5-25-12

REAL ESTATE JOURNAL the most comprehensive source for commercial real estate news

Volume 24 Issue 10 May 25 - June 7, 2012

ISSUE HIGHLIGHTS Bayshore: The green solution

21A Industrial RE & Distribution Centers

Financing from AXA Equitable to build Gallery of Bethesda

Donohoe closes on $55 million in construction financing

B

ethesda, MD — The Donohoe Companies, Inc. announced the closing of a $55 million construction loan to build “The Gallery of Bethesda,” a luxury high-rise apartment building located at 4800 Auburn Ave. The project is a partnership between The Donohoe Companies and MPM Investments.

The $55 million in construction financing is funded by AXA Equitable. The Gallery of Bethesda will be a 250,000 s/f, 17-story residential tower containing 234 units, a ¼ acre public plaza and 4,600 s/f of retail.

Amenities will include a rooftop pool, sundeck and clubroom, a resident lounge, fitness room and coffee bar. The Gal-

lery of Bethesda is the first of three buildings that Donohoe is developing in Bethesda. The three are collectively known as Woodmont Central, and consist of the Gallery of Bethesda; a second residential building to be known as 4850 Rugby; and

The Gallery of Bethesda a six-story office building, currently pre-leasing, called 8280 Wisconsin Avenue. At completion, the project will measure 580,000 s/f Demolition has been completed on site, and Donohoe Construction Company has

commenced work as general contractor. Miller and Long Concrete Construction will be the concrete contractor. Vantage Management, an affiliate of Mid-City Corporation, will be the management and leasing agent. n

51 Haddonfield Road in Cherry Hill, New Jersey

Time Equities in partnership with Bergman RE Group purchases 100,000 s/f office building

Section B

Cherry Hill, NJ — Time Equities, Inc. (TEI) in a joint venture with Bergman Real Estate Group recently purchased 51 Haddonfield Road, a 100,000 s/f Michael Bergman

Directory

Auction News/Directory................. 4-5A Shopping Centers..........................7-17A Green Buildings...........................19-24A Owners, Developers & Managers.....25-38A Calendar of Events................................40A Industrial Distribution Centers........Section B

Upcoming Spotlight Appraisal Institutes www.marejournal.com

51 Haddonfield Road office building for $3.4 million.

“Through purchase of a non-performing note, we were able to restructure the deal alongside Bergman Real Estate Group, and enter at a basis that we feel will allow us to aggressively price lease rates. While Cherry Hill has suffered from the same malaise as the broader economy,

our long term approach to ownership gave us comfort in investing in a market that others were exiting,” said Aaron Medeiros, director of acquisitions at Time Equities. “We hope to find other opportunities to recapitalize groups who have the ability to restructure their capital stack, but lack the necessary liquidity that is required for

these types of transactions.”

51 Haddonfield Road offers office space ranging from 1,200 s/f to 22,000 s/f available for immediate lease.

Many of the 1,200 s/f to 3,000 s/f spaces are pre-built and move in ready for tenants.

The brokerage team of Grubb & Ellis senior vice president Anne Klein and associate vice president Brian Sherlock will oversee leasing for the property.

“We are excited to form this relationship with Time Equities, which is well regarded in the commercial real estate industry and has a proven track record of creating value for turnaround properties such as 51 Haddonfield,” said Michael Bergman, president and CEO for Bergman Real Estate Group. “Our partnership is well capitalized and has the experience needed to successfully reposition the property through enhancements and an aggressive leasing campaign.” n

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A — May 25 - June 7, 2012 — Mid

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Mid Atlantic

Capital Markets

Real Estate Journal

Section Publisher...............................................................Michael Campisi

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

Production Assistant......................................................... Rachel Rugman

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

Lee David Medinets, Esq.

Innovative solutions and deep expertise for all of your commercial real estate financing needs.

Residential Property and §1031 Exchanges

W MAREJ ABC DE & EPA.................33A Aldo Design Group............34A All-Rite Construction Co... 15A Auction Advisors.................3A Bayshore Recycling...........21A Bergman RE Group.............1A Brahney.............................26A Brasler Properties...............1B Bussle Realty Corp..............4B Capitol Aerials...................20A CBC Bennett Williams......12A CBC Pennco Real Estate....9B CBRE.................................15B CGT....................................34A Cooper Roofing..................27A Crystal Window & Door Systems, LTD.......23A Cushman & Wakefield......17B Dermody Properties........ IC-B Earth Engineering Inc......13A Expert Publishers, Inc........1A FOWLER...........................31A Franchise World................ 11A Friedman RE Group...........9B GAI Consultants...............13A Gilbeaux Associates, P.C... 20A Griffin Land.........................2B Haftek CWS.......................28A Heller Industrial Parks......5B High Associates...................7B Hillcrest Paving and Excavating....................9B Hollister Construction Svcs.............12A Hurley Auctions..................4A Hutchinson Mechanical Svcs................21A IES Engineers...................10A

Publisher.............................................................................Linda Christman Co-Publisher..........................................................................Joe Christman

DEBT | EQUITY INVESTMENT SALES

NEW JERSEY | PHIL ADELPHIA BALTIMORE | UPSTATE NEW YORK

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northmarq.com 33 offices coast-to-coast

Advertisers Directory IREM.................................37A Landmark Commercial Realty..............6B Lundt Combustion Sys.....30A M. Miller & Son...................3A MGKF, LLP.......................10A Marcus & Millichap Taylor Zang........................10A Max Spann RE Auction.......8B Meridian Capital Group.....3A NAI Keystone Commercial & Industrial...16B NAI Summit......................13B NAIOP...............................12B NJ SmartStart Buildings.......................IBC-B NJCCT...............................38A NorthMarq...........................2A PennCap Properties............9B Poskanzer Skott Architects...........................35A Ray Angelini, Inc...............20A RCX Building Diagnostics...22A SHAH Electric & Builder 28A Sheldon Gross Realty..........3B Target Building Construction...................... 11A THESING..........................34A Transportation Resource Grp. 15A Tranzon Auction..................4A Tri-County...................... BC-A Vanguard Energy Partners.............................11B Vantage........................28, 35A Wastewater Management.. 10B Whitesell............................26A Whitestone Associates......15A

To advertise, call 1-800-584-1062

hen investment property is sold, capital gains taxes must generally be paid on any gain realized. With a §1031 Exchange, however, investors are allowed by the IRS to postpone paying these taxes. This subsection of the Tax Code states that “no gain or loss shall be recognized on the exchange of property held for productive use in a trade or business, or for investment.” In addition to maintaining greater net profits for reinvestment, investors can use a §1031 Exchange to shift an investment from one geographic region to another, trade older properties for newer ones to avoid deferred maintenance expenses and diversify a real estate portfolio.

The IRS stipulates a number of requirements for a valid §1031 Exchange. Property owners must trade one or more relinquished properties for one or more replacement properties of “like-kind.” The replacement property cannot have been acquired for immediate resale, nor can it be the taxpayer’s personal residence. However, it is the facts and circumstances of each transaction that determine whether a property is held for investment, rather than for personal use. Many have recommended that – to be on the safe side – taxpayers should hold the replacement property for at least two years before converting it to personal use, and should make significant efforts during that time to use it for investment purposes.

In the recent case of Reesink vs. C.I.R., T.C. Memo 2012-118, No. 2475-10 (April 23, 2012), the U.S. Tax Court has taken steps to better distinguish the holding purpose for residential property. In this case, the Court considered whether a singlefamily house was acquired by the taxpayers as a personal residence or as an investment.

In 2005, Mr. and Mrs. Reesink sold a 50 percent TIC interest in a San Francisco apartment building for the gross sales price of $700,000.

They used the net proceeds a little over one month later to acquire a single-family house and a vacant lot in Guerneville, CA. Their mortgage loan application

Guest Columnist................................................. Lee David Medinets, Esq. Mid Atlantic Real Estate Journal ~ Published Semi-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. 24 Issue 10 Subscription rates: $99 - one year, $198 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY

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indicated that the property was purchased as an investment.

“For Rent” signs were posted on the property. Flyers were distributed throughout Guerneville advertising the property for rent. Two prospective tenants examined the property to consider leasing it, but each decided that they could not afford the asking price of $3,000 per month. The taxpayers never lowered their asking price, and the property was never advertised for rent in any local newspaper. The court did not say if the property was ever listed for rent with a real estate broker, although the taxpayers consulted with one.

After failing to rent the Guerneville property for some time, Mr. Reesink wanted to sell the couple’s home in San Francisco because they could not afford the carrying costs of all the real estate that they owned.

Mrs. Reesink resisted this idea because she liked living in San Francisco and because she did not want to take their son out of his current high school. Nevertheless, the couple listed their home in San Francisco in April, 2006, about six months after they acquired the Guerneville property. At that time, they considered either moving to Guerneville or moving in with Mr. Reesink’s sister. Two months later, when their San Francisco home was sold, they elected to move to Guerneville. That was almost eight months after they acquired the Guerneville property. Until they moved in, they had never stayed in the Guerneville property or used it for any personal purpose.

On these facts, the court found that the Reesinks’ principal intention in acquiring the Guerneville property was for investment, not personal use. The court stated that perhaps the

strongest evidence of the Reesinks’ investment intent came from Mr. Reesink’s estranged brother, a witness for the IRS, who testified that Mr. Reesink told him on several occasions that they planned to move to the Guerneville property after their son graduated from high school. That would have been significantly more than two years after they acquired the Guerneville property. This testimony gave weight to the position of the taxpayers that they had changed their minds because of financial difficulties when they decided to move to Guerneville in 2006.

In concluding that the taxpayers had satisfied their burden of proving that they purchased the Guerneville property principally for investment, the court distinguished this case from Goolsby v. Commissioner, T.C. Memo. 201064. In Goolsby, the Tax Court found that the taxpayers did not have a bona fide investment intention when they acquired the replacement property. In Reesink, the court pointed out that in Goolsby (a) the taxpayers made the purchase of the replacement property contingent on the sale of their home; (b) they sought advice concerning when they could move into the replacement property; (c) their rental efforts consisted solely of placing one advertisement in a local newspaper; (d) they began refinishing the basement of the replacement property within two weeks of acquiring it; and (e) they moved into the replacement property within two months of acquiring it.

Goolsby and Reesink help to define the burden of proof that taxpayers will be expected to meet if they move into a replacement property before continued on page 3A

Mid Atlantic Real Estate Journal — May 25 - June 7, 2012 — A

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Mid Atlantic Real Estate Journal

They wrote the policy.

Of HUD, income- and age-restricted properties

Gebroe-Hammer offers expertise in disposition and acquisition

L

IVINGSTON, NJ — As hundreds of New Jersey’s HUD, income- and age-restricted multifamily properties continue to operate in the face of escalating non-performing debt and exponentially accumulating David Jarvis interest, penalties and other fees, the brokerage specialists at Gebroe-Hammer Associates are negotiating trades of these over-leveraged properties to the satisfaction of all involved parties. From the sellers, buyers and tenants, to the lending institutions and state and federal government agencies, the firm is gaining sales approvals and accolades at the same time. “There are hundreds of HUD properties in New Jersey. Many cannot or won’t be able to secure refinancing in the wake of growing debt,� said David Jarvis,

executive VP, who noted numerous properties have expiring rental contracts that are not being renewed, leaving the government as well as the landlords unprepared. “These owners are continuing to Joseph Brecher operate their properties, negating their bottom line even further, without being foreclosed upon, which would prove highly disruptive to the tenants.�

According to the 18-year multi-family brokerage veteran, it is critical to identify a buyer who sees the long-term performance potential in HUD properties and is willing to assume the debt. In some cases, Jarvis also has been able to negotiate specific components of the sale, including a transfer-tax waiver.

Such was the case in the recent trade of a fully occupied 200+-

unit age-restricted complex in Southern NJ. Jarvis, along with executive VP Joseph Brecher, arranged the transaction on behalf of the seller. “Privately owned income- and age-restricted multi-family properties are rather ‘hot’ right now since they are characteristically well-occupied and wellmaintained,� said Brecher, who noted the seller had marketed the property intermittently during the past several years. “Of course, strong relationships and a good reputation among lenders, government agencies and prospective buyers are all critical to facilitating a sale.� “As the availability of for-sale market-rate apartment buildings continues to fall short of heightened demand throughout New Jersey, investors of all types – from individuals to institutional entities – are seeking to add income- and age-restricted properties to their portfolios,� said Ken Uranowitz, managing director. n

We make sure they write the check.

M. MILLER & SON Public Adjusters

Since 1960

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

Recent Financings Arranged By Meridian Capital Group

Residential Property and §1031 Exchanges . . . continued from page 2A the end of the recommended two-year holding period. The two cases do not yet suggest

a bright line test, but at least they clarify some of the distinctions regarding the use of §1031 Exchanges for residential prop-

erties.

Lee David Medinets, Esq. is senior counsel for Madison §1031. n

Hunters Glen 1,124 Units

Steward’s Crossing 241 Units

$49,000,000

$27,200,000

Delran, NJ

Princeton, NJ

West Creek Village 306 Units

Woods at Narraticon 150 Units

$16,000,000

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Elkton, MD

Deptford, NJ

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A â&#x20AC;&#x201D; May 25 - June 7, 2012 â&#x20AC;&#x201D; Mid

Atlantic Real Estate Journal

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Mid Atlantic Real Estate Journal Auctions 5 acres of land with riparian rights

Max Spann to auction major waterfront property with redevelopment opportunities in Baltimore

B

ALTIMORE, MD â&#x20AC;&#x201D; A major waterfront development opportunity in Baltimoreâ&#x20AC;&#x2122;s emerging Port Covington neighborhood will become available through an auction scheduled for June.

Max Spann Real Estate & Auction Co. has scheduled the trustee-ordered auction of the approximately 5.21-acre property located at 301 East Cromwell Street for June 14, 2012 at 1 p.m. The auction will be held at Miles & Stockbridge PC, 10 Light St., Baltimore. â&#x20AC;&#x153;This waterfront property presents a rare opportunity for major development within the Baltimore-Washington metropolitan area,â&#x20AC;? said Max Spann, president and chief executive officer of the auction house. â&#x20AC;&#x153;The possibilities with this developmental area are endless, there are so many directions that a developer can go in.â&#x20AC;?

The existing zoning of the property will allow the new

5.21-acre property located at 301 East Cromwell Street

owner to create and develop a combination of retail, office, hotel, commercial, industrial, residential, recreation spaces, with an added possibility for a marina. The property includes about 5 acres of riparian rights.

The zoning calls for a Planned Unit Development (PUD), which allows for a grouping of varied and compatible land uses in one contained development. The property is located just off I-95 directly on the Harbor and is minutes from downtown Baltimore, Port Covington Shopping Center, and all of Baltimoreâ&#x20AC;&#x2122;s desired attractions.

Port Covington was once called Fort Covington and was used to defend Baltimore from 1813 to 1869. The port has been in operational use for more than 150 years.

Max Spann has scheduled two property previews from noon to 2 p.m. on Thursday, May 24 and Thursday, May 31. n

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Tranzon Alderfer, AY-000115-L Len Walter, Auctioneer, NJ Broker License #9913359 Michael Foster, NY Broker #49F00966562 Broker Participation Offered Sale Subject to Terms & Conditions and Sale Prior to Auction

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Landmark’s Grace represents lessee in transaction

Dermody Properties leases 12,000 s/f to Vetsource in PA

H

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arrisburg , PA — Dermody Properties, parent company of DP Partners, announced that VetSource has leased 12,000 s/f of space in DP’s LogistiCourt at 7917 Derry St. The Dermody Properties team worked with VetSource throughout the transaction and included John Atwell, COO and director of development and, from DP’s Eastern Regional Office, Stephen Bailey, RLA, CCIM, partner; Matthew Marshall, associate partner; and James VMascaro, CCIM, LEED-AP, director

LogistiCourt at 7917 Derry St. of development.

“We looked at several sites, and Dermody Properties’ Lo-

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gistiCourt at Derry Street best suited our needs,” said Kurt Green, president and CEO of VetSource. “The location allows us to quickly reach our East Coast customers, and Dermody Properties has been very accommodating to our needs. This relocation enables us to work with increased efficiency while being cost-effective.”

The representative for VetSource was Jason Grace, CCIM, SIOR, vice president of sales and leasing at Landmark Commercial Realty’s Harrisburg office. Representing Dermody Properties was Julie Trogner, vice president of industrial services at Jones Lang LaSalle’s Philadelphia office. n

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Washington , D C — NorthMarq’s New Jersey office recently closed a $4 million loan for the acquisition of a CVS in Washington, DC. The borrower worked with Greg Nalbandian, managing director of NorthMarq’s NJ office, to finance this loan through a regional bank.

“The borrower, a very experienced national single-tenant investor, took advantage of its longstanding relationship with CVS and extended the lease during due diligence from 7 years to 25 years, with a corporate guarantee on the new lease and also increased CVS’s rent by $90,000. Recognizing this significant value creation, the Bank was willing to lend aggressive, nonrecourse proceeds at 80% of purchase price and 65% loan to value along with a threeyear interest-only period and aggressive fixed prepayment structure with the final two years open at par,” said Nalbandian. n

SHOPPING CENTERS Mid Atlantic Real Estate Journal — Shopping Centers — May 25 - June 7, 2012 — 7A

www.marejournal.com

Acquisition financing for the buyer arranged by Wood of M&M

Nathanson of Marcus & Millichap reps the seller in $4.025 million sale of Village Square

K

UTZTOWN, PA — Marcus & Millichap Real Estate Investment Services announced the sale of Village Square, a 39,612 s/f retail strip center located in Kutztown, according t o S p e n c e r Brad Nathanson Yablon, regional manager of the firm’s Philadelphia office. The asset commanded a sale price of $4,025,000 or 98% of the asking price and was on the market for just 30 days before being sold to a private Pennsylvania limited partnership.

Brad Nathanson, senior director in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller,

Village Square

Dougherty, Taylor & Zang secured the buyer

Shover & Gorman of Marcus & Millichap complete $2.357m sale REISTERSTOWN, MD, May 9, 2012 – Marcus & Millichap Real Estate Investment Services announced the sale of SunTrust Bank (ground lease), a 28,750 s/f net leased property located in Reisterstown, a c c o r d i n g Michael Shover to Spencer Yablon, regional manager of the firm’s Philadelphia office. The asset commanded a sale price Matthew Gorman of $2,357,000.

Michael Shover & Matthew Gorman, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a private investor.

“The property generated a lot of interest from the market

a New Jersey based shopping center operator. The buyer, a local Pennsylvania partnership, was secured and represented as well by Brad Nathanson.

Village Square is located at 45 Constitution Boulevard, in close proximity to the prestigious campus of Kutztown University in Kutztown, Berks County.

Nathanson said, “The property generated significant buyer interest due primarily to the property’s proximity to the college campus.” He added “There’s a limited supply of retail catering to the students as well as the local residents of Kutztown.”

Acquisition financing for the buyer was arranged by Kris Wood of Marcus & Millichap Capital Corporation, also based in the firm’s Philadelphia office.

At the time of sale, the property was 88% occupied. ■

Babaian of Marcus & Milichap’s NJ office closes $912,500 sale

Development site plans

Sun Trust Bank with multiple offers above list price,” adds Shover. “The credit of the tenant along with the quality of the real estate is what drove the interest,” said Shover. The buyer, a private investor, was secured and represented by Derrick Dougherty, Dean Zang, and Mark Taylor investment specialists in Marcus & Millichap’s Philadelphia office.

“The buyer was in a 1031 Exchange and specifically looking for this type of asset

to acquire,” adds Dougherty.

David Feldman, Broker, assisted in closing this transaction.

SunTrust Bank (ground lease) is located at 11704 Reisterstown Road. The property had just over ten years remaining on the lease with annual increases. It is a ground lease structure which required zero responsibilities from the landlord. The purchase price of $2,357,000 equates to a 6.15 capitalization rate. ■

WOODBRIDGE, NJ — Marcus & Millichap Real Estate Investment Services announced the sale of a 54,866 s/f parcel of land located in Woodbridge, according to Michael J. Fasano, vice p r e s i d e n t / Greg Babaian regional manager of the firm’s New Jersey office. The asset commanded a sale price of $912,500.

Greg Babaian, vice president investments in Marcus & Millichap’s New Jersey of-

fice, had the exclusive listing to market the property on behalf of the seller, a private investor. He also secured and represented the buyer.

This fully approved development site is located at 414 Rahway Avenue in Woodbridge, New Jersey. The approvals for this project consist of 12,528 s/f of retail. The site is delivered with a strong tenant, “The Learning Experience” that will occupy the entire first floor of the building.

This is a rare opportunity to acquire a fully approved development site in a great location that already has a lease on the retail space. ■

8A — May 25 - June 7, 2012 — Shopping Centers — Mid

Atlantic Real Estate Journal

www.marejournal.com

SHOPPING CENTERS +

18 million square feet ARIZONA Mesa Kohl’s McKellips Road & Recker Road 95,279 SF GLA Part of Falcon View Plaza w/ Fry’s Phoenix Freestanding Barnes & Noble 1035 N. Metro Pkwy. West & 28th Dr. Adjacent to Metro Center Mall 19,360 SF on 1.48 Acres Tolleson Freestanding Kmart West McDowell Road & North 86th Drive 86,479 SF GLA FLORIDA Gainsville Mixed Use – Grocery Store & Student Housing NW 13th St & University Avenue 1.74 Acres Over 27,500 SF Ground Floor Retail in Proposed 171,000 SF 6-Story Residential Bldg Fern Park Lowe’s Shopping Center 6735 Hwy. 17-92 & Fernwood Blvd. near Hwy. 436 129,085 SF GLA Proposed Retail Strip: 9,000 SF ILLINOIS Downers Grove Marshall’s at The Grove 75th St. & Lemont Rd. 400,000 SF GLA Anchor Space Available 43,264 SF Niles Golf Glen Mart (Outparcel) Golf Rd. & Dee Rd. Up to 12,000 SF Outlot, B-T-S INDIANA Evansville Evansville Shopping Center Morgan Ave. & Boeke Rd. Rural King, Dollar General 153,000 SF GLA Indianapolis Pendleton Plaza Pendleton Pike & Shadeland Ave. Kmart 134,797 SF GLA South Bend South Bend Shopping Center US Hwy. 20 & US Hwy. 31 112,900 SF GLA Anchor Space Available

RD

Management LLC

MICHIGAN Grand Blanc Vacant Land Holly Rd. & I-75 22 Acres For Sale Muskegon Muskegon Shopping Center Henry St. & Norton Ave. 187,000 SF GLA Anchor Space Available Port Huron Port Huron Shopping Center Howard St. & 24th St. Big Lots, Save-A-Lot, Family Dollar 118,000 SF GLA Anchor Space & Outlot Available Redford Redford Plaza Plymouth Rd. & Inkster Rd. CVS/114,865 SF GLA Anchor Space Available Saginaw Saginaw Square Tittabawasse Rd. & Bay Rd. Target, JoAnn Etc., Staples 94,891 SF GLA Anchor Space Available Sandusky Kmart Shopping Center M-19 & Gates Rd. 176,248 SF GLA Anchor Space Available Southgate Fort St. & Burns Ave. 60,800 SF GLA Freestanding / Redevelopment Opportunity MINNESOTA St. Paul Midway Shopping Center University Ave. & Snelling Ave. Rainbow Foods, Office Max, Walgreens 280,353 SF GLA Anchor Space Available 40,262 SF NEVADA Las Vegas Kmart Plaza E. Sahara Ave. & McLeod Dr. 127,754 SF GLA 10,945 SF Outbldg. Available NEW JERSEY Marlton (Evesham) Tri-Towne Plaza Route 70 & Plymouth Dr. Superfresh/176,519 SF GLA Anchor Space Available/Redevelopment Opportunity

Thomas G. Mirandi 212-265-6600 Ext. 239 Email: tmirandi@rdmanagement.com Fax: 212-459-9133

Mid Atlantic Real Estate Journal — Shopping Centers — May 25 - June 7, 2012 — 9A

www.marejournal.com

SHOPPING CENTERS +

200 retail projects NEW YORK Nanuet Home Depot Plaza Route 59 & Hutton Ave. Home Depot, Staples 250,000 SF GLA/Pad Available

PENNSYLVANIA Allentown Home Depot Plaza Lehigh St. & Route 78 220,000 SF GLA 9.82 Acres Available

Orangetown Orangeburg Commons Route 303 & Palisades Parkway Future Retail Development Anchor Space, In-Line Space & Pads Available Adjacent to Lowe’s

Carlisle Hanover Street (Route 34) & I-81 Home Depot, Chili’s 140,715 SF GLA 10,584 SF Future Expansion/Pad

NEW JERSEY Mt. Olive Pad Sites Available Adjacent to Foreign Trade Zone Across from Wal-Mart, Sam’s, TJ Maxx Old Bridge A & P Shopping Center Route 9 & Ferry Rd. 64,920 SF GLA Up to 4,000 SF Outlot Vineland Vineland Marketplace Delsea Dr. (Route 47) & College Dr. New Development 273,657 ± SF GLA / Outlots Available Williamstown Williamstown Shopping Center Black Horse Pike (Route 42) & Main St. CVS, Fashion Bug, Dollar General 85,000 SF GLA Anchor Space Available NEW YORK Deer Park Kohl’s Plaza Commack Rd. & Grand Blvd.

