3-11-11 MARE Journal by Mid Atlantic Real Estate Journal

REAL ESTATE JOURNAL Vol. 23, Issue 5

Inside:

March 11 - 24, 2011

Sections

Mid Atlantic .......................................................Section A New Jersey ........................................................ Section B Pennsylvania ................................................... Section C Green Awareness .......................................... Section D

Spotlights / Features

Auction Directory ..........................................................5A 28th Annual Regional Conference of MBAs ... 7-14A 28th Annual Regional Conference of MBAs Exhibitors and Floor plan ......................................... 13-14 Sales & Leases ..............................................................15A Tri-State REALTORS Commercial Alliance ....... 16-17A People on the Move....................................................18A Business Card Directory .........................................19A Calendar of Events.....................................................20A Bill Board Classifieds ...............................................21A Northern New Jersey ............................................5-16B Central Pennsylvania ..................................................5-16C

Columnist Mary G. Serevino, AIA, LEED AP .................................2A

Index

the most comprehensive source for commercial real estate news

28th Annual MBA Regional Conference managing in the brave new world of mortgage finance 28th annual regional conference of mortgage bankers associations

............................................................................................................................Pages 7-14A

Northern New Jersey

Advertisers Directory .................................................2A

Next Issue March 25, 2011 • Mid Atlantic • DELMARVA featuring Virginia • Shopping Centers featuring Retail Experts • Contractors, Owners & Managers featuring Parking lot Maintenance • Best of 2010

4 sections, 88 pages

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A Inside Cover — March 11 - 24, 2011 — Mid

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Mid Atlantic Real Estate Journal — March 11 - 24, 2011 — 1A

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2A — March 11 - 24, 2011 — Mid

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Atlantic Real Estate Journal

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Mid Atlantic Real Estate Journal

ADVERTISERS DIRECTORY

Mid Atlantic REAL ESTATE JOURNAL Publisher ............................................................................Linda Christman Co-Publisher .........................................................................Joe Christman Associate Publisher ...........................................................Dianna Mallozzi

Accutech.................................................................... 2D ALSI .......................................................................... 9A APEX Mortgage Corp. ............................................. 8A Auction Brokers ....................................................... 4A Auction Directory ..................................................... 5A B. R. Kreider........................................................... 16C Barry Issett & Associates ...................................... 19C Billboard Directory ................................................ 21A BOMA NJ ............................................................... 13B Brasler Properties ................................................. IC-C Brave Spirits ............................................................ 2B Business Card Directory ........................................ 19A Bussel Realty Corp................................................ IC-B CBA ......................................................................... 15B CBC Bennett Williams............................................. 5C CBRE ........................................................................ 4C Classic Properties .................................................... 3C Colliers International .............................................. 8C Columbia Bank......................................................... 6A CONEWAGO .......................................................... 11C Cooper-Horowitz ...................................................... 1A Cushman & Wakefield ............................................. 9C DITIO...................................................................... 10A Doo Consulting ......................................................... 7D Earth Engineering ................................................... 5C Equity Retail brokers............................................... 4C Expert Publishers .................................................... 3B Final Flat Roof ......................................................... 7D Fred Coldwell ........................................................... 2A Gebroe Hammer Associates ................................... 11B Gilbeaux Associates ................................................. 2D Griffin Land .............................................................. 3C Hartz ......................................................................... 7B Hawley Realty ........................................................ 19C HESS .....................................................................IC-D High Associates ...................................................... 13C Hinerfeld Commercial RE ....................................... 1C IDC .......................................................................... 17C JCH Environmental ................................................. 2C Kaplin | Stewart ...................................................... 3A Landcore ................................................................... 4C Landmark Commercial RE .................................... 16C Lebanon Valley EDC .............................................. 16C Legend Properties .................................................. 17C Lunar Electric .......................................................... 3A M. Miller & Son ........................................................ 3A Marcus & Millichap ......................................2,12B, 7C MGZA.................................................................... BC-A NAI CIR .................................................................. 11C NAI Commercial Partners ..................................... 15C NAI Keystone .................................................... FC,2-C NAI Summit ........................................................... 19C NorthMarq................................................................ 9B Penn’s Northeast .................................................... 17C Pfister Energy .......................................................... 5D Remax Commercial ................................................ 10B ROCK .................................................................... 4, 6C Rose Metal Systems ............................................... 11C SEBCO Laundry Systems ....................................... 2B Sheldon Gross Realty ............................................... 4B SK Advertising ......................................................... 4A Sterl Kitchens Co. .................................................... 4D Stout & Caldwell ..................................................BC-B Sun Farm Network .................................................. 1D The Carol Group....................................................... 4A The Frederick Group.............................................. 19C The Kislak Company ............................................... 4B The Provident Bank .............................................. IC-A TRG ......................................................................... 12C TriState REALTORS .............................................. 17A VBS ........................................................................... 8B WeatherTight Systems............................................. 1B

To advertise, call 1-800-584-1062

Associate Publisher ............................................................ Elaine Fanning Senior Editor/Graphic Artist ................................................ Karen Vachon Office Manager ...................................................................Joanne Gavaza Editorial Consultant ............................................................. Ben Summers Guest Columnists .......................................................... Mary G. Severino

By Mary G. Severino, AIA, LEEDAP

“Add Power to Your Pitch!”

n November of 2010, I wrote a piece for this publication in which I noted the obvious. “The universe has re-ordered and business objectives could not be clearer: spend as little money as possible and make money as quickly as possible.” The message has not really changed in the last three months, but --- something important has: there is a trickle of action in the market. Some companies are actually looking to make changes for a number of different reasons. Some have downsized and want to dump space. Some companies have disappeared, leaving building owners with excess space and vacant buildings. Some companies see opportunity in the market and want to move to take advantage of the down market. Whatever the reasons, real estate professionals need to take advantage of the shifts if and when they occur. Competition is very stiff, particularly when vacancy rates translate into a lot of choices for the savvy consumer looking for the best building for the best price. As a 35year industry professional, few would argue the fact that differentiators can make or break the close of the ‘sale.’ As I also noted in an earlier editorial piece, “value-added” services are essential to the long term success of a building, its operations and its worth over the long-term. This contention, however, is a di-

Contributing Columnists ......... Stephen L. Hittman, Crossroads Companies; Peter Doo, Doo Consulting, LLC; Bruce Lang, Southwall Technologies Mid Atlantic REAL ESTATE JOURNAL ~ Published Bi-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 5 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

rect contrast to the pervasive attitude of “spend little,” and “make money quickly!” If we change the premise slightly from “spend little” to “spend a little,” building owners, managers and brokers can add significant power to the pitch! “Yep, right,” you might say, with a slight bit of sarcasm. But consider this for a moment. Walk into a building and look at it, smell it and think about it. If I am a prospective tenant, evaluating multiple properties, do I look twice at the one that smells bad, has peeling paint, and out-dated, sad, or worn carpet? How about the building that has the severely-downsized look, with cubes and office supply remains still evident? The allocation of a small percentage of funds for property improvement can be the difference between a closing and a decline as the potential client compares the available properties. My company, among others, has developed cost effective strategies for turning buildings from eyesores into undiscovered gems

in the market. That converts into power with the pitch. A pertinent analogy is the stage set. The audience sees a spectacular show because of thoughtful stage design. The power evolves from the team, including the set designers, the sound team, the musicians, along with the perception of the audience. “Easy,” you say, to use the analogy of a theater, but buildings are different. Are they?? Spend a little and team with an architect to define the state of the building for you -- in advance of showing the property to your prospective buyers or tenants. Add the power to your pitch by recognizing the key elements that can differentiate your property from the competitors. Does your building send the wrong message? Are you 1980’s --- still? Here are some fast tips. • Recognize that “eco-friendly” and “sustainable” means something in 2011. Potential buyers and tenants want a healthy space so consider refreshing your building with continued on page 18A

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Mid Atlantic Real Estate Journal — March 11 - 24, 2011 — 3A

MID ATLANTIC REAL ESTATE JOURNAL

They wrote the policy.

Judge orders monthly $1.3 million bond to de Botton

Kaplin Stewart represents Berwind Property Group

EWTON SQUARE, PA — A Delaware County judge has ordered Newtown Square East owner Claude de Botton to pay a monthly $1.3 million bond while de Botton Marc Kaplin appeals a ruling that cleared the way for Berwind Property Group (BPG) to proceed with a competing mixed-use development in Newtown Township. Common Pleas Court Judge Chad Kenney called de Botton’s appeal to Commonwealth Court both “frivolous and cynical” and said that the appeal was nothing more than a “delaying tactic.” Such findings are considered unusual given the high standard for proving an action to be frivolous. The amount of the bond represents a prorated estimation of the damages BPG will suffer while it awaits the outcome of the appeal. “When you pull it all together, it is pretty obvious the

judge was troubled by the fact that a competing developer used the court system in a very cynical way to try and block another developer,” said Marc Kaplin, of the Kaplin Stewart law firm of Blue Bell, representing BPG. BPG received approval in April, 2009, to build a mixed use town center development on the Ellis Preserve Tract at the intersection of Route 3 and Route 252 in Newtown Township. However, de Botton’s appeal of the PRD Ordinance which allows for the BPG development prevents BPG from proceeding with its development. Newtown Square East developer de Botton has received permission to develop his 62-acre Marville Tract with a similar mixed used town center, approximately a mile and a half from the Ellis Preserve tract. NSE also owns two acres of land adjacent to the Ellis tract. In his opinion Judge Kenney wrote: “The principal of NSE, Claude de Botton, has a direct financial interest in delaying the development of the Ellis Preserve Tract.”

The judge, in finding the appeal frivolous, wrote, it had “little or no likelihood of success.” De Botton originally brought his challenge to the validity of Newtown Township’s PRD Ordinance before the township zoning hearing board. After the zoning hearing board affirmed the validity of the ordinance, de Botton took an appeal to Common Pleas Court, which also affirmed the validity of the ordinance. De Botton then filed an appeal to the Commonwealth Court. At the January 20, 2011 bond hearing, BPG’s president Stephen Spaeder testified that NSE’s appeal prevented BPG from seeking tenants, financing and the permits needed to begin construction. Spaeder estimated the annual out-of-pocket expenses as a result of NSE’s appeal to be $1,060,644 and annual lost income to be $14,507,708. On January 25th Judge Kenney upheld BPG’s request for a bond, calling NSE’s continuation of the appeal an continued on page 4A

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Issue Date: May 27th Deadline: May 10th Contact Elaine Fanning 800-584-1062 ext. 212 efanning@marejournal.com

4A — March 11 - 24, 2011 — Mid

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P U B L I C R E A L E S TAT E A U C T I O N

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The Carol Group to Hold Fund Raiser for All 4 Paws & P.A.L.S at Playdrome Devon Lanes March 13, 2011 5:00 to 8:00 PM Playdrome Devon Lanes St. Davids, PA – The Carol Group is sponsoring an event on March 13, 2011 from 5:00 to 8:00 PM at Playdrome Devon Lanes to raise funds for All 4 Paws & P.A.L.S. Playdrome Bowling & Entertainment Centers is owned and operated by The Carol Group founding member, Bret Furman. Playdrome Devon Lanes has raised millions of dollars for charities. The event will feature food, bowling, rafÀes, face painting, an auction, entertainment & St. Patrick Day festivities. Advance ticket purchase will be $10 per person and $15 at the day of event (includes show rental & one hour of unlimited bowling.) Regular admission is $2 and includes a beverage. Tickets can be purchased online by visiting www.panachefood.com. Come and enjoy yourself and help a worthy cause. All net proceeds go to All 4 Paws & P.A.L.S. Special thanks go to Kimberton Whole Foods and Coca-Cola for their support. P.A.L.S. (petcare adoption and lifecare society is a full service animal help organization dedicated to the well being of all animals. For more information about The Carol Group contact the President , Carol Rapier at 610-324-9563 or member, Brett Furman at 610-687-2900 ext. 107 For more information about All 4 Paws Rescue contact Kristen Schlichtig at 610-574-2821.

OODBRIDGE, NJ — The Kislak Company, Inc. announced the sale of two multifamily properties in New York’s Hudson Valley for $20,900,000. The separate transactions include the $15,800,000 sale of Kensington Manor, a 128-unit complex in Middletown and the $5,100,000 sale of Forbus Hill Apartments, a 70-unit complex in Poughkeepsie. Vice presidents Janet Bortz and Barry Waisbrod handled the Middletown transaction and Bortz handled the Poughkeepsie transaction. “With no rent control and expanding rental markets, the demand for multifamily properties in the Hudson Valley is as strong as ever,” commented Bortz. “The area has become an extremely popular option for investors and residents alike. Population density,

Kensington Manor low interest rates and apart- in New Jersey and Rockland ment values have made the and Westchester Counties in area attractive to investors, New York. The area also has particularly from lower cap relatively strong employment rate markets. Residents find opportunities and is home rents more affordable than to many local and national neighboring Bergen County retailers.” ■

Kaplin Stewart represents Berwind Property Group continued from page 3A action “designed to delay the inevitable.” He ordered de Botton to pay the first installment within

ten days of the January 25th ruling. Judge Kenney asserted that the amount of the bond was “properly based upon the

sound evidence of record and is not excessive.” A lawyer for NSE said his side would appeal the imposition of the bond. ■

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Mid Atlantic Real Estate Journal — March 11 - 24, 2011 — 5A

Mid Atlantic REAL ESTATE JOURNAL

Auctioneers Directory

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Ph: 800-584-1062 x 203 Fax: 781-871-5299 lchristman@marejournal.com www.marejournal.com P.O. Box 26 Accord, MA 02018

PLACE YOUR BUSINESS CARD IN OUR AUCTION DIRECTORY TODAY! COMPANIES SPECIALIZING IN COMMERCIAL/INDUSTRIAL REAL ESTATE CAN PROMOTE THEIR COMPANY AND ITS SERVICES IN OUR TWICE MONTHLY DIRECTORY PLEASE FILL OUT COUPON BELOW AND FAX IT TO 781-871-5299 OR

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6A — March 11 - 24, 2011 — Mid

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FINANCIAL DIGEST By Bruce J. Coin, Bruce Coin Consulting, Inc.

The Current Commercial Mortgage Market

he CREF convention of the Mortgage Bankers Association was held in San Diego on the 7th, 8th and 9th of February. Over 2,500 were in attendance. For the first time in a few years lenders, Bruce J. Coin brokers and mortgage bankers left with feelings of enthusiasm and confidence that 2011 would be a better year. The mood was stimulated by the abundant number of conduit

and CMBS lenders that were in attendance, aggressively looking for business and expressing a desire to close billions of dollars of new commercial loans. The Dodd Frank Wall Street Reform and Consumer Protection Act has done little to reign in these sources. It almost appears as if (pre-credit crisis) business as usual will be returning but possibly tempered by a little more prudent underwriting. There is so much worldwide institutional money to invest in stocks, bonds or real estate that investors looking for better yields, and yes safety, are returning to the capital mar-

kets. With commercial real estate having just recently bottomed out and only beginning to rebound will there be enough available transactions this year to satisfy the conduit’s appetite. Tempering this optimism is the federal government’s recent announcement that they will be unwinding Fannie Mae and Freddie Mac. While extremely important to the residential mortgage industry they have also been major players in the multifamily financing arena. They have been the best source for fixed rate permanent apartment financing since the credit

crisis took hold in the summer of 2007. A mid-February report to the Congress provided jointly by the Treasury Department and HUD stated: • “The Administration’s plan will wind down the government sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, and shrink the government’s footprint in housing finance on a responsible timeline.” • “Fannie Mae and Freddie Mac developed expertise in profitably providing financing to the middle of the rental market, where housing is generally affordable to moderate income

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families. As we wind down Fannie Mae and Freddie Mac, it will be critical to find ways to maintain funding this segment of the market.” • “One option would be to do so by expanding FHA’s capacity to support the multifamily market.” • “The price of the guarantee offered by Fannie Mae and Freddie Mac (will) explicitly reflect its risk and will help the private market compete on a level playing field reducing Fannie Mae and Freddie Mac’s market share over time”. (It will increase the cost). • “The Administration will work with FHFA to determine the best way to responsibly reduce Fannie Mae and Freddie Mac’s role in the market and ultimately wind down both institutions, creating the conditions for private capital to play the predominant role…”. The Current Commercial Mortgage Market, • The Administration believes the securitization market should continue to play a key role in housing finance.” Did that last bullet point explain why the Dodd Frank has not done much to reign in Wall Street? This is going to happen, not quickly, but over time. Exactly how this will be accomplished will be played out within the next year but it is obvious that a tremendous opportunity exists for Wall Street to again be able to seize the day and find ways to utilize the returning capital markets, along with private insurers, to fill the need. Insurance company and bank lenders should again be able to fairly compete for multifamily loans instead of losing opportunities to Fannie or Freddie. Some other good news. Despite its recent revision to 2.8% (down from 3.2%) the fourth quarter GDP confirms that the economy is growing slowly and steadily. In addition, despite increasing oil and food prices, the benchmark ten year treasury rate has recently retreated back to the 3.40% range where it was during most of January. It spiked to a high of 3.75% on February 8th and has slowly declined since then. Let’s hope the Federal Reserve’s QE II funding will hold long term rates down as intended. We’re off to a better year. Stay tuned. Bruce J. Coin is director of Bruce Coin Consulting, Inc. ■

MID ATLANTIC REAL ESTATE JOURNAL

28TH REGIONAL CONFERENCE OF MBAS MARCH 15 - 17, 2011 TRUMP TAJ MAHAL, ATLANTIC CITY, NJ

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Mid Atlantic Real Estate Journal — March 11 - 24, 2011 — 7A

The largest Regional Conference of Mortgage Bankers in the region, and the third largest of its kind in the United States

managing in the brave new world of mortgage finance 28th annual regional conference of mortgage bankers associations

FOR MORE INFORMATION VISIT WWW.MBANJ.COM

8A — March 11 - 24, 2011 — Mid

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THE 28TH ANNUAL REGIONAL CONFERENCE OF MBAS By Dennis A. Scardilli, Esq., MAI

Commercial Loan Workouts borrower in a commercial loan transaction may improve their ability to successfully negotiate a loan modification, if the borrower communicates with the lender early and often. We recently used Dennis Scardilli that approach in a multi-million dollar workout and I believe that it was the key to a successful resolution of that matter. First, let’s consider the issues that create the need for a

commercial loan workout. In a future article, I will then discuss the definition and process of a successful commercial loan workout, as well as measures to avoid the need for one. A major factor in a workout is regulatory pressures on the lender. Most banks shut down by the FDIC were scored low due to “insecurity” or “undercolateralization”. The need for a commercial loan workout may be precipitated by a variety of events. In general, these events include a monetary default, a nonmonetary default or the call of the loan. Insecurity can relate

to one or all of these events. Undercolateralization is often a determination made as a result of the first two. Any of the above could then lead to a call of the loan. A monetary default occurs when the borrower has not made required payments. The time between the obligation’s unpaid due date and the start of foreclosure proceedings will likely vary with the numerous factors involved. This includes the lending institution’s policy, the reasons for non-payment and the equity in the underlying collateral. A non-monetary default may

occur when the borrower does not perform in regard to the representations, warrants and/or covenants in the original loan documents. For example, most commercial loan documents require the borrower’s financials and other documents to be periodically provided to the lender. The original loan documents should be carefully reviewed for both required financial and non-financial submissions. Failure to provide any required documents on a timely basis may cause the lender to determine that the borrower is technically in breach of their obligations under the mortgage.

The lender can then declare a default, even if the financial obligations are current. While the lender may unofficially forebear from filing a foreclosure complaint in the event of a technical default, the lender’s decision could be influenced by the borrower’s history with that lender. Most commercial loans have a call date, i.e. a point in time when the lender has the opportunity to review the borrower’s financials and make a decision on whether to allow the existing loan to “roll over” into a new, or at least renewed obligation. Given the economic crisis of the past several years, and the uncertainty in regard to the next few, a lender may refuse to renew a loan to a borrower who has come too close to a monetary default, habitually turned in financials late or where the borrower’s financials do not meet the lender’s current lending criteria. A Two critical factors in commercial loan lending criteria are Debt Coverage Ratio (DCR) and Loan to Value (LTV). DCR is the amount of money left over to pay the mortgage (and typically real estate taxes and sometimes insurance) after all other bills have been paid except for those items. The lender’s expectations may have been specifically written into the loan documents or just referenced as “in accordance with bank policy”. The lender expects a DCR far enough north of 1.0 to not cause the lender insecurity regarding receipt of the monthly mortgage payment. LTV is the ratio of the mortgage to the value of the underlying collateral. When questions arise regarding the borrower’s ability to pay, the lender will order an appraisal and use that valuation to create a current LTV. Thus, a sharp drop in value could negatively affect a performing loan that has met all ongoing documentation requirements. Dennis A. Scardilli, Esq., MAI. ■ What is the process of a commercial mortgage loan workout and other issues involved? Stay tuned for my next article on this topic. This article does not constitute the establishment of an attorney-client relationship nor does it constitute legal advice. If you need legal advice establish an attorney-client relationship with competent legal counsel.

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Mid Atlantic Real Estate Journal — March 11 - 24, 2011 — 9A

THE 28TH ANNUAL REGIONAL CONFERENCE OF MBAS By Greg Holmes, National Director of Sales and Marketing, Credit Plus, Inc.

Credit Score Resources – The Best Course of Action

hat if I would have bought a better car, taken a higher paying job or simply ordered something else for lunch? Things would be different and probably a little better. The same is true when it comes to personal credit scores. Past decisions impact people’s scores. But just as in life, there’s always room to make new choices and see what happens next. That’s the idea behind today’s scoring tools. It’s a window into the future, in which you can simulate changes to your client’s credit file and anticipate the score that could possibly result from those changes. And, as we all know, a few credit score points can make all the difference to today’s borrowers. The credit-information industry stands ready to assist mortgage professionals in these efforts. Spotting Potential Problems Early Several innovative tools and resources recently have been introduced by the creditinformation industry that make it easier for lenders to get a forecast of an applicant’s credit worthiness now and at the time of closing. They also can identify red flags that demand lender attention. A great example of this is a new cover sheet that is automatically generated whenever lenders who subscribe to the service order a credit report. The cover sheet report gives an instant snapshot of an applicant’s credit worthiness to the mortgage professional, even before he or she has started to read through the credit report itself. The cover sheet report has three components that deliver this instant overview. First, it clearly displays the applicant’s mid-score, and also forecasts what that midscore will be in 30 days. This helps the mortgage professional to price the loan most intelligently, and to be aware of any potential problems on the applicant’s credit report. Having this information early in the process is especially helpful because it gives the lender time to work with the applicant and take the steps necessary to address the concerns.

The second component is a forecast of potential mid-score risks. The lender is alerted to the potential of a mid-score reduction if the applicant’s revolving balances were to increase, even by nominal amounts. Knowing this, the mortgage professional can warn the applicant about taking on new debt prior to closing. Finally, the report highlights key indicators that typically require lenders’ special attention, even for applicants who have good credit.

Analyzing Score Factors The cover sheet report is just one of the tools and programs available to lenders. Another program allows a mortgage professional to forward documents supplied by the applicant directly to the credit bureaus for expedited investigation and rescoring. The bureau will review and verify the supporting documentation and can remove accounts that were reported in error, delete outdated information, remove late dates, or update an account paid in

full and closed. An updated report can be ready in as little as three days. Step-by-Step Recommendations Lenders also can access an in-depth analysis of an applicant’s credit circumstances along with customized, stepby-step recommendations for mortgage prequalification. And mortgage professionals now have the ability to quickly compare a credit report that was pulled at origination to a follow-up report pulled at closing. The summary report

displays credit scores, credit score factors, trade lines, and other details side by side, which can help the mortgage professional to ensure that newly acquired debt doesn’t delay settlement. All these tools enable a lender to proactively address the questions and concerns its applicants may have about credit scores and turn what if into reality. Greg Holmes is national director of sales and marketing at Credit Plus, Inc., Salisbury, MD. ■

ALSI is a full service nationwide appraisal management company. Our service is unique to the business of appraisal management. We customize our management platform to support your unique needs, Our teams are made up of industry professionals, Client speciÀc approved appraiser panels, Affordable fees which permit the appraisers to earn more, Quality assurance processes to increase quality and efÀciency. Our unique business model will make you feel as though ALSI is one of your internal departments

Deborah Shook National Account Executive Appraisal Logistic Solutions, Inc. Nationwide Appraisal Management Services OfÀce: (443) 949-7862 / Cell: (410) 703-5526 E-Mail: dshook@GoToALS.com Web Site: www.GoToALS.com

10A — March 11 - 24, 2011 — Mid

Atlantic Real Estate Journal

MAREjournal.com

THE 28TH ANNUAL REGIONAL CONFERENCE OF MBAS By Brian Fitzpatrick, Aklero Risk Analytics, Inc.

