek a higher caliber, full-service firm that provides such financial planning consultation in-house. Service Scope: The commercial developer and design/ builder industry is fragmented and there is little service standardization. The majority of companies offer only a portion of services required in the entire project life cycle
and do not provide the comprehensive oversight that allows clients to disengage from the construction project and maintain focus on their other business development and growth initiatives. It’s optimal to retain a commercial developer and design/builder with a full solutions, endto-end project management approach, which offers the benefit of single contact-point project control and accountability. Image: If the proposed project is out of reach due to image reasons, a reputable developer and design build organization should be willing and able to help resolve. This may involve the need to table the project for as long as necessary and assist the organization in corrective measures, such as an image change. Presenting lenders with the right image as a borrower can be facilitated by an experienced developer and design/builder that provides financing procurement as a service. Additionally, appearance is everything with local and regional authorities who can also impact a project. To best ensure necessary continued on page 12B
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Mid Atlantic Real Estate Journal — New Jersey — February 11 - 24, 2011 — 3B
4B — February 11 - 24, 2011 — New Jersey — Mid
Atlantic Real Estate Journal
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NEW JERSEY
Fairfield Corporate Park, Fairfield, New Jersey
80,009 s/f Windsor Crossing in East Windsor Twp.
Marcus & Millichap brokers $14.5m sale Office Space Available for Lease 5,000 to 20,000 Square Foot Units
E
AST WINDSOR TOWNSHIP, NJ — Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Windsor Crossing (shown right), an 80,009 s/f boutique shopping center. The sales price of $14.5 million represents $181 psf. Brad Nathanson, a vice president investments and a senior director of Marcus & Millichap’s National Retail Group (NRG), and Christopher Munley, a senior associate and an associ-
*Excellent location with highway visibility * Located directly at Route 46 East interchange. * Minutes to Essex County Airport and NJ Bus and Rail * 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
OVER A CENTURY OF DOMINANCE
Investment Real Estate Brokerage.
FOR SALE 206 Residential Units East Orange, New Jersey Joni Sweetwood ext 273
FOR SALE 153 Residential Units Lebanon, Pennsylvania Joni Sweetwood ext 273
FOR SALE 108 Residential Units Allentown, Pennsylvania Matt Weilheimer ext 253
ate director of the NRG, both in Philadelphia, represented the seller, Windsor Crossing West #4 LLC. Nathanson and Munley also represented the buyer, East Windsor Crossing LLC, a New York-based private shopping center operator. Michael Fasano in the firm’s New Jersey office also provided representation. “There was heavy competition regionally for this asset given its proximity to Princeton and because limited new retail product is being delivered to the market, especially in New Jersey,” says Nathanson. The property is part of a master-planned development that includes a 110,000-s/f Home Depot, a 142,000 s/f Walmart and 102 singlefamily homes on 125 acres. “We have seen an increase in demand for well-positioned centers in affluent and growing markets during the past few quarters,” said Munley. “I expect that trend to continue.” ■
BNE Associates rebranded as BNE Real Estate Group
FOR SALE 96 Residential Units Philadelphia, Pennsylvania Matt Weilheimer ext 253
FOR SALE 63 Residential Units Trenton, New Jersey Matt Weilheimer ext 253
multifamily.
retail.
The Kislak Company, Inc.
FOR SALE 42 Residential Units Middlesex, New Jersey Barry Waisbrod ext 272
office. www.kislakrealty.com 732 750 3000
LIVINGSTON, NJ — BNE Associates announced a rebranding of the company that includes a new name, BNE Real Estate Group, and website, to better represent the company’s core operations under one universal identity. The rebrand to BNE Real Estate Group reflects the firm’s focus on the development, investment and management of high quality diversified real estate assets. The company’s increasing focus on multi-family development has translated into a number of new urban projects that it intends to break ground on in 2011. ■
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Mid Atlantic Real Estate Journal — New Jersey — February 11 - 24, 2011 — 5B
22nd ANNUAL NJAA CONFERENCE & EXPO MAY 23 – 25, 2011 ATLANTIC CITY
Charting the Path to Success: Tools to Empower Today’s Apartment Professionals The NJAA Annual Conference & Expo is the ultimate industry showcase for New Jersey’s multifamily housing professionals to connect and learn how to navigate today’s rapidly changing marketplace for success. This year’s show will give you access to: - More than 1,300 New Jersey apartment industry professionals ready to learn, network, and build partnerships - A packed show floor loaded with the latest products and services - A conference program filled with the latest information on the topics concerning you and your team—from lead remediation to the newest technologies for prospecting new leads - More networking than ever—from the golf outing to show floor to the Anniversary Reception Don’t miss out on your opportunity to stock your business toolkit with the invaluable opportunities the NJAA Conference & Expo offers
REGISTER TODAY! Visit www.njaaconference.com for upto-date Conference & Expo information including schedule, floor plan, exhibitor list and sponsorship opportunities. Exhibit Booths are still available, check out the floor plan and choose your booth today. Convention and Golf Registration are now open. Download registration forms from the conference page. For additional information contact Jean Maddalon at events@njaa.com or (732) 992-0600. New Jersey Apartment Association - Headquarters 104 Interchange Plaza, Suite 201, Monroe Township, NJ 08831 Phone: (732) 992-0600 Fax: (609) 860-0060
e
6B — February 11 - 24, 2011 — New Jersey — Mid
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NEW JERSEY In Northern NJ to NYC Investor
Newmark Knight Frank sells $14.2 million building
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AYNE, NJ —Newmark Knight Frank has completed the sale of 1655 Valley Rd., a 157,000 s/f class A office building on an 11-acre campus. The campus, better known as Valley Road Corporate Center, was owned by New Boston Prism Wayne, LLC, a joint venture partnership between Prism Partners and New Boston Fund. NYC-based APF Properties purchased the property for $14.2 million. David Simson, vice chairman and chief operating officer of Newmark Knight Frank’s
1655 Valley Rd. New Jersey operations, and Newmark Knight Frank TriState Capital Group principal Matthew Schnurr and director Jacklene Chesler negotiated the transaction. ■
NAI Hanson completes 22,100 s/f industrial sale RUTHERFORD, NJ — NAI James E. Hanson announced the completion of a 22,100 s/f industrial sales transaction located at 255 Highland Cross. In this transaction NAI Hanson’s Scott Perkins, SIOR, managing director of corporate services, represented the landlord, PGK Holding Corp., while Brian Scheuer of Chaus Realty represented the buyer, Sitex Group. This marks the Chicago-based investment group’s first purchase in New Jersey. “With this purchase, Sitex was able to get a foothold in one of Northern New Jersey’s foremost industrial locations,” commented Mr. Perkins. “This well-situated industrial building in the Meadowlands is just minutes from Manhattan. Access to Manhattan has always been the strong point to the Meadowlands industrial market. We look forward to continuing our relationship with Sitex Group as the company looks to make additional acquisitions in this competitive market.” Situated in the Meadowlands industrial sub-market of Bergen County, the single-story flex property located on 1.36 acres is fully leased to tenants such as Siegfried’s Basement, Inc. and Columbia Filters. The building features amenities such as convenient proximity to New Jersey Route 17 and fully racked capabilities which include three loading docks and 48 car parking spaces. ■
NEW JERSEY SPOTLIGHT SHOPPING C ENTERS CENTRAL NEW JERSEY MAREjournal.com
Mid ATLANTIC REAL Estate Journal — New Jersey — February 11- 24, 2011 — 7B
NY office negotiates 315,500 s/f Captive Realty Portfolio Leadership, Opportunity, and Results
CB Richard Ellis negotiates $55 million sale in Princeton
P
RINCETON, NJ — Jeffrey Dunne, Kevin Welsh and David Gavin of CB Richard Ellis’ New York Institutional Group represented PF Village LLC in the sale of Princeton Forrestal Village for $55 million. The team was also responsible for procuring the buyer, IVC PFV, LLC, an entity controlled by Investcorp International, Inc. “Princeton Forrestal Village should provide Investcorp with substantial in-place income while still offering a significant upside opportunity through the lease-up of the vacant suites and potential conversion of certain retail suites to medical office use,” commented Dunne. “Given the Village’s proximity just 1 mile north of the 630,000 s/f University Medical Center of Princeton at Plainsboro facility that is under construction and scheduled to open next year, there is expected to be increased demand for medical office space in the vicinity. By way of example, ownership just completed a new lease with Surgical Specialists at Princeton, a 12,400 s/f surgical center.” PISCATAWAY, NJ — Jeffrey Dunne, Kevin Welsh and Brian Schulz, of CB Richard Ellis’ New York Institution-
Princeton Forrestal Village al Group, collaborated with and 190 Strykers Road in LoSamuel Buckley of CBRE’s patcong--fully leased to Captive Saddle Brook office, and Rob- Plastics, Inc., a wholly owned ert Regimbal, Esq. of Gra- subsidiary of Berry Plastics ham Curtin, in Morristown, Corporation. to represent Captive Realty Both properties are manufacCompany of New Jersey, LLC, turing and distribution faciliin the sale of the 315,500± ties with rail access. 251 Circle s/f Captive Realty Portfolio in Drive North is strategically Piscataway and Lopatcong. located proximate to Exit 8 off The team was also responsible I-287, one of New Jersey’s most for procuring the buyer, a joint active interstate highways, and venture between STAG Capi- near the crossroads of the New tal Partners, LLC of Boston, Jersey Turnpike (I-95), Garden MA and GI Partners of Menlo State Parkway and Routes 18, Park, CA. 22 and 27. 190 Strykers Road is The Captive Realty Portfolio located immediately off Route consists of two buildings--251 57 with close proximity to I-78 Circle Dr. North in Piscataway at Exit 3 and Route 22. ■
Cushman & Wakefield inks 100,000 s/f renewal for Revlon EDISON, NJ — Revlon Consumer Products Corporation has renewed its 100,000 s/f, full-building lease at 2121 Route 27, announced James Frank of commercial real estate services firm Cushman & Wakefield, Inc. Frank and Dan Johnsen, both based in Cushman & Wakefield’s East Rutherford, office, represent Revlon’s real estate interests in New Jersey; Josh Kuriloff of Cushman & Wakefield’s Manhattan headquarters serves as account executive for Revlon nationally. They headed the team representing Revlon in the long-term renewal. The Morris Companies owns 2121 Route 27, an R&D build-
2121 Route 27 ing that is part of Towne Cor- three years in advance of the porate Centre. The campus company’s lease expiration. also includes a 250,000 s/f “Beyond its scope, the Revoffice building at 2147 Route lon renewal at 2121 Route 27. Revlon occupies a portion 27 is significant as a prime of the building there as well. example of how credit tenants Towne Corporate Centre and their landlords are using initially was developed in its early renewals to capitalize on entirety by Revlon, which today’s market and stabilize sold and leased it back several assets for the long term, reyears ago. The renewal comes spectively,” Frank said. ■
Somerset County Business Partnership BRIDGEWATER, NJ — The Somerset County Business Partnership serves as Somerset County’s regional Chamber of Commerce. Members and investors represent public, private and community organizations, working in partnership and dedicated to leading the business community to a prosperous and sustainable future. The Business Partnership provides community information related to economic vitality and business development to foster economic growth, preserve quality of life, protect the environment, and meet social needs. The Business Partnership collaborates with the Somerset County Board of Chosen Freeholders to provide economic development services. The Partnership delivers a comprehensive program of work in the areas of legislative affairs, tourism, workforce preparedness, and sustainability in order to support business attraction and growth. Somerset County is currently focused on the preparation of a Comprehensive Economic Development Strategy (CEDS) that will represent the business community’s needs to sustain economic growth for the region. A CEDS is designed to bring together the public and private sectors in the creation of an economic roadmap to diversify and strengthen regional economies. The effort will include analysis of the regional economy and serve as a guide for establishing regional goals and objectives, developing and implementing a regional plan of action, and identifying investment priorities and funding sources. The scope of work will include demographic services and land use and planning services. It is expected to explore existing information to develop the long-term plan. The end product will include 21 individual municipal economic development reports, a countywide report, and a report for the North Jersey Transportation Planning Authority. In addition, an aggressive effort has recently been
launched by the Partnership to instill a “culture of collaboration” within Somerset County focusing on workforce preparedness. The initiative involves Raritan Valley Community College, the Workforce Investment Board (WIB), and United Way of Somerset County, working together to ensure that workforce delivery systems in Somerset County are fulfilling the present and future needs of employers. Workforce delivery resources have long been a critical component of overall economic development efforts. Working with Freeholders, the effort is documenting the needs of business and changing the culture of how Somerset County delivers workforce preparedness and training resources. The Somerset County Business Partnership continues to implement the Emerging Industries report that has identified the business sectors that are projected to be the next economic growth areas for the region. The ultimate goal of the collaborative effort is to implement a comprehensive business plan that will bring together all available resources to provide an educated, industry-based workforce to enable retention and attraction of business while nurturing emerging industries. The Somerset County Business Partnership is an essential partner for doing business in Somerset County, and as such is the premier regional business organization in New Jersey. ■
8B — February 11 - 24, 2011 — New Jersey — Mid
Atlantic Real Estate Journal
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CENTRAL NEW JERSEY By Den
Gallicchio of Remco Realty Group completes 12,600 s/f flex space lease
N
ew Brunswick, NJ — North Brunswick based Remco Realty Group has recently completed the leasing of 12,600 s/f. of flex space to JLI Printing. Located in the AMB Peter Gallicchio Generation Industrial Park, the property offers immediate access to Routes 1, 130, 18 and exit # 9 of the NJ. Turnpike.
JLI Printing in New Brunswick
JLI who has been a tenant in the park since 1985, wanted to explore its options and seek proposals from outside landlord. JLI decided to interview brokers for the representation assignment, and selected REMCO Realty based on their intimate knowledge within the search area. After an extensive search in Somerset and Middlesex Counties, and along with an aggressive proposal from their existing landlord AMB, a long term lease renewal
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signed by both parties. It was a pleasure to have served as JLI’s exclusive tenant representative, as well as working side by side with Paul Rosen of AMB Corporation, said Remco president Peter Gallicchio, who represented JLI. ■
Colliers Int’l. arranges leases at 7 Graphics Drive EWING, NJ — With the signing of almost 46,000 s/f of new office leases, Colliers International has brought 7 Graphics Dr. to 100 percent occupancy. Wholesale banking firm Cenlar FSB leased 41,000 s/f, while environmental engineering firm Geosyntrec Consultants Inc. leased the remaining 5,472 s/f. Cenlar will occupy the building in the second quarter of 2011, following build-out of its space. Geosyntrec took occupancy late 2010. “Reaching 100 percent occupancy in today’s market, where tenants have numerous leasing options, speaks to the quality of 7 Graphics Drive and the landlord’s commitment to excellence,” said Colliers International’s John Cunningham, who led the leasing efforts on behalf of landlord Biomed Realty Trust. Steve Tolkach, of Newmark Knight Frank, represented both Cenlar and Geosyntrec, in the new lease transactions. ■
NAI Hanson completes 15,189 s/f industrial lease in Springfield SPRINGFIELD, NJ — NAI James E. Hanson completed a 10-year, 15,189 s/f industrial lease agreement at 21 Fadem Rd. NAI Hanson vice president Barry Cohorsky represented the lessee, Global Shipping Services. The landlord is 21 Fadem Road Realty, c/o Tulfra. “The lessee had specific requirements as they were looking to expand their business in the Mountainside/Springfield submarket,” said Barry Cohorsky. “This building is an excellent fit for Global Shipping Svcs. with its professional ownership and prime location, and as a result, the tenant was able to double its operational space despite these difficult times.” ■
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Mid Atlantic Real Estate Journal — New Jersey — February 11 - 24, 2011 — 9B
CENTRAL NEW JERSEY
County Executive Brian M. Hughes
• Redevelopment projects that define our downtowns • Mercer County Loan Fund: Business loans up to $125,000 • Business Resource Center for Employers • Services and seminars at the Small Business Development Center • One-Stop Career Center: Advice for employers and jobseekers
Board of Chosen Freeholders Ann M. Cannon Anthony P. Carabelli John A. Cimino Pasquale "Pat" Colavita Andrew Koontz Lucylle R.S. Walter Mercer County Office of Economic Development and Sustainability (609) 989-6555 • www.mercercounty.org
10B — February 11 - 24, 2011 — New Jersey — Mid
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2011 EDITORIAL CALENDAR EDITORIAL DEADLINES ARE 14 DAYS PRIOR TO PUBLICATION DATE
JANUARY
APRIL
JANUARY 14 ...................................... DEADLINE: DEC. 31 ROP (Main Section): TAX ISSUES New Jersey: SOUTHERN NJ Pennsylvania: EASTERN PA Green Awareness JANUARY 28 .......................................DEADLINE: JAN. 14 ROP (Main Section): DelMarVa featuring Delaware *Shopping Centers: Mid Atlantic ICSC Idea Exchange Contractors, Owners & Managers: Bldg. Svcs. & Suppliers Spotlight: Economic Development
APRIL 8 .......................................... DEADLINE: MARCH 25 ROP (Main Section): New Jersey: SOUTHERN NJ Pennsylvania: EASTERN PA Green Awareness Spotlight: 1031/Like Kind APRIL 22 ............................................. DEADLINE: APRIL 8 ROP (Main Section): DelMarVa featuring Washington, D.C. *Shopping Centers: Vegas ReCon ICSC Convention Contractors, Owners & Managers: Const. Law/Cost Overruns Spotlight: Spring Preview
FEBRUARY
MAY
FEBRUARY 11 .....................................DEADLINE: JAN. 28 ROP (Main Section): Property Mgmt. featuring IREM New Jersey: Central NJ Pennsylvania: Western PA Green Awareness Creative Financing FEBRUARY 25 .....................................DEADLINE: FEB. 11 ROP (Main Section): DelMarVa featuring Maryland *Shopping Centers: Top Retail Deals of 2010 Contractors, Owners & Managers: Bldg. Safety & Security Spotlight: Commercial OfÀce Properties
MAY 13 .............................................. DEADLINE: APRIL 29 *ROP (Main Section): NJAA Expo New Jersey: Central NJ Pennsylvania: Pennsylvania's Projects/Building Services Green Awareness MAY 27 ......................................................................MAY 13 ROP (Main Section): DelMarVa featuring Delaware Shopping Centers: Retail Archt., Construction & Engineering Contractors, Owners & Managers: Contractors & Subcontractors Spotlight: Industrial/Distribution Centers
MARCH
JUNE
MARCH 11 ...........................................DEADLINE: FEB. 25 *ROP (Main Section): MBA New Jersey Conference New Jersey: Northern NJ Pennsylvania: Central PA Green Awareness Parking Lot Maintenance & Sub/Contractors MARCH 25 ......................................DEADLINE: MARCH 11 ROP (Main Section): DelMarVa featuring Virginia Shopping Centers: Retail Experts *Contractors, Owners & Managers: POA Expo Spotlight: Best of 2010
JUNE 10 ............................................... DEADLINE: MAY 27 *ROP (Main Section): New Jersey: Northern NJ Pennsylvania: Central PA Green Awareness Spotlight: Appraisal Institute JUNE 24 ............................................. DEADLINE: JUNE 10 ROP (Main Section): DelMarVa featuring Maryland *Shopping Centers: Retail ProÀles/Retail Organizations Contractors, Owners & Managers: Bldg. Facilities Maintenance Spotlight: Mid Year Review
ROP — Run of the Paper is the Àrst section in each issue. This covers news for all Àve states and offers prime advertising positioning. Editorial Requirements: Press Release 250-400 words with property photo and broker photos. Expert Articles: 550 words with author headshot and 25 word bio. Deadline: 14 days prior to publication date. * Bonus Distribution at: International Council of Shopping Centers, POA, NJAA Expo, ACRES, MBA, Building and Facility Management, IREM, TriState
Dianna Mallozzi | Associate Publisher | dmallozzi@marejournal.com | 781.871.5298 x 209 Mid Atlantic Real Estate Journal | P.O. Box 26 Accord, MA 02018 312 Market St. Rockland, MA 02370 (overnight) | Toll Free 800.548.1062 | Fax 781.871.5299
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Mid Atlantic Real Estate Journal — New Jersey — February 11 - 24, 2011 — 11B
NEW JERSEY
Contact Info: toll free phone fax
On the Camden Waterfront
Market Gourmet opens at Dranoff Props’ The Victor
C
AMDEN, NJ — Dranoff Properties announced the opening of Market Gourmet, a new convenience store at The Victor Lofts. “Market Gourmet is just one more way we’re making the Victor the most desirable hot spot on the Camden Waterfront,” said Carl Dranoff, founder and CEO of Dranoff Properties. “With coffee, lunch and groceries, take-out food, deli and an expansive array of products, there’s something for everyone. Our residents are thrilled at the wonderful amenities we continue to provide. Market Gourmet is sure to add to the success other retailers at The Victor as we continue to revitalize the Waterfront.” Market Gourmet will be serving fresh coffee, soups and sandwiches on a daily basis with eat-in café space, while stocking fresh produce, groceries and everyday supplies sought by the residents above. “We look forward to adding more vitality to the area by offering an array of products to satisfy the needs of the residential and business communities, and becoming an important part of the revitalized Camden culture,” said Market Gourmet owner Zack Duz. The Victor is Dranoff Properties’ first project along the Delaware Waterfront in Camden, the adaptive reuse of a historic RCA Victor cabinet manufacturing building into luxury loft apartments and ground floor retail space. ■
De Ruggiero Realtors sells land in North Bergen NORTH BERGEN , NJ — A vacant 1.5 acre lot at 18111911 Paterson Plank Rd. has been sold by sales associate Janie Spataro of Robert De Ruggiero, Inc. Realtors. Formerly utilized as a car wash, this high-traffic location, with 294’ of frontage on Paterson Plank Road, had been preliminarily approved for a 117-unit mid-rise. However, reports Ms. Spataro, the buyer will maintain the previous usage and is reopening the carwash. “Demand is high for commercial land sites for fast food, gas stations and hotel locations”, said Bob De Ruggiero. ■
800-584-1062 781-871-5298 781-871-5299
Dianna Mallozzi, Associate Publisher Email press releases,news, by-lined articles and photos to DMallozzi@marejournal.com
Mid Atlantic Real Estate Journal
The most comprehensive of real estate news for the Mid Atlantic area. Market Gourmet
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Corporate Real Estate Services Licensed Real Estate Broker
732-780-7780 www.byronre.com
12B — February 11 - 24, 2011 — New Jersey — Mid
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NEW JERSEY By Ryan Regina, BIG SKY Enterprises
Key considerations for hiring a commercial . . .
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ont. from page 2B municipal approvals are granted, hire a developer and design/builder that can position and project your image in a way that’s accurate and a benefit to the community. Industry Experience: Whether a medical office, a church, an office park or any type of commercial property, each type of business has specific needs that not all developers and design/builders are prepared to meet. It is essential to hire a company with the ability, experience, and expertise necessary to plan and execute the project so that it meets both the vision of the client and realistic financial restraints. Companies that are suited for a given project will not only have the technical expertise to build a new facility to the desired specifications, but will also have the client’s best interests in mind throughout the entire process. Development: Many times organizations attempt to serve as project developer only to learn it takes a specialized skill set and years of developer experience to do the job effectively. While development is viewed as exciting and challenging, it’s usually underestimated from a time and experience perspective. When developing in the commercial realm it’s important to hire a firm that has a demonstrated track record of working in partnership with high caliber architects, engineers and subcontractors with synergistic philosophies to deliver a high quality product. Land/Property Acquisition: The most critical step to a successful land acquisition is a properly structured agreement. While this may sound elementary, all too often organizations forego consultation and enter into a land agreement that doesn’t provide them the protection they need when faced with unforeseen circumstances. This can include land that ultimately does not meet their needs, more time is required to complete governing approvals or, worse, the project fails all together. Ensure the developer and design/build firm you hire has direct experience formulating land agreement documentation and be sure
to cover a variety of “what if” scenarios as the paperwork is being prepared. Architecture: The architecture aspect of a project can make or break the budget if clarity is not achieved in the organizational phase. Problems arise when organizations circumvent organizational and financial assessments and go right to the architect, which can lead to multiple plan changes throughout the design phase or a floor plan that does not meet organizational needs. A qualified developer and design/builder will work very closely with the architect, along with professional subcontractors who will be performing the work, to ensure project parameters are crystal clear and maximize the chance of the project being completed to spec, on time and on budget. Engineering: A veteran developer and design/builder will partner with an engineering firm based on three criterion: The first is an exceptional relationship with town, borough or city personnel to better ensure required township approvals are secured. The second is firm size. Usually the bigger the firm, the higher the cost and longer the work turnaround time. While this isn’t true with all large firms it does happen more often than not. Third, an engineering firm must have an in-depth understanding of state, county and local agency requirements. A well rounded engineer understands the black, the white and the grey of a projects interpretation. Legal: Hiring legal help is very similar to engineering with respect to relationships and understanding requirements of state, county and local agencies, including laws and ordinances. Legal counsel that knows the players within a particular township can make a project much less turbulent. It’s also important that legal representatives have adequate experience in Land Use Law, as the right counsel will know when a governing body is operating outside its jurisdiction. As a course of businesses, a full service commercial developer and design/builder will identify and manage such legal aspects of project to readily work through the red tape. .
