REAL ESTATE JOURNAL Vol. 23, Issue 24
December 23, 2011 - Jan. 12, 2012
the most comprehensive source for commercial real estate news
2011 Year in Review
Inside: Sections
Mid Atlantic .......................................................Section A DelMarVa ............................................................Section A Shopping Centers ......................................... Section B Contractors, Owners & Managers ........ Section C 2011 Year in Review ...................................... Section D
Spotlights / Features
Reviewing the top stories of the year along with the movers and shakers that helped make 2011 a success!. ................................................................................... Section D
Tax/Insurance .......................................................................3-5A
Dermody Properties achieve LEED
Auction Pages .............................................................6-7A Business Card Directory .........................................15A Calendar of Events......................................................16A
Columnists David Goldfisher, The Henley Group ....................2A
Next Issue January 13, 2012
Dermody Properties corporate headquarters and distribution center has achieved LEED Silver Certification from USGBC ................................................... Cover C
Retail Design Competition
• Mid Atlantic • New Jersey featuring Atlantic, Cape May, Cumberland & Salem • Pennsylvania featuring Eastern PA
4 sections, 96 pages
Shopping Centers 2011 Winners of Retail Design Competition ................ Page 5B
A Inside Cover — December 23, 2011 - January 12, 2012 — Mid
Atlantic Real Estate Journal
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Mid Atlantic Real Estate Journal — December 23 - January 12, 2012 — 1A
Operating and Managing over 3 Million Square Feet of Industrial and Commercial Real Estate in the Mid Atlantic Region 91 0 Basin Road Cr eekwood Corporate Center Class A Office Space Available Fr om 1 ,61 0 Sq. Ft. to 2,278 Sq. Ft.
• 66,000 Square Feet of Class A Office Space • 3,888 Square Feet of Class A Office Space Available • Strategically located at the I-95 / Rt. 141 interchange in New Castle, Delaware • 5 parking spaces per 1,000 square feet
Creekwood Corporate Center
• Previously a corporate headquarters facility • Part of pre-planned suburban office campus
Limeston e Sh oppin g Cen ter 43,889 Squar e Feet of Retail Space
Limestone Shopping Center
• +/- 4.7 Acre (43,889 sq. ft.) of retail space in the center of New Castle County. • Minutes away from I-95/I-295, I-495 and Routes 41 and 141. • Site offers convenient access from K irkwood Highway (Rt.2) and Limestone Rd. (Rt. 7). • Perfect for stores, businesses and banks with optimum exposure from Rt 7. • 198 parking spaces • 2,009 SF available on the second floor.
Available Belle Hill Cecil Coun ty, Mar ylan d
Belle Hill
• Phase I of a III Phase Development • 50,266 SF Available – New Construction • Includes 11,747 SF of finished office and mezzanine space area • 4 Acres of Paved Truck Display & Storage Area • 120 Truck and Trailer Parking Spaces • 15 Ton Bridge Crane • T5 Fluorescent Lights • Geothermal HVAC
For more information: Phone (302) 323-9300 Fax (302) 323-4951 29 East Commons Boulevard, Suite 100, New Castle, Delaware 19720 www.harveyhanna.com
RGI 05-05-08
2A — December 23 - January 12, 2012 — Mid
Atlantic Real Estate Journal
Mid Atlantic Real Estate Journal
They wrote the policy.
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Mid Atlantic REAL ESTATE JOURNAL 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
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
By David Goldfisher
Guest Columnist .............................................................. David Goldfisher
2011 CMBS Holiday Advice
312 Market Street, Rockland, MA 02370 (Overnight)
is the Holiday Season and the don of the checklist, who gets the IPad2 and who gets two pads of coal; who gets an open-armed welcome and who gets checked for arms at the door; with whom will you clink glasses and celebrate the spirit of the season, and from whom must you hide the spirits in your liquor cabinet? Ahh‌. the Holidays.
T
Time to beware of the things you may have done over the past year to “tick off� your Servicer and to prepare for the New Year enlightened. Perhaps, you have some atoning to do before getting onto your Servicer’s “nice� list. Given that traditionally those are the Borrowers who find loan modifications and debt restructuring packages under their Xmas tree or Hanukkah bush, it seems worth considering. The Servicer negotiation process is long and wrought with pivotal choices. Should a Borrower comply with all Servicer requests? The Borrower’s decisions on these issues impacts whether or not the Servicer continues to work with him or decides to work against him. Unfortunately, with no printed playbook, the Borrower must rely on instinct and experience. A Borrower must make these decisions with the awareness of how these strategies play into his overall game plan. That being said, when the Borrower doesn’t like what he
Relationship Driven. Execution Focused.
P.O. Box 26 Accord, MA 02018 (Mail) Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, P.O. Box 26, Accord, MA 02018 USPS #22-358 | Vol. 23 Issue 24 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
is seeing on the other side of the ball, his only option may be an audible. Take a case whereby an early 2000 CMBS loan went into monetary default after losing a 50% tenant. After paying the property’s operating expenses, the Borrower’s cashflow covered 1/3 of its debt service obligations. The Borrower wanted to retain the 33% of residual cashflow and build up the property’s operating account. The Servicer wanted the excess cashflow to be remitted and to be held by the Lender. In addition, the Servicer was unwilling to release TI/LC monies from the Borrower’s escrow account to fund tenant improvement work required by the tenant to renew their lease. If you were the defaulted Borrower would you: 1) remit the excess cashflow to the Servicer or hold it 2) fund the TI/LC costs out of the property’s cashflow or out of your own pocket or risk losing the tenant 3) pay the monthly property manage-
ment fee to your affiliated management company even though the Lender views this fee as subordinate to their mortgage payment 4) pay personal consulting/legal costs to battle the Servicer with the property funds he considers to be his/Trusts? It is not simply a question of being “naughty or nice�. In this case, the Borrower did not remit the excess cashflow to the Lender and did elect to take an additional $150,000 of the property’s cashflow to absorb the TI/LC costs. Neither decision was popular with the Lender. However, given the Borrower ’s continued credibility with the Servicer and the good-natured tenor of the dialogue to date, the advisory team and Borrower agreed that keeping the cash and keeping the tenant were more critical than satisfying the Servicer’s requests. At the end of this holiday tale, the Servicer eventually prevailed and the Borrower did re-pay the $150,000 of continued on page 11A
Meridian Capital Group, LLC proudly advised on ďŹ nancing for the following transaction:
Hudson Square South Only Meridian Capital Group’s powerful financing relationships can consistently achieve the unparalleled results our clients require.
Mid Atlantic REAL ESTATE JOURNAL ~ Published Semi-Monthly
150 Unit Multifamily Property Hoboken, NJ
Advertise | Archives | Events | Reprints | Subscribe The most comprehensive source of commercial real estate news serving the Mid Atlantic Region
$33,000,000 Permanent Financing This transaction was negotiated by: Israel Schubert, Managing Director
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Mid Atlantic Real Estate Journal — December 23 - January 12, 2012 — 3A
TAX/INSURANCE Alison H. Tulio, MidAtlantic Tax Solutions, LLC Mid Atlantic REAL ESTATE JOURNAL
Are you paying too much in property taxes?
A
Auctioneers Directory
s the real estate market continues to decline, commercial property owners have a great opportunity to reduce their property taxes. Business owners are struggling and as a result, there is a significant amount of empty space in commercial properties. The number of vacancies in commercial office complexes, shopping centers and apartment complexes continues to increase. And although, this is bad for the overall economy, it is extremely beneficial when filing a property tax appeal. Most commercial property owners do not understand how their property taxes are calculated and how or when they can be reduced. A property tax assessment is the amount which the property taxing authorities use to determine property taxes based on their millage rates. The assessment can be found on the real estate tax bill. In most states, property taxes consist of three different taxes: 1. County; 2. Municipality; and 3. Township. Generally, an assessment will not change unless the county does a countywide reassessment, there is an improvement to the property or the owner files an annual appeal. In order to determine whether or not a property owner is paying too much in property taxes, you need to calculate the Assessed Market Value (“AMV”). In most states, the AMV changes every year as a result of a calculation based on a ratio which also changes every year. In Pennsylvania, it is referred to as the common level ratio, (“CLR”), and in New Jersey it is referred to as the Chapter 123 Ratio.
timate goal is to have the property taxes based on the Fair Market Value (“FMV”) of the property. The FMV is the actual price at which a willing buyer will purchase from a willing seller in an arms-length transaction. However, in most cases the AMV is not equivalent to the FMV and therefore, the property taxes will be too high and the property is over assessed.
Alison H. Tulio
If this seems confusing, we can help. MidAtlantic Tax Solutions, LLC, is a consult-
ing firm that specializes in reducing property tax assessments.
In 2011, MidAtlanitc Tax Solutions reduced property taxes for commercial property owners by as much as 36%. Each state has its own procedure for filing and adjudicating an appeal. The annual deadlines to file an annual tax appeal and other helpful information can be found on www.midatlantictax.com. The commercial market is
still in a downturn and values are still continuing to decline which means it is an opportune time to reduce property taxes. Alison H. Tulio is a member of the Litigation Department at Flamm Walton, PC and is president of MidAtlantic Tax Solutions, LLC. She specializes in representing both commercial and residential taxpayers in property tax assessment appeals.■
ARE YOU PAYING TOO MUCH IN PROPERTY TAXES? In 2011, MidAtlantic Tax Solutions reduced property taxes for commercial property owners by as much as 36%.
Alison H. Tulio, Esq., President MidAtlantic Tax Solutions, LLC ahtulio@midatlantictax.com
For example, in Pennsylvania: Assessment ÷ CLR = Assessed Market Value The purpose of the CLR is to adjust the AMV of the property to reflect what is happening in the current real estate market. The ul-
1.877.340.4440 (toll free) • www.midatlantictax.com
4A — December 23 - January 12, 2012 — Mid
Atlantic Real Estate Journal
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TAX/INSURANCE Ralph J. Anderson and Leonard C. Green, The Green Group
Could the decision in the Dulles World Property Tax Court Case bring an end to tax free exchange
M
ost real estate owners and investors are familiar with the tax laws pertaining to the taxation of gains when a piece of property is sold for more than its “adjusted tax basis.” But, there Leonard Green are exceptions to defer the taxation of these gains which one must be concerned with. Real estate has enjoyed the many benefits of the tax free exchange defined in Internal Revenue Code Section 1031 (“1031 Exchange”). The tax free real estate exchange is one of the more significant tax benefits which permit real estate owners to build wealth and save taxes. Tax Law The 1031 Exchange permits the real estate investor to dispose of his/her real estate interest and use all of the equity to acquire replacement property of equal or greater value, defer the capital gain tax and leverage all of the equity into the replacement property. The following is a summary of the important criteria which needs to be met in order to qualify for a 1031 Exchange: 1. The real estate owner has 45 days from the date the property is sold to identify a replacement property and the closing must be completed within 180 days of the closing of the relinquished property. 2. The relinquished, as well as the new property must be “similar in use” and have been held for business use or investment purposes; 3. Identification of the property must be specific and in writing and delivered to a qualified intermediary (“QI”) or another qualified party prior to the end of the 45 day period; and 4. The exception would be if money was put into a QI’s account and then a real estate tax free exchange takes place from this account. 5. 1031 Exchange property does not include stocks or property held primarily for sale. Dulles World Property— Fact Pattern There are many cases on record which provides a “roadmap” for how the IRS and the Courts view 1031 Exchange.
There is a new case, still undecided, which will be of considerable interest in this area. D u l l e s World Property (“Dulles”) is presently in the Tax Court deciding on the merit of a 1031 Exchange enRalph Anderson tered into in December 2007. Pursuant to an Exchange Agreement between Land America (1031 Exchanges Services, Inc.), QI and Dulles, the parties agreed that the QI would sell the land owned by Dulles World Center, a related company. The QI would receive the net purchase price proceeds and the QI then used the proceeds to purchase the replacement property on behalf of Dulles in accordance with 1031 Exchange. The transaction seemed to meet all the requirements of a 1031 Exchange. Dulles was audited by the Internal Revenue Service (“IRS) and adjustments were made for 2007 denying the use of the 1031 Exchange for the following reasons: 1. The transaction had no nontax business purpose; 2. Substance over form; 3. The transaction did not change the parties’ economic interest; 4. The transaction terms were not arm’s length; and 5. The parties contractually bound each other to respect the form of the transaction. IRS Position The IRS felt the transaction was a sham and had no real business purpose other than to avoid the gain on appreciated real estate which was owned by foreign entities. Our Analysis and Opinion Upon our review of the Dulles Tax Court Case, we feel there are a number of issues which the IRS has addressed and have a good chance of prevailing. We feel that Dulles may have violated a number of 1031 Exchange provisions and related rules. Essentially, what occurred in this matter was a sale of appreciated U.S. real estate owned by foreign corporations followed by a distribution of the proceeds of the foreign corporation stock through a QI. Specifically, the provisions that may have been violated
were: 1. The transaction lacked business substance over form; 2. The transaction was motivated by tax consideration; 3. There were no non-business purposes; 4. This was a non arm’s length transaction; 5. The transaction lacks a real potential for profit; 6. Boot (cash) was received; and 7. The transaction violates IRS Notices 2001-16 and 2008111, in which the assets of a corporation are sold following the purported sale of the corporation’s stock. Bottom Line The IRS may well prevail in
the Dulles case. But, in our opinion, this does not mean that a properly structured real estate sale cannot avail itself of the benefits of a 1031 Exchange. If you own real estate and want to effectuate a 1031 Exchange and avoid the above pitfalls, you should seek sound tax advice before you engage in any 1031 Exchange transaction. Ralph J. Anderson CPA, MST is a practicing CPA at Green & Co. His practice strengths are personal and corporate tax planning, real estate, investment partnerships, hedge funds and high net worth individual tax planning. He has industry expertise in real estate, in-
dividual taxes and estate planning. He is a licensed Certified Public Accountant in New York, New Jersey and Florida. He also has his Securities License, Series 7, 63, 66 and a license for Life and Health Insurance. Leonard C. Green, CPA, MBA is president and founder of The Green Group, a tax and financial services consulting firm. He has been an owner of real estate commercial properties for almost 40 years. Mr. Green has appeared on many financial news programs and teaches two of the most highly rated entrepreneurial classes at Babson College. ■
By Barry Sunshine, CPA, Tax Partner
Tax Savings Strategies For Landlords At one time, owning property provided landlords with a steady income stream. However, in these trying times, many real estate owners and developers are holding commercial real estate longer than they had originally planned. They have had to lease the property to a business, but due to our struggling economy, many of these tenants have gone out of business and vacated the premises. Any original structural costs that were made in entering the lease are just sitting there, literally and financially, and there may be hidden tax savings. Let me explain: For income tax purposes, these tenant improvements are being depreciated over 39 years even though the lease was for a shorter term. So these improvements are being depreciated even though the property is vacant or has been renovated to a new tenant. This leads to double tax depreciation for the landlord on the vacant improvements as well as improvements for the new tenant. Several years ago, tax laws were changed as Congress felt that the costs that relate to the leasing of property should not be recovered beyond the term of the lease to the extent those costs do not provide a future benefit beyond such term. Thus landlords can write off any improvements they paid for when the improvements are abandoned, even if the disposed items are structural, i.e. fit up costs. In order to take
advantage of this deduction, the landlord must be able to account for those costs that are fit out costs from the other structural costs. New Tenant, New Renovations Now a new tenant is looking at leasing a space that needs improvements and they are requiring the landlord to spend money to make such improvements. Those renovation costs are built into the new rent in the form of higher rent. If certain conditions are met, the owner can expense all these costs this year. For 2011, eligible property can be fully depreciated in 2011 under the bonus depreciation rules. Eligible property includes Qualified Leasehold Improvements (QLI). To qualify as QLI, the improvements must be made under a lease agreement, the improvements must be made to the interior of the space (not common area), the building must be at least 3 years old, and the tenant cannot be related to the building owner. The space also needs to be occupied by year end to qualify for the 100% bonus depreciation. If the tenant occupies the space in 2012, the bonus depreciation decreases to 50% with the balance depreciated over 15 years. It should be noted that there is talk in Congress to retain 100% bonus depreciation in 2012, as well. It should also be noted that tenants are eligible to take advantage of bonus depreciation for building owner QLIs. Building owners that make
improvements to attract tenants are not QLI since they are not costs pursuant to a lease. Those costs are depreciated over 39 years! Financing QLI Property One interesting play on bonus depreciation is that eligible property can be financed. The landlord can finance the costs of the tenant fix up costs and the fix up costs can still qualify as QLIs and bonus depreciation. With the low interest rates, this can further enhance yields to building owners. Tenant Allowances Certain tenants may also wish to fix up their space and have the landlord pay for the costs. These landlord payments may qualify as QLIs and bonus depreciation provided certain conditions are met. Under the tax rules, there is a safe harbor that the IRS issued, and if met, the landlord payment to the tenant can qualify as QLIs. Under the safe harbor, the lease term cannot be greater than 15 years, the tenant must use the money to construct or improve the real estate for use in the tenant’s business at that location, and the allowance must be documented in the lease before the payment is made. If the safe harbor is not satisfied, then the landlord will be required to amortize the costs of this allowance as opposed to expensing it in 2011. Building owners that enter into new leases should review these rules to understand and take advantage of the tax benefits. ■
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Mid Atlantic Real Estate Journal — December 23 - January 12, 2012 — 5A
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6A — December 23 - January 12, 2012 — Mid
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MID ATLANTIC REAL ESTATE JOURNAL AUCTIONS Mid Atlantic REAL ESTATE JOURNAL
Auctioneers Directory
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PLACE YOUR BUSINESS CARD IN OUR AUCTION DIRECTORY TODAY! COMPANIES SPECIALIZING IN COMMERCIAL/INDUSTRIAL REAL ESTATE CAN PROMOTE THEIR COMPANY AND ITS SERVICES IN OUR TWICE MONTHLY DIRECTORY PLEASE FILL OUT COUPON BELOW AND FAX IT TO 781-871-5299 OR EMAIL LCHRISTMAN@MAREJOURNAL.COM Name: Company: Address: CIty: State: Phone #: Email:
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Mid Atlantic Real Estate Journal — December 23 - January 12, 2012 — 7A
P U B L I C R E A L E S TAT E AU C T I O N
COMMERCIAL TH
SATURDAY, JANUARY 7 @ 10AM 8631 Church Ln, Randallstown, MD 21133
Opportunity for a Variety of Businesses! 10,800 sq ft +/- lot w/ house contiguous to Liberty Plaza where a new Walmart store has been approved for 2012 on Rt 26, Liberty Rd. Commercial zoning BM (Business Major.)
Charles Parrish 443-253-3886 TERMS: Deposit: $3,000 due at time of sale. Cash, certified funds, personoal or business check with ID. 30-day settle. 10% BP. Broker co-op invited. See website for addtl terms. *Sale on Premises. Auctioneer -Charles Parrish L# A-351
410-426-2622
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DELM ARVA REAL ESTATE JOURNAL Mid Atlantic REAL ESTATE JOURNAL
8A — December 23 - January 12, 2012 — Mid
Atlantic Real Estate Journal
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3-story building consists of 84,300 s/f of office space
Luxury tile retailer Porcelanosa
New Boston Fund acquires Stevens Forest Green
Streetsense leases & designs 12,000 s/f showroom
C
OLUMBIA, MD — New Boston Fund, Inc., a private real estate investment, development and management firm, announced today that it has purchased Stevens Forest Green, an 84,300 s/ f Class A office building located in Columbia, Md. New Boston purchased the property from LNR Partners, LLC. Completed in 2002, Stevens Forest Green is 83 percent leased with a strong tenant roster that includes Energy Solutions, Inc.; Meridian Medical Technologies, Inc.; Johns Hopkins Community Physicians; Xerox, Inc.; Patapsco Eye MDs LLC and HR Anew, Inc. There is an additional 14,650 s/f currently available for lease across three suites on the second and third floors. Sixty-five percent of the building is leased to credit tenants on long-term lease agreements. “The acquisition of Stevens Forest Green adds a well-located Class A office building to the Fund VII portfolio at below replacement cost,” said Patrick Shooltz, Senior Vice President and Regional Director, for New Boston Fund’s Mid-Atlantic region. “Stevens Forest Green is a terrific addition to our portfolio providing New Boston with the opportunity to do what we do best: utilize our vertically integrated team to meet the needs of our existing tenants,
Stevens Forest Green lease vacant space to new tenants and stabilize the property to create significant value and return to our investors.” Stevens Forest Green is located in the Hillside Executive Park at the interchange of Route 29 and Broken Land Parkway, a central location in the Baltimore Washington Corridor. Its strategic location in the South Columbia submarket gives the property access to a wide range of amenities including The Mall in Columbia that offers more than 200 stores and restaurants. New Boston Fund is committed to investing in the Baltimore-Washington corridor. The Stevens Forest Green property is a strategic investment based on the job growth and economic benefits that
the region is receiving under the federal government’s Base Realignment and Closure Act (BRAC). Under BRAC, the federal government is relocating thousands of jobs and significant investments to Fort Meade and the National Security Agency, all within a fifteen minute drive of the property. James Wellschlager and Jonathan Carpenter of Cassidy Turley represented the seller in the transaction; New Boston was self-represented by John Thompson and David Langol, both vice presidents in New Boston’s Mid-Atlantic regional office. The property was acquired through New Boston Fund VII, a $212 million valueadd, closed-end fund. New Boston Fund does not disclose acquisition or sales prices. ■
FD Stonewater & The Roseview Group form investment fund ARLINGTON, VA — FD Stonewater, an Arlington, VA based operating, development and advisory company and The Roseview Group (Roseview), a Boston, MA based institutional real estate investment and advisory firm, announced today that they have jointly formed a fund to invest exclusively in real estate property assets focusing on federal government tenancy. The fund will pursue build-to-suit development, redevelopment, and opportunistic repositioning of real estate projects at domestic locations nationwide. Roseview’s investment in the fund is backed by a separate account investment relationship with a major corporate pension fund.
The fund will leverage FD Stonewater’s extensive federal government investment, development, and leasing expertise. The principals of FD Stonewater have completed more than 40 million s/f of leasing transactions, more than 12 development projects containing nearly one million square feet of federal government occupied space, and have participated as key principals in previous investment platforms targeting federal government occupancy. Roseview brings extensive experience to the partnership as well. The partners have led investment companies, launched funds, raised and invested billions of institutional
capital, worked in and with family offices as well as public and corporate pension funds, and established a track record of success with a great level of integrity. .“The FD Stonewater team brings decades of federal government real estate investment experience and detailed knowledge of the government’s complex real estate procurement process. Coupled with our own investment expertise and experience in partnering with entrepreneurial firms like FD Stonewater, we are confident that this team will deliver exceptional risk-adjusted returns to our investors,” said Vincent Costantini, Managing Partner at The Roseview Group. ■
Porcelanosa showroom, 11500 Rockville Pike ROCKVILLE, MD — Streetsense, an integrated brokerage, design, branding, and development company, has leased and designed a new 12,000 s/f showroom for international luxury tile and home design products retailer Porcelanosa. The showroom at 11500 Rockville Pike in Rockville, MD will host a grand opening on November 17, 2011 with Argentine supermodel Valeria Mazza, celebrity chef Jose Andres, and other invited guests. Streetsense’s Jeff Pollak and Kelly Silverman represented the landlord in the lease transaction; JBG Retail represented Porcelanosa. Darius Sarraf led the Streetsense team in designing the space. “Porcelanosa had a prototype showroom design in place, but details and modifications were needed,” said Herb Heiserman, Managing Principal, Streetsense. “We created a contemporary, clean look with a minimalist backdrop that will highlight their tile displays. We added an exterior canopy and other outside enhancements.” Founded more than 30 years ago in a small Spanish village, Porcelanosa has grown to become a global leader in the innovation, design, manufacture and distribution of tile, kitchen, and bath products for both the architectural and design community as well as homeowners. Today Porcelanosa has more than 400 companyowned showrooms, distribution centers, and retailers in
70 different countries. The 2003 opening of its interactive showroom in New York City was attended by celebrities including John Travolta and Carolina Herrera. Streetsense is an integrated brokerage, design, branding, and development company specializing in retail and real estate. Established in 2001, Streetsense is the premiere and only truly full-service, retail-centric company in the real estate market today. Its powerful platform provides clients with an extremely wide range of services, including master planning, architecture, retail design, retail brokerage, development, and a full-service marketing studio that includes branding, graphic design, publicity, social media outreach, and more. Clients include well-known brands such as Chipotle, Starbucks, Maggiano’s Little Italy, Plow & Hearth, and Limited Brands, as well as real estate developers that include the The JBG Companies, Vornado/Charles E. Smith, and Akridge. Recent projects include interiors for Matchbox in Rockville, MD (plus a ground-up building pad site), Pi Pizzeria in Washington, D.C., Chipotle’s new concept Shophouse in Washington, DC, and Café Caturra in Arlington, VA; office space design for Living Social in Washington, DC; and development of The Shoppes at Arts District, a 36,000 s/f specialty center will be the focal point of Arts District Hattsville, MD. ■
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Mid Atlantic Real Estate Journal — December 23 - January 12, 2012 — 9A
DELMARVA 70,000 s/f sale of office space at 101 Bellevue Parkway
Way of NAI Emory Hill sells to Berkley Technology Services, a Fortune 500 firm
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EW CASTLE, DE — NAI Emory Hill announced the sale of 70,000 s/f of office space at 101 Bellevue Parkway in Wilmington to Berkley Technology Services, a subsidiary of Tripp Way W. R. Berkley Corporation, a multi-billion-dollar Fortune 500 company. The building acquisition was facilitated by Tripp Way, principal of real estate company NAI Emory Hill. The new data center will be open early next year. The move, which reflects the firm’s growth and expansion in Wilmington, is expected to create 17 new jobs
by December 2013 according to the Delaware Economic Development Office (DEDO). In July 2011, BTS was awarded a $433,568 grant from the Delaware Strategic Fund to support capital Alan Levin expenditures and create jobs at the site. BTS currently employs 63 people in Delaware. The new jobs will include technical and helpdesk support, computer engineers and senior
managers. “We’re pleased Berkley
“We worked with Emory Hill to help the company make the move possible, one that will support the company’s growth and contribute to our state’s economic future.” Technology Services (BTS) is expanding its operations in Delaware and will create new jobs,” said Alan Levin, director of the Delaware Economic Development Office. “We worked with Emory Hill to help the company make the move possible, one that will support the company’s growth and contribute to our
Berkley Corporation is an insurance holding company that is among the largest commercial lines property and casualty insurance writers in the United States. NAI Emory Hill is a division of the Emory Hill Companies, which is celebrating its 30th anniversary of serving Delaware and the Mid-Atlantic
9th Annual Special Edition
The
region providing real estate services including commercial brokerage, construction, property management, maintenance and residential real estate sales. The Delaware Economic Development Office is an executive state agency responsible for attracting new investors and businesses to the state, promoting the expansion of existing industry, assisting small and minorityowned businesses, promoting and developing tourism and creating new and improved employment opportunities for all citizens of the State. ■
Receive a nomination form by e-mailing lchristman@marejournal.com or by calling 800-584-1062...
spotlighting . . .
Buccini/Pollin Grp. to add on 116-units WILMINGTON, DE — Wilmington-based developer The Buccini/Pollin Group, Inc. (BPG) will expand its residential community of rental properties known as “The Residences” and build a new 116-unit luxury rental community, as they commence Phase II of their successful Justison Landing development. Across BPG’s existing three luxury apartment communities in The Residences family, occupancy rates are at a minimum 95% and retention rates are exceeding industry benchmarks. There continues to be increasing demand for urban living in Wilmington, Delaware, as renters prefer rental communities within walking distance to Wilmington’s various corporate headquarters and centrally-located train station. The new community, to be built at 401 Justison Street, is the next step towards realizing the master plan that is Justison Landing, a livework-play environment on Wilmington’s Riverfront. The Justison Landing project will begin early 2012 and is expected to be completed by spring of 2013. The five-story building will be comprised of one- and two-bedroom units, each with a full bath and kitchen and many with balconies offering scenic views of the Christina River. ■
state’s economic future.” Founded in 1967, W. R.
BEST of
2011
The Final Nomination Deadline is January 15, 2012
You are invited to participate in MAREJ’s “BEST of 2011” Mid Atlantic REAL ESTATE JOURNAL will be hosting a “Best of the Best,” a “Who’s Who” of owners, brokers, developers, architects and financial institutions within the commercial real estate community.
MAREJ will be compiling information and selecting the: Largest office, Industrial & Retail Transactions of the Year Best Shopping Center Development of the Year 4 Best Developer of the Year Best Financial Institution 4 Largest Financial Transaction of the Year Top Brokers List 4 Top Owners List Most Innovative Architect 4 Best Renovation Project Help us select the Best of 2011! Send in your submissions today or call for an application form
800-584-1062
FAX:
781-871-5299
: lchristman@marejournal.com
MAREJ’s Best of 2011 is a juried competition based on submissions and nominations from MAREJ’s commercial real estate community. Winners will be selected based on company size (# of employees) and size of the deal/transaction. Top brokers will be selected based on largest deal for 2011. Submissions from Mid-Atlantic states will be judged in separate categories. All are welcome to participate.
