Real Estate Journal Vol. 23, Issue 6
Inside:
March 25 - April 7, 2011
Sections
Mid Atlantic........................................................Section A DelMarVa..................................................................... 5-12A
the most comprehensive source for commercial real estate news W
i
i i
i
The
REAL ESTATE JOURNAL’s
BEST of
2010
Mid Atlantic Real Estate Journal selects the BEST Brokers, Deals & Projects...... Section D
Shopping Centers.......................................... Section B Contractors, Owners & Managers......... Section C Best of 2010....................................................... Section D
Spotlights / Features Auction Directory.......................................................13-A People on the Move..............................................10, 16A Business Card Directory..........................................15A Calendar of Events.......................................................16A Retail Experts........................................................... 5-24B
John Birkeland ROCK Commercial
Buck Collins Bohler Engineering
Greg Filipek Sora Holdings
Parking Lot Maintenance.....................................5-11C
Columnists Dave Wood.........................................................................2A
Next Issue
Tom Fore Sora Holdings
David Goodman Ward McMasters Equity Retail Earth Engineering Brokers
Brian Meyers LANDCORE
Herky Pollock CB Richard Ellis
April 8, 2011
Ira Meislik Meislik & Meislik
• Mid Atlantic • POA Expo • 1031 Like Kind • New Jersey featuring Southern New Jersey • Pennsylvania featuring Eastern PA • Green Awareness 4 sections, 100 pages
Rodger Rowles ROWLES ASPHALT
Matt Ryan Legend Properties
.....................................................................................................................................................Pages 7-24B
A Inside Cover — March 25 - April 7, 2011 — Mid
Atlantic Real Estate Journal
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Mid Atlantic Real Estate Journal — March 25 - April 7, 2011 — 1A
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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2A — March 25 - April 7, 2011 — Mid
Atlantic Real Estate Journal
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Mid Atlantic Real Estate Journal
They wrote the policy.
Mid Atlantic REAL ESTATE JOURNAL Publisher ............................................................................Linda Christman Co-Publisher .........................................................................Joe Christman Associate Publisher ...........................................................Dianna Mallozzi
We make sure they write the check.
Associate Publisher ............................................................ Elaine Fanning Senior Editor/Graphic Artist ................................................ Karen Vachon Office Manager ...................................................................Joanne Gavaza Editorial Consultant ............................................................. Ben Summers
By Dave Wood
“Don’t just jab; Throw a combination”
Guest Columnist ...................................................................... Dave Wood Contributing Columnist .......... Mike Norris, LEED AP, The Ezra Co.; Yardi Mid Atlantic REAL ESTATE JOURNAL ~ Published Semi-Monthly P.O. Box 26 Accord, MA 02018 (Mail) 312 Market Street, Rockland, MA 02370 (Overnight)
M. MILLER & SON Public Adjusters
Since 1960 1211 Liberty Ave., Hillside, NJ 07205 ● Tel: 908-355-4800 adjuster@mmillerson.com ● www.mmillerson.com
Commercial Real Estate is COMING BACK & it's COMING BACK
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.
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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.
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A
nybody who’s ever followed boxing knows that jabbing alone won’t win a fight. In order to score points with the judges and the referee, or to knock out your opponent, requires throwing effective combinations—relentlessly using both hands and all your weapons, like the cross, the hook and the body blow. Marketing your services is a lot like boxing—no one weapon alone will work. Not direct mail, not a website, not advertising, social networking, e-blasts or telemarketing, not free seminars to hot prospects, not even PR. Each, by itself, will produce little effect. However, use these weapons in tandem and BANG!—an explosion occurs. Not only is each effective in its own right, but together the whole far exceeds the sum of its parts. Here’s what I mean. Take the following scenario: 1) You send out news releases every time a project is awarded (or completed), someone is hired, an award is won, the company or its employees are involved in a community activity, etc. The release includes your website address, giving people a chance to get some additional information about the firm. 2) You support your PR with a bit of advertising, informing people of the services you offer and where and how to find you. 3) When your direct mail package arrives, the prospect
Postmaster send address change to: Mid Atlantic Real Estate Journal, P.O. Box 26, Accord, MA 02018 USPS #22-358 | Vol. 23 Issue 6 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
has heard of you (because of #1 and #2), so he or she looks through the material. You’re no longer a stranger. 4) Your prospect receives a phone call from you (telemarketing). They’ve seen your PR and advertising, even heard from you through the mail. You’re a player, a company to be taken seriously. They’re happy to talk with you. 5) If they see you at an association meeting, chamber function or a trade show, you can bet they’ll stop to talk. If the prospect hasn’t already done business with you by this time, you’ve at least made a significant enough impression that when they need the service you offer, you’ll be seriously considered. 6) Now, every three months you send them your newsletter, preventing you from dropping “out of sight, out of mind.” You can add and/or substitute dozens of other marketing weapons in the above scenario, from site signs and truck lettering to brochures, athletic team sponsorships, seminars and speaking engagements, news-
paper, magazine and trade journal articles and columns, Google ads, postcard mailings, advertising specialties, open houses and other events. The point is: Do lots of different things, do them continuously, and don’t ever stop doing them, even when they’re working so well you can barely keep up with business. Each marketing weapon complements the others, contributing to their success and the overall success of your strategy. That’s why you can’t simply do one thing, then abandon it when it fails—and it invariably will. Marketing success requires patience and persistence. The cumulative effect of what I’m suggesting is incredibly powerful—it’s like a snowball rolling down the side of a snowy hill. Keep up this type of frontal attack and inevitably your arm will be raised in victory as your competition is counted out. David W. Wood is a Deering, NH based copywriter, newsletter publisher and marketing consultant specializing in the construction industry. ■
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Mid Atlantic Real Estate Journal — March 25 - April 7, 2011 — 3A
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4A — March 25 - April 7, 2011 — Mid
Atlantic Real Estate Journal
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MID ATLANTIC REAL ESTATE JOURNAL Moore of CBRE represents landlord in 22,494 s/f lease
Colliers’ DiDio facilitates 50,000 s/f industrial lease
Subscribe Today! ❒ I am requesting a sample of the Mid Atlantic Real Estate Journal ❒ Sign me up for a 1 year subscription at your introductory
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INELAND, NJ — Colliers International’s Southern New Jersey industrial division recently facilitated the lease of 50,000 s/f of industrial space in this 85,100 s/f facility to Tech Tony DiDio Tube. The property is situated on 12.5 acres located at 1299 West Forest Grove Rd. Tech Tube is a manufacturer of specialty tubing and fab-
rate of $49.50 — Regular rate: $99.00 The MAREJ, published twice monthly, offers in-depth commercial real estate coverage, reaching thousands of decision makers throughout The Mid Atlantic Region. Name ________________________________________________ Company _____________________________________________ Address ______________________________________________ City __________________ State ________Zip_______________ Telephone ____________________________________________ Type of Business _______________________________________ Signature _____________________________________________ Send or fax coupon to:
Mid Atlantic REAL ESTATE JOURNAL 312 Market Street • Rockland, MA 02370 Call (800) 584-1062/781-871-5298 • Fax (781) 871-5299 www.marejournal.com
1299 West Forest Grove Rd. ricated parts for the medical industry. They are relocating from Pitman, New Jersey due to expansion needs.
JUST FINANCED BY...
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$ 3,000,000
Acquisition of Land & Building Bank & EDA Financing
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Rockaway, NJ Avenel, NJ Norrisville, PA Union, NJ Norwood, NJ
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Federal & state solar & energy efficiency programs Federal new market tax credits Direct money from federal, state, county & city governments Working capital & term loans Restructuring of corporate debt
CBA
Carl Berger Associates, Inc.
17 Furler Street Totowa, NJ 07512 Tel 973.256.5330 Fax 973.256.7424 www.carlberger.com
Colliers International vice president, Tony DiDio represented the property owner, B.D.G.S. in this transaction. ISELIN, NJ — Colliers International New Jersey has arranged a 22,494 s/f renewal for Progressive Casualty Insurance Company at 485 Route 1 South at Woodbridge Corporate Plaza in Iselin. Wesley Moore, of CB Richard Ellis, represented landlord KBS Realty Advisors in the transaction. ■
NJ based Cushman & Wakefield ink 1.1 million s/f industrial sale CHARLESTON, SC — Commercial real estate services firm Cushman & Wakefield, Inc.’s New Jersey-based Metropolitan Area Capital Markets Group, in collaboration with its Georgia-based Southeast Capital Markets Group and independently owned and operated alliance partner Coppedge & Tison of Charleston, has arranged the sale of a 1.1 million s/f bulk distribution facility in Charleston. US Industrial REIT III purchased the newly developed, class A property from developer Rockefeller Group Development Corporation and its joint-venture partner, MeadWestvaco Corporation. Cushman & Wakefield’s Andrew Merin and Stewart Calhoun, and Coppedge & Tison’s John Coppedge and Ed Kercher headed the team that represented the RGDC/ MWV partnership and procured USAA as the buyer in the transaction. The LEED Gold-certified cross-dock distribution facility, which is fully occupied, sits on 124 acres in the Rockefeller Group-MeadWestvaco Foreign Trade Zone. ■
D EL M AR V A DELMARVA RREAL E STATE JOURNAL EAL ESTATE JOURNAL MAREjournal.com
Mid Atlantic Real Estate Journal — DelMarVa Real Estate Journal —5A
MacKenzie Commercial Real Estate Services’ DiVirgilio represents tenant in 40,212 s/f lease
Blue & Obrecht Realty completes MD industrial leases totalling 54,754 s/f
H
UNT VALLEY, MD — Metals & Residues Processing, Inc. leased 40,212 s/f of industrial space at 260 Schilling Circle. Richard Blue, Jr., SIOR, Paul Obrecht, III, SIOR and D. Middleton Smith, III of Blue & Obrecht Realty, LLC represented the landlord, The Murray Corporation, and Jon DiVirgilio of MacKenzie Commercial Real Estate Services represented the tenant.
Richard Blue, Jr.
Paul Obrecht, III
Meadowgate Technologies,
MARCH 25 - APRIL 7, 2011
HI-LIGHTS SVN – Miller’s McClellan team announce 8,800 s/f sale The McClellan Team with Sperry Van Ness – Miller Commercial Real Estate has announced the acquisition of the former Lift Parts and Services Building. See page 8A
Sloan Street Advisors / ITRA brokers 7,627 s/f office space Debra Stracke Anderson CCIM, SIOR, president and CEO of Sloan Street Advisors / ITRA, announced that the company represented Good Enterprise. See page 9A
ALSO INSIDE: MIKE NORRIS ...................................................................... 7A DELMARVA PEOPLE ON THE MOVE................................... 10A EXECUTIVE PROFILES ........................................................ 11A
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Jon DiVirgilio
LLC., specializing in IT sourcing, leased 14,542 s/f of industrial space at 7045 Troy Hill Drive in Elkridge. Paul F. Obrecht, III, SIOR and D. Middleton Smith, III of Blue & Obrecht
260 Schilling Circle Realty, LLC represented the Cushman & Wakefield repretenant, and Brian Kruger of sented the landlord. ■
Eric West and Mindy Saffer negotiate transaction
West, Lane & Schlager represents CSBS in 18,545 s/f lease expansion WASHINGTON, D.C. — West, Lane & Schlager (WLS), a commercial real estate brokerage firm announced that it has represented the Conference of State Bank Supervisors (CSBS) in a 12-year, Eric West 18,545 s/f lease at 1129 20th St. NW. Currently, CSBS occupies 15,130 s/f of space on parts
of three non-contiguous floors at 1155 Connecticut Ave. NW, which is also in the District of Columbia. On May 1, 2011, CSBS will move to the new space on 20th St., where it will have about 20 percent Mindy Saffer more space than it presently has on Connecticut Ave. Eric West, LEED AP, a prin-
Shoppes at Meadow Creek Westminster, MD
cipal with WLS, and Mindy Saffer, LEED AP, also a WLS principal, negotiated this transaction on behalf of CSBS. “We are excited to have worked with the Conference of State Bank Supervisors on this new lease transaction,” West said. “This organization’s new space at 1129 20th St. NW allows CSBS to more efficiently operate, as it currently has space on three different floors of one building on Connecticut Ave. Plus, the new location gives CSBS room to grow.” ■
6A — March 25 - April 7, 2011 — DelMarVa Real Estate Journal
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Operating and Managing over 3 Million Square Feet of Industrial and Commercial Real Estate in the Mid Atlantic Region 910 Basin Road Creekwood Corporate Center Class A Office Space Available From 1,610 Sq. Ft. to 2,278 Sq. Ft.
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Belle Hill For more information: Phone (302) 323-9300 Fax (302) 323-4951 29 East Commons Boulevard, Suite 100, New Castle, Delaware 19720 RGI 05-05-08
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DelMarVa Real Estate Journal — March 25 - April 7, 2011 — 7A
DELMARVA REAL ESTATE JOURNAL By Mike Norris, LEED AP, The Ezra Company
Ten ways to Save On Space
W
hether your space is medical, office, R&D, warehouse or some combination, it is probably your secondlargest company expense behind your people. There are Mike Norris many ways to save on space. Lowering your rental rate and the amount of space you lease are just the most obvious. Here are a few additional ways you may be able to save money on space: 1. Properly measure the existing space. You’re paying rent on a certain square footage – how do you know it’s accurate? 2. Professionally review your operating expense bills every year. Are you benchmarking expenses against the market and comparing those expenses to your lease to make sure you’re not being overcharged? 3. Comply with the new FASB rules. Mitigating longterm liabilities (which leases
will soon be treated as) on your balance sheet will enable you to obtain more favorable financing for other parts of your business. 4. Cap or eliminate landlord fees. How much do you have to pay for them to review a sublease, oversee a build-out or manage the building? 5. Appeal your real estate tax bills or compel the landlord to do so. Your ability to do so depends on many factors, but the value of your building has probably dropped, and so should your tax bill. 6. Improve alteration rights. Will you have to pay to remove your data cabling when your lease is up? How about any other build-out that you’ve completed? When does the landlord have to tell you whether or not you will have to pay to restore the space? Are your trade fixtures and equipment protected? 7. Protect against legal fees with prevailing party provisions. If the landlord pursues you for any non-payment or other default, but the charges are illegitimate, are you still responsible for legal fees?
Capital Markets
DEBT | EQUITY INVESTMENT SALES
8. Protect against the landlord’s default. If the landlord defaults on its agreement with its lender(s), can the lender change the terms of your lease or terminate your lease? How much would those changes or a forced move cost you? 9. Get up to code. The governmental authority having jurisdiction over your building may require both your space and your building to be in full compliance with building codes, including fire & life safety, energy, ADA and even LEED®, for you to get a permit to do minor work in your space. Is everything up to code and who pays for it to get up to code? 10. Save time. This is your most valuable asset. It makes you money when it’s devoted to operating your business; you lose money when you’re diverted away to other matters like the ones above.
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Mike Norris, LEED AP, is a vice president with Bethesda, MD-based The Ezra Company, a commercial real estate firm that represents tenants and buyers. ■
SPORTSMAN'S PARADISE
4305 Miller Road, Wilmington, DE 19802 Phone: (302) 764-7635 Web: www.vandemarklynch.com SITE DESIGN
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8A — March 25 - April 7, 2011 — Mid
Atlantic Real Estate Journal
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DELMARVA REAL ESTATE JOURNAL KLNB Retail represented Harris Teeter in the lease transaction
Buchanan Partners, Pinkard Group plan $74 million mixed-use development
A
LEXANDRIA, VA— Buchanan Partners of Gaithersburg, MD has teamed with The Pinkard Group of Bethesda, MD to develop a 51,500 s/f full-service Harris Teeter grocery store and 175 rental apartment homes for the Old Town North section of Alexandria. Buvermo Properties, Inc. of Bethesda is an equity partner in the $74 million mixed-use development, scheduled to break ground in the second quarter of 2012. The Harris Teeter store is tentatively scheduled to open in 2014. Buchanan recently signed a lease with Harris Teeter for a full-service store, including a pharmacy, on the building’s street level. The store will be
Harris Teeter rendering a much-needed amenity in an area that is undergoing significant residential infill redevelopment. Cary Judd of Baltimore, MD-based KLNB Retail represented Harris
Teeter in the lease transaction. “With such a growing need and desire for mixed-use urban development, we are very pleased to have found a site
IPA sells $32.75 million green student housing asset H A R R I S O N B U R G , VA — Institutional Property Advisors (IPA)has brokered the sale of North 38, a 228unit, 816-bed student housing complex in Harrisonburg. The property was built by Wood Partners and completed in 2009. The asset was 94.6 percent occupied at the time of the sale. The sale price was $32,750,000, which equates to $143,640 per unit or $40,135 per bed. Peter Katz, a senior director in the Phoenix office of IPA and Henry Schuldinger, an associate in the Washington, D.C. office of Marcus & Millichap, represented the sellers, a JV with Wood Partners and Franklin Holdings, both based in Charlotte, NC, and Key Bank, their equity source. Katz also represented the buyer, a JV of JMG Realty of Atlanta and Trident Partners
North 38 of New York. said Katz. “Completed in “This purpose-built stu- 2009, the complex boasts an dent housing complex was expansive package of ameniconstructed to the highest ties, state-of-the-art technolstandards, utilizing green ogy in each unit, and the technology that earned it an high-grade finish of a Wood Energy Star certification,” Partners-built asset.” ■
Cityline Ptrs. plans 40-acre Tysons Corner transformation TYSONS CORNER, VA — Cityline Partners unveiled a plan for the long-term transformation of about 40 acres of land in Tysons Corner into an integrated mix of office, residential, hotel, retail, and civic uses surrounding an improved Scotts Run Stream Valley Park. Cityline Partners, a subsidiary of New York City-based DLJ Real Estate Capital Partners (DLJ RECP), has filed
an application with Fairfax County to rezone the property, currently referred to as Scotts Run Station, to fulfill the vision of the County’s recently adopted Comprehensive Plan for the Tysons Corner Urban Center. Cityline is proposing a mix of uses totaling approximately 8.5 million GSF. The rezoning application also includes private and public open space
well above the County’s requirement. The 40-acre property, formerly known as Westgate Office Park, is located on the north and south sides of the main Tysons Corner artery, Route 123. Scotts Run Station South, with nearly 30 acres, is bounded on the west by the I-495, the Capital Beltway, and on the east by Route 267, the Dulles Airport Access Road. ■
with the Old Town brand and the strong retail amenity of a Harris Teeter grocer,” said Bob Buchanan. Bob Pinkard added: “This is exactly the kind of cutting-edge project
that we have been seeking for our real estate investment group.” The 65,000 s/f development site, which is currently going through rezoning, covers most of the city block bounded by North St. Asaph Street, Madison Street, and North Pitt Street. This site is located just one block just east of Washington Street, Old Town’s main north-south artery. Theo Androus, who also is a partner in the planned development, said: “This project will create much-needed jobs and tax revenue for the city, while providing Old Town with its first full-service grocery store – something that residents of this area have long desired, but never thought possible.” ■
Cassidy Turley provides property management svcs. ARLINGTON, VA — Cassidy Turley has been selected by Virginia Tech Research Institute to provide property management services for 900 N Glebe Rd.,− a new 7-floor, 134,165 s/f office building. “We are very proud to have the opportunity to provide our comprehensive property management services to one of the nation’s leading research universities,” said Al Motta, vice
900 N Glebe Road president, property management with Cassidy Turley. ■
McShea & Co. broker 69,695 s/f lease in Sterling, VA
DelMarVA Real Estate Journal
STERLING, VA — McShea & Company, Inc. announced it represented the landlord, The Acacia Group, in the leasing of 69,695 s/f to the General Services Administration (GSA) at 44132 Mercure Circleg. GSA signed a ten year lease. Bob Dickman and Jack McShea were the McShea brokers involved in this transaction. In a separate transactions, McShea & Company represented the landlord, Ausherman Development Corporation, in the leasing of 24,746 s/f to US Pharmacopeia at 7135 English Muffin Way, in Frederick, MD. Founded in 1820, USP is an international company with more than 500 employees dedicated to improving the quality, safety, and benefits of medicines and foods worldwide. ■
a section of the
Mid Atlantic Real Estate Journal P.O. Box 26, Accord, MA 02018 781-871-5298 • 800-584-1062 fax 781-871-5299
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Section Publisher Elaine Fanning efanning@MAREJournal.com
Associate Publisher Dianna Mallozzi dmallozzi@marejournal.com
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DelMarVa Real Estate Journal — March 25 - April 7, 2011 — 9A
DELMARVA REAL ESTATE JOURNAL Former Lift Parts and Services Building
SVN – Miller’s McClellan team announce 8,800 s/f sale
D
ELMAR, DE — The McClellan Team, including senior advisor John McClellan, CCIM and advisor Karen Cherry, with Sperry Van Ness – Miller Commercial Real Estate has announced the acquisition of the former Lift Parts and Services Building by Burke Equipment Company. The 8,800 s/f building situated on five acres is located at the corner of US 13 and East Snake Rd. just north of Delmar. Burke intends to relocate their existing Seaford facility to Delmar in order to provide a more centralized location for customers in Wicomico, Worcester and southern
R EDUCING Y OUR O CCUPANCY C OSTS I S O URS .
O UR D IFFERENCE IS YOUR A DVANTAGE R EPRESENTING C ORPORATE T ENANTS AND B UYERS . . . E XCLUSIVELY AND W ORLDWIDE .
+1 703.758.7479 www.sloanstreetadvisors.com Washington DC Affiliate of:
Former Lift Parts and Services Building Sussex County. The facility ta and Bobcat dealership this will house a full-service Kubo- coming summer. ■
Sloan Street Advisors / ITRA brokers 7,627 s/f office space N AT I O N A L H A R B O R , MD— Debra Stracke Anderson CCIM, SIOR, president and CEO of Sloan Street Advisors / ITRA, announced that the company represented Good Enterprise in leasing 7,627 s/f of prime office space located at 165 Waterfront St. National Harbor, a nationally acclaimed class A mixed-use development located on the Potomac River, is a waterfront community which includes office space, six hotels (including the Gaylord National Resort and Convention Center. ■ MANASSAS, VA — Gary McGlynn, senior vice president and managing director, Kenneth Gentzel, senior vice president and managing director and Frank Relihan, vice president, all of NorthMarq’s Washington, DC Regional office arranged permanent first mortgage financing of $27.5 million for Raven’s Crest Apartments, a
P ROFITABILITY I S Y OUR P RIORITY . . .
COMING SOON SPRING PREVIEW 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.
165 Waterfront St.
Gary McGlynn Kenneth Gentzel 444-unit garden-style apartment complex.
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 McGlynn, this asset is a well maintained, class A, fully stabilized complex well located in Northern Virginia’s Prince William County. ■
Proud to be part of the project team for Clemson Corner
These experts will enlighten our readers on their industry and give a general overview of the marketplace in the field they represent
Deadline for Editorial: April 8, 2011 Publication Date: April 22, 2011 Editorial Requirements Include: Half page ad with 550 word article and a headshot of the author The Mid Atlantic Real Estate Journal welcomes all editorial dealing with the commercial/industrial real estate industry. Contact Linda Christman Today! 800-584 -1062 x203 lchristman@marejournal.com wwwmarejournal.com
www.dhmexc.com
10A — February 25 - March 10, 2011 — Mid
Atlantic Real Estate Journal
MAREjournal.com
DELMARVA PEOPLE ON THE MOVE 2011 Surveyor of the Year
Six advisors rank in the top 100 agents
DAS awards VanDemark & Lynch’s John S. Bianco
SVN – Miller appoints Brent Miller to board
D
OVER, DE — VanDemark & Lynch’s John S. Bianco, P.L.S. was named 2011 Surveyor of the Year by the Delaware Association of Surveyors (DAS). The award was presented at John S. Bianco its Annual Meeting held on February 9, 2011 in Dover. Bianco has been a surveyor for over 30 years, and obtained
his professional land surveyor registration in 1994. Bianco has worked for VanDemark & Lynch, Inc. as an integral part of the field survey department since 1981, starting as an instrument man, progressing to party chief, then chief of surveys in 1996, and now vice president. As our vice president in charge of surveys, Bianco oversees the daily operations of V&L’s field crews. He also oversees the management of field data, legal research, survey computations, and scheduling of the
field crews. Bianco has extensive knowledge of Property, Topographic, Construction, Geodetic, GPS, and Hydrographic Surveys. Bianco also recently became a partner and part-owner of VanDemark & Lynch. Probably the biggest compliment you could give John, similar to saying that someone is a “man’s man,” is to call John a “surveyor’s surveyor.” He is truly an asset to the surveying profession, and VanDemark & Lynch is proud to have him on our team of professionals. ■
Joseph Friedman joins McShea & Co. MONTGOMERY COUNTY, MD — One of the top commercial brokerage and management firms in the Washington, DC R e g i o n , McShea & C o m p a n y, Inc. announced the appointment Joseph of Joseph Friedman “Joe” R. Friedman as vice president of investment sales. Friedman will be responsible for leading and growing the company’s Investment Services Group. Friedman is an industry
veteran with more than ten years experience in Investment Sales. Prior to joining McShea, Friedman was vice president of investment services for Transwestern Commercial Services. At Transwestern, he was a co-founder of a three member investment sales transaction team that completed fifty-eight transactions totaling $858 million in the Washington-Baltimore Metropolitan Region In 2008, the team was awarded the “Industrial Transaction of the Year” by the Washington Business Journal for the sale of a 1.3 million s/f industrial portfolio. Friedman was ranked among the “Top 35 Real Estate
Professionals Under 35” in Bisnow on Business in Washington, DC for 2007, and was Transwestern’s Mid Atlantic “Rookie of the Year” for 2005. Friedman holds a Bachelor of Arts in Organizational Studies from the University of Michigan. “We are indeed fortunate to have landed someone with Joe’s experience and capabilities,. He will make a great addition to our leadership team and we look forward to the expansion of McShea’s Investment Services Group under his guidance.,” said Jack McShea, president and CEO of McShea & Co. ■
Emory Hill Real Estate Services hires Frye NEW CASTLE, DE — Emory Hill Real Estate Services, Inc. announced that Jeffrey L. Frye has joined the company as a bookkeeper. Previously, he worked for the State of Delaware in the
Division of Public Health, handling grant / fund accounting for the American Recovery and Reinvestment Act. Other previous positions include tax preparation with HR Block, accounting with
Apex Integrated Services in Marlton, New Jersey, and a position with Chase Card Services. Frye has a B.S. in Accounting from the University of Maryland. ■
Anne Frank House purchases 12th home for formerly homeless WASHINGTON, D.C. — Anne Frank House (AFH), a non-profit organization housing formerly homeless individuals with mental illness purchased its fifth condominium in NW Washington D.C. AFH currently provides housing for eleven individuals. The organization owns five condominiums and rents six apartment units. Anne Frank House in turn charges its clients approximately onequarter of what the rental or condo actually costs the organization. “By making this purchase now, Anne Frank House is able to own this condominium for less than the overall cost of renting,” said Anne Frank
House co-president Joe Berman, who is also an agent at Long & Foster. “For a non-profit organization whose purpose is to house deserving clients, it makes more financial sense to invest in real estate rather than rent, since the costs are about the same. While rents will continue to increase, the cost to own will remain fairly constant and eventually decrease significantly when the fifteen-year mortgage is paid off.” “We look forward to consistent growth over the next year and plan to acquire additional condominiums in order to provide housing to more clients,” said Hazel Keimowitz, also an Anne Frank House co-president. “We are looking at new
ways of fundraising, including direct property donations to increase the number of clients we serve. We are grateful for the support of many individuals and foundations in the Washington area and hope to expand our donor network as our organization continues to grow.” During the past year, Anne Frank House, founded in 1987, has revamped its web site, garnered new board members and increased its annual budget. Anne Frank House clients receive their mental health and medical services through a contract with the Community Council for the Homeless at Friendship Place and are part of FP’s network of housing. ■
SALISBURY, MD — Brent Miller, CCIM, CPM, managing director for Sperry Van Ness – Miller Commercial Real Estate has been appointed to the Sperry Van Ness Corporate Advisory Board. The Brent Miller primary purpose of the board is to provide management with advice about the direction the company should follow, taking into consideration its financial picture and the confines under which Sperry Van Ness operates as a franchisor. The board meets four times a year to discuss topics such as financial, technology initiatives, brand initiatives, culture, growth strategies and connectivity events. In other news, six of SVN – Millers Advisors and their teams ranked in the top 100 for Sperry Van Ness Corporate out of more than 800 Advisors.
Henry Hanna, CCIM, SIOR, Wesley Cox, CCIM, and assistant Flo Adams ranked #7, John McClellan, CCIM and Karen Cherry ranked #25, Dave Kenton ranked #55, Brent Miller, CCIM, CPM ranked #77, Rick Tilghman, CCIM ranked #88 and Casey Kenton ranked #98. Sperry Van Ness Miller Commercial Real Estate was also ranked as the #2 firm nationally with SVN corporate for the 4th year in a row, outperforming agents and offices in many major metropolitan and regional areas throughout the country. “The successful year end rankings for 2010 are the result of the professionalism, hard work, work ethic, and dedication to clients by all of the SVN – Miller advisors and staff” said Brent Miller, CCIM, CPM. Kevin Maggiacomo, president and CEO of Sperry Van Ness Corporate said “2011 will represent a calendar year of overall recovery – more balanced than we saw in 2010, but not without fits and starts.” ■
Long & Foster names Berman branch manager of Georgetown office GEORGETOWN, VA — Gary A. Scott, president of the real estate brokerage of Long & Foster Real Estate, Inc., one of the largest independently-held residential real estate companies in the United Stacy J. Berman States, announced the appointment of Stacy J. Berman as branch manager of the Long & Foster Real Estate Georgetown office. Berman brings more than 15 years of real estate and marketing experience to the position. She has been with Long & Foster as a top-producing sales associate since 2004. In her new position, she will oversee all operations at the Long & Foster Georgetown. Prior to her career in real estate, Berman worked as a marketing executive with a variety of technology companies in the Washington, D.C. as well as in NY. “Our Georgetown office is home to an impressive group of real estate sales professionals and we are excited about the level of service and market expertise they will deliver to Long & Foster’s customers un-
der Stacy’s skilled leadership,” said Scott. “Her sales and marketing background will be a great asset in the continued success and growth of the Georgetown office, and we’re confident that Stacy and her team will assist many buyers and sellers in reaching their homeownership goals.” Berman holds a bachelor’s degree from Simmons College in Boston, MA. CHANTILLY, VA — Long & Foster announced its partnerships with two home warranty providers, HMS Home Warranty, provider of the Long & Foster Home Warranty Plan, and 2-10 Home Buyers Warranty, provider of the HomeTrust Warranty plan. Offered as part of a complete suite of home buying and selling services, these companies will serve Long & Foster customers by bringing peace of mind to transactions with industry-leading home warranties. Long & Foster Insurance recognized HMS Home Warranty and 2-10 Home Buyers Warranty (2-10 HBW) after an extensive evaluation of benefits and services, making it easy for Long & Foster sales associates and their clients to select the home warranty coverage that best fits their needs. ■
MAREjournal.com
Mid Atlantic Real Estate Journal — March 25 - April 7, 2011 — 11A
PROFILES ON INDUSTRY PROFESSIONALS DEBRA STRACKE ANDERSON CCIM, SIOR PRESIDENT AND CEO TITLE: PRESIDENT AND CEO COMPANY: SLOAN STREET ADVISORS / ITRA LOCATION: MCLEAN, VA BIRTH PLACE AND DATE: GREENVILLE AIR FORCE BASE, GREENVILLE, MS; MOVED CONSISTENTLY WITH AIR FORCE FAMILY THROUGHOUT THE US AND EUROPE SHORTLY THEREAFTER. FAMILY: MARRIED WITH TWO DAUGHTERS, AGES 31 AND 27; ONE SON, AGE 17; ONE SON-IN-LAW; AND ONE GRANDSON, AGE 17 MONTHS. COLLEGE: MISSOURI STATE UNIVERSITY FIRST JOB OUT OF COLLEGE: BANKING FIRST JOB IN REAL ESTATE/ALLIED FIELD: LEASING AGENT WHAT DO YOU DO NOW AND WHAT ARE YOU PLANNING FOR THE FUTURE: I AM FOUNDER AND PRESIDENT OF SLOAN STREET ADVISORS / ITRA, AN INTERNATIONAL COMMERCIAL REAL ESTATE FIRM BASED IN THE WASHINGTON, D.C. AREA. WE PROVIDE TRANSACTIONAL REPRESENTATION,
NAME: JOESPH (JOE) FRIEDMAN TITLE: VICE PRESIDENT COMPANY: MCSHEA & COMPANY, INC. 100 LAKEFOREST BLVD, SUITE 500 LOCATION: GAITHERSBURG, MD 20877 BIRTH PLACE AND DATE: WASHINGTON, DC , 12-28-1977 FAMILY: MARRIED, NO KIDS (YET) COLLEGE: U. OF MICHIGAN – ANN ARBOR (2000) FIRST JOB OUT OF COLLEGE: RESEARCH ANALYST AT COSTAR FIRST JOB IN REAL ESTATE OR ALLIED FIELD: SEE ABOVE WHAT DO YOU DO NOW AND WHAT ARE YOU PLANNING FOR THE FUTURE: I HAVE BEEN AN INVESTMENT SALES BROKER FOR THE LAST 7 YEARS WITH AN EMPHASIS ON MIDDLE-MARKET, INVESTMENT PROPERTY IN THE WASHINGTON/BALTIMORE REGION. I INTEND TO CONTINUE THIS NICHE AT MCSHEA HOBBIES: SOFTBALL, GOLF, LIFE-LONG ORIOLES AND REDSKINS FAN FAVORITE BOOK: JAMES AND THE GIANT PEACH FAVORITE MOVIE: BRAVEHEART PERSON YOU MOST ADMIRE (OUTSIDE OF FAMILY) JON STEWART KEY TO YOUR SUCCESS: INTEGRITY, HARD WORK, BUILDING RELATIONSHIPS IF YOU WERE FORCED TO CHOOSE ANOTHER VOCATION WHAT WOULD IT BE? I WOULD OPEN A BAGEL SHOP CALLED “EVERYTHING BAGEL” IN MY LOCAL DC NEIGHBORHOOD.
