2-25-11 MAREJournal by Mid Atlantic Real Estate Journal

REAL ESTATE JOURNAL Vol. 23, Issue 4

February 25 - March 10, 2011

Inside: Sections

the most comprehensive source for commercial real estate news

Commercial Office Properties Spotlight Featuring NAI Global

Mid Atlantic .......................................................Section A DelMarVa .................................................................... 5-12A Shopping Centers ......................................... Section B Contractors, Owners & Managers featuring Safety and Security...................................... Section C Commercial Office Properties ................................. D

Spotlights / Features Auction Directory ........................................................ 4-A People on the Move....................................................14A Business Card Directory .........................................15A Calendar of Events......................................................16A

A special listing of all the office space transactions throughout 2010. Office Market Reports compiled by major companies, special pull out feature on NAI Global and it’s member firms.. ................................................................................... Section D

Columnists Scott C. Butler, Esq.. ......................................................2A

Index Advertisers Directory .................................................3A

Next Issue March 11, 2011 • Mid Atlantic • MBA NJ Conference • New Jersey featuring Northern New Jersey • Pennsylvania featuring Central PA • Parking Lot Maintenace & Sub/Contractors • Green Awareness 4 sections, 88 pages

DSW Plaza

DSW Plaza at Lake Grove has traded from Centro Properties to Prestige Properties, in a $48 million retail sale that will register as one of Long Island’s largest for 2010, announced Cushman & Wakefield, Inc. ..............................................................Section FC-B

A Inside Cover — February 25 - March 10, 2011 — Mid

Atlantic Real Estate Journal

The future in sight.

Insights for the future.

For over 77 years, Hess Energy has been providing commercial and industrial businesses with everything they need to move forward. We combine the electricity, fuel oil, natural gas and green energy solutions you need with the dedicated service and essential industry insights you want. How can Hess help your business? Find out at www.HessEnergy.com Call 1-800-HESS-USA (1-800-437-7872) or contact: Deborah O. Lenny Regional Sales Director dlenny@hess.com 856.778.7850 © 2011 Hess Corporation

Steven D. Sooby Regional Sales Director ssooby@hess.com 732.750.6499

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Mid Atlantic Real Estate Journal â&#x20AC;&#x201D; February 25 - March 10, 2011 â&#x20AC;&#x201D; A

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A — February 25 - March 10, 2011 — Mid

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Atlantic Real Estate Journal

Mid Atlantic Advertisers Directory

Accutech..................................................................... 2C Aldo Design Co.......................................................... 2C ARC Realty Trust................................................ IBC-B Auction Directory...................................................... 4A Aztec......................................................................BC-C Beacon Commercial RE............................................ 3D Billboard Directory................................................. 13A Bruce Coin..............................................................IC-D Building Security Services....................................... 7C Business Card Directory......................................... 15A C&C Security.......................................................... 13C Calkain Cos............................................................ IC-B CBC Bennett Williams.............................................. 7B Classic Props............................................................. 3A Cooper Roofing....................................................... IC-C Dranoff..................................................................... 11B Earth Engineering.................................................... 2B Expert Publishing................................................. BC-A Fameco................................................................. 3, 12B Fowler...................................................................... 13C Fred Coldwell................................................2A, IBC-C Gerber/Somma.......................................................... 1D Harvey Hanna & Associates................................ 6,12A Hawley Realty........................................................IC-D High Associates......................................................... 2D HillCrest Paving & Excavating................................ 2C Hirschler Fleisher..................................................... 5B IREM....................................................................... 15C Katz Properties..................................................... 1, 7B Kay Realty................................................................. 8B Lancore Engineering Consultants........................... 3B Legend Properties................................................... 11B M. Miller & Son......................................................... 3A Marcus & Millichap.............................................. 6, 9B Meislik & Meislik.................................................... 11B Metro Commercial.................................................. 11B NAI CIR.............................................................2B, 11D NAI DiLeo-Bram & Co............................................ 13D NAI Emory Hill......................................................... 7D NAI Fennelly........................................................... 16D NAI Geis Realty Group........................................... 15D NAI James E Hanson............................................. 12D NAI Keystone............................................................ 6D NAI KLNB................................................................. 7D NAI Pittsburgh........................................................ 10D NAI Summit.............................................................. 9D North Marq...............................................................11A Onorati Construction................................................ 4C Poskanzer Skott Architects...................................... 3C RD Mgmt............................................................ 14-15B REMCO Realty.......................................................... 8B Retail Brokerage Directory................................ 18-19B Retail Business Card Directory.............................. 16B ROCK Comm’l. RE.................................................... 4B Safeguard International........................................... 6C Shah Electric & Builder............................................ 3C Stylus Publishing.................................................IBC-A Subway Development............................................... 4B The Azarian Group................................................BC-B The Frederick Group........................................... IBC-D Welco Realty.............................................................. 5B

To advertise, call 1-800-584-1062

Real Estate Journal

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Mid Atlantic Real Estate Journal Publisher.............................................................................Linda Christman Co-Publisher..........................................................................Joe Christman

Associate Publisher............................................................Dianna Mallozzi

Associate Publisher............................................................. Elaine Fanning Senior Editor/Graphic Artist................................................. Karen Vachon

Office Manager....................................................................Joanne Gavaza Editorial Consultant.............................................................. Ben Summers

By Scott C. Butler, Esq.

“The use of Forbearance Agreements in the Current Economy”

ith the increasing number of commercial real estate loans in default, in many instances, the best exit strategy for a lender is to grant a defaulting borrower more time to work with the property to attempt to secure more leases, sell the property or find another lender or partner to provide financing and satisfy the defaulting loan. This is especially the case when the borrower is a reputable and qualified real estate developer and has a strong management and leasing team. In such a situation, the lender and the borrower should enter into a forbearance agreement, which grants the borrower an extension of time to cure any defaults and preserves the lender ’s rights and remedies under the loan documents. A forbearance agreement is an agreement between a lender and a borrower that obligates the lender to refrain from pursuing remedies for existing defaults under a loan for a certain period of time (called the “forbearance period”) in consideration for certain obligations by the borrower. During the forbearance period, the borrower is obligated to attempt to cure any existing defaults, satisfy other conditions to improve the

Guest Columnist.................................Scott C. Butler, Esq., 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 Postmaster send address change to: Mid Atlantic Real Estate Journal, P.O. Box 26, Accord, MA 02018 USPS #22-358 | Vol. 23 Issue 4 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

performance of the secured asset and, in some instances, sell the asset or secure a new loan or other financing so that the existing loan can be satisfied. Forbearance agreements can also include certain modifications to the loan changing the monthly payments, changing the interest rate, and providing for certain fees to be paid to the lender. A lender may attempt to have the borrower acknowledge certain facts related to the loan in a forbearance agreement, including the outstanding balance of the loan, specific defaults under the loan that have occurred, and that the representations and warranties that were made in the original loan agreements remain true and correct. In addition, a lender may attempt to cause the borrower to waive all defenses and claims (including

lender liability claims) that the borrower may have against the lender, as well as release the lender from all liability that the lender may have to the borrower related to the loan. As a borrower, it is important to try to restructure the loan to include terms that are more manageable in light of the income from the property and the current economy, while still providing an acceptable debt service and an acceptable rate of return to the lender. Also, it is important to limit the waivers of defenses and the release of the lender’s liability as much as possible so as to protect any claims that the borrower might have in the future. Scott C. Butler, Esq. is a principal in the Real Estate Business & Finance group of Kaplin Stewart in Blue Bell, PA. n

Cushman & Wakefield’s Rosenberg arranges 95,000 s/f lease EDISON, NJ — Verizon NJ has signed a 5-year lease extension at 600 Horizon Center Dr. Verizon leases the entire 95,000 s/f building and now will do so through 2017.

Verizon New Jersey, a unit of Verizon Communications, was represented in the lease transaction by Marc Rosenberg of Cushman & Wakefield. n This is a re-run of a January

28th release. The release ran with the incorrect headline. MAREJ takes full responsibility and apologizes to Marc Rosenberg of Cushman & Wakefield for the error.

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Mid Atlantic Real Estate Journal — February 25 - March 10, 2011 — A

Mid Atlantic Real Estate Journal Ferrell and Koeneke handle transaction

They wrote the policy.

NorthMarq Capital arranges $3.1 million mortgage in CO

We make sure they write the check.

olden, CO — Nancy Ferrell, senior vice president and managing director of NorthMarq Capital’s Baltimore Regional office and Steven Koeneke, senior vice president and managing director of NorthMarq Capital’s Denver Regional office, arranged a $3.1 million first mortgage for Building K in the Green Mountain Corporate Center located at 221 Corporate Circle in Golden, CO. Financing was based on a 10year term and a 25-year amortization schedule, and was arranged for the borrower, Green Mountain Corporate Center IV,

Cbre completes 8,200 s/f apartment/ office sale

M. MILLER & SON Public Adjusters

Since 1960

Building K in the Green Mountain Corporate Center LLC, by NorthMarq through its correspondent relationship with Symetra Financial. According to Koeneke, this 47,000 s/f flex building is lo-

1211 Liberty Ave., Hillside, NJ 07205 � Tel: 908-355-4800 adjuster@mmillerson.com � www.mmillerson.com

cated in the Green Mountain Corporate Center, an extremely successful office/warehouse park in Golden owned and developed by the borrower. n

Chestnut House HADDONFIELD, NJ — CB Richard Ellis Group, Inc. (CBRE) announced that it has arranged a sale of the Chestnut House, an iconic mixed use property containing 18 multifamily units and +/- 8,200 s/f of ground floor commercial space in a picturesque in-fill setting. “The Chestnut House was a once-in-a-lifetime opportunity to acquire a pride of ownership mixed use property in Haddonfield, New Jersey.” said Mark Duszak, senior associate for CBRE on the assignment. “A collaborative team effort of CBRE’s Multi-Housing and Private Client Groups was key in identifying the ideal buyer that would apply market value to both the multi-family and commercial portions of the property,” added Stephen Marzullo, senior vice president Marzullo of CBRE’s Philadelphia Metro Private Client Group and senior associate Mark Duszak of CBRE’s Philadelphia Multi-Housing Group led the sale of the asset. The team also included John McFadden, Robert Miller and Matthew Stefanski of CBRE’s Philadelphia Multi-Housing Group and Justin Marlowe of CBRE’s Philadelphia Metro Private Client Group. n

CLARKS SUMMIT, PAͲ 8 buildings, 42 units on 4.7 acres. Overlooks lake. 100% occupied. Built in 1997.

$4,650,000

DICKSON CITY,PAͲ 9000 Sq Ft turnͲkey restaurant & bar on 2 acres. 25,000 AADT. Adjacent to 100+ stores. Also for

MESHOPPEN, PAͲ 4500 Sq Ft Commercial building with 4 units & a single family home. High Visibility & parking lot on 2.7

lease. $2,500,000

acres. $2,900,000

MOOSIC, PAͲ Building & 31 acres adjacent to 81 Exit. Possibilities are endless.

BEAR CREEK, PAͲ 449 acres approved for subdivision. Private, 68 acre lake with

LACEYVILLE, PAͲ Two warehouses consisting of 5100 Sq Ft on 1.25 acres. High

SCRANTON, PAͲ 2 buildings consisting of 7000 Sq Ft. Heated garage and

$6,500,000

an island. $2,000,000

traffic location. $379,000

remodeled. $329,900

FOR SALE Dickson City, PAͲ Prime corner lot, highway access. $750,000 South Abington, PAͲ Prime storefront, parking. $515,000 Dunmore, PAͲ Restaurant & bar with apartment. $400,000 Scranton, PAͲ 7000 Sq Ft former automotive shop. $350,000 Carbondale, PAͲ 7 units. 1 storefront, 6 apartments. $285,000

FOR LEASE Clarks Summit, PAͲ Medical/Dental/Office building. $15/Sq Ft Moosic, PAͲ Glenmaura, Class A Office Space. $18.95/Sq Ft Scranton, PAͲ 25,000 Sq Ft Warehouse, will divide. $2.50/Sq Ft Chinchilla, PAͲ Store front on high traffic highway. $16/Sq Ft Peckville, PAͲ 2600 Sq Ft Office building, 2 floors. $12/Sq Ft

Steve Farrell, Broker/Owner 570Ͳ587Ͳ7000 x223 sfarrell@classicproperties.com classicproperties.com

A — February 25 - March 10, 2011 — Mid

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Mid Atlantic Real Estate Journal — DelMarVa Real Estate Journal — A

Five ground leased pad sites in Dover, Delaware

Taylor & Zang of Marcus & Millichap arrange sale of $6.032m Camden Town Ctr.

over, DE — Marcus & Millichap Real Estate Investment Services represented and sold five ground leased pad sites at Camden Town Center for its client, Camden Town Center, LLC, a Delaware based group of developers. The five ground leased pad sites at Camden Town Center include: • Applebee’s Neighborhood Bar & Grill, at 4110 South DuPont Highway, at the price of $1.257

million, which represents a 7.00% capitalization rate • Chick-fil-A, at 4044 South DuPont Hwy., at the price of $1.24 million, which represents a 6.25% capitalization rate • Dunkin’ Donuts, at 4080 South DuPont Highway, at the price of $930,000, which represents a 6.24% capitalization rate • Texas Roadhouse, at 4568 South DuPont Hwy., at the price of $1.535 million, which

February 25 - March 10, 2011

HI-LIGHTS Liberty Property Trust executes 54 leases in MD Liberty Property Trust, which owns and manages more than 3.1 million s/f of office, flex and industrial space in Maryland. See page 7A

Newmark Knight Frank negotiates 3,460 s/f lease Tesla Motors, maker of the Tesla Roadster has leased 3,460 s/f of retail space at 1050 K Street N.W. for its new showroom and service facility. See page 11A

ALSO INSIDE: Maryland Spotlight................................................ page 7A

DelMarVa People on the Move................................... 10A

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Camden Town Center represents a 7.52% capitalization rate • WSFS Bank, at 4566 South DuPont Hwy., at the price of $1.07 million, which represents a 6.62% capitalization rate.

Dean Zang and Mark Taylor, VPs investments in the firm’s Philadelphia office, represented the seller, Camden Town Center, LLC. Zang and Taylor also procured the buyers on the

Texas Roadhouse and Chickfil-A ground leased properties. John Osborn, of Patterson Woods & Associates assisted in the procurement of the buyer of the Chick-fil-A ground leased property. Thomas Gorman, Matthew Gorman and Michael Shover, of the Philadelphia office of Marcus & Millichap, represented the buyer of the Dunkin’ Donuts ground leased property; Kevin McCrann and Thomas McConnell, out of the NJ office of Marcus & Millichap represented the buyer of the Applebee’s ground leased property; and Jamie Medress and Mark Ruble of the Phoenix office of Marcus & Millichap, represented the buyer of the WSFS Bank ground leased property. n

Retail Division’s Gioffre brokers 6,600 s/f industrial lease

NAI Emory Hill’s Connor arranges 32,000 s/f lease in New Castle, DE New Castle, DE — Verizon Delaware, LLC has renewed its lease of 32,000 s/f of industrial space in Corporate Commons. The five year renewal, coordinated by Edd Connor of NAI Emory Hill, Edd Connor ensures that Verizon will retain a dispatch facility for its FIOS installation activities in New Castle County. Verizon first moved into the facility, located at 20 Corporate Circle, in 2006. Elite Cleaning, a residential and commercial janitorial service provider, has signed a five year lease for 6,600 s/f of industrial space at 14 Ashley Place in Wilmington. Pat Gioffre, agent with NAI Emory Hill’s Retail Division, represented both the landlord and tenant. The property, now fully leased, is currently listed for sale through Gioffre.

Corporate Commons Paul Bryant, principal, and was founded in 1992 to proDave Morrison, agent, both vide distribution and support with NAI Emory Hill repre- services for low volume indussented the landlord in the trial users of DuPont’s Teflon signing of a lease at 2 Penns finishes. Formerly located in Way in New Castle. Cashline the Delaware Industrial Park Inc, LLC secured just over off Route 72 in Newark, In1,200 s/f of office space. tech Services will move to the Intech Services, the US and Pencader Corporate Center Canadian distributor of Teflon in March of 2011. Dave Morcoatings for industrial applica- rison with NAI Emory Hill tions, has inked a 10 year lease represented the tenant. Paul in Pencader Corporate Center Bryant, principal with NAI to occupy nearly 11,500 s/f of Emory Hill, represented the office and flex space. Intech landlord. n

A — February 25 - March 10, 2011 — Mid

Atlantic Real Estate Journal

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Operating and Managing over 3 Million Square Feet of Industrial and Commercial Real Estate in the Mid Atlantic Region 910 Basin Road Creekwood Corporate Center Class A Office Space Available From 1,610 Sq. Ft. to 2,278 Sq. Ft.

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Limestone Shopping Center 43,889 Square Feet of Retail Space

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For more information: Phone (302) 323-9300 Fax (302) 323-4951 29 East Commons Boulevard, Suite 100, New Castle, Delaware 19720 RGI 05-05-08

DelMarVa Real Estate Journal Featuring Maryland

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Mid Atlantic Real Estate Journal — February 25 - March 10, 2011 — A

2010 also marked by five Energy Star certifications

Liberty Property Trust executes 54 leases in MD

On Sweetbay Dr. in Salisbury

SVN-Miller’s Hanna Team sells last listed Fountains Condo

OLUMBIA, MD — Liberty Property Trust, which owns and manages more than 3.1 million s/f of office, flex and industrial space in Maryland, announced that it executed 54 new, renewal and expansion lease agreements totaling 591,963 s/f of space in 2010. “During the last year we could feel the momentum beginning to build,” said Lisa Sullivan, vice president and city manager, Liberty Property Trust. “Our team worked together to find opportunities, and many new leases hinged on our being able to offer flexibility, strong customer service and quick transactions. “Tenants also continue to show that customer service and value are priorities in their real estate decisions, which is why we were pleased that more than half the agreements were renewals by existing tenants.” The year included several important milestones: • In May, Liberty received the award for “Flex Building of the Year” from the Maryland Chapter of the National Association of Industrial and Office Properties (NAIOP) for its Highpoint 100 Building in Hanover. • In October, Liberty was honored by BOMA (Building Owner’s and Manager’s Association) at its Maryland Chapter ’s “Building of the Year” ceremony. Two Liberty buildings – the newly renovated 10 North Park in Hunt Valley and the recently opened Highpoint 100 in Hanover – received Awards of Excellence for property management. • Also in October, Liberty announced that five of its class A office buildings had been honored with Environmental Protection Agency’s (EPA) ENERGY STAR designations for efficient energy use. The five

The Fountains Condominiums on Sweetbay Dr. SALISBURY, MD — The dominiums project totals apHanna Team of Sperry Van proximately 15,000 s/f and is Ness – Miller Commercial Real comprised of 10 units, approxiEstate have sold the final office mately 1,450 s/f each. suite at The Fountains CondoTenants now occupying space in The Fountains Condominiminiums on Sweetbay Dr. In 2010, the team marketed ums include: medical, insurseven units and sold the last ance, financial planner, propunit in early January. Built erty management office, hair in 2005, the Fountains Con- salon and others. n

Crossbeam Capital and Concierge Asset Management Merge

1501 Perryman Rd. buildings include 4 North Park Dr. (North Park Business Community) and 307 International Circle (Longview Business Center,) both in Hunt Valley, and 6220 and 6230 Old Dobbin Lane (Columbia Crossing) and 9755 Patuxent Woods Drive (Patuxent Woods Business Center) in Columbia. 54 Transactions Completed in 2010 Across the Corridor Liberty completed 20 new leasing agreements encompassing 305,877 s/f of space, including three leases in the newly renovated 4 North Park building (bringing occupancy

to above 95%) and two leases at its sister building, 10 North Park, also recently renovated. Twenty-nine renewals, two of which included expansions, accounted for 275,740 s/f of space. The largest renewal included 110,000 s/f of industrial space by Excel Corporation at 1501 Perryman Rd. in Aberdeen. Seven expansions completed the year, including two at Liberty’s flagship office building, 307 International Circle, where Penn Mutual and the accounting firm of Mister, Burton, Palmisano & French LLC added space. n

BETHESDA, MD — Crossbeam Capital LLC, an institutional real estate investment fund manager, has merged with Concierge Asset Management, LLC, a 40-year-old Houston-based investor, redeveloper and manager of apartment communities. The combined company, Crossbeam Holdings, LLC, will focus on acquiring multifamily communities throughout the U.S. and redeveloping them to institutional quality. The merger formalizes a partnership established in 2010 which acquired seven multifamily communities including closing five properties in December alone. “Crossbeam Capital and Concierge Asset Management were two successful, independently-run companies,” says Richard K. Devaney, formerly a principal and chief invest-

ment officer of Crossbeam Capital and now chairman and chief executive officer of the new company. “We were profitable and generating consistent returns for our investors. However, as we began working on acquisitions together, we recognized how compatible our two organizations were. “Crossbeam brings strong, seasoned investment management to the new venture with expertise in acquisitions, capital markets, asset management and investor relations,” added Devaney. “This, combined with Concierge’s four decades of experience in spotting emerging markets, identifying and acquiring value opportunities, then repositioning and managing those assets, gives us a significant edge, we believe, in this extremely competitive multifamily marketplace.” n

Colliers International expands into Maryland with addition of Hearn Burkley, HQs in Columbia BALTIMORE, MD — Colliers International, one of the largest commercial real estate companies in the world, added Hearn Burkley, a full-service commercial real estate compa-

ny headquartered in Columbia, with offices in Lutherville, and Washington, D.C. Rebranded and operating as Colliers International, the firm joins an organization of

15,000 employees operating out of more than 480 offices in 61 countries with operating revenues of nearly $2 billion. “Aligning with Colliers International is the next logical

step in our firm’s growth,” said Timothy Hearn, CEO and principal of Colliers InternationalBaltimore Region and former CEO of Hearn Burkley. “Last year’s acquisition of Corridor

Reznick and our continuing investment in the business ideally positions us to become an important contributor to Colliers International on a local, regional and national level.” n

A — February 25 - March 10, 2011 — Mid

Atlantic Real Estate Journal

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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 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 Ofce 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

FEBRUARY

MARCH

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

MAY

JUNE

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 Proles/Retail Organizations Contractors, Owners & Managers: Bldg. Facilities Maintenance Spotlight: Mid Year Review

ROP — Run of the Paper is the rst section in each issue. This covers news for all ve 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

Haftek CWS

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Mid Atlantic Real Estate Journal — February 25 - March 10, 2011 — A

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10A — February 25 - March 10, 2011 — Mid

Atlantic Real Estate Journal

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DelMarVa People on the Move Of Newmark Knight Frank

HHA names Ken Parker broker of the year — 2010

ew C astle , D E — Harvey, Hanna & Associates, Inc. (HHA) announced that Ken Parker of Newmark K n i g h t Frank has been selected as its “2010 Broker of the Ken Parker Year.” In the midst of a challenging real estate market, Parker successfully negotiated the lease for Tri-Starr Management Services, Inc. (TMSi), to lease 98,159 s/f of warehouse space at the Twin Spans Business Park

in New Castle, Delaware. Parker brings versatility and experience to the Newmark Knight Frank (NKF) family. With his educational background in industrial and systems engineering from the Georgia Institute of Technology (Georgia Tech), coupled with his 15+ years experience in global warehouse operations, Parker enjoys his relatively new career as a real estate broker. Parker is specifically experienced in warehouse design, operations, and functionality – thereby adding value to many NKF clients and prospects. NKF provides client-focused real estate advisory services through

world-class intellectual capital and resources across the globe. “Ken impressively leveraged his warehouse operations expertise to reduce the cycle time in putting this deal together,” said Thomas J. Hanna, vice president, HHA. In recognition of Parker’s achievement, HHA will donate $3,000 in the name of Newmark Knight Frank to The Delaware KIDS (Kids In Distressed Situations) Fund. This charitable fund was established by HHA to support a wide array of causes for local youth, including support for hunger, shelter, and tuition scholarships. n

Long & Foster companies organize sales rally CHANTILLY, VA — Several Long & Foster companies teamed up to host a rally and team-building event that benefitted the Boys & Girls Club of Atlantic City, NJ. Teams of employees from Long & Foster Settlement Services, Prosperity Mortgage, Long & Foster Insurance and Home Service Connections came together for a sales rally and team-building scavenger hunt across Atlantic City. As the teams completed various challenges, they earned all of the pieces necessary to build a child’s bicycle. Once all teams completed their mission to obtain the parts to build a bike, the completed projects—30 bikes in all—were donated to the Boys & Girls Club. “We were very excited about the opportunity to work with The Boys & Girls Club of Atlantic City to provide bikes to under-privileged kids,” says Mike Maddiex, president of Long & Foster Settlement Services. In addition to making the bike donation to local children, organizers aimed to create an event designed to

foster additional cooperation and synergy among Long & Foster’s affiliate companies as they work together to benefit the Long & Foster Real Estate sales associates they serve. “We were also excited to get our groups together for this event,” continues Maddiex. “Team building and idea sharing on how to put the best service team together for Long & Foster agents is on the forefront of our agenda in 2011. This was an all-around great event.” “We were able to achieve two important things by participating in this event,” adds Tim Wilson, president of affiliated business for Long & Foster. “We worked together as a team rather than representatives from each of the separate affiliate companies, and we were able to construct and donate a bike for a boy or girl who really needs one. The energy at this event was infectious.” Long & Foster announced that the company has launched a wireless internet service called OPENLink. This service will provide wireless internet connection at Long

& Foster offices at no charge for customers and sales associates. Long & Foster’s development of OPENLink reflects the company’s commitment to constantly providing the latest products, services and technology for sales associates and customers. OPENLink compliments the company’s iPhone, iPad and soon-to-be-released Droid apps, and empowers agents and customers to be seamlessly connected in any office, on any platform, ensuring an enhanced real estate experience. “We know that the bestequipped and best-trained agents in the market will serve as the best real estate advisors to consumers,” explains Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “Leveraging technology to make sure consumers have the information they need to make informed buying and selling decisions with confidence is just one of many ways Long & Foster positions itself as the brokerage of choice in the Mid-Atlantic region.” n

Streetsense welcomes Green Light Retail Real Estate Services Bethesda, MD — Streetsense, an integrated brokerage, design, development, and marketing company specializing in retail and real estate, welcomes Green Light Retail Real Estate Services to its retail strategy/brokerage team. The firm joins Streetsense after a decade of excellence and achievement in the world of retail brokerage. Green Light

Retail, based in Bethesda was founded in 2000 and has represented several national retail tenants in the DC market, including: Macy’s, Sears, Off Broadway Shoes, and Forman Mills. The firm has been involved in the largest retail transaction of the year for two out of the last ten, and is a founding member of the X-Team international retail partnership. Streetsense

principals identified Green Light as an excellent addition to their team, and the firm’s founder Peter Framson agrees that the union makes perfect sense. In his words, “joining my company with the forward-thinking and creative Streetsense group is the best possible business decision for my clients.” Green Light will now be recognized under the Streetsense flag. n

In Fredericksburg, VA office

Thalhimer welcomes Christian Waller FREDERICKSBURG, VA — Cushman & Wakefield | Thalhimer announced Christian (“Chris”) G. Waller has joined their team of leaders in the Fredericksburg office. Prior to joining Thal- Christian Waller himer, Waller was a senior vice president and project manager with The Garrett Companies in Stafford and continues to be a partner in several of its partnerships. Beginning his real estate career in 1986, Waller has been employed by The J.E. Robert Companies, FSLIC, FDIC, RTC, Bluebonnet Sav-

ings Bank and the Colorado Companies, in which he also continues to be a partner, positions which have provided him with a highly diverse real estate and lending background. Waller is a native of Virginia and attended Florida State University, where he received an MBA with a specialty in finance and a Bachelor of Science in Geology/Geophysics. Waller offers his clients the perspective of a real estate investor, developer, manager, lender, financial analyst and appraiser in assisting them to identify, acquire, lease and/or sell income-producing properties and land, with specialties in office sales and leasing, multifamily sales, and large-scale land assemblages. n

Washington, DC — Cassidy Turley hired Joan Malkowski as vice president and general manager of Reston Town Center. Malkowski will be responsible for the coordination of leasing, marketing, budgeting, public and community relations, and the day to day property management operations for the mixed-use project. Reston Town Center, owned through an affiliate entity of Beacon Capital Partners, is located in Reston, VA, and contains 235,000 s/f of retail, 525,000 s/f of office space, and common areas, including a pavilion. It serves as host to many community events throughout the year, including charity walks, food and wine festivals, and outdoor concerts. “We are very pleased to add a professional of Joan’s caliber to lead our Property Management team at Reston Town Center,” commented William Grillo, senior managing director of Cassidy Turley. “Joan’s expertise in managing complex properties and the teams that keep them running smoothly, will help ensure that we continue to provide first-class service to our clients,” he added. Malkowski brings more than 25 years of institutional management experience to Cassidy Turley. Most recently, she was at Jones Lang LaSalle as VP and general manager of historic Union Station in Washington, DC, a 712,000 s/f mixed-use project, which includes Amtrak’s corporate

headquarters. Prior to this, she was general manager of Independence Center, a 1.1 million s/f regional shopping center located in Independence, Missouri. Malkowski has a real estate license in Washington, DC and VA. She is a member of the International Council of Shopping Centers and Women in Retail Real Estate. Malkowski previously held a position as Secretary of the Board of Directors for the Capitol Hill Business Improvement District in Washington, DC. In other news, Benjamin Comm, managing director of Cassidy Turley, was installed as 2011 President of the Apartment and Office Building Association of Metropolitan Washington (AOBA). Comm and his fellow 2011 AOBA Board of Directors and Advisory Council were introduced at the organization’s Annual Meeting on January 28, 2011. In discussing AOBA’s priorities for the year, Comm said, “We will continue our critical focus on effective advocacy and helping our members meet their sustainability goals – with an eye toward reasonable, smart green policies. We will also maintain our focus on education, including offering programs on energy efficiency and LEED. To help strengthen the Association’s future, we are excited to support our new Rising Leaders Network, and I will be encouraging members to get their talented staff engaged in AOBA programs during the year. n

Malkowski joins Cassidy Turley as VP & General Mgr.

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Mid Atlantic Real Estate Journal — February 25 - March 10, 2011 — 11A

delMARVA ReAl estAte JouRnAl KLNB represented the landlord

Newmark Knight Frank negotiates , 60 s/f lease

ASHINGTON, D.C. — Tesla Motors, maker of the Tesla Roadster has leased 3,460 s/f of retail space at 1050 K Street N.W. for its new showroom and service facility. Lisa Benjamin and Barry Wright of Newmark Knight Frank negotiated the deal for Tesla’s first location in the D.C. area. KLNB represented the landlord, a partnership between The Lenkin Companies and The Tower Companies. “Our choice of 1050 K Street reflects the importance of displaying Tesla’s high-performance electric vehicles in the only LEED Gold-certified property in the city,” said Benjamin, a principal with Newmark Knight Frank. “1050 K is a boutique class A building, and home to many government affairs offices and large corporations. Tesla’s location near the Capitol and the White House gives the company great exposure.” In a separate transaction, The Sierra Club has signed a new lease for 27,238 s/f at 50 F Street, NW. Newmark Knight Frank managing principals Bill Zonghetti and Larry Bank represented Sierra Club. n

The Mid Atlantic Real Estate Journal welcomes all editorial dealing with the

commercial/industrial real estate industry • • • •

Brokered transactions New services or products Projects completed or underway Expert articles

312 Market St., Rockland, MA 02370

E-Mail: editor@marejournal.com Website: www.Mid Atlanticjournal.com Call: 1-800-584-1062/781-871-5298 | Fax: 781-871-5299 1050 K Street N.W.