Increase Loan Quality and Stop the Insanity

lbert Einstein defined insanity as “doing the same thing over and over again and expecting different results”. This is obviously not a new concept; yet anyone in the industry who has truly spent time forensically examining loan quality issues could argue that there is no shortage of insanity when it comes to the types of errors and omissions that continuously occur in the loan origination process. Yes, it is true that loan quality initiatives throughout

the industry have increased dramatically over the past several months in response to heightened scrutiny of both Fannie Mae and Freddie Mac. Fannie Mae’s Loan Quality Initiative (LQI), for example, has spawned various programs to enable lenders to detect issues both prior to and after the loan closes. Various Loan Origination Systems (LOS) vendors have jumped on board by integrating such tools from Fannie Mae and some have even designed their own rules driven pro-

cesses to detect errors during the loan origination. All of these initiatives are a wonderful step to improving loan quality. However, they stop at detection and fall short of enabling lenders to understand the root causes of the errors and omissions. This creates chronic problems relative to poor loan quality. Perhaps, the best example of this is that many lenders continue to produce the same types of errors which are caught in post-closing audits. Even worse, they cre-

ate suspense items with their correspondent investors as a result of pre-funding audits. This is not to say that lenders have a blatant disregard for errors or omissions. Rather, it highlights that their loan quality focus is on detection and remediation at a loan level. Certainly, the necessary filters and processes must be in place to catch issues and fix them. However, this approach does not address the lingering root causes of any such errors and omissions. It’s my professional opinion

that automation is a critical and cost-efficient part of the process of creating quality loan files that investors and agencies can trust. But, beyond simply helping “detect” and “remediate” errors and omissions, I believe that technology must go further. To truly be effective, technology must deliver a healthy dose of “prevention”. While it is certainly good to “find” a problem and “fix” it, to avoid creating a suspense item, or worse, a buy back request down the line, it is an entirely different and a far more compelling value proposition to “understand” the root cause of such issues. For example, by using automated tools to capture data from credit and closing documents, lenders can automatically and electronically interrogate the content of loan files through business rules engines evaluating key audit criteria. Issues can then be brought to the attention of loan quality auditors for remediation. Business intelligence tools can then help understand the errors by showing trends and answering critical questions that enable processes to be changed – how often does this problem occur, by what actors in the process are they caused, at what point in the process do they occur, etc. Not only can errors and omissions be found and fixed with greater efficiency and accuracy, but loan quality can be addressed at the root cause. This will then, enable lenders to modify business processes and stop repeatedly producing the same types of errors. Until lender’s deploy the right technology strategies to address the root causes of errors and omissions, history will surely repeat itself thus proving Einstein’s theory of insanity. I have obviously not participated in every buyback defense in the industry; but I am quite sure that an insanity plea will not pass muster with Fannie Mae or Freddie Mac. Brian Fitzpatrick is CEO of Aklero Risk Analytics, Inc. ■

MAREjournal.com

Mid Atlantic Real Estate Journal — March 11 - 24, 2011 — 11A

THE 28TH ANNUAL REGIONAL CONFERENCE OF MBAS By Jim Leister, APEX Mortgage

There is a considerable demand for small commercial mortgages

recent poll of potential borrowers indicated that 60% of small business owners have recently applied for credit. Only half of them received the credit they requested and needed. What does that mean for you? It means that there is a considerable demand for small commercial mortgages! The small commercial property owners need money, but can’t get what they need from the local bank. This is where you come in. The small commercial mortgage broker plays a pivital role in determining the need of the borrower and has the ability to get the loan submitted to

NorthMarq Capital arranges $22.7 million mortgage ARLINGTON, VA — Gary McGlynn, senior vice president and managing director and Kenneth Gentzel, senior vice president and managing director, both of NorthMarq’s Washington, DC Regional office arranged permanent first mortgage financing of $22.7 million for Arlington Court Suites, a 187-room hotel located in Arlington. Financing was arranged for the borrower by NorthMarq through its correspondent relationship with a major insurance company. MANASSAS, VA — Gary McGlynn and Kenneth Gentzel, and Frank Relihan, VP, all of NorthMarq’s Washington, DC Regional office arranged permanent first mortgage financing of $27.5 million for Raven’s Crest Apartments, a 444-unit garden-style apartment complex located in Manassas. Financing was based on an interest only loan for the entire term and was arranged for the borrower by NorthMarq through its relationship with a major pension fund. According to Mr. McGlynn, this asset is a well maintained, class A, fully stabilized complex well located in the Manassas area of Northern Virginia’s Prince William County. NorthMarq, headquartered in Minneapolis, offers commercial real estate services for investors, developers, corporations and tenants. The company provides mortgage banking and commercial loan servicing in 32 offices coastto-coast. ■

us the lender. Having been here for twenty years, APEX understands the needs of the small business owner. Now is the perfect time to originate and provide capital to this sector of the population. Our niche loan product is a great solution for the needs of the small business owner. We address the real needs of the borrower and real solutions with loans to solve their problems. Options are available to relieve pastdue tax bills and expensive credit card rates; we can also

supply capital for business expansion, the purchase of a new building, or simply some working capital. Presented with sensible choices, the borrower can then decide which option will fit best into their financial outlook. Aside from APEX Mortgage, there are only a few choices available for a small commercial mortgage. The property owner can try to get a loan from their local bank, they can try the SBA, or they can accept a hard-money, private

loan. All acceptable avenues of financing we differ in that we are able to close quicker with less paperwork than the SBA, and the point structure we offer is more desireable than a hard money deal. Not to mention that we only offer fully amortizing loans with no balloons. Add all the postives and it is clear that APEX is a relevant option for any borrower to consider. Here at APEX Mortgage, commercial loans are all we do. We have been providing these loans for over twenty

years. We are a subsidiary of Firstrust Bank, we have the resources and financial strength to close those small balance deals from $25,000 to $400,000. We service all of our loans out of our Fort Washington, PA headquarters. We currently lend in forty two states, we have a strong preferance for properties in our back yard. The PA/NJ/NY region posesses unlimited possibility for the commercial mortgage broker. Jim Lester is Business Development Officer for APEX Mortgage. ■

Mid Atlantic Real Estate Journal features:1031 Exchange We are inviting a select group of top 1031 and investment specialists to write an expert article about the current state of the exchange market. These experts will enlighten our readers on current issues, challenges and obstacles owners, developers and investors face when working with the commercial market. April 8th publication

•

Deadline: March 25 th, 2011

Editorial Requirements Include: Half page ad with 550 word article and photo

Special advertising rates for all participating ﬁrms! Contact: Linda Christman Mid Atlantic Real Estate Journal Tel: 800-584-1062/781-871-5298 ~ Fax: 781-871-5299 E-Mail to: lchristman@marejournal.com

12A — March 11 - 24, 2011 — Mid

Atlantic Real Estate Journal

MAREjournal.com

28TH ANNUAL REGIONAL CONFERENCE OF MBAS AGENDA Tuesday, March 15, 2011 4:30 p.m. - 9:00 p.m. Registration/Info. Desk Open Convention Floor 7:00 p.m. - 9:00 p.m. Networking Cocktail Reception Exhibit Hall Grand Ballroom A, B & C

Wednesday, March 16, 2011 7:30 a.m. - 8:00 p.m. Registration/Info. Desk Open Convention Floor 7:30 a.m. - 9:00 a.m. Continental Breakfast Diamond Ballroom A & B Continental Breakfast Sponsor Spencer Savings Bank, SLA Gold 8:45 a.m. Opening Remarks Diamond Ballroom A & B E. Robert Levy, Esq., Conference Chairman; Executive Director, MBANJ, NJAMB and MBA-PA Marilyn L. Brown, President, Eleford & Company, Inc.; Liaison, Mortgage Bankers Association of NY, Inc.; Vice Chair, MBA of NY Scholarship Foundation, Inc. 9:00 a.m. - 12:00 p.m. Economic Overview Diamond Ballroom A & B Kevin White, Real Estate Strategist, PPR CMBS - Alive & Well! What it Now Takes to Successfully Participate in That Market! Diamond Ballroom A & B The capital markets, through CMBS, dominated the financing of stabilized

CRE during the period of 2002 to 2007. In the two years before the credit crisis, the public debt markets provided over $435 billion alone to US CRE. The two years following saw an almost complete dearth of CMBS issuance. In 2010 and, so far in 2011, every indication is that CMBS is recovering. But the rules are different, and, for the time being, the structural complexity and underwriting laxity that helped to freeze the market are not in evidence. What are the new rules? Who are the new originators? The panel discusses what has come to be labeled CMBS 2.0 Moderator: Lawrence J. Longua, Clinical Associate Professor, Director - REIT Center; NYU Schack Institute of Real Estate Panelists: Richard L. Jarocki, CMB AMP, Managing Director - Debt & Equity Finance Practice, Grubb & Ellis Company Sharry D. Linnick- Vice President in the Client Services, Trepp LLC as well as an Adjunct Professor of Capital Markets in the Masters Degree program at NYU Schack Institute of Real Estate Coffee Break Sponsor Spencer Savings Bank, SLA Silver “STATE OF THE COMMERCIAL MORTGAGE MARKET” Diamond Ballroom A & B Hear from a group of expert panelists on their opinion of the current status of the Commercial Mortgage Market today. They will discuss the various complexities that exist today in the market as well as provide their insight as to where they expect the market to be in the next twelve months. Moderator: Charles H. Kauffman, Jr., CMB, President, C.H. Kauffman & Associates, Inc.

Panelists: Ira Bergstein, Principal, Palisades Financial Ira Saligman, President, Saligman Capital Richard G. Tappan, Managing Director, Summit Capital LLC 12:00 p.m. - 5:00 p.m. Exhibit Hall Open Grand Ballroom A, B & C 12:00 p.m. - 2:00 p.m. Lunch in the Exhibit Hall Grand Ballroom A, B & C 2:00 p.m. - 5:00 p.m. Lenders’ Forum Diamond Ballroom A & B Learn first hand the concepts and how business can be done in the new credit underwriting environment. This panel will share their vision and underwriting guidelines on how to work with them and close your deals! After the formal presentation you’ll have an opportunity to meet personally with each of them. So bring your deals!!! Moderator: Ronald M. Shapiro, Senior Vice President, Union Center National Bank Panelists: Joe Barbado, Business Development Office, Wells Fargo Paul A. Heilmann, SVP Commercial Lending Real Estate Group, c/o Columbia Bank Joseph Laquidara, CMB, VP, Oritani Savings Bank Bert Owens, VP/Team Leader, Investors Savings Bank Bernard T. Shields, VP, M&T Bank Vincent A. Spero, EVP & Chief Lending Officer, Peapack-Gladstone Bank Yvonne Ulrich, VP - Sr. Relationship Manager, First Niagara Bank Charles P. Woehrle, Jr., VP & Director, Commercial Real Estate, Spencer Savings Bank

MAREjournal.com

Mid Atlantic Real Estate Journal — March 11 - 24, 2011 — 13A

THE 28TH ANNUAL REGIONAL CONFERENCE OF MBAS EXHIBITOR LIST Acquavella, Charvelli, Shuster, Berkower & Co. LLP 402 www.acsbco.com 732-855-9600 Aklero Risk Analytics, Inc. 400 www.aklero.com 484-200-1010 ALC Environmental 403 www.alcenvironmental.com 212-675-5544 Alternative Abstract LLC 414 www.altabstract.com 732-422-1100 American Settlement Agency, LLC 521 610-328-9900 America’s Mortgage University 514 www.americasmu.com 800-268-2207 Apartment Bank 305 www.bofi.com 888 833-0555 extension 1243 APEX Mortgage Corp. 111 www.apexmtg.com 215-283-8880 Appraisal Logistic Solutions 220 443-949-7885 Atlantic Home Loans 300 www.atlantichomeloans.com 973-830-8759 Bankrate, Inc. 405 www.bankrate.com 561-630-2400 BNB Bank 205 www.bnbbank.com 973-417-5091 Byte Software 226 www.bytesoftware.com 800-693-1008 Calyx Software 206 214-252-5637

CBC Innovis 213 www.cbcinnovis.com 614-224-3523 Cenlar FSB 201 609-883-3900 CIS 413 www.cisinfo.net 8002757722 CIT Small Business Lending 110 973-422-6009 Corcoran Law Group, LLC 307 201-634-0100 Core Settlement Services 516 717-269-4957 Credit Plus, Inc 303 800-258-3488 Ditio Appraisals 107 412-371-6000 Emigrant Funding Corportation 113 914-785-1139 Emigrant Mortgage 210 914-785-1139 Empire State Mortgage Bankers Association 121 516-356-2747

Freedom Mortgage Corporation 512 800-220-3333 extension 2564 Freedom Mortgage Corporation Branch 317 Gateway Funding 610 215-591-0222 Genworth Mortgage Insurance 616 609-509-0484 Glendenning Mortgage 511 GMAC Bank 523 978-460-7038 Icon Residential Lenders 602 949-379-7013 INDUS 501 570-706-2802 ING Mortgage 211 480-234-5440 Lenders One Mortgage Cooperative 108 314-292-7931 Liberty Title and Escrow CO 604 401-234-9121 LoyaltyExpress 614 781-897-2121

Fannie Mae 212 215-439-4199

Luxury Mortgage Corp 607 203-569-4240

Fifth Thrid Bank 302 513-358-9925

502 Madison Credit 502

First Choice Bank 412 7325363330

MAS Managed Appraisal Service 612 866-222-6205

Flagstar Bank, FSB 224 248-312-5718

Maverick Funding 507

Franklin American Mortgage Co. 200 877-496-1900

Menlo Park Funding 312 732-738-7100 extension 338

Mortgage Banking Systems -Pro Close 215 800-783-2283 Mortgage Flex Systems, Inc 306 904-356-2490 ext 3210 Mortgage Services I I I, LLC 517 815-378-8551 Mortgage Success Source 527 732-526-1516 Nation Star Mortgage, LLC 410 469-549-3210 National Mortgage Professional Magazine outside entrance NCS 202 800-582-7066 NJ Housing & Mortgage Finance Agency 516 609-278-1132 Normandy 120 5852562600 NYC Network Group 117 646-210-2545 NYLX 406 866-557-6959 Optimal Blue 417 972-781-0200 Partner Engineering and Science 611 310-615-4500 PCLender.com 101 977-536-6886, extension 501 Platinum Credit Services 100 Plaza Home Mortgage 105 917-680-6506 Ponce de Leon Mortgage Corporation 116 718-426-5111

14A — March 11 - 24, 2011 — Mid

Atlantic Real Estate Journal

MAREjournal.com

THE 28TH ANNUAL REGIONAL CONFERENCE OF MBAS EXHIBITOR LIST/FLOOR PLAN Praxius Technology 222 617-800-9307

Shumaker Williams PC 106 410-825-5223

The Stone Hill Group 605 770-399-1936

US Mortgage Corporation 505 631-580-2600

President’s First Mortgage Bankers 103 (631)847-8700

Sierra Pacific 601 508-380-9026

TMS 404 203-876-2200

USDA - Rural Development 415 856-787-7732

PrimeTime Title Agency, LLC 311 212-542-5750

Source Media 114 212-803-8818/212-803-8813

Priority Search Service, LLC 314 732-741-5080

Square 1 Bank 600 973-439-0401

Quality Mortgage Services 217 615-591-2528

Sun West Mortgage Company 504 800-453-7884

QuestSoft Corporation 214 www.questsoft.com. 800-575-4632

T.A. Closing Network 525 800-899-1051

RBAC 304 609-587-1133 ext 205

The Niche Report 118 866-964-2695

Real Estate Mortgage Network 500, 401 732-738-7100 extension 338 Residential Home Funding 102 973-577-7088 Residential Home Funding Wholesale 416 973-577-7008 Residential Title & Escrow Services 510 866 -737- 8485 ResMac, Inc. 316 954-226-5416 Response Mail Express 609 813-885-8200 Riverside Abstract LLC 216 718-252-4200 Secondary Marketing Executive Magazine 204 203-262-4670 ServiceLink, FNF’s Nationla Lender Platform 503 757-893-1345

United Guaranty 606 978-758-1834 United One Resource Inc. 104 570-706-2830

Wells Fargo hHome Mortgage 603 610-722-1093 Wells Fargo SBA Lending 613 609-460-4381

US Bank Home Mortgage 315 908-309-6370

Wise QC Solutions 515 561-200-7707 Withum Smith & Brown 411 908-526-6363

US Department of Housing and Urban Development 203 973-776-7361

Wolters Kluwer Financial Services 313 612-656-7700

MAREjournal.com

Mid Atlantic Real Estate Journal — March 11 - 24, 2011 — 15A

MAREJ MONTHLY SALES AND LEASE REPORT As Reported In The Mid-Atlantic REAL ESTATE JOURNAL ~ FEBRUARY 11 - MARCH 10, 2011 PROPERTY NAME

SELLER/ OWNER/ LESSOR

ADDRESS

7915, 7921, 7923, 7925 Vienna, VA

Cityline/DLJ

REP. OF SELLER/ LESSOR Grubb & Ellis

BUYER/ TENANT/ LESSEE

REP. OF TENANT/ BUYER

PRICE

SIZE

DESC.

S/L

PS Business Parks

$140m

736,446 s/f

Off portfolio

Iron Stone

$25m

276 units

Apt

7927 Jones Branch Dr. 1517, 1521 Westbranch Dr. PHILADELPHIA, PA Navy Yard Commerce Ctr Philadelphia, PA

Intervest National Bank Liberty Property Trust

Industrial Road

Susquehanna Twp., PA KTR Harrisburg

LogistiCenter

Logan, NJ

Grand Terrace

Rutherford, NJ

Windsor Crossing

Binswanger

Fretz Corporation

22,391 s/f

Off/Flex

High Assoc

F.E.I. Cold Storage

27,000 s/f

Whse

259,910 s/f

Off/Dist

FC-B

Apt

FC-B

Lexington Lion

DP Ptrs

Gerber/Somma

$3m

EAST WINDSOR, NJ

Windsor Crossing West #4 Marcus & Millichap

1655 Valley Rd

Wayne, NJ

New Boston Prism Wayne Newmark Knight Frank

APF Properties

255 Highland Cross

Rutherford, NJ

PGK Holding Corp.

NAI Hanson

Sitex Grp

Chaus Realty

Princeton Forrestal Village Princeton, NJ

PF Village

CBRE

IVC PFV, LLC

CBRE

Captive Realty Portfolio

Captive Realty

CBRE

STAG Capital Partners,

CBRE

Piscataway, NJ

$14.5m

80,009 s/f

$14.2

157,000 s/f

Off

22,100 s/f

Ind

Ind/Dist

$55 million 315,500

GI Partners 2121 Route 27

The Morris Cos

Revlon

C&W

100,000 s/f

Generation Industrial Park New Brunswick, NJ

EDISON, NJ

AMB

JLI Printing

REMCO

12,600 s/f.

Flex

21 Fadem Rd.

21 Fadem Road Realty

Global Shipping Services

NAI Hanson

15,189 s/f

Ind

1.5 acre

Land

11B

251,222 s/f

Retail

FC-B

Retail

FC-B

Springfield, NJ

1911 Paterson Plank Rd. North Bergen , NJ

De Ruggiero Realtors

DSW Plaza

Long Island, NY

Centro Properties

C&W

2120 Lincoln Hwy

EDISION, NJ

Orograin Bakeries Sales

Nixon Peabody

Spataro

$48m Goldstein Group

$2.775m

422 Rte. 22 West

Whitehouse Station, NJ Winfield Mgmt.

Goldstein Grp

Verizon Wireless

2,000 s/f

Retail

FC-B

Carlstadt Gardens

Carlstadt, NJ

Carlstadt Gardens

Goldstein Grp

Verizon WIreless

1,650 s/f

Retail

FC-B

The Promenade

Summit, NJ

D.P. Morris Associates

Goldstein Grp

The Little Gym

3900 s/f

Retail

FC-B

12-18 River Rd.

Fairlawn, NJ

12-18 River Rd.

Goldstein Grp

Dunkin Donuts

Goldstein Grp

1600 s/f

Retail

FC-B

382 Millburn Ave.

Millburn, NJ

382 Millburn Avenue Assoc Goldstein Grp

Babyland

Goldstein Grp

1800 s/f

Retail

FC-B

Scott Morf 3

Marcus & Millichap

Rainer and Fiorenza Paul

Retail

Remco

Strauss Auto

6,380 s/f

Retail

Taylor Long Properties

Dick’s Sporting Goods

50,029 s/f

Retail

1,422 s/f

Retail

Taylor Long Properties

Subway

1,010 s/f

Retail

19,600 s/f

Retail

17B

Retail

17B

Library and Churchill Rds. Bethel Park, PA 1770 Hooper Ave.

Toms River, NJ

Hancock Village

Chesterfield, VA

EDCO, LLC

4701 Cox Road

GLEN ALLEN, VA

Highwoods Realty

Colonial Square

Colonial HeIghts, VA

Colonial Square Assoc

Fries Mill Plaza

Washington, Twp, NJ

Equity Retail

Prudential Fox and Roach

Fries Mill Plaza

Washington, Twp, NJ

Equity Retail

Liberty Boxing

Fries Mill Plaza Fries Mill Plaza

$1.73m Remco

Taylor Long Properties

Washington, Twp, NJ

Equity Retail

Tayliano’s Pizza

Retail

17B

Washington, Twp, NJ

Equity Retail

Body Boost Express Nutrition

Retail

17B

Equity Retail

Big Lots

32,000 s/f

Retail

17B

Winick Realty

Eastern Mountain

13,000 s/f

Retail

17B

La Colombe Torrefaction

Fameco

CBRE

Highlands Urban Renewal

CBRE

Greystar Real Estate Partners

C&W

Pathmark Center

Cherry Hill, NJ

Laureate Condo

Pearl River, NY

Ritz Carlton

Philadelphia, PA

The Highlands

New Brunswick, NJ

Pathmark/A&P

MRA Plaza Apartments I

Katz

$112.5m

1230 s/f

Retail

17B

415 units

Apt

FC-C

710 units

Apt

FC-C

Urban Renewal Philadelphia, PA Chestnut House

Korman Affiliated Entities Korman

Mixed-use

Camden Town Center

Dover, DE

HADDONFIELD, NJ Camden Town Center,

Marcus & Millichap

CBRE Applebee’s

Marcus & Millichap

$1.257m

Pad site

Camden Town Center

Dover, DE

Camden Town Center,

Marcus & Millichap

Chick-fil-A

Patterson Woods & Associ

$1.24m

Pad site

Camden Town Center

Dover, DE

Camden Town Center,

Marcus & Millichap

Dunkin Donuts

Marcus & Millichap

$930k

Pad site

Camden Town Center

Dover, DE

Camden Town Center,

Marcus & Millichap

Texas Roadhouse

Patterson Woods & Assoc

$1.24m

Pad site

Verizon Delaware

NAI Emory Hill

32,000 s/f

Ind

NAI Emory Hill

6,600 s/f

Ind

1200 s/f

Off

Corporate Commons

New Castle, DE

Ashley Place

WIlmington, DE

NAI Emory Hill

Elite Cleaning,

2 Penns Way

New Castle, DE

NAI Emory Hill

Cashline Inc

Pencader Corporate Ctr

New Castle, DE

NAI Emory Hill

Intech Services

The Fountains Condo

SALISBURY, MD

SVN-Miller

1050 K Street N.W.

Washington, DC

The Lenkin Companies,

KLNB

Tesla Motors

NAI Emory Hill

Newmark Knight Frank

11,500 s/f

1,450 s/f

Off

3460 s/f

Retail

11A

The Tower Companies 7135 English Muffin Way Frederick County, MD

Ausherman Development McShea & Co

US Pharmacopeia

9505 Reisterstown Rd.

Atman Properties

Cohen & Dwin, P.A.

BALTIMORE, MD

Grubb & Ellis

24,746 s/f C&W

5000 s/f

Off

16A — March 11 - 24, 2011 — Mid

Atlantic Real Estate Journal

555 E. North Lane, Suite 6125 Conshohocken, PA 19428

President Douglas Sayer Colliers International

Phone/Fax: 610-238-9950 / 610-238-9959 E-Mail: tristate@tristaterca.com Website: www.tristaterca.com

2011 Officers & Directors President Douglas Sayer Colliers International

President Elect Michael P. McCurdy Jones Lang LaSalle

Vice President (Pennsylvania) Paul G. Garvey Cushman & Wakefield of PA

Vice President (New Jersey) Jonathan Glick Sheldon Gross Realty, Inc.

Secretary VP (Delaware) Gregory Ellis, CCIM Patterson Woods Commercial

Treasurer Ralph A. Magnatta, CPM Brite Realty Services

Immediate Past President James A. Egan Grubb & Ellis Co.

Director Advisory Council J. Robert Clements Grubb & Ellis

Director Advisory Council John Derham Cushman & Wakefield of PA

Director David A. DePetris Legend Properties

MAREjournal.com

Director Louis J. Battagliese Jackson Cross Partners, LLC

Director J. Scott Gabrielsen Binswanger

Director Jeffrey B. Goldstone Herbert Yentis & Company

Director Gene McHale Beacon Comm’l. Real Estate

Director Barry P. Mertz NAI Mertz Corp

Director Todd Monahan Jones Lang LaSalle

Director Steven G. Michaelson Tornetta Realty Corp.

Director John P. Morrissey Jackson Cross Partners

Director Tony Nichols, Jr. Liberty Property Trust

Director Rocco Perate square 1 financial

TAX SEASON IS NOW!

Tax Strategies for the Self-Employed Commercial Real Estate Professional Tuesday, March 15th, 2011 9:00 am to 10:30 am at

Spring Mill Corporate Center 1100 E. Hector Street (Auditorium), Conshohocken, PA FREE for TriState Members/$15 for Non-Members Join us for this easy to learn and fun to apply educational seminar. Topics Include: • Stimulus Package Deductions • IRS Audit • Home Office Deduction • Audit-Proofing • Help Your Accountant This seminar is presented by Maury Scarborough of Bradford and Co., Inc., and excerpted from the Bradford and Company, Inc. Tax Strategies for the Self-Employed audio course (available to register for after the program). RSVP to admin@tristaterca.com or call (610) 238-9950

SAVE THE DATE!

15TH ANNUAL TRISTATE GOLF OUTING Monday, June 20, 2011

Green Valley Country Club 201 West Ridge Pike ♦ Lafayette Hill, PA 19444 Golf Registration & Buffet Lunch 11:30 AM Shotgun Start 12:30 PM Cocktails, Dinner and Awards 5:30 PM

Silent Auction All proceeds from the Silent Auction will go to TriState’s Philanthropy of Choice, ACHIEVEability, a nonprofit organization that values Education and Accountability in helping needy families achieve Self-Sufficiency. Learn more at www.achieve-ability.org. SPONSOR TODAY!

Director Greg Soffian Studley

Director JoAnn West Lieberman Earley & Co.

For more information contact Michelle Winkler Milone at (610) 238-9950 SEE PAGE 20A FOR UPCOMING EVENTS

MAREjournal.com

Mid Atlantic Real Estate Journal — March 11 - 24, 2011 — 17A

18A — March 11 - 24, 2011 — Mid

Atlantic Real Estate Journal

MAREjournal.com

PEOPLE ON THE MOVE Honors Mooney of NAI MLG Commercial

As managing director and associate

NAI Global names Leone and Broujos to Global Elite

Cassidy Turley adds Doerr and Ley

RINCETON, NJ — NAI Global named William Leone, SIOR and founding principal, and Gregg Broujos, managing director and founding principal, of NAI Pittsburgh Commercial to the NAI Global Elite, a group comprised of the organization’s top performers and top producers. Broujos and Leone qualified as Top Producers at the Elite level based on production in 2010. “Everyone at NAI Pittsburgh commercial is pleased to see Gregg and Bill recognized as “Elite” members of the NAI Global system” said Patrick Sentner, a founding principal of NAI Pittsburgh

William Leone Gregg Broujos Commercial. “By focusing on their clients’ needs not only in Pittsburgh but also globally, Gregg and Bill have been able to exemplify one of the primary strengths of NAI Pittsburgh Commercial.” The award was presented in a ceremony on February 9th at the NAI Global 2011 Convention in Las Vegas. NAI Global honored J. Mi-

chael Mooney, chairman of NAI MLG Commercial of Milwaukee, Wisconsin, with the Gerald C. Finn Lifetime Achievement Award in recognition of his years of dedication and service to the NAI Global network. Mooney has been active in the NAI Global network for more than 20 years and served as chairman of the NAI Members’ Leadership Board during 2000-2001, a key period in the organization’s history. “Mike is a leader and visionary who has always been close by to provide solid advice and wisdom,” said NAI Global president & CEO Jeffrey M. Finn. ■

NAI Pittsburgh Comm’l. hires McAllister PITTSBURGH, PA — NAI Pittsburgh Commercial announced that Kaila McAllister has been named as administrative assistant. Her responsibilities include: marketing and public relations; website management; commercial property research; and client relationship man-

agement. Prior to joining NAI Pittsburgh Commercial, McAllister earned a bachelor’s degree in marketing and management at Penn State University. Following graduation, she worked as an office manager and administrative assistant at an optometrist office.

Gregg Broujos, founding principal and managing director at NAI Pittsburgh, said, “Kaila is an excellent addition to our support staff because of her marketing background and professional office experience, and you can never have too many Penn State graduates!” ■

Brad Baker joins Carroll Organization as vice president of construction management and for Hediger Enterprises GREENVILLE, SC — Carroll Organization announces the addition of Bradley R. (Brad) Baker as VP of construction management. He will directly oversee all construction management projects for Carroll Organization and for Hediger Enterprises, the firm’s property and asset management subsidiary. “Brad brings more than

10 years of construction and project management experience, ranging from renovation and capital improvements to new construction and buildouts,” said Patrick Carroll, CEO of Carroll Organization. “His ability to define scopes of work, prioritize and effectively communicate with all parties involved has allowed him to consistently exceed the

level of client expectation in all areas.” Prior to working in the multifamily industry, Baker worked in the behavioral health industry where he managed new facility projects as well as renovation of existing facilities for some of the largest behavioral health care providers, including ASG Worldwide, Inc. ■

Real Estate Alert’s ranks HFF number one multi-housing investment sales broker in northern New Jersey for 2010 FLORHAM PARK, NJ — HFF announced that it has been ranked as the number one investment sales broker for multi-housing transactions in

NNJ in 2010 according to Real Estate Alert’s deal database. HFF’s New Jersey multihousing sale transactions totaled $177 million in three

transactions. Properties included: Fox Run Apartments in Plainsboro; Highlands at Westwood in Westwood; and Morris Crossing in Morristown. ■

By Mary G. Severino, AIA, LEEDAP . . . continued from page 2A materials that can pitch the environmental aspects of your building. • Check the smell of your building. Does it still retain that lingering tobacco smell? Musty? Bad mop smell? There are ways of cleaning and freshening a space while also maintaining cost-sensitive strategies.

