REAL ESTATE JOURNAL Vol. 24, Issue 1
Inside:
January 13, 2012
the most comprehensive source for commercial real estate news
Mid Atlantic ...................................................................1-18 New Jersey .................................................................19-30 Pennsylvania ............................................................31-BC
Spotlights / Features DelMarVa .......................................................................8-10 2012 Forecast ...............................................................8-11 TriState Organization ............................................12-13 Calendar of Events.........................................................14 Business Card Directory ........................................... 15 SNJ Appraisal Institute ....................................... 28-29 ICREW New Jersey .........................................................30 CREW Philadelphia ................................................ 40-41
New Jersey Department of Transportation Commissioner and NJ TRANSIT board chairman James Simpson and NJ TRANSIT executive director James Weinstein joined local, state and federal officials today to celebrate the completion of a project that returned a portion of Hoboken Terminal to its original design ....... 19
CREW Lehigh Valley.............................................44-IBC
Columnist Miles Berger .......................................................................2
Next Issue January 27, 2012 EXIT 10
• Mid Atlantic • Green Building featuring 2012 Incentives/Programs • Shopping Centers featuring Mid Atlantic ICSC Conference & D.M. • Owners, Developers & Managers featuring Building Services & Suppliers • Economic Development Spotlight 48 pages
362 N. Main Street CBC/Bennett Williams has arranged the following transactions: In sales: 3.92 acres of commercial land at 362 N. Main St. located in Loganville. ........................31
Inside Cover — January 13 - -26, 2012 — Mid
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$364,000,000
FOUR SEASONS RESORT ORLANDO AT WALT DISNEY WORLD RESORT ORLANDO, FLORIDA
A 444 room luxury resort to be built at the Walt Disney World Resort
Developers
The undersigned arranged construction financing for the above project
REAL ESTATE FINANCING
51 East 42nd Street New York, NY 10017 (212) 986-8400 Fax: (212) 983-0512 www.cooper-horowitz.com
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Mid Atlantic
Mid Atlantic REAL ESTATE JOURNAL
Real Estate Journal
They wrote the policy.
Publisher ............................................................................Linda Christman Co-Publisher .........................................................................Joe Christman Section Publisher ..............................................................Michael Campisi
We make sure they write the check.
Section Publisher ................................................................ Elaine Fanning Senior Editor/Graphic Artist ................................................ Karen Vachon Production Assistant ........................................................ Rachel Rugman Office Manager ...................................................................Joanne Gavaza Editorial Consultant ............................................................. Ben Summers Mid Atlantic REAL ESTATE JOURNAL ~ Published Bi-Monthly
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
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
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By Miles Berger
P.O. Box 26 Accord, MA 02018 (Mail)
NYC Tourism Industry Boosts Newark Hotel Market
312 Market Street, Rockland, MA 02370 (Overnight) Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, P.O. Box 26, Accord, MA 02018
T
he Newark, NJ hotel industry is thriving heading into 2012. While the continued evolution of the city’s entertainment, cultural and corporate draws can be credited in part for the strong performance, the real catalyst can be found in NYC’s burgeoning tourism industry. According to a January 2011 press release from the office of NYC Mayor Michael Bloomberg, in 2010: 48.7 million people visited NYC, up 6.8% from 2009. 39 million of these visitors were from the U.S. and 9.7 million from abroad—both records. The hospitality industry added 6,600 jobs across all industry sub-sectors; the industry employs the most people in summer, and July 2010 set an all-time record for total jobs with 323,200. 25.7 million room nights were sold, a new record, exceeding the previous high by 2 million room nights. Average daily room rates
USPS #22-358 | Vol. 24 Issue 1 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
rose to $330 in December 2010, an 8.9% increase over 2009. The mayor recently announced that the city’s hotel inventory will reach 90,000 rooms by the end of 2011. This record number represents a 24% increase over the past five years. More than 7,000 additional rooms are in the pipeline. These numbers all translate to an overall upward trend for NYC’s $31 billion tourism industry, according to a recent press release from Mayor Bloomberg’s office. It reads: “The City is on track to reach a record number of visitors this year‌occupancy remained at close to 85%, the highest in the
nation.� In short, the city is on pace to meet its goal of attracting 50 million annual visitors by 2012. What does this have to do with Newark? Simply put, New Jersey’s largest city is an outstanding cost alternative to Manhattan. Guests staying at four- and five-star hotels in Newark pay about half of what they would to stay in NYC. Yet they can still get there quickly and easily via an outstanding public transportation network. Newark Penn Station offers 15 minute transit to Manhattan with trains running 24/7. Newark’s strong transit infrastructure also includes a Light continued on page 4
Experience Counts. Count On Us. Kaplin Stewart Attorneys at Law
2EAL ESTATE LAW FROM THE GROUND UP Contact: NEIL A. STEIN (ARVEST $RIVE "LUE "ELL 0! s s www.kaplaw.com Other Offices: s #HERRY (ILL .* s 0HILADELPHIA 0!
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MID ATLANTIC REAL ESTATE JOURNAL In multifamily loans in the Tri-State area
Deerwood Real Estate Capital arranges $12.86 million
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NGLEWOOD Cliffs, NJ — Deerwood Real Estate Capital, a commercial mortgage brokerage and advisory firm, recently closed on a $2.36 million loan for a 43unit apartment building Abe Katz
Comm’l. Mortgage Capital announces $24.8m financing LIVINGSTON,NJ — Mark Scott, of Commercial Mortgage Capital announced the closing of two loans for a combined total of $24.8 million. The first loan, $10.8 million in financing was arranged through Provident Bank for the Promenade in Summit. The Promenade is a mixed-use property with 15,700 s/f of retail on the ground level, and 22 luxury apartments above. The second closing for $14 million helped the clients capture a favorable rate on a self-liquidating loan for their 424 unit garden apartment complex in Morris county New Jersey, through one of CMC’s correspondent lenders. ■
in Newark. The loan provided the borrower with 75% LTP. The loan came with a 7-year term with a 30-year amortization and was arranged by Abe Katz and Mark Silbersher. Also secured was a $5.85 million loan for a 98-unit apartment building in Eastern PA. The loan provided the borrower with 75% LTV to refinance the existing loan at a very competitive rate for a 5-year term with a 30-year amortization. “It certainly feels great when a client states at the closing table that in all of his 50 years in the multifamily business, Deerwood
Carl Kruelle, SVP Chief Lending Ofßcer carl_kruelle@appliedbank.com Tim Cole, VP Commercial Real Estate Lending timothy_cole@appliedbank.com Louis Stackeni, Business Development lou_stackeni@appliedbank.com
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Hopkins Sampson & Brown brokers 6,000 s/f lease MORRISTOWN, NJ — Hopkins Sampson & Brown Real Estate Advisory Services, LLC announced the signing of a lease at 340 Speedwell Ave. Suzanne Kiall Benedetto represented the tenant, The Red Oaks School and the landlord, The Morristown Columbian Club for 6,000 s/f of expansion space for the private school. In other news, Hopkins Sampson & Brown announced the recent approval of a 10,000 s/f church, NJ Family Life, to be located at 6 Emery Ave., in Randolph. Benedetto and Randee Stolar represented the Church. Demo and construction has begun. In a separate transaction, The Washington, DC based Association of Flight Attendants - CWA signed a lease to move to 570 Broad St., Newark. Kai Campbell represented the tenant in a direct deal with the building’s owners, the Berger Organization. ■
Real Estate Capital ran the smoothest underwriting process and achieved the fastest closing,” Russell Kimyagarov noted. The loan was arranged by Russell Kimyagarov and Joe Hercenberg. In Brooklyn, NY, Deerwood arranged financing for a $4.65 million bridge loan for a vacant loft property that will be converted to a multi-family property. The loan provided the borrower with a very high loan to cost ratio to acquire the asset and reposition it. The deal was arranged by David Rosenberg. ■
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MID ATLANTIC REAL ESTATE JOURNAL Park Edge Apartments in Berkely Heights
DE Technical Community College
New Market Realty Grp. sells apartments for $90k per unit
Emory Hill’s “Energy House” receives LEED Platinum cert.
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ERKELY HEIGHTS, NJ — Avi Oren of New Market Realty Group (NMRG) has announced the sale of the Park Edge Apartments. The 15 year old building contains 32 units consisting of studio, one bedroom and two bedroom apartments. The buyers consisting of a partnership of international investors, made a substantial cash down payment and financed the balance with a seven year non recourse mortgage. According to Oren, the key to the transaction was to structure a return on
The Energy House Park Edge Apartments investment that would appeal ing the owners an acceptable to the buyers while provid- price. ■
Dermody Props leases remaining space in Portal Way Industrial Project PORTLAND, OG — When Dermody Properties - the parent company of DP Partners - and the Portland Development Commission (PDC) collaborated to develop a 265,000 s/f industrial project at 18201 NE Portal Way, they did so with the belief that “if we build it, employers will come.” Now that the final 45,000 s/f unit in the building is leased by Dermody Properties’ newest client, BWGS (Bloomington Wholesale Garden Supply), that vision is fully realized. This project contributed to
Dermody Properties’ recent ranking as the second largest developer in the Portland area by the Portland Business Journal. BWGS, which offers a wide array of innovative and earthfriendly products for indoor and outdoor gardening, joins Dermody Properties’ other customers in the building, including LaCrosse Footwear/Danner Boots, Vistar Corp./PFG, and Samuel, Son & Co. The large, multi-tenant industrial project, known as the LogistiCenter at Portal Way, is now fully occu-
pied. Dermody Properties has completed the office, electrical, and mechanical improvements for BWGS, which will use the facility as its northwestern regional office and product distribution center. “PDC chose to partner with Dermody Properties based on its experience working with public partners, its history of developing class A projects throughout the nation, and its record of attracting high quality companies to its parks,” said Bruce Allen, senior development manager at PDC. ■
NYC Tourism Industry Boosts Newark Hotel . . . continued from page 2A Rail line and bus service, as well as Newark Liberty International Airport. Over the past few years, we have seen an influx of NYC visitors—especially international travelers—staying at our Best Western Robert Treat Hotel (located at 50 Park Place in Newark). While they may initially have been motivated by a recession-based drive toward savings, the trend has continued to gain momentum as the recovery takes hold. As a result, the Robert Treat Hotel has seen a significant jump in occupancy. Through the end of October, our average occupancy rate was 87.9% for 2011—as compared to 81.4 and 86.1% year-to-date in 2009 and 2010, respectively. The hotel reached 100% occupancy during June, July and August 2011, representing record bookings for our property. Additionally, Smith Travel Research reports that, among
hotels considered competitors to the Robert Treat in Newark, average occupancies increased from 78.3%, to 81.4% to 82.9%, year to date in 2009, 2010 and 2011, respectively. Further illustrating the strength of the Newark hotel market, Courtyard by Marriott broke ground in April for a 150-room hotel—the first new hotel in downtown Newark in 39 years—right outside the Prudential Center Arena. Additionally, Indigo Hotel has proposed a boutique 100room property just two blocks away. Obviously, some travelers want to stay in New York, and they will continue to do so. However, others are motivated by economics. Newark clearly is a great choice for that population, and smart hotel operators are working to accommodate its needs. We have intensified our concierge service to offer transportation to the train station. We have NYC maps and
brochures available, and we even help guests get tickets to shows and events. Many of NY tourists staying in Newark also are discovering that there is a lot to do right here. We have worldclass venues like Prudential Center, which serves as home to the NJ Devils hockey and Nets basketball teams, and as a venue for countless concerts and productions. The New Jersey Performing Arts Center, the Newark Museum, parks, universities and fine dining are among many additional highlights. More and more, Newark is becoming a destination. As the Bloomberg administration continues to invest in the NYC tourism industry and initiate new programs to attract visitors, the hotel industry here will continue to reap the benefits. Miles Berger is chairman and CEO of The Berger Org. in Newark, NJ. ■
NEW CASTLE, DE — The Delaware Technical Community College “Energy House” constructed by Emory Hill and Company at the Owens Campus in Georgetown, DE has been awarded LEED Platinum Certification by the U.S. Green Building Council. The award, the highest LEED (Leadership in Energy and Environmental Design) recognition given by the Council, was recently announced by Delaware Tech president Orlando J. George Jr. The Energy House is a completely “green constructed” home that serves as a hands-on educational lab and classrooms to teach students about energy-efficient and renewable technology. Delaware Tech is now one of just 71 institutions and one of only 11 community colleges in the U.S. to have a LEED Platinum building on its campus. Emory Hill and Company won several awards for the Delaware Tech Energy House this past year including the Delaware Contractors Association (DCA) 2011 Construction Excellence Award and the Associated Builders and Contractors (ABC) of Delaware 2011 Sustainable Design Green
Award and Excellence in Construction Award. A local, full-service commercial real estate and construction firm celebrating its 30th year anniversary of doing business in Delaware, Emory Hill was selected as the construction management team for the project. While the team’s goal was to strive to build a facility that was aesthetically pleasing as well as structurally sound, it also faced the additional challenges of constructing one that would also be environmentally friendly, technologically superior and the most energy-efficient building of its kind to meet the stringent LEED Platinum requirements. To achieve these objectives required strict adherence to code and product regulations and installation of the most cutting-edge products and complex systems, including a geothermal heating system, “Green-Certified” siding, roofing, flooring and lighting, solar power, a rainwater recycling system and “drought resistant” landscaping. “All of this required the utmost leadership and strictest construction management and supervision,” said Lew Larson, Emory Hill’s project manager for the Energy House.” ■
Sperry Van Ness/ Skogmo announces three industrial transactions in Maryland COLUMBIA, MD — Sperry Van Ness has recently completed three transactions totaling 54,553 s/f led by Scott Skogmo, SIOR of Sperry Van Ness/Skogmo Commercial. Metropolitan Equipment Group leased 15,589 s/f at 12104 Indian Creek Ct. in Beltsville. Skogmo represented the tenant, and Brian Watts and Jeff Groves of Transwestern represented the landlord, Cabot III-MD1W01-W03, LLC. Summit Pet Product Distributors leased 22,400 s/f of
distribution space at 4600 Wedgewood Blvd. in Frederick. Skogmo represented the tenant and JP Matan of Matan Realty represented the landlord, Butera Properties IV, LLC. Blue Moon Granite, leased 16,564 s/f at 9015 Junction Dr., Annapolis Junction. Blue Moon will sell granite products to commercial and residential customers. Skogmo represented the landlord, Junction Properties, LLC, and Bob Oare of Cassidy Turley represented the tenant. ■
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DELMARVA Part of a 1031 exchange in Prince George’s County
Meridian Capital Grp. originates transaction
Marcus & Millichap arrange $10.8 million sale
Beech Street Capital provides $9.35m Freddie Mac loan
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ORESTVILLE, MD — Marcus & Millichap Real Estate Investment Services has negotiated the sale of a 19,620 s/f, two-tenant shopping center fully leased by Walgreens and Sherwin-Williams. The center is located in the Washington, D.C. suburb of Forestville in Prince George’s County, within the BaltimoreWashington MSA. The sales price is $10.88 million which equates to $555 psf. Dean Zang and Mark Taylor, senior directors of Marcus & Millichap’s National Retail Group (NRG), along with Derrick Dougherty and Christopher Munley of the Philadelphia office, represented the seller. Marcus & Millichap also procured the private, out-ofmarket 1031 exchange buyer.
7000 and 7008 Marlboro Pike David Feldman, regional manager of Marcus & Millichap’s Washington, D.C. office, was the broker of record in the transaction. “This property provides the new owner with two easily managed, investment-grade
credit tenants, both on longterm leases,” said Taylor. “The financing that was available for this asset supported a low cap rate.” The property is located on 1.8 acres at 7000 and 7008 Marlboro Pike. ■
StonebridgeCarras and PN Hoffman forms joint venture BETHESDA, MD — StonebridgeCarras and PN Hoffman announced today that they have formed a joint venture with Northwestern Mutual, arranged by HFF, to develop a mixed-use project in the heart of Bethesda’s prime commercial district at the corner of Woodmont and Bethesda Avenues. StonebridgeCarras and PN Hoffman have been working with Montgomery County since 2005 to re-develop the County’s two surface parking lots (commonly referred to as Lots 31 and 31A) into a mixeduse project featuring 250 residential units and 40,000 s/f of street retail above a public parking garage that will accommodate 950 cars. With the requisite approvals in place, Northwestern Mutual’s financial strength enables the team to move forward with the $200 million development project. “We are extremely pleased to have been able to bring one of the most successful institutional real estate financial partners into the development of Lot 31,” commented Douglas M. Firstenberg, a principal with StonebridgeCarras. “We look forward to creating a vibrant mixed-use project that builds on the great success of Bethesda Row.” Residential components of the development include The Darcy, an 88-unit luxury condominium, and The Flats, a 162-unit apartment building. “While we anticipated strong interest when opening the Darcy sales center a few
Trantor Place Apartments BETHESDA, MD — Beech to engage Freddie Mac who Street Capital, LLC headquar- structured the deal to include tered in Bethesda announced the borrower’s cap ex budget that it has provided a $9.35 along with closing costs,” commillion Freddie Mac CME loan ments Mike Edelman, senior for the acquisition of Trantor vice president of Beech Street Place Apartments, a 178- unit, Capital. rent stabilized property located “Freddie offered us 85% of in Staten Island, New York. the cost to purchase, which The transaction was origi- included the $700,000 in capinated by Meridian Capital tal enhancement funds that Group, LLC, and was financed were escrowed at closing.” by Beech Street Capital as part Barry Lefkowitz, the Meridian of its correspondent relation- mortgage finance advisor on ship with Meridian. Key to the the transaction was pleased. transaction was the borrower’s “Although the financial marplan to invest over $700,000 in kets remain volatile, Beech capital improvements to the continues to beat the compeasset after purchase. tition in rate, structure and The improvements, planned service,” said Lefkowitz. Built over the next two years, will in 1964-1966, the gardenfurther enhance the rent sta- style apartment complex is bilized property which contrib- comprised of 16 three-story utes to quality housing in the buildings situated on 5.7 acres. New York market. The fixed-rate loan has a term “Given the importance of of ten years with two years maximizing proceeds, we chose interest-only. ■
Jackson Cross Ptrs. announces nine leases
Lot 31 months ago, the response has Investments. exceeded expectations and “We are pleased to venture sales are ahead of schedule,” with StonebridgeCarras and said Monty Hoffman, CEO of PN Hoffman and look forward PN Hoffman. “We have agree- to a productive relationship.” ments for more than a third “The project represents the of the Darcy residences and largest undeveloped tract of interest continues to grow land in downtown Bethesda each week.” and one of the region’s most “Northwestern Mutual ac- anticipated transactions in tively invests in high qual- 2011,” added Stephen Conley, ity mixed-use developments. executive managing director The development of Lot 31 with HFF. at the epicenter of downtown The Darcy’s sales are being Bethesda, adjacent to the directed by PN Hoffman Realwalkable Bethesda Row com- ty, LLC and the retail leasing munity, represents high qual- by KNLB Retail. The project ity urban redevelopment and has been designed by SK&I strong long-term value for our Architectural Design Group policyowners,” said Matthew and the Clark Construction Ascher, director with North- Group is the general contracwestern Mutual Real Estate tor for the project. ■
WILMINGTON, DE — The Delaware office of Jackson Cross Partners, LLC announced nine leases totaling 19,133 s/f. There were five new leases, two lease expansions, and two lease renewals. All of the transactions were represented by Jackson Cross Partners’ Pete Davisson, SIOR, CCIM and Cindy Fleming. “As was the case in 2010, this year we have continued to see a good level of leasing activity by smaller tenants in Wilmington and New Castle County,” said Davisson. “As a matter of fact, more than 70% of the new leases signed this year were for less than 4,000 s/f. This indicates relatively strong activity by small business, but also indicates larger firms are still cautious. These recently signed leases are representative of that activity.” The first lease was signed by Brown Advisory, an independently owned investment firm located in Baltimore, MD. The
office contains 1,722 s/f in Suite 1407 at 1201 North Market St., Wilmington, DE. The next lease was signed by 4th Street Chiropractic & Pain Management, comprising 1,134 s/f and located at Lincoln Square in Wilmington, DE. Jackson Cross Partners assisted with three leases at Larch Corporate Center which is located at Robino Ct. in Newport, DE. The first signed lease was by Bail Bond Agency, Inc. comprising 3,301 s/f, the second was by Shaddock Benefits Group comprising 1,447 s/f, and the third lease was by a Nurse Training School with 1,812 s/f. Along with the new signed leases, Jackson Cross Partners aided in two lease expansions and two renewals. Casarino Christman Shalk Ransom & Doss, P. A. signed a lease expansion at The Renaissance Centre in Wilmington, DE. Also, Collection Market Center signed a lease expansion at 300 Water St., Wilmington, DE. ■
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Operating and Managing over 3 Million Square Feet of Industrial and Commercial Real Estate in the Mid Atlantic Region
Twin Spans Business Park, City of New Castle, DE
Delaware River Industrial Park
• +/– 135 Acre Business Park in the City of New Castle • Minutes away from I-95/I-295, and Routes 9 & 13. • Site offers convenient access to the Delaware Memorial Bridge, Port of Wilmington and the entire northeast corridor. • Perfect for Office, Laboratory or Manufacturing / Distribution • Recently completed new access boulevard with signal controlled intersection on Route 9. • Park tenants include:Winterthur Catalog Operations, Hibbert Group,Tire Rack, Speakman Co., Mattress Giant, Schindler Elevator, Philadelphia Gear,Agilent Technologies
• 45 Acres of industrial zoned land (HI) located ideally near the Port of Wilmington, the Delaware Memorial Bridge, I-95 and I-295; with great access to entire northeast corridor. • High quality constructed buildings with space as small as +/– 14,500 sq. ft. • 24'–31' clear ceiling height • HI (Heavy Industrial) zoning allows for a wide array of uses • Park tenants include: Iron Mountain, National Roll Kote, DHL, Carlyle Cocoa, Harbour Textile,Waste Management, SKW Hardcore, Freeze, RecyClean
• +/- 400,000 Sq. Ft. business park in the town of Newport. • 1/2 mile from I-95/Rt. 141 interchange with immediate access to I-295, I-495 north and south. • Site offers convenient access to the Delaware Memorial Bridge, Port of Wilmington and the entire northeast corridor. • Park tenants include: AIG, Sieck Wholesale Florist, First State Paper, Qwest Communications, C-Cert, Apex Piping and Conectiv.
