5-13-11 MARE Journal by Mid Atlantic Real Estate Journal

REAL ESTATE JOURNAL Vol. 23, Issue 9

Inside:

May 13 - 26, 2011

Sections

the most comprehensive source for commercial real estate news

Project of the Month

Mid Atlantic .......................................................Section A New Jersey ........................................................ Section B Pennsylvania ................................................... Section C

Spotlights / Features NJAA Expo ....................................................................... 9-13A Tri-State REALTORS Commercial Alliance ...16-17A

Morphotek Pilot Plant

Arcus Design Group and Precis Engineering sesign sustainable pharmaceutical facility in Exton, PA .......................................Pages 13B

Auction Directory ........................................................14A Business Card Directory .........................................19A Calendar of Events.....................................................20A Bill Board Classifieds .......................................... IBC-A Central New Jersey................................................. 7-11B Sales & Leases ..............................................................12B Pennsylvania’s Projects/Building Services ...5-16C

Next Issue May 27, 2011

Annual Conference And Expo 2011 The 22nd Annual NJAA Conference & Expo is thr convention for New Jersey’s apartment industry to learn, network, and see the latest products on the show floor. May 23-25 at the Atlantic City Convention Center. ......................................................................................................................9-13A

• Mid Atlantic • DELMARVA featuring Delaware • Shopping Centers featuring Retail Architecture, Construction & Engineering • Contractors, Owners & Managers featuring Contractors/Subcontractors • Industrial/Distribution Centers • 3rd Annual Mid Atlantic Green Building Summit 3 sections, 68 pages

3RD ANNUAL GREEN BUILDINGS SUMMIT 2011 Thursday, June 02, 2011 7:30 AM - 5:15 PM Trenton Marriott at Lafayette Yard LEARN FROM THE EXPERTS For more information or to register visit: www.marejournal.com

Morning Conferences followed by Afternoon Workshops Instructed by USGBC- NEW JERSEY ........................................................................................IC-A

A Inside Cover — May 13 -26, 2011 — Mid

Atlantic Real Estate Journal

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3RD ANNUAL GREEN BUILDINGS SUMMIT 2011 Thursday, June 2, 2011 Trenton Marriott

LOOK WHO’S TALKING MODERATOR

MODERATOR

Michele T. Tantalla Associate CONNELL FOLEY LLP

James P. Rhatican Partner CONNELL FOLEY LLP

Michele Tantalla focuses her practice on environmental related issues and has assisted in matters involving site remediation, federal and state cost recovery and contribution claims, natural resource damages, insurance coverage and regulatory and compliance issues, and has extensive knowledge of state and federal regulations. Assisting clients with investigation and remediation activities, permitting and compliance with state and federal environmental laws and regulations.

Mark Warner Founder/CEO SUN FARM NETWORK

Mark is a nationally recognized expert in the solar industry, and is a founding member of the NJ solar market. Warner has worked closely with the NJ Legislature and the Governor’s of¿ce on NJ solar market policy, and has been a long term member of the Renewable Energy Committee that advises the BPU on the solar market program.

Jason Kliwinski, AIA, LEED AP, BD&C/O&M Director of Sustainable Design SPIEZLE ARCHITECTURAL , GROUP, INC.

Jason is a highly recognized and accredited professional in the ¿eld of Sustainable Design. He has been greatly involved in the restoration, preservation, and adaptive reuse/renovation of existing facilities as well as the creation of new environmentally responsible buildings.

James P. Rhatican represents primarily developers of real estate, both in the acquisition and sale of properties and in the permitting, ¿nancing and development process. He is experienced in acquiring, selling and developing properties of all sorts. Rhatican has represented parties impacted by adverse environmental conditions at a property, including Superfund sites and the due diligence and ISRA issues associated therewith.

James V. Mascaro, CCIM, LEED-AP Development Director DP PARTNERS

James is Development Director at DP Partners. Mascaro is a member of the Delaware Valley Green Building Council, the American Planning Association (APA), the Building Of¿cials and Code Administrators (BOCA), and the Pennsylvania Association of Code Of¿cials (PACO).

Nicholas J. Kikis Director of Regulatory Affairs & Research NEW JERSEY APARTMENT ASSOC. Nicholas is the Director of Regulatory Affairs and Research for the New Jersey Apartment Association. The NJAA represents professional multifamily rental housing providers, including owners, managers, developers, and associated businesses throughout New Jersey.

William Amann, P.E., LEED AP President M&E ENGINEERS, INC.

Bill is the President of M&E Engineers, and has over 30 years of experience in energy systems. He has worked as a mechanical contractor in manufacturing, and as a pharmaceutical plant engineer. He is a licensed Professional Engineer, a LEED Accredited Professional, and a Data Center Energy Practitioner.

Darren Molnar-Port Code Specialist STATE OF NEW JERSEY DIVISION OF CODES AND STANDARDS

Darren currently serves as the Green Building Administrator for the NJ Department of Community Affairs - Division of Codes and Standards. He draws from nearly twenty years of environmental responsive design and building experience to provide technical assistance and policy recommendations on energy ef¿ciency, green building and greenhouse gas reduction.

Andrew Hathaway, LEED AP STEVE WINTER ASSOCIATE, INC

Attendee Registration is NOW OPEN To Register visit www.marejournal.com or call Linda Christman 800-584-1062 x 203 SPONSORED BY EAL ESTATE JOURNAL

SUPPORTING ORGANIZATIONS

Commercial Flooring & Interior Concepts, Inc.

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Mid Atlantic Real Estate Journal — May 13 - 26, 2011 — 1A

3RD ANNUAL GREEN BUILDINGS SUMMIT 2011 Hosted by

EAL

ESTATE JOURNAL

Thursday June 2 Trenton Marriott, New Jersey

U.S. GREEN BUILDING COUNCIL - NEW JERSEY Mid Atlantic Real Estate Journal (MAREJ) in conjunction with United States Green Building Council-New Jersey (USGBC-NJ) is pleased to announce our 3rd ANNUAL GREEN BUILDINGS SUMMIT‘11.

REGISTRATION NOW OPEN The event will provide the perfect platform to meet face-to-face and Network With: Commercial Developers, Property Owners, Redevelopment Experts, Contractors, Architects, Engineers, Attorneys, Consultants, Environmental Professionals, Multi-Family Investors, Urban Planners, Local and State Government OfÀcials and Economic Development Agencies and more! Thursday, June 02, 2011, 7:30 AM - 5:15 PM at The Trenton Marriott, Trenton NJ CONFERENCE TOPICS TO INCLUDE: • ANALYZING THE CURRENT STATISTICS: A DISCUSSION ON GOING GREEN • BUILDING GREEN: CREATING A “NET-ZERO ENERGY” OR “CARBON-NEUTRAL” STRUCTURE •THE ECONOMIC ADVANTAGES OF GREEN BUILDINGS •NEW JERSEY’S FINANCIAL SUPPORT FOR IMPROVING BUILDING ENERGY. •EMPLOYING RESOURCE-EFFICIENT MATERIALS TO ACHIEVE COMFORTABLE, SAFE AND SUSTAINABLE BUILDINGS •GOVERNMENT LEGISLATION FOR ECO-FRIENDLY BUILDING CONSTRUCTION AFTERNOON WORKSHOPS: Workshop#1 USGBC-NJ WORKSHOP & EXAM PREP: LEED® OVERVIEW AND HOW TO PREP FOR LEED® GREEN ASSOCIATE CREDENTIAL. (4 Hours)( 4 AIA Learning Units) Workshop#2 DESIGNING BUILDINGS FOR ENERGY EFFICIENCY. CORPORATE SUSTAINABILITY- A VIEW FROM THE GREEN OFFICE. (Two - 2 Hour Sessions) (Total of 4 AIA Learning Units) Sponsorship, Speakers & Exhibiting Opportunities Are Still Available CALL LINDA CHRISTMAN 800-584-1062 X 203 or EMAIL lchristman@marejournal.com REGISTER AT WWW.MAREJOURNAL.COM

2A — May 13 - 26, 2011 — Mid

Atlantic Real Estate Journal

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Mid Atlantic Real Estate Journal

Publisher ............................................................................Linda Christman Co-Publisher .........................................................................Joe Christman Associate Publisher ...........................................................Dianna Mallozzi Associate Publisher ............................................................ Elaine Fanning Senior Editor/Graphic Artist ................................................ Karen Vachon Office Manager ...................................................................Joanne Gavaza Editorial Consultant ............................................................. Ben Summers Guest Columnist ...................................................................... Dave Wood Contributing Columnist ............ Gary Brown, P.E., RT Environmental Services

They wrote the policy. We make sure they write the check.

By Dave Wood

“Lighten Up”

M. MILLER & SON Public Adjusters

Since 1960 1211 Liberty Ave., Hillside, NJ 07205 ● Tel: 908-355-4800 adjuster@mmillerson.com ● www.mmillerson.com

2011 20 2 01 11 1 M Mid-Year id-Ye Yea ar r R Review evi ev vie iew ew

Mid Atlantic REAL ESTATE JOURNAL

very day, when we pick up a newspaper, turn on the television, listen to the radio or go online, we’re bombarded with difficult issues: drugs, violence, scandals in Washington, economic turmoil, child abuse, armed conflicts around the globe—the list is endless. It’s a wonder we’re not all on Prozac. Ratcheting this phenomenon down a level and applying it to you and your everyday work, I suspect that the bulk of items that cross your desk are also stress-inducing problems and demands from others. Definitely not the types of things that make you smile. Given all the seriousness that surrounds us, isn’t it about time we lightened up a bit? People in business today are exposed to more printed, electronic and promotional material than ever before. Everyone is seeking to gain your attention and persuade you to

Mid Atlantic REAL ESTATE JOURNAL ~ Published Bi-Monthly P.O. Box 26 Accord, MA 02018 (Mail) 312 Market Street, Rockland, MA 02370 (Overnight) Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, P.O. Box 26, Accord, MA 02018 USPS #22-358 | Vol. 23 Issue 9 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

take their preferred course of action, which usually translates to buying the products or services they’re selling. Take newsletters, for example. I’m willing to bet that you receive a minimum of three or four every week. I’m also willing to wager that few, if any, receive more than a cursory glance. Why? Because you have a limited amount of time, and unless you quickly perceive some personal benefit, it’s in the can and you’re on to something else. One of the ways to “hook” somebody—get them to see some value in reading what

you have to say, is to make them laugh. If you can entertain someone, while at the same time imparting a bit of useful knowledge, you’re virtually guaranteed to get your promotional message across, too. If you’re publishing a quarterly newsletter, include a cartoon, along with a joke or cute story (in good taste, of course). Though it’s nice if they relate to your field of business in some manner, it’s not a prerequisite. When writing a letter or memo, don’t begin with that continued on page 18A

Experience Really Matters. Don’t leave your real estate project in the hands

Kaplin Stewart

Att orneys at Law

Contact: Jeffrey L. Silberman 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

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Mid Atlantic Real Estate Journal â&#x20AC;&#x201D; May 13 - 26, 2011 â&#x20AC;&#x201D; 3A

MID ATLANTIC REAL ESTATE JOURNAL Hollander brokers 14,000 s/f in Jersy City, NJ

Cushman & Wakefield handles 134,400 s/f in leases

ALTIMORE, MD â&#x20AC;&#x201D; Cushman & Wakefield (C&W) announced two significant leases at 4 Center Drive in North East, Maryland. The GSA leased 76,800 s/f for the DeNed Brady partment of Health and Human Services. Herrâ&#x20AC;&#x2122;s, Inc., a Pennsylvania-based snack foods manufacturer, leased an Matthew Laraway additional 57,600 s/f to expand their existing 96,000 s/f space to a total of 153,600 s/f. The building is now 66% occupied with 115,200 s/f remaining. 4 Center Drive is a 345,600 s/f, class A industrial distribution building on 36.74 acres. The building features 28-foot ceilings and a 160-foot truck

4 Center Drive court. It is located near I-95 maceuticals, Inc. has leased in the Cecil County Enterprise 14,000 s/f of office space at 101 Zone with M-1 zoning. Hudson Street in Jersey City. Ned Brady and Matthew The Jersey City location is Laraway, senior directors serving as a commercial operawith C&Wâ&#x20AC;&#x2122;s Baltimore of- tions office, according to Cushfice, represented the landlord man & Wakefieldâ&#x20AC;&#x2122;s Harlan Northeast Commerce Center, Hollander, who represented LLC and Herrâ&#x20AC;&#x2122;s, Inc. in these the company in the long-term transactions. The GSA was lease. Thomas Savoca served self-represented. as in-house representative JERSEY CITY, NJ â&#x20AC;&#x201D; San for property owner Mack-Cali Diego-based Optimer Phar- Realty Corporation. â&#x2013;

(YYHUNLK 7LYTHULU[ -PUHUJPUN -VY

The Hills at Lehigh Garden Apartments 156 Units

NY Regents Board of Architecture appoints JRS Architect, P.C., founder and principal to board ALBANY, NY â&#x20AC;&#x201D; The State Education Departmentâ&#x20AC;&#x2122;s Board of Regents appointed John Sorrenti to a second fiveyear term on the board; subsequently, the board elected him chair of the State Board of Architec- John Sorrenti ture, overseeing the professionâ&#x20AC;&#x2122;s licensing, education and practice issues.

Sorrenti, FAIA, is the founder and principal of JRS Architect, P.C., one of the nations top architecture/design firms. Sorrenti leads the board in addressing issues affecting the future of the architecture profession. â&#x20AC;&#x153;Itâ&#x20AC;&#x2122;s an honor to serve the state. I look forward to contributing to the education process so we can know New York is licensing exceptional professional architects,â&#x20AC;? he said. Sorrenti founded JRS in 1986 and the firm now has

$10,320,000

offices in Mineola, New York City, and Princeton, NJ. While enjoying continuous growth for 25 years, he directed a firm that has built a reputation for excellence and has won numerous awards while designing thousands of projects for banks, hospitals, schools, stores, and corporate offices, among others. JRS Architect, P.C., is a full-service architectural firm that provides interior design, programming and project management. â&#x2013;

7-Year Financing

Meadows at Lehigh Garden Apartments 176 Units

$13,000,000 7-Year Financing

Waters Edge Garden Apartments 80 Units

$4,530,000 7-Year Financing Â&#x192; Â&#x192; Â&#x192; Â&#x192; Â&#x192; Â&#x192;

Multi-Family High Rise Structures Low-Rise Urban In-Fill Restaurants Educational Facilities Interior Fit-out Lobby Designs

675 Garfield Avenue, Jersey City, NJ 07305* 201-360-0569 * www.DevinoArchitects.com

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4A â&#x20AC;&#x201D; May 13 - 26, 2011 â&#x20AC;&#x201D; Mid

Atlantic Real Estate Journal

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MID ATLANTIC REAL ESTATE JOURNAL

Prints

At The Westory, 607 14th St., NW in Washington, DC

Cassidy Turley brokers 42,181 s/f, 10-year lease

Reprint your articles and press releases as they appeared in the Mid Atlantic Real Estate Journal. Introductory rate for an e-print (printable pdf): $50 regular rate: $65

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ASHINGTON, DC â&#x20AC;&#x201D; Cassidy Turley announced that the law firm of Rothwell, Figg, Ernst & Manbeck, P.C. has signed a 10-year, 42,181 s/f lease at The Westory, 607 14th Street, NW. The Westory is a 260,779 s/f office building, located in the East End submarket of Washington, DC. The firm is currently located at 1425 K Street, NW and will occupy its new office space in March 2012. Rothwell, Figg, Ernst & Manbeck is one of the most highly regarded intellectual property firms in

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The Westory the U.S. Cassidy Turleyâ&#x20AC;&#x2122;s Zeke Dodson, Laurie McMahon and Kerri Mulligan Salih handle the leasing of the building for the owner, Deka Immobilien Investment. Cassidy Turleyâ&#x20AC;&#x2122;s Art Santry and Transwesternâ&#x20AC;&#x2122;s Carden McGehee represented Rothwell, Figg, Ernst & Manbeck. The Westory is located at the corner of 14th and F Streets, and is just one block from the Metro Center Metro Station (blue, orange and red lines) and ten minutes from Reagan National Airport. â&#x2013;

Emory Hill Residential RE and Millman Realty announce merger NEW CASTLE, DE â&#x20AC;&#x201D; The Emory Hill companies announced the merger of Millman Realty and Emory Hill Residential Real Estate, a move that blends to two residential real estate firms into one entity. Gene Millman, president of Millman Realty Associates, and Buddy West, president of Emory Hill Residential Real Estate, are pleased to join their two teams, serving the State of Delaware, Cecil County in MD and Chester County in PA. Emory Hill, celebrating its 30th year in business was founded in 1981. It is Delawareâ&#x20AC;&#x2122;s only full-service real estate firm, offering construction, property management, maintenance and both commercial and residential brokerage services. Millmanâ&#x20AC;&#x2122;s seven-year-old agency, based in Newport, moved to the Emory Hill building located at 10 Corporate Circle in New Castle on April 1, which also marks the third anniversary of Emory Hill Residential. â&#x2013;

MID ATLANTIC REAL ESTATE JOURNAL

FINANCIAL DIGEST MAREjournal.com

Mid Atlantic Real Estate Journal — May 13 - 26, 2011 — 5A

Acquisition of the U.S. Steel Tower in Pittsburgh

For 175,000 s/f class A office property

Meridian Capital Group arranges $220m conduit loan

ITTSBURGH, PA — Meridian Capital Group, LLC negotiated a $220 million conduit loan on behalf of a NY-based partnership to finance its acquisition of the U.S. Steel Tower. The 10-year permanent financing features a favorable fixed-rate and was provided by UBS. Rael Gervis, a managing director based in Meridian’s New York City headquarters, negotiated this transaction alongside Meridian’s CEO, Ralph Herzka. The 64-story, 2.3 million s/f class-A office building is located at 600 Grant St. and was designed by the Harrison, Abramowitz & Abbe architecture firm and completed in 1970. The U.S. Steel Tower is architecturally notable for its triangular shape with indented corners and its use of corrosion resistant steel in its façade. ■

600 Grant St.

Haines Center Industrial Park The subject property is fully leased; however the tenant is not occupying the building. The borrower and lender worked together to find a solution and make an attractive loan at today’s competitive interest rates. The second loan was made

CVS store in Port Jefferson, NY on an existing 12,150 s/f CVS store in Port Jefferson, NY. The subject enjoys excellent roadway visibility and traffic along Nesconset Highway. The property had significant non-lease income which the borrower was able to utilize in its underwriting. ■

Commercial Mortgage Capital closes $5m multifamily loan Parsippany, NJ — Mark Scott of Commercial Mortgage Capital arranged financing on a multifamily apartment complex in Parsippany, containing 400 units for a loan of $5 million. CMC negotiated with its correspondent, Aegon USA,

PARSIPPANY, NJ — CB Richard Ellis’ Capital Markets Debt & Equity group recently secured the $33 million permanent, long-term, acquisition financing for a 175,000 s/f class A office facility, located at 100 Kimball Dr. CBRE’s James Gunning and Donna Falzarano in New Jersey collaborated with the Chicago-based Capital Markets team of John Clifford and Keith Huizinga to place the financing. This long-term financing facilitated the acquisition of 100 Kimball Drive, which is fully leased to Deloitte LLP. The lender provided a 10-

year term with a fixed interest rate of 5.25 percent. 100 Kimball Dr. is a fivestory, class A+ office building located within the trophy office park known as the Center of Morris County. Center of Morris County is a four-building, 850,000 s/f office campus, which is 100 percent occupied by such Fortune 500 corporate tenants as State Farm, Day Pitney LLP, Novartis and Deloitte LLP. The office park is conveniently situated near Interstates 80 and 287, within close proximity of New York City and many of the area’s main thoroughfares.■

HFF completes sale/loans totalling $60.97 million

Fryer at G.S. Wilcox & Co. closes $20 million FLORENCE, NJ — David Fryer, principal of G.S. Wilcox & Co., has arranged mortgage financing totaling $20.1 million for two loans with its correspondent life company lender, Thrivent Financial for Lutherans. Both loans showed the hunger by lenders to put money to work these days and required imagination and cooperation between the lender and the borrower. “We were able to put financing together for both of these loans that not too many other lenders would have seen as viable,” said Fryer. One of the loans was placed on a 416,744 s/f warehouse building in the Haines Center Industrial Park in Florence.