• If the layers of ‘slappedon” paint on a building can be identified by layer, or if there are paint cracks combined with the cobwebs, it might be time to evaluate a strategy for refreshing the look of the building. The difference between making the close on a new lease, retaining a tenant or making a sale could be the first impres-

sion your building gives your prospects. Provide power to your pitch by working with a team of appearance strategists that can recommend and provide a cost-effective refresh package. Mary G. Z. Severino is the founder and president of MGZA (Zahn Incorporated) a certified Woman-Owned Business Enterprise. ■

WASHINGTON, DC — Cassidy Turley has hired two new brokers to lead the expansion of the company’s multifamily investment services. Christopher Doerr has joined the company Christopher as managing Doerr director and Rachel Ley has joined as associate. Doerr and Ley will be located in the firm’s Washington, DC office. “We are delighted to have Chris and Rachel as part of our investment sales team,” said William Collins, executive managing director, principal. “Their expertise in the multifamily sector and knowledge of the DC area market will be integral to the company’s success in continuing to expand our services to meet the needs of our clients.” Doerr brings 10 years of multifamily investment experience, during which he has brokered the sale of 1,200 multifamily units throughout the Mid Atlantic region. Most

recently, he was at Grubb & Ellis as vice president of Multifamily Investments. Prior to this, he served as the manager of multifamily acquisitions for Toll Brothers. D o e r r earned a JuRachel ris Doctor Ley degree and Masters in Business Administration from the University of Richmond and is a licensed real estate salesperson in Maryland, Virginia, and Washington, DC. Ley also comes from Grubb & Ellis, where for four years she specialized in the sale of multifamily assets in the Mid Atlantic region with a primary focus on developing new business, and assisted Doerr in over $75 million in multifamily transactions. She earned a Bachelors of Science degree in Business Management from Radford University’s School of Business Administration, and volunteers with the Juvenile Diabetes Research Foundation and the March of Dimes. ■

IREM to hold 11th annual Leadership & Legislative Summit CHICAGO, IL — The 11th annual Leadership and Legislative Summit of the Institute of Real Estate Management (IREM) will be held from April 9 through 13 at the JW Marriott Hotel in Washington, DC. The Summit brings together real estate management industry leaders in a dynamic, interactive forum that addresses major business challenges and opportunities presented by these ever-changing times, emerging legislative issues of industry interest, IREM governance-related matters, and much more. Highlighting the event is Capitol Hill Visit Day, when IREM members meet with members of Congress and their key aides to promote awareness and understanding of key legislative issues of concern to the commercial real estate industry and to communicate the industry’s position on these issues. The Summit features a wide variety of program offerings. In addition to Capitol Hill Visit Day, the following provides a representative sampling. Educational sessions on topics ranging from bedbug reme-

diation to sustainability. Keynote addresses by David Aaker, a nationally recognized expert on the subject of customer engagement; and David Houle, noted strategist and award-winning speaker on how changes in demographics, the economy and technology impact the way business is done, how we communicate with one another, and why those who seek to be visionary leaders must stay ahead of the curve. Federal issues briefing and Capitol Hill visit orientation program to prepare participants for this year’s Hill visits. A festive “Party With a Purpose,” with proceeds benefiting the IREM Foundation. The registration fee for the Summit is $385 until March 25, and $435 thereafter. Single-day passes also are available; they are priced at $290 until March 25, and $340 thereafter. In addition, special hotel rates at the JW Marriott Hotel have been secured and discounted airfare has been arranged on both United Airlines and American Airlines. ■

MAREjournal.com

Mid Atlantic Real Estate Journal — March 11 - 24, 2011 — 19A

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If you would like to be included on this page call: Linda Christman Mid Atlantic REAL ESTATE JOURNAL lchristman@marejournal.com • (800) 584-1062 / (781) 871-5298 • Fax (781) 871-5299

20A — March 11 - 24, 2011 — Mid

Atlantic Real Estate Journal

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COMMERCIAL REAL ESTATE ORGANIZATIONS’

EVENTS CALENDAR MARCH 11 – NJRA RTE Event: Workshop: Structuring Real Estate Partnership Agreements in Today’s Climate Time: 9:30 AM – 4:00 PM Location: Thomas Edison State Trenton, NJ Cost: $75 P: 609-292-0031 Email: njrarti@njra.us www.njra.us

MARCH 15 – CIANJ Event: Women of Influence in New Jersey Time: 5:30 PM – 7:00 PM Location: William Paterson University Address/City: 1600 Valley Rd., Wayne, NJ Cost: $15 Members $30 Nonmembers P: 201-368-2100 Email: nharencak@cianj.org www.cianj.org

MARCH 11 – IREM DELAWARE VALLEY Event: Portfolio Manager Hands on Training Time: Session 1-8:30 AM – Noon/Session 2-1:00 PM – 4:00 PM Location: Temple University Center City Campus Address/City: 1515 Market St., Room 410, Philadelphia, PA Cost: $15 per Session www.irem3.org

MARCH 16 – ABC NJ Event: Government Affairs Committee Time: 8:30 AM Location: 414 River View Plaza Address/City: Trenton, NJ Email: pstewart@njpsi.com www.abcnjc.org

MARCH 12 – NAWBO DE Event: 2011 Women’s Conference Time: 7:30 AM – 4:00 PM Location: Waterfall Banquet & Conference Center Address/City: 3416 Philadelphia, Pike, Claymont, DE P: 302-577-5287 Email: delawarewomen@gmail.com www.delarewomen.org MARCH 14 – IOREBA Event: 19th Annual Office Developer’s Investor’s Night Time: 4:00 PM – 8:00 PM Location: Marriott at Glenpointe Address/City: Teaneck, NJ Cost: $95 Members $120 Nonmembers Email: annviolette@gmail.com www.ioreba.com MARCH 15 – SMPS NJ Event: Business Development: Getting Repeat Work Time: 1:30 PM – 4:00 PM Location: Eng-Wong, Taub & Associates Address/City: One Gateway Center, 15th Fl., Newark, NJ Cost: Members Free P: 973-693-4488 Email: jtaub@eng-wongtaub.com www.smpsnj.com MARCH 15 – TriState REALTORS® Commercial Alliance Event: Tax Strategies for the Self-Employed Commercial Real Estate Professional Course Time: 9:00 AM - 10:30 AM Location: Spring Mill Corporate Center Address/City: 1100 E. Hector Street, Conshohocken, PA Registration: admin@tristaterca.com 610-238-9950 MARCH 15 – BOMA PA Event: Monthly Luncheon Time: 11:30 AM – 2:00 PM Location: The Union League – Meade Room Address/City: 140 S. Broad St., Philadelphia, PA Cost: $65 Members $80 Nonmembers P: 215-567-1775 www.bomaphila.com

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MARCH 16 – CREW PHILADELPHIA Event: Women in the Boardroom Time: 3:00 PM – 6:00 PM Location: Hyatt Penn’s Landing Address/City: 201 S. Columbus Blvd., Philadelphia, PA Cost: $125 Email: crewphiladelphia@crewnetwork.org www.crewlehighvalley.org MARCH 17 – CREW PHILADELPHIA Event: Entrepreneurial Forum – How They Did It, How You Can Too Time: 11:30 AM – 1:30 PM Location: Davio’s Address/City: 111 S. 17th St., Philadelphia, PA Cost: $55 Members $80 Guests www.crewphiladelphia.org MARCH 18 – CREW LV Event: Power Networking Time: 5:30 PM – 7:30 PM Location: Sayre Mansion Address/City: 250 Wyandotte St., Bethlehem, PA Cost: $35 Members $45 Nonmembers Email: crewlvpa@gmail.com www.crewlehighvalley.org MARCH 18 – NAI PITTSBURGH COMMERCIAL Event: Broker Open House/Tour & Luncheon Time: 11:00 AM Location: Northpointe Technology Center II Address/City: 187 Northpointe Boulevard, Freeport, PA MARCH 23 – NAIOP NJ Event: Chapter Meeting With Richard Bagger Time: 5:30 PM – 8:00 PM Location: The Heldrich Address/City: New Brunswick, NJ Cost: $165 Members $210 Nonmembers P: 732-729-9900 www.naiopnj.org

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MAREjournal.com

Mid Atlantic Real Estate Journal — March 11 - 24, 2011 — 21A

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A Back Cover — March 11 - 24, 2011 — Mid

Atlantic Real Estate Journal

Workplace: Refresh Introducing a simple, affordable assessment & solution service we call Workplace: Refresh. A collection of ﬂoor, wall and millwork ﬁnishes, edited into a color coordinated system of mix & match options to meet your needs. Contact us at MGZA to learn more about how our environmentally friendly solution can provide just the right amount of design refresh your workplace requires. Call us at 302.425.3700 to discuss a Workplace: Refresh design package.

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MAREjournal.com

NEW JERSEY

SMHOPPING C ENTERS A R E J ID

TLANTIC

EAL

STATE OURNAL

Section B of the Mid ATLANTIC Real Estate Journal

South Jersey’s residential boroughs appeal to multi-family investors

Gebroe-Hammer Associates’ Schwartz closes $5.1 million 1031 Exchange of Eagle Run Apartments

I-NELLA, NJ — Investors who have an appetite for South Jersey multi-family properties fed the region’s stable occupancy rates in residential communities like Hi-Nella, where the percentage of Joel Schwartz renters typi-

cally exceeds the state average, according to Gebroe-Hammer Associates. The Livingston based commercial real estate brokerage firm recently closed the $5.1 million sale of Eagle Run Apartments, a 120-unit, 98-percent occupied garden apartment complex in this borough. Joel Schwartz, executive vice president, represented the seller, Village of Hi-Nella LLC, and the buyer, a long-

MARCH 11 - 24, 2011

HI-LIGHTS Mack-Cali leases over 164,000 s/f in Morris County Mack-Cali Realty Corporation announced that it leased 164,597 s/f at its office properties in Morris County during the fourth quarter. See page 5B.

Briad Lodging Group breaks ground on 120 room hotel Briad Lodging Group based in Livingston has announced that it has broken ground on a 120 room Homewood Suites in Atlantic City/ Egg Harbor. See page 9B.

ALSO INSIDE: STEPHEN L. HITTMAN .........................................................2B NORTHERN NEW JERSEY SPOTLIGHT ............................. 5-16B ICREW ORGANIZATION ....................................................17B BOMA NJ ORGANIZATION ...............................................18B PEOPLE ON THE MOVE ................................................14, 20B Section B, 24 pages

MAREjournal.com

time Gebroe-Hammer client, in the sale, which involved a 1031 Exchange and the recent sale of 54 units at Brooklawn Apartments in nearby Brooklawn. The South Jersey market specialist orchestrated the HiNella transaction to complete the back end of the exchange on behalf of the seller of the Brooklawn property. Schwartz, who has been with Gebroe-Hammer since 1980 and possesses exceptional market and deal-structuring

Eagle Run Apartments expertise, identified and proposed Eagle Run Apartments as an exchange vehicle and facilitated the rapid closing. He originally sold this complex to the seller back in 2003 as part of a three-building portfolio involving 623 units. “At the time of closing for Brooklawn Apartments last September, the seller was in immediate need of a replacement property to utilize the sale proceeds for an exchange. It became evident that Eagle

Run Apartments was consistent with this investor’s acquisition and property repositioning strategy,” said Schwartz. “The buyer plans to implement an extensive renovation project that includes completing a kitchen and bath remodeling initiative undertaken by the seller.” Located at 150 E. Atlantic Ave., Eagle Run’s 15 all-brick buildings are comprised of 96 one-bedroom and 24 twobedroom units of 655 and 800 s/f. ■

Lease of warehouse space in Delanco

Colliers Int’l.’s Isdaner & Scott rep Endurance RE Group in 307,000 s/f DELANCO, NJ — Colliers International’s Southern New Jersey industrial division recently concluded a 307,000 s/f lease of warehouse space to Boise Cascade Building Materials Marc Isdaner Distribution, LLC. T h e 309,000 s/f property is situated on 47 acres located at 2700 Burlington Jim Scott

2700 Burlington Ave. Ave. It features two ware- the property. houses of 253,311 s/f & 50,209 Colliers International’s ses/f and more than 5,000 s/f nior VP, Marc Isdaner and of office space. The property senior associate Jim Scott features operational rail which represented the owner, Endurwas required for Boise’s use of ance Real Estate Group. ■

B Inside Cover — March 11 - 24, 2011 — New Jersey — Mid

Atlantic Real Estate Journal

MAREjournal.com

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MAREjournal.com

Mid Atlantic Real Estate Journal — New Jersey — March 11 - 24, 2011 — 1B

Worst Snowfall In 51 Years Crushes & Shreds Roofs Over Entire East Coast! After the meltdown the demand for roofing will be higher than ever — No question about itHeavy rains, sleet and extreme snow falls have seriously damaged roofing on commercial and residential buildings up and down the East Coast of our great country. Each severe weather event stresses, and damages, or causes failure of that physical insurance policy we all call a roof. Make no mistake this will cause a big mess and long waiting lines to fix or replace all those roofs. Extra heavy on the replacement . . .

Hate waiting in line? The stress of getting our lives and businesses back to normal is very much dependant on the roof over our heads. Our lives and businssses have been greatly affected and the economic losses downtime to both are staggering. The longer you wait the worse it will get. Act now to secure your place near the frontline before the waiting list gets too long.

How many more times? In this tough economy, no one wants to have to spend money on roof repair or replacement. We would rather take a vacation to somewhere warmer…Right? But we know we all have to face the truth sooner or later, don’t we? We all know when the time comes there’s no avoiding it anymore. Once again the disruption of our lives and businesses are at stake. So the question is: How many more times do you want to do this?

Band-Aids are for finger cuts! Throwing good money after bad roofing is a sure way guarantee you’ll be going through the hassle, frustration, and loss of business all over again! Very likely sooner than you think. Ask yourself: can you afford to do this? Be sure to weigh the long term costs of “repair only” now, verses “replace it” and be done. It is critically important you work with a company that will tell it to you straight and help you with your insurance company. To make it easier for you, we accept insurance payments too.

Two ways to get going: 1) Contact Weather Tight Systems today by visiting our corporate website at www.weathertightroof.com 2) Call us directly for faster service at 877-893-9200. We will promptly set up the free video evaluation and consultation of up to three commercial roofs at a time. Don’t wait – the snow will melt and the clock is ticking!

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2B — March 11 - 24, 2011 — New Jersey — Mid

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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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NEW JERSEY By Stephen L. Hittman, Crossroads Companies, LLC

Lack of NJ/NY retail dev. Stuck in a time warp

emember the Eighties? It was a decade filled with dramatic social, economic and political changes that included MTV, video gaming, the election of Ronald Reagan and glamorization of the finan- Stephen Hittman cial world and stock market. It was also an era during which many of today’s ‘modern’ supermarkets were initially built. From Nintendo to Wall Street, as society changed, so did our culture. However, such is not the case with supermarkets in the densely populated New York State/Northern New Jersey corridor. Throughout Westchester and Rockland counties in New York and New Jersey’s Bergen and Passaic counties, the majority of supermarkets have been a central fixture in these mature communities for the past 30 years. Although the needs and demands of local consumers have significantly shifted since the 1980s, these stores are under tremendous pressure to respond to ever-changing tech-

nology and buying trends. Typically, today’s supermarkets require 9 to 10 acres of land and 60,000 to 75,000 s/f of retail space in order to incorporate modern-day conveniences such as increased product selections, organic produce, prepared meal selections and amenities such as “shop from home.” In addition, allocations must accommodate a minimum 5:1 parking ratio. The 35,000 to 48,000 s/f prototypes of the 1980s and 90s, as well as smaller prototypes of the 1960s, were built when construction codes called for smaller stores and local officials did not envision that supermarket-anchored retail centers would become a major economic engine for the local economy. Furthermore, just like the drive-thru lanes at local banks that are too narrow for today’s larger SUVs, out-dated tractor trailer parking/loading bays are often too small to accommodate the larger transport vehicles and increased number of goods. The logical solution would be to renovate existing buildings or undertake new, ground-up development. However, the challenges to new construction

and refurbishments are not only costly, but quite lengthy. With adequately sized, properly zoned, vacant land at a bare minimum in southern New York State and Northern New Jersey, ground up development can be an arduous process. Existing supermarkets are often land-locked, rendering expansion initiatives difficult, expensive or economically unfeasible. Bi-level stores can be a viable consideration for in-fill, densely populated, metropolitan areas; however, below-grade or deck parking can be cost-prohibitive. Adding to development constraints are regulatory and/or jurisdictional requirements. These include use designations, as well as variances for building size, parking, set-backs or bulk requirements. Use or site variances must be reviewed by the Board of Adjustment, a review process that can take four to six months or longer. The Planning Board will subsequently review architectural and planning issues. This can add an additional eight to 12 months to project review. Assuming the applicant receives contingent site plan approval, the approval continued on page 4B

MAREjournal.com

Mid Atlantic Real Estate Journal — New Jersey — March 11 - 24, 2011 — 3B

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4B — March 11 - 24, 2011 — New Jersey — Mid

Atlantic Real Estate Journal

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NEW JERSEY

Fairfield Corporate Park, Fairfield, New Jersey

Weichert Comm’l. Brokerage reps tenant in 7,015 s/f lease

Bergman Real Estate Grp.’s Woodbridge Towers signs 3 Office Space Available for Lease 5,000 to 20,000 Square Foot Units *Excellent location with highway visibility * Located directly at Route 46 East interchange. * Minutes to Essex County Airport and NJ Bus and Rail * Attractive rental rates and terms available.

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SELIN, NJ — Bergman Real Estate Group announced that three new leases, totaling over 12,700 s/f, have been signed at Woodbridge Towers, located at 555 U.S. Highway 1 South in Iselin. Wallenius Wilhelmsen Logistics Americas, LLC, an independent provider of global factory-to-dealer transport solutions for the automotive, agricultural and construction equipment industries, signed a 7,015 s/f, long-term lease. Mario Chiarella of Weichert Commercial Brokerage represented the tenant.

Woodbridge Towers VSquare Infotech, Inc., an organization specializing in IT consulting and business services for mid- to large-sized organizations, signed a 3,325 s/f, long-term lease. VSquare will be using this space as its New Jersey headquarters location. Carnegie Mortgage, LLC,

a California-based mortgage company, signed a 2,733 s/f lease, which will serve as the company’s first New Jersey office space. “We’re delighted that this premier property continues to attract high-quality tenants,” explained John G. Osborne, executive director of leasing and marketing for Bergman Real Estate Group. “The building offers tenants impressive amenities at a competitive rate.” Woodbridge Towers is a four-story, 85,000 s/f class-A building, directly accessible to Route 1, and located a short distance from the Garden State Parkway. ■

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continued from page 2B is subject to comments and modifications to the site plan from concerned agencies, which may have local, county and/or state jurisdiction. Beyond site considerations, adjoining landowners or utility companies may have certain property rights that require an easement right for access, parking or permission for construction. Environmental issues will require approval from the Department of Environmental Protection; road improvements will require township, county, and/or Department of Transportation approval. It is not unusual for the approval process to take 24 to 36 months, or longer, from inception to completion. It will typically take eight to 12 months to complete site work, building construction and fit-out of tenant space. From start of the entitlement process to completion of construction, a supermarket can be looking at a 36 to 48-month span. While the road to retail real estate development is paved with good intentions to protect the environment and overall well-being of a community, the multi-layer review process is wrought with many delays, adding expense and delay to construction projects. There are fewer supermarkets per 100,000 residents in New Jersey, followed closely by New York, than any other area of the country. The facts speak for themselves. Stephen L. Hittman is president and founder of Crossroads Companies LLC in Mahwah, N.J. ■

NEW JERSEY SPOTLIGHT SHOPPING C ENTERS NORTHERN NEW JERSEY MAREjournal.com

Mid ATLANTIC REAL Estate Journal — New Jersey — March 11- 24, 2011 — 5B

Cushman & Wakefield represent Coyne PR

Mack-Cali leases over 164,000 s/f in Morris County DISON, NJ — MackCali Realty Corporation announced that it leased 164,597 s/f at its office properties in Morris County during the fourth quarter. Portfolio-wide, Mack-Cali leased 1,217,717 s/f of space during the quarter. Highlights of the fourth quarter transactions include: ProSight Specialty Insurance, an insurance holding company, signed a new 10year, 10-month, 40,310 s/f lease at the 475,100 s/f 412 Mt. Kemble Avenue in Morris Township. The new space will serve as ProSight Specialty Insurance’s new headquarters location. Thomas Reilly and Derek DeMartino of Jones Lang LaSalle represented the tenant, and Mack-Cali was represented in-house by Brian Decillis, senior director of leasing. Full-service agency Coyne Public Relations signed a new 10-year, three-month lease for 36,248 square feet at 5 Wood Hollow Road in Parsippany. The 317,040 s/f class A office building, which is 84.5 percent leased, will serve as Coyne’s new headquarters. David Sherman and Marc Trevisan of Cushman & Wakefield represented the tenant in this transaction, and Mack-Cali

Financing on NJ apartment portfolio

Commercial Mortgage Capital arranges $33.5m

412 Mt. Kemble Ave.

Garden Apartment Communities

5 Wood Hollow Road was represented in-house by Group, LLC, and Mack-Cali Brian Decillis. was represented in-house by Continental Casualty Com- Diane Chayes, vice president pany, one of the CNA insurance of leasing. companies, signed a five-year, Mitchell E. Hersh, president six-month lease renewal for and chief executive officer of 19,416 s/f at 4 Century Drive Mack-Cali, commented, “Deat Mack-Cali Business Cam- spite only a modest economic pus in Parsippany. The ten- recovery to date, Mack-Cali ant was represented by Steve continues to outperform and Richel of Richel Commercial be the landlord of choice in our Brokerage and referred by Jim core markets. These transacBuddrus of Swearingen Realty tions illustrate that fact.” ■

LIVINGSTON, NJ — Mark Scott of Commercial Mortgage Capital, based in Livingston, NJ, arranged financing on five different Garden Apartment Communities in NJ for a total of 1,019 units and $33.5 million in permanent loans. CMC negotiated with the lender to lock in a very low 3.66%, 10-year fixed rate loan for the client. Scott said,

“In hindsight, we look like geniuses. When the 10-year Treasury was near its all time low last summer, my client locked rate forward for a December 30 funding.” Scott added, “Although Treasury rates have increased from their lows in the mid two’s, long-term 10-year fixed rate financing is still available at below 5%.” ■

Marcus & Millichap sells a $500k mixed-use building

NobleStrategy’s William S. Parrish, Jr. receives NYU Martin Luther King, Jr. Award NEW YORK & NEWARK, NJ — William S. Parrish, Jr., president & CEO of NobleStrategy, a construction management and training firm, was awarded the N e w Yo r k University William Martin LuParrish, Jr. ther King, Jr. Faculty Award on the 50th anniversary of Dr. King’s historic 1961 visit to NYU. The award annually honors NYU faculty who exemplify the spirit of Dr. King through positive impact within the

classroom and the community. Students nominate faculty who are considered and selected by the MLK selection committee. “I was truly surprised by the honor and will cherish it because Dr. King always emphasized that we should try to do our best, to achieve excellence when no one is watching,” said Parrish. “We have always emphasized that approach – the idea of always taking the high road and doing things the right way, even when no one is watching. The award is very special because it was totally unexpected and extremely relevant to what we do at NobleStrategy.” Parrish has over 20 years of

construction management and training experience with expertise in the public and private education sectors. With offices in Newark and Harlem, NobleStrategy has partnered with public and private interests on many large-scale, multi-stage education projects. A LEED accredited professional since 2004, Parrish is recognized regionally for his coalition building skills with key public and private constituencies. An NYU Assistant Adjunct Professor, Parrish teaches Managing Municipal Contracts and Claims, Business Development and Management, and Operating and Managing a Construction Organization. ■

HASBROUCK HEIGHTS, NJ — Marcus & Millichap Real Estate Investment Services, the nation’s largest Real Estate Investment Services firm, has announced the sale of a 5,500 s/f, mixed-use property located in Hasbrouck Heights, according to Michael Fasano, vice president/regional manager of the firm’s New Jersey office. The asset commanded a sales price of $500,000. Senior associates, Kevin McCrann and Thomas McConnell, in Marcus & Millichap’s

New Jersey office, had the listing to market the property on behalf of the seller, a private investor from North Carolina. The buyer, a local investor, was secured by AVPI and director of NOIPG & Net Leased Group David Thurston and Investment Specialist Brian Schifilliti. The subject property is a quality constructed mixed-use building located on the busy Boulevard. It consists of twotwo bedroom apartment units over a professional office. ■

6B — March 11 - 24, 2011 — New Jersey — Mid

Atlantic Real Estate Journal

MAREjournal.com

NORTHERN NEW JERSEY Inks deal With NBA in Harmon Meadow

1,000,000 s/f tenant renews at Hartz Mountain’s Lincoln Harbor

EEHAWKEN, NJ — UBS Financial Services, Inc., a 1,000,000 s/f tenant at Lincoln Harbor in Weehawken, has extended its lease through 2028, announced developer, Hartz Mountain Industries. “Lincoln Harbor has become an even more appealing location than when UBS first came here in 1988,” said Emanuel Stern, president and chief operating officer of Hartz Mountain Industries. “The growth of our mixed-use development, the addition of other waterfront

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100 Plaza Dr. development, increase in ferry service and the spectacular location make Lincoln Harbor one of the most esteemed locations in the metropolitan region.” Lincoln Harbor is located on 60 acres of waterfront land directly opposite midtown Manhattan and adjacent to the Lincoln Tunnel entrance in Weehawken. Its mixed-use environment and abundant first-class amenities enhance the importance of the site as prestigious headquarters, or as a general office or technical center. Tenants benefit from the state’s significant economic advantages, including lower rents and utility and operating costs, and significant tax savings. Hartz Mountain’s leasing team, including executive VP Gus Milano and VPs Ernie Christoph and Charlie Reese, negotiated the transaction for Lincoln Harbor. UBS’s representatives were Patrick Murphy, Linda Dow and Robert Alexander from CBRE. SECAUCUS, NJ — NBA Entertainment, Inc. will move its production, programming and broadcasting facility from 450 Harmon Meadow Blvd. to 100 Plaza Dr. and expand its presence in the building - remaining a tenant in Harmon Meadow for a second generation, announced Hartz Mountain Industries. The 175,000 s/f deal provides for parking in an adjacent deck in the region’s mixed-use development. NBA Commissioner, David Stern, said, “We are happy to continue our almost twenty year relationship with Hartz Mountain in a transaction that benefits both parties. We have had an excellent experience in a great location for our employees and look forward to many years of the same.” ■

MAREjournal.com

Mid Atlantic Real Estate Journal â&#x20AC;&#x201D; New Jersey â&#x20AC;&#x201D; March 11 - 24, 2011 â&#x20AC;&#x201D; 7B

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8B — March 11 - 24, 2011 — New Jersey — Mid

Atlantic Real Estate Journal

MAREjournal.com

NORTHERN NEW JERSEY By Michael Fasano, Marcus & Millichap Real Estate Investment Services

New Jersey retail market remains one of strongest

he economy weathered numerous challenges and setbacks as it made slow progress toward recovery last year. Caution gradually gave way to more confidence toward the end of 2010 as consumers Michael Fasano surprised to the upside in expenditures and companies began to increase hiring. To be sure, profound issues and

risks will linger well into 2011, particularly high unemployment, high consumer debt and a growing government deficit, unrest in the Middle East, spiking oil prices and rising commodity prices. Although it seems like a long laundry list, these issues should not overshadow key indicators that affirm a solid footing for the U.S. economy, and retail property sector, including the return of core retail sales and corporate earnings to pre-recession levels and the creation of more than 1.3 million private-sector jobs

in 2010. While job creation last year was tepid, especially in light of the 8.4 million jobs cut during the Great Recession, it was a solid start and better than the early stages of the last two recovery cycles. With a vacancy rate nearly 300 basis points less than the national average at the start of 2011, New Jersey will retain its position among the country’s strongest retail markets. Several areas merit attention, but two emerge as potential outperformers. In Bergen County, shopping center vacancy has

already dropped to less than the level recorded at the start of the recession. Retailers in the county will continue to benefit from heavy traffic and renewed job growth there and in nearby New York City. Consequently, property owners will increasingly leverage lower vacancy to withdraw concessions and begin raising rents in 2011, perhaps by as much as 4 percent. Elsewhere, shopping center vacancy in Monmouth County will fall to the high-7 percent range this year as elevated incomes draw retailers.

