REAL ESTATE JOURNAL Vol. 23, Issue 11
Inside:
June 10 - 23, 2011
Sections
the most comprehensive source for commercial real estate news
Project of the Month Famous Smoke Shop
Mid Atlantic .......................................................Section A New Jersey ........................................................ Section B Pennsylvania ................................................... Section C
Spotlights / Features People on the Move ......................................................4A Financial Digest ...................................................... 5-14A Appraisal Institute ................................................... 8-14A Auction Directory ........................................................16A Business Card Directory ......................................... 17A Calendar of Events......................................................18A Bill Board Classifieds ...............................................19A
Ondra-Huyett Associates builds 60,000 s/f facility cigar distribution facility in the Lehigh Valley, PA ...........................................................Pages 2-3C
Warfel Construction Celebrates 100th Anniversary
Tri-State REALTORS Commercial Alliance ...20-IBC-A Northern New Jersey .............................................7-12B Central Pennsylvania ..................................................5-16C
Columnist Todd Cohen ..............................................................................2A
Next Issue June 24, 2011
Company of the Month Warfel Construction .................................... 10-11A
• Mid Atlantic • DELMARVA featuring Maryland • Shopping Centers featuring Retail Profiles/Retail Organizations • Contractors, Owners & Managers featuring Building Facilities Maintains • Mid Year Review 3 sections, 76 pages
A global membership association of professional real estate appraisers...................................... ........... ...........................................................11-17A
A Inside Cover — June 10 - 23, 2011 — Mid
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Real estate financing experts are easy to find... $24,000,000 Multi-Family Rental Bethlehem, PA
$15,000,000 Office Building Summit, NJ
$22,000,000 Multi-Family Rental Morris Township, NJ
$4,550,000 $11,000,000
Industrial Building Secaucus, NJ
Office Building Iselin, NJ
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Mid Atlantic Real Estate Journal — June 10 - 23, 2011 — 1A
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2A — June 10 - 23, 2011 — Mid
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Mid Atlantic Real Estate Journal
Mid Atlantic REAL ESTATE JOURNAL Publisher ............................................................................Linda Christman
They wrote the policy.
Co-Publisher .........................................................................Joe Christman Associate Publisher ...........................................................Dianna Mallozzi
We make sure they write the check.
Associate Publisher ............................................................ Elaine Fanning Senior Editor/Graphic Artist ................................................ Karen Vachon Office Manager ...................................................................Joanne Gavaza Editorial Consultant ............................................................. Ben Summers Guest Columnist ......................................................................Todd Cohen Mid Atlantic REAL ESTATE JOURNAL ~ Published Bi-Monthly
By Todd Cohen
“Texting and Selling; NOT So Perfect Together!”
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uch as has been written about the dangers of texting and driving. Recently I was watching an episode of one of my favorite shows, the “The Office”. Jim was texting a client and trying to close a deal for more paper on behalf of the mythical Dunder Mifflin. I could not help but to think “how much time do sales people spend texting clients instead of talking with them or meeting face-to-face? “ Texting Is Somewhat AntiSocial Okay, I have a rant coming on…I’m not crazy about texting. I mean its fine for short messages (when standing still), but overall it borders on the anti-social. It creates an environment where people forget how to talk, interact, and connect with other humans and instead find comfort and ease in hiding behind the buttons. The other day I was watching four people sitting at a table in a restaurant. Each of them was
Mid Atlantic Real Estate Journal, P.O. Box 26, Accord, MA 02018 USPS #22-358 | Vol. 23 Issue 9 Subscription rates: $99 - one year, $198 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Toll-Free: (800) 584-1062 | MA: (781) 871-5298 | Fax: (781) 871-5299 www.marejournal.com The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
on their phone texting someone else! What was the point of them going out together? Call me old-fashioned – I don’t care. I happen to believe in talking to people – crazy, huh? Use the phone you are so busy texting on and call someone. I want to share ten reasons why I believe texting is not effective strategy for selling. Can You Really Do More – and Close More – by Texting? Now, to the point: Selling and texting do not mix. A few days ago I was delivering a keynote on my core topic of Building Sales Culture and I noticed someone in the back of
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the room frantically texting. I couldn’t resist asking, “What are you texting about?” She responded, “I’m closing a deal with a client.” She went on to say that she thought she could do more and close more through texting! Huh? Really? Are we so over connected and in a hurry that we are relegating our jobs to our smart phones? I think I need a TUMS. I’m no expert on the longterm effects of texting and sales of whether more deals will get done by texting, but here’s what I do know: 1.Sales Culture means “we continued on page 4A
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Mid Atlantic Real Estate Journal — June 10 - 23, 2011 — 3A
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PEOPLE ON THE MOVE To serve on Advisory Committee
Shift in Focus to Outpatient Care
Montgomery County Council PWC presents Healthappoints Long & Foster’s Chodorov care Facilities Forum
B
ETHESDA, MD — Long & Foster Corporate Real Estate, Inc. announced today that to serve on the Montgomery County Department of Permitting Services Advisory Comm i t t e e , a Jill Chodorov sales associate with Long & Foster’s Bethesda Avenue office, has been appointed by the Montgomery County Council to serve on the Montgomery County Department of Permitting Services Advisory Com-
mittee in the position of civic organization representative. She qualified to serve in the volunteer committee position with her work as membership chair for the East Bethesda Citizens Association and her real estate experience. Chodorov will work with the Department of Permitting Services to improve the service it provides to the residents of Montgomery County. “We are so proud of Jill’s appointment to this advisory committee,” stated Gary Scott, president of The Long & Foster Real Estate. “This is another great example of how Long & Foster associates, like Jill, give
back to their communities.” Chodorov is a member of the Greater Capital Area Association Board of REALTORS and the National Association of Realtors. Known as a high achiever since she embarked on a career in real estate, Chodorov has frequently been cited as the top real estate producer. She holds a business degree from American University and studied the Great Books at St. John’s College in Annapolis. Chodorov is a former Peace Corps volunteer and a former speechwriter for the President of the United States. Chodorov is a resident of Bethesda. ■
Reiter joins the environmental and energy law firm of Manko, Gold, Katcher & Fox, LLP PHILADELPHIA, PA — Dan Reiter joined Manko, Gold, Katcher & Fox, LLP (MGKF) as an associate. At MGKF, Reiter will concentrate his practice in energy transactions and related enDan Reiter vironmental matters. He is experienced in the development and financing of renewable energy projects, including solar energy installations, and has also counseled clients with respect to the real estate, construction, operational and regulatory issues typically affecting such projects. Prior to joining the firm, Reiter represented various alternative energy (including solar energy), technology, software, internet and e-commerce, and life sciences companies, as well as financial institutions and various investment vehicles. In addition to and as a part of his transactional energy practice,
he focused specifically on commercial contracting and operations, debt and equity financings, corporate governance, securities and other compliance matters, and technology transfer and other intellectual property related arrangements. He also clerked for Judge Richard B. Klein of the Superior Court of Pennsylvania. Reiter received his Juris Doctor from Harvard Law School. He earned his Bachelor of Arts, magna cum laude, in economics and history from Brown University. More than half of the attorneys from Manko, Gold, Katcher & Fox, LLP, the environmental, energy and land use law firm based in Bala Cynwyd and Cherry Hill, NJ, have been included in the 2011 Super Lawyers list published by Thomson Reuters. Eleven attorneys were listed for environmental law in PA Super Lawyers magazine, including Joseph M. Manko, Marc E. Gold, Bruce S. Katcher, Neil S. Witkes, Michael M.
Meloy, Robert D. Fox, Jill H. Kaplan, Jonathan E. Rinde, Bart E. Cassidy, Brenda Hustis Gotanda, and Jonathan H. Spergel. Four attorneys, Carol F. McCabe, Nicole R. Moshang, Kathleen Campbell, and Matthew C. Sullivan, were listed in PA Super Lawyer magazine as “Rising Stars” in environmental law. Thomson Reuters defines “Rising Stars” as up and coming attorneys 40 years old or younger, or who have been practicing 10 years or less. Katcher and McCabe were also included in the New Jersey Super Lawyers magazine—Katcher was listed under “Super Lawyer” and McCabe as a “Rising Star” in environmental law. According to Thomson Reuters, attorneys are selected for listing using a rigorous, multiphase rating process. Peer nominations and evaluations, obtained from survey ballots sent to Pennsylvania and New Jersey attorneys, respectively, are combined with third party research. ■
Advisors with SVN-Miller attend Market Update Seminar WILMINGTON, DE — Advisors with Sperry Van Ness – Miller Commercial Real Estate recently hosted a Real Estate Capital Markets Symposium jointly sponsored by the University of Delaware and Sperry Van Ness which was titled “From Lehman to Laymen” at the Hotel Dupont in Wilmington, Delaware. The event was created by David J. Wilk, CRE, MAI, a Sperry Van Ness- Miller Commercial Real Estate Advisor,
Adjunct Professor of Real Estate Finance at the University of Delaware, and National Director of Corporate Real Estate Advisory Services for Sperry Van Ness. The program featured one of the acting Real Estate Managers for Lehman Bros and a Director with Alvarez & Marsal, Jonas Stiklorius, who provided an inside look at how one of the top restructuring firms in the U.S. handled the
real estate component of the largest bankruptcy in U. S History (Lehman Brothers.) The Lehman brothers’ story was followed by insights from one of the top real estate economists in the country, David J Hartzell, PhD on what the real estate capital markets will look like for all of us going forward. Other Advisors from Sperry Van Ness Miller Commercial Real Estate included Brittany Danahy, Wesley Cox, and Brent Miller. ■
Shown from left: Kevin Molloy, Beth Israel Hospital; Marsha Powell, NYCHHC; Betty Sarmiento, North Shore-LIJ Health System; Chris Bormann, AIA, Perkins+Will; Lenore Janis, PWC. NEW YORK, NY — “Change is accelerating rapidly in healthcare, and we need to meet the challenges. We’re finding that we can’t build fast enough, can’t hire doctors and healthcare professionals fast enough,” said Kevin Molloy, senior VP and COO of Beth Israel Hospital and one of the
featured speakers at a recent Healthcare Facilities Forum presented by Professional Women in Construction at the General Society. The forum, which attracted a packed house of construction and design professionals, continued the theme of a popular program initiated in January. ■
Texting and selling; NOT So Perfect . . . continued from page 2A are all in sales”. The sales culture is strengthened when people talk to each other. 2.Selling happens and deals get closed when relationships happen and those relationships flourish. This only happens when people meet face–to-face. Period. 3.Selling is complex and requires attention to great to detail as well as managing multiple client requirements to make the deal happen. This is best done face–to-face. 4.It’s impossible to explain the complexities of a deal to your virtual team and more importantly to your client via text. 5.Texting eliminates the possibility of seeing and responding to body language and silent buying signals. 6.Texting is contrary to the tools we are given - namely our voice and personality. Hey, I like technology as much as the next geek, but I don’t let it get in the way of using my social and interpersonal skills – all of which are required for successful sales results. 7.I think the best part of a sale professional’s job is meeting prospects and clients. Doing the discovery needed to get the deal done. The chance to develop a rapport and bond
with them is money in the bank and resorting to texting is being lazy. 8.To this day, some of my closest friends are people who were originally my clients. That never would have happened if our interactions were limited to texting and email. Those friendships are worth far more to me than any commission. 9.Don’t assume your client is ‘ok” with you doing business by text. This could be costing you more business than you realize. The sales professional who is actually meeting with the client will have the opportunity to cultivate a relationship and therefore, has an advantage over you. 10.If you must use some technology, try Skype or some other video service that allows you to visually connect with the other person. That’s it. If you’re spending much time texting your clients and not talking to them, I suggest you revisit your sales strategy! I think you’ll get more sales and actually enjoy your job more. Todd Cohen is the president of Sales Leader LLC a speaking and consulting firm helping clients grow revenues by building sales culture. ■
MID ATLANTIC REAL ESTATE JOURNAL
FINANCIAL DIGEST FEATURING THE APPRAISAL INSTITUTUE MAREjournal.com
Mid Atlantic Real Estate Journal — June 10- 23, 2011 — 5A
Including a $22 millionloan in New York, NY
For an apartment portfolio
Cooper-Horowitz arranges $113.325 million in financing
N
EW YORK, NY — Cooper-Horowitz, Inc. recently arranges financing for the following properties: The Commons At Manahawken Village, Manahawken, NJ: A 327,888 square foot shopping center. The loan was for $37,000,000. David S. Horowitz represented the firm. 509 5th Avenue, New York, NY: A 12 story office/retail building. The loan was for $22,000,000. David S. Horowitz and Nick Barbato represented the firm. 409 East 60th Street, New York, NY: Industrial building. The loan was for
509 5th Avenue
$23,500,000. 83-15 24th Avenue: Elmhurst, NY: Industrial building. The loan was for $24,000,000 91 Paidge Avenue, Brooklyln, NY: Industrial builing. The loan was for $15,150,000. Jayson N. Schwartz represented the firm on the above 3 transactions. 63-64 108th Street, Forest Hills, NY: stip shopping center. The loan was for $5,425,000 72-37 South Custer Road, McKinney, TX: 7,000 square foot industrial facility. The loan was for $1,400,000. E. Robert Vegh represented the firm on the above 2 transactions. ■
GHP Office Realty announces sale of Alexander Park WEST WINDSOR, NJ — GHP Office Realty announced the sale of 300 Alexander Park in West Windsor for $6,000,000. The seller was GHP Alexander LLC and was represented
by GHP Office Realty. The purchaser was Bhoomi Group LLC a Princeton NJ based private investment group. The purchaser was represented in the transaction by Paul Goldman of Mercer Oak Realty.
The 3 story building is 36,000 square feet and was 92% occupied at the time of the sale. The property boasts covered parking, and is walking distance to the Princeton Junction Train Station. ■
Cassidy Turley secures $13.5 million financing in D.C. WASHINGTON, DC — Cassidy Turley arranged $13.5 million in debt financing for 1111 18th Street NW, a 74,234 s/f class A office building located in Washington, DC’s Central Business District.
Cassidy Turley’s Phil Mudd and Christian Miles procured the loan from a life insurance company on behalf of the owner, Jack I. Bender & Sons, a partnership affiliated with principals of Blake Real
Estate, a prominent downtown Washington, DC developer/ owner. Steve Lustgarten, Executive Vice President of Blake Real Estate, negotiated the loan on behalf of the partnership. ■
NorthMarq Capital arranges $40.43 million SOUTHEASTERN PA —David Farrell, senior vice president and managing director of NorthMarq Capital’s (NorthMarq) Kansas City Regional office, arranged first mortgage financing of $40.43 million for an apartment portfolio consisting of five multifamily properties located in Shillington, Camp Hill, Allentown, Lancaster. The properties contain a combined total of 960 multifamily units. Financing for
each property was based on a ten-year term and a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its seller-servicer relationship with Freddie Mac through its Capital Markets Execution Program. According to Farrell, each of the five properties is subject to age and income restrictions as part of HUD’s Section 8 Housing Assistance Payments Program. ■
Cronheim Mortgage places $9.6 million in financing RIDGEFIELD, CT — Andrew Stewart and Dev Morris have arranged a $9.6 million loan secured by 3 multifamily properties containing 79 units total in Fairfield County. The 10-year loan has a fixed interest rate of 4.70% and amortizes over 30 years. The loan was placed with one of Cronheim’s insurance company correspondents for which Cronheim acts as servicer. According to Dev Morris, “The largest asset in the portfolio has a high furnished unit component, many of which are leased on a month-to-month basis. Given the overall quality of the assets and the sponsor, we not only quickly overcame these underwriting challenges but also were able to provide an early rate lock.” The subject properties are
Beechtree Manor Apartments, Governor House Apartments, and Grove Street Apartments, all located within 1 mile of each other, and all are 100% occupied. Andrew Stewart financed the construction of Beechtree Manor, completed in 1995. The property consists of one, 3-story building containing 43 units in a mix of studio, 1-, 2- and 3-bedroom units. The majority of the units are furnished and leased to a variety of short-term users, catering to local corporate-driven demand (employees and independent contractors of nearby companies such as GE, Pitney Bowes and Boehringer Ingelheim Pharmaceuticals) as well as from older couples and divorcees desiring to stay in Ridgefield close to their grandchildren and/or families. ■
Inside:
Bruce Coin, Bruce Coin Consulting, Inc. ................................................................................................................ 6A Appraisal Institute Metro New Jersey Chapter ........................................................................................................ 8A Appraisal Institute Southern NJ Chapter ..........................................................................................................10-11A Appraisal Institute Central NJ Chapter ................................................................................................................. 12A Appraisal Institute Region VI Chapter .................................................................................................................. 13A Appraisal Institute North East Pennsylvania Chapter ............................................................................................ 14A
6A â&#x20AC;&#x201D; June 10 - 23, 2011 â&#x20AC;&#x201D; Mid
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FINANCIAL DIGEST By Bruce J. Coin, Bruce Coin Consulting, Inc.
The Current Commercial Mortgage Market s we head into a summer that I believe will evidence lethargic economic and commercial mortgage activity I wanted to comment on some things to ponder that will impact the commercial Bruce J. Coin mortgage market. The Federal Reserveâ&#x20AC;&#x2122;s QE II that will be ending momentarily achieved its goal of driving down long term rates. The benchmark 10 year U.S.
A
Treasury fell to 3.05 percent on May 31st, the lowest since December 7, 2010. In my opinion, treasury rates will remain low through the end of the summer and beyond. All final comments on the various banking agenciesâ&#x20AC;&#x2122; proposals concerning the 5 percent risk retention rule of the Volker provision of the Dodd Frank Act must be received by regulators on June 10th. Finalization will impact â&#x20AC;&#x153;B pieceâ&#x20AC;? (subordinate tranche) purchasers of all mortgage backed securities. One proposed structure suggests that the 5 percent be
distributed pro-rata over all classes or tranches of a mortgage pool. By way of example, if a pool was comprised of five classes or tranches each equally owning 20 percent of the pool, that would mean, in the example, that only 1 percent of each class or tranche is protected by the sellerâ&#x20AC;&#x2122;s retention. The most subordinate tranches are always those at most risk for loss. With this structure, if only 20 or 40 percent of the most subordinate classes incurred a loss that means that the seller, as a practical matter, would only be responsible for 1 or 2 percent.
The structure appears to be an attempt to water down the effective intent of the Volker provision. Until this is resolved some â&#x20AC;&#x153;B pieceâ&#x20AC;? MBS investors will remain on the sidelines. Another unclear question is what happens when a bank sells a mortgage to an underwriter that includes the loan in a new pool. Does the bankâ&#x20AC;&#x2122;s risk retention get passed on or is it replaced and assumed by the underwriter/seller? The Volker provision does not apply to â&#x20AC;&#x153;qualified mortgagesâ&#x20AC;?. For some reason, the current focus is on defining the Qualified Residential Mortgages
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or QRM. I have not seen any discussion or proposals about what would constitute a Qualified Commercial Mortgage. The latest residential proposal requires a minimum 20 percent cash down payment for a conventional mortgage. Private mortgage insurance for loans with lesser down payments is not considered. FHA and VA mortgage insured mortgages have been exempted from the Volker provision. Those agencies are now proposing, if not yet actually requiring, a 5 percent minimum down payment. Recently 30 senators from both sides of the aisle sent a letter to federal regulators seeking to reduce the requirements as they believe â&#x20AC;&#x153;that the proposed regulation goes beyond the intent and language by imposing unnecessarily tight down payment (and other) restrictions thereby increasing consumer costs and reducing access to affordable housing financeâ&#x20AC;?. How the definition is finalized and how that transitions to commercial mortgages will impact both mortgage markets. How Fannie and Freddie will be replaced is another concern. An early proposal suggests that six different private and/ or public mortgage companies will assume the responsibility of providing such financings. To assure investor safety, an insurance fund, similar to the F.D.I.C. is being proposed to insure the mortgages. The six entities will be required to be insured members and pay premiums. One form of structure envisions the entities retaining the mortgages â&#x20AC;&#x153;on bookâ&#x20AC;?. If they the entities are to sell the mortgages into pools of RMBS/CMBS securities then the Volker provision will be a consideration. The Dodd Frank Act will be one year old on July 21st. The rating agencies that examine and rate the pools of RMBS and CMBS continue to be exempt from liability as a result of the indefinite â&#x20AC;&#x153;expertizationâ&#x20AC;? waiver that was granted by the SEC last November. How the foregoing begin to â&#x20AC;&#x153;play outâ&#x20AC;? will make this yearâ&#x20AC;&#x2122;s summer doldrums an interesting period for those interested in the commercial mortgage market. Bruce J. Coin is the director of Bruce Coin Consulting, Inc. â&#x2013;
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FINANCIAL DIGEST For 13-property office portfolio in Virginia
HFF and Atlantic Mortgage & Investment Company arrange $72 million financing
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ICHMOND, VA — HFF arranged $72 million in financing for 13 office properties totaling 913,717 s/f in Richmond and Glen Allen. HFF, teaming with Atlantic Mortgage & Investment Company of Richmond, worked on behalf of the borrower to secure the three-year, adjustable-rate loan for the acquisition of the properties. HFF and Atlantic Mortgage & Investment Company arranged financing for Lingerfelt Development for the acquisition of the portfolio. The HFF
Fannie Mae announces top multifamily loan originators WASHINGTON, DC — Fannie Mae announced its top multifamily loan originators for 2010. Through Fannie Mae’s Delegated Underwriting and Servicing (DUS) program, these top ten lender partners produced the highest multifamily loan volumes by contributing at least $870 million each. “In the face of a challenging market, the DUS lenders have continued to lend, providing liquidity and stability to the multifamily market,” said Ken Bacon, executive vice president of Fannie Mae’s multifamily Mortgage Business. “These results confirm that the multifamily business is well positioned to continue to grow and do well in the future thanks to the hard work and dedication of our DUS lenders.” The DUS program was created 23 years ago and is recognized in the industry as the premier multifamily lending platform in the country. The delegated model, with risk sharing at its core, has served Fannie Mae and the industry well. In fact, the concept of risk retention has recently been proposed as a way to ensure proper underwriting and sustainable lending. The top ten multifamily loan originators, listed in descending order, are: 1) Wells Fargo Bank N.A.; 2) DB Mortgage Services, LLC; 3) Walker & Dunlop, LLC; 4) CBRE Multifamily Capital, Inc; 5) PNC Bank, National Associations; 6) Arbor Commercial Funding, LLC; 7) Prudential Multifamily Mortgage, Inc; 8) CWCapital LLC; 9) M&T Realty Capital Corporation; 10) Greystone Servicing Corporation, Inc. ■
Richmond office portfolio team was led by senior managSANFORD, FL — HFF aning director Jay Marshall, who nounced that it has arranged worked closely with principals a $60 million refinancing for Tom Mueller and David How- Seminole Towne Center, an ard of Atlantic Mortgage & enclosed regional mall in SanInvestment Company. ford, FL.