CBRE scores $33m acquisition financing

to lock in a very low, 10-year fixed rate loan for the client. This loan was a supplemental loan (originally placed in 2004) which allowed our borrowers to recapture trapped equity in their property. CMC has been a top producing correspondent for Aegon USA for over 12

years. Commercial Mortgage Capital (CMC) is one of the nation’s leading mortgage bankers. Mark Scott founded CMC in 1996 and has provided over $3.3 billion of dollars of debt and equity for his clients in that time. ■

RYE, NY — HFF announced three transactions in the TriState area. HFF closed the sale of The International Corporate Center at Rye, a 170,973 s/f, class A office property in Rye, NY. HFF’s investment sales team marketed the property on behalf of the seller, The Gateside Corporation. Faros Properties and Gould & Company purchased The International Corporate Center at Rye for more than $30 million and assumed existing debt on the property. Located at 555 Theodore Fremd Ave., The International Corporate Center at Rye has immediate access to Interstate 95 and is close to Interstate 287 as well as the Metro North commuter rail stations in Harrison and Rye. The HFF team representing The Gateside Corporation included senior managing directors Andrew Scandalios and Jose Cruz and directors Jeffrey Julien and Kevin O’Hearn. PITTSBURGH, PA – HFF has arranged a $15.5 million refinancing for 615 Alpha Dr., a 327,500 s/f industrial warehouse in Pittsburgh’s RIDC O’Hara Business Park. Working on behalf of McKnight Realty Partners, HFF placed the 10-year, fixed-rate loan with Nationwide Real Estate Investments. Loan

proceeds were used to refinance the acquisition and renovation loan. 615 Alpha Dr. is situated on 14 acres within the RIDC O’Hara Business Park about eight miles northeast of downtown Pittsburgh via the Allegheny Valley Expressway. The property is 80 percent leased to tenants including Benshaw, Inc., a subsidiary of Curtis-Wright Corporation. The HFF team representing McKnight Realty Partners was led by executive managing director Gerard Sansosti. F L O R H A M PA R K , N J – HFF has secured $15.47 million in financing for the completion of Summit Executive Center, a LEED certified, class A office building being built in Summit, New Jersey. HFF worked on behalf of the borrower, a joint venture between Mark Yeager and Normandy Real Estate Partners, to secure the 36-month, acquisition, rehab and construction loan through The Provident Bank. The HFF team representing the borrower was led by senior managing director Jon Mikula and associate director Michael Lachs. “This transaction is an excellent example of positive leasing activity and lenders willing to fund well-conceived projects,” said Mikula. ■

6A — May 13 - 26, 2011 — Mid

Atlantic Real Estate Journal

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

The Current Commercial Mortgage Market here is a good deal of positive news that will impact the commercial mortgage market. The CMBS market continues to seek new loans with approximately 25 investment banks or con- Bruce J. Coin duit sources looking to close new commercial or multifamily loans this year. A $40 billion to $ 50 billion volume is estimated. The SEC’s indefinite waiver to the Dodd Frank Act’s

“expert” designation requirement for the rating agencies is in place. There has also been no resolution to the 5% mortgage seller’s retainage required by the Volker provision and a “low risk” mortgage is yet to be defined. Accordingly, it is basically business as usual for these capital market sources. The Fed Open Market Committee (FOMC) at its April meeting on the 26th and 27th, as anticipated, confirmed that they will continue to maintain the fed funds rate in the historically low 0% to 0.25% range. They indicated that they continue to anticipate that eco-

nomic conditions are likely to warrant keeping this exceptionally low level for an extended period. Chairman Bernanke stated that he expected “at least several more meetings” before the FOMC would consider raising interest rates. Citing economic improvement they also confirmed that they would cease purchases of the $600 billion in treasury bonds by the end of June ending the QE 2 quantative easing. The recent increase in inflation, due to increased energy and commodity prices, was also addressed by their noting that longer term inflation expecta-

tions have remained stable and measures underlying are still subdued. The chairman was also more optimistic about unemployment saying that he expected it to decline to about 8.4% by year’s end. The fed’s actions are probably going to continue to push investors into riskier high yielding assets like mortgages which can benefit income property financing. The Mortgage Bankers Association recently announced that commercial and multi-family origination volumes increased by 44% in 2010 compared to 2009 with approximately $118.8

Count On The Business Bank Of New Jersey

Appraisal Institute releases quality control book

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billion of commercial and multifamily loans being closed. By property type, multifamily had the highest volume at $ 48.9 billion. As apartments again seem to be receiving the most attention and market acceptance as confirmed by Robert Murray of McGraw-Hill Construction stating that “One of the bright spots right now in construction is multifamily housing”. This was reinforced by the Commerce Department reporting that “multifamily starts increased 5.8% in March to a 127,000 unit pace while permits for multifamily starts jumped 25.2%. Murray estimates 175,000 units in new multifamily construction this year. He further noted that “there are still markets out there where multifamily could become more vulnerable as a result of overbuilding but, overall, smaller scale projects are helping to drive multifamily up nationally”. Obviously recent economic conditions in combination with the tighter financing, underwriting and down payment requirements for housing purchases is currently benefiting the apartment industry and reducing vacancy levels. This reminds me of the latter 1960s. Therefore, if you own or are looking to acquire a well leased and well maintained income property, especially apartments, now is a very good time to obtain long term, fixed rate financing and rates of between 5.0% and 6.25%. Bruce J. Coin is the director of Bruce Coin Consulting, Inc. ■

Member FDIC

CHICAGO, IL — Responding to heightened appraiser accountability, a new book from the Appraisal Institute outlines successful techniques in maintaining internal quality control. The Appraisal Institute is the nation’s largest professional association of real estate appraisers. “Exceeding Expectations: Producing Appraisal Reports and Services That Delight Clients” by Scott M. Schafer, MAI, presents an accessible overview of the quality control principles developed for manufacturing and other industries and applies them to the appraisal profession. ■

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Mid Atlantic Real Estate Journal — May 13 - 26, 2011 — 7A

FINANCIAL DIGEST By David Goldfisher, The Henley Group

Why Special Servicers write down CMBS Loans

he 2011 commercial real estate debt market capitalization is roughly $3.5 trillion with CMBS, Commercial Mortgage Backed Securities, accounting for $754 billion or 22 percent David Goldfisher of the entire market. According to Trepp’s April Delinquency Report, the CMBS delinquency rate was 9.22 percent. This category includes loans 30+ days delinquent, in foreclosure or REO. Fixed rate CMBS product delinquency rates from January 2011 through April 2011 are at peak levels. The Special Servicer’s system is clogged with CMBS deals that need to be restructured and renegotiated. Borrowers must step up to the plate with new capital and present actionable solutions. Presently, three Special Servicers, LNR Partners Inc., CW Capital LLC, and CIII Asset Management LLC, manage 75% or approximately $550 billion of defaulted CMBS loans. Eight Special Servicers manage 98% of these troubled mortgages. Often, the Special Servicer is the controlling class bondholder who holds the 1st loss position in a pool and is obligated to a servicing standard that demands the highest Net Present Value for the entire Trust (all bondholders). The Special Servicer is under intense pressure to carefully scrutinize and pursue all viable workout options. Special Servicers commonly dual track workout pathways considering the Borrower’s restructure proposal while proceeding towards foreclosure. A recent industry report detailing the prior 12 months of Special Servicer losses indicates that when a Special Servicer works with a cooperative Borrower, the Trust suffers approximately a 50% loss compared to a 65% loss when exercising their foreclosure option. Since the Borrower can reinstate or make a loan current at any time prior to the scheduled foreclosure, the Special Servicer frequently chooses to work with the Borrower to modify the existing loan

terms, write down or write - off principal. The loan may be written down if the Servicer identifies a sizeable and documentable gap between the property’s cash-flow/value and the current indebtedness that in the Servicer’s opinion will not be bridged by the loan maturity date. The loan may be modified if the Borrower’s obstacle to servicing the debt is perceived to be a temporary issue healed by an interest rate reduction, amortization elimination, loan extension and a general improvement in market conditions. The Spe-

cial Servicer may pursue a note sale if the Borrower does not present an executable and NPV appropriate deal or cannot contribute the new required capital. The foreclosure route is time intensive and costly especially in states that are governed by judicial foreclosure statutes. States such as Connecticut, Maine, New Jersey, Pennsylvania, Maryland, Delaware and New York require Lenders/ Servicers to process foreclosures through the courts. Servicer’s work well with organized, communicative

and honest Borrowers who can close on a fair market deal rather than pursue a foreclosure with unquantifiable monetary results. Some of the challenges facing a Borrower when approaching a Servicer are 1) Getting the Servicer ’s attention 2) Identifying the Servicer ’s menu options – conversations are often onesided where the borrower is the only party talking 3) Presenting salient and critical financial and business points at the right time and in a palatable tone 4) Staying

focused and being available on the Servicer’s timetable for a six to fourteen month duration. Seasoned CMBS workout specialists can be an effective choice to serve as the Borrower’s advocate with Servicers. Over the last several years of negotiating with Servicers, certain Borrower advocacy firms have mastered the nebulous Servicer language and know how to order off the Servicer’s hidden menu. David Goldfisher is a principal at The Henley Group, S. Natick, MA. ■

CMBS Loan

$16 Million

$8.5 Million

Office Park Massachusetts

Anchored Retail Massachusetts

DISCOUNTED PAYOFF

LOAN MODIFICATION

Loan Write-Down exceeded 50%

A/B Note Structure

CMBS Loan

$12 Million

$4.6 Million

Warehouse Portfolio Northeast

Flex Office Massachusetts

DISCOUNTED PAYOFF

DISCOUNTED PAYOFF Avoided Scheduled Foreclosure Auction

David Goldﬁsher

The Henley Group, Inc.

O: 508-318-6520 M: 617-320-0284 david@thehenleygroup.com www.thehenleygroup.com

Workout Advisory for CMBS Loans

8A — May 13 - 26, 2011 — Mid

Atlantic Real Estate Journal

MAREjournal.com

FINANCIAL DIGEST Transaction was originated by Meridian Capital Group

Beech Street Capital provides $74 million in financing for complex New York City portfolio

EW YORK, NY — Beech Street Capital, LLC provided $74 million in Fannie Mae Conventional loans to refinance a portfolio of 13 New York City properties owned by the Haruvi family. Beech Street is a Fannie Mae DUS lender, a Freddie Mac Program Plus Seller Servicer, and an FHA Multifamily Accelerated Processing (MAP) lender. “This transaction is the latest example of Beech Street’s ability to take on large deals and to turn them around quickly and efficiently,” said Grace Huebscher, president and CEO of Beech Street

Capital. Consisting of 615 units in mid-rise buildings, the properties are located in six premium Manhattan neighborhoods. The transaction was originated by Meridian Capital Group, LLC and was financed by Beech Street Capital as part of its correspondent relationship with Meridian. The Meridian team consisted of Moshe Majeski and Chaim Tessler. The fixed-rate loan has a term of 10 years with 10 years interest-only. ■

Manhattan portfolio

APARTMENT & COMMERCIAL LOANS ARE NOW AVAILABLE AT GREAT TERMS ARRANGED BY

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HAS ARRANGED FINANCING FOR THESE RECENT LOANS: • $3,900,000 Apartment & Offices - Bergen County - 4.50% • $3,800,000 Apartments - Atlantic County - 4.35% • $500,000 Apartment - Monmouth County - 5.0% • $3,200,000 Apartments - Union County - 4.50% • $4,000,00 Retail - Pennsylvania - 5.25% ( 25% Personal Liability)

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PHONE (973) 625-7982 FAX (973) 625-7985 EMAIL paul@formanmortgage.com TOTAL LOANS PERSONALLY PLACED EXCEED $1,500,000,000 March. 11

All loans subject to final lender approval.

NorthMarq hires mortgage banking veteran Fearey BETHESDA, MD — The Washington DC office of NorthMarq Capital has announced that Paul Fearey has joined its production team as a vice president. Fearey has over 20 years experience in commercial loan originations and underwriting. He will specialize in the placement of commercial multifamily loans for NorthMarq’s correspondents including life companies, GSE’s and other capital market sources in the Mid-Atlantic region. NorthMarq’s senior vice presidents and managing directors of the Washington DC office, Gary McGlynn and Ken Gentzel, both agree that “Paul is a seasoned professional with a broad range of experience in the multifamily space and is a great addition to our team.” Prior to joining Northmarq, Fearey was with Prudential Financial for sixteen years as a multifamily loan originator where he consistently ranked among its top producers. He is a graduate of Washington & Lee University and earned his MBA from The College of William & Mary. ■

Deerwood arranges $11.2m in NJ/PA RIDGEFIELD, NJ — Deerwood Real Estate Capital secured $10 million in financing for a 132,400 s/f retail property in Ridgefield, NJ. The shopping center is anchored by H Mart, a well-known Asian franchise that sells groceries, drugstore items, and appliances. Deerwood founding partner Abe Katz negotiated a fixed rate on a 20-year, selfamortizing loan, through a local New Jersey bank. ■

MAREjournal.com

Mid Atlantic Real Estate Journal — May 13 - 26, 2011 — 9A

22nd ANNUAL NJAA CONFERENCE & EXPO MAY 23 – 25, 2011 - ATLANTIC CITY CONVENTION CENTER NJAA is pleased to announce our 2011 Keynote Speaker: TIKI BARBER Athlete, Correspondent, Community Advocate, Philanthropist Play is Fundamental: How Recreation Makes Individuals, Families, and Communities Stronger Tuesday, May 24 from 9:15am – 10:30am Atlantic City Convention Center

C O N F E R E N C E S C H E D U L E - - V i s i t w w w. n j a a . c o m f o r m o r e d e t a i l s ! Monday, May 23 8:30am 11:00am - 3:00pm 11:00am - 9:00pm 5:30pm - 7:00pm 5:30pm - 7:00pm 7:00pm - 9:00pm

Golf Ou ng (Ballamor Golf Club) NJAA Registra on Desk Open (Located outside Expo) Expo Floor Move-in (For Exhibitors) NJAA Satellite Registra on Desk Open Diamond and Signature Sponsors’ Wine Tas ng Recep on (InvitaƟon Only) President’s Recep on (Ticketed Event)

Tuesday, May 24 7:00am - 5:00pm 7:30am - 9:00am 9:15am - 10:30am 10:45am - 2:30pm 12:00pm - 1:30pm 2:45pm - 3:45pm

NJAA Registra on Desk Open (Located outside Expo) Buffet Breakfast Keynote Address featuring Former NFL Great and Community Advocate, Tiki Barber Expo Floor Hours Buffet Lunch (On Expo floor) 5 EducaƟon Sessions: - Going Green in the Garden State: Water Conserva on for the New Jersey Marketplace - Dealing with Difficult People - Stop the Concession Madness! How to Gain Confidence and Top Dollar Leases - Fair Housing - What’s Your Disability IQ? - Shop Safety 4:00pm - 5:00pm 5 EducaƟon Sessions: - Naviga ng the Housing Choice (Sec on 8) Voucher Program - Management Leadership: What Does It Take to Be A Great Manager and Leader? - Leasing: Build and Be er the Basics - What Is Curb Appeal and How Do I Get It? - Best Prac ces for Sec on 504 and FHAA Compliance 9:00pm - 1:00am Anniversary Recep on at One Atlan c (Ticketed Event)

Wednesday, May 25 8:30am - 9:30am Buﬀet Breakfast 8:00am - 1:00pm NJAA Registra on Desk Open (Located outside Expo) 9:30am - 10:30am 5 EducaƟon Sessions: - Safe Buildings: OSHA, Workman’s Comp, Disaster Preparedness - Evic ons: How to Manage the Process Including Property Removal and Deceased Residents - 50 FREE Ways to Help Increase Occupancy and Retain Residents - Apartment Turn Roundtable: Understanding the Finances and Tricks of a Quick Turn - How to Prepare for a MOR - Management and Occupancy Review 10:00am - 1:40pm Expo Hours 11:45am - 1:00pm Buﬀet Lunch (On Expo floor) 1:30pm - 5:30pm Expo Floor Move-Out (For Exhibitors) 1:30pm - 2:30pm 4 EducaƟon Sessions: - Healthy Apartment Homes: Indoor Air Quality, Lead, Asbestos, and Tobacco Smoke - Understanding the New Customer - Managing the Pace of Informa on Today - Hands-On Water Conserva on and Green Ligh ng - How to Prepare for a REAC Inspec on

Visit the new and improved www.njaa.com: For detailed informaƟon about each session, visit the Annual Conference & Expo tab under EducaƟon & Events. Register for the Conference Golf OuƟng on Monday, May 23 at Ballamor Golf Club. Sponsorship opportuniƟes are sƟll available, visit the Conference page for more informaƟon! Interested in exhibiƟng at the conference? Check out the floorplan for available booths and complete the exhibitor contract today! For more informaƟon contact Niambi Ivery at 732-992-0606 or by e-mail to niambi@njaa.com.

10A — May 13 - 26, 2011 — Mid

Atlantic Real Estate Journal

MAREjournal.com

NJAA ANNUAL CONFERENCE AND EXPO 2011 By Brad Schwartz, MSB Resources

Employee retention is essential to your properties success

fter spending much time (and money) attracting quality employees, it only makes sense that you and your company want to keep them. Hiring good employees just isn’t enough to be Brad Schwartz competitive in today’s tough labor market. Really successful companies must also develop strategies to retain top talent.

When exploring employee retention, a new and interesting theory has arisen: “The customer does not come first the employee should.” This probably conflicts with every customer service lesson you’ve ever been taught. Yet by adopting this approach, your business will actually benefit the most in the end. Here’s how it works: When a company puts its employees first, employees are happier. Happier employees provide a more outstanding service to customers.

Outstanding service makes customers happier, which in turn, spells more successful results for your company. So how can you retain your best people? Here are a few ways to “put your employees first” and keep them loyal to your organization: Benefits Package To state the obvious, a great benefits package will help retain employees. But beware, this may not be enough to keep your top employees. Most likely, if your company attracted a great

new employee, it wasn’t just the benefits. Top performers are in high demand, and a great benefits package probably won’t be the deciding factor against a job change. Rewards and Recognition The easiest, most common way to retain good employees is to reward them. Provide top performers with the top raises. Motivate them to stay with salary. You can also use non-monetary rewards, such as tickets to sporting events or performances, public recognition, time off or flexible sched-

Mid Atlantic REAL ESTATE JOURNAL’S ANNUAL SPOTLIGHT

Industrial & Distributions Centers

DON’T MISS IT! Call 800-584-1062/781-871-5298 for more information

APPEARING MAY 27 - DEADLINE MAY 15, 2011

ules. An employee that feels valued and respected by his or her company is more likely to perform at a higher level. Challenges and Opportunities for the Future You can retain quality employees by promoting them to new positions. If you are unable to promote your top employees, providing them with additional responsibility (and the appropriate compensation) will motivate most to remain. Or allow your people to explore your organization if possible. Don’t limit them to one, specific type of work. Many employees will even express a desire to try other roles. “Job-hopping” is a regular occurrence in today’s job market. Keep your employees by providing them with the opportunity to job-hop within your company. Give them the chance to gain new experience, knowledge, skills and working relationships. An employee that can do and handle more will only enhance your business. Communication Promote an open, friendly atmosphere in your workplace. Employees need to feel that they are aware of what is going on within the company. They want to know where the organization is headed and how they will be part of that process. Include your employees in any planning sessions and ask them to contribute ideas for the company. Essentially, just being heard is an important part of communication. Also, encourage feedback from your employees. Inquire as to what they think is right and wrong with the company. Provide some sort of feedback forum. And, most importantly, be sure to act on the information you receive from this feedback. Remember, if you want to keep quality employees, your company must be of the same caliber. Employee retention is essential to the future success of your business. Brad Schwartz is president of MSB Resources, a new recruitment firm serving the property management, construction, development and real estate industries. ■

MAREjournal.com

Mid Atlantic Real Estate Journal — May 13 - 26, 2011 — 11A

NJAA ANNUAL CONFERENCE AND EXPO 2011 FLOOR PLAN/EXHIBITORS Seating Area

Seating Area

Food Area

Seating Area

444

Multi-Housing Depot by ARI

Comcast

237

137 TransUnion

135

Credit Retriever

236

allRisk

133

234

127

124

125 Kearny Federal Savings

Suburban Morris Water Conditioning

122

City Fire Equip

226

227

326

National Apartment Association

Axiom Media Services

223

222 Roto Rooter

220

4 Walls

216 Sign-ARama

115

Cherry Hill

214

MacGray

113 Aaron & Company

212

BuildingLink Planned Companies .com

111

210

221

Alpine Painting

217

Gutter Master

316

Investors JGS Insurance Savings Bank

215

314

J. Rappaport Indatus Flooring

213

312

327

A&S Boiler

533 Restore Core

531

Spin Cycle

428

Environmental

325 Assurant Specialty Property

323

524

525

Lundt Alliant Combustion Capital

423

522

523

424

313

SecureWatch24

421

Wilmar

417

Meridian Capital

RentGrow

414

415

Griffin Alexander, PC

412

Verizon

311

Elias B. Cohen

516

Manhattan Welding

517 ALDO Design

515 Jewel Electric

Yardi

413

513

Kislak Company

411

624

For Rent

511

620

Design East

616 Butler

Engineering

614 Hercules

612 NWP Services

610

734

733

Property Owners Association

Home Depot

623

Hightech Landscapes

OKNA Windows & Doors

621

617

727

Liberty Elevator

720

Delaware Valley Paving

New Jersey Apartment Association

Tristate Capital Bank

723

822

Genesis National Creative Restoration & Promotions Facility Svc.

721

820

Property Arrow Steel, Inc. Solutions

716

717

Move.com

Venturi Tech, Inc.

615

714

RM Termite HandyTrac & Pest Systems Control

Lease Labs

613 Chutemaster

611

MaGrann Associates

2011 Conference & Expo May 23-25

824

725

722 Integrated Business

835

832

Valcourt Exterior Bldg Services

724

Advantage Equipment Services

836 834

731

726 NJ Carpenter Contractor Trust

CPR Services

Kencor Inc.

Bath Saver

732

L.I.S. Custom Design

625

622

Levy Ehrlich JEM Appliance & Petriello

521

627

CLASS, Inc.

Feinstein Raiss

Oil Tank Services

Lewis Chester

626

TF Andrews

416

Fowler

631

425

Apartment Acadia Windows Finder & Doors Accent Group

632

M. Miller and Son

321

315

Sprague Falcon Energy Engineering

426

AFR Furniture Rental

317

633

527

735

Apartment Guide

634

427

Lexis Nexis

IREM

736

Mohawk Industries

Appliance Bargold Storage Brokers

526

635

JAHMA

Gebroe P. Cooper Hammer Roofing

General Down to Plumbing Earth

ALC

Rent.com

211

Regal Bank

331

322

Frankford Umbrellas

636

837

FCM

Consulting Group

816

715

712 710

Atlantic City Convention Center Exhibit Hall C

Cure Breast Cancer Foundation

815

814

Dependable Exteriors

Cowley’s Termite

800 AISLE

117

On-Site. com

535

737

700 AISLE

enerG Wellness Solutions

324

536

Greenbaum

Lawns By Champion Utility SubYorkshire Metering

600 AISLE

121

225

Rent Payment

434

PRO Carpet

637

CALECO

500 AISLE

A-L Services Inc.

Property Services

537 Action Termite

Direct Supplies Warehouse

Young Nationwide MRO Adjustment

224

435

400 AISLE

116

Rent Our Boxes

LEW Corp

436

333

300 AISLE

118

Alliance Distributors & Services

Landscape

200 AISLE

Energy Squared

123

100 AISLE

120

231

S&S

NJAA Gift Pickup

334

Kohler Company

Exterminating Maintenance Company Services

126

335 AMCO Pest Services, Inc.

232

437

Bader TrashPro Company

Martin

American Architectural Windows

Recharge Station

S&M

336

233

CB Distribution Richard Ellis

Legacy Energy Group

235 Pilera Prop Mgmt Software

Property Damage

Goodman

131

Rentals. com

1986 - 2011

Central Wholesalers

337

NJHMFA

713

Lime Energy

812

Real Page

711

Expo Floor Hours:

Screening Reports

Tuesday 10:45am to 2:30pm

810 Karl’s Appliance

108

809 NJ.com

107 105 Regina’s Maids

103

Ista N. America

PC Richard

Marcus & Millichap

206

207

306

Worldwide Wholesale Flooring

Western Pest

Rifken & Rosen

205

304

204

KPI #2

202

Sherwin Williams

101

Reznick Group

203

Call Source

302

Coinmach

201

CoreLogic RWC Windows SafeRent

Apartments. com

307

407

National Tenant Network

305 MSB Resources

303

406 Valet Waste

404 American Carpet South

402

HD Supply

301

BELFOR USA Building Security Services BuildingLink.com Butler Engineering CALECO CallSource CB Richard Ellis - Philadelphia Central Wholesalers Champion Utility Sub Metering Solutions ChuteMaster Environmental City Fire Equipment CMQ Flooring Coinmach Corporation Comcast CoreLogic SafeRent CORT Furniture Rental Corp. Cowley’s Termite & Pest Services CPR Services, Inc. Cure Breast Cancer Foundation Delaware Valley Paving Design East, Inc. Direct Supplies Warehouse Down To Earth Landscaping Inc Elias B. Cohen & Associates Emilin Group enerG Wellness Solutions LLC Energy Squared, LLC Falcon Engineering FCM Consulting Group LLC Feinstein, Raiss, Kelin & Booker For Rent Media Solutions Fowler Route Company

405 Insurent

403

606 704 111 614 535 302 232 537 736 611 326 503 201 137 406 501 710 835 815 834 616 331 524 516 502 117 118 732 735 522 511 313

Sure Deposit

Belfor USA

506

507

My New Place

Rainmaker Window City

504

505

Emlin Group

502

Mitchell Supreme

401

ENTRANCE 4 Walls 216 A&S Boiler & Burner 533 Aaron & Company 108 Acadia Windows & Doors 416 Accent Group 315 Action Termite & Pest 536 Advanced Pavement Technologies 706 Advantage Equipment Services 621 AFR Furniture Rental 321 Airgas Retail Solutions 705 A-L Services Inc. 121 ALC Environmental 325 Aldo Design Group 515 Alliance Distributors & Services 116 Alliant Capital 622 AllRisk Property Damage Experts 234 Alpine Painting 217 AMCO Pest Service.s, Inc 333 American Architectural 637 American Boiler Company 702 American Carpet South 402 Apartment Finder 317 Apartment Guide 734 Apartments.com 407 Appliance Brokers 527 Arrow Steel, Inc. 717 Assurant Specialty Property 323 AVCO Supply Co. 607 Axiom Media Services 322 Bader Insurance 436 Bargold Storage 626 Bath Saver Commercial 731 BCS Interactive 822

SEBCO

Sax Macy Fromm

CMQ Floor Covering

503

606 604

607 Withum Smith +Brown

605

Advanced Pavement Technologies

706

Building Security Services

704

Waldor American Schulman Boiler

602

CORT Furniture Rental

501

AVCO Supply

603

702

SERVPRO of New Jersey

601

UGI Energy

707

806

Airgas Retail Solutions

705

NJ SmartStart Buildings

703

South Jersey Gas

804

807 805

Opportunity

League

802

KOMPAN, Inc.