Success is a done deal.

FREDERICK COUNTY, MD — McShea & Company, Inc. represented the landlord, Ausherman Development Corporation, in the leasing of 24,746 s/f to US Pharmacopeia at 7135 English Muffin Way. Rusty McCabe and Brad Benna are the McShea brokers who handled this transaction. n

BALTIMORE, MD — Cushman & Wakefield today announced that Cohen & Dwin, P.A. has signed a long-term lease for 5,000 s/f at 9505 Reisterstown Rd. Kara Parker, leasing agent with C&W, represented Cohen & Dwin in this transaction. Richard Fradkin of Grubb & Ellis represented the landlord, Atman Properties. n

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

Twin Spans Business Park, City of New Castle, DE

Delaware River Industrial Park

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

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

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

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

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Mid Atlantic Real Estate Journal — February 25 - March 10, 2011 — 1 A

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14A — February 25 - March 10, 2011 — Mid

Atlantic Real Estate Journal

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People on the Move To Women in the Law Committee

Principals in Southern NJ and Delaware

Colliers Int’l. appoints Isdaner, Wolf and Chubb

hiladelphia, PA — Colliers International | Philadelphia announced the addition of three new principals to the organization in 2011. The newly appointed principals include: Marc Isdaner (Industrial - Southern New Jersey), Jason Wolf (Office - Southern New Jersey) and Mark Chubb (Industrial – Delaware). Marc Isdaner, SVP joined Colliers in 1993 after the real estate firm for which he worked, Rosenfeld, Inc., was acquired by Colliers. Marc specializes in the leasing and sale/acquisition of commercial and industrial properties in Southern New Jersey. Marc manages the Mount Laurel office and is also the Colliers manager for the Philadelphia region. Marc has consistently been recognized by CoStar as one of the region’s top 20

Marc Isdaner

Jason Wolf

industrial leasing brokers. Jason Wolf, SVP joined Colliers in 1995. He specializes in the sale and leasing of office properties in Atlantic, Burlington, Camden, Cumberland, and Gloucester Counties in Southern New Jersey. Since 2000, Jason has been the recipient of the award for the Most Colliers Multi-City Assignments originated in the Philadelphia region. Mark Chubb, SVP joined Colliers in 2002 and is based in

Mark Chubb

Colliers’ Wilmington, DE office. He specializes in the sale and leasing of industrial properties located throughout Delaware, Northern Maryland, Southern New Jersey and Pennsylvania. He has represented numerous companies on national search assignments. Mark is on the steering committee of Colliers International’s Multimodal Service Group, which delivers focused real estate solutions to today’s shipping and transportation community. n

Calkain Companies launches upgraded website R eston , VA — Calkain Companies, a national real estate investment brokerage firm, launched a new website Jonathan Hipp enhancing its commercial real estate invest-

ment services by introducing new resources for its clients. Highlighted by its new divisions, professionals, net lease library, press releases, forms/ documents and up-to-date research, Calkain provides the industry’s best combination of data and services - enhancing its status as the premier net lease investment firm.

Jonathan Hipp, president and CEO, said, “Our website is continually a work in a progress and there are almost daily enhancements to its content. However, we felt that a drastically different approach to all of the content Calkain provides was warranted given the feedback we have received from our clients.” n

Houlihan-Parnes Realtors celebrates 120th year White Plains, NY — Houlihan-Parnes Realtors celebrates their 120th year anniversary. Houlihan – Parnes and its affiliates, headquartered in White Plains currently employs real estate professionals including: sales and mortgage brokers, servicing personnel, property managers, leasing, construction, and technology experts, fiscal accountants, and support personnel. The firm was founded by Daniel Houlihan, from County Kerry, Ireland who arrived in the USA in 1874. Starting in the construction business, Dan opened his own real estate business in 1891 as he began buying and selling building lots and then building on these sites in Manhattan and in the Bronx. The firm was located in the Bronx from 1891 to 1973 until it moved to Westchester Cty. A second generation of Houlihans lead by James A. Houlihan ex-

panded into many phases of the real estate business. The third generation joined the business in 1955. James A. Houlihan’s son, James G. Houlihan and his brother Joe’s son, Daniel J. Houlihan assumed leadership positions. A good friend and client, Howard Parnes, became a partner in 1967 and helped propel the firm to many new successes. A renewed emphasis was placed on acquisitions and ownership. In 1973, James J. Houlihan,

became the first member of the fourth generation of young Houlihans to enter the business and became a partner in the firm in 1987. Currently Jim Coleman, Houlihan’s brotherin-law, is a partner of Metro Property Group and Jerry Houlihan is a sales broker /agent. Recently a generation has been represented by Christie Houlihan, currently completing her final year at Fordham Law School and her sister Kelly Houlihan, who has worked for the last three years at the firm before starting studies for her Master’s Degree from New York University Shack Institute in Real Estate this January. The company has expanded by an aggressive acquisition strategy and by adding and supplementing a number of affiliated real estate service companies including GHP Office Realty, Metro Property Group, Coolidge Equities, HP Capital, and Q10 New York Realty Advisors. n

NJ Defense Association appoints Greenbaum’s Vos NEW JERSEY — Joanne Vos, a lawyer in the Real Estate Department at Greenb a u m , R o w e , Smith & Davis, LLP, was appointed by the New Jersey Defense Association to Joanne Vos 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. 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. She is a graduate of Montclair State University and received her law degree from Seton Hall University School of Law. In other news, Barry S. GoodBarry Goodman man, chair of the Real Estate Brokerage Practice Group at Greenbaum, Rowe, Smith & Davis LLP, and General Counsel to the NJ Association of Realtors, is the author of the book, 2011 New Jersey Real Estate Brokerage Law. The book is a legal treatise for lawyers, real estate brokers and consumers, and will be annually updated. The book can be ordered online at lawcatalog.com. Goodman concentrates his practice in real estate and real estate brokerage issues, as well as antitrust suits, corporate shareholders’ and partnership disputes, and municipal law. Several of Goodman’s cases have resulted in published opinions that set precedents. In addition to chairing the Real Estate Brokerage Group, Goodman is also a member of the Litigation Department, the Construction Law Group and the Community Association Group. Goodman received his B.A. cum laude from Rutgers College and his Juris Doctor from Rutgers University School of Law, Newark. In 2010, he was honored by receiving the Middlesex County Bar Association Lawyer of the Year Achievement Award. Goodman resides with his wife in Tewksbury, NJ. n

SNJDC Board of Trustees elects DuBois Turnersville, NJ— South Jersey Gas senior VP and COO Jeffrey E. DuBois was elected chairman of the Southern New Jersey Development Council’s Board of Trustees. “I’m very excited to begin this new role with the Council,” said DuBois. “As a longstanding member, our organization has greatly valued our relationship with SNJDC. My goal as chairman is to provide a clear strategic direction, with a strong focus on promoting economic development throughout the region.” In addition to DuBois, other members elected to serve two-

year terms include: Thomas Geisel, CEO of Sun National Bank, vice-chair; Lisa Morina, executive director of Gloucester County’s Department of Economic Development, corporate secretary; and John Maier, South Jersey Port Corporation, Treasurer. “Jeff DuBois was the obvious choice to lead the Development Council into its 60th year,” said Marlene Asselta, pPresident of SNJDC. “His proven leadership ability will be instrumental in expanding SNJDC’s role as the most effective economic development organization in the region.” n

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16A — February 25 - March 10, 2011 — Mid

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Commercial Real Estate Organizations’

Events Calendar FEBRUARY 25 – NJAA Event: Marketing to Generation X & Y Time: 9:00 AM – 12 Noon Location: NJAA Headquarters Address/City: 104 Interchange Plaza, Monroe Twp., NJ Cost: Members Free/$75 Nonmembers P: 732-992-0600 www.njaa.com FEBRUARY 25-26 – NJRA RTI Event: Excel-Based Project Finance Course (Advanced) Time: 8:30 AM – 4:00 PM Location: NJ Institute of Technology (NJIT) Address/City: Newark, NJ Cost: $199 P: 609-292-0031 Email: njrarti@njra.us www.njra.us MARCH 2 – DVGBC Event: Region on the Rise: Exploring the Value of Green Building Time: 8:00 AM – 10:30 AM Location: Lincoln Financial Field-SCA Club Lounge Address/City: One Lincoln Financial Way, Philadelphia, PA Cost: $45 Members $80 Nonmembers P: 215-790-3675 Email: rwarburton@greaterphilachamber.com www.dvgbc.org MARCH 2 – SMPS DC Event: Lunch Program: Local Government Agencies-Project Opportunities & Procurement Insights Time: 11:30 AM – 1:30 PM Location: Clyde’s of Gallery Place Address/City: 707 7th St., NW, Washington, DC Cost: $65 Members $90 Nonmembers P: 703-349-6001 www.smpsdc.org MARCH 3 – BOMA PITTSBURGH Event: Luncheon MeetingAlleghany County Sustainability Time: 11:30 AM Location: Doubletree Hotel Cost: $30 P: 412-261-2328 Email: bomabarb@aol.com www.bomapittsburgh.org MARCH 3 – USGBC NJ Event: Tri-County Sustainable Communities Forum Time: 7:00 PM – 9:00 PM Location: Camden County College Address/City: Madison Connector Bldg, Blackwood, NJ P: 609-238-3449 Email: lori.braunstein@sustainablecherryhill.org www.usgbcnj.org

CCIM

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MARCH 3 – ULI RICHMOND Event: Foundations of Real Estate Finance and Excel Modeling Time: 8:30 AM Location: Williams Mullen Address/City: 200 S. 10th St., Ste. 1600, Richmond, VA Cost: $190 Members $275 General Public P: 800-321-5011 Email: acondlin@williamsmullen.com MARCH 3 – CORENET NJ Event: “Cocktails & Conversation” Networking Time: 6:00 PM – 8:00 PM Location: Greenbrook Executive Center, Lobby Address/City: 100 Passaic Ave., Fairfield, NJ Cost: $20.11 Online/$25 at the Door P: 732-923-9433 Email: lbeal@scheinmedia.com www.corenetnj.org MARCH 3 – ICSC Event: New Jersey Alliance Program Time: 8:00 AM Location: Hilton Woodbridge Address/City: 120 Wood Ave, South, Iselin, NJ Cost: $40 Members $55 Nonmembers P: 646-728-3691 Email: torlando@icsc.org www.icsc.org MARCH 4 – ULI PHILADELPHIA Event: Breakfast: Transforming Dilworth Plaza Time: 8:00 AM Location: The Graham Building Address/City: One West Penn Square, 16th Fl, Philadelphia, PA P: 800-321-5011 www.philadelphia.uli.org MARCH 4 – USGBC NJ Event: 2011 Redevelopment Forum Location: Hyatt Hotel & Conference Center Address/City: New Brunswick, NJ P: 609-393-0008 Email: dfatton@njfuture.org www.usgbcnj.org MARCH 4 – NAIOP NJ Event: Annual Public Policy Symposium Time: 8:15 AM Location: The Heldrich Address/City: New Brunswick, NJ P: 732-729-9900 www.naiopnj.org MARCH 4 – ABC EPA Event: Lehigh Valley Legislative Breakfast Time: 9:00 AM Location: Starlite Café Diner Address/City: 233 N. Rte 100, Allentown, PA Cost: Free Email: rkelsh@abceastpa.org www.abceastpa.org

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www.poanj.org

ABC

(Associated Builders & Contractors)

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Mid Atlantic Real Estate Journal — February 25 - March 10, 2011 — Inside Back Cover A

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

251,222 s/f DSW Plaza at Lake Grove, New York

Cushman & Wakefield’s Metropolitan Area Capital Markets Group arranges $48 million sale

ONG ISLAND, NY — DSW Plaza at Lake Grove has traded from Centro Properties to Prestige Properties, in a $48 million retail sale that will register as one of Long Island’s largest for 2010, announced Cushman & Wakefield, Inc. The commercial real estate services firm’s Metropolitan Area Capital Markets Group, based in East Rutherford, NJ, orchestrated the transaction. Prestige Prop-

erties is a Manhattan-based real estate developer, property manager and investor of retail properties focusing in the Northeast and Mid-Atlantic markets. DSW Plaza is a fully leased, community shopping center totaling 251,222 s/f. “Retail investment opportunities have been scarce throughout the tri-state area this year, and even more so on Long Island,” said Cushman

DSW Plaza

& Wakefield’s Gary Gabriel, who handled the sale with team members Andrew Merin, David Bernhaut and Jared Zimmel. “That being the case, this property’s fantastic location made it a very compelling purchase. We received a significant number of offers from both public companies and private investors. Prestige Properties ultimately distinguished itself among the pack.” ■

Also brokers five new leases throughout New Jersey

FEBRUARY 25 - MARCH 10, 2011

HI-LIGHTS Marcus & Millichap arrange sale of $1.73m PNC Bank Marcus & Millichap Real Estate Investment Services has arranged the sale of a PNC Bank branch office located at the “Y” intersection of Library Rd . and Churchill Rd. See page 2B.

Parsippany-based H2M Group conducts remediation Inserra Supermarkets’ redevelopment plans for a 7.6acre underutilized site in the heart of Wyckoff, which has been vacant for more than 10 years, are progressing. See page 3B.

ALSO INSIDE: TOP RETAIL DEALS OF 2010 SPOTLIGHT.................................. 5-13B RETAIL BUSINESS CARD DIRECTORY ............................................16B RETAIL BROKERAGE DIRECTORY ............................................ 18-19B ICSC ORGANIZATION PAGE .........................................................20B Section B, 24 pages

MAREjournal.com

The Goldstein Group brokers $2.775m sale of Entenmann’s Facility in Edison, NJ EDISION, NJ — The Goldstein Group brokered the sale of the former Entenmann’s distribution and retail bakery facility at 2120 Lincoln Hwy. Lew Finkelstein, vice president and CJ Huter, sales associate marketed this property and procure the buyer. The purchase price was $2.775 million. The seller Orograin Bakeries Sales was represented by Nixon Peabody. I n o t h e r n e w s Ve r i z o n Wireless signed a lease for 2,000 s/f at 422 Rte. 22 West, Whitehouse Station. Matt Flath, sales associate, handled the transaction for Winfield Mgmt., the owner.

2120 Lincoln Hwy. Verizon Wireless also leased Dunkin’ Donuts renewed a 1,650 s/f unit at Carlstadt the lease for 1,600 s/f at 12Gardens, Carlstadt. Finkel- 18 River Rd. in Fair Lawn. stein represented both the Donald Goldstein, exec. VP tenant and the landlord, Carl- represented the tenant and stadt Gardens. the landlord, Lawrence Rota. The Little Gym leased 3,900 Babyland signed a lease for s/f at The Promenade At Sum- 1,800 s/f at 382 Millburn Ave., mit, Summit. The team of Millburn. Curtis Nassau, sales Huter and Chuck Lanyard, associate and Lanyard reprepresident represented D.P. sented both the tenant and the Morris Associates, the land- landlord, 382 Millburn Avenue lord. Assoc. ■

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Mid Atlantic Real Estate Journal — Shopping Centers — February 25 - March 10, 2011 — 1B

2B â&#x20AC;&#x201D; February 25 - March 10, 2011 â&#x20AC;&#x201D; Shopping Centers â&#x20AC;&#x201D; Mid

Atlantic Real Estate Journal

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SHOPPING CENTERS

Central PA Vacant Mixed Use Land For Sale The Center At Rocky Meadows Allen Road at Exit 44 of I-81, Carlisle, PA p .JYFE VTF IPUFM SFUBJM PGĂ&#x2122;DF BOE CVTJOFTT QBSL EFWFMPQNFOU p 4USPOH EFNPHSBQIJDT access to I- 81 and MPDBM DPNNVOJUZ NBLF UIJT QSPKFDU B XJOOFS p -PUT GSPN BDSFT

Dan Alderman 717 761 5070 ext 132 dalderman@naicir.com www.naicir.com

Mark Taylor and Dean Zang represent seller

Marcus & Millichap arrange sale of $1.73m PNC Bank

ETHEL PARK, PA â&#x20AC;&#x201D; Marcus & Millichap Real Estate Investment Services has arranged the sale of a PNC Bank branch office. PNC Bank has occupied this branch office located at the â&#x20AC;&#x153;Yâ&#x20AC;? intersection of Library Road and Churchill Rd. The sale closed on December 30, 2010 at the sales price of $1.73 million, which represents a 6.94 percent capitalization rate on current income. The seller, Scott Morf 3, LLC, was represented by Mark Taylor and Dean Zang, each a vice president investments, in the Philadelphia office of Marcus & Millichap. The buyers, Rainer Paul, LLC and Fiorenza Paul,

PNC Bank branch LLC, were procured by Glen Kunofsky, senior vice president investments, of the New York office of Marcus & Millichap. â&#x20AC;&#x153;As a clear indication of the tenantâ&#x20AC;&#x2122;s long term commitment to the town and a testament to the strength of this particular location, PNC Bank most recently agreed to a new fifteen year absolute net lease with structured rent increases every five years,â&#x20AC;? stated Zang.

â&#x20AC;&#x153;After reviewing several bank investment properties the purchaser was drawn to this PNC Bank branch, because of the large deposits and the tenantâ&#x20AC;&#x2122;s dedication to this location since 1976,â&#x20AC;? said Wachtler. â&#x2013;

Shopping Centers Real Estate Journal a section of the

Mid Atlantic Real Estate Journal P.O. Box 26, Accord, MA 02018 781-871-5298 â&#x20AC;˘ 800-584-1062 fax 781-871-5299

MAREjournal.com

Remco Realty Grp. facilitates 6,380 s/f lease

Breaking New Ground

TOMS RIVER, NJ â&#x20AC;&#x201D; Remco Realty Group has completed a long term lease of 6,380 s/f at 1770 Hooper Ave. (shown right) with Strauss Auto. Although transaction volume is not where it was in the boom of 2005 to 2007, business is picking up in general, and deals are getting done faster than they were in 2009 and 2010. If you have a well positioned piece of Real Estate along with a realistic owner

Associate Publisher Elaine Fanning efanning@MAREJournal.com

and prospect, the deal will happen said Remco president, Peter Gallicchio, who represented the owner as marketing agent, as well as Strauss Auto in this deal. â&#x2013;

Section Editor Karen Vachon editor@marejournal.com

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Mid Atlantic Real Estate Journal — Shopping Centers — February 25 - March 10, 2011 — 3B

SHOPPING CENTERS H2M Group conducting remediation

Thomas Ashbahian designs 62,174 s/f ShopRite in NJ YCKOFF, NJ — Inserra Supermarkets’ redevelopment plans for a 7.6-acre underutilized site in the heart of Wyckoff, which has been vacant for more than 10 years, are progressing. The Mahwah based supermarket chain plans to raze an uninhabitable 53,000 s/f building to develop a modern, customerfriendly 62,174 s/f ShopRite within the Township’s central business district. Architectural plans were unanimously approved by the Wyckoff Design Review Board and refined based on feedback from the Township Planning Board. The development team also has introduced site plans and environmental testimony. “The architectural character and the visual aesthetics of the new building will compliment the Shopping District. Wyckoff is a unique community that affords residents a variety of places to live, work, shop and enjoy leisure activities within their own neighborhood,” said Thomas Ashbahian, project architect and a 23-year resident of Wyckoff. The proposed building, at the intersection of Greenwood and Wyckoff avenues, reflects the historic character and architecture of the surrounding neighborhood. Features include the addition of architectural gables to the front façade, primarily facing Greenwood Avenue. This detail also repeats on the West Main Street façade in lieu of the previously proposed clock towers. Each gable is highlighted by horizontal solid siding and roof shingle, typically used in residential designs, to complement the two-tone red-brick exterior façade. Brick quoins also have been incorporated at each corner of the building to invoke a more traditional architectural motif. Currently, the site is undergoing a NJ State Department of Environmental Protectionapproved remediation being conducted by Parsippany-based H2M Group Inc. Measures have included the implementation of soil vapor extraction and in-situ chemical oxidation technologies, which is nearing completion. The redevelopment and environmental program will restore the unproductive parcel to its previously defined supermarket use. In addition to being vacant for an extended period of time, the structure and its existing

LANDCORE • Land Development Design • Permiƫng • Project Management PHILADELPHIA METRO OFFICE: 8614 Montgomery Avenue, Wyndmoor, PA 19038 215-836-2510 LANCASTER OFFICE: 1853 William Penn Way, P.O. Box 10368 Lancaster, PA 17605-0368 717-672-0614

ShopRite 431 parking spaces have a significant green-space deficit that is being addressed by the redevelopment. Before the A&P, Stop & Shop occupied the building when the Township boasted several supermarkets, including Grand Union at Boulder Run, Kings on Clinton Avenue and Foodtown at Cedar Hill Avenue. Today, the Township

only has one supermarket. “The proposed ShopRite will fill a significant gap by offering Wyckoff residents a new choice for shopping with competitively priced groceries as well as nonfood items,” said James Jaworski, Esq., who is representing Inserra Supermarkets in its application before the Township Planning Board. ■

New Jersey OFFICE: 100 Overlook Center, Suite 200 Princeton, NJ 08540 609-920-0268

LANDCOREconsulƟng.com

4B — February 25 - March 10, 2011 — Shopping Centers — Mid

Atlantic Real Estate Journal

SHOPPING CENTERS

Landlord Representation Gateway Hanover SC

Subway signs lease extension at Colonial Square SC

Five Below, Five Guys, Hobby Lobby, PetSmart, Ross, Rue 21, Shoe Carnival, and Target

Taylor Long Properties signs 50,029 s/f lease in VA

Tenant Representation ● ● ● ● ●

CVS Fresh Farms Cafe Holiday Inn Express Patient First Royal Farms

C-town Grocery La Casa de Tapas Lotus Moon Yoga Liquid Hero Brewery Stage Deli

Ryan A. Myers, CCIM ● Larry O’Brien, Benjamin M. Chiaro, CCIM PA ● MD ● WV 717-854-5357

www.rockrealestate.net

HESTERFIELD, VA — Taylor Long Properties announced the signing of a ten-year lease between EDCO, LLC and Dick’s Sporting Goods, Inc. for approximately 50,029 s/f of Anchor Space at Hancock Village Shopping Center, located at 14501 Hancock Village St. Ellen Long represented the landlord. Taylor Long Properties signed a one-year lease extension with Highwoods Realty Limited Partnership, for approximately 1,422 s/f of space located in the North Park Building at 4701 Cox Road, Suite 108 in Glen Allen. Long represented the

Urban Retail ● ● ● ● ●

MAREjournal.com

CCIM

Hancock Village SC tenant. Subway signed a one-year lease extension for approximately 1,010 s/f of space at the Colonial Square Shopping

Locations Wanted Consistently Ranked #1 Franchise 45+ Year Track Record

610-366-8120 x 24, Cheryl Green green_c@sdepa.com 610-768-8990, Rawley Shelton rawleyshelton@gmail.com

realestate.subway.com www.subway.com

Center in Colonial Heights. Janice Logue represented the landlord, Colonial Square Associates, LLC. ■

Azarian Group’s Pine Brook Plaza receives site plan approval in NJ

Pine Brook Plaza PINE BROOK, NJ — John Azarian of The Azarian Group, L.L.C. announced that the Pine Brook Plaza, located at 6 Rte. 46 West, has received Montville To w n s h i p Planning Board site plan approvals for a John Azarian complete renovation of the shopping center. Work on the shopping center will include: new lighting, facade re-facing and architectural towers on the Northern and Southern corners of the property. Site work will include: new parking lot surfacing, parking lot repainting, paver and concrete sidewalks, new centralized dumpster enclosure and new lighting. Much of the proposed renovation will incorporate and be part of the Township of Montville’s new streetscape and “Master Plan.” For example, new shopping center pole lighting will match the Master Plan lighting for Bloomfield Avenue. A new sidewalk will also be installed on Bloomfield Avenue to facilitate pedestrian traffic to the Pine Brook Plaza and is also part of the Master Plan. Construction is slated to begin in the early Spring of 2011. ■

SHOPPING CENTERS SPOTLIGHT TOP RETAIL DEALS “2010” MAREJournal.com

Mid Atlantic Real Estate Journal — Top Retail Deals 2010 — February 25 - March 10, 2011 — 5B

FEATURING: Marcus & Millichap, Taylor Zang ..................................................................................................... 6B CBC Bennett Williams ..................................................................................................................... 7B Katz Properties LLC ........................................................................................................................ 7B Kay Realty Services ......................................................................................................................... 8B Remco Realty Group........................................................................................................................ 8B Featured 2010 Top Retail Headlines............................................................................................9-10B Fameco Real Estate, LP .................................................................................................................. 12B Metro Commercial Real Estate ....................................................................................................... 12B

Trusted Advisor to the Retail Industry A FEW OF THE RETAIL DEALS CONSUMATED BY WELCO REALTY, INC. Burlington Coat Factory – 74,000 sf Tonnelle Plaza, North Bergen, NJ

Mandee – 7,000 sf Rego Park, NY

Bob’s Discount Furniture – 74,508 sf Mill Creek Mall, Secaucus, NJ

Double Take – 3,185 sf Palisades Court, Englewood, NJ

Dick’s Sporting Goods – 60,067 sf Paramus Towne Square, Paramus, NJ

Carter’s – 4,855 sf Hylan Commons, Staten Island, NY

LA Fitness /Esporta – 41,322 sf Harmon Meadow, Secaucus, NJ

Carter’s – 4,500 sf Bay Plaza Shopping Center, Bronx, NY

XSRE – 40,000 sf Route 17, Paramus Towne Square, Paramus, NJ

Carter’s – 5,000 sf Ramsey, New Jersey

Marshalls Shoe MegaShop – 20,000 sf Paramus Towne Square, Paramus, NJ

Children’s Place – 5,000 sf Bay Plaza Shopping Center, Bronx, NY

Marshalls – Approx. 30,000 sf Chester, New Jersey

Party City – 13,000 sf Harriman, NY

Marshalls – 30,000 sf Northern NJ – location to be announced shortly.

Party City – 12,441 sf Kingston, NY

AJWright – 26,255 sf Paterson, NJ

Chipotle – 2,508 sf Edgewater, NJ

TJMaxx – 26,000 sf Forked River (Lacey Township), NJ

Kid City – 15,000 sf Hawthorne, NJ.

Daffy’s – 28,000 sf Bay Plaza Shopping Center, Bronx,NY Pier I – 8,500 sf Rego Park, NY

AT T O R N E Y S

Richmond 804.771.9500

| Fredericksburg 540.604.2100

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L A W

Toys R Us Express Stores – Approximately 70 stores Throughout the Northeast Region in cooperation with our X Team Partners.

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6B — February 25 - March 10, 2011 — Top Retail Deals 2010 —

Mid Atlantic Real Estate Journal

MAREJournal.com

TOP RETAIL DEALS 2010 Marcus & Millichap Taylor-Zang-Munley Group of Marcus & Millichap [Mark Taylor, Dean Zang, Christopher Munley, Derrick Dougherty and Peter Snell] 1628 John F. Kennedy Blvd., Suite 1200; Philadelphia, PA 19103 TOTAL SALES: $264,094,979 – 57 Transactions • 52 Single Tenant Properties Totaling $238,389,979 • 5 Shopping Centers Totaling $25,705,000

Mark Taylor

Dean Zang

Christopher Munley

Derrick Dougherty

Peter Snell

Overview of 2010: In hindsight, 2010 was strong year for the retail investment sale market. As a team, 80 percent of our transactions closed in the second half of 2010 as financing eased and investors gained confidence again. As an industry, year over year, dollar volume climbed 50 percent to $33 billion as financing came available for larger projects yet transaction velocity exhibited a more modest rise of 15.4 percent. An overwhelming majority of the velocity was on the sales of single tenant net lease retail properties with investment grade tenants which saw about 100 bps drop in cap rates from January to December. Institutional quality shopping centers continue to trade actively and demand is strong from a diverse pool of buyers. There was very limited velocity in the sale of “B” and “C” shopping centers in 2010 due in part to a disconnect in pricing and worries related vacancies. 2011 Outlook: In 2011, investors should take stock of two fundamental points: the worst is over, and capital markets have improved faster than expected. Higher returns require the appropriate degree of risk-taking, and approaching 2011, with the same tenor of wariness present a year ago, will likely lead to lost opportunities. Many investors failed to pull the trigger over the past twelve months, expecting an RTC-style, deeply discounted property market or prolonged deterioration of the U.S. economy. The odds of either occurrence have further diminished Current conditions for retail properties vary sharply by location. Market’s like Washington, D.C. and New York City continue to rank first and second respectively in Marcus & Millichap’s 2011 National Retail Research report. This should come as no surprise. The performance and value of every shopping center lies along a spectrum and is a function of geography in most cases. Infill shopping centers, particularly those in supply-constrained areas and proximate to high population densities, remain a world apart from newly-built power centers conceived just footsteps from busted housing projects. We expect a moderate decline in vacancy to materialize in 2011, with more substantial improvement anticipated in 2012. By way of example, the Baltimore area has already seen early signs of this trend as the area’s vacancy rate has declined in the last six months from 6.6 percent to 5.8 percent, according to MacKenzie Commercial Real Estate Services, LLC. In the near term, core neighborhood/community centers and strip centers in infill areas will retain their top-performer ranks as measured by occupancy, rents and, therefore, values. Specialty centers, Class B malls and newly-built power centers will continue to suffer from cautious retailers and a hesitant consumer. Generally speaking, rent reductions have slowed, but owners will continue struggling to regain pricing power, particularly as leases roll over. Occupancy levels must improve well beyond what is expected in 2011 to stimulate broad-based rent growth. In 2011, we expect sales volumes to increase 25 percent to 30 percent in 2011, approaching levels more on par with historical norms. We expect that the tight band between best-in-class property cap rates and interest rates, along with growing confidence in the economy, will move investors to look at lower quality properties. Marcus & Millichap’s National Retail Research report expects the 10-year Treasury yield range-bound between 3.5 percent and 4.0 percent and that spreads will tighten moderately into the 200 basis points and 300 basis points range depending on the asset.