Kohl’s, Super Stop & Shop 182,875 SF GLA Proposed Pad 3,800 SF Glenville/Scotia (Albany) Freestanding Building Saratoga Rd. (Route 50) & Glenridge Rd. 128,485 SF GLA Anchor Space Available Holtsville Island 16 Cinemas Shopping Center Nicholls Rd. & Long Island Expwy.

National Amusements Theater, Chili’s 117,342 SF GLA Pad Bldg. Available with Drive-thru

Staten Island Lowe’s West Shore Center Veterans Rd. West (I-440) & Arthur Kill Rd. Pad Building Available 7,000 SF New Retail Bldg. Available 166,600 SF GLA Stony Point Stony Ridge Plaza Route 9W & Park Rd. US Post Office, Curves For Women 21,212 SF GLA Williamsburg (Brooklyn) North Side Piers Retail 20 North 5th St. & Kent Ave. Tower I: 181 Condos, 113 Apts. & 17,167 SF Retail Tower II: 250 Condos & 5,178 SF Specialty Rest.

OHIO Ashtabula Home Depot Plaza Route 20 (N. Ridge Rd.) & Orchard Rd. 130,000 SF GLA 18,440 SF Expansion & Pad Findlay Hobby Lobby Plaza Tiffin Ave. & Croy Dr. Hobby Lobby Anchor Space Available

Latham/Colonie (Albany) Kmart Shopping Center Route 7 & Swatling Rd. 118,863 SF GLA Up to 10,000 SF Outlot Available

Oregon (Toledo) Vacant Land – 4.645 Acres Dustin Rd. & Isaac Street Dr. 1 block south of Navarre Ave. (Rte. 2) & Kmart 116,805 SF GLA

Monroe/Woodbury Harriman Commons Routes 17 / 6 & Route 32 Wal-Mart, Home Depot, BJ’s, Target, Home Goods, Best Buy 687,716SF GLA Anchor Space & Outlots Available Future Phase III Office Bldg.

OREGON Salem Kmart Shopping Center Mission Street S. E. 116,866 SF GLA

RD

Management LLC

Trexlertown Trexlertown Marketplace Hamilton Blvd. (Route 222) & Mill Creek Rd. Walgreens, Panera Bread, Verizon 36,068 SF GLA TENNESSEE Hermitage (Nashville) Freestanding Bldg. adjacent to Jackson’s Courtyard Shopping Center 3445 Lebanon Pike 24,040 sf GLA 36,000 sf GLA Possible Redevelopment Texas Ft. Worth Westcliff Shopping Center Albertson’s Market, Dollar General Alton Rd. & Biddison St. 133,332 sf GLA VIRGINIA Richmond Food Lion Plaza Route 1 (Jefferson Davis Hwy.) & Chippenham Pkwy.

Outlots Available WEST VIRGINIA St. Albans St. Albans Center Route 60 & MacCorkle Ave. SW Kmart, Super Kroger, Peebles, CVS 230,000 SF GLA PUERTO RICO Arecibo Arecibo Towne Center Routes 2 & 22 Future Development Anchor Position & Outlots Available Ponce Reina del Sur; Outlots at Ponce Towne Center II Rtes. #2 & Baramaya Ave. (Rte. 10) @ PR-52 Wal-Mart SuperCenter, Home Depot New Development & Pads 525,000 ± SF GLA

Thomas G. Mirandi 212-265-6600 Ext. 239 Email: tmirandi@rdmanagement.com Fax: 212-459-9133

10A — May 25 - June 7, 2012 — Shopping Centers — Mid

Atlantic Real Estate Journal

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SHOPPING CENTERS

ÿ

EnvironmentalÿRisks

YoGo Factory new addition to CooperTowne Center

Disclosures

National Realty & Dev. Corp. leases 12,500 s/f to PetSmart

Compliance DueÿDiligence Permitting

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URCHASE, NY — National Realty & Development Corp. (NRDC), recently announced the opening of Panera Bread at Northampton Crossing.

PetSmart will also Dovid M. open at the Spector center in late spring. Northampton Crossings is located at 3768 Easton Nazareth Parkway at the intersection of Routes 248 and 33 in Easton, Pennsylvania.

Panera Bread occupies a 3,860 s/f drive-thru space and PetSmart leased 12,500 s/f.

The new additions join anchor tenants Walmart Supercenter, Kohl’s, Sam’s Club and Regal Cinemas. Other recent transactions at the center include Staples and Shoe Show lease renewals.

“The leasing of Panera Bread and PetSmart strength-

ens Northampton Crossing’s position as the premier shopping destination in the market”, said Dovid M. Spector, director retail leasing at NRDC. The center is well positioned in a high-traffic area with daily traffic counts totaling 15,400 vehicles on Route 248 and 24,350 vehicles on Route 33”.

“We are thrilled to open our newest bakery-cafe in such a dynamic community,” said Braden Klinger, Joint Venture Partner, Panera Bread. “We are happy to offer the many business professionals, families and students in the community fresh and wholesome food choices.

Additionally, we’re excited that this drive-thru location will provide the convenient service their busy schedules demand. We look forward to sharing our signature Panera warmth here in Nazareth.”

In other news, National Realty & Development Corp.

• IES congratulates all companies involved in the Quarry Center Project and is proud to have been a part of this team.

• IES is a professional services company committed to delivering environmental, health & safety, engineering, and construction projects.

• IES environmental professionals have performed Environmental Site Assessments, Remediation, Pennsylvania Act 2 Assistance, and Permitting for a variety of clients and properties. If the property is being considered for acquisition, expansion, redevelopment, or change of land use, IES can assist you in understanding the liabilities of potential or existing environmental contamination.

• IES’ Environmental Site Remediation Services include: • Phase I/II Environmental Site Assessments • Pennsylvania Act 2 Regulatory Assistance • Site remediation • Tank management • Permitting

• IES’ project managers, engineers, and professional geologists stand ready to assist you on environmental site remediation projects.

•IES focuses on the success of its customers and employees by providing the highest value innovative solutions to our clients through exceptional knowledge and experience.

GraBois of Metro negotiates new lease for Red Mango HOBOKEN, NJ — Metro Commercial Real Estate, Inc., negotiated a 1,350 s/f lease in the heart of Hoboken for Red Mango, one of the fastest growing retailers of all-natural frozen yogurt and fresh fruit Perry GraBois smoothies.

This urban storefront, located at 213 Washington Street, is scheduled to open this summer.

The lease was negotiated on behalf of Home Made Pizza Co.

(NRDC) announced that YoGo Factory has opened at CooperTowne Center in April 2012.

The 366,865 s/f CooperTowne Center is situated at the intersection of White Horse Pike (Route 30) and Evesham Avenue (Route 544) in Somerdale, New Jersey approximately 10-miles southeast of Philadelphia, PA. The shopping center is anchored by Walmart Supercenter, Cinemark 16screen theatre, and a 4,000 member LA Fitness.

“YoGo Factory is the area’s largest frozen yogurt cafe and provides a unique experience for all ages”, said Brian Petruzzi, owner of YoGo Factory. ■

Shopping Centers Real Estate Journal a section of the

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

by Metro Commercial’s Perry GraBois.

This location was previously occupied by a Home Made Pizza Co. store.

“This area of Hoboken is experiencing tremendous growth,” said GraBois. “We are thrilled to bring a fast-growing retailer of this stature to the neighborhood.”

Red Mango opened its first U.S. store in July 2007 in Los Angeles and has since celebrated more than 170 store openings in North America. It was named the number one smoothie chain

by Zagat in 2011. ■

Mark Taylor Dean Zang Derrick Dougherty

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Associate Publisher Elaine Fanning efanning@marejournal.com

Section Editor Rachel Rugman editor@marejournal.com

Christopher Munley Peter Snell

Shopping Center & Net Lease Sales Specialists www.taylorzangmunley.com Corporate Headquarters: 1720 Walton Road • Blue Bell, PA 19422 Phone: 610‐828‐3078 • Fax: 610‐828‐7842 info@iesengineers.com

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Mid Atlantic Real Estate Journal — Shopping Centers — May 25 - June 7, 2012 — 11A

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SHOPPING CENTERS

Allentown, PA

West Deptford, NJ

Piccione reps the landlord, Costa Land Co.

Imperatore of CW-Grant Street reps 8,910 s/f lease

Exeter, PA

Chester, PA

P

ITTSBURGH, PA — Total Hockey, a privately held hockey equipment retailer, has entered the Pittsburgh market, signing two longterm leases for retail locations in the Cranberry a n d P a r k - Jared Imperatore w a y We s t submarkets. Jared Imperatore of Cushman & Wakefield- Grant Street Associates, Inc. represents Total Hockey in Western Pennsylvania.

Total Hockey has signed a 10-year lease to open its first store in the Pittsburgh region at Cranberry Square, next to Pier One Imports. The 8,025 s/f site formerly was occupied

by Pet Supplies Plus, which moved to the Viola Building. Art DiDonato of Oxford Realty Co. represented the landlord in the transaction.

The company’s second area location will be at the Plaza @ The Pointe in North Fayette, where Total Hockey will occupy the former Shoe Carnival space.

Total Hockey executed a 10-year lease for 8,910 s/f after Shoe Carnival relocated to Settler’s Ridge. Sarah Piccione represented the landlord, Costa Land Co. The new store will neighbor Old Navy, Ulta and Bed, Bath & Beyond in the plaza.

Michael Benoit, CEO and President of Total Hockey, Inc., says Pittsburgh was a natural choice for the company’s expansion.

“Pittsburgh’s strong ties to professional hockey through the Penguins, its strong demographics and secure retail market immediately landed it on our radar for expansion opportunities,” Benoit said. ■

WP Realty completes the sale of Shaw’s Plaza in Plymouth BRYN MAWR, PA — WP Realty is pleased to announce the sale of Shaw’s Plaza located in Plymouth, MA. Shaw’s Plaza is a 178,000 sf shopping center anchored by a 59,766 s/f Shaw’s Supermarket located approximately 40 miles south of Boston.

WP Realty purchased Shaw’s Plaza in Plymouth as part of an eight property portfolio in May 2011. ■

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12A — May 25 - June 7, 2012 — Shopping Centers — Mid

Atlantic Real Estate Journal

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SHOPPING CENTERS Richard Soloff represents the owner WE MAKE CONSTRUCTION MANAGEMENT LOOK LIKE CHILD’S PLAY!

Soloff Realty executes a 3,506 s/f lease for Visionworks

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HILADELPHIA, PA — Soloff Realty & Development, Inc. (SRD), announced a finalized 10year, 3,506 s/f lease for Visionworks of America, Inc. d/b/a Visionworks at the Citibank Plaza Shopping Center, located at 2118 Cottman Avenue in Northeast Philadelphia.

This will be Visionworks’ second store in Northeast Philadelphia who will be leasing a portion of the former Mattress Giant space, and scheduled to open late summer 2012.

Richard Soloff of SRD is

2118 Cottman Avenue the exclusive leasing broker representing the owner, Realty Associates Coldwell Banker Commercial Bennett Williams Cottman of Westport, CT. Visionworks 110 N. George Street – 4th floor is exclusively represented by Gorman of Metro York, PA 17401 Michael Commercial Real Estate.

EWING, NJ — Soloff Realty & Development, Inc. www.bennettwilliams.com has recently finalized 2 new leases at the Glendale Village Shopping Center, located at Newberry Pointe N. Olden Avenue and Parkway Avenue in Ewing, Mercer Newberrytown, PA 17319 County.

The first lease, New Soul Grill, which is owned and 1,500-6,500 SF & PAD SITES AVAILABLE operated by Charles Manning, is scheduled to open later this month. The 1,260 s/f restaurant will offer homestyle cooking, focusing on Manning’s locally famous fried chicken and seafood.

Little Caesars also recently executed a new lease for 1,200 s/f and is scheduled to open Summer 2012. This is the operator’s first Little Caesars location.

Owned and managed by WDG, LP, of Trenton, New Jersey, other tenants in the center include Family Dollar, Dunkin’ Donuts, UPS Store 3513 Gettysburg Rd. and a local dry cleaner.

WYNNEWOOD, PA — Soloff Camp Hill, PA 17011 Realty & Development, Inc. (SRD), announced the leas23,875 SF AVAILABLE FOR LEASE ing of 1415 City Avenue, a free-standing 2,600 s/f building to PhilaRx Pharmacy 5, Inc., a local retail pharmacy owner who operates 4 additional locations within the City of Philadelphia. It will be PhilaRx Pharmacy’s first suburban location.

Richard L. Soloff of SRD was the exclusive leasing broker representing both the owner, City Line Partners of St. Peters, PA and the tenant.

PhilaRx Pharmacy is scheduled to open the new drugstore summer 2012. ■

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SHOPPING CENTERS SPOTLIGHT ARCHITECTURE, CONSTRUCTION & ENGINEERING Mid Atlantic Real Estate Journal — Shopping Centers — May 25 - June 7, 2012 — 13A

www.marejournal.com

For the redevelopment of CooperTowne Center

Davis & Wallace to rejoin

NRDC to receive NJ Future 2012 Smart Growth Award

Nave Newell welcomes Haggerty & Prusko

P

URCHASE, NY — National Realty & Development Corp. (NRDC) has been chosen to receive the New Jersey Future 2012 Smart Growth Award for the redevelopment of CooperTowne Center in Somerdale, New Jersey. CooperTowne Center is located at 711 Evesham Avenue at the intersection of the White Horse Pike and Evesham Avenue.

The award is based on recognizing the best development or redevelopment projects around the state that embrace sustainable growth and environmental preservation. CooperTowne Center was classified as a “greyfields project”, one of the first in the state, by the New Jersey’s Office of Smart Growth. National Realty & Development Corp.

CooperTowne Center transformed the former 52 acre Lions Head Plaza into a 367,000 s/f state-of-the-art traditional northeast downtown shopping destination bringing 650 new jobs to the area.

“National Realty & Development Corp. is extremely honored to receive this award.

Through the collaborative efforts of NRDC, the Boroughs of Somerdale and Magnolia,

their professionals and the residents of these communities, we were able to deliver CooperTowne Center, a true example of shopping center revitalization” said John Orrico, president NRDC. The award will be given at the Support the Smart Growth Awards celebration on June 7th, 2012 at the Newark Club in Newark, New Jersey. ■

ENGINEERS/PLANNERS & LANDSCAPE ARCHITECTS

Shown from left: Matthew Prusko, Jack Wallace, Dan Haggerty, J. Michael Davis KING OF PRUSSIA, PA — Nave intern and then staff engineer Newell Inc. announced four em- after graduating. Two new adployees have joined the company ditions to the Civil Engineering over the past few months. J. Mi- Department include Dan Hagchael Davis, RLA, LEED AP, has gerty and Matthew Prusko as rejoined Nave Newell as project staff engineer and engineering manager for the Land Planning technician respectively. “As we Department. Davis started his celebrate our 20th anniversary career with Nave Newell in 2004 year and continue to see growth where he worked as a landscape return, we are excited to make architect until 2010. Nave Newell these new additions to our team also welcomes back Jack Wallace, and very happy to have some PE, LEED AP who returns to the familiar faces back in the office,” company as a project engineer. said Greg Newell, president of Wallace previously worked as an Nave Newell. ■

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14A — May 25 - June 7, 2012 — Shopping Centers — Mid

Atlantic Real Estate Journal

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ARCHITECTURE, CONSTRUCTION & ENGINEERING Principals Sgroi, Cassidy & Hertsenberg

Bernardon Haber Holloway Architects’ leadership growth defies industry trends

K

ENNETT SQUARE, PA — Defying the trend of contraction in Delaware Valley architecture and design firms, the award-winning firm of Bernardon Haber Holloway Architects is growing its senior management team by announcing that Paul Andrew Sgroi, AIA, LEED AP, Timothy J. Cassidy, PhD, RLA, AICP and Douglas C. Hertsenberg, AIA have become Principals and Shareholders of the firm.

This expanded firm ownership responds to Bernardon Haber Holloway Architects’ recent business expansion due to the broad array of existing and new

Senior Management Team

clients that have sought out the firm as a dependable source for diverse and creative architectural, site, urban, and interior design services. Sgroi, Cassidy and Hertsenberg will provide ownership-level leadership of their respective industry market sectors to enhance the “hands-on” project design and management services which have come to define the firm’s 39-year rise to prominence in the Delaware Valley’s architecture and design community.

“Paul, Tim and Doug are dedicated and talented designers and leaders who share our firm’s philosophy of providing

SHINE THE SPOTLIGHT ON YOUR COMPANY & ITS EXECUTIVES!

Shopping Centers Featuring

5th Annual Retail Profiles

June 22, 2012 Deadline: June 8, 2012

Interested in joining the many retail companies who are already participating?

For details on how to submit your company or executive profile Contact Elaine Fanning to reserve your space P: 800.584.1062. x212 E: efanning@marejournal.com

exceptional design services to our clients,” says Art Bernardon, president and founder of the firm. “By expanding our sources of visionary leadership, we are poised for the future and ready to sharpen our focus on what is most important to us – our clients.”

Sgroi, Cassidy and Hertsenberg will serve on Bernardon Haber Holloway’s Board of Directors with current Principals and Shareholders Arthur A. Bernardon, AIA, LEED AP, Kerry R. Haber, AIA, LEED AP, William E. Holloway, AIA, LEED AP, and Neil B. Liebman, AIA, LEED AP. ■

P + R Architects achieves LEED® Certification ROCKVILLE, MD —The DC Studio of Perkowitz+Ruth Architects (P+R) has achieved LEED® Certification for Core & Shell for a base building renovation at Montrose Crossing, as recently announced by the Green Building Certification Institute.

To achieve the unique retail certification, P+R’s team worked closely with owners BVS Montrose, LLC and Federal Realty to reduce the perimeter footprint of the building while keeping as much of the interior of the building as possible. Positioned within the larger Montrose Crossing shopping center in Rockville, Md., this former Levitz building was in the path of a road extension planned by the county so instead of demolishing the building, the project team went with a more sustainable approach.

“We are proud of the work done at Montrose Crossing,” said DC Director and Associate Principal Joseph Serruya. “All parties involved, including the city, our clients and each of the retailers, was committed to ensuring that this project met high standards for sustainability.”

P+R’s scope of services included selectively removing several column bays around the perimeter including the exterior walls, gutting the interior, and modifications to include new exterior walls to accommodate two new tenants, Bob’s Discount Furniture and A.C. Moore. P+R also provided the tenant improvement for A.C. Moore which is currently pursuing LEED for Retail, Commercial Interiors Certification. ■

Mid Atlantic Real Estate Journal — Shopping Centers — May 25 - June 7, 2012 — 15A

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16A — May 25 - June 7, 2012 — Shopping Centers — Mid

Atlantic Real Estate Journal

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

Fameco - Woodbridge, NJ Woodbridge Towers • 555 U. S. Hwy 1 Iselin, NJ 08830 P: 732-526-9000 F: 732-526-9101 www.famecoretail.com Tyler Bennett • Carlo Caparruva Mike Horne • Scott Jennerich • Dan Spector Steven Winters • Anthony Palmiotto • Kim Kretowicz Fameco - Philadelphia, PA 1425 Walnut Street, Suite 200 Philadelphia, PA 19102 P: 215.557.0050 F: 215.557-0053 www.famecoretail.com Jackie Balin • Paige Barrow Michael Gray • Eva Redette • Larry Steinberg

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

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

Fameco - Plymouth Meeting, PA 633 West Germantown Pike • Suite 200 Plymouth Meeting, PA 19462 P: 610-834-8000 F: 610-834-1793 www.famecoretail.com Cathy Agnew • Brian Bruzek • Jeff Cohen Jim Creed • Scott Dennis • Brandon Famous John Fasciano • Dana Hawkins Jerry Johnson • Jon Kieserman Adam Kohler • John Krause • Jon Kushner Gary Leone • Marc Mandel • Matt Mandel Jay Miller • Steve O’Malley • David Orkin Dale Peterson • Rick Schuch Julie Tanpitukpongse • Dave Vitali Rick Weinberg • Fred Younkin Colin Behr • Daniel Sonnentag

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

KW Commercial-The James Balliet Commercial Group 40 S. Cedar Crest Blvd.

Allentown, PA 18104 P:610-435-4711 F:610-435-2800 James Balliet, Robert Thompson, Melanie Stocker Dr. Rex D’Agostino, Cheyenne Reiman Pete Ambrosino, Heather Lynne Christopher Milotich

120 North Pointe Blvd., Suite 301, Lancaster, PA 17601 1200 Greensprings Drive, York, PA 17402 P: 717-569-9373 T: 800-864-2633 www.LMS-PMA.com Joe R. Deerin, CSM, Donna Deerin Ward, Dave Nicholson, Blaze Cambruzzi, Michael Boden, SCSM, Chad Ward, Blake Gross, Joe Spagnola, CCIM, Ted Hummel, CCIM, Wilay Boensch,Ryan Myers, CCIM, Jeremiah Hamilton, Travis Riley, Patrick Cullen

David S. Feldman Regional Manager – Washington DC Office Special Assets Services – Regional Director 7200 Wisconsin Ave. • Ste. 1101 • Bethesda, MD 20814 P: 202-536-3700 F: 202-536-3710 www.marcusmillichap.com Michael J. Fasano Vice President and Regional Manager 611 River Dr. • 4th Floor • Elmwood Park, NJ 07407 P: 201-582-1000 F: 201-582-1010 www.marcusmillichap.com Spencer Yablon Vice President and Regional Manager 101 West Elm Street • Suite 600 • Conshohocken, PA 19428 P: 215-531-7000 F:215-531-7010 www.marcusmilllichap.com

Metro Commercial – Mt. Laurel, NJ 303 Fellowship Rd • Suite 202 • Mt. Laurel, NJ 08054 P: 856-866-1900 F: 856-866-1611 Brandon Anapol • Brent Barbehenn • Dan Brickner Rob Cooper • Mark Gerlach • Perry GraBois Tom Londres • Lauren McDermott • Pete Nicholson Kurt Rumley • Paul Rumley • George Wisnoski Metro Commercial - Conshohocken, PA Eight Tower Bridge • 161 Washington St. • Suite 375 Conshohocken, PA 19428 P: 610-825-5222 F: 610-825-5156 Phil Azarik • Joe Dougherty • Donna Drew • Steve Gartner • Brian Goodwin • Randy Hope Glenn Marvin • Mike Murray • Steve Niggeman Roy Perez-Daple • Aaron Repucci Metro Commercial - Center City 123 S. Broad St. • Suite 1835 Philadelphia, PA 19109 Michael Gorman • Steve Gartner • Lars Kerstein

Remco Realty Group 1215 Livingston Ave • Suite 2 • North Brunswick, NJ 08902 P: 732-253-0888 F: 732-253-0887 www.remcorealty.net Peter Gallicchio, Owner/President Nicole Zeller - Brian Heller Joseph Marino – Mark DiGiovanni

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

Mid Atlantic Real Estate Journal — Shopping Centers — May 25 - June 7, 2012 — 17A

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18A — May 25 - June 7, 2012 — Mid

Atlantic Real Estate Journal

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People on the Move To board of directors

Havre de Grace Chamber of Commerce elects Gonzalez

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avre de Grace, MD — John B. Gonzalez, P.E., CPSWQ, branch manager of the Havre de Grace office of Landmark Consulting Engineers, Inc., d/b/a LandmarkJCM, has been elected to a t h r e e - y e a r John B. Gonzalez term as a member of the board of directors for the Havre de Grace Chamber of Commerce, and will also be the secretary to the board’s executive committee.

Bruce J. Tease, president of LandmarkJCM, said “LandmarkJCM made a commitment to establishing an office in the area and our commitment extends to the economic growth and vitality of the City.” He also noted that he is “quite pleased to see that the City has recognized John’s personal commitment to the economic success of the City

of Havre de Grace and proud to see John giving back to the community.”