701

Wednesday 10:00am to 1:30pm

Macadam Companies

803 Brickman Group

801

Floor plan and expo floor hours subject to change

RESTROOMS

Frankford Umbrellas 221 Gebroe Hammer Associates 427 General Plumbing Supply 425 Genesis Creative Promotion, LLC 721 Goodman Distribution 131 Griffin & Alexander, PC 412 Gutter Master 316 HandyTrac Systems 715 HD Supply 301 Hercules Corporation 612 High Tech Landscapes 617 Indatus 312 Insurent Lease Guaranty 403 Integrated Business Systems, Inc. 720 Investors Savings Bank 314 IREM 633 ista North America 206 J. Rapaport Wood/Flooring 213 JAHMA 634 Jem Appliance 521 Jewel Electric Supply Co. 513 JGS Insurance 215 Karl’s Appliance 809 Kearny Federal Savings Bank 123 Kencor, Inc. 836 Kislak Company, Inc. 411 Kohler Company 231 KOMPAN, Inc. 701 KPI#2, Inc. 202 L.I.S. Custom Designs, Inc. 625 Landscape Maintenance Services 226 Lawns by Yorkshire 635 LeaseLabs 613

Legacy Energy Group 126 Levy, Ehrlich & Petriello 620 LEW Corporation 435 Lewis-Chester Associates 627 LexisNexis Resident Screening 525 Liberty Elevator Corporation 725 Lime Energy 812 Lundt Combustion Systems, Inc. 523 M.Miller & Sons 424 Macadam Company, Inc. 806 Mac-Gray Services, Inc. 212 MaGrann Associates 712 Manhattan Welding 517 Marcus & Millichap Real Estate Investment Services 306 Martin Greenbaum 837 Meridian Capital Group 414 Mitchell Supreme/NatGasCo 401 Mohawk Industries 632 Move.com 615 MSB Resources 303 Multi-Housing Depot by ARI 337 MyNewPlace 504 National Apartment Association 223 National Restoration & Facility Svcs. 820 National Tenant Network 305 Nationwide MRO 324 New Jersey Apartment Association 824 NJ Carpenter Contractor Trust 724 NJ SmartStart Buildings 703 NJ.com 102 NJAA Gift Pickup 124

NJHMFA NWP Services Oil Tank Services OKNA Windows & Doors Manufacturers On-Site.com Opportunity League P. Cooper Roofing P.C. Richard Pilera Property Mgmt. Software Planned Companies Professional Carpet Co. Property Owners Association Property Solutions Rainmaker (The Rainmaker Group) RealPage Regal Bank Regina’s Maids Rent Our Boxes Rent.com Rentals.com RentGrow RentPayment RestoreCore Reznick Group Rifken & Rosen RM Termite & Pest Control Roto-Rooter Services Company RWC Windows, Doors & More S & M Exterminating Company S & S Property Services Sax Macy Fromm & Co., PC

235 610 733 716 222 802 526 207 233 210 327 623 816 505 711 434 103 227 211 336 415 636 531 203 304 814 220 307 127 224 506

Screening Reports, Inc 810 SEBCO Laundry Systems 405 SecureWatch24 421 SERVPRO of Hoboken/Union City 601 Sherwin Williams 101 Sign-A-Rama Cherry Hill 214 South Jersey Gas 804 SpinCycle 428 Sprague Energy 631 Suburban Morris Water Conditioning 122 SureDeposit 507 T.F. Andrew Carpet 423 The Brickman Group 801 The Home Depot 722 TransUnion CreditRetriever 236 TrashPro 335 Tristate Capital Bank 723 UGI Energy Services 707 Valcourt Exterior Building Services 727 Valet Waste 404 Venturi Tech, Inc. 714 Verizon 311 Waldor & Schulman 603 Western Pest Services 205 Wilmar 417 Window City 604 WithumSmith+Brown, PC. 605 Worldwide Wholesale Floor Covering 204 Yardi Systems, Inc. 413 Young Adjustment Company 225

12A â&#x20AC;&#x201D; May 13 - 26, 2011 â&#x20AC;&#x201D; Mid

Atlantic Real Estate Journal

MAREjournal.com

NJAA ANNUAL CONFERENCE AND EXPO 2011

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MAREjournal.com

Mid Atlantic Real Estate Journal — May 13 - 26, 2011 — 13A

NJAA ANNUAL CONFERENCE AND EXPO 2011

Residential • Commercial • Industrial

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14A — May 13 - 26, 2011 — Mid

Atlantic Real Estate Journal

MAREjournal.com

MID ATLANTIC REAL ESTATE JOURNAL AUCTIONS 30 luxury condominium residences At Leisure World of Virginia

The IDI Group Companies hire Sheldon Good & Company to conduct closeout auction

ANSDOWNE, VA — Sheldon Good & Company, a Racebrook Portfolio Company and one of America’s leading real estate auctioneers, has been hired by The IDI Group Companies, one of the region’s premiere developers, to conduct a closeout auction of the 30 remaining luxury condominiums in Riverview, a 242-unit residential building located in Leisure World of Virginia, a 91acre active adult community in Lansdowne, VA on Sunday, May 22nd. Ten of these one, two, and three-bedroom residences will be sold subject to low minimum bids from just $95,000. Located on the banks of the Potomac River and nestled in the rolling hills in northern Virginia, Riverview offers the best of two worlds: an extraordinarily beautiful natural environment and access to urban amenities. As one of seven residential buildings in Leisure World of Virginia, Riverview enjoys the full benefits of one

Leisure World of Virginia of the Washington area’s most desirable and prestigious communities for active adults. “With suggested opening bids beginning as low as 69% off the original asking price, this auction is a rare opportunity for buyers to live in a very well-established active adult community at a fraction of the original cost,” said Mark Troen, COO of Sheldon Good & Company.

“These residences offer true luxury living”. Troen added, “Leisure World of Virginia and Riverview were developed by IDI, who is widely recognized as the premiere developer and builder of condominiums in the Metropolitan Area - the quality of these residences and amenities is unsurpassed.” Surrounded by the renowned Lansdowne Resort Golf Course,

this luxury community boasts sweeping views of the Blue Ridge foothills and Sugar Loaf Mountain along with worldclass amenities. “We are very pleased by the success that we have had at Leisure World of Virginia and view this auction as an innovative way to sell the remaining 30 condominiums at Riverview in just one day”, said Giuseppe Cecchi, CEO of IDI. It’s an amazing opportunity for buyers to take advantage of great value for an unsurpassed lifestyle.” As one of seven residential buildings in the Leisure World community, Riverview is conveniently located adjacent to the Lansdowne Resort and Loudoun Hospital, has easy access to historic Leesburg and nearby Dulles Airport, and is just 25 miles from Washington, DC. This auction comes on the heels of another auction held by Sheldon Good & Company in the region, where in November

2010 they auctioned condominiums in the Grandview at Annapolis Towne Center, resulting in sales for over 50 units, generating close to $25 million in proceeds for the Developer. Across the country, condominium auctions continue to be a successful alternative for developers looking to take advantage of Sheldon Good & Company’s sophisticated marketing and sales techniques, which enable them to sell a large number of units in a oneday event. Open Houses will run every Wednesday through Sunday. The auction will take place on Sunday, May 22nd at The Westin Washington Dulles Airport Hotel. Registration will begin at 11 am, and the auction will start at 12 Noon. For more information on the auction and to view the available residences at pre-auction open houses, visit www.VirginiaCondoAuction.com or call (800) 480-0062. ■

Mid Atlantic REAL ESTATE JOURNAL

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Mid Atlantic Real Estate Journal â&#x20AC;&#x201D; May 13 - 26, 2011 â&#x20AC;&#x201D; 15A

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16A — May 13 - 26, 2011 — Mid

Atlantic Real Estate Journal

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

President Douglas Sayer Colliers International

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

2011 Officers & Directors President Douglas Sayer Colliers International

President Elect Michael P. McCurdy Jones Lang LaSalle

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

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

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

Treasurer Ralph A. Magnatta, CPM Brite Realty Services

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

Director Advisory Council J. Robert Clements Grubb & Ellis

Director Advisory Council John Derham Cushman & Wakefield of PA

Director Louis J. Battagliese Jackson Cross Partners, LLC

INAUGURAL TRISTATE MEMBER RECOGNITION PROGRAM

*Deadline Extended: NOMINATE YOURSELF OR A COLLEAGUE TODAY! Recognizing Commercial REALTOR® Members TriState REALTORS® Commercial Alliance will be hosting its first Annual Member Awards Reception. The goal of the program is to recognize the achievements of TriState Members in the commercial market during the 2010 business year. Honorees will include agents new to the commercial industry and seasoned brokers/agents who have been making an impact for years. Contact Michelle Winkler at MWINKLER@TRISTATERCA.COM or call her at the TriState office at 610-238-9950 to request a nomination form or more information on the reception.

Sponsorship Opportunities Available! Director David A. DePetris Legend Properties

Director J. Scott Gabrielsen Binswanger

Director Jeffrey B. Goldstone Herbert Yentis & Company

Director Gene McHale Beacon Comm’l. Real Estate

Director Barry P. Mertz NAI Mertz Corp

Director Todd Monahan Jones Lang LaSalle

As a Corporate Sponsor, the benefits go beyond the unique networking opportunity.

Corporate Sponsorship includes: • A rare Speaking Opportunity to announce award winners • Exhibiting Table at the event with the opportunity to display and distribute collateral material • Contact List of all registered attendees

Director Steven G. Michaelson Tornetta Realty Corp.

Director Tony Nichols, Jr. Liberty Property Trust

Director Greg Soffian Studley

Director John P. Morrissey Jackson Cross Partners

Director Rocco Perate square 1 financial

• 4 Attendees at the reception (including cocktails, hors d’oeuvres and special recognition on name badges) • Company Logo Coverage on all promotional materials (including email blasts, print advertisements and special signage at the event) • Total Investment: $2500

Director JoAnn West Lieberman Earley & Co.

SEE PAGE 20A FOR UPCOMING EVENTS

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Mid Atlantic Real Estate Journal — May 13 - 26, 2011 — 17A

18A — May 13 - 26, 2011 — Mid

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PEOPLE ON THE MOVE Associate in the Commercial Litigation group

As a property manager

Karin Corbett, Esq. joins Kaplin Stewart

Fameco Mgmt. hires Karen Cahill

LUE BELL, PA — Karin Corbett, Esquire has joined Kaplin Stewart as an associate in the Commercial Litigation group in their Blue Bell office. Prior to joining Kaplin Stewart, Karin Corbett Corbett was an associate at Fox Rothschild. Corbett’s prac-

tice at Kaplin Stewart will include construction litigation including cases involving contract claims, liens, construction related statutes, insurance coverage and bad faith insurance claims, surety bonds, and construction-site accidents as well as the representation of clients in all aspects of complex commercial litigation. Corbett will also continue her equine law practice, in which she represents profes-

sional equestrians, horse owners, products companies and other business owners in the industry. Corbett developed her equine law practice by combining her legal knowledge with her thorough understanding of the multibillion-dollar equine industry and utilizing her experience and connections as a competitive equestrian and active member of the United States Equestrian Federation. ■

Professional Women in Construction hosts Workshop on W/M/DBE Certification NEW YORK, NY — Professional Women in Construction (PWC) presented a W/M/DBE Technical Assistance Workshop for companies applying for initial W/M/DBE certification and for renewal, and for construction managers, general contractors and prime contractors seeking guidance on their responsibilities related to W/M/DBE participation goals on government

contracts. PWC president Lenore Janis said, “For first-timers and companies seeking renewal the golden rule is the same: Do it right the first time. If you are turned down, you may not be able to reapply for two years. Don’t waste valuable time when you could be getting business as a W/M/DBE.” For agencies and private companies seeking W/M/DBE

participation Janis said, “You can meet and exceed your goals, but you need to chart a course and follow each step.” Workshop leaders outlined the ABCs as well as the XYZs of the process from the rules and regulations of certification and renewal to the application form to the ins and outs of presenting qualifications and documentation to help ensure success. ■

Fieldstone Properties host political summit GREENBELT, MD — More than 50 representatives of state and local government bodies, Federal government agencies, military bases, utility companies, and universities attended a political summit hosted by the new ownership of Franklin Park at Greenbelt Station, a 153-acre rental apartment and townhome community located in Prince George’s County. The participants agreed to form public-private partnerships to help redevelop and improve this 153acre property that represents about half of the population of Greenbelt. The ownership has set aside $15 million for both external and interior renovations, explained Fieldstone Properties Sharon Thames, executive director of business development and government affairs. In addition to updating the 40-year-old apartments, Fieldstone Properties plans to upgrade existing community amenities and add a state-of-the-art fitness center and day care provider. But with nearly 3,000

apartments on over 150 acres, Franklin Park will need additional funding to achieve its transformational goals, which are shared by state and local government leaders. Fieldstone Properties hopes to obtain approximately $15 million in tax-increment (TIF) financing for a variety of public infrastructure improvements, including a much-needed pedestrian walkway and bridge to the Greenbelt Metro Station. The ownership also is working with Pepco to help finance major improvements in energy efficiency. The summit is part of Fieldstone Properties’ virtually unprecedented effort to catalyze a rapid transformation of one of the largest apartment communities on the East Coast to provide safe, comfortable, convenient, and affordable workforce housing. As part of that effort, Fieldstone Properties is offering incentives for those who protect and serve, including veterans and displaced veterans, police officers, and firefighters. The

ownership recently signed Rental Partnership Agreements with Fort George G. Meade, Fort Myer, and Joint Base Anacostia-Bolling. “When Springhill Lake was built over 40 years ago, it was the largest garden apartment community east of the Mississippi,” said Greenbelt Mayor Judith. “J.” Davis. “But over the last 20 years, there was serious decline, and plans to redevelop the area fell apart. When we first met with Fieldstone Properties, we were skeptical, but we now see that they are living up to their goals and expectations, and have become active partners with the city in renovating this valuable asset.” “The County Executive has always talked about making a good county great,” said Aubrey D. Thagard of the County Executive’s office. “Franklin Park is an important part of that process. We need to marshal all the resources we can to make this a great community again. It’s time we do something to make it even better than it was before.” ■

PLYMOUTH MEETING, PA — Karen Cahill has joined Fameco Management Services as a property manager. Cahill is a seasoned, handson, real estate professional with a strong background in property management on a regional level,” said Larry Zipf, president of Fameco Management Services. Cahill will oversee a

portfolio of 1 million s/f of retail space located throughout the greater Philadelphia region. According to Zipf, Cahill brings over 20 years of property management experience to her role. Cahill spent almost 18 years with Acme Markets (Supervalu, Inc.), completing her career there as the Eastern Region asset manager. ■

Elcon presents May 26 in Lakewood Twp., NJ LAKEWOOD, NJ — Elcon Energy, Haifa, Israel, with facilities in Italy, has shown interest in locating its U.S. headquarters to Lakewood, NJ. Elcon produces clean energy from pharmaceutical, food and beverage, and industrial wastewater. Elcon uses clean technology and recycles its own output of steam energy to create a sustainable loop. In other words, the process is looped so the

energy produced powers its own system. Excess energy is then circulated to the electrical grid, such as JCP&L. Representatives from Elcon will be in attendance at the Lakewood Township Committee meeting May 26 to make a presentation to the public and explain its process. The public is invited to attend to learn about Elcon and its plans. A question and answer period will follow the presentation. ■

TD Bank promotes Shields RAMSEY, — TD Bank has promoted James Shields to commercial portfolio manager IV in commercial lending in Ramsey. A VP, he is responsible for the underwriting and ongoing supervision of a portfolio of regional commercial loans, including maintenance of credit standards, industry analysis

and risk management, serving customers throughout the Palisades/North Passaic region. Shields has 25 years of experience in banking and lending. He joined TD Bank in 2007 and also has served in various credit and risk management roles at Wells Fargo, American Express and Citibank. ■

By Dave Wood, Constructive . . . continued from page 2A stuffy, “In response to your letter of July 14…” or “This letter is to introduce my company, Woody’s Widgets…” Is that the way you talk? Of course not. Then don’t write that way! Some of the best, and most acceptable humor is that which is self-deprecating. It sends a signal to others that you don’t take yourself too seriously. You’re also unlikely to offend anyone when you make fun of yourself. A line such as, “Though it’s easy for a guy with a honker the size of mine to sniff out a good opportunity, I have no doubt that someone like you, with a more modest proboscis, can sense the possibilities too.” It should be noted that one can employ this type of humor without sacrificing one’s professionalism. Think for a minute about your favorite sales reps and

others with whom you do business. Aren’t those who top the list are the same ones whose company you most enjoy—and who make you smile the most? Studies have shown that not only does humor reduce stress (it even adds to your life span), but it also sells. We usually choose our companions—both on the job and off—by those who make us feel good. And we almost always feel good about people who make us laugh. Life may not be a joke, but nor is it a tragedy. Look for ways to lighten up your interactions with others—written and spoken—and you’ll not only feel better, but your business will be healthier, too. 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 — April 8 - 21, 2011 — 19A

MID ATLANTIC APPRAISAL

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Would like to be included on this page call: Linda Christman lchristman@marejournal.com (800) 584-1062 / (781) 871-5298 Fax (781) 871-5299 or Your Account Executive Mid Atlantic REAL ESTATE JOURNAL

20A — May 13 - 26, 2011 — Mid

Atlantic Real Estate Journal

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COMMERCIAL REAL ESTATE ORGANIZATIONS’

EVENTS CALENDAR MAY 13-15 Event: The Newark Peace Education Time: 9:00 AM Location: New Jersey Performing Arts Center Address/City: Newark, NJ www.newarkpeace.org MAY 16 – USGBC Event: Green Solutions Conference for the Hospitality Industry Time: 8:00 AM Location: Atlantic Cape Community College Address/City: Cape May County Campus Cost: $39 Email: ddave@atlantic.edu MAY 16 – CIANJ Event: 43rd Annual Golf Outing Location: Upper Montclair Country Club Address/City: Clifton, NJ P: 201-368-2100 Email: nharencak@ cianj.ocm MAY 17 – BOMA PHILADELPHIA Event: Annual Meeting Time: 11:30 AM – 2:00 PM Location: The Union League Address/City: 140 S. Broad St., Philadelphia, PA Cost: $65 Members $80 Nonmembers P: 215-567-1775 www.bomaphila.com MAY 18 – ABC NJ Event: 2011 South Jersey Golf Classic Location: Ron Jaworski’s Valleybrook Country Club Address/City: 200 Golfview Dr., Blackwood, NJ P: 609-989-9110 Email: pstewart@njpsi. com www.abcnj.com MAY 18 – ABC NJ Event: Governmental Affairs Committee Time: 8:30 AM Location: 414 River View Plaza Address/City: Trenton, NJ Email: pstewart@njpsi.com www.abcnj.ocm MAY 18 – SIOR PHILADELPHIA Event: Chapter Meeting Location: Creed’s Seafood & Steak Address/City: King of Prussia, PA www.siorphila.com

MAY 18 – NNJ AI Event: 5th Annual Meadowlands Conference Time: 8:00 AM Location: Teaneck Marriott at Glenpoint Address/City: 100 Frank W. Burr Blvd., Teaneck, NJ P: 201-796-1171 Email: nenjai@aol.com www.nnjchapter-ai.org MAY 18 – IREM Event: Joint Breakfast Meeting – Mid-Year Economic Review Time: 9:00 AM – Noon Location: Crowne Plaza Monroe Address/City: 390 Forsgate Dr. Monroe Twp, NJ Cost: $40 Members $60 Nonmembers www.irem1.org MAY 19 – ABC BALTIMORE Event: Shakers & Stirrers: May Network with AIA Baltimore Time: 6:00 PM – 8:00 PM Location: Miguel’s Cantina Address/City: 1700 Beason St. Baltimore, MD Cost: $20 ABC or AI Member/ $35 Nonmember P: 410-821-0351 Email: bjohnson@abcbaltimore.org www.abcbaltimore.corg MAY 19 – USGBC NJ Event: 5th Annual “Building a Greener New Jersey” Time: 5:30 PM – 10:00 PM Location: The Palace of Somerset Park Address/City: 333 Davidson Ave. Somerset, NJ P: 973-290-0013 www.usgbcnj.org MAY 19 – ULI PHILADELPHIA Event: Newark Walking Tour Time: 2:00 PM – 5:30 PM Location: Washington House Address/City: 113 E. Main St., Newark, DE Cost: $35 Members $50 Nonmembers P: 800-321-5011 MAY 23 – NJAA Event: 22nd Annual Conference & Expo Location: Atlantic City Convention Center Address/City: Atlantic City, NJ P: 703-992-0600 www.njaa.com

MAY 25 – NAWBO Event: Power of Partnership – Networking Event Time: 5:30 PM – 7:30 PM Location: Penn’s Place Address/City: 206 Delaware St., New Castle, DE Cost: $15 Members $20 Nonmembers Email: info@nawbodelaware.org www.nawbodelaware.org MAY 25 – NJBIA Event: 4th Annual NJ Economic Summit Time: 8:30 AM – 11:30 AM Location: Edward J. Bloustein School of Planning & Public Policy Address/City: 33 Livingston Ave. New Brunswick, NJ Cost: $45 Members $65 Nonmembers P: 609-393-7707, ext. 219 Email: sesteves@njbia.org MAY 25 – ULI Event: Kick-Off-The-Summer Networking Night Time: 5:30 PM – 7:30 PM Address/City: 777 S. Broad St. Philadelphia, PA P: 800-321-5011 MAY 26 – MBA Event: Annual Past Presidents’ & Inaugural Dinner Time: 5:30 PM – 8:30 PM Location: The Union League of Philadelphia-Grant Room Address/City: 140 S. Broad St. Philadelphia, PA Cost: $75 Members $85 Nonmembers P: 888-739-9991 Email: mcedeno@mba-pa.org www.mbagp.org MAY 26 – ABC EASTERN PA Event: Meet the Generals Time: 3:00 PM – 7:00 PM Location: Holiday Inn Lehigh Valley Address/City: 7736 Adrienne Dr. Breinigsville, PA Cost: $85 Members P: 610-279-6666 Email jpomraning@abceastpa.org www.abceastpa.org MAY 26 – CREW LV Event: SteelStacks – Realizing the Vision Time: 11:30 AM – 1:00 PM Location: SteelStacks ArtsQuest Center Address/City: Rte. 412 Bethlehem, PA www.crewlehighvalley.org

JUNE 1 – SIOR NJ Event: Membership Meeting Time: 6:00 PM – 8:00 PM Location: Pazzo Pazzo Address/City: 74 Speedwell Ave. Morristown, NJ Cost: Free Members Only www.siornj.com JUNE 2 – MID ATLANTIC REAL ESTATE JOURNAL Event: 3rd Annual Green Buildings Summit Time: 7:30 AM – 5:15 PM Location: Trenton Marriott at Lafayette Yard Address/City: 1 West Lafayette St. Trenton, NJ P: 800-584-1062 Email: lchristman@marejournal.com www.marejournal.com JUNE 6 – NAIOP VA Event: 2011 Spring Double Tournament Time: 7:00 AM Location: Country Club of Fairfax Address/City: Fairfax, VA P: 703-845-7080 Email: kdmato@naiopva.org www.naiopva.org JUNE 6 – SIOR NJ Event: Council of Presidents Spring Meeting Time: 6:30 PM – 9:30 PM Location: Westin Governor Morris Hotel – The Wine Room Address/City: 2 Whippany Rd. Morristown, NJ www.siornj.com JUNE 6 – BOMA PITTSBURGH Event: 2011 Golf Challenge Time: 10:00 AM Location: Valley Brook Country Club Address/City: 425 Hidden Valley Rd. McMurray, PA P: 412-261-2328 www.bomapittsburgh.org JUNE 13 – ABC EASTERN PA Event: Spring Golf Outing Time: 9:00 AM Location: Philadelphia Cricket Club Address/City: 6025 W. Valley Green Rd. Flourtown, Pa P: 610-279-6666 Email: jpomraning@abceastpa.org www.abceastpa.org JUNE 20 – TRISTATE Event: 15th Annual Golf Outing Time: 11:30 AM Location: Green Valley Country Club Address/City: 201 West Ridge Pike Lafayette Hill, PA Registration: mwinkler@tristaterca.com P: 610-238-9950

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Mid Atlantic Real Estate Journal — May 13 - 26, 2011 — 21A

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

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Site Selection

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Building is in the heart of the revitalized South Side business district, near the Discovery Center, the Sands Casino and Lehigh University.