McShea & Company, Inc.
NAME: DEBRA STRACKE ANDERSON CCIM, SIOR
JOESPH (JOE) FRIEDMAN VICE PRESIDENT
BROKERAGE AND CONSULTING SERVICES EXCLUSIVELY FOR CORPORATE TENANTS AND BUYERS OF PROPERTIES IN THE DISTRICT OF COLUMBIA AND ITS SUBURBS,
Sloan Street Advisors / ITRA
IN ADDITION TO REPRESENTING CLIENTS ON AN INTERNATIONAL BASIS. SLOAN
STREET ADVISORS/ ITRA WAS SELECTED IN 2003 AS THE WASHINGTON, D.C. AFFILIATE FOR THE INTERNATIONAL TENANT REPRESENTATIVE ALLIANCE (WWW.ITRAGLOBAL.COM), THE LARGEST ORGANIZATION DEVOTED TO CORPORATE TENANT AND BUYER REPRESENTATION. WITH ITS SERVICE ACROSS NORTH AMERICA, EUROPE, LATIN AMERICA, ASIA AND THE PACIFIC RIM, ITRA IS ACTIVE IN MORE THAN 85 U.S. AND OVERSEAS MARKETS, PROVIDING CLIENTS WITH PRINCIPAL-LEVEL REPRESENTATION WORLDWIDE. I CURRENTLY SERVE AS CHAIRMAN OF THE BOARD OF DIRECTORS FOR ITRA. I ALSO SERVE ON THE BOARD OF DIRECTORS FOR STOP CHILD ABUSE NOW AND ON THE ADVISORY COUNCIL FOR PROGRAMS FOR YOUTH. FOR THE FUTURE, I LOOK
If you would like to be included on this page
call: Elaine Fanning
FORWARD TO BECOMING KNOWN AS THE MOST POPULAR GRANDMOTHER ON THE PLANET.
HOBBIES: TRAVEL, READING, FAMILY ACTIVITIES
Mid Atlantic REAL ESTATE JOURNAL
FAVORITE BOOK: “PERSONAL HISTORY” BY KATHARINE GRAHAM FAVORITE MOVIE: FORREST GUMP PERSON YOU MOST ADMIRE (OUTSIDE OF FAMILY): THERE IS NO ONE I ADMIRE MORE THAN MEMBERS OF MY FAMILY. THEY INSPIRE ME AND BRING ME GREAT JOY. KEY TO YOUR SUCCESS: 1) LISTEN MORE THAN YOU SPEAK; AND 2) HAVE AN OPEN MIND. SERENDIPITY IS LOOKING FOR A PLACE TO HAPPEN. IF YOU WERE FORCED TO CHOOSE ANOTHER VOCATION WHAT WOULD IT BE? WRITER
efanning@marejournal.com
(800) 584-1062 / (781) 871-5298 x 212 • Fax (781) 871-5299
12A — March 25 - April 7, 2011 — DelMarVa Real Estate Journal
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Operating and Managing over 3 Million Square Feet of Industrial and Commercial Real Estate in the Mid Atlantic Region
Twin Spans Business Park, City of New Castle, DE
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• +/– 135 Acre Business Park in the City of New Castle • Minutes away from I-95/I-295, and Routes 9 & 13. • Site offers convenient access to the Delaware Memorial Bridge, Port of Wilmington and the entire northeast corridor. • Perfect for Office, Laboratory or Manufacturing / Distribution • Recently completed new access boulevard with signal controlled intersection on Route 9. • Park tenants include:Winterthur Catalog Operations, Hibbert Group,Tire Rack, Speakman Co., Mattress Giant, Schindler Elevator, Philadelphia Gear,Agilent Technologies
• 45 Acres of industrial zoned land (HI) located ideally near the Port of Wilmington, the Delaware Memorial Bridge, I-95 and I-295; with great access to entire northeast corridor. • High quality constructed buildings with space as small as +/– 14,500 sq. ft. • 24'–31' clear ceiling height • HI (Heavy Industrial) zoning allows for a wide array of uses • Park tenants include: Iron Mountain, National Roll Kote, DHL, Carlyle Cocoa, Harbour Textile,Waste Management, SKW Hardcore, Freeze, RecyClean
• +/- 400,000 Sq. Ft. business park in the town of Newport. • 1/2 mile from I-95/Rt. 141 interchange with immediate access to I-295, I-495 north and south. • Site offers convenient access to the Delaware Memorial Bridge, Port of Wilmington and the entire northeast corridor. • Park tenants include: AIG, Sieck Wholesale Florist, First State Paper, Qwest Communications, C-Cert, Apex Piping and Conectiv.
Newport Industrial Park For more information: Phone (302) 323-9300 Fax (302) 323-4951 29 East Commons Boulevard, Suite 100, New Castle, Delaware 19720
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Mid Atlantic Real Estate Journal — March 25 - April 7, 2011 — 13A
Mid Atlantic REAL ESTATE JOURNAL
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14A — March 25 - April 7, 2011 — Mid
Atlantic Real Estate Journal
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COMMERCIAL REAL ESTATE ORGANIZATIONS’
EVENTS CALENDAR MARCH 28 – CCIM Event: Introduction to Commercial Investment Real Estate Analysis Location: Pittsburgh, PA Cost: $395 P: 312-321-4460 Email: membership@ccim.com www.ccim.com MARCH 29 – CORENET NJ Event: Learning/Social Event: Workplace Change Management Time: 3:30 PM – 7:00 PM Location: Hyatt Regency Address/City: 2 Albany Ave., New Brunswick, NJ Cost: $75 Members $100 Nonmembers www.corenetnj.org MARCH 30 – SMPS CENTRAL PA Event: March Marketers Forum: The Mystery of SoMe Time: 7:30 AM – 11:00 AM Location: Gannett Fleming Address/City: 209 Senate Ave., Camp Hill, PA Cost: $20 Members $30 Nonmembers Email: president@smpscentralpa.org www.smpscentralpa.org MARCH 30 – SMPS PHILADELPHIA Event: Cultivating a Business Development Culture in Your Firm Time: 8:30 AM – 10:30 AM Location: The Downtown Club Address/City: 6th & Chestnut Sts, 11th Fl Philadelphia, PA Cost: $35 Members $55 Nonmembers www.smpsphiladelphia.org MARCH 31 – USGBC Event: NJ/PA Sustainability Symposium Time: 7:30 AM – 2:00 PM Location: Rutgers University Camden Campus Address/City: 326 Penn St., Camden, NJ Cost: Free Email: marketing@flastergreenberg.com www.usgbcnj.com APRIL 5 – ULI BALTIMORE Event: Metropolitan Baltimore Multifamily Housing Development Summit Time: 7:30 AM – 11:30 AM Location: BWI Marriott Address/City: 1743 W. Nursery Rd. Linthicum, MD Cost: $75 Members $95 Nonmembers P: 800-321-5011 www.baltimore.uli.org
CCIM
(Certified Commerical Investment Member)
www.ccim.com
DVGBC
(Delaware Valley Green Building Council)
www.dvgbc.org
APRIL 5 – CREW NORTHERN VIRGINIA Event: Going, Going, Green! Pushing the Envelope on Green to Achieve Maximum Results Time: 11:30 AM – 1:30 PM Location: Maggiano’s – Tyson’s Galleria Address/City: 2001 International Dr., McLean, VA Cost: $45 Members $65 Nonmembers P: 785-832-1808 x-205 Email: crewnorthernvirginia@crewnetwork.org www.crewnorthernvirginia.org APRIL 6 – ABC METRO WASHINGTON Event: General Meeting Time: 5:00 PM – 8:00 PM Location: Marriott Bethesda North Hotel & Conf. Cntr. Address/City: 5701 Marinelli Rd., Bethesda, MD Cost: $75 Members P: 301-595-9711 Email: kcollins@abcmetrowashington.org www.abcmetrowashington.org APRIL 6 – CIANJ Event: Member Welcome Reception Time: 5:30 PM – 7:30 PM Location: Crowne Plaza Englewood Address/City: 401 S. Van Brunt St., Englewood, NJ P: 201-368-2100 Email: sweiner@cianj.org www.cianj.org APRIL 6 – ICSC Event: Pennsylvania Program Time: 7:30 AM – 10:00 AM Location: Providence Town Center Address/City: Interchange Rtes. 422 & 29, Collegeville, PA Cost: $15 Members $25 Nonmembers P: 646-728-3800 Email: mdonovan@icsc.org www.icsc.org APRIL 6-8 – ABC Event: 62nd Annual Atlantic Builders Convention – Breaking New Grounds at ABC Location: Atlantic City Convention Center Address/City: Atlantic City, NJ P: 609-587-5577 www.abcconvention.com APRIL 7 – BOMA PITTSBURGH Event: Luncheon – County Executive Candidates Time: 11:30 AM Location: Omni William Penn Hotel Address/City: 530 William Penn Pl, Pittsburgh, PA Cost: $30 P: 412-261-2884 www.bomapittsburgh.org
POA New Jersey
(Property Owners Association of New Jersey)
www.poanj.org
ABC
(Associated Builders & Contractors)
www.abc.org
MBA
Mortgage Bankers Association of New Jersey
www. mbanj.com
MAREjournal.com
Mid Atlantic Real Estate Journal — March 25 - April 7, 2011 — 15A
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16A — March 25 - April 7, 2011 — Mid
Atlantic Real Estate Journal
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PEOPLE ON THE MOVE Leaders and mentors in the firm
Executive VP and senior VP
Sarno and Neuer join CB Richard Ellis
S
ADDLE BROOK, NJ — Joseph Sarno and Jeremy Neuer have joined CB Richard Ellis. Sarno has been named executive vice president, and Neuer will serve as senior vice p r e s i d e n t , Joseph Sarno both working out of CBRE’s East Brunswick office. The team will focus on providing commercial transaction services to corporate space users globally, as well as landlord advisory services locally for many of Central New Jersey’s top office buildings. “The addition of Joe and Jeremy to our Central New Jersey team continues our commitment to providing our clients with the top talent in our industry,” said Jeff Hipschman, senior managing director, CBRE, and head of its New Jersey operations. “Our
clients demand and deserve the highest caliber of strategic capability and transactional excellence, and the addition of Joe and Jeremy to our team continues to build upon the significant talent Jeremy Neuer b a s e t h a t has resulted in CB Richard Ellis’ dominate market position in the state over the past decade.” Most recently, Sarno was an executive director at Cushman and Wakefield, where he worked for 32 years specializing in consulting and transaction services for corporate accounts, office tenant representation and landlord agency assignments. During this time, Sarno served as the exclusive leasing agent for more than 10 million s/f of space and managed corporate accounts on behalf of such
prestigious clients as SONY Music, AIG, ADP, and NRG Energy. Sarno, a licensed broker in New York and New Jersey, holds a Bachelor of Science degree in Business Administration from Bryant College and attended New York University’s Real Estate Institute. He is a member of The New York Real Estate Board, a board member of the Monmouth County Boy Scouts of America, and is a member of CoreNet Global. Neuer also comes to CBRE from Cushman and Wakefield, where he worked for 10 years as both a tenant and landlord representative, working on behalf of such well-respected corporations as AIG, ADP, L-3 Communications, Time Inc., and Mellon, as well as Delia’s, which he represented in the relocation of the company’s headquarters in New York City. Additionally, Neuer managed numerous agency assignments in New Jersey. ■
NJBIZ names Cushman & Wakefield’s Brennan one of NJ’s Best 50 Women In Business SOMERSET/EAST RUTHERFORD , NJ — Kim Brennan, senior managing director, New Jersey Region, Cushman & Wakefield, Inc., has been named one of New Jersey’s 2 0 11 B e s t 5 0 Wo m e n in Business. Kim Brennan The award program, produced
by NJBIZ is sponsored by Wells Fargo, WithumSmith+Brown, PC and Wolff & Samson PC. The Best 50 Women in Business awards program honors New Jersey’s most dynamic women in business that have been making headlines in their field. To qualify, a nominee had to meet selection criteria that included living or working in New Jersey and holding significant authority for decision making in a for-profit
company. An independent panel of judges selected the top 50 winners based on their dedication to business growth, professional and personal accomplishments, community involvement, and advocacy for women. NJBIZ and the program sponsors will honor this year’s winners during an awards ceremony on Monday, March 28, 2011 at The Palace at Somerset in Somerset. ■
JLL names Wilson-Maher as Philadelphia healthcare lead PHILADELPHIA, PA — Jones Lang LaSalle announced the appointment of Allison P. WilsonMaher as senior vice president and leader of the firm’s healthcare real estate services i n i t i a t i v e Allison WilsonMaher in Philadelphia. Wilson-Maher will drive business across all of Jones Lang LaSalle’s healthcarerelated service lines, including project and development services, property and facility
management, brokerage, and capital asset strategy. “With Allison’s formidable experience, she understands healthcare real estate trends and challenges,” said Michael McCurdy, managing director at Jones Lang LaSalle. Wilson-Maher brings nearly 20 years of strategic marketing, business development, and commercial real estate project and development services experience to her new role. Most recently, she was a vice president with Duke Realty Corporation. Wilson-Maher holds a master’s degree in real estate from the University of Pennsylvania where she remains an
active participant in the Zell Lurie Real Estate Center at the Wharton School. She is a Fellow of the American College of Healthcare Executives. A prolific public speaker on healthcare topics ranging from sustainability to investment value, Wilson-Maher most recently moderated “Building Philadelphia’s Future: Universities and Healthcare Focus” panel at Realshare Philadelphia, and participated in “New Life for Distressed Properties” at NAIOP New Jersey in New Brunswick, NJ and the Healthcare Leadership Network of the Delaware Valley Annual Meeting in Philadelphia, Pa. ■
The Kislak Co. awards Weilheimer & Sweetwood WOODBRIDGE, NJ — The Kislak Company, Inc. announced the recipients of its 2010 sales awards at the company’s annual awards c e r e m o n y. VP Matt Weilheimer received the Producer of the Year Matt Weilheimer award and senior vice president Joni Sweetwood received the Sima Kislak Jelin Salesperson of the Year award. “We are extremely proud to recognize Matt and Joni as the recipients of our 2010 sales awards,” said Jeffrey Wiener, president and co-managing director. “These are significant accomplishments, especially given some of the recent challenges in the market, and the awards are a testament to their persistence, hard work, dedication and success. Matt and Joni are leaders and mentors in our firm and are among our best salespeople.” Kislak’s Producer of the Year award is presented annually to the individual who generated the highest sales volume in the company. Weilheimer’s 2010 transactions total more than $38 million and include the $13.5 million sale of Emerald Ridge Apartments, a 376-unit apartment complex in Lindenwold; the $12.4 million sale of a five-property, 288-unit apartment portfolio with two parcels of land in Lansdowne and Yeadon, PA; and the $5.8 million sale of a five-property multifamily, office and mixeduse portfolio in Westwood that includes 20 apartments and 12,630 s/f of office space. Weilheimer joined Kislak in 1996 and specializes in the sale of traditional and bank-owned multifamily and other invest-
ment properties. He is involved in Kislak’s overall management and is responsible for supervising a team of salespeople. The Sima Kislak Jelin Salesperson of the Year award is presented to the individual Joni Sweetwood whose performance and professionalism during a given year demonstrated the highest standards of excellence for which Kislak is known. The award is named after the company’s long-time executive and broker of record who was a key mentor and motivator to countless salespeople, and who passed away in 2010. Jelin was also the daughter, of the company’s founder, J.I. Kislak. “We renamed this award after Sima, who was a dear friend, colleague and inspiration to so many of us and it is very appropriate that Joni is the award’s first recipient,” said Robert Holland, senior VP and co-managing director. “Sima and Joni were very close and Joni considers Sima one of her idols.” Sweetwood’s 2010 transactions total more than $25 million and include the $8.4 million sale of the first mortgage and deed for River Plaza Apartments, a 271-unit apartment building in Harrisburg, PA; the $2.9 million sale of Brooklawn Court Apts., a 54-unit apartment complex in Brooklawn; and the $2 million sale of a 27-unit apartment building in Elizabeth, New Jersey. Sweetwood also joined Kislak in 1996 and specializes in the sale of traditional and bankowned multifamily and other investment properties. She is a mentor to sales trainees. ■
May 4: ICREW NJ to host 10th Annual Golf Classic in Bedminster Twp., NJ BEDMINSTER TOWNSHIP, NJ — Industrial/Commercial Real Estate Women, Inc. (ICREW NJ) will host its Tenth Annual Golf Classic and Reception on Wednesday, May 4 at the Fiddler’s Elbow Country Club in Bedminster Township. This year’s proceeds will benefit Cerebral Palsy of North Jersey, a non-profit organization dedicated to serving the needs of local residents with cerebral palsy. Both seasoned golfers and
novices are invited to play in this charity event, which is open to the public. Featuring a scramble format for 140 golfers, the fundraiser also includes brunch, a dinner reception and awards ceremony as well as a silent auction and raffle. The fee for golfers is $325 for 18 holes, $250 for 9 holes and $200 for the golf clinic. For those interested in attending the dinner reception only, the fee is $100. ■
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Mid Atlantic Real Estate Journal — March 25 - April 7, 2011 — Inside Back Cover A
Mid Atlantic REAL ESTATE JOURNAL
BILLBOARD
CLASSIFIEDS • CLASSIFIEDS • CLASSIFIEDS • CLASSIFIEDS • CLASSIFIEDS • CLASSIFIEDS • CLASSIFIEDS • CLASSIFIEDS • CLASSIFIEDS
Coldwell Banker Commercial Bennett Williams 110 N. George Street; 4th floor York, PA 17401
Commercial Leasing/Sales
Property Management IDEAL LOCATION in BETHLEHEM, PA
Landlord Representation
Busy corner with maximum on-street visibility. 6 apartments, all leased & occupied. · 1900 sq ft ground level commercial area for lease or owner use. · Rear 2 car garage with 12’ ceilings for street deliveries & paved parking space for 4 cars
Tenant Representation www.bennettwilliams.com
Site Selection
717-843-5555
Building is in the heart of the revitalized South Side business district, near the Discovery Center, the Sands Casino and Lehigh University.
ACHEY REAL ESTATE $565,000 610-868-1810
Data Center Available
J E S S U P , P E N N S Y LVA N I A
AVA A B LE IM M E IL D IAT E LY 0' 15 6D ock 4D
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Mercer County, NJ
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Available 1/1/08 92,600 s.f.
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NORTHEAST CORRIDOR
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Leased 58,500 s.f. 0' 24
(1) 2,000 AMP / 480 Volt Service
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Industrial Land – 10.7 acre site in Valmont Industrial Park for sale. Zoned for manufacturing. Close to I-81 & I-80. Approved for 126,000 SF building. Office – Under construction, 29,000 SF Class A office building adjacent to downtown Scranton, PA. Various suite sizes, lease or ownership opportunity.
•
Retail – Wilkes-Barre. 11.42 acres across from Wyoming Valley Mall at signalized corner.
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200 Acres with 54,000 manufacturing in multiple warehouse and residential buildings. Marcellus gas rights available.
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Food warehouse, 28,000 SF, 3.7 acres with freezer and cooler spaces.
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Located approximately one mile to new highway interchange for State Route 6 (Robert P. Casey Highway), and five miles on State Route 6 to Interstate 81
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1270 Mid-Valley Drive 1270 Mid-Valley Drive is located in the Scranton/ Wilkes Barre/Hazelton industrial market. This building of 151,100 square feet (640’ x 240’) on 8.5 acres is conveniently located within the Mid-Valley Industrial Park with excellent access to State Routes 6 and 247, and Interstates 81, 380, 84 and 476.
NORTHEASTERN PENNA. SALE & LEASE OFFERINGS
SEEKING RETAIL PROPERTIES IN THE
92,600 square feet of space is available Convenient front-loaded building
80
Hazelton
Clean, functional space Fenced lot 21’ - 24’ clear height Column spacing 25’ x 60’ 10 dock doors of 9’ x 9’ plus 1 drivein door of 10’ x 12’ 150’ loading court One West First Avenue, Suite 315 • Conshohocken, PA 19428 (610) 828-8484 • Fax (610) 828-9699 • www.equilibriumequities.com
Mercer County, NJ 9,000 SF Class 10K 9,000 SF Class 100K Expansion to 27,000 SF (1) 2,000 AMP / 480 Volt Service (1) 2,000 AMP/ 13,200 Volt Primary power Service
201-488-4000 www.sorce.com
200 SF to 16,000 SF
P: 212.710.9362 F: 917.591.5497 E: DKATZ@KATZPROPERTIES.COM
Scranton, PA 570-207-4100 info@hinerfeldcommercial.com
Locations Wanted Consistently Ranked #1 Franchise 45+ Year Track Record
We’re looking for sites in PA Flexible Space Requirements End Cap, In-line, Free Standing Non-Traditional Venues - Hospitals/Colleges Universities/B&I/Stadiums/Casinos/Airports Local Contacts: Eastern PA — Philadelphia PA —
610-366-8120 x 24, Cheryl Green green_c@sdepa.com 610-768-8990, Rawley Shelton rawleyshelton@gmail.com
realestate.subway.com www.subway.com
Back Cover A — March 25 - April 7, 2011 — Mid
Atlantic Real Estate Journal
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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
SHOPPING CENTERS Mid Atlantic REAL ESTATE JOURNAL Section B of the Mid Atlantic Real Estate Journal
For a 168,803 s/f redeveloped Lowe’s-anchored retail center
Cronheim Mortgage’s Stewart & Westhoff arranges $9 million acquisition financing
D
ERBY, CT — Andrew Stewart and Anna Westhoff of Cronheim Mortgage have arranged permanent acquisition financing of $9 million for a redeveloped Lowe’s-anchored retail center located in Derby. The 19-year self-liquidating loan term features an interest rate of 4.85%. The loan was placed with a correspondent of Cronheim, which will service the loan.
In addition to Lowe’s the 168,803 s/f center features a freestanding Dollar Tree, Dunkin Donuts, Webster Bank and Burger King. The subject property enjoys a dominant location on commercial corridor New Haven Ave./SR-34 and is located equidistant from nearby north-south thoroughfares SR-8 and the Merritt Pkwy. “This property will benefit
Derby, CT
from the stability of a newlybuilt Lowe’s and the upside inherent in the property’s long-term pad tenants who pay rents well below what a tenant would pay today,” said Andrew Stewart. “Long-term fixed-rate financing below 5% will also enable property ownership to maximize what is likely to be stable cash flow for the foreseeable future.” ■
Vanick Properties leases 11,200 s/f in Union 22 Town SC
MARCH 25 - APRIL 7, 2011
HI-LIGHTS Marcus & Millichap arrange sale of $2.83m shopping ctr. Marcus & Millichap Real Estate Investment Services has arranged the sale of Buffalo Valley Shopping Center, a 73,542 s/f center in Mifflinburg, PA. See page 2B.
NAI Keystone’s Buccinno and Cole handle 33,000 s/f MBC Development, LP hired NAI Keystone’s John Buccinno and Bryan Cole to dispose of its retail center in Pottsville, PA. See page 3B.
ALSO INSIDE: 4TH ANNUAL RETAIL EXPERTS SPOTLIGHT .................... 5-24B
R.J. Brunelli & Company complete a series of leases throughout New Jersey OLD BRIDGE, NJ — R.J. Brunelli & Co. completed a series of leases in Middlesex, Monmouth, Ocean, Mercer, Union, Essex, and Bergen counties in central and northern New Jersey. In the largest of the deals, senior vice president Bill Lenaz brokered a 40,000 s/f lease that will bring Whole Foods Market to the new Marlboro Commons retail center in Marlboro Twp. R.J. Brunelli is leasing agent for the property, which is owned by Pagano Associates. Sales associate John Lenaz brokered the lease of a twoacre site in Eatontown to Wawa. The property is owned by Fidelity Realty.
Marlboro Commons VP Danielle Brunelli-Albre- the Union 22 Town Shopping cht represented Deal$ on a Center in Union. The property lease for an 18,200 s/f space is owned by Vanick Properat Bloomfield Plaza in Bloom- ties. R.J. Brunelli represents field. The center is owned by Monster Mini Golf in central Bloomfield Plaza Associates, and NNJ. L.P. R.J. Brunelli serves as In a series of deals for Musbroker for Dollar Tree in cen- cle Maker Grill, John Lenaz tral and NNJ. and Danielle Brunelli-AlbreRon DeLuca, VP of tenant cht represented therestaurepresentation, represented rant chain on leases for three Monster Mini Golf on the sites in Middlesex, Union and lease of an 11,200 s/f space at Bergen counties. ■
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PEOPLE ON THE MOVE ......................................................22B EXECUTIVE PROFILES ........................................................23B RETAIL BUSINESS CARD DIRECTORY .................................24B RETAIL BROKERAGE DIRECTORY ................................. 26-27B ICSC ORGANIZATION PAGE ..............................................28B Section B, 32 pages
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B Inside Cover — March 25 - April 7, 2011 — Shopping Centers — Mid
Atlantic Real Estate Journal
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Mid Atlantic Real Estate Journal — Shopping Centers — March 25 - April 7, 2011 — 1B
SEEKING RETAIL PROPERTIES IN THE NORTHEAST CORRIDOR
$2
M 5 2 0.0
I U Q AC
S
N O I IT
D E OS 1
C LFEB 11, 201
Derry Meadows Shoppes Derry, NH
Southampton Shopping Center Southampton, PA Acquired July 2010
Tops Plaza Canandaigua, NY Acquired March 2010
Burwood Village Center Glen Burnie, MD Acquired September 2009
Stop & Shop Plaza Enfield, CT Acquired March 2009
Please Contact Daniel Katz 212.710.9362 dkatz@katzproperties.com
2B — February 25 - March 10, 2011 — Shopping Centers — Mid
Atlantic Real Estate Journal
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SHOPPING CENTERS Dougherty, Taylor and Zang represent seller 403 W. UNION BLVD., BETHLEHEM, PA 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
603 8TH ST., WHITEHALL, PA
11,526 SF building with 3,500 SF suite or an 8,000 SF suite available; single story concrete block, steel frame on 2.65 acre site, gas heat, central air, smoke detectors, sprinklered warehouse area, kitchen/ breakroom, private of¿ces, small conference room, loading dock can be reinstalled, ADA accessible, ample on site parking.
Lease and Sale Terms Offered
Marcus & Millichap arrange sale of $2.83m shopping ctr. IFFLINBURG, PA — Marcus & Millichap Real Estate Investment Services has arranged the sale of Buffalo Valley Shopping Center, a 73,542 s/f shopping center. The center was 88 percent leased at the time of closing. The sales price of $2.83 million represents a 10.25% capitalization rate on income. Derrick Dougherty, associate, along with Mark Taylor and Dean Zang, both VP investments, of the Philadelphia office of Marcus & Millichap represented the seller. The agents also procured the buyer. ■
M
Buffalo Valley Shopping Center
McDonough & Rea review traffic plans for proposed 62,174 s/f Inserra ShopRite WYCKOFF, NJ — A traffic analysis has been introduced to the Wyckoff Planning Board by Inserra Supermarkets for its proposed 62,174 s/f ShopRite of Wyckoff and the surrounding streets, including Wyckoff and Greenwood avenues. Development plans include razing the former A&P/Walgreen’s site, comprised of an uninhabitable 53,000 s/f building and an adjacent 11,700 s/f multi-tenant retail center, to develop a
ShopRite within the township’s central business district. Jay Troutman, Jr., PE, a principal with McDonough & Rea Associates reviewed property access points and analyzed the level-of-service for surrounding roadways. “Detailed field investigations, including peak hour demands and patterns, have provided an inventory of existing traffic and roadway conditions in the study area,” said
Troutman. “The critical hours for analysis of existing and site-generated traffic flows are the weekday afternoon peak hour and Saturday midday peak hour.” According to research compiled by the Institute of Transportation Engineers, the proposed ShopRite would generate 676 and 698 vehicle trips during the weekday and Saturday afternoon peak hours, respectively. ■
FASTER FORWARD Summit
Commercial Real Estate Services, Worldwide.