MARCUS & MILLICHAP

MAREJournal.com

Mid Atlantic Real Estate Journal — Top Retail Deals 2010 — February 25 - March 10, 2011 — 7B

TOP RETAIL DEALS 2010 CBC Bennett Williams

Katz Properties LLC

Coldwell Banker Commercial Bennett Williams 110 North George St., York PA 17401

Katz Properties LLC New York, NY Total Sales, leases or Acquisitions: 3 Properties, $42MM Acquired Total of Square Footage Leased, Sold or Acquired: 377,000 SF Acquired

Total Sales, leases or Acquisitions: $153.2 Million Total of Square Footage Leased, Sold or Acquired: 1,042,198 SF

Chad Stine

Daniel Katz

Overview of 2010:

2010 was yet another challenging year for commercial real estate. We did however begin to see improvement toward the end In 2010 we continued our focus on acquiring retail properties

of the year in the investment property sales sector. Commercial lending remained difficult but improved slightly from where we

anchored by best in breed supermarket tenants in the North-

were in 2009. Buyers with existing banking relationships and

east and Mid-Atlantic regions while also working hard to add

low debt to equity positions were poised and ready to capitalize Brad Rohrbaugh on opportunities that may not have been available in previous years when buyers were more plentiful. Retailers also began to expand again slowly and cautiously especially in the most desirable markets, thus reducing

value to the properties already in our portfolio. We were able Daniel Kaufthal

to lease most of the vacancies in our existing centers by bring-

ing a reasonable, tenant friendly approach to the leasing process and retained all of our existing tenants through hands-on, attentive and responsive property

the amount of vacant retail SF.

management that truly enhances the ability of retail operators to overcome the day to day challenges of running a retail business.

2011 Outlook: 2011 is already off to a good start, we have seen a steady increase in activity

2011 Outlook:

across the board. Retail vacancy is looking as though it is stabilizing and we are getting closer to where we once were when landlords could be more selective

Having already closed on a new 187,000 SF grocery anchored shopping center

with the deals they signed and tenants they leased their property to. We expect

this year for $21MM we plan to continue on our growth path of acquiring and

to see things continue to improve throughout the year as stability is restored

adding value to retail properties anchored by best in breed supermarket tenants

and confidence improves.

in the Northeast and Mid-Atlantic regions.

COLDWELL BANKER COMMERCIAL BENNETT WILLIAMS

KATZ PROPERTIES LLC

SEEKING RETAIL PROPERTIES IN THE

SILVER SPRING SQUARE MECHANICSBURG, PA 1,600 – 6,360 S.F. Available For Lease Harrisburg's premier power center Located along Carlisle Pike in Harrisburg's West Shore Shopping District

NORTHEAST CORRIDOR

Strong demographics, high traffic volumes at signalized intersection Strong residential and commercial growth

717-843-5555

P: 212.710.9362 F: 917.591.5497 E: DKATZ@KATZPROPERTIES.COM

8B — February 25 - March 10, 2011 — Top Retail Deals 2010 —

Mid Atlantic Real Estate Journal

MAREJournal.com

TOP RETAIL DEALS 2010 Kay Realty Services

Remco Realty Group

Kay Realty Tinton Falls, NJ

Remco Realty Group North Brunswick, NJ

Overview of 2010: Overview of 2010: The year 2010 started out as a continuation of 2009 however it seemed to get head downward as the year progressed. More and more of our current tenants seemed to be in desperate need of Bill Klein assistance, and few new business were starting up. That being said, we renewed and replaced over 25 tenants in our portfolio and gained several good listings. We have been successful with the sale of a large liquor store and have developed several choice listings of other great businesses in Ocean and Atlantic counties. After a long battle with our host community of Tinton Falls, we succeeded in ending the year by moving into our new office building which is the first of our new office park.

Although transaction volume is not where it was in the boom Peter Gallicchio

of 2005 to 2007, Remco ended up with a flurry of transaction closings in the second half of 2010, which resulted in Remco’s

highest production year since its inception in April of 2008. During 2010, Remco had the opportunity to represent a variety of real estate which included landlord and tenant representation assignments, as well as investment properties, and restaurants. Some of those assignments included the leasing of a 4,755sf end cap at Cheesequake Commons in Old Bridge, NJ to Ciro Pizza Café, the marketing

2011 Outlook:

of Boulevard Square, a fully leased 40,000sf neighborhood center in Brick, NJ, Based on a flurry of activity in late 2010 which continues into 2011, we are optimistic about the future of this year. We see more retailers coming back into the market, as well as an uptick in the industrial flex market. We are going forward with our new office park and looking to expand our sales, marketing and management divisions.

and the sale of a 15,000sf building in Branchburg, NJ. 2011 Outlook: We will experience faster transaction closings, as Owners become more realistic

Feature Deal:

in their pricing expectations, and as lenders slowly return to the commercial real This year we are concentrating on the pre-sale of pads at our Toms River Town Center. We are offering pad sites which will accommodate a 5,000 sq foot building to one that will accommodate a 12,000 sf tenant. All of these buildings which are 60’ deep can be subdivided into as small as 1,500 sf. and will offer new and exciting retail and office space along the busy Route 37 corridor leading to the barrier islands. Demographics are solid (149,000 in the trade area) , and well over 50,000 cars pass the site daily.

estate area. Rather than sitting on the sidelines waiting for pricing to bottom

KAY REALTY SERVICES

REMCO REALTY GROUP

out, tenants that are positioned for expansion are reacting much faster than in 2009, as they watch their competition swiftly secure prominent locations. As we enter 2011, and Remco approaches its third year anniversary, we are cautiously optimistic that the momentum which began in 2010, will continue upward.

Central New Jersey’s Finest

For Lease: OLD BRIDGE, NJ Cheesequake Commons is a 35,000sf CVS anchored neighborhood strip center. We currently have 2 vacancies ranging from 1,500sf to 2,500sf. Ciro Pizza Café recently leased a 4,755sf end cap, and will open in April 2011. The strip center is located ¼ mile from the Matawan Train Station, exit #120 of the Garden State Pkwy. Seeking Chicken, Burgers, optical, dental, medical, travel, electronics and gift categories.

For Lease: OLD BRIDGE, NJ Free standing former Checkers “dual drivethru” restaurant. Available for lease with all equipment, minimal investment turn key with 30 car parking and outside dining. Large two panel pylon sign. Serving Old Bridge, Englishtown, and Matawan trade areas. We are currently seeking the following use categories: Burgers, Chicken, Hot Dogs, Coffee, Pizza, Ice Cream, Bagels, Donuts, Chinese Restaurant, etc.

Contact: Peter Gallicchio • pgallicchio@RemcoRealty.net REMCO REALTY GROUP, LLC 525 Milltown Road, Suite 101 North Brunswick, NJ 08902 (732) 253-0888 x 11 www.RemcoRealty.net

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Mid Atlantic Real Estate Journal — Top Retail Deals 2010 — February 25 - March 10, 2011 — 9B

TOP RETAIL DEALS 2010 Marcus & Millichap Marcus & Millichap Real Estate Investment Services Marcus & Millichap of Washington, D.C.; Philadelphia; and New Jersey 2010 Total Sales (Dollar Volume): $594,421,813 2010 Total Sales (# of Transactions): 146 Overview of 2010: An economic recovery that gained momentum during the year helped stabilize retail property operations in large Middle Atlantic metro areas in 2010, setting the stage for continued recovery in occupancy and rents in ensuing periods. More than 118,000 jobs were added in the six-state region last year, supporting consumer spending and more frequent trips Michael J Fasano Spencer Yablon David S. Feldman to retailers. Store closures grew less frequent as the year progressed, VP/Regional VP/ Regional Regional Manager, and many retailers took advantage of reduced rents and newly available Manager, DC Office locations to expand. As a result, positive net absorption of 8 million s/f Manager, NJ Office Philadelphia Offi ce was recorded in the Baltimore, Philadelphia, New Jersey and Washington, D.C., markets last year, representing one-seventh of the nationwide increase in occupied space during 2010. Vacancy rates fell in each major market, although rent growth trailed the improvement in space demand. Across the region, investment activity was dominated by sales of single-tenant assets net-leased to highly rated corporate tenants, with some sales of stabilized, well-positioned shopping centers occurring throughout the year. 2011 Outlook With job growth expected to accelerate in step with improving business conditions in many industries, retail property performance in the region will also strengthen. Among the 44 markets ranked in Marcus & Millichap’s National Retail Property Index, three of the major mid-Atlantic markets fall within the top 12 (Baltimore is not covered in the index). Marcus & Millichap ranks Washington, D.C., as the top retail property market, and the entire mid-Atlantic region will retain its position as one of the strongest sections in the country. Strong, steady gains in space demand, minimal competitive threats from new construction, and resurgent rent growth characterize the markets in the mid-Atlantic region. Nationwide, new store openings will generate a solid 0.7 percent increase in occupied space, or demand, during 2011. Washington, D.C., will record 1.2 percent growth in this key metric, while Baltimore, New Jersey and Philadelphia will grow at the U.S. rate. In each market, the vacancy rate will decline for a second consecutive year. National chains will continue to expand selectively, while liberalized guidelines for loans guaranteed by the Small Business Administration will stimulate growth among small local and regional merchants. Anchor and junior anchor space in most of the region continues to perform reasonably well, while recently announced closures by Borders will have a minimal impact at the market level. Construction of new properties remains at low levels due to limited access to construction financing. In the Washington, D.C., metro, only 1.4 million s/f of new space will come online this year, compared with an annual average of 2.5 million s/f during the last decade. In Philadelphia, only 400,000 s/f of new space will be placed into service. For the next two years, property construction will likely remain limited to fully leased single-tenant concepts, which will have no effect on vacancy rates. The significant lull in construction will provide owners of existing properties a nearly unprecedented opportunity to restore occupancy and rents to pre-recession levels. Rents in the region will finally start to rise at approximately midyear as vacant spaces fill. Nationwide, asking rents will climb 1.2 percent and effective rents will rise 1.8 percent. Local markets will also post gains, with increases in the D.C. metro and Philadelphia projected to exceed the U.S. rate of growth. Expected rent increases will help stabilize and ultimately raise property NOIs and stimulate a greater number of shopping center transactions during the year. Single-tenant, net-leased properties will continue to receive strong bids from less risk-tolerant investors, and some buyers will expand their search for suitable investments to secondary markets in the region.

MARCUS & MILLICHAP LEADING THE MARKET THROUGH EVERY CYCLE MARCUS & MILLICHAP CLOSED MORE RETAIL TRANSACTIONS THAN ANY OTHER FIRM 525

Marcus & Millichap

185

CB Richard Ellis

NAI

Coldwell Banker

Colliers International

Sperry Van Ness Cushman & Wakefield

Grubb & Ellis

Cassidy Turley

ONCOR

Included retail sales $1 million and greater for YTD 2010 ending September 20; list side. Source: Costar Group, Inc.

New Jersey Office Michael J. Fasano

Philadelphia Office Spencer Yablon

Washington DC Office David S. Feldman

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

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

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

10B â&#x20AC;&#x201D; February 25 - March 10, 2011 â&#x20AC;&#x201D; Top Retail Deals 2010 â&#x20AC;&#x201D;

Mid Atlantic Real Estate Journal

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TOP RETAIL DEALS 2010 Featured 2010 Top Retail Headlines JANUARY 29, 2010 The Kislak Company sells Urban Farm Shopping Center a 106,000 SF shopping center and office building for $22.225 million in Franklin Lake NJ. Jeffrey Wiener represented the seller, NJ Landmark. Michael Salove Company completes $1.1 Million lease at Muhlenberg Square in Reading, PA. Jason Bock, of Michael Salove Company represented the landlord in this transaction. Gary Russell of CBC Bennett Williams represented the tenant Larken Associates acquire Tilghman Square a 230,284 SF neighborhood-style shopping complex. Tilghman Square offers one of the most desirable retail locations in Lehigh City, points out Victor Kelly, a vice president of Raider Realty, broker for Larken Associates Goldenberg Group signs 9 new leases totaling 142,289 SF. Jeff McIlhenny of Atlantic Retail represented hhgregg in the 32,296 SF lease at Red Rose Commons. Rich Schuch of Fameco represent Five Below in taking 8,958 SF at Columbus Commons.

FEBRUARY 26, 2010 Cedar Shopping Centers and RioCan REIT purchase $18.8 Million 123,101 SF grocery anchored center. Brad Nathanson of Marcus & Millichap represented buyer and seller for Towne Square Plaza. Marcus & Millichap Philadelphia broker $4.25 Million sale for Caln Plaza in Thorndale, PA, on behalf of seller. Matt and Tom Gorman, Shover, Dougherty, Taylor & Zang secure and represent buyer. Sperry Van Ness-Miller lease 10,908 SF to Family Dollar at the former Eckerd store. Henry Hanna and Wesley Cox represented the lessor on the long term lease in Cambridge MD. The Azarian Group leases 5,745 SF at Allendal Shopping Plaza and Plaza K Shopping Center. John Azarian and Kevin Pelio negotiated an entered into a lease for 2,000 SF at Allendale Shopping Plaza, and John Azarian negotiated and entered into a lease for 3,745 SF at Plaza K Shopping Center.

MARCH 26, 2010

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Marcus & Millichap sells $23.5 Million 194,451 SF Lakeview Shopping Centre in Royersford, PA. Brad Nathanson , a vice president and director of the firmâ&#x20AC;&#x2122;s National Retail Group in Philadelphia, represented the seller, Reitnour Investment Properties, LP, and the buyer, OLP Lakeview, LP Marcus & Millichap sells $800K 56,000 SF Duquesne Plaza. The Buyer, a Baltimore based firm was secured and represent by Michael Shover, Matt and Tom Gorman, investment specialists in Marcus & Millichapâ&#x20AC;&#x2122;s Philadelphia Office Michael Salove Company completes 22,040 SF in leases. Andi Pesacov was sole broker for Bare Feet Shoes 21,000 SF lease at Dover Downs Shopping Center lease in Dover, DE. Tim Duffy represented the tenant in lease at Dranoff Properties, The Left Bank apartment building for the renowned Tria CafĂŠ, and will occupy 1,040 SF on the first floor. Grant Street leases 6,361 SF retail building. Jared Imperatore and J.R. Yocco of Grant Street Associates Retail Services Group coordinated the lease transactions.

APRIL 23, 2010 Marcus & Millichap, NJ sells $3.7M 23,164 SF Nora Shopping Center, announces Michael Fasano. Michael Lombardi represented the seller and Seth Pollack represented the buyer. This is another example of Mike and Seth facilitating the marketing and sale of a quality retail property on behalf of their respective clients. The Goldstein Group brokers a $740K sale of PNC Bank branch, announced president Chuck Lanyard. In addition eight new retail leases where consummated throughout New Jersey for over 41,200 SF Metro Commercial inks 120,697 SF in Dollar Tree deals. Donna Drew, who has represented Dollar Tree for the past 16 years, has negotiated all the new leases. Garden Commercial Properties leases 32,000 SF to Best Buy. Michael Gartenberg, director of leasing negotiated the deal at Riverdale Crossing.

MAY 28, 2010 Marcus & Millichap sells 55,480 SF shopping center for $6.997 Million. Matt and Tom Gorman, and Michael Shover investment specialists in the Philadelphia office represented the seller. Seth Pollack, investment specialist in the New Jersey office secured and represented the buyer of the Shoppes at Hellertown. Willco Companies acquire $5.25 million retail property in Rockville, MD. Brian Mistysyn, manager of acquisitions and development states â&#x20AC;&#x153;With this aquistion the partners have jointly accumulated approx. 7 acres of contiguous properties two blocks south of Rockvilleâ&#x20AC;&#x2122;s Twinbrook Metro Stationâ&#x20AC;? Marcus & Millichap Taylor Zang arrange $1.18 million sale. Mark Taylor & Dean Zang of the Philadelphia office represented the seller, Lindberg Development Associates procured the buyer of the McDonaldâ&#x20AC;&#x2122;s, an outparcel to Lindbergh Plaza ARC Properties leases 40,000 SF to hhgregg at Hampden Commons Shopping Center in Mechanicsburg, PA. In addition ARC Property Trust announces the acquisition of a new CVS ground lease in Edgewater, New Jersey.

JUNE 25, 2010 Madison Marquette acquires former Expo Design Center for $7.2 million. Jay Lask, managing director of investments states â&#x20AC;&#x153;There is tremendous opportunity to enhance the value of this real estate by bringing in great retail concepts that are need in the communityâ&#x20AC;? The acquisition was made in conjunction with MCB Real Estate. Metro Commercial arranges a $6 million sale of two Office Depot stores. Rob Cooper of Metro Commâ&#x20AC;&#x2122;l represented Office Depot in the transactions. R.J. Brunelli represented Sixth Avenue Electronics in the two sale transactions. WP Realty acquires 447,037 SF Fairlawn Town Centre. The acquisition of the cener also included a vacant 39,840 SF junior anchor box formerly owned by Circuit City. CB Richard Ellisâ&#x20AC;&#x2122; Pierson brokers 9,820 SF lease. Jason Pierson completed the lease agreement at Exclusive Plaza Shopping Center, in Marlboro NJ.

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Mid Atlantic Real Estate Journal — Top Retail Deals 2010 — February 25 - March 10, 2011 — 11B

TOP RETAIL DEALS 2010 Featured 2010 Top Retail Headlines JULY 23, 2010 Marcus & Millichap arrange Lowe’s trades deal for $17.55 million. Chris Rea and Brian Munn rep. the seller and Jason Cropper rep. the buyer. Spencer Yablon, regional manager of the Philadelphia office, also provided representation in this transaction. The Glimcher Group signs 96,000 SF lease with Goodwill. Craig Pollard said Glimcher will invest to make the property work for Goodwill, which plans to convert the former Ames into a retail operation center. Thalhimer handles $1.7 million sale of 5.2 acres of the remaining land in Kohls Crossing, David Smith of Thalhimer handled the sale negotiations. In addition several leases were secured at Eagle Village. Soloff Realty & Development acquires a 7,000 SF Advance Auto Parts

AUGUST 27, 2010 The Goldenberg Group and Ironwood Property Group sell $53 million shopping center. Joint venture Cedar Shopping Centers and RioCan REIT acquired Exeter Common, a 500,000 SF shopping center in Exeter Twp. Katz Properties & Paragon Group acquire $20.25 M shopping center. Southhampton Shopping Center is 148,000 SF grocery anchored shopping center NAI Hanson brokers $412,500 retail lot in Leonia, NJ. James Hanson announced the sale of the 0.3 – acre commercial retail lot at 391 Broad Ave. Welco Realty leases five locations totaling 124,000 SF. Jerry Welkis represented the landlord Hartz Mountain in the 74,000 SF Burlington Coat Factory Lease. Azarian Group, John Azarian & Kevin Pelio negotiate 10,520 SF in 4 leases.

SEPTEMBER 24, 2010 Cedar Shopping Centers/RioCan JV announce $200 million acquisitions with PREIT. The transaction consists of three parts and seven properties. Classic Properties brokers $1.95 million sale. Caroline Salvino & Steve Farrel of Classic Properties Commercial Division represented both buyer and seller for Cestone Plaza, Dunmore, PA Marcus & Millichap sells $1.925 million bank branch, Matt and Tom Gorman, and Michael Shover investment specialist in the Philadelphia office represented the seller. NAI Hanson sells 160,000 SF retail center for $4.25 million. Ryan & Cohorsky represented both seller and buyer in this transaction. Larken Associates signs 17,631 SF lease. Kelly of Raider Realty arranged the seven year and one month lease signing.

OCTOBER 22, 2010 Metro Commercial negotiated a 33,000 SF lease. Metro Commercials Randy Hope & Joseph Dougherty represented the landlord. Julius M. Feinblum Real Estate represented the lessee, Ashley Furniture. The Hampshire Companies & MCB Real Estate ink 20,000 SF lease. Fameco signs Freshii’s 1,200 SF lease. Famous & Mandel spearheading the store roll out in the Delaware Valley. Regency Centers leases 1,200 SF at First State Plaza, Stanton, DE to Joe the Jeweler

NOVEMBER 24, 2010 Marcus & Millichap Philadelphia sells two Walgreens totaling 28,785 SF for $12.2 million. Brad Nathanson represented the seller in NJ transaction. Mark Taylor & Dean Zang represented the seller in DE transaction, Brad Nathanson secured and represented the buyer, investment specialist in Marcus & Millichap’s Philadelphia office. Calkain Companies broker $11.741 million sale of CVS in Washington, DC. Jonathan Hipp, President and COO, and David Sobelman, exec VP of Calkain represented the seller, Rick Fernandez, managing director of Calkain’s urban division represented the buyer. CBC Pennco brokers $1.2 million CVS Deal. Terri Mickens, CCIM was the sole broker responsible for completing the transaction in Effort, PA Madison Marquette organizes 38,000 SF lease to Whole Foods Market at Glen Eagle Square. John-david Franklin of Madison Marquette, SCLS, senior vp of and head of the company’s east cost property mngt. operartions represent the landloard. The Frederick Group sells retail building for $1 million. Mary Beth Dolin represented the buyer of an 11,000 SF building in Whitehall, PA APTCOR arranges $599K sale of 3,000 SF. Jack Intrator represented the seller.

Our team will guide you through… Meislik & Meislik is a team of experts, knowledgeable in all aspects of retail real estate law, from the straightforward to the most complex. Commercial property owners, investors, lenders, and tenants—locally and nationally—count on us to get them through the maze of retail real estate transactions. Thinking green?—green buildings, green leases, green land use...We have a LEED® Accredited Attorney on our team—only one of 24 in NJ!

973 783-3000 • www.meislik.com Montclair, New Jersey

DECEMBER 24, 2010 Marcus & Millichap sells McDonalds, M&T Band & Panda Express totaling $4.5 million. Michael Shover, Matt and Tom Gorman represented the seller. Peter Snell, an investment specialist in DC office secured and rep. buy. Dave Feldman, regional manager of DC office assisted in closing the transaction. The Goldstein Group brokers $2.3 million. Lanyard & Glastein represented the seller, for the former Shop Rite located at 310 Union Blvd. Fameco leases 190,000 SF at Marple Crossroads Shopping Centers. Cohen & Krause spearheaded the leasing adding 4 national tenants to the line up. Legend Properties brokers 5,000 SF Lease. Josh Sapienza represented the tenant, Lars Kerstein & Brooke Henningsen represented Dranoff Properties at 777 South Broad St. Sperry Van Ness – Miller handles 10,000 SF lease. Casey Kenton represented both the landlord and tenant in the transaction located in Rehoboth Beach, DE.

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12B — February 25 - March 10, 2011 — Top Retail Deals 2010 —

Mid Atlantic Real Estate Journal

MAREJournal.com

TOP RETAIL DEALS 2010 Fameco Real Estate, LP

Metro Commercial Real Estate

Fameco Real Estate, LP Plymouth Meeting, PA and Woodbridge, NJ

Metro Commercial Real Estate Conshohocken, PA and Mount Laurel, NJ Total Sales, leases or Acquisitions: 275

Overview of 2010 Total of Square Footage Leased, Sold or Acquired: We feel very fortunate as 2010 was a good year for Fameco.

Adam Kohler

Steven Gartner

2,530,000

We experienced a resurgence in Retailer Rep activity – initially signified by a substantial increase in market tours, our clients began to more actively pursue new store locations which ultimately led to increased deal flow. Our firm is very pleased to have the opportunity to represent and assist many best-of-class retailers across a broad range of categories. Further, both our

OVERVIEW OF 2010: We completed the year surprisingly strong. It appears that retailers still have an appetite to expand, and the Philadelphia

Landlord Leasing group and Fameco Management Services also saw increased bottom line results. Our Property Management portfolio is now up to approx. 11.4M SF (comprised of 86 properties) and our Landlord Leasing portfolio, total-

region continues to deliver strong sales for chains, due to great densities and income levels.

ing 20M SF of aggregate GLA, closed more deals than the prior year. 2011 Outlook

2011 Outlook: (Steven H. Gartner, President)

Obviously we are hopeful that the improving market psychology maintains its

While retail expansion will continue, we may begin to see development

current positive trend. Generally, deal making will continue to favor tenants. As a third-party provider, we continue to tweak and work towards improving our service platform so that we can maintain our position as a pre-eminent brokerage firm in the PA-NJ-DE marketplace.

resume, as retailers simply cannot find adequate new spaces. CBD retail will continue to be strong, and will maintain a finite supply, but some neighborhood retail will suffer as the economy languishes.

FAMECO REAL ESTATE

Shine the Spotlight on Your Company In the March 25th

4th Annual Retail Experts Interested in joining the many Retail Experts who are already participating? For details on how to Submit your Expert Bylined Article Contact Elaine Fanning to reserve your space! 800.584.1062/781-871-5298 Ext. 212 or efanning@marejournal.com

Article Deadline: March 11th Issue Date: March 25 Requirements: 550 words, an author headshot and 25 word author bio

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Mid Atlantic Real Estate Journal — Top Retail Deals 2010 — February 25 - March 10, 2011 — 13B

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14B — February 25 - March 10, 2011 — Shopping Centers — Mid

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Mid Atlantic Real Estate Journal — Shopping Centers — February 25 - March 10, 2011 — 15B

16B — February 25 - March 10, 2011 — Shopping Centers — Mid

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Mid Atlantic Real Estate Journal — Shopping Centers — February 25 - March 10, 2011 — 17B

SHOPPING CENTERS Heckmann prepresents Pathmark/A&P in 32,000 s/f KBE Building Corporation...Building America’s Brands

Equity Retail Brokers negotiates 51,600 s/f in leases

In the retail business, timing is everything. We understand that. And we deliver. KBE has more than 50 years of experience in retail construction - from shopping centers to big box to specialty retail.

LOUCESTER CTY., NJ — Brian Wherty of Equity Retail Brokers, Inc. represented the landlord in leasing 19,600 s/f of space at Fries Mill Plaza, located at Fries Mill Road and Watson Drive in Washington Township. They are as follows: Prudential Fox and Roach, L.P. leased 8,500 s/f of space for a new office, opening in the Spring/Summer of 2011. Liberty Boxing, LLC leased 7,500 SF of space for a gym – now open. Tayliano’s Pizza leased 1,600 SF of space for their pizzeria – now open. Body Boost Express Nutrition leased 2,000 s/f of space for a healthy alternative eat in/take out deli – now open.

Katz & Associates brokers 13,000 s/f flagship store PEARL RIVER, NY — Katz & Associates, the broker for Eastern Mountain Sports, announced that the retailer has executed a lease for a new 13,000 s/f flagship store located on the Upper West Side of Manhattan in the retail space of the Laureate Condominium on the southeast corner of Broadway and West 76th Street. Brian Katz, president of Katz & Associates, represented Eastern Mountain Sports in this transaction. Steven Baker, president of Winick Realty Group represented the Landlord. “Katz & Associates was instrumental in arranging this transaction and we are looking forward to working with them in expanding our concept throughout the Northeast,” said Bob Mayerson, President & COO of Eastern Mountain Sports. ■

Fameco brokers Center City lease PHILADELPHIA, PA — La Colombe Torrefaction has signed a lease for 1,230 s/f at The Residences at the Ritz Carlton. Fameco Real Estate, L.P.’s Marc Mandel represented La Colombe in the transaction. “The Residences at the Ritz is an ideal location for La Colombe,” said Mandel. “Its core customer is right outside the door with The Residences’ owners coupled with the pedestrian traffic from the office and tourist populations.” ■

DC USA, Columbia Heights, Washington, DC Interior ﬁt-out

Fries Mill Plaza Conrad Heckmann of Equity Retail Brokers represented Pathmark/A&P in leasing approximately 32,000 s/f of space to Big Lots at the Pathmark Center, located at 979 Church Rd. in Cherry Hill,

Camden County, NJ. Before Equity began working on the leasing project, the space had been vacant for two (2) years. Big Lots is currently buildingout the space and plans to open in Spring, 2011. ■

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18B — February 25 - March 10, 2011 — Shopping Centers — Mid

Atlantic Real Estate Journal

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RETAIL BROKERAGE DIRECTORY ARC Properties, Inc. 1401 Broad Street• Clifton, NJ 07013 Michael R. Ambrosi Leasing and Marketing P: 973-249-1000 x 116 mambrosi@arcproperties.com Steven Maloy S.V.P. Investments P: 973-249-1000 x 114 stevem@arcproperties.com

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

Cedar Shopping Centers Nancy Mozzachio P: 856-218-8677 nhmcedarsc@aol.cim Corporate Headquarters 44 South Bayles Ave. • Port Washington, NY P: 516-767-6492 www.cedarshoppingcenters.com

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

Coldwell Banker Commercial Pennco Real Estate 1250 North 9th Street • Stroudsburg, PA 18360 P: 570-476-7711 F: 570-476-6130 email: retail@cbcpennco.com www.cbcpennco.com Spiros Bilianis, CCIM • James Fondi Teresa Mickens, CCIM • Susan Mikels Northeast Pennsylvania Experts Calkain Companies, Inc. 11150 Sunset Hills Rd. • Suite 300 Reston, VA 20190 P: 703-787-.4714 F: 703-787-4783 Jeff Bogart • Gerald E. Burg • Jonathan W. Hipp Andrew M. Fallon • W. Douglas Wright Rick Fernandez 4600 West Cypress St. • Suite 110 Tampa, FL 33607 P: 813-282-6000 F: 813.282-6098 David Sobelman • Teal M. Henderson Guenter Manczur, CCIM • Patrick R. Nutt 1521 Concord Pike (US 202) • Suite 301 Wilmington, DE 19803 P: 302-235-3017 F.: 775-667-2874 Bob Browning • Andrew M. Fallon Calkain Asset Management 200 Wheeler Rd. • 2nd Floor • Burlington, MA 01803 P: 781-694-0410 F: 781-694-0415 Richard T. Murphy Calkain Realty Advisors 11150 Sunset Hills Rd. • Suite 300 • Reston, VA 20190 P: 703-787-4714 F: 703-787-4783 Betty Learned Friant • Brian O’Hear

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

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

Colliers International – Philadelphia, PA (HQ) 399 Market St. Ste. 350 Philadelphia, PA 19106 P: 215-925-4600 F: 215-925-1040 www.colliers.com/philadelphia Michael Barmash • Despina Belsemes David Dunkelman • Michael Kahan Todd Sussman Colliers International – Conshohocken, PA 161 Washington St., Ste. 825 Conshohocken, PA 19428 P: 610-684-1850 F: 610-684-1857 Damon DiPlacido Colliers International – Allentown, PA 7535 Windsor Dr., Ste. 208 Allentown, PA 18195 P: 610-770-3600 F: 610-770-3100 Derek Zerfass Colliers International – Harrisburg, PA 300 N. Second St., Ste. 1203 Harrisburg, PA 17101 P: 717-730-3752 F: 717-238-3299 William Aiello • George Lulos Colliers International – Mount Laurel, NJ 1317 Route 73, Ste. 109 Mt. Laurel, NJ 08054 P: 856-234-9300 F: 856-222-1115 David Dunkelman Colliers International – Wilmington, DE 300 Delaware Ave., Ste. 1018 Wilmington, DE 19801 P: 302-425-4000 F: 302-425-4700 Mark Undorf

Fameco - Woodbridge, NJ Woodbridge Towers • 555 U. S. Highway 1 Iselin, NJ 08830 P: 732-526-9000 F: 732-526-9101 www.famecoretail.com Tyler Bennett • Carlo Caparruva • Mike Horne Dan Spector • Steven Winters Fameco - Plymouth Meeting, PA 633 West Germantown Pike • Suite 200 Plymouth Meeting, PA 19462 P: 610-834-8000 F: 610-834-1793 www.famecoretail.com Cathy Agnew • Jackie Balin • Rod Bell Brian Bruzek • Jeff Cohen • Chris Covello Jim Creed • Scott Dennis • Brandon Famous John Fasciano • Blake Golom • Michael Gray Dana Hawkins • Jerry Johnson • Jon Kieserman Adam Kohler • John Krause • Jon Kushner Dylan Langley • Gary Leone • Marc Mandel Matt Mandel • Jay Miller • Steve O’Malley David Orkin • Dale Peterson • Rick Schuch Julie Tanpitukpongse • Dave Vitali Rick Weinberg • George Wisnoski Marissa Visconsi • Fred Younkin