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Data Center Available

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AVA A B LE IM M E IL D IAT E LY 15 0' ock 6D ock 4D

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200 SF to 16,000 SF

Available 1/1/08 92,600 s.f.

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Mercer County, NJ

NORTHEASTERN PENNA. SALE & LEASE OFFERINGS

•

Leased 58,500 s.f. 0' 24

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iver are R

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380

Wilkes-Barre 476

Constructed in 1991 with expansion in 1994

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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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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

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.

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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.

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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

This space is available 800-584-1062

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realestate.subway.com www.subway.com

Back Cover A — May 13 - 26, 2011 — Mid

Atlantic Real Estate Journal

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$13,000,000

450 MAMARONECK AVENUE HARRISON, NY A 4-story office building containing 175,000 square feet acquired by Robert P. Weisz

The undersigned arranged the above financing Richard T. Horowitz

REAL ESTATE FINANCING

51 East 42nd Street New York, NY 10017 (212) 986-8400 Fax: (212) 983-0512 www.cooper-horowitz.com

NEW JERSEY

SMHOPPING C ENTERS A R E J ID

TLANTIC

EAL

STATE OURNAL

Section B of the Mid ATLANTIC Real Estate Journal

Morgan Stanley’s Prime Property Fund acquires six-building package

Cushman & Wakefield arranges sale of one million s/f Exit 8A industrial portfolio

ONROE and CRANBURY, NJ — A sixbuilding, 1,026,634 s/f industrial portfolio in the New Jersey Turnpike Exit 8A submarket has been sold, announced Cushman & Wakefield Inc.’s Metropolitan Area Capital Markets Group. The Capital Markets Group team of Andrew Merin, David Bernhaut, and Gary Gabriel, along with industrial sales and leasing specialists Frank Caccavo

and Jason Goldman represented the seller, BlackRock, and procured the buyer, Morgan Stanley’s Prime Property Fund. The Exit 8A Industrial Portfolio consists of 3 and 6 Fitzgerald Ave., 151,000 and 204,000 s/f respectively; 3 and 17 South Middlesex Ave., 170,000 and 195,000 s/f respectively; the 145,000 s/f Engelhard Dr.; and the 161,500 s/f 32 Commerce Court.

MAY 13 - 26, 2011

HI-LIGHTS Commercial Mortgage Capital’s Scott closes $5m Commercial Mortgage Capital (CMC) arranged financing on a 400 unit, multifamily apartment complex in Parsippany. See page 2B.

Hartz leases 32,000 s/f at 300 Lighting Way in Secaucus Hartz Mountain Industries has leased 32,000 s/f of office space to Yusen Logistics at 300 Lighting Way, announced the developer. See page 5B.

ALSO INSIDE: CENTRAL NEW JERSEY SPOTLIGHT .................................7-11B SALES & LEASES ...............................................................12B USGBC NJ .....................................................................13B ICREW NJ ORGANIZATION ..............................................14B ASK AN EXPERT DIRECTORY ..............................................15B PEOPLE ON THE MOVE ......................................................16B Section B, 20 pages

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Exit 8A Industrial Portfolio “This transaction clearly relatively quiet,” Gabriel said. demonstrates that capital is “With rents falling during broadly available for invest- the recession, many owners ment, including in the Exit elected to hold and 8A has not 8A submarket, which has been been a place that institutional

investors have been seeking to place capital. Now, however, we’re seeing a changing tide. “There is still a lot more capital chasing deals than there is product available, but this sale demonstrates the ability and willingness of many investors to write big checks to buy down at 8A,” Merin said. “The market has clearly turned the corner and when we look back, people will probably say that this sale was the kick-off of a return to a more active trading market in the Exit 8A submarket.” ■

The Hudson Lights project

Tucker & FLRA redevelop 16-acre property in Fort Lee FORT LEE, NJ — An agreement has been reached among the Borough of Fort Lee (“Borough”), Tucker Development Corporation (“Tucker”) and Fort Lee Redevelopment Associates (“FLRA”), clearing the way for a redevelopment featuring retail, residential, hotel and office on a long vacant 16-acre site in Fort Lee. FLRA is comprised of SJP Residential Properties, Bergen County attorney James Demetrakis and a private equity fund managed by Palisades Financial. In addition to authorizing the execution of the Agreement, the Borough Council designated Tucker as the redeveloper of the West Parcel and FLRA as the redeveloper of the East Parcel. The Borough will now amend the Redevelopment Plan for Redevelopment Area 5 to reflect the agreed upon programs proposed by Tucker and FLRA. Redevelopment Area 5 is bounded by Main St., Lemoine Ave., Bruce Reynolds Blvd. and Central Rd. Presented as “Hudson Lights,” Tucker’s mixed-use development of the West Parcel will feature a minimum of

Hudson Lights 165,000 s/f of ground level re- cel. Additionally, the project tail space, up to 475 residences will include a 1.75 acre public and may include hotel and of- park, which will host a 7,000 fice buildings. Hudson Lights s/f restaurant offering indoor will be comprised of three and open-air dining, as well as separate blocks with heights a café-style coffee house which ranging from five to nineteen will also open onto the park. stories. Hudson Street, a new FLRA will also build and doroad, will be the focal point of nate to the Borough an 11,000 the pedestrian-oriented retail s/f space to accommodate a to include a minimum of three three screen movie theater, table service restaurants of at as well as a 2,000 s/f public least 4,000 s/f each. In addi- space which may be used for tion, the Agreement provides a historical museum. flexibility for hotel and office Neither developer will respace on the West Parcel. ceive municipal subsides, tax Two iconic residential tow- abatements, payments in lieu ers, each containing 450 resi- of taxes or any other form of dences, will highlight FLRA’s financial support from the development of the East Par- Borough.■

B Inside Cover — May 13 - 26, 2011 — New Jersey — Mid

Atlantic Real Estate Journal

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Mid Atlantic Real Estate Journal — New Jersey — May 13 - 26, 2011 — 1B

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UDSON COUNTY, NJ â&#x20AC;&#x201D; Hudson Countyâ&#x20AC;&#x2122;s close proximity and access to New York City have rapidly propelled this apartment market to the investment forefront, with many class B and class C properties now coming online, according to GebroeHammer Associates. The firm recently closed three separate transactions, involving a total of 146 units sold for a combined $12.55 million, throughout this â&#x20AC;&#x153;Gold Coastâ&#x20AC;? hub. â&#x20AC;&#x153;With 12 municipalities, Hudson County is the smallest county in the state, in terms of square miles. Yet, it is one of the most densely populated areas in the Unites States,â&#x20AC;? said Nicholas Nicolaou, sales associate. â&#x20AC;&#x153;With this dense population comes a high density of existing apartment buildings, many of which were built in the post-war era. The ratio of single-family homes to apartment rentals is quite low, keeping occupancy rates close to or at 100%, even through economic downturns. When you add low-interest mortgage rates into the equation, demand for product in all areas of Hudson County is unrelenting.â&#x20AC;? Nicolaou and executive VPs

171-181 Erie St., Jersey City Joel Schwartz and David Jar- son County market are highly vis collaborated to close the unusual for this, or any, metro $7 million sale of 171-181 Erie area because it is the most urSt., a 45-unit all-brick building banized county in NJ,â&#x20AC;? said Ken in Jersey City. The Gebroe- Uranowitz, managing director Hammer team represented the of Gebroe-Hammer. â&#x20AC;&#x153;The close seller and identified the buyer. proximity to â&#x20AC;&#x201C; and views of In Hoboken, Nicolaou also ar- â&#x20AC;&#x201C; Manhattan make this area ranged the sale of 712 Adams a magnet for residents who St., a five-story, 21-unit build- prefer an urban lifestyle and ing. Once again, Gebroe-Ham- are looking to take advantage mer represented the seller and of favorable rental values, reidentified the buyer. The asset, gardless of the economic cycle, which includes a ground-floor when compared to Manhattan. retail unit, traded for $3 mil- Stabilized, strong occupancy lion. An 80-unit complex also rates attract investors, who are was sold by the brokerage firm at the ready to spring into acfor $2.55 million in Bayonne. tion whenever a building comes â&#x20AC;&#x153;The dynamics of the Hud- to market.â&#x20AC;? â&#x2013;

Commercial Mortgage Capitalâ&#x20AC;&#x2122;s Scott closes $5 million deal PARSIPPANY, NJ â&#x20AC;&#x201D; Commercial Mortgage Capital (CMC) arranged financing on a 400 unit, multifamily apartment complex. CMC negotiated with its correspondent, Aegon USA, to lock in a low, 10-year fixed rate loan for the client. Mark Scott, president of CMC, indicated, â&#x20AC;&#x153;This $5,000,000 loan was a supplemental loan (originally placed in 2004) which allowed our borrowers to recapture trapped equity in their propertyâ&#x20AC;?. â&#x2013;

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Mid Atlantic Real Estate Journal — New Jersey — May 13 - 26, 2011 — 3B

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NEW JERSEY

Fairfield Corporate Park, Fairfield, New Jersey

Jones Lang LaSalle represents landlord

Newmark Knight Frank negotiates 127,000 s/f lease

• Immediate access to PATH Station • Minutes from U.S. Routes 1/9 New Jersey Turnpike, Interstate 78, U.S Route 22 and Ports Elizabeth and Newark • 15 Minutes to Newark International Airport

In the end, QTS’s existing landlord, Wells Real Estate Funds, provided the best option via a lease extension that gives QTS long-term control of its 127,000 s/f space overlooking the Hudson River. Jonathan Meisel and Aaron Ellison, both of Jones Lang LaSalle, represented the landlord. QTS benefitted from the Newmark Knight Frank’s data center experience in evaluating potential sites, Madison said. Every property had to be vetted in regard to roof accessibility and load capacity, floor loads, ceiling heights, power and other aspects of infrastructure. The team researched the time and costs associated with obtaining plan approval and completing alterations. “We were chosen for the assignment because of our extensive track-record in negotiating sizeable long-term transactions on the Waterfront, as well as for our data center experience,” Mirliss said. “Each building had its own nuances as it related to how a power upgrade project would work and what the ongoing tenant-landlord relationship would be.” QTS’s original lease was set to expire in 2015, Brodsky notes, but QTS had an option to terminate the lease last fall and retained Newmark Knight Frank to explore options for ending the lease in order to relocate and expand. ■

PROPERTY DESCRIPTION

NAI Hanson procures 50,000 s/f Retail/ Whse. sale

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

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ERSEY CITY, NJ — Newmark Knight Frank negotiated a long-term lease extension that will enable its client, QTS (Quality Technology Services), to expand the capacity of a Rich Mirliss key regional data center on the Jersey City waterfront. QTS is on an aggressive growth track and needed greater connectivity, raised

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floor space and power than its existing data center at 95 Christopher Columbus Dr., was providing. Newmark Knight Frank tenant representation specialists Rich Mirliss, Rich Madison, Hope Brodsky and Brendan Kiley guided QTS through an extensive search and evaluation of potential sites for the company’s Northeastern hub. “This remains an extremely critical facility for QTS,” Mirliss said, adding that few class A office buildings on the Waterfront are capable of hosting a data center of this size.

M A H WA H , N J — N A I James E. Hanson has recently procured a $3.765 million sales transaction for a 50,000 s/f retail/ warehouse building located at 270 Rte. 17 South. Senior vice President Kenneth Lundberg, SIOR, represented the buyer, Mahwah Realty LLC, in the acquisition. Susanne Newmark and Nancy Glick of Newmark Associates, Inc. represented the seller, MJ Mahwah Properties, LLC. “This site has great Rte. 17 visibility,” said Lundberg. “The buyer will use the facility for a plumbing supply house and distribution operation under the name New Jersey Plumbing Supply so the dual uses made it a perfect match.” ■

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Mid Atlantic Real Estate Journal — New Jersey — May 13 - 26, 2011 — 5B

NEW JERSEY Cushman & Wakefield represents tenant

Hartz leases 32,000 s/f at 300 Lighting Way in Secaucus

ECAUCUS, NJ — Hartz Mountain Industries has leased 32,000 s/f of office space to Yusen Logistics at 300 Lighting Way, announced the developer. “300 Lighting delivers tenants high quality office space, and provides tenants with an extensive list of conveniences and amenities inherent in leasing at Harmon Meadow,” said Emanuel Stern, president and COO of Hartz Mountain Industries. Hartz Mountain was represented in-house in the transaction, while the tenant’s brokers were Fred Brunswick and James Yamauchi from Cushman & Wakefield. “The nature of our client’s business – freight forwarding and logistics – requires an easily accessible office location near to ports, airports and warehousing,” said Fred Brunswick of Cushman & Wakefield. “300 Lighting Way satisfies these needs, while also providing top quality office space. We look forward to collaborating with Hartz on future deals.” Harmon Meadow is a mixeduse development that corporate tenants find enjoyable and convenient. In other Hartz news, Secaucus Mayor Michael Gonnelli, local officials, and representatives from Hartz celebrated the grand opening of the new collection and distribution center serving the Secaucus food pantry. The 3,000 s/f facility was donated by Hartz. “On behalf of Hartz Mountain Industries, Inc. - a corporate citizen of Secaucus for close to 45 years - I would like to thank Mayor Gonnelli for the opportunity to partake in today’s ribbon cutting,” said Stern. “At Hartz, we believe that it is the duty of every corporation to give back to its local community. In these challenging economic times, we hope that our gift will inspire other companies to join us in serving local Secaucus residents.” “Today’s event exemplifies the ways in which our corporate citizens can contribute to the local community. Once again, Hartz has demonstrated its charitable commitment to Secaucus by presenting the food pantry with a generous gift of space. Local schools, charities and businesses like Goya, Sam’s Club, and Wal-Mart contributed items to the pantry.”, said Mayor Gonnelli. ■

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FOR SALE 20,000 SF Retail Building Elizabeth, New Jersey Jeff Squires ext 246

FOR SALE 6,600 SF Ofﬁce Millburn, New Jersey Julie Sweetwood-Gralla ext 224

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6B — May 13 - 26, 2011 — New Jersey — Mid

Atlantic Real Estate Journal

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NEW JERSEY Despite off-beat city location and recent recession

JDA maintains close to 100% occupancy for HBC

OBOKEN,NJ — Maintaining close to 100% occupancy for a major office building is a tough achievement in any market. In recent years, as the economy faltered, it has become even tougher. However, JDA Group (JDA), developer, owner and manager of the Hoboken Business Center (HBC), has done just that. Located in an off-beat area of the city, at 50 Harrison St., the 80,000 s/f office building has maintained between 90 to 100% occupancy since JDA completed its redevelopment in late 2004. As a result, it has

Hoboken Business Center become a symbol of success and a tribute to the vision and creativity of its developer. “HBC offers truly boutique office space ranging from 90 s/f to 7,500 s/f,” said Greg Dell’Aquila, president of JDA. “We knew Hoboken had a clear need for this unique type of space when we built it. Over the years, we have brought more than 100 new businesses to HBC, and we couldn’t be more pleased with the positive effect on this neighborhood and the city as a whole.” “JDA has far exceeded any expectations of customer service that I had for an owner and property manager,” said Wanda Alicea, director of Adventures in Learning day care center. “In particular, JDA served as a powerful voice for us with the City when we raised concerns about traffic issues with many parents and their young children crossing the streets near HBC. Joe and Greg are always very pro-active with the tenants, looking out for them and suggesting other options.” ■

Colliers Int’l. arranges 14,746 s/f lease in Princeton PRINCETON, NJ — Colliers International has arranged a 14,746 s/f lease at University Square, 104 Campus Dr. on behalf of Chilworth Technologies, Inc., for its offices and research and development facilities. “Chilworth Technologies needed to relocate its U.S. headquarters and R&D facilities, but wanted to remain within the Princeton area,” said John Cunningham, an executive managing director with Colliers International New Jersey, who represented Chilworth Technologies. ■

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

Mid ATLANTIC REAL Estate Journal — New Jersey — May 13 - 26, 2011 — 7B

153,000 s/f project is largest in college’s history

Stockton College cuts ribbon on $65m campus center by KSS Architects

RINCETON, NJ — The Richard Stockton College of New Jersey celebrated the opening of its new campus center with a ribbon-cutting ceremony on Sat., May 7. The $65 million, 153,000 s/f campus center will become a welcoming living room as well as a one-stop shop for the entire campus and student community. Formerly, Stockton College lacked a central gathering place for students to gather, eat, study, hang out, and shop. The campus center provides spaces and amenities to serve all of these activities and more. Its program includes: student services, food court, cafe, game room, theater, formal and informal gathering spaces and offices. One of the most impressive spaces in the building is the 48ft high Grand Hall atrium and entrance. Two eye-catching, large-scale art installations were designed for the space: a soaring, full-height black granite fireplace featuring etchings of Stockton College’s history by artist Larry Kirkland and four murals painted by Stock-

Photo credit: KSS Architects LLP.

ton professor emeritus David Ahlsted. KSS Architects, with associate architect VMDO Architects, began designing and planning for the campus center in 2005. In recognition of the College’s emphasis on environmental stewardship and its idyllic setting in the Pinelands of New Jersey, the architectural design incorporates many sustainable and nature-inspired

elements. Daylighting fills the entire building through expansive skylights and windows. Natural materials, include wood, concrete and stone bring elements from the outdoors inside. The distinctive colonnade at the building facade is topped with cross-bracing structural steel reminiscent of outstretched tree limbs and— not coincidentally—Stockton College’s iconic three-pronged tree logo. Though its building footprint is large—spanning 572 feet from end to end—the campus center contains spaces of a variety of scales as appropriate to the function. The open Grand Hall excels as a large gathering and event space while the cafe provides intimate spaces for conversation and relaxing. The project broke ground in May 2008 and is pursuing LEED Gold certification from the U.S. Green Building Council. Construction work will continue through the summer to finalize the details of the building, which will be welcome students in the fall. ■

CB Richard Ellis completes sale of mixed-use, multi-family property located At 1645 Irving St. in Rahway RAHWAY, NJ — CB Richard Ellis announced the recent sale of a 4,914 s/f, mixed-use, multi-family property located at 1645 Irving St. CB Richard Ellis’ Charles Berger, of the firm’s New Jersey Private Client Group in Saddle Brook, collaborated with Kelly Koukou, of the firm’s Long Island office, to represent the lender who took over the property and procure the buyer in this transaction. “We have recently seen an uptick in activity within the multi-family asset class in the Northern New Jersey market, as loans begin to mature and banks continue to reclaim distressed assets as a result of loan default,” remarked Berger. “This transaction is a perfect example of this trend. The deal,

1645 Irving St. which was a bank sale, was available at a discount. After sourced and completed within a collaborating with our Long two-month time-span, because Island office, we were able the asset was in default by the to negotiate a quick all-cash previous owner and thus was sale.”

