6-22-12

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

Volume 24 Issue 12 June 22 - July 12, 2012

ISSUE HIGHLIGHTS Max Spann to auction Princeton Technology Ctr.

4-5A LCOR breaks ground at Aurora

Multifamily & commercial properties throughout PA & NJ

Meridian Capital Group negotiates $77.3 million in financing

P

HILADELPHIA, PA — Meridian Capital Group, LLC, a national commercial real estate finance and advisory firm, announced the following transactions: Meridian negotiated a new mortgage in the amount of $29 million on the 2100 Parkway Apartments, a 124-unit luxury multifamily building located one block from historic Logan Square in Philadelphia. The loan features a rate of 4.00% and a seven-year term. David Fisher and Scott Jackson negotiated the transaction.

A new mortgage of $25 million was placed by Meridian on the Greenbriar Club Apartments, a 346-unit, three-story multifamily complex in Philadelphia.

The 20-acre property consists of nine, all brick buildings

2100 Parkway Apartments and 11,500 s/f of street level commercial space. The loan features a rate of 3.88% and a 10-year term. David Fisher and

Scott Jackson negotiated the transaction.

A mortgage of $12.5 million was placed by Meridian on a

44,000 s/f office and retail building located at 80 River Street in Hoboken, NJ. The loan features a rate of 4.25% and a seven-year term. Emil DePasquale negotiated the transaction.

Meridian negotiated a mortgage in the amount of $6 million on the East Mountain Apartments, a 188-unit, two-story garden apartment complex in Wilkes-Barre, PA. The loan features a rate of 4.10% and a 10-year term. Russ Drebin negotiated the transaction.

A mortgage of $4.75 million was placed by Meridian on Alpine Village, a 132-unit, two-story garden apartment complex in Sussex, NJ. The loan features a rate of 3.95% and a seven-year term. Israel Schubert and David Cohen negotiated the transaction. ■

For Careers in solar/energy technology, engineering and sustainability

Solar project at MCCC to foster opportunities in the solar industry for students

6B

WEST WINDSOR, NJ — An innovative solar project of the Mercer County Improvement Authority (MCIA) to be installed on the West Windsor Campus of Mercer County Community College (MCCC) will foster academic opportunities for students interested in pursuing careers in solar/energy technology, engineering, sustainability, and other programs.

The energy output of the

Directory

Auction News/Directory ............... 4-5A Owners, Developers & Managers.. 7-28A Green Buildings ........................ 15-21A Shopping Centers ..................... 29-44A Calendar of Events ......................... 45A Mid Year Review .................... Section B

Upcoming Spotlight

Brokerage Directory — July 27th www.marejournal.com

Mercer County Community College Campus 8-megawatt solar project will for a world that is moving further provide real-time data that away from expensive, dirty fossil will enable students to conduct fuels and closer to clean, renewcross-disciplinary studies of the able sources of energy.” benefits of alternative energy In addition, the system will and sustainability. benefit students by allowing the “We are excited about the college to re-channel savings on multiple ways in which this solar energy costs, among the college’s project will foster academic op- highest operating expenses, portunities for MCCC students,” back into college programs and said Dr. Guy Generals, vice presi- services that were cut because dent for academic affairs. “Such of budget constraints. learning opportunities will break The ground-mounted solar new ground in community college array will offset approximately education, preparing students 70 percent of the college’s West

Windsor Campus annual electricity usage, saving about $750,000 annually on electricity costs. The project will be built on 45 acres within a 67-acre parcel of currently undeveloped land owned by the college on the east side of the campus.

The ownership of the project has been structured as a leasepurchase agreement. The title owner is the MCIA; the MCIA and MCCC have entered into a 15-year lease with SunLight General Mercer Solar, which will offer energy from the project to MCCC at a discounted rate of 3 cents per kilowatt-hour, compared to the 14 cents per kilowatt-hour the college currently pays to its local utility.

The lease transfers all burdens and benefits of ownership to SunLight General Mercer Solar, including the right to sell energy to the College. The educational benefits offered by the project are especially important in New Jersey, which is the second largest solar market in the nation after California and one of the 10 largest in the world, according to the NJ Board of Public Utilities. ■

Inside Cover A — June 22 - July 12, 2012 — Mid

Atlantic Real Estate Journal

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NEW BOOKS FROM

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AND ORDER THESE AND OTHER TITLES FROM EARTHSCAN AND OTHER PUBLISHERS FROM THE:

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

Mid Atlantic Real Estate Journal — June 22 - July 12, 2012 — 1A

www.marejournal.com

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For Leasing Information Please Contact:

John G. Osborne, Executive Director, Leasing, 732-855-8600 x 115 Kelly Ziegenfuss, Assistant Director, Leasing & Marketing, 732-855-8600 x 109

2A — June 22 - July 12, 2012 — Mid

MAREJ

Atlantic Real Estate Journal

www.marejournal.com

Mid Atlantic

Mid Atlantic REAL ESTATE JOURNAL

Real Estate Journal

ADVERTISERS DIRECTORY

Publisher ............................................................................Linda Christman Co-Publisher .........................................................................Joe Christman Section Publisher ..............................................................Michael Campisi

Aldo Design Group ............................................................ 8A

Section Publisher ................................................................ Elaine Fanning

American Boiler .............................................................. 18A

Senior Editor/Graphic Artist ................................................ Karen Vachon Production Assistant ........................................................ Rachel Rugman

Associated Builders and Contractors, Inc. .................... 27A

Office Manager ...................................................................Joanne Gavaza

Auction Directory .............................................................. 5A

Editorial Consultant ............................................................. Ben Summers

Bergman Real Estate ........................................................ 1A Brahney ........................................................................... 12A Capitol Aerials ................................................................. 16A

Guest Columnist ................................................................ Joseph Langan

By Joseph Langan

Mid Atlantic REAL ESTATE JOURNAL ~ Published Semi-Monthly

Why now is the time to upgrade your business space

P.O. Box 26 Accord, MA 02018 (Mail) 312 Market Street, Rockland, MA 02370 (Overnight) Periodicals postage paid at Rockland, Massachusetts and additional mailing offices

Cervelli Management Corporation................................... 9B City Avenue ..................................................................... 13B Coldwell Banker Commercial Bennett Williams........... 37A CMC ................................................................................... 1B Cooper Roofing Inc. ........................................................... 9A Crystal Window & Door Systems, LTD.......................... 19A Deerwood Real Estate Capital ......................................... 4B Earth Engineering Incorporated .................................... 37A Exchange Solutions ........................................................IC-B Fitzpatrick Lentz & Bubba ............................................... 8B Fix Asphalt ...................................................................... 12A Fowler .............................................................................. 28A Franchise World .............................................................. 34A Gilbeaux Associates, P.C ................................................. 16A Haftek CWS..................................................................... 22A Halpert............................................................................... 2A Hutchinson Mechanical Services ................................... 17A Integrated Business Systems ............................... 10, IBC-A LandmarkJCM .................................................................. 3B Lebanon Valley Economic Development Corporation ..... 2B Linowes and Blocher LLP................................................. 6B M. Miller & Son ................................................................. 3A Marcus & Milichap ......................................................... 14B Max Spann Real Estate & Auction Co. ............................ 5A Meridian Capital Group, LLC ............................... 3A, BC-B Metis .................................................................................. 7B Motley ................................................................................ 4A

Postmaster send address change to:

I

n the business world, events sometimes conspire to provide a window of opportunity for a particular endeavor. Those who seize the day will prosper, while those who fail to take advantage of the opportunity will be forced to act when the time is not as propitious or sit on the sidelines to await the next opportunity.

That time is now for businesses interested in giving their shabby or outdated office or industrial space a facelift by renovating the space that they now occupy, adding onto their existing space, consolidating offices or moving to a better location.

The recent uptick in the economy means that many companies now have the cash to undertake a corporate fitout, but, with the commercial real estate market and the construction industry still lagging behind the overall economy in terms of recovery, such fit-outs can be achieved at a considerable savings.

Mid Atlantic Real Estate Journal, P.O. Box 26, Accord, MA 02018 USPS #22-358 | Vol. 24 Issue 12 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

In short, we’re talking about bargains. Though commercial leasing activity is picking up, commercial real estate still remains a buyer’s market. Companies interested in expanding or relocating can get sweetheart deals with landlords that often include concessions such as several months’ free rent or allowances for interior renovations.

At the same time, the continuing slump in the construction industry means that companies can obtain goods and services, including everything from carpeting to plumbing services, at

MILLBURN, NJ Downtown Millburn Retail 284 Millburn Ave.

New Jersey Smart Start Buildings ................................ 11A

Prime Downtown Location

NJ Paving ........................................................................ 14A

End Cap Unit

NorthMarq......................................................................... 6A

Millburn Train Station One Block Away

Poskanzer Skott Architects ............................................ 13A Ray Angelini, Inc. ............................................................ 16A RCX .................................................................................. 21A RD Management LLC .............................................30A, 31A RE/MAX of Reading .......................................................... 3A Riker Danzig ..................................................................... 7B Shah Electric & Builder, Inc............................................. 6A THe Aztec Corporation ................................................... 11B

Center of Lifestyle Community Dedicated Parking 100 Parking Spots Affluent Market Area

Red Mango

Neighboring Tenants PNC Bank

193,729

Chase Bank

Annie Sez

144,394

Trader Joes

Starbucks

Valley National Bank

Petsmart

Demographics 1 Mile 12,203

3 Miles 107,160

5 Miles 401,555

Daytime Pop.

11,532

75,532

Vantage Landscaping Inc. ........................................8A, 22A

Households

4,661

39,283

WithumSmith+Brown, PC .............................................. 12B

Avg. HH. Income

$149,783

$132,708 $103,923

Thesing Companies ......................................................... 32A US Realty .......................................................................... 2B

6,000 sf for lease Join Bank of America | Just Salon & Spa Millburn Opitcal & Surgery

Population

The Kislak Company, Inc.................................................. 5B

cut-rate prices.

But these circumstances won’t last forever. While the level of corporate fit-out activity remained low through the end of 2011, it has picked up substantially in the first quarter of 2012, with the expectation being that it will pick up even more as the year progresses.

Indeed, many are calling 2012 a turnaround year.

And where there’s an increase in demand, an increase in prices can’t be far behind, which is why it’s important to act before the window of opContinued on page 46A

CVS

WP Realty ........................................................................ 39A

To advertise, call 1-800-584-1062

Inquire with owner 973-216-1300

Mid Atlantic Real Estate Journal — June 22 - July 12, 2012 — 3A

www.marejournal.com

MID ATLANTIC REAL ESTATE JOURNAL

They wrote the policy.

Hayum originates transaction for Meridian Capital Group

Beech Street Capital closes $16.87 million Fannie Mae Loan

We make sure they write the check.

B

ETHESDA, MD — Beech Street Capital, LLC has provided a $16.87 million Fannie Mae conventional loan for the refinance of Allerton Avenue, a 144unit apartment complex in the Bronx, New York. David Hayum originated the transaction for Meridian Capital Group, LLC, which was financed by Beech Street Capital as part of its correspondent relationship with Meridian. The borrower, new to Beech Street, purchased the property in 2008 and was facing an upcoming maturity date on their existing loan. Beech Street immediately responded, gathering the essential due diligence before application. “The borrower is definitely a convert,� states Hayum. “Beech Street demonstrated their resourcefulness and expertise.

Compared to other agency lenders, the experience was amazing.� Allerton Avenue represents three separate parcels, located within the Bronxdale neighborhood of the Bronx.

The property is situated steps from the Allerton Avenue 2 and 5 train stops, providing convenient access to Manhattan and its surrounding employment centers. Since acquisition, the

M. MILLER & SON Public Adjusters

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

Allerton Avenue, Bronx, New York borrower has invested over proposed apartment build$800,000 in capital improve- ings and manufactured home ments and the property is cur- communities throughout the rently over 96 percent occupied United States. with several rent-stabilized Beech Street is a Fannie Mae units. The fixed-rate loan has a DUS lender, a Freddie Mac seven-year term with 6.5 years Program Plus Seller Servicer, of yield maintenance and a 30- and an FHA MAP and LEAN year amortization. lender.

Beech Street Capital is a Founded in 1991, Meridian mortgage banking company Capital Group, LLC is one of engaged in originating, under- the nation’s largest commercial writing, closing, and servic- real estate finance and advisory ing high-quality multifamily firms. Meridian is headquarmortgage loans for existing and tered in NY. â–

RARE DEVELOPMENT OPPORTUNITY $4.5 Million ∙ 33 Acres

Recent Financings Arranged By Meridian Capital Group

Hunters Glen 1,124 Units

Steward’s Crossing 241 Units

$49,000,000

$27,200,000

Delran, NJ

Princeton, NJ

West Creek Village 306 Units

Woods at Narraticon 150 Units

$16,000,000

$16,950,000

Elkton, MD

Deptford, NJ

1

d ove r p -Ap Pre For More Information Please Contact:

3801 Penn Ave Sinking Spring, PA

The subject property located in Sinking Spring PA (just minutes from Reading, PA) is 33 acres of land and is pre-approved for a three story, 55+, independent living facility Eddy Peng, CCIM, CIPS with 130 units and 20 more in the future, and RE/MAX of Reading 80 townhouse units. Ready to develop.

Office: (610) 670-2770 x3078 Public Water & sewer.

Cell: (610) 223-0567 Email: EddyPeng2@verizon.net

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4A — June 22 - July 12, 2012 — Mid

Atlantic Real Estate Journal

www.marejournal.com

MID ATLANTIC REAL ESTATE JOURNAL AUCTIONS 57,280 s/f class A office building located within Princeton-Rutgers Research Corridor

Max Spann Real Estate & Auction Co. to sell The Princeton Technology Center

S

OUTH BRUNSWICK, NJ — The Princeton Technology Center, a class A office building located within the Route 1 “Princeton-Rutgers Research Corridor,” is being put on the auction block in July.

Max Spann Real Estate & Auction Co., a national auction house, is auctioning the 57,280 s/f, single-story building situated on an 8.5 acre campus on July 12 at 11 a.m. at Crowne Plaza, 390 Forsgate Drive, Monroe Twp., NJ. The minimum bid is $1.75 million. The property had previously been listed for $6.9 million.

The Princeton Technology Center

AUCTION

ABSOLUTE

FORECLOSURE

1

67,900± SF WAREHOUSE

2

56,250± SF WAREHOUSE

APPROVED FOR 90 APARTMENT UNITS APPROVED FOR 89 APARTMENT UNITS Located in Scotts Addition Historic District, Eligible for Tax Credits & Tax Abatement, Walking Distance to Shopping, Dining & Entertainment, Convenient to VCU, I-64, I-95 & I-195 PROPERTY TOUR: WED, 6/27 @ 10AM SALE HELD: WITH LIVE & ONLINE BIDDING 3031 Norfolk Street Richmond, VA 23230

TUES., 7/10 @ 2PM

“Investors should not miss this once-in-a-lifetime opportunity to purchase this strategically located campus in the Princeton office market, easily accessible from both New York and Philadelphia,” — Max Spann “Investors should not miss this once-in-a-lifetime opportunity to purchase this strategically located campus in the Princeton office market, easily accessible from both New York and Philadelphia,” said Max Spann, president and CEO of the firm.

Max Spann has scheduled property previews from noon to 2 p.m. Thursday, June 28.

The facility has state-ofthe-art telecommunications infrastructure, electrical, mechanical and HVAC systems.

The parking lot can accommodate 285 cars. The Technology Center is located next to the Bloomberg Technology Campus within the “Princeton-Rutgers Research Corridor,” which serves as a biotech-pharmaceutical hotbed. It is close to world-class restaurants, shopping, hotels, conference centers, and the Princeton University Forrestal Campus.

Spann said the campus is perfect for a growing company in involved in research and development, pharmaceuticals or technology. The property is large enough to accommodate an expansion of the building and parking lot. Investors can also subdivide the building for multiple tenants.

“For a growing company looking to tap into the highly skilled, highly educated labor market of Central Jersey, the location can’t be beat,” Spann said. ■

Mid Atlantic Real Estate Journal — June 22 - July 12, 2012 — 5A

www.marejournal.com

MID ATLANTIC REAL ESTATE JOURNAL AUCTIONS

AUCTION

PLACE YOUR BUSINESS CARD IN OUR AUCTION DIRECTORY TODAY!

Min

i

m 1.7 Bid um Pre 5 m vio ill u $ 6.9 sly A ion m sk $

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COMPANIES SPECIALIZING IN COMMERCIAL/INDUSTRIAL REAL ESTATE CAN PROMOTE THEIR COMPANY AND ITS SERVICES IN OUR TWICE MONTHLY DIRECTORY

57,280+/- SQ FT CLASS A OFFICE BUILDING Princeton-Rutgers Research Corridor t BDSFT t QBSLJOH TQBDFT t .JOVUFT UP /+ 5VSOQJLF &YJU " t 'PSNFS UFMFDPN DBMM DUS XJUI TUBUF PG UIF BSU DPNNVOJDBUJPOT JOGSBTUSVDUVSF

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888-299-1438

WWW. MAXSPANN. COM

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DE, PA, NJ

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Richard G. Warner, President

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Website: www.WarnerRealtors.com

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6A — June 22 - July 12, 2012 — Mid

Atlantic Real Estate Journal

GENERAL CONSTRUCTION

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MID ATLANTIC REAL ESTATE JOURNAL VP Walsh coordinates lease with CBRE’s Bleiler

Commercial • Industrial • Residential HVAC • NETWORK • SOLAR PANEL INSTALLATION • SECURITY • CAMERA • SWIMMING POOL GROUNDING • FIREALARM INSPECTION & INSTALLATION

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YOU are invited to PARTICIPATE IN in THE MID ATLANTIC REAL ESTATE JOURNAL !!!

BROKERAGE DIRECTORY JULY 27 TH ISSUE deadline July 18 TH COMMERCIAL REAL ESTATE LAW AUGUST 31ST ISSUE deadline August 22ND FALL PREVIEW SEPTEMBER 28TH ISSUE deadline September 19TH If you would like to submit articles or news to appear in the Mid Atlantic Real Estate Journal, please contact:

Linda Christman 800-584-1062 x 203 or email Linda at: lchristman@marejournal.com ADVERTISE TODAY! CALL 800-584-1062 www.marejournal.com

Mericle adds Herndon Products and LOGZONE

T

HROOP, PA — A team made up of Herndon Products and LOGZONE will create 16 new jobs in Throop Borough.

The companies will serve the Tobyhanna Army Depot in 20,000 s/f of industrial space leased from Mericle Commercial Real Estate Services at 19 Bert Collins Dr. in Keystone Industrial Park.

Herndon Products recently received a prime contract award from the Defense Logistics Agency, Land and Maritime operations to manage the Industrial Product-Support Vendor (IPV) Program at the Depot.

Herndon Products was selected as the best value solution, resulting from a 14-month evaluation in an unrestricted competitive procurement among major defense contractors. The contract was appropriated as part of the Fiscal 2012 Defense Working Capital Funds, with a funding limit of $56 million.

The contract, inclusive of all options, extends into 2017.

“On behalf of the Herndon Products team, we look forward to being part of the Scranton business community in sup-

19 Bert Collins Drive in Keystone Industrial Park port of Tobyhanna,” said Scott Herndon, president and CEO of Herndon Products. “It has been an easy transition so far with Mericle truly leaning forward into this new relationship to help us support our mission for the depot. Their group was extremely accommodating of our needs and moved swiftly and professionally.”

The Tobyhanna contract will increase Herndon Products’ managed warehouse footprint by 50% in Pennsylvania, bringing the investment in an eastern distribution network to 65,000 s/f and just fewer than 40 employees.

Mericle vice president Dan Walsh coordinated the lease transaction with real estate broker Sean Bleiler of CBRE’s Allentown office. Walsh said Mericle was able to meet Hern-

don Products’ short timetable for occupying and modifying modern industrial space with quick access to the Depot.

“Fortunately, because we are a vertically integrated company, we were able to use our own in-house construction resources to immediately identify the right space and then make the necessary modifications to meet Herndon’s expedited time frame for occupancy,” said Walsh.

“We are excited to welcome the Herndon Products – LOGZONE team to Northeastern Pennsylvania,” stated Austin Burke, president, The Greater Scranton Chamber of Commerce. “Tobyhanna Army Depot, one of our region’s largest technology employers, is joined by another outstanding firm creating jobs locally.” ■

Success is a done deal. $13,600,000

$4,900,000

OFFICE - 123,400 SF | TOWSON, MD

4 RETAIL PAD SITES | BALTIMORE, MD

L E N D E R : L I F E C O M PA N Y

L E N D E R : L I F E C O M PA N Y

Fairmount Place II

Martin Plaza

Capital Markets 33 offices coast-to-coast BALTIMORE OFFICE 410.296.6565

northmarq.com JOE BURKE | NANCY FERRELL | BILL LIBERCCI

OWNERS, DEVELOPERS & MANAGERS Mid Atlantic Real Estate Journal — June 22 - July 12, 2012 — 7A

www.marejournal.com

442-unit class A community funded through Fannie Mae

Multifamily properties located in NJ

Grandbridge closes $121m acquisition financing

NorthMarq arranges $24.482m in mortgages for 315 units

A

RLINGTON, VA — The Washington, D.C. production office of Grandbridge Real Estate Capital recently originated and closed a $121.13 million first mortgage loan secured by The Buchanan, a 442-unit class A residential community located in Arlington.

Funded through Fannie Mae’s Delegated Underwriting and Servicing (DUS) MBS loan product, the acquisition financing was originated by Grandbridge senior vice presidents Paul Aanonsen and Jack Bauer. The seven-year fixed rate mortgage features a 30year amortization and closed with an interest rate of 3.89 percent.

The 13-story high rise is comprised of 442 multifamily units with commercial retail and office space on the first

Hamiltonian Gardens and Meadowbrook Gardens

The Buchanan floor. The property features a mix of studio, one-, two- and three-bedroom units as well as

eight retail spaces and one office space on the first floor and underground parking. ■

Cushman & Wakefield and Grant Street Associates release plans for 90,000 s/f office building Gilbert Manor Apartments

McCandless Corporate Center PITTSBURGH, PA — Cushman & Wakefield and Grant Street Associates have released plans for a 90,000 s/f office building to be constructed on the final lot at McCandless Corporate Center, a 322,000 s/f office complex.

The Grant Street Associates leasing team of Gary Roberson and Rob Geiger has leased more than 100,000 s/f in the complex over the past two years. In response to this success, Zell Two, the owner of the complex, is investigating moving forward with a fifth building.

Construction of the new building will begin upon the lease commitment of an anchor tenant and should take approximately 18 months to complete. ■

PARSIPPANY, NJ — Gary Cohen, senior VP and senior director of NorthMarq’s North NJ Regional o f f i c e , a rranged combined first mortgage acquisition financing of $15.75 milGary Cohen lion for two market-rate multifamily properties located in Central New Jersey. These two properties contain a combined total of 207 units.

Hamiltonian Gardens, located on Warrenville Rd. in Middlesex County, contains 140 units and was financed at $10.65 million.

Meadowbrook Gardens, located on Pompton Ave. in Cedar Grove, contains 67 units and was financed at $5.1 million.

Financing for both properties was based on a 5-year term and a 30-year amortization schedule and was

arranged for the borrower, Frieman Realty, by NorthMarq through its relationship with a regional bank.

In other news, Robert Ranieri, senior VP/ managing director Robert Ranieri o f N o r t h Marq’s East Regional office arranged first mortgage refinancing of $8.732 million for Gilbert Manor Apartments located at 269-297 Liberty Street in Little Ferry.

The asset is an affordable housing property containing 108 multifamily units.

Financing was based on a 7-year term with two years interest only then a 30-year amortization schedule and was arranged for the borrower, Gilbert Manor LLC,

by NorthMarq through its seller-servicer relationship with Freddie Mac. ■

8A — June 22 - July 12, 2012 — Owners, Developers & Managers — Mid

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Architects & Engineers Promote your company, projects and expertise in MAREJ’s annual

Spotlight

Publication July 27, 2012 Deadline July 13, 2012

Contact: Michael Campisi for more information 800-584-1062 x208 mcampisi@marejournal.com

Atlantic Real Estate Journal

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OWNERS, DEVELOPERS & MANAGERS

By F. Joshua Millman, AIA, CFM, LEED-AP, FP+A

It has become all about risk management

W

e always answer phone calls from lawyers with some trepidation.