Construction: Once the design, development and other front-end aspects of a project are approved, it’s time to build! Having a developer and design/builder on board from the vision stage through project completion means that you don’t have to go through the bid process yet again when it’s time to break ground. As goes without saying, the development and design/build firm you hire should have extensive experience serving as project manager and general contractor for commercial construction projects of similar size, scale, scope and complexity – optimally in the same industry. Be sure to take on-site tours of buildings the company has helped design, develop and build, both new and old, as you’ll want to ensure the buildings stand the test of time. Client Service: Development and design/build companies, like any other organization, operate for profit. The most desirable of these, however, are aware that their own success hinges upon that of their clients. Be sure to assess a firm beyond photographs in a project portfolio. Look for a company that has verifiable examples of how they provided solutions when unexpected problems that arose. Experienced firms will have a well honed protocol to minimize surprises and to keep a client duly informed. Much is also said about providing outstanding client service throughout the course of a project, but what about after final payment has been rendered and a project is complete? Will the level of service change? It’s important to thoroughly interview past clients of the development and design/build firm under consideration, and to specifically ask about post-project interactions. Stellar referrals in this regard will speak volumes about a company’s integrity and character. Use this project life cyclebased check list when hiring a commercial developer and design/builder and you’ll be well on your way to a successful outcome that not only meets, but may very well exceed, expectations. Ryan Regina is the cofounder and owner of BIG SKY Enterprises. ■
At RXR Realty’s annual year end gala
Weichert Comm’l.’s Chiarella & Fowler receive award MORRIS PLAINS, NJ — senior vice presidents of Weichert Commercial Brokerage, Inc., Mario Chiarella and Mark Fowler were selected as a “Broker of the Year” at RXR Realty’s annual year end gala and broker Mario Chiarella awards event. RXR Realty, a real estate operating company in the tri-state area, hosted it annual industry gathering and broker awards event in early December in Short Hills, New Jersey to recognize members of the brokerage community for their outstanding efforts in the northern and central New Jersey markets in 2010. Chiarella and Fowler were recognized for their representation of Axis Reinsurance Company, a specialty insurance and reinsurance company, in the 26,614 square foot office lease at One University Square, Princeton, NJ in early 2010. “We would like to congratulate Mario and Mark on receiving the “Broker of the
Year” recognition from RXR Realty,” stated John G. Udell. “Mario and Mark’s dedication to providing outstanding service and maintaining ongoing relationships within the commercial real estate Mark Fowler industry has made them a very valuable asset to our team.” Chiarella and Fowler are Senior Vice Presidents, specializing in tenant and landlord representation of office, flex and industrial space as well as investment sales, leasing and lease analysis. Chiarella is also the Manager of Weichert Commercial’s Central NJ office. Chiarella and Fowler have co-represented such landlords as Onyx Equities LLC, The Torsiello Organization, The Donato Group and TSO-Cranberry LLC. They have also represented tenants such as MMA Architects, Protech Solutions, BioVid Corp., Frozen Ropes, Supremia International and Stantec Consulting Services.■
KSS Architects receives 3 design awards PRINCETON, NJ — KSS Architects LLP won three design awards and a service award at the annual New Jersey Chapter of the American Institute of Architects awards ceremony. KSS won half of the six awards given in the Built category: one Design Honor award and two Design Merit awards. In the category of service awards, which are given to individuals, KSS associate Stephen Doyle, AIA, LEED AP, was named Young Architect of the Year. The Human Rights Institute at Kean University in Union, won a Design Honor Award. KSS designed the 12,000 s/f, three-story gallery and resource center as a literal and figurative transparent box. Pedestrians walking through the center of campus can see directly into its main gallery. Universal prose is engraved into the building’s masonry walls and slate flooring and expressed on a colonnade of glass windows. The Tower Renovation at Cornell University’s School of Hotel Administration and the Dorrance H. Hamilton Public Media Commons at WHYY
won Design Merit awards. At Cornell University, KSS transformed a tower once used to “fly” stage sets in a former theater into a 14,000 s/f, state-of-the-art research and entrepreneurship center for the university’s world-renowned hospitality school. The Young Architect of the Year award is given to an individual who has made major accomplishments in architecture within the first 10 years of becoming a licensed architect. Doyle, a member of Trenton’s Planning Board, has worked on several of KSS’ largest and most successful projects, including Hobart and William Smith Colleges’ Scandling Campus Center and Empire Merchant North LEED Silver certified corporate headquarters and distribution center. He is the project manager for the planning and design of a new 1.2 million s/f distribution center for TEVA Pharmaceuticals USA. The annual competition is open to any NJ design firm and any firm with a project in NJ. Projects remain anonymous throughout judging. ■
13B — February 11 - 24, 2011 — New Jersey — Mid
Atlantic Real Estate Journal
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PROFILES ON INDUSTRY PROFESSIONALS David A. Berger Partner
Ryan Regina Managing Partner TITLE: MANAGING PARTNER COMPANY: BIG SKY ENTERPRISES, LLC
COMPANY: CARL BERGER ASSOCIATES
LOCATION: 2 SHEPPARD ROAD – SUITE 300, VOORHEES NJ 08043
LOCATION: TOTOWA, NJ
BIRTH PLACE AND DATE: MAY 9, 1977
Carl Berger Associates
BIRTH PLACE AND DATE: PARSIPPANY, NJ 11/07/1967
COLLEGE: WEST CHESTER UNIVERSITY
FAMILY: WIFE & SON NOAH
FIRST JOB OUT OF COLLEGE: WORKED FOR MY FATHER IN HIS COMMERCIAL DEVELOPMENT COMPANY. STARTED AS LABORER ON VARIOUS CONSTRUCTION SITES.
COLLEGE: UNIVERSITY OF HARTFORD
FIRST JOB IN REAL ESTATE OR ALLIED FIELD: SEE ABOVE
FIRST JOB OUT OF COLLEGE: PRUDENTIAL LIFE INSURANCE, NEWARK, NJ
WHAT DO YOU DO NOW AND WHAT ARE YOU PLANNING FOR THE FUTURE: I’M A MANAGING PARTNER OF BIG SKY ENTERPRISES AND I OVERSEE PROJECT DEVELOPMENT FOR BOTH OUR NATIONAL AND INTERNATIONAL PROJECTS
HOBBIES: SNOW & WATER SKIING, GOLF, TENNIS & BASEBALL
HOBBIES: SPENDING TIME WITH MY WIFE AND KIDS, GOLFING AND GOING TO PHILLIES GAMES
FAVORITE MOVIE: CADDY SHACK, G-D FATHER, ANIMAL HOUSE, STRIPS, SMOKEY & THE BANDIT, ROCKY PERSON YOU MOST ADMIRE (OUTSIDE OF FAMILY): RONALD REAGAN & DALE CARNIGIE KEY TO YOUR SUCCESS (ONE IDEA): BUY LOW & SELL HIGH
FAVORITE BOOK: THE BIBLE FAVORITE MOVIE: 300 AND MY COUSIN VINNY PERSON YOU MOST ADMIRE (OUTSIDE OF FAMILY) JESUS CHRIST KEY TO YOUR SUCCESS (ONE IDEA): GIVING IS THE FOUNDATION OF ONE’S SUCCESS IF YOU WERE FORCED TO CHOOSE ANOTHER VOCATION WHAT
IF YOU WERE FORCED TO CHOOSE ANOTHER VOCATION WHAT WOULD IT BE? PRO GOLFER
WOULD IT BE? TEACHER
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14B — February 11 - 24, 2011 — New Jersey — Mid
Atlantic Real Estate Journal
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Southern New Jersey Chapter www.ai-snj.org Telephone 856-415-0281 • Fax 856-415-1952
Southern NJ Chapter Appraisal Institute 2011 Chapter Officers President A. Craig Black, SRA blackc@toddandblack.com Vice President Jerome McHale, MAI jmchale@jmchaleassoc.com Treasurer Kristin Mansfield kristin.mansfield@yesbank.com Secretary Jacob Ramage, MAI jake.ramage@cushwake.com Director (through ’13) Jerrold McCarron jerrymccarron@aol.com Director (through ’13) Michael S. Sapio, MAI northstarappraisal@msn.com Director (through ’12) Ed Kay edkayinc@comcast.net Director (through ’12) Joseph V. Heenan, SRA jheenan613@comcast.net Director (through ’11) Edward T. Molinari, SRA ed@molinari.us Director (through ’11) Andrea Senatore als9463@comcast.net Past President John P. Corbett, MAI John.corbett@cushwake.com
Dinner meeting installed new officers
Southern NJ Chapter holds First 2011 meeting
O
n Thursday, January 20th, the Southern New Jersey Chapter of the Appraisal Institute hosted its first dinner meeting of the year at the Adelphia Grand Ballroom in Deptford. The 2011 slate of officers and directors were installed, including Chapter President A. Craig Black, SRA, of Todd and Black, Inc. The keynote speaker was the 2011 Appraisal Institute President Joseph Magdziarz, MAI, SRA. He passed on his insight on Appraisal Institute’s direction in 2011 through a “State of the Industry” presentation that was both interesting and informative. In the spirit of serving the community, the chapter collected non-perishable food items to donate to local food banks. The response was ioverwhelming: over 175 units of food were collected, weighing in at over 135 pounds! Additionally, cash was donated to support community food bank efforts in Southern New Jersey. The next meeting of the Southern NJ Chapter of the Appraisal Institute will be held Wednesday, April 13, at the Adelphia Restaurant in Deptford. This is the chapter’s annual joint meeting with the Association of Municipal Assessors of NJ, and will include a 3-hour Continuing Educa-
2011 President Craig Black, SRA (left) presents the president’s gavel plaque to 2010 president John P. Corbett, MAI tion seminar. “This annual and ethics consistent with the event is always an eye-opening public good. The Appraisal Inlook at where our industry stitute advocates equal opporis, and where it is going,” tunity and nondiscrimination said Chapter President Craig in the appraisal profession Black, SRA. and conducts its activities in The Appraisal Institute is a accordance with applicable global membership association federal, state and local laws. of professional real estate ap- Members of the Appraisal praisers, with 25,000 members Institute benefit from an arand 91 chapters throughout ray of professional education the world. The Southern NJ and advocacy programs, and Chapter has a membership may hold the prestigious MAI, of 160 members strong. Or- SRPA and SRA designations. ganized in 1932, its mission For more information on the is to support and advance its Southern NJ Chapter of the members as the choice for real Appraisal Institute, contact estate solutions and uphold Executive Director Lisa Weiss professional credentials, stan- at 856-415-0281 or at www. dards of professional practice ai-snj.org ■
CALENDAR OF EVENTS March 3, 4, 10 & 11 Basic Appraisal Procedures Gloucester County Tax Assessor’s Office April 12 Introduction to Conservation Department of Transportation office in Ewing (We are STILL adding classes/seminars to the calendar … if there’s something you need/want, please email lisamayweiss@hotmail.com; we’re always looking for your feedback! For more information or to register: www.appraisalinstitute.org/education/southernNewJersey
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Mid Atlantic Real Estate Journal — New Jersey — February 11 - 24, 2011 — 15B
Southern New Jersey Chapter Of the Appraisal Institute www.ai-snj.org As the leading organization for professional real estate appraisers, the Appraisal Institute represents more than 25,000 members and 91 chapters worldwide. The Southern New Jersey Chapter has over 160 members. They perform a variety of services ranging from single family valuation to feasibility studies for regional malls & hotel-casinos. Whether it’s assistance on a home purchase or providing expert testimony for litigation, our members are uniquely quali¿ed to meet these needs. For more information regarding the Southern NJ Chapter of the Appraisal Institute visit: www.ai-snj.org, or call Executive Director Lisa Weiss at 856-415-0281.
2011 Designated Members of the Southern NJ Chapter of the Appraisal Institute J. Paul Bainbridge, MAI
Cape May Ct. House
(609) 465-9978
Gary P. Lombardi, SRA
Manahawkin
(609) 709-3902
Steven W. Bartelt, MAI, SRA
Turnersville
(856) 582-5892
Bonnie L. Longo, MAI, SRA
Sewell
(856) 582-4611
A. Craig Black, SRA
Cherry Hill
(856) 662-7676
Eileen Lynn, MAI
Philadelphia
(215) 842-0649
Allen G. Black, MAI, SRA
Cherry Hill
(856) 662-7676
Jerome J. McHale, MAI
Mt. Laurel
(856) 722-0205
Edward J. Bligh, MAI, SRA
Marlton
(609) 983-3218
F. Pat McIlhinney, MAI, SRA
Cherry Hill
(856) 795-4042
Harry Carroll, Jr., MAI, SRA
Cherry Hill
(856) 795-4042
Edward T. Molinari, SRA
Woodbury
(856) 853-7622
Lana Chiappetta, MAI
Medford
(609) 714-7402
Robert Parmley, SRA
Forked River
(609) 292-2573
Patrick K. Conover, MAI
Galloway
(609) 652-6553
Patricia A. Quigley, SRA
Philadelphia
(215) 247-4425
John P. Corbett, MAI
Philadelphia
(215) 963-4061
Jacob Ramage, MAI
Philadelphia
(215) 888-3560
David A. Curley, SRA
Mt. Laurel
(856) 795-0875
Thomas C. Reynolds, SRPA
Wilmington, DE
(302) 575-0955
Eugene P. Davey, SRA
Philadelphia
(215) 523-9104
Lee L. Romm, MAI, SRA
(856) 983-5500
Delran
Marlton
Thomas C. Davis, SRA
(856) 764-6500
Philadelphia
Michael Sapio, Jr., MAI, SRA
Blackwood
(856)7 83-6835
John E. Doyle, MAI
(215) 231-9900
Moorestown
Michael Sapio, MAI
Bellmawr
(856) 933-1272
Scott A. Eiffes, MAI
(856) 234-9252
E. Guy Elzey, III, SRA
HaddonÀeld
(856) 429-8800
R. M. Sapio, MAI, SRA
Voorhees
(856) 429-2789
Emmons G. Elzey, Jr, SRA
HaddonÀeld
(856) 429-8800
William J. Sapio, MAI
Linwood
(609) 927-5728
Phillip Fortuna, SRA
Philadelphia
(215) 925-1212
Dennis A. Scardilli, Esq, MAI
Absecon
(609) 568-0432
Mary F. Fox, MAI
Cape May
(609) 884-1995
Jack Sheehan, MAI
Wenonah
(856) 468-0068
David J. Frett, SRA
West Berlin
(856) 753-3030
Timothy Sheehan, MAI, SRA
Cherry Hill
(856) 662-0027
James C Frisby, SRA
Ocean City
(609) 814-9333
Richard Sheldon, MAI, SRA
Haddon Heights
(856) 546-4900
John M. Gapszewicz, MAI
Philadelphia
(215) 841-5258
Thomas J. Sliwowski, SRA
Pitman
(856) 218-2800
Ronald A. Hagel, MAI, SRA
Vineland
(856) 691-7055
Paul Sopenoff, MAI
Voorhees
(856) 273-1203
Mark J. Hanson, MAI, SRA
Ocean City
(609) 398-3189
Pasqual A Sorge, MAI
Mt. Laurel
(856) 234-2893
Donna Harris, SRA
Shiloh
(856) 453-8889
John T. Stone, MAI
Cape May Court House (609) 861-9030
Joseph V. Heenan, SRA
Ocean City
(609) 391-8862
Robert Thomapson, MAI, SRA
Ocean City
(610) 331-9031
Henry Herskowitz, MAI, SRA
Cherry Hill
(856) 795-8700
Robert J. Tighue, MAI
Cherry Hill
(609) 792-0684
Michael D. Jones, MAI
Cape May Court House (609) 463-4622
Joseph E.Tighue MAI, SRA
Brigantine
(609) 266-7334
William J. Kennedy, MAI
Medford
(856) 396-7652
Merilynn P. Verderame, SRA
HaddonÀeld
(856) 234-8400
M. Bruce Leff, SRA
Newark, DE
(856) 287-3690
Benjamin R. Vukicevich, SRA
Stratford
(856) 784-7036
Norman LeGore, MAI, SRA
Vineland
(856) 692-7889
John H. Walton, Jr, MAI, SRA
Medford
(856) 795-8700
Frank S. Librizzi, MAI, SRA
Haddon Heights
(856) 854-2478
John Weber, Jr,, MAI, SRA
Hamilton Square
(609) 586-3500
Allen L. LittleÀeld, SRA
Hammonton
(609) 704-9609
Gerald Francis White, SRA
Pennsauken
(856) 663-5134
16B — December 10 - 23, 2010 — New Jersey — Mid
Atlantic Real Estate Journal
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Industrial Commercial Real Estate Women, Inc. www.icrewnj.org Outlines Christie administrations efforts to spur economic growth Director of Sponsorship
President Shelia Spriggs Nall KSS Architects Snall@kssarch.com
Mary Lynn Kearns Dancker, Sellew & Douglas mkearns@dancker.com
President Elect. & Crew Network Delegate Cheryl Hardt CB Richard Ellis, Inc. cheryl.hardt@cbre.com Treasurer Sefi Silverstein, CPA Wilkin & Guttenplan ssilverstein@wgcpas.com
Director of Special Projects: Golf Robin Grossman Edge Technologies
Director of Special Projects: Website/PR Rebecca Machinga Withum Smith & Brown
Recording Secretary Patricia Faulkner NAI Global
Advisor & Crew Network Delegate Director of Programming Monica Ceres Giordano Halleran & Ciesla, PA
Silvana Finizio Carousel Industries sfinizio@carouselindustries.com Advisor
Director of Philanthropy Susan C. Karp Farer Fersko, P.A. skarp@farerlaw.com Director of Sponsorship Patricia Riedel CB Richard Ellis, Inc. patricia.riedel@cbre.com
Annette Murray Wilkin & Guttenplan
Advisor & Bylaws Jennifer Palestri Normandy Real Estate Partner jpalestri@normandyrealty.com
UPCOMING EVENTS Monthly Luncheon Meetings THURSDAY, FEBRUARY 17, 2011
Meeting to be held at: The Woodbridge Hilton, 120 Wood Avenue South Iselin, NJ 08830
For more info, please contact ICREW NJ at 609-585-6871 or email at icrewnj@crewnetwork.org You may also visit the website at www.icrewnj.org
“We are Putting People Back to Work,” Lt. Governor tells ICREW NJ
W
OODBRIDGE, NJ — “My job is to put people in New Jersey back to work, and in doing so, to fill up your buildings,” said Lt. Governor Kim Guadagno, addressing the ICREW NJ luncheon meeting at the Woodbridge Hilton. “If you know of a company that wants to come to New Jersey, or is leaving New Jersey, call me,” she said prior to her trademark of giving out her cell phone number.
there have been substantial changes in the business tax climate in the state, “people wouldn’t return my calls a year ago,” she recalled. “Now, people are calling me.”
Lt. Gov. Guadagno was on hand to discuss efforts by the Christie Administration to improve New Jersey’s business climate and report on the results of the Administration’s first year in office in that regard. “The day’s program exemplifies ICREW NJ’s ongoing effort to bring to its members and guests the highest caliber of speakers on topics of importance to the New Jersey commercial real estate community,” said ICREW NJ President Sheila Spriggs Nall of KSS Architects. “These programs are developed and designed specifically to support ICREW’s mission to advance the success of women in commercial real estate through professional development, education and networking.”
The next event for ICREW NJ is the organization’s February luncheon, slated for the 17th of that month at The Newark Club in Newark, and will feature Deputy Mayor for EcoOn the regulatory front, nomic Development, Stefan Guadagno noted recent Pryor. Registration and reforms at the New Jersey networking will begin at DEP and the efforts of the 11:30 a.m. Red Tape Review Commission appointed by the ICREW NJ is the New governor. “New Jersey now Jersey organization for has permanent red tape women involved in all asreview,” she said. pects of commercial and industrial real estate. MemThe overall effort to im- bers represent fields as prove New Jersey’s business diversified as accountants, climate is three-pronged, architects, appraisers, asG u a d a g n o e x p l a i n e d . set/property managers, Choose New Jersey is the attorneys, consultants, demarketing arm. Financial velopers, lenders, leasing assistance comes from the and sales brokers, mortNew Jersey EDA, which gage bankers/brokers, marshe termed “the bank.” And keting specialists, market the Business Action Center and investment analysts, established by the Christie corporate real estate repreAdministration provides sentatives and title/escrow a “one-stop shop” for com- officers. For more informapanies in navigating the tion on programming, sponstate’s regulatory process. sorship or membership, please contact ICREW NJ “The bottom line of all this at (609) 585-6871, via email is a noticeably ramped up icrewnj@crewnetwork.org effort,” she concluded. “In or visit their website at the past year, we have al- www.icrewnj.org ■
“What a difference a year can make,” said Guadagno, who was directly given the responsibility of overseeing New Jersey’s economic development effort by Gov. Chris Christie. Noting that unemployment is down from a year ago, and that
“What’s going on now in Trenton is good in terms of the job outlook, the economy, and incentives to put people back to work,” she continued. “The conversation has changed. The state has gotten its fiscal house in order and implemented regulatory reform. We have a long way to go, but it is important to note that one of five jobs created in the U.S. in November was created in New Jersey. That is an amazing statistic.”
ready fielded 29,000 phone calls and we have 164 proposals from companies.” The January philanthropy effort highlighted at the luncheon was support of the Trenton Area Soup Kitchen (TASK) through the collection of various personal care products. TASK, a charitable nonprofit organization that provides meals and other services, attempts to provide a hygiene bag to each patron once a month.
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Mid Atlantic Real Estate Journal — New Jersey — February 11 - 24, 2011 — Inside Back Cover B
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B Back Cover — February 11 - 24, 2011 — New Jersey — Mid
Atlantic Real Estate Journal
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PENNSYLVANIA
SHOPPING C ENTERS R E J EAL
STATE OURNAL
Section C of the Mid Atlantic Real Estate Journal
Includes Harrisburg’s Old City Hall, Elizabethtown’s Peach Alley Court & Palmyra’s Shoe Factory
Pierce and Wellar of Marcus & Millichap Philadelphia broker $14.95 million portfolio
P
HILADELPHIA, PA — Marcus & Millichap Real Estate Investment Services announced the sale of a 195-unit apartment portfolio. The portfolio consisted of Old City Hall in Harrisburg, Peach Alley Court in Elizabethtown and The Shoe Factory in Palmyra. Zachary Pierce, an investment specialist in Marcus & Millichap’s Philadelphia office, had the listing to market the
three properties on behalf of the seller, Reinhold Residential. Old City Hall commanded a sales price of $7 million. Peach Alley Court is a 72 unit property which sold for $5 million. The buyers were procured by Zac Pierce and Ken Wellar from the Philadelphia office of Marcus & Millichap. The Shoe Factory commanded a sales price of $2.95 million. ■
Peach Alley Court
FEBRUARY 11 - 24, 2011
HI-LIGHTS ROCK Commercial orchestrates $947k sale ROCK Commercial Real Estate, LLC represented the seller and the buyer in the sale of a 20,000 s/f industrial building on 3.90 acres. See page 4C.
AdVenture Development signs contract McCandless Crossing, the 130-acre mixed use development stretching across the east and west sides of McKnight Rd. is bustling with activity. See page 9C.
The Shoe Factory
Old City Hall
To Szeles Real Estate Development Company
CBRE arranges 55,417 s/f office sale in Mechanicsburg, PA MECHANICSBURG, PA — CB Richard Ellis Group (CBRE) arranged a sale on behalf of the owner of 4900 Ritter Rd., a 55,417 s/f office building situated on 5.43 acres in the Rossmoyne Business Center. The transaction was sold to Szeles Real Estate Development Co. Senior vice president Stephen Marzullo of CBRE’s Philadelphia Metro Private Client Group led the sale of the asset with first VP Jeremy Shyk of CBRE’s Harrisburg
4900 Ritter Road office. The team also included associates Michael Curran of CBRE’s Harrisburg office and
Justin Marlowe of CBRE’s Philadelphia Metro Private Client Group. ■
ALSO INSIDE: COLLEEN DEMARK AND ELIZABETH HEIDER, SKANSKA ........2B WESTERN PA SPOTLIGHT ...............................................5-11C PEOPLE ON THE MOVE ......................................................12C www.cbre.com/pcgphiladelphia
CREW LEHIGH VALLEY ................................................ 14-15C Section C, 20 pages
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FOR MORE INFORMATION, PLEASE CONTACT US: Stephen Marzullo Justin Marlowe 610.251.5161 610.251.5158 stephen.marzullo@cbre.com justin.marlowe@cbre.com Licensed: PA, DE Licensed: PA Licensed Salesperson: NJ Licensed Salesperson: NJ
CB Richard Ellis, Inc. 1200 Liberty Ridge Dr., Suite 320 Wayne, PA 19087 610.251.0820 Licensed Real Estate Broker
C Inside Cover — February 11 - 24, 2011 — Pennsylvania — Mid
Atlantic Real Estate Journal
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Leading. Helping. Sharing. Teaching. Contributing. Congratulating. Liberty Property Trust would like to congratulate the following Brokers on their achievements and thank them for their continued support throughout 2010.