Newport Industrial Park For more information: Phone (302) 323-9300 Fax (302) 323-4951 29 East Commons Boulevard, Suite 100, New Castle, Delaware 19720
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2012 FORECAST By Tripp Way, NAI Emory Hill
2012 A New and Better Year in Real Estate!
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EW CASTLE, DE — Just as they say on Wall Street to “buy low, sell high,� commercial real estate market forecast experts are recommending to businesses out Tripp Way there needing space that now is definitely the best time to buy or lease – before prices go up, which they inevitably will, possibly as soon as mid-year.
That is, if you can find space – which in and of itself might be the impetus to the market for which we’ve all been waiting. Lease Rate Climb, Space Shortage Will Help Sale and lease prices are slightly lower than last year and may have hit recent lows. But lease rates here, primarily for office space, have shown an increase in the last few months. If this trend continues we could see a positive growth for the first time in more than two years – even as soon as the second or third quarter.
Meanwhile, new construction has remained sluggish, mainly due to new bank loan curtailments. The lack of construction on the horizon is expected to help recovery as activity inches upward. The bottom line is that no new space means more competition for the space that exists, or less supply equals more demand. Recent Activity a Good Sign Locally the real estate market showed signs of life in 2011 – which further indicates the market is starting to turn and
that space is being absorbed and acquired by growing companies and savvy investors. There were a number of transactions that were completed here in Delaware that increased occupancy in many office parks. These included Cigna’s move to Bellevue Corporate Center (100,000 square feet); a regional bank’s move to Silverside Carr (30,000 square feet completed by NAI Emory Hill); and the acquisition of the former First Data Center by WR Berkley Corporation (70,000 square feet – also by NAI Emory Hill).
We’ve Got What You’re Looking for in 2012! UniverRHSXĂ˜.EĂšBDĂ˜/K@Y@ -DV@QJ Ă˜#DK@V@QD 4JY $MBTT # PGĂ™DF CMEHT X TVJUFT GPS MFBTF TUBSUJOH BU 4'
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UPUBM 4' BWBJMBCMF JO UXP $MBTT " PGÙDF CMEHT Jim O’Hara, Jr. | Neil Kilian | Tripp Way 10 Corporate Circle Suite 100, New Castle DE 19720 phone 302.322.9500 | fax 302.322.9518 jimohara@emoryhill.com | neilkilian@emoryhill.com trippway@emoryhill.com | www.emoryhill.com
Other signs point to a predicted increase in activity locally for 2012: There are a number of new tenants in the market that are looking for office space. Delaware’s unemployment rate started to slowly decrease throughout the past year. Further, several anticipated redevelopment projects are expected to increase lease activity including the University of Delaware’s purchase of the former Chrysler site in Newark and plans to turn it into a new R&D and technology campus/business park to be completed in 2013, and Fisker’s purchase of the GM assembly plant in Newport and plans to begin production this year. The recent trends in slowly rising lease prices suggest the worst may be behind us – and for businesses looking to lease or buy, it’s time to take a look at these trends to decide if now is the best time to make a move. Tripp Way is a partner with NAI Emory Hill. â–
2012 and beyond . . . Hold on to the wheel and pay attention If you’ve made it this far and you’ve still got a boat and a crew ... Bravo ! If you’ve taken on water or even lost your boat, not so good but now’s when you’ve gotta pull yourself onto whatever driftwood you can find and start kicking. There’s still more money out there than deals and deal makers so go make deals (Sorry for the boating analogy, but I became a boater this year). The major storm we made it through was truly the perfect storm in that it involved the banks, the government and the consumer, should now be mostly over. That said, we’ve been spun around and battered and the weather report remains murky and unpredictable. We also still have to watch out for that rouge wave, whether it’s Greek debt, Middle East uprising, or good ol’ Mother Nature. Or closer to home things like MF Global which nobody saw coming and took down a lot of legendary sea-worthy captains. Continued in the January 27 issue. Billy Procida is pesident of Procida Funding and Advisors. â–
MAREjournal.com
Mid Atlantic Real Estate Journal — January 13 - 26, 2012 — 9
2012 FORECAST By Pete Davisson, Jackson Cross Partners
Jackson Cross reports on the Greater Wilmington Office Market
W
ILMINGTON, DE — “Last year at this time, as we looked ahead, we indicated that we thought it would be at least the end of the second quarter of 2012 before we saw a substantive Pete Davisson increase in leasing activity,” said Pete Davisson of Jackson Cross Partners at their annual Real Estate Forecast Meeting at the Hotel DuPont in Wilmington, Delaware. “Unfortunately, like so many other things relating to the economy the date of the strengthening in office leasing has continued to slip. “Leasing activity during 2011 has been modest. While the demand from small business has held up well the Wilmington-New Castle County office market, the demand for new office space by medium sized firms has been weak, and the demand by larger firms was moderate. “To put some specific numbers on the activity, fully 71% of the leases signed were for under 4,000 s/f. In the market for leases greater than 20,000 s/f, there were only five leases signed during the year. Only 19% of all leases were in the middle segment of the market, leases for between 5,000 and 20,000 s/f. And to make the situation even worse there were no leases above 12,000 s/f in that range,” noted Davisson. “Total leasing activity in the Wilmington-New Castle County office market totaled 569,000 s/f. The larger portion of that total was outside the Central Business District. At the current leasing rate we have a five year supply of available office space. “Thank goodness there was only one new office building delivered this year or the situation would have been worse. The national vacancy rate for all classes of office space is 12.5%. Our overall vacancy rate is 21.2%, virtually the same as it was 12 months ago. “Absorption, the net increase or decrease in occupied space, is the true indicator of the health of a market. On that score we aren’t doing badly. Absorption was negative for
the year by slightly less than 59,000 s/f, but that was impacted by the addition of the one new 164,000 s/f office building. So, overall, while we did not get healthier, we didn’t really lose much ground”. “Rental rates were steady during the year, with full service class A rates in the CBD averaging $26.68 psf and class A rates in the suburbs at $23.46. These numbers are very close to the 10 year average, and unchanged during the last 12 months. “We have seen a number of positives during 2011. Bloom Energy purchased 50 acres at
the University of Delaware’s Science and Technology Park. Johnson Controls purchased 34 acres in Middletown and recently Amazon.com purchased 76 acres in Middletown for a 1.25 million s/f distribution center,” said Davisson. The industrial side of the Delaware market has also seen modest activity. The vacancy rate in industrial buildings currently stands at approximately 10.5% and the average quoted rental rate is $4.04 per s/f, triple net. Nationally the average quoted rental rate is just more than
$5.00 per s/f. As we compare markets the industrial market is faring slightly better than the office component. Among the most noteworthy industrial transactions in Delaware in 2011 were: a 56,000 s/f lease at 405 East Marsh Lane in Newport to the Tile Market of Delaware; a 60,000 s/f lease by Goodwill of Delaware at Centerpoint Corporate Center; a 60,000 s/f lease by DYK Automotive in Pencader Corporate Center; a 62,000 s/f lease by the State of Delaware at 220 Lisa Drive in New Castle; and, the sale of an 83,600 s/f building at Pencader
Corporate Center in Newark to Tek3. “In the retail market vacancies are at a 20 year high, standing near 11%. The lack of new construction is keeping the number from going higher. On the retail side we have seen big box retail stores, and shopping centers, being converted to office space, medical services and museums. “In the residential market in Delaware prices have declined in all three counties. In New Castle County the decline has been 13% since 2010. The National Associates of continued on page 10
Commercial Real Estate Services
Lou Battagliese, SIOR 610.265.7700 Ext.112 ljb@jacksoncross.com
Pete Davisson, CCIM, SIOR 302.792.1301 Ext. 223 pd@jacksoncross.com
John Morrissey, SIOR 610.265.7700 Ext. 124 jpm@jacksoncross.com
Cate Sennett, Esq. 610.265.7700 Ext. 123 csennett@jacksoncross.com
Advisory • Brokerage • CRE Strategies • Investments • Property Management
10 — January 13 - 26, 2012 — Mid
Atlantic Real Estate Journal
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2012 FORECAST By Emanuel Stern, Hartz Mountain Industries
Benefits of going green go well beyond good publicity
O
ne of our greatest environmental threats is that companies can’t get much press from ‘going green’ any more. Many sustainability programs came form a sincere interest in evolv- Emanuel Stern ing corporate culture to reduce carbon footprints, but the positive exposure from these efforts was equally appealing. With “green� being the norm and not press-worthy, will
these initiatives lose their energy? Not if companies tie their sustainability programs to their financial performance. Green is not just the color of the sustainability movement, it’s the color of the money we make from being good stewards of the environment. Sustainability programs improve efficiency, which equals significant financial benefits—less garbage and less electrical consumption means it costs less to run your business. For example, since making upgrades to our HVAC operating systems and light-
ing Hartz Mountain has saved nearly $700,000 per year while lowering its energy demand by 4,636,789 kilowatt-hours annually. Solar power has been a great resource as well. Hartz Mountain installed solar power panels on 13 of our buildings for energy use by Hartz and our tenants to date. The panels satisfied our social agenda but we wouldn’t have done it if we didn’t think we could make money from the investment – and now solar energy is a significant profit center on our business, allowing us to grow revenues despite the down
economy. In-house success with solar energy led Hartz to create the Hartz Solar Hamilton Array to supply third party companies with solar energy to be used on New Jersey’s power grid. Comprised of over 30,000 solar modules, it is one of the largest solar power systems delivering power in New Jersey and solidifies Hartz Mountain’s position as a leading solar power producer in the state. If we hadn’t seen the financial benefits from the rooftop power panels, we may not have recognized the potential financial gains from the land
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Jackson Cross reports on Greater Wilmington . . . continued from page 9 REALTORS says home sales are down because of weak consumer confidence and tight lending criteria. “The big question is --- What can we expect to see in 2012? We believe, along with most economists that we follow, that there will not be a double dip recession. We believe that we have seen the bottom and that it is behind us. However, we believe that most people will continue to bide their time and wait until they are sure that we are well on the way to recovery. “We expect business leaders will continue to put off their real estate decisions for another 12 months, treading water rather than diving in. With that in mind we believe that mid-year 2012 improvements will slide into 2013, after the election, after year end accounting, and the 2013 New Year’s Eve Party. I am hopeful that the first quarter of 2013 will see improvements for us all and certainly for the real estate picture in Delawareâ€?. Jackson Cross Partners is a Commercial Real Estate company, focusing on a consultative approach to client service. The Jackson Cross team brings extensive experience in Corporate Real Estate, Brokerage, Development and Finance to the property life cycle. With offices in Philadelphia and King of Prussia, Pennsylvania; Wilmington, Delaware; and, Swedesboro, New Jersey, Jackson Cross provides market coverage throughout the Delaware Valley as well as access to markets throughout the world through its membership in the Society of Industrial and Office Realtors (SIOR). â–
MAREjournal.com
Mid Atlantic Real Estate Journal — January 13 - 26, 2012 — 11
2012 FORECAST By Jean Maddalon, New Jersey Apartment Association
Section 8 red tape jeopardizes housing options for many in New Jersey
N
ew Jersey is a state particularly challenged by over-regulation, but one of the most difficult issues facing our members stems from the ennui around the Federal Section 8 Program, which promises to become more serious the longer it goes unresolved. We have been long advocating for reforms to the Federal Rental Assistance Program, whose wasteful practices urgently require correction. Rental housing continues to be the most affordable housing option for more than one million New Jersey families, yet there are many who struggle to afford even a modest apartment without financial subsidy. For decades both the White House and Congress took their responsibility to fully-fund HUD and the Section 8 program seriously – no matter which political party was in control. Today, political wrangling in Washington has led to short-changing voucher programs and creating doubt over the programs continued funding and future rules. In short, the system, and the covenant between the Federal government and working families, has been broken. Unlike “entitlement” spending, funding for Section 8 program fluctuates from yearto-year and needs continued appropriations. The number – and value – of vouchers the State and local public housing authorities receive varies greatly. This lack of consistency and any solid financial backing puts families – and professional rental housing providers – in a catch-22. With no real guarantee, many worry that, come lease renewal, a family utilizing a voucher this year may lose it next year. If those in need lose the government voucher, who will help them make ends-meet? At the local level, bureaucratic inspection delays put an unnecessary burden on families as well. With a voucher in-hand and the knowledge of how much rent that voucher will pay, a family begins the process of looking for housing they can afford, just like any other family. Once they select an apartment they like, and are approved to move-in, their
actual move-in date can be delayed for several days – or even weeks – waiting for the local
compete for available apartments with other residents who can apply on-line and
Section 8 is broken, but not beyond repair. We need to streamline the system and accelerate the process so it fulfills its objectives. housing authority to make a special trip to the property and conduct a HUD-specific inspection. As families seeking to utilize Section 8 vouchers
move in the next day, voucher holders who must contend with federal bureaucratic delays often find it difficult to compete for the most coveted
www. L a n d m a r k J C M .com
apartments. For an individual apartment that has recently passed the mandatory State inspection, or has been subject to a local CO inspection at turnover, delaying a family from moving into their new home so the local housing authority can come out for a third inspection is redundant, unnecessary and counterproductive.
sive state to professionally build, own and manage rental housing. While the Housing Choice Voucher Program will never fix that problem, it does play an important role in helping working families make ends-meet and find a place they can call ‘home.’ Section 8 is broken, but not beyond repair. We need to streamline the system and accelerate the process so it fulfills its objectives.
Study after study shows that New Jersey is an expensive place to live – and an expen-
Jean Maddalon is executive director of New Jersey Apartment Association. ■
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12 — January 13 - 26, 2012 — Mid
Atlantic Real Estate Journal
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1100 East Hector Street, Suite 393 Conshohocken, PA 19428 Phone/Fax: 610-238-9950 / 610-238-9959 E-Mail: tristate@tristaterca.com Website: www.tristaterca.com
REMEMBERING 2011 TriState thanks its members and supporters for making all 2011 events a success. HAPPY 2012!
TriState Members enjoyed a day of golfing at TriState’s 15th Annual Golf Outing on June 20th at the Green Valley Country Club in Lafayette Hill, PA.
TriState Members were recognized at the Inaugural Member Recognition Luncheon on June 20th at the Green Valley Country Club in Lafayette Hill, PA.
TriState Members joined CIRC, CCIM and SIOR® Members at the Annual Delaware Joint Meeting on November 17th at Harry’s Savoy Grill in Wilmington, DE.
Members mingled at TriState’s Annual Holiday Reception on December 7th at 1200 Liberty Ridge Drive in Wayne, PA.