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Today’s Trends in Commercial Real Estate Luncheon & Awards A must attend event
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Activities & trends in Lehigh Valley, PA
www.naisummit.com Register today! Contact Marta Anglade at the Greater L.V. Chamber of Commerce for more info: martaa@lehighvalleychamber.org 610-841-5863
Navigating the seas of change. Colliers International is charting the course as the first true alternative to real-estate-as-usual. As an investor, owner or occupier, your real estate strategy will never feel adrift. Our local specialists, throughout 480 offices in 61 countries worldwide, allow you to tap hidden opportunities, moving your business forward. Welcome aboard. www.colliers.com | 215 925 4600
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Mid Atlantic Real Estate Journal — Shopping Centers — March 25 - April 7, 2011 — 3B
SHOPPING CENTERS
Feature Your Project
To market retail center in Pottsville, PA
NAI Keystone’s Buccinno and Cole handle 33,000 s/f
P
O T T S V I L L E , PA — MBC Development, LP hired NAI Keystone’s John Buccinno and Bryan Cole to dispose of its retail center located along Rte. 901 heading towards Minersville. The center consists of 33,000 s/f of office and retail that was 100% occupied at time of sale. As agents for MBC Development, LP, NAI marketed the property as an income produc-
KLNB reps Grosvenor in 7,304 s/f lease WASHINGTON, D.C. — Rosa Mexicano Restaurants has signed a lease with Grosvenor Americas for 7,304 s/f of retail space within 5225 Wisconsin Ave. Stephen Combs, Phil Ruxton, and Jordan Rabin of KLNB Retail represented Grosvenor Americas and Les Sax of Sax Realty represented the tenant in this transaction. ■
Equity’s Wherty and Delfiner sell 1 acre retail space PLEASANTVILLE, NJ — Brian Wherty and Bart Delfiner of Equity Retail Brokers announced the sale of one acre of retail space located at 555 Black Horse Pike, Atlantic County. The property was sold to a Popeyes franchisee. ■
Shopping Centers Real Estate Journal a section of the
Mid Atlantic Real Estate Journal P.O. Box 26, Accord, MA 02018 781-871-5298 • 800-584-1062 fax 781-871-5299
MAREjournal.com
Associate Publisher Elaine Fanning efanning@MAREJournal.com
Section Editor Karen Vachon editor@marejournal.com
Developments Construction Renovations
Mid Atlantic Real Estate Journal Minersville Plaza ing investment property that tenant base consisted of retail had several strong tenants. and office users along with a The mixed use nature of the 9,000 s/f restaurant. ■
For more information call Elaine Fanning 800-584-1062/781-871-5298 Ext. 212
EFanning@mareJournal.com
4B — February 25 - March 10, 2011 — Shopping Centers — Mid
REGIONAL FOCUS NATIONAL REACH Owner Representation
Over 20 Million SF in Owner Representation Assignments
Retailer Representation Over 75 Retailers Exclusively
Investment Sales
Over $1 Billion in Properties Sold
Management Services
Over 11 Million SF in Property Management Assignments
www.famecoretail.com
PHILADELPHIA, PA
WOODBRIDGE, NJ
633 West Germantown Pike, Suite 200 Plymouth Meeting, PA 19462 Phone: 610.834.8000 Fax: 610.834.1793
555 U.S. Highway 1 South, Suite 400 Iselin, NJ 08830 Phone: 732.526.9100 Fax: 732.526.9101
Atlantic Real Estate Journal
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SHOPPING CENTERS Pete Nicholson handles 12,500 s/f lease in East Windsor
Metro Commercial’s Brickner & Dougherty ink 15,250 s/f
M
ARLTON, NJ — Metro Commercial has brokered a 15,250 s/f lease for Club Metro USA at Meadow’s Edge Marketplace. Metro Commercial’s Dan Brickner and Joseph Dougherty represented the landlord, Tanurb Marlton, LP in the lease transaction as part of their representation of this center. Construction on the space is currently underway and the fitness club is expected to open early this summer. EAST WINDSOR, NJ — As part of Metro Commercial’s representation of Windsor Hights Shopping Center, it
Dan Brickner Joseph Dougherty Pete Nicholson has completed an 12,500 s/f party supply retailer will join lease transaction for Party the 130,000 s/f Super FreshFair. anchored shopping center, Metro Commercial’s Pete located at 370 Route 130 in Nicholson represented the early 2011. landlord, East Windsor, LLC, Metro Commercial Managein the lease transaction. The ment Services, Inc. also manages Windsor Hights for the owner. ■
RAS Brokerage leases 5,856 s/f in Watchung
Locations Wanted Consistently Ranked #1 Franchise 45+ Year Track Record
We’re looking for sites in PA Flexible Space Requirements End Cap, In-line, Free Standing Non-Traditional Venues - Hospitals/Colleges Universities/B&I/Stadiums/Casinos/Airports Local Contacts: Eastern PA — Philadelphia PA —
610-366-8120 x 24, Cheryl Green green_c@sdepa.com 610-768-8990, Rawley Shelton rawleyshelton@gmail.com
realestate.subway.com www.subway.com
PLYMOUTH MEETING, PA — RAS Brokerage has secured a lease for Buffalo Wild Wings in Watchung. Buffalo Wild Wings has signed a lease for a 5,856 square foot end-cap at the BJ’s Shopping Center located at Rte. 22 and Terrill Rd. The center is owned by Vornado Realty Trust. RAS’ Jay Miller represented Buffalo Wild Wings in both transactions. According to Miller, “Buffalo Wild Wings expects to expand its franchise further in New Jersey.” RAS Brokerage is the restaurant division of Fameco Real Estate, LP. MIDDLETOWN, NJ — Bone Fish Grill and Hand & Stone Massage have signed leases at the Chapel Hill Shopping Center, Rte. 35 and Chapel Hill Rd. Chapel Hill Shopping Center is a 64,507 s/f community shopping center in Middletown, NJ. It was renovated 4 years ago and is anchored by a 45,000 s/f Whole Foods supermarket. Bone Fish leased a 5,400 s/f end cap position. The restaurant is expected to open in September 2011. Hand & Stone leased 3,600 s/f of in line space. The retailer is expected to open in April 2011. With the addition of these retailers, only 1,600 s/f remain to be leased. Fameco Real Estate, L.P. senior director Mike Horne represented the center’s owner, Stavola Leasing LLC, in the transactions. ■
SHOPPING CENTERS SPOTLIGHT RETAIL EXPERTS MAREJournal.com
John Birkeland ROCK Commercial
Ward McMasters Earth Engineering
Mid Atlantic Real Estate Journal — Retail Experts — March 25 - April 7, 2011 — 5B
Buck Collins Bohler Engineering
Ira Meislik Meislik & Meislik
Greg Filipek Sora Holdings, LLC
Brian Meyers LANDCORE
Tom Fore Sora Holdings, LLC
Herky Pollock CB Richard Ellis
Rodger Rowles ROWLES ASPHALT
David Goodman Equity Retail Brokers
Matt Ryan Legend Properties
We are proud to be members of the Retail Brokers Network, a retail powerhouse representing the foremost brokerages in the U.S. and Canada
101 West Elm St | Suite 370 | Conshohocken, PA 19428 Licensed in PA, NJ, DE
6B — March 25 - April 7, 2011 — Retail Experts —
Mid Atlantic Real Estate Journal
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RETAIL EXPERTS By Matt Ryan, Legend Properties
Brokers’ never ending search for information gathering market knowledge
G
rowing up I remember my Uncle who is a lobbyist in Washington, D.C. reading the New York Times, Washington Post and Philadelphia Inquirer every morning. He would say “Read the Matt Ryan paper every day. You need to know what is going on, and be able to discuss it intelligently to gain a step on the next guy…” As a broker I am constantly trying to im-
press landlords and retailers. Nothing proves my value more than sharing something they don’t know. Discussing topics ranging from local market activity such as a new tenant entering the market or a new proposed school, to national topics such as how the Health Care Reform Act could impact their mortgage. Sharing information related to the business shows my focus and proves that I am actively involved in the business. Today thru the internet you are able to read multiple papers from all over the country, along
with magazines, newsletters and web blogs. For 100 years you needed to sift thru a newspaper for information, then the process became easier with a computer and now you can access these articles from your cell phone, and much of the information is free. There is no excuse not to be well informed, but the amount of information available is overwhelming, which can be distracting and is difficult to sort thru. National Newspapers such as the Wall street Journal, New York Times and Washington Post obviously offer informa-
tion on a world-wide level which can have a local impact. But the information those papers offer is very broad and much of it is not targeted at our industry. Local newspapers are a terrific source for local activity such as an approved bank site at the corner of 8th & Main street; but many of the stories also cover the local little league. Industry specific Magazines such as the Mid Atlantic Real Estate Journal is a terrific source of information targeted at our industry in our market. Services such as Co-Star and Loopnet offer a mix of national
Prime Retail Properties Available
Shopping Center at the Arsenal I-95 & Bridge Street | Philadelphia Philadelphia County | Pennsylvania 500,000 SF power center retail & restaurant space available - Largest shopping center development in Lower Northeast Philadelphia Currently under construction
Prime Restaurant Opportunity 123 Chestnut Street | Center City Philadelphia County | Pennsylvania
Prime Retail Available 105 E Bridge St | Phoenixville Chester County | Pennsylvania
9,325 SF restaurant space available for lease - Join the beautiful renovation of the historic Corn Exchange Bank building Fully fit-out restaurant including all kitchen equipment, tables and chairs
Mixed-use building with 80,000 SF retail, 30,000 SF office and 250 apartments 1,000 to 10,000 SF retail available for lease - coming soon
Centers Available for Sale Burgess Center 200 W Chelten Ave Philadelphia, Pennsylvania
80
Priced to sell at approximately $110/SF Dominate mixed-use center in one of Philadelphia’s strongest central business districts
Willingboro Town Center Route 130 & Levitt Parkway Willingboro, New Jersey White Hall Mall 2001 MacArthur Road | Whitehall Lehigh County | Pennsylvania Up to 43 242 SF available for lease 43,242 Spaces ranging from 1,200 to 43,242 SF A Simon Property located next to the Lehigh Valley Mall
LEGEND PROPERTIES
INC.
COMMERCIAL REAL ESTATE
Bartonsville Square Routes 80, 611 & 33 | Stroud Township Monroe County | Pennsylvania 100,000 SF of retail space available Located at Routes 33 & 611 and I-80 Big box retail, satellite stores & restaurant space available - located major retail area of Eastern Pocono Mountains
35,000 SF retail center anchored by Burlington County College 1.3 acre pad site available for office or retail construction A Member of:
RETAIL LEASING TENANT REPRESENTATION COMMERCIAL LAND & BUILDING SALES INVESTMENT SALES PROPERTY MANAGEMENT DEVELOPMENT CONSULTING
521 Plymouth Road, Suite 118 Plymouth Meeting, PA 19462 610-941-4034 | www.LPRE.com
and local industry coverage including stories on interest rate trends and their impact on local markets. All of these tools combined are marvelous and offer valuable information, but no one has the time to read all these papers, websites and magazines. The internet offers multiple tools which allow you to work smarter and not waste time sifting thru information. With all these sources of information it is difficult to effectively spend your time following current events. There are a range of sources for information such as newspapers, industry specific magazines, market tools such as Co-Star, social media tools, search engine’s etc… Below I will outline a few of the tools I use to stay on top of my market. Social Media tools are a terrific source of information: Twitter is my favorite – This allows you to follow people, companies, municipalities and constantly updates you on their activities, latest news or general information they wish to share. This connects you to people’s latest news and behavior and allows you to gather good information in one location in a short period of time. Linked In and Facebook, are strong tools as well allowing you to follow companies or individual’s activities and stay up to date on their recent accomplishments or changes in the business. Social media tools allow you to target specific information and avoid wasting time reading thru items which don’t impact you. Google Alerts is a free service which will send a weekly list of articles on a specific topic which you choose. For example, set up the search – “Retail Real Estate Pennsylvania” – and a list of links to any article, blog, or website that mentions Retail Real Estate in Pennsylvania will be emailed to me. This is a huge time saver and allows me to stay up to date on articles I may have missed. Ongo.com is $6.99 per month and allows you to read some of the world’s most respected newspapers all in one spot saving you time and money. The service is also available on your cell phone. It’s the equivalent of carrying 6 newspapers with you at all times. Audible.com is a $10 monthly subscription and allows you to download a book each month. continued on page 17B
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Mid Atlantic Real Estate Journal — Retail Experts — March 25 - April 7, 2011 — 7B
RETAIL EXPERTS Coldwell Banker Commercial Bennett Williams 110 N. George Street – 4th floor York, PA 17401
717-843-5555 www.bennettwilliams.com Wayne Plaza
Hanover Crossing SC
Silver Moon Shopping Center
Wayne Avenue & Stouffer Avenue Chambersburg, PA 17201
411 Eisenhower Drive Hanover, PA 17331
199 AJK Blvd. Lewisburg, PA 17837
1,600 – 6,000 SF FOR LEASE
10,000 – 65,000 SF FOR LEASE
1,858 – 20,500 SF FOR LEASE
Cape Horn Square
Southgate Shopping Center
Carlisle Commerce Commons
639 Lombard Road Red Lion, PA 17356
West Washington Street Chambersburg, PA 17201
2182 White Street York, PA 17404
750 – 9,332 SF FOR LEASE
1,200 – 33,457 SF FOR LEASE
900 – 2,100 SF FOR LEASE
Carlisle Commerce SC
Spring Forge Shopping Center
1st Class Towne Center
2159 White Street York, PA 17404
482 N Main Street Spring Grove, PA 17362
4464 Lincoln Highway East York, PA 17406
2,165 – 6,505 SF FOR LEASE
1,875 – 5,000 SF FOR LEASE
1,500 – 3,000 SF FOR LEASE
8B — March 25 - April 7, 2011 — Retail Experts —
Mid Atlantic Real Estate Journal
MAREJournal.com
RETAIL EXPERTS By Rodger Rowles, ROWLES ASPHALT
Harsh winter weather means more damage to asphalt pavements
H
arsh winter weather has caused significant damage to roads and parking lots. We have received numerous requests for follow up bids from past years. If you need an evalua- Rodger Rowles tion of your facility, please email us at rowlesasphalt@ prt-group.com, visit our website at www.prt-group.com,
or call 800-451-1258. We can meet and help you select the most cost effective approach followed up with an E-Proposal with detailed specs and pricing. As you know, oil prices are up again along with the cost of paving asphalt. As asphalt prices continue to rise, your pavement becomes a more valuable asset to be carefully managed as a top maintenance priority. Last season was very busy for us with several large Pav-
ing and Rejuvenator projects. We would like to thank MidAtlantic Real Estate Journal for the opportunity to write two articles in April and October. We received several inquiries about Chemical Treatment of asphalt and concrete as a modern approach for a longer lasting maintenance program. Owners and managers of large commercial properties are reviewing the overwhelming amount of empirical evidence that confirms “Chemical Rejuvenation” is
designed to penetrate into the top half inch of the asphalt. Unlike sealcoats, or other surface treatments, Rejuvenator improves pavement flexibility, reduces loss of fines and significantly extends the useful life of their pavements. ROWLES ASPHALT has successfully applied Rejuvenator to over 20 million square yards of asphalt since 1989. We are one of the largest Asphalt Maintenance Contractors using Rejuvena-
tor as well as other modern products for paving, repairs, crack filling, drainage, line striping and traditional coaltar and asphalt emulsion sealers. Frequently asked questions include: 1) “Where did this rejuvenator originate”? The 1970’s report, Rejuvenation of Asphalt Pavement by the U.S. Air Force Weapons Laboratory showed a marked improvement in viscosity (flexibility) of the asphalt tested. In 1976 a study by the U.S. Army Engineers Waterways Experimental Station provided performance data that three- part RT12 coal-tar based Rejuvenators prolong the life of asphalt pavements. By the late 1980’s Rejuvenator products were eligible by the FAA for Airport Improvement Program (AIP) funding. 2) “When is the best time to apply Rejuvenator”? A pavement needs to cure at least a year. After that Rejuvenator should be applied before the pavement experiences significant aging, or prior to other sealcoats. Once sealcoats are used, they must wear off considerably before using Rejuvenator. 3) “How is rejuvenator applied”? We use high production computerized machines capable of treating up to 30,000 sq.yds. per day with a cure time of 12 to 24 hours. 4) “Will rejuvenator lower/ raise friction levels?” Any sealer can lower the coefficient of friction an average of 10%. However, the pavement after treatment, will return to the pavement’s original friction value within approximately 48 hours depending on temperature and humidity. 5) “How much does it cost?” Rejuvenator is competitively priced in comparison with the cost of a quality seal coat application but will last 2 to 3 times longer. This provides true value for your maintenance dollar with the added benefit of less disruption of your business, or moving your residents or tenants numerous times. Rodger Rowles is a principal at Rowles Asphalt, located in Sharon Hill, PA. ■
MAREJournal.com
Mid Atlantic Real Estate Journal — Retail Experts — March 25 - April 7, 2011 — 9B
RETAIL EXPERTS By Brian Meyers, LANDCORE Engineering Consultants, P.C.
Are you sitting on developable land in PA? What do the new Chapter 102 Regulations mean to you?
I
n November 2010, the PADEP officially adopted updated Chapter 102 regulations (regulating Erosion and Sediment Control and Stormwater Management), which increase many Brian Meyers of the regulatory requirements currently controlling the development of land throughout Pennsylvania. These updated regulations have many layers; however, there are two main components that WILL have an impact on land development in Pennsylvania. These two components are the new Riparian Buffer requirements, and new regulations for construction phase monitoring and long term Operation & Maintenance (O&M) requirements. Let’s start with the Riparian Buffers. The new regulations impose 150 foot buffer areas adjacent to streams, lakes, ponds and reservoirs of certain classifications. The imposed buffers will prohibit almost all earth disturbances within 150 feet of the subject waters and may require extensive work to establish new Riparian Forest Buffers where applicable. The key to this new regulation is determining when it applies to your land. If your site contains, or is within 150 feet of a High Quality (HQ) or Exceptional Value (EV) waterway, then your site will be impacted by the proposed Riparian Buffer requirements. For reference, a vast majority of the HQ and EV waters in PA are located in the north-central and northeastern portion of the state, but these waters do exist to some extent throughout the state. Some exceptions to the new buffer requirements do exist, so if you are unsure if your site will be impacted by these regulations, we encourage you to contact a Professional Engineer familiar with the regulations who can help you evaluate your site and understand your development possibilities going forward. The next big impact item
for sites developed under these new regulations are the increased construction phase monitoring and long term O&M requirements. Long term O&M (typically inclusive of activities such as cleaning, maintaining and repairing stormwater facilities, sweeping parking lots, etc.) has always been a requirement of NPDES permits issued for project sites, but the new regulations place defined obligations onto the entity responsibility for these O&M requirements. The
NPDES permittee or co-permittee is responsible for longterm O&M of a constructed project site. A different person/entity can be named as the responsible party, but will need to agree to be responsible for such maintenance and must be identified through proper paperwork with PADEP. In addition, the new regulations call for an instrument to run with the land which discloses the type of stormwater facilities to be maintained, provides future access, and defines the O&M
responsibilities. This instrument must be able to be found in the ordinary course of a title search of the subject property. To avoid fines and violations, it is vital that the developer, owner and property manager understand the specific O&M requirements for a particular development so that the performance of such services is not overlooked. In addition, the new 102 rules require increased construction monitoring by the Professional responsible for your site design and
now require detailed record drawings of the constructed stormwater facilities. These increased construction phase requirements will add soft costs to the construction phase of the development process and should be considered when preparing project budgets. Brian Meyers is a Senior Project Manager And Professional Engineer for LANDCORE Engineering Consultants, P.C. in Wyndmoor, PA. ■
• Land Development Design • Permi ng • 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 NEW JERSEY OFFICE: 100 Overlook Center, Suite 200 Princeton, NJ 08540 609-920-0268
LANDCOREconsul ng.com
10B — March 25 - April 7, 2011 — Retail Experts —
Mid Atlantic Real Estate Journal
MAREJournal.com
RETAIL EXPERTS By Ward McMasters, P.E., Earth Engineering
Construction Quality Control Services – Let’s look at “Value”
M
any of us in the construction and development industry are now seeing a bit of an upswing in the Tri-State Market from that of the recent doldrums. It is important at this time to Ward McMasters focus on quality - specifically, the individuals and firms that are employed to do the project quality control inspection
and testing. “Low Bid” and “Cheaper” quality control testing and inspection ser-
true difference in hourly cost amounts to a fraction of what can be saved - or lost - in
The true difference in hourly cost amounts to a fraction of what can be saved - or lost - in production, but the risk being taken can be enormous. vices have reemerged due to the price pressure associated with a down market. The premise that money can be saved by paying what amounts to a ridiculously low hourly rate needs to be thoroughly thought out. The
production, but the risk being taken can be enormous. What would your earthwork contractor charge to shut down for one day because answers were not available from the on-site quality control representative and “the
boss” needed to be dragged to the site, rearranging his/ her busy schedule, to get the job moving again? I would suggest that it is far more than the total amount saved by employing the “Low Bid” inspection agency. By definition, these are professional services that, at times, are bid out like we were buying a commodity. Remember, these are the individuals responsible for the quality control testing on your project. Do you really want the lowest price you
EARTH ENGINEERING INCORPORATED
Geotechnical Engineers & Geologists Subsurface Investigations Construction Inspection & Testing Retaining Wall Design Environmental Site Assessments and Remediation Clean Fill Testing Carbonate Site Assessments Stormwater Infiltration Testing Laboratory Soils Testing Corporate Headquarters: 610.277.0880 Lehigh Valley: 610.967.4540
Central PA: 717.697.5701 South Jersey: 856.768.1001
www.earthengineering.com
can find? Or do you want the best value? It is time, especially in this critical atmosphere of financial performance on our projects, that the value of the services be not only considered, but appreciated. It is important that the inspection and testing professionals be prepared to answer questions and offer recommendations throughout a project to enable true productivity. Those owners and project managers who have experienced true valueadded service understand its importance and realize improved production on their projects. Sometimes, looking back on a project, it is easy to conclude that since we did not have many difficult issues that we did not need to pay that couple of dollars more per hour for quality control services. I would suggest that the reason the project appeared not to have many issues was because they were being resolved in a timely and effective manner. The better question to ask is whether you are getting only pass/fail on any given field issue or are you getting the “why they believe it is how it is” and the suggestions to fix it. This is the difference. It is the difference that is worth a couple of dollars per hour so that your project does not stop dead in its tracks. When evaluating who will perform the quality control on your next project, I would suggest the following: - Conduct a brief meeting or interview with the prospective firms to establish what resources and support your project will receive. - Quantify the true cost difference of the various firms versus the value of increased service and subsequent productivity. Owners, as well as everyone else involved on the project, benefit in the end from projects being completed on time. The timely resolution of project issues while maintaining quality is the key to accomplish this and the road to a successful project. Ward McMasters, P.E. is president of Earth Engineering Incorporated, a full service geotechnical engineering firm established in 1990. ■
MAREJournal.com
Mid Atlantic Real Estate Journal — Retail Experts — March 25 - April 7, 2011 — 11B
RETAIL EXPERTS By Herky Pollock, CB Richard Ellis
The recovery is in full swing . . . So are we ready for new development?
O
ver the last two years, retailers and developers have gone from rapid growth mode to simple survival. Many of the brands that at one time seemed invincible such as Circuit C i t y, B o r - Herky Pollock ders, Linens N Things, and General Growth (GGP) either went by the wayside or hung on for dear life. It has been a tumultuous time with tremendous anxiety for retailers, developers and service providers alike. However, as bankruptcies slow and all leading indicators point positive the future is looking bright for retail and development. The end of 2010 and the beginning of 2011 have seen a dramatic positive correction in the national landscape. Leading indicators are positive for job growth, 2010 Q4 GDP was solid, corporate America is in good shape, household finances are reasonably healthy and there is pent up demand for consumer durables. Consumers are letting go of their purse strings with consumer spending being resilient to high unemployment and job growth. Last year sales rose over 7.5% on an annualized basis. Luxury, discount and off-price retailers continue to prosper in the current environment. Additionally, restaurant sales are poised for a record $604 bil in sales this year. Leasing momentum has picked up dramatically with much of the 200 million square feet of national mid and big-box being absorbed by many mid-size box retailers such as Ross, hhGregg, Goodwill, and Big Lots. As a result, by the middle of 2010 vacancies had fully crested and net absorption (net square feet leased/developed minus new vacancy) has gone positive and in many markets have experienced significant positive absorption. Markets such as Pittsburgh, which Forbes Magazine rated the most stable real estate market in the US, experienced net absorption well beyond
national averages and above 1 million square feet. Rents are dramatically on the rise and approaching 90% of what they were in 2007, although still 15% off their all-time highs in 1999-2000. Additionally, new construction (except for Wal-Mart and outlet centers) has virtually stopped with 2010 being one of the worst years on record for new development. Other positive indicators are that lenders are putting their toes in the water and
starting to lend again. The CMBS market is back and there is optimism within the industry. Cap rates are coming down and virtually every major retailer (and more) that were expanding two years ago, are back in expansion mode. In Pittsburgh, we are experiencing robust growth and absorption well beyond what our current supply can handle with market rents increasing quarterly. In fact, many small shop rents in the regional markets are exceeding what they were at the
height of the economy. So what does this mean for the future, overall, the future is tremendously positive as more investors take advantage of market conditions and an improving economy. Although developers’ appetite for risk remains low, those who enter the market with new development in and out of the top tier markets will enjoy the fruits of their labor. History dictates that Wall Street prevails and with same store sales reaming modest retailers will have no choice
but to expand in order to show growth. With development schedules taking longer than ever and rents growing to levels that afford new development again, developers should be looking forward to building with centers opening in late 2013 and early 2014. After all, if you build it, they will come. Herky Pollock is executive vice president and Northeast Director Retailer Services Group of CB Richard Ellis. ■
CB RICHARD ELLIS PREMIER RETAIL SERVICES TEAM - PITTSBURGH We are pleased to have partnered with with following retail centers, landlords, developments and tenants in Western Pennsylvania and Pittsburgh areas.
Retail Centers, Landlords and Developments • • • • • • • • • • • •
Allegheny County Bakery Square Bessemer Court/Station Square CBL Chapel Ridge City of Pittsburgh Consol Energy Center Continential Real Estate Faison Forest City Inland L & B Realty
• • • • • • • • • • • •
Market Square Place McKnight Development Millcraft Industries Monroeville Mall Nationwide Realty Northway Mall Piatt Place Pine Tree Shoppes PNC Park RREEF Settler’s Ridge Shadyside Village
• • • • • • • • • • • •
Silk & Stewart Development Shadyside Village The David L. Lawrence Convention Center The First City Company The Galleria The North Shore The Pittsburgh Mills The Pointe at North Fayette The Waterfront Turnberry Associates Union Trust Building Walnut Capital Partners
• • • • • • • • • • • • • • • • • • • •
First Watch Fuddruckers Garbiel Brothers Golden Coral Goodyear Harbor Freight Highmark Huntington Bank Jennifer Convertibles Joe’s Crab Shack Jos. A. Bank Justice/Limited Too K&G Menswear La Strada Liberty Travel Lidia’s Lululemon Athletica Mad Mex Mama Fu’s Men’s Wearhouse
• • • • • • • • • • • • • • • • • • • •
New Balance Panera Bread Patagonia PF Changs Qdoba REI Restaurant Development Group Restoration Hardware Ross Dress for Less Rugged Wearhouse Starbucks The Pottery Barn Toys R Us/Babies R Us Urban Active Urban Outfitters Vallozzi’s Pittsburgh Verizon Wireless Washington Mutual Williams-Sonoma West Elm
Tenants • • • • • • • • • • • • • • • • • • • •
AC Moore Advance Auto Parts Allegheny County American Eagle Anthropologie Bath and Body Works Bed, Bath and Beyond Bravo | Brio Burgerfi Capital Grille Chico’s Chik-fil-A Cititrends Darden Restaurant Group DiBella’s Old Fashion Submarines DSW Shoe Warehouse Dunkin Donuts Eat’n Park FedEx Office Fifth Third Bank
For information about how we can partner with you, please contact: Herky Pollock, Executive Vice Preident and Northeast Director Retailer Services Group at 412.394.9840 or herky.pollock@cbre.com CB Richard Ellis | 600 Grant Street | Suite 600 | Pittsburgh, PA 15219
12B — March 25 - April 7, 2011 — Retail Experts —
Mid Atlantic Real Estate Journal
MAREJournal.com
RETAIL EXPERTS By Greg Filipek and Tom Fore, Sora Holdings, LLC
Comprehensive planning befits both: A retail project and retailer interest
T
he challenge today for developers of commercial properties is that we no longer can count on simply building space in a target market and offering it for lease. Rather, we must refine Greg Filipek the selection process and demonstrate greater retail planning, intensive tenant screening, business planning for each prospective tenant, offer small-
er spaces which yield higher sales psf and emphasize how each tenant will contribute to a healthy retail ecosystem within the project and community. Entering into this new market era Tom Fore with more than 50 years of combined experience and having constructed more than 10 million s/f of retail space, our approach to development has evolved
with the times. We are seeing more emphasis on infill, urban redevelopment and mixed-use projects, and less on suburban strip centers and ‘drive to’ retail locations in areas of high density populations where land is at a premium. This evolution of retail development actually benefits the community by supporting smart growth principles and allowing municipalities to revitalize their urban centers into places where people can live, work, learn and play within easy reach of pedestrian and intermodal transportation.
Our Core Service Areas: • Site TrafÀc Development • TrafÀc Engineering • Transportation Planning York Town Center
• Highway / Roadway Design • TrafÀc Signal Design • Parking Studies • Expert Consultation
Shoppes at Tecport
Our Retail / Commercial Sectors : • Retail Centers / Big Box • Commercial OfÀce • Fuel / Convenience Gateway Gettysburg
• Food / Grocery • Pharmacy • Restaurants • Banking
Buckhorn Plaza
• Hotels
www.consulttrg.com
204 N. George Street, Suite 110 · York, PA 17401-1108 T:(717) 846-4660 · F:(717) 846-4858 Consulting Engineers & Planners
Successful retailers are responding to this new model. The current economic climate has forced retailers to utilize smaller stores, implement community outreach programs and make more prudent expansion decisions. As a master developer, we are spending substantial time and money to understand the retail market strengths within a given market and utilizing this data to guide our plans. Successful retail developments today require comprehensive plans embodying a synergistic model that targets specific
uses for each planned retail space. We also are taking more time to evaluate the capability of prospective tenants through careful assessment of business plans, financial strength and a firm commitment to the community’s success. A retailer that opens its doors and fails creates an enormous deterrent to other prospective tenants, so we’re committed to spending extra time on the front end to ensure the long term success of all tenants. How do you determine which retailers best complement a project? A comprehensive study must be conducted of the community needs, desires and marketplace. Sora’s $300 million Rowan Boulevard project in Glassboro, NJ, is a prime example. The key to Rowan Boulevard’s success is strategic development based upon facts that reflect the best, sustainable interests of prospective businesses and the host community. In the Rowan Boulevard study, more than 100 types of retail operations were analyzed, which included surveying residents, businesses, property owners, elected officials and a virtually ignored market of students and staff on the Rowan University campus, bordering downtown Glassboro. The study revealed that student discretionary spending was $18.3 million annually, of which only 18 percent was being captured by downtown businesses, and that there was a glaring absence of specific stores and products desired — and needed — in the community. It has taken eight years to go from initial concept through formulating the vision, conducting the studies and creating the plan, to the present, where implementing the plan is underway and the first buildings have opened, with more under construction. That thoroughness has ensured Rowan Boulevard’s success. The new boulevard will feature broad tree-lined sidewalks, mixed use buildings with dozens of stores, restaurants featuring café-style sidewalk dining, intergenerational residential condos and town homes, a new student housing campus, a hotel-conference center, pedestrian continued on page 20B
MAREJournal.com
Mid Atlantic Real Estate Journal — Retail Experts — March 25 - April 7, 2011 — 13B
RETAIL EXPERTS
14B — March 25 - April 7, 2011 — Retail Experts —
Mid Atlantic Real Estate Journal
MAREJournal.com
RETAIL EXPERTS By Ira Meislik, Meislik & Meislik
Exclusive use rights Balancing legitimate concerns
I
t is the rare retail project that is unencumbered by exclusive use rights granted by a landlord to one or more tenants. While that may not have been as true in the distant past, this is now Ira Meislik the “rule of the game.” What is more, this concept has begun to spill over into the office leasing environment.
Large space tenants have the bargaining power to demand protection against competition within the project. Conceptually, such protection is not unreasonable. Think about it. A large (often specialty) retailer draws customers to its store by dint of its reputation and expensive advertising. Uncurbed, competing businesses would locate “next door” and draw business away just as a parasite would feed on a host. In the office context, there are tenants who don’t want employees and invitees of com-
peting businesses to be present in the lobbies, elevators, and lunchrooms. That having been said, every exclusive use right granted to a tenant impairs the landlord’s ability to lease other space. For example, what a consumer may think is an “office supply” store, is actually a business that derives significant revenue from the sale of computers and computer related merchandise and from the sales of copying services. Every national “office supply” retailer asks for the exclusive
PUT US ON YOUR TEAM TO RUN INTERFERENCE. Transactional real estate can be a rough game. Meislik & Meislik’s thorough understanding and experience in the field of transactional real estate law removes the obstacles that get in the way of reaching your goals. No matter what comes at you, you’ve got the power of our team of experts on your side. Whether you’re acquiring, financing, leasing or managing, call us to Get the Deal Done. September, 2010. Ira Meislik, managing principal of the Montclair, New Jersey law firm of Meislik & Meislik, has again been selected for inclusion in The Best Lawyers In America®.