Bart Anderson, CBRE
John Wilhide, CBRE
Additional supporting Brokers for 2010 are:
Pat Lafferty
Jessica Goffredo
Mark Reda
CBRE
NAI Summit
Richard J Seltzer Commercial Realtors
LIBERTY PROPERTY TRUST HAS ANOTHER SOLID YEAR IN 2010 Liberty Property Trust (NYSE:LRY), a Real Estate Investment Trust (REIT) has been located in the Lehigh Valley for over 30 years who has a developed, owns, manages and leases over 17 million square feet of commercial/industrial real estate in the Lehigh Valley/Harrisburg markets. 2010 Leasing Snapshot x
Total leases signed in 2010: 53 transactions 4.7 million square feet leased
None of this could have been accomplished without the entire brokerage community’s hard work, dedication and support throughout the year. We want to give a special thanks to all of these hardworking individuals for assisting us in our success in 2010.
Enhancing people’s lives through extraordinary work environments. www.libertyproperty.com • NYSE: LRY
610.867.9100
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Mid Atlantic Real Estate Journal — Pennsylvania — February 11 - 24, 2011 — 1C
2C — February 11 - 24, 2011 — Pennsylvania — Mid
Atlantic Real Estate Journal
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PENNSYLVANIA By Colleen Demark and Elizabeth Heider, Skanska www.bennettwilliams.com
SERVING CENTRAL PENNSYLVANIA FOR OVER 50 YEARS • Landlord Representation
• New Construction Leasing & Development
• Tenant Representation • Investment Sale & Acquisition
• Property & Portfolio Dispositions
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ph: 717-843-5555 fax: 717-843-5550
TAX FREE INDUSTRIAL SITE Humboldt Industrial Park Northwest Site 1 HUMBOLDT INDUSTRIAL PARK NORTHWEST County Hazle Township, Luzerne SITE 1
1,110,000 SF Chestnut Hill Drive Scotch Pine Drive
95.17 ACRES State Route 924
To Interstate 81 -->
• TAX FREE THROUGH 2019 • 95.17 industrial acres - For Sale • 1,110,000 SF proposed - ideal for manufacturing or warehouse/ - distribution • Rail access available • Immediate Interstate Access - Located 1 mile to Interstate 81 via --State Route 924 with Interstates 80, 84, 380 & 476 nearby
“Green” renovation: Bring buildings into the 21st Century
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hile people tend to focus on the carbon that cars emit, the truth is that most of the carbon dioxide in our atmosphere comes from buildings – more likely old ones, with little insulation, outdated Colleen Demark mechanical systems and singleglazed windows. The Northeast, including states like Pennsylvania, is home to the bulk of these old buildings in a climate where buildings must work harder to keep occupants comfortable than in other, more temperate population centers. Old and inefficient buildings, which make up 80% of the building stock in Northeast cities, can and should be retrofitted to be more energy efficient – not just for environmental reasons but because it makes sound economic sense. According to the United States Green Building Council (USGBC), buildings that feature high performance systems can reduce water usage by 40% and can cut energy use in half. The resulting reductions in water and energy bills go directly
to the bottom line. The USGBC estimates that businesses that “green” their buildings can anticipate an 89% decrease in operating costs. Existing buildings already have a “carbon advantage.” The enElizabeth Heider ergy required to manufacture their materials and systems and to construct them has already been spent. Even new buildings designed with sustainability in mind, fill landfills with the debris of the old buildings they replace. In addition, new buildings consume energy and produce carbon during the fabrication, shipping and construction process. Retrofits make financial and environmental sense, and people are beginning to notice. In the U.S., retrofits have grown from 2% of the total construction market in 2008 to an estimated 30% in 2010. At Skanska, we have realized the benefits of retrofitting first hand. Two years ago, we moved into our flagship office at the Empire State Building in New York City, retrofitting our tenant space to achieve LEED
EARTH ENGINEERING INCORPORATED
For more information, contact CAN DO at
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CI Platinum certification, reducing our electricity costs by 57% compared to our former office. The Empire State Building fit out is projected to save Skanska roughly half a million dollars in electric costs over the life of its 15-year lease. By changing the cost argument from initial costs to lifecycle value, we were able to do what’s good for the environment and what’s good for our business. Our clients in Pennsylvania share this experience. Additions to the Swarthmore College Unified Science Center provide new space, link existing buildings together, and add new sustainable elements. In 2004, the project earned LEED certification. It included a water collection system that collects 100% of the water needed to irrigate the entire campus. Almost all of the work spaces have direct access to views of the outdoors and abundant natural light which saves electricity, reduces operational costs, and has a positive effect on worker moral likely enhancing workplace productivity. Pennsylvania remains an important center for pharmaceutical and medical research, with a pressing need to refurbish continued on page 3C
Geotechnical Engineers & Geologists Subsurface Investigations Construction Inspection & Testing Retaining Wall Design Environmental Site Assessments and Remediation Clean Fill Testing Carbonate Site Assessments Stormwater Infiltration Testing Laboratory Soils Testing Corporate Headquarters: 610.277.0880 Lehigh Valley: 610.967.4540
Central PA: 717.697.5701 South Jersey: 856.768.1001
www.earthengineering.com
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Mid Atlantic Real Estate Journal — Pennsylvania — February 11 - 24, 2011 — 3C
PENNSYLVANIA 10,367 s/f in Broomall, Pennsylvania
Marcus & Millichap arranges $1.05m retail strip center sale
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ROOMALL, PA —Marcus & Millichap Real Estate Investment Services arranged the sale of a 10,367 s/f retail strip center. Located in Delaware Cty. The sales price of $1.05 million, which represents a 9.57% capitalization rate on current income. The seller, Estate of William S. MacLaren and the Estate of Jean S. MacLaren, co-partners trading as Willburn Co., a partnership, were represented by Derrick Dougherty, Christopher Munley, Donald MacLaren, Mark Taylor, Dean Zang, Andrew Townsend and Clarke
Retail strip center in Delaware County Talone, of the Philadelphia Inc., was procured by Derrick office of Marcus & Millichap. Dougherty, Mark Taylor and The buyer, 32 Marple Center, Dean Zang. ■
“Green” renovation: . . . continued from page 2C aging laboratories that use more electricity and water than most other building types. A laboratory Skanska recently renovated was designed with green in mind. The project upgraded water systems to reduce both potable water and process water use. By providing natural light to 84% of the space and installing light sensors, the lab achieves 1,139 kilowatts in light savings. Renewable energy is part of the solution to carbon reduction. In addition to building buildings that conserve energy through passive solutions like better insulation, and windows, and active systems like efficient heating and air conditioning systems, Skanska is currently installing a 1,500 kilowatt solar panel system in Upper Gwynedd. The project will improve energy efficiency by 40%. The project also includes the installation of an electric car recharging station, the first zero-emission car fueling station in the state. Building owners aren’t limited to building new buildings to realize the benefits of high performing green/LEED buildings. Most major building systems have a useful life of 25 to 35 years. When systems are about to fail, they need to replaced anyway. This is the time to invest a little more in thoughtful, cost effective retrofits bringing buildings into the 21st Century for a relatively small incremental cost. Thoughtful “green” renovation makes good business sense. Colleen Demark, LEED BD&C is a senior electrical estimator for Skanska’s Phila. office. Elizabeth Heider, AIA, LEED AP, is senior VP for Business Development, Green Markets at Skanska USA Building. ■
Bill Wolf T 610.398.7175 F 610.398.7815 bill.wolf@cbre.com www.cbre.com/bill.wolf Licensed: PA
Sean Bleiler T 610.398.3409 F 610.398.7815 sean.bleiler@cbre.com www.cbre.com/sean.bleiler Licensed: PA
4C — February 11 - 24, 2011 — Pennsylvania — Mid
Atlantic Real Estate Journal
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PENNSYLVANIA LMS completes 16,588 s/f lease in Springettsbury Twp.
ROCK Commercial orchestrates $947k sale ANOVER, PA — Legacy92, LLC bought a 20,000 s/f industrial building on 3.90 acres at 300 Fame Ave. from B&F Tool & Gear, Inc. ROCK Commercial Real Estate, LLC represented the seller and the buyer in this $947 thousand transaction. Autism York leased 229 s/f in a 10,085 s/f office building at 2501 Catherine St. in York. ROCK commercial Real Estate, LLC represented the landlord and assisted the tenant in this transaction. PSF International LLC bought a 4,000 s/f office condo at 236 North George St. in York, from Susquehanna Real Estate, LP. ROCK Commercial Real Estate represented the seller in this $365 thousand dollar transaction. Morgan Collins Realtors represented the buyer. Kramer International Incorporated leased 4,095 s/f industrial space at 134 Old Rt. 26 in Everett. ROCK commercial Real Estate represented the landlord and the tenant in this transaction. Swank Chiropractic bought 5,460 s/f and 0.43 acres at 2300 Carlisle Rd. in York. ROCK Commercial Real Estate represented the Buyer and the seller in this $335 thousand dollar transaction. Wellspan Properties, Inc. bought 3.49 acres on Rosedale Dr. in Manchester from PII Affiliates LTD. ROCK Commercial Real Estate represented the Buyer in this $280 thousand dollar transaction. CBC Bennett Williams represented the seller.
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300 Fame Ave.
2300 Carlisle Rd. Winter Ventures leased 22,747 s/f of industrial space at 60 Black Rock Rd. in Hanover. ROCK commercial Real Estate represented the landlord, Hanover Potato Products, Inc. and the tenant in this transaction. Susquehanna Bank leased 16,588 s/f at 3501 Concord Road in Springettsbury Township. ROCK commercial Real Estate represented the landlord, Lincoln General Insurance Company in this transaction. LMS represented the tenant. Digger Dave leased 2,332 s/f at 50 East High St., Building
Shoppes at Meadow Creek Westminster, MD
63 Kreider Lane Manheim, PA 17545 (717) 898-7651
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#2 in New Freedom. ROCK commercial Real Estate represented the landlord and the tenant in this transaction. Sole Mates, LLC leased 2,000 s/f of retail space at High St. Plaza at 110 West Eisenhower Dr. in Hanover, PA. ROCK commercial Real Estate represented the landlord and the tenant in this transaction. Michael Ellinger leased 1,200 s/f at 18 South Mill St. in Stewartstown for barbershop use. ROCK commercial Real Estate represented the landlord and the tenant in this transaction. â–
PENNSYLVANIA SPOTLIGHT WESTERN PENNSYLVANIA SPOTLIGHT MAREjournal.com
Mid Atlantic Real Estate Journal — Western Pennsylvania Spotlight — February 11 - 24, 2011 — 5C
Liguori of Langholz Wilson Ellis brokers sale
Tryko Ptrs. acquires Fox Hill Apartments in Monroeville, PA for $14m
M
ONROEVILLE, PA — Tryko Partners, LLC has purchased Fox Hill Apartments, a 436unit rental community from CEW Partners, announced Uri Kahanow, the firm’s director of acquisitions. The $14 million investment brings the Brick, NJ, firm’s Pittsburgh market portfolio to 1,300 units – a local foothold that Tryko Partners hopes to expand as part of an aggressive growth strategy, according to Kahanow. Michael Liguori of Langholz Wilson Ellis, Inc. brokered the sale on behalf of both Tryko Partners and CEW Partners. Situated on 28 acres on Fox Hill Drive, Fox Hill Apartments features one-, two- and threebedroom residences in four
Fox Hill Apartments brick-clad buildings. is a solid, stable multifamily “We specialize in value-add market,” Kahanow said. “Our properties, and we recognized cost basis will enable us to go an outstanding opportunity in and upgrade it to an A+ asset with Fox Hill Apartments, while maintaining competitive especially in light of its loca- rental rates.” tion in Monroeville, which According to Hirsch Chinn,
vice president of property management for Tryko Partners, a multi-million-dollar renovation of vacant units and common areas at Fox Hill Apartments will commence immediately. “We will install granite countertops and stainless appliances, remodel lobbies and common areas, and update landscaping throughout the grounds,” he said. “Everything will be high end and modern. Additionally, we will add a fitness center and a business center to enhance resident services.” Tryko Partners anticipates a March 2011 grand opening and the complete renovation of all units over the next three years. Fox Hill Apartments sits 14 miles outside of Pittsburgh, just
6
11
“Proud to be part of a Great Team in the Historic Renovation of MarketSquare Place”
off I-376 near its intersection with I-76 (the Pennsylvania Turnpike). The Monroeville market is an established, major employment center and shopping hub, with some 5.7 million square feet of office and industrial space, and 5.4 million s/f of retail – including the 1.3 million s/f Monroeville Mall. “The Pittsburgh multifamily market is an exciting place to be, as is evidenced by strong investor interest and other recent property trades in the Monroeville market and surrounding towns,” said Kahanow, adding that Tryko Partners just closed on the purchase of an additional 150 units at two area properties. “The population is growing, and occupancy rates are among the nation’s best. ■
6C — February 11 - 24, 2011 — Pennsylvania — Mid
Atlantic Real Estate Journal
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WESTERN PENNSYLVANIA By Louis V. Oliva, CCIM, SIOR, Grubb & Ellis Company
Pittsburgh survived 2010; Will it thrive in 2011? espite the recession and credit crisis of the past 24 months, the Pittsburgh Industrial market remained relatively flat (and happy) over the period as yearend market wide occupancy remained at Louis V. Oliva 90% with Class A properties at a very healthy (and potentially problematic) 94% occupancy!
D
While 2009 was one of the lowest transaction volume years in terms of sales and leasing activity, the dearth of new construction allowed for some stability as our largest industrial landlords were able to avoid significant rent reductions and foreclosures faced by many secondary and tertiary Midwest Industrial markets. Lease renewals/retentions were in excess of 95% and while rental rates were flat, the “blend and extend” strategy expected by most national
FOR LEASE IMPERIAL BUSINESS PARK CROWN COURT, IMPERIAL, PA
corporate industrial occupiers was not a significant factor in the Pittsburgh market. 2010 was clearly the year of small deals as large occupiers stayed on the sidelines awaiting direction from Washington DC on tax policy, healthcare, the election, corporate earnings or any other viable excuse for inactivity. Other than a few lease extensions, the largest new lease in the market was the 100,000 s/f Bunzl Distribution at the Leetsdale Industrial Park. The largest industrial
land sale was 30 acres on Neville Island for $2,000,000 and the next build-to-suit planned for early 2011 is the 100,000 s/f Alro Steel Distribution Center at The Findlay Industrial Park at Westport. With limited class A inventory for warehouse/distribution or light industrial occupiers (90,000 s/f; 120,000 s/f and 148,000 s/f respectively), larger projects will be forced to acquire land and complete build to suit projects as there are only two spec buildings planned (75,000
Imperial Business Park, A 97-Acre Development Currently Consisting Of One (1) 100,000 SF Warehouse/Distribution Facility and Four Development Sites Remaining From 75,000150,000 SF. BUILD TO SUIT OPPORTUNITY
For more information please contact:
Jason T. Stewart Senior Vice President 412.434.1027 jason.stewart@grubb-ellis.com
J. Brandon Snyder Associate 412.434.1058 brandon.snyder@grubb-ellis.com
SUBLEASE OPPORTUNITY 250 WEST KENSINGER DRIVE CRANBERRY BUSINESS PARK
Easily Accessible to Route 19, I-79 and I-76 105,000 SF Light Industrial/Assembly Space 63,000 SF is Available for Sublease 10,000 SF Of¿ce 53,000 SF High Tech Assembly Area WILL CONSIDER A DIRECT LEASE
For more information please contact:
Gerard M. McLaughlin Senior Vice President 412.434.1036 gerard.mclaughlin@grubb-ellis.com
Jeffrey A. Schultz Senior Vice President 412.434.1030 jeffrey.schultz@grubb-ellis.com
J. Brandon Snyder Associate 412.434.1058 brandon.snyder@grubb-ellis.com
s/f and 90,000 s/f respectively) but not yet under construction. Despite, the tight market, lenders (and developers) still appear reluctant to finance speculative projects as deal velocity was so low the past 24 months. Therefore, if we achieve absorption that approaches our ten year average, the market dynamics will change drastically to a very tight landlord’s market. One of the largest redevelopment opportunities will involve the RIDC Westmoreland, otherwise known as the former Sony Manufacturing Plant which consists of over 2.1M s/f of first floor manufacturing space with a 500,000 s/f mezzanine in New Stanton (approx 35 miles southeast of Pittsburgh). Local economic development officials are considering a multiple user strategy to avoid the boom and bust history of the property (initially Volkswagon and then Sony). Industrial developers are hopeful the demand and absorption of Marcellus Shale drillers and their suppliers will continue and result in new construction in 2011 and beyond. While there has been significant office space absorption by energy related companies (Range Resources, Consol Energy, Williams, Shell), most of the industrial activity has been in smaller buildings (10-30,000 s/f) with the exception of Baker Hughes who recently completed a 60,000 s/f regional operations center in New Stanton. One of the most interesting facets of Pittsburgh is that our low growth/no growth position faired very well against boom or bust markets nationally and placed Pittsburgh in the Top 20 and some cases Top 10 as compared to the Top 50 Industrial Markets in the Unites States. While doing “less worse” than others is not our marketing theme, the diversified economy of the Pittsburgh region and our significant manufacturing base(over 100,000 jobs) is still very healthy in a region of approximately 1.2M jobs. For this and other reasons, we expect 2011 will be an improving year for the Pittsburgh Industrial market. Louis V. Oliva, CCIM, SIOR is a senior vice president of the Pittsburgh office of Grubb & Ellis Company and leads the industrial property team. ■
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Mid Atlantic Real Estate Journal — Pennsylvania — February 11 - 24, 2011 — 7C
WESTERN PENNSYLVANIA FOR LEASE McClaren Woods Business Park 3000 McClaren Rd, Findlay Township, PA
FOR SALE/DEVELOPMENT The Findlay Industrial Park at Westport Rte 576, Findlay Township, Allegheny County, PA
Q Located Off McClaren Road Exit of Airport Expressway (I-376)
Q Build to Suit from 60,000-130,000 SF Available
Q Land Area: +640 Acres Zoning: LI - Light Industrial Q Build-to-Suit Q Sale/Lease Q Foreign Trade Zone Q Can Accommodate Individual Bldgs from 40,000 SF to 1,000,000 SF Q Development Parcels from 9 Acres to 100 Acres
AVAILABLE FOR LEASE 405 Keystone Drive Cranberry Township, Butler County, PA
FOR LEASE Turnpike Distribution Center 1750 Shenango Road, New Galilee, PA
Q Land Area: Parcel 1 (Building) 12.365 Acres
Q 410,637 SF, Warehouse Distribution Facility Q Situated on 40 Acres Q Immediate Availability Q Located 30 Miles Northwest of Pittsburgh and Only 10 Miles East of Ohio Border; 19 Miles West Of I-79; 26 Miles South of I-80. Q 120,000 SF Available after April 1, 2011
Q 49,570 SF Available (60,000 SF Total – Single-Story) Q Class A, Light Industrial Q 20,000 SF Minimum Tenant Size
Parcel 2 (Trailer Lot) 4.632 Acres Q Building Area: Warehouse 140,085 SF Of¿ce 7,980 SF Q Immediate Availability
For more information please contact: Louis V. Oliva, SIOR Senior Vice President 412.434.1053 louis.oliva@grubb-ellis.com
8C — February 11 - 24, 2011 — Pennsylvania — Mid
Atlantic Real Estate Journal
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WESTERN PENNSYLVANIA By W. Grant Scott, Meyer, Unkovic & Scott LLP
Timid lending policies are not stopping developers from revitalizing the Pittsburgh Region
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roperty owners and developers might still be grappling with the effects of the economic downturn, but timid lending policies have anything but stifled real estate dev e l o p m e n t W. Grant Scott growth in western Pennsylvania. The commercial real estate market in the region is hanging in there, and though a sluggish economy
has inevitably slowed some progress, there are many projects taking shape in the city and surrounding metro areas. Downtown Pittsburgh, for example, has seen a promising uptick of projects in recent years. A major project (some of which is complete and some of which is still in progress) to revamp the central Market Square area and adjacent PNC plaza that includes new retail and residential space, updated pedestrian walkways, a YMCA and Fairmont hotel has downtown Pitts-
burgh bustling with energy. Nearby, there are ongoing projects to improve and expand Point Park University’s academic village. The recent opening of the new Consol Energy Center to house the Pittsburgh Penguins will also potentially spur commercial growth in areas around the arena. The North Shore Connector, an extension of the city’s light rail systemwill soon link downtown to the football and baseball stadiums, Pittsburgh’s first casino and other attractions across the river.
Outside of the downtown area, in Pittsburgh’s North Hills, one of the more significant developments in the western Pennsylvania market is McCandless Crossing. Once constructed, McCandless Crossing will be one of the largest mixed-use facilities in the northeastern United States. Developers broke ground in late 2009 on the more than 1,000,000 square foot project designed to hold upscale businesses, office space and residential property, and just recently celebrated the opening of the first major
Developing
a brighter future
for our region. Successful real estate projects begin with an in-depth understanding of the legal, regulatory and financial matters involved, but usually evolve to the negotiating table. At Meyer, Unkovic & Scott, our attorneys come to the table prepared to negotiate and document the big picture issues and the small details of your project. Real Estate & Lending | Construction | Business & Corporate | Business Litigation International Law & Immigration | Intellectual Property | Employment Law Pittsburgh | 800.434.7765 | www.muslaw.com
retail location, Lowe’s Home Improvement. With numerous other lease agreements in the works, there will undoubtedly be an influx of national retailers at McCandless Crossing as construction continues in 2011, including a major hotel chain, Fidelity Bank and LA Fitness. In addition, the massive project will likely encourage growth in the region by attracting new retailers to the Pittsburgh market from outside the area. It’s impossible to discuss the future of commercial real estate development in western Pennsylvania without mentioning green building. Interest in sustainable development is growing in the region, particularly in new construction projects for existing buildings and in solar development, which involves leasing the real estate to install new solar panels and to generate energy for other green projects. The market for buying and selling renewable energy credits also has the potential to expand and evolve in the coming year. Other important western Pennsylvania real estaterelated news is that Allegheny County is undergoing a county-wide reassessment that will impact 500,000-plus properties. The value of all commercial and residential properties in Allegheny County will be reassessed by 2012. Those reassessments are now in progress, and property owners will see their new values early next year. Though formal appeals must wait until 2012, many owners unhappy with their preliminary reassessment will likely begin filing for informal hearings to start the process as soon as July of 2011. Regardless of whether the economy continues a slow recovery or lenders remain timid next year, developers are invested in many projects already underway to revitalize the Pittsburgh area. A commitment to growth, progress and innovation is what keeps western Pennsylvania vibrant and the commercial real estate market in the region full of promise. W. Grant Scott is chair of the Real Estate & Lending Group at Meyer, Unkovic & Scott LLP in Pittsburgh, PA. ■
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Mid Atlantic Real Estate Journal — Pennsylvania — February 11 - 24, 2011 — 9C
WESTERN PENNSYLVANIA For the sale of 3.58 acres in McCandles Township
AdVenture Development signs contract with Widewaters McCandless, LLC
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MCCANDLESS, TWP., PA — McCandless Crossing, the 130-acre mixed use development stretching across the east and west sides of McKnight Rd. is bustling with activity, according to AdVenture Development. With Lowe’s Home Improvement and Fidelity Bank construction completed last Fall, L.A. Fitness has closed on the purchase of a 5.08 acre +/- parcel from AdVenture
NAI Pittsburgh Commercial announces mgmt. change PITTSBURGH, PA — NAI Pittsburgh Commercial, one of Western Pennsylvania’s premier full service commercial real estate firms, today announced that Gregg Broujos has been named M a n a g i n g Gregg Broujos Principal. NAI Pittsburgh Commercial was founded in May of 2005 by Paul Horan, Patrick Sentner, Bill Leone, and Broujos. Broujos, a Carlisle PA native and current resident of Highland Park, is a Founding Principal and will assume the duties of president, CFO, and Broker of Record, which were previously handled by Bill Leone. Leone will remain at NAI Pittsburgh Commercial as a Founding Principal. “This succession plan was contemplated when NAI Pittsburgh Commercial was formed in 2005, and is now being implemented,” said Mr. Leone. “Additionally, we were lucky to have John Bilyak join our firm in 2007 and assume a principal’s role here. His record speaks for itself.” “Bill guided our firm through the toughest part of any business, which is the first five years. His success in the commercial real estate market in Western Pennsylvania over the past 27 years is well known, and has helped us to establish our current position in the market today,” said Broujos. ■
Champion Partnership. Kevin Dougherty, president of AdVenture Development, LLC and developer of the project (on behalf of AdVenture/Champion Partnership) announced that we have recently signed a contract with Widewaters McCandless, LLC for the sale of approximately 3.58 acres on the west side of McKnight Rd. which will be the site of a new 121-room Hilton Homewood Suites. Plans are currently underway for additional phases,
which include a town center, grocery store, restaurants, a movie theater, medical offices/executive offices, along with a residential component. Watch for upcoming information as McCandless Crossing continues to grow in the coming months. Kevin Dougherty, president of AdVenture Development, LLC, the developer of McCandless Crossing, would welcome an opportunity to show you the site and answer your questions. ■
Would like to thank All of the professionals involved with McCandless Crossing For their ongoing efforts to bring this project together. OPPORTUNITIES AVAILABLE AT
919-965-5661 Retail Space Medical Office/Office Space Outparcels available for Lease/Sale Hotel/Hospitality Entertainment Visit our websites at www.mccandlesscrossing.com and www.adventuredev.com. For more information, call 919-965-5661 or email Kevin Dougherty at kmd@adventuredev.com.