Located in one of the fastestgrowing cities in Union Cty., 1645 Irving St. consists of four fully occupied apartment units and two vacant street-level retail units, as well as a full basement, and is two blocks from a newly renovated Northeast Corridor Jersey Coast train station. The property has recently undergone significant upgrades following the completion of a full gut-renovation and restoration project by the former owner, which included improvements to the building’s infrastructure. The new ownership plans to lease-up the available retail spaces within this property and hold the building for future investment purposes. “This property represents

a tremendous investment opportunity with a high return on investment for the new owner by getting the right retail tenant who is in search of a modern retail space situated in the bustling and growing downtown art district location,” said Berger. “The revival of downtown Rahway makes this the ideal location for merchants and residents that are eager to see real estate values increase, given the major redevelopment plans in place within the center of town, right near this facility. We are pleased to have been able to complete this transaction on behalf of our clients on agreeable terms for both parties and we look forward to negotiating similar deals in the future.” ■

8B — May 13 - 26, 2011 — New Jersey — Mid

Atlantic Real Estate Journal

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CENTRAL NEW JERSEY By Joseph R. Ridolfi, Joseph R. Ridolfi & Associates

Is the economy rebounding?

s we reflect back on the state of the economic picture for 2010 through the first quarter of 2011 economists tell us that the economy is improving albeit slowly. There may b e s o m e Joseph R. Ridolfi credibility to their prognostication. However, the economy nationally is a mixed bag, particularly in warm weather states such as Florida, Ari-

zona and California to name a few, where they are experiencing a glut of real estate properties on the market for sale at depressed prices. Many properties are under water relative to the properties current value with a mortgage greater than its value in today’s market. The current unemployment rate nationally is twice as much today as we have historically experienced in better times, and is now stagnating growth in the economy. Additionally, Government is also attempting to reinvent

itself by reducing the government work force at all levels, reduce number of employees, including wages and benefit packages. These initiatives will result in reduced services. Presently, New Jersey, Pennsylvania and Connecticut in the northeast are experiencing major shortfalls in revenue to effectively operate government at all levels. With all these and other negative factors affecting today’s economic vitality, one of the bright spots is the Health Care industry in general. It continues to expand opera-

tions into suburban locations to follow their patients’ relocation from the cities that will ultimately require their services. With the graying of the population, people are living longer and health care is a primary concern of everyone. Also, the advent of the internet, computers, cellular phones, Iphones, Ipads, smart phones, flat screen TVs and the like have revolutionized the electronic industry around the world and the way corporations, industries and individuals alike do business every day. Electronic gadgets

today are selling quite well in a so-called down economy. The residential real estate market in the local region continues to be sluggish, while the commercial real estate market in the central New Jersey region is showing signs of increased activity. There are a number of good commercial and investment properties available at attractive prices on the market creating a good opportunity for entrepreneurs to purchase or lease for their operations. Retailers continue to actively seek prime high profile commercial real estate locations for their operations to enhance their market share at attractive prices. Investors are also diligently pursuing investment properties with a good cash flow. Developers are also actively seeking sites for banks, pharmacies, restaurants and food chains in general to name a few. In conclusion, although the economy has a long way to go to rebound to a greater level of economic prosperity, the local economy is showing some early signs with some degree of recovery that hopefully will continue and benefit everyone in the region. Joseph R. Ridolfi & Associates is a 40 year old Commercial Real Estate Company specializing in the sales, leasing, tenant representation, investment properties, and development land sites of commercial, office and industrial properties in the central New Jersey Commercial Real Estate Marketplace. Joseph R. Ridolfi is broker/owner for Joseph R. Ridolfi & Associates. ■

Heller signs Joshen Paper to lease expansion EDISON, NJ — Heller Industrial Parks has signed an expansion deal with Joshen Paper & Packaging Company for industrial space. A Heller customer since 1999, Joshen had 97,194 s/f of space at 49 Distribution Blvd. and has again expanded, taking the entire building at 41-49 Distribution Blvd. The company now leases 202,671 s/f from Heller. Don Morgenroth, vice president and general manager of Joshen Paper, represented the company in the deal. ■

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Mid Atlantic Real Estate Journal — New Jersey — May 13 - 26, 2011 — 9B

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10B — May 13 - 26, 2011 — New Jersey — Mid

Atlantic Real Estate Journal

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CENTRAL NEW JERSEY By Linda Cinelli, CCIM, CEA, CRS, LC Realty

Norkus Foodtown Supermarket

The self-storage industry has reached a crossroads

Harold Wien Real Estate, LLC to broker in Freehold

uring the relatively brief history of the self-storage business (35 to 40 years) the perception about the industry has changed dram a t i c a l l y. Wall Street has now embraced the Linda Cinelli industry and life insurance companies and conduit lenders have come back to the market, enamored

once again with lending on self storage properties with terms similar to core asset classes such as office, retail and industrial. Along with the respect that the self-storage industry has earned over the years comes an increase in competition. Operators are now realizing that sophisticated operations and economies of scale are imperative to survival in the business. This is more apparent today than ever before as we are seeing large operators winning business away from smaller

operators whether by pricing, advertising or property amenities. I would also note that in general, the large operators are able to get a rent premium over the small operators that have similar properties in the same market. This leads me to believe that the self-storage industry has reached a crossroads and operators need to make the necessary adjustments in order to compete as the industry continues to mature. Linda Cinelli, CCIM, CEA, CRS, LC Realty. ■

MONMOUTH COUNTY, NJ — Harold Wien Real Estate have been appointed broker to sell the last of six Norkus Foodtown Supermarkets in Monmouth County. The 27,000 s/f supermarket is located at 597 Route 33 West (Park Avenue). It sits on 2.25 acres therefore providing more

than sufficient parking as well as having entrances and exits on Route 33 West and Jerseyville Ave. This high volume business is available for sale at a reduced price inasmuch as the owner is retiring. A new low-rent long-term lease will be provided or the property can be purchased. ■

Schoor of Community Investment Strategies earns NJBA award LAWRENCEVILLE, NJ — Barbara Schoor, vice president of Community Investment Strategies (CIS), was recently presented with the Affordable Housing Award at

the New Jersey Builders Association (NJBA) Annual Industry Awards Luncheon. The Interlaken, resident, who was among 22 honorees celebrated at the Atlantic City Convention Center, was recognized for her outstanding professional contributions to New Jersey’s housing and building industry. In her role at CIS, Schoor manages every facet of the company’s multi-family development projects, including acquisition, predevelopment and financing. During her tenure, she has served as project manager for more than 1,000 apartment units, from inception to final build-out and management. Her background also includes architecture, land acquisition, finance, site and subdivision planning, and regulatory approvals. “For more than 10 years, I have been part of CIS’ vision to build more than ‘bricks and mortar ’ housing solutions. We have been extremely successful in creating affordable multi-family rental and ownership options that add tremendous value to the communities in which all of our projects are located,” said Schoor. “We are very proud of our accomplishments and look forward to delivering several new CIS projects to market this year.” These projects include Water’s Edge Crescent and Water’s Edge in Elizabeth, which features 71 affordable rental units and 10 ownership units, respectively; Whitney Crescent in Glassboro, featuring 80 affordable rental units; and 112 affordable rental units at Windsor Crescent in Jackson. “All of us at CIS congratulate Barbara on this latest achievement and her unwavering commitment to help communities prosper and create the benchmarks to which other market-rate and affordable housing communities are held,” said Christiana Foglio, CIS’ founder and CEO. ■

MAREjournal.com

Mid Atlantic Real Estate Journal — New Jersey — May 13 - 26, 2011 — 11B

CENTRAL NEW JERSEY

12B — May 13 - 26, 2011 — New Jersey — Mid

Atlantic Real Estate Journal

MAREjournal.com

MAREJ MONTHLY SALES AND LEASE REPORT As Reported In The Mid-Atlantic REAL ESTATE JOURNAL ~ APRIL 8 - MAY 12, 2011 PROPERTY NAME

ADDRESS

SELLER/ OWNER/ LESSOR

125 Broad St. Meadows 1 2 N. Charles 6 North Park Dr. 16038 Business Pkwy

Manhattan, NY Chantilly, VA Baltimore, MD Hunt Valley, MD Hagerstown, MD

12401 Wahington Ave. 7142 Ambassador Rd. Princton Forrestal Village Princton Forrestal Village

Rockville, MD Windsor Mill, MD Princeton, NJ Princeton, NJ

570 Broad Street Mack-Cali Centre II 1012-1022 Grand St. 399 Jefferson Rd. 1200 Rte 523 1200 Rte 523 53 Frontage Rd. — Airport Industrial Pk Korman’s Interstate Business Pk 2834 Schoeneck Rd. CVS 107 E. Philadelphia St. 320 E. Philadelphia St. 2331 East Market St. 250 Rittenhouse Circle

Newark, NJ Paramus, NJ Hoboken, NJ Parsippany, NJ Flemington, NJ Flemington, NJ Hampton, NJ Logan Twp., NJ Camden Cty., NJ Bellmawr, NJ

D. Kwitman & Son Prism Capital Ptrs. Equity Industrial Ptrs Equity Industrial Ptrs Crown Perryville Schar USA

Lwr Macungie Twp., PA Philadelphia, PA York, PA York, PA York, PA Bristol, PA

Wind River Investments Marcus & Millichap — — — Lexington Bristol

3400 Industrial Rd. 989 E. Park Dr. 3461 Market St. 1 Tyler Ct. 668 Firehouse Rd. 4711 Queen Ave. LwrNazareth Commons 430 North Franklin St. 805 Estelle Dr. 480 New Holland Ave. 371 E. Main St. Abele Business Park 510 East Twp. Line 300 Delaware Ave. 101 W. Elm St. 256 Geiger Rd. 100 Sterling Pkwy 102 Market St. 4411 N. Front St. 2656 Walnut St. 258 Vercial St. 200 N. 2nd St. Commerce Twr. 211 State St. 5137 Devonshire Rd. 15th St

Mack-Cali ARC Properties Liberty Property Trust Warehouse & Termianl Properties E&F Partnership First Industrial IVC PFV & Lincoln Equities

REP. OF SELLER/ LESSOR

Philadelphia, PA Philadelphia, PA GVCC Malvern, PA Star Building Wilmington, DE 12901 Worldgate Dr. Herndon, VA Cedar Hill I Tysons Corner, VA Cedar Hill III Columbia, MD 180 Admiral Cochrane Dr. Annopolis, MD Reston-Herndon Business Pk Tyson Corner, VA 1331 L St, MW Stop & Shop Walgreens Liberty Plaza 822 Nazareth Pike Rte. 17 Festival at Manchester Lakes Festival at Manchester Lakes 307 market St, 1300 Second St.,NE North Wales Plaza West Broad Village

Washington, D.C. Teaneck, NJ Linwood, NJ Randallstown, MD Nazareth, PA Paramus, NJ Franconia, VA Franconia, VA Harrisburg, PA Washington, D.C. Montgomeryville, PA Short Pump, VA

Springdale Plaza 2080 Springdale Rd. 1710 Walnut St. Tilghman Sq. Tilghman Sq. Fuitland, MD 23 3rd St. Galloping Hill Galloping Hill Aldrich Plaza 153 S. Beaver St. 40 Beech St.

Cherry Hill, NJ Cherry Hill, NJ Philadelphia, PA South Whitehall, PA South Whitehall, PA

Fisher BioServices Maricom Sys. CBRE IVC PFV & Lincoln Equities CAN DO/Koi Spa Salaon Lincoln Equities

24,000 s/f 27,100 s/f 550,000 s/f 61,000 s/f

Berger Org. Movado Grp. Stylcrest Fabric Pinnacle Foods Grp. Flemmington Dept. Store Customized Dist. Svcs. Ikaria

200,000 s/f 90,050 s/f 17000 s/f 85,000 s/f 40,000 s/f 35,000 s/f 101, 641 s/f 8 acres 31,600 s/f 31,500 s/f

IVC PFV & Lincoln Equities

De Ruggiero Realtors Prism Capital Ptrs. Colliers Int’l Colliers Int’l CBRE Binswanger

Harrisburg, PA Union, NJ Union, NJ Howell, NJ York, PA Garfield, NJ

Cresa Ptrs. JLL Colliers Int’l Colliers Int’l

Colliers Int’l Colliers Int’l

Endurance

NAI CIR Equity Retail

Levin Levin Levin

Seminole Wire & Cable F&R Pallets

Studley & The John Buck Co. Olivia Parlavecchio of Spaulding & Slye Cushman & Wakefield Cushman & Wakefield

SIZE

McSHea & Co. Blue & Obrecht

Two Penn Center Assoc PernaFredeick PernaFredeick Liberty Property Trust Star Building, LLC Inland RE CBRE PNC Realty Cassidy Turley PNC Realty Cassidy Turley Liberty Property Trust Kenwood Mgmt. Kenwood Mgmt, Grubb & Ellis CoStar Group Cassidy Turley FW Teaneck Marcus & Millichap Marcus & Millichap Centro Props. Centro Props. T & E Realty KW Comm’l.

Springdale Plaza, LLC Endurance RE Weisberg Trust Larken Associates Larken Associates

PRICE

Wilson Elser Hart Realty Advisors Franklin & Propkopik Selective Insurance Cosmo Films

CBRE

Regency Centers Regency Centers MSP Investments Capital Retail Frp.

REP. OF TENANT/ BUYER

CBRE Cassidy Turley ARC Properties Liberty Property Trust McSHea & Co.

— ROCK ROCK Realty Group East & Binswanger Harrisburg, PA Exeter 3400 Industrial — LwrPaxton, PA Union Deposit Corp Union Deposit Corp Camp Hill, PA Atrium West NAI CIR S.. Middleton Twp., PA Partners 4 NAI CIR Grantville, PA John Kotsalos NAI CIR LwrPaxton, PA Flowers Properties NAI CIR LwrNazareth Twp., PA — — Lancaster, PA Diversified Machine NAI CIR Lancaster, PA High Properties High Associates Lancaster, PA Urban Place, LP NAI Commercial Leola, PA Achenbach’s Pastry Inc. NAI Commercial Pittsburgh, PA — — Blue Bell, PA Bressler & Reiner NKFSM Wilmington, DE Brandywine Realty Trust Conshohocken, PA Brandywine Realty Trust — Philadelphia, PA David Twersky NAI Mertz Mechanicsburg, PA 114 Associates Landmark Comm’l. New Cumberland, PA Landmark Comm’l. Harrisburg, PA Landmark Comm’l. Harrisburg, PA Landmark Comm’l. Harrisburg, PA Landmark Comm’l. Harrisburg, PA Select Capital Landmark Comm’l. Harrisburg, PA Select Capital Landmark Comm’l. Harrisburg, PA Landmark Comm’l. Harrisburg, PA Detweiler Ent. Landmark Comm’l. Philadelphia, PA Two Penn Center Assoc PernaFredeick

15th St

BUYER/ TENANT/ LESSEE

NAI Mertz Colliers Int’l

It’s Fashion Metro Landmark Comm’l. Levin Levin Levin ROCK Charles Berger

White Rose Credit Union WC Rapha Proj Virtual October

Mathews Int’l. Central PA Rehab Jividen & Wenert Nusani Shakedown BBQ Dealer Services Highmark Blue Shield School District of Lancaster Cornerstone Operations Grp Vineyard Heritage Center Achenbach Pastries — J&B Software Proctor Heyman Marcus & Millchap Bambi Day Care Ag Choice Farm Credit Keystone Auto Krafters Signs Banners and More Lil Blessings Daycare Riverfront Development CoreSource GSP Consulting Epic Mgmt. Gompers & Nerenberg Applebaum, Nemeroff & McCaffery Freidman, Schuman, BMS Microsoft Grant & Eisenhofer MicroPact First Potomac First Potomac MedAssurant GSA

Whse

L Off L L L

2A S 3A 10A 10A 10A

Mixed-Use Mixed-Use

L L S L

10A 10A FC-B FC-B

Ind. Off Ind. Ind. Off Land Whse/Off Whse

S L L L L L L S L L

FC-B 2B 2B 3B 3B 3B 4B 5B 5B 5B

Mixed-Use

$11.1m $3.525m $214k — — —

270,000 s/f 10,125 s/f 6562 s/f 2479 s/f 200 s/f 241,977 s/f

Whse/Dist Retail Off Off Off Whse/Off

S S S L L L

FC-B FC-B 2C 2C 2C 2C

NAI CIR, NAI Pitts NAI CIR NAI CIR Nusani NAI CIR NAI CIR — High Assoc NAI Commercial NAI Commercial NAI Commercial — JCP JCP — NAI Mertz

— — — — — — — — — — — — — — — —

71,330 s/f 2400 s/f 1559 s/f 1368 s/f 1200 s/f — 2400 s/f 9000 s/f 4,822 s/f 2,855 s/f 4360 s/f 17000 s/f 31,168 s/f 8,876 s/f 9000 s/f 12,000 s/f 7000 s/f 4200 s/f 3400 s/f 2100 s/f 2000 s/f 1217 s/f

Whse/Dist — Off — — Off Retail — Off Comm’l Retail — Off Off Off Ind/Off Off Off Comm’l Comm’l Comm’l Off

5800 s/f

Mixed-Use Off Off

L L L L L L L L L — — L L L L S L L S L S L L S L L

3C 3C 3C 3C 3C 3C 3C 4C 4C 4C 4C 4C 6C 6C 12C 12C 17C 17C 17C 17C 17C 17C 17C 17C 17C 6A

Off Off Off Off Off Off Off Off Ind.

L L L L L S S L L

6A 6A 6A 11A 11A 11A 11A 11A 11A

169,429 s/f 42,047 s/f 14,485 s/f 170,000 s/f 16,800 s/f 30,000 s/f 1800 s/f 4443 s/f 5,586 s/f 2940 s/f 2000 s/f

Off Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail

S S S L S L L L L L L L

14A FC-B FC-B 6B 7B 9B 9B 9B 9B 15B 15B 15B

42,000 s/f 26,930 s/f 3800 s/f 1000 s/f 2480 s/f 10,232 s/f 1100 s/f 30,861 s/f

Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail Multi-Family

S L L L L L L L L L L S

18B 18B 18B 18B 18B 18B 18B 18B 18B 18B 18B 16C

Landmark Comm’l. Landmark Comm’l. Landmark Comm’l. Chuck Taylor RE Landmark Comm’l. Landmark Comm’l. Prudential Homesale Svcs Stockton RE

$1m

NKFSM JLL

4100 s/f 3234 s/f 49,000 s/f

NKFSM

20,845 s/f 102,632 s/f 137,677 s/f 48,556 s/f 48,000 s/f

CBRE GSA

Marcus & Millichap

Springdale Center, LLC Office Furniture Outlet Dr. Martens Metro PCS Bread Box SVN-Miller Dave Stewart Sebra Foods Koki Japanese Buffet Kessler Institute The Cheese Steak Spot

24,158 s/f 10,784 s/f 40,000 s/f

Off 104,003 s/f Off

S/L

Marcus & Millichap ROCK ROCK ROCK CBRE

GLL RE Ptrs H&R Walmart 191 Plaza Realty JoAnn Fabric Dunkin Donuts Genghis Grill Mo Mo’s BBQ & Grill Perfect Pita Anthony & Sylvan Pools Bonefish Grill

37,404 s/f

DESC.

KW Comm’l. Welco

NAI CIR

Cushman & Wakefield | Thalhimer NAI Mertz NAI Mertz Colliers Int’l

Alpha State Realty

JCP Keller Williams Keystone

$101m $10.25m $6.835m $2.36m

4200 s/f 1066 s/f 9-unit

MAREjournal.com

Mid Atlantic Real Estate Journal — New Jersey — May 13 - 26, 2011 — 13B

U. S. Green Building Council, NJ Chapter Letter from the Executive Director Dear Friends and Colleagues, This past Friday we celebrated Earth Day and had the opportunity to celebrate our State’s and Nation’s accomplishments in our critical task to sustain the longevity of our natural resources, economic and personal well being. We should all be proud of New Jersey’s prominent position is achieving exceptional milestones in the arena of green building which not only impacts environmental issues, but enhances the quality of work life and healthier school environments for our children, but provides healthy and sustainable places for those that have been denied in the past - our homeless population and those that benefit from affordable housing. On May 19th the New Jersey Chapter of the U S Green Building Council (USGBC-NJ) will celebrate its fifth FLORENCE BLOCK annual “Building a Greener New Jersey” Awards Gala that will recognize those leaders in Sustainability and Green Building whose accomplishments have established best practices in these significant areas. Mayor Cory A. Booker, this year’s keynote speaker will share his vision and mission for Green Urban Communities, as he has demonstrated in his accomplishments in revitalizing the city of Newark. Our individual honoree, Paul Parmentola, Vice President and Construction Executive for Turner Construction Company will be recognized for the delivery of significant green projects, as well as their overall corporate sustainability commitment including the BASF LEED Platinum headquarters under construction in Florham Park. The Community Award will be given to Homeless Solutions, a non-profit organization that has had a profound impact on expanding the horizons of green building in the area of affordable building projects, all of which aspire for the industry standard LEED Platinum designation. Colgate Palmolive will receive an award for assembling a green building and project team whose vision and practices took on the challenge of LEED certification for a 50-year-old mixed-use laboratory/ office/data center facility, a serious challenge anywhere let alone given the current economic circumstances. Two organizations highlight the Green Groundbreaking Award, for demonstrating cutting-edge sustainability and green building practices, and who have created something that truly pushes the envelope to broaden the horizons of green. PNC Bank has been pivotal in piloting wider adaptation of green standards throughout the state including 19 green building projects last year alone of the 30 total in NJ. Another proud recipient of the award is the Jersey Shore University Medical Center. This state of the art, $300 million dollar medical facility is not only an outstanding care and treatment center but is also one of the most cutting-edge green medical centers in the world while being the first LEED Gold Certified Hospital in the State. Rahway High School’s Water Champions is the winner of this year’s Student Award for their innovative and practical project to help conserve water usage in their high school. The Gala will be held on May 19th from 5:30pm to 10:00pm at The Palace at Somerset Park in Somerset, NJ. A portion of the proceeds will be donated to the Greater Newark Conservancy. It’s important to recognize the accomplishments of individuals, businesses and local governments for extraordinary environmental practices and commitment to sustainability for New Jersey. These pioneers of green innovation are setting an example that will inspire others to make an investment in the future that will pay dividends for generations to come. These initiatives are the pivotal point in transforming our economy and job market while protecting our most valuable assets - our people and the environment.” We look forward to sharing this special evening with you (visit our web site www.usgbcnj.org and to celebrating these exceptional accomplishments in our great state that hold great promise for our future for the environment, economics, and health. Sincerely, Florence Block LEED Green Associate Executive Director U.S. Green Building Council NJ

Chapter Events 05/19/2011 USGBC-NJ 5th Annual Awards Gala For details on all USGBC-NJ events visit www.usgbcNJ.org Number of New Jersey chapter members:

917

Number of USGBC member Companies in NJ:

357

Number of LEED Accredited Professionals in NJ:

3031

Number of LEED registered projects in NJ:

385

Number of LEED certified projects in NJ:

115

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

14B — May 13 - 26, 2011 — New Jersey — Mid

Atlantic Real Estate Journal

MAREjournal.com

Industrial Commercial Real Estate Women, Inc. www.icrewnj.org “Creative Ideas, Passion” are Keys to Success, WPU president President Shelia Spriggs Nall KSS Architects snall@kssarchitects.com. President Elect. & Crew Network Delegate Cheryl Hardt CB Richard Ellis, Inc. cheryl.hardt@cbre.com Treasurer Sefi Silverstein, CPA Wilkin & Guttenplan ssilverstein@wgcpas.com

Director of Sponsorship Mary Lynn Kearns Dancker, Sellew & Douglas mkearns@dancker.com Director of Special Projects: Golf Robin Grossman Edge Technologies rgros30687@aol.com Director of Special Projects: Website/PR Rebecca Machinga

Recording Secretary Patricia Faulkner NAI Global pfaulkner@naiglobal.com

WithumSmith+Brown PC rmachinga@withum.com Advisor & Crew Network Delegate Silvana Finizio

Director of Programming Monica Ceres Giordano Halleran & Ciesla, PA mceres@ghclaw.com Director of Philanthropy Susan C. Karp Farer Fersko, P.A. skarp@farerlaw.com Director of Sponsorship Patricia Riedel CB Richard Ellis, Inc. patricia.riedel@cbre.com

Carousel Industries sfinizio@carouselindustries.com Advisor Annette Murray Wilkin & Guttenplan amurray@wgcpas.com

Advisor & Bylaws

ICREW NJ presents Breakfast Meeting April 14, 2011

SELIN, NJ — Kathleen Waldron, Ph.D., who has had careers in both business (finance) and academia, recounted her fascinating lifestyle transition at the April breakfast meeting of ICREW NJ at the Hilton Woodbridge. Headlining a program titled “A Profile in Leadership,” she used words like “creative ideas” and “passion” to describe the keys to success in those, and any, diverse career paths. Dr. Waldron became the seventh president of William Paterson University in August 2010 after serving as president of Baruch College of the City University of New York (CUNY). Between 1984 and 1998, however, she distinguished herself in several executive positions at Citigroup. The transition from finance to academia began when she was tapped to form a university within Citigroup, and ultimately moved over to the academic side.