10A — December 23 - January 12, 2012 — Mid
Atlantic Real Estate Journal
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DELMARVA Debra Stracke Anderson, Sloan Street Advisors
A tenant’s guide for a successful lease renewal
A
s your lease expiration date approaches, you will need to decide if you want to remain in your current facility or move to an alternative location. This article will highlight some of the Debra Stracke key issues for Anderson consideration in dealing with a lease renewal, so that you can achieve the best possible outcome for your business. Give Yourself Plenty of Time It is important to have “time on your side” to insure that you are not forced into a bad negotiating position or an operational dilemma in the event that you fail to secure a renewal of your lease. As a guide, we suggest that 12 months before your lease expiration date (do you know when that is?) you should be reviewing your real estate needs and developing an appropriate strategy. Remember that while you may want to remain in your current space, a relocation may be forced upon you, should the landlord have other plans for the space (such as accommodating an expanding tenant in the building), or if you can’t agree upon acceptable terms for the new lease. Therefore, you should leave enough time to find alternative premises in the event that you are unable to renew your lease for whatever the reason may be – a 6 to 9 month lead time is usually a reasonable period in which to identify, secure and get operational in a new facility, although this may vary depending upon the amount of construction work required. Try to secure your lease renewal at least 6 to 9 months before your lease expiration date. If your lease renewal is pursuant to an option in your existing lease, then there are often strict notice periods – typically, you can expect the landlord to require 6-12 months written notice of your intent to renew the lease. If you miss providing the landlord such notice, then your right to a renewal will likely be lost. Understand Your Negotiating Position: Like any negotiation, the better informed you are about your position and that of the other party (in this case your landlord), the greater will be your chances of achieving the outcome you desire. To make
such informed decisions, it will be crucial to create an appropriate team that includes a corporate real estate advisor and a real estate attorney. This is important as you will then have a team that will be looking out for your best interests, because the landlord (and his agent) will be looking after the landlord’s interests, not yours. A good corporate real estate advisor will be able to negotiate effectively on your behalf with the landlord, advise you as to market conditions and values as they relate to your space, and also identify suitable alternatives in other buildings (and not just those owned by your landlord). This preparation will give you strong negotiating leverage and may also be needed in the event you are unable to renew the lease on acceptable terms. A good attorney will be able to evaluate the terms of any new lease and also provide pragmatic legal advice. The New Rental Rate: Unless pre-determined under any renewal option in the current lease, then the new rental rate will be determined by negotiation between the landlord and the tenant. Sometimes an option clause may specify the rental rate, but usually the clause describes a formula that is often related to market value, e.g. 95% of fair market value, although this may be negotiable as well. Your corporate real estate advisor will be able to provide the relevant market data to establish what would be an appropriate market rental rate for your space, taking into account the negotiating leverage available to you and trends in the marketplace. Beyond the “threat” of moving elsewhere, the basic leverage you have if you stay put results from: 1) the landlord avoids any loss of income during the vacancy period during which he must market the space to secure a new tenant for your space, and 2) if you will be utilizing the space “as is”, then the landlord may be saving considerable money because he will not incur the costs of any improvements for a new tenant. Conversely, the landlord will be trying to offset the value of these items to you, against the costs of moving your business and the associated “hassle factor” involved in any relocation. Some Other Issues to Consider: When renewing an existing lease, hopefully most of the documentation will still be
acceptable as it was previously agreed upon. As a result, a lease renewal document is often in the form of an addendum to the existing lease, with a description of the new rent. However, there may be other terms and conditions that need to be renegotiated or inserted, to reflect current market conditions. The following are a few items worthy of consideration: 1) Base Year: The base year should be updated at least to reflect the year in which the new lease is signed or due to commence. Otherwise, significant “hidden costs” may result. 2) Security Deposit: If you have a credible record with the landlord for the payment of your rent during the previous lease, then you might be able to reduce the size of any security deposit the landlord is holding .3) Improvements: A lease renewal is a good time to negotiate with the landlord to carry out the desired work to improve the premises. If none is required, then you should try to get the landlord to discount the market rent to reflect the savings he has made versus leasing space to a new tenant. 4) Expansion Rights: If you have established a good track record with the landlord during the previous lease and have future expansion plans, then you should try to achieve expansion rights to other space in the building. 5) Legal Review: Have your attorney review the lease to identify any onerous terms that need to be revised or brought up to date to reflect current market conditions. In particular, examine the sublease and assignment clause, as this will impact your ability to reduce your financial obligations in the future, in the event the space is no longer suitable for your business. 6) Renewal Option: To insure flexibility in the future at the end of the new lease, try to secure an option to extend the lease at the end of the term. In conclusion the expiration of an existing lease may present both challenges and opportunities for many tenants. To insure that you can take advantage of the opportunities and minimize the risks, it is advisable to plan well ahead of your lease expiration date, form an appropriate advisory team to represent your interests with the landlord and then take timely action to insure that you can secure the right space on the best possible terms for your business. ■
100 percent leased Class A office building
Cassidy Turley arranges sale of One Virginia Sq.
One Virginia Square ARLINGTON, VA — Cassidy Turley, a leading commercial real estate services provider in the U.S., announced that it arranged the sale of One Virginia Square a 100 percent leased Class A office building in Arlington, VA. Bill Collins, Paul Collins, Drew Flood, James Cassidy and Jud Ryan of Cassidy Turley represented the seller, TIAA-CREF. LaSalle Investment Management acquired the property. One Virginia Square is located at 3601 Wilson Boulevard in the Rosslyn-Ballston Corridor of Arlington. The 116,077 s/f, 6story office building is adjacent to the Virginia Square Metro station (Orange line), providing direct access to downtown Washington, DC and several major thoroughfares. The prop-
erty is also proximate to a variety of shops, restaurants, hotels and public parks. Built in 1999, One Virginia Square is 100 percent leased to System Planning Corporation through 2021. TIAA-CREF is a national financial services organization with $440 billion in combined assets under management (as of 9/30/11) and is the leading provider of retirement services in the academic, research, medical and cultural fields. TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products. Cassidy Turley is a leading commercial real estate services provider with more than 3,400 professionals in more than 60 offices nationwide. ■
Annual Real Estate Forecast Luncheon DELAWARE, MD —Real Estate Forecast Luncheon Union League, January 10, 2012. Speaker Columnist Gene Marks of the New York Times, Forbes, Business Week and American City Business Journals on How Today’s Current Events Impact Tomorrow’s Profits. This annual real estate luncheon is jointly sponsored by IREM® Delaware Valley Chapter, the Apartment Association of Greater Philadelphia (AAGP), BOMA Philadelphia and TriState REALTORS® Commercial Alliance. Guest speaker Gene Marks writes weekly on political, economic and cultural events that affect small and medium sized business owners. In addition to his columns and blogs, Marks has written five best-selling books on small and medium-sized business management. He frequently appears as a commentator on FOX Business, MSNBC and CNBS and has
worked with multiple Fortune 1000 companies, helping them build relationships with the small business community. IREM is an affiliate of the National Association of REALTORS (NAR®) and the only professional real estate management association serving both the multi-family and commercial real estate sectors. IREM Delaware Valley Chapter No 3 serves 29 counties in Eastern Pennsylvania and the entire state of Delaware and for the past five years has earned special recognition within IREM as a Five Star chapter for presenting programs and activities designed to provide outstanding service to its membership. Registration for the Real Estate Luncheon: 11:30 am – 12:00 pm, lunch: 12:00 pm followed by Program. Cost: $65.00 Members/ $80 Non-Members. Registration deadline: Friday, January 6, 2012. ■
MAREjournal.com
Mid Atlantic Real Estate Journal — December 23 - January 12, 2012 — 11A
MID ATLANTIC REAL ESTATE JOURNAL In the third quarter of 2011
Broad Street completes 22 Commercial Real Estate transactions
I
n the third quarter of 2011, Broad Street has completed 22 commercial real estate transactions in the Washington, DC/ Maryland/Virginia region, representing various companies and organizations in lease negotiations of nearly 100,000 s/f. Some of the larger transactions include: Chris Coccaro and Michael Jacoby represented Fitness First Health Clubs in their lease of 25,000 s/f located at 7430 New Technology Way, Frederick, MD. Chris Coccaro and Jeff Massie represent Fitness First of Tysons, LLC in their expansion of 19,155 s/f located at 8150 Leesburg Pike, Vienna, VA. Haze McCrary, Dave Belford, Jessica Neumer and Del Early represented Advantage SCI, LLC in their lease of 8,367 s/f located at 1725 Duke Street, Alexandria, VA. Haze McCrary and Dave Belford represented Salsa Labs, Inc. in their lease of 7,593 s/f located at 11410 Isaac Newton Square, Reston, VA. Haze McCrary and Dave Belford represented Greater Washington Board of Trade in their lease of 6,500 square feet located at 2101 L Street, NW, Washington, DC. Chris Coccaro and Jeff Massie represented Golden Key Group, LLC in their lease of 4,796 s/f located at 11400 Commerce Park Drive, Reston, VA. Chris Coccaro and Jeff Massie have leased 4,128 s/f to American Management of
2011 CMBS. . . Continued from page 2A tenant improvement money. It felt like a small price to pay, however, given that the Servicer had left a priceless gift for the Borrower – his Property - wrapped in a 40% plus discounted payoff. Around this magical time of year, look deep into your soul and acknowledge those CMBS mistakes you’ve made. Be aware of the pitfalls suffered by many a CMBS Borrower before you. Remember, every holiday gathering has at least one “crazy aunt or uncle” and perhaps, if you can’t identify who that person is, it’s YOU.■
Virginia, Inc, and have renewed Liberty Mutual Insurance Co’s lease of 2,832 s/f, both located at 7900 Sudley Road, Manassas, VA. Chris Coccaro, Jeff Massie and Nick Finelli represented Niklas Associates, Inc. in their lease of 2,369 s/f located at 201 N. Charles Street, Baltimore, MD. Chris Coccaro and Bill Feller have renewed Taco Bell’s lease of 2,304 s/f located at 1086 W. Patrick Street, Frederick, MD, on the Golden Mile. David Krucoff and Erinn 1725 Duke Street, Alexandria, VA
Torres represented Woods, Morris & Callahan in their lease of 1,765 s/f located at 4915 St. Elmo Avenue, Bethesda, MD. Broad Street is a marketleading commercial real estate services firm that has extensive experience in tenant representation, landlord representation, property acquisition and disposition, real estate development, project/construction management, finance, strategic consulting, property management and asset management. ■
12A — December 23 - January 12, 2012 — Mid
Atlantic Real Estate Journal
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MID ATLANTIC REAL ESTATE JOURNAL Private investor acquires 182 units in the heart of Plainfield, NJ Mid Atlantic REAL ESTATE JOURNAL
Gebroe-Hammer Associates arranges trade of distressed nine-building portfolio
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Auctioneers Directory
LAINFIELD, NJ — A private investor and long-time Gebroe-Hammer Associates client has acquired a nine-building, 182unit multi-family portfolio note in Plainfield, N.J. Executive Vice President David Jarvis and Steven Tenenbaum, assistant vice president, identified and represented the buyer in the $7.525 million trade with a prominent New York bank. “This particular portfolio attracted widespread investor interest. In addition to the discounted pricing, it was an atypical opportunity to acquire well-built buildings, within a few blocks of each other, that have tremendous repositioning potential. Our client, who has other holdings in the area, plans to implement several upgrades to bring each property up to competitive market rates,” said Tenenbaum, who has closed over $39 million in note and bankruptcy sales during the last 30 months in Plainfield alone. He has represented 751 units on behalf of various major lending institutions. The properties, ranging from mid-rise to garden-apartmentstyle buildings, are well-located in the heart of this Union County city near shopping, schools, public transportation and major highways. Nicknamed the “Queen City,” Plainfield has two NJ Transit rail stations along the Raritan Valley Line and Amtrak service is available at Metropark, just six miles away. The city also is served by NJ Transit bus lines offering direct links to Port Authority Bus Terminal, Newark and other local routes. Tenenbaum, who has represented the buyer in the acquisition of more than 300 total units throughout Plainfield prior to this transaction, says
Poland Dev. POLAND: Fully Approved, Mixed-Use, Real Estate Developments; Hotels, Commercial, and Residential in downtown Warsaw, / Kracow, and World Class development in Gdansk. Also, Fully Approved Wind Farm Projects - Government sanctioned and committed. Active participation welcomed and encouraged. Contact either Roman Ryba; rryba@hotmail.com or Carl Miller; camassociates@ aol.com. ■
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the city’s strong working-class demographic and urban setting yield strong market fundamentals. Located in Central New Jersey on the southwestern edge of Union County, Plainfield’s population has soared to an all-time high of 49,808, based on 2010 U.S. Census data. According to Gebroe-Hammer’s brokerage professionals, average rents for the area range from $850 for a one-bedroom to $1,200 for a three-bedroom unit. Occupancy rates are at approximately 95 percent.
“In the past few years, Gebroe-Hammer has sold close to $100 million in note and Sec. 363 Bankruptcy sales for several major banks and debtors-in-possession,” said Ken Uranowitz, managing director. “We are currently the exclusive broker for a major New York bank involving the sale of 12 multi-family notes throughout New Jersey. In this particular case, the note sale closed one week prior to the Sherriff ’s Sale, at which the buyer was able to acquire the deed quickly.” ■
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Mid Atlantic Real Estate Journal — December 23 - January 12, 2012 — 13A
MID ATLANTIC REAL ESTATE JOURNAL
HERCMAN PROPERTIES
West, Lane & Schlager negotiates for law firm
Levine Blaszak Block & Boothby in 13,153 s/f lease
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ASHINGTON, DC — A communications and technology law firm is remaining at its long-time L Street location after inking a multiyear deal recently completed by executives at West, Lane & Schlager (WLS). The Washington, D.C.-based commercial real estate brokerage firm, which exclusively represents tenants, announced that it has negotiated an 11year lease extension of 13,153 s/f of space at 2001 L St., NW, on behalf of Levine Blaszak Block & Boothby (LB3). In this transaction, WLS principal Rich Lane and company vice president Matt Levin, LEED AP, represented LB3. The law firm’s new lease begins on May 1 of next year at the 10-story, 153,000 s/f building situated at the corner of 20th and L streets, owned by Dweck Properties. The partners of LB3 considered a relocation, but ultimately moving was less economical than staying, Levin says, adding that his client received favorable terms from the landlord in its new lease. “LB3 wanted space with a lot of windowed offices and is in a south-facing building with ample natural light,” he says.
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2001 L St “After looking at other possible locations and weighing the pros and cons of a move, it became clear that staying at 2001 L St., NW, was our client’s best option.” Kevin DiLallo, a LB3 partner, says that his firm’s real estate committee “thoroughly enjoyed” working with WLS, and he noted their extensive market knowledge and understanding of landlords’ different business priorities and unique styles. “Our practice centers on complex contracts and their suggestions for clauses and deal terms showed a great deal of insight and experience – they
were neither unrealistically aggressive nor unnecessarily timid,” DiLallo says of Lane and Levin. “The process was seamless and well run from beginning to end.” He adds, “We interviewed several firms, and, while we met a number whom we felt had the experience and knowledge we were looking for, no one else connected with us on a personal level like Rich and Matt. They both have a unique gift for understanding a client’s needs, objectives and challenges, and working to accommodate them in a cooperative, responsive way.” ■
MAREJ JANUARY 2012 Media Kit EDITORIAL CALENDAR Editorial Calendar January—June
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14A — December 23 - January 12, 2012 — Mid
Atlantic Real Estate Journal
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PEOPLE ON THE MOVE To discuss the current law on medical monitoring
Grubb & Ellis Company
Partners Schiller & Campbell Bond rejoins as VP, of MGKF participate on panel Director of Management
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HILADELPHIA, PA — Suzanne Ilene Schiller and Kate Campbell, litigation partners with the environmental, energy and land use law and litigation firm of Manko, Gold, Katcher & Kate Campbell Fox, LLP (MGKF), will participate on a panel on “Medical Monitoring & Toxic Tort Claims: Preparing for the Future in a Post-Dukes Environment” for the American Law InstituteAmerican Bar Association . With Schiller moderating, Campbell and the other panelists will discuss the current state of the law on medical monitoring claims, and will address whether and under what circumstances the class action vehicle is appropriate
for such claims. The panel will also look at the viability of medical monitoring if such claims cannot be easily brought as class actions, but must instead be pursued as individual, sinSuzanne Schiller gle-plaintiff cases. The teleseminar will take place on Thursday, December 8 from 1:30 to 3:30 p.m. ET. . Schiller concentrates her practice in the areas of real estate and complex civil litigation. She has represented Fortune 100 companies, leading shopping center owners, commercial real estate developers, big box tenants, building contractors, and municipalities such as the City of Philadelphia. Campbell focuses her prac-
tice on environmental, toxic tort, and class action litigation, as well as on regulatory compliance matters particularly involving federal, state, and interstate water pollution issues. She has represented industrial and commercial entities, as well as closely held companies, in a variety of complex environmental litigation matters in federal and state court and in various administrative tribunals. MGKF concentrates its practice in environmental, energy, and land use law and litigation. It represents clients ranging from Fortune 100 corporations to small, privately held enterprises, both in the Mid-Atlantic region and on a national basis. MGKF was honored to be the top-rated law firm in the Top Workplaces 2011 survey by the Philadelphia Inquirer, Daily News and Philly.com. ■
Mack-Cali donates school supplies for NAIOP New Jersey Tools 4 Schools Drive NEW BRUNSWICK, NJ— Michael McGuinness, CEO of NAIOP New Jersey, gratefully accepted eight bags filled with back packs and school supplies from Ilene Jablonski, senior director of marketing and public relations for Mack-Cali Realty Corporation (pictured), who visited the Chapter’s New Brunswick offices with Mack-Cali colleague Kathryn Koserowski. The donation was in response to NAIOP New Jersey’s Tools 4 Schools Drive, continuing the Chapter’s partnership with the Community Food Bank of New Jersey (CFB). In July, more than 50 Chapter volunteers and staff conducted a food drive and volunteer day to benefit the Food Bank, spending a full day transporting, unloading, re-packing and stocking the shelves at CFB’s headquarters in Hillside, N.J. The Tools 4 Schools drive benefits the Food Bank’s “Kids Division.” “The goal is simple – to improve the lives of children and break the cycle of poverty,” said McGuinness. “With classroom supplies, new clothing, and kid-friend-
ly meals, these children are given opportunities they might not otherwise have.
We are very grateful for Mack-Cali’s support of this effort.” ■
P H I L A D E L P H I A , PA — Grubb & Ellis Company announced that Greg Bond, CCIM, RPA, CPM, has rejoined the company as vice president, director of management services for the Philadelphia tri-state Greg Bond area. Bond is responsible for implementing policies and procedures related to the enhancement of clients’ real estate investments and maximizing growth and profitability for the region. He is based in the company’s Philadelphia office. Bond originally joined the company in April 2006 as a regional portfolio manager, and was transferred to Daymark Realty Advisors following the sale of the former Grubb & Ellis investment subsidiary in August. While with Daymark,
he managed the entire Philadelphia region, as well as the East Coast and Midwest portfolios, totaling more than 6.5 million square feet of commercial real estate. Bond has more than 25 years of collective commercial real estate experience throughout the Greater Philadelphia market. Prior to joining Grubb & Ellis, he held project and building management positions at Brandywine Realty Trust, The Rubenstein Company, The Galbreath Company and Jackson Cross. Bond is a graduate of the Real Estate Institute at Temple University and earned a degree in business administration from Camden County College. In addition to the multiple professional designations he has received from BOMA, IREM and the CCIM Institute, Bond is also a licensed real estate sales professional with the states of Pennsylvania and New Jersey. ■
The Long & Foster Companies participate in Toy for Tots for 21st year CHANTILLY, VA —The Long & Foster Companies, parent company to Long & Foster Real Estate, Inc., the largest independent residential real estate company in the United States, is participating in its 21st year with the Marine Toys for Tots Foundation’s toy collection drive. In past years, Long & Foster has collected thousands of toys at its corporate headquarters and many real estate offices throughout the company’s seven-state MidAtlantic region and the District of Columbia. “We take great pride in being able to once again assist this worthy cause and to help give the needy children in our communities a happier holiday,” said Wes Foster, chairman of The Long & Foster Companies. The company’s participating sales offices are accepting donations of new, unwrapped toys for distribution to children this holiday season. Long & Foster employees at the company’s corporate headquarters in Chantilly, Va., are also participating in the annual initiative, collecting donations in the lobby of its building located at 14501 George Carter Way. Community members may also drop off new, unwrapped toys at neighborhood Long & Foster sales offices prior to
December 16. The U.S. Marine Corps Reserves Toys for Tots program began with a single campaign in 1947. All toys collected by Long & Foster offices are presented to area Marines, who then distribute them to local churches, social welfare agencies and to less fortunate children throughout the company’s service area. In 2010, Toys for Tots experienced one of its most successful collection years, collecting 16.7 million toys in all 50 states and Marines distributed these toys to 7.2 million underprivileged children. Last year, Long & Foster contributed to this by collecting thousands of new toys throughout the company’s Mid-Atlantic footprint. “A top priority for Long & Foster sales agents and staff is to give back to the various communities we serve,” said Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster Companies. “This is why our offices participate annually in the Toys for Tots drive, as they have for more than 20 years. Our agents and their clients have generously supported this cause and made it possible for us to continue our annual collection and share the holiday spirit with children who might not receive anything otherwise.” ■
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Mid Atlantic Real Estate Journal — December 23 - January 12, 2012 — 15A
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16A —December 23 - January 12, 2012 — Mid
Atlantic Real Estate Journal
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COMMERCIAL REAL ESTATE ORGANIZATIONS’
EVENTS CALENDAR JANUARY 6 – NAWBO DE Event: First Friday – Power Tools for Women Time: 9:00 AM – 10:00 AM Location: Ara Illustrated Address/City: 732 Grantham Ln., New Castle, DE Cost: Free – Registration Required E: info@nawbodelaware.org www.nawbodelaware.org
www.njaa.com JANUARY 11 – POA NJ Event: Nationally Renowned Speaker Jim Randel Time: 6:30 PM Location: Wilshire Grand Address/City: West Orange, NJ Cost: Members Free/$35 Nonmembers P: 732-780-1966 E: info@poanj.org www.poanj.org
JANUARY 9 – BOMA PHILADELPHIA Event: Law & Risk Management Time: 5:30 PM – 7:30 PM Location: Three Logan Square Address/City: 1717 Arch St., 29th Fl., Philadelphia, PA Cost: $725 Members $925 Nonmembers E: kgahres@bomaphila.com www.bomaphila.com
JANUARY 11 – SMPS PHILADELPHIA Event: Smart City/Smart Plans: Philadelphia’s Next Phase of Development Location: TBD www.smpsphiladelphia.org
JANUARY 9 – DCA Event: Executive Committee Meeting Time: 12:00 PM – 1:30 PM Location: DCA Boardroom P: 302-994-7442 www.e-dca.org JANUARY 9 – USGBC NJ NORTH BRANCH Event: Introduction to the International Green Construction Code (IGCC) Time: 6:00 PM – 9:00 PM Location: Maggiano’s Little Italy Address/City: 390 Hackensack Ave., Space 70, Hackensack, NJ Cost: $45 Members $60 Nonmembers P: 973-290-0013 www.usgbcnj.org JANUARY 10 – TRISTATE/AAGP/BOMA/ IREM Event: Annual Joint Real Estate Forecast Luncheon Time: 11:30 AM Location: The Union League (Lincoln Hall) Address/City: 140 S. Broad St., Philadelphia, PA Cost: $65 Members $80 Nonmembers P: 856-786-9260 www.irem3.org JANUARY 11 – CIRC DE Event: Membership Meeting & Luncheon Time: 11:30 AM – 1:30 PM Location: Clarion Hotel-The Belle Address/City: 1620 N. DuPont Hwy. Cost: $30 Members $40 Nonmembers P: 302-633-1705 E: janet@circdelaware.org www.circdelaware.org JANUARY 11 – NJAA Event: Understanding Credit Scoring & Interpreting Credit Reports Time: 9:00 AM – 11:00 AM Location: NJAA Headquarters Address/City: 104 Interchange Plaza, Suite 201, Monroe Township E: casey@njaa.com
JANUARY 12 – CFA PHILADELPHIA Event: 2012 Annual Forecast Dinner Time: 5:00 PM – 8:00 PM Location: Loews Hotel Address/City: 1200 Market St., Philadelphia, PA Cost: $60 Members $70 Nonmembers E: pconners@cfaphil.org www.cfaphil.org JANUARY 12 – CREW PITTSBURGH Event: Holiday Party Time: 5:00 PM – 8:00 PM Location: Tavern 235 Address/City: 245 4th Ave., Pittsburgh, PA E: admin@crewpittsburgh.org www.crewpittsburgh.org 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@crewnetworking.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 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 – CREW LEHIGH VALLEY Event: Lunch & Learn – “How Will the New Tax Assessment Effect You?”
Time: 11:30 AM – 1:00 PM Location: 1611 Pond Road Address/City: Allentown, PA 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 19 – CREW PHILADELPHIA Event: Lunch Event – What to Expect for 2012 Location: Union League Address/City: 140 S. Broad St., Philadelphia, PA www.crewphiladelphia.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 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 Location: Sheraton Meadowlands Cost: $165 Members $210 Nonmembers P: 732-729-9900 www.naiopnj.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
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Mid Atlantic Real Estate Journal — December 23 - January 12, 2012 — Inside Back Cover A
Mid Atlantic REAL ESTATE JOURNAL
BILLBOARD
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Industrial Land – 10.7 acre site in Valmont Industrial Park for sale. Zoned for manufacturing. Close to I-81 & I-80. Approved for 126,000 SF building. Office – Under construction, 29,000 SF Class A office building adjacent to downtown Scranton, PA. Various suite sizes, lease or ownership opportunity.
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200 Acres with 54,000 manufacturing in multiple warehouse and residential buildings. Marcellus gas rights available.
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SOUTHSIDE BETHLEHEM, PA 1200 s/f — $900/month Including w/s/t
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Back Cover A — December 23 - January 12, 2012 — Mid
Atlantic Real Estate Journal
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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
SHOPPING CENTERS Mid Atlantic REAL ESTATE JOURNAL Section B of the Mid Atlantic Real Estate Journal
Huggins of Huggins Realty Group leases 15,000 s/f
Zerfass of Colliers International secures buyer in $565,000 sale of 9,100 s/f building
A
LLENTOWN, PA — Colliers International in Allentown recently concluded a 33,844 s/f retail land lease to Checkers Drive-In Restaurants, Inc. at the North East Corner of S. 4th St. and W. Emmaus Ave in Allentown, PA. Checkers is the largest chain of double drive-thru restaurants in the U.S., operating more than 815 Checkers and Rally’s restaurants in 28 states and the District of Columbia, as well as in Israel and American Samoa. Colliers broker Derek Zerfass
represented both Checkers and the owner, Posh Properties of Bethlehem, PA. In another Allentown transaction, Derek Zerfass of Colliers represented the Landlord of the former Circuit City building, a 37,484 s/f facility at 1053 Grape St. in a lease with Hibachi Grill & Supreme Buffet. Hibachi Grill & Supreme leased a 15,000 s/f section of retail space; they were represented by Drew Huggins of Huggins Realty Group. This location is in the heart of the Lehigh Valley’s retail & restaurant
DECEMBER 23 - JANUARY 12, 2012
HI-LIGHTS Marcus & Millichap arranges $1.55m retail strip cntr. sale Marcus & Millichap handled the sale of Slade Village, a 13,780 s/f, fully occupied retail strip center located in Pikesville, MD. See page 4B.
Heller of Welco Realty reps Platypus 5,005 s/f lease Fameco Real Estate, LP, reported that Platypus Custom Home Furnishings has signed a 5,005 s/f lease at the Streets of Chester in Chester NJ. See page 4B.