10C — February 11 - 24, 2011 — Pennsylvania — Mid
Atlantic Real Estate Journal
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WESTERN PENNSYLVANIA Located at 118 Trinity Point Dr.
Jos. A. Bank relocates to Market Square Pl.
Grant Street Associates executes 2,400 s/f retail deal
CBRE, represents Millcraft Industries in lease signing
ASHINGTON, PA — Grant Street Associates Retail Services Group executed a ten year deal for the 2,400 s/f inline Moe’s Southwest Grill located at 118 Trinity Point Dr. The location is a 15,000 sf outparcel located in front of Wal-Mart Super Center . “We are excited to let our guests know great things about our ingredients like - our chicken is all natural, our steak is grass-fed, our tofu is organic and our pork is grain-fed,” said John Iaquinta, Moe’s Franchise Partner and
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118 Trinity Point Drive lifetime Pittsburgh resident. met.” “In Pittsburgh, we take it to The new location will boast the next level by offering lo- a fresh new look for the francal produce when Moe’s safety chise and bring 20 to 25 new and quality standards can be jobs to the region. ■
PITTSBURGH, PA — Jos. A. Bank, will open their new Downtown store at Market Square Place in the Spring of 2011. Currently, the store is located at 527 Smithfield Street. The new Downtown location is one of five Pittsburgh area locations, with other stores in Mount Lebanon, Ross Park, Robinson and Monroeville. “This relocation, which will feature the Jos. A. Bank’s new prototypical layout and design, further validates the success of our vibrant Central District and all of the new energy that has been harnessed with the new development projects in the corridor. Pittsburgh is on the cutting edge of urban
revitalization and growth and it is unparalleled what we, as a City, have accomplished”” says Herky Pollock, executive VP and Northeast director of Retailer Services for CBRE. Lucas Piatt, COO for Millcraft Industries said “the addition of Jos A. Bank to our diverse tenant mix will bolster the positive growth and sustainability of the 5th and Market project and the corridor as a whole. We are thrilled to have them as part of our project.” Market Square Place is the $40 million historical renovation of the former GC Murphy building located on Market Square and 5th Avenue in downtown Pittsburgh. Herky Pollock and Jason Cannon of CBRE, represented Millcraft Industries in the leasing transaction and will continue in their role as exclusive agents for Market Square Place. ■
Chyanne Dayton joins Burns & Scalo Real Estate PITTSBURGH, PA — Chyanne Dayton has joined the Burns & Scalo Real Estate team as the director of creative services. As a business unit leader, she is responsible for all strategic marketing and design for both the firm and its clients. With a unique platform of services offered, we continue to take an enterprising and proactive approach to the commercial real estate industry. “Although Burns & Scalo Real Estate brand position and services have continued to gain market share, I see this strategic hire as an opportunity to further position the firm to a higher plane”, said Jim Scalo, president of Burns and Scalo Real Estate Services, Inc. Dayton will be evaluating the current practices and implementing new, enhanced strategies and marketing collateral to maximize the Creative Services for our company and and clients. Focusing on the ‘creative’, the firm will support her with an innovation team. She will also assist in the promotion of the company’s latest venture – 2600 E. Carson Street, a new urban chic apartment project. Her MFA in Graphic Design/Marketing and 10 years experience in the advertising industry will position Burns & Scalo Real Estate Services, Inc. unparalleled in the Pittsburgh and surrounding markets. ■
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Mid Atlantic Real Estate Journal — Pennsylvania — February 11 - 24, 2011 — 11C
WESTERN PENNSYLVANIA
Mercer County, Western Pennsylvania Open For Business! s -IDWAY BETWEEN .EW 9ORK #HICAGO s 3IX MAJOR INTERCHANGES s 2EGIONAL 7ORKFORCE PERSONS s /VER HALF OF THE MAJOR 5 3 MARKETS WITHIN ONE DAY S DRIVING DISTANCE s ,OCATED AT THE JUNCTION OF )NTERSTATES s )NDUSTRIAL PARKS WITH SHOVEL READY SITES s %XCELLENT EDUCATIONAL INSTITUTIONS
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Committed to Pittsburgh. Connected to the World. Industrial • Office • Investment • Retail • Corporate Services
At NAI Pittsburgh Commercial, we offer our clients top real estate professionals who have in-depth knowledge of the marketplace and best of class service. Contact Our Retail Practice Group:
Gregg Broujos - gbroujos@naipittsburgh.com Ralph Egerman - regerman@naipittsburgh.com Jason Adams - jason@naipittsburgh.com tel 412 321 4200
fax 412 321 4400
www.naipittsburgh.com
Feature Your Project
Developments Construction Renovations
Mid Atlantic Real Estate Journal
Considering a Site in Mercer County?
For more information call
#ONTACT 0ENN .ORTHWEST $EVELOPMENT #ORPORATION
Elaine Fanning
'REENVILLE 2OAD -ERCER 0! s
www.penn-northwest.com
800-584-1062/781-871-5298 Ext. 212
EFanning@mareJournal.com
12C — February 11 - 24, 2011 — Pennsylvania — Mid
Atlantic Real Estate Journal
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PEOPLE ON THE MOVE Alderman joins the Harrisburg office
And expands brokerage team
Jones Lang LaSalle enhances teams across Philadelphia
Colliers International adds two new principals
P
HILADELPHIA, PA — Jones Lang LaSalle has added six new professionals and promoted nine in its Delaware Valley and Central Pennsylvania offices. “Jones Lang LaSalle continues to grow and service more and more clients throughout the Philadelphia region,” said Michael McCurdy, Philadelphia market director Jones Lang LaSalle. “The new additions bring great expertise and local market knowledge to our firm and ultimately to our clients. I’m also extremely proud of our professionals who have been promoted as they have profoundly impacted the strategic growth of Jones Lang LaSalle and have set a precedence of excellence for their colleagues.” In Philadelphia, Jones Lang LaSalle hired three and promoted three: Todd Monahan joins the firm as a senior VP in its Agency Leasing group. He formerly served as director of leasing at a boutique brokerage firm where he was responsible for tenant representation, property management and investment sale services. Mark Wiener joins the firm as a VP in its Property Management group where he will focus on industrial and medical properties. Weiner comes to Jones Lang LaSalle with more than 20 years’ experience managing office, industrial
Todd Monahan
Mark Wiener
and medical space. Joe Colletti joins the firm as a financial analyst in the Market Research Department. He will be supporting the Office and Industrial teams. Jerry Kranzel has been promoted to an executive VP from Senior VP in the firm’s Capital Markets group. Andrew McGowan has been promoted to senior VP from VP in the firm’s brokerage group Thomas Weitzel has been promoted to VP from an associate in the firm’s brokerage group. In Harrisburg, Jones Lang LaSalle hired one professional and promoted one professional: Michael Alderman has joined the firm as a senior VP and will be working with industrial tenants and properties throughout the Central Pennsylvania region. He comes from a self-managed commercial real estate investment organization where he managed a $100 million portfolio of office, industrial,
Michael Alderman
John Van Buskirk
retail, lodging, and multifamily properties. John Van Buskirk has been promoted to managing director from executive VP in the firm’s industrial brokerage group. In the growing King of Prussia office, Bryn Fox has been hired as a Leasing Associate. She will focus on advising tenants and landowners on suburban office leases across the region. Promotions within the office, which opened in 2010, include Matt Adams has been promoted to senior associate from leasing associate in the firm’s brokerage group, Blaise Fletcher is now a VP, promoted from senior associate in the firm’s brokerage group, Brian Knowles is now managing director, promoted from executive VP in the firm’s industrial brokerage group, John Paul Manley is now a senior associate, promoted from Leasing Associate in the firm’s industrial brokerage group. ■
Lower Merion Zoning Hearing Board appoints Robert Fox of MGKF chairman PHILADELPHIA, PA — Robert D. Fox, managing partner of Manko, Gold, Katcher & Fox, (MGKF) was appointed Chairman of the Lower Merion Zoning Hearing Board. A member of the board since Robert D. Fox 2006. Fox has over twenty years of experience providing compliance counseling for business and industry regarding hazardous and municipal waste regulations, Superfund matters, water regulation, and storage tank issues. He focuses on the environmental aspects of corporate and real estate transactions and real property devel-
opment, including brownfield redevelopment and wetlands, stormwater, and sewer capacity permitting; and litigating environmental matters before federal and state courts and administrative agencies. Fox is a frequent lecturer at environmental conferences, including the annual ALI/ABA environmental conference in Washington, DC, and has written on a variety of environmental, regulatory and ethical issues. Fox was named the “Philadelphia Area Best Lawyers Environmental Lawyer of the Year” for 2010. He has been listed in the Best Lawyers in America since 2001, and listed as a Super Lawyer in Philadelphia and a Top 100 Lawyer in Pennsylvania since 2003. He regularly receives top rankings in Cham-
bers USA - America’s Leading Lawyers for Business. Outside the firm, Fox is also the Thomas A. O’Boyle adjunct professor at the University of Pennsylvania School of Law, a Summer Lecturer at Vermont Law School, and a Lecturerin-Law for the Temple University Master of Law program in Beijing, China. He served as the chairperson of the Philadelphia Academies, Inc. and of the Lower Merion Conservancy, served as a board member of the Natural Lands Trust and a hearing officer of the Disciplinary Board of the Pennsylvania Supreme Court, and serves as a board member of the Delaware Valley Earth Force and the Friends of Andrew J. Fox Melanoma Foundation at the Abramson Cancer Center. ■
PHILADELPHIA, PA — Colliers International | Philadelphia announced the addition of two new principals to the organization in 2011. The newly appointed principals include: Michael Barmash (commercial/multi-discipline - Philadelphia), Michael Zerbe (industrial - Western Pennsylvania) and Barmash, SVP joined the firm in 1973. He has been involved in the leasing and sale of industrial, office and retail real estate in the tri-state area, particularly in the Philadelphia CBD. Barmash has been instrumental in assisting many developers working the Philadelphia CBD, Chinatown, Old City and Northern Liberty submarkets. Zerbe, SVP joined Colliers in 1994. He specializes in industrial logistics and has over 23 years of sales, leasing and property management experience in the areas of industrial and office properties. Michael has been consistently recognized by CoStar as one of the region’s top 20 industrial leasing brokers. “I am proud to welcome each of these very deserving individuals to our partnership,” said Doug Sayer, president & CEO of Colliers International | Philadelphia. “Our firm’s growth and prosperity is dependent on continued efforts that accelerate the success of our people, our clients and our communities and we are committed to recruiting and retaining superior client service professionals.”
Michael Barmash Michael Zerbe Colliers International hired the following to the real estate brokerage team: Steve Promislo, senior vice president – Office Division Center City Philadelphia Prior to that, Promislo was a senior vice president at SSH Real Estate where he represented over 70 tenants in office lease negotiations. Brian Donley, senior vice president – Industrial Division - Philadelphia Office Over the last ten years, Donley has developed and sold over $300 million dollars of real estate in the Philadelphia Metro Area and the Lehigh Valley Region. Prior to that he was a leasing associate with Brandywine Realty Trust. Brian will work out of the Philadelphia office and focus on the Industrial market; Kyle Hilbert, associate – Office Division - Philadelphia Office. Prior to joining Colliers, Kyle was with Beacon Commercial Real Estate. Chris Kline, associate – Retail Division - Allentown Office. Prior to joining Colliers, Kline was in the Bio Med field in the capacity of Environmental Health and Safety Officer. ■
Binswanger appoints Beth Ganss to chief financial officer PHILADELPHIA, PA — Binswanger promoted Beth Ganss to chief financial officer for the Binswanger Companies. Ganss joined the company in February 2010 as Vice President of Taxation and brings over 20 years of financial and operations experience to Binswanger. She will have responsibility for all corporate, financial, and administrative policies and procedures. “We have been delighted to find that Beth stepped up during difficult times to take responsibilities for the management of the company’s life blood, its cash flow. She has been instrumental in helping to better organize the receipts and
payments and has created excellent lines of communication, not only inside the company, but with our vendors as well.” said David R. Binswanger, President and Chief Executive Officer of Binswanger. Prior to joining Binswanger, Ganss served as director – tax services at RSM McGladrey, Inc. where she was primarily responsible for foreign FAS 109-Accounting for Income Taxes at a large international client corporation. Her extensive financial background includes tax management positions at Clifton Gunderson LLP and at D. Crowley & Company, P.C., a public accounting firm that she co-founded in 1998. ■
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Mid Atlantic Real Estate Journal — Pennsylvania — February 11 - 24, 2011 — 13C
PENNSYLVANIA CB Richard Ellis reps tenant in 4,926 s/f lease
Serving Central PA’s Commercial Real Estate Needs Since 1970
NAI CIR completes 152,282 s/f warehouse lease in York
Y
ORK, PA — Crane Cartage, LLC, a logistics provider, has leased 152,282 s/f of warehouse space at 275 Cross Farm Lane in York. Jack Shepley, SIOR of NAI CIR represented Crane Cartage and the property owner Exeter Property Group represented themselves. Bentley World Packaging, Ltd., a domestic and military packaging company, will consolidate several of is locations into 64,383 square feet of warehousing/distribution space it has leased at 35 Springhouse Road, Shippensburg. Jack Shepley of NAI CIR handled the lease transaction with the property owner, Hoffman Mills, Inc. Twelve Gates, LLC has purchased a 4,750-square-foot six-unit apartment complex at 400 2nd St., Highspire. Jason Sourbeer of NAI CIR handled the sale transaction. Celerity, a computer company, has expanded its office space to 4,926 square feet at 4720 Old Gettysburg Road, Lower Allen Twp. Joe Bedard of NAI CIR represented the landlord, Old Gettysburg Associates II, and Mike Curran of
NAI CIR PO Box 8910 Camp Hill PA 17011 717 761 5070 www.naicir.com 275 Cross Farm Lane CB Richard Ellis represented Celerity in the lease transaction. Dragon Tour Bus and Grocery and Yings Jade and Pearl Garden have leased 2,124 square feet of space at 806 S. 29th St. in Swatara Twp. Mark Santanna and Dan Alderman of NAI CIR handled the leasing arrangements. Autumn’s Attic, LLC has leased 2,080 square feet of retail space at 2015 Linglestown Road, Beaufort Plaza, Susquehanna Twp., from Garstan Associates. Jason Sourbeer of NAI CIR handled the transac-
tion. Harry and Mary Lee have opened a psychology office in 1,510 square feet of office space they have leased at 3223 Market St., Camp Hill. Brandon Campfield of NAI CIR represented the Leesee, and the landlord, 3223 Associates Dr. William M. Shord is relocating his chiropractor’s office to 552 square feet of space at 1801 Oberlin Road., Lower Swatara Twp. The Bill Gladstone Group of NAI CIR handled the transaction with the building owner, Swatara Partners, Inc. ■
“2011” Annual Retail Design Competition Enter your project in next year’s annual Retail Design Competition Winning Categories: Architects, Engineers, TrafÀc Engineers, General Contractors, Owners/Developers, etc.
140 Industrial Drive • Pittston, PA 18640
Warehouse & Manufacturing Space in Northeast Pennsylvania
50,000 - 940,000 SF Available
Project Types: Mixed Use, BrownÀelds, Shopping Centers (all types), Retail Stores, Banks, Expansions, Renovations, etc. Call or email today to be added to the list to receive your 2001 Retail Design Competition Entry Form
Space can be Subdivided from 50,000 SF and Greater Primary Power Offers 40% Savings on Electric Utility Landlord is Willing to Make Improvements as Needed for Tenant Competitive Rates
GATED ENTRY
Rail Access
Elaine Fanning ~ 1-800-584-1062 ext 212 Email: efanning@marejournal.com
56,214 SF 5,667 SF
Newly Renovated 4 Minutes from I-81 & I-476
480,000 SF
Please Contact: Steve BarrettPerdue Einaugler (347) 498-3262 (646) 670-6225 sperdue@greyco.com beinaugler@greyco.com
203,285 SF
214,540 SF
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Issue Date: September 23rd, 2011 Deadline for entry: August 15th, 2011 All projects accepted from Sept. 2010 – Aug. 2011
14C — February 11 - 24, 2011 — Pennsylvania — Mid
Atlantic Real Estate Journal
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Commercial Real Estate Women Lehigh Valley Chapter www.crewlehighvalley.org
2011 LEHIGH VALLEY BOARD OF DIRECTORS PRESIDENT TRACY YADUSH, RPA NAI SUMMIT PAST PRESIDENT FRANCEE FULLER BARRY ISETT & ASSOCIATES PRESIDENT ELECT ANN MARIE OSIKA LAFAYETTE AMBASSADOR BANK SECRETARY CATHERINE (KATE) DURSO FITZPATRICK LENTZ & BUBBA, P.C. TREASURER KAREN DERR KNBT, A DIVISION OF NATIONAL PENN BANK CORRESPONDING SECRETARY PAM MORRIS LIBERTY PROPERTY TRUST DIRECTORS-AT-LARGE TINA KISELA, SCSM, SCMD THE PROMENADE SHOPS AT SAUCON VALLEY LYNN CONTI LIBERTY PROPERTY TRUST
CREW LV PA: The Premier Commercial Real Estate Network in Northeast PA REW LV PA held a retreat in January for committee chairs and the board of directors to review the organizations vision, mission and values and set directions for the coming year. Founded locally in 2004, the Lehigh Valley chapter is the premiere commercial real estate network in northeast Pennsylvania, recognized for professionalism, leadership and expertise. The organization boasts a membership of almost three-score women and men, professionals in every aspect of real estate. The vision of CREW Lehigh Valley is to be a quality organization that attracts and grows leaders in commercial real estate. Our members strive to be role models for younger associates. We are building an organization that is both financially sound and gives back to the community in which we live and work. Our mission is to advance the success of women in commercial real estate while providing a network to enhance memberto-member opportunities. Our values are to build a professional multi-disciplinary community with a passionate commitment to mutual assistance; our leadership strives to be visionary, dynamic, solution-oriented,
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President Tracy Yadush, with NAI Summit, led the discussion.
Sponsorship Chair Kate Hart, with KNBT, Secretary Kate Durso, with Fitzpatrick Lentz & Bubba, and Director at Large, Tina Kisela, share a merry moment. Kate Hart is a past president of the organization. responsive, supportive, and loyal to our members. We strive for excellence, with a relentless pursuit of quality and integrity in business, personal and professional
Michele Glower, PhD, CREW LV PA Membership Chair and Jane Schiff, Program Chair, participated in the session. Michele is with The Advisory Group and Jane, a founding member and past president of CREW LV, is an associate broker with The Frederick Group.
Treasurer Karen Derr, with KNBT, Past President Francee Fuller, with Barry Isett & Associates, and President Elect, Ann Marie Osika, with Lafayette Ambassador Bank, review 2010 chapter successes. relationship. in committees. Our programIn 2011, we will continue ming will inform, educate, to grow our organization. and provide networking opMembers are encouraged to portunities. network and grow leadership Stay tuned for great things skills through participating to happen!
2011 COMMITTEE CHAIRS SPONSORSHIP COMMITTEE KATE HART KNBT, A DIVISION OF NATIONAL PENN BANK PROGRAMS COMMITTEE JANE SCHIFF THE FREDERICK GROUP MEMBERSHIP COMMITTEE MICHELE GLOWER, PH.D THE ADVISORY GROUP COMMUNITY SERVICE COMMITTEE JODY KING, CCIM NAI SUMMIT PUBLICITY COMMITTEE FRANCEE FULLER BARRY ISETT & ASSOCIATES
CREW Lehigh Valley thanks its 2011 corporate sponsors: Annual Partner/Main Sponsor
Contributor
Fitzpatrick Lentz & Bubba
Langan Engineering
Liberty Property Trust
Lafayette Ambassador Bank
Tallman Hudders & Sorrentino
NAI Summit MKSD Architects The Dietrick Group, LLC
Friend Barry Isett & Associates Berks Economic Partnership HMK Insurance KNBT - A Division of National Penn Bank JG Petrucci, Inc. North Star/Polaris
Upcoming Events Join Us Wednesday, February 24 Mayor Sal Panto will share the latest exciting economic development news in the City of Easton while Barbara Kowitz presents the inside story of the transformation of Sigal’s Bridal, beloved by generations of women, into a dynamic new downtown destination.
Easton Update & Sigal Museum 324 Northampton Street, Easton, PA 11:30 Registration; noon lunch $22 members; $35 guests register online at www.crewlehighvalley.org
For membership information, please contact Dr. Michele Glower, The Advisory Group, mglower@yahoo.com
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Mid Atlantic Real Estate Journal — Pennsylvania — February 11 - 24, 2011 — 15C
Commercial Real Estate Women Lehigh Valley Chapter Service Directory
ENGINEERS & SURVEYORS
COMMERCIAL REAL ESTATE
BARRY ISETT & ASSOCIATES, INC. Consulting Engineers & Surveyors www.barryisett.com
Helping Clients Reach Real Estate Development Goals Since 1977 Environmental Assessments Condition Assessments Surveys • Site Design • Permitting Traffic Studies • Highway Design Landscape Design • Structural Design Mechanical, Electrical, Plumbing Design
50 HILTON ST., EASTON, PA
639 GRAMMES RD., ALLENTOWN, PA
Up to 37,500 SF of space available within 1/3 mile of the PA Toll Plaza on I-78. Features include: Several truck dock doors with ample truck court area, 2,000 amp service, Àexible rental unit sizes, and low operating expenses. Turn-key option available Lease: $3.15 PSF.
61,000 SF light manufacturing facility within ½ mile of an I-78 Exit. Features include: Fenced lot, 6+ acre lot, 2,500 SF of¿ce-showroom area, cross-dock loading doors, wellmaintained bldg., and 3 divided sections. Sale and Lease terms offered.
QUEEN CITY BUSINESS CENTER ALLENTOWN, PA
421 SCHANTZ RD. ALLENTOWN, PA
Full-Service Engineers PA • NJ • MD Contact Francee Fuller Marketing Manager ffuller@barryisett.com
610-398-0904
REAL ESTATE SALES, APPRAISAL & PROPERTY MANAGEMENT
A t t e n t i o n C R E W Lehigh Valley Members!!! If you would like to advertise in
Up to 75,000 SF of contiguous space available in this 260,000 SF multi-tenant complex. Features include: Flexible suite sizes, located within 1 mile of Lehigh Street, several truck dock loading doors, Designated Enterprise Zone. Aggressive Lease rates.
24,600 SF free-standing bldg. on 5.1517 acre site, 18’ ceiling height, overhead cranes, 1000 amp 480 volt 3 phase electric, public utilities, tailgate and drive in loading. Lease terms offered.
ROUTES 191 & 33, STOCKERTOWN, PA
900 CONROY PLACE, FORKS INDUSTRIAL PARK, EASTON, PA
126,000 SF building available. Features include: 18’- 25’ ceiling height, drive-in & dock loading doors, public utilities to site, subdivided units, 3-phase electric service. Lease and Sale terms offered.
90,000+ SF bldg. on 9.5 acres. Features include: 24’ ceiling height, public utilities, 5 truck dock loading doors, rail service, 2000 amp/480 volt, good highway access, of¿ce/showroom area. Lease or Purchase.
the Mid Atlantic Real Estate Journal, please contact:
Elaine Fanning, Publisher 800-584-1062 x 212 or email Elaine at efanning@marejournal.com
6969 SILVER CREST RD., BATH, PA NEAR INTERSECTION OF EMMAUS AVE. 65,000 SF warehouse/call-center facility. & I-78, ALLENTOWN, PA Features Include: 9 truck dock doors, 1 oversized drive-in door, 10,000 SF turnkey of¿ce area, 24’-31’ ceiling height, climate controlled in 24,000 SF section, UPS generator system, well-maintained building within 4 miles of Rt. 22. Sale and Lease terms offered.
274,000 SF manufacturing plant. Features include: 15+ acre lot with I-78 visibility, 12KVA electric service, 19 truck dock doors, paving around entire bldg., fenced property, can subdivide for tenants, low operating expenses, well-maintained property. Sale or Lease.
16C — February 11 - 24, 2011 — Pennsylvania — Mid
Atlantic Real Estate Journal
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PENNSYLVANIA A 198,400 s/f building at 100-124 Capital Road
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Mericle leases CenterPoint facility to sporting goods leader
J
ENKINS TWP., PA — One of the nation’s leading sporting goods companies will open its largest U.S. distribution center in CenterPoint Commerce & Trade Park East, Jenkins Township. United Sporting Companies (USC) of Chapin, South Carolina has leased a 198,400 s/f building at 100-124 Capital Road from Mericle Commercial Real Estate Services. The Jenkins Township distribution center will employ industry leading technology and service customers formerly serviced by Jerry’s Northeast, located in Newington, CT, Bonitz Brothers, located in Harrisburg, PA and Jerry’s Sport Center, located in Forest City, PA USC will continue to operate its existing sales offices in Newington and Harrisburg while moving Jerry’s Forest City sales force to the Pittston location. Additionally, the company will be establishing a new sales office in California to better serve the western region. Mericle VP Jim Hilsher coordinated the real estate transaction along with Joseph
124 Capital Road McDermott of CB Richard Ellis, Wayne. “We are pleased that Jerry’s Sports Center has chosen CenterPoint Commerce & Trade Park East to expand its distribution capabilities,� said Hilsher. “The company had considered several states as well as sites in southeastern Pennsylvania for this expansion project so we are glad that we are able to play a role in keeping Jerry’s jobs in northeastern Pennsylvania
as well as providing a platform for the company’s future growth,â€? he said. The company is expected to occupy the building early this spring. USC CEO Hewitt Grant said, “Over the past six months, we have evaluated all aspects of our operations in order to realign our distribution footprint to support our growth while providing our customers faster and better service across the country.â€? â–
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Mid Atlantic Real Estate Journal — Pennsylvania — February 11 - 24, 2011 — Inside Back Cover C
C Back Cover — February 11 - 24, 2011 — Pennsylvania — Mid
Atlantic Real Estate Journal
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Mericle Commercial Real Estate Ser vices has the best solutions for companies needing quality, af fordable, industrial space along Pennsylvania’s I-81 Corridor. Our buildings are located immediately adjacent to major highways, have high ceilings, are energy ef ficient and of fer lots of room on-site for trailer storage. Some are even located in special tax-free zones. Review all of our available properties at www.mericle.com.