Jennifer Palestri Normandy Real Estate Partners jpalestri@normandyrealty.com

Attention ICREW New Jersey Members!!! If you would like to submit articles or transactions to appear in the Mid Atlantic Real Estate Journal, please contact:

Linda Christman, Publisher 800-584-1062 x 203 or email Linda at lchristman@marejournal.com

“This is a very fascinating story,” said Sheila Nall of KSS Architects, and president of ICREW NJ, in her introduction. “At ICREW NJ, we continue to provide programs that are valuable from an educational standpoint, and Dr. Waldron’s story is an object lesson to all of us.” Recounting her success in those diverse career paths, “I always tell students to ‘have a plan’,” Dr. Waldron emphasized. “I tell students about life, leadership style, and taking chances.” For academia in general, “there are important issues facing higher education if we don’t make some changes,” she said. Chief among the concerns, in her view, is “the staggering amount of debt, as tuition continues to rise, that students are incurring to get an education, even at public universities. When they graduate, today’s students have so

much debt—how are they going to be able to afford to buy a house, or a car, or start a business?” Student debt is high in New Jersey, even though the state has among the highest levels of public assistance in the country. A key reason provides another concern for higher education specifically in New Jersey, in Dr. Waldron’s view: “The state doesn’t have the capital set aside for construction, either new construction or redevelopment. Our universities need to expand, and to do so, each university has to float its own bonds, which is very unusual.” “We have asked for change, and the governor has agreed on capital support for projects,” Dr. Waldron said. “But for now, capital costs have to be covered—hence the increases in tuition.” “I also want to keep graduate education affordable,” she said. “We live in a very sophisticated part of the country, where advanced degrees are frequently required to get ahead. It is important that the public universities step up in this regard. We need creative ideas from the universities to help us think this through.” For William Paterson in particular, “we are primarily a regional university—I was surprised how ‘regional’ New Jersey is when I came here,” Dr. Waldron said. “William Paterson might be primarily a regional institution, but we offer a lot of majors, and my plan is to grow in the years ahead.” “I meet wonderful young people all the time - the people we’re educating in New Jersey today,” she concluded. In other business of the day, “I would like to congratulate five member companies that have been cited by NJBiz as among the best places to work in New Jersey,” Nall said.

The five firms, to be honored at an April 26 reception, are WithumSmith+Brown, Wilkin & Guttenplan, Maser Consulting, Gibbons PC, and Norris, McLaughlin & Marcus. The April philanthropy, detailed at the breakfast event, resulted in the collection of supplies for Home Front, a Lawrenceville, NJ-based volunteer organization serving families facing homelessness. “These donations will go to assist families in need,” said Lucy Halter of O’Neill & Associates. “This support is greatly appreciated.” Next on the schedule is the 10th Annual ICREW NJ Golf Classic & Reception, slated for Wednesday, May 4th at Fiddler’s Elbow Country Club in Bedminster Twp., NJ. The event, which will benefit Cerebral Palsy of North Jersey, will include a 50-50 raffle. Next, ICREW NJ will host a Networking Cocktail Reception, scheduled for the June 15th, 6-8 pm at Liberty House in Jersey City. Fifty percent of the net proceeds will be donated in the name of Riva Sloan to the NYU Langone Medical Center Brain Tumor Research Fund. ICREW NJ is the New Jersey organization for women involved in all aspects of commercial and industrial real estate. Members represent fields as diversified as accountants, architects, appraisers, asset/ property managers, attorneys, consultants, developers, lenders, leasing and sales brokers, mortgage bankers/brokers, marketing specialists, market and investment analysts, corporate real estate representatives and title/escrow officers. For more information on programming, sponsorship or membership, please contact ICREW NJ at (609) 585-6871, via email icrewnj@crewnetwork.org or visit their website at www.icrewnj.org. ■

MAREjournal.com

Mid Atlantic Real Estate Journal — New Jersey — May 13 - 26, 2011 — 15B

“ASK AN EXPERT” DIRECTORY INQUIRING MINDS WANT TO KNOW HOW TO FIND OUR 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

Lehigh Valley 1031, LLC … a Qualified Intermediary serving the greater Lehigh Valley

Website

LehighValley1031.com

Address

904 Lehigh Street Easton, PA18042

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610-250-9712

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610-559-9604

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www.mgkflaw.com

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

Accounting & Auditing Tax Planning & Compliance Cost Segregation Studies Property Management Services Section 1031 Like Kind Exchanges Valuations & Appraisals Succession & Estate Planning Business Advising & Consulting

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

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engineers | architects | scientists | planners 119 Cherry Hill Road, Suite 200 Parsippany, New Jersey 07054 862.207.5900 fax 973.334.0507

575 Broad Hollow Road Melville, New York 11747 631.756.8000 fax 631.694.4122

Is there a missing piece in your proposal? Ask the expert at…

www.kipcon.com / marketing@kipcon.com / (800)828-4118

If you have a specific question that you would like to ask our experts in the fields of Development, Design, Construction, Appraisal, Planning, Finance or Law, you may visit our website at www.marejournal.com. Click Ask An Expert, and submit your question or to view each of our experts' bios, please click on their photos. For more information contact Linda Christman, Publisher at 1-800-584-1062, x 203

16B — May 13 - 26, 2011 — New Jersey — Mid

Atlantic Real Estate Journal

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PEOPLE ON THE MOVE As Mercer County area sales associates

Corporate advisory and representation

Gilbert and Williams join Richardson Comm’l. Realtors

Cushman & Wakefield’s hires Joan Verplanck

A M I LT O N , N J — Robin Gilbert and Jeffrey Williams have joined Richardson Commercial Realtors as sales associate. Gilbert and Williams will be responsible for listing Robin Gilbert and marketing commercial properties in the Mercer County area. Gilbert has been a resident

of Lawrenceville for her entire life. She is a 1989 graduate of Lawrence High School and has taken classes at Rider University and Monmouth University. In 2007, Robin received her New Jersey Real Estate Jeffrey Williams license and went on to work as a residential agent for several years. Robin is a member of the Mercer County Association of Realtors

and the Trenton Rotary. She also volunteers at the Trenton Rescue Mission. Williams was born in Jersey City and grew up in Holmdel. Jeffrey attended Tulane University in New Orleans, LA and received his Bachelor of Arts in Economics in 1986. In 2010, Jeffrey received his New Jersey Real Estate license and joined Richardson Commercial and he intends to pursue an appraisal license in the near future. He enjoys coaching his son in baseball, basketball and soccer. ■

Newmark Knight Frank adds David Csontos RUTHERFORD, NJ — Newmark Knight Frank president James Kuhn announced that investment sales professional David Csontos will lead the comp a n y ’s t r i state Capital Group, which covers David Csontos the New York City suburban markets. He joins the firm as a principal in the Rutherford, N.J., office. “David is one of the top sales professionals on the East Coast and brings the ideal combination of vast knowledge of the region and its players and extensive experience in investment sales,” Kuhn says. “We are pleased to have such a high-caliber professional join our company at a time when acquisitions are starting to heat up after a long hibernation.” A former two-time winner of the “Deal of the Year” award from NAIOP’s New Jersey Chapter, Csontos brings more

than 25 years of experience in disposition, financing and development in the commercial real estate industry. Most recently, he headed Colliers International’s capital markets group in New Jersey. Before that, he founded Insignia/ESG’s Capital Advisors Group in New Jersey and established the unit as a leading provider of investment sales and mortgage placements. “David is a seasoned veteran and one of the most respected professionals within the capital markets arena,” says David Simson, Newmark Knight Frank New Jersey’s Chief Operating Officer. “We are privileged to have him join our team as our investment sales platform grows and gains more market share at a consistent and steady pace.” “I am very excited to be joining an established team of professionals who are totally dedicated to the real estate capital markets,” said Csontos. “The team has enjoyed significant market share growth over

the past two years and I am certain we will be advancing that share as owners become more familiar with our team’s unique ability to assess properties from a user, owner and lender perspective alike. These are fascinating times for our industry, challenging yet abundant with opportunity. As the deleveraging process unfolds and asset values are marked to market, investors, who are already three deep at the bar, will look back and consider these next few years as the ‘good old days’.” Aside from his brokerage background, Csontos also brings 20 years of banking experience at Chase Manhattan Bank, where he originated more than $1 billion in loans for acquisition and development and played an instrumental role in restructuring over $1.5 billion of loans on underperforming assets. In total, Csontos has been involved in the sale and financing of more than 10 million square feet of commercial real estate. ■

CB Richard Ellis expands Private Client Group with Pollack SADDLE BROOK, NJ — CB Richard Ellis announced that Seth Pollack has joined the Saddle Brook office as first vice president within the firm’s Private Client Group (PCG). With his vast experience in multitenant investment sales within the retail sector, the addition of Pollack will help broaden the depth and breadth of services offered by the PCG division, enhancing CBRE’s ability to offer clients broad retail expertise throughout New Jersey. “At CBRE, we remain focused on attracting individuals who possess the knowledge and experience to help our clients make the most informed and

prudent real estate investment decisions in order to maximize their financial performance,” stated Jeff Hipschman, senior managing director, CBRE, and head of its New Jersey operations. “The addition of Seth to our firm’s Saddle Brook office reflects CBRE’s commitment to continually raising the bar of excellence in the services we offer our clients. We look forward to his contributions to our expanding platform while providing expert counsel to our growing client base.” With more than a decade of commercial real estate experience, Pollack has sold more than $300 million of investment

properties throughout New Jersey. Most recently, he served as a senior associate at Marcus & Millichap Real Estate Investment Services, where he concentrated on multi-tenant retail investment sales and worked with clients such as Net Property Group and Urstadt Biddle Properties. Prior to that, Pollack was vice president of Investment Sales at Gebroe Hammer Associates, where he focused on growing the Commercial Real Estate Investment sales division and was responsible for all aspects of management and sales, including staff recruiting and management and operations. ■

MORRISTOWN, NJ — Joan Verplanck, former New Jersey Chamber of Commerce president, will be joining Cushman & Wa k e f i e l d as senior director. She brings with her 24 years of experience Joan Verplanck guiding economic development initiatives and job creation in New Jersey. Verplanck is working with one of Cushman & Wakefield’s nationally top-producing office leasing teams. Headed by Bob Donnelly and Marc Rosenberg, the group specializes in corporate advisory and representation for Fortune 1000 companies, including AT&T, Alcatel-Lucent and General Electric, among many others. “We are pleased to welcome Joan to the Cushman & Wakefield organization,” Donnelly said. “Just as she has been an incredible asset in promoting the State of New Jersey to the corporate community for nearly a quarter century, she will enhance Cushman & Wakefield’s ability to provide value for clients and create new opportunities through her deep business relationships. In short, she will enhance our effort to keep and grow jobs in the Garden State.” In her new role, Verplanck is focusing on client relationships and development, and special projects. This initially includes the coordination of the CFO Roundtable, a Cushman & Wakefield national forum. Cushman &Wakefield will be partnering with Skillman Business School at Seton Hall University, as well as McCarter & English and Grant Thornton

in New Jersey. “My transition to commercial real estate, and to this position at Cushman & Wakefield in particular, is a natural extension of my experience,” Verplanck noted. “Providing quality service to clients always has been a big part of my approach, and that is very much in keeping with the Cushman & Wakefield culture. My past work has involved close ties with the real estate community and deep involvement in leading programs that provide value for customers. This is a great fit, and I look forward to continuing my efforts with such a powerful brand as Cushman & Wakefield and to promote New Jersey as a place to do business.” Verplanck’s work on behalf of the state chamber for the past 16 years included identifying and advancing opportunities for New Jersey companies. She also orchestrated economic development-centric projects like the Economic Policy Summit, which the chamber helped to launch in 2007 with Cushman & Wakefield, Rutgers University and several key trade organizations. Prior to joining the New Jersey Chamber of Commerce, Verplanck served as president for the Morris County Chamber of Commerce for eight years, where she founded the Morris Area Development Group, an economic development initiative strongly supported by the commercial real estate community. Before that, she led two chambers of commerce in Rhode Island for 10 years – the first served as the economic development vehicle for its town, and the second included a foundation that owned and developed industrial parks. ■

Jones Lang LaSalle hires Silverman HASBROUCK HEIGHTS, NJ — Jones Lang LaSalle announced Robert Silverman has joined the firm as senior VP of its supply chain & logistics solutions team in its New Jersey Industrial Services group. Silverman will be based in the firm’s Hasbrouck Heights office. “Bob will play a key role with Jones Lang LaSalle and we are confident that his extensive skill set will complement our practice.” said David Knee, managing director of Jones Lang LaSalle’s supply chain & logistics solutions group in New Jersey. “With Bob’s expe-

rience, proven track record, and IT know-how, we will be able to strengthen our client service offering.” Silverman joins from Tommy Hilfiger USA where he was VP of IT Business Systems. Prior to this, Silverman was president of Gross & Associates, a mid-sized logistics consulting firm, where he was responsible for managing the overall business and directing projects in supply chain network optimization, distribution center sizing and design, operations improvement, and computer simulation modeling. ■

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Mid Atlantic Real Estate Journal — New Jersey — May 13 -26, 2011 — Inside Back Cover B

HAMILTON TWP: East State St. 120,280 SF 4.9 AC +/-. Warehse/Manuf. w/ Drive-In and Dock Doors. Move-in condition. SALE $2.2 m ($18/SF)

TRENTON: Prince Street 105,000 SF Warehouse/Manuf. w/ Drive-In & Dock Doors. Excellent move-in condition. SALE/LEASE

UPPER FREEHOLD TWP: 21,600 SF Warehouse/Of¿ce Drive-In and Dock Doors, 24’ High Ceilings SALE/LEASE

HAMILTON TWP: Whitehead Rd. 100,000 SF Multi-Story Industrial Bldg. 1.85 AC+/All NJDEP Enviro. Clearances completed. Will divide. SALE/LEASE

TRENTON: Tucker Street 36,000 SF Warehouse with Refrigerated space; Loading Dock; possible conversion to other uses. SALE $349,900

HAMILTON TWP: Nami Lane (2) Bldg. Warehouse/Of¿ce, 6.74 AC +/Room for additional development. SALE

ROBBINSVILLE TWP: 4,500 SF warehouse bldg. 2 AC +/Present Use Landscape Operation SALE $399,000

EWING TWP: Hillman Avenue

HAMILTON TWP: 130 Durand Ave.

HAMILTON TWP: 143 Durand Ave.

HAMILTON TWP: Hamilton Ave.

13,075 SF 2 story warehouse/

10,124 SF warehouse.

9,834 SF Bldg, 1 Dock Door,

of¿ce building with Drive in doors.

Dock and Drive-In Doors.

2 Drive-In Doors, 12’ Ceilings.

SALE $345,000 or Lease

SALE $425,000

SALE $450,000

EWING TWP: No. Olden Ave. Ext. 3,352 SF Bank Branch Bldg., w/ 3 Drive-Thru Windows. Corner Location. Zoned Business Highway, for retail or of¿ce uses. Move-in condition. SALE $795,000

2 Warehouse Bldgs, 8,700 SF SALE $695,000

Commercial Development Sites MERCER COUNTY, NJ 11.5 AC +/- Hamilton Twp.; Prime Corner development site, located at traf¿c light. All utilities available to site. Located on 4 lane County Route 533. SALE 1.4 AC +/- Trenton; 419 Lalor Street, corner location at traf¿c light, high pro¿le retail location at busy intersection across from Lalor Plaza Shopping Center. Zoned Commercial. SALE $795,000 6.74 AC +/- Hamilton Twp.; 20 Nami Lane, of¿ce/warehouse/garage buildings total 7,550 SF with room for additional development. SALE $675,000 1.74 AC +/- Hamilton Twp.; County Route 533, Zoned Of¿ce, all utilities available. SALE $375,000

5.91 AC +/- Hamilton Twp.; 777 Route 33, Zoned Highway Commercial; suitable for wide range of retail uses on main retail corridor state highway. SALE 1.3 AC +/- Hamilton Twp.; Retail development site, corner location at traf¿c light, suitable for bank or restaurant; across from regional 200 AC power center; high traf¿c. SALE/LEASE 3.63 & 1.3 AC +/- Robbinsville Twp.; Development Parcels, US Route 130, Highway location, 949 feet highway frontage. SALE, Whole or Part. 4.76 AC +/- Hamilton Twp., County Route 533, 2,000 SF building, Zoned Highway Commercial, 262 feet highway frontage. Suitable for restaurant, catering hall, auto sales and service, indoor recreation facilities, convenience stores, strip center, etc. SALE $675,000

7 AC +/- Robbinsville Twp., State Highway Route 130/33 - Robbinsville Twp., Zoned Highway Commercial with 2 rental income houses, suitable for of¿ce, retail, houses of worship, storage buildings, etc. SALE $650,000 BURLINGTON COUNTY, NJ (4) Lot Townhouse Development Site, Bordentown City; Ann Street, Fully approved. Ready to build. SALE $329,900 1 AC +/- Commercial lot, Mans¿eld Twp., 780 Route 68, Zoned Highway Commercial. Suitable for auto sale/repair, restaurants, banks and wide range of retail uses. SALE $395,000 2 AC +/- Mans¿eld Twp., 199 Public Road, Zoned Highway Commercial. SALE $325,000

B Back Cover — May 13 - 26, 2011 — New Jersey — Mid

Atlantic Real Estate Journal

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SHOPPING C ENTERS R E J EAL

STATE OURNAL

Section C of the Mid Atlantic Real Estate Journal

Including 17,800 s/f located at 3971 Independence Drive inSchnecksville

Weiss of Hawley Realty brokers $4.185 million in four transactions

CHNECKSVILLE, PA — Hawley Realty has recently brokered four major transactions in the Lehigh Valley Region. Paul Weiss of Hawley Realty, Inc., brokered the following transactions: 3971 Independence Drive, Schnecksville - 17,800 s/f building purchased for $1.05 million by Mytableweare. seller was Buy-Rite Equipment Co.

MAY 13 - 26, 2011

HI-LIGHTS Liberty Property Trust signs leases totaling +300,000 s/f Liberty Property Trust announced it has executed five lease agreements in the region. In Exton, Avanceon has signed a new lease for 16,000 s/f at 180 Sheree Blvd. See page 3C.

Studley & Jones Lang LaSalle broker 21,000 s/f McElroy, Deutsch, Mulvaney & Carpenter has renewed its long-term lease at One Penn Center at Suburban Station. See page 6C.

ALSO INSIDE:

2147 Ave. C, Bethlehem - 32,000 s/f leased by Eupen Cable USA. Total lease value $675,000. 7529 Keebler Way, Allentown - Sharp Corporation purchased 22,315 s/f freestanding building for $1.25 million. 925 Conroy Pl., Easton, 23,080 s/f freestanding building was purchased by JERC Partners, XIV, LP for $1.21 million. ■

3971 Independence Drive

At Meadows Office Complex in Wayne

Lieberman Earley And Company arranges leases totaling $1.3m WAYNE, PA — Lieberman Earley & Company, Inc., has arranged two lease expansions, four renewals and negotiated one new lease agreement totaling 17,500 s/f of space within The Meadows Office Complex. John E. Lieberman, a principal of Lieberman Earley negotiated all of the agreements as agent for the private real estate investment partnership that owns the office complex at 485-489 Devon Park Dr. The combined aggregate rental of the leases exceeds $1.3 million Lieberman said. In the largest of the renewal transactions, Renaissance Medical Management Co. renewed their lease agreement for 6,497 s/f. Weidenhammer Systems

The Meadows Office Complex Corporation, Vicki Hook, and Wine & Spirits U.S.A., LLC inHilda Daniel renewed their creased their office space from leases for a total of 4,418 s/f. 1,984 s/f to 3,515 s/f. Integrity Food Marketing Establishing a new office expanded their current space of 1,640 s/f in Building 487 is from 2,873 to 4,495 s/f. Majestic gloPlug Limited. ■

Committed to Central PA Connected to the World

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0GÙDF Retail Industrial Land Investment Corporate Services

PEOPLE ON THE MOVE ......................................................20C Section C, 24 pages

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

C Inside Cover — May 13 - 26, 2011 — Pennsylvania — Mid

Atlantic Real Estate Journal

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Mid Atlantic Real Estate Journal — Pennsylvania — May 13 - 26, 2011 — C

C â&#x20AC;&#x201D; May 13 - 26, 2011 â&#x20AC;&#x201D; Pennsylvania â&#x20AC;&#x201D; Mid

Atlantic Real Estate Journal

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Pennsylvania Since 1988

Commercial markets improvingâ&#x20AC;Ś Apartments on the upswing

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mprovements in the commercial market as well as the residential/apartment market, are clearly at hand. Judging by the workload we at RT are experiencing, retail is leading the Gary Brown way in the commercial sector, over warehouses and office buildings. Certainly, we can hope that year 2011 will be better than the last two years. It remains true that people with financial resources are looking for good opportunities, as future investments. They are, however, reluctant to purchase properties which are not ready for reuse, in terms of maintenance, facility up-keep, and environmental issues. Those looking at apartment houses to add to their portfolios are looking at occupancy, and the ability to upgrade utility systems, principally to cut energy costs. They are also looking at having a tight network of property managers handling a number of buildings in their portfolio to cut costs. Bulk fuel purchases are

part of the planned cost cutting efficiencies. Those with properties either

and experience even more carrying costs, which will not help their financial situation.