HFF worked on behalf of the borrower, Seminole Towne Center Limited Partnership, to secure the 10-year, fixedrate loan through Citigroup Global Markets, Inc. The securitized CMBS loan is replacing maturing debt on the property and will be serviced by HFF. Seminole Towne Center Limited Partnership includes a Simon Property Group entity and an institutional investor advised by Heitman. The HFF team representing the borrower included executive managing director John Pelusi, managing director
Claudia Steeb and director Luis Castillo. Simon Property Group, Inc. is an S&P 500 company and the largest real estate company in the U.S. The Company currently owns or has an interest in 392 properties comprising 263 million square feet of gross leasable area in North America, Europe and Asia. Simon Property Group is headquartered in Indianapolis, Indiana and employs more than 5,000 people worldwide. The Company’s common stock is publicly traded on the NYSE under the symbol SPG. ■
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8A — June 10 - 23, 2011 — Financial Digest — Mid
Atlantic Real Estate Journal
MAREjournal.com
Tel: 732-494-4716 Email: appraisal.institute@verizon.net
Metro NJ Chapter Appraisal Institute 2011 Chapter Officers President Ronald D. Chiarello, MAI
Vice President Edward Marashlian, MAI
Treasurer Paul Korch, MAI
Fax: 732-494-4640 www.ai-newjersey.org
Ron Chiarello, MAI
A message from Metro NJ Chapter 2011 president ive months into my term as chapter president, I want to say that I am honored and amazed to be part of an active chapter with a group of volunteers working hard to represent its members. Diane Christiana, Government Relations chair has been busy keeping our chapter involved with state issues. Joe Palumbo is now officially on the New Jersey Real Estate Appraisal Board. Thanks to a great Associate Guidance Committee chaired by Anthony Graziano, Jr, and Carol Angle the Appraisal Institute designation will continue to be a chapter priority. Congratulations to our four chapter members who received their MAI designations this year; Sung Lee, Brandon Frank, James Meehan and
F
Gary Wade! The past several years have brought many challenges to our profession and organization. We’ve witnessed dramatic changes to the economy, legislation, and long term alliances, and have weathered the storms. The lively debate regarding Core Competency and the future direction of the Institute shows how deeply we all value our organization and the MAI and SRA designations. I am looking forward to our Chapter continuing as a relevant and robust organization in the upcoming year. This is a recertification year and we have a full schedule of educational offerings under the leadership of Patrick Josephs, Education Chair and Gregg Manzione, Program Chair.
Tom Lenahan and Diane Christiana are currently working on a dynamic program for our Fall Conference. Member Services Chair, Mike DeNoble has planned social gatherings with our neighboring chapters in New Jersey. And finally, thank you to James Meehan and Erin Daniels for another great Princeton Conference. Visit the Metro NJ Chapter website at www.ai-newjersey. org for more information on the Metro New Jersey Chapter and all our upcoming events. Visit us on Facebook, twitter and LinkedIn. Wishing you a happy and healthy summer, Ron Chiarello, MAI 2011 Metro NJ Chapter president. ■
The Metro New Jersey Chapter Education: To inquire about Discounts when registering for more than 1 course, e-mail appraisal.institute@verizon.net
Secretary Joseph E. Baldoni, MAI
2011 Chapter Board of Directors
Qualifying Education Courses – Rutgers University, Livingston Campus Basic Appraisal Principles *General Report Writing and Cast Studies Basic Appraisal Procedures General Site Valuation and Cost Approach Residential Sales Comparison & Income Approaches
September 9, 10, 16 & 17 September 12 – 15 – Days Hotel October 14, 15, 21 & 22 October 14, 15, 21 & 22 November 11, 12, 18 & 19
Continuing Education Uniform Appraisal Dataset from Fannie Mae & Freddie Mac Appraisal Curriculum Overview
Diane V. Christiana, MAI Michael T. DeNoble, MAI, SRA Amy J. Donow, MAI Anthony M. Graziano, Jr., MAI Brian D. Hicks, SRA Burnham L. Hobbs, Jr. Patrick A. Josephs, MAI Thomas P. Lenahan Michael T. Lewandowski, Esq. John J. Musnuff, MAI Bettina Sholk Michael P. White, MAI
Introduction to Green Buildings: Principles & Concepts Case Studies in Appraising Green Residential Buildings Analyzing Tenant Credit Risk & Commercial Lease Analysis 9th Annual Fall Conference 7-Hour USPAP
June 29 – Days Hotel SRA - July 13, MAI July 13 & 14- Days Hotel September 20 – Days Hotel September 21 – Days Hotel October 13 – Days Hotel October 28 – Woodbridge Hilton December 15 – Days Hotel
AI Advanced Education Courses Advanced Income Capitalization
September 8, 9, 10, 16 & 17 Days Hotel
MAREjournal.com
Mid Atlantic Real Estate Journal — Financial Digest — June 10 - 23, 2011 — 9A
$36,000,000
607-609 HUDSON STREET NEW YORK, NY 7 story building being converted to luxury condominiums The undersigned arranged the above financing
REAL ESTATE FINANCING
51 East 42nd Street New York, NY 10017 (212) 986-8400 Fax: (212) 983-0512 www.cooper-horowitz.com
10A — June 10 - 23, 2011 — Financial Digest — Mid
Atlantic Real Estate Journal
MAREjournal.com
Southern New Jersey Chapter www.ai-snj.org Telephone 856-415-0281 • Fax 856-415-1952
Southern NJ Chapter Appraisal Institute 2011 Chapter Officers President A. Craig Black, SRA blackc@toddandblack.com Vice President Jerome McHale, MAI jmchale@jmchaleassoc.com Treasurer Kristin Mansfield kristin.mansfield@yesbank.com Secretary Jacob Ramage, MAI jake.ramage@cushwake.com Director (through ’13) Jerrold McCarron jerrymccarron@aol.com Director (through ’13) Michael S. Sapio, MAI northstarappraisal@msn.com Director (through ’12) Ed Kay edkayinc@comcast.net Director (through ’12) Joseph V. Heenan, SRA jheenan613@comcast.net Director (through ’11) Edward T. Molinari, SRA ed@molinari.us Director (through ’11) Andrea Senatore als9463@comcast.net Past President John P. Corbett, MAI John.corbett@cushwake.com
Seventh installment
Southern NJ Chapter’s Seminars at the Shore
O
n May 23 and 24, the Southern NJ Chapter of the Appraisal Institute held their seventh installment of Seminars at the Shore. This year’s event took place at the Golden Nugget, formerly known as Trump Marina. “We were able to enjoy a couple beautiful Spring days next to the ocean, earning continuing education credits at a good price,” said Chapter President Craig Black, SRA. “We’re pleased with the events, and were happy so many people were able to take advantage of this great program.” This year’s classes were created and instructed by David C. Lennhoff, MAI, SRA. They included: • Bones of Contention: Mini case studies illustrating fundamental appraisal methodology misunderstandings • Marketability Analysis: The Key to Credible Valuation in a Changing Market • Income Capitalization in Today’s Market • Investor ’s Surveys: An Appraiser’s Perspective In its seventh year, Seminars at the Shore has offered quality, top-notch Continuing Education seminars to over 650 people from 13 different states. In other news … New residential requirements take effect September 1, 2011! The Southern NJ Chapter will hold a new residential 7-hour seminar “Fannie Mae and Freddie Mac’s Uniform Appraisal Dataset” on July 13th at the Adelphia in Deptford. Understand the new Uniform Mortgage Data Program (UMDP) requirements to effectively complete and transmit an appraisal report to a lender client. At this one-day seminar, you’ll learn the details behind the UMDP, which is a joint effort by Fannie Mae and Freddie Mac to standardize and improve data quality to benefit the entire mortgage industry. This includes the Uniform Appraisal Dataset, which details required fields for an appraisal report and new definitions, acronyms
David C. Lennhoff, MAI, SRA, presented on 4 different topics at our 2 day annual Seminars at the Shore event in Atlantic City this past May. In its seventh year, Seminars at the Shore has offered quality, top-notch Continuing Education seminars to over 650 people from 13 different states. and responses necessary to completing the revised forms. Also discussed is the Uniform Collateral Data Portal, a new method for transmitting appraisal reports. What You’ll Learn: • Identify and provide illustrations concerning the key elements of the Uniform Appraisal Dataset. • Explain how the Uniform Collateral Data Portal operates and the role of the appraiser in using this transmission mechanism of an appraisal report. • Review key Fannie Mae and Freddie Mac guideline requirements. To register, call the SNJAI chapter at 856-415-0281. The Appraisal Institute is a global membership association of professional real estate appraisers, with 25,000 members and 91 chapters throughout the world. The Southern NJ
Chapter has a membership of 160 members strong. Organized in 1932, its mission is to support and advance its members as the choice for real estate solutions and uphold professional credentials, standards of professional practice and ethics consistent with the public good. The Appraisal Institute advocates equal opportunity and nondiscrimination in the appraisal profession and conducts its activities in accordance with applicable federal, state and local laws. Members of the Appraisal Institute benefit from an array of professional education and advocacy programs, and may hold the prestigious MAI, SRPA and SRA designations. For more information on the Southern NJ Chapter of the Appraisal Institute, contact Executive Director Lisa Weiss at 856-415-0281 or at www. ai-snj.org ■
MAREjournal.com
Mid Atlantic Real Estate Journal — Financial Digest — June 10 - 23, 2011 — 11A
Southern New Jersey Chapter Of the Appraisal Institute www.ai-snj.org As the leading organization for professional real estate appraisers, the Appraisal Institute represents more than 25,000 members and 91 chapters worldwide. The Southern New Jersey Chapter has over 160 members. They perform a variety of services ranging from single family valuation to feasibility studies for regional malls & hotel-casinos. Whether it’s assistance on a home purchase or providing expert testimony for litigation, our members are uniquely quali¿ed to meet these needs. For more information regarding the Southern NJ Chapter of the Appraisal Institute visit: www.ai-snj.org, or call Executive Director Lisa Weiss at 856-415-0281.
2011 Designated Members of the Southern NJ Chapter of the Appraisal Institute J. Paul Bainbridge, MAI
Cape May Ct. House
(609) 465-9978
Allen L. LittleÀeld, SRA
Hammonton
(609) 704-9609
Steven W. Bartelt, MAI, SRA
Turnersville
(856) 582-5892
Gary P. Lombardi, SRA
Manahawkin
(609) 709-3902
A. Craig Black, SRA
Cherry Hill
(856) 662-7676
Bonnie L. Longo, MAI, SRA
Sewell
(856) 582-4611
Allen G. Black, MAI, SRA
Cherry Hill
(856) 662-7676
Eileen Lynn, MAI
Philadelphia
(215) 842-0649
Edward J. Bligh, MAI, SRA
Marlton
(609) 983-3218
Jerome J. McHale, MAI
Mt. Laurel
(856) 722-0205
Harry Carroll, Jr., MAI, SRA
Cherry Hill
(856) 795-4042
F. Pat McIlhinney, MAI, SRA
Cherry Hill
(856) 795-4042
Lana Chiappetta, MAI
Medford
(609) 714-7402
Edward T. Molinari, SRA
Woodbury
(856) 853-7622
Patrick K. Conover, MAI
Galloway
(609) 652-6553
Robert Parmley, SRA
Forked River
(609) 292-2573
John P. Corbett, MAI
Philadelphia
(215) 963-4061
Patricia A. Quigley, SRA
Philadelphia
(215) 247-4425
David A. Curley, SRA
Mt. Laurel
(856) 795-0875
Jacob Ramage, MAI
Philadelphia
(215) 888-3560
Eugene P. Davey, SRA
Philadelphia
(215) 523-9104
Thomas C. Reynolds, SRPA
Wilmington, DE
(302) 575-0955
Thomas C. Davis, SRA
Delran
(856) 764-6500
Lee L. Romm, MAI, SRA
Marlton
(856) 983-5500
John E. Doyle, MAI
Philadelphia
(215) 231-9900
Michael Sapio, Jr., MAI, SRA
Blackwood
(856)7 83-6835
Scott A. Eiffes, MAI
Moorestown
(856) 234-9252
Michael Sapio, MAI
Bellmawr
(856) 933-1272
E. Guy Elzey, III, SRA
HaddonÀeld
(856) 429-8800
R. M. Sapio, MAI, SRA
Voorhees
(856) 429-2789
Emmons G. Elzey, Jr, SRA
HaddonÀeld
(856) 429-8800
William J. Sapio, MAI
Linwood
(609) 927-5728
Phillip Fortuna, SRA
Philadelphia
(215) 925-1212
Dennis A. Scardilli, Esq, MAI
Absecon
(609) 568-0432
Mary F. Fox, MAI
Cape May
(609) 884-1995
Jack Sheehan, MAI
Wenonah
(856) 468-0068
David J. Frett, SRA
West Berlin
(856) 753-3030
Timothy Sheehan, MAI, SRA
Cherry Hill
(856) 662-0027
James C Frisby, SRA
Ocean City
(609) 814-9333
Richard Sheldon, MAI, SRA
Haddon Heights
(856) 546-4900
John M. Gapszewicz, MAI
Philadelphia
(215) 841-5258
Thomas J. Sliwowski, SRA
Pitman
(856) 218-2800
Ronald A. Hagel, MAI, SRA
Vineland
(856) 691-7055
Pasqual A Sorge, MAI
Mt. Laurel
(856) 234-2893
Mark J. Hanson, MAI, SRA
Ocean City
(609) 398-3189
John T. Stone, MAI
Cape May Court House (609) 861-9030
Donna Harris, SRA
Shiloh
(856) 453-8889
Robert Thomapson, MAI, SRA
Ocean City
(610) 331-9031
Joseph V. Heenan, SRA
Ocean City
(609) 391-8862
Robert J. Tighue, MAI
Cherry Hill
(609) 792-0684
Henry Herskowitz, MAI, SRA
Cherry Hill
(856) 795-8700
Joseph E.Tighue MAI, SRA
Brigantine
(609) 266-7334
Michael D. Jones, MAI
Cape May Court House (609) 463-4622
Merilynn P. Verderame, SRA
HaddonÀeld
(856) 234-8400
William J. Kennedy, MAI
Medford
(856) 396-7652
Benjamin R. Vukicevich, SRA
Stratford
(856) 784-7036
M. Bruce Leff, SRA
Newark, DE
(856) 287-3690
John H. Walton, Jr, MAI, SRA
Medford
(856) 795-8700
Norman LeGore, MAI, SRA
Vineland
(856) 692-7889
John Weber, Jr,, MAI, SRA
Hamilton Square
(609) 586-3500
Frank S. Librizzi, MAI, SRA
Haddon Heights
(856) 854-2478
Gerald Francis White, SRA
Pennsauken
(856) 663-5134
12A — June 10 - 23, 2011 — Financial Digest — Mid
Atlantic Real Estate Journal
MAREjournal.com
Central New Jersey Chapter of the Appraisal Institute 10 Renee Court Lawrenceville, NJ 08648 T: 609-637-0232 F: 609-637-0242 www.ai-centralnj.org Chapter Officers: President Tony F. Kamand, Jr, MAI Tony Kamand Realty LLC Email:tony@tonykamand.com Executive Director Joan Esposito Central NJ Chapter Email:centralnj_ai@inbox.com Vice President Daria R. D'Agostino Stuart Appraisal Company Email: stuart.appraisal@verizon.net Secretary R. Blair Stiefbold Ronald A. Curini Appraisal Co. Email:bsteppy@yahoo.com Treasurer Jacqueline Jane Marmur Marmur Appraisals Email:marmurj@gmail.com Education Chair Geoffrey D. Acolia, MAI Email: taxassr@lawrencetwp.com Finance Chair Tony F. Kamand, Jr, MAI Tony Kamand Realty LLC Email:tony@tonykamand.com Membership Admissions, Development and Retention Committee Pamela J. Brodowski, MAI BRB Valuation & Consulting Svcs. Email:pjbbrb@aol.com Associate Guidance Chair General Kathy J. Marmur, SRA Marmur Appraisals Email:kathymarmur@hotmail.com Government Relations Chair H. Rick Kline, SRA Email:matzoball2@hotmail.com Public Relations Chair Peter E. Sockler, MAI Sockler Realty Services Group, Inc. Email:pete@srsgi.com Admissions Chair - General Alpha Reynolds-Lewis Reynolds Appraisal Group LLC Email:areynoldslewis@verizon.net Client Advisory Chair Michael Rickett Email:rickettm5@comcast.net Associate Member Chair Daria R. D'Agostino Stuart Appraisal Company Email:stuart.appraisal@verizon.net
Appraiser
Location
Appraiser
Location
Nicholas A. Abate
Perrineville
H. Rick Kline, SRA
East Windsor
Geoffrey D. Acolia, MAI
Hainesport
Robert F. Kline, MAI
Little Silver
Salvatore Alfieri
Marlboro
Gary A. Lesslie
Yardley
Thomas W. Appleby, Sr, SRA
Oakhurst
Robert S. Macechak
Princeton
Scott Arnone
Sea Girt
Edgar B. Madsen, MAI
Princeton
Henry Baker
Morganville
A. Fred Maffeo, MAI, SRA
West Long Branch
Peter J. Barnett
Cranford
Peter A. Maher, SRA
Jackson
Robert J. Belon, MAI
Colts Neck
Gerald R. Malanga, SRA
Lavallette
Steven H. Benner
West Windsor
Thomas Mancuso
Monroe Twp
Lawrence E. Bowne, MAI
Marlton
Kathy J. Marmur, SRA
Point Pleasant
Pamela J. Brodowski, MAI
Freehold
Joseph Maroukis
Toms River
Marlene G. Brown
West Windsor
Thomas J. McCartney
Sea Girt
James A. Cann
Bordentown
Daniel T. McDonald
Lake Como
Richard J. Carabelli, Jr, MAI
Hamilton
Kristi J. McDonald
Wall Township
J. S. Carduner, MAI
Robbinsville
Kerstin McKitrick
Long Branch
Cynthia Carpenter, MAI
Warminster
Donald Moliver, MAI
Rumson
Howard J. Carpenter, SRA
Mesa
James S. Monte
Sea Girt
Carlo A. Carpino
Princeton
David M. Navarro
Lanoka Harbor
Bruce M. Cestare
Yardville
John V. Nguyen
Wayside
Lynford L. Collins
Point Pleasant
Frank J. Pacera, SRA
Lawrenceville
Ronald A. Curini, SRA
Hamilton Square
Linda M. Palladino
Tinton Falls
Susanne M. Curran, MAI
Princeton
Robert E. Parmley, SRA
Forked River
Robert J. Curtis, Jr.
Litchfield
Michael J. Pratico, Sr.
Trenton
Daria R. D'Agostino
Freehold
Michael J. Pratico, Jr.
Trenton
John De Rosa
Toms River
N. Keith Reynolds
Newtown
Thomas A. DeMartin, MAI, SRA Lawrenceville
Alpha A. Reynolds-Lewis
Tinton Falls
Robert F. Dempsey
Howell
Thomas Rodriguez
Stockton
Russell V. Di Lello, MAI
Glen Gardner
Ronald L. Rubinstein, MAI
Freehold
Nina Dyer
Freehold
Anine D. Rusecky
Hamilton
Sandra C. Favilla
Trenton
Abe Schubert
Lakewood
Danielle Fischer
Manahawkin
Charles S. Segal
Newtown
Michael S. Foss
East Windsor
William C. Shapiro
Kevin T. Gannon
Shrewsbury
John G. Sidway
Sea Girt
William L. Gervasi
Little Egg Harbor Twp
Ross W. Smith, II
Toms River
Stephen P. Giocondo
Stockton
Peter E. Sockler, MAI
Hightstown
Jeffrey M. Gradone
Princeton
Howard Spitzer
Morganville
Barbara K. Griffin, SRA
Red Bank
Robert B. Stiefbold
Hamilton
Bruce W. Guenther
Shrewsbury
James Stuart, MAI, SRA
Colts Neck
John L. Guyer, III
Tinton Falls
Fred Taylor
Mt. Laurel
Timothy B. Hogan
Point Pleasant
Gary Tighue
Trenton
Edward G. Ireland, III, SRA
Richboro Ireland
John H. Van Horn, SRA
Point Pleasant Beach
Bruce E. Jones
Manchester
Elina Veyberman
Marlboro
Michael J. Watt
Oakhurst
in real estate valuation. Leo E. Keoghan
Red Bank
John R. Weber, Jr, MAI, SRA
Yardley
Englishtown
Peter H. Wegener, Esq
Lakewood Bathgate
Robert W. Kirwan, SRA
Manahawkin
Jacquette M. Williamson
Sea Girt
Always on Jr, the designated difference Tony F.insist Kamand, MAI Toms River William F. Kennedy, Jr.
MAREjournal.com
Mid Atlantic Real Estate Journal — Financial Digest — June 10 - 23, 2011 — 13A
APPRAISAL INSTITUTE – REGION VI DELAWARE, MARYLAND, NEW JERSEY, PENNSYLVANIA, WASHINGTON DC
Region VI held its first in-person meeting this year at the Reading Inn in Reading, PA. Chapter Presidents, Vice-Presidents, Education Chairs, and Government Relations Chairs along with the Regional Committee met to discuss the Appraisal Institute’s current and long range plan as well as chapter challenges and innovative ideas. Government Relations Liaison to the Washington DC Appraisal Institute staff, Don Boucher, Sr., SRA invited the Government Relations Chairs from the 12 chapters to discuss state and national issues and recent actions.