ALSO INSIDE: SC SPOTLIGHT: RETAIL DESIGN COMPETITION ............. 5-12B ICSC ORGANIZATION PAGE ..............................................14B BUSINESS CARD DIRECTORY ..............................................15B
Dollar General, Nesquehoning PA
corridor and offers ample on-site parking. Colliers is the exclusive leasing agent for this property and is marketing the remaining 22,484 s/f of space. In Nesquehoning, PA, Carbon County, Mr. Zerfass secured a buyer for a 9,100 s/f standalone building leased to Dollar General. The property was sold to Providence Properties, LLC at 1125 E. Catawissa St. as a single tenant NNN leased investment. According to Derek Zerfass, the sole broker in this transaction, the property sold for $565,000.■
Gillis and Miller of SVN represented buyer and owner
Sperry Van Ness – Miller Comm’l RE brokers $280,000 pad site SALISBURY, MD — Bradley Gillis, CCIM, senior advisor for Sperry Van Ness – Miller Commercial Real Estate, announced that Dairy Queen has purchased a one acre pad site at Pecan Square Shopping Center off Nanticoke road.The site was purchased for $280,000 by the same owners of the North Salisbury Dairy Queen location. Construction is due to begin Winter 2012 with an opening date for Summer 2012. “Nanticoke Road is a great location for Dairy Queen; the community is very excited to have a new restaurant on the west side of Salisbury. This will be a great location for years” states Bradley Gillis, who represented the buyers in the
Dairy Queen transaction. Owner, Dr. Par- Van Ness mar said, The property was – Miller Commercial Real listed by Brent Miller, CCIM, Estate who represented the CPM, also an Advisor for Sperry sellers. ■
Committed to Central PA Connected to the World OGÙce Retail Industrial Land Investment Corporate Services
RETAIL BROKERAGE DIRECTORY ................................. 16-IBC Section B, 20 pages
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NAI CIR PO Box 8910 Camp Hill, PA 17011 717 761 5070 www.naicir.com
B Inside Cover — December 23 - January 12, 2012 — Shopping Centers — Mid
Atlantic Real Estate Journal
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+
18 million square feet ARIZONA Mesa Kohl’s McKellips Road & Recker Road 95,279 SF GLA Part of Falcon View Plaza w/ Fry’s Phoenix Freestanding Barnes & Noble 1035 N. Metro Pkwy. West & 28th Dr. Adjacent to Metro Center Mall 19,360 SF on 1.48 Acres Tolleson Freestanding Kmart West McDowell Road & North 86th Drive 86,479 SF GLA FLORIDA Gainsville Mixed Use – Grocery Store & Student Housing NW 13th St & University Avenue 1.74 Acres Over 27,500 SF Ground Floor Retail in Proposed 171,000 SF 6-Story Residential Bldg Fern Park Lowe’s Shopping Center 6735 Hwy. 17-92 & Fernwood Blvd. near Hwy. 436 129,085 SF GLA Proposed Retail Strip: 9,000 SF ILLINOIS Downers Grove Marshall’s at The Grove 75th St. & Lemont Rd. 400,000 SF GLA Anchor Space Available 43,264 SF Niles Golf Glen Mart (Outparcel) Golf Rd. & Dee Rd. Up to 12,000 SF Outlot, B-T-S INDIANA Evansville Evansville Shopping Center Morgan Ave. & Boeke Rd. Rural King, Dollar General 153,000 SF GLA Indianapolis Pendleton Plaza Pendleton Pike & Shadeland Ave. Kmart 134,797 SF GLA South Bend South Bend Shopping Center US Hwy. 20 & US Hwy. 31 112,900 SF GLA Anchor Space Available
RD
Management LLC
MICHIGAN Grand Blanc Vacant Land Holly Rd. & I-75 22 Acres For Sale Muskegon Muskegon Shopping Center Henry St. & Norton Ave. 187,000 SF GLA Anchor Space Available Port Huron Port Huron Shopping Center Howard St. & 24th St. Big Lots, Save-A-Lot, Family Dollar 118,000 SF GLA Anchor Space & Outlot Available Redford Redford Plaza Plymouth Rd. & Inkster Rd. CVS/114,865 SF GLA Anchor Space Available Saginaw Saginaw Square Tittabawasse Rd. & Bay Rd. Target, JoAnn Etc., Staples 94,891 SF GLA Anchor Space Available Sandusky Kmart Shopping Center M-19 & Gates Rd. 176,248 SF GLA Anchor Space Available Southgate Fort St. & Burns Ave. 60,800 SF GLA Freestanding / Redevelopment Opportunity MINNESOTA St. Paul Midway Shopping Center University Ave. & Snelling Ave. Rainbow Foods, Office Max, Walgreens 280,353 SF GLA Anchor Space Available 40,262 SF NEVADA Las Vegas Kmart Plaza E. Sahara Ave. & McLeod Dr. 127,754 SF GLA 10,945 SF Outbldg. Available NEW JERSEY Marlton (Evesham) Tri-Towne Plaza Route 70 & Plymouth Dr. Superfresh/176,519 SF GLA Anchor Space Available/Redevelopment Opportunity
Thomas G. Mirandi 212-265-6600 Ext. 239 Email: tmirandi@rdmanagement.com Fax: 212-459-9133
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Mid Atlantic Real Estate Journal — Shopping Centers — December 23 - January 12, 2012 — 1B
+
200 retail projects NEW YORK Nanuet Home Depot Plaza Route 59 & Hutton Ave. Home Depot, Staples 250,000 SF GLA/Pad Available
PENNSYLVANIA Allentown Home Depot Plaza Lehigh St. & Route 78 220,000 SF GLA 9.82 Acres Available
Orangetown Orangeburg Commons Route 303 & Palisades Parkway Future Retail Development Anchor Space, In-Line Space & Pads Available Adjacent to Lowe’s
Carlisle Hanover Street (Route 34) & I-81 Home Depot, Chili’s 140,715 SF GLA 10,584 SF Future Expansion/Pad
NEW JERSEY Mt. Olive Pad Sites Available Adjacent to Foreign Trade Zone Across from Wal-Mart, Sam’s, TJ Maxx Old Bridge A & P Shopping Center Route 9 & Ferry Rd. 64,920 SF GLA Up to 4,000 SF Outlot Vineland Vineland Marketplace Delsea Dr. (Route 47) & College Dr. New Development 273,657 ± SF GLA / Outlots Available Williamstown Williamstown Shopping Center Black Horse Pike (Route 42) & Main St. CVS, Fashion Bug, Dollar General 85,000 SF GLA Anchor Space Available NEW YORK Deer Park Kohl’s Plaza Commack Rd. & Grand Blvd. Kohl’s, Super Stop & Shop 182,875 SF GLA Proposed Pad 3,800 SF Glenville/Scotia (Albany) Freestanding Building Saratoga Rd. (Route 50) & Glenridge Rd. 128,485 SF GLA Anchor Space Available Holtsville Island 16 Cinemas Shopping Center Nicholls Rd. & Long Island Expwy. National Amusements Theater, Chili’s 117,342 SF GLA Pad Bldg. Available with Drive-thru
Staten Island Lowe’s West Shore Center Veterans Rd. West (I-440) & Arthur Kill Rd. Pad Building Available 7,000 SF New Retail Bldg. Available 166,600 SF GLA Stony Point Stony Ridge Plaza Route 9W & Park Rd. US Post Office, Curves For Women 21,212 SF GLA Williamsburg (Brooklyn) North Side Piers Retail 20 North 5th St. & Kent Ave. Tower I: 181 Condos, 113 Apts. & 17,167 SF Retail Tower II: 250 Condos & 5,178 SF Specialty Rest. OHIO Ashtabula Home Depot Plaza Route 20 (N. Ridge Rd.) & Orchard Rd. 130,000 SF GLA 18,440 SF Expansion & Pad Findlay Hobby Lobby Plaza Tiffin Ave. & Croy Dr. Hobby Lobby Anchor Space Available
Latham/Colonie (Albany) Kmart Shopping Center Route 7 & Swatling Rd. 118,863 SF GLA Up to 10,000 SF Outlot Available
Oregon (Toledo) Vacant Land – 4.645 Acres Dustin Rd. & Isaac Street Dr. 1 block south of Navarre Ave. (Rte. 2) & Kmart 116,805 SF GLA
Monroe/Woodbury Harriman Commons Routes 17 / 6 & Route 32 Wal-Mart, Home Depot, BJ’s, Target, Home Goods, Best Buy 687,716SF GLA Anchor Space & Outlots Available Future Phase III Office Bldg.
OREGON Salem Kmart Shopping Center Mission Street S. E. 116,866 SF GLA
RD
Management LLC
Trexlertown Trexlertown Marketplace Hamilton Blvd. (Route 222) & Mill Creek Rd. Walgreens, Panera Bread, Verizon 36,068 SF GLA TENNESSEE Hermitage (Nashville) Freestanding Bldg. adjacent to Jackson’s Courtyard Shopping Center 3445 Lebanon Pike 24,040 sf GLA 36,000 sf GLA Possible Redevelopment Texas Ft. Worth Westcliff Shopping Center Albertson’s Market, Dollar General Alton Rd. & Biddison St. 133,332 sf GLA VIRGINIA Richmond Food Lion Plaza Route 1 (Jefferson Davis Hwy.) & Chippenham Pkwy. Outlots Available WEST VIRGINIA St. Albans St. Albans Center Route 60 & MacCorkle Ave. SW Kmart, Super Kroger, Peebles, CVS 230,000 SF GLA PUERTO RICO Arecibo Arecibo Towne Center Routes 2 & 22 Future Development Anchor Position & Outlots Available Ponce Reina del Sur; Outlots at Ponce Towne Center II Rtes. #2 & Baramaya Ave. (Rte. 10) @ PR-52 Wal-Mart SuperCenter, Home Depot New Development & Pads 525,000 ± SF GLA
Thomas G. Mirandi 212-265-6600 Ext. 239 Email: tmirandi@rdmanagement.com Fax: 212-459-9133
B — December 23 - January 12, 2012 — Shopping Centers — Mid
Atlantic Real Estate Journal
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Shopping Centers By Chuck Lanyard, The Goldstein Group
www.bennettwilliams.com
SERVING CENTRAL PENNSYLVANIA FOR OVER 50 YEARS • Landlord Representation • Tenant Representation
• New Construction Leasing & Development
• Investment Sale & Acquisition
• Property & Portfolio Dispositions
• Site Selection
• Property Management
110 N. George Street, 4th floor York, PA 17401
ph: 717-843-5555 fax: 717-843-5550
New Ground Breaking New
Restaurants are gobbling up space in New Jersey
D
espite an economy where many retailers are cool to expanding, restaurants are definitely the exception. There has been increased activity over the past year with many Chuck Lanyard restaurants opening new locations or in the process of searching for locations, according to Chuck Lanyard, president of The Goldstein Group, New Jersey’s leading full-service retail brokerage firm. “We have seen an increase in restaurant operators looking to open locations over the past year and there have been several new concepts or names checking New Jersey out due to its great demographics and income levels,” commented Lanyard. “Another favorable aspect is that the rent structure and liquor license values have decreased from their highs of years ago.”
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Ryan Myers, CCIM Larry O’Brien, CCIM Benjamin Chiaro, CCIM John Birkeland Greg Finkelstein 717.854.5357 www.rockrealestate.net
Paramus, one of the best retail markets in the country, is seeing an influx of new restaurants. Restaurants that have either opened, under construction or in the approval stage include Olive Garden, Bahama Breeze, Chuck E Cheese, Miller’s Ale House, Panchero’s Mexican Restaurant, Smashburger, Moe’s Southwest Grill and Stax Pancake House. Smashburger, a national hamburger franchise that
The Goldstein Group represents, is looking to open an additional 20 locations throughout northern/central New Jersey to add to its base of 12 stores. Other locations soon to open shortly includeRamsey, Morris Plains and East Hanover. Mexican and Tex/Mex dining continue to become more and more popular with New Jersey customers. Chipotle, one of the leaders in the “fast casual” dining category has been very aggressive in procuring sites. Also, Qdoba, Lime Fresh Gill, Moe’s Southwest Grill and Panchero’s Mexican Restaurant are other competitors in their category and have become very successful in locations they are opening. Panchero’s Mexican Restaurant, which The Goldstein Group represents, is about to open restaurants in Morris Plains and Paramus, and currently looking to open another dozen locations in New Jersey. Other restaurants that recently signed deals or have recently opened include Shannon Rose Restaurants (Ramsey), Joe’s Crabshack (Clifton and Eatontown), Bahama Breeze (Woodbridge), Olive Garden (Woodbridge), Anthony’s Coal Fired Pizza (Ramsey and Clifton), Houlihan’s (Woodbridge), Red Robin (Rockaway), Five Guys Burgers (Springfield and Flemington), Musclemaker Grill (Lodi, New Providence, Clifton and Roseland), Carabas (Secaucus), Bone Fish Grill (Middletown), Chick-filA (Union) and Pollo Tropical
(Union). Self-serve yogurt shops are the newest frozen dessert concept emerging throughout the region. Red Mango, Yogurtland, Cups, TCBY are all taking locations. As for newcomers, Quaker Steak & Lube Restaurants is entering the NJ market for the first time. Doherty Enterprises bought the rights for this franchise and is presently converting a Chevy’s restaurant that they own in Brick to this family casual restaurant. Brio Restaurants has signed a deal for a location in Wayne. Boardwalk Burgers recently signed a deal in Hackensack. n
Shopping Centers Real Estate Journal a section of the
Mid Atlantic Real Estate Journal P.O. Box 26, Accord, MA 02018 781-871-5298 • 800-584-1062 fax 781-871-5299
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Section Publisher Elaine Fanning
efanning@MAREJournal.com
Section Editor
Rachel Rugman editor@marejournal.com
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Mid Atlantic Real Estate Journal — Shopping Centers — December 23 - January 12, 2012 — 3B
4B — December 23 - January 12, 2012 — Shopping Centers — Mid
Atlantic Real Estate Journal
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SHOPPING CENTERS Dougherty, Taylor and Zang rep owner & secured buyer Heller of Welco Realty reps Platypus
Marcus & Millichap arranges Fameco leases 5,005 s/f $1.55m retail strip center sale at the Streets of Chester
P
IKESVILLE, MD — Marcus & Millichap Real Estate Investment Services announced the sale of Slade Vi l l a g e , a 13,780 s/f, fully occupied retail strip center located in Derrick Dougherty Pikesville, Baltimore County, Maryland, according to Spencer Yablon, Regional Manager of the firm’s Philadelphia office. The asset commanded a sales price of $1,550,000. Derrick Dougherty, associate, Dean Zang, vice president investments, and Mark Taylor, first vice president, of the Philadelphia Office of Marcus & Millichap, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The buyer, a limited liability company, was also secured and represented by Dougherty, Zang and Taylor. David Feldman, Broker, assisted in closing this transaction. Built in
Slade Village the early 1970s, Slade Village lead agent. “The marketing was well maintained by owner- process delivered numerous ofship and had a high occupancy fers in the first few weeks but rate throughout the years with we ultimately decided on going 75 percent of the tenants be- with a local buyer who undering at this location for more stood the intrinsic value of the than fifteen years. “The com- property. The property traded bination of long term tenants, hands at the asking price, location of the asset within the which further serves to reinimmediate submarket, and force the fact that well located value-add component with be- and well tenanted properties low market rents, attracted a with stable and predictable number of prospective buyers cash flows attract both buyers both locally and out of state,” and lenders in today’s market,” noted Derrick Dougherty the Dougherty added. n
WOODBRIDGE, NJ — Fameco Real Estate, LP, announced that Platypus Custom Home Furnishings has signed a 5,005 s/f lease at the Streets of Chester (pictured above). The Streets of Chester is a 104,682 s/f lifestyle center in the heart of affluent Chester, NJ. The store will be the fifth for the 35 year old chain, which also has locations in Shrewsbury, Woodcliff Lake and Princeton, NJ as well as Warrington, PA. Platypus will join Chico’s, White House/Black Market, Coldwater Creek and the Gap at the Streets of Chester.
Carlo Caparruva, the Fameco Director who negotiated the transaction on behalf of the owner, Core Plus Properties, states, “Platypus is an excellent addition to the Streets of Chester; a high end, custom retailer that will anchor the home furnishings category at the property for years to come. Core Plus Properties Principal Frank Gallo, adds “Platypus further pluralizes the tenancy at the Streets of Chester, creating a nice balance of apparel and home goods for our customers”. Tod Heller of Welco Realty represented Platypus. n
Gartner of Metro negotiates first Athleta store opened in Philadelphia
Conston of Equity Retail Brokers arranges sale of two former department store leases LANGHORNE, PA — Stuart Conston of Equity Retail Brokers has arranged the sale of the ground leases of two former anchor department store buildings attached to Montgomery Mall in North Wales and Oxford Valley Mall in Langhorne, PA. Both buildings were previously occupied by Boscov’s. The ground leases were for the 165,800 s/f +/- two level building attached to Oxford Valley Mall and the 167,600 s/f +/- three level building attached to Montgomery Mall. Stuart Conston and Rob Samtmann of Equity Retail Brokers represented the seller. Montgomery Mall, located on SR 309 & US 202 in North Wales, and Oxford Valley Mall, located on US 1 (business) in Langhorne, are both two level, enclosed super-regional malls, each with over 1 million SF of gross leasable area, over 150 specialty shops, a food court, and are both anchored by Macy’s, Sears and J.C. Penny. n
Montgomery Mall
Oxford Valley Mall
Athleta PHILADELPHIA, PA – Met- in Mill Valley, California, and ro Commercial Real Estate, is now on a select roll-out of Inc. announced that Athleta markets nationwide. The Philahas opened delphia store, which opened on its first store November 9, 2011, marks its in the Philaforay into the Eastern US, foldelphia area lowing a stellar roll-out of stores this month in New York City earlier this at 1722 Walyear. Its opening in the Georgenut Street in town section of Washington DC the heart of came shortly thereafter. Center City. According to Gartner, “The The 4,000 s/f Steve Gartner Philadelphia market and Censtore was identified and ne- ter City in general, was identigotiated on behalf of Athleta fied early-on as a target market by Steven Gartner, president for Athleta’s expansion because of Metro Commercial Real of its affluence and its highly deEstate. sirable target market of fitnessAthleta, a division of Gap, oriented woman shoppers.” Inc., was founded in 1998 as Kaiserman Companies, Inc. a catalogue and on-line ap- is the landlord of 1722 Walnut parel retailer catering to active Street, the longtime owner of women for both athletic and this prized strip of first-class everyday pursuits. Their first retail along Philadelphia’s “Ritstore opened earlier this year tenhouse Row.” n
SHOPPING CENTERS SPOTLIGHT RETAIL DESIGN COMPETITION MAREJournal.com
Mid Atlantic Real Estate Journal — Shopping Centers — Retail Design Competition — December 23 - January 12, 2012— 5B
2011
WINNERS LIFE STYLE CENTER
TRANSIT-ORIENTED/ MIXED-USED
Westchester’s Ridge Hill
The Village at Odenton Station
RETAIL
MIXED-USE RESTORATION
RENOVATION
Raymour & Flanigan
Market Square Place
6B — December 23 - January 12, 2012 — Retail Design Competition — Shopping Centers — Mid
Atlantic Real Estate Journal
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2011 LIFE STYLE CENTER WINNER 1.3 Million s/f-80 Acre Mixed-Use Development
H3 Hardy Collaboration & Studio 5 Partnership Westchester’s Ridge Hill LOCATION Location: Yonkers, NY Project Name: Westchester’s Ridge Hill Type of Project: Mixed Use/Life Style Center Size: 1.3 million s/f-80Acre Submitting Company Type: Architect
W
estchester’s Ridge Hill is a new 80-acre lifestyle center developed by Forest City Enterprises and designed by H3 Hardy Collaboration Architecture and executive architects Studio 5. When fully open later this year, it will be the largest open air mall in the northeast. Designed as a new town center for Yonkers, Westchester’s Ridge Hill contains 1.3 million square feet of retail space anchored by a 12-screen cinema complex, department stores, and restaurant and dining facilities. The development also includes a 160,000-square-foot office building and up to 1000 residences. Major anchor tenants include
Whole Foods, L.L. Bean, Lord and Taylor, and Cinema De Lux, a multiplex cinema by National Amusements, who will be joined by such tenants as REI, Sephora, Orvis, Dick’s Sporting Goods, The Cheesecake Factory, Yard House, Texas de Brazil, and Brio Tuscan Grille—many of which opened their stores in fall 2011. Located between the New York State Thruway and the Sprain Brook Parkway, Ridge Hill is easily accessible from the surrounding Westchester neighborhoods. Fifty-one million cars pass the site annually, and the Yonkers area—the fourth most populous city in New York State—is vastly under-retailed. The design of this new town center for Yonkers responds
to the natural beauty of historic Westchester County. The twelve-block development is oriented along an outdoor Main Street that connects several sections of the center. Buildings vary in scale and fenestration, providing bridges, overlooks, second-floor promenades, and articulated facades to create an engaging series of pedestrian experiences. Ridge Hill’s architecture blends masonry and stone characteristics of Westchester architecture with contemporary glass and steel. The vibrant paving and stone patterns, water features, and gardens of Town Square, Ridge Hill’s central public space, recall the landscapes of traditional Westchester estates. Lively, pedestrian-scaled streetscapes provide areas for
socializing and people-watching. The village green sets the stage for evening entertainment. Outdoor seating, a playground designed by Tom Otterness, a fountain by WET Design, and a seasonal ice rink offer a variety of amenities to engage visitors. What makes this Project/Job your favorite or most unique? With its first phase opened this past fall, Ridge Hill is one of very few, if any, major retail developments that has come to fruition since the recent recession. Not only has the design, construction, and operation of the $685 million project sustained and created jobs, the development itself has already been very successful in its first few months of operation in its under-retailed location. Part of the appeal is that the design of Ridge Hill is unlike any other retail development. A variety of intricate brick patterns, town center-like planning, welcoming streetscapes, adjacent housing, and outdoor amenities contribute to a sense of community that is atypical of a modern retail development.
THE PROJECT TEAM Design Architect: H3 Hardy Collaboration Architecture Architect of Record: Studio 5 Partnership Structural Engineering: Thornton-Tomasetti Group MEP Engineer: Cosentini Associates Landscape Architect: Oehme van Sweden & Assoc. Parking: Walker Parking Consultants Civil Engineering / EIS: Divney Tung Schwalbe Highway Design/Traffic Engineering: Philip Habib & Associates Lighting Designer: Cline Bettridge Bernstein Lighting Design Environmental Graphics: Stantec Economic Impact: Economics Research Associates Program Manager: Whiting-Turner
Highway Design/Traffic Engineering As the transportation consultant for the Ridge Hill Village Center project, PHA prepared the Transportation section of the Environmental Impact Statement (EIS), and developed the plans for access to the site. Tasks included travel and parking demand forecasting for the various uses and coordination with the New York State Thruway Authority, New York State Department of Transportation, the City of Yonkers, Westchester County and other government agencies in planning access to this major development. PHA also designed the access plans to the site including the final design of a new interchange from the New York State Thruway, design of the reconfiguration of an exit ramp from the Sprain Brook Parkway, design of new access roads to the site, a new traffic signal system, and plans for transit services. PHA also provided construction inspection services for the highway portions of the project.
New York State Thruway Interchange Exit 6A
Philip Habib & Associates 102 Madison Avenue New York, NY 10016 (212) 929-5656 www.phaeng.com
Sprain Brook Parkway Interchange
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Mid Atlantic Real Estate Journal — Shopping Centers — Retail Design Competition — December 23 - January 12, 2012 — 7B
2011 MIXED-USE RESTORATION WINNER 146,000 s/f Mixed-Use Restoration
Strada Market Square Place LOCATION Location: Pittsburgh, PA Project Name: Market Square Place Type of Project: Mixed-Use Restoration Size: 146,000 s/f Submitting Company Type: Architect
L
ocated in Pittsburgh’s retail core, Market Square Place is an amalgam of seven historic buildings that were once plagued by neglect and slated for demolition. The design team faced the challenge of restoring, connecting, and reusing these structures of varying heights, styles, and construction types, and the results have been rewarding for the downtown retail community and for the city as a whole. The beautiful restoration of this series of historic building facades, of which the oldest
dates to 1870, is a major triumph of this project. The detailed reconditioning of each facade was guided by the way the streetscape looked in pictures and other accounts from the 1930s. The detail and integrity of this restored block renews its place in the visual history of the city, adds to downtown’s growing appeal for and visitors, and creates a more attractive location for retailers. While the renewed exterior of this project is easily appreciated, the most techni-
cally demanding aspect of the project was stitching the buildings together from the inside. Though the former G.C. Murphy Department Store formed a continuous space spanning part of the block, its floor plates and structure still needed to be connected with those in adjacent buildings. To accommodate this intention, the team needed to rectify code requirements between multiple construction types (e.g., wood framing, structural terra cotta, concrete-encased
Developments/Construction/Renovations
steel, solid masonry, and steel-frame). A key benefit of renovating the buildings as one complex, was that the space could be re-partitioned according to the needs of various tenants. At completion, the project’s programmatic elements include street-level retail stores and restaurants; 46 loft-style rental units with a shared courtyard; a YMCA with workout facilities, a pool, and offices; and basement-level parking for the residents. The occupants of Market Square Place should enjoy a continuing increase of amenities springing up around them, as their restored block has become a linchpin of broader renewal in this key downtown district. What makes this Project/Job your favorite or most unique? The unique thing about this project is its complexity. Gargantuan tasks, from aligning
THE PROJECT TEAM Owner/Developer: Millcraft Industries Architect: Strada YMCA Interior Design: DRS Architects General Contractor: Tedco Construction Corp. MEP/FP Engineer: Tower Construction Services Structural Engineer: Atlantic Engineering Services Photographer: Dennis Marsico consensus and funding to initiate the project to negotiating the quirks of seven different historic buildings, were interwoven throughout the process, and every effort had to be successful for us to reach the finish line. The fact that the building is fully leased and seemingly wellliked by the community is a vote of confidence for such daunting projects to press forward in the future.
Structural Engineer
Feature Your Project
Developments Construction Renovations Mid Atlantic Real Estate Journal For more information call Elaine Fanning 800-584-1062/781-871-5298 Ext. 212
EFanning@mareJournal.com
AES is proud to serve
Millcraft Industries as their Structural Engineer for Market Square Place.
8B — December 23 - January 12, 2012 — Retail Design Competition — Shopping Centers — Mid
Atlantic Real Estate Journal
MAREJournal.com
2011 TRANSIT-ORIENTED WINNER 57,000 s/f/Transit-oriented/Mixed-Use
Odenton Station LLC/The Dolben Company The Village at Odenton Station LOCATION Location: Odenton, MD Project Name: The Village at Odenton Station Type of Project: Transit-oriented/Mixed-use Size: 57,000 s/f/ 235 apt. homes Submitting Company Type: Owner/Developer
O
denton Station, LLC, an affiliate of The Dolben Company, Inc., is developing The Village at Odenton Station, a mixeduse development consisting of 57,000 square feet of retail and 235 apartment homes in Odenton, Maryland. The planned urban center is Anne Arundel County’s first transit-oriented, mixed-use development, and is located in the core of Odenton Town Center. The project design includes four buildings of four stories each. Three of the buildings are sited in a “U” shape creating an internal parking court for their first floor
retail stores. Each of these buildings has apartment homes on the upper floors over the retail level. The fourth building at the rear of the site is solely residential. A central clock tower celebrates the project core and provides a focal point for shoppers and residents alike. A hiker/biker trail will be developed along the rear of the property, eventually connecting to a county-wide trail system. First floor storefronts will be a combination of glass and
stone panel with brick accents, while upper stories are treated with a combination of brick accent and clapboard siding. The retail levels at The Village at Odenton Station have been designed for flexible subdivision into small or large bays, with store sizes from 900 to 9,000 square feet. Supported by current commuter rail parking for over 2,000 cars, a poll of Odenton commuters indicated a morning demand for a coffee shop, dry cleaner, fitness facility, pharmacy, busi-
Retail Leasing Agent
ness services, deli, banking and other financial services. A village grocer along with restaurants would complement the site. The theme will be “village retail,” providing services to the community’s residents as well as the thousands of commuters who use the Odenton commuter rail station. Residential and retail leasing at The Village at Odenton Station is expected to commence in Spring 2012. What makes this Project/Job your favorite or most unique: Andrew K. Dolben, Senior Vice President of Development at The Dolben Company, Inc., said, “We are extremely proud that The Village at Odenton Station is leading the way in carrying out Anne Arundel County’s vision for transit-oriented development. Thanks to the BRAC initiative, Odenton is experiencing rapid growth and is one of the few areas in the country where new construction is warranted.”
THE PROJECT TEAM Owner: Odenton Station, LLC Developer: The Dolben Company, Inc Architect: Daniel Ball & Associates Civil Engineer: Boyd & Dowgiallo Structural Engineer: Skarda & Associates, Inc Geotechnical Consulting: Hillis-Carnes Engineering Excavator/Demo/Underground Utilities: CJ Miller, LLC Landscape Architect Hawk Design Roofing/Exterior MetalWork: RCS Construction/ Royal Gutter Service General Contractor: Lend Lease (US) Construction, Inc. Acquisition, Development & Financing Attorney: Carney, Kelehan, Bresler, Bennett & Scherr, LLC Retail Leasing Agent: Metropolitan Management Company
Acquisition, Development, & Financing Attorney
Metropolitan Management Company, a division of Klein Enterprises, is pleased to be a member of the Dolben Company team, providing retail leasing services for The Village at Odenton Station.
DELIVERING RETAIL & RESTAURANT SPACES JMARCH ULY 2012 2012 FROM 900 TO 9,000 SQUARE FEET RESERVE A STOREFRONT TODAY! FOR INFORMATION CONTACT:
Patricia Palumbo Director of Leasing & Marketing
(410) 902-0290
EMAIL:ppalumbo@mmc-mail.com Metropolitan Management Company 11299 Owings Mills Boulevard, Suite 200 Owings Mills, Maryland 21117
www.BaltimoreShoppingCenters.com
Serving the acquisition, financing and development community 10715 Charter Drive, Suite 200 Columbia, MD 21044 410-740-4600
Washington: 301-621-5255 Washington Fax: 301-621-5273 Baltimore Fax: 410-730-7729
888 Bestgate Road, Suite 316 Annapolis, MD 21401 410-573-2001 Fax: 410-573-1171
212 West Main Street, Suite 102 Salisbury, MD 21801 410-860-1888 Fax: 410-860-1109
www.carneykelehan.com
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Mid Atlantic Real Estate Journal — Shopping Centers — Retail Design Competition — December 23 - January 12, 2011 — 9B
2011 TRANSIT-ORIENTED WINNER General Contractor
Architect Services: Architecture Master Planning Commercial Interiors Adaptive Reuse Sustainable Design Historic Preservation Compliance & Implementation Consulting
Architect for The Village at Odenton Station 2011 Transit-Oriented Winner
5513 Twin Knolls Road, Suite 216, Columbia, Maryland 21045 Phone: (410) 715 - 0408 Fax: (410) 715 - 0969 dba-arch.com
Excavator/Underground Utilities
Congratulations to The Dolben Company and The Village at Odenton Station as 2011Transit-Oriented Winner!
Lend Lease (US) Construction Inc. One Preserve Parkway Suite 700 Rockville, MD 20852 T 301 354 3100 F 301 354 3151
Proud to be Part of The Village At Odenton Station Winning Project Team www.lendlease.com
3514 Basler Road • Hamptead, MD 12107 • 410-239-4204 www.cjmillerllc.com
Roofing/Exterior Metal Work
Civil Engineer
INC
VOSB
s
WBE
s
MHIC49843
s
LICENSED
Kevin J. King
s
BONDED
s
INSURED
7807 Cessna Avenue Gaithersburg, MD 20879 M A I N (301) 947-3950 FAX (301) 947-3952 www.royalgutter.com
Principal C E L L (240) 876-0777 Kevin@royalgutter.com
Providing Roofing, Cornice and Exterior Metalwork At “The Village of Odenton Station” 2//&).' s '544%23 s 3(%%4 -%4!, s #!20%.429 s 3)$).' 5.$%2'2/5.$ $2!). !.$ $297%,, 3934%-3 2%.%7!",% %.%2'9 3/,54)/.3 s '2%%. 2//&).' !.$ 3/,!2 &!#),)49 -!).4%.!.#% !.$ 2%./6!4)/. SNOW REMOVAL
Proud to be Part of the Project Team Providing the Civil Engineering At “The Village of Odenton Station” 2011 Best Transit-Oriented Project Winner ENGINEERS, SURVEYORS & PLANNERS 7678 Quarterfield Road, Suite 201 Glen Burne, Maryland 21061 P: 410-863-1234 F: 410-863-1235 www.bndpa.com
10B — December 23 - January 12, 2011 — Retail Design Competition — Shopping Centers — Mid
Atlantic Real Estate Journal
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2011 RETAIL RENOVATION WINNER 61,000 s/f Retail Renovation
Target Building Construction Raymour & Flanigan, Inc. at Whitehall Mall successfully completed fifty projects for the retail furniture giant over the past fifteen years.
LOCATION Location: Whitehall, PA Project Name: Raymour & Flanigan Type of Project: Retail Renovation Size: 61,000 s/f Submitting Company Type: General Contractor
What makes this Project/Job your favorite or most unique?