Photo credit: Staff, TriState REALTORS® Commercial Alliance
FOR UPCOMING EVENTS, PLEASE CHECK PAGE 14
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Mid Atlantic Real Estate Journal — January 13 - 26, 2012 — 13
14 — January 13 - 26, 2012 — Mid
Atlantic Real Estate Journal
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COMMERCIAL REAL ESTATE ORGANIZATIONS’
EVENTS CALENDAR January 10 – TriState REALTORS Commercial Alliance Event: Annual Joint Real Estate Forecast Luncheon Apartment Association of Greater Philadelphia (AAGP) The Building Owners and Managers Association of Philadelphia (BOMA) Institute of Real Estate Management (IREM) Location: The Union League (Lincoln Hall), 140 S. Broad Street, Philadelphia, PA Cost: $65 for TriState Members $80 for Non-Members www.tristaterca.com JANUARY 14 – CREW BALTIMORE Event: 2012: The Road Ahead Time: 11:30 AM – 2:00 PM Location: Oriole Park at Camden Yards Address/City: 333 West Camden St., 4th Fl., Baltimore, MD Cost: $40 Members $55 Nonmembers P: 785-832-1808 E: crewbaltimore@crewnet working.org www.crewbaltimore.org JANUARY 17 – CIA NJ Event: Manufacturing Roundtable Time: 3:30 PM – 5:00 PM Location: Busch Campus Center, Rutgers University Address/City: New Brunswick, NJ P: 201-368-2100 E: ehallock@cianj.org www.cianj.org JANUARY 18 – ABC BALTIMORE Event: How to Comply with State & Federal Prevailing Wage Laws Time: 8:00 AM – 10:00 AM Location: ABC Baltimore Address/City: Baltimore, MD Cost: $25 Members $45 Nonmembers P: 410-821-0351 x-113 E: bjohnson@abcbaltimore.org www.abcbaltimore.org JANUARY 18 – ABC EAST PA Event: Breakfast with Economist Bill Dunkelberg Time: 8:00 AM Location: Crowne Plaza Valley Forge Address/City: 260 Mall Blvd., King of Prussia, PA Cost: $50 Members P: 610-279-6666 E: rkelsh@abceastpa.org www.abceastpa.org JANUARY 18 – CORNET NJ Event: What is CRE’s Role in Job Creation for the NY/NJ Region Time: 4:00 PM – 6:00 PM Location: Eastman Companies-Eisenhower Corp. Campus Address/City: 290 W. Mount Pleasant Ave., Livingston, NJ P: 908-663-2708 E: efriedman@evensonbest.com www.corenetnj.org JANUARY 18 – CREW LEHIGH VALLEY Event: Lunch & Learn – “How Will the New Tax Assessment Effect You?” Time: 11:30 AM – 1:00 PM Location: Norris McLaughlin & Marcus, 2nd Floor Conference Room Address/City: 1611 Pond Road, Allentown, PA Cost: $15 per Person (Members & Invited Guests of Members Only) www.crewlehighvalley.org
JANUARY 18 – NAWBO DE Event: New Member & Membership Wine Reception Location: Ryan Wine & Spirits Address/City: Independence Mall, 1601 Concord Pike, Wilmington, DE Cost: Members Free/$5.00 Nonmembers E: info@nawbodelaware.org www.nawbodelaware.org JANUARY 18 – SMPS PHILADELPHIA Event: Core Knowledge Series: The Marketing Plan as a Roadmap to Success Time: 8:00 AM Location: Langan Engineering Address/City: 30 South 17th St., Suite 1300, Philadelphia, PA Cost: $30 Members $35 Nonmembers www.smpsphiladelphia.org JANUARY 19 – CREW PHILADELPHIA Event: Lunch Event – What to Expect for 2012 Time: 11:30 AM – 1:30 PM Location: Union League Address/City: 140 S. Broad St., Philadelphia, PA Cost: $55 Members $70 Guests/Nonmembers www.crewphiladelphia.org JANUARY 19 – IFMA CENTRAL PA Event: How Social Media can help you as a Facility Manager Time: 11:30 AM – 1:30 PM Location: Central Penn College Conference Center Address/City: 600 Valley Rd., Summerdale, PA Cost: Members Free/$20 Nonmembers P: 717-221-9700 E: gbrinton@facplan.com www.ifmacentralpa.org JANUARY 19 – ICREW NJ Event: Choose NJ! Time: 11:30 AM Location: Hilton Woodbridge Address/City: 120 Wood Ave South, Iselin, NJ Cost: $50 Members $75 Nonmembers P: 609-585-0871 E: icrewnj@icrewnj.org www.icrewnj.org JANUARY 19 – NAIOP PITTSBURGH Event: Chapter Meeting – Finance Update Time: 7:30 AM Location: Omni William Penn Hotel Address/City: 530 William Penn Pl., Pittsburgh, PA Cost: Members Free/$40 Nonmembers P: 412-928-8303 www.naioppittsburgh.com JANUARY 19 – ULI BALTIMORE Event: Content before Cocktails Time: 5:00 PM Location: The Hotel at Arundel Preserve Address/City: 779 3-A Arundel Mills Blvd., Hanover, MD Cost: Members Free/$20 Nonmembers P: 800-321-5011 www.baltimore.uli.org JANUARY 20 – ULI NNJ Event: Advisory Board Meeting Time: 9:30 AM – 11:30 AM Location: Newark Legal Center-Edison Conference Room Address/City: 3rd Fl., 1037 Raymond Blvd, Newark, NJ P: 201-312-8817 E: mara.winokur@uli.org www.nnj.uli.org
JANUARY 23 – CSI PHILADELPHIA Event: The Responsive Building Envelope: More than Just a Chromic Phenomena Time: 7:00 PM Location: Holiday Inn Address/City: 4th & Arch Sts., Philadelphia, PA Cost: Dinner $40 with Reservation P: 732-348-8877 E: kelley.boyle@grace.com www.csiphila.org JANUARY 24 – ABC NJ Event: Understanding NJ Prevailing Wage & Contractor Registration Time: 12:00 PM – 2:00 PM Location: Flaster/Greenberg PC Address/City: 1810 Chapel Ave. West, Cherry Hill, NJ P: lslomka@njpsi.com www.abcnjc.org JANUARY 24 – NAIOP NJ Event: Annual Meeting & Real Estate Forecast Time: 5:30 PM Location: Sheraton Meadowlands Address/City: East Rutherford, NJ Cost: $165 Members $210 Nonmembers P: 732-729-9900 www.naiopnj.org JANUARY 24 – ULI PHILADELPHIA Event: Urban Retail Planning & Development Time: 12:00 PM – 1:30 PM Location: Aberdeen Asset Management Address/City: 1735 Market St., Philadelphia, PA Cost: $25 per Person P: 800-321-5011 www.philadelphia.uli.org JANUARY 25 – EBC/CIANJ Event: Roundtable Meeting Time: 8:00 AM – 9:30 AM Location: PSE & G Training Center Address/City: 234 Pierson Ave., Edison, NJ P: 201-368-2100 E: dtrimble@cianj.org www.cianj.org JANUARY 25 – NJAA Event: Annual Meeting & Installation Time: 3:30 PM Location: Imperia on Easton Address/City: 1714 Easton Ave., Somerset, NJ E: niambi@njaa.com www.njaa.com JANUARY 27 – ULI PHILADELPHIA Event: Commercial Real Estate Financing Time: 8:00 AM – 10:00 AM Location: Villanova University School of Business Address/City: 800 E. Lancaster Ave., Bartley Hall, Villanova, PA P: 800-321-5011 www.philadelphia.uli.org JANUARY 30 – SIOR/IOREBA Event: Joint Meeting Time: 4:00 PM – 8:00 PM Location: The New York Athletic Club Address/City: 180 Central Park South, New York, NY Cost: $85 IOREBA & SIOR Members $105 Nonmembers www.siornj.com/www.ioreba.com FEBRUARY 1 – NJAA Event: ABC’s of Real Estate Tax Appeals in NJ Time: 8:00 AM – 10:00 AM Location: Brach Eichler Cost: Members Free/$75 Nonmembers E: casey@njaa.com www.njaa.com
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Mid Atlantic Real Estate Journal — January 13 - 26, 2012 — 15
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16 — January 13 - 26, 2012 — Mid
Atlantic Real Estate Journal
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MAREJ MONTHLY SALES AND LEASE REPORT As Reported In The Mid-Atlantic REAL ESTATE JOURNAL ~ DECEMBER 9, 2011 -JANUARY 12, 2012 PROPERTY PROPERTY NAME NAME
ADDRESS ADDRESS
Former Eighty-Four Lumber 1400 Wilson Blvd Perth Amboy Buss Pk Metrotop Plaza II 145 Talmadge Rd 145 Talmadge Rd 145 Talmadge Rd Summit Executive Ctr. 701 East Gate Ctr 921 Pleasant Valley Ave RWJ University Hospital Hamilton Campus 99 Hudson 200 Plaza Dr 20 Fairfield Pl 50 Harrison St 1340 Enterprise Dr 311, 411 West Stiegel St
Fruitland, MD Rossyln, VA Perth Amboy, NJ Islen, NJ Edison, NJ Edison, NJ Edison, NJ Summit, NJ Mount Laurel, NJ Mount Laurel, NJ Trenton, NJ
966 Postal Rd 1988 Friebly Ave 610 W. Germantown Pike 2011 Woodhaven Rd 465 N. Reading Rd 1886 Commerce Park East 66 Keller Ave
Allentown, PA Bethlehem, PA Plymouth Meeting, PA Philadelphia, PA Lancaster, PA Lancaster, PA Lancaster, PA
Jersey City, NJ Secaucus, NJ West Caldwell, NJ Hoboken, NJ West Chester, PA Lancaster, PA
Former Hockersville Rd Hotel Derry Twp., PA
SELLER/ SELLER/ OWNER/ OWNER/ LESSOR LESSOR Great Point Investors Matrix, Morgan Stanley Atlantic Realty Avidian Mgmt Avidian Mgmt Avidian Mgmt Summit Executive Ctr. Brandywine Realty
REP. REP. OF OF SELLER/ SELLER/ LESSOR LESSOR SVN Miller HFF JLL
CBRE Bleiler Marceim-Chalmers
Bank of America 20 Fairfield Place Assoc JDA Grp BA Ptrs Arbee Realty Trust M&H Inv Blair Custom Homes Brandywine Manna Realty Inv Homette Corp
BUYER/ BUYER/ TENANT/ TENANT/ LESSEE LESSEE Salus Prop Investments Bunzl NE Ansell Ltd Cross Docks Solutions Janice Staib & Assoc C Mgmt Pennant Capital Mgmt Foundations Free For All HPA
REP. REP. OF OF TENANT/ TENANT/ BUYER BUYER
PRICE PRICE
Cassidy Turley Newmark Night Frank
JLL CBRE CBRE Richardson Comm’l
1 acre 36,758 SF 22,000 SF 2800 SF 76,000 SF 105,392 SF
Off Ind Off Ind Ind
S L S L S S
5B 5B 5B 9B FC-C FC-C
32,445 SF 5,000 SF
Flex Whse
L L
2C 2C
Ind Ind Ind
L S S L
4C 5C 5C 5C
S
5C
Off Off Off Off Off Garage Whse Whse Ind Comm’l Medical Off
L L L S S L L S S L S L S L L L L L L L S S S S S L
6C 6C 6C 13C 13C 13C 13C 13C 14C 14C 14C 14C 14C 14C 14C 14C 14C 14C 14C 14C 14C 14C 14C 14C 14C 14C
Ind Retail Off Retail Land Retail Ind
L L L L L L
14C 14C 14C 14C 14C 14C
Medical Off Retail Off Retail Whse Off Retail Comm’l Off Off Comm’l Retail Off Off Off Retail Land Retail Retail Retail Retail Retail Retail Retail
L L L L L S L L L L L L S S L L L S S S L L L
14C 14C 14C 14C 15C 15C 15C 15C 15C 15C 15C 15C 9A 9A 13A FC-B FC-B FC-B FC-B 4B 4B 4B 4B
12,900 SF 136,196 SF 25,000 SF 2900 SF
Central PA Equities 13
Springwood Comm’l
$1.2m
6 Parcels
Hanover, PA York, PA Hanover, PA York, PA Hanover, PA York, PA
ROCK ROCK ROCK ROCK ROCK ROCK
9 Rathton Rd 1700 W Market St 1 Waterford Coloniel SC 6305 Allentown Blvd 5115 E Trindle Rd 5252 E Trindle Rd 323 Reily St 100 Sterling Pkwy 100 Sterling Pkwy 1104 Herr St Robinhood Dr 101 Bellevue Pkwy One Virginia Sq 2001 L St, NW NE Corner of 4th St Former Circuit City 1125 E. Catawissa Pecan Sq SC Slade Village Mongomery Mall Oxford Valley The Streets of Chester
York, PA York, PA York, PA York, PA Harrisburg, PA Mechanicsburg, PA Mechanicsburg, PA Harrisburg, PA Mechanicsburg, PA Mechanicsburg, PA Harrisburg, PA York, PA Wilmington, DE Arlington, VA Washington, DC Allentown, PA Allentown, PA Nesquehoning, PA Salisbury, MD Pikesville, MD North Wales, PA Langhorne, PA Woodbridge, NJ
ROCK ROCK ROCK ROCK Landmark Landmark Landmark Landmark Landmark Landmark High Assoc High Assoc NAI Emory Hill Cassidy Turley
Beacon Beacon
$3.7m $2.865m
NAI Summit NAI Summit
352 SF 1880 SF 1800 SF 70,000 SF 145 acres
CBC Bennett RSR Realtors RSR Realtors RSR Realtors RSR Realtors RSR Realtors
Pagliaro Hoss’ Corp Triple Crown Corp
NAI CIR NAI CIR Bill Gladstone Grp NAI CIR Bill Gladstone Grp Bill Gladstone Grp Bill Gladstone Grp Bill Gladstone Grp Landmark Bill Gladstone Grp NAI CIR ROCK ROCK ROCK ROCK ROCK ROCK
Posh Props
15,300 SF 5117 SF
Ind Off Whse/Off Whse/Off Whse/Off Off Off Off Medical Off
$2.5m $965k
100 Kindig Ln 2131-2139 Ind Hwy 228 Broadway 1170 Loucks Rd Gateway SC 3635-3725 Board Rd
$35m JLL Cushman & Wakefield
Colliers Int’l Colliers Int’l Colliers Int’l SVN-Miller Marcus & Millichap Phila Equity Retail Equity Retail Fameco
PA Self Storage One Hertzler Road Assoc Tim Kushner Consulting GDD Pharmacy Svcs ARC of Dauphin & Lebannon Basil Papoutsis Hershey Creamery Co. Dimitro Hronis Cheap Cheap Moving Boxes Riverwatch Props P&D Discount Tobacco Peterson DeAment Endocrinology Pinnacle Health Hosp Watts Marketing Svcs Intela Global SLCS Highlands Tire Highlands Tire First Capital Fibers York Cty Solid Waste PA CVS Pharmacy Penn State Milton S Hersey Medical Ctr Neighoff Mechanical Star Bldg Svcs Ox Paperboard Two Farms Petsmart William Penn Performance Glass NHS PA Sidique Justice Works Ken Bruggeman Photo American Freight Black Comm’l Svcs Horn African Grocery Limelight Del Monte Corp. Keller Finacial Grp Vasquez Gilmore Berkley Technology Svcs LaSalle Inv LB3 Checkers Drive-In Hibachi Grill Providance Prop Dairy Queen
Platypus Custom Home
RSR Realtors RSR Realtors RSR Realtors RSR Realtors NAI CIR
2000 SF 1380 SF 10,000 SF 10,000 SF 9800 SF 8200 SF 6840 SF 3080 SF 2200 SF 1700 SF 1458 SF 750 SF
NAI CIR
ROCK ROCK ROCK ROCK
4095 SF 14,436 SF 7268 SF 7.93 acres 2.60 acres 3080 SF
ROCK
2300 SF 2015 SF 800 SF
ROCK ROCK ROCK ROCK ROCK
12,176 SF 11,700 SF 2366 SF 1734 SF 1447 SF 740 SF 33,600 SF 7478 SF 1100 SF
ROCK ROCK ROCK Keller Williams Landmark NAI CIR Landmark Landmark High Assoc High Assoc
2906 SF 2741 SF 9000 SF 70,000 SF
WLS Colliers Int’l Huggins Realty Grp Colliers Int’l SVN-Miller Marcus & Millichap Phila
Welco Realty
$565k $280k $1.55m
PG PG 4A 10A FC-B FC-B 2B 2B 2B 2B 3B 3B 4B
NAI Comm’l Ptrs Prudential Homesale NAI Comm’l Ptrs
Bomar Holder Family Hughes Props Millenium RE Ptrs
TIAFF-CREF
132,410 SF 43,210 SF 32,654 SF 1785 SF 1255 SF 13,000 SF
S/L S/L S S L L L L L L L S L
RAS Delivary MasterCuts Lawncare LarsonAllen Peapod LNR Property LP JEL Property JG Environmental
Shrewsberry, PA Harrisburg, PA Lebanon, PA Lemoyne, PA Upper Allen Twp. Harrisburg, PA Enola, PA Pembrook, PA Susquehanna Twp., PA Susquehanna Twp., PA Gilford, Twp., PA Lwr Paxton, Twp., PA Susquehanna Twp., PA Hampden, PA Hampden, PA E Pennsboro, Twp., PA Lwr Allen Twp., PA Harrisburg, PA Hampden, PA Silver Spring Twp., PA Hanover, PA Hanover, PA York, PA York, PA Red Lion, PA Hanover, PA
114 Associates 114 Associates Baklayan Treffinger
Retail
NAI Summit JCP NAI Mertz NAI Comm’l Ptrs NAI Comm’l Ptrs NAI Comm’l Ptrs
Market Square 4071 Lind Rd 1040 W Crestview Dr 50 S Cameron St Holder Farm 5821 Linglestown Rd 2250 Millenium Way Former M&T Office 3315 Walnut St. 1400 Hagy Way 1740 Lincoln Way 5340 Jaycee Ave 4423 N Front St 5223-5225 Simpson Ferry Rd 5001 Carlisle Pike 875 Poplar Church Rd 900 Century Dr 22 S 3rd St 4076 Market St 600 Bent Creek 134 Old Rte 26 788 Raystown Rd State St 2685 Blackthorne Ct 725,735 & 745 Lombard Rd Hillside Medical Ctr
Hayden Dauphin Assoc Blue & Gray Acquisitions
5 acre
Beacon Beacon
CBRE
DESC. DESC.
$57m
Hartz Mountain ACS UANJ Plumbers Local 24 Chronakis Siachos Acero Precision Bond Family
Susquehanna Valley Emergency Medical Svcs Derry Twp Industrial NAI CIR & Comm’l Dev Authority CBC Bennett CBC Bennett
Richardson Agarwal Kinsley Prop Shawn Ellis South Third 4076 Market St RSM Associates
SIZE SIZE
13,153 SF 33,844 SF 37,484 SF 9100 SF 1 acre 13,780 SF 165,800 SF 167,600 SF 5005 SF
Retail Retail Retail Whse Land Off Off Off Off Whse Comm’l Whse Off Retail
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Mid Atlantic Real Estate Journal — January 13 - 26, 2012 — 17
Mid Atlantic REAL ESTATE JOURNAL
BILLBOARD
CLASSIFIEDS • CLASSIFIEDS • CLASSIFIEDS • CLASSIFIEDS • CLASSIFIEDS • CLASSIFIEDS • CLASSIFIEDS • CLASSIFIEDS • CLASSIFIEDS
CUSTOMER SERVICE REP NEEDED
NORTHEASTERN PENNA. SALE & LEASE OFFERINGS
•
•
Rep needed to work for our aid. 18yrs and above needed. Must possess good typing skills, speak English Àuently. Will earn $3000 monthly. Email me at (p_smith1163@yahoo.com) if interested contact me
Industrial Land – 10.7 acre site in Valmont Industrial Park for sale. Zoned for manufacturing. Close to I-81 & I-80. Approved for 126,000 SF building. Office – Under construction, 29,000 SF Class A office building adjacent to downtown Scranton, PA. Various suite sizes, lease or ownership opportunity.
•
Retail – Wilkes-Barre. 11.42 acres across from Wyoming Valley Mall at signalized corner.
•
200 Acres with 54,000 manufacturing in multiple warehouse and residential buildings. Marcellus gas rights available.
•
Food warehouse, 28,000 SF, 3.7 acres with freezer and cooler spaces.
Scranton, PA 570-207-4100
SOUTHSIDE BETHLEHEM, PA 1200 s/f — $900/month Including w/s/t
306-308 Broadhead Ave., Rear Complete with two car attached garage with 10’ ceilings. Individual gas furnace for workshop area and lavatory. Includes 1200 s/f upstairs storage area. Off street parking for two cars adjacent to the building.
info@hinerfeldcommercial.com
BUSINESS OPPORTUNITY State of the Art Architectural Coatings needs Dealers Installers/Sales /representatives roofing/painting/construction sales exp. will help in the Northeast states
Send resume to Louis at: Louis meyer@hvcoatings.com
Coldwell Banker Commercial Bennett Williams 110 N. George Street; 4th floor York, PA 17401
Commercial Leasing/Sales
Property Management Landlord Representation Tenant Representation
www.bennettwilliams.com
717-843-5555
Site Selection
Contact: 845.398.1778 or visit www.hvcoatings.com for more info
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18 — January 13 - 26, 2012 — Mid
Atlantic Real Estate Journal
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PEOPLE ON THE MOVE To president and co-managing director
Welcoming thirteen attorneys
The Kislak Company, Inc. Promotes Robert Holland
GRS&D launches environmental dept.