Region VI Chairs at work: Left Picture – Vice Chair, Tom Reynolds, SRPA and Past Chair, Eileen Lynn, MAI. Right Picture – Region VI Chair, Russ Sterling, MAI REGION VI CHAPTERS Delaware District of Columbia Maryland New Jersey
Pennsylvania
Region VI Directors
Delaware
www.ai-delaware.org
Washington DC Metropolitan
www.wdcmacai.com
Maryland
www.ai-md.org
Central New Jersey
www.ai-centralnj.com
Metro New Jersey
www.ai-newjersey.org
Northeast New Jersey
www.nnjchapter-ai.org
Southern New Jersey
www.ai-snj.org
Central Pennsylvania
www.aicentralpa.com
Northeastern Pennsylvania
www.ai-nepa.org
Northwestern Pennsylvania
www.ai-nwpa.org
Philadelphia Metropolitan
www.phila-ai.com
Pittsburgh Metropolitan
www.pghai.org/
Upcoming Events Leadership Development & Advisory Council (LDAC) Washington DC July 26 – 28 Joint Regional Meeting Las Vegas August 14 2011 AI Annual Meeting Las Vegas August 15 - 17 3rd Quarter National Board of Directors Meeting Las Vegas August 18 & 19 AI Leadership Program Chicago September 26 & 27 Region VI Virtual Meeting October (TBD)
Russell K. Sterling, MAI Region VI Chair rsterling@sdadvisors.com Thomas C. Reynolds, III, SRPA Vice Chair tomreynolds@rac.net Eileen H. Lynn, MAI Past Chair eileenhlynn@aol.com
A message from Region VI Chair, Russell K. Sterling, MAI The Appraisal Institute has been the leader in real estate education for over 75 years. Whether you’re an appraiser, analyst, broker, investor or developer, AI offers cutting edge seminars, webinars and courses that will keep you informed and advance your career. Some recent seminars that have been rolled out include; Introduction to Green Buildings: Principles & Concepts, Case Studies in Appraising Commercial Green Buildings, International Valuation of Fixed Assets for Financial Reporting, Valuation in Challenging Markets. Recent webinars: Profiting from the New Estate Tax Law, Investment Property Accounting Standards: How the World is Converging, Oil Spills and Property Values, Interagency Appraisal and Evaluation Guidelines; Understanding the Loan Quality Initiative Many of these offerings are giving in this region, some are available online. For a full list of offerings, dates and locations, log on to: www.appraisalinstitute.org
14A — June 10 - 23, 2011 — Financial Digest — Mid
Atlantic Real Estate Journal
President Kenneth A. Bell, SRA Kenneth.Bell@knbt.com
2010 Past President William T. Stoerrle, Jr., SRA Key Realty appraisals_keyrealty@verizon.net
Vice President Douglas C. Conners Roger J. Conners Agency dcconners@rcn.com
Treasurer Kelly A. McNamara Imperial Realty Appraisal, LLC kelly@imperialrealtyappraisal.com
Secretary Tammi Bateman, SRA Imperial Realty Appraisal, LLC tammi@imperialrealtyappraisal.com
MAREjournal.com
The Appraisal Institute is a global membership association of professional real estate appraisers, with 25,000 members and 91 chapters throughout the world. Its mission is to advance professionalism and ethics, global standards, methodologies, and practices through the professional development of property economics worldwide. Organized in 1932, the Appraisal Institute advocates equal opportunity and nondiscrimination in the appraisal profession and conducts its activities in accordance with applicable federal, state and local laws. Members of the Appraisal Institute benefit from an array of professional education and advocacy programs, and may hold the prestigious MAI, SRPA and SRA designations. What We Offer The Appraisal Institute is the acknowledged worldwide leader in residential and commercial real estate appraisal education. Its extensive curriculum of courses and specialty seminars provides a wellrounded education in valuation methodology for both the novice and seasoned practitioner. As the world’s largest publisher of real estate appraisal literature, the Appraisal Institute offers a wide range of books and other materials on subjects ranging from basic valuation theory and techniques to advanced applications. It also publishes two quarterly periodicals, The Appraisal Journal and Valuation magazine. Members have access to a variety of benefits, including insurance programs, data resources and tools, and related business materials. The Appraisal Institute also houses the Lum Library, which provides support for the research needs of members as well as the profession at large. The Appraisal Institute is active in advocacy efforts on behalf of its members and the industry at large. Primarily through its External Affairs office in Washington, D.C., the organization communicates regularly with legislators and regulators to encourage the adoption of appraisal policies that best serve the public interest.
Saturday, July 23, 2011 Executive Director Maureen Grossman National Penn Bank maureen.grossman@knbt.com
John R. Ingram, II, MAI
PenTeleData Party Porch (3rd base side) at Coca Cola Stadium, Allentown, PA
The NEPA Chapter of the Appraisal Institute presents AN EVENING OF IRON PIGS BASEBALL
Robert G. Premecz, SRA
Joseph J. Genay
Come join us for a fun filled evening with the Northeastern Pennsylvania Chapter of the Appraisal Institute. Instead of a regular chapter meeting we are scheduling an informal meeting / social event at an Iron Pigs Baseball Game. The fun begins at 6:00 PM with a 2 hour buffet that features a ballpark style meal and soft drinks. The Game starts at 7:05 PM. Stay for the Fireworks after the game!
Edwin M. Farr
Email Maureen Grossman (Maureen.Grossman@knbt.com) with your RSVP by July 16th.
John D. Shorten, SRA Michele Glower
Remember, space is limited so don’t miss out on the fun!!
MAREjournal.com
Mid Atlantic Real Estate Journal — June 10 - 23, 2011 — 15A
Make More Money Spend Less Time Managing Your Rental Properties
For Commercial Property Managers
For Landlords
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16A — June 10 - 23, 2011 — Mid
Atlantic Real Estate Journal
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Mid Atlantic REAL ESTATE JOURNAL
Auctioneers Directory
N E W J E R S E Y • P E N N S Y LVA N I A • D E L AWA R E • M A R Y L A N D • W A S H I N G T O N D . C . • V I R G I N I A •
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REAL ESTATE JOURNAL The Most Comprehensive Source For Commercial Real Estate News
Linda Christman, Publisher
HURLEY AUCTIONS www.HURLEYAUCTIONS.com
Ph: 800-584-1062 x 203 Fax: 781-871-5299 lchristman@marejournal.com www.marejournal.com P.O. Box 26 Accord, MA 02018
PLACE YOUR BUSINESS CARD IN OUR AUCTION DIRECTORY TODAY! COMPANIES SPECIALIZING IN COMMERCIAL/INDUSTRIAL REAL ESTATE CAN PROMOTE THEIR COMPANY AND ITS SERVICES IN OUR TWICE MONTHLY DIRECTORY PLEASE FILL OUT COUPON BELOW AND FAX IT TO 781-871-5299 OR
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Name: Company: Address: CIty: State:
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Mid Atlantic Real Estate Journal — June 10 - 23, 2011 — 17A
MID ATLANTIC APPRAISAL
BUSINESS CARD SERVICE DIRECTORY
COMMERCIAL REAL ESTATE
ELECTRICAL CONTRACTOR Phone: 732.360.9050 Fax: 732.360.0469 www.lunarelectric.com
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Would like to be included on this page call: Linda Christman lchristman@marejournal.com (800) 584-1062 / (781) 871-5298 Fax (781) 871-5299 or Your Account Executive Mid Atlantic REAL ESTATE JOURNAL
18A — June 10 - 23, 2011 — Mid
Atlantic Real Estate Journal
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COMMERCIAL REAL ESTATE ORGANIZATIONS’
EVENTS CALENDAR JUNE 10 – NJAA Event: Legislative/PAC Committee Meeting – Members Only Time: 10:00 AM – 12:30 PM Location: NJAA Headquarters Address/City: 104 Interchange Pl. Suite 201, Monroe Township, NJ E: casey@njaa.com www.njaa.com JUNE 13 – NAIOP PITTSBURGH Event: Annual Golf Outing Time: 11:00 AM Location: Laurel Valley Golf Club Address/City: 175 Palmer Dr. Ligonier, PA P: 412-928-8303 www.naioppittsburgh.com JUNE 13 – ABC EASTERN PA Event: Spring Golf Outing Time: 9:00 AM Location: Philadelphia Cricket Club Address/City: 6025 W. Valley Green Rd., Flourtown, PA P: 610-279-6666 Email: jpomraning@abceastpa.org www.abceastpa.org JUNE 13 – IOREBA Event: 42nd Annual Golf & Tennis Outing Time: 11:00 AM Location: Essex County Country Club Address/City: West Orange, NJ Email: mike.markey@cassidyturley.com www.ioreba.com JUNE 13 – USGBC NJ Event: LEED Certification from the Owner, Architect & Builder Perspective Time: 5:00 PM – 9:00 PM Location: Lasley Brahaney Building Address/City: 860 State Rd., Princeton, NJ Cost: $40 Members $50 Nonmembers Email: info@usgbcnj.org www.usgbcnj.org JUNE 14 – CFA PHILADELPHIA Event: The Outlook for M&A in the Asset Management Industry Time: 12:00 PM – 1:30 PM Location: The Philadelphia Racquet Club Address/City: 215 South 16th St. Philadelphia, PA Cost: $25 Members $35 Nonmembers P: 215-320-4980 www.cfaphil.org JUNE 14 – ULI PHILADELPHIA Event: 3rd Annual Urban Marketplace: Investing for Impact Time: 8:00 AM – 4:00 PM Location: The Union League Address/City: 140 S. Broad St. Philadelphia, PA Cost: $175 Members $225 Nonmembers P: 800-321-5011 www.philadelphia.uli.org
JUNE 14-16 – ABC METRO DC Event: ABC Legislative Conference Location: The Capital Hilton Address/City: 1001 16th St., NW Washington, DC P: 703-812-2021 Email: meetings@abc.org www.abcmetrowashington.org JUNE 15 – TRISTATE Event: Office Specialty Meeting Time: 8:00 AM – 10:00 AM Location: 518 Township Line Road Address/City: Blue Bell, PA Cost: Members Free $10 Nonmembers P: 610-238-9959 Email: admin@tristaterca.com www.tristaterca.com JUNE 15 – ICREW NJ Event: Networking Cocktail Reception Time: 6:00 PM – 8:00 PM Location: Liberty House Address/City: 76 Audrey Zapp Dr. Jersey City, NJ P: 609-585-6871 www.icrewnj.org JUNE 15 – IREM 3 & AAGP Event: Fair Housing & Beyond Time: Workshop 1: 7:30 AM – 12:30 PM/ Workshop 2: 12:30 PM – 5:30 PM Location: AACP Office Address/City: One Bala Plaza Suite 515, Bala Cynwyd, PA Cost: $79 Members $109 Nonmembers P: 856-786-9260 Email: admin@irem3.org www.irem3.org JUNE 15 – NAIOP MD Event: Summer Social Time: 5:30 PM – 8:00 PM Location: Nick’s Fish House Address/City: 2600 Insulator Dr. Baltimore, MD P: 443-986-9429 www.naiopmd.org JUNE 15 – NAWBO DE Event: 10th Annual Awards Dinner Honoring “Women of Influence” Time: 5:30 PM – 7:30 PM Location: Harry’s Savoy Grill & Ballroom Address/City: 2020 Naamans Rd. Wilmington, DE Cost: $55 Email: info@nawbodelaware.org www.nawbodelaware.org JUNE 15 – BOMA PHILADELPHIA Event: Emerging Leaders Time: 5:30 PM – 7:30 PM Location: Centre Square Address/City: 1500 Market St. Mezzanine Level, Philadelphia, PA Cost: $20 per Person P: 215-567-1775 www.bomaphila.com
JUNE 15 – NJAA Event: NALP Market Survey Time: 8:30 AM – 12:00 PM Location: NJAA Headquarters Address/City: 104 Interchange Pl. Suite 201, Monroe Township, NJ www.njaa.com JUNE 15 – POA Event: Landlord/ Tenant Law Navigating the Legal Minefield Time: 6:30 PM Location: Wilshire Grand Hotel Address/City: 350 Pleasant Valley Way W. Orange, NJ www.poanj.org
JUNE 20 – NAIOP NJ Event: Chapter Meeting: Mid-Year Economic Roundup Time: 5:30 PM – 8:00 PM Location: Mayfair Farms Address/City: West Orange, NJ Cost: $110 Members $195 Nonmembers E: morford@naiopnj.org www.naiopnj.org JUNE 20 – TRISTATE Event: 15th Annual Golf Outing Time: 11:30 AM Location: Green Valley Country Club Address/City: 201 West Ridge Pike, Lafayette Hill, PA Registration: mwinkler@tristaterca. com P: 610-238-9950 www.tristaterca.org
JUNE 15 – SMPS PHILADELPHIA Event: CPSM Boot Camp! 6 Domains of Practice Series Location: Pennoni Associates Address/City: 3001 Market St., 2nd Fl. Philadelphia, PA Cost: $75 Members www.smpsphiladelphia.org
JUNE 24 – ABC BALTIMORE Event: 2011 Golf Classic Time: 10:00 AM Location: Compass Point Golf Course Address/City: 9010 Fort Smallwood Rd., Pasadena, MD P: 410-821-0351 Email: bjohnson@abcbaltimore.org www.abcbaltimore.com
JUNE 16 – CREW PHILADELPHIA Event: Fundamentals of a Deal Location: Davio’s Address/City: 111 S. 17th St. Philadelphia, PA Cost: $55 Members $80 Nonmembers Email: crewphiladelphia@ crewnetwork.org www.crewphiladelphia.org
JUNE 24 – NAIOP MD Event: Legislative Update Time: 8:00 AM – 12:00 PM Location: The conference Center at Maritime Institute Address/City: 692 Maritime Blvd. Linthicum, MD Cost: $50 Members $70 Nonmembers P: 443-986-9429 ext. 107 Email: donnad@naiopmd.org www.naiopmd.org
JUNE 16 – IREM DELAWARE VALLEY Event: Joint Dinner Meeting With IREM SNJ #101 Time: 5:30 PM Location: Camden Aquarium Address/City: 1 Riverside Dr. Camden, NJ Cost: $55 Members $65 Nonmembers P: 856-786-9260 Email: admin@irem3.org www.irem3.org JUNE 16 – NAIOP PITTSBURGH Event: Chapter Meeting Time: 7:30 AM Location: Omni William Penn Hotel Address/City: 530 William Penn Pl. Pittsburgh, PA Cost: Members Free/ $40 Nonmembers P: 412-928-8303 www.naioppittsburgh.com
JUNE 26 – BOMA Event: 2011 International Conference & the Every Building Show Location: Gaylord National Resort & Convention Center Address/City: Washington, DC www.bomaconvention.org JUNE 27 – CIRC DE Event: Annual Golf Outing Time: 11:00 AM – 7:00 PM Location: DuPont Country Club, Main Course Address/City: 1001 Rockland Rd., Wilmington, DE P: 302-633-1705 Email: janet@circdelaware.org www.circdelaware.org JUNE 28 – SMPS NJ Event: 2011 Honor Awards Reception Time: 6:00 PM – 8:00 PM Location: The Newark Club Address/City: Newark, NJ www.smpsnj.org
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Mid Atlantic Real Estate Journal — June 10 - 23, 2011 — 19A
Mid Atlantic REAL ESTATE JOURNAL
BILLBOARD
CLASSIFIEDS • CLASSIFIEDS • CLASSIFIEDS • CLASSIFIEDS • CLASSIFIEDS • CLASSIFIEDS • CLASSIFIEDS • CLASSIFIEDS • CLASSIFIEDS
For Sale OFF-MARKET TRANSACTION Coldwell Banker Commercial Bennett Williams 110 N. George Street; 4th floor York, PA 17401
MAJOR COMMUNITY SHOPPING CENTER
Commercial Leasing/Sales
Property Management Landlord Representation
SOLID ANCHORS
Tenant Representation www.bennettwilliams.com
Site Selection
717-843-5555
Value-Add Possibility Serious Inquiries Only. For more information, please email: retailacquisition@gmail.com
Data Center Available
J E S S U P , P E N N S Y LVA N I A
AVA A B LE IM M E IL D IAT E LY 0'
15 ock 6D ock 4D
ors Do
200 SF to 16,000 SF
Available 1/1/08 92,600 s.f.
ors Do
0' 44
Mercer County, NJ
NORTHEASTERN PENNA. SALE & LEASE OFFERINGS
•
•
Leased 58,500 s.f. 0' 24
(1) 2,000 AMP / 480 Volt Service
0' 20
6
81
Mid-Valley Sus qu eh a
Scranton
(1) 2,000 AMP/ 13,200 Volt Primary power Service.
iver are R
ive r
380
Wilkes-Barre 476
Constructed in 1991 with expansion in 1994
81
•
Retail – Wilkes-Barre. 11.42 acres across from Wyoming Valley Mall at signalized corner.
•
200 Acres with 54,000 manufacturing in multiple warehouse and residential buildings. Marcellus gas rights available.
•
Food warehouse, 28,000 SF, 3.7 acres with freezer and cooler spaces.
84
aR nn
Located approximately one mile to new highway interchange for State Route 6 (Robert P. Casey Highway), and five miles on State Route 6 to Interstate 81
aw
1270 Mid-Valley Drive is located in the Scranton/ Wilkes Barre/Hazelton industrial market. This building of 151,100 square feet (640’ x 240’) on 8.5 acres is conveniently located within the Mid-Valley Industrial Park with excellent access to State Routes 6 and 247, and Interstates 81, 380, 84 and 476.
el
1270 Mid-Valley Drive
80
D
Industrial Land – 10.7 acre site in Valmont Industrial Park for sale. Zoned for manufacturing. Close to I-81 & I-80. Approved for 126,000 SF building. Office – Under construction, 29,000 SF Class A office building adjacent to downtown Scranton, PA. Various suite sizes, lease or ownership opportunity.
92,600 square feet of space is available Convenient front-loaded building
80
Hazelton
Clean, functional space Fenced lot 21’ - 24’ clear height
201-488-4000 www.sorce.com
Column spacing 25’ x 60’ 10 dock doors of 9’ x 9’ plus 1 drivein door of 10’ x 12’ 150’ loading court One West First Avenue, Suite 315 • Conshohocken, PA 19428 (610) 828-8484 • Fax (610) 828-9699 • www.equilibriumequities.com
This space is available 800-584-1062
Mercer County, NJ 9,000 SF Class 10K 9,000 SF Class 100K Expansion to 27,000 SF (1) 2,000 AMP / 480 Volt Service (1) 2,000 AMP/ 13,200 Volt Primary power Service
Scranton, PA 570-207-4100 info@hinerfeldcommercial.com
Locations Wanted Consistently Ranked #1 Franchise 45+ Year Track Record
We’re looking for sites in PA Flexible Space Requirements End Cap, In-line, Free Standing Non-Traditional Venues - Hospitals/Colleges Universities/B&I/Stadiums/Casinos/Airports Local Contacts: Eastern PA — Philadelphia PA —
610-366-8120 x 24, Cheryl Green green_c@sdepa.com 610-768-8990, Rawley Shelton rawleyshelton@gmail.com
realestate.subway.com www.subway.com
20A — June 10 - 23, 2011 — Mid
Atlantic Real Estate Journal
MAREjournal.com
555 E. North Lane, Suite 6125 Conshohocken, PA 19428
President Douglas Sayer Colliers International
Phone/Fax: 610-238-9950 / 610-238-9959 E-Mail: tristate@tristaterca.com Website: www.tristaterca.com
2011 Officers & Directors President Douglas Sayer Colliers International
President Elect Michael P. McCurdy Jones Lang LaSalle
Vice President (Pennsylvania) Paul G. Garvey Cushman & Wakefield of PA
Vice President (New Jersey) Jonathan Glick Sheldon Gross Realty, Inc.
Secretary VP (Delaware) Gregory Ellis, CCIM Patterson Woods Commercial
Treasurer Ralph A. Magnatta, CPM Brite Realty Services
15th ANNUAL GOLF OUTING & INAUGURAL MEMBER RECOGNITION LUNCHEON TRISTATE 15th ANNUAL GOLF OUTING In conjunction with
Title Sponsor:
Monday, June 20, 2011 (Shotgun Start 1:30 PM) At
GREEN VALLEY COUNTRY CLUB 201 West Ridge Pike, Lafayette Hill, PA
Cost: $195 Full Day
Immediate Past President James A. Egan Grubb & Ellis Co.
Director Advisory Council John Derham Cushman & Wakefield of PA
Director Advisory Council J. Robert Clements Grubb & Ellis Director Louis J. Battagliese Jackson Cross Partners, LLC
(Includes Member Recognition Luncheon) Don’t play golf? Join us for Dinner & Networking $75
AGENDA
11:00 AM Registration 11:30 AM TriState Member Recognition Luncheon (see right) 1:30 PM Shotgun Start 6:30 PM Cocktails, Dinner & Networking
SPACE IS LIMITED!
Director David A. DePetris Legend Properties
Director J. Scott Gabrielsen Binswanger
Director Jeffrey B. Goldstone Herbert Yentis & Company
Director Gene McHale Beacon Comm’l. Real Estate
Director Barry P. Mertz NAI Mertz Corp
Director Todd Monahan Jones Lang LaSalle
Director Steven G. Michaelson Tornetta Realty Corp.
Director John P. Morrissey Jackson Cross Partners
Director Tony Nichols, Jr. Liberty Property Trust
Director Rocco Perate square 1 financial
Director Greg Soffian Studley
Director JoAnn West Lieberman Earley & Co.
TRISTATE INAUGURAL MEMBER RECOGNITION LUNCHEON
Email admin@tristaterca.com to sponsor! Sponsorship Opportunities Are Still Available! Many levels of sponsorship are still open. Don’t miss out on this opportunity to promote your
Monday, June 20, 2011 11:30 AM to 1:30 PM At
GREEN VALLEY COUNTRY CLUB 201 West Ridge Pike, Lafayette Hill, PA TriState REALTORS® Commercial Alliance will be hosting its first Annual Member Recognition Luncheon. The goal of the program is to recognize the achievements of TriState Members in the commercial market during the 2010 business year. Honorees will include agents new to the commercial industry, as well as seasoned brokers and agents who have been making an impact for years. The awards will allow winners to show clients the value of working with a TriState REALTOR®.
Cost for Luncheon: $25 TriState Members $50 Non-Members *Cost of Luncheon included in Golf Outing Full Day Registration. REGISTER TODAY!
Email admin@tristaterca.com to register!