T
arget Building Construction is near completion on a 61,000 square foot renovation for Raymour & Flanigan. Project completion is scheduled for late December with a opening date of January 6, 2012. After selective demolition Target Building Construction was able to retrofit the storefront façade to a prototypical Raymour & Flanigan design. The true challenge in this particular project was the coordination of the interior finishes in each showroom allowing the schedule to be maintained
in conjunction with work by MEP trades. Over our years of working with Raymour & Flanigan, our experienced subcontracting base was an asset in terms of understanding the phasing and necessary trade coordination to meet quality and schedule requirements. Seventy percent of our work with Raymour & Flanigan has been in store renovation projects and 30 percent in new store ground up construction.
The Borders space is now a one story showroom for Raymour & Flanigan and a mezzanine was added over the two other spaces to provide added showroom space as well. An atrium and grand staircase were added for access from the first to the second floor. The construction schedule was four months and the store’s grand opening is January 6, 2012. Raymour and Flanigan is a valued retail client for Target Building Construction which has
I think the most unique portion of this project is the fact that R&F and the design team spent a substantial amount of time planning the layout of footings for the steel, ductwork, sprinklers, light fixtures and acoustical ceiling for the 1st and 2nd floor new mezzanine around the R&F Merchandising Plan. This required the utmost cooperation and coordination of all of the trades to help correctly size columns and beams for loads, sprinklers for coverage, ductwork for airflow, and light, all to accommodate the space. Almost any other project and owner would have planned around
THE PROJECT TEAM Owner: Raymour & Flanigan, Inc General Contractor: Target Building Construction Architect: 3GHC Architects, LLC Structural Engineer: Ring Consulting Group, Inc. MEP Engineer: FX Bonnes Associates, Inc the existing structure, but with R&F, the Merchandising Plan is the end-all-beall. Since construction was planned around Merchandising, we were only given 4” +/- of tolerance to work with. This made even more of a challenge to deal with when we ran into unforeseen items. With the help of R&F, the design team, Target, and all of our subcontractors, the floor plan came together as designed.
MEP Engineer
FXB would like to congratulate Raymour and Flanigan Furniture and our project team partners on the WhiteHall Mall Raymour and Flanigan award winning project. We, at FXB, are proud to be part of the team chosen Winner in the Retail Renovation Category for the 2011 Annual Retail Design Competition. Just as this project required a high level of cooperation, coordination and expertise to deliver an award winning renovation, FXB routinely provides our clients with this level of service. FXB is celebrating 43 years of engineering excellence. FXB is a full service Mechanical, Electrical, Plumbing and Fire Protection engineering consulting firm. Professionally licensed in 26 states including the entire Mid Atlantic and East Coast States.
FX Bonnes Associates, Inc. Design and Consulting Engineers 98 Lacrue Ave. • Suite 210 • Glen Mills, PA 19342 Ph: 610-558-3464 • Fax: 610-558-3772
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Mid Atlantic Real Estate Journal — Shopping Centers — Retail Design Competition — December 23 - January 12, 2011 — 11B
2011 RETAIL RENOVATION WINNER Allentown, PA
Exeter, PA
West Deptford, NJ
Chester, PA
Building relationships through the power of people.
Preconstruction Construction Management General Contractors 1124 Chester Pike • Crum Lynne, PA 19022 610.521.3300 • www.targetbuilding.com
12B — December 23 - January 12, 2012 — Retail Design Competition — Shopping Centers — Mid
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Mid Atlantic Real Estate Journal — Shopping Centers — December 23 - January 12, 2012 — 13B
SHOPPING CENTERS
Without advertising a terrible thing happens.
Area’s largest fitness facility
Buchanan Partners welcomes 46,000 s/f As Sport & Health Clubs
G
A I N E S V I L L E , VA — As Sport & Health Clubs opens a 46,000 s/f state-of-the-art fitness center in the 100-acre Heritage Hunt mixed-use development with frontage on I-66 in Gainesville, VA, developer Buchanan Partners is planning a new groceryanchored retail center at the corner of Heathcote Boulevard and Catharpin Road. The 90,000 s/f retail center will be located adjacent to Heathcote Commons, where Ryan Homes is building 315 3-level new garage townhomes. To date, 40 homes have been built and sold, while another 20 are under construction. The community, which will feature a swimming pool and clubhouse, is expected to be built out by 2014. Office leasing and sales also have been strong throughout 2011 at Heritage Hunt. Buchanan Partners recently sold approximately 11,000 s/f of Class A office condo space in the Heritage Hunt Professional Building to Professional Automotive Relocation Services, raising that building’s occupancy to 92 percent. Buchanan has completed 11 office lease and sales transactions in Heritage Hunt since the beginning of the year, ranging from 1,342 s/f to 11,500 s/f. Based on the successful pace of leasing and sales, Buchanan plans to break ground on a new 50,000 s/f office building in 2012. The new building will be located on Heathcote Boulevard adjacent to the existing convenience retail center. The Heritage Hunt commercial development is approved for up to one million s/f of office space. Over 200,000 s/f of office space has been delivered to date. “With marked acceleration in activity from both a sale/lease and development perspective this year, we feel confident in the long term success of our walkable, amenity-rich mixeduse project at Heritage Hunt, the premier location in Western Prince William County,” said Matt Pierce of Buchanan Partners. The new Sport & Health twostory facility features a multipurpose court, lap pool and spa, dedicated areas for strength training and cardio equipment, spin studio, group exercise room, a mind-body studio, juice bar, lounge and a child care facility known as Kidz Klub. The new Sport & Health Club is located next door to the
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14B — December 23 - January 12, 2012 — Shopping Centers — Mid
Michael Kercheval President & CEO ICSC
David Henry ICSC Chairman
Metro Commercial Real DC/MD/N.VA: Estate Larry M. Spott, CDP The Rappaport Companies Government Relations Committee Chair S.VA: Michael A. F. Mozzachio Susan Jones GrubbDevelopment & Ellis Chancellor Group Government Relations Committee Chair Alliance Co-Chair PA/DE/S.NJ: Edward A. Shriver, Jr. Ed Kochman Strada Kochman Consulting Services Operations Co-Chair DC/MD/N.VA: Lynda E. Benedetto, Thomas C. Barbuti Whiteford, Taylor and SCSM Preston LLPCo. Kravco Simon S.VA: Roger Rodriguez RetailR.Co-Chair Timmons Group Roy T. Perez-Daple Lowe’s Companies Alliance Co-Chair PA/DE/S.NJ: Next Generation Chair Russel Jenkins Eric S. PenneyInc. Zamias Services CentroDC/MD/N.VA: Properties Group Patricia Palumbo Klein Enterprises Idea S.VA: Exchange Matthew L. Lafler Program Planning ComCommercial Real mittee Co-Chair Estate Services Timothy Rubin Next Generation Chair PREIT PA/DE/SNJ: Jordan Claffey Idea Exchange Centro Properties Group Program Planning ComSNJ: LindseyCo-Chair C. Floyd mittee Thalhimer Brandon Famous DC/MD/N.VA: Fameco Jarett L. Parker Kimco Corporation
Member of International Council of Shopping Centers John-david Franklin Adam Ifshin Director, Eastern Division www.icsc.org PA/DE/S.NJ
VP & Trustee
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Larry M. Spott Director, DC/MD/N.VA
Susan Jones Director, S.VA
Corner Your Market at RECon 2012 Introducing the Newly Created Marketplace Mall @ RECon
Northern NJ State Directors PA/DE/S.NJ: State Director John-david W. Franklin Steven Gartner MadisonH.Marquette
Atlantic Real Estate Journal
T
he International Council of Shopping Centers (ICSC) is creating a brand new show in a brand new location that will be part of its global retail real estate convention. In 2012, as part of its RECon Conference, ICSC will be launching the Marketplace Mall @ RECon. Strategically located in the high-traffic N1 Hall of the Las Vegas Convention Center the new Marketplace Mall @ RECon will house shopping center product and service providers, the Green Zone, a Product Demo Theatre, the Social Media/Technology Pavilion, the Specialty Leasing Showcase, the Marketplace Mall Café, a Free Wi-Fi station and RECon Registration. “The new Marketplace Mall @ RECon is a destination unto itself, separate from the Leasing Mall, and we wanted to ensure that this notion was properly conveyed,” said Michael P. Kercheval, president and CEO of ICSC. “Its not just the same old trade show, but rather a much larger and more efficient show that will have far more to offer RECon attendees. The Marketplace Mall @ RECon’s exhibitors, content, and central location are sure to make it a high-traffic destination this year,” Kercheval added. Social Media & Technology Pavilion Sure you’re on Facebook,
Twitter, LinkedIn, and Youtube, but now what? The Social Media/Technology Pavilion in the Marketplace Mall @ RECon will help get you up-to-date on these platforms ensuring that you are able to compete in the 21st century marketplace. Informative sessions on many of the different metrics as well as mobile based technologies will be offered, so stop by and see how social media and technology can impact your business or product! Surrounding the Social Media/Technology Pavilion will be exhibitors that provide the latest technology and social media solutions that help increase efficiency, improve consumer satisfaction, properly engage followers and lower cost. Green Zone It’s not easy being “green,” but ICSC’s Green Zone in the Marketplace Mall @ RECon can help you get there. The retail landscape is constantly evolving and one of the ways that it is changing is through the use of sustainable best practices. Environmentally friendly practices not only cause less drain on urban infrastructure and natural resources, but can improve the efficiency with which centers and stores operate, positively impacting owner’s bottom lines. The Green Zone in the Marketplace Mall will feature product and service providers that can show
you how to become more “green” while saving some “green” in the process! This is sure to be an area of interest as “going green” continues to be a hot issue in the industry. Specialty Leasing Showcase Looking for cart, kiosk, or temporary tenants? The brand new Specialty Leasing Showcase will house retailers, wholesalers, manufacturers and service providers from the specialty retail industry in their own section of the Marketplace Mall @ RECon. Whether you’re looking for the top specialty retail leasing managers, want to discover how specialty retailing can go global, or learn if a specialty retail product has mass appeal, it can all be accomplished at the Specialty Leasing Showcase in the Marketplace Mall @ RECon. Product Demo Theatre The Product Demo Theatre will be a great place for attendees to learn about multiple products and services in one location. Exhibitors will be presenting in 15 minute power sessions, making the Product Demo Theatre a great way to quickly get an understanding of what can be found in the Marketplace Mall @ RECon. Marketplace Mall @ RECon Café With so few dining options
available in the Las Vegas Convention Center, the Marketplace Mall Café is sure to be a popular destination for RECon attendees who want a place to relax and grab a bite to eat. With ample seating and breakfast and lunch options available, and the only free public Wi-Fi Station in the entire convention center, the Marketplace Mall Café is sure to draw a crowd. RECon Registration In addition to these special sections, The Marketplace Mall @ RECon will be the home to RECon Registration ensuring that every RECon attendee will have the opportunity to see what’s on display. The Marketplace Mall @ RECon will be open Sunday, May 20, till Tuesday, May 22. Sunday is a non-compete day with the Leasing Mall. About RECon RECon is ICSC’s global convention for the shopping center industry. It provides networking, deal making and educational opportunities for retail real estate professionals from around the world. With nearly 30,000 attendees and 1,000 exhibitors it is the largest industry convention. The RECon brand now spans four regions: North America, Asia, Middle East and Latin America. RECon; bringing together the global shopping center industry. n
ICSC 2012 Mid-Atlantic Conference & Deal Making Exciting News! This year, Retailers are being offered a FREE table and chair on “Retailer Row” for the duration of the event.
January 27th Shopping Centers featuring the 5th Annual “Mid Atlantic ICSC Show Issue” To market your companies show presence, submit an expert article, recent press releases, company announcements or project news This issue will add additional exposure at the February 22nd show Deadline: January 16, 2012 Contact Elaine Fanning: 1-800-582-1062 ext. 212 email: efanning@marejournal.com February 21-22, 2012 Gaylord National Resort & Convention Center National Harbor, MD
ICSC
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Mid Atlantic Real Estate Journal — Shopping Centers — December 23 - January 12, 2012 — 15B
SHOPPING CENTERS BUSINESS CARD DIRECTORY ENGINEERING CONSULTANT
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REAL ESTATE
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P: 212.710.9362
F: 917.591.5497
E: DKATZ@KATZPROPERTIES.COM WWW.KATZPROPERTIES.COM
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R E A L E S TA T E S E R V I C E S
President
WILLIAM F. BARGLOW Tel: 732-297-8700 Fax: 732-297-8701 Cell: 732-208-7135 878 Georges Road - Suite 6, Monmouth Junction, NJ 08852
40 S. Cedar Crest Blvd. Allentown, PA 18104 www.lehighvalleycommercial.com
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16B — December 23 - January 12, 2012 — Shopping Centers — Mid
Atlantic Real Estate Journal
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RETAIL BROKERAGE DIRECTORY Azarian Realty Co. The Azarian Building • 6 Prospect St. Suite 1B • Midland Azarian Realty Co. Park, NJ 07432 P: 201-444-9888 The Azarian Building F: • 6201-444-6655 Prospect St. www.azariangroup.com Suite 1B • Midland Park, NJ 07432 F:info@azariangroup.com 201-444-9888 F: 201-444-6655 John M. Azarian • Donna M. Azarian • Kevin www.azariangroup.com Pelio Nicole Critelli • Matt Scozzari info@azariangroup.com John M. Azarian • Donna M. Azarian • Kevin Pelio Nicole Critelli • Matt Scozzari
Coldwell Banker Commercial Bennett Williams Inc. 110 N. George Street • 4th Floor York, PA 17401 P: 717-843-5555 F: 717-843-5550 info@bennettwilliams.com Robert Behler Jr. • Bobby Traynham Dennis Neiman • Chad Stine Chris Seitz • Bradley Rohrbaugh • David Schad
Barglow Companies 878 Georges Road Monmouth Junction, NJ 08852 www.barglowcompanies.com Azarian Realty Co. P:732-297-8700 The Azarian BuildingF:732-297-8701 • 6 Prospect St. www.barglowcompanies.com Suite 1B • Midland Park, NJ 07432 F:bill@barglowcompanies.com 201-444-9888 F: 201-444-6655 William Barglow • Matthew Behr www.azariangroup.com Timothy Behr • Joanne Berardi info@azariangroup.com Harvey Snyder John M. Levine Azarian• Nicole • Donna M. Azarian • Kevin Pelio Jennifer Yacovelli Nicole Critelli • Matt Scozzari
Coldwell Banker Commercial Pennco Real Estate 1250 North 9th Street • Stroudsburg, PA 18360 P: 570-476-7711 F: 570-476-6130 email: retail@cbcpennco.com www.cbcpennco.com Spiros Bilianis, CCIM • James Fondi Teresa Mickens, CCIM • Susan Mikels Northeast Pennsylvania Experts
Calkain Companies, Inc. 11150 Sunset Hills Rd. • Suite 300 Reston, VA 20190 P: 703-787-.4714 F: 703-787-4783 Jeff Bogart • Gerald E. Burg • Jonathan W. Hipp Andrew M. Fallon • W. Douglas Wright Rick Fernandez
Colliers International – Philadelphia, PA (HQ) 399 Market St. Ste. 350 Philadelphia, PA 19106 P: 215-925-4600 F: 215-925-1040 www.colliers.com/philadelphia Michael Barmash • Despina Belsemes David Dunkelman • Michael Kahan Todd Sussman
4600 West Cypress St. • Suite 110 Tampa, FL 33607 P: 813-282-6000 F: 813.282-6098 David Sobelman • Teal M. Henderson Guenter Manczur, CCIM • Patrick R. Nutt 1521 Concord Pike (US 202) • Suite 301 Wilmington, DE 19803 P: 302-235-3017 F.: 775-667-2874 Bob Browning • Andrew M. Fallon Calkain Asset Management 200 Wheeler Rd. • 2nd Floor • Burlington, MA 01803 P: 781-694-0410 F: 781-694-0415 Richard T. Murphy Calkain Realty Advisors 11150 Sunset Hills Rd. • Suite 300 • Reston, VA 20190 P: 703-787-4714 F: 703-787-4783 Betty Learned Friant • Brian O’Hear
Capital Retail Group 1401 14th St. NW • 3rd Floor • Washington, DC 20005 P: 202-319-2884 www.capitalretailgroup.com Robert E. Tack • Michelle Tack Capital Retail Group is founded on the belief in doing a few things very well. It’s straight forward. We know commercial real estate leasing, sales and property management. We know our business.
Colliers International – Conshohocken, PA 161 Washington St., Ste. 825 Conshohocken, PA 19428 P: 610-684-1850 F: 610-684-1857 Damon DiPlacido Colliers International – Allentown, PA 7535 Windsor Dr., Ste. 208 Allentown, PA 18195 P: 610-770-3600 F: 610-770-3100 Derek Zerfass Colliers International – Harrisburg, PA 300 N. Second St., Ste. 1203 Harrisburg, PA 17101 P: 717-730-3752 F: 717-238-3299 William Aiello • George Lulos Colliers International – Mount Laurel, NJ 1317 Route 73, Ste. 109 Mt. Laurel, NJ 08054 P: 856-234-9300 F: 856-222-1115 David Dunkelman Colliers International – Wilmington, DE 300 Delaware Ave., Ste. 1018 Wilmington, DE 19801 P: 302-425-4000 F: 302-425-4700 Mark Undorf
Dietrick Group, LLC 5100 W. Tilghman St. • Suite 320 • Allentown, PA 18104 P: 610-391-8888 F: 610-391-8830 www.dietrickgroup.com Kelly L. Berfield kberfield@dietrickgroup.com Ryan C. Dietrick rdietrick@dietrickgroup.com Lucy H. Lennon llennon@dietrickgrouip.com Alfred G. Vasta, Jr avasta@dietrickgroup.com Real Estate Sales, Appraisal & Property Management
Equity Retail Brokers 101 West Elm St. • Ste. 370 • Conshohocken, PA 19428 P: 610-645-7700 F: 610-645-5454 info@equityretailbrokers.com Stuart Conston • Lee Cooper • Bart Delfiner Ed Ginn • Kathy Haines • Conrad Heckmann Ken McEvoy • Rob Samtmann • Rose Urban Brian Wherty • Rich Zeller • Gregory Jones Chris Lee • David Goodman
Fameco - Woodbridge, NJ Woodbridge Towers • 555 U. S. Hwy 1 Fameco NJ Iselin, NJ- Woodbridge, 08830 Woodbridge Towers • 555 U. S. Hwy 1 P: 732-526-9000 F: 732-526-9101 Iselin, NJ 08830 www.famecoretail.com P: 732-526-9000 F:Caparruva 732-526-9101 Tyler Bennett • Carlo www.famecoretail.com Mike Horne • Anthony Palmiotto Tyler Bennett • •Carlo Kim Kretowicz ScottCaparruva Jennerich MikeSpector Horne Scott Jennerich • Dan Spector Dan • Steven Winters Steven Winters Fameco - Philadelphia, PA Fameco - Philadelphia, PA200 1425 Walnut Street, Suite 1425 Walnut Street, Suite Philadelphia, PA 19102 200 Philadelphia, PA 19102 P: 215.557.0050 F: 215.557-0053 P: 215.557.0050 F: 215.557-0053 www.famecoretail.com www.famecoretail.com Jackie Balin • Paige Barrow Jackie Barrow MichaelBalin Gray• •Paige Eva Redette Michael Gray • Eva Redette Larry Steinberg Fameco - Plymouth Meeting, PA 633 West Germantown Pike • Suite 200 Plymouth Meeting, PA 19462 P: 610-834-8000 F: 610-834-1793 www.famecoretail.com Cathy Agnew • Brian Bruzek • Jeff Cohen Jim Creed • Scott Dennis • Brandon Famous John Fasciano • Dana Hawkins Jerry Johnson • Jon Kieserman Adam Kohler • John Krause • Jon Kushner Gary Leone • Marc Mandel • Matt Mandel Jay Miller • Steve O’Malley • David Orkin Dale Peterson • Rick Schuch Julie Tanpitukpongse • Dave Vitali Rick Weinberg ••Fred Marissa Visconsi Younkin Fred Younkin Colin Behr • Daniel Sonnentag
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Atlantic Real—Estate Journal — Shopping Centers December 23 - January 2012 — 17B Mid Atlantic Mid Real Estate Journal Shopping Centers — December 23 - — January 12, 2012 — Inside12, Back Cover B
RETAIL BROKERAGE DIRECTORY Kay Realty Services, LLC 1989 Jumping Brook Rd. Tinton Falls, NJ 07753 P:732-918-1148 F:732-918-1628 www.kayrealtyholdings.com William Klein, Broker • Developer Property Management • Leasing
KW Commercial-The James Balliet Commercial Group 40 S. Cedar Crest Blvd. Allentown, PA 18104 P:610-435-4711 Levin Management F:610-435-2800 www.lehighvalleycommercial.com P. O. Box 326 • Plainfield, NJ 07061 P:James 800-755-7194 F: 908-755-7194 Balliet, Robert Thompson, Melanie Stocker www.levinmgt.com Dr. Rex D’Agostino, Cheyenne Reiman Dale Mulartrick Jake Frantzman • Barry Greenberg Pete•Ambrosino, Heather Lynne Pina Hoel • Stan Bernstein • Dennis Larrison Christopher Milotich
Joe R. Deerin, CSM • Donna Deerin Ward 120 North Pointe Blvd., Suite 301, Lancaster, PA 17601 P: 717-569-9373 T: 800-864-2633 www.LMS-PMA.com Dave Nicholson, Blaze Cambruzzi, Michael Boden, SCSM, Chad Ward, Blake Gross, Joe Spagnola, CCIM Ted Hummel, CCIM, e-pro, Wilay Boensch
Madison Marquette 1717 ArchS.St. • Suite 3930 David Feldman Philadelphia, PA 19103DC Office Regional Manager – Washington Special Assets Services – Regional Director Joseph D. Morris 7200 Wisconsin Ave. • Ste. 1101 • Bethesda, MD 20814 P: 215-399-4186 P: 202-536-3700 F: 202-536-3710 www.marcusmillichap.com John-david W. Franklin SCLS P: 215-399-5606 Danny Brooker, Josh Feldman, Brandon Jenkins, Kirk Knight, Ed Laycox, Nathan Pealer, Rudolph Rueda, Peter Snell
David S. Feldman Regional Manager – Washington DC Office Special Assets Services – Regional Director Michael J. Fasano Wisconsin • Ste. Manager 1101 Vice7200 President and Ave. Regional Bethesda, 20814Park, NJ 07407 611 River Dr. • 4th Floor • MD Elmwood P: 202-536-3700 201-582-1000 F: 202-536-3710 201-582-1010 www.marcusmillichap.com Danny Brooker, Josh Feldman, Brandon Jenkins, Kirk Knight, EdZoltek, Laycox,David Nathan Pealer, Rudolph Urszula E. Thurston, Rueda, Peter Snell David Cafiero Michael Lombardi, Greg Babaian, Michael J. Fasano Vice President and Regional Manager 611 River Dr. • 4th Floor • Elmwood Park, NJ 07407 P: 201-582-1000 F: 201-582-1010 www.marcusmillichap.com Urszula Zoltek, David E. Thurston, Michael Lombardi, Greg Babaian, David Cafiero Spencer Yablon Spencer Yablon Manager Vice President and Regional Vice President and Regional Manager 101 West Elm Street • Suite 600 • Conshohocken, PA 19428 101 West Elm Street • Suite 600 • Conshohocken, PA P: 215-531-7000 19428 F:215-531-7010 P: 215-531-7000 www.marcusmilllichap.com F:215-531-7010 www.marcusmilllichap.com Derrick Dougherty, Matt Gorman, Derrick Jordan Dougherty, Matt Gorman, Andy Kaplin, Muchnick, Chris Munley, Kaplin,Michael JordanShover, Muchnick, Munley, Brad Andy Nathanson, MarkChris Taylor, Dean Zang Brad Nathanson, Michael Shover, Mark Taylor, Dean Zang
Metro Commercial – Mt. Laurel, NJ 303 Fellowship Rd • Suite 202 • Mt. Laurel, NJ 08054 P: 856-866-1900 F: 856-866-1611 Brandon Anapol • Brent Barbehenn • Dan Brickner Rob Cooper • Mark Gerlach • Perry GraBois Tom Londres • Lauren McDermott • Pete Nicholson Kurt Rumley • Paul Rumley • George Wisnoski Metro Commercial - Conshohocken, PA Eight Tower Bridge • 161 Washington St. • Suite 375 Conshohocken, PA 19428 P: 610-825-5222 F: 610-825-5156 Phil Azarik • Joe Dougherty • Donna Drew • Steve Gartner • Brian Goodwin • Randy Hope Glenn Marvin • Mike Murray • Steve Niggeman Roy Perez-Daple • Aaron Repucci Metro Commercial - Center City 123 S. Broad St. • Suite 1835 Philadelphia, PA 19109 Michael Gorman • Steve Gartner
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NAI Keystone Commercial & Industrial, LLC Exeter Ridge Corporate Center • 3970 Perkiomen Ave. • Ste. 200• Reading, PA 19606 P: 610-779-1400 F: 610-779-1985 John Buccinno • Bryan Cole • Steve Willems
Remco Realty Group 525 MIlltown Rd. • Ste. 101 • North Brunswick, NJ 08902 P: 732-253-0888 F: 732-253-0887 www.remcorealty.net Peter Gallicchio, Owner/President Nicole Zeller - Christopher Virgo - Brian Heller Joseph Marino – Mark DiGiovanni
R. J. Brunelli & Co. 400 Perrine Rd. • Suite 405 • Old Bridge • NJ 08857 P: 732-721-5800 F: 732-721-9241 www.njretailrealty.com Richard J. Brunelli • William A. Lenaz Carl J. Minue • Martin Yaged • John Lenaz Ron DeLuca • Edward Abaid Danielle Brunelli-Albrecht • Michael Murphy Assunta Spedaliere
Rock Commercial Real Estate LLC 221 W. Philadelphia • St. Suite 19 • York, PA 17401 www.rockrealestate.net Ryan Myers, CCIM, • Larry O’Brien, CCIM Benjamin Chiaro, CCIM • Cami Spiridonoff, CPM David Bode, CCIM, SIOR • Dave Keech, CCIM, SIOR Jason Turnbull, CCIM • Kevin Hodge, CCIM Michael Katz, CCIM • Russ Bardolf, CCIM Ted Turnbull, CCIM
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B Back Cover — December 23 - January 12, 2012 — Shopping Centers — Mid
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CONTRACTORS, OWNERS & MANAGERS Section C of the Mid Atlantic Real Estate Journal
Sustainable features include motion sensor lighting and efficient plumbing fixtures
Dermody Properties announces LEED Silver Certification of Penn Jersey’s corporate HQ
P
H I L A D E L P H I A , PA — Dermody Properties, parent company of DP Partners, has announced that the Penn Jersey (PJP) corporate headquarters and distribution center completed in Philadelphia James Mascaro in April 2011, has achieved LEED (Leadership in Energy
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and Environmental Design) Silver Certification from the U.S. Green Building Council (USGBC). LEED Certification is awarded for buildings that are energy efficient and environmentally sustainable in design and operation. The PJP facility received LEED Silver Certification because of its sustainable features that reduce energy consumption through the use of motion sensor lighting, efficient plumbing fixtures and its capacity to regulate 100 percent of storm water on-site in order to reduce pollution caused by runoff. The building is designed to achieve an energy savings of 40 percent and a water use savings of more
than 35 percent. Dermody Properties believes in sustainability through superior design and materials to achieve energy efficient and environmentally conscious facilities for its clients, as demonstrated when developing the 255,336 s/f corporate headquarters and distribution center for PJP. The LEED Certification of the PJP corporate headquarters and distribution center is the fifth LEED Certified project for Dermody Properties. As an active member and supporter of the USGBC, Dermody Properties has developed 2.2 million s/f of LEED Certified projects in the past three years with a team of LEED-Accredited Professionals (LEED-AP). All of these buildings are 100 percent occupied. “I want to praise Dermody Properties for the LEED Silver Certification designation for the Penn Jersey corporate headquarters,” said Philadelphia Mayor Michael A. Nutter. “Environmentally conscious and energy efficient buildings are crucial for a more sustainable future. The City of Philadelphia encourages private enterprises to be eco-friendly as we work to become the greenest City in America.”