W
OODBRIDGE, NJ — The Kislak Company, Inc. has promoted Robert Holland to president and co-managing director. Holland previously served as a senior vice president and Robert Holland a co-managing director. He assumes the duties of president from Jeffrey Wiener who remains with the firm as a comanaging director. “In his 28-year career with Kislak, Rob has proven to be an extremely strong and well-respected leader, mentor and motivator to numerous salespeople and employees. He is also one of Kislak’s all-time leading salespeople,” said Bartelmo. “In the past year, Rob has championed
our firm’s success as our sales team closed transactions totaling nearly $300 million.” “I am delighted with Rob’s well-deserved promotion,” said Jay Kislak, chairman of the Kislak Organization. “Rob joined Kislak as a young professional following in the tradition of his father and grandfather, both of whom had successful careers in our organization. I look forward to the next chapter in Rob’s career as he leads our dynamic firm to greater success.” “Being a part of Kislak has been enormously rewarding both professionally and personally,” said Holland. “Our sales team is second to none and they inspire me every day. I am honored to become president of this venerable firm and thank Jay, Tom and Jeff for their support and confidence. Jeff led Kislak to great heights during his
17-year tenure as president. I look forward to building on that success.” Holland joined Kislak in 1984. Throughout his career, he has consistently been among the leading brokers of apartment buildings in central and eastern Pennsylvania. He has received Kislak’s Production Award more than ten times and is also a multiple recipient of the firm’s Salesperson of the Year Award. Holland’s sales total more than $3,000,000,000. Holland holds a Bachelor of Arts degree magna cum laude from Hartwick College and is a member of the National Multi Housing Council, the New Jersey Apartment Association and the Apartment Association of Greater Philadelphia. He is a licensed real estate broker in the State of New Jersey and the Commonwealth of Pennsylvania. ■
JRS school project earns outstanding design honors MINEOLA, NY — JRS Architect, P.C., earned its place among the top designers of interior educational space, according to American School & University. The publication recently announced its 2011 Educational Interiors Showcase, an annual competition honoring design excellence and work that builds effective learning environments in America. JRS won in the category Outstanding Design in Common Areas for its work at The Mandell School, a 71-year-old independent school in NYC. “We’ve completed many projects with The Mandell School,” said Alexander Hadjiyane, AIA, senior VP and principle responsible for these projects.. “We’ve been successful there because we’ve incorporated design and architecture into the very learning environment.” This award, one of many recognizing JRS, reflects its work on a 4,100 s/f common area in the school. The space includes environmentally friendly construction choices, unique designs and thoughtful use of the space. “The space works well because we took the time to understand the school’s needs, community and principles,” said Hadjiyane. Using its principle-driven design approach, JRS has designed, built or refurbished much of the school during the past few years. JRS helped the
The Mandell School school in 2010, when it finished work on a 10,000 squarefoot facility that complements the 50,000 square-foot main school building JRS developed. Throughout the buildings, heating ducts, wiring, plumbing and other construction elements are exposed. Teachers can use the construction elements to teach about mechanics behind the environment. The study hall area, known as The Swamp, has plugs in the floor so students can charge laptops and Ipads. Everything was viewed with a child-centric perspective. That means teachers can turn just about anywhere in the building to start a lesson about sustainability and good citizenship. American School & University had a jury of American In-
stitute of Architects members and education administrators evaluate designs in 25 categories. Judging was based on safety/security, sustainability, mission and purpose, balance, connection to community, functionality/flexibility, technology and innovation. “When you look at the criteria, you can see how our approach reflects the needs of the education community. These are values we have focused on for 25 years,” said John R. Sorrenti, FAIA President and who founded the firm in 1986. Beyond its work in education, JRS has built a reputation for excellence and has won numerous awards while designing thousands of projects. The firm has designed projects for , , , Bethpage Federal Credit Union, Citicorp, , , , JPMorgan Chase, JLA Home , Madison National Bank, , Montclair State University, Mount Sinai Medical Center, Skyline Management, South Nassau Communities Hospital, Wachovia Securities and many others. JRS Architect, P.C., is a full-service architectural firm that provides interior design, programming and project management. Since 1986, JRS has designed and constructed corporate offices, banks, retail stores, schools, health-care facilities, restaurants and hotels and has served a clientele that ranges from Fortune 500 companies to start-ups. ■
SELIN, NJ — Greenbaum, Rowe, Smith & Davis LLP (GRS&D) announced the establishment of a new Environmental Department to augment its existing core practice areas – Litigation, Corporate, Real Estate and Tax, Trusts & Estates. Concurrently, the firm announces that thirteen attorneys have joined the firm effective January 3, 2012. Two of New Jersey’s most high profile practitioners, David B. Farer and Jack Fersko, are among the attorneys joining the GRS&D practice in the Environmental, Real Estate & Litigation Departments. The complete list is as follows: David B. Farer – Chair, Environmental Department Jack Fersko – Partner, Real Estate Department Ann M. Waeger – Partner, Real Estate Department Jay A. Jaffe – Partner, Environmental Department John J. Reilly – Partner, Litigation Department Daniel L. Schmutter – Partner, Litigation Department Marcie R. Horowitz – Partner, Environmental Department John H. Hague – Partner, Real Estate Department Regina E. Schneller – Partner, Real Estate Department Anthony Giountikos – Counsel, Real Estate Department Maura E. Blau – Counsel, Environmental Department Marjan F. Disler – Associate, Environmental Department Henry Farer – Of Counsel GRS&D’s newly minted Environmental Department will be chaired by David B. Farer, a nationally renowned environmental lawyer. Farer founded the environmental practice at the boutique firm Farer Fersko in 1984. Farer and his team of environmental attorneys at GRS&D, including partners Jay A. Jaffe, David A. Roth and Marcie R. Horowitz, will draw upon their collective experience to advise the firm’s business clients on the impact of environmental laws on real estate and business transactions, including the cleanup and redevelopment of contaminated properties, environmental compliance and insurance issues, environmental issues in bankruptcy proceedings, and projects incorporating sustainable development and
green building initiatives. Raymond Felton, co-managing partner at GRS&D and chair of the Corporate Department, notes that the firm’s new strengths in the environmental law arena will create “synergies among the integrated practices that will bring stronger benefits to our clients, stemming from the depth of additional proficiency and the quality of our lawyers.” David Farer comments: “Joining the team at GRS&D and establishing the firm’s new Environmental Department is an energizing and exciting opportunity. I am honored to integrate my practice into a firm that is deeply respected throughout both the legal and business communities, and am confident that our clients will be the prime beneficiaries of this new professional relationship.” The addition of Jack Fersko, Ann M. Waeger and four other attorneys will further enhance GRS&D’s venerable real estate practice, which has handled some of the largest business and real estate transactions in New Jersey. As one of New Jersey’s leading commercial real estate practitioners, Fersko is held in the highest regard within New Jersey’s real estate and business communities. He and his team bring a wealth of knowledge and experience to the table related to industrial and commercial real estate transactions, urban redevelopment projects, land use and zoning, financing, solar energy development, and the impact of environmental laws, and role of environmental insurance, in real estate and business transactions. “GRS&D has one of the foremost real estate practices in the region, with a great reputation for quality work and exceptional service,” comments Fersko, who adds, “I look forward to working with the GRS&D team and bringing my experience into play, and also intend to take full advantage of the firm’s strengths in complementary practice areas to the benefit of our combined client roster.” In welcoming all thirteen attorneys on behalf of the firm, GRS&D co-managing partner Mark H. Sobel casts a definitive light on the situation with his statement: “This is a great addition to our firm because we share a dedicated and unwavering commitment to our clients and the success of their business interests.” ■
NEW JERSEY
SMHOPPING C ENTERS A R E J ID
19 — January 13 - 26, 2012 — New Jersey — Mid
TLANTIC
EAL
STATE OURNAL
Atlantic Real Estate Journal
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The $120m project is funded through a mixture of state, federal & Port Authority funding
Tishman Construction manages construction for Hoboken Terminal project
N
EWARK, NJ — New Jersey Department of Transportation Commissioner and NJ TRANSIT board chairman James Simpson and NJ TRANSIT executive director James Weinstein joined local, state and federal officials today to celebrate the completion of a project that returned a portion of Hoboken Terminal to its original design—restoring permanent ferry service to the historic building. As part of the opening ceremony, a special inaugural ferry boat ride operated from the newly restored ferry slips, carrying officials and dignitaries on a brief trip up the Hudson River. Following welcoming remarks from Weinstein, leaders such as Commissioner Simpson, Port Authority of New York & New Jersey chief of real estate and development Michael Francois, and BillyBey Ferry Company chairman
Bill Wachtel highlighted the benefits of the restored ferry terminal for residents in the region. The $120 million project, funded through a mixture of state, federal and Port Authority funding, was divided into three phases. The first phase, which began in April 2004 and was completed in September 2005, included repairs to the terminal’s substructure and
superstructure. Work on the second phase began in December 2005 and was completed in April 2008, including construction of a 230-foot tall clock tower replica modeled after the original 1907 design by architect Kenneth Murchison. In homage to the original, the clock tower includes four-foot-high copper letters spelling out the word “Lackawanna” and is
surmounted by an illuminated clock with four 12-foot diameter faces, one on each side of the tower. The second phase also included marine construction of five of the original six ferry slips, as well as restoration of the exterior copper facade and lighting on the river side of the terminal, structural repairs, roof repairs and demolition of the finger piers and wooden fenders. Construction of the ferry boarding area was completed in the third and final phase, along with all remaining work necessary to restore ferry service to the original slips, including work on utilities, lighting, the ticketing area, ferry barges and gangways. NY Waterway, owned and operated by Port Imperial Ferry Corp. and BillyBey Ferry Co., will be providing service from the ferry slips. NY Waterway provides the largest privately-
owned commuter ferry service in the United States, carrying 35,000 passenger trips per day – 8 million trips per year. including service between New Jersey and Manhattan. Hoboken Terminal currently provides travelers multiple transit options including commuter rail, light rail, bus, PATH and ferry service. Nearly 60,000 people use the terminal on a typical weekday. “This restored Hoboken Ferry Terminal is a key intermodal hub that provides robust transportation services and vital trans-Hudson connections to thousands of New Jersey residents,” said commissioner Simpson. “The completion of this project has restored ferry service to the terminal’s original slips for the first time in more than four decades, offering expanded ferry service and greater convenience for customers,” said Weinstein. ■
$70 million, 12-story building in Fort Lee
BNE Real Estate Group breaks ground on Twenty50, a 194-unit luxury rental building FORT LEE, NJ — Officials from Fort Lee and developer BNE Real Estate Group recently broke ground on Twenty50, a 194-unit luxury rental building. Mayor Mark Sokolich praised the project as smart development and a catalyst for other projects in the area. He was pleased to welcome a new lifestyle option for Fort Lee residents that will also tap into the potential of the vacant site, generate tax ratables and have a minimal impact on local resources. “We are very proud to be the host community for this type of development,” Mayor Sokolich said. “Even in these tough economic times, we want to make Fort Lee a business-friendly environment. We want to make sure that
Shown from left: Larry Pantirer, Harvey Sohmer, Mayor Mark J. Sokolich, Joseph L. Cervieri, Jr., Ila Kasofsky, Howard Schwartz, Jonathan Schwartz and Alan Pines. our community is inviting to Washington Bridge. projects such as this.” Once completed, the $70 Designed by The Lessard million, 12-story residen- Design Group, the building tial building will include 194 will offer a mix of one and rental units, many of which two-bedroom residences feawill boast spectacular views of turing 750 to 1,200 s/f of living the Hudson River and George space.
water wall, resident lounges, a café, Wi-Fi library/den, game rooms, fitness center and an outdoor pool. Construction is scheduled to be complete by September, 2013. “We believe this project will provide a spectacular lifestyle choice for both current Fort Lee residents looking for a new alternative and future residents moving into this thriving community,” said Jonathan Schwartz, Senior Vice President of BNE Real Estate Group, who noted that the combination of upscale amenities and exciting location on the New Jersey Gold Coast will provide residents with a unique living experience. “We hope to be moving our first residents in around the fall of 2013.” Twenty50, located at 2050
Central Road, is one of a handful of development sites in the neighborhood that will ultimately include a vibrant mix of residential and retail space. It is directly across the street from Fort Lee Historic Park, the New Jersey section of the Palisades Interstate Park, and a short walk from Fort Lee’s quaint colonial town center. “This project is an indication that times are changing and business is moving forward,” Mayor Sokolich added. “Fort Lee is a community that is moving in the right direction, a place where people want to live and do business. It is still a place to develop and to make sure that folks are in a position to raise their families and live as good a lifestyle as possible.” ■
20 — January 13 - 26, 2012 — New Jersey — Mid
Atlantic Real Estate Journal
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NEW JERSEY
Fairfield Corporate Park, Fairfield, New Jersey
Mirliss, Brodsky and McGee head up leasing
Newmark Knight Frank leases 147,550 s/f at Metro 101
FOR LEASE 32,000 Square Foot Industrial Building * Warehouse/Manufacturing * 6,000 Square Feet Office – Can be reduced * 20 Ft Ceiling Height / 4 Tailgate Doors / 60+ Car Parking * Attractive rental rates and terms available.
SHELDON GROSS REALTY, INC.
REALTORS Ɣ Corporate Real Estate Services
80 Main Street, West Orange, NJ 07052 Tel.#973-325-6200 - Fax.#973-325-9090 E-mail: sgross@sheldongrossrealty.com
I
SELIN, NJ — Newmark Knight Frank announced the recent success of the newly renovated Metro 101 at 101 Wood Ave. South. Investors Bank, took 38,800 s/f on the 9th and 10th floors and Microsoft occupies the remaining 21,700 s/f on the 9th floor. Amerigroup signed on for 31,400 s/f, or the entire 8th floor. Biopharmaceutical company ThromboGenics will occupy 8,400 s/f on the 6th floor. Newmark Knight Frank’s Rich Mirliss, managing director Hope Brodsky and associate Kieran McGee head up leasing. ■
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Metro 101
Community Investment Strategies’ CEO participates in panel AT L A N T I C C I T Y, N J —Christiana Foglio-Palmer (shown right), founder/ owner and chief executive officer of Community Investment Strategies (CIS), Inc., participated in an indepth panel discussion on affordable housing issues at the 96th Annual New Jersey State League of Municipalities
conference held at the Convention Center. Foglio-Palmer joined industry leaders including Department of Community Affairs Commissioner Lori Grifa; Edward Buzak, league associate; Shirley Bishop, consultant/ planner; and Elizabeth McKenzie, professional planner. The panelists provided an update on the on-going legal challenge over the “third round regulations” and explored the post-COAH landscape for municipalities. Mayor of
Bridgewater Patricia Flannery resided over the panel. The three-day League conference, “Creating a Community with a Common Vision,” was the largest gathering of public officials in the United States. More than 100 educational and informational sessions covered a wide range of topics. The conference also featured more than 1,000 commercial and governmental agencies, hosting exhibits that showcased the latest developments in municipal goods and services. ■
110 N. George Street, 4th floor York, PA 17401
ph: 717-843-5555
fax: 717-843-5550 www.bennettwilliams.com
SERVING CENTRAL PENNSYLVANIA FOR OVER 50 YEARS
AT THE END OF THE DAY, YOU WANT RESULTS. SO THAT’S HOW WE BEGIN EACH DAY.
When our real estate clients have questions, they need the right answer at the right time. So they need lawyers who combine deep legal experience with sound business sense. This is what motivates us to work harder, continually expanding our versatility and pushing the limits of our collective skills. At Riker Danzig, we understand that no matter how much success we have realized, what you’re interested in are the results we get today.
MORRISTOWN, NJ 973.538.0800 TRENTON, NJ 609.396.2121 NEW YORK 212.302.6574 LONDON
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Mid Atlantic Real Estate Journal — New Jersey — January 13 - 26, 2012 — 21
“WE’VE GOT NEW JERSEY COVERED” WAY BELOW MARKET PRICES – For SALE or LEASE
1,920 SF – PISCATAWAY 300 SF Ofc, 20’ Clgs, 1 DI AVAILABLE IMMEDIATELY
GARWOOD – Available Imm 5,063 SF – 500 SF Ofc, 15’ Clgs, TB, DI 7,611 SF – 1,200 SF Ofc, 16’ Clgs 1 TB
24,000 SF - LINDEN
33,000 SF - PISCATAWAY
2,000 SF Ofc, 15’ Clgs, 3 TB, 2 DI AVAILABLE IMMEDIATELY
18,750 – 23,000 – 41,750 SF NEW BRUNSWICK 1,000 SF Ofc, 4 TB, DI AVAILABLE IMMEDIATELY
55,555 SF – SOUTH PLAINFIELD 6,000 SF Ofc, 20’ Clgs, 6 TB, DI AVAILABLE IMMEDIATELY
3,000 SF Ofc, 20’ Clgs, 4 TB, DI AVAILABLE IMMEDIATELY
51,750 SF BERKELEY HEIGHTS 8,000 SF OFc, 22’ Clgs, 5 TB, DI AVAILABLE IMMEDIATELY
69,000 SF – Raritan Center EDISON 3,500 SF Ofc, 24’ Clgs, 8 TB, DI, Extra Trailer Pkg, Heavy Power
1,500 - 3,000 to 21,000 SF EDISON Up to 14,000 SF Ofc, 18’ Clgs, TB, DI AVAILABLE IMMEDIATELY
35,224 SF – AVENEL Up to 14,000 SF Ofc, 21’ Clgs, 4 TB, DI DIVISIBLE – Near Exit 12 AVAILABLE IMMEDIATELY
53,500 SF - MILLBURN 4,000 SF Ofc, 16’ Clgs, 10 TB AVAILABLE IMMEDIATELY
20,000 - 30,000 - 72,000 SF EAST BRUNSWICK Up to 15,000 SF Ofc, 21’ Clgs, 9 TB, 2 DI, Extra Land, Near Exit 9 NJ Tpke
For Additional Listings or Information Check Us Out On The Web:
www.bussel.com
Bussel Realty Corp. 2 Ethel Road, Suite 202 A, Edison, NJ 08817 (732) 287-3777 / Fax (732) 287-1090 / brcorp@bussel.com / www.bussel.com The information herein has been obtained from sources deemed to be reliable, but no guarantee of its accuracy is made by the Company. In addition, no representation is made respecting measurements, dimensions, zoning, condition of title or any matters of a legal or environmental nature. Such matters should be referred to legal counsel for determination. Subject to errors, omissions or withdrawal without notice.
22 — January 13 - 26, 2012 — New Jersey — Mid
Atlantic Real Estate Journal
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NEW JERSEY
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For retail property in Freehold
Triangle Equities recapitalizes $5.5 million loan for 62,000 s/f
F
REEHOLD, NJ — Triangle Equities Development Corp, LLC, a Queens, NY – based commercial real estate development and investment company announced the completion of a joint venture and equity recapitalization with EF Partners. Triangle took responsibility for $5.5 million in CMBS debt EF Partners had at 200-220 Trotters Way, a 62,000 s/f retail center, and earned a controlling stake in the property. By injecting “rescue capital” into the asset, Triangle was able to
close the equity gap generated by falling market values and a loss of all of the tenants in this 100% vacant shopping center. Its capital was used to take out the existing conduit loan and it will also provide funds for re-tenanting the building and capital expenditures necessary to bring the property back to life. “We were able to structure a deal that worked for all parties involved – the lender, the former sole owner and our new capital – and effectively saved the property from foreclosure,”
said Triangle’s director of acquisitions Brett Goldman. Triangle was able to recapitalize the asset while keeping the original owner’s equity in the deal byre-pricing the equity/debt structure of this asset to today’s value. “The property features strong underlying fundamentals including a unique location in a high-income area on the access road to the second largest indoor shopping mall in New Jersey,” said Josh Weingarten, Triangle’s Associate of Development and Acquisitions. ■
Hartz Mountain leases to Panera Bread in Harmon Meadow, Secaucus SECAUCUS, NJ — Panera Bread will open another café in Northern NJ - Harmon Meadow , Secaucus, NJ. The space is leased by Secaucus based Hartz Mountain Industries. “We are thrilled to open our newest bakery-cafe in such a great location,” said Robert MacEachern Joint Venture Area Director, Panera Bread. We are happy to offer this community fresh and wholesome food choices; paired with the convenient service their busy schedules demand. The district manager Ted Ramnarain who resides in Bergen County says “New bakery cafe openings are always exciting; it brings a new energy to the community.” We will be giving away some nice surprises to our opening day customers. “It’s always nice to have companies such as Panera Bread bring a renewed energy into the town of Secaucus, and we are thrilled to have them as part of our community,” said Secaucus Mayor Michael Gonnelli. “We appreciate their partnership with the town of Secaucus to donate bread to the Secaucus Food Pantry as part of their Day-End Dough-Nation program.” Panera is located on the Mill Creek side of Harmon Meadow at 200 Mill Creek Dr. The café will be 5,000 s/f located next to Verizon Wireless and Casual Male. “We have spent the past 27 years building Secaucus into the shopping and dining Mecca that you see today,” said Emanuel Stern, president and COO for Hartz Mountain Industries. ■
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Mid Atlantic Real Estate Journal — New Jersey — January 13 - 26, 2012 — 23
NEW JERSEY Phase 1, Harrison Station mixed-use development
Ironstate Development & The Pegasus Group break ground
H
H
ARRISON, NJ — U.S. Senator Robert Menendez, Hudson County executive Thomas DeGise and Harrison Mayor Raymond McDonough joined developers Ironstate Development and The Pegasus Group to celebrate the completion of the first phase of Harrison Station, a new mixed-use development rising adjacent to the Harrison, NJ PATH Station. Senator Menendez helped cut the ribbon on the 275-unit luxury rental building that also includes 12,814 s/f of streetlevel retail space. It is the first phase of a larger development that will ultimately include 2,600 luxury residences, 80,000 s/f of retail space and a 136room, LEED-certified Element hotel with a retail concourse. Construction will begin in early 2012 on the hotel which represents the development’s second phase. “This project is an investment in Harrison’s future that creates hundreds of jobs and paves the way for thousands more,” Senator Menendez said. “It’s a great example of smart growth and how good planning around public transportation can lead directly to economic development. This partnership is a model of how government, business and local communities can work together to usher in a new economic era for Harrison.” ■
New Jersey Real Estate Journal a section of the
Mid Atlantic Real Estate Journal
Shown from left: Harrison Mayor Raymond J. McDonough, Ironstate Holdings LLC President Michael Barry, Ironstate Development Company President David Barry, Harrison Councilman Jesus Huaranga, U.S. Senator Robert Menendez, Harrison Councilwoman Caroline Mandaglio, Hudson County Executive Thomas DeGise and John Johnson, Esq.