Recent calls represent new business opportunities, good news rather than bad news: • One has F. Joshua Millman a client about to purchase a multi-tenant building. The tenants’ leases indicate that the landlord will maintain and replace as required the existing HVAC system. What is the condition of the HVAC system, and when is it likely to require replacement and at what cost?

• Another’s client is purchasing an historic bed-andbreakfast. They need an estimate on the cost of immediate repairs for the facility and likely capital replacement costs of major systems over the next 5 years, in order to calculate what purchase price will make the pro forma work. Same approach this lawyer ’s clients use when about to purchase a previously owned home.

• A third attorney’s client has a right-to-purchase clause in their long term lease based on a price derived from a third party appraisal.

Their strategy is to identify both the building’s deficiencies and the items that do not conform to current building and accessibility codes.

These items would need to be addressed by any buyer in developing a purchase price, and must be considered by the appraisal.

Each of these cases repre-

sent a new standard of care the buyer is taking before proceeding with purchases at prices they believe have bottomed out. Note that this level of due diligence has not been the direct result of a bank’s requirements (such as the required Phase I Environmental Assessment).

Still, all parties (including the mortgage lender) are feeling more protected by having had an architect and engineers doing a walk through, writing a report, and having their professional E&O insurance standing behind the assessment.

This approach to building acquisition is not restricted to traditional building purchase contracts. Similar facility review engagements are becoming more common for leases, especially if the leases are triple net and/or long term.

Such lease contracts bear many of the risks associated with a purchase. Indeed, purchase or lease, it is all about risk management, moving beyond the position of not knowing what you don’t know. Such risk assessments traditionally requires three elements of its provider: professional credentials (education and licensure or certification), experience, and a standard operation procedure (SOP). This SOP is best if it is an industry-recognized standard, promulgated from an industry-recognized institute. As it happens, the American Society for Testing Materials has a standard procedure, ASTM E2018-08, that sets out a full procedure to do, what is called in the parlance, a facility condition

assessment. This standard is extremely detailed, and can look very much like the sledge hammer for a requirement that could be solved with a tool that is less weighty, and possibly more precise.

As an alternative, we have developed a more cost effective, multi-tiered approach that offers an depth of assessment appropriate to a client’s particular needs: • Tier 1, a quick walk through of a site, noting whether its deficiencies should keep it on the prospect list.

• Tier 2, a review of major systems, akin to the standard home inspection.

• Tier 3, an inspection meeting ASTM E2018-08, ideal for identifying facility risks that will impact business operations.

To these we have added a Tier 4, that includes an energy audit and identifies actions that could be taken to allow the building to operate more cost effectively, representing acceptable returns on investment in lowering facility-related overhead and energy costs.

That is the true nadir of risk management: acquiring a facility that you can run more effectively (and less expensively) than the current owner. Pretty much the approach corporations use in buying other companies, just applying it to the real estate market.

F. Joshua Millman, AIA, NCARB, CFM, LEED AP is a principal at Facilities Planners + Architects, Inc. ■

Mid Atlantic Real Estate Journal — Owners, Developers & Managers — June 22 - July 12, 2012 — 9A

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10A — June 22 - July 12, 2012 — Owners, Developers & Managers — Mid

Atlantic Real Estate Journal

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OWNERS, DEVELOPERS & MANAGERS Redesign introduces MyIBS, a proprietary client portal

Social media connections highlight IBS website

T

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OTOWA, NJ — A new proprietary support portal is among the highlights of Integrated Business Systems’ (IBS) redesigned corporate website, which went live this month. The 32-yearold boutique firm develops and supports high-quality property management and accounting software for the commercial real estate community, and offers network and design support for companies in diverse industries.

Mike Mullin, IBS president, noted that the redesign goals centered on increased func-

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tionality and enhanced communication capabilities, while incorporating a sleek new look and easy navigation. “We are a technology firm, which in a ‘cobblers children have no shoes’ vein means that our own website was in significant need of an update,” he said. “To our advantage, because we are a tech company we were able to leverage a number of newer innovations to add real value for our clients.”

To that end, the new website design introduces MyIBS, a proprietary client portal. It allows IBS system and network services customers to create and monitor support tickets, and manage their company profile and contact information – all online, with a link from the ibsre.com home page. It is available at no additional charge to IBS customers with active support agreements.

“In short, MyIBS is another, fully automated option for initiating and managing support inquiries,” said Dawn Bernstel, director of customer care. “Already, clients can email, call or fax depending on what type of support they want and need. In addition to its convenience, the MyIBS portal allows clients to track the progress of their ticket online. They receive email updates every time a ticket is updated and also can open the ticket themselves and add comments. Other users can log in and see that an issue already has been reported and is being addressed. This full visibility is what our beta testers said they like best.”

Mullin noted that in addition to MyIBS, the new design features enhanced social media connections. Website visitors can connect with IBS in social media environments directly from the home page. ■

www.marejournal.com

Mid Atlantic Real Estate Journal — Owners, Developers & Managers — June 22 - July 12, 2012 — 11A

OWNERS, DEVELOPERS & MANAGERS

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12A — June 22 - July 12, 2012 — Owners, Developers & Managers — Mid

MAREJ’s Spotlight on Multifamily Financing We are inviting a select group of top

FINANCIAL SPECIALISTS to write an expert article about the current state of the investment market. These experts will enlighten our readers on current issues, challenges and obstacles multifamily investors face when working with the commercial market.

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OWNERS, DEVELOPERS & MANAGERS For Voltaix in Portland, PA

Jacobs/Wyper Architects designs $14 million facility

P

ORTLAND, PA — Jac o b s / Wy p e r A r c h i tects, LLP completed a 29,000 s/f manufacturing headquarters for Voltaix.

Located on 25 acres, the high hazardous facility, constructed at the cost of $14 million, features several buildings: a 4,000 s/f office administration building, a 7,000 s/f high hazard occupancy gas manufacturing building, a 7,500 s/f shipping and receiving building, and a 14,500 s/f outdoor storage space for exterior tanks and gas storage pads. ■

New high hazardous gas facility for Voltaix in Portland, PA

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ATLANTIC CITY, NJ — Tishman Construction Corporation completed Revel, a $2.4-billion beachfront destination, six weeks early.

Tishman was contracted to provide construction management services for this 20-acre, 47-story resort and despite a pause in construction, turned over 6.3 million s/f of space in time for the hotel’s preview.

“Our team was ready to go as soon as our client gave the go-ahead,” said John Livingston, president of Tishman Construction and chief executive of AECOM’s construction services practice.

“As a result, we were able to bring the project from core and shell to fit out in just over 12 months; six weeks ahead of the original schedule.”

“When we got word that we could start building again, we worked closely with the client to determine what needed to be done to get back on track,” said Ed Cettina, Tishman COO for New Jersey and Pennsylvania. “Because we were working with a knowledgeable and skilled client, and very talented subs and consultants, the team was able to pull together to get the job done — not just on time, but early.”

Tishman managed the construction for the project, which includes 1,898 guest rooms, a 130,000 s/f casino, a performance space, retail spaces, restaurants, spa, indoor and outdoor pools, a four-story nightclub, and meeting space. Also included is 250,000 s/f of back-of-house function space and a 50,000 s/f warehouse. ■

www.marejournal.com

OWNERS, DEVELOPERS & MANAGERS One-million s/f development in Fort Lee, NJ

Tucker Development receives site plan approval

F

ORT LEE, NJ — Tucker Development Corporation announced that Hudson Lights, a mixed-use development planned for more than eight acres has received site plan approval from the Fort Lee Borough Planning Board.

“We are pleased to have secured approval to move forward with this state-of-the-art, mixed-use development that is a key part of the dynamic and transformative plans for this Gold Coast community,” said Richard Tucker, pPresident and CEO of Tucker Development. “We collaborated with the Borough of Fort Lee, and we thank Mayor Sokilich, Planning Board Chairman Herbert Greenberg, and the entire Planning Board and their consultants for their thoughtful diligence in securing all necessary approvals for this exceptional development. We’ve worked to create a vibrant shop, dine and live quality environment; one of which, when completed, we will all be proud.”

Hudson Lights will feature 165,000 s/f of ground-level retail space, up to 477 residential units and options for a 175-room hotel and an office building.

River Drive Construction completes $2m renovation SECAUCUS, NJ — River Drive Construction Co. recently completed a $2 million renovation of The Children’s Place (TCP) national headquarters, located at 500 Plaza Dr. River Drive Construction served as general contractor for the project. The 28,000 s/f, single-phase renovation project included expanding the design department to the second floor to include open areas for the design team.

“We’re thrilled to announce another collaboration with The Children’s Place,” said Joseph Langan, president of River Drive. “We were able to work around the company’s working hours to finish the project on time, within budget and with minimal disruption to business operations. We look forward to starting work on the next project for The Children’s Place.” ■

e

Mid Atlantic Real Estate Journal — Owners, Developers & Managers — June 22 - July 12, 2012 — 13A

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14A — June 22 - July 12, 2012 — Owners, Developers & Managers — Mid

Atlantic Real Estate Journal

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OWNERS, DEVELOPERS & MANAGERS Collaborates with Marcus & Millichap’s Gambuzza our website to subscribe

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New Market Realty Group finalizes $10.25 million sale

N

ORTH BRUNSWICK, NJ — New Market Realty Group (NMRG) has announced the sale of Oak Leaf Village Apartments for the price of $10.25 million. The two story garden style, brick and frame complex was under the same ownership for more than twenty years.

Avi Oren, a partner at NMRG worked in collaboration with Nat Gambuzza, VP of investments of the New Jersey office of Marcus and Millichap to navigate many complex issues in order to bring the transaction to a successful closing.

Oak Leaf Village Apartments The property contains 184 an extensive reconstruction of apartments with parking for the property and have indicated 368 cars situated on a 16 acre that they would work with parcel. The layouts include 154 the town of North Brunswick one-bedroom apartments and investing together over $13 30 two-bedroom units. million in property improveThe new buyers are planning ments. ■

Boyle announces renovation of the Stock House in Bethlehem, PA

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BETHLEHEM, PA — Boyle Construction, Inc. is concluding construction on the historically-renovated Bethlehem Landing Visitor’s Center, housed in the original Bethlehem Steel Stock House. A first stop for tourists, the center offers visitor amenities, offices, and a view of the blast furnaces. The overall design retains the inherent character of the era of industrialism, and offers a prime example of adaptive reuse to Lehigh Valley tourists and heritage tourists alike.

The Stock House, built in 1863 for the old Bethlehem Iron Co., is the historic Bethlehem Steel site’s oldest remaining building. The original fieldstone-and-mortar exterior walls contain the two-level, 16,000 s/f interior.

An addition on the northwest corner adds an elevator and stairwell.

Boyle Construction is renovating the Stock House to historical standards. All exterior windows and doors are being recreated from 1909 Bethlehem Steel drawings, and only historically-appropriate materials (such as hydraulic lime mortar vs. Portland-type cement) are being used. Joe Klocek, Boyle project engineer, said, “The Stock House project has given us an opportunity to help preserve our local history stone-by-stone.

To be completely accurate to the original, many of the window arches and doorways have been painstakingly deconstructed, then rebuilt by the stonemasons.” ■

GREEN BUILDINGS NJPA Mid Atlantic Real Estate Journal — Green Buildings — June 22 - July 12, 2012 — 15A

www.marejournal.com

The Center for Lifelong Learning

First New Jersey public school to be recognized for achieving LEED Platinum Certification

S

OMERVILLE, NJ — The Center for Lifelong Learning (CLL) in Sayreville, NJ will be honored by the Washington, D.C. based US Green Building Council (USGBC) as a result of becoming the first New Jersey public school to reach the national organization’s LEED Platinum level, the highest of four LEED certification levels.

LEED is the nation’s preeminent program for the design, construction and operation of high performance green buildings.

The USGBC’s New Jersey Chapter executive director Florence Block presented a glass sculpture to Middlesex Regional Educational Services Commission (MRESC) president Dale Caldwell at its Board of Directors meeting at the CLL, located at 333 Cheesequake Road.

The 85,000 s/f learning center, designed by USA Architects of Somerville, NJ, opened in 2009 and was officially designated as LEED Platinum certified last October by Rick Fedrizzi, USGBC’s president, CEO and Founding Chair, who cited the special needs school for its “pio-

The Center for Lifelong Learning, Sayreville, NJ neering example of sustainable design, and . . . its leadership in transforming the building industry.”

Speakers at the commemoration ceremony included Kennedy O’Brien, Mayor, Borough of Sayreville and Christopher Rafano, freeholder director, Middlesex County Board of Chosen Freeholders.

The environmental advocacy efforts of Block include increasing USGBC’s New Jersey Chapter’s statewide membership to nearly 1,000 organiza-

tions since becoming Executive Director in 2008. Block, whose youngest son was diagnosed with Autism, was among several “founding families” of the Somerset Hills Learning Institute in Gladstone.

According to Fedrizzi, the CLL’s final LEED rating reflected 58 documented and approved points, which corresponded to the Platinum Certification level under the LEED for Schools rating system.

Conservation efforts at the CLL range from recycling of

rainwater, control flow meters on appliances, white roofs to reduce heating and cooling costs, and drought tolerant landscaping such as wildflowers. Additionally, waste management during the building process, including separating asphalt, beverage containers, concrete, drywall and plastic into separate recycling containers, was another important initiative during construction.

MRESC Business Administrator/board secretary Patrick Moran, who supervised the

construction of the CLL, said the driving force behind MRESC’s adherence to the highest environmental standards was its commitment to build a school to best accommodate its 185 Autistic and Multiply Disabled students who range from three to 21 years old.

“We have a student population that is often more sensitive to toxins like formaldehyde and other contaminants,” said Moran. “Having the opportunity to build a green school was important because it ensures a healthy environment for all students and staff members.”

In addition to its environmentally friendly construction, MRESC Superintendent of Schools Mark Finkelstein said the CLL construction serves as an effective teaching tool for staff to use with students.

“The way the school was built, and the ongoing energy conservation efforts, are utilized to further strengthen our educational curriculum, particularly in the science area, in accordance with the New Jersey Core Curriculum Standards,” said Finkelstein. ■

Bergman Real Estate Group demonstrates commitment to reducing operating costs through EnergyStar Certification ISELIN, NJ — Bergman Real Estate Group announced that five buildings in its portfolio have earned the U.S. Environmental Protection Agency’s (EPA) EnergyStar certification.

The designation signifies that the buildings meet the high energy-efficiency performance levels set by the EPA, and perform in the top 25 percent of commercial buildings nationwide.

Introduced by the EPA in 1992 as a voluntary, market-based partnership designed to reduce greenhouse emissions through energy efficiency, the EnergyStar energy performance scale helps organizations assess how efficiently their buildings use energy relative to similar buildings nationwide. In order to receive EnergyStar certification, a building must score a minimum of 75 (on a scale of 1-100).

“We realize the importance

Jefferson Plaza Aerial The following Bergman propof doing everything possible to increase the energy efficiency of erties received EnergyStar our portfolio,” said Steven Berg- certification for the first time man, chief operating officer for in 2012: • 100 South Jefferson Road Bergman Real Estate Group. “In addition to playing a critical role in Whippany — one of the two in protecting our environment, three-story buildings comprising this commitment to energy ef- the 172,000 s/f Jefferson Plaza, ficiency aids in reducing oper- 100 South Jefferson. As part of ating costs, which translates to the effort to achieve EnergyStar savings for our tenants.” certification, Bergman worked

with energy management solutions provider GSH Group to install an energy management system.

• 25 B Vreeland Road in Florham Park — one of the twin, three-story atrium office buildings comprising Florham Park Corporate Center, 25 B Vreeland Road is a 113,000 s/f building that offers flexible floor plates with spaces ranging from 1,000 to 38,000 s/f.

• 45 Eisenhower Drive in Paramus — a five-story, class “A” office building comprised of 175,000 s/f of space, 45 Eisenhower Drive.

Additionally, the EPA renewed the scores of two Bergman properties that had previously earned EnergyStar certification: • Woodbridge Towers in Iselin — Located at 555 U.S Highway 1 South, Woodbridge Towers

is a four-story office building comprised of 85,000 s/f of space.

The building is fully sprinklered and alarmed, and features 24-hour card key access with closed-circuit video security, fiber optics and other high-speed telecommunications options, an on-site café, an on-site building manager and ample parking. As part of the effort to achieve EnergyStar certification, Bergman again worked with GSH Group to install an energy management system.

• Kalisa Park in Paramus — Located at 1 Kalisa Way, Kalisa Park is a four-story atrium office building comprised of 80,000 s/f of space. As part of the effort to achieve EnergyStar certification, Bergman worked with Emcore Corporation, a provider of systems for the fiber optics and solar power markets, to install energy efficient lighting. ■

16A — June 22 - July 12, 2012 — Green Buildings — Mid

Atlantic Real Estate Journal

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By Amy Farrell, Esq., Kaplin Stewart

Is Blue the new “Green?”

Blue Roofs gaining ground

B

y this point in time, it’s safe to say most people are somewhat familiar with many of the “green” construction technologies that have become de rigueur in today’s development cliAmy Farrell mate. A few years back, a developer looking to incorporate green technologies into a construction project could anticipate a certain level of push back from a municipality. (“You want to plant what on your roof?”). Today, municipalities are actively seeking to incorporate green technologies into their ordinances and – with each new iteration – the International Building Codes step ever closer to mandating a certain level of “green” in new construction projects. Add to that the newest stormwater regulations being discussed at state and federal levels – with their focus on eliminating stormwater discharge via mandatory low impact development, passive infiltration, and bio-filtration – and the message is clear: “green” is not going anywhere.

And, despite a lot of initial worry that the “green revolution” was going to generate a

flood of litigation as untested technologies failed and reality fell short of promises, by and

reation opportunities.

For most designers, contractors, and owners, holding

Blue roofs are steadily gaining ground as a creative way to address the ever-expanding plethora of stormwater mitigation requirements being imposed upon development projects. large, these new technologies have been incorporated into traditional construction projects without too much angst.

So, just as everyone was finally getting comfortable with “green,” along comes BLUE. Blue roofs are steadily gaining ground as a creative way to address the ever-expanding plethora of stormwater mitigation requirements being imposed upon development projects. So, what exactly is a blue roof? A “blue roof” is any rooftop system which collects and stores rainwater on the roof, for controlled release at some later point in time. Blue roof systems vary widely (cisterns, open storage on the roof surface, storage within a cellular system built into the roof decking…if you can imagine it, someone can design and construct it). In addition to mitigating runoff, blue roofs can also serve dual purposes by irrigating green roofs and other vegetation, cooling the building/reducing hvac loads, and providing rec-

standing water on a roof is usually something to be avoided rather than encouraged. So, the concept of intentionally encouraging roof-top water retention is bound to give a lot of those same folks pause. In a “new construction” setting, the design, installation – and all important assignment of liability should these systems fail – should be relatively easy to manage. However, where these systems are proposed for retrofit of existing buildings to help meet new stormwater regulations (think, for example, redevelopment of the myriad of largely vacant shopping centers and office buildings smattering the landscape), designers, contractors, and owners would be advised to tread carefully and purposefully, lest they find themselves on the wrong end of this tidal wave.

Amy Farrell, Esq. is a member of the Land Use, Zoning & Development group of Kaplin Stewart in Blue Bell, PA. ■

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Mid Atlantic Real Estate Journal — Green Buildings — June 22 - July 12, 2012 — 17A

www.marejournal.com

GREEN BUILDINGS Hutchinson Energy Services

Businesses save with Energy Service Companies

A

ccording to the National Association of Energy Service Companies (NASCO), an energy service comp a n y, o r ESCO, is a business that develops, installs and arrang- Ed Hutchinson es financing for projects designed to improve the energy efficiency and maintenance costs for facilities over an extended period of time.

Through the ESCO, businesses can take advantage of comprehensive, cost effective measures to achieve energy savings like: high efficiency lighting, high efficiency heating and air conditioning, efficient motors and variable speed drives, and centralized energy management systems. efficient services: • Energy Analysis • Comprehensive Energy Solutions • High Efficiency Lighting

• Solar • Building Automation And Controls • Mechanical Hvac Services • System Commissioning

How to Select an ESCO: Ed Hutchinson, president of Hutchinson, offers these tips on what to look for when selecting the ESCO. • What is the ESCO’s experience in offering comprehensive energy savings services?

• Is the ESCO accredited by the National Association of Energy Services Companies (NAESCO)?

• What is the experience of the ESCO personnel assigned to my project?

• What is the ESCO’s track record and ability to facilitate innovative financing options?

• How will the ESCO price the work?

• What processes do they follow to ensure I get the best value for my project?

Hutchinson is a third-generation family business and trades as Hutchinson Plumbing Heating Cooling, Hutchinson Mechanical Services, and Hutchinson Energy Services has specialized in commercial and residential mechanical and energy services since 1948. Hutchinson’s technicians are factory trained, NATE certified and are on-call 24/7 365 days a year. ■

The ESCO serves as project developers for various tasks and services, including: • Develop, design, and arrange financing for energy efficiency projects; • Install and maintain the energy efficient equipment involved; • Measure, monitor, and verify the project’s energy savings; and sometimes • Assumes the risk that the project will save the amount of energy guaranteed.

Through the ESCO, businesses can take advantage of comprehensive, cost effective measures to achieve energy savings like: high efficiency lighting, high efficiency heating and air conditioning, efficient motors and variable speed drives, and centralized energy management systems.

Typically, the ESCO handles financing arrangements for these energy efficient projects, and bundles services into the project’s cost, which are then repaid through the positive cash flow generated on energy savings.

In addition to the economic benefits realized by ESCO customers through energy and maintenance cost savings, this booming industry has had a profound effect on the U.S. economy. New jobs have been created, not only within the ESCOs, but though the use of contractors and through the many firms involved directly and indirectly in supporting energy efficiency projects.

Hutchinson Energy Services, a leading provider of commercial and residential mechanical and energy solutions, offers many energy

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18A — June 22 - July 12, 2012 — Green Buildings — Mid

Atlantic Real Estate Journal

www.marejournal.com

GREEN BUILDINGS Revitalization Efforts Advance in Hackensack, NJ

DMR Architects to redevelop the former Masonic Temple at 102 State St.

H

ACKENSACK, NJ — As the City of Hackensack awaits final approval of the City’s comprehensive Rehabilitation Plan, DMR Architects is progressing with other revitalization efforts within the d o w n t o w n Lloyd Rosenberg footprint. Led by Francis Reiner, PP, LLA, DMR is working with the City of Hackensack to redevelop a specific area within the 163 acre area in

need of rehabilitation, the former Masonic Temple at 102 State St. Constructed in 1870, the Masonic Temple was previously vacant, for sale and in arrears. In 2010, the City of Hackensack purchased the building and hired DMR to complete Phase 1 plans to convert the building into a Cultural and Performing Arts Center, and convert the adjacent parking lot into a public park with outdoor performance space to benefit the surrounding commercial and office spaces.

The building, which is near-

ing the completion of Phase 1 improvements, will open as a Cultural Arts Center. Phase 2 will renovate the second floor of the facility into a Performing Arts Center.

DMR is also completing plans to convert the adjacent parking lot into an outdoor park and performance area for the Cultural Arts Center.

When completed, the park will provide performance areas for spring and summer concerts, shaded outdoor space for lunch hours, an intimate garden and outdoor chess tables.

“DMR is proud of our work in Hackensack, and we look

forward to revitalizing the City into a vibrant center for thousands of residents, employees and visitors,” Lloyd Rosenberg, AIA, president and CEO said. “The Cultural and

USGBC offers affordable green neighborhoods grant program WASHINGTON, DC — A lack of affordable housing remains one of the most critical problems facing metropolitan regions across the country.

According to the National Low Income Housing Coalition, over 6.5 million low

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Performing Arts Center and Atlantic Street Park will support surrounding businesses and act as a catalyst of revitalization for the downtown area.” ■

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income families spend more than 50% of their incomes on housing and utility costs.