Gonzalez is also serving his first term on the City’s Economic Development Advisory Board, chaired by Meghan Simmons, director of the City of Havre de Grace, Office of Economic Development. He says this involvement has allowed him “to be a part of a group of outstanding people with genuine interest in promoting economic development in Havre de Grace.”

Gonzalez believes this area of Harford County is primed for economic growth which will have a positive impact on the City. He remarked that “the projects LandmarkJCM works on deal with issues which we, as business leaders in our community, feel will impact that economic growth. These issues need to be handled in a manner which promotes positive economic growth for all business owners.”

Gonzalez, has been a Maryland professional engineer

for 13 years and has over 24 years of extensive site design and project management experience in Harford, Cecil and 10 other Maryland counties, the Towns of Elkton, Bel Air, Perryville and the City of Aberdeen. Recent successful projects include the Cecil College Physical Education building expansion, Perryville Library, Shelter Development assisted living, and numerous Wawa, Exxon Mobil, Auto Zone sites, and natural gas pipelines for Elkton Gas and Eastern Shore Natural Gas. Gonzalez is responsible for managing the site design, stormwater management facilities, road and utilities design and site grading and drainage for commercial, industrial, recreational, institutional, residential development and utility projects located in Maryland. He resides in nearby Cecil County with his family.

He and his wife, Kathleen, are small business owners of the Elk Neck Veterinary Clinic, located in North East. n

CCIM Inst. designates NAI Emory Hill’s Morrison Wilmington, DE — Dave Morrison, of NAI Emory Hill has been designated a CCIM (Certified Commercial Investment Member) by t h e CCI M Institute.

A CCIM is a recognized Dave Morrison

expert in the commercial and investment real estate industry who successfully completes a designation process that ensures proficiency not only in theory, but also in practice. The elite designation is awarded to those who have successfully completed an intense curriculum, a portfolio demonstrating their depth of commercial real estate experience and a comprehensive

examination.

CCIMs are part of a global commercial real estate network with members across North America and in more than 30 countries. This professional network has enabled CCIM members to close thousands of transactions annually, representing more than $200 billion in value. n

Reznick Group holds 6th Annual Community Outreach Day B a lt i mo r e , M D — Reznick Group announced that more than 150 employees from the Baltimore office volunteered their time during Reznick Group’s 6th Annual Community Outreach Day. Held on May 11, 2012, participants were involved in seven different volunteer events around the greater Baltimore area. Employees assisted those less fortunate, participated in cleanup activities, and helped care for animals, among other philanthropic activities.

Reznick Group employees chose this year’s list of service activities based on their individual interests and philanthropic goals. They joined forces with the following nonprofit organizations for the

Pennsylvaniaconstructionlawyers.com

Kaplin Stewart launches construction law blog Blue Bell, PA — As a progressive law firm, Kaplin Stewart takes pride in offering our clients sound legal advice, practical solutions and value for their dollars.

We are excited to include another value added service to our repertoire: pennsylvaniaconstructionlawyer.com.

This construction law blog is

designed to discuss all things construction. We hope you will check it regularly for legal insight, industry observations, and much more. We also encourage you to subscribe to it, share it with your friends and colleagues, and engage in the conversation by posting comments to the various posts. n

MGKF’s Manko receives Civic Leadership Award Philadelphia, PA — Manko, Gold, Katcher & Fox founding partner Joseph M. Manko received the Civic Leadership Award at the Fifth Annual Centennial Celebration of the Fairmount Park Conser- Joseph M. Manko vancy at The Horticulture Center in West Fairmount Park.

Manko was recognized for his commitment and dedication to preserving and enhancing the Fairmount Park system and open spaces throughout the Philadelphia region.

John Binswanger, board chair and founder of the Conservancy, was thrilled to present this award to Manko. He said, “Through his service as Fairmount Park Commissioner and currently as a member of the board of directors of the Fairmount Park Conservancy, Joe’s unwavering commitment to engaging and connecting stakeholders and partners around sustainable development and the environment has been an invaluable asset to the Conservancy and the City itself.”

T h r o u g h o u t h i s c a r e e r,

Manko has held many leadership positions in the region and Commonwealth of Pennsylvania. Currently he cochairs the Mayor’s Sustainability Advisory Board for the City of Philadelphia, and since 2003, he has been the Governor’s designee to chair the board of directors of the Pennsylvania Infrastructure Investment Authority (PENNVEST). He is also serving as an Advisory Committee member for the Liberty Housing Development Corp. He serves as a master emeritus of the Delaware Valley Environmental Inn of Court, served two terms as a member of the board of directors of the Pennsylvania Bar Institute, and serves as a member of the Pennsylvania Environmental Hearing Board Rules committee. Manko was appointed by the Montgomery County Board of Commissioners to serve on the County’s Task Force on the Reduction of Greenhouse Gas Emissions. His longest position was to serve as Commissioner to Lower Merion Township for 27 years until his retirement in 2006, making him the Twp.’s longest serving elected official.

In 2007, he had an appointment

by Governor Tom Ridge to serve on PA’s 21st Century Environment Commission. n

NJ IFMA presents GSH Group with award

Reznick Group employees gather after a day spent volunteering with the Back River Restoration Committee. office’s annual event: • Back River Restoration Committee • Cylburn Arboretum • Maryland SPCA • Meals on Wheels of Central Maryland • PACT: Helping Children With Special Needs • Parks and People Founda-

tions • Real Food Farm “Reznick Group has a very impressive group of employees in the Baltimore office who are extremely committed to giving back to the community,” said Bill Riley, principal in Reznick Group’s Baltimore office. n

Pine Brook, NJ — GSH Group, Inc. received an award for energy efficiency at New Jersey International Facility Management Association’s (NJ IFMA) First Annual Awards Banquet and Networking Gala held on Wednesday, May 9, 2012 at the Palace in Somerset. The award is to honor the professional members of NJ IFMA that displayed improvements in facilities by reducing energy and conserving resources.

GSH received the Energy Award for their service at Pla-

za Nine, which is a 115,000 s/f office building located in Woodbridge. GSH provides its energyplus, energy management program to the facility.

As a result, GSH has lowered Plaza Nine’s energy usage through several activities and investments including regular monitoring and various mechanical projects. Some of the energy conservation measures included lighting upgrades, installation of sensors and VFDs, as well as a daily monitoring and adjustment program to ensure sustainable savings. n

GREEN BUILDINGS NJPA Mid Atlantic Real Estate Journal — Green Buildings — May 25 - June 7, 2012 — 19A

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Region continues its mission to deliver measurable energy savings to tenants

Liberty Property Trust receives Energy Star Certification at 6 North Park Dr. in Hunt Valley

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UNT VALLEY, MD — Liberty Property Trust has added Energy Star certification at a seventh building in its Maryland region. The class A office building is located at 6 North Park Drive within the North Park Business Community in Hunt Valley.

“Our Energy Star buildings are offering proven savings directly to our tenants – they can see the impact on their energy bills and it is very meaningful to them,” said Lisa Sullivan, vice president and city manager, Liberty Property Trust.

“Our efforts are helping to both retain existing tenants and attract new ones because we show a consistent willingness to find creative ways to reduce energy through partnerships with our tenants. This is a program that will only become more valuable in the coming years.”

During the last year, Liberty focused on closely monitoring the Building Wide Area Network (BWAN), which provides the company with real time information on the building

6 North Park Dr. systems and allows Liberty to run the systems more efficiently. Light control sensors were added to all stairwells and common areas and lighting was upgraded to LED on all exterior wall pack fixtures and bollards.

In March, Liberty was named a 2012 ENERGY STAR Partner by the U.S. Environmental

Protection Agency for strategically managing and improving the energy efficiency of its entire office and industrial building portfolio. The Maryland Region has significantly contributed to the company’s sustainability efforts by certifying or recertifying seven Energy Star buildings in the market during the last year.

In December of 2011, 9770 Patuxent Woods Drive in Columbia received Energy Star certification. In addition, during September of 2011, five buildings in the Liberty Maryland portfolio were re-certified Energy Star, including: 4 North Park Drive (North Park Business Community) and 307 International Circle

(Longview Business Center,) both in Hunt Valley, and 6220 and 6230 Old Dobbin Lane (Columbia Crossing) and 9755 Patuxent Woods Drive (Patuxent Woods Business Center) in Columbia.

Across the nation, Liberty has received Energy Star certification for 91 buildings in 15 regions from Philadelphia to Florida, Illinois to Arizona.

Buildings are measured on a points system that considers energy use, location, size, weather patterns and several operating characteristics.

Those that receive a score of 75 points or more (out of 100) are honored with the designation.

Energy Star was introduced in 1992 as a voluntary, market-based partnership to reduce air pollution through increased energy efficiency.

Today, in partnership with the Department of Energy, the program offers businesses and consumers efficient solutions to save energy, money and help protect the environment for future generations. More than 17,000 organizations have become Energy Star partners. ■

Avidan Management launches 2.2-MW solar power project installation at 180 Raritan Center Parkway in Edison, NJ EDISON, NJ — Avidan Management announced a largescale solar power project at 180 Raritan Center Parkway, a 350,000 s/f dry and freezer storage facility.

The firm has commenced the installation of a 2.2-megawatt solar electrical system that, over its lifespan, will reduce carbon emissions by 48,573 tons, and will service more 90 percent of the facility’s power needs. The energy savings produced by the system will be equivalent to planting more than 1.9 million trees. Looking at it another way, the solar production that will be generated by the system will be enough energy to power more than 235 homes.

Expected to be complete by May 31, the installation is part of PSE&G’s Solar Loan

180 Raritan Center Parkway Program, which makes solar energy systems accessible to building and facility owners in PSE&G’s electric service territory. The program is designed to encourage the development and installation of clean, renewable energy technologies

throughout New Jersey.

“This installation is the next step in our firm’s commitment to responsible business practices, namely increasing the energy efficiency of our properties,” said Avi Avidan, managing member of Avidan

Management. “We believe this intensive improvement project will reap tremendous benefits for the current and future tenant base while also helping to achieve the state’s goal of becoming a leader in the arena of renewable energy.”

In addition to the solar installation, Avidan recently completed a number of other upgrades at 180 Raritan Center Parkway including reinsulating refrigeration piping, repainting the building’s exterior, replacing dolly pads for the warehouse and retrofitting the lobby with LED lighting.

Set on 16 acres, the property has up to 28,800 s/f allocated for office space and features reinforced concrete floors, 24-foot to 18-foot clear ceiling heights, 24 exterior doors with dock levelers and ample on-site

parking.

Largely used by companies involved in the storage of dry and frozen foods, the building’s tenant roster includes Cross Docks Solutions, LLC, Broadrange Technologies and Prima Group, Inc. This project is the second solar installation for which Avidan has partnered with PSE&G. Last year, the company completed a 4.26-megawatt solar electric system at 145 Talmadge Road, a refrigerated distribution facility in Edison, N.J. Consisting of 17,745 solar panels, the system was the largest rooftop-mounted solar panel installation to have been completed in the entire country at the time. In the first month after installation, the system reduced electrical costs by 70 percent at the building. ■

20A — May 25 - June 7, 2012 — Green Buildings — Mid

Atlantic Real Estate Journal

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GREEN BUILDINGS Creating the perfect environment

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325,000 s/f state of the art headquarters in Morristown, NJ

Gensler designs progressive & green workplace for BASF

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ORRISTOWN, NJ — BASF unveiled its new North American headquarters on May 4th at The Green at Florham Park. The 325,000 s/f, state of the art corporate headquarters will house 1,400 employees. BASF engaged Gensler to design a progressive and sustainable workplace environment that reflects the BASF vision, brand and culture. Gensler worked collaboratively with developer, The Rockefeller Group and base building architect, KPF to bring BASF’s sustainable vision to life.

With BASF’s dual LEED targets, LEED Platinum for the building design and the interiors the headquarters is expected to be one of the greenest buildings in New Jersey.

Gensler partnered with BASF to design a space that would enrich the employee experience through a highly collaborative and flexible interior workplace design concept that “creates chemistry through connections.” Connections between employees are enabled through 90% open space neighborhoods, use of glass for a more transparent environment, and sweeping, intercommunicat-

BASF HQ interior renderings ing stairs to connect departIn order to target LEED ments between floors. The Platinum certification, the company’s brand, sustainable interiors incorporate energy mission, and business goals conserving strategies includare reinforced in the space, ing interior lighting designed with BASF messages and im- at less than .7 watts per s/f, ages weaved throughout the daylight harvesting, private workplace. Meeting spaces, offices outfitted with sensors collaborative areas, closed to further eliminate lights confidential rooms, and ame- activating when unoccupied, nities are designed so that and an under floor air distriemployees can enjoy access bution system which provides to daylight from around the employee climate control and energy savings. ■ office.

Ray Angelini, Inc. is a complete Turnkey Solar Solutions Provider Commercial Solar Design Build and Maintenance, General Construction, Electrical Contracting, and Power Systems Testing www.raiservices.com Headquarters 105 Blackwood – Barnsboro Rd, Sewell, NJ Tel: 856.228.5566 Delaware Office 243 Quigley Blvd, Ste K, New Castle, DE Tel: 302.325.2001

Mid Atlantic Real Estate Journal — Green Buildings — May 25 - June 7, 2012 — 21A

www.marejournal.com

GREEN BUILDINGS Processed into marketable products

Bayshore: The green solution to construction material disposal ayshore Recycling Corp. was developed over the past 20 years by Valerie and Frank Montecalvo who have successfully been maintaining a profitable operation at a time when the economy faces many challenges. Bayshore and its affiliated companies operate six separate recycling companies within its 52-acre Eco-Complex and Energy Park.

Renewable energy is also at the center of the company’s Business Plan with the 2008 installation of a 679 kilowatt (9,365 panels) rooftop solar energy system that assists in powering operations.

Bayshore also plans to add wind and biomass to energy technology and use the energy produced to complete its corporate vision to operate 100 percent green businesses powered by 100 percent renewable energy. The following briefly summarizes the Bayshore Family of Companies and their capabilities: • Bayshore Recycling Corp.: Bayshore accepts up to 2,500 tons per day (TPD) of concrete, asphalt, brick or block and glass cullet. The company basically recycles bridges, highways, roads, driveways, parking lots, etc. and manufactures specific grade aggregate products for new road and other construction projects like the New Jersey Turnpike widening; • Bayshore Soil Management, LLC (BSM): BSM can accept up to 3,000 TPD of nonhazardous petroleum contaminated soils and operates a low temperature thermal desorption unit. This company operates a rotary kiln technology to treat and essentially sterilize petroleum contaminated soils and then reuses this material in Brownfield Redevelopment and other beneficial use projects; • Montecalvo Material Recovery Facility (MMRF): This state-of-the-art 1,000 TPD facility accepts mixed construction & demolition debris – bulky waste Type 13 and Type 13C. Through a combination of mechanized material recovery, with meticulous up front removal before processing of any materials of concern, MMRF, on average, recovers 83 percent of this material for recycling.

Paper, mixed plastic corrugated cardboard, ferrous and continued on page 24A

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22A — May 25 - June 7, 2012 — Green Buildings — Mid

Atlantic Real Estate Journal

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GREEN BUILDINGS Installed on 41,500 in Hamilton, NJ

Solis Partners installs 198-kilowatt rooftop solar PV system on Princetel’s manufacturing facility

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AMILTON, NJ — Solis Partners has completed an installation of a 198-kilowatt rooftop solar photovoltaic (PV) system at Princetel, a fiber-optic rotary joint manufacturer based in Hamilton.

The system was designed, engineered and constructed by Manasquan based Solis Partners and installed on Princetel’s 41,500 s/f facility at 2560 East State St., where the company produces fiber-optic rotary joints and allied products. Fiber-optic rotary joints (FORJs) are key coupling devices in

Solis Partners, based in Manasquan, NJ, recently completed the installation of a 198-kilowatt rooftop solar photovoltaic system on Princetel’s 41,500 s/f fiber-optic rotary joint manufacturing facility in Hamilton, NJ

winches, robotic vehicles, wind turbines, satellite antennas, high-definition broadcasting systems, medical imaging systems and submarines.

“We’re thrilled to announce the completion of Princetel’s rooftop solar PV system,” said Jamie Hahn, co-founder and managing director of Solis Partners. “The system not only

serves a hedge against New Jersey’s increasing electricity costs, providing a competitive edge in an otherwise tough economy; but it’s also an extension of Princetel’s efforts to integrate sustainability into the company’s corporate DNA wherever possible.”

The Princetel system consists of 932 solar panels, which are

expected to produce approximately 223,182 kilowatt-hours of electricity in the first year of operation. This equates to the reduction of more than 339,284 pounds of CO2 emissions, which is the equivalent of offsetting the power demand of 19 residential homes or removing 30 cars from the road each year.

Princetel purchased the property in 2010, which the Environmental Protection Agency (EPA) categorized as a brownfield . The company undertook major site remediation during which soil from the 3.2-acre lot was removed and replaced, including the soil from underneath the building.

“Implementation of sustainable practices and products wherever possible is fundamental to the culture at Princetel,” said Barry Zhang, CEO of Princetel. “Our stakeholders recognize our commitment to environmental stewardship and we are excited to highlight this solar project as a natural extension of it. Beyond the environmental benefits, we firmly believe the sustainable projects that we have undertaken make sound business sense.”

Following the brownfield remediation, Princetel made significant upgrades to the building, for which it is now seeking Leader in Energy and Environmental Design or LEED “Gold” accreditation, a recognition awarded by the U.S. Green Building Council for the design, construction and operation of high performance green buildings.

LEED initiatives included installing new floors made with 100 percent recycled material; a 10,000-gallon rainwater harvesting system that accumulates and stores rainwater for uses such as flushing toilets and irrigation; and an energyefficient air conditioning system. Princetel also has plans for a second phase of retrofits, which will include the installation of electric vehicle charging stations.

“Running a successful business doesn’t mean you have to ruin the environment,” said Zhang. “Rather, it has given me a platform to help it. Thinking holistically about our environmental impact is woven into the fabric of our company values and has created a culture for our employees. This has resulted in a happy, engaged and more productive team.” ■

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Mid Atlantic Real Estate Journal — Green Buildings — May 25 - June 7, 2012 — 23A

GREEN BUILDINGS

24A — May 25 - June 7, 2012 — Green Buildings — Mid

Atlantic Real Estate Journal

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GREEN BUILDINGS Installations were made possible through “community solar”

GeoGenix announces 20 solar projects in Burlington County, New Jersey

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URLINGTON COUNTY, NJ — GeoGenix, a residential and commercial solar installations in the mid-Atlantic region, has announced that it has signed 20 new contracts to install rooftop residential solar systems at Four Seasons at Mapleton, an age-restricted single-family development in the Burlington County.

GeoGenix started installing residential systems at Four Seasons at Mapleton in 2007. Including the 20 new contracts, GeoGenix has -- or will have -- installed solar systems on 40 of the 428 homes in the community -- or roughly 10 percent. The installations were made possible through “community solar,” a concept that allows residents to band together to purchase solar for their individual homes at a discount.

“We’re thrilled to announce 20 new projects at Four Seasons at Mapleton,” said Gaurav Naik, principal of Old Bridge, N.J.-based GeoGenix. “Homeowners hear their neighbors talking about the benefits of solar and they want to join in. The savings on electricity, coupled with an appealing price made possible through state and federal subsidies and the ‘community solar’ approach, has solar spreading like wildfire.”

At the state level, the systems generate Solar Renewable Energy Certificates (SRECs), a financial incentive representing the environmental benefits of solar, each of which is the equivalent of 1,000 kilowatthours of electricity. SRECs, which are generated for the first 15 years of a system’s life, are purchased by utilities from solar producers in order to meet a state-mandated requirement for solar electricity.

At the federal level, system owners receive a 30 percent tax credit for the full cost of the system within the first year.

Many of the homeowners funded their systems through the New Jersey utility Public Service Electric & Gas’ (PSE&G) solar loan program.

The loan is being repaid with the SRECs that the system generates.

Taking state and federal subsidies and the upfront

New program aims to increase energy efficiency of buildings TRENTON, NJ — In support of the Christie Administration’s commitment to a greener and more affordable use, management and development of energy in the state, the New Jersey Economic Development Authority (EDA) and the New Jersey Board of Public Utilities (BPU) today launched the Large Scale Combined Heat and Power (CHP)/Fuel Cell Program. This competitive grant program was created to support CHP and standalone fuel cell projects serving commercial, institutional and industrial customers in New Jersey.

“Promoting and advancing a more sustainable New Jersey is a top priority of the Christie Administration, and this new program will help to increase energy efficiency for businesses and reduce energy costs for all New Jersey consumers,” said EDA CEO Caren Franzini.

The program is available to support CHP or standalone fuel cell projects with an electric

generating capacity of greater than one megawatt (MW). New Jersey-based government (federal, state or local), commercial, institutional or industrial entities advancing these projects are eligible. Applications for the program must be submitted prior to the closing of the competitive solicitation, which runs from April 25, 2012 through June 25, 2012 at 5:00 p.m.

“The 2011 Energy Master Plan supports the expansion of Distributed Generation and Combined Heat and Power resources to commercial and industrial facilities,” said NJ Board of Public Utilities President Bob Hanna. “Such expansion will further the objectives of the Christie Administration by driving down energy costs, which will make New Jersey businesses more competitive, and by increasing the use of cleaner fuels which will improve the environment.”

To be eligible, CHP systems greater than one MW with

waste heat utilization must achieve annual system efficiency of at least 65 percent; fuel cell projects greater than one MW without heat recovery must achieve annual system efficiency of at least 45 percent.

CHP and fuel cell system warranties must be all-inclusive for at least five years. Additionally, businesses should create or maintain jobs in New Jersey.

Grants under the program will be awarded under a tiered incentive structure based on the system size and amount of electricity that the CHP or fuel cell project generates, with a maximum award of $3 million per project. Total state and/or federal funding cannot exceed 50 percent of the total project cost. Funding can be used for project-specific, fixed asset purchases. New installations are eligible, as are expansions of existing facilities with new equipment. New equipment must be commercially available and permanently installed. ■

check from the PSE&G loan program into consideration, the average payback for a residential system is dramatically reduced. Since the lifespan is typically 30 years, this means

that homeowners will generate free electricity for another 20 plus years after the system has paid for itself.

On average, the systems at Four Seasons offset 85 percent of the homes’ energy consumption. The total wattage of all the systems that will be installed is about 140 kilowatts, bringing the total wattage of systems to 280 kilowatts. This equates to the reduction of about 428,000 pounds of CO2 emissions per year, which is the equivalent of offsetting the power demand of 48 homes for one year, planting 5,030 trees or removing 36 cars from the road annually.

The receptiveness to solar has changed dramatically from 2007, when GeoGenix sought to install the first solar systems at Four Seasons. At that time, GeoGenix joined with homeowners interested in installing solar to challenge a decision by the homeowners association to prohibit solar. That challenge resulted in a state law -- believed to be the nation’s first -- that prohibits homeowners associations from outlawing solar. ■

Bayshore: The green solution to . . . continued from page 21A non-ferrous metals, aggregate materials and different grades of wood are recovered, recycled or otherwise repurposed. Clean lumber is marketed for landscape mulch. Painted wood is mixed with the small fraction of paper, corrugated and plastics and blended to manufacture an engineered biofuel which is used at industrial facilities as a fuel source; • Coastal Metal Recycling Corp: Yet another of the Bayshore family of companies, Coastal Metals accepts and recycles traditional scrap metal, copper, brass, pipe, aluminum, stainless, wire and steel; • Dredge Material Processing: Bayshore also operates under NJDEP approvals for dredged material storage and handling on the Raritan River. The company recently submitted a permit application to allow both in-barge and pug mill stabilization of dredge material with marketing of stabilized material for beneficial use projects such as Brownfield Redevelopment; • Consumer Electronics: In February 2011, Bayshore was approved for the acceptance of consumer electronics equipment for recycling, in-

cluding: computers (desktops and laptops), monitors, scanners, modems, printers, cables, keyboards, televisions and telephones.

• Class-A Recycling Facility: In December 2010, Bayshore was approved to add a 1,000 TPD class A recycling facility. The class-A operation will accept all materials placed curbside by homeowners, businesses and institutions: aluminum cans; glass bottles and jars; steel and tin cans; plastic milk, water, soda and laundry bottles; newspaper; corrugated cardboard; textiles; and mixed paper (magazines, office paper, junk mail). Bayshore hopes to initiate start-up operations of the Class-A facility in 2012.