CELEBRATING OUR 106TH YEAR
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Publisher Michael Campisi mcampisi@MAREJournal.com
multifamily. Section Editor Karen Vachon editor@marejournal.com
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retail.
office. www.kislakrealty.com 732 750 3000
24 — January 13 - 26, 2012 — New Jersey — Mid
Atlantic Real Estate Journal
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ATLANTIC & BERGEN COUNTY Ongoing income potential of fully leased property
NAI Hanson’s Lundberg reps lessor
NAI Hanson announces $590k sale of apartment building
The Hampshire Cos. leases 85,000 s/f
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ODI, NJ — NAI James E. Hanson represented both parties in the $590,000 sale of a six-unit apartment building at 528 Harrison Ave. NAI Hanson vice president Anthony Cassano over- Anthony Cassano saw the transaction on behalf of the buyer, T.T. & Sons Realty LLC.
“The buyer was attracted to the great value of the deal -- both price and future income potential,” Cassano said. “The fully leased property will provide excellent cash flow for the new ownership.” ENGLEWOOD, NJ — NAI James E. Hanson represented Wells Fargo Bank in securing 3,780 s/f of bank space at 15 West Palisade Ave. Wells Fargo signed a long term lease at the building, which is located in Englewood’s downtown central business
district. The bank is relocating from Engle Street, also in Englewood. NAI Hanson vice president Joan Cenicola represented Wells Fargo in the transaction with landlord Treeco/Secrets, LLC. “As an affluent town, Englewood is a strategic market for Wells Fargo, so it was important that they find a prime location,” Cenicola said. “This lease transaction allows the bank to relocate to a highly trafficked downtown pedestrian area.” ■
Marcus & Millichap sells Chick-Fil-A ground lease EGG HARBOR TWP., NJ — Marcus & Millichap Real Estate Investment Services has announced the sale of Chick-fil-A ground lease, a 4,227 s/f singletenant net-leased, according to Michael Fasano, vice president and regional manager of the firm’s New Jersey office. The asset commanded a sales price
of $1.727.3 million and has a capitalization rate of 5.5%. Mark Ruble and Jamie Medress, investment specialists in Marcus & Millichap’s Phoenix office, assisted by Fasano had the listing to market the property on behalf of the seller. The buyer was secured and represented by Judson Kauffman
and Glen Kunofsky, investment specialists in Marcus & Millichap’s Manhattan office. Chick-fil-A is located at 6038 Black Horse Pike. The property is a short distance from the Hamilton Mall, Consumer Square Mall and The Festivale Hamilton – over 2,700 s/f of retail space. ■
NORTHVALE, NJ — The Hampshire Companies announced that Fillo Foods has signed a long term, fullbuilding lease for an 85,000 s/f industrial/flex facility located at 10 Fairway Court. RAB Electric signed a short term-lease for 35,000 s/f of the warehouse’s space, occupying a portion of the building while Fillo Foods commences its upgrades. “We pride ourselves on aggressively working with our tenants to accommodate their specific needs,” said Michael Harrington, an investment manager of The Hampshire Companies. “We look forward to a long-term relationship with Fillo Foods and remain committed to providing quality commercial space in premier locations.” Kenneth Lundberg, SIOR of NAI James E. Hanson represented The Hampshire Companies in the transac-
tion. Fillo Foods was represented by Mitch Helfman of MRH Real Estate. LYNDHURST, NJ — The Hampshire Companies announced that Home Goods, a division of TJX Companies, Inc. has leased 24,000 s/f of retail space at Veterans Square Town Center. “Veterans Square continues to be strong performer in our retail portfolio,” said Kim Stirba-Reynolds, a senior investment manager for The Hampshire Companies. “Strategically positioned within Bergen County, this multi-tenant retail center has thrived due to the variety of high caliber tenants Hampshire has secured and the center’s ideal location in a densely populated area. We look forward to further expanding the site to further accommodate tenant demands and consumer needs.” ■
CAMDEN & GLOUCESTER COUNTIES New lease signed with Baseball Academy
McGovern and Goodwin negotiate
NAI Mertz reps Cherry Hill Business Park in 1,190± s/f
CBRE handles 10,800 s/f lease in Marlton
CHERRY HILL, NJ — NAI Mertz, Realtor, has represented the owner of Cherry Hill Business Park and the new tenant, All Star Baseball Academy, in an 11,190± s/f lease at 3 Esterbook Rebecca Ting Ln. Rebecca Ting, SIOR, and Scott Mertz, SIOR, were the brokers who negotiated the transacScott Mertz tion. ■ Cherry Hill Business Park
Runnemede Corporate Center MARLTON, NJ — Dan Mc- in Southern New Jersey and Govern and Bill Goodwin at enabled them to significantly CBRE, Inc. (CBRE) brokered improve their corporate ima 10,800 s/f lease with Roto- age. This division in South Rooter in Runnemede Cor- Jersey has experienced signifporate Center at 175 Ninth icant growth and Runnemede Ave. The property is owned Corporate Center allows them the flexibility to expand even by Richards & Robbins. “Runnemede Corporate further if needed in the near Center was a great oppor- future. ” added McGovern. tunity for Roto-Rooter. This The financial details of the location allows them great transaction remain undisaccess to all major arteries closed. ■
Binswanger brokers 65,804 s/f sale of building in Swedesboro SWEDESBORO, NJ — On behalf of Barry Callebaut U.S.A., LLC, Binswanger is pleased to announce the sale of a one-story, 65,804 s/f building with acreage located at 400
Eagle Court in Swedesboro, New Jersey. The buyer, Cocoa Services, L.P. is the manufacturer of chocolate and plans to use the facility for cocoa processing.
Key features of the building include reinforced concrete floors; insulated metal panel over concrete block walls; ceiling heights to 27’3” clear; steel columns spaced 40’ x 50’.
The facility is located in the Pureland Industrial Complex along I-295, midway between New York City and Washington, DC. Marc Policarpo and Bob
Corr, senior vice presidents for Binswanger’s New Jersey Division represented the seller for this transaction. David Ricci of the Flynn Company represented the buyer. ■
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Mid Atlantic Real Estate Journal — New Jersey — January 13 - 26, 2012 — 25
SOUTHERN NEW JERSEY LEED certified office building in Madison
At 301 Roundhill Drive flex property
The Hampshire Companies sign Realogy to 270,000 s/f
Cushman & Wakefield brokers 24,000 s/f lease
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ADISON, NJ — The Hampshire Companies has announced that Realogy will relocate its headquarters office from Parsippany to the newly transformed, LEED certified office building located at 175 Park Ave. Realogy will occupy the entire soon-to-be 270,000s/f building in late 2012. Upon completion, the property will be LEED Silver certified and will be designed to be sensitive to the neighborhood and its surrounding natural environment. The class A office building will feature a full range of amenities including a fitness center, full-service cafe, and conference / team room facilities. 175 Park Ave. will have cutting edge green roof technology and state-of-the-art energy efficient mechanical systems.
175 Park Avenue
ROCKAWAY, NJ — Cushman & Wakefield, Inc. has orchestrated a 24,000 s/f headquarters lease with Activu Corporation at 301 Roundhill Dr. Robert Donnelly, Jr., of Cushman & Wakefield’s Morristown office, serves as the agent for the 50,000 s/f flex property. Ken Flynn of Jones Lang LaSalle served as tenant representative in negotiating the long-term lease. Roundhill Realty, LLC initially retained Cushman & Wakefield in 2010 to explore options to lease or sell the property. “My client wanted to test the market, and the market response was positive
301 Roundhill Drive
from potential tenants looking to lease and purchase,” Donnelly said. “Activu, which was looking to upgrade their work environment, really ‘got’ the vision behind the building design. It is an all-around good fit.” ■
Sail through your property search… With over 90 buildings and 9 million square feet of commercial real estate in the Delaware Valley,
“Securing a tenant such as Realogy truly is a testament to our ability to deliver the most sought after office space in the state,” Kim Stirba-Reynolds, a senior investment manager for The Hampshire Companies. “This building will be like no other and will raise the standard for Class A office design. We are thrilled to welcome Realogy to 175 Park Avenue.” Situated on over 15 acres and conveniently located in the heart of Morris County’s premier suburban office market, 175 Park Avenue offers easy access to major area highways including Routes 124 and 24, I-78 and The Garden State Parkway. Convent Station is also minutes away and offers 45-minute midtown direct NJ Transit service to New York City. Construction is currently underway at the site. “Realogy is an ideal tenant for the building,” added David Simson, vice chairman and COO of Newmark Knight Frank’s New Jersey operations, whose team represented The Hampshire Companies and has a longstanding relationship with the firm. “Realogy chose the building that represents where commercial real estate is heading today: Green, environmentally friendly and energy efficient.” ■
Whitesell works closely with its tenants to achieve a balance of economy and function.
856-764-2600 | www.whitesellco.com
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3000 Cindel Drive Cinnaminson, NJ 08077 Type: Sq Ft: DI / TG: Features:
Industrial 209,657/27,272 ofc 1/20 2000 amps, 322 parking spaces, new TPO roof, NJ Transit train
1090 Thomas Busch Memorial Highway Pennsauken, NJ 08053 Type: Sq Ft: DI / TG: Features:
Industrial 168,737/19,500 ofc 1/38 30' clr, 800 amps, ample parking, exp. site, central location
2703 Cindel Drive Delran, NJ 08075 Type: Sq Ft: DI / TG: Features:
Industrial 132,727/7,966 ofc 2/12 30' clr, T5 lighting, ESFR, additional loading opps
321 Dultys Lane Burlington, NJ 08016 Type: Sq Ft: DI / TG: Features:
Industrial 188,294 /5,191 ofc 2/41 ESFR, TPO roof, 30' clr, T5 lights, 1200 amps, NJ transit commuter rail stop
11000 Midlantic Drive Mount Laurel, NJ 08054 Type: Sq Ft: DI / TG: Features:
Flex/Office 66,867/28,557 ofc 1/7 1600 amps, TPO roof, 24' clr, direct access to I-295
100 Mount Holly Bypass Lumberton, NJ 08048 Type: Sq Ft: DI / TG: Features:
Flex/Office 162,744 /112,945 ofc 1/4 3000 amps, 13 acre site, 500 parking spaces, 50,000 sq ft a/c warehouse
1819 Route 130 Burlington, NJ 08016 Type: Sq Ft: DI / TG: Features:
Industrial 81,775 / 0 ofc 0/11 ESFR, T5 lights, 30' clr, immediate access to NJ Turnpike, NJ Transit commuter rail stop
2704 Cindel Drive Delran, NJ 08075 Type: Sq Ft: DI / TG: Features:
Industrial 94,989 /9,400 ofc 1/6 ESFR sprinkler system, 1000 amps, 26' clr
6000 Midlantic Drive Mount Laurel, NJ 08054 Type: Office Sq Ft: Suites Vary Features: Class A offices, direct access to I-295, award-winning building
26 — January 13 - 26, 2012 — New Jersey — Mid
Atlantic Real Estate Journal
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MERCER COUNTY And completes 5,117+ s/f lease in RWJ University Hospital Hamilton campus
Richardson Commercial Realtors brokers 76,100+ s/f sale in Trenton RENTON, NJ — Richardson Commercial Realtors announced the sale of the property located at 50 North Clinton Avenue from Edison Learning, Inc. to the Pentecostal Church Assembly of God. The property is 76,100+ s/f and was formerly a Crescent Shrine Temple and local charter school. The building is a historical landmark location and was designed by Philadelphia architect Walter Hankin in 1929. It features beautiful architecture with arch motifs and decoration in local terra cotta. The Pentecostal Church Assembly of God is a local church organization that is growing their membership and they needed more space to accommodate their congregation. Michael Pratico Sr., the agent for the property, was excited to find a buyer from the local area who can make use of a historical building that has been vacant for some time. The buyer was represented
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50 North Clinton Avenue by Garcia Realtors. Richardson Commercial Realtors announced the lease of 5,117+ s/f of recently renovated space in the RWJ University Hospital Hamilton campus to Hamilton Pediatric Associates (HPA). HPA made the move to the hospital campus to better serve their patients and to
take advantage of an excellent location for a pediatric office. It’s no coincidence that their arrival on the campus coincides with the opening of the pediatric emergency room at the hospital. Linda Gilbert, practice manager said, “Richardson guided us through the entire
32 units in Berkely Heights
New Market Realty Grp. sells apartments for $90k per unit BERKELY HEIGHTS NJ — Avi Oren of New Market Realty Group (NMRG) has announced the sale of Park Edge Apartments. The 15 year old building contains 32 units consisting of studio, one bedroom and two bedroom apartments. The two story property includes on-site parking and was fully leased at the time of sale. The buyers consisting of a partnership of international investors, made a substantial cash down payment and financed the balance with a seven year non recourse mortgage. According to Oren, the key to the transaction was to structure a return on investment that would appeal to the buyers while providing the owners an acceptable price. NMRG is a partnership between Avi Oren, Alan Lieberman and Ron Cohen who combined have over 60 years of experience selling multi family properties encompassing thousands of units in NJ. ■
Park Edge Apartments
3 Hamilton Health Place process step by step. We felt we were in good hands from start to finish.” Lakeview Child Center is an affiliate of Robert Wood Johnson University Hospital Hamilton and leased the space to HPA. It opened in 1985 and operates a network of seven child care centers
throughout central New Jersey. Skip Cimino, president & CEO of RWJ Hamilton said, “Any hospital would be lucky to have Hamilton Pediatrics in their backyard. We’re very fortunate to have them on our campus. The space they outfitted is well suited to serve their patient’s needs.” ■
Diversified Capital adds new amenities
As part of the renovations, the refurbished Art Deco lobby (pictured here) will be entirely ADA-accessible, with 24/7 access, a manned guest reception and a new, state-of-the-art electronic directory. NEWARK, NJ — Diversified 18 stories and encompasses a Capital has added a broad total of 180,000 s/f. The landmark building will suite of new tenant amenities being implemented at now provide enhanced conve24 Commerce St., the former niences to its roster of profesFederal Trust Bank building in sional and corporate tenants. downtown Newark. These new The refurbished Art Deco lobby amenities, along with the $5 will be entirely ADA-accessible, million building renovations, with 24/7 access, a manned are part of the company’s over- guest reception and a new, all investment in the historic state-of-the-art electronic direcoffice structure, which rises tory. A shared conference suite
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Mid Atlantic Real Estate Journal — New Jersey — January 13 - 26, 2012 — 27
NEW JERSEY Manulife RE enters NYC metro real estate market
Cushman & Wakefield arranges $285 million sale ERSEY CITY, NJ — Cushman & Wakefield’s Metropolitan Area Capital Markets Group (CMG) has orchestrated the sale of 10 Exchange Pl. The 748,005 s/f building is a 30story trophy office tower.
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The Cushman & Wakefield team of Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Kyle Schmidt represented the seller, a client of INVESCO, in the transaction. The buyer was Manulife Real Estate. LEED-Gold and Energy
The Hampshire Cos. and Tulfra Realty sell 36,000 s/f LINDEN, NJ — The Hampshire Companies in a joint venture with Tulfra Realty Company, LLC, has announced the disposition of a 36,000 s/f industrial building located at 1901 East Linden Avenue in Linden, N.J. The sale was made to Joma Realty, LLC. Ideally situated at Exit 13 on the New Jersey Turnpike, 1901 East Linden Avenue offers easy access to the Port of New York/New Jersey and Linden, Rahway, Elizabeth and Newark labor markets.
10 Exchange Pl.
WEEKAWKEN, NJ — New Jersey’s Gold Coast will soon boast The Estuary, a new 589unit residential complex on the waterfront in Weehawken. Hartz Mountain Industries, which has owned the property on the waterfront since 1981, will partner with Roseland Property Company on the $200 million project that will include three buildings surrounding a beautiful courtyard space. In addition to beautiful city views and easy access to Manhattan via ferry, The Estuary will set a new standard in luxury rental amenity features with a rooftop deck and pool, golf simulator, hot tub, fire pit, fitness room, yoga room, children’s playroom, and Wii
game center. “Lincoln Harbor is the ultimate Hudson waterfront location for renters-by-choice who want all the amenities they can get within view of Manhattan without being in Manhattan,” said Carl Goldberg, managing partner for Roseland Property Company. “The lifestyle differences in New Jersey are seen by many renters as advantages for which they pay less – they get rewarded twice in one location selection.” “New Jersey’s growing waterfront communities are dependent on and perfectly compatible with the improved condition of the Hudson River,” says Mr. Goldberg. “The Estuary will be the hallmark of a place whose time has come. ■
Heller Industrial Parks 2011 Leasing Totals:
99.8% Occupied 3,647,365 SF Leased Huge Foreign Trade Zone Energy Efficient Warehouse Lighting 60% Lighting Bill Reduction 20% Solar Energy Electric Rebates Subsidized Daycare
At the time of the sale, the building was 100% occupied by a variety of small tenants ranging in size from 1,440 s/f to 4,320 s/f. “The property’s excellent location and history of occupancy made this an attractive offer for the buyer,” said Todd Anderson, a Principal of The Hampshire Companies.
Leasing for less in Central Jersey.
“With no vacancy and easy access to nearby major highways, the property fully accommodated the buyer’s need for stable cash flow and the potential to sell the units as condos to the existing tenants in the future”. Kristin Hanson and Sonny Jumani represented The Hampshire Companies and Tulfra Realty in the transaction, while the buyer was represented by Ben Sgambati and Alan Cafeiro of Marcus & Millichap. ■
Star certified, the iconic tower offers unobstructed views of lower Manhattan from every floor. The 100 % leased building has a tenant roster that includes renowned international companies such as ACE Insurance, Daikin McQuay, Kuehne + Nagel, Rabobank, Bank of America, Goldman Sachs and Amazon. com. 10 Exchange Place sits atop the most comprehensive mass-transit infrastructure in the region, offering direct access to PATH rail to New York City, as well as light rail, bus and ferry service. ■
Hartz’s Lincoln Harbor to offer “The Estuary” in Weekawken
(732) 287-4880
205 Mill Road, Edison NJ 08837
www.hellerpark.com
28 — January 13 - 26, 2012 — New Jersey — Mid
Atlantic Real Estate Journal
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Southern New Jersey Chapter www.ai-snj.org Telephone 856-415-0281 • Fax 856-415-1952
Southern NJ Chapter Appraisal Institute 2012 Chapter Officers
For a great educational and social event
Lunch meeting brings chapter members together
President Jerome McHale, MAI jmchale@jmchaleassoc.com Vice President Jacob Ramage, MAI jake.ramage@cushwake.com Treasurer Kristin Mansfield kristin.mansfield@td.com Secretary Al Crosby acrosby@insightnj.com Director (Term through ‘14) James Carr carrappraisals@aol.com Director (Term through ‘14) John T. Stone, MAI jtstonemai@verizon.net Director (Term through ‘13) Jerrold McCarron jermccarron@gmail.com Director (Term through ’13) Michael S. Sapio, MAI northstarappraisal@msn.com Director (Term through ’12) Ed Kay edkayinc@comcast.net Director (through ’12) Joseph V. Heenan, SRA jheenan613@comcast.net
Shown left: Michael Hedden, MAI, CRE, FRICS
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he Southern NJ Chapter of the Appraisal Institute mixed up the calendar and shook things up a bit in November when they offered a lunch meeting with seminar on November 22nd. As customary, the event was held at the Adelphia and brought many chapter members together for a great educational and social event.