973 783-3000 www.meislik.com Montclair, New Jersey
right to sell computers, software, computer accessories, and copying services. Acceding to such a request, without modification, would bar leasing to consumer electronic companies, appliances dealers (who almost always sell computer equipment), and to parcel centers who commonly have copy machines. A toy store might not be able to sell “children’s” computer games. A card shop might not be permitted to have a single, convenience copier. Aside from crafting the scope of a lease’s grant of “exclusive
use rights,” a landlord and tenant must agree on who will bear the burden of enforcing those rights and what remedies the tenant may have if either another tenant “steps on its feet” or the landlord fails to include the applicable restriction in future leases. The range of possible solutions is nearly endless. At one extreme, a landlord might be required to pursue the infringing tenant with all of its force and with all of its might and with all its money. At the other end, the landlord might merely delegate that task to the “protected” tenant, as the ultimate beneficiary, giving the “protected” tenant, as a sole remedy, the power to pursue the wrongdoer in the landlord’s name. As to a tenant’s remedies, possible solutions can include exposing the landlord to a damage claim (possibly including consequential damages), giving the “protected” tenant the right to terminate the lease (with or without the right to pursue damages), abatement of rent, or changing from a fixed rent to a rent based on a percentage of sales. One other major negotiating and drafting component of the “exclusive use right” grant is making sure that existing tenants may continue their businesses without interference. This means that existing tenants with broad permitted use rights (i.e., those that may use their premises for any permitted use) may, in fact, compete with the new tenant. Further, the right reserved for existing tenants to be “carved out” of the newer tenant’s “exclusive use rights” should continue through lease renewals. Almost always, the “carve out” will continue regardless of a subsequent assignment or sublease. Another issue to be considered is whether lease extensions for existing tenants beyond pre-existing renewal periods should be protected against the “exclusive use rights” or whether lease modifications that expand the size of the existing tenant’s space or that relocate the existing tenant would be similarly protected. Ira Meislik is a principal at Meislik & Meislik, a law firm in Montclair, NJ known for its focus on Retail Real Estate law. ■
MAREJournal.com
Mid Atlantic Real Estate Journal — Retail Experts — March 25 - April 7, 2011 — 15B
RETAIL EXPERTS Exhibiting or Attending The Upcoming May 22--25th Vegas RECon ICSC? Many Exciting Opportunities Await! RESERVE YOUR SPACE NOW! Participate in the April 22nd Annual Vegas RECon Show Issue. Still accepting reservations for editorial and marketing space. DEADLINE: APRIL 8th, 2011
Call or Email for Details! Elaine Fanning 1-800-584-1062 ext 212 efanning@marejournal.com “A man who stops advertising to save money is like a man who stops a clock to save time.� -Henry Ford
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16B — March 25 - April 7, 2011 — Retail Experts —
Mid Atlantic Real Estate Journal
MAREJournal.com
RETAIL EXPERTS By Buck Collins, Bohler Engineering
Keeping projects alive in Pennsylvania
W
ith the current state of the economy, many construction and development projects have either been cancelled or put on the shelf. Retailers and developers are acutely aware of Buck Collins the challenges and investments in both time and money, from the smallest retailer to
the largest developer. The tasks involved are the same; whether you are building a 1,000 sf. addition, adding parking spaces or developing a shopping center. Every project requires dealing with the same Federal, State and local agencies; regulating what you want build, how you to build it, where you build it and even when you build it. This article is about the when you can build it. Many people are not aware that all permits and approvals
have time limits. It may take three years to gather all of these approvals, another six months to bid out the design, engineering and construction and more time to put financing in place. If a project is delayed, it is important to be aware of all expiration dates on the approvals and permits. Many permits expire and require starting over at the very beginning. Additionally, many permits and approvals protect the petitioner from changes in regulation, es-
sentially “Grandfathering� regulations in place at the time of the approvals for the entire period allowed under the permit. This has been particularly valuable with some of the regulations concerning stormwater management and erosion control, as States have been scrambling to protect drinking water supplies. Local ordinances regarding variances obtained are often particularly restrictive, sometimes only giving less than a year to pull a building per-
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mit or to start construction. Generally, MPC Preliminary and/or Final Land Development approvals are good for five years. NPDES General Permits regulating sanitary systems may be good for only two years and are extendable but if it has expired, a new permit must be obtained. PADEP General Permits for stream crossings, minor wetland encroachments, etc. are typically good for three years, but may include specific completion dates. Temporary Road Crossing Permits are only good for a year and cannot be renewed or extended. Highway Occupancy Permits from PennDOT are only valid for six months, although may be extended most. The Pennsylvania Natural Diversity Inventory Permit ( PNDI), protects species of plant and wildlife, such as the infamous Bog Turtle that has halted more than a few projects in their tracks and are only good for a year. This is the good news; many expiration dates for those permits and approvals in Pennsylvania have been extended as per Act 46: â&#x20AC;&#x153;The Pennsylvania Fiscal Code was amended by Senate Bill 1042, Act 46, on July 6, 2010. Among the provisions of Act 46 are provisions that grant the automatic extension of certain permits and other approvals issued or approved by state and local governments related to land development and building. The extension of permits is intended to provide relief to builders and developers who, in the current recession have often invested significant time and money to gain permits and approvals but have been unable to proceed due to tight financial markets and soft real estate markets. As the economy recovers and the credit crisis eases and borrowing opportunities increase, the automatic extension will permit developers to move forward with previously approved projects, without undue delay. The following are (a few) highlights of the legislation as it pertains to local governments: â&#x20AC;˘ Authorizes automatic suspension of the expiration continued on page 20B
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Mid Atlantic Real Estate Journal — Retail Experts — March 25 - April 7, 2011 — 17B
RETAIL EXPERTS By John Birkeland, ROCK Commercial
There’s a storm brewing: How new accounting rules may pummel retail real estate s globalization becomes more and more of a reality in modern life, the ramifications reach far and wide. One such march t o w a r d global unity through adopting International John Birkeland Accounting Standards Board (IASB) practices may have dire implications on retail real estate. The United States is the largest economy that does not currently adhere to the standards set forth by the IASB. However, as soon as December 2011, that may change. There is a convergence plan being contemplated by the U.S. Security Exchange Commission, and in the very near future, the Generally Accepted Accounting Practices (GAAP) for public and private companies could be in accordance with the IASB. The largest concern for industries such as construction and real estate is how leases are accounted for by IASB standards. Currently in the United States, leases are generally recorded as operating expenses in the present year only. Future details of the lease obligation are disclosed as footnotes, but the risk / financing are off-balance sheet. The IASB treats virtually all leases (including
A
equipment leases) as capital expenses, and the asset and liability are recorded in full at the inception of the lease. Further, the IASB liability calculation includes the likelihood that a tenant would exercise option(s) to renew. Options to renew could now be deemed a detriment to a tenant. Consider what a new balance sheet will look like when a large regional or national tenant has to book the gross value of all their existing leases, plus all options to renew that are likely to be
security of cash flow becomes greatly compromised. There are a number of different opinions on the chances the IASB rules will be adopted and to what extent. Some say it is a sure thing. Others say it will only apply to the public sector. Others believe it will be squashed altogether. Given the potential consequences, it certainly is worth paying attention to the course it takes. John specializes in retail leasing and sales, investment properties, and corporate services. ■
Landlord Representation Gateway Hanover SC Five Below, Five Guys, Hobby Lobby, PetSmart, Ross, Rue 21, Shoe Carnival, and Target
Tenant Representation ● ● ● ● ●
CVS Fresh Farms Cafe Holiday Inn Express Patient First Royal Farms
Urban Retail
By Matt Ryan . . . continued from page 6B I frequently listen to books I don’t have the time to read while in the car or at the gym. Other resources include globest.com, realtytimes.com, philadelphiaweekly.com, cityfeet.com and realtrends.com. Newspapers, magazines, industry specific periodicals and local papers are all important. And all of these tools help; but I need to know more than my competition. In order to accomplish that I will need to get the information before they do and continue to be more and more efficient. Once I gather the information I need, I am able to use that knowledge to impress clients, complete deals and accomplish more. Matt Ryan is a leasing agent with Legend Properties, Inc. ■
to be modified and banking relationships will be affected. Also, lease provisions such as amortization of tenant fitouts, percentage rent, and escalation clauses will have new ramifications. Finally, tenants seeking to keep the liabilities off their balance sheets may opt to commit to shorter term leases. The way to keep a lease as an operating expense is to only commit to one year at a time, with no renewals. That undermines the fundamental value of commercial real estate investments, as the
exercised, as a liability. I recently had the opportunity to hear Keith Eldredge of ParenteBeard, a CPA and business advisory firm, speak on the proposed IASB changes and the potential fallout. First and foremost, the new accounting standards will immediately place many companies in violation of their loan covenants. Ratios will skew, and Keith speculated the already battered banking industry could run for cover and start calling loans. At the very least, loans will need
● ● ● ● ●
C-town Grocery La Casa de Tapas Lotus Moon Yoga Liquid Hero Brewery Stage Deli
Ryan A. Myers, CCIM ● Larry O’Brien, Benjamin M. Chiaro, CCIM PA ● MD ● WV 717-854-5357
www.rockrealestate.net
CCIM
18B — March 25 - April 7, 2011 — Retail Experts —
Mid Atlantic Real Estate Journal
RETAIL EXPERTS
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Mid Atlantic Real Estate Journal — Retail Experts — March 25 - April 7, 2011 — 19B
RETAIL EXPERTS
20B — March 25 - April 7, 2011 — Retail Experts —
Mid Atlantic Real Estate Journal
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RETAIL EXPERTS By David Goodman, Equity Retail Brokers
More than ever, owners should expect more from their leasing agents
I
t’s nice to reminisce about the good ‘ol days when an agent could put up a sign and wait for the calls to pour in. But as most leasing agents k n o w, i t ’ s been a few years since that’s actually been the David Goodman case. That’s right, “most” leasing agents. Is it possible that some retail real estate professionals still haven’t learned to “work” a listing? Unfortunately, yes. Having been through a recession that saw property values and vacancies go in the wrong direction, the most astute owners are requiring their leasing agents to do everything they can to get the best deal as quickly as possible. In addition to waiting for their signs to generate calls, the best agents provide the following: Complete Market Analysis – This analysis outlines all the details of the space for lease, plus the competing spaces and their lease terms,
and a list of tenants and tenant categories that are in similar sites. Marketing materials and templates – Producing a marketing brochure that gets put on a company website and on LoopNet and CoStar isn’t enough. Templates for postcard mailings, email blasts, display booths at conferences, etc. should also be developed, as well as a marketing plan. A sincere interest in the entire property, not just the vacant space – Agents can be more effective leasing vacant space when they have taken the time to study and understand the property’s retail mix, the entire rent roll and the landlord’s long term goals. After all, it’s the responsibility of the agents involved to work in the best interest of the owner. A commitment to working the phones – None of us are too big to make cold calls. It’s part of the job, and truly an effective way to develop industry relationships. Send that email blast, but then pick the 20 candidates that represent the best fit for the space and call them. Then in a few weeks, call them again.
A set of eyes – In recent years, Google Earth and Bing Maps have become an agent’s best friend, and for good reason. However, nothing beats “kicking the dirt” on a regular basis. And nothing tells a landlord you’re on top of the listing more than periodic updates about his/her property and the market in general. Besides, personal visits allow an agent to develop a list of local tenants that may be interested in moving. The benefit of third party products and services – There are many affordable tools that can assist agents in identifying tenants. For instance, web based programs are available that offer agents the ability to search for retailers based on factors such as facility type, square footage, retail category, and more. In addition, these programs allow agents to export data, generate mailing and email lists, and create presentations. Tracking sheets that are available 24/7 – Leasing agents have a duty to keep their clients up todate about their activities and progress, and tracking sheets typically do the trick. They are simple spreadsheets
Douglas Development leases historic Engine 6 Firehouse to Washington, DC restaurateurs WA S H I N G T O N , D C — Douglas Development just announced that a new American bistro, Sixth Engine, will move into 3,600 s/f in the Douglas Development-owned Engine 6 firehouse in late 2011. Located on the same block as the upscale Mount Vernon apartment buildings, The Dumont and 425 Massachusetts Avenue, Sixth Engine will directly benefit from the influx of new tenants moving to the area. The restaurant will be owned and operated by a group of longtime friends, none of whom are strangers to DC’s restaurant scene. Gavin Coleman currently runs the Dubliner, the Irish pub that has been a Capitol Hill staple since his father opened the pub in 1974. Coleman is joined by partners Jeremy Carman, Paul Holder, Paul Madrid, and Tim Walsh; the same partners who opened the Glover Park restaurant and bar, Town Hall in 2005. Coleman describes how he
Sixth Engine and his partners decided on the firehouse for Sixth Engine: “We loved the history of the building and wanted to open a neighborhood spot with outdoor seating. We couldn’t think of a better location than Mount Vernon.” Coleman continues, “Our goal is to ensure that Sixth Engine is designed in a way that showcases and preserves the history of the building.”
Norman Jemal, vice president and principal of Douglas Development, adds, “The structure is very unique and offers an old world charm, with great outdoor seating. The surrounding neighborhood has matured greatly over the last few years and is continuing to do so. The growth potential for both residential and office space is unsurpassed by any other market in the city.” The Engine 6 firehouse is the oldest firehouse in Washington, DC. Built in 1855 for the Metropolitan Hook and Ladder Company, the firehouse still retains the original “MHL” insignia above the entrance. Douglas Jemal recognized Mount Vernon’s potential long before other developers and retailers, which is what led him to purchase the firehouse from the city in 2005. Today, the neighborhood is one of the most sought after addresses in the District and continues to attract top restaurants like Sixth Engine. ■
that list each potential tenant and every contact the listing agents have had with them. Furthermore, free online services are readily available that allow people to share secure files in real time, thereby providing landlords with the ability to check on an agents progress at their convenience. A team – Typically an agent has sold an owner on the merits of his/her team, but the owner should know up front whether that same agent will be the one to run lead on the project.
Owners should also know about the team’s philosophy. Agents that regularly share information internally are more likely to gain additional leads, and a brokerage firm that enthusiastically shares commissions is more likely to make a deal that’s in the best interests of the property. David Goodman is a real estate agent with Equity Retail Brokers in Conshohocken, PA. His blog, Running with Equity Retail, focuses on the supermarket industry. ■
By Buck Collins, Bohler Engineering continued from page 16B date of permit approvals by the Commonwealth, government agencies or municipalities set to expire after December 31, 2008, but before July 2, 2013, whether they were approved before or after December 31, 2008. The extension period runs until July 2, 2013. • Permits issued during an “extension period” beginning after December 31, 2008, and ending before July 2, 2013, will be automatically The Federal Water Pollution Control Act (62 stat. 1155, 33 USC § 1251 et seq.), to the extent the Commonwealth has been empowered In conclusion, the relief provided by Act 46 is a very big assist to retailers and developers, but should not be viewed by companies as a permanent cure. It remains critical for companies to first educate
themselves on what entitlements, permits and approvals they have already obtained, determine when they were originally scheduled to expire, confirm that they are covered under Act 46 and research what additional entitlements and pre-construction activities need to be completed to start construction. Bohler Engineering is the East Coast’s leading Civil, Environmental, Geotechnical and Traffic Engineering firm, with 13 offices from New England to Florida, including Philadelphia, Chalfont and Center Valley, PA. Buck Collins is Bohler Engineering’s director of client services and has been actively involved in civil and environmental engineering related to site development for over 20 years. ■
By Greg Filipek and Tom Fore, Sora Holdings, LLC . . . continued from page 12B plazas and a town square. As many as 60 new retail stores, including a dozen restaurants, are expected, boosting the local economy by more than $48 million annually. Once everything has been thoroughly researched and planned, there remains one final requirement in selecting a retailer. That’s character. The project should imbue a ‘sense of place’ — a feeling and air about it that makes it attractive and enjoyable. Similarly, each retailer normally has a specific niche and brand, so a developer will have several to choose from that offer the same product line.
Choose retailers that fit — those that complement and would be an asset to the project as it has been envisioned. The first, anchor retailers do not have to be mega-department stores, but retailers matching the needs and desires of the community’s marketplace, providing the foundation for retailer sustainability and consumer interest. Success then builds upon success. Greg Filipek and Tom Fore, co-founders of Sora Holdings, LLC, of Sewell, NJ and Towson, MD, together have more than 50 years of development experience in NJ, PA, MD and NY. ■
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Mid Atlantic Real Estate Journal â&#x20AC;&#x201D; Retail Experts â&#x20AC;&#x201D; March 25 - April 7, 2011 â&#x20AC;&#x201D; 21B
RETAIL EXPERTS The Azarian Groupâ&#x20AC;&#x2122;s Current Availabilities in New Jersey & New York
Allendale Town Center
Lenox Plaza Shopping Center
7 !LLENDALE !VENUE s !LLENDALE .*
2OUTE 7EST s 7EST 0ATERSON .*
3KYLINE $RIVE s 2INGWOOD .*
s /NLY AREA SHOPPING CENTER s #OMPLETE RENOVATION AND EXPANSION COMPLETED -ARCH s PEOPLE WITHIN MILES AVERAGE (( INCOME s .UMEROUS ANCHOR AND FRANCHISE TENANTS INCLUDING ! 0 &RESH 3UPERMARKET ,EARNING %XPRESS 4$ "ANK $AIRY 1UEEN 'REAT #LIPS AND MORE s ACRES S F ',! 3HOPPING #ENTER 0ARKING 3PACES s .O COMPETITION NO POTENTIAL FOR FURTHER DEVELOPMENT IN THE AREA s S F AVAILABLE
s "USY 2OUTE HIGHWAY LOCATION WITH REAR ACCESS TO 2OUTE jug handle and McBride Avenue s $AILY VEHICLE COUNT OF PLUS s 3HADOW ANCHORED BY NEW ! 0 &RESH 3HOPPING #ENTER s ,ARGE PYLON SIGNS ON 2OUTE AND -C"RIDE !VENUE s 0RIMARILY OCCUPIED BY .ATIONAL AND &RANCHISE TENANTS s PEOPLE WITHIN MILES AVERAGE ANNUAL (( INCOME s %XISTING STORES INCLUDE 'OLFSMITH 3LEEPY S 0ARTY #ITY 0IZZA (UT 4$ "ANK "LIMPIE AND MORE s S F AVAILABLE
s /NLY AREA SHOPPING CENTER s STORES AND OFlCES s PEOPLE IN TRADE AREA AVERAGE ANNUAL (( INCOME s .UMEROUS ANCHOR AND FRANCHISE TENANTS INCLUDING 3TOP AND 3HOP US Post OfďŹ ce, Wachovia Bank, Coldwell Banker, $UNKIN $ONUTS $AIRY 1UEEN 4HE 503 3TORE AND MORE s ACRES S F ',! 3HOPPING #ENTER 0ARKING 3PACES s .O COMPETITION NO POTENTIAL FOR FURTHER DEVELOPMENT IN THE AREA s S F AVAILABLE
Raritan Center
Town Plaza II Shopping Center
Hyde Park Mall
2ARITAN 3TREET s 3AYREVILLE .*
2OUTE s /RANGEBURG .9
2OUTE s (YDE 0ARK .9
s /NLY AREA SHOPPING CENTER s %ASY ON OFF %XIT 'ARDEN 3TATE 0ARKWAY .EAR 2OUTES s PEOPLE IN MILES AVERAGE ANNUAL (( INCOME s 4HE ,EARNING %XPERIENCE TO OPEN SOON IN NEW S F BUILDING s (IGH DENSITY HOUSING APARTMENTS TOWNHOMES NEW HOME developments s %NTIRE SHOPPING CENTER TO BE RENOVATED AND EXPANDED IN s ,OCATED AT SIGNALIZED INTERSECTION s ACRES S F ',! 3HOPPING #ENTER PARKING SPACES s %XISTING TENANTS INCLUDE 7ALGREENS &AMILY $OLLAR 3UBWAY %YE $OCTOR 4HE ,EARNING %XPERIENCE AND MORE s S F AVAILABLE
s "USY LOCATION AT SIGNALIZED INTERSECTION WITH LARGE PYLON SIGNS s COLLEGES NEARBY WITH ,!2'% RESIDENT DORM POPULATION s PEOPLE WITHIN MILES AVERAGE ANNUAL (( INCOME (not including college population) s .UMEROUS SINGLE FAMILY HOMES FAMILIES CHILDREN AND APARTMENTS s %XISTING SHOPPING CENTER STORES INCLUDE -ARTY S "AGELS 4IFFANY #LEANERS ! ! $ELI #ALABRIA 0IZZA .AIL 0LAZA 7OK +ING -OUNTAIN 6IEW ,IQUORS AND MORE s S F AVAILABLE
s /NLY AREA SHOPPING CENTER s Brand new Super Stop & Shop and Shop Gas coming soon! s PEOPLE TRADE AREA AVERAGE ANNUAL (( INCOME s .EXT TO (ISTORIC &$2 (OME AND -USEUM s .EARBY 6ASSAR -ARIST AND $UTCHESS #OUNTY #OLLEGES Culinary Institute s %NTIRE 3HOPPING #ENTER TO BE RENOVATED AND BRAND NEW s ACRE SQUARE FOOT ',! SHOPPING CENTER WITH PARKING SPACES
Fieldstone Park Shopping Center
The Azarian Group, L.L.C. The Azarian Building 6 Prospect Street, Suite 1B, Midland Park, NJ 07432 www.azariangroup.com Phone: 201-444-7111 | Fax: 201-444-6655 | Email: kpelio@azariangroup.com
Shopping Centers and OfďŹ ce Buildings Throughout New Jersey & New York: Rochelle Park Shopping Center, Rochelle Park, NJ Mountain Plaza, Rockaway, NJ 1,229-1,500 s.f. available (end caps) Fieldstone Park Shopping Center, Ringwood, NJ 1,250-10,000 s.f. available Hyde Park Mall, Hyde Park, NY 3,000-33,000 s.f. available Walgreens Shopping Center, FairďŹ eld, NJ 1,500 s.f. available Milton Shopping Center, Oak Ridge, NJ 2,500 s.f. available Pine Brook Plaza, Pine Brook, NJ Allendale Town Center, Allendale, NJ 1,700-3,100 s.f. available Raritan Center, Sayreville, NJ 2,500-13,650 s.f. available
NEW
Montvale Shopping Center, Montvale, NJ Town Plaza II, Orangeburg, NY 900-5,200 s.f. available Plaza K Shopping Center, Woodbridge, NJ Lenox Plaza, West Paterson, NJ 1,200-4,000 s.f. available The Azarian Building, Midland Park, NJ Fair Lawn Medical/Professional Building, Fair Lawn, NJ 571-5,300 s.f. available Neptune Plaza Shopping Center, Neptune, NJ 1,390 s.f. available Hamilton Square Shopping Center, Waldwick, NJ 2,000-5,040 s.f. available
22B — March 25 - April 7, 2011 — Shopping Centers — Mid
Atlantic Real Estate Journal
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RETAIL EXPERTS PEOPLE IN THE NEWS Expanding firm’s presence in Central and NNJ
GraBois joins Metro Commercial R. E.
M
OUNT LAUREL, NJ — Perry S. GraBois has joined Metro Commercial Real Estate’s fullservice brokerage team where he will expand t h e f i r m ’s presence in Central and Perry S. GraBois Northern New Jersey. A well-known 14-year veteran of the retail real estate industry, GraBois will focus on representing first-class national
retailers as well as leasing prominent shopping centers throughout the region. He was most recently at Fameco Real Estate where he spent 8 years as one of the top producers for that company. He has completed transactions totaling over $300 million in value, and has valuable expertise in tenant representation and property marketing for both existing centers and new-construction properties. Prior to Fameco, GraBois was a leasing agent with GarrickAug Associates. While no longer in existence, Garrick-Aug As-
sociates was formerly the top leasing retail brokerage firm in the New York Tri-State area. GraBois is a graduate of Penn State University, and is an active member of the International Council of Shopping Centers (ICSC). “Having completed over 200 real estate transactions, Perry brings a diverse and knowledgeable background in all facets of leasing, development and investment sales,” said Steven Gartner, president of Metro Commercial Real Estate. “We are delighted in having him join our team.” ■
NAI Hanson hires Jill Gordon HACKENSACK, NJ — NAI James E. Hanson, one of the leading New Jersey-based commercial real estate firm, announced that the firm has hired Jill Gordon as a sales associate. Gordon, a Chestnut Ridge resident with more than 18 years of experience in sales and leasing, will focus on the retail sector and be based in the Hackensack office. Gordon’s previous positions include time as a sales associate with The Goldstein Group where she was respon-
sible for high-end boutique retail store leasing, new development opportunities, sales and the redevelopment of shopping center transactions in the Tri-State area. Gordon was an original member of DLC Management Corporation, a start-up entrepreneurial shopping center company. As a senior leasing associate, Ms. Gordon personally leased 16 properties in eight states, executing more than 125 transactions during her tenure.
“We are very pleased to welcome Jill to NAI Hanson and feel we are greatly bolstering our retail brokerage services with this hire,” said William Hanson, NAI Hanson President, SIOR. “We look forward to having someone with such a diverse and eclectic leasing and selling background on board to bring a fresh perspective to the team.” Gordon graduated from Florida Atlantic University with a B.A. in Business Administration. ■
Steetsense adds J.C. Schaub to team BETHESDA, MD – Streetsense, an integrated brokerage, design, development and marketing company specializing in retail and real estate, announced the addition of restaurant design aficionado, J.C. Schaub, to the Streetsense team. J.C has 17+ years of architecture experience,
predominantly focused in the hospitality and food service sectors. His projects range from re-imaging multi-unit concepts like Big Bowl, Applebee’s, and Steak ‘n Shake to implementing established identities like Wolfgang Puck Express, Le Pain Quotidien, Chart Hourse, Café Ba
Ba Reeba, and Ruth’s Chris Steakhouse. He’s also worked on fine-dining restaurants at the Four Seasons Houston, Fairmont Kansas City, Hilton Virginia Beach, Willard Intercontinental Washington, DC, and Marriott Solaris Resort & Casino in Aruba. ■
CBRE named to Fortune’s Roster of Most Admired Companies PHILADELPHIA, PA — CB Richard Ellis Group Inc. (CBRE) has been named to the annual roster of the Most Admired Companies in the U.S. real estate industry compiled by Fortune magazine. The survey covers 57 industries and is one of the most definitive report cards on corporate reputations. CB Richard Ellis is the highestranked commercial real estate services company on the list. Companies are rated on a host of attributes related to corporate performance. CB Richard Ellis scored particularly well in global competitiveness
(ranked #1) as well as quality of services, people management and social responsibility (all ranked #2). “Every day our professionals leverage CBRE’s powerful platform to deliver exceptional service to our clients around the world,” said Brett White, chief executive officer of CB Richard Ellis. “CBRE’s inclusion by Fortune as one of the real estate industry’s most admired companies is a testament to their achievements.” Drawing from a base of some 1400 companies, a total of 632 companies from 32 countries
were surveyed by Fortune. Only companies that score in the top half of their industry survey were included in the Most Admired Companies roster. “In Greater Philadelphia, and in every global business center, CBRE’s professionals have built their reputation the old fashioned way—passionate client service, deep market knowledge and a strong and active commitment to their community,” said Robert Walters, executive managing director of CBRE’s six Greater Philadelphia regional offices. ■
One of the top investment specialists
Marcus & Millichap names Nathanson ENCINO, CA — Marcus & Millichap Real Estate Investment Services, one of the nation’s largest real estate investment services firms, has announced its top investment specialists for 2010. B r a d N a - Brad Nathanson thanson of the firm’s Philadelphia office ranked No. 9 out of more than 1,200 investment specialists nationwide. Nathanson is also the firm’s top multi-tenant retail investment specialist. “We are proud to recognize Brad Nathanson as one of the firm’s top agents and as the firm’s No.1 multi-tenant retail investment specialist,”
said John J. Kerin, president and chief executive officer of Marcus & Millichap. “Brad’s accomplishments reflect his superior transaction expertise and unwavering commitment to client service.” Nathanson, a vice president investments, specializes in the sale of retail investment real estate. He joined Marcus & Millichap in September 2003 and was promoted to senior associate in September 2006. In January 2008, he was promoted to associate vice president investments and in July 2009 achieved vice president investments status. Nathanson also serves as a senior director of the firm’s National Retail Group. Nathanson facilitated transactions valued at more than $161 million last year. ■
The Goldstein Group promotes Nassau PARAMUS, NJ — Chuck Lanyard, president of The Goldstein Group, one of New Jersey’s leading commercial real estate brokerage firms, announced the promotion of Curtis Nassau Curtis Nassau to VP. “Curtis Nassau has been with The Goldstein Group for over eight years and has been one of our top producing salespeople,” said Lanyard. “His knowledge, dedication and desire to service his clients have culminated in great success and we are proud of his accomplishments. His promotion is truly well deserved.” Curtis is currently focused on the franchise roll-out of Smashburger and Hand & Stone Spas, as well as the continued franchise expansion of LA Boxing and Planet Fitness in NJ. He has been instrumental in consummating more than twenty fitness center deals. He also represents Dollar General in their store expansion throughout northern and central NJ. Some of the other national tenants he has closed deals with include Aldi Supermarkets, McDonald’s, Gold’s Gym, White Castle, AllState, H&R Block, Bounce U, Fitness 19, Kumon Learning Centers, Goodwill Industries,
Edward Jones Financial Services, Avis, Sleepy’s, Verizon, Great Clips, Hollywood Tans, Fantastic Sam’s, My Gym and Pearle Vision. Curtis has been instrumental in the sale of several retail properties, including the Levitz Furniture building on Route 10 in Livingston, New Jersey, the Living Room Plus building on Route 4, Paramus, New Jersey, and a ShopRiteanchored shopping center in Rutherford, NJ. Curtis’ understanding of the retail industry stems from his experience growing-up and working in his family’s retail business selling window treatments in Bergen County. He graduated Union College in Schenectady and is an active member of the International Council Of Shopping Centers. The Goldstein Group specializes in owner representation, retailer representation, investment sales and management services. The firm, founded in 1986, represents over 8,000,000 s/f of retail space and more than 50 national and regional retailers. The Company is the New Jersey member of the Retail Brokers Network. As an RBN affiliate, The Goldstein Group provides clients assistance throughout the United States with qualified retail specialists in over 45 offices nationwide. ■
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Mid Atlantic Real Estate Journal — Shopping Centers — March 25 - April7, 2011 — 23B
RETAIL EXPERTS PROFILES ON INDUSTRY PROFESSIONALS HERKY POLLOCK
EXECUTIVE VICE PRESIDENT AND NORTHEAST DIRECTOR OF RETAILER SERVICES GROUP
NAME: BRAD NATHANSON TITLE: SENIOR DIRECTOR COMPANY: MARCUS & MILLICHAP REAL ESTATE INVESTMENT SERVICES LOCATION: PHILADELPHIA BIRTH PLACE AND DATE: PHILADELPHIA, PA 1980 FAMILY: ENGAGED TO COLLEGE: UNIVERSITY OF DELAWARE FIRST JOB OUT OF COLLEGE: ANALYST FOR HEDGE FUND WITH SEI INVESTMENTS FIRST JOB IN REAL ESTATE OR ALLIED FIELD: CURRENT JOB, SENIOR DIRECTOR NATIONAL RETAIL GROUP WHAT DO YOU DO NOW AND WHAT ARE YOU PLANNING FOR THE FUTURE: I FOCUS ON CONSULTING PRIVATE AND INSTITUTIONAL OWNERS ON THE POSITIONING AND VALUATION OF THEIR RETAIL ASSETS TO DETERMINE EXIT STRATEGIES FOR THOSE ASSETS.
MY PLAN IS TO FURTHER KAPLIN AS WELL AS
DEVELOP MY TEAM WITH THE NEW ADDITIONS OF ANDY
MAUREEN CLIFTON. HOBBIES: COACHING, COOKING, RUNNING, ROWING, BIKING, DONATING MY TIME TO CHARITABLE ENDEAVORS THROUGH JFRE AND NORC FAVORITE BOOK: THE WOLF OF WALL STREET FAVORITE MOVIE: GLADIATOR PERSON YOU MOST ADMIRE (OUTSIDE OF FAMILY): CHUCK CRAWFORD, THE HEAD COACH OF MENS CREW, AT UNIVERSITY OF DELAWARE KEY TO YOUR SUCCESS: ROWING IN HIGH SCHOOL AND COLLEGE. TAUGHT ME THE FUNDAMENTALS HOW TO BE A CHAMPION THROUGH ORGANIZATION, TEAMWORK, DEDICATION, WORK ETHIC, AND HOW TO FIGHT THROUGH CHALLENGES THAT ARE OUT OF YOUR CONTROL TO BE SUCCESSFUL WITHIN YOUR ENVIRONMENT. IF YOU WERE FORCED TO CHOOSE ANOTHER VOCATION WHAT WOULD IT BE? SPORTS COACH
NAME: CURTIS NASSAU TITLE: VICE PRESIDENT COMPANY: THE GOLDSTEIN GROUP LOCATION: 45 EISENHOWER DRIVE, PARAMUS, NJ BIRTH PLACE AND DATE: PARAMUS, NJ, 10-6-67 FAMILY: KIMBERLY WIFE AND 2 SONS AGES4 AND 8 COLLEGE: UNION COLLEGE, SCHENECTADY, NY FIRST JOB OUT OF COLLEGE: FAMILY BUSINESS, NASSAU’S WINDOW FASHIONS, PARAMUS, NJ FIRST JOB IN REAL ESTATE OR ALLIED FIELD: THE GOLDSTEIN GROUP, 2003 WHAT DO YOU DO NOW AND WHAT ARE YOU PLANNING FOR THE FUTURE: HAVING EXTENSIVE REAL EXPERIENCE IN SITE SELECTION, MARKET ANALYSIS AND LEASE NEGOTIATION, I SPECIALIZE IN RETAIL LANDLORD AND TENANT REPRESENTATION. HOBBIES: SAILING, HIKING, BICYCLING AND TVEL FAVORITE BOOK:C.S. FOSTER – HORATIO HORNBLOWER’S FLYTING COLORS & HEMINGWAY’S A FAREWELL TO ARMS FAVORITE MOVIE: THE GODFATHER, RAIDERS OF THE LOST ARK, GOODFELLA’S & PATTON PERSON YOU MOST ADMIRE (OUTSIDE OF FAMILY): TEDDY ROOSEVELT KEY TO YOUR SUCCESS: FOLLOW-THROUGH AND HONESTLY IF YOU WERE FORCED TO CHOOSE ANOTHER VOCATION WHAT WOULD IT BE? REAL ESTATE DEVELOPMENT.