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As a result, local operators will aggressively pursue reduced leasing incentives. Improving retail property conditions and attractive pricing could generate additional transactions in the months ahead. Cap rates generally range from 7.7 percent to 8 percent for performing multitenant properties and from 7.2 percent to 7.5 percent for single-tenant assets. Potential rent reductions on expiring leases remain an issue in areas with high vacancy, such as Somerset County and sections of Camden County. Nonetheless, much of the demand for viable and performing multi-tenant properties goes unfulfilled, with deal volume suppressed by a lack of listed product. Owners who have maintained property performance through the recession and the early stages of the recovery will likely find strong demand for their assets and limited competition from other for-sale properties. These owners may increasingly contemplate asset dispositions and reinvestment into properties with greater upside potential. • Employment Forecast: Increased private-sector hiring will contribute to the creation of 18,500 jobs statewide in 2011, a 0.5 percent gain. Last year, total employment shrank by 19,000 positions, including the loss of more than 28,000 government jobs. • Construction Forecast: Approximately 1 million square feet of space will come online in 2011, primarily in small strip centers. Last year, 2 million square feet was delivered. • Vacancy Forecast: A reduction in completions and resurgent space demand will underpin a 20 basis point decline in vacancy during 2011 to 7.6 percent. The vacancy rate ticked up 10 basis points in 2010. • Rent Forecast: Driven by more significant increases in Northern New Jersey, statewide asking rents will rise 1 percent this year to $23.31 per square foot. Effective rents will advance 1.5 percent to $20.56 psf. Michael Fasano is the vice president and regional manager of the New Jersey office of Marcus & Millichap Real Estate Investment Services. ■

MAREjournal.com

Mid Atlantic Real Estate Journal — New Jersey — March 11 - 24, 2011 — 9B

NORTHERN NEW JERSEY Following the recent $164 million sale of 1,100 rooms

Briad Lodging Group breaks ground on 120 room Homewood Suites

IVINGSTON, NJ — Briad Lodging Group based in Livingston, one of the nation’s top-ranked hotel and restaurant developer/owner/operators, has announced that it has broken ground on a 120 room Homewood Suites in Atlantic City/ Egg Harbor. “Following the recent $164 million sale of our portfolio of 1,100 rooms, comprised of 10 Marriott and Hilton extended-stay and focus-service hotels, we have commenced site work for this new hotel, expecting to open by spring of 2012. In addition, we have several sites in various stages of the approval process in anticipation of the hotel market rebound. With a long track record in hotel development, ownership and management, we believe we have a competitive edge in the hotel real estate niche market. We will keep our focus on premium-branded hotels under such flags as Marriott, Hilton and Hyatt within the same geographic Northeast and Mid Atlantic footprint”, said Steve Scharf, vice president of development & asset management for The Briad Group. “Hotel development has slowed somewhat across the country, with financing hard to come by and the economy still sluggish. However, we are still finding great locations,” Scharf said. “Having our own construction affiliate, we are able to build cost effectively and make difficult projects financially feasible. Construction and land costs both are noticeably lower, helping some projects get off the drawing board.”

De Ruggiero Realtors leases three props. in Hudson County HUDSON COUNTY, NJ — Two offices at 1207-1209 Summit St. and a 2,400 s/f warehouse at 1100-1108 Bergenline Ave. were leased by Lisa Caban, a Robert De Ruggiero, Inc. broker-salesperson and Bob De Ruggiero. Both properties are in Union City. Tom & Gina Jabado an associate team of De Ruggiero, handled the North Bergen warehouse lease. ■

• 108 room Residence Inn Mount Laurel, NJ • 101 room Residence Inn Egg Harbor, NJ • 120 room Hilton Garden Inn Milford, CT • 108 room Homewood Suites Dover, NJ • 101 room Residence Inn Branchburg, NJ • 108 room Homewood Suites Allentown, PA • 128 room Spring Hill Suites Yaphank, NY The recently sold Briad Lodging Group hotel portfolio included:

• 113 room Homewood Suites Bethlehem, PA • 100 room Residence Inn

Neptune, NJ • 113 room Courtyard Wall Township, NJ

Total Open and Operating Hotel Rooms: 1,100 ■

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10B — March 11 - 24, 2011 — New Jersey — Mid

Atlantic Real Estate Journal

MAREjournal.com

NORTHERN NEW JERSEY More than 30,000 s/f of space leased at class a office complex

Bergman Real Estate Group announces five leases at Jefferson Plaza in Whippany

SELIN, NJ — Bergman Real Estate Group announced five lease transactions that occurred in 2010, totaling 30,792 s/f at Jefferson Plaza, one of the company’s class A office complexes, located at 100 and 110 South Jefferson Road in Whippany. Completed lease transactions include: Drew Marine, Inc. signed a long-term lease for 20,637 s/f of space that will serve as the company’s new headquarters. Susanne Newmark, president of Newmark Associates, represented the tenant.

Diversified Financial Consultants, a financial planner and advisor on money and debt management, signed a 3,885 s/f lease after relocating from another Bergman-owned building. Appraisal Systems, Inc., a real estate appraisal and valuation firm that specializes in New Jersey municipalities, businesses and individuals, signed a 3,044 s/f long-term lease to relocate the company’s headquarters. SRX Services, LLC, an information technology company, signed a 2,140 s/f lease.

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Seidel and Shaw Holding, LLC, a security brokerage firm, signed a long-term lease for 1,086 s/f of space at the complex, which will serve as a suburban branch office for the company. “Jefferson Plaza offers tenants an affordable, prime Morris County location that provides great access to the conveniences of both Morristown and Parsippany,” said John Osborne, executive director of leasing and marketing for Bergman Real Estate Group. “Additionally, this property’s ability to accommodate space requirements from 2,000 to more than 20,000 s/f of contiguous space offers flexibility to both large and small tenants.” Jefferson Plaza, located at 100 and 110 South Jefferson Road, consists of two, threestory office buildings totaling approximately 170,000 s/f. Located immediately off of I287, the buildings are easily accessible to Routes 24 and 10, as well as Routes 46 and 202, and I-80. The complex is located a short distance from downtown Morristown and within 20 minutes of Newark International Airport. Its close proximity to hotels, banking, restaurants and shopping, provides a wealth of retail and hospitality amenities. Some of the property’s featured amenities include: an on-site full service café with seating; on-site building management; various telecommunications options including Verizon Fios, and ample parking. ■

Allwood Atrium scores 34,500 s/f medical deal CLIFTON, NJ — Apollo Health Street has signed a 34,500 s/f long term office lease at the Allwood Atrium in Clifton. The 10-year deal was negotiated by the project’s agent DSR Group and Cushman & Wakefield’s New Jersey and Boston offices represented Apollo Health Street. E According to Capstone Realty managing partner Mitchell Adelstein, “Apollo Health began work in late January and will take occupancy in midApril 2011.” Apollo Health will relocate over 300 employees to Clifton from its current location in Bloomfield. Adelstein added.” ■

MAREjournal.com

Mid Atlantic Real Estate Journal — New Jersey — March 11 - 24, 2011 — 11B

NORTHERN NEW JERSEY Rental retirement community notes influx in deposits, move-ins in 2010

Strong demand continues for all-inclusive Lifestyle At Heritage Pointe of Teaneck

EANECK, NJ — Seniors seeking to enjoy their retirement years free from the cares of home ownership continue to fuel the strong demand for maintenance-free living at Heritage Pointe of Teaneck, a full-service rental community for active retirees. The community reported a steady leasing activity during 2010, bringing the Teaneck community to more than 70% occupancy at year-end. “People interested generally tour the community and are impressed with the full array of services we offer,” said Community Relations Director Saundra Pomerantz. “They appreciate the size and amenities of the apartments, and the diverse population of our residents and staff.” In spite of a still-sluggish housing market in northern New Jersey, Pomerantz said many retirees are placing early deposits on apartments at Heritage Pointe in anticipation of the sale of their house or condominium. “They are attracted to the benefit of full-service retirement living without the worries and expenses of maintaining a home.” Pomerantz said that although there is limited availability for one-bedroom apartments, several spacious two-bedroom layouts are still available for immediate lease. A variety of floor plans satisfy different tastes with apartments ranging in size from 672 to 824 square feet for a one-bedroom, to more than 1,500 square feet for the largest two-bedroom model. Each apartment is equipped with a fully updated kitchen, washer and dryer, walk-in closets, large windows and wellsized bathrooms. Residents at Heritage Pointe enjoy restaurant-style dining, transportation to appointments and local shopping areas, 24hour concierge service, and weekly excursions to various cultural and recreational venues throughout the New York metropolitan area. Housekeeping service, daily fitness classes, a fitness room, and on-site wellness center and educational, cultural and social programs and most other services are included in the monthly rent. A fully furnished guest suite is available for out-of-town family members to stay while visiting residents. Interested individuals can also choose a short-term stay option in order

to sample community life before signing a lease and placing a deposit. In addition to the tangible physical benefits of the Heritage Pointe lifestyle, according to Pomerantz: “The services and programs included in the monthly rent are appealing and many residents say that knowing there is always someone around provides a great sense of security.” In support of this, Pomerantz points to the strong family feeling among Heritage Pointe residents. Several informal clubs have been formed by those who share common interests and hobbies, such

Heritage Pointe of Teaneck

as a walking club that hikes through the woodlands that border the property, a knitting club, and the men’s and women’s poker games. Many residents have also referred their friends to the community, which further strengthens the personal connections and the continuing strong interest level in the community. Heritage Pointe offers a $2,500 referral fee to residents who refer a friend or relative who signs a lease. Heritage Pointe of Teaneck is located at 600 Frank W. Burr Blvd., near Route 4 just off of Interstates 80 and 95. ■

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12B — March 11 - 24, 2011 — New Jersey — Mid

Atlantic Real Estate Journal

MAREjournal.com

NORTHERN NEW JERSEY Latest lease caps year of strong activity at the military park building in newark

Pacific Group relocates headquarters to Berger’s 60 Park Place

EWARK, NJ — Fruit importer Pacific Group Holdings, Inc., known for its Bonita Bananas brand name, has leased 5,000 s/f for its United States headquarters at the Military Park Building, 60 Park Place in Newark, announced The Berger Organization, which owns the 250,000 s/f, landmark office tower. The commitment caps a year of notable leasing success for the Military Park Building, which in recent months has welcomed five additional office tenants as well as three shops into a new ground-floor retail

60 Park Place

component at the property. Pacific Group has relocated to Newark from Staten Island, N.Y. The Pacific Group’s Affiliated Companies owns plantations in Ecuador, from where it sources 100 percent of its fruit. Other new tenants at the Military Park Building include: TEAM Charter Schools , a Newark non-profit education organization affiliated with the national KIPP network, which leased 8,000 s/f of space for its administrative operations;

The Neighborhood Assistance Corporation of America (NACA), a nonprofit community advocacy and homeownership organization, which relocated to 5,000 s/f from Berger’s Robert Treat Center (50 Park Place); websignia, an award-winning digital marketing agency, which moved its headquarters into 1,400 s/f from North Plainfield; The Against All Odds Foundation , which serves at-risk children and underserved families throughout New Jersey, leased 1,400 s/f, relocating

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from Union.; and Playworks, a Californiabased national nonprofit organization that provides safe, healthy and inclusive play and physical activity to schools, leased 1,000 s/f for its first East Coast location. “This activity is a positive sign for our property, the city and the economy in general,” noted Miles Berger, chairman and chief executive officer for The Berger Organization. “We are experiencing an upsurge in interest among tenants – some of which are relocating within Newark, with others coming in from elsewhere. With the expected near-term correction and our future return to economic viability, I firmly believe that Newark will thrive based on its location, excellent transportation infrastructure and affordability.” The new shops – CityBeans Café coffee shop, Park Place Cleaners and Park Place News – reside in street-level retail space introduced at the Military Park Building this year to enhance its amenities for both tenants and the surrounding neighborhood. The addition represented the final component of a major capital update that also upgraded the property’s lobby, core building and elevators; and introduced a fitness center and conference room for tenants. ■

The Hampshire Cos. develop self storage facility in Hackensack Rahway, NJ Route 1 Corridor 17,485 SF

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HACKENSACK, NJ — The Hampshire Companies has announced the development of a 81,300 s/f, 600 unit, stateof-the-art self storage facility located at 260 Railroad Ave. in Hackensack. The site is currently under construction and is slated to open on April 1, 2011. The facility will operate under the Hampshire Self Storage flag. Hampshire Self Storage’s Hackensack location is strategically located in the center of the city and provides quick access to Interstate 80 and Routes 46 and 17. The facility offers 15 different unit sizes, which are humidity and climate-controlled. The site is also fully-gated and offers an advanced security system featuring digital cameras and a superior locking system.■

MAREjournal.com

Mid Atlantic Real Estate Journal — New Jersey — March 11 - 24, 2011 — 13B

NORTHERN NEW JERSEY Include one- and two-bedroom homes ranging in size up to 1,450 s/f

Trump Plaza Residences Jersey City closes 2010 with 300th sale

with great tenants. Buon Italia will instantly turn the area into a destination spot.” Located two blocks from the waterfront at 88 Morgan St., Trump Plaza Residences Jersey City, New Jersey’s tallest residential tower, have been designed to provide an abundance of natural light and to take advantage of the breathtaking views of the Hudson River, Jersey City, the Statue of Liberty and the famous New York City skyline. Trump Plaza

KNOWLEDGE IS POWER

E R S E Y C I T Y, N J — Trump Plaza Residences Jersey City announced, triumph in 2010 with a successful marketing campaign that spurred phenomenal condominium sales and the lease-up of the building’s entire retail space. With more than 50 years of combined sales and financial experience with residential real estate on New Jersey’s Gold Coast, the sales team at Trump Plaza Residences, which includes Jodi Stasse, director of marketing and sales; John Paszamant, sales director; Evan Cappiello, sales manager; Colleen Vogt, sales representative and Ray Lamberti Jr. of Wells Fargo Home Mortgage, helped catapult the building’s sales, with approximately 65 homes sold in 2010, contributing to the amazing feat of the tower’s 300th sale by close of the year. “The past year at Trump Plaza Residences has been extraordinary,” said Stasse. “The number of sales generated is evidence of the strong appeal of the Trump Plaza Residences metropolitan lifestyle, as well as the tremendous value this building affords, including access to every luxury amenity buyers can imagine, as well as a fullservice concierge. “Additionally, as sales at the community have increased, so too has the level of involvement in the building amongst homeowners,” Stasse added. “Recently, the building’s homeowners association and residents hosted a fantastic holiday resident party, assisting with the holiday decorations throughout the building and creating a truly festive atmosphere.” Among the many lifestyle amenities offered at Trump Plaza Residences, the building will soon offer even more conveniences to its residents as the entirety of the building’s ground-floor retail space has now been leased. Buon Italia, a gourmet Italian market; ROAR Dental, a family dental practice; and Elegant Nails and Spa, a salon that will offer both nail and spa services, are all slated to move in to their spaces at the building in 2011. Stasse continued, “The residents have been expressing how excited they are to see all three retail spaces occupied

A seventh-floor terrace com-

plete with pool and cabanas, a glass-enclosed fitness center and an exclusive spa with a Roman-style aqua grotto are among a long list of indoor and outdoor sanctuaries that make Trump Plaza an ideal address for the New York metropolitan area’s elite.

Three-bedroom homes and penthouses are available but are in limited supply, with pricing available upon request. The property has a 20-year tax abatement. FHA financing is also available, offering reduced interest rates and low down payments.

The residences at Trump Plaza include one- and twobedroom homes ranging in size up to 1,450 square feet. Prices for one-bedrooms start in the mid-$400,000s, while those for the two-bedrooms start in the mid-$600,000s.

In addition to panoramic views of New York City, the property features a convenient location near the Exchange Place and Grove Street PATH stations, the waterfront ferry and the Bergen-Hudson Light Rail. ■

BOMA NEW JERSEY The Building Owners and Managers Association of New Jersey The Building Owners and Managers Association (BOMA) of New Jersey is focused on providing the most comprehensive member benefits available in any trade association. Why you should be here: BOMA provides excellent educational programs designed to provide both the seasoned professional and up and coming assistants with expert skills in appropriating resources and managing properties to maximize their value regardless of the economy, invaluable networking opportunities, monthly meetings and events, annual events, advocacy at the state and national levels, and International support. Since its inception in 1984 more than 450 members have developed and perfected their professions through the resources BOMA New Jersey has to offer. Call now to receive your informational package on how you too can be on your way to become the real estate industry’s most desired and indispensible professional. Building Owners & Managers Association of New Jersey 199 Prospect Avenue, PO Box 7250, North Arlington NJ 07031 Phone: 973-696-2914, Fax: 973-696-5634 Email: bomanj@ix.netcom.com Website: www.bomanj.org

14B — March 11 - 24, 2011 — New Jersey — Mid

Atlantic Real Estate Journal

MAREjournal.com

NORTHERN NEW JERSEY PEOPLE ON THE MOVE Named associate director in East Rutherford

As project engineer

Cushman & Wakefield promotes Dan Johnsen

Russo Development appoints Gregory Rapp

AST RUTHERFORD, NJ — Commercial real estate services firm Cushman & Wa k e f i e l d , Inc. has promoted Dan Johnsen of Mahwah, N.J., to the position of associate director in its Dan Johnsen East Rutherford, N.J., office. Johnsen, who joined Cushman & Wakefield in 2007, is part of a highly successful brokerage team specializing in corporate leasing and landlord representation. “Dan provides a strategic and consultative approach

to real estate services by leveraging his education, local market knowledge and industry relationships,” said Gualberto “Gil” Medina, executive managing director of Cushman & Wakefield’s New Jersey operations. “Since joining our company, he truly has established himself as a valued team member.”

Massachusetts Mutual Life Insurance Company, among others.

As a tenant representative, Johnsen works locally and nationally for such notable companies as Revlon, TATA, National Grid, Maxell Corporation of America, 4D Security Solutions, Wachovia/Wells Fargo, Ticket Center, Morgan Stanley Smith Barney, SYS Investment Corp. and

Johnsen earned a bachelor’s degree in criminal justice from Monmouth University and is pursuing a U.S. Green Building Council LEED® AP certification. He serves on the Young Leaders Board of CoreNet Global and is an advocate for the New Jersey Special Olympics. ■

On the landlord representation side, his clients include major industry players like Normandy Partners, ING Clarion, The Hampshire Companies and Real Estate Capital Partners.

Weichert Commercial continues expansion with the appointment of five real estate pros MORRIS PLAINS, NJ — John G. Udell, president of Weichert Commercial Brokerage, Inc., announced the appointment of five seasoned real estate professionals to Weichert Commercial’s Corporate Headquarters office. Joining the Weichert Commercial team are Vice President, Jorge L. Moreno and Sales Associates, Robert Grant, June Maggio, Robin Mosley and Anthony Papantonio. All five professionals bring valued industry and professional experience that will further enhance Weichert Commercial’s platform of services. “We are very pleased to welcome this group of real estate professionals as we continue to expand our Weichert Commercial team,” said John G. Udell. “Their professional experience and market knowledge will continue to strengthen our commitment towards providing unparalleled service to our clients.” Jorge L. Moreno, vice presi-

dent, specializes in multi-family, mixed-use, strip center and other commercial properties in Hudson, Essex, Union and Bergen counties. Prior to joining Weichert Commercial, Mr. Moreno spent nearly three years with Coldwell Banker Commercial NRT. Robert Grant, sales associate, worked with Weichert Residential for more than six years before joining the Commercial team. He also has more than 10 years experience in institutional banking and has worked for Credit Suisse, RBC Capital Markets and Refco Capital Markets. Robin Mosley, sales associate, returns to Weichert Commercial from the residential sector. She will specialize in the sale and leasing of office, investment and retail properties throughout Northern New Jersey. Anthony Papantonio, sales associate, specializes in the sale and leasing of retail and

office properties in Essex county. Prior to joining Weichert Commercial, Mr. Papantonio serves as the Associate Member Services Director at the Madison YMCA. He brings with him experience in public relations, sales, account management and construction services. June Maggio, sales associate, also returns to Weichert Commercial after departing to join Weichert’s residential real estate team. June has many years of experience in the sale and leasing of commercial and residential properties throughout Northern New Jersey. Weichert Commercial Brokerage, Inc. is a leading commercial brokerage company with offices throughout New Jersey and Pennsylvania. Weichert Commercial consistently delivers the highest quality real estate services through its office, industrial, retail, investment, tenant representation and commercial land brokerage divisions. ■

Gregory Rapp CARLSTADT, NJ — Russo ing highly talented profesDevelopment has announced sionals to be a part of the the appointment of Gregory Russo Development team. Rapp as project engineer We are excited to welcome bringing Russo’s in-house Gregory.” architectural and engineering staff to nine. Gregory Gregory Rapp came from will lend support in various Azzolina & Feury Enginresponsibilities relating to neering, Inc., where he was the engineering and entitle- a project engineer for variment of Russo’s development ous private developments projects including prepara- and municipal design projtion of permit applications, ects. He also worked for reports and interaction with Maser Consulting P.A. as a government agencies. In ad- senior project engineer for dition, Rapp will assist in the two years. He is a licensed investigation and due dili- professional engineer and gence of potential develop- certified municipal engineer ment opportunities including in the State of New Jersey, wetlands, T&E, soils, utility having received his Bacheinfrastructure, demograph- lors of Science degree in civil ics and zoning investigations engineering from Rutgers as well as conceptual master University. planning reporting directly to the VP-Development. Gregory lives in northern New Jersey with his wife. “Gregory has extensive exRusso Development is a perience as a civil engineer in designer, builder and owner private developments that is of commercial, residential a valuable asset to our grow- and mission-critical propering in-house team of profes- ties throughout the New York sionals.” saidMichael Pem- metropolitan area. Russo broke, senior vice president has developed over 70 comof leasing and marketing. mercial projects since 1969, “Our executive staff takes a including over 1.7 million personal interest in recruit- square feet of datacenter

Joanne Cimiluca joins Studio 5 Partnership as director of marketing & business development GLEN ROCK, NJ — Studio 5 Partnership, an architecture and design firm, appointed Joanne Cimiluca to the position of director of marketing & business development. Cimiluca will be responsible for generating new business relationships, cultivating existing strategic partnerships, and building the firm’s overall

brand recognition. “We are excited to welcome Joanne to the Studio 5 team,” said Allen Weitzman, Partner at Studio 5. “Her experience in both the corporate and public fields, combined with her expertise in developing national brand campaigns, will be vital as we continue to grow our client base.”

Cimiluca’s marketing experience encompasses business development, advertising and brand building strategies for a wide array of B2B and consumer companies operating in New Jersey, nationally, and internationally. Prior to joining Studio 5, she served as Executive Director of the Bergen County Economic De-

velopment Corporation, where she was responsible for creating and retaining thousands of jobs through collaborations with leading national organizations, such as MercedesBenz USA and Whole Foods Market. Cimiluca also served as Creative Director at Bernard Hodes Group, where she developed branding and adver-

tising campaigns for PriceWaterhouseCoopers, Ann Taylor Stores, and Merck & Co. Cimiluca earned a Bachelor of Arts degree in Journalism and Communications from Rutgers University and is a member of the New Jersey Chamber of Commerce and Congress for the New Urbanism. ■

MAREjournal.com

Mid Atlantic Real Estate Journal — New Jersey — March 11 - 24, 2011 — 15B

NORTHERN NEW JERSEY New Jersey Boutique Sold with Cooperation from Regional Bank

Optimum Hotel Brokerage sells Inn at Panther Valley

LLAMUCHY, NJ — Optimum Hotel Brokerage announced that the firm has closed on the sale of the Inn at Panther Valley, a 100-unit boutique hotel located in Allamuchy, . Optimum Hotel Brokerage’s president, Joe McCann, was the exclusive agent and Licensed New Jersey Real Estate Broker for the seller, in cooperation with the property’s lender, a large regional bank. “Being an active hotel broker in New Jersey, we were very familiar with the hotel and the market.” explained McCann. “The hotel was in great condition and managed by a capable owner, but temporary market conditions had caused the hotel to experience financial distress. After meeting with the owner and the bank, we proposed a tailored and targeted marketing strategy, optimizing the property’s value in this challenging transaction environment. The bank had been previously considering an auction process to dispose of the asset, but agreed that an intensified marketing approach would achieve the highest value.” “The hotel was closed and had limited branding potential”, he continued. “Our expanded marketing strategy reached an assisted living operator who recognized the property’s value for that use. The end result was a transaction at a price more than 50% the bank’s estimate of auction value.” Optimum Hotel Brokerage’s principal is Joe McCann. Joe is a thirty-two year hotel industry veteran who has held senior management positions with Hilton and Marriott. Joe holds a Bachelor of Science Degree in Hotel, Restaurant and Institutional Management from the Pennsylvania State University and a Master of Hospitality Management degree (with concentration in Hotel Finance) from the Conrad N. Hilton College of Hotel and Restaurant Management at the University of Houston. He has also completed advanced Finance, Real Estate Finance, Hotel Valuation, and New Venture Development courses offered by the University of Connecticut, the University of Texas, Cornell University, and the University of Houston’s Bauer Graduate School of Business. ■

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16B — March 11 - 24, 2011 — New Jersey — Mid

Atlantic Real Estate Journal

MAREjournal.com

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Mid Atlantic Real Estate Journal — New Jersey — March 11 - 24, 2011 — 17B

Industrial Commercial Real Estate Women, Inc. www.icrewnj.org Deputy Mayor tells ICREW NJ at Feb. Luncheon Meeting

“Newark is Re-establishing Itself as a World-Class City”

EWARK, NJ — “We are experiencing the convergence of so many good things in Newark right now,” said Stefan Pryor, Deputy Mayor for Economic Development. “Newark is truly re-establishing itself as a world-class city.” The venue was the February luncheon meeting of ICREW NJ at the Newark Club atop One Newark Center in the heart of the city’s thriving downtown. Deputy Mayor Pryor was on hand to discuss the city’s ongoing efforts to redefine itself under the aegis of Mayor Cory Booker, and the Newark Club itself provided a first-time location for ICREW NJ’s ongoing slate of topical programs for its growing membership. “Today’s program is another example of our effort to provide our members and guests with an inside look at the most important issues facing the state’s real estate community, as seen through the eyes of key public and private sector leaders,” said ICREW NJ President Sheila Spriggs Nall of KSS Architects. “All of our programs are designed to support our organization’s core mission—to advance the success of women in commercial real estate through professional development, education and networking.” Noting that the 2010 census indicated net population growth in Newark for the first time in 50 years, that new housing product is being developed, and that exciting changes in the city’s educational system are being fueled by the $100-million grant from Facebook founder Mark Zuckerberg, Pryor recounted some of the new developments changing the face of the city. He credited the success of NJPAC and the Prudential Center arena, and the leadership of Mayor Booker, for setting the tone. On the agenda for Newark, Pryor said, are such projects as One Theater Square, a mixed-use high-rise being developed by Dranoff Properties adjacent to NJPAC. “It will create a new neighborhood,”

President Shelia Spriggs Nall KSS Architects Snall@kssarch.com President Elect. & Crew Network Delegate Cheryl Hardt CB Richard Ellis, Inc. cheryl.hardt@cbre.com Treasurer Sefi Silverstein, CPA Wilkin & Guttenplan ssilverstein@wgcpas.com

Director of Sponsorship Mary Lynn Kearns Dancker, Sellew & Douglas mkearns@dancker.com Director of Special Projects: Golf Robin Grossman Edge Technologies

Director of Special Projects: Website/PR Rebecca Machinga

Recording Secretary Patricia Faulkner NAI Global

Withum Smith & Brown

Advisor & Crew Network Delegate Director of Programming Monica Ceres Giordano Halleran & Ciesla, PA

Silvana Finizio Carousel Industries sfinizio@carouselindustries.com Advisor

Pryor said. The same can be said for the proposed Teacher’s Village, soon to break ground in the Halsey Street corridor. “The plan is to develop teacher housing, retail, and charter schools, with the goal of having teachers live and work in Newark,” he said. And when a new Courtyard by Marriott opens in the city, “it will be the first new hotel in Newark in 39 years,” Pryor noted. “There are additional hotel proposals on the table, which we will be able to announce soon. Newark as a destination is not just an idea anymore.” Efforts to assemble sites and construct distribution centers to serve the port are also underway. And the New Jersey EDA has approved tax breaks that could clear the way for Panasonic to move its North American headquarters to Newark. “The city is helping to finance many of these projects,” Pryor noted. “We are also working to streamline the city regulatory process for opening a business—it is getting easier to do business in Newark.” The February philanthropy effort highlighted at the event was collecting donations of apparel in support of Dress for Success of Morris County. “Our mission is to promote the economic independence of disadvantaged women by pro-

viding professional attire and a network of support and career development tools,” said Executive Director Stephanie Conley. The next event for ICREW NJ is the organization’s March luncheon, slated for the 10th of that month at Dolce Hotels & Resorts in Basking Ridge, NJ. Featured speaker Raymond P. Trevisan of Normandy Real Estate Partners will address the topic, “Finding Value in Distressed Debt: Executing the Loan-to-Own Strategy on the John Hancock Tower.” Registration and networking will begin at 11:30 a.m. ICREW NJ is the New Jersey organization for women involved in all aspects of commercial and industrial real estate. Members represent fields as diversified as accountants, architects, appraisers, asset/ property managers, attorneys, consultants, developers, lenders, leasing and sales brokers, mortgage bankers/brokers, marketing specialists, market and investment analysts, corporate real estate representatives and title/escrow officers. For more information on programming, sponsorship or membership, please contact ICREW NJ at (609) 585-6871, via email icrewnj@crewnetwork.org or visit their website at www.icrewnj.org ■

Director of Philanthropy Susan C. Karp Farer Fersko, P.A. skarp@farerlaw.com Director of Sponsorship Patricia Riedel CB Richard Ellis, Inc. patricia.riedel@cbre.com

Annette Murray Wilkin & Guttenplan

Advisor & Bylaws Jennifer Palestri Normandy Real Estate Partner jpalestri@normandyrealty.com

UPCOMING EVENTS Monthly Luncheon Meetings March 10, 2011 11:30 AM at Dolce Hotels & Resorts ICREW NJ (Industrial/Commercial Real Estate Women of New Jersey), a Chapter of CREW Network, will hold its monthly luncheon and meeting on Thursday, March 10, 2011 at another new location: Dolce Hotels & Resorts, 300 North Maple Avenue, Basking Ridge, NJ 07920; 11:30 AM Networking and Registration, 12:15 PM Program. The luncheon will feature special guest speaker, Raymond P. Trevisan, Principal with Normandy Real Estate Partners. Responsible for the firm’s leasing activities and corporate administration, Mr. Trevisan has completed millions of square feet of acquisitions and lease transactions. Trevisan will present a program entitled, “Finding Value in Distressed Debt: Executing the Loan-to-Own Strategy on the John Hancock Tower

For more info, please contact ICREW NJ at 609-585-6871 or email at icrewnj@crewnetwork.org You may also visit the website at www.icrewnj.org

18B — March 11 - 24, 2011 — New Jersey — Mid

Atlantic Real Estate Journal

MAREjournal.com

The Building Owners and Managers Association of New Jersey 2011 Officers & Directors

BOMA New Jersey –

President Lisa Kochan

The mission of the Building Owners and Managers Association

Grubb & Ellis

International is to enhance the human, intellectual and physical

100 Passaic Street

assets of the commercial real estate industry through advocacy,

Fairfield NJ 07004

education, research standards and information.

(973) 486-2545 lisa.kochan@grubb-ellis.com Vice President Ron DeBiasse Lone Eagle Management PO Box 1235 Madison NJ 07940 (973) 377-7377 rond@loneeaglemanagement.com

BOMA New Jersey is a chartered member of Building Owners and Managers Association, an international federation with more than 18,000 members worldwide for commercial property and facility managers. BOMA New Jersey supports its members with local networking partnerships, industry advocacy and focused educational courses. We have proudly been serving New Jersey’s Commercial Real Estate Professionals since 1984.

Secretary Robin-Ann Juron Bergman Real Estate Group 555 Route One South Iselin NJ 08830 (732) 855-8600 Robin@bergmanrealty.com Treasurer Dave Cali, RPA Alfred Sanzari Enterprises 25 Main Street

Upcoming Meeting Dates: Wednesday - March 23, 2011 - The Newark Club Wednesday - May 25, 2011 - The Newark Club All inquiries should be directed to: Marianne Carney, BAE BOMA New Jersey 199 Prospect Ave. - PO Box 7250

Hackensack NJ 07601

N. Arlington NJ 07031

(201) 342-2777

Phone 973-696-2914

davecali@sanzari.com www. bomanj.org

Fax 973-696-5634 Email bomanj@ix.netcom.com

MAREjournal.com

Mid Atlantic Real Estate Journal — New Jersey — March 11 - 24, 2011 — 19B

“ASK AN EXPERT” DIRECTORY INQUIRING MINDS WANT TO KNOW HOW TO FIND OUR Scott C. Butler Neil A. Stein Andrew B. Cohn

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Michael P. Hedden, MAI, CRE, FRICS Managing Director Real Estate Advisory Group American Appraisal 650 College Road East Suite 1500 Princeton, NJ 08540 p: 609.452.2330 x 262 / mobile 609.651.2529 direct 609.514.8262 / f: 609.452.0734 www.american-appraisal.com • • • • • • • •

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To learn more, call Brian Kloza, Partner-in-Charge, Real Estate Services at 973-994-9400 or visit us online at www.wiss.com.

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If you have a specific question that you would like to ask our experts in the fields of Development, Design, Construction, Appraisal, Planning, Finance or Law, you may visit our website at www.marejournal.com. Click Ask An Expert, and submit your question or to view each of our experts' bios, please click on their photos. For more information contact Linda Christman, Associate Publisher at 1-800-584-1062, x203

20B — March 11 - 24, 2011 — New Jersey — Mid

Atlantic Real Estate Journal

MAREjournal.com

PEOPLE ON THE MOVE From Community Associations Institute of NJ

To senior vice president

Greenbaum, Rowe, Smith & Davis’ Smith receives award

CB Richard Ellis promotes Barkan

EW JERSEY — Wendell A. Smith, Partner at Greenbaum, Rowe, Smith & Davis LLP, to Receive Lifetime Achievement Award Wendell A. Smith, Partner in the Real Estate Department Wendell A. Smith and member of the Community Association, Land Use, Planned Real Estate and Redevelopment Practice Groups at Greenbaum, Rowe, Smith & Davis LLP, has been chosen to receive the first ever Lifetime Achievement Award from the New Jersey Chapter of the Community Associations Institute (CAI-NJ). The award recognizes Smith’s years of leadership at the state and national levels of the Community Associations Institute. The Awards Dinner will be held on March 3, 2011 at the Renaissance Woodbridge Hotel starting at 6 p.m. Smith is the founding president of CAI-NJ, for which he serves as its General Counsel. He is a former national trustee of the Community Associations

Institute (CAI), past president of the CAI Research Foundation, and he is a charter member of CAI’s College of Community Association Lawyers. He was the recipient of the prestigious Byron Hanke Award from the national CAI organization for outstanding contributions to community associations. Smith was previously an attorney member of the NJ Assembly Task Force To Study Homeowners Associations and he is the former Chair of the ABA Section Committee on Common Interest Community Associations. Smith is the co-author of, New Jersey Condominium and Community Association Law (Smith, Estis & Li, GANN, 2010) and is the author of numerous articles and presentations in his field. Smith has been listed in The Best Lawyers in America since 1983 and he was selected as Best Lawyers Real Estate Lawyer of the Year, 2011. He is a charter member of the American College of Real Estate Lawyers (ACREL) and has served as vice chair of its Common Interest Ownership Committee. In civic affairs, Smith has

had a longstanding commitment to the theatre arts and public education. He was a co-founder and director of both the Holmdel Drama and Art Association and the Holmdel Theatre Company, Inc. That organization converted a 110 year old barn to a 99 seat theatre named after his son, Duncan, who was very active in theatre at Holmdel High School and at Johns Hopkins before his death in 1987. Smith is a past president and was a member of the Holmdel Board of Education for nine years and was the founding president of the Holmdel Foundation for Educational Excellence. He is a past chairman and was a member of Bayshore Community Hospital Board of Trustees for 38 years. Smith is a Trustee Emeritus of Johns Hopkins University and Johns Hopkins Medicine and a recipient of the Distinguished Alumnus and Heritage Awards from Johns Hopkins University. Smith received his undergraduate degree from Johns Hopkins and his law degree from the University of Michigan. He is a resident of Holmdel. ■

Denholtz Associates expands its tenant services with the addition of Christina Jordan MATAWAN, NJ — Denholtz Associates, a New Jersey-based real estate development company, is pleased to announce that it has expanded its tenant services division with the addition of Christina Jordan as head of tenant relations in its Matawan, New Jersey office. In this recently created position, Jordan will be responsible for assisting all of Denholtz’s New Jersey-based tenants with achieving a seamless transition from lease signing to move in. “The creation of this new tenant relations position underscores Denholtz’s ongoing dedication to providing the best possible service to our

current and future tenants,” stated Stephen Cassidy, President of Denholtz Associates. “We believe Christina’s skills and experience will be an asset to our company and we are pleased to welcome her to our team.” Prior to joining Denholtz Associates, Jordan worked as a creative marketing associate at Campus Habitat, where she was responsible for developing and implementing innovative marketing strategies for student housing properties and coordinating property level marketing activities and policies. Previously, Jordan held positions as a marketing

associate at Six Flags Great Adventure and Max Cruise Entertainment. Jordan earned a Bachelor of Arts degree in Communications from Seton Hall University in South Orange, N.J. “Denholtz’s commitment to providing the highest quality of service to its tenants is well known in the New Jersey real estate marketplace,” added Jordan. “I am excited to be a part of such a well-regarded and growing company and I look forward to enhancing its existing tenant relationships and implementing new strategies to attract prospective tenants in the years to come.” ■

RCP Management’s Radcliffe selected to IREM Committee NEW JERSEY — Mary Faith Radcliffe, principal of RCP Management Company located in Princeton has been selected as the Education Committee Chair for The Institute of Real Estate Management (IREM) of New Jersey. Radcliffe is an active execu-

tive committee member and serves on the IREM National Ethics Committee and the IREM International Ethics Hearing and Discipline Board. She earned the prestigious Certified Property Manager (CPM) designation from IREM in 2004. She was the 2008

president for IREM NJ Chapter #1 and was awarded the distinction of 2004 Certified Property Manager Candidate of the Year and the 2007 and 2009 IREM President’s Key Award. Radcliffe has been managing real estate since 1979. ■

SADDLE BROOK, NJ — CB Richard Ellis announced the recent promotion of 15-year company veteran, Gregory Barkan, from first vice president to senior vice president, in the firm’s Saddle Brook, N.J. office. Barkan is a third-generation Bergen County based real estate professional who has spent almost his entire career at CBRE. Prior to joining the firm, he spent several years working at his family-owned MAI appraisal firm, assisting in the preparation of appraisals on income-producing properties. He received his Masters in Commercial Real Estate Finance from New York University and a BS in Urban Studies from Rutgers University. “At CB Richard Ellis, we remain focused on attracting and retaining the best available talent for the New Jersey marketplace,” said Jeff Hipschman, senior managing director at CBRE and head of its New Jersey operations. “Greg’s outstanding achievements, particularly in these challenging times, are a testament to his dedication to his work and to this firm. This promotion is in recognition of those accomplishments and we thank Greg for his hard work.” Throughout the course of his esteemed 15-year career with CBRE, Barkan has negotiated in excess of $900 million in complex sale and lease transactions, representing more than 6.5 million s/f of space. His client roster comprises some of the most high-profile institutional owners, regional developers and Fortune 500 companies in the world, including tenants such as Toshiba America Consumer Products; Daiichi / Sankyo; Veritext; Doosan Heavy Industries & Construction; Montblanc, and Fein, Such, Klein & Shepard, as well as landlords like KBS

Realty Advisors, Ohio STRS, SL Green Realty, Mack-Cali Realty, Utah State Retirement System and CB Richard Ellis Investors. Details of Barkan’s most recent and significant deals within the New Jersey marketplace are outlined below: Arranged more than 300,000 s/fof office lease transactions with multiple tenants, such as Wilson Elser, JP Morgan Chase, Shionogi Pharma and DLA Piper, within Park Avenue at Morris County, a 1.2 million s/f, six building complex that is located in Florham Park, N.J. Mr. Barkan represented the landlord, KBS Realty Advisors, in these transactions. Negotiated more than 110,000 s/f of office lease transactions with multiple tenants, including Zurich, one of the world’s largest insurance groups, within Morris Corporate Center, a 520,000 s/f, two-building office complex that is located in Parsippany. Mr. Barkan represented the landlord, Ohio STRS, in these transactions. Executed a 59,000s/f office lease transaction with tenant, KnowledgePoint360, a global leader in medical communications at 125 Chubb Ave, a 287,000 s/f office facility that is located in Lyndhurst. Barkan represented the landlord, SL Green Realty, in this transaction. Completed approximately 40,000 s/f of office lease transactions with multiple tenants, including CMA-CGM, a worldwide leader in container shipping; Oracle, USA, leaders in information management technology; and Russell Research, a top custom research firm, within Metropolitan Center, a 422,000 s/f, class-A office building that is located in East Rutherford. Barkan represented the landlord, CBRE Investors Strategic Partners U.S. Value 5 Fund, in these transactions. ■

Clarke Caton Hintz named “Architectural Firm of the Year” PRINCETON, NJ — Clarke Caton Hintz, an award-wining architecture, planning and landscape architecture firm, was recognized as the “Architectural Firm of the Year” at the annual awards gala for the New Jersey chapter of the American Institute of Architects (AIA-NJ) held recently at Carl Icahn Laboratory at

Princeton University. Clarke Caton Hintz, which is based in Trenton was among six service award winners who were honored at the event for their achievements and for their service to the architectural community. The event also featured the presentation of AIA-NJ’s the installation of a new slate of officers. ■

MAREjournal.com

Mid Atlantic Real Estate Journal — New Jersey — March 11 - 24, 2011 — Inside Back Cover B

22nd ANNUAL NJAA CONFERENCE & EXPO MAY 23 – 25, 2011 ATLANTIC CITY

Charting the Path to Success: Tools to Empower Today’s Apartment Professionals The NJAA Annual Conference & Expo is the ultimate industry showcase for New Jersey’s multifamily housing professionals to connect and learn how to navigate today’s rapidly changing marketplace for success. This year’s show will give you access to: - More than 1,300 New Jersey apartment industry professionals ready to learn, network, and build partnerships - A packed show floor loaded with the latest products and services - A conference program filled with the latest information on the topics concerning you and your team—from lead remediation to the newest technologies for prospecting new leads - More networking than ever—from the golf outing to show floor to the Anniversary Reception Don’t miss out on your opportunity to stock your business toolkit with the invaluable opportunities the NJAA Conference & Expo offers

RE G I S TE R TODAY! Visit www.njaaconference.com for upto-date Conference & Expo information including schedule, floor plan, exhibitor list and sponsorship opportunities. Exhibit Booths are still available, check out the floor plan and choose your booth today. Convention and Golf Registration are now open. Download registration forms from the conference page. For additional information contact Jean Maddalon at events@njaa.com or (732) 992-0600. New Jersey Apartment Association - Headquarters 104 Interchange Plaza, Suite 201, Monroe Township, NJ 08831 Phone: (732) 992-0600 Fax: (609) 860-0060

B Back Cover — March 11 - 24, 2011 — New Jersey — Mid

Atlantic Real Estate Journal

Solving Problems Engineering Solutions . . .

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PENNSYLVANIA

SHOPPING C ENTERS R E J EAL

STATE OURNAL

Section C of the Mid Atlantic Real Estate Journal

884 Marcon Blvd. and 3000 Emrick Blvd. in Allentown

Amy Hawley, SIOR of Hawley Realty closes $800,000 in transactions

LLENTOWN, PA — Hawley Realty Inc. closes two transactions for Applied Industrial Technologies in Allentown. In an effort to assist this company with their consolidation Amy Hawley

move, Amy Hawley SIOR sold 884 Marcon Blvd. to Julabo East. They will be relocating into this 11,000 s/f building once it has been renovated to suit their requirements. Hawley Realty represented Applied Industrial Technologies relocation into 3000 Emrick Blvd. for their 4,500 s/f rental unit just off of I-78. The value of these two transactions is $800,000.00. ■

MARCH 11 - 24, 2011

HI-LIGHTS Apt of APTCOR Comm’l. brokers lease totaling $220k Alan Apt of APTCOR Commercial, Realtors represented both landlord and tenant in the lease of a 11,500 s/f warehouse at 101 E. Blaine St. See page 2C.

CBC/Bennett Williams brokers $4.5 million in sales Coldwell Banker Commercial Bennett Williams sale of 35,000 s/f of retail space at Shoppes at Silver Spring. See page 5C.

ALSO INSIDE: CENTRAL PA SPOTLIGHT ............................................... 5-16C CREW LEHIGH VALLEY ................................................ 18-19C PEOPLE ON THE MOVE ......................................................20C

884 Marcon Blvd.

Adams completes sale of 2 Oesterling Drive in Reading

NAI Keystone’s Willems & Cole complete the sale of 110,000 s/f READING, PA — NAI Keystone Commercial & Industrial announced the sale of 525 Lancaster Ave. 525 Lancaster Avenue is a 110,000 s/f, five story, historic office building, situated on 3.81 acres. The team of Steve Willems & Bryan Cole represented both the seller, 525 Lancaster Avenue Apt., LP and the buyer, 525 Lancaster Partners, LP in the transaction. In a separate Reading transaction, NAI Keystone’s

525 Lancaster Avenue Jim Adams completed the sale of 2 Oesterling Drive. Known as the Reading Skate Center is a 31,632

s/f facility built in 2001 and situated on 4.29 acres. Jim Adams represented the buyer, Kreitz Corporation. ■

WE KNOW NOT ONLY

WHAT IS POSSIBLE NOW BUT ALSO WHAT MIGHT BECOME POSSIBLE IN THE FUTURE

Delivering Results…. ...Now more than Ever

Section C, 24 pages

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610-779-1400 www.NAIKeystone.com

C Inside Cover — March 11 - 24, 2011 — Pennsylvania — Mid

Atlantic Real Estate Journal

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Mid Atlantic Real Estate Journal — Pennsylvania — March 11 - 24, 2011 — 1C

2C — March 11 - 24, 2011 — Pennsylvania — Mid

Atlantic Real Estate Journal

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PENNSYLVANIA 11,500 s/f warehouse in Lansdale

Apt of APTCOR Comm’l. brokers lease totaling $220k

ANSDALE, PA — Alan Apt of APTCOR Commercial, Realtors represented both landlord and tenant in the lease of 11,500 s/f warehouse at 101 E. Blaine St. MP&A Cosmo Motors, LLC leased the property for a motorcycle and vehicle wholesale parts, distribution and repair facility. The aggregate, multiyear leasehold was valued at $220,000. ■

101 E. Blaine St.

NAI Pittsburgh to hold broker event at Northpointe Technology Center II in Freeport

Feature Your Project

FREEPORT, PA — The Western Pennsylvania commercial real estate brokerage community is invited to join NAI Pittsburgh Commercial, the Armstrong County Industrial Development Council, the Armstrong County Board of Commissioners, State Senator Don White (41st District) and other elected officials to celebrate the Grand Opening of Northpointe Technology Center II on Friday, March 18th at 187 Northpointe Boulevard in Freeport. The Broker Open House/Tour and Luncheon beings at 11:00 am and will be followed by the

~ Developments ~ ~ Construction ~ ~ Renovations ~

Grand Opening Ceremony at 1:00 pm. “We are all looking forward to introducing Northpointe Technology Center II to the commercial real estate brokerage community,” said Jessica Jarosz, associate at NAI Pittsburgh Commercial. “This new “class A” Office Building is available for immediate occupancy, and features up to 27,500 s/f of office space, constructed with environmentally sound building materials, with low emittance glass, as well as an energy efficient roof and geothermal walkways to the

in the

Mid Atlantic Real Estate Journal

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EXETER RIDGE CORPORATE CENTER 3970 Perkiomen Ave., Reading PA 19606 SALE or LEASE Class A Office building in Exeter Township. Prime location with ready to design floor plates. Green construction & state of the art technology. Suites from 1,000 to 28,000 SF

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SHOPPIN

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For the past 26 years, JKR Par tne its com rs has mainta mit ine continu ment of buildin d ing rela tionship g quality s design and res through ponsive ser RECORD

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— 11B

WYOMISSING CORPORATE CAMPUS 1166 Spring St., Wyomissing PA 19610 LEASE

TEAM

BOHLER nt .................. ... Andi Pesacov ARC PR ENGINEER IN OPER TIES tea G is proud to be a m for FR ANKLIN part of the PLACE. Civil Eng inee .................. .........

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Philade Bohl lphia PA erEn ginee I Chalfon Warrent ring. t PA I Cen on VA com I Southbo ter Vall rough ey PA MA I Alba I Warren ny NY NJ I Bow I Ronkon ie MD koma NY I Towson MD I Ste I Ft. Lau derdale rling VA FL I Tam pa FL

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A full-s ervice constructi on mana contractin gement, g and general developm specificall ent/consu y focus lting firm, ed on mixed-use long-term , multi-fami care facilit ly facilities, ies, hotel education s and hosp al facilit itality ies and throughou corporate t the Mid-A offices tlantic region.

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

housing,

Find out Contact what DALE can do Greg Hall for you quist at 215-690 . -0171

for more information call Elaine Fanning efanning@marejournal.com

800-584-1062 x 212

CLASS “AAA “ OFFICE BUILDING One Meridian, Wyomissing PA 19610 LEASE Class A Office building located just off Rte 422 and Rte 222 in Wyomissing. High profile location with cafeteria, conferencing facility and gym on-site. 45,000 SF divisible to 2,500 SF

building.” This event is open to the press. Brokers and press representatives must RSVP by Friday, March 11th. When responding, please specify if planning to attend the Broker Open House only or if you will be staying for the Grand Opening Ceremony immediately following the Broker event. NAI Pittsburgh Commercial provides results-oriented brokerage, consulting, marketing and research services to businesses and investors throughout the world. ■

SPRING RIDGE CONDOMINIUM Three Meridian, Wyomissing PA 19610 SALE or LEASE Single Story Condos to be built at Spring Ridge. Prime office and medical space available with over 5 parking spaces per 1,000 SF

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

For more information or to arrange a tour of any of these properties Contact us at 610-779-1400 marketing@naikeystone.com

Bryan Cole & John Buccinno - Office Specialists www.Bryan-Cole.com www.NAIKeystone.com

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Mid Atlantic Real Estate Journal — Pennsylvania — March 11 - 24, 2011 — C

Pennsylvania Including largest renewal in 2010 For 1,190,000 s/f

Liberty Property Trust leases 4.6 million s/f

Lehigh Valley, PA — In Liberty Business Center, significant new leases included an agreement for 389,866 s/f of industrial warehouse space at the LEED Silver certified 8451 Willard Dr.– the first LEED certified warehouse building in Lehigh Valley – and a lease for 615,000 s/f of industrial warehouse space at 705 Boulder Drive. The company also completed a new lease for 475,640 s/f of industrial warehouse space in Chambersburg, a submarket in which Liberty owns five buildings totaling more than 3.3 million s/f of warehouse/distribution space. Liberty’s largest renewal in 2010 was for 1,190,000 s/f of industrial space at in Lehigh West Park, Breinigsville, a submarket in which Liberty owns 21 buildings totaling more than 10.9 million square feet of warehouse/distribution space. Another significant industrial renewal was executed at 500 McCarthy Dr. in Lewisberry (situated between Harrisburg and York, PA) for 705,000 s/fof warehouse/distribution space. Two of Liberty’s largest office transactions for the year were located in Bethlehem and included a new lease for 27,728 s/f of space at Lehigh Valley Corporate Center, and a renewal of 15,210 s/f of space at Commerce Way. n

Kline of Colliers International brokers 8,200 s/f Allentown, PA — Ann Kline, vice president in Colliers International’s Office Division Allentown concluded three office leases at Green Hills Commerce Center. Interim HealthCare Ann Kline leased 1,500 s/f. Colliers International was the sole broker in this transaction. American Electrical Testing Co. leased 2,500 s/f. Colliers International was the sole broker in this transaction. Comverge, Inc. leased 4,200 s/f of office space from Weinstein Realty of Allentown. Ann Kline of Colliers International represented Weinstein Realty in this transaction. n

Bill Wolf T 610.398.7175 F 610.398.7815 bill.wolf@cbre.com www.cbre.com/bill.wolf Licensed: PA

Sean Bleiler T 610.398.3409 F 610.398.7815 sean.bleiler@cbre.com www.cbre.com/sean.bleiler Licensed: PA

Liberty Business Center

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

4C — March 11 - 24, 2011 — Pennsylvania — Mid

Atlantic Real Estate Journal

Commercial brokerage servicing over 350 listings in Central PA, MD, and WV OFFICE 2,683 up to 86,133 SF Built in 2006 Sale or lease 3501 Concord Road INDUSTRIAL 40,750 - 105,412 SF Up to 10 docks Adjacent to rail service 105 Sinking Springs Lane RETAIL Join Target, BJ’s, McDonalds, and Metro Bank 1,300 - 3,600 SF 67,937 residents in 3-mi. radius York Crossing Shopping Ctr. LAND 6.11 to 9.38 acres Corner parcel Commercial or high density residential 1673 Memory Lane 221 W. Philadelphia St., Ste. 19 York, Pennsylvania 717-854-5357 ww w.r ockrealestate .ne t

LANDCORE • Land Development Design • Permitting • 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 CENTRAL NJ OFFICE: 993 Lenox Drive, Suite 200 Lawrenceville, NJ 08648 609-920-0268

LANDCOREconsulting.com

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PENNSYLVANIA Marzullo and Marlowe broker transaction

CBRE arranges sale of 12,800 s/f office building

HILADELPHIA, PA — CB Richard Ellis Group, Inc. (CBRE) has arranged a sale of 2301 Pennsylvania Ave., as advisor to the seller, Malvern Federal Savings Bank. This 12,800 s/f free-standing building is situated on a 4,560 s/f corner parcel in the Art Museum section of Philadelphia at the intersection of Pennsylvania Ave., Spring Garden St. and 23rd St. just off the Benjamin Franklin Parkway. “In less than 30 days, our team’s broad marketing efforts identified several qualified buyers, secured multiple, competitive offers and closed the transaction all-cash by

Grubb & Ellis manages disposition of 179,200 s/f warehouse/distribution facility KING OF PRUSSIA, PA — Grubb & Ellis Company represented an affiliate of Lexington Realty Trust in the sale of a 179,200 s/f warehouse/distribution facility at 34 E. Main St. in New Kingston to Lexmain Realty Ventures LLC. Stephen Bonge, Timothy Brogan and Patrick McBride,

all senior vice presidents in the Global Logistics group, and Carl Neilson, senior vice president, Investment Services, facilitated the transaction. “The facility’s location in one of the Northeast’s most active and growing logistics markets resulted in a high level of

buyer interest in the property,” said Brogan. Located on Route 11 with access to I-81, the Pennsylvania Turnpike and I-83, 34 E. Main St. is a highly functional, food-grade warehouse/ distribution facility located in the Central Pennsylvania industrial market. ■

NAI Mertz sells 12,000 s/f at 6139 Bristol-Emilie Rd., Levittown BUCKS COUNTY, PA — NAI Mertz sells 12,000 s/f at 6139 Bristol-Emilie Road, Levittown to First Baptist Church of Bristol. The NAI Mertz team of Zena Charokopos, Adam Lashner and Jeffrey Licht were the real estate brokers involved in negotiating this transaction for the seller. 6139 Bristol-Emilie Rd. is a 2-story, 7,865 s/f office building and a 1-story 4,087 s/f warehouse building, situated

101 West Elm St | Suite 370 | Conshohocken, PA 19428 Licensed in PA, NJ, DE

2301 Pennsylvania Avenue year-end 2010,” said Stephen in the transaction along with Marzullo, senior vice presi- his partner associate Justin dent. Marzullo spearheaded Marlowe, both of CBRE’s the marketing effort for Mal- Philadelphia Metro Private vern Federal Savings Bank Client Group. ■

on 6.9 acres. The office building features executive fit-out with sizable offices and conference rooms, a live atrium in the center of 1st floor with roof skylights and a full kitchen. The property is situated just off of Green Lane, 2.6 miles from Route 13 and Bristol Interchange of PA Turnpike, and minutes to I-95 and NJ. The property will be utilized by First Baptist Church of

FOR MORE INFORMATION, PLEASE CONTACT US: Stephen Marzullo Justin Marlowe 610.251.5161 610.251.5158 stephen.marzullo@cbre.com justin.marlowe@cbre.com Licensed: PA, DE Licensed: PA Licensed Salesperson: NJ Licensed Salesperson: NJ

CB Richard Ellis, Inc. 1200 Liberty Ridge Dr., Suite 320 Wayne, PA 19087 610.251.0820 Licensed Real Estate Broker

Bristol. They will construct a sanctuary in the main building and use the warehouse as a multi-purpose room for child care and kids programs such as AWANA. The church moved due to eminent domain on their property on Route 413 to make way for a road connection of I-95 and the Turnpike. Rev. William R. Smith, Pastor, says this new building at Bristol-Emilie Road is “an answer to our prayers!” ■

PENNSYLVANIA SPOTLIGHT CENTRAL PENNSYLVANIA SPOTLIGHT MAREjournal.com

Mid Atlantic Real Estate Journal — Central Pennsylvania Spotlight — March 11 - 24, 2011 — 5C

Firm brokers 14,517 s/f of leases

CBC/Bennett Williams brokers $4.5 million commercial real estate sales

ECHANICSBURG, PA — Coldwell Banker Commercial Bennett Williams has arranged the sale/lease of the following transactions: Sales: 35,000 s/f of retail space at Shoppes at Silver Spring located at 6499 Carlisle Pike in Mechanicsburg. RJH Investments, LLC purchased the property for $2.9 million from Chesapeake Holdings Shoppes, LLC. Chad Stine and Brad Rohrbaugh of Bennett Williams represented the seller in this transaction. 2.4 acres of commercial land located at Walker Rd. in Chambersburg. Nandit Mehta purchased the property for $720,000 from Gateway Ventures, Inc. Stine and Rohrbaugh

Shoppes at Silver Spring represented both the buyer and porated. Chad Stine and Dave seller in this transaction. Schad of Bennett Williams 2,400 s/f of retail space at represented the seller in this 202 East Boal Ave. in Boals- transaction. burg. EKTA Enterprises, Inc. 2,000 s/f of retail space at purchased the property for 2402 East Market St. in York. $625,000 from TRIGILD Incor- Eagle International Services,

EARTH ENGINEERING INCORPORATED

Geotechnical Engineers & Geologists Subsurface Investigations Construction Inspection & Testing Retaining Wall Design

Inc. purchased the property for $300,000 from TRIGILD Incorporated. Stine and Schad represented the seller in this transaction. Leases: 7,000 s/f of warehouse space at 2800 Concord Rd. in York. Those Garage Guys leased the space for two years from Four Concord Partners, LP. Chad Stine, Brad Rohrbaugh and Adam Hagerman of Bennett Williams represented the tenant in the transaction. 2,000 s/f of retail space at Chelsea Square Shopping Center, located at 1635 Manheim Pike in Lancaster. JBJ Consulting, LLC leased the space for five years from Chelsea Square Associates. Stine and Rohrbaugh represented the

tenant in this transaction. 1,717 s/f retail space in Delco Plaza, located at 1201 Carlisle Rd. in York. Girl Scouts in the Heart of PA leased the space for five years from Delco Plaza 1, LP. Stine and Rohrbaugh represented the tenant in this transaction. 2,000 s/f of retail space at 137 Rohrerstown Rd. in Lancaster. Little Caesars leased the space for five years from JoJime Enterprises. Stine and Rohrbaugh represented the tenant in this transaction. 1,800 s/f of retail space at 2,755 West Market St. in York. Jeff Good leased the space from Mary Mulay for one year. Stine and Rohrbaugh represented the both the tenant and landlord in this transaction. ■

WAYNE PLAZA CHAMBERSBURG, PA

1,600 – 6,000 S.F. RETAIL SPACE FOR LEASE • Retail space for lease in Giant-anchored shopping center • Center located along Wayne Avenue, minutes from exit 15 of I-81 • Strong demographics and traffic counts • Residential and commercial backing

Environmental Site Assessments and Remediation Clean Fill Testing Carbonate Site Assessments Stormwater Infiltration Testing Laboratory Soils Testing Corporate Headquarters: 610.277.0880 Lehigh Valley: 610.967.4540

Central PA: 717.697.5701 South Jersey: 856.768.1001

www.earthengineering.com

Contact: Chad Stine or Bradley Rohrbaugh

717-843-5555

110 N. George Street, 4th floor York, PA 17401 fax: 717-843-5550

6C — March 11 - 24, 2011 — Pennsylvania — Mid

Atlantic Real Estate Journal

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CENTRAL PENNSYLVANIA By John Birkeland, ROCK Commercial

Reasons to invest in Commercial Real Estate

nvesting in commercial real estate offers a solid alternative to other investments and is a good way to diversify a portfolio. The commercial real estate market has its own dynamics and intricacies, John Birkeland but once the fundamentals are understood, has great potential to generate wealth and return on investment. While there are

inherent shortcomings, such as liquidity of the asset, there are a number of advantages to investing in commercial real estate that make it a desirable option. 1) Stability. When set up properly, a long-term lease with a creditworthy tenant will provide return for years to come. Since the monthly rent is predetermined and operating expenses accounted for, the return will be constant. Global political and economic factors will not likely affect the investment. The commercial

real estate market does have its cyclical nature and values will wax and wane, but concerns over the Portuguese banking system should not impact the value of your return, unless perhaps you are leasing to a Portuguese bank. 2) Control. The commercial real estate investor can control what type (e.g. retail, office, industrial, multi-family) as well as where the investment property is located. Location criteria can range from international strategies, to regional markets, to properties limited

to a thirty-minute driving radius from the investor’s office. Also, investors can elect how much or little involvement they wish to have in the investment. Some investors are hands-on and actively engage in repairs and management, while others take a more passive approach. Either way, there are almost always opportunities to make improvements to the property to increase revenues or decrease expenses, both of which increase the net income realized, and therefore add value to the investment.

Focused on Central Pennsylvania? So are we. Making sure we stay focused on serving our clients and community by implementing a full service team approach to commercial real estate is important to us. It is these values that provide you with a SOLID foundation.

www.rockrealestate.net 717 - 854 - 5357 Susquehanna Commerce Center 221 W. Philadelphia Street, Ste.19 York, PA 17401

3) Leverage. The ability to finance commercial real estate is unique compared to other investment alternatives and allows an investor to participate in larger ventures, as well as potentially realize a greater return on the investment. For example, if an investor has $20,000 to invest, they could potentially purchase a $100,000 commercial property with outside financing accounting for the other 80%. Attempts to replicate this arrangement in the stock or bond markets will result in brief but interesting conversations. 4) Equity and Appreciation. Assuming the property was financed, in addition to the cash flow that is realized from the rents, the investor builds equity in the property as the principal of the loan is paid down. As the equity grows, that becomes wealth the investor can take out of the property or further leverage into other investments. Besides building equity, commercial real estate tends to appreciate. There are exceptions to every rule, but commercial real estate is a finite commodity. Will Rogers was credited with saying, “Buy land, they ain’t making any more of it.” Mr. Rogers is referencing the simple laws of supply & demand. If demand grows and supply remains constant, then prices will rise. 5) Tax benefits. Commercial properties are depreciated on a 39 year straight-line scale. The investor can deduct about 2.56% of the value of the improvements against the income every year the investment property is owned. Moreover, there has been a recent surge in cost segregation, which separates different components of the improvements and depreciates them on varied schedules, resulting in greater depreciation being able to be claimed more quickly. As well as depreciation, the interest on financing is deductible against the income. Finally, when it is time to sell, the gain from appreciation in value is taxed at the capital gains rate, which is currently lower than marginal income tax rates. Also, there is the option for a 1031 exchange, which is a tax-deferred “trading” of investment properties. Consult your tax professional for details and how these and other tax benefits may apply to you. continued on page 12C

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Mid Atlantic Real Estate Journal — Pennsylvania — March 11 - 24, 2011 — 7C

CENTRAL PENNSYLVANIA By Zachary Pierce, Marcus & Millichap

Central Pennsylvania apartment market weathers the storm

he depths of this Great Recession have once again forced investors to recognize that real estate is all about location, asset quality and sound management fundamentals. In light Zachary Pierce of what has proven to be a slow emergence from the most substantial economic downturn since The Great Depression, the Central Pennsylvania apartment market has weathered the storm well. All recent indicators are pointing towards a timely and full recovery. In the second half of 2009 and the first half of 2010, Central Pennsylvania apartment owners reported increased vacancy rates in the range of 5 to 10 percent over their historical operating averages. The assets that reported the largest fluctuation were on opposite ends of the spectrum: poorly maintained and outdated complexes experienced a rise in vacancy due in large part to higher quality assets offering rent concessions. The weaker assets simply couldn’t compete. Conversely, Class A apartment complexes at the highest end of the rental market experienced increased vacancy as tenants became more conservative and reluctant to splurge on top end rentals. Class B apartment communities in suburban neighborhoods with sound property managers, good fundamentals and mid-market rents have faired the best. Owners of these assets had reported similar concerns on a smaller scale, including the offering of rent concessions and reductions, a reduced volume of qualified tenant applications and increased turn-over time. These factors contributed to diminishing NOI (Net Operating Income) for apartment owners which in-turn lowered the value of assets resulting in significantly less transactional volume in comparison to the ravenous years of 2006-2007. At the half way point of 2010 apartment owners began reporting a noticeable surge of renter activity. Managers

once reporting occupancy rates in the high 80 percent range were stabilizing in the mid 90 percent range. Much of this increased renter demand was the result of the expiration of the governments First Time Homebuyer Credit, signs of a stabilizing unemployment rate and optimistic national news reports of an economic rebound. As the year came to a close, apartment operators reported that they no longer offered rent concessions and some boasted the ability to increase rents for the first time

in 24 months. As we move through the first quarter of 2011, investor confidence has cautiously returned. Central Pennsylvania continues to be one of the more stable markets for apartment investors. While other Pennsylvania markets experience large upswings and even larger downturns in economic drivers, Central Pennsylvania’s stable employment opportunities and conservative investment culture have helped to insulate the apartment mar-

ket from major decline. As the fear of job loss diminishes and consumer confidence returns, we should see a gradual return to a normalized and competitive apartment market. With operating fundamentals continuing to improve and interest rates holding below six percent, there is certainly a greater level of optimism from investors that I am speaking with today. Lending in the multi-family sector has held up very well led by National loan programs offered by Freddie Mac and Fannie Mae. With

it not going unnoticed by local lenders, many Central, Pennsylvania banks have become more competitive in multi-family lending as well. The benefit of a local lender is certainly the ability to execute quickly and be nimble. By way of example, in December of 2010 my team closed the sale of Peach Alley Court, a 72 unit apartment building in Elizabethtown, Pa. Members First Credit Union headquartered in Harrisburg, Pa was able to close the transaction 30 days continued on page 12C

8C — March 11 - 24, 2011 — Pennsylvania — Mid

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CENTRAL PENNSYLVANIA And communities throughout Central Pennsylvania

Aiello & Lulos: Helping Colliers International accelerate the success of its people, clients he recession has hit the commercial real estate industry as hard as any other industry, except perhaps new automotive sales. In light of that, could there have been a worse time to expand and open a new commercial real estate office? Why then would a major commercial real estate firm choose do so? That’s exactly what Colliers International did last year. On January 1, 2010, Colliers International acquired boutique brokerage company Crossroads Commercial Realty, founded and operated by

William Aiello

George Lulos

long-time partners William Aiello and George Lulos, and operating out of a suburban Camp Hill second floor walk-up office. In August, 2010, Colliers then moved the fledgling operation from Camp Hill to a marquis location in downtown

Rob Steinhart

Doug Sayer

Harrisburg on the 12th floor of Commerce Tower overlooking the Susquehanna River. With this move Colliers planted its international flag squarely and prominently in the mid-state. What was the motivation and reasoning for the world’s second

largest commercial real estate services company to do this? “Our rationale was clear,” said Rob Steinhart, senior executive vice president and a managing partner in the Colliers Philadelphia headquarters office, formerly known as Colliers Lanard and Axilbund and a fixture in the greater Philadelphia real estate scene for over 90 years. “To a certain extent, it was simply recognition of an underserved market, but in a more important way, it was a logical extension of our geographic coverage and of the Colliers brand as we continue to

FASTER

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Some show up just to rev their engine. We’ve put the pedal to the metal and moved our office to Harrisburg to better position us to help our clients race forward with their commercial real estate needs. With top talent and a unified global brand in more than 480 offices in 61 countries worldwide, we have the inside track on service to accelerate your success.

grow dramatically and strategically,” he stated. In mid 2009, Colliers International made a major commitment to itself, its brokers, and most importantly, its clients and community. They began a massive undertaking to reshape Colliers and launched a global rebranding campaign. This involved aggressively growing the Colliers International platform, recruiting partner offices and top talent brokers from all over the country, expanding resources like GIS and IT enhancements, customer relationship databases, establishing greater communication and cooperation among hundreds of Colliers offices worldwide, and improving systems and services to enable its brokers to better serve their markets, clients and communities. The tagline for this initiative is “Accelerating Success” and one of the byproducts has been the acceleration of Colliers’ own success. In 2010 Colliers International was ranked as the second largest commercial real estate firm, based on global transaction revenues. (Source: National Real Estate Investor). They currently have 480 offices in 61 countries and more than 15,000 employees worldwide. “Certainly, the acquisition of Crossroads in the Harrisburg market is a component of our renewed energy and enlarged focus, and is emblematic of the way this initiative is working,” said Doug Sayer, CEO and managing partner of Colliers International | Philadelphia, which also includes offices in downtown Philadelphia, Conshohocken, PA, Allentown, PA, Mt. Laurel, NJ and Wilmington, DE. “With William and George as our senior brokers anchoring the operation in Central Pennsylvania and spearheading our efforts to expand there, our move into Harrisburg is a purposeful and strategic statement about our long-term commitment to the region.” Sayer continued. William Aiello and George Lulos have 40+ years of combined real estate experience in many sectors; especially retail leasing, site selection, tenant representation, hospitality and investment sales. “Ironically, in the face of the recession one of the most important aspects of our business has been asset sales,” said Aiello. “Whether it’s a client who wants to cash in a continued on page 14C

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Mid Atlantic Real Estate Journal — Pennsylvania — March 11 - 24, 2011 — 9C

CENTRAL PENNSYLVANIA

10C — March 11 - 24, 2011 — Pennsylvania — Mid

Atlantic Real Estate Journal

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CENTRAL PENNSYLVANIA By Donald B. Smith, Jr., Conewago Enterprises, Inc.

When the Low Bid is actually the High Bid

s the first quarter of 2011 comes to an end, things are looking better here at Conewago Enterprises, I n c . We ’ v e experienced an uptick and several projects are progressing through the Donald Smith, Jr. pre-construction phase and should be ready to start soon. Either the improvements in the overall economy or the worry of future inflation seems to be

driving businesses to make the decision to build now. A few of these projects are ones that were originally awarded to one of our competitors who thought they could get away with the old “bait and switch” trick. They had offered a very competitive budget price with the stipulation that they would refine their price when the project was designed. Fortunately for us, as the designs were completed, our competitor’s pricing experienced “unforeseen” price escalations. Not only did these price escalations ruin the

building owner’s project budget, they also made the owner extremely nervous about the contractor. In the end, these projects have been awarded to us at our original price. Business owners are always in need of the most economical building solution. In these times, it is even more important that the project be completed at the original project budget without any cost over runs. We have always prided ourselves in providing realistic fixed price solutions for our clients in the early stages of the project’s development. Our

reputation has been built on doing what we say we will do for the agreed upon price. The other exciting news here at Conewago for 2011 has been national recognition for one of our projects. We just received the National Excellence in Construction award for our Fairfield Inn-Inner Harbor Baltimore MD project by Associated Builders and Contractors, Inc (ABC). We were selected as the top commercial project throughout the United States in the $10 - $25 million category beating out over 800

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regional entries and 20 finalists. This is a real honor for us and speaks volumes about how our project manager and the rest of his team demonstrated their commitment to excellence within this project. In addition to this, we will also be receiving the ABC National Greener Tomorrow Award for this project; one of only two companies nationally that will be recognized for their commitment to the environment. Awards or no award, at the end of the day what is most important to our team at Conewago is taking care of our customers. At Conewago the definition of customer satisfaction is: honest budget pricing from meeting one; a dedication to creating owner value throughout the DesignBuild process; being exhaustive in finding owner oriented building solutions that ensure budget integrity; a no-change order mindset; and ensuring quality at the job site with an empowered project manager and team. Donald B. Smith, Jr. is president of Conewago Enterprises, Inc. ■

Landmark Commercial executes 30,000 s/f lease LANCASTER COUNTY, PA — Tarantin Tank and Equipment Company has recently signed a long term lease for 30,000 s/f of warehouse space at 30 Industrial Road, Elizabethtown, West Donegal Township. The new facility will serve as their Mid-Atlantic Distribution Center. Jason Grace, CCIM, SIOR and vice president of Landmark Commercial Realty, Inc./ONCOR International handled the negotiations between the tenant and the Landlord, 30-32 Industrial Road Associates L.P. Harrisburg Television, Inc. has leased 4,417 s/f of office space at 3401 N. Front Street, Harrisburg, Susquehanna Township. Andy Kohr of Landmark Commercial Realty, Inc./ONCOR International represented the tenant and William Gladstone of NAI CIR represented the landlord in the leasing transaction. ■

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Mid Atlantic Real Estate Journal â&#x20AC;&#x201D; Pennsylvania â&#x20AC;&#x201D; March 11 - 24, 2011 â&#x20AC;&#x201D; 11C

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12C — March 11 - 24, 2011 — Pennsylvania — Mid

Atlantic Real Estate Journal

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CENTRAL PENNSYLVANIA 36,303 s/f industrial office warehouse in Harrisburg

Dougherty, Algatt and Appel of Marcus & Millichap arrange $2.215 million sale ARRISBURG, PA — Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a 36,303 s/f industrial office warehouse situated on Amity Rd. The sale closed on January 31, 2011 at the sales price of $2.215 million, which represents a 10.86% capitalization rate on current income. The seller, Natale Realty Co., Inc., a Pennsylvania corporation, was represented by Derrick Dougherty, Jeffrey Algatt and Benja-

Amity Road min Appel, of the Philadelphia also procured by Dougherty, office of Marcus & Millichap. Algatt and Appel. The buyer, DC Partners – Am“This property represented ity Road, LLC, a Pennsylvania an opportunity to acquire two limited liability company, was well-maintained, fully occu-

pied, class B flex buildings in the Harrisburg East industrial submarket,” said Dougherty. “The two tenants – JST Manufacturing Co., one of the top ten connector manufacturers in the world, and R.E. Michel Co., Inc., one of the largest wholesale distributors of HVAC equipment in the country, benefit from the property’s close proximity to I-81, I-83 and the Pennsylvania Turnpike. 421 Amity Road was a combination of a strong tenant base, recent construction and renovations, net leases and minimal deferred maintenance which

allows the new owners to step right in and maintain a steady cash flow for years to come,” added Dougherty. “After exhausting our marketing efforts with local investors, we expanded the campaign to regional buyers from Washington, D.C. through New York,” said Appel. “The ultimate buyer was a partnership formed between two investors based in Northern New Jersey and New York City. It was clear that local buyers were looking backwards at value while buyers from out of town saw stability and long-term upside,” he added. ■

By John Birkeland, ROCK

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continued fom page 6C In summation, there are a number of advantages to investing commercial real estate. I have touched on some, but certainly not all. Commercial real estate investment may not be for everyone, but just about anyone can do it. Learn the fundamentals, build relationships with professionals that have the market knowledge and expertise in the areas you wish to invest, and start your journey toward building wealth through your own commercial portfolio. John specializes in retail leasing and sales, investment properties, and corporate services. ■

By Zachary Pierce, Marcus . . . continued fom page 7C after being introduced to the opportunity and with a very competitive rate and excellent terms. 2011 is poised to be a year of opportunity for both buyers and sellers. The combination of stabilized NOI and a lack of quality assets on the market offer sellers the opportunity to maximize their return as investors compete for quality apartment assets. As attractive financing and a strong forecast for the apartment market make it an attractive time for buyers as well. The winners will be those that define a specific strategy and execute quickly when opportunities present themselves. Zachary Pierce is an associate member of Marcus & Millichap’s National Multi-Housing Group. ■

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Mid Atlantic Real Estate Journal â&#x20AC;&#x201D; Pennsylvania â&#x20AC;&#x201D; March 11 - 24, 2011 â&#x20AC;&#x201D; 13C

CENTRAL PENNSYLVANIA Colliers International represents seller in $900k sale

ROCK Commercial Real Estate negotiates sales totaling $1.175 million

ECHANICSBURG, PA â&#x20AC;&#x201D; Patient First bought 1.827 acres at 107 Sporting Hill Road in Hampden Township, which will be developed for a 7,000 s/f commercial building with on-site parking. ROCK Commercial Real Estate, LLC represented the Buyer in this $900 thousand dollar transaction. Colliers International represented the seller. Hanover Intermodal Transport bought a 17,440 s/f warehouse on 1.31 acres at 316 Juniper Lane in Hanover. ROCK Commercial Real Estate, LLC represented the buyer and the Seller in this $275 thousand dollar transaction. Hanover Health Corporation leased 3,611 s/f medical office space at Hillside Medical Center at 250 Fame Avenue in Hanover, to be used for ENT and primary care business. ROCK Commercial Real Estate, LLC represented the landlord and the tenant in this transaction and also serves as property manager. Ocean Cable, Inc. leased 3,318 s/f industrial space at 1130 Zinns Quarry Road in York. ROCK Commercial Real Estate, LLC represented the landlord and the tenant in this transaction. Pizza al Bacio, LLC leased 2,000 s/f retail space at Sherwood Plaza at 336 North Main St. in York New Salem. ROCK Commercial Real Estate, LLC represented the Tenant and Coldwell Banker Commercial Bennett Williams represented the landlord in this transaction. Cutaia Law, LLC leased 1,211 s/f office space at 109 East Market St. in York. ROCK Commercial Real Estate, LLC represented the landlord and the tenant in this transaction. Gerhardt USA, Inc. leased 945 s/f office space at 1770 East Market St. in York. ROCK Commercial Real Estate, LLC

RSR Realtors brokers York lease YORK, PA â&#x20AC;&#x201D; SPX Cooling Technologies of 1670 Toronita St. has entered into a long term lease extension with Brandy Investors, the building owner CB Richard Ellisâ&#x20AC;&#x2122;s Pat Laverty represented SPX and RSR Realtors, Bill Rothman represented Brandy Investors. â&#x2013;

107 Sporting Hill Road

represented the landlord and the tenant in this transaction. Better Hearing Aid Center, Inc. leased 750 s/f office space at 692 East Main St., Suite #2 in Dallastown. ROCK Commercial Real Estate, LLC represented the landlord and the tenant in this transaction. Stage Deli leased 705 s/f retail space at 26-28 North George St., CODO 28 in York, PA. ROCK Commercial Real Estate, LLC represented the landlord and the tenant in this transaction. Citizens for Independence &

Access leased 5,531 s/f office space at 127 West Market St. in York. ROCK Commercial Real Estate, LLC represented the landlord in this transaction. Inside Out Consulting, LLC leased 1,960 s/f office space at 14 West King St. in York. ROCK Commercial Real Estate, LLC represented both the landlord and the tenant in this transaction. Compassionate Care Hospice leased 440 s/f office space at 130 Carlisle St. in Hanover. ROCK represented the tenant in this transaction. â&#x2013;

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14C — March 11 - 24, 2011 — Pennsylvania — Mid

Atlantic Real Estate Journal

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CENTRAL PENNSYLVANIA Sgagias handles 12,500 s/f event center sale

Arranges $3.125m in transactions

NAI Commercial NAI CIR handles 36,336 s/f in transactions Partners’ Berger

1680 Rohrerstown Rd.

Bedford, PA

ENTRAL PA — J.B. Hunt Transport, Inc. will construct brand new 35,000 s/f tractor trailer maintenance facility on an 11.5+ acre tract of land it has purchased at 1151 S. 21st St., Lower Swatara Township. The Bill Gladstone Group of NAI CIR represented J.B. Hunt Transport and Jerry Rauch of Burr & Temkin South, Inc. represented the seller, USF Holland, Inc. Brian Rivers will open an auto repair shop, under the name WrechRite Car Care Center, in the 5,500 s/f building at 7050 Carlisle Pike, Silver Springs Twp. David Rudy of the Bill Gladstone Group of NAI CIR handled the transaction with the property owners, Doug & Jimmie George. Harrisburg Television, Inc. (WHTM abc27) has leased 4,417 s/f of space at 3401 N. Front St., Susquehanna Twp. The Bill Gladstone Group of NAI CIR represented the property owner, River Oaks Associates, and Andy Kohr of Landmark represented WHTM. Planet Goalie is relocating its facility to 3,500 s/f of space it has leased at 995 Peiffers Lane, Lower Paxton Twp., from the Evanoff Family Joint Venture. Brandon Campfield of NAI CIR

handled the transaction on behalf of both parties. Keystone Safety Supply is relocating into 2,000 s/f of space it is leasing at 991 Peiffers Lane, Lower Paxton Twp. from Evanoff Family Joint Venture. Brandon Campfield of NAI CIR handled the transaction. Infinity Staffing Solutions has leased 1,081 s/f of office space at 5223 East Simpson Ferry Road., Hampden Twp. Fahd Malik of the Bill Gladstone Group of NAI CIR and Harold Leibenson also of NAI CIR represented the tenant and property owners, Robert and Melody Richardson. Suites at Second, Inc. will open an event center, with bed and breakfast, on a 19 acre complex it has purchased at 2421 Mt. Allen Dr., Upper Allen Twp. James Ross and Katherine Monte of NAI CIR represented Suites at Second and Stephen Hawbecker of ReMax Realty represented the seller, JVH Properties. Capital City Family Market and Pizzeria, a grocery and sandwich shop, has leased 3,200 s/f of retail space at 2000 N. Sixth St., Edmont Plaza, Harrisburg from Homeland Center. James Ross and Kathy Monte of NAI CIR handled the transaction.

Vu Nguyen and his partners will open a nail salon in1,085 s/f of retail space they have leased at 420 Market St., Lemoyne. The Bill Gladstone Group of NAI CIR handled the transaction with the property owner, Paula L. Kostick. Manish Patel has leased 1,345 s/f of retail space for their conveniece store from the landlord, Palm Plaza Associates, located at 28, 34 W. Main St., Palmyra. Brandon Campfield of NAI CIR handled the transaction on behalf of both parties. Juan and Maria Pasquel will open a retail novelty store in 1,708 s/f of space they have leased at 5221 Simpson Ferry Road., Hampden Twp. Bill Gladstone handled the transaction with the property owner, Vincenzo and Rosa Alvaro and Fahd Malik with the Bill Gladstone Group of NAI CIR represented the tenant. Crossroads Bible Church has purchased the Heartland acres facility, a 12,500 s/f event center located on 58 acres in Bedford from Heartland Acres, LLC. Heartland will continue to operate the facility for events scheduled through 2011. Crossroads will convert the facility to a worship center. Nik Sgagias of NAI CIR, Camp Hill, PA handled the transaction. ■

208 Bucky Dr LANCASTER, PA — NAI resented the seller, New Prime Commercial Partners, Inc. of and Success Leasing. Lancaster, announces the sale NAI Commercial announced of 11,500 s/f the sale of 25,160 s/f of indusof Industri- trial space on 2.61 acres located al space on at 208 Bucky Dr., Lititz for 5.4 +/- acres $1.025 million. Berger reprel o c a t e d a t sented the buyer, Richlynd, 1680 Rohrer- LP. U.S. Commercial Realty s t o w n R d . represented the seller, Schultz for $2.1 mil- Group, LP. lion. Daniel NAI Commercial announced Berger, CCIM, SIOR (shown) the lease of 5.6 +/- acres of land of NAI Commercial Partners located at 1675 Rohrerstown represented the buyer, DAL Rd. Berger represented both the Partners. Rick McGinnis of landlord, Allen-Berg, LLC and HighPointe Commercial rep- the tenant, DAL Partners. ■

Aiello & Lulos: Helping Colliers . . . continued from page 8C performing asset or get out from under an underperforming one, a bank that seeks professional assistance in a workout or outright disposition, or a buyer with investment capital eager to take advantage of an opportunistic situation, facilitating transactions and the transfer of assets is a growing tide - one that is likely to continue over the next several years,” he continued. “We are well positioned to be a major participant in this aspect of our business and currently fill the real estate needs of many banks, landowners, developers and investors in the mid-state,” added Aiello, “and our expertise is sought by other Colliers offices and agents with corporate clients who have real estate in our region, or who need to locate here.”

“Yes, we cover a large geographic area,” stated George Lulos “from within the Harrisburg CBD out to a two-three hour driving radius. This takes us into northern Virginia, western Maryland, eastern West Virginia, most of Pennsylvania, and to the New York line. It’s not an exaggeration to say we’ve done and are ready to do business in 44 counties in Pennsylvania, as well as others in neighboring states,” said Lulos. “We firmly believe in the Colliers’ mission,” concluded Lulos “and we are committed to helping Colliers International accelerate the success of its people, clients and communities - and certainly to accelerating the success of our clients and community here in the mid-state.” ■

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Mid Atlantic Real Estate Journal — Pennsylvania — March 11 - 24, 2011 — 15C

Central Pennsylvania

SALE $2,495,000 830 W. Lexington Rd, Lititz • 95,000 SF: Total Building Area • 50,000 SF: Climate-Controlled • 11.56 Acres • Active Rail Service

SALE $1,962.500 240 Route 6, Milford • 26-Room Red Carpet Inn • Includes 4-BD Res, Ideal for Owner/Operator • Nearby attractions include Bushkill Falls, Historic Milford, Lake Wallenpaupack • Possible Owner-Financing

SALE $1,200,000 LEASE $4.75/SF NNN 1029-1031 Dillerville Rd, Lancaster • 3.6 Ac in prime Lancaster development area • 8,100 SF Available • 12,731 SF newly tenanted for 5 yrs. • Billboard w/ 15-year lease included

LEASE $4.25/SF NNN 300 Commerce Dr, New Holland • 60,350 SF Warehouse & 1,800 SF Ofce Available • 24 Ft.+ Ceiling Height • (5) Loading Docks, (1) Dock Well, (1) Grade Door • Ample on-site parking for employees & trailers

Thomas M. McDermott, CCIM, SIOR tmcdermott@naicpi.com tel 717 283 0600 fax 717 283 0609 www.naicpi.com

Member of International Council of Shopping Centers

Individual Member

Daniel A. Berger, CCIM, SIOR dberger@naicpi.com tel 717 283 0600 fax 717 283 0609 www.naicpi.com

16C — March 11 - 24, 2011 — Pennsylvania — Mid

Atlantic Real Estate Journal

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Mid Atlantic Real Estate Journal â&#x20AC;&#x201D; Pennsylvania â&#x20AC;&#x201D; March 11 - 24, 2011 â&#x20AC;&#x201D; 17C

PENNSYLVANIA Representing Frantz Real Estate Partnership

Olender of Roddy sells 26,450 s/f to Compass Sign Co.

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ensalem, PA â&#x20AC;&#x201D; Roddy Inc., the Bensalem based industrial and commercial real estate brokerage firm, representing Frantz Real Estate Partnership, sold their fully air-conditioned, modern one (1) story building of 26,450 square feet situated on approximately 1.57 acres located at 1505 Ford Road, Bridgewater Industrial Park, Bensalem, Bucks County, PA to Compass Sign Company. Compass Sign Company is a full service provider of signage including manufacturing, installation and shipping worldwide. â&#x2013;

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Archer & Buchanan design 16,500 s/f building in Grove City

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GROVE CITY, PA â&#x20AC;&#x201D; Archer & Buchanan Architecturedesigned a new building at Grove City College. The 16,500 s/f building of sandstone and limestone will serve as a central facility for spiritual life on campus. Team also consists of The Kachele Group structural engineers; Allen & Shariff mechanical / electrical engineers; Gannett Fleming, Inc civil engineers; and Wallace Builders General Contractors. â&#x2013;

SERVING: Eastern Pennsylvania Central & Southern New Jersey & Delaware

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RETAIL R ETTAIL L LEASING L EAS ASIN NG TTENANT EN N ANTT REPRESENTATION R EP P RES S ENTTATION C OM M ME E RCII AL/INDU U STR R IAL COMMERCIAL/INDUSTRIAL LA LAN N D & BUILDING SA A LE ES LAND SALES P RO O PE E RTY Y PROPERTY MANAGEMENT M AN N AG G EME E NT

Grove City College rendering

DEVELOPMENT D EV V ELO O PM M ENT CONSULTING C ON N SUL LTIN NG 1001 E. Hector Street, Suite 120 Conshohocken, PA 19428 610-941-4034 www.LPRE.com

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Allentown, Wilkes-Barre and Surrounding Areas.

May. 13 - Western PA Featuring Pittsburgh and Surrounding Areas.

June. 10 - Central PA Featuring Harrisburg, Altoona and Surrounding Areas.

18C — March 11 - 24, 2011 — Pennsylvania — Mid

Atlantic Real Estate Journal

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Commercial Real Estate Women Lehigh Valley Chapter www.crewlehighvalley.org

2011 LEHIGH VALLEY BOARD OF DIRECTORS PRESIDENT TRACY YADUSH, RPA NAI SUMMIT PAST PRESIDENT FRANCEE FULLER BARRY ISETT & ASSOCIATES PRESIDENT ELECT ANN MARIE OSIKA LAFAYETTE AMBASSADOR BANK SECRETARY CATHERINE (KATE) DURSO FITZPATRICK LENTZ & BUBBA, P.C. TREASURER KAREN DERR KNBT, A DIVISION OF NATIONAL PENN BANK CORRESPONDING SECRETARY PAM MORRIS LIBERTY PROPERTY TRUST DIRECTORS-AT-LARGE TINA KISELA, SCSM, SCMD THE PROMENADE SHOPS AT SAUCON VALLEY LYNN CONTI LIBERTY PROPERTY TRUST

CREW Lehigh Valley: Explores Retail Evolution At Promenade Shops

AUCON VALLEY, PA — Members and guests of CREW LV PA enjoyed an engaging session at Evolve, the newest addition to the Promenade Shops at Saucon Valley, the Lehigh Valley’s premiere lifestyle shopping center. General manager Tina Kisela, a 25-year veteran of the shopping center industry, reviewed the four-year history of the center which opened at the height of the economic boom. She noted that lifestyle centers are now becoming more diverse in their leasing strategies, open to local entrepreneurs as well as national chains. Entrepreneurs Alan Robell and John Riniker opened Evolve Salon and Spa at the Promenade Shops at Saucon Valley prior to the 2010 Christmas season. Bud Hackett, with Ondra Huyett, the construction manager who helped Robell and Riniker realize their dream, discussed the challenges of transforming an irregularly shaped 3,741 square feet into the luxurious environment it is today. With an October 1st project start, his firm met an aggressive schedule of opening on November 26. “It was all about schedule and budget,” Bud said. The project

Jessica Gentile, Northstar Construction, (left) and Jane Long, Esq. and Marie McConnell, both of Fitzpatrick Lentz & Bubba

The new salon and day spa at The Promenade Shops at Saucon Valley

Kim LaBrake (left), partner in MKSD Architects, shares a moment with Maureen O’Meara, HMK Insurance

Shown from left: Fred Bonsall of Bonsall Shafferman Architects, Alan Robell, Co-owner of Evolve Salon and Spa, Tina Kisela, GM, The Promenade Shops at Saucon Valley, and Bud Hackett, Ondra-Huyett Associates. is an embodiment of CREW networking as both Tina and

Bud are active members of CREW LV PA. ■

More than two dozen members and guests enjoyed the morning session.

2011 COMMITTEE CHAIRS

CREW Lehigh Valley thanks its 2011 corporate sponsors: SPONSORSHIP COMMITTEE KATE HART KNBT, A DIVISION OF NATIONAL PENN BANK PROGRAMS COMMITTEE JANE SCHIFF THE FREDERICK GROUP MEMBERSHIP COMMITTEE MICHELE GLOWER, PH.D THE ADVISORY GROUP COMMUNITY SERVICE COMMITTEE JODY KING, CCIM NAI SUMMIT PUBLICITY COMMITTEE FRANCEE FULLER BARRY ISETT & ASSOCIATES

Annual Partner/Main Sponsor

Contributor

Fitzpatrick Lentz & Bubba

Langan Engineering

Liberty Property Trust

Lafayette Ambassador Bank

Tallman Hudders & Sorrentino

NAI Summit MKSD Architects

Friend Barry Isett & Associates Berks Economic Partnership HMK Insurance KNBT - A Division of National Penn Bank JG Petrucci, Inc. North Star/Polaris The Dietrick Group, LLC

Upcoming Events March 15 - Power Networking 5:30 - Sayre Mansion Inn 250 Wyandotte Street, Bethlehem, PA April 7 - The Reading You Never Knew & Need to Meet 4:00 - The Goggleworks 201 Washington Street, Reading, PA Get full details at the event section of www.crewlehighvalley.org For membership information, please contact Dr. Michele Glower, The Advisory Group, mglower@yahoo.com

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Mid Atlantic Real Estate Journal — Pennsylvania — March 11 - 24, 2011 — 19C

Engineers & Surveyors

Commercial Real Estate Women Lehigh Valley Chapter Service Directory

Commercial Real Estate

BARRY ISETT & ASSOCIATES, INC. Consulting Engineers & Surveyors www.barryisett.com

Helping Clients Reach Real Estate Development Goals Since 1977

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Environmental Assessments Condition Assessments Surveys • Site Design • Permitting Traffic Studies • Highway Design Landscape Design • Structural Design Mechanical, Electrical, Plumbing Design

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610-398-0904

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, exible oor plan, on-site parking, I-78 exit within 1/3 mile, upscale demographic prole, high trafc count.

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.

Asking: $12.00 per SF Net (3)

Lease and Sale Terms Offered

951 MARCON BLVD., ALLENTOWN, PA

949 SUMNER AVE., WHITEHALL, PA

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 exible oor 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.

Lease & Sale Terms Offered

403 W. UNION BLVD., BETHLEHEM, PA

70 HILTON ST., EASTON, PA

Commercial Real Estate

Located within a stone’s throw of Rte 378 Center City Exit, former lighting xture showroom. This 12,000 SF bldg. features on-site parking, great signage visibility, durable concrete block construction, nished showroom area, and loading door in warehouse area.

Lease: $8.00 PSF Net(3). 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)

1601 UNION BLVD., ALLENTOWN, PA 1612 W. ALLEN ST., ALLENTOWN, PA

3-story brick and concrete panel off. bdg. of 88,747 SF & a 10,400 SF single story freestanding bldg. available. 3-story bldg. offers 3 phase electric 120/208 volt, gas forced air heat, loading platform and 2 drive-in doors. Single story bldg. is currently leased by day care center Within 1.5 miles of Rte 22 via Airport Rd.

Lease and Sale Terms Offered

2,728 SF end cap retail unit with drive-in canopy feature, large display windows, upgraded interior, tenant marquee signage and back-lit sign afxed to building, ample parking, convenient highway access. Available Fall 2011.

Lease Rate: $14.00 PSF Net (3)

20C — March 11 - 24, 2011 — Pennsylvania — Mid

Atlantic Real Estate Journal

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PEOPLE ON THE MOVE NEDA awards Deb Heffner with EDP

SIOR Brokerage Industrial Sale of the Year

Berks Economic Partnership hires Garbacik

NAI Pittsburgh’s Sentner and Bilyak awarded

EADING, PA — Peggy Garbacik has been hired as the research and administrative assistant, a newly created position for Berks Economic Partnership (BEP). T h e R e - Peggy Garbacik search and administrative assistant is responsible for all research and administrative duties in the BEP office. Jon Scott, president and CEO of Berks Economic Partnership, said “We have worked with Peggy in the past. She is a great addition to our team at BEP. Her work ethic is impeccable and we are all pleased to have her assist us in delivering the highest level of customer service and professionalism possible.” Garbacik is originally from Western Pennsylvania and has lived in the Greater Reading area for

nine years. She is a Certified Paralegal and worked for the Pennsylvania Department of Transportation for fifteen years. During her time at PennDOT she was the recipient of the Deb Heffner Secretary’s of Transportation’s Excellence award and the APRAS Achievement award In other news, Deb Heffner, economic development coordinator, Berks Economic Partnership (BEP), has been awarded the “Economic Development Professional” (EDP) by the Northeastern Economic Developers Association (NEDA). The EDP designation is awarded to professionals working in economic development who have met three specific categorical requirements. First, the individual must have a minimum of three

years work experience actively engaged in economic development. Second, the individual must document completion of comprehensive basic-level coursework encompassing a wide range of skills. Finally, the individual must document advanced level education through formal training and/ or direct experience. In order to maintain the EDP designation, the individual must demonstrate ongoing commitment to staying up-to-date as new tools and techniques emerge, both through coursework and professional service. Jon Scott is extremely pleased with Heffner’s designation. He said, “this is a great accomplishment for Deb; she has continued to work diligently to receive this designation. She is an integral part of our team and this designation confirms both her individual and our organization’s commitment to the most up-to-date trends and professionalism in economic development.” ■

Louis Oliva rejoins Grubb & Ellis Company PITTSBURGH, PA — Grubb & Ellis Company announced that Louis Oliva, SIOR, CCIM, one of the region’s top industrial real estate professionals, has rejoined the company as senior vice president, Louis Oliva Industrial Group, effective immediately. Oliva, who spent the majority of his 26-year commercial real estate career at Grubb & Ellis, comes back to the company following a year at Jones Lang LaSalle. “During his 24 years at Grubb & Ellis, Lou ranked among

the company’s top brokerage professionals nationwide, and he is recognized as being one of our region’s top industrial professionals,” said Duke Kingsley, executive vice president, managing director of Grubb & Ellis’ Pittsburgh office. “As a company, we are focused on attracting the best brokerage talent in the industry, and are thrilled Lou made the decision to return to Grubb & Ellis.” Oliva has been involved in the sale or lease of more than 30 million s/f of office and industrial property, as well as 50 million s/f of land sales/development representing more than $1 billion in total transaction volume. “To excel in today’s real estate

environment, brokerage professionals must have access to a strong platform from which to serve their clients,” Oliva said. “Grubb & Ellis has spent the past several years enhancing its platform, and today has the right people, comprehensive service offerings, sophisticated processes that will enable me to grow my business while helping my clients meet their real estate goals.” Oliva is a member and past president of NAIOP-Western Pennsylvania and was inducted into the organization’s Hall of Fame in 2009. He is an eight-time qualifier of Grubb & Ellis’ Circle of Excellence, honoring the top brokerage professionals in the company. ■

PITTSBURGH, PA — NAI Pittsburgh Commercial announce that Patrick J. S e n t n e r, SIOR and John C. Bilyak, CCIM have been awarded the 2010 SIOR Brokerage Industrial Sale of the Patrick Sentner Year for the sale of 2300 North Main Street Ext. for $4.5 million. This two story office building with single story warehouse and shop is located in Chartiers Township, Washington Cty. NAI Pittsburgh worked in

conjunction with Kyle Poulson and Jack Huff of Transwestern (formerly NAI Huff) on the transaction. NAI Pittsburgh Commercial represented the buyer, Range Resources. “Again, the power of our John Bilyak company’s vast experience and cooperation with our out-of-state colleagues proved to be an effective combination in assisting our valued client,” said Gregg Broujos, managing director at NAI Pittsburgh Commercial. ■

Simon joins Newmark Knight Frank Smith Mack’s team PHILADELPHIA, PA — Newmark Knight Frank Smith Mack welcomed Douglas E. Simon, Esquire, to their Philadelphia brokerage team. As an executive director of the firm, Doug’s pri- Douglas Simon mary focus will be to leverage his 10+ years of tenant representation expertise as we join forces to win business and continue to provide the unparalleled service that our clients have come to expect. Prior to joining Newmark Knight Frank Smith Mack,

Doug worked with Tactix Real Estate Advisors. Doug’s focus extends outside the legal world as well. By way of example, Doug played a primary role in tenant representation assignments for Francis Cauffman Architects, Group Dynamics, Hudson Marine Management and the Greater Philadelphia Tourism Marketing Corporation. Before pursuing a career as a commercial real estate broker, Doug was an associate in the real estate group at Montgomery McCracken, Walker & Rhoads where he focused on commercial, industrial and retail leasing, as well as construction and general real estate law. ■

The Carol Group to hold fund raiser for All 4 Paws & P.A.L.S. in St. Davids

The Pennsylvania Association of REALTORS names Garvey of Cushman & Wakefield of Pennsylvania VP for Region 3 L E M O Y N E , PA — T h e Pennsylvania Association of REALTORS (PAR) announced that P a u l G a rvey has been elected 2011 district vice president for Region 3. Region 3 encompasses all of Philadelphia Paul Garvey County. Garvey, a commercial REAL-

TOR for more than 25 years, is a senior director at Cushman & Wakefield of Pennsylvania. He is a member of the Greater Philadelphia Association of REALTORS and served as president of the TriState REALTORS Commercial Alliance. At the state level, Garvey is the vice chair of the Legislative committee and Legislative Planning Group. He is a member and past chair of the Commercial, Industrial &

Investment Committee and Specialized Practices Subcommittee and the Realtor Political Action Committee (RPAC). Garvey volunteers for the Boy Scouts of America, is a committee member of the Philadelphia Chapter of the Marine Corps Scholarship Foundation and a Trustee of Fairmount Park Historic Preservation Trust. A former U.S. Naval officer, he resides with his wife and four children in Montgomery County. ■

Shown from left: Brett Furman, Brad Sarafina, Lucie Greco, Dr. Irene Londer, Carol Rapier, Sandra Perry Thompson, Jerry Sheehan, Renzo Cerebino, Mark Marrone, Tracy Long, Kristen Schlichtig. ST. DAVIDS, PA — The Carol Group is sponsoring an event on March 13th, 2011 from 5:00 to 8:00 PM at Playdrome Devon Lanes to raise funds for All 4 Paws & P.A.L.S. Playdrome Bowling & Entertainment Centers is owned and

operated by The Carol Group founding member, Brett Furman. Playdrome Devon Lanes has raised millions of dollars for charities. The event will feature food, bowling, raffles, face painting, an auction, entertainment. ■

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Mid Atlantic Real Estate Journal — Pennsylvania — March 11 - 24, 2011 — Inside Back Cover C

OfÚce Availabilities. Lehigh Valley, PA.

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2,000 & 30,000 sf suites for lease Center Valley, PA

20,000 sf sub-dividable for lease Downtown Allentown, PA

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• $34.5 million deals closed in Lehigh Valley, PA in 2010

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• $45 billion deals closed world wide in 2010 3435 Winchester Rd Suite 300 Allentown, PA 18104 610 264 0200 www.naisummit.com

C Back Cover — March 11 - 24, 2011 — Pennsylvania — Mid

Atlantic Real Estate Journal

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Mericle Commercial Real Estate Services has the best solutions for companies needing quality, affordable, industrial space along Pennsylvania’s I-81 Corridor. Our buildings are located immediately adjacent to major highways, have high ceilings, are energy efficient and offer lots of room on-site for trailer storage. Some are even located in special tax-free zones. Review all of our available properties at www.mericle.com.

R A I L AVA I L A B L E

410,000 SF — 1104 NORTH PARK DRIVE Humboldt Industrial Park, Hazle Twp., PA Can be expanded to 615,000 SF and subdivided to 82,000 SF. State and local taxes abated through 2017. Features 46 loading doors, 1 drivein door, 31’10” to 36’6” ceiling clear height, an ESFR fire protection system and 7” reinforced concrete floor.

408,200 SF — 61 GREEN MOUNTAIN ROAD Humboldt Industrial Park, East Union Twp., PA Can be expanded to 648,200 SF and subdivided to 204,000 SF. Existing office fit-out is approx. 4,200 SF. Features 32 cross-docked loading doors, 30’9” to 36’6” ceiling clear height and 6” reinforced concrete floor. State and local taxes abated through 2017.

365,114 SF — 1200 E. LACKAWANNA AVE. Mid-Valley Industrial Park, Olyphant, PA Can be expanded to 505,686 SF. Existing office fit-out is approx. 5,000 SF. Features 20 crossdocked loading doors, 1 drive-in door, 40’2” ceiling clear height, an ESFR fire protection system and on-site parking for more than 100 vehicles.

198,400 SF — 400-450 CENTERPOINT BLVD. CenterPoint Commerce & Trade Park East Jenkins Township, PA Can be subdivided as small as 99,200 SF. Features 26 loading doors, 1 drive-in door, 6” reinforced concrete floor, energy efficient T-Bay lighting fixtures and a 10-year, 100% real estate tax abatement on improvements.

176,772 SF — 180 WELLES STREET Cross Valley West Professional Building Forty Fort, PA Located immediately off Exit 4 of S.R. 309. Can be subdivided as small as 20,000 SF. Features 16’ to 26’ ceiling clear height, 30 loading doors and abundant, on-site trailer storage. Very attractive lease prices.

108,000 SF — 320 STEWART ROAD Hanover Industrial Estates Hanover Township, PA Can be expanded to 162,000 SF. Existing office fit-out is approx. 8,000 SF. Features 20 loading doors, 30’ to 32’11” ceiling clear height, an ESFR fire protection system and energy-efficient gasfired unit heaters.

For more information contact our

DEVELOPMENT DIVISION: Bob Besecker ) Jim Hilsher Bill Jones ) Dan Walsh

82,691 SF — 63 GREEN MOUNTAIN ROAD Humboldt Industrial Park East Union Township, PA Features two, 463 SF office fit-outs in warehouse, 30’8” to 36’5” ceiling clear height, 9 loading doors, ESFR fire protection system, and ample on-site parking and trailer storage available.

58,713 SF — 240-258 ARMSTRONG ROAD CenterPoint Commerce & Trade Park East Jenkins Township, PA Features 29’10” to 34’2” ceiling clear height, 8 loading doors, ESFR fire protection system, and a 10-year, 100% real estate tax abatement on improvements. Space can be subdivided.

Developing Pennsylvania’s I-81 Corridor since 1985. www.mericle.com ) 570.823.1100

GREEN AWARENESS

NJPA M A ID

TLANTIC

REAL ESTATE JOURNAL

Section D of the Mid Atlantic Real Estate Journal

Tishman Construction provides assistance in gaining second LEED certification

U.S. FDA Headquarters’ Center for Devices and Radiological Health achieves LEED Gold

ILVER SPRING, MD — The U.S. Green Building Council has awarded the U.S. General Services Administration its LEED Gold certification for the Food & Drug Administration’s Center for Devices and Radiological Health (CDRH) building, also known as Building 66, on the FDA’s new headquarters campus. Tishman Construction Corporation of Maryland (TCC), in a joint venture with

Heery International, managed the construction of the sixstory, 396,000 s/f office building, which houses 1,100 FDA employees. The joint-venture saved taxpayers $2 million on the project while completing construction three months ahead of schedule and raising the building’s LEED rating from Silver to Gold at no additional cost to taxpayers. Building 66 was designed to LEED Silver standards, but

MARCH 11 - 24, 2011

HI-LIGHTS Solar Roof Dev. completes 100,000 s/f solar installation Kalustyan Corporation’s 100,000 s/f food processing plant, is the latest industrial building to “go solar” in NJ, announced Adam Putter, president of Solar Roof Development. See Page 8D.

Letter from the Executive Director, Florence Block In light of our incredibly hectic schedules and pursuits it is important to stop and recognize merit where it is due – to those that help to shape our industry. See page 11D.

ALSO INSIDE: PETER DOO, DOO CONSULTING, LLC ...................................2D BRUCE LANG, SOUTHWALL TECHNOLOGIES, INC.....................4D KIPCON, INC. .........................................................................5D GREEN SERVICES & SUPPLIERS .............................................7D PEOPLE ON THE MOVE ........................................................ 10D DVGBC NJ ...................................................................... 12D Section D, 16 pages

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CDRH through collaboration between architect (KlingStubbins in the GSA, which is oversee- association with RTKL Associing the project, the FDA, ates, Inc.) and the construction the LEED consultant, the management team, the project

achieved LEED Gold at no additional cost. The FDA Headquarters Consolidation Project includes renovation of three historic buildings and construction of 17 new buildings, totaling 5.3 million square feet of new laboratories and offices. Tishman and Heery has also managed construction of a central utility plant and parking garages for approximately 5,900 vehicles. Eleven buildings have been completed and are occupied, five are under construction, and several are in the planning, programming or design phase. The project also includes building all new site utilities and infrastructure, more than 2½ miles of roads, and two new bridges. Completion is anticipated for 2013. ■

David B. Crabiel Hall in Hasbrouck Heights, NJ

DMR designs sustainable building seeking LEED Silver Certification HASBROUCK HEIGHTS, NJ — DMR Architects announced the completion of construction of the new David B. Crabiel Hall. The college is seeking Leadership in Energy and Environmental Design (LEED) Silver certification from the U.S. Green Building Council for the new structure. LEED certification is the nationally accepted benchmark for the design, construction and operation of high-performance green buildings. Sustainable features include: occupancy sensors in every room, day lighting, waterless urinals, drought resistant landscaping and high-tech air conditioning and boiler units. 97 percent of construction waste was recycled on this project, and most materials used in the building process were harvested or manufactured locally to reduce emissions due to transport. “We are particularly proud of the college’s decision to seek LEED certification for this project,” said Obi Agudosi,

David B. Crabiel Hall AIA, senior VP and principal of a main entrance facing Blue DMR Architects. “At Middlesex Colt Drive, but also in the rear, County College, we designed where there is a parking lot. an incredibly modern building “Our goal was to make a that just happens to be located statement in terms of designing on a traditional college campus. something that students and The materials selected were faculty will see when they come environmentally responsible, onto campus and when they enendurable and also complimen- ter the building,” Agudosi said. tary to the existing buildings on “The design is a recognizable campus. This was a very excit- architectural symbol for the ening project for DMR.” tire campus. I am thrilled that Because of the building’s lo- we delivered on our promise to cation, special detail has to be the College for a 21st century paid to every side of the struc- facility on schedule and within ture. The building will have budget.” ■

D Inside Cover — March 11 - 24, 2011 — Green Awareness — Mid

Being a green company someday.

Atlantic Real Estate Journal

Being a green company today.

These days, every business wants to be a green business. Hess Energy can help you get started. We make it easy for your company to become greener by supporting sustainable energy efforts through Green-e Certiﬁed Renewable Energy Certiﬁcates and Carbon Offsets. Let us help your business today, visit www.HessEnergy.com/Green or contact:

Deborah O. Lenny Regional Sales Director dlenny@hess.com 856.778.7850

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

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Mid Atlantic Real Estate Journal — Green Awareness — March 11 - 24, 2011 — 1D

GREEN AWARENESS

2D — March 11 - 24, 2011 — Green Awareness — Mid

Atlantic Real Estate Journal

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MAREJ GREEN AWARENESS Customized Energy Reduction Plans • MEP/FP engineering including LEED • Building Commissioning including LEED • Energy engineering / audits / energy modeling • NJ Pay For Performance Partner / Carbon Abatement Program partner • PA Act 129 vendor • Federal Energy Tax Incentive partner • Infrared Testing • ASHRAE High Performance Buildings CertiÄed • Building Information Modeling (BIM) • MBE/SBE certiÄcation Contact: Jeff Gilbeaux P: 856-988-1890 Email: info@gilbeauxassociates.com PO Box 782, Voorhees, NJ 08043 S All erv ov ing er Ne Clien w Je ts rse y

WE HELP CLOSE THE DEAL!! Don’t let environmental concerns delay commercial real estate transactions … let Accutech Environmental Services resolve any environmental issue that seems to be an obstacle. We offer strategies to reduce or eliminate risk and uncertainty in the planned transaction. We look forward to helping you and your clients.

Licensed Site Remediation Professionals (LSRP) Please call James R. Bartley, Vice President

732-739-6444 ext. 14 • Fax: 732-739-0451 43 West Front Street, (Rear Suite) Keyport, NJ 07735 or visit our website: www.accutechenvironmental.com Established 1986

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.

By Peter Doo, Doo Consulting, LLC

Owners & managers should consider green leases

or owners and managers of existing commercial properties that may seek a “LEED for Existing Buildings, Operations & Maintenance” ( L E E D EBOM) certification, the Peter Doo importance of having a “green lease” is paramount. LEED EBOM is a certification that recognizes how well a building is operated and maintained i.e., How do you maintain landscapes and hardscapes? How efficient are your plumbing fixtures? How energy efficient is your building? How sustainable are the purchasing policies of the building? What operational protocols insure the quality of the indoor environment for tenants and guests? For existing buildings, this is the only LEED certification path available. The reason to certify may be that a tenant requires it. This could be the federal government or a mission driven company for whom a LEED certified space is a requirement. Another

reason to certify an existing building is that a local mandate exists requiring that major renovations above a certain square footage be certified to a green building standard. Yet another is that there is a perceived market advantage. Indeed, tenants are the beneficiaries where, in a typical lease agreement, they are responsible for their own utility costs. For multi-tenanted buildings LEED requires that ninety percent (90%) of the total gross floor space be accounted for in the credit analysis. The inability to gather information regarding a tenant’s cleaning procedures, if not a part of building services, or their purchasing and recycling standards could hamper, if not prevent, the ability of the owner to certify their building. Hence, the importance of the green lease. A green lease does not obligate the owner to seek a LEED certification rather, it protects and enables the owner to do so if they so choose. In seeking a certification, a green lease would require that the tenant participate in the pursuit of that certification by sharing

information and updating or joining building programs that support that certificate. Examples of such programs are participating in a green cleaning contract or a green purchasing program for office supplies or, possibly, a ride share program. This is not a simple issue as there are many possible credit pathways. Additionally, there may be issues of allocating costs and savings that result from the pursuit and eventual certification of a property. The area of green leases is new and it will be up to knowledgeable attorneys or attorneys with the assistance of green building consultants to help create the template. But, owners and property managers should take note and consider the creation and use of green leases as current ones expire and as new tenants are secured. Peter Doo, AIA is president of Doo Consulting, LLC. Peter is a LEED AP and founder of the USGBC Maryland Chapter. Doo Consulting provides services to guide, coordinate and administrate the LEED certification process for all LEED rating systems. ■

ULI Washington Real Estate Trends Conference: A Region Strong….for How Long? WASHINGTON, D.C. — Urban Land Institute’s 14th annual Washington Real Estate Trends conference to be held April 12, 2011 at the Ronald Reagan Building and International Trade Center, 1300 Pennsylvania Avenue, NW, 7:30 am -5:30 pm. This annual event features top national and regional ex-

perts in all types of real estate, with the overall theme: A REGION STRONG…FOR HOW LONG? Heading the list of real estate industry experts are keynote speakers Greg Vorwaller, Head of Global Capital Markets, Cushman & Wakefield (State of the Capital Markets); Leanne Lachman, Lachman Associates

(Generation Y: The Next Housing Wave); Robert McCartney, Washington Post columnist (Future of the Region); and Sarah Susanka, Author of The Not So Big House. The full-day event is being sponsored by The Meltzer Group, Merritt Properties, NorthMarq and Tishman Speyer, among others. ■

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Mid Atlantic Real Estate Journal — Green Awareness — March 11 - 24, 2011 — 3D

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4D — March 11 - 24, 2011 — Green Awareness — Mid

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GREEN AWARENESS By Bruce Lang, Southwall Technologies, Inc.

Skylights: Hot spots on your cool roof

ool roof technology is increasingly popular as more residential builders increase roof insulation to reduce HVAC capital expense and year-round operating cost. Unfortunately, skylights, so desired for their ability to transmit visible light into otherwise dark interiors, function as roof-top solar collectors, acting to defeat the ability of cool roof technology to help reduce the cost to operate air conditioning. If the benefits of daylighting via skylights out-

weigh their negative impact on the overall performance of

a cool roof, they need to maximize visible light transmission while maximizing solar heat reflection. Equally important, typical Low-e glass, when put in skylights, can lose up to 40% of its ability to insulate against heat transfer as a function of convection. At night and in the winter this means the heat in a home is going out the skylight much more than through the same glass in a vertical window. Due to the same convective forces, during the day, outdoor ambient heat

is moving through glass in a skylight more quickly than in a vertically mounted window. Given this reality, to compete with the energy efficiency of a cool roof, skylights must not only reflect solar radiation, they need to reduce heat transfer via convection and conduction as well. Energy conservation performance requirements for residential skylights are primarily a function of the glass. Skylight glass should maintain a high R value, (resistance to heat flow); a low shading coefficient

(amount of solar heat radiating through the glass); and a high light transmission. Suspended film insulating glass, in which one or more heat reflective coated films create heat-resisting cavities inside the insulating glass unit, provides optimal performance and comes closest to duplicating the energy efficiency of a cool roof while transmitting visible light and providing transparency to the environment. In addition, clear, colorless suspended film insulating glass is capable of reducing damaging levels of ultraviolet radiation that cause fading as well as maintaining visual clarity and normal color rendition. Clearly, film-based, multi-cavity insulating glass is tomorrow’s state-of-the-art skylight, window and patio door glass available today. It has been saving energy in thousands of homes and in such landmark buildings as the Staten Island Ferry Terminal, the Visitors’ Center at the US Naval Academy in Annapolis, and at Thomas Jefferson University Hospital in Philadelphia. Bruce Lang is vice president of marketing & business development at Southwall Technologies, Inc., in Palo Alto, CA. ■

Green Awareness a section of the

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

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Section Publisher Joe Christman jchristman@marejournal.com

Publisher Dianna Mallozzi dmallozzi@marejournal.com

Section Editor Karen Vachon kjoy@marejournal.com

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Mid Atlantic Real Estate Journal â&#x20AC;&#x201D; Green Awareness â&#x20AC;&#x201D; March 11 - 24, 2011 â&#x20AC;&#x201D; 5D

GREEN AWARENESS Kipcon, Inc.

What Energy Deregulation means to you and your community association

he Deregulation of Energy Deregulation means separating the supplier from the deliverer. Prior to the 1990s, every state in America regulated its electric industry. In Mitchell Frumkin any given area, there was only one local utility company permitted to deliver and supply energy. These utility companies owned both the power plants to generate electricity as well as the transmission towers, lines and poles to distribute the power to consumers. Once a state deregulates its electricity, the local utility continues to exclusively manage the delivery parts of this process while the supply is open to a free market of third-party energy suppliers. As individual states deregulate, consumers are empowered to choose where they buy their power, much as they can choose their longdistance phone company. This deregulation of electricity has created a competitive marketplace, driving prices down and quality up. Nearly half of the states in America have already deregulated, including New Jersey, New York, Pennsylvania, Washington DC, Maryland, Virginia, Delaware, Illinois, Ohio, Maine, Nevada, Oregon, California and Texas. In addition, many other states are in the process of reviewing and changing their energy policies. Less Expensive Electricity Switching to a third party electricity provider gives the consumer the opportunity to shop around for the best price. Depending on the current rates of the local utility company and the third-party supplier chosen, monthly cost savings can range from 3% to 40%. The end result is approximately one free month of electricity per year. Some companies offer fixed priced contracts, such as $.9 per kWh for two years. Other companies offer variable rates, which are based on the energy market and fluctuate throughout the year. Historical rate charts can illustrate the average annual savings of variable rate plans. Whether you have continued on page 10D

a fixed or variable rate plan, monthly savings vary because utility rates also change in response to the energy market. Likewise, in both cases, the consumer pays less than they would have had they continued to buy electricity through their local utility company. Greener Energy In addition to being cheaper, deregulated energy is often greener. In a competitive marketplace, both price and quality matter. To differentiate from other third-party suppliers, many companies offer â&#x20AC;&#x153;greenâ&#x20AC;? options and/or produce some or all of their energy using renew-

able energy sources such as wind turbines or solar panels. For example, Viridian Energy is a green company, and offers electricity at lower variable rates than local utility companies, while producing 20% of its product via renewable sources such as wind, solar and geothermal. This same company also offers a 100% wind produced option for homeowners willing to save less (and possibly pay slightly more) for completely sustainable energy. Eligibility The power to choose is only available to customers that are

up to date on their payments to their local utility company. Customers who are behind on payments are not permitted to switch suppliers until they have paid their balance in full. How it Works In deregulated states, the public utility commission allows consumers to choose their energy supplier, but continues to regulate the delivery of that energy. The public utility is in full support of this program and continues to ensure the safety and reliability of all energy services. They are, as always, responsible for main-

taining the poles/wires and responding to emergencies and power outages. Therefore, when you choose a different energy provider you still receive only one utility bill, which will continue to come from your current local utility company. On each utility bill there are two charges; a supplier charge (for electrical generation) and a delivery charge (for providing service along the power grid). The delivery charge will remain unchanged. The only alteration will be the supplier charge, which will reflect the lower rate of your new electricity provider. The

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D — March 11 - 24, 2011 — Green Awareness — Mid

Atlantic Real Estate Journal

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Green Awareness Reduces energy consumption 10.3% across portfolio for $2.4 million savings

Liberty Property Trust exceeds goal of achieving 50 Energy Star buildings in 2010

ALVERN, PA — Liberty Property Trust announced that it surpassed its goal of achieving 50 ENERGY STAR certified buildings in its portfolio by the close of 2010, ending the year with 58 certified buildings encompassing 5.6 million s/f of space in 13 regions. “Ending the year with 58 Energy Star buildings, having started the year with just seven certified buildings, is a testament to teamwork and dedication,” said Marla Thalheimer, Sustainability manager, Liberty Property Trust.

Liberty received Energy Star certifications for buildings as follows:

“Every aspect of the company, from property management to development, accounting to tenant services, came together to achieve this goal.” The efforts were underscored by Liberty’s recent receipt of a “2010 NAREIT Leader in the Light” Honorable Mention. The awards program, sponsored by NAREIT (National Association of Real Estate Investment Trusts) in collaboration with Energy Star, honors the association’s member companies that have demonstrated superior and sustained energy use prac-

tices. Liberty was honored in its first year of nomination for its commitment to superior energy management and improved efficiency. Across its portfolio, Liberty has reduced energy consumption an average of 10.3% from its 2008 baseline in each of its managed buildings, allowing the company to pass along cost savings to its tenants. This savings in energy equates to approximately $2.4 million and 22 million Kwh – the equivalent energy required to power 1,345 American homes. It also reduces air pollution

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Wall Street veteran launches solar development firm LIVINGSTON, NJ — Wall Street Veteran, John Grifonetti, the former president and COO of Datek Online (prior to the Ameritrade acquisition), and president and COO of Creditex, announces the launch of Certified Pure Energy, LLC, a full-service solar and energy solutions firm. The company’s expertise in solar design is unparalleled because of its expert knowledge of solar technology and products, and they also fully understand the solar financial model from financing and tax advantages to the sale of Solar Renewable Energy Certificates (SRECs) and risk mitigation. SRECs are derivatives that are sold as commodities, and Grifonetti is an expert in creating electronic trading platforms for such instruments. “Certified Pure Energy fills a void—with little to no full-service solar and energy solutions companies in the marketplace—we offer our clients a true one-stop-shop to address all of their energy solutions for both existing and new buildings,” said Grifonetti. Certified Pure Energy offers clients a full array of solar solutions through solar photovoltaic and solar thermal development from concept and architectural and engineering design to financing, risk management and installation. The company also assists clients with energy solutions related to indoor air quality, and lighting and HVAC retrofits, as well as advises clients on financial, lifestyle and branding aspects of green and sustainable energy. On average, Certified Pure Energy is closing deals for building owners that will, through solar power generation, reduce a building’s dependency on the utility grid from between 20 to 100 percent. And, through SREC generation and power avoidance/sale, can increase a building’s income between $5.00 to $7.00 psf. n

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Mid Atlantic Real Estate Journal â&#x20AC;&#x201D; Green Awareness â&#x20AC;&#x201D; March 11 - 24, 2011 â&#x20AC;&#x201D; D

Green Services & Suppliers Advertising and Design

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8D — March 11 - 24, 2011 — Green Awareness — Mid

Atlantic Real Estate Journal

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PEOPLE ON THE MOVE Federal and State Incentives key to completing the 700 KW System

Solar Roof Development completes 100,000 s/f solar installation for food importer in NJ

NION, NJ — Kalustyan Corporation’s 100,000 s/f food processing plant, is the latest industrial building to “go solar” in New Jersey, announced Adam Putter, president of Solar Roof Development. The Fort Lee based Solar Roof Development completed the installation on behalf of Kalustyan Corporation, an importer and processor of food products from the Middle East and Asia. The 700-KW Kalustyan Corporation’s rooftop installation was completed and in operation at the beginning

Shown from left: Adam Putter, president of Solar Roof Development, with M.J. Bas, Kalustyan Corporation’s operations manager.

of January, according to Putter. Federal and state incentives were a key factor in the company’s decision-making process. “The first major factor is our overall contribution to the environment and cutting dependence on foreign oil,” said M.J. Bas, Kalustyan Corporation’s operations manager. “And from a business standpoint, it is a great way to cut costs and become more efficient internally. The federal grant in particular was a major component – it allows us to receive a grant amounting to

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30 percent of the system’s total cost within 30 days of completion of the job.” The 30-percent federal renewable energy grant program, Section 1603 of the American Recovery and Reinvestment Act of 2009, was set to expire at the end of 2010 but was recently renewed and extended through the end of 2011. “The important thing for Kalustyan is that the bank accepted the federal grant as a down payment,” said Putter. “So, they were able to purchase the entire system without putting any money down. The legislation also makes this project eligible for 100% accelerated depreciation, less half the cash grant, in the first year. “The Renewable Energy Grant and other incentives have been a major contributor to the 400-percent growth in commercial solar installations in New Jersey since 2008, and this project is another example of that,” he said. Incentives from the State of New Jersey “are extraordinary,” said Putter. “They include rebates based on energyefficiency measures and solar renewable energy certificates [SRECS]. With this particular installation, we estimate the SREC credits to amount to $400,000 in the next year. These credits can be used as a recurring revenue source to help finance projects.” Estimated to be worth about $100,000 of Kalustyan’s electricity, the installation covers most of the 100,000-squarefoot rooftop of the single-story industrial building. “We anticipate that there will be significant savings in our utility bill, and very quickly,” said Bas. “For many small businesses that have to come up with the finances for projects such as this, the various incentives and the longterm financial benefits are huge. Solar Roof Development was instrumental in guiding us through all of the aspects of this installation.” Solar Roof Development’s services include energy audits; evaluation of return on investment and counseling during contract negotiations. “The combination of federal and NJ incentives available right now are compelling, and the decision to ‘go solar’ will never be better than right now,” said Putter. ■

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Mid Atlantic Real Estate Journal — Green Awareness — March 11 - 24, 2011 — 9D

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PEOPLE ON THE MOVE Brownfield, sustainability & web/media expertise

Also adds Donofrio, Patten & Schwab

Hansen, P.G., LEED AP joins LandmarkJCM

Fluidics, Inc. hires Roof as senior project mgr.

EW CASTLE, DE — LandmarkJCM president, Bruce J. Tease, P.E., announced that Kevin Hansen, a professional Geologist in Delaware and Pennsylvania and a LEED Ac- Bruce J. Tease credited Professional with 28 years of professional and innovative business experience, will join the New Castlebased integrated engineering and sciences consulting firm of LandmarkJCM. Hansen’s leadership in Brownfield redevelopment, sustainable design, water resources, renewable energy and web-based media will combine to give clients an advantage with leading-edge sustainable redevelopment and water resources opportunities. Hansen has consider-

able experience identifying project financing approaches that merge public and private sources. LandmarkJCM’s growth in fully-integrated engineering-and-sciences approaches allows it to provide a wide array of client benefits in-house. Hansen’s capabilities roundout its expansion into the sustainable redevelopment, innovative technologies and water resources arenas. These areas are closely tied to critical U.S. infrastructure needs now - and these needs are expected to grow in the future. The addition of new capabilities for media/web-based communications adds new dimensions to LandmarkJCM’s ability to support its clients in innovative and effective ways. Hansen was awarded a Master of Science degree in Geology in 1987 from the University of Delaware, where he earned a Bachelors of Science

in Geology with Cum Laude honors. He was recognized by the U. S. Green Building Council in 2008 as a LEED Accredited Professional and has performed green design consulting on many projects in multiple countries, and has extensive Brownfield redevelopment experience. He specializes in Brownfield redevelopment, hydrogeology (especially in fractured bedrock), groundwater and soil remediation, environmental assessments, environmental modeling/GIS, and Green design. Hansen has participated in many humanitarian projects emphasizing the benefits of science and engineering to the public. He began his career working as a petroleum geophysicist for an oil production company in New Orleans. In 1993, he was the lead inventor credited with a U.S. patent for “Apparatus and Method for Decontaminating Aquifers.” ■

Jarmel Kizel Architects and Engineers expands Structural Engineering Studio LIVINGSTON,NJ — Jarmel Kizel Architects and Engineers, Inc. announces the expansion of its Structural Engineering Studio with the appointment of Ronald Brokenshire, PE, L E E D - A P, Ronald a s d i r e c t o r. Brokenshire Brokenshire’s responsibilities include overseeing all structural engineering assignments and coordinating his efforts with the firm’s civil, mechanical, plumbing, and electrical (MEP), fire protec-

tion, and architectural studios. Matthew B. Jarmel, AIA, MBA and principal of Jarmel Kizel, commented, “Ronald brings over 10 years of structural engineering experience to our firm, and has an impressive trackrecord of leading and coordinating projects with the various architectural and engineering disciplines.” “Ronald has already rolled up his sleeves and is providing our clients with first-rate structural services. We look forward to his success with the firm and the value he will add to our team of professionals.” Ronald’s structural engineering design and analysis experience spans a myriad

of project types, sizes and complexities. Throughout his career, his structural engineering responsibilities have included design, production and coordination services from schematic design through construction administration. Prior to joining Jarmel Kizel, Ron served as an Associate with Structure Studio in Morristown, where he provided complete building design of structural systems for buildings in the institutional, commercial, educational, healthcare, governmental and industrial sectors. Ronald received his Bachelor of Science and Master of Science from the NJ Institute of Tech. (NJIT). ■

MGKF and ENVIRON address issues related to LSRP EDISON, NJ — Bruce S. Katcher, a founding partner with the environmental and energy law firm of Manko, Gold, Katcher & Fox, LLP (MGKF), was joined by MGKF partner Jonathan Spergel and senior technical consultant Darryl Borrelli as panelists at “Taking the Mystery Out of Opting-In to NJDEP’s LSRP Program.” MGKF co-presented this program with ENVIRON on Feb. 15 in Cherry Hill and then again on Feb. 25 in Edison. Together, they addressed the issues related to opting

in to the new Licensed Site Remediation Professional program—the process, timing, legal issues, pros and cons, as well as regulatory and mandatory timeframes that affect the opt-in decision. Katcher is the partner in charge of MGKF’s NJ practice and concentrates his practice on regulatory compliance and transactional counseling, site remediation, brownfields redevelopment, permitting, renewable energy and green building. Spergel handles a wide va-

riety of environmental issues, including the environmental aspects of commercial transactions and brownfields sites, public funding opportunities for brownfields sites, regulatory compliance counseling, and litigation for commercial, industrial, residential, and individual clients. Borrelli has over 20 years of experience assisting the firm’s attorneys and its clients with technical issues in connection with legal matters and directs the firm’s technical practice area. ■

Robert E. Roof Debbie Donofrio Chris Patten Stephanie Schwab PHILADELPHIA, PA — Fluidics, Inc., a Philadelphia mechanical and energy services contractor, has hired the following employees: Robert E. Roof, P.E. as senior project manager design engineer. He had been a senior project manager engineer with Madison Industries, Inc. Debbie Donofrio as account manager. She had been with ASG Security and Honeywell

in fire and security sales as an account manager. Chris Patten as sales executive in the building operation services division. He had been a district manager with ABM Industries, Inc. Fluidics has hired Stephanie Schwab, as marketing coordinator, in the sales department. She had been Marketing Representative for Accelerated Marketing Partners. ■

Walters Homes earns Green Builder Of The Year Award BARNEGAT, NJ — Walters Homes was chosen as the first “Green Builder of the Year” by Shore Builders Association of Central New Jersey (SBACNJ). Ed Walters, Jr., founder and partner, accepted the honor along with 9 other FAME awards, or Fabulous Achievement in Marketing Excellence during the eighth annual gala dinner. The ceremony was attended by 200 members and associates of the Jersey

Shore building industry. Walters garnered the prestigious “Green Builder of the Year” award for the Stafford Park redevelopment, a mixeduse LEED-certified brownfield project, chosen for its recyclable and sustainable features. “Walters is truly an outstanding green developer,” said Marge Karahuta, chair of the sales and marketing and public relations committee for SBACNJ. ■

What Energy Deregulation means . . . continued from page 5D switch is seamless. There is no hassle, just a reduced energy bill each month. Choosing A ThirdParty Provider Anyone who lives in a deregulated state, pays a utility bill and is up to date with their payments has the freedom to choose/change energy suppliers and everyone should research and evaluate their energy options. One factor to consider is price. A fixed electricity rate will generally remain the same throughout the term of a contract. If you choose a plan with a long contract period and a fixed rate, you will have certainty that your price will not change during that time. While this may help your household budgeting, if market prices fall you may have to wait until your contract expires to enjoy a lower price. A variable electricity rate can go up or down each month and an indexed rate is tied to a specific pricing formula disclosed

by the company. Variable and indexed rate plans can provide the benefit of an immediate pass-through of falling market prices but will also rise if electricity prices spike due to natural disasters, cold winters or market conditions. Another factor to consider is contract terms and conditions. Some third-party electricity providers offer plans with no minimum contract period (“month-to-month” plans) and others offer plans with contract periods as long as three years. Keep in mind that some contracts require deposits, impose cancellation fines and/or charge late fees. “Its simple, switch and save,” said Kipcon president Mitchell H. Frumkin, PE, RS, CGP. Why wait any longer? Switch your community association and homeowners to reducedcost, greener energy and start saving money today. Kipcon, Inc. is a full service engineering design and inspection consulting firm headquarted in NJ. ■

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Mid Atlantic Real Estate Journal — Green Awareness — March 11 - 24, 2011 — 11D

U. S. Green Building Council, NJ Chapter Letter from the Executive Director Dear Friends and Colleagues, In light of our incredibly hectic schedules and pursuits it is important to stop and recognize merit where it is due – to those that help to shape our industry. This year, the New Jersey Chapter of the U S Green Building Council (USGBC-NJ) will celebrate its 5th annual “Building a Greener New Jersey” Awards Gala on May 19th. at the Palace at Somerset Park, Somerset, NJ. This is USGBC NJ’s signature event that recognizes leaders in Sustainability and Green Building whose accomplishments have established best practices throughout the state of New Jersey. Mayor Cory A. Booker is this year’s invited keynote who will address the attendees about his vision and mission for Green Urban Communities specifically in that he has led numerous initiatives in his city of Newark. Tony Marano, CEO Encelium Technologies, former CEO Cushman & Wakefield North America, our Gala Committee Chair will be Master of Ceremonies for the event. FLORENCE BLOCK

USGBC NJ’s individual honoree is Paul Parmentola, Vice President and Construction Executive for the New Jersey Office of Turner Construction Company. Both Paul and the Turner Construction Company have been pioneers in New Jersey in the delivery of significant green projects, as well as their overall corporate sustainability commitment. Paul has recently spearheaded the construction of a number of noteworthy LEED projects including: Novartis East Village 431, 432, 433 Project, 30 Hudson Project, and currently the future BASF Headquarters in Florham Park, NJ which is targeting LEED Platinum Certification. Paul also oversees Turner’s Sustainability Initiatives for New Jersey. Four awards will be given at the gala; Community, Green team, Green Ground breaking, and Student Award. The chapter is still accepting award nominations until March 25, 2011. The Gala will be held on May 19th from 6pm to 10 pm at The Palace at Somerset Park in Somerset, NJ. It’s important to recognize the accomplishments of individuals, businesses and local governments for extraordinary environmental practices and commitment to sustainability for New Jersey. These pioneers of green innovation are setting an example that will inspire others to make an investment in the future that will pay dividends for generations to come. These initiatives are the pivotal point in transforming our economy and job market while protecting our most valuable assets - our people and the environment. For more information on the 5th Annual Building a Greener New Jersey Award Gala please visit www.usgbcnj.org, Gala page. We look forward to sharing a wonderful evening of celebration, and networking on May 19th. Sincerely, Florence Block LEED Green Associate Executive Director U.S. Green Building Council NJ

Chapter Events 04/04/2011 USGBC NJ Launches 2011 LEED Credential Maintenance Education Program 4/18/11 USGBC-NJ Central Branch Presents: How to use Federal and State Tax Incentives 05/19/2011 USGBC-NJ 5th Annual Awards Gala For details on all USGBC-NJ events, visit www.usgbcnj.org Number of New Jersey chapter members:

907

Number of USGBC member Companies in NJ:

504

Number of LEED Accredited Professionals in NJ:

3175

Number of LEED registered projects in NJ:

446

Number of LEED certified projects in NJ:

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

12D — March 11 - 24, 2011 — Green Awareness — Mid

Atlantic Real Estate Journal

MAREjournal.com

The Delaware Valley Green Building Council PRESENTED BY THE DVGBC GREEN HEALTHCARE CIRCLE

2011 OFFICERS Chairman Joseph Healy, AIA, LEED AP Wallace Roberts & Todd President Chris Minnich Re: Vision Architecture W.S Cumby, Inc.

The Future of Sustainable Healthcare: From Global to Local PRESENTERS Robin Guenther FAIA, LEED AP, is a Principal of Perkins+Will. Over her 30 year career, her healthcare design projects have been published both nationally and internationally. She co-coordinates the Green Guide for Health Care, served on the LEED for Healthcare Committee, and co-authored “Sustainable Healthcare Architecture,” with Gail Vittori in 2007. Breeze Glazer LEED AP, is a Sustainable Healthcare Research Expert and a designer who has focused his entire career on sustainability in architecture. Breeze has applied this expertise to a broad variety of projects across a multitude of scales, from carbon neutral multi-family developments to branding projects for the Conservation Fund.

Vice Chair Abigail Perlstein, LEED AP Kitchen & Associates Architectural Services

SPONSORSHIP OPPORTUNITIES AVAILABLE! PLEASE CONTACT DEBORAH KEEN BAUERNSCHMIDT AT 610-594-2127 OR AT DKEEN@KNOLL.COM

Vice President Alice Cathcart SunPower Corporation

CLEANMED 2011 SCHOL ARSHIP

Treasurer Jim Kerr, IMC Construction

If you are healthcare professional and you are interested in attending the 2011 CleanMed Conference in Phoenix, AZ on April 5-8, the DVGBC Green Healthcare Circle is offering scholarships to cover the registration costs. Please submit this online application by no later than February 25 if you are interested: http://www.dvgbc.org/cleanmed-2011-conference-scholarship

Secretary Christa Duelberg Kraftician, AIA, LEED AP Spillman Farmer Architects

BOARD OF DIRECTORS: Patrick Bolger, Turner Construction Robert Cousar Sustainable Construction Corp. Brenda Gotanda Manko, Gold, Katcher & Fox, LLP David Hahn Columbus Property Management & Development, Inc. Kim Ilardi, LEED AP BD+C The Whiting-Turner Contracting Co. Howard M. Neukrug, P.E. Philadelphia Water Department Michelle Robinson, LEED AP Re:Vision Architecture Kristen Suzda, LEED AP Atkin Olshin Schade Architects www.dvgbc.org 1617 JFK Blvd., Suite 999 One Penn Center Philadelphia, PA 19103 Phone: 215.399.5790 Fax: 215.564.1719 Email: info@dvgbc.org

EVENT INFO

When Tuesday, March 15, 2011 5:00 p.m. - 7:15 p.m.

Where Thomas Jefferson University Hospital- Jefferson Alumni Hall 1020 Locust Street Philadelphia, Pa 19107

THANK YOU TO OUR SPONSORS

CleanMed is the premier conference on environmental sustainability for the health care sector. The conference attracts leaders and key decision makers from across the industry.

DVGBCEVENT

INSPIRATION EDUCATION CONNECTIVIT Y

One Penn Center I 1617 JFK Blvd., Suite 999 I Philadelphia, PA 19103 I phone 215.399.5790 I fax 215.564.1719 I www.dvgbc.org

Best of Greenbuild and Sustainable Design Competition April 28, 2011 4:00 PM - 8:00 PM Federal Reserve Bank of Philadelphia (visitor information) 121 North 7th Street, Philadelphia, PA 19106 Don’t miss this annual half-day conference that features regional thought leaders reprising presentations from Greenbuild as well as up and coming talent in our Sustainable Design Competition. Join 200 other green building advocates in our networking garden and vendor floor, be inspired by next generation design, fulfill your continuing education credits, and gain regional perspective from our Keynote Speaker Secretary Colin O’Mara from Delaware’s Department of National Resources and Environmental Control. Keynote Speaker: Secretary Colin O’Mara from Delaware’s Department of National Resources and Environmental Control will be the keynote presenter for this annual mini-conference that is also paired with our annual Sustainable Design Competition. Regional thought leaders who presented at Greenbuild in Chicago in 2010 will reprise their presentation for a local audience.

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Mid Atlantic Real Estate Journal — Green Awareness — March 11 - 24, 2011 — Inside Back Cover D

22nd ANNUAL NJAA CONFERENCE & EXPO MAY 23 – 25, 2011 ATLANTIC CITY

Back Cover D — March 11 - 24, 2011 — Green Awareness — Mid

Atlantic Real Estate Journal

MAREjournal.com

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.