The seminar, “Valuation for Financial Reporting,” was created and presented by Michael Hedden, MAI, CRE, FRICS, who is a Past President of the Metro New Jersey Chapter. He is a managing director in the FTI Real Estate Solutions practice and is based in New York. He specializes in providing valuation, litigation support and expert testimony services for clients. He is a knowledgeable real estate expert with over 30 years of experience in all aspects of the market analysis and valuation of real property. He has experience in the appraisal of industrial, commercial, residential and special purpose property including hospitality, hospital and healthcare facilities. He has developed broad experience in the valuation of properties with detrimental conditions and is a recognized expert in the valuation of property suffering from environmental contamination. Hedden has experience in the valuation of investment and user-based specialized real estate and real estate-
related enterprises. He has appraised properties in many U.S. states. Purposes have
nar. The presenter also offered a framework for evaluating fair value. (A copy of his
The first Chapter dinner meeting event for 2012 will be Thursday, January 19th at the Adelphia Restaurant.
included property tax, financial reporting, financing, purchase or sale, insurance, fair rental, tax reporting, condemnation, and donation. Prior to joining FTI Consulting, he was a managing director with American Appraisal and also was formerly a director for CBIZ Valuation Group, LLC. For many years, accountants and auditors have relied on the work provided by experts – or specialists – to help them determine appropriate financial reporting amounts and disclosures. Real estate appraisers are valuation specialists in the area of real property. This 2-hour seminar outlined the importance of the appraiser as a real property valuation specialist. Hedden outlined the need for specialists, valuation standards, reporting VFR assignments, and the importance of a good relationship with financial report preparers. Topics such as market-to-market accounting and Financial Accounting Standards were addressed as well in this informative semi-
powerpoint presentation is available by contacting Lisa Weiss with the Chapter.) A wonderful buffet lunch followed the seminar, and the afternoon event was concluded with the last Board of Directors meeting of the year. The first Chapter dinner meeting event for 2012 will be Thursday, January 19th at the Adelphia Restaurant. More information on this event is found later in this newsletter. Please plan to join us for this and many other great Chapter events in 2012. A special planning note: We will offer enough CE credits so that you NEVER have to take another CE class with anyone other than your Southern NJ Chapter! If there is something you would like to see the Chapter offer, a topic you need covered …. Let us know now! Contact Lisa Weiss at lisamayweiss@hotmail.com or 856-415-0281 and she will try to make it happen! ■
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Mid Atlantic Real Estate Journal — New Jersey — January 13 - 26, 2012 — 29
Southern New Jersey Chapter Of the Appraisal Institute www.ai-snj.org As the leading organization for professional real estate appraisers, the Appraisal Institute represents more than 25,000 members and 91 chapters worldwide. The Southern New Jersey Chapter has over 160 members. They perform a variety of services ranging from single family valuation to feasibility studies for regional malls & hotel-casinos. Whether it’s assistance on a home purchase or providing expert testimony for litigation, our members are uniquely quali¿ed to meet these needs. For more information regarding the Southern NJ Chapter of the Appraisal Institute visit: www.ai-snj.org, or call Executive Director Lisa Weiss at 856-415-0281.
2012 Designated Members of the Southern NJ Chapter of the Appraisal Institute J. Paul Bainbridge, MAI
Cape May Ct. House
(609) 465-9978
Gary P. Lombardi, SRA
Manahawkin
(609) 709-3902
Steven W. Bartelt, MAI, SRA
Turnersville
(856) 582-5892
Bonnie L. Longo, MAI, SRA
Sewell
(856) 582-4611
A. Craig Black, SRA
Cherry Hill
(856) 662-7676
Eileen Lynn, MAI
Philadelphia
(215) 842-0649
Allen G. Black, MAI, SRA
Cherry Hill
(856) 662-7676
Jerome J. McHale, MAI
Mt. Laurel
(856) 722-0205
Edward J. Bligh, MAI, SRA
Marlton
(609) 983-3218
F. Pat McIlhinney, MAI, SRA
Cherry Hill
(856) 795-4042
Harry Carroll, Jr., MAI, SRA
Cherry Hill
(856) 795-4042
Edward T. Molinari, SRA
Woodbury
(856) 853-7622
Lana Chiappetta, MAI
Medford
(609) 714-7402
Robert Parmley, SRA
Forked River
(609) 292-2573
Patrick K. Conover, MAI
Galloway
(609) 652-6553
Patricia A. Quigley, SRA
Philadelphia
(215) 247-4425
John P. Corbett, MAI
Philadelphia
(215) 963-4061
Jacob Ramage, MAI
Philadelphia
(215) 888-3560
David A. Curley, SRA
Mt. Laurel
(856) 795-0875
Thomas C. Reynolds, SRPA
Wilmington, DE
(302) 575-0955
Eugene P. Davey, SRA
Philadelphia
(215) 523-9104
Lee L. Romm, MAI, SRA
Marlton
(856) 983-5500
Thomas C. Davis, SRA
Delran
(856) 764-6500
Michael Sapio, Jr., MAI, SRA
Blackwood
(856) 783-6835
John E. Doyle, MAI
Philadelphia
(215) 231-9900
Michael Sapio, MAI
Bellmawr
(856) 933-1272
Scott A. Eiffes, MAI
Moorestown
(856) 234-9252
R. M. Sapio, MAI, SRA
Voorhees
(856) 429-2789
E. Guy Elzey, III, SRA
HaddonÀeld
(856) 429-8800
William J. Sapio, MAI
Linwood
(609) 927-5728
Emmons G. Elzey, Jr, SRA
HaddonÀeld
(856) 429-8800
Dennis A. Scardilli, Esq, MAI
Absecon
(609) 568-0432
Phillip Fortuna, SRA
Philadelphia
(215) 925-1212
Jack Sheehan, MAI
Wenonah
(856) 468-0068
Mary F. Fox, MAI
Cape May
(609) 884-1995
Timothy Sheehan, MAI, SRA
Cherry Hill
(856) 662-0027
David J. Frett, SRA
West Berlin
(856) 753-3030
Richard Sheldon, MAI, SRA
Haddon Heights
(856) 546-4900
James C Frisby, SRA
Ocean City
(609) 814-9333
Thomas J. Sliwowski, SRA
Pitman
(856) 218-2800
John M. Gapszewicz, MAI
Philadelphia
(215) 841-5258
Add Paul Sopenoff, MAI
Voorhees
(856) 273-1203
Ronald A. Hagel, MAI, SRA
Vineland
(856) 691-7055
Pasqual A Sorge, MAI
Mt. Laurel
(856) 234-2893
Mark J. Hanson, MAI, SRA
Ocean City
(609) 398-3189
John T. Stone, MAI
Cape May Court House (609) 861-9030
Donna Harris, SRA
Shiloh
(856) 453-8889
Robert Thompson, MAI, SRA
Ocean City
(610) 331-9031
Joseph V. Heenan, SRA
Ocean City
(609) 391-8862
Robert J. Tighue, MAI
Cherry Hill
(609) 792-0684
Henry Herskowitz, MAI, SRA
Cherry Hill
(856) 795-8700
Joseph E.Tighue MAI, SRA
Brigantine
(609) 266-7334
Michael D. Jones, MAI
Cape May Court House (609) 463-4622
Merilynn P. Verderame, SRA
HaddonÀeld
(856) 234-8400
William J. Kennedy, MAI
Medford
(856) 396-7652
Benjamin R. Vukicevich, SRA
Stratford
(856) 784-7036
M. Bruce Leff, SRA
Newark, DE
(856) 287-3690
John H. Walton, Jr, MAI, SRA
Medford
(856) 795-8700
Frank S. Librizzi, MAI, SRA
Haddon Heights
(856) 854-2478
John Weber, Jr,, MAI, SRA
Hamilton Square
(609) 586-3500
Allen L. LittleÀeld, SRA
Hammonton
(609) 704-9609
Gerald Francis White, SRA
Pennsauken
(856) 663-5134
30B — December 9 - 22, 2011 — New Jersey — Mid
Atlantic Real Estate Journal
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Industrial Commercial Real Estate Women, Inc. www.icrewnj.org Installation of Officers, Star Awards, Sponsor Expo Highlight PRESIDENT Cheryl Hardt CBRE Cheryl.hardt@cbre.com PRESIDENT ELECT & CREW NETWORK DELEGATE Patricia A. Riedel CB Richard Ellis, Inc. Patricia.riedel@cbre.com TREASURER Sefi Silverstein Wilkin & Guttenplan, P.C. ssilverstein@wgcpas.com RECORDING SECRETARY Rachel M. Brindisi NAI Global rbrindisi@naiglobal.com DIRECTOR OF MEMBERSHIP Mary Lynn Kearns Dancker, Sellew & Douglas Account Manager mkearns@dancker.com CO-DIRECTOR, PROGRAMMING Monica Ceres, Esq. Giordano, Halleran & Ciesla, P.C. mceres@ghclaw.com CO-DIRECTOR, PROGRAMMING (PHILANTHROPY) Susan Karp Farer Fersko, P.A. skarp@farerlaw.com CO-DIRECTOR, SPONSORSHIP Patricia D. Faulkner NAI Global pfaulkner@naiglobal.com CO-DIRECTOR, SPONSORSHIP Diane Menard Prestige Title Agency, Inc. diane2@prestigetitle.net DIRECTOR, SPECIAL PROJECTS GOLF Robin S. Grossman Edge Technologies Rgros30687@aol.com DIRECTOR, SPECIAL PROJECTS WEBSITE/PR Rebecca Machinga, CPA WithumSmith+Brown, P.C. rmachinga@withum.com ADVISOR & CREW NETWORK DELEGATE Sheila Spriggs Nall KSS Architects snall@kssarchitects.com ADVISOR Silvana Finizio Carousel Industries of North America sfinizio@carouselindustries.com ADVISOR & BYLAWS Annette Murray, CPA Wilkin & Guttenplan, PC amurray@wgcpas.com
ICREW New Jersey December Luncheon Meeting
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ASKING RIDGE, NJ — “It’s hard to believe that 2011 is over already, and I would like to welcome everyone to our annual year-end transition meeting at which we thank our outgoing board and greet our incoming board,” said Sheila Nall of KSS Architects. Her remarks kicked off the final act of her term as President of ICREW NJ, with the organization’s December luncheon meeting at the Dolce Hotel & Resort highlighted by the installation of 2012 officers and directors. “I think you’ll all agree that 2011 has seen a great lineup of programs and events for the year, and 2012 promises to be even better,” she said. “And now, as my final order of business, I want to call Cheryl Hardt to the podium as your new President for 2012.” “My focus for 2012 will be about opportunity,” said Hardt, of CBRE. “We’re going to focus, no matter where we are in the business cycle, on opportunity—developing education, networking, and community. All of our programming will emphasize the ability for members to create and take advantage of trends in our marketplace.” Hardt heads a 2012 slate of officers and directors that
includes President-Elect and CREW Network Delegate Patricia Riedel of CBRE; Recording Secretary Rachel Brindisi of NAI Global; and Treasurer Sefi Silverstein of Wilkin & Guttenplan. Co-directors of Sponsorship are Patricia Faulkner of NAI Global and Diane Menard of Prestige Title Agency; Director of Membership is Mary Lynn Kearns of Dancker, Sellew & Douglas; Co-directors of Programming are Monica Ceres of Giordano, Halleran & Ciesla, and Susan Karp of Cole, Schotz, Meisel, Forman & Leonard; and Co-directors of Special Projects are Robin Grossman of Zycus and Rebecca Machinga of WithumSmith+Brown. Sheila Nall will continue to serve as Advisor and CREW Network Delegate; Past President Silvana Finizio of Carousel Industries will serve as Advisor; and Annette Murray of Wilkin & Guttenplan will serve as Advisor-Bylaws. The December luncheon event also featured presentation of the Annual Star Awards for outstanding achievements and contributions of ICREW NJ. The 2011 recipients were Annette Murray; Silvana Finizio; Sefi Silverstein; Mary Lynn Kearns; Karen Rossilli of
PAR Flooring; and Cheryl Marraffino of Skanska USA Building. Other highlights of the event were the ICREW NJ Sponsor Expo; and the December philanthropy, ICREW NJ’s 11th Annual Toy Drive to benefit the New Jersey Battered Women’s Service Children’s Program. “The response to the toy drive was outstanding,” said Nall. “It just re-emphasizes that philanthropy is such a large part of who we are here at ICREW, and I am proud to be a part of it.” ICREW NJ is the New Jersey organization for women involved in all aspects of commercial and industrial real estate. Members represent fields as diversified as accountants, architects, appraisers, asset/property managers, attorneys, consultants, developers, lenders, leasing and sales brokers, mortgage bankers/brokers, marketing specialists, market and investment analysts, corporate real estate representatives and title/ escrow officers. For more information on programming, sponsorship or membership, please contact ICREW NJ at (609) 585-6871, via email icrewnj@crewnetwork.org or visit their website at www. icrewnj.org ■
About ICREW NJ Founded in 1982, ICREW NJ (New Jersey Chapter of Industrial Commercial Real Estate Women, Inc.) is a notfor-profit organization that promotes communication and interaction between experienced commercial real estate professionals in New Jersey. ICREW NJ is the New Jersey organization for women involved in all aspects of Commercial and Industrial Real Estate. Members represent fields as diversified as accountants, architects, appraisers, asset/property managers, attorneys consultants, developers, lenders, leasing and sales brokers, mortgage bankers/brokers, marketing specialists, market and investment analysts, corporate real estate representatives and title/escrow officers.
PENNSYLVANIA
SHOPPING C ENTERS R E J EAL
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STATE OURNAL
Mid Atlantic Real Estate Journal — Pennsylvania — January 13 - 26, 2012 — 31
Stine & Rohrbaugh rep the buyer
CBC Bennett Williams brokers $1.95 million sale of 3.92 acres of comm’l. land
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OGANVILLE, PA — CBC/Bennett Williams has arranged the following transactions: In sales: 3.92 acres of commercial land at 362 N. Main St. located in Loganville. Chad Stine and Brad Rohrbaugh of Bennett Williams represented the buyer in the $1,950,000 transaction. In leases: 2,000 s/f of retail space at Silver Creek Plaza on the Pike on Carlisle Pike in Mechanicsburg. Shenandoah Personal Communications Company dba Sprint Wireless leased the space for five years. Stine and Rohrbaugh of Bennett Williams represented the tenant in the transaction. 3,907 s/f of retail space at 1150 Lancaster Blvd., Suite 201 in Mechanicsburg. The United
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States of America (armed forces recruiting center) leased the space for five years. Stine and Rohrbaugh of Bennett Williams
York, Pennsylvania
ROCK completes multiple transactions
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ENTRAL, PA — ROCK Commercial Real Estate completed 51,523 s/f of lease and 15,916 s/f of sales transactions. Sales: Conductive Technologies, Inc bought an 11,072 s/f professional office building on 3.64 acres at 950 Borom Rd. in York, PA in York City. ROCK Commercial Real Estate represented the buyer and the seller in this transaction. All Clean Services bought a 4,844 s/f professional office building on 0.27 acres at 1560 West Market Street in York, PA in West York Borough. ROCK Commercial Real Estate represented the Buyer and the Seller in this transaction. Leases: HR Pharmaceuticals, Inc. leased 29,160 s/f of industrial space at 1221 East Elm Street in York, PA in York City. ROCK Commercial Real Estate, LLC represented the Landlord and the Tenant in this transaction. Piping & Mechanical Systems Corporation leased 10,000 s/f of industrial space at 180 Roosevelt Avenue in York, PA in York City. ROCK Commercial Real Estate,
LLC represented the Landlord and the Tenant in this transaction. Finders Keepers leased 5,505 s/f of retail space at Carlisle Commerce Center at 2159 White Street in York, PA. ROCK Commercial Real Estate, LLC represented the Tenant in this transaction. Advanced Otolaryngology & Allergy, LLC. leased 3,032 s/f of medical office space at Hillside Medical Center at 250 Fame Avenue in Hanover, PA in Penn Township. ROCK Commercial Real Estate, LLC represented the Landlord and the tenant in this transaction. Liberty Tax Service leased 1,350 s/f of office space at Cape Horn Square Shopping Center at 693 Lombard Road in Red Lion, PA. ROCK Commercial Real Estate, LLC represented the tenant in this transaction. Forrest Hearing Aid Center leased 708 s/f of office space at 70 East Forrest Avenue in Shrewsbury, PA located in Shrewsbury Township. ROCK Commercial Real Estate, LLC represented the landlord and the tenant in this transaction. ■
362 N. Main Street represented the tenant in the transaction. 3,200 s/f of retail space at Wheatland Shopping Center
at 1763 Columbia Ave. in Lancaster. M.H. Kaye Pavilion, Inc. leased the space for seven years from Homewood Realty Co.
Stine, Rohrbaugh, and Russell of Bennett Williams represented the landlord in the transaction, and Jeremiah Hamilton, also of Bennett Williams, represented the tenant. 2,853 s/f of retail space at Cloister Shopping Center at North Reading Rd., Suites A24A25 in Ephrata. Weight Watchers of Philadelphia, Inc. leased the space for five years. Stine, Rohrbaugh, and Hamilton of Bennett Williams represented the landlord in the transaction. 1,300 s/f of retail space at Rouzerville Commons at Washington Township Blvd. in Waynesboro. Game Stop Inc. leased the space for five years from Freston Realty. Stine, Rohrbaugh, and Kauffman of Bennett Williams represented the landlord. n
President Balliet and VP Thompson rep the seller
KW Commercial brokers $1,3000,000 sale of 600 State Ave. shopping plaza EMMAUS, PA — KW Commercial-The James Balliet Commercial Group, a full service commercial real estate company with an office located at 40 S. Cedar Crest Blvd., Allentown, has just sold the 7,926 s/f 600 State Avenue Plaza in Emmaus. James Balliet, president, and Robert Thompson, vicepresident represented the seller Tuxedo Realty, LLC of Paramus, NJ and Derek Zerfass of Colliers International represented the buyer, Jads Group, LP. The sale price was $1,300,000.
600 State Avenue Plaza 600 State Avenue Plaza is a Mall and is anchored by Rossi’s convenience retail strip center Italian Restaurant, WeBuylocated on the famous Lehigh AnyCar.com, Merry Maids and Street “Auto Mile” corridor and more. The property is just south just south of I-78 and the South of I-78 and the South Mall. n 110 N. George Street, 4th floor York, PA 17401
ph: 717-843-5555 fax: 717-843-5550 www.bennettwilliams.com • Landlord Representation • Tenant Representation
• Investment Sale & Acquisition • Site Selection • New Construction Leasing & Development • Property & Portfolio Dispositions • Property Management
SERVING CENTRAL PENNSYLVANIA FOR OVER 50 YEARS
32 — January 13 - 26, 2012 — Pennsylvania — Mid
Atlantic Real Estate Journal
LOOKING FOR Full Service Construction Company To Build a 10,000 SF Turnkey Day Care Center in Washington Township-Sewell, NJ Please Contact: E&R Properties 4346 Frankford Ave, Philadelphia, PA 19124 P: 215-533-0271 Email: HB4346@gmail.com
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PENNSYLVANIA Grace leases 24,000 s/f
Posavec of Landmark negotiates $395,000 sale
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ARRISBURG, PA — Ba Ngoc Nguyen and Le Hoang Nguyen have purchased a 15,000s/f commercial building located at 5490 Derry St., Harrisburg, Swatara To w n s h i p , Thomas Posavec Dauphin C o u n t y. T h o m a s T. Posavec, SIOR of Landmark Commercial Realty, Inc./ ONCOR International Jason Grace negotiated the $395,000 sale on behalf of the seller, Panelmasters Inc. and Jennie Le of Century 21
5490 Derry Street Advantage Gold represented the buyer. Goodman Distribution Inc, an HVAC equipment supplier from Texas, has recently leased 24,000 s/f of warehouse/showroom space at 6305 Allentown Boulevard, Harrisburg, Lower Paxton Township, Dauphin County.