With the market clearly improving, and remaining â&#x20AC;&#x153;good locationsâ&#x20AC;? on the market, now is the time for sellers to get properties â&#x20AC;&#x153;ready for sale,â&#x20AC;? and for buyers to look for value. up for sale or which are planned to be offered in the near future, should take an in-depth look now and be prepared to make their properties â&#x20AC;&#x153;ready for sale.â&#x20AC;? Clearly, there remains significant market distress among commercial and industrial properties, but, with purchasers still to a large degree, being choosy, leaving a sale in the hands of a buyerâ&#x20AC;&#x2122;s due diligence team, will not command the best sale price. We at RT have substantial experience in help getting properties ready for sale, and completing fast turnaround due diligence for buyers as well. With the market clearly improving, and remaining â&#x20AC;&#x153;good locationsâ&#x20AC;? on the market, now is the time for sellers to get properties â&#x20AC;&#x153;ready for sale,â&#x20AC;? and for buyers to look for value. Those who do not have their property ready for sale should accept the fact that they may need to wait several years,

Typical environmental issues to consider include: â&#x20AC;˘ Has a building been unheated, and is there flaking lead based paint or mold present? â&#x20AC;˘ Are any and all asbestos containing materials properly inventoried, and is there an Asbestos Operation and Maintenance Plan in effect where asbestos remains in the building? â&#x20AC;˘ Have any and all underground storage tanks been dealt with? â&#x20AC;˘ Are there any previous environmental reports where all issues of concern have not been addressed? The above questions will help you determine whether or not your property is ready for sale, as these are the most common issues affecting commercial and industrial properties. Gary Brown, P.E. is president of RT Environmental Services, Inc. n

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Mid Atlantic Real Estate Journal â&#x20AC;&#x201D; Pennsylvania â&#x20AC;&#x201D; May 13 - 26, 2011 â&#x20AC;&#x201D; C

Pennsylvania

DPN

Including 16,000 s/f at Stone Ridge Office Park

Liberty Property Trust signs leases totaling more than 300,000 s/f

'PS 4JUF 4FMFDUJPO JO /PSUIFBTU 1"

ALVERN, PA â&#x20AC;&#x201D; Liberty Property Trust announced it has executed five lease agreements in the region. Two renewals were reported at Renaissance Park: Merion Publications for 76,000 s/f of office space across two buildings at 2900 and 3100 Renaissance Boulevard, and GlaxoSmithKline which renewed 197,000 s/f of space of class A office space at 2301 Renaissance Boulevard. The GSK lease was executed in conjunction with the agreement between the tenant and Liberty to develop the new GSK building at the Navy Yard. At Chesterbrook Corporate Center, Dynamic Solar signed a

180 Sheree Blvd. new lease for 6,745 s/f of office at 650 E. Swedesford Rd. space at 1550 Liberty Ridge In Exton, Avanceon has Drive. signed a new lease for 16,000 s/f In Wayne, Arris renewed its at 180 Sheree Blvd., Ste 1400 at lease of 4,770 s/f of office space Stone Ridge Office Park. n

8IFO ZPV UIJOL /PSUIFBTU UIJOL 1FOO T /PSUIFBTU

JOGP!QFOOTOPSUIFBTU DPN

SRD announces 17,000 s/f grocery store opening

Philadelphia, PA â&#x20AC;&#x201D; Soloff Realty & Development, Inc. (â&#x20AC;&#x153;SRDâ&#x20AC;?) announced the grand opening of Bottom Dollar Food (Food Lion) at the traffic-lit intersection of N. Broad St. The free-standing grocery store contains 17,000 s/f, situated on 1.33 acres with 65 car off-street parking. This is Bottom Dollar Foodâ&#x20AC;&#x2122;s 18th store opening in the Philadelphia region. n

Pennsylvania Real Estate Journal a section of the

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

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Section Editor

Karen Vachon editor@marejournal.com

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4C — May 13 - 26, 2011 — Pennsylvania — Mid

Atlantic Real Estate Journal

SEEKING RETAIL PROPERTIES IN THE

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Pennsylvania To market and lease its Eastside retail space

Bakery Square Mgmt. partners NORTHEAST CORRIDOR with Grant Street Assoc.

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

ITTSBURGH, PA — Bakery Square Management Co, LLC, the management group responsible for the former Nabisco factory in Pittsburgh’s East Side, has selected Grant Street Associates, Inc. as the exclusive retail leasing agents for it recently completed mixed-use development. The Retail Services Group of Grant Street Associates has assumed marketing and leasing responsibilities for the approximately 83,000 square feet of available retail space at Bakery Square and is working to attract a balanced mix of na-

Bakery Square

Contact Any One Of Our Attending Agents To Make An Appointment: Agent

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110 N. George Street, 4th floor York, PA 17401

717-843-5555

tional and regional tenants to join existing retailers Anthropologie, Urban Active Fitness, Free People, Learning Express Toys, Verizon FiOS , Boxwood Flowers and Gifts and Coffee Tree Roasters. Bakery Square Management Co, LLC noted “we are extremely excited to bring in the expertise that Grant Street Associates has to offer, and look forward to announcing various new retailers who will be serving the needs of the community.” Situated near the corner of Fifth and Penn Avenues, Bakery Square has been an instrumental piece of the commercial revitalization efforts for Pittsburgh’s East Liberty and Larimar neighborhoods. The LEED Platinum-certified project has experienced steady activity within the past 12 months attracting a broad spectrum of office tenants, bringing the offi ce component of the development to almost 100% occupancy. Bakery Square is also home to Marriott’s new vibrant Springhill Suites brand, which recently opened, exceeding it occupancy projections and offering guests a unique view of the development and surrounding community from its rooftop deck. With spaces from just under 1,000 s/f to 30,000 s/f available, the Grant Street Associates team is targeting a mix of restaurants, entertainment venues and traditional retailers to fi ll the openings at Bakery Square. “We recognize an immediate need for restaurants and bars to cater to the offi ce tenants, as well as to draw in the surrounding residents,” said Jared Imperatore, retail leasing manager. n

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Mid Atlantic Real Estate Journal — Pennsylvania — May 13 - 26, 2011 — C

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C — May 13 - 26, 2011 — Pennsylvania — Mid

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I N D U S T R I A L S P A C E NORTHEAST PENNSYLVANIA

Pennsylvania

CENTRAL PENNSYLVANIA

Pittston—55,000 sq.ft., 11 ac, 30’, 8 docks Duncansville—160,000sq.ft. available, at IͲ81/IͲ476 18’, ample docks, heavy power Freeland—154,400 sq.ft., ch to 18’, 12 docks, heavy power—REDUCED

Bellefonte—478,622 sq.ft. on 173.6 ac, cranes, rail, 10MM gpd natural spring, heavy power

Delaware Water Gap—111,740 sq.ft. on 27.51 acres, 100% AC, IͲ80 EXPOSURE

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Mountain Top—84,339 sqq.ft. on 22.8 ac, Hanover—93,778 sq.ft. on 9 acres, 26’ 10 light cranes, heavy power, near IͲ80/IͲ81 dock doors, rail siding Hometown—65,160Ͳ98,000 sq.ft. lease or Havre de Grace, MD—167,270 sq.ft. on entire 153,920 sq.ft. sale w/income, 25.63 ac, 16’Ͳ28’ rail siding, EASY ACCESS 3000 A power, 18Ͳ26’ TO IͲ95 REDUCED!! Mountain Top—105 acres, all utilities, rail HART CORPORATION

INTERNATIONAL INDUSTRIAL REAL ESTATE NEW HART CORPORATION

Dave Beal 215.322.5100 dbeal@hartcorp.com

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McElroy, Deutsch, Mulvaney & Carpenter lease at One Penn Ctr.

Studley & Jones Lang LaSalle broker 21,000 s/f renewal

HILADELPHIA, PA — One of the region’s preeminent law firms, McElroy, Deutsch, Mulvaney & Carpenter has renewed its long-term lease at One Penn Center at Suburban Station, the iconic building located at 1617 John F. Kennedy Boulevard in center city Philadelphia. The lease renewal for 21,000 s/f features an option for additional space for the firm’s planned future growth. “We are delighted to remain at One Penn Center which has been our home for the last two decades,” said Thomas R. Hurd, Esq., partner at McElroy, Deutsch, Mulvaney & Carpenter, LLP. “We believe

One Penn Center in putting our clients’ needs first, and this class A office

space offers the amenities we need, the opportunity to expand, and environmental sustainability. Our clients enjoy the convenience of One Penn Center to public transit and this beautifully-restored Art Deco-era building with mosaics, artwork and other special features that can’t be replicated today, yet with all of the modern conveniences our clients expect and deserve.” One Penn Center has been owned since 2002 by One Penn Associates, LP. Brokers on the transaction were Timothy Monahan and Patrick McGrath of Studley’s Philadelphia office, and Joshua Sloan and David Healy of Jones Lang LaSalle’s Philadelphia office. n

NAI CIR completes 8,898 s/f sale at 3 Kacey Court

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

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

HOT LAND AVAILABILITIES- MUST SELL! Pottstown, PA- Riverfront Industrial District- Keystone Blvd. • 10.3 Ac. Industrial Property, zoned FO-Flex-Office. All public utilities. • Keystone Opportunity Zone (KOZ) providing unique tax incentives for development. • Fronts (559’) on Keystone Drive near new Montgomery County CC campus in Pottstown. • Excellent site for Industrial Development . Had been used as scrap yard and such use can be continued. • Two minute drive to Rt. 422 x-way via Hanover St. exit. 422 is main thoroughfare between Philadelphia and Reading, PA. Accessible to public transportation • Just reduced to $529K- only$51,000/AC!

Will land lease for $3500/Mo NNN

Collegeville, PA- Commercial Site- Rt. 29 Entitled for 24 new Multi-family unit project • 2.97/AC Re-Development Opportunity. Zoned VCR-2 in Perkiomen Twp., permitting commercial, professional, office, medical, retail, hotel, restaurant type uses. • Zoning entitled for new 24 unit apt. development; (18) 2-BR and (6) 1-BR units in a single 3 story structure • On Rt. 29 near Rt. 113 with 11,000/Day ADT; 450’ Prominent Frontage • For sale at $720,000 - Owner will consider a joint venture partner.

CONTACT: ALAN APT, CCIM 215-855-9600 EXT. 216 alan@aptcor.com

Upper Allen Twp., PA — Heritage Investment Services Fund, Inc. has purchased an 8,898 s/f office building at 3 Kacey Court, Upper Allen Twp. Joseph Bedard and Jason Sourbeer of NAI CIR represented the seller, Jeanne Farinelli, and Debbi Loving of Coldwell Banker Homestead Group Select Professionals represented Heritage. Rands Group, LTD, a contracting company, has purchased a 4,675 s/f commercial building at 99 W. Church St., Dillsburg. Fahd Malik of The Bill Gladstone Group of NAI CIR represented Rands and Bill Gladstone, also of The Bill Gladstone Group, represented the seller, Susquehanna Oil Co. WPCS International St. Louis, Inc., has leased 2,500 square feet of warehouse space at 12 Firehouse Rd.,

3 Kacey Court East Hanover Twp. from Bonawitz Real Estate Investors, LLC. Malik represented Bonawitz Real Estate Investors, LLC and WPCS, the tenant, represented itself. Trumbull Corp. has leased 2,221 s/f of office space at 1517, 1521 Cedar Cliff Dr., Lower Allen Twp. David Rudy of The Bill Gladstone Group of NAI CIR represented the landlord,

The Saint Paul Group and Roy Brenner of Landmark represented Trumbull in the lease transaction. Somali Association of Central PA has leased 637 s/f of office space at 5002 Lenker St., Hampden Twp. Malik represented the landlord, Tower Properties, Inc., and Somali Association represented itself. n

Pennsylvania sPotlight PROJECTS/BUILDING SERVICES SPOTLIGHT MAREjournal.com

Mid Atlantic Real Estate Journal — Eastern Pennsylvania Spotlight — May 13 - 21, 2011 — 7C

Allan A. Myers, F.A. Rohrbach, Warfel Construction and Wohlsen Construction

Four Eastern PA Associated Builders & Contractors Chapter members win National Awards

AST NORRITON, PA — Associated Builders and Contractors (ABC) recently awarded four Eastern Pennsylvania Chapter members Pyramid Awards in ABC’s Excellence in Construction Awards. ABC Eastern Pennsylvania Chapter members who received awards during the 21st annual Excellence in Construction Awards celebration at the Waldorf Astoria hotel in Orlando, FL, included: • Allan A. Myers, Worcester – Myers Family Homestead in the Historical Restoration, $2 to $10 million category • F.A. Rohrbach, Allentown – Bethlehem Skateplaza in the Other Construction, less than $2 million category • Warfel Construction, East Petersburg – St. Andrew’s Church Expansion and Reno-

Moravian Manor

Bethlehem Skateplaza

St. Andrew’s Church

Campus Square

ARCHITECT

vations in the Historical Restorations, less than $2 million category • Wohlsen Construction, Lancaster – Manor East Healthcare Addition in the Healthcare, less than $10 million category, and Campus Square Offi ce Building in the Commercial, $5 to $10 million category “These projects are a testament to the outstanding quality and craftsmanship that embody merit shop construction,” said Jeff Zeh, ABC Eastern Pennsylvania Chapter president and CEO. The Excellence in Construction awards program is the industry’s leading competition, developed to honor innovative and high-quality merit shop construction projects (projects are awarded to the lowest responsible bidder) and safety programs. The award honors

all construction team members, including the contractor, owner, architect and engineer. The winning projects, selected from entries submitted from across the nation, were judged on complexity, attractiveness, unique challenges overcome, completion time, workmanship, innovation, safety and cost. This year’s competition was open to all construction projects completed by ABC member fi rms in 2010. A panel of industry experts served as the competition’s judges. This year’s panel included representatives from the Design-Build Institute of America, Engineering NewsRecord, the American Institute of Architects, and the National Association of Women in Construction, and representatives from higher education, among others. n

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C — May 13 - 26, 2011 — Pennsylvania Projects/Building Services — Mid

Atlantic Real Estate Journal

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Pennsylvania Projects/Building Services By Ward McMasters, P.E., Earth Engineering

Construction Quality Control Services – Let’s look at “Value”

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

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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. n

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Mid Atlantic Real Estate Journal — Pennsylvania Projects/Building Services — May 13 - 26, 2011 — C

Pennsylvania Projects/Building Services 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?

n November 2010, the PADEP officially adopted updated Chapter 102 regulations (regulating Erosion and Sediment Control and Stormwater Management), which increase many of the Brian Meyers 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. n

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10C — May 13 - 26, 2011 — Pennsylvania Projects/Building Services — Mid

Atlantic Real Estate Journal

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Pennsylvania Projects/Building Services By Joel Darras, O’Donnell & Naccarato, Inc.

First deadline for façade inspections is quickly approaching

f you are a building owner or building manager with properties constructed prior to 1951 with six or more stories then the next 2 months may be a very stressful time for you. The City of Philadelphia’s façade inspection ordinance signed into law in 2010 requires that all buildings meeting the above criteria must have their exterior walls inspected, and a report filed with the Department of Licenses and Inspections prior to June 30, 2011. O’Donnell & Naccarato a Philadelphia-based structural

Before

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Structural Engineering, Façade Restoration, Parking Consultation For more information contact Joel Darras at 215.717.3643 PHILADELPHIA / LEHIGH VALLEY / WASHINGTON DC / WEST PALM BEACH

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engineering firm with a practice devoted to investigating and maintaining many of the landmark buildings in Philadelphia provided technical consultation to the City of Philadelphia while crafting this legislation. Since the façade inspection ordinance was passed in February 2010 O’Donnell & Naccarato has completed more than 50 façade inspections and, according to Joel Darras the façade restoration manager at O’Donnell & Naccarato, the list of buildings just keeps growing. “Our dedicated staff has been working to complete the physical inspections and file the reports with the Department of Licenses and Inspections prior to the June 30th deadline” said Darras. “We continue working with our clients to stay ahead of the looming deadline, but we are prepared for the inevitable late rush that is sure to come”. The first inspection cycle includes all buildings six or more stories in height constructed prior to 1951 and must be submitted by June 30, 2011. The remainder of the buildings affected by the legislation, including buildings constructed between 1952 and 2005, must be inspected per the staggered inspection cycle dictated in the legislation. Owners of buildings that have not been inspected must be acutely aware of the implications if these inspections and reports are not competed in time. The ordinance indicates that a fine will be assessed to the building, but Darras believes the greater penalty would be that the owner’s insurance company could refuse to cover claims that may result from any deteriorated façade conditions that would have been identified and corrected as a result of the inspection. In response to a recent question from a building owner in center city, Darras said “During the course of inspection, our team of professionals and contractors has removed many deteriorated portions of buildings that may have otherwise been a danger to the public. It’s scary to think about how long some of those conditions would have existed if the required inspections were not completed. O’Donnell & Naccarato works continued on page 14C

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Mid Atlantic Real Estate Journal — Pennsylvania — May 13 - 26, 2011 — 11C

THE NORTHEAST DISTRIBUTION SOLUTION

• Liberty Property Trust is one of the leading providers of industrial real estate in the Northeastern United States • We provide a single source solution for all types of industrial and distribution projects • We understand the science of supply chain management and we work with our customers to devise real estate solutions exibility • Liberty can quickly assemble the talent and capital to complete industrial projects of any size or complexity • Over 35 years of experience in development, management & marketing of commercial real estate • 186 build-to-suits completed and over 63 million square feet developed • A land bank of 1,974 commercially-zoned acres • Liberty has over 24 million square feet of industrial space on hand and more than 500 acres secured for future development in PA, MD and NJ alone • Awarded ULI’s 2009 Award of Excellence, NAIOP’s 2008 Developer of the Year Award and CoreNet Global’s 2008 Sustainability Leadership Award for Design & Development

BUILDING GREEN, BUILDING SMART

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Arizona • Carolinas • Florida • Illinois • Maryland • Minnesota • New Jersey • Pennsylvania • Texas • Virginia • Washington D.C. • Wisconsin • United Kingdom

12C — May 13 - 26, 2011 — Pennsylvania Projects/Building Services — Mid

Atlantic Real Estate Journal

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Pennsylvania Projects/Building Services By Kieran Flanagan, LEED AP, Hollister Construction Services

Going ‘green’ without spending too much ‘green’

ccording to the Department of Energy, energy use in commercial buildings accounts for roughly 17% of total greenhouse gas emissions in the United States. That usage costs Kieran Flanagan more than $100 billion per year. Shockingly, on average, 30% of the energy used in commercial buildings is wasted, yet the demand for

energy resources is expected to rise dramatically — as much as 31% — over the next 25 years. Rising energy demands and prices have great impact on businesses through rising operating costs that are passed along to tenants and customers. Even without going for full Leadership in Energy and Environmental Design (LEED) certification, there are a number of ways property owners can take small steps toward establishing energy efficient and environmentally sensitive practices that will go a long

way toward cutting energy use without breaking the bank. Examine Your Needs: Do an energy evaluation of your property and figure out where you have energy hogs. In most cases it’s the HVAC systems and lighting that zap the most energy. Many local utility companies will help you do audits to determine your requirements and offer suggestions on ways your company can conserve more. Look for ENERGY STAR: ENERGY STAR is a government-backed program

helping businesses and individuals conserve by providing information on superior energy efficient products and practices. It’s a good guideline to follow. Products bearing the ENERGY STAR qualified equipment label usually come pretty close to LEED standards. Interior Fixes: Install programmable thermostats to regulate the temperature throughout the day and week. Be aware of peak use times and regulate it in off hours. Using lighting/occupancy sensors instead of

light switches will save on lighting expenses. You can’t forget to turn off a sensor. Once you get used to them, and you see how often the lights turn off when you are out of the room, you realize how much we waste each day. When upgrading or changing lighting, it’s also important to upgrade to more efficient LED and compact fluorescent lighting. Check for energy efficient fixtures when you’re in the market to replace them. Affordable energy-efficient lighting products are readily available these days. Be sure to ask your supplier or manufacturer. Proper insulation is another way to ensure your building envelope is working and is free of drafts. This will cut down on heating costs and minimize total energy usage, as the systems have to work less to maintain indoor the climate. A simple and effective solution to save energy is installing one-inch mini blinds on the windows. This can make a remarkable difference in energy management. This simple act alone can help you cut way down on the building’s HVAC usage by reflecting and block solar gain. Your heating and cooling systems will not have to constantly fight the solar heat gain that passes directly through the windows and heat your space. Exterior Fixes: Use of solar bollards for outside lighting in any landscaped area. They will retain sunlight during the day and light the walkways at night. Look for unique ways to add unobtrusive solar panels. Some businesses, including a retail bank in Warren, NJ, have installed solar canopies and awnings. They are waterproof and can reduce the heat gain on the property, while producing needed electricity. When selecting a roofing product, consider installing a white Thermoplastic Olefin (TPO) roof rather than standard black Ethylene Propylene Diene Terpolymer, modified bitumen, or built-up systems. It has a more highly reflective surface to cut down on solar gain and can be installed without interrupting the building operations. continued on page 20B

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Mid Atlantic Real Estate Journal — Pennsylvania Projects/Building Services — May 13 - 26, 2011 — 13C

Morphotek Pilot Plant Civil Engineer

Design sustainable pharmaceutical facility

Arcus Design Group and Precis Engineering

xton, PA — Precis Engineering, Inc. is providing mechanical, electrical, plumbing (MEP) and process engineering and commissioning services for Morphotek, Inc.’s new $80 million, 60,000 s/f manufacturing pilot plant, under construction on Welsh Rd. The Morphotek facility will house a biologics plant, laboratories, cGMP cell culture core area, warehouse storage, and offices to support the company’s production of biologics for earlystage clinical trials. Completion is planned for spring 2011 with operations beginning in 2012. “The building’s design will tell the story of Morphotek’s research and development toward new treatments for cancer and other diseases,” said Precis principal Robert Dick, PE. “Glass-walled corridors will provide unprecedented access to view clean rooms, production suites, and mechanical systems in operation. The design will let executives tour the facility without having to put on cleanroom garments.” Precis developed the engineering design using Autodesk Revit MEP software, a relatively new Building Information Modeling (BIM) tool with strong three-dimensional coordination abilities. The design team, including Precis and Arcus Design Group Architects, Inc., has used the new software to streamline the design and decision-making processes. In addition, Precis has generated three-dimensional animated videos that illustrate how the finished facility will look and how its state-of-the-art systems will function.