• Future Projects: Beyond existing or planned operations, the focus is upon innovative technologies which will use feedstock already processed/ generated/permitted at Bayshore. Examples of technologies currently under review include: plastics to energy pyrolysis, food waste fermentation, anaerobic digestion of organic materials to produce heat and energy, tires to fuel technology and various forms of biomass to energy/fuel through gasification. ■

OWNERS, DEVELOPERS & MANAGERS Mid Atlantic Real Estate Journal — May 25 - June 7, 2012 — 25A

www.marejournal.com

Budgeted at $11,755,515 and due for completion this year

Carl Walker Construction launches three garage projects in Western PA and West VA

P

ITTSBURGH, PA —Carl Walker Construction, Inc. (CWC), specialists in parking garage construction, design and restoration, has kicked off the 2012 spring construction season with three major Len Tsupros garage projects, all due for completion this year.

Now underway is the design/build garage for Marshall University in Huntingdon, W. Va.; the total restoration of a center-city garage in Latrobe, Pa.; and complete preventive restoration and repair of the UPMC Mercy Hospital garage in Pittsburgh.

The Marshall University structure, according to CWC president Len Tsupros, is budgeted at $6,775,000 and due for completion in August. With a start date of Feb. 1, 2012, he said, the schedule is “one of our more aggressive efforts. So far, we’re focused on keeping everything running smoothly so we can get the campus parking situation up to speed before school is back in session this fall.”

Marshall University in Huntingdon, W. VA At 145,000 s/f, the six-story Marshall structure will fit 415 parking spaces into the footprint of a former 50-space surface lot. The pre-stressed precast concrete garage will include two glass elevator/stair towers, and is designed to accommodate future expansion to the north of the site.

In western Pennsylvania,

CWC VP Joseph White is managing another design/build project, the rehabilitation of Latrobe’s sole downtown parking garage budgeted at $2,197,745. In February, 2012 CWC subcontractors began demolition of 46,000 s/f about 60 percent of the structure’s 82,000 s/f supported deck.

The project engineer is CWC

design-build expert Charles Churches.

After installing new rebar and re-pouring the deck on all four levels, crews will repaint the structural steel, coat all deck surfaces and replace the existing elevator and stair tower. The Latrobe project’s scope also includes replacement of all plumbing and lighting

and a complete new sign package. According to White, the target date for completion is mid-August 2012.

Meanwhile, in Pittsburgh, an 8-story garage serving UPMC Mercy Hospital is undergoing a top-to-bottom preventive-maintenance restoration budgeted at $2,782,770. While working on the garage, the goal is to make sure that there is enough parking for visitors. The ongoing project leaves about two thirds of the structure’s 600 spaces available for parking on any given day. “We’re re-routing traffic inside, making sure that hospital visitors always have someplace to park,” said White.

While the 260,000 s/f 1970sera garage has been well maintained, White said, “Cleaning and painting the steel and recoating the concrete, before major repairs are necessary, is saving them money in the long run.” CWC’s tasks include repainting all structural steel and some other surfaces, deckcoating and minor concrete and masonry repairs, replacement of roof-deck guard rails, and new railings and paint in the building’s stair towers. The target date for completion is this December 2012. ■

Investment market offers strong occupancies and proximity to NYC

Gebroe-Hammer Associates arranges sale of 13 fully renovated multi-family units in Cliffside Park, NJ CLIFFSIDE PARK, NJ — Gebroe-Hammer Associates has brokered the $1.625 million sale of a three-story multi-family property at 344 Gorge Rd. The brokerage team, representing t h e s e l l e r, 3 4 4 G o r g e David Oropeza Road LLC, and procuring the buyer, a long-time client of the firm, included executive vice president David Oropeza and sales associates Debbie

Pomerantz and Nicholas Nicolaou.

“This garden-style apartment complex benefits from an excellent location,” said Oropeza. “It is convenient to schools, shopping and transportation. In addition, the interiors have all been completely renovated, resulting in attractive rental units that are competitively priced.”

Amenities include on-site laundry facilities, parking and central air conditioning. The property is comprised of 11 one-bedroom apartments and

two two-bedroom units. Six of the units also have balconies.

According to Pomerantz, average rents for the area range from $1,100 for a one-bedroom to $1,250 for a two-bedroom unit.

Located in southeastern Bergen County on the Hudson River, Cliffside Park is conveniently situated between the George Washington Bridge and the Lincoln Tunnel. The town is favored by New York City commuters who value the immediate availability of mass transit links, including bus, rail and ferry service.

Numerous shops and diverse restaurants add to the appeal of Cliffside Park’s downtown area.

“The rental market throughout Northern New Jersey is extremely strong, due to the rising rents in New York City, where tenants are priced out of that multi-family market, and a willingness among commuters to pay the asking rents in Bergen, Passaic, Hudson and Essex counties in order to have easy access to Manhattan,” said Nicolaou.

During 1Q’12, Gebroe-

Hammer orchestrated several transactions in Bergen County. Highlights include the trades of Phelps-Ivy, a three-story, 14-unit complex in Englewood, and the sale of 39 units at 30 Euclid Ave., a four-story Hackensack property, which sold for the per-unit price of $118,000 at a 5.75 percent cap rate.

Legal counsel for the Gorge Road sale was provided by J. Alvaro, Esq., of Alonso & Navarrette of North Bergen and Mark Sokolich, Esq., in Fort Lee, on behalf of the seller and buyer, respectively. ■

26A — May 25 - June 7, 2012 — Owners, Developers & Managers — Mid

Atlantic Real Estate Journal

www.marejournal.com

OWNERS, DEVELOPERS & MANAGERS Keep an Even Keel Whitesell designs, builds and maintains its commercial spaces. Each tenant is unique — we work closely with our clients to achieve a balance of economy, function and aesthetic appeal. Over 90 buildings and 9 million square feet owned and managed in the Delaware Valley set Whitesell apart from its competition.

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Quality Endures Laurel Corporate Center Mt. Laurel, New Jersey

By J. Glenn Ebersole, Jr., P.E., Hollenbach Const.

The importance & awesome power of project management

W

hy is project management important and what awesome power exists with project management in today’s business environment?

The first reasons that come to my mind about Glenn Ebersole why project management is important (based upon more than 35 years of personal project management experience), are tighter budgets, diminishing resources, more and more

time constraints, and competition to improve the ways we do business.

The awesome power of project management makes it possible to focus on priorities, track and measure performance, overcome challenges and problems, become flexible enough to adapt to change and achieve higher performance and a higher probability of success in each project.

What do we mean by project management? Project management is a discipline and a process. It is a set of tools and techniques that define a project’s goals, plan all work to

reach the goal, lead the project and support teams, monitor progress and optimize the use of resources (time, people, money, etc.) in order to reach and exceed the customer’s expectations from that project.

What is special about project managers? Project managers need to be very skilled in the management of communications, human resources, procurement, quality, time, cost, documentation, systems integration, etc.

Project management is very important in today’s business environment when one considers the consequences of the absence of good project management or when project management is poorly applied to projects. Here are some of the consequences that can be experienced with the lack of or poor project management: missed deadlines, cost overruns, poor workmanship, conflicts among team members, redoing work to correct errors, unclear directions for the project, continuous changes in project scope, forgotten key tasks, poor morale of team, duplication of effort, etc.

Because of these potential consequences, project management is critical to a project’s success.

Effective project management will help: meet or exceed customer expectations, maximize the use of your resources (time, people, money, space, etc.), bring the project to a successful conclusion on time and within budget, document what was done for any need of future reference, and build confidence in your team for future projects.

Glenn Ebersole is director of strategic business development and a member of the strategic leadership team at Hollenbach Construction, Inc. in Boyertown, PA. ■

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MARLTON, NJ — Hill International has received a contract from the U.S. Department of State to provide worldwide cost estimating services.

Hill’s contract will provide the State Department with professional services including cost estimating for facility and infrastructure assessments, planning studies, requirement analyses, risk assessments and life-cycle costing. ■

Mid Atlantic Real Estate Journal — Owners, Developers & Managers — May 25 - June 7, 2012 — 27A

www.marejournal.com

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28A — May 25 - June 7, 2012 — Owners, Developers & Managers — Mid

GENERAL CONSTRUCTION

Atlantic Real Estate Journal

www.marejournal.com

OWNERS, DEVELOPERS & MANAGERS

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The senior care marketplace is constantly evolving

E

asier to Forecast than the Weather: Today, the “Baby Boomers” are taking care of their aging parents themselves, or arranging for “in home care” from outside providers.

Richard B. Many are St. Maur III carefully placing their 85 year old parents in assisted living facilities. Our aging population continues to grow and will soon explode with 78.2 million “Baby Boomers” beginning to retire this year. This sharply increased need, that will continue to grow for the next thirty years, will result in an extraordinary challenge to “get it right”, before our society is inundated with senior citizens, all needing some level of care and assistance.

Pitfalls to be Avoided: When any market experiences a sharply increased need, as the one forecasted for senior care, inexperienced newcom-

ers are attracted by the opportunity to make money.

One of the problems that this scenario creates is this: when the minimum required, is the maximum provided, the result is mediocrity. No one wants to place their loved one in a mediocre facility. Here is an example to illustrate this problem: when hurricane Andrew hit Florida in 1992, there was an instant need for more building contractors than those existing at that time.

So, everyone who could swing a hammer, became a “General Contractor” overnight!

The quality of construction was so poor that the State was forced to write a new, much more stringent building code, and institute a three day series of tests in order for anyone to qualify for a Florida state license. Hind sight is 20/20. Let this not happen in the senior care industry.

The Challenges: The experienced professionals in this field of Senior Care, must take leadership roles, now, to improve the systems being used to communicate the best

practices of design, construction, care-giving programs and management, to all of the members of the team responsible for the best possible outcome. These leaders must be aware that the needs and wants of these senior residents will constantly be evolving.

Medicine and technology are constantly improving. Philosophies and methods of care continue to develop. These leaders must be proactive in managing and implementing these changes, as well as keeping an ear to the ground to follow the next generation of improvements that will begin to sprout.

Better care, provided in improved facilities, at lower costs, should be the constant, main goal, relentlessly pursued. It is imperative that one always goes the extra mile to exceed expectations, in order to succeed. Success, in this case, can be defined as: the progressive realization of pre-determined, worthwhile goals.

The Rewards: You cancontinued on page 35A

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OWNERS, DEVELOPERS & MANAGERS SPOTLIGHT CONTRACTORS/SUBCONTRACTORS Mid Atlantic Real Estate Journal — Owners, Developers & Managers — May 25 - June 7, 2012 — 29A

www.marejournal.com

74 chapters representing 22,000 merit shop firms

The construction industry environment

There is no better time to join an ABC Chapter

ASA: the united voice dedicated to improving

A

ssociated Builders and Contractors (ABC) is a national association with 74 chapters representing 22,000 merit shop construction and construction-related firms with nearly two million employees. ABC’s membership represents all specialties within the U.S. construction industry and is comprised primarily of firms that perform work in the industrial and commercial sectors of the industry.

ABC is the construction industry’s voice with the legislative, executive and judicial branches of the federal government and with state and local governments, as well as with the news media.

ABC’s mission is the advancement of the merit shop construction philosophy, which encourages open competition and a free-enterprise approach that awards contracts based solely on merit, regardless of labor affiliation.

Through its national office and chapters, ABC’s objective is to provide its members with an organization to deal with issues on an industry-wide basis.

ABC’s activities include government representation, legal advocacy, education, workforce development, communications, technology, recognition through national and chapter awards programs, employee benefits, information on best practices

and business development through an online contractor search directory.

ABC was founded in 1950 when seven contractors gathered in Baltimore, MD to create an association based on the shared belief that construction projects should be awarded on merit to the most qualified and responsible low bidders. Their courage and dedication to the merit shop philosophy spread rapidly, and within time, ABC became the fastest-growing association in the United States.

Today, ABC is recognized as one of the leading organizations representing America’s business community and the merit shop construction industry.

ABC of New Jersey www.abcnjc.org ABC education programs at no cost to your company You can have your NJ employees trained, at no charge to your company, in computers, mathematics, verbal and written communications and English as a second language.

The NJ ABC is utilizing training resources provided

by the New Jersey Community College Consortium for Workforce and Economic Development. Community Colleges across the state have programs available with NO COST TO YOUR COMPANY .

In order to participate in these courses, you must be a New Jersey based employer, and only full time NJ employees

can attend the training.

The courses are NO COST TO YOUR COMPANY, however, the employer must pay the employee to attend. The NJ Department of Labor and Workforce Development tracks training using social security numbers – SSN’s must be provided.

ABC of Eastern PA www.abceastpa.org The Eastern Pennsylvania Chapter of ABC represents more than 500 members and is one of the leading chapters in the country. Our members are located in Philadelphia, Bucks, Montgomery, Chester, Delaware, Lehigh, Northamp-

ton, Carbon, Monroe, Luzerne, Pike, Wyoming, Lackawanna, Wayne, and Susquehanna Counties. Schuylkill and Berks Counties are shared with the ABC Keystone Chapter. We believe construction contracts should be awarded to the lowest responsible bidder.

We help our members grow by ensuring that merit contractors can compete freely and openly in the marketplace.

Through our efforts we hope to help our members build better companies and build better lives.

ABC of Central PA The Central Pennsylvania Chapter offers our members many opportunities to promote their services: Business referral through the Chapter and other members.

The Chapter’s User’s Guide published and distributed on an annual basis.

Varied opportunities for networking at: • Dinner and Committee Meet-

www.abccentralpa.org ings • Seminars and Workshops • Various Social Events.

• Legislation-Government Relations ABC maintains a visible presence at all levels of government.

ABC’s National Government Regulations department monitors legislation and regulations in Washington, D.C., alerting

ABC members of matters that impact their businesses and the construction industry as a whole. ABC members give testimony and lobby for legislation and regulations that affect the Merit Shop Philosophy. Our National Legislative Conference gathers ABC members from all parts of the country to carry our message to Capitol Hill.

ASA Vision: The American Subcontractors Association is recognized as the united voice dedicated to improving the business environment in the construction industry.

The American Subcontractors Association amplifies the

voice of and leads trade contractors to improve the business environment for the construction industry and to serve as a steward for the community.

ASA Values: The ideals and beliefs of ASA are ethical and equitable business practices, quality construction, a safe and healthy work environment, integrity and membership diversity.

ASA of Western PA www.asawpa.org our mission statement and goals, below, which outline the There are numerous ben- many reasons why memberefits to membership in ASA ship in ASA of WPA is enjoyof WPA. We invite you to read able and rewarding.

Why Join ASA?

ASA of Baltimore www.asa-baltimore.com American Subcontractors tion products and equipment.

Association (ASA) of Bal- The other 24% of our memtimore, a non-profit trade bers provided professional association, was established services to the subcontractor.

June 12, 1967 to address the ASA members are both union business problems that affect and non-union contractors subcontractors of all trades. and include all of the specialWe are a chapter of the Ameri- ties, from excavation through can Subcontractors Associa- roofing. We do not concern ourtion, which is headquartered selves with technical matters in Alexandria, VA or labor relations -- we leave As of June, 2010 the Bal- that to the specialty trade timore chapter listed 123 groups. Our emphasis is on companies as members. About helping our members run their 76% of those companies were business more effectively and subcontractors and/or manu- profitably. facturer/suppliers of construc-

NJSA concentrates issues affecting all subcontractors, specialty trade contractors & suppliers www.njsubcontractors.org The New Jersey Subcontractors Association (NJSA), founded in October 1968, is a non-profit, membership, trade association representing subcontractors, specialty trade contractors and suppliers.

NJSA is the only New Jersey construction association that concentrates exclusively on the business issues affecting all subcontractors, specialty trade contractors and suppliers. NJSA emphasizes needed reforms on such issues as prompt payment, retainage, surety bonding, lien rights, bidding practices and entitlement to payment.

NJSA consists of close to 200 individual firm members representing a broad cross section of specialty trade subcontractors throughout New Jersey. NJSA members work in electrical, mechanical, drywall, plaster, steel, masonry, painting, concrete, plumbing, roofing, excavating and nearly every other specialty trade in the construction industry.

Members are also suppliers to the construction industry such as insurance, consulting & materials, - almost every construction industry need is offered through other members.

30A — May 25 - June 7, 2012 — Owners, Managers & Developers — Mid

Atlantic Real Estate Journal

www.marejournal.com

CONTRACTORS/SUBCONTRACTORS Included new storefront entrances, acoustic ceilings, partitions and millwork

River Drive Construction completes interior renovation project for Provident Bank

B

RIDGEWATER, NJ — River Drive Construction completed a renovation project for a new Provident branch in Bridgewater.

River Drive, which served as general contractor, completed an interior fit-out for the 3,070 s/f bank branch at 477 Union Ave. (Route 28).

The fit-out included new storefront entrances, acoustic ceilings, partitions, millwork, porcelain tile, lighting and carpet flooring. Construction began in January 2012.

Provident Bank interior photo credit: DMR Architects.

The new Provident branch, which is located near the intersection of Finderne Avenue and Route 28, opened on April 21. It occupies an end unit of a strip retail center that includes a Supercuts hairstyling salon and the House of Wong Chinese restaurant, as well Dunkin’ Donuts located at an adjacent building. Currently, The Provident Bank is located about a mile east on Union Avenue.

“We’re thrilled to announce the completion of the Bridgewater renovation,” said Jo-

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seph Langan, president of River Drive. “We congratulate Provident on their new facility.”

River Drive has a wealth of experience with interior fit-outs for financial institutions, which includes projects for Equity One, Wachovia Bank and Spencer Savings Bank. In addition to general construction and financial center fit-outs, River Drive provides construction and consulting services to developers, management companies, end users and corporations in New Jersey, New York and Pennsylvania in sectors including science and technology, restaurant and hospitality, institutional, healthcare and retail.

The project was part of a re-branding program that included the renovation of eight branches last year, with eight more expected for 2012. River Drive was recently awarded another Provident fit-out as part of the bank’s redesign of its branch network. This renovation project will be for the Provident Bank branch located in Kearny.

“As part of a re-branding program we wanted all of our banks to appear the same,” said Frank Parzel, first vice president of The Provident Bank. “River Drive Construction, utilizing its expertise in bank renovations, did a terrific job in doing so, all the while keeping on schedule and within budget. We are looking forward to River Drive serving as general contractor for the renovation at our facility in Kearny.”

DMR Architects served as the architect.

Linwood Engineering Associates served as the engineering design firm. LEA is a consulting engineering firm specializing in the design and coordination of heating, venting and air conditioning (HVAC), electrical, plumbing and fire protection building systems for over 25 years.

The subcontractors on the project were New Jersey Business Suppliers, which provided the physical security products; NorthStar Security, which designed and installed the security system; and Technology Systems, which designed and implemented the phone and data technology. ■

Mid Atlantic Real Estate Journal — Owners, Managers & Developers — May 25 - June 7, 2012 — 31A

www.marejournal.com

New Jersey Apartment Association www.njaa.com Education for Leasing Agents:

Designated Striver?

NALP Designation - June 12 & 13, 2012 What’s Your Property’s Biggest Leasing Challenge?

Qualifying prospective residents?

Identifying the prospective resident’s needs and wants?

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Enhance your professional growth in the apartment industry by becoming a National Apartment Leasing Professional (NALP) and take your career to the next level. NALP training helps you lease apartments, satisfy your residents and increase your resident retention.

The National Apartment Association Education Institute (NAAEI) offers this nationally recognized designation to apartment industry professionals who have at least six months of experience and who are looking to advance their career in apartment management.

Register now for NAA’s National Apartment Leasing Professional (NALP) designation classes on June 12-13, 2012 at NJAA Headquarters in Monroe Township. Students will enjoy 2 days of fast-paced learning from Marla Posey, Morgan Properties.

NALP training covers: • Keys to Success in Leasing • Leasing and the Internet • Leasing Demonstration and Resolving Objections • Legal Aspects • Rental Policies and Procedures • Telephone Presentations • The Leasing Interview and Qualifying Residents • The Market Survey Presentation

Six (6) months of relevant industry experience is a prerequisite.

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32A — May 25 - June 7, 2012 — Owners, Developers & Managers — Mid

Atlantic Real Estate Journal

www.marejournal.com

Associated Builders and Contractors www.abc.org ABC Delaware Chapter ABC honors students & safety winners at May dinner meeting ABC Delaware’s annual Student & STEP Award dinner was held May 3 at the Whilte Clay Creek Country Club in Newark and featured honors for the future leaders of the construction industry, companies who keep safety in the forefront and an economic update on the first state with DEDO Secretary Alan Levin.

“This program is about today’s safety efforts and tomorrow’s leaders,” said ABC Delaware President. “Our CEFD Scholarship winner and the six student winners from the votech schools in New Castle County are our next generation of leaders and we are proud to honor them all.”

Hodgson Vo-Tech’s Emrey wins CEFD scholarship The ABC Delaware Trade Show moved to a new location this year and according to many vendors, the move was a great choice.

“Thanks to the trade show team of Jeff Torrance, Susie Draper and Paul Brownmiller, for putting together another show,” said ABC Delaware Chairman John Gooden. “This is always popular event. Thanks to all our vendors and the members who turned out to once again support ABC Delaware.”

“This year’s winner of the CEFD scholarship is Max Emrey,” said ABC Delaware President. “Max is a senior at Hodgson Vo-Tech and will graduate 10th out of 248 graduates with a 3.75 grade point average. He’ll be attending Cecil Community College in the fall and will major in Civil Engineering.

“Max was a member of the ABC Student Chapter for the past 3 years as well as a member of the baseball team at Hodgson and and serves on the school’s Sportsmanship Committee. He has participated in volunteer activities with Easter Seals, the Tug McGraw Foundation for Cancer and Big Brothers/Big Sisters. Max is also a member of the National Honor Society and has had perfect attendance at DEDO Secretary Alan Levin (left) & Hodgson. CEFD is honored to present Max with this year’s scholarship.”

ABC Careers in Construction CoConstruction Education Foundation of Delaware is a 501 C3 subsidiary of ABC Delaware. The mission of CEFD is to assist the conChairman Ken Adams congratulate CEFD struction industry’s educational and training needs by offering scholarships to qualified construction education students.

Scholarship winner Max Emrey.

The scholarship program is for students graduating from high school who are continuing their education at a post secondary institution in a construction related field. The scholarship is available to dependents of employees who work for an ABC Delaware member or graduating vo-tech students who are a member of an ABC Delaware student chapter.

Applications are accepted by CEFD, and interviews with the finalists are conducted by a subcommittee of the ABC Careers in Construction committee. The scholarship winner receives $1,000. The winner can apply every year for an additional $1,000 as long as they are still in a construction related major and carry a 2.75 GPA.

Vo-Tech students honored for schoolwork & co-op work

The ABC Delaware Careers in Construction Committee is pleased to announced the six winners of this year’s student awards from the New Castle County Vo-Tech School District. These awards are given to a student enrolled in the construction trade curriculum that has shown outstanding academic achievement and completed a successful co-op program with an ABC Member. Each individual receives a tool bag and a gift certificate for $250 to a local supply house for them to purchase tools that can help them get started in the construction industry.

An award is given to a student at Howard and St. George’s and 2 students at Delcastle and Hodgson.

School Winner ABC Member Howard Jeremy Dearth, Carpentry Spacecon Hodgson Christopher Huhn, Electrical Nickle Electric Brett Harris, Millwright M. Davis & Sons Delcastle Wayne Saunders, Welding RC Fabricators Christian Tabares, Tech Drafting BSA+A St. George’s Chris Dale, Plumbing Merit Mechanical Spacecon’s Tom Dilley (left) and DEDO Secretary Alan Levin congratulate Jeremy Dearth of Howard.

Steve Dignan of Nickle Electrical Companies (left) and DEDO Secretary Alan Levin congratulate Christopher Huhn of Hodgson.

ABC contractors presented STEP awards for company safety Twenty-nine ABC Delaware member contractors were presented with 2012 ABC National Safety Training and Evaluation Process Awards or STEP Awards.

“The STEP award program provides an organized approach to analyze and further develop your company’s safety and loss prevention program and provides a vital, objective method to measure safety program improvements,” said ABC Delaware President Ed Capodanno. “STEP award certificates are given for bronze, silver, gold, diamond and platinum for an evaluation process that includes about two dozen safety aspects.”