“It is important to Dermody Properties to help build better businesses through green initiatives and environmentally aware practices,” said James Mascaro, LEED-AP and development director for the Eastern Region office of Dermody Properties. “The importance of LEED certified projects is significant because of the reduced impact on the environment and the local community. Building to LEED rating system standards provides better facilities for our clients and for the environment.” Dermody Properties implements conscientious site design in order to reduce the impact on the land and environment around a facility by using recycled materials as well as water and energy efficient systems to reduce use. Dermody Properties also uses natural lighting and temperature-control systems to improve indoor air quality to promote employee well being and increase productivity. “We would like to thank Penn Jersey for allowing us to work with them on their impressive corporate headquarters and distribution center,” said Michael Dermody, CEO/chairman of Dermody Properties. ■
In Monmouth Junction, New Jersey
Cassidy Turley secures industrial property management assignment MONMOUTH JUNCTION, NJ — Cassidy Turley, a commercial real estate services provider in the U.S., announced that the firm has won a property management assignment for a 125,728 s/f industrial property. The property, close to exit 8A on the New Jersey Turnpike, includes two multi-tenant buildings and is 100 percent occupied. Senior VP of property management Terry Frassetto led the Cassidy Turley team discussions with ownership which resulted in winning the new
assignment. “This is a new client for our firm and we are very excited about the opportunity,” said Frassetto. “Cassidy Turley is continuing to expand and develop its property management division by leveraging our national platform to provide outstanding services to our clients.” The firm will provide general property management services for owner My Tree Realty, LLC, which recently acquired the site. My Tree Realty, LLC is a Tris Pharma affiliate. Tris Pharma is a rapidly growing
specialty pharmaceutical company and the property’s largest tenant. Cassidy Turley manages more than 455 million square feet, domestically and internationally. The property management division concentrates on the areas of building maintenance and engineering management, accounting and financial reporting, leasing, market research, sustainability consulting, project and development services, contract and vendor management, lease compliance and administration, and tenant retention. ■
C Inside Cover — December 23 - January 12, 2012 — Contractors, Owners & Managers — Mid
Atlantic Real Estate Journal
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Mid Atlantic Real Estate Journal — Contractors, Owners & Managers — December 23 - January 12, 2012 — 1C
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2C — December 23 - January 12, 2012 — Contractors, Owners & Managers — Mid
Atlantic Real Estate Journal
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Smith-Midland Corporation awarded GSA FAS schedule
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IDLAND, VA — SmithMidland Corporation (SMC), one of the leaders in the precast concrete products industry, announced that the U.S. General Services Administration’s (GSA) Federal Acquisition Service (FAS) awarded SMC a Multiple Award Schedule (MAS) contract under Schedule 56, which addresses precast concrete EASI-SET, EASI-SPAN and Restroom buildings. SMC’s new GSA Schedule contract number is GS-07F-0025Y. With this new GSA schedule, government customers will have direct access to SMC’s precast concrete buildings which are pre-engineered, virtually maintenance free, secure and can be installed within hours instead of weeks that traditional constructed buildings would take. “SMC’s presence on the GSA schedule will allow more government agencies to take advantage of our precast concrete buildings,” said Matthew Smith, SMC’s VP of sales and marketing. “SMC has a long history
Precast Concrete building of providing federal agencies with the highest quality precast concrete buildings backed with superior service.” Smith-Midland Corporation (DE) is a publically traded company. Smith-Midland (VA) develops manufactures and sells a broad array of precast concrete products for use primarily in the construction, transportation and utilities industries. SMC has two manufacturing facilities located in Midland, Virginia and Reidsville, North
Professional Women in Construction presents Hospitality Forum in N.Y.C NEW YORK, NY — “We feel that New York City fundamentals are excellent. The market remains strong…. and occupancy is very good,” said Naomi Mirsky, director of capital projects, finance, Denihan Hospitality Group, echoing the positive prognosis for the hospitality industry in Manhattan --and beyond – as expressed by the speakers at the Hospitality Forum recently presented by Professional Women in Construction (PWC). Lois Weiss, real estate reporter for The New York Post, originated PWC’s series of
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forums and reprised her role as moderator for the breakfast program at the General Society of Mechanics & Tradesmen in New York City. The strategy of Denihan, a third generation business that owns and/or manages 13 high-end boutique hotels in NYC, Chicago, Washington DC and Miami, is “To invest and grow into key U.S. urban centers” said Mirsky. With “key strengths in the Manhattan market,” the firm owns/manages such Big Apple hotels as The Surrey; Affinia Shelburne; James SoHo; The Benjamin; and Affinia Manhattan. ■
Carolina. Easi-SetWorldwide, a whollyowned subsidiary of Smith-Midland Corporation (DE), licenses the production and sale of SMC developed products around the world. ■
Contractors, Owners & Managers 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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Section Publisher Joe Christman jchristman@marejournal.com
Section Editor Karen Vachon kjoy@marejournal.com
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Mid Atlantic Real Estate Journal — Contractors, Owners & Managers — December 23 - January 12, 2012 — 3C
MAREJ COM Served as general contractor for the final phase
Stalco Construction converts NY town hall into museum
A
BYLON, NY – Stalco Construction completed an extensive renovation and expansion of the old Babylon Town Hall in Babylon, NY, originally erected in 1917. The project converted the landmark structure listed on the National Register of Historic Places into the Town of Babylon History Museum at Old Town Hall. According to Stalco Construction principal Kevin Harney, “Stalco performed the final, $700,000 phase of the restoration, which encompassed construction of a two-story, 800 s/f addition that houses a lobby and a hydraulic elevator, interior restorations within the original, historic structure and construction of the museum’s exhibition space.” Stalco Construction served as general contractor for the final phase of the restoration. The project team also included historic restoration consultant and construction manager Historic Construction Management Corp. (HCMC); structural engineer SDG Engineering LLC; and Mechanical/Plumbing/Electrical engineer Sidney B. Bowne & Son, LLP. HCMC lead the entire restoration investigation and design throughout a five-year, phased renovation and expansion process. “The old town hall building underwent a multi-phased restoration. The initial phase encompassed the complete historic assessment and treatment recommendations for the structure, followed by an extensive exterior restoration,” recalled HCMC principal Joel Snodgrass. “The final, second phase included construction of a historically sensitive addition, selected interior renovations, restoration/installation of museum spaces, and ADA compliance improvements.” The crews removed a section of the town hall’s wall and reused the brick to erect the addition, which is adjacent to the original building. The addition’s lobby opens into the lobby of the old town hall. “Due to the location and historic value of the old town hall, the preservation design process was highly complex. It was formulated to architecturally harmonize the addition with the original building and to blend historic materials and old spaces with the new ones,” adds Snodgrass. ■
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4C — December 23 - January 12, 2012 — Contractors, Owners & Managers — Mid
Atlantic Real Estate Journal
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ABC EPA Chapter objects to Philadelphia PLA Ordinance
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AST NORRITON, PA — Associated Builders and Contractors Eastern Pennsylvania Chapter, Inc. (ABC), opposes the executive order issued yesterday by Philadelphia Mayor MiJeff Zeh chael A. Nutter re-establishing the use of anti-competitive and costly union-favoring governmentmandated project labor agreements (PLAs) on city projects in excess of $5 million. ABC objects to the use of government-mandated PLAs on any taxpayer-funded construction project. “Mayor Nutter’s executive order is discriminatory and costly. Government-mandated PLAs effectively preclude a majority of qualified contractors and their local employees from building construction projects funded by their tax dollars,” said Jeff Zeh, president and CEO of ABC. “PLAs are only promoted by construction trade unions and their allies in an effort to end open, fair and competitive bidding, thereby
providing unions with a workforce monopoly on construction projects. “This is nothing more than play to pay politics at its best in Philadelphia,” Zeh said. “The public should hold the Mayor and new Advisory Committee on PLAs accountable for any PLA mandates as these schemes will undoubtedly restrict competition, increase costs and unfairly cater to narrow special interests.” According to Bureau off Labor Statistics data, 80 percent of construction employees in Pennsylvania elect not to join a union while only 20 percent belong to a union. PLAs are pre-hire contracts that require projects be awarded only to contractors and subcontractors that agree to the following conditions, which effective limits the pool of qualified bidders to only union contractors: Recognize unions as the representatives of their employees on a project. Use the union hiring hall exclusively to obtain workers. Obtain apprentices exclusively from union apprenticeship programs. Force merit shop employers to pay into underfunded union
benefit plans without the opportunity for their employees to receive benefits from these plans unless they join a union and become vested. Follow costly, restrictive and inefficient union work rules. Force workers to pay union dues and fees. The bottom line is that government-mandated PLAs reduce competition, are costly and prevent taxpayers from getting the best possible product at the best possible price, while discriminating against the majority of qualified area contractors and their skilled construction employees. Learn more about PLAs at TheTruthAboutPLAs.com. ABC Eastern Pennsylvania Chapter represents more than 15,000 Merit construction employees who work for more than 500 member companies. ABC was founded on the belief that construction projects should be awarded on merit to the most qualified and lowest responsible bidder. Nationally, Associated Builders and Contractors is comprised of 75 chapters representing more than 23,000 merit shop construction and construction-related firms with nearly two million employees. ■
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Mid Atlantic Real Estate Journal — Contractors, Owners & Managers — December 23 - January 12, 2012 — 5C
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6C — December 23 - January 12, 2012 — Contractors, Owners & Managers — Mid
Atlantic Real Estate Journal
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GREEN BUILDINGS Altman, Stouffer and Fisher of Cassidy Turley represented the lessor
Skanska signs first lease at Arlington’s first LEED Platinum development
W
ASHINGTON, DC — Skanska USA’s commercial development business unit in Washington, D.C. announced that it has secured the first lease at the project known as 1776 Wilson Boulevard with the National Association of Chain Drug Stores. The National Association of Chain Drug Stores (NACDS) represents traditional drug stores, supermarkets, and mass merchants with pharmacies – from regional chains with four stores to national companies. They will occupy 21,605 s/f on the second floor beginning in October of 2012. Skanska USA Commercial Development acquired the site in May of 2010, and is self-financing 100 percent of the development costs. The project is on track to
1776 Wilson Boulevard deliver in Summer 2012 and will be the first completed LEED Platinum building in Arlington. “We are seeing really strong activity in the market, particularly for such a sustainable property with a great amenity base and proximity to transit,” said Rob Ward,
executive vice president and regional manager of Skanska USA Commercial Development in Washington D.C. “We are thrilled to be welcoming an organization like NACDS as our first tenant in the building.” The class A sustainable mixed-use building, located
in the Rosslyn-Ballston Corridor, is situated on 45,500 s/f of land and will consist of 108,000 rentable square feet of virtually column-free office space, and 26,000 s/f of ground-level retail space. In addition, there will be 231 spaces of below-grade parking. The building will be five floors above-grade on Wilson Boulevard and three floors above-grade on Clarendon Boulevard with high-ceilinged retail on the ground floor on both streets. The project includes an extension of North Quinn Street along the western side of the site that connects the street from Wilson Boulevard to Clarendon Boulevard, breaking up the now existing megablock. “Working with a true leader in the area of LEED Certified buildings is one of the
many exciting aspects of this move,” said NACDS president and CEO Steven Anderson, IOM, CAE. “It is said correctly that a trade association should reflect its membership, and NACDS certainly is doing that here. From fostering safe drug disposal, to pioneering green store design concepts, to designing innovative product packaging, NACDS members are leaders in environmentally sound and sustainable practices. This new building will present a vivid and constant reminder of these important initiatives.” Richard Rome and Alexandra Hunihan of Studley, Inc. represented the National Association of Chain Drug Stores. Michael Altman, Spencer Stouffer and Avi Fisher of Cassidy Turley represented Skanska. ■
High Hotels’ SpringHill Suites earns EPA’s ENERGY STAR EWING,NJ — Lancaster, PA based High Hotels Ltd.’s SpringHill Suites earned the Environmental Protection Agency’s ENERGY STAR certification. It is one of 15 hotels in the state of New Jersey that currently holds ENERGY STAR certification, according to the ENERGY STAR website directory. Additionally, the hotel’s owner, High Hotels, is recognized as a Green Plus-certified company, the Institute for Sustainable Development’s highest level of recognition for triplebottom-line sustainability. “High Hotels will continue its commitment to providing environmentally conscious options for our guests through a robust strategy of reducing impact on the environment,” said Frank McCabe, President of High Hotels. “We looking forward to continuing to grow the number of facilities in our portfolio that qualify for Energy Star certification,” McCabe said. An ENERGY STAR certified facility meets strict energy performance standards set by EPA, using less energy and causing fewer greenhouse gas emissions than its peers.
SpringHill Suites
Energy use in commercial buildings and manufacturing plants accounts for nearly half of all energy consumption in the U.S. at a cost of over $200 billion per year, more than any other sector of the economy. Commercial and industrial facilities are also responsible for nearly half of U.S. greenhouse gas emissions which contribute to climate change. To qualify for the ENERGY STAR, a building or manufacturing plant must earn a 75 or higher on EPA’s 1-100 energy performance scale, indicating that the facility performs better than at least 75 percent of similar buildings nationwide. The ENERGY STAR energy performance scale accounts for differences in operating conditions, regional weather data, and other important considerations. High Hotels Ltd., an affiliate of High Real Estate Group LLC and a Green Plus-certified company, owns and operates eleven hotels in York, Lancaster (2), Harrisburg (2), Reading, and Wilkes-Barre, Pennsylvania; Middletown, New York (2); Annapolis, Maryland, and Ewing, New Jersey. ■
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Mid Atlantic Real Estate Journal — Contractors, Owners & Managers — December 23 - January 12, 2012 — 7C
GREEN BUILDINGS By Deborah Hollander, Esq., Sheak & Korzun, P.C.
Contracting for the construction of a LEED project
T
hrough its “LEED” Program, the United States Green Building Council formally evaluates a construction or development project for its environmental features across eight c a t e g o r i e s Deborah Hollander and awards certifications. LEED establishes both “prerequisites” and “credit” options for a project to reach certification. If the owner intends to seek LEED certification, its planning should include budgeting, scheduling and contract terms to address the particular construction stage issues which will arise in a LEED Project. Specifications for LEED Construction Practices LEED points and pre-requisite categories encompass the contractor’s construction practices, including anti-erosion measures, reusing materials, recycling waste from construction and securing materials and services from local or regional sources (so as to minimize transportation costs and energy used in transportation). Construction supplies, particularly carpentry materials, should be protected on site against moisture to prevent mold. Good contractors already implement some “green” practices to comply with regulations and to reduce costs. Contractors will often salvage materials ranging from copper piping to valuable finishes for recycling or resale. Efficient contractors avoid excessive fuel and heavy equipment use by minimizing hauling cycles. Typically, these fall within the “means and methods” of the contractor and are not set forth in the specifications. However, there is a difference between a contractor’s recycling and other practices, as its own means, and being required to strictly carry out such practices and then submit documentation upon them. Therefore, supplement specifications should detail what environmental construction practices must be carried out and how they should be documented. Structuring the Role of the Commissioning Agent
LEED requires the designation of a “Commissioning Agent” who reports directly to the owner on the design, construction and testing of the HVAC, domestic hot water, lighting and window systems. On projects of more than 5000 square feet, this agent must be independent of the architect and the contractors. The LEED criteria is vague on how much authority this Commission Agent should exercise. The construction, design and consulting contracts, however, should specify whether the Commissioning Agent has final authority (and the ability to bind the owner) over the design, construction, change orders and directives
for these systems. Scheduling Concerns LEED emphasizes integrating the design of different building components from the start to maximize resource efficiency. Early attention to these issues can eliminate conflicts between structural design and building system designs, often a major source of delay and change orders. However, other factors may increase the potential for delay. By emphasizing innovative technology, and “green sourcing,” a LEED design or project can severely limit the number of sources for critical path items, or of subcontractors familiar with particular installations. Some technologies are currently available
only from European companies. The scarcity and distance of sources may result in having to order and (pay for) significant components much earlier than in traditional construction. If for some reason, the initial source fails to deliver on time, the contractor has fewer options to quickly replace those sources. This creates a potential for project delays. Ideally, a project should be planned with as much “float time” in its schedule to minimize the impact of such disruptions. Budgeting The owner should pre-qualify bidders or negotiate with firms experienced in green construction. While proponents argue green construc-
tion ultimately saves money, owners should not expect those savings to be realized in the construction bids. Even in a depressed market, owners asking contractors to undertake additional tasks, and utilize special materials, should expect to pay accordingly. A contractor whose price does not reflect this additional work, may prove unable to meet its obligations, ultimately, to the detriment of the owner and the potential LEED certification. Deborah Hollander, Esq. holds a certificate in Construction Management. Sheak & Korzun, P.C.,’s attorneys practice in D.C., New Jersey, New York and Pennsylvania. ■
ATTORNEYS AT LAW
Admitted in New Jersey, New York, Pennsylvania and the District of Columbia
8C — December 23 - January 12, 2012 — Contractors, Owners & Managers — Mid
Atlantic Real Estate Journal
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GREEN BUILDINGS At 43rd Annual Dinner & Awards
Avidan Management receives Environmental Award from PlanSmart New Jersey
E
LIZABETH, NJ — Avidan Management, one of the region’s foremost owners and managers of industrial and commercial real estate, announced that PlanSmart New Jersey recognized the firm for its ongoing commitment to the environment and sustainable development in New Jersey. The independent, non-profit planning and research organization presented Avidan with an Environmental Achievement Award dur-
ing its 43rd Annual Dinner and Awards on November 9 at the Hyatt Regency-New Brunswick. Earlier this year, Avidan completed the installation of a 4.26-megawatt solar electric system at its refrigerated distribution facility at 145 Talmadge Road in Edison. At 17 acres and 17,745 solar panels, the system was the largest rooftop-mounted solar panel installation to have been completed in the entire country at the time.
“PlanSmart New Jersey is making a positive impact through advocacy of responsible land use and planning, and we consider it a tremendous honor that the organization has chosen to recognize Avidan,” said Avi Avidan, Managing Member of Avidan Management. “A cornerstone of our company’s approach to responsible business practices has always been to maintain awareness of the impact of our facilities on the environment, and we encourage other businesses
to consider sustainability when making business decisions.” The solar electric system at Avidan’s Edison facility will produce more than 5 million kilowatt hours annually -- enough to service about half of the power needs of the building’s multiple tenants, which utilize the facility as office space and for the storage of dry goods and refrigerated and frozen foods. In the first month after installation, the system
reduced electrical costs by 70 percent at the building. In order to meet the goal of reducing energy consumption by 30 percent, Avidan Management invested an additional $4 million in energy efficiency measures at the site. Avidan thanked project collaborators Solar World and Solar Nation, as well as the Board of Public Utilities, PSE&G, and numerous other state and local officials for their contributions toward completing the monumental project. ■
AKRF celebrates 30th Anniversary
Tired of being held hostage by your energy costs? For over 26 years, we at Aegis Energy Services have helped hundreds of customers reduce their energy costs by installing our highly efficient Combined Heat & Power systems. Building owners and operators can take full advantage of this green, energy-saving technology without any capital cost through our Shared Savings Program. Free energy analysis - call us today to see how much you can save with Aegis.
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NEW JERSEY — AKRF, Inc. is proudly celebrating its 30th anniversary as one of the Northeast’s leading environmental, engineering and planning consultants. Founded in New York in 1981, AKRF has expanded over the past 30 years to include offices in New Jersey, White Plains, Long Island, Baltimore/Washington DC and Connecticut. With a staff of nearly 200 planners, engineers, scientists and other environmental professionals, the firm has provided assessments of thousands of projects for public and private sector clients. “In the 30 years since AKRF was founded, we have consistently strived to provide outstanding service to our clients throughout the Northeast,” said Edward Applebome, president and CEO of AKRF. “I am proud of both the success we have achieved and the reputation we have built. Our staff has helped us achieve these results with its skill, professionalism and dedication.” Initially specializing in environmental impact assessments, AKRF has grown into a multidisciplinary firm with practice groups focusing on acoustics, noise and vibration; air quality; climate change; cultural resources; economics; geographical information systems (GIS); landscape planning and design; municipal and regional planning; natural resources; permitting and compliance; site assessment and remediation; site/civil engineering; traffic and transportation; and water resource management. ■
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Mid Atlantic Real Estate Journal — Contractors, Owners & Managers — December 23 - January 12, 2012 — 9C
SmArt SAviNgS‌
By DESigN As a valued design partner, you can take a whole-building approach to your clients’ energy projects with Pay for Performance from New Jersey’s Clean Energy Program. How? Start by qualifying to become an approved Pay for Performance program partner. Then you can create the energy reduction plans that earn your large-scale clients substantial financial incentives and energy savings that radically slash their utility bills. Best yet? The more energy your clients save, the more incentives they earn‌up to $2 million per project plus another $1 million on Combined Heat & Power (CHP) installations.
Financing Now Available from NJ EDA The Economic Development Authority is offering revolving loan funds to Pay for Performance participants, allowing your clients to finance up to 80% of their energy savings measures at interest rates as low as 2%.
To learn more, visit NJCleanEnergy.com/ALLY or call 866-NJSMART to speak with a program representative. NJ SmartStart BuildingsÂŽ is a registered trademark. Use of the trademark without permission of the NJ Board of Public Utilities is prohibited.
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10C — December 23 - January 12, 2012 — Contractors, Owners & Managers — Mid
Atlantic Real Estate Journal
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U. S. Green Building Council, NJ Chapter Letter from the Executive Director Dear Friends and Colleagues, As the year of 2011 ebbss, we reflect upon the events, challenges and accomplishments of the past year. Clearly, the times have tested our resolve to overcome economic and worldwide challenges of peace and politics that have impacted both our personal and professional lives. It has become apparent that there is a new emerging economy, largely centered on energy efficiency and the supply chain that surrounds and serves this initiative. A real barometer of this trend is the growing number of states and municipalities that have and continue to adopt ordinances and policies on both a statewide and local level. In reviewing the most recent statistics, the Northeast weighs in as follows relative to Green Building Ordinances, largely LEED® based. To see the complete National Detail please visit: http://www.usgbc.org/DisplayPage.aspx?CMSPageID=1852#MD
BOARD OF DIRECTORS CHAIR Anastasia Harrison, AIA, LEED AP Gannett Fleming, Inc. VICE CHAIR William G. Lashbrook III PNC Real Estate TREASURER Ed Seliga Advanced Solar Products, Inc. SECRETARY Wayne D. DeFeo, LEED AP DeFeo Associates PAST CHAIR William Amann, P.E., DCEP, LEED AP M & E Engineers, Inc DIRECTORS David Cardella Cardella Waste Services RJ Donnelly, LEED AP Donnelly Industries, Inc. Nicholas Fabbroni, LEED AP UMDNJ Bill Gates, LEED AP BD&C Hunt Construction Gerard Hazel, LEED AP, HBDP Sustainable Systems, LLC Rey Montalvo Consolidated Energy Design Joe Porrovecchio, LEED AP, CRM Carbon-Key, LLC Paul Qvale, LEED AP Hillmann Group Lisa San Filippo, AIA, LEED AP, BD&C Turner Construction Co. Faith Taylor Wyndham Worldwide Andrew Topinka, CPMR Technical Group Services, Inc Gregg Woodruff, PP, AICP, LEED AP, BD&C Langan Engineering & Environmental Services, Inc.
FLORENCE BLOCK A snapshot of our region: Connecticut: Statewide + 6 Municipal Ordinances Delaware: 3 Municipal Ordinances Maryland: Statewide + 14 Ordinances New Jersey: Statewide + 19 Ordinances New York: Statewide + 32 Ordinances New Hampshire: 4 Ordinances Rhode Island: Statewide + 1 Ordinance Massachusetts: Statewide + 9 Ordinances Washington DC: District Wide Pennsylvania: Statewide + 16 Ordinances Virginia: Statewide + 10 Ordinances Additionally, according to the USGBC Real Estate Roundtable, employment in Green Professions and Technologies and their related supply chains are projected to add 114,000 jobs in the upcoming year. For details visit: https://www.usgbc.org/ShowFile.aspx?DocumentID=10540 One way in which each of us can have a voice to impact the Green Economy and Green Building Industries is to become involved in the USGBC-NJ and join a committee of your interest. Our current year elections have come to a close (our new board will be announced on 12/31) but your vote in future board elections is key in setting our direction in Chapter governance. To see a complete committee list please visit: www.usgbcnj.org/committees and www.usgbcnj.org/branches. On behalf of the USGBC-NJ Board of Directors, Staff and Membership we wish you and your families a happy, healthy, and prosperous Holiday Season & New Year filled with peace.
Florence Block LEED Green Associate Executive Director USGBC NJ Citations: U.S. Green Building Council, Making the Business Case for High-Performance Green Buildings (Washington, D.C.: U.S. Green Building Council, 2002); Green Building Through Integrated Design (Jerry Yudelson, Green Source / McGraw-Hill Construction, 2009)
Chapter Events 1/9/12 – USGBC-NJ North Branch Presents: Introduction to the International Green Construction Code (IGCC).