RAIL AVAILABLE
410,000 SF - 1104 NORTH PARK DRIVE
408,200 SF - 61 GREEN MOUNTAIN ROAD
365,114 SF - 1200 E. LACKAWANNA AVE.
Humboldt Industrial Park Hazle Township, PA Can be expanded to 615,000 SF and subdivided to 82,000 SF. State and local taxes abated through 2017. Features 46 loading doors, 1 drive-in door, 31’10” to 36’6” ceiling clear height, an ESFR fire protection system and 7” reinforced concrete floor.
Humboldt Industrial Park East Union Township, PA Can be expanded to 648,200 SF and subdivided to 204,000 SF. Existing office fit-out is approx. 4,200 SF. Features 32 cross-docked loading doors, 30’9” to 36’6” ceiling clear height and 6” reinforced concrete floor. State and local taxes abated through 2017.
Mid-Valley Industrial Park Olyphant, PA Can be expanded to 505,686 SF. Existing office fit-out is approx. 5,000 SF. Features 20 cross-docked loading doors, 1 drive-in door, 40’2” ceiling clear height, an ESFR fire protection system and on-site parking for more than 100 vehicles.
198,400 SF - 400-450 CENTERPOINT BLVD.
176,772 SF - 180 WELLES STREET
108,000 SF - 320 STEWART ROAD
CenterPoint Commerce & Trade Park East Jenkins Township, PA Can be subdivided as small as 99,200 SF. Features 26 loading doors, 1 drive-in door, 6” reinforced concrete floor, energy efficient T-Bay lighting fixtures and a 10-year, 100% real estate tax abatement on improvements.
Cross Valley West Professional Building Forty Fort, PA Located immediately off Exit 4 of S.R. 309. Can be subdivided as small as 20,000 SF. Features 16’ to 26’ ceiling clear height, 30 loading doors and abundant, on-site trailer storage. Very attractive lease prices.
Hanover Industrial Estates Hanover Township, PA Can be expanded to 162,000 SF. Existing office fit-out is approx. 8,000 SF. Features 20 loading doors, 30’ to 32’11” ceiling clear height, an ESFR fire protection system and energy-efficient gas-fired unit heaters. On-site parking for up to 70 vehicles.
For more information contact our
DEVELOPMENT DIVISION: Bob Besecker . Jim Hilsher Bill Jones . Dan Walsh
82,691 SF - 63 GREEN MOUNTAIN ROAD
58,713 SF - 240-258 ARMSTRONG ROAD
Humboldt Industrial Park East Union Township, PA Features two, 463 SF office fit-outs in warehouse, 30’8” to 36’5” ceiling clear height, 9 loading doors, ESFR fire protection system, and ample on-site parking and trailer storage available.
CenterPoint Commerce & Trade Park East Jenkins Township, PA Building can be subdivided as small as 12,361 SF. Features 29’10” to 34’2” ceiling clear height, 8 loading doors, ESFR fire protection system, and a 10-year, 100% real estate tax abatement on improvements.
Developing Pennsylvania’s I-81 Corridor since 1985. www.mericle.com ) 570.823.1100
GREEN AWARENESS
NJPA M A ID
TLANTIC
REAL ESTATE JOURNAL
Section D of the Mid Atlantic Real Estate Journal
Hines manages the 599,217 s/f, 12-story office building
One Franklin Square in Washington, DC receives LEED Gold certification
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ASHINGTON, DC — One Franklin Square (1301 K Street, NW) has received Gold certification under the U.S. Green Building Council’s LEED rating system for Existing Buildings. One Franklin Sq. is a 599,217 s/f, 12-story office building located in downtown Washington, D.C. Designed by Hartman & Cox and completed in 1990, the property
was acquired in 1996 by a joint venture between Hines and the General Motors Pension Fund. One Franklin Sq. has earned the ENERGY STAR label nine times since 2000. With a current score of 86, the building is 35% more energy efficient and annually saves $1.28 in energy costs psf when compared to the average U.S. office building. This translates to estimated annual greenhouse gas reduc-
FEBRUARY 11 - 24, 2011
HI-LIGHTS Avidan Energy Solutions initiates roof-mounted solar installation Avidan Energy Solutions is moving forward with the development of a 4.26 megawatt solar energy installation in Edison, NJ. See Page 6D.
KSS Architects completes 200,000 s/f facility for STS KSS Architects LLP recently completed a new $15 million, 200,000 s/f distribution center and warehouse for Somerset Tire Service. See page 8D.
ALSO INSIDE: NEIL ANDREW STEIN, ESQUIRE ..............................................2D PETER DOO, AIA, LEED AP ...............................................4D PEOPLE ON THE MOVE ........................................................ 10D USGBC NJ........................................................................11D DVGBC NJ ...................................................................... 12D Section D, 16 pages
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One Franklin Square tions equivalent to removing othy Lowery said, “We are very 590 passenger vehicles from proud to introduce the LEED the road. Gold certification to our tenHines general manager Tim- ants and visitors. This certifi-
cation validates our ability to deliver long-term cost savings and an enhanced indoor environment to the tenants of One Franklin Square.” Hines VP Michael Allen added, “In addition to our new building certification program, this achievement marks the latest success in our effort to earn LEED across Hines’ entire Washington D.C. portfolio of existing buildings.” Green features implemented at One Franklin Sq. include the installation of low-flow sinks and water closets, a fully automated building management system, a high-efficiency lighting program, and the institution of an E-Waste recycling program. Hines is responsible for managing and leasing the building. ■
Renewable materials, recycled, low-VOC emitting & locally sourced
Mc Gowan Builders’ HOK office project awarded LEED Certification MIAMI, FL – The new Miami office of the architectural firm HOK received LEED CI certification. HOK Miami designed the space and Mc Gowan Builders (MGB) served as general contractor for the 2,200 s/f office. The facility is located in Dacra Realty’s Buena Vista mixed-use office and retail tower, at 180 NE 39th St. in Miami’s Design District. The design and construction team selected all materials and systems to fulfill LEED certification requirements. The materials are renewable, recycled, low-VOC emitting, and locally sourced. The wood was certified as sourced from a sustainably managed forest. The non-CFC HVAC system maximizes energy efficiency and measures and displays CO2 levels. In the preconstruction phase, the HOK and MGB team performed a value engineering analysis of materials and equipment that improved the efficiency of the mechanical system and reduced the cost of the project by nearly 20%. ■
180 NE 39th St.
D Inside Cover — February 11 - 24, 2011 — Green Awareness — Mid
Atlantic Real Estate Journal
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Mid Atlantic Real Estate Journal — Green Awareness — February 11 - 24, 2011 — 1D
GREEN AWARENESS
2D — February 11 - 24, 2011 — Green Awareness — Mid
Atlantic Real Estate Journal
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MAREJ GREEN AWARENESS Customized Energy Reduction Plans • MEP/FP engineering including LEED • Building Commissioning including LEED • Energy engineering / audits / energy modeling • NJ Pay For Performance Partner / Carbon Abatement Program partner • PA Act 129 vendor • Federal Energy Tax Incentive partner • Infrared Testing • ASHRAE High Performance Buildings CertiÄed • Building Information Modeling (BIM) • MBE/SBE certiÄcation Contact: Jeff Gilbeaux P: 856-988-1890 Email: info@gilbeauxassociates.com PO Box 782, Voorhees, NJ 08043
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By Neil Andrew Stein, Esquire, Kaplin Stewart
A Look ahead through green-colored glasses
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n 2010 I had the opportunity to address a number of professional organizations concerning the legal issues associated with green and sustainable projects. Of course, there Neil Stein are a myriad of potential legal issues with any project, some of which are heightened when the project is allegedly green or sustainable. I say “allegedly” because as we all know, green tag or labels may be deceiving. Surprisingly enough, I had envisioned a great deal more litigation in this area for 2010. However, the past year offered a scant few cases dealing with green disputes; several of those cases were only tangentially related to a green or sustainable project and were more aptly described as runof-the-mill contract disputes. Nonetheless, for those of us who enjoy a good fight from time-to-time, there is hope for the future. For example, contracts continue to be prepared with-
out due consideration of the project’s details. Contracts must properly reflect each stakeholder’s role in earning the desired level of certification and the contract must allocate that responsibility accordingly. Strong language is particularly important to identify party responsibility for each phase of the project, to ensure that errors and omissions coverage is available and unaltered and to avoid any unintended warranty or guarantee of certification. Further, contracts must clearly confirm that the selected design professionals have participated in other green projects and are familiar with sustainable design, green building rating systems and the corresponding certification process. With respect to owners, I continue to preach the not-sonovel concept of avoiding legal problems by heading them off at the pass. Sophisticated design professionals with actual extensive green experience are limited in number. Therefore, due diligence by owners is essential in selecting the greensavvy project team. An experienced team is critical to executing a project that achieves
the desired sustainable result, which includes verification that the intended use of specific materials, systems, and products will deliver the necessary level of performance. An improving economy will likely result in an increasing number of fraud claims dealing with owners’ promotional materials, “puffing” by design professionals as to their skills and product manufacturers cajoling architects to incorporate products which have not been thoroughly vetted. Lastly, I foresee the potential for the absence of cooperation between developers and government, the result of which may be legislation mandating green building standards. Mandates developed without input from developers and design professionals are often less desirable and less effective than thoughtfully crafted voluntary incentives. Fasten your seat belt. 2011 could be a very interesting year. Neil A. Stein is a principal in the Land Use, Zoning & Development group of Kaplin Stewart in Blue Bell, PA. ■
Renaissance Square wins Maryland USGBC Sustainable Building Neighborhood Development Award BALTIMORE, MD — Renaissance Square community has won the Sustainable Building Neighborhood Development award from the Maryland chapter of the U.S. Green Building Council (USGBC). The announcement was made during the 6th Annual Wintergreen Awards for Excellence in Green
Building celebration that took place on January 27 at the Thames Street Wharf in Baltimore. Renaissance Square is a forsale housing community that meets the Enterprise Green Communities Criteria, the first national framework for green affordable housing. Research has shown that residents living
in newly built properties meeting the Criteria save nearly 23% more on utility costs over the lifetime of the home than people living in traditionally built properties. “We are pleased to celebrate this award with our partners and residents,” said Chickie Grayson, president and CEO, Enterprise Homes, Inc. ■
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Mid Atlantic Real Estate Journal — Green Awareness — February 11 - 24, 2011 — 3D
GREEN AWARENESS
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4D — February 11 - 24, 2011 — Green Awareness — Mid
Atlantic Real Estate Journal
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GREEN AWARENESS By Peter Doo, AIA, Doo Consulting, LLC
Green buildings produce results
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he General Services Administration is the largest commercial landlord in the United States. This provides them with a unique ability to assess building performance and occupant satisfaction. Peter Doo For about five years prior to 2009, GSA was engaged in post occupancy evaluations of twenty buildings and work places all of which pursued compliance with the
California Energy Standard, Title 24 or were LEED certified under an appropriate LEED rating system. The evaluation is referred to as “Whole Building Performance Measurement” meaning that they looked at a suite of performance metrics including energy use, water use, occupant satisfaction, maintenance and operations, waste and recycling and carbon emissions. What these post occupancy evaluations revealed was that LEED buildings do, in fact, perform better than nonLEED buildings across a host of reference points. For devel-
opers and property managers, a few of the salient points are worth review here. The first point made is that design matters. What you design for, you tend to get and what is not considered, tends not to perform well. The average performance outcomes for buildings in the sample were consistently better than industry averages. Results for the group was 3% less water use, 26% less energy use, 16% less operating cost, 22% better occupant satisfaction and 33% lower carbon emissions. Energy performance, presented
as an Energy Star score, was consistent with the design emphasis of the project. Those that pursued California’s Title 24 program scored highest followed by LEED Gold buildings, then LEED Silver and Certified buildings trailed, finally, by a LEED non-certified building (“LEED-like”). Occupant satisfaction measured through the use of surveys developed by the National Research Council of Canada revealed interesting correlations between compliance with industry standards and occupant comfort. Where build-
JRS ARCHITECT, P.C. architecture | interior design | management
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ings met standards, occupants were uncomfortable and where buildings exceeded standards, occupants were satisfied. For example, all buildings met ASHRAE guidelines for thermal comfort but a significant number of people (70%) were consistently too cold, particularly in summer months. On the other hand, facilities tended to be overlit according to IES standards yet occupants were happy with light levels. Looking deeper, the highest satisfaction was with lower lighting levels for computer tasks and higher light levels for paper based tasks. Makes sense. Details of the report describe recommended light levels and balance between ambient and task lighting. One of the most interesting results related access to daylight to occupant health. In this study, evidence shows a consistent reduction in occupant complaints of back pain, headache, stress, eyestrain and nose and throat irritation. Psychological? Perhaps. But, don’t we all want to increase occupant satisfaction? The report suggests raising summer temperatures and reducing ambient light levels. Both can be significant energy saving strategies. There are other recommendations regarding dedicated copy rooms and other design considerations continued on page 6D
Green Awareness a section of the
Mid Atlantic Real Estate Journal P.O. Box 26, Accord, MA 02018 781-871-5298 • 800-584-1062 fax 781-871-5299
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Section Publisher Joe Christman jchristman@marejournal.com
Publisher Dianna Mallozzi dmallozzi@marejournal.com
Section Editor Karen Vachon LONG ISLAND NEW YORK CITY PRINCETON | www.jrsarchitect.com
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Mid Atlantic Real Estate Journal — Green Awareness — February 11 - 24, 2011 — 5D
GREEN SERVICES & SUPPLIERS SUSTAINABLE CONSULTING
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6D — February 11 - 24, 2011 — Green Awareness — Mid
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GREEN AWARENESS Legal representation provided by Jack Fersko, Esq. of Farer Fersko
Avidan Energy Solutions initiates construction of roof-mounted solar energy installation in NJ
E
DISON, NJ – Avidan Energy Solutions (AES), an affiliate of real estate company Avidan Management, is moving forward with the development of a 4.26 megawatt solar energy installation which will become, upon completion, the largest roof-top solar array in the country. The construction phase of the project is currently underway at the company’s 145 Talmadge Rd. location. The 50 acre Middlesex County site houses multiple office and warehouse tenants, including those engaged in the high energy-use storage of refrigerated and frozen
145 Talmadge Road before construction food products. Avi Avidan, tion against the uncertainty managing member of AES, is of rising utility rates.” The confident that the completed undertaking marks AES’s undertaking “will significantly entry into the solar energy reduce our tenants’ operating arena. The completed array expenses by bringing down en- will cover 650,000 s/f, drawergy costs and offering protec- ing power from 18,000 Solar
Finished roof with the solar panels
Jepekh ;d[h]o Ioij[ci _i fhekZ je ikffehj j^[ (&&/ =h[[d 8k_bZ_d]i Ikcc_j World photovoltaic panels and SMA America inverters, both manufactured in the United States. Legal representation throughout the project’s planning, financing and construction stages is being provided by Jack Fersko, Esq. of Farer Fersko in Westfield. Real estate debt financing through Investors Savings Bank was structured and arranged by Douglas J. Kelly of Douglas J. Kelly Associates in Florham Park. ■
Green buildings produce results. . .
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continued from page 4D that might be more of a tenant issue than owner/manager issue. There is much valuable information here but, the most significant message is that green buildings perform better than noon-green buildings and make a difference in client satisfaction and overall operating costs. The full report can be obtained at www.gsa.gov/appliedresearch. Peter Doo, AIA, president of Doo Consulting, LLC is a sustainability consultant with over 30 years of experience in building design and construction. Peter is a LEED AP and founder of the USGBC Maryland Chapter. ■
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Mid Atlantic Real Estate Journal — Green Awareness — February 11 - 24, 2011 — 7D
GREEN AWARENESS
Foliage Design Systems
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8D — February 11 - 24, 2011 — Green Awareness — Mid
Atlantic Real Estate Journal
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GREEN AWARENESS $15 million facility will feature 1 MW array of photovoltaic panels
KSS Architects completes 200,000 s/f facility for Somerset Tire Service in Bridgewater, Twp., NJ
P
RINCETON, NJ — KSS Architects LLP recently completed a new $15 million, 200,000 s/f distribution center and warehouse for Somerset Tire Service, Inc. (STS), in the Township of Bridgewater. By remediating an environmentally contaminated site into productive use, the project exemplifies a successful model of sustainable industrial development in the state. KSS partner Edmund Klimek, AIA, said the building design expresses STS’ corporate identity while en-
Somerset Tire Service photo credit: taylorphoto.com
hancing the site’s presence and identity. “The project illustrates principles of good planning and design,” Klimek said. “It returned a former industrial site to modern industrial use and allowed STS to continue to be a vital part of the community.” The facility illustrates the growing movement in sustainable industrial architecture. These “green” industrial and commercial projects reclaim brownfield sites that were left contaminated from manufacturing uses decades
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or even centuries ago. The new facilities are designed to have a minimal impact on the environment, are sited strategically to limit truck traffic and provide resources in the form of jobs, community activity and, with the use of renewable energy technologies, power. After purchasing the site in the 1970s, STS discovered that a portion of the land was contaminated by the previous user. Instead of moving elsewhere to build their expansion, STS seized the opportunity to clean up the site, a choice that would maintain quality of life for its current employees and increase jobs in the local workforce. Private and public sectors came together in this project, which received a Land Development and Planning Award from the Somerset County Planning Board in 2009. Environmental remediation was completed through the collaborative efforts of STS, KSS, the New Jersey Department of Environmental Protection, the site’s former occupant, Sherwin-Williams, and local consulting firms Stires Associates and Environmental Liability Management. The project team met regularly with Bridgewater Township Administrators to present and discuss the building’s architectural and sustainable design, both of which the board embraced. The state-of-the-art tire storage facility uses the latest technologies in fire protection, occupant safety measures and building organization. Located just 30 yards from the existing STS administrative office on site, the facility adds to the holistic feel of the campus. Operations and management personnel can travel easily between buildings. The new distribution center has many sustainable features that capitalize on its scale and function. Natural daylight filters through a series of clerestory windows, reducing the need for artificial light. A white thermoplastic polyolefin (TPO) roof membrane reflects rather than absorbs heat. A 1-megawatt array of photovoltaic panels on STS’ roof, now 75 percent installed, is expected to fulfill the energy needs of both the new and existing STS buildings when complete. ■
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Mid Atlantic Real Estate Journal — Green Awareness — February 11 - 24, 2011 — 9D
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10D — February 11 - 24, 2011 — Green Awareness — Mid
Atlantic Real Estate Journal
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PEOPLE ON THE MOVE State and Local Defense Organization Liaison
NJ Defense Association appoints Vos of Greenbaum
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E W J E R S E Y, — Greenbaum Attorney Joanne Vos appointed State and Local Defense Organization Liaison to Defense Research I n s t i t u t e ’s Wo m e n i n the Law Joanne Vos Committee Joanne Vos, a lawyer in the Real Estate Department at Greenbaum, Rowe, Smith & Davis, LLP, was recently appointed by the New Jersey Defense Association to serve as the State and Local Defense Organization (“SLDO”) Liaison to the Defense Research Institute’s (DRI) Women in the Law Committee. Vos, a member of the Environmental Practice Group, focuses her practice in environmental law, environmental litigation, contamination and compliance, land use, regulatory and toxic tort/asbestos litigation. She has successfully
litigated numerous complex environmental matters, based in both equity and non-equity, and predicated upon concepts of general negligence and strict liability within the context of the New Jersey Spill Compensation & Control Act. She has represented clients in both the public and private arenas and she has served as Special Environmental Counsel to the Township of North Brunswick. She has also represented property owners, individuals, proprietors, and small businesses such as gas stations, auto repair / body shops, and dry cleaners in insurance coverage disputes as well as environmental compliance matters prosecuted by local and state authorities. Vos has also assisted in the coordination of remedial action plans on behalf of large, privately-owned, and regulated businesses including solid waste management and Class B recycling facilities. Vos is Chairman of the Board (2010-2011 term) and chair of
the Environmental Law Committee of the NJDA. She is also a past chair of the Diversity, Scholarship, and Young Lawyers Committees, member of the Editorial Board, and member of the Long Term Planning Committee of the NJDA. Vos is a member of the Defense Research Institute; the New Jersey Licensed Site Remediation Professionals Association; the Environmental Committee of the New Jersey Builders Association; and the United States Green Building Council New Jersey Chapter. Vos is listed in Super Lawyers - Rising Stars Edition in the Environmental category since 2007 and is identified as a Future Star by Benchmark Litigation 2009. In 2009 she was selected as one of Real Estate New Jersey magazine’s Women of Influence. She is a graduate of Montclair State University and received her law degree from Seton Hall University School of Law. ■
Encelium Technologies hires Kandice Castellino TEANECK, NJ — Kandice Castellino has been named director of energy service company and utility sales at Encelium Technologies. In her new role, she will work with a wide range of energy-related businesses Kandice Castellino throughout North America
to accelerate the adoption of Encelium’s Energy Control System (ECS) and related total light management solutions. “Kandice’s outreach to utilities, energy service companies and other energy-related businesses will help Encelium Technologies and these entities to create the infrastructure-ofthe-future for smart commercial and industrial buildings,” said Tony Marano, president and CEO of Encelium.
Prior to joining Encelium, Castellino was an account manager of energy solutions. She has spent her career focusing on energy-reduction initiatives for lighting and HVAC systems within residential, commercial and industrial buildings. She was formerly employed by Lutron Electronics and Trane, Inc. and is a graduate of Lehigh University with a bachelor’s degree in materials science and engineering. ■
GSH Group supports World Wildlife Fund, acknowledging energy management clients PINE BROOK, NJ — GSH Group Inc., an international building engineering and energy management provider, announced it has signed an agreement with the World Wildlife Fund (WWF) to support its polar bear adoption program. As part of the program, GSH symbolically adopts a bear each time it has avoided 500 tons of CO2 emissions at its clients’ facilities. Every time this milestone is achieved, GSH makes a donation to WWF and presents the client with an adoption kit containing a plush polar bear, photograph, and framed adoption certificate. To date, GSH has adopted 12 bears on
its clients’ behalf. GSH is able to reduce the carbon emissions in its clients’ buildings through its energyplus, energy management program. Clients enrolled in this program benefit from guaranteed reduced energy consumption, while GSH invests in the facilities carrying out capital improvement projects and other energy conservation measures as required, in addition to continual monitoring and adjustments of the building equipment. Examples of projects carried out through the program include the installation of building automation systems, lighting upgrades and conversions to solar hot
water heaters. One of GSH’s key clients, Mountain Development Corp. received five bears to represent that it has reduced emissions by over 2,500 tons. GSH provides its energy program to three buildings managed by Mountain including One Garret Mountain Plaza in Woodland Park, New Jersey, which obtained the Energy Star label last year. Michael Donohue, Director of Operations at Mountain commented, “It is commendable that GSH has joined forces with WWF and we are proud that our facility has achieved such a significant reduction in carbon emissions.” ■
Geotechnical engineering/environmental
GTA promotes Lester and Hayden to VP NEW CASTLE, DE —GeoTechnology Associates, Inc. (GTA), a mid-Atlantic geotechnical engineering and environmental consulting firm has announced the promotion of Meghan Lester, P.E., and Paul H. Meghan Lester Hayden, P.G., L.R.S., to vice president. Meghan Lester, P.E., specializing in geotechnical and materials engineering, has been promoted to vice president of GTA’s New Castle office location. Lester has worked for GTA for more than 14 years and supervises geotechnical work for a wide variety of residential, commercial, industrial, and institutional projects in northern Delaware and southeastern Pennsylvania. Services include subsurface exploration, geotechnical engineering, construction observation and testing, and overseeing laboratory testing. Lester holds a Master’s and Bachelor of Science degree in Civil Engineering and is licensed to practice geotechnical engineering in Delaware, Maryland, and Pennsylvania. She is an active member of many organizations including American Society of Civil Engineers (ASCE); National Society of Professional Engineers, Delaware Engineering Society; Delaware Association of Professional Engineers, NCC Council Member, and Examining Committee Chair; Commercial-
Industrial Realty Council; and University of Delaware Women in Engineering - Student Mentor. Meghan was named “2010 Young Civil Engineer of the Year” by the Delaware Chapter of ASCE. Paul H. Hayden Paul H. Hayden, P.G., L.R.S., has been promoted to a Vice President of GTA’s Laurel office. With 16 years in practice, Hayden specializes in Brownfield redevelopment, real estate due diligence, and is head of the Brownfield Redevelopment Group for GTA. Hayden works with clients to facilitate the voluntary cleanup process in conjunction with regulatory agencies to complete the redevelopment of Brownfield and in-fill sites throughout Maryland, Delaware, Pennsylvania, New Jersey, Virginia, West Virginia, and Washington, D.C. He has presented his project experience at numerous local and national Brownfield conferences and seminars. Hayden holds the following degrees: M.B.A., M.S.L. Environmental Law, B.A. Environmental Studies, and B.A. Geology. He is a member of the ASFE (Association of Soil and Foundation Engineers); Association of Builders and Contractors; Home Builders Association of Maryland, Baltimore City Chapter, Board of Directors; and Urban Land Institute, Program Committee. ■
Salisbury Historic District Commission names Becker Morgan Group’s Frederick SALISBURY, MD — Brenden D. Frederick, AIA, LEED AP, architect at Becker Morgan Group, was recently appointed to the Salisbury Historic District Commission. This seven-memb e r C o m - Brenden Frederick mission is made up of City of Salisbury residents and assists in upholding the established Historic District Regulations and reviewing all applications for alterations affecting the exterior appearance of structures in the City’s designated historic districts.