Further burdening low income families is the fact that less expensive housing is often located far from job centers and transit, which results in even higher costs for housing when transportation costs and increased vehicle miles traveled (VMT) are considered. LEED for Neighborhood Development (LEED-ND) encourages locations that reduce VMT and are proximate to jobs and services by foot or transit.

With reduced transportation costs and the option to walk or ride to work, school, or local services, LEED-ND projects with affordable housing can bring the environmental benefits such as green homes and infrastructure, health benefits such as walkable streets, economic benefits such as new jobs, and social benefits such as new parks and access to fresh food to low income and working families.

With generous support from the Bank of America Foundation, the U.S. Green Building Council (USGBC) is pleased to offer a grant program that recognizes affordable housing developers who are committed to building sustainable communities. The Affordable Green Neighborhoods Grant Program will award grants and provide educational resources to affordable housing developers and related public agencies who choose to pursue LEED 2009 for Neighborhood Development certification.

Preference will be given to qualifying projects that meet additional goals, including the redevelopment of infill and previously developed sites, effort to strengthen the surrounding neighborhoods, commitment to engage stakeholders in the development process, and the provision of green housing for a range of income levels. ■

Mid Atlantic Real Estate Journal — Green Buildings — June 22 - July 12, 2012 — 19A

www.marejournal.com

GREEN BUILDINGS Enhancing Crystal’s presence & sales efforts in New England & Mid-Atlantic region

Crystal Window & Door Systems names Benevenga and Yu regional sales managers

F

LUSHING, NY — Crystal Window & Door Systems announced the promotion of two of its management staff to key sales positions. Blaise Benevenga, who joined C r y s t a l i n Blaise Benevenga 2010 as the lead sales representative for expanding operations in New Jersey, was recently named regional sales manager for New England and New Jersey (NE/NJ). Steven Yu, who has led Crystal’s Marketing Department for several years, has taken on the sales management position in the Mid-Atlantic States. Crystal manufactures vinyl and aluminum windows and high-end fenestration systems for all markets – residential, multifamily, commercial, institutional and governmental.

“The talent and experience

MGKF attorneys receive recognition PHILADELPHIA, PA — Sixty percent of the attorneys from Manko, Gold, Katcher & Fox, LLP have been included in the 2012 Super Lawyers list published by Thomson Reuters. Fourteen attorneys were listed for environmental law in Pennsylvania 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, John F. Gullace, Bart E. Cassidy, Brenda Hustis Gotanda, Jonathan H. Spergel, Rodd W. Bender, and Carol F. McCabe.

More recognition was bestowed on three attorneys with the firm -- Kathleen Campbell, Christopher D. Ball and Matthew C. Sullivan -- who were listed in Pennsylvania 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 was also included in the New Jersey Super Lawyers magazine under “Super Lawyers” in environmental law. ■

Blaise and Steven bring to their new roles will enhance Crystal’s presence and sales efforts in their respective territories,” said Steve Chen, executive vice president. “They both are proSteven Yu fessionals with a wealth of industry experience and will provide the superior level of service Crystal customers have come to expect.”

Blaise Benevenga has a long

career in the fenestration and building supplies industry and has earned numerous “top sales” recognitions for his work. He holds a business degree from Montclair University in New Jersey.

Formerly a sales professional with Silver Line and Dor-Win Manufacturing, Blaise joined Crystal’s sales team in 2010 to focus on dealer/distributor sales efforts and large scale projects in New Jersey. Now as regional sales manager for NE/ NJ, Blaise directs Crystal’s expansion and increasing market presence through a sales staff in Connecticut, Rhode

Island, Massachusetts and northern New England. “With greater customer awareness of Crystal’s vast product line and our diverse manufacturing capabilities, we are expanding sales substantially in New England,” Blaise said.

With a degree in computer science from Polytechnic University in New York and formal art and graphics training, Steven Yu began his career with Crystal in 2006 in the Marketing Department. He was promoted to marketing manager a few years later, and has been instrumental in sharpening Crystal’s corporate

image through advertising, sales literature, on-line presence, trade shows and other efforts.

Yu’s knowledge of Crystal’s product features and specifications in addition to industry and regulatory trends position him and his sales team well to lead sales expansion efforts in Pennsylvania, Delaware, and other Mid-Atlantic regions.

“With our new managers in place to lead sales efforts in New England and the MidAtlantic regions, I feel Crystal is well-poised for growth now and in the future,” added Chen. ■

20A — June 22 - July 12, 2012 — Green Buildings — Mid

Atlantic Real Estate Journal

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GREEN BUILDINGS 145 Talmadge Road receives BOMA NJ’s Energy Reduction Award

Avidan Management unveils 2.2-mw solar power installation at 180 Raritan Center Parkway

E

DISON, NJ — Avidan Management unveiled a large-scale solar power project at 180 Raritan Center Parkway in Edison. Edison Mayor Antonia Ricigliano and officials from PSE&G’s Solar Loan Program joined Avi Avidan, managing member of Avidan Management, and Josh Avidan, member of Avidan Management, for a ribbon-cutting ceremony at the 350,000 s/f dry and freezer storage facility.

The 2.2-megawatt solar electrical system will, over its lifespan, reduce carbon emissions by 48,573 tons, and will service more 90 percent of the facility’s power needs.

The energy savings produced by the system will be equivalent to planting more than 1.9 million trees. Looking at it another way, the solar production that will be generated by the system will be enough energy to power more than 235 homes.

The installation is part of PSE&G’s Solar Loan Program, which makes solar energy systems accessible to building and facility owners in PSE&G’s electric service territory. The program is designed to encourage the development and installation of clean, renewable energy technologies throughout New Jersey.

“I’d like to congratulate Avidan Management on the completion of this impressive solar power installation, which is an important part of the Township of Edison’s effort to become a more sustainable place to live and work,” said Mayor Ricigliano.

In addition to the solar installation, Avidan recently completed a number of other upgrades at 180 Raritan Center Parkway including reinsulating refrigeration piping, repainting the building’s exterior, replacing dolly pads for the warehouse and retrofitting the lobby with LED lighting. The company also installed automation controls on the facility’s freezer units, which will result in significant reductions in energy usage and operating costs.

“Avidan is wholeheartedly committed to providing our tenants with the best-in-class properties and the installation of energy-efficient improvements is a major part of adhering to that vision,”

Edison Mayor Antonia Ricigliano and officials from PSE&G’s Solar Loan Program joined Avi Avidan, managing member of Avidan Management, and Josh Avidan, member of Avidan Management, for a ribboncutting ceremony said Avi Avidan, Managing Member of Avidan Management. “Thanks to our partnerships with PSE&G and Solar Nation, we are able to complete this project, which will provide tremendous savings for our tenants as well as promote sustainability measures in the state.”

Set on 16 acres, the 180 Raritan Center Parkway has up to 28,800 square feet allocated for office space and features reinforced concrete floors, 24-foot to 18-foot clear ceiling heights, 24 exterior doors with dock levelers and ample on-site parking.

This project is the second solar installation for which Avidan has partnered with PSE&G. Last year, the company completed a 4.26-megawatt solar electric system at 145 Talmadge Road, a refrigerated distribution facility in Edison, N.J. Consisting of 17,745 solar panels, the system was the largest rooftopmounted solar panel installation to have been completed in the entire country at the time. In the first month after installation, the system reduced electrical costs by 70 percent at the building.

In other news, Avidan received a Building Energy Reduction Award from the Building Owners and Managers Association (BOMA) of New Jersey. BOMA bestowed the award at The Newark Club, recognizing Avidan’s 4.26-megawatt solar power installation and other energy efficiency upgrades completed last year at 145 Talmadge Road, the firm’s 656,255 s/f warehouse and office complex in Edison.

Completed in April 2011, the solar project consists of 17,745 panels and was the largest rooftop-mounted installation to have been completed in the entire country at the time. To date, the installation has produced nearly six million kilowatt hours -- enough energy to service half of the power needs of the building’s multiple tenants, which utilize the facility as office space and for storage of dry goods and refrigerated and frozen foods. The total cost of the installation was roughly $22 million, and approximately 120 jobs were created during the construction process.

Avidan further enhanced the sustainability of 145 Talmadge Road by completing a comprehensive retrofit of the building to maximize the facility’s overall energy efficiency.

“We are thankful that BOMA has recognized 145 Talmadge Road with this honor, and we’d like to acknowledge the work of our project collaborators -- Solar World, Solar Nation and Haglid Engineering & Associates -- as well as the Board of Public Utilities, PSE&G, and numerous other state and local officials,” said Avi Avidan.

“By generating electricity through alternative means and maximizing the facility’s energy efficiency, we potentially reduce the site’s carbon footprint by 50 percent, and the addition of automation controls on the refrigeration equipment also has greatly contributed to the building’s energy savings. This benefits our tenant base and is part

of our ongoing dedication to responsible business practices.”

Partnering with Haglid Engineering & Associates, Inc., Avidan took part in Pay For Performance -- a comprehensive energy efficiency program administered by New Jersey’s Clean Energy Program that provides incentives towards whole-building energy improvements.

Haglid developed an energy reduction plan for 145 Talmadge Road, identifying performance goals that would help the building achieve substantial energy savings.

Energy efficiency upgrades completed at 145 Talmadge Road in 2011 include: Improving the envelope of the building and achieving an R-30 insulation value • Creating a barrier wall separating the loading dock area from the main warehouse area in the cooler/ freezer areas only • Installing high-speed cooler/freezer doors in the separation wall so that the

doors now move 100 inches per second • Installing energy-efficient lighting with motion sensors • Reworking existing refrigeration equipment to run more efficiently and maintain temperature more consistently throughout the warehouse • Installing automation controls on the refrigeration equipment, energy-efficient heaters in the dry warehouse areas and energy recovery (ERV) units to improve HVAC efficiency in office areas and improve indoor air quality “It is rare to find a company that is as committed to sustainable development as Avidan Management,” said Klas Haglid, an engineer and architect with Haglid Engineering & Associates, Inc. “The company’s willingness to do everything it takes to minimize the building’s carbon footprint made it a pleasure to create a comprehensive energy reduction plan for 145 Talmadge Road. ■

Advance Realty teams with ECOvanta to host program BEDMINSTER, NJ — Advance Realty announced the results of its 2012 Earth Day Electronic Waste (e-waste) Collection event.

Throughout its portfolio of premier office properties in New Jersey, Advance partnered with ECOvanta, Covanta Energy’s e-waste recycling enterprise, to collect a total of 16,342 pounds of e-waste.

At One Gateway Center in Newark, 445 South St. in Morris Twp, 100 Tice Blvd. in Woodcliff Lake and various properties in Bedminster, Advance encouraged tenants to drop off e-waste materials such as computers and computer peripherals, copiers, printers, and televisions from home and their offices.

“This event was very well received by our tenants, and we were extremely pleased with the level of participation,“ said Peter Cocoziello, president and CEO of Advance Realty. “So many individuals made the considerable effort to bring items in from their homes and we received a vast number of compliments. This response

just confirms our belief that tenants understand and appreciate Advance Realty’s commitment to sustainability.”

As part of its disposal procedure, ECOvanta weighs the material before it goes through a triage process to determine whether it needs to be disassembled by hand or go directly to the shredder for processing. Items are mechanically separated into ferrous or non-ferrous metals and plastics ready to be sold to end markets for recycling.

“With e-waste being the fastest growing segment of the municipal waste stream in the United States, it’s important to provide companies and individuals with a safe and sustainable process that protects our environment as well as their personal data and intellectual property,” said Gordon Burgoyne, ECOvanta’s director of E-Waste Business Development. “As one of New Jersey’s leaders in the sustainable business movement, Advance Realty is exactly the type of company we seek to work with.” ■

Mid Atlantic Real Estate Journal — Green Buildings — June 22 - July 12, 2012 — 21A

www.marejournal.com

GREEN BUILDINGS 243-kilowatt solar photovoltaic system at Riephoff Sawmill

Solis Partners completes first business solar PV installation in Upper Freehold, New Jersey

U

PPER FREEHOLD, NJ — Solis Partners has completed the installation of a 243-kilowatt solar photovoltaic (PV) system at Riephoff Sawmill. Located in Monmouth County.

The system was designed, engineered and constructed

by Solis Partners and comprises of two ground-mounted systems, a 165-kilowatt array that generates power for the sawmill and a 78kilowatt array that generates power for additional facilities on the property, which include a barn for livestock and an aquafarm.

“We are thrilled to announce the completion of this innovative project,” said Jamie Hahn, co-founder and managing director of Solis Partners. “This project allows Riephoff to lower its operating costs and acts as a hedge against the rising costs of electricity, which

Hutchinson sponsors Energy Mixer WEST DEPTFORD, NJ - Hutchinson Mechanical Services and the Gloucester County Chamber of Commerce recently hosted a “Gloucester County Energy Mixer” for local businesses at Riverwinds Restaurant in West Deptford. The event featured a panel of experts who discussed the economy, energy and incentives. Joel Naroff, Ph.D. nationally recognized president and founder of Naroff Economic Advisors, provided an update on the state of the economy and what to expect; Gary Finger, ombudsman, New Jersey Board of Public Utilities, covered energy initiatives including Direct Install from New Jersey’s Clean Energy Program which pays up to 70 percent of the cost of energy efficiency upgrades for businesses and local governments; and Ed Hutchinson, president, Hutchinson Mechanical Services, a participating Direct Install contractor in Gloucester, Burlington, Camden, Ocean and Monmouth Counties, covered ways businesses can save money through energy efficient upgrades. ■

Riephoff Sawmill Aerial

is especially important in a state that has some of the nation’s highest electricity rates. The ability to produce clean, renewable energy is also very important to Riephoff as an organization reliant on the natural environment for raw materials.”

The 15,000 s/f mill, which includes a 56-inch circular saw and a 20 ft. frick carriage, a device used to pass large pieces of lumber through the saw, as well as the pumps needed for aquafarming, requires a lot of electricity. The solar PV sys-

tem offsets approximately 100 percent of Riephoff ’s electricity consumption, which equates to approximately $36,000 in annual savings.

Built with 1,036 solar PV panels, the solar system will produce approximately 300,000 kilowatt-hours of electricity in the first year of operation. This equates to the reduction of more than 456,000 pounds of CO2 emissions, which is the equivalent of offsetting the power demand of 26 residential homes or removing 40 cars from the road each year. ■

22A — June 22 - July 12, 2012 — Owners, Developers & Managers — Mid

Atlantic Real Estate Journal

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Talone, MacLaren and Townsend secure buyer

Marcus & Millichap arranges $1.6 million sale of 30 unit apt.

P

H I L A D E L P H I A , PA — Marcus & Millichap Real Estate Investment Services announced the sale of Brockton Court, a 30 unit apartment property. The asset commanded a sales price of $1,612,500.

Clarke Talone, Ridge MacLaren, and Andrew Townsend, investment specialists in Marcus & Millichap’s Philadelphia office had the listing to market the property on behalf of the seller, a limited partnership. The buyer was also secured by Ridge MacLaren, Clarke Talone, and Andrew Townsend. ■

Brockton Court

The Dolben Company builds 1,400 multifamily units MARYLAND: The Dolben Company, (“Dolben”), continues to expand its portfolio in Maryland, with 1,400 new multifamily units under construction.

New communities include: • The View at Mill Run (Owings Mills; 375 units) • The Village at Odenton Station (Odenton; 235 units and 57,995 s/f retail) • Charlestown Crossing (North East; 332 units) • The Marketplace at Fells Point (Baltimore; 159 units and 26,000 s/f retail) • Howard Square (Elkridge;

The Village at Odenton Station 299 units) Andrew Dolben, senior VP, development, said, “We are very pleased to continue our growth in the Mid-Atlantic region. The greater Baltimore

area is an ideal market for multifamily, with an ongoing demand for quality apartment living enhanced in part by the thousands of jobs being created under the BRAC initiative.” ■

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Mid Atlantic Real Estate Journal — Owners, Developers & Managers — June 22 - July 12, 2012 — 23A

Center for Lifelong Learning Awarded Prestigious LEED Platinum Certification Letter from the Executive Director Dear Friends and Colleagues, On June 3, 2012 I had the pleasure of presenting the Middlesex Regional Educational Services Commission with the USGBC LEED Plaque in recognition of the Center for Lifelong Learning’s achievement of LEED Platinum certification. The LEED (Leadership in Energy and Environmental Design) Platinum certification is the highest of four certification levFlorence Block (second from the right) presents award to the Middlesex Regional Educational Services Commission els, and the Center for Lifelong FLORENCE BLOCK Learning is the first New Jersey public school – as well as the first NJ Special Needs School - to receive the award.

The Center for Lifelong Learning is no ordinary public school. It is a school for autistic, severely multiply disabled and preschool disabled children from the ages of 3 years old to 21 years old. This is a population that I am very familiar with. After my youngest son was diagnosed with Autism, we became one of the “founding families” of the Somerset Hills Learning Institute in Bedminster.

As I told the audience at the Center for Lifelong Learning awards presentation, students spend 95 percent of their school day indoors. The more care that goes into the indoor air quality of the school, the better it is for the students. This school’s environmentally sensitive design is intended to benefit not only this very special student population but also the planet.

The Center for Lifelong Learning’s eco-design features include: recycling of rainwater, control flow meters on appliances, white roofs to reduce heating and cooling costs, drought tolerant landscaping such as wildflowers, and preferred parking for hybrid vehicles.

It was a great honor help recognize the Center for Lifelong Learning’s commitment to building a school where the health of special needs students and environmental awareness were the highest priorities. I look forward to this trend continuing.

Sincerely, Florence Block Executive Director USGBC NJ

Chapter Events 7/18/12 – LEED 201 Core Concepts & Strategies Workshop, Piscataway, NJ 7/30/12 – 9th Annual Golf Outing, NJ National Golf Club, Basking Ridge, NJ

For details on all USGBC-NJ events, visit www.usgbcNJ.org

Number of New Jersey chapter members: Number of USGBC member Companies in NJ: Number of LEED Accredited Professionals in NJ: Number of LEED registered projects in NJ: Number of LEED certified projects in NJ:

1139 318 3184 397 170

BOARD OF DIRECTORS CHAIR Anastasia Harrison, AIA, LEED AP Gensler VICE CHAIR Wayne D. DeFeo, LEED AP DeFeo Associates TREASURER Ed Seliga Advanced Solar Products, Inc. SECRETARY RJ Donnelly, LEED AP Donnelly Industries, Inc. PAST CHAIR William Amann, P.E., DCEP, LEED AP M & E Engineers, Inc DIRECTORS David Cardella Cardella Waste Services Zach Gallagher, P.E., LEED AP Alliance Environmental, LLC Bill Gates, LEED AP BD&C Hunt Construction Anthony Marano Marano Group, Inc. Brad Miller, P.E., P.P. NJ Meadowlands Comission Joe Porrovecchio, LEED AP, CRM Carbon-Key, LLC Paul Qvale, LEED AP Hillmann Group Lisa San Filippo, AIA, LEED AP, BD&C Turner Construction Co. Faith Taylor Wyndham Worldwide Andrew Topinka, CPMR Technical Group Services, Inc Ed Walsh, P.E. The Walsh Company Gregg Woodruff, PP, AICP, LEED AP, BD&C Langan Engineering & Environmental Services, Inc. EXECUTIVE DIRECTOR Florence Block LEED Green Associate GENERAL COUNSEL Harry E. McLellan, Esq, LEED Green Associate McLellan & Associates, LLC CHAPTER COORDINATOR Mary Ellen Garrigus Communications & Membership Coordinator Medea Villere’

www.usgbcnj.org

24A — June 22 - July 12, 2012 — Owners, Developers & Managers — Mid

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DELAWARE VALLEY CHAPTER NO. 3 PRESIDENT MICHAEL J. CARR, CPM WELLS FARGO WEALTH MANAGEMENT PRESIDENT-ELECT INGO S. KRAUS, CPM CITIZENS BANK VICE PRESIDENT JERRY NEILL, CPM CB RICHARD ELLIS CO., AMO VICE PRESIDENT ANNE-MARIE NIKLAUS, CPM MADISON APARTMENT GROUP VICE PRESIDENT JODY DIMPSEY, CPM JLD MANAGEMENT GROUP VICE PRESIDENT STEPHANIE BURG-BROWN, CPM BSA MANAGEMENT CORP., LLC SECRETARY/TREASURER RICHARD SKOCZYLAS, CPM AIMCO

SOUTHERN NEW JERSEY CHAPTER NO. 101 PRESIDENT SANDRA E. CIPOLLONE, CPM INTERSTATE REALTY MANAGEMENT CO., AMO VICE PRESIDENT PATRICIA BALDT, CPM CANDIDATE WESTGATE MANAGEMENT CO., INC. VICE PRESIDENT MARIA AVERY, CPM CANDIDATE MANHATTAN MANAGEMENT CO. SECRETARY/TREASURER DIANE WERSLER, CPM CANDIDATE INTERSTATE REALTY MANAGEMENT CO., AMO

The IREM® Certified Property Manager (CPM®) designation symbolizes unparalleled commitment to professional education, ethics and integrity. The CPM designation is recognized industry-wide as the mark of distinction, and time and time again, owners and investors turn to CPM professionals for their comprehensive management expertise and ethical standards. If you have oversight or direct responsibility for a portfolio of multifamily, office, retail and/or industrial properties, the CPM designation is for YOU! Sign up for the following IREM® Asset Analysis Track courses scheduled for November, 2012.

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For more information on courses or on achieving one of IREM’s prestigious accreditations visit: www.IREM1.org • www.IREM3.org • www.IREM101.org or call chapter offices: 856-303-0190 • 856-786-9260 • 856-829-8939

Mid Atlantic Real Estate Journal — Owners, Developers & Managers — June 22 - July 12, 2012 — 25A

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26A — June 22 - July 12, 2012 — Owners, Developers & Managers — Mid

Atlantic Real Estate Journal

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Associated Builders and Contractors www.abc.org ABC Delaware Chapter ABC members turnout for PAC fundraiser in all-important election year meeting This year is an all-important election year for business and the construction industry.

As the ABC saying goes, “Get into politics or get out of business.”

“Each year, election or not, we host this event to create a sense of awareness about political support of pro-ABC officials, as well as an evening of fun at Chesapeake Inn,” said ABC Delaware PAC Chairman Stan Sykora. “The goal is to help people realize that our voice must be heard on a local, state and national level. This year, a presidential election year, is crucial not only for the construction industry, but business in general.

Thanks to all those who came out to support the ABC PAC.” “Elections here in Delaware are critical, too, as we move forward,” said ABC Delaware Chairman John Gooden. “As we move through the primary season and then the general election in November, ABC Delaware members will be called upon to help support candidates who support ABC. Your help both financially and as volunteers for phone banks, literature drops and ‘meet & greets’ will be needed.

Watch your e-mail for notices on ways you can become involved and help get ABC’s voice heard this election year!”

Scenes from ABC’s PAC event

ABC highlights need for regulatory reform ABC May 31 sent a letter to the U.S. House of Representatives Committee on Oversight and Government Reform Chairman Rep. Darrell Issa (R-Calif.) outlining the most egregious existing, proposed and upcoming federal regulatory activity that is detrimental to ABC members and the construction industry.

In the letter, ABC continued to express its opposition to government-mandated project labor agreements on federal construction contracts, “prevailing” wage rates under the Davis-Bacon Act and the massive health care law.

ABC also called attention to: • The persuader reporting proposal that would narrow the exemption for labor consultant and employer reporting requirements; • The Occupational Safety and Health Administration (OSHA) Injury and Illness Prevention Program that could mandate that all employers continually “find and fix” workplace hazards, regardless of their severity (status: pre-rule stage); • OSHA’s plans to revise its standards governing workplace exposure to crystalline silica; • The Office of Federal Contract Compliance Programs proposal to set hiring quotas for federal contractors to employ workers with disabilities; • DOL’s long-term strategy to aggressively target certain industries, including construction, and foster an adversarial relationship between business owners and the federal government; and • The Equal Employment Opportunity Commission criminal background check guidance.

In addition, ABC pointed out harmful rules and actions by the National Labor Relations Board (NLRB), including: • The controversial “ambush” election rule, which would have shortened election time frames form approximately 40 days to as few as 17. (Status: on May 14 the U.S. District Court for the District of Columbia deemed this rule invalid. The NLRB is expected to appeal this decision, and could re-start its rulemaking later this year.)