Special Thanks to our Golf Outing Corporate Sponsors:
And Thank You to our Location/Contest Sponsors: RT Environmental Services, Inc., Audubon Land Development, Bush Tecosky Goodman Feldman, LLC, Oaklands Business Parks, Inc., United Elevator Company, Brandywine Realty Trust, Grubb & Ellis Company, Cushman & Wakefield of Pennsylvania, Inc., D2 Solutions, Inc., Digital Color Graphics, Axis Construction Management, LLC First Industrial Realty Trust, Inc., Jones Lang LaSalle Americas, Inc., Marcus & Millichap, The Hankin Group, Eagle National Bank, Harvey, Hanna & Associates, Inc., Jackson Cross Partners, LLC, Legend Properties, Inc., Liberty Property Trust, Morgan Stanley Smith Barney, Studley, Inc., The Pureland Group, Tornetta Realty Corp. Considering Sponsorship? Please contact Michelle Winkler Milone at admin@tristaterca.com For further details or questions about the Golf Outing or the Member Recognition Luncheon please contact the TriState office at 610-238-9950
SEE PAGE 18A FOR UPCOMING EVENTS
MAREjournal.com
Mid Atlantic Real Estate Journal — June 10 - 23, 2011 — Inside Back Cover A
Back Cover A — June 10 - 23, 2011 — Mid
Atlantic Real Estate Journal
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Finan Financial Incen Incentives or Energy Ene For Efficien ciency
Direct Install paid for a full 60% of our energy-efficient equipment upgrades. We couldn’t have completed this project without the program and now we’re saving big on our utility bills too!
Everything’s Coming up Roses! FINANCIAL INCENTIVES AVAILABLE
New Jersey’s Clean Energy Program offers an extensive collection of comprehensive initiatives that make energy efficiency more accessible than ever. You’ll save up front through sizeable financial incentives and down the line with dramatically reduced utility bills.
To get your share, visit NJCleanEnergy.com/BIZ or call 866-NJSMART to speak to a representative. NJ SmartStart Buildings® is a registered d trad ttrademark. radema emark. rk Use Use of of the the tra tradem trademark demark ark witho wi without thout ut per permission of the NJ Board of Public Utilities is prohibited. prohibited ted..
NJ SmartStart Buildings® is a registered trademark. Use of the trademark without permission of the NJ Board of Public Utilities is prohibited.
11-T1-336 Mid-Atlantic 10.25x13.25 BW.indd 2
5/4/11 9:38 AM
NEW JERSEY
SMHOPPING C ENTERS A R E J ID
TLANTIC
EAL
STATE OURNAL
Section B of the Mid ATLANTIC Real Estate Journal
Wolf & Zweben were the sole brokers, representing Veritas & Liberty Property Trust
M
Colliers International facilitates $7.7 million sale
ARLTON, NJ — Colliers International’s Southern New Jersey Office Division facilitated the sale of a 62,000 s/f office building located at 13000 Route 73 for $7.7 million. The building was purchased by Veritas Real Estate Investments, LLC, a local full service real estate management and investment company based in Marlton. Major tenants in the build-
ing include Bank of America, Foundation Title, Hahnemann University Health, and Avnet. Colliers has been retained as the leasing agent for current space availabilities ranging from 1,000 to 8,000 s/f Colliers International’s Jason Wolf and Evan Zweben were the sole brokers in this transaction, representing both buyer (Veritas) and seller (Liberty Property Trust). ■
JUNE 10 - 23, 2011
HI-LIGHTS De Ruggiero Realtors leases 89 Washington St., Hoboken Located in a freestanding brick building, the first floor of 89 Washington Street has been leased by Robert De Ruggiero. See page 3B.
Michael Cervelli Real Estate announces aggressive lease up Michael Cervelli announced the aggressive lease up of 1 Marine Plaza, which sits adjacent to the Palisade Medial Center on River Rd. See page 6B.
ALSO INSIDE: MILES BERGER, THE BERGER ORGANIZATION .....................2B NORTHERN NEW JERSEY SPOTLIGHT ................................5-9B ICREW NJ ORGANIZATION ..............................................10B PEOPLE ON THE MOVE ......................................................12B ASK AN EXPERT DIRECTORY ......................................... IBC-B Section B, 16 pages
MAREjournal.com
13000 Route 73 in Marlton
Munley, Taylor, Zang, Algatt and Appel handle transaction
Marcus & Millichap arranges $840k sale of PNC Bank branch RINGOES, NJ — Marcus & Millichap Real Estate Investment Services, has arranged the sale of a PNC Bank branch office, located along Old York Rd. The sales price of $840,000 or $312.27 per square foot represents an 8.84 percent capitalization rate on actual income. Christopher Munley, senior associate, along with Mark Taylor, first vice president, Dean Zang, vice president investments, Jeffrey Algatt, senior associate, and Benjamin Appel, associate, of the Philadelphia office of Marcus & Millichap, represented the seller, RYNB LLC, a New Jersey limited liability company. The agents also procured the buyer, Franklin Plaza Management Association. Michael Fasano in the firm’s New Jersey office also provided representation. The property was on the market for 120 days. PNC took over this location in 2006, as part of their purchase of Yardville National Bank. After the purchase, PNC put a substantial capital in-
Exit 8A Industrial Portfolio vestment into the property, the quality of the real estate with major renovations to the and the strength of the tenteller windows, ATM drive ant, and was able to move to a through, expansion into a sec- close in an exceptional period ond floor, and expansion and of time.” A mutually-agreeable improvement of the parking letter of intent was initiated lot. After two years of work, on April 6, 2011, and a purPNC executed a ten year chase contract was executed NNN lease with the landlord shortly thereafter. Closing with annual rental increases occurred on May 6, 2011. “Due of CPI at a minimum of 2 to the seller’s relationship percent and a maximum of 4 with the tenant and ability to percent. provide all diligence informa“We were able to procure a tion in a timely and concise buyer who was highly moti- manner, the buyer was able vated and eager to close on the to perform efficiently to close subject property,” said Mun- on the property in a thirty day ley. “Coming from a banking time period from LOI execubackground, he understood tion,” added Munley. ■
B Inside Cover — June 10 - 23, 2011 — New Jersey — Mid
Atlantic Real Estate Journal
MAREjournal.com
“WE’VE GOT NEW JERSEY COVERED” WAY BELOW MARKET PRICES – For SALE or LEASE Starting @ $2.50 PSF and $45 PSF
300 SF Ofc, 20’ Clgs, 1 DI AVAILABLE IMMEDIATELY
GARWOOD – Available Imm 5,063 SF – 500 SF Ofc, 15’ Clgs, TB, DI 7,611 SF – 1,200 SF Ofc, 16’ Clgs 1 TB
24,000 SF - LINDEN
35,224 SF – AVENEL
1,920 SF – PISCATAWAY
2,000 SF Ofc, 15’ Clgs, 3 TB, 2 DI AVAILABLE IMMEDIATELY
51,750 SF – BERKELEY HEIGHTS
1,500-3,000 to 21,000 SF EDISON Up to 14,000 SF Ofc, 18’ Clgs, TB, DI AVAILABLE IMMEDIATELY
Up to 14,000 SF Ofc, 21’ Clgs, 4 TB, DI DIVISIBLE – Near Exit 12 AVAILABLE IMMEDIATELY
41,300 – 67,630 SF - TOTOWA
53,500 SF - MILLBURN
55,555 SF – SOUTH PLAINFIELD
3,600 SF Ofc, 8 TB, DI 6,000 SF Freezer / 8,750 SF Cooler
8,000 SF OFc, 22’ Clgs, 5 TB, DI AVAILABLE IMMEDIATELY
4,000 SF Ofc, 16’ Clgs, 10 TB AVAILABLE IMMEDIATELY
6,000 SF Ofc, 20’ Clgs, 6 TB, DI AVAILABLE IMMEDIATELY
30,000 - 72,000 SFEAST BRUNSWICK
73,000 SF - EDISON
85,600 SF - MONROE
3,000-8,000 SF Ofc, 16’ Clgs, 10 TB, DI, 3,600 SF New Ofc, New Ldg, RAIL 15,000 SF Ofc, 21’ Clgs, 9 TB, 2 DI Extra Trailer Pkg, Heavy Power AVAILABLE IMMEDIATELY Extra Land, Near Exit 9 NJ Tpke AVAILABLE IMMEDIATELY For Additional Listings or Information Check Us Out On The Web:
www.bussel.com
Bussel Realty Corp. 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.
MAREjournal.com
Mid Atlantic Real Estate Journal — New Jersey — June 10 - 3, 011 — 1B
Coming Soon Mid Year Review Deadline for editorial: June 12, 2011 Mid Atlantic Real Estate Journal welcomes all editorial dealing with the commercial/industrial real estate industry. email: Dianna Mallozzi dmallozzi@marejournal.com Expert articles 550 words with author headshot and 25 word bio.
B â&#x20AC;&#x201D; June 10 - 23, 2011 â&#x20AC;&#x201D; New Jersey â&#x20AC;&#x201D; Mid
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The Hills at Lehigh Garden Apartments 156 Units
$10,320,000 7-Year Financing
Meadows at Lehigh Garden Apartments 176 Units
$13,000,000 7-Year Financing
Waters Edge Garden Apartments 80 Units
$4,530,000 7-Year Financing
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Newark: Dramatic resurgence in office market activity
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he first quarter of 2011 has seen a dramatic resurgence in the Newark office market, especially in the central downtown district. We have seen companies moving here from Manhattan and the other Miles Berger New York boroughs, including Staten Island, as well as from the New Jersey suburbs. In particular, there has been a great deal of activity involving new leases in the 5,000- to 8,000 s/f firms require proximity to their clients. Our firm, for example, has recently added four new law tenants to our properties, including Jasinski PC, which leased 7,500 s/f at the Military Park Building. Each of these four practices was also drawn by the Newark CBDâ&#x20AC;&#x2122;s proximity to the city courts, law schools, and transportation infrastructure. Nonprofits constitute another category that has been actively taking space in Newark. Nonprofits play an important role in the city, serving the community in diverse and valuable ways. Most recently, Somerset Christian College, which has its main campus in Zarephath, in suburban Somerset County, opened its first Newark facility, leasing 7,000 s/f at the Military Park Building. SCC joins such other recent non-profits at the building as The Against All Odds Foundation, the Neighborhood Assistance Corporation of America, Playworks, TEAM Charter, and The Wight Foundation. And because Newark is a key center of commerce, companies in that category continue to find a home here. Recently, for
example, Ecuadorian-based fruit importer Pacific Group Holdings, known for its Bonita Bananas brand, leased 5,000 s/f in the Military Park Building, for its U.S. headquarters. The company, relocating to Newark from Staten Island, was moved by the Port Authority of New York/New Jersey for their docking purposes. While new development in general, post-recession, has been sparse everywhere, some important non-office developments in Newark are expected to be catalysts for new office, retail and other development in the Broad St. area. Both are hotel projects: Courtyard by Marriott will open a new hotelâ&#x20AC;&#x201D;the first new hotel in downtown Newark in 39 yearsâ&#x20AC;&#x201D;right outside the Prudential Center Arena, which itself has been a major catalyst for the city. And Indigo Hotel has proposed a boutique 100-room property just two blocks away. While hotel occupancy and rates were down immediately post-recession, they have rebounded and the new hotels will be welcomed additions as the City of Newark is increasingly becoming a destination. Both new hotels are the result of efforts by the Brick City Development Corp., the City of Newarkâ&#x20AC;&#x2122;s development arm, which continues to successfully bring projects to Newark. The government of the City of Newark has been instrumental in addressing quality of life issues that have made Newark more welcoming as a place to do business, and the rebound in the office market bears that out. And the State of New Jersey has provided key incentives that have improved the business climate, with the stateâ&#x20AC;&#x2122;s Transit Hub Tax Credit being of par-
ticular benefit to Newark. Our firm, for example, has a 3.5-acre transit hub site available right across the street from the Broad St. Train Station, with direct access to Manhattan, a site that is drawing considerable interest. The old real estate axiom, â&#x20AC;&#x153;location, location, locationâ&#x20AC;? is certainly borne out by Newark. The cityâ&#x20AC;&#x2122;s key location on the East Coast corridor is further buttressed by its transportation infrastructure, including key hubs Newark Liberty International Airport and Newark Penn Station, and that is paving the way for the current rebound in the cityâ&#x20AC;&#x2122;s office market and its business climate in general. Miles Berger is chairman and CEO of The Berger Organization. n
New Jersey Real Estate Journal a section of the
Mid Atlantic Real Estate Journal P.O. Box 26, Accord, MA 02018 781-871-5298 â&#x20AC;˘ 800-584-1062 fax 781-871-5299
MAREjournal.com
Associate Publisher Dianna Mallozzi
dmallozzi@MAREJournal.com
Section Editor
Karen Vachon editor@marejournal.com
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Mid Atlantic Real Estate Journal — New Jersey — June 10 - 23, 2011 — B
New Jersey
Fairfield Corporate Park, Fairfield, New Jersey
Leased by BFZ, LLC
De Ruggiero Realtors leases 89 Washington St., Hoboken
H
OBOKEN, NJ — Located in a freestanding brick building, the first floor of 89 Washington Street has been leased by Robert De Ruggiero, president of the firm. The corner store/office has 30 feet of show windows on Washington Street and Newark Street, making this a most desirable location very close to the Light Rail and Path Station. The 600 s/f space has central heat & air, tile flooring and a full basement. The property was leased by BFZ,LLC who is putting in an eating establishment. It is a ten-year, triple net lease. “Store and office spaces are in great demand for leasing”, De Ruggiero said, “and our inventory right now is very strong”. n
Office Space Available for Lease 5,000 to 20,000 Square Foot Units *Excellent location with highway visibility * Located directly at Route 46 East interchange. * Minutes to Essex County Airport and NJ Bus and Rail * Attractive rental rates and terms available.
SHELDON GROSS REALTY, INC.
REALTORS Ɣ Corporate Real Estate Services
80 Main Street, West Orange, NJ 07052 Tel.#973-325-6200 - Fax.#973-325-9090 E-mail: sgross@sheldongrossrealty.com 89 Washington Street
CBRE completes two office lease transactions
Somerset, NJ — CB Richard Ellis announced the recent completion of two office lease transactions with tenants, Parsons Service Company and Bernafon, Inc., that totaled 18,155 s/f within Vantage Court, a 208,000 s/f class-A office facility that is located at 200 Cottontail Lane. CB Richard Ellis’ Geoffrey Schubert, senior vice president, and Robert Denney, vice president, represented the owner, The Winter Organization, in these transactions. More specifically, Parsons Service Company, an engineering, construction, technical and management services company who has been a tenant at Vantage Court since February of 2004, has just extended its lease of 12,987 s/f. Carolyn Sica and Kurt Burdack, both senior vice presidents of CB Richard Ellis, represented the tenant in this transaction. In addition, Bernafon, Inc., tenant at Vantage Court since 2003, has renewed its 5,258 s/f lease for five years. Anthony DiNardi of ReMax Competitive Edge represented the tenant in this transaction. “This well-located property has quickly become known as one of the finest class A office buildings in NJ’s Route 287 submarket, due to the unique and sophisticated amenity package that is available to tenants as well as the irrefutably preeminent reputation of The Winter Organization, the building’s ownership.” n
CELEBRATING OUR 105TH YEAR
Investment Real Estate Brokerage.
FOR SALE 194 Residential Units Orange, New Jersey Joni Sweetwood ext 273
FOR SALE 36 Residential Units Passaic, New Jersey Robert Squires ext 287
FOR SALE 18 Residential Units Irvington, New Jersey Scott Davidovic ext 290
FOR SALE 17 Residential Units Elizabeth, New Jersey Jeff Squires ext 246
FOR SALE 67,000 SF Warehouse & Office Use/Condo Conversion North Bergen, New Jersey Don Baxter ext 265
FOR SALE 6,600 SF Office Millburn, New Jersey Julie Sweetwood-Gralla ext 224
multifamily.
retail.
The Kislak Company, Inc.
office. www.kislakrealty.com 732 750 3000
4B — June 10 - 3, 011 — New Jersey — Mid
Atlantic Real Estate Journal
New Jersey
Join us as we honor distinguished leaders who prepare Charter High School for Architecture + Design students to design the future!
And the Northeast
ANNUAL GALA
NJAA’s Maintenance Mania to represent New Jersey
CHAMPAGNE BREAKFAST The Shape of Learning
Friday, June 17, 2011
7:30 – 9:00 am
Independence Seaport Museum, Penn’s Landing 211 South Christopher Columbus Blvd. Philadelphia, PA 19106-3199 Sponsor or purchase tickets online at
CHADgala.Kintera.org/2011
Questions? Contact Courtnay Tyus at ctyus@chadmail.us or 215-351-2900 x4421.
MAREjournal.com
M Parking is available at the Hyatt Regency Philadelphia at Penn’s Landing parking garage, adjacent to the Museum.
ONROE, NJ — David Berryman (Kamson Corporation), Kevin Berryman (Kamson Corporation) and Tony Cintron (Morgan Properties) who were crowned champion, first and second runners up respectively at the New Jersey Apartment Association’s 2011 Maintenance Mania will all represent New Jersey and the Northeast at the National Apartment Association’s (NAA) Maintenance Mania Championship, held during the 2011 Education Conference in Las Vegas later this year.
All Three New Jersey Maintenance Mania Champs Make Nationals!
This year’s NJAA Maintenance Mania Champions lead the country in maintenance skills as Berryman, Berryman and Cintron placed eighth, twelfth and thirteenth respectively out of over 4,000 competitors nationwide. “I’d like to congratulate our champions – David, Kevin and Tony - who exemplify what owners and managers are looking for when hiring maintenance crews in the multifamily industry,” said Jean Maddalon, executive director of NJAA. “We are extremely proud to be sending not one, not two, but Three of our exceptional maintenance professionals to Las Vegas this summer. Go New Jersey!” The Maintenance Mania Championship will be held at the National Apartment Association’s Education Conference & Exposition from June 23-25 in Las Vegas. Maintenance Mania consists of eight maintenance skill based games: Armor Concepts Door Jamb Armor Installation, Fluidmaster Toilet Repair, GE Appliance Repair, Kidde Fire & Carbon Monoxide Safety Installation, Kwikset Key Control Deadbolt Test, Price Pfister Faucet Repair, Seasons Ceiling Fan Installation, and the Philips Race Car Competition. Contestants were required to build a racecar from maintenance products ahead of the event and raced it down a 32’ long track for the eighth and final event. n
Jones Lang LaSalle represents Ikaria in office relocation CLINTON, NJ — Jones Lang LaSalle represented critical care company Ikaria, Inc. in the relocation of its company headquarters. Ikaria has agreed to lease 101,641 s/f of space at Perryville III, a class A office building located at 53 Frontage Road. It will move to Perryville III from 6 State Route 173 in Clinton. Jones Lang LaSalle’s executive vice president Tom Reilly, vice president Dino Mattessich and associate Derek DeMartino represented Ikaria in the transaction. “We were able to capitalize on the current market conditions and secure a welllocated space for Ikaria,” said Reilly.n
New Jersey Spotlight
Shopping C enters Northern New Jersey MAREjournal.com
Mid Atlantic Real Estate Journal — New Jersey — June 10 - 23, 2011 — B
The asset commanded a sales price of $875,000
Marcus & Millichap sells 8,000 s/f mixed-use building
E
AST RUTHERFORD, NJ — Marcus & Millichap Real Estate Investment Services announced the sale of Orchard Street Apartments, an 8,000 s/f, mixed-use property. This marks Kevin McCrann the fifty-fifth transaction closed by Kevin and To m s i n c e forming their brokerage team in 2007. The s e l l e r r e c - Thomas McConnell
Orchard Street Apartments ognized their results and worked with them exclusively in the disposition of their real estate portfolio. The sale of Orchard Street Apartments is the fifth property closed for this family according to Michael Fasano, vice president/regional manager of the firm’s New Jersey office. The asset commanded a sales price of $875,000. Associate directors Kevin
McCrann and Thomas McConnell, CCIM, in Marcus & Millichap’s New Jersey office, had the listing to market the property on behalf of the seller, Frank P. Nisi, Inc of Rutherford, NJ. Kevin and Tom also secured the buyer, a local investor. “The Bergen county multifamily market still remains quite strong. The lack of supply and high demand for assets like Orchard Street Apartments are keeping cap rates compressed” states McConnell. Built in 1950, the property consists of six residential units and three retail spaces. It has newer windows and an off street parking lot with two garages. n
Tucker Development Corp. and FLRA clear the way for 21st century redevelopment FORT LEE, NJ — An agreement has been reached among the Borough of Fort Lee (the “Borough”), Tucker Development Corporation (“Tucker”) and Fort Lee Redevelopment Associates (“FLRA”), clearing the way for a major, 21st century redevelopment featuring retail, residential, hotel and office on a long vacant 16-acre site adjacent to the George Washington Bridge in Fort Lee, NJ (USA). Fort Lee Mayor Mark Sokolich proved to be the key in forging the agreement between the parties. The Mayor said, “This accord is the product of an arduous negotiation which delivers substantially the program which the Borough proposed, but with even more public space and more amenities, in exchange for a somewhat greater density of development.” The Mayor continued, “The two parcels, commonly known as Redevelopment Area 5, will become a bustling center of retail and residences serving both existing members of the community and newcomers who will also be able to enjoy a number of new amenities including a large public park.” Richard Tucker, president
and chief executive officer, noted, “We at Tucker Development look forward to working with the Borough of Fort Lee to create a state-of-the-art development that promotes a quality living, dining and shopping environment. We know we will all be proud of this development once completed.” FLRA managing member Allen Goldman said, “The redevelopment of this 16-acre property will provide Fort Lee with a world-class mixed-use development that will generate significant ratables and contribute to an enhanced quality of life for all Borough residents. We are pleased an agreement had been reached that now enables the overall development to move forward.” FLRA is comprised of SJP Residential Properties, Bergen County attorney James Demetrakis and a private equity fund managed by Palisades Financial. In addition to authorizing the execution of the Agreement, the Borough Council designated Tucker as the redeveloper of the West Parcel and FLRA as the redeveloper of the East Parcel. The Borough will now amend the Redevelopment Plan for Redevelopment Area 5 to reflect the agreed upon
programs proposed by Tucker and FLRA. Redevelopment Area 5 is bounded by Main Street, Lemoine Avenue, Bruce Reynolds Boulevard and Central Road. Presented as “Hudson Lights,” Tucker’s mixed-use development of the West Parcel will feature a minimum of 165,000 square feet of ground level retail space, up to 475 residences and may include hotel and office buildings. Hudson Lights will be comprised of three separate blocks with heights ranging from five to nineteen stories. Hudson Street, a new road, will be the focal point of the pedestrianoriented retail, marketed by Robert K. Futterman & Associates, to include a minimum of three table service restaurants of at least 4,000 square feet each. In addition, the Agreement provides flexibility for hotel and office space on the West Parcel. Two iconic residential towers, each containing 450 residences, will highlight FLRA’s development of the East Parcel. The glass buildings will offer magnificent views of the Hudson River, the George Washington Bridge and the surrounding area. n
Lease 150,500 s/f to Evonik
Grosvenor Investment Mgmt. & Vision Equities
299 Jefferson Road Parsippany, NJ — Gros- pension fund. GIM and Vision venor Investment Manage- Equities are in the process of ment (GIM) of Philadelphia, a building renovation that will PA and Vision Equities, LLC include updating the atrium of Mountain Lakes, NJ have lobby and cafe, installing a leased an entire 150,500 s/f new fitness center, updating building at 299 Jefferson restrooms, and replacing the Rd. to Evonik Degussa Cor- roof. Improvements also will poration, a leading specialty be made to the mechanical and chemicals manufacturer. The HVAC equipment, common building will serve as Evonik’s areas, elevator cabs, and life North American headquar- safety systems. “We are very pleased to ters. Vision Equities negotiated the Evonik lease on commence a long-term lease with a prestigious tenant like behalf of the ownership. Built in 1985, 299 Jeffer- Evonik,” said Judy Wisniewsson Road is located near the ki, senior director of GIM. “At intersection of Interstates 80 299 Jefferson, Evonik will and 287 and is surrounded enjoy build-to-suit quality at by corporate neighbors such rates well below the cost of as HSBC, Realogy, ADP, No- new construction.” Fred Arena, Managing partvartis, State Farm Insurance, Deloitte & Touche, AIG, Pfizer, ner and chief operating officer Lexus and PNY Technologies. of Vision Equities added: “In Morris County is New Jersey’s addition to providing Evonik strongest suburban office with a value and quality opmarket and home to the great- portunity, we were able to est concentration of Fortune develop a sustainability and 500 companies in the state. operating plan that will proGIM acquired the building vide the company with longin 2007 on behalf of a public term savings.” n
Roseland Property Company announces 2100 s/f lease at Shops on the Green MORRISTOWN, NJ — Roseland Property Co. and Woodmont Props. announced that Starbucks has leased a 2,100 s/f storefront at the “Shops on the Green”, paving the way for the national coffee retailer to return to Morristown after a five-year hiatus. Scheduled to open this summer, Starbucks will occupy a corner shop on the ground
floor of the 40 Park luxury condominium building on Park Place, across from the Morristown Green. A steady stream of automobile and pedestrian traffic whisks by the storefront every day, providing plenty of potential customers. In 2006 Roseland Property Company and Woodmont Properties partnered to redevelop the site. n
B — June 10 - 23, 2011 — New Jersey — Mid
Atlantic Real Estate Journal
MAREjournal.com
Northern New Jersey Chris Cervelli brokers $527,000 in Northern NJ transactions
Michael Cervelli Real Estate announces aggressive lease up of 1 Marine Plaza
N
orth B ergen Cty., NJ — Michael Cervelli announced the aggressive lease up of 1 Marine Plaza, which sits adjacent to the Palisade Medial Center on River Rd., overlooking Chris Cervelli Manhattan. A local group purchased the property, which at the time had suffered from severe functional obsolescence.