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

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

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Mid Atlantic Real Estate Journal — Shopping Centers — February 25 - March 10, 2011 — 19B

RETAIL BROKERAGE DIRECTORY David S. Feldman Regional Manager – Washington DC Office Special Assets Services – Regional Director 7200 Wisconsin Ave. • Ste. 1101 • Bethesda, MD 20814 P: 202-536-3700 F: 202-536-3710 www.marcusmillichap.com

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

Danny Brooker, Josh Feldman, Brandon Jenkins, Kirk Knight, Ed Laycox, Nathan Pealer, Rudolph Rueda, Peter Snell

Michael J. Fasano Marcus & Millichap 611 River Dr. • 4th Floor • Elmwood Park, NJ 07407 P: 201-582-1000 F: 201-582-1010 www.marcusmillichap.com

NAI Summit 3435 Winchester Rd. • Ste. 300 • Allentown, PA 18104 P: 610-264-0200 F: 610-871-1700 summit@naisummitmrc.com www.naisummitmrc.com Tyler Chomik • John L. Crampsie, SIOR Jody King, CCIM • Dwight Musselman David Schumacher

Urszula Zoltek,Seth Pollack, David E. Thurston, Michael Lombardi, Brian Schifilliti, Greg Babaian

Spencer Yablon Vice President and Regional Manager 8 Penn Ctr. • 1628 JFK Blvd. • Ste. 1200 Philadelphia, PA P: 215-531-7000 F:215-531-7010 www.marcusmilllichap.com Derrick Dougherty, Matt Gorman, Tom Gorman, Matt Hardiman, Jordan Muchnick, Chris Munley, Brad Nathanson, Michael Shover, Mark Taylor, Dean Zang

Metro Commercial- Mt. Laurel, NJ 303 Fellowship Rd. • Suite 202 •Mt. Laurel, NJ 08054 P: 856-866-1900 F: 856-866-1611 Brandon Anapol • Brent Barbehenn • Dan Brickner Kurt Rumley • Mark Gerlach • Mary Hughes • Mike Gorman Paul Friedman • Paul Rumley • Pete Nicholson Rob Cooper • Tom Londres Metro Commercial - Conshohocken, PA Eight Tower Bridge • 161 Washington Street #375 • Conshohocken, PA 19428 P: 610-825-5222 F: 610-826-5156 Brian Goodwin • Donna Drew • Glenn Marvin Joe Dougherty • Mike Murray • Randy Hope Steve Gartner • Steve Niggeman

Remco Realty Group 525 MIlltown Rd. • Ste. 101 • North Brunswick, NJ 08902 P: 732-253-0888 F: 732-253-0887 pgallicchio@remcorealty.net www.remcorealty.net Peter Gallicchio, Owner / President

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

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

Silbert Realty & Management Company, Inc. 85A Division Ave. • Millington, NJ 07946 P: 908-604-6900 F: 908-604-2030 www.silbertrealestate.com info@silbertrealestate.com Brian S. Silbert • Joel Tomlinson Dominick V. Paragano • Wayne Kasbar David A. Greenman • William Ray

Soloff Realty & Development, Inc. Eight Tower Bridge • 161 Washington Street Suite 920 • Conshohocken, PA 19428 P: 610-834-0400 F: 484-534-2102 Broker: Richard L. Soloff Richard@soloffdevelopment.com Retail Brokerage * Development * Consulting PA, NJ & DE

Welco Realty, Inc. 2525 Palmer Avenue • New Rochelle, NY 10801 P: 914-576-7500 F: 914-576-7596 www.welcorealty.com Jerry Welkis • David Sternschuss • Allen Cooperman Susan Welkis • Antoinette Calisi • Jason Gerbsman Stephan Miller • Tod Heller • Etan Shalem Bob McCory • Dave Shaloum

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

Check here if you’d like a special listing (includes logo and border) Single Block (2x2) — $50.00 Double Block (2x6) — $100.00 Company Name: _________________________________________________________________ Address:________________________________________________________________________ Telephone/Fax:__________________________________________________________________ E-Mail: _____________________ ___________________________________________________ Website:________________________________________________________________________ Commercial Brokers: ______________________________________________________________ _______________________________________________________________________________ _______________________________________________________________________________ ______________________________________________________________________________ Elaine Fanning Mid Atlantic Real Estate Journal | 1-800-584-1062 | fax: 781-871-5299 | e-mail: efanning@marejournal.com

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

20B — February 25 - March 10, 2011 — Shopping Centers — Mid

Michael Kercheval President & CEO ICSC

Peter Sharpe ICSC Chairman

Northern NJ State Directors PA/DE/S.NJ: State Director John-david W. Franklin Steven Gartner MadisonH.Marquette Metro Commercial Real DC/MD/N.VA: Estate Larry M. Spott, CDP The Rappaport Companies Government Relations Committee Chair S.VA: Michael A. F. Mozzachio Susan Jones GrubbDevelopment & Ellis Chancellor Group Government Relations Committee Chair Alliance Co-Chair PA/DE/S.NJ: Edward A. Shriver, Jr. Ed Kockman Strada Kochman Consulting Services Operations Co-Chair DC/MD/N.VA: Lynda E. Benedetto, Thomas C. Barbuti Whiteford, Taylor and SCSM Preston LLPCo. Kravco Simon S.VA: Roger Rodriguez RetailR.Co-Chair Timmons Group Roy T. Perez-Daple

Atlantic Real Estate Journal

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

VP & Trustee

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

Susan Jones Director, S.VA

Endows ICSC Undergraduate Award for Villanova University

Kieran P. Quinn donates $25,000 to ICSC Foundation

EW YORK, NY — The International Council of Shopping Centers (ICSC) Foundation today announced that Kieran P. Quinn, managing director, Guggenheim Partners and chairman of the ICSC Foundation, donated $25,000 to the ICSC Foundation to endow the Kieran P. Quinn Villanova University Undergraduate Award. Beginning in 2011, the ICSC Foundation will be awarding a Villanova undergraduate student with $1,000 to be used to pay the recipient’s qualified tuition and related expenses. The student must be a junior or senior, with at least one remaining semester, who has declared a major in real estate or a related field. The student may be studying either full or part time.

“My gift to the ICSC Foundation helped me benefit two institutions that are very

important in my life,” stated Quinn. “A mission of the ICSC Foundation is to attract talent to the retail real estate industry and what better place to be looking for future members of our industry than Villanova University. Villanova has built a first class School of Business and with the addition of the DiLella Center for Real Estate, students are being exposed to all facets of our industry. My gift will support an ICSC undergraduate scholarship at Villanova for many years and I hope to meet future leaders from Villanova in the retail real estate business,” Quinn added. “Kieran leads by example and is now creating a legacy for both ICSC and Villanova,” said John Crossman, president of Crossman & Company and co-chairman of the ICSC Foundation scholarship committee. “I hope this will encourage other industry leaders to rise to the occasion and match what Kieran did for

their own schools,” Crossman added. Quinn, a long time member of the International Council of Shopping Centers, wants to leave a substantive legacy

and contribute to the next generation of students interested in studying retail real estate at his alma mater, Villanova University. The purpose of the award is entirely charitable. ■

ICSC One-on-One Mentoring Program surpasses 1,000 meetings NEW YORK, NY — The International Council of Shopping Centers’ mentoring program has surpassed 1,000 meetings. The ICSC one-on-one mentoring program was originally instituted as a component of the Reconnect Pavilion which was launched at RECon in 2009. The individual mentoring sessions were the most successful component of the initiative, with 200 sessions taking place during its debut. “The Reconnect Pavilion was designed to serve industry professionals in transition – either looking for a new job or considering a career change within

the industry – primarily over the course of the recession,” said Michael P. Kercheval, president and CEO of ICSC. “With the economic recovery beginning to take hold, it was clear that the Reconnect Pavilion had served its purposes and was no longer necessary, however, the overwhelming success of the individual mentoring sessions could not be ignored as our members proved there was clearly a need for this service. As such, ICSC decided to allow the mentoring program to take on a life of its own and so we incorporated it into a few of our larger conferences,” added Kercheval. ■

Lowe’s Companies Alliance Co-Chair PA/DE/S.NJ: Next Generation Chair Edward A. Shriver, Jr Eric Strada S. Penney CentroDC/MD/N.VA: Properties Group Freddie L. Archer Lewis Real Idea Exchange Estate Services S.VA: Program Planning ComMatthew L. Lafler mittee Co-Chair Commercial Real Timothy Rubin Estate Services PREIT Next Generation Chair PA/DE/SNJ: Idea Exchange Jordan Claffey Program Planning ComSNJ: LindseyCo-Chair C. Floyd mittee Centro Properties Group Brandon Famous Thalhimer Fameco DC/MD/N.VA: Jarett L. Parker Kimco Corporation

ICSC Members interested in participating in The Mid Atlantic Real Estate Journal’s Shopping Centers section contact Elaine Fanning 1-800-584-1062 ext 212 ~ efanning@marejournal.com

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Mid Atlantic Real Estate Journal — Shopping Centers — February 25 - March 10, 2011 — Inside Back Cover B

B Back Coverâ&#x20AC;&#x201D; February 25 - March 10, 2011 â&#x20AC;&#x201D; Shopping Centers â&#x20AC;&#x201D; Mid

Atlantic Real Estate Journal

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The Azarian Groupâ&#x20AC;&#x2122;s Current Availabilities in New Jersey & New York

Allendale Town Center

Lenox Plaza Shopping Center

Fieldstone Park Shopping Center

7 !LLENDALE !VENUE s !LLENDALE .*

2OUTE 7EST s 7EST 0ATERSON .*

3KYLINE $RIVE s 2INGWOOD .*

s /NLY AREA SHOPPING CENTER s #OMPLETE RENOVATION AND EXPANSION COMPLETED -ARCH s PEOPLE WITHIN MILES AVERAGE (( INCOME s .UMEROUS ANCHOR AND FRANCHISE TENANTS INCLUDING ! 0 &RESH 3UPERMARKET ,EARNING %XPRESS 4$ "ANK $AIRY 1UEEN 'REAT #LIPS AND MORE s ACRES S F ',! 3HOPPING #ENTER 0ARKING 3PACES s .O COMPETITION NO POTENTIAL FOR FURTHER DEVELOPMENT IN THE AREA s S F AVAILABLE

s "USY 2OUTE HIGHWAY LOCATION WITH REAR ACCESS TO 2OUTE jug handle and McBride Avenue s $AILY VEHICLE COUNT OF PLUS s 3HADOW ANCHORED BY NEW ! 0 &RESH 3HOPPING #ENTER s ,ARGE PYLON SIGNS ON 2OUTE AND -C"RIDE !VENUE s 0RIMARILY OCCUPIED BY .ATIONAL AND &RANCHISE TENANTS s PEOPLE WITHIN MILES AVERAGE ANNUAL (( INCOME s %XISTING STORES INCLUDE 'OLFSMITH 3LEEPY S 0ARTY #ITY 0IZZA (UT 4$ "ANK "LIMPIE AND MORE s S F AVAILABLE

s /NLY AREA SHOPPING CENTER s STORES AND OFlCES s PEOPLE IN TRADE AREA AVERAGE ANNUAL (( INCOME s .UMEROUS ANCHOR AND FRANCHISE TENANTS INCLUDING 3TOP AND 3HOP US Post OfďŹ ce, Wachovia Bank, Coldwell Banker, $UNKIN $ONUTS $AIRY 1UEEN 4HE 503 3TORE AND MORE s ACRES S F ',! 3HOPPING #ENTER 0ARKING 3PACES s .O COMPETITION NO POTENTIAL FOR FURTHER DEVELOPMENT IN THE AREA s S F AVAILABLE

Raritan Center

Town Plaza II Shopping Center

Hyde Park Mall

2ARITAN 3TREET s 3AYREVILLE .*

2OUTE s /RANGEBURG .9

2OUTE s (YDE 0ARK .9

s /NLY AREA SHOPPING CENTER s %ASY ON OFF %XIT 'ARDEN 3TATE 0ARKWAY .EAR 2OUTES s PEOPLE IN MILES AVERAGE ANNUAL (( INCOME s 4HE ,EARNING %XPERIENCE TO OPEN SOON IN NEW S F BUILDING s (IGH DENSITY HOUSING APARTMENTS TOWNHOMES NEW HOME developments s %NTIRE SHOPPING CENTER TO BE RENOVATED AND EXPANDED IN s ,OCATED AT SIGNALIZED INTERSECTION s ACRES S F ',! 3HOPPING #ENTER PARKING SPACES s %XISTING TENANTS INCLUDE 7ALGREENS &AMILY $OLLAR 3UBWAY %YE $OCTOR 4HE ,EARNING %XPERIENCE AND MORE s S F AVAILABLE

s "USY LOCATION AT SIGNALIZED INTERSECTION WITH LARGE PYLON SIGNS s COLLEGES NEARBY WITH ,!2'% RESIDENT DORM POPULATION s PEOPLE WITHIN MILES AVERAGE ANNUAL (( INCOME (not including college population) s .UMEROUS SINGLE FAMILY HOMES FAMILIES CHILDREN AND APARTMENTS s %XISTING SHOPPING CENTER STORES INCLUDE -ARTY S "AGELS 4IFFANY #LEANERS ! ! $ELI #ALABRIA 0IZZA .AIL 0LAZA 7OK +ING -OUNTAIN 6IEW ,IQUORS AND MORE s S F AVAILABLE

s /NLY AREA SHOPPING CENTER s Brand new Super Stop & Shop and Shop Gas coming soon! s PEOPLE TRADE AREA AVERAGE ANNUAL (( INCOME s .EXT TO (ISTORIC &$2 (OME AND -USEUM s .EARBY 6ASSAR -ARIST AND $UTCHESS #OUNTY #OLLEGES Culinary Institute s %NTIRE 3HOPPING #ENTER TO BE RENOVATED AND BRAND NEW s ACRE SQUARE FOOT ',! SHOPPING CENTER WITH PARKING SPACES

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

Shopping Centers and OfďŹ ce Buildings Throughout New Jersey & New York: Rochelle Park Shopping Center, Rochelle Park, NJ Mountain Plaza, Rockaway, NJ 1,229-1,500 s.f. available (end caps) Fieldstone Park Shopping Center, Ringwood, NJ 1,250-10,000 s.f. available Hyde Park Mall, Hyde Park, NY 3,000-33,000 s.f. available Walgreens Shopping Center, FairďŹ eld, NJ 1,500 s.f. available Milton Shopping Center, Oak Ridge, NJ 2,500 s.f. available Pine Brook Plaza, Pine Brook, NJ Allendale Town Center, Allendale, NJ 1,700-3,100 s.f. available Raritan Center, Sayreville, NJ 2,500-13,650 s.f. available

NEW

Montvale Shopping Center, Montvale, NJ Town Plaza II, Orangeburg, NY 900-5,200 s.f. available Plaza K Shopping Center, Woodbridge, NJ Lenox Plaza, West Paterson, NJ 1,200-4,000 s.f. available The Azarian Building, Midland Park, NJ Fair Lawn Medical/Professional Building, Fair Lawn, NJ 571-5,300 s.f. available Neptune Plaza Shopping Center, Neptune, NJ 1,390 s.f. available Hamilton Square Shopping Center, Waldwick, NJ 2,000-5,040 s.f. available

CONTRACTORS, OWNERS & MANAGERS

NJPA M A ID

BUILDING SERVICES

TLANTIC

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Section C of the Mid Atlantic Real Estate Journal

A 415-unit class A apartment community located in downtown New Brunswick, NJ

Dunne, Welsh & Leonard of CBRE broker the $112.5m sale of The Highlands at Plaza Square

EW BRUNSWICK, NJ — Jeffrey Dunne, Kevin Welsh and Christopher Leonard of CB Richard Ellis’ New York Institutional Group represented MRA Plaza Apartments I Urban Renewal, LLC, an entity controlled by Prudential Real Estate Investors, Roseland Property Company, Applied Development Company and Matrix Development Group, in the sale of The Highlands

at Plaza Square for $112.5 million. The team was also responsible for procuring the buyer, Highlands Urban Renewal, L.L.C., an entity controlled by Manulife Financial Corporation through its U.S. subsidiary John Hancock Life Insurance Company (U.S.A.). The Highlands at Plaza Square is a 415-unit class A mid-rise apartment community located in downtown New Brunswick, Middlesex

FEBRUARY 25 - MARCH 10, 2011

HI-LIGHTS Gruskin Group designs 24,000 s/f Rider Insurance Rider Insurance has just completed the renovation and expansion of its headquarters located at 120 Mountain Ave., Springfield, NJ. See Page 4C.

Mc Gowan Builders breaks ground on 38,000 s/f dealership Mc Gowan Builders, Inc. (MGB) broke ground on the new BMW of Freehold car dealership facility located at 4225 U.S. Hwy. 9 North. See page 6C.

ALSO INSIDE: DREW BARILE, KOHL ASSET MANAGEMENT ...........................2C BUILDING SAFETY & SECURITY ........................................... 7-11 NJAA ORGANIZATION .........................................................13C IREM ORGANIZATION ................................................... 14-15C PEOPLE ON THE MOVE .........................................................16C Section C, 20 pages

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The Highlands at Plaza Square County. Developed in 2004 as the trophy apartment community in the City of New Brunswick, The Highlands

is situated in a high-visibility location along Route 18 amidst a burgeoning “24/7” downtown that is convenient

to transportation (Routes 18 and 1 and Interstates 287 and 95, train/bus station for New Jersey Transit and Amtrak), diverse employment, education (Rutgers University and The University of Medicine and Dentistry of New Jersey), the arts (George Street Playhouse and Crossroads Theatre) and a host of restaurants and other lifestyle amenities. Jeff Dunne had the following comments on the sale: “The Highlands is another example of the development partnership success exhibited by PREI Roseland, Applied and Matrix. Manulife is poised to benefit from the ongoing transformation of downtown New Brunswick into a ‘24/7’ location with burgeoning tenant appeal. This is a strong first entry for Manulife into the New Jersey Class A apartment market.” ■

Brad Korman directed the sale on behalf of the sellers

Cushman & Wakefield completes $55m sale of Korman Apartments NORTHEAST PHILADELHIA, PA — Korman Affiliated Entities has sold 710 apartments in two locations in Northeast Philadelphia to Greystar Real Estate Partners, LLC, Charleston, South Caro- Andrew Merin lina. C u s h m a n & Wa k e f i e l d served as the broker in the transactions. The two residential complexes are known as Rushwood (392 units) and Winchester Walk (318 units). The Cushman & Wakefield team consisted of Andrew Merin, vice chairman, David Bernhaut, vice chairman, Gary Gabriel, executive vice president, Karen Iman, senior director and Brian Whitmer, director. “The name Korman and its excellent reputation for quality

Rushwood development and management He said “We are extremely elicited a great deal of interest pleased with the professional from perspective purchasers effort of Cushman & Wakeover a wide geographical area” field’s Investment Sales Team. said Merin. We saw the distinct advanBrad Korman directed the tages of dealing with a multisale on behalf of the sellers. office brokerage firm.” ■

C Inside Cover — February 25 - March 10, 2011 — Contractors, Owners & Managers — Mid

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Coming Soon Spring Preview Deadline for editorial: April 8, 2011 We are inviting a select group of top executives to write an expert article about the current state of their respective marketplace and where they see it progressing in 2011. These experts will enlighten our readers on their industry and give a general overview of the marketplace in the field they represent. This issue gives industry leaders the ability to inform our 30,000+ readers on the current state of the market for the remainder of the year and business expectations for 2012 focusing on specific business verticals.

call/email: Dianna Mallozzi 1-800-584-1062 ext. 209 dmallozzi@marejournal.com Expert articles 550 words with author headshot and 25 word bio.

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Mid Atlantic Real Estate Journal — Contractors, Owners & Managers — February 25 - March 10, 2011 — 1C

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2C — February 25 - March 10, 2011 — Contractors, Owners & Managers — Mid S All erv ov ing er Ne Clien w Je ts rse y

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YOU are invited to PARTICIPATE IN MAREJ’s COM section !!! POA EXPO MARCH 25TH ISSUE deadline March 11 CONSTRUCTION LAW COST OVERRUNS APRIL 22ND ISSUE deadline April 8 CONTRACTORS & SUBCONTRACTORS MAY 27TH ISSUE deadline May 13 If you would like to submit articles or news to appear in the Mid Atlantic Real Estate Journal, please contact:

Dianna Mallozzi, Publisher 800-584-1062 or email Dianna at: dmallozzi@marejournal.com ADVERTISE TODAY! CALL 800-584-1062

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MAREJ COM By Drew Barile, Kohl Asset Management

The future of multi-family retirement living development

assage of the healthcare reform bill is already having a ripple effect on the senior retirement community business model – despite the legislation’s projected 10year transition period. Dealing with Drew Barile the healthcare crisis requires a new level of agility among owners and operators. Because of the uncertainties related to government subsidy issues, providers are now pursuing more sustainable retirement communities, senior apartments and age-restricted housing projects. As a result, the movement toward developing senior apartments and age-restricted communities – without healthcare services – is gaining greater momentum. More and more people are interested in renting apartments in an active adult multi-family setting. According to a recent article in The New York Times, there are indications of a growing market for 55+ rental complexes in this post-recession era. Rather than owning a home, age-restricted senior apartments have risen to the forefront in terms of preference and affordability. These fee-for-service rental properties are popular because they include an array of onsite amenities and à la carte services. Today’s seniors, who are healthier and living longer than earlier generations, seek good price values and an abundance of hotel-like common spaces. There is a strong desire for a live/work component as well. To accommodate these lifestyle requirements, new

properties feature separate community spaces based on function. Business offices, spacious libraries and expansive family rooms with comfortable furniture provide a full complement of gathering areas for tenant use. Spacious, well-appointed apartments with modern layouts have replaced the traditional garden apartment of yesteryear. Classic architectural elements and common areas on multiple floors break up hallways to evoke an interior neighborhood concept. In urban settings, commercial space is added for a mixed-use element. Coffee shops and dry cleaning services are not only convenient, residents benefit from interactive communal living that extends beyond their own apartments. This promotes a more interactive, intergenerational environment that contributes toward marketing initiatives and attracts positive attention to the innovative product. Newer properties, and those on the drawing board, also incorporate significant outdoor space because today’s older adults enjoy leisure and fitness activities. For example, Kohl Asset Management routinely integrates large patios and recreation areas into its designs. Some age-restricted apartments include outdoor kitchen areas and grilling options for resident use. Tenant requests also range from rooftop gardens to covered spaces for multiseason use. In addition, there has been an increased demand for passive exercise areas, like functional lap pools, in lieu of traditional gyms. Because of the uniqueness of this product in terms of design, concept, strategy and tactical applications, Kohl Asset Man-

agement has seen a significant number of matriculations from other communities at its newly opened age-restricted and active adult communities. Approximately 25 to 30 percent of residents relocate from competing communities within the first six months of absorption. The present-day senior population is highly educated and becoming more aware of their consumer power, health and longevity. This demographic, which now includes Baby Boomers who are still working, is pushing for a European-based retirement model that maximizes independence; graceful, dignified aging; and wellness. Although newly active seniors are conscientious about continued on page 4C

Contractors, Owners & Managers a section of the

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

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Section Publisher Joe Christman jchristman@marejournal.com

Section Editor Karen Vachon kjoy@marejournal.com

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Mid Atlantic Real Estate Journal — Contractors, Owners & Managers — February 25 - March 10, 2011 — 3C

MAREJ COM Appeals to motorcycle enthusiasts

Gruskin Group designs 24,000 s/f Rider Insurance HQ

PRINGFIELD, NJ, — Rider Insurance, one of New Jersey’s largest providers of motorcycle and ATV insurance, has just completed the renovation and expansion of its Springfield headquarters located at 120 Mountain Ave. Gruskin Group designed the company’s 24,000 s/f headquarters to appeal to motorcycle enthusiasts with a 1940’s industrial aesthetic and integrated motorcycle exhibits. Specifically, Gruskin Group designed the expansion for the company’s existing 12,000 s/f office building, a former bank built in a colonial style complete with dormers and a cupola. To house their growing departments and to accommodate visitors for customer service and sales, the retrofit included the redesign of the building’s existing third floor to support more offices, as well as a redesign of the company’s lobby. The two-story addition is level with the existing structure’s second floor and sits on piers over a brook buried below the parking lot. The new office

The future of multi-family . . . continued from page 2C their spending, there has been a prevailing level of hesitancy to make a major housing move. Many subscribed to a “wait and see approach” in terms of their equity and the residential market. While it was a tough decision to make last year, retirees now realize the housing market is not rebounding and values will not increase dramatically. In general, seniors who have weathered many recessionary periods during the course of their own lifetime are willing to forgo big profits to get into a good price/value fee-for-service rental. They do not want to be held captive by the economy any longer. Senior housing property ownership is expected to remain stable, just as it has been for a while. Fortunately, there does not seem to be a wave of owners jumping in like they did at the height of the assisted living development era. Successful, agile owners and operators remain nimble because of proven, innovative products that have been designed and developed to stand the test of time. Drew Barile,CEO/COO of Kohl Asset Management. ■

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4C — February 25 - March 10, 2011 — Contractors, Owners & Managers — Mid

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MAREJ COM Evesham, NJ Medical center undergoes renovation

BIG SKY Enterprises assists The Tuckerton Group

VESHAM, NJ — According to BIG SKY Enterprises, the new Tuckerton Medical building under construction is already garnishing considerable attention. The two-story $2.75 million medical center boasts 14,000 s/f of office space and an expansive parking lot. The new Tuckerton Medical facility will replace an older medical building that has been serving the needs of children in the community for almost 40 years. The Tuckerton Group turned to BIG SKY , a company known for uniquely developing, execut-

Tuckerton Medical building ing and overseeing the entire project life cycle. The company is serving as builders, consultants, project managers and financial advisors for this highly anticipated behemoth medical building. BIG SKY assisted The Tuckerton Group in obtaining the best terms possible on the financing that was underway when they were contracted. The company also procured the necessary site plan approval and sewer, MUA and water sewer approvals required for the project to break ground. ■

Jarmel Kizel provides services for 115,000 s/f CARLSTADT, NJ — Jarmel Kizel Architects and Engineers, Inc. is providing architectural and engineering services for a 115,000 s/f production bakery for Tribeca Oven. Jarmel Kizel’s scope of work for this project includes schematic design, architectural, mechanical, electrical, plumbing, fire protection and structural construction documents, bidding, and construction contract administration. Hollister Construction Services is serving as the Construction Manager for this project. “This is a major project for our company and we are pleased to have Jarmel Kizel on our professional team of service providers,” saidd Marc Essenfeld, CEO, Tribeca Oven. “Since we moved from Brooklyn to Carlstadt in 2004, our growth has been incredible—so much that we need to expand into a larger and more sophisticated facility. We are excited to get the new facility up-and-running and continue to meet and exceed the demands of our customers.” ■

Contractors, Owners & Managers Spotlight

Building Safety & Security

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Mid Atlantic Real Estate Journal — Contractors, Owners & Managers — Services and Suppliers — February 25 March 10, 2011 — C

Cowleys Termite & Pest Control

Are nuisance birds taking over your business? Bird control is your best defense

ew Jersey, the 47th smallest state with under 9.000 square miles, has the distinction of being the most densely populated with, on average, 1,100 people stuffed into each square mile. Although it would seem that there would be little room for birdlife, almost half of New Jersey is wooded acreage from the vast southern Pinelands to the oaks of the northern forests. According to William Boyle, who authored A Guide to Bird Finding in New Jersey, about 400 species of birds call the Garden State their home. Also, because of our location on the Atlantic coast, we attract an abundance of ducks, skuas, skimmers, geese, shorebirds, gulls, terns, gannets, and other water-associated species. Unfortunately, along with our many species of breathtaking birds from the Black Crowned Night Heron and the Black-capped Chickadee to our state bird, the Eastern Goldfinch, New Jersey also has a serious “nuisance” bird population. The Rutgers Agricultural Extension includes as “nuisance birds” pigeons (Columba livia), house sparrows (Passer domesticus), and starlings (Sternus vulgaris). All of these species are nonnative; they were introduced into the United States from

Europe. For starlings, we can thank Eugene Schifllelin, an eccentric drug manufacturer. In 1890, he imported 60 European starlings and released them in Central Park hoping to introduce America to all of the birds mentioned in Sheakespeare’s works. Now, more than 100 years later the starling has distinguished itself as one of the costliest and most noxious birds. Roosting in hordes of up to a million, starlings can devour vast stores of seed and fruit. In a single day, a cloud of starlings can devour up to 20 tons of potatoes. And disturbing their dried droppings releases microscopic infectious spores into the air carrying bacteria and lethal fungi that can be

easily inhaled. Bird-transmitted diseases include a long list of fungal diseases including histoplasmosis, a fungal lung ailment, and toxoplasmosis, which is especially dangerous to pregnant women. Droppings can also transfer viral meningitis and encephalitis. These species have thrived in human habitats with a virtually unlimited food supply and no natural predators. Said Drew Cowley of Bird Solutions by Cowleys, “We have seen large infestations of all these pest birds in a variety of commercial facilities from all over the state. But in terms of the amount of damage caused by waste droppings and the entrenched level of infestation, pigeons rule the roost, no pun intended. Pigeons have become the avian equivalent of city rodents that have been called every name in the book – from rats with wings and sky rate to gutter birds and flying ashtrays.” According to Cowley, “Nuisance birds take over and use the inside or outside of a building or warehouse as roosting, loafing and nesting sites. Nuisance birds cause extensive damage to structures by drilling holes or clogging ventilation systems and machinery with their nests creating fire hazards. They cause

water backup in rain gutters that can lead to dangerous and costly structural damage. To add insult to injury, these birds leave mounds of diseased waste droppings that are acidic enough to dissolve paint, stain wood, erode metal, and cause concrete and stonework to crumble. Bird problems don’t magically go away. Once these birds get settled in, they won’t be leaving on their own accord. You need to contact an experienced bird control professional who can evaluate the problem and institute cost-effective bird control measures that work.” Said Cowley, “When a client is at wit’s end in dealing with birds and their noxious droppings, the general attitude is that drastic times call for drastic measures. They want these birds gone. Shoot them. Trap them. Poison them. That’s wrong for a variety of reasons. First, the Migratory Bird Treaty and Endangered Species Acts prohibit the trapping or killing of most birds, eggs or nests without a permit. So, before doing anything, you must identify the pest bird and know any applicable municipal, state, and federal laws. Proper and effective bird control is about removal and exclusion through various physical, visual, or auditory deterrents. The objective in

bird control is to not only rid yourself of the existing bird infestation, but also to make sure that birds find your facility undesirable. You want your facility made as “bird-proof” as possible so you don’t have to keep revisiting the problem every year. According to Cowley, bird control is a multi-tactic approach involving a variety of deterrents. “Bird control can be difficult and frustrating, but it is a winnable war. Physical barrier deterrents such as anti-roosting spikes, nettings, post and wire deterrents, bird slopes, and shock tracks are usually the most effective over the long-term and just as important, no harm comes to the birds. Effective long-term bird control requires behavior modification. Eliminate potential food and water sources. Finally, do not attempt to clean up bird droppings yourself unless you have the proper protective gear and have been trained in hazmat procedures. Cowleys Termite & Pest Control services was founded in October 1991 by Drew Cowley. Cowleys offers bird control services through Cowleys Bird Solutions and wildlife removal through Little Rascals Nuisance & Wildlife Services. n

DGX, LLC

Why a CCTV System with Remote Access? In 2011 CCTV systems have become commonplace. CCTV systems are being used by people in all walks of life, by businesses, law enforcement, and by Home Owners. However, for some reason not all CCTV users’ are taking advantage of “Remote Access”. What is “Remote Access”? Remote Access means the ability to be home, on vacation or at work and still log in over the Internet to check in on your properties, employees and children. This is especially true of property owners and property management companies with

more than one property. The best way to confirm what is actually happening at your property is to log in “remotely’ and verify everything for yourself. Some of things property own-

ers or managers can do with “Remote Access” are: Monitor not only sales and client areas, but also inventory and employee areas. Monitor cash register areas

to observe employees when they handle cash. Protect against false injury claims. View sensitive areas to identify visitors and monitor em-

ployees. Monitor dimly lighted parking areas to protect employees. DGX, LLC is headquartered in Jersey City, NJ. n

C — February 25 - March 10, 2011 — Building Safety & Security — Contractors, Owners & Managers — Mid

Atlantic Real Estate Journal MAREjournal.com

Building Safety & Security By Allan Schwartz, CPP

orporate resiliencethe ability of an organization to survive adversity, to recover from hardships or emergencies, economic, natural or man made disasters, and to swiftly recapture Allan Schwartz its position, its market share in its industry. Apple did it; IBM did it;

The A, B, Cs of Corporate Resilience even GM is in the process of resurgence. Whatever your business or institution pro-

Corporate Resilience is an essential mind set and can be accomplished without difficul-

When a crisis occurs it is imperative that you have a written, tested business continuity plan that has been reviewed, if not prepared, by business continuity specialists vides, your operation needs to be resilient in order to recover from any crisis or emergency.

ty. The concept of Corporate Resilience is an outgrowth of the more common principles and practices we have been

3 Bristol Place Yonkers, New York 10710 (914) 771-9739 ■ Fax: (914) 771-9808 www.safeguardsintl.com

referring to as business continuity, risk management, emergency planning and disaster recovery.