SHOPPING CENTERS
HOBBIES: SPENDING TIME WITH THE FAMILY, TRAVEL, SKIING, WATCHING SPORTING EVENTS
FAVORITE BOOK: NEVER EAT ALONE FAVORITE MOVIE: PULP FICTION PERSON YOU MOST ADMIRE (OUTSIDE OF FAMILY) BILL GATES AS HE CHANGED THE WORLD AND CONTINUES TO DO SO WITH HIS PRIORITIES BEING IN ORDER. HE GIVES SO MUCH BACK! KEY TO YOUR SUCCESS: I DEAL WITH CEO’S AND THE AVERAGE WORKER WITH THE SAME RESPECT. IF YOU WERE FORCED TO CHOOSE ANOTHER VOCATION WHAT WOULD IT BE? OWN A CHAIN OF RESTAURANTS
PERRY S. GRABOIS LEASING AGENT NAME: PERRY S. GRABOIS TITLE: LEASING AGENT COMPANY: METRO COMMERCIAL REAL ESTATE, INC. LOCATION: 303 FELLOWSHIP ROAD, SUITE 202, MT. LAUREL NJ BIRTH PLACE AND DATE: PHILADELPHIA PA - 1969 FAMILY: WIFE MONIQUE AND TWO SONS COLLEGE: THE PENNSYLVANIA STATE UNIVERSITY FIRST JOB OUT OF COLLEGE: GARRICK-AUG STORE LEASING ASSOCIATES FIRST JOB IN REAL ESTATE OR ALLIED FIELD: REPRESENTED CHIPOTLE MEXICAN GRILL, STAPLES, RADIO SHACK, ANTHONY’S COAL FIRED PIZZA, THE HOMEMADE PIZZA CO., ASHLEY FURNITURE, BOARDWALK FRESH BURGERS & FRIES AMONGST MANY OTHERS QUALITY RETAILERS. WHAT DO YOU DO NOW AND WHAT ARE YOU PLANNING FOR THE FUTURE: WILL EXPAND METRO COMMERCIALS’S PRESENCE IN CENTRAL AND NORTHERN NEW JERSEY. WILL CONTINUE TO REPRESENT FIRST-CLASS NATIONAL RETAILERS AS WELL AS LEASE PROMINENT SHOPPING CENTERS THROUGHOUT THE REGION. COMPLETED TRANSACTIONS TOTALING OVER $300 MILLION IN VALUE, AND HAS VALUABLE EXPERTISE IN TENANT REPRESENTATION AND PROPERTY MARKETING FOR BOTH EXISTING CENTERS AND NEW-CONSTRUCTION PROPERTIES. HOBBIES: BOATING, SKIING, READING, & MOTOCROSS FAVORITE BOOK: TOO MANY TO NAME… FAVORITE MOVIE: WALL STREET PERSON YOU MOST ADMIRE (OUTSIDE OF FAMILY): TRAMMEL CROW KEY TO YOUR SUCCESS (ONE IDEA) PERSISTENCE IF YOU WERE FORCED TO CHOOSE ANOTHER VOCATION WHAT WOULD IT BE? I LOVE THIS BUSINESS SO MUCH THAT I’M COMPLETELY HAPPY AND CAN’T IMAGINE DOING ANYTHING ELSE.
Metro Commercial Real Estate, Inc.
The Goldstein Group
CURTIS NASSAU VICE PRESIDENT
NAME: HERKY POLLOCK TITLE: EXECUTIVE VICE PRESIDENT AND NORTHEAST DIRECTOR OF RETAILER SERVICES GROUP COMPANY: CB RICHARD ELLIS LOCATION: 600 GRANT STREET, STE. 1400 PITTSBURGH, PA BIRTH PLACE AND DATE: PITTSBURGH, PA – JUNE 24, 1964 FAMILY: TWO DAUGHTERS, MADISON & GABRIELLE COLLEGE: KENYON COLLEGE FIRST JOB OUT OF COLLEGE: WORKED TO FRANCHISE A LOCAL RESTAURANT CONCEPT FIRST JOB IN REAL ESTATE OR ALLIED FIELD: FIRST CITY COMPANY DEVELOPING AND LEASING THE GALLERIA IN PITTSBURGH. WHAT DO YOU DO NOW AND WHAT ARE YOU PLANNING FOR THE FUTURE: I HEAD UP THE RETAIL GROUP FOR CBRE IN PITTSBURGH AND THE NORTHEAST AND I HAVE NO PLANS TO CHANGE. I ALSO DEVELOP RETAIL
CB Richard Ellis
Marcus & Millichap Real Estate Investment Services
BRAD NATHANSON SENIOR DIRECTOR
24B — March 25 - April 7, 2011 — Shopping Centers — Mid
Atlantic Real Estate Journal
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SHOPPING CENTERS BUSINESS CARD DIRECTORY ATTORNEY
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Scott C. Butler Neil A. Stein Andrew B. Cohn
Suite 310 LibertyView 457 Haddonfield Road Cherry Hill, NJ 08002 856-675-1550
910 Harvest Drive Blue Bell, PA 19422 610.260.6000 www.kaplaw.com
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Mid Atlantic Real Estate Journal — Shopping Centers — March 25 - April 7, 2011 — 25B
SHOPPING CENTERS 5,540 s/f in Salisbury, MD
LMS’ Gross reps tenant in 6,113 s/f lease
Sperry Van Ness – Miller sells $495,000 restaurant
NAI Comm’l. Partners arranges 2,450 s/f lease
S
ALISBURY, MD — Henry Hanna, CCIM, SIOR, senior advisor for Sperry Van Ness – Miller Commercial Real Estate announced that the former Waterman’s Seafood restaurant on Snow Hill Rd. has sold to Tom Kostis. The 5,540 s/f restaurant sold for $495,000. Waterman’s Restaurant was open for 25 years serving the Delmarva Peninsula and closed in 2009. This is the third restaurant the Hanna team has sold in the past 12 months. They are currently offering two other restaurants in the area for sale. ■ Henry Hanna attaches a sold sign to the former Waterman’s sign
Colliers Int’l. facilitates multiple retail leases ALLENTOWN/EASTON, PA — Colliers International | Allentown Retail Division recently secured five tenants at two major shopping centers in Lehigh & Northampton counties. Bread Box, Inc. leased – 2,480 s/f and Metro PCS leased - 1,000 s/f at Tilghman Square Shopping Center, a 230,000 s/f center located in the center of rapidly growing residential community of South Whitehall
Township, Allentown, PA, Lehigh County near Rts. 309, 22, I-78 and the Northeast Extension of the PA Turnpike. They will join major tenants such as Staples, AMC Theatres & Planet Fitness. Dunkin’ Donuts leased 2,000 s/f, Subway leased 1,250 s/f & Metro PCS leased 1,029 s/f at Crossroads Plaza, a newly constructed 8,000 s/f retail strip center located at Philadelphia Road & St. John Street
in Easton PA, Northampton County, just off I-78 along the main corridor to downtown Easton. They will join anchor tenant, CVS in this highly dense residential market. The Colliers International Retail team of Derek Zerfass and Damon DiPlacido represented were the sole brokers in all of the above transactions with the exception of Metro PCS who was represented by KW Commercial. ■
110 Doe Run Road MANHEIM, PA — NAI In a separate transaction, Commercial Partners, Inc. NAI Commercial Partners, announced the lease of two announced the lease of 6,113 Retail spaces, each comprised s/f of retail space located at of 2,450 s/f, located at 110 Doe Berkshire Plaza in WyomissRun Road, Manheim. Steven ing. Clipman of NAI ComClipman of NAI Commercial mercial Partners, Inc. and Partners, Inc. represented Blake Gross of LMS Commerthe landlord, Linda H. Mar- cial Real Estate represented ver Trust and one tenant, the tenant, Mattress WareManheim Dental Associates. house of Wyomissing, LLC. Marc Mandel of Fameco Real Dan Silvestri of Interstate Estate, LP represented an ad- Commercial represented the ditional Tenant, ABC Phones landlord, Reading Properties, of NC Management, Inc. LLC. ■
Crossroads Companies leases to Mei Japanese Steakhouse at Riverfront Plaza
Malik of the Gladstone Group of NAI CIR brokers 1,200 s/f TEMPLE, PA Smokes R Us of PA Corp. will open a retail store at 4875 N. 5th St. Highway, Temple, PA. Smokes R Us is a discount cigarette outlet store which also offers finan-
cial services such as check cashing. Fahd Malik of the Gladstone Group of NAI CIR represented Smokes R Us and Marshall
Lytle of Prudential Landis Homesale Services represented the property owner, Bernia Sottasante, in the lease transaction for the 1,200 s/fof space. ■
The Goldstein Grp. brokers sale of 121-129 South Orange Ave. PARAMUS, NJ — Chuck Lanyard, president of The Goldstein Group, one of New Jersey’s leading full-service retail brokerage firms, announced the company brokered the sale of an 8,200 s/f retail building at 121-129 South Orange Avenue, South Orange, New Jersey. “With this ever-changing economy, we are finding
many owners are looking at the opportunity of selling their property and they are relying on our company’s expertise,” commented Lanyard.
the property rather quickly.” This retail building located in the central business district is home to Rita’s Water Ice, Sonny’s Bagels and Diamond Cleaners.
“The team of Lew Finkelstein, vice president and Ryan Glastein, sales associate, marketed this property and found a local buyer who was interested in purchasing
The purchaser was Realty Management Systems LLC and the seller was S&C Leasing of South Orange LLC. Purchase price was $1,150,000. ■
Regency Centers names Fameco leasing agent for 103,842 SC WAYNE, NJ — Fameco Real Estate, one of the region’s full service retail brokerage firms, announced its appointment as the leasing agent for Plaza Square, 625 Hamburg Pike. Owned by Regency Centers, Plaza Square is a 103,842 s/f shopping center anchored by
Shop Rite, and complemented by Bank of America and Wendy’s. It is located along Hamburg Turnpike, one of the major retail corridors in the Wayne trade area, amid an established and densely populated neighborhood with strong household incomes.
Fameco’s Tyler Bennett and Steven Winters will spearhead the leasing team. According to Bennett, “We fully expect that retailers looking for small shop space will be attracted to the high volume traffic that Shop Rite creates with close to 31,000 visitors per week.” ■
Riverfront Plaza HACKENSACK, NJ — The location, high visibility and conrecent opening of Mei Japanese sumer-friendly designs support Steakhouse & Sushi Restau- businesses like Mei Japanese rant, a top-of-the-line sushi bar Steakhouse, which are openand hibachi grill, has rendered ing their doors to offer local Riverfront Plaza, a 130,000 residents the convenience of s/f shopping center fully leased. fine cuisine in their own neighLocated at 500 South River St., borhood,” said Ken Fioretti, between Henry Place and East leasing agent for Crossroads Moonachie Road, the ShopRite- Companies, LLC, the property anchored retail center recently owner and manager. underwent a repositioning “Hackensack is a 24/7 city, initiative and is one of Bergen just 12 miles from Manhattan, County’s prime shopping des- where people live, work, dine tinations. and enjoy leisure activities,” Offering an array of lifestyle said Fioretti. Served by a vast services, Riverfront Plaza fea- transportation network, area tures a diverse tenant mix. highway routes include Rtes. Blockbuster, Chase Bank, GNC, 4, 17, 46 and I-80 and almost Mandee, Radio Shack, Subway, 50 bus and rail lines link to Supercuts, Talk of the Town Port Authority Bus Terminal, Videoand Water Depot are George Washington Bridge Bus among the long-term lessees. Terminal, Newark and Jersey “Riverfront Plaza’s strategic City. ■
26B — March 25 - April 7, 2011 — Shopping Centers — Mid
Atlantic Real Estate Journal
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RETAIL BROKERAGE DIRECTORY
ARC Properties, Inc. 1401 Broad Street• Clifton, NJ 07013 Michael R. Ambrosi Leasing and Marketing P: 973-249-1000 x 116 mambrosi@arcproperties.com Steven Maloy S.V.P. Investments P: 973-249-1000 x 114 stevem@arcproperties.com
Azarian Realty Co. The Azarian Building • 6 Prospect St. Suite 1B • Midland Park, NJ 07432 P: 201-444-9888 F: 201-444-6655 www.azariangroup.com info@azariangroup.com John M. Azarian • Donna M. Azarian • Kevin Pelio Nicole Critelli • Matt Scozzari
Capital Retail Group 1401 14th St. NW • 3rd Floor Washington, DC 20005 P: 202-319-2884 www.capitalretailgroup.com Robert E. Tack • Michelle Tack Capital Retail Group is founded on the belief in doing a few things very well. It’s straight forward. We know commercial real estate leasing, sales and property management. We know our business.
Coldwell Banker Commercial Bennett Williams Inc. 110 N. George Street • 4th Floor York, PA 17401 P: 717-843-5555 F: 717-843-5550 info@bennettwilliams.com Robert Behler Jr. • Bobby Traynham Dennis Neiman • Chad Stine Chris Seitz • Bradley Rohrbaugh • David Schad
Colliers International – Philadelphia, PA (HQ) 399 Market St. Ste. 350 Philadelphia, PA 19106 P: 215-925-4600 F: 215-925-1040 www.colliers.com/philadelphia Michael Barmash • Despina Belsemes David Dunkelman • Michael Kahan Todd Sussman Colliers International – Conshohocken, PA 161 Washington St., Ste. 825 Conshohocken, PA 19428 P: 610-684-1850 F: 610-684-1857 Damon DiPlacido Colliers International – Allentown, PA 7535 Windsor Dr., Ste. 208 Allentown, PA 18195 P: 610-770-3600 F: 610-770-3100 Derek Zerfass Colliers International – Harrisburg, PA 300 N. Second St., Ste. 1203 Harrisburg, PA 17101 P: 717-730-3752 F: 717-238-3299 William Aiello • George Lulos Colliers International – Mount Laurel, NJ 1317 Route 73, Ste. 109 Mt. Laurel, NJ 08054 P: 856-234-9300 F: 856-222-1115 David Dunkelman
600 Grant Street • Suite 1400 Pittsburgh, PA 15219 P 412.471.9500 F 412.471.0995 www.cbre.com/retail24-7.com Herky Pollock • Jason E. Cannon Steven M. Esposito• Robert E. Gold
Colliers International – Wilmington, DE 300 Delaware Ave., Ste. 1018 Wilmington, DE 19801 P: 302-425-4000 F: 302-425-4700 Mark Undorf
Equity Retail Brokers 101 West Elm St. • Ste. 370 • Conshohocken, PA 19428 P: 610-645-7700 F: 610-645-5454 info@equityretailbrokers.com Stuart Conston • Lee Cooper • Bart Delfiner Ed Ginn • Kathy Haines • Conrad Heckmann Ken McEvoy • Rob Samtmann • Rose Urban Brian Wherty • Rich Zeller • Gregory Jones Chris Lee • David Goodman
Fameco - Woodbridge, NJ Woodbridge Towers • 555 U. S. Highway 1 Iselin, NJ 08830 P: 732-526-9000 F: 732-526-9101 www.famecoretail.com Tyler Bennett • Carlo Caparruva • Mike Horne Dan Spector • Steven Winters Fameco - Plymouth Meeting, PA 633 West Germantown Pike • Suite 200 Plymouth Meeting, PA 19462 P: 610-834-8000 F: 610-834-1793 www.famecoretail.com Cathy Agnew • Jackie Balin • Rod Bell Brian Bruzek • Jeff Cohen • Chris Covello Jim Creed • Scott Dennis • Brandon Famous John Fasciano • Blake Golom • Michael Gray Dana Hawkins • Jerry Johnson • Jon Kieserman Adam Kohler • John Krause • Jon Kushner Dylan Langley • Gary Leone • Marc Mandel Matt Mandel • Jay Miller • Steve O’Malley David Orkin • Dale Peterson • Rick Schuch Julie Tanpitukpongse • Dave Vitali Rick Weinberg • George Wisnoski Marissa Visconsi • Fred Younkin
Kay Realty Services, LLC 1989 Jumping Brook Rd. Tinton Falls, NJ 07753 P:732-918-1148 F:732-918-1628 www.kayrealtyholdings.com William Klein, Broker • Developer Property Management • Leasing
Joe R. Deerin, CSM • Donna Deerin Ward 120 North Pointe Blvd., Suite 301, Lancaster, PA 17601 P: 717-569-9373 T: 800-864-2633 www.LMS-PMA.com Dave Nicholson, Blaze Cambruzzi, Michael Boden, SCSM, Chad Ward, Blake Gross, Joe Spagnola, CCIM Ted Hummel, CCIM, e-pro, Wilay Boensch
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Mid Atlantic Real Estate Journal — Shopping Centers — March 25 - April 7, 2011 — 27B
RETAIL BROKERAGE DIRECTORY David S. Feldman Regional Manager – Washington DC Office Special Assets Services – Regional Director 7200 Wisconsin Ave. • Ste. 1101 • Bethesda, MD 20814 P: 202-536-3700 F: 202-536-3710 www.marcusmillichap.com
NAI Keystone Commercial & Industrial, LLC Exeter Ridge Corporate Center • 3970 Perkiomen Ave. • Ste. 200• Reading, PA 19606 P: 610-779-1400 F: 610-779-1985 John Buccinno • Bryan Cole • Steve Willems
Danny Brooker, Josh Feldman, Brandon Jenkins, Kirk Knight, Ed Laycox, Nathan Pealer, Rudolph Rueda, Peter Snell
Michael J. Fasano Marcus & Millichap 611 River Dr. • 4th Floor • Elmwood Park, NJ 07407 P: 201-582-1000 F: 201-582-1010 www.marcusmillichap.com
NAI Summit 3435 Winchester Rd. • Ste. 300 • Allentown, PA 18104 P: 610-264-0200 F: 610-871-1700 summit@naisummitmrc.com www.naisummitmrc.com Tyler Chomik • John L. Crampsie, SIOR Jody King, CCIM • Dwight Musselman David Schumacher
Urszula Zoltek,Seth Pollack, David E. Thurston, Michael Lombardi, Brian Schifilliti, Greg Babaian Remco Realty Group 525 MIlltown Rd. • Ste. 101 • North Brunswick, NJ 08902 P: 732-253-0888 F: 732-253-0887 pgallicchio@remcorealty.net www.remcorealty.net Peter Gallicchio, Owner / President Spencer Yablon Vice President and Regional Manager 8 Penn Ctr. • 1628 JFK Blvd. • Ste. 1200 Philadelphia, PA P: 215-531-7000 F:215-531-7010 www.marcusmilllichap.com Derrick Dougherty, Matt Gorman, Tom Gorman, Matt Hardiman, Jordan Muchnick, Chris Munley, Brad Nathanson, Michael Shover, Mark Taylor, Dean Zang
Metro Commercial- Mt. Laurel, NJ 303 Fellowship Rd. • Suite 202 •Mt. Laurel, NJ 08054 P: 856-866-1900 F: 856-866-1611 Brandon Anapol • Brent Barbehenn • Dan Brickner Kurt Rumley • Mark Gerlach • Mary Hughes • Mike Gorman Paul Friedman • Paul Rumley • Pete Nicholson Rob Cooper • Tom Londres Metro Commercial - Conshohocken, PA Eight Tower Bridge • 161 Washington Street #375 • Conshohocken, PA 19428 P: 610-825-5222 F: 610-826-5156 Brian Goodwin • Donna Drew • Glenn Marvin Joe Dougherty • Mike Murray • Randy Hope Steve Gartner • Steve Niggeman
R. J. Brunelli & Co. 400 Perrine Rd. • Suite 405 • Old Bridge • NJ 08857 P: 732-721-5800 F: 732-721-9241 www.njretailrealty.com Richard J. Brunelli • William A. Lenaz Carl J. Minue • Martin Yaged • John Lenaz Ron DeLuca • Edward Abaid Danielle Brunelli-Albrecht • Michael Murphy Assunta Spedaliere
Silbert Realty & Management Company, Inc. 85A Division Ave. • Millington, NJ 07946 P: 908-604-6900 F: 908-604-2030 www.silbertrealestate.com info@silbertrealestate.com Brian S. Silbert • Joel Tomlinson Dominick V. Paragano • Wayne Kasbar David A. Greenman • William Ray
Soloff Realty & Development, Inc. Eight Tower Bridge • 161 Washington Street Suite 920 • Conshohocken, PA 19428 P: 610-834-0400 F: 484-534-2102 Broker: Richard L. Soloff Richard@soloffdevelopment.com Retail Brokerage * Development * Consulting PA, NJ & DE
Welco Realty, Inc. 2525 Palmer Avenue • New Rochelle, NY 10801 P: 914-576-7500 F: 914-576-7596 www.welcorealty.com Jerry Welkis • David Sternschuss • Allen Cooperman Susan Welkis • Antoinette Calisi • Jason Gerbsman Stephan Miller • Tod Heller • Etan Shalem Bob McCory • Dave Shaloum
If you would like to appear in the Retail Directory, Rock Commercial Real Estate LLC 221 W. Philadelphia • St. Suite 19 • York, PA 17401 www.rockrealestate.net Ryan Myers, CCIM, • Larry O’Brien, CCIM Benjamin Chiaro, CCIM • Cami Spiridonoff, CPM David Bode, CCIM, SIOR • Dave Keech, CCIM, SIOR Jason Turnbull, CCIM • Kevin Hodge, CCIM Michael Katz, CCIM • Russ Bardolf, CCIM Ted Turnbull, CCIM
please fill out coupon and fax or email to Elaine Fanning
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28B — March 25 - April 7, 2011 — Shopping Centers — Mid
Michael Kercheval President & CEO ICSC
Peter Sharpe ICSC Chairman
Northern NJ State Directors PA/DE/S.NJ: State Director John-david W. Franklin Steven Gartner MadisonH.Marquette Metro Commercial Real DC/MD/N.VA: Estate Larry M. Spott, CDP The Rappaport Companies Government Relations Committee Chair S.VA: Michael A. F. Mozzachio Susan Jones GrubbDevelopment & Ellis Chancellor Group Government Relations Committee Chair Alliance Co-Chair PA/DE/S.NJ: Edward A. Shriver, Jr. Ed Kockman Strada Kochman Consulting Services Operations Co-Chair DC/MD/N.VA: Lynda E. Benedetto, Thomas C. Barbuti Whiteford, Taylor and SCSM Preston LLPCo. Kravco Simon
Atlantic Real Estate Journal
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Member of International Brad Hutensky Council of Shopping Centers John-david Franklin Director, Eastern Division www.icsc.org PA/DE/S.NJ
VP & Trustee
Larry M. Spott Director, DC/MD/N.VA
Susan Jones Director, S.VA
Tracks announced store closings and gross leasable area
ICSC collaborates with PNC Real Estate on retail supply report
N
EW YORK, NY — The PNC Financial Services Group, Inc. and the International Council of Shopping Centers (ICSC) have announced a new market research report that offers in-depth Michael Kercheval coverage and analysis of U.S. retail and restaurant storeclosing data. The U.S. Retail Real Estate Supply Conditions report – released this week and posted online by both companies - includes wide-ranging information on retail and restau-
rant closings from the fourth quarter of 2010. Subsequent reports will be completed on a quarterly basis to track significant store closings and space reductions nationwide. “The combined efforts of our organizations will produce a valuable tool for the commercial real estate industry,” said Marc McAndrew, executive vice president of PNC Real Estate, a division of PNC. “Retail store closings and reductions are key indicators of the overall strength of commercial real estate markets, and this report will provide our customers with useful analysis on the issues that are most critical to their daily operations.” “ICSC is pleased to establish
this strategic partnership with PNC Real Estate, a leader in the commercial real estate field,” said Michael Kercheval, president and CEO, ICSC. “This new relationship affords ICSC the opportunity to expand our regional perspective and deepens our ability for our members to be more proactive in the way they perceive their local markets.” The joint report represents a tally compiled by ICSC and PNC of the number of U.S.based establishments that have been publicly reported to be closing. While the historic announced closings numbers have been retained, a new metric has been incorporated which estimates the amount of square footage expected to be
vacated. This number is then disaggregated by segment and metro area to better assess the impact of these announced store closings. Founded in 1957, ICSC is the premier global trade association of the shopping center industry. Its more than 55,000 members in over 90 countries include shopping center owners, developers, managers, marketing specialists, investors, retailers and brokers, as well as academics and public officials. As the global industry trade association, ICSC links with more than 25 national and regional shopping center councils throughout the world. For more information, visit www.icsc.org ■
S.VA: Roger Rodriguez RetailR.Co-Chair Timmons Group Roy T. Perez-Daple Lowe’s Companies Alliance Co-Chair PA/DE/S.NJ: Next Generation Chair Edward A. Shriver, Jr Eric Strada S. Penney CentroDC/MD/N.VA: Properties Group Freddie L. Archer Lewis Real Idea Exchange Estate Services S.VA: Program Planning ComMatthew L. Lafler mittee Co-Chair Commercial Real Timothy Rubin Estate Services PREIT Next Generation Chair PA/DE/SNJ: Idea Exchange Jordan Claffey Program Planning ComSNJ: LindseyCo-Chair C. Floyd mittee Centro Properties Group Brandon Famous Thalhimer Fameco DC/MD/N.VA: Jarett L. Parker Kimco Corporation
Many exciting opportunities await! Participate in the annual Vegas RECon ICSC Show issue. Still accepting reservations for editorial and marketing space. Deadline April 11, 2011 ~ For details on how to join the other companies already participating in Vegas Show Issue Contact Elaine Fanning ~ 1-800-584-1062 ext 212 ~ efanning@marejournal.com
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Mid Atlantic Real Estate Journal — Shopping Centers — March 25 - April 7, 2011 — Inside Back Cover B
Serving the Eastern Seaboard From Maine to South Carolina for Over 20 Years All-Rite has been meeting and exceeding the construction needs for a wide variety of clients from the design phase to job close-out. All-Rite delivers the highest quality workmanship in a professional collaborative environment for a win-win outcome on every project, large or small! Our Commercial Construction Expertise Includes: • Industrial buildings • Warehouses • Manufacturing facilities • Restaurants • Libraries
• Offices • Retail shops • Medical facilities • Schools • Media/Conference Rooms
Some of Our Clients Include: New Milford Board of Education, Media Room Renovation Middle School, Teva Pharmaceuticals, Hunter Douglas, Aeropostale Corporate Office William Paterson University, Elmwood park Board of Education St. Mary’s Hospital, Hackensack Meadowlands Development Commission, ConEdison, Parker Meridien Hotel, Pratt Institute and Quality Inn. Renovations and Repairs Whether it is renovations, damage from fires, floods, torandos, smoke, water or just old age, All-Rite Construction can respond quickly and efficiently Call today to learn how we can help with your next project.
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Back Cover B — March 25 - April 7, 2011 — Shopping Centers — Mid
Atlantic Real Estate Journal
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CONTRACTORS, OWNERS & MANAGERS
NJPA M A ID
TLANTIC
REAL ESTATE JOURNAL
Section C of the Mid Atlantic Real Estate Journal
Including Al Mafraq, 745 bed greenfield replacement hospital
Allen & Shariff provides project management services in Abu Dhabi, U.A.E.
A
BU DHABI — Abu Dhabi Health Services Company (SEHA) has officially engaged Allen & Shariff Corporation (ASC) / Consortio International to perform project management services for the design and construction of several major healthcare projects in Abu Dhabi. SEHA manages all curative activities for the public hospital and clinics in the Emirate. Al Mafraq and Al Ain
MARCH 25 - APRIL 7, 2011
HI-LIGHTS Stalco concludes SCOPE Education Services HQ Stalco Construction, McClave Engineering P.C., and McClave Construction Management completed the expansion and interior renovation of SCOPE Education Services headquarters. See Page 3C.
Regenerative design: Preserve, protect, and enhance nature Regenerative design is a vital extension of the sustainable design practices which are already widely in use. See page 8C.
ALSO INSIDE: JOEL R. NELSON, YARDI SYSTEMS .........................................2C PEOPLE ON THE MOVE ...........................................................4C PARKING LOT MAINTENANCE ............................................. 5-9C NJAA ORGANIZATION .........................................................13C MULTIFAMILY ................................................................. 13-15C IREM ORGANIZATION ............................................... 16-IBC-C Section C, 20 pages
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Al Mafraq Hospitals are two sites that Allen & Shariff are currently managing. • Al Mafraq is a $998.7 million, 296,873 square meter (total built up area), 745 bed greenfield replacement hospital that will provide world-class healthcare facilities equipped
with the latest technologies in the medical world. This project was the winner of Best Sustainable Hospital Project award in the “Hospital Build Middle East 2011 Exhibition & Congress”. • Al Ain is a $780 Million, 337,526 square meter (total
built up area), 688 bed replacement hospital spread across a 220,762 square meter site and will have underground parking facility for 1,488 cars. Being built on the theme of a ‘Healing Oasis’, the new facility is designed to combine the friendliness of an oasis village with state-of-the-art medical services. In addition to these two projects, ASC is also engaged in several other major replacement and greenfield hospitals as well as three stand-alone renal dialysis centers and a long term care facility. We currently have 80+ employees on the ground assigned to the tasks. Allen & Shariff Corp. is a clientfocused Design+Build+Manage service provider. ■
As construction manager with Joseph Jingoli & Son
Tishman Construction completes 935,000 s/f PA Convention Center PHILADELPHIA, PA —Tishman Construction Corporation (TCC) completed the expansion of the Pennsylvania Convention Center three months ahead of schedule and within its $786-million budget. TCC, which is part of AECOM Technology Corp. is working on the project as construction manager with joint-venture partner Joseph Jingoli & Son. Joseph Resta, project executive of the Pennsylvania Convention Center Expansion Project, said, “The Convention Center Expansion has a fairly large footprint—nearly eight acres—in a uniquely urban environ-ment, in the middle of Center City Philadelphia. The expansion became a textbook case of ‘just-in-time’ scheduling and construction that ideally matches the experiences of Tishman Construction, ultimately making the frenetic pace seem ordinary.” The Convention Center ’s expansion includes construction of 935,000 s/f of new space, yielding more than 528,000
Pennsylvania Convention Center s/f of contiguous exhibit area. the newly constructed grand Included in the scope are a new atrium entrance. “The Pennsylvania Convenmain entrance atrium lobby, extension of the Arch Street tion Center expansion is crucial Concourse, 23 additional meet- to the economy of the City of ing rooms, three additional Philadelphia and the entire exhibition halls, offices, a region. We are proud to be part 56,000 s/f ballroom, and a new of the team that is bringing it to central power plant, along with fruition,” said Joseph Jingoli, associated utility and support CEO of the namesake firm. spaces. The expansion spans “We believe in treating every across 13th Street creating project as if it were our first an underpass, and extends a and delivering projects safely, city block to Broad Street with on schedule and on budget.” ■
C Inside Cover — March 25 - April 7, 2011 — Contractors, Owners & Managers — Mid
Atlantic Real Estate Journal
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At Cohen Seglias, we’re building new skylines. Serving the real estate needs of clients in the following areas: Acquisitions, Sales and Exchanges Development Leasing Real Estate Finance and Loan Documentation Residential and Commercial Condominiums Zoning
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Mid Atlantic Real Estate Journal — Contractors, Owners & Managers — March 25 - April 7, 2011 — 1C
Residential • Commercial • Industrial
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2C — March 25 - April 7, 2011 — Contractors, Owners & Managers — Mid
From Potholes . . . . . . To Parking lots.
Atlantic Real Estate Journal
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The Commerce and Industry Association of NJ invites you to attend its
HEALTHCARE ROUNDTABLE
Wednesday, April 6, 2011 - 8:00 a.m. – 9:30 a.m. (Registration at 7:30 a.m.) Marian Hall : Holy Name Medical Center 718 Teaneck Road, Teaneck NJ
Focusing on extraordinary medical advancements that will excite, inspire, encourage and spark questions about what else may be on the horizon. In addition to discussing stimulating research and the most recent developments within the industry, expert speakers will explore the benefits of having innovation take place within NJ and specific aspects of the business climate that encourage innovation. What public policies need to be in place in order for NJ to continue to be a leader in innovation? What types of collaboration between higher education and research companies will enhance the rate and quality of discoveries made here? This roundtable meeting will set the stage for future meetings focused on medical innovations and how they benefit people around the world. Contact : 201-368-2100 for more information
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Tell business and industry leaders about your latest accomplishment, products and services in the: CONTRACTORS, OWNERS & MANAGERS SPOTLIGHT Mid Atlantic has 30,000 monthly readers
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and schedule your insertion date “Remember, one call to us means many calls to you.”
uring the recent economic downturn, many commercial property m a n a g ers sought ways to operate more efficiently and position themselves to compete e f f e c t i v e l y Joel R. Nelson when conditions improved. The focus on maximizing net operating income resulted in the reforecasting of budgets as commercial owners and operators reevaluated their strategy for investing in operational infrastructure, especially technology. Whereas the commercial marketplace previously largely adopted a best-of-breed approach to technology, the need to consolidate IT resources led to broad consideration of enterprise-wide convergence. Today, the management of assets and buildings is no longer confined to adopting a core property management and accounting platform. Advances in real estate technology have made enterprise-wide convergence possible for real estate management. Such a convergent system would accommodate business-wide solutions for streamlining reporting; automating workflows for procurement, payables processing, and other operations; facilitating electronic transactions for payables and receivables; integrating property valuation and cash flow modeling; and providing real-time business intelligence. This model describes a true fullenterprise customer relationship management system for organizational communication and deal management.