1 Marine Plaza
In less than a year the building, which was bought in distress from a bank, has undergone major capital improvements including new electrical service, new lobby, windows and landscaping. Cervelli Management handled oversight of all construction management while the real estate team worked on the leasing end. This has attracted many new tenants including architects, professional services and technology groups. Using a team based approach, Cervelli Real Estate and Property Management has leased over 18,000 s/f with another 10,000 s/f set to be inked in the next 2 weeks. Michael Cervelli has been conducting professional real estate and management services for 25 years, and with the aid of his two sons, has carried the company through this very difficult environment. Jersey City — Michael Cervelli Real Estate announced the sale of 176 Randolph Avenue; a brick 7-unit apartment house located just 425 feet from the light rail station. Chris Cervelli represented both the buyer and seller in this transaction. The building sold for $510,000 using traditional financing. North Bergen – Michael Cervelli Real Estate announced the sale of 168 Academy Street in Jersey City, a 50-unit hotel in the Journal Square area. The property was owned for many years by a local hotel operator, who made the decision to sell to a group of hotel investors interested in breaking into the Hudson County market. The deal, brokered by Chris Cervelli, CCIM, was traded for $17,000 per room. n
MAREjournal.com
Mid Atlantic Real Estate Journal — New Jersey — June 10 - 3, 011 — 7B
NortherN New Jersey From NAIOP’s New Jersey Chapter
Russo Development receives CreativeIndustrial Deal Of The Year award
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ARLSTADT, NJ — Russo Development, a Carlstadt, NJ based owner and developer, was honored by the New Jersey Chapter of NAIOP at their 24th Annual Commercial Real Estate Awards Gala. Together with CB Richard Ellis and Macy’s, Russo was awarded the Creative-Industrial Deal of the Year for the development of Macy’s new Parade Studio in Moonachie, New Jersey. Elements of the project that set it apart from a competitive field were tight approval and construction deadlines, highly detailed facility specifications, a location requirement within eight miles of the Lincoln Tunnel and one of the longest lease terms in Meadowlands history. “The speed at which we were able to receive approvals and begin construction is a testament to the iconic status that Macy’s Parade holds,’’ said Ed Russo, President and COO of Russo Development. “We are thrilled to create this new industrial space that will employ 100 skilled artisans and technicians and feel additionally honored that NAIOP recognized this achievement.” Construction of the buildto-suit facility began in the winter of 2010 and is scheduled for completion this August. “We recently completed the building shell and are on track to meet our August deadline,” said Dominick Tucci, senior VP – construction services. “By installing pre-cast panels, we were able to incorporate the signature brick veneer that Russo Dev. is known for, but in a more timely and efficient manner.” In addition to the concrete and brick pre-cast panels, the exterior of the building features an abundance of windows, to utilize natural light in the production areas, and 16’ x 16’ drive-in loading doors capable of accommodating floats and balloons. Tucci further stated that construction efforts are now focused on the interior of the building, including 14,825 s/f of three-story offices, 40’ clear ceilings and 42’ x 42’ column spacing for the easy movement of parade floats inside the studio. n
Macy’s new Parade Studio
24th Annual Commercial Real Estate Awards Gala
Success is a done deal. $40,000,000
$10,000,000
Freddie Mac
Office Building
multifamily refinance 267 units bergen county, nJ
permanent loan 125,000 sf bergen county, nJ
$24,000,000
$20,500,000
Multifamily/Retail
Industrial Property
construction loan 88 units/18, 000 sf of retail bergen county, nJ
permanent loan 650,000 sf dekalb, il
Capital Markets debt | equity | investment sales
New Jersey Office one gatehall drive, suite 101 parsippany, nJ 07054 973.538.2330
Greg Nalbandian managing director 973.944.5728 gnalbandian@northmarq.com
Gary Cohen senior vice president 973.944.5724 gcohen@northmarq.com
northmarq.com
32 offices coast-to-coast
B — June 10 - 23, 2011 — New Jersey — Mid
Atlantic Real Estate Journal
MAREjournal.com
Northern New Jersey Located in the heart of Paulus Hook on the Hudson River
Pier House Condominium Association chooses RCP Management Company’s services
R
CP Management Company announced that they have been awarded the financial management of Pier House Condominium Association. Pier House Condominium offers beautiful waterfront homes located in the heart of Paulus Hook on the Hudson River. This building joins RCP Management’s Jersey City portfolio of properties including Clermont Cove, Liberty View and Port Liberte. Liz Comando, PCAM, CMCA, Prin-
cipal heads the Pier House financial management team. RCP Management Company is a member of the Better Business Bureau (BBB), Community Associations Institute (CAI), and the Institute of Real Estate Management (IREM). n
SJP Properties buys back Phase I of Morris Corporate Center IV
upcoming spotlights Southern New Jersey
Publication date: July 8, 2011 | Deadline: June 24, 2011
Central New Jersey Publication date: August 12, 2011 | Deadline: July 29, 2011
Northern New Jersey Publication date: September 9, 2011 | Deadline: August 26, 2011 Special advertising rates to all participating firms. The Mid Atlantic Real Estate Journal welcomes all editorial dealing with the commercial/industrial real estate industry. e-mail: lchristman@marejournal.com
contact Linda Christman lchristman@marejournal.com 800.584.1062 ext 203
PARSIPPANY, NJ — SJP Properties has bought back the first phase of Morris Corporate Center IV, a five-story, 350,000 s/f class A office building that SJP originally built as part of its master-planned Morris Corporate Center campus. SJP partnered with Northwestern Mutual Life Insurance on the transaction, which reflects SJP’s strategy of executing on unique opportunities that further strengthen the company’s portfolio of highquality office properties. “As a result of our strong financial position and longterm relationships with the world’s leading financial institutions, we were able to act quickly in capitalizing on the tremendous opportunity afforded by the buy-back of this best-in-class office building,” said Steven Pozycki, CEO of SJP Properties. “We take pride in our role as an opportunistic developer and investor, and our in-house team diligently acted in realizing the value of this strategic acquisition.” Eastdil Secured brokered the transaction. In addition to its inclusion within one of New Jersey’s most prestigious corporate campuses, Morris Corporate Center IV features a host of top-quality amenities, including a fitness center, cafeteria and both structured and surface parking. SJP constructed the property in 1999 and leased it to Aventis Pharma. In 2000, SJP completed the second phase of Morris Corporate Center IV, a 350,000square-foot building on the 35-acre site. Degussa-Huls pre-leased 135,000 s/f in Phase II for its new North American headquarters, and Pfizer leased 113,000 square feet of space in Phase II. SJP’s own headquarters are also located in Phase II. n
MAREjournal.com
Mid Atlantic Real Estate Journal — New Jersey — June 10 - 3, 011 — 9B
NortherN New Jersey North Jersey/NYC 71 U.S. 46 Elmwood Park, NJ 07407 (201) 791-4088
Corporate Headquarters 30 Wall Street Princeton, NJ 08540 (609) 683-7980
www.rcpmanagement.com
On site. In site. With an exclusive focus on property management for more than 25 years, RCP offers an experienced, hands-on team that’s always available to your homeowners’ association. We understand community living. Our dedicated experts specialize in delivering personalized service backed by a proven infrastructure to townhouse and condominium communities throughout New Jersey.
Site Management 24-Hour Support Financial Administration Independent Vendor Selection Board Training and More
10B — June 10 - 23, 2011 — New Jersey — Mid
Atlantic Real Estate Journal
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Industrial Commercial Industrial Commercial Real Estate Women Real Estate of NewWomen, Jersey Inc. www.icrew.org www.icrewnj.org
ICREW to offer membership And Reception President Shelia Spriggs Nall KSS Architects snall@kssarchitects.com. President Elect. & Crew Network Delegate Cheryl Hardt CB Richard Ellis, Inc. cheryl.hardt@cbre.com Treasurer Sefi Silverstein, CPA Wilkin & Guttenplan ssilverstein@wgcpas.com Recording Secretary Patricia Faulkner NAI Global pfaulkner@naiglobal.com Director of Programming Monica Ceres Giordano Halleran & Ciesla, PA mceres@ghclaw.com Director of Philanthropy Susan C. Karp Farer Fersko, P.A. skarp@farerlaw.com Director of Sponsorship Patricia Riedel CB Richard Ellis, Inc. patricia.riedel@cbre.com Director of Sponsorship Mary Lynn Kearns Dancker, Sellew & Douglas mkearns@dancker.com Director of Special Projects: Golf Robin Grossman Edge Technologies rgros30687@aol.com Director of Special Projects: website/PR Rebecca Machinga WithumSmith+Brown PC rmachinga@withum.com Advisor & Crew Network Delegate Silvana Finizio Carousel Industries sfinizio@carouselindustries.com Advisor Annette Murray Wilkin & Guttenplan amurray@wgcpas.com Advisor & Bylaws Jennifer Palestri Normandy Real Estate Partners jpalestri@normandyrealty.com
ICREW NJ holds 10th Annual Golf Classic
B
edminster Township, NJ — Fiddler’s Elbow Country Club in Bedminster provided the picturesque backdrop for the 10th Annual ICREW NJ Golf Classic & Reception, marking the Sheila first time the Spriggs Nall event has been held at the prestigious club. Nearly 150 ICREW NJ members and guests participated in the event, the proceeds of which benefited Cerebral Palsy of North Jersey. “I really admire the fortitude of our golfers,” said Sheila Spriggs Nall of KSS Architects, and president of ICREW NJ, referencing the inclement weather. “I also want to thank our golf committee, headed by Robin Grossman of Edge Technologies, for all of its hard work in organizing this wonderful event. That is especially true considering that this is the first time we have had this event at this location.” “I also want to thank our sponsors for their generous support,” said Nall. Those supporters included Benefac-
tor Sponsor Skanska; Premier Sponsors Unity Construction and the Willis Group; Eagle Sponsor Rockefeller Group Development; and Beverage Cart Sponsor Hollister Construction. Out on the golf course, lowest score team honors went to the foursome comprised of KSS Architects’ Allan Kehrt, Aimee Kohn, Aaron Kurdyla, and Ken Morris. Among the groups that were able to complete the full 18 holes, honors went to the Economic Project Solutions team of Kim Gillespie, Paula Ancmon, Liz Tomasulo, and Susie Dickinson. The 18-hole singles winner was Carrie Brown of CB Richard Ellis, and the nine-hole winner was Ellen Berkowitz of Arbee Associates. The event also featured a 50/50 raffle drawing won by David McCaleb of WB Wood, a silent auction, and a “tricky tray” drawing. “I want to again thank the golf committee - everyone did a great job in putting together the gift baskets and securing the gifts,” said Nall. “The entire event clearly demonstrated the commitment of ICREW NJ’s members.” Next on the schedule for ICREW NJ is a Networking Cocktail Reception, scheduled
for June 15, 2011 at 6 p.m. at Liberty House in Jersey City, NJ. Fifty percent of the net proceeds of that event will be donated in the name of Riva Sloan to the NYU Langone Medical Center Brain Tumor Research Fund. ICREW NJ is also planning a wine tasting and dinner in July at the Wine Library in Summit, NJ, benefiting Dottie’s House, a Brick Township, NJ facility that provides transitional housing to aid women and children. Further details on the event will be available shortly. ICREW NJ is the New Jersey organization for women involved in all aspects of commercial and industrial real estate. Members represent fields as diversified as accountants, architects, appraisers, asset/ property managers, attorneys, consultants, developers, lenders, leasing and sales brokers, mortgage bankers/brokers, marketing specialists, market and investment analysts, corporate real estate representatives and title/escrow officers. For more information on programming, sponsorship or membership, please contact ICREW NJ at (609) 585-6871, via email icrewnj@crewnetwork.org or visit their website at www. icrewnj.org n
Attention Icrew New Jersey Members!!! If you would like to submit articles or transactions to appear in the Mid Atlantic Real Estate Journal, please contact:
Linda Christman, Publisher 800-584-1062 x 203 or email Linda at lchristman@marejournal.com
MAREjournal.com
Mid Atlantic Real Estate Journal — New Jersey — June 10 - 23, 2011 — 11B
NEW BOOKS FROM
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THE WHOLE BUILDING HANDBOOK How to Design Healthy, Efficient and Sustainable Buildings Varis Bokalders and Maria Block March 2010
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Peter F. Smith 2009
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WIND ENERGY—THE FACTS
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THE ELEMENTS OF ARCHITECTURE Principles of Environmental Performance in Buildings Scott Drake 2009
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European Wind Energy Association (EWEA) 2009
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MID ATLANTIC REAL ESTATE JOURNAL Mail address: PO Box 26, Accord, MA 02018 Phone: 781-871-5298 Toll-Free: 800-584-1062
312 Market Street Rockland, MA 02370 http://www.njpajournal.com/index.htm
12B — June 10 - 23, 2011 — New Jersey — Mid
Atlantic Real Estate Journal
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People on the Move To the position of director
Joins network of more than 15,000
Cushman & Wakefield promotes Andrew Siemsen
E
DISON, NJ — Commercial real estate services firm Cushman & Wakefieldhas promoted industrial specialist Andrew Siemsen of Ramsey, to the position of director in its Edison ofAndrew Siemsen fice. Siemsen joined the firm in 2001 as a research associate covering the New Jersey industrial market. In 2003, he became part of a highly successful industrial sales and leasing team based at Cushman & Wakefield’s Central New Jersey office. He represents both ten-
ants and landlords, working for a wide range of clients from start-up companies to major corporations, and from private developers to institutions and REITs. “The environment here, my team and the global Cushman & Wakefield platform have been great contributors to my ability to support my clients’ real estate needs and goals,” said Siemsen. Siemsen is a past recipient of Cushman & Wakefield’s “Gold Production Award.” He has been named a CoStar Power Broker for Northern New Jersey Industrial Leasing three times. Prior to joining Cushman & Wakefield, Siemsen was involved in real estate research
and analytical activities at Reis, Inc., as well as propertylevel research for Prudential Real Estate Investors. “Andrew’s background in industrial market research and analysis are key assets for his team and for his clients,” noted Gualberto “Gil” Medina, the firm’s New Jersey executive managing director. “Beyond that, his professionalism and continual focus on quality service are admirable. His promotion is well deserved.” Siemsen is a licensed salesperson in both New Jersey and New York. He earned a master’s degree in urban planning from Rutgers University and a bachelor’s degree in geography from the University of Tennessee. n
Scott Maynard joins Weichert Commercial MORRIS PLAINS, NJ — John G. Udell, president of Weichert Commercial Brokerage, Inc., announced that Scott Maynard has joined Weichert Commercial Brokerage as senior vice president. Maynard brings with him over 25 years of experience in real estate, business development and management. Prior to joining Weichert Commercial, Mr. Maynard was a licensed real estate broker salesperson and a vice president with Rubin Realty Associates for nine years, specializing in industrial, office,
retail and multi-family sale and leasing. While with Rubin Realty, Maynard closed more than $11 million in sales transactions and $34 million in lease transaction. He also managed several national account programs yielding over 20 locations in New Jersey. Maynard has also held several top level positions in the apparel manufacturing industry and was the owner of an international uniform distribution company. In this capacity, Maynard was responsible for the overall management of workers, supervisors, sales/management
and financial personnel, in addition to the development and implementation of various manufacturing, distribution, packaging and licensing initiatives. The company started as a local supplier and grew to national and international prominence by focusing on large corporate projects where a unique method of customer service allowed the company to grow beyond expectations. “We are extremely pleased to welcome Scott to our team,” stated Udell. “Scott’s impressive track record and experience has made him a valuable asset to our team.” n
Onyx Equities adds Sullivan as senior VP, investments WOODBRIDGE, NJ — Onyx Equities, LLC announced the hiring of Stephen Sullivan as senior vice president of investments in the company’s Woodbridge office. In this role, Sullivan will be responsible for sourcing acquisitions and capital markets work, including financings and dispositions, for Onyx’s diverse portfolio of strategically located office, retail, industrial and multifamily properties and loans. He will also support Onyx’s efforts in its expansion within the Mid-Atlantic market. “The addition of Stephen to our company is a reflection of Onyx’s focus on leveraging our strong market position to source new opportunities that will further enhance our portfolio and deliver long-term value,” stated John Saraceno, Jr., Co-Founder and Managing Principal, Onyx Equities, LLC. “I am confident that Stephen’s
depth of market knowledge, expertise and industry relationships will contribute significantly to the firm’s continued growth.” Most recently, Sullivan was with private equity firm Urdang Capital Management where he led its East Coast acquisition team in identifying and acquiring real estate and real estate related debt on behalf of the company’s institutional clients. The investment parameters primarily encompassed value-add opportunities within the office, retail, industrial and multi-family asset classes. During his time at Urdang, Sullivan contributed to the acquisition of $1.7 billion of real estate and real estate related debt totaling more than 40 transactions. Prior to Urdang, Sullivan worked in the acquisition group at Liberty Property Trust, a real estate investment
trust headquartered outside Philadelphia with properties throughout the United States and the United Kingdom. He also previously worked at Cushman and Wakefield in its Philadelphia office. “I am fortunate to have had the opportunity to collaborate with the Onyx team on numerous real estate transactions throughout my career, and their time-tested, creative investment strategies have earned them a quality reputation in the industry,” said Sullivan. “I look forward to joining the company and contributing to its leadership position in the marketplace.” Sullivan holds a Bachelor of Arts degree in Urban Studies from the University of Pennsylvania. He is a member of the International Council of Shopping Centers (ICSC) and the Urban Land Institute (ULI).n
McConnell earns prestigious CCIM designation Elmwood Park, NJ — Tom McConnell, Marcus & Millichap’s New Jersey Office, has earned the Certified Commercial Investment M e m b e r (CCIM) designation from the CCIM Institute, one Tom McConnell of the leading commercial real estate associations in the world. Earning the designation at the Institute’s biannual business meetings in Bethesda, Maryland, McConnell was among 194 commercial real estate professionals who passed the CCIM Comprehensive Examination, the final component in the designation process. The CCIM designation is awarded to commercial real estate professionals upon completion of the graduatelevel Core Course curriculum and attainment of a level of qualifying experience. The curriculum addresses: financial analysis, market analysis, user decision analysis and
investment analysis – the cornerstones of commercial investment real estate. Since 1969, the Chicago-based CCIM Institute has conferred the Certified Commercial Investment Member designation to commercial real estate and allied professionals through an extensive curriculum of 200 classroom hours and professional experiential requirements. McConnell joined Marcus & Millichap in 2007 and established a Team with Kevin McCrann. Together they have closed over 55 transactions, with a sales volume over $135mm.. Specializing in North Jersey apartment properties they have effectively worked with owners positioned in long term ownership, to consider strategies centered around life style needs to exit their New Jersey properties, and execute a 1031 exchange. Clients have taken advantage of the 1031 exchange and re-invested their equity, often in markets outside the Northeast to leverage returns, ease of management and long term financial planning. n
Jeffrey Oram joins Colliers International’s Capital Markets Practice Group Parsippany, NJ — Colliers International New Jersey has further expanded the organization’s Tri-State Capital Markets Practice Group with the addition of industry veteran Jeffrey Oram, who will serve as an executive managing director. Oram will focus on investment sales. As one of the region’s most prominent capital markets executives, Oram will service clients throughout the TriState region. Based in New Jersey, Oram will work with the Colliers International capital markets and investment sales teams in New York, New Jersey and Connecticut. Prior to joining Colliers International, Oram was a key capital markets executive with Marcus & Millichap, where he was named the firm’s 2010 Top Producer for the New Jersey region. He also was previously a senior member of CB Richard Ellis’ top producing investment sales team, which closed in excess of $8 billion in sales transactions. Appointed by New Jersey Governor Chris Christie in 2010, Oram also serves as a member of the New Jersey
State Investment Council. In this role, Oram oversees the state’s $73 billion public pension fund, including more than $3.3 billion funded and $4.1 billion committed in commercial real estate assets. He also served on Governor Christie’s Transition Subcommittee in the Department of the Treasury from 2009-2010. “Bringing Jeff onto the capital markets platform will immediately accelerate our TriState institutional strategy,” said Robert R. Martie, Executive Vice President of Colliers International’s New Jersey region. “The addition of a top investment sales executive of Jeff ’s caliber is a significant milestone in our ongoing expansion. His knowledge of institutional real estate will be a tremendous asset as we continue to service large- and mid-sized capital markets players in the region.” “Jeff ’s expertise and track record in both capital markets and investment sales is matched by his energy and proven reputation for achieving results,” said Joseph Caridi, COO, who leads the Tri-State operations. n
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Mid Atlantic Real Estate Journal — New Jersey — June 10 - 3, 011 — 13B
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B Back Cover — June 10 - 23, 2011 — New Jersey — Mid
Atlantic Real Estate Journal
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SHOPPING C ENTERS R E J EAL
STATE OURNAL
Section C of the Mid Atlantic Real Estate Journal
198,000 s/f at 10 Jaycee Drive in West Hazleton
MBC Development sells 10 Jaycee Dr. in the Valmont Industrial Park for $3.15 million
W
EST HAZLETON, PA — M B C D e velopment LP announced the $3,150,000 sale of 10 Jaycee Drive, in the Valmont Industrial Park to RAC Enterprises, Inc. RAC will use the building as a distribution center in support of its on-line appliance discounting website. The history of the property spans the decades between the industrial and internet ages. It is a textbook example
10 Jaycee Drive of the power of rehabilitation, The building was the first re-purposing, and re-use. speculative shell structure to
JUNE 10 - 23, 2011
HI-LIGHTS “That’s a big humidor” Famous Smoke Shop In 1939, Arthur Zaretsky’s mother and father opened a 350 s/f cigar store in the garment district of Manhattan. See page 2-3C.