This year’s winners are: Silver Award Winners: Commonwealth Fire Protection, County Group, Guardian Construction, Nowland Associates, Quality Heating & A/C Gold Award Winners: Bancroft Construction, Custom Iron Shop, Drwall, Inc, Eastern Industrial Services , Ehret Construction, GGA Construction , J.F. Sobieski Mechanical, Pearce and Moretto, RC Fabricators, Service Unlimited, Spacecon, Tricon Construction Management, Wohlsen Worth & Company, Platnium Level: DiSabatino Construction, Farrell Roofing, George & Lynch, M. Davis & Sons, Nason Construction, Nickle Electrical Company, The Tri-M Group, Wayman Fire Protection Diamond Level: Color Works Painting, KBR Building Group

Color Works Painting wins ABC National Safety Excellence Award For the second time in three years, Color Works Painting has won the ABC National Safety Excellence Award.

Todd Moran of M. Davis (left) and DEDO Secretary Alan Levin congratulate Brett Harris of Hodgson.

Carl Bouldin of RC Fabricators (left) and DEDO Secretary Alan Levin congratulate Wayne Saunders of Delcastle.

ABC Delaware 2012 Chairman John Gooden (left) and DEDO Secretary Alan Levin congratulate Christian Tabares of Delcastle.

Merit Mechanical’s Rick Rettig (left) and DEDO Secretary Alan Levin congratulate Chris Dale of St. George’s.

ABC Delaware Chairman John Gooden (left) with Travis Histed (center) and Sean Histed of Color Works Painting.

“This award recognizes companies whose safety performance and programs are judged to be exemplary by the ABC National Environment, Health & Safety (EH&S) Committee,” said ABC Delaware President Ed Capodanno. “Awards are based on data submitted via STEP Platinum applications, company interviews and site visits.

Award categories are based on a company’s total work-hours per calendar year. We are pleased to recognize Sean Histed and his company for this award, which was originally announced during the ABC National convention in February.”

Mid Atlantic Real Estate Journal — Owners, Developers & Managers — May 25 - June 7, 2012 — 33A

www.marejournal.com

Associated Builders and Contractors www.abc.org ABC Eastern Pennsylvania Chapter Zeh retires from ABC Eastern Pennsylvania Chapter

PA Carpenter Places at National Craft Championship

After 13 years as president and CEO of the leading merit shop construction association in the region, Jeff Zeh is retiring from Associated Builders and Contractors Eastern Pennsylvania Chapter (ABC) on July 1.

“Our chapter has been fortunate to have Mr. Zeh at the helm for the last 13 years,” said Mark McMahon, 2012 ABC Eastern Pennsylvania Chapter chairman and Vice President at Delran Builders.

“From fighting against unfair, discriminatory project labor agreements and responsible contractor ordinances to establishing daytime apprenticeship training, his leadership has helped us accomplish much for open shop contractors.”

Zeh joined ABC in 1999 as president and chief executive officer and directs a staff of nine professionals. Under his guidance, ABC built a state-of-the-art headquarters in East Norriton, and purchased and established a successful craft training Jeff and Chrys Zeh were center in Kulpsville. Most recently, Zeh lead the con- joined by more than 100 ABC solidation of the former ABC Eastern Pennsylvania members and leaders at a Chapter based in Allentown and the former South- retirement party celebrating east Pennsylvania Chapter based in East Norriton Jeff’s 13 years of leadership into the new ABC Eastern Pennsylvania Chapter at ABC Eastern PA Chapter. which represents 17 counties in eastern Pennsylvania, from the New York border to the Delaware line. Zeh is the presidents’ liaison to the ABC National Grassroots Committee and is a member of the multi-chapter state peer group.

Mary Tebeau of Blue Bell has been selected as president and CEO effective June 1. Tebeau joins ABC Eastern Pennsylvania Chapter after 11 years as president of the ABC Central Ohio Chapter.

With hammer swinging, Gregory Patton of Stowe (shown right) last month competed against carpenters from across the country and earned third place in residential/commercial carpentry in the Associated Builders and Contractors (ABC) Craft Championship.

“I really appreciated the chance to participate in this year’s craft competition and I am very grateful to my employer, Zebby Sulecki, for this opportunity,” said Patton. “It was a great experience and I credit the ABC Apprenticeship Trust and my on the job training for developing my skills.”

During the two-day event in San Antonio, competitors first took an intense, two-hour written exam and then competed in daylong handson practical performance tests in their craft.

Shane Mills representing Klover Contracting of Quakertown also competed in carpentry and Brian Menszak from Universal Electrical Service, of Souderton, competed in the electrical category.

Patton works full-time as a carpenter at Zebby Sulecki, Inc., a Newtown Square-based company that excels at painting, wallcovering, acoustics and drywall. He attended classes one day per week at ABC Eastern Pennsylvania Chapter’s Apprenticeship Trust Center in Harleysville. The Trust’s curriculum is a combination of classroom instruction and hands-on learning that prepares students to be journey-level craft workers.

Construction Industry Organization

Construction Jobs | Construction Staffing

7 out of 10 construction projects are standing on something stronger than concrete or steel.

They’re standing on a concept called merit construction. This means both merit and union craftspeople work side-by-side.

Contractors are chosen on merit, those who offer the best skills get the jobs. Being open to new ideas like multi-skills work teams, new technology and advanced construction techniques, merit contractors are able to construct high-quality buildings that are highly cost-efficient. Merit contractors bring highly skilled jobs with competitive wages to our community. Today, 4 out of 5 people in construction are employed by merit contractors. If you are planning a construction project, find out more about merit contractors. We don’t just construct better buildings. We build a stronger economy and a better quality of life for this community.

MERIT CONTRACTORS. BUILDING A BETTER LIFE. Ed Capodanno ABC Delaware 302-328-1111 ecapodanno@abcdelaware.com www.abcdelaware.com

Jeff Zeh ABC Eastern Pennsylvania Chapter 610-279-6666 gzeh@abceastpa.org www.abceastpa.org

Upcoming Events Exit Planning Executive Briefing, June 5, East Norriton Office NEC Code Update and Study for Masters License, June 6, Training Center Leadership Skills for the New Manager, June 7, Klover Contracting Fall Protection, June 8, Training Center Golf Outing, June 11, Philadelphia Cricket Club

34A — May 25 - June 7, 2012 — Owners, Developers & Managers — Mid

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TAP offers three benefits of insulation in one new, safe, and effective product: Thermal Benefits (T); Acoustic Benefits (A); and Pest Control Benefits (P). The fundamental job of any insulating product is to keep the warmth in during winter and the cool in during the summer.

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EAST NORRITON, PA — Associated Builders and Contractors Eastern Pennsylvania Chapter (ABC) signed a new Partnership Agreement with the Philadelphia, Allentown and Wilkes-Barre Occupational Safety and Health Administration (OSHA) offices at its Training Center in Harleysville.

“ABC members are committed to providing a safe workplace for our employees,” said Wayne Elk, ABC safety committee chairman and safety manager at Boro Construction in King of Prussia. “The OSHA Partnership and mentor events provide valuable education and training to help us reduce or eliminate jobsite accidents.”

This new agreement continues a relationship with the local offices of the federal agency that began with the execution of the Chapter ’s first partnership agreement

Boro Construction’s Wayne Elk signs ABC’s partnership agreement with the Philadelphia, Allentown and Wilkes-Barre OSHA offices. in 2001. Since then there has been a measurable reduction in workplace injuries among the participating companies.

In 2006, with 17 member companies participating, ABC reported 118 incidents and a collective 4.7 Days Away, Restricted and Transferred (DART) rate. Today, with 26

companies participating, ABC has reduced incidents to only 58 with a DART rate of 2.3.

“Our partnership with ABC has produced exceptional results,” said Scott Shimandle, compliance assistance officer with the Allentown OSHA office. “It is rewarding to know that together we are eliminating hazards in the workplace.”

The OSHA Partnership is based on ABC’s nationally recognized Safety Training and Evaluation Process (STEP) assessment and award. The OSHA Partnership has also been a source of free safety training for all ABC members through quarterly mentor events. ABC’s next OSHA mentor events will focus on fall protection and are scheduled for June 8 at the ABC Training Center in Harleysville and July 26 at the ServPro office in Allentown. ■

www.marejournal.com

Mid Atlantic Real Estate Journal — Owners, Developers & Managers — May 25 - June 7, 2012 — 35A

OWNERS, DEVELOPERS & MANAGERS 231-units in Capitol Heights, MD

UIP completes $3.5m reno. of Hillside Heights Apartments

C

APITOL HEIGHTS, MD — UIP announces the $3.5 million renovation of 231-unit Hillside Heights Apartments complex in Capitol Heights.

Located on the 5200 block of Marlboro Pike is located minutes from Joint Base Andrews Naval Air Facility, Suitland Federal Center, and Joint Base Anacostia Bolling.

The year-long renovation provided Hillside Heights apartments with new patio and deck railings, patio slider doors, windows, floors, air conditioning unit pads and enclosures, and laundry equipment in most of the units. Kitchens feature new appliances, flooring, and granite countertops. On the property’s spacious grounds, there are new barbeque stations, lighting, fencing, and landscaping, as well as improvements to the swimming pool and children’s playground.

“Hillside Heights is a convenient, affordable place to live, and we invite people to take a look at our new, furnished models,” said Wout Coster, principal of UIP. “We are proud to support our neighbors serving at Joint Base Andrews Naval Air Facility as well as others in military and public service, and are pleased to offer substantial rental rate discounts to these workers.” ■

The senior care marketplace . . . continued from page 28A not give from an empty cart.

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For those who can conjure up the vision to succeed in this challenging field, the rewards will be many.

To take on a major role in a field that has an exploding need, and help to create a better place for our loved ones to live, their families to visit, and their caregivers to work, is a worthy aspiration, indeed!

Richard Benson St. Maur III is managing member of Coordinated Project Solutions, LLC. ■

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Mid Atlantic Real Estate Journal — Owners, Developers & Managers — May 25 - June 7, 2012 — 37A

www.marejournal.com

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38A — May 25 - June 7, 2012 — Owners, Managers & Developers — Mid

Atlantic Real Estate Journal

www.marejournal.com

The New Jersey Carpenter Contractor Trust www.njcct.org.

Communication: The Key to Carpenter & Contractor Success For real-estate developers in New Jersey who need qualified and reliable workers for their projects, there is good news. The carpenters of tomorrow are here today, prepared to help you solve those seemingly endless construction problems.

The “typical” union carpenter today brings with him or her a degree of skill, education and outlook that reflects the growing sophistication of our construction industry. Today’s union carpenter might still complete the renovation of a retail store, or you might find him handling the complexities of building a nuclear power plant or employing green building initiatives and technologies in ever-more tightly constructed, environmentally sound buildings.

Supporting the union carpenter is a management team that expects and looks forward to working with developers in a collaborative spirit, on every project.

“We understand that developers are under tremendous pressure to meet building and zoning requirements, and they face the added pressure of budget, deadlines and unexpected problems,” says Troy Singleton, President of the New Jersey Carpenter Contractor Trust. “We make it a priority to work in a cooperative spirit with our developers to ensure that we not only understand their concerns but that we deliver what we promise.”

A union contractor and his highly trained workforce will provide the skill, experience and dedication to every project, allowing the developer the added comfort of knowing the project will finish on time and on budget, Singleton says. He also stresses that in addition to the higher skill level and experience that union carpenters demonstrate; they are also meticulous about following safety procedures that prevent injury on a project, thus protecting workers, property and schedules.

Singleton explains that real estate professionals will find a thriving, cooperative spirit when working with union carpenters and contractors. “We see labor and management as value-added partners,” says Singleton. By embracing this perspective, all parties involved are much closer to a positive and successful conclusion for every project, he says.

The key to the successful completion of a project by developers and union contractors rests on a simple but time-proven formula: good communication.

It might seem simple, but it is not simplistic. “The very act of initiating and maintaining good communications is the first step of demonstrating honesty and good will, the foundation of every successful enterprise,” says Singleton. By carefully listening to the builder’s needs and working in conjunction with the experienced pool of union carpenters available throughout the state, this team approach is your best guarantee for a successful project from beginning to end.”

For more information, contact Dannyelle Zywan, Program Director, New Jersey Carpenter Contractor Trust, (732) 225-1300, dzywan@njcct.org or visit www.njcct.org.

Mid Atlantic Real Estate Journal — May 25 - June 7, 2012 — 39A

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40A — May 25 - June 7, 2012 — Mid

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COMMERCIAL REAL ESTATE ORGANIZATIONS’

EVENTS CALENDAR MAY 29 – CIANJ Event: Bruce G. Siminoff Legislative One-On-One Dinner Time: 5:30 PM – 8:00 PM Location: Nanina’s In The Park Address/City: 540 Mill St., Ste. 105, Belleville, NJ Cost: $135 Members $195 Nonmembers P: 201-368-2100 www.cianj.org MAY 30 – CREW PITTSBURGH Event: Connect With Crew Time: 5:00 PM – 6:30 PM Location: Elements Address/City: Four Gateway Cntr., 444 Liberty Ave., Pittsburgh, PA P: 412-370-5070 www.crewpittsburgh.org MAY 31 – ULI PHILADELPHIA Event: Focus on Kensington-Summer Tour & Happy Hour Time: 4:00 PM – 7:30 PM Location: Frankford Hall Address/City: 1210 Frankford Ave., Philadelphia, PA Cost: $35 Members $50 Nonmembers P: 800-321-5011 www.philadelphia.uli.org JUNE 4 – BOMA PHILADELPHIA Event: Golf Outing Time: 11:00 AM Location: Philmont Country Club Address/City: 301 Tomlinson Rd., Huntingdon Valley, PA P: 215-567-1775 www.bomaphila.com JUNE 4-7 – CCIM Event: CI 104: Investment Analysis for Commercial Investment Location: Brandywine Realty Trust Address/City: 555 E. Lancaster Ave., Ste. 100, Radnor, PA P: 610-416-2970 E: donna.siter@ccimchapter.com www.ccim.com JUNE 6 – ABC BALTIMORE Event: ‘Getting to Know’ ABC Time: 8:30 AM – 10:00 AM Location: ABC Baltimore Address/City: 1220B E. Joppa Rd., Suite 322, Towson, MD P: 410-821-0351 Ext. 113 E: bjohnson@abcbaltimore.org www.abcbaltimore.org JUNE 6 – CREW LEHIGH VALLEY Event: The Art of Networking Time: 8:30 AM – 10:00 AM Location: Lehigh University – University Center Faculty Room Cost: Members & Invited Guests Free www.crewlehighvalley.org

JUNE 6 – ULI BALTIMORE Event: Communications Committee Meeting Time: 8:30 AM Location: SPIN Address/City: 3100 Elm Ave., 1st Floor West, Baltimore, MD P: 410-889-4112 www.baltimore.uli.org JUNE 7 – ULI PHILADELPHIA Event: Global Marketplace Time: 7:30 AM – 5:00 PM Location: The Union League Address/City: 140 S. Broad St., Philadelphia, PA P: 800-321-5011 www.philadelphia.uli.org JUNE 7 – SIOR NJ Event: Golf Outing Time: 11:30 AM Location: Essex Country Club Address/City: 350 Mt. Pleasant Ave., W. Orange, NJ www.siornj.com JUNE 8 – SCBP Event: SustainabilityThe New Competitive Edge Time: 8:00 AM – 12:15 PM Location: Raritan Valley Community College Address/City: North Branch, NJ Cost: $35 Members $50 Nonmembers P: 908-218-4300 www.scbp.org JUNE 11 – ABC EPA Event: Annual Golf Outing Time: 9:00 AM Location: Philadelphia Cricket ClubMilitia Hill Course Address: 401 Stenton Ave., Plymouth Meeting, PA E: gzeh@abceastpa.org www.abceastpa.org JUNE 11 – CIRC DE Event: Annual Golf Outing Time: 11:00 AM Location: DuPont Country Club Address/City: 1001 Rockland Rd. Wilmington, DE P: 302-633-1705 E: janet@circdelaware.com www.circdelaware.org JUNE 11 – IOREBA Event: 43rd Annual Golf & Tennis Outing Time: 11:00 AM Location: Essex County Country Club Address/City: West Orange, NJ E: Mike.Markey@am.jll.com www.ioreba.com JUNE 13 – ICREW NJ Event: 30 Years Strong Time: 6:00 PM – 8:00 PM Location: Liberty House Address/City: 76 Audrey Zapp Dr., Jersey City, NJ Cost: $85 Members $110 Guest P: 609-585-6871 E: icrewnj@icrewnj.org www.icrewnj.org

JUNE 13 – ICSC Event: NJ Our Town Mayors Program – Downtown Retail Address/City: Glassboro, NJ P: 202-626-1407 E: lalusic@icsc.org www.icsc.org JUNE 22 – ULI NNJ Event: YLG Executive Breakfast Series with Ed Russo Time: 8:30 AM – 10:30 AM Location: Russo Development Address/City: 570 Commerce Blvd., Carlstadt, NJ P: 800-321-5011 www.nnj.uli.org JUNE 27 – CREW LEHIGH VALLEY Event: Lunch-A-Rounds Time: 11:35 AM – 1:00 PM Location: The Sangria Address/City: 840 W. Hamilton St., Allentown, PA P: 484-223-0276 E: kcduerholz@boyleconstruction.com www.crewlehighvalley.org JUNE 27 – CREW LEHIGH VALLEY Event: Lunch-A-Rounds Time: 11:35 AM – 1:00 PM Location: The Apollo Grill Address/City: 85 W. Broad St., Bethlehem, PA P: 610-868-8507 E: momeara@hmk-ins.com www.crewlehighvalley.org JUNE 27 – CREW LEHIGH VALLEY Event: Lunch-A-Rounds Time: 11:35 AM – 1:00 PM Location: The Valenca Address/City: 64-66 Center Square, Easton, PA P: 610-865-2621 E: ckraftician@spillmanfarmer.com www.crewlehighvalley.org JULY 12 Event: Lakewood Regional Business Expo & Networking Event Time: Noon – 4:30 PM Location: Lakewood Industrial Park, Lake Terrace Hall Address/City: 1690 Oak St., Lakewood, NJ P: 732-364-2500 Ext. 5257 E: pkomsa@lakewoodnj.gov JULY 16 – NJ CORNET/IRMA Event: Golf Outing Time: 9:00 AM Location: Hackensack Country Club Address/City: Oradell, NJ P: 908-663-2708 www.corenetnj.org JULY 16 – TRISTATE/CCIM Event: 16th Annual Golf Outing Time: 11:30 AM Location: Llanerch Country Club Address/City: Havertown, PA www.tristaterca.com

Mid Atlantic Real Estate Journal — May 25 - June 7, 2012 — Inside Back Cover A

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Mid Atlantic Real Estate Journal — Industrial / Distribution Centers — May 25 - June 7, 2012 — Section B

Mid Atlantic REAL ESTATE JOURNAL ANNUAL SPOTLIGHT

INDUSTRIAL REAL ESTATE & DISTRIBUTION CENTERS

Inside Cover B — May 25 - June 7, 2012 — Industrial / Distribution Centers — Mid

Atlantic Real Estate Journal

www.marejournal.com

SPEED

LOCATION

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REACH

Dermody Properties’ understanding of our customers’ needs and commitment to customer service have translated into successful industrial distribution facilities throughout the country. LogistiCenter at Logan is a 1,100 acre, Class A, master-planned industrial park in Logan Township, New Jersey. Upon total build-out, the site will accommodate over 7.4 million square feet of industrial, distribution and light manufacturing space. LogistiCenter at Logan is strategically designed and located to Dermody.com/Logan

optimize the distribution supply chain and maximize speed to market.

For more information call Stephen G. Bailey, Partner, Eastern Region, at 610.834.3701

Dermody.com

Mid Atlantic Real Estate Journal — Industrial / Distribution Centers — May 25 - June 7, 2012 — 1B

www.marejournal.com

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2B â&#x20AC;&#x201D; May 25 - June 7, 2012 â&#x20AC;&#x201D; Industrial / Distribution Centers â&#x20AC;&#x201D; Mid

Atlantic Real Estate Journal

www.marejournal.com

INDUSTRIAL REAL ESTATE & DISTRIBUTION CENTERS Warehouse nears completion at Lehigh Valley Tradeport

Griffin Land set to deliver first of two industrial buildings in Bethlehem, PA

G

riffin Land, the real estate division of Griffin Land & Nurseries, Inc. is nearing completion of a 228,000 s/f warehouse building at the Lehigh Valley Tradeport, its 51 acre site on Fritch Dr. in Bethlehem, PA. Griffin Land entered the Pennsylvania market in 2010 with the purchase of two properties in the Lehigh Valley; a 120,000 s/f warehouse in Allentown and a â&#x20AC;&#x153;shovel-readyâ&#x20AC;? parcel of land for development on Fritch Drive which has become the Lehigh Valley Tradeport industrial park (LVTP).

Adjacent to the first LVTP building nearing completion, Griffin

Land has prepared the building pad for an approximate 300,000 s/f building. Development of LVTP is part of Griffinâ&#x20AC;&#x2122;s long term strategy to increase its

ownership, development and management of properties in in the Lehigh Valley and other Northeast and Middle Atlantic regions.

Lehigh Valley Tradeport â&#x20AC;&#x201C; 4275 Fritch Drive The Lehigh Valley Tradeport is a rail served industrial park located off Brodhead Rd., just minutes from Rte. 22 and key Lehigh Valley Rd.ways including I-78, I-476 and Rte. 33. The Brodhead Rd. area is home to over 6 million s/f of industrial space and includes tenants such as Kraft Foods, OSRAM Sylvania, Americold, Crayola, Walgreenâ&#x20AC;&#x2122;s and FedEx. Michael Gamzon, executive VP and COO for Griffin said, â&#x20AC;&#x153;We are excited to deliver our first development project in the Lehigh Valley with 4275 Fritch

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Driveâ&#x20AC;&#x2122;s completion at the end of May. We believe this 228,000 s/f warehouse will be one of the first speculative industrial projects in the Lehigh Valley since 2008.â&#x20AC;?

Tim Lescalleet, senior VP for Griffin Land and head of its leasing activities commented, â&#x20AC;&#x153;We have seen a significant amount of interest in the property since construction commenced and remain very confident that 4275 Fritch Drive will be leased in the near future. The buildingâ&#x20AC;&#x2122;s specifications meet or exceed todayâ&#x20AC;&#x2122;s market standards with pre-cast construction, 32 foot clear-height, 52 foot by 50 foot column spacing, 2 drive-in doors, capacity for 53 loading doors and excess trailer parking.â&#x20AC;?

According to Sean Bleiler, senior associate for CB Richard Ellis, â&#x20AC;&#x153;The Lehigh Valley market has experienced strong absorption trends over the last eighteen months and availability of modern warehouse space remains very tight. The Lehigh Valley Tradeport provides the market with much needed new construction, particularly in the eastern end of the Valleyâ&#x20AC;?

Griffin also has completed the pad and infrastructure for the second building within LVTP which will support an approximate 300,000 s/f, rail-served warehouse. Added Gamzon, â&#x20AC;&#x153;we remain optimistic about the growth in demand for industrial and warehouse space in the Lehigh Valley and continue to seek build-to-suit opportunities for this building as well as continually evaluate our plans to go vertical on speculation at this site.â&#x20AC;?

Growth Strategy In addition to its present development activities, Griffin seeks new acquisition and development opportunities in the area. â&#x20AC;&#x153;We view Lehigh Valley Tradeport, along with our warehouse on Nestle Way in Allentown, as the first steps in a long term strategy to expand into markets outside of our core holdings in Connecticut. We seek acquisition opportunities of industrial real estate assets in the Northeast and Middle Atlantic States,â&#x20AC;? said Gamzon. â&#x20AC;&#x153;Griffinâ&#x20AC;&#x2122;s objective is to remain a long-term owner, developer and manager in the markets in which it enters, with a focus on acquiring a balance of value added and stabilized, modern industrial properties and land for development.â&#x20AC;? â&#x2013;

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Mid Atlantic Real Estate Journal — Industrial / Distribution Centers — May 25 - June 7, 2012 — 3B

INDUSTRIAL REAL ESTATE & DISTRIBUTION CENTERS

By Jonathan Glick, Sheldon Gross Realty, Inc.

In the past 365 days Sheldon Gross Realty has brokered 27 deals totaling 342,056 s/f ince the third quarter of 2011 Sheldon Gross Realty has been experiencing an ever increasing volume of interest in the properties they are marketing.