Frederick is a graduate of Tulane University with a Masters and Bachelor of Architecture and has over 6 years of experience. His responsibilities with Becker Morgan Group include architectural design, specifications and project management. Mr. Frederick’s project experience includes: Easton Police Department in Easton, MD; James M. Bennett High School in Salisbury, MD; Kent County High School Renovations in Rock Hall, MD; and Pocomoke High School in Pocomoke, MD. He currently serves as the the American Institute of Architects (AIA) Maryland Intern Development Program (IDP) State Coordinator. ■
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Mid Atlantic Real Estate Journal — Green Awareness — February 11 - 24, 2011 — 11D
U. S. Green Building Council, NJ Chapter Letter from the Executive Director Dear MAREJ Readers, The NJ State Legislature is very actively engaged in generating economic development benefits through high performance buildings and energy efficiency and will be reviewing and voting on a number of bills that will impact the real estate industry. To name a few please see the following listing: • (A2215) - Permits developer to qualify for low-interest loan from NJEDA when building a high performance green building - This bill would require New Jersey Economic Development Authority to consult with the Department of Community Affairs and establish and administer a low-interest loan program for a developer or redeveloper who builds or renovates a “high performance green building.” (Passed both houses and is now awaiting signature by the Governor) • (A3139) - Permits development of solar and wind facilities and structures on landfills and resource extraction operations under certain circumstances. - This bill would permit the development of solar FLORENCE BLOCK or photovoltaic energy facilities or structures on any closed landfill or quarry, or an existing or closed resource extraction operation, including those located within the Pinelands area. The bill would allow the expansion of renewable solar energy resources in areas which are not actively being used, and which would be minimally intrusive to conservation efforts. (Passed both houses and is now awaiting signature by the Governor) • (S2006) - Prohibits municipal zoning ordinances from regulating solar panels under certain circumstances; limits fees for certain renewable energy installations. - This bill would prohibit a municipality from adopting an ordinance, which limits the right of a property owner to install energy efficient solar panels on a residential property under certain circumstances. A municipality may only limit the installation of solar panels on the roof of a building or structure if the panels, and all accessory equipment, rise more than 12 inches above the roof surface, or highest point, or if the panels or accessory equipment extends more than 12 inches beyond the roofline. A municipality may regulate ground based solar panels on a property, provided the total number of solar panels is greater than 10, and the solar panels are located less than 50 feet way from the nearest property boundary line. (Passed the Senate, Passed the Assembly Housing Committee, now awaiting action by the full Assembly) • (S921) - Exempts solar panels from impervious surface or impervious cover designation. - This bill would exempt solar panels from being designated as an impervious surface or impervious cover, as it applies to the various laws relating to municipal land use, stormwater management, and the Highlands, including agricultural development therein. (The measure was signed into law in June 2010). Clearly energy efficiency and alternative energy resources are front and center both on the state and federal levels. From the USGBC perspective, energy efficiency has been more heavily weighted in the 3.0 version of the LEED certification platform. If you are interested in commenting or participating in upcoming bill proposals, you are welcome to join us at USGBC NJ’s advocacy committee’s events and to have your position heard. It is the retrofit of existing buildings market that will dominate the real estate horizon in upcoming years along with neighborhood development which embraces Green infrastructure and lifestyle. Please look for the upcoming agendas and education programs that will be offered in the next several months and join us in the very important mission of shaping the market of built environments. Please feel free to contact me (executivedirector@usgbcnj.org) or Marianne Leone our chapter coordinator (coordinator@ usgbcnj.org) for more information or to discuss. Florence Block LEED Green Associate Executive Director U.S. Green Building Council NJ
Chapter Events 02/16/2011 North Branch Speed Networking 03/01/2011 Fundamentals of Sustainability Workshop & LEED Green Associate Exam Prep 04/04/2011 USGBC NJ Launches 2011 LEED Credential Maintenance Education Program 05/11/2011 USGBC-NJ 5th Annual Awards Gala For details on all USGBC-NJ events, visit www.usgbcnj.org Number of New Jersey chapter members:
907
Number of USGBC member Companies in NJ:
504
Number of LEED Accredited Professionals in NJ:
3175
Number of LEED registered projects in NJ:
446
Number of LEED certified projects in NJ:
97
BOARD OF DIRECTORS CHAIR Anastasia Harrison, AIA, LEED AP Gannett Fleming, Inc. VICE CHAIR William G. Lashbrook III PNC Real Estate TREASURER Ed Seliga Advanced Solar Products, Inc. SECRETARY Wayne D. DeFeo, LEED AP DeFeo Associates PAST CHAIR William Amann, P.E., DCEP, LEED AP M & E Engineers, Inc DIRECTORS David Cardella Cardella Waste Services RJ Donnelly, LEED AP Donnelly Industries, Inc. Nicholas Fabbroni, LEED AP UMDNJ Bill Gates, LEED AP BD&C Hunt Construction Gerard Hazel, LEED AP, HBDP Sustainable Systems, LLC Rey Montalvo Consolidated Energy Design Joe Porrovecchio, LEED AP, CRM Carbon-Key, LLC Paul Qvale, LEED AP Hillmann Group Lisa San Filippo, AIA, LEED AP, BD&C Turner Construction Co. Faith Taylor Wyndham Worldwide Andrew Topinka, CPMR Technical Group Services, Inc Gregg Woodruff, PP, AICP, LEED AP, BD&C Langan Engineering & Environmental Services, Inc. EXECUTIVE DIRECTOR Florence Block, LEED Green Associate GENERAL COUNSEL Harry E. McLellan, Esq, LEED Green Associate McLellan & Bialkowski, LLC
12D — February 11 - 24, 2011 — Green Awareness — Mid
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The Delaware Valley Green Building Council President Obama’s Green Building Initiative will create jobs, save energy and save money U.S. Green Building Council applauds environmental and economic policy initiative
2011 OFFICERS Chairman Joseph Healy, AIA, LEED AP Wallace Roberts & Todd President Chris Minnich Re: Vision Architecture W.S Cumby, Inc. Vice Chair Abigail Perlstein, LEED AP Kitchen & Associates Architectural Services Vice President Alice Cathcart SunPower Corporation Treasurer Jim Kerr, IMC Construction Secretary Christa Duelberg Kraftician, AIA, LEED AP Spillman Farmer Architects
BOARD OF DIRECTORS: Patrick Bolger, Turner Construction Robert Cousar Sustainable Construction Corp. Brenda Gotanda Manko, Gold, Katcher & Fox, LLP David Hahn Columbus Property Management & Development, Inc. Kim Ilardi, LEED AP BD+C The Whiting-Turner Contracting Co. Howard M. Neukrug, P.E. Philadelphia Water Department Michelle Robinson, LEED AP Re:Vision Architecture Kristen Suzda, LEED AP Atkin Olshin Schade Architects www.dvgbc.org 1617 JFK Blvd., Suite 999 One Penn Center Philadelphia, PA 19103 Phone: 215.399.5790 Fax: 215.564.1719 Email: info@dvgbc.org
Washington, D.C. – The U.S. Green Building Council (USGBC) today applauded a key element of President Obama’s plan to “win the future” by making America’s commercial buildings more energy- and resource-efficient over the next decade. The President’s plan, entitled Better Buildings Initiative, catalyzes private-sector investment through a series of incentives to upgrade offices, stores, schools and universities, hospitals and other commercial and municipal buildings. “For all of those committed to the idea that green buildings can create jobs, save energy and save money, this is a great day, and the entire green building movement is incredibly grateful for President Obama’s leadership in this critical step forward for America. It is major steps like these that are necessary to address the challenges facing our environment,” said USGBC President, CEO and Founding Chair Rick Fedrizzi. “We know that green buildings can and should be front and center of any credible jobs creation program,” he continued. “The jobs supported by the green building industry can’t be outsourced, and they are jobs that frequently can build on skills learned in the manufacturing sector.” “The 5 million+ commercial buildings and the 120 million existing homes in the U.S. today are, by and large, squandering away precious energy and resources. With policies like the one introduced by the President today, our homes, hospitals, schools and offices can be turned into structures that will lessen our dependence on fossil fuel, increasing national security,” said Jason Hartke, vice president of National Policy. “This also frees up those wasted dollars for growth in the private sector and for groceries in America’s households. We are laser-focused in doing what we can to move this important initiative forward as fast as possible.” Leadership companies and organizations across America are already advancing the goals of the President’s initiative using USGBC’s LEED green building program to measure, manage and verify the energy and resource savings that President Obama has demanded and by furthering USGBC’s mission as corporate members. “With the incentives the President has outlined, we are confident that these organizations are ready to take green building to unprecedented scale,” continued Fedrizzi. U.S. Green Building Council With a community comprising 79 local affiliates, 16,000 member companies and organizations, and more than 157,000 LEED Professional Credential holders, USGBC is the driving force of an industry that is projected to contribute $554 billion to the U.S. gross domestic product from 2009-2013. USGBC leads an unlikely diverse constituency of builders and environmentalists, corporations and nonprofit organizations, business and industry leaders, elected officials and concerned citizens, and teachers and students. Buildings in the United States are responsible for 39% of CO2 emissions, 40% of energy consumption, 13% water consumption and 15% of GDP per year, making green building a source of significant economic and environmental opportunity. Greater building efficiency can meet 85% of future U.S. demand for energy, and a national commitment to green building has the potential to generate 2.5 million American jobs.
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Mid Atlantic Real Estate Journal — Green Awareness — January 14 - 27, 2011 — Inside Back Cover D
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Back Cover D — January 14 - 27, 2011 — Green Awareness — Mid
Atlantic Real Estate Journal
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ESTATE JOURNAL SPOLIGHT
Economic Development DELAWARE Greetings:
NEW JERSEY Dear Friends:
It gives me great pleasure to extend a welcome to the real estate professionals of Delaware, New Jersey and Pennsylvania. In these trying times, I am sincerely thankful for the contributions your industry has made to the economy in the First State.
Governor Markell
Rarely does a day pass that I am not actively searching for creative ways to get Delawareans back to work. If I learned anything from my years in the private sector, it is that all economic growth begins with a business climate where companies can expand and thrive. Over the past two years, my administration has made significant progress in streamlining government to make it more effective and efficient.
It is clear that Delaware will never win the battle of the big paycheck — that is not our plan for job creation. Our true comparative advantage lies in our ability to respond to individual companies quickly and personally; our small size makes Delaware a haven for business expansion and relocation. If a small company faces a government roadblock that prevents it from hiring an extra employee, nowhere else will they find such a responsive state government. The current economic climate rewards such agility and swiftness. I look forward to working with the real estate industry to bolster the economy here in Delaware and our neighboring states. Your commitment to the region and to fiscal development is meaningful and essential, and I hope that this year proves to be a prosperous one for all. Sincerely, Jack A. Markell
PENNSYLVANIA
On behalf of the State of New Jersey, I am pleased to extend greetings to the real estate professionals of the Mid Atlantic States. As you may have heard, New Jersey is rethinking, reforming and rebuilding the Garden State. We are providing critical property tax reform for our residents while empowering Governor Christie local governments and school districts through our “tool kit” of legislative action. And, we are enticing businesses, developers, investors and individuals by managing budgets more effectively without raising taxes through fiscal discipline in state government. I am confident in our ability to improve and develop conditions, paving the way for prosperity in the region and look forward to working with all those affiliated with the real estate profession on investing in our shared future. Best wishes for all for a successful year, Sincerely, Chris Christie
VIRGINIA
Sincerely,
More than 400 years ago, the Commonwealth of Virginia was founded as a business venture. Today, Virginia has preserved that legacy and expanded the Commonwealth’s reputation as a leading state for business. Virginia’s leadership position can be attributed to a variety of factors, including a pro-business environment that offers lower operating costs, a stable 6 percent corporate income tax that hasn’t increased since 1972, property tax exemptions and one of the lowest combined state/local/use taxes at 5 percent. In addition to its pro-business environment, Governor McDonnell Virginia offers an exceptional infrastructure, strong education system, dynamic workforce, and strategic location—all of which provide a solid foundation for growth and make the Commonwealth a great place for enterprise. Designed to target the needs of the company and the development plans of localities and the state, Virginia also offers a variety of performance-based incentives. From tax credits to tax exemptions, Virginia continues to demonstrate its willingness to invest in those who invest and reinvest in the Commonwealth. Virginia has one of the country’s most technically advanced, on-line site selection search tools—VirginiaScan. VirginiaScan allows companies to search a database of more than 1,800 qualified sites and buildings across the Commonwealth. In addition to site and building specifications, VirginiaScan enables companies to search for an ideal business location using Virginia workforce statistics, existing business data and a host of other information that is driving today’s business site-selection process.
Tom Corbett Governor
Bob McDonnell, Governor
On behalf of the Commonwealth of Pennsylvania, I am pleased to extend my gratitude and best wishes to the real estate professionals of Pennsylvania, Delaware, New Jersey, Maryland and Virginia. I sincerely appreciate your commitment to growing our economy and moving our state into the future.
Governor Corbett
As Governor, my goal is for Pennsylvania is to become a leader in job creation and business growth. We can achieve this by passing common sense budgets, reforming the way government operates in Harrisburg, getting government back to its core functions, passing legal reform and reducing the taxes on businesses.
A key to improving our business climate is to make sure that state government is not an adversary to private sector growth; rather, it needs to be a partner. While prudent regulations and government oversight are necessary, they must be applied with common sense. The way to usher in economic recovery is to unleash the power of the private sector. I wish you well over the coming year and I look forward to working with all of you, building a thriving future and economy in Pennsylvania and the surrounding states.
Richmond, VA ..................................................................................... 1E Jon Scott, Berks Economic Partnership ............................................. 2E Martin J. Marasco, Altoona-Blair County Development Corporation .. 3E Gary Brown, RT Environmental Services ........................................... 4E PMEDC ............................................................................................... 5E Vineland, New Jersey ......................................................................... 6E Gloucester County New Jersey .......................................................... 7E Vol. 23, Issue 3
Ted C. Williams, P.E., LandmarkJCM ................................................. 8E David A. Berger, Carl Berger Associates ............................................ 9E NJ Meadowlands Commission ......................................................... 10E Penny Cannella, Penn’s Northeast ................................................... 11E New Castle County Office of Economic Redevelopment.................. 13E Charles Blankenship, Lebanon Valley Economic Development Corp. 14-15E Brian M. Hughes, Mercer County, NJ ...........................................16-IBC-E February 11 - 24, 2011
E Inside Cover — February 11 - 24, 2011 — Economic Development — Mid
Atlantic Real Estate Journal
Solving Problems Engineering Solutions . . .
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Mid Atlantic Real Estate Journal — Economic Development — February 11 - 24, 2011 — 1E
RICHMOND, VA Richmond, Virginia Richmond is the capital of the Commonwealth of Virginia and is located in the center of the greater Richmond region. The Richmond MSA’s population is approximately 1.2 million and the city’s population is over 205,000 and growing. The city has always been a strategic transportation and commercial hub along the eastern seaboard. Major Interstates 95 and 64 connect travelers to major destinations such as Washington, D.C. in less than two hours. It is accessible to 55% of the nation’s consumers within a two days’ delivery by truck. The Port of Richmond is central Virginia’s domestic and international multi-model freight and distribution gateway on the James River, serving water borne, rail and truck shippers throughout the mid-Atlantic states. In addition to its strategic location for transportation and commerce, Richmond is the region’s center for cultural and entertainment opportunities. It is the only urban city in the country with Class IV/V white water rapids in the middle of downtown. The downtown has recently experienced a revitalization of historic entertainment venues including the award-winning Richmond CenterStage and National Theater. Richmond also boasts premier historical and cultural venues such as the Virginia Museum of Fine Arts, the 10th largest comprehensive art museum in the country. Finally, with over 35 festivals year round celebrating the ethnic diversity of Richmond, the only challenge you will face is choosing which venues to attend!
Modern Corporate HQ Sites
x Includes three office towers x 986,000 sq. ft. Class A office space x 1,600 car parking garage, five restaurants x 50,000 sq. ft. retail atrium that connects to the Omni Hotel
x 186 Acre Site x Features 570,149 sq. ft. of office lab R&D space, warehouse
x 86 acres available for land development
x Phase one included the MeadWestvaco Headquarters x 9-acre site with 3.5 acres currently available x Premier location in downtown Richmond along James River and close to Federal Reserve and Fortune 500 Headquarters
x State-of-the-art fitness facility
Opportunity Richmond is consistently ranked as a best place for young professionals to live and work (Next Generation Consulting), a best place to start over (BusinessWeek), and one of the best places for businesses and careers (Forbes.com). The Richmond MSA is home to ten Fortune 1000 companies, a number of which are located within city limits including Dominion Resources, MeadWestvaco, Massey Energy and Universal. Richmond was recently noted by Wall Street Journal’s Marketwatch as the 7th best city for business, due in part to its high number of corporate headquarters, as well as its proximity to Washington, D.C.. Richmond is home to some of the top law firms in the country, including McGuireWoods LLP, Williams Mullen and Hunton & Williams and national banks such as BB&T and SunTrust.
Modern R&D, Manufacturing & Operations Centers
Philip Morris Operations Center
Foundry Park
James Center Plaza
Virginia Bio-Technology Research Park
x 1.1 million sq. ft. of dedicated research and office space in nine buildings
x Located next to VCU Medical Center, fourth largest university-affiliated teaching hospital in the U.S.
Investment
Richmond also offers premier K-12 and higher educational opportunities. Two city of Richmond public schools consistently rank in U.S. News and World Report as best high schools in the country and nationally-recognized higher education institutions such as Virginia Commonwealth University, University of Richmond, Virginia Union University and J. Sargeant Reynolds Community College are located in the city.
Unique Redevelopment Opportunities
Richmond is well-known for its historic charm, unique architectural assets, and high-quality, low-cost of living. Whether your investment strategy is to buy or lease, Richmond has a wide range of real estate options, from architecturally rich, historic structures that qualify for historic tax credits to acreage available to build new construction that has spectacular vantage points of the city-center and the James River. Our business-specific tax rates and professional license fees make us a comparatively low-cost place to do business. We offer a comprehensive portfolio of financial incentives through our Enterprise Zone and CARE programs including Real Estate Tax Abatements, Business Location Rebates, Development Fee Rebates, and many others. In addition, in 2011 a series of new financial tools projected to be rolled out that includes a Revolving Loan Fund and a Contractors Assistance Loan Program.
Reynolds South Property
x 528,200 sq. ft. of existing building space spanning 17.2 acres
x Spectacular development opportunity x Skyline view of Richmond. Dynamic location along riverfront
Port of Richmond
x Turning Basin: 650 ft long & 570 ft wide x Warehouse Capacity: 300,105 sq. ft. Open Storage: 34 Acres
x Development Acreage 11+ acres of prime port real estate x Rail: CSX direct & Norfolk Southern via local switch
Through public-private partnerships, Richmond is implementing planned development areas to ensure viable business investment opportunities. Through these partnerships, the city is translating potential projects into real deals and real jobs. Our recent development strategies have yielded a new headquarters for MeadWestvaco, expansion of Afton Chemical Corporation R&D facility, a new Williams Mullen headquarters building along with the retention of companies like Pfizer and Universal Corporation. We encourage you to contact us to discover the opportunities that will yield a return on investment for you and your client in the city of Richmond, Virginia. To learn more about these featured properties, visit www. Richmondgov.com/EconomicCommunityDevelopment/index.aspx or contact Jane C. Ferrara, CCIM, Chief Operating Officer and Deputy Director, Economic & Community Development at (804) 646-5633. 1500 East Main Street, Suite 400 Richmond, VA 23219
2E — February 11 - 24, 2011 — Economic Development — Mid
Atlantic Real Estate Journal
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GREATER READING, PENNSYLVANIA By Jon Scott, Berks Economic Partnership
Economic Development in Greater Reading
E
veryone has felt the effects of the economic downturn over the last two years; Greater Reading has been no exception. At Berks Economic Partnership (BEP), we Jon Scott have continued to remain optimistic. Fortunately, our optimism has not been baseless. In 2010 we worked with over 80 prospects. It was not until the last four months
of the year that these prospects started to turn into legitimate projects. Since September we have had eight projects land in the Greater Reading area, resulting in over 200 jobs, 25 of which were retained here in Berks. This end of year activity we believe is a positive indicator for 2011. BEP has continued to work and remains committed to not only attracting new business, but also to retaining our existing businesses and companies in the Greater Reading area. As a result, we have been taking the necessary steps to make sure our community
is prepared to address retention and expansion issues, as well as any and all incoming prospects. One of the major steps we have taken as a community—in partnership with seven other economic and workforce development organizations—is the development and implementation of the “Ride to Prosperity”—a strategic economic development plan. The plan details our strengths, weaknesses, challenges and opportunities, and effectively addresses action items for the next three to five years. The plan addresses five areas of focus; Entrepreneur-
ship and Innovation, Workforce Development, Business Clusters, Sites and Infrastructure, and Quality of Place. While all of the areas of focus are important, particularly in terms of attracting and retaining people and businesses, workforce development is going to be one of the most crucial areas of focus going forward. The Greater Reading area can tout our excellent quality of place, location, and our availability of sites and properties; but if we do not have a skilled workforce available it is difficult to effectively sell our community. Because BEP and our economic
Greater Reading... Economic Development Happens Here.
development and workforce partners recognize the importance of this, we are taking the necessary steps to ensure the required skill sets companies are seeking are aligned with our population. Workforce development is a community priority. In the Ride to Prosperity, Berks Economic Partnership has been specifically tasked with developing and marketing designated business clusters. The Greater Reading area has historically been known for manufacturing, and this remains as one of our top targeted business clusters in addition to agriculture and food production, alternative and renewable energy, health sciences/biotechnology, and business and financial services. As the marketing “arm” of Berks County, we are strategically focusing on advanced manufacturing and agriculture and food production for 2011. Part of this strategy includes focusing internally on our existing companies for retention purposes in the Greater Reading area. We also plan to continue to work regionally with our partners in the surrounding counties to strengthen our regional footprint globally. The Berks Economic Partnership, in collaboration with our economic and workforce development partners, has concontinued on next page
ECONOMIC DEVELOPMENT a section of the
Mid Atlantic Real Estate Journal P.O. Box 26, Accord, MA 02018 781-871-5298 • 800-584-1062 fax 781-871-5299
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Attraction. Retention. Expansion. Contact Berks Economic Partnership at 610.376.4237 or visit www.GreaterReading.com
Publisher/CEO Linda Christman lchristman@marejournal.com
Associate Publisher Dianna Mallozzi dmallozzi@marejournal.com
Associate Publisher Elaine Fanning efanning@marejournal.com
Let us help you locate or grow your business in Greater Reading!