For details on all USGBC-NJ events, visit http://www.usgbcnj.org/
EXECUTIVE DIRECTOR Florence Block, LEED Green Associate
Number of New Jersey chapter members:
964
Number of USGBC member Companies in NJ:
357
GENERAL COUNSEL Harry E. McLellan, Esq, LEED Green Associate McLellan & Associates, LLC
Number of LEED Accredited Professionals in NJ:
3155
Number of LEED registered projects in NJ:
400
Number of LEED certified projects in NJ:
142
MAREjournal.com
Mid Atlantic Real Estate Journal — Contractors, Owners & Managers — December 23 - January 12, 2012 — 11C
GREEN BUILDINGS From U.S. Environmental Protection Agency
CBRE announces Morris Corp. earns Energy Star
S
ADDLE BROOK, NJ— CBRE, New Jersey’s largest commercial real estate brokerage firm, announced that Morris Corporate Center 1, located at 300 Interpace Parkway in Parsippany, N.J., has earned the U.S. Environmental Protection Agency’s prestigious Energy Star recognition, the national symbol for superior energy efficiency and environmental protection. The site is now included on the Energy Star registry, which lists buildings that are leaders in energy efficiency. To qualify for the Energy Star certification, a building or manufacturing plant must earn a 75 or higher on the Environmental Protection Agency’s 1-100 energy performance scale, indicating that the facility performs better than at least 75 percent of similar buildings nationwide. Commercial buildings that
earn Energy Star recognition use 35 percent less energy and generate 35 percent fewer greenhouse gas emissions than similar buildings across the nation. “The commercial real estate industry knows the importance of the Energy Star rating because energy use in commercial buildings and manufacturing plants currently accounts for nearly half of all energy consumption in the nation and costs over $200 billion each year,“ stated Brian. J. Godau, Vice President, CBRE Brokerage Services. “Tenants are seeking out properties such as Morris Corporate Center 1 because they know such properties are high quality and provide the most energyefficient space available on the market today.” The building is part of Morris Corporate Center 1 and 2, a premier 520,000-square-foot Class A office campus located
in the highly desirable Parsippany office market. The campus recently underwent an extensive capital improvement program that cost more than $5 million. It included adding new common areas and a lobby, putting green, HVAC upgrades, and a green initiative with energy-efficient HVAC rooftop units and roofs. Morris Corporate Center 1 and 2 is strategically located at a four-way interchange off I-80 in Parsippany, less than a mile from the intersection of Interstate 287 and Routes 46 and 202. The campus is also conveniently located near New York City and Newark Liberty International Airport. Situated on a 31-acre campus, the park’s amenities include a pond, gazebo, onemile walking/jogging path, executive covered parking, two cafeterias, fitness center, ATM, on-site management and security. ■
Jones Lang LaSalle launches first global smart-building cloud-based portfolio management solution CHICAGO, IL — Jones Lang LaSalle announced that it has launched IntelliCommand™, the industry’s first integrated building management solution that combines cloud-based, smart-building technology with a world-class team of engineering and operations professionals to enable 24/7, real-time remote monitoring and control of facilities and portfolios worldwide. As an industry leader in facility and property management, providing services to more than 250 major corporations totaling 1.8 billion s/f of real estate globally, Jones Lang LaSalle wanted to create a solution
that combined smart technology with building operations expertise and facility management execution.The IntelliCommand portfolio management system leverages leading-edge technology from Pacific Controls to enable 24/7 real-time monitoring and control to deliver seamless solutions for worldwide portfolios from a central location. IntelliCommand’s continuous commissioning feature monitors performance of building systems and equipment, from HVAC to air compressors, to ensure that all systems operate at peak efficiency individually and in combination with one another, fully
leveraging and integrating Jones Lang LaSalle’s robust integrated facilities management delivery platform.IntelliCommand is powered by Pacific Controls, the leading provider of ICT-enabled managed services and converged engineering solutions for buildings and infrastructure projects globally.When IntelliCommand detects an anomaly that cannot be automatically adjusted, it alerts on-site engineers or deploys resources to address specific problems, and also often diagnoses the problem to make resolution by facility managers easier and faster.To watch a video of IntelliCommand at work. ■
Customized Energy Reduction Plans • MEP/FP engineering including LEED • Building Commissioning including LEED • Energy engineering / audits / energy modeling • NJ Pay For Performance Partner / Carbon Abatement Program partner • PA Act 129 vendor • Federal Energy Tax Incentive partner • Infrared Testing • ASHRAE High Performance Buildings CertiÄed • Building Information Modeling (BIM) • MBE/SBE certiÄcation Contact: Jeff Gilbeaux P: 856-988-1890 Email: info@gilbeauxassociates.com PO Box 782, Voorhees, NJ 08043
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12C — December 23 - January 12, 2012 — Contractors, Owners & Managers — Mid
Atlantic Real Estate Journal
GREEN BUILDINGS
FULL SERVICE SOLAR
Trust your Solar Project to One of NJ’s Solar Founders, SUN FARM NETWORK, a Full Service Solar Project Developer! For a Free Solar Evaluation and Site Survey Call: 908.782.4172 or Visit www.SunFarmNetwork.com Email: Info@SunFarmNetwork.com
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Mid Atlantic Real Estate Journal — Contractors, Owners & Managers — December 23 - January 12, 2012 — 13C
MAREJ COM
Feature Your Project
Construction business management software
Maxwell Systems releases ProContractorMX Version 2.8
K
ING OF PRUSSIA, PA — Maxwell Systems, Inc., a provider of complete construction business management software solutions, today released Maxwell Systems™ProContractorMX version 2.8, which delivers important capabilities to enhance overall system performance, includes infrastructure upgrades, and provides valuable features to help Canadian contractors handle payroll and taxes. “We continue to enhance ProContractorMX to meet the needs of our customers and ensure the solution is leveraging the latest in technology infrastructure for optimal benefit,” said Jim Flynn, president & CEO of Maxwell Systems. “We are pleased to evolve the solution to best sat-
isfy Canadian contractors as well, having been a presence in Canada for more than a decade, we understand their unique challenges and how software can help.” The notable capabilities delivered in ProContractorMX 2.8 include: New feature to handle sales and use (self-assessment) tax for U.S., Canada, and Australia. New feature to automatically transfer daily field report items, such as WIP percent complete for billing and reporting, entered on an iPad directly to your back office. Enhancements to features for efficiently managing workforce reporting and construction payroll, including government, state/province,
Davis-Bacon Certified payroll reporting, union, workers’ compensation, and benefit tracking for merit shop. Enhancements to features allow users to virtually and securely file, access, and manage all important employee documents, such as W-4s and TD-1s, I-9 details, copies of drivers’ licenses, etc. Maxwell Systems ProContractorMX is a comprehensive, all-in-one construction management software solution that includes key capabilities for takeoff; estimating; bids and proposals; management of projects, financials, procurement, inventory, employees, payroll, and equipment; and intelligent dashboards and critical reports for timely analysis of projects or the overall business. ■
~ Developments ~ ~ Construction ~ ~ Renovations ~ in the
Mid Atlantic Real Estate Journal
AL
Construction Financial Management Association of Long Island holds 4th Annual Dinner Gala WOODBURY, NY – More than 200 construction executives attended the Construction Financial Management Association of Long Island’s (CFMA LI) 4th Annual Dinner Gala. The gala honored Bryan Sumcizk, president of Capitol Concrete, Inc. as the 2011 Construction Executive of the Year. The event benefitted Contractors For Kids, a Long Island charity supported by the construction and building industry, which received $40,000 raised by CFMA LI. CFMA LI president, William Gary Morrissey, said: “Today we have an opportunity to recognize one of the most prominent construction industry leaders in the
region. Bryan Sumcizk, the 2011 Construction Executive of the Year, is a leading practitioner of modern financial management techniques within the AEC industry.” “CFMA Long Island’s goals encompass not only professional development of the building industry’s leaders, but also building and improving our community,” added Andrew Meyerson, vice president and event chairperson of the CFMA LI Chapter and CFK Board Member. “We are proud to support Contractors For Kids and help improve the lives of Long Island’s children and their families.” Established in 1981, CFMA is the only nonprofit organization in the United States
dedicated to serving the educational and professional development needs of construction financial professionals. CFMA represents a cross section of the construction industry, including general contractors and specialty trades as well as developers, construction managers, architects, engineers, and material and equipment suppliers. Its members include professionals in the accounting, insurance, surety, software, legal, and banking industries. CFMA chapters in major cities from Maine to Hawaii offer local workshops, seminars, and programs that complement member services provided by CFMA Headquarters in Princeton, NJ. ■
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— The RENTO N, NJ Chapter of New Jersey Institute of the American ) announced Architects (AIA-NJ its Annual Design the winners of , which brings Awards Program onal recognipublic and professi projects that tural tion to architec excellence. exhibit design announced The awards were3rd AIA-NJ Oct. during the e addition nce, held at the Sauber Residenc Design Confere Auditorium in Winery in Merit Award Winner: Merit Award Winner: Hoboken Evening Land historic Great formal awards Built Category of the Wargo A Merit Award Winner: Reconstruction , The College Photo credit: Matt Ocean Grove. the winners will credit: Hall Un-Built Category CA Center for Wellness e a material that Clock TowerandPhoto Cty., Inc. RMJM HILLIER gala to recogniz Merit Award Winner:NY because it is Santa Barbara as its Construction Co. Stantec, at the Liberty , Built Category January in TX. by every touch be held , in New Rochelle is listed on City. Center in Irving,matic volumes changes of New Rochelle over time. ASSOCIATES The house, which r of HisHouse in Jersey projects were patina grows The program Registe RICCI GREENE Architects and and un-built to become a visual the National were stacked is located alonge built divided into toric Places, a Cty., CA both include in Santa Barbar presentation was the Millstone River in Millston categories, which awards. In Winery t abstrac Evening Land g of the Borough. said: “The honor and meritawards were efforts began ce and the framin What the judges points of Preservation entry sequen addition, merit preservation of st “The School & ty stronge the relocation the n Universi were the compelling,” presented in this year with of an historic Winner: Princeto categories. landscape beyond y Honor Award view of the and design-buildinclude: to the propert Warchol Built Category Paul The 250credit: barn. Photo Winners the design.” acts as a bridge Vermont hay in the Architecture addition screened room and is the focus the sky terrace year-old barn is situated BUILT CATEGORY s In addition, Millstone become to the outdoor Honor Award in New energy. viewing landscape. They and connecting stairs es - a location of the original which use of natural of summer living, and a based to focus in the Through the Inn and Barn, pe of exchang ently rotated Architect: ARO, light, the space ion were subsequ and to create a landsca suspension between Housedestroyed in 1928. materials and ry Las Colinas Convent York le were optimize views that shade the tempora School of Archiof New Rochel Merit Award Winner: DESIGN BUILD public and private gs Project: The ss, The College Un-Built Category at Princeton leaving large overhan was selected as the absolute on the quality Award people Merit based where Center for Wellne “Merit was awarded tecture addition n. Hillier, Copper of realms, Hall ConCenter said: Architect: RMJM New terrace. l for the building skin and arriving, irrespectiveand Design-Builder: University, Princeto is enclosed What the judges Howell, with regional in Princeton with offices in a materia which , can meet ents the lon, based in ces in rium.” is consistent Washpurpose The addition, ing new and structio natato complem a and it construc the age lphia of includes because marine ntly, , with offi York, Philade a space for practices in in glass and steel, and Stantec but more importa exchange ideas.Award lounge, elevator tower, which provides ion cal colors, ington, D.C. York views of the Merit tion. of lobby, student Convent landscape. New stair. offers and ing, steel Colinas ATEGORY Architruction C ered Yum UN-BUILT Project: Las merges building carved sunbath n and cantilev Projec t: Recons Tower in Architect: David links the school’s The natatorium is a grotto roof bay and ocean. Atlantic white Clock Juvenile Detentio Merit Award New York The addition the Hoboken Union County tects, based in wing, where beneath a contemplative In addition, the Land Winery to mimic Merit Award Winner: meditatwo-story south Hoboken. Project: Evening Cty., CA. offices and ion and reconand the holistic over the cedar siding is staineding of the Built Category Mikiko Kikuyama The replicat Clock Tower its administrativeand its three- garden, l weather ers out in Santa Barbara of the projCenter Photo credit: the point g a the eventua tion room cantilev berglass rooflibrary are located, struction of The starting s Train which includes site like a rock ledge, providinsur- material, and the fi company’s name,a at New Jersey Transit’ part the story north wing, The ect came from 2008 is meditation in which is classrooms. for April and Land,” in perch studios reStation “The Evening fashioned a new continuing g grove of trees. a, the lands 2,000 s/f project for the building roundin of Hoboken’s es the reference to Hesperi Merit Award Associary 10, 2009 and golden har- naissance and complet modern identity references the Greene of calm, beauty mythology. Hoboke n Saturday, Janu e fully tion of the Architect: RicciNew York with that meaning vests in Greek are perched at re-crea Hous l’s original aparchitecture. s ates, based in and existing 1963 Award Ferry Termina The Liberty The building Lexington, KY, Honor edge of the lower pearance. - offices in RI. New Jersey the western Tower, conSagan Architec large pools reJersey City, Providence, The original Clock demolished Architect: MJ e vineyard, and County Juvenile Princeton. PM sky. A staircas in 1906 and Project: Union in Linden. ture, based in flect the vast of the structed 6:00 to 11:00 being dammbie & Fitch, n Center s into the center of the in the 1950s after was 225 ft. Project: AbercroCenter, in New Detentio juvenile detendescend s/f 72,000 winds, bottom Data The the Building U aged by high from structural pool; doors at a “thin” building the barrel storage tion center is wraps Albany, OH. high and made copper. stairs lead to houses the room deep - that Black Tie , a sculptural, in ornamental The data center so - only one 1-acre outdoor courtroom. In additionfilters light for steel clad featured a clock on support team, the and company’s IT plan encourages around operable screen during the day, The tower a 2,500 lb. bell, an natural light ts and through the open studio and collabora- yard. Ample Dinner Ticke the winemakers for artificial each face, under the pinnacle the exterior need • To purchase communication affording gener- views of security glass panels open belfry reducing the anna” name ve in the Awards work hours. tion, while also and views of the expansi and the “Lackaw ts to the outside lighting during TION Advertisements each façade. ng connect occupan PRESERVA ous natural light illuminated on ucted tower is light emanati landscape. al please visit world, and the um at night creMerit Award Archia The reconstr surrounding Award Journ and includes Merit Tarantino j.org/ from the gymnasi clad in copper well as Architect: island of respite Architects, Millstone. http://www.aia-n clocking, as ates a glowing Architect: ikon.5 letn working tects, based in n. ted “Lackawanna” Bachman-Wilso based in Princeto for Wellness, and calm. Project: The by Frank Lloyd illumina are Merit Award Archielevation. Q d Project: Center Rochelle, in ters on each Ryan House, designe opportunities New e. Architect: Michael with The College of • Sponsorship Wright, in Millston in Loveladies , NY. 100 New Rochelle for Wellness is tects, basedPhiladelphia able n Road Suite in ce avail offi Mapleto in Center an 864 The NJ 08540 GarResidence Princeto n, paradisiacal Project: Sauber designed as a 609.919. 0099 sheltering visitors Loveladies. is ects.com den of Eden, this house www.iko n5archit distractions that The site for island in from the urban landscape and on a barrier n surround it. The sus- located and the intensio reinforce a New Jersey, enviarchitecture h that allows was to create a secluded a tainable approac on. A large which achieved ronment for relaxati the building, rating, to conserve LEED Silver
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14C — December 23 - January 12, 2012 — Contractors, Owners & Managers — Mid
Atlantic Real Estate Journal
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MULTIFAMILY New Jersey Apartment Association Advance & protect the welfare of the apartment industry in NJ
STATE HOUSE UPDATES
President Jeff Smith, Kriegman & Smith
Regional VP North Jersey Brent Kohere, Home Properties
Regional VP Central William Dailey,CPM
-- NJAA Presents BPU’s Solomon with Leadership Award Jeff Smith, NJAA President, and Conor Fennessy, VP - Government Affairs, presented BPU President Lee Solomon with the Association’s President’s Award for Leadership in Regulatory Reform on Dec 13 in Trenton. Jeff Smith commented, “President Solomon has been a strong supporter of multi-family rental housing and his efforts to promote green technologies make him the obvious choice for our Leadership in Regulatory Reform award. In just two brief years, the Christie-Guadagno Administration and the BPU have moved farther and faster to advance utility sub-metering for rental housing than in the entire decade prior. This success is a testament to the Governor, Lt Governor, President Solomon and his team at the Board. We will miss Lee Solomon, but wish him well on his return to bench in Superior Court.” Solomon joins Lt Governor Kim Guadagno, our 2010 honoree, as the only recipients of NJAA’s prestigious award.
CIS Management Inc.
-- Controversial, Duplicative & Redundant Façade Inspection Bill Narrowly Passes Assembly Regional VP South Joe Spadaccini The Kamson Corporation
VP Associate Affairs Ray Fiorica AFR Furniture Rentals
Legislation VP Michael C. Haydinger
Legislation aimed at creating redundant inspections of high-rise building facades and exteriors, and long opposed by the NJAA and most professional real estate trade groups, was narrowly approved by the General Assembly on Thursday in a 50-19-2 vote. (41 votes are needed for passage.) The bills, S-2771/A-3895, are modeled after façade inspection requirements initiated in Philadelphia, where there is no regulatory equivalent to comprehensive NJ’s Hotel & Multiple Dwelling Act. The bill seeks to transfer jurisdiction over facades from the NJ Department of Community Affairs (DCA) to local, municipal enforcement entities. In New Jersey, this could mean 566 different local enforcement practices - which would result in chaos for professional multi-family operators. The NJAA has opposed this ill-advised initiative every step of the way - in Assembly Housing & Local Government on May 5 and June 13, as well as in the Senate Community & Urban Affairs Committee on May 12, and the Senate Floor on Sept 26. A-3895/ S-2771 now goes back to the State Senate for a vote approving changes made by the Assembly. The NJAA will continue to oppose this unnecessary solution in search of a nonexistent problem.
First Montgomery Group, AMO
Treasurer Lynne Aber Bertram Associates
2012 CONFERENCE & EXPO - BOOTH SALES NOW OPEN!! Our 2012 Conference & Expo is scheduled for May 21-23 at the Atlantic City Convention Center, this year we are pleased to announce Garrison Wynn as our Tuesday Keynote Speaker.
SAVE THE DATE - 2012 Secretary Stephen Waters Morgan Properties
Annual Membership Meeting and Installation - January 25, 2012 -Imperia on Easton, Somerset (Franklin Twp.), NJ Maintenance Mania - March 13, 2012 - NJ Convention & Expo Center, Edison, NJ
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Mid Atlantic Real Estate Journal — Contractors, Owners & Managers — December 23 - January 12, 2012 — 15C
MAREJ COM Kevlar and Titanium Technology voted “Top Money Saving Product in 2010”
A better way of roofing America …using Technology INAL FLAT ROOF (FFR) owner and inventor Sean Sanborn, a retired military Vet and a member of the elite Special Forces, explains to his exclusive dealer team for the Northeast USA and Canada, Louis Meyer and Joe Montana, how FFR is forever changing the flat roofing industry. Joe Montana said at the FFR Florida council, “I have been in the construction business for over 30 years and I have never used anything as easy on a flat roof.” Louis Meyer and Joe Montana agreed in a room full of roofers that the Insulation Performance was so good that after an install at one Port Authority of NY/NJ building the reported average “energy savings for July/Aug 2011 was 27-33% respectively”. That’s huge! Roof surface temps went from 154F to 86F right after application; amazing by any standard.
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Louis Meyer northeast owner/exclusive dealer says “I have witnessed a 30-45% reduction of surface temperatures on one of our recent installs.” The manufacturer warrants that the roof temp will be within 10-15˚ of the ambient temp. “From the sub-freezing climate of the arctic oil fields to
the extreme desert conditions of Kuwait FFR has performed to the highest standards”. (see finalflatroof.com) Final Flat Roof is a one part Liquid infused Kevlar polymeric membrane roofing system. It can be installed over any existing traditional flat, dome, metal roof (some
walls) and can extend the life of the existing roof from 10 to 20 years. Used by the Port Authority of NY /NJ and Miteq Inc. of NY just to name a few. FFR contains three proprietary additives that enable the coating to be installed under water for necessary emergency repair. FFR thermo-resistant barrier performs similar to R19 insulation. The web site has a money savings calculator for building managers and owners. Tax rebates and refunds are available with the proper forms submitted. FFR has a Kevlar resin tensile strength of 525,000 psi and a breaking tenacity of 424,000 psi. Hail, falling objects,and wind are not a problem. Standing water will not void the FFR warranty. After HVAC equipment changes, ducts, vents and other roof penetratrations, repairs are easy, strong and water tight. FFR is a great crack/leak repair product that will not shrink and will bond
to any clean surface such as wood, metal or roof products. FFR can cure under water if necessary. According to Meyer and Montana, “We are an emerging leader in the roofing and esoteric coatings business.” Our products offer real quality, energy efficiency and huge savings on repairs and larger savings in preserving the investment already made into existing roofs; parapet walls. FFR offers the opportunity to lead the way with technology and common sense in the construction industry. “We are proud to be part of the change now and in the future.” Less re-roofing saves energy, more FFR saves money, that’s a real win; win for America and building owners. Veterans are welcome to join the revolution in roofing so call for openings in the Northeast. HV Coatings: 845398-1778. ■
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16C — December 23 - January 12, 2012 — Contractors, Owners & Managers — Mid
WWW.IREM.ORG
Atlantic Real Estate Journal
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Institute of Real Estate Management
2012 OFFICERS NEW JERSEY CHAPTER NO.1 PRESIDENT LAWRENCE N. SAUER, CPM TAYLOR MANAGEMENT CO., AMO VICE PRESIDENT MICHAEL FRIED, CPM BOSTON PROPERTIES TREASURER JONATHAN HOFF, CPM PRISM PROPERTY SERVICES, LLC, AMO SECRETARY MARK PHILLIPS, CPM PHILLIPS ASSET MANAGEMENT CO., INC.
DELAWARE VALLEY CHAPTER NO. 3 PRESIDENT MICHAEL J. CARR, CPM WELLS FARGO WEALTH MANAGEMENT PRESIDENT-ELECT INGO S. KRAUS, CPM CITIZENS BANK VICE PRESIDENT JERRY NEILL, CPM CB RICHARD ELLIS CO., AMO VICE PRESIDENT ANNE-MARIE NIKLAUS, CPM MADISON APARTMENT GROUP VICE PRESIDENT JODY DIMPSEY, CPM JLD MANAGEMENT GROUP
Coming February 2012
IREM® 2012 TRI-STATE CONFERENCE & EXPO Borgata Hotel, Casino & Spa Atlantic City, NJ An industry partners expo and networking for real estate professionals! Thursday, February 23 Exciting new educational offerings include: •Stop Driving With Your Eyes Closed (Finding Your True Vision) •Accepting a Tenant and Initial Leasing Issues •Low Cost Ways to Detect, Treat and Prevent Bed Bug Infestation •Credit vs. Rental Scoring •Crime Has No Address •Social Networking Tools for Real Estate Professionals •Lead Paint Safety •Going Green to $ave Green •Affordable Housing Forum •10 Powerful Tips for Exceptional Customer Service •Backflow Preventers
Keynote Speaker ROBIN CROW presents The Power of Service (How to energize your
VICE PRESIDENT STEPHANIE BURG-BROWN, CPM BSA MANAGEMENT CORP., LLC
business by developing a culture of exceeding expectations.) Crow forged a remarkable career on his way from RCA recording artist to successful entrepreneur. His company Dark Horse Recording has set
SECRETARY/TREASURER RICHARD SKOCZYLAS, CPM AIMCO
SOUTHERN NEW JERSEY CHAPTER NO. 101
gold standard for customer service and excellence in the recording industry. Robin Crow
PRESIDENT SANDRA E. CIPOLLONE, CPM INTERSTATE REALTY MANAGEMENT CO., AMO
Friday, February 24 Networking Breakfast 2012 IREM President James A. Evans, CPM®; President & CEO Bruce G. Pollock Assoc., Realtors, AMO and President and CEO of KEB Investments
VICE PRESIDENT PATRICIA BALDT, CPM CANDIDATE WESTGATE MANAGEMENT CO., INC. VICE PRESIDENT MARIA AVERY, CPM CANDIDATE MANHATTAN MANAGEMENT CO. SECRETARY/TREASURER DIANE WERSLER, CPM CANDIDATE INTERSTATE REALTY MANAGEMENT CO., AMO
will give the Keynote Address. James A. Evans, CPM®
To register or for more information on conference visit WWW.IREM1.ORG or WWW. IREM3.ORG or WWW.IREM101.ORG. Or contact the chapter office at 856-786-9260.
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Mid Atlantic Real Estate Journal — Contractors, Owners & Managers — December 23 - January 12, 2012 — Inside Back Cover C
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B Back Cover — December 23 - January 12, 2012 — Contractors, Owners & Managers — Mid
Atlantic Real Estate Journal
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A Better Way of Roofing America
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Mid Atlantic Real Estate Journal MAREjournal.com
Mid Atlantic Real Estate Journal — December 23, 2011 - January 12, 2012 — Section D
Inside Cover D — December 23, 2011 - January 12, 2012 — Annual Review — Mid
Atlantic Real Estate Journal
We would like to thank our Borrowers and Lenders for a successful 2011
Happy New Year
REAL ESTATE FINANCING
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Mid Atlantic Real Estate Journal — The Year in Review 2011 — December 23, 2011 - January 12, 2012 — 1D
2D — December 23, 2011 - January 12, 2012 — The Year in Review 2011 — Mid
Atlantic Real Estate Journal
JANUARY 14 - 27, 2011
MAREjournal.com
Year in Review 2011
Dermody Properties/DP Partners sells 1.28+ million s/f, two class A industrial buildings in GA and NJ P. Cooper Roofing assists Habitat for Humanity Philadelphia, PA CBRE’s New York & New Jersey offices represent parties in sale of 111 Sylvan Avenue for $55 million Hartz Mountain Industries inks 175,000 s/f deal with NBA Entertainment in Harmon Meadow Thurston of Marcus & Millichap sells industrial buildings for $7.15 million The Bill Gladstone Group of NAI CIR handles 72,000 s/f office space lease in Middlesex Twp., PA Landmark Comm’l. Realty/ONCOR Int’l. inks 59,531 s/f Greenwald and McHale of Beacon Commercial Real Estate broker 77,000 s/f in King of Prussia, PA Liberty Property Trust & Synterra Partners break ground on flex buildings In The Navy Yard Commerce Center Three of Mack-Cali Realty Corporation’s buildings receive ENERGY STAR rating
W. Joshua Levering NAI JAMES E. HANSON
Jeffrey Licht, SIOR NAI MERTZ
Brian Kloza WISS & CO.
Merrill Freedman GELCOR REALTY
Martin Klebanoff NORTHMARQ CAPITAL, INC.
Bill Klein (William) KAY REALTY
Vito DeGennaro GERBER/SOMMA ASSOCIATES
Joni Sweetwood THE KISLAK CO.
CELEBRATING OUR 105TH YEAR
Investment Real Estate Brokerage.
Happy Holidays & Our Best Wishes for a Happy, Healthy & Prosperous New Year! multifamily. retail. office. www.kislakrealty.com The Kislak Company, Inc. 732 750 3000
John Udell WEICHERT COMM’L.
Scott Mertz NAI MERTZ
Year in Review Spotlight 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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Publishers Linda Christman lchristman@marejournal.com Michael Campisi mcampisi@marejournal.com Elaine Fanning efanning@marejournal.com
Section Editor Karen Vachon kjoy@marejournal.com
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Mid Atlantic Real Estate Journal — The Year in Review 2011 — December 23, 2011 - January 12, 2012 — 3D
Certified Exchange Specialist on Staff
Melissa Beck
4D — December 23, 2011 - January 12, 2012 — The Year in Review 2011 — Mid
Atlantic Real Estate Journal
JAN. 28 - FEB. 10, 2011
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Year in Review 2011
Harvey, Hanna & Assoc. announces IT grand opening Dirk M. Simpson becomes principal of Kaplin Stewart Pratico Jr. selected as MCAR 2010 Realtor Of The Year Rowan Boulevard celebrates Grand Opening in Glassboro’s NJ’s $300 million downtown revitalization project WP Realty acquires 115,411 s/f Mayfair Shopping Center Fameco reps Cedar Shopping Centerss/Tristate Ventures in 46,000 s/f lease At Upland Square in West Pottsgrove, PA Cedar Shopping Centers acquires Colonial Commons Shopping Center for $49.1 million ValleyWide Property Management acquires Barclay Contracting Hollister Construction completes industrial expansion project in Elizabeth, NJ
Kenneth Crimmins THE BLAU & BERG CO.
Dan Dvorak VALCOURT BLDG. SERVICES
Derek Bicksler RSR REALTORS
David Thurston MARCUS & MILLICHAP
Christopher Kinum CUSHMAN & WAKEFIELD OF NJ
Aaron Mittleman WEICHERT COMM’L. BROKERAGE
Gualberto (Gil) Medina CUSHMAN & WAKEFIELD OF NJ
Ira Meislik MEISLIK & MEISLIK
Exceptional commercial real estate solutions and services for businesses who demand more from their space.
Happy Holidays “Best wishes for a safe holiday and a prosperous 2012”
559 Main Street, Suite 300 Bethlehem, PA 18018
www.penncapproperties.com
William Hanson, SIOR NAI JAMES E. HANSON, INC.
Mitchell Hersh MACK-CALI REALTY
Jody King CB RICHARD ELLIS
Phone: 610•332•1100 Fax: 610•332•1111
Roy Cohen COHEN SEGLIAS PALLAS GREENHALL & FURMAN PC
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Mid Atlantic Real Estate Journal — The Year in Review 2011 — December 23, 2011 - January 12, 2012 — 5D
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6D — December 23, 2011 - January 12, 2012 — The Year in Review 2011 — Mid
Atlantic Real Estate Journal
FEBRUARY 11 - 24, 2011 Grubb & Ellis completes $140 million office sale in Vienna, VA NorthMarq’s Washington, DC Regional office arranges first mortgage financing of $7.2 million High Associates Ltd.’s Cass handles 27,000 s/f lease extension Gerber/Somma Associates announce $3 million sale in Rutherford, NJ Newmark Knight Frank sells $14.2 million building in Wayne, NJ CB Richard Ellis negotiates $55 million sale in Princeton, NJ De Ruggiero Realtors sells land in North Bergen, NJ “We are Putting People Back to Work,” Lt. Governor tells ICREW New Jersey AdVenture Development signs contract with Widewaters McCandless, LLC NAI CIR completes 152,282 s/f warehouse lease in York, PA Binswanger appoints Beth Ganss to chief financial officer Mericle leases CenterPoint facility to sporting goods leader PMEDC announces new ownership of former Liz Claiborne Distribution Center The Meadowlands Region: The Economic Engine of Northern New Jersey
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Year in Review 2011
John Crampsie NAI SUMMIT
David Grasso, Esq. METRO DEV. CO.
Matthew Dorman NAI SUMMIT
Rebecca Ting NAI MERTZ
Jim DiBianca BEACON COMM’L.
Jim Cummings MERICLE COMM’L.
Marc Kaplin Deborah Hollander, Esq. SHEAK & KORZUN, P.C. KAPLIN STEWART
Bob Ferree LANDMARK PROPS.
The Berks Economic Partnership Executive Committee extends their
Congratulations
John Adams CBC FEIST & FEIST
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
Seena Stein NEWMARK KNIGHT FRANK
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
GreaterReading.com
Andrew Stewart DAVID CRONHEIM MORTGAGE CORP.
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Mid Atlantic Real Estate Journal — The Year in Review 2011 — December 23, 2011 - January 12, 2012 — 7D
FEB. 25 - MARCH 10, 2011
Year in Review 2011
Doug Richter SPERRY VAN NESS/ RICHTER GRUSD
Ian Grusd SPERRY VAN NESS/ RICHTER GRUSD
Charles Fern JONES LANG LASALLE
Philip Rothenberg JACKSON CROSS PARTNERS
Amy Nazdrowicz LANDMARK/JCM
Frank Somma GERBER/SOMMA ASSOCIATES
Harold Gerber GERBER/SOMMA ASSOCIATES
Kurt Schenck HIGH ASSOCIATES
Cushman & Wakefield’s Rosenberg arranges 95,000 s/f lease Taylor & Zang of Marcus & Millichap arrange sale of $6.02 million Camden Town Center NAI Emory Hill’s Connor arranges 2,000 s/f lease in New Castle, DE Remco Realty Group facilitates 6,380 s/f lease in Toms River, NJ Azarian Group’s Pine Brook Plaza receives site plan approval in NJ Katz & Associates brokers 13,000 s/f flagship store SW24’s Security Technologies and Services Platform Addresses America’s top business security concerns POA nears sellout for annual trade show NorthMarq Capital arranges $3.1 million mortgage in Colorado Liberty Property Trust executes 54 leases in Maryland Colliers International expands into Maryland with addition of Hearn Burkley, HQs in Columbia McShea & Co. brokers 24,746 s/f lease to US Pharmacopeia at 7135 English Muffiin Way. Houlihan-Parnes Realtors celebrates 120th year Thomas Ashbahian designs 62,174 s/f ShopRite in NJ
'20,1$1&( Jonathan Greenberg THE KISLAK CO.
Q3
.28 DEALS .1,213 UNITS . $90.86M Includes HUD Properties & Bank Note Sales
Frank Smith NAI SUMMIT
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8D — December 23, 2011 - January 12, 2012 — The Year in Review 2011 — Mid
Atlantic Real Estate Journal
MARCH 11 - 24, 2011 Kaplin Stewart represents Berwind Property Group, Judge orders monthly $1.3 million bond to de Botton Kislak’s Bortz & Waisbrod complete two sales - $20.9m NAI Global names Leone and Broujos to Global Elite Colliers Int’l.’s Isdaner & Scott rep Endurance RE Group in 307,000 s/f Bergman Real Estate Grp.’s Woodbridge Towers signs three Commercial Mortgage Capital arranges $33.5m, financing on NJ apartment portfolio 1,000,000 s/f tenant renews at Hartz Mountain’s Lincoln Harbor Pacific Group relocates headquarters to Berger’s 60 Park Place Amy Hawley, SIOR of Hawley Realty closes $800,000 in transactions NAI Keystone’s Willems & Cole complete the sale of 110,000 s/f CBC/Bennett Williams brokers $4.5 million commercial real estate sales ROCK Commercial Real Estate negotiates sales totaling $1.175 million NAI Commercial Partners’ Berger arranges $3.125 million in transactions CREW Lehigh Valley: Explores Retail Evolution At Promenade Shops
MAREjournal.com
Year in Review 2011
Stan Danzig CUSHMAN & WAKEFIELD OF NJ
John Van Buskirk, SIOR JONES LANG LASALLE
Gene McHale BEACON COMMERCIAL
Joseph Ridolfi JOSEPH R. RIDOLFI & ASSOCIATES
John Krok BYRON REAL ESTATE
Dan Caldwell STOUT AND CALDWELL
Steve Gartner METRO COMM’L. REAL ESTATE
Thomas Posavec LANDMARK COMM’L. R. E.
Louis Luglio, P.E. STANTEC
www.bennettwilliams.com
Thank you for your business and continued loyalty throughout 2011 We look forward to working with you in 2012
SERVING CENTRAL PENNSYLVANIA FOR OVER 50 YEARS • Landlord Representation • Tenant Representation • Investment Sale & Acquisition • Site Selection
Rupe Taylor WARFEL CONSTRUCTION
• New Construction Leasing & Development • Property & Portfolio Dispositions • Property Management
Kevin Pelio AZARIAN GROUP
110 N. George Street, 4th floor York, PA 17401
ph: 717-843-5555 fax: 717-843-5550
Matt Weilheimer THE KISLAK CO.
MAREjournal.com
Mid Atlantic Real Estate Journal — The Year in Review 2011 — December 23, 2011 - January 12, 2012 — 9D
MARCH 25 - APRIL 7, 2011
Year in Review 2011
Alexander Barth COHEN SEGLIAS
Rick Fernandez CALKAIN COS.
Michael Baxter MICHAEL BAXTER & ASSOCIATES
Stephen Bailey DP PARTNERS
Peter Gallichio REMCO REALTY
Tripp Way NAI EMORY HILL
Peter Schofel EASTMAN MANAGEMENT
James Houlihan HOULIHAN PARNES/ICAP REALTY ADVISORS
George H. Kingsley III GRUBB & ELLIS CO.