As a crisis management or business continuity manager, you are undoubtedly aware of the long-term serious impact of a business interruption, All administrators must and the related high costs anticipate an emergency or associated with “down times”. disaster of any proportions. When a crisis occurs it is Business emergencies, natu- imperative that you have a ral or man-made disasters, written, tested business concan occur anyplace, anytime tinuity plan that has been and come in a variety of reviewed, if not prepared, by forms. Your planning should business continuity specialbe prepare you to quickly ists who analyze every aspect adapt to unexpected business of your business to assure disruptions. that your business systems and processes can continue to operate with a minimum loss of service and revenue. A viable Corporate Resilience plan has several essential ingredients. The plan must be a part of the corporation’s governance doctrines and include the establishment of a crisis management team. The plan should direct the establishment of an emergency command center, with a back-up command center location. The plan must have the provisions for worst-case scenarios such as when buildings are rendered inoperable. Are there redundant sites where back-up equipment, servers or mainframes, reside? Are nearby sites prepared to act as recovery sites where staff can operate from with replacement workstations? In addition to dealing with the resilience and the continuity of business operations, the Corporate Resilience plan must include procedures to deal with safety of personnel, in specific, the evacuation of a facility, assigned responsibility and actions to be taken by personnel in the event of fire, explosion, flood, power outage or even civil unrest. In addition to the establishment of the Corporate Resilience plan, there must be an on-going program of testing the plan with emergency or disaster simulations and drills on a periodic basis. On going training of all staff personnel in the Corporate Resilience plan is essential to the survival, the continuance of business. Allan Schwartz, CPP is president and CEO of Safeguards International, Inc., a Business Continuity provider. n

MAREjournal.com Mid Atlantic Real Estate Journal — Contractors, Owners & Managers — Building Safety & Security — February 25 - March 10, 2011 — C

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C — February 25 - March 10, 2011 — Building Safety & Security — Contractors, Owners & Managers — Mid

Atlantic Real Estate Journal MAREjournal.com

Building Safety & Security America’s top business security concerns

SW24’s Security Technologies and Services Platform Addresses

W24’s Security Technologies and Services Platform Addresses America’s Top Business Security Concerns Since its inception in 2004, SecureWatch24 (SW24) has played a pivotal role in influencing the manner in which the New York City real estate industry designs and implements property management protocol. SW24’s proprietary software and robust video management system offer clients the ability to remotely access and manage their commercial real estate portfolio on one universal platform, thereby addressing many of the top concerns of American businesses. A recent survey conducted by Pinkerton Consulting & Investigations identified the current “Top Security Threats and Management Issues Facing Corporate America” among Fortune 1000 corporate security professionals. SecureWatch24’s cutting edge technology, veteran law enforcement employee base, unrivaled services and comprehensive maintenance program, provide commercial real estate owners and managers with the tools necessary to effectively address many of these concerns. · Wo r k p l a c e Vi o l e n c e : SW24’s Remote Client Software allows clients to view up to 64 cameras simultaneously. SW24 clients also have the option to review and retrieve previously recorded data, to download such data if authorized, and even to stream live data to emergency first responders in the event of extreme workplace violence. Audit trails and enterpriselevel user-based permissions prevent inappropriate use of SW24 software and data while ensuring proper functionality. ·Business Interruption / Disaster Recovery: SW24’s Security Survey provides the most comprehensive facility inspection and analysis available, designed to uncover security flaws while thoroughly assessing on-site procedures and equipment. SW24’s trained crime prevention specialists, physical security specialists, security

SecureWatch24 principals managers and private security personnel conduct a comprehensive on-site survey, followed by the development of a responsive security solution, individually customized to a client’s particular needs and concerns. ·Terrorism (Global and Domestic): The threat of terrorism occupies a prominent position in the daily lives and minds of many American business owners. SecureWatch24’s Threat and Risk Assessment involves the identification of potential threat(s) to the facility. SW24’s Vulnerability Assessment provides recommendations regarding the implementation of anti-terrorism measures in an attempt upgrade security posture, thereby making it a “hard target”. ·Employee Selection / Screening Concerns: SW Security Services, SecureWatch24’s Investigative Ser-

vices Division, is committed to assisting your firm by addressing your professional and personal investigative needs in a professional, ethical and confidential manner. Our associates are committed to providing clients with the most comprehensive data collection necessary to ensure informed business decisions. Such services include: Criminal History Screening, Pre-Employment Screening, Credit Screening, Background Search, etc.

Crime Scene Unit. SW24 management coordinates these resources to provide an effective law enforcement platform for criminal and/or civil inquiry, through documentation and expert testimony within a variety of professional venues. Investigative services include: Vendor Integrity, Insurance Fraud, Real Estate Fraud, Fraud Prevention/Detection, Financial Due Diligence, General Employee Theft, etc.

·Fraud / Violent / and White-Collar Crime: SecureWatch24’s uniquely qualified investigative staff is comprised of former local and federal law enforcement personnel from units such as NYPD’s Major Case Squad, Special Frauds and Financial Crimes Unit, Fugitive Enforcement Division, Narcotics and Gangs Division, Public Morals Division, City-Wide Vandals Squad, Terrorism Task Force and

·Property Crime (external theft / vandalism): SecureWatch24 clients regularly avail themselves of the company’s exclusive Criminal Event Management program. SW24’s experts are ready to assist in any criminal or civil incident investigation on your behalf. They will thoroughly investigate any incident using sound technology and investigative techniques, interact with local law enforcement, conduct a thor-

ough inquiry, and prepare a comprehensive summary of findings and recommendations for the client. Problem identification, investigation, restitution and resolution are all accomplished in a professional and confidential manner from start to finish. Providing first-rate security solutions to clients in the residential, commercial, governmental, educational and institutional markets, SecureWatch24 has the ability to be your one-stop security provider. From the installation of SW24’s stateof-the art CCTV and Access Control equipment, to the comprehensive ongoing maintenance of your SW24 video management system, SecureWatch24 is there every step of the way! American businesses can put 2010’s security concerns behind them, and enter 2011 AWARE and PREPARED. SecureWatch24 is headquartered in NYC, NY. n

MAREjournal.com Mid Atlantic Real Estate Journal — Contractors, Owners & Managers — Building Safety & Security — February 25 - March 10, 2011 — C

Building Safety & Security

10C — February 25 - March 10, 2011 — Building Safety & Security — Contractors, Owners & Managers — Mid

Atlantic Real Estate Journal MAREjournal.com

Building Safety & Security By Jioacchino (Jack) P. Mattera, CFE, CFCE, TJM By Steve Chianos, C&C Security Sys.

Security Reactive or Proactive?

Building/Office Security Basics uilding Owners and Employers are required to provide visitors, employees and clients with a secure environment in which to transact business. The key question is how this Jioacchino is accomplished? (Jack) P. Mattera The basic principle of building/office security is to build a foundation to ensure safety. Basic building security can be broken down into a security matrix which includes: building security measures, pre-employment screening and security policies and procedures. Building Security Measures An effective security plan begins with a building’s exterior physical perimeter security. This includes physical barriers and site hardening measures. These measures include access control devices such as locks, fences, and gates; security lighting designed to ensure the safety of employees and visitors during low light conditions; video surveillance systems designed to enable security staff to monitor access in real time as well as providing a historical record of who enters and exits and when; alarm systems to alert security and law enforcement to intrusion attempts; and the possible presence of security guards. Effective use of these measures can strengthen the security features of the building allowing control of the movement of people into, out of and within the building. Features such as fencing, gates and signage can help create a traffic flow which will enhance your security by funneling individuals into areas that you know can be controlled. For instance, these features can be designed to guide people to that area of the building you have chosen as the building entrance. This would be the location where you have security guards, access control gates, etc. Pre-employment Screening Program The next step in the quest

to increase security is to make sure the right people are employed for this impor-

anyone, including visitors who are leaving the facility with any type of property,

The basic principle of building/office security is to build a foundation to ensure safety. Basic building security can be broken down into a security matrix which includes: building security measures, preemployment screening and security policies and procedures. tant function. The most effective way to do this is to have a good pre-employment screening program in place. The program should encompass background checks which include criminal record checks, credit history checks, and drug screening and personal interviews. It is important to remember that employee misconduct, embezzlement, theft of trade secrets are all security breaches. The best way to prevent possible issues with employees is to know as much about them before you make them an employment offer. Security Policies and Procedures The last cog in a security matrix is to ensure all employees are aware of and understand the part they play in the overall security plan. The best way to accomplish this is to establish effective policies and procedures that will provide guidance to employees and be specific in what is and what is not expected of them. These policies include but are not limited to; building access, equipment sign out, mail room, etc. An access policy should include procedures dealing with how employees, contractors and visitors enter and exit your facility. Are they required to sign in (and out), show identification, are bags checked, etc. This policy could also stipulate whether or not the building entrances have barriers, such as turnstiles, for people to pass through when entering the building. The policy could also cover whether or not employees are issued building passes which would be mandatory to allowing them free access to all parts of the facility. Equipment sign out procedures would ensure that

would have a property receipt signed by a supervisor which states the employee is allowed to remove the property from the premises. Mail room policies should specify procedures for both outbound and inbound mail. A policy of this type might stipulate any items that cannot be sent through the mail room without a supervisor’s written approval. If that is the case, the policy should state that items are to be brought to the mailroom in an open container. In that way at least two people, the sender and the mail room attendant, would be able to view the package contents. Security policies must be designed based on the level of threat present. At the same time they must be tailored to meet the corporate culture of that particular company. The final part of this aspect of security is to assure that employees understand the policies and procedures through training provided by experts in this field. Conclusion By understanding the importance of physical security, employee screening and effective security policies and procedures, and by implementing them as needed, the safety of employees, clients, visitors as well as the safety of the company is guaranteed. Jack Mattera, president and CEO of TJM Consultants, LLC, with almost 30 years’ experience in law enforcement (both on the federal and municipal level), investigations and security, is a Certified Fraud Examiner (CFE) and a Certified Forensic Computer Examiner (CFCE). n

Here is the bottom line, America is a polite society with citizens that live with relatively little expectation of experiencing violence in their lifetime. Statically, relatively few of us will be Steve Chianos the victims of burglary, and even fewer the victims of a violent crime.

of and that is the idea that having a monitored security system will rush the police to your property. Most police departments give 911 calls from monitoring stations the lowest priority, which leads to the delayed response times mentioned earlier. The reason they do this is that 95% of calls coming from central monitoring stations are false alarms. There are some simple steps you can take to begin

One security illusion is you should be aware of : The idea that having a monitored security system will rush the police to your property. Most police departments give 911 calls from monitoring stations the lowest priority, which leads to the delayed response times mentioned earlier. The reason they do this is that 95% of calls coming from central monitoring stations are false alarms. In a population of just over 300 million less than 1/2% will be the victims of a violent crime and a little over 3% will be the victim of theft or property crimes. Even though the media will sensationalize the crimes that occur, most people will never experience the crime directly. As a result we are satisfied with reactive security measures that offer the illusion of security. We install systems that alarm and notify after an incident has begun. CCTV systems are installed, not video surveillance systems. The difference once again being, one is reactive, CCTV, and the other is proactive. Unless someone is sitting at a security desk watching video monitors, the CCTV system is used to look back at the events of several hours or days ago to see what happened.

moving from reactive security to proactive security. Most of them can be done using the existing security devices that are already in place. First, call your alarm monitoring company and ask them to add your cell phone to the call list first for alarm verification. This will do two things. First, it will allow you to head of any false alarms created if you or someone else accidently trip the alarm. Second, it will alert you to a possible incident and reduce the possibility of your walking in on an intruder. Next, talk to your security provider about your DVR’s capabilities. Most models on the market now can be connected to your buildings WIFI. Once this I done, the system can be programmed to send you an email, text or picture message when movement within a specified field of view occurs.

Why does reactive security equate to the illusion of security? The answer is simple and the numbers bear it out. The average response time nationally to a 911 call from a central monitoring station is 20 minutes. In many areas it is as high as 45 minutes or longer. The average time that a criminal is in a property is 5 minutes.

The object of both of these suggestions is to create a situation where you have more control over your security environment. The increased knowledge you have will give you more control over your personal safety, which should be first and foremost in any security plan.

There is one other security illusion you should be aware

Steve Chianos is ceo of C&C Security Systems, LLC. n

MAREjournal.com Mid Atlantic Real Estate Journal — Contractors, Owners & Managers — Building Safety & Security — February 25 - March 10, 2011 — 11C

Building Safety & Security

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12C — February 25 March 10, 2011 — Contractors, Owners & Managers — Mid

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MARE COM Serving as general contractor

Mc Gowan Bldrs. breaks ground on 38,000 s/f dealership REEHOLD, NJ — Mc Gowan Builders, Inc. (MGB) broke ground on the new BMW of Freehold car dealership facility located at 4225 U.S. Hwy. 9 North. MGB serves the owner, DCH Auto Group, as general contractor. The architectural firm of GreenbergFarrow developed the design for the new dealership. George Liang, president, DCH Auto Group, said, “The new, state-of-the-art BMW dealership in Freehold will allow the BMW of Freehold team to serve our customers in an exciting and comfortable environment both in the showroom and the service areas. Construction of the new facility represents our longstanding commitment to building enduring relationships with customers and continuously enhancing the car purchase and service experience.”

BMW of Freehold According to Mc Gowan Build- service drive. The mechanic ers’ project manager Brian Vo- shop will feature 20 in-ground losin, “The multi-million-dollar car lifts; Rytec overhead garage project encompasses demolition doors; an underground vehicle of a pre-existing structure; erec- exhaust removal system; Ryko tion of a new, 28,000 s/f show- SoftGloss Maxx car wash with room building; expansion and a water reclamation system; renovation of a mechanic shop; BMW’s proprietary clinker tile and renovation of a separate, flooring; and 52-gallon Energy Logic EL-500B waste oil boiler 10,000 s/f body shop.” The new showroom building with a 250-gallon storage tank will house a car exposition area, to generate heat and hot wawhich will feature a 14-ft, per- ter for both the garage and a forated metal panel ceiling; cus- radiant ice melt system with tomer lounge; cafeteria; offices; under-surface, one-inch PEX bathrooms; parts storage; and tubing. ■

POA nears sellout for annual trade show Market your Green Building Products and Services in the Green Awareness Section of the Mid Atlantic Real Estate Journal. The Green Awareness Section publishes monthly and is devoted 100% to the commercial/industrial green building industry informing the industry’s most powerful professionals with the information they need. Reach thousands of readers with one of our many marketing programs available to you designed speci¿cally to ¿t your advertising budget.

For more information please call Joe Christman today and let’s talk! 800-584-1062 x 202 If you prefer email: jchristman@marejournal.com

Submit Green News and Press Releases to: greennews@marejournal.com Mid Atlantic Real Estate Journal is celebrating their 9th year of providing readers with accurate, unbiased news covering every facet of the commercial real estate industry.

WEST ORANGE, NJ — The Property Owners Association (POA) is now close to sold out for its annual trade show, The Walter R. Cohn, Esq. Memorial EXPO. The event will take place on Wednesday, April 13, 2011, at the Wilshire Grand Hotel. EXPO offers a unique business opportunity for vendors to showcase their products and services to the members of the

POA and their guests. POA presents this annual exposition of the newest and latest techniques available to the multi-family rental property industry. The cost to exhibit for advertisers in POA’s monthly magazine is $450.00 for tabletop space and $550.00 for modular display. For non-advertisers, the charges are $650.00 and $750.00 respectively. Attendance at EXPO is free

for POA members; non-members and guests can attend for a fee of $45.00 which is applicable to 2011 dues. Property Owners Association, celebrating its 62nd anniversary this year, exists to bring together owners and managers of residential real estate, interested persons, and industry personnel for educational and information sharing purposes. ■

Join Nason Construction at the 2011 Region on the Rise event PHILADELPHIA, PA — Join Nason Construction and the Greater Philadelphia Chamber of Commerce at the 2011 Region on the Rise event, presented in partnership with the General Build-

ers Contractors Association (GBCA) on Wednesday, March 2nd at the Lincoln Financial Field SCA Club Lounge in Philadelphia, PA. Mark Purcell, AIA, CCM, LEED AP, will be a panelist

among fellow industry experts discussing how the latest trends in green building and LEED certification practices are being incorporated into projects throughout the region. ■

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Mid Atlantic Real Estate Journal — Contractors, Owners & Managers — February 25 March 10, 2011 — 13C

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

Education Matters Certified Pool Operator March 8 - 9

Regional VP North Jersey Brent Kohere, Home Properties

The National Pool Operator Certification program presented by Pool Operation Management, Inc. This two day

Regional VP Central William Dailey,CPM CIS Management Inc.

certification course will cover: State & Federal regulations, liability and risk management, filtration systems and recirculation, pool chemistry, water sanitizing and testing, maintenance and troubleshooting, spas, seasonal pools and energy conservation and pool inspection tips & techniques. Held at NJAA Headquarters from 9am to 5pm this two day course is $330.00 for members, $430.00 for non-members. Fee includes class, materials, test, certification, continental breakfast and lunch. Students are required to receive a

Regional VP South Joe Spadaccini The Kamson Corporation

passing grade to obtain their certification. Click here for a registration form. Contact Melissa Vaccariello by e-mail or

VP Associate Affairs Ray Fiorica AFR Furniture Rentals

732-992-0604 for more information.

NJAA’s North Jersey Education Session Improve Your Bottom Line: Is a Real Estate Tax Appeal Right for You? March 9 ~ Free for Members Roseland

Legislation VP Michael C. Haydinger First Montgomery Group, AMO

Learn whether you have the grounds for a tax appeal and the advantages and disadvantages of the tax appeal process with this seminar. All attendees will have the opportunity to learn if they have grounds for an appeal. Presenters include: Alan R. Hammer, Allen J. Popowitz, Daniel J. Pollak and M. Sidney Donica. Held at the offices of Brach Eichler from 9:00am to 10:30am (continental breakfast: 8:30am) this session is free for members, $75.00 for non-members and is worth 1 Continuing Education Credit (CEC) for NAA designates. Visit www.njaa.com for more details

Treasurer Lynne Aber Bertram Associates Secretary Stephen Waters Morgan Properties

Call Fowler today to find out how we can make your laundry room more profitable. 800-334-1824 X127

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14C — February 25 March 10, 2011 — Contractors, Owners & Managers — Mid

WWW.IREM.ORG

Atlantic Real Estate Journal

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Institute of Real Estate Management

2011 OFFICERS

NEW JERSEY CHAPTER NO.1

IREM® CHAPTERS SELECT 2011 PRESIDENTS

PRESIDENT SCOTT DALLEY, CPM® ACCESS PROPERTY MANAGEMENT, AMO® VICE PRESIDENT LAWRENCE SAUER, CPM® TAYLOR MANAGEMENT CO., AMO®

New Jersey Chapter No. 1

SECRETARY MARK PHILLIPS, CPM® PHILLIPS ASSET MANAGEMENT CO., INC. TREASURER MICHAEL FRIED, CPM® BOSTON PROPERTIES DELAWARE VALLEY CHAPTER NO. 3 PRESIDENT JODY DIMPSEY, CPM® JLD MANAGEMENT GROUP

Scott Dalley, CPM®

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

Delaware Valley Chapter No. 3

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

Scott Dalley, CPM®, a Senior Vice President of Access Property Management (AMO®) in Flemington, N.J. will serve as the New Jersey Chapter President for 2011. Access Property Management, a full service property management firm serves New Jersey and eastern Pennsylvania with a regional office in Edison, N.J. and specializes in management of homeowner associations, condominium associations and commercial properties. Scott Dalley is an outstanding member of IREM New Jersey Chapter No. 1 having served on the 2008/10 Executive Committee as Legislative Liaison, as 2009 Treasurer and 2010 Vice President. He is the recipient of the 2008 CPM of the Year Award.

Jody Dimpsey, CPM®

Jody Dimpsey, CPM®, President/Owner of JLD Management Group LLC, of Hummelstown, PA serves as 2011 Chapter President for Delaware Valley Chapter No 3. JLD Management Group LLC manages properties participating in Government programs including Rural Development Section 8 and IRS Section 42 Tax Credit Compliance as well as Conventional apartment communities and condominium associations. Jody Dimpsey, an active member of IREM Delaware Valley Chapter No 3, has been instrumental in growing the ARM West Program. She is an Ethics Course Facilitator and has served as 2008/09 Chapter Secretary/Treasurer and 2010 President-Elect. She was awarded the CPM® of the Year Award in 2008 and recently received the coveted President’s Award for 2010.

VICE PRESIDENT ENIS HARTZ, CPM® DIOCESAN HOUSING SERVICES CORP. SECRETARY/TREASURER INGO KRAUS, CPM® CITIZENS BANK

Southern New Jersey No. 101

SOUTHERN NEW JERSEY CHAPTER NO. 101 PRESIDENT SANDRA E. CIPOLLONE, CPM INTERSTATE REALTY MANAGEMENT CO., AMO VICE PRESIDENT DIANE WERSLER, CPM® CANDIDATE INTERSTATE REALTY MANAGEMENT CO., AMO® VICE PRESIDENT MARIA AVERY, CPM® CANDIDATE MANHATTAN MANAGEMENT CO. SECRETARY/TREASURER PATRICIA BALDT, CPM® CANDIDATE WESTGATE MANAGEMENT CO., INC.

Sandra Cipollone, CPM®

Sandra Cipollone, CPM®, is Senior Vice President of Interstate Realty Management Company, Marlton, N.J., and the newly installed 2011 Chapter President for Southern New Jersey Chapter No. 101. IRM is a Member of The Michaels Organization, and manages properties for private investors and public agencies on a fee basis. The Michaels Organization has over 35 years experience in creating quality affordable and mixed-income residential communities. Sandy Cipollone, a member of long standing within IREM Southern New Jersey Chapter No. 101, served as the 1989-99 Chapter President and the Chapter Secretary/Treasurer for the past ten years. She is the recipient of the Chapters 1994 and 2010 Certified Property Manager of the Year Award.

For more information visit www.IREM1.org/www.IREM3.org/www.IREM101.org or call chapter offices 856-303-0190/856-786-9260/856-829-8939

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Mid Atlantic Real Estate Journal — Contractors, Owners & Managers — February 25 March 10, 2011 — 15C

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16C — February 25 March 10, 2011 — Contractors, Owners & Managers — Mid

Atlantic Real Estate Journal

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PEOPLE ON THE MOVE Including Ocean County Board of Realtors of NJ

To associate partners

MKSD promotes Rizzi, Chambers & Palazzo Hewes

L L E N T O W N , PA — MKSD architects, a Lehigh Valley architecture firm announced the promotion of three staff architects, Gabrielle Rizzi, Todd Chambers, and Jill Palazzo Hewes, to associate partners. Gabrielle Rizzi joined the MKSD staff in 2007 and is a Pennsylvania registered architect. Rizzi is an embodiment of trustworthiness, honesty, and reliability. Her attention to detail, patience and professionalism are second to none. Her notable clients, from St. Luke’s Health Network to Kutztown University, know her as a consensus builder with a voice of reason. She puts the client first and excels in making their job easier as she navigates and leads the way through complex design and construction projects. She is a mentor and role model for the young designers and architects in our office, not only for her knowledge and experience, but for her good natured reasonable approach. Todd Chambers joined the

Gabrielle Rizzi

Todd Chambers

MKSD staff in 2006 and is a registered architect in Pennsylvania and New Jersey as well as NCARB certified. Chambers not only keeps our firm on the cutting edge of design, but also implements advanced technological tools that enable us to be leaders in our field and perform our work effectively and efficiently. Always a progressive thinker, he never shies away from an opportunity to consider unconventional solutions and possibilities. His clients, from Catasauqua School District to Delaware Valley College know Chambers for his commitment to sustainability and talent in designing modern, yet accessible architectural solutions.

Jill Palazzo Hewes

Jill Palazzo Hewes joined our firm in 2004 after graduating from Philadelphia University with her professional degree and is a LEED Accredited Professional. From her first interview with us, her partnership potential was clear. That potential has come to reality over the last six years as she has quickly taken a leadership role with all of her clients and on all of her projects. Hewes never says no; she is a self-starter. She has excelled at every task that she has been part of. She serves her clients, which notably includes Northampton Community College, with honest dedication, dependability, and the goal of always putting the client first. ■

Community Builders and Remodelers Association installs Rubright of Brach Eichler as board member ROSELAND, NJ — Susan Rubright, a member in the Brach Eichler L.L.C.’s environmental & land use practices, has been installed as a member of the 2011 Board of the Community Builders Ken Adams and Remodelers Association. At Brach Eichler, Rubright represents public entities in general land use, real es-

tate and municipal matters, and private applicants before planning and zoning boards throughout New Jersey. She also litigates land use and zoning matters on behalf of private and public clients. She has extensive experience in municipal, zoning, land use and real estate matters and has represented governing bodies with borough, township and town forms of government in general municipal and land use. Rubright also advises clients on construction code compliance issues

including affordable housing and COAH, master plan revisions, rezonings, redevelopment, environmental matters, farmland preservation, open space acquisition, Open Public Records Act and Right to Farm issues. Rubright is active in a number of civic groups and professional associations including the NJ Planning Officials; Somerset Cty. Office on Aging Advisory Council; Industrial and Commercial Real Estate Women (ICREW); New Jersey Builders Assn. ■

Stalco International Group partners with Varco Pruden ISLANDIA, NY – Stalco International Group has partnered with Varco Pruden Buildings (VP Buildings). Stalco principal, Kevin G. Harney, said: “Stalco has identified significant market opportunities for highly customizable, architecturally attractive, pre-engineered buildings in the Northeast, particularly in the Greater New York area and Long Island. Varco Pruden Buildings was the obvious partner choice by offering un-

paralleled flexibility of design solutions, esthetic appeal, and speed of delivery expected by architects, engineers, and Stalco clients.” “Varco Pruden is excited about joining forces with Stalco,” saidRoss Braithwait, vice president of sales and marketing for Varco Pruden Buildings. “Stalco has built a reputation for competent management, technical and engineering expertise, and providing their customers with value-added

construction services. Both VP and Stalco are committed to creating innovative, energy-efficient solutions for construction buyers. We believe this partnership will help both companies develop excellent long-term business opportunities in the Northeast”. Through VP’s computeraided design and manufacturing system, Stalco offers a timesaving alternative to the traditional design and construction process. ■

CoreLogic partner Infonet adds new MLSs SANTA ANA, CA — CoreLogic, one of the leading providers of information, analytics and business services announced that five multiple listing services (MLSs), representing more than 19,000 real estate professionals, have joined the Partner InfoNet revenue-sharing program. The new agreements include the program’s first in Florida and bring the total number of real estate professionals who are participating in Partner InfoNet to more than 140,000 and more than 400,000 listings. The new MLSs are: Regional MLS, Inc. of Palm Beach; North Carolina’s Fayetteville Association of Realtors, Inc.; Central Virginia Regional MLS, LLC; Ocean County Board of Realtors, Inc. of New Jersey and Western Regional Information Systems & Tech-

nology of Ohio. Launched this past May, Partner InfoNet is a new, revenue-sharing program in which MLSs license their listing data to CoreLogic for use in risk management products for mortgage lenders, servicers and the capital markets. The MLSs share in the proceeds of the sales of these risk-management products and are also able to offer innovative new valuation products, such as RealAVM, to their members. CoreLogic has put in place a data protection system to make sure that the MLS listing data is shared only with professionals, and not consumers, and that the shared data is not misused. CoreLogic also consults with its MLS partners to identify and resolve potential security holes in their MLS system and policies. ■

Willow Construction adds Adams to management team DELAWARE/MARYLAND — Willow Construction, LLC announced the addition of Ken Adams to the company’s management team. As business development manager, Adams will be responsible for helpKen Adams i n g Wi l l o w expand its reach throughout Delaware and Cecil County,

MD. According to Willow president Michael Hiner, “Our company is poised for growth. We are excited to tap into Ken’s depth of experience and his invaluable knowledge of the construction business. During his previous 25 years as president of Pace Electric, Adams served the construction industry as a respected leader. He brings Willow important insight that will help us achieve our strategic growth objectives.” ■

Hopper joins Encelium as dir. of sales TEANECK, NJ — Tom Hopper has joined Encelium Technologies as director of sales. In this new role, Hopper will spearhead and manage the compan y ’ s s a l e s Tom Hopper and marketing initiatives throughout the Northeast U.S. region. “Tom is widely recognized throughout the energy technology field for his technical expertise and commitment to the highest levels of customer service,” said Tony Marano, president and CEO of Encelium. “He brings a unique entrepreneurial vision to his new role that will offer our customers a ‘real world’ look at the Encelium product line that

will translate into significant cost and energy savings.” Prior to joining Encelium, Hopper worked with Energy Savings Management Systems (ESMS) as the vice president of sales and marketing where he was responsible for 65 percent of the customer base. During his tenure, his team saved the quick service industry more than $25 million in costs. In the 1990s, he also was involved in the lighting retrofit business during the Ontario Hydro rebate program. Hopper earned a mechanical technology degree in solar engineering from Humber College in Toronto, specializing in energy-efficient building design. Encelium’s wide range of commercial projects includes office buildings, schools, healthcare and public facilities, parking garages and stadiums. ■

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Mid Atlantic Real Estate Journal — Contractors, Owners & Managers — February 25 March 10, 2011 — Inside Back Cover C

C Back Cover — February 25 March 10, 2011 — Contractors, Owners & Managers — Mid

Atlantic Real Estate Journal

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NEVER COMPROMISE YOUR ENVIRONMENT.