• The requirement that employers display a poster in their workplace that contains a select list of employee rights under the National Labor Relations Act. (Status: the rule has been subject to several legal challenges. A formal injunction was granted by the U.S. Court of Appeals for the D.C. Circuit on April 17 preventing the Board from implementing the rule pending appeal.)

• “Recess” appointments and political favoritism in policies and decisions.

ABC also pointed to several regulations by the Environmental Protection Agency, including greenhouse gas rules and other regulations that impact energy costs and the manufacturing of construction materials; post-construction stormwater runoff; the Lead Renovation, Repair and Painting program for commercial and public buildings; and the clean water protection guidance.

Finally, ABC called for comprehensive regulatory reform and offered support for the Regulatory Accountability Act (H.R. 3010), the Regulatory Flexibility Improvements Act (H.R. 527) and the Midnight Rule Relief Act (H.R. 4607).

“ABC has long advocated for comprehensive regulatory reform, including acrossthe-board requirements to evaluate the risks, weight the costs and assess the benefits of regulatory proposals,” the letter stated.

Mid Atlantic Real Estate Journal — Owners, Developers & Managers — June 22 - July 12, 2012 — 27A

www.marejournal.com

Associated Builders and Contractors www.abc.org ABC Eastern Pennsylvania Chapter ABC Eastern Pennsylvania Introduces New President/CEO Associated Builders and Contractors Eastern Pennsylvania Chapter (ABC) is excited to announce Mary Tebeau of Blue Bell has assumed the role of president and chief executive officer effective June 1. Tebeau takes over for Jeff Zeh, who retires July 1 after 13 years at ABC. “I am eager to serve as your new president/CEO and look forward to meeting ABC members and guests at upcoming events or at member companies,” Tebeau said. “An initial goal is to meet and visit with as many members as possible to want to learn about your company and listen to your thoughts and ideas regarding the association.”

For the past 11 years, Tebeau served as the president/CEO of the ABC Central Ohio Chapter in Columbus, Ohio. During this time she guided the chapter to increased membership, a more established committee structure, and moved the office and training facility under one roof to create an enhanced presence in Central Ohio. She led the chapter’s efforts to defeat a potential Project Labor Agreement on a local minor league baseball Mary Tebeau stadium, and received a victorious legal verdict from the Ohio Supreme Court regarding how the state views “prevailing wage violations.”

Through ABC National Tebeau has served on the President’s Council for Region 6 and on the Careers in Construction Committee.

Prior to joining ABC, Tebeau held several management positions at the Builders Exchange of Central Ohio over seven years, giving her 18 years serving the commercial construction industry.

Outside her construction association experience, Tebeau has served on the board of the Ohio Society of Association Executives, and was the Board Chair last year.

She was elected to the board of The Ohio State University’s Varsity O Women’s Athletic Alumnae Society, and served as that group’s Chair for two years.

“I look forward to working with construction firms to strengthen merit shop construction in Eastern Pennsylvania, the state and the nation,” Tebeau said.

25th Golf Outing Results Congratulations to Pat Delaney, John Bickel, Jason Johnson, and Chuck Williams who placed first in ABC Eastern Pennsylvania Chapter’s 25th annual golf outing June 11 at the Philadelphia Cricket Club. The team, sponsored by A.J. Catagnus, had a score of 59 on the Militia Hill course. Bob Miller, Ed Orzkowski, Ron Bauguess and John Burke, sponsored by CLP Skilled Trade Resources, placed second with a score of 60. Dave Forrest and Brian Swavely, sponsored by Kelly Insurance Agency, earned third place with a score of 64. The chapter thanks all participants and sponsors, including premier sponsors Caddick Construction Co., CBIZ MHM and CLP Skilled Trade Solutions.

Picnic with Merit July 18 Join ABC Eastern Pennsylvania Chapter July 18 for picnic featuring delicious food and exciting games at its East Norriton office. The picnic is an excellent opportunity to network with merit construction industry leaders in a relaxed atmosphere. The newly-formed Young Professionals group is sponsoring a cornhole tournament with a $100 prize. Each team’s $5 entry fee will be donated to the ABC Eastern Pennsylvania Chapter Apprenticeship Trust. To register, contact Jean at 302-328-1111 or visit abceastpa.org.

Construction Industry Organization

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

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

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

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

Mary Tebeau ABC Eastern Pennsylvania Chapter 610-279-6666 mtebeau@abceastpa.org www.abceastpa.org

Congratulations to the winning foursome of Pat Delaney, John Bickel, Jason Johnson and Chuck Williams sponsored by A.J. Catagnus of Norristown

Construction Jobs | Construction Staffing

28A — June 22 - July 12, 2012 — Owners, Developers & Managers — Mid

Atlantic Real Estate Journal

www.marejournal.com

New Jersey Apartment Association www.njaa.com

Berryman, Guzman & Brennan selected as Finalists to compete in 2012 Maintenance Mania® National Championship MONROE TOWNSHIP, NJ Ñ The New Jersey Apartment Association announced today that, once again, three of their building maintenance managers will compete as Maintenance Mania¨ Þnalists. Dave Berryman, Steve Guzman and Bryan Brennan, who all work for The Kamson Corp., will be among the 20 Þnalists competing for the title of 2012 National Champion and named the fastest maintenance tech in the USA. ÒWe are very proud that all three Þnalists from NJ will be representing us at the National Maintenance Mania¨ competition in June,Ó says Jean Maddalon, executive director for the NJAA. ÒIt is a testament to the fact that while the competition is fun, they take the elements in the competition and their daily jobs, very seriously.Ó ÒThe Kamson Corporation takes pride in our ability to attract some of the top maintenance talent in the country,Ó said Mike Beirne executive vice president at Kamson Corporation in Englewood Cliffs, NJ. ÒWe appreciate and value the continued education through NAA afÞliate sponsored events such as Maintenance Mania that allow our employees to stay at the top of their game.Ó Mr. Berryman, Mr. Guzman and Mr. Brennan were among the more than 3,000 competitors across the nation, including 87 in New Jersey, who battled for a chance to become a Þnalist. Qualifying competitions began in August 2011, with NAA afÞliates hosting more than 60 events across the country. Finalists were selected from each region to compete in the National Championship in Boston. Each Þnalist has been awarded an all-expense-paid trip to the event, to be held during the NAA Education Conference & Exposition June 28-30 in Boston.

Three New Jersey Apartment AssociationÕs maintenance technicians selected as Þnalists to compete in 2012 Maintenance Mania National ÒIt is an honor to represent the New Jersey Apartment Association in the national Maintenance Mania event,Ó Championship. stated Dave Berryman, building manager for The Kamson Corp. and four-time winner of the New Jersey competition. ÒMaintenance Mania is like our industryÕs Olympics and we are honored to represent New Jersey.Ó The championship, offered by the NAA and presenting sponsor HD Supply Facilities Maintenance, marks the sixth season of the Maintenance Mania¨ competition. Each Þnalist will compete in a pinewood derby style race car competition and seven maintenance-focused challenges that test competitorsÕ maintenance skills and knowledge of the industry. The games are based on the most frequent maintenance issues, such as repairing a toilet or changing smoke alarms.

The technicians are competing for approximately $20,000 in cash and prizes, courtesy of the presenting and national sponsors. Grand prizes include a 55-inch LCD TV, $500 in HD Supply Facilities Maintenance catalog purchases, and an Apple 64GB iPad. Spectators at the event can also enter for a chance to win a $500 cash prize. For more information about the event, visit www.naahq.org/maintenancemania.com

Call Fowler today to find out how we can make your laundry room more profitable.

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SHOPPING CENTERS Mid Atlantic Real Estate Journal — Shopping Centers — June 22 - July 12, 2012 — 29A

www.marejournal.com

Wellar, Lonberger, Munley & Zang negotiate the transaction

Marcus & Millichap closes the sale of Le Crillon Philadelphia for $14,810,000

P

HILADELPHIA, PA —Marcus & Millichap Real Estate Investment Services closed the sale of Le Crillon Philadelphia, a 16-unit Beaux Artsstyle apartment building with seven retail spaces in Center City Philadelphia. All 16 units are currently leased or pre-leased as apartments.

The sale price of $14,810,000 equates to $925,625 per unit and $355 per s/f.

Ken Wellar and Corey Lonberger, associate vice presidents investments, along

with Christopher Munley, senior associate, all in Marcus & Millichap’s Philadelphia office, represented the seller, a well-known, local, third-generation owner. The buyer, a Manhattan-based urban retail property investor, was procured by Munley, Wellar, Lonberger and vice president investments Dean Zang, also in Marcus & Millichap’s Philadelphia office.

The 41,757 s/f property is located at 105 South 18th St., one block from Ritten-

house Square, one of Philadelphia’s five original parks and a landmark in the city’s wealthiest neighborhood.

Built in 1902, Le Crillon features 12 flats and four bi-level penthouses. The elegant and spacious two-, three- and four-bedroom condominium-style units are currently achieving average rents of approximately $3,900 per month with residents paying all utilities. All units feature top-of-the-line finishes and fixtures and washers and dryers. ■

Le Crillon Philadelphia

JUNE 22 - JULY 12, 2012

Csantos of Newmark Knight Frank reps the seller

HI-LIGHTS

Onyx Equities acquires 80,000 s/f of retail space in Livingston, NJ

Aptcor Comm’l. announces the $485,000 sale of childcare ctr.

Aptcor Commercial, Realtors reports the sale of a 5,500 s/f one-story childcare center at 406 Sumneytown Pike, North Wales.

See page 33A.

R.J. Brunelli & Co. completes 11,000 s/f lease for Dollar Tree Dollar Tree recently opened 11,000 s/f at Crosspointe Town Square. Senior vice president Danielle BrunelliAlbrecht brokered the lease on behalf of Dollar Tree See page 34B.

LIVINGSTON, NJ — Onyx Equities, LLC development and management firm, announced that it has closed on the acquisition of a preeminent retail center in Livingston, through its Phalanx Fund II. Livingston Town Center is an award winning property built in the mid 2000s as part of a master planned residential and commercial development located at the intersection of Livingston and Mount Pleasant Avenues. The residential component of the development was called “The Gables” and has seen the successful development of more than 80 units to date. The commercial com-

Livingston Town Center ponent houses approximately 80,000 s/f of retail space and more than 300 dedicated parking spaces.

“When the chance presented itself to purchase the Livingston Town Center for a significant

discount to its replacement cost, we at Onyx looked past the challenges and immediately to the vast potential opportunity,” stated John Lavalley, vice president of Investments and point-person on the purchase of Livingston Town Center. David Csantos of Newmark Knight Frank represented the seller.

Livingston, New Jersey is one of the most prominent residential communities in the state and upon being developed was surely one of the most expensive planned residential and commercial communities ever built in the state. The all brick construction has paved sidewalks and slate roofing systems. ■

METAL BUILDING RE-ROOFING

ALSO INSIDE: 4TH ANNUAL RETAIL PROFILES SPOTLIGHT ..................35-40A RETAIL BROKERAGE DIRECTORY ....................................... 41A ICSC ORG PAGE .............................................................. 42A BUSINESS CARD DIRECTORY .............................................. 43A PEOPLE ON THE MOVE ..................................................... 44A

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METAL SYSTEMS

www.RoseMTL.com

717-245-0883

30A — June 22 - July 12, 2012 — Shopping Centers — Mid

Atlantic Real Estate Journal

www.marejournal.com

+

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

RD

Management LLC

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

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

Mid Atlantic Real Estate Journal — Shopping Centers — June 22 - July 12, 2012 — 31A

www.marejournal.com

+

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

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

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

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

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

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

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

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

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

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

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

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

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

RD

Management LLC

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

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

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

32A — June 22 - July 12, 2012 — Shopping Centers — Mid

Atlantic Real Estate Journal

www.marejournal.com

SHOPPING CENTERS

By David I. Tesler, Esq., LeaseProbe LLC

Landlords & tenants should understand their leases

• Project Management • Development Due Diligence & Feasibility Studies • Agency Permitting

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plications. Leases often contain many provisions that can seriously impact the cost (and savings) associated with the leased premises. For example, leases have clauses relating to prohibited uses and/or exclusive uses that are often either being violated or not sufficiently utilized.

Landlords have received additional income via a lease amendment for allowing a tenant to use the premises in a manner that was not contemplated by the original lease. Tenants have also enforced exclusivity rights to sell an item at a shopping center that was being violated by another tenant. These are two singular examples among hundreds. Option and notice dates, incorrect procedure, and springing options are routinely incorrect with grave implications.

Even items with explicit financial implications are often not tracked properly. As CEO of the nation’s largest lease abstracting company, I’ve seen countless examples of incorrect rent being charged, rent step-ups missed and critical dates tracked to an original invalid date. Perhaps the greatest source of financial errors involves the complex area of common area maintenance (CAM). Because of all the complicated moving parts associated with the landlord’s attempt to track and profit from a property’s common area maintenance, many leases contain pages of text seeking to spell out how the landlord will calculate CAM and what the tenant will be obligated to pay. Since CAM fees are basically unknowable at the time the lease is being written, the parties involved must create a formula that contemplates future expenditures.

It’s not unusual to see even a seasoned real estate attorney reading through these provi-

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n my experience, the vast majority of landlords and tenants read through their commercial leases with the same focus and thoroughness as most people spend with their iPod instructions – which is to say – not very deep or long. David I. Tesler Someone in the organization may capture the basic data to be entered into company software, such as a few of the critical dates and dollars, but the majority of the lease is rarely read by anyone other than the attorneys who negotiated it. Typically, after a number of years, information becomes stale, pages of leases, amendments or valuable correspondence are misplaced and the lease itself is not pulled out unless a specific problem needs to be addressed. For some, just locating a complete lease file or finding the true master lease among competing lease files becomes a six-month project. Sound familiar?

And yet, the commercial lease contains all the rules, rights and obligations governing the relationship between landlord and tenant with regard to a demised commercial real estate space. The value of the demised space typically ranges between hundreds of thousands and tens of millions of dollars. That’s why, despite the frequency with which I see it, I am always surprised when landlords and tenants are not as familiar with the contents of their leases in the same manner as they might be with other (equally critical) aspects of their business.

Understanding what’s contained within the leases can have significant economic im-

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sions two or three times to fully understand the intended CAM structure.

The best way to know and stay on top of all of the salient pieces of information in every lease is to have all leases abstracted.

A lease abstract is a summary of the key financial, business and legal information in a commercial real estate lease. It highlights unusual lease provisions, financial obligations or other issues of import. The key to a valuable lease abstract is to keep things short and simple.

When should leases be abstracted? There are key times before and during the ownership of a property, including: · Whenever a new lease is executed · Whenever a lease is modified in some respect · Prior to the acquisition of commercial real estate · Prior to the merger or acquisition of a company that has a portfolio of lease assets · Whenever a company acquires or contemplates acquiring a portfolio of leases · Whenever a property changes current management · Whenever ownership converts to a new property management software system · Whenever lease files are not adequately organized · Whenever a real estate company does not have complete confidence in the accuracy and validity of its lease data · Immediately, if lease abstracts had not previously been created or recently updated.

The point is simple but too often overlooked: leases are complicated documents that are chock full of very important details. They set forth all the rules associated with how a particular premise will be utilized. Both parties to a lease should fully Continued on page 34A

www.marejournal.com

Mid Atlantic Real Estate Journal — Shopping Centers — June 22 - July 12, 2012 — 33A

SHOPPING CENTERS ATTENTION:

Apt & Goodrich represents the seller

Aptcor Comm’l. announces the $485,000 sale of childcare ctr.

Architects & Engineers

N

Promote your company, projects and expertise in MAREJ’s annual

ORTH WALES, PA — Aptcor Commercial, Realtors reports the sale of a 5,500 s/f one-story childcare center at 406 Sumneytown Pike, North Wales to Allegheny Real Estate Associates. Previously the Property had operated as Short Stuff Daycare Center, and later as the Montgomery County Head Start Program. The School is opposite the Merck Pharmaceutical Campus at Sumneytown Pike & Dickerson Rd. in Upper Gwynedd Twp., Montgomery County, PA. APTCOR agents Alan Apt & Brad Goodrich represented the seller, Blue Bell Invest-

Crampsie of NAI Summit leases 2,312 s/f space ALLENTOWN, PA — John Crampsie, principal at NAI Summit, recently leased 2,312 s/f of restaurant space at PPL Plaza at 835 W. Hamilton Street, Allentown.

The tenant, Bon Appetit Café, is scheduled to John Crampsie open June 11, 2012 with a Mediterranean theme, a welcome addition to the restaurant scene in downtown Allentown.

Crampsie represented both the tenant and the building owner. n

Shopping Centers Real Estate Journal

Spotlight

Publication July 27, 2012 Deadline July 13, 2012

Contact: Elaine Fanning for more information 800-584-1062 x212

406 Sumneytown Pike ments, LP. Sale price was lease the Property to another $485,000. Allegheny plans childcare operator. n some renovations and will

efanning@marejournal.com

Commercial Real Estate in the Greater Lehigh Valley

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a section of the

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

We are driven by a passion to serve our clients with unsurpassed value.

Section Publisher Elaine Fanning efanning@MAREJournal.com

Summit

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Section Editor Rachel Rugman editor@marejournal.com

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

34A — June 22 - July 12, 2012 — Shopping Centers — Mid

Atlantic Real Estate Journal

www.marejournal.com

SHOPPING CENTERS Central PA’s Leading Commercial Industrial Real Estate Firm*

Our Agents: Bradley Swidler

David Rudy

Craig Rahn

Jason Sourbeer

Daniel Alderman

Joseph Bedard, SIOR

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M. Richard Kleiman

Ida McMurray, CCIM, SIOR

Nathan Kranz

Jack Shepley, SIOR

Nik Sgagias

James Ross

Peter Gemora

William Gladstone, CCIM, SIOR

Robin Zellers, SIOR, COO

*Based on Central Penn Business Journal Report of Commercial Real Estate Firms 2008-2011

SVP Brunelli-Albrecht reps the tenant

R.J. Brunelli & Co. completes 11,000 s/f lease for Dollar Tree

O

LD BRIDGE, NJ — R.J. Brunelli & Co., LLC announced the recent completion of a series of leases that will bring major retailers, restaurants, financial services tenants and other uses to sites throughout New Jersey and Pennsylvania.

Dollar Tree recently opened in 11,000 s/f at Crosspointe Town Square, a 392,000 s/f shopping center located at 29 Woodbridge Center Drive in Woodbridge. R.J. Brunelli senior vice president Danielle Brunelli-Albrecht brokered the lease on behalf of Dollar

Dollar Tree Tree. transactions the Old BridgeThis latest lease follows based firm completed last year for Dollar Tree stores in Aberdeen, Clifton and Park Ridge, and for the company’s Deal$ concept in Bloomfield, Fairlawn and Paterson.

In Old Bridge, senior vice president Bill Lenaz recently brokered a deal between landlord 39 Matawan Road LLC and Walgreens that will bring the drug store chain to a site at the intersection of Laurence Harbor Road and Matawan Road that previously housed an Exxon gas station. Walgreens plans to build a 12,705 s/f freestanding store on the site, located just off the Garden State Parkway.

In Middlesex County, Lenaz represented Red Robin Gourmet Burgers on its lease for approximately 7,500 s/f at Woodbridge Center Mall, a super regional mall located at Route 1 and Woodbridge Center Drive. The national full-service family restaurant chain plans to open during the third quarter of 2012. n

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Landlords & tenants should . . .

Continued from page 32A understand the implications of every significant lease provision. And the best way to do so is with a thorough, timely and expert lease abstract.

David I. Tesler, Esq., is the CEO of LeaseProbe LLC, producing commercial lease abstracts and handling Lease Administration and CAM Audits, and Real Diligence LLC, a company that specializes in financial due diligence of real estate and notes. LeaseProbe and Real Diligence are part of the Madison Commercial Real Estate Services family of companies. n

SHOPPING CENTERS SPOTLIGHT 4 ANNUAL RETAIL PROFILES SPOTLIGHT TH

Mid Atlantic Real Estate Journal — Shopping Centers — Retail Profiles — June 22 - July 12, 2012 —35A

www.marejournal.com

Edward P. Brady, PE

Division Manager- Land Engineering Taylor Wiseman & Taylor Mount Laurel, NJ

Jonathan Klear

Investment Sales Metro Commercial Real Estate Mount Laurel, NJ

Joesph R.Staugarrd III

Senior Vice President - Acquisitions WP Realty, Inc. Bryn Mawr, PA

John Caccese, P.E.

Derrick Dougherty

Vice President Earth Engineering Inc. East Norriton, PA

Senior Associate,National Retail Group Marcus & Millichap Conshohocken, PA

Bruce W. Kranz

Jason Pierson

Senior Vice President Hylant Group Cleveland, OH

Randall C. Stein President WP Realty, Inc. Bryn Mawr, PA

President Pierson Commercial Real Estate Marlboro, NJ

Chad Stine

Vice President/Partner Bennett Williams Realty Inc. York, PA

36A — June 22 - July 12, 2012 — Retail Profiles — Shopping Centers — Mid

Atlantic Real Estate Journal

www.marejournal.com

RETAIL PROFILES CHAD STINE

JOHN CACCESE, P.E.

VICE PRESIDENT/PARTNER

VICE PRESIDENT

LOCATION: York, PA TYPE OF FIRM: Commercial Real Estate & Property Management EDUCATION: Penn State University, Bachelors of Psychology FIRST JOB IN RETAIL REAL ESTATE INDUSTRY: Leasing Agent at Bennett Williams WHAT DO YOU DO NOW AND ARE PLANNING FOR THE FUTURE: Right now we are enjoying the “bounce back” from the recession and are focusing on our goal of 100% occupancy in all of our listed shopping centers, as well as going full steam ahead on many for sale properties we have under contract.

The future looks bright; we are excited for some big, positive changes in our firm that our colleagues and clients can look to be revealed this Fall.

WHAT IS A HOT TOPIC FOR YOUR CLIENTS: My clients are all about location. Most people who are either starting a new business and are looking for a small space to lease, or are relocating a big box national retailer store want the best visibility and traffic for their money. A high profile property will always lease or sell itself.

FAMILY: My “son” Gus, an English Bulldog, always keeps me on my toes.

HOBBIES: Golf, working out, running, going to sporting events FAVORITE BOOK OF 2011-2012: The 29% Solution by Ivan Misner FAVORITE MOVIE OF 2011-2012: Act of Valor PERSON YOU MOST ADMIRE CURRENTLY: My father. Every year that goes by I appreciate more and more the man and father he has always been.

KEY TO YOUR SUCCESS IN 2012: Relationship building; this industry is all about relationships and who you keep in contact with. You would be amazed at how many listings, leads, and referrals an agent can pick up solely by keeping in touch with old contacts and reaching out to them periodically to see what is new in their world.

IF YOU WERE FORCED TO CHOOSE ANOTHER VOCATION WHAT WOULD IT BE? Real Estate Law

John Caccese, P.E Vice President Earth Engineering Inc.

Earth Engineering Incorporated

Bennett Williams Realty Inc.

Chad Stine Vice President/Partner Bennett Williams Realty, Inc.

DERRICK DOUGHERTY

SENIOR VICE PRESIDENT

SENIOR ASSOCIATE, NATIONAL RETAIL GROUP

Bruce W. Kranz Senior Vice President Hylant Group LOCATION: Cleveland, Ohio TYPE OF FIRM: Commercial Insurance Brokerage EDUCATION: BS Environmental Science FAMILY: Grandfather of one TELL ME ABOUT YOUR COMPANY: Hylant is a midsize commercial

Derrick Dougherty Senior Associate, National Retail Group Marcus & Millichap (Taylor-Zang-Munley-Dougherty Group)

insurance brokerage with a Midwest foot print. Hylant has 14 offices in 6 states with over 650 employees. For the last 12 years I have been building the Environmental Risk Management unit. Hylant Environmental Risk provides environmental insurance products to manage unknown or uncovered environmental risk in development projects and transactions.

My focus is the M&A marketplace worldwide.

TELL ME ABOUT YOUR TEAM: Hylant Environmental Risk has a dedicated team of 5 professionals. The team has over 75 combined years of industrial environmental experience. We combine the team environmental experience with the 75 years of commercial insurance experience of the Hylant Group into a focused team for client service.