H o u s t o n - b a s e d Tw e n t y Twenty Properties offers a recent example of a commercial real estate company that has gained measurable benefits from enterprise-wide convergence of its information. Twenty Twenty Properties, which acquires, manages and leases office, medical and industrial buildings and warehouse space in the Houston area, outgrew its previous property management and accounting platform in 2008. That year, seeking a core technology platform onto which new capabilities could be added on an ongoing basis, the company selected Yardi Voyager. “Giving our investors and partners attractive, reliable reports with full drilldown was essential to fostering good business relationships. We also wanted the increased efficiency that comes with easy accessibility to information,” recalled Valerie Cole, Twenty Twenty Properties’ chief financial officer. “Today, with our expanded property management platform, I can take a report, such as a 12-month income statement, and easily make balance sheet changes that turn it into a customized cash flow statement, then send it to our partners,” Cole said. “It takes significantly fewer hours now to generate such reports, and the information is presented very clearly with all necessary detail. In addition, our newly added business intelligence tool draws information directly from the property management and accounting platform. This gives us easy access to reports without having to wait for the bookkeepers to provide them.” As the commercial real estate industry grapples with
a still-challenging economy, Twenty Twenty Properties’ technology investments have helped the company gain maximum efficiency from its existing resources. “We can manage our 20-building portfolio with only three full-time bookkeepers. The cost per square foot to operate our buildings is 12.6 percent less than the average for commercial real estate in Houston; that’s because we work very efficiently, and Voyager’s automation lets our agents concentrate on their core job function—leasing. We can also move fast to capture new tenants. When a prospect asks, ‘What are the common area maintenance expenses?’, for example, we can respond quickly because our informacontinued on page 3C
Contractors, Owners & Managers a section of the
Mid Atlantic Real Estate Journal P.O. Box 26, Accord, MA 02018 781-871-5298 • 800-584-1062 fax 781-871-5299
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Section Publisher Joe Christman jchristman@marejournal.com
Section Editor Karen Vachon kjoy@marejournal.com
Mid Atlantic Real Estate Journal — Contractors, Owners & Managers — March 25 - April 7, 2011 — 3C
MAREJ COM Architect/engineer McClave Engineering P.C.
Stalco concludes SCOPE Education Services headquarters
S
MITHTOWN, NY — General contractor Stalco Construction, architect/ engineer McClave Engineering P.C., and construction manager McClave Construction Management completed the expansion and interior renovation of the 10,000 s/f headquarters of SCOPE Education Services. SCOPE is a not-for-profit, private organization that provides education-related programs to children, parents, community members and professional educators in public and private schools. The project encompassed demolition of pre-existing interiors, structural reinforcement in selected areas, and construction of new offices within a two-story building that serves as SCOPE’s headquarters. The new headquarters features an entrance lobby and reception, business and administrative offices for after-school programs, bathrooms, and mailroom on the first floor. The second floor houses three executive offices, an open office space with 16 workstations, and bathrooms. According to Stalco VP of operations Kevin Dunathan, the project’s challenges included construction activities taking place in an occupied building. “In order to accommodate the client’s request for uninterrupted operations. ■
By Yardi . . . continued from page 2C tion is up to date.” Seeking detailed analysis and comparison of future income and property expenses, Twenty Twenty Properties also added a budgeting and forecasting solution into its core platform. “This has been a lifesaver in streamlining our budget preparation,” Cole said. “It’s now very easy to compare budgets with actual expenditures, without using spreadsheets. When we enter a budget change for one month, the budgeting and forecasting capability automatically carries the change through every subsequent month. We don’t have to calculate a formula for each cell.” She added, “One reason our properties’ vacancy rate is 7%, vs. the Houston area’s 13% commercial property vacancy rate, is that our platform helps us operate more efficiently.” Joel R. Nelson is senior writer, marketing for Yardi. ■
SCOPE Education Services in Smithtown, NY.
METAL BUILDINGS
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4C — March 25 - April 7, 2011 — Contractors, Owners & Managers — Mid
Atlantic Real Estate Journal
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PEOPLE ON THE MOVE Offers access through laptops, e-readers, iPads
Firm welcomes Hershtig and Hale to team
Becker Morgan Group’s Moore presents at DE event
K
ENT COUNTY, DE — Gregory V. Moore, P.E., vice president of Becker Morgan Group, recently presented at the unveiling of the 2011 Kent County Profile Magazine. The event, which took place at Delaware State University, featured community leaders focusing on positive trends and happenings in Kent County. Appearing on behalf of Downtown Dover Partnership, Moore highlighted the partnership’s efforts to draw activity downtown including First Friday, which promotes downtown activities on the first Friday of each month. Attendees enjoyed a complimentary breakfast at the event sponsored by the Kent Economic Partnership and the Delaware State News. Moore is principal civil engineer and dover operations director for Becker Morgan Group. He is actively involved in various professional and community organizations; including past president of the Delaware Association of Professional Engineers and also a past president of the Greater Dover Committee, Chair of the Downtown Dover Revitalization, Bayhealth Foundation Board of Directors, Director of the Delaware Solid Waste Authority, and the Central Delaware YMCA & Aquatic Center Board of Directors. Through
Gregory V. Moore
Dorit Hershtig
his work on the Greater Dover Committee he led the effort to form the Downtown Dover Partnership (DDP) where he serves as President and is a member of the Economic Development Committee. In other news, Becker Morgan Group recently welcomed new staff members to their team. Dorit Hershtig joins the firm as an architectural designer in the Salisbury, MD office. She is a graduate of the University of Illinois at Chicago with a Masters of Architecture and the University of Maryland at College Park with a Bachelor of Science in Architecture. Hershtig’s experience with Becker Morgan Group includes the Capital School District Maintenance Facility in Dover; La Red Health Center in Georgetown, DE; Tri-County Council / Shore Transit Office Renovation in Salisbury, MD; Ocean City
Jason E. Hale
Convention Center Expansion & Improvements in Ocean City, MD; and Northwestern Elementary School Renovations in Mardela Springs, MD. Jason E. Hale joins Becker Morgan Group as an Architectural Designer in the Wilmington, NC office. Hale has a Masters and Bachelor of Architecture from Norwich University. With over 11 years of experience in the industry, Hale brings a thorough understanding of the design process. His experience with Becker Morgan Group includes the University of North Carolina Wilmington/Burevitch Animal & Field Support Facility in Wilmington, NC; U.S. Army Special Operations Facility in Fayetteville, NC; Mancini Dental Office in Jacksonville, NC; Morris Dental Office in Shallotte, NC; and Jacksonville Public Services Complex Phase II in Jacksonville, NC. ■
GE introduces website at 2011 International Builders’ Show LOUISVILLE, KY — GE website offers convenient access to a wide variety of practical information — without the need to register, remember a password or sign in. “With this launch, we have created a public website that caters exclusively to our builders and trade partners, and further reinforces our commitment to maintaining our position as the number one supplier of major appliances to U.S. homebuilders,” said Maggie Kassebaum, manager, customer contacts. The site is organized by trade group with special areas designed for single- and multifamily builders, property managers, architects and designers, remodelers, and the hospitality industry. BuildWithGE.com includes a number of easy-to-use tools, including a “brochure wizard” that can be used to create a customized project brochure for customers. No log-in is necessary to design and print
a brochure, and users select the precise models and other information to include. Site visitors can also search GE’s extensive product library, by model number or category (such as cooking products, laundry, dishwashers or water heaters). Search results include access to full model specifications, including photos and dimensions, as well as “quick specs” and installation instructions. In keeping with the building industry’s growing focus on energy efficiency, BuildWithGE. com also includes a “Think Globally, Build Smart” section, designed to help customers choose solutions that save money and use less natural resources. Resources include a link to ENERGY STAR-qualified models, plus information about GE’s groundbreaking ecomaginationsm Homebuilder Program, Nucleus energy manager with Brillion technology, and GeoSpring hybrid water
heater. Visitors to the site can explore information about GE’s distinct brands, get kitchen design ideas, and use the interactive virtual kitchen designer to envision how appliances will look with different types of flooring, cabinets, countertops and wall colors. A Universal Kitchen Design (ADA) section lists an array of appliances from GE that are compliant with the Americans with Disabilities Act. As any builder knows, simply keeping track of needed contact information can be a challenge, so the site offers specifics on how to place appliance or part orders, schedule a service call, locate a distributor, or contact a Builder Hotline. BuildWithGE.com was introduced at the 2011 International Builders’ Show (IBS), the annual trade show and exhibition hosted by the National Association of Home Builders (NAHB). ■
IREM rolls out learning delivery options CHICAGO, IL — A new array of delivery options for its many course offerings– ranging from traditional classroom to the latest self-paced learning formats available 24/7 – is being rolled out by the Institute of Ronald L. Goss Real Estate Management (IREM),one of the leading providers of professional development resources to real estate management professionals around the globe. “Our newly upgraded education program, which we call ‘IREM ED,’ recognizes changing life styles that in turn are changing how people can and want to learn,” said IREM president Ronald L. Goss, CPM. “IREM ED presents wide choices of what content students can study, the time schedule they prefer to access that content, and the information channels through which they’ll get it. It’s all about empowering students to progress with more flexibility in their property management careers by tapping into the contemporary knowledge delivery media that are most compatible
with their life styles, that best address their career opportunities, that make the most of their time availabilities, and that most easily match their learning-style preferences. Indeed, we view IREM ED as a significant step forward in maintaining IREM’s reputation as the “gold standard” in real estate management education,” covering the core competencies for maximum performance of investment real estate,” said Goss. IREM ED was designed for access through laptops, e-readers, iPads and mobile phones. So students can learn at home, at work or while commuting or traveling. They can study at their own pace within generous time frames. They can study via instructor-led classrooms or instructor-led online courses as well as in self-paced home study or self-paced multimedia select course settings. They also can participate 24/7 in a community forum tied to each course and be further engaged by course content that has been enhanced with embedded video, more dynamic PowerPoint presentations, and other contemporary, visually compelling instructional material. ■
Cronheim Mgmt.’s Dan Cronheim receives IREM designation NEW JERSEY — IREM 2011 president Ron Goss, CPM inducted Dan Cronheim, president of Cronheim Management Services, AMO, as a new CPM member of IREM New Jersey Chapter No Dan Cronheim 1. Dan is also president of David Cronheim Mortgage Corp. and serves as executive vice president and General Counsel to David Cronheim Company. Cronheim Management Services is one of the largest real estate management firms in New Jersey, managing approximately 2 million sq. ft. of commercial property in the state and more than 3 million sq. ft. of industrial space nationwide. Also on the same day, Dan’s father, Robert Cronheim, CPM and CEO of Cronheim Management Services was honored by IREM in recognition of his 50th anniversary as
a CPM member. Both ceremonies capped off three generations of Cronheims as members of IREM. The Cronheim companies have been serving the real estate industry for over 100 years, their operations include a construction division, property managers, in-house maintenance staff and on-site personnel. IREM’s Certified Property Manager designation is the most widely recognized accreditation in the real estate management industry and is awarded to individuals only after completion of a rigorous examination of their educational qualifications, experience and portfolio size. IREM, an affiliate of the National Association of REALTORS (NAR®), is the only professional real estate association serving both the multi-family and commercial real estate sectors. New Jersey Chapter No 1 of IREM having recently celebrated its 75th anniversary serves Northern and Central New Jersey and currently has 214 members. ■
CONTRACTORS, OWNERS & MANAGERS SPOTLIGHT
PARKING LOT MAINTENANCE MAREjournal.com
Mid Atlantic Real Estate Journal — Contractors, Owners & Managers — Parking Lot Maintenance — March 25 - April 7, 2011 — 5C
6C — March 25 - April 7, 2011 — Parking lot Maintenance — Contractors, Owners & Managers — Mid
Atlantic Real Estate Journal
MAREjournal.com
PARKING LOT MAINTENANCE Delaware Valley Paving
Let a competent, reliable, apshalt vendor quote your next paving or concrete project
D
elaware Valley Paving has been successfully completing asphalt paving, drainage, concrete and seal coating projects for the past 30 years. Currently specializing in housing communities and retail shopping centers, they are sensitive to the needs of these property managers and have developed some guidelines to best serve them in choosing the right contractor and completing good, solid jobs with as little interruption as possible. The harsh conditions of this
Demo Concrete and place 6” Stone Base 2” Binder Course Stripe Binder
past winter have left many asphalt parking lots, concrete curbs and sidewalks in disrepair. Now is the time that many owners and property managers are thinking about making these necessary repairs. We feel we can provide valuable tips to determine what work is necessary and how to choose the best contractor to complete the job. We suggest you choose three competent vendors. Vendors can be found in a number of different ways. Most property managers have contrac-
tors who they have used in the past. Others use referrals from colleagues or friends and some use info found in trade publications. Once your list is established, chose one based on their product knowledge and experience in phasing projects based on your property’s individual needs as your “scoping” contractor. We encourage all our customers to use one contractor to scope the job. Here at Delaware Valley Paving
Demo Asphalt Topdress Stone Base Place 2” Binder Course Stripe Level with Asphalt avg 1.5”
Scope Includes Adjusting Inlets to Reduce Deep Bowls and Improve Drainage
we have determined that providing our prospective customers with an aerial site plan showing the exact areas in need of repair is not only invaluable to the customer in determining the scope of work but also in making sure that each contractor then bids the same job. You see in our example how each area is well defined as to where they are located on the property and the approximate size of each individual repair area. Once all areas are determined then the specifications as to the repairs being bid are
included right on the plan. Phrases like “mill and pave” are not enough. Customers need to see “mill full depth” or “remove 4 inches and replace with 2 inches of binder course and 2 inches of wearing course asphalt” are what you need to be looking for to ensure you know exactly what you are paying for. If the first contractor in can provide you with the site plan and necessary specifics then that plan can be circulated to every bidder to ensure all bids are comparable making the decision making easy from that point on. If a budget has been predetermined share that dollar amount with the scoping contractor. They then have the ability to build the job based on that number. Prepare your RFP and circulate it, along with the prepared plan, to the other two 2) contractors. Let them all know that the job has already been approved to ensure the best possible pricing. In the event a budget figure has not been determined in advance have the scoping contractor make his best recommendations to determine what is needed. Allow the contractor to “tweek” the scope of work until the relative costs can be approved and once they are, prepare your RFP and circulate it along with the plan. You are more likely to get the best pricing if the contractors know it is a real job. Keep in mind when awarding the job that there is real value in using the contractor who also has experience in completing projects with the same constraints as you face in your property with relocating parking, hours of operation, etc. Many customers have found that by using these tips they have a definite understanding of what the bids consist of, know that they are getting apples to apples comparisons and lastly, know exactly what they are getting in the finish product. In addition, this process allows them to devote less time to the bidding process as they are establishing the job with the scoping contractor only and it becomes much easier to determine the qualifications of the bidders based on what they are able to provide and offer during this bidding process. ■
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Mid Atlantic Real Estate Journal — Contractors, Owners & Managers — Parking lot Maintenance — March 25 - April 7, 2011 — 7C
PARKING LOT MAINTENANCE
8C — March 25 - April 7, 2011 — Parking lot Maintenance — Contractors, Owners & Managers — Mid
Atlantic Real Estate Journal
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PARKING LOT MAINTENANCE By Pete Messina, Back to Nature
Regenerative design: Preserve, protect, and enhance nature
R
egenerative design is a vital extension of the sustainable design practices which are already widely in use. While each share many concepts, regenerative focuses on redeveloping ecological systems that would be lost when only sustainable practices are used. This approach assesses every piece of land, allowing for opportunities to recreate where others see challenges. For example, instead of viewing a wetland as a liability, view it
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ATTENTION
habitat, and character of a site. In addition, when a property is bisected by a river unable to support aquatic life, repair the land that borders the river and the systems that feed into it so that the river may once again provide a home to fish and other wildlife. Regenerative opportunities can include: • Stream corridor restoration is required when steep sloped stream banks become severely eroded; resulting in a loss of vegetation and ultimately mas-
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sive soil loss. Detailed hydrological and hydraulic analysis must be performed in order to design the proper side slopes and stabilizing techniques. The steep side slopes must be cut back then re-vegetated with native plantings, live stakes and/or a vegetated geo-textile system. • Bio-swales are drainage systems that convey stormwater through natural vegetated channels. These bio-swales also incorporate sand filters and water infiltration measures. Bio-swales eliminate the use of concrete drainage pipes with there inherent high velocity flows. Bio-swales greatly aid in water quality, water infiltration and enhance the aesthetics of the site. • Wetland restoration and creation projects offer ample opportunity to redefine natural landscape systems. Many existing wetland areas have deteriorated due to natural, manmade or industrial causes. Removal of excess soil to provide for a better hydrologic condition and planting native wetland species will greatly improve the ecology and habitat survival. • Detention basin retro-fits that create a natural landscape environment are the new state of the art for storm water management. These projects involve removal of lawn grass and concrete low flow channels from existing detention basins. Then landscaping the site with meadow mix grass and a vegetated stone lined bio-swale to facilitate the stormwater to the outlet structure. The detention basin grows over time and is maintained in a natural environment. Less lawn maintenance is required and the water quality benefits are enormous. • Woodland and meadow restorations help mother-nature with the healing process. In poorly wooded areas, new native tree plantings provide shade and enable understory landscape regeneration. Reseeding meadows with proper grass mixtures can balance the soil content and added water availability restores the meadow to a healthy natural environment. Regenerative design and construction are fundamental tools that will continually move communities closer to a future defined by a healthier world. ■
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Mid Atlantic Real Estate Journal — Contractors, Owners & Managers — Parking lot Maintenance — March 25 - April 7, 2011 — 9C
PARKING LOT MAINTENANCE
Preventative Maintenance $aves Money! Neglect Can Be COSTLY!! We Preserve Asphalt! Announcing two NEW SERVICES • Bed Bug Removal • Fire Prevention • Asphalt Paving & Rejuvenation • Belgium Brick/Block Work • Brick Pavers & Retaining Walls • Commercial Building Renovations • Drainage/Storm Retention Systems • Excavation/Demolition/Sitework • Hot Crack Filling • Sign Installation • Sidewalk, Curb & Basin Repairs • Line Striping & Marking • Waterproofing/Caulking
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10C — March 25 - April 7, 2011 — Parking lot Maintenance — Contractors, Owners & Managers — Mid
Atlantic Real Estate Journal
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PARKING LOT MAINTENANCE By Carl Pitale & Jennifer Kelley, American Asphalt Company
To Repair or Replace… That’s a Really Good Question
Y
ou’d be hard pressed to find anyone on the East Coast that wasn’t pummeled by the effects of this year’s winter season. The combination of large amounts of snow and Carl Pitale ice accompanied with numerous freeze/ thaw cycles did not bode well for parking lots through-
out the region. The havoc caused by the season may have provided you with new problems in your parking lot, or may have turned what was once a minor issue into a major one. Now that temperatures are on a steady increase and paving season is officially in swing, it’s up to you to decide whether you want to put a bandage on your parking lot’s damage or perform a total overhaul.
The most common of postwinter nuisances is the dreaded pothole. Pothole repair is one of the most common “bandage repairs.” In previous seasons, the most popular and widespread pothole repair was the use of standard cold patch asphalt. It provided a quick-fix, but required a replacement with hot mix asphalt once the weather warmed up—not exactly a cheap fix for something so
small. With the introduction of high-performance cold patch asphalt comes the best of both worlds. Most highperformance cold patches don’t require any more effort that your previous cold patch material, but provides you with a bandage that lasts significantly longer than previous temporary patches. In most cases, the use of high-performance cold patch can be considered a permanent repair. While
basic pothole repairs are a faster and less expensive repair, they are not as cosmetically appealing due to color variations and potential for a less-than-smooth surface. For a more long-term repair, the removal of the affected area (including an extension beyond it) and the sub-base is required. If done correctly, these repairs can be considered a “permanent” fix. While they are more appealing to the eye due to their use of hot mix asphalt, they are considerably more time-consuming and costly repairs. If your parking lot seems to have passed its prime throughout the course of these last two extreme winters, it may be time to consider a total reconstruction. When working with most asphalt paving companies, this would consist of an evaluation of your existing conditions, determination of what caused your current condition and the designing of a new parking lot surface that will remedy the issues. Due to the time, labor and increased amount of product needed to complete a reconstruction, this is the most expensive course of action, however, it provides you with a permanent, aesthetically pleasing, and safer parking lot overall. Many asphalt companies will also provide you with a warranty and preventative maintenance plan on your new parking lot to make sure that your new asphalt stands the test of time. Whatever route you choose to take in repairing your parking lot this year, be sure to choose a reputable asphalt company that will give you an honest assessment of your current situation and provide you with an explanation of all your options. Carl Pitale is the quality control manager for American Asphalt Company in W. Collingswood Hts. and Burlington, NJ. Jennifer Kelley, marketing assistant, cowrote. ■
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Mid Atlantic Real Estate Journal — Contractors, Owners & Managers — Parking lot Maintenance — March 25 - April 7, 2011 — 11C
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12C — March 25 - April 7, 2011 — Contractors, Owners & Managers — Mid
Atlantic Real Estate Journal
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The Building Owners and Managers Association of New Jersey 2011 Officers & Directors
KNOWLEDGE IS POWER
President Lisa Kochan Grubb & Ellis 100 Passaic Street Fairfield NJ 07004 (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 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 Hackensack NJ 07601 (201) 342-2777 davecali@sanzari.com
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
Lisa Kochan, President, BOMA New Jersey
KNOWLEDGE IS POWER
Everyone says that knowledge and education is the key to success, and that you must gain as much knowledge as you can to gain a position of power. The real questions are: What is knowledge? How is it measured? How do you use it to gain power? According to the American Heritage College dictionary, knowledge is “the state or fact of awareness or understanding gained from experience or study - learning specific information about something.” This means a person has the resourcefulness to obtain and utilize useful and informative information in order to make intelligent decisions based upon their understanding and awareness of everyday situations. Lisa Kochan Does this make them powerful? Again, according to the American Heritage College dictionary, power is “the ability or capacity to act or perform effectively” therefore, without knowledge, how would this, the ability to perform effectively, be possible? The bottom line is – it isn’t! The real estate industry and especially property management is constantly changing. Therefore, the importance of education and professional development is paramount to the success of you and your company. One of the purposes of education, as marketed by the education industry, is career advancement, higher pay, and empowering a graduate’s job search. On the other hand, your employer or prospective employer is looking for the creativity, vision, talent, and the skills that you need to manage your properties. Professional designations in the last 40 years have become almost a requirement to be hired into the job areas of Property Management, Facilities Management and Systems Maintenance, as well as various other related fields. It will come as no surprise that in today’s economy property and facility managers will not advance simply by running a building well and working hard. Rather, those with the ambition to move ahead, either within their companies or elsewhere, will need the ability to contribute to solving company wide problems. A lot of people can get repairs made but can you help reduce occupancy costs? Can you avoid problems with regulatory approvals and inspections? Can you reduce the entity’s carbon footprint? Can you get high quality contracts with outside service providers? In addition to the above, demands on property and facility managers looking to advance their careers include having an ability to accept change, to carefully experiment with new methodologies, to understand financial drivers, and to be more of a team player because in today’s world the team on which the property/facility manager is playing is at the executive level. The more experienced you are with a variety of business and property data the better. Someone who can come to the table with ideas, someone who can say, “if we do ‘x’ this year, we will save ‘x’ percent over the next five years” someone with excellent interpersonal skills — and specifically, the ability to manage and interact with diverse clients, customers, employees and stakeholders — are essential for acquiring a new job or obtaining a promotion. So, where do you gain this knowledge? How do you obtain the required education? Well, being the President of BOMA New Jersey, an organization whose mission is to promote the interests of those engaged in ownership and/or the operation of real property through leadership, research, education, information and professional development, obviously I’m going to tell you to get involved in BOMA. It doesn’t matter if you are in New Jersey, Michigan, Texas or California BOMA offers you the opportunity to participate in monthly meetings, seminars, webinars and ongoing BOMI International RPA, FMA, SMA and SMT designation classes to advance your career. Starting on March 23rd BOMA New Jersey will be offering BOMA International’s Fundamental of Property Management; in April we are offering four BOMI Courses: Real Estate Investment & Finance; Budget and Accounting; Facility Planning and Project Management and Electrical Systems. After taking BOMI International courses, almost 36% of students said they have seen a decrease in monthly expenses between 1% to over10%; over 77% of students who have acquired a BOMI International designation and/or certificate agree that they have helped better position their corporation or organization for success and over 95% of BOMI’s corporate clients and students recommend BOMI International courses to their co-workers and peers. These courses are over and above our monthly meetings wherein we have an industry professional guest speaker; our quarterly newsletter with insightful, informative articles, an annual directory with useful information on our members and a product service guide as well as discount on BOMA International’s publications and materials. Former BOMA New Jersey President and current Vice Chair of BOMI International said “It is imperative for continued career growth that one keeps pace with industry changes. It is also just as important to train and mentor your staff. BOMA and BOMI courses keep you informed so you can get ahead.”
Upcoming Meeting Dates & Events May 15, 2011 - BOMA Members Race for the Cure Join the BOMA NJ Team in the Susan G. Komen Race for the Cure Wednesday - May 25, 2011 - The Newark Club 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
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Mid Atlantic Real Estate Journal — Contractors, Owners & Managers — March 25 - April 7, 2011 — 13C
MULTIFAMILY New Jersey Apartment Association Advance & protect the welfare of the apartment industry in NJ
Education Matters Limited Seats Remain for Fair Housing Basics - April 20
President Jeff Smith, Kriegman & Smith
Join us on Wednesday, April 20th for Fair Housing Basics, presented by Christopher J. Hanlon, Esq of Hanlon Niemann, P.C. Learn how to prevent costly violations and reinforce good business practices. Arm yourself with the information
Regional VP North Jersey
necessary to avoid common fair housing mistakes. Held at NJAA Headquarters from 9:00am - 12:00pm (Continental
Brent Kohere,
breakfast at 8:30am), this session is free for members, $75.00 for non-members and is worth 3 Continuing Education Credits (CEC) for NAA designates. Fair Housing Basics meets credentials for NAHMA’s NAHMS and NAHMT cer-
Home Properties
tifications. Contact Melissa Vaccariello by e-mail or 732-992-0604 for more information.
Become a Certified Success with an NAA Designation Program! Education for Maintenance: CAMT Designation Certificate for Apartment Maintenance Technician (CAMT) - Register Today! In June 2010, NAAEI’s CAMT program achieved accreditation by the American National Standards Institute (AN SI),
Regional VP Central William Dailey,CPM CIS Management Inc.
a private non-profit organization that administers and coordinates the U.S. voluntary standardization and conformity assessment system. The CAMT program is the only apartment industry program to be accredited by ANSI. All modules for NJAA’s 2011 CAMT will be held at NJAA Headquarters in Monroe Township, unless otherwise noted. CAMT meets
Regional VP South
credentials for NAHMA’s NAHMS and NAHMT certifications. Fees: CAMT Discounted series fee: $800 Member, $1000 Non-member; CAMT Module fee: $100 Member, $150 Non-Member Visit www.njaa.com for complete details. Plumbing I & II - April 27 & 28 at RestoreCore in Edison
Joe Spadaccini The Kamson Corporation
Presented by Mike Goldberg, RestoreCore Heating, Ventilation and Air Conditioning (HVAC) I & II- May 4 & 5 Presented by Stan Szafranski and John Phillips, Morgan Properties Electric I & II- June 8 & 9
VP Associate Affairs Ray Fiorica
Presented by Mike Goldberg, RestoreCore Interior & Exterior Maintenance I & II - July TBD
AFR Furniture Rentals
Presented by Stan Szafranski and John Phillips, Morgan Properties
Legislation VP
2011 UPCOMING EDUCATION SESSIONS August 16 & 17 - Fair Housing & Beyond presented by Doug Chasick, CallSource
Michael C. Haydinger First Montgomery Group, AMO
September 20-22 & October 18-20 - CAM Slam presented by Jackie Ramstedt, Ramstedt Enterprises November 10 - Interactive Multifamily Marketing - Monroe, NJ
Treasurer Lynne Aber
The New Jersey Apartment Association
Bertram Associates
is a statewide organization of apartment owners, managers, builders and those involved in allied industries,
Secretary
who are dedicated to maintaining and improving existing properties and
Stephen Waters
promoting and producing new and affordable apartments throughout New Jersey.
Morgan Properties
14C — March 25 - April 7, 2011 — Contractors, Owners & Managers — Mid
Atlantic Real Estate Journal
MAREjournal.com
MULTIFAMILY On heels of robust 2010 trading
For apartment-building tenants
Gebroe-Hammer reports multifamily investments to strengthen
Spin Cycle creates new laundry experience
L
IVINGSTON, NJ — Demonstrating the ability to weather virtually any economic storm, multi-family investing is expected to strengthen this year on the heels of robust trading activity Ken Uranowitz in 2010, according to GebroeHammer Associates, the region’s most active commercial real estate brokerage firm. The company, which specializes in multi-family, retail and office property investment sales, closed a total of 53 deals in 2010 involving 3,650 units. “New Jersey is a very unique market. Existing multi-family properties, many of which are post-war era buildings in the class-B and class-C category and are typically owned by individual, private investors, trade with greater frequency than other building types,” said Ken Uranowitz, managing director. “Suburban garden-apartment complexes and urban mid-rise buildings, located in densely populated commuter hubs, are in great demand, with inventory in short supply.” In addition to private owners and investors, Gebroe-Hammer’s clients include REITs, private equity firms and other institutional investors. Active throughout the Northeast, with a concentration on New Jersey, New York and Pennsylvania, Gebroe-Hammer markets suburban and urban high-rise, mid-rise and garden-apartment proper-
ties as well as mixed-use and free-standing office and retail properties. The firm’s brokerage professionals predict that multi-family investments will gain even greater momentum as the residential housing market continues to experience restrictive lending, decreasing home values and the unaffordability of homeownership resulting from an uncertain employment market. “As a result of these conditions, apartment rentals will only strengthen occupancy rates – already hovering in the mid-to-high 90th percentile range statewide – and drive deal velocity,” added Joseph Brecher, executive vice president. With several deals already in the pipeline for 2011, Gebroe-Hammer closed the largest Jersey City transaction of 2010 involving a 10-building, 306-unit portfolio in the final weeks of Q4. The wellmaintained properties, which boasted an overall occupancy rate of 93 percent at the time of the $16.175 million sale, are centrally located within the popular Journal Square and Greenville districts near schools, transportation, shopping and major office centers. Other recent sales highlights include the $5.1 million sale of a 120-unit garden complex in Hi-Nella, and a Bergen County, trade involving 19 units in Fairview. More Distressed Debt and Note Sales on the Horizon As anticipated, a wave of distressed debt and note sales came to market around midyear and is expected to carry over in 2011. In total, Gebroe-
Hammer handled 23 of these complex closings last year. These atypical transactions often involved the sale of nonperforming bank debt and, in cases where the debtor filed Chapter 7 or 11 Bankruptcy, Gebroe-Hammer was the exclusive broker approved by the U.S. Bankruptcy Court. The firm conducted several Sec. 363 sales for debtors-inpossession as well as existing lender(s) and numerous other creditors and attorneys. “These types of sales require highly specialized brokerage knowledge and expertise requiring the necessary resources and relationships to market the property and complete the sale in a timely, satisfactory manner,” said David Oropeza, executive vice president. A 24year multi-family brokerage industry veteran, he orchestrated one of New Jersey’s most complex distressed multifamily portfolio dispositions in October. Comprised of four buildings in East Orange, the portfolio included 270 total units valued at $10.5 million. “As has been the case throughout Gebroe-Hammer Associates’ 36-year history, including many economic downturns, apartment buildings have once again demonstrated their resiliency, investment/ performance potential and favorability among banks and lenders. In contrast to office, retail and industrial real estate – severely affected during bad times, the need for rental housing is virtually recession-proof, thereby solidifying this type of investment in any economic environment,” said Uranowitz. ■
Helios Capital completes $4.08 million non-performing multifamily loan transaction WOODBRIDGE, NJ — Helios Capital, LLC, a New Jersey-based commercial loanadvisory firm specializing in small balance non-performing commercial loans in the secondary market under $25 million completed a non-performing loan sale transaction with an unpaid balance totaling $4,086,462.14 for three multifamily properties that total 47,641 s/f and are located in Harlem and Upper Manhattan, NY. Helios Capital LLC advised the investor in this transaction, a private, local investor, and the lender was a regional bank in the NY area. “In this off-market transac-
tion, the three non-performing loans were secured by three multi-family assets, which are all owned by the same borrower.. The loans were sold at a slight discount off their principal balances but at a very competitive price per unit basis,” said Josh Malka, managing director at Helios Capital. “Our relationship with both the lender and borrower involved in this transaction allowed us to quickly source and successfully trade this loan. The borrower was able to utilize their local knowledge of the Harlem and Upper Manhattan submarkets to capitalize on this unique investment opportunity.”