AZTEC. COMPLETE PROJECT MANAGEMENT. From clients to employees, your environment has an effect on everyone. It’s often the first…and last impression they see. Can your image afford to let those opportunities pass without making the most of them? “Total Architecture” is our mantra at Aztec. Let it make a difference for you. Base Building Architecture I Interior Architectural Design I Facility Master Planning Complete Project Management I Relocation Execution Management On-Going Facilities Management I Construction Execution Management

Wishing You Happy Holidays Call 732.636.8989 or visit www.aztec-architects.com

Woodbridge Place, 517 Route One South, Iselin, NJ 08830

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Mid Atlantic Real Estate Journal — Commercial Office Properties Spotlight — February 25 - March 10, 2011 — Section D

Mid Atlantic R

EAL

ESTATE JOURNAL’S ANNUAL

COMMERCIAL OFFICE Spotlight

INSIDE GERBER/SOMMA ASSOCIATES ........................................ 2D BILL DURSO, NUTRISYSTEM, INC. AND JAKE TERKANIAN, CBRE .................................... 3D MARC SCHWARTZ, MARC REALTY ................................. 4D NAI GLOBAL SPOTLIGHT .......................................5-16D BRYAN COLE, NAI KEYSTONE ................................. 6D TRIPP WAY, NAI EMORY HILL ................................ 8D NAI SUMMIT ......................................................... 9D GREGORY HM BROUJOS, NAI PITTSBURGH ............ 10D BILL GLADSTONE, SIOR, CCIM, BILL GLADSTONE GROUP OF NAI CIR ................... 11D W. JOSHUA LEVERING, NAI JAMES E. HANSON ....... 12D NAI DILEO-BRAM & CO. .................................... 13D JOHN THIRY, NAI COMMERCIAL PARTNERS ............. 14D NAI GEIS REALTY GROUP..................................... 15D NAI FENNELLY..................................................... 16D 2010 COMMERCIAL OFFICE SALES AND LEASES ......17- 20D

D Inside Cover — February 25 - March 10, 2011 — Commercial Office Properties Spotlight — Mid

Atlantic Real Estate Journal

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FREE WEBINAR: What You Need To Know About Underwriting and Valuing Multi-Tenant Of¿ce Buildings in the Post Credit Crisis Environment Tuesday March 8, 2011 2:00-2:45 p.m. EST, 1:00-1:45 p.m. CST, 12:00-12:45 p.m. MST, 11:00-11:45 a.m. PST • According to a recent article published in the Wall Street Journal on line, “The amount of occupied of¿ce space increased for the ¿rst time in three years during the fourth quarter of 2010”. • According to property research ¿rm REIS, Inc: “Average of¿ce rents rose by 0.2% to $22.09 per square foot, registering the ¿rst uptick since the second quarter of 2008” (but below pre-2008 rates). • While the national average vacancy rate is about 17.6% it appears to be on the precipice of decline. • Additional studies by national and local ¿rms have stated that the of¿ce market has “bottomed out” and that occupancy and rents will start to rise during 2011. • No signi¿cant new of¿ce building construction has occurred in the last two plus years. • There is a pressing need to supply the numerous re¿nancing opportunities that will arise this and next year. • Special Servicers are trying to unload numerous portfolios of of¿ce backed CMBS mortgages. • Many of¿ce properties with signi¿cant vacancies, above market rents and/or substantial amounts of deferred maintenance are also being offered for sale. Those facts have created an increased interest in ¿nancing and acquiring multi-tenant of¿ce buildings. Accordingly, if you are a mortgage lender, purchaser, investor, appraiser or broker you should forget how you underwrote or analyzed of¿ce buildings prior to the summer of 2007 and the “credit crisis”. In 2011 and beyond, knowing how to analyze of¿ce property using current underwriting and analysis standards is critical if you want to avoid over valuing and to reduce the future potential of having to incur unanticipated and signi¿cant additional capital investment or losses. This webinar, while not all encompassing, is a synopsis of the current items that all mortgage loan underwriters, purchasers, investors, appraisers and other analysts should be thinking about, investigating and addressing in their “how to” approach to underwriting and valuing a multi-tenant of¿ce building asset in the post credit crisis environment. Join ¿nancing and valuing expert Bruce Coin, in partnership with Coin Harlan Consulting, (www.coinharlan.com), a learning solutions company, for an educational, engaging and thought provoking 45 minute webinar to hear him share his explanation, views and opinions and answer questions about how to currently underwrite and value multi-tenant of¿ce buildings for purchase or mortgage ¿nancing purposes. Bruce Coin has over 40 years of full time experience in the inter-related disciplines of income property ¿nancing, appraising, development and industry education. He is a former co-founder and CEO of Pro-gressive Mortgage Corp. a 35 year old commercial mortgage banking, brokerage, consulting, appraisal and insurance company correspondent ¿rm. He is currently CEO of Bruce Coin Consulting, Inc., a subject matter expert for Coin Harlan Consulting and an acknowledged income property ¿nancing and appraisal expert. Technical and webinar support is being provided by Shailee Dave of Rii Solutions (Hello@riisolutions.com).

To sign up for the webinar go to:

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Mid Atlantic Real Estate Journal — Commercial Office Properties Spotlight — February 25 - March 10, 2011 — 1D

COMMERCIAL OFFICE PROPERTIES SPOTLIGHT

THE DEAL OF YOUR DREAMS IS A PHONE CALL AWAY

Whether you’re a buyer or seller We can make your dream come true

GERBER/SOMMA Associates

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2D â&#x20AC;&#x201D; February 25 - March 10, 2011 â&#x20AC;&#x201D; Commercial Office Properties Spotlight â&#x20AC;&#x201D; Mid

Atlantic Real Estate Journal

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COMMERCIAL OFFICE PROPERTIES SPOTLIGHT On the Bergen/Hudson County, New Jersey borderline

Gerber/Somma Associates announces the sale of Grand Terrace Apartments totalling $3 million

n what was reported to be one of Rutherfordâ&#x20AC;&#x2122;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 treelined block front on Union Avenue and ideally situated in a dynamic location on the geographic fringe of the Bergen/ Hudson County borderline, the two-story rental property has long been considered a

modern landmark. 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 facilities,

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. â&#x2013;

Blue & Obrecht Realty negotiates office leases totaling 10,948 s/f

Grand Terrace Apartments

BALTIMORE, MD â&#x20AC;&#x201D; Bierer & Margolis, P.A., attorneys at law has relocated their office, leasing 5,040 s/f in The Federal Reserve Bank of Richmond Building located at

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502 South Sharp St. Terri Harrington of Mackenzie Commercial Real Estate Services represented the landlord, The Federal Reserve Bank of Richmond, and Richard Blue, Jr., SIOR, and Patrick Smith of Blue & Obrecht Realty, LLC represented the tenant. Bankers Life and Casualty Company leased 3,222 s/f of office space at 2219 York Rd. in Timonium. Blue, Jr., SIOR, and Smith represented the landlord, 2219 York Road LLC, and Stuart Rienhoff of Jones Lang LaSalle represented the tenant. Doctors Express, an urgent care facility, leased 2,686 s/f of office space at 2219 York Rd. in Timonium. Their new facility is expected to open in the Spring of 2011. Blue, Jr. and Smith represented the landlord, 2219 York Road LLC, and Bradley Buslik of H&R Retail represented the tenant. â&#x2013;

Commercial Office Property Spotlight a section of the

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Lancaster, Pennsylvania A High Real Estate Group LLC Master-Planned Business Campus

Publisher/CEO Linda Christman lchristman@marejournal.com Co-Publishers

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www.GreenďŹ eldCorporateCenter.com/PropertySearch s E-mail: highrealestate@high.net

Dianna Mallozzi dmallozzi@marejournal.com Elaine Fanning efanning@marejournal.com Section Editor Karen Vachon editor@marejournal.com

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Mid Atlantic Real Estate Journal — Commercial Office Properties Spotlight — February 25 - March 10, 2011 — 3D

COMMERCIAL OFFICE PROPERTIES SPOTLIGHT By Bill Durso, CBRE and Jake Terkanian, Nutrisystem

Nutrisystem Shines in global headquarters relocation with focus on efficiency

BRE’s Philadelphia Project Management Team, led by Jake Terkanian, was retained by Nutrisystem to assist with the fit-out and construction of the company’s new global headquarters. Nutrisystem signed a 12-year lease for 120,000 s/f at 600 Office Center Drive in Fort Washington, Pennsylvania. Nutrisystem, Inc. is the number one home delivery weight loss company offering proven nutritionally balanced programs designed for women, men and seniors, as well as the Nutrisystem D plan, specifically designed to help people with type 2 diabetes lose weight and control their diabetes. With a new senior executive management team in place, a stronger company identity and a desire for an increase in operational efficiency, Nutrisystem embarked on an extensive evaluation of its real estate needs in 2008. At the time, Nutrisystem was a company spread over four buildings in Horsham, PA. The firm was at capacity in one building, closing another and in need of significantly renovating a third in order to accommodate all of its current departments and operations. With some of their leases expiring between the fourth quarter of 2009 and the first quarter of 2010, Nutrisystem decided it was an ideal time to search for a highly efficient, single site to meet the growing and changing business needs of its global headquarters. Working with a local real estate advisor, Nutrisystem performed a KOIZ tax analysis, employee mapping study, labor analysis and site selection in October 2008. In addition, the company engaged Meyer Design to perform a full space program to determine Nutrisystem’s appropriate square footage requirements within their current leased spaces and proposed new locations. The team evaluated many locations within the Greater Philadelphia area relative to Nutrisystem’s space needs, business goals and vision for the future. Knowing that the company wanted to be in a single location and understanding the significant IT investment that a re-location would entail, Nutrisystem collaborated with CB Richard Ellis’ Project Management team

600 Office Center Drive

to establish a comprehensive project budget for review by its Board of Directors. Based on Nutrisystem’s business cycle, the tax and labor analyses and employee mapping, it was determined that all staff needed to be relocated by August 2010. Upon budget approval and confirmation of a 120,000 SF space requirement, Nutrisystem set out to make a final site selection by the end of the first half of 2009. The established timeframe eliminated the possibility of retrofitting any of Nutrisystem’s existing build-

ings as well as any build-tosuit options which would take close to 18 months. With input from Nutrisystem, CBRE developed a fully integrated project schedule that included procurement, construction, fixturing, data center migration, and phased occupancy. The team uncovered a prime opportunity at 600 Office Center Drive, a three-story, Class A office building in Fort Washington, PA allowing Nutrisystem to stay in the same geographic area. CBRE negotiated a landlord turnkey construction solution

where Nutrisystem controlled the bidding process and assigned the awarded general contractor to the landlord. By doing this, Nutrisystem assigned budget and schedule risk to the landlord and focused on internal coordination of business activities with a primary focus on the data center migration. Construction began in January 2010 with a planned occupancy of August 2010. Nutrisystem consolidated its global headquarter operations into a single site and continued on page 4D

4D — February 25 - March 10, 2011 — Commercial Office Properties Spotlight — Mid

Atlantic Real Estate Journal

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COMMERCIAL OFFICE PROPERTIES SPOTLIGHT By Marc Schwartz, Marc Realty

Negotiating leases in a soft market he past 3 years have been one of the most difficult periods in which to negotiate leases for property owners while being one of the best times for tenants. The primary purpose re- Marc Schwartz mains filling space, but at what “opportunity cost” ? Many of my clients recognize

that base rent has adjusted in their markets and within their properties by 10-40% since the market peak of 2007. The trap that many owners fall into is locking in a discounted rent today for the next 5 years or longer, thereby leaving rent money on the table (the opportunity cost) and affecting the long term value of the asset. If you believe that the market has turned and better times are ahead for owners (property owners like real estate brokers are forever optimistic about the future); then here are four (4)

key deal pointers to negotiate from the Landlord’s side: 1. Adjust the base rent every 2 years rather than every 5 years and use a property based benchmark such as average building rent or most recent lease rent to make the adjustment. Escalations by the CPI or a flat 3% per year on a discounted rent may not return the lease to a market rent over the term. Watch out for the tenant argument that “the market is down 30%”. Most tenants and others involved in the leasing process have a bias toward the

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

media headlines which paints the real estate market with a very broad brush stroke. The commercial office market does not move in lockstep with the residential market. 2. Do not include electric and other utilities in the gross rent. All other tenants in the retail, apartment and industrial asset classes pay for utilities so why should office tenants be treated differently? Merging utility costs with base rent distorts the income statement and makes comparisons to industry metrics difficult.

3. Be aggressive and definitive with your lease proposal but offer same with conditions and deadlines. Tenants are notorious for collecting proposals and not acting on them. If you really want to shorten the time it takes to get to a deal, be bold with your offer but insist on an answer by a certain date or withdraw and work on the next prospect. 4. Free rent does not cost you if the space is going to remain vacant anyway. I like to add the free rent period onto the term so that it does not erode the full rental value of the lease term. This is the easiest chip to play and usually meets the tenant’s needs for lower rent up front. Another option to this strategy is to defer some of the free rent into the future, making the tenant earn it. Each lease transaction requires a different approach and should not be forced to conform to some standard or model that may not apply. Talk with your broker and construct a meaningful and realistic offer from either side of the deal. Best of success with your real estate this year. Marc Realty is a specialist in office leasing and investment property sales. ■

By Bill Durso, CBRE and Jake Terkanian . . . continued on page 4D signed a long-term lease at 600 Office Center Drive. The new location includes a twostory main reception area with modern Tasting Lab and Test Kitchen; a Creative Studio with adjacent Brainstorming Rooms; a flexible multi-use open Town Hall space for Wellness Programs, receptions and department meetings; a private fitness center with locker rooms; a 450-seat call center with 120-person training center on the second floor; and an open workstation floor plan with abundant collaboration spaces for non-contact center operations with interior glass throughout for natural light on the third floor. As a result of the competitive bidding process employed for the project, budget savings of over 10% were returned back to Nutrisystem in addition to accelerated depreciation of improvements identified as a continued on page 8D

COMMERCIAL OFFICE PROPERTIES SPOTLIGHT FEATURING NAI GLOBAL MAREjournal.com

Mid Atlantic Real Estate Journal — Commercial Office Properties Spotlight — February 25 - March 10, 2011 — 5D

2011 introduces NAI Global Sustainability Services

NAI global reports significant gains in 2010

RINCETON, NJ — NAI Global, the world’s premier managed network of commercial real estate firms and one of the largest real estate services providers worldwide, reported significant gains in 2010 as the Jeffrey M. Finn company expanded and realigned services to better serve clients’ changing needs. “NAI Global continued to innovate and differentiate in 2010, realizing new service offerings and sales channels to help our clients achieve success in today’s uncertain market conditions,” said Jeffrey M. Finn, NAI Global president & CEO. “We look forward to a stronger 2011, built on a reimagined and reinvigorated global network.” Among NAI Global’s 2010 highlights: • NAI Global significantly expanded its Member network,

“NAI Global continued to innovate and differentiate in 2010, realizing new service offerings and sales channels to help our clients achieve success in today’s uncertain market conditions,” said Jeffrey M. Finn, NAI Global president & CEO. with 17 new member firms across the U.S., Latin America and Europe. That growth continued in 2011 with new offices in the UK and Vietnam. • In partnership with Harcourts International, NAI Global launched NAI Harcourts and began rapid expansion of the brand in Australia, New Zealand and South Africa. More than 40 offices came under the NAI Harcourts umbrella in 2010 with key offices in

Auckland, Wellington, Christchurch, Melbourne, Adelaide and Perth. • NAI Global added more than 100 million s/f to its property management portfolio, bringing the total up to 300+ million s/f under management worldwide. • NAI Global formed a Special Asset Solutions group in January 2010 to assist banks, financial institutions and special servicers with their distressed

real estate assets. NAI was retained by two of the world’s largest banks as the preferred provider for disposition of distressed assets and REO. The group also was retained by one of the world’s largest private equity investors to assist in pre-acquisition analysis. • Expanding on NAI Global’s successful Commercial Property PowerSale platform, introduced in 2009, NAI Global formed an alliance with NRC Realty & Capital LLC to offer online sealed-bid sales. The next PowerSale is scheduled for April 14. • NAI formed a Project Management Group based in NAI Global New York City’s office under the leadership of Fred Tuck. The Project Management Group provides turnkey endto-end solutions for corporate clients. • Building its expertise, NAI Global added strength and depth to its global teams, including Peter Ruggiero, managing director, Global Capital Markets; Paul Danks, senior vice president of Corporate Services in the EMEA region;

and Gus Poulopoulos, executive managing director at NAI Global New York City. • I n 2 0 11 , N A I G l o b a l launched a comprehensive suite of “green” services under the NAI Global Sustainability Services umbrella, including a strategic alliance between NAI Global and GreenPoint Partners to help property owners and users achieve profitable sustainability by delivering energy audits, solar and wind renewable energy, efficiency retrofits and LEED certification. Other services under the NAI Global Sustainability Services umbrella include Optm, which brings NAI Global together with world renowned architectural firm Gensler and “Green” Guru John Picard to create a platform to transact “Green” buildings and undertake programs to create value by “greening” buildings and campuses. NAI also has formed a strategic alliance with Environmental Resources Management (ERM) to provide environmental due diligence, site investigation and remediation services around the world. ■

INSIDE Bryan Cole, NAI Keystone Commercial & Industrial, LLC ........................................................................ 6D Tripp Way, NAI Emory Hill ............................................................................................................................ 8D Gregory HM Broujos, NAI Pittsburgh Commercial.................................................................................. 10D Bill Gladstone, SIOR, CCIM, Bill Gladstone Group of NAI CIR............................................................... 11D W. Joshua Levering, NAI James E. Hanson ............................................................................................. 12D John Thiry, NAI Commercial Partners ...................................................................................................... 14D

6D — February 25 - March 10, 2011 — Commercial Office Properties Spotlight — Mid

Atlantic Real Estate Journal

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NAI KEYSTONE By Bryan Cole, NAI Keystone Commercial & Industrial, LLC

Greater Reading Office Market Report End of Year 2010 Report

he 2010 Greater Reading Office Market was much more active than the previous year although vacancy rates increased throughout the local market. This was due to the majority of Bryan Cole the transactions taking place within the county. The office market continued to experience companies downsizing along with relocating their existing offices to take

advantage of the decreasing rates and the increase in lease incentives. The good news is that there were a number of companies who increased their footprints including The Reading Hospital and Medical Group, UGI, and C&L Group. This is good to see in a market which has experienced less than favorable absorption rates within the past few years. Unfortunately due to a number of companies closing operations locally the absorption rate for 2010 still maintained its negative status, however it could have been

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WYOMISSING CORPORATE CAMPUS 1166 Spring St., Wyomissing PA 19610 LEASE Prime Office space in Wyomissing, PA. 158,000 SF Corporate Campus with 11,000 SF available immediately. Build to suit opportunities up to 50,000 SF also offered for lease

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much worse without those companies expansion. The end of year 2010 showed a slight decrease in Suburban class “A” building Vacancies starting at 12.5% in late 2009 and closing at 12.4%, mostly due to a new build to suit for the Reading Hospital and Medical Group, along with companies increasing their footprints at 1 Meridian Blvd in Spring Ridge and The Wyomissing Corporate Campus in Wyomissing. Class “A” buildings have typically been a safe sector in the marketplace because of low inventory; however with

new developments coming on line, and companies looking for lower rents the class “A” sector may see less demand, greater competition and potentially more vacancy. Class “A” rental rates in 2010 remained stable with rates ranging from $15.50 - $16.75 (Triple Net) on the high side; however there was considerable downward pressure on pricing within this segment. The class “B” sector experienced the same issues in 2010 as did class “A”, starting at 13.7% and ending at 13.6%, however while vacancy

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MUHLENBERG OFFICE PLAZA 210 George St., Muhlenberg PA 19605 SALE or LEASE Multi-tenanted two-story 37,500 SF office building on 1.8 acres. High profile location in the Reading suburb of Muhlenberg Township. JUST REDUCED TO $1,600,000 !!

SPRING TOWNSHIP CORPORATE CAMPUS Hillvale & Iroquois Ave, Sinking Spring PA 19608 SALE or LEASE Class A Office Complex with all approvals in place. Office buildings on this site will range from 6,000 SF to 53,160 multi story. Tenants can design their own building, floor plan or combine lots for a larger footprint

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rates decreased, rental rates remained steady. Base rental rates within this sector range from $8-9 psf and tops out at $12-13 psf with gross rates coming in around $15-16 psf! Recent absorption has come mainly from expansion of operations by companies already in the market. The downtown area of the City of Reading has seen some new deals consummated, like the Greater Reading Chamber of Commerce, Greater Berks Development Fund and Berks Economic Partnership leasing space at 201 Penn St., the market remains flat due to these companies coming from existing space within the City. Buildings that have seen vacancy for some time, including 645 Penn Street and 501 Washington Street are starting to show some signs of hope due to new management and ownership changes taking effect. Owners and tenants are continuing to struggle with parking costs and security concerns, which are continuing to be addressed by a committed City Administration. Downtown City of Reading vacancy rates continue to increase in late 2010 with rates rising 15.6% to 20.7% in class “B” Product with much of the vacancy continuing to surround large blocks of contiguous space. The City of Reading and economic development groups have been working hard to improve and revitalize Downtown which shows in the number of projects underway. The new IMAX Theater and the nearly completed addition to the Reading Eagle Headquarters in the CBD are welcome entrants to the market and kick off a multi-million dollar main street corridor project that includes a new $67 million Doubletree Hotel and garage project across from the Sovereign Entertainment and Expo Center. This will help attract a more vibrant restaurant and entertainment segment with increased amenities and ultimately assist to bring tenants back downtown while decreasing vacancy rates and increases in the tax base. 2011 is showing signs of hope, with new tenants entering the market place, and rental rates continuing along a steady course upward. Deals will continue to get continued on page 8D

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Mid Atlantic Real Estate Journal — Commercial Office Properties Spotlight — February 25 - March 10, 2011 — 7D

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8D — February 25 - March 10, 2011 — Commercial Office Properties Spotlight — Mid

Atlantic Real Estate Journal

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NAI EMORY HILL By Tripp Way, NAI Emory Hill

Delaware market remains emotion-driven

ike every North American office market, Delaware has endured its share of hardship over the last 24 months, culminating in the expectation for an improvement Tripp Way in conditions during 2011. In the last six months of 2010, while the average class A vacancy rate dropped 1.4 percent, from 12.5 to 11.1, the quoted Full

Service lease rate increased by approximately 25 cents psf. Class B office, while not experiencing any noticeable change in absorption, has seen an average rate increase of about 35 cents psf. Given that rental rates aren’t experiencing major changes in line with the shift and that no new construction projects have brought increases of square footage to the market in areas seeing negative absorption, it can be surmised that emotion continues to play a role in the market. In fact we are seeing some

class C properties quote full service leases at higher rates than Class B in the same area. While these quotes may not take into consideration landlord concessions, coupling a tendency toward shorter-term leases with the willingness to concede shows that emotions continue to run high. It seems safe to say that uncertainty and moderate pessimism remained the motivating factors for both tenants and landlords throughout the second half of 2010, accounting for some interesting market fluctuations.

A comparison of rental rates from the end of 2009, however, provides some reason for optimism. The past year added nearly one dollar psf to the average class A CBD lease. Class A suburban office space is holding steady at about $23 psf. It was during the second half of 2010 that Wilmington moved against a highly-publicized and widely-criticized tax increase against S corporations. While this may have accounted for some fluctuation in the market, no movements from the CBD were reported as

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a direct result. Indeed, uncertainty about taxes, increases in health care costs and other economic factors have taken their toll on transactions. The good news is that there are deals to be found in the market. Landlords are willing to negotiate and an increase in market activity should help to move some of the vacancy while construction remains slow, although interest in projects Tripp Way is principal at NAI Emory Hill. ■

By Bill Durso, CBRE and Jake Terkanian . . . continued on page 4D result of a detailed Cost Segregation study performed by CBRE. Norwood Construction executed the construction as planned delivering the data center early to ensure the migration was complete prior to occupancy of the call center and executive suites. Vendors, including furniture, audio video, security, and signage, came together nicely during the final construction stage and complimented the interior design done by Meyer. Nutrisystem was able to experience the flight to quality in a down real estate market, consolidate multiple locations, build a new data center and deliver a more desirable working environment for its employees all while maintaining full business operations. Bill Durso is the facilities operations director with Nutrisystem, Inc. Jake Terkanian is a project management director and LEED Accredited Professional with CBRE. ■

By Bryan Cole . . . continued from page 6D done because landlords are reacting to current market conditions, which means companies are getting favorable incentives, such as introductory rates, rent abatements and additional tenant improvements. Also, landlords are now offering tenant improvements and incentives to keep their existing tenants. Bryan Cole is a sales and leasing professional with NAI Keystone Commercial & Industrial, LLC. ■

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Mid Atlantic Real Estate Journal — Commercial Office Properties Spotlight — February 25 - March 10, 2011 — 9D

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10D — February 25 - March 10, 2011 — Commercial Office Properties Spotlight — Mid

Atlantic Real Estate Journal

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NAI PITTSBURGH COMMERCIAL By Gregory HM Broujos, NAI Pittsburgh Commercial

The strength of Pittsburgh’s commercial real estate market

ittsburgh’s commercial real estate market has been stable during the downturn due to a combination of population growth and positive employment trends. The city, formerly a manufacturing strong- Gregory Broujos hold, has been transitioning itself into a center for healthcare, education and energy-related jobs. The Pittsburgh region contin-

ues to experience strong growth and is garnering national applause from all over the country. With unemployment two points below the national average, Forbes.com ranks Pittsburgh second nationally in terms of prosperity and cost of living. Moody’s ranks the Pittsburgh commercial real estate market fifth nationally and states that the multifamily market enjoys a 2.4% vacancy rate, the lowest in the country. In terms of job creation, Pittsburgh ranks 10th according to the U.S. Bureau of Labor Statistics, and CNBC states that the cost of living in

Pittsburgh is 12.2% below the national average. Once again, Pittsburgh’s long-standing commercial real estate market stability proves to be a huge asset, especially after coming out of the most recent recession. The office market and multi-family market remain strong, while retail has made modest gains. The main sectors driving Pittsburgh’s 21st century resurgence are businesses involved in drilling for gas from the Marcellus Shale formation and the continued growth of Westinghouse Nuclear. These

factors, along with the technology sector, which has benefited from Google’s commitment to Pittsburgh’s East End, have worked hand in hand with growth from the City’s colleges and universities. Institutions such as the University of Pittsburgh, Carnegie Mellon, Robert Morris, Point Park, Duquesne and Chatham Universities have made invaluable contributions to the city. Home to seven Fortune 500 companies, such as Federated Investors, Alcoa, USX, Bayer, Rand and Google, these companies provide an infusion

ESTABLISHED LEADER OF WESTERN PENNSYLVANIA’S COMMERCIAL REAL ESTATE INDUSTRY Industrial • Office • Investment • Retail • Corporate Services INDUSTRIAL PROPERTY FOR SALE OR LEASE 700 TRUMBULL DRIVE, GREENTREE BOROUGH 48,000 SF Warehouse & 10,000 SF Office Sale Price: $3,200,000 Lease Rate: $6.50 NNN Contact: John Bilyak or Jason Adams 412 321 4200 INDUSTRIAL PROPERTY FOR LEASE ROBINSON COMMERCE CENTER, PITTSBURGH 181,615 SF in the Main Building 7,370 SF & 5,440 in two “Out” Buildings Sub-divisible to 20,000 SF Contact: John Bilyak or Patrick Sentner OFFICE PROPERTY FOR LEASE 600 CHERRINGTON CENTER DRIVE, MOON TOWNSHIP 1st Floor 13,692 SF 2nd Floor 14,634 SF 3rd Floor 17,784 SF 4th Floor 20,603 SF Planned Full-Building Renovations Contact: Paul Horan or Jeff Adams 412 321 4200 INVESTMENT/PREMIER OFFICE COMPLEX FOR SALE PARKWAY CENTER, PITTSBURGH Buildings 1, 2, 4, 6, 7, 9, 10 & Parking Garage 622,771 SF Office Space on 20.7 Acres Sale Price: $47,000,000 Contact: Gregg Broujos 412 321 4200 Our Team of Professionals are dedicated to providing clients with the most comprehensive real estate services with the highest level of professionalism and integrity.

of capital and employment crucial to the city’s continuing development. The financial sector also remains strong and has experienced growth, with the additional strong presence of First Niagara and Huntington National Bank to the Pittsburgh market, along with PNC Corporation and BYN Mellon, who remain economic stalwarts. Pittsburgh’s three major rivers, along with some of the largest inland ports in the nation, allow for the easy and cost effective transportation of basic commodities such as steel, iron, natural gas, oil and coal. Pittsburgh International Airport is ranked as one of the world’s best with direct flights to many cities. This along with renowned sports teams such as the Steelers, Penguins and Pirates, world class cultural venues and great outdoor recreational opportunities, allows Pittsburgh to be annually ranked as one of the nation’s most livable cities. NAI Pittsburgh Commercial, locally owned company and established leader of Western Pennsylvania’s Commercial Real Estate Industry, provides results-oriented brokerage, consulting, marketing and research services to businesses and investors throughout the world. About NAI Global NAI Global is one of the leading commercial real estate services providers worldwide. Headquartered in Princeton, New Jersey, NAI Global manages a network of 5,000 commercial real estate professionals and 350 offices in over 55 countries, and completes over $45 billion in annual transaction volume. Since 1978, NAI Global clients have built their businesses on the power of NAI’s expanding network. NAI Global’s extensive services include corporate real estate services, brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain consulting and related advisory services. Gregory HM Broujos, founding principal & managing director at NAI Pittsburgh Commercial, has been in the real estate business for over 23 years, specializing in investment property sales and retail sales and leasing. ■

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Mid Atlantic Real Estate Journal â&#x20AC;&#x201D; Commercial Office Properties Spotlight â&#x20AC;&#x201D; February 25 - March 10, 2011 â&#x20AC;&#x201D; 11D

NAI CIR By Bill Gladstone, SIOR, CCIM, Bill Gladstone Group of NAI CIR

How Do We Get prepared?