THOUGHTS ON CURRENT MARKET OR INDUSTRY: Our client base reflects the improving domestic economy. We see steady but cautious commercial growth in the transaction business. Recent international events appear to have caused an uptick in the commercial real estate development market in the US. WHAT MOTIVATES YOU: We take great satisfaction performing as members of deal teams to deliver what can be a critical deal component, a useful environmental insurance product, into a transaction to facilitate closing. We are most gratified when we can be a part of the solution to get the deal completed.

LIST A RECENT PROJECT SUCCESS: Hylant Environmental Risk worked with the Cameron Group for over three years on the structure of an environmental insurance product to help the redevelopment of an idle site in Bayonne New Jersey. After many years of work a broad coverage long term environmental insurance policy was placed that facilitated the construction and insured the continuing operations at the site. Bayonne Crossing was recently sold by the developers to Inland Properties. The environmental insurance policy was transferred and continues with the new owners. Hylant Environmental Risk is proud to be a part of the team in this successful project.

Marcus & Millichap

Hylant Group

BRUCE W. KRANZ

LOCATION: 115 W. Germantown Pike, East Norriton, PA TYPE OF FIRM: Geotechnical & Environmental Consulting EDUCATION: Drexel University BS-in Mechanical Engineering, MS in Civil Engineering - Geotechnical FIRST JOB IN RETAIL REAL ESTATE INDUSTRY: I worked as a laborer for a construction management firm building retail stores WHAT DO YOU DO NOW AND ARE PLANNING FOR THE FUTURE: Vice President of the firm involved in day to day operations of our offices. Our types of projects consist of geotechnical and environmental consulting for urban high-rise buildings, commercial retail/centers, institutional facilities, residential, highways and bridges. We perform subsurface investigations, sheeting/shoring steepened slope and retaining structure designs, construction phase quality control and Phase I & II environmental site assessments.

Plans are for continued growth in our regional offices and into new territories.

WHAT IS A HOT TOPIC FOR YOUR CLIENTS: Marcellus Shale Region – Lots of opportunity for all types of businesses FAMILY: Wife – Jennifer Children – Nicholas, Alex and Grace HOBBIES: Golf, travel, and coaching my children’s sports FAVORITE BOOK OF 2011-2012: : The Hunger Games – Read it with my Kids FAVORITE MOVIE OF 2011-2012: : The Hunger Games – Watched it with my Kids PERSON YOU MOST ADMIRE CURRENTLY: Tim Cook – Steve Jobs is a tough act to follow!

KEY TO YOUR SUCCESS IN 2012: Personal Relationships IF YOU WERE FORCED TO CHOOSE ANOTHER VOCATION WHAT WOULD IT BE? Professional Athlete

LOCATION: Conshohocken, PA TYPE OF FIRM: Real Estate Investment Services EDUCATION: Cardinal O’Hara, Lycoming College FAMILY: Kristen (Wife) Brooklyn (Daughter) TELL ME ABOUT YOUR COMPANY: Marcus & Millichap specializes in helping clients in the acquisition and disposition of cash flowing assets. Being that we focus 100% of our time on investment sales, we constantly have the largest inventory of exclusively listed and independently underwritten real estate in the United States. We have a significant presence all over the Country the way we import capital from state to state.

TELL ME ABOUT YOUR TEAM: My team consists of eight real estate professionals – five licensed sales professionals and three support staff members located in Philadelphia and Washington, D.C. Geographically we tend to focus our time on product located within the Northeast and Mid-Atlantic Corridor and our sweet spot is deals ranging from 1-20 Million Dollars.

THOUGHTS ON CURRENT MARKET: It’s a great time to be a seller. In the single tenant world, cap rates are right back to where they were at the top of the market in 2006. The market is being driven by very attractive financing for buyers and the limited supply of quality a ssets for sale in the Northeastern part of this country. I think the real opportunity moving forward is going to be with Shopping Centers.

PERSON YOU MOST ADMIRE CURRENTLY: My parents. It was not until after I graduated college and moved back home that I realized all the sacrifices my parents have made to get me to that point in my life. Their main goal was to give their three children opportunities in life that they never had which requires many sacrifices along the way. Now being a father myself, I realize how fortunate I was growing up and that is why it is important for me to create the same opportunities for my kids.

www.mareJournal.com

Mid Atlantic Real Estate Journal — Shopping Centers — Retail Profiles — June 22 - July 12, 2012 — 37A

RETAIL PROFILES COMMERCIAL REAL ESTATE

GEOTECHNICAL ENGINEERING

EARTH ENGINEERING INCORPORATED

NEWBERRY POINTE Newberrytown, PA

1,500-6,500 SF & RETAIL PAD SITES AVAILABLE

Geotechnical Engineers & Geologists Subsurface Investigations

•York County’s newest Super Wal-Mart anchored shopping center- Open 2011 • Visibility and access from Interstate 83 both north and southbound • Pad sites available from 1-4 acres

Construction Inspection & Testing Retaining Wall Design Environmental Site Assessments and Remediation Clean Fill Testing Carbonate Site Assessments Stormwater Infiltration Testing Laboratory Soils Testing

Contact: Chad Stine or Bradley Rohrbaugh

717-843-5555

Coldwell Banker Commercial Bennett Williams 110 N. George Street-4 Floor York, PA 17701 www.bennettwilliams.com

LAND PLANNING , LANDSCAPE AIRCHITECTURE SITE ENGINEERING ENVIRONMENTAL NSURANCE, B ROKER

Central PA: 717.697.5701

Corporate Headquarters: 610.277.0880 Lehigh Valley: 610.967.4540

South Jersey: 856.768.1001

www.earthengineering.com OMMERCIAL REAL ESTATE REALCE STATE INVESTMENT SERVICES

Hylant Environmental Risk Management Mark

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Taylor

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• Mergers & Acquisition • Contaminated Properties • Environmental Contractors and Consultants • Brownfield Redevelopment • Real Estate Investment Portfolios • Industrial and Manufacturing Facilities • Protection for Third Party Claims and Undiscovered Contamination

EXCLUSIVELY LISTED PNC BANK CENTER 7,838 GLA

Merchantville, NJ

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TRACTOR SUPPLY CO. 2 Location Available Together or Separately

, GLA Sicklerville, NJ

Bruce W. Kranz | Senior Vice President 6000 Freedom Square Drive Suite 400 | Cleveland, OH 44131 | P: 216-674-2443 | C: 216-906-8898 | bruce.kranz@hylant.com | www.hylantenvironmental.com

WAWA GAS & CONVENIENCE STORE

$7,125,000 Â&#x2021; 2FFXSLHG GURFHU\ 6KDGRZ AQFKRUHG &HQWHU Â&#x2021; +LJK LHYHUDJH, ,QWHUHVW 2QO\ LRDQ WR AVVXPH Â&#x2021; 6WURQJ 6RXWKHUQ 1HZ -HUVH\ LRFDWLRQ

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Murrysville, PA

$3,767,000 $4,828,235 n

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MD Broker: David Feldman (david.feldman@marcusmillichap.com 202-536-3700) NJ Broker: Michael Fasano (michael.fasano@marcusmillichap.com 201-582-1000)

38A — June 22 - July 12, 2012 — Retail Profiles — Shopping Centers — Mid

Atlantic Real Estate Journal

www.marejournal.com

RETAIL PROFILES RANDALL C. STEIN

JOSEPH R. STAUGARRD III

PRESIDENT

SENIOR VICE PRESIDENT- ACQUISITIONS

Randall C. Stein President WP Realty, Inc.

Joesph R. Staugarrd III Senior Vice President - Acquisitions WP Realty, Inc.

LOCATION: Bryn Mawr, PA

LOCATION: Bryn Mawr, PA

TYPE OF FIRM: An integrated commercial real estate company specializing in the acquisition, development, leasing and management of grocery-anchored centers located in the northeastern and mid Atlantic United States.

TYPE OF FIRM: An integrated commercial real estate company specializing in the acquisition, development, leasing and management of grocery-anchored centers located in the northeastern and mid Atlantic United States.

EDUCATION: Drexel University - BS, Villanova School of Law - MS

EDUCATION: Shippensburg University BS – Computer Science, VCU MS – Finance, CFA

WHAT DO YOU DO NOW AND ARE PLANNING FOR THE FUTURE: Continue to manage and grow the company’s platform to acquire high quality value-add assets and deploy our investors’ money to achieve strong risk adjusted returns.

WHAT IS A HOT TOPIC FOR YOUR CLIENTS: Continued patience and prudence in the investment of capital FAMILY: Wife, 2 children and a dog HOBBIES: Biking, Hiking, Boating, Reading FAVORITE BOOK OF 2011-2012: Seal Team Six FAVORITE MOVIE OF 2011-2012: Moneyball PERSON YOU MOST ADMIRE CURRENTLY: Bill Gates KEY TO YOUR SUCCESS IN 2012: Continue to be patient and prudent when investing capital IF YOU WERE FORCED TO CHOOSE ANOTHER VOCATION WHAT WOULD IT BE? College Professor

FIRST JOB IN RETAIL REAL ESTATE INDUSTRY: Capital One – Real Estate Financial Analyst

WP Realty, Inc.

WP Realty, Inc.

FIRST JOB IN RETAIL REAL ESTATE INDUSTRY: Strouse, Greenberg - Acquisitions Associate

WHAT DO YOU DO NOW AND ARE PLANNING FOR THE FUTURE: Continue to seek value add and opportunistic real estate investments in the northeast WHAT IS A HOT TOPIC FOR YOUR CLIENTS: Capital – who has it and what are they doing with it FAMILY: Wife Susan, sons – Aaron (5), Peter (4) HOBBIES: Hiking, Running, Reading FAVORITE BOOK OF 2011-2012: Boomerang, Steve Jobs, Born to Run FAVORITE MOVIE OF 2011-2012: Margin Call PERSON YOU MOST ADMIRE CURRENTLY: Warren Buffett KEY TO YOUR SUCCESS IN 2012: Continue to network and keep apprised of deal flow prior to properties being widely marketed IF YOU WERE FORCED TO CHOOSE ANOTHER VOCATION WHAT WOULD IT BE? Actuary

OWNER/DEVELOPER

TURNING VISION INTO VALUE ACQUISITION, RENOVATION, AND DEVELOPMENT ENCOMPASSING 45 SHOPPING CENTERS, 10 MILLION SF OF RETAIL IN 10 STATES

Corporate Headquarters 940 Haverford Road Bryn Mawr, PA 19010 610-552-6000 wprealty.com

Acquisitions Joseph R. Staugaard, III, CFA jstaugaard@wprealty.com 610-552-6062

Leasing Charter Realty & Development Corp.

203-227-2922 chartweb.com

Mid Atlantic Real Estate Journal — Shopping Centers — Retail Profiles — June 22 - July 12, 2012 — 39A

www.mareJournal.com

RETAIL PROFILES OPEN

OPEN

Visit Us At ICSC RECON 2012 Booth #S510W

SEEKING RETAIL PROPERTIES ON THE EAST COAST

.9 3 3 $

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IO L L I

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Westgate Shopping Center Manassas, VA

Utica, NY December 2011

Derry, NH February 2011

Enfield, CT March 2009

Stoughton, MA February 2012

Chili, NY April 2011

Glen Burnie, MD September 2009

Daniel Katz 212.710.9362 dkatz@katzproperties.com

Canandaigua, NY March 2010

Reading, PA August 2011

Southampton, PA July 2010

Eric Wolf 212.710.9362 dkatz@katzproperties.com

40A — June 22 - July 12, 2012 — Retail Profiles — Shopping Centers — Mid

Atlantic Real Estate Journal

www.marejournal.com

RETAIL PROFILES JASON PIERSON

EDWARD P. BRADY, PE

PRESIDENT

DIVISION MANAGER - LAND ENGINEERING Edward P. Brady, PE Division Manager – Land Engineering Taylor Wiseman & Taylor

LOCATION: Marlboro, New Jersey

LOCATION: Mount Laurel, NJ

BIRTH PLACE AND DATE: Red Bank, NJ – 7/19/77

BIRTH PLACE AND DATE: Philadelphia, PA (1956)

FAMILY: Wife, Amy and son, Jake COLLEGE: University of Maryland, College Park FIRST JOB OUT OF COLLEGE: Black & Decker – Field Sales – San Diego, NJ FIRST JOB IN REAL ESTATE OR ALLIED FIELD: CBRE in NYC WHAT DO YOU DO NOW AND WHAT ARE YOU PLANNING FOR THE FUTURE: Retail Commercial Real Estate Brokerage Firm and growing Pierson Commercial throughout the state of New Jersey HOBBIES: Spending Time with my Family, Eating, Working Out FAVORITE BOOK: 1984 FAVORITE MOVIE: Braveheart PERSON YOU MOST ADMIRE (OUTSIDE OF FAMILY): Warren Buffet KEY TO YOUR SUCCESS: Hard work and integrity IF YOU WERE FORCED TO CHOOSE ANOTHER VOCATION WHAT WOULD IT BE? Professional Baseball

Taylor Wiseman & Taylor

Pierson Commercail Real Estate

Jason Pierson President Pierson Commercial Real Estate

FAMILY: Wife, Bonnie; 3 sons (Ed, Brian, and Dan) COLLEGE: Drexel University FIRST JOB OUT OF COLLEGE: Estimator for Quill Corporation FIRST JOB IN REAL ESTATE OR ALLIED FIELD: Project Engineer (Taylor Wiseman & Taylor) WHAT DO YOU DO NOW AND WHAT ARE YOU PLANNING FOR THE FUTURE: Currently manage Project Engineers from project site design through approvals; plan to expand the Land Engineering Division by increasing services and client base.

HOBBIES: Working on the shore home with Bonnie; following the Phillies, Rider University swimming, and Notre Dame football.

FAVORITE BOOK: “Churchill, Hitler and the Unnecessary War” FAVORITE MOVIE: “Waking Ned Devine” and “Rudy” PERSON YOU MOST ADMIRE (OUTSIDE OF FAMILY): Deacon Joe Chandler of St. Charles Borromeo Church in Turnersville, NJ KEY TO YOUR SUCCESS: Servicing my clients, and quickly IF YOU WERE FORCED TO CHOOSE ANOTHER VOCATION WHAT WOULD IT BE? Optometrist or Sports Statistician

JONATHAN KLEAR

Metro Commercial Real Estate

INVESTMENT SALES

Jonathan Klear Investment Sales Metro Commercial Real Estate LOCATION: Mount Laurel, NJ BIRTH PLACE AND DATE: Philadelphia, PA / 8-25-77 COLLEGE: Ohio State University FIRST JOB OUT OF COLLEGE: Marketing at Viacom, New York, NY FIRST JOB IN REAL ESTATE OR ALLIED FIELD: Brokerage

– Sales and Leasing, Industrial in NJ

WHAT DO YOU DO NOW AND WHAT ARE YOU PLANNING FOR THE FUTURE: Currently at Metro Commercial my team focuses

on the repositioning, valuation, and disposition of private and insitutionally owned multi tenanted shopping centers. Through my various connections, I intend to add value to the already established investment sales team at Metro Commercial.

HOBBIES: Running, music, reading, movies FAVORITE BOOK: Anything John Steinbeck FAVORITE MOVIE: Way too many to name PERSON YOU MOST ADMIRE (OUTSIDE OF FAMILY): Anyone

that can turn nothing into something

KEY TO YOUR SUCCESS: Perseverance: running has taught me to be disciplined, a key factor in this business IF YOU WERE FORCED TO CHOOSE ANOTHER VOCATION WHAT WOULD IT BE? Professional marathon runner

COMING SOON Shopping Centers featuring RETAIL BROKERAGE Deadline for Editorial: July 13, 2012 Issue Date: July 27, 2012 Contact Elaine Fanning for more information on submitting your transaction news, expert articles and how to mark your available retail properties. e-mail: efanning@marejournal.com or call: 800-584-1062/781-871-5298 Ext. 212

Mid Atlantic Real Estate Journal — Shopping Centers — June 22 - July 12, 2012 — 41A

www.marejournal.com

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

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

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

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

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

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

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

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

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

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

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

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

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

42A — June 22 - July 12, 2012 — Shopping Centers — Mid

Michael Kercheval President & CEO ICSC

Brad M. Hutensky ICSC Chairman

Atlantic Real Estate Journal

www.marejournal.com

Member of International Council of Shopping Centers John-david Franklin Adam Ifshin Director, Eastern Division www.icsc.org VP & Trustee

PA/DE/S.NJ

Paul Weinschenk Christopher E. Rouzie Director, Director, DC/MD/N.VA S.VA

Northern NJ STATE DIRECTORS

PA/DE/S.NJ: John-david W. Franklin State Director Madison Marquette

Steven H. Gartner

DC/MD/N.VA:

Metro Commercial Real Paul Weinschenk The Petterson Companies Estate

S.VA: Christopher E. Rouzie Government Relations Cushman & Committee Chair Wakefi eld | Thalhimer

program

Michael A. Mozzachio

GOVERNMENT RELATIONS Chancellor Development COMMITTEE CHAIR Group PA: Joesph J. Viscuso, PE Alliance Co-Chair Stantec

Edward A. Shriver, Jr. S. NJ: Scott R. Dare Strada Dare Living Associates

S.VA: Operations Co-Chair Jeffrey W. Broderick EDC Lynda CDP E. Benedetto,

ICSC Pennsylvania/New Jersey/Delaware Atlantic City Convention Center Atlantic City, NJ September 10 – 12, 2012

SCSM DC/MD/N.VA: Thomas C. Barbuti Kravco Simon Co. Whiteford, Taylor and Preston LLP

Retail Co-Chair

ALLIANCE CO-CHAIR Roy T. Perez-Daple PA/DE/S.NJ: Lowe’s Companies Russel Jenkins Zamias Services Inc.

Next Generation Chair DC/MD/N.VA: Eric S. Palumbo Penney Patricia

Klein Enterprises Centro Properties Group

preliminary program

S.VA: ToniaExchange E. Peake Idea

McCandlish Holton PC

Program Planning Committee Co-Chair NEXT

GENERATION CHAIR Timothy Rubin PREIT PA/DE/SNJ: Thomas Gorman

Marcus & Millichap

Idea Exchange SNJ: Program Planning ComLindsey C. Floyd mittee Co-Chair Cushman & Wakefield | Thalhimer

Brandon Famous DC/MD/N.VA: Fameco Bradley A. Buslik H & R Retail, Inc.

ICSC Virginia Greater Richmond Convention Center Richmond, VA September 11 – 12, 2012

Mid Atlantic Real Estate Journal — Shopping Centers — June 22 - July 12, 2012 — 43A

www.marejournal.com

SHOPPING CENTERS BUSINESS CARD DIRECTORY ENGINEERING CONSULTANT

COMMERCIAL INVESTMENT RE Jules A. Borrus BROKER-PRESIDENT

GENERAL CONTRACTOR

(732) 345-7002 FAX 97320 345-7207

·COMMERCIAL ·INDUSTRIAL ·INVESTMENT

Ma hew Ru , PE,CDP President

direct/cell: (717) 490-2785 mruƩ@landcoreconsulƟng.com

REAL ESTATE

Mailing Address: P.O. Box 8357 Red Bank, NJ 07701 Email: borruscommre@aol.com

LANDCOREconsulƟng.com PHILADELPHIA • LANCASTER • PITTSBURGH • PRINCETON

GENERAL CONTRACTOR

GEOTECHNICAL CONSULTANT

METAL BUILDING CONSULTANTS

PROPERTY MANAGEMENT/DEVELOPMENT

REAL ESTATE ACQUISITIONS

REAL ESTATE INVESTMENT SVCS.

Daniel Katz

P: 212.710.9362

F: 917.591.5497

E: DKATZ@KATZPROPERTIES.COM WWW.KATZPROPERTIES.COM

REALTY

REALTY

REALTY KAY REALTY SERVICES, LLC

R E A L E S TA T E S E R V I C E S

COMMERCIAL REAL ESTATE COUNSELORS

William L. Klein

WILLIAM F. BARGLOW Tel: 732-297-8700 Fax: 732-297-8701 Cell: 732-208-7135 878 Georges Road - Suite 6, Monmouth Junction, NJ 08852 WEBSITE: www.barglowcompanies.com • EMAIL: bill@barglowcompanies.com

President

1989 Jumping Brook Road, Tinton Falls, NJ 07753 Phone: 732-918-1148 - ext. 101 Fax: 732-918-1628 Mobile: 908-447-0899 or 908-447-5239 bill@kayrealtyholdings.com www.kayrealtyholdings.com

SITE MANAGERS

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7/17/09 11:26:51 AM

44A — June 22 - July 12, 2012 — Shopping Centers — Mid

Atlantic Real Estate Journal

www.marejournal.com

PEOPLE ON THE MOVE Seasoned real estate professionals

Schiffer, Mitthenthal & Diedtrich promoted

Milich & Moskovic join The Goldstein Grp. as sales assoc.

Widener rejoins Greenberg Gibbons

P

ARAMUS, NJ — Seasoned real estate professionals Scott Milich and Donny Moskovic have joined The Goldstein Group as sales associates, announced Scott Milich president Chuck Lanyard of The Goldstein Group, New Jersey’s leading commercial real estate brokerage firm. Both specialize in retail and commercial real estate services for the Northern New Jersey, Rockland/Orange County, New York, and Hudson Valley markets.

Milich is a veteran real estate professional who specializes in retail, commercial and industrial properties. He comes to The Goldstein Group with over 20 years of experience as an owner, developer and in providing real estate advisory and brokerage services to clients.

Milich represents regional retail and commercial real estate owners, and national retail tenants as well as local retailers.

In addition to his real estate background, Milich has also owned and manDonny Moskovic aged several restaurants.

Milich is actively involved in local community service and serves as a member of the Congers Valley Cottage Rotary; Board Member of the Rockland County JCC; Board Member of Big Brothers Big Sisters; Board Member of New City’s Chamber of Commerce; Board Member of Downtown New City Corporation; and former member on the Regional Board of the American Cancer Society.

Most recently, he served as commercial sales manager at Prudential Real Estate in Pearl River, New York.

Moskovic is a veteran of the commercial real estate industry with over 20 years of experience in real estate sales, leasing, development and management. His primary area of concentration is the Lower Hudson Valley of New York. Moskovic actively represents landlords and tenants in the leasing and sale of commercial property. Most recently, he served as director of commercial real estate at Prudential Real Estate in Pearl River, New York.

“We are excited to welcome Scott and Donny to The Goldstein Group as part of the ongoing expansion of our sales and marketing efforts to better service our clients,” stated Chuck Lanyard, President. “As part of our company’s expansion plans, we can now provide more services to our clients in Rockland and Orange County, New York and the Hudson Valley, through their 40 plus years of in-depth retail and commercial real estate experience.” n

The International Council of Shopping Centers appoints Viscuso, Gorman & Dare WEST CHESTER, PA — The International Council of Shopping Centers (ICSC) has appointed Stantec vice president Joseph Viscuso as the chairman of the government relations c o m m i t t e e Joseph Viscuso for its Pennsylvania/Delaware region. In this volunteer role, Viscuso will represent the interests of owners, developers, investors, marketers, and other retail specialists across these states.

Based in Stantec’s West Chester, Pennsylvania office, Viscuso leads the company’s commercial real estate site development services, including clients such as Wawa, McDonalds, and Walgreens,

as well as dozens of cities and towns. In his over 35-year career, Viscuso has become an authority on real estate development issues, authoring numerous articles and white papers and serving Thomas Gorman as an adjunct professor for Widener University. He is also a member of several national professional associations and planning and development boards within Chester County.

Viscuso holds engineering degrees from Widener and Villanova and is a registered professional engineer in several states.

PHILADELPHIA, PA – The International Council of Shopping Centers announced that

Thomas Gorman, Sales Manager of Marcus & Millichap’s Philadelphia office, has been named Chairperson of NextGen for Pennsylvania, Delaware and Southern New Jersey. Gorman has served as a volunteer for ICSC for many years, as an active member of both the NextGen Planning Committee and the PA/NJ/DE Idea Exchange Planning Committee.