Situated in Harlem and Upper Manhattan, two of New York City’s most attractive and active residential submarkets, these three multi-family properties total 47,641 s/f and consist of a 9,185 s/f building that includes 15 residential units, an 18,500 s/f property that includes 25 residential units and a 19,956 s/f mixed-use building that consists of 28 residential units and 2 commercial units. One of the attractive aspects of the deal was that the portfolio was only 72 percent occupied, which is significantly below market occupancy, adding a tremendous amount of value to the deal for the investor. ■
EAST HANOVER, NJ — It has been said, “Necessity is the mother of invention.” Need within the multi-family housing sector is exactly what inspired Alan Gebroe, who conceived a new generation of on-site apartment-building laundry facilities throughout New Jersey, New York and Pennsylvania. “When we set up a laundry facility, we do it as we would for ourselves or our families and friends,” said Gebroe. “Laundry can be a chore, but building in convenience and ease not only makes that chore easier, it also increases usage of the facility. Simply put, more people will stay on the premises and use the facility, which in turn makes the property owners happy. It’s a win-win proposition for everyone.” The name Gebroe, of course, is a staple within New Jersey commercial real estate. Gebroe’s father, Mel, co-founded and serves as director and president of Gebroe-Hammer Associates, the region’s dominant commercial real estate brokerage firm specializing in the sale of multi-family, commercial and retail properties. Based on his own 25-year career in real estate, including ownership and management of numerous apartment buildings, Alan Gebroe set out 15 years ago to put his entrepreneurial skills to work by forming Spin Cycle, an innovative provider of comprehensive laundry equipment and services. “During my real estate career, I saw so many properties with inadequate on-site laundry facilities that were not being serviced or maintained properly,” Gebroe recalled. “This enduring challenge was the foundation for Spin Cycle, which has put a new spin on laundry with a business model designed to benefit everyone, from tenants to building owners and managers. “And what I learned from my real estate sales career is that the best way – the only way – to do business is to focus on customer satisfaction,” he said. “For Spin Cycle, that starts with the residents and ends with the building owner.” The East Hanover based Spin Cycle uses state-of-theart washers and dryers at each of its more than 400 multifamily locations in suburban and rural garden apartment complexes as well as urban mid- and hi-rise properties.
“Our guiding principal is to address AND complete repairs, which are inevitable, promptly,” he explained. “We strive to resolve the issue or issues in one visit. Our trackrecord for success surpasses the 95th percentile in terms of repairs.” To complement Spin Cycle’s unrivaled technology and repair response service, each site undergoes a retrofit of fresh paint, bright lighting, comfortable seating and large tables for folding clothes. “We strongly encourage and solicit feedback because we want to maintain and improve each environment for the comfort and convenience of all end-users, from individual tenants to those with families,” said Gebroe. Passionate about efficiency, Gebroe has implemented a state-of-the-art computer system that addresses every aspect of the business, 24 hours a day, 7 days a week. “Our system tracks an unlimited number of sites, equipment and owner/tenant use,” he said. “This enables us to generate comprehensive, up-to-theminute reports, track receipts, provide refunds and prevent any discrepancies, including thefts.” One key operational element of this process is Spin Cycle’s innovative Laundry Card system. Tenant customers are issued a “smart card” to use in lieu of the traditional coinoperated payment method. Personally familiar with the concerns of property owners and management, Gebroe provides them with a plain language agreement that is free of cycle retention or automatic renewal language. He always tells clients, “Don’t worry, you won’t need a team of lawyers to interpret our contract.” The result of Spin Cycle’s open business policy has been steady growth and a new model for this once-modest apartment building amenity. And as a value-add for owners, Spin Cycle laundry facilities help with tenant attraction and retention and property value. “We wanted to be different in this most basic service,” Gebroe explained. “Our goal from the outset was to make the task of doing laundry less of a chore and more of an experience for everyone. We believe that Spin Cycle has indeed set a new benchmark, but we are always looking for ways to make it better.” ■
MAREjournal.com
Mid Atlantic Real Estate Journal — Contractors, Owners & Managers — March 25 - April 7, 2011 — 15C
MULTIFAMILY 555-565 Broadway, Hastings on Hudson, New York
In first seven months
Houlihan Parnes Realtors announces Ironstate Development Co. lease 82% rental residences first mortgage on 120 apartments UDSON, NY — Sheldon Stahl and Fred Stahl of Houlihan Parnes Realtors, LLC announce the placement of a new first mortgage on Hastings Terraces Apartments, two six story elevator apartment buildings located at 555-565 Broadway, Hastings on Hudson, New York. Located in Westchester County, the buildings, built in 1949 and 1950 are on 4.25 acres parcel of land and contain 120 apartments with magnificent views of the Hudson River. The property is within walking distance to the Hastings Metro North Station and has undergone extensive renovations over the last five years. The new loan of $13,065,000 has an interest rate of 4.5% interest only payments for the first two years and a five year term with an option to extend
H
555-565 Broadway for an additional five years. ings bank. Elizabeth Smith of The owner is an affiliated Goldberg, Weprin represented entity of Houlihan Parnes Real- the owner as attorney. John tors which placed this perma- Martin of All New York Title nent financing with a local sav- insured the transaction. ■
Cassidy Turley secures $116 million financing on behalf of Donatelli for Highland Park WASHINGTON, DC — Cassidy Turley secured equity financing for Donatelli Development’s next phase of Highland Park,
a 144 unit apartment project located above the Columbia Heights Metro station at 14th and Irving Ss., NW, in Washing-
ton, D.C., and recapitalized the mezzanine and senior debt for the existing 229 unit Highland Park building. ■
225 Grand JERSEY CITY, NJ — The been leased in the first seven developers of 225 Grand, months of availability. the rental building in downtown Jersey City overlooking The new 15-story is bethe Manhattan skyline and ing developed by Ironstate Statue of Liberty, announced Development Company of that an 82% of the building’s Hoboken and KRE Group of 348 luxury residences have Bridgewater. ■
Call Fowler today to find out how we can make your laundry room more profitable. 800-334-1824 X127
Fowler
The Commercial Laundry Specialists www.fowlercompanies.com
Serving Apartment Communities since 1952 * Commissions - Sales - Service *
16C — March 25 - April 7, 2011 — Contractors, Owners & Managers — Mid
WWW.IREM.ORG
Atlantic Real Estate Journal
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Institute of Real Estate Management
2011 OFFICERS NEW JERSEY CHAPTER NO.1 PRESIDENT SCOTT DALLEY, CPM® ACCESS PROPERTY MANAGEMENT, AMO® VICE PRESIDENT LAWRENCE SAUER, CPM® TAYLOR MANAGEMENT CO., AMO® SECRETARY MARK PHILLIPS, CPM® PHILLIPS ASSET MANAGEMENT CO., INC. TREASURER MICHAEL FRIED, CPM® BOSTON PROPERTIES
DELAWARE VALLEY CHAPTER NO. 3 PRESIDENT JODY DIMPSEY, CPM® JLD MANAGEMENT GROUP PRESIDENT-ELECT MICHAEL CARR, CPM® WELLS FARGO WEALTH MANAGEMENT VICE PRESIDENT JERRY NEILL, CPM® CB RICHARD ELLIS CO., AMO® VICE PRESIDENT RICH SKOCZYLAS, CPM® AIMCO
The Steps to Certification IREM® Education Courses March 21-25, 2011 CPM Capstone Track Hotel ML, Mt. Laurel, N.J. Offered by IREM 1, 3 & 101 May 12, 2011 ETH800:Ethics for the Real Estate Manager Location: Interstate Realty Management Offices Marlton, N.J. Offered by IREM 101 May 11-13; 18-20, 2011 CID201 Common Interest Developments: Managing Condominium Association Properties Location: Holiday Inn Somerset, Somerset, N.J. Offered by IREM 1
June 15, 2011 Fair Housing & Beyond Location: AAGP Offices, Philadelphia, PA Offered by IREM 3 September 8-10; 15-17, 2011 RES201 for Affordable Properties Location: Hotel ML, Mt. Laurel, N.J. Offered by IREM 101 Asset Analysis Track November 14-18, 2011 Location: Renaissance Woodbridge Hotel, Iselin, N.J. Offered by IREM 1, 3 & 101
For complete information on courses offered by IREM Chapters No. 1, 3 & 101 visit www.IREM1.org
www.IREM3.org/www.IREM 101.org or call chapter offices at 856-303-0190/856-786-9260/856-829-8939
VICE PRESIDENT STEPHANIE BURG-BROWN, CPM® CANDIDATE BSA MANAGEMENT CORP., LLC VICE PRESIDENT ANNE-MARIE NIKLAUS, CPM® MADISON APARTMENT GROUP SECRETARY/TREASURER INGO KRAUS, CPM® CITIZENS BANK
SOUTHERN NEW JERSEY CHAPTER NO. 101 PRESIDENT SANDRA E. CIPOLLONE, CPM INTERSTATE REALTY MANAGEMENT CO., AMO VICE PRESIDENT DIANE WERSLER, CPM® CANDIDATE INTERSTATE REALTY MANAGEMENT CO., AMO® VICE PRESIDENT MARIA AVERY, CPM® CANDIDATE MANHATTAN MANAGEMENT CO. SECRETARY/TREASURER PATRICIA BALDT, CPM® CANDIDATE WESTGATE MANAGEMENT CO., INC.
IREM® New Jersey Chapter No 1 – IREM® Delaware Valley Chapter No. 3 – IREM® Southern New Jersey Chapter No 101 THANK ALL SPONSORS, EXHIBITORS, PRESENTERS, SUPPORTERS, MEMBERS and ATTENDEES -
You made the 2011 IREM® Tri-State Conference & Expo a huge SUCCESS!
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Mid Atlantic Real Estate Journal — Contractors, Owners & Managers — March 25 - April 7, 2011 — Inside Back Cover C
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C Back Cover — March 25 - April 7, 2011 — Contractors, Owners & Managers — Mid
Atlantic Real Estate Journal
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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.
Mid Atlantic REAL ESTATE JOURNALâ&#x20AC;&#x2122;S
Section D
March 25 - April 7, 2011
The BEST ARCHITECT of 2010
The BEST EXCAVATOR of 2010
BreakingNew NewGround Ground Breaking The professional team of B.R. Kreider & Son will work for you during your next building or expansion project: â&#x20AC;˘ Excavation â&#x20AC;˘ Paving â&#x20AC;˘ Site Management â&#x20AC;˘ Site Utilities Earn a LEED Innovation Credit by using B.R. Kreider & Son, Inc.
Over 70 years of experience in commercial and industrial site management will put your new project on a solid foundation. Before you break new ground, visit
www.brkreider.com 7KH &KU\VOHU %XLOGLQJ /H[LQJWRQ $YHQXH 7RZHU 6XLWH 1HZ <RUN 1< )UDQNLH - &DPSLRQH 3ULQFLSDO ZZZ FUHDWHZRUOGZLGH FRP
63 Kreider Lane Manheim, PA 17545 (717) 898-7651
www.brkreider.com
Criteria: MAREJâ&#x20AC;&#x2122;s Best of 2010 is a juried competition based on submissions and nominations from MAREJâ&#x20AC;&#x2122;s real estate community. Winners were chosen based on size of the deal / transaction. One winner in three separate categories : Largest, Medium and small firms. Top brokers were selected based on largest deal for 2010. To qualify to win, projects or firm locations must be in the states of New Jersey, Pennsylvania, Delaware, Virginia and / or Maryland. Mid Atlantic Real Estate Journal is not responsible for inaccurate submissions.
D Inside Cover â&#x20AC;&#x201D; March 25 - April 7, 2011 â&#x20AC;&#x201D; The Best of 2010 â&#x20AC;&#x201D; Mid
Atlantic Real Estate Journal
MAREjournal.com
!#15)3)4)/. s /7.%23()0 s -!.!'%-%.4 s ,%!3).' s #/.3425#4)/. 350%26)3)/.
960 Holmdel Road, Holmdel, NJ SQ FT s SQ FT s sq.ft.
45 Eisenhower Drive, Paramus, NJ SQ FT s SQ FT s SQ FT s SQ FT SQ FT s sq.ft. s sq.ft.
25 East Spring Valley Road, Paramus, NJ SQ FT s SQ FT s SQ FT SQ FT s SQ FT
510 Thornall Street, Edison, NJ SQ FT s SQ FT s SQ FT
155 Passaic Avenue, FairďŹ eld, NJ SQ FT s SQ FT s SQ FT sq.ft. s SQ FT
100-110 South Jefferson Road, Whippany, NJ SQ FT s SQ FT s SQ FT s SQ FT sq.ft. s SQ FT s SQ FT s SQ FT
1 Kalisa Way, Paramus, NJ SQ FT s SQ FT
555 Route One South, Iselin, NJ SQ FT s SQ FT s sq.ft. SQ FT
25 A & B Vreeland Road, Florham Park, NJ SQ FT s SQ FT s sq.ft. s sq.ft. SQ FT s SQ FT s SQ FT
52 TRANSACTIONS.
299 Market Street, Saddle Brook, NJ SQ FT s SQ FT s SQ FT
333 Meadowland Parkway, Secaucus, NJ SQ FT s SQ FT s SQ FT
$23 Million.
WE WISH TO THANK ALL THE BROKERS WHO HELPED MAKE 2010 A DEAL MAKING YEAR! With special thanks to the following professionals and brokerage ďŹ rms: American Properties Realty n 0AUL 3ALVESON s Branigan Commercial Realty n +EVIN & "RANIGAN s Cassidy Turley â&#x20AC;&#x201C; Jeffrey G. Furey, -ARC (IRSCHINGER &RANK +OBOLA #HARLIE 0ARMELLI -ARK 3IEGLER s CB Richard Ellis, Inc. â&#x20AC;&#x201C; Adam Englander, Suzanne Macnow, Matt McDonough Century 21 Worden & Green n !NITA 3INGH s Chaus Realty, Inc. n *EFF #HAUS s Corporate Realty Solutions, Inc. â&#x20AC;&#x201C; Duke Kennedy Cresa Parnters n %DWARD - %NGLISH *R s Cushman & WakeďŹ eld of NJ n *EREMY .EUER ,AUREN 2UlNO s Grubb & Ellis Company â&#x20AC;&#x201C; Trevor 0ATTERSON !DAM 3ILVER s Jones Lang LaSalle Americas, Inc. n *ODIE -ATTHEWS 0ETER 0OLITI s Kingsbridge Realty Advisors LLC. â&#x20AC;&#x201C; Mark 4WENTYMAN s Lance Bram Commercial Brokerage n *AMIE 2AGUCCI s Newmark Associates n 3USANNE .EWMARK s Newmark Knight Frank n &RANK 2ECINE "RENDAN -C"RIDE s Schultz Organization n 4ONY $ 'EORGIEV s Weichert Commercial Brokerage, Inc. â&#x20AC;&#x201C; Mario #HIARELLA s Weichert Realtors â&#x20AC;&#x201C; Ketna Patel
Pride, Professionalism & Performance
www.bergmanrealty.com
For information, call John G. Osborne at 732-855-8600 x115, e-mail: josborne@bergmanrealty.com or Kelly Ziegenfuss x109, e-mail: kelly@bergmanrealty.com Corporate Office: Woodbridge Towers, 555 US Highway 1 South, Iselin, NJ 08830 â&#x20AC;˘ www.bergmanrealty.com
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Mid Atlantic Real Estate Journal — The Best of 2010 — March 25 - April 7, 2011 — 1D
The BEST
DEVELOPER of 2010 WP Realty Devon Village — $7 Million —
Devon Village, Devon, PA New or Renovated: New and Renovated Size (square footage/acreage): 90,000 s/f Cost $: 7,000,000 in Redevelopment Costs Devon Village is a 75,000 square foot Whole Foods market anchored shopping center located on Philadelphia’s Main Line. Other tenants include a Pennsylvania Wine and Spirits store, Hartstrings children’s clothing store and Prestige Salon. Phase II of the shopping center is under construction and will add 16,000 square feet of retail space including AAA’s new prototype store. Beneficial Bank and a drive-thru restaurant are also under development. Whole Foods is undergoing a multimillion dollar expansion and renovation of its store which includes updating its façade. The balance of the shopping center is 100% leased.
TURNING VISION INTO VALUE ACQUISITION
RENOVATION
DEVELOPMENT
WP REALTY is proud to be the recipient of The Mid Atlantic Real Estate Journal's “Best of 2010” in the category Of “Top Developer” for Devon Village in Devon, PA
Corporate Headquarters 940 Haverford Road Bryn Mawr, PA 19010 610-552-6000 wprealty.com
Acquisitions Joseph R. Staugaard, III, CFA jstaugaard@wprealty.com 610-552-6062
Leasing Charter Realty & Development Corp. 203-227-2922 chartweb.com
2D — March 25 - April 7, 2011 — The Best of 2010 — Mid
Atlantic Real Estate Journal
The LARGEST CBRE-Philadelphia One State Street Square — $ 46.1 million —
Robert Fahey
Michael Hines
Lizann McGowan
MAREjournal.com
OFFICE SALE of 2010
NAI Summit 924 Eaton Avenue — $2.11 million —
Beacon Commercial 101 W. Elm St. — $5.35 million —
Michael Blunt
Led by Robert Fahey, Michael Hines, Lizann McGowan and Michael Blunt, CBRE Philadelphia’s Institutional Group represented an affiliate of BPG Properties, Ltd. in the marketing and disposition of One State Street Square, also known as 50 West State Street, a 14-story, 266,995 s/f class A office tower in downtown Trenton, New Jersey. The unique offering also included the adjacent 5-story, 351-space State Street Square Parking Garage and adjacent parking lots. A myriad of banks, financial institutions, city and federal government offices, law firms, associations, public affairs firms and media outlets populate the area which surrounds One State Street Square. The property’s premier office space and proximity to the State House presented a lucrative opportunity to interested investors. Long-term leases with the State of New Jersey and the GSA offered a secure income stream generated by an asset with minimal vacancy and rollover risk. The office building and parking areas were purchased by a public REIT.
101 W. Elm Street, Bala Cynwyd, PA Beacon brokers Gene McHale, Mike Flynn and Colin McHale represented the owner, DLMR, in the sale of 101 W. City Avenue in Bala Cynwyd, PA. Co-listing the property with Beacon was Joe Wolff, George Schmitt and Kevin McClernon of CB Richard Ellis in 924 Eaton Ave. Name of property: 924 Eaton Ave.
Wayne, PA.
City, State: Bethlehem, PA
The buyer was Goodman Properties, represented by
Size (square footage/acreage): 20,545 s/f Sale price required $2.11 million
Kevin McClernon of CB Richard Ellis.
Broker(s): Tyler Chomik
The property is a 2-story, 85,000 s/f office building
Tyler represented the buyer, a private investor, in the
located at the corner of City Avenue and Bryn Mawr
purchase of this office building.
Avenue.
OfÚce Availabilities. Lehigh Valley, PA.
CONGRATULATIONS! We would like to congratulate the following Beacon brokers for their achievements in brokerage…!
1,800 up to 7,500 sf suites for sale or lease Bethlehem, PA
2,000 & 30,000 sf suites for lease Center Valley, PA
Largest Industrial Lease John Greenwald & Gene McHale
Largest Office Sale Gene McHale, Mike Flynn & Colin McHale
Top Leasing Brokers Gene McHale Thank you guys for your continued hard work & dedication! RADNOR FINANCIAL CENTER Ɣ 201 KING OF PRUSSIA RD., SUITE 260 RADNOR, PA 19087 PHONE: 610.828.0100 Ɣ FAX: 610.828.3873 Ɣ WWW.BEACONCRE.COM
20,000 sf sub-dividable for lease Downtown Allentown, PA
Summit
Commercial Real Estate Services, Worldwide.
3435 Winchester Rd Suite 300 Allentown, PA 18104 610 264 0200 www.naisummit.com
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Mid Atlantic Real Estate Journal — The Best of 2010 — March 25 - April 7, 2011 — 3D
The LARGEST Cushman & Wakefield-E Rutherford The Green at Florham Park — 325,000 SF —
OFFICE LEASE of 2010 Emory Hill White Clay Center — 37,588 SF —
Sloan Street Advisors 7700 Hubble Drive — 120,000 SF — Debra Stracke Anderson, president of Sloan Street Advisors / ITRA, exclusively represented the tenant, TRAX Intl./NASA, in leasing the entire building. Sloan Street
Robert Donnelly
Robert Marc Donnelly, Jr. Rosenberg
Advisors/ITRA is an international
Ben Brenner
commercial real estate firm that provides transactional representation,
The Donnelly/Rosenberg/Brenner team orches-
brokerage and consulting services
trated a long-term lease between BASF Corporation
exclusively for corporate tenants and Debra Stracke
and Rockefeller Group Development Corporation,
Tripp Way
for BASF to occupy a 325,000 s/f office building at The Green at Florham Park in Florham Park, N.J. The new building at 180 Park Ave. will be home to BASF’s North American headquarters, which has been based in Florham Park since 2004. Construction began last summer, with completion and occupancy expected by mid 2012. The building will be registered with the U.S. Green Building Council with the goal of obtaining LEED Platinum certification, the highest LEED status a building can achieve.
buyers of properties in the District of
Columbia and its suburbs, in addition to representing
In April, First Data Corp signed a long-term lease at 400 White Clay Center Drive for +/-37,588 square feet of office space. The transaction was valued at more than $3.6 million. Tripp Way, principal with NAI Emory Hill in New Castle, Delaware, represented the landlord with Wills Elliman, of Newmark Knight Frank Smith Mack, and Steve Ratter, of Jones Lang LaSalle, representing the tenant. White Clay Center is located on Route 273 near Newark, Delaware. It is a masterplanned, 44-acre research, office and industrial campus featuring an innovative development plan, extensive landscaping and a one-mile walking and fitness trail.
The Mid Atlantic Real Estate Journal would like to personally thank this year’s winners of The “Best of 2010”. Our winners were chosen from company submissions.
Anderson
clients on an international basis. Founded by Anderson in 2000, the company serves as the Washington, D.C. affiliate for the International Tenant Representative Alliance (www.itraglobal.com), the largest organization devoted to corporate tenant and buyer representation. With service across North America, Europe, Latin America and Asia/Pacific Rim, ITRA is active in more than 85 U.S. and overseas markets, providing clients with principal-level representation worldwide. Ms. Anderson currently serves as chairman of the board of directors for ITRA.
P ROFITABILITY I S Y OUR P RIORITY . . . R EDUCING Y OUR O CCUPANCY C OSTS I S O URS .
O UR D IFFERENCE IS YOUR A DVANTAGE
We picked one winner in each of three categories;
Largest, Medium and Small Companies. To guarantee your company is considered next
R EPRESENTING C ORPORATE T ENANTS AND B UYERS . . . E XCLUSIVELY AND W ORLDWIDE .
year, please email a request for a nomination form TO ELAINE FANNING AT EFANNING@MAREJOURNAL.COM OR DIANNA MALLOZZI AT DMALLOZZI@MAREJOURNAL.COM OR CALL 1-800-584 -1062
+1 703.758.7479 www.sloanstreetadvisors.com Washington DC Affiliate of:
4D — March 25 - April 7, 2011 — The Best of 2010 — Mid
Atlantic Real Estate Journal
The LARGEST
RETAIL LEASE of 2010
Cushman & Wakefield-E Rutherford The Shops on the Green, Morristown, NJ — 10,700 SF —
Rick Rizzuto
Michael Stone
MAREjournal.com
Fameco Walmart Marple Crossroads Shopping Center — 114,000 s/f —
Jim Postell
Broker(s): Rick Rizzuto, Michael Stone and Jim Postell Harvest Restaurants, an established owner/operator of upscale eateries in northern New Jersey, leased 10,700 square feet of retail space at The Shops on the Green in Morristown. Harvest Restaurants will open two concepts - Roots Steakhouse and Urban Table - to anchor the newly constructed project’s dining mix. As the
Marple Crossroads Shopping Center, Springfield, PA
Broker(s): Jeff Cohen and John Krause The Walmart deal at Marple Crossroads Shopping Center in Springfield, PA is atypical of a Walmart deal. Walmart assumed the anchor position at an existing shopping
amenities component of Rosewood’s 40 Park luxury residential development, The
center. Walmart is taking space left vacant by a Marshall’s relocation, the bankruptcy
Shops on the Green features more than 70,000 square feet of retail beneath seven
of the now-defunct Linens-N-Things and a hole left by David’s Bridal’s departure
stories that house 60 condominium and 13 penthouse units. It also anchors The
from the center. The addition of Walmart to the center dramatically improved the
Metropolitan, a seven-story, 130-unit luxury rental building, and The Lofts, a 30-
tenancy and paved the way for a flurry of new lease signings for tenants like Bur-
unit condominium property.
lington Coat Factory, Dress Barn and Sally Beauty.
Fameco congratulates the recipients of the Mid-Atlantic Real Estate Journal’s
REGIONAL FOCUS NATIONAL REACH
BEST PLACES TO WORK Fameco Real Estate
LARGEST LAND LEASE
TOP LEASING BROKER
Jeff Cohen on behalf of Walmart at Pohatcong Plaza
Jeff Cohen
LARGEST RETAIL LEASE Jeff Cohen/John Krause Walmart at Marple Crossings
TOP 3 MANAGERS Fameco Management Services at Schuylkill Mall
RETAILER REPRESENTATION | OWNER REPRESENTATION | INVESTMENT SALES | MANAGEMENT SERVICES
PHILADELPHIA, PA 633 W Germantown Pike, Ste 200 Plymouth Meeting, PA 19462 p 610.834.8000 | f 610.834.1793 WOODBRIDGE, NJ 555 U.S. Highway 1 South, Ste 400 Iselin, NJ 08830 p 732.526.9100 | f 732.526.9101 www.famecoretail.com
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Mid Atlantic Real Estate Journal — The Best of 2010 — March 25 - April 7, 2011 — 5D
The LARGEST
RETAIL SALE of 2010
Emory Hill 201 E. 6th St., New Castle, DE — $ 150,000 —
Marcus & Millichap-Phila Exeter Commons, Exeter Twp., PA — $ 53 Million —
Landmark Commercial Progress Plaza, Progress Ave. — $ 1.96 Million —
Progress Plaza Denise Ross Size: 494,192 sf / 36.8 acres Broker: Brad Nathanson, Senior Director Marcus & Millichap Real Estate Investment Services of Philadelphia brokered the sale of Exeter Commons; a grocery anchored community center located at 4301 Perkiomen Ave. in Reading. The sales price of $53 Million represents approximately $149 per square foot, or a cap rate of 7.75 percent. The asset includes 356,000 rentable square feet. Brad Nathanson, senior director of the firm’s National Retail Group in Philadelphia, represented the seller, Exeter JV Associates LP. Nathanson also represented the buyer, Cedar-Exeter Commons LLC.
Name of property: 201 E 6th Street City, State: New Castle, Delaware Size (square footage/acreage): +/-1,134 square feet Sale price required $150,000 Broker(s): Denise Ross Sale of a commercial retail facility used for truck and equipment sales.
State Harrisburg, PA Size (square footage/acreage): 49,250 SF Sale price required $ 1,960,000 Broker(s): Chuck Heller & Drew Bobincheck, CCIM The Progress Plaza is a neighborhood shopping center situated at the controlled intersection of one of Harrisburg’s busiest thoroughfares. The plaza historically maintained high occupancies with a majority of the tenants being locally owned and/or regional businesses. Due to the variety of lease terms, Chuck Heller and Drew Bobincheck handled the renewal of long-term leases for the majority of the tenants prior to settlement, to assist the buyer in securing financing.
Exhibiting or Attending The Upcoming May 22-25th Vegas RECon ICSC? Many Exciting Opportunities Await! RESERVE YOUR SPACE NOW! Participate in the April 22nd Annual Vegas RECon Show Issue. Still accepting reservations for editorial and marketing space. DEADLINE: APRIL 8th, 2011
Superior Service • Unrivaled Exposure Maximum Value • Exceeding Expectations
Call or Email for Details! Elaine Fanning 1-800-584-1062 ext 212 efanning@marejournal.com “A man who stops advertising to save money is like a man who stops a clock to save time.” -Henry Ford
BRAD NATHANSON | SENIOR DIRECTOR 1628 JFK Boulevard Suite 1200 Philadelphia, PA 19103 (215) 531-7000 ext. 7046 www.nathansonretail.com | brad.nathanson@marcusmillichap.com
6D — March 25 - April 7, 2011 — The Best of 2010 — Mid
The LARGEST Cushman & Wakefield-E. Rutherford 130 Interstate Blvd. — $22.5 Million —
130 Interstate Blvd.
City, State: South Brunswick, N.J. Broker(s): Paul Torosian, John Plower, Andrew Merin, David Bernhaut and Gary Gabriel Cushman & Wakefield represented the seller, a joint venture between IDI and institutional investors advised by J.P. Morgan Asset Management, and procured the buyer, Terreno Realty Corporation, in the sale of 130 Interstate Blvd. The 413,092 s/f warehouse/distribution facility traded for $22.5 million. Located just off New Jersey Turnpike Exit 8A in Central New Jersey’s Middlesex County, 130 Interstate Boulevard is fully leased to Home Depot.
Atlantic Real Estate Journal
INDUSTRIAL SALE of 2010
Binswanger Former Liz Claiborne Dist. Ctr. — $7.3 Million —
Former Liz Claiborne Distribution Center Mount Pocono, PA Broker(s): Michael Treacy Binswanger brokered a $7.3 million sale of a 615,000 s/f distribution facility on 80 acres. The property is the former Liz Claiborne apparel distribution facility, located in the Mount Pocono Industrial Park. The buyer, Silagi Development & Management, Inc. of Thousand Oaks, California, plans to update and modernize the facility immediately and offer the superb logistics center for lease. This is the first speculative industrial investment the company made in the Commonwealth of Pennsylvania. The property is ideally located in northeast Pennsylvania, a few miles from I-80 and I-380.
The BEST AVAILABLE
130 subdividable acres with full utility services, rail access and strategic location.
MAREjournal.com
DP Partners Kimberly-Clark — $35.5 Million —
Kimberly-Clark, Logan Township, NJ Broker(s): Joe Hill and Robert Yoshimura of The Flynn Company The LEED Silver certified, class A industrial building in Logan was sold to a major financial institution at a 7.39 percent cap rate, which indicates a very strong trend toward more stable pricing for quality industrial properties in that market. The building was originally built by DP Partners in 2008 as part of its 400-acre Logisticenter at Logan, and at that time, Kimberly-Clark, producer of consumer health and hygiene products chose the property for its Northeast distribution center. The building was designed to optimize the distribution supply chain and maximum speed to market.
INDUSTRIAL of 2011
90 subdividable acres with full utility services, and strategic location.
50 acres remaining in parcels with full utility services in a nearly sold out business park.
Charles Blankenship, President • (717) 274-3180 • www.lvedc.org • Brokers Protected
MAREjournal.com
The BEST AVAILABLE
Mid Atlantic Real Estate Journal — The Best of 2010 — March 25 - April 7, 2011 — 7D
INDUSTRIAL PROPERTYof 2011
8D — March 25 - April 7, 2011 — The Best of 2010 — Mid
The LARGEST CBRE-Philadelphia 6345 Brackbill Boulevard — 507,634 SF —
Joseph McDermott
Atlantic Real Estate Journal
MAREjournal.com
INDUSTRIAL LEASE of 2010 Emory Hill 2165 Center Square Road — +/- 125,496 SF —
Beacon Commercial 741 First Avenue — 77,184 SF —
Vincent Ranalli
741 First Avenue City, King of Prussia, PA Bart Anderson
Patrick Lafferty
Michael Hess
6345 Brackbill Boulevard in Mechanicsburg, PA.
Edd Connor Name of property: 2165 Center Square Road City, State: Bridgeport, New Jersey
A 507,634 s/f warehouse distribution facility located on 29 acres. Joseph McDermott Vincent Ranalli of CBRE represented the tenant, Exel Logistics. CBRE’s Bart Anderson, Patrick Lafferty and Michael Hess
Size (square footage/acreage): +/-125,496 square feet Broker(s): Edd Connor Lease of +/-125,496 square feet of industrial space to Warehouse Specialists, Inc.
represented the landlord, Orix Capital Markets LLC.