wo and a half years ago the world was a much different place. The unemployment rate in Central Pennsylvania was well under 4%. Banks were lending money and unfortunate- Bill Gladstone ly, in some cases were doing so unwisely. New businesses were emerging and people were buying real estate. Life was good. In fact, more people were â&#x20AC;&#x153;living the dreamâ&#x20AC;? then compared to now. What was typical and customary then is not at this time. The new â&#x20AC;&#x2DC;normâ&#x20AC;&#x2122; has not yet re-established itself as we patiently watch to see how close we get to the lifestyle we were living once before. Those of us who have lived through these cycles before know this is exactly what it is, a cycle. The good times will be back, however, we do not know how good they will be or when they will return. With the economy, the jobs, the purchasing of real estate, and the starting of new businesses coming back, we would be foolish not to be prepared. We now have time and many of us may be doing less than we were in prior years simply because the business is not there. How do we get prepared? Do we go to the gym and start working out so we increase our physical endurance and outlast the tough times? Perhaps not such a bad idea since the latest survey shows that 42% of the U.S. population will be obese within ten years. But that is not quite what I had in mind by saying â&#x20AC;&#x153;get preparedâ&#x20AC;? for the upswing. There is no doubt that you want to be physically ready to meet the new challenges, but you also need to be mentally prepared so you can take advantage of this cycle when it hits. Start asking, â&#x20AC;&#x153;What can I do to make myself better and make the world better?â&#x20AC;? One of these concepts focuses on economic balance, the other on social responsibility. If you have immediate responses to these two questions, I would ask you to rethink these answers because I am not sure they are that readily available. Here are

some of the things that need to be looked at introspectively so that the right choices are

ductivity as you chase the next bull ride through the years it occurs. Reading and question-

of the situation and live that dream.

time to understand and realize that when we go into the next cycle, we should be better prepared, more intelligent and more inquisitive than we were during the last upswing, meeting our challenges headon and solving our issues successfully.

made. We should perfect our business models so when the recovery starts, the economic train that pulls out of your station is sleek and streamlined, saving you time and money and allowing you efficiency and pro-

If you are prepared to do these things to enhance yourself and your world, you should be enthusiastic and proud. You should be ready to live the dream like you never lived it before. It is yours for the taking. If you commit yourself to

You have wonderful opportunities in front of you and change will be inevitable. I advise you to take advantage

ing of our age old standards by which we model ourselves in our business and personal lives should be evaluated. Those questions are appropriate in checking if we are only doing things because there is no good substitute. This is the

being an instrument of change, you just need to understand that the parameters within which you are currently working will not be the parameters in which you will continue to work and live in the future. You have wonderful opportunities in front of you and change will be inevitable. I advise you to take advantage of the situation and live that dream. Bill Gladstone, SIOR, CCIM, is the principal of the Bill Gladstone Group of NAI CIR in Harrisburg, PA. â&#x2013;

$FOUSBM 1FOOTZMWBOJB 0GĂ&#x2122;DF 0QQPSUVOJUJFT 'PS -FBTF

For Sale 30 N. 3rd Street, Harrisburg p 3,273 - 36,231 SF available p PGG Ă&#x2122;STU NPOUIT SFOU XJUI a 5 year deal p #FBVUJGVM XJOEPX MJOFT p 0OF QBSLJOH TQBDF 4' Bill Gladstone ext 120

2401 N. Front Street, Harrisburg p "UUSBDUJWF TUPOF BOE TUVDDP NBOTJPO p 4' BWBJMBCMF JNNFEJBUFMZ p 'JOJTIFE CBTFNFOU BEET 4' p 5XP DBS HBSBHF p 7JFXT PG UIF 4VTRVFIBOOB 3JWFS Craig Rahn ext 136

1200 Camp Hill Bypass, Camp Hill p "UUSBDUJWF UISFF TUPSZ PGĂ&#x2122;DF CVJMEJOH p 4VJUFT GSPN 4' BWBJMBCMF p -PDBUFE PO CVTZ PGĂ&#x2122;DF SFUBJM DPSSJEPS BEKBDFOU UP 3BEJTTPO 1FOO )BSSJT p 4' KBOJUPSJBM Jim Ross ext 122

2625 Market Place, Harrisburg p 'VMMZ MFBTFE 4' CVJMEJOH p -POH UFSN MFBTFT JODMVEF &OUFSQSJTF 3FOU " $BS BOE 5SJTUBO "TTPDJBUFT p (SFBU VTFS JOWFTUPS PQQPSUVOJUZ XJUI 4' MFBTF CVZPVU Erik Gainor ext 146

4775 Linglestown Rd. Harrisburg p 1,200 - 6,282 SF available p 1SPGFTTJPOBM PGĂ&#x2122;DF QBSL FOWJSPONFOU p (SFBU WJTJCJMJUZ GSPN -JOHMFTUPXO 3E p "EEJUJPOBM MBOE DPVME QSPWJEF B 4' CVJME UP TVJU PGĂ&#x2122;DF CVJMEJOH Jason Sourbeer ext 189

2574 Interstate Drive, Harrisburg p 'SFFTUBOEJOH PGĂ&#x2122;DF Ă&#x161;FY CVJMEJOH p -PDBUFE BU $PNNFSDF 1BSL * BU 1SPHSFTT "WFOVF p 4' BWBJMBCMF JNNFEJBUFMZ p Joe Bedard ext 119

75 Shannon Road, Harrisburg Gateway Corporate Center p 4QBDFT GSPN 4' 4' p #FBVUJGVMMZ MBOETDBQFE PGĂ&#x2122;DF QBSL p $POWFOJFOU MPDBUJPO Bill Gladstone ext 120

2601 N. Front Street, Harrisburg p #FBVUJGVM 4' MJNFTUPOF NBOTJPO XJUI NBSCMF TUBJOFE HMBTT Ă&#x2122;SFQMBDF BOE SJWFS WJFXT p p 0XOFS Ă&#x2122;OBODJOH DPOTJEFSFE Dan Alderman ext 132

101 N. 2nd Street, Harrisburg p 4' BWBJMBCMF BCPWF .FUSP #BOL %JWJTJCMF UP 4' p &OUJSF OE BOE SE Ă&#x161;PPST BWBJMBCMF p 1SPGFTTJPOBM MPCCZ PO HSPVOE Ă&#x161;PPS XJUI FYDMVTJWF FOUSBODF Bill Gladstone ext 120

600 N. 12th Street, Lemoyne p 4FDPOE Ă&#x161;PPS BWBJMBCMF BT DPOEP p %FTJHO ZPVS PXO Ă&#x161;PPS QMBO p 4' p Dan Alderman ext 132

NAI CIR PO Box 8910 Camp Hill PA 17011 717 761 5070 www.naicir.com

12D — February 25 - March 10, 2011 — Commercial Office Properties Spotlight — Mid

Atlantic Real Estate Journal

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NAI JAMES E. HANSON By W. Joshua Levering, NAI James E. Hanson

Northern New Jersey office and industrial markets picking up steam

The Northern New Jersey Commercial Real Estate (CRE) market is undeniably showing encouraging signs of a turn for the better. This market is closely W. Joshua aligned with Levering the national economy which predicts a sustained and long term recovery that will be tied to the rate of employment growth.

The Northern NJ market is an extraordinarily large and diverse marketplace that includes many Fortune 500 firms with a concentration in the pharmaceutical, telecom, financial, insurance, manufacturing/distribution and import and export businesses. In addition, there are many large and prestigious international firms. This Market continues to be highly desirable for commerce and industry due to its accessibility to New York City and its very diverse and educated labor pool. Over the past year, vacancy

rates for ‘A’ quality office space have decreased slowly but steadily. Our statistics indicate a reduction of almost two (2) full percent points from approximately 16% at the beginning of 09’ to slightly under 14% at the beginning 2010. Our research indicates strengthening in leasing velocity and renewal activity, particularly in the last quarter of 2010. Overall, the office sector had a positive absorption, the first since 2007. Rental rates for office continue to be somewhat flat but stable. Class A office average

asking rents were at $26.97 psf with Class B rates averaging $22.50 psf. Landlord and owners continue to offer attractive rent concessions and interior improvement packages, especially for the larger and well capitalized tenants. In the Industrial sector, there is little new construction and vacancy rates are steady. At the end of 2009, vacancies were between from 8-9% compared to the 7.65% vacancy at the end of 2010. Leasing rates also held somewhat steady with average asking rates of $5.75 psf for A and B

SOLD ...on the value of teamwork. At NAI James E. Hanson we know the value of teamwork. We take pride in working as a team. Our people value one another. We draw on each others’ strengths. That’s why our representatives will regularly partner on projects to lean on each others’ expertise. That kind of interaction is uncommon in our industry, yet it happens every day at NAI James E. Hanson. If you value teamwork as much as we do, call us. It doesn’t matter who answers the phone. We are all here for you. Performance Driven. Tradition Bound.

Hackensack 201-488-5800 | Parsippany 973-463-1011 | Clark 732-827-0100 | www.naihanson.com

properties, while warehouse/ manufacturing and bulk warehousing rates were averaging slightly less at $4.65 psf. One of the notable changes to the industrial market last year was the large amount of acquisitions by investors and purchases by users. Overall, the industrial building sale activity in 2010 was very positive. We anticipate the industrial market to continue at a very strong pace during 2011 and predict it will be the leading sector of activity in our market. To sum up, the Northern NJ marketplace is ‘seemingly’ headed in the right direction. With owners, landlords and tenants looking to make deals, the activity should continue in a positive manner. Even with an increase in activity, we don’t predict any dramatic changes in vacancy for the office or industrial sectors. A lack of new construction, continued demand for good properties, and interest rates remaining low, all factor for a positive direction for the CRE marketplace in Northern NJ. W. Joshua Levering, SIOR is senior vice president at NAI James E. Hanson. ■

NAI Global honors David Blanchard with Lifetime Achievement Award PRINCETON, NJ — NAI Global honored David Blanchard, executive vice president, with the Gerald C. Finn Lifetime Achievement Award in recognition of his years of dedication and service to the NAI Global network. Blanchard joined NAI Global in 1985 in a corporate services/ business development role and has played a leadership role in building NAI’s U.S. network during his 25-year career. He currently leads the company’s Member Services team and primarily focuses on member development, orientation and training. “David’s unique ability to touch and inspire people has been critical to our growth and success,” stated NAI Global President & CEO Jeffrey M. Finn. “He is special person and we are so glad we have had the great fortune to have him on our team .” ■

MAREjournal.com

Mid Atlantic Real Estate Journal — Commercial Office Properties Spotlight — February 25 - March 10, 2011 — 13D

NAI DILEO-BRAM & CO.

Wherever You Are. Wherever You Want To Be. We’re Already There. Monroe, NJ - For Sale/Lease

x Modern 13,400 sq. ft. regional headquarters facility. x Quality finishes and impressive. interior features throughout, including a two story lobby, upgraded lighting, new HVAC units and custom built-in cabinetry. x Each wing features separate conference rooms and restrooms. x Located at Exit 8A of the NJ Turnpike.

North Brunswick - For Lease

x 11,000 sq. ft. of newly constructed

South Plainfield, NJ - For Lease

x 61,000 sq. ft. professional/medical

Piscataway, NJ - For Lease

x 25,000 sq. ft. single story corporate office building.

x Divisible to 1,000 sq. ft. x Will finish to suit. x Above average parking ratio. x Tailboard loading dock available. x Ideally suited for high-tech users. x Located minutes from Route 287 and Route 18.

BELOW MARKET RENT

Piscataway, NJ - For Lease

divisible Class A office space. x Located in an upscale retail environmental with ample parking available. x Situated at the intersection of Route 1 and Route 130. x Strong daytime population. x Minutes from Middlesex County Courthouse and local area hospitals.

x 65,000 sq. ft. office building divisible into units of 1,500 sq. ft. and up. x Impressive interior features include a two story lobby featuring a decorative staircase, mahogany doors and granite flooring. x Abundant window lines throughout. Elevator served, security access, 9 ft. ceiling height in each suite. x Located minutes from Route 287 and Route 18.

Piscataway, NJ - For Sale/Lease

office complex comprised of 5 single story and 2 two story buildings.

x Units available from 1,500 sq. ft. x Fully approved 6,000 sq. ft. child day care site is also available at this location.

x Close to all major highways including Routes 287, 1, 22, The NJ Turnpike and The Garden State Parkway.

x 21,600 sq. ft. office building. x 13,000 sq. ft. available for lease . x Divisible to 2,000 sq. ft. x Generous window line. x Lobby features include marble and granite flooring.

x Easy access to Routes 287, 1 & 22, the NJ Turnpike and Garden State Parkway.

For Further Information Please Contact Exclusive Broker:

1315 Stelton Road Piscataway, NJ 08854

tel 732 985 3000

fax 732 985 3022 www.naidileobram.com

Build On The Power Of Our Network™

The information contained herein has been given to us by the owner of the property or other sources we deem reliable. We have no reason to doubt its accuracy, but we do not guarantee it. All information should be verified prior to purchase or lease.

Wherever you are, you’re at the heart of our network.

14D — February 25 - March 10, 2011 — Commercial Office Properties Spotlight — Mid

Atlantic Real Estate Journal

MAREjournal.com

NAI GLOBAL By John Thiry, NAI Commercial Partners

Lancaster County office market he Lancaster County office market has trended in the same direction, but to a lesser degree, than other MSAs in the region in 2010. Both the city and suburban office John Thiry markets suffered negative absorption during the year. Suburban office vacancy grew by 2% to 19% for class A product and a whopping 6%

increase in class B vacancy resulting in 22% vacancy for that product class. The story in the city was dominated by the departure of CoreSource from its downtown location leaving a 59,214 s/f negative class A CBD absorption in its wake. At the end of the year, city office vacancy rates stand at 24% class A and 12% Class B. On the plus side, NNN rates have stabilized over the past 4 quarters at $16.50/SF and $11.00/s/f for class A and class B product respectively. Since the office market traditionally lags employment by 6 9

months, recent stabilization and in fact improvement in local jobs numbers are tentatively encouraging for office demand in the later onths of 2011. Lancaster County boasts a slowly lowering unemployment rate currently at 7.2% and when compared to the state average of 8.5% and a national average of 9.1% looks positively rosy. However this cautiously upbeat news must be tempered against nearly 500,000 s/f of supply on the books and an estimated 100,00 SF of shadow space waiting to be expanded into.

The downtown CBD continues to benefit from the recent opening of the Lancaster Convention Center and Marriott Hotel. Other notable projects include the redevelopment of the former Armstrong World Industries and Norfolk Southern sites by Frankin & Marshall College and Lancaster General Hospital into an 80 acre campus for medical, research and development, educational and recreational uses. Amtrak is in the throes of a $12 million station improvement, the city transit authority is adding a much

needed parking garage in the CBD and redevelopment of the former Lancaster Stockyads into a 20 acre business park has been finalized and construction completed for its first two tenants, CoreSource and Cargas Systems. Lancaster remains a vibrant, stable and attractive place to live and work with a first class arts district and a resurgent downtown scene. Office developers are eyeing any positive employment news as an indicator that the current backlog of office inventory will b absorbed sooner than anticipated. John Thiry, REALTOR , is a member NAI Commercial Partners, Inc. ■

NAI Global honors Sentner of NAI Pittsburgh

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

PRINCETON, NJ — Patrick Sentner, SIOR, of NAI Pittsburgh Commercial in Pittsburgh, Pennsylvania, was recognized by NAI Global with its Chairman’s Aw a r d f o r performance in 2010. Patrick Sentner The Chairman’s Award recognizes the NAI Business Director who best exemplifies the “Right Stuff” as it relates to the effective management of an NAI office, including leadership, business generation, service delivery, participation in enterprise initiatives and integration of NAI tools and resources throughout the firm. Sentner was also recognized as a Top Performer at the Elite level based on production in 2010. “We are extremely pleased that our firm and Patrick were recognized by NAI Global for our hard work and the way we go about doing our business,” said Gregg Broujos, Founding Principal at NAI Pittsburgh Commercial. “We believe that awards like this are a reflection on our entire office, our valuable employees, and our work ethic.” The award was presented in a ceremony on February 9 at the NAI Global 2011 Convention in Las Vegas. ■

MAREjournal.com

Mid Atlantic Real Estate Journal — Commercial Office Properties Spotlight — February 25 - March 10, 2011 — 15D

MAREJournal-FullPageAd-Feb2011.ai 2/16/2011 11:26:21 AM

NAI GEIS REALTY GROUP

16D — February 25 - March 10, 2011 — Commercial Office Properties Spotlight — Mid

Atlantic Real Estate Journal

MAREjournal.com

NAI FENNELLY

NAI Fennelly Is...

Industrial Parks For Sale Ritchie & Page Building 292 3rd Street, Trenton, NJ 74,765 SF OF OFFICE & WAREHOUSE Consists of the following: Building 1: 12,558 SF of Warehouse with 30’ Ceilings and 102’ Clear Span. 2 Drive-in Doors (12x14) & 30,000 SF of outside storage Building 2: 13,565 SF - 2-Story Office Building Building 3: 44,574 SF of Warehouse with Refrigeration, 30-40’ Ceilings, Clear Span, 600 SF of Office Building 4: 4,000 SF of Warehouse used as a Repair Shop with 18’ Ceilings and 50x100 Column Spacing, 3 Drive-in Doors (12x14) 1.1 Acres Located in the UEZ ZONE (Urban Enterprise Zone) Route 29 Visibility, Adjacent to the Light Rail – Riverline Close proximity to the Trenton Train Station Convenient to the NJ Tpke., Rte. 1 & Interstates 95, 295 & 195

Industrial Center Ewing Township, New Jersey 84,600 SF OFFICE, WAREHOUSE & MANUFACTURING BUILDING Single Story Building with 85% Total Occupancy Outside Storage Space Acreage: 6.64 acres Power: 2,400 Amps divided to 1,200 Amps 16’ Ceiling Heights Zoning: IP2 Building Coverage = 50% Sprinkler: Wet System Heat: Gas Fired City Water & Sewer Located in a Redevelopment Zone Convenient to Rte. 1, Rte. 29, Interstates 94, 295 &195

609 520 0061

200A Whitehead Road, Suite 218 Hamilton, NJ 08619

www.fennelly.com

17D — February 26 - March 11, 2011 — Commercial Office Properties Spotlight — Mid

Atlantic Real Estate Journal

MAREjournal.com

MAREJ OFFICE TRANSACTION REPORT 2010 AS REPORTED IN THE Mid Atlantic REAL ESTATE JOURNAL

Property Name

Seller/ Owner/ Lessor

Address

3 Great Valley Corp. Ctr. Wayne, PA

—

Rep. of Seller/ Lessor

CBRE

Buyer/ Tenant/ Lessee

Level One LLC,

JANUARY 15 - DECEMBER 10, 2010 Rep. of Tenant/ Buyer

Price

Size

Desc.

S/L

Month

CBRE, Gola Corp

—

Off.

7A Jan 15

Vanguard Modular Bldg. Sys. Elmwood Park Building

Elmwood Park, NJ

Hartz Mountain Inds.

—

Home Delivery America

—

117,680 s/f

Off.

FCB Jan 15

85 Challenger Rd.

Ridgefield Park, NJ

KABR Group

Phillips Nizer

Samsung America

—

190,000 s/f

Off.

2B Jan 15

208 Harristown Rd.

Glen Rock, NJ

—

Jones Lang La Salle

Bank of America

Mountain Dev. Corp.

—

103,000 s/f

Off.

4B Jan 15

629 Springfield Ave.

Berkeley Heights, NJ

—

Weichert Commercial

—

Newmark Associates

—

4,600 s/f

Off.

5BJan 15500

Hills Dr.

Bedminster, NJ

—

Kwalter Assoc.

Peapack Gladstone Bank

Weichert Commercial

—

40,793 s/f

Off.

6B Jan 15

105 College Rd.

Princeton, NJ

NBP

—

Syska Hennessy Group

Jones Lang La Salle

—

9,000 s/f

Off.

6B Jan 15

1 Keystone Ave.

Cherry Hill, NJ

Endurance RE Group

NAI Mertz

CSI

CB Richard Ellis

—

8,535 s/f

Off.

10B Jan 15

2010 Springdale Rd.

Cherry Hill, NJ

Endurance RE Group

NAI Mertz

The Garr Group

—

3,039 s/f

Off.

10B Jan 15

5425 Jonestown Rd.

Harrisburg, PA

Madden RE

Landmark Comm’l/

Fellowship Church

—

2,603 s/f

Off.

2C Jan 15

3540 N. Progress Ave.

Harrisburg, PA

Dawn Marie Realty

Landmark Comm’l/

Natale Reporting Svcs.

—

Off.

2C Jan 15

3540 N. Progress Ave.

Harrisburg, PA

Dawn Marie Realty

Landmark Comm’l/

Crisp & Associates

—

972 s/f

Off.

2C Jan 15

883 East Tolna Rd.

Shrewsbury Twp, PA

—

ROCK Commercial

A&S Services Group

—

57,768 s/f

Off./Ind.

4C Jan 15

296 Pleasant Acres Rd.

York, PA

Deroche Associates

—

THR & Associates

CBC Bennett Williams

—

4,500 s/f

Off.

5C Jan 15

2100 East Market St.

York, PA

Brenda Blaxland

CBC Bennett Williams

Travis & Kristin Woolley

CBC Bennett Williams

$230,000

4,783 s/f

Off.

5C Jan 15

3703-3711 Tiffany Dr.

Dover, PA

MOLT LLC

CBC Bennett Williams

Groypsu LP

CBC Bennett Williams

$650,000

10 unit

Apt.

5C Jan 15

601 Northland Ave.

Chambersburg, PA

Cardiovascular Ptrs

—

Nova Corporation

CBC Bennett Williams

—

5,100 s/f

Off.

5C Jan 15

The Gateway Building

Reading, PA

—

NAI Keystone

GBFD/BEP

NAI Keystone

—

10,000 s/f

Off.

8C Jan 15

860 1St. Ave.

King of Prussia, PA

Metropolitan Bus. PK Grubb & Ellis

—

Grubb & Ellis

—

5,128 s/f

Off.

9C Jan 15

1015 Chestnut St.

Philadelphia, PA

1015 Chestnut St.

Grubb & Ellis

Today’s Womens Health

Grubb & Ellis

—

1,277 s/f

Off.

9C Jan 15

GSB Building

Bala Cynwyd, PA

Maguire Partners

Beacon Commercial

—

4,750 s/f

Off.

10C Jan 15

4 Fork Rd.

Stroudsburg,PA

Comm. Bank & Trust

CBC Pennco

Dein Properties

CBC Pennco

—

25,000 s/f

Off.

12C Jan 15

1000 Continental Dr.

King of Prussia, PA

—

KNF Smith Mack

Rutherfoord

NKF Smith Mack

—

3,238 s/f

Off.

12C Jan 15

3600 Crondall Ln.

Owings Mills, MD

Cronhill LLC

Blue & Obrecht Realty

Key Marketing Group

Blue & Obrecht Realty

—

4,600 s/f

Off.

7A Jan 29

One Constitution Sq

Washington DC

—

Cassidy & Pinkard

U.S. Gen. Svcs. Admin.

Studley

—

288,255 s/f

Off.

9A Jan 29

The Azarian Building

Midland Park, NJ

—

Azarian Group

Barbara Comerford

—

1,988 s/f

Off.

4B FCC Jan 29

3600 Crondall Ln.

Owings Mills, MD

Cronhill LLC

Blue & Obrecht Realty

Key Marketing Group

Blue & Obrecht Realty

—

4,600 s/f

Off.

7A Jan 2

One Constitution Square Washington DC

—

Cassidy & Pinkard

U.S. Gen. Svcs. Admin.

Studley

—

288,255 s/f

Off.

9A Jan 2

The Azarian Building

Midland Park, NJ

—

Azarian Group

Barbara Comerford

—

1,988 s/f

Off.

4B Jan 2

445 South St.

Morris Twp., NJ

Advance Realty

Covanta

CB Richard Ellis

—

105,000 s/f

Off.

Feb 12 FCB

10 Malcolm Ave.

Teterboro, NJ

—

NAI Hanson

Roberts Street Realty

—

15,000 s/f

Off.

Feb 12 2B

472 Barell Ave.

Teterboro, NJ

—

NAI Hanson

Priority Express

—

39,832 s/f

Off.

Feb 12 2B

35 Waterview Blvd.

Parsippany, NJ

—

Mack-Cali Corp.

Citrix Systems

Colliers Houston

—

10,518 s/f

Off.

Feb 12 3B

35 Waterview Blvd.

Parsippany, NJ

—

Mack-Cali Corp.

NuWave Inv. Mgmt.

Colliers Houston

—

6,982 s/f

Off.

Feb 12 3B

35 Waterview Blvd.

Parsippany, NJ

—

Mack-Cali Corp.

Contractors Register

TRS Associates

—

2,313 s/f

Off.

Feb 12 3B

One Paragon Ave.

Montvale, NJ

One Paragon Ave. Assoc. CB Richard Ellis

Samson Paragon

CB Richard Ellis

—

107,221 s/f

Off.

Feb 12 4B

Middlesex I

S. Brunswick, NJ

—

IDI

Cushman & Wakefield

—

1.35m s/f

Off.

Feb 12 6B

Princeton Corp. Park

Princeton, NJ

—

Newmark Knight Frank

—

Newmark Knight Frank

—

27,375 s/f

Off.

Feb 12 8B

17-21 Christopher Way

Parsippany, NJ

Donato Group

FirstService Williams

The Wentworth Group

FirstService Williams

—

15,500 s/f

Off.

Feb 12 8B

100 Christopher Ln.

Lansdale, PA

—

Aptcor Comm’l Realtors

BEC Machine Parts

Aptcor Comm’l Realtors

$2m

15,000 s/f

Off.

Feb 12 FCC

325 West Main St.

Lansdale, PA

—

ReMax

—

Aptcor Comm’l Realtors

—

1,384 s/f

Off.

Feb 12 FCC

175 Limekiln Rd.

New Cumberland, PA

DeSanto Realty

Mackin Engineering

NAI CIR

—

3,714 s/f

Off.

Feb 12 FCC

4349 Carlisle Rd.

Hampden Twp., PA

—

NAI CIR

Pomeroy Computer

NAI CIR

—

2,400 s/f

Off.

Feb 12 FCC

3780 Trindle Rd.

Hampden Twp., PA

—

NAI CIR

Pines Distribution

NAI CIR

—

1,010 s/f

Off.

Feb 12 FCC

12875 Ferguson Vly. Rd. Burnham, PA

—

NAI CIR

Nivel Parts & Engineering

NAI CIR

—

18,000 s/f

Off.

Feb 12 FCC

6130 Old Jonetown Rd.

—

Howard Hanna RE

BA Properties

NAI CIR

—

11,850 s/f

Off.

Feb 12 FCC Feb 12 2C

Lwr. Paxton Twp., PA

606 N. 8th

Harrisburg, PA

Timothy Mines

Landmark

Skynet Holdings

Landmark

—

Off.

5 Capital

Camp Hill, PA

Szeles Real Estate

Landmark

FDIC

Landmark

—

4,582 s/f

Off.

Feb 12 2C

4999 Louise Dr.

Mechanicsburg, PA

Szeles Real Estate

Landmark

Konica Minolta

Landmark

—

3,317 s/f

Off.

Feb 12 2C

964 South George St.

York, PA

—

ROCK Commercial

Ability Prosthetics & Othrotics ROCK Commercial

—

2,880 s/f

Off.

Feb 12 4C

70-72 Cinema Dr.

York, PA

—

ROCK Commercial

Links2Care

ROCK Commercial

—

3,000 s/f

Off.

Feb 12 4C

1501 Mt. Rose Ave.

York, PA

—

ROCK Commercial

Marcos Tati, Jr.

ROCK Commercial

—

544 s/f

Off.

Feb 12 4C

555 Willow Springs Ln.

York, PA

—

ROCK Commercial

Perform Group

ROCK Commercial

—

18,800 s/f

Off.

Feb 12 4C

2000 Cliff Mine Rd.

Pittsburgh, PA

—

Massaro Props.

ReGear Life Sciences

CresaPartners

—

2,371 s/f

Off.

Feb 12 5C

4573 Cupbells Run Rd.

Pittsburgh, PA

—

Massaro Props.

Umberger Performance

Massaro Props.

—

8,231 s/f

Off.

Feb 12 5C

429 Forbes Ave.

Pittsburgh, PA

—

Massaro Props.

Glance & Assoc.

Massaro Props.

—

Off.

Feb 12 5C

Victory Rd.

Saxonburg, PA

—

Massaro Props.

BeamOne

Massaro Props.

—

24,200 s/f

Off.

Feb 12 5C

1187 Thor Run Ctr.

Coraopolis, PA

—

Massaro Props.

Lunova Group

Massaro Props.

—

Off.

Feb 12 5C

859 Missionary Dr.

Pittsburgh, PA

—

NAI Pittsburgh

Life Cycle Engineering

NAI Pittsburgh

—

3,364 s/f

Off.

Feb 12 7C

Abele Business Park

Pittsburgh, PA

—

NAI Pittsburgh

DiCloudio & Kramer

NAI Pittsburgh

—

2,078 s/f

Off.

Feb 12 7C

500 Bursca Ave.

Pittsburgh, PA

—

NAI Pittsburgh

Service Express

NAI Pittsburgh

—

3,000 s/f

Off.

Feb 12 7C

Donaldsons Crossroads

Pittsburgh, PA

—

NAI Pittsburgh

Eye Candy

NAI Pittsburgh

—

2,211 s/f

Off.

Feb 12 7C

350 Anchor Mill Rd.

New Castle, DE

—

Five Below

Harvey, Hanna & Assoc.

—

214,000 s/f

Off.

Feb 26 6A

18D — February 26 - March 11, 2011 — Commercial Office Properties Spotlight — Mid

Atlantic Real Estate Journal

MAREjournal.com

MAREJ OFFICE TRANSACTION REPORT 2010 AS REPORTED IN THE Mid Atlantic REAL ESTATE JOURNAL

Property Name

Seller/ Owner/ Lessor

Address

Rep. of Seller/ Lessor

Buyer/ Tenant/ Lessee

JANUARY 15 - DECEMBER 10, 2010 Rep. of Tenant/ Buyer

Price

Size

Desc.

S/L

Month

12001 Sunrise Valley Dr. Reston, VA

Penzance

CB Richard Ellis

Reston Association

CresaPartners

—

30,000 s/f

Off.

Feb 26 8A

746 Colfax Ave.

Iselin, NJ

—

SVN | Richter Grusd

Rotary Pen

SVN | Richter Grusd

$1.115m

13,269 s/f

Off.

Feb 26 19A

986 S. Springfield Ave.

Springfield, NJ

—

SVN | Richter Grusd

American Cancer Society

RE Strategies Corp.

$1.1m

7,600 s/f

Off.

Feb 26 19A

25 Vreeland Rd.

Florham Park, NJ

—

Bergman RE Group

MarketTools Inc.

Jones Lang LaSalle

—

8,000 s/f

Off.

Feb 26 3D

25 Vreeland Rd.

Florham Park, NJ

—

Bergman RE Group

Ciao Bella Gelato Co.