FRANKLINVILLE, NJ — The International Council of Shopping Centers is announced that Scott Dare, VP of sales & marketing of Dare Living Associates of Franklinville NJ, has been named government relations committee chairperson for New Jersey. Dare has served as a volunteer for ICSC for over 10 years, as an active member of ICSC NJ/PA/DE Idea Exchange. n

Market Square Place a finalist in ULI’s global awards program PITTSBURGH, PA – The Urban Land Institute (ULI) has named Market Square Place as a finalist in their Global Awards for Excellence Competition, recognizing it as a pivotal development in a key urban district.

The project joins twenty-eight others from across the globe

that were announced as finalists last week.

Designed by strada and developed by millcraft industries, Market Square Place embodies the revitalization of a key section of downtown Pittsburgh. In 2006, just before construction began, the seven buildings that make up

the project held only one active tenant. Today, the restored buildings are fully leased with a mix of residents, retailers, and a YMCA fitness center.

The resulting foot traffic and retail diversity have contributed to renewed vibrancy in the adjacent Market Square and the surrounding streets. n

OWINGS MILLS, MD — Greenberg Gibbons, the Baltimore-based retail development company, announced two promotions, as well as a new addition to its corporate team.

Michelle S c h i f f e r Michelle Schiffer has been promoted to vice president and assistant director of asset management.

Schiffer has served as Matthew Mitthenthal asset manager for the company since 2007. In addition to expanding her leadership responsibilities, Schiffer will continue to oversee the property management, leasing and marketing of several of Greenberg Gibbons’ mixed use and retail properties, including Hunt Valley Towne Centre and Annapolis Towne Centre.

Prior to joining Greenberg Gibbons, she worked for 20 years at The Rouse Company.

Matthew Mitthenthal has also been promoted to vice president and assistant director of asset management.

Mitthenthal, who previously served as Asset Manager for Greenberg Gibbons, joined the company in 2002 as a property management and lease administration associate. While expanding his leadership role, Mittenthal will continue to oversee the property management, leasing and financial analysis for several of the company’s properties, including Waugh Chapel Towne Centre and the proposed Foundry Row at Owings Mills.

Greenberg Gibbons has also

announced that Melody Widener is rejoining the company to be director of lease administration and financial analysis.

In this role, Widener will lead financial analysis, including budgeting and forecasting.

Previously, Widener spent eight years in lease administration at Greenberg Gibbons, and most recently worked as a lease administrator for M. Leo Storch Management Corporation.

“Together, Michelle, Matt and Melody bring valuable managerial skills to Greenberg Gibbons,” said Brian Gibbons, chairman and CEO of Greenberg Gibbons. “They will be important leaders as our company continues to expand and pursue new growth and opportunities.”

OWINGS MILLS, MD — Greenberg Gibbons, the Baltimore-based retail development company, announced that Carol Diedtrich has been named the General Manager for Annapolis Towne Centre.

Diedtrich has more than sixteen years’ experience in managing retail projects and mixed-used developments for companies including the Rouse Company, Retail Resource and Millennium Partners. Prior to joining Greenberg Gibbons, she served as a Director for Business Development for General Growth Properties in Paramus, New Jersey.

In her new role Diedtrich will manage the day-to-day operations and tenant relations for Annapolis Towne Centre, Greenberg Gibbons’ awardwinning, two-million squarefoot mixed-use development.

“Carol brings valuable leadership skills and experience to the Greenberg Gibbons team,” says Brian Gibbons, Chairman and CEO of Greenberg Gibbons. “Her expertise will be an important asset to Annapolis Towne Centre as it continues to flourish and grow.” n

ROCK names Bauer Project Coordinator Y O R K , PA — R O C K Commercial Real Estate named Z. Dylan Bauer Project Coordinator.

Upon graduating Temple University with a Bachelor ’s degree in Business A d m i n i s - Z. Dylan Bauer tration, Dylan turned his

college start-up into a full time business. With an initial focus on ice cream truck catering, Chilly Dilly’s grew over the next four years to include 5 mobile ice cream trucks and permanent locations at the York Galleria Mall and York’s Central Market. After selling his companies in 2012, Dylan joined ROCK to pursue a career in commercial real estate. n

Mid Atlantic Real Estate Journal — June 22 - July 12, 2012 — 45A

www.marejournal.com

COMMERCIAL REAL ESTATE ORGANIZATIONS’

EVENTS CALENDAR JUNE 22 – ABC BALTIMORE Event: ABC Golf Classic Time: 9:00 AM – 5:00 PM Location: Compass Pointe Address/City: 9010 Ft. Smallwood Rd., Pasadena, MD Cost: $170 per Person $650 Foursome P: 410-831-0351 Ext. 113 E: bjohnson@abcbaltimore.org www.abcbaltimore.org JUNE 22 – ULI NNJ Event: YLG Executive Breakfast Series with Ed Russo Time: 8:30 AM – 10:30 AM Location: Russo Development Address/City: 570 Commerce Blvd., Carlstadt, NJ P: 800-321-5011 www.nnj.uli.org JUNE 26 – CFA Event: CFAP’S Wilmington Happy Hour Time: 6:00 PM Location: Ernest & Scott Taproom Address/City: 902 N. Market St., Wilmington, DE www.cfasociety.org JUNE 26 – CREW PITTSBURGH Event: Lunch ‘N Learn Time: 12:00 PM – 1:00 PM Location: Offices of Babst Calland Address/City: Two Gateway Cntr. 6th Fl., Conference Room, Pittsburgh, PA E: admin@crewpittsburgh.org www.crewpittsburgh.org JUNE 26 – ULI PHILADELPHIA Event: Planning for Visitability & Urban Aging Location: Philadelphia Corporation for Aging Address/City: 642 N. Broad St., Philadelphia, PA P: 856-428-8547 E: Philadelphia@uli.org www.philadelphia.uli.org JUNE 27 – ABC EPA Event: Breakfast in Bethlehem Time: 8:00 AM Location: Borderline Restaurant Address/City: 2100 W. Union Blvd, Bethlehem, PA Cost: $20 P: 302-328-1111 E: jtoman@abceastpa.org www.abceastpa.org JUNE 27 – CREW LEHIGH VALLEY Event: Lunch-A-Rounds Time: 11:35 AM – 1:00 PM Location: The Sangria Address/City: 840 W. Hamilton St., Allentown, PA P: 484-223-0276 E: kcduerholz@boyleconstruction.com www.crewlehighvalley.org JUNE 27 – CREW LEHIGH VALLEY Event: Lunch-A-Rounds Time: 11:35 AM – 1:00 PM Location: The Apollo Grill Address/City: 85 W. Broad St., Bethlehem, PA P: 610-868-8507 E: momeara@hmk-ins.com www.crewlehighvalley.org JUNE 27 – CREW LEHIGH VALLEY Event: Lunch-A-Rounds Time: 11:35 AM – 1:00 PM Location: The Valenca Address/City: 64-66 Center Square, Easton, PA P: 610-865-2621 E: ckraftician@spillmanfarmer.com www.crewlehighvalley.org

JUNE 27 – CREW PITTSBURGH Event: Connect With Crew Time: 5:00 PM – 6:00 PM Location: Elements Address/City: 444 Liberty Ave., Pittsburgh, PA P: 412-297-4809 E: mjordan@cohenlaw.com www.crewpittsburgh.org JUNE 28 – ULI PHILADELPHIA Event: Courthouse Building Tour & Happy Hour Time: 5:00 PM – 7:30 PM Location: The Courthouse Building Address/City: 1000 N. King St., Wilmington, DE P: 800-248-4585 www.philadelphia.uli.org JULY 9 – ULI NJ Event: The Building of a New Residential Neighborhood in Jersey City: “NOHO” Time: 9:30 AM – 1:00 PM Location: Carlo’s Bakery/Cake Boss Production Facility at Lackawanna Center Address/City: 629 Grove St., Jersey City, NJ P: 800-321-5011 www.nnj.uli.org JULY 10 – IREM DELAWARE VALLEY Event: Fair Housing & Beyond Seminar Time: 8:30 AM – 12:00 PM Location: AAGP Office Address/City: One Bala Plaza, Suite 515, Bala Cynwyd, PA Cost: $79 Members $109 Nonmembers P: 856-786-9260 www.irem3.org JULY 10 – NJAWBO Event: Board of Trustees Meeting Time: 5:00 PM – 8:00 PM Location: Affinity Federal Credit Union Address/City: Basking Ridge, NJ P: 609-799-5101 www.njawbo.org JULY 12 Event: Lakewood Regional Business Expo & Networking Event Time: Noon – 4:30 PM Location: Lakewood Industrial Park, Lake Terrace Hall Address/City: 1690 Oak St., Lakewood, NJ P: 732-364-2500 Ext. 5257 E: pkomsa@lakewoodnj.gov JULY 13 – NAIOP NJ Event: Community Action Project Time: 9:30 AM – 3:00 PM Location: Community Food Bank of NJ P: 732-729-9900 E: morford@naiopnj.org www.naiopnj.org JULY 16 – NJ CORENET/IFMA Event: Golf Outing Time: 9:00 AM Location: Hackensack Country Club Address/City: Oradell, NJ P: 908-663-2708 www.corenetnj.org JULY 16 – TRISTATE/CCIM Event: 16th Annual Golf Outing Time: 11:30 AM Location: Llanerch Country Club Address/City: Havertown, PA www.tristaterca.com

JULY 18 – ABC BALTIMORE Event: What Subcontractors Need to Know About Contracts Time: 7:30 AM – 1:00 PM Location: ABC Baltimore Address/City: 1220B E. Joppa Rd., Suite 322, Towson, MD Cost: $25 Members $35 Nonmembers P: 410-821-0351 Ext. 113 E: bjohnson@abcbaltimore.org www.abcbaltimore.org JULY 18 – ABC EPA Event: Summer Picnic Time: 3:00 PM – 6:00 PM Location: ABC East Norriton Office Address/City: 430 W. Germantown Pike, E. Norriton, PA P: 610-279-6666 Cost: $45 Nonmembers www.abceastpa.org JULY 18 – IFMA CENTRAL PA Event: 2012 Golf Outing Time: 11:30 AM Location: Blue Ridge Country Club Address/City: 3940 Linglestown Rd., Harrisburg, PA P: 717-720-2342 E: thewitt1@comcast.net www.ifmacentralpa.org JULY 19 – NJAA Event: Charitable Fund Cocktails for a Cause Time: 6:00 PM – 9:00 PM Location: Miller’s Ale House Address/City: Mount Laurel, NJ Cost: $20 Donation P: 732-992-0600 E: events@njaa.com www.njaa.com JULY 26 – CORENET NJ Event: Summer Social Time: 5:00 PM – 8:00 PM Location: The Liberty House Address/City: 76 Audrey Zap Dr., Jersey City, NJ Cost: $150 Members $175 Nonmembers P: 973-535-9448 E: execdir@corenetglobal.org JULY 30 – USGBC NJ Event: 9th Annual Golf Outing Time: 11:30 AM – 8:00 PM Location: New Jersey National Golf Club Address/City: 579 Allen Rd., Basking Ridge, NJ P: 973-290-0013 E: info@usgbcnj.org www.usgbcnj.org AUGUST 1 – SIOR NJ Event: Member/Sponsor Summer Social Time: 5:30 PM – 8:00 PM Location: Long Valley Brew Pub Address/City: Long Valley, NJ www.siornj.com AUGUST 13 – CIANJ Event: 44th Annual Golf Outing Time: 10:00 AM – 8:00 PM Location: Upper Montclair Country Club Address/City: 177 Hepburn Rd., Clifton, NJ P: 201-368-2100 E: nharencak@cianj.org www.cianj.org

46A — June 22 - July 12, 2012 — Mid

Atlantic Real Estate Journal

www.marejournal.com

MID ATLANTIC REAL ESTATE JOURNAL Located in Long Branch & Wall, NJ

By Joseph Langan, River Drive Const.

Emerald Creek issues $2,800,000 Why now is the time to loan secured by 2 retail properties upgrade your business . . .

W

ALL, NJ — Emerald Creek Capital issued an eighteenmonth $2,800,000 loan secured by retail properties in Long Branch, NJ and Wall, both in Monmouth County. Situated on a 3.2 acre site adjacent to Monmouth Racetrack, the property in Long Branch totals 28,000 s/f and is currently occupied by three tenants. Allocations were made to improve the value of the collateral by subdividing an outparcel.

Situated on 1.15 acres on Route 35, the property in Wall, NJ totals 13,200 s/f and is also currently occupied by three tenants. “With allocations for a partnership buyout, soft costs, and Cap Ex, there were a lot of moving parts,” noted Jeff Seidler, Emerald Creek Capital’s senior vice president: “By focusing on the underly-

Wall, NJ ing real estate fundamentals, we were able to execute very quickly.”

Emerald Creek Capital has enjoyed success nationwide, but is especially active in and around its home base of Manhat-

tan, NY. Emerald Creek Capital provides loans secured by all kinds of commercial real estate.

The firm provides loans to middle market borrowers, generally in the amounts of $1-20 Million. ■

O’Hara of NAI Emory Hill reps landlord in 2,096 s/f lease to First State Endocrinology NEWARK, DE –First State Endocrinology, P.A., a subsidiary of Christiana Care Health Systems, has leased Suite 100 of the Hampton Building at 1082 Churchmans Road Jim O’Hara, Jr. in Newark to open a second facility for

its practice.

Dr. Ripudaman S. Hundal, M.D., owner of First State Endocrinology, is a graduate of Yale and the Albert Einstein College of Medicine.

The practice’s other office suite is located in Ketlay Plaza in Middletown.

Jim O’Hara, Jr., a principal of NAI Emory Hill, represented landlord Hampton Point Corporation in the lease transaction of 2,096

s/f. The remainder of the total of 12,000 s/f of space in the Hampton Building is still available for lease. The elevator-served building is in close proximity to Christiana Care Hospital just off Rt. 7 and I-95. Christiana Care Health System, headquartered in Wilmington, is one of the country’s largest health care providers, ranking 17th in the nation for hospital admissions. ■

Baron of Sidney E. Gable Assoc. completes sale PHILADELPHIA, PA — Marvin Baron, of Sidney E. Gable Associates, Inc. sold a 10,000 s/f one story building at 906-10 E. Lycoming Street,

Philadelphia for a sale price of $275,000. The property was owned by the Richard Cohen family who built many one story buildings in the

Hunting Park Avenue area.

The buyer was PAJO Family Realty who was represented by ReMax Access Company. ■

Real Estate Strategies Corp. launches General Counsel Studio SOMERSET, NJ — Andrew Zezas, SIOR, CEO of New Jersey based Real Estate Strategies Corporation, and Host of CFO Studio, announced the launch of the company’s newest venture, General Counsel Studio, an online promotional venue where general counsels and chief legal officers from New Jersey area companies

will appear in on-camera interviews discussing their experiences and sharing insights into their challenges and successes.

“Our earlier venture, CFO Studio, continues to achieve tremendous success in dispelling the old stereotypes that finance executives are merely green eyeshade numbers

people and in promoting New Jersey area CFOs as diverse and sophisticated business executives” said Andrew Zezas. He added “In many respects, the General Counsel has had similar experiences, often being mistaken as “the legal person” and the person to read contracts and defend against a law suit.” ■

Hudson ranked among NY area’s largest minority-owned firms NEW YORK, NY — Hudson Realty Capital LLC (Hudson) has been named one of the New York area’s largest minorityowned companies for the fourth year in a row. The firm placed #12 among the Top-25 companies and is the only real estate

fund manager in the ranking, based on 2011 revenues. To be eligible, companies must be at least 51 percent independently owned by minority individuals.

Hudson, which was founded

by Managing Directors Da-

vid Loo and Richard Ortiz, along with Sanford Herrick, has closed $3.5+ billion in transactions since its inception in 2003.

Last year, the company funded more than $120 million in new originations and $400 million in loan portfolio acquisitions. ■

continued from page 2A portunity closes.

The increase in demand for corporate fit-outs is good news for New Jersey’s downtrodden construction industry. While large, ground-up projects are the goal of most builders, it is corporate fit-out work that is often their bread and butter — a steady flow of which is what pays the bills and keeps the ship afloat. Moreover, an increase in corporate fit-out work is often the harbinger of a full-fledged recovery. At River Drive Construction, we have seen a bump up in corporate fitout work since the beginning of the year. The same is true for renovations of industrial properties, particularly at the New Jersey Turnpike’s Exit 8A. This is no surprise. U.S. companies are sitting on a lot of cash. In a recent report, Moody’s said the 1,600- plus U.S.-based companies it rates had $1.2 trillion in cash at the end of 2010 —11.2 percent more than a year earlier.

With memories of the severity of the recent downturn still vivid, many companies are still reluctant to hire. But they do seem to be willing to open up their moth-infested wallets to spruce up their surroundings or make the jump to higher quality space, especially with rents poised to start moving back up.

In the Central New Jersey subsector, for example, the office market posted positive, albeit minimal, net absorption for 2011 for the first time since 2005, while average asking rent increased $0.12 over the previous year, coming in at $23.24 psf, according to the 2011 Q4 report from Cassidy Turley Commercial Real Estate Services.

“Overall,” the report concluded, “the annual numbers indicate that market activity has increased in comparison to previous years, and this year’s positive absorption is a welcome sign that confidence among tenants is improving.”

One of strongest sectors in terms of leasing activity is life sciences, reflecting New Jersey’s position as a pharmaceutical industry hub. River Drive has recently secured a number of contracts for corporate fit-outs in the life sciences sector, including a 19,000 s/f, high-end tenant fit-out for Asubio Pharmaceuticals Inc. in Paramus.

The same is true in the indus-

trial market, with an increase in leasing velocity, a decline in vacancies and sizable transactions paving the way for recovery, according to Cassidy Turley. The vacancy rate in the Central New Jersey subsector fell to 9.1 percent in Q4 from 9.4 percent in Q3, marking three consecutive quarters of positive demand.

While industrial vacancies, at least in Central New Jersey, remain at historically high levels, there has been considerable improvement since the end of 2010, when the rate was 10.4 percent, the report said.

The Exit 8A submarket demonstrated the strongest leasing activity in the Central New Jersey submarket, with 490,423 s/f of positive demand in Q4 and 1,514,880 s/f for the year. River Drive Construction has recently done a number of projects at Exit 8A, including a $1.3 million, 600,000 s/f project for Synnex in South Brunswick, which Cassidy Turley counted as one of the most noteworthy leases of year in the Central New Jersey submarket.

The prediction of industry observers is that commercial real estate leasing activity will increase throughout 2012, resulting in reduced opportunities for tenants, increased rental rates and decreased landlord concessions. These trends are expected to pick up as companies expand in response to increased consumer spending and GDP growth.

But while the commercial real estate market may be turning around, the construction industry isn’t — not yet at any rate.

Although it’s getting stronger, as of October, 2011 (the latest data available) the state’s construction payrolls were five percent below the June 2009 level, when the national recession was officially deemed to be over, with employment in the construction industry expected to decline further in 2012.

Which means that many in the construction industry are looking for work. This unique confluence of factors — available cash, a still depressed but improving commercial real estate market and a local construction industry that has yet to rebound — makes now the ideal time for companies to renovate, expand or relocate.

Joseph Langan is president and CEO of River Drive Construction, Elmwood Park, NJ. ■

Mid Atlantic Real Estate Journal — June 22 - July 12, 2012 — 47A

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48A — June 22 - July 12, 2012 — Mid

Atlantic Real Estate Journal

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PEOPLE ON THE MOVE To form new firm with more than 2,000 employees

Brian P. Quigley

J.H. Cohn LLP and Reznick Group, P.C. announce plans

Dermody Properties welcomes new partner

R

OSELAND, NJ AND BETHESDA, MD — J.H. Cohn LLP and Reznick Group, P.C., two of the top20 ranked accounting and consulting firms in the United States, announced plans to combine and be- Thomas Marino come the 11th largest firm in the country with more than 2,000 employees, 25 offices, and combined revenues of more than $450 million. The partners and principals of both firms have agreed to the combination.

Pending final approvals, the combination is anticipated to take effect in September.

“The combination of these two great organizations immediately elevates us to a preeminent position on the East Coast with offices from Boston to Atlanta, provides a significant expansion in California, and establishes

a national footprint with additional offices in Texas and Chicago,“ said Thomas J. Marino, partner and CEO, J.H. Cohn. “This combination of peers changes the landscape of the accounting industry by establishing a firm with an unprecedented concentration of industry experience in real estate, and highly specialized, combined experience in areas such as renewable energy, hospitality, manufacturing and distribution, capital markets, government, construction, life sciences and technology, and valuations.”

“The synergies and opportunities this combination of equals brings to our clients and staff is nothing short of historic,” said Ken Baggett, Reznick Group’s managing principal and CEO. J.H. Cohn has very diverse clients across a wide array of industries.

When combined with Reznick Group’s deep knowledge of the affordable housing and commercial real estate industries, as well as the tax credit

arena, the result is a firm that is a powerful resource for clients across all of their accounting, tax and consulting needs.”

Marino also noted that the professionals of each firm bring a shared commitment to highly personalized client service, deep technical and industry expertise, strategic insight, and dedication to their employees and communities.

Each firm has enterprising employee cultures built around giving employees the freedom and resources to chart their own career paths focused on creating new opportunities for themselves -- and for clients.

Both firms have recently garnered recognition by industry and business publications for their excellence and commitment to their people, women’s initiatives, and as best places to work. In addition, both firms have recently received major awards for their community involvement and leadership in the cities in which they live and work. ■

Caryl Bixon-Gordon named as finalist for NJ’s leading women entrepreneurs PARAMUS , NJ — Caryl Bixon-Gordon, president of Caryl Communications, Inc. has been named a top woman entrepreneur and business owner finalist in New Jersey by Own It Vent u r e s , a n d Caryl BixonGordon New Jersey Monthly Magazine.

The special recognition commends leading women in business for their service, leadership and contribution to their communities and the state’s economic recovery, according

to Own It Ventures. Finalists will be judged for their innovation, community involvement, market potential, and advocacy for women. A gala reception will honor the winners on December 6.

“It is an honor to be nominated and recognized along with the many dedicated women entrepreneurs in the state,” said Bixon-Gordon.

“At Caryl Communications, we are passionate about the advancement of women in the workforce, which is synonymous with Own It Ventures’ mission.”

Founded in 1980, the awardwinning public relations and marketing firm has continued

to grow over the past two decades. Today, the company offers media relations, content, email and Internet marketing, events, social media and internal communications programs.

The agency places its clients in the news, in print and online, and offers broad promotional services from seminars, to webinars, speaking opportunities, awards and direct marketing activities. Under her direction, the company has many long-term current clients involved in New Jersey residential and commercial real estate as well as in senior housing, healthcare, financial services, law, non-profits and industry organizations. ■

NAI Emory Hill’s Morrison achieves CCIM designation WILMINGTON, DE — Dave Morrison, of NAI Emory Hill has been designated a CCIM (Certified Commercial Investment Member) by the CCIM Institute.

A CCIM is a recognized expert in the commercial Dave Morrison and invest-

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

CCIMs are part of a global

commercial real estate network with members across North America and in more than 30 countries. This professional network has enabled CCIM members to close thousands of transactions annually, representing more than $200 billion in value. As a result, the experts who possess the CCIM designation are an invaluable resource for commercial real estate owners, investors, and clients. ■

RENO, NV — Dermody Properties has hired Brian P. Quigley as their Midwestern partner.

Quigley, an industrial real estate veteran, will be stationed in the company’s regional office in Chicago.

Quigley will be responsible for driving growth and development in the Midwestern Region, as well as managing the company’s industrial portfolio, new build-to-suit projects, acquisitions and dispositions in that region.

“I’m happy to join such a strong and innovative team at Dermody Properties,” Quigley said.

“I’ve watched them grow

into a nationally respected development firm, and I am very happy to now be a part of that success and help the company continue to grow.”

Quigley has 21 years of experience in the greater Chicago and Midwestern markets, with an emphasis in development, leasing, operations and dispositions. Previously, Quigley was vice president at CenterPoint Properties Trust, where he developed intermodal industrial buildings, build-to-suit developments and managed large land ventures. During the course of his career, Quigley has developed more than 15 million square feet in the greater Chicago area. ■

Bleiweiss joins DS&D’s senior leadership team SOMERVILLE, NJ — Steve Bleiweiss has joined DS&D as executive vice president of strategic business development.