Baxter & Perich rep seller of 39,000 s/f storage space
Jason Grace, CCIM, SIOR, vice president of Landmark Commercial Realty, Inc./ONCOR International negotiated the transaction between the tenant and landlord, Hayden Dauphin Associates L.P. â–
Pennsylvania Real Estate Journal a section of the
Mid Atlantic Real Estate Journal P.O. Box 26, Accord, MA 02018 781-871-5298 • 800-584-1062 fax 781-871-5299
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STROUDSBURG, PA — Michael Baxter & Associates Commercial Real Estate & Property Management has closed the $ 675,000 sale of Lock-Tyte Storage located on Route 209 in Stroudsburg. Lock-Tyte features approximately 130 units with 39,000
Section Publisher Elaine Fanning efanning@MAREJournal.com
s/f of space for residential and commercial storage. Michael J. Baxter, CCIM and owner/broker secured the buyer and the seller was represented by Daniel M. Perich, CCIM and Michael C. Baxter. â–
Section Editor Rachel Rugman editor@marejournal.com
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Mid Atlantic Real Estate Journal — Pennsylvania — January 13 - 26, 2012 — 33
PENNSYLVANIA Blinebury, McBride & Balerno rep landlord
Cushman & Wakefield arranges 146,500 s/f lease
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EW KINGSTOWN, PA — Fry Communications Inc. has signed a new full-building lease for 146,500 s/f at 36 East Main St., a one-story industrial facility owned by Seagis Property Group. The landlord was represented by Gerry Blinebury, Pat McBride, and Leah Balerno of the Philadelphia office of Cushman & Wakefield. Fry Communications, a multi-media printing, production, publishing, digital, circulation and advertising company based in Mechanicsburg, Pa., with multiple locations in central Pennsylvania, will utilize the expansion facility for warehousing operations. The company was represented in the transaction by CBRE Group, Inc. “The facility only became available in October of this year, but the combination of location, heavy power, a full air-conditioned warehouse and rail service created considerable user interest in the building and ultimately led to this lease in less than three months,â€? said McBride. 36 East Main St. is located near Harrisburg on Route 11 near the interchange of the Pennsylvania Turnpike and I-81, close to I-83. Situated on 9.6 acres, the facility offers 24-foot clear ceiling heights and includes a 3,200 s/f office component. The warehouse is fully air-conditioned and rail served. “The 110 million s/f central Pennsylvania industrial market currently has a 10 percent vacancy rate. The fact that the building had fewer than three months of down time clearly demonstrates its appeal,â€? said McBride. “The landlord is very pleased with the outcome of this leasing effort.â€? Cushman & Wakefield, Inc.’s industrial brokerage platform provides global resources for tenant and landlord representation, disposition and acquisition services, transaction management, and industrial consulting including labor and demographic analysis. In 2010, this group completed more than 4,800 industrial real estate transactions nationwide – totaling 141.6 million s/f in leases and 52.9 million s/f in sales – with an aggregate value of nearly $5 billion. â–
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34 — January 13 - 26, 2012 — Pennsylvania — Mid
Atlantic Real Estate Journal
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PEOPLE ON THE MOVE Fernsler of KW Comm’l Investment services named VP LEED Silver Core & Shell Pre-certification
Gilbert recently elected VP of PA Chapter SIOR for 2012
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LUE BELL, PA—Blair Gilbert, SIOR, senior vice president of KW Commercial was recently elected as the Pennsylvania Chapter Vice President of the Society of Industrial and Office REAL- Blair Gilbert TORS (SIOR) for 2012. In this position, Gilbert will oversee and represent the interests of the chapter to the Board Craig Fernsler of Directors. The induction took place during the Fall World Conference in Chicago, Illinois in late October. Additionally, Gilbert is a member of the board of directors for the Pennsylvania Association of REALTORS and serves on the Commercial, Industrial and Investment committee of that organization. He serves on the board of directors of the Pennsylvania, Delaware and New Jersey Certified Commercial Investment Member (CCIM) chapter, is a member of the TriState REALTORS Commercial Alliance Ethical Standards Committee and has served as chair of the Amity Township (Berks County, PA) Economic Development Committee.
Gilbert has more than 30 years of commercial real estate experience—specializing in industrial and retail land development. As vice president of KW Commercial-KPG with corporate offices in Lansdale, PA, Gilbert is responsible for leading the growth and operations of this eleven office real estate brokerage company. Keystone Partners Group (KPG) was established in 2001 and has locations throughout eastern Pennsylvania extending from Stroudsburg to West Chester. Gilbert, a resident of Douglassville, PA and an SIOR member since 2007 has served SIOR in various leadership positions including: treasurer for 2009, 2010 and 2011, membership co-chair 2009 and 2010 and communications and marketing chair 2009 and 2010. In other news Blair A. Gilbert, SIOR, senior vice president of Keystone Partners Group’s KW Commercial Real Estate Division announced today that Craig E. Fernsler, CCIM, GRI, SRES, has been named vice president of Investment Services for the organization. Fernsler holds the coveted Certified Commercial Investment Member (CCIM) designation. A CCIM is a recognized expert in the commercial and investment real estate industry and is proficient not only in theory, but also in practice. CCIM is part of a global commercial real estate network
with members across North America and in more than 30 countries. This professional organization closes thousands of transactions annually, representing a projected $400 billion in value. Of the more than 150,000 commercial real estate professionals in the United States, only an estimated 6 percent hold the prestigious CCIM designation. Additionally, Fernsler is the 2012 President of the Pennsylvania, New Jersey and Delaware CCIM Chapter, a board member of the chapter, a member of the International Council of Shopping Centers (ICSC), a member of the TriState Realtors Commercial Alliance, and has served as Vice President and on the board of directors of the Diversified Real Estate Investors Group. He also holds a Series 22 and a Series 63 securities license. Keystone Partners Group (KPG) was founded in 2001 by Michael D. Campo and Rudy A. Usic with a single real estate office in Blue Bell, PA. Today, the KPG network consists of eleven real estate offices extending from Stroudsburg, to West Chester (PA) and has over 775 agents. The KW Commercial/KPG Real Estate office is located in Blue Bell, PA which is centrally located and conveniently serves not only the Greater Philadelphia MSA, but southern New Jersey, northern Delaware and the entire eastern Pennsylvania corridor. ■
Jones Lang LaSelle hires Adams & Barr to lead new group P H I L A D E L P H I A , PA — Jones Lang LaSalle announced the launch of a new Construction group for the Philadelphia Region that will provide at-risk construction management, general James Adams contracting and design/build services, complementing the existing for-fee project management services provided by the firm’s Project and Development Services team. Construction industry veteran James Adams, LEED AP, has been hired to lead the new unit as Managing Director, and Cameron Barr has also joined the team as Construc-
tion Manager. “With the addition of at-risk construction management and general contracting capabilities to complement our existing project and development expertise, we are giving our Cameron Barr Mid-Atlantic clients access to an additional level of service at a time when many of them are looking for experienced advice and assistance,” said Matt Weko, Senior Vice President, Project and Development Services at Jones Lang LaSalle. Adams and Barr join from Blue Rock Construction in New Jersey, where they served as vice president and senior
project manager, respectively. They were responsible for nearly $300 million worth of commercial and industrial construction projects for numerous blue chip clients. Prior to Blue Rock, Adams was the Senior Project Manager for Trammell Crow Company. A resident of Cinnaminson, NJ, he holds a bachelor’s degree in architectural engineering from Drexel University and a master’s degree in business administration from Rutgers University. He is a LEED Accredited Professional and holds Solar Certification from the HeatSpring Institute. Barr was the Project Coordinator for Fluidics, Inc. He is a resident of Sicklerville, NJ, and a graduate of the Community College of Philadelphia. ■
Liberty Property Trust 972,000 s/f whse pre-certified
40 Logistics Drive BETHLEHEM, PA — Liberty Property Trust announced that 40 Logistics Drive in Carlisle – a 972,000 s/f single story Class A speculative warehouse and distribution center currently under development – has received LEED Silver Core & Shell (CS) precertification. Liberty broke ground on the building in September of this year and completion is expected during the summer of 2012. “Often the focus on environment and energy management is directed at the office market, but there are significant opportunities for tenants to reap savings and satisfaction from these programs in industrial settings,” said Bob Kiel, senior vice president and city manager for Liberty in the region. “These buildings routinely save tenants 35% or more in energy costs alone when compared with traditional buildings, and whether the tenant pays that bill directly or it is included in their rent, it represents a direct cost savings that builds and builds over time.” The warehouse has also
been designed to achieve Energy Star certification, one of more than 70 Energy Star buildings the company has certified in 14 states during the last two years. Both LEED and Energy Star assure substantial energy cost savings for tenants. Energy efficient factors in the design include the installation of wall insulation and panels (creating an r-value* of 12), roof insulation (creating an rvalue* of 20,) and high output lighting with motion sensors, among other elements. Additional steps have been taken at 40 Logistics Drive to use native plants in landscaping to conserve water; to recycle at least 75% of construction project waste; to use locally sourced and/or recycled materials when possible; and to utilize low/no VOC emitting paints, carpets, flooring and other materials. Located at the 64-acre Liberty at Carlisle Distribution Center, the facility represents the first new speculative warehouse to be built in the region since 2008. Liberty is investing approximately $45 million in the new facility. ■
King joins CBRE as vice president ALLENTOWN, PA — Jody King has joined CBRE, Inc. (CBRE) as vice president in our Allentown office and will primarily focus on retail and medical office in the Lehigh Valley, Reading and Northeast Jody King Pennsylvania. “We are extremely pleased to welcome Jody King to CBRE. Jody brings a wealth of talent and experience to our firm and we look forward to her contributions toward expanding our retail and medical office presence in the Lehigh Valley,” said Bob
Walters, Executive Managing Director of CBRE’s six Greater Philadelphia regional offices. Jody has over 7 years of experience in commercial real estate and continues to be a top performer. Prior to joining CBRE, she served as Vice President for NAI Summit where she represented a variety of office, retail and health care clients, including Team Capital Bank, Fulton Financial, Perkins Restaurants, St. Luke’s Health Network, and Bayada Nurses. Jody will work with Senior Vice President Bill Wolf, Vice President Phil Schenkel and Senior Associate Sean Bleiler to solidify CBRE’s Lehigh Valley brokerage team. ■
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Mid Atlantic Real Estate Journal — Pennsylvania — January 13 - 26, 2012 — 35
EASTERN PA Lees & Swope arrange multiple-year lease agreement
Swope Lees leases 4,000 s/f office condominium
50,000 s/f expansion & Class A office space
Alvin H. Butz, Inc. plans to expand headquarters
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XTON, PA — Chester County Pediatrics, P.C., led by Dr. David Cooper and Brenda Souder, R.N., recently leased 4,000 s/f at the Commons at Oaklands, a new office condominium development in West Whiteland Township. The Practice has served Chester County families for over 30 years and has locations in Exton, Avondale, and Parkesburg. “We are extremely excited about our new office space” commented Dr. Cooper. “The space will allow us to serve our clients into the future in a more efficient and improved manner. Chester County Pediatrics will complement the well-established medical community within the complex” stated Souder. The property owner, a local, private inves-
Commons at Oaklands tor, is delivering the space in “turn-key” condition. The new state-of-the-art office will contain both “sick” and “well” entrances and waiting rooms in addition to multiple private examination rooms and administrative offices. Jim Lees and Chuck Swope
of Swope Lees Commercial Real Estate, LLC of West Chester arranged the multiple-year lease agreement. Swope and Lees have successfully leased in excess of 11,000 s/f of Class “A” office space in the Commons at Oaklands in recent transactions. ■
Roddy Inc. represents 21,000 s/f acquisition of modern bldg. PHILADELPHIA, PA — Roddy Inc., Industrial and Commercial Realtors, represented an entity related to Spike’s Trophies Limited in the acquisition of the 21,700 s/f modern one story masonry building, situated on approximately 1.79 acres located at 2701 Grant Avenue, Philadelphia, PA. Robert Olender of Roddy Inc. advised that Spike’s, one of the largest and most experienced manufacturers of Recognition, Promotional Products & Signage nationally since 1929 purchased the facility to accommodate the company’s continued growth. Headquartered in Bensalem Township, Bucks County,
2701 Grant Avenue Pennsylvania, Roddy Inc. is a marketer, manager and developer of industrial and commercial real estate throughout Eastern Pennsylvania
and Southern New Jersey. Their clients include regional, national and international companies and financial institutions. ■
CBRE Greater Phili finish with 7.7m s/f absorbed PHILADELPHIA, PA — The Greater Philadelphia office of CBRE, Inc. announced the release of its fourth quarter 2011 MarketView for the region’s industrial and office markets. Overall, both markets are in a pattern for recovery; however, the industrial sector has surged in market activity and new construction. The big story in the Greater Philadelphia industrial market is speculative construction for big box distribution facilities. Developers are looking to capitalize on the growing demand for Class A warehouse space and the numbers support it with over 2.79M s/f of buildings currently under construction. Absorption in this sector re-
mains strong with 1.8M s/f of positive total net absorption in the fourth quarter alone. Total vacancy rates throughout the Greater Philadelphia region ended the fourth quarter at 11.1%, the lowest total vacancy rate since the fourth quarter of 2008. Several transactions signed this quarter over 150K s/f, pointing to signs of continued momentum in 2012 for users with large space requirements. The office market in the Greater Philadelphia region ended the fourth quarter with negative total net absorption of 293K s/f, in large part due to Sanofi-Aventis U.S. LLC giving back 287K s/f of space in the Suburban Philadel-
phia submarket. The office sector did finish 2011 in the black, with a positive 35K s/f of total net absorption due to Downtown Philadelphia and the Lehigh Valley submarkets posting strong absorption figures. The Class AA buildings in the Downtown Philadelphia submarkets continue to tighten, and rental rates should begin to push into the coming year. Landlords are aggressively pursuing large tenants and several large transactions during the quarter reflect this trend. Fourth quarter also showed an uptick of interest in build-to-suit opportunities with the most activity amongst life sciences and pharmaceuticals companies. ■
Butz Corporate Center rendering ALLENTOWN, PA — Alvin H. Butz, Inc. announces plans to expand their corporate headquarters located at 840 Hamilton St. with the purchase of the property located adjacent to their property at 824 and 830 Hamilton St. The Butz family purchased the property to the east, and will build a 6-story, 50,000 s/f expansion that will include retail space on the first floor and Class A office space on the other five floors. The building will be designed by Roberson Butz Architects and built by
Alvin H. Butz Inc. The firm intends to break ground by summer 2012 and plans to have space available for lease in early 2013. The establishment of the Neighborhood Improvement Zone (NIZ) by Senator Pat Browne with support of House Representative Jennifer Mann was crucial to the decision to expand their current headquarters which is 90% occupied. The NIZ will allow Alvin H. Butz, Inc. to offer space for lease at rates that are well below market rates. ■
PernaFrederick reps Five Below PHILADELPHIA, PA — PernaFrederick, a boutique Philadelphia commercial real estate brokerage firm, announced that Five Below has signed a lease at 1818 Market Street, Philadelphia. A retail chain in a growth mode, Five Below has initially taken 35,500 s/f at 1818 Market, more than doubling its previous office space at 1616 Walnut Street, with an option of expanding to a total of 60,000 s/f. “It was a pleasure to represent Five Below in its market evaluation,” said Steve Perna, founding partner of PernaFrederick. “The move comes as part of the company’s strategic growth plan, and 1818 Market provides many key attributes, including a prominent Center City location with the potential for expansion.” Five Below is the leading retailer of trend-right, extremevalue merchandise to the teen
and pre-teen market. Five Below’s dynamic assortment of merchandise offers everything from stylish fashion accessories to the latest DVDs, iPhone accessories and more – all for $1 to $5. Since the company was founded in Philadelphia in 2002, Five Below has grown to approximately 200 locations in 16 states. Construction of the new headquarters is underway, with Five Below scheduled to take occupancy in January 2012. James Mullarkey, Esq., a broker with Newmark Knight Frank Smith Mack, cooperated with PernaFrederick and represented the Landlord in arranging the lease terms. 1818 Market Street is a 36-story, 981,743 s/f building in the heart of Philadelphia’s West Market Street. Major tenants include Merrill Lynch, The American College of Radiology, eResearch Technology and Philadelphia Magazine, among others. ■
36 — January 13 - 26, 2012 — Pennsylvania — Mid
Atlantic Real Estate Journal
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EASTERN PA Exclusively listed by Thomson, Pierce & team
Marcus & Millichap closes $6.7m apartment building sale
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HILADELPHIA, PA — Marcus & Millichap Real Estate Investment Services announced the sale of Copley Place Apartments, a 158 unit apartment property located in Phil- Mark Thomson adelphia, PA, according to Mark Thomson, Associate vice president Investments. The asset com- Zachary Pierce manded a sales price of $6,700,000
Copley Place Apartments
or $43,405 per unit. The property was exclusively listed by Thomson, his partner Zachary Pierce, and the team of Ridge MacLaren, Clarke Talone, and Andrew Townsend. “The seller was a regional bank in the final stages of the foreclosure process,� says Thomson. “This was our second successful exclusive listing assignment for them in 2011, with the previous assignment being a note sale for a 506 unit apartment property in Philadelphia,� he added. According to Zachary Pierce,
the property was 60 percent occupied during the marketing process. The buyer, Lindy Property Management, is a third generation company located in Jenkintown, PA, and is very familiar with the market. “Seventeen of Lindy’s twenty-five properties are located within Philadelphia,â€? say Ridge MacLaren, Vice President Investments. MacLaren adds, “It was also helpful that Lindy Management is a repeat client of the seller, with millions of dollars worth of loans already in their current portfolio.â€? â–
CONSTRUCTION UNDERWAY!
MB & Assoc. close $1.5 million sale
51-Acre Industrial Park For Lease or Build-to-Suit
100 Majestic Way BANGOR, PA — The former Majestic Athletics apparel manufacturing building located at 100 Majestic Way, Bangor, has been sold to BioSpectra, a manufacturer of biological buffers and laboratory reagents for the biopharm and biotech markets. The 142,000 s/f facility features office, manufacturing and warehouse space which will allow the new owner to expand its operations. Michael Baxter & Associates Commercial Real Estate advisors Joseph Baxter and Brian Coyne represented the owner and Daniel M. Perich, CCIM and Ray J. Starner also of MB&A were agents for the buyer in the $1.5 million transaction. â–
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CBRE Inc. | 1275 Glenlivet Drive, Suite 120 | Allentown, PA 18106 | T.610.398.6900 | F.610.398.7815 www.cbre.com/allentown | Licensed Real Estate Broker
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Mid Atlantic Real Estate Journal — Pennsylvania — January 13 - 26, 2012 — 37
EASTERN PA Berfield & Dietrick broker approximately 44,864 s/f
Dietrick Group announces $385,000 sale in final transactions of 2011
A
LLENTOWN, PA — Dietrick Group, LLC announces end of year transactions. Kelly L. Berfield and Ryan C. Dietrick represented the owner in the +/-4,710 s/f; $385,000 ale of a 6-unit Kelly L. Berfield mixed-use commercial property located at 95-97 E. Broad Street and 607 Center Street in Bethlehem, Northampton County. Kelly L. Berfield and Ryan C. Dietrick brokered approximately 44,864 s/f of warehouse,
1650 E. Race Street
95-97 E. Broad Street office and storage space at 1650 E. Race Street in Hanover Township, Lehigh County. Dietrick Group represented the owner and the ten year lease has an aggregate value in excess of $1.8 million. Erin M. Schneider represented the Landlord, AnswerNet, in a five year lease of office space at1725-1729 W. Tilghman Street in Allentown, Lehigh County. AnswerNet provides full service Inbound, Outbound and E-bound contact center and fulfillment solutions. AnswerNet operates over 50 contact centers within the continental United States and Canada. ■
Berger-Epstein closes $370K sale
ALLENTOWN, PA — BergerEpstein Associates, Inc. has completed a $370,000 sale transaction with local investors for the property at 927 West Hamilton Street (pictured above) in Downtown Allentown. The facility is tenanted by THE PROGRAM for Women and Families, who currently lease both floors of the 6,000 square foot, 2-story building in Downtown Allentown. They use the first floor for training, seminars and administrative purposes. ■
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Mid Atlantic Real Estate Journal — Pennsylvania — January 13 26, 2012 — 38
EASTERN PA Fein of Colliers International represented the seller
CBRE completes sale of 165,000 s/f industrial facility at 100 Cascade Drive in Wayne
W
AYNE, PA — CBRE, distribution facility located in Inc. (CBRE) success- the heart of the Lehigh Valley fully sold a 165,000 market.” s/f industrial Lee Fein of facility at Colliers In100 Cascade ternational Drive, Alrepresented lentown, PA. the Seller. CBRE repThe financial resented the details of the buyer, MIMtransaction H a y d e n remain unVincent Ranalli Joesph McDermott disclosed. Management Company, LP. The MIM–Hayden Real EsThe buyer engaged the CBRE tate Fund seeks and identifies industrial brokerage team of exceptional opportunities for acVice President Vincent Ranalli quisition of office, industrial and and Senior Vice President Jo- flex properties at particularly seph McDermott to represent favorable pricing that results them in the negotiations. MIMHayden intends to offer the property for lease to one or more tenants. 100 Cascade Drive resides on 15.7 acres and benefits from an excellent location off of Rt. 22 and in close proximity to the Lehigh Valley International Airport. The building has industrial-grade utilities, is fully sprinklered and has abundant parking. According to Ranalli, “100 Cascade Drive is a highlyfunctional manufacturing and
100 Cascade Drive
from the properties’ underperformance or current financial challenges. Portfolio properties are generally improved, repositioned, and professionally managed for future sale. The MIM–Hayden Real Estate Fund is uniquely positioned to uncover, recognize and seize the Philadelphia region’s most advantageous opportunities due to the Fund’s size coupled with the unparalleled breadth of experience of the Miller and Hayden organizations’ principals. CBRE, Inc., a Fortune 500 and S&P 500 company headquartered in Los Angeles. ■
Success is a done deal.