Section Editor Karen Vachon editor@marejournal.com
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Mid Atlantic Real Estate Journal — Economic Development — February 11 - 24, 2011 — 3E
ALTOONA - BLAIR COUNTY, PENNSYLVANIA By Martin J. Marasco, Altoona-Blair County Development Corporation
Economic development in Blair County, PA: The heart of the I-99 innovation corridor
A
s we start 2011 and look towards what is to come here in Blair County, PA, it is truly fitting that we sit as the “Heart of the I-99 Innovation Corridor” with the focus on “Inn o v a t i o n ” . Martin Marasco The definition of innovation is simply, “the introduction of new things or methods” and we here at the Altoona-Blair County Development Corporation (ABCD Corp.) know that is exactly what we strive for everyday and several efforts will come to fruition in 2011. The projects outlined below represent a true win for all parties and would not be possible without solid collaborative efforts from public-private partnerships and a clear vision towards building for the future of Altoona, Blair County and the I-99 Region. Penn State Altoona is the focus of two major innovations, the Sheetz Center for Entrepreneurial Excellence and the Rail Transportation Engineering Degree Program. The Altoona Regional Health System’s expansion and ABCD Corp.’s two new industry consortiums. Last year we announced that through a $3 million donation from Steve and Nancy Sheetz, a state of the art entrepreneurial center would be located in PSU-Altoona’s expanding Downtown Altoona Campus. 2010 ended with a competition for PSU-Altoona students to name the building and the winning submission was, The Sheetz Center for Entrepreneurial Excellence which will open this year. The Center will advance the practice of entrepreneurship to stimulate economic growth through new company formation and business counseling. This facility
By Jon Scott continued from page 2D tinued to collaborate and work towards making our Greater Reading community a great place to live, work and play. We look forward to a successful year of growth in the Greater Reading area. Jon Scott, president and CEO of Berks Economic Partnership. ■
will be the first of its kind for not only Blair County, but the entire region. For the past several years, PSU-Altoona along with ABCD Corp. and numerous supporters have been working towards establishing a unique Rail Transportation Engineering (RTE) program. In 2009, the Norfolk Southern Foundation provided $100,000 to develop the program and they also donated a locomotive simulator to be housed at Altoona’s Railroader’s Museum, which will become classroom space for the RTE program. 2011 will see RTEs first class of
students working towards this state-of-the-art degree. Altoona has a rich history in rail and it is clear that this region is poised to once again be a worldwide leader in education and advancement of the rail industry. The Altoona Regional Health System (ARHS) is expanding through renovations to its Main Campus in Altoona as well as the soon to be completed, newest campus, the Station Medical Center. At the Altoona Campus ARHS is investing $60 million in an expanded ER, 80 new inpatient beds, 2 heart catheterization
labs, 5 inpatient dialysis bays and laboratory upgrades. Station Medical represents an $18 million project converting an enclosed downtown mall into a state-of-the-art 64,000 sq/ft Outpatient Medical Services Center. ABCD Corp. in collaboration with county employers and industry partners, has created two new consortiums, the Blair County Healthcare Providers Partnership and the Manufacturers Council. The purpose of both groups is to first and foremost provide a forum for colleagues to openly discuss issues and concerns
regarding their industry operations here in Blair County. In addition, partners will present opportunities for possible funding and workforce development resources to ensure that both manufacturing and healthcare continue to be thriving industries here in the Blair County region. Keep your eyes on Blair County, PA and our Innovations, this year and into the future. Martin J. Marasco is president and CEO of AltoonaBlair County Development Corporation. ■
4E — February 11 - 24, 2011 — Economic Development — Mid
Atlantic Real Estate Journal
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ECONOMIC DEVELOPMENT By Gary Brown, RT Environmental Services
Real estate due diligence activities marching upward T Environmental Services, Inc. (RT) is experiencing a clear uptick in environmental real estate due diligence activities at commercial sites, as compared to the middle of 2010. In adGary Brown dition, many projects held up by slowdowns in grant, loan and mortgage approvals, are now moving forward. Although clients, in-
R
cluding sellers and potential buyers, do not appear to be taking on major new redevelopment projects, sites that had some environmental issues to deal with, and which have good underlying fundamentals in terms of occupancy, future occupancy potential, and location, are moving forward in much larger numbers. Until recently, clients reported to RT that lenders were still being very picky, and not willing to release funds for mortgages, except in cases where the situation was a “no brainer” and the buyer probably didn’t
need the mortgage. This was of considerable concern to many in the real estate industry and long-term business people, because it made it seem that banks would loan money only when you didn’t need to get a loan. Major lenders, including nationwide banks such as Wells Fargo and PNC, as well as community banks, now appear more receptive to providing mortgage loans without making occupancy and lease requirements in commercial spaces too strict. Now that lender judgments on proposed mortgages are
more reasonable, it also appears that more transactions are going through, based on an informal review of Phase I and II Environmental Site Assessments we have completed in the last several months. In addition, environmental regulatory agencies, although still operating at a lean level, have received fewer applications, even including well drilling applications for Marcellus Shale. Indications are, though, that the number of applications for Marcellus Shale gas oils will rebound, more properties will move, even over the winter,
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and that 2011 will be a much stronger year than 2010. We would characterize the market for real estate, and energy development for the future as follows: • Although the initial euphoria over new energy development projects caused a rush to place wells, wells will continue to be placed at a significant rate, as overall Marcellus Shale energy production opportunities mature, and as gas production and supply becomes long-term. Evaluations are underway to consider converting coal-powered power plants to natural gas, and, in New Jersey, at MidAtlantic Real Estate Journal press time, the Governor was considering approving a special legislation which would allow construction of three new gas fired power plants in New Jersey. • In the Philadelphia area, although some/public/private investment partnerships, such as that at the Navy Yard for ship building, and for Tasty Baking, may have been ill advised, sites with reasonably good locations, and which have a high probability of good occupancy levels, will qualify for mortgages, even though as few as four to six months ago, unless occupancy was nearly 100%, mortgages would not be granted. • Perhaps one of the underlying issues is strength and stability of regional and national banks, in which sector it appears that banks are getting to know their customers better, as in the recent past, and the wave of bank mergers and consolidations is at least slowing down. It can probably be said that the value of underlying personal relationships between businesses and their financial institutions has gotten better, and as financial statements for companies have improved, with many companies starting to bring on new employees, lenders have become more confident. RT looks forward to being of service to Real Estate professionals in 2011 and beyond. Where there are buyers looking for a site, particularly in the industrial sector, we can sometimes advise on project opportunities, and where buildings or facilities may be ready for redevelopment, or are already developed, where fit out can lead to rapid turnaround for future use. continued on page 7D
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Mid Atlantic Real Estate Journal â&#x20AC;&#x201D; Economic Development â&#x20AC;&#x201D; February 11 - 24, 2011 â&#x20AC;&#x201D; 5E
POCONO MOUNTAINS And smartphone-ready Version of website and commercial property database
PMEDC announces new ownership of former Liz Claiborne Distribution Center
T
he Pocono Mountains Economic Development Corporation (PMEDC) made two major announcements in January: the sale of the former Liz Claiborne apparel distribution fa- Chuck Leonard cility located in Pocono Mountains Corporate Center South and the debut of a smartphone-ready app of its Website and commercial property database that is the first of its kind in the region. PMEDC executive director Chuck Leonard and incoming board chairman Michael Baxter were enthusiastic about both developments. â&#x20AC;&#x153;After a challenging 2010, it feels terrific to hit the ground running in 2011 with two major successes back-to-back,â&#x20AC;? said Baxter. â&#x20AC;&#x153;This is a great sign of a strengthening economy and renewed interest in our areaâ&#x20AC;&#x2122;s advantages as an ideal setting for logistics and distribution.â&#x20AC;? The former Liz Claiborne distribution center is an 80 acre site with 615,000 square feet of floor space, 25,000 of which is prime office space. Michael Treacy, senior vice president for Binswanger, brokered the $7.3 million sale of the facility to Silagi Development & Management, Inc. of Thousand Oaks, California. â&#x20AC;&#x153;The former Liz Claiborne site is a superb property,â&#x20AC;? said Leonard. â&#x20AC;&#x153;Because itâ&#x20AC;&#x2122;s only a short drive from I-80 and I-380, it has outstanding access to the New York, New Jersey and New England markets. Its combination of condition, location, and rail access meant it was already in near turnkey condition. With the updates and modernization program Silagi Development plans to implement, the property will only get better. We are looking forward to partnering with Silagi and Binswanger to help get the facility fully occupied.â&#x20AC;? The property is fully sprinklered and air-conditioned, features reinforced concrete floors, ceiling heights to 38â&#x20AC;&#x2122;6â&#x20AC;? clear, column spacing of 45â&#x20AC;&#x2122; x 45â&#x20AC;&#x2122; and 38â&#x20AC;&#x2122;6â&#x20AC;? x 38â&#x20AC;&#x2122;6â&#x20AC;?, has potential rail access and 25,000 square feet of office space. Silagi Development plans to add additional truck doors to the existing 52
dock high loading doors and three drive-in doors. Leonard and Baxter are equally enthusiastic in announcing that PMEDC has developed a mobile application, making the PMEDC Web Michael Baxter site and its robust commercial property database smartphone-friendly. Developed by Michael Beckenbach and Associates via
a PP&L Blue Ribbon grant, the app reconfigures the site for smartphone users, giving them convenient menus and views that are optimized for smartphone screens. In addition, PASites, the expansive Pocono Mountains commercial and office property database has been incorporated into the smartphone app, giving users fingertip access to comprehensive information about commercial, industrial, and office properties available in the Pocono Mountains region. â&#x20AC;&#x153;Nearly every broker and agent that I see or meet with
carries a smartphone,â&#x20AC;? said Baxter. â&#x20AC;&#x153;Itâ&#x20AC;&#x2122;s convenient to be able to access the Web on those phones, but looking at a standard Web site can be a bit challenging. The mobile. PMEDC.com app makes it so easy to navigate and search the property database. Now, when an agent is traveling through our area, thereâ&#x20AC;&#x2122;s no delay in property research. They can drive by a property, pull over, look it up on their smartphone and start the process of qualifying that property for the clients.â&#x20AC;? Leonard added, â&#x20AC;&#x153;PMEDC is
proud that we are the first economic development corporation in Northeast Pennsylvania to bring this kind of innovation to our customers and stakeholders and we appreciate the financial support of PPL to help make it happen.â&#x20AC;? Smartphone users can download the app by visiting Mobile. PMEDC.com on their phones and pressing the add button (the plus sign) to add the app to their onscreen menu. Chuck Leonard is PMEDC executive director and Michael Baxter is incoming board chairman. â&#x2013;
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6E — February 11 - 24, 2011 — Economic Development — Mid
Atlantic Real Estate Journal
MAREjournal.com
ECONOMIC DEVELOPMENT Joint Industrial Development Authority of Wythe Co.
Wythe County Progress Park: A unique industrial property
C
apable of meeting highcapacity demands of a large advanced manufacturing project, Wythe County Progress Park, located at the intersection of I-81 and I-77 in southwest Virginia, offers a unique combination of strategic logistical advantages and often redundant utility services. In addition to being located at the intersection of two interstates two hours north of Charlotte, North Carolina, and its international airport, the park has Class I rail service provided by Norfolk Southern railway.
Aerial photo of Progress Park
This strategic location makes it easy to serve the key midAtlantic region as well as the mid-West. For prospects that have high utility requirements in addition to excellent logistical support requirements, the park offers dual-feed high-voltage (138 kV) electrical service, three interstate natural gas transmission lines, high water volume capacity from redundant sources, and multi-provider high-capacity fiber optic service. A large (167-acre) pad is currently being graded on a
Vineland,
232-acre rail-served industrial site in Progress Park and will be available for building construction in the summer of 2011. The project pad will be approximately 2000’ x 3200’ and be fully served by key infrastructure. This project recently received Virginia’s first Major Employment and Investment (MEI) site development grant to assist in extending infrastructure to the site. Progress Park is located in a Virginia Enterprise Zone, which provides for additional state incentives for job cre-
New Jersey
Philadelphia - 35 miles New York City - 120 miles Washington D.C. - 135 miles
tŚĞƚŚĞƌ LJŽƵ ĂƌĞ ůŽŽŬŝŶŐ ĨŽƌ ůŽĐĂƟŽŶ͕ ĐĂƉŝƚĂů Žƌ ƋƵĂůŝƚLJ ŽĨ ůŝĨĞ͕ all roads lead to Vineland.
City of Vineland Department of Economic Development
640 E. Wood Street - Vineland, New Jersey 08360 (856) 794-4100 www.vinelandbusiness.com - www.vinelandcity.org
ation and investments plus local incentives. It is also within the Virginia Tobacco Region, making additional incentives available to locating projects. Operations that are currently located within Progress Park include PepsiCo’s Blue Ridge Gatorade facility (1,000,000 sq. ft.) along with companion bottle maker Amcor Rigid Plastics USA (700,000 sq. ft.) and Somic America, a components manufacturer for Toyota and other auto companies. In addition to the many advantages of the award winning business-friendly Commonwealth of Virginia, Wythe County offers wage levels that are 20% or more below the state average. A lower cost of doing business coupled with a dedicated workforce leads to facilities that are often the most productive for companies with multiple operations. The Virginia Chamber of Commerce recently recognized the Joint IDA as a Torchbearer Winner for the Progress Park development project. ■
Scranton Chamber hires member representative SCRANTON, PA — The Greater Scranton Chamber of Commerce is announced that Michael Rovinsky has recently joined the staff as a membership representative. Rovinsky will be responsible for recruiting new chamber members and attending and representing The Greater Scranton Chamber of Commerce at Chamber and community events. “The Scranton Chamber provides a valuable service to businesses small and large across the region. As a student of government and its function within the business world, I find myself in an ideal situation to serve the best interests of the community and meet the needs of local businesses,” Rovinsky said. “Northeast Pennsylvania is unique in that employees have a tireless work ethic, and are cognizant of their work. I feel it is vitally important for the region to take a proactive approach in bringing new industries to our area, with the ultimate goal of reducing the unemployment rate.” ■
MAREjournal.com
Mid Atlantic Real Estate Journal — Economic Development — February 11 - 24, 2011 — 7E
GLOUCESTER COUNTY, NJ Close to everything, far from it all
Gloucester County grows leaps and bounds over that last three decades
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ocated just minutes from Philadelphia, Gloucester County New Jersey has grown leaps and bounds over that last three decades. Just some of the advantages of relocating your business to Gloucester County include a great location that is within Five miles of three marine terminal facilities, a rich agricultural history and a superior infrastructure, quality of life, and workforce. Agriculture is a tradition in Gloucester County making it the hub of food processing in the South Jersey region. Gloucester County has more than 100 producing farms and within a 50 mile radius there are more than 600 food manufacturing companies at work. Chelton House salad dressings, UTZ snack foods, and US Food Services are just a few of the national product lines than are manufactured and distributed right here in Gloucester County. Gloucester County is proud that the Food industry represents over 12,400 jobs in food manufacturing, preparation and distribution. There are over 650 food related businesses, and that number does not reflect the agriculture, agri-tourism and growing wine industries. The County’s Economic Development Team has targeted this niche industry and will continue to help it encourage its growth. Just recently, Cento Fine Foods and Rastelli Foods have decided to expand their headquarters. In addition Schar USA, an international gluten free food company, is locating their headquarters with a $15 million capital investment in Logan Township along one of our most traveled corridors. The Strategic location of Gloucester County continues to its major asset, giving it a competitive advantage in the region. With superior infrastructure that is constantly being upgraded, food manufacturing companies can distribute goods to 40% of the nation’s population within a day’s drive. Located half way between New York City and
By Gary Brown continued from page 6D As always, we appreciate the opportunity to be of service. Gary R. Brown, P.E., QEP, CMC, LSRP. ■
Washington D.C., Gloucester County has 21 business and industrial centers encompassing
skilled workforce and diverse industrial base makes the region an attractive destination
Come and explore Gloucester County, New Jersey were you can be close to everything, far from it all. over 6,000 acres and is home to the second largest industrial park on the eastern seaboard, Pureland Industrial Complex. Gloucester County’s concentration of food manufacturing companies is growing and so is its focus on education and workforce training. A highly
for businesses to call home. Come and explore Gloucester County, New Jersey were you can be close to everything, far from it all. Thinking about relocating? The right site is waiting for you in Gloucester County, New Jersey. ■
think global. grow local. 5th Annual Tri-County Economic Development Summit Burlington, Camden and Gloucester Counties Friday, October 1, 2010
2010
Tri-County Economic Development Summit
The Westin Mount Laurel 555 Fellowship Road (at Route 73 North) Mount Laurel, NJ 08054 (856) 751-2242 8:00 a.m. Registration
Burlington, Camden and Gloucester Counties join together to sponsor the 5th Annual Tri-County Economic Development Summit. Last year’s summit was a great marketing and networking opportunity with more than 400 in attendance. Economic development professionals from throughout the region have been invited to participate again this year to encourage economic development in southern New Jersey by showcasing “hot” properties available for redevelopment within the tri-county region. Keynote Speaker William Best serves as Chair of the International Economic Development Council, the world’s largest professional worldwide association for economic developers. Mr. Best will provide a unique perspective on how regional business can capitalize on the tough global economic climate to position for future growth.
Learn more at www.tricountysummit.com
8E— February 11 - 24, 2011 — Economic Development — Mid
Atlantic Real Estate Journal
MAREjournal.com
ECONOMIC DEVELOPMENT By Ted C. Williams, P.E., LandmarkJCM
Will 2011 Be A Rebound Year
W
e all are hoping for a rebound year in 2011, but what can we actually expect? From my perspective as a principal of an established civil/site engineering, land planning a n d e n v i - Ted C. Williams ronmental firm working in the tri-state area, I believe that 2011 will be a year for opportunity and the start of a recovery
that will benefit all sectors of the economy in Delaware and the surrounding states. As we closed out 2010, we saw a slight resurgence in the new home market with sales on the rise in two large developments in New Castle Cty., along with continued construction on expansions at the Christiana Mall along with the construction of a new BJ’s Store near Elsmere in New Castle Cty. We are still seeing owners proceeding with the approval of plans for the construction of several retail centers including the proposed Promenade
at Christiana and the Market Place at Christiana, both located near the Christiana Mall in New Castle Cty. The Promenade at Christiana is the redevelopment of the Sears Appliance Outlet Center, with over 500,000 s/f of retail space, by KRC Acquisitions. The Market Place at Christiana is the development of over 300,000 s/f of retail, hotel and office space by Industrial Rentals, Inc. With potential leasing activity increasing in the area near the Christiana Mall, the potential exists for the start of construction on these projects
in the later part of 2011. We have also seen an increase in interest by owners and developers in starting the design process for projects that stretch across the full spectrum of development from office to commercial to residential. These projects range from development in green areas to redevelopment of existing under-utilized properties to the redevelopment of Brownfield properties. One example is the three-fold increase our Green Systems department has experienced in the number of certified green
INTEGRATED
www.LandmarkJCM .com • Land Planning • Environmental Services • Due Diligence • Phase I ESA • Civil Engineering • Site Design • Permits & Agency Processing • Surveying • GIS Mapping • Green Building Services
Engineering & E nvironmental SERVICES
Serving clients in Delaware • Pennsylvania • Maryland • New Jersey Headquarters 100 W. Commons Blvd., Suite 301, New Castle, DE 19720 • Phone 302.323.9377 Branch Offices Dover & Georgetown, Delaware • Wayne, Pennsylvania • Havre de Grace, Maryland
home inspections they performed in 2010, compared with 2009. It is an encouraging sign for the economy with home builders pursuing green certifications. Our staff was instrumental in assisting the State of Delaware to get its Green For Green (G4G) funding program off the ground this year, and this, no doubt, has helped fuel some of the growth. This January, the Research Center of the National Association of Home Builders (NAHB) complimented Delaware for its G4G program and map which shows the state with a total of 123 certified green homes. Delaware ranks #4 nationwide, but #1 in certified homes per capita. Funds are becoming available to assist in the redevelopment of Brownfield properties from a multitude of sources. In addition, it appears that both Congress and the President of the United States will be investigating Federal regulations that are cumbersome to sound economic development. Based upon these personal experiences, I believe that we can be optimistic about the start of a rebound in 2011. Ted C. Williams is a principal of LandmarkJCM, an integrated civil engineering, land planning and environmental services firm, headquartered in New Castle, DE. ■
Virginia Beach EDA approves $500,000 grant VIRGINIA BEACH, VA — LifeNet Health has announced plans to build a 42,000 s/f facility adjacent to its corporate headquarters in Virginia Beach. Under an agreement signed in 2004 with the City of Virginia Beach LifeNet Health was provided the option to purchase an additional 6.573 acres adjacent to its current 15.87 acre site. Virginia Beach Economic Development Authority approved a $500,000 grant as part of the Economic Development Investment Program for LifeNet Health’s capital investment in the project. The EDIP grant funds will be used for workforce development, employee training, site utility improvements and upgrades, road improvements, traffic light improvements, regional BMP and site preparations. ■
MAREjournal.com
Mid Atlantic Real Estate Journal — Economic Development — February 11 - 24, 2011 — 9E
ECONOMIC DEVELOPMENT By David A. Berger, Carl Berger Associates
Accessing economic development programs
A
t a time in history when turbulent economic conditions are playing havoc with the real estate and banking industries, it is more important than ever for businesses to find expert David A. Berger guidance as they hunt for financing assistance. In particular, the complex world of government sponsored economic loan programs can present great opportunities for such businesses, but also can cause great confusion for companies attempting to navigate their way through those murky waters unassisted. Thus, the services of New Jersey’s Carl Berger Associates (CBA) have never been in greater demand than they are today. With 33 years of experience in the world of commercial financing in the Greater New York Metropolitan area, and a unique expertise in government loan programs, CBA has helped dozens of major businesses in the Tri-State area get the financial relief they need in recent years. CBA specializes in complex commercial financing issues. In particular, CBA’s expertise extends to things like tax-exempt bond financing, Federal economic stimulus programs, working capital and term loans, EDA Direct government loans, SBA loans (504 + 7 programs), Federal New Market tax credits, solar and energy clean air grant programs, accounts receivable financing, equipment leasing, workout and bank forbearance agreements, and corporate debt restructuring, among other programs widely available to help businesses large and small, but little understood without great experience and training. A leading in plastics manufacturer in Long Island City, NY typifies the type of TriState area businesses who are turning to CBA to walk them through available commercial financing options and into the right package to fit their needs. The plastics manufacturer’s needs grew out of substantial growth in recent years—growth that posed an ironic challenge for the company. CBA helped The Plastics manufacturer to help find solutions that far exceeded anything they had
previously envisioned. The Plastics Manufacturer started in 1946 in the Long Island City, and over the years, evolved into a leading plastics distributors and component manufacturer. That success, however, eventually led the company and its 55 employees to outgrow their existing facilities. They had a lot riding on making the right move. A gigantic, strategic choice had to be made, and the company had to get it right the first time. Buy? Lease? Stay in Long Island City? Pursue more space in their existing
building? Move to a different locale? How to find financing? What kind of financing? What the company’s ownership quickly realized is that CBA’s expertise was their best avenue to getting the answers they needed to these questions, and guidance through the process. CBA helped The plastics manufacture to determine that by moving to New Jersey, the company could qualify for financing within the New Jersey Economic Development Authority (NJEDA) Programs. CBA then helped the company
navigate its way through the NJEDA process and, eventually, into a tax-exempt bond in the amount of $3,250,000 & a direct fixed asset loan in the amount of $1,250,000. The result? The Company was able to make a sound financial decision and purchase and move into its current manufacturing facility and headquarters—a modern, 71,500 s/f building in Teterboro, NJ. The CBA plan made it far more cost-effective in the long term for the Company to purchase the Teterboro building than trying to lease more space in
Long Island City, NY. David Berger, of Carl Berger Associates, explains the package his company put together for the company was right for the unique set of conditions that particular company faced. But each situation is radically different, of course, and so CBA offers, at no cost to prospective clients, to consult on finding programs that can qualify other businesses for long-term, lowinterest financing, sometimes as low as 3%. The Plastic Manufacturer’s experience is hardly unusual continued on page 10E
JUST FINANCED BY...
CBA
Carl Berger Associates, Inc. RECENT CLOSINGS $16,000,000
Grants, Incentives & Tax Abatements Tax Exempt Bond Financing, Bank & EDA Financing
$14,000,000
Refinancing of Tax Exempt Bond Bank & EDA Financing
Totowa, NJ
$12,000,000
Acquisition of Land & Building Bank Financing
Clifton, NJ
$10,000,000
Acquisition of Land & Building Tax Exempt Bond & EDA Financing
$ 7,175,000
Grants & Incentives Tax Exempt Bond, Bank & EDA Financing
$ 3,300,000
Acquisition of Land & Building Tax Exempt Bond & EDA Financing
$ 3,000,000
Acquisition of Land & Building Bank & EDA Financing
$
200,000
Purchase of Machinery & Equipment Direct EDA Financing
Bayonne, NJ Oxnard, CA
Rockaway, NJ Avenel, NJ Norrisville, PA Union, NJ Norwood, NJ
go to www.carlberger.com
Carl Berger Associates, Inc. For over 30 years, we have been structuring, coordinating & arranging government sponsored economic programs:
• INTEREST RATES AS LOW AS 3% • Tax exempt bond financing • Grants, tax incentives & tax abatements • Federal economic stimulus act 2009 programs • • • • •
Federal & state solar & energy efficiency programs Federal new market tax credits Direct money from federal, state, county & city governments Working capital & term loans Restructuring of corporate debt
CBA
Carl Berger Associates, Inc.