He brings over 40 years of hands-on experience in corporate leadership, real estate Steve Bleiweiss strategy, project management and business development.

Throughout his career he has excelled by drawing upon the relationship management and business planning skills gained from his unique background as a corporate end-user, commercial real estate broker and design firm principal. Prior to joining DS&D, Steve spent the last 10 years as a Senior principal and board member at Mancini·Duffy, covering the New York and New Jersey markets and overseeing

several of the firm’s largest national accounts.

“We are delighted to welcome Steve to our Senior Leadership Team”, says DS&D principal Steve Lang. “We aspire to understand the needs of our industry and actively pursue the best talent in realizing our strategic goals. By bringing Bleiweiss on board, we can move forward in growing our business throughout our expanding marketplace and effectively leverage his expertise in the tri-state area.”

“As the commercial interiors environment becomes more consolidated, growth through regionalization will depend heavily on our ability to communicate the value of our brand to both existing and new clients”, adds Ted Grillo, DS&D principal. “Steve understands that process and will be a great asset for DS&D in achieving our market objectives.” ■

Phila. Private Capital hires Church P H I L A D E L P H I A , PA — Philadelphia Private Capital (“PPC”), a leading merchant banking firm in Philadelphia, announces that David L. Church has joined the firm as managing director. He brings 25 years experience in commercial real estate finance and loan restructuring.

Church will provide consulting services to clients with distressed CMBS loans or CMBS loans with nearterm maturities. He will advise borrowers on the CMBS special servicing process, how

to best avoid non-recourse carve-out triggers and how to be part of the solution. He will work closely with clients to craft realistic modification proposals that meet the needs of both borrowers and lenders.

For the two years prior to joining PPC, Church worked for a CMBS special servicer where he structured resolutions on behalf of lenders. This experience provides PPC clients with valuable insight regarding the motivations and goals of CMBS special servicers and the lenders significant value for PPC clients. ■

Mid Atlantic Real Estate Journal — June 22 - July 12, 2012 — Inside Back Cover A

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Mid Atlantic REAL ESTATE JOURNAL MID YEAR REVIEW Mid Atlantic Real Estate Journal — Mid Year Review — June 22 - July 12, 2012 — Section B

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SUSAN BAUMANN

CHARLES BLANKENSHIP

STEVEN BOELL

CHRIS CERVELLI

ROBERT DALEO

MICHAEL FASANO

DAVID FELDMAN

JOSHUA GREENFIELD

ROBERT HOLLAND

BRIAN LOVETT

NICHOLAS RACIOPPI

DAVID

MARK SCOTT

ERICH SHOCK

TED WILLIAMS

SPENCER YABLON

TERRENCE FOLEY

ROSENBERG

Project of the Month LCOR breaks ground at Aurora, an 18-story, $86 million rental property LCOR has commemorated the groundbreaking of Aurora, the second residential phase at North Bethesda Center at the White Flint Metrorail. The 18story, $86 million rental project is slated for completion in July 2014.....................................6B

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Mid Atlantic Real Estate Journal — Mid Year Review — June 22 - July 12, 2012 — Inside Cover B

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Mid Atlantic Real Estate Journal — Mid Year Review — June 22 - July 12, 2012 — 1B

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CREATIVE FINANCING

By Mark Scott, Commercial Mortgage Capital

Europe crisis provides ONE more opportunity

C

ontinued drama in Europe is providing an opportunity for property owners to lock in historically record low financing rates.

On June 1, 2012, the benchmark Mark Scott 10-year Treasury notes yield hit an intra-day low of 1.442 percent, the lowest level since the early 1800s. This was caused by a flight to safety, as investors moved their money out of Europe and the stock market. (Source: Reuters, Weak jobs data knock yields lower, June 1, 2012) On that day, the yield curve was: • .07 for the 3-month Treasury bill • .17 for the 1-year Treasury note • 1.47 for the 10-year Treasury note • 2.53 for the 30-year Treasury bond Yields are abnormally low due to continued economic uncertainty. Investors accept these low returns just to keep their money safe. Once the global recovery is in full swing again, Treasury yields should increase.

In the past 30 days property owners have crowded into 15 year refinancing of their properties. At Commercial Mortgage Capital (CMC) we have seen record volume in June as borrowers lock in 15 year money. Recent quotes on lower leverage multifamily loans have hit 3.25%, 3.30%, 3.47% and 3.53% on four recent transactions.

Multifamily continues to enjoy much tighter financing spreads (low 200’s basis point spreads) than commercial properties (three hundreds basis point spreads +) over an average life or 10 year treasury in the 1.44% to 1.70% range. In light of these record low rates, many lenders have placed “floors” on rates they are offering.

Volatility continues: Although the Greek vote bode well for the Euro, expect more volatility this summer. The capital markets are scared. Fear is rampant.

Lenders are concerned for stability in Europe, the U.S election, lackluster or nonexistent job growth and the

threat of deflation. In early June not only did several large life companies place

Prepay existing loans: While the worst is hopefully over, volatility like we are

Continued drama in Europe is providing an opportunity for property owners to lock in historically record low financing rates. On June 1, 2012, the benchmark 10year Treasury notes yield hit an intra-day low of 1.442 percent, the lowest level since the early 1800s. floors on offering rates, several temporarily closed their doors and exited the market.

To mortgage bankers, lenders exiting the market is reminiscent of the post Lehman days and 2008.

seeing should encourage property owners to look forward, payoff loans and lock in today’s record low rates while they can. It’s time to look at all exiting mortgages for prepayment opportuni-

ties all clients of CMC have examined their portfolio of loans and evaluated locking forward rates or paying prepayment penalties to refinance. All borrowers should be refinancing loans with Fixed prepayment penalties and calculating any Yield maintenance penalties they may have. Loans which previously looks very expensive to prepay are now looking like candidates to lock in, take out additional proceeds and enjoy today’s sub 4.0% rates on 10-20 year loans.

Even check your home mortgage. Although I recent-

ly locked in a low rate, recent rate declines have presented another opportunity with the same lender to enjoy an inexpensive rate reset.

Mark Scott is president of Commercial Mortgage Capital headquartered in Livingston, NJ. Mark can be reached at mscott@ newcommercialmortgage.com. In 2012 thus far, CMC has arranged over $200 million in refinancing of existing properties. In addition CMC has arranged over $100 million in new multifamily construction financing. ■

CMC - Closes $66,400,000...

Commercial Mortgage Capital has arranged permanent mortgage financing totaling $66,400,000 for six multi-family properties located in NJ & NY during

Properties : • Station Court • Madison Gardens • Columbia Court • Riverbend (ph. 2) • Dartmouth Vlg. • Andrews Corner

the first six months of 2012 Commercial Mortgage Capital

Mark Scott, Principal 615 West Mt. Pleasant Ave. Livingston, N.J. 07039 973-215-2409 eFax 201-787-7111 mobile

(973)716-0006

2B— June 22 - July 12, 2012 — Mid Year Review — Mid

Atlantic Real Estate Journal

www.marejournal.com

ECONOMIC DEVELOPMENT

By Charles Blankenship, President, LVEDC

Lebanon Valley: Out-Performing State and National Economies

L

ebanon County has been receiving high performance rankings from national independent organizations during the past year.

Conway Data, Inc. ranked LebCharles anon Valley Blankenship the #6 US small metro area for corporate location projects.

The US Department of

Lebanon Valley Business Park Commerce placed Lebanon Valley at #1 among all Pennsylvania metropolitan areas and the #30 metro in the US for economic growth.

The Milken Institute lists Lebanon Valley as the #6

best performing small metro economy in the country and #1 in the state.

Moody’s Analytics observed that “Lebanon continues to out-perform the state and national economics”.

Lebanon Rails Business Park The future looks good for continued high performance by the Lebanon economy.

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parks, (Lebanon Valley Business Park, Lebanon Rails Business Park and Hawk Acres Enterprise Place), owned by Lebanon Valley Economic Development Corporation have land sales under contract.

The successful Lebanon Valley Business Park has about 60 sub-dividable acres remaining with full utility service in a nearly sold out business park.

The rail served Lebanon Rails Business Park, has 125 sub-dividable acres with full utility services.

The new Hawk Acres Enterprise Place has 120 developable sub-dividable acres.

Completion of other high impact development projects could accelerate Lebanon Valley’s economic performance.

Clear Springs Industrial Park in South Annville Township, the I/81-I/78 Logistics Park in Union Township, North Cornwall Commons in North Cornwall Township and the Historic Preserve at Cornwall Village in Cornwall are publicly announced projects that could total $300 million in investment and add 2,000 – 3,000 jobs.

Lebanon Valley Economic Development Corporation is also working confidentially with developers and businesses on additional projects that could bring another $100 million in investment and 1,000 jobs.

Lebanon Valley is showing a strong recovery from the global recession. It is out-performing most other metro areas in the state and US, and could now be at the leading edge of an accelerated economic expansion.

Charles Blankenship is president of Lebanon Valley Economic Development Corporation. ■

Mid Atlantic Real Estate Journal — Mid Year Review — June 22 - July 12, 2012 — 3B

www.marejournal.com

ENGINEERING/ENVIRONMENTAL

By Ted C. Williams, P.E., FACEC, Principal, LandmarkJCM

Formula For Success: Engineering + Science = Valuable Due Diligence

C

ivil engineers and environmental scientists – your “consultants” – are an extremely important part of the land acquisition and land development process and can be quite valuable to the real estate Ted C. Williams professionals involved in these transactions.

The consultants provide valuable services and information that allow developers, land owners and lenders to make sound financial decisions on the potential value of a property prior to acquisition or sale of the property, whether that property was previously developed or is undeveloped.

Prior to the execution of a contract for the purchase of a property, the consultant can provide a “table top” review of available resource maps and zoning codes to determine the potential development yield of the property.

This review would also include the review of existing record plans and deeds to determine if restrictions had been previously placed on the property that would limit any development potential, zoning restrictions, presence of protected resources such as wetlands, forested areas, recharge of wellhead areas and floodplains, presence of polluted soils, and traffic issues.

Once it has been determined, as part of the “table top” review, that the property has a development potential that matches the developer’s, land owner’s or lender’s criteria, the consultant can provide all the necessary professional services to obtain approval of a development plan.

The first items that will be provided by the consultant are the topographic and perimeter survey, wetlands survey and report, forest delineation, analysis of other protected resources, and a Phase I environmental audit that can impact the final development plan.

The earlier in the transaction that this due diligence is conducted, the more advantageous the conclusions of various reports that may be provided, such as the ESA, zoning and natural science reports, etc., in making timely business decisions that will help achieve

the goals established by the client.

If a stream or drainage way

If the development of the property will generate significant traffic, the consultant can

The consultants’ services during each step of the land development process will provide the developer, property owner, and lender with the information necessary to make sound financial decisions as it relates to purchasing the property and proceeding with the development of the property. with a non-delineated 100year floodplain exists on the property, the consultant can provide the analysis to establish the limits of the floodplain, if required.

provide a traffic impact study to determine potential off-site roadway improvements.

After completion of the above services, the consultant can provide design services for

preparation of the property record plans, the property site construction plans and any documents necessary for public hearings, meetings with civic associations and meetings with review agencies.

The consultants’ services during each step of the land development process will provide the developer, property owner, and lender with the information necessary to make sound financial decisions as it relates to purchasing the property and proceeding with the development of the property.

Ted C. Williams, P.E.,

www. L a n d m a r k J C M .com

INTEGRATED–SUSTAINABLE

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FACEC, is a principal with LandmarkJCM—an integrated civil engineering and environmental sciences consulting firm, focused on sustainable design practices. The 25 year old firm of 50 is based in New Castle, Delaware and serves clients in Delaware, Pennsylvania, Maryland and New Jersey.

Williams serves as Chairman of the national American Council of Engineering Companies (ACEC) and was recently inducted into the prestigious College of Fellows of ACEC. ■

4B— June 22 - July 12, 2012 — Mid Year Review — Mid

Atlantic Real Estate Journal

www.marejournal.com

FINANCIAL

By David Rosenberg, Deerwood Real Estate Capital

2012 Mid-Year Review for Commercial Real Estate

I

t is not uncommon to hear experts describe their thoughts on the current market as “cautiously optimistic.” On one hand, interest rates are at historic lows and lenders David are back and Rosenberg aggressive for business, while on the other, there is tremendous volatility in the market. As we all know, volatility creates

both fear and opportunity.

According to the National Association of Realtors® quarterly commercial real estate forecast, fundamentals are gradually improving in all of the major commercial real estate sectors, with the apartment rental sector fully recovered and showing growth.

Job creation remains the main driver in commercial real estate demand and is a major indicator of what to expect. With the creation of jobs at a higher level this year and an increase in consumer

spending, there has been an increase in underlying demand for commercial real estate space – most specifically multifamily housing, which is the sector with the lowest vacancy rates and strongest rent growth.

Multifamily housing has shown the most significant growth, with rents up and continuing to rise. Apartment property prices are now at 2003 levels, though are still lower than their peak in 2007.

Vacancy rates are expected to drop below 5% in 2013, which shifts the market in

the landlord’s favor and often leads to higher rents. The lowest vacancy rates at this time are found in New York City; Portland, OR; and Minneapolis, MN. The office market has the largest annual increase among the primary property types, showing sustained pricing growth over the past year. Vacancy rates in this sector are projected to fall from 16.3 percent in Q2 2012 to 16.0 percent in Q2 of 2013, while rents should increase.

Currently, the markets with the lowest vacancy rates are

$3,470,000

$5,850,000

$3,900,000

$2,360,000

Acquisition Monroeville, PA Rite Aid – Retail 13,000 S/F

Refinance Philadelphia, PA Multifamily 100 Units

Acquisition Newark, NJ Garden Apartments 90 Units

Acquisition Newark, NJ Multifamily 45 Units

180 Sylvan Avenue Englewood Cliffs, NJ 07632 | P 201-947-2300 | F 201-947-2323 | Deerwoodcap.com

Washington D.C., New York City, and New Orleans.

Still recovering from lackluster consumer spending and the excess amount of empty space to fill, retail property remains challenged.

Vacancy rates are projected to decline from 11.3 percent in Q2 2012 to 10.7 percent in Q2 2013. The markets with the current lowest vacancy rates are San Francisco; Fairfield County, CT; and Long Island, NY. U.S. exports have been negatively affected by the European recession, and the reduction has slowed the recovery of industrial property pricing. Vacancy rates in industrial properties are likely to decline from 11.0 percent in Q2 2012 to 10.7 percent in Q2 2013.

Between today’s incredibly low interest rates and continuing volatility in the equity and debt markets, investors can be expected to continue to transact. The increase in the availability of debt and the more aggressive lender underwriting has enabled more real estate investors to buy and even develop real estate. In addition, due to the reemergence of CMBS and the tightening of mezzanine rates many existing and currently stressed deals are now able to be recapitalized and saved.

Volatility is the new norm!

It’s not going away any time soon. That said, as long as the debt markets remain functional and rates stay low, transaction volume in all segments of real estate should continue to rise. Hence, we at Deerwood, remain cautiously optimistic.

David Rosenberg is a managing partner of Deerwood Real Estate Capital and a 19-year veteran of the New York real estate market. After earning a degree in accounting from Yeshiva University, he worked as an accountant and real estate consultant at Deloitte & Touche, followed by time in Bear Stearns’ CMBS group as a lender, and years running Meridian Capital Group’s capital markets group. David has been involved with a broad range of deals spanning the country, closing over $15 billion in commercial financing. ■

Mid Atlantic Real Estate Journal — Mid Year Review — June 22 - July 12, 2012 — 5B

www.marejournal.com

MULTIFAMILY

By Robert Holland, The Kislak Company

Multifamily Classic: Proof and Profitability

D

uring this time of market volatility and economic uncertainty, the multifamily real estate story is one of that remains positive. Since 1906, The Kislak Comp a n y, I n c . has skillfully Robert Holland navigated the ever-changing real estate market, and we have seen time and again the wisdom of investing in multifamily housing.

Recent years are no different, and extraordinary sales volume is an indication investors recognize the steady flow of rental income as reliable, viable and attractive. More and more people are renting, some by choice and some by chance. For some, it may be too difficult to meet the qualifications for a mortgage.

In other cases, we’re seeing people decide to stay renters and wait for home prices to come down. As the number of renters increases, the appeal of apartment ownership is further enhanced.

There is no doubt the national real estate market remains in flux for single-family and commercial properties, but the investment real estate market, especially for multifamily properties in our primary markets of New Jersey, Pennsylvania, New York and Delaware, is very strong. In the first quarter of 2012 alone, Kislak closed 25 transactions throughout New Jersey, Pennsylvania and New York, with a total value of more than $115,000,000.

In our markets, the interest in multifamily properties is as strong as ever. From longtime clients and new investors, the demand is far surpassing supply.

Factors contributing to this increase in multifamily activity include: • Investors value the stability and reliability of multifamily properties as long-term investments.

• Properties in our markets have become even more attractive given the continued economic weakness in other parts of the country.

• Our occupancy rates are high. For example, northern New Jersey averages are in

the 95 percent to 96 percent range.

• Interest rates are low.

• Rent growth, with renewal increases of 3 percent to 5 percent, and few concessions offered to new renters.

Other keys to the high level of activity can be seen in our population density, job market, and proximity to New York City, where the cost of living is higher. Additionally, the high barriers to entry in many communities create greater demand for existing properties. Simply put, there is limited space available for

building new multifamily properties.

We are seeing record prices for apartment buildings in the northeast, which directly reflects the low interest rates for financing, and the low rate of return on so many other types of investments. Investing in multifamily real estate offers a level of certainty for today and the future.

The multifamily real estate arena can also be a great career choice in today’s job market. There are opportunities to succeed and much of it depends on a person’s

own dedication and drive. At Kislak, we start our sales professionals off with a training program and for me, it’s truly exciting to see them really become confident, take off and grow. The Kislak philosophy is all about building relationships and trust – not for a year or two, but for a career.

We believe our organization’s success is directly attributable to the high standards of our sales and support staff.

Whether we are experiencing economic highs or lows, we focus on two important areas: dedication to client needs and

superior performance.

Every day, regardless of market conditions, our clients know they can count on us for comprehensive market knowledge and guidance.

Our market leadership position and longevity are due to our ability to offer clients this personalized, hands-on approach, coupled with the exceptional expertise of longtenured professionals.

Robert Holland is president and co-managing director of The Kislak Company, Inc. headquartered in Woodbridge, NJ. ■

CELEBRATING OUR 106TH YEAR

Investment Real Estate Brokerage.

32 Residential Units Irvington, New Jersey Joni Sweetwood ext 273

28 Residential Units Hackensack, New Jersey Andrew Scheinerman ext 247

28 Residential Units Paterson, New Jersey Robert Squires ext 287

24 Residential Units Belleville, New Jersey Julie Gralla ext 224

2.11 Acres of Land Robbinsville, New Jersey Matt Weilheimer ext 253

.3577 Acres of Land Millburn, New Jersey Julie Gralla ext 224

multifamily.

The Kislak Company, Inc.

retail.

office. www.kislakrealty.com 732 750 3000

6B— June 22 - July 12, 2012 — Mid Year Review — Mid

Atlantic Real Estate Journal

MEDIA

Mid Atlantic Real Estate Journal would like to congratulate LCOR and the project team on the groundbreaking of Aurora

If you would like to feature your company, development or project call Elaine Fanning: (800) 584-1062/781-871-5298 Ext. 212 LAND USE ATTORNEY

Congratulations to LCOR Inc. We are proud to be part of Aurora Project Team at North Bethesda Center

Land Use and Zoning Real Estate Transactions and Leasing Corporate and Securities Law Business and Tax Planning Real Estate Finance and Taxation Public-Private Partnerships Bankruptcy/Distressed Asset Solutions Litigation Environmental Law Commercial Settlements Condominium/Community Association Development Religious Institutional Law Estate Planning and Administrative Services

LINOWES AND

BLOCHER LLP ATTORNEYS AT LAW

7200 WISCONSIN AVENUE ❚ BETHESDA, MD ❚ 20814 ❚ 301.654.0504 8 WEST THIRD STREET ❚ FREDERICK, MD ❚ 21701 ❚ 301.620.1175 ONE PARK PLACE ❚ ANNAPOLIS, MD ❚ 21401 ❚ 410.268.0881

WWW.LINOWES-LAW.COM

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PROJECT OF THE MONTH 18-story, $86 million rental property

LCOR breaks ground at Aurora, North Bethesda, MD

L

COR has commemorated the groundbreaking of Aurora, the second residential phase at North Bethesda Center at the White Flint Metrorail. The 18-story, $86 million rental project is slated for completion in July 2014.

In April, LCOR secured a $43 million construction loan for the project from Sovereign/Santander and signed KBR Building Group on as the project’s construction team.

Leasing for Aurora is anticipated to begin early 2014.

The 341-unit rental building will be located at the northeast corner of North Bethesda Center; a bustling 2.7 million s/f live-work community rising just outside of Washington, D.C. Marking the second phase of the residential portion of this mixed-use project, Aurora meets the ongoing demand for a full-service lifestyle that is conveniently located within a dynamic, walkable setting.

“LCOR’s vision for North Bethesda Center is swiftly coming to fruition with the groundbreaking of Aurora,” said Michael Smith, Senior Vice President of LCOR. “With the positive response to the first residential phase of this mixed-use community, we are confident Aurora will stand as a successful addition to North Bethesda Center.”

Designed by WDG Architecture, Aurora will offer residents a high-end residence with a complete package of premium services and amenities.

Building amenities include a well-appointed lobby; a fully equipped high-tech business center; community room with billiard room; roof deck with a sensational view; state-of-theart fitness center; swimming pool, gorgeous community gardens and a 386 space parking garage.

Located just 30 minutes north of Washington D.C., North Bethesda Center is a multi-phase project that is drastically transforming this city into a live, work and play environment with onsite access to transit.

LCOR is well along in its plans to implement its vision of the new Sector Plan at North Bethesda Center.

In 2008, LCOR delivered the 18-story, 312-unit highrise luxury rental apartment building, Wentworth House.

Aurora Rendering, LCOR’s second residential tower at North Bethesda Center The residential building sits on top a 62,000 s/f Harris Teeter Grocery Store. The complex features a mix of studio, one- and two-bedrooms with a variety of layouts. Homes feature kitchens with maple cabinets, granite countertops and GE appliances. Bathrooms include ceramic tiles and full size washer/dryer.

Amenities include a club room, fitness center, rooftop pool, sunset terrace, billiards room, secured garage parking and a green roof atop the Harris Teeter store.

LCOR is also scheduled to complete a 362,000 s/f office building to be occupied by the U.S. Nuclear Regulatory Commission at the end of 2012.

This 14-story office building is an LEED Silver project and will serve as headquarters for 1,300 employees.

LCOR’s North Bethesda Center, the largest joint development project ever approved by the Washington Metropolitan Area Transit Authority, creates an urban neighborhood within steps of Red Line metro service.

This more than 32-acre citywithin-a-city will be equipped

with sophisticated residences, office space, diverse shopping options, dining, entertainment and public outdoor spaces, all a short walk from the White Flint metro station. A leader in mixed-use transit oriented development, LCOR brings decades of expertise in developing dynamic communities that serve as destinations for live, work and play.

LCOR is a real estate investment and development company dedicated to creating better places for people to live, learn, work, travel and play. LCOR specializes in complex urban development including largescale multifamily residential, commercial and mixed-use properties that often integrate housing, office, retail and transit components. The total value of LCOR’s developments completed, under construction or in pre-development exceeds $8 billion. Nationally, LCOR has developed more than 20,000 residential units and 19+ million s/f of commercial space. LCOR is principally focused in the eastern United States, with offices in the New York, Washington D.C. and Philadelphia areas. ■

PROJECT TEAM

Developer ..............................................................LCOR Incorporated General Contractor............................................. KBR Building Group Architect .................................................................. WDG Architecture Landscape Architect ..................................................Parker Rodrigues MEP Engineer .......................................................WSP Flack & Kurtz Civil Engineer ......................................Loiederman Soltesz Associates Structural Engineer ....................................................SK&A Engineers Land Use Attorney ........................................ Linowes & Blocher, LLP Ground Lease Attorney.............................................................Venable Financial Institution .................................................... Sovereign Bank

Mid Atlantic Real Estate Journal — Mid Year Review — June 22 - July 12, 2012 — 7B

www.marejournal.com

NEW JERSEY COMMERCIAL REAL ESTATE LAW

By Robert Daleo, Esq., Nicholas Racioppi, Jr., Esq., and Joshua Greenfield, Esq.