Laubach of Hawley inks 5,290 s/f lease
Broad & Wood Center BETHLEHEM, PA — Jarrett Laubach of Hawley Realty Inc. inks a lease for the Broad & Wood Center in Bethlehem. Laubach recently leased a 5,290 s/f mezzanine unit to StuJarrett Laubach dio Fitness LLC. The aggregate value of this lease transaction is: $116,158. The this fitness facility expects to be open for business late in the first quarter of 2012. This tenant will join Corporate Environments, St. Luke’s and the Lehigh Valley Charter High School for the Performing Arts in this 200,000 s/f adaptand-reuse professional building. ■
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Mid Atlantic Real Estate Journal — Pennsylvania — January 13 - 26, 2012 — 39
EASTERN PA ECONOMIC DEVELOPMENT
COMMERCIAL REAL ESTATE
The Berks Economic Partnership Executive Committee extends their
Congratulations to the
Berks Economic Partnership Team for the International Economic Development Council’s Reaccreditation. Berks Economic Partnership is one of only 29 organizations worldwide to receive accreditation from the International Economic Development Council. Earning the AEDO accreditation tells the community and prospects that Berks Economic Partnership attained a measure of excellence assuring that their trust is well placed and their business is in good hands.
“Berks Economic Partnership displays the professionalism, commitment, and technical expertise that is deserving of this honor.” -Jeff Finkle, IEDC President & CEO
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Editorial Spotilights and special advertising opportunities available in the Pennsylvania Section Market your available office, industrial, and retail space Deadline: 14 days prior to publication date
For more information contact: Elaine Fanning 1-800-584-1062 x212 Email: efanning@marejournal.com
40 — January 13 - 26, 2012 — Pennsylvania — Mid
Atlantic Real Estate Journal
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EASTERN PA Commercial Real Estate Women Philadelphia Chapter www.crewphiladelphia.org 2012 PHILADELPHIA BOARD OF DIRECTORS
By Rebecca Udell, Communications Chair
PRESIDENT SHARON N. HUMBLE, ESQ. LINEBARGER GOGGAN BLAIR & SAMPSON, LLP IMMEDIATE PAST PRESIDENT/ CREW NETWORK DELEGATE TRACY L. STEELE, ESQ. MORGAN LEWIS & BOCKIUS LLP PRESIDENT ELECT JANET KIMBLETON GRACE ATHENIANRAZAK TREASURER BERNADETTE M. DANIEL, CPA ASHER & COMPANY, LTD. ASSISTANT TREASURER & SECRETARY MARIE GANNON MCGUIRE, CPA CBIZ MHM LLC CREW NETWORK DELEGATE KRISTINA C.S. HARSHANY, CES CITIBANK, N.A. COMMUNITY OUTREACH CHAIR JESSICA R. SLACK P. AGNES COMMUNITY OUTREACH CO-CHAIR / EDUCATIONAL EVENTS BETHANN H. SLANKER, RPA BPG MANAGEMENT COMPANY, L.P. COMMUNITY OUTREACH CO-CHAIR / PHILANTHROPY FON S. WANG, AIA, LEED AP UCI ARCHITECTS, INC MEMBERSHIP CHAIR RAELENE MCCARTHY BARTONPARTNERS MEMBERSHIP CO-CHAIR JUDY OWENS CHANNICK ENVIRONETICS DESIGN, INC. EVENTS / PROFESSIONAL DEVELOPMENT CHAIR AMANDA RYLAND REMINGTON GROUP, INC. EVENTS CO-CHAIR / ARRANGEMENTS CARLY KURKIEWICZ INDEPENDENCE CAPITAL PARTNERS EVENTS CO-CHAIR / PROGRAMS SUZANNE LINUS, LEED AP FRANCIS CAUFFMAN ARCHITECTS SPONSORSHIP CHAIR LYNN A. MCDOWELL BENEFICIAL BANK SPONSORSHIP CO-CHAIR SUZANNE L. WELCH SUSQUEHANNA BANK COMMUNICATIONS CHAIR REBECCA E. UDELL KSS ARCHITECTS LLP COMMUNICATIONS CO-CHAIR / WEBSITE MARY LOU SCHAEFFER COMMUNICATIONS CO-CHAIR /PR LAURA MASAPOLLO BRANDYWINE REALTY TRUST
2011 Charitable Holiday Luncheon: Committed to Leading to Change
C
ommercial Real Estate Women (CREW) Philadelphia successfully raised approximately $34,000 at its thirteenth annual Charitable Holiday Luncheon thanks to the support of Sponsors, Donors and CREW Membership at large. This year’s luncheon’s proceeds will be donated to CREW Foundation and The Philadelphia Charter High School for Architecture + Design (CHAD). The mission of CREW Foundation is to support CREW Network in advancing the success of women in commercial real estate through charitable, philanthropic and educational programs. CREW Foundation was incorporated in 1998 as the 501(c)(3), philanthropic arm of CREW Network and continues to stand as the sole foundation dedicating its resources towards building opportunities for women and girls in commercial real estate. In collaboration with CREW Network, CREW Foundation implements and supports a Career Outreach Agenda, which cultivates our future Network leaders through participation in a continuum of educational outreach, scholarship and mentoring programs. This continuum was built to introduce the commercial real estate industry to female high school students while connecting female college students and entry-level career women to the resources, support and network they need to gain economic selfsufficiency through a successful career in the commercial real estate industry. CREW Philadelphia selected The Philadelphia Charter High School for Architecture + Design (CHAD) as its local community partner for 2011 to help provide much needed text books to their students. CHAD was founded in September 1999 by the Philadelphia chapter of the American Institute of Architects as its Legacy 2000 Project. It is a tuition-free, independent, public school of choice and is tailormade for the visual learner, the bright, creative student who learns best by doing and seeing. CHAD is a learning community committed to an innovative program of study,
(Above) Susannah C. Henschel, Colleen M. Fitzsimmons, Amanda DiMarco, Emily DiNovo and Deborah Gilmore (Top Right) Cari L. Bryce and Courtnay Tyus (Bottom Right) Cari L. Bryce and Tracy L. Steele integrating the design process with the mastery of a strong liberal arts education. The school offers each student the opportunity for success and the preparation for life-long learning and responsible citizenship. CHAD is a thoughtful academic environment that engenders love of learning, intellectual curiosity, and new ways of seeing, and prepares students for higher education. For the third year in a row, CREW Philadelphia selected four recipients to receive the CREW Philadelphia Scholarship. Along with a $2,500 scholarship, each recipient will be mentored by a CREW Philadelphia member and otherwise connected with our Chapter. The following requirements were to be met by each applicant: the student must be a junior, senior, or graduate student in a college local to Philadelphia, three letters of recommendation must accompany the application and they need to have a GPA of 3.0 or higher. In addition, community outreach and extra-curricular activities were considered. This year’s finalists included the following: Amanda DiMarco, Senior – Villanova University Marketing/Real Estate Colleen M. Fitzsimmons, Senior – Drexel University In-
terior Design Susannah C. Henschel, Graduate Student – University of Pennsylvania School of Design Masters 2012, City and Regional Planning / Real Estate Design & Development Megan Roche, Junior – Drexel University Business Administration/Finance In addition to our local scholarship winners, CREW Philadelphia was excited to recognize two Villanova students for receipt of the CREW Network Scholarship. Emily DiNovo, Senior – Villanova University Finance / International Business with a Minor in Real Estate Kristen Killeen, Senior – Villanova University Accounting and Finance with a Minor in Real Estate The CREW Network Scholarship program is for women pursuing an education that will lead to a career in the commercial real estate industry, and offers an internship in brokerage to encourage women to consider this career choice. The CREW Network Scholarship was awarded on the basis of academic excellence and interest in commercial real estate as a career, and is intended to help finance the educational endeavors of female undergraduate students during their junior or senior years of academic prepa-
ration. Applicants were females enrolled as a full-time student at a college or university with an accredited real estate program, a junior or senior in good standing, with a minimum 3.0 GPA on a 4.0 scale. Nationally, ten $10,000 scholarships were awarded. In addition to the monetary award, each recipient is offered a paid summer internship with CBRE. CREW Philadelphia provides members with opportunities to connect to a network of approximately 140 local members engaged in all facets of commercial real estate. As a founding Chapter of CREW Network, CREW Philadelphia works diligently to further the organization’s core mission. Founded in 1989, CREW Network is the industry’s premier business networking organization dedicated to supporting the achievements of women in commercial real estate. Our 8,000 members represent nearly every discipline within the industry and are located in 74 major markets across North America. CREW Network seeks to influence the success of the commercial real estate industry by focusing on fulfilling four key initiatives: business development, leadership development, industry research and career outreach. ■
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Mid Atlantic Real Estate Journal — Pennsylvania — January 13 - 26, 2012 — 41
CREW PHILADELPHIA UPCOMING EVENTS Thursday, January 19, 2012 2012 State of the Philadelphia Real Estate Market, Current and Future Join us for a lively panel discussion outlining the trends that have, and will, impact the local real estate market. Growth and market improvement: Are we there yet? Share the knowledge of our exceptional panel. Moderator: Anne Klein – Senior Vice President, Grubb & Ellis Company
SPONSORSHIP OPPORTUNITIES CREW (Commercial Real Estate Women) Philadelphia is a professional organization that influences the success of the commercial real estate industry by advancing the achievements of women. Its more than 140 local members are engaged in all facets of commercial real estate. Our budget is funded entirely from dues and sponsorships. Sponsorship provides us the opportunity to serve our members with quality programs and community through purposeful philanthropy. Sponsors can choose the exposure they desire from a variety of Annual or Event Specific levels. For further information contact: Lynn McDowell, Sponsorship Chair at (215) 864-5622 / lmcdowell@thebeneficial.com or Sue Welch, Sponsorship Co-Chair at (267) 763-4164 / Sue.Welch@susquehanna.net
Skyscraper Sponsors:
Ground Breaker Sponsors:
Susquehanna Bank
Morgan Lewis
Advantage Building & Facility Services, LLC Alied Barton
Spectrum – A Herman Miller Dealer
High Rise Sponsors:
Allsteel Asher & Company, Ltd Bedford Strategies and Solutions
McConnell Johnson Real Estate PG Commercial Real Estate Inc UCI Architects, Inc.
Building Block Sponsors:
EisnerAmper Accountants & Advisors
A SPECIAL NOTE OF THANKS TO: Luncheon Sponsors:
Silent Auction Donors:
Platinum: Digital Realty Trust RAIT Financial Trust
Janet Grace, The Remington Group, Fon Wang, WeiserMazars LLP, The Sullivan Company, Commonwealth Land Title Insurance Company, Donna Volpone, Sharon Humble, Vertex Fitness, Leslie Watkins, Justine McGinley, Bernie Bittner, Donna E Teitelman- Impact Executive, Devon Seafood, CREW Communications Committee, CREW Events Committee, CREW Sponsorship Committee
Gold: CFI Morgan, Lewis & Bockius LLP
Silver: Ballard Spahr Brickstone CBIZ Environetics Grosvenor Liberty Property Trust SmartCEO Stantec Structure Tone The Sullivan Company Linebarger Goggan Blair & Sampson LLP
Location: The Union League of Philadelphia 140 S Broad St., Philadelphia, PA Time: 11:30 a.m. - 1:30 p.m. Cost: $55 Members / $70 Guests Reservations requested by Tuesday, January 17th. Walk-ins welcome but will be surcharged $20. Signature Event – to register please go to www.crewphiladelphia.org
Thank you to our 2011 Sponsors:
Ballard Spahr, LLP
Panelists: Multi Family Housing Ann Bailey – Senior Associate, Jackson Cross Partners Office Leasing and Sales John Derham – Senior Managing Director, Cushman & Wakefield Health Care Construction and Development Allison Wilson-Maher – Senior Vice President, Jones Lang LaSalle Economic Trends and Projections for the Region Steve Mullin – Senior Vice President and Principal, Econsult Corporation
Vendors & Companies for their donation of time and facilities: J’elu Events and Designs, Crossbow Studio, Morgan Lewis & Bockius LLP, Linebarger, Goggan, Blair & Sampson LLP, The Sullivan Company, RAIT Financial Trust, Megan Brandenberger (Photography)
Thursday, February 23, 2012 Engaging a Multi-Generational Workforce Co-hosted by Delaware Valley APPA Professional Development Event Thursday, March 15, 2012 Scholarship Auction for Exclusive Networking Opportunities Networking Event Thursday, April 12, 2012 Negotiating from a Point of Strength Professional Development Event Thursday, May 17, 2012 Past Presidents Breakfast Signature Event Thursday, June 21, 2012 Shrinking Square Footage Needs Professional Development Event Thursday, July 19, 2012 Meet Lehigh Valley CREW Networking Event Thursday, August 16, 2012 Fill-A-Backpack Event Networking Event Thursday, September 20, 2012 Spotlight on Philadelphia Redevelopment Signature Event Thursday, October 18, 2012 Networking and Membership Drive Networking Event Thursday, November 15, 2012 14th Annual Charitable Holiday Luncheon Signature Event Thursday, December 13, 2012 Members Only Holiday Event Networking Event
42 — January 13 - 26, 2012 — Pennsylvania — Mid
Atlantic Real Estate Journal
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Commercial Real Estate Women Lehigh Valley Chapter www.crewlehighvalley.org
2012 LEHIGH VALLEY BOARD OF DIRECTORS PRESIDENT TINA KISELA SCSM, SCMD THE PROMENADE SHOPS OF SAUCON VALLEY
PAST PRESIDENT TRACY YADUSH, RPA NAI SUMMIT
PRESIDENT ELECT MAUREEN O’MEARA HAMPSON MOWRER KREITZ AGENCY (HMK)
SECRETARY CATHERINE (KATE) DURSO FITZPATRICK LENTZ & BUBBA, P.C. TREASURER CYNTHIA MERRITT BUCKNO LISICKY & ASSOCIATES CORRESPONDING SECRETARY PAM MORRIS LIBERTY PROPERTY TRUST DIRECTORS-AT-LARGE CHRISTA DUELBERG- KRAFTICIAN, AIA SPILLMAN FARMER ARCHITECTS JESSICA GENTILE NORTH STAR CONSTRUCTION MANAGEMENT, INC. POLARIS PROPERTIES, INC. 2012 COMMITTEE CHAIRS SPONSORSHIP COMMITTEE FRANCEE FULLER BARRY ISETT & ASSOCIATES PROGRAMS COMMITTEE PAM MORRIS LIBERTY PROPERTY TRUST MEMBERSHIP COMMITTEE KAREN COONEY DUERHOLZ BOYLE CONSTRUCTION INC. COMMUNITY SERVICE JODY KING, CCIM CBRE, INC PUBLICITY COMMITTEE ELIZABETH “MOLLY’ GRAVER, ESQ. PLUNKETT & GRAVER, P.C.
Tina Kisela Elected President; Maureen O’Meara President Elect
CREW LV celebrates seven years at The 2011 Annual Meeting
A
L L E N T O W N , PA — The 2011 Annual Meeting of CREW LV was held in November at Lehigh Country Club, the site of its first gathering seven years earlier. Seven was the theme of the event which featured the election of officers for 2012, conducted by the organization’s secretary, Kate Durso, Esq, with Fitzpatrick Lentz & Bubba, PC. Tina Kisela, general manager of the Promenade Shops of Saucon Valley was elected president and Maureen O’Meara, business development for Hampson Maurer Kreitz Insurance won the position of president elect. Newly elected to the 2012 board were Christa Duelberg Kraftician, a principal with Spillman Farmer Architects and Jessica Gentile, who holds the dual titles of director of project development for North Star Construction Management and vice president of Polaris Properties, Inc. Secretary Kate Durso will fulfi ll the second year of her two year term as will Treasurer Cynthia Merritt, with Buckno Lisicky & Company. Pam Morris, with Liberty Property Trust, was re-elected recording secretary. ■
Community service committee members Lynn Conti (left), Jody King, Rosalin Petrucci and Kate Durso pose with donations brought by CREW members for a local food bank.
2011 President Tracy Yadush, RPA, with NAI Summit, thanks 2011 board member Lynn Conti, with Liberty Property Trust and outgoing committee chairs Jane Schiff with the Frederick Group (Programs) and Dr. Michele Glower with The Advisory Group (Membership) for their outstanding service to the organization.
2011 Membership Chair Dr. Incoming board member Jessica Michele Glower (left) with new Gentile (left) and 2012 president Tina member Jean Morgan, with Kisela (right) welcome new member, Berger Epstein. Tina Fackler.
Sandra Kuhns, the president of K&H Window Treatments, was one of several members who discussed networking success stories developed through membership in CREW.
CREW Lehigh Valley thanks its 2012 corporate sponsors: Gold Fitzpatrick, Lentz, & Bubba, P.C. Liberty Property Trust US Lawns
Patron Boyle Construction NAI Summit NorthStar-Polaris Pennoni Associates Inc.
Contributor Langan Engineering MKSD Architects Spillman Farmer Architects
Friend Barry Isett & Associates Dietrick Group HMK Insurance JG Petrucci, Inc. KNBT Bank- A Division of National Penn Bank
Upcoming Events LUNCH & LEARN: “Lehigh County’s New Real Estate Tax Assessment & You” Wednesday January 18, 2012 11:30 a.m. – 1:00 p.m. Presented by real estate attorney Richard Somach with Norris, McLaughlin & Marcus, and Buddy Unger, Lehigh County Chief Assessor 2nd floor conference room of Tallman Hudders & Sorrentino, 1611 Pond Road, Allentown, PA . $15– For members only or guests of members Register on line at the event section of www.crewlehighvalley.org For membership information, please contact Karen Duerholz, Boyle Construction; kcduerholz@boyleconstruction.com
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Mid Atlantic Real Estate Journal — Pennsylvania — January 13 - 26, 2012 — 43
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44 — January 13 - 26, 2012 — Pennsylvania — Mid
Atlantic Real Estate Journal
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Mid Atlantic Real Estate Journal — Pennsylvania — January 13 - 26, 2012 — Inside Back Cover
Back Cover — January 13 - 26, 2012 — Pennsylvania — Mid
Atlantic Real Estate Journal
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1065 Hanover Street Hanover Ind. Estates
1110 Hanover Street Hanover Ind. Estates
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195 Research Drive CenterPoint East
FLEX AVAILABILITIES
OFFICE AVAILABILITIES
1110 Hanover Street Hanover Ind. Estates
1072 Hanover Street Hanover Ind. Estates
1200 Sathers Drive Grimes Industrial Park
169 CenterPoint Blvd. CenterPoint East
1065 Hanover Street Hanover Ind. Estates
1072 Hanover Street Hanover Ind. Estates
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Parcel 1, Keystone Ave. CenterPoint East
400 Stewart Road Hanover Ind. Estates
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OFFICE AVAILABILITIES
19 Bert Collins Drive Keystone Ind. Park
660 Baltimore Drive Corp. Ctr. East Mountain
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600 Baltimore Drive 350 N. Pennsylvania Ave 225 Stewart Road 190 Welles Street 141 Stewart Road 190 Welles Street Hanover Ind. Estates Cross Valley W. Prof. Bldg Penn Business Center Hanover Ind. Estates Corp. Ctr. East Mountain Cross Valley W. Prof. Bldg ‡ 6) ‡ (xFellenW FRndLWLRn ‡ *UeaW pRZeU WeleFRP ‡ $bXndanW paUNLnJ
Developing Pennsylvania's I-81 Corridor for 25 Years.
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