In the past 3 6 5 d a y s Jonathan Glick Sheldon Gross Realty has Brokered 27 deals totaling 342,056 s/f. Currently we represent

S

Willco aquires 285,000 s/f flex/ industrial portfolio POTOMAC, MD — In one of the Washington metropolitan area’s largest industrial portfolio acquisitions this year, a partnership led by Willco Companies of Potomac has acquired approximately 285,000 s/f of flex-industrial space at Montgomery County Airpark in Gaithersburg, MD for $30 million. The sellers, Zarpas 1 through 5 Limited Partnerships, were represented by the Washington, DC office of Jones Lang LaSalle. BB&T Bank provided financing for the acquisition. ■

“While the activity is not as brisk for purchasing there is definite interest by companies who forsee owning a facility in the near future. Hopefully, If the positive business trends we are experiencing continue this will translate into more sales transactions.”

60 available spaces for lease totaling 991,158 s/f. Most of our properties available for lease have offers and believe that most will be completed this quarter. This holds true for all the sectors we service; retail, office and industrial.

Our listing at 113 route 46 (Willow Square Mall) in Wayne has to be one of our most active retail listings.

8 months ago we had very little interest and now we have leases out on a majority of the spaces with back up

We Have The Perfect Location For Your Business

offers in place. In Middlesex County we have 2 50,000 s/f warehouse buildings on the market for more than 2 years each 17 Kimberly Road, East Brunswick and 3 Taylor Road, Edison have have now been leased to long

term tenants. In addition, we represent 12 properties For Sale totaling 391,658 s/f of RBA valued at $28,124,000.

While the activity is not as brisk for purchasing there is definite interest by companies who forsee owning a facility in the near future.

Hopefully, if the positive business trends we are experiencing continue this will translate into more sales transactions.

Jonathan Glick is executive vice president of Sheldon Gross Realty. ■

Bigger isn’t always better.

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You need a firm which understands your business and real estate needs and can give you personal service and attention.

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Excellent location with immediate access to Route 46 and close to Routes 80 and 280.

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FAIRFIELD – FOR LEASE OFFICE SPACE – HIGHWAY VISIBILITY

Units available from 1,778 square feet to 20,000 square feet.

Ample parking. Excellent location with direct frontage on Route 46 west..

Across from Willowbrook Mall.

8,426 square feet space available on 1st floor / 4,500 Square feet unit available on 2nd floor Multi-tenanted 60,000 +/- square foot building. Business park setting with ample parking.

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7,500 square feet available. Free standing building. Great location for Medical or Professional Offices . Convenient access to Garden State Parkway and Route 440 Ample parking with partially fenced lot.

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Tailgate loading with 21-24 foot clear ceilings and abundant parking.

Excellent location.

781-871-5298 • 800-584-1062 fax 781-871-5299

www.marejournal.com

Publisher/CEO Linda Christman lchristman@marejournal.com

Publisher Michael Campisi mcampisi@marejournal.com Publisher Elaine Fanning efanning@marejournal.com Section Editor Karen Vachon kjoy@marejournal.com

For information on these or other New Jersey properties please contact Sheldon Gross Realty, Inc. at 973-325-6200 or see our website at www.sheldongrossrealty.com The information contained herein has been obtained from sources considered reliable, but no guarantee of its accuracy is made by this company.

Subject to errors, omissions or withdrawal without prior notice.

4B — May 25 - June 7, 2012 — Industrial / Distribution Centers — Mid

Atlantic Real Estate Journal

www.marejournal.com

INDUSTRIAL REAL ESTATE & DISTRIBUTION CENTERS

By Steve Bussel, Bussel Realty Corporation

Central New Jersey industrial real estate market

T

he real estate market is showing an improvement for the start of 2012. However, not all segments of the real estate market are picking up at the same pace.

Fortunately Steve Bussel the industrial market is accelerating at a much better pace than the rest of the commercial market, yet corporate office space is still

“Fortunately the industrial market is accelerating at a much better pace than the rest of the commercial market, yet corporate office space is still moving very slow.” moving very slow. Unfortunately, there is an abundance of vacant and available space in all areas of New Jersey.

Some sub-markets are better than others, but overall corporations are still not hiring and unemployment is still above 8%. Hence, there is no net absorption of corporate office space and rentals are still

depressed and not rising.

The retail real estate market is not much better. The large retail chains are not expanding and the smaller entrepreneurial chains are not starting new businesses.

The retailers that are still in business are trying to survive and keep their heads above water. The last thing on their

minds is expansion.

At the present time, early 2012, the one shining light is the industrial real estate market. We have seen and experienced a dramatic increase in business. We see much more activity in the market, some net absorption of space, and yes, even some increase in rental rates.

There is a definite increase in sales activity, and as a result, an increase in sales prices as well.

For the past three and half years, since late 2008, sales almost came to a halt. The

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2 Ethel Road, Suite 202 A, Edison, NJ 08817 (732) 287-3777 / Fax (732) 287-1090 / www.bussel.com The information herein has been obtained from sources deemed to be reliable, but no guarantee of its accuracy is made by the Company. In addition, no representation is made respecting measurements, dimensions, zoning, condition of title or any matters of a legal or environmental nature. Such matters should be referred to legal counsel for determination. Subject to errors, omissions or withdrawal without notice.

only sales we had seen were at fire sale prices. However, since the beginning of 2012 activity has increased, and prices along with it. With credit loosening up and interest rates still at historical lows, companies, as well as investors, are entering the market again. In Central New Jersey, in the peak of 2007 and early 2008, well situated buildings with good features, such as high ceilings, multiple loading docks and extra land, were selling at $80.00 to $110.00 per s/f.

Right after 2008, these buildings were selling at $45.00 to $65.00 per s/f. In early 2012, these same buildings are now selling at $60.00 to $80.00 per s/f. Encouragement at last!

The same story applies to the rental market. Quality buildings in the peak were renting between $5.50 and $6.50 per s/f triple net. At the low point, landlords were afraid of the uncertainty in the market and scared of facing large vacancies. They ended renting space for $3.00 to $4.00 per s/f, just to avoid the vacancies. Today, with more activity in the market and less vacancies, landlords are leasing space at $4.00 to $5.50 per s/f. Again, these examples are in Central New Jersey, for quality properties with desirable features.

The political climate in the US and globally is tenuous at best. Therefore, there are still a lot of uncertainties in all segments of the real estate market and most landlords, investors and corporate users are cautious, but optimistic.

Steve Bussel, SIOR, president of Bussel Realty Corporation has been engaged in the corporate and commercial real estate business since 1973.

He started Bussel Realty Corp. in 1984, in Middlesex County, specializing in industrial real estate.

Since then the company has grown from a one man operation, to include over 20 sales professionals, who specialize in all forms of corporate and commercial real estate, with an emphasis on industrial real estate in Central and Northern New Jersey. The company also offers consulting and management services throughout New Jersey. ■

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Mid Atlantic Real Estate Journal — Industrial / Distribution Centers — May 25 - June 7, 2012 — 5B

INDUSTRIAL REAL ESTATE & DISTRIBUTION CENTERS

By Stephen G. Bailey, RLA, CCIM, Dermody Properties

Dermody Properties’ LogistiCenter at Logan: 5 buildings totaling 1.5 million s/f

L

ogistiCenter at Logan, a Class A master-planned industrial park, sits on 1,100 acres of land in Logan Township, New Jersey.

Since Dermody Properties, parent company of DP Partners, acquired the Stephen G. industrial Bailey park in 2005, five buildings totaling 1.5 million s/f have been developed.

Upon total build-out, LogistiCenter at Logan will accommodate more than 7.4 million square feet of new manufacturing, distribution, warehouse, industrial, research-and-development, office and flex space. The industrial park offers ultimate flexibility, with the ability to provide sites from 4 to 100 acres and buildings from 10,000 to 1.2 million s/f. LogistiCenter’s location and ability to accommodate operational facilities of nearly any size and type has made it a hub for consumer products, food and pharmaceutical companies, including Kimberly Clark, Vistar - a Performance Food Group Company - LaBrea Bakery, Cardinal Health and McKesson. The Dermody buildings are occupied by a diverse group of well-known national companies, including Freightliner, Sears, UPS, Ta Chan International, and HHGregg.

Commerce Corner - a 259,910 s/f office and distribution facility within the industrial park - offers manufacturing, distribution and warehousing opportunities, making it the perfect compliment to the land sale and build-to-suit capabilities in LogistiCenter at Logan.

Commerce Corner has an additional 9.6 acres that would allow the existing facility to expand to 470,000 s/f. Performance Food Group, Inc., one of the nation’s largest foodservice distributors, currently leases 61 percent of the facility, with the remaining 100,283 s/f of fully conditioned warehouse/ distribution space available for immediate occupancy.

Located 12 miles south of Philadelphia, in the center of the Northeast Corridor, LogistiCenter at Logan is strategically located to optimize the distribution supply chain and maximize speed-to-market.

LogistiCenter Aerial

The location offers direct access to a major highway infrastructure and rail service, making the industrial park an ideal place from which tenants can service both the northern and southern markets - from Washington D.C. to New York.

Located in a business-friendly state, with county and municipal governments committed to economic development, LogistiCenter at Logan is an ideal location for warehouse, distribution and manufacturing centers. The industrial park was designed to satisfy the needs of regional, national and inter-

national corporate distribution operations, manufacturers and third-party logistics firms.

Dermody Properties’ joint venture partner in the project is Great Point Investors, LLC, of Boston. The Dermody Properties team currently managing LogistiCenter at Logan includes Stephen G. Bailey, RLA, CCIM, partner; Matthew Marshall, associate partner; and James V. Mascaro, CCIM, LEED-AP, director of development.

Stephen G. Bailey, RLA, CCIM is partner, Dermody Properties, Eastern Region. ■

Heller Industrial Parks 2011 Leasing Totals:

99.8% Occupied 3,647,365 SF Leased Huge Foreign Trade Zone Energy Efficient Warehouse Lighting 60% Lighting Bill Reduction 20% Solar Energy Electric Rebates Subsidized Daycare

Leasing for less in Central Jersey.

(732) 287-4880

205 Mill Road, Edison NJ 08837

www.hellerpark.com

6B — May 25 - June 7, 2012 — Industrial / Distribution Centers — Mid

Atlantic Real Estate Journal

www.marejournal.com

INDUSTRIAL REAL ESTATE & DISTRIBUTION CENTERS Grace of Landmark closes over 140,541 s/f of industrial transactions during April!

Landmark Commercial RE negotiates $950,000 acquisition in Silver Springs Industrial Park

S

ilver Spring Properties LLC has acquired two buildings totaling 33,000 s/f for $950,000 in Silver Spring Industrial Park located at 5 and 7 Long Lane, Mechanicsburg, Silver Jason Grace Spring Township, Cumberland County, Pennsylvania. Jason Grace, CCIM, SIOR and vice president at Landmark Commercial Realty, Inc. negotiated the transaction between the buyer

2755 Turnpike Industrial Park, Middletown PA

and the seller, CDL Property LLC. Touch of Color Flooring Inc. has recently signed a long term lease for 31,415 s/f of warehouse space located at 6295 Allentown Boulevard, Harrisburg, Lower Paxton Township, Dauphin County, Pennsylvania. Jason Grace, CCIM, SIOR and vice president at Landmark Commercial Realty, Inc./ONCOR International negotiated the transaction between the tenant and landlord, Hayden Real Estate Investments.

Schmidt Baking Company Inc. recently acquired a 18,500

Jason Grace, CCIM, SIOR Vice President - Sales & Leasing Corporate Brokerage Services jgrace@landmarkcr.com www.landmarkcr.com 717–731–1990 • 800–722–1990 Member of International Council of Shopping Centers

Individual Membership Society of Industrial and Office REALTORS®

Flex Warehouse Available

Distribution Facility Available

Flex Whse. Space Available

1981 Fulling Mill Rd. Middletown, PA Unbelieveable opportunity to acquire a 107,372 s/f corporate R & D flex/office/warehouse fulfillment center situated on 12 acres near Harrisburg International Airport (HIA).

Property offers flexible layout for multi-tenant scenario as well as potential for abundant trailer parking on site. Priced below replacement cost for immediate sale!!!

470 Terminal Rd. Camp Hill, PA Excellent opportunity to lease or purchase a rare stand alone, high end distribution facility.

Building is food grade with a certified AIB rating of “Superior”. Building has ample dock loading & provides great clear height for high cube racking capability. Existing office area can be expanded. Perfect for any general commodity, food grade or pharmaceutical requirements.

25 Utley Dr. Suite 300 Camp Hill, PA Very functional second generation flex suites in a business campus setting within The Pennsylvania Business Center. Aggressive rental rates and terms. Flexible floor plans & space configurations make this the premier flex option in Central PA. Well located flex warehouse property with great visibility & access to coveted West Shore Business Center.

Master Planned Business Campus

Climate Controlled Warehouse

Rail-Served Industrial Building

Exit 24-Interstate 81 Corridor Shippensburg, PA United Business Park, owned by CVRDC, is well located between Harrisburg, PA and Hagerstown, MD at a full interchange (Exit #24) of the nationally recognized Interstate 81 transportation corridor with immediate access to a number of major metro consumer markets. This 363 acre master planned business campus will provide ample expansion opportunity for those corporations looking to relocate.

1501 Fulling Mill Rd. Middletown, PA Existing pallet racking can be made available.

Building is engineered for second story office expansion. Existing cooler and secure cage areas.

DEA & FDA approved facility. Flexible layout.

Well situated stand alone distribution facility with immediate access to PA Turnpike (I-76), I-83 and I-81 transportation corridors. Hard to find climate controlled building. For Lease.

2244 Old Gettysburg Rd. Camp Hill, PA Rare hard to find stand-alone rail served industrial warehouse building available for sale. Well located along Route 581, Capitol Beltway and Route 15 with immediate connection to I-81, I-83 and PA Turnpike. Situated at the nexus of (2) major nationally recognized transportation corridors in Central PA. Excellent user/occupied opportunity.

For Sale.

s/f, 21 door cross dock terminal facility located in the Turnpike Industrial Park located at 2755 Turnpike Industrial Road, Middletown, Lower Swatara Township, Dauphin County, Pennsylvania. Jason Grace, CCIM, SIOR and vice president at Landmark Commercial Realty, Inc./ONCOR International negotiated the transaction on behalf of Schmidt Baking Company Inc. and the seller, Heartland Realty LLC. Five Star International Truck Sales and Leasing has recently acquired a 15,000 s/f sales and service facility located along I-81 at 1515 Commerce Avenue, Carlisle, South Middleton Township, Cumberland County, Pennsylvania. Jason Grace, CCIM, SIOR and vice president at Landmark Commercial Realty, Inc./ONCOR International represented the buyer and William Gladstone, CCIM, SIOR of NAI CIR represented the seller, Gerald and Edna Golden.

Big Bob’s Floor Pro Inc. has recently leased 12,626 s/f of distribution space at 6305 Allentown Boulevard, Harrisburg, Lower Paxton Township, Dauphin County, Pennsylvania.

Jason Grace, CCIM, SIOR and vice president at Landmark Commercial Realty, Inc./ONCOR International negotiated the transaction between the tenant and landlord, Hayden Real Estate Investments.

Essintial Enterprise Solutions LLC recently renegotiated and extended its lease for 30,000 s/f in Fairview Industrial Park @ 629 Lowther Road, Lewisberry PA. Jason Grace, CCIM, SIOR and VP at Landmark Commercial Realty, Inc./ONCOR International negotiated the transactions between the tenant and landlord, REVA Companies LLC. Evergreen Property Trust, LLC has recently purchased (3) industrial building sites totaling 40 +/- acres within Upper Allen Business Park along Independence Avenue, Mechanicsburg, Upper Allen Township, Cumberland County, Pennsylvania. Jason Grace, CCIM, SIOR and vice president at Landmark Commercial Realty, Inc./ONCOR International negotiated the transaction on behalf of the buyer and Art Campbell, president of Campbell Commercial Real Estate represented the seller, Frank M. Bingman Trust. ■

www.marejournal.com

Mid Atlantic Real Estate Journal â&#x20AC;&#x201D; Industrial / Distribution Centers â&#x20AC;&#x201D; May 25 - June 7, 2012 â&#x20AC;&#x201D; 7B

INDUSTRIAL REAL ESTATE & DISTRIBUTION CENTERS Cook of The Flynn Company reps owner, RREEF

Dudek of Patterson-Woods/CORFAC Intâ&#x20AC;&#x2122;l. reps Mishimoto Auto Performance in 17,353 s/f lease

W

ILMINGTON, DE â&#x20AC;&#x201D; Patterson-Woods Commercial Properties/CORFAC International, a leading full-service commercial real estate provider serving the Tri-State Area, announced a 17,353 s/f lease completion on behalf of Resource International Inc., DBA Mishimoto Auto Performance, at 18 Boulden Circle, New Castle.

Mishimoto signed a long term lease for industrial-office space and will occupy the premises in July of this year. Mishimoto Auto Performance is a leader in after-marketing cooling components (such as aluminum radiators and temperature gauges) that are manufactured specifically for race cars and motorcycles.

Rich Dudek, a partner with Patterson-Woods/CORFAC International, represented tenant Mishimoto Auto Performance while Dave Cook of The Flynn Company represented the property owner, RREEF, in the lease negotiations. â&#x20AC;&#x153;The tenant is a fast-growing company that designs and manufactures high-end performance parts for distribution throughout the United States.

Mike Sullivan, 28, has been building his company since the age of 19 and estimates that he will increase his staff from its current 26 employees to 55 once they move into the new space,â&#x20AC;? said Dudek.

Patterson-Woods is Delawareâ&#x20AC;&#x2122;s largest commercial real estate company and is equipped to offer a full scope of operations, including the sale and lease of commercial/industrial, retail and investment property as well as buyer & tenant representation, property management and business brokerage. Decades of real estate experience in the region is supplemented with input from a network of business and government contacts.

This guarantees professional service for all ventures large or small.

CORFAC International (Corporate Facility Advisors) is distinguished by the way it manages multi-market commercial real estate assignments on behalf of corporate entities and privately owned companies.

Founded in 1989, U.S.-based CORFAC is comprised of privately held entrepreneurial firms with expertise in office, industrial and retail real estate leasing and investment sales, multifamily property acquisi-

tions and dispositions, property management and corporate services in North America, with coverage in South America provided by Panama-based Latin American Corporate Property Services. A Principal Member of FIABCI â&#x20AC;&#x201C; the International Real Estate Federation with global affiliates in Europe and Asia, CORFAC International offers commercial real estate services with market reach in 65 countries worldwide. In recent years, CORFAC firms have averaged 10,000 completed transactions annually encompassing nearly 100 million s/f and valued at more than $6 billion. â&#x2013;

18 Boulden Circle

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8B â&#x20AC;&#x201D; May 25 - June 7, 2012 â&#x20AC;&#x201D; Industrial / Distribution Centers â&#x20AC;&#x201D; Mid

Atlantic Real Estate Journal

www.marejournal.com

INDUSTRIAL REAL ESTATE & DISTRIBUTION CENTERS

By Michael Nachamkin, HFF

We are seeing positive net absorption in most all major markets along with modest job growth

I

ndustrial Real Estate as an asset class is in particularly high d e m a n d because of the positive fundamentals driving the business in top tier indust r i a l m a rkets around Michael the United Nachamkin States.

We are seeing positive net absorption in most all major markets along with modest job growth. There is virtually

â&#x20AC;&#x153;There is a surplus of capital pursuing industrial properties with 70% of the capital targeting stabilized core product. Since core product is not available, we believe capital will migrate up the risk curve in both core and secondary markets. Why is there a lack of core product available to investors?â&#x20AC;? no new construction however there is a pipeline of spec construction in key logistic markets such as Inland Empire, Central/Eastern PA and Houston. Several speculative projects are in the works in Central and Northern NJ, a major US Port market.

There is a surplus of capital pursuing industrial properties with 70% of the capital targeting stabilized core product. Since core product is not available, we believe capital will migrate up the risk curve in both core and secondary markets. Why is

there a lack of core product available to investors?

Institutional owners have significantly increased their allocations for industrial, which is the next favorite behind multifamily. Selling core properties today is a real challenge for institutional investors as they have no place to redeploy the capital although those who do decide to sell will outperform expectations!

Sales volume continues to accelerate. In 2005, 2006 and 2007, there was significant investments activity from $22B in 2004 to $45B

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in 2006, $50B in 2006 and peaking at $58B in 2007.

Since the bottom of the recession, we have seen steady and significant increases in volume from $10.8B in 2009 to $27B in 2011 working its way back. There was more than $5.7B of industrial sales in Q12012 according to Real Capital Analytics. With this increase in capital flows, comes cap rate compression as investors bid up properties in the key logistic markets.

Where is the capital coming from? US Pension Funds, Endowments and Private High Net Worth Clients are all trying to get into this safe and predictable asset class and Foreign Funds are chasing industrial as well. Some of the significant buyers today are Blackstone, Exeter, and DRA; all taking down some of the largest portfolios in the country that have some of their assets in the Northeast. There are few if any bulk industrial portfolios in the NY-Washington area being marketed so many of the trades are still one off.

Cap rate spreads for Class A distribution in core markets average 6-6.5% and 6.75%-7.75% for Class B. With this is mind, the best core assets are being priced sub 6% in the top tier markets. For the leveraged players, debt capital is readily available for the right sponsor. Leverage of 65-70% is common with spreads ranging between 150bp and 250 bp over 10 year treasuries.

Debt through conduit programs is available in secondary markets with spreads of 300-350bp.

The I-95 Corridor, which extends from New York down to Washington, D.C. is an area of focus for most institutional and private investors.

There was $450-$500MM of industrial transactions primarily in Baltimore/Washington, D.C., the Philadelphia area and Northern New Jersey.

Michael Nachamkin is a managing director at HFF and heads up the industrial investment sales group in the Northeast.

He is part of a national industrial team with coverage in the major markets of Miami, Dallas, Houston, Chicago, Seattle and Los Angeles. â&#x2013;

Mid Atlantic Real Estate Journal — Industrial / Distribution Centers — May 25 - June 7, 2012 — 9B

www.marejournal.com

INDUSTRIAL REAL ESTATE & DISTRIBUTION CENTERS $8,725 /Month

1363 South Atherton 1363 South Atherton Street, State College, PA 16801

Three story self contained facility with loading dock, 50 space parking on-site. Currently being used as production facility for specialized medical transducers.

New HVAC in 2000. Carpets and flooring new in 2011.

Enhanced lighting and exhaust systems.

FOR SALE OR LEASE

Exceptional commercial real estate solutions and services for businesses who demand more from their space.

Industrial-Commercial Realty, LLC Charlene Friedman, CCIM, CPM Friedman Real Estate Group P O Box 10299,State College, PA 16805 charlene@apartmentsdowntown.com (814) 234-6004 Ext: 206

www.friedmanrealestategroup.com

559 Main Street, Suite 300 Bethlehem, PA 18018

Phone: 610•332•1100 Fax: 610•332•1111

www.penncapproperties.com

PAVING THE WAY FOR DEVELOPMENT IN NORTHEASTERN, PA

STOKES AVENUE PROPERTY:

120,000 +/- SF manufacturing facility zoned for industrial use adjacent to 1,175 feet of rail service. 40 cranes service the main building consisting of approximately 62,000 +/- SF and three other warehouse/ shipping buildings. On site septic with all other major utilities supplied to this 20 +/-

level acre with endless possibilities.

SELF STORAGE UNITS:

Great Investment: 240 Storage Unit Facility Portfolio. 2 locations within 10 minutes from each other.

Situated in Mount Pocono and Mountainhome along Route 390 and Route 611. Present occupancy 90 + %. Immaculate condition with strong rental history.

VACANT LAND IN BLAKESLEE: A Unique opportunity to acquire 49 +/- commercial acres with central sewage on Route 115.

Just north of I-80 Blakeslee Exit and just south of Route 940 Blakeslee Ava ilab Intersection. Adjacent to newly acquired le land for open space park. Survey and wetlands delineation are available.

9 EDU's included in sale.

10B — May 25 - June 7, 2012 — Industrial / Distribution Centers — Mid

Atlantic Real Estate Journal

www.marejournal.com

INDUSTRIAL REAL ESTATE & DISTRIBUTION CENTERS

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Mid Atlantic Real Estate Journal — Industrial / Distribution Centers — May 25 - June 7, 2012 — 11B

www.marejournal.com

INDUSTRIAL REAL ESTATE & DISTRIBUTION CENTERS INSTALLATION IS JUST THE BEGINNING, MAINTENANCE IS THE FUTURE

HIGHEST SOLAR ARRAY IN THE WORLD. DESIGNED, BUILT & MAINTAINED BY VANGUARD. Vanguard Energy Partners offers a full service Energy Maintenance Solutions (EMS) Division dedicated to servicing your solar assets. As with all valuable investments, regular maintenance is critical. Vanguard’s EMS Division provides the necessary preventative and reactionary care to keep your system operating at peak performance.

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12B — May 25 - June 7, 2012 — Industrial / Distribution Centers — Mid

Atlantic Real Estate Journal

www.marejournal.com

INDUSTRIAL REAL ESTATE & DISTRIBUTION CENTERS I.con will explore emerging opportunities, trends and technology influencing industrial RE

NAIOP produces I.ConThe Industrial Conference in Jersey City

J

ERSEY CITY, NJ — I.Con-The Industrial Conference is slated for June 14-15, 2012, at the Hyatt Regency in Jersey City. Expected to attract industrial real estate professionals from across the country, the event is produced by NAIOP, the commercial real estate development association, and held in partnership with NAIOP New Jersey and SIOR. “As global markets continue to recover, how will increasing demand for consumer goods affect the logistics supply chain, the demand

for industrial development and trends in current and future facilities?” said Thomas Bisacquino, president and CEO of the 15,000-member NAIOP. “These are just a few of the topics to be discussed in-depth at the only national conference for industrial real estate.”

“This will be the second time New Jersey has hosted this prestigious event,” said Michael G. McGuinness, CEO of NAIOP New Jersey, the leading commercial real estate association in the Garden State and, with more than 600 members,

the third largest chapter of NAIOP Corporate. “I.con will explore emerging opportunities, trends and technology influencing industrial real estate, and will showcase the New Jersey market for a national audience.”

The event, beginning on Thursday, June 14, will include two tours of the New Jersey market, including a bus tour of the Port of New York and New Jersey, which generates $11.6 billion in personal income and $37.1 billion in business income annually. The DRT Data Center Tour will provide an inside

look at the tri-state area’s burgeoning high-security data facility market.

New Jersey Governor Chris Christie has been invited to address I.con, to share his views on the importance of real estate to his state and the nation. Also, a number of industry professionals from the metropolitan region will headline the two-day event’s panels and presentations, beginning with welcoming remarks on June 14 by Janice Stanton of Cushman & Wakefield’s Capital Markets Group. Bisacquino and current SIOR president Geoff

I.con: The Industrial Conference June 14 – 15, 2012 | Hyatt Regency Jersey City | Jersey City, New Jersey

Join NAIOP for the only North American conference focused solely on the industrial real estate sector _ I.con: The Industrial Conference.

What you’ll find at I.con: • A look at Economic Trends and Implications for Industrial Properties • An analysis of the intersection of Trade Flow and Real Estate • Ring-side seats at The Art of the Deal “Shark Tank” – where two developers pitch their development/acquisition opportunities to the institutional equity “sharks” • Plus, an up-close look at the Port of New Jersey and the inner workings of Digital Realty Trust’s New York high security data center For updated program information, visit www.naiop.org.

2012 I.CON PARTNERS 2012 I.CON PLATINUM SPONSORS

Kreusser will also welcome attendees to the event.

Other metropolitan region speakers will include John DiCola of KTR Capital Partners, who will moderate an opening day panel addressing the topic “The Intersection of Trade and Real Estate.” A subsequent panel titled “Industrial to Data Center—A Hot Trend” will be moderated by Jeffrey Hipschman of CBRE and include William Beck of Credit Suisse, Michael Bucheit of FiberMedia Group and Edward Russo of Russo Development.

The June 15 schedule will kick off with a program titled “Understanding and Navigating State Incentives.”

Among panelists will be Jay Biggins of Princeton, N.J.based Biggins Lacy Shapiro & Company, a corporate site selection advisory firm.

Next, Anne Strauss-Wieder of A. Strauss, Inc. will head a panel addressing the question, “What are the Channel Masters Thinking about the Supply Chain?” Panelists include Michael J. Landsburg of NFI Real Estate and George Harry of Johnson & Johnson Sales & Logistics Company.

Next on the agenda is the topic, “Investment Strategies: Public vs. Private.” Mark G. Levy of Prologis-East Region will moderate a panel that will include Don Chase of KTR Capital Partners and Michael Hagan of Liberty Property Trust. A lunch presentation titled “Art of the Deal – ‘Shark Tank’,” pitting developer/operators vs. institutional equity “sharks,” will feature Rob Kossar of Jones Lang LaSalle and Alexander Taylor of Matrix Development Group.

I.con will conclude on June 15 with a Panama Canal Presentation by Bisacquino and past NAIOP chairman Bob Cutlip, who will share their experiences gained from a recent real estate tour of Panama. The Panama Canal expansion resonates in the New Jersey/New York region in the form of the project to raise the Bayonne Bridge to permit passage into the port by the larger vessels enabled by the canal’s expansion.

Raising the Bayonne Bridge has been a key advocacy issue for NAIOP New Jersey and its members. ■

www.marejournal.com

Mid Atlantic Real Estate Journal — Industrial / Distribution Centers — May 25 - June 7, 2012 — 13B

INDUSTRIAL REAL ESTATE & DISTRIBUTION CENTERS Adams leases 40,058 s/f in three lease transactions

NAI Summit represents the tenant in 22,562 s/f warehouse lease in Allentown, PA

A

LLENTOWN, PA – Michael Adams of NAI Summit recently leased over 40,000 s/f in Allentown in three separate transactions.

In the first transaction, Ad- Michael Adams ams represented both the owner and tenant in leasing 7,000 s/f of warehouse space at 1840 E. Race Street. The tenant, Beck Packaging, has been serving the “industrial and protective packaging and transport security” needs of businesses in the Lehigh Valley since 1970.

The building owner, HVAC Distributors, is a full-service wholesale distributor and manufacturer representative of residential and light commercial HVAC equipment and accessories.

In the second transaction, Adams represented both the owner and tenant in leasing 10,496 s/f of flex space at 6620 Grant Way. The tenant, Americure RX, is an institutional pharmaceutical company, supplying medicine to senior living facilities, assisted living facilities, etc.

In the third transaction, Adams recently represented the tenant in leasing 22,562 s/f of warehouse space at 2655 Moravian Avenue, Allentown, PA. The tenant, McCarthy Tire & Automotive Centers, was founded in 1926. The company serves the transportation needs of retail, commercial and industrial users with locations in PA, NY, NJ, VA, NC, MD and OH. McCarthy plans to use the building for truck tire repair and service.

Mike Adams is vice president of NAI Summit specializing in industrial & office leasing and sales. NAI Summit is the Greater Lehigh Valley’s only full-service commercial/industrial real estate firm servicing Eastern Pennsylvania. Founded in 1982, NAI Summit has consistently maintained the highest volume of commercial transactions by utilizing an extensive network of professional affiliations. ■

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According to Mike Molewski, founder of Molewski Financial Partners, “NAI Summit’s knowledge of the market enabled us and the landlord to reach an agreement based on current ofÛce market conditions in the Lehigh Valley. NAI Summit’s commercial real estate expertise was essential in our renewal being Ûnalized while we were able to concentrate on our core business.”

14B â&#x20AC;&#x201D; May 25 - June 7, 2012 â&#x20AC;&#x201D; Industrial / Distribution Centers â&#x20AC;&#x201D; Mid

Atlantic Real Estate Journal

www.marejournal.com

INDUSTRIAL REAL ESTATE & DISTRIBUTION CENTERS The market will continue to see strong activity and positive momentum

CBRE NJ 1Q 2012 Industrial Market View

1

Q 2012 Industrial MarketView New Jerseyâ&#x20AC;&#x2122;s industrial real estate market thrived in 2011, and if the first quarter of 2012 is at all indicative of the rest of year to come, the market will continue to see strong activity and positive momentum.

The increased level of activity seen over the past year has continued into the first quarter of 2012. New leasing velocity rose above six million s/f for the third time in the past five quarters. Prior to 1Q 2011, this volume of activity was not seen since 1Q 2007.

Sales activity was also strong, driven by both investor and user demand. While investors remain very active in New Jersey, accounting for 17 purchases during 1Q 2012 alone, user purchases were up 66.9% from 1Q 2010 and up 183.1% from 1Q 2011. The New Jersey industrial market is still witnessing an elevated willingness from users to commit to new space; however, there are questions surrounding the marketâ&#x20AC;&#x2122;s ability to sustain this heightened level of activity. With availability dropping by only five basis points to 10.4% during 1Q 2012, the industrial real estate market in New Jersey may be facing another hurdle.

Market indicators remain positive, but the story on the street is one of cautious optimism. Much of the recent increased activity has been the result of a flight to quality effect brought on by the recession. The central portion of New Jersey has become a haven for tenants looking to not only strike aggressive lease

deals but also upgrade their facilities at the same time. As a result, large blocks of quality available space are disappearing at an increasing rate, especially in Central New Jersey. Further measuring this effect, Central New Jerseyâ&#x20AC;&#x2122;s absorption, which amounted to 1.83 million s/f in the first quarter, continues to outperform that of Northern New Jersey, which saw negative absorption of 1.08 million s/f Increased tenant demand in the market has resulted in stabilized asking lease rates. 1Q 2012 was the first quarter since 2Q 2008 where the Stateâ&#x20AC;&#x2122;s asking lease rate did not decline. While landlords seem overly anxious to set asking rates higher, tenant sentiment is marked by a reluctance to yield to any increases. Renewal activity tapered off in 2011, but higher asking rates set by landlords have the potential to force tenants back into a stay-in-place position.

New Jerseyâ&#x20AC;&#x2122;s overall industrial real estate market, having now seen six consecutive quarters of positive performance, demonstrates improving fundamentals.

After one of the longest economic downturns in history, owners are anxious to increase lease rates; however, the recession appears to have shifted tenant focus from location-centric to costconscious. If landlords are too quick to set higher asking rents, tenant demand could be halted or even, in certain submarkets, driven out of the State.

Employment Economics The national jobless rate continued to trend downward. Now

Quick Stats Change from last

Yr.

Size (Sq. Ft.) Tenant

Address

City

Type

2 3rospect 3lains Rd

Cranbury

New Lease

10,

Lollytogs, Ltd.

301-321 Herrod Blvd

South Brunswick

Renewal

$5.15

00,

Integrated Distribution Services Group

2 Applegate Dr

Robbinsville

New Lease

0.76 MSF

00,000

Systemax, Inc.

2 Applegate Dr

Robbinsville

New Lease

3, 03

Kuehne & Nagel, Inc.

32 Half Acre Rd

Cranbury

Renewal

Address

City

Type

Lease Rates

Construction Completed

Qtr.

3etco Animal Supplies, Inc.

10.4%

Vacancy

Average Asking Lease Rates At the end of 1Q 2012, the average asking lease rate for industrial property in New Jersey remained unchanged from that of 4Q 2011. This is the first quarter since 2Q 2008 that the Stateâ&#x20AC;&#x2122;s asking lease rate did not drop. Flight to quality is still prevalent in New Jerseyâ&#x20AC;&#x2122;s industrial market. Tenants are entertaining more affordable space options that would have previously been deemed too logistically inconvenient to consider.

Central New Jersey is certainly reaping the benefits of this trend.

While landlords are anxious to realize rent growth, tenants are not yet willing to yield to higher rates.

Average Asking Sale Rates New Jerseyâ&#x20AC;&#x2122;s average asking sale rate increased for the third consecutive quarter and now stands at $64.29 psf Northern New Jerseyâ&#x20AC;&#x2122;s asking rate is $73.84 psf and Central New Jerseyâ&#x20AC;&#x2122;s rate is $54.76 psf Both investors and occupiers were very active in 1Q 2012; how-

Newark, among others.

Port of NY and NJ Activity Activity at the New York and New Jersey port terminals continues to increase, which typically prompts growth for the surrounding New Jersey industrial real estate market. Year-to-date, loaded container traffic in TEUs is up 5.2% over the same period last year. The Port Authority is continuing to partake in the US port industryâ&#x20AC;&#x2122;s East Coast â&#x20AC;&#x153;arms raceâ&#x20AC;? in order to upgrade port infrastructure in preparation for larger vessels that will begin to pass through the Panama Canal in 2014.

As the largest port on the East Coast and the third largest in the US, the Port of New York and New Jersey is a passageway to one of the most important consumer markets in the world. *PONYNJ Terminal Operator Data 1Q 2012 Hot Topics â&#x20AC;˘ New Leasing velocity rose above six million sq. ft. for the third time in the past five quarters â&#x20AC;˘ Central New Jersey continues to be more resilient than Northern during recovery, netting 1.83 million sq. ft. of positive absorption compared to Northern New Jerseyâ&#x20AC;&#x2122;s 1.08 million sq. ft. of negative absorption during the first quarter â&#x20AC;˘ Availability dropped only slightly to 10.4% during 1Q 2012 â&#x20AC;˘ Tenants continue to be costcentric when making real estate decisions â&#x20AC;˘ While speculative construction has been minimal, there are several projects in the pipeline. â&#x2013;

1, 00

Availability

Sale Prices

*NJ DLWD & US BLS, March 2012

ever investors were once again responsible for the majority of industrial purchases as New Jersey continues to attract newly raised capital.

Net Absorption New Jerseyâ&#x20AC;&#x2122;s industrial market netted a positive 757,639 s/f of absorption during 1Q 2012â&#x20AC;&#x201D; the sixth consecutive quarter of positive momentum. Central New Jerseyâ&#x20AC;&#x2122;s absorption of 1.83 million s/f carried the State to positive territory. Leasing in the northern portion of the State, although healthy, was not enough to offset the space that hit the market, resulting in 1.08 million s/f of negative absorption. Central New Jersey, with its newer inventory, is proving to be much more resilient post-recession in being able to accommodate large, modern requirements which have considerable impacts on market performance.

Construction Completed During the first quarter, a 150,000 s/f building finished construction for Ritchie & Page Distributing Company in Robbinsville. Six properties totaling 751,280 s/f still remain under construction with 516,355 s/f being pre-committed. While many developers seem to have taken a hesitant stance with regards to speculative construction over the past several quarters, large user requirements throughout the State are increasingly limited in options, and one can expect to see a pickup in speculative construction activity this year.

In fact, speculative construction projects in the pipeline include a 232,000 s/f building in Carteret and a 350,000 s/f building in

Top Transactions 1Q 2012 Current

Net Absorption

at 8.2%, national unemployment has improved by 0.3 percentage point since December 2011.

New Jersey unemployment also continued to improve, although at a much slower pace. At 9.0%, the Stateâ&#x20AC;&#x2122;s unemployment rate is down only 0.1 percentage point from December and only 0.3 percentage point from this time last year. As the US economy is expected to modestly grow, the jobless rate will follow suit and continue to improve at a steady pace.

$64.29 7.1% 1

Note: The arrows are trend indicators over the speciĂ&#x20AC;ed time period and do not represent a positive or negative value. (e.g., absorption could be negative, but still represent a positive trend over a speciĂ&#x20AC;ed period.

Size (Sq. Ft.) Buyer 2 , 2

Woodmont 3roperties

111 Cokesbury Rd

Lebanon

Sold to Investor

0 acres

Goya Foods, Inc.

County Rd

Jersey City

Sold to User

3 3,

Blackstone Group, L3

100 Middlesex Center Blvd

Jamesburg

Sold to Investor

32 ,33

Heller Industrial 3arks, Inc.

1 Heller 3ark Ln

Franklin Township

Sold to Investor

300,000

The Haddad Apparel Group, LTD

231 Herrod Blvd

South Brunswick

Sold to User

Mid Atlantic Real Estate Journal — Industrial / Distribution Centers — May 25 - June 7, 2012 — 15B

www.marejournal.com

INDUSTRIAL REAL ESTATE & DISTRIBUTION CENTERS BUILD-TO-SUIT OPPORTUNITIES AVAILABLE LEGACY COMMERCE CENTER, LINDEN, NJ

Located in metropolitan New York/New Jersey, Duke Realty’s Legacy Commerce Center offers over 1 million square feet of warehouse and distribution space with unparalleled access to major transportation routes, as well as to an abundant trained labor force. Both lease and build-to-suit opportunities are available in this premier, first-generation development. đƫ

60-acre, state-of-the-art industrial park

đƫ

Located 5 miles from the Ports of Newark and Elizabeth, 3 miles from Newark Liberty International Airport, and minutes from the New Jersey Turnpike/I-95 exit 13

đƫ

28' and 36' ceiling heights

đƫ

ESFR sprinkler systems

đƫ

Power to suit

đƫ

Concrete paved trailer pads, levelers, seals and bumpers

đƫ

TPO mechanically fastened roofs

đƫ

Rail served by Conrail

đƫ

Adjacent to Legacy Square, a new retail center with 450,000 square feet of prime retail space

Mindy Lissner | 732.509.2831 | mindy.lissner@cbre.com William Waxman | 201.712.5810 | william.waxman@cbre.com Stacey Weinberg | 732.509.2833 | stacey.weinberg@cbre.com

LEGACY COMMERCE CENTER

16B — May 25 - June 7, 2012 — Industrial / Distribution Centers — Mid

Atlantic Real Estate Journal

www.marejournal.com

Industrial Real Estate & Distribution Centers

By Steve Willems, NAI Keystone Commercial & Industrial

Greater Reading Area on the move —>

T

he Greater Reading area is trending up for occupancies in both the Industrial and Office sectors. This is welcome news for certain.

Medical buildings are the strength of the Office Steve Willems growth with a limited negative byproduct: the increasing vacancy of the small old fashioned Family Physician offices. Several high tech companies have expanded with

Lebanon 55,632 SF - SALE /LEASE

“While our market rates (sale & lease) lag lower than in many adjacent markets, the quality of our buildings, workforce and positive business environment make the greater Reading area a market to watch. We invite you to be part of this exciting change.” rumors of contract awards in the offing which will drive even more vacancies out of the market. Developer Kinsley Construction has taken notice and has erected two spec buildings -one 34,000 s/f building is fully leased- and is now planning another.

Spec construction has not

Muhlenberg 8,700 SF - LEASE

happened in the last several years. The absorption is welcome but the rates are still tracking at 2010 levels.

Due in part to several large tenants ( Crossroads Beverage with 324,500 s/f and East Penn / DEKA with 200,000 s/f), the Industrial vacancy rates have dropped to the

Reading 41,938 SF - LEASE

pre-recession levels. The numbers are also aided by two building disappearing from the market; the 750,000 s/f Armorcast Building was razed and Salient Technologies 250,000 s/f plant is gone too. Scrap steel prices in the + $350/ton range have helped turn these two projects from lemons to lemonade.

The Greater Reading Economic Partnership reports two sites at the Berks Park 78 which are now under letter of intent. The infrastructure is substantially complete to allow for up to 3 million feet of new industrial

St Lawrence Borough 44,643 SF - SALE /LEASE

product at this 323 acre site.

The Economic Partnership is also working closely with the Berks County Commissioners who are spearheading a new pre-approval process which will be called JEAP (Joint Express Approval Process). Quicker approvals for complicated deals is welcome in my world! Look for details to be released soon.

While our market rates (sale & lease) lag lower than in many adjacent markets, the quality of our buildings, workforce and positive business environment make the greater Reading area a market to watch. We invite you to be part of this exciting change.

Steve Willems is principal of NAI Keystone Commercial & Industrial. n

NAI Hanson secures 9,600 s/f indus. lease

Reading 8,000 SF - LEASE

Reading 5,706 SF - SALE /LEASE

Blandon 53,172 SF - LEASE

Reading 36,757 SF - LEASE

697 Rahway Avenue

Leesport 36,000 SF - SALE/LEASE Reading 124,796 SF - SALE

Womelsdorf 120,000 SF - SALE/LEASE

Reading 38,505 SF - SALE

Reading 19,254 SF - SALE

Hamburg 63,025 SF - SALE

Hamburg 85,276 SF - SALE/LEASE Robesonia 226,326 SF - SALE/LEASE Pottsville 12,750SF - SALE/LEASE

Call 610-779-1400

to arrange a tour www.NAIKeystone.com Covering Berks & Schuylkill Counties

Reading 16,067 SF - SALE /LEASE

Muhlenberg 24,000 to 185,425 SF - LEASE

We Have Industrial Land Too !

UNION, NJ — NAI James E. Hanson announced that the firm completed a 9,600 s/f industrial lease transaction at 697 Rahway Avenue in Union.

NAI Hanson senior vice president Thomas W. Ryan and sales associate Russell J. Verducci represented the landlord, Rummel Fibre Co., Inc. Weichert Commercial Brokerage vice president David R. Williams represented the tenant, Canary Custom Closets, which is relocating from 1474 Ridgeway Street, also in Union.

The building totals 30,000 s/f and features a 26-foot clear ceiling height with one drivein, oversized 20-ft. door. The landlord is building out 1,200 s/f of office space for the tenant.

“Canary wanted to stay in Union and this property had many of the features they were looking for such as ceiling height and heavy power,” Verducci said. “The tenant is currently in two locations and this unit gives him the space to put his operation under one roof.” n

www.marejournal.com

Mid Atlantic Real Estate Journal — Industrial / Distribution Centers — May 25 - June 7, 2012 — 17B

INDUSTRIAL REAL ESTATE & DISTRIBUTION CENTERS Merin, Bernhaut, Gabriel & Zimmel rep the seller in $15.85m sale of 75 Commerce Drive

NJ’s strong, steady fundamentals bode well, with increased activity expected

E

AST RUTHERFORD, NJ – With the exception of office leasing in Central New J e r s e y, t h e Garden State commercial market experienced a slow start to 2012, according to Cushman & W a k e f i e l d , Gualberto Medina Inc. The commercial real estate services firm’s first quarter office and industrial research findings indicate that while tenant and investment activity remains modest, market fundamentals are steady and showing signs of slow improvement, according to Gualberto “Gil” Medina, New Jersey executive managing director.

INDUSTRIAL RECAP Nearly 4.6 million s/f in industrial leasing in Northern and Central New Jersey represented an 18.8 percent year-overyear decrease. Still, a number of notable transactions closed, particularly in the central counties. Among them, pet supply retailer Petco leased 781,300 s/f at 257 Prospect Plains Road in Cranbury. In Robbinsville, computer and electronics retailer Systemax committed to 500,102 s/f at 24 Applegate Drive.

Investment activity involving existing industrial product totaled 1.6 million s/f during the first quarter, representing a 44.4 percent drop in yearover-year volume. The largest sale involved Heller Industrial Park’s acquisition of 1 Heller Park Lane (323,985 s/f) in Somerset for $11.1 million. In Teaneck, electrical contractor Grant Electric purchased 411 Alfred Avenue (184,000 s/f) for $6.2 million, while in North Bergen skin care manufacturer DermaRite Industries purchased 7777 West Side Avenue (126,618 s/f) for $7.87 million.

Statewide, the industrial vacancy rate increased by 0.2 percentage points during the first quarter of 2012, for an overall rate of 9.8 percent. “This slight increase was due to several large blocks of space, which entered the market in Northern New Jersey and negatively impacted absorption,” Medina said. “For context, Central New Jersey, where rates are more competitive because of the added distance to Port and NYC in-roads, experienced a 0.2 percentage point decrease

75 Commerce Drive

in vacancy.”

The direct average asking rental rate for industrial remained steady since end of 2011 at $5.62 per s/f. “Direct asking rental rates this year should hold as vacancy slowly drops,” Medina said. “Looking ahead, Central New Jersey’s vacancy rate is expected to decrease more quickly than in the northern counties. The virtually non-existent supply of ‘big box’ in that market and high demand for the same will shape developer and investor decisions.”

In other news, Cushman & Wakefield’s Metropolitan Area

Capital Markets Group (CMG) has orchestrated the $15.85 million sale of 75 Commerce Drive, a 114,206 s/f high-tech/ flex industrial facility within Allendale Corporate Center.

The seller was represented by the CMG team of Andrew Merin, David Bernhaut, Gary Gabriel and Jared Zimmel in East Rutherford, NJ, and Frank Caccavo, Jason Goldman, Marc Petrella and Andrew Siemsen of the firm’s Edison, N.J. office.