Filing Bulk Sales Declarations in New Jersey Real Estate Deals

P

rincipals and attorneys who have not done a real estate deal in New Jersey in a few years (or ever) continue to be surprised by the breadth of changes to the bulk sales law enacted in the past few years. As originally enacted, the bulk sales law only applied to entities that collected sales tax; as most real estate was held by special purpose entities, it was not necessary to file a bulk sales declaration when selling real estate. However, in the past few years, the bulk sales law has been expanded to the point where a bulk sales declaration must be filed in almost all real estate transactions.

Why, you ask?

Because the bulk sales law now applies to any sale, transfer or assignment in bulk of any part or all of a person’s or entity’s “business assets,” unless done in the ordinary course of business (e.g., the bulk sales law would not apply to a homebuilder selling homes, as they would be considered inventory). This definition includes almost all commercial real estate (a recent statute provided an exemption for certain residential real estate). The Division has stated that transactions involving distressed loans (i.e., short sales and deeds in lieu) are subject to the bulk sales law, though an exception is provided for sheriff ’s deeds given in connection with a foreclosure. If a sale is subject to the bulk sales law, the purchaser/transferee/assignee is required to notify the New Jersey Division of Taxation of the proposed sale and, among other things, the terms thereof at least ten business days prior to the purchaser taking possession of or paying for the assets.

After receipt of a completed bulk sales declaration (on a Division prescribed form), the Division can respond by informing the purchaser that it will either (i) require that an escrow be held at the closing or (ii) will allow the closing to proceed without an escrow. If the Division receives a complete, accurate and timely bulk sales notice and fails within ten business days of its receipt of the notice to send the purchaser notice that an escrow must be held at closing, the purchaser will have no liability under the

Robert Daleo

Nicholas Racioppi

bulk sales law. Note that the ten business day time frame is for the Division to send the notice, not for the purchaser to receive the notice. However, if the Division demands that an

Joshua Greenfield

escrow be held, the purchaser, or an escrow agent controlled solely by the purchaser, must hold the escrow until told otherwise by the Division.

A purchaser ’s failure to

with the bulk sales law and consult their attorneys and tax advisors when acquiring assets subject thereto.

Robert Daleo, Esq., heads Riker Danzig’s Tax Controversy and State Tax Practice. Nicholas Racioppi, Jr., Esq. is the head of Riker Danzig’s Real Estate Group, and Joshua Greenfield, Esq., is an associate in Riker Danzig’s Real Estate Group. ■ This article is for information purposes only. Nothing contained in this article is intended to be relied upon for legal advice.

comply with the bulk sales law (e.g., by failing to file an accurate and timely bulk sales declaration or by not holding an escrow when instructed to do so) results in the purchaser being jointly and severally liable with the seller for all of the seller ’s New Jersey taxes, including interest, penalties and other additions (such liability can exceed the purchase price). The scope of transfers subject to the New Jersey bulk sales law is broad, and the penalty for non-compliance can be very harsh; purchasers should, therefore, carefully comply

The main advantage to our New Jersey real estate law practice?

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8B— June 22 - July 12, 2012 — Mid Year Review — Mid

Atlantic Real Estate Journal

www.marejournal.com

PENNSYLVANIA COMMERCIAL REAL ESTATE LAW

By Steven T. Boell and Erich J. Schock, Fitzpatrick Lentz & Bubba, P.C.

Acquiring an Approved Project?

Build a Basic Checklist

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hile the purchase of an approved (or partially approved) project provides obvious advantages, careful due diligence is warranted to ensure that previously issued permits are appropri- Erich J. Schock ate, viable, and sustainable.

The suitability of the approved design must be carefully studied. Even a minor modification to a design can trigger requirements for additional

governmental proceedings or the need to file a new application. While some municipalities allow minor modifications of plans to be reviewed and approved administratively or through an amended plan submisSteven T. Boell sion, not all municipalities provide these simplified procedures.

The composition of political bodies changes and that turnover brings new personalities (and new individual agendas).

As mentioned, modifications may provide opportunity for further municipal review. A plan that had been favorably received by a prior board may be met with opposition by its successor. For example, we encountered an instance where a former objector was elected to the governing body during the course of the approval process.

Even changes in municipal staff can impact the project, as modifications bring an opportunity for staff to look to apply new, more onerous zoning ordinances or preferences.

The conditions of a prior approval must also be reviewed. If

an approval remains subject to conditions, the conditions can range from significant fees to obligations to construct costly public improvements. Conditions can also create ongoing obligations and restrictions.

For example, while your predecessor may have been agreeable to conditioning an approval on limiting hours of operation, the impact can be devastating to your intended operation.

The enforceability of conditions is not always straightforward. We have encountered conditions which cross-reference ordinances that are no longer in effect. Also, the con-

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ditions imposed to mitigate the effect of a zoning approval may become an issue when ordinance amendments take effect that conflict with the conditions (or even eliminate the right to make an approval subject to the conditions). Notice of these conditions, often, will not show up in a title search.

The obligations can be included in plan notes, within the text of decisions and within what are referred to as “developer” agreements.

Finally, due diligence must closely consider how long the permits are valid and when changes in the zoning ordinance can be applied. Municipalities can require that if construction is not commenced within a defined period (typically one year) the approvals will be deemed void. Further, under Pennsylvania law, if the public improvements for a project are not “substantially complete” within five years, changes in the zoning ordinance (including those relating to use, project layout and density) can be applied even absent a modification. This five-year period does not run from the date that the plan is recorded but rather from the date of preliminary approval.

The PA Permit Extension Act provided relief regarding the duration of permits. By law, it provides that the periods imposed by ordinances and certain other laws will be “tolled” through July 2, 2013. However, the law includes exceptions and its application in certain instances remains unclear or the subject of controversy. For example, the PA Department of Environmental Protection issued guidance stating that the Permit Extension Act is inapplicable to NPDES permits.

There are significant opportunities in acquiring a “preapproved” project. However, extensive due diligence by the developer, its legal counsel and engineers is a must to ensure that the approvals are viable, suitable and appropriate for the intended development.

Erich J. Schock is a shareholder and chair of the Fitzpatrick Lentz & Bubba, P.C.’s Real Estate, Land Use & Development group.

Steven T. Boell, an attorney in the Fitzpatrick Lentz & Bubba, P.C.’s Real Estate, Land Use & Development and Healthcare groups. ■

Mid Atlantic Real Estate Journal — Mid Year Review — June 22 - July 12, 2012 — 9B

www.marejournal.com

PROPERTY MANAGEMENT

By Chris Cervelli, CCIM, Michael Cervelli Real Estate/Cervelli Management Corp.

Property Management in tough times

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any people are talking about how tough economic times have affected real estate values. An underlying effect is the negative financial impact to property owners and manag- Chris Cervelli ers.

Generally those on the lower rungs of the socioeconomic ladder are hit the hardest during depressed times. As a property manager, I have seen a marked increase in crime in and around multi-family buildings. Unemployment makes people desperate, desperation may lead to crime, and crime in general can bring an area down. If people don’t work and can’t afford their rent, it may result in these individuals being evicted or turning to crime in order to feed themselves and their families. The result is major vacancy problems for landlords. A decrease in or lack of rental income means, 1) landlords don’t have money to pay for their mortgage and operating expenses and, 2) additional expense to market and renovate apartments so they can be rented. This can be a downward spiral in which everyone loses.

What is the solution? First, a preventive maintenance program will help combat this problem by dealing with small issues as soon as they come up. This will result in an overall better quality of life for tenants, and will create a clean and safe “curb appeal” to those looking for housing. Another proven technique for tenant retention is proper screening during the application process. Filling buildings with tenants who are not transient in nature, have good credit, and positive work references will lead to overall stability, which creates a balanced and forecasted income. The cream always rises to the top: if you have a properly managed and well maintained property, it will be easier to keep it that way and attract the right tenants.

Top-of-the-market properties also draw the attention

of organizations that provide assisted housing. Assisted housing is a great way to

these organizations and are less likely to be involved in criminal activity. These

Even in these difficult times, owners of investment property can do well by maintaining their buildings at or above levels of competing properties. maintain consistent income levels. You don’t have to rely on the tenant to pay the full amount of the rent. Very often, these organizations will pay a large portion if not the entire rent. In turn, tenants who receive assistance have been pre-screened by

tenants have a personal stake in the well-being of a property because they need housing and desire to live in such a comfortable, safe environment. These tenants are often of great assistance to the landlord, acting as 24 hour “eyes and ears” at the

property.

Even in these difficult times, owners of investment property can do well by maintaining their buildings at or above levels of competing properties, conducting proper tenant screening, and enlisting the help of local assistance programs to refer qualified candidates.

Founded in 1983, Michael Cervelli Real Estate, headquartered in North Bergen, New Jersey, is acknowledged as one of Northern New Jersey’s most experienced agencies specializing in investment real estate

sales. Aimed at providing professional brokerage services to private investors and financial institutions involved in income-producing multifamily properties and shopping centers, the company has posted steadily increasing sales results. Michael Cervelli Real Estate is known for its’ unparalleled reputation of honesty, integrity, and experience in the investment real estate industry.

Chris Cervelli, CCIM, Michael Cervelli Real Estate/Cervelli Management Corp. ■

10B— June 22 - July 12, 2012 — Mid Year Review — Mid

Atlantic Real Estate Journal

www.marejournal.com

RETAIL INVESTMENT

By Michael Fasano, Spencer Yablon and David Feldman, Marcus & Millichap

Retail investment conditions improve in Mid-Atlantic n spite of current headwinds, economic fundamentals continue to improve, particularly corporate profits, inventory-to-sale ratios, retail sales and the housing market. But the pace of growth has inched forward, frustrating both businesses and consumers. Although the recovery has been slow, improving economic conditions over the past six months have elevated the U.S. CRE sector. Retail investment activity has been strong in the Mid-Atlantic States, due to high barriers to entry and ongoing investor interest in best-in-class

I

Michael Fasano Spencer Yablon David Feldman assets. in interest rates and capital NJ Heats Up gains taxes. Private investors Retail sales activity will re- will target stabilized shopping main firm in New Jersey as centers with national retailers owners look to sell assets in in affluent pockets of the state. advance of potential increases Due to the rarity of these list-

ings and intense demand, firstyear returns will remain tight.

Averaging in the low- to mid-7 percent range, depending on tenant lineup and location, the spread between initial yields and financing rates will offer investors a favorable alternative to other asset classes.

Best-in-class centers anchored by investment grade tenants and/or grocers will warrant capitalization rates as much as 100 basis points lower. Local high-net-worth individuals, meanwhile, will compete for well-occupied strip centers as lenders expand access to

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financing. Qualified buyers will secure inexpensive debt to reduce equity commitments, while value-add investors will pay cash for strip centers with short-term leases. Once leases rollover, operators will do major upgrades to the property to capture higher rents over the long-term.

Stability Draws Investors to Philadelphia The perennial stability of the Philadelphia retail market is attracting risk-adverse investors from all along the Eastern Seaboard, which should increase activity this year. Some of these investors migrated from the multifamily sector and are turning to the steadiness of retail assets on the upleg of 1031 exchanges. Other buyers hail from more expensive or volatile markets, such as New York and Washington, D.C., and are looking for less-managementintensive properties. Cap rates for quality, net-leased properties have compressed into the mid-6% range. Initial yields for nationally tenanted properties are in the low- to mid-5% area, while lesser-quality assets typically start trading with a 7 percent cap rate and can climb into the double digits. Activity in the multi-tenant arena should show signs of strengthening this year as local banks now offer nonrecourse financing. In most cases, however, assets must have a credit tenant, as financing is not available for buyers to stretch into lower-quality product. Cap rates for class A properties are in the low-6 to the low-7% range, while class B properties trade with initial yields in the mid- to high-7 percent span and assets in tertiary areas or value-add start in the 9 percent area.

Single-Tenant Cap Rates Plummet in D.C. As bidding activity intensifies for retail assets leased to national credits, buyers are shifting to a location-focused approach to achieve targeted returns. Most product listed in the Beltway will attract attention as re-tenanting concerns subside and investors become more astute to the tenant’s overall sales and location potential.

Single-tenant properties inside the Beltway trade at cap rates starting in the 4 to 5% range for a major bank branch or McDonald’s, and in the high-5 to low-6% for drugstores. Initial yields have little room to move continued on page 12B

Mid Atlantic Real Estate Journal — Mid Year Review — June 22 - July 12, 2012 — 11B

www.marejournal.com

SITE PLANNING

By Susan Baumann, RA, The Aztec Corporation

Prospective builders: Have you retained your architect or engineer yet?

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YZ Company, a new small manufacturing business, purchased a tract of land with the intention of constructing a new building for their small processing center and offices.

They carefully researched Susan Baumann their process flow, their required square footage, the utilities they would require on their new site and finally they hired an architect to help them realize their dream. That is when their troubles began. After some research into the local Zoning and Planning Ordinances, their architect advised them that the company’s Use was not permitted on the site, a small portion of the site was wetlands, the site was adjacent to a residential zone, and though the square footage they required would easily fit onto the site, it would not fit within the required setbacks and buffer zones.

In addition, once the applications were announced to the public, it was discovered that the neighbors were openly opposed to the building and had retained their own attorneys to bar its construction.

This is not an uncommon scenario. Most prospective builders in search of a site are savvy enough to know that they need a real estate professional, an attorney, and eventually engineers and architects. Often however, as in the scenario above, they retain the architect or engineer too late.

And although some of the obstacles presented above can be overcome through variances, another site would likely have been a more suitable choice for this facility.

Initial cost probably drives the hesitance to seek professional guidance while searching for a site. Not surprisingly, no business wants to incur professional fees until they are absolutely necessary. Nevertheless, the risks and potential added expense due to a lack of early due diligence can be high. Projects requiring variances involve more attorney time, additional research such as traffic and noise studies, and in the end, there is no accurate way to assess the possibility of approval from the Planning Board or the Board of Adjustments. Every municipality and every project is unique.

There are numerous considerations during site selection. The most important is to determine if the company’s intended “use” and potential future uses are permitted on the site by the zoning ordinance.

There are also instances of conditional uses, where the building will be permitted but the owner must be prepared to make certain concessions. If a prospective buyer is interested in a site despite prohibition of their use, a Use Variance can be sought with the Board of Adjustment and approval can be made a condition of the sale of the property, providing a “back-out” clause if the application is rejected.

According to municipal land use law, bifurcated applications must be permitted. A bifurcated process means that the applicant can seek approval for the “use” alone, despite knowledge that more variances will be required in order for

his project to move forward. This bifurcation minimizes initial costs by eliminating the need for full scale site plan consultation involving site grading, drainage, utility planning, etc. If the use is rejected early in the process, the buyer can back out of his purchase and no more costs need to be incurred.

After Use permission, there are a multitude of other concerns during site selection. Wetland designations, flood plains, soil capacity and environmental contaminations should all be disclosed as part of the sale. These conditions may require buffers, expensive footing designs and possibly remediation actions. Physical geometries of the

building design will be governed by allowable building heights, required setbacks and buffers, floor-area to site-area ratios and parking requirements. The design can also be influenced by required site drainage: storm water is not permitted to be diverted across another property and there is a maximum allowable percentage of the site that can be covered in impervious materials. In addition, properties adjacent to County or State Roads require DOT involvement. Any deviation from these rules, which vary considerably from town to town, requires a separate variance application.

Existing Nonconforming Uses in

the neighborhood confuse matters further. One of the most common laments that architects hear: “You must be wrong, the building next door is operating as a factory so why can’t I build one too? ’Zoning Ordinances and zoning maps are ever changing. Pre-existing conditions are typically considered “grandfathered” and are permitted to remain if unaltered. Despite a site’s seemingly obvious suitability for a particular use, a prudent business owner seeks the advice of a design professional early in the process.

Susan Baumann, RA is an associate at The Aztec Corporation. ■

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12B— June 22 - July 12, 2012 — Mid Year Review — Mid

Atlantic Real Estate Journal

www.marejournal.com

TAX SPECIALISTS

By Brian T. Lovett, CPA, JD, WithumSmith+Brown

Real Estate Professionals The IRS simplifies available relief

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or individuals with investments in real estate, qualification as a real estate professional can result in favorable tax consequences.

While losses from real estate activities are passive per se, the Brian T. Lovett losses of a real estate professional are considered ordinary losses available to offset other ordinary income.

In order to qualify as a real estate professional, a taxpayer

must pass both tests of Internal Revenue Code Section 469(c)(7)(B). First, more than one half of the overall personal service hours performed by the taxpayer in the tax year must be performed in real estate trades or businesses in which the taxpayer materially participates.

Second, the taxpayer must perform at least 750 hours in real estate trades or businesses in which that taxpayer materially participates. For purposes of the second test, the IRS looks at each real estate activity separately. A taxpayer would only qualify as a real estate professional for real estate activities in which they

perform more than 750 hours during the tax year.

A solution for a taxpayer trying to qualify as a real estate professional lies in a special election available to taxpayers under Regulation Section 1.4699(g). This regulation allows a taxpayer to aggregate all real estate activities into one activity.

After aggregation, a taxpayer must perform 750 hours across the grouped activities. This election may be made in any year in which the taxpayer qualifies as a real estate professional and must be made on an originally filed tax return. If this election is not timely filed, a taxpayer

must request a ruling for late relief under §301.9100-3 and pay a user fee.

Revenue Procedure 2011-34, issued in May 2011, simplifies the process of requesting late relief to file a §1.469-9(g) election and allows qualifying taxpayers to retroactively aggregate real estate activities. In order to qualify under Rev. Proc. 201134, a taxpayer must meet the following requirements: 1. The taxpayer failed to make an election under §1.469-9(g) solely because the taxpayer failed to timely meet the requirements in §1.469-9(g); 2. The taxpayer filed consistently

BE IN A POSITION OF STRENGTH

SM

with having made a timely election under §1.469-9(g) on any return that would have been affected if the taxpayer had timely made the election; 3. The taxpayer has timely filed each return that would have been affected by a timely filed election; and 4. The taxpayer has reasonable cause for its failure to timely meet the requirements of §1.4699(g).

Taxpayers who meet these requirements may attach the statement required by §1.4699(g) to an amended return for the most recent tax year. The statement must contain all of the information required under §1.469-9(g) and must explain the reason for the failure to file a timely election. Last, the statement should identify the taxable year for which it seeks to make the late election.

Since the election required by §1.469-9(g) is the difference for many taxpayers between qualifying and not qualifying as a real estate professional, the late election relief provided

by Rev. Proc. 2011-34 is a welcome opportunity. Taxpayers requiring late relief for failure to timely file the §1.469-9(g) election should capitalize on the chance to make the election retroactively without the cost and burden of a ruling request.

B r i a n T. L o v e t t , o f WithumSmith+Brown, focuses his practice on all aspects of tax compliance for real estate entrepreneurs and regularly advises clients with respect to the tax consequences of potential transactions. ■

Retail investment conditions . . .

Our philosophy is simple. The client relationship means everything. Our commitment to quality is known throughout the industry and is inherent in all that we do. We provide effective guidance and solutions to real estate owners and developers, builders, property managers and investors. We will be with you from inception of the project to the final sale, proactively helping you to gain the maximum value from your investment.

Rebecca Machinga, CPA, Partner, Practice Leader Real Estate Services Group 609.520.1188

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continued from page 10B down further. Cap rates for multi-tenant assets in the Beltway, meanwhile, begin in the 6 to 7% range. Outside the Beltway, properties within walking distance to a Metro station will command prices slightly above their District counterparts.

Michael Fasano is the vice president and regional manager of the New Jersey office of Marcus & Millichap Real Estate Investment Services.

He wrote this in conjunction with Spencer Yablon, vice president of the firm’s Philadelphia office, and David Feldman, regional manager of the Washington, D.C., office. ■

Mid Atlantic Real Estate Journal — Mid Year Review — June 22 - July 12, 2012 — 13B

www.marejournal.com

ZONING Terrence Foley, City Avenue Special Services District

New zoning spurs transformation on City Avenue

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t’s been a five-year journey for the City Avenue Special Services District; and it’s had its share of bumps in the road. But, as of April 30th, Lower Merion commissioners have approved a new zoning or- Terrence Foley dinance that has the potential to transform City Avenue from the “Golden Mile” it was formerly to the Urban/Suburban destination it now has the potential to become. Philadelphia commissioners approved the ordinance in 2009, but Lower Merion took longer.

This corridor has a bit of a unique history. Spanning several West Philly neighborhoods on the city side of its border, and Lower Merion on the other, this stretch of land was known as the “Golden Mile” because it was formerly home to a number of small shops and boutiques that thrived alongside anchors Bonwit Teller and Lord & Taylor.

Betty’s Hat Shop was a popular destination for the Main Line elite and Jackie Kennedy fans.

Suburbanites would bring their families to spend the day shopping and to enjoy a meal at local favorite Horn & Hardart.

As both business and residential demographics changed, so did City Avenue. But in the early 1990’s a unique partnership between the City of Philadelphia and the Township of Lower Merion became the City Avenue Special Services District. One of the region’s first true Public/Private Partnerships--the brainchild of Lita Cohen, Jim Ettelson, Joe Manko, and Michael Nutter—brought elected officials, property owners, institutional leaders, and business leaders together to develop a new concept for the future of City Avenue.

Its main goals were simple: to enhance the safety of the neighborhood, to improve the area’s image, and to attract and shape development.

Those goals have, over time, morphed into a more tangible vision: To transform the City Avenue corridor from an auto oriented drive-through to a pedestrian friendly, diverse, vibrant, and highly desirable community.

Addressing the challenges posed by both the Philadelphia and the Lower Merion township ordinances delayed that

vision, until now. The new zoning ordinance (as of April 30, 2012) states: the intent of the two-district ordinance is to “encourage development that combines residential, institutional, and commercial uses in close proximity thus decreasing auto dependency, encouraging pedestrian access, transit-use and shared parking and accessways, and mitigating congestion, vehicular traffic and pollution.”

“While getting the ordinance passed was a lengthy process, the zoning is now designed to promote the growth, attractive-

ness, convenience and stability of the City Avenue area, and it does that extremely well, “ said Terrence Foley, President of the City Avenue Special Services District. “Along with the expected new development we anticipate re-investment in existing buildings with the ability to add retail and residential uses,” he added.

The area already has a solid foundation. A recent report by eConsult shows the high percapital income of its neighboring communities. Its proximity to Center City via multiple modes of transit is second to none. But

The vibe is approaching.

The transformation is at hand.

the portion of the ordinance that will likely cause the biggest transformation is the segment that encourages pedestrianfriendly conditions. Widened sidewalks, plazas, public spaces and lots of landscaping are all expected outcomes of the road to revitalization.

“As a local property owner, we see Bala Cynwyd as a terrific location that has only gotten better,” said Richard Gottlieb, Senior Vice President of Keystone Property Group and a Board Member of the Special Services District. “We look forward to making enhancements

to our investments here.”

Gottlieb continued, “In addition, the new zoning provides for residential development in what has traditionally been solely a business district in Lower Merion. So now multifamily developers with the confidence and vision to see the opportunities will be attracted to the area. With two Universities right on the avenue, there’s no shortage of young, welleducated professionals along with empty-nesters seeking a modern, upscale rental in a vibrant live-work-play community.” ■

Now’s the time.

City Ave’s the place.

The shift from a dated, drive-through area to a pedestrian friendly, vibrant, and highly desirable, diverse community is nearly here. Be part of the shift.

Bring your optimism along.

Our “quiet revitalization” offers major opportunity. Superior public transportation and easy parking, high density, an abundant welleducated workforce, and new zoning initiatives. A playground for a savvy real estate pro.

www.CityAve.org

Back Cover B — June 22 - July 12, 2012 — Mid Year Review — Mid

Atlantic Real Estate Journal

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