Stephen Carroll HINERFELD COMMERCIAL RE
Ken Uranowitz GEBROE-HAMMER ASSOCIATES
Amy Hawley HAWLEY REALTY
Buchanan Partners, Pinkard Group plan $74 million mixeduse development KLNB Retail represented Harris Teeter in the lease transaction Cronheim Mortgage’s Stewart & Westhoff arranges $9 million acquisition financing R.J. Brunelli & Company complete a series of leases throughout New Jersey NAI Keystone’s Buccinno and Cole handle 33,000 s/f Metro Commercial’s Brickner & Dougherty ink 15,250 s/f lease Tishman Construction completes 935,000 s/f PA Convention Center Cassidy Turley secures $116 million financing on behalf of Donatelli for Highland Park Blue & Obrecht Realty completes MD industrial leases totalling 54,754 s/f Colliers’ DiDio facilitates 50,000 s/f industrial lease in Vineland, New Jersey Sloan Street Advisors / ITRA brokers 7,627 s/f office space McShea & Co. broker 69,695 s/f lease in Sterling, VA Emory Hill Real Estate Services hires Jeffrey L. Frye McDonough & Rea review traffic plans for proposed 62,174 s/f Inserra ShopRite
10D — December 23, 2011 - January 12, 2012 — The Year in Review 2011 — Mid
Atlantic Real Estate Journal
APRIL 8 - 21, 2011 Deerwood Real Estate Capital organizes $50 million Schar USA names Southern NJ’s Stanker & Galetto general contractor NAI CIR & NAI Pittsburgh rep tenant in 71,330 s/f lease NAI Commercial Partners & High Associates ink 13,822 s/f in Lancaster, PA CenterPoint Commerce & Trade Park breaks ground for 108,8000 s/f flex site, Mericle is first developer in 2011 to build on spec in region Metro Development Company breaks ground on 220,000 s/f ABC Eastern PA Chapter is Bigger, Better, Stronger Pfister Energy of Baltimore completes installation of solar integrated roofing system M&E Engineers provides MEP design and energy modeling on Platinum certified bldg. CBRE represents Mack-Cali in 37,404 s/f lease at 125 Broad St. Cassidy Turley arranges 104,003 s/f sale of Meadows I, Hart Realty Advisors represents seller NorthMarq Capital arranges $31.5 million acquisition in Washington D.C. Beech Street closes loans totaling $80.2 million in 30 days Cronheim Mortgage arranges $21.9 million in financing, secured by a 120,000 s/f office building
MAREjournal.com
Year in Review 2011
David Knee JONES LANG LASALLE
David Csontos NEWMARK KNIGHT FRANK
W. Grant Scott MEYER, UNKOVIC & SCOTT LLP
Ellen Raineri HINERFELD COMMERCIAL RE
Sheldon Gross SHELDON GROSS REALTY
Jonathan Glick SHELDON GROSS REALTY
Robert Nathin SHELDON GROSS REALTY
Mary Servino MGZA
Heller Industrial Parks 2011 Leasing Totals:
Tom Londres METRO COMM’L.
99.8% Occupied 3,647,365 SF Leased Huge Foreign Trade Zone Energy Efficient Warehouse Lighting 60% Lighting Bill Reduction 20% Solar Energy Electric Rebates Subsidized Daycare
Leasing for less in Central Jersey.
(732) 287-4880
205 Mill Road, Edison NJ 08837
www.hellerpark.com
Howard Houlihan HOULIHAN PARNES/ICAP REALTY ADVISORS
Bruce Coin BRUCE COIN CONSULTING
Michael McKone MIKEN BUILDERS
MAREjournal.com
Mid Atlantic Real Estate Journal — The Year in Review 2011 — December 23, 2011 - January 12, 2012 — 11D
April 22 - May 12, 2011
Year in Review 2011
Brad Molotsky Brandywine Realty trust
Elliott Zaks Madison Comm’l. Real Estate Svcs.
Lou Oliva Grubb & Ellis
Reid Blynn, Jr. NKFSM
Barbara Gross Sheldon Gross Realty
John Buschman Newmark Knight Frank
Sidney Smith, Jr. NKFSM
Jeffrey Mack NKFSM
Kaplin Stewart’s Broseman presents a seminar for the National Business Institute Cooper-Horowitz arranges $36 million in financing Berks Economic Partnership participates in Foreign Trade Mission Schonbraun McCann Group adopts FTI Consulting brand Sheldon Good & Company to conduct auction of eight subdivisions Hopkins Sampson & Brown adds Campbell Pettinaro brings law firm to the Riverfront Star Bldg. Cassidy Turley arranges sale of CoStar’s HQ bldg. totaling $101 million in D.C. The Azarian Group renovates Pine Brook Plaza Stocker of KW Commercial brokers $2.36 million shopping ctr. Welco Realty signs 30,000 s/f retail lease in Paramus, NJ MCRES execs. to lead RECon 2011Roundtables The Graham Companies select Yardi Voyager to Manage Commercial and Residential Holdings CBRE procures $85 million mortgage refinancing, Providing financing to Hartz Mountain entity
Central PA’s Leading Commercial Industrial Real Estate Firm* Jeannine Bishop Morgan Lewis
Our Agents: Michael Mullin IBS
Marty Tuzman Jenkintown Building svcs.
Bradley Swidler
David Rudy
Craig Rahn
Jason Sourbeer
Daniel Alderman
Joseph Bedard, SIOR
Erik Gainor
Justin Shoemaker
Fahd Malik
Mark Santanna
Harold Leibenson
M. Richard Kleiman
Ida McMurray, CCIM
Nathan Kranz
Jack Shepley, SIOR
Nik Sgagias
James Ross
Peter Gemora
William Gladstone, CCIM, SIOR
Robin Zellers, SIOR, COO
*Based on Central Penn Business Journal Report of Commercial Real Estate Firms 2008-2010
Alan Apt Aptcor Comm’l.
Wishing you a Prosperous and Happy New Year
12D — December 23, 2011 - January 12, 2012 — The Year in Review 2011 — Mid
Atlantic Real Estate Journal
May 13 - 26, 2011 NY Regents Board of Architecture appoints JRS Architect, P.C., founder and principal to board NAI Hanson procures 50,000 s/f retail/warehouse sale Liberty Property Trust signs leases totaling more than 300,000 s/f in PA Bakery Square Mgmt. partners with Grant Street Assoc. to market and lease its Eastside retail space Studley & Jones Lang LaSalle broker 21,000 s/f renewal Massaro Properties leases ,710 s/f to RETTEW Cushman & Wakefield arranges sale of one million s/f Exit 8A industrial portfolio Cassidy Turley brokers 42,181 s/f, 10-year lease at The Westory, 607 14th St., NW in Washington, DC Meridian Capital Group arranges $220m conduit loan, acquisition of the U.S. Steel Tower in Pittsburgh, PA Fryer at G.S. Wilcox & Co. closes $20 million in Florence, NJ CBRE scores $33m acquisition financing for 175,000 s/f class A office property in Parsippany, NJ NorthMarq hires mortgage banking veteran Fearey The IDI Group Companies hire Sheldon Good & Company to conduct closeout auction, 30 luxury condominium residences at Leisure World of Virginia Tucker & FLRA redevelop 16-acre property in Fort Lee, NJ
MAREjournal.com
Year in Review 2011
David Oropeza Gebroe-Hammer
David Simson Newmark Knight Frank
Wayne Pfisterer Pfister ENergy
James G. Houlihan Houlihan Parnes/ iCap Realty Advisors
Bob Clements Grubb & Ellis
Lisa Pektor PennCap Properties
Anne Klein Grubb & Ellis
Suzanne Macnow CB Richard Ellis
Operating andManaging Managing over 3 Million Operating and over 3 Million Square FeetofofIndustrial Industrial and Commercial Square Feet and Commercial Real Estate Atlantic Region Real Estatein inthe the Mid Mid Atlantic Region Basin Road 40591E.0 Marsh Lane Cr eekw ood Cor por ate Cen ter
Creekwood Corporate Center
405 E. Marsh Lane
Office Space Available Mile from I-95 /Class Rt. A 141 interchange with Fr om 1 ,61 0 Sq. Ft. to 2,278 Sq. Ft. immediate access to I-295, I-495 •North 66,000 Square Feet of Class A Office Space & South. offers convenient access toAthe Delaware •• Site 3,888 Square Feet of Class Office Space Available Bridge,located Port of Wilmington the141 •Memorial Strategically at the I-95and / Rt. entire northeast corridor. interchange in New Castle, Delaware – 37 miles •• Philadelphia 5 parking spaces per 1,000 square feet •• Baltimore – 72 miles Previously a corporate headquarters facility • Washington, D.C. – 107 miles • Part of pre-planned suburban office campus • New York City – 124 miles • Fairfax, VA – 124 miles • Boston – 338 miles Lim esto n e Sh o p p in g Cen ter • Park tenants include: 21st Century, 43,889 Squar e Feet of Retail Space Tile Market of Delaware, International Paper, •C-Cert +/- 4.7 Acre (43,889 & Service Mark sq. ft.) of retail space in
Ward Greer Colliers Int’l.
Michael McCurdy Jones Lang LaSalle
the center of New Castle County. • Minutes away from I-95/I-295, I-495 and Routes 41 and 141. • Site offers convenient access from K irkwood Highway (Rt.2) and Limestone Rd. (Rt. 7). • Perfect for stores, businesses and banks with optimum ex posure from Rt 7. • 198 parking spaces • 2,009 SF available on the second floor.
Congratulations to the 2011 Brokers of The Year! Mr. Steve Italiano, CB Richard Ellis Ken Musi, Musi Commerical Properties, Inc. Limestone Shopping Center
Available Belle Hill Cecil County,Belle Maryland Av ailable Hill
Belle Hill Belle Hill
Wendy Fitzpatrick Yardi Systems
Cecil Co un ty , Mar y lan d • Phase I of a III Phase Development •• Phase ofAvailable a III Phase Development 50,266 ISF – New Construction •• 50,266 Available – New Construction IncludesSF 11,747 SF of finished office and • Includes 11,747 SF of finished office and mezzanine space area mezzanine space area • 4 Acres of Paved Truck Display & Storage Area • 4 Acres of Paved Truck Display & Storage Area 120 Truck Parking Spaces •• 120 Truckand andTrailer Trailer Parking Spaces •• 15 15 Ton Bridge Crane Ton Bridge Crane T5 Fluorescent Fluorescent Lights •• T5 Lights Geothermal HVAC •• Geothermal HVACBelleHill
For more information: Phone (302) 323-9300 Fax (302) 323-4951 29 East Commons Boulevard, Suite 100, New Castle, Delaware 19720 www.harveyhanna.com
RGI 05-05-08
Robert Squires The Kislak Co.
MAREjournal.com
Mid Atlantic Real Estate Journal — The Year in Review 2011 — December 23, 2011 - January 12, 2012 — 13D
May 27 - June 9, 2011
Year in Review 2011
Brandon Famous Fameco R. e.
Steven Sieja Miken Builders
Gary Holloway, Jr. GMH Capital
John Molloy H2M
Charles Klatskin Jones Lang Lasalle
Roy Kardon NAI Mertz
Lance Silver NAI Mertz
Jerry Putterman Grubb & Ellis NJ
Max Spann Auctions bring four stalled communities to sell in minutes Calkain Companies closes $1 .8 million net lease Dietrick Group hosts 6th Annual Real Estate Presentation at ArtsQuest Center at SteelStacks Marcus & Millichap’s Nathanson sells $2.44 million building in Narragansett, RI WP Realty announces Shaw’s portfolio acquisition National Realty & Development Corp.’s CooperTowne Center receives 2011 Achievement In Planning Award Elegant Interiors completes Exton Medical Building renovations Port Authority renews and Expands contract with GSH Group Lunar Electrical Contractor, Inc. celebrates 20 years Griffin Land commences development at Lehigh Valley Tradeport in Bethlehem, PA Russo Development completes solar system installation at Carlstadt, NJ office headquarters EwingCole designs one of the country’s most energy-efficient Laboratories in Maryland Pierce of High Associates negotiates 5,150 s/f leases in PA SVN Richter Grusd announces Avenel Business Ctr. for sale
46 'PXKTQPOGPVCN 5GTXKEGU VJCPMU QWT ENKGPVU HQT [GV CPQVJGT UWEEGUUHWN [GCT QH UGTXKEG 9G EGNG DTCVG ITQYVJ QH CNN QH QWT QHHKEGU CPF NQQM HQT YCTF VQ YQTMKPI YKVJ 4GCNVQTU KP 5KPEG Jeffrey Campo Wiss & Company
Professional Engineers and Geologists x Certified Microbial Consultants x Qualified Environmental Professionals
5'48+%'5 Brownfields Redevelopment Services ž ž ž ž ž ž
Voluntary Cleanup Program Assistance PA Act 2, NJ ISRA, EPA Superfund Remedial Investigations Design and Construction Storage Tank Removals Clean Fill
Environmental Assessments and Investigation Cheryl Hardt CB Richard Ellis
ž ž ž ž
Phase I/II Site Assessments Soil and Groundwater Investigation Remediation Services Wetland Delineation and Mitigation
Environmental Engineering ž ž ž ž
Landfill Design and Closure Water and Wastewater Engineering Soil and Erosion Control Plans Litigation Support/Expert Testimony
Indoor Air Quality ž ž ž
Asbestos Surveys, Building Services, Management, and Abatement Lead Based Paint Management Mold Surveys and Remediation
Brownfields Redevelopment Services
We’re on the Web! WWW.RTENV.COM
Beneficial Reuse Permit Applications Adam Silver Grubb & Ellis NJ
ž ž ž
Frac Water Concrete/Asphalt Yard Materials
Gas/Energy Permitting; Wetlands Services > Water
Corporate Office
Larry Martin Grubb & Ellis NJ
215 W. Church Road King of Prussia, PA 19406 Phone: (610) 265-1510 Fax: (610) 265-0687
> Wastewater
> Cleanups
SW Pennsylvania Office 591 E. Maiden Street Washington, PA 15301 Phone: 724-206-0348 Fax: 724-206-0380
> Utilities
New Jersey Office
Pureland Complex, Suite 306 510 Heron Dr., PO Box 521 Bridgeport, NJ 08014 Phone: (856) 467-2276 Fax: (856) 467-3476
14D — December 23, 2011 - January 12, 2012 — The Year in Review 2011 — Mid
Atlantic Real Estate Journal
June 10 - 23, 2011 NorthMarq Capital arranges $40.43 million For an apartment portfolio Michael Cervelli Real Estate announces aggressive lease up of 1 Marine Plaza, North Bergen Cty., NJ Pier House Condominium Association chooses RCP Management Company’s services Ondra-Huyett Associates builds new facility, Famous Smoke Shop Featured PA Project of the Month Brasler Props. announces 75,000 s/f industrial lease in Reading, PA CBC Bennett Williams arranges $1.1m sale in in Spring Garden Township., PA Warfel Construction celebrates 100th Anniversary High Real Estate Group announces PETCO to join Mill Creek Square Cooper-Horowitz arranges $113.325 million in fi nancing GHP Office Realty announces sale of Alexander Park for $6 million in WEST Windsor, NJ NorthMarq Capital arranges $40.43 million for an apartment portfolio De Ruggiero Realtors leases 89 Washington St., Hoboken
MAREjournal.com
Year in Review 2011
Jason grace LandMarK CoMM’L.
glenn Marvin Metro CoMM’L.
robert Fahey CBre
Brent Barbehenn Metro CoMM’L.
Joseph viscuso stanteC
Mike Cummings MiKen BuiLders
timothy haahs tiMothy haahs & assoCiates
Michelle Cottrell design ManageMent
nancy Fleming pettinaro
Famous Smoke Shop- June 2011 Featured Project of the Month
Thanks for the opportunity to serve your Construction Management and General Contracting needs in the Lehigh Valley and Eastern Pennsylvania. Best wishes to you, your associates and families for a happy and prosperous New Year.
Mark warner sun FarM networK
william amann M&e engineers
2011 Merit Shop Award of Excellence Recipient |Building Renovation Category for the DBSi Data Center at TekPark facility To be featured—January 2012 Project of the Month 7584 Morris Court Suite 210 Allentown, PA 18106 610-366-1709
www.ohainc.com Jaime weiss weiss reaLty
MAREjournal.com
Mid Atlantic Real Estate Journal — The Year in Review 2011 — December 23, 2011 - January 12, 2012 — 15D
June 24 - July 7, 2011
Year in Review 2011
Mike Flynn Beacon Comm’l. R. e.
Jack Intrator Aptcor Comm’l.
Lee Waserman lew corp
Jim Petrucci J.G. Petrucci Co.
David Ross Tremont Realty Capital
Terri Johnson Bedford Cost Segregation
Florence Block USGBC-NJ
Gary Gabriel Cushman & Wakefield of NJ
Max Spann, Jr. Max Spann RE & Auction
Harvey, Hanna & Associates names John Harvey VP Welco Realty reps Prestige Properties & Dev. in 28,000 s/f Fameco’s Bennett to assist in aggressive store roll out JRS Architect, P.C. celebrates 25th anniversary Smith-Midland receives award from American Concrete Inst. Gebroe-Hammer Associates reps seller and buyer in $15.5 million sale of Hamilton Court East Dietrick Group, LLC facilitates $6.2m acquisition at Allen West Estates/Brookside Park Apartments Pfister Energy commissions customized photovoltaic system on the top level of parking deck Michael Baxter & Associates’ Baj awarded NAR’s Green Designation URBN breaks ground in DP’s Silver Lake Business Park Landmark Comm’l. Realty arranges 30,000 s/f lease in Cumberland County, PA NCCBOR honors Millman & Connor of NAI Emory Hill Rail Service, tax incentives fuel latest business migration to the Pocono Mountains Progress Realty Advisors closes over $50 million in loans
NEVER COMPROMISE YOUR ENVIRONMENT.
David Cohen meridian capital
Jim Mazzarelli Liberty Prop. Trust
AZTEC. COMPLETE PROJECT MANAGEMENT. From clients to employees, your environment has an effect on everyone. It’s often the first…and last impression they see. Can your image afford to let those opportunities pass without making the most of them? “Total Architecture” is our mantra at Aztec. Let it make a difference for you. Base Building Architecture I Interior Architectural Design I Facility Master Planning Complete Project Management I Relocation Execution Management On-Going Facilities Management I Construction Execution Management
Ted Williams Landmark/JCM
Wishing You Happy Holidays Call 732.636.8989 or visit www.aztec-architects.com
SM
Woodbridge Place, 517 Route One South, Iselin, NJ 08830
16D — December 23, 2011 - January 12, 2012 — The Year in Review 2011 — Mid
Atlantic Real Estate Journal
July 15 - 28, 2011
MAREjournal.com
Year in Review 2011
Cooper-Horowitz arranges $21,520,000 in transactions NorthMarq orchestrates $19 million in fi nancing in Baltimore, MD Houlihan-Parnes Realtors & GHP Office Realty announce $6m sale of 300 Alexander Park Bob De Ruggiero celebrates 50 years Tri State Realtors’ Comm’l. Alliance presents awards to NAI Mertz CB Richard Ellis brokers 108,160 s/f lease at 275 Cross Farm Lane, York, PA SSH Mgmt. secures property management contract for the 308,616 s/f Wallace Building Legend Properties’ Aristone & DePetris broker 12,000 s/f deal for Michaels Stores Hollister Construction Services completes 40,000 s/f State Street Bank offi ce space Marcus & Millichap promotes Taylor to fi rst VP investments Emory Hill builds LEED Platinum Energy House, achieving 103 points toward designation Beacon Capital Partners & Cassidy Turley announce 10 buildings achieve LEED Silver ULI Washington launches Regional Land Use Leadership Institute Regal Bank highlights “Green” initiatives and projects
david orbach regaL BanK
Jordan Metz BussLe reaLty
Frankie Campione Create arChiteCture
John Bickel hoLLister ConstruCtion svCs.
Jim o’hara eMory hiLL
Joseph Brecher geBroe-haMMer assoCiates
Kieran Flanagan hoLLister ConstruCtion svCs.
John Brucker hoLLister ConstruCtion svCs.
approved
My loan was rejected. $35,000,000
$5,200,000
Construction
Permanent
Class A Office Building 305,000 sf
Industrial Warehouse 207,000 sf
Wallington, CT
Hillside, NJ
$3,550,000
$4,220,000
Non-Recourse
Permanent
H.H. Gregg Retailer 39,000 sf
Multifamily 42 units
Mechanicsburg, PA
Jersey City, NJ
Loan Programs x x x x x x x
Permanent Construction Bridge Rehab Mezzanine Equity Debt Restructure
Property Types x x x x x
Joseph Burke northMarQ
gretchen wilcox 10Q|g.s. wiLCox & Co.
Multifamily Retail Office Industrial Warehouse
Kathy Anderson
ralph simpson warFeL ConstruCtion
kanderson@pranorth.com
PROGRESS REALTY ADVISORS, LLC
732-389-9701 www.ProgressRealtyAdvisors.com
greg nalbandian northMarQ
MAREjournal.com
Mid Atlantic Real Estate Journal — The Year in Review 2011 — December 23, 2011 - January 12, 2012 — 17D
July 29 - Aug. 11, 2011
Year in Review 2011
Stanley Wyrwicz Calkain Companies
Scott Skogmo Sperry Van Ness | Skogmo Comm’l.
Jon Meisel Jones Lang Lasalle
Charles Blankenship Lebanon Valley EDC
Rebecca Machinga Withum Smith & Brown
Donna Hegarty Advantage Bldg. & Facility Svcs.
Robert Behler CBC Bennett Williams Realty
Peter Wisniewski David Cronheim Co.
Advance Realty completes 56,000+ s/f of transactions At One Gateway Center in Newark, NJ Dermody Properties names Douglas Kiersey president SVN Miller’s Gillis & Gilkerson complete 200,000 s/f sale of manufacturing/whse space & 12 acres Cassidy Turley’s Campanella secures $42.5m in financing for One East Pratt in Baltimore, MD Mitchell Associates to redesign former GM plant in Newport, Delaware Carl Walker Construction, Inc. lands four new design/build projects in Western PA and OH Hollister Construction Services holds topping out for the Newark Collegiate Academy Stalco Construction completes 20,000 s/f renovation MKSD Architects wins GLVCC Excellence in Business Award Griffin Land commences development at Lehigh Valley Tradeport in Bethlehem, PA Heller Industrial Parks signs 309,000 s/f renewal in South Brunswick, NJ West, Lane & Schlager brokers 14,967 s/f lease in Washington, DC
The Delaware Valley’s Home Grown Developer… Building Business “From the Ground Up” since 1964.
peƫnaro.com Commercial Real Estate
FOR LEASE Janet Bortz The Kislak Co
The Star Building New Class A Office Space 150,000 SF, Seven Stories Riverfront Wilmington Leasing Inquiries: Rob Stenta 302-528-9182 rstenta@pettinaro.com
David Goldfisher The Henley Group
PETTINARO ALWAYS HAS A WIDE VARIETY OF RETAIL
OFFICE PROPERTIES, AND WAREHOUSE SPACE FOR LEASE IN DE, PA, MD AND NJ. CENTERS,
Bear, DE
Proposed Retail Glen Mills, PA Across Street from new Whole Foods!
Middletown, DE
Avondale, PA
Gary Russell CBC Bennett Williams Realty
Our 4.5 million SF commercial real estate portfolio includes: London Grove Village, Fox Run Shopping Center, Community Plaza, Bayard Square, Middletown Square Shopping Center and Office Buildings, The Shipyard Center, 750 Shipyard Drive, 500 Justison Street, Riverfront Dining, The Christina Crescent Building, 901 N Market St, The Courthouse, 600 Delaware Avenue, Cornell Business Park, Tower Office Park, Orchard Commons, Tall Oaks Business Park, The Gates Building, 800 Walnut Street, The Diamond Property, Ridge Road Town Center, Spring Lake, Chadds Ford West, London Grove West, Colonial Avenue Warehouse, Northeast Warehouse, 300 E 30th Street, The Blue Hen Corporate Center, The Delaware Children's’ Museum, 2300 Pennsylvania Avenue, Eagle Plaza, Larchmont Centre, Foxmoor, Park Plaza, 13/40 Building, Fox Run Business Park, Fox Run Warehouse, Morgantown Village Shopping Center, West creek Village Shoppes, and Churchman’s Corporate Center.
PETTINARO WOULD LIKE TO THANK EVERYONE IN THE COMMERCIAL REAL ESTATE COMMUNITY THAT HELPED US HAVE ANOTHER SUCCESSFUL John Greenwald Beacon Comm’l.
YEAR IN 2011.
HERE IS TO DOING MORE DEALS IN 2012!
Pettinaro Corporate Headquarters 234 N James Street Newport, DE 19804 Phone 302.999.0708 pettinaro.com
18D — December 23, 2011 - January 12, 2012 — The Year in Review 2011 — Mid
Atlantic Real Estate Journal
AUGUST 12-25, 2011 BPG Properties appoints Holmes chief operating officer Gerber/Somma’s DeGennaro sells 18 units in Somerset, NJ Carl Berger Associates procures $6m in financing Marek of Raider Realty signs 50,000 s/f in Hillsborough, NJ 309,000 s/f 10-year renewal at a Heller industrial facility in South Brunswick, NJ Mikels and Mickens of CBC Pennco broker $4.45 million retail center in Stroud township, PA Brandywine Realty Trust’s Rush organizes 146, 321 s/f lease in Philadelphia Woska of Latus Commercial Realty executes 4.9 acre sale in Lycoming County, PA Berger-Epstein Associates’ Epstein completes 7,500 s/f lease at 1036 North Godfrey St. with Hush Little Angels Chomik of NAI Summit consummates $490,000 sale in Allentown, PA Pine of Gebroe-Hammer Associates completes $3.6 million sale The Berger Organization announces 2,360 s/f lease at 570 Broad St. in Newark Scheick, Cuccia and Klein join to form Anchor Realty Advisory Group
MAREjournal.com
Year in Review 2011
Jeffrey Squires THE KISLAK CO.
John Sorrenti JRS ARCHITECTS
Hugh McGettigan WARFEL CONSTRUCTION
Sally Prendergast PETTINARO
Serving the New Jersey and New York Retail Marketplace We Pride Ourselves In The Company We Keep*
Cynthia Kamin CBRE
Robert Brasler BRASLER PROPS.
Eric Mauer EASTMAN MANAGEMENT
Pat Murphy CBRE NJ
Tom Didio HOLLIDAY FENOGLIO FOWLER
James DePetris LEGEND PROPS.
2OUTE ARSON GE 0 2D s %DISON .*
Weiss Realty is the Exclusive Leasing & Managing Agent for the Shoppes at Colonial Village. For more information regarding available retail space call Matthew B. Weiss/ Jaime M. Weiss – 201-814-1800
At Weiss Realty we understand the site selection process, from identifying the “prime” retail site location to zoning analysis, architectural and engineering studies, due diligence reporting and lease negotiations.
Nick Hammonds ROCKFORD CAPITAL PTRS.
To learn more about our Retail Real Estate Services and our Current Available Properties in Northern New Jersey Visit Us on the Internet at www.JWeissRealty.com or call Jaime M. Weiss, (C) 201/615-0474 jweiss@jweissrealty.com Matthew B. Weiss, (C) 917/309-7861 mweiss@jweissrealty.com *A partial list of Weiss Realty transactions
W.C. Jack Miller JRS ARCHITECT
MAREjournal.com
Mid Atlantic Real Estate Journal — The Year in Review 2011 — December 23, 2011 - January 12, 2012 — 19D
AUG. 26 - SEPT. 8, 2011
Year in Review 2011
Kevin Dougherty ADVENTURE DEV.
Dolores Bocian GRUBB & ELLIS
Cami Spiridonoff ROCK COMMERCIAL REAL ESTATE
Michael Levin FAMECO
David Bode ROCK COMMERCIAL REAL ESTATE
Peter Doo DOO CONSULTING
WP Realty announces the sale of New Brite Plaza in New Britain, CT CBRE Auction Services to Auction three properties with Bids Due on October 5th MMCC’s Conley arranges $7 million in refinancing for Philadelphia SC Marcus & Millichap NJ office completes $4.06 million in sales U.S. Shopping-Center Industry tallies to nearly 108,000 cenSandy Rotz ters ROCK COMMERCIAL Advantage Building & Facility Services receives contract for REAL ESTATE Delaware Emergency Operations Center The Kislak Company’s Weilheimer handles $4.85 million sale of 63-unit Grand Court Villas Cassidy Turley to provide leasing and property management services for 534,224 s/f portfolio SJP Construction wins project management assignment for Northwestern Mutual Insurance Co. Molloy & Nathanson of Marcus & Millichap Real Estate Investment Services brokers $12.8 million sale CBC/Bennett Williams arranges $575,000 in sales Joe Nitti Samtmann of Equity Retail Brokers arranges $750k sale COLLIERS INT’L. SRD starts on construction of 19,600 s/f bldg. in Philadelphia
Chris Johnson HOLLISTER CONSTRUCTION SVCS.
Rick Schuch FAMECO
Twice as Nice!
Thank you to our employees for making us one of the Best Places to Work in PA for the second consecutive year. Rob Stenta Pettinaro Management LLC
RANKED #19
BEST PLACES to work in
PA
Stabler Corporate Center • Center Valley, PA
610-797-9000 • www.FLBLaw.com David Keech ROCK COMM’L.
20D — December 23, 2011 - January 12, 2012 — The Year in Review 2011 — Mid
Atlantic Real Estate Journal
SEPT. 9 - 22, 2011
MAREjournal.com
Year in Review 2011
Firoozabadi of Marcus & Millichap reps seller in $30 million sale of The Rittenhouse The Kislak Co. completes $12 million multifamily sales Grosvenor, Vision Equities achieve LEED Silver Core & Shell Certification Fisher Dev., Olnick Org.’s bldg. receives Energy Star Cert., Headquarters Plaza in Morristown, NJ NJEDA launches new program offering low-interest loans to increase energy efficiency Newmark Knight Frank negotiates 329,000 s/f of industrial leases in Morris County’s international trade zone The Cullen Associates’ line of submersible pumps: Company of the Month Mack-Cali to develop office building for Wyndham Worldwide’s Corporate HQ Mericle constructing new spec office building in Plains Township, PA Orthologix chooses Korman’s Neshaminy Interplex Sourbeer and Gainor of NAI CIR handle $4.4 million office/ medical transaction LMS Commercial Real Estate continues to expand its managed portfolio by over 650,000 s/f
Karen Martinez BRAVO! GROUP SERVICES
Amy Orons METRO COMM’L.
Scott Smith EMCOR SERVICES/ TRIMECH
Mindy Lissner CBRE NJ
Anthony Hayden HAYDEN R.E. INVESTMENTS
Ed Russo RUSSO DEV.