The buyer was a joint venture between Loeb Partners Realty LLC led by Nick Rizzo and Red Pine Capital Partners led by Michael K. Federman. ■

Metropolitan Area Capital Markets Group Over $290 Million of Investment Sales to Date in 2012 111 COKESBURY ROAD 729,000 SF JV ADVISORY INDUSTRIAL BUILDING PURCHASE CLINTON, NJ

100 SCIPARK BLVD. 66,000 SF SALE OF SINGLE-TENANT OFFICE AND LAB BUILDING EAST WINDSOR, NJ

65 CLYDE ROAD 159,000 SF SALE OF MULTI-TENANT WAREHOUSE BUILDING SOMERSET, NJ

75 COMMERCE DRIVE 114,000 SF SALE OF MULTI-TENANT FLEX BUILDING ALLENDALE, NJ

60 INDUSTRIAL PARK DR. 719,000 SF SALE OF SINGLE-TENANT DISTRIBUTION FACILITY MILTON, PA

18 HERROD BLVD. 305,000 SF SALE OF SINGLE-TENANT DISTRIBUTION FACILITY SOUTH BRUNSWICK, NJ

Andrew J. Merin, Vice Chairman 201-460-3358 David W. Bernhaut, Vice Chairman 201-460-3356 H. Gary Gabriel, Exec. Vice President 201-460-3352 Brian J. Whitmer, Senior Director 201-508-5209

18B — May 25 - June 7, 2012 — Industrial / Distribution Centers — Mid

Atlantic Real Estate Journal

www.marejournal.com

MAREJ INDUSTRIAL TRANSACTION REPORT 2011 AS REPORTED IN THE Mid Atlantic REAL ESTATE JOURNAL

Property Name

Seller/ Owner/ Lessor

Address

Rep. of Seller/ Lessor

Buyer/ Tenant/ Lessee

JANUARY 14 - DECEMBER 23, 2011

Rep. of Tenant/ Buyer

Price

Size

Desc.

S/L

Month

1901 E Linden Ave

Linden, NJ

Hampshire Cos

—

Joma Realty

Marcus & Millichap

—

36,000 SF

Ind

S

Jan

1221 E Elm St

York, PA

—

ROCK

HR Pharmaceuticals

ROCK

—

29,160 SF

Ind

L

Jan

180 Roosevelt Ave

York, PA

—

ROCK

Piping & Mechanical Sys

ROCK

—

10,000 s/f

Ind

L

Jan

36 E Main St

New Kingstown, PA

Seagis Prop Grp

Cushman & Wakefield

Fry Communications

—

—

146,500 s/f

Ind

L

Jan

100 Cascade Dr

Allentown, PA

—

Collers Int’l

MIM Hayden Mgmt

CBRE

165,000 SF

Ind

S

Jan

1336 Spahn Ave

York, PA

—

ROCK

YORK Cab

ROCK

2,278 s/f

Ind.

L

Jan

10 Fairway Ct

Northvale, NJ

Hampshire Cos

NAI Hanson

Fillo Foods

MRH RE

85,000 SF

Ind/Flex

L

Jan

Logisticenter at Logan

Logan, NJ

Dermody Properties

Dermody Properties

—

—

—

599,500 s/f

Ind

S

Jan

LogistiPort Industrial Park

Savannah, GA

Dermody Properties

Jones Lang LaSalle

JLA Home

Colliers Int’l & Townsend Comm’l —

689,400 s/f

Ind

S

Jan

83 White Oak Dr.

Berlin, CT

The Hampshire Cos

Cushman & Wakefield

Sportika Export

—

—

53,360 s/f

Ind

L

Jan

—

Totowa, NJ

—

Marcus & Millichap

—

—

$5m

83,319 s/f

Ind

S

Jan

200 Docks Corner Rd.

SADDLE BROOK, NJ

AMB Properties

JLL

Vision Automotive

CBRE

—

58,560 s/f

Ind

L

Jan

26 E. Fleming Pike

Camden County, NJ

Ojserkis Family Props

Roddy

Painter’s District Council

—

$1m

24,000 s/f

Ind

S

Jan

4-24 Sellers St.

SADDLE BROOK, NJ

Everest Realty

CBRE

SG Footwear

NAI Hanson

—

29,000 s/f

Ind

L

Feb

266 Hafer Rd.

Lewisburg, Tally Twp., PA

Consolidated Electric

Landmark

Parkes-Miller Properties

CBC Penn One

—

18,750 s/f

Ind

S

Feb

351 East St.

YORK, PA

—

ROCK

M&P Amusement Co

ROCK

—

8,700 s/f

Ind

L

Feb

6035 Gross Point Road

Niles, IL

TR 13126, LLC

Colliers International

DP Partners

—

—

149,474 s/f

Ind

S

Feb

8451 Willard Dr.

Lehigh Valley, PA

Liberty Prop Trust

—

—

—

—

389,866 s/f

Ind

L

March

705 Boulder Drive

Lehigh Valley, PA

Liberty Prop Trust

—

—

—

—

615,000 s/f

Ind

L

March

1680 Rohrerstown Rd.

Lancaster, PA

New Prime & Success Leasing HighPointe Commercial

DAL Partners

NAI Commercial Partners

$2.1m

11,500 s/f

Ind

S

March

1505 Ford Rd

Bensalem, PA

Frantz RE Partnership

Roddy

Compass Sign Company

—

—

26450 s/f

Ind

S

March

1299 West Forest Grove Rd. —

Vineland, NJ

B.D.G.S.

Colliers Int’l

Tech Tube

—

50,000 s/f

Ind

L

March

485 Route 1 South

Iselin, NJ

KBS Realty Advisors

CBRE

Progressive Casualty InsuranceColliers Int’l

—

22,494 s/f

Ind

L

March

260 Schilling Circle

Hunt Valley, MD

The Murray Corp

Blue & Obrecht

Metals & Residues Processing MacKenzie Commercial RE

—

40,212 s/f

Ind

L

March

7045 Troy Hill Dr

Elkridge, MD

—

Cushman & Wakefield

Meadowgate Technologies

Blue & Obrecht

—

14,542 s/f

Ind

L

March

Chambersburg, PA

Liberty Prop Trust

—

—

—

—

475,640 s/f

Ind/Whse

L

March

34 E. Main St.

KING OF PRUSSIA, PA

—

Grubb & Ellis

Lexmain Realty Ventures

—

—

179,200 s/f

Ind/Whse

S

March

1012-1022 Grand St.

Hoboken, NJ

D. Kwitman & Son

De Ruggiero Realtors

Stylcrest Fabric

—

—

17000 s/f

Ind.

L

April

1200 Rte 523

Flemington, NJ

Equity Industrial Ptrs

Colliers Int’l

Flemmington Dept. Store

Colliers Int’l

—

40,000 s/f

Ind.

L

April

1200 Rte 523

Flemington, NJ

Equity Industrial Ptrs

Colliers Int’l

Customized Dist. Svcs.

Colliers Int’l

—

35,000 s/f

Ind.

L

April

Reston-Herndon Business Pk Tyson Corner, VA

Kenwood Mgmt.

Kenwood Mgmt, Grubb & Ellis GSA —

GSA

—

48,000 s/f

Ind.

L

April

256 Geiger Rd.

Philadelphia, PA

David Twersky

NAI Mertz

Bambi Day Care

NAI Mertz

—

12,000 s/f

Ind/Off

S

April

4 Center Dr.

Baltimore, MD

Northeast Commerce Cnt. C&W

GSA

GSA

—

76,800 s/f

Ind

L

May

4 Center Dr.

Baltimore, MD

Northeast Commerce Cnt. C&W

Herr’s

C&W

—

56,600 s/f

Ind

L

May

Monroe & Cranbury

NJ

Black Rock

C&W

Morgan Stanley

C&W

—

16 Bldg. Portfolio Ind

S

May

49 Distribution Blvd.

Edison, NJ

Heller Ind. Pks.

—

Joshen Paper

Joshen Paper

—

Ind

L

May

180 Greenfield Rd.

Lancaster, PA

MBJA

NAI Comm’l. Ptrs.

JR Transportation

NAI Comm’l. Ptrs.

—

3128 s/f

Ind

L

May

30 Industrial Rd

West Donegal, PA

30-32 Industrial Road Assoc. Landmark Comm. Realty Tarantin Tank & Equipment

Landmark Comm. Realty

—

42,120 s/f

Ind

L

June

3524—Delta—Rd.

Airville,—PA

ROCK—Commercial—

RET’s—Welding—&—Fabrication —

—

—

5,136—s/f

Industrial

L

Sept

64—Leigh—Dr.—

York,—PA

ROCK—Commercial—

—

—

—

5,000—s/f

Industrial

L

Sept

Pro—Conveyor,—LLC

—

Mid Atlantic Real Estate Journal — Industrial / Distribution Centers — May 25 - June 7, 2012 — 19B

www.marejournal.com

MAREJ INDUSTRIAL TRANSACTION REPORT 2011 AS REPORTED IN THE Mid Atlantic REAL ESTATE JOURNAL

Property Name

Seller/ Owner/ Lessor

Address

Rep. of Seller/ Lessor

Buyer/ Tenant/ Lessee

2115—Alpha—Dr.

York,—PA

ROCK—Commercial—RE

—

ROCK—Commercial—RE

670—Belleville—Tpke.

Kearny,—NJ

Cushman—&—Wakefield

—

405—E.—Marsh—Ln.

Newport,—DE

HDC

HHA

11 Perina Boulevard

Cherry Hill, NJ

20 Kilmer Rd.

JANUARY 14 - DECEMBER 23, 2011

Rep. of Tenant/ Buyer

Size

Desc.

S/L

Month

—

4,000—s/f

Industrial

L

Sept

Terreno—Realty—Corporation —

$32.6m

211,000—s/f

Industrial

S

Sept

Tile—Market

—

—

55,960—s/f

Industrial

L

Sept

Macy’s Corporate Services Colliers International

Perina Associates LLC

Mertz Corp.

$3.34m

238,000 s/f

Ind.

S

Oct

Edison, NJ

One Step Up, Inc.

Team Resource, Inc.

Hansem America Inc.

Colliers International

—

145,000 s/f

Ind.

S

Oct

85 Steam Boat Dr.

Warminster, PA

—

NAI Mertz

Cheetath Transp. Moving & Storing Maryland Road Associates

—

17,500 s/f

Ind.

L

Oct

208 Bucky Dr.

Lititz, PA

The Schutlz Group, LP

US Commercial Realty

Richlynd, LP

NAI Commercial Partners

$1.025m

25,160 s/f

Ind.

S

Oct

103-109 South Manor St.

Mountville, PA

Cucieger LP

NAI Commercial Partners

Woratyla

LP and McDermott

$725,000

37,000 s/f

Ind.

S

Oct

1151 S. Duke St.

Lancaster, PA

SBO REO LLC

NAI Commercial Partners South Duke Holdings

NAI Commercial Partners

$700,000

17,500 s/f

Ind.

S

Oct

3865 Old Harrisburg Pike

Mount Joy, PA

Guest, Inc.

NAI Commercial Partners CLB Property, Ltd.

NAI Commercial Partners

$600,000

11,037 s/f

Ind.

S

Oct

491 Maryland Ave.

York, PA

—

ROCK Commerical RE

Muscle Cars & More

ROCK Commerical RE

—

12,416 s/f

Ind.

L

Oct

310 Emig Rd.

Emigsville, PA

—

ROCK Commerical RE

Sarva Bioremed, LLC

ROCK Commerical RE

—

9,000 s/f

Ind.

L

Oct

277 Wilson Court

Yoe, PA

—

ROCK Commerical RE

Stanley Hoke

—

—

4,685 s/f

Ind.

S

Oct

401 East Locus St.

Dallastown, PA

—

ROCK Commerical RE

AA Young Machining, LLC

ROCK Commerical RE

—

2,799 s/f

Ind.

L

Oct

1850 Lemon St.

York, PA

—

ROCK Commerical RE

GIO Express Inc.

ROCK Commerical RE

—

1,500 s/f

Ind.

L

Oct

300 Fayette St.

Shippensburg, PA

Hoffman Mills, Inc.

NAI CIR

Randall L. Chamberlin

George L. Eberner & Assoc.

8.28 Acres

Ind. Land

S

Oct

—

Linden, NJ

Marcus & Millichap NJ

—

Marcus & Millichap NJ

—

$4.8m

36,000 SF

Ind

S

Nov

140 S Main St

Manchester, PA

—

—

Gradison Mgmt

Springwood Comm’l

$400k

31,180 SF

Ind

S

Nov

491 Marylan Ave

York Cty, PA

—

Springwood Comm’l

WBF Grand

—

$300k

34,682 SF

Ind

S

Nov

1890 Old Crooked Hill Rd

Harrisburg, PA

—

Landmark

Convenient Ventures

RSR Realtors

7200 SF

Ind

L

Nov

4049 Landisville Rd

Doylestown, PA

F. Shuman

NAI Mertz

TF Ptrs

—

$2.1m

36,000 SF

Ind

S

Nov

7036 SnowdriftRd

Allentown, PA

Denholtz

NAI Summit

UL Verification

—

—

38,510 SF

Ind

L

Nov

4301 N Delaware Ave

Philadelphia, PA

ARCA

Sidney E Gable

—

—

$6m

80,000 SF

Ind

L

Nov

1310 Old Crooked Hill Rd

Harrisburg, PA

Robert Kint

Landmark

Pagoda Electrical

—

Ind/Flex

L

Nov

550 S Henderson Rd

King of Prussia, PA

Raymor & Flanigan

Lyon Conklin

Swope Lees

—

83,000 SF

Ind/Whse

L

Nov

65 Clyde Dr

Somerset, NJ

65 Clyde Road

Bunge Amophic Solutions

NAI Mertz

—

19,900 SF

Ind

L

Dec

Tuckerton Rd

Reading, PA

Brasler, Endurance RE

NAI Keystone

PCA

Colliers

—

220,000 SF

Ind

L

Dec

2200 Hathaway Rd

Lancaster, PA

—

Cushman & Wakrfield

B&B Structures

US Comm’l Realty

$900k

29,000 SF

Ind

S

Dec

2715 N. 7th St

Harrisburg, PA

Shadow Canyon Family

Landmark

Robin Ellen Realty

NAI CIR

104,502 SF

Ind

S

Dec

454 Valley St

South Orange, NJ

—

CBC NRT

—

Fallivene Agency

$500k

11,000 SF

Ind

S

Dec

1996 N Mill Rd

Vineland, NJ

NBVW

Eagle Comm’l RE

Chemglass

—

—

16,000 SF

Ind

S

Dec

917 Old Fern Hill Rd

West Chester, PA

Fern Hill Assoc

Swopes Lee

Furnhill Business Ctr

—

$3m

40,000 SF

Ind/Flex

S

Dec

26 E. Fleming Pike

Camden, NJ

Ojserkis Family Prop.Roddy

—

Painter’s District Council 711 Holding —

$1m

24,000 s/f

Ind

S

Dec

ProLogis Park

Easton, PA

ProLogis

—

Walgreens

—

—

510,000 s/f

Ind

L

Dec

257 North Duke St

York, PA

—

ROCK

Comfort Home

—

—

3,264 s/f

Ind

L

Dec

950 Square St.

Mount Joy, PA

The Four Buoys

NAI Commercial Ptrs

Trinity Alloys.

Century 21

—

47,000 s/f

Ind

L

Dec

140 - 150 Jalyn Dr.

New Holland, PA

Samuel Esh and Sharon Faye Esh U.S. Commercial Realty

—

NAI Commercial Ptrs

—

10,000 s/f

Ind

L

Dec

18201 Portal Way

Portland, OR

Dermondy Props

—

BWGS

—

—

45,000 s/f

Ind

L

Dec

12104 IndianCreek Ct

Beltsville, MD

Cabot III-MD1Wo1-W03

Transwestern

Metropolitan Equip

SVN-Skogmo

—

15,589 s/f

Ind

L

Dec

9015 Junction Dr

Annapolis Junction, MD

Junction Props

SVN-Skogmo

Blue Moon Granite

Cassidy Turley

—

16,564 s/f

Ind

L

Dec

JLL

—

Price

—

3750 SF

20B — May 25 - June 7, 2012 — Industrial / Distribution Centers — Mid

Atlantic Real Estate Journal

www.marejournal.com

INDUSTRIAL REAL ESTATE & DISTRIBUTION CENTERS

By Sidney Gable, CRE, SIOR, Sidney E. Gable Associates By Jason M. Crimmins, CCIM, SIOR,

2012 & 2013 will be very positive for Industrial RE

I

ndustrial/Distribution R.E. facilities have had limited overall activity the last three years.

This should not be the case in the future. Corporations, to remain competitive, Sidney Gable will change their current facilities. Facility factors to consider are ceiling heights, energy costs, (could be decreased by new construction), and location. (a site with better highway access and lower tax base etc.)

Now is the time for companies to negotiate their lease extensions as the current real estate. prices are lower. Owners do not want a vacant facility. Importers have to review establishing facilities on both the east and west coast. Now is the time for companies to have effective operations. That is to say, vacant multi story facilities, with high labor cost.

R.E. loans have low interest rates, therefore it may be a wise decision to purchase a property.

Over the last few years

developers have built fewer spec buildings in our region thereby reducing the inventory of available modern industrial bldgs. Vacancy of regional industrial space is about 8 to 8 ¼ % (modern one story facilities). The average asking price is about $4.50, up from $4.00 a square foot for general industrial space.

Manufacturing and lab space is approximately $6.00 to $7.00 a s/f.

Many companies are looking in the Williamsport area.

We assisted an investor to purchase a 25,000 s/f new building to enter into a lease with a tenant ( a service company). Currently the Allentown area has increased activity as well as Southern NJ and Delaware.

Local real estate taxes have encouraged a few large distribution and warehouse companies to move to Delaware and New Jersey. Liberty Property Trust is building a 150,000 s/f spec building in the Allentown area.

Teva is building a million s/f facility in Philadelphia.

They received tax incentives from the city. (a ten year tax abatement with the city building new access roads to service the facility.)

Some of the sale prices in 2012 reflect the improved prices. ie A . 2 0 0 We s t S t e w a r t -Huton Drive -202 Corridor -Buyer- AREA -PropertyPartners -314,52 s/f for $16,200,000 /$51.51 s/f B. -190 Rittenhouse Circle -Lower Bucks County -Buyer- Action Manufacturing Company, Inc. - 11 8 , 2 8 2 f o r $6,125,000/$51.78 s/f C. -King of Prussia -Oaktree Capital Management purchased a 50,000 s/f flex building for $2.9 million and a 56,000 s/f warehouse and distribution facility for $2.5 million.

We currently have two warehouse buildings under contract which we hope to settle this month. This is the worst industrial/distribution recession I have witnessed. I really believe it is behind us.

Only time will tell. I feel that 2012 and 2013 will be very positive for the Industrial Real.Estate Industry.

Sidney E. Gable is principal of Sidney E. Gable Associates, Inc. located in King of Prussia, PA. ■

River Drive Construction completes $1.3 million renovation project for SYNNEX Corporation ELMWOOD PARK, NJ — River Drive Construction Co., a leading New Jersey construction company based in Elmwood Park, NJ, has announced the firm recently completed a $1.3 million renovation on a 600,000 s/f distribution center for SYNNEX Corp., a logistics and supply chain management company, in the New Jersey Turnpike Exit 8A area, in South Brunswick, NJ. “We’re thrilled to announce the completion of the SYNNEX project,” said Joseph Langan, President of River Drive Construction. “As a result of our breadth of knowledge in the industrial space and our close relationships with South Brunswick municipal officials, we were able to complete this high security, fast-tracked project on time and on budget. The completion of this project is another notch on our belt at Exit 8A.” River Drive Construction served as the general contractor

for the project, which started in September of 2011 and entailed warehouse restroom renovations, new lighting and 8,000 s/f of office and café space. Atlantic Realty of New Jersey, a privately held real estate development company, owns the building.

KSS Architects, a full-service architecture, planning, and interior design firm with offices in Philadelphia and Princeton, N.J., served as the architect of record.

In addition to general construction and ground-up projects, River Drive, which was founded in 1989, provides construction and consulting services to developers, management companies, end users and corporations in New Jersey, southern New York and Pennsylvania in sectors including interiors, science and technology, hospitality, institutional, healthcare and retail.

Since 2007, River Drive Construction has completed six industrial facility projects within

a 3.5-mile radius of Exit 8A on the New Jersey Turnpike, totaling over 3 million s/f and representing over $14 million in contracts.

These projects include Melissa & Doug, one of the world’s largest toy distributers; Invacare Corp., the world’s leading producer of wheelchairs, bariatric equipment designed for large and obese patients and other homecare products; Papa John’s Pizza, one of the world’s largest pizza makers; GTECH Corp., a leading gaming technology and services company; and Market Resource Packaging Corp., one of the nation’s largest contract packaging companies.

“River Drive Construction maintains outstanding relationships with local municipalities,” said Langan. “We strictly follow local rules and regulations and by working side-by-side with the local building officials we are able to expedite these projects and complete them on time and on budget, which is a win-win for everyone.” ■

Our continued outlook is still one of growth As of the first quarter of 2012, there is a noticeable delta between the Northern and Central industrial markets of New Jersey.

According to internal research and CoStar statistics, Northern NJ Jason M. witnessed a Crimmins negative net absorption and a slight decrease in asking rental rates, as opposed to the Central NJ market, which has experienced an increase in leasing velocity and a rise in asking rental rates. Vacancy as a whole for the industrial NJ market also increased to ±9.9% and speculative development has been kept to a minimum (River Terminal Development’s (RTD) 189,000 s/f in South Kearny and ProLogis’ 345,000 s/f in Secaucus).

The lack of available high cube industrial Class A infrastructure in the Northern NJ market is one of the reasons forcing tenants down the NJ Turnpike to the 7A and 8A corridor, providing a final destination to their ‘Flight to Quality’ path for newer, larger and better quality facilities.

The other reason is cost - $7.75 psf NNN compared to $3.75 psf respectfully is an immense motivation. In the first quarter alone, tenants such as Petco inked deals of 781,300 s/f, Systemax 500,102 s/f and IDS USA 500,528 s/f.

Despite these larger transactions, the market has been playing musical chairs to some degree but deals are still being completed. My team from The Blau & Berg Company, celebrating its 80th anniversary, had a robust 1Q with over 1 million s/f of deals completed and witnessed increased demand in land availabilities particularly in our 30-acre site

available for lease (divisible) and 16-acre parcel (for sale with entitlements and existing approvals for 294,000 s/f) both located nearby to the ports of Elizabeth and Newark. This is a positive sign moving forward.

In the short run, however, we may be in for a brief slow down caused by the continued concerns and tensions brewing with the Euro, rising unemployment in Spain and Greece and Americas decreased government stimulus spending, and economic growth (Fitch Ratings and Oxford Economics) causing consumers to have a watchful eye.

Our continued outlook is still one of growth but at a modest pace. With the deepening and widening of the Panama Canal, New Jersey’s deep water ports, infrastructure (direct rail service, bulk cargo handling facilities, interim rail terminal, auto preparation centers, etc) and dense population our market should be relatively secure, as long as we remain competitive with other east coast ports such as Charleston and Savannah.

Certain state and city incentives instituted by Governor Christie, quasi-governmental groups (Brick City Development Corporation for Newark, NJ) and Ted Zangari of Sills Cummis, have done an excellent job attracting the likes of Goya, Peapod, Prudential, Panasonic, Daily News, Campbell Soup, Damascus Bakery and Pearson among others.

Additional contributors are the developers, such as RTD, The Rockefeller Group and ProLogis, Inc., which have been on the frontlines bringing quality facilities to the markets, as well as allowing New Jersey to be in the best position to compete for those users destined for the East Coast.

Jason M. Crimmins, CCIM, SIOR is the executive vice president of The Blau & Berg Company. ■

Matrix announces completion of 150,000 s/f ROBBINSVILLE, NJ — Matrix Development Group, one of the Northeast’s most active and well-regarded real estate investment and development companies, announced the completion of construction of a new 150,000 s/f build-to-suit distribution building for Ritchie & Page Distributing Company, Inc. The facility was constructed within the Matrix Business Park at Exit 7A off the New Jersey Turnpike in Robbins-

ville, NJ. The state-of-the-art building features 112,500 s/f of warehouse/distribution center and a 10,000 s/f draught cooler room, as well as 19,500 s/f of 32-ft. clear drive-through loading space and 18,000 s/f allocated for office space. The building also features 20 loading dock positions, 124 car parking spaces, 82 truck/ trailer parking spaces, an enclosed truck service area and an on-site filling station. ■

www.marejournal.com

Mid Atlantic Real Estate Journal — Industrial / Distribution Centers — May 25 - June 7, 2012 — Inside Back Cover B

Back Cover Bâ&#x20AC;&#x201D; May 25 - June 7, 2012 â&#x20AC;&#x201D; Industrial / Distribution Centers â&#x20AC;&#x201D; Mid

Atlantic Real Estate Journal

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