Morphotek Pilot Plant rendering Arcus Design Group’s architectural design incorporates curtain walls with high-performance, glare-minimizing reflective glazing; prefabricated, insulated metal wall panels; a white membrane roof; and Pennsylvania bluestone accents. Roof overhangs, solar shades, and light shelves maximize interior daylighting while minimizing solar heat gain. Recycled and renewable building materials, on-site energy generation, and an aggressive construction waste plan contribute to the building’s sustainable features. The interior design utilizes an open floorplan, daylight and occupancy sensors on the lighting to minimize energy usage, and

Greenguard indoor air quality certified systems furniture. “The architecture presents an aesthetic characteristic to the pharmaceutical industry with advanced environmental responsibility,” said Arcus principal Carl Holden, AIA, LEED AP. “An accelerated construction timeline and design that accommodates future on-site energy generation will make the building sustainable not only from a design and construction perspective but also from a business standpoint.” The Morphotek pilot plant has been designed to achieve LEED (Leadership in Energy and Environmental Design) certification at the Silver level or higher. n

Project Team Architect:...........Arcus Design Group Architects, Inc Construction Manager: . ..................... HSC Builders MEP Engineer: ...........................Precis Engineering Structural Engineer: . .......... MacIntosh Engineering Civil Engineer: .................. Chester Valley Engineers LEED Consultant: ................ Re:Vision Architecture

F A X

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in the Mid Atlantic Real Estate Journal

for more information call

Elaine Fanning

800-584-1062 Ext. 212 EFanning@marejournal.com

14C — May 13 - 26, 2011 — Pennsylvania Projects/Building Services — Mid

Atlantic Real Estate Journal

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Pennsylvania Projects/Building Services CB Richard Ellis represents PJP in 255,336 s/f lease

DP Partners announces 255,336 s/f facility complete

Iron Town Commerce Center

MBC Development finalizes renovations in Danville

hiladelphia, pa — DP Partners, a member of Dermody Properties, has announced the completion of a new corporate headquarters and distribution center for Penn Jersey (PJP). Designed to be LEED Silver Certified, it is the largest project of its category developed in the Philadelphia region. The project in northeast Philadelphia has allowed PJP to keep this strategically located facility within the City of Philadelphia instead of relocating out of the region, retaining 250 existing jobs in the City. The new facility will also allow PJP to expand its operation in the future, creating even more jobs. The new 255,336 s/f facility, located on 30 acres of land at 9355 Blue Grass Rd., is owned by a joint venture comprised of Dermody Properties and Boston-based Great Point Investors LLC. DP Partners represented the joint venture in the transaction. PJP signed a 15-year lease for the facility and will begin operations in the new location beginning May 17, 2011. In addition, 230 construction jobs were created since the project began in June 2010, and the project contributed an estimated $51 million in direct and indirect economic benefits to the region. DP Partners anticipates the facility will receive the official LEED Silver Certification by summer. DP Partners and PJP worked with the Philadelphia Industrial Development Corporation (PIDC) to identify the land site on which the PJP facility would be built. PIDC is a private, not-for-profit Pennsylvania corporation that promotes economic development and job creation; it manages the acquisition, development, and disposition of industrial and commercial land in strategic locations throughout Philadelphia on behalf of the City. The site is part of Pennsylvania’s Keystone Opportunity Zone (KOZ), which provides tax abatements and other incentives for 10 years from the date of occupancy by a qualified tenant. “Keeping Penn Jersey in Philadelphia is a great indicator of the City’s economic vitality, and DP Partners was honored to be able to play a role in keeping those jobs here,” said John Atwell, DP Partners’

9355 Blue Grass Rd. Chief Operating Officer. “Our our customers,” said Michael team is proud to have worked Dermody, Chairman and CEO with PJP, PIDC and the City of Dermody Properties. “Penn to turn a very challenging Jersey is a great company, and land site into a state of the art we’re proud to provide them distribution facility that will with this new facility. I’d parallow PJP to efficiently serve ticularly like to recognize the their customers and expand teamwork between the City of as the company continues to Philadelphia, PIDC and our grow.” partner Great Point on this The new location is more project. In this economy, true than 75,000 s/f larger than teamwork is how things get PJP’s current facility on Red accomplished.” Lion Road in northeast Phila“This project combines all delphia and is the first new of the elements which we look facility for PJP since the com- for in an investment: solid pany started in 1963. PJP is a returns, a quality partner in fully integrated distributor of Dermody Properties, and a packaging, paper, janitorial market-leading customer in chemicals, restaurant equip- Penn Jersey,” said Joseph Verment and supplies. The com- saggi, Principal of Great Point. pany carries more than 8,500 “This is our third industrial items, including many leading transaction with Dermody national brands and serves Properties in a relatively short customers throughout the time, and we continue to be nation’s northeast region from strongly supportive of that its Philadelphia location. relationship. We also remain “PJP has seen steady growth committed to investing in the over the last 48 years, and this Metro Philadelphia region.” new facility will enable us to PJP was represented in better service our existing the lease transaction by the customers and position our Philadelphia-area CB Richard company for future growth,” Ellis brokerage team of Steve said Tom Furia, Jr., president Marzullo, senior vice president and Chief Operating Officer of Investments; Patrick Green, of PJP. “We credit the City executive vice president; and of Philadelphia and PIDC Michael Mullen, senior assofor working with us to retain ciate. Blue Rock Construction 250 jobs in the City, and DP was the general contractor for Partners for their strategic the project. approach to the development Dermody Properties is a of the project on a site that privately held national induswill allow us to expand our trial real estate development operations and create even company. Founded and headmore jobs.” quartered in Reno, Nev., it has The Dermody Properties regional offices in Portland, development team includes Ore., Philadelphia, Penn., and Atwell, as well as Matthew Chicago, Ill., as well as properMarshall, James V. Mascaro, ty holdings in Las Vegas, Nev., LEED AP, and Stephen G. Bai- and Savannah, Ga. Over the ley of the DP Partners Eastern last three years, DP Partners Regional office. has developed and purchased “I’m very proud of our East- more than 4.5 million square ern Region office for its con- feet and leased approximately tinued high level of service to 1 million square feet annually.

Industrial space for Go Coil LLC DANVILLE, PA — MBC Development recently completed renovations within part of the 190,000 s/f Iron Town Commerce Center to provide 28,000 s/f of industrial space for Go Coil LLC. According to Jim Miller Jr., project manager for MBC Development, “We invested about $100,000 in site im-

provements, which includes providing 1,500 s/f of office space, in order to accommodate Go Coil’s needs. We even raised the roof by four inches so they can properly service and clean their vehicles. They are now operating equipment in the space with a value of multiple millions of dollars.” n

First deadline for façade inspections . . . continued from page 10C diligently to protect our clients from the foreseeable dangers associated with the deterioration of exterior building walls. By responding efficiently to the early indications of deterioration, O’Donnell & Naccarato has saved our clients the significant time and expense often associated with large scale exterior restoration projects.” The first step for any building owner who is interested in having their inspection completed is to contact a qualified professional. Specifically, the newly enacted legislation requires that periodic façade inspections must be completed by, or under the direct supervision of either a licensed structural engineer or a Registered Architect knowledgeable in the restoration of building façades. These professionals must be licensed in the State of Pennsylvania.

As building owners prepare for the required inspections they should compile any previous repair documentation, existing building drawings and available maintenance records. Professional consultants will review all of the available building information to properly determine the amount of physical inspection required. Darras cautions that building owners should use discretion when selecting professionals or contractors to complete the inspections to ensure that they are skilled in identifying the early indications of deterioration. These areas of deterioration are often difficult for the novice to diagnose and may lead to improperly completed repairs and to additional deterioration. Joel Darras is the façade restoration manager for O’Donnell & Naccarato, Inc. n

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Mid Atlantic Real Estate Journal — Pennsylvania Projects/Building Services — May 13 - 26, 2011 — 15C

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16C — May 13 - 26, 2011 — Pennsylvania Projects/Building Services — Mid

Atlantic Real Estate Journal

Building Services Directory

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Mid Atlantic Real Estate Journal — Pennsylvania — May 13 - 26, 2011 — 17C

Pennsylvania Boben of High Associates represents landlord

NAI Commercial Ptrs’ Berger arranges 20,000 s/f lease

ancaster, PA — NAI Commercial Partners, Inc. announces the lease of 20,000 s/f of office/industrial space located at 1866 Colonial Village Ln. Daniel Berger, CCIM, SIOR of NAI Commercial Partners, Inc. represented the tenant, Pelletron Corporation. William Boben, CCIM, SIOR of High Associates Ltd. represented the landlord, High Properties. In a separate transaction, NAI Commercial Partners announces the lease of 3,128 s/f of industrial space located at 180 Greenfield Rd. Thomas

LEASE: $4.50-$4.95/SF 360 Steel Way, Lancaster PA

McDermott, CCIM, SIOR of NAI Commercial Partners, Inc. represented both

the landlord, MBJA Partners, LLC and the tenant, JR Transportation Group, Inc. n

Twin Towers Massaro Properties LLC. Marc oversaw the build-out and deBattistone, the asset manager, livery of the space. n

Landmark Comm’l. Realty’s Posavec arranges 2,084 s/f lease Camp Hill, PA — Pion Johnston Attorneys At Law leased 2,084 s/f of office space at 355 N. 21st St. Thomas Posavec, SIOR of Landmark Commercial Realty, Inc./ONCOR International represented the ownership, 355 N. 21st Street Associates, LLC and Michael Curran of CB Richard Ellis represented the tenant. AllStat Medical L.C. has

• 24’ ceilings

• Drive-in doors, loading docks

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1866 Colonial Village Lane

Massaro Properties leases 5,710 s/f to RETTEW Pittsburgh, PA — Massaro Properties LLC recently leased 5,710 square feet of office space to RETTEW at Twin Towers located at 4955 Steubenville Pike, Pittsburgh, Pennsylvania. RETTEW provides a wide range of engineering and related consulting services. RETTEW engineers, planners, surveyors, landscape architects and environmental scientists collaborate to provide integrated answers to the challenges that face their clients. David Massaro represented

• 6,600 – 26,400 SF Industrial Flex

355 N. 21st Street leased 908 s/f of office space located at 4815 Jonestown Rd., Harrisburg. Posavec and Roy

H. Brenner of Landmark Commercial Realty, Inc./ONCOR International negotiated the lease on behalf of the Ownership, OLS Partners, L.P. Pengate Handling Systems Inc. has leased 667 s/f of office space located at 1017 Mumma Rd., Wormleysburg. Posavec negotiated the lease on behalf of the ownership, L & D Properties, LTD. n

WE KNOW NOT ONLY

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

Delivering Results…. ...Now more than Ever

610-779-1400 www.NAIKeystone.com

Specializing in Retail Brokerage in Pennsylvania, Maryland & West Virginia Owner Representation Site Selection Investment Analysis Market Research

Ryan Myers, CCIM Larry O’Brien, CCIM Benjamin Chiaro, CCIM John Birkeland Greg Finkelstein 717.854.5357 www.rockrealestate.net

18C — May 13 - 26, 2011 — Pennsylvania — Mid

Atlantic Real Estate Journal

MAREjournal.com

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

2011 Lehigh Valley Board of Directors President Tracy Yadush, RPA NAI Summit Past President Francee Fuller Barry Isett & Associates President Elect Ann Marie Osika Lafayette Ambassador Bank Secretary Catherine (Kate) Durso Fitzpatrick Lentz & Bubba, P.C. Treasurer Cynthia Merritt Buckno Lisicky & Associates Corresponding Secretary Pam Morris Liberty Property Trust Directors-at-Large Tina Kisela, SCSM, SCMD The Promenade Shops at Saucon Valley Lynn Conti Liberty Property Trust

2011 Committee Chairs Sponsorship Committee Kate Hart KNBT, a Division of National Penn Bank Programs Committee Jane Schiff The Frederick Group Membership Committee Michele Glower, Ph.D The Advisory Group Community Service Committee Jody King, CCIM NAI Summit Publicity Committee Francee Fuller Barry Isett & Associates

Held At Goggleworks Center For The Arts

“The Reading You Never Knew And Need To Meet”

ehigh Valley, PA — CREW Lehigh Valley (Commercial Real Estate Women) held a fascinating session at the Goggleworks, Reading on April 7 organized and hosted by the Berks Economic Partnership , a CREW sponsor. The event reviewed economic development activities in the city, The largest, most comprehensive interactive community arts centers in the country, GoggleWorks opened its doors to the public on September 18, 2005, spurring revitalization throughout the area. A former goggle factory, today it offers everything from 200 arts-basedclasses every 10 weeks, to 34 artists working in their professional studios. Pamela Shupp,VP of Berks Economic Partnership, introduced the panelists. Speakers included the Honorable Tom McMahon, Mayor of the City of Reading; Kristen Kramer, Director of Marketing & Development for GoggleWorks and Crystal Seitz, President of the Greater Reading Convention and Visitors Bureau. The mayor noted the city had experienced $ 100 million worth of economic development in the past decade, citing projects that included the Sovereign Center, Goggleworks, and the RC Movies 11 + Imax at 30 North Second St., diagonally across the street from the Goggleworks. The City has also established an Arts District that is attract-

Jon Scott, left, executive director of the Berks Economic Partnership warmly welcomes three dozen members and guest.

CREW LV President Tracy Yadush, with NAI Summit shares a moment with member Nick Hewes, with MKSD Architects ing young people back into the city, who enjoy the affordable living and the urban lifestyle. Crystal Seitz noted that branding made Reading the outlet capital. Now the branding line is “Take a Ride” which promotes the ease of driving to Reading for a day trip from every direction. The Penn Corridor

Pamela Shupp, vice president of the Berks Economic Partnership arranged the event. The organization underwrote the meeting.

Reading Mayor Thomas McMahon pauses to frame an answer while fellow panelists Crystal Seitz, President of the Greater Reading Convention and Visitors Bureau and Kristen Kramer, Director of Marketing & Development for GoggleWork look on.

is a two mile destination with a feel similar to Philadelphia’s Manyunk. First Thursdays and First Fridays are drawing people into the city. “It all happens in small increments,” she noted. Kristen Kramer noted that Bethlehem’s Banana Factory was the inspiration for Goggleworks. A huge proponent of the project was department store magnate and local philanthro-

pist, Al Boscov. In 2006 Goggleworks was named the outstanding industrial project of the year by Preservation Pennsylvania, Inc. in partnership with the Pennsylvania Historical & Museum Commission. The evening concluded with a dine-around organized by Berks Economic Partnership. Guests split into two groups to enjoy The Peanut Bar and Judy’s on Cherry. n

CREW Lehigh Valley thanks its 2011 corporate sponsors: Annual Partner/Main Sponsor

Contributor

Fitzpatrick Lentz & Bubba

Langan Engineering

Liberty Property Trust

Lafayette Ambassador Bank

Tallman Hudders & Sorrentino

NAI Summit MKSD Architects

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

Upcoming Events May 26, 2011: SteelStacks – Realizing the Vision, 11:30am, SteelStacks ArtsQuest Center, Bethlehem, PA June 13, 2011: Take CREW Lehigh Valley out to the Ballgame, 6:00pm, Iron Pigs vs. Louisville Bats, Dugout Suite Coca Cola Park Full details and reservations at the events page of http://www.crewlehighvalley.org For membership information, please contact Dr. Michele Glower, The Advisory Group, mglower@yahoo.com

MAREjournal.com

Mid Atlantic Real Estate Journal — Pennsylvania — May 13 - 26, 2011 — 19C

ENGINEERS & SURVEYORS

Commercial Real Estate Women Lehigh Valley Chapter Service Directory

COMMERCIAL REAL ESTATE

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

Helping Clients Reach Real Estate Development Goals Since 1977 Environmental Assessments Condition Assessments Surveys • Site Design • Permitting Traffic Studies • Highway Design Landscape Design • Structural Design Mechanical, Electrical, Plumbing Design

Full-Service Engineers PA • NJ • MD

Contact Francee Fuller Marketing Manager ffuller@barryisett.com

610-398-0904

Crowe road, eaSt StroudSBurg Monroe County, Pa

639 graMMeS rd., allentown, Pa

244,500 SF fabrication facility on 23+ acres, industrial park setting, rail service, multi-cranes serviced, 30’ high ceiling, 480 volt 2000 amp 3 phase electric, well maintained building. Minutes from NJ State Line. Sale terms offered.

61,000 SF light manufacturing facility within ½ mile of an I-78 Exit. Features include: Fenced lot, 6+ acre lot, 2,500 SF office-showroom area, cross-dock loading doors, wellmaintained bldg., and 3 divided sections. Sale and lease terms offered.

Queen City BuSineSS Center allentown, Pa

421 SChantz rd. allentown, Pa

Up to 75,000 SF of contiguous space available in this 260,000 SF multi-tenant complex. Features include: Flexible suite sizes, located within 1 mile of Lehigh Street, several truck dock loading doors, Designated Enterprise Zone. aggressive lease rates.

24,600 SF free-standing bldg. on 5.1517 acre site, 18’ ceiling height, overhead cranes, 1000 amp 480 volt 3 phase electric, public utilities, tailgate and drive in loading. lease terms offered.

ATTORNEYS AT LAW FITZPATRICK LENTZ & BUBBA, P.C. is proud to support

Corporate, Business & Banking Real Estate, Land Use & Development

CREW

Lehigh Valley

Litigation Estate Planning & Administration of Estates and Trusts

routeS 191 & 33, StoCkertown, Pa 602 S. 10th St., allentown, Pa 126,000 SF building available. Features include: 18’- 25’ ceiling height, drive-in & dock loading doors, public utilities to site, subdivided units, 3-phase electric service. lease and Sale terms offered.

80,000 SF available in this large industrial complex. Features include 40’ ceiling height, 1200 amp 480/277 volt 3 phase electric, 3 drive in doors, fenced property, public utilities, dry sprinkler system, four crane assemblies. Within 4 miles of I-78 via Lehigh Street Exit. lease terms offered.

Health Care Employment Law Bankruptcy

f itzpatrick L entz & B ubba attorneys at law

Celebrating more than 20 years as the Valley’s law firm of choice. 4001 SCHOOLHOUSE LANE • CENTER VALLEY, PA 18034-0219 STABLER CORPORATE CENTER • PHONE: 610.797.9000 • FAX: 610.797.6663

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Elder Law Family Law

6969 Silver CreSt rd., Bath, Pa near interSeCtion of eMMauS ave. 65,000 SF warehouse/call-center facility. & i-78, allentown, Pa Features Include: 9 truck dock doors, 1 oversized drive-in door, 10,000 SF turnkey office area, 24’-31’ ceiling height, climate controlled in 24,000 SF section, UPS generator system, well-maintained building within 4 miles of Rt. 22. Sale and lease terms offered.

274,000 SF manufacturing plant. Features include: 15+ acre lot with I-78 visibility, 12KVA electric service, 19 truck dock doors, paving around entire bldg., fenced property, can subdivide for tenants, low operating expenses, well-maintained property. Sale or lease.

20C — April 8 - 21, 2011 — Pennsylvania — Mid

Atlantic Real Estate Journal

MAREjournal.com

People on the Move From National Real Estate Investor Ranks

CB Richard Ellis receives 1 Brokerage Firm ranking

hiladelphia , PA — National Real Estate Investor, a magazine for professional real estate investors, has ranked CB Richard Ellis Group, Inc. (CBRE) the No. 1 U.S.-based c o m m e r c i a l Robert Walters real estate brokerage firm for the eighth year in a row. The ranking, featured in the publication’s April 2011 issue, is based on the aggregate value of sales and leasing transac-

tions completed globally during 2010. CB Richard Ellis was responsible for $128.1 billion of global sales and leasing transactions in 2010. This total was nearly twice the transaction value of the number-two firm, which reflected CB Richard Ellis’ lead over the second-place firm widening by $17.5 billion—or 10 percentage points—compared with 2009. “As the market cycle has improved, we have expanded our leadership position globally by consistently delivering bestin-class solutions for our clients,” said Brett White, CEO of

McNamara is a professional engineer with over 25 years of experience in conducting and managing geotechnical and construction projects. He possesses a wide range of project experience, from sports arenas, shopping malls, and multi-level parking garages to hazardous & solid waste landfills to roadways & bridges.

This will afford the company the opportunity to continue providing the client-first service that EEI is known for while increasing the scope and expertise of our investigation division. This addition allows John Caccese to expand his current role as vice president and focus on managing and growing the firm. n

ROCK Commercial’s Katz earns CCIM designation YORK, PA — Michael J. Katz, brokerage advisor with ROCK Commercial Real Estate, LLC, has been awarded the Certified Commercial Investment M e m b e r (CCIM) designation by the CCIM In- Michael J. Katz stitute.

The CCIM designation is often thought of as the Ph.D. of commercial real estate with only 6% of the estimated 150,000 commercial real estate practitioners holding this title. Mastery of financial analysis, market analysis, user decision analysis and investment analysis is needed to qualify for this membership. This special designation is earned through course work, transaction resume, and a comprehensive exam.

Currently 83% of ROCK Commercial Real Estate’s Brokerage Advisors are CCIM certified members. ROCK Commercial Real Estate has the largest number of CCIM designations in a Commercial Real Estate Firm in York Cty,. Prior to being a brokerage advisor, Katz started as a project coordinator with ROCK. He obtained a B.A. in Business Administration from Penn State University. n

Solomon Organization’s Bucks Landing donates +300 books Warrington, PA — Bucks Landing in Warminster, which is owned and operated by the Solomon Organization, donated over 300 books to children enrolled at Children of America and Kinder Care Learning Center. “The Solomon Org. takes pride in giving back to the communities in which our properties reside,” said Evan Rosen, managing dir. at the Solomon Org. “Bucks Landing staff and residents value the importance of early education and we will continue to do what we can to prepare our children for a successful future.” n

JLL holds 2011 Market Forecast breakfast

CBRE. “Our ability to lead the industry across market cycles underscores the value that commercial property owners, investors and occupiers place in our people and our comprehensive services platform.” “Our clients recognize that the industry’s best platform and professionals will produce bestin-class results,” said Robert Walters, executive managing director for CBRE’s six Greater Philadelphia offices. “We’re proud to be the real estate advisor of choice for property owners, investors, and occupiers in Greater Philadelphia and around the world.” n

McNamara, P.E. joins EEI as the new director of geotechnical investigations East Norriton, PA — Earth Engineering announced that Patrick McNamara, P.E. (shown) has joined EEI as the new Director of Geotechnical Investigations.

+300 business professionals attend

Shown from left: Back Row: Warminster Township Manager Bob Tate, Bucks Landing rep. Terri McKeown, Bucks Landing rep. Morgan Smiley, Kinder Care Learning Center Staff, including Program Dir., Kathy Bacino, second from right.

Shown from left: Michael McCurdy, Philadelphia market director; Roger Staubach, executive chairman; Peter Roberts, CEO Americas; and Ron Cariola, managing director. PHILADELPHIA, PA — More than 300 regional businesspeople joined Jones Lang LaSalle real estate experts and industry guests at the 2011 JLL Philadelphia Market Forecast breakfast. Speakers included: • Roger Staubach, executive chairman of Jones Lang LaSalle • Bill Hankowsky, president, chairman and CEO of Liberty Property Trust • Peter Roberts, CEO Americas of Jones Lang LaSalle

• Paul Loosmann, senior VP and regional director of ProLogis • Michael Halter, CEO of Hahnemann University Hospital • Gerry Sweeney, president and CEO of Brandywine Realty Trust • Richard Weiss, senior VP and senior portfolio manager, American Century Investments “I love Philadelphia, despite the Eagles,” said former

Going ‘green’ without spending too . . continued from page A white TPO roof may even extend the life of the roof and is comparable in price. Install pavers instead of blacktop. Pavers allow for recharge, as they are not impervious like asphalt and concrete. They also lessen the heat-island effect the effects our environment as they cut down on solar gain. Pavers are one way to make it easy to go green while still getting the aesthetic you’re looking for. When irrigating plants close to the building, use a drip irrigation system. The drip soaker hoses use much less water and provide a good, consistent irrigation system. When selecting shrubs and bushes, it’s important to go local with plantings that can sustain the locale’s climate. In Arizona, for example, a property owner would want to use dry plants such as agave and cactus, while in New Jersey they should use plants that can handle wetter climates such as arborvitae

and maples. Go Local and Recycle: One of the most important things a building owner can do to cut emissions and lessen the carbon footprint is making the attempt to do business locally, within a 500-mile radius. The decreased transportation expenses alone will greatly cuts costs to the environment and the checkbook. Use as much recycled content as possible in your dayto-day products. Also, talk to your garbage hauler to make sure they’re recycling at the transfer station. Ask for your own benefit. Most trash in New Jersey is sorted and recycled, but ask to be sure. Kieran Flanagan is a LEED AP and one of the founders of Hollister Construction Services, a full-service commercial real estate general contractor and construction manager with offices in Hasbrouck Heights, NJ, Conshohocken, PA and New York, NY. n

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Mid Atlantic Real Estate Journal — Pennsylvania — May 13 - 26, 2011 — Inside Back Cover C

C Back Cover — May 13 - 26, 2011 — Pennsylvania — Mid

Atlantic Real Estate Journal

MAREjournal.com

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

R A I L AVA I L A B L E

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

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

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

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

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

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

For more information contact our

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

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

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

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