George Molloy GRUBB & ELLIS
Frederick DiMarco WH POUNDS
EARTH ENGINEERING INCORPORATED
Geotechnical Engineers & Geologists
Jeff Adams Colliers International
Because the good will of those we serve is the foundation of our success it's a real pleasure at the holiday time to say
"Thank You"
Ron Krieger PRESTIGE GROUP
as we wish our clients a full year of happiness and success * Subsurface Investigations * Construction Inspection & Testing * Retaining Wall Design
* Environmental Site Assessments and Remediation
* Carbonate Site Assessments * Laboratory Soils Corporate Headquarters: 610-277-0880 Lehigh Valley: 610-967-4540
Susan Rubright BRACH EICHLER LLC
* Clean Fill Testing
* Stormwater Infiltration Testing Central PA: 717-697-5701 South Jersey: 856-768-1001
www.earthengineering.com
Eileen Lynn APPRAISAL INST. PHILADELPHIA
MAREjournal.com
Mid Atlantic Real Estate Journal — The Year in Review 2011 — December 23, 2011 - January 12, 2012 — 21D
SEPT. 23- OCT. 13, 2011
Year in Review 2011
David Simon CASSIDY TURLEY
Adam Campbell CUSHMAN & WAKEFIELD
Robert Odell ODELL STUDNER GROUP
Steve Italiano CB RICHARD ELLIS
Gregory Broujos COLLIERS INTERNATIONAL
George MacBeth FOLIAGE DESIGN SYSTEMS
Procida ends first half of 2011 with a bang, over $200 million in closings in NY, NJ and PA Emory Hill gives back to local community, wins state chamber award Thorp Reed & Armstrong opens office in Wilmington Katz Properties acquires control of SC for $16.15 million, Metro Commercial represented both parties Grant Street Associates’ Geiger and sell broker $1.225 million sale in Sewickley, PA Robert Roth Lipinski Outdoor Services & R.E.I.T/M&H Services merge GREEN ENVY Nason Construction completes new Kent County Courthouse DEVELOPMENT GRP. AMC Fire Protection provides fire extinguisher and fire equipment BOMI International appoints Dolores Bocian, RPA, FMA Chairman of the Board of Trustees NAI DiLeo-Bram & Co. expands services to include property management DP Partners announces 255,336 s/f corporate headquarters, $51 million in direct and indirect economic benefits The AFL-CIO Building Investment Trust acquires $138.5 million office portfolio in Tyson’s Corner, VA Caren Franzini Rockford Capital Partners to sell mixed-use project in GeorgeNJEDA town
Metropolitan Area Capital Markets Group David Zimmel ZIMMEL ASSOC.
Danielle Brunelli R.J. BRUNELLI & CO.
Jeffrey Silberman KAPLIN STEWART
Jon Mikula HOLLIDAY FENOGLIO FOWLER, L.P.
670 BELLEVILLE TURNPIKE
800 MADISON STREET
60 INDUSTRIAL PARK DRIVE
211,418 SF
217 UNITS
718,910 SF
SALE OF SINGLE-TENANT
SALE OF LUXURY
SALE OF SINGLE-TENANT
DISTRIBUTION FACILITY
APARTMENT COMMUNITY
DISTRIBUTION FACILITY
KEARNY, NJ
HOBOKEN, NJ
MILTON, PA
BERNARDS 78
1600 STEWART AVENUE
2 JOURNAL SQUARE
201,781 SF
223,258 SF
324,912 SF
SALE OF CLASS A
SALE OF CLASS A
SALE OF TRANSIT-ORIENTED
OFFICE BUILDING
OFFICE BUILDING
OFFICE TOWER
BASKING RIDGE, NJ
GARDEN CITY, NY
JERSEY CITY, NJ
Andrew J. Merin
David W. Bernhaut
H. Gary Gabriel
Brian J. Whitmer
Vice Chairman
Vice Chairman
Exec. Vice President
Director
201-460-3358
201-460-3356
201-460-3352
201-508-5209
22D — December 23, 2011 - January 12, 2012 — The Year in Review 2011 — Mid
Atlantic Real Estate Journal
OCTOBER 14 - 27, 2011
MAREjournal.com
Year in Review 2011
Max Spann to auction Properties in New York, New Jersey and Pennsylvania on Oct. 27th Metz of Bussel Realty brokers ind./office lease of 75,000 s/f, 3.5 acres located at 502 York St., Elizabeth, NJ Colliers International & Binswanger conclude sale of 79,000 s/f flex building in Burlington County for $2 million Community Investment Strategies transforms housing project in Glassboro, NJ Hutchinson Green-lights Energy-Efficient Solutions from building automation systems with web access monitoring to solar technologies Gloucester County is the place for business to Grow in Southern New Jersey CB Richard Ellis arranges $179,396 million sale of PPG Place Kahlbaugh of Springwood Commercial brokers $700,000 Campbell’s Art and Adam Campbell arrange 12,560 s/f in leases in PA The Frederick Group inks $1.3 million, Karopoulos represents both parties Sidney E. Gable leases 80,000 s/f for Responsible Appliance Disposal Program MKSD Architects hosts Design to Change: September Lunch & Learn
Michael Alderman JONES LANG LASALLE
Marc Tropp EASTERN UNION COMMERCIAL
David Simon WEICHERT COMM’L.
Pete Davisson JACKSON CROSS PTRS.
Daniel Pollack BRACH EICHLER LLC
Bryn Cinque COLLIERS INT’L.
Nick Malagisi SVN STORAGE REALTY
Jack Shepley NAI/CIR
Jim Cadranell HOLLIDAY FENOGLIO FOWLER
Michael Baxter DUBROW’S
Building rewarding relationships through the power of people.
Dean Zang MARCUS & MILLICHAP
Preconstruction Construction Management General Contractors 1124 Chester Pike • Crum Lynne, PA 19022 610.521.3300 • www.targetbuilding.com Taylor Young BEACON COMM’L.
MAREjournal.com
Mid Atlantic Real Estate Journal — The Year in Review 2011 — December 23, 2011 - January 12, 2012 — 23D
OCT. 28 - NOV. 10, 2011
Year in Review 2011
Michael Fasano MARCUS & MILLICHAP
Richard Baumstein CUSHMAN & WAKEFIELD
Chris Cervelli MICHAEL CERVELLI RE & PROP. MGMT.
Keith Lesser IS&L
Joel Ives IS&L
Nat Gambuzza MARCUS & MILLICHAP
David Farer FARER FERSKO
Spencer Yablon MARCUS & MILLICHAP
High Real Estate Group breaks ground for Gilbertson Group Facility in Coatesville,PA, BPG Properties executes 172,759 s/f warehouse lease at 3200 Green Forest Drive Munley, Taylor & Zang of Marcus & Millichap Real Estate arranges $1,125,000 lease Fameco inks 58,822 s/f Hobby Lobby lease in Millville, NJ Centro Property Group changes name to Brixmor Property Group Richardson Comm’l. Realtors’ Guckin brokers 1,140+ s/f sale in Ewing, NJ Meridian negotiates $68.8m in financing for multifamily props. Kislak completes $4.3m sale of Westfield, NJ property, Senior VP Sweetwood executes sale of downtown site Eagle Meadows complex in Delaware commands $23.18 million in open bid, IPA/Marcus & Millichap negotiates sale on behalf of Hunt Companies, Inc. Cassidy Turley arranges $21 million sale in Old Town Alexandria, VA NorthMarq’s Ferrell secures $1.6 million mortgage for 72,204 s/f industrial property in Linthicum, MD Scheer Partners helps execute two leases in Wheaton
Protect Your Business or Home 24/7 Water damage is one of the most common Insurance claims. Marc Trevisan CUSHMAN & WAKEFIELD
David Sherman CUSHMAN & WAKEFIELD
Andrew Merin CUSHMAN & WAKEFIELD
Contact Cullen Associates or your local plumber to discuss how PipeBurst Pro can give you a new peace of mind today!
Winter Special - 15% OFF
Listed Sales Price & Free Shipping Until 01/31/2012
Ken Schier IS&L
24D — December 23, 2011 - January 12, 2012 — The Year in Review 2011 — Mid
Atlantic Real Estate Journal
NOVEMBER 11 - 24, 2011 Berns of NorthMarq Capital arranges $18.885 million mortgage Hudson Realty Capital funds $8m note acquisition financing on four ind. Bldgs. Jones Lang LaSalle, Meridian Capital arrange $123m in financing for 1700 Market St., Philadelphia, PA Regal Bank says a definitive “No” to raising consumer fees Liberty Elevator Corp. wins Statue of Liberty contract Simson of Newmark Knight Frank represents PNC Bank in 131,363 s/f lease extension in East Brunswick, NJ Target Construction serves as general contractor for The Capital Health MOB & Surgery Center project in Hopewell, NJ Cullen Associates’ ECH20: The industry’s most effective, versatile grease removal system Bergman RE awarded 1001 Durham Avenue assignment in South Plainfield, NJ Swopes Lee facilitates $3 million industrial building sale in West Chester, PA Brasler Props and Endurance RE establish a 220,000 s/f industrial plant in Reading, PA NAI CIR brokers $550k office building sale at 2574 Interstate Dr. Mericle Commercial RE announces 211,000 s/f in lease transactions Michael Baxter Assoc. leases 51,660 s/f of whse/dist space in Pen Argyl, PA
MAREjournal.com
Year in Review 2011
Daniel Higgins KIPCON INC.
David Rudy BILL GLADSTONE GROUP OF NAI CIR
M. Neil Kilian NAI EMORY HILL
Chad Stine CBC BENNETT WILLIAMS
Martha Graham MASSARO PROPS.
Julius Borrus BORRUS ASSOC.
Neil Brandt BELFOR
Rose Evans LEVIN MANAGEMENT
Edd Connor NAI EMORY HILL
At the close of another year, we take this time to say “Thank You” to our clients,
Joshua Quinter KAPLIN STEWART
business partners and friends. And wish all of you a happy holiday season and prosperous
Dan Brickner METRO COMM’L.
new year. Costas J. Hrousis, CCIM Shawn M. Donahue, MBA P: 610-997-0100 F: 610-997-0101
www.VeraxiaCRES.com
Sam Berns NORTHMARQ CAPITAL
MAREjournal.com
Mid Atlantic Real Estate Journal — The Year in Review 2011 — December 23, 2011 - January 12, 2012 — 25D
NOV. 25 – DEC. 8, 2011
Year in Review 2011
David Weaver NAI MERTZ OF PA
Steve Williems NAI KEYSTONE
Frank Roddy RODDY INC.
Clive Mendelow BINSWANGER
Bradley Rohrbaugh CBC BENNETT WILLIAMS
Thomas Carragher STUDLEY
Douglas Twyman CASSIDY TURLEY
Steven Shultz HELIOS CAPITAL ADVISORS
Steven Depetris LEGEND PROPS.
Mark Taylor MARCUS & MILLICHAP
Meridian Capital Group negotiates $16.1m in loans Weiss Realty handles 2616 s/f office sale in Fort Lee, NJ Max Spann sells nearly 400 Philadelphia properties The Firoozabadi Group sells apartments for $17.125m in D.C. Bergman RE announces 14,000 s/f office lease in Paramus, NJ Adam Campbell joins Cushman & Wakefield in Pennsylvania SVN/Skogmo announces $1.08m MD sale Phillips Edison-ARC Shopping Center REIT acquires SC for $16.6m in Glen Burnie, MD Triangle Equities recapitalizes $5.5m loan in Freehold, NJ Legend Props. brokers 43,328 s/f deal Madison Marquette leases 686 s/f & 10 yr. lease renewal in Princeton, NJ REMCO Realty Group now licensed in Pennsylvania The Azarian Grp. negotiates three leases in New Jersey The Kislak Co. completes $6.68m Bergen County, NJ multifamily sales Gebroe-Hammer Assoc. complete five multifamily transactions totaling $7.305m CIS Management wins four NJAA Garden State Awards POA presents: Social Media & Marketing” meeting
There is no better time than the holidays to express our appreciation for your business and friendship. Because the goodwill of those we serve is the foundation of our success, it is a real pleasure to say Thank You.
Eric Lehmayer HIGH REAL ESTATE GRP.
We wish you a full year of happiness and success. The staff at the Mid Atlantic Real Estate Journal
Daniel Perich MICHAEL BAXTER ASSOC.
26D — December 23, 2011 - January 12, 2012 — The Year in Review 2011 — Mid
Atlantic Real Estate Journal
Year in Review 2011
DECEMBER 9 - 22, 2011 B.R. Kreider & Son Inc., celebrating 75th Anniversary as Central PA’s featured center spread Company of the Month Bank of America sells $35m site to Hartz Mountain Industries Beech Street Capital provides $24m, Meridian originates SVN Miller brokers 5 acre site in Fruitland, Maryland Meridian Capital negotiates $40.9m in multifamily Cooper-Horowitz arranges $110m loan HFF closes $57 million sale of 1400 Wilson Boulevard in Rosslyn, Virginia Matrix Development Group signs 132,410 s/f lease at Perth Amboy Business Park Avidan Mgmt. leases 35,000 s/f at 145 Talmadge Rd., Edison CBRE’s McGovern brokers 31,966 s/f in Mt. Laurel Jones Lang LaSelle reps tenant in 36,758 s/f lease Beacon Commercial Real Estate facilitates 76,000 s/f $3.7m industrial building Liberty Property Trust commences construction on new 1.2m s/f whse. Crampsie of NAI Summit negotiates 32,455 s/f lease NAI Mertz completes 12,900 s/f transaction
MAREjournal.com
Ken Uranowitz GEBROE HAMMER ASSOCIATES
Bradley Gillis SPERRY VAN NESS-MILLER
Nicolas Nicolaou GEBROE HAMMER ASSOCIATES
David Jarvis GEBROE HAMMER ASSOCIATES
Brent Miller SPERRY VAN NESS-MILLER
Chuck Swope SWOPE LEE
Thomas Hanna HARVEY HANNA
Joey Gilkerson SPERRY VAN NESS-MILLER
New Ground Breaking New Steve Follman GEBROE HAMMER ASSOCIATES
The professional team of
B.R. Kreider & Son will work for you during your next building or expansion project:
s Excavation s Paving s Site Management s Site Utilities David Schwartz GEBROE HAMMER ASSOCIATES
Earn a LEED Innovation Credit by using B.R. Kreider & Son, Inc.
Over 70 years of experience in commercial and
Joel Schwartz GEBROE HAMMER ASSOCIATES
industrial site management will put your new project on a solid foundation. Before you break new ground, visit
www.brkreider.com
´VFXOSWLQJ D *5((1 WRPRUURZµ
63 Kreider Lane Manheim, PA 17545 (717) 898-7651
www.brkreider.com
Thom Harvey HARVEY HANNA
MAREjournal.com
Mid Atlantic Real Estate Journal — The Year in Review 2011 — December 23, 2011 - January 12, 2012 — 27D
Year in Review 2011
Robert De Ruggiero ROBERT DE RUGGIERO INC.
Jerry Kootman COST RECOVERY SOLUTION
Miles Berger THE BERGER ORGANIZATION
Matt Gorman MARCUS & MILLICHAP
Tom Gorman MARCUS & MILLICHAP
Michael Shover MARCUS & MILLICHAP
Robert Fox MGKF
Joseph Manko MGKF
Marc Gold MGKF
Bruce Katcher MGKF
Matthew Weiss WEISS REALTY
Scott Butler KAPLIN STEWART
Andrew Cohn KAPLIN STEWART
Jon Hickey NAI EMORY HILL
Brian Whitmer CUSHMAN & WAKEFIELD
Brent Kreider BR KREIDER & SONS, INC
Michael Fecik BR KREIDER & SONS, INC
Joesph Ferdinando BUILDING SECURITY SERVICES
Michael Baxter MICHAEL BAXTER & ASSOCIATES
Jonathan Klear NAI MERTZ
Costas Hrousis VERAXIA COMM’L. RE SOLUTIONS
Tom Fore SORA HOLDINGS
Ed Hutchinson HUTCHINSON MECHANICAL
Jason Bogart ACCORDIA REALTY VENTURES
Joseph Romano ACCORDIA REALTY VENTURES
Jayne Warne MATRIX NEWORLD
Scott Tannenbaum THE SCHONBRAUN MCCANN GROUP
Shawn Donahue VERAXIA COMM’L. RE SOLUTIONS
Martin Borosko BECKER MEISEL
Ivan Kaplan BECKER MEISEL
Michael Oxman BECKER MEISEL
Eileen Della Volle KS ENGINEERS P.C.
Linda Dietrick DIETRICK GROUP
Matthew Hammond TRAFFIC PLANNING & DESIGN
Mitchell Frumkin KIPCON, INC.
Deb Heffner BERKS ECONOMIC PARTNERSHIP
William Kaufman WESKETCH ARCHITECTURE
Nick Racioppi RICKER DANZIG
Robert Zogorski ROBERT ZOGORSKI, LLC
Peggy Ireland WHITESELL CO.
Rick Cureton WHITESELL CO.
Jon Scott BERKS ECONOMIC PARTNERSHIP
28D — December 23, 2011 - January 12, 2012 — The Year in Review 2011 — Mid
Atlantic Real Estate Journal
MAREjournal.com
Year in Review 2011
Jim Vesey CUSHMAN & WAKEFIELD OF PA
Michael Mumper HIGH ASSOCIATES
Alan Goldstein THE GOLDSTEIN GRP.
Neil Goldstein THE GOLDSTEIN GRP.
Chuck Lanyard THE GOLDSTEIN GRP.
Abe Katz DEERWOOD RE
Joesph Sarno CB RICHARD ELLIS
Jeremy Neuer CB RICHARD ELLIS
John Azarian AZARIAN GROUP
Steve Follman RGS ASSOCIATES
Mark Johnson RGS ASSOCIATES
Doug Twyman COLLIERS INT’L.
Buck Collins BOHLER ENGINEERING
Matt Rutt LANDCORE CONSULTING ENG.
BRIAN MEYERS LANDCORE CONSULTING ENG.
Greg Filipek SORA HOLDINGS
James Balliet KW COMMERCIAL
Anthony Santora A&E CONSTRUCTION
John-david Franklin MADISON MARQUETTE
Janice Talley H2M
Neil Stein KAPLIN STEWART
Lori Zuck COLLIERS INT’L.
Thomas Wilson K&W ENGINEERS & CONSULTANTS
J. Marc Kurowski. K&W ENGINEERS & CONSULTANTS
John Fasciano FAMECO REAL ESTATE
Michael Cohen DLC MANAGEMENT CORP.
Stephen Ifshin DLC MANAGEMENT CORP.
Adam Ifshin DLC MANAGEMENT CORP.
James Scalo BURNS & SCALO
Bob Jacoby US REALTY CAPITAL
Kelly Berfield DIETRICK GROUP
Paul Rumley METRO COMM’L.
Robert Francis THE PLANNED COS.
Steven Boell FITZPATRICK LENTZ & BUBBA, P.C.
Joseph Fitzpatrick, Jr. FITZPATRICK LENTZ & BUBBA, P.C.
Michael Bergman BERGMAN R.E. GRP.
John Osborne BERGMAN R.E. GRP.
Sidney Donica BRACH EICHLER
Jay Plasky NAI MERTZ
Jeffrey Thomas FIRST INDUSTRIAL
Jason Adams Richard Vanderbeck FIRST INDUSTRIAL COLLIERS INTERNATIONAL
MAREjournal.com
Mid Atlantic Real Estate Journal — The Year in Review 2011 — December 23, 2011 - January 12, 2012 — 29D
Year in Review 2011
John (“Jack”) Pierce SAUL EWING LLP
Glenn Jaffe SHELDON GROSS
David Berger CARL BERGER ASSOCIATES
Richard Warner WARNER RE
Colleen Costello LANGAN ENGINEERING
Douglas Kiersey DP PARTNERS
Steve Tragash GEBROE-HAMMER ASSOCIATES
Kathy Anderson PROGRESS REALTY ADVISORS
George Vlamis MICHAEL BAXTER
Joseph Baxter MICHAEL BAXTER & ASSOCIATES
Mike Hess CBRE PA
Ben Altman PRESTIGE GROUP
Arthur Deussing PRESTIGE GROUP
Victor Kaplan PRESTIGE GROUP
David Antzis SAUL EWING LLP
Steven Greenberg HERITAGE MGMT.
Bill Fritz JACKSON CROSS PTRS.
Scott Peck RESOURCE REALTY
Howard Fortunato LANDMARKJCM
Ted Turnbull ROCK COMM’L. R.E.
Michael Hines CBRE
James Risko DAVID CRONHEIM MORTGAGE CORP.
Richard Soloff SOLOFF REALTY & DEVELOPMENT
Michael Lorelli HIGH ASSOCIATES
Patrick Lafferty CBRE PA
Charlie Harmer US REALTY CAPITAL
Bill Gladstone BILL GLADSTONE GROUP OF NAI CIR
Len Tsupros CARL WALKER COBSTRUCTION
Edmund Klimek KSS ARCHITECTS
Lou Battagliese JACKSON CROSS PARTNERS
Stan Kurzweil CASSIDY TURLEY
Mark Siegler CASSIDY TURLEY
Penny Cannella PENN’S NE
Jeff Milanaik HELLER INDUSTRIAL PARK
Marc Hirschinger CASSIDY TURLEY
John Gonzalez LANDMARK CONSULTING ENG.
Fred Coldwell SALES CONSULTANT
Alan Hammer BRACH EICHLER L.L.C.
Allen Popowitz BRACH EICHLER L.L.C.
Frances Stella BRACH EICHLER L.L.C.
Lawrence Appolo ARMM ASSOCIATES, INC.
J. Anthony Hayden HAYDEN R.E. INVESTMENTS
30D — December 23, 2011 - January 12, 2012 — The Year in Review 2011 — Mid
Atlantic Real Estate Journal
MAREjournal.com
Year in Review 2011
John Morrissey JACKSON CROSS PARTNERS
Diane Weinberg FAMECO REAL ESTATE
Larry Zipf FAMECO REAL ESTATE
Joseph Sweeney NORTHMARQ CAPITAL
David Schad CBC BENNETT WILLIAMS REALTY
Arthur Campbell CAMPBELL COMMERCIAL R.E.
Matt Hartzler WARFEL CONSTRUCTION
Michael Gamzon GRIFFIN LAND
Bobby Traynham CBC BENNETT WILLIAMS
Mark Grubb CBC AMATO FM
Debra Stracke Anderson SLOAN STREET ADVISORS | ITRA
John Nicholls NICHOLLS
AUCTION MARKETING
Erich Schock FITZPATRICK LENTZ & BUBBA P.C.
Thomas Whitworth NORTHMARQ CORPORATE SOLUTIONS
Walter D’Alessio NORTHMARQ CORPORATE SOLUTIONS
Patricia Haftek HAFTEK CWS, INC.
Scott Naugle REAL PROPERTY INV. MGMT., LLC
Bill Wolf CBRE PA
Stephan Lehm VANDEMARK & LYNCH, INC.
Gary Rosen WILKEN & GUTTENPLAN
Jim Kreider BR KREIDER & SONS, INC
Bryan Cole NAI KEYSTONE
John Buccinno NAI KEYSTONE
Steven Hercman HERCMAN PROPERTIES
Christiana Foglio COMMUNITY INV. STRATEGIES
Robert DiLeo NAI DILEO- BRAM & COMPANY
Jerry Fennelly NAI FENNELLY
Dave Nicholson LMS COMMERCIAL REAL ESTATE
Joseph Deerin LMS COMMERCIAL REAL ESTATE
Donna Deerin Ward LMS COMMERCIAL REAL ESTATE
Jim Bologno MERIDIAN CAPITAL GROUP, LLC
Israel Schubert MERIDIAN CAPITAL GROUP, LLC
Michael Pratico Sr. RICHARDSON COMMERCIAL
Michael Pembroke RUSSO DEV.
Robert Donnelly CUSHMAN & WAKEFIELD
Debbie Jeffrey ARTPLUS
Dennis Scardilli, Esq., MAI, AICP/PP
Kathryn Bram STREET SENSE
Mark Zurlini PALISADES FINANCIAL
James Whitesell WHITESELL CO.
Kevin Johnson, P.E. TPD, INC.
Howard Geneslaw GIBBONS P.C.
MAREjournal.com
Mid Atlantic Real Estate Journal — The Year in Review 2011 — December 23, 2011 - January 12, 2012 — 31D
Year in Review 2011
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32D — December 23, 2011 - January 12, 2012 — The Year in Review 2011 — Mid
Atlantic Real Estate Journal
MAREjournal.com
Year in Review 2011
Victor DiLeo NAI DILEO- BRAM & COMPANY
Mike Detter HINERFELD COMMERCIAL RE
Robert Morris DAVID HIRSCHMAN REALTY COMPANY
Pamela Shupp BERKS ECONOMIC PARTNERSHIP
Aaron Costenbade BERKS ECONOMIC PARTNERSHIP
Spencer Garfield HUDSON REALTY CAPITAL
Nancy Reilly GEBROE-HAMMER ASSOCIATES
Brad Nathanson MARCUS & MILLICHAP
Jordan Muchnick MARCUS & MILLICHAP
Ward McMasters EARTH ENGINEERING
Henry Goodfriend NAI GLOBAL
Eli Rosen GEBROE-HAMMER ASSOCIATES
Michael Hedden FTI SCHONBRAUN MCCANN
Emanuel Stern HARTZ MOUNTAIN INDUSTRIES
Jerry Welkis WELCO REALTY
Barry Waisbrod THE KISLAK CO.-
Rodger Rowles ROWLES ASPHALT
Jonathan Hipp CALKAIN COS.
Gregg Bogia BOGIA ENGINEERING
Michael Barmash COLLIERS INT’L.
Robert Holland THE KISLAK CO.
Doug Sayer COLLIERS INT’L.
Rob Steinhart COLLIERS INT’L.
William Pounds WH POUNDS COMMERCIAL
Greg Pine GEBROE-HAMMER ASSOCIATES
David Feldman MARCUS & MILLICHAP
Rosalin Petrucci J.G. PETRUCCI CO.
Kenneth Lundberg NAI JAMES E. HANSON
Jeffrey Dodd TISHMAN CONSTRUCTION
Angela Borbon TISHMAN CONSTRUCTION
Ken Kreider BR KREIDER & SONS, INC
Pat Green CB RICHARD ELLIS
Bill Goodwin CB RICHARD ELLIS
Marshall Rosen SOLOMON ORG.
Ron Capello GRUBB & ELLIS
Donald Smith, Jr. CONEWAGO
Brian Abbey DCM
Don Baxter THE KISLAK CO.
Paul Bryant NAI EMORY HILL
Jeffrey Wiener THE KISLAK CO.
Gary Leone FAMECO
Michael Pratico, Jr. RICHARDSON COMM’L.
MAREjournal.com
Mid Atlantic Real Estate Journal — The Year in Review 2010 — December 24, 2010 - January 12, 2011 — Inside Back Cover D
FOR SALE
PHILADELPHIA VICINITY 82 UNITS – NO RENT CONTROL TENANTS PAY HEAT & HOT WATER
FOR SALE
DESCRIPTION:
Garden Apartment Complex Containing Three 3-Story Brick Buildings Consisting Of 82 Units. Built in 1972. Tenants Pay Heat & Hot Water Via Electric. On-Site Parking. Good Residential Location With Supporting Commercial And Light Industrial Activity Interspersed. Nearby Shopping And School Districts Are Situated Along Main Arteries Leading To Major Highways With The Aid Of Bus Transportation. Plot: 3.41 Acres
LAYOUT:
52 / 1 Bedroom Units + 30 Two-Bedroom Suites (Total: 82 Apartments)
ASKING PRICE:
$4,100,000
DESCRIPTION:
Two-Story Garden Apartment Complex Consisting Of 5 Brick Buildings Containing 68 Units – Built 1964 – On-Site Parking – Tenants Pay Gas Heat – Recently Renovated Roofs – 5 New Gas Furnaces Good Location – Near Cherry Hill, Philadelphia And Major Highways Leading To Delaware. Plot: 3.16 Acres
LAYOUT:
32 / 1 BR Units and 36 / 2 BR Units (Total: 68 Units)
ASKING PRICE:
$3,400,000
DESCRIPTION:
32 Unit 2-Story Garden Apartment Complex. Built 1974. Separate Entrances. Individually Controlled Heat & Central Air Conditioning Paid By Tenants. On-Site Parking. Good Location. Minutes to Philadelphia And Adjacent To An Arterial Network Of Major Highways. Plot: 1.7 Acres
LAYOUT:
24 / 1 BR Units and 8 / 2 BR Units
ASKING PRICE:
$1,600,000
SOUTH JERSEY 68 UNITS – NO RENT CONTROL TENANTS PAY HEAT
FOR SALE
SOUTH JERSEY: 32 GARDEN APARTMENTS TENANTS PAY HEAT – NO RENT CONTROL
HAROLD GERBER
GERBER/SOMMA Associates
SPECIALISTS • INVESTMENT REAL ESTATE EXCLUSIVE BROKER
210 RIVER STREET • HACKENSACK, NJ 07601 • (201)
www.gerbersomma.com
646-1234
D Back Cover — December 23, 2011 - January 12, 2012 — The Year in Review 2011 — Mid
Atlantic Real Estate Journal
MAREjournal.com
Relationship Driven. Execution Focused. Recent New Jersey and Mid-Atlantic Financing Transactions:
Hunters Glen 1,124 Units
Hudson Square South 150 Units
Goshen Terrace Apartments 384 Units
Toftrees Apartments 541 Units
$33,000,000
$32,000,000
$31,400,000
Delran, NJ
Hoboken, NJ
West Chester, PA
State College, PA
Steward’s Crossing 241 Units
Park at Westminster 270 Units
West Creek Village 306 Units
Woods at Narraticon 150 Units
$27,200,000
$24,000,000
$16,000,000
$16,950,000
Princeton, NJ
Warrington, PA
Elkton, MD
Deptford, NJ
Liberty Commons 98,400 Sq. Ft.
Merritt Station 296 Units
Feasterville Plaza 110,000 Sq. Ft.
Regency Woods Apts. 156 Units
$15,800,000
$15,300,000
$15,000,000
$14,750,000
East Rutherford, NJ
Meriden, CT
Feasterville, PA
Doylestown, PA
$49,000,000
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