17 Furler Street Totowa, NJ 07512 Tel 973.256.5330 Fax 973.256.7424 www.carlberger.com
10E— February 11 - 24, 2011 — Economic Development — Mid
Atlantic Real Estate Journal
MAREjournal.com
NJ MEADOWLANDS NJ Meadowlands Commission
The Meadowlands Region: The Economic Engine of Northern New Jersey
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ocated just six miles from Manhattan, with easy access to Newark Liberty International Airport, Port Newark and major highways, the Meadowlands region is the economic driver for Northern New Jersey and one of the busiest commerce corridors in the nation. It is no wonder that hundreds of commercial, industrial and retail businesses have found success here. The Meadowlands District is a 30.4-square-mile suburban and urban area that includes 14 towns in Hudson
and Bergen counties, with some of the highest medianincomes in the country. Rents and leases are significantly less than those in neighboring metropolitan cities, and the region is home to professional sports teams,
first-rate entertainment, dining, and exposition facilities, and numerous eco-tourism and recreation activities. The recent selection of New Meadowlands Stadium as host of the 2014 Super Bowl underscores the region’s vibrant
economic climate – and offers businesses a tremendous opportunity to maximize profits when tens of thousands of fans flock to Meadowlands hotels, restaurants and downtowns during Super Bowl Week. Businesses that are considering starting or relocating their companies in the Meadowlands have a strong support network in the New Jersey Meadowlands Commission, the regional planning and zoning authority for the Meadowlands District. The Commission is dedicated to promoting economic develop-
THE NEW JERSEY MEADOWLANDS DISTRICT
THE PULSE OF ECONOMIC DEVELOPMENT IN NORTHERN NEW JERSEY It’s All About Location t Premier commercial and industrial real estate area t Six miles from Manhattan Minutes from Newark Liberty International Airport and Teterboro Airport Easy access to major highways and seaports
NEW JERSEY MEADOWLANDS COMMISSION:
Planning and zoning authority for 14 Meadowlands Municipalities A Business Friendly/Customer Service-Oriented Agency Planning, engineering and code review support Assistance in pursuing grant and tax-break opportunities Sustainable building assistance and financial incentives
CONSIDER THE MEADOWLANDS DISTRICT. A HOME FOR ECONOMIC GROWTH! New Jersey Meadowlands Commission
One DeKorte Park Plaza • Lyndhurst, NJ • 07071 • 201.460.1700 www.njmeadowlands.gov
ment, and ensuring that the District is a place where your business can prosper. The NJMC is a customer service-oriented agency that offers support to businesses before, during and after the development application process. The Commission’s professional staff, including engineers and planners, is available to consult with your business on land use, planning, transportation, renewable energy, sustainability, and construction code issues. The Commission offers financial incentives and an expedited review process to companies that incorporate sustainable building practices in their developments, and our Office of Economic Growth works to assist businesses and developers in obtaining available federal and state grant funding, tax-breaks and other financial benefits. The Commission has built a solid foundation for Meadowlands businesses by investing tens of millions of dollars in regional infrastructure improvements, including floodplain management and transportation projects that help keep commerce flowing freely. The NJMC has also provided funding to local communities for streetscape projects, road and park improvements, and other downtown revitalization intiatives – reflecting the agency’s dedication to making continued on page 14E
By David A. Berger . . . continued from page 9E for CBA clients. In recent years, many other businesses have received CBA’s assistance to acquire land, buildings, and equipment, or restructure their mortgages and debt, among other financial maneuvers. Such clients have been able to make these moves despite the economy’s struggles and the recent spate of bank mergers, illustrating that there is no substitute for decades of financial expertise and positive results. Government assistance programs are out there, but businesses need guidance in finding and taking advantage of them. CBA invites your inquiries regarding current or long-term financing options. David A. Berger, chief financial consultant at Carl Berger Associates. ■
MAREjournal.com
Mid Atlantic Real Estate Journal — Economic Development — February 11 - 24, 2011 — 11E
NORTHEAST PENNSYLVANIA By Penny Cannella, Penn’s Northeast
Penn’s Northeast, A Year in Review
A
s we begin the New Year it is a time of reflection and antici-
pation for the year ahead. In spite of the slow national economic r e c o v e r y, northeast P e n n s y l - Penny Cannella vania has seen some significant developments in 2010. The region has seen multiple company expansions throughout the year. Some of the most significant included Boden, a United Kingdom based online retailer, expanded its Luzerne County facility adding 74,400 square feet. Boden established its U.S. headquarters in the region in 2008. Monroe County’s Monadnock Non-Wovens increased its facility by 7,500 square feet in response to a greater demand for its products. The material they manufacture is used by the growing filtration, medical face mask, healthcare and medical security industries. Genpact, a global business process and technology management company, expanded its operations, leasing an additional 13,000 square feet at its Wilkes-Barre location. The company cited the fact that Pennsylvania is a great place to do business as a reason for their expansion. Penn’s Northeast’s strong educational community continues to grow. Lackawanna College opened its Lake Region Center at the historic Silk Mill in Hawley, occupying 16,000 square feet and creating a state-of-the-art academic center to serve Wayne County and the nearby Sterling Business Park. The Commonwealth Medical College graduated its first class of students in 2010. The school serves as a major catalyst for economic growth. Combined with the already robust life science industry sector, a regional strategic plan is underway to attract more life science related companies to the region. In 2010 alone, Florida based health care communications provider TMS Health established an office at Glenmaura
Corporate Center in Lackawanna County and Corning Life Sciences leased 396,800 square feet at CenterPoint Commerce and Trade Park in Luzerne County. Business park development is on the rise. A 2-mile roadway with utility lines now provides access to Phase II of Valley View Business Park in Lackawanna County. At full completion, Phase II of the park will consist of 561 developed acres. Luzerne County’s CenterPoint Commerce & Trade Park, which began develop-
ment in 2005, now has grown to approximately 5.3 million square feet in 18 buildings. The Pocono Mountains Municipal Airport runway was expanded to over 5,000 feet to accommodate commercial jets and serve the business community and three nearby business parks; Pocono Mountains Corporate Center South, Arcadia North Business Park and Pocono Mountains Corporate Center East. A network of business incubators encourages entrepreneurship and innovation in
northeast Pennsylvania. In 2010, both Scranton and Wilkes-Barre announced plans to expand their existing incubators. Exploration of the Marcellus Shale natural gas play continues to have a significant economic impact on the region. These are just a few of the major developments that Penn’s Northeast saw in 2010. Our region’s successes have fostered business retention, growth and investment to our communities. We look forward to continued success
and are optimistic about what 2011 will bring. As always, we welcome the opportunity to provide site selection assistance to companies, brokers and site selectors considering a northeast location. And remember, when you think northeast…….think Penn’s Northeast. Penny Cannella is president of Penn’s Northeast, an economic development marketing organization serving Pennsylvania’s Lackawanna, Luzerne, Monroe and Wayne Counties. ■
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12E— February 11 - 24, 2011 — Economic Development — Mid
Atlantic Real Estate Journal
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ECONOMIC DEVELOPMENT Richard J. Sichler,Borough of West Reading
Roanoke Regional Partnership
West Reading, PA: A good place to live, work & play
Profile on Roanoke region of Virginia
L
ooking to relocate your business? Thinking about moving to a GREEN “walk-able” community? Then the borough of West Reading might be for you. It is nestled between the Schuylkill River and the affluent community of Wyomissing, covers a square mile and has a population of 4,000. We are friendly, affordable and close to everything. As a community, we offer pedestrian connections to a state-of-the-art teaching hospital, a vibrant museum, a quality open space network, superior educational facilities, and a diverse dining and retail corridor. In 2000, as part of a borough-wide comprehensive strategic plan, residents invested over $6.2 million in bond funding as well as a web of state and federal funds in their six-block business district along commercial route 422. The result is better traffic flow, increased pedestrian safety, benches, bus shelters, cast iron streetlights, new sidewalks, landscaping, and technology improvements for emergency vehicles. Now West Reading is a vibrant destination with 144 upscale specialty stores and unique restaurants. There are also events that encourage foot traffic such as a farmers’ market, outdoor live music, and various annual arts and culture events. West Reading evolved from a hard working textile town in the early 1900’s to today’s position as a cosmopolitan hub within Berks County. A range of architectural styles is represented throughout the borough with mature, diverse, and human-scale neighborhoods. The majority of buildings date from the early 20th century and are characteristic of the row home style with front porches and dormers facing the street. Construction materials are predominately brick with some stone and stucco. We take pride in our streets flanked with majestic tree canopies. Average home values are $126,619 and average monthly rent is $503 a month with 54% of properties being owner-occupied.. West Reading is located at the intersection of US Routes 422 (East-West) and
Downtown Roanoke
222 (North-South). Based on 2000 census information, the population living within a 30 minute drive is 524,873 with 9.4 million living within a 90 minute drive. We are located in proximity to small cities like Lebanon, Lancaster, West Chester, Allentown, and Bethlehem as well as larger urban centers such as Harrisburg and Philadelphia. In addition to infrastructure investment West Reading also offers façade grants based on available funds for both commercial and residential properties. “The best way we can set ourselves apart from any other aging town is to focus on meeting
the passer through with beauty. Romance them with color and plant life and the whole package. It’s all about satisfying the vision of a secure world where people are friendly and care,” said Dean L. Rohrbach, West Reading Main Street Authority, “By focusing on beauty we make our town a retreat from stress. We become a vacation spot. These details matter. We become a pleasant experience that draws the visitor back. We are selling a dream here, an illusion that life is beautiful!” Richard J. Sichler is manager of the Borough of West Reading. ■
As a place to live and to make a living, the Roanoke, Virginia region (Roanoke city, Roanoke County, Alleghany County, Botetourt County, Franklin County, Salem city, and the town of Vinton), is recognized as one of the best. Roanoke boasts Virginia’s most diverse economy and affordable business climate set amidst the Blue Ridge Mountains and an incredible collection of outdoor amenities. Many leading companies take advantage of the region’s strategic advantages: Advance Auto, Allstate, Elizabeth Arden, General Electric, Home Shopping Network, ITT Night Vision, Norfolk Southern, Orvis, and Yokohama Tire Corporation. Market access In the center of the East Coast, Roanoke is equidistant from New York and Atlanta and within a day’s drive of two-thirds of the US population and three-fourths of all American manufacturers. Atlanta, Albany, Charlotte, Cincinnati, Detroit, New York City and Pittsburgh are all within eight hours of Roanoke. Transportation hub A comprehensive network of highways, rail and air transportation is anchored by Interstate 81 and Interstate 64. Norfolk Southern and CSX operate in the Roanoke Region where Norfolk Southern is scheduled to soon open an intermodal transfer facility which will serve as a strategic connection between the Port of Virginia and Chicago.
Finally, the region is served by Roanoke Regional Airport, which has approximately 60 arrivals and departures daily and is one of Virginia’s leading cargo airports. Business climate With the cost of doing business and the cost of living well below national averages, it is no wonder Roanoke is ranked among the 15 least expensive places to do business by Forbes.com. Utility costs, construction costs, workers compensation premiums, and unemployment insurance premiums are demonstrably lower in the Roanoke Region than national averages and many competing metros. Talent and Innovation The 22 colleges and universities in the greater Roanoke area include Virginia Tech, the state’s leading research university. There are more undergraduate students per capita here than Austin, Boston, the Research Triangle and San Francisco; giving Roanoke companies unequaled access to talent. Leading the way into life science and cutting edge medical technology is the Virginia Tech Carilion School of Medicine and Research Institute. Time to market The Roanoke Region is ready to give your business unparalleled speed to market. Ready-to-go graded sites are available in business and industrial parks. The region offers four enterprise zones and other incentive programs to get you started down the road to greater profitability. ■
MAREjournal.com
Mid Atlantic Real Estate Journal â&#x20AC;&#x201D; Economic Development â&#x20AC;&#x201D; February 11 - 24, 2011 â&#x20AC;&#x201D; 13E
NEW CASTLE COUNTY, DE New Castle County Office of Economic Redevelopment
New Castle County, Delaware â&#x20AC;&#x201C; The First County in the First State ew Castle County, Delaware â&#x20AC;&#x201C; The First County in the First State - is great place to live, work, play, and raise a family. We have a resident population of 539,000 and are the place where over 210,000 work in a diversity of businesses. Located midway between New York City and Washington, D.C., New Castle County is near everything. Amtrak and commuter rail service and a location on the Interstate 95 corridor make commuting easy. New Castle County is an affordable place to live. Our housing prices average $257,000 and our residents can expect to pay 16 percent less for basic living expenses than in surrounding jurisdictions. There are a variety of housing options, ranging from high-rise condos on the Wilmington Riverfront, to suburban homes in Newark and Pike Creek Valley, to farm homes in Townsend. Residents are sure to keep busy with the countyâ&#x20AC;&#x2122;s historical attractions, museums, mansions and gardens, art, and championship golf courses. Our county is a place that values nature and character, as demonstrated by our 10,000 acres of parks, where residents enjoy sports, biking, hiking, and relaxing with family and friends. Rehoboth and Lewes beaches are just a short drive away. Many businesses and entrepreneurs call New Castle County home because of the positive business environment, low taxes and talented workforce. As the home to DuPont, the county has a history of science and technology. The health sciences, financial services, biotechnology, clean energy, and manufacturing sectors comprise a large part of our local economy. New Castle County has an excellent education system, with abundant educational offerings to choose from including public, private and charter schools. The nationally ranked Charter School of Wilmington, Cab Calloway High School for the Arts and the Delaware Military Academy are just three of many great schools parents may choose to send their children. Seven of our public high schools have been recognized for education excellence by Newsweek magazine. The University of Delaware was recently ranked 75th among
N
Basketball players make use of the courts at Talley Day Park in New Castle County, DE.
Rockwood Mansion in New Castle County, DE national universities by U.S. and World News Report. With over 15,000 undergraduate students, 3,500 graduate students and 50 specialized research
centers, the University of Delaware is engaged in the local community. Other higher education opportunities include Delaware College of Art and Design, Delaware Technical and Community College, and Wilmington University. Delaware State University, one of the nationâ&#x20AC;&#x2122;s first land-grant institutions, is less than an hour away in neighboring Kent County. We invite you to visit and learn more about New Castle County, a great place to live, work, play and raise a family. â&#x2013;
New Castle County, Delaware
Your Business Destination! No sales tax and low property taxes
)
Easy access to I-95, PHL and BWI Airports, Amtrak, and Port of Wilmington )
Americaâ&#x20AC;&#x2122;s Corporate Capital
0HILADELPHIA
Ranked #1 in high-wage traded services, foreign direct investment, and legal business environment Ranked #8 in business tax climate
7ILMINGTON
"ALTIMORE
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(Kauffman Foundation; Tax Foundation; U.S. Chamber of Commerce)
Contact the New Castle County OďŹ&#x192;ce of Economic Redevelopment for assistance with site selection, financing, and information.
nccde.org/redevelopment Â&#x160; 302-395-5959 Â&#x160; OER@nccde.org
14E— February 11 - 24, 2011 — Economic Development — Mid
Atlantic Real Estate Journal
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ECONOMIC DEVELOPMENT By Charles J. Blankenship, Lebanon Valley Economic Development Corporation
Pennsylvania’s Lebanon Valley Industrial Parks Sustain Economic Prosperity
P
ennsylvania’s Lebanon Valley faced a severe economic development challenge with the closing of Bethlehem Steel in the mid-1980s followed by the collapse of other metal produc- Charles Blankenship tion industries and suppliers. It marked an end to Lebanon Valley’s historical dependence on iron and steel that provided much of the county’s wealth since the early 18th century with the opening of the Cornwall Furnace. The challenge was met by
the county and Lebanon Valley Economic Development Corporation with the design of new economic development strategic goals: (1) replace the lost manufacturing jobs with new manufacturing jobs and (2) diversify the economy to eliminate dependence on a single industry. While the implementation of the strategy included renovation and reuse of closed metal production facilities, the major focus was on the development of new industrial parks. The Lebanon Valley Economic Development Corporation began an intense program of constructing industrial parks owned by the corporation and assisting the City of Lebanon and private owners in the de-
velopment and marketing of industrial parks. LVEDC’s first industrial park project was the Lebanon Valley Business Park in South Lebanon Township on land acquired from Alcoa Aluminum following the closing of their plant. The park has grown since initial development to 140 acres with 17 diversified occupants including Schott Pharmaceutical, Quill, Weber, Millprint, Seneca, and Regupol America. Sixty one acres remain available for sale in lot sizes from 3-40 acres. The recently developed, and LVEDC owned, 119 acre Hawk Acres Enterprise Place, adjacent to the Lebanon Valley Business Park, saw its first
NEDA provides education, resources, advocacy NEDA’s mission is to advance the practice of economic development professionals to improve the economic prosperity of communities in the northeast. Vision NEDA will be the leading economic development organization in the northeast, providing education, resources, advocacy, and networking opportunities for its members. History & Profile Since its founding in 1956 (as the “Northeastern Industrial Developers Association” or NIDA), the Northeastern Economic Developers Association has promoted professional economic and industrial development throughout the Northeastern United States, enabling our members to strengthen their local and regional economies and en-
hance overall quality of life. NEDA champions effective, innovative economic development practice, and is the Northeast’s strongest professional resource for economic developers. Through NEDA membership, economic development practitioners, officials, and volunteer leaders develop and perfect their development tools, network with others in the field, and partner regionally to do the work of economic development. Active NEDA membership
is open to any person who devotes a major portion of his or her time to any recognized form of economic development activity, and to any person who, by virtue of membership on any Board, Commission, or similar body participates in the economic development of their community, region, or State as a volunteer, local elected official, or otherwise. For more information contact Eric Anderson, executive director at execdir@nedaonline.org ■
The Economic Development Association of New Jersey promotes sound economy If you are a business in need of financing to grow in New Jersey, a not-for-profit organization seeking capital to expand community services, a municipality looking to attract a major corporation within your boundaries, or a developer requiring funds for a major redevelopment project, the New Jersey Economic Development Authority (EDA) is ready to put its resources to work for you. With our large portfolio of
varied programs and services, the EDA can assist you with access to capital, including tax-exempt and taxable bond financing, loans, loan guarantees, and business and tax incentives. In addition, we offer real estate development assistance and state-of-the-art
technology facilities like the Technology Centre of New Jersey in North Brunswick and the Waterfront Technology Center at Camden. The mission of the EDA is to strengthen New Jersey’s economy by retaining and growing businesses through financial assistance, by renewing communities, and by promoting the State’s strategic advantages. For more information contact njeda@njeda.com ■
occupant this past year – Fresenius Medical Care. LVEDC also developed the 150 acre Lebanon Rails Business Park. Its diversified occupants include Valspar and Always Bagels. One hundred and twenty subdividable acres are available for sale, in Lebanon Rails. Other Lebanon Valley business parks are: • City of Lebanon Parks • Aspens Business Park • East Lehman Street Park • Progress Park • Weavertown Business Park • MAC Park • Flightpath Business Park • Beech Run Business Park • Northport Industrial Park The next business parks to enter the Lebanon Val-
ley inventory will be the 450 acre Clear Springs Business Park and the Swarta Business Park. The successful development of industrial parks has helped Lebanon Valley reach its goals of maintaining manufacturing employment in a diversified economy. With an abundance of fully serviced and available industrial park space the Lebanon Valley will be able to continue to expand manufacturing jobs well into the future. Information on the industrial parks can be found at www.lvedc.org. Charles J. Blankenship is president, Lebanon Valley Economic Development Corporation. ■
PEDA fosters the economic health of the Commonwealth
The Pennsylvania Economic Development Association (PEDA) is the statewide association of local, state, corporate and non-profit economic development professionals. PEDA’s mission is to promote sound economic development policies, provide leading-edge economic development education, and nurture an effective statewide economic development network
to foster the economic health of the Commonwealth. PEDA’s Membership is comprised of county and regional economic developers, state government economic development employees, utility and transportation executives, industrial development authority directors, operators of industrial and technology incubators, chamber of commerce executives, municipal directors of community and economic development, engineering and construction executives, economic development finance professionals, commercial and industrial developers, and local, county and state elected officials. PEDA welcomes individual economic development professionals and organizations, allied professional organizations and public officials as members. For more information contact info@peda.org ■
NJ Meadowlands Commission . . . continued from page 10E Meadowlands towns familyfriendly and business-friendly communities. All of this is why Macy’s decided last year to relocate its Thanksgiving Day Parade Studio to the Meadowlands, global dessert producer Bindi chose to build a new distribution facility in the region, and industrial real estate giant ProLogis signed on to construct new warehouses in
the District. The NJMC encourages you to learn more about the many advantages of doing business in the Meadowlands. We welcome you to call us at 201-4601700, visit our website, www. njmeadowlands.gov, and arrange to meet with us so that we can show you first-hand why the Meadowlands District is a great place to grow your business. You won’t be disappointed! ■
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Mid Atlantic Real Estate Journal — Economic Development — February 11 - 24, 2011 — 15E
ECONOMIC DEVELOPMENT
R EPRINTS ...
140 Industrial Drive • Pittston, PA 18640
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• Direct Mail Customers and Prospects • Sales Aids for Your People in the Field • Train and Educate Vendors and Prospects • Turn Stories into P.R. Pieces • Trade Show Handouts • New Product and Service Announcements • Follow-up to Ad Inquiries • Use as Company Brochure
Space can be Subdivided from 50,000 SF and Greater Primary Power Offers 40% Savings on Electric Utility Landlord is Willing to Make Improvements as Needed for Tenant Competitive Rates
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Mid Atlantic REAL ESTATE JOURNAL Where Real Estate Professionals Get Their News! Call Today 1-800-584-1062/781-871-5298 or email jchristman@marejournal.com for rates and information on reprints and e-prints of articles
130 subdividable acres with full utility services, rail access and strategic location.
Warehouse & Manufacturing Space in Northeast Pennsylvania
4 Minutes from I-81 & I-476 480,000 SF
Please Contact: Steve BarrettPerdue Einaugler (347) 498-3262 (646) 670-6225 sperdue@greyco.com beinaugler@greyco.com
90 subdividable acres with full utility services, and strategic location.
203,285 SF
214,540 SF
ACTIVE RAIL SERVICE
www.idc-pittston-pa.com
50 acres remaining in parcels with full utility services in a nearly sold out business park.
Charles Blankenship, President • (717) 274-3180 • www.lvedc.org • Brokers Protected
16E— February 11 - 24, 2011 — Economic Development — Mid
Atlantic Real Estate Journal
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MERCER COUNTY, NJ By Brian M. Hughes, Mercer County, NJ
Economic development spotlight on Mercer County, New Jersey
A
s the Capital County of New Jersey, Mercer County boasts one of the strongest and most diverse economies in the nat i o n . We continue to build our reputation as a Brian M. Hughes top location for new businesses and pride ourselves on our economic stability and growth against state
and national trends.
Mercer County’s state-of-the-art new Criminal Courthouse
Many exciting development projects are underway in Mercer County. Mercer has reached an agreement with Trenton-based firm HHG Development Associates to move forward with the redevelopment of a key part of the Roebling district in Trenton. HHG intends to create a mixeduse development that will be called the Wire Rope District in honor of the great former Roebling Steel manufacturing plant. The site will ultimately be a mixed-use development
8th Annual Special Edition March 26th spotlighting . . .
The
BEST of
2010
Deadline is March 11, 2011
You are invited to participate in marej’s “BEST of 2010” MA REAL ESTATE JOURNAL will be hosting a “Best of the Best,” a “Who’s Who” of owners, brokers, developers, architects and financial institutions within the commercial real estate community.
Marej will be compiling information and selecting the: Largest office, Industrial & Retail Transactions of the Year Best Shopping Center Development of the Year 4 Best Developer of the Year Best Financial Institution 4 Largest Financial Transaction of the Year Top Brokers List 4 Top Owners List Most Innovative Architect 4 Best Renovation Project Help us select the Best of 2010! Send in your submissions today or call for an application form
800-584-1062
FAX:
781-871-5299
: lchristman@marejournal.com
MAREJ’s Best of 2010 is a juried competition based on submissions and nominations from MAREJ’s commercial real estate community.Winners will be selected based on company size (# of employees) and size of the deal/transaction. Top brokers will be selected based on largest deal for 2010. Submissions from mid-Atlantic states outside of NJ, PA, DE, MD & VA will be judged in separate categories. All are welcome to participate.
of market-rate housing, retail and business, similar to Faneuil Hall in Boston, South Street Seaport in New York City and Red Bank, NJ. Nearby, Mercer County’s state-of-the-art new Criminal Courthouse is well underway. This modern, energy-efficient structure will breathe new life into the South Broad Street corridor, where new office space and restaurants are already popping up. In spring 2011, the TrentonMercer Airport is expected to welcome a new passenger service airline, Streamline LLC, to the region. This new airline will offer convenient air travel to several destination cities without the hassle of navigating a large international airport. In addition, Mercer County is conducting a comprehensive Airport Strategic Development Study to identify the best uses for the airport, including expansion, use of outlying property, possible terminal redevelopment. It will also address the future of the former Naval Air Warfare and GM properties. The Mercer County region also continues to outperform other areas of New Jersey in critical data points. On top of growth in industries such as educational and health services, professional and business services, and leisure and hospitality since 2003, the leading industries in the County through 2016 are projected to be professional, scientific and technical services, according to the N.J. Department of Labor. This impressive progress is projected to drive a 5.9 percent increase in the labor force in the next five years. Current trends indicate the economic base in Mercer County will be stable this year, which makes now an ideal time to look into investing in New Jersey’s Capital County. For more information about economic development in Mercer County, contact our Office of Economic Development and Sustainability at (609) 9896555 or visit our website at www.mercercounty.org. Brian M. Hughes is executive of Mercer County, NJ. ■
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Mid Atlantic Real Estate Journal — Economic Development — February 11 - 24, 2011 — Inside Back Cover E
County Executive Brian M. Hughes
• Redevelopment projects that define our downtowns • Mercer County Loan Fund: Business loans up to $125,000 • Business Resource Center for Employers • Services and seminars at the Small Business Development Center • One-Stop Career Center: Advice for employers and jobseekers
Board of Chosen Freeholders Ann M. Cannon Anthony P. Carabelli John A. Cimino Pasquale "Pat" Colavita Andrew Koontz Lucylle R.S. Walter Mercer County Office of Economic Development and Sustainability (609) 989-6555 • www.mercercounty.org
E Back Cover — February 11 - 24, 2011 — Economic Development — Mid
Atlantic Real Estate Journal
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