Warfel Construction Celebrates 100th Anniversary In 1911, David Warfel started out with a toolbox and a dream. Little did he know that a century later it would become one of the most successful and well respected contracting firms. See page 10-11C.
ALSO INSIDE: PROJECT OF THE MONTH .................................................2-3C CENTRAL PENNSYLVANIA SPOTLIGHT ............................. 5-16C COMPANY OF THE MONTH ...............................................9-11C PEOPLE ON THE MOVE ......................................................18C CREW LEHIGH VALLEY ............................................ 20-IBC-C Section C, 24 pages
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be erected in the park in 1957 by Hazleton’s then newlyformed Community Area New Development Organization, now commonly known as CAN DO. Subsequently purchased and occupied by the General Foam Corporation for more than 40 years, the building went vacant from 2001 until MBC Development acquired the decaying 198,000 s/f structure in 2006. In short order, MBC’s sister company Miller Bros. Con-
struction Inc (MBCI) installed new lighting, new exterior siding, insulation, put in a new heating/ventilation and air conditioning system, a sprinkler system, new restrooms, painted the interior, and installed a new roof. Within three months of acquiring and rehabilitating the structure, MBC leased it to Jacobson Warehouse, a national third-party logistics supplier, who occupied it until October 2010. ■
Falcone of M.S. Fox Real Estate represents JMF Development
Pernafrederick Commercial RE brokers leases totalling $1,000,000 PHILADELPHIA, PA — Representing three business firms, PernaFrederick Commercial Real Estate has negotiated office space lease agreements for 9,300 s/f of space having a combined aggregate rental exceeding $1,000,000. Joe Viturello of PernaFrederick brokered all the agreements for buildings fronting 8th, 15th and Market Streets In the largest of the agreements, NPower Pennsylvania (NPower PA) is relocating from 1211 Chestnut Street to 5,645 s/f on the second floor of 417 North 8th Street. Tony Falcone, a broker with M.S. Fox Real Estate, cooperated with PernaFrederick and represented JMF Devel-
opment, LLC, owner of the five-story, 100,000 s/f building, in finalizing the terms of the lease. Aggregate value of the agreement exceeds $360,000. At Mellon Bank Center, 1735 Market Street, Viturello represented Ventras Capital Advisors, a financial investment advisory firm, in the assignment of a sublease for 3,015 s/f of office space on the 39th floor of the 52-story building, to Raymond James & Associates. Raymond James & Associates was represented in the transaction by Eric Steiner and Peter Strickler, brokers with UGL Equis Real Estate. According to Viturello, the assignment agreement will
enable Raymond James to expand its existing offices to a contiguous area served by a dedicated column of elevators. At Chestnut Place, 42 South 15th Street, Viturello represented Paul E. Rubin, D.C., in the renewal of his lease for some 643 square feet of office space on the 17th floor of the structure. Judy Simon, a broker with SSH Real Estate, cooperated with PernaFrederick and represented 15th & Chestnut Street, L. P., the private real estate investment partnership that owns the 140,000 s/f building. Aggregate value of the lease exceeds $38,000. ■
C Inside Cover — June 10 - 23, 2011 — Pennsylvania — Mid
Atlantic Real Estate Journal
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Mid Atlantic Real Estate Journal — Pennsylvania — June 10 - 23, 2011 — C
INDUSTRIAL/OFFICE BUILDING FOR SALE, FOR LEASE OR SALE LEASEBACK
47,000 SF Located in Luzerne County, Pennsylvania, this property can serve the Scranton-Wilkes-Barre Metropolitan area and the rapidly developing Marcellus Shale regions of Pennsylvania. With the extensive highway network, the major eastern United States markets are within a one day drive.
476’
Contact: John Cognetti
26’
465’
436’ Westminster Road
834’
327’
jcognetti@hinerfeldcommercial.com
property is located less than one mile to The prope S.R. 315. Going north on S.R. 315, I-81 and I-476 interchanges at Pittston are less than two miles away. Going south on S.R. 315, S.R. 309 and the I-81 Wilkes-Barre interchanges are four miles away. Scranton, I-84 and I-380 are thirteen miles north on I-81.
Unique Sale, Lease or Sale/Leaseback Options
570-207-4100
www.hinerfeldcommercial.com
2C — June 10 - 23, 2011 — Pennsylvania — Mid
Atlantic Real Estate Journal
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Project of the Month generAL ContrACtor
Ondra-Huyett Associates builds new facility
“That’s a big humidor” Famous Smoke Shop
Eastern PA’s Award Winning Construction Company Construction Specialists: New and Renovations
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Call Bud Hackett at 610 366 1709 x 242 www.ohainc.com
Fire/SPrinKLerS SYSteMS ADELPHIA FIRE PROTECTION CO., INC. “Building trust and condence one project at a time. Time after time. Project after project.”
A full service re protection contractor serving Eastern and Central Pennsylvania SOME OF OUR SERVICES: System Design Field Installation RetroFits Tenant Fit Outs Re-Locates Field Fabrication Inspections (Monthly to Annually) Test And Certify All Back Flow Preventors (Both Sprinkler System as well as Domestic Sytems) OSHA 30 hour trained supervisors 24 HOUR EMERGENCY SERVICE HC-1 1375 Switzgable Rd., Brodheadsville, Pa. 18322 Phone: (570) 894-5200 Fax: (570) 894-0100 www. adelphiafp.com
MeDiA
Feature Your Project
Famous Smoke Shop
I
n 1939, arthur Zaretsky’s mother and father opened a 350 s/f cigar store in the garment district of Manhattan. arthur and his parents grew the business and in October, 2000 he moved the business to Pennsylvania. For the eleven years Famous Smoke Shop (FSS) has operated in Pennsylvania, arthur’s philosophy of same day shipping and a strong direct marketing program has quadrupled sales. He recently purchased a 7.7 acre parcel to build a new 60,000 s/f facility in a very affordable business park in Forks Township, just north of easton, Pa. employment at the new facility will approach 100 jobs when fully operational. Ondra-Huyett associates, a construction management firm in the Lehigh Valley, Pennsylvania, was selected to build the new facility and worked with the owner to select the architect and
engineer to develop the new building. Construction of the facility will be completed in July, 2011. The building, designed by d2ca architects llc, will serve multiple functions: office headquarters, internet sales operations, temperature and humidity controlled warehouse (essentially a 30,000 s/f humidor properly storing more cigars than you can imagine) and fulfi llment operations for FSS’ distribution business. Operationally the building has been laid out and constructed to bolster FSS’ ability to rapidly process and ship customers’ orders, a hallmark of their business along with their competitive pricing. The inspiration for the design of many parts of the facility came from the owner’s travels to the dominican Republic, nicaragua and Honduras as well as visits to some of the fi nest cigar retailers throughout the country.
hVAC
Developments Construction Renovations Mid Atlantic Real Estate Journal For more information call Elaine Fanning 800-584-1062/781-871-5298 Ext. 212
EFanning@mareJournal.com
www.dualtemp.com
in addition to the office and warehouse, the Township approved a 6,000 + s/f retail space and restaurant to serve the needs of customers who will visit the facility and want to enjoy the company of other cigar enthusiasts and their favorite cigar. The new cigar bar and restaurant, called Leaf, is unique in Pennsylvania in many ways, but includes a “state of the art” air fi ltration system virtually eliminating all smoke from the space for those coming to Leaf for dinner only. “Building a facility that must maintain the temperature and humidity requirements to store cigars is a somewhat unique construction challenge that we’ve designed and built into this facility. This facility will distribute high quality and fresh cigars for many years into the future”, said Jim eck, sr. construction project manager. n
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Mid Atlantic Real Estate Journal — Pennsylvania — June 10 - 23, 2011 — C
Project of the Month Building, designed by d2ca architects llc
New 60,000 s/f facility in Forks Township, PA
MEP Engineer
Architect Famous Smoke Shop and restaurant elevations
Project Team Construction Management: . ..................................Ondra-Huyett Associates, Inc Architect: . .......................................................................... D2CA Architects, LLC Civil Engineer: ..................................................................................Pany & Lentz MEP Engineer: ................................................................Barry Isett & Associates Site Contractor: ............................................................... A. Scott Enterprises, Inc Concrete: .................................................... Forcine Concrete & Construction Co. Fire/Sprinkler Systems: .................................................... Alephia Fire Protection Fire Alarm/Security: . ..................................................................Simplex Grinnell Structural Steel: ............................................................................... Schlosser Steel Plumbing: ................................................................................... Young Plumbing HVAC: . ...................................................................................Dual Temp Co., Inc Electrical Contractor: . ........................................................ Bollinger Electric Inc. Masonry: ..........................................................................................................FCC Roofing: . ...................................................................................Gehringer Roofing Interior/Exterior Paint: ..............................................................Parkway Painting Carpet/Carpeting Installation: . ............................................................... Bastians Tile Installation: . ..................................................................... Superior Tile, LLC
Concrete
CONCRETE & CONSTRUCTION COMPANY
A rc h i t e c t u re & P l a n n i n g Asset Repositioning ◊ Commercial ◊ Retail Industrial ◊ Institutional ◊ Life Science
Congratulations to Famous Smoke Shop for their success and growth Proud to be part of the Project Team as the Architect for Famous Smoke Shop
1875 Church Road Malvern, PA 19355 Phone: 610-647-0614 Fax: 610-296-9087
We are proud to be part of your successful team CONGRATULATIONS TO ARTHUR ZARETSKY On the Project of the Month FAMOUS SMOKE SHOP in Forks Township
2540 Renaissance Boulevard, Suite 100, King of Prussia, PA 19406 (610) 238-0330 acathers@d2ca.com
www.d2ca.com
C â&#x20AC;&#x201D; June 10 - 23, 2011 â&#x20AC;&#x201D; Pennsylvania â&#x20AC;&#x201D; Mid
Atlantic Real Estate Journal
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Pennsylvania Steve Willems of NAI Keystone handles transaction
Brasler Props. announces 75,000 s/f industrial lease
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eading, PA â&#x20AC;&#x201D; SQS / Magic Video, the â&#x20AC;&#x2DC;Nations leading buyerâ&#x20AC;&#x2122; of overstocked Video & DVDâ&#x20AC;&#x2122;s, leases 75,000 s/f at the Rt e.61 Distribution Center, Muhlenberg Twp. B r a s l e r Steve Willems Properties CEO, Chris Brasler said, â&#x20AC;&#x153;Magic Video has increased their space use at the complex from 25,000 s/f in October of 2010 to 75,000 s/f. We
Local Knowledge, Global Reach ď&#x192;
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Strategically located at the Route 61 and Route 222 Intersection providing great connections to all major truck routes and the I-78 / 81 Corridor to the Northeast
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Rte. 61 Distribution Center are excited to host their growth and to be able to provide the type of flexibility required for tenantâ&#x20AC;&#x2122;s in this unique leasing demand market. The space has to be code compliant for a wide range of storage or light manufacturing uses and ready to be occupied immediately, not 30 or 60 days after a tour. This expansion of use from inspection to occupancy took less than 10 days.â&#x20AC;? Jim McCahon from Jones 324,132 SF Lang LaSalle represented SQS Inc. Total Brasler Properties, a third generation family owned small Food Grade service-intensive organization, specializes in rehabilitating large single-tenant industrial 144,000 SF facilities into state-of-the-art set up for multi-tenant industrial space. Manufacturing Brasler has been responsible, over the past ten years, for over 3 Million s/f of successful180,000 SF ly leased industrial transforset up for mations in Pennsylvania. The Warehouse Rte. 61 Distribution Center is a 400,000 s/f industrial distribution center featuring 25â&#x20AC;&#x2122; 51 Dock clear height and 60 dock doors Positions located in Muhlenberg Township at the junction of Rte. 222 and Rte. 61. Space from Divisible/ 30,000 s/f up to 100,000 s/f is Sale or Lease available for lease with plenty Terms of outside storage capacity. Steve Willems, principal at NAI Keystone Commercial & Industrial represents the property. n
For more information or to arrange a tour CONTACT US AT:
610 779 1400 www.NAIKeystone.com
one companyone sourceâ&#x20AC;Ś For all your commercial real estate needs The information contained herein has been given to us by the owner of the property or other sources we deem reliable, we have no reason to doubt its accuracy, but we do not guarantee it. All information should be verified prior to purchase or lease.
MBC Development leases 24,000 s/f in the Iron Town Commerce Center DANVILLE, PA â&#x20AC;&#x201D; MBC Development has entered a lease agreement with Price Supply Inc. to make available 24,000 s/f within the within the 190,000 s/f Iron Town Commerce Center. n
PENNSYLVANIA SPOTLIGHT CENTRAL PA MAREjournal.com
Mid Atlantic Real Estate Journal — Central Pennsylvania — June 11 - 23, 2010 — 5C
124-unit property sits on 9-acres
CBC Bennett Williams arranges $1.1m sale
Optimum Hotel Brokerage sells bank for $1.15 million
ROCK Commercial RE completes $340,000 sale
Y
ORK, PA — Optimum Hotel Brokerage m has closed on the sale of the York View Hotel. Optimum Hotel Brokerage’s president, Joe McCann, was the agent and Licensed Pennsylvania Real Estate Broker for the seller, a regional bank. The 124-unit property sits on 9-acres at an I-83 exit. The 124-room distressed asset sold for $1,150,000. “Being an active hotel broker in Pennsylvania, we were very familiar with the hotel and the market.” said McCann. “The hotel was in poor condition and managed by a third party management company for the bank. The bank had already tried to dispose the property through an auction, with no success. After meeting with the the bank,
York View Hotel we proposed a tailored and strategy reached a nationtargeted marketing strategy, wide market of buyers. The optimizing the property’s end result was a transaction value in this challenging at a price more than 25% the transaction environment. bank’s estimate of auction Our expanded marketing value.” ■
TRAFFIC/TRANSPORTATION CONSULTANT
241 North Main Street YORK COUNTY, PA — MGM ROCK represented the seller Dance Studio bought a 5,480 and Coldwell Banker Coms/f commercial free-standing mercial Bennett Williams repbuilding on 1.46 acres at 241 resented the Buyer in this $1.1 North Main Street in Shrews- million dollar transaction. bury. ROCK Commercial Real Yo r k C o m p u t e r R e p a i r Estate, LLC represented both leased 1,366 s/f of retail space the Buyer and the Seller in at 2145 Carlisle Rd. ROCK this $340 thousand dollar landlord and the tenant. transaction. 21st Century Wealth Man1399 South Queen Street LP agement, LLC leased 1,136 bought an 11,953 s/f medical office s/f at 1489-1499 South office building on 1.27 acres Queen St. ROCK represented at 1399 South Queen Street both the landlord and the tenin Spring Garden Township. ant. ■
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Central PA: 717.697.5701 South Jersey: 856.768.1001
www.earthengineering.com
6C — June 10 - 23, 2011 — Central Pennsylvania — Mid
Atlantic Real Estate Journal
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CENTRAL PENNSYLVANIA By John Birkeland, ROCK Commercial Real Estate
What Is A Capitalization (Cap) Rate?
“W
hat is a cap rate?” I hear and see this question
posed quite often. The most common answer is a capitalization (“cap”) rate is defined as the annual net operating income John Birkeland (NOI) divided by the purchase price. If the purchase price is $1,000,000 and the NOI is $100,000 then the cap rate is
10.00% ($100,000 / $1,000,000). While the response given is accurate, it does not fully answer the question. This answer only addresses how to calculate a cap rate. A cap rate is a basic rate of return that is applied to the net operating income in order to establish the value of a property. It is not a sophisticated tool and it does have some shortcomings. For instance, a cap rate is a single year snapshot of the income and operating expenses and does not look at past or forecasted revenues and expenses. Despite limitations,
a cap rate is a good arrow to have in your quiver, and when truly understood, can assist as a solid metric in the intelligent analysis and comparison of investment properties. To really grasp cap rates, it is paramount to understand where they come from. It is relatively easy to find resources that publish market cap rates, often by geographic region and property type. This is certainly handy information to have in order to understand what the overall market is doing. Also, research of recent transactions of similar investment
properties will produce current market cap rates. However if you are working as or for an investor, determining an individual cap rate is much more important. I studied under a real estate investment instructor that would become incredibly irritated when brokers would quote market cap rates. He would exclaim he had little regard for what the general market would pay - he was only concerned with what his cap rate was. At the time I thought he was pretentious. Now I understand that cap rates are subjective and reliant
Focused on Central Pennsylvania? So are we. Making sure we stay focused on serving our clients and community by implementing a full service team approach to commercial real estate is important to us. It is these values that provide you with a SOLID foundation.