CB Richard Ellis

—

6,000 s/f

Off.

Feb 26 3D

25 Vreeland Rd.

Florham Park, NJ

—

Bergman RE Group

Linde, Hansen & Co

CB Richard Ellis

—

2,000 s/f

Off.

Feb 26 3D

399 Thornall St.

Edison, NJ

—

Cushman & Wakefield

US Shipping Partners

Cushman & Wakefield

—

13,000 s/f

Off.

Feb 26 6D

39 Hudson St.

Hackensack, NJ

HAMM Associates

NAI Hanson

Hudson Off. Associates

NAI Hanson

—

1,196 s/f

Off.

Feb 26 8D

Copper Ridge Center

Lyndhurst, NJ

Piedmont Realty Trust Newmark Knight Frank

Salov NA Corp.

—

9,504 s/f

Office

March 12 3B

201 Rte. 17

Rutherford, NJ

Onyx Equities

Newmark Knight Frank

Malo Consulting

Studley

—

16,000 s/f

Office

March 12 4B

112 Corporate Rd.

North Bruswick, NJ

—

Studler Cos.

Capacity

—

255,000 s/f

Office

March 12 4B

175 Park Ave.

Madison, NJ

—

Newmark Knight Frank

Verizon

—

209,014 s/f

Office

March 12 5B

2600 East Carson St.

Pittsburgh, PA

Goodwill

Burns & Scalo

—

Burns & Scalo

$6.5m

150,000 s/f

Office

March 12 FCC

190 Brodhead Rd.

Bethlehem, PA

—

NAI Summit

—

NAI Summit

$1.2m

10,700 s/f

Office

March 12 2C

90 S Commerce Way

Bethlehem, PA

—

NAI Summit

Mazza Helthcare

NAI Summit

$225k

6,400 s/f

Office

March 12 2C

5920 Hamilton Blvd.

Allentown, PA

—

NAI Summit

Hospice Preferred Choice

NAI Summit

$135k

2,100 s/f

Office

March 12 2C

296 Pleasant Acres Rd.

York, PA

—

THR & Assoc.

CBC Bennett Williams

—

4,500 s/f

Office

March 12 5C

68 West Main St.

Windsor, PA

Scott Allen Snyder

CBC Bennett Williams

Timothy Price

—

$157k

6,580 s/f

Office

March 12 5C

2100 East Market St.

Windsor, PA

Brenda Blaxland

CBC Bennett Williams

Travis & Kristen Woolley

CBC Bennett Williams

—

4,783 s/f

Office

March 12 5C

3115 N Front St.

Harrisburg, PA

Donald Smith

Landmark Comm’l.

—

Landmark Comm’l.

—

2,800 s/f

Office

March 12 14C

2-8 Washington St.

Morristown, NJ

Bank St. Inv. Ptrs

Marcus & Millichap

Penobscot Management

Marcus & Millichap

—

16,500 s/f

Off.

March 12 3A

The Ridgetop at Loudoun Sterling, VA Tech Ctr.

Bavar Props. Group

Lincoln Property

Neustar

Jones Lang LaSalle

—

92,000 s/f

Off.

March 12 5A

St. Agness Health Care Ctr.

Catonsville, MD

—

JAG Associates

NorthMarq Capital

$10.4m

80,293 s/f

Off.

March 12 5A

3202,3204,3206 Tower Oaks Blvd.

Montgomery Cty., MD

The Realty Assoc. Fund McShea & Co.

—

$22.5m

135,664 s/f

Off.

April 9 4A

1655 Valley Rd.

Wayne, NJ

Prism Ptrs/ New Boston Fund

UPS

Resource Realty

—

118,000 s/f

Off.

April 9 3B

Newmark Knight Frank

The Offices at MetroPark Iselin, NJ

—

Tishman Speyer

CBS

FirstService Williams

—

86,000 s/f

Off.

April 9 4B

1 Sylvan Way

Parsippany, NJ

—

Mack-Cali

LEO Pharma

CB Richard Ellis

—

12,654 s/f

Off.

April 9 4B

900 North 6th St.

Harrisburg, PA

Third Forrest Ptrs.

PRC Commercial

Triple J. Assoc.

Prudential Home Sales Grp. $795K

13,240 s/f

Off.

April 9 FCC

5405 Jonestown Rd.

Harrisburg, PA

—

Landmark Commercial

—

Landmark Commercial

—

Off.

April 9 4C

2000 Hamilton St.

Philadelphia, PA

Rodin Place

NKFSM

Rittenhouse Eye Assoc.

NKFSM

—

7,800 s/f

Off.

April 9 7C

2000 Hamilton St.

Philadelphia, PA

Rodin Place

NKFSM

Communities In Schools

NKFSM

—

20,974 s/f

Off.

April 9 7C

2000 Hamilton St.

Philadelphia, PA

Rodin Place

NKFSM

Adolescent Medicine

PernaFrederick

—

1,300 s/f

Off.

April 9 7C

Astrum Solar

NAI Mertz

—

5,976 s/f

Flex

April 9 7C

705 General Washington Norristown, PA

The Buccini Pollin Grp Beacon Comm’l.

1 Belmont Ave.

Bala Cynwyd., PA

Maguire Ptrs.

Beacon Comm’l.

Nancy Eznold

NAI Geis

—

2,457 s/f

Off.

April 9 7C

Chesterbrook Corp Ctr.

Wayne, PA

—

Cushman & Wakefield

Aztec Solar Power

Beacon Comm’l.

—

9,088 s/f

Off.

April 9 7C

29 Bala Ave.

Bala CynWyd., PA

—

Prime RE

Catholic Medical Assoc.

Beacon Comm’l.

—

1,187 s/f

Off.

April 9 7C

1065 Pines Rd.

Newberry Twp., PA

—

High Assoc.

A. Kaschock

High Assoc.

—

Off.

April 23 3A

Patuxent Woods Dr.

Columbia, MD

Liberty Property Trust —

Sourcefire

Commercial RE Svcs.

—

58,000 SF

Off.

April 23 11A

701 Pennsylvania Ave.

Washington, DC

Beacon Props.

Cassidy & Pinkard

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

Studley

—

55,000 SF

Off.

April 23 13A

8300 Greensboro Dr.

Washington, DC

Quadrangle

Studley

Williams Mullen

Studley

—

4616 SF

Off.

April 23 13A

44 Hersha Dr.

Harrisburg, PA

44 Harrisburg Assoc.

RSR Realtors

—

RSR Realtors

—

4,230 s/f

Off.

May 14 3A

145 Wykoff Rd.

Eatontown, NJ

Sitt Asset Management Zimmel Assoc.

Osteocare LLC

Zimmel Assoc.

$4m

—

Off.

May 14 4A

401 White Horse Rd.

Voorhees, NJ

—

Grubb & Ellis

Harris School of Business

Grubb & Ellis

—

18,150 s/f

Off.

May 14 4A

Wheatland Marketplace

Naperville, IL

—

AthletiCo Physical Therapy

Tucker Dev. Corp.

—

2,400 s/f

Off.

May 14 4A

Parkridge Center Five

Reston, VA

—

Penzance

GCE

CresaPartners

—

34,000 s/f

Off.

May 14 10A

6660 Security Blvd.

Woodlawn, MD

Atlantic Realty Co.

Blue & Obrecht Realty

—

1,246 s/f

Off.

May 14 10A

6710 Whitestone Rd

Woodlawn, MD

Colony Realty Partners Blue & Obrecht Realty

—

Gold & Company

—

14,006 s/f

Off.

May 14 10A

101 Park Ave.

Seaford, DE

—

L&L Company

SVN-Miller

—

15,000 s/f

Off./Whse.

May 14 10A

The Wyomissing Corp Ctr Wyomissing, PA

—

NAI Keystone

—

10,810 s/f

Off.

May 14 12D

140 Ethel Rd.

Piscataway, NJ

—

Denholtz Assoc.

Sigma Impex, Eshophic

Denholtz Assoc.

—

109,258 s/f

Off.

June 11 4B

804 East Gate Dr.

Mt. Laurel, NJ

—

NAI Mertz

—

54,900 s/f

Off.

June 11 6B

708 Fellowship Rd.

Mt. Laurel, NJ

—

NAI Mertz

—

34,178 s/f

Off.

June 11 6B

500 Pedricktown Rd

Mt. Laurel, NJ

—

KBS Trucking

NAI Mertz

—

30,620 s/f

Off.

June 11 6B

200 International Dr.

Mt. Olive, NJ

—

CB Richard Ellis

—

Cushman & Wakefield

—

65,000 s/f

Off.

June 11 8B

Hillsborough Business Ctr Hillsborough, NJ

Larken Assoc.

Raider Realty

—

Off.

June 11 12B701

Lee Rd.

Pitcairn Props.

CB Richard Ellis

1&1 Internet Providers

—

26,500 s/f

Off.

June 11 3C

Chesterbrook, PA

19D — February 26 - March 11, 2011 — Commercial Office Properties Spotlight — Mid

Atlantic Real Estate Journal

MAREjournal.com

MAREJ OFFICE TRANSACTION REPORT 2010 AS REPORTED IN THE Mid Atlantic REAL ESTATE JOURNAL

Property Name

3604 Horizon Dr.

Seller/ Owner/ Lessor

Address

King of Prussia, PA

Rep. of Seller/ Lessor

Buyer/ Tenant/ Lessee

JANUARY 15 - DECEMBER 10, 2010 Rep. of Tenant/ Buyer

Price

Size

Desc.

S/L

Month

Liberty Property Trust Liberty Property Trust

Tosoh Bioscience

—

13,493 s/f

Off.

June 11 4C

815-817 Cumberland St Lebanon, PA

Granite Prop. Profs

NAI CIR

Nationwide Housing Mgmt

NAI CIR

—

1,187 s/f

Off.

June 11 5C

887 Clare Ln.

York, PA

—

ROCK Commercial

Prizm Vinyl

ROCK Commercial

—

600 s/f

Off.

June 11 14C

21374 Embassy Dr.

Lancaster, PA

William Harnish Trust NAI Commercial

American Home Life

NAI Commercial

—

2,000 s/f

Off.

June 11 14C

3001 Emerick Ave..

Bethlehem, PA

—

Team Capital Bank

NAI Summit

—

12,000 s/f

Off.

June 11 17C

750 Holiday Dr.

Grenntree, PA

—

Burns & Scalo

DLA+Architecure

—

3,810 s/f

Off.

June 11 17C

Penn Corporate Center

Bethlehem, PA

Penn Corporate Center NAI Summit

Team Capital Bank

NAI Summit

$1m

12,000 s/f

Off.

July 9 4A

Dollar General

GOODMAN, MO

—

Marcus & Millichap NJ

$770k

9,014 s/f

Off.

July 9 4A

One Jericho Plaza

JERICHO, NY

One-Two Jericho Plaza The Rochlin Org.

Kintetsu World Express U.S.A NAI Long Island

—

15,004 s/f

Off.

July 23 6A

—

New Cumberland, PA Management LLC

DRG Yellow Breeches RSR Realtors

Unilife Medical Solutions

NAI CIR

—

12,615 s/f

Off/Whse

July 23 6A

The Green at Florham Pk Florham Park, NJ

Rockefeller Group

BASF

—

325,000 s/f

Off

July 23 FC-B

BroadAcres Office Park

Bloomfield, NJ

Prism Capital Partners Prism Capital Partners

—

United Realty Advisors

—

26,000 s/f

Off

July 23 FC-B

BroadAcres Office Park

Bloomfield, NJ

Prism Capital Partners Prism Capital Partners

ARMDS

CBRE

—

8,800 s/f

Off

July 23 FC-B

BroadAcres Office Park

Bloomfield, NJ

Prism Capital Partners Prism Capital Partners

Atlantic Tomorrows Office

Cushman & Wakefield

—

5,800 s/f

Off

July 23 FC-B

—

Marcus & Millichap NJ

—

BroadAcres Office Park

Bloomfield, NJ

Prism Capital Partners Prism Capital Partners

Bucceri & Pincus, Esqs.

25 E. Salem St

HACKENSACK, NJ

East Salem 2001

NAI Hanson

Bsafe Information Systems NAI Hanson

—

3,400 s/f

Off

July 23 FC-B

—

1,551 s/f

Off

July 23 5B

2422 South Queen St.

York, PA

—

ROCK

Gastroenterology Associates ROCK

—

2,896 s/f

Off

July 23 FC-C

2351 Freedom Way.

York, PA

—

Chesapeake Mtg Funding

—

2,160 s/f

Off

July 23 FC-C

1934 Security Dr.

York, PA

—

ROCK

Rivas Medical Weight Loss —

—

1,260 s/f

Off

July 23 FC-C

11 East Market St.

York, PA

—

ROCK

All Stiles Real Estate, LLC

ROCK

—

675 s/f

Off

July 23 FC-C

One West Market St.

York, PA

—

ROCK

Bureau Veritas North America ROCK

—

294 s/f

Off

July 23 FC-C

105 Gateway Square

Mechanicsburg, PA

Gateway Square Assoc. Metro Commercial

Wolf Furniture

—

45,567 s/f

Off

July 23 3C

Rock

NAI CIR

1300 Linglestown Rd.

Susquehanna Twp., PA

Laurel Points Assoc

The Bill Gladstone Grp

Handler, Henning & Rosenberg The Bill Gladstone Group

—

7920 s/f

Off

July 23 3C

6380 Flank Dr.

Lower Paxton Twp Partnership

Gateway General

Bill Gladstone Group

Lorom Americ

Bill Gladstone Group

—

4615 s/f

Off

July 23 3C

3500 Market St.

Hampden Twp, PA

Morefield Comm

NAI CIR

Post Acute Medical

—

3291 s/f

Off

July 23 3C

810 Sir Thomas Court

Harrisburg, PA

Sir Thomas Prof Ste

Landmark Commercial

The Partners In Womens

CAMPBELL

—

6500 s/f

Off

July 23 4C

Healthcare, PC Veterans

Harrisburg, PA

—

RSR Realtors

R.E. Harper & Associates

Landmark

—

14232 s/f

Off

July 23 4C

Northwestern Mutual

—

$305 m

589,000 s/f

Off

August 13 3A

Two Constitution Square Washington, D.C.

StonebridgeCarras and Cassidy Turley Walton Street Capital

Randolph Square

Washington, D.C.

—

189,891 s/f

Off

August 13 5A

1500 Walnut Street

Philadelphia, PA

1500 Walnut Enterprises Binswanger

—

Home Care Associates

PernaFrederick

—

18000 s/f

Off

August 13 13A

1600 Market Street

Philadelphia, PA

1600 Market Street Property Trust

NAI Geis

Ryan Brown Berger & Gibbons, P.C.

PernaFrederick

—

4,758 s/f

Off

August 13 13A

2000 Market Street

Philadelphia, PA

CBRE Investors

NKSM

Lassiter & Associates

PernaFrederick

$550,000

2,851 s/f

Off

August 13 13A

North American Bldg

Philadelphia, PA

DR North American

PernaFrederick

Joseph Q. Mirarchi Legal

PernaFrederick

—

2,231 s/f

Off

August 13 13A

150 Mount Bethel Rd.

Warren, NJ

—

Cushman & Wakefield

The Hampshire Cos

—

129,000 s/f

office/flex

August 13 2B

222 Mt. Airy Rd.

Basking Ridge, NJ

Mack-Cali

CBC Feist & Feist Realty

Bevan Mosca Guiditta Zarillo, PC

Realty Network

—

9,085 s/f

Off

August 13 4B

One Meadowlands Plaza East Rutherford, NJ

CBRE Investors LLC.

CBRE

CMA CGM (America) LLC

Studley

—

8,839 s/f

Off

August 13 4B

100 Route 206 North

PEAPACK, NJ

Hamilton Associates

CBRE

Pharmacia & Upjohn Co

—

$23m

518,000± s/f

Off

August 13 5B

615 Hope Rd.

Eatontown, NJ

Bertram Associates

—

Systems 3000

Grubb & Ellis

—

7000 s/f

Off

August 13 5B

303 W. Main St.

Freehold, NJ

Onyx Equities, LLC

Sitar Co

Liberty Mutual Insurance Co CresaPartners

—

11,881 s/f

Off

August 13 6B

754 Rte. 18

East Brunswick, NJ

—

Loving Care Agency

NAI Hanson

—

2,944 s/f

Off

August 13 6B

101 Hudson St.

Jersey City, NJ

Mack-Cali

—

NUFIC

Cushman & Wakefield

—

270,000 s/f

Off

August 27 FC-B

915 Secaucus Rd

Secaucus, NJ

Hartz Mountain Inds

Production Resource Group Cushman & Wakefield

—

220,000 s/f

Off/Whse

August 27 FC-B

235 East Market St.

York, PA

—

ROCK

Bridge of Hope

ROCK

—

732 s/f

Off

August 27 3C

190 Canal Rd.

York, PA

—

ROCK

Treasures of Heaven Church ROCK

—

6,493 s/f

—

August 27 3C

2101 Embassy Dr.

Lancaster, PA

Global Beverage Group CBRE

SSL Real Estate, LLC

NAI Commercial Partners

—

5167 s/f

Off

August 27 3C

20 Erford Rd.

Lemoyne, PA

Linlo Properties.

Landmark

DDPC, LLC

—

Off

August 27 4C

20 Erford Rd.

Lemoyne, PA

Linlo Properties.

Landmark

Theresa A. King-Tyrrell

—

Off

August 27 4C

5860 Trinity Parkway

Centreville, VA

Trinity Centre Two

Grubb & Ellis

Carfax, Inc

Millennium Realty Advisors —

77,620 s/f

Off

Sept 10 5A

Rappahannock Building

Tysons Corner, VA

—

COPT

—

$40m

152,000 s/f

Off

Sept 10 7A

300 M St., SE

Washington, DC

Federal Center LP

Grubb & Ellis Co

Lockheed Martin Corp

—

73,808 s/f

Off

Sept 10 8A

Metro-Plex I and II

LANDOVER, MD

Meritage Properties

Cushman & Wakefield

2Tor, Inc.,

CBRE

—

79,209 s/f

Off

Sept 10 8A

Somerset Grove Corp. Ctr. Somerset, NJ

—

NKF Capital Grp.

—

430,000 s/f

Off

Sept 10 3B

Eisenhower Corp Campus Livingston, NJ

Eastman Companies

Garibaldi Group

Acorn Financial Services

—

20,000 s/f

Off

Sept 10 4B

407-425 Main St.

Skylands Comm Bank NAI Hanson

DeSapio Properties

NAI Hanson

—

21,559 s/f

Off

Sept 10 5B

Chester, NJ

20D — February 26 - March 11, 2011 — Commercial Office Properties Spotlight — Mid

Atlantic Real Estate Journal

MAREjournal.com

MAREJ OFFICE TRANSACTION REPORT 2010 AS REPORTED IN THE Mid Atlantic REAL ESTATE JOURNAL Address

Seller/ Owner/ Lessor

River Drive II

Elmwood Park, NJ

Accordia Realty

Newmark Knight Frank

Keyence Corp of America

Acclaim Group

—

20,000 s/f

Off

Sept 10 14B

River Drive II

Elmwood Park, NJ

Accordia Realty

Newmark Knight Frank

USI

Cushman & Wakefield

—

combined

Off

Sept 10 14B

Bar Mill Bldg.

Fairless Hills, PA

KIPC

NAI Global, NAI Mertz

CSC Sugar

—

161,000 s/f

Ind

Sept 10 FC-C

101 W. City Ave

Bala Cynwyd, PA

DLMR

Beacon

Goodman Properties

CB Richard Ellis

—

85,000 s/f

Off

Sept 10 2C

One Bala Ave.

Bala Cynwyd, PA

—

Beacon

Kelly Teti Associates

—

2,493 s/f

Off

Sept 10 2C

Spring Mill Corp Center

Conshohocken, PA

—

IT4 Group

Beacon

—

1,425 s/f

Off

Sept 10 2C

55 Business Center Dr.

Horsham, PA

—

The Eminent Group

Beacon

—

1,209 s/f

Off

Sept 10 2C

3 Bala Plaza

Bala Cynwyd, PA

—

MedLaw Guard

Beacon

—

870 s/f

Off

Sept 10 2C

915 Montgomery Ave

Narberth, PA

—

Therapy Solutions

Beacon

—

2200 s/f

off

Sept 10 2C

Glenmaura Plaza

Moosic, PA

Glenmaura Plaza

Hinerfeld

TMS Health

—

11,000 s/f

Off

Sept 10 3C

145 Cape Horn Rd.

Red Lion, PA

—

LMS Comm’l.

Memorial Enterprises

ROCK

—

3,200 s/f

Off

Sept 10 5C

507 Market St.

Camp Hill, PA

Linlo Properties

Landmark

NTB Properties

—

Off

Sept 10 6C

3425 Simpson Ferry Rd

Lower Allen Twp.,

Pennsylvania Center

NAI CIR

Vision Mortgage Capital

NAI CIR

—

1,610 s/f

Off

Sept 10 7C

4076 Market St.

Hampden Twp., PA

4076 Market Street

The Bill Gladstone Group

Healthy Harrisburg

The Bill Gladstone Group

—

462 s/f

Off

Sept 10 7C

Park West Two

Pittsburgh, PA

Massaro Properties

iGate

Massaro Properties

—

1,752 s/f

Off

Sept 10 16C

479 Thomas Jones Way Exton, pA

—

Lieberman Earley

Dunn Twiggar Co.

—

50000 s/f

Off

Sept 10 16C

806 S. 29th St.

Harrisburg, PA

Catholic Diocese

RSR Realtors

Buck and Julie Nye

RSR Realtors

—

6,000 s/f

Off/Retail

Sept 10 16C

3819 Market St.

Camp Hill

3817 Associates

—

RHR Limited

—

1,640

off

Sept 10 16C

109 Park Dr.

Montgomeryville, PA

Mammana Family

NAI Mertz

Michael J. Linus

—

24,000 s/f

Off

Sept 24 4A

190 Moore St.

Hackensack, NJ

—

NNJLS

NAI Mertz

—

12,000 s/f

Off

Sept 24 4A

3600 Crondall Ln.

Owings Mills, MD

Cronhill, LLC

Blue & Obrecht

Medifast

Preston Ptrs

—

17,022 s/f

off

Sept 24 8A

The Farragut Bldg.

Washington, DC

ING Clarion Ptrs

Cassidy Turley

Generali Group

Falcon RE Investment

$93k

146,648 s/f

Off

October 8 3A

—

Lieberman Earley & Co

Dunn Twiggar

—

50,000 s/f

Off

October 8 6A

Property Name

479 Thomas Jones Way Exton, PA

Rep. of Seller/ Lessor

Buyer/ Tenant/ Lessee

JANUARY 15 - DECEMBER 10, 2010 Rep. of Tenant/ Buyer

Price

Size

Desc.

S/L

Month

2, 4 and 6 Brighton Rd.

Clifton, NJ

LNR Partners

Newmark Knight Frank

A KABR Group

—

163,000 s/f

Off

October 8 FC-B

Oakhurst Plaza

Swatara Twp. PA

Cedar-Oakhurst LLC

NAI CIR

HCC

NAI CIR

—

2,000 s/f

Off/Retail

October 8 3C

West Shore Office Park

Mechanicsburg, PA

Tower Properties

Landmark

Rescue Link

—

Off

October 8 4C

Weinstein Realty

Colliers Int’l.

Integrity Staffing Solutions

—

3,700 s/f

Off

October 8 13C

Green Hill Commerce Ctr Allentown, PA Green Hill Commerce Ctr Allentown, PA

Weinstein Realty

Colliers Int’l.

Legacy Christian Church

—

October 8 13C

—

Elizabeth, NJ

—

Kislak

—

$1.9m

18,360 s/f

Off

October 22 2A

1818 N St

Washington, DC

The Lenkin Companies CB Richard Ellis

ASEE

Newmark Knight Frank

—

16,637 s/f

Off

October 22 4A

12011 Sunset Hills Rd.

Reston, VA

Boston Properties

STG, Inc.

Grubb & Ellis

—

100,000 s/f

Off

October 22 6A

Boston Properties

300 Business Ctr Dr

Pittsburgh, PA

—

Massaro Properties

Hull

Jones Lang LaSalle

—

4,300 s/f

Off

October 22 6A

Twin Towers

Pittsburgh, PA

—

Massaro Properties

Medallion Analytics

—

1,369 s/f

Off

October 22 6A

Maritime Plaza I and II

COLUMBIA, MD

—

COPT

—

$119m

362,000 s/f

Off

October 22 10A

10320 Southard Dr.

Beltsville, MD

—

SVN/Skogmo

Smith Family Development

NAI/The Michael Cos

$1.05m

9,800 s/f

Off/Whse

October 22 10A

12310 Sunrise Valley Dr. Reston, VA

Boston Properties Affordable Housing

Cassidy Turley

GSA

GSA, CBRE

—

523,482 s/f

Off

October 22 10A

5 W. Aylesbury Rd.

BALTIMORE, MD

Diversified Investment Cushman & Wakefield

PCA

Cushman & Wakefield

—

75,749 s/f

Off/Whse

Nov 12 4A

—

Hasbrouck Heights, NJ

—

Marcus & Millichap NJ

$2.25 m

18,608 s/f

Off

Nov 12 13B

1655 Valley Road

WAYNE, NJ

Prism Capital Partners Prism Capital Partners

UPS

Resource Realty

—

120,000 s/f

Off

Nov 12 13B

75 W. Governor Rd.

Derry Twp., PA

475 Associates

NAI CIR

Cocoa Urology Associates

NAI CIR

—

1000 s/f

Off

Nov 12 5C

4242 Carlisle Pike

Hampden Twp., PA

PNC Bank

Bill Gladstone Group

BL Cos.

Bill Gladstone Group

—

6,498 s/f

Off

Nov 12 5C

11 West Market St.

York, PA

—

ROCK

RGW Notary Services

ROCK

—

150 s/f

Off

Nov 12 6C

One West Market St.

York, PA

—

ROCK

Jose Colon

ROCK

—

800 s/f

Off

Nov 12 6C

1681 Kenneth Rd.

York, PA

—

ROCK

Jeffrey Kauffman, DPM

ROCK

—

1,470 s/f

Off

Nov 12 6C

3809 Paxton St

Harrisburg, PA

—

Grubb and Ellis

PA Home Solutions

ROCK

—

2,582 s/f

Off

Nov 12 6C

927 West Hamilton St.

Allentown, PA

927 West Hamilton St Berger-Epstein AssoC

THE PROGRAM

The Frederick Group

—

6,000 s/f

Off

Nov 12 6C

Commerce Towers

Harrisburg, PA

Select Capital Comm’l. Landmark

Ceisler Jubelirer

Landmark

—

1,322 s/f

Off

Nov 12 7C

Commerce Towers

Harrisburg, PA

Select Capital Comm’L. Landmark

Chesapeake Land Dev. Co.

Cushman Wakefield

—

5,192 s/f

Off

Nov 12 7C

—

4811 Jonestown Rd.

Harrisburg, PA

OLS Partners LP

Stand Out Designs

—

943 s/f

Off

Nov 12 7C

105 N. Front St.

Harrisburg, PA

Earl & Barbara Etzweiler Landmark

Landmark

Al Betz and Associates

Landmark

—

Off

Nov 12 7C

2711 Jefferson Davis Hwy Arlington, VA

Airport Plaza Office Building L.P.

Gibbs & Cox

Cassidy Turley

—

29,144 s/f

Off

Nov 26 5A

Convergence Center IV

Virginia Beach, VA

Olympia Development —

Towne Insurance Group

—

19,000 s/f

Off

Nov 26 5A

Princess Anne Ind Pk

Princess Anne, MD

—

Northrop Grumman

Sperry Van Ness-Miller

—

53,000 s/f

Off

Nov 26 7A

1424 K St. NW.

Washington, DC

Douglas Development —

Habitat for Humanity

—

5,800 s/f

Off

Nov 26 12A

Konterra Realty, LLC

—

Inside Back Cover D — February 26 - March 11, 2011 — Commercial Office Properties Spotlight — Mid

Atlantic Real Estate Journal MAREjournal.com

3320 HAMILTON BLVD., ALLENTOWN, PA 2551 BAGLYOS CIRCLE, BETHLEHEM, PA 3,100+ SF unit has large display window for potential showroom use and of¿ce ¿nish for professional uses. Additional features include: Prominent signage for optimum visibility, Àexible Àoor plan, on-site parking, I-78 exit within 1/3 mile, upscale demographic pro¿le, high traf¿c count.

Asking: $12.00 per SF Net (3)

3,000 SF Class “A” of¿ce available, energy ef¿cient HVAC, ADA compliant, all municipal services and natural gas, plug and play ready for immediate occupancy. Conveniently located in LVIP VI, ¼ mile from Rte 22 & Rte 33.

Lease and Sale Terms Offered

951 MARCON BLVD., ALLENTOWN, PA 949 SUMNER AVE., WHITEHALL, PA

Make your business card work as hard as you do

9,400 SF former day care space can be subdivided. Features include: Lehigh Valley Industrial Park setting, within ¼ mile of the ABE regional airport and Rte 22 Exit, zoned heating controls, generous parking ratio, well maintain property, and Àexible Àoor plan. Aggressive Lease Terms Offered

Up to 9,032 SF available in 3 contiguous sections. Features include: Individual entrances, clear span units, on-grade 14’ drive-in doors, small of¿ce areas, newly renovated space within 1.5 miles of Rte 22 exit. Ideal for: Medical product supplier, wholesale business, veterinarian practice, etc. Ask for complete list of permitted uses.

2225 AVE. A, LVIP I, BETHLEHEM, PA

70 HILTON ST., EASTON, PA

5,000 SF front of¿ce area available with an unbeatable sublease rate of: $6.25 PSF Net (3), high parking ratio, close to two Rte 22 exits. Turn-key condition.

Ideal for Non-Pro¿ts and Start-Up Businesses

Lease & Sale Terms Offered

16,000 SF available in this new construction, masonry block, metal panel building ready for delivery in Spring 2011. Full public utilities, 3 phase 1200 amp electric service, truck court, up to 7 truck docks, 20’ clear height ceilings, individual tenant entrance.

Lease rate of $6.00 PSFNet (3)

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If you do not have a business card readily available, our art department will design one for you at no extra charge!

1601 UNION BLVD., ALLENTOWN, PA 4144 W. TILGHMAN ST., VILLAGE SQUARE CTR., ALLENTOWN, PA 3-story brick and concrete panel off. bdg. of

1,750 SF unit in this upscale comm'l. 88,747 SF & a 10,400 SF single story freecenter. Features include: Prominent standing bldg. available. 3-story bldg. offers 3 phase electric 120/208 volt, gas forced air heat, tenant signage with optimum visibility, loading platform and 2 drive-in doors. Single ample on-site parking, daily traf¿c count in excess of 25,000 cars, large display story bldg. is currently leased by day care window, several permitted uses. center Within 1.5 miles of Rte 22 via Airport Rd.

Lease and Sale Terms Offered

Occupancy by Spring 2011

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Mid Atlantic Real Estate Journal — Commercial Office Properties Spotlight — February 26 - March 11, 2011 — Back Cover D