John Greenwald and Gene McHale of Beacon Commercial Real Estate, LLC negotiated a long-term lease between Brandywine Realty Trust and Wallquest Inc., in the lease of 77,184 s/f of industrial manufacturing space at 741 First Avenue in King of Prussia, PA. Beacon was the sole broker in the transaction. Wallquest Inc., a designer and manufacturer of wallpaper & decorative wall coverings, will be expanding operations at 741 First Avenue in King of Prussia. Wallquest is consolidating two facilities currently located in New Jersey and New York into the First Avenue property. The consolidation will occur over the next few months.
Pureland Industrial Complex For Lease | +/-125,496 SF 2165 Center Square Rd., Swedesboro, NJ 08085
Bldg Dimensions: 580’x223’ Clear Height: 24’ Bay Size: 40’x40’ Parking: Surface (recently repaved) Sprinkler: Yes Rail: Rear load, short line Construction: Masonry & Steel Office Area: +/-1,800 sf
Heat: Gas hot air / South Jersey Gas Water: New Jersey American Water Sewer: Logan Township M.U.A. Loading: 17 tailgate docks with seal 6 rail loading Lot Size: 6.8 acres Electric: 1,200 amps, 3-phase, (A.C.E.)
Edd Connor | Carmen Facciolo 10 Corporate Circle Suite 100 New Castle DE 19720 phone 302 322 9500 | fax 302 322 9518 eddconnor@emoryhill.com | cfacciolo@emoryhill.com www.emoryhill.com
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Mid Atlantic Real Estate Journal — The Best of 2010 — March 25 - April 7, 2011 — 9D
The LARGEST LAND
SALE/BUILT TO SUIT of 2010
Cushman & Wakefield-E. Rutherford NAI Summit Alcatel-Lucent Whippany Campus Lot #14, LVIP VII, Bethlehem, PA — $18.5 Million— — $2.307 Million —
Robert Donnelly
Robert Donnelly, Jr.
John Lee & Associates Indian River Rd. Parcel — $ 1 Million—
David Bernhaut
City, State: Whippany, N.J. Size (square footage/acreage): 194 acres Broker(s): Robert Donnelly, Robert Donnelly, Jr., David Bernhaut Cushman & Wakefield’s Metropolitan Area Capital Markets Group members Bernhaut and Donnelly, Jr., along with corporate account specialist Robert Donnelly, orchestrated the sale of the Alcatel-Lucent Whippany Campus on Route 10 at Whippany Ave. in Whippany. Vision Equities and Rubenstein Partners purchased the 194-acre campus for $18.5 million. The property includes approximately 1.4 million square feet of vacant space, including 15 office, laboratory and support buildings. The new ownership will redevelop the campus into a modern, mixed-use campus including class A office, residential and retail components. It represents the largest redevelopment site in eastern Morris County.
Name of property: Lot #14, LVIP VII City, State: Bethlehem, PA Size (square footage/acreage): 17.09 acres Sale price: $ 2,307,784.00 Broker(s): Jay Haines Jay represented the buyer in this land sale transaction.
Feature Your Project
For more information call Elaine Fanning 800-584-1062/781-871-5298 Ext. 212
EFanning@mareJournal.com
Size: 2.53 Acres Brokers: John Lee, John Lee & Associates and Michael Meyers, S.L. Nusbaum Retail site sold to Care A Lot Pet Supply Company. They plan to build a new store.
Proven Track Record. Locally. Globally.
Developments Construction Renovations
Mid Atlantic Real Estate Journal
Chesapeake, VA
Property Management
Leasing & Sales
We can help to get your commercial real estate deal across the Ûnish line
Asset Management
Retail & Medical Investment Sales Project Management
Office & Industrial
• $34.5 million deals closed in Lehigh Valley, PA in 2010
• $45 billion deals closed world wide in 2010
Summit
3435 Winchester Rd Suite 300 Allentown, PA 18104 610 264 0200 www.naisummit.com
Commercial Real Estate Services, Worldwide.
10D — March 25 - April 7, 2011 — The Best of 2010 — Mid
The LARGEST
Atlantic Real Estate Journal
MAREjournal.com
MULTIFAMILY SALE of 2010
HFF The Palatine, Arlington, VA — $118 Million —
The Kislak Company Pittsburgh, PA Portfolio — $15.69 Million —
Gebroe Hammer Bristol Station, Carteret, NJ — $30.53 Million —
The Palatine The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) closed the sale of The Palatine, a 262-unit, class A high-rise multi-housing community in Arlington, VA. The HFF investment sales team was led by managing director Dave Nachison and director Alan Davis. HFF was engaged by the lenders to market the property for sale during the pendency of the foreclosure process in the expectation that the price for the property would be maximized through a foreclosure auction. Crescent Heights of America was the successful bidder at the foreclosure auction and purchased the property for $118 million. “The Palatine was 95% occupied at closing in what is quickly becoming one of the tightest apartment submarkets in the entire metro D.C. area. All recently delivered apartment supply has been quickly absorbed and leasing concessions are rapidly being reduced by landlords in the area,” said Nachison.
Alcoma on the Green (high-rise building, a part of three-property portfolio), Pittsburgh, PA Three-property portfolio consisting of Alcoma on the Green (222 Units), Ambassador Apts. (165 Units + 7 Commercial Spaces), and Pinewood Square Apts. (61 Units). Broker(s): Robert J. Holland Alcoma on the Green is a two-building (garden and tower) apartment complex, Ambassador Apts. is a 2building apartment complex, and Pinewood Square Apts. is a twelve-building apartment complex. The seller was aware of our success throughout Pennsylvania and, after working with another broker who was unable to procure a purchaser, engaged us on an exclusive basis to market and sell the properties. Given the strength of the Pittsburgh multifamily market, there was strong interest among local, regional and national investors.
Bristol Station Size (square footage/acreage): 305,172 SF/10.89 acres Broker(s): Joseph Brecher, executive vice president, and Ken Uranowitz, managing director Gebroe-Hammer represented the buyer of the nonperforming debt encumbered by the 288-unit resort-like apartment-rental community in Middlesex County. The firm identified the property because of its favorable positioning, Class-A rating and unit mix on behalf of Gebroe-Hammer’s private client. The all-cash note sale was closed within 21 days of contract. The awardwinning property, which was completed in 2009 and had an 82 percent occupancy rate at the time of sale, features six four-story buildings housing a mix of oneand two-bedroom units with eight distinct layouts. The buyer plans to lease up the balance of the units at market-rate rents.
CELEBRATING OUR 105TH YEAR Investment Real Estate Brokerage
Congratulations to
Robert J. Holland for one of the
Largest Multifamily Sales of 201 and well deserved recognition as a
Top 10 Broker!
Mr. Holland represented all parties in the $15,690,000 sale of a three-property, 455-unit multifamily portfolio in Pittsburgh, PA.
The Kislak Company, Inc.
www.kislakrealty.com 732 750 3000
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Mid Atlantic Real Estate Journal — The Best of 2010 — March 25 - April 7, 2011 — 11D
The Best
KS Ad BW Boxer 6 x 5.5:Layout 1 9/27/10 4:55 PM Page 1
Law Firms of 2010 maze_quarter.qxd:Layout 1
3/14/11
8:19 PM
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TAKE THE PATH OF LEAST RESISTANCE.
R
eal estate deals are often full of legal complexities. It’s all too easy to find yourself stuck in a maze of twists and turns. With Meislik & Meislik guiding you through, your real estate transactions will be done right, done fast, and done without wasted steps.
Experience Really Matters. Don’t leave your real estate project in the hands of amateurs. We provide clients with “home field advantage” throughout Pennsylvania and New Jersey. We know the land, the players and the local market in our region.
Kaplin Stewart
Att orneys at Law
973 783-3000 www.meislik.com Montclair, New Jersey
Contact: NEIL A. STEIN 910 Harvest Drive, Blue Bell, PA 19422-0765 • 610-260-6000 • www.kaplaw.com Other Offices: • Cherry Hill, NJ 856-675-1550 • Philadelphia, PA 215-567-3120
The Best
Attorney of 2010
10
We are seasoned professionals in the field of transactional real estate law with more than 20 years experience.
12D — March 25 - April 7, 2011 — The Best of 2010 — Mid
Atlantic Real Estate Journal
The TOP LEASE
MAREjournal.com
BROKER of 2010
#1 Broker (Tie) #2 Broker (Tie) #3 Broker (Tie) #4 Broker (Tie) #5 Broker (Tie)
Shown from left: Patrick Lafferty, Michael Hess, Bart Anderson CBRE
Shown from left: Frank Caccavo, Jason Goldman, Andrew Siemsen Cushman & Wakefield E. Rutherford
Joseph McDermott & Vincent Ranalli CBRE
Shown from left: Robert Donnelly, Robert Donnely Jr., Marc Rosenberg Cushman & Wakefield E. Rutherford
Shown from left: Jeremy Neuer, Joe Sarno, Jon Marks Cushman & Wakefield E. Rutherford
#6 Broker
#7 Broker
#8 Broker
#9 Broker
#10 Broker
Jeff Cohen Fameco
W. Jason Grace, CCIM, SIOR Landmark Commercial
Thomas T. Posavec, SIOR Landmark Commercial
Joseph Dougherty Metro Commercial
Gene McHale Beacon Commercial
The TOP SALES #1 Broker (Tie) #2 Broker(Tie)
Dave Nachison & Alan Davis HFF
Shown from left: Andrew Merin, David Bernhaut, Gary Gabriel Cushman & Wakefield E. Rutherford
#6 Broker (Tie) #7 Broker (Tie)
Robert Fayhe & Michael Hines
Shown from left: Mark Taylor, Dean Zang, Christopher Munley Marcus & Millichap Philadelphia
BROKER of 2010
#3 Broker
#4 Broker
#5 Broker
Andrew Weir HFF
Stephen Conley HFF
Brad Nathanson Marcus & Millichap Philadelphia
#8 Broker
#9 Broker
#10 Broker
Joseph Brecher Gebroe Hammer
Seth Pollack Marcus & Millichap Philadelphia
Robert J. Holland The Kislak Co.
Michael Blunt & Lizann McGowan CBRE
Jeffrey S. Cohen
610.834.8000 Main 610.834.1793 Fax jcohen@famecoretail.com
633 West Germantown Pike, Suite 200 Plymouth Meeting, PA 19462
MAREjournal.com
Mid Atlantic Real Estate Journal — The Best of 2010 — March 25 - April 7, 2011 — 13D
The
BEST SALES BROKER of 2010
Few investment brokers possess the expertise to truly understand a property's operational and financial fundamentals; and the ways to position those fundamentals into the marketplace while assuring maximum value through a sale. When my clients entrust me with an assignment, I reward them with an exceptional result.
CONTINUING TO LEAD THE INDUSTRY INTO 2011
Exeter Commons, Reading, PA 491,000 square feet
SOLD
Towne Square Plaza
Bensalem Crossing
Reading, PA 128,000 square feet
Bensalem, PA 67,000 square feet
SOLD
SOLD
Lakeview Shopping Centre
Eastgate Shopping Center
Royersford, PA 190,000 square feet
Memphis, TN 505,000 square feet
SOLD
SOLD
Germantown Shopping Center
Windsor Crossing
Memphis, TN 202,000 square feet
East Windsor, NJ 80,000 square feet
SOLD
SOLD
Superior Service • Unrivaled Exposure Maximum Value • Exceeding Expectations
BRAD NATHANSON | SENIOR DIRECTOR 1628 JFK Boulevard Suite 1200 | Philadelphia, PA 19103 | (215) 531-7000 ext. 7046 www.nathansonretail.com | brad.nathanson@marcusmillichap.com
14D — March 25 - April 7, 2011 — The Best of 2010 — Mid
Atlantic Real Estate Journal
MAREjournal.com
The TOP FINANCIAL DEALS of 2010 HFF Founders Square — $ 100 Million —
Northmarq Capital 500 1st NW, Washington, DC — $ 39 Million —
NAI Bluestone Real Estate The Piazza at Schmidt’s — $29 Million —
Financier: A Life Insurance Company Kenneth Gentzel, senior vice president and Managing Director and Gary McGlynn, senior vice president and managing director, both of NorthMarq Capital’s Washington, DC regional office arranged permanent financing of $39 million for 500 1st Street NW, a 129,035 square foot office building located in Washington, DC. Financing was arranged for the borrower by NorthMarq through its exclusive correspondent relationship with a life insurance company. Mr. Gentzel stated, “Through the considerable cooperation of both the lender and borrower, the loan closed in 20 days from lender’s issuance of a term sheet.” Size of property: 129,035 s/f
Institution: Tower Investments, Inc. Financier: Fannie Mae Location: 1050 N Hancock Street, Philadelphia, PA NAI Bluestone Real Estate Capital, a Philadelphia-based real estate investment banking and advisory firm, as correspondent to Greystone Servicing Corp, provided $29MM in Fannie Mae permanent mortgage financing for the Navona, the flagship apartment property framing the Piazza at Schmidt’s in Philadelphia, PA. Located at 1050 N Hancock Street, the Navona Building includes 156 apartment units and 16,000 square feet of premium ground floor retail space in the Northern Liberties section of Philadelphia. The 10 year loan is amortized over 30 years and was priced at one of the lowest interest rates in Fannie Mae’s history since becoming nationalized. NAI Bluestone, in conjunction with Greystone, will act as the loan servicer. Size of property: 172,000 s/f
The Piazza at Schmidt’s: “Navona” building WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged a $100 million permanent loan for the 355,000 s/f future headquarters of the Defense Advanced Research Projects Agency (DARPA) in Arlington, VA. This project is the first phase of the 1.2 million s/f Founders Square mixed-use development. HFF senior managing directors Bill Asbill and Bob Donhauser and director Dan McIntyre worked on behalf of the borrower, Ashton Park Associates I, LLC, to secure an 18-month forward commitment from Prudential Mortgage Capital Company, the commercial mortgage lending business of Prudential Financial, for a 15-year, fixed-rate loan. In 2009, HFF arranged the $98 million construction loan for the project with Landesbank Hessen-Thuringen, also known as Heleba. The Shooshan Company is handling the development of the property, which was designed by RTKL. Clark Construction Group is the general contractor.
ROCK STEADY.
To learn why the region’s top real estate principals trust Bluestone to finance their at 215-717-2227 or visit bluestonecap.com.
A member of
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The
Mid Atlantic Real Estate Journal — The Best of 2010 — March 25 - April 7, 2011 — 15D
BEST RETAIL ACQUISITION of 2010
16D — March 25 - April 7, 2011 — The Best of 2010 — Mid
Atlantic Real Estate Journal
The BEST
MAREjournal.com
OWNER of 2010
Berger Organization The Military Park Bldg — 250,000 SF —
Prism Capital Partners Broad Acres Office Park — 380,000 SF —
60 Park Place, Newark, N.J The Berger Organization’s Military Park Building sits in the heart of Newark’s CBD, overlooking Military Park, near mass transit, entertainment and cultural attractions. The 21-story office tower underwent a comprehensive refurbishment in 2001. That project included mechanical upgrades, new windows and exterior restoration of the
Broadacres Drive, Bloomfield, N.J. Prism acquired this four-building Class A campus in 1996. As owner/manager,
85-year-old property. As owner/manager,
the firm has created an inviting outdoor courtyard and patio area, and completed
Berger recently completed another major
full lobby updates at 300 and 400 Broadacres Drive. Tenants also enjoy available
update that upgraded the lobby, core building and elevators, and introduced a fitness center and conference room for tenants. The firm also established street-level retail that can be accessed from both outside and within the building.
conference space and upscale, specialty sit-down food service and on-site catering on the ground floor of 200 Broadacres Drive. The property’s location between Garden State Parkway exits 151 and 153, near the interchanges of routes 3 and 46, provides unparalleled access to Northern and Central New Jersey, with excellent access to Manhattan as well. Striking building façades complement the 20-acre, park-like setting.
MAREjournal.com
Mid Atlantic Real Estate Journal — The Best of 2010 — March 25 - April 7, 2011 — 17D
The BEST
OWNER of 2010
570 BROAD STREET
Landmark Location. Historic Value. MILITARY PARK B U I L D I N G
Sixty Park Place, Newark, N.J.
Newark’s Military Park Building –where elegance meets economics. This incredible building in the heart of Newark’s central business district is just two blocks from Gateway Center and Penn Station. Manhattan is just 14 minutes away, via continuous PATH and NJ Transit service. Within walking distance are the Newark campuses of Seton Hall and Rutgers Universities, Rutgers School of Law and the New Jersey Institute of Technology. The New Jersey Performing Arts Center is just one block away, and The Pru Center home of the New Jersey Nets and New Jersey Devil is just two blocks away. It’s your chance to claim a piece of history… that will serve your company well into the future.
Once again a Newark Landmark is reborn and will assume it’s rightful place in Newark’s commercial office market. Office spaces have been dramatically updated with the latest technology and modern business conveniences.
For more information contact: Brendan Berger at 973-623-3300 or brendan@bergerorg.com
New state-of-the-art high speed elevators and HVAC system. High speed fiber optic cable and state-of-the-art occupant safety systems. For a private viewing of Newarkʼs future office space contact: Brendan Berger at: 973-623-3300 or brendan@bergerorg.com
BERGER ORGANIZATION www.bergerorg.com
BERGER ORGANIZATION www.bergerorg.com
18D — March 25 - April 7, 2011 — The Best of 2010 — Mid
Atlantic Real Estate Journal
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The BEST ARCHITECT of 2010 Minervini Vandermark Arch 360 14th St, Hoboken, NJ — Mixed Use/Office/Residential —
Studio 5 Partnership Arch Clearview Cinemas, Hoboken, NJ — Commercial/Entertainment —
Size: 20,000 square feet
360 Fourteenth St. Hoboken, NJ
We designed and developed construction documents for a 2 level cinema in Hobo-
Designed and built by a young emerging architectural firm to house their expanding design studio. This 4 story mixed use building has been instrumental in the revitalization of the industrial urban neighborhood. The 50 x 50 lot sits mid block down a cobble street. The goal was to create an ultra modern work environment while keeping the historical feel of the surrounding neighborhood.
ken, NJ. The 5-plex cinema contains seating for nearly 1,000 people, 3 smaller auditoria with sloped floors & 2 large auditoria on the main level are built with stadium seating, all have leather seats and other upscale elements. The exterior design is composed concrete masonry in brick colors to reflect the neighborhood’s residential character. The design included bands of color, recessed signage elements and a large window wall which animates the public lobbies from the mass of masonry on the exterior and brings in natural daylight.
Partnership Architects | Planners
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Mid Atlantic Real Estate Journal — The Best of 2010 — March 25 - April 7, 2011 — 19D
The BEST
ENGINEERING FIRM of 2010
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20D — March 25 - April 7, 2011 — The Best of 2010 — Mid
Atlantic Real Estate Journal
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The BEST ALL OUTDOOR SERVICES COMPANY of 2010
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Mid Atlantic Real Estate Journal — The Best of 2010 — March 25 - April 7, 2011 — 21D
The BEST Mack Cali Harborside Financial Center — 3,932,220 SF —
Harborside Financial Center Jersey City, NJ Square Footage 3,932,220 sf Harborside Financial Center is the Jersey City waterfront’s premier “city within a city” featuring five state-ofthe-art class A office buildings, retail shops, restaurants, a full-service Hyatt Regency hotel, luxury apartments, and unbeatable views of the Manhattan skyline. This worldclass business location also offers excellent transportation access, a wealth of economic incentives, and impressive corporate neighbors.
MANAGER of 2010
Fameco Property Management Schuylkill Mall — 730,000 SF —
Route 61 Frackville, PA Square Footage: 730,000 sf Schuylkill Mall is conveniently located at the intersection of I-81 and SR 61. It is the largest mall in its trade area, with major retail anchors including Sears, K-Mart, Bon Ton, and other national retailers including Victoria’s Secret, Gap and Bath and Body Works.
The TOP LAND
Fameco Walmart-Pohatcong Plaza, Phillipsburg, NJ — 15.75 acres/200,000 SF—
Levin Management Blue Star Shopping Center — 418,424 SF —
1701 US Highway 22 Watchung, N.J Blue Star Shopping Center sits in the heart of the Route 22 retail corridor, with a traffic count that exceeds 60,000 cars per day. The property is anchored by Kohl’s, ShopRite, Marshalls, Michaels, and Toys “R” Us. Other tenants include restaurants TGI Friday’s, Arby’s, Wendy’s and Quiznos, as well as retailers Mandee, Radio Shack, GNC, Petco, Joyce Leslie, Game Stop and Dots, among others. Currently, Levin is marketing availabilities from 1,066 to 19,430 square feet. Median Household Income within five miles of the center rose 26.9 percent between 2000 and 2009, and should rise 7.9 percent, to $101,574, by 2014.
LEASE of 2010 Emory Hill 1300 First State Blvd, Wilmington, DE — 576 SF —
Jeff Cohen Edd Connor Broker(s): Jeff Cohen Working on behalf of Walmart, Jeff relocated a traditional 127,000 square foot Walmart in Phillipsburg to the site of the former Laneco Department store at Pohatcong Plaza; also in Phillipsburg, NJ. Thanks to the creativity of the center’s developer, National Realty Development Corp., Walmart and its professionals, the site was transformed into Walmart’s first supercenter in the area. The store will be approximately 200,000 sf and is expected to open in the summer of 2011.
Name of property: 1300 First State Boulevard City, State: Wilmington, Delaware Size (square footage/acreage): +/-576 square foot parking lot Broker(s): Edd Connor Lease of land to TMobile North East, LLC
22D — March 25 - April 7, 2011 — The Best of 2010 — Mid
The BEST
Atlantic Real Estate Journal
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PLACE TO WORK of 2010
Skanska USA Rockville, MD& Blue Bell, PA
Fameco Plymouth Meeting, PA
Studio 5 Partnership Architects/Planners, LLC
Skanska USA’s Mid-Atlantic offices are committed to a healthy work environment for our employees. Our company takes pride in the work we do and is guided by our five core values: zero accidents, zero ethical breaches, zero losses, zero environmental incidents and zero defects. These values not only shape the image of our company, but the reputation and lives of our employees as well.
Fameco believes in a work/life balance, and though they call it work, we would like Fameco to be an enjoyable place to be. In addition to a substantial benefits package, we continue to have our traditional annual events like the company picnic and softball game and holiday parties as well as new events like a Halloween parade and company wide yankee swap/pot luck extravaganza. All are intended to lighten atmosphere, have some fun and encourage our team to spend some quality time together. It’s the combination of all these attributes that make Fameco the Best Place to Work. Comprehensive benefits package, paid time off, 401k plan, corporate casual work environment. Retirement plan, Health insurance, profit sharing and stock options.
We work closely together and encourage creativity throughout the firm giving our employees the opportunity to grow and advance within our industry. We take great pride in our family like firm and we work well together because we are all working towards the same common goal: success and satisfaction in our work. Studio 5 Partnership is committed to improving our community by designing projects that meet and exceed the expectations of our clients and remain cost-effective while upholding standards of excellence within the profession and endeavor to enrich the lives of the people who will ultimately use the buildings we design. Studio 5 Partnership is devoted to overall excellence and integrity.
CB Richard Ellis has always believed that our employees create our success and despite market changes we hold fast to our commitment to recruit, retain, and reward the finest people in the industry. We acknowledge the outstanding results, service and value they bring to our organization and our clients while maintaining a culture of integrity, excellence and continuous improvement. Our firm also recognizes that our employees are people first and many of our policies are designed to encourage and support a positive work-life balance. Locally, CBRE Greater Philadelphia maintains a similar commitment and focus – encouraging and rewarding excellence, leadership, innovation and teamwork while steadfastly promoting community involvement and environmental stewardship.
Gebroe-Hammer remains committed to the teachings and principles of its iconic founders – Mel Gebroe and the late Morris Hammer, who established the firm in 1975. At the core of the firm’s success is a true sense of family, headed by several long-term brokerage and administrative professionals who possess more than 150 years experience, combined. Of the firm’s 23 employees, approximately half have been with Gebroe-Hammer for more than 15 years. Integrity, loyalty, hard work, market expertise and professionalism have led to Gebroe-Hammer’s rise and dominance within the commercial real estate investment industry as a brokerage firm and as an employer. Gebroe-Hammer Associates is committed to mentoring young professionals by teaching the importance of relationship-building and enhancing market knowledge.
Metro Commercial Real Estate Metro Comm’l. Real Estate offers its employees a generous benefits package, including medical and dental coverage, 401k plan with company match, tuition reimbursement for real estate and job related courses, Friday 4:00 closing time all year round; Great camaraderie and very low turnover. We are entering our 24th year in business and the majority of our employees have been here 10 years or longer.
Marcus & Millichap-Elmwood Mount Laurel, NJ Marcus & Millichap promotes an entreprenurail atmosphere driven by performance and collaboration. Culture of sharing and collaboration across 83 offices and 1300 associates creating a platform that’s unmatched in the marketplace. Retirement plan, Health insurance, profit sharing, stock options, performance based reviews on a regular basis, employee training, maternity leave, paternity leave, tuition reimbursement. Special perks such as, free parking, childcare, subsidized transportation.
CB Richard Ellis Philadelphia
Gebroe Hammer Livingston, NJ
Gebroe-Hammer Associates proudly congratulates Joseph Brecher and our Best of 2010 • Largest Multi-Family Sale Bristol Station, Carteret, NJ • Top Brokers - Sales Joseph Brecher • Best Places to Work
Our design standards take the cake. (Pun intended)
Bristol Station
When TLC’s Cake Boss baked a replica cake of a 20,000 square foot theater in Hoboken designed by Studio 5 Partnership, we knew we made it. Studio 5 Partnership, a full service architectural firm, provides planning, design, interiors and construction administration services to both public and private clients in various market sectors. Here, five partners and sixteen talented employees offer personal service and attention, a magnitude of experience and a level of design and relationship management skills that make each project sweeter than the next.
Partnership Architects | Planners
Visit us today at www.studio5p.com or contact Joanne Cimiluca at (201) 652-0555 jcimiluca@studio5p.com
Joseph Brecher
2 West Northfield Road, Livingston, NJ 07039 Tel: (973) 994-4500 Fax (973) 994-9752 Visit us on the web at www.gebroehammer.com Email: info@gebroehammer.com
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Mid Atlantic Real Estate Journal — The Best of 2010 — March 25 - April 7, 2011 — 23D
The BEST
GENERAL CONTRACTOR of 2010
Emory Hill The Delaware Children’s Museum — 3500 SF —
McGowan Builders Inc The Leaguers, Inc. Headquarters — 100,000 SF — The Leaguers, Inc. Headquarters, Newark, NJ, one of the most interesting and significant recent developments in downtown Newark. Location: 405-425 University Avenue Type of project: Ground-up construction of a non-profit Headquarters building that also houses commercial office space, and a Head Start preschool.
Location: Wilmington, Delaware Type of project: Museum (Industrial renovation) Formerly occupied by a nightclub, this industrial facility on Wilmington’s Riverfront required extensive rehabilitation before becoming the home of The Delaware Children’s Museum. Extensive renovations to the 3,500 square foot space resulted in main exhibit areas, art studio, administrative offices, classroom spaces, maintenance, and storage areas. Preparation for the fit-out of the space was a challenge due to the poor condition of the facility. A fire had damaged the external wall facing the riverfront, which subsequently resulted in water damage. The existing concrete floor, in place since the facility’s use in the shipbuilding industry, was in extremely poor condition.
Delaware Children’s Museum
DelTech’s Energy House
Mc Gowan Builders, Inc. (MGB) served The Leaguers, one of the largest nonprofit community organizations in New Jersey, as general contractor for its new Headquarters building. In addition to MGB, the project team included architect/engineer EI Associates, architect Wilson Woodridge, and owner’s representative The TLM Group, LLC. The Leaguers developed the new headquarters building in order to consolidate its Newark facilities and expand community services the organization provides to nearly 1,000 pre-school age children and thousands of adults and families. The total development cost of the project was $23.5 million, the construction cost was $14 million. The two-story building above an underground parking garage is a steel structure that features a heavy gauge metal façade with a white brick veneer, blue-tinted window glass, and multicolored glass accents. In anticipation of a potential future expansion, the building’s structural and architectural design accommodates the addition of a third floor. The project is a major element of Newark’s redevelopment.
Medical Society of Delaware
Veterinary Specialty Center
From complex schedule management and unique systems to LEED Platinum and everything in between, we’re celebrating 30 years of thinking outside the construction box.
Emory Hill A N D
C O M P A N Y
10 Corporate Circle Suite 100 New Castle DE 19720 302 322 4400 www.emoryhill.com emoryhill@emoryhill.com
24D — March 25 - April 7, 2011 — The Best of 2010 — Mid
Atlantic Real Estate Journal
The Best Auction Max Spann Royal Beach at Wildwood Crest — $11.7 Million —
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Sale of 2010 Nicholls Auction Marketing Group, Inc. 60 Acres of Industrial Zoned Land — $ 2.1 Million —
Address: 450 East Nashville Avenue Wildwood Crest, NJ
Type of Property: 24 oceanfront luxury condominiums Size: The units’ range in size from 1,240 to 2,211 s/f. There were three-bedroom/twobathroom units and two bedroom/two-bathroom units available. In one of the most troubled markets on the East Coast with inventory levels rivaling Miami, Royal Beach in Wildwood Crest, N.J., was struggling to attract buyers. Only six units in the 30-unit beachfront building sold during a three-year period. Reducing prices and offering free furniture did nothing to drive traffic and create a sense of urgency. Knowing Max Spann’s reputation as one of the nation’s most successful auction houses, the owners of the property engaged the firm to sell 24 units. Max Spann marketed the auction through an aggressive advertising blitz in the South Jersey/ Philadelphia markets, attracting thousands of potential bidders during a series of open houses. More than 600 people attended the auction at Harrah’s Resort in Atlantic City and bid from $335,000 to $990,000 for the units. All 24 units sold within 90 minutes for over $11.7 million.
The BEST
Address: 450 East Nashville Avenue Wildwood Crest, NJ
Name of property: Snead Property Auction Address Tyler St. City, State Fredericksburg, VA This was the largest tract of undeveloped industrial land in the Fredericksburg city limits. Huge crowd of over 80 people. Pre-Auction estimates were $20k per acre and it did $32 per acre!! Newspaper was there and did an article. Sellers were extremely pleased and bidders were amazed.
Green Project of 2010
The Walters Group Stafford Park — Silver-Commercial/Gold Residential —
FP+A, Inc. Just Born Confection Connection — Gold —
Stafford Park Stafford Township in Ocean County. The project is located just south of Route 72, at Exit 63 of the Garden State Parkway. New construction, environmental remediation Size (square footage/acreage): 370 acres Cost $: multimillion dollar project Stafford Park is a smart growth project located in the Regional Growth area of the Pinelands in southern Ocean County. The project typifies the sustainable nature of brownfield redevelopment while going much further. The developer managed environmental issues such as LEED certification for all commercial buildings and an affordable apartment complex; sustainable energy components with installed solar and planned wind power; preserved lands through the use of a development credit program; created a plant and animal species management plan; and managed storm water by using it for irrigating landscape. Installation of a 6.5-megawatt solar farm is currently underway on a portion of a capped landfill.
Just Born Confection Connection Just Born purchased a former Circuit City warehouse in Bethlehem, PA for conversion to a distribution facility. The 601,000 s/f building needed extensive renovations including critical air-conditioning upgrades. The project was completed in December 2009. LEED Gold : The project was awarded LEED Gold certification from the U.S. Green Building Council. Contributing factors to this “green” certification were: Enhanced refrigeration management, 44% energy cost reduction, 30% additional ventilation, and 40% water reduction. EPAct Tax Deduction: The heating/air conditioning and lighting both qualified for the Energy Efficient Commercial Building accelerated depreciation tax deduction. Utility Rebates : The heating/air conditioning, lighting, and roof insulation qualified for rebates through the local utility PP&L Act 129 program.
MAREjournal.com
Mid Atlantic Real Estate Journal — The Best of 2010 — March 25 - April 7, 2011 — 25D
The BEST of 2010
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D Back Cover — March 25 - April 7, 2011 — The Best of 2010 — Mid
Atlantic Real Estate Journal
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TEAMWORK
PARTNERSHIP SUCCESS
DERMODY PROPERTIES AND GREAT POINT INVESTORS TEAM UP TO EARN THE “BEST OF 2010 - LARGEST INDUSTRIAL SALE” AWARD. We are proud to have partnered on the successful sale of the Kimberly-Clark Northeastern distribution center at 1150 Commerce Blvd. within LogistiCenter at Logan, New Jersey. Dermody Properties/DP Partners and Great Point Investors... working together for the success of our customers and our communities.
GREAT P O I N T Investors LLC