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on the situation. Building a cap rate begins with a “safe rate”, or the highest rate of a return from an alternate investment that has no perceived risk. A 10-year US Treasury note is a common start. From there, risk factors are layered on top of that rate, such as liquidity. Turning real estate back into cash is rarely immediate, and that risk and opportunity cost needs to be quantified. Another item that can be added is time commitment. While some investments are completely passive, real estate often requires an investor’s time and energy. From overseeing accounts payable to unclogging sinks, it needs to be incorporated into the cap rate. A final example to take into consideration is possible functional or economic obsolescence. Not too long ago I had an investor inquire what a good cap rate should be for a well located retail property with a long-term lease with a national video rental store. Being aware of the growing market share of Netflix and Red Box, I warned the investor that his potential tenant may soon be obsolete and finding a replacement may not be easy. That risk needed to be reflected in the cap rate for this investment. Some influences can lower a cap rate. Anticipated appreciation or revenue growth can move an investor to shave basis points off a cap rate. Ultimately, the return needs to be commensurate with the risk. These examples are not comprehensive - there are certainly other risks to consider depending on the investment. In addition, if being used, financing must be weighed in. Cash flows and returns are the essence of real estate investment. While understanding real estate value from both recent comparable transactions and cost of replacement are important and have their place, the discernment of what an investment property is worth in relation to the operating income it generates is fundamental. Even more so if you can build a cap rate that suits the specific property and investor. Some of the wisest professionals I work alongside often answer my questions with, “It depends.” John Birkeland specializing in retail leasing and sales, investment properties, and corporate services. ■
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Mid Atlantic Real Estate Journal — Central Pennsylvania — June 10 - 23, 2011 — 7C
CENTRAL PENNSYLVANIA Coldwell Banker Commercial Bennett Williams 110 N. George Street –
717-843-5555 Hillside East Plaza
Super Center Plaza
Gateway Center
1752 E. Lincoln Way Chambersburg, PA 17201
10180 US Highway 522 South Lewistown, PA 17044
400-500 Walker Road Chambersburg, PA 17201
1,200 SF FOR LEASE
1,200 – 6,000 SF FOR LEASE
2,155 & 4,435 SF FOR LEASE
Kingston Square
Fraser Center
Greater Lewistown SC
2500 Eastern Blvd. York, PA 17402
S. Fraser Street & W. Beaver Avenue State College, PA 16801
224 N. Logan Blvd. Burnham, PA 17009
1,680 – 8,652 SF FOR LEASE
1,500 – 3,000 SF FOR LEASE
8,117 – 26,965 SF FOR LEASE
Dover Marketplace
3225 N. 5th Street
Randolph Park
2100 Palomino Road Dover, PA 17315
Reading, PA 19605
1700-1726 S. Queen Street York, PA 17403
2,400 SF FOR LEASE
1,380 – 3,297 SF FOR LEASE
600 – 1,750 SF FOR LEASE
8C — June 10 - 23, 2011 — Central Pennsylvania — Mid
Atlantic Real Estate Journal
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CENTRAL PENNSYLVANIA Pascotti of RMI represents the landlord in 2,400 s/f lease in Wormleysburg
Grace of Landmark Commercial Realty arranges 42,120 s/f lease
W
EST DONEGAL TOWNSHIP, PA — Tarantin Tank and Equipment Company has recently signed a long term lease for 42,120 s/f of warehouse space at 30 Industrial Jason Grace Road, Elizabethtown.The new facility will serve as their Mid-Atlantic Distribution Center. Jason
30 Industrial Road, West Donegal Township Grace, CCIM, SIOR and vice mercial Realty, Inc./ONCOR president of Landmark Com- International handled the ne-
gotiations between the tenant and the landlord, 30-32 Industrial Road Associates L.P. 2150 Herr Street Associates, LLC has acquired a 44,000 s/f office building located at 2150 Herr St., Harrisburg. The property was leased 100% to the Commonwealth of Pennsylvania Department of Health on a long term lease. Grace handled the negotiations between the buyer and seller, Alanno Corporation LLC. Dana and Sharon McCartney have recently purchased
• Project Management • Development Due Diligence & Feasibility Studies • Agency Permitting • Land Development Design • Construction Phase Services • Graphic Services PHILADELPHIA METRO OFFICE: 8614 Montgomery Avenue Wyndmoor, PA 19038 215-836-2510 LANCASTER OFFICE: 1853 William Penn Way, P.O. Box 10368 Lancaster, PA 17605-0368 717-672-0614
NEW JERSEY OFFICE: 100 Overlook Center, Suite 200 Princeton, NJ 08540 609-920-0268
LANDCOREconsulting.com
a 2,694 s/f building on 1 acre of land at 2046 Lincoln Way West, Chambersburg. Marques Pinkas and David Remmel, president of Landmark Commercial Realty, Inc./ONCOR International represented the seller, Jim Hill of R.A. Hill Inc., in the sale negotiations. Basic Overnight Quarters has leased 2,400 s/f of office space at 1007 Mumma Rd., Wormleysburg. Pinkas and Remmel represented the tenant and Jamie Pascotti of RMI represented the landlord, 1007 Mumma Road LLC in the leasing transaction. Randy Straub, owner of the Soup Shop and Pennsylvania Bayou Inc., has leased 1,800 s/f of commercial space at the former Nick’s Café, 1014 North 3rd St., Harrisburg. Pinkas handled the lease negotiations. Coyle School of Irish Dance has leased 1,750 s/f of space in the Olde Towne Commons located at 400 Bridge St., New Cumberland. Andy Kohr of Landmark Commercial Realty, Inc./ONCOR International represented both the tenant and landlord in the lease transaction. 10,000 Friends of PA has leased 889 s/f of office space in the Payne Shoemaker Building located at 240 N. Third St., Harrisburg. Kohr represented the tenant and Jim Helsel of Helsel Inc. Realtors represented the landlord, St. John Holdings Inc. in the leasing transaction. Special Effect for Hair has relocated to the lower level at 4409 Carlisle Pike, Camp Hill. Kohr and Grace represented both the tenant and landlord in the leasing transaction. White Rose Spa has leased Suite #107 in the Hartzdale Plaza, 3300 Hartzdale Dr., Camp Hill. James Brady, SIOR and Igor Druker both of Landmark Commercial Realty, Inc./ ONCOR International represented the owners, Koskap Partners, and Seymour Barget, also of Landmark, represented the Tenant in the leasing transaction. Institute of Chiropractic Health and Wellness has leased Suite 114 at, 3300 Hartzdale Dr., Camp Hill. Brady and Druker represented the owners, Koskap Partners, and Jason B. Hamilton of Straub Realty represented the tenant. ■
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Mid Atlantic Real Estate Journal — Central Pennsylvania — June 10 - 23, 2011 — 9C
MAREJ COMPANY OF THE MONTH
0C — June 10 - 23, 2011 — Central Pennsylvania — Mid
Atlantic Real Estate Journal
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Mid Atlantic Real Estate Journal — Central Pennsylvania — June 10 - 23, 2011 — 11C
Central Pennsylvania Company of the Month Celebrating 100th Anniversary
Warfel Construction continues to excel in interesting, complex, multi-phased projects
Commercial Concrete • Excavating Site work
Congratulations on your 100th Anniversary Warfel Construction 64 E. Bellevue • Shoemakersville, PA 19555 Phone : 610-562-3886 Fax: 610-562-8159
CONGRATULATIONS ON A GREAT 100 YEARS!!
HERE’S TO THE NEXT 100!
I
n 1911, David S. Warfel started out with a toolbox and a dream. Little did he know that a century and three generations later, the modest two man operation he founded would become one of the most successful and well respected contracting firms in central Pennsylvania. The past 100 years have brought about many changes for Warfel, with each decade presenting its own challenges and fortunes. D.S. Warfel laid the strong foundation upon which this company was builtproviding quality construction with professionalism, honesty and integrity. These were the standards by which D. S. Warfel lived, and which will continue to lead his company into the next century of business. At the urging of his wife Clara, who missed her friends and family in Lancaster, David S. Warfel left his job at a millwork plant in Lewisburg to come back home. A Lancaster Business College graduate with a few years experience under his belt, D.S. Warfel, then 28, decided that the growing Lancaster County could use a new general contracting firm. With his friend, Harry W. Peters, he established the D.S. Warfel, General Contractor firm in 1911. The beginning of his 85 year building legacy started when he took his first job constructing a small church in downtown Lancaster. A reputation for good work and
Weigelstown Elementary School
Penn Cinema IMAX, Lititz, PA fair prices quickly brought about many referrals. During these early years and into the 20’s, the company grew and prospered as they learned more about the business and gradually took on larger projects. The late 1920’s brought about some very impressive projects for the young firm, including the new Pennsylvania Railroad Station in Lancaster. Built for $517,000, this exorbitant amount was almost unheard of in the area at that time. The depression era that followed were lean years. Taking any work, including road work and building bridges, D.S. Warfel struggled, but remained in business. In 1933, the company was fortunate enough to be awarded the new Lancaster City Water Filtration Plant for
$460,000. Then, in 1936, still at the height of the depression, a headline in the Lancaster Intelligencer Journal read “$1,166,414 in Building Permits Issued Here Today.” Among those were Warfel’s permits to build the new $900,000 McCaskey High School (which was the largest high school to be built in PA at the time) and the $163,000 Fackenthal Library for Franklin and Marshall College. This work helped bring the company through the depression and into the 1940’s. With the 40’s came World War II. During war time, commercial work was almost nonexistent due to the shortage in building materials. D.S. Warfel focused his efforts on the residential market through these years.
Congratulations to Warfel Construction on your 100th Anniversary
2306 Columbia Avenue, Lancaster, PA 17603 • 717-291-2236 www.h-dlaw.com
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Historic Lancaster Central Market Homebuilding utilized materials not critical for war, plus it allowed him to keep his men working during this rough time. Over 300 homes were built by the company during the 40’s and 50’s. Upon his retirement in 1952, D.S. Warfel handed over the reigns to his son Dick and Melvin H. Peters, son of Harry Peters. Under their direction, the newly formed D.S. Warfel Associates thrived – taking jobs not only in Lancaster, but branching out to the surrounding counties. The 50’s and 60’s brought about unending school construction while industry was booming with plant expansions and new facilities popping up all over the county. In 1972, Ken Whitney, who had been with the firm since
1954, joined with Dick Warfel and Mel Peters to form the present-day Warfel Construction Company. When Mel and Dick retired in 1978, Ken, along with George Rakoczy and Tim Peters, both of whom had been with the company for seven years, became president, vice president, and secretary/treasurer respectively. Tim, Melvin’s son, was a third generation member of the firm. Ken’s retirement in 1987 left the company in the capable hands of George and Tim. The 70’s and 80’s led Warfel into its current specialties performing mostly educational, health care, and commercial work. Also during this time, Warfel stepped to the forefront of the industry by providing construction management as well as general contracting services. Under the leadership of George and Tim, who steered the company into the 90’s, revenues doubled to over $30 million. In addition, Warfel had spread its wings to pursue work in other states including Maryland, Delaware, and New Jersey. In 1995, planning for the future, George and Tim invited long time employees Ralph E. Simpson and Rupert H. Taylor to join in the firm’s ownership. After the passing of President George Rakoczy in 1998, Warfel continued its history of growth and success under the leadership of Tim Peters, Ralph Simp-
Happy 100th Anniversary to Warfel Construction
son and Rupert Taylor. In 2007, after a career spanning nearly 40 years (nearly 50 if you count the early years as a waterboy!) at Warfel, Peters, the last family member of the original partners, retired. In 2008, the current partnership that makes up Warfel was formed. Simpson, now serves as president/CEO, Taylor, executive VP/CFO and new partners and long time employees Matthew Hartzler and Hugh McGettigan, both serving as senior vice presidents. Today, Warfel’s annual revenues exceed $80 million and the company employs over 100 in both field and office positions. Looking toward the future, Simpson states, “It is not our goal to be the largest contractor in the area. Rather, we plan to stay focused on the type of work we do best and concentrate on ways to better serve our customers.” A brief look at the Warfel portfolio proves that repeat business is the best testament to the Warfel commitment to quality and customer satisfaction. “Our reputation has lead to client loyalty and repeat business, and we anticipate the same reputation going forward. Complex and multi-phased projects are where we excel. Proper planning, coordination, effective management and excellent subcontractor relationships ensure our success on the many projects we complete each year, as we build for the future.” n
DH
F U N K&
SONS LLC
Breaking Ground on New Opportunities Providing site development/management for residential and commercial sites, underground utilities, public and private construction.
Congratulations to Warfel Construction for 100 years in business, great achievement. 3995 Continental Drive Columbia, PA 17512 P 717-684-0708 F 717-684-0727 www.DHFUNK.com
Breaking New Ground
The professional team of B.R. Kreider & Son will work for you during your next building or expansion project: • Excavation • Paving • Site Management • Site Utilities Earn a LEED Innovation Credit by using B.R. Kreider & Son, Inc.
EXCELLENT, SAFETY MINDED EMPLOYEES DOING QUALITY WORKMANSHIP
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Over 70 years of experience in commercial and industrial site management will put your new project on a solid foundation. Before you break new ground, visit
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63 Kreider Lane Manheim, PA 17545 (717) 898-7651
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12C — June 10 - 23, 2011 — Central Pennsylvania — Mid
Atlantic Real Estate Journal
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CENTRAL PENNSYLVANIA Art Campbell of CAMPBELL Comm’l. represented the landlord in 1,204 s/f lease
Sgagias of of NAI CIR, Camp Hill reps 25,718 s/f in five transactions
B
EDFORD, PA — Nikolas Sgagias of NAI CIR, Camp Hill handled the following transactions: C r o s s roads Bible Church has purchased the Heartland Acres f a c i l i t y, a Nikolas Sgagias 12,500 s/f event center located on 58 acres, from Heartland Acres,
Heartland Acres
LLC. Heartland will continue to operate the facility for events scheduled through 2011. Crossroads will convert the facility to a worship center. Gab & Mucks Pubs, Inc. will open an additional restaurant location doing business as Keystone Pub in a 6,246 s/f building it has purchased at 1210 Grape St., Whitehall. Their other location is the Keystone Pub in Bethlehem. Sgagias represented Gab & Mucks Pubs and Pat McCabe
Dialysis Center, Manchester, CT
T h e S h o p p e s a t S u s q u e h a n n a M a r k e t p l a c e, H a r r i s b u r g, PA
Celebrating 25 Years A R C H I T E C T U R E · E N G I N E E R I N G · E N V I R O N M E N TA L P e n n s y l v a n i a · C o n n e c t i c u t · N e w Yo r k · M a r y l a n d w w w. b l c o m p a n i e s . c o m
of CBRE Philadelphia represented the property owner, Lonestar Steakhouse. Donald R. Moats Jr. has sold a 5,772 s/f building to 3P Properties at 2019 Lincoln Way East in Chambersburg. The new owners own and operate Diffy’s Restaurant in Shippensburg and will do business as Hoover’s Grill and Ice Cream at the new location. Nik Sgagias of NAI CIR represented both parties in the transaction. Shakedown BBQ will relocate to 668 Firehouse Road, Grantville, where it has leased 1,200 s/f of space. Sgagias represented both Shakedown and the landlord, John Kotsalos, in the lease transaction. Centric Bank will build a branch office on a .83-acre property it has purchased at 1201 West Governor Rd., Derry Twp. Sgagias coordinated the transaction and represented the property owners Richard and Faye Hasz. In other NAI CIR news, Medan Beyesus has purchased a 9,934 s/f early 1900’s church building at 2401 N. Fourth St., Harrisburg from Crusaders Ministries. The building will continue for use as a church. David Rudy of The Bill Gladstone Group of NAI CIR represented Crusaders Ministries and the buyer represented themselves. Asset Strategy Retirement Plan Consultants will relocate the firm’s office to 1,204 s/f of office space at 4720 Old Gettysburg Rd., Lower Allen Twp. Joe Bedard of NAI CIR represented Asset Strategy and Art Campbell of Campbell Commercial Real Estate represented the landlord, Old Gettysburg Associates II. Kilmer Insurance Agency, Inc. will open an additional office in 1,010 s/f of space it has leased at 3780 Trindle Rd., Hampden Twp. David Rudy of The Bill Gladstone Group of NAI CIR represented Kilmer and the landlord, Barbara S. Leitzel. Sous Per Chef, an eco-friendly garment company for chefs, has leased office space at 1517 Cedar Cliff Dr., Lower Allen Twp. David Rudy of The Bill Gladstone Group of NAI CIR represented the landlord, The Saint Paul Group, and Dan Alderman of NAI CIR represented Sous Per Chef. ■
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Mid Atlantic Real Estate Journal — Central Pennsylvania — June 10 - 23, 2011 — 13C
CENTRAL PENNSYLVANIA
14C — June 10 - 23, 2011 — Central Pennsylvania — Mid
Atlantic Real Estate Journal
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CENTRAL PENNSYLVANIA Rothman of RSR Realtors represents the County of Lancaster
NAI Commercial Partners negotiates office/industrial sales in Central PA
L
ANCASTER, PA — NAI Commercial Partners, Inc. of Lancaster announces the sale of 47,808 s/f of professional office space on 4.0 +/- acres located at 2250-2270 Erin Court. Daniel Berger, CCIM, SIOR of NAI Commercial Partners, Inc. represented the seller, Manufacturers and Traders Trust Company. William Rothman of RSR Realtors represented the buyer, County of Lancaster. NAI Commercial Partners announces the sale of 36,540
2250-2270 Erin Court
66-126 Keller Ave.
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s/f of industrial space on 3.68 acres located at 66-126 Keller Ave. Berger represented both the seller, 3B Lancaster, L.P. and the buyer, Susquehanna Valley Emergency Medical Services. ■
High Real Estate Group announces PETCO to join Mill Creek Square
Contact: Elaine Fanning efanning@marejournal.com
800.584.1062 781.871.5298 l ocus a n io te F g e R Esta E l R MA l Rea rcia e m m o C
July 8 Eastern PA Featuring Philadelphia, Allentown, Wilkes-Barre and Surrounding Areas.
Aug. 12 - PA’s Elite Companies Sept. 9 - Central PA Featuring Harrisburg, York, Lemoyne and Surrounding Areas.
Mill Creek Square Phase II under development LANCASTER, PA — High Real Estate Group, LLC announced that PETCO will join its Mill Creek Square shopping center in East Lampeter Twp., with an opening planned for summer 2011. The 14,000 s/f store will be the first in Lancaster County and is anticipated to employ 20-25 individuals. PETCO represents the second anchor tenant announced for the project’s Phase II, along with a 14,736 s/f Staples, also slated to open this summer. “It’s a distinct pleasure to work with PETCO,” said H. Stephen Evans, senior vice president and managing director-retail division for High Associates Ltd. “We’re very pleased they recognize that Lancaster is a vibrant market and that Mill Creek Square provides a great environment in which to serve their customers.” ■
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Mid Atlantic Real Estate Journal — Central Pennsylvania — June 10 - 23, 2011 — 15C
CENTRAL PENNSYLVANIA
INDUSTRIAL PROPERTY
COMMERCIAL REAL ESTATE
Fi Se na ll nc er in g
10 0%
FASTER
SALE/LEASE
FORWARD
1400 N Cameron Street Harrisburg, Pennsylvania 17103
Putting the Pedal to the Metal NEW LOCATION: 300 N. Second Street Suite 1203 Harrisburg, PA 17101 DIR +1 717 730 3752 FAX +1 717 238 3299 www.colliers.com
Some show up just to rev their engine. We’ve put the pedal to the metal and moved our office to Harrisburg to better position us to help our clients race forward with their commercial real estate needs. With top talent and a unified global brand in more than 480 offices in 61 countries worldwide, we have the inside track on service to accelerate your success.
An exceptional opportunity to own this manufacturing/warehouse facility with 100% owner financing. This lease to own structure allows the buyer the ability to lock into a long term fixed rate structure while retaining its cash for operations and equipment. The facility offers 260,208 SF of manufacturing space and 39,652 SF of offices on two levels. The majority of the plant has a ceiling height of 27 ft and has 62 KV of power running through 6 substations of 12,470V each. The property is located adjacent to Norfolk Southern RR and also the major highways surrounding Harrisburg.
Todd Kamps CCIM Principal
Office: Fax: Mobile: E-Mail: Web:
(616) 301-9800 (616) 301-9600 (616) 638-6019 todd@kwekelcompanies.com www.kwekelcompanies.com
ECONOMIC DEVELOPMENT
130 subdividable acres with full utility services, rail access and strategic location.
90 subdividable acres with full utility services, and strategic location.
50 acres remaining in parcels with full utility services in a nearly sold out business park.
Charles Blankenship, President • (717) 274-3180 • www.lvedc.org • Brokers Protected
16C — June 10 - 23, 2011 — Central Pennsylvania — Mid
Atlantic Real Estate Journal
CENTRAL PENNSYLVANIA
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Mid Atlantic Real Estate Journal — Pennsylvania — June 10 - 23, 2011 — 17C
PENNSYLVANIA Newmark Knight Frank Smith Mack ink 25,517 s/f
Beacon Commercial complete twelve lease transactions
R
ADNOR, PA — Beacon Commercial Real Estate, LLC announced the completion of twelve lease transactions totaling 37,578 s/f. The transactions consist of the following: Laredo Mechanical, LLC, a heating and air conditioning service company, leased 3,217 s/f of flex space at 5185 Campus Dr. in Plymouth Meeting. Colin McHale and Gene McHale represented Laredo Mechanical in the new deal. Gene McHale & Colin McHale represented the landlord, Larson Investments, in a new longterm lease at 85 Old Eagle School Rd. in Wayne. The tenant, Bridgepoint Insurance Group, Inc. leased 2,255 s/f of office space on the first floor of the building. Bridgepoint Insurance was represented by Tim Brogan of Grubb and Ellis. Gene McHale represented Marciano Wealth Advisors in the longterm renewal of their 1,777 s/f office lease at Gulph Crossing (357 S. Gulph Road) in King of Prussia. Gene McHale & Colin McHale represented the landlord, RWR Properties, in two lease renewals at 2460 General Armistead Ave., a flex building in Norristown. Source New Jersey, Inc. renewed their 3,785s/f flex space. Keystone Clinical Studies renewed their 2,800 s/f lease at the building. Gene McHale represented the landlord, Maguire & Partners, in 4 lease transactions at One Belmont Avenue (GSB Building) in Bala Cynwyd. Just Energy, a leading independent energy supplier with over 1.6 million electricity
One Belmont Avenue accounts across the US and Canada, leased 3,998 s/f of office space in a new deal. Jim Mullarkey of Newmark Knight Frank Smith Mack represented the tenant. Amdocs signed a new deal for 2,931 s/f. Brian McCurdy of Cresa Partners represented the tenant. HRI signed a new lease for 4,400 s/f on the fifth floor of the building. Jim Kutys of Media Real Estate represented HRI in the deal. Cambria Capital Management, LLC renewed their 1,815 s/f office space on the third floor of the building. Gene McHale represented the tenant, Rasansky Physical Therapy, in their renewal at Two Bala Plaza in Bala Cynwyd. Rasansky occupies 5,091 s/f of office space and has been a tenant in the building since 2004. FORT WASHINGTON, PA — Gene McHale and Colin
McHale of Beacon Commercial Real Estate, LLC represented the landlord, Commonwealth Real Estate Investment Trust in the expansion of Research Pharmaceutical Services’ space at 475 Virginia Dr. Research Pharmaceutical Services (RPS) occupies the entire 2nd floor at 475 Virginia Drive which totals 25,517 s/f of office space. RPS moved into the space in December 2010 and due to substantial company growth, they required additional space. At the beginning of May 2011, RPS signed a longterm lease agreement for the entire 3rd floor of the building (25,517 s/f), giving them a total of 51,034 s/f within the class “A” office building. This transaction brings the building up to just over 90% occupied. Justin Bell and Bill Finnegan of Newmark Knight Frank Smith Mack represented RPS in the transaction. ■
Mid Atlantic Real Estate Journal would like to congratulate Warfel Construction on their 100th Anniversary
If you would like to highlight your Anniversary call Elaine Fanning: (800) 584-1062/781-871-5298 Ext. 212 or email: efanning@marejournal.com
18C — June 10 - 23, 2011 — Pennsylvania — Mid
Atlantic Real Estate Journal
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PEOPLE ON THE MOVE Society Of Industrial And Office Realtors
Hinerfeld Commercial RE’s Detter receives designation
S
CRANTON, PA — Mike Detter, SIOR of Hinerfeld Commercial Real Estate has achieved the SIOR office designation awarded by the Society Of Industrial And Office ReMike Detter altors. SIOR is a Washington, DC-based international professional organization of 3,000 commercial real estate professionals, 2,800 of whom have earned
the coveted SIOR designation. Detter is now one of only two SIOR’s in Northeast Pennsylvania, with the other being John Cognetti of Hinerfeld Commercial Real Estate. To achieve the SIOR designation, Detter completed at least five years of creditable experience in the highly specialized field of office real estate; met stringent education requirements; and demonstrated to SIOR professional ability, competency, ethical conduct, and personal integrity. Individuals who hold the SIOR designation are top pro-
ducers in the commercial real estate field and are represented in more than 580 cities in 28 countries around the world. SIOR enforces a strict code of ethics and requires designees to complete its ethics course within their first three years of membership. Detter is a licensed associate broker in Pennsylvania, member of the TriState Realtors Commercial Alliance, alumnus of Leadership Lackawanna class of 2007, and SLIBCO Building Review Committee member. ■
HSC Builders appoints Heim as chief executive officer, promotes Viner to president EXTON, PA (May 27, 2011) – HSC Builders & Construction Managers announces that Mark R. Heim assumes the role of chief executive officer and James Viner promoted to president. HSC Builders Mark R. Heim is a construction management firm serving the healthcare, pharmaceutical, biotech, and higher education industries for the past 23 years.
As CEO, Heim will continue establishing HSC Builders’ strategic initiatives. Heim began his 35-year construction career working as a project engineer on highway and bridge projects. He James Viner s e r v e d a s president for 11 years at HSC prior to becoming CEO. In the position of president, Viner plans to continue HSC Builders’ growth by col-
laborating with employees and expecting the highest integrity, along with creatively achieving clients’ goals. Viner has been employed at HSC Builders for 13 years and has over 25 years experience in construction management. Viner shares, “I’ve respected Mark for many years and his mentorship has meant a great deal to me. His straightforward style has won the respect of his peers, employees and clients. Adopting these same qualities, I plan to grow HSC’s already strong presence in this Mid-Atlantic area.” ■
NAI Pittsburgh Comm’l. hires Pantoni as associate PITTSBURGH, PA — NAI Pittsburgh Commercial announced that AJ Pantoni has been named as an associate of the firm. Specializing in investment, industrial and office brokerage, he is responsible for assisting clients with lease negotiations, corporate site selection and consulting. Prior to joining NAI Pittsburgh Commercial, Pantoni worked as a senior advisor at CresaPartners. Pantoni is a native of the
Pittsburgh area and has over 6 years of professional experience, with a focus on leasing matters, and specializes in industrial site selection. He brings more than 20 years of client-based service experience to the commercial real estate industry and is a licensed real estate salesperson in the Commonwealth of Pennsylvania. Pantoni is also actively involved in volunteering and serves as an E-Mentor with the Mentoring Partnership of
Southwestern Pennsylvania. Gregory HM Broujos, founding principal & managing director at NAI Pittsburgh Commercial, said that Mr. Pantoni will be a great asset to the firm and its commitment to providing the highest level of service to its clients. “We are extremely excited to have AJ join the Pittsburgh Commercial Team. His strong business background and traditional Pittsburgh work ethic will help us better serve our clients.” ■
CBRE named to the Fortune 500 for 4th straight year PHILADELPHIA, PA — CB Richard Ellis Group, Inc. has been named to the FORTUNE 500 list of the largest U.S.-based companies for the fourth straight year. CB Richard Ellis is the only commercial real estate services firm ever to be included in the FORTUNE 500. “Our ongoing membership in the FORTUNE 500 sets us apart from other commercial
real estate service providers,” said CB Richard Ellis’ Robert Walters, executive managing director. “We have attained a position of industry leadership in Greater Philadelphia because clients have confidence that our platform and our people around the world can deliver the best solutions to meet their strategic business needs.” The FORTUNE 500 ranks U.S.-based companies by total
revenue. CB Richard Ellis was ranked at #440 on the list, up nearly 60 places from the prior year. In 2010, CB Richard Ellis arranged sales and leasing transactions with total value of $128.1 billion and managed commercial properties and corporate facilities totaling more than 2.9 billion s/f (includes properties managed by affiliate companies). ■
As senior VP of the commercial division
Semian RE Group appoints Weiland SCRANTON, PA — Scott J. Weiland, Ph.D. has been appointed as senior vice president of the commercial division of S e m i a n Real Estate Group. “We are very pleased to have Scott a s p a r t o f Scott J. Weiland our team. He brings to the table a wealth of knowledge and a vast amount of experience in the commercial real estate arena,” said Semian Real Estate Group CEO Mark DeStefano. Dr. Weiland joins a team of nearly two dozen experienced agents at Semian Real Estate Group, including commercial Realtor Debra Keller. Dr. Weiland has offices in each of Semian Real Estate Group’s three locations; Scranton, Clark Summit and Moscow. Prior to his appointment with Semian Real Estate Group, Dr. Weiland served as vice president of operations of The Greater Scranton Chamber of Commerce. In this capacity, he worked to grow the regional economy while providing vision for the future of the community. “Scott pos-
sesses an extensive command of the business and non-profit community in our region. His working knowledge of the needs of our community, combined with a personable style of interacting with those around him, is an asset to any organization seeking to grow and expand,” said Gary Drapek, executive director, United Way of Lackawanna County. Dr. Weiland also served as executive director of the Pike County Chamber of Commerce. In this role he worked to grow the economy of Pike County, which is the number one growing county in the Commonwealth of Pennsylvania, and one of the top growing counties in the United States. While in this role, Dr. Weiland worked with many groups in the area. “Scott is one of the hardest working professionals that I have had the proud distinction of working with. Scott has tremendous marketing, communication, and technology skills along with a keen business acumen. Scott is a team player with outstanding leadership qualities and a passion for meeting the goals of the organization,” said Kim Vangarelli, director, Lake Region Center Lackawanna College, Hawley, PA. ■
CREW Philadelphia supports Rebuilding Together Philadelphia PHILADELPHIA, PA — Rebuilding Together Philadelphia (RTP), an affiliate of Rebuilding Together, the nation’s leading nonprofit working to preserve affordable homeownership, and one of its largest sponsors, CREW (Commercial Real Estate Women) have just completed work for the 1,000th homeowner since RTP’s inception 22 years ago. In addition to generous financial support, CREW members invested time and skill volunteering over multiple work days to make critical repairs for homeowners in need. Thanks in part to CREW support, Rebuilding Together Philadelphia completed two spring Block Builds this April; one in Walnut Hill West Philadelphia and a second in St. Hugh in North Philadelphia. Repair work was completed on April 30th, National Rebuilding Day. This is a celebration held on or near the last Saturday of April each year by approximately 200 Rebuild-
ing Together affiliates across the country to highlight the collective work rehabilitating and repairing nearly 10,000 homes each year across the nation. RTP volunteers not only repair homes for low-income homeowners and families, but Block Builds revitalize communities where homes are concentrated. By the close of April, RTP had assisted 85 homeowners in Philadelphia neighborhoods this year through the support of organizations like CREW. Work completed for homeowners includes repairing roofs, porches, floors and ceilings; installing new kitchen components; extensive plumbing and electric repairs; replacing bathroom fixtures; cleaning out basements; installing new windows and doors; repairing damaged walls and stairs; laying new flooring; making energy efficient upgrades; and home modifications for older adults or those living with disabilities. ■
MAREjournal.com
Mid Atlantic Real Estate Journal — Pennsylvania — June 10 - 23, 2011 — 19C
PENNSYLVANIA
Join us as we honor distinguished leaders who prepare Charter High School for Architecture + Design students to design the future!
ANNUAL GALA
Eichenberg of The Frederick Group rep buyer
Marzullo & Marlowe of CBRE arrange 2,600 s/f sale
CHAMPAGNE BREAKFAST The Shape of Learning
W
H I T E H A L L , PA — CB Richard Ellis Group, Inc. (CBRE) announced that it has arranged the sale of 2548 MacArthur Rd. as advisor to the seller. The site contained a free-stand- Stephen Marzullo ing 2,600 s/f bank building with an absolute NNN lease to Keystone Nazareth Bank & Trust (KNBT). Senior VP Stephen Marzullo led the sale of the asset along with his partner, associate Justin Marlowe, both of CBRE’s Philadelphia Metro Private Client Group. “This opportunity garnered significant bidding activity given investors’ growing interest in safe, net leased properties with stable, credit-worthy income streams. We expect this trend to continue as we are bringing additional similar investments to market,” said Marzullo. The long-term KNBT ground
Friday, June 17, 2011
Independence Seaport Museum, Penn’s Landing 211 South Christopher Columbus Blvd. Philadelphia, PA 19106-3199 Sponsor or purchase tickets online at CHADgala.Kintera.org/2011 Questions? Contact Courtnay Tyus at ctyus@chadmail.us or 215-351-2900 x4421.
548 MacArthur Rd. lease had more than thirteen cated on the site that also has years remaining on the initial thirteen years remaining. twenty-year term with renew“The yield and location of the al options that extend through asset made it a good addition 2033. What made this offering to the buyer’s portfolio,” added particularly attractive was the Ron Eichenberg of The Fredadditional income gained from erick Group, who represented a billboard ground lease lo- the buyer. ■
Kline of Colliers International’s Allentown office facilitates two new office leases ALLENTOWN, PA — Ann Kline, vice president in Colliers International’s Office Division – Allentown concluded two new office leases at Shepherd Hills Plaza in Allentown, PA. 1) Resource Ann Kline Employment
Parking is available at the Hyatt Regency Philadelphia at Penn’s Landing parking garage, adjacent to the Museum.
7:30 – 9:00 am
1,250 s/f. Since 1966, Resource Employment has provided labor and professional employment services to hundreds of businesses by supplying temporary staffing. They are based in Orlando, Florida; this is their first location in Allentown. Kline was the sole broker in this transaction. 2) AFC Reverse Mortgage 600 s/f. AFC specializes in helping Pennsylvania senior homeown-
ers pay for home, health and retirement expenses through an FHA insured Home Equity Conversion Mortgages (HECM). Kline represented the owner, Providence Properties, in this transaction. Shepherd Hills Plaza is located at 5930/5940 Hamilton Blvd. has over 24,000 s/f of office space; tenants include a mix of professional, service and retail users. ■
Feature Your Project ~ Developments ~ ~ Construction ~ ~ Renovations ~ in the
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FOR MORE INFORMATION, PLEASE CONTACT US: Stephen Marzullo Justin Marlowe 610.251.5161 610.251.5158 stephen.marzullo@cbre.com justin.marlowe@cbre.com Licensed: PA, DE Licensed: PA Licensed Salesperson: NJ Licensed Salesperson: NJ
CB Richard Ellis, Inc. 1200 Liberty Ridge Dr., Suite 320 Wayne, PA 19087 610.251.0820 Licensed Real Estate Broker
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1128 WALN UT STREET PHILAD ELPHIA SUITE 215.928 200 PA 19107 .9331 JKRPAR TNERS .COM
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13, 2010
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— 11B
20C — June 10 - 23, 2011 — Pennsylvania — Mid
Atlantic Real Estate Journal
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Commercial Real Estate Women Lehigh Valley Chapter www.crewlehighvalley.org
2011 LEHIGH VALLEY BOARD OF DIRECTORS PRESIDENT TRACY YADUSH, RPA NAI SUMMIT PAST PRESIDENT FRANCEE FULLER BARRY ISETT & ASSOCIATES PRESIDENT ELECT ANN MARIE OSIKA LAFAYETTE AMBASSADOR BANK SECRETARY CATHERINE (KATE) DURSO FITZPATRICK LENTZ & BUBBA, P.C. TREASURER CYNTHIA MERRITT BUCKNO LISICKY & ASSOCIATES CORRESPONDING SECRETARY PAM MORRIS LIBERTY PROPERTY TRUST DIRECTORS-AT-LARGE TINA KISELA, SCSM, SCMD THE PROMENADE SHOPS AT SAUCON VALLEY LYNN CONTI LIBERTY PROPERTY TRUST
2011 COMMITTEE CHAIRS SPONSORSHIP COMMITTEE KATE HART KNBT, A DIVISION OF NATIONAL PENN BANK PROGRAMS COMMITTEE JANE SCHIFF THE FREDERICK GROUP MEMBERSHIP COMMITTEE MICHELE GLOWER, PH.D THE ADVISORY GROUP COMMUNITY SERVICE COMMITTEE JODY KING, CCIM NAI SUMMIT PUBLICITY COMMITTEE FRANCEE FULLER BARRY ISETT & ASSOCIATES
Pre-opening tour of the new Bennett Toyota Scion
Green Car Dealership True Crew Success Story
A
LLENTOWN, PA — Members and guests of CREW LV took a pre-opening tour of the new Bennett Toyota Scion dealership, a real CREW success story Developed on the Lehigh Street site of the former Exide Battery Plant by the JG Petrucci Company, an active CREW sponsor, the project is on target to become the first LEED Gold certified car dealership in the Middle Atlantic States. Other CREW sponsor companies, both law firms, that participated in the project are Fitzpatrick Lentz & Bubba, LLC, which was responsible for the permitting; Tallman Hudders & Sorrentino, involved in financing, The J.G. Petrucci Company acquired the parcel in 2005 through a state Department of Environmental Protection program and invested $4.5 million in federal grants and loans to clean the site. Petrucci developed the project for the owner, Bennett Toyota Scion of Allentown. Project owner Rob Bennett shared his vision of the project; Greg Rogerson, Principal of JG Petrucci, addressed the clean up and construction aspect of the story. Gianna Pigford and Rick Ferrara of the Dallas Texas office of Gensler Architects discussed
Rob Bennett, owner of the Scion Toyota dealership.
Project architect Rick Ferrara discusses green design strategies
Over 40 members and guests enjoyed the lunchtime presentation.
the environmental strategies that are enabling the project to seek LEED Gold Certification. Brian Lapin from Central Atlantic Toyota explained the company’s commitment to environmentally friendly strategies. Allentown Mayor Ed Pawlowski spoke about the city’s commitment to achieving a successful project. CREW Lehigh Valley is the premier real estate network in northeast Pennsylvania recognized for professionalism, leadership and expertise. It is the local chapter of a national organization of over 8,000 professionals involved in every aspect of real estate in 73 markets across the nation. ■
CREW Lehigh Valley thanks its 2011 corporate sponsors: Annual Partner/Main Sponsor
Contributor
Fitzpatrick Lentz & Bubba
Langan Engineering
Liberty Property Trust
Lafayette Ambassador Bank
Tallman Hudders & Sorrentino
NAI Summit MKSD Architects
Friend Barry Isett & Associates Berks Economic Partnership HMK Insurance KNBT - A Division of National Penn Bank JG Petrucci, Inc. North Star/Polaris The Dietrick Group, LLC
Upcoming Events June 13 Take CREW Lehigh Valley out to the Ballgame, 6:00pm, Iron Pigs vs. Louisville Bats, US Lawn Dugout Suite Coca Cola Park $35 includes buffet, parking and tickets June 28, 2011 Members Only Luncheon: The Lutron Experience Center - Opening the Door to Energy Savings 11:45am, Lutron World Headquarters, 7200 Suter Road, Coopersburg, PA Register on line at www.crewlehighvalley.org For membership information, please contact Dr. Michele Glower, The Advisory Group, mglower@yahoo.com
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Mid Atlantic Real Estate Journal — Pennsylvania — June 10 - 23, 2011 — Inside Back Cover C
Commercial Real Estate Women Lehigh Valley Chapter Service Directory
ENGINEERS & SURVEYORS
COMMERCIAL REAL ESTATE
Industrial/Distribution Centers
Consulting Engineers & Surveyors www.barryisett.com
Helping Clients Reach Real Estate Development Goals Since 1977 Environmental Assessments Condition Assessments Surveys • Site Design • Permitting Traffic Studies • Highway Design Landscape Design • Structural Design Mechanical, Electrical, Plumbing Design
Real Estate Sales, Appraisal & Property Management Warehouse, Manufacturing, Office & Storage Space | Hanover Township, Lehigh County
x ± 70,450 SF available & divisible to ±1,000 SF x 100% wet sprinkler system, industrial grade utilities and
extensive HVAC unit x Dock doors and covered parking x Adjacent to Lehigh Valley International Airport x Great proximity to Routes 22, 33, 476 and IͲ78 x Available for lease
1650 E. Race Street
Warehouse | Washington Township, Northampton County
Full-Service Engineers PA • NJ • MD Contact Francee Fuller Marketing Manager ffuller@barryisett.com
x ± 24,000 SF building on 4.25 acres x Building measures 120’ x 200’ x 10’Ͳ15’ ceiling heights, clear span x 12’ x 14’ overhead door x Available for sale or lease
CALL RYAN C. DIETRICK OR KELLY L. BERFIELD, 610.391.8888
455 American Bangor Road
610-398-0904 FOR ADDITIONAL INFORMATION REGARDING THESE PROPERTIES & MORE, PLEASE FEEL FREE TO CONTACT US!
ATTORNEYS AT LAW FITZPATRICK LENTZ & BUBBA, P.C. is proud to support
5100 W. Tilghman Street, Suite 320 | Allentown, PA 18104 | p: 610.391.8888 | f: 610.391.8830 | dietrickgroup.com
DIETRICK GROUP, LLC
BARRY ISETT & ASSOCIATES, INC.
COMMERCIAL REAL ESTATE Corporate, Business & Banking Real Estate, Land Use & Development
CREW Lehigh Valley
Litigation Estate Planning & Administration of Estates and Trusts Health Care Employment Law Bankruptcy
f itzpatrick L entz & B ubba
Elder Law
attorneys at law
Family Law
Celebrating more than 20 years as the Valley’s law firm of choice. 4001 SCHOOLHOUSE LANE • CENTER VALLEY, PA 18034-0219 STABLER CORPORATE CENTER • PHONE: 610.797.9000 • FAX: 610.797.6663
w w w. f l b l aw. c o m
403 W. UNION BLVD., BETHLEHEM, PA Located within a stone’s throw of Rte. 378 Center City Exit, former lighting ¿xture showroom. This 12,000 SF bldg. features on-site parking, great signage visibility, durable concrete block construction, ¿nished showroom area, and loading door in warehouse area.
Lease: $8.00 PSF Net (3) Sale Terms Offered
603 8TH ST., WHITEHALL, PA
11,526 SF building with 3,500 SF suite or an 8,000 SF suite available; single story concrete block, steel frame on 2.65 acre site, gas heat, central air, smoke detectors, sprinklered warehouse area, kitchen/ breakroom, private of¿ces, small conference room, loading dock can be reinstalled, ADA accessible, ample on site parking.
Lease and Sale Terms Offered
C Back Cover — June 10 - 23, 2011 — Pennsylvania — Mid
Atlantic Real Estate Journal
MAREjournal.com
QR CODE Use Your Smartphone to Scan the QR Codes for Property Specifics. R A I L AVA I L A B L E
Parcel 13, CenterPoint West., Pittston Twp. • 51.15 acre build-to-suit site • Can fit up to 507,600 SF • Graded, NPDES permit in hand • 10-year tax abatement
1104 North Park Drive., Hazle Twp. • 410,000 SF to 615,000 SF • 31’10” to 36’6” clear ceiling • 46 loading doors, 1 drive-in • Tax abatement through 2017
61 Green Mountain Rd., East Union Twp. • 408,200 SF to 648,200 SF • 30’9” to 36’6” clear ceiling • 32 loading doors (cross-docked) • Tax abatement through 2017
1200 E. Lackawanna Ave., Olyphant, PA
400-450 CenterPoint Blvd., Jenkins Twp.
180 Welles St., Forty Fort Borough • 30,000 SF to 120,000 SF • 16’ to 26’ clear ceilings • 18 loading doors • On site trailer storage
7A Enterprise Way., Pittston Twp.
• 99,200 SF to 198,400 SF • 33’ to 36’7” clear ceiling • 26 loading doors, 1 drive-in • 10-year tax abatement
320-330 Stewart Rd., Hanover Twp. • 108,000 SF (expandable) • 30’clear ceiling • 20 doors, 1 drive-in • 8,000 SF office
350 N. Pennsylvania Ave., Wilkes-Barre
240-258 Armstrong Rd., Jenkins Twp.
1110 Hanover St., Sugar Notch Boro.
• 11,824 SF to 64,848 SF • 12’ to 26’ clear ceiling • Doors and drive-ins • Very affordable rents
• 12,361 SF to 58,713 SF • 30’clear ceiling • 8 loading doors • Property tax abatement
• 10,046 SF to 48,561 SF • 30’ to 33’6” clear ceiling • 8 loading doors • 2,340 SF & 6,703 SF offices
5-11 Elmwood Rd., Wright Twp.. • 40,153 SF • 30’2” to 33’ clear ceiling • 14 loading doors, 1 drive-in • 3,190 SF main office
400 Stewart Rd., Hanover Twp. • 53,040 SF office/flex bldg. • 41,790 SF on 1st floor • 8,360 SF on mezzanine • Parking for 238 +
275-285 CenterPoint Blvd., Jenkins Twp. • 37,329 SF • 33’4” to 36’8” clear ceiling • 6 loading doors • Property tax abatement
100-144 CenterPoint Blvd., Jenkins Twp.
145-173 CenterPoint Blvd., Jenkins Twp.
• 28,305 SF • 30’1” to 34’3” clear ceiling • 6 loading doors, 2 drive-ins • Property tax abatement
• 18,083 SF • 30’6” to 33’6” clear ceiling • 3 loading doors, 4,774 SF office • Property tax abatement
155 Stewart Rd., Hanover Twp. •15,063 SF • 20’6” to 23’1” clear ceiling • 3 loading doors • 1,840 SF office
1072 Hanover St., Hanover Twp. • 5,014 SF to 13,789 SF • 26’2” to 28’8” clear ceiling • 3 loading doors, 1 drive-in • 3,400 SF office
195 Research Dr., Jenkins Twp. • 6,631 SF to13,659 SF • 29’11” to 33’6” clear ceiling • 2 loading doors • Property tax abatement
190 Welles St., Forty Fort Borough • 2,245 to 17,316 SF offices • Class A finishes • Excellent medical space • Large parking lot
• 6,427 SF to 108,939 SF • 30’ to 33’ clear ceiling • 16 loading doors, 1 drive-in • 10-year tax abatement
• 365,114 SF to 505,686 SF • 42’ clear ceiling • 20 loading doors, 1 drive-in • 8” concrete floor
For more information contact Bob Besecker ) Jim Hilsher ) Bill Jones ) Dan Walsh 570.823.1100 660 Baltimore Dr., Plains Twp. • 4,000 SF to 10,431 SF office • Class A finishes • Reliable power, telecom • Large parking lot
225 Stewart Rd., Hanover Twp. • 8,523 SF office • Former training center • Classrooms, conf. rooms • Large parking lot
www.mericle.com Developing Pennsylvania’s I-81 